Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 03, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | Q | |
Entity Registrant Name | Quintiles IMS Holdings, Inc. | |
Entity Central Index Key | 1,478,242 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 220,040,694 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenues | $ 1,911 | $ 1,108 |
Reimbursed expenses | 411 | 382 |
Total revenues | 2,322 | 1,490 |
Costs of revenue, exclusive of depreciation and amortization | 1,112 | 694 |
Costs of revenue, reimbursed expenses | 411 | 382 |
Selling, general and administrative expenses | 380 | 200 |
Depreciation and amortization | 232 | 32 |
Restructuring costs | 19 | 3 |
Income from operations | 168 | 179 |
Interest income | (2) | (1) |
Interest expense | 75 | 26 |
Loss on extinguishment of debt | 3 | |
Other expense, net | (3) | (5) |
Income before income taxes and equity in (losses) earnings of unconsolidated affiliates | 89 | 149 |
Income tax expense | 12 | 43 |
Income before equity in (losses) earnings of unconsolidated affiliates | 77 | 106 |
Equity in (losses) earnings of unconsolidated affiliates | (1) | 3 |
Net income | 76 | 109 |
Net income attributable to non-controlling interests | 2 | 2 |
Net income attributable to Quintiles IMS Holdings, Inc. | $ 74 | $ 107 |
Earnings per share attributable to common stockholders: | ||
Basic | $ 0.32 | $ 0.89 |
Diluted | $ 0.31 | $ 0.88 |
Weighted average common shares outstanding: | ||
Basic | 230.1 | 119.4 |
Diluted | 234.9 | 121.4 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 76 | $ 109 |
Comprehensive income adjustments: | ||
Unrealized (losses) gains on derivative instruments, net of income taxes of $1 and ($4) | 1 | (9) |
Foreign currency translation, net of income taxes of ($1) and ($1) | 122 | 8 |
Reclassification adjustments: | ||
Losses on derivative instruments included in net income, net of income taxes of $— and $2 | 2 | 4 |
Comprehensive income | 201 | 112 |
Comprehensive (income) loss attributable to non-controlling interests | (1) | |
Comprehensive income attributable to Quintiles IMS Holdings, Inc. | $ 200 | $ 112 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized (losses) gains on derivative instruments, income taxes | $ 1 | $ (4) |
Foreign currency translation, income taxes | (1) | (1) |
Losses on derivative instruments included in net income, income taxes | $ 0 | $ 2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 862 | $ 1,198 |
Trade accounts receivable and unbilled services, net | 1,779 | 1,707 |
Prepaid expenses | 134 | 123 |
Income taxes receivable | 28 | 34 |
Investments in debt, equity and other securities | 43 | 40 |
Other current assets and receivables | 271 | 235 |
Total current assets | 3,117 | 3,337 |
Property and equipment, net | 410 | 406 |
Investments in debt, equity and other securities | 7 | 13 |
Investments in unconsolidated affiliates | 65 | 69 |
Goodwill | 10,915 | 10,727 |
Other identifiable intangibles, net | 6,398 | 6,390 |
Deferred income taxes | 92 | 89 |
Deposits and other assets | 179 | 177 |
Total assets | 21,183 | 21,208 |
Current liabilities: | ||
Accounts payable and accrued expenses | 1,627 | 1,743 |
Unearned income | 791 | 774 |
Income taxes payable | 75 | 76 |
Current portion of long-term debt and obligations held under capital leases | 91 | 92 |
Other current liabilities | 12 | 20 |
Total current liabilities | 2,596 | 2,705 |
Long-term debt and obligations held under capital leases, less current portion | 8,254 | 7,108 |
Deferred income taxes | 2,140 | 2,133 |
Other liabilities | 393 | 402 |
Total liabilities | 13,383 | 12,348 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock and additional paid-in capital, 400.0 shares authorized at March 31, 2017 and December 31, 2016, $0.01 par value, 249.5 and 248.3 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 10,656 | 10,602 |
Accumulated deficit | (325) | (399) |
Treasury stock, at cost, 29.8 and 12.9 shares at March 31, 2017 and December 31, 2016, respectively | (2,316) | (1,000) |
Accumulated other comprehensive loss | (444) | (570) |
Equity attributable to Quintiles IMS Holdings, Inc.’s stockholders | 7,571 | 8,633 |
Non-controlling interests | 229 | 227 |
Total stockholders’ equity | 7,800 | 8,860 |
Total liabilities and stockholders’ equity | $ 21,183 | $ 21,208 |
CONDENSED CONSOLIDATED BALANCE6
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 249,500,000 | 248,300,000 |
Common stock, shares outstanding | 249,500,000 | 248,300,000 |
Treasury stock, shares | 29,800,000 | 12,900,000 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities: | ||
Net income | $ 76 | $ 109 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 232 | 32 |
Amortization of debt issuance costs and discount | 2 | 2 |
Amortization of accumulated other comprehensive loss on terminated interest rate swaps | 3 | 3 |
Stock-based compensation | 26 | 9 |
Loss from unconsolidated affiliates | 11 | 2 |
(Benefit from) provision for deferred income taxes | (64) | 5 |
Excess income tax benefits from stock-based award activities | (3) | |
Changes in operating assets and liabilities: | ||
Change in accounts receivable, unbilled services and unearned income | (43) | 23 |
Change in other operating assets and liabilities | (187) | (70) |
Net cash provided by operating activities | 56 | 112 |
Investing activities: | ||
Acquisition of property, equipment and software | (78) | (26) |
Acquisition of businesses, net of cash acquired | (150) | |
Purchase of trading securities | (1) | (37) |
Proceeds from corporate owned life insurance policies | 21 | |
Investments in unconsolidated affiliates, net of payments received | (1) | (2) |
Other | (10) | 1 |
Net cash used in investing activities | (240) | (43) |
Financing activities: | ||
Proceeds from issuance of debt | 3,998 | |
Payment of debt issuance costs | (18) | |
Repayment of debt and principal payments on capital lease obligations | (2,491) | (12) |
Proceeds from revolving credit facility | 490 | |
Repayment of revolving credit facility | (865) | |
Stock issued under employee stock purchase and option plans | 29 | 5 |
Repurchase of common stock | (1,316) | |
Distributions to non-controlling interest | (3) | |
Excess income tax benefits from stock-based award activities | 2 | |
Net cash used in financing activities | (176) | (5) |
Effect of foreign currency exchange rate changes on cash | 24 | 12 |
(Decrease) increase in cash and cash equivalents | (336) | 76 |
Cash and cash equivalents at beginning of period | 1,198 | 977 |
Cash and cash equivalents at end of period | $ 862 | $ 1,053 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies The Company Conducting business in more than 100 countries with over 50,000 employees, Quintiles IMS Holdings, Inc. (together with its subsidiaries (the “Company” or “QuintilesIMS”) is a leading worldwide integrated information and technology-enabled healthcare service provider worldwide, dedicated to helping its clients improve their clinical, scientific and commercial results. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016. The balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements of the Company but does not include all the disclosures required by GAAP. Reclassifications Certain prior period amounts have been reclassified to conform to the current presentation, including the reclassification of depreciation and amortization from costs of revenue and selling, general and administrative expenses to a separate caption on the accompanying condensed consolidated statements of income. These changes had no effect on previously reported total revenues, net income, comprehensive income, stockholders’ equity or cash flows. Income Taxes Income tax expense includes United States federal, state and international income taxes. Certain items of income and expense are not reported in income tax returns and financial statements in the same year. The income tax effects of these differences are reported as deferred income taxes. Valuation allowances are provided to reduce the related deferred income tax assets to an amount which will, more likely than not, be realized. In addition, the Company does not consider the historical undistributed foreign earnings of most of its foreign subsidiaries to be indefinitely reinvested. The Company does consider the majority of its current year undistributed foreign earnings to be indefinitely reinvested. To the extent undistributed foreign earnings are not indefinitely reinvested, the Company records deferred income taxes on these earnings. Interest and penalties related to unrecognized income tax benefits are recognized as a component of income tax expense. Recently Issued Accounting Standards Accounting pronouncement adopted In March 2016, the United States Financial Accounting Standards Board (“FASB”) issued new accounting guidance which simplifies several aspects of the accounting for employee stock-based compensation transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, and the classification of excess income tax benefits on the statement of cash flows. The Company adopted this new accounting guidance prospectively on January 1, 2017. Under the new accounting guidance, excess income tax benefits related to stock-based awards are reflected as a reduction of income tax expense on the statements of income and as cash provided from operating activities on the statements of cash flows. In the prior periods, these tax benefits were reflected directly in additional paid in capital and as cash provided from financing activities. The adoption of this new accounting guidance did not impact the Company’s recognition of its stock-based compensation expense or its presentation of cash flows related to employee taxes paid for withheld shares. Accounting pronouncements being evaluated In March 2017, the FASB issued new accounting guidance which requires the service cost component of net periodic benefit cost be presented in the same income statement line item as other employee compensation costs, and requires that the other components of net periodic benefit expense be recognized in the non-operating section of the income statement. In addition, only the service cost component of net periodic benefit expense is eligible for capitalization when applicable. The new accounting guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In January 2017, the FASB issued new accounting guidance that changes the definition of a business to clarify when a set of assets does not constitute a business. Under the new definition, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of assets is generally not a business. The new accounting guidance will be effective for the Company on January 1, 2018. The adoption of this new accounting guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued new accounting guidance which eliminates the diversity in practice related to the cash flow classification of certain cash receipts and payments including debt prepayment or extinguishment payments, payments upon maturity of a zero coupon bond, payment of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions received from certain equity method investees, and cash flows related to beneficial interests obtained in a financial asset securitization. The new guidance designates the appropriate cash flow statement classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. This new accounting guidance will be effective for the Company on January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In February 2016, the FASB issued new accounting guidance which requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. The income statement will reflect lease expense for operating leases, and amortization and interest expense for financing leases. The new accounting guidance will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In January 2016, the FASB issued new accounting guidance which modifies how entities measure equity investments and present changes in the fair value of financial liabilities. The new accounting guidance will be effective for annual reporting periods beginning after December 15, 2017. Early adoption of the presentation guidance is permitted; however, early adoption of the recognition and measurement guidance is not permitted. The adoption of this new accounting guidance is not expected to have a material effect on the Company’s consolidated financial statements. In May 2014, the FASB and the International Accounting Standards Board issued a converged standard on the recognition of revenue from contracts with clients. The objective of the new standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under the new standard, companies will recognize revenue to depict the transfer of goods or services to clients in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The Company has concluded that the majority of the clinical trial arrangements in its Research & Development Solutions segment will represent a single performance obligation. The Company expects to account for revenue for this single performance obligation over time using project cost as an input method to measure progress. Our arrangements in the Commercial Solutions and Integrated Engagement Services segments are generally multiple element arrangements under which current rules require the deferral of revenue when payment on a delivered unit of accounting is contingent on performing on a future unit of accounting. We currently anticipate that under the new standard these arrangements will consist of multiple performance obligations and that such deferral of revenue will in some cases be lower (or zero) when management determines that it is probable that performance on the future performance obligation will occur. The new standard will require expanded disclosures on revenue recognition, including information about changes in assets and liabilities that result from contracts with clients. The new standard allows for either a retrospective or prospective approach to transition upon adoption. The new standard will be effective for annual reporting periods beginning after December 15, 2017. The Company will adopt the new standard on January 1, 2018. The Company is still evaluating the impact of this new standard as well as the transition approach that will be used upon adoption |
Employee Stock Compensation
Employee Stock Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Compensation | 2. Employee Stock Compensation Stock Incentive Plans The Company granted the following number of stock-based awards: Three Months Ended March 31, 2017 2016 Stock options — 744,300 Stock appreciation rights - stock settled 1,864,191 — Stock appreciation rights - cash settled 15,227 25,200 Restricted stock awards 254,582 — Restricted stock units - stock settled — 289,771 Restricted stock units - cash settled 3,715 — Performance awards 76,374 — Performance units 417,259 119,839 The Company had the following number of stock-based awards outstanding: March 31, 2017 December 31, 2016 Stock options 6,442,613 7,251,339 Stock appreciation rights - stock settled 3,121,181 1,313,322 Stock appreciation rights - cash settled 453,353 479,176 Restricted stock awards 621,635 367,053 Restricted stock units - stock settled 1,572,633 1,720,817 Restricted stock units - cash settled 3,715 — Performance awards 76,374 — Performance units 414,978 — The Company used the following assumptions when estimating the value of the stock-based compensation for stock options and stock appreciation rights issued as follows: Three Months Ended March 31, 2017 2016 Expected volatility 23 – 25% 26 – 30% Weighted average expected volatility 24% 28% Expected dividends 0.0% 0.0% Expected term (in years) 3.9 – 6.9 3.6 – 6.6 Risk-free interest rate 1.68 – 2.21% 0.97 – 1.57% The Company’s employee stock purchase plan was discontinued effective December 31, 2016. The Company recognized stock-based compensation expense of $26 million and $9 million during the three months ended March 31, 2017 and 2016, respectively. |
Concentration of Credit Risk
Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2017 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | 3. Concentration of Credit Risk No client accounted for 10% or more of consolidated revenues for the three months ended March 31, 2017 or 2016. |
Accounts Receivable and Unbille
Accounts Receivable and Unbilled Services | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable and Unbilled Services | 4. Accounts Receivable and Unbilled Services Accounts receivable and unbilled services consist of the following: (in millions) March 31, 2017 December 31, 2016 Trade: Billed $ 1,027 $ 998 Unbilled services 765 723 1,792 1,721 Allowance for doubtful accounts (13 ) (14 ) $ 1,779 $ 1,707 |
Investments-Debt, Equity and Ot
Investments-Debt, Equity and Other Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investments-Debt, Equity and Other Securities | 5. Investments – Debt, Equity and Other Securities The Company’s short-term investments in debt, equity and other securities consist primarily of trading investments in mutual funds and are measured at fair value with realized and unrealized gains and losses recorded in other expense (income), net on the accompanying condensed consolidated statements of income. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Variable Interest Entities | 6. Variable Interest Entities As of March 31, 2017, the Company’s investments in unconsolidated variable interest entities (“VIEs”) and its estimated maximum exposure to loss were as follows: (in millions) Investments in Unconsolidated VIEs Maximum Exposure to Loss NovaQuest Pharma Opportunities Fund III, L.P. $ 33 $ 41 NovaQuest Pharma Opportunities Fund IV, L.P. 5 16 $ 38 $ 57 The Company’s maximum exposure to loss on Fund III and Fund IV (collectively, the “Funds”) is limited to its investments and remaining funding commitments. The Company has determined that the Funds are VIEs but that the Company is not the primary beneficiary as it does not have a controlling financial interest in either of the Funds. However, because the Company has determined that it has the ability to exercise significant influence, it accounts for its investments in the Funds under the equity method of accounting and records its pro rata share of the Funds’ earnings and losses in equity in (losses) earnings of unconsolidated affiliates on the accompanying condensed consolidated statements of income. The investment assets of unconsolidated VIEs are included in investments in and advances to unconsolidated affiliates |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | 7. Goodwill and Identifiable Intangible Assets The following is a summary of goodwill by segment for the three months ended March 31, 2017: Research & Integrated Commercial Development Engagement (in millions) Solutions Solutions Services Consolidated Balance as of December 31, 2016 $ 9,415 $ 1,196 $ 116 $ 10,727 Business combinations 92 — — 92 Impact of foreign currency fluctuations and other 91 4 1 96 Balance as of March 31, 2017 $ 9,598 $ 1,200 $ 117 $ 10,915 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 8. Derivatives Foreign Exchange Risk Management As of March 31, 2017, the Company held foreign currency forward contracts to minimize the impact of foreign exchange movements on non-functional currency assets and liabilities (“Balance Sheet Hedging”) to (i) hedge certain forecasted foreign exchange cash flows arising from service contracts (“Service Contract Hedging”) and (ii) hedge non-United States Dollar anticipated intercompany royalties (“Royalty Hedging”). It is the Company’s policy to enter into foreign currency transactions only to the extent necessary to reduce earnings and cash flow volatility associated with foreign exchange rate movements. The Company does not enter into foreign currency transactions for investment or speculative purposes. Balance Sheet Hedging contracts (notional value of $171 million at March 31, 2017) entered into for balance sheet risk management purposes are not designated as hedges and are carried at fair value with changes in the fair value recorded to other expense (income), net in the accompanying condensed consolidated statements of income. These contracts do not subject the Company to material balance sheet risk because gains and losses on these derivatives are intended to offset gains and losses on the assets and liabilities being hedged. As of March 31, 2017, the Company had 61 open Service Contract Hedging and Royalty Hedging contracts to hedge certain forecasted foreign currency cash flow transactions occurring in 2017 and 2018 with notional amounts totaling $308 million. For accounting purposes these hedges are deemed to be highly effective. As of March 31, 2017 and December 31, 2016, the Company had recorded gross unrealized gains (losses) of $7 million and ($3) million and $11 million and ($9) million, respectively, related to these contracts. Upon expiration of the hedge instruments in 2017 and 2018, the Company will reclassify the unrealized holding gains and losses on the derivative instruments included in AOCI into earnings. The unrealized gains (losses) are included in other current assets and liabilities on the accompanying condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016. Interest Rate Risk Management The Company purchases interest rate caps and has entered into interest rate swap agreements for purposes of managing its exposure to interest rate fluctuations. On June 9, 2011, the Company entered into six interest rate swaps which expired between September 30, 2013 and March 31, 2016, in an effort to limit its exposure to changes in the variable interest rate on its senior secured credit facilities. During May 2015, the Company terminated the remaining open interest rate swaps for a cash payment to the counterparty of $12 million, which included $1 million of accrued interest. Since the hedged forecasted cash transactions continued to be probable of occurring, the accumulated loss ($3 million at December 31, 2015) related to the terminated interest rate swaps in AOCI was reclassified to earnings as a component of interest expense in the same periods as the hedged forecasted transactions occurred over the first three months of 2016. The Company, through its merger with IMS Health, has United States Dollar denominated interest rate caps (the “2014 Caps”) with a total notional value of $700 million at strike prices ranging between 2% and 3% in an effort to limit its exposure to changes in the variable interest rate on its senior secured credit facilities. The 2014 Caps commenced at various times between April 2014 and April 2016 and expire at various times between April 2017 and April 2019. The Company, through its merger with IMS Health, has United States Dollar and Euro denominated interest rate swap agreements (the “2014 USD Swaps” and “2014 EUR Swap”) to limit its exposure to changes in the variable interest rate on its senior secured credit facilities. The 2014 USD Swaps and 2014 EUR Swap began accruing interest between April and June 2014 and expire at various times from March 2017 through March 2021. On these agreements, the Company pays a fixed rate ranging from 1.4% to 2.1% and receives a variable rate of interest equal to the greater of three-month United States Dollar London Interbank Offered Rate (“LIBOR”) or three-month Euro Interbank Offered Rate (“EURIBOR”), and 1%. On June 3, 2015, the Company entered into seven forward starting interest rate swaps (the “2015 Swaps”) in an effort to limit its exposure to changes in the variable interest rate on its senior secured credit facilities. Interest on the swaps began accruing on June 30, 2016, and the interest rate swaps expire at various times from March 2017 through March 2020. The Company pays a fixed rate ranging from 1.3% to 2.1% and receives a variable rate of interest equal to the three-month LIBOR on these agreements. The critical terms of the 2014 USD Swaps and 2015 Swaps are substantially the same as the underlying borrowings. These interest rate swaps are being accounted for as cash flow hedges as these transactions were executed to hedge the Company’s interest payments and for accounting purposes these hedges are deemed to be highly effective. As such, the effective portion of the hedges is recorded as unrealized gains (losses) on derivatives included in AOCI and the ineffective portion of the hedges is recognized in earnings. The 2014 EUR Swap (notional value $310 million) ceased to be a highly effective hedge when the underlying debt was refinanced on March 7, 2017. As such, the Company discontinued hedge accounting on that date and prospective changes in the fair value of the 2014 EUR Swap are recognized in earnings. The fair value of these interest rate swaps represents the present value of the anticipated net payments the Company will make to the counterparty, which, when they occur, are reflected as interest expense on the consolidated statements of income. These interest rate swaps will result in a total debt mix of approximately 62% fixed rate debt and 38% variable rate debt, before the additional protection arising from the interest rate caps. Net Investment Risk Management Subsequent to the merger with IMS Health, the Company has designated its foreign currency denominated debt as a hedge of its net investment in certain foreign subsidiaries to reduce the volatility in stockholders’ equity caused by changes in the Euro exchange rate with respect to the United States Dollar. As of March 31, 2017, these borrowings (net of original issue discount) were €3,915 million ($4,182 million). The effective portion of foreign exchange gains or losses on the remeasurement of the debt is recognized in the cumulative translation adjustment component of AOCI with the related offset in long-term debt. Those amounts will be reclassified from AOCI to earnings upon the sale or substantial liquidation of these net investments. The amount of foreign exchange losses related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the three months ended March 31, 2017 was $48 million. The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table: March 31, 2017 December 31, 2016 (in millions) Balance Sheet Classification Assets Liabilities Notional Assets Liabilities Notional Derivatives designated as hedging instruments: Foreign exchange forward contracts Other current assets and liabilities $ 7 $ 3 $ 308 $ 11 $ 9 $ 300 Interest rate swaps Other liabilities — 5 520 — 15 945 Interest rate caps Deposits and other assets 1 — 700 1 — 1,000 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Other current liabilities 1 — 171 — 1 189 Interest rate swaps Other liabilities — 7 310 — — — Total derivatives $ 9 $ 15 $ 12 $ 25 The effect of the Company’s cash flow hedging instruments on other comprehensive (loss) income is summarized in the following table: Three Months Ended March 31, (in millions) 2017 2016 Foreign exchange forward contracts $ (1 ) $ 1 Interest rate swaps 3 6 Total $ 2 $ 7 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. Fair Value Measurements The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values at March 31, 2017 and December 31, 2016 due to their short-term nature. At March 31, 2017 and December 31, 2016, the fair value of total debt approximated $8,395 million and $7,298 million, respectively, as determined under Level 2 measurements based on quoted prices for these financial instruments. Recurring Fair Value Measurements The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of March 31, 2017: (in millions) Level 1 Level 2 Level 3 Total Assets: Trading securities $ 43 $ — $ — $ 43 Derivatives — 9 — 9 Total $ 43 $ 9 $ — $ 52 Liabilities: Derivatives $ — $ 15 $ — $ 15 Contingent consideration — — 18 18 Total $ — $ 15 $ 18 $ 33 Below is a summary of the valuation techniques used in determining fair value: Marketable securities — The Company values trading and available-for-sale securities using the quoted market value of the securities held. Derivatives — Derivatives consist of foreign exchange contracts and interest rate caps and swaps. The fair value of foreign exchange contracts is based on observable market inputs of spot and forward rates or using other observable inputs. The fair value of the interest rate caps and swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. Contingent consideration — The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Key assumptions used to estimate the fair value of contingent consideration include revenue, net new business and operating forecasts and the probability of achieving the specific targets. The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the three months ended March 31: Contingent Consideration – Accounts Payable and Accrued Expenses (in millions) 2017 2016 Balance as of January 1 $ 18 $ 4 Business combinations — — Contingent consideration paid — — Revaluations included in earnings and foreign currency translation adjustments — — Balance as of March 31 $ 18 $ 4 Revaluations of the contingent consideration are recognized in other expense (income), net on the accompanying condensed consolidated statements of income. Non-recurring Fair Value Measurements Certain assets are carried on the accompanying condensed consolidated balance sheets at cost and are not remeasured to fair value on a recurring basis. These assets include cost and equity method investments that are written down to fair value for declines which are deemed to be other-than-temporary, and goodwill and identifiable intangible assets which are tested for impairment annually and when a triggering event occurs. As of March 31, 2017, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled approximately $17,385 million and were identified as Level 3. These assets are comprised of cost and equity method investments of $72 million, goodwill of $10,915 million and other identifiable intangibles, net of $6,398 million. |
Credit Arrangements
Credit Arrangements | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Credit Arrangements | 10. Credit Arrangements The following is a summary of the Company’s revolving credit facilities at March 31, 2017: Facility Interest Rates $1,000 million (revolving credit facility) LIBOR in the relevant currency borrowed plus a margin (margin of 2.00% at March 31, 2017) $25 million (receivables financing facility) United States LIBOR plus a margin of 0.85% at March 31, 2017 depending upon the Company’s debt rating £10 million (approximately $12 million) general banking facility with a European headquartered bank Bank’s base rate (0.25% at March 31, 2017) plus 1% The following table summarizes the Company’s debt at the dates indicated: (in millions) March 31, 2017 December 31, 2016 Senior Secured Credit Facilities: Senior Secured Term A Loan due 2021—U.S. Dollar LIBOR at average floating rates of 3.15% $ 878 $ 888 Senior Secured Term A Loan due 2021—Euro LIBOR at average floating rates of 2.00% 420 419 Senior Secured Term B Loan due 2024—U.S. Dollar LIBOR at average floating rates of 3.05% 1,197 — Senior Secured Term B Loan due 2024—Euro LIBOR at average floating rates of 2.75% 1,279 — Senior Secured Term B Loan due 2021—U.S. Dollar LIBOR at average floating rates of 3.50% — 1,700 Senior Secured Term B Loan due 2021—Euro LIBOR at average floating rates of 3.75% — 765 Revolving Credit Facility due 2021: U.S. Dollar denominated borrowings — — 375 5.0% Senior Notes due 2026 — 1,050 1,050 3.25% Senior Notes due 2025 — 1,522 — 3.5% Senior Notes due 2024 — 668 658 4.125% Senior Notes due 2023 — 294 289 4.875% Senior Notes due 2023—U.S. Dollar denominated 800 800 Receivables financing facility due 2018—U.S. Dollar LIBOR at average floating rate of 1.83% 275 275 Principal amount of debt 8,383 7,219 Less: unamortized discount (31 ) (12 ) Less: unamortized debt issuance costs (7 ) (7 ) Less: current portion (91 ) (92 ) Long-term debt $ 8,254 $ 7,108 Contractual maturities of long-term debt are as follows at March 31, 2017: (in millions) Remainder of 2017 $ 69 2018 366 2019 91 2020 91 2021 1,073 Thereafter 6,693 $ 8,383 At March 31, 2017, there were bank guarantees totaling approximately £5 million (approximately $6 million) issued against the availability of the general banking facility. During the first quarter of 2017, the Company borrowed and repaid $490 million and $865 million, respectively, under its revolving credit facilities. Senior Secured Facilities At March 31, 2017, the Company’s senior credit facility provided financing of up to approximately $4,774 million, which consisted of $3,774 principal amount of debt outstanding (as detailed in the table above) and a $1,000 million revolving credit facility that expires in 2021. On March 7, 2017, the Company refinanced all of its term B loans due 2021—U.S. dollar denominated (approximately $1,700 million) and its term B loans due 2021—Euro denominated (approximately $765 million) with an extended and repriced term B loan facility due in 2024 for an aggregate principal amount of approximately $2,465 million comprised of $1,200 million U.S. dollar denominated term B loans and €1,200 million ($1,279 million) Euro denominated term B loans. The U.S. dollar denominated term B loans will bear interest based on the U.S. Dollar LIBOR with a floor of 0.75%, plus a margin of 2.00% for an all-in interest rate of 3.05% as of March 31, 2017. The Euro denominated term B loans will bear interest based on the Euro LIBOR with a floor of 0.75%, plus a margin of 2.00% for an all-in interest rate of 2.75% as of March 31, 2017. In connection with this refinancing, the Company recognized a $3 million loss on extinguishment of debt, which included fees and related expenses. Senior Notes On February 28, 2017, the Company issued €1,425 million ($1,522 million) aggregate principal amount of 3.25% senior notes due 2025 (the “2017 Notes”). The 2017 Notes, which are unsecured obligations of the Company, will mature on March 15, 2025 and will bear interest at the rate of 3.25% per year. Interest on the 2017 Notes is payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2017. The 2017 Notes may be redeemed prior to their final stated maturity, subject to a customary make-whole premium at any time prior to March 15, 2020 (subject to a certain customary “equity claw” redemption right) and thereafter subject to annually declining redemption premiums at any time prior to March 15, 2022. During March 2017, the proceeds of the 2017 Notes were used to pay fees and expenses related to the notes offering and the refinancing referenced above for other general corporate purposes, including the repurchase of common stock from the Company’s stockholders. Restrictive Covenants The Company’s debt agreements provide for certain covenants and events of default customary for similar instruments, including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to Consolidated EBITDA, as defined in the Credit Agreement and a covenant to maintain a specified minimum interest coverage ratio. If an event of default occurs under any of the Company’s or the Company’s subsidiaries’ financing arrangements, the creditors under such financing arrangements will be entitled to take various actions, including the acceleration of amounts due under such arrangements, and in the case of the lenders under the revolving credit facility and term loans, other actions permitted to be taken by a secured creditor. Our long-term debt arrangements contain usual and customary restrictive covenants that, among other things, place limitations on our ability to declare dividends. At March 31, 2017, the Company was in compliance with the financial covenants under its financing arrangements. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 11. Stockholders’ Equity Preferred Stock The Company is authorized to issue 1.0 million shares of preferred stock, $0.01 per share par value. No shares of preferred stock were issued and outstanding as of March 31, 2017 or December 31, 2016. Equity Repurchase Program On February 14, 2017, the Board increased the stock repurchase authorization under a previously approved equity repurchase program (the “Repurchase Program”) by $1 billion, which increased the total amount that has been authorized under the Repurchase Program to $3.225 billion since the plan’s inception in October 2013. The Repurchase Program does not obligate the Company to repurchase any particular amount of common stock or vested in-the-money employee stock options, and it could be modified, extended, suspended or discontinued at any time. During the three months ended March 31, 2017, the Company repurchased 16,827,826 shares of its common stock under the Repurchase Program at an average market price per share of $78.21 for an aggregate purchase price of approximately $1.3 billion. Those repurchases include amounts repurchased pursuant to a share repurchase agreement dated February 23, 2017 with certain of the Company’s principal shareholders under the Repurchase Program. Pursuant to that agreement, the Company purchased an aggregate of 9,677,420 shares of the Company’s common stock in a private transaction for an aggregate purchase price of approximately $750 million. The transaction was consummated on February 28, 2017. From the plan’s inception in October 2013 through March 31, 2017, the Company has repurchased a total of $2,994 million of its securities under the Repurchase Program, consisting of $59 million of stock options and $2,935 million of common stock. As of March 31, 2017, the Company has remaining authorization to repurchase up to $231 million of its common stock under the Repurchase Program. In addition, from time to time, the Company has repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program. Non-controlling Interests In July 2015, the Company contributed businesses to a joint venture with Quest Diagnostics Incorporated (“Quest”) that was recorded at book value (carryover basis) because the Company owns 60% of the joint venture and maintains control of these businesses. As a result, Quest’s non-controlling interest in the joint venture, referred to as Q 2 |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | 12. Business Combinations IMS Health On October 3, 2016, Quintiles Transnational Holdings Inc. (“Quintiles”) completed the merger of equals transaction with IMS Health Holdings, Inc. (“IMS Health”) (the “Merger”). Pursuant to the terms of the merger agreement dated as of May 3, 2016 between Quintiles and IMS Health, IMS Health was merged with and into Quintiles, and the separate corporate existence of IMS Health ceased, with Quintiles continuing as the surviving corporation. The Merger was accounted for as a business combination with Quintiles considered the accounting and the legal acquirer. Immediately prior to the completion of the Merger, Quintiles reincorporated as a Delaware corporation. The surviving corporation changed its name to Quintiles IMS Holdings, Inc. At the effective time of the Merger, IMS Health common stock was automatically converted into 0.3840 of a share of the Company’s common stock. The merger consideration was approximately $10.4 billion (based on the closing price of the Company’s common stock on October 3, 2016), and consisted of the fair value of the Company’s common stock issued (approximately 126.6 million shares) in exchange for the IMS Health common stock as well as the fair value of the vested portion of the converted IMS Health equity awards. In connection with the IMS Health acquisition, the Company recorded goodwill, primarily attributable to the assembled workforce of IMS Health and the expected synergies, which was assigned to the Commercial Solutions segment ($9,688 million), the Research & Development Solutions segment ($533 million) and the Integrated Engagement Services segment ($67 million). The goodwill is not deductible for income tax purposes. The Company’s assessment of fair value and the purchase price allocation are preliminary and subject to change upon completion. Further adjustments may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period (up to one year from the acquisition date). Unaudited Pro Forma Information The following unaudited pro forma information presents the financial results as if the acquisition of IMS Health had occurred on January 1, 2015, with pro forma adjustments to give effect to (i) an increase in depreciation and amortization expense for fair value adjustments of property, plant and equipment and intangible assets, (ii) an increase in stock-based compensation expense resulting from the exchange of the vested IMS Health equity awards for the Company’s equity awards, and (iii) the related income tax effects. The pro forma results do not include any anticipated cost synergies, costs or other effects of the planned integration of IMS Health. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred for the periods presented below had the IMS Health acquisition been completed on January 1, 2015, nor are they indicative of the future operating results of the Company. The following table summarizes the pro forma results: (in millions, except earnings per share) Three Months Ended March 31, 2016 Revenues $ 1,881 Reimbursed expenses 382 Total revenues $ 2,263 Net income attributable to Quintiles IMS Holdings, Inc. $ 72 Earnings per share attributable to common stockholders: Basic $ 0.29 Diluted $ 0.29 Pro forma information is not presented for any other acquisitions as the aggregate operations of the acquired businesses were not significant to the overall operations of the Company. The Company’s condensed consolidated statements of income for the three months ended March 31, 2017 included $788 million of revenues related to the IMS Health acquisition. Following the closing of the IMS Health acquisition, the Company began integrating IMS Health’s operations. As a result, computing a separate measure of IMS Health’s stand-alone profitability for periods after the acquisition date is impracticable. Other Acquisitions The Company also completed three immaterial acquisitions in the Commercial Solutions segment during the three months ended March 31, 2017. The purchase price allocations for some of these acquisitions will be finalized after the completion of the valuation of certain intangible assets and any adjustments to the preliminary purchase price allocations are not expected to have a material impact on the Company’s results of operations or financial position. The condensed consolidated financial statements include the results of the acquisitions subsequent to their respective closing dates. The following table provides certain financial information for these acquisitions, including the preliminary allocation of the purchase price to certain tangible and intangible assets acquired and goodwill: Amortization (in millions) Period 2017 Total cost of acquisition, net of cash acquired $ 150 Acquisition-related costs — Amounts recorded in the Condensed Consolidated Balance Sheets: Goodwill 92 Portion of goodwill deductible for income tax purposes 5 Intangible assets: Client relationships 10-15 years 54 Non-compete agreements 5 years 2 Software 2 years 6 Trade names 9-17 years 3 Total intangible assets $ 65 |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 13. Restructuring The Company has taken restructuring actions in 2017, 2016 and 2015 to align its resources and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These actions include closing facilities, consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements. In 2016, the Company also assumed certain restructuring liabilities as a result of the Merger. Restructuring expense in the first quarter of 2017 consisted of severance and related costs of $18 million (comprised of approximately $10 million related to acquisition integration and $8 million related to cost reduction actions to adapt to changing market conditions) and $1 million of facility exit related costs. Actions taken in 2017 as well as those taken in 2016 (including those in connection with the Merger to reduce facility overcapacity and eliminate redundant roles) and 2015 are expected to continue into 2018. The following amounts were recorded for the restructuring plans: (in millions) Severance and Related Costs Exit Costs Total Balance at December 31, 2016 $ 99 $ 3 $ 102 Expense, net of reversals 18 1 19 Payments (18 ) (3 ) (21 ) Foreign currency translation and other (3 ) — (3 ) Balance at March 31, 2017 $ 96 $ 1 $ 97 The reversals were due to changes in estimates primarily resulting from the redeployment of staff and higher than expected voluntary terminations. Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. The Company expects the majority of the restructuring accruals at March 31, 2017 will be paid in 2017 and 2018. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The effective income tax rate was 13.5% and 28.6% in the first quarter of 2017 and 2016, respectively. The effective tax rate in the 2017 quarter was favorably impacted by a tax benefit of $64 million related to purchase accounting amortization due to the Merger of approximately $182 million. The Company does not consider the historical undistributed foreign earnings of most of its foreign subsidiaries to be indefinitely reinvested. The Company does consider the majority of its current year undistributed foreign earnings to be indefinitely reinvested. To the extent undistributed foreign earnings are not indefinitely reinvested, the Company has recorded deferred income taxes on these earnings. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 15. Employee Benefit Plans Pension and Postretirement Benefit Plans The following table summarizes the components of net periodic benefit cost for the Company’s pension benefits: Pension Benefits Three Months Ended March 31, (in millions) 2017 2016 Service cost $ 9 $ 4 Interest cost 5 1 Expected return on plan assets (9 ) (1 ) $ 5 $ 4 The above tables do not include the Company’s expense associated with providing certain executives with supplemental pension benefits as well as postretirement medical, dental and life insurance benefits in accordance with their individual employment arrangements. The Company’s net periodic expense related to these benefits for the three months ended March 31, 2017 was de minimis. |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Comprehensive Income | 16. Comprehensive Income Below is a summary of the components of AOCI: (in millions) Foreign Currency Translation Marketable Securities Derivative Instruments Defined Benefit Plans Income Taxes Total Balance at December 31, 2016 $ (623 ) $ — $ 10 $ 21 $ 22 $ (570 ) Other comprehensive income before reclassifications 123 — — — 1 124 Reclassification adjustments — — 2 — — 2 Balance at March 31, 2017 $ (500 ) $ — $ 12 $ 21 $ 23 $ (444 ) Below is a summary of the adjustments for (gains) losses reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item: Affected Financial Statement Three Months Ended March 31, (in millions) Line Item 2017 2016 Derivative instruments: Interest rate swaps Interest expense $ — $ 3 Foreign exchange forward contracts Revenues 5 3 Foreign exchange forward contracts Other expense (income), net (3 ) — Total before income taxes 2 6 Income tax benefit — 2 Total net of income taxes $ 2 $ 4 |
Segments
Segments | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments | 17. Segments The following table presents the Company’s operations by reportable segment. The Company is managed through three reportable segments, Commercial Solutions, Research & Development Solutions and Integrated Engagement Services. Commercial Solutions provides mission critical information, technology solutions and real-world insights and services to the Company’s life science clients. Research & Development Solutions, which primarily serves biopharmaceutical clients, provides outsourced clinical research and clinical trial related services. Integrated Engagement Services provides health care provider (including contract sales) and patient engagement services to both biopharmaceutical clients and the broader healthcare market. Certain costs are not allocated to the Company’s segments and are reported as general corporate and unallocated expenses. These costs primarily consist of stock-based compensation and expenses for corporate overhead functions such as senior leadership, finance, human resources, information technology, facilities and legal. The Company does not allocate depreciation and amortization or restructuring costs to its segments. Revenues and costs for reimbursed expenses are not allocated to the Company’s segments. Asset information by segment is not presented, as this measure is not used by the chief operating decision maker to assess the Company’s performance. The Company’s reportable segment information is presented below: Three Months Ended March 31, (in millions) 2017 2016 Revenues Commercial Solutions $ 847 $ 75 Research & Development Solutions 866 835 Integrated Engagement Services 198 198 Total revenues 1,911 1,108 Costs of revenue Commercial Solutions 453 57 Research & Development Solutions 499 474 Integrated Engagement Services 160 163 Total costs of revenue 1,112 694 Selling, general and administrative expenses Commercial Solutions 173 15 Research & Development Solutions 136 142 Integrated Engagement Services 19 20 General corporate and unallocated 52 23 Total selling, general and administrative expenses 380 200 Segment profit Commercial Solutions 221 3 Research & Development Solutions 231 219 Integrated Engagement Services 19 15 Total segment profit 471 237 General corporate and unallocated (52 ) (23 ) Depreciation and amortization (232 ) (32 ) Restructuring costs (19 ) (3 ) Total income from operations $ 168 $ 179 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 18. Earnings Per Share The following table presents the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions or the effect of including such stock-based awards in the computation would be anti-dilutive: Three Months Ended March 31, (in millions) 2017 2016 Shares subject to performance conditions 0.3 — Shares subject to anti-dilutive stock-based awards 1.3 1.4 Total shares excluded from diluted earnings per share 1.6 1.4 The vesting of performance units is contingent upon the achievement of certain performance targets. The performance units are not included in diluted earnings per share until the performance targets have been met. Stock-based awards will have a dilutive effect under the treasury method when the respective period’s average market value of the Company’s common stock exceeds the exercise proceeds. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016. The balance sheet at December 31, 2016 has been derived from the audited consolidated financial statements of the Company but does not include all the disclosures required by GAAP. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current presentation, including the reclassification of depreciation and amortization from costs of revenue and selling, general and administrative expenses to a separate caption on the accompanying condensed consolidated statements of income. These changes had no effect on previously reported total revenues, net income, comprehensive income, stockholders’ equity or cash flows. |
Income Taxes | Income Taxes Income tax expense includes United States federal, state and international income taxes. Certain items of income and expense are not reported in income tax returns and financial statements in the same year. The income tax effects of these differences are reported as deferred income taxes. Valuation allowances are provided to reduce the related deferred income tax assets to an amount which will, more likely than not, be realized. In addition, the Company does not consider the historical undistributed foreign earnings of most of its foreign subsidiaries to be indefinitely reinvested. The Company does consider the majority of its current year undistributed foreign earnings to be indefinitely reinvested. To the extent undistributed foreign earnings are not indefinitely reinvested, the Company records deferred income taxes on these earnings. Interest and penalties related to unrecognized income tax benefits are recognized as a component of income tax expense. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Accounting pronouncement adopted In March 2016, the United States Financial Accounting Standards Board (“FASB”) issued new accounting guidance which simplifies several aspects of the accounting for employee stock-based compensation transactions, including the accounting for income taxes, forfeitures, statutory tax withholding requirements, and the classification of excess income tax benefits on the statement of cash flows. The Company adopted this new accounting guidance prospectively on January 1, 2017. Under the new accounting guidance, excess income tax benefits related to stock-based awards are reflected as a reduction of income tax expense on the statements of income and as cash provided from operating activities on the statements of cash flows. In the prior periods, these tax benefits were reflected directly in additional paid in capital and as cash provided from financing activities. The adoption of this new accounting guidance did not impact the Company’s recognition of its stock-based compensation expense or its presentation of cash flows related to employee taxes paid for withheld shares. Accounting pronouncements being evaluated In March 2017, the FASB issued new accounting guidance which requires the service cost component of net periodic benefit cost be presented in the same income statement line item as other employee compensation costs, and requires that the other components of net periodic benefit expense be recognized in the non-operating section of the income statement. In addition, only the service cost component of net periodic benefit expense is eligible for capitalization when applicable. The new accounting guidance will be effective for the Company on January 1, 2018. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In January 2017, the FASB issued new accounting guidance that changes the definition of a business to clarify when a set of assets does not constitute a business. Under the new definition, when substantially all of the fair value of gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set of assets is generally not a business. The new accounting guidance will be effective for the Company on January 1, 2018. The adoption of this new accounting guidance is not expected to have a material impact on the Company’s consolidated financial statements. In August 2016, the FASB issued new accounting guidance which eliminates the diversity in practice related to the cash flow classification of certain cash receipts and payments including debt prepayment or extinguishment payments, payments upon maturity of a zero coupon bond, payment of contingent liabilities arising from a business combination, proceeds from insurance settlements, distributions received from certain equity method investees, and cash flows related to beneficial interests obtained in a financial asset securitization. The new guidance designates the appropriate cash flow statement classification, including requirements to allocate certain components of these cash receipts and payments among operating, investing and financing activities. This new accounting guidance will be effective for the Company on January 1, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In February 2016, the FASB issued new accounting guidance which requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. The income statement will reflect lease expense for operating leases, and amortization and interest expense for financing leases. The new accounting guidance will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In January 2016, the FASB issued new accounting guidance which modifies how entities measure equity investments and present changes in the fair value of financial liabilities. The new accounting guidance will be effective for annual reporting periods beginning after December 15, 2017. Early adoption of the presentation guidance is permitted; however, early adoption of the recognition and measurement guidance is not permitted. The adoption of this new accounting guidance is not expected to have a material effect on the Company’s consolidated financial statements. In May 2014, the FASB and the International Accounting Standards Board issued a converged standard on the recognition of revenue from contracts with clients. The objective of the new standard is to establish a single comprehensive revenue recognition model that is designed to create greater comparability of financial statements across industries and jurisdictions. Under the new standard, companies will recognize revenue to depict the transfer of goods or services to clients in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The Company has concluded that the majority of the clinical trial arrangements in its Research & Development Solutions segment will represent a single performance obligation. The Company expects to account for revenue for this single performance obligation over time using project cost as an input method to measure progress. Our arrangements in the Commercial Solutions and Integrated Engagement Services segments are generally multiple element arrangements under which current rules require the deferral of revenue when payment on a delivered unit of accounting is contingent on performing on a future unit of accounting. We currently anticipate that under the new standard these arrangements will consist of multiple performance obligations and that such deferral of revenue will in some cases be lower (or zero) when management determines that it is probable that performance on the future performance obligation will occur. The new standard will require expanded disclosures on revenue recognition, including information about changes in assets and liabilities that result from contracts with clients. The new standard allows for either a retrospective or prospective approach to transition upon adoption. The new standard will be effective for annual reporting periods beginning after December 15, 2017. The Company will adopt the new standard on January 1, 2018. The Company is still evaluating the impact of this new standard as well as the transition approach that will be used upon adoption |
Employee Stock Compensation (Ta
Employee Stock Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Number of Stock-Based Awards Granted and Outstanding | The Company granted the following number of stock-based awards: Three Months Ended March 31, 2017 2016 Stock options — 744,300 Stock appreciation rights - stock settled 1,864,191 — Stock appreciation rights - cash settled 15,227 25,200 Restricted stock awards 254,582 — Restricted stock units - stock settled — 289,771 Restricted stock units - cash settled 3,715 — Performance awards 76,374 — Performance units 417,259 119,839 The Company had the following number of stock-based awards outstanding: March 31, 2017 December 31, 2016 Stock options 6,442,613 7,251,339 Stock appreciation rights - stock settled 3,121,181 1,313,322 Stock appreciation rights - cash settled 453,353 479,176 Restricted stock awards 621,635 367,053 Restricted stock units - stock settled 1,572,633 1,720,817 Restricted stock units - cash settled 3,715 — Performance awards 76,374 — Performance units 414,978 — |
Assumptions Used to Estimate Value of Stock-Based Compensation for Stock Options and Stock Appreciation Rights Issued | The Company used the following assumptions when estimating the value of the stock-based compensation for stock options and stock appreciation rights issued as follows: Three Months Ended March 31, 2017 2016 Expected volatility 23 – 25% 26 – 30% Weighted average expected volatility 24% 28% Expected dividends 0.0% 0.0% Expected term (in years) 3.9 – 6.9 3.6 – 6.6 Risk-free interest rate 1.68 – 2.21% 0.97 – 1.57% |
Accounts Receivable and Unbil28
Accounts Receivable and Unbilled Services (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Accounts Receivable and Unbilled Services | Accounts receivable and unbilled services consist of the following: (in millions) March 31, 2017 December 31, 2016 Trade: Billed $ 1,027 $ 998 Unbilled services 765 723 1,792 1,721 Allowance for doubtful accounts (13 ) (14 ) $ 1,779 $ 1,707 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Investments in Unconsolidated Variable Interest Entities and Estimated Maximum Exposure to Loss | As of March 31, 2017, the Company’s investments in unconsolidated variable interest entities (“VIEs”) and its estimated maximum exposure to loss were as follows: (in millions) Investments in Unconsolidated VIEs Maximum Exposure to Loss NovaQuest Pharma Opportunities Fund III, L.P. $ 33 $ 41 NovaQuest Pharma Opportunities Fund IV, L.P. 5 16 $ 38 $ 57 |
Goodwill and Identifiable Int30
Goodwill and Identifiable Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill by Segment | The following is a summary of goodwill by segment for the three months ended March 31, 2017: Research & Integrated Commercial Development Engagement (in millions) Solutions Solutions Services Consolidated Balance as of December 31, 2016 $ 9,415 $ 1,196 $ 116 $ 10,727 Business combinations 92 — — 92 Impact of foreign currency fluctuations and other 91 4 1 96 Balance as of March 31, 2017 $ 9,598 $ 1,200 $ 117 $ 10,915 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments Designated as Hedges | The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table: March 31, 2017 December 31, 2016 (in millions) Balance Sheet Classification Assets Liabilities Notional Assets Liabilities Notional Derivatives designated as hedging instruments: Foreign exchange forward contracts Other current assets and liabilities $ 7 $ 3 $ 308 $ 11 $ 9 $ 300 Interest rate swaps Other liabilities — 5 520 — 15 945 Interest rate caps Deposits and other assets 1 — 700 1 — 1,000 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Other current liabilities 1 — 171 — 1 189 Interest rate swaps Other liabilities — 7 310 — — — Total derivatives $ 9 $ 15 $ 12 $ 25 |
Effect of Cash Flow Hedging Instruments on Other Comprehensive Income (Loss) | The effect of the Company’s cash flow hedging instruments on other comprehensive (loss) income is summarized in the following table: Three Months Ended March 31, (in millions) 2017 2016 Foreign exchange forward contracts $ (1 ) $ 1 Interest rate swaps 3 6 Total $ 2 $ 7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured on a recurring basis as of March 31, 2017: (in millions) Level 1 Level 2 Level 3 Total Assets: Trading securities $ 43 $ — $ — $ 43 Derivatives — 9 — 9 Total $ 43 $ 9 $ — $ 52 Liabilities: Derivatives $ — $ 15 $ — $ 15 Contingent consideration — — 18 18 Total $ — $ 15 $ 18 $ 33 |
Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the three months ended March 31: Contingent Consideration – Accounts Payable and Accrued Expenses (in millions) 2017 2016 Balance as of January 1 $ 18 $ 4 Business combinations — — Contingent consideration paid — — Revaluations included in earnings and foreign currency translation adjustments — — Balance as of March 31 $ 18 $ 4 |
Credit Arrangements (Tables)
Credit Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Company's Credit Facilities | The following is a summary of the Company’s revolving credit facilities at March 31, 2017: Facility Interest Rates $1,000 million (revolving credit facility) LIBOR in the relevant currency borrowed plus a margin (margin of 2.00% at March 31, 2017) $25 million (receivables financing facility) United States LIBOR plus a margin of 0.85% at March 31, 2017 depending upon the Company’s debt rating £10 million (approximately $12 million) general banking facility with a European headquartered bank Bank’s base rate (0.25% at March 31, 2017) plus 1% |
Summary of Debt | The following table summarizes the Company’s debt at the dates indicated: (in millions) March 31, 2017 December 31, 2016 Senior Secured Credit Facilities: Senior Secured Term A Loan due 2021—U.S. Dollar LIBOR at average floating rates of 3.15% $ 878 $ 888 Senior Secured Term A Loan due 2021—Euro LIBOR at average floating rates of 2.00% 420 419 Senior Secured Term B Loan due 2024—U.S. Dollar LIBOR at average floating rates of 3.05% 1,197 — Senior Secured Term B Loan due 2024—Euro LIBOR at average floating rates of 2.75% 1,279 — Senior Secured Term B Loan due 2021—U.S. Dollar LIBOR at average floating rates of 3.50% — 1,700 Senior Secured Term B Loan due 2021—Euro LIBOR at average floating rates of 3.75% — 765 Revolving Credit Facility due 2021: U.S. Dollar denominated borrowings — — 375 5.0% Senior Notes due 2026 — 1,050 1,050 3.25% Senior Notes due 2025 — 1,522 — 3.5% Senior Notes due 2024 — 668 658 4.125% Senior Notes due 2023 — 294 289 4.875% Senior Notes due 2023—U.S. Dollar denominated 800 800 Receivables financing facility due 2018—U.S. Dollar LIBOR at average floating rate of 1.83% 275 275 Principal amount of debt 8,383 7,219 Less: unamortized discount (31 ) (12 ) Less: unamortized debt issuance costs (7 ) (7 ) Less: current portion (91 ) (92 ) Long-term debt $ 8,254 $ 7,108 |
Contractual Maturities of Long-term Debt | Contractual maturities of long-term debt are as follows at March 31, 2017: (in millions) Remainder of 2017 $ 69 2018 366 2019 91 2020 91 2021 1,073 Thereafter 6,693 $ 8,383 |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Preliminary Allocation of Purchase to Certain Tangible and Intangible Assets Acquired and Goodwill | The following table provides certain financial information for these acquisitions, including the preliminary allocation of the purchase price to certain tangible and intangible assets acquired and goodwill: Amortization (in millions) Period 2017 Total cost of acquisition, net of cash acquired $ 150 Acquisition-related costs — Amounts recorded in the Condensed Consolidated Balance Sheets: Goodwill 92 Portion of goodwill deductible for income tax purposes 5 Intangible assets: Client relationships 10-15 years 54 Non-compete agreements 5 years 2 Software 2 years 6 Trade names 9-17 years 3 Total intangible assets $ 65 |
IMS Health Holdings, Inc. [Member] | |
Summary of Pro Forma Results | The following table summarizes the pro forma results: (in millions, except earnings per share) Three Months Ended March 31, 2016 Revenues $ 1,881 Reimbursed expenses 382 Total revenues $ 2,263 Net income attributable to Quintiles IMS Holdings, Inc. $ 72 Earnings per share attributable to common stockholders: Basic $ 0.29 Diluted $ 0.29 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Summary of Amounts Recorded for Restructuring Plans | The following amounts were recorded for the restructuring plans: (in millions) Severance and Related Costs Exit Costs Total Balance at December 31, 2016 $ 99 $ 3 $ 102 Expense, net of reversals 18 1 19 Payments (18 ) (3 ) (21 ) Foreign currency translation and other (3 ) — (3 ) Balance at March 31, 2017 $ 96 $ 1 $ 97 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Components of Net Periodic Benefit Cost for Pension Benefits | The following table summarizes the components of net periodic benefit cost for the Company’s pension benefits: Pension Benefits Three Months Ended March 31, (in millions) 2017 2016 Service cost $ 9 $ 4 Interest cost 5 1 Expected return on plan assets (9 ) (1 ) $ 5 $ 4 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Summary of Components of AOCI | Below is a summary of the components of AOCI: (in millions) Foreign Currency Translation Marketable Securities Derivative Instruments Defined Benefit Plans Income Taxes Total Balance at December 31, 2016 $ (623 ) $ — $ 10 $ 21 $ 22 $ (570 ) Other comprehensive income before reclassifications 123 — — — 1 124 Reclassification adjustments — — 2 — — 2 Balance at March 31, 2017 $ (500 ) $ — $ 12 $ 21 $ 23 $ (444 ) |
Summary of Adjustments for (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item | Below is a summary of the adjustments for (gains) losses reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item: Affected Financial Statement Three Months Ended March 31, (in millions) Line Item 2017 2016 Derivative instruments: Interest rate swaps Interest expense $ — $ 3 Foreign exchange forward contracts Revenues 5 3 Foreign exchange forward contracts Other expense (income), net (3 ) — Total before income taxes 2 6 Income tax benefit — 2 Total net of income taxes $ 2 $ 4 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenues and Income from Segments to Consolidated | The Company’s reportable segment information is presented below: Three Months Ended March 31, (in millions) 2017 2016 Revenues Commercial Solutions $ 847 $ 75 Research & Development Solutions 866 835 Integrated Engagement Services 198 198 Total revenues 1,911 1,108 Costs of revenue Commercial Solutions 453 57 Research & Development Solutions 499 474 Integrated Engagement Services 160 163 Total costs of revenue 1,112 694 Selling, general and administrative expenses Commercial Solutions 173 15 Research & Development Solutions 136 142 Integrated Engagement Services 19 20 General corporate and unallocated 52 23 Total selling, general and administrative expenses 380 200 Segment profit Commercial Solutions 221 3 Research & Development Solutions 231 219 Integrated Engagement Services 19 15 Total segment profit 471 237 General corporate and unallocated (52 ) (23 ) Depreciation and amortization (232 ) (32 ) Restructuring costs (19 ) (3 ) Total income from operations $ 168 $ 179 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Summary of Weighted-Average Outstanding Stock Options Excluded from Computation of Diluted Earnings Per Share | The following table presents the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions or the effect of including such stock-based awards in the computation would be anti-dilutive: Three Months Ended March 31, (in millions) 2017 2016 Shares subject to performance conditions 0.3 — Shares subject to anti-dilutive stock-based awards 1.3 1.4 Total shares excluded from diluted earnings per share 1.6 1.4 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Additional Information (Detail) | Mar. 31, 2017EmployeeCountry |
Summary Of Significant Accounting Policies [Line Items] | |
Number of employees | Employee | 50,000 |
Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of countries | Country | 100 |
Employee Stock Compensation - S
Employee Stock Compensation - Schedule of Number of Stock-Based Awards Granted and Outstanding (Detail) - shares | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock options granted | 744,300 | ||
Stock options outstanding | 6,442,613 | 7,251,339 | |
Stock Appreciation Rights - Stock Settled [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Grants | 1,864,191 | ||
Equity Instruments Other than Options, Outstanding | 3,121,181 | 1,313,322 | |
Stock Appreciation Rights - Cash Settled [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Grants | 15,227 | 25,200 | |
Equity Instruments Other than Options, Outstanding | 453,353 | 479,176 | |
Restricted Stock Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Grants | 254,582 | ||
Equity Instruments Other than Options, Outstanding | 621,635 | 367,053 | |
Performance Units Granted [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Grants | 417,259 | 119,839 | |
Equity Instruments Other than Options, Outstanding | 414,978 | ||
Restricted Stock Units - Stock Settled [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Grants | 289,771 | ||
Equity Instruments Other than Options, Outstanding | 1,572,633 | 1,720,817 | |
Restricted Stock Units - Cash Settled [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Grants | 3,715 | ||
Equity Instruments Other than Options, Outstanding | 3,715 | ||
Performance Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Grants | 76,374 | ||
Equity Instruments Other than Options, Outstanding | 76,374 |
Employee Stock Compensation - A
Employee Stock Compensation - Assumptions Used to Estimate Value of Stock-Based Compensation for Stock Options and Stock Appreciation Rights Issued (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ||
Expected volatility, Minimum | 23.00% | 26.00% |
Expected volatility, Maximum | 25.00% | 30.00% |
Weighted average expected volatility | 24.00% | 28.00% |
Expected dividends | 0.00% | 0.00% |
Risk-free interest rate, Minimum | 1.68% | 0.97% |
Risk-free interest rate, Maximum | 2.21% | 1.57% |
Minimum [Member] | ||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ||
Expected term (in years) | 3 years 10 months 24 days | 3 years 7 months 6 days |
Maximum [Member] | ||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | ||
Expected term (in years) | 6 years 10 months 24 days | 6 years 7 months 6 days |
Employee Stock Compensation -43
Employee Stock Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock-based compensation expense | $ 26 | $ 9 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Customer | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Risks And Uncertainties [Abstract] | ||
Number of clients served | 0 | 0 |
Accounts Receivable and Unbil45
Accounts Receivable and Unbilled Services - Accounts Receivable and Unbilled Services (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Trade: | ||
Billed | $ 1,027 | $ 998 |
Unbilled services | 765 | 723 |
Trade accounts receivable and unbilled services, gross | 1,792 | 1,721 |
Allowance for doubtful accounts | (13) | (14) |
Trade accounts receivable and unbilled services, net | $ 1,779 | $ 1,707 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Investments in Unconsolidated Variable Interest Entities and Estimated Maximum Exposure to Loss (Detail) | Mar. 31, 2017USD ($) |
Variable Interest Entity [Line Items] | |
Investments in Unconsolidated VIEs | $ 38,000,000 |
Maximum Exposure to Loss | 57,000,000 |
NovaQuest Pharma Opportunities Fund lll, L.P [Member] | |
Variable Interest Entity [Line Items] | |
Investments in Unconsolidated VIEs | 33,000,000 |
Maximum Exposure to Loss | 41,000,000 |
NovaQuest Pharma Opportunities Fund lV, L.P [Member] | |
Variable Interest Entity [Line Items] | |
Investments in Unconsolidated VIEs | 5,000,000 |
Maximum Exposure to Loss | $ 16,000,000 |
Goodwill and Identifiable Int47
Goodwill and Identifiable Intangible Assets - Summary of Goodwill by Segment (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 10,727 |
Business combinations | 92 |
Impact of foreign currency fluctuations and other | 96 |
Ending Balance | 10,915 |
Commercial Solutions [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 9,415 |
Business combinations | 92 |
Impact of foreign currency fluctuations and other | 91 |
Ending Balance | 9,598 |
Research & Development Solutions [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 1,196 |
Impact of foreign currency fluctuations and other | 4 |
Ending Balance | 1,200 |
Integrated Engagement Services [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 116 |
Impact of foreign currency fluctuations and other | 1 |
Ending Balance | $ 117 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) € in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
May 31, 2015USD ($) | Mar. 31, 2017USD ($)Derivative | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2017EUR (€)Derivative | Jun. 03, 2015Agreement | Apr. 30, 2014USD ($) | Jun. 09, 2011Agreement | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Number of interest rate contracts | Agreement | 7 | |||||||
Interest swaps accrual beginning date | Jun. 30, 2016 | |||||||
Payment to terminate hedge accounting | $ 12,000,000 | |||||||
Interest rate cash flow hedge loss to be reclassified during first three months, net | $ (3,000,000) | |||||||
Borrowings, net of original issue discount | $ 8,383,000,000 | $ 7,219,000,000 | ||||||
Foreign exchange losses related to net investment hedge | 48,000,000 | |||||||
IMS Health Holdings, Inc. [Member] | Derivatives Designated As Cash Flow Hedges [Member] | LIBOR [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative variable interest rate | 1.00% | |||||||
IMS Health Holdings, Inc. [Member] | Derivatives Designated As Cash Flow Hedges [Member] | EURIBOR [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative variable interest rate | 1.00% | |||||||
Accrued Interest [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Payment to terminate hedge accounting | $ 1,000,000 | |||||||
Foreign Currency Denominated Debt [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Borrowings, net of original issue discount | 4,182,000,000 | € 3,915 | ||||||
Service Contract Hedging and Royalty Hedging Contracts [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Notional amount | $ 308,000,000 | |||||||
Number of interest rate contracts | Derivative | 61 | 61 | ||||||
Gains related to contracts | $ 7,000,000 | 11,000,000 | ||||||
Losses related to contracts | $ (3,000,000) | (9,000,000) | ||||||
Service Contract Hedging and Royalty Hedging Contracts [Member] | Minimum [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Expiration year of hedge instruments | 2,017 | |||||||
Service Contract Hedging and Royalty Hedging Contracts [Member] | Maximum [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Expiration year of hedge instruments | 2,018 | |||||||
2014 Swaps [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Number of interest rate contracts | Agreement | 6 | |||||||
Interest swaps accrual beginning date | Jun. 9, 2011 | |||||||
2014 Swaps [Member] | IMS Health Holdings, Inc. [Member] | Derivatives Designated As Cash Flow Hedges [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Effective description of interest rate swaps | Effective between April and June 2014 | |||||||
Expiration description of interest rate swaps | Expire at various times from March 2017 through March 2021 | |||||||
2014 Swaps [Member] | Minimum [Member] | IMS Health Holdings, Inc. [Member] | Derivatives Designated As Cash Flow Hedges [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative swap interest rate | 1.40% | |||||||
2014 Swaps [Member] | Maximum [Member] | IMS Health Holdings, Inc. [Member] | Derivatives Designated As Cash Flow Hedges [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Derivative swap interest rate | 2.10% | |||||||
Six Interest Rate Swaps [Member] | Minimum [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Interest rate swaps expiry date | Sep. 30, 2013 | |||||||
Six Interest Rate Swaps [Member] | Maximum [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Interest rate swaps expiry date | Mar. 31, 2016 | |||||||
Interest Rate Cap [Member] | IMS Health Holdings, Inc. [Member] | Derivatives Designated As Cash Flow Hedges [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Notional amount | $ 700,000,000 | |||||||
Effective description of interest rate swaps | Effective at various times between April 2014 and April 2016 | |||||||
Expiration description of interest rate swaps | Expire at various times between April 2017 and April 2019 | |||||||
Interest Rate Cap [Member] | Minimum [Member] | IMS Health Holdings, Inc. [Member] | Derivatives Designated As Cash Flow Hedges [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Interest rate caps range of strike rates | 2.00% | |||||||
Interest Rate Cap [Member] | Maximum [Member] | IMS Health Holdings, Inc. [Member] | Derivatives Designated As Cash Flow Hedges [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Interest rate caps range of strike rates | 3.00% | |||||||
2015 Swaps [Member] | Minimum [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Interest rate swaps expiry date | Mar. 31, 2017 | |||||||
Derivative fixed interest rate | 1.30% | 1.30% | ||||||
2015 Swaps [Member] | Maximum [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Interest rate swaps expiry date | Mar. 31, 2020 | |||||||
Derivative fixed interest rate | 2.10% | 2.10% | ||||||
2014 and 2015 Swaps [Member] | Variable Rate Debt [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Interest rate swaps effectively converted percent | 38.00% | 38.00% | ||||||
2014 and 2015 Swaps [Member] | Fixed Rate Debt [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Interest rate swaps effectively converted percent | 62.00% | 62.00% | ||||||
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Foreign Exchange Forward Contracts [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Notional amount | $ 171,000,000 | $ 189,000,000 | ||||||
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | 2014 Swaps [Member] | ||||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||||
Notional amount | $ 310,000,000 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Values of Derivative Instruments Designated as Hedges (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | $ 9,000,000 | $ 12,000,000 |
Derivative liability fair value | 15,000,000 | 25,000,000 |
Designated as Hedging Instrument [Member] | Other Current Assets and Liabilities [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | 7,000,000 | 11,000,000 |
Derivative liability fair value | 3,000,000 | 9,000,000 |
Derivative notional amount | 308,000,000 | 300,000,000 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | 2014 Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability fair value | 5,000,000 | 15,000,000 |
Derivative notional amount | 520,000,000 | 945,000,000 |
Designated as Hedging Instrument [Member] | Deposits and Other Assets [Member] | Interest Rate Cap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | 1,000,000 | 1,000,000 |
Derivative notional amount | 700,000,000 | 1,000,000,000 |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | 2014 Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability fair value | 7,000,000 | |
Derivative notional amount | 310,000,000 | |
Not Designated as Hedging Instrument [Member] | Other Current Liabilities [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | 1,000,000 | |
Derivative liability fair value | 1,000,000 | |
Derivative notional amount | $ 171,000,000 | $ 189,000,000 |
Derivatives - Effect of Cash Fl
Derivatives - Effect of Cash Flow Hedging Instruments on Other Comprehensive Income (Loss) (Detail) - Derivatives Designated As Cash Flow Hedges [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Effect of cash flow hedging instruments on other comprehensive income (loss) | $ 2 | $ 7 |
Foreign Exchange Forward Contracts [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Effect of cash flow hedging instruments on other comprehensive income (loss) | (1) | 1 |
Interest Rate Swaps [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Effect of cash flow hedging instruments on other comprehensive income (loss) | $ 3 | $ 6 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other identifiable intangibles, net | $ 6,398 | $ 6,390 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of total debt | 8,395 | $ 7,298 |
Level 3 [Member] | Non-recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 17,385 | |
Cost and equity method investments | 72 | |
Goodwill | 10,915 | |
Other identifiable intangibles, net | $ 6,398 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Recurring Fair Value Measurements [Member] $ in Millions | Mar. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of assets | $ 52 |
Fair value of liabilities | 33 |
Derivatives [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of assets | 9 |
Fair value of liabilities | 15 |
Contingent Consideration [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of liabilities | 18 |
Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of assets | 43 |
Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of assets | 9 |
Fair value of liabilities | 15 |
Level 2 [Member] | Derivatives [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of assets | 9 |
Fair value of liabilities | 15 |
Level 3 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of liabilities | 18 |
Level 3 [Member] | Contingent Consideration [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of liabilities | 18 |
Trading Securities [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of assets | 43 |
Trading Securities [Member] | Level 1 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value of assets | $ 43 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Accounts Payable and Accrued Expenses [Member] - Contingent Consideration [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance, Contingent Consideration | $ 18 | $ 4 |
Business combinations | 0 | 0 |
Contingent consideration paid | 0 | 0 |
Revaluations included in earnings and foreign currency translation adjustments | 0 | 0 |
Ending Balance, Contingent Consideration | $ 18 | $ 4 |
Credit Arrangements - Summary o
Credit Arrangements - Summary of Credit Facilities (Detail) | 3 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2017GBP (£) | |
Revolving credit facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility | $ 1,000,000,000 | |
Interest Rate Description | LIBOR in the relevant currency borrowed plus a margin (margin of 2.00% at March 31, 2017) | |
Revolving credit facility [Member] | LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Rate | 2.00% | 2.00% |
Receivables Financing Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility | $ 25,000,000 | |
Interest Rate Description | United States LIBOR plus a margin of 0.85% at March 31, 2017 depending upon the Company’s debt rating | |
Rate | 0.85% | 0.85% |
Receivables Financing Facility [Member] | LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Rate | 1.83% | 1.83% |
General Banking Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility | $ 12,000,000 | £ 10,000,000 |
Interest Rate Description | Bank’s base rate (0.25% at March 31, 2017) plus 1% | |
General Banking Facility [Member] | Base Rate [Member] | ||
Line Of Credit Facility [Line Items] | ||
Rate | 0.25% | 0.25% |
Interest Rate spread on base rate | 1.00% |
Credit Arrangements - Summary55
Credit Arrangements - Summary of Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Senior Secured Credit Facilities: | ||
Long-term debt | $ 8,383 | $ 7,219 |
Less: unamortized discount | (31) | (12) |
Less: unamortized debt issuance costs | (7) | (7) |
Less: current portion | (91) | (92) |
Long-term debt | 8,254 | 7,108 |
Revolving credit facility [Member] | LIBOR [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 375 | |
U.S Dollars [Member] | Receivables Financing Facility [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 275 | 275 |
U.S Dollars [Member] | Due in 2021 [Member] | Senior Secured Term A Loan [Member] | LIBOR [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 878 | 888 |
U.S Dollars [Member] | Due in 2021 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 1,700 | |
U.S Dollars [Member] | Due in 2024 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 1,197 | |
U.S Dollars [Member] | Due in 2026 [Member] | 5.0% Senior Notes [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 1,050 | 1,050 |
U.S Dollars [Member] | Due in 2023 [Member] | 4.875% Senior Notes [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 800 | 800 |
EUR Dollars [Member] | Due in 2021 [Member] | Senior Secured Term A Loan [Member] | LIBOR [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 420 | 419 |
EUR Dollars [Member] | Due in 2021 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 765 | |
EUR Dollars [Member] | Due in 2024 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 1,279 | |
EUR Dollars [Member] | Due in 2024 [Member] | 3.5% Senior Notes [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 668 | 658 |
EUR Dollars [Member] | Due in 2025 [Member] | 3.25% Senior Notes [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | 1,522 | |
EUR Dollars [Member] | Due in 2023 [Member] | 4.125% Senior Notes [Member] | ||
Senior Secured Credit Facilities: | ||
Long-term debt | $ 294 | $ 289 |
Credit Arrangements - Summary56
Credit Arrangements - Summary of Debt (Parenthetical) (Detail) | Mar. 07, 2017 | Mar. 31, 2017 |
Senior Secured Term A Loan [Member] | Due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,021 | |
Senior Secured Term B Loan [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,024 | |
Senior Secured Term B Loan [Member] | Due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,021 | |
Senior Secured Term B Loan [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,024 | |
Senior Secured Term B Loan [Member] | U.S Dollars [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate terms, Description | LIBOR with a floor of 0.75%, plus a margin of 2.00% for an all-in interest rate of 3.05% | |
Senior Secured Term B Loan [Member] | EUR Dollars [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate terms, Description | LIBOR with a floor of 0.75%, plus a margin of 2.00% for an all-in interest rate of 2.75% | |
5.0% Senior Notes [Member] | Due in 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,026 | |
5.0% Senior Notes [Member] | U.S Dollars [Member] | Due in 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 5.00% | |
3.25% Senior Notes [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,025 | |
3.25% Senior Notes [Member] | EUR Dollars [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 3.25% | |
3.5% Senior Notes [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,024 | |
3.5% Senior Notes [Member] | EUR Dollars [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 3.50% | |
4.125% Senior Notes [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,023 | |
4.125% Senior Notes [Member] | EUR Dollars [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 4.125% | |
4.875% Senior Notes [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,023 | |
Debt instrument interest rate stated percentage | 4.875% | |
Receivables Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2,018 | |
Debt instrument interest rate stated percentage | 0.85% | |
Debt instrument interest rate terms, Description | LIBOR at average floating rate of 1.83% | |
LIBOR [Member] | Senior Secured Term A Loan [Member] | U.S Dollars [Member] | Due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 3.15% | |
LIBOR [Member] | Senior Secured Term A Loan [Member] | EUR Dollars [Member] | Due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 2.00% | |
LIBOR [Member] | Senior Secured Term B Loan [Member] | U.S Dollars [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 3.05% | |
Debt instrument interest rate stated percentage | 2.00% | |
LIBOR [Member] | Senior Secured Term B Loan [Member] | U.S Dollars [Member] | Due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 3.50% | |
LIBOR [Member] | Senior Secured Term B Loan [Member] | U.S Dollars [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 3.05% | |
LIBOR [Member] | Senior Secured Term B Loan [Member] | EUR Dollars [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 2.75% | |
Debt instrument interest rate stated percentage | 2.00% | |
LIBOR [Member] | Senior Secured Term B Loan [Member] | EUR Dollars [Member] | Due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 3.75% | |
LIBOR [Member] | Senior Secured Term B Loan [Member] | EUR Dollars [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 2.75% | |
LIBOR [Member] | Receivables Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 1.83% | |
LIBOR [Member] | Revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 2.00% | |
LIBOR [Member] | Revolving credit facility [Member] | U.S Dollars [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 2.73% |
Credit Arrangements - Contractu
Credit Arrangements - Contractual Maturities of Long-term Debt (Detail) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Remainder of 2017 | $ 69 | |
2,018 | 366 | |
2,019 | 91 | |
2,020 | 91 | |
2,021 | 1,073 | |
Thereafter | 6,693 | |
Long-term debt | $ 8,383 | $ 7,219 |
Credit Arrangements - Additiona
Credit Arrangements - Additional Information (Detail) | Mar. 07, 2017USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2017GBP (£) | Mar. 31, 2017GBP (£) | Mar. 07, 2017EUR (€) | Feb. 28, 2017USD ($) | Feb. 28, 2017EUR (€) |
Line Of Credit Facility [Line Items] | |||||||
Proceeds from revolving credit facility | $ 490,000,000 | ||||||
Repayment of revolving credit facility | 865,000,000 | ||||||
Loss on extinguishment of debt | (3,000,000) | ||||||
Revolving credit facility [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Aggregate maximum principal amount | $ 1,000,000,000 | ||||||
Revolving credit facility [Member] | LIBOR [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Rate | 2.00% | 2.00% | |||||
Revolving credit facility [Member] | U.S Dollars [Member] | LIBOR [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Average floating rate | 2.73% | 2.73% | |||||
General Banking Facility [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Bank guarantees | $ 6,000,000 | £ 5,000,000 | |||||
Aggregate maximum principal amount | 12,000,000 | £ 10,000,000 | |||||
Senior Secured Facilities [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Aggregate maximum principal amount | 4,774,000,000 | ||||||
Outstanding borrowings | 3,774,000,000 | ||||||
Senior Secured Facilities [Member] | Revolving credit facility [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Remaining of debt commitments | 1,000,000,000 | ||||||
Senior Secured Term B Loan [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt maturity year | 2,024 | ||||||
Loss on extinguishment of debt | $ (3,000,000) | ||||||
Senior Secured Term B Loan [Member] | U.S Dollars [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument interest rate terms, Description | LIBOR with a floor of 0.75%, plus a margin of 2.00% for an all-in interest rate of 3.05% | LIBOR with a floor of 0.75%, plus a margin of 2.00% for an all-in interest rate of 3.05% | |||||
Senior Secured Term B Loan [Member] | U.S Dollars [Member] | LIBOR [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument floor rate | 0.75% | 0.75% | |||||
Rate | 2.00% | 2.00% | |||||
Average floating rate | 3.05% | 3.05% | |||||
Senior Secured Term B Loan [Member] | EUR Dollars [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument interest rate terms, Description | LIBOR with a floor of 0.75%, plus a margin of 2.00% for an all-in interest rate of 2.75% | LIBOR with a floor of 0.75%, plus a margin of 2.00% for an all-in interest rate of 2.75% | |||||
Senior Secured Term B Loan [Member] | EUR Dollars [Member] | LIBOR [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument floor rate | 0.75% | 0.75% | |||||
Rate | 2.00% | 2.00% | |||||
Average floating rate | 2.75% | 2.75% | |||||
Senior Secured Term B Loan [Member] | Due in 2021 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt maturity year | 2,021 | 2,021 | |||||
Senior Secured Term B Loan [Member] | Due in 2021 [Member] | U.S Dollars [Member] | LIBOR [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Average floating rate | 3.50% | 3.50% | |||||
Senior Secured Term B Loan [Member] | Due in 2021 [Member] | EUR Dollars [Member] | LIBOR [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Average floating rate | 3.75% | 3.75% | |||||
Senior Secured Term B Loan [Member] | Due in 2024 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt maturity year | 2,024 | 2,024 | |||||
Senior Secured Term B Loan [Member] | Due in 2024 [Member] | U.S Dollars [Member] | LIBOR [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Average floating rate | 3.05% | 3.05% | |||||
Senior Secured Term B Loan [Member] | Due in 2024 [Member] | EUR Dollars [Member] | LIBOR [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Average floating rate | 2.75% | 2.75% | |||||
Senior Secured Term B Loan [Member] | Term B loan due 2021 [Member] | Due in 2021 [Member] | U.S Dollars [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument principal amount | $ 1,700,000,000 | ||||||
Senior Secured Term B Loan [Member] | Term B loan due 2021 [Member] | Due in 2021 [Member] | EUR Dollars [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument principal amount | 765,000,000 | ||||||
Senior Secured Term B Loan [Member] | Term B Loan Facility Due Two Thousand Twenty Four | Due in 2024 [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument principal amount | 2,465,000,000 | ||||||
Senior Secured Term B Loan [Member] | Term B Loan Facility Due Two Thousand Twenty Four | Due in 2024 [Member] | U.S Dollars [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument principal amount | 1,200,000,000 | ||||||
Senior Secured Term B Loan [Member] | Term B Loan Facility Due Two Thousand Twenty Four | Due in 2024 [Member] | EUR Dollars [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument principal amount | $ 1,279,000,000 | € 1,200,000,000 | |||||
2017 Notes [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument, maturity date | Mar. 15, 2025 | Mar. 15, 2025 | |||||
2017 Notes [Member] | Unsecured Debt [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument issuance date | Feb. 28, 2017 | Feb. 28, 2017 | |||||
Debt instrument interest payment terms | Interest on the 2017 Notes is payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2017 | Interest on the 2017 Notes is payable semi-annually on March 15 and September 15 of each year, beginning on September 15, 2017 | |||||
Debt instrument frequency of periodic interest payment | Semi-annually | Semi-annually | |||||
3.25% Senior Notes [Member] | Unsecured Debt [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument principal amount | $ 1,522,000,000 | € 1,425,000,000 | |||||
Rate | 3.25% | 3.25% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Feb. 28, 2017 | Feb. 14, 2017 | Mar. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2015 |
Class Of Stock [Line Items] | |||||||
Preferred stock, authorized | 1,000,000 | 1,000,000 | 1,000,000 | ||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | |||
Q2 Solutions [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Percentage of Quest's non-controlling interest in Q2 Solutions | 40.00% | ||||||
Quest's non-controlling interest in Q2 Solutions | $ 229,000,000 | ||||||
Quest [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Ownership percentage | 60.00% | ||||||
Equity Repurchase Program [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Equity repurchase program increase in authorized amount | $ 1,000,000,000 | ||||||
Equity repurchase program authorized amount | $ 3,225,000,000 | ||||||
Repurchase of stock, shares | 9,677,420 | 16,827,826 | |||||
Repurchase of common stock, share price | $ 78.21 | ||||||
Repurchase of stock, value | $ 750,000,000 | $ 1,300,000,000 | $ 2,994,000,000 | ||||
Equity available for repurchase under the repurchase program | $ 231,000,000 | $ 231,000,000 | 231,000,000 | ||||
Equity Repurchase Program [Member] | Stock Options [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Repurchase of stock, value | 59,000,000 | ||||||
Equity Repurchase Program [Member] | Common Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Repurchase of stock, value | $ 2,935,000,000 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Oct. 03, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||
Goodwill | $ 10,915 | $ 10,727 | |
Commercial Solutions [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 9,598 | 9,415 | |
Research & Development Solutions [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 1,200 | 1,196 | |
Integrated Engagement Services [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 117 | $ 116 | |
IMS Health Holdings, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Date of Acquisition | Oct. 3, 2016 | ||
Merger agreement date | May 3, 2016 | ||
Revenues since acquisition | 788 | ||
IMS Health Holdings, Inc. [Member] | Commercial Solutions [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 9,688 | ||
IMS Health Holdings, Inc. [Member] | Research & Development Solutions [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 533 | ||
IMS Health Holdings, Inc. [Member] | Integrated Engagement Services [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 67 | ||
IMS Health Holdings, Inc. [Member] | Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Merger agreement, stock for stock exchange ratio | 38.40% | ||
Business acquisition through merger, consideration in stock | $ 10,400 | ||
Business acquisition through merger, consideration in stock, shares issued | 126.6 |
Business Combinations - Summary
Business Combinations - Summary of Pro Forma Results (Detail) - IMS Health Holdings, Inc. [Member] $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Revenues | $ 1,881 |
Reimbursed expenses | 382 |
Total revenues | 2,263 |
Net income attributable to Quintiles IMS Holdings, Inc. | $ 72 |
Earnings per share attributable to common stockholders: | |
Basic | $ / shares | $ 0.29 |
Diluted | $ / shares | $ 0.29 |
Business Combinations - Schedul
Business Combinations - Schedule of Preliminary Allocation of Purchase to Certain Tangible and Intangible Assets Acquired and Goodwill (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | ||
Total cost of acquisition, net of cash acquired | $ 150 | |
Goodwill | 10,915 | $ 10,727 |
Three Immaterial Acquisitions [Member] | ||
Business Acquisition [Line Items] | ||
Total cost of acquisition, net of cash acquired | 150 | |
Goodwill | 92 | |
Portion of goodwill deductible for income tax purposes | 5 | |
Total intangible assets | 65 | |
Three Immaterial Acquisitions [Member] | Client Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 54 | |
Three Immaterial Acquisitions [Member] | Client Relationships [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Amortization Period | 10 years | |
Three Immaterial Acquisitions [Member] | Client Relationships [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Amortization Period | 15 years | |
Three Immaterial Acquisitions [Member] | Non-compete Agreements [Member] | ||
Business Acquisition [Line Items] | ||
Amortization Period | 5 years | |
Total intangible assets | $ 2 | |
Three Immaterial Acquisitions [Member] | Software [Member] | ||
Business Acquisition [Line Items] | ||
Amortization Period | 2 years | |
Total intangible assets | $ 6 | |
Three Immaterial Acquisitions [Member] | Finite Lived Trade Name [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets | $ 3 | |
Three Immaterial Acquisitions [Member] | Finite Lived Trade Name [Member] | Minimum [Member] | ||
Business Acquisition [Line Items] | ||
Amortization Period | 9 years | |
Three Immaterial Acquisitions [Member] | Finite Lived Trade Name [Member] | Maximum [Member] | ||
Business Acquisition [Line Items] | ||
Amortization Period | 17 years |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - 2017 Plan [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Severance and related costs | $ 18 |
Acquisition integration related costs | 10 |
Cost reduction expense | 8 |
Facility exit related costs | $ 1 |
Restructuring - Summary of Amou
Restructuring - Summary of Amounts Recorded for Restructuring Plans (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserves, beginning balance | $ 102 |
Expense, net of reversals | 19 |
Payments | (21) |
Foreign currency translation and other | (3) |
Restructuring reserves, ending balance | 97 |
Severance and Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserves, beginning balance | 99 |
Expense, net of reversals | 18 |
Payments | (18) |
Foreign currency translation and other | (3) |
Restructuring reserves, ending balance | 96 |
Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserves, beginning balance | 3 |
Expense, net of reversals | 1 |
Payments | (3) |
Restructuring reserves, ending balance | $ 1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 13.50% | 28.60% |
Tax benefit related to purchase accounting amortization | $ 64 | |
Purchase amortization due to merger | $ 182 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Components of Net Periodic Benefit Cost for Pension benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | ||
Service cost | $ 9 | $ 4 |
Interest cost | 5 | 1 |
Expected return on plan assets | (9) | (1) |
Net periodic benefit cost | $ 5 | $ 4 |
Comprehensive Income - Summary
Comprehensive Income - Summary of Components of AOCI (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ 8,633 |
Ending Balance | 7,571 |
Beginning Balance | 22 |
Other comprehensive income before reclassifications | 1 |
Ending Balance | 23 |
Other comprehensive income before reclassifications | 124 |
Reclassification adjustments, net of tax | 2 |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (623) |
Other comprehensive income before reclassifications | 123 |
Ending Balance | (500) |
Derivative Instruments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 10 |
Reclassification adjustments, before tax | 2 |
Ending Balance | 12 |
Defined Benefit Plans [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 21 |
Ending Balance | 21 |
Accumulated Other Comprehensive (Loss) Income [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (570) |
Ending Balance | $ (444) |
Comprehensive Income - Summar68
Comprehensive Income - Summary of Adjustments for (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before income taxes | $ 2 | $ 6 |
Income tax benefit | 0 | 2 |
Total net of income taxes | 2 | 4 |
2014 Swaps [Member] | Interest Expense [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before income taxes | 3 | |
Foreign Exchange Forward Contracts [Member] | Revenues [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before income taxes | 5 | $ 3 |
Foreign Exchange Forward Contracts [Member] | Other Expense (Income), Net [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before income taxes | $ (3) |
Segments - Additional Informati
Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segments - Operations by Report
Segments - Operations by Reportable Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 1,911 | $ 1,108 |
Costs of revenue | 1,112 | 694 |
Selling, general and administrative expenses | 380 | 200 |
Depreciation and amortization | (232) | (32) |
Restructuring costs | (19) | (3) |
Income from operations | 168 | 179 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment profit | 471 | 237 |
Operating Segments [Member] | Commercial Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 847 | 75 |
Costs of revenue | 453 | 57 |
Selling, general and administrative expenses | 173 | 15 |
Segment profit | 221 | 3 |
Operating Segments [Member] | Research & Development Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 866 | 835 |
Costs of revenue | 499 | 474 |
Selling, general and administrative expenses | 136 | 142 |
Segment profit | 231 | 219 |
Operating Segments [Member] | Integrated Engagement Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 198 | 198 |
Costs of revenue | 160 | 163 |
Selling, general and administrative expenses | 19 | 20 |
Segment profit | 19 | 15 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Selling, general and administrative expenses | 52 | 23 |
Segment profit | $ (52) | $ (23) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Weighted-Average Outstanding Stock-Based Awards Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares excluded from diluted earnings per share | 1.6 | 1.4 |
Performance Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares excluded from diluted earnings per share | 0.3 | |
Share-Based Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares excluded from diluted earnings per share | 1.3 | 1.4 |