Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | SLB |
Entity Registrant Name | SCHLUMBERGER LIMITED/NV |
Entity Central Index Key | 0000087347 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,385,122,272 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | ||
Total Revenue | $ 7,879 | $ 7,829 |
Interest & other income | 14 | 42 |
Expenses | ||
Research & engineering | 173 | 172 |
General & administrative | 112 | 111 |
Interest | 147 | 143 |
Income before taxes | 509 | 643 |
Tax expense | 79 | 113 |
Net income | 430 | 530 |
Net income attributable to noncontrolling interests | 9 | 5 |
Net income attributable to Schlumberger | $ 421 | $ 525 |
Basic earnings per share of Schlumberger | $ 0.30 | $ 0.38 |
Diluted earnings per share of Schlumberger | $ 0.30 | $ 0.38 |
Average shares outstanding: | ||
Basic | 1,385 | 1,385 |
Assuming dilution | 1,397 | 1,394 |
Services | ||
Revenue | ||
Total Revenue | $ 5,906 | $ 5,736 |
Expenses | ||
Cost of services and sales | 5,111 | 4,880 |
Product | ||
Revenue | ||
Total Revenue | 1,973 | 2,093 |
Expenses | ||
Cost of services and sales | $ 1,841 | $ 1,922 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 430 | $ 530 |
Currency translation adjustments | ||
Unrealized net change arising during the period | 77 | 39 |
Marketable securities | ||
Unrealized gain arising during the period | 19 | |
Cash flow hedges | ||
Net gain (loss) on cash flow hedges | (5) | 5 |
Reclassification to net income of net realized (gain) loss | 2 | (3) |
Pension and other postretirement benefit plans | ||
Amortization to net income of net actuarial loss | 24 | 56 |
Amortization to net income of net prior service credit | (3) | (1) |
Comprehensive income | 525 | 645 |
Comprehensive income attributable to noncontrolling interests | 9 | 5 |
Comprehensive income attributable to Schlumberger | $ 516 | $ 640 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash | $ 1,230 | $ 1,433 |
Short-term investments | 925 | 1,344 |
Receivables less allowance for doubtful accounts (2019 - $244; 2018 - $249) | 8,171 | 7,881 |
Inventories | 4,224 | 4,010 |
Other current assets | 1,223 | 1,063 |
Current assets total | 15,773 | 15,731 |
Investments in Affiliated Companies | 1,544 | 1,538 |
Fixed Assets less accumulated depreciation | 11,533 | 11,679 |
Multiclient Seismic Data | 584 | 601 |
Goodwill | 24,945 | 24,931 |
Intangible Assets | 8,611 | 8,727 |
Other Assets | 7,331 | 7,300 |
Total Assets | 70,321 | 70,507 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 9,702 | 10,223 |
Estimated liability for taxes on income | 1,194 | 1,155 |
Short-term borrowings and current portion of long-term debt | 99 | 1,407 |
Dividends payable | 702 | 701 |
Current Liabilities Total | 11,697 | 13,486 |
Long-term Debt | 16,449 | 14,644 |
Postretirement Benefits | 1,136 | 1,153 |
Deferred Taxes | 1,375 | 1,441 |
Other Liabilities | 3,140 | 3,197 |
Total Liabilities | 33,797 | 33,921 |
Equity | ||
Common stock | 13,000 | 13,132 |
Treasury stock | (3,756) | (4,006) |
Retained earnings | 31,386 | 31,658 |
Accumulated other comprehensive loss | (4,527) | (4,622) |
Schlumberger stockholders' equity | 36,103 | 36,162 |
Noncontrolling interests | 421 | 424 |
Total equity | 36,524 | 36,586 |
Liabilities and stockholders equity | $ 70,321 | $ 70,507 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts on receivable | $ 244 | $ 249 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Cash flows from operating activities: | |||
Net income | $ 430 | $ 530 | |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | [1] | 903 | 874 |
Stock-based compensation expense | 108 | 90 | |
Earnings of equity method investments, less dividends received | 3 | (5) | |
Change in assets and liabilities: | |||
Increase in receivables | [2] | (280) | (152) |
Increase in inventories | [2] | (197) | (81) |
Increase in other current assets | [2] | (93) | (48) |
Decrease (increase) in other assets | [2] | 2 | (70) |
Decrease in accounts payable and accrued liabilities | [2] | (483) | (600) |
Increase in estimated liability for taxes on income | [2] | 5 | 45 |
Decrease in other liabilities | [2] | (42) | (7) |
Other | [2] | (30) | (8) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 326 | 568 | |
Cash flows from investing activities: | |||
Capital expenditures | (413) | (454) | |
SPM investments | (151) | (240) | |
Multiclient seismic data costs capitalized | (45) | (26) | |
Business acquisitions and investments, net of cash acquired | (5) | (13) | |
Sale of investments, net | 420 | 980 | |
Other | (36) | 35 | |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (230) | 282 | |
Cash flows from financing activities: | |||
Dividends paid | (692) | (692) | |
Proceeds from employee stock purchase plan | 85 | 107 | |
Proceeds from exercise of stock options | 22 | 20 | |
Stock repurchase program | (98) | (97) | |
Proceeds from issuance of long-term debt | 1,812 | 12 | |
Repayment of long-term debt | (1,368) | (51) | |
Net decrease in short-term borrowings | (38) | (105) | |
Other | (20) | 19 | |
NET CASH USED IN FINANCING ACTIVITIES | (297) | (787) | |
Net (decrease) increase in cash before translation effect | (201) | 63 | |
Translation effect on cash | (2) | 3 | |
Cash, beginning of period | 1,433 | 1,799 | |
Cash, end of period | $ 1,230 | $ 1,865 | |
[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, 2017 | $ 37,261 | $ 12,975 | $ (4,049) | $ 32,190 | $ (4,274) | $ 419 |
Net income | 530 | 525 | 5 | |||
Currency translation adjustments | 39 | 39 | ||||
Changes in unrealized gain on marketable securities | 19 | 19 | ||||
Changes in fair value of cash flow hedges | 2 | 2 | ||||
Pension and other postretirement benefit plans | 55 | 55 | ||||
Shares sold to optionees, less shares exchanged | 20 | (20) | 40 | |||
Vesting of restricted stock | (29) | 29 | ||||
Shares issued under employee stock purchase plan | 107 | (33) | 140 | |||
Stock repurchase program | (97) | (97) | ||||
Stock-based compensation expense | 90 | 90 | ||||
Dividends declared | (693) | (693) | ||||
Other | (7) | 15 | (22) | |||
Balance at Mar. 31, 2018 | 37,326 | 12,998 | (3,937) | 32,022 | (4,159) | 402 |
Balance at Dec. 31, 2018 | $ 36,586 | $ 13,132 | (4,006) | 31,658 | (4,622) | 424 |
Balance, shares at Dec. 31, 2018 | 1,383 | 1,434 | ||||
Treasury shares, Balance at Dec. 31, 2018 | (50) | |||||
Net income | $ 430 | 421 | 9 | |||
Currency translation adjustments | 77 | 77 | ||||
Changes in fair value of cash flow hedges | (3) | (3) | ||||
Pension and other postretirement benefit plans | 21 | 21 | ||||
Shares sold to optionees, less shares exchanged | $ 22 | $ (25) | 47 | |||
Vesting of restricted stock | (100) | $ 100 | ||||
Vesting of restricted stock, shares | 1 | 1 | ||||
Shares issued under employee stock purchase plan | $ 85 | (115) | $ 200 | |||
Shares issued under employee stock purchase plan, shares | 3 | 3 | ||||
Stock repurchase program | $ (98) | $ (98) | ||||
Stock repurchase program, shares | (2) | (2) | ||||
Stock-based compensation expense | $ 108 | 108 | ||||
Dividends declared | (693) | (693) | ||||
Other | (11) | $ 1 | (12) | |||
Balance at Mar. 31, 2019 | $ 36,524 | $ 13,000 | $ (3,756) | $ 31,386 | $ (4,527) | $ 421 |
Balance, shares at Mar. 31, 2019 | 1,385 | 1,434 | ||||
Treasury shares, Balance at Mar. 31, 2019 | (49) |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) (Unaudited) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Retained Earnings | ||
Dividends declared, per share | $ 0.50 | $ 0.50 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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 three-month period ended March 31, 2019 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2019. The December 31, 2018 balance sheet information has been derived from the Schlumberger 2018 audited financial statements. For further information, refer to the Consolidated Financial Statements |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 2. 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) 2019 2018 Schlumberger Net Income Average Shares Outstanding Earnings per Share Schlumberger Net Income Average Shares Outstanding Earnings per Share First Quarter Basic $ 421 1,385 $ 0.30 $ 525 1,385 $ 0.38 Assumed exercise of stock options - - - 1 Unvested restricted stock - 12 - 8 Diluted $ 421 1,397 $ 0.30 $ 525 1,394 $ 0.38 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) 2019 2018 First Quarter 43 39 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories A summary of inventories, which are stated at the lower of average cost or net realizable value, is as follows: (Stated in millions) Mar. 31, Dec. 31, 2019 2018 Raw materials & field materials $ 1,877 $ 1,803 Work in progress 549 519 Finished goods 1,798 1,688 $ 4,224 $ 4,010 |
Fixed Assets
Fixed Assets | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Fixed Assets | 4. Fixed Assets A summary of fixed assets follows: (Stated in millions) Mar. 31, Dec. 31, 2019 2018 Property, plant & equipment $ 38,714 $ 38,664 Less: Accumulated depreciation 27,181 26,985 $ 11,533 $ 11,679 Depreciation expense relating to fixed assets was $512 million and $523 million in the first quarter of 2019 and 2018, respectively. |
Multiclient Seismic Data
Multiclient Seismic Data | 3 Months Ended |
Mar. 31, 2019 | |
Multiclient Seismic Data [Abstract] | |
Multiclient Seismic Data | 5. Multiclient Seismic Data The change in the carrying amount of multiclient seismic data for the three months ended March 31, 2019 was as follows: (Stated in millions) Balance at December 31, 2018 $ 601 Capitalized in period 45 Charged to expense (62 ) Balance at March 31, 2019 $ 584 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets The gross book value, accumulated amortization and net book value of intangible assets were as follows: (Stated in millions) Mar. 31, 2019 Dec. 31, 2018 Gross Accumulated Net Book Gross Accumulated Net Book Book Amortization Value Book Value Amortization Value Customer relationships $ 4,772 $ 1,302 $ 3,470 $ 4,768 $ 1,243 $ 3,525 Technology/technical know-how 3,463 1,275 2,188 3,494 1,246 2,248 Tradenames 2,799 653 2,146 2,799 628 2,171 Other 1,428 621 807 1,404 621 783 $ 12,462 $ 3,851 $ 8,611 $ 12,465 $ 3,738 $ 8,727 Amortization expense charged to income was $160 million during the first quarter of 2019 and $165 million during the first quarter of 2018. Based on the net book value of intangible assets at March 31, 2019, amortization charged to income for the subsequent five years is estimated to be: remaining three quarters of 2019—$510 million; 2020—$657 million; 2021—$628 million; 2022—$622 million; 2023—$609 million; and 2024—$563 million. |
Long-term Debt
Long-term Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 7. Long-term Debt A summary of Long-term Debt (Stated in millions) Mar. 31, Dec. 31, 2019 2018 4.00% Senior Notes due 2025 $ 1,743 $ 1,742 3.30% Senior Notes due 2021 1,597 1,596 3.00% Senior Notes due 2020 1,596 1,596 3.65% Senior Notes due 2023 1,494 1,493 4.20% Senior Notes due 2021 1,100 1,100 2.40% Senior Notes due 2022 997 997 3.63% Senior Notes due 2022 847 847 3.75% Senior Notes due 2024 745 - 4.30% Senior Notes due 2029 844 - 1.00% Guaranteed Notes due 2026 671 678 2.65% Senior Notes due 2022 598 598 2.20% Senior Notes due 2020 499 499 7.00% Notes due 2038 209 210 4.50% Notes due 2021 132 132 5.95% Notes due 2041 115 115 3.60% Notes due 2022 109 109 5.13% Notes due 2043 99 99 4.00% Notes due 2023 81 82 3.70% Notes due 2024 55 55 Commercial paper borrowings 2,655 2,433 Other 263 263 $ 16,449 $ 14,644 The estimated fair value of Schlumberger’s Long-term Debt, At March 31, 2019, Schlumberger had separate committed credit facility agreements aggregating $6.5 billion with commercial banks, of which $3.8 billion was available and unused. These committed facilities support commercial paper programs in the United States and Europe, of which $1.0 billion matures in February 2020, $1.5 billion matures in November 2020, $2.0 billion matures in February 2023 and $2.0 billion matures in February 2024. Interest rates and other terms of borrowing under these lines of credit vary by facility. Borrowings under Schlumberger’s commercial paper programs at March 31, 2019 and December 31, 2018 were $2.7 billion and $2.4 billion, respectively, all of which were classified in Long-term Debt Consolidated Balance Sheet In April 2019, Schlumberger completed a debt exchange offer, pursuant to which it issued $1.500 billion in principal of 3.90% Senior Notes due 2028 (the “New Notes”) in exchange for $401 million of 3.00% Senior Notes due 2020, $234 million of 3.63% Senior Notes due 2022 and $817 million of 4.00% Senior Notes due 2025. In connection with the exchange of principal, Schlumberger paid a premium of $48 million, substantially all of which was in the form of New Notes. This premium will be amortized as additional interest expense over the term of the New Notes. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | 8. 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 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 March 31, 2019, Schlumberger had fixed rate debt aggregating $13.5 billion and variable rate debt aggregating $3.0 billion, after taking into account the effect of interest rate swaps. Foreign Currency Exchange Rate Risk As a multinational company, Schlumberger generates revenue in more than 120 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 March 31, 2019, Schlumberger recognized a cumulative net $16 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 March 31, 2019, contracts were outstanding for the US dollar equivalent of $4.0 billion in various foreign currencies, of which $1.1 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 First Quarter 2019 2018 Consolidated Statement of Income Classification Derivatives designated as fair value hedges: Cross currency swaps $ - $ 27 Interest expense Derivatives designated as cash flow hedges: Foreign exchange contracts $ (2 ) $ 4 Cost of services/sales Cross currency swaps (16 ) 19 Interest expense $ (18 ) $ 23 Derivatives not designated as hedges: Foreign exchange contracts $ 6 $ 28 Cost of services/sales |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 9. 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 | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 10. Segment Information (Stated in millions) First Quarter 2019 First Quarter 2018 Income Income Before Before Revenue Taxes Revenue Taxes Reservoir Characterization $ 1,543 $ 293 $ 1,559 $ 306 Drilling 2,387 307 2,126 293 Production 2,890 217 2,956 217 Cameron 1,174 137 1,310 166 Eliminations & other (115 ) (46 ) (122 ) (8 ) Pretax operating income 908 974 Corporate & other (1) (273 ) (225 ) Interest income (2) 10 25 Interest expense (3) (136 ) (131 ) $ 7,879 $ 509 $ 7,829 $ 643 (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 ($1 million in 2019; $3 million in 2018). (3) Interest expense excludes amounts which are included in the segments’ income ($11 million in 2019; $12 million in 2018). Revenue by geographic area was as follows: (Stated in millions) First Quarter 2019 2018 North America $ 2,738 $ 2,835 Latin America 992 870 Europe/CIS/Africa 1,707 1,713 Middle East & Asia 2,338 2,300 Eliminations & other 104 111 $ 7,879 $ 7,829 North America and International revenue disaggregated by segment was as follows: (Stated in millions) First Quarter 2019 North Eliminations America International & other Total Reservoir Characterization $ 216 $ 1,252 $ 75 $ 1,543 Drilling 578 1,755 54 2,387 Production 1,373 1,516 1 2,890 Cameron 560 568 46 1,174 Other 11 (54 ) (72 ) (115 ) $ 2,738 $ 5,037 $ 104 $ 7,879 First Quarter 2018 North Eliminations America International & other Total Reservoir Characterization $ 222 $ 1,200 $ 137 $ 1,559 Drilling 564 1,513 49 2,126 Production 1,500 1,455 1 2,956 Cameron 550 736 24 1,310 Other (1 ) (21 ) (100 ) (122 ) $ 2,835 $ 4,883 $ 111 $ 7,829 Revenue in excess of billings related to contracts where revenue is recognized over time was $0.2 billion at March 31, 2019 and December 31, 2018. 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 $2.9 billion at March 31, 2019, of which approximately 49% is expected to be recognized as revenue over the next 12 months. Billings and cash collections in excess of revenue was $1.0 billion at March 31, 2019 and $0.9 billion at December 31, 2018. Such amounts are included within Accounts payable and accrued liabilities Consolidated Balance Sheet |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefit Plans | 11. Pension and Other Postretirement Benefit Plans Net pension cost (credit) for the Schlumberger pension plans included the following components: (Stated in millions) First Quarter 2019 2018 US Int'l US Int'l Service cost $ 14 $ 32 $ 16 $ 32 Interest cost 45 83 43 77 Expected return on plan assets (58 ) (150 ) (62 ) (147 ) Amortization of prior service cost 2 2 3 3 Amortization of net loss 8 16 12 44 $ 11 $ (17 ) $ 12 $ 9 The net periodic benefit credit for the Schlumberger US postretirement medical plan included the following components: (Stated in millions) First Quarter 2019 2018 Service cost $ 8 $ 8 Interest cost 12 11 Expected return on plan assets (16 ) (15 ) Amortization of prior service credit (7 ) (7 ) $ (3 ) $ (3 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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) 2019 2018 Schlumberger Net Income Average Shares Outstanding Earnings per Share Schlumberger Net Income Average Shares Outstanding Earnings per Share First Quarter Basic $ 421 1,385 $ 0.30 $ 525 1,385 $ 0.38 Assumed exercise of stock options - - - 1 Unvested restricted stock - 12 - 8 Diluted $ 421 1,397 $ 0.30 $ 525 1,394 $ 0.38 |
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) 2019 2018 First Quarter 43 39 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventory | A summary of inventories, which are stated at the lower of average cost or net realizable value, is as follows: (Stated in millions) Mar. 31, Dec. 31, 2019 2018 Raw materials & field materials $ 1,877 $ 1,803 Work in progress 549 519 Finished goods 1,798 1,688 $ 4,224 $ 4,010 |
Fixed Assets (Tables)
Fixed Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Fixed Assets | A summary of fixed assets follows: (Stated in millions) Mar. 31, Dec. 31, 2019 2018 Property, plant & equipment $ 38,714 $ 38,664 Less: Accumulated depreciation 27,181 26,985 $ 11,533 $ 11,679 |
Multiclient Seismic Data (Table
Multiclient Seismic Data (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Multiclient Seismic Data [Abstract] | |
Change in Carrying Amount of Multiclient Seismic Data | The change in the carrying amount of multiclient seismic data for the three months ended March 31, 2019 was as follows: (Stated in millions) Balance at December 31, 2018 $ 601 Capitalized in period 45 Charged to expense (62 ) Balance at March 31, 2019 $ 584 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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) Mar. 31, 2019 Dec. 31, 2018 Gross Accumulated Net Book Gross Accumulated Net Book Book Amortization Value Book Value Amortization Value Customer relationships $ 4,772 $ 1,302 $ 3,470 $ 4,768 $ 1,243 $ 3,525 Technology/technical know-how 3,463 1,275 2,188 3,494 1,246 2,248 Tradenames 2,799 653 2,146 2,799 628 2,171 Other 1,428 621 807 1,404 621 783 $ 12,462 $ 3,851 $ 8,611 $ 12,465 $ 3,738 $ 8,727 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | A summary of Long-term Debt (Stated in millions) Mar. 31, Dec. 31, 2019 2018 4.00% Senior Notes due 2025 $ 1,743 $ 1,742 3.30% Senior Notes due 2021 1,597 1,596 3.00% Senior Notes due 2020 1,596 1,596 3.65% Senior Notes due 2023 1,494 1,493 4.20% Senior Notes due 2021 1,100 1,100 2.40% Senior Notes due 2022 997 997 3.63% Senior Notes due 2022 847 847 3.75% Senior Notes due 2024 745 - 4.30% Senior Notes due 2029 844 - 1.00% Guaranteed Notes due 2026 671 678 2.65% Senior Notes due 2022 598 598 2.20% Senior Notes due 2020 499 499 7.00% Notes due 2038 209 210 4.50% Notes due 2021 132 132 5.95% Notes due 2041 115 115 3.60% Notes due 2022 109 109 5.13% Notes due 2043 99 99 4.00% Notes due 2023 81 82 3.70% Notes due 2024 55 55 Commercial paper borrowings 2,655 2,433 Other 263 263 $ 16,449 $ 14,644 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 First Quarter 2019 2018 Consolidated Statement of Income Classification Derivatives designated as fair value hedges: Cross currency swaps $ - $ 27 Interest expense Derivatives designated as cash flow hedges: Foreign exchange contracts $ (2 ) $ 4 Cost of services/sales Cross currency swaps (16 ) 19 Interest expense $ (18 ) $ 23 Derivatives not designated as hedges: Foreign exchange contracts $ 6 $ 28 Cost of services/sales |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | (Stated in millions) First Quarter 2019 First Quarter 2018 Income Income Before Before Revenue Taxes Revenue Taxes Reservoir Characterization $ 1,543 $ 293 $ 1,559 $ 306 Drilling 2,387 307 2,126 293 Production 2,890 217 2,956 217 Cameron 1,174 137 1,310 166 Eliminations & other (115 ) (46 ) (122 ) (8 ) Pretax operating income 908 974 Corporate & other (1) (273 ) (225 ) Interest income (2) 10 25 Interest expense (3) (136 ) (131 ) $ 7,879 $ 509 $ 7,829 $ 643 (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 ($1 million in 2019; $3 million in 2018). (3) Interest expense excludes amounts which are included in the segments’ income ($11 million in 2019; $12 million in 2018). |
Revenue by Geographic Area | Revenue by geographic area was as follows: (Stated in millions) First Quarter 2019 2018 North America $ 2,738 $ 2,835 Latin America 992 870 Europe/CIS/Africa 1,707 1,713 Middle East & Asia 2,338 2,300 Eliminations & other 104 111 $ 7,879 $ 7,829 |
Summary of North America and International Revenue Disaggregated by Segment | North America and International revenue disaggregated by segment was as follows: (Stated in millions) First Quarter 2019 North Eliminations America International & other Total Reservoir Characterization $ 216 $ 1,252 $ 75 $ 1,543 Drilling 578 1,755 54 2,387 Production 1,373 1,516 1 2,890 Cameron 560 568 46 1,174 Other 11 (54 ) (72 ) (115 ) $ 2,738 $ 5,037 $ 104 $ 7,879 First Quarter 2018 North Eliminations America International & other Total Reservoir Characterization $ 222 $ 1,200 $ 137 $ 1,559 Drilling 564 1,513 49 2,126 Production 1,500 1,455 1 2,956 Cameron 550 736 24 1,310 Other (1 ) (21 ) (100 ) (122 ) $ 2,835 $ 4,883 $ 111 $ 7,829 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Pension Cost (Credit) for Schlumberger Pension Plans and US Postretirement Medical Plan | Net pension cost (credit) for the Schlumberger pension plans included the following components: (Stated in millions) First Quarter 2019 2018 US Int'l US Int'l Service cost $ 14 $ 32 $ 16 $ 32 Interest cost 45 83 43 77 Expected return on plan assets (58 ) (150 ) (62 ) (147 ) Amortization of prior service cost 2 2 3 3 Amortization of net loss 8 16 12 44 $ 11 $ (17 ) $ 12 $ 9 The net periodic benefit credit for the Schlumberger US postretirement medical plan included the following components: (Stated in millions) First Quarter 2019 2018 Service cost $ 8 $ 8 Interest cost 12 11 Expected return on plan assets (16 ) (15 ) Amortization of prior service credit (7 ) (7 ) $ (3 ) $ (3 ) |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schlumberger Net Income | ||
Basic | $ 421 | $ 525 |
Diluted | $ 421 | $ 525 |
Average Shares Outstanding | ||
Basic | 1,385 | 1,385 |
Assumed exercise of stock options | 1 | |
Unvested restricted stock | 12 | 8 |
Diluted | 1,397 | 1,394 |
Earnings per Share | ||
Basic | $ 0.30 | $ 0.38 |
Diluted | $ 0.30 | $ 0.38 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount | 43 | 39 |
Inventories - Summary of Invent
Inventories - Summary of Inventory (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials & field materials | $ 1,877 | $ 1,803 |
Work in progress | 549 | 519 |
Finished goods | 1,798 | 1,688 |
Inventories | $ 4,224 | $ 4,010 |
Fixed Assets - Summary of Fixed
Fixed Assets - Summary of Fixed Assets (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Abstract] | ||
Property, plant & equipment | $ 38,714 | $ 38,664 |
Less: Accumulated depreciation | 27,181 | 26,985 |
Fixed assets less accumulated depreciation | $ 11,533 | $ 11,679 |
Fixed Assets - Additional Infor
Fixed Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense relating to fixed assets | $ 512 | $ 523 |
Multiclient Seismic Data - Chan
Multiclient Seismic Data - Change in Carrying Amount of Multiclient Seismic Data (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Multiclient Seismic Data [Abstract] | |
Opening balance | $ 601 |
Capitalized in period | 45 |
Charged to expense | (62) |
Ending balance | $ 584 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets by Major Class (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | $ 12,462 | $ 12,465 |
Accumulated Amortization | 3,851 | 3,738 |
Net Book Value | 8,611 | 8,727 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 4,772 | 4,768 |
Accumulated Amortization | 1,302 | 1,243 |
Net Book Value | 3,470 | 3,525 |
Technology/Technical Know-How | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 3,463 | 3,494 |
Accumulated Amortization | 1,275 | 1,246 |
Net Book Value | 2,188 | 2,248 |
Tradenames | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 2,799 | 2,799 |
Accumulated Amortization | 653 | 628 |
Net Book Value | 2,146 | 2,171 |
Other | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Book Value | 1,428 | 1,404 |
Accumulated Amortization | 621 | 621 |
Net Book Value | $ 807 | $ 783 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 160 | $ 165 |
Estimated amortization charged to income, remaining three quarters of 2019 | 510 | |
Estimated amortization charged to income, 2020 | 657 | |
Estimated amortization charged to income, 2021 | 628 | |
Estimated amortization charged to income, 2022 | 622 | |
Estimated amortization charged to income, 2023 | 609 | |
Estimated amortization charged to income, 2024 | $ 563 |
Long-term Debt - Summary of Lon
Long-term Debt - Summary of Long-term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | $ 16,449 | $ 14,644 |
4.00% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,743 | 1,742 |
3.30% Senior Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,597 | 1,596 |
3.00% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,596 | 1,596 |
3.65% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 1,494 | 1,493 |
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 | 997 |
3.63% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 847 | 847 |
3.75% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 745 | |
4.30% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 844 | |
1.00% Guaranteed Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 671 | 678 |
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 | 499 | 499 |
7.00% Notes due 2038 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 209 | 210 |
4.50% Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 132 | 132 |
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 | 109 |
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 | 81 | 82 |
3.70% Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 55 | 55 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | 263 | 263 |
Commercial paper borrowings | ||
Debt Instrument [Line Items] | ||
Long-term debt, carrying amount | $ 2,655 | $ 2,433 |
Long-term Debt - Summary of L_2
Long-term Debt - Summary of Long-term Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
4.00% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.00% | 4.00% |
Debt instrument maturity date | 2025 | 2025 |
3.30% Senior Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.30% | 3.30% |
Debt instrument maturity date | 2021 | 2021 |
3.00% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.00% | 3.00% |
Debt instrument maturity date | 2020 | 2020 |
3.65% Senior Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.65% | 3.65% |
Debt instrument maturity date | 2023 | 2023 |
4.20% Senior Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.20% | 4.20% |
Debt instrument maturity date | 2021 | 2021 |
2.40% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.40% | 2.40% |
Debt instrument maturity date | 2022 | 2022 |
3.63% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.63% | 3.63% |
Debt instrument maturity date | 2022 | 2022 |
3.75% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.75% | 3.75% |
Debt instrument maturity date | 2024 | 2024 |
4.30% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.30% | 4.30% |
Debt instrument maturity date | 2029 | 2029 |
1.00% Guaranteed Notes due 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 1.00% | 1.00% |
Debt instrument maturity date | 2026 | 2026 |
2.65% Senior Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.65% | 2.65% |
Debt instrument maturity date | 2022 | 2022 |
2.20% Senior Notes due 2020 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.20% | 2.20% |
Debt instrument maturity date | 2020 | 2020 |
7.00% Notes due 2038 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 7.00% | 7.00% |
Debt instrument maturity date | 2038 | 2038 |
4.50% Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.50% | 4.50% |
Debt instrument maturity date | 2021 | 2021 |
5.95% Notes due 2041 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.95% | 5.95% |
Debt instrument maturity date | 2041 | 2041 |
3.60% Notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.60% | 3.60% |
Debt instrument maturity date | 2022 | 2022 |
5.13% Notes due 2043 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.13% | 5.13% |
Debt instrument maturity date | 2043 | 2043 |
4.00% Notes due 2023 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.00% | 4.00% |
Debt instrument maturity date | 2023 | 2023 |
3.70% Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 3.70% | 3.70% |
Debt instrument maturity date | 2024 | 2024 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Apr. 24, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Long-term debt, fair value | $ 16,700 | $ 14,600 | |
Committed credit facility agreement aggregated | 6,500 | ||
Unused credit facility | $ 3,800 | ||
3.00% Senior Notes due 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.00% | 3.00% | |
Debt instrument maturity date | 2020 | 2020 | |
4.00% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.00% | 4.00% | |
Debt instrument maturity date | 2025 | 2025 | |
Subsequent Event | |||
Debt Instrument [Line Items] | |||
Debt instrument premium paid | $ 48 | ||
Subsequent Event | 3.90% Senior Notes due 2028 | |||
Debt Instrument [Line Items] | |||
Notes, face amount | $ 1,500 | ||
Debt instrument interest rate | 3.90% | ||
Debt instrument maturity date | 2028 | ||
Subsequent Event | 3.00% Senior Notes due 2020 | |||
Debt Instrument [Line Items] | |||
Debt instrument, amount exchanged | $ 401 | ||
Debt instrument interest rate | 3.00% | ||
Debt instrument maturity date | 2020 | ||
Subsequent Event | 3.63% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument, amount exchanged | $ 234 | ||
Debt instrument interest rate | 3.63% | ||
Debt instrument maturity date | 2022 | ||
Subsequent Event | 4.00% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument, amount exchanged | $ 817 | ||
Debt instrument interest rate | 4.00% | ||
Debt instrument maturity date | 2025 | ||
Commercial paper programs mature in February 2020 | |||
Debt Instrument [Line Items] | |||
Committed credit facility agreement aggregated | $ 1,000 | ||
Commercial paper programs mature in November 2020 | |||
Debt Instrument [Line Items] | |||
Committed credit facility agreement aggregated | 1,500 | ||
Commercial paper programs mature in February 2023 | |||
Debt Instrument [Line Items] | |||
Committed credit facility agreement aggregated | 2,000 | ||
Commercial paper programs mature in February 2024 | |||
Debt Instrument [Line Items] | |||
Committed credit facility agreement aggregated | 2,000 | ||
Commercial paper borrowings | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,700 | $ 2,400 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2019USD ($)Country | Dec. 31, 2018 | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |||
Denominated debt issued | $ 1,100,000,000 | ||
Fixed rate debt aggregate, after taking into account the effects of the interest rate swaps | $ 13,500,000,000 | ||
Variable rate debt aggregate, after taking into account the effects of the interest rate swaps | $ 3,000,000,000 | ||
Number of countries in which Schlumberger generates revenue | Country | 120 | ||
Recognized a cumulative net gain in Accumulated other comprehensive loss relating to revaluation of foreign currency forward contracts and foreign currency options designated as cash flow hedges | $ 16,000,000 | ||
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 swaps | |||
Derivative [Line Items] | |||
Notional amount of interest rate swap | $ 1,100,000,000 | ||
Cross currency swaps | 2.20% Senior Notes due 2020 | |||
Derivative [Line Items] | |||
Promissory note interest rate | 1.97% | ||
Cross currency swaps | 2.65% Senior Notes due 2022 | |||
Derivative [Line Items] | |||
Promissory note interest rate | 2.52% | ||
Foreign exchange contracts | |||
Derivative [Line Items] | |||
Notional amount of interest rate swap | $ 4,000,000,000 | ||
Foreign exchange contracts | Debt | Derivatives designated as hedges | |||
Derivative [Line Items] | |||
Notional amount of interest rate swap | $ 1,100,000,000 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivatives not designated as hedges | Foreign exchange contracts | Cost of services/sales | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | $ 6 | $ 28 |
Fair Value Hedging | Derivatives designated as hedges | Cross currency swaps | Interest expense | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | 27 | |
Cash Flow Hedging | Derivatives designated as hedges | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | (18) | 23 |
Cash Flow Hedging | Derivatives designated as hedges | Cross currency swaps | Interest expense | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain (Loss) Recognized in Income | (16) | 19 |
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 | $ (2) | $ 4 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Segment Reporting Information [Line Items] | |||
Revenue | $ 7,879 | $ 7,829 | |
Income Before Taxes | 509 | 643 | |
Pretax operating income | 908 | 974 | |
Interest expense | 147 | 143 | |
Reservoir Characterization | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,543 | 1,559 | |
Drilling | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,387 | 2,126 | |
Production | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,890 | 2,956 | |
Cameron | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,174 | 1,310 | |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue | 7,879 | 7,829 | |
Interest income | 1 | 3 | |
Interest expense | 11 | 12 | |
Operating Segments | Reservoir Characterization | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,543 | 1,559 | |
Income Before Taxes | 293 | 306 | |
Operating Segments | Drilling | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,387 | 2,126 | |
Income Before Taxes | 307 | 293 | |
Operating Segments | Production | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,890 | 2,956 | |
Income Before Taxes | 217 | 217 | |
Operating Segments | Cameron | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,174 | 1,310 | |
Income Before Taxes | 137 | 166 | |
Eliminations & other | |||
Segment Reporting Information [Line Items] | |||
Revenue | (115) | (122) | |
Income Before Taxes | (46) | (8) | |
Corporate & other | [1] | (273) | (225) |
Interest income | [2] | 10 | 25 |
Interest expense | [3] | $ (136) | $ (131) |
[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 ($1 million in 2019; $3 million in 2018). | ||
[3] | Interest expense excludes amounts which are included in the segments’ income ($11 million in 2019; $12 million in 2018). |
Segment Information - Schedul_2
Segment Information - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Interest expense | $ 147 | $ 143 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Interest income | 1 | 3 |
Interest expense | $ 11 | $ 12 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 7,879 | $ 7,829 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 7,879 | 7,829 |
Operating Segments | North America | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,738 | 2,835 |
Operating Segments | Latin America | ||
Segment Reporting Information [Line Items] | ||
Revenue | 992 | 870 |
Operating Segments | Europe/CIS/Africa | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,707 | 1,713 |
Operating Segments | Middle East & Asia | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,338 | 2,300 |
Eliminations & other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 104 | $ 111 |
Segment Information - Summary o
Segment Information - Summary of North America and International Revenue Disaggregated by Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 7,879 | $ 7,829 |
Reservoir Characterization | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,543 | 1,559 |
Drilling | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,387 | 2,126 |
Production | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,890 | 2,956 |
Cameron | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,174 | 1,310 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | (115) | (122) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 7,879 | 7,829 |
Operating Segments | Reservoir Characterization | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,543 | 1,559 |
Operating Segments | Drilling | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,387 | 2,126 |
Operating Segments | Production | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,890 | 2,956 |
Operating Segments | Cameron | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,174 | 1,310 |
Eliminations & other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 104 | 111 |
Eliminations & other | Reservoir Characterization | ||
Segment Reporting Information [Line Items] | ||
Revenue | 75 | 137 |
Eliminations & other | Drilling | ||
Segment Reporting Information [Line Items] | ||
Revenue | 54 | 49 |
Eliminations & other | Production | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1 | 1 |
Eliminations & other | Cameron | ||
Segment Reporting Information [Line Items] | ||
Revenue | 46 | 24 |
Eliminations & other | Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | (72) | (100) |
North America | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,738 | 2,835 |
North America | Operating Segments | Reservoir Characterization | ||
Segment Reporting Information [Line Items] | ||
Revenue | 216 | 222 |
North America | Operating Segments | Drilling | ||
Segment Reporting Information [Line Items] | ||
Revenue | 578 | 564 |
North America | Operating Segments | Production | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,373 | 1,500 |
North America | Operating Segments | Cameron | ||
Segment Reporting Information [Line Items] | ||
Revenue | 560 | 550 |
North America | Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 11 | (1) |
International | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 5,037 | 4,883 |
International | Operating Segments | Reservoir Characterization | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,252 | 1,200 |
International | Operating Segments | Drilling | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,755 | 1,513 |
International | Operating Segments | Production | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,516 | 1,455 |
International | Operating Segments | Cameron | ||
Segment Reporting Information [Line Items] | ||
Revenue | 568 | 736 |
International | Operating Segments | Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ (54) | $ (21) |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | ||
Revenue in excess of billings | $ 0.2 | $ 0.2 |
Total backlog | $ 2.9 | |
Percentage of revenue expected to be recognized over next 12 months | 49.00% | |
Billings and cash collections in excess of revenue | $ 1 | $ 0.9 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans - Net Pension Cost (Credit) for Schlumberger Pension Plans and US Postretirement Medical Plan (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Postretirement medical plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 8 | $ 8 |
Interest cost | 12 | 11 |
Expected return on plan assets | (16) | (15) |
Amortization of prior service cost | (7) | (7) |
Total pension cost (credit) | (3) | (3) |
US | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 14 | 16 |
Interest cost | 45 | 43 |
Expected return on plan assets | (58) | (62) |
Amortization of prior service cost | 2 | 3 |
Amortization of net loss | 8 | 12 |
Total pension cost (credit) | 11 | 12 |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 32 | 32 |
Interest cost | 83 | 77 |
Expected return on plan assets | (150) | (147) |
Amortization of prior service cost | 2 | 3 |
Amortization of net loss | 16 | 44 |
Total pension cost (credit) | $ (17) | $ 9 |