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Notes Payable (Tables)
 9 Months Ended
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%.