XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Financing Arrangements and Long-Term Debt | 12 Months Ended
--- | ---
Dec. 31, 2018
Financing Arrangements and Long-Term Debt [Abstract] |
Financing Arrangements and Long-Term Debt | Note H – Financing Arrangements and Long-Term Debt ﻿ As of December 31, 2018, the Company has a $1.6 billion revolving credit facility (2018 f acility). The 2018 facility is a senior unsecured guaranteed facility which expire s in November 2023 and it replaced the $1.1 billion senior unsecured guaranteed credit facility (2016 facility). At December 31, 2018, the Company had outstanding borrowings of $325.0 million under the 2018 facility and $24.7 million of outstanding letters of credit, which reduce the borrowing capacity of the 2018 facility. Borrowings under the 2018 facility bear interest at rates, based, at the Company’s option, on the “Alternate Base Rate” of interest in effect plus the “ABR Spread” or the “Adjusted LIBOR Rate,” which is a periodic fixed rate based on LIBOR with a term equivalent to the interest period for such borrowing, plus the “Eurodollar Spread.” The “Alternate Base Rate” of interest is the highest of (i) the Wall Street Journal prime rate, (ii) the New York Federal Reserve Bank Rate plus 0.50%, and (iii) one-month LIBOR plus 1.00%. The “Eurodollar Spread” ranges from 1.075% to 2.10% per annum based upon the Corporation’s senior unsecured long-term debt securities credit ratings (the “Credit Ratings”). A facility fee accrues and is payable quarterly in arrears at a rate ranging from 0.175% to 0.40% per annum (based upon the Company’s Credit Ratings) on the aggregate commitments under the 2016 facility. A t December 31, 2018, the interest rate in effect on borrowings under the facility was 3.831%. At December 31, 2018, the Company was in compliance with all covenants related to the 2018 facility. ﻿ In August 2017, the Company sold $550 million of new notes that bear interest at the rate of 5.75% and mature on August 15, 2025. The Company incurred transaction costs of $8.4 million on the issuance of these new notes. The Company pay s interest semi-annually on February 15 and August 15 of each year. The initial interest payment was paid on February 15, 2018. The proceeds of the $550 million notes were used to redeem the Company’s 3.50% notes in September 2017. The 3.50% notes had an original maturity of December 2017. ﻿ The Company and its partners are parties to a 25-year lease of production equipment at the Kakap field offshore Malaysia. The lease has been accounted for as a capital lease (finance lease under ASC 842), and payments under the agreement are to be made over a 15-year period through March 2029. Current maturities of long-term debt and long-term debt on the Consolidated Balance Sheet included $10.6 million and $125.8 million, respectively, associated with this lease at December 31, 2018. ﻿
﻿ |  |  |  |
﻿ |  |  |  |
﻿ | December 31,
﻿(Thousands of dollars) | 2018 |  | 2017
﻿Notes payable |  |  |  |
﻿ 4.00% notes, due June 2022 | $ | 500,000 |  | 500,000
﻿ 4.45% notes, due December 2022 1 |  | 600,000 |  | 600,000
﻿ 6.875% notes, due August 2024 |  | 550,000 |  | 550,000
﻿ 5.75% notes, due August 2025 |  | 550,000 |  | 550,000
﻿ 7.05% notes, due May 2029 |  | 250,000 |  | 250,000
﻿ 5.875% notes, due December 2042 1 |  | 350,000 |  | 350,000
﻿ Total notes payable |  | 2,800,000 |  | 2,800,000
﻿ Unamortized debt issuance cost and discount on notes payable |  | (23,627) |  | (27,433)
﻿ Total notes payable, net of unamortized discount |  | 2,776,373 |  | 2,772,567
﻿Capitalized lease obligation, due through March 2029 |  | 136,344 |  | 143,855
﻿ Total debt including current maturities |  | 2,912,717 |  | 2,916,422
﻿Senior Unsecured Revolving Credit Facility |  | 325,000 |  | -
﻿Current maturities |  | (10,583) |  | (9,902)
﻿ Total long-term debt | $ | 3,227,134 |  | 2,906,520
1 Due to a series of ratings changes by credit agencies, the paying interest rates on the notes due December 2022 and December 2042 decreased from 4.7% to 4.45% and 6.125% to 5.875%, respectively, in 2017 and remained through 2018. ﻿ The amount of debt repayable over each of the next five years and thereafter are as follows: ‘$10.6 million in 2019, $11.2 million in 2020, $11.7 million in 2021, $1.1 billion in 2022, $337.9 million in 2023 and $1.76 billion thereafter. ﻿ ﻿ ﻿

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration