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Notes Payable (Tables) | 9 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Notes Payable | The remaining balance of 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 | $ | 6 |  | $ | 22 |  | $ | 22 |  | $ | 22 |  | $ | 22 |  | $ | 326 |
As of September 30, 2018 and December 31, 2017, notes payable consisted of the following:
(in millions) | September 30, 2018 | December 31, 2017 | 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 | 420 |  | — |  | 3.92 | % | (1) | 4.02 | % | June 2023
Total term loans | 420 |  | 425 |  |  |  |  |
Deferred loan costs | (2 | ) | (2 | ) |  |  |  |
Less: current portion | (22 | ) | (40 | ) |  |  |  |
Notes payable, noncurrent | $ | 396 |  | $ | 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. As of September 30, 2018, the interest rate was based on LIBOR plus 1.625%.

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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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