UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: March 31, 2019

Commission file No.: 1-4601

 

SCHLUMBERGER N.V.

(SCHLUMBERGER LIMITED)

(Exact name of registrant as specified in its charter)

 

 

CURAÇAO

 

52-0684746

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

42 RUE SAINT-DOMINIQUE

 

 

PARIS, FRANCE

 

75007

 

 

 

5599 SAN FELIPE

 

 

HOUSTON, TEXAS, U.S.A.

 

77056

 

 

 

62 BUCKINGHAM GATE

 

 

LONDON, UNITED KINGDOM

 

SW1E 6AJ

 

 

 

PARKSTRAAT 83 THE HAGUE,

 

 

THE NETHERLANDS

 

2514 JG

(Addresses of principal executive offices)

 

(Zip Codes)

Registrant’s telephone number in the United States, including area code, is:   (713) 513-2000

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

Non-accelerated filer

 

  

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class

Outstanding at March 31, 2019

COMMON STOCK, $0.01 PAR VALUE PER SHARE

1,385,122,272

 

 

 

 


 

SCHLUMBERGER LIMITED

First Quarter 2019 Form 10-Q

Table of Contents

 

 

 

 

Page

 PART I

 

Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements

3

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

15

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

19

 

 

 

 

Item 4.

 

Controls and Procedures

19

 

 

 

 

 PART II

 

Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

20

 

 

 

 

Item 1A.

 

Risk Factors

20

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

20

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

20

 

 

 

 

Item 4.

 

Mine Safety Disclosures

20

 

 

 

 

Item 5.

 

Other Information

21

 

 

 

 

Item 6.

 

Exhibits

22

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements.

 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(Unaudited)

 

 

(Stated in millions, except per share amounts)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2019

 

 

2018

 

Revenue

 

 

 

 

 

 

 

Services

$

5,906

 

 

$

5,736

 

Product sales

 

1,973

 

 

 

2,093

 

Total Revenue

 

7,879

 

 

 

7,829

 

Interest & other income

 

14

 

 

 

42

 

Expenses

 

 

 

 

 

 

 

Cost of services

 

5,111

 

 

 

4,880

 

Cost of sales

 

1,841

 

 

 

1,922

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

See Notes to Consolidated Financial Statements

 

 

 

3


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2019

 

 

2018

 

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

 

 

See Notes to Consolidated Financial Statements

 

 

 

4


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Mar. 31,

 

 

 

 

 

 

2019

 

 

Dec. 31,

 

 

(Unaudited)

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

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

 

 

 

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

 

 

$

70,321

 

 

$

70,507

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

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

 

 

 

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

 

 

 

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

 

 

 

36,524

 

 

 

36,586

 

 

$

70,321

 

 

$

70,507

 

 

See Notes to Consolidated Financial Statements

 

 

 

5


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited)

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

 

 

2019

 

 

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: (2)

 

 

 

 

 

 

 

Increase in receivables

 

(280

)

 

 

(152

)

Increase in inventories

 

(197

)

 

 

(81

)

Increase in other current assets

 

(93

)

 

 

(48

)

Decrease (increase) in other assets

 

2

 

 

 

(70

)

Decrease in accounts payable and accrued liabilities

 

(483

)

 

 

(600

)

Increase in estimated liability for taxes on income

 

5

 

 

 

45

 

Decrease in other liabilities

 

(42

)

 

 

(7

)

Other

 

(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.

 

See Notes to Consolidated Financial Statements

 

 

 

6


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Retained

 

 

Comprehensive

 

 

Noncontrolling

 

 

 

 

 

January 1, 2019 – March 31, 2019

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2019

$

13,132

 

 

$

(4,006

)

 

$

31,658

 

 

$

(4,622

)

 

$

424

 

 

$

36,586

 

Net income

 

 

 

 

 

 

 

 

 

421

 

 

 

 

 

 

 

9

 

 

 

430

 

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

 

(25

)

 

 

47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

Vesting of restricted stock

 

(100

)

 

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Shares issued under employee stock purchase plan

 

(115

)

 

 

200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

85

 

Stock repurchase program

 

 

 

 

 

(98

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(98

)

Stock-based compensation expense

 

108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

108

 

Dividends declared ($0.50 per share)

 

 

 

 

 

 

 

 

 

(693

)

 

 

 

 

 

 

 

 

 

 

(693

)

Other

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

(11

)

Balance, March 31, 2019

$

13,000

 

 

$

(3,756

)

 

$

31,386

 

 

$

(4,527

)

 

$

421

 

 

$

36,524

 

 

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Retained

 

 

Comprehensive

 

 

Noncontrolling

 

 

 

 

 

January 1, 2018 – March 31, 2018

Issued

 

 

In Treasury

 

 

Earnings

 

 

Loss

 

 

Interests

 

 

Total

 

Balance, January 1, 2018

$

12,975

 

 

$

(4,049

)

 

$

32,190

 

 

$

(4,274

)

 

$

419

 

 

$

37,261

 

Net income

 

 

 

 

 

 

 

 

 

525

 

 

 

 

 

 

 

5

 

 

 

530

 

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

)

 

 

40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20

 

Vesting of restricted stock

 

(29

)

 

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Shares issued under employee stock purchase plan

 

(33

)

 

 

140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

107

 

Stock repurchase program

 

 

 

 

 

(97

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(97

)

Stock-based compensation expense

 

90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

90

 

Dividends declared ($0.50 per share)

 

 

 

 

 

 

 

 

 

(693

)

 

 

 

 

 

 

 

 

 

 

(693

)

Other

 

15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22

)

 

 

(7

)

Balance, March 31, 2018

$

12,998

 

 

$

(3,937

)

 

$

32,022

 

 

$

(4,159

)

 

$

402

 

 

$

37,326

 

 

SHARES OF COMMON STOCK

(Unaudited)

 

 

 

 

 

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Issued

 

 

In Treasury

 

 

Outstanding

 

Balance, January 1, 2019

 

1,434

 

 

 

(51

)

 

 

1,383

 

Vesting of restricted stock

 

-

 

 

 

1

 

 

 

1

 

Shares issued under employee stock purchase plan

 

-

 

 

 

3

 

 

 

3

 

Stock repurchase program

 

-

 

 

 

(2

)

 

 

(2

)

Balance, March 31, 2019

 

1,434

 

 

 

(49

)

 

 

1,385

 

 

 

See Notes to Consolidated Financial Statements

 

 

7


 

SCHLUMBERGER LIMITED AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

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 and notes thereto included in the Schlumberger Annual Report on Form 10-K for the year ended December 31, 2018, filed with the Securities and Exchange Commission on January 23, 2019.   

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

 

 

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

 

 

 

8


 

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. 

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

 

 

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 Value

 

 

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.

 

9


 

7.   Long-term Debt

A summary of Long-term Debt follows:

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

Mar. 31,

 

 

Dec. 31,

 

 

2019

 

 

2018

 

4.00% Senior Notes due 2025

$

1,743

 

 

$