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Notes Payable (Tables)
 6 Months Ended
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.