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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Line of Credit Facility [Abstract]  
Components of Notes Payable
As of December 31, 2019 and 2018, long-term debt consisted of the following:
(in millions)
December 31,
2019
December 31,
2018
2018 Term Loan A
392

414

Total term loans
392

414

Deferred loan costs
(1
)
(1
)
Less: current portion
(22
)
(22
)
Long-term debt, noncurrent
$
369

$
391

 
 
 
Annual contractual interest rate
3.42
%
4.15
%
Effective interest rate
3.52
%
4.25
%
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)
2020
2021
2022
2023
2024
Thereafter
Term loan repayments
$
22

$
22

$
22

$
326

$
—

$
—