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Risk Management and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Risk Management and Fair Value of Financial Instruments [Abstract]

Schedule of Derivative Instruments

Notional Value (in millions)		Commencement Date		Expiration Date
$600		August 2015		August 2020
$450		November 2017		November 2022
$400	(a)	August 2020		August 2025
$150	(a)	November 2022		November 2027

_______________

(a) During the second quarter of 2018, the Company entered into four new forward starting interest rate swaps, two with a notional value of $125 million and two with a notional value of $150 million.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments was as follows:

Liability Derivatives				Fair Value
Not Designated as Hedging Instruments		Balance Sheet Location		December 31, 2018				December 31, 2017
Interest rate swap contracts		Other non-current assets		$	6			$	—
		Other current and non-current liabilities		$	16			$	13

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The effect of derivative instruments on earnings was as follows:

Derivative Instruments Not Designated as Hedging Instruments		Location of (Gain) or Loss Recognized for Derivative Instruments		(Gain) or Loss Recognized on Derivatives
				Year Ended December 31,
				2018				2017				2016
Interest rate swap contracts		Interest expense		$	4			$	(4	)		$	6
Foreign exchange contracts		Operating expense		(1		)		2				(2		)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes fair value measurements by level at December 31, 2018 for assets and liabilities measured at fair value on a recurring basis:

	Level I				Level II				Level III				Total
Deferred compensation plan assets (included in other non-current assets)	$	2			$	—			$	—			$	2
Interest rate swaps (included in other non-current assets)	—				6				—				6
Interest rate swaps (included in other non-current liabilities)	—				16				—				16
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)	—				—				10				10

The following table summarizes fair value measurements by level at December 31, 2017 for assets and liabilities measured at fair value on a recurring basis:

	Level I				Level II				Level III				Total
Deferred compensation plan assets (included in other non-current assets)	$	3			$	—			$	—			$	3
Interest rate swaps (included in other current and non-current liabilities)	—				13				—				13
Contingent consideration for acquisitions (included in accrued expenses and other current liabilities and other non-current liabilities)	—				—				34				34

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents changes in Level III financial liabilities measured at fair value on a recurring basis:

		Level III
Fair value of contingent consideration at December 31, 2017		$	34
Additions: contingent consideration related to acquisitions completed during the period		1
Reductions: payments of contingent consideration		(23		)
Changes in fair value (reflected in the Consolidated Statement of Operations)		(2		)
Fair value of contingent consideration at December 31, 2018		$	10

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table summarizes the principal amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:

	December 31, 2018								December 31, 2017
Debt	Principal Amount				Estimated Fair Value (a)				Principal Amount				Estimated Fair Value (a)
Senior Secured Credit Facility:
Revolving Credit Facility	$	270			$	270			$	70			$	70
Term Loan B	1,069				1,010				1,083				1,085
Term Loan A Facility:
Term Loan A	736				707				391				393
Term Loan A-1	—				—				342				343
4.50% Senior Notes	450				447				450				457
5.25% Senior Notes	550				524				550				569
4.875% Senior Notes	500				434				500				495
Securitization obligations	231				231				194				194

_______________

(a) The fair value of the Company's indebtedness is categorized as Level II.

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