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Notes Payable (Tables) | 6 Months Ended
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Jun. 30, 2018
Debt Disclosure [Abstract] |
Notes Payable | Our 2018 Term Loan will be repaid in quarterly installments in aggregate annual amounts as follows (in millions):
| Year ending December 31, |
| 2018 | 2019 | 2020 | 2021 | 2022 | Thereafter
Term loan repayments | $ | 11 |  | $ | 21 |  | $ | 21 |  | $ | 21 |  | $ | 21 |  | $ | 330 |
As of June 30, 2018 and December 31, 2017, notes payable consisted of the following:
(in millions) | June 30, 2018 | December 31, 2017 | Annual Contractual Interest Rate | Effective Interest Rate | Maturity Date
Term Loan A | $ | — |  | $ | 303 |  |  |  |  | July 2019
Term Loan A-2 | — |  | 122 |  |  |  |  | July 2019
2018 Term Loan A | 425 |  | — |  | 3.78 | % | (1) | 3.88 | % | June 2023
Total term loans | 425 |  | 425 |  |  |  |  |
Deferred loan costs | (2 | ) | (2 | ) |  |  |  |
Less: current portion | (21 | ) | (40 | ) |  |  |  |
Notes payable, noncurrent | $ | 402 |  | $ | 383 |  |  |  |  |
(1) | Bears interest at LIBOR plus 1.625% or the prime rate plus 0.625% at our option in the first full fiscal quarter of the term loan, thereafter subject to certain rate adjustments based on our total leverage ratio.

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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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