Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Trading Symbol | SLB |
Entity Registrant Name | SCHLUMBERGER LIMITED/NV |
Entity Central Index Key | 87,347 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,384,801,810 |
Entity Small Business | false |
Entity Emerging Growth Company | false |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue | ||||
Total Revenue | $ 8,504 | $ 7,905 | $ 24,636 | $ 22,261 |
Interest & other income | 36 | 64 | 118 | 172 |
Expenses | ||||
Research & engineering | 177 | 189 | 524 | 595 |
General & administrative | 105 | 115 | 330 | 323 |
Impairments & other | 184 | 510 | ||
Merger & integration | 49 | 213 | ||
Interest | 147 | 142 | 434 | 422 |
Income before taxes | 787 | 677 | 1,976 | 1,027 |
Tax expense | 129 | 121 | 348 | 269 |
Net income | 658 | 556 | 1,628 | 758 |
Net income attributable to noncontrolling interests | 14 | 11 | 29 | 9 |
Net income attributable to Schlumberger | $ 644 | $ 545 | $ 1,599 | $ 749 |
Basic earnings per share of Schlumberger | $ 0.46 | $ 0.39 | $ 1.15 | $ 0.54 |
Diluted earnings per share of Schlumberger | $ 0.46 | $ 0.39 | $ 1.15 | $ 0.54 |
Average shares outstanding: | ||||
Basic | 1,385 | 1,385 | 1,385 | 1,388 |
Assuming dilution | 1,392 | 1,392 | 1,393 | 1,395 |
Services | ||||
Revenue | ||||
Total Revenue | $ 6,345 | $ 5,763 | $ 18,222 | $ 15,928 |
Expenses | ||||
Cost of services and sales | 5,336 | 4,816 | 15,414 | 13,507 |
Product | ||||
Revenue | ||||
Total Revenue | 2,159 | 2,142 | 6,414 | 6,333 |
Expenses | ||||
Cost of services and sales | $ 1,988 | $ 1,981 | $ 5,892 | $ 5,836 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 658 | $ 556 | $ 1,628 | $ 758 |
Currency translation adjustments | ||||
Unrealized net change arising during the period | (47) | 75 | (128) | 49 |
Marketable securities | ||||
Unrealized loss arising during the period | (12) | (41) | (33) | (66) |
Cash flow hedges | ||||
Net gain (loss) on cash flow hedges | 4 | 8 | (6) | 19 |
Reclassification to net income of net realized (gain) loss | 2 | (4) | (2) | 4 |
Pension and other postretirement benefit plans | ||||
Amortization to net income of net actuarial loss | 47 | 40 | 141 | 119 |
Amortization to net income of net prior service (credit) cost | (1) | 20 | (4) | 60 |
Income taxes on pension and other postretirement benefit plans | (2) | (7) | (2) | |
Comprehensive income | 649 | 654 | 1,589 | 941 |
Comprehensive income attributable to noncontrolling interests | 14 | 11 | 29 | 9 |
Comprehensive income attributable to Schlumberger | $ 635 | $ 643 | $ 1,560 | $ 932 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash | $ 1,493 | $ 1,799 |
Short-term investments | 1,361 | 3,290 |
Receivables less allowance for doubtful accounts (2018 - $245; 2017 - $241) | 8,409 | 8,084 |
Inventories | 4,108 | 4,046 |
Other current assets | 1,112 | 1,278 |
Current assets total | 16,483 | 18,497 |
Investments in Affiliated Companies | 1,497 | 1,519 |
Fixed Assets less accumulated depreciation | 11,739 | 11,576 |
Multiclient Seismic Data | 639 | 727 |
Goodwill | 25,134 | 25,118 |
Intangible Assets | 8,930 | 9,354 |
Other Assets | 5,624 | 5,196 |
Total Assets | 70,046 | 71,987 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 9,419 | 10,036 |
Estimated liability for taxes on income | 1,265 | 1,223 |
Short-term borrowings and current portion of long-term debt | 3,215 | 3,324 |
Dividends payable | 701 | 699 |
Current Liabilities Total | 14,600 | 15,282 |
Long-term Debt | 14,159 | 14,875 |
Postretirement Benefits | 957 | 1,082 |
Deferred Taxes | 1,529 | 1,650 |
Other Liabilities | 1,853 | 1,837 |
Total Liabilities | 33,098 | 34,726 |
Equity | ||
Common stock | 13,058 | 12,975 |
Treasury stock | (3,924) | (4,049) |
Retained earnings | 31,712 | 32,190 |
Accumulated other comprehensive loss | (4,313) | (4,274) |
Schlumberger stockholders' equity | 36,533 | 36,842 |
Noncontrolling interests | 415 | 419 |
Total equity | 36,948 | 37,261 |
Liabilities and stockholders equity | $ 70,046 | $ 71,987 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts on receivable | $ 245 | $ 241 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | ||
Cash flows from operating activities: | |||
Net income | $ 1,628 | $ 758 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Impairments and other charges | 184 | 723 | |
Depreciation and amortization | [1] | 2,637 | 2,931 |
Stock-based compensation expense | 259 | 261 | |
Pension and other postretirement benefits funding | (69) | (107) | |
Earnings of equity method investments, less dividends received | (41) | (52) | |
Change in assets and liabilities: | |||
Increase in receivables | [2] | (114) | (1,049) |
(Increase) decrease in inventories | [2] | (68) | 14 |
Decrease (increase) in other current assets | [2] | 78 | (86) |
(Increase) decrease in other assets | [2] | (167) | 202 |
Decrease in accounts payable and accrued liabilities | [2] | (1,011) | (533) |
(Decrease) increase in estimated liability for taxes on income | [2] | (32) | 181 |
Decrease in other liabilities | [2] | (6) | (74) |
Other | [2] | 104 | 243 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 3,382 | 3,412 | |
Cash flows from investing activities: | |||
Capital expenditures | (1,539) | (1,482) | |
SPM investments | (719) | (492) | |
Multiclient seismic data costs capitalized | (63) | (223) | |
Business acquisitions and investments, net of cash acquired | (290) | (382) | |
Sale of investments, net | 1,922 | 3,310 | |
Other | (36) | (92) | |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (725) | 639 | |
Cash flows from financing activities: | |||
Dividends paid | (2,077) | (2,086) | |
Proceeds from employee stock purchase plan | 227 | 212 | |
Proceeds from exercise of stock options | 29 | 49 | |
Stock repurchase program | (300) | (868) | |
Proceeds from issuance of long-term debt | 220 | 681 | |
Repayment of long-term debt | (900) | (2,206) | |
Net decrease in short-term borrowings | (103) | (1,110) | |
Other | (47) | 17 | |
NET CASH USED IN FINANCING ACTIVITIES | (2,951) | (5,311) | |
Net decrease in cash before translation effect | (294) | (1,260) | |
Translation effect on cash | (12) | 21 | |
Cash, beginning of period | 1,799 | 2,929 | |
Cash, end of period | $ 1,493 | $ 1,690 | |
[1] | Includes depreciation of property, plant and equipment and amortization of intangible assets, multiclient seismic data costs and SPM investments. | ||
[2] | Net of the effect of business acquisitions. |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock Issued | Common Stock In Treasury | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Balance at Dec. 31, 2016 | $ 41,529 | $ 12,801 | $ (3,550) | $ 36,470 | $ (4,643) | $ 451 |
Net income | 758 | 749 | 9 | |||
Currency translation adjustments | 49 | 49 | ||||
Changes in unrealized gain on marketable securities | (66) | (66) | ||||
Changes in fair value of cash flow hedges | 23 | 23 | ||||
Pension and other postretirement benefit plans | 177 | 177 | ||||
Shares sold to optionees, less shares exchanged | 49 | (39) | 88 | |||
Vesting of restricted stock | (98) | 98 | ||||
Shares issued under employee stock purchase plan | 212 | (52) | 264 | |||
Stock repurchase program | (868) | (868) | ||||
Stock-based compensation expense | 261 | 261 | ||||
Dividends declared | (2,083) | (2,083) | ||||
Other | (31) | (10) | 2 | (23) | ||
Balance at Sep. 30, 2017 | 40,010 | 12,863 | (3,966) | 35,136 | (4,460) | 437 |
Balance at Dec. 31, 2017 | $ 37,261 | $ 12,975 | (4,049) | 32,190 | (4,274) | 419 |
Balance, shares at Dec. 31, 2017 | 1,384 | 1,434 | ||||
Treasury shares, Balance at Dec. 31, 2017 | (50) | |||||
Net income | $ 1,628 | 1,599 | 29 | |||
Currency translation adjustments | (132) | (128) | (4) | |||
Changes in unrealized gain on marketable securities | (33) | (33) | ||||
Changes in fair value of cash flow hedges | (8) | (8) | ||||
Pension and other postretirement benefit plans | 130 | 130 | ||||
Shares sold to optionees, less shares exchanged | $ 29 | $ (37) | 66 | |||
Vesting of restricted stock | (63) | $ 63 | ||||
Vesting of restricted stock, shares | 1 | 1 | ||||
Shares issued under employee stock purchase plan | $ 227 | (67) | $ 294 | |||
Shares issued under employee stock purchase plan, shares | 4 | 4 | ||||
Stock repurchase program | $ (300) | $ (300) | ||||
Stock repurchase program, shares | (4) | (4) | ||||
Stock-based compensation expense | $ 259 | 259 | ||||
Dividends declared | (2,077) | (2,077) | ||||
Other | (36) | (9) | $ 2 | (29) | ||
Balance at Sep. 30, 2018 | $ 36,948 | $ 13,058 | $ (3,924) | $ 31,712 | $ (4,313) | $ 415 |
Balance, shares at Sep. 30, 2018 | 1,385 | 1,434 | ||||
Treasury shares, Balance at Sep. 30, 2018 | (49) |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) (Unaudited) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Retained Earnings | ||
Dividends declared, per share | $ 1.50 | $ 1.50 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited consolidated financial statements of Schlumberger Limited and its subsidiaries (“Schlumberger”) have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of Schlumberger management, all adjustments considered necessary for a fair statement have been included in the accompanying unaudited financial statements. All intercompany transactions and balances have been eliminated in consolidation. Operating results for the nine-month period ended September 30, 2018 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2018. The December 31, 2017 balance sheet information has been derived from the Schlumberger 2017 audited financial statements. For further information, refer to the Consolidated Financial Statements Recently Adopted Accounting Pronouncement In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Consolidated Financial Statements Schlumberger recognizes revenue upon the transfer of control of promised products or services to customers at an amount that reflects the consideration it expects to receive in exchange for these products or services. The vast majority of Schlumberger’s services and product offerings are short-term in nature. The time between invoicing and when payment is due under these arrangements is generally 30 to 60 days. Revenue is occasionally generated from contractual arrangements that include multiple performance obligations. Revenue from these arrangements is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected costs plus margin. Revenue is recognized for certain long-term construction-type contracts over time. These contracts involve significant design and engineering efforts in order to satisfy custom designs for customer-specific applications. Revenue is recognized as work progresses on each contract. Progress is measured by the ratio of actual costs incurred to date on the project in relation to total estimated project costs. The estimate of total project costs has a significant impact on both the amount of revenue recognized as well as the related profit on a project. Revenue and profits on contracts can also be significantly affected by change orders and claims. Due to the nature of these projects, adjustments to estimates of contract revenue and total contract costs may be required as work progresses. Progress billings are generally issued upon completion of certain phases of work as stipulated in the contract. Any expected losses on a project are recorded in full in the period in which they become probable. Revenue in excess of billings related to contracts where revenue is recognized over time was $0.2 billion at September 30, 2018 and $0.3 billion at December 31, 2017. Such amounts are included within Receivables less allowance for doubtful accounts Consolidated Balance Sheet Due to the nature of its business, Schlumberger does not have significant backlog. Total backlog was $2.5 billion at September 30, 2018, of which approximately 59% is expected to be recognized as revenue over the next 12 months. Billings and cash collections in excess of revenue was $0.8 billion at both September 30, 2018 and December 31, 2017. Such amounts are included within Accounts payable and accrued liabilities Consolidated Balance Sheet Recently Issued Accounting Pronouncement In February 2016, the FASB issued ASU No. 2016-02, Leases Consolidated Balance Sheet |
Charges and Credits
Charges and Credits | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Charges and Credits | 2. Charges and Credits 2018 There were no charges or credits recorded during the first and third quarters of 2018. During the second quarter of 2018, Schlumberger recorded a $184 million pretax charge ($164 million after-tax) associated with headcount reductions, primarily to further streamline its support cost structure. This charge is classified in Impairments & other Consolidated Statement of Income 2017 Schlumberger recorded the following charges and credits during the first nine months of 2017: Third quarter of 2017: • In connection with Schlumberger’s 2016 acquisition of Cameron International Corporation (“Cameron”), Schlumberger recorded $49 million of charges Merger & integration Consolidated Statement of Income Second quarter of 2017: • During the second quarter of 2017, Schlumberger entered into a financing agreement with its primary customer in Venezuela. This agreement resulted in the exchange of $700 million of outstanding accounts receivable for a promissory note with a three-year term that bears interest at the rate of 6.50% per annum. Schlumberger recorded this note at its estimated fair value on the date of the exchange, which resulted in a charge of $460 million. Schlumberger is accounting for the promissory note as an available-for-sale security reported at fair value in Other Assets, Accumulated other comprehensive loss During the second quarter of 2017, Schlumberger also entered into discussions with another customer relating to certain of its outstanding accounts receivable. As a result of those discussions, Schlumberger recorded a charge of $50 million to adjust these receivables to their estimated net realizable value. These charges are classified in Impairments & other Consolidated Statement of Income. • In connection with Schlumberger’s 2016 acquisition of Cameron, Schlumberger recorded $81 million of charges consisting of employee benefits, facility consolidation and other merger and integration-related costs. These charges are classified in Merger & integration Consolidated Statement of Income First quarter of 2017: • In connection with Schlumberger’s acquisition of Cameron, Schlumberger recorded $82 million of charges during the first quarter of 2017 relating to employee benefits, facility closures and other merger and integration-related costs. These charges are classified in Merger & integration Consolidated Statement of Income The following is a summary of the charges and credits recorded during the first nine months of 2017: (Stated in millions) Noncontrolling Pretax Tax Interests Net Promissory note fair value adjustment and other $ 510 $ - $ 12 $ 498 Merger & integration 213 44 - 169 $ 723 $ 44 $ 12 $ 667 • On December 22, 2017, the US enacted the Tax Cuts and Jobs Act (the “Act”). The Act, which is also commonly referred to as “US tax reform,” significantly changed US corporate income tax laws by, among other things, reducing the US corporate income tax rate to 21% starting in 2018 and creating a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings of US subsidiaries. As a result, Schlumberger recorded a net charge of $76 million during the fourth quarter of 2017. This amount consisted of two components: (i) a $410 million charge relating to the one-time mandatory tax on previously deferred earnings of certain non-US subsidiaries that are owned either wholly or partially by a US subsidiary of Schlumberger, and (ii) a $334 million credit resulting from the remeasurement of Schlumberger’s net deferred tax liabilities in the US based on the new lower corporate income tax rate. Although the $76 million net charge represents a reasonable estimate of the impact of the income tax effects of the Act on Schlumberger’s Consolidated Financial Statements Taxes on income |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 3. Earnings Per Share The following is a reconciliation from basic earnings per share of Schlumberger to diluted earnings per share of Schlumberger: (Stated in millions, except per share amounts) 2018 2017 Schlumberger Net Income Average Shares Outstanding Earnings per Share Schlumberger Net Income Average Shares Outstanding Earnings per Share Third Quarter Basic $ 644 1,385 $ 0.46 $ 545 1,385 $ 0.39 Assumed exercise of stock options - - - 1 Unvested restricted stock - 7 - 6 Diluted $ 644 1,392 $ 0.46 $ 545 1,392 $ 0.39 2018 2017 Schlumberger Net Income Average Shares Outstanding Earnings per Share Schlumberger Net Income Average Shares Outstanding Earnings per Share Nine Months Basic $ 1,599 $ 1,385 $ 1.15 $ 749 $ 1,388 $ 0.54 Assumed exercise of stock options - 1 - 2 Unvested restricted stock - 7 - 5 Diluted $ 1,599 $ 1,393 $ 1.15 $ 749 $ 1,395 $ 0.54 The number of outstanding options to purchase shares of Schlumberger common stock that were not included in the computation of diluted earnings per share, because to do so would have had an antidilutive effect, was as follows: (Stated in millions) 2018 2017 Third Quarter 40 43 Nine Months 40 30 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories A summary of inventories, which are stated at the lower of average cost or net realizable value, follows: (Stated in millions) Sept. 30, Dec. 31, 2018 2017 Raw materials & field materials $ 1,885 $ 1,846 Work in progress 541 503 Finished goods 1,682 1,697 $ 4,108 $ 4,046 |
Fixed Assets
Fixed Assets | 9 Months Ended |
Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Fixed Assets | 5. Fixed Assets A summary of fixed assets follows: (Stated in millions) Sept. 30, Dec. 31, 2018 2017 Property, plant & equipment $ 38,695 $ 37,813 Less: Accumulated depreciation 26,956 26,237 $ 11,739 $ 11,576 Depreciation expense relating to fixed assets was as follows: (Stated in millions) 2018 2017 Third Quarter $ 516 $ 591 Nine Months $ 1,564 $ 1,796 |
Multiclient Seismic Data
Multiclient Seismic Data | 9 Months Ended |
Sep. 30, 2018 | |
Multiclient Seismic Data [Abstract] | |
Multiclient Seismic Data | 6. Multiclient Seismic Data The change in the carrying amount of multiclient seismic data for the nine months ended September 30, 2018 was as follows: (Stated in millions) Balance at December 31, 2017 $ 727 Capitalized in period 63 Charged to expense (151 ) Balance at September 30, 2018 $ 639 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. Intangible Assets The gross book value, accumulated amortization and net book value of intangible assets were as follows: (Stated in millions) Sept. 30, 2018 Dec. 31, 2017 Gross Accumulated Net Book Gross Accumulated Net Book Book Amortization Value Book Value Amortization Value Customer relationships $ 4,775 $ 1,187 $ 3,588 $ 4,832 $ 1,020 $ 3,812 Technology/technical know-how 3,578 1,197 2,381 3,634 1,078 2,556 Tradenames 2,806 609 2,197 2,806 533 2,273 Other 1,362 598 764 1,295 582 713 $ 12,521 $ 3,591 $ 8,930 $ 12,567 $ 3,213 $ 9,354 Amortization expense charged to income was as follows: (Stated in millions) 2018 2017 Third Quarter $ 167 $ 165 Nine Months $ 506 $ 501 Based on the net book value of intangible assets at September 30, 2018, amortization charged to income for the subsequent five years is estimated to be: fourth quarter of 2018—$169 million; 2019—$680 million; 2020—$648 million; 2021—$617 million; 2022—$609 million; and 2023—$594 million. |
Long-term Debt
Long-term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 8. Long-term Debt A summary of Long-term Debt (Stated in millions) Sept. 30, Dec. 31, 2018 2017 4.00% Senior Notes due 2025 $ 1,742 $ 1,741 3.30% Senior Notes due 2021 1,596 1,595 3.00% Senior Notes due 2020 1,595 1,593 3.65% Senior Notes due 2023 1,493 1,492 4.20% Senior Notes due 2021 1,100 1,100 2.40% Senior Notes due 2022 997 996 3.63% Senior Notes due 2022 847 846 2.65% Senior Notes due 2022 598 598 2.20% Senior Notes due 2020 498 498 7.00% Notes due 2038 211 212 4.50% Notes due 2021 133 135 5.95% Notes due 2041 115 115 3.60% Notes due 2022 109 110 5.13% Notes due 2043 99 99 4.00% Notes due 2023 82 82 3.70% Notes due 2024 55 56 0.63% Guaranteed Notes due 2019 - 712 1.50% Guaranteed Notes due 2019 - 603 Commercial paper borrowings 2,600 1,694 Other 289 598 $ 14,159 $ 14,875 The estimated fair value of Schlumberger’s Long-term Debt, Borrowings under Schlumberger’s commercial paper programs at September 30, 2018 were $3.1 billion, of which $0.5 billion was classified in Short-term borrowings and current portion of long-term debt Consolidated Balance Sheet Short-term borrowings and current portion of long-term debt Consolidated Balance Sheet |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 9. Derivative Instruments and Hedging Activities Schlumberger is exposed to market risks related to fluctuations in foreign currency exchange rates and interest rates. To mitigate these risks, Schlumberger utilizes derivative instruments. Schlumberger does not enter into derivative transactions for speculative purposes. Interest Rate Risk Schlumberger is subject to interest rate risk on its debt and its investment portfolio. Schlumberger maintains an interest rate risk management strategy that uses a mix of variable and fixed rate debt combined with its investment portfolio, and occasionally interest rate swaps, to mitigate the exposure to changes in interest rates. During 2013, Schlumberger entered into a cross-currency swap for a notional amount of €0.5 billion in order to hedge changes in the fair value of Schlumberger’s €0.5 billion 1.50% Guaranteed Notes due 2019. Under the terms of this swap, Schlumberger will receive interest at a fixed rate of 1.50% on the euro notional amount and pay interest at a floating rate of three-month LIBOR plus approximately 64 basis points on the US dollar notional amount. This cross-currency swap is designated as a fair value hedge of the underlying debt and is marked to market, with gains and losses recognized immediately in income to largely offset the effects on changes in the fair value of the hedged debt. During 2017, a Canadian dollar functional currency subsidiary of Schlumberger issued $1.1 billion of US dollar denominated debt. Schlumberger entered into cross-currency swaps for an aggregate notional amount of $1.1 billion in order to hedge changes in the fair value of its $0.5 billion 2.20% Senior Notes due 2020 and its $0.6 billion 2.65% Senior Notes due 2022. These cross-currency swaps effectively convert the US dollar notes to Canadian dollar denominated debt with fixed annual interest rates of 1.97% and 2.52%, respectively. These cross-currency swaps are designated as cash flow hedges. The changes in the fair values of the hedges are recorded on the Consolidated Balance Sheet Accumulated Other Comprehensive Loss. Accumulated Other Comprehensive Loss At September 30, 2018, Schlumberger had fixed rate debt aggregating $13.3 billion and variable rate debt aggregating $4.1 billion, after taking into account the effect of interest rate swaps. Short-term investments were $1.4 billion at September 30, 2018. The carrying value of these investments approximated fair value. Foreign Currency Exchange Rate Risk As a multinational company, Schlumberger conducts its business in more than 85 countries. Schlumberger’s functional currency is primarily the US dollar. However, outside the United States, a significant portion of Schlumberger’s expenses is incurred in foreign currencies. Therefore, when the US dollar weakens (strengthens) in relation to the foreign currencies of the countries in which Schlumberger conducts business, the US dollar-reported expenses will increase (decrease). Schlumberger is exposed to risks on future cash flows to the extent that the local currency is not the functional currency and expenses denominated in local currency are not equal to revenues denominated in local currency. Schlumberger is also exposed to risks on future cash flows relating to certain of its fixed rate debt denominated in currencies other than the functional currency. Schlumberger uses foreign currency forward contracts to provide a hedge against a portion of these cash flow risks. These contracts are accounted for as cash flow hedges, with the changes in the fair value of the hedge recorded on the Consolidated Balance Sheet Accumulated Other Comprehensive Loss. Accumulated Other Comprehensive Loss At September 30, 2018, Schlumberger recognized a cumulative net $5 million loss in Accumulated Other Comprehensive Loss Schlumberger is exposed to changes in the fair value of assets and liabilities that are denominated in currencies other than the functional currency. While Schlumberger uses foreign currency forward contracts and foreign currency options to economically hedge this exposure as it relates to certain currencies, these contracts are not designated as hedges for accounting purposes. Instead, the fair value of the contracts is recorded on the Consolidated Balance Sheet, Consolidated Statement of Income At September 30, 2018, contracts were outstanding for the US dollar equivalent of $5.0 billion in various foreign currencies, of which $1.9 billion relates to hedges of debt denominated in currencies other than the functional currency. The effect of derivative instruments designated as fair value and cash flow hedges, and those not designated as hedges, on the Consolidated Statement of Income (Stated in millions) Gain (Loss) Recognized in Income Third Quarter Nine Months 2018 2017 2018 2017 Consolidated Statement of Income Classification Derivatives designated as fair value hedges: Cross currency swap $ 6 $ 19 $ (6 ) $ 66 Interest expense Derivatives designated as cash flow hedges: Foreign exchange contracts $ (2 ) $ - $ 3 $ - Cost of services/sales Cross currency swap (30 ) - 25 - Interest expense $ (32 ) $ - $ 28 $ - Derivatives not designated as hedges: Foreign exchange contracts $ (17 ) $ (10 ) $ 15 $ (3 ) Cost of services/sales |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 10. Contingencies Schlumberger is party to various legal proceedings from time to time. A liability is accrued when a loss is both probable and can be reasonably estimated. Management believes that the probability of a material loss with respect to any currently pending legal proceeding is remote. However, litigation is inherently uncertain and it is not possible to predict the ultimate disposition of any of these proceedings. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 11. Segment Information (Stated in millions) Third Quarter 2018 Third Quarter 2017 Income Income Before Before Revenue Taxes Revenue Taxes Reservoir Characterization $ 1,673 $ 373 $ 1,771 $ 311 Drilling 2,429 339 2,120 301 Production 3,252 320 2,876 283 Cameron 1,298 148 1,297 194 Eliminations & other (148 ) (28 ) (159 ) (30 ) Pretax operating income 1,152 1,059 Corporate & other (1) (234 ) (234 ) Interest income (2) 8 30 Interest expense (3) (139 ) (129 ) Charges and credits (4) - (49 ) $ 8,504 $ 787 $ 7,905 $ 677 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2) Interest income excludes amounts which are included in the segments’ income ($2 million in 2018; $4 million in 2017). (3) Interest expense excludes amounts which are included in the segments’ income ($8 million in 2018; $13 million in 2017). (4) See Note 2 – Charges and Credits . (Stated in millions) Nine Months 2018 Nine Months 2017 Income Income Before Before Revenue Taxes Revenue Taxes Reservoir Characterization $ 4,865 $ 1,030 $ 5,148 $ 891 Drilling 6,789 921 6,212 832 Production 9,468 851 7,559 614 Cameron 3,902 481 3,791 530 Eliminations & other (388 ) (63 ) (449 ) (101 ) Pretax operating income 3,220 2,766 Corporate & other (1) (699 ) (715 ) Interest income (2) 44 82 Interest expense (3) (405 ) (383 ) Charges and credits (4) (184 ) (723 ) $ 24,636 $ 1,976 $ 22,261 $ 1,027 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2) Interest income excludes amounts which are included in the segments’ income ($7 million in 2018; $15 million in 2017). (3) Interest expense excludes amounts which are included in the segments’ income ($29 million in 2018; $39 million in 2017). (4) See Note 2 – Charges and Credits . Revenue by geographic area was as follows: (Stated in millions) Third Quarter Nine Months 2018 2017 2018 2017 North America $ 3,189 $ 2,602 $ 9,164 $ 6,675 Latin America 978 952 2,767 2,942 Europe/CIS/Africa 1,820 1,843 5,316 5,255 Middle East & Asia 2,417 2,352 7,079 7,007 Eliminations & other 100 156 310 382 $ 8,504 $ 7,905 $ 24,636 $ 22,261 North America and International revenue disaggregated by segment was as follows: (Stated in millions) Third Quarter 2018 North Eliminations America International & other Total Reservoir Characterization $ 242 $ 1,317 $ 114 $ 1,673 Drilling 601 1,760 68 2,429 Production 1,725 1,527 - 3,252 Cameron 617 656 25 1,298 Other 4 (45 ) (107 ) (148 ) $ 3,189 $ 5,215 $ 100 $ 8,504 Nine Months 2018 North Eliminations America International & other Total Reservoir Characterization $ 733 $ 3,747 $ 385 $ 4,865 Drilling 1,733 4,884 172 6,789 Production 4,919 4,545 4 9,468 Cameron 1,761 2,070 71 3,902 Other 18 (84 ) (322 ) (388 ) $ 9,164 $ 15,162 $ 310 $ 24,636 |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefit Plans | 12. Pension and Other Postretirement Benefit Plans Net pension cost for the Schlumberger pension plans included the following components: (Stated in millions) Third Quarter Nine Months 2018 2017 2018 2017 US Int'l US Int'l US Int'l US Int'l Service cost $ 14 $ 35 $ 14 $ 24 $ 44 $ 105 $ 44 $ 71 Interest cost 41 77 44 76 125 229 131 230 Expected return on plan assets (61 ) (149 ) (60 ) (135 ) (186 ) (442 ) (181 ) (406 ) Amortization of prior service cost 3 3 3 24 9 8 9 73 Amortization of net loss 12 35 10 30 36 105 29 90 $ 9 $ 1 $ 11 $ 19 $ 28 $ 5 $ 32 $ 58 The net periodic benefit credit for the Schlumberger US postretirement medical plan included the following components: (Stated in millions) Third Quarter Nine Months 2018 2017 2018 2017 Service cost $ 8 $ 7 $ 24 $ 22 Interest cost 11 12 33 35 Expected return on plan assets (15 ) (16 ) (47 ) (46 ) Amortization of prior service credit (7 ) (7 ) (21 ) (22 ) $ (3 ) $ (4 ) $ (11 ) $ (11 ) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 13. Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss consists of the following: (Stated in millions) Pension and Currency Other Translation Marketable Cash Flow Postretirement Adjustments Securities Hedges Benefit Plans Total Balance, January 1, 2018 $ (2,139 ) $ 13 $ 3 $ (2,151 ) $ (4,274 ) Other comprehensive loss before reclassifications (128 ) (33 ) (6 ) - (167 ) Amounts reclassified from accumulated other comprehensive loss - - (2 ) 130 128 Net other comprehensive income (128 ) (33 ) (8 ) 130 (39 ) Balance, September 30, 2018 $ (2,267 ) $ (20 ) $ (5 ) $ (2,021 ) $ (4,313 ) Pension and Currency Other Translation Marketable Cash Flow Postretirement Adjustments Securities Hedges Benefit Plans Total Balance, January 1, 2017 $ (2,136 ) $ 21 $ (19 ) $ (2,509 ) $ (4,643 ) Other comprehensive gain (loss) before reclassifications 49 (66 ) 19 - 2 Amounts reclassified from accumulated other comprehensive loss - - 4 179 183 Income taxes (2 ) (2 ) Net other comprehensive income 49 (66 ) 23 177 183 Balance, September 30, 2017 $ (2,087 ) $ (45 ) $ 4 $ (2,332 ) $ (4,460 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncement | Recently Adopted Accounting Pronouncement In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Consolidated Financial Statements Schlumberger recognizes revenue upon the transfer of control of promised products or services to customers at an amount that reflects the consideration it expects to receive in exchange for these products or services. The vast majority of Schlumberger’s services and product offerings are short-term in nature. The time between invoicing and when payment is due under these arrangements is generally 30 to 60 days. Revenue is occasionally generated from contractual arrangements that include multiple performance obligations. Revenue from these arrangements is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are generally determined based on the prices charged to customers or using expected costs plus margin. Revenue is recognized for certain long-term construction-type contracts over time. These contracts involve significant design and engineering efforts in order to satisfy custom designs for customer-specific applications. Revenue is recognized as work progresses on each contract. Progress is measured by the ratio of actual costs incurred to date on the project in relation to total estimated project costs. The estimate of total project costs has a significant impact on both the amount of revenue recognized as well as the related profit on a project. Revenue and profits on contracts can also be significantly affected by change orders and claims. Due to the nature of these projects, adjustments to estimates of contract revenue and total contract costs may be required as work progresses. Progress billings are generally issued upon completion of certain phases of work as stipulated in the contract. Any expected losses on a project are recorded in full in the period in which they become probable. Revenue in excess of billings related to contracts where revenue is recognized over time was $0.2 billion at September 30, 2018 and $0.3 billion at December 31, 2017. Such amounts are included within Receivables less allowance for doubtful accounts Consolidated Balance Sheet Due to the nature of its business, Schlumberger does not have significant backlog. Total backlog was $2.5 billion at September 30, 2018, of which approximately 59% is expected to be recognized as revenue over the next 12 months. Billings and cash collections in excess of revenue was $0.8 billion at both September 30, 2018 and December 31, 2017. Such amounts are included within Accounts payable and accrued liabilities Consolidated Balance Sheet |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncement In February 2016, the FASB issued ASU No. 2016-02, Leases Consolidated Balance Sheet |
Charges and Credits (Tables)
Charges and Credits (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary of Charges and Credits | The following is a summary of the charges and credits recorded during the first nine months of 2017: (Stated in millions) Noncontrolling Pretax Tax Interests Net Promissory note fair value adjustment and other $ 510 $ - $ 12 $ 498 Merger & integration 213 44 - 169 $ 723 $ 44 $ 12 $ 667 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | The following is a reconciliation from basic earnings per share of Schlumberger to diluted earnings per share of Schlumberger: (Stated in millions, except per share amounts) 2018 2017 Schlumberger Net Income Average Shares Outstanding Earnings per Share Schlumberger Net Income Average Shares Outstanding Earnings per Share Third Quarter Basic $ 644 1,385 $ 0.46 $ 545 1,385 $ 0.39 Assumed exercise of stock options - - - 1 Unvested restricted stock - 7 - 6 Diluted $ 644 1,392 $ 0.46 $ 545 1,392 $ 0.39 2018 2017 Schlumberger Net Income Average Shares Outstanding Earnings per Share Schlumberger Net Income Average Shares Outstanding Earnings per Share Nine Months Basic $ 1,599 $ 1,385 $ 1.15 $ 749 $ 1,388 $ 0.54 Assumed exercise of stock options - 1 - 2 Unvested restricted stock - 7 - 5 Diluted $ 1,599 $ 1,393 $ 1.15 $ 749 $ 1,395 $ 0.54 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The number of outstanding options to purchase shares of Schlumberger common stock that were not included in the computation of diluted earnings per share, because to do so would have had an antidilutive effect, was as follows: (Stated in millions) 2018 2017 Third Quarter 40 43 Nine Months 40 30 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of Inventory | A summary of inventories, which are stated at the lower of average cost or net realizable value, follows: (Stated in millions) Sept. 30, Dec. 31, 2018 2017 Raw materials & field materials $ 1,885 $ 1,846 Work in progress 541 503 Finished goods 1,682 1,697 $ 4,108 $ 4,046 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Fixed Assets | A summary of fixed assets follows: (Stated in millions) Sept. 30, Dec. 31, 2018 2017 Property, plant & equipment $ 38,695 $ 37,813 Less: Accumulated depreciation 26,956 26,237 $ 11,739 $ 11,576 |
Depreciation Expense Relating to Fixed Assets | Depreciation expense relating to fixed assets was as follows: (Stated in millions) 2018 2017 Third Quarter $ 516 $ 591 Nine Months $ 1,564 $ 1,796 |
Multiclient Seismic Data (Table
Multiclient Seismic Data (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Multiclient Seismic Data [Abstract] | |
Change in Carrying Amount of Multiclient Seismic Data | The change in the carrying amount of multiclient seismic data for the nine months ended September 30, 2018 was as follows: (Stated in millions) Balance at December 31, 2017 $ 727 Capitalized in period 63 Charged to expense (151 ) Balance at September 30, 2018 $ 639 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets by Major Class | The gross book value, accumulated amortization and net book value of intangible assets were as follows: (Stated in millions) Sept. 30, 2018 Dec. 31, 2017 Gross Accumulated Net Book Gross Accumulated Net Book Book Amortization Value Book Value Amortization Value Customer relationships $ 4,775 $ 1,187 $ 3,588 $ 4,832 $ 1,020 $ 3,812 Technology/technical know-how 3,578 1,197 2,381 3,634 1,078 2,556 Tradenames 2,806 609 2,197 2,806 533 2,273 Other 1,362 598 764 1,295 582 713 $ 12,521 $ 3,591 $ 8,930 $ 12,567 $ 3,213 $ 9,354 |
Amortization Expense Charged to Income for Intangible Assets | Amortization expense charged to income was as follows: (Stated in millions) 2018 2017 Third Quarter $ 167 $ 165 Nine Months $ 506 $ 501 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | A summary of Long-term Debt (Stated in millions) Sept. 30, Dec. 31, 2018 2017 4.00% Senior Notes due 2025 $ 1,742 $ 1,741 3.30% Senior Notes due 2021 1,596 1,595 3.00% Senior Notes due 2020 1,595 1,593 3.65% Senior Notes due 2023 1,493 1,492 4.20% Senior Notes due 2021 1,100 1,100 2.40% Senior Notes due 2022 997 996 3.63% Senior Notes due 2022 847 846 2.65% Senior Notes due 2022 598 598 2.20% Senior Notes due 2020 498 498 7.00% Notes due 2038 211 212 4.50% Notes due 2021 133 135 5.95% Notes due 2041 115 115 3.60% Notes due 2022 109 110 5.13% Notes due 2043 99 99 4.00% Notes due 2023 82 82 3.70% Notes due 2024 55 56 0.63% Guaranteed Notes due 2019 - 712 1.50% Guaranteed Notes due 2019 - 603 Commercial paper borrowings 2,600 1,694 Other 289 598 $ 14,159 $ 14,875 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Effect of Derivative Instruments Designated as Fair Value and Cash Flow Hedges and Not Designated as Hedges on Consolidated Statement of Income | The effect of derivative instruments designated as fair value and cash flow hedges, and those not designated as hedges, on the Consolidated Statement of Income (Stated in millions) Gain (Loss) Recognized in Income Third Quarter Nine Months 2018 2017 2018 2017 Consolidated Statement of Income Classification Derivatives designated as fair value hedges: Cross currency swap $ 6 $ 19 $ (6 ) $ 66 Interest expense Derivatives designated as cash flow hedges: Foreign exchange contracts $ (2 ) $ - $ 3 $ - Cost of services/sales Cross currency swap (30 ) - 25 - Interest expense $ (32 ) $ - $ 28 $ - Derivatives not designated as hedges: Foreign exchange contracts $ (17 ) $ (10 ) $ 15 $ (3 ) Cost of services/sales |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | (Stated in millions) Third Quarter 2018 Third Quarter 2017 Income Income Before Before Revenue Taxes Revenue Taxes Reservoir Characterization $ 1,673 $ 373 $ 1,771 $ 311 Drilling 2,429 339 2,120 301 Production 3,252 320 2,876 283 Cameron 1,298 148 1,297 194 Eliminations & other (148 ) (28 ) (159 ) (30 ) Pretax operating income 1,152 1,059 Corporate & other (1) (234 ) (234 ) Interest income (2) 8 30 Interest expense (3) (139 ) (129 ) Charges and credits (4) - (49 ) $ 8,504 $ 787 $ 7,905 $ 677 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2) Interest income excludes amounts which are included in the segments’ income ($2 million in 2018; $4 million in 2017). (3) Interest expense excludes amounts which are included in the segments’ income ($8 million in 2018; $13 million in 2017). (4) See Note 2 – Charges and Credits . (Stated in millions) Nine Months 2018 Nine Months 2017 Income Income Before Before Revenue Taxes Revenue Taxes Reservoir Characterization $ 4,865 $ 1,030 $ 5,148 $ 891 Drilling 6,789 921 6,212 832 Production 9,468 851 7,559 614 Cameron 3,902 481 3,791 530 Eliminations & other (388 ) (63 ) (449 ) (101 ) Pretax operating income 3,220 2,766 Corporate & other (1) (699 ) (715 ) Interest income (2) 44 82 Interest expense (3) (405 ) (383 ) Charges and credits (4) (184 ) (723 ) $ 24,636 $ 1,976 $ 22,261 $ 1,027 (1) Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. (2) Interest income excludes amounts which are included in the segments’ income ($7 million in 2018; $15 million in 2017). (3) Interest expense excludes amounts which are included in the segments’ income ($29 million in 2018; $39 million in 2017). (4) See Note 2 – Charges and Credits . |
Revenue by Geographic Area | Revenue by geographic area was as follows: (Stated in millions) Third Quarter Nine Months 2018 2017 2018 2017 North America $ 3,189 $ 2,602 $ 9,164 $ 6,675 Latin America 978 952 2,767 2,942 Europe/CIS/Africa 1,820 1,843 5,316 5,255 Middle East & Asia 2,417 2,352 7,079 7,007 Eliminations & other 100 156 310 382 $ 8,504 $ 7,905 $ 24,636 $ 22,261 |
Summary of North America and International Revenue Disaggregated by Segment | North America and International revenue disaggregated by segment was as follows: (Stated in millions) Third Quarter 2018 North Eliminations America International & other Total Reservoir Characterization $ 242 $ 1,317 $ 114 $ 1,673 Drilling 601 1,760 68 2,429 Production 1,725 1,527 - 3,252 Cameron 617 656 25 1,298 Other 4 (45 ) (107 ) (148 ) $ 3,189 $ 5,215 $ 100 $ 8,504 Nine Months 2018 North Eliminations America International & other Total Reservoir Characterization $ 733 $ 3,747 $ 385 $ 4,865 Drilling 1,733 4,884 172 6,789 Production 4,919 4,545 4 9,468 Cameron 1,761 2,070 71 3,902 Other 18 (84 ) (322 ) (388 ) $ 9,164 $ 15,162 $ 310 $ 24,636 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Pension Cost for Schlumberger Pension Plans and US Postretirement Medical Plan | Net pension cost for the Schlumberger pension plans included the following components: (Stated in millions) Third Quarter Nine Months 2018 2017 2018 2017 US Int'l US Int'l US Int'l US Int'l Service cost $ 14 $ 35 $ 14 $ 24 $ 44 $ 105 $ 44 $ 71 Interest cost 41 77 44 76 125 229 131 230 Expected return on plan assets (61 ) (149 ) (60 ) (135 ) (186 ) (442 ) (181 ) (406 ) Amortization of prior service cost 3 3 3 24 9 8 9 73 Amortization of net loss 12 35 10 30 36 105 29 90 $ 9 $ 1 $ 11 $ 19 $ 28 $ 5 $ 32 $ 58 The net periodic benefit credit for the Schlumberger US postretirement medical plan included the following components: (Stated in millions) Third Quarter Nine Months 2018 2017 2018 2017 Service cost $ 8 $ 7 $ 24 $ 22 Interest cost 11 12 33 35 Expected return on plan assets (15 ) (16 ) (47 ) (46 ) Amortization of prior service credit (7 ) (7 ) (21 ) (22 ) $ (3 ) $ (4 ) $ (11 ) $ (11 ) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss consists of the following: (Stated in millions) Pension and Currency Other Translation Marketable Cash Flow Postretirement Adjustments Securities Hedges Benefit Plans Total Balance, January 1, 2018 $ (2,139 ) $ 13 $ 3 $ (2,151 ) $ (4,274 ) Other comprehensive loss before reclassifications (128 ) (33 ) (6 ) - (167 ) Amounts reclassified from accumulated other comprehensive loss - - (2 ) 130 128 Net other comprehensive income (128 ) (33 ) (8 ) 130 (39 ) Balance, September 30, 2018 $ (2,267 ) $ (20 ) $ (5 ) $ (2,021 ) $ (4,313 ) Pension and Currency Other Translation Marketable Cash Flow Postretirement Adjustments Securities Hedges Benefit Plans Total Balance, January 1, 2017 $ (2,136 ) $ 21 $ (19 ) $ (2,509 ) $ (4,643 ) Other comprehensive gain (loss) before reclassifications 49 (66 ) 19 - 2 Amounts reclassified from accumulated other comprehensive loss - - 4 179 183 Income taxes (2 ) (2 ) Net other comprehensive income 49 (66 ) 23 177 183 Balance, September 30, 2017 $ (2,087 ) $ (45 ) $ 4 $ (2,332 ) $ (4,460 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Billions | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | Feb. 29, 2016 | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Total backlog | $ 2.5 | ||
Percentage of revenue expected to be recognized over next 12 months | 59.00% | ||
ASU No. 2016-02 | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
New accounting pronouncement or change in accounting principle effect of additional assets and liabilities | $ 1.2 | ||
Receivables Less Allowance for Doubtful Accounts | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Revenue in excess of billings | $ 0.2 | $ 0.3 | |
Accounts Payable and Accrued Liabilities | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Billings and cash collections in excess of revenue | $ 0.8 | $ 0.8 | |
Minimum | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Revenue recognition period | 30 days | ||
Maximum | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Revenue recognition period | 60 days |
Charges and Credits - Additiona
Charges and Credits - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | |
Charges And Credits [Line Items] | |||||||||
Charges and credits, pre tax | $ 723,000,000 | ||||||||
Charges and credits | $ 0 | $ 0 | $ 50,000,000 | 667,000,000 | |||||
Promissory note in exchange of accounts receivable | $ 700,000,000 | ||||||||
Promissory note term | 3 years | ||||||||
Promissory note interest rate | 6.50% | ||||||||
Charge relating to one-time mandatory tax on previously deferred foreign earnings | $ 410,000,000 | $ 410,000,000 | |||||||
Tax credits resulting from remeasurement of net deferred tax liabilities | 334,000,000 | ||||||||
US tax reform | |||||||||
Charges And Credits [Line Items] | |||||||||
Charges and credits | $ 76,000,000 | ||||||||
US tax reform | Tax Year2018 | |||||||||
Charges And Credits [Line Items] | |||||||||
Reduced corporate income tax rate | 21.00% | ||||||||
Impairments and Other | Headcount Reductions | |||||||||
Charges And Credits [Line Items] | |||||||||
Charges and credits, pre tax | $ 184,000,000 | ||||||||
Charges and credits | $ 164,000,000 | ||||||||
Merger and Integration | |||||||||
Charges And Credits [Line Items] | |||||||||
Charges and credits, pre tax | 213,000,000 | ||||||||
Charges and credits | 169,000,000 | ||||||||
Merger and Integration | Cameron International Corporation | |||||||||
Charges And Credits [Line Items] | |||||||||
Charges and credits | $ 49,000,000 | $ 81,000,000 | |||||||
Merger and Integration | Merger-related employee benefits | Cameron International Corporation | |||||||||
Charges And Credits [Line Items] | |||||||||
Charges and credits | $ 82,000,000 | ||||||||
Promissory Note Fair Value Adjustment and Other | |||||||||
Charges And Credits [Line Items] | |||||||||
Charges and credits, pre tax | 510,000,000 | ||||||||
Charges and credits | $ 460,000,000 | $ 498,000,000 |
Charges and Credits - Summary o
Charges and Credits - Summary of Charges and Credits (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Sep. 30, 2017 | |
Charges And Credits [Line Items] | ||||
Charges and credits, Pretax | $ 723,000,000 | |||
Charges and credits, Tax | 44,000,000 | |||
Charges and credits, Noncontrolling Interests | 12,000,000 | |||
Charges and credits, Net | $ 0 | $ 0 | $ 50,000,000 | 667,000,000 |
Promissory Note Fair Value Adjustment and Other | ||||
Charges And Credits [Line Items] | ||||
Charges and credits, Pretax | 510,000,000 | |||
Charges and credits, Noncontrolling Interests | 12,000,000 | |||
Charges and credits, Net | $ 460,000,000 | 498,000,000 | ||
Merger and Integration | ||||
Charges And Credits [Line Items] | ||||
Charges and credits, Pretax | 213,000,000 | |||
Charges and credits, Tax | 44,000,000 | |||
Charges and credits, Net | $ 169,000,000 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schlumberger Net Income | ||||
Basic | $ 644 | $ 545 | $ 1,599 | $ 749 |
Diluted | $ 644 | $ 545 | $ 1,599 | $ 749 |
Average Shares Outstanding | ||||
Basic | 1,385 | 1,385 | 1,385 | 1,388 |
Assumed exercise of stock options | 1 | 1 | 2 | |
Unvested restricted stock | 7 | 6 | 7 | 5 |
Diluted | 1,392 | 1,392 | 1,393 | 1,395 |
Earnings per Share | ||||
Basic | $ 0.46 | $ 0.39 | $ 1.15 | $ 0.54 |
Diluted | $ 0.46 | $ 0.39 | $ 1.15 | $ 0.54 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 40 | 43 | 40 | 30 |
Inventories - Summary of Invent
Inventories - Summary of Inventory (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials & field materials | $ 1,885 | $ 1,846 |
Work in progress | 541 | 503 |
Finished goods | 1,682 | 1,697 |
Inventories | $ 4,108 | $ 4,046 |
Fixed Assets - Summary of Fixed
Fixed Assets - Summary of Fixed Assets (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Abstract] | ||
Property, plant & equipment | $ 38,695 | $ 37,813 |
Less: Accumulated depreciation | 26,956 | 26,237 |
Fixed assets less accumulated depreciation | $ 11,739 | $ 11,576 |
Fixed Assets - Depreciation Exp
Fixed Assets - Depreciation Expense Relating to Fixed Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense relating to fixed assets | $ 516 | $ 591 | $ 1,564 | $ 1,796 |
Multiclient Seismic Data - Chan
Multiclient Seismic Data - Change in Carrying Amount of Multiclient Seismic Data (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Multiclient Seismic Data [Abstract] | |
Balance at December 31, 2017 | $ 727 |
Capitalized in period | 63 |
Charged to expense | (151) |
Balance at September 30, 2018 | $ 639 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets by Major Class (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | $ 12,521 | $ 12,567 |
Accumulated Amortization | 3,591 | 3,213 |
Net Book Value | 8,930 | 9,354 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 4,775 | 4,832 |
Accumulated Amortization | 1,187 | 1,020 |
Net Book Value | 3,588 | 3,812 |
Technology/Technical Know-how | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 3,578 | 3,634 |
Accumulated Amortization | 1,197 | 1,078 |
Net Book Value | 2,381 | 2,556 |
Tradenames | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 2,806 | 2,806 |
Accumulated Amortization | 609 | 533 |
Net Book Value | 2,197 | 2,273 |
Other | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 1,362 | 1,295 |
Accumulated Amortization | 598 | 582 |
Net Book Value | $ 764 | $ 713 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense Charged to Income for Intangible Assets (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 167 | $ 165 | $ 506 | $ 501 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) $ in Millions | Sep. 30, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Estimated amortization charged to income, remaining fourth quarter of 2018 | $ 169 |
Estimated amortization charged to income, 2019 | 680 |
Estimated amortization charged to income, 2020 | 648 |
Estimated amortization charged to income, 2021 | 617 |
Estimated amortization charged to income, 2022 | 609 |
Estimated amortization charged to income, 2023 | $ 594 |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | $ 14,159 | $ 14,875 |
Commercial paper borrowings | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 2,600 | 1,694 |
4.00% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,742 | 1,741 |
3.30% Senior Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,596 | 1,595 |
3.00% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,595 | 1,593 |
3.65% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,493 | 1,492 |
4.20% Senior Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,100 | 1,100 |
2.40% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 997 | 996 |
3.63% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 847 | 846 |
2.65% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 598 | 598 |
2.20% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 498 | 498 |
7.00% Notes due 2038 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 211 | 212 |
4.50% Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 133 | 135 |
5.95% Notes due 2041 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 115 | 115 |
3.60% Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 109 | 110 |
5.13% Notes due 2043 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 99 | 99 |
4.00% Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 82 | 82 |
3.70% Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 55 | 56 |
0.63% Guaranteed Notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 712 | |
1.50% Guaranteed Notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 603 | |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | $ 289 | $ 598 |
Long-term Debt - Summary of L_2
Long-term Debt - Summary of Long-term Debt (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 6.50% | ||
4.00% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.00% | 4.00% | |
Debt instrument maturity date | 2,025 | 2,025 | |
3.30% Senior Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.30% | 3.30% | |
Debt instrument maturity date | 2,021 | 2,021 | |
3.00% Senior Notes due 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.00% | 3.00% | |
Debt instrument maturity date | 2,020 | 2,020 | |
3.65% Senior Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.65% | 3.65% | |
Debt instrument maturity date | 2,023 | 2,023 | |
4.20% Senior Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.20% | 4.20% | |
Debt instrument maturity date | 2,021 | 2,021 | |
2.40% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.40% | 2.40% | |
Debt instrument maturity date | 2,022 | 2,022 | |
3.63% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.63% | 3.63% | |
Debt instrument maturity date | 2,022 | 2,022 | |
2.65% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.65% | 2.65% | |
Debt instrument maturity date | 2,022 | 2,022 | |
2.20% Senior Notes due 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 2.20% | 2.20% | |
Debt instrument maturity date | 2,020 | 2,020 | |
7.00% Notes due 2038 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 7.00% | 7.00% | |
Debt instrument maturity date | 2,038 | 2,038 | |
4.50% Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.50% | 4.50% | |
Debt instrument maturity date | 2,021 | 2,021 | |
5.95% Notes due 2041 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.95% | 5.95% | |
Debt instrument maturity date | 2,041 | 2,041 | |
3.60% Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.60% | 3.60% | |
Debt instrument maturity date | 2,022 | 2,022 | |
5.13% Notes due 2043 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.13% | 5.13% | |
Debt instrument maturity date | 2,043 | 2,043 | |
4.00% Notes due 2023 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.00% | 4.00% | |
Debt instrument maturity date | 2,023 | 2,023 | |
3.70% Notes due 2024 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.70% | 3.70% | |
Debt instrument maturity date | 2,024 | 2,024 | |
0.63% Guaranteed Notes due 2019 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 0.63% | 0.63% | |
Debt instrument maturity date | 2,019 | 2,019 | |
1.50% Guaranteed Notes due 2019 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 1.50% | 1.50% | |
Debt instrument maturity date | 2,019 | 2,019 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 14,100 | $ 15,200 |
Short-term borrowings and current portion of long-term debt | 3,215 | 3,324 |
Commercial paper borrowings | ||
Debt Instrument [Line Items] | ||
Short-term borrowings and current portion of long-term debt | 500 | 1,300 |
Long-term debt | $ 3,100 | $ 3,000 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 9 Months Ended | |||
Sep. 30, 2018USD ($)Country | Dec. 31, 2017USD ($) | Jun. 30, 2017 | Dec. 31, 2013EUR (€) | |
Derivative [Line Items] | ||||
Denominated debt issued | $ 1,100,000,000 | |||
Promissory note interest rate | 6.50% | |||
Fixed rate debt aggregate, after taking into account the effects of the interest rate swaps | $ 13,300,000,000 | |||
Variable rate debt aggregate, after taking into account the effects of the interest rate swaps | 4,100,000,000 | |||
Short-term investments | 1,400,000,000 | |||
Recognized a cumulative net (loss) in Accumulated Other Comprehensive Loss relating to revaluation of foreign currency forward contracts and foreign currency options designated as cash flow hedges | $ (5,000,000) | |||
Minimum | ||||
Derivative [Line Items] | ||||
Number of countries in which Schlumberger conducts business | Country | 85 | |||
1.50% Guaranteed Notes due 2019 | ||||
Derivative [Line Items] | ||||
Notes, face amount | € | € 500,000,000 | |||
Promissory note interest rate | 1.50% | 1.50% | ||
2.20% Senior Notes due 2020 | ||||
Derivative [Line Items] | ||||
Notes, face amount | $ 500,000,000 | |||
Derivative swap interest rate | 2.20% | |||
Promissory note interest rate | 2.20% | 2.20% | ||
2.65% Senior Notes due 2022 | ||||
Derivative [Line Items] | ||||
Notes, face amount | $ 600,000,000 | |||
Derivative swap interest rate | 2.65% | |||
Promissory note interest rate | 2.65% | 2.65% | ||
Cross currency swap | ||||
Derivative [Line Items] | ||||
Notional amount of interest rate swap | $ 1,100,000,000 | € 500,000,000 | ||
Cross currency swap | 2.20% Senior Notes due 2020 | ||||
Derivative [Line Items] | ||||
Promissory note interest rate | 1.97% | |||
Cross currency swap | 2.65% Senior Notes due 2022 | ||||
Derivative [Line Items] | ||||
Promissory note interest rate | 2.52% | |||
Fixed Rate Debt | 1.50% Guaranteed Notes due 2019 | ||||
Derivative [Line Items] | ||||
Derivative swap interest rate | 1.50% | |||
Floating Rate Debt | 1.50% Guaranteed Notes due 2019 | ||||
Derivative [Line Items] | ||||
Floating interest rate on securities | three-month LIBOR plus approximately 64 basis points | |||
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Notional amount of interest rate swap | $ 5,000,000,000 | |||
Foreign exchange contracts | Debt | Derivatives designated as hedges | ||||
Derivative [Line Items] | ||||
Notional amount of interest rate swap | $ 1,900,000,000 | |||
London Interbank Offered Rate (LIBOR) | Floating Rate Debt | 1.50% Guaranteed Notes due 2019 | ||||
Derivative [Line Items] | ||||
Basis point | 0.64% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Effect of Derivative Instruments Designated as Fair Value and Cash Flow Hedges and Not Designated as Hedges on Consolidated Statement of Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivatives not designated as hedges | Foreign exchange contracts | Cost of services/sales | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in Income (Loss) | $ (17) | $ (10) | $ 15 | $ (3) |
Fair Value Hedging | Derivatives designated as hedges | Cross currency swap | Interest expense | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in Income (Loss) | 6 | $ 19 | (6) | $ 66 |
Cash Flow Hedging | Derivatives designated as hedges | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in Income (Loss) | (32) | 28 | ||
Cash Flow Hedging | Derivatives designated as hedges | Cross currency swap | Interest expense | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in Income (Loss) | (30) | 25 | ||
Cash Flow Hedging | Derivatives designated as hedges | Foreign exchange contracts | Cost of services/sales | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain (Loss) Recognized in Income (Loss) | $ (2) | $ 3 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | $ 8,504 | $ 7,905 | $ 24,636 | $ 22,261 | |||||
Income Before Taxes | 787 | 677 | 1,976 | 1,027 | |||||
Pretax operating income | 1,152 | 1,059 | 3,220 | 2,766 | |||||
Interest expense | 147 | 142 | 434 | 422 | |||||
Reservoir Characterization | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 1,673 | 4,865 | |||||||
Drilling | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 2,429 | 6,789 | |||||||
Production | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 3,252 | 9,468 | |||||||
Cameron | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 1,298 | 3,902 | |||||||
Operating Segments | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 8,504 | 7,905 | 24,636 | 22,261 | |||||
Interest income | 2 | 4 | 7 | 15 | |||||
Interest expense | 8 | 13 | 29 | 39 | |||||
Operating Segments | Reservoir Characterization | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 1,673 | 1,771 | 4,865 | 5,148 | |||||
Income Before Taxes | 373 | 311 | 1,030 | 891 | |||||
Operating Segments | Drilling | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 2,429 | 2,120 | 6,789 | 6,212 | |||||
Income Before Taxes | 339 | 301 | 921 | 832 | |||||
Operating Segments | Production | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 3,252 | 2,876 | 9,468 | 7,559 | |||||
Income Before Taxes | 320 | 283 | 851 | 614 | |||||
Operating Segments | Cameron | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | 1,298 | 1,297 | 3,902 | 3,791 | |||||
Income Before Taxes | 148 | 194 | 481 | 530 | |||||
Eliminations & other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Revenue | (148) | (159) | (388) | (449) | |||||
Income Before Taxes | (28) | (30) | (63) | (101) | |||||
Corporate & other | [1] | (234) | (234) | (699) | (715) | ||||
Interest income | 8 | [2] | 30 | [2] | 44 | [3] | 82 | [3] | |
Interest expense | $ (139) | [4] | (129) | [4] | (405) | [5] | (383) | [5] | |
Charges and credits | [6] | $ (49) | $ (184) | $ (723) | |||||
[1] | Comprised principally of certain corporate expenses not allocated to the segments, stock-based compensation costs, amortization expense associated with certain intangible assets, certain centrally managed initiatives and other nonoperating items. | ||||||||
[2] | Interest income excludes amounts which are included in the segments’ income ($2 million in 2018; $4 million in 2017). | ||||||||
[3] | Interest income excludes amounts which are included in the segments’ income ($7 million in 2018; $15 million in 2017). | ||||||||
[4] | Interest expense excludes amounts which are included in the segments’ income ($8 million in 2018; $13 million in 2017). | ||||||||
[5] | Interest expense excludes amounts which are included in the segments’ income ($29 million in 2018; $39 million in 2017). | ||||||||
[6] | See Note 2 – Charges and Credits. |
Segment Information - Schedul_2
Segment Information - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Interest expense | $ 147 | $ 142 | $ 434 | $ 422 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 2 | 4 | 7 | 15 |
Interest expense | $ 8 | $ 13 | $ 29 | $ 39 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 8,504 | $ 7,905 | $ 24,636 | $ 22,261 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8,504 | 7,905 | 24,636 | 22,261 |
Operating Segments | North America | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,189 | 2,602 | 9,164 | 6,675 |
Operating Segments | Latin America | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 978 | 952 | 2,767 | 2,942 |
Operating Segments | Europe/CIS/Africa | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,820 | 1,843 | 5,316 | 5,255 |
Operating Segments | Middle East & Asia | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,417 | 2,352 | 7,079 | 7,007 |
Eliminations & other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 100 | $ 156 | $ 310 | $ 382 |
Segment Information - Summary o
Segment Information - Summary of North America and International Revenue Disaggregated by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 8,504 | $ 7,905 | $ 24,636 | $ 22,261 |
Reservoir Characterization | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,673 | 4,865 | ||
Drilling | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,429 | 6,789 | ||
Production | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,252 | 9,468 | ||
Cameron | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,298 | 3,902 | ||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (148) | (388) | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8,504 | 7,905 | 24,636 | 22,261 |
Operating Segments | Reservoir Characterization | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,673 | 1,771 | 4,865 | 5,148 |
Operating Segments | Drilling | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,429 | 2,120 | 6,789 | 6,212 |
Operating Segments | Production | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,252 | 2,876 | 9,468 | 7,559 |
Operating Segments | Cameron | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,298 | 1,297 | 3,902 | 3,791 |
Eliminations & other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 100 | 156 | 310 | 382 |
Eliminations & other | Reservoir Characterization | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 114 | 385 | ||
Eliminations & other | Drilling | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 68 | 172 | ||
Eliminations & other | Production | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 4 | |||
Eliminations & other | Cameron | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 25 | 71 | ||
Eliminations & other | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (107) | (322) | ||
North America | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,189 | $ 2,602 | 9,164 | $ 6,675 |
North America | Operating Segments | Reservoir Characterization | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 242 | 733 | ||
North America | Operating Segments | Drilling | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 601 | 1,733 | ||
North America | Operating Segments | Production | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,725 | 4,919 | ||
North America | Operating Segments | Cameron | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 617 | 1,761 | ||
North America | Operating Segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 4 | 18 | ||
International | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 5,215 | 15,162 | ||
International | Operating Segments | Reservoir Characterization | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,317 | 3,747 | ||
International | Operating Segments | Drilling | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,760 | 4,884 | ||
International | Operating Segments | Production | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,527 | 4,545 | ||
International | Operating Segments | Cameron | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 656 | 2,070 | ||
International | Operating Segments | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ (45) | $ (84) |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans - Net Pension Cost for Schlumberger Pension Plans and US Postretirement Medical Plan (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Postretirement medical plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 8 | $ 7 | $ 24 | $ 22 |
Interest cost | 11 | 12 | 33 | 35 |
Expected return on plan assets | (15) | (16) | (47) | (46) |
Amortization of prior service cost | (7) | (7) | (21) | (22) |
Total pension cost | (3) | (4) | (11) | (11) |
US | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 14 | 14 | 44 | 44 |
Interest cost | 41 | 44 | 125 | 131 |
Expected return on plan assets | (61) | (60) | (186) | (181) |
Amortization of prior service cost | 3 | 3 | 9 | 9 |
Amortization of net loss | 12 | 10 | 36 | 29 |
Total pension cost | 9 | 11 | 28 | 32 |
International | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 35 | 24 | 105 | 71 |
Interest cost | 77 | 76 | 229 | 230 |
Expected return on plan assets | (149) | (135) | (442) | (406) |
Amortization of prior service cost | 3 | 24 | 8 | 73 |
Amortization of net loss | 35 | 30 | 105 | 90 |
Total pension cost | $ 1 | $ 19 | $ 5 | $ 58 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | $ 37,261 | $ 41,529 |
Other comprehensive gain (loss) before reclassifications | (167) | 2 |
Amounts reclassified from accumulated other comprehensive loss | 128 | 183 |
Income taxes | (2) | |
Net other comprehensive income | (39) | 183 |
Balance | 36,948 | 40,010 |
Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (2,139) | (2,136) |
Other comprehensive gain (loss) before reclassifications | (128) | 49 |
Net other comprehensive income | (128) | 49 |
Balance | (2,267) | (2,087) |
Marketable Securities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | 13 | 21 |
Other comprehensive gain (loss) before reclassifications | (33) | (66) |
Net other comprehensive income | (33) | (66) |
Balance | (20) | (45) |
Cash Flow Hedges | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | 3 | (19) |
Other comprehensive gain (loss) before reclassifications | (6) | 19 |
Amounts reclassified from accumulated other comprehensive loss | (2) | 4 |
Net other comprehensive income | (8) | 23 |
Balance | (5) | 4 |
Pension and Other Postretirement Benefit Plans | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (2,151) | (2,509) |
Amounts reclassified from accumulated other comprehensive loss | 130 | 179 |
Income taxes | (2) | |
Net other comprehensive income | 130 | 177 |
Balance | (2,021) | (2,332) |
Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (4,274) | (4,643) |
Balance | $ (4,313) | $ (4,460) |