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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2018
Line of Credit Facility [Abstract]  
Components of Notes Payable
As of December 31, 2018 and 2017, long-term debt consisted of the following:
(in millions)
December 31,
2018
December 31,
2017
Annual
Contractual
Interest Rate
Effective Interest Rate
Maturity
Date
Term Loan A
$
—

$
303

3.95
%
(1) 
4.07
%
July 2019
Term Loan A-2
—

122

3.83
%
(2) 
3.90
%
July 2019
2018 Term Loan A
414

—

4.15
%
(3) 
4.25
%
June 2023
Total term loans
414

425

 
 
 
 
Deferred loan costs
(1
)
(2
)
 
 
 
 
Less: current portion
(22
)
(40
)
 
 
 
 
Long-term debt, noncurrent
$
391

$
383

 
 
 
 
(1)
Bears interest at LIBOR plus 2.25% or the prime rate plus 1.25% at our option, subject to certain rate adjustments based upon our total leverage ratio.
(2)
Bears interest at LIBOR plus 2.125% or the prime rate plus 1.125% at our option, subject to certain rate adjustments based upon our total leverage ratio.
(3)
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 December 31, 2018, the interest rate was based on LIBOR plus 1.625%.
Aggregate Annual Term Loan Repayments
The remaining balance of our 2018 Term Loan will be repaid in quarterly installments in aggregate annual amounts as follows:
 
Year ending December 31,
 
(in millions)
2019
2020
2021
2022
2023
Thereafter
Term loan repayments
$
22

$
22

$
22

$
22

$
326

$
—