Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 12, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IQV | ||
Entity Registrant Name | IQVIA Holdings Inc. | ||
Entity Central Index Key | 1,478,242 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 197,599,861 | ||
Entity Public Float | $ 16.1 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenues | $ 10,412,000,000 | $ 9,702,000,000 | $ 6,815,000,000 |
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Costs of revenue, exclusive of depreciation and amortization | $ 6,746,000,000 | $ 6,301,000,000 | $ 4,748,000,000 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Selling, general and administrative expenses | $ 1,716,000,000 | $ 1,622,000,000 | $ 1,016,000,000 |
Depreciation and amortization | 1,141,000,000 | 1,011,000,000 | 289,000,000 |
Impairment charges | 40,000,000 | 28,000,000 | |
Restructuring costs | 68,000,000 | 63,000,000 | 71,000,000 |
Merger related costs | 0 | 0 | 87,000,000 |
Income from operations | 741,000,000 | 665,000,000 | 576,000,000 |
Interest income | (8,000,000) | (7,000,000) | (4,000,000) |
Interest expense | 414,000,000 | 346,000,000 | 144,000,000 |
Loss on extinguishment of debt | 2,000,000 | 19,000,000 | 31,000,000 |
Other expense (income), net | 5,000,000 | 13,000,000 | (11,000,000) |
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | 328,000,000 | 294,000,000 | 416,000,000 |
Income tax expense (benefit) | 59,000,000 | (992,000,000) | 325,000,000 |
Income before equity in earnings (losses) of unconsolidated affiliates | 269,000,000 | 1,286,000,000 | 91,000,000 |
Equity in earnings (losses) of unconsolidated affiliates | 15,000,000 | 10,000,000 | (4,000,000) |
Net income | 284,000,000 | 1,296,000,000 | 87,000,000 |
Net income attributable to non-controlling interests | (25,000,000) | (19,000,000) | (15,000,000) |
Net income attributable to IQVIA Holdings Inc. | $ 259,000,000 | $ 1,277,000,000 | $ 72,000,000 |
Earnings per share attributable to common stockholders: | |||
Basic | $ 1.27 | $ 5.86 | $ 0.48 |
Diluted | $ 1.24 | $ 5.74 | $ 0.47 |
Weighted average common shares outstanding: | |||
Basic | 203.7 | 217.8 | 149.1 |
Diluted | 208.2 | 222.6 | 152 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 284 | $ 1,296 | $ 87 |
Comprehensive (loss) income adjustments: | |||
Unrealized gains (losses) on derivative instruments, net of income tax (benefit) expense of ($5), $1 and $3 | 1 | 4 | (7) |
Defined benefit plan adjustments, net of income tax (benefit) expense of ($4), $3 and $11 | (8) | 5 | 23 |
Foreign currency translation, net of income tax expense (benefit) of $50, ($201) and ($9) | (258) | 611 | (508) |
Reclassification adjustments: | |||
(Gains) losses on derivative instruments included in net income, net of income tax expense of $1, $— and $7 | (12) | (1) | 21 |
Amortization of actuarial losses and prior service costs included in net income | 1 | 1 | 1 |
Comprehensive income (loss) | 8 | 1,916 | (383) |
Comprehensive (income) loss attributable to non-controlling interests | (22) | (26) | 1 |
Comprehensive (loss) income attributable to IQVIA Holdings Inc. | $ (14) | $ 1,890 | $ (382) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized gains (losses) on derivative instruments, income tax (benefit) expenses | $ (5) | $ 1 | $ 3 |
Defined benefit plan adjustments, income tax (benefit) expense | (4) | 3 | 11 |
Foreign currency translation, income tax expenses (benefit) | 50 | $ (201) | (9) |
(Gain) losses on derivative instruments included in net income, income tax expense | $ 1 | $ 7 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 891 | $ 959 |
Trade accounts receivable and unbilled services, net | 2,394 | 2,097 |
Prepaid expenses | 151 | 146 |
Income taxes receivable | 69 | 47 |
Investments in debt, equity and other securities | 47 | 46 |
Other current assets and receivables | 322 | 259 |
Total current assets | 3,874 | 3,554 |
Property and equipment, net | 434 | 440 |
Investments in debt, equity and other securities | 41 | 8 |
Investments in unconsolidated affiliates | 101 | 70 |
Goodwill | 11,800 | 11,850 |
Other identifiable intangibles, net | 5,951 | 6,591 |
Deferred income taxes | 109 | 109 |
Deposits and other assets | 239 | 235 |
Total assets | 22,549 | 22,857 |
Current liabilities: | ||
Accounts payable | 437 | 322 |
Accrued expenses | 1,858 | 1,664 |
Unearned income | 1,007 | 985 |
Income taxes payable | 100 | 72 |
Current portion of long-term debt | 100 | 103 |
Other current liabilities | 32 | 10 |
Total current liabilities | 3,534 | 3,156 |
Long-term debt, less current portion | 10,907 | 10,122 |
Deferred income taxes | 736 | 895 |
Other liabilities | 418 | 440 |
Total liabilities | 15,595 | 14,613 |
Commitments and contingencies (Note 1) | ||
Stockholders’ equity: | ||
Common stock and additional paid-in capital, 400.0 shares authorized at December 31, 2018 and 2017, $0.01 par value, 251.5 and 249.5 shares issued at December 31, 2018 and 2017, respectively | 10,901 | 10,782 |
Retained earnings | 807 | 538 |
Treasury stock, at cost, 54.0 and 41.4 shares at December 31, 2018 and 2017, respectively | (4,770) | (3,374) |
Accumulated other comprehensive (loss) income | (224) | 49 |
Equity attributable to IQVIA Holdings Inc.’s stockholders | 6,714 | 7,995 |
Non-controlling interests | 240 | 249 |
Total stockholders’ equity | 6,954 | 8,244 |
Total liabilities and stockholders’ equity | $ 22,549 | $ 22,857 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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 | 251,500,000 | 249,500,000 |
Treasury stock, shares | 54,000,000 | 41,400,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||
Net income | $ 284 | $ 1,296 | $ 87 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 1,141 | 1,011 | 289 |
Amortization of debt issuance costs and discount | 11 | 9 | 30 |
Amortization of accumulated other comprehensive loss on terminated interest rate swaps | 3 | 3 | |
Stock-based compensation | 113 | 106 | 80 |
Impairment of goodwill and identifiable intangible assets | 40 | 28 | |
Gain on disposals of property and equipment, net | (1) | (1) | |
(Earnings) loss from unconsolidated affiliates | (15) | (10) | 8 |
Loss (gain) on investments, net | 3 | (8) | (13) |
(Benefit from) provision for deferred income taxes | (177) | (1,221) | 115 |
Excess income tax benefits from stock-based award activities | (41) | ||
Changes in operating assets and liabilities: | |||
Accounts receivable and unbilled services | (297) | (141) | (177) |
Prepaid expenses and other assets | (66) | (54) | (8) |
Accounts payable and accrued expenses | 368 | 90 | 160 |
Unearned income | 7 | (68) | 230 |
Income taxes payable and other liabilities | (118) | (82) | 70 |
Net cash provided by operating activities | 1,254 | 970 | 860 |
Investing activities: | |||
Acquisition of property, equipment and software | (459) | (369) | (164) |
Net cash (paid for) assumed from acquisition of businesses | (309) | (854) | 1,887 |
Disposition of business, net of cash disposed | 12 | ||
(Purchases) sales of marketable securities, net | (4) | 2 | (40) |
Investments in unconsolidated affiliates, net of payments received | (17) | 15 | (17) |
(Investments in) proceeds from sale of equity securities | (23) | 41 | |
Proceeds from corporate owned life insurance policies | 21 | ||
Other | 2 | 4 | 3 |
Net cash (used in) provided by investing activities | (810) | (1,190) | 1,731 |
Financing activities: | |||
Proceeds from issuance of debt | 1,631 | 5,242 | 466 |
Payment of debt issuance costs | (22) | (50) | (7) |
Repayment of debt | (732) | (2,883) | (1,949) |
Proceeds from revolving credit facility | 2,445 | 1,921 | 172 |
Repayment of revolving credit facility | (2,329) | (1,767) | |
Principal payments on capital lease obligations | (2) | (2) | |
Proceeds related to employee stock purchase and option plans | 15 | 91 | 97 |
Repurchase of common stock | (1,405) | (2,620) | (1,097) |
Distributions to non-controlling interest, net | (31) | ||
Contingent consideration and deferred purchase price payments | (24) | (4) | (5) |
Excess income tax benefits from stock-based award activities | 41 | ||
Net cash used in financing activities | (452) | (72) | (2,284) |
Effect of foreign currency exchange rate changes on cash | (60) | 53 | (86) |
(Decrease) increase in cash and cash equivalents | (68) | (239) | 221 |
Cash and cash equivalents at beginning of period | 959 | 1,198 | 977 |
Cash and cash equivalents at end of period | $ 891 | $ 959 | $ 1,198 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-controlling Interests [Member] |
Beginning balance at Dec. 31, 2015 | $ (336) | $ 1 | $ 8 | $ (462) | $ (111) | $ 228 | |
Beginning Balance, Shares at Dec. 31, 2015 | 119.4 | ||||||
ASC 606 implementation at Dec. 31, 2015 | (41) | (42) | 1 | ||||
Adjusted balance, value at Dec. 31, 2015 | (377) | $ 1 | 8 | (504) | (110) | 228 | |
Issuance of common stock | 10,523 | $ 1 | 10,522 | ||||
Issuance of common stock, Shares | 130.4 | ||||||
Repurchase of common stock | (98) | (46) | (52) | ||||
Repurchase of common stock, Shares | (1.5) | ||||||
Repurchase of common stock on or after October 3, 2016 | (1,000) | $ (1,000) | |||||
Repurchase of common stock on or after October 3, 2016, Shares | (12.9) | ||||||
Stock-based compensation | 76 | 76 | |||||
Income tax benefits from stock-based award activities | 41 | 41 | |||||
Investment by non-controlling interest | (1) | (1) | |||||
Net income | 87 | 72 | 15 | ||||
Unrealized gain (loss) on derivative instruments, net of tax | (7) | (7) | |||||
Defined benefit plan adjustments, net of tax | 23 | 23 | |||||
Foreign currency translation, net of tax | (508) | (492) | (16) | ||||
Reclassification adjustments, net of tax | 22 | 22 | |||||
Ending balance at Dec. 31, 2016 | 8,781 | $ 2 | $ (1,000) | 10,600 | (484) | (564) | 227 |
Ending Balance, Shares at Dec. 31, 2016 | 248.3 | ||||||
Ending balance at Dec. 31, 2016 | (12.9) | ||||||
Issuance of common stock, Shares | 3.7 | ||||||
Repurchase of common stock | (2,374) | $ (2,374) | |||||
Repurchase of common stock on or after October 3, 2016, Shares | (28.5) | ||||||
Repurchase and retirement of common stock | (255) | (255) | |||||
Repurchase and retirement of common stock, Shares | (2.5) | ||||||
Stock-based compensation | 180 | 180 | |||||
Distribution to non-controlling interest | (4) | (4) | |||||
Net income | 1,296 | 1,277 | 19 | ||||
Unrealized gain (loss) on derivative instruments, net of tax | 4 | 4 | |||||
Defined benefit plan adjustments, net of tax | 5 | 5 | |||||
Foreign currency translation, net of tax | 611 | 604 | 7 | ||||
Ending balance at Dec. 31, 2017 | $ 8,244 | $ 2 | $ (3,374) | 10,780 | 538 | 49 | 249 |
Ending Balance, Shares at Dec. 31, 2017 | 249.5 | ||||||
Ending balance at Dec. 31, 2017 | (41.4) | (41.4) | |||||
Issuance of common stock | $ 11 | $ 1 | 10 | ||||
Issuance of common stock, Shares | 2 | ||||||
Repurchase of common stock | (1,396) | $ (1,396) | |||||
Repurchase of common stock on or after October 3, 2016, Shares | (12.6) | ||||||
Stock-based compensation | 108 | 108 | |||||
Distribution to non-controlling interest | (31) | (31) | |||||
Net income | 284 | 259 | 25 | ||||
Unrealized gain (loss) on derivative instruments, net of tax | 1 | 1 | |||||
Defined benefit plan adjustments, net of tax | (8) | (8) | |||||
Foreign currency translation, net of tax | (258) | (255) | (3) | ||||
Reclassification adjustments, net of tax | (11) | (11) | |||||
Other | 10 | 10 | |||||
Ending balance at Dec. 31, 2018 | $ 6,954 | $ 3 | $ (4,770) | $ 10,898 | $ 807 | $ (224) | $ 240 |
Ending Balance, Shares at Dec. 31, 2018 | 251.5 | ||||||
Ending balance at Dec. 31, 2018 | (54) | (41.4) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies The Company With more than 58,000 employees, IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) conducts business in more than 100 countries. IQVIA is a leading global provider of advanced analytics, technology solutions and contract research services to the life sciences industry. On October 3, 2016, Quintiles Transnational Holdings Inc. (“Quintiles”) completed its previously announced merger of equals transaction (the “Merger”) with IMS Health Holdings, Inc. (“IMS Health”). Pursuant to the terms of the merger agreement dated as of May 3, 2016 between Quintiles and IMS Health (the “Merger Agreement”), 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 “Surviving Corporation”). 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 (“QuintilesIMS”). At the effective time of the Merger, each issued and outstanding share of IMS Health common stock, par value $0.01 per share (“IMS Health common stock”), was automatically converted into 0.3840 of a share of the Company’s common stock, par value $0.01 per share. In addition, immediately following the effective time of the Merger, Quintiles Transnational Corp (“Quintiles Corp.”), a direct subsidiary of Quintiles, was merged with and into IMS Health Incorporated, following which IMS Health Incorporated will continue as a direct, wholly-owned subsidiary of the Surviving Corporation. See Note 14 for additional information regarding the Merger. On November 6, 2017, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Certificate of Amendment”) to effect a change of the Company’s name from “Quintiles IMS Holdings, Inc.” to “IQVIA Holdings Inc.”. On November 15, 2017, shares of the Company commenced trading under an updated New York Stock Exchange ticker symbol, “IQV” (formerly the shares traded under the ticker symbol “Q”). The Company renamed two of its reportable segments during the second quarter of 2018. The reportable segment formerly known as Commercial Solutions is now named Technology & Analytics Solutions and the reportable segment formerly known as Integrated Engagement Services is now named Contract Sales & Medical Solutions. This is a name change only and there are no changes to the composition of either segment. Principles of Consolidation The accompanying consolidated financial statements include the accounts and operations of the Company, its subsidiaries and investments in which the Company has control. Amounts pertaining to the non-controlling ownership interests held by third parties in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as non-controlling interests. Intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results may differ from those estimates. Foreign Currencies The Company’s financial statements are reported in United States dollars and, accordingly, the Company’s results of operations are impacted by fluctuations in exchange rates that affect the translation of its revenues and expenses denominated in foreign currencies into United States dollars for purposes of reporting its consolidated financial results. Assets and liabilities recorded in foreign currencies on the books of foreign subsidiaries are translated at the exchange rate on the balance sheet date. Revenues, costs and expenses are translated at average rates of exchange during the year. Translation adjustments resulting from this process are charged or credited to the accumulated other comprehensive (loss) income (“AOCI”) component of stockholders’ equity. The Company is subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of a transaction. The Company earns revenue from its service contracts over a period of several months and, in some cases, over a period of several years. Accordingly, exchange rate fluctuations during this period may affect the Company’s profitability with respect to such contracts. For operations outside the United States that are considered to be highly inflationary or where the United States dollar is designated as the functional currency, monetary assets and liabilities are remeasured using end-of-period exchange rates, whereas non-monetary accounts are remeasured using historical exchange rates, and all remeasurement and transaction adjustments are recognized in other expense (income), net. Other expense (income), net, includes foreign currency net losses for 2018, 2017 and 2016 of approximately $8 million, $40 million and $6 million, respectively. The higher foreign currency losses in 2017 were primarily the result of the combination of changes in intercompany loan balances from corporate legal entity integration and a weaker U.S. dollar. Cash Equivalents The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents. Investments in Marketable Securities Investments in marketable securities are classified as either trading or available-for-sale and measured at fair market value. Realized and unrealized gains and losses on available-for-sale and trading securities are included in other expense (income), net, on the accompanying consolidated statements of income. Equity Method Investments The Company’s investments in and advances to unconsolidated affiliates are accounted for under the equity method if the Company exercises significant influence or has an investment in a limited partnership that is considered to be greater than minor. These investments and advances are classified as investments in and advances to unconsolidated affiliates on the accompanying consolidated balance sheets. The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in earnings (losses) of unconsolidated affiliates on the accompanying consolidated statements of income. The Company reviews its investments in and advances to unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Derivatives The Company uses derivative instruments to manage exposures to interest rates and foreign currencies. Derivatives are recorded on the balance sheet at fair value at each balance sheet date utilizing pricing models for non-exchange-traded contracts. At inception, the Company designates whether or not the derivative instrument is an effective hedge of an asset, liability or firm commitment which is then classified as either a cash flow hedge or a fair value hedge. If determined to be an effective cash flow hedge, changes in the fair value of the derivative instrument are recorded as a component of AOCI until realized. The Company includes the impact from these hedges in the same line item as the hedged item on the consolidated statements of cash flows. Changes in fair value of effective fair value hedges are recorded in earnings as an offset to the changes in the fair value of the related hedged item. Hedge ineffectiveness, if any, is immediately recognized in earnings. Changes in the fair values of derivative instruments that are not an effective hedge are recognized in earnings. When it is probable that a hedged forecasted transaction will not occur, the Company discontinues hedge accounting for the affected portion of the forecasted transaction and reclassifies gains or losses that were accumulated in AOCI to earnings in other expense (income), net for foreign exchange derivatives and interest expense for interest rate derivatives on the consolidated statements of income. Cash flows are classified consistent with the underlying hedged item. The Company has entered, and may in the future enter, into derivative contracts (caps, swaps, forwards, calls or puts, warrants, for example) related to its debt, investments in marketable equity securities and forecasted foreign currency transactions. Accrued Loyalty The Company owns businesses that manage co-pay reimbursements on behalf of its pharmaceutical customers. These customers prefund the reimbursements and the Company includes this cash on its balance sheet. The Company draws on this cash to pay pharmacies as consumers use these programs. Accrued loyalty was $186 million and $143 million as of December 31, 2018 and 2017, respectively, and expenses on the consolidated balance sheet. Allowance for Doubtful Accounts The Company’s allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including length of time the receivables are past due, client credit ratings, financial stability of the client, specific one-time events and client payment history. In addition, in circumstances where the Company is made aware of a specific client’s inability to meet its financial obligations, a specific allowance is established. The accounts are individually evaluated on a regular basis and reserves are established as deemed appropriate based on the above criteria. Receivables Financing Facility Advances received under the Company’s receivables financing facility are accounted for as borrowings secured by the receivables and included in net cash provided by financing activities. The Company services the collateralized accounts receivables and the cash flows for the underlying receivables are included in cash provided by operating activities. The collateralized accounts receivables are included in trade accounts receivable and unbilled services, net. Business Combinations Business combinations are accounted for using the acquisition method of accounting. The identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree are recorded at their estimated fair values on the date of the acquisition. Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. When a business combination involves contingent consideration, the Company recognizes a liability equal to the estimated fair value of the contingent consideration obligation at the date of the acquisition. Subsequent changes in the estimated fair value of the contingent consideration are recognized in earnings in the period of the change. Acquisition-related costs are expensed as incurred. The consolidated financial statements include the results of operations of business combinations since the acquisition date. Long-Lived Assets Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows: Buildings and leasehold improvements 3 - 40 years Equipment 3 - 10 years Furniture and fixtures 5 - 10 years Transportation equipment 3 - 20 years Definite-lived identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows: Trademarks and trade names 1 - 17 years Contract backlog and client relationships 1 - 25 years Software and related assets 1 - 9 years Databases 1 - 9 years Non-compete agreements and other 2 - 5 years Goodwill and indefinite-lived identifiable intangible assets, which consist of a trade name, are not amortized but evaluated for impairment annually, or more frequently if events or changes in circumstances indicate an impairment. Included in software and related items is the capitalized cost of internal-use software used in supporting the Company’s business. Qualifying costs incurred during the application development stage are capitalized and amortized over their estimated useful lives. Costs are capitalized from completion of the preliminary project stage and when it is considered probable that the software will be used to perform its intended function, up until the time the software is placed into service. The Company recognized $179 million, $134 million and $44 million of amortization expense in 2018, 2017 and 2016, respectively, related to software and related assets. The carrying values of property, equipment and intangible and other long-lived assets are reviewed for recoverability if the facts and circumstances suggest that a potential impairment may have occurred. If this review indicates that carrying values will not be recoverable, as determined based on undiscounted cash flow projections, the Company will record an impairment charge to reduce carrying values to estimated fair value. There were no impairments recognized in 2018. See Note 8 for information regarding the impairment charges recognized in 2017 and 2016. Revenue Recognition The Company’s arrangements are primarily service contracts that range in duration from a few months to several years. The Company recognizes revenue when control of these services is transferred to the customer for an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those goods or services. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation. Cash payments made to customers as incentives to induce customers to enter into service agreements with the Company are amortized as a reduction of revenue over the period the services are performed. The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenue generating transactions. The Company derives the majority of its revenues in the Technology & Analytics Solutions segment from various information and technology service offerings. Information offerings (primarily under fixed-price contracts) typically include multiple performance obligations including an ongoing subscription-based deliverable for which revenue is recognized ratably as earned over the contract period, and/or a one-time deliverable of data offerings for which revenue is recognized upon delivery. The customer is able to benefit from the provision of data as it is received. The Company’s subscription arrangements typically have terms ranging from one to three years and are generally non-cancelable and do not contain refund-type provisions. Technology services offerings may contain multiple performance obligations consisting of a mix of small and large-scale services and consulting projects, multi-year outsourcing contracts and Software-as-a-Service (“SaaS”) arrangements. These arrangements typically have terms ranging from several weeks to three years, with a majority having terms of one year or less. For arrangements that include multiple performance obligations, the transaction price is allocated to the identified performance obligations based on their relative standalone selling prices. For these contracts, the standalone selling prices are based on the Company’s normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics and geographic location. Revenues for services engagements where the transfer of control occurs ratably over time are recognized on a straight-line basis over the term of the arrangement. Revenues from time and material contracts are recognized based on hours as the services are provided. Revenues from fixed price ad hoc services and consulting contracts are recognized over the contract term based on the ratio of the number of hours incurred for services provided during the period compared to the total estimated hours to be incurred over the entire arrangement (hours-based). Technology services offerings meet the over time criterion, as another party would not need to substantially re-perform the work already completed to satisfy the remaining obligations if the services were migrated. The majority of the Company’s contracts within the Research & Development Solutions segment are service contracts for clinical research that represent a single performance obligation. The Company provides a significant integration service resulting in a combined output, which is clinical trial data that meets the relevant regulatory standards and can be used by the customer to progress to the next phase of a clinical trial or solicit approval of a treatment by the applicable regulatory body. The performance obligation is satisfied over time as the output is captured in data and documentation that is available for the customer to consume over the course of the arrangement and furthers progress of the clinical trial. The Company recognizes revenue over time using a cost-based input method since there is no single output measure that would fairly depict the transfer of control over the life of the performance obligation. Progress on the performance obligation is measured by the proportion of actual costs incurred to the total costs expected to complete the contract. Costs included in the measure of progress include direct labor and third-party costs (such as payments to investigators and travel expenses for the Company’s clinical monitors). This cost-based method of revenue recognition requires the Company to make estimates of costs to complete its projects on an ongoing basis. Significant judgment is required to evaluate assumptions related to these estimates. The effect of revisions to estimates related to the transaction price or costs to complete a project are recorded in the period in which the estimate is revised. Most contracts may be terminated upon 30 to 90 days notice by the customer; however, in the event of termination, most contracts require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract. The Company derives the majority of its revenues in its Contract Sales & Medical Solutions segment by providing contract sales and market access professionals to customers within the biopharmaceutical industry on a fee-for-service basis. Some of the Company’s Contract Sales & Medical Solutions contracts contain multiple performance obligations with distinct promises including recruiting, sales force automation and deployment of sales representatives. The nature of the terms of these performance obligations will vary based on the customized needs of the customer. For contracts that have multiple performance obligations, the standalone selling prices of the Company’s performance obligations are not directly observable since they are rarely sold standalone. Therefore, the Company estimates the standalone selling prices using an expected cost plus a margin approach under which expected costs of satisfying a performance obligation are forecasted and added to an appropriate margin for that distinct good or service. The Company utilizes a single measure of progress for each performance obligation to recognize revenue, which includes deployment of sales representatives based on employee days worked; recruiting based on candidates recruited; sales force automation set-up based on hours worked; and sales force automation hosting and maintenance based on usage. These services meet the over time criterion as the customer consumes the benefit as activities are performed and another party would not need to substantially re-perform the work already completed to satisfy the remaining obligations if the services were migrated to another party. Variable Consideration In some cases, contracts provide for variable consideration that is contingent upon the occurrence of uncertain future events, such as performance incentives (including royalty payments or penalty clauses that can either increase or decrease the transaction price). Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company and reevaluated each reporting period. Reimbursed Expenses The Company includes reimbursed expenses in revenues and costs of revenue as the Company is primarily responsible for fulfilling the promise to provide the specified service, including the integration of the related services into a combined output to the customer, which are inseparable from the integrated service. These costs include such items as payments to investigators and travel expenses for the Company’s clinical monitors and sales representatives, over which the Company has discretion in establishing prices. The Company controls the good or service and has inventory risk on contractually reimbursable expenses, as sometimes the Company is unable to obtain reimbursement from the customer for costs incurred. Change Orders Changes in the scope of work are common, especially under long-term contracts, and generally result in a change in transaction price. Change orders are evaluated on a contract-by-contract basis to determine if they should be accounted for as a new contract or as part of the existing contract. Generally, services from change orders are not distinct from the original performance obligation. As a result, the effect that the contract modification has on the contract revenue, and measure of progress, is recognized as an adjustment to revenue when it occurs. Costs of Revenue Costs of revenue include (i) compensation and benefits for billable employees and personnel involved in production, data management and delivery, and the costs of acquiring and processing data for the Company’s information offerings; (ii) costs of staff directly involved with delivering technology-related services offerings and engagements, and the costs of data purchased specifically for technology services engagements; (iii) reimbursed expenses that are comprised principally of payments to investigators who oversee clinical trials and travel expenses for the Company’s clinical monitors and sales representatives; and (iv) other expenses directly related to service contracts such as courier fees, laboratory supplies, professional services and travel expenses. Trade Receivables, Unbilled Services and Unearned Income In general, billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the transfer of control of the Company’s services under the contract. In general, the Company’s intention in its invoicing (payment terms) is to maintain cash neutrality over the life of the contract. Upfront payments, when they occur, are intended to cover certain expenses the Company incurs at the beginning of the contract. Neither the Company nor its customers view such upfront payments and contracted payment schedules as a means of financing. Unbilled services primarily arise from long-term contracts when a cost-based or hours-based input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Unearned income consists of advance payments and billings in excess of revenue recognized. As the contracted services are subsequently performed and the associated revenue is recognized, the unearned income balance is reduced by the amount of the revenue recognized during the period. Unearned income is classified as a current liability on the condensed consolidated balance sheet as the Company expects to recognize the associated revenue in less than one year. Concentration of Credit Risk Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and cash equivalent balances with high-quality financial institutions and, consequently, the Company believes that such funds are subject to minimal credit risk. Investment policies have been implemented that limit purchases of marketable securities to investment grade securities. Substantially all revenues for Technology & Analytics Solutions Contract Sales & Medical Solutions Restructuring Costs Restructuring costs, which primarily include termination benefits and facility closure costs, are recorded at estimated fair value. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations and the timing of employees leaving the Company. Merger Related Costs Merger related costs include the direct and incremental costs associated with business combinations including (i) acquisition related costs such as investment banking, legal, accounting and consulting fees (see Note 14), (ii) incremental compensation costs triggered under change in control provisions in executive employment agreements, (iii) compensation and related costs of employees 100% dedicated to merger-related integration activities and (iv) severance and other termination costs associated with redundant employees. There were no merger related costs recognized in 2018 or 2017. During 2016, the Company recognized $87 million of merger related costs, which includes $36 million of acquisition related costs. All of these costs are related to the Merger. Merger related costs for all other business combinations have been immaterial and are included within selling, general and administrative expenses on the consolidated statements of income. Legal Costs Legal costs are expensed as incurred. Debt Fees Fees incurred to issue debt are generally deferred and amortized as a component of interest expense over the estimated term of the related debt using the effective interest rate method. Contingencies The Company records accruals for claims, suits, investigations and proceedings when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company reviews claims, suits, investigations and proceedings at least quarterly and records or adjusts accruals related to such matters to reflect the impact and status of any settlements, rulings, advice of counsel or other information pertinent to a particular matter. Legal costs associated with contingencies are charged to expense as incurred. The Company is party to legal proceedings incidental to its business. While the outcome of these matters could differ from management’s expectations, the Company does not believe the resolution of these matters will have a material adverse effect to the Company’s financial statements. Income Taxes Income tax expense includes United States (“U.S.”) 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. As a result of the Tax Cuts and Jobs Act (the “Tax Act”) enacted on December 22, 2017, the Company no longer considers the undistributed earnings of its foreign subsidiaries to be indefinitely reinvested and will record deferred income taxes on these earnings, as applicable. The Company has recorded its U.S. deferred taxes based on the Federal corporate income tax rate of 21%. The Company accounts for Global Intangible Low Taxed Income (“GILTI”) and the Base Erosion and Anti-Abuse Tax (“BEAT”) as period costs if and when incurred. Interest and penalties related to unrecognized income tax benefits are recognized as a component of income tax expense as discussed further in Note 16. Additionally, as a result of the Tax Act the Company is required to make an accounting policy election in relation to the reduction or loss of cash tax savings from net operating losses in its valuation allowance assessments, by either electing the tax law ordering approach or the incremental cash tax savings approach. The Company has made the election to use the incremental cash tax savings approach as its policy. Pensions and Other Postretirement Benefits The Company provides retirement benefits to certain employees, including defined benefit pension plans and postretirement medical plans. The determination of benefit obligations and expense is based on actuarial models. In order to measure benefit costs and obligations using these models, critical assumptions are made with regard to the discount rate, expected return on plan assets, cash balance crediting rate, lump sum conversion rate and the assumed rate of compensation increases. In addition, retiree medical care cost trend rates are a key assumption used exclusively in determining costs for the Company’s postretirement health care and life insurance benefit plans. Management reviews these critical assumptions at least annually. Other assumptions involve demographic factors such as turnover, retirement and mortality rates. Management reviews these assumptions periodically and updates them when their experience deems it appropriate to do so. The discount rate is the rate at which the benefit obligations could be effectively settled and is determined annually by management. For United States plans, the discount rate is based on results of a modeling process in which the plans’ expected cash flow (determined on a projected benefit obligation basis) is matched with spot rates developed from a yield curve comprised of high-grade (Moody’s Aa and above, or Standard and Poor’s AA and above) non-callable corporate bonds to develop the present value of the expected cash flow, and then determining the single rate (discount rate), which when applied to the expected cash flow derives that same present value. In the United Kingdom specifically, the discount rate is set based on the yields on a universe of high quality non-callable corporate bonds denominated in the British Pound, appropriate to the duration of plan liabilities. For the non-United States plans, the discount rate is based on the current yield of an index of high quality corporate bonds. The Company estimates the service and interest cost components of net periodic benefit cost for the Company’s United States and United Kingdom pension benefit plans by utilizing a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to each of the underlying projected cash flows based on time until payment. Under the United States qualified retirement plan, participants have a notional retirement account that increases with pay and investment credits. The rate used to determine the investm |
Revenues by Geography, Concentr
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations | 2. The Company attributes revenues to geographical region based upon where the services are performed. The following tables represent revenues by geographical region and reportable segment for the years ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 2,087 $ 2,553 $ 358 $ 4,998 Europe and Africa 1,520 1,693 235 3,448 Asia-Pacific 530 1,219 217 1,966 Total revenues $ 4,137 $ 5,465 $ 810 $ 10,412 Year Ended December 31, 2017 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 1,801 $ 2,375 $ 430 $ 4,606 Europe and Africa 1,372 1,663 251 3,286 Asia-Pacific 509 1,067 234 1,810 Total revenues $ 3,682 $ 5,105 $ 915 $ 9,702 Year Ended December 31, 2016 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 608 $ 2,205 $ 441 $ 3,254 Europe and Africa 392 1,587 240 2,219 Asia-Pacific 148 945 249 1,342 Total revenues $ 1,148 $ 4,737 $ 930 $ 6,815 No individual country, except for the United States and the United Kingdom, accounted for 10% or more of total revenues for the year ended December 31, 2018. For the year ended December 31, 2018, revenues in the United States and the United Kingdom accounted for 43% and 11% of total revenue, respectively. No individual country, except for the United States, accounted for 10% or more of total revenues for the years ended December 31, 2017 and 2016. For those periods, revenue in the United States accounted for 42% and 43% of total revenues, respectively. No individual customer represented 10% or more of total revenues for the years ended December 31, 2018, 2017 or 2016. Transaction Price Allocated to the Remaining Performance Obligations As of December 31, 2018, approximately $18.6 billion of revenue is expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenue on approximately 35% of these remaining performance obligations over the next twelve months, with the balance recognized thereafter. The customer contract transaction |
Trade Accounts Receivable, Unbi
Trade Accounts Receivable, Unbilled Services and Unearned Income | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Trade Accounts Receivable, Unbilled Services and Unearned Income | 3. Trade Accounts Receivable, Unbilled Services and Unearned Income Trade accounts receivables and unbilled services consist of the following: December 31, (in millions) 2018 2017 Trade accounts receivable: Billed $ 1,279 $ 1,229 Unbilled services 1,130 883 Trade accounts receivable and unbilled services 2,409 2,112 Allowance for doubtful accounts (15 ) (15 ) Trade accounts receivable and unbilled services, net $ 2,394 $ 2,097 Unbilled services and unearned income was as follows: December 31, (in millions) 2018 2017 Change Unbilled services $ 1,130 $ 883 $ 247 Unearned income (1,007 ) (985 ) (22 ) Net balance $ 123 $ (102 ) $ 225 Unbilled services, which is comprised of approximately equal parts of unbilled receivables and contract assets as of December 31, 2018, increased by $247 million as compared to December 31, 2017. Contract assets are unbilled services for which invoicing is based on the timing of certain milestones related to service contracts for clinical research whereas unbilled receivables are billable upon the passage of time. Unearned income increased by $22 million over the same period resulting in an increase of $225 million in the net balance of unbilled services and unearned income between December 31, 2018 and 2017. These fluctuations are primarily due to timing of payments and invoicing related to the Company’s Research & Development Solutions contracts. Bad debt expense recognized on the Company’s receivables and unbilled services was de minimis for the years ended December 31, 2018, 2017 and 2016. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 4. Investments Debt, Equity and Other Securities Current 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 consolidated statements of income. Long-term ASU 2016-01 became effective on January 1, 2018. ASU 2016-01 requires entities to measure equity investments (except those accounted for under the equity method, those that result in consolidation of the investee and certain other investments) at fair value and recognize any changes in fair value in net income at the end of each reporting period. Entities can no longer classify equity investments as trading or available for sale and can no longer recognize unrealized holding gains and losses on equity securities classified previously as available for sale in other comprehensive income (loss). Entities can no longer use the cost method of accounting as it was previously applied for equity securities that do not have readily determinable fair values. For equity investments that do not have readily determinable fair values and do not qualify for the existing practical expedient in Accounting Standards Codification (“ASC”) 820 “Fair Value Measurement” (“ASC 820”) to estimate fair value using the net asset value per share of the investment, the guidance provides a new measurement alternative. Entities may choose to measure those investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer at each reporting period. During the fourth quarter of 2018, the Company recorded the cumulative adoption of ASU 2016-01 within equity. In February 2018, the Company made an investment in COTA, Inc. (“COTA”) for a minority ownership interest. The Company’s investment in COTA does not meet the criteria to be accounted for under the equity method or to be consolidated and as a result is subject to ASU 2016-01 noted above. The Company’s investment in COTA does not have a readily determinable fair value and does not qualify for the existing practical expedient in ASC 820. The Company has elected to utilize the new measurement alternative provided for in ASC 321 “Investments – Equity Securities.” The Company’s minority interest in COTA was $20 million as of December 31, 2018. Unconsolidated Affiliates The Company accounts for its investments in and advances to unconsolidated affiliates under the equity method of accounting and records its pro rata share of its losses or earnings from these investments in equity in earnings (losses) of unconsolidated affiliates. The following is a summary of the Company’s investments in and advances to unconsolidated affiliates: December 31, (in millions) 2018 2017 NovaQuest Pharma Opportunities Fund III, L.P. (“NQ Fund III”) $ 30 $ 33 NovaQuest Pharma Opportunities Fund IV, L.P. (“NQ Fund IV”) 13 7 NovaQuest Pharma Opportunities Fund V, L.P. (“NQ Fund V”) 14 — NovaQuest Private Equity Fund I, L.P. (“NQ PE Fund I”) 4 — Cenduit TM 4 14 NostraData Pty Ltd. (“NostraData”) 7 8 TransMed Systems, Inc. (“TransMed”) 20 — Other 9 8 $ 101 $ 70 NovaQuest Pharma Opportunities Funds The Company has committed to invest up to $50 million as a limited partner in NQ Fund III. As of December 31, 2018, the Company has funded approximately $43.5 million and has approximately $6.5 million of remaining funding commitments. As of December 31, 2018 and 2017, the Company had a 10.9% ownership interest in NQ Fund III. The Company has committed to invest up to $20 million as a limited partner in NQ Fund IV. As of December 31, 2018, the Company has funded approximately $17.0 million and has approximately $3.0 million of remaining funding commitments. As of December 31, 2018 and 2017, the Company had a 2.5% ownership interest in NQ Fund IV. In April 2018, the Company committed to invest up to $45 million and $5 million as a limited partner in NQ Fund V and NQ PE Fund I, respectively. As of December 31, 2018, the Company has funded approximately $13.5 million and has approximately $31.5 million of remaining funding commitments in NQ Fund V and it has funded approximately $3.8 million and has approximately $1.2 million of remaining funding commitments in NQ PE Fund I. As of December 31, 2018, the Company had a 7.9% and 5.2% ownership interest in NQ Fund V and NQ PE Fund I, respectively. Cenduit In May 2007, the Company and Thermo Fisher Scientific Inc. (“Thermo Fisher”) completed the formation of a joint venture, Cenduit. The Company contributed its Interactive Response Technology operations in India and the United States. Thermo Fisher contributed its Fisher Clinical Services Interactive Response Technology operations in three locations — the United Kingdom, the United States and Switzerland. Additionally, each company contributed $4 million in initial capital. The Company and Thermo Fisher each own 50% of Cenduit. Cenduit provides project related services to the Company on an as needed basis. NostraData In November 2015, IMS Health made a 10.25 million AUD (approximately 9 million USD) investment in NostraData for a 24% equity interest. NostraData provides data to the Company on an as needed basis. TransMed In August 2018, the Company made a $20 million investment in TransMed and had a 31% equity interest as of December 31, 2018. See Note 18 for information regarding related party transactions. Variable Interest Entities As of December 31, 2018, 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 NQ Fund III $ 30 $ 37 NQ Fund IV 13 16 NQ Fund V 14 46 NQ PE Fund I 4 5 Pappas Life Science Ventures V, L.P. 1 5 $ 62 $ 109 The Company has determined that these funds are VIEs but that the Company is not the primary beneficiary as it does not have a controlling financial interest in these funds. However, because the Company has the ability to exercise significant influence, it accounts for its investments in these funds under the equity method of accounting and records its pro rata share of earnings and losses in equity in earnings (losses) of unconsolidated affiliates on the accompanying consolidated statements of income. The investment assets of unconsolidated VIEs are included in investments in and advances to unconsolidated affiliates on the accompanying consolidated balance sheets. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 5. Derivatives Foreign Exchange Risk Management The Company transacts business in more than 100 countries and is subject to risks associated with fluctuating foreign exchange rates. Accordingly, the Company enters into foreign currency forward contracts 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. Service Contract Hedging and Royalty Hedging contracts are designated as hedges and are carried at fair value, with changes in the fair value recorded to AOCI. The change in fair value is reclassified from AOCI to earnings in the period in which the hedged transaction occurs. These contracts have various expiration dates through November 2019. As of December 31, 2018, the Company had open Service Contract Hedging and Royalty Hedging contracts to hedge certain forecasted foreign currency cash flow transactions occurring in 2019 with notional amounts totaling $202 million. As of December 31, 2017, the Company had open Service Contract Hedging and Royalty Hedging contracts to hedge certain forecasted foreign currency cash flow transactions occurring in 2018. For accounting purposes these hedges are considered highly effective. As of December 31, 2018 and 2017, the Company had recorded gross unrealized gains (losses) of $5 million and ($3) million and $5 million and ($4) million 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. In April 2014, IMS Health purchased three United States dollar denominated interest rate caps (“2014 Caps”) with a total notional value of $1 billion at strike prices between 2% and 3%. These caps commenced at various times between April 2014 and April 2016 and expire in April 2019. The 2014 Caps are accounted for as cash flow hedges. As of December 31, 2018, only two of the 2014 Caps remain unexpired, with a notional value of $700 million. IMS Health also entered into United States dollar and Euro denominated interest rate swap agreements in April 2014 (“2014 Swaps”) to hedge interest rate exposure on notional amounts of approximately $600 million of its borrowings. The 2014 Swaps commenced between April and June 2014 and expire at various times through March 2021. As of December 31, 2018, only two of the 2014 Swaps remain unexpired, with a notional value of $432 million. On these agreements, the Company pays a fixed rate ranging from 1.6% 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”), three-month Euro Interbank Offered Rate (“EURIBOR”) or the equivalent to LIBOR, and 1%. During 2017, the 2014 Swaps ceased to be considered highly effective for accounting purposes and as such, the Company discontinued hedge accounting and prospective changes in the fair value of the Swaps are recognized in earnings. On June 3, 2015, the Company entered into seven forward starting interest rate swaps (“2015 Swaps”) in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (as defined below). Interest on the swaps began accruing on June 30, 2016, and the interest rate swaps expire at various times through March 2020. As of December 31, 2018, only four of the 2015 Swaps were still outstanding. The Company pays a fixed rate ranging from 1.9% to 2.1% and receives a variable rate of interest equal to the three-month LIBOR on these agreements. The critical terms of the 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 are considered On July 19, 2018, the Company entered into two forward starting interest rate swaps (“2018 Swaps”) with a total notional value of $500 million in an effort to limit its exposure to changes in the variable interest rate on its Senior Secured Credit Facilities (as defined below) 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 50% fixed rate debt and 50% variable rate debt, before the additional protection arising from the interest rate caps. Net Investment Risk Management The Company designates 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, which is accounted for as a cash flow hedge. As of December 31, 2018, these borrowings (net of original issue discount) were €4,590 million ($5,253 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 would be reclassified from AOCI to earnings upon the sale or substantial liquidation of these net investments. The amount of foreign exchange gains related to the net investment hedge included in the cumulative translation adjustment component of AOCI for the year ended December 31, 2018 was $228 million. The fair values of the Company’s derivative instruments and the line items on the accompanying consolidated balance sheets to which they were recorded are summarized in the following table: December 31, 2018 December 31, 2017 (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 $ 5 $ 3 $ 202 $ 5 $ 4 $ 282 Interest rate swaps Other assets and liabilities 3 9 890 — 1 405 Interest rate caps Deposits and other assets 1 — 700 1 — 700 Derivatives not designated as hedging instruments: Interest rate swaps Other liabilities — 5 432 — 8 447 Total derivatives $ 9 $ 17 $ 6 $ 13 The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive (loss) income is summarized in the following table: Year Ended December 31, (in millions) 2018 2017 2016 Foreign exchange forward contracts $ (9 ) $ (5 ) $ 16 Interest rate derivatives (6 ) 9 8 Total $ (15 ) $ 4 $ 24 The Company expects approximately $6 million of pre-tax unrealized gains related to its foreign exchange contracts and interest rate derivatives included in AOCI at December 31, 2018 to be reclassified into earnings within the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. 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 December 31, 2018 and 2017 due to their short-term nature. At December 31, 2018 and 2017, the fair value of total debt approximated $10,850 million and $10,432 million, respectively, as determined under Level 1 and Level 2 measurements 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 and reported at fair value on a recurring basis as of December 31, 2018: (in millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 63 $ — $ — $ 63 Derivatives — 9 — 9 Total $ 63 $ 9 $ — $ 72 Liabilities: Derivatives $ — $ 17 $ — $ 17 Contingent consideration — — 123 123 Total $ — $ 17 $ 123 $ 140 The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2017: (in millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 46 $ — $ — $ 46 Derivatives — 6 — 6 Total $ 46 $ 6 $ — $ 52 Liabilities: Derivatives $ — $ 13 $ — $ 13 Contingent consideration — — 69 69 Total $ — $ 13 $ 69 $ 82 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 v arious financial metrics (revenue performance targets 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 year ended December 31: Contingent Consideration (in millions) 2018 2017 2016 Balance as of January 1 $ 69 $ 18 $ 4 Business combinations 53 57 19 Contingent consideration paid (24 ) (4 ) (4 ) Revaluations included in earnings and foreign currency translation adjustments 25 (2 ) (1 ) Balance as of December 31 $ 123 $ 69 $ 18 The current portion of contingent consideration is included within accrued expenses and the long-term portion is included within other liabilities on the accompanying consolidated balance sheets. Revaluations of contingent consideration are recognized in other expense (income), net on the accompanying consolidated statements of income. Non-recurring Fair Value Measurements Certain assets are carried on the accompanying consolidated balance sheets at cost and are not remeasured to fair value on a recurring basis. These assets include equity investments that do not have readily determinable fair values that are assessed for impairment quarterly or annually and when a triggering event occurs, and goodwill and identifiable intangible assets that are tested for impairment annually and when a triggering event occurs. See Note 4 and 8 for additional information. As of December 31, 2018, assets carried on the balance sheet and not remeasured to fair value on a recurring basis totaled approximately $17,878 million and were identified as Level 3. These assets are comprised of cost and equity method investments of $127 million, goodwill of $11,800 million and other identifiable intangibles, net of $5,951 million. Cost and Equity Method Investments —The inputs available for valuing investments in non-public portfolio companies are generally not easily observable. The valuation of non-public investments requires significant judgment by the Company due to the absence of quoted market values, inherent lack of liquidity and the long-term nature of such assets. When a triggering event occurs, the Company considers a wide range of available market data when assessing the estimated fair value. Such market data includes observations of the trading multiples of public companies considered comparable to the private companies being valued as well as publicly disclosed merger transactions involving comparable private companies. In addition, valuations are adjusted to account for company-specific issues, the lack of liquidity inherent in a non-public investment and the fact that comparable public companies are not identical to the companies being valued. Such valuation adjustments are necessary because in the absence of a committed buyer and completion of due diligence similar to that performed in an actual negotiated sale process, there may be company-specific issues that are not fully known that may affect value. Further, a variety of additional factors are reviewed by the Company, including, but not limited to, financing and sales transactions with third parties, current operating performance and future expectations of the particular investment, changes in market outlook and the third-party financing environment. Because of the inherent uncertainty of valuations, estimated valuations may differ significantly from the values that would have been used had a ready market for the securities existed, and the differences could be material. Goodwill —Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets resulting from business combinations. The Company performs a qualitative analysis to determine whether it is more likely than not that the estimated fair value of a reporting unit is less than its book value. This includes a qualitative analysis of macroeconomic conditions, industry and market considerations, internal cost factors, financial performance, fair value history and other company specific events. If this qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the book value for the respective reporting unit, the Company applies a two-step impairment test in which the Company determines whether the estimated fair value of the reporting unit is in excess of its carrying value. If the carrying value of the net assets assigned to the reporting unit exceeds the estimated fair value of the reporting unit, the Company performs the second step of the impairment test to determine the implied estimated fair value of the reporting unit’s goodwill. The Company determines the implied estimated fair value of goodwill by determining the present value of the estimated future cash flows for each reporting unit and comparing the reporting unit’s risk profile and growth prospects to selected, reasonably similar publicly traded companies. See Note 8 for additional information. Definite-lived Intangible Assets —If a triggering event occurs, the Company determines the estimated fair value of definite-lived intangible assets by determining the present value of the expected cash flows. See Note 8 for additional information. Indefinite-lived Intangible Asset —If a qualitative analysis indicates that it is more likely than not that the estimated fair value is less than the carrying value of an indefinite-lived intangible asset, the Company determines the estimated fair value of the indefinite-lived intangible asset (trade name) by determining the present value of the estimated royalty payments on an after-tax basis that it would be required to pay the owner for the right to use such trade name. If the carrying amount exceeds the estimated fair value, an impairment loss is recognized in an amount equal to the excess. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 7. Property and Equipment The major classes of property and equipment were as follows: December 31, (in millions) 2018 2017 Land, buildings and leasehold improvements $ 326 $ 324 Equipment 521 446 Furniture and fixtures 82 81 Transportation equipment 72 72 Property and equipment, gross 1,001 923 Less accumulated depreciation (567 ) (483 ) Property and equipment, net $ 434 $ 440 Property and equipment depreciation expense was as follows: Year Ended December 31, (in millions) 2018 2017 2016 Depreciation expense $ 125 $ 125 $ 79 |
Goodwill and Identifiable Intan
Goodwill and Identifiable Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Identifiable Intangible Assets | 8. Goodwill and Identifiable Intangible Assets As of December 31, 2018, the Company has approximately $5,951 million of identifiable intangible assets, of which approximately $18 million, relating to a trade name, is deemed to be indefinite-lived and, accordingly, is not being amortized. Amortization expense associated with identifiable definite-lived intangible assets was as follows: Year Ended December 31, (in millions) 2018 2017 2016 Amortization expense $ 1,016 $ 886 $ 210 Estimated amortization expense for existing identifiable intangible assets is expected to be approximately $1,052 million, $997 million, $839 million, $489 million and $405 million for the years ending December 31, 2019, 2020, 2021, 2022 and 2023, respectively. Estimated amortization expense can be affected by various factors, including future acquisitions or divestitures of service and/or licensing and distribution rights or impairments. The following is a summary of identifiable intangible assets: As of December 31, 2018 As of December 31, 2017 (in millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Definite-lived identifiable intangible assets: Client relationships and backlog $ 4,620 $ (863 ) $ 3,757 $ 4,604 $ (474 ) $ 4,130 Trademarks, trade names and other 526 (108 ) 418 528 (59 ) 469 Databases 1,828 (823 ) 1,005 1,876 (468 ) 1,408 Software and related assets 1,279 (543 ) 736 927 (382 ) 545 Non-compete agreements 27 (10 ) 17 24 (3 ) 21 $ 8,280 $ (2,347 ) $ 5,933 $ 7,959 $ (1,386 ) $ 6,573 Indefinite-lived identifiable intangible assets: Trade names $ 18 $ — $ 18 $ 18 $ — $ 18 The following is a summary of goodwill by segment for the years ended December 31, 2018 and 2017: (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Consolidated Balance as of December 31, 2016 $ 9,415 $ 1,196 $ 116 $ 10,727 Business combinations 403 178 — 581 Impairment (40 ) — — (40 ) Impact of foreign currency fluctuations and other 570 11 1 582 Balance as of December 31, 2017 10,348 1,385 117 11,850 Business combinations 135 49 18 202 Impact of foreign currency fluctuations and other (244 ) (7 ) (1 ) (252 ) Balance as of December 31, 2018 $ 10,239 $ 1,427 $ 134 $ 11,800 During 2017 and 2016, the Company determined there was sufficient indication that the carrying value of Encore Health Resources LLC (“Encore”) should be reviewed for impairment that resulted in recognized impairment losses of $40 million and $28 million, respectively, for declines in fair value of goodwill and identifiable intangible assets. were no remaining accumulated goodwill impairment losses as of December 31, 2018 or 2017. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 9. Accrued Expenses Accrued expenses consist of the following: December 31, (in millions) 2018 2017 Compensation, including bonuses, fringe benefits and payroll taxes $ 660 $ 656 Restructuring 74 84 Interest 45 45 Client contract related 678 565 Professional fees 91 76 Contingent consideration and deferred purchase price 90 59 Other 220 179 $ 1,858 $ 1,664 |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Credit Arrangements | 10. Credit Arrangements The following is a summary of the Company’s revolving credit facilities at December 31, 2018: Facility Interest Rates $1,500 million (revolving credit facility) LIBOR in the relevant currency borrowed plus a margin of 1.50% at December 31, 2018 $25 million (receivables financing facility) LIBOR Market Index Rate (2.50% at December 31, 2018) plus 0.90% £10 million (approximately $13 million) general banking facility Bank’s base rate of 0.75% at December 31, 2018 plus 1% The following table summarizes the Company’s debt at the dates indicated: December 31, (dollars in millions) 2018 2017 Senior Secured Credit Facilities: Term A Loan due 2023—U.S. Dollar LIBOR at average floating rates of 4.30% $ 812 $ 844 Term A Loan due 2023—Euro LIBOR at average floating rates of 1.50% 416 453 Term B Loan due 2024—U.S. Dollar LIBOR at average floating rates of 4.80% 535 1,188 Term B Loan due 2024—Euro LIBOR at average floating rates of 2.75% 1,346 1,423 Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 4.80% 741 748 Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 4.27% 945 — Term B Loan due 2025—Euro LIBOR at average floating rates of 2.50% 664 — Revolving Credit Facility due 2023: U.S. Dollar denominated borrowings — floating rates of 3.91% 620 529 5.0% Senior Notes due 2026 — 1,050 1,050 2.875% Senior Notes due 2025—Euro denominated 481 503 3.25% Senior Notes due 2025 — 1,631 1,707 3.5% Senior Notes due 2024 — 715 749 4.875% Senior Notes due 2023—U.S. Dollar denominated 800 800 Receivables financing facility due 2020—U.S. Dollar LIBOR at average floating rates of 3.40% 300 275 Principal amount of debt 11,056 10,269 Less: unamortized discount and debt issuance costs (49 ) (44 ) Less: current portion (100 ) (103 ) Long-term debt $ 10,907 $ 10,122 Contractual maturities of long-term debt at December 31, 2018 are as follows: (in millions) 2019 $ 100 2020 400 2021 100 2022 100 2023 2,434 Thereafter 7,922 $ 11,056 At December 31, 2018, there were bank guarantees totaling approximately £1.6 million (approximately $2.0 million) issued against the availability of the general banking facility with a European headquartered bank through their operations in the United Kingdom. Senior Secured Credit Agreement and Senior Notes 2018 Financing Transactions At December 31, 2018, the Company’s Fourth Amended and Restated Credit Agreement, as amended (the “Credit Agreement”) provided financing through several senior secured credit facilities (collectively, the “Senior Secured Credit Facilities”) of up to approximately $6,959 million, which consisted of $6,079 million principal amounts of debt outstanding (as detailed in the table above) and $880 million of available borrowing capacity on the $1,500 million revolving credit facility that expires in 2023. On June 11, 2018, the Company entered into Amendment No. 4 (the “Amendment”) to its Fourth Amended and Restated Credit Agreement that amended the terms of the existing term A loans and revolving credit facility to extend the maturity from 2021 to 2023 and reduce the applicable interest rate from LIBOR plus a margin ranging from 1.75% to 2.50% to LIBOR plus a margin ranging from 1.25% to 2.00%. The amendments with respect to the revolving credit facility and the term A loans became effective on June 13, 2018 . Under the Amendment, the Company also placed additional term B loans. The additional term B loans will mature in 2025 and were comprised of $950 million of U.S. dollar denominated term B loans and . The proceeds of the additional term B loans were used to pay down the revolving credit facility and $650 million of existing term B loans due 2024 and to pay fees and expenses in connection with the transactions On April 6, 2018, the Company entered into Amendment No. 3 to its Fourth Amended and Restated Credit Agreement that increased the amount of commitments available to the Company and certain of its subsidiaries to $1,500 million under the revolving credit facility. No other terms of the credit agreement were amended. 2017 Financing Transactions On September 14, 2017, the Company’s wholly owned subsidiary, IQVIA Inc. (formerly Quintiles IMS Incorporated) (the “Issuer”), issued €420 million (approximately $501 million) aggregate principal amount of 2.875% senior notes due 2025 (the “2025 Notes”). The 2025 Notes, which are unsecured obligations of the Issuer, mature on September 15, 2025 and bear an interest rate of 2.875%, which is paid semi-annually on March 15 and September 15 of each year, beginning on March 15, 2018. The 2025 Notes may be redeemed prior to their final stated maturity, subject to a customary make-whole premium at any time prior to September 15, 2020 (subject to a certain customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 1.438% to 0%. 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 $2,479 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 bear interest based on the U.S. Dollar LIBOR with a floor of 0.75%, plus a margin of 2.00%. The Euro denominated term B loans bear interest based on the Euro LIBOR with a floor of 0.75%, plus a margin of 2.00%. In connection with this refinancing, the Company recognized a $3 million loss on extinguishment of debt, which includes fees and related expenses. On February 28, 2017, the Issuer issued €1,425 million (approximately $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 Issuer, mature on March 15, 2025 and bear an interest rate of 3.25%, which is paid 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 and other general corporate purposes, including the repurchase of the Company’s common stock. The net proceeds from the offering of the 2025 Notes and the No. 2 Amendment were used to refinance certain indebtedness, including the redemption of the outstanding 4.125% Euro denominated senior notes due 2023 (the “4.125% Notes”), to pay down the revolving credit facility, to pay fees and expenses related to the offering of the 2025 Notes and the No. 2 Amendment and for other general corporate purposes, including the repurchase of the Company’s common stock and acquisitions. In connection with this refinancing, the Company recognized a $16 million loss on Receivables Financing Facility On December 15, 2017, the Company amended its receivables financing facility to extend the original term of the facility to December 15, 2020. In addition, the applicable margin (over LIBOR) changed to 90 bps regardless of the Company’s credit rating. Prior to the amendment, the margin was based on the Company’s credit rating and could range from 85 bps to 135 bps. On December 5, 2014, the Company entered into a four-year arrangement to securitize certain of its accounts receivable. Under the receivables financing facility, certain of the Company’s accounts receivable are sold on a non-recourse basis by certain of its consolidated subsidiaries to another of its consolidated subsidiaries, a bankruptcy-remote special purpose entity (“SPE”). The SPE obtained a term loan and revolving loan commitment from a third-party lender, secured by liens on the assets of the SPE, to finance the purchase of the accounts receivable, which includes a $275 million term loan and a $25 million revolving loan commitment. The revolving loan commitment may be increased by an additional $35 million as amounts are repaid under the term loan. The Company has guaranteed the performance of the obligations of existing and future subsidiaries that sell and service the accounts receivable under the receivables financing facility. The assets of the SPE are not available to satisfy any of the Company’s obligations or any obligations of its subsidiaries. As of December 31, 2018, no additional amounts of revolving loans were available under the receivables financing facility. 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 Credit Agreement, other actions permitted to be taken by a secured creditor. The Company’s long-term debt arrangements contain usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. At December 31, 2018, the Company was in compliance in all material respects with the financial covenants under the Company’s financing arrangements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Leases | 11. Leases The Company leases facilities under operating leases, many of which contain renewal and escalation clauses. The Company also leases certain equipment and motor vehicles under operating leases. The leases expire at various dates through 2029 with options to cancel certain leases at various intervals. Rental expenses under these agreements were $197 million, $197 million and $127 million in 2018, 2017 and 2016, respectively. The following is a summary of future minimum payments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2018: (in millions) Operating Leases 2019 $ 167 2020 136 2021 108 2022 90 2023 69 Thereafter 119 Total minimum lease payments $ 689 |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 12. Contingencies The Company and its subsidiaries are involved in legal and tax proceedings, claims and litigation arising in the ordinary course of business. Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For those matters where management currently believes it is probable that the Company will incur a loss and that the probable loss or range of loss can be reasonably estimated, the Company has recorded reserves in the consolidated financial statements based on its best estimates of such loss. In other instances, because of the uncertainties related to either the probable outcome or the amount or range of loss, management is unable to make a reasonable estimate of a liability, if any. However, even in many instances where the Company has recorded an estimated liability, the Company is unable to predict with certainty the final outcome of the matter or whether resolution of the matter will materially affect the Company’s results of operations, financial position or cash flows. As additional information becomes available, the Company adjusts its assessments and estimates of such liabilities accordingly. The Company routinely enters into agreements with its suppliers to acquire data and with its clients to sell data, all in the normal course of business. In these agreements, the Company sometimes agrees to indemnify and hold harmless the other party for any damages such other party may suffer as a result of potential intellectual property infringement and other claims related to the use of the data. The Company has not accrued a liability with respect to these matters, as the exposure is considered remote. Based on its review of the latest information available, management does not expect the impact of pending legal and tax proceedings, claims and litigation, either individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, cash flows or financial position. However, one or more unfavorable outcomes in any claim or litigation against the Company could have a material adverse effect for the period in which it is resolved. The following is a summary of certain legal matters involving the Company. The Company’s wholly-owned subsidiary, IMS Government Solutions Inc. (“IMS Government Solutions”), is primarily engaged in providing services under contracts with the United States government. United States government contracts are subject to extensive legal and regulatory requirements and, from time to time, agencies of the United States government have the ability to investigate whether contractors’ operations are being conducted in accordance with such requirements. IMS Government Solutions discovered potential noncompliance with various contract clauses and requirements under its General Services Administration Contract (the “GSA Contract”), which was awarded in 2002 to its predecessor company, Synchronous Knowledge Inc. (Synchronous Knowledge Inc. was acquired by IMS Health in May 2005). The potential noncompliance arose from two primary areas: first, at the direction of the government, work performed under one task order was invoiced under another task order without the appropriate modifications to the orders being made; and second, personnel who did not meet strict compliance with the labor categories component of the qualification requirements of the GSA Contract were assigned to contracts. The Company is currently unable to determine the outcome of all of these matters pending the resolution of the Voluntary Disclosure Program process and the ultimate liability arising from these matters could exceed the Company’s current reserves. On February 13, 2014, a group of approximately 1,200 medical doctors and 900 private individuals filed a civil lawsuit with the Seoul Central District Court against IMS Korea and two other defendants, KPA and the Korean Pharmaceutical Information Center (“KPIC”). The civil lawsuit alleges KPA and KPIC collected their personal information in violation of applicable privacy laws without the necessary consent through a software system installed on pharmacy computer systems in Korea, and that personal information was transferred to IMS Korea and sold to pharmaceutical companies. On September 11, 2017, the District Court issued a final decision that the encryption in use by the defendants since June 2014 was adequate to meet the requirements of the Korean Personal Information Privacy Act (“PIPA”) and the sharing of non-identified information for market research purposes was allowed under PIPA. The District Court also found an earlier version of encryption was insufficient to meet PIPA requirements, but no personal data had been leaked or re-identified. The District Court did not award any damages to plaintiffs. Approximately 280 medical doctors and 200 private individuals appealed the District Court decision. The Company believes the appeal is without merit and intends to vigorously defend its position. On July 23, 2015, indictments were issued by the Seoul Central District Prosecutors’ Office in South Korea against 24 individuals and companies alleging improper handling of sensitive health information in violation of, among others, South Korea’s Personal Information Protection Act. IMS Korea and two of its employees were among the individuals and organizations indicted. Although there is no assertion that IMS Korea used patient identified health information in any of its offerings, prosecutors allege that certain of IMS Korea’s data suppliers should have obtained patient consent when they converted sensitive patient information into non-identified data and that IMS Korea had not taken adequate precautions to reduce the risk of re-identification. The Company believes the indictment is without merit as it acted in compliance with all applicable laws at all times and intends to vigorously defend its position. On January 10, 2017, IQVIA Inc., IMS Health Incorporated and IMS Software Services, Inc. (collectively “IQVIA Parties”) filed a lawsuit in the U.S. District Court for the District of New Jersey against Veeva Systems, Inc. (“Veeva”) alleging Veeva unlawfully used IQVIA Parties intellectual property to improve Veeva data offerings, to promote and market Veeva data offerings and to improve Veeva technology offerings. IQVIA Parties seek injunctive relief, appointment of a monitor, the award of compensatory and punitive damages and reimbursement of all litigation expenses, including reasonable attorneys’ fees and costs. On March 13, 2017, Veeva filed counterclaims alleging anticompetitive business practices in violation of the Sherman Act and state laws. Veeva claims damages in excess of $200 million, and is seeking punitive damages and litigation costs, including attorneys’ fees. The Company believes the counterclaims are without merit, reject all counterclaims raised by Veeva and intend to vigorously defend IQVIA Parties’ position and pursue the Company’s claims against Veeva. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Stockholders’ Equity | 13. 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 December 31, 2018 or 2017. Equity Repurchase Program On October 30, 2013, the Company’s Board of Directors (the “Board”) approved an equity repurchase program (the “Repurchase Program”) authorizing the repurchase of up to $125 million of either the Company’s common stock or vested in-the-money employee stock options, or a combination thereof. The Board increased the stock repurchase authorization under the Repurchase Program with respect to the repurchase of its common stock by $600 million, $1.5 billion, $2 billion and $1.5 billion in 2015, 2016, 2017 and 2018, respectively, which increased the total amount that has been authorized under the Repurchase Program to $5.725 billion. 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 may be modified, extended, suspended or discontinued at any time. As of December 31, 2018, the Company has remaining authorization to repurchase up to $285 Repurchase Program. On February 13, 2019, the Board authorized an increase in the post-merger share repurchase authorization by $2.0 billion, resulting in approximately $2.3 billion remaining 2018 Offerings In November 2018, the Company completed an underwritten secondary public offering of 6,000,000 shares of its common stock held by certain of the Company’s principal stockholders (the “November 2018 Selling Stockholders”), of which the Company repurchased 2,000,000 shares for an aggregate purchase price of approximately $247 million. The Company In June 2018, the Company completed an underwritten secondary public offering of 12,000,000 shares of its common stock held by certain of the Company’s principal stockholders (the “June Selling Stockholders”), of which the Company repurchased 4,000,000 shares for an aggregate purchase price of approximately $412 million. The Company did not offer any stock in this transaction and did not receive any proceeds from the sale of the shares by the June Selling Stockholders. Pursuant to an agreement with the underwriter, the Company’s per-share purchase price for repurchased shares was the same as the per-share purchase price payable by the underwriter to the June Selling Stockholders. 2017 Offerings In September 2017, the Company completed an underwritten secondary public offering of 9,000,000 shares of its common stock held by certain of the Company’s principal stockholders (the “September Selling Stockholders”), of which the Company repurchased 4,000,000 shares for an aggregate purchase price of approximately $380 million. The Company did not offer any stock in this transaction and did not receive any proceeds from the sale of the shares by the September Selling Stockholders. Pursuant to an agreement with the underwriter, the Company’s per-share purchase price for repurchased shares was the same as the per-share purchase price payable by the underwriter to the September Selling Stockholders. On May 24, 2017, an automatic shelf registration statement (including a prospectus) relating to the offering of an unspecified amount of common stock was filed by the Company with the Securities and Exchange Commission and became effective upon filing. The registration statement will expire three years after the date of filing. Additionally, in May, the Company completed an underwritten secondary public offering of 10,571,003 shares of its common stock held by certain of the Company’s principal stockholders (the “May Selling Stockholders”), of which the Company repurchased 3,571,003 shares for an aggregate purchase price of approximately $300 million. The Company did not offer any stock in this transaction and did not receive any proceeds from the sale of the shares by the May Selling Stockholders. Pursuant to an agreement with the underwriter, the Company’s per-share purchase price for repurchased shares was the same as the per-share purchase price payable by the underwriter to the May Selling Stockholders. In February 2017, the Company entered into a share repurchase agreement with certain of the Company’s principal stockholders 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. This transaction was consummated on February 28, 2017. Other Equity Repurchases In November 2017, the Company completed an underwritten secondary public offering of 10,000,000 shares of its common stock held by certain of the Company’s principal stockholders (the “November Selling Stockholders”), of which the Company repurchased 2,500,000 shares for an aggregate purchase price of approximately $255 million. These shares were repurchased outside of the Company’s existing Repurchase Program. The Company did not offer any stock in this transaction and did not receive any proceeds from the sale of the shares by the November Selling Stockholders. Pursuant to an agreement with the underwriter, the Company’s per-share purchase price for repurchased shares was the same as the per-share purchase price payable by the underwriter to the November Selling Stockholders. Summary Below is a summary of the share repurchases made both under and outside of the Repurchase Program: Year Ended December 31, (in millions, except per share data) 2018 2017 2016 Number of shares of common stock repurchased 12.6 30.9 14.3 Aggregate purchase price $ 1,396 $ 2,620 $ 1,098 Average price per share $ 111.23 $ 84.80 $ 76.57 Non-controlling Interests 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 During the year ended December 31, 2018, Q 2 Solutions distributed dividends of $41 million to Quest and received a $10 million contribution from Quest to fund ongoing operational and strategic activities. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | 14. Business Combinations IMS Health On October 3, 2016, pursuant to the terms of the Merger Agreement, IMS Health merged with and into Quintiles, with Quintiles continuing as the Surviving Corporation. The combination of Quintiles and IMS Health capabilities and resources creates an information and technology enabled healthcare service provider with a full suite of end-to-end clinical and commercial offerings. 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. In addition, IMS Health equity awards held by current employees and certain members of the former IMS Health board of directors were converted into the Company’s equity awards after giving effect to the exchange ratio. The terms of these awards, including vesting provisions, are substantially consistent to those of the historical IMS Health equity awards. All of the Company’s and IMS Health’s performance units outstanding at the date of the Merger were converted into restricted stock units with service based vesting requirements. 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. The Merger-date value of former IMS Health stock-based awards was valued using the Black-Scholes-Merton model and apportioned between Merger consideration (purchase price) and unearned compensation to be recognized in expense as earned in future periods based on remaining service periods. 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 Technology & Analytics Solutions Contract Sales & Medical Solutions The following table summarizes the estimated fair value of the net assets acquired at the date of the acquisition: (in millions) IMS Health Assets acquired: Cash and cash equivalents $ 2,031 Accounts receivable and unbilled services 528 Prepaid expenses 85 Other current assets 145 Property and equipment 247 Goodwill 10,288 Other identifiable intangibles 6,435 Deferred income tax asset – long-term 25 Other long-term assets 71 Liabilities assumed: Accounts payable and accrued expenses (700 ) Unearned income (175 ) Current portion of long-term debt (88 ) Other current liabilities (45 ) Long-term debt, less current portion (6,070 ) Deferred income tax liability – long-term (2,104 ) Other long-term liabilities (248 ) Net assets acquired $ 10,425 The other identifiable intangible assets consisted of the following: (in millions) IMS Health Client relationships $ 3,960 Trade names 385 Databases 1,820 Software 270 Total other identifiable intangibles $ 6,435 Amortized over a weighted average useful life (in years) 18 Acquisition Related Costs Acquisition related costs include the direct and incremental costs associated with mergers and acquisitions such as investment banking, legal, accounting and consulting fees. The Company recognized approximately $36 million of acquisition related costs associated with the IMS Health merger during the year ended December 31, 2016, which are included with merger related costs on the consolidated statement of income. Acquisition related costs for all other acquisitions were immaterial and are not presented. 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, 2016 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 cost synergies, costs or other effects pertaining to the 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, 2016, 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) Year Ended December 31, 2016 Total revenues $ 9,235 Net loss attributable to IQVIA Holdings Inc. $ (1 ) Earnings per share attributable to common stockholders: Basic $ — Diluted $ — 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 consolidated statements of income for the year ended December 31, 2016 includes $806 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 a number of individually immaterial acquisitions during the year ended December 31, 2018. The Company’s assessment of fair value and the purchase price allocation related to these acquisitions is 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). The accompanying consolidated financial statements include the results of the acquisitions subsequent to each respective closing date. The following table provides certain financial information for these individually immaterial acquisitions, including the preliminary allocations of the purchase prices to certain tangible and intangible assets acquired and goodwill: (in millions) Amortization Period 2018 2017 Total cost of acquisitions, net of cash acquired (1) $ 372 $ 923 Amounts recorded in the Consolidated Balance Sheets: Goodwill $ 202 $ 581 Portion of goodwill deductible for income tax purposes 15 235 Intangible assets: Client relationships 8-14 years $ 126 $ 285 Backlog 2 years 10 15 Non-compete agreements 3-5 years 4 14 Software 1-6 years 44 61 Trade names 2-10 years 8 17 Total intangible assets $ 192 $ 392 (1) Total cost of acquisitions, net of cash acquired, includes contingent consideration and deferred purchase payments of $63 million and $69 million for the years ended December 31, 2018 and 2017, respectively. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 15. Restructuring From time to time, the Company takes restructuring actions to adapt to changing market conditions. These actions include closing facilities, consolidating functional activities, eliminating redundant positions, aligning resources with customer requirements and taking actions to improve process efficiencies. There were restructuring plans approved in each of 2018, 2017 and 2016 for these activities. Additionally, in 2016, the Company also acquired certain restructuring plans. The 2018 management approved plans resulted in approximately $68 million of restructuring expense, net of reversals, which consisted of severance, facility closure costs and other exit-related costs. The 2017 management approved plans resulted in approximately $61 million of restructuring expense, net of reversals, which consisted of severance, facility closure costs and other exit-related costs. The 2016 management approved plans resulted in approximately $33 million of restructuring expense, net of reversals, which consisted of severance, facility closure costs and other exit-related costs. 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 59 4 63 Payments (77 ) (4 ) (81 ) Foreign currency translation and other (1 ) 1 — Balance at December 31, 2017 80 4 84 Expense, net of reversals 45 23 68 Payments (76 ) (6 ) (82 ) Foreign currency translation and other (2 ) 6 4 Balance at December 31, 2018 $ 47 $ 27 $ 74 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 December 31, 2018 will be paid in 2019. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 16. Income Taxes The U.S. Treasury Department has also released proposed regulations related to the business interest expense limitations, foreign tax credit guidance, BEAT, GILTI and transition tax provisions of the Tax Act. This proposed guidance is not authoritative and is subject to change in the regulatory review process. The Company has considered these proposed regulations in its effective income tax rate for the year ended December 31, 2018. As these proposed regulations are finalized, the guidance may have an impact on our effective income tax rate. The components of income before income taxes and equity in earnings (losses) of unconsolidated affiliates are as follows: Year Ended December 31, (in millions) 2018 2017 2016 Domestic $ (521 ) $ (527 ) $ (125 ) Foreign 849 821 541 $ 328 $ 294 $ 416 The components of income tax expense attributable to continuing operations are as follows: Year Ended December 31, (in millions) 2018 2017 2016 Current expense: Federal and state $ 17 $ (3 ) $ 64 Foreign 233 222 129 250 219 193 Deferred (benefit) expense: Federal and state (170 ) (1,167 ) 151 Foreign (21 ) (44 ) (19 ) (191 ) (1,211 ) 132 $ 59 $ (992 ) $ 325 As a result of the Tax Act, the Company recorded a provisional deferred tax benefit of $966 million related to the revaluation of deferred taxes at the newly enacted 21% rate and reversal of the deferred tax liability on undistributed earnings net of the newly enacted transition tax for the year ended December 31, 2017. The Company finalized its accounting for SAB 118 in the fourth quarter of 2018 and recorded a full year benefit of $35 million. The differences between the Company’s consolidated income tax expense attributable to continuing operations and the expense computed at the United States statutory income tax rate of 21% in 2018 and 35% in both 2017 and 2016 were as follows: Year Ended December 31, (in millions) 2018 2017 2016 Federal income tax expense at statutory rate $ 69 $ 103 $ 146 State and local income taxes, net of federal effect (2 ) (14 ) (1 ) Research and development (20 ) (9 ) (11 ) Foreign nontaxable interest income — (7 ) (8 ) United States taxes recorded on foreign earnings (*) 40 6 252 Tax contingencies 16 17 2 Foreign Derived Intangible Income (“FDII”) (25 ) — — Foreign rate differential 27 (97 ) (58 ) Equity compensation (8 ) (19 ) — Tax Act impact (35 ) (966 ) — Other (3 ) (6 ) 3 $ 59 $ (992 ) $ 325 (*) Includes impact of GILTI, and other U.S. taxes on foreign earnings. In 2018 the Company recorded a $35 million benefit related to finalizing the accounting related to SAB 118. Additionally, in 2018 the Company recorded a benefit of $25 million related to FDII, as well as a tax expense of $35 million related to GILTI, as a result of the new provisions of the Tax Act. Based on proposed guidance as of December 31, 2018 the Company determined that the provisions of BEAT and business interest expense limitation were not applicable. In 2017, due to the Tax Act, the Company revalued its U.S. deferred tax assets and liabilities and recorded a benefit to deferred income taxes of $966 million. In 2016, due to the Merger, the Company reevaluated its indefinite reinvestment assertion based on the need for cash in the United States, including funding the Repurchase Program and potential acquisitions. Accordingly, the Company changed its assertion with respect to $2,801 million of foreign earnings, including $1,865 million of IMS Health’s previously undistributed historical foreign earnings. Deferred income taxes of $625 million were recorded in 2016 related to non-indefinitely reinvested foreign earnings. Of that amount, $373 million was recorded through purchase accounting related to IMS Health’s historical foreign earnings and the remainder of $252 million was recorded through deferred income tax expense. Undistributed earnings of the Company’s foreign subsidiaries amounted to approximately $3,548 million at December 31, 2018. With the enactment of the Tax Act, the Company does not consider any of its foreign earnings as indefinitely reinvested. The income tax effects of temporary differences from continuing operations that give rise to significant portions of deferred income tax assets (liabilities) are presented below: December 31, (in millions) 2018 2017 Deferred income tax assets: Net operating loss and capital loss carryforwards $ 244 $ 278 Tax credit carryforwards 300 170 Accrued expenses and unearned income 70 80 Employee benefits 181 189 Other 51 82 846 799 Valuation allowance for deferred income tax assets (226 ) (200 ) Total deferred income tax assets 620 599 Deferred income tax liabilities: Undistributed foreign earnings (15 ) (21 ) Amortization and depreciation (1,209 ) (1,334 ) Other (23 ) (30 ) Total deferred income tax liabilities (1,247 ) (1,385 ) Net deferred income tax liabilities $ (627 ) $ (786 ) During 2018 the deferred tax liabilities decreased mainly due to amortization of intangibles due to the Merger. The Company had federal, state and local, and foreign tax loss carryforwards and tax credits, the tax effect of which was $576 million as of December 31, 2018. Of this amount, $31 million has an indefinite carryforward period, and the remaining $545 million expires at various times beginning in 2019. Some of the federal losses are subject to limitations under the Internal Revenue Code, however, management expects these losses to be utilized during the carryforward periods. In 2018, the Company increased its valuation allowance by $26 million to $226 million at December 31, 2018 from $200 million at December 31, 2017. The valuation allowance increased primarily due to current year branch basket foreign tax credits that the Company has determined are not more likely than not to be used before their expiration. The valuation allowance also increased due to an increase in the value of the U.S. state net operating losses. A reconciliation of the beginning and ending amount of gross unrecognized income tax benefits is presented below: Year Ended December 31, (in millions) 2018 2017 2016 Balance at January 1 $ 82 $ 64 $ 30 IMS Health balance as of Merger — — 37 Additions based on tax positions related to the current year 4 11 3 Additions for income tax positions of prior years 26 13 7 Impact of changes in exchange rates (2 ) 4 (3 ) Settlements with tax authorities (2 ) (2 ) — Reductions for income tax positions of prior years — (2 ) (1 ) Reductions due to the lapse of the applicable statute of limitations (14 ) (6 ) (9 ) Balance at December 31 $ 94 $ 82 $ 64 As of December 31, 2018, the Company had total gross unrecognized income tax benefits of $94 million associated with over 100 jurisdictions in which the Company conducts business that, if recognized, would reduce the Company’s effective income tax rate. The Company’s policy for recording interest and penalties relating to uncertain income tax positions is to record them as a component of income tax expense in the accompanying consolidated statements of income. In 2018, 2017 and 2016, the amount of interest and penalties recorded as an addition/(reduction) to income tax expense in the accompanying consolidated statements of income was $0, $3 million and $2 million, respectively. As of December 31, 2018 and 2017, the Company had accrued approximately $16 million and $18 million, respectively, of interest and penalties. The Company believes that it is reasonably possible that a decrease of up to $8 million in gross unrecognized income tax benefits for federal, state and foreign exposure items may be necessary within the next 12 months due to lapse of statutes of limitations or uncertain tax positions being effectively settled. The Company believes that it is reasonably possible that a decrease of up to $14 million in gross unrecognized income tax benefits for foreign items may be necessary within the next 12 months due to payments. For the remaining uncertain income tax positions, it is difficult at this time to estimate the timing of the resolution. The Company conducts business globally and, as a result, files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following table summarizes the tax years that remain open for examination by tax authorities in the most significant jurisdictions in which the Company operates: United States 2015-2017 India 2006-2018 Japan 2013-2017 United Kingdom 2017 Switzerland 2014-2017 In certain of the jurisdictions noted above, the Company operates through more than one legal entity, each of which has different open years subject to examination. The table above presents the open years subject to examination for the most material of the legal entities in each jurisdiction. Additionally, it is important to note that tax years are technically not closed until the statute of limitations in each jurisdiction expires. In the jurisdictions noted above, the statute of limitations can extend beyond the open years subject to examination. Due to the geographic breadth of the Company’s operations, numerous tax audits may be ongoing throughout the world at any point in time. Income tax liabilities are recorded based on estimates of additional income taxes that may be due upon the conclusion of these audits. Estimates of these income tax liabilities are made based upon prior experience and are updated in light of changes in facts and circumstances. However, due to the uncertain and complex application of income tax regulations, it is possible that the ultimate resolution of audits may result in liabilities that could be materially different from these estimates. In such an event, the Company will record additional income tax expense or income tax benefit in the period in which such resolution occurs. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 17. Employee Benefit Plans Pension and Postretirement Benefit Plans The Company sponsors both funded and unfunded defined benefit pension plans. These plans provide benefits based on various criteria, including, but not limited to, years of service and salary. The Company also sponsors an unfunded postretirement benefit plan in the United States that provides health and prescription drug benefits to retirees who meet the eligibility requirements. The Company uses a December 31 measurement date for all pension and postretirement benefit plans. The following table summarizes changes in the benefit obligation, the plan assets and the funded status of the pension benefit plans: Pension Benefits United States Plans Non-United States Plans December 31 (in millions) 2018 2017 2018 2017 Obligation and funded status: Change in benefit obligation: Projected benefit obligation at beginning of year $ 349 $ 308 $ 559 $ 508 Service costs 13 13 26 26 Interest cost 12 11 9 9 Actuarial (gains) losses (30 ) 25 (29 ) (2 ) Business combinations — — 1 — Benefits paid (9 ) (8 ) (21 ) (21 ) Contributions — — 2 1 Amendments — — 2 — Curtailments — — (3 ) — Settlements — — (12 ) (4 ) Foreign currency fluctuations and other — — (21 ) 42 Projected benefit obligation at end of year 335 349 513 559 Change in plan assets: Fair value of plan assets at beginning of year 360 312 391 348 Actual return on plan assets (24 ) 53 (2 ) 17 Contributions 3 3 29 21 Benefits paid (9 ) (8 ) (21 ) (21 ) Settlements — — (11 ) (4 ) Foreign currency fluctuations and other — — (20 ) 30 Fair value of plan assets at end of year 330 360 366 391 Funded status $ (5 ) $ 11 $ (147 ) $ (168 ) The following table summarizes the amounts recognized in the consolidated balance sheets related to the pension benefit plans: Pension Benefits United Non-United States Plans December 31 (in millions) 2018 2017 2018 2017 Deposits and other assets $ 36 $ 55 $ 17 $ 15 Accrued expenses 2 2 11 8 Other long-term liabilities 38 42 153 175 AOCI 11 33 7 (3 ) At December 31, 2018, the benefit obligation for other postretirement benefits was $2 million, with $1 million recorded in accrued expenses and $1 million included within other long-term liabilities; The following table summarizes the accumulated benefit obligation for all pension benefit plans: Pension Benefits United Non-United States Plans December 31 (in millions) 2018 2017 2018 2017 Accumulated benefit obligation $ 330 $ 343 $ 476 $ 507 The following table provides the information for pension plans with an accumulated benefit obligation in excess of plan assets and projected benefit obligations in excess of plan assets: Pension Benefits United Non-United States Plans December 31 (in millions) 2018 2017 2018 2017 Plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 43 $ 45 $ 189 $ 442 Fair value of plan assets 3 3 59 301 Plans with projected benefit obligation in excess of plan assets: Projected benefit obligation $ 43 $ 46 $ 223 $ 492 Fair value of plan assets 3 3 59 309 The components of net periodic benefit cost changes in plan assets and benefit obligations recognized in other comprehensive loss were as follows: Pension Benefits United Non-United States Plans Year Ended December 31, (in millions) 2018 2017 2016 2018 2017 2016 Service cost $ 13 $ 13 $ 4 $ 26 $ 26 $ 18 Interest cost 12 11 3 9 9 5 Expected return on plan assets (27 ) (24 ) (6 ) (15 ) (14 ) (6 ) Amortization of actuarial losses — — — 1 1 1 Curtailment gain — — — (3 ) — — Settlement gain — — — (1 ) — — Net periodic benefit cost (2 ) — 1 17 22 18 Other changes in plan assets and benefit obligations recognized in other comprehensive loss: Actuarial loss (gain) – current years 22 (4 ) (29 ) (15 ) (4 ) (5 ) Prior service cost - current year — — — 2 — — Curtailment gain - current year — — — 3 — — Settlement gain - current year — — — 1 — — Amortization of actuarial losses — — — (1 ) (1 ) (1 ) Total recognized in other comprehensive loss (income) 22 (4 ) (29 ) (10 ) (5 ) (6 ) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 20 $ (4 ) $ (28 ) $ 7 $ 17 $ 12 All components of net periodic benefit cost other than service cost are recorded in other expense (income), net on the accompanying consolidated statements of income. On October 26, 2018, the High Court of the United Kingdom issued a judgement relating to Guaranteed Minimum Pensions (“GMPs”) in the Lloyds case. The judgement concluded the schemes should be amended to equalize pension benefits for men and women in relation to guaranteed minimum pension benefits. A preliminary assessment by the Company’s actuarial advisors estimated an impact of approximately $1.7 million between the two United Kingdom pension schemes, which has been recognized in AOCI as a prior service cost in 2018. The components of other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) related to the other postretirement benefits plan were $(1) million for the year ended December 31, 2018, and de minimis for the years ended December 31, 2017 and 2016. In addition, the amounts in AOCI that are expected to be recognized as components of net periodic benefit cost (credit) during 2019 for pension and other postretirement benefit plans are de minimis. Assumptions The weighted average assumptions used to determine net periodic benefit cost were as follows for the years ended December 31: Pension Benefits Other Postretirement Benefits United Non-United States Plans 2018 2017 2016 2018 2017 2016 2018 2017 2016 Discount rate 3.69 % 4.17 % 3.62 % 1.91 % 1.89 % 1.88 % 2.90 % 2.90 % 2.40 % Rate of compensation increases 3.00 % 3.00 % 3.00 % 4.54 % 5.17 % 5.27 % — — — Expected return on plan assets 7.69 % 7.94 % 7.94 % 4.17 % 4.16 % 4.26 % — — — The weighted average assumptions used to determine benefit obligations were as follows at December 31: Pension Benefits Other Postretirement Benefits United Non-United States Plans 2018 2017 2018 2017 2018 2017 Discount rate 4.42 % 3.69 % 1.98 % 1.90 % 3.80 % 2.90 % Rate of compensation increases 3.00 % 3.00 % 3.20 % 4.54 % — — The discount rate represents the interest rate used to determine the present value of the future cash flows currently expected to be required to settle the Company’s defined benefit plan obligations. The discount rates are derived using weighted average yield curves on AA-rated corporate bonds. The cash flows from the Company’s expected benefit obligation payments are then matched to the yield curve to derive the discount rates. At December 31, 2018, the discount rate ranged from 3.80% to 4.46% for the Company’s United States pension plan and postretirement benefit plan. At December 31, 2018, the discount rate ranged from 2.32% to 2.90% for the Company’s United Kingdom pension plans. The United States and United Kingdom plans represent approximately 74% of the consolidated benefit obligation as of December 31, 2018. The discount rates in other non-U.S. countries ranged from 0.49% to 16.31% at December 31, 2018. The Company’s assumption for the expected return on plan assets was determined by the weighted average of the long-term expected rate of return on each of the asset classes invested as of the balance sheet date. For plan assets invested in government bonds, the expected return was based on the yields on the relevant indices as of the balance sheet date. There is considerable uncertainty for the expected return on plan assets invested in equity and diversified growth funds. The expected rate of return on plan assets for the United States pension plans was 7.75% at January 1, 2019. Outside the United States, the range of applicable expected rates of return was 1.0% to 7.22% as of January 1, 2019, compared to 1.0% to 6.46% as of January 1, 2018. The expected return on assets (“EROA”) was $42 million and $38 million and the actual return on assets was ($26) million and $70 million for the years ended December 31, 2018 and 2017, respectively. Under the Company’s United States qualified retirement plan, participants have a notional retirement account that increases with pay and investment credits. The rate used to determine the investment credit (cash balance crediting rate) varies monthly and is equal to 1/12th of the yield on 30-year U.S. Government Treasury Bonds, with a minimum of 0.25%. At retirement, the account is converted to a monthly retirement benefit. At December 31, 2018, the Company’s health care cost trend rate for the next seven years was assumed to be 6.0% and the assumed ultimate cost trend rate was 5%. The Company assumed that ultimate cost trend rate is reached in 2021. Assumed health care cost trend rates could have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates at December 31, 2018 would have a de minimis effect on the total of service and interest cost and on the accumulated postretirement benefit obligation. Plan Assets The Company’s pension plan weighted average asset allocations, by asset category, were as follows: Plan Assets at December 31, United Non-United States Plans Total Asset Category 2018 2017 2018 2017 2018 2017 Equity securities 67.58 % 69.86 % 45.22 % 47.92 % 55.83 % 58.44 % Debt securities 27.34 25.21 16.18 14.65 21.48 19.71 Real estate 5.08 4.93 — — 2.41 2.36 Other — — 38.60 37.43 20.28 19.49 Total 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % The target asset allocation for the Company’s pension plans were as follows: Asset Category United Plans Non-United States Plans Total Equity securities 60-80% 35-50% 45-65% Debt securities 20-30% 10-20% 10-30% Real estate 0-10% —% 0-5% Other —% 30-45% 10-30% The following table summarizes United States plan assets measured at fair value: December 31, 2018 December 31, 2017 Asset Category Level 1 Level 2 Total Level 1 Level 2 Total (in millions) Domestic equities $ 31 $ — $ 31 $ 37 $ — $ 37 International equities 13 — 13 23 — 23 Corporate bonds 54 — 54 53 — 53 Real estate 16 — 16 18 — 18 Total assets in the fair value hierarchy 114 — 114 131 — 131 Common/collective trusts measured at net asset value (“NAV”) (1) — — 216 — — 229 Total $ 114 $ — $ 330 $ 131 $ — $ 360 The following table summarizes non-United States plan assets measured at fair value: December 31, 2018 December 31, 2017 Asset Category Level 1 Level 2 Total Level 1 Level 2 Total (in millions) International equities $ 2 $ 53 $ 55 $ — $ 66 $ 66 Debt issued by national, state or local government 2 57 59 2 55 57 Diversified growth fund — — — — 17 17 Investments funds — 8 8 — 7 7 Insurance contracts — 136 136 — 141 141 Other — 5 5 — 7 7 Total assets in the fair value hierarchy 4 259 263 2 293 295 Assets measured at NAV (1) — — 103 — — 96 Total $ 4 $ 259 $ 366 $ 2 $ 293 $ 391 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above plan asset tables are intended to permit reconciliation of the fair value of plan assets in the fair value hierarchy to the plan asset amounts presented in the above funded status table as of December 31, 2018 and 2017. Investments in mutual funds are valued at quoted market prices. Investments in common/collective trusts and pooled funds are valued at the NAV as reported by the trust. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. Insurance contracts are valued at the amount of the benefit liability. The Company has no Level 3 assets that rely on unobservable inputs to measure fair value. Investment Policies and Strategies The Company invests primarily in a diversified portfolio of equity and debt securities that provide for long-term growth within reasonable and prudent levels of risk. The asset allocation targets established by the Company are strategic and applicable to the plan’s long-term investing horizon. The portfolio is constructed and maintained to provide adequate liquidity to meet associated liabilities and minimize long-term expense and provide prudent diversification among asset classes in accordance with the principles of modern portfolio theory. The plan employs a diversified mix of actively managed investments around a core of passively managed index exposures in each asset class. Within each asset class, rapid market shifts, changes in economic conditions or an individual fund manager’s outlook may cause the asset allocation to fall outside the prescribed targets. The majority of the Company’s plan assets are measured quarterly against benchmarks established by the Company’s investment advisors and the Company’s Asset Management Committee, who review actual plan performance and have the authority to recommend changes as deemed appropriate. Assets are rebalanced periodically to their strategic targets to maintain the plan’s strategic risk/reward characteristics. The Company periodically conducts asset liability modeling studies to ensure that the investment strategy is aligned with the obligations of the plans and that the assets will generate income and capital growth to meet the cost of current and future benefits that the plans provide. The pension plans do not have investments in Company stock at December 31, 2018 or 2017. The portfolio for the Company’s United Kingdom pension plans seek to invest in a range of suitable assets of appropriate liquidity that will generate in the most effective manner possible, income and capital growth to ensure that there are sufficient assets to meet benefit payments when they fall due, while controlling the long-term costs of the plans and avoiding short-term volatility of investment returns. The plans seek to achieve these objectives by investing in a mixture of real (equities) and monetary (fixed interest) assets. It recognizes that the returns on real assets, while expected to be greater over the long-term than those on monetary assets, are likely to be more volatile. A mixture across asset classes should nevertheless provide the level of returns required by the plans. The trustee periodically conducts asset liability modeling exercises to ensure the investments are aligned with the appropriate benchmark to better reflect the plans’ liabilities. The trustee also undertakes to review this benchmark on a regular basis. Cash Flows Contributions The Company expects to contribute approximately $25 million in required contributions to its pension and postretirement benefit plans during 2019. The Company may make additional contributions into its pension plans in 2019 depending on, among other factors, how the funded status of those plans change or in order to meet minimum funding requirements as set forth in employee benefit and tax laws, plus additional amounts the Company may deem to be appropriate. Estimated future benefit payments and subsidy receipts The following benefit payments (net of expected participant contributions) for pension benefits are expected to be paid as follows: (in millions) Pension Benefits 2019 $ 33 2020 33 2021 36 2022 38 2023 40 Years 2024 through 2028 234 $ 414 Benefit payments (net of expected participant contributions) for other postretirement benefits are expected to be de minimis over the periods presented. Defined Contribution Plans Defined contribution or profit sharing plans are offered in Australia, Austria, Belgium, Bulgaria, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Ireland, Israel, Japan, Malaysia, the Netherlands, New Zealand, Poland, Slovakia, South Africa, Sweden, Switzerland, Taiwan, Thailand, the United States and the United Kingdom. In some cases, these plans are required by local laws or regulations. In the United States, the Company has a 401(k) plan under which the Company matches employee deferrals at varying percentages and specified limits of the employee’s salary. In 2018, 2017 and 2016, the Company expensed $49 million, $47 million and $39 million, respectively, related to matching contributions. Certain key executives of the Company participate in an unfunded defined contribution executive retirement plan, assumed in the Merger, which was frozen to additional accruals for future service contributions in 2012. Participants continue to receive an annual investment credit based on the average of the annual yields at the end of each month on the AA-AAA rated 10 plus year maturity component of the Merrill Lynch United States Corporate Bond Master Index. Plans Accounted for as Postretirement Benefits The Company provides certain executives with postretirement medical, dental and life insurance benefits. These benefits are individually negotiated arrangements in accordance with their individual employment arrangements. The above tables do not include the Company’s expense or obligation associated with providing these benefits. The obligation related to these benefits was approximately $11 million as of December 31, 2018, and the Company’s expense for the year then ended was de minimis. Stock Incentive Plans Stock incentive plans provide incentives to eligible employees, officers and directors in the form of non-qualified stock options, incentive stock options, stock appreciation rights (“SARs”), restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance awards, covered annual incentive awards, cash-based awards and other stock-based awards, in each case subject to the terms of the stock incentive plans. In April 2017, the Company’s 2017 Incentive and Stock Award Plan (the “2017 Plan”) was approved by the Company’s stockholders. The 2017 Plan consolidates the unused share pools under the Company’s 2014 Incentive and Stock Award Plan (the “2014 Plan”), the Company’s 2013 Stock Incentive Plan (the “2013 Plan”), the Company’s 2010 Equity Incentive Plan (the “2010 Plan”) and the Company’s 2008 Stock Incentive Plan (the “2008 Plan”), and together with the 2010 Plan, the 2013 Plan and the 2014 Plan (the “Prior Plans”), makes shares underlying outstanding awards granted under (but not ultimately delivered) the Prior Plans eligible for use in connection with new awards under the 2017 Plan. The 2017 Plan provides for the grant of stock options, SARs, restricted and deferred stock (including RSUs), performance awards, dividend equivalents, other stock-based awards and cash-based awards. The fair value of stock options and SARs is estimated using the Black-Scholes-Merton option-pricing model. The fair value of restricted stock and RSUs is based on the closing market price of the Company’s common stock on the date of grant. The fair value of the performance shares related to compound annual earnings per share (“EPS”) growth and/or other internal performance measures is equal to the closing market price of the Company’s common stock on the date of grant. The fair value of performance shares related to relative total shareholder return (“TSR”) is determined based on a Monte Carlo simulation model. The Company recognized stock-based compensation expense of $113 million, $106 million and $80 million in 2018, 2017 and 2016, respectively. Stock-based compensation expense is included in selling, general and administrative expenses on the accompanying consolidated statements of income. The associated future income tax benefit recognized was $19 million, $21 million and $24 million in 2018, 2017 and 2016, respectively. As of December 31, 2018, there was approximately $102 million of total unrecognized stock-based compensation expense related to outstanding non-vested stock-based compensation arrangements, which the Company expects to recognize over a weighted average period of 1.00 years. As of December 31, 2018, there were 12.1 million shares available for future grants under all of the Company’s stock incentive plans. The Company used the following assumptions when estimating the value of the stock-based compensation for stock options and SARs issued as follows: Year Ended December 31, 2018 2017 2016 Expected volatility 22 – 24% 22 – 25% 20 – 30% Weighted average expected volatility 22% 24% 28% Expected dividends 0.0% 0.0% 0.0% Expected term (in years) 1.0 – 6.7 1.0 – 6.9 0.3 – 6.6 Risk-free interest rate 2.05 – 3.00% 1.16 – 2.32% 0.32 – 2.19% Stock Options The option price is determined by the Board at the date of grant and the options expire 10 years from the date of grant. The vesting schedule for options granted to employees is either (i) 25% per year beginning on the first anniversary of the date of grant; or (ii) 33% on the third anniversary of the date of grant and 67% on the fourth anniversary of the date of grant. The Company’s stock option activity in 2018 is as follows: (in millions, except number of options and exercise price) Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at December 31, 2017 4,080,632 $ 33.97 $ 261 Exercised (1,462,818 ) 32.88 Canceled (43,590 ) 63.44 Outstanding at December 31, 2018 2,574,224 $ 34.09 $ 211 The weighted average fair value per share of the options granted in 2016 was $17.91. The total intrinsic value of options exercised was approximately $117 million, $157 million and $155 million in 2018, 2017 and 2016, respectively. The Company received cash of approximately $48 million, $102 million and $101 million in 2018, 2017 and 2016, respectively, from options exercised. Selected information regarding the Company’s stock options as of December 31, 2018 is as follows: Options Outstanding Options Exercisable Number of Options Exercise Price Range Weighted Average Exercise Price Weighted Average Remaining Life (in Years) Number of Options Weighted Average Exercise Price 599,966 $ 8.34 — $ 15.11 $ 10.64 1.76 599,966 $ 10.64 589,373 17.11 — 26.05 22.72 2.09 589,373 22.72 534,537 28.13 — 40.00 31.68 3.48 534,537 31.68 597,416 44.45 — 64.67 57.91 6.13 468,928 56.24 252,932 $ 64.86 — $ 77.11 $ 65.06 6.19 174,032 $ 64.92 The weighted average remaining contractual life of the options outstanding and exercisable as of December 31, 2018 is 3.6 years and 3.4 years, respectively. The total aggregate intrinsic value of the exercisable stock options and the stock options expected to vest as of December 31, 2018 was approximately $211 million. Stock Appreciation Rights – Stock Settled The exercise price of the stock-settled SARs (“SSRs”) is equal to the closing market price of the Company’s common stock as of the grant date and expire on the tenth anniversary of the date of grant. The SSRs are eligible to vest either (i) in equal increments of 25% on each of the first four anniversaries of the date of grant or (ii) in three equal annual installments on each of the first three anniversaries of the date of grant. The Company’s SSR activity in 2018 is as follows: (in millions, except number of SSRs and exercise price) Number of SSRs Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at December 31, 2017 2,924,770 $ 72.47 $ 74 Granted 1,787,168 96.13 Exercised (328,210 ) 71.42 Canceled (228,200 ) 86.22 Outstanding at December 31, 2018 4,155,528 $ 81.97 $ 142 The total intrinsic value of SSRs exercised was approximately $13 million in 2018. The weighted average remaining contractual life of the SSRs outstanding and exercisable as of December 31, 2018 is 8.2 years and 7.1 years, respectively. The total aggregate intrinsic value of the exercisable SSRs and the SSRs expected to vest as of December 31, 2018 was approximately $139 million. Stock Appreciation Rights – Cash Settled The Company’s cash settled SARs (“CSRs”) require the Company to settle in cash an amount equal to the difference between the fair value of the Company’s common stock on the date of exercise and the grant price, multiplied by the number of CSRs being exercised. These awards either (i) vest 25% per year or (ii) vest 33% on the third anniversary of the date of grant and 67% on the fourth anniversary of the date of grant; or (iii) one-third per year beginning on the first anniversary of the date of grant. The Company’s CSR activity in 2018 is as follows: (in millions, except number of CSRs and grant price) Number of CSRs Weighted Average Grant Price Aggregate Intrinsic Value Outstanding at December 31, 2017 337,115 $ 53.87 $ 15 Granted 15,716 95.23 Exercised (95,300 ) 48.31 Canceled (10,134 ) 69.92 Outstanding at December 31, 2018 247,397 $ 57.98 $ 14 As of December 31, 2018, 2017 and 2016, the weighted average fair value per share of the CSRs granted was $66.92, $52.53 and $34.25, respectively. The Company paid approximately $5 million, $4 million and $2 million to settle exercised CSRs in 2018, 2017 and 2016, respectively. The weighted average remaining contractual life of the CSRs outstanding and exercisable as of December 31, 2018 is 5.6 years and 5.0 years, respectively. The total aggregate intrinsic value of the exercisable CSRs and the CSRs expected to vest as of December 31, 2018 was approximately $14 million. Restricted Stock Units – Stock Settled The Company’s RSUs will settle in shares of the Company’s common stock within 45 days of the applicable vesting date. In general, RSUs granted to employees vest either (i) 25% per year beginning on the first anniversary of the date of grant; (ii) one-third per year beginning on the first anniversary of the grant date; (iii) 33% on the third anniversary of the date of grant and 67% on the fourth anniversary of the date of grant or (iv) 100% at the end of the three-year period following the grant date. Members of the Company’s board of directors receive RSUs that are fully vested when granted. The Company’s RSU activity in 2018 is as follows: Number of RSUs Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 1,097,708 $ 76.71 Granted 160,462 101.16 Vested (799,011 ) 77.49 Canceled (73,701 ) 85.46 Outstanding at December 31, 2018 385,458 $ 83.60 As of December 31, 2018, there are 385,458 RSUs outstanding with an intrinsic value of approximately $45 million. Restricted Stock Units – Cash Settled The Company’s cash settled RSUs (“Cash RSUs”) require the Company to settle in cash an amount equal to the fair value of the Company’s common stock on the vest date multiplied by the number of vested Cash RSUs. These awards vest 100% at the end of the three-year period following the date of grant. The Company’s Cash RSU activity in 2018 is as follows: Number of Cash RSUs Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 9,015 $ 95.98 Granted 5,260 95.23 Canceled (914 ) 81.04 Outstanding at December 31, 2018 13,361 $ 96.70 As of December 31, 2018, there are 13,361 Cash RSUs outstanding with an intrinsic value of approximately $1.6 million. Restricted Stock Awards Restricted stock awards (“RSAs”) vest either (i) in equal increments of 50% on each of the second and fourth anniversaries of the grant date; (ii) one-third per year beginning on the first anniversary of the date of grant; or (iii) 25% on each of the second and third anniversaries of the grant date and 50% on the fourth anniversary of the date of grant. The Company’s RSA activity in 2018 is as follows: Number of RSAs Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 440,151 $ 79.05 Vested (4,084 ) 80.20 Outstanding at December 31, 2018 436,067 $ 79.04 As of December 31, 2018, there are 436,067 RSAs outstanding with an intrinsic value of approximately $51 million. Performance Awards The Company awarded performance awards that contain service, performance-based and/or market-based vesting criteria. Vesting occurs if the recipient remains employed and depends on the degree to which performance goals are achieved during the two-year or three-year performance period (as defined in the award agreements). The Company’s performance award activity in 2018 is as follows: Number of Performance Awards Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 476,332 $ 85.84 Granted 438,111 104.42 Vested (3,500 ) 84.86 Canceled (60,367 ) 94.70 Outstanding at December 31, 2018 850,576 $ 94.78 As of December 31, 2018, there are 850,576 performance awards outstanding with an intrinsic value of approximately $99 million. Employee Stock Purchase Plan Prior to December 31, 2016, the Company sponsored an Employee Stock Purchase Plan (“ESPP”) that allowed eligible employees to authorize payroll deductions of up to 10% of their base salary to be applied toward the purchase of full shares of the Company’s common stock on the last day of the offering period. During 2016, the Company issued 0.1 million shares of common stock for purchases under the ESPP. Effective as of December 31, 2016, the ESPP was discontinued and participant contributions under the ESPP ceased. The final purchase of shares under the ESPP occurred on December 31, 2016. Other The Company sponsors a supplemental non-qualified deferred compensation plan, covering certain management employees, and maintains other statutory indemnity plans as required by local laws or regulations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 18. Related Party Transactions During 2018, 2017 and 2016, the Company entered into a number of contracts with HUYA Bioscience International, LLC, primarily in Asia, in which the Company will provide up to approximately $34 million, $5 million and $(8) million net cancellations, respectively, of services on a fee for services basis at arm’s length and at market rates. In 2018, 2017 and 2016, the Company recognized revenue of approximately $10 million, $8 million and $6 million, respectively, for services under these agreements. The Company has entered into other transactions with related parties including investments in and advances to unconsolidated affiliates that are discussed in Note 4. |
Property, Equipment and Softwar
Property, Equipment and Software by Geography | 12 Months Ended |
Dec. 31, 2018 | |
Property Equipment And Software By Geography [Abstract] | |
Property, Equipment and Software by Geography | 19. Property, Equipment and Software by Geography The following table represents the Company’s property, equipment and software, net, by geographic region, which is further broken down to show each country that accounts for 10% or more of the totals: As of December 31, (in millions) 2018 2017 Property, equipment and software, net: Americas: United States $ 856 $ 623 Other 23 27 Americas 879 650 Europe and Africa 221 259 Asia-Pacific 70 76 Total property, equipment and software, net $ 1,170 $ 985 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments | 20. Segments The following table presents the Company’s operations by reportable segment. The Company is managed through three reportable segments, Technology & Analytics Solutions Contract Sales & Medical Solutions Technology & Analytics Solutions customers, provides outsourced clinical research and clinical trial related services Contract Sales & Medical Solutions health care provider (including contract sales) and patient engagement services to both biopharmaceutical customers 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, restructuring costs, merger related costs or impairment charges to its 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. Year Ended December 31, (in millions) 2018 2017 2016 Revenues Technology & Analytics Solutions $ 4,137 $ 3,682 $ 1,148 Research & Development Solutions 5,465 5,105 4,737 Contract Sales & Medical Solutions 810 915 930 Total revenues 10,412 9,702 6,815 Costs of revenue Technology & Analytics Solutions 2,343 1,967 695 Research & Development Solutions 3,721 3,566 3,283 Contract Sales & Medical Solutions 682 768 770 Total costs of revenue 6,746 6,301 4,748 Selling, general and administrative expenses Technology & Analytics Solutions 771 719 218 Research & Development Solutions 616 582 579 Contract Sales & Medical Solutions 69 73 82 General corporate and unallocated 260 248 137 Total selling, general and administrative expenses 1,716 1,622 1,016 Segment profit Technology & Analytics Solutions 1,023 996 235 Research & Development Solutions 1,128 957 875 Contract Sales & Medical Solutions 59 74 78 Total segment profit 2,210 2,027 1,188 General corporate and unallocated (260 ) (248 ) (137 ) Depreciation and amortization (1,141 ) (1,011 ) (289 ) Impairment charges — (40 ) (28 ) Restructuring costs (68 ) (63 ) (71 ) Merger related costs — — (87 ) Total income from operations $ 741 $ 665 $ 576 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 21. Earnings Per Share The following table reconciles the basic to diluted weighted average shares outstanding: Year Ended December 31, (in millions) 2018 2017 2016 Basic weighted average common shares outstanding 203.7 217.8 149.1 Effect of dilutive stock options and share awards 4.5 4.8 2.9 Diluted weighted average common shares outstanding 208.2 222.6 152.0 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 Year Ended December 31, (in millions) 2018 2017 2016 Shares subject to performance conditions 0.8 0.4 0.1 Shares subject to anti-dilutive stock-based awards 0.9 1.0 1.1 Total shares excluded from diluted earnings per share 1.7 1.4 1.2 The vesting of performance awards is contingent upon the achievement of certain performance targets. The performance awards 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. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Comprehensive Income | 22. Comprehensive Income Below is a summary of the components of AOCI: (in millions) Foreign Currency Translation Derivative Instruments Defined Benefit Plans Income Taxes Total Balance at December 31, 2015, Adjusted $ (116 ) $ (14 ) $ (14 ) $ 34 $ (110 ) Other comprehensive (loss) income before reclassifications (501 ) (4 ) 34 (5 ) (476 ) Reclassification adjustments — 28 1 (7 ) 22 Balance at December 31, 2016 (617 ) 10 21 22 (564 ) Other comprehensive income before reclassifications 403 5 8 197 613 Reclassification adjustments — (1 ) 1 — — Balance at December 31, 2017 (214 ) 14 30 219 49 Other comprehensive loss before reclassifications (205 ) (4 ) (12 ) (41 ) (262 ) Reclassification adjustments — (11 ) 1 (1 ) (11 ) Balance at December 31, 2018 $ (419 ) $ (1 ) $ 19 $ 177 $ (224 ) Below is a summary of the adjustments for (gains) losses reclassified from AOCI into the consolidated statements of income and the affected financial statement line item: Year Ended December 31, (in millions) Affected Financial Statement Line Item 2018 2017 2016 Derivative instruments: Interest rate swaps and caps Interest expense $ — $ — $ 6 Foreign exchange forward contracts Revenues 1 7 19 Foreign exchange forward contracts Other expense (income), net (12 ) (8 ) 3 Total before income taxes (11 ) (1 ) 28 Income tax expense 1 — 7 Total net of income taxes $ (12 ) $ (1 ) $ 21 Defined benefit plans: Amortization of actuarial losses See Note 17 $ 1 $ 1 $ 1 Income tax expense — — — Total net of income taxes $ 1 $ 1 $ 1 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 23. Supplemental Cash Flow Information The following table presents the Company’s supplemental cash flow information: Year Ended December 31, (in millions) 2018 2017 2016 Supplemental Cash Flow Information: Interest paid $ 398 $ 320 $ 124 Income taxes paid, net of refunds $ 211 $ 195 $ 106 Non-cash Investing Activities: Fair value of consideration transferred in connection with business combinations $ — $ — $ 10,425 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 24. Quarterly Financial Data (Unaudited) The following table summarizes the Company’s unaudited quarterly results of operations: 2018 (in millions, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 2,563 $ 2,567 $ 2,594 $ 2,688 Income from operations 183 170 181 207 Net income 73 68 67 76 Net income attributable to non-controlling interests (4 ) (7 ) (7 ) (7 ) Net income attributable to IQVIA Holdings Inc. (1) $ 69 $ 61 $ 60 $ 69 Basic earnings per share (2) $ 0.33 $ 0.30 $ 0.30 $ 0.34 Diluted earnings per share (2) $ 0.32 $ 0.29 $ 0.29 $ 0.34 2017 (in millions, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 2,360 $ 2,355 $ 2,466 $ 2,521 Income from operations 202 126 195 142 Net income 102 66 93 1,035 Net income attributable to non-controlling interests (2 ) (4 ) (5 ) (8 ) Net income attributable to IQVIA Holdings Inc. (3) $ 100 $ 62 $ 88 $ 1,027 Basic earnings per share (2) $ 0.43 $ 0.28 $ 0.41 $ 4.91 Diluted earnings per share (2) $ 0.43 $ 0.28 $ 0.40 $ 4.79 (1) During the fourth quarter of 2018, the Company identified and recorded certain adjustments related to prior periods and as a result increased pre-tax income by $22 million (net income by $15 million). The Company has evaluated the effects of the out of period adjustments and concluded they are not to the quarter 2018 financial results, nor to any of the previously issued annual or quarterly financial information. (2 ) The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. (3 ) The significant increase during the fourth quarter of 2017 is due to the enactment of the Tax Act. See Note 16 for additional details. |
Schedule I-Condensed Financial
Schedule I-Condensed Financial Information of Registrant | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule I-Condensed Financial Information of Registrant | (2) Financial Statement Schedules IQVIA HOLDINGS INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF INCOME Year Ended December 31, (in millions) 2018 2017 2016 Selling, general and administrative expenses $ 2 $ 1 $ — Merger related costs — — 21 Loss from operations (2 ) (1 ) (21 ) Interest income — — — Other expense, net — — — Loss before income taxes and equity in earnings of subsidiary (2 ) (1 ) (21 ) Income tax benefit (1 ) (3 ) (4 ) (Loss) income before equity in earnings of subsidiary (1 ) 2 (17 ) Equity in earnings of subsidiary 260 1,275 89 Net income $ 259 $ 1,277 $ 72 IQVIA HOLDINGS INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Year Ended December 31, (in millions) 2018 2017 2016 Net income $ 259 $ 1,277 $ 72 Comprehensive (loss) income adjustments: Unrealized gains (losses) on derivative instruments, net of income tax (benefit) expense of ($5), $1 and $3 1 4 (7 ) Defined benefit plan adjustments, net of income tax (benefit) expense of ($4), $3 and $11 (8 ) 5 23 Foreign currency translation, net of income tax expense (benefit) of $50, ($201) and ($9) (255 ) 604 (492 ) Reclassification adjustments: (Gains) losses on derivative instruments included in net income, net of income tax expense of $1, $— and $7 (12 ) (1 ) 21 Amortization of actuarial losses and prior service costs included in net income 1 1 1 Comprehensive (loss) income $ (14 ) $ 1,890 $ (382 ) IQVIA HOLDINGS INC. (PARENT COMPANY ONLY) CONDENSED BALANCE SHEETS December 31, (in millions, except per share data) 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 1 $ 1 Income taxes receivable — — Other current assets and receivables — 1 Total current assets 1 2 Investment in subsidiary 9,667 9,659 Receivable from parent company — — Total assets $ 9,668 $ 9,661 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ — $ — Income taxes payable — — Total current liabilities — — Investment in subsidiary 2,954 1,666 Payable to subsidiary — — Total liabilities 2,954 1,666 Commitments and contingencies Stockholders’ equity: Common stock and additional paid-in capital, 400.0 shares authorized at December 31, 2018 and 2017, $0.01 par value, 251.5 and 249.5 shares issued and outstanding at December 31, 2018 and 2017, respectively 10,901 10,782 Retained earnings 807 538 Treasury stock, at cost, 54.0 and 41.4 shares at December 31, 2018 and 2017, respectively (4,770 ) (3,374 ) Accumulated other comprehensive (loss) income (224 ) 49 Total stockholders’ equity 6,714 7,995 Total liabilities and stockholders’ equity $ 9,668 $ 9,661 IQVIA HOLDINGS INC. (PARENT COMPANY ONLY) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, (in millions) 2018 2017 2016 Operating activities: Net income $ 259 $ 1,277 $ 72 Adjustments to reconcile net income to cash provided by operating activities: Subsidiary loss 143 91 91 Change in operating assets and liabilities: Accounts payable and accrued expenses 2 (3 ) — Income taxes payable and other liabilities — 4 (4 ) Net cash provided by operating activities 404 1,369 159 Investing activities: Investment in subsidiary, net of dividends received 983 1,182 834 Net cash provided by investing activities 983 1,182 834 Financing activities: Proceeds related to employee stock purchase and option plans 15 91 97 Repurchase of common stock (1,405 ) (2,620 ) (1,097 ) Intercompany with subsidiary 3 (31 ) 14 Net cash used in financing activities (1,387 ) (2,560 ) (986 ) Effect of foreign currency exchange rate changes on cash — (2 ) — (Decrease) increase in cash and cash equivalents — (11 ) 7 Cash and cash equivalents at beginning of period 1 12 5 Cash and cash equivalents at end of period $ 1 $ 1 $ 12 IQVIA HOLDINGS INC. (PARENT COMPANY ONLY) NOTES TO CONDENSED FINANCIAL INFORMATION The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of IQVIA Holdings Inc.’s (the “Company”) wholly-owned subsidiary, IQVIA Incorporated exceed 25% of the consolidated net assets of the Company. The ability of IQVIA Incorporated to pay dividends may be limited due to the restrictive covenants in the agreements governing its credit arrangements. These condensed parent company financial statements include the accounts of IQVIA Holdings Inc. on a standalone basis (the “Parent”) and the equity method of accounting is used to reflect ownership interest in its subsidiary. Refer to the consolidated financial statements and notes presented elsewhere herein for additional information and disclosures with respect to these financial statements. Since the Parent is part of a group that files a consolidated income tax return, in accordance with ASC 740, a portion of the consolidated amount of current and deferred income tax expense of the Company has been allocated to the Parent. The income tax benefit of $1 million, $3 million and $4 million in 2018, 2017 and 2016, respectively, represents the income tax benefit that will be or were already utilized in the Company’s consolidated United States federal and state income tax returns. If the Parent was not part of these consolidated income tax returns, it would not be able to recognize any income tax benefit, as it generates no revenue against which the losses could be used on a separate filer basis. Below is a summary of the dividends paid to the Parent by IQVIA Incorporated in 2018, 2017 and 2016: (in millions) Amount Paid in December 2018 $ 339 Paid in November 2018 146 Paid in October 2018 132 Paid in September 2018 118 Paid in June 2018 414 Paid in May 2018 154 Paid in March 2018 54 Paid in February 2018 37 Total paid in 2018 $ 1,394 Paid in December 2017 $ 22 Paid in November 2017 362 Paid in September 2017 373 Paid in August 2017 168 Paid in May 2017 356 Paid in March 2017 1,237 Paid in February 2017 45 Paid in January 2017 3 Total paid in 2017 $ 2,566 Paid in December 2016 $ 503 Paid in November 2016 422 Paid in June 2016 89 Total paid in 2016 $ 1,014 |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts | Deferred Tax Asset Valuation Allowance Additions (in millions) Balance at Beginning of Year Charged to Expenses Charged to Other Accounts (a) Additions (Deductions) (b) Balance at End of Year December 31, 2018 $ 200 $ 23 $ — $ 3 $ 226 December 31, 2017 $ 153 $ 52 $ — $ (5 ) $ 200 December 31, 2016 $ 22 $ 10 $ 129 $ (8 ) $ 153 (a) Recorded through purchase accounting transaction. (b) Impact of reductions recorded to expense and translation adjustments. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts and operations of the Company, its subsidiaries and investments in which the Company has control. Amounts pertaining to the non-controlling ownership interests held by third parties in the operating results and financial position of the Company’s majority-owned subsidiaries are reported as non-controlling interests. Intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities, at the date of the financial statements, as well as the reported amounts of revenues and expenses during the period. These estimates are based on historical experience and various other assumptions believed reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes changes to the estimates and related disclosures as experience develops or new information becomes known. Actual results may differ from those estimates. |
Foreign Currencies | Foreign Currencies The Company’s financial statements are reported in United States dollars and, accordingly, the Company’s results of operations are impacted by fluctuations in exchange rates that affect the translation of its revenues and expenses denominated in foreign currencies into United States dollars for purposes of reporting its consolidated financial results. Assets and liabilities recorded in foreign currencies on the books of foreign subsidiaries are translated at the exchange rate on the balance sheet date. Revenues, costs and expenses are translated at average rates of exchange during the year. Translation adjustments resulting from this process are charged or credited to the accumulated other comprehensive (loss) income (“AOCI”) component of stockholders’ equity. The Company is subject to foreign currency transaction risk for fluctuations in exchange rates during the period of time between the consummation and cash settlement of a transaction. The Company earns revenue from its service contracts over a period of several months and, in some cases, over a period of several years. Accordingly, exchange rate fluctuations during this period may affect the Company’s profitability with respect to such contracts. For operations outside the United States that are considered to be highly inflationary or where the United States dollar is designated as the functional currency, monetary assets and liabilities are remeasured using end-of-period exchange rates, whereas non-monetary accounts are remeasured using historical exchange rates, and all remeasurement and transaction adjustments are recognized in other expense (income), net. Other expense (income), net, includes foreign currency net losses for 2018, 2017 and 2016 of approximately $8 million, $40 million and $6 million, respectively. The higher foreign currency losses in 2017 were primarily the result of the combination of changes in intercompany loan balances from corporate legal entity integration and a weaker U.S. dollar. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with an initial maturity of three months or less when purchased to be cash equivalents. |
Investments in Marketable Securities | Investments in Marketable Securities Investments in marketable securities are classified as either trading or available-for-sale and measured at fair market value. Realized and unrealized gains and losses on available-for-sale and trading securities are included in other expense (income), net, on the accompanying consolidated statements of income. |
Equity Method Investments | Equity Method Investments The Company’s investments in and advances to unconsolidated affiliates are accounted for under the equity method if the Company exercises significant influence or has an investment in a limited partnership that is considered to be greater than minor. These investments and advances are classified as investments in and advances to unconsolidated affiliates on the accompanying consolidated balance sheets. The Company records its pro rata share of the earnings, adjusted for accretion of basis difference, of these investments in equity in earnings (losses) of unconsolidated affiliates on the accompanying consolidated statements of income. The Company reviews its investments in and advances to unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. |
Derivatives | Derivatives The Company uses derivative instruments to manage exposures to interest rates and foreign currencies. Derivatives are recorded on the balance sheet at fair value at each balance sheet date utilizing pricing models for non-exchange-traded contracts. At inception, the Company designates whether or not the derivative instrument is an effective hedge of an asset, liability or firm commitment which is then classified as either a cash flow hedge or a fair value hedge. If determined to be an effective cash flow hedge, changes in the fair value of the derivative instrument are recorded as a component of AOCI until realized. The Company includes the impact from these hedges in the same line item as the hedged item on the consolidated statements of cash flows. Changes in fair value of effective fair value hedges are recorded in earnings as an offset to the changes in the fair value of the related hedged item. Hedge ineffectiveness, if any, is immediately recognized in earnings. Changes in the fair values of derivative instruments that are not an effective hedge are recognized in earnings. When it is probable that a hedged forecasted transaction will not occur, the Company discontinues hedge accounting for the affected portion of the forecasted transaction and reclassifies gains or losses that were accumulated in AOCI to earnings in other expense (income), net for foreign exchange derivatives and interest expense for interest rate derivatives on the consolidated statements of income. Cash flows are classified consistent with the underlying hedged item. The Company has entered, and may in the future enter, into derivative contracts (caps, swaps, forwards, calls or puts, warrants, for example) related to its debt, investments in marketable equity securities and forecasted foreign currency transactions. |
Accrued Loyalty | Accrued Loyalty The Company owns businesses that manage co-pay reimbursements on behalf of its pharmaceutical customers. These customers prefund the reimbursements and the Company includes this cash on its balance sheet. The Company draws on this cash to pay pharmacies as consumers use these programs. Accrued loyalty was $186 million and $143 million as of December 31, 2018 and 2017, respectively, and expenses on the consolidated balance sheet. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company’s allowance for doubtful accounts is determined based on a variety of factors that affect the potential collectability of the related receivables, including length of time the receivables are past due, client credit ratings, financial stability of the client, specific one-time events and client payment history. In addition, in circumstances where the Company is made aware of a specific client’s inability to meet its financial obligations, a specific allowance is established. The accounts are individually evaluated on a regular basis and reserves are established as deemed appropriate based on the above criteria. |
Receivables Financing Facility | Receivables Financing Facility Advances received under the Company’s receivables financing facility are accounted for as borrowings secured by the receivables and included in net cash provided by financing activities. The Company services the collateralized accounts receivables and the cash flows for the underlying receivables are included in cash provided by operating activities. The collateralized accounts receivables are included in trade accounts receivable and unbilled services, net. |
Business Combinations | Business Combinations Business combinations are accounted for using the acquisition method of accounting. The identifiable assets acquired, the liabilities assumed, and any non-controlling interest in the acquiree are recorded at their estimated fair values on the date of the acquisition. Goodwill represents the excess of the purchase price over the estimated fair value of the net assets acquired, including the amount assigned to identifiable intangible assets. When a business combination involves contingent consideration, the Company recognizes a liability equal to the estimated fair value of the contingent consideration obligation at the date of the acquisition. Subsequent changes in the estimated fair value of the contingent consideration are recognized in earnings in the period of the change. Acquisition-related costs are expensed as incurred. The consolidated financial statements include the results of operations of business combinations since the acquisition date. |
Long-Lived Assets | Long-Lived Assets Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows: Buildings and leasehold improvements 3 - 40 years Equipment 3 - 10 years Furniture and fixtures 5 - 10 years Transportation equipment 3 - 20 years Definite-lived identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows: Trademarks and trade names 1 - 17 years Contract backlog and client relationships 1 - 25 years Software and related assets 1 - 9 years Databases 1 - 9 years Non-compete agreements and other 2 - 5 years Goodwill and indefinite-lived identifiable intangible assets, which consist of a trade name, are not amortized but evaluated for impairment annually, or more frequently if events or changes in circumstances indicate an impairment. Included in software and related items is the capitalized cost of internal-use software used in supporting the Company’s business. Qualifying costs incurred during the application development stage are capitalized and amortized over their estimated useful lives. Costs are capitalized from completion of the preliminary project stage and when it is considered probable that the software will be used to perform its intended function, up until the time the software is placed into service. The Company recognized $179 million, $134 million and $44 million of amortization expense in 2018, 2017 and 2016, respectively, related to software and related assets. The carrying values of property, equipment and intangible and other long-lived assets are reviewed for recoverability if the facts and circumstances suggest that a potential impairment may have occurred. If this review indicates that carrying values will not be recoverable, as determined based on undiscounted cash flow projections, the Company will record an impairment charge to reduce carrying values to estimated fair value. There were no impairments recognized in 2018. See Note 8 for information regarding the impairment charges recognized in 2017 and 2016. |
Revenue Recognition | Revenue Recognition The Company’s arrangements are primarily service contracts that range in duration from a few months to several years. The Company recognizes revenue when control of these services is transferred to the customer for an amount, referred to as the transaction price, that reflects the consideration to which the Company is expected to be entitled in exchange for those goods or services. The Company determines revenue recognition utilizing the following five steps: (1) identification of the contract with a customer, (2) identification of the performance obligations in the contract (promised goods or services that are distinct), (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations, and (5) recognition of revenue when, or as, the Company transfers control of the product or service for each performance obligation. Cash payments made to customers as incentives to induce customers to enter into service agreements with the Company are amortized as a reduction of revenue over the period the services are performed. The Company records revenues net of any tax assessments by governmental authorities, such as value added taxes, that are imposed on and concurrent with specific revenue generating transactions. The Company derives the majority of its revenues in the Technology & Analytics Solutions segment from various information and technology service offerings. Information offerings (primarily under fixed-price contracts) typically include multiple performance obligations including an ongoing subscription-based deliverable for which revenue is recognized ratably as earned over the contract period, and/or a one-time deliverable of data offerings for which revenue is recognized upon delivery. The customer is able to benefit from the provision of data as it is received. The Company’s subscription arrangements typically have terms ranging from one to three years and are generally non-cancelable and do not contain refund-type provisions. Technology services offerings may contain multiple performance obligations consisting of a mix of small and large-scale services and consulting projects, multi-year outsourcing contracts and Software-as-a-Service (“SaaS”) arrangements. These arrangements typically have terms ranging from several weeks to three years, with a majority having terms of one year or less. For arrangements that include multiple performance obligations, the transaction price is allocated to the identified performance obligations based on their relative standalone selling prices. For these contracts, the standalone selling prices are based on the Company’s normal pricing practices when sold separately with consideration of market conditions and other factors, including customer demographics and geographic location. Revenues for services engagements where the transfer of control occurs ratably over time are recognized on a straight-line basis over the term of the arrangement. Revenues from time and material contracts are recognized based on hours as the services are provided. Revenues from fixed price ad hoc services and consulting contracts are recognized over the contract term based on the ratio of the number of hours incurred for services provided during the period compared to the total estimated hours to be incurred over the entire arrangement (hours-based). Technology services offerings meet the over time criterion, as another party would not need to substantially re-perform the work already completed to satisfy the remaining obligations if the services were migrated. The majority of the Company’s contracts within the Research & Development Solutions segment are service contracts for clinical research that represent a single performance obligation. The Company provides a significant integration service resulting in a combined output, which is clinical trial data that meets the relevant regulatory standards and can be used by the customer to progress to the next phase of a clinical trial or solicit approval of a treatment by the applicable regulatory body. The performance obligation is satisfied over time as the output is captured in data and documentation that is available for the customer to consume over the course of the arrangement and furthers progress of the clinical trial. The Company recognizes revenue over time using a cost-based input method since there is no single output measure that would fairly depict the transfer of control over the life of the performance obligation. Progress on the performance obligation is measured by the proportion of actual costs incurred to the total costs expected to complete the contract. Costs included in the measure of progress include direct labor and third-party costs (such as payments to investigators and travel expenses for the Company’s clinical monitors). This cost-based method of revenue recognition requires the Company to make estimates of costs to complete its projects on an ongoing basis. Significant judgment is required to evaluate assumptions related to these estimates. The effect of revisions to estimates related to the transaction price or costs to complete a project are recorded in the period in which the estimate is revised. Most contracts may be terminated upon 30 to 90 days notice by the customer; however, in the event of termination, most contracts require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract. The Company derives the majority of its revenues in its Contract Sales & Medical Solutions segment by providing contract sales and market access professionals to customers within the biopharmaceutical industry on a fee-for-service basis. Some of the Company’s Contract Sales & Medical Solutions contracts contain multiple performance obligations with distinct promises including recruiting, sales force automation and deployment of sales representatives. The nature of the terms of these performance obligations will vary based on the customized needs of the customer. For contracts that have multiple performance obligations, the standalone selling prices of the Company’s performance obligations are not directly observable since they are rarely sold standalone. Therefore, the Company estimates the standalone selling prices using an expected cost plus a margin approach under which expected costs of satisfying a performance obligation are forecasted and added to an appropriate margin for that distinct good or service. The Company utilizes a single measure of progress for each performance obligation to recognize revenue, which includes deployment of sales representatives based on employee days worked; recruiting based on candidates recruited; sales force automation set-up based on hours worked; and sales force automation hosting and maintenance based on usage. These services meet the over time criterion as the customer consumes the benefit as activities are performed and another party would not need to substantially re-perform the work already completed to satisfy the remaining obligations if the services were migrated to another party. Variable Consideration In some cases, contracts provide for variable consideration that is contingent upon the occurrence of uncertain future events, such as performance incentives (including royalty payments or penalty clauses that can either increase or decrease the transaction price). Variable consideration is estimated at the expected value or at the most likely amount depending on the type of consideration. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimate of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of its anticipated performance and all information (historical, current and forecasted) that is reasonably available to the Company and reevaluated each reporting period. Reimbursed Expenses The Company includes reimbursed expenses in revenues and costs of revenue as the Company is primarily responsible for fulfilling the promise to provide the specified service, including the integration of the related services into a combined output to the customer, which are inseparable from the integrated service. These costs include such items as payments to investigators and travel expenses for the Company’s clinical monitors and sales representatives, over which the Company has discretion in establishing prices. The Company controls the good or service and has inventory risk on contractually reimbursable expenses, as sometimes the Company is unable to obtain reimbursement from the customer for costs incurred. Change Orders Changes in the scope of work are common, especially under long-term contracts, and generally result in a change in transaction price. Change orders are evaluated on a contract-by-contract basis to determine if they should be accounted for as a new contract or as part of the existing contract. Generally, services from change orders are not distinct from the original performance obligation. As a result, the effect that the contract modification has on the contract revenue, and measure of progress, is recognized as an adjustment to revenue when it occurs. Costs of Revenue Costs of revenue include (i) compensation and benefits for billable employees and personnel involved in production, data management and delivery, and the costs of acquiring and processing data for the Company’s information offerings; (ii) costs of staff directly involved with delivering technology-related services offerings and engagements, and the costs of data purchased specifically for technology services engagements; (iii) reimbursed expenses that are comprised principally of payments to investigators who oversee clinical trials and travel expenses for the Company’s clinical monitors and sales representatives; and (iv) other expenses directly related to service contracts such as courier fees, laboratory supplies, professional services and travel expenses. Trade Receivables, Unbilled Services and Unearned Income In general, billings and payments are established by contractual provisions including predetermined payment schedules, which may or may not correspond to the timing of the transfer of control of the Company’s services under the contract. In general, the Company’s intention in its invoicing (payment terms) is to maintain cash neutrality over the life of the contract. Upfront payments, when they occur, are intended to cover certain expenses the Company incurs at the beginning of the contract. Neither the Company nor its customers view such upfront payments and contracted payment schedules as a means of financing. Unbilled services primarily arise from long-term contracts when a cost-based or hours-based input method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer. Unearned income consists of advance payments and billings in excess of revenue recognized. As the contracted services are subsequently performed and the associated revenue is recognized, the unearned income balance is reduced by the amount of the revenue recognized during the period. Unearned income is classified as a current liability on the condensed consolidated balance sheet as the Company expects to recognize the associated revenue in less than one year. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject the Company to credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and cash equivalent balances with high-quality financial institutions and, consequently, the Company believes that such funds are subject to minimal credit risk. Investment policies have been implemented that limit purchases of marketable securities to investment grade securities. Substantially all revenues for Technology & Analytics Solutions Contract Sales & Medical Solutions |
Restructuring Costs | Restructuring Costs Restructuring costs, which primarily include termination benefits and facility closure costs, are recorded at estimated fair value. Key assumptions in determining the restructuring costs include the terms and payments that may be negotiated to terminate certain contractual obligations and the timing of employees leaving the Company. |
Merger Related Costs | Merger Related Costs Merger related costs include the direct and incremental costs associated with business combinations including (i) acquisition related costs such as investment banking, legal, accounting and consulting fees (see Note 14), (ii) incremental compensation costs triggered under change in control provisions in executive employment agreements, (iii) compensation and related costs of employees 100% dedicated to merger-related integration activities and (iv) severance and other termination costs associated with redundant employees. There were no merger related costs recognized in 2018 or 2017. During 2016, the Company recognized $87 million of merger related costs, which includes $36 million of acquisition related costs. All of these costs are related to the Merger. Merger related costs for all other business combinations have been immaterial and are included within selling, general and administrative expenses on the consolidated statements of income. |
Legal Costs | Legal Costs Legal costs are expensed as incurred. |
Debt Fees | Debt Fees Fees incurred to issue debt are generally deferred and amortized as a component of interest expense over the estimated term of the related debt using the effective interest rate method. |
Contingencies | Contingencies The Company records accruals for claims, suits, investigations and proceedings when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company reviews claims, suits, investigations and proceedings at least quarterly and records or adjusts accruals related to such matters to reflect the impact and status of any settlements, rulings, advice of counsel or other information pertinent to a particular matter. Legal costs associated with contingencies are charged to expense as incurred. The Company is party to legal proceedings incidental to its business. While the outcome of these matters could differ from management’s expectations, the Company does not believe the resolution of these matters will have a material adverse effect to the Company’s financial statements. |
Income Taxes | Income Taxes Income tax expense includes United States (“U.S.”) 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. As a result of the Tax Cuts and Jobs Act (the “Tax Act”) enacted on December 22, 2017, the Company no longer considers the undistributed earnings of its foreign subsidiaries to be indefinitely reinvested and will record deferred income taxes on these earnings, as applicable. The Company has recorded its U.S. deferred taxes based on the Federal corporate income tax rate of 21%. The Company accounts for Global Intangible Low Taxed Income (“GILTI”) and the Base Erosion and Anti-Abuse Tax (“BEAT”) as period costs if and when incurred. Interest and penalties related to unrecognized income tax benefits are recognized as a component of income tax expense as discussed further in Note 16. Additionally, as a result of the Tax Act the Company is required to make an accounting policy election in relation to the reduction or loss of cash tax savings from net operating losses in its valuation allowance assessments, by either electing the tax law ordering approach or the incremental cash tax savings approach. The Company has made the election to use the incremental cash tax savings approach as its policy. |
Pensions and Other Postretirement Benefits | Pensions and Other Postretirement Benefits The Company provides retirement benefits to certain employees, including defined benefit pension plans and postretirement medical plans. The determination of benefit obligations and expense is based on actuarial models. In order to measure benefit costs and obligations using these models, critical assumptions are made with regard to the discount rate, expected return on plan assets, cash balance crediting rate, lump sum conversion rate and the assumed rate of compensation increases. In addition, retiree medical care cost trend rates are a key assumption used exclusively in determining costs for the Company’s postretirement health care and life insurance benefit plans. Management reviews these critical assumptions at least annually. Other assumptions involve demographic factors such as turnover, retirement and mortality rates. Management reviews these assumptions periodically and updates them when their experience deems it appropriate to do so. The discount rate is the rate at which the benefit obligations could be effectively settled and is determined annually by management. For United States plans, the discount rate is based on results of a modeling process in which the plans’ expected cash flow (determined on a projected benefit obligation basis) is matched with spot rates developed from a yield curve comprised of high-grade (Moody’s Aa and above, or Standard and Poor’s AA and above) non-callable corporate bonds to develop the present value of the expected cash flow, and then determining the single rate (discount rate), which when applied to the expected cash flow derives that same present value. In the United Kingdom specifically, the discount rate is set based on the yields on a universe of high quality non-callable corporate bonds denominated in the British Pound, appropriate to the duration of plan liabilities. For the non-United States plans, the discount rate is based on the current yield of an index of high quality corporate bonds. The Company estimates the service and interest cost components of net periodic benefit cost for the Company’s United States and United Kingdom pension benefit plans by utilizing a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to each of the underlying projected cash flows based on time until payment. Under the United States qualified retirement plan, participants have a notional retirement account that increases with pay and investment credits. The rate used to determine the investment credit (cash balance crediting rate) varies monthly. At retirement, the account is converted to a monthly retirement benefit. In selecting an expected return on plan asset assumption, the Company considers the returns being earned by each plan investment category in the fund, the rates of return expected to be available for reinvestment and long-term economic forecasts for the type of investments held by the plan. The actual return on plan assets will vary from year to year versus this assumption. The Company believes it is appropriate to use long-term expected forecasts in selecting the expected return on plan assets. As such, there can be no assurance that the Company’s actual return on plan assets will approximate the long-term expected forecasts. While the Company believes that the assumptions used are reasonable, differences in actual experience or changes in assumptions may materially affect its pension and postretirement benefit obligations and future expense. The Company’s estimated long-term rate of return on plan assets is based on the principles of capital market theory that maintain that over the long run, prudent investment risk taking is rewarded with incremental returns and that combining non-correlated assets can maximize risk adjusted portfolio returns. Long-term return estimates are developed by asset category based on actual class return data, historical relationships between asset classes and risk factors and peer plan data. Long-term return estimates for the Company’s United Kingdom pension plans are developed by asset category based on actual class return data, historical relationships between asset classes and risk factors. The Company utilizes a corridor approach to amortizing unrecognized gains and losses in the pension and postretirement benefit plans. Amortization occurs when the accumulated unrecognized net gain or loss balance exceeds the criterion of 10% of the larger of the beginning balances of the projected benefit obligation or the market-related value of the plan assets. The excess unrecognized gain or loss balance is then amortized using the straight-line method over the average remaining service life of active employees expected to receive benefits. |
Share-based Compensation | Stock-based Compensation The Company accounts for stock-based compensation for stock options and stock appreciation rights under the fair value method and uses the Black-Scholes-Merton model to estimate the value of such stock-based awards granted to its employees and non-executive directors. Expected volatility is based upon the historical volatility of a peer group for a period equal to the expected term, as the Company does not have adequate history to calculate its own volatility and believes the expected volatility will approximate the historical volatility of the peer group. The Company does not currently anticipate paying dividends. The expected term represents the period of time the grants are expected to be outstanding. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of the grant. The Company accounts for its stock-based compensation for restricted stock awards and restricted stock units based on the closing market price of the Company’s common stock on the date of grant. The Company accounts for its stock-based compensation for performance awards based on the closing market price of the Company’s common stock on the date of grant and for performance awards that include market conditions, upon the Monte Carlo simulation model. |
Earnings Per Share | Earnings Per Share The calculation of earnings per share is based on the weighted average number of common shares or common stock equivalents outstanding during the applicable period. The dilutive effect of common stock equivalents is excluded from basic earnings per share and is included in the calculation of diluted earnings per share. Potentially dilutive securities include outstanding stock options and unvested restricted stock units, restricted stock and performance awards. Employee equity share options, restricted stock units, restricted stock, performance awards and similar equity instruments granted by the Company are treated as potential common shares outstanding in computing diluted earnings per share. Diluted shares outstanding are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options, the amount of compensation cost for future service that the Company has not yet recognized, and the amount of benefits that would be recorded in additional paid-in capital when the award becomes deductible for tax purposes are assumed to be used to repurchase shares. |
Treasury Stock | Treasury Stock The Company records treasury stock purchases under the cost method. Upon reissuance of treasury stock, amounts in excess of the acquisition cost are credited to additional paid in capital. If the Company reissues treasury stock at an amount below its acquisition cost and additional paid in capital associated with prior treasury stock transactions is insufficient to cover the difference between the acquisition cost and the reissue price, this difference is recorded in retained earnings. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Accounting pronouncements adopted In June 2018, the FASB issued new accounting guidance that largely aligns the accounting for share-based payment awards issued to employees and nonemployees. Under the new guidance, the existing employee guidance will apply to nonemployee share-based transactions (as long as the transaction is not effectively a form of financing), with the exception of specific guidance related to the attribution of compensation cost. The cost of nonemployee awards will continue to be recorded as if the grantor had paid cash for the goods or services. The Company adopted this new accounting guidance on January 1, 2018. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements. In March 2017, the FASB issued new accounting guidance that 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 (“ASU 2017-07”). In addition, only the service cost component of net periodic benefit expense is eligible for capitalization when applicable. The Company adopted this new accounting guidance on January 1, 2018. The Company retrospectively adjusted the presentation of the other components of net periodic pension and postretirement benefit cost in the income statements. See “Adjustments to Previously Reported Financial Statements from the Adoption of Accounting Pronouncements” included elsewhere in Note 1 for further details regarding the effects of the adoption of ASU 2017-07 . 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 Company adopted this new accounting guidance on January 1, 2018. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements. In October 2016, the FASB issued new accounting guidance that requires the income tax consequences of an intra-entity transfer of an asset, other than inventory, to be recognized when the transfer occurs. The Company adopted this new accounting guidance on January 1, 2018. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements. In January 2016, the FASB issued new accounting guidance that modifies how entities measure equity investments and present changes in the fair value of financial liabilities (“ASU 2016-01”). The Company adopted this new accounting guidance on January 1, 2018. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements. See Note 4 for additional information regarding the adoption of ASU 2016-01, “Financial Instruments – Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities .” In May 2014, the FASB and the International Accounting Standards Board issued a converged standard on the recognition of revenue from contracts with customers (“ASU 2014-09”). 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, revenue is recognized to depict the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The Company adopted ASU 2014-09 on January 1, 2018 using the full retrospective method. See “Revenue Recognition” and “Adjustments to Previously Reported Financial Statements from the Adoption of Accounting Pronouncements” included elsewhere in Note 1 for Adjustments to Previously Reported Financial Statements from the Adoption of Accounting Pronouncements The following table presents the effect of the adoption of ASU 2014-09 on the Company’s consolidated balance sheet as of December 31, 2017: December 31, 2017 (in millions) As Previously Reported As Recast Trade accounts receivable and unbilled services, net $ 1,993 $ 2,097 Total current assets 3,450 3,554 Deferred income taxes 98 109 Total assets 22,742 22,857 Unearned income 733 985 Total current liabilities 2,904 3,156 Deferred income taxes 918 895 Total liabilities 14,384 14,613 Retained earnings 655 538 Accumulated other comprehensive income 46 49 Equity attributable to IQVIA Holdings Inc.’s stockholders 8,109 7,995 Total stockholders’ equity 8,358 8,244 Total liabilities and stockholders’ equity 22,742 22,857 The following table presents the effect of the adoption of ASU 2014-09 and ASU 2017-07 on the Company’s consolidated statements of income for the years ended December 31, 2017 and 2016: Year Ended December 31, 2017 2016 (in millions, except per share amounts) As Previously Reported As Recast As Previously Reported As Recast Total revenues $ 9,739 $ 9,702 $ 6,878 $ 6,815 Cost of revenues, exclusive of depreciation and amortization 6,301 6,301 4,750 4,748 Selling, general and administrative expenses 1,605 1,622 1,011 1,016 Income from operations 719 665 642 576 Other expense (income), net 30 13 (8 ) (11 ) Income before income taxes and equity in earnings of unconsolidated affiliates 331 294 479 416 Income tax (benefit) expense (987 ) (992 ) 345 325 Income before equity in earnings of unconsolidated affiliates 1,318 1,286 134 91 Net income 1,328 1,296 130 87 Net income attributable to IQVIA Holdings Inc. 1,309 1,277 115 72 Earnings per share attributable to common stockholders: Basic $ 6.01 $ 5.86 $ 0.77 $ 0.48 Diluted $ 5.88 $ 5.74 $ 0.76 $ 0.47 The cumulative effect of adopting the above standards is reflected in the consolidated statements of stockholders’ equity (deficit) as an adjustment to the December 31, 2015 balance. Adoption of the above standards had no impact to cash from or used in operating, financing, or investing activities on the Company’s consolidated statements of cash flows for the years ended December 31, 2017 or 2016. Accounting pronouncements being evaluated In August 2018, the FASB issued new accounting guidance that clarifies and aligns the accounting for implementation costs for hosting arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new accounting guidance will be effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In August 2018, the FASB issued new accounting guidance that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new accounting guidance will be effective for the Company on January 1, 2021. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In August 2018, the FASB issued new accounting guidance that modifies the disclosure requirements in Topic 820, Fair Value Measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The new accounting guidance will be effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In February 2018, the FASB issued new accounting guidance that will allow a reclassification from accumulated other comprehensive income to retained earnings for “stranded income tax effects” resulting from the Tax Act. Because the income statement impact related to the reduction of the historical corporate income tax rate under the Tax Act is required to be included in income tax expense, the guidance acknowledges that the income tax effects of items within accumulated other comprehensive income (“stranded income tax effects”) do not reflect the appropriate income tax rate. The new accounting guidance will be effective for the Company on January 1, 2019. In August 2017, the FASB issued new accounting guidance that will allow more financial and nonfinancial hedging strategies to be eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The new accounting guidance will be effective for the Company on January 1, 2019. The adoption of this new accounting guidance is not expected to have a material effect on the Company’s consolidated financial statements. In February 2016, the FASB issued new accounting guidance that 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 Company plans to adopt the new standard on its effective date of January 1, 2019. The Company plans to elect the practical expedients upon transition that will retain the lease classification and initial direct costs for any leases that exist prior to adoption of the new guidance. The Company also plans to elect the transition method that allows comparative periods to be presented in the year of adoption in accordance with existing guidance. The adoption of the new standard is expected to result in an increase in total assets of approximately 2.3% and an increase in total liabilities of approximately 3.2% on the Company’s consolidated balance sheet. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Property and Equipment at Cost Using Straight-Line Method | Property and equipment are stated at cost and are depreciated using the straight-line method over the shorter of the asset’s estimated useful life or the lease term, if related to leased property, as follows: Buildings and leasehold improvements 3 - 40 years Equipment 3 - 10 years Furniture and fixtures 5 - 10 years Transportation equipment 3 - 20 years |
Definite-Lived Identifiable Intangible Assets Amortized | Definite-lived identifiable intangible assets are amortized primarily using an accelerated method that reflects the pattern in which the Company expects to benefit from the use of the asset over its estimated remaining useful life as follows: Trademarks and trade names 1 - 17 years Contract backlog and client relationships 1 - 25 years Software and related assets 1 - 9 years Databases 1 - 9 years Non-compete agreements and other 2 - 5 years |
Schedule of Adjustments to Previously Reported Financial Statements from the Adoption of Accounting Pronouncements | The following table presents the effect of the adoption of ASU 2014-09 on the Company’s consolidated balance sheet as of December 31, 2017: December 31, 2017 (in millions) As Previously Reported As Recast Trade accounts receivable and unbilled services, net $ 1,993 $ 2,097 Total current assets 3,450 3,554 Deferred income taxes 98 109 Total assets 22,742 22,857 Unearned income 733 985 Total current liabilities 2,904 3,156 Deferred income taxes 918 895 Total liabilities 14,384 14,613 Retained earnings 655 538 Accumulated other comprehensive income 46 49 Equity attributable to IQVIA Holdings Inc.’s stockholders 8,109 7,995 Total stockholders’ equity 8,358 8,244 Total liabilities and stockholders’ equity 22,742 22,857 The following table presents the effect of the adoption of ASU 2014-09 and ASU 2017-07 on the Company’s consolidated statements of income for the years ended December 31, 2017 and 2016: Year Ended December 31, 2017 2016 (in millions, except per share amounts) As Previously Reported As Recast As Previously Reported As Recast Total revenues $ 9,739 $ 9,702 $ 6,878 $ 6,815 Cost of revenues, exclusive of depreciation and amortization 6,301 6,301 4,750 4,748 Selling, general and administrative expenses 1,605 1,622 1,011 1,016 Income from operations 719 665 642 576 Other expense (income), net 30 13 (8 ) (11 ) Income before income taxes and equity in earnings of unconsolidated affiliates 331 294 479 416 Income tax (benefit) expense (987 ) (992 ) 345 325 Income before equity in earnings of unconsolidated affiliates 1,318 1,286 134 91 Net income 1,328 1,296 130 87 Net income attributable to IQVIA Holdings Inc. 1,309 1,277 115 72 Earnings per share attributable to common stockholders: Basic $ 6.01 $ 5.86 $ 0.77 $ 0.48 Diluted $ 5.88 $ 5.74 $ 0.76 $ 0.47 |
Revenues by Geography, Concen_2
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues by Geographical Region and Reportable Segment | The Company attributes revenues to geographical region based upon where the services are performed. The following tables represent revenues by geographical region and reportable segment for the years ended December 31, 2018, 2017 and 2016: Year Ended December 31, 2018 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 2,087 $ 2,553 $ 358 $ 4,998 Europe and Africa 1,520 1,693 235 3,448 Asia-Pacific 530 1,219 217 1,966 Total revenues $ 4,137 $ 5,465 $ 810 $ 10,412 Year Ended December 31, 2017 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 1,801 $ 2,375 $ 430 $ 4,606 Europe and Africa 1,372 1,663 251 3,286 Asia-Pacific 509 1,067 234 1,810 Total revenues $ 3,682 $ 5,105 $ 915 $ 9,702 Year Ended December 31, 2016 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 608 $ 2,205 $ 441 $ 3,254 Europe and Africa 392 1,587 240 2,219 Asia-Pacific 148 945 249 1,342 Total revenues $ 1,148 $ 4,737 $ 930 $ 6,815 |
Trade Accounts Receivable, Un_2
Trade Accounts Receivable, Unbilled Services and Unearned Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Trade Accounts Receivable and Unbilled Services | Trade accounts receivables and unbilled services consist of the following: December 31, (in millions) 2018 2017 Trade accounts receivable: Billed $ 1,279 $ 1,229 Unbilled services 1,130 883 Trade accounts receivable and unbilled services 2,409 2,112 Allowance for doubtful accounts (15 ) (15 ) Trade accounts receivable and unbilled services, net $ 2,394 $ 2,097 |
Schedule of Net Contract Assets (Liabilities) | Unbilled services and unearned income was as follows: December 31, (in millions) 2018 2017 Change Unbilled services $ 1,130 $ 883 $ 247 Unearned income (1,007 ) (985 ) (22 ) Net balance $ 123 $ (102 ) $ 225 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Support For Nonconsolidated Legal Entity [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | The following is a summary of the Company’s investments in and advances to unconsolidated affiliates: December 31, (in millions) 2018 2017 NovaQuest Pharma Opportunities Fund III, L.P. (“NQ Fund III”) $ 30 $ 33 NovaQuest Pharma Opportunities Fund IV, L.P. (“NQ Fund IV”) 13 7 NovaQuest Pharma Opportunities Fund V, L.P. (“NQ Fund V”) 14 — NovaQuest Private Equity Fund I, L.P. (“NQ PE Fund I”) 4 — Cenduit TM 4 14 NostraData Pty Ltd. (“NostraData”) 7 8 TransMed Systems, Inc. (“TransMed”) 20 — Other 9 8 $ 101 $ 70 |
Summary of Investments in Unconsolidated Variable Interest Entities and Estimated Maximum Exposure to Loss | As of December 31, 2018, 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 NQ Fund III $ 30 $ 37 NQ Fund IV 13 16 NQ Fund V 14 46 NQ PE Fund I 4 5 Pappas Life Science Ventures V, L.P. 1 5 $ 62 $ 109 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 consolidated balance sheets to which they were recorded are summarized in the following table: December 31, 2018 December 31, 2017 (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 $ 5 $ 3 $ 202 $ 5 $ 4 $ 282 Interest rate swaps Other assets and liabilities 3 9 890 — 1 405 Interest rate caps Deposits and other assets 1 — 700 1 — 700 Derivatives not designated as hedging instruments: Interest rate swaps Other liabilities — 5 432 — 8 447 Total derivatives $ 9 $ 17 $ 6 $ 13 |
Pre-tax Effect of Cash Flow Hedging Instruments on Other Comprehensive Income (Loss) | The pre-tax effect of the Company’s cash flow hedging instruments on other comprehensive (loss) income is summarized in the following table: Year Ended December 31, (in millions) 2018 2017 2016 Foreign exchange forward contracts $ (9 ) $ (5 ) $ 16 Interest rate derivatives (6 ) 9 8 Total $ (15 ) $ 4 $ 24 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 and reported at fair value on a recurring basis as of December 31, 2018: (in millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 63 $ — $ — $ 63 Derivatives — 9 — 9 Total $ 63 $ 9 $ — $ 72 Liabilities: Derivatives $ — $ 17 $ — $ 17 Contingent consideration — — 123 123 Total $ — $ 17 $ 123 $ 140 The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of December 31, 2017: (in millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 46 $ — $ — $ 46 Derivatives — 6 — 6 Total $ 46 $ 6 $ — $ 52 Liabilities: Derivatives $ — $ 13 $ — $ 13 Contingent consideration — — 69 69 Total $ — $ 13 $ 69 $ 82 |
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 year ended December 31: Contingent Consideration (in millions) 2018 2017 2016 Balance as of January 1 $ 69 $ 18 $ 4 Business combinations 53 57 19 Contingent consideration paid (24 ) (4 ) (4 ) Revaluations included in earnings and foreign currency translation adjustments 25 (2 ) (1 ) Balance as of December 31 $ 123 $ 69 $ 18 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Major Classes of Property and Equipment | The major classes of property and equipment were as follows: December 31, (in millions) 2018 2017 Land, buildings and leasehold improvements $ 326 $ 324 Equipment 521 446 Furniture and fixtures 82 81 Transportation equipment 72 72 Property and equipment, gross 1,001 923 Less accumulated depreciation (567 ) (483 ) Property and equipment, net $ 434 $ 440 |
Schedule of Property and Equipment Depreciation Expense | Property and equipment depreciation expense was as follows: Year Ended December 31, (in millions) 2018 2017 2016 Depreciation expense $ 125 $ 125 $ 79 |
Goodwill and Identifiable Int_2
Goodwill and Identifiable Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Amortization Expense Associated with Identifiable Definite-Lived Intangible Assets | Amortization expense associated with identifiable definite-lived intangible assets was as follows: Year Ended December 31, (in millions) 2018 2017 2016 Amortization expense $ 1,016 $ 886 $ 210 |
Summary of Identifiable Intangible Assets | The following is a summary of identifiable intangible assets: As of December 31, 2018 As of December 31, 2017 (in millions) Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Definite-lived identifiable intangible assets: Client relationships and backlog $ 4,620 $ (863 ) $ 3,757 $ 4,604 $ (474 ) $ 4,130 Trademarks, trade names and other 526 (108 ) 418 528 (59 ) 469 Databases 1,828 (823 ) 1,005 1,876 (468 ) 1,408 Software and related assets 1,279 (543 ) 736 927 (382 ) 545 Non-compete agreements 27 (10 ) 17 24 (3 ) 21 $ 8,280 $ (2,347 ) $ 5,933 $ 7,959 $ (1,386 ) $ 6,573 Indefinite-lived identifiable intangible assets: Trade names $ 18 $ — $ 18 $ 18 $ — $ 18 |
Summary of Goodwill by Segment | The following is a summary of goodwill by segment for the years ended December 31, 2018 and 2017: (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Consolidated Balance as of December 31, 2016 $ 9,415 $ 1,196 $ 116 $ 10,727 Business combinations 403 178 — 581 Impairment (40 ) — — (40 ) Impact of foreign currency fluctuations and other 570 11 1 582 Balance as of December 31, 2017 10,348 1,385 117 11,850 Business combinations 135 49 18 202 Impact of foreign currency fluctuations and other (244 ) (7 ) (1 ) (252 ) Balance as of December 31, 2018 $ 10,239 $ 1,427 $ 134 $ 11,800 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following: December 31, (in millions) 2018 2017 Compensation, including bonuses, fringe benefits and payroll taxes $ 660 $ 656 Restructuring 74 84 Interest 45 45 Client contract related 678 565 Professional fees 91 76 Contingent consideration and deferred purchase price 90 59 Other 220 179 $ 1,858 $ 1,664 |
Credit Arrangements (Tables)
Credit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Credit Facilities | The following is a summary of the Company’s revolving credit facilities at December 31, 2018: Facility Interest Rates $1,500 million (revolving credit facility) LIBOR in the relevant currency borrowed plus a margin of 1.50% at December 31, 2018 $25 million (receivables financing facility) LIBOR Market Index Rate (2.50% at December 31, 2018) plus 0.90% £10 million (approximately $13 million) general banking facility Bank’s base rate of 0.75% at December 31, 2018 plus 1% |
Summary of Debt | The following table summarizes the Company’s debt at the dates indicated: December 31, (dollars in millions) 2018 2017 Senior Secured Credit Facilities: Term A Loan due 2023—U.S. Dollar LIBOR at average floating rates of 4.30% $ 812 $ 844 Term A Loan due 2023—Euro LIBOR at average floating rates of 1.50% 416 453 Term B Loan due 2024—U.S. Dollar LIBOR at average floating rates of 4.80% 535 1,188 Term B Loan due 2024—Euro LIBOR at average floating rates of 2.75% 1,346 1,423 Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 4.80% 741 748 Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 4.27% 945 — Term B Loan due 2025—Euro LIBOR at average floating rates of 2.50% 664 — Revolving Credit Facility due 2023: U.S. Dollar denominated borrowings — floating rates of 3.91% 620 529 5.0% Senior Notes due 2026 — 1,050 1,050 2.875% Senior Notes due 2025—Euro denominated 481 503 3.25% Senior Notes due 2025 — 1,631 1,707 3.5% Senior Notes due 2024 — 715 749 4.875% Senior Notes due 2023—U.S. Dollar denominated 800 800 Receivables financing facility due 2020—U.S. Dollar LIBOR at average floating rates of 3.40% 300 275 Principal amount of debt 11,056 10,269 Less: unamortized discount and debt issuance costs (49 ) (44 ) Less: current portion (100 ) (103 ) Long-term debt $ 10,907 $ 10,122 |
Contractual Maturities of Long-term Debt | Contractual maturities of long-term debt at December 31, 2018 are as follows: (in millions) 2019 $ 100 2020 400 2021 100 2022 100 2023 2,434 Thereafter 7,922 $ 11,056 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Summary of Future Minimum Lease Payments Under Operating Leases | The following is a summary of future minimum payments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2018: (in millions) Operating Leases 2019 $ 167 2020 136 2021 108 2022 90 2023 69 Thereafter 119 Total minimum lease payments $ 689 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Share Repurchases Made Both Under and Outside of Repurchase Program | Below is a summary of the share repurchases made both under and outside of the Repurchase Program: Year Ended December 31, (in millions, except per share data) 2018 2017 2016 Number of shares of common stock repurchased 12.6 30.9 14.3 Aggregate purchase price $ 1,396 $ 2,620 $ 1,098 Average price per share $ 111.23 $ 84.80 $ 76.57 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Estimated Fair Value of Net Assets Acquired at the Date of Acquisitions | The following table summarizes the estimated fair value of the net assets acquired at the date of the acquisition: (in millions) IMS Health Assets acquired: Cash and cash equivalents $ 2,031 Accounts receivable and unbilled services 528 Prepaid expenses 85 Other current assets 145 Property and equipment 247 Goodwill 10,288 Other identifiable intangibles 6,435 Deferred income tax asset – long-term 25 Other long-term assets 71 Liabilities assumed: Accounts payable and accrued expenses (700 ) Unearned income (175 ) Current portion of long-term debt (88 ) Other current liabilities (45 ) Long-term debt, less current portion (6,070 ) Deferred income tax liability – long-term (2,104 ) Other long-term liabilities (248 ) Net assets acquired $ 10,425 |
Summary of Identifiable Intangible Assets | The other identifiable intangible assets consisted of the following: (in millions) IMS Health Client relationships $ 3,960 Trade names 385 Databases 1,820 Software 270 Total other identifiable intangibles $ 6,435 Amortized over a weighted average useful life (in years) 18 |
Schedule of Preliminary Allocations of Purchase to Certain Tangible and Intangible Assets Acquired and Goodwill | The following table provides certain financial information for these individually immaterial acquisitions, including the preliminary allocations of the purchase prices to certain tangible and intangible assets acquired and goodwill: (in millions) Amortization Period 2018 2017 Total cost of acquisitions, net of cash acquired (1) $ 372 $ 923 Amounts recorded in the Consolidated Balance Sheets: Goodwill $ 202 $ 581 Portion of goodwill deductible for income tax purposes 15 235 Intangible assets: Client relationships 8-14 years $ 126 $ 285 Backlog 2 years 10 15 Non-compete agreements 3-5 years 4 14 Software 1-6 years 44 61 Trade names 2-10 years 8 17 Total intangible assets $ 192 $ 392 (1) Total cost of acquisitions, net of cash acquired, includes contingent consideration and deferred purchase payments of $63 million and $69 million for the years ended December 31, 2018 and 2017, respectively. |
IMS Health Holdings, Inc. [Member] | |
Summary of Pro Forma Results | The following table summarizes the pro forma results: (in millions, except earnings per share) Year Ended December 31, 2016 Total revenues $ 9,235 Net loss attributable to IQVIA Holdings Inc. $ (1 ) Earnings per share attributable to common stockholders: Basic $ — Diluted $ — |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 59 4 63 Payments (77 ) (4 ) (81 ) Foreign currency translation and other (1 ) 1 — Balance at December 31, 2017 80 4 84 Expense, net of reversals 45 23 68 Payments (76 ) (6 ) (82 ) Foreign currency translation and other (2 ) 6 4 Balance at December 31, 2018 $ 47 $ 27 $ 74 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income Before Income Taxes and Equity in Earnings (Losses) of Unconsolidated Affiliates | The components of income before income taxes and equity in earnings (losses) of unconsolidated affiliates are as follows: Year Ended December 31, (in millions) 2018 2017 2016 Domestic $ (521 ) $ (527 ) $ (125 ) Foreign 849 821 541 $ 328 $ 294 $ 416 |
Components of Income Tax Expense Attributable to Continuing Operations | The components of income tax expense attributable to continuing operations are as follows: Year Ended December 31, (in millions) 2018 2017 2016 Current expense: Federal and state $ 17 $ (3 ) $ 64 Foreign 233 222 129 250 219 193 Deferred (benefit) expense: Federal and state (170 ) (1,167 ) 151 Foreign (21 ) (44 ) (19 ) (191 ) (1,211 ) 132 $ 59 $ (992 ) $ 325 As a result of the Tax Act, the Company recorded a provisional deferred tax benefit of $966 million related to the revaluation of deferred taxes at the newly enacted 21% rate and reversal of the deferred tax liability on undistributed earnings net of the newly enacted transition tax for the year ended December 31, 2017. The Company finalized its accounting for SAB 118 in the fourth quarter of 2018 and recorded a full year benefit of $35 million. |
Effective Income Tax Rate Reconciliation | The differences between the Company’s consolidated income tax expense attributable to continuing operations and the expense computed at the United States statutory income tax rate of 21% in 2018 and 35% in both 2017 and 2016 were as follows: Year Ended December 31, (in millions) 2018 2017 2016 Federal income tax expense at statutory rate $ 69 $ 103 $ 146 State and local income taxes, net of federal effect (2 ) (14 ) (1 ) Research and development (20 ) (9 ) (11 ) Foreign nontaxable interest income — (7 ) (8 ) United States taxes recorded on foreign earnings (*) 40 6 252 Tax contingencies 16 17 2 Foreign Derived Intangible Income (“FDII”) (25 ) — — Foreign rate differential 27 (97 ) (58 ) Equity compensation (8 ) (19 ) — Tax Act impact (35 ) (966 ) — Other (3 ) (6 ) 3 $ 59 $ (992 ) $ 325 |
Income Tax Effects of Temporary Differences from Continuing Operations that Give Rise to Significant Portions of Deferred Income Tax Assets (Liabilities) | The income tax effects of temporary differences from continuing operations that give rise to significant portions of deferred income tax assets (liabilities) are presented below: December 31, (in millions) 2018 2017 Deferred income tax assets: Net operating loss and capital loss carryforwards $ 244 $ 278 Tax credit carryforwards 300 170 Accrued expenses and unearned income 70 80 Employee benefits 181 189 Other 51 82 846 799 Valuation allowance for deferred income tax assets (226 ) (200 ) Total deferred income tax assets 620 599 Deferred income tax liabilities: Undistributed foreign earnings (15 ) (21 ) Amortization and depreciation (1,209 ) (1,334 ) Other (23 ) (30 ) Total deferred income tax liabilities (1,247 ) (1,385 ) Net deferred income tax liabilities $ (627 ) $ (786 ) |
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Income Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized income tax benefits is presented below: Year Ended December 31, (in millions) 2018 2017 2016 Balance at January 1 $ 82 $ 64 $ 30 IMS Health balance as of Merger — — 37 Additions based on tax positions related to the current year 4 11 3 Additions for income tax positions of prior years 26 13 7 Impact of changes in exchange rates (2 ) 4 (3 ) Settlements with tax authorities (2 ) (2 ) — Reductions for income tax positions of prior years — (2 ) (1 ) Reductions due to the lapse of the applicable statute of limitations (14 ) (6 ) (9 ) Balance at December 31 $ 94 $ 82 $ 64 |
Summary of Tax Years Open for Examination | The Company conducts business globally and, as a result, files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. The following table summarizes the tax years that remain open for examination by tax authorities in the most significant jurisdictions in which the Company operates: United States 2015-2017 India 2006-2018 Japan 2013-2017 United Kingdom 2017 Switzerland 2014-2017 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Changes in Benefit Obligation, Plan Assets and Funded Status of Pension Benefit Plans | The following table summarizes changes in the benefit obligation, the plan assets and the funded status of the pension benefit plans: Pension Benefits United States Plans Non-United States Plans December 31 (in millions) 2018 2017 2018 2017 Obligation and funded status: Change in benefit obligation: Projected benefit obligation at beginning of year $ 349 $ 308 $ 559 $ 508 Service costs 13 13 26 26 Interest cost 12 11 9 9 Actuarial (gains) losses (30 ) 25 (29 ) (2 ) Business combinations — — 1 — Benefits paid (9 ) (8 ) (21 ) (21 ) Contributions — — 2 1 Amendments — — 2 — Curtailments — — (3 ) — Settlements — — (12 ) (4 ) Foreign currency fluctuations and other — — (21 ) 42 Projected benefit obligation at end of year 335 349 513 559 Change in plan assets: Fair value of plan assets at beginning of year 360 312 391 348 Actual return on plan assets (24 ) 53 (2 ) 17 Contributions 3 3 29 21 Benefits paid (9 ) (8 ) (21 ) (21 ) Settlements — — (11 ) (4 ) Foreign currency fluctuations and other — — (20 ) 30 Fair value of plan assets at end of year 330 360 366 391 Funded status $ (5 ) $ 11 $ (147 ) $ (168 ) |
Summary of Amounts Recognized in Consolidated Balance Sheets | The following table summarizes the amounts recognized in the consolidated balance sheets related to the pension benefit plans: Pension Benefits United Non-United States Plans December 31 (in millions) 2018 2017 2018 2017 Deposits and other assets $ 36 $ 55 $ 17 $ 15 Accrued expenses 2 2 11 8 Other long-term liabilities 38 42 153 175 AOCI 11 33 7 (3 ) |
Summary of Accumulated Benefit Obligation for Pension Benefit Plans | The following table summarizes the accumulated benefit obligation for all pension benefit plans: Pension Benefits United Non-United States Plans December 31 (in millions) 2018 2017 2018 2017 Accumulated benefit obligation $ 330 $ 343 $ 476 $ 507 |
Summary of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets and Projected Benefit Obligations in Excess of Plan Assets | The following table provides the information for pension plans with an accumulated benefit obligation in excess of plan assets and projected benefit obligations in excess of plan assets: Pension Benefits United Non-United States Plans December 31 (in millions) 2018 2017 2018 2017 Plans with accumulated benefit obligation in excess of plan assets: Accumulated benefit obligation $ 43 $ 45 $ 189 $ 442 Fair value of plan assets 3 3 59 301 Plans with projected benefit obligation in excess of plan assets: Projected benefit obligation $ 43 $ 46 $ 223 $ 492 Fair value of plan assets 3 3 59 309 |
Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | The components of net periodic benefit cost changes in plan assets and benefit obligations recognized in other comprehensive loss were as follows: Pension Benefits United Non-United States Plans Year Ended December 31, (in millions) 2018 2017 2016 2018 2017 2016 Service cost $ 13 $ 13 $ 4 $ 26 $ 26 $ 18 Interest cost 12 11 3 9 9 5 Expected return on plan assets (27 ) (24 ) (6 ) (15 ) (14 ) (6 ) Amortization of actuarial losses — — — 1 1 1 Curtailment gain — — — (3 ) — — Settlement gain — — — (1 ) — — Net periodic benefit cost (2 ) — 1 17 22 18 Other changes in plan assets and benefit obligations recognized in other comprehensive loss: Actuarial loss (gain) – current years 22 (4 ) (29 ) (15 ) (4 ) (5 ) Prior service cost - current year — — — 2 — — Curtailment gain - current year — — — 3 — — Settlement gain - current year — — — 1 — — Amortization of actuarial losses — — — (1 ) (1 ) (1 ) Total recognized in other comprehensive loss (income) 22 (4 ) (29 ) (10 ) (5 ) (6 ) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 20 $ (4 ) $ (28 ) $ 7 $ 17 $ 12 |
Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligations | The weighted average assumptions used to determine net periodic benefit cost were as follows for the years ended December 31: Pension Benefits Other Postretirement Benefits United Non-United States Plans 2018 2017 2016 2018 2017 2016 2018 2017 2016 Discount rate 3.69 % 4.17 % 3.62 % 1.91 % 1.89 % 1.88 % 2.90 % 2.90 % 2.40 % Rate of compensation increases 3.00 % 3.00 % 3.00 % 4.54 % 5.17 % 5.27 % — — — Expected return on plan assets 7.69 % 7.94 % 7.94 % 4.17 % 4.16 % 4.26 % — — — The weighted average assumptions used to determine benefit obligations were as follows at December 31: Pension Benefits Other Postretirement Benefits United Non-United States Plans 2018 2017 2018 2017 2018 2017 Discount rate 4.42 % 3.69 % 1.98 % 1.90 % 3.80 % 2.90 % Rate of compensation increases 3.00 % 3.00 % 3.20 % 4.54 % — — |
Schedule of Allocation of Pension Plan Assets | The Company’s pension plan weighted average asset allocations, by asset category, were as follows: Plan Assets at December 31, United Non-United States Plans Total Asset Category 2018 2017 2018 2017 2018 2017 Equity securities 67.58 % 69.86 % 45.22 % 47.92 % 55.83 % 58.44 % Debt securities 27.34 25.21 16.18 14.65 21.48 19.71 Real estate 5.08 4.93 — — 2.41 2.36 Other — — 38.60 37.43 20.28 19.49 Total 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % The target asset allocation for the Company’s pension plans were as follows: Asset Category United Plans Non-United States Plans Total Equity securities 60-80% 35-50% 45-65% Debt securities 20-30% 10-20% 10-30% Real estate 0-10% —% 0-5% Other —% 30-45% 10-30% |
Summary of Plan Assets Measured at Fair Value | The following table summarizes United States plan assets measured at fair value: December 31, 2018 December 31, 2017 Asset Category Level 1 Level 2 Total Level 1 Level 2 Total (in millions) Domestic equities $ 31 $ — $ 31 $ 37 $ — $ 37 International equities 13 — 13 23 — 23 Corporate bonds 54 — 54 53 — 53 Real estate 16 — 16 18 — 18 Total assets in the fair value hierarchy 114 — 114 131 — 131 Common/collective trusts measured at net asset value (“NAV”) (1) — — 216 — — 229 Total $ 114 $ — $ 330 $ 131 $ — $ 360 The following table summarizes non-United States plan assets measured at fair value: December 31, 2018 December 31, 2017 Asset Category Level 1 Level 2 Total Level 1 Level 2 Total (in millions) International equities $ 2 $ 53 $ 55 $ — $ 66 $ 66 Debt issued by national, state or local government 2 57 59 2 55 57 Diversified growth fund — — — — 17 17 Investments funds — 8 8 — 7 7 Insurance contracts — 136 136 — 141 141 Other — 5 5 — 7 7 Total assets in the fair value hierarchy 4 259 263 2 293 295 Assets measured at NAV (1) — — 103 — — 96 Total $ 4 $ 259 $ 366 $ 2 $ 293 $ 391 (1) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the above plan asset tables are intended to permit reconciliation of the fair value of plan assets in the fair value hierarchy to the plan asset amounts presented in the above funded status table as of December 31, 2018 and 2017. |
Schedule of Expected Benefit Payments, Net of Expected Participants Contributions for Pension Benefits | The following benefit payments (net of expected participant contributions) for pension benefits are expected to be paid as follows: (in millions) Pension Benefits 2019 $ 33 2020 33 2021 36 2022 38 2023 40 Years 2024 through 2028 234 $ 414 |
Estimated Fair Value of Stock Options and SARs | The Company used the following assumptions when estimating the value of the stock-based compensation for stock options and SARs issued as follows: Year Ended December 31, 2018 2017 2016 Expected volatility 22 – 24% 22 – 25% 20 – 30% Weighted average expected volatility 22% 24% 28% Expected dividends 0.0% 0.0% 0.0% Expected term (in years) 1.0 – 6.7 1.0 – 6.9 0.3 – 6.6 Risk-free interest rate 2.05 – 3.00% 1.16 – 2.32% 0.32 – 2.19% |
Summary of Stock Option Activity | The Company’s stock option activity in 2018 is as follows: (in millions, except number of options and exercise price) Number of Options Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at December 31, 2017 4,080,632 $ 33.97 $ 261 Exercised (1,462,818 ) 32.88 Canceled (43,590 ) 63.44 Outstanding at December 31, 2018 2,574,224 $ 34.09 $ 211 |
Schedule of Stock Options Outstanding and Exercisable | Selected information regarding the Company’s stock options as of December 31, 2018 is as follows: Options Outstanding Options Exercisable Number of Options Exercise Price Range Weighted Average Exercise Price Weighted Average Remaining Life (in Years) Number of Options Weighted Average Exercise Price 599,966 $ 8.34 — $ 15.11 $ 10.64 1.76 599,966 $ 10.64 589,373 17.11 — 26.05 22.72 2.09 589,373 22.72 534,537 28.13 — 40.00 31.68 3.48 534,537 31.68 597,416 44.45 — 64.67 57.91 6.13 468,928 56.24 252,932 $ 64.86 — $ 77.11 $ 65.06 6.19 174,032 $ 64.92 |
Summary of Restricted Stock Awards | The Company’s RSA activity in 2018 is as follows: Number of RSAs Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 440,151 $ 79.05 Vested (4,084 ) 80.20 Outstanding at December 31, 2018 436,067 $ 79.04 |
Summary of Performance Award Activity | The Company’s performance award activity in 2018 is as follows: Number of Performance Awards Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 476,332 $ 85.84 Granted 438,111 104.42 Vested (3,500 ) 84.86 Canceled (60,367 ) 94.70 Outstanding at December 31, 2018 850,576 $ 94.78 |
Stock Appreciation Rights - Stock Settled [Member] | |
Schedule of Stock Appreciation Rights Activity | The Company’s SSR activity in 2018 is as follows: (in millions, except number of SSRs and exercise price) Number of SSRs Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at December 31, 2017 2,924,770 $ 72.47 $ 74 Granted 1,787,168 96.13 Exercised (328,210 ) 71.42 Canceled (228,200 ) 86.22 Outstanding at December 31, 2018 4,155,528 $ 81.97 $ 142 |
Stock Appreciation Rights - Cash Settled [Member] | |
Schedule of Stock Appreciation Rights Activity | The Company’s CSR activity in 2018 is as follows: (in millions, except number of CSRs and grant price) Number of CSRs Weighted Average Grant Price Aggregate Intrinsic Value Outstanding at December 31, 2017 337,115 $ 53.87 $ 15 Granted 15,716 95.23 Exercised (95,300 ) 48.31 Canceled (10,134 ) 69.92 Outstanding at December 31, 2018 247,397 $ 57.98 $ 14 |
Restricted Stock Units - Stock Settled [Member] | |
Schedule of Restricted Stock Units Activity | The Company’s RSU activity in 2018 is as follows: Number of RSUs Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 1,097,708 $ 76.71 Granted 160,462 101.16 Vested (799,011 ) 77.49 Canceled (73,701 ) 85.46 Outstanding at December 31, 2018 385,458 $ 83.60 |
Restricted Stock Units - Cash Settled [Member] | |
Schedule of Restricted Stock Units Activity | The Company’s Cash RSU activity in 2018 is as follows: Number of Cash RSUs Weighted Average Grant-Date Fair Value Outstanding at December 31, 2017 9,015 $ 95.98 Granted 5,260 95.23 Canceled (914 ) 81.04 Outstanding at December 31, 2018 13,361 $ 96.70 |
Property, Equipment and Softw_2
Property, Equipment and Software by Geography (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Equipment And Software By Geography [Abstract] | |
Property, Equipment and Software, Net, by Geographic Region | The following table represents the Company’s property, equipment and software, net, by geographic region, which is further broken down to show each country that accounts for 10% or more of the totals: As of December 31, (in millions) 2018 2017 Property, equipment and software, net: Americas: United States $ 856 $ 623 Other 23 27 Americas 879 650 Europe and Africa 221 259 Asia-Pacific 70 76 Total property, equipment and software, net $ 1,170 $ 985 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenues and Income from Segments to Consolidated | 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. Year Ended December 31, (in millions) 2018 2017 2016 Revenues Technology & Analytics Solutions $ 4,137 $ 3,682 $ 1,148 Research & Development Solutions 5,465 5,105 4,737 Contract Sales & Medical Solutions 810 915 930 Total revenues 10,412 9,702 6,815 Costs of revenue Technology & Analytics Solutions 2,343 1,967 695 Research & Development Solutions 3,721 3,566 3,283 Contract Sales & Medical Solutions 682 768 770 Total costs of revenue 6,746 6,301 4,748 Selling, general and administrative expenses Technology & Analytics Solutions 771 719 218 Research & Development Solutions 616 582 579 Contract Sales & Medical Solutions 69 73 82 General corporate and unallocated 260 248 137 Total selling, general and administrative expenses 1,716 1,622 1,016 Segment profit Technology & Analytics Solutions 1,023 996 235 Research & Development Solutions 1,128 957 875 Contract Sales & Medical Solutions 59 74 78 Total segment profit 2,210 2,027 1,188 General corporate and unallocated (260 ) (248 ) (137 ) Depreciation and amortization (1,141 ) (1,011 ) (289 ) Impairment charges — (40 ) (28 ) Restructuring costs (68 ) (63 ) (71 ) Merger related costs — — (87 ) Total income from operations $ 741 $ 665 $ 576 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciles the Basic to Diluted Weighted Average Shares Outstanding | The following table reconciles the basic to diluted weighted average shares outstanding: Year Ended December 31, (in millions) 2018 2017 2016 Basic weighted average common shares outstanding 203.7 217.8 149.1 Effect of dilutive stock options and share awards 4.5 4.8 2.9 Diluted weighted average common shares outstanding 208.2 222.6 152.0 |
Summary of Weighted-Average Outstanding Stock-Based Awards 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 Year Ended December 31, (in millions) 2018 2017 2016 Shares subject to performance conditions 0.8 0.4 0.1 Shares subject to anti-dilutive stock-based awards 0.9 1.0 1.1 Total shares excluded from diluted earnings per share 1.7 1.4 1.2 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Components of AOCI | Below is a summary of the components of AOCI: (in millions) Foreign Currency Translation Derivative Instruments Defined Benefit Plans Income Taxes Total Balance at December 31, 2015, Adjusted $ (116 ) $ (14 ) $ (14 ) $ 34 $ (110 ) Other comprehensive (loss) income before reclassifications (501 ) (4 ) 34 (5 ) (476 ) Reclassification adjustments — 28 1 (7 ) 22 Balance at December 31, 2016 (617 ) 10 21 22 (564 ) Other comprehensive income before reclassifications 403 5 8 197 613 Reclassification adjustments — (1 ) 1 — — Balance at December 31, 2017 (214 ) 14 30 219 49 Other comprehensive loss before reclassifications (205 ) (4 ) (12 ) (41 ) (262 ) Reclassification adjustments — (11 ) 1 (1 ) (11 ) Balance at December 31, 2018 $ (419 ) $ (1 ) $ 19 $ 177 $ (224 ) |
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 consolidated statements of income and the affected financial statement line item: Year Ended December 31, (in millions) Affected Financial Statement Line Item 2018 2017 2016 Derivative instruments: Interest rate swaps and caps Interest expense $ — $ — $ 6 Foreign exchange forward contracts Revenues 1 7 19 Foreign exchange forward contracts Other expense (income), net (12 ) (8 ) 3 Total before income taxes (11 ) (1 ) 28 Income tax expense 1 — 7 Total net of income taxes $ (12 ) $ (1 ) $ 21 Defined benefit plans: Amortization of actuarial losses See Note 17 $ 1 $ 1 $ 1 Income tax expense — — — Total net of income taxes $ 1 $ 1 $ 1 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | The following table presents the Company’s supplemental cash flow information: Year Ended December 31, (in millions) 2018 2017 2016 Supplemental Cash Flow Information: Interest paid $ 398 $ 320 $ 124 Income taxes paid, net of refunds $ 211 $ 195 $ 106 Non-cash Investing Activities: Fair value of consideration transferred in connection with business combinations $ — $ — $ 10,425 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Results of Operations | The following table summarizes the Company’s unaudited quarterly results of operations: 2018 (in millions, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 2,563 $ 2,567 $ 2,594 $ 2,688 Income from operations 183 170 181 207 Net income 73 68 67 76 Net income attributable to non-controlling interests (4 ) (7 ) (7 ) (7 ) Net income attributable to IQVIA Holdings Inc. (1) $ 69 $ 61 $ 60 $ 69 Basic earnings per share (2) $ 0.33 $ 0.30 $ 0.30 $ 0.34 Diluted earnings per share (2) $ 0.32 $ 0.29 $ 0.29 $ 0.34 2017 (in millions, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter Revenues $ 2,360 $ 2,355 $ 2,466 $ 2,521 Income from operations 202 126 195 142 Net income 102 66 93 1,035 Net income attributable to non-controlling interests (2 ) (4 ) (5 ) (8 ) Net income attributable to IQVIA Holdings Inc. (3) $ 100 $ 62 $ 88 $ 1,027 Basic earnings per share (2) $ 0.43 $ 0.28 $ 0.41 $ 4.91 Diluted earnings per share (2) $ 0.43 $ 0.28 $ 0.40 $ 4.79 (1) During the fourth quarter of 2018, the Company identified and recorded certain adjustments related to prior periods and as a result increased pre-tax income by $22 million (net income by $15 million). The Company has evaluated the effects of the out of period adjustments and concluded they are not to the quarter 2018 financial results, nor to any of the previously issued annual or quarterly financial information. (2 ) The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. (3 ) The significant increase during the fourth quarter of 2017 is due to the enactment of the Tax Act. See Note 16 for additional details. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Oct. 03, 2016 | Jun. 30, 2018Segment | Dec. 31, 2018USD ($)EmployeeCountrySegment$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of employees | Employee | 58,000 | ||||
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 | |||
Number of reportable segments | Segment | 2 | 3 | |||
Foreign currency net losses | $ 8,000,000 | $ 40,000,000 | $ 6,000,000 | ||
Capitalized and amortized expense related to software and related assets | 179,000,000 | 134,000,000 | 44,000,000 | ||
Impairment charges recognized | $ 0 | ||||
Revenue, contract termination description | Most contracts may be terminated upon 30 to 90 days notice by the customer; however, in the event of termination, most contracts require payment for services rendered through the date of termination, as well as for subsequent services rendered to close out the contract. | ||||
Percentage of employees compensation cost | 100.00% | ||||
Merger related costs | $ 0 | $ 0 | 87,000,000 | ||
Acquisition related costs | $ 36,000,000 | ||||
Federal corporate income tax rate | 21.00% | 35.00% | 35.00% | ||
Method used to amortize net gains and losses | The Company utilizes a corridor approach to amortizing unrecognized gains and losses in the pension and postretirement benefit plans. Amortization occurs when the accumulated unrecognized net gain or loss balance exceeds the criterion of 10% of the larger of the beginning balances of the projected benefit obligation or the market-related value of the plan assets. The excess unrecognized gain or loss balance is then amortized using the straight-line method over the average remaining service life of active employees expected to receive benefits. | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Change in total assets after adoption of new standard | 2.30% | ||||
Change in total liabilities after adoption of new standard | 3.20% | ||||
Accrued Expenses [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Accrued loyalty | $ 186,000,000 | $ 143,000,000 | |||
IMS Health Holdings, Inc. [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Date of Acquisition | Oct. 3, 2016 | Oct. 3, 2016 | |||
Business acquisition through merger, agreement date | May 3, 2016 | ||||
Common stock, par value | $ / shares | $ 0.01 | ||||
Acquisition related costs | $ 36,000,000 | ||||
IMS Health Holdings, Inc. [Member] | Common Stock [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Merger agreement, stock for stock exchange ratio | 38.40% | ||||
Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of countries | Country | 100 | ||||
Subscription arrangements terms | 1 year | ||||
Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Subscription arrangements terms | 3 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Property and Equipment at Cost Using Straight-Line Method (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings and leasehold improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life, Years | 3 years |
Buildings and leasehold improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life, Years | 40 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life, Years | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life, Years | 10 years |
Furniture and fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life, Years | 5 years |
Furniture and fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life, Years | 10 years |
Transportation equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life, Years | 3 years |
Transportation equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, Estimated useful life, Years | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Definite-lived identifiable intangible assets amortized (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Trademarks and trade names [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 1 year |
Trademarks and trade names [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 17 years |
Contract backlog and client relationships [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 1 year |
Contract backlog and client relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 25 years |
Software and related assets [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 1 year |
Software and related assets [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 9 years |
Databases [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 1 year |
Databases [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 9 years |
Non-compete agreements and other [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 2 years |
Non-compete agreements and other [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Definite-lived intangible assets, Estimated useful life, Years | 5 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Effect of Adoption of ASU 2014-09 on Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Trade accounts receivable and unbilled services, net | $ 2,394 | $ 2,097 | ||
Total current assets | 3,874 | 3,554 | ||
Deferred income taxes | 109 | 109 | ||
Total assets | 22,549 | 22,857 | ||
Unearned income | 1,007 | 985 | ||
Total current liabilities | 3,534 | 3,156 | ||
Deferred income taxes | 736 | 895 | ||
Total liabilities | 15,595 | 14,613 | ||
Retained earnings | 807 | 538 | ||
Accumulated other comprehensive income | (224) | 49 | ||
Equity attributable to IQVIA Holdings Inc.’s stockholders | 6,714 | 7,995 | ||
Total stockholders’ equity | 6,954 | 8,244 | $ 8,781 | $ (336) |
Total liabilities and stockholders’ equity | $ 22,549 | 22,857 | ||
As Previously Reported [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Trade accounts receivable and unbilled services, net | 1,993 | |||
Total current assets | 3,450 | |||
Deferred income taxes | 98 | |||
Total assets | 22,742 | |||
Unearned income | 733 | |||
Total current liabilities | 2,904 | |||
Deferred income taxes | 918 | |||
Total liabilities | 14,384 | |||
Retained earnings | 655 | |||
Accumulated other comprehensive income | 46 | |||
Equity attributable to IQVIA Holdings Inc.’s stockholders | 8,109 | |||
Total stockholders’ equity | 8,358 | |||
Total liabilities and stockholders’ equity | 22,742 | |||
Accounting Standards Update 2014-09 [Member] | ||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Trade accounts receivable and unbilled services, net | 2,097 | |||
Total current assets | 3,554 | |||
Deferred income taxes | 109 | |||
Total assets | 22,857 | |||
Unearned income | 985 | |||
Total current liabilities | 3,156 | |||
Deferred income taxes | 895 | |||
Total liabilities | 14,613 | |||
Retained earnings | 538 | |||
Accumulated other comprehensive income | 49 | |||
Equity attributable to IQVIA Holdings Inc.’s stockholders | 7,995 | |||
Total stockholders’ equity | 8,244 | |||
Total liabilities and stockholders’ equity | $ 22,857 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Effect of Adoption of ASU 2017-07 and ASU 2014-09 on Consolidated Statements of Income (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenues | $ 2,688 | $ 2,594 | $ 2,567 | $ 2,563 | $ 2,521 | $ 2,466 | $ 2,355 | $ 2,360 | $ 10,412 | $ 9,702 | $ 6,815 |
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Costs of revenue, exclusive of depreciation and amortization | $ 6,746 | $ 6,301 | $ 4,748 | ||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | ||||||||
Selling, general and administrative expenses | $ 1,716 | $ 1,622 | $ 1,016 | ||||||||
Income from operations | 207 | 181 | 170 | 183 | 142 | 195 | 126 | 202 | 741 | 665 | 576 |
Other expense (income), net | (5) | (13) | 11 | ||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 328 | 294 | 416 | ||||||||
Income tax expense (benefit) | 59 | (992) | 325 | ||||||||
Income before equity in earnings of unconsolidated affiliates | 269 | 1,286 | 91 | ||||||||
Net income | 76 | 67 | 68 | 73 | 1,035 | 93 | 66 | 102 | 284 | 1,296 | 87 |
Net income attributable to IQVIA Holdings Inc. | $ 69 | $ 60 | $ 61 | $ 69 | $ 1,027 | $ 88 | $ 62 | $ 100 | $ 259 | $ 1,277 | $ 72 |
Earnings per share attributable to common stockholders: | |||||||||||
Basic | $ 0.34 | $ 0.30 | $ 0.30 | $ 0.33 | $ 4.91 | $ 0.41 | $ 0.28 | $ 0.43 | $ 1.27 | $ 5.86 | $ 0.48 |
Diluted | $ 0.34 | $ 0.29 | $ 0.29 | $ 0.32 | $ 4.79 | $ 0.40 | $ 0.28 | $ 0.43 | $ 1.24 | $ 5.74 | $ 0.47 |
As Previously Reported [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenues | $ 9,739 | $ 6,878 | |||||||||
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | |||||||||
Costs of revenue, exclusive of depreciation and amortization | $ 6,301 | $ 4,750 | |||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | |||||||||
Selling, general and administrative expenses | $ 1,605 | $ 1,011 | |||||||||
Income from operations | 719 | 642 | |||||||||
Other expense (income), net | 30 | (8) | |||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 331 | 479 | |||||||||
Income tax expense (benefit) | (987) | 345 | |||||||||
Income before equity in earnings of unconsolidated affiliates | 1,318 | 134 | |||||||||
Net income | 1,328 | 130 | |||||||||
Net income attributable to IQVIA Holdings Inc. | $ 1,309 | $ 115 | |||||||||
Earnings per share attributable to common stockholders: | |||||||||||
Basic | $ 6.01 | $ 0.77 | |||||||||
Diluted | $ 5.88 | $ 0.76 | |||||||||
Accounting Standards Update 2017-07 and 2014-09 [Member] | |||||||||||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||||||||||
Revenues | $ 9,702 | $ 6,815 | |||||||||
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | |||||||||
Costs of revenue, exclusive of depreciation and amortization | $ 6,301 | $ 4,748 | |||||||||
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | |||||||||
Selling, general and administrative expenses | $ 1,622 | $ 1,016 | |||||||||
Income from operations | 665 | 576 | |||||||||
Other expense (income), net | 13 | (11) | |||||||||
Income before income taxes and equity in earnings of unconsolidated affiliates | 294 | 416 | |||||||||
Income tax expense (benefit) | (992) | 325 | |||||||||
Income before equity in earnings of unconsolidated affiliates | 1,286 | 91 | |||||||||
Net income | 1,296 | 87 | |||||||||
Net income attributable to IQVIA Holdings Inc. | $ 1,277 | $ 72 | |||||||||
Earnings per share attributable to common stockholders: | |||||||||||
Basic | $ 5.86 | $ 0.48 | |||||||||
Diluted | $ 5.74 | $ 0.47 |
Revenues by Geography, Concen_3
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Summary of Revenues by Geographical Region and Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | $ 2,688 | $ 2,594 | $ 2,567 | $ 2,563 | $ 2,521 | $ 2,466 | $ 2,355 | $ 2,360 | $ 10,412 | $ 9,702 | $ 6,815 |
Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 4,998 | 4,606 | 3,254 | ||||||||
Europe and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 3,448 | 3,286 | 2,219 | ||||||||
Asia-Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 1,966 | 1,810 | 1,342 | ||||||||
Technology & Analytics Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 4,137 | 3,682 | 1,148 | ||||||||
Technology & Analytics Solutions [Member] | Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 2,087 | 1,801 | 608 | ||||||||
Technology & Analytics Solutions [Member] | Europe and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 1,520 | 1,372 | 392 | ||||||||
Technology & Analytics Solutions [Member] | Asia-Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 530 | 509 | 148 | ||||||||
Research & Development Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 5,465 | 5,105 | 4,737 | ||||||||
Research & Development Solutions [Member] | Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 2,553 | 2,375 | 2,205 | ||||||||
Research & Development Solutions [Member] | Europe and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 1,693 | 1,663 | 1,587 | ||||||||
Research & Development Solutions [Member] | Asia-Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 1,219 | 1,067 | 945 | ||||||||
Contract Sales & Medical Solutions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 810 | 915 | 930 | ||||||||
Contract Sales & Medical Solutions [Member] | Americas [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 358 | 430 | 441 | ||||||||
Contract Sales & Medical Solutions [Member] | Europe and Africa [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | 235 | 251 | 240 | ||||||||
Contract Sales & Medical Solutions [Member] | Asia-Pacific [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Total revenues | $ 217 | $ 234 | $ 249 |
Revenues by Geography, Concen_4
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Additional Information (Detail) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018USD ($)Customer | Dec. 31, 2017Customer | Dec. 31, 2016Customer | |
Disaggregation Of Revenue [Line Items] | |||
Revenue expected to be recognized in future from remaining performance obligations | $ | $ 18.6 | ||
Number of major customer | Customer | 0 | 0 | 0 |
United States [Member] | Geographic Concentration Risk [Member] | Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Concentration risk | 43.00% | 42.00% | 43.00% |
United Kingdom [Member] | Geographic Concentration Risk [Member] | Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Concentration risk | 11.00% |
Revenues by Geography, Concen_5
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Additional Information 1 (Detail) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | Dec. 31, 2018 |
Disaggregation Of Revenue [Line Items] | |
Percentage of remaining performance obligations on which revenue is expected to be recognized | 35.00% |
Unearned income recognition period | 12 months |
Trade Accounts Receivable, Un_3
Trade Accounts Receivable, Unbilled Services and Unearned Income - Trade Accounts Receivable and Unbilled Services (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Trade accounts receivable: | ||
Billed | $ 1,279 | $ 1,229 |
Unbilled services | 1,130 | 883 |
Trade accounts receivable and unbilled services | 2,409 | 2,112 |
Allowance for doubtful accounts | (15) | (15) |
Trade accounts receivable and unbilled services, net | $ 2,394 | $ 2,097 |
Trade Accounts Receivable, Un_4
Trade Accounts Receivable, Unbilled Services and Unearned Income - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Contract With Customer Asset And Liability [Abstract] | ||
Unbilled services | $ 1,130 | $ 883 |
Unearned income | (1,007) | (985) |
Net balance | 123 | $ (102) |
Unbilled Services, Change | 247 | |
Unearned Income, Change | (22) | |
Net balance, Change | $ 225 |
Trade Accounts Receivable, Un_5
Trade Accounts Receivable, Unbilled Services and Unearned Income - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Receivables [Abstract] | |
Increase in unbilled services | $ 247 |
Increase in unearned income | 22 |
Increase of net balance of unbilled services and unearned income | $ 225 |
Investments - Debt, Equity and
Investments - Debt, Equity and Other Securities - Additional Information (Detail) $ in Millions | Dec. 31, 2018USD ($) |
COTA Inc [Member] | |
Investments Debt And Equity Securities [Line Items] | |
Investments for minority ownership interest | $ 20 |
Investments - Investments in an
Investments - Investments in and Advances to Unconsolidated Affiliates (Detail) $ in Thousands, $ in Millions | Dec. 31, 2018USD ($) | Aug. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2015USD ($) | Nov. 30, 2015AUD ($) |
Investments In And Advances To Affiliates [Line Items] | |||||
Investments in unconsolidated affiliates | $ 101 | $ 70 | |||
NovaQuest Pharma Opportunities Fund III, L.P. (“NQ Fund III”) [Member] | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Investments in unconsolidated affiliates | 30 | 33 | |||
NovaQuest Pharma Opportunities Fund IV, L.P. (“NQ Fund IV”) [Member] | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Investments in unconsolidated affiliates | 13 | 7 | |||
NovaQuest Pharma Opportunities Fund V, L.P. (“NQ Fund V”) [Member] | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Investments in unconsolidated affiliates | 14 | ||||
NovaQuest Private Equity Fund I, L.P. (“NQ PE Fund I”) [Member] | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Investments in unconsolidated affiliates | 4 | ||||
CenduitTM (“Cenduit”) [Member] | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Investments in unconsolidated affiliates | 4 | 14 | |||
NostraData Pty Ltd. (“NostraData”) [Member] | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Investments in unconsolidated affiliates | 7 | 8 | $ 9 | $ 10,250 | |
TransMed Systems, Inc. (“TransMed”) [Member] | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Investments in unconsolidated affiliates | 20 | $ 20 | |||
Other [Member] | |||||
Investments In And Advances To Affiliates [Line Items] | |||||
Investments in unconsolidated affiliates | $ 9 | $ 8 |
Investments - Unconsolidated Af
Investments - Unconsolidated Affiliates - Additional Information (Detail) $ in Thousands, $ in Millions | Dec. 31, 2018USD ($) | Aug. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2017USD ($) | May 31, 2017USD ($)Location | Nov. 30, 2015USD ($) | Nov. 30, 2015AUD ($) |
Schedule Of Investments [Line Items] | |||||||
Investments in unconsolidated affiliates | $ 101 | $ 70 | |||||
NQ Fund III [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Committed to invest fund | 50 | ||||||
Commitment funded | 43.5 | ||||||
Funding commitments | $ 6.5 | ||||||
Beneficial ownership in common stock | 10.90% | 10.90% | |||||
Investments in unconsolidated affiliates | $ 30 | $ 33 | |||||
NQ Fund IV [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Committed to invest fund | 20 | ||||||
Commitment funded | 17 | ||||||
Funding commitments | $ 3 | ||||||
Beneficial ownership in common stock | 2.50% | 2.50% | |||||
Investments in unconsolidated affiliates | $ 13 | $ 7 | |||||
NQ Fund V [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Committed to invest fund | $ 45 | ||||||
Commitment funded | 13.5 | ||||||
Funding commitments | $ 31.5 | ||||||
Beneficial ownership in common stock | 7.90% | ||||||
Investments in unconsolidated affiliates | $ 14 | ||||||
NQ PE FUND I [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Committed to invest fund | $ 5 | ||||||
Commitment funded | 3.8 | ||||||
Funding commitments | $ 1.2 | ||||||
Beneficial ownership in common stock | 5.20% | ||||||
Investments in unconsolidated affiliates | $ 4 | ||||||
Cenduit [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Number of locations | Location | 3 | ||||||
Ownership interest | 50.00% | ||||||
Investments in unconsolidated affiliates | 4 | 14 | |||||
Cenduit [Member] | United Kingdom [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Amount of initial capital | $ 4 | ||||||
Cenduit [Member] | United States [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Amount of initial capital | 4 | ||||||
Cenduit [Member] | Switzerland [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Amount of initial capital | $ 4 | ||||||
NostraData [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Beneficial ownership in common stock | 24.00% | 24.00% | |||||
Investments in unconsolidated affiliates | $ 7 | $ 8 | $ 9 | $ 10,250 | |||
TransMed [Member] | |||||||
Schedule Of Investments [Line Items] | |||||||
Beneficial ownership in common stock | 31.00% | ||||||
Investments in unconsolidated affiliates | $ 20 | $ 20 |
Investments - Summary of Invest
Investments - Summary of Investments in Unconsolidated Variable Interest Entities and Estimated Maximum Exposure to Loss (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Maximum Exposure to Loss | $ 109,000,000 | |
Investments in Unconsolidated VIEs | 101,000,000 | $ 70,000,000 |
NQ Fund III [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 30,000,000 | |
Maximum Exposure to Loss | 37,000,000 | |
NQ Fund IV [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 13,000,000 | |
Maximum Exposure to Loss | 16,000,000 | |
NQ Fund V [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 14,000,000 | |
Maximum Exposure to Loss | 46,000,000 | |
NQ PE FUND I [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 4,000,000 | |
Maximum Exposure to Loss | 5,000,000 | |
Pappas Life Science Ventures V, L.P. [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | 1,000,000 | |
Maximum Exposure to Loss | 5,000,000 | |
Variable Interest Entity Not Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Investments in Unconsolidated VIEs | $ 62,000,000 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) € in Millions | 12 Months Ended | |||||
Dec. 31, 2018USD ($)CountryAgreement | Dec. 31, 2017USD ($) | Dec. 31, 2018EUR (€)CountryAgreement | Jul. 19, 2018USD ($)Agreement | Jun. 03, 2015Agreement | Apr. 30, 2014USD ($)Agreement | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Gains related to contracts | $ 6,000,000 | |||||
Interest swaps accrual beginning date | Jun. 30, 2016 | |||||
Foreign exchange gains related to net investment hedge | $ 228,000,000 | |||||
Foreign Currency Denominated Debt [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Borrowings, net of original issue discount | $ 5,253,000,000 | € 4,590 | ||||
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 rates | 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 rates | 1.00% | |||||
Minimum [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Number of countries | Country | 100 | 100 | ||||
Maximum [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Interest rate swaps expiry date | Mar. 31, 2020 | |||||
Foreign Exchange Risk Management [Member] | Minimum [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Number of countries | Country | 100 | 100 | ||||
Service Contract Hedging and Royalty Hedging Contracts [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional amount | $ 202,000,000 | |||||
Gains related to contracts | 5,000,000 | $ 5,000,000 | ||||
Losses related to contracts | $ (3,000,000) | $ (4,000,000) | ||||
Expiration year of hedge instruments | 2,019 | |||||
Service Contract Hedging and Royalty Hedging Contracts [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Interest rate swaps expiry date | Nov. 30, 2019 | |||||
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 | $ 1,000,000,000 | ||||
Number of interest rate contracts | Agreement | 2 | 2 | 3 | |||
Effective description of interest rate swaps | Effective at various times between April 2014 and April 2016 | |||||
Expiration description of interest rate swaps | Expire in 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% | |||||
2014 Swaps [Member] | IMS Health Holdings, Inc. [Member] | Derivatives Designated As Cash Flow Hedges [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Notional amount | $ 432,000,000 | $ 600,000,000 | ||||
Number of interest rate contracts | Agreement | 2 | 2 | ||||
Effective description of interest rate swaps | Effective between April and June 2014 | |||||
Expiration description of interest rate swaps | Expire at various times 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 | 1.60% | |||||
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% | |||||
2015 Swaps [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Number of interest rate contracts | Agreement | 4 | 4 | 7 | |||
2015 Swaps [Member] | Minimum [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative fixed interest rate | 1.90% | 1.90% | ||||
2015 Swaps [Member] | Maximum [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Derivative fixed interest rate | 2.10% | 2.10% | ||||
Forward Starting Interest Rate Swaps (2018 Swaps) [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Interest rate swaps expiry date | Jun. 28, 2024 | |||||
Notional amount | $ 500,000,000 | |||||
Number of interest rate contracts | Agreement | 2 | |||||
Derivative fixed interest rate | 3.00% | |||||
Interest swaps accrual beginning date | Jun. 28, 2019 | |||||
Swaps [Member] | ||||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||||
Interest rate swaps, Fixed rate debt percent | 50.00% | 50.00% | ||||
Interest rate swaps, Variable rate debt percent | 50.00% | 50.00% |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Values of Derivative Instruments Designated as Hedges (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | $ 9,000,000 | $ 6,000,000 |
Derivative liability fair value | 17,000,000 | 13,000,000 |
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 | 5,000,000 | 5,000,000 |
Derivative liability fair value | 3,000,000 | 4,000,000 |
Derivative notional amount | 202,000,000 | 282,000,000 |
Designated as Hedging Instrument [Member] | Other Assets and Liabilities [Member] | 2014 Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | 3,000,000 | |
Derivative liability fair value | 9,000,000 | 1,000,000 |
Derivative notional amount | 890,000,000 | 405,000,000 |
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 | 700,000,000 |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | 2014 Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability fair value | 5,000,000 | 8,000,000 |
Derivative notional amount | $ 432,000,000 | $ 447,000,000 |
Derivatives - Pre-tax Effect of
Derivatives - Pre-tax Effect of Cash Flow Hedging Instruments on Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Effect of cash flow hedging instruments on other comprehensive income (loss) | $ (15) | $ 4 | $ 24 |
Foreign Exchange Forward Contracts [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Effect of cash flow hedging instruments on other comprehensive income (loss) | (9) | (5) | 16 |
Interest Rate Derivatives [Member] | |||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Effect of cash flow hedging instruments on other comprehensive income (loss) | $ (6) | $ 9 | $ 8 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other identifiable intangibles, net | $ 5,951 | $ 6,591 |
Level 1 and Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of total debt | 10,850 | $ 10,432 |
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 | 17,878 | |
Cost and equity method investments | 127 | |
Goodwill | 11,800 | |
Other identifiable intangibles, net | $ 5,951 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt, equity and other securities | $ 47 | $ 46 |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt, equity and other securities | 63 | 46 |
Fair value of assets | 72 | 52 |
Fair value of liabilities | 140 | 82 |
Recurring Fair Value Measurements [Member] | Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 9 | 6 |
Fair value of liabilities | 17 | 13 |
Recurring Fair Value Measurements [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 123 | 69 |
Level 1 [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments in debt, equity and other securities | 63 | 46 |
Fair value of assets | 63 | 46 |
Level 2 [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 9 | 6 |
Fair value of liabilities | 17 | 13 |
Level 2 [Member] | Recurring Fair Value Measurements [Member] | Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 9 | 6 |
Fair value of liabilities | 17 | 13 |
Level 3 [Member] | Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 123 | 69 |
Level 3 [Member] | Recurring Fair Value Measurements [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | $ 123 | $ 69 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Contingent Consideration [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance, Contingent Consideration | $ 69 | $ 18 | $ 4 |
Business combinations | 53 | 57 | 19 |
Contingent consideration paid | (24) | (4) | (4) |
Revaluations included in earnings and foreign currency translation adjustments | 25 | (2) | (1) |
Ending Balance, Contingent Consideration | $ 123 | $ 69 | $ 18 |
Property and Equipment - Summar
Property and Equipment - Summary of Major Classes of Property and Equipment (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,001 | $ 923 |
Less accumulated depreciation | (567) | (483) |
Property and equipment, net | 434 | 440 |
Land, buildings and leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 326 | 324 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 521 | 446 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 82 | 81 |
Transportation equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 72 | $ 72 |
Property and Equipment -Schedul
Property and Equipment -Schedule of Property and Equipment Depreciation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 125 | $ 125 | $ 79 |
Goodwill and Identifiable Int_3
Goodwill and Identifiable Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | |
Impairment Of Goodwill And Intangible Assets [Line Items] | |||
Identifiable intangible assets | $ 6,591,000,000 | $ 5,951,000,000 | |
Identifiable intangible assets related to trade name | 18,000,000 | ||
Estimated amortization expense, 2019 | 1,052,000,000 | ||
Estimated amortization expense, 2020 | 997,000,000 | ||
Estimated amortization expense, 2021 | 839,000,000 | ||
Estimated amortization expense, 2022 | 489,000,000 | ||
Estimated amortization expense, 2023 | 405,000,000 | ||
Impairment of goodwill and identifiable intangible assets | 40,000,000 | $ 28,000,000 | |
Encore [Member] | |||
Impairment Of Goodwill And Intangible Assets [Line Items] | |||
Impairment of goodwill and identifiable intangible assets | 40,000,000 | $ 28,000,000 | |
Accumulated goodwill impairment losses | $ 0 | $ 0 |
Goodwill and Identifiable Int_4
Goodwill and Identifiable Intangible Assets - Summary of Amortization Expense Associated with Identifiable Definite-Lived Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 1,016 | $ 886 | $ 210 |
Goodwill and Identifiable Int_5
Goodwill and Identifiable Intangible Assets - Summary of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | $ 8,280 | $ 7,959 |
Accumulated Amortization | (2,347) | (1,386) |
Net Amount | 5,933 | 6,573 |
Trade names [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | 18 | 18 |
Client relationships and backlog [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | 4,620 | 4,604 |
Accumulated Amortization | (863) | (474) |
Net Amount | 3,757 | 4,130 |
Trademarks and trade names [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | 526 | 528 |
Accumulated Amortization | (108) | (59) |
Net Amount | 418 | 469 |
Databases [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | 1,828 | 1,876 |
Accumulated Amortization | (823) | (468) |
Net Amount | 1,005 | 1,408 |
Software and related assets [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | 1,279 | 927 |
Accumulated Amortization | (543) | (382) |
Net Amount | 736 | 545 |
Non-compete agreements [Member] | ||
Identifiable Intangible Assets [Line Items] | ||
Gross Amount | 27 | 24 |
Accumulated Amortization | (10) | (3) |
Net Amount | $ 17 | $ 21 |
Goodwill and Identifiable Int_6
Goodwill and Identifiable Intangible Assets - Summary of Goodwill by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 11,850 | $ 10,727 |
Business combinations | 202 | 581 |
Impairment | (40) | |
Impact of foreign currency fluctuations and other | (252) | 582 |
Ending Balance | 11,800 | 11,850 |
Technology & Analytics Solutions [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 10,348 | 9,415 |
Business combinations | 135 | 403 |
Impairment | (40) | |
Impact of foreign currency fluctuations and other | (244) | 570 |
Ending Balance | 10,239 | 10,348 |
Research & Development Solutions [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 1,385 | 1,196 |
Business combinations | 49 | 178 |
Impact of foreign currency fluctuations and other | (7) | 11 |
Ending Balance | 1,427 | 1,385 |
Contract Sales & Medical Solutions [Member] | ||
Goodwill [Line Items] | ||
Beginning Balance | 117 | 116 |
Business combinations | 18 | |
Impact of foreign currency fluctuations and other | (1) | 1 |
Ending Balance | $ 134 | $ 117 |
Accrued Expenses - Accrued Expe
Accrued Expenses - Accrued Expenses (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Compensation, including bonuses, fringe benefits and payroll taxes | $ 660 | $ 656 |
Restructuring | 74 | 84 |
Interest | 45 | 45 |
Client contract related | 678 | 565 |
Professional fees | 91 | 76 |
Contingent consideration and deferred purchase price | 90 | 59 |
Other | 220 | 179 |
Total | $ 1,858 | $ 1,664 |
Credit Arrangements - Summary o
Credit Arrangements - Summary of Credit Facilities (Detail) | Dec. 15, 2017 | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) |
Revolving credit facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Facility | $ 1,500,000,000 | ||
Interest Rate Description | LIBOR in the relevant currency borrowed plus a margin of 1.50% at December 31, 2018 | ||
Revolving credit facility [Member] | LIBOR [Member] | |||
Line Of Credit Facility [Line Items] | |||
Rate | 1.50% | 1.50% | |
Receivables Financing Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Facility | $ 25,000,000 | ||
Interest Rate Description | LIBOR Market Index Rate (2.50% at December 31, 2018) plus 0.90% | ||
Receivables Financing Facility [Member] | LIBOR [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest Rate Description | In addition, the applicable margin (over LIBOR) changed to 90 bps regardless of the Company’s credit rating. Prior to the amendment, the margin was based on the Company’s credit rating and could range from 85 bps to 135 bps. | ||
Rate | 2.50% | 2.50% | |
Interest Rate spread on base rate | 0.90% | 0.90% | |
General Banking Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Facility | $ 13,000,000 | £ 10,000,000 | |
Interest Rate Description | Bank’s base rate of 0.75% at December 31, 2018 plus 1% | ||
General Banking Facility [Member] | Base Rate [Member] | |||
Line Of Credit Facility [Line Items] | |||
Rate | 0.75% | 0.75% | |
Interest Rate spread on base rate | 1.00% |
Credit Arrangements - Summary_2
Credit Arrangements - Summary of Debt (Detail) € in Millions, $ in Millions | Dec. 31, 2018USD ($) | Jun. 11, 2018USD ($) | Jun. 11, 2018EUR (€) | Dec. 31, 2017USD ($) | Sep. 18, 2017USD ($) |
Senior Secured Credit Facilities: | |||||
Principal amount of debt | $ 11,056 | $ 10,269 | |||
Less: unamortized discount and debt issuance costs | (49) | (44) | |||
Less: current portion | (100) | (103) | |||
Long-term debt | 10,907 | 10,122 | |||
Due in 2025 [Member] | Senior Secured Term B Loan [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | $ 750 | ||||
U.S Dollars [Member] | Due in 2023 [Member] | Revolving credit facility [Member] | LIBOR [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 620 | 529 | |||
U.S Dollars [Member] | Due in 2023 [Member] | Senior Secured Term A Loan [Member] | LIBOR [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 812 | 844 | |||
U.S Dollars [Member] | Due in 2023 [Member] | 4.875% Senior Notes [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 800 | 800 | |||
U.S Dollars [Member] | Due in 2024 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 535 | 1,188 | |||
U.S Dollars [Member] | Due in 2025 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 741 | 748 | |||
U.S Dollars [Member] | Due in 2025 [Member] | Senior Secured Additional Term B Loan [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | $ 950 | ||||
U.S Dollars [Member] | Due in 2025 [Member] | Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 945 | ||||
U.S Dollars [Member] | Due in 2026 [Member] | 5.0% Senior Notes [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 1,050 | 1,050 | |||
U.S Dollars [Member] | Due in 2020 [Member] | Receivables Financing Facility [Member] | LIBOR [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 300 | 275 | |||
EUR Dollars [Member] | Due in 2023 [Member] | Senior Secured Term A Loan [Member] | LIBOR [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 416 | 453 | |||
EUR Dollars [Member] | Due in 2024 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 1,346 | 1,423 | |||
EUR Dollars [Member] | Due in 2024 [Member] | 3.5% Senior Notes [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 715 | 749 | |||
EUR Dollars [Member] | Due in 2025 [Member] | Senior Secured Additional Term B Loan [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | $ 681 | € 583 | |||
EUR Dollars [Member] | Due in 2025 [Member] | Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 664 | ||||
EUR Dollars [Member] | Due in 2025 [Member] | 2.875% Senior Notes [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | 481 | 503 | |||
EUR Dollars [Member] | Due in 2025 [Member] | 3.25% Senior Notes [Member] | |||||
Senior Secured Credit Facilities: | |||||
Principal amount of debt | $ 1,631 | $ 1,707 |
Credit Arrangements - Summary_3
Credit Arrangements - Summary of Debt (Parenthetical) (Detail) | Jun. 11, 2018 | Jun. 10, 2018 | Sep. 18, 2017 | Mar. 07, 2017 | Dec. 31, 2018 |
Senior Secured Term A Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,023 | 2,021 | |||
Senior Secured Term A Loan [Member] | Due in 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,023 | ||||
Senior Secured Term B Loan [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,024 | ||||
Senior Secured Term B Loan [Member] | Due in 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,024 | 2,024 | |||
Senior Secured Term B Loan [Member] | Due in 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,025 | 2,025 | |||
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% | ||||
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% | ||||
Senior Secured Additional Term B Loan [Member] | Due in 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,025 | 2,025 | |||
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% | ||||
2.875% Senior Notes [Member] | Due in 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,025 | ||||
2.875% Senior Notes [Member] | EUR Dollars [Member] | Due in 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate stated percentage | 2.875% | ||||
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% | ||||
4.875% Senior Notes [Member] | Due in 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,023 | ||||
4.875% Senior Notes [Member] | U.S Dollars [Member] | Due in 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate stated percentage | 4.875% | ||||
Receivables Financing Facility [Member] | Due in 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,020 | ||||
Debt instrument interest rate terms, Description | LIBOR at average floating rates of 3.40% | ||||
Revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,023 | 2,021 | |||
Revolving credit facility [Member] | Due in 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt maturity year | 2,023 | ||||
LIBOR [Member] | Senior Secured Term A Loan [Member] | U.S Dollars [Member] | Due in 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Average floating rate | 4.30% | ||||
LIBOR [Member] | Senior Secured Term A Loan [Member] | EUR Dollars [Member] | Due in 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Average floating rate | 1.50% | ||||
LIBOR [Member] | Senior Secured Term B Loan [Member] | Due in 2025 [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] | |||||
Debt instrument interest rate stated percentage | 2.00% | ||||
LIBOR [Member] | Senior Secured Term B Loan [Member] | U.S Dollars [Member] | Due in 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Average floating rate | 4.80% | ||||
LIBOR [Member] | Senior Secured Term B Loan [Member] | U.S Dollars [Member] | Due in 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Average floating rate | 4.80% | ||||
LIBOR [Member] | Senior Secured Term B Loan [Member] | EUR Dollars [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate stated percentage | 2.00% | ||||
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] | Senior Secured Additional Term B Loan [Member] | U.S Dollars [Member] | Due in 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Average floating rate | 4.27% | ||||
LIBOR [Member] | Senior Secured Additional Term B Loan [Member] | EUR Dollars [Member] | Due in 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Average floating rate | 2.50% | ||||
LIBOR [Member] | Receivables Financing Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate stated percentage | 2.50% | ||||
LIBOR [Member] | Receivables Financing Facility [Member] | Due in 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate stated percentage | 3.40% | ||||
LIBOR [Member] | Revolving credit facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument interest rate stated percentage | 1.50% | ||||
LIBOR [Member] | Revolving credit facility [Member] | U.S Dollars [Member] | Due in 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Average floating rate | 3.91% |
Credit Arrangements - Contractu
Credit Arrangements - Contractual Maturities of Long-term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 100 | |
2,020 | 400 | |
2,021 | 100 | |
2,022 | 100 | |
2,023 | 2,434 | |
Thereafter | 7,922 | |
Principal amount of debt | $ 11,056 | $ 10,269 |
Credit Arrangements - Senior Se
Credit Arrangements - Senior Secured Credit Agreement and Senior Notes - Additional Information (Detail) | Jun. 11, 2018USD ($) | Jun. 10, 2018 | Dec. 15, 2017 | Sep. 18, 2017USD ($) | Sep. 14, 2017USD ($) | Mar. 07, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018GBP (£) | Jun. 11, 2018EUR (€) | Apr. 06, 2018USD ($) | Sep. 17, 2017 | Sep. 14, 2017EUR (€) | Mar. 07, 2017EUR (€) | Feb. 28, 2017USD ($) | Feb. 28, 2017EUR (€) |
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 11,056,000,000 | $ 10,269,000,000 | ||||||||||||||||
Loss on extinguishment of debt | $ (2,000,000) | (2,000,000) | (19,000,000) | $ (31,000,000) | ||||||||||||||
Pay down of revolving credit facility | 2,329,000,000 | 1,767,000,000 | ||||||||||||||||
Revolving credit facility [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Aggregate maximum principal amount | $ 1,500,000,000 | |||||||||||||||||
Debt maturity year | 2,023 | 2,021 | ||||||||||||||||
Interest Rate Description | LIBOR in the relevant currency borrowed plus a margin of 1.50% at December 31, 2018 | LIBOR in the relevant currency borrowed plus a margin of 1.50% at December 31, 2018 | ||||||||||||||||
Revolving credit facility [Member] | Due in 2023 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt maturity year | 2,023 | 2,023 | ||||||||||||||||
Revolving credit facility [Member] | LIBOR [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Rate | 1.50% | 1.50% | ||||||||||||||||
Revolving credit facility [Member] | LIBOR [Member] | Due in 2023 [Member] | U.S Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 620,000,000 | 529,000,000 | ||||||||||||||||
Average floating rate | 3.91% | 3.91% | ||||||||||||||||
Revolving credit facility [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest Rate spread on base rate | 1.25% | 1.75% | ||||||||||||||||
Revolving credit facility [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest Rate spread on base rate | 2.00% | 2.50% | ||||||||||||||||
General Banking Facility [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Bank guarantees | $ 2,000,000 | £ 1,600,000 | ||||||||||||||||
Aggregate maximum principal amount | $ 13,000,000 | £ 10,000,000 | ||||||||||||||||
Interest Rate Description | Bank’s base rate of 0.75% at December 31, 2018 plus 1% | Bank’s base rate of 0.75% at December 31, 2018 plus 1% | ||||||||||||||||
Senior Secured Credit Facilities [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Aggregate maximum principal amount | $ 6,959,000,000 | |||||||||||||||||
Outstanding borrowings | 6,079,000,000 | |||||||||||||||||
Available borrowing capacity | 880,000,000 | |||||||||||||||||
Senior Secured Credit Facilities [Member] | Revolving credit facility [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Current borrowing capacity | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||||||
Senior Secured Term A Loan [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt maturity year | 2,023 | 2,021 | ||||||||||||||||
Senior Secured Term A Loan [Member] | Due in 2023 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt maturity year | 2,023 | 2,023 | ||||||||||||||||
Senior Secured Term A Loan [Member] | LIBOR [Member] | Due in 2023 [Member] | U.S Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 812,000,000 | 844,000,000 | ||||||||||||||||
Average floating rate | 4.30% | 4.30% | ||||||||||||||||
Senior Secured Term A Loan [Member] | LIBOR [Member] | Due in 2023 [Member] | EUR Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 416,000,000 | 453,000,000 | ||||||||||||||||
Average floating rate | 1.50% | 1.50% | ||||||||||||||||
Senior Secured Term A Loan [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest Rate spread on base rate | 1.25% | 1.75% | ||||||||||||||||
Senior Secured Term A Loan [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest Rate spread on base rate | 2.00% | 2.50% | ||||||||||||||||
Senior Secured Additional Term B Loan [Member] | Due in 2025 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt maturity year | 2,025 | 2,025 | 2,025 | |||||||||||||||
Senior Secured Additional Term B Loan [Member] | Due in 2025 [Member] | U.S Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 950,000,000 | |||||||||||||||||
Senior Secured Additional Term B Loan [Member] | Due in 2025 [Member] | EUR Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 681,000,000 | € 583,000,000 | ||||||||||||||||
Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | Due in 2025 [Member] | U.S Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 945,000,000 | |||||||||||||||||
Average floating rate | 4.27% | 4.27% | ||||||||||||||||
Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | Due in 2025 [Member] | EUR Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 664,000,000 | |||||||||||||||||
Interest Rate spread on base rate | 2.00% | 2.00% | ||||||||||||||||
Average floating rate | 2.50% | 2.50% | ||||||||||||||||
Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | Minimum [Member] | Due in 2025 [Member] | U.S Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest Rate spread on base rate | 1.75% | 1.75% | ||||||||||||||||
Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | Minimum [Member] | Due in 2025 [Member] | EUR Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument floor rate | 0.50% | 0.50% | ||||||||||||||||
Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | Maximum [Member] | Due in 2025 [Member] | U.S Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest Rate spread on base rate | 2.00% | 2.00% | ||||||||||||||||
Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | Maximum [Member] | Due in 2025 [Member] | EUR Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument floor rate | 0.75% | 0.75% | ||||||||||||||||
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% | LIBOR with a floor of 0.75%, plus a margin of 2.00% | ||||||||||||||||
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% | LIBOR with a floor of 0.75%, plus a margin of 2.00% | ||||||||||||||||
Senior Secured Term B Loan [Member] | Due in 2025 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 750,000,000 | |||||||||||||||||
Debt maturity year | 2,025 | 2,025 | 2,025 | |||||||||||||||
Debt instrument principal amount | $ 2,479,000,000 | |||||||||||||||||
Unlimited restricted investments leverage ratio | 450.00% | 425.00% | ||||||||||||||||
Dividends and distributions leverage ratio | 450.00% | 400.00% | ||||||||||||||||
Senior Secured Term B Loan [Member] | Due in 2025 [Member] | U.S Dollars [Member] | Term B Loan Facility Due Two Thousand Twenty Four | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument principal amount | 1,200,000,000 | |||||||||||||||||
Senior Secured Term B Loan [Member] | Due in 2025 [Member] | EUR Dollars [Member] | Term B Loan Facility Due Two Thousand Twenty Four | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument principal amount | 1,279,000,000 | € 1,200,000,000 | ||||||||||||||||
Senior Secured Term B Loan [Member] | Thereafter September 15, 2020 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt maturity year | 2,024 | 2,024 | 2,024 | |||||||||||||||
Pay down of revolving credit facility | $ 650,000,000 | |||||||||||||||||
Senior Secured Term B Loan [Member] | Due in 2023 [Member] | U.S Dollars [Member] | Term B loan due 2021 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument principal amount | 1,700,000,000 | |||||||||||||||||
Senior Secured Term B Loan [Member] | Due in 2023 [Member] | EUR Dollars [Member] | Term B loan due 2021 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument principal amount | $ 765,000,000 | |||||||||||||||||
Senior Secured Term B Loan [Member] | LIBOR [Member] | U.S Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument floor rate | 0.75% | 0.75% | ||||||||||||||||
Rate | 2.00% | 2.00% | ||||||||||||||||
Senior Secured Term B Loan [Member] | LIBOR [Member] | EUR Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument floor rate | 0.75% | 0.75% | ||||||||||||||||
Rate | 2.00% | 2.00% | ||||||||||||||||
Senior Secured Term B Loan [Member] | LIBOR [Member] | Due in 2025 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Average floating rate | 2.00% | |||||||||||||||||
Senior Secured Term B Loan [Member] | LIBOR [Member] | Due in 2025 [Member] | U.S Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 741,000,000 | 748,000,000 | ||||||||||||||||
Average floating rate | 4.80% | 4.80% | ||||||||||||||||
Senior Secured Term B Loan [Member] | LIBOR [Member] | Thereafter September 15, 2020 [Member] | U.S Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 535,000,000 | 1,188,000,000 | ||||||||||||||||
Average floating rate | 4.80% | 4.80% | ||||||||||||||||
Senior Secured Term B Loan [Member] | LIBOR [Member] | Thereafter September 15, 2020 [Member] | EUR Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 1,346,000,000 | 1,423,000,000 | ||||||||||||||||
Average floating rate | 2.75% | 2.75% | ||||||||||||||||
Two Thousand And Twenty Five Notes | IQVIA Inc. (formerly Quintiles IMS Incorporated) [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument, maturity date | Sep. 15, 2025 | Sep. 15, 2025 | ||||||||||||||||
Two Thousand And Twenty Five Notes | Unsecured Debt | IQVIA Inc. (formerly Quintiles IMS Incorporated) [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument issuance date | Sep. 14, 2017 | Sep. 14, 2017 | ||||||||||||||||
Debt instrument interest payment terms | interest rate of 2.875%, which is paid semi-annually on March 15 and September 15 of each year, beginning on March 15, 2018 | interest rate of 2.875%, which is paid semi-annually on March 15 and September 15 of each year, beginning on March 15, 2018 | ||||||||||||||||
Debt instrument frequency of periodic interest payment | semi-annually | semi-annually | ||||||||||||||||
Two Thousand And Twenty Five Notes | Prior to September 15, 2020 [Member] | Unsecured Debt | IQVIA Inc. (formerly Quintiles IMS Incorporated) [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument, redemption premium percentage | 1.438% | |||||||||||||||||
Two Thousand And Twenty Five Notes | Thereafter September 15, 2020 [Member] | Unsecured Debt | IQVIA Inc. (formerly Quintiles IMS Incorporated) [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument, redemption premium percentage | 0.00% | |||||||||||||||||
2.875% Senior Notes [Member] | Unsecured Debt | IQVIA Inc. (formerly Quintiles IMS Incorporated) [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument principal amount | $ 501,000,000 | € 420,000,000 | ||||||||||||||||
Rate | 2.875% | 2.875% | ||||||||||||||||
2.875% Senior Notes [Member] | Due in 2025 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt maturity year | 2,025 | 2,025 | ||||||||||||||||
2.875% Senior Notes [Member] | Due in 2025 [Member] | EUR Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 481,000,000 | 503,000,000 | ||||||||||||||||
Rate | 2.875% | 2.875% | ||||||||||||||||
2017 Notes [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument, maturity date | Mar. 15, 2025 | Mar. 15, 2025 | ||||||||||||||||
2017 Notes [Member] | Unsecured Debt | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument issuance date | Feb. 28, 2017 | Feb. 28, 2017 | ||||||||||||||||
Debt instrument interest payment terms | interest rate of 3.25%, which is paid semi-annually on March 15 and September 15 of each year, beginning on September 15, 2017 | interest rate of 3.25%, which is paid 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 | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument principal amount | $ 1,522,000,000 | € 1,425,000,000 | ||||||||||||||||
Rate | 3.25% | 3.25% | ||||||||||||||||
3.25% Senior Notes [Member] | Due in 2025 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt maturity year | 2,025 | 2,025 | ||||||||||||||||
3.25% Senior Notes [Member] | Due in 2025 [Member] | EUR Dollars [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Outstanding borrowings | $ 1,631,000,000 | $ 1,707,000,000 | ||||||||||||||||
Rate | 3.25% | 3.25% | ||||||||||||||||
4.125% Senior Notes Due 2023 [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Loss on extinguishment of debt | $ (16,000,000) | |||||||||||||||||
4.125% Senior Notes Due 2023 [Member] | Euro-Denominated [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Debt instrument, redemption premium percentage | 4.125% | 4.125% | ||||||||||||||||
Receivables Financing Facility [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Aggregate maximum principal amount | $ 25,000,000 | |||||||||||||||||
Interest Rate Description | LIBOR Market Index Rate (2.50% at December 31, 2018) plus 0.90% | LIBOR Market Index Rate (2.50% at December 31, 2018) plus 0.90% | ||||||||||||||||
Securitization arrangement initiation date | Dec. 5, 2014 | Dec. 5, 2014 | ||||||||||||||||
Credit facility maturity period | 4 years | 4 years | ||||||||||||||||
Receivables Financing Facility [Member] | Term Loans [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Aggregate maximum principal amount | $ 275,000,000 | |||||||||||||||||
Receivables Financing Facility [Member] | Revolving Loan Commitment [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Aggregate maximum principal amount | 25,000,000 | |||||||||||||||||
Increase in revolving loan commitment | 35,000,000 | |||||||||||||||||
Additional borrowing capacity | $ 0 | |||||||||||||||||
Receivables Financing Facility [Member] | LIBOR [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest Rate spread on base rate | 0.90% | 0.90% | 0.90% | |||||||||||||||
Rate | 2.50% | 2.50% | ||||||||||||||||
Interest Rate Description | In addition, the applicable margin (over LIBOR) changed to 90 bps regardless of the Company’s credit rating. Prior to the amendment, the margin was based on the Company’s credit rating and could range from 85 bps to 135 bps. | In addition, the applicable margin (over LIBOR) changed to 90 bps regardless of the Company’s credit rating. Prior to the amendment, the margin was based on the Company’s credit rating and could range from 85 bps to 135 bps. | ||||||||||||||||
Receivables Financing Facility [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest Rate spread on base rate | 0.85% | |||||||||||||||||
Receivables Financing Facility [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||||||||
Interest Rate spread on base rate | 1.35% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leases [Abstract] | |||
Rental expenses under agreement | $ 197 | $ 197 | $ 127 |
Operating lease year of expiry | 2,029 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Under Operating Leases (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Operating leases, future minimum payments due, 2019 | $ 167 |
Operating leases, future minimum payments due, 2020 | 136 |
Operating leases, future minimum payments due, 2021 | 108 |
Operating leases, future minimum payments due, 2022 | 90 |
Operating leases, future minimum payments due, 2023 | 69 |
Operating leases, future minimum payments due, Thereafter | 119 |
Operating leases, total minimum lease payments | $ 689 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) | Sep. 11, 2017MedicalDoctor | Sep. 11, 2017PrivateIndividual | Mar. 13, 2017USD ($) | Feb. 13, 2014MedicalDoctor | Feb. 13, 2014PrivateIndividual | Feb. 13, 2014Defendant |
Loss Contingencies [Line Items] | ||||||
Number of plaintiffs | 280 | 200 | 1,200 | 900 | ||
Number of defendants | Defendant | 2 | |||||
Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Amount of damages claimed | $ | $ 200,000,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 13, 2019 | Nov. 30, 2018 | Jun. 30, 2018 | Nov. 30, 2017 | Sep. 30, 2017 | May 31, 2017 | Feb. 28, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 01, 2015 | Oct. 30, 2013 |
Class Of Stock [Line Items] | |||||||||||||
Preferred stock, authorized | 1,000,000 | ||||||||||||
Preferred stock, par value | $ 0.01 | ||||||||||||
Preferred stock, shares issued | 0 | 0 | |||||||||||
Preferred stock, shares outstanding | 0 | 0 | |||||||||||
Repurchase of stock, value | $ 1,000,000,000 | ||||||||||||
Quest's non-controlling interest in Q2 Solutions | $ 240,000,000 | $ 249,000,000 | |||||||||||
Distribution to non-controlling interest | 31,000,000 | 4,000,000 | |||||||||||
Contribution received to fund ongoing operational and strategic activities | 1,000,000 | ||||||||||||
Quest [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Ownership percentage | 60.00% | ||||||||||||
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 | 240,000,000 | ||||||||||||
Distribution to non-controlling interest | 41,000,000 | ||||||||||||
Contribution received to fund ongoing operational and strategic activities | $ 10,000,000 | ||||||||||||
Secondary Public Offering [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock held by Selling Stockholders underwritten | 6,000,000 | 12,000,000 | 9,000,000 | 10,571,003 | |||||||||
Repurchase of stock, shares | 2,000,000 | 4,000,000 | 4,000,000 | 3,571,003 | |||||||||
Repurchase of stock, value | $ 247,000,000 | $ 412,000,000 | $ 380,000,000 | $ 300,000,000 | |||||||||
Registration statement expiration period after filing date | 3 years | ||||||||||||
Subsequent Event [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Equity repurchase program increase in authorized amount | $ 2,000,000,000 | ||||||||||||
Equity available for repurchase under the repurchase program | $ 2,300,000,000 | ||||||||||||
Equity Repurchase Under Repurchase Program [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Equity repurchase program authorized amount | $ 5,725,000,000 | $ 125,000,000 | |||||||||||
Equity repurchase program increase in authorized amount | 1,500,000,000 | $ 2,000,000,000 | $ 1,500,000,000 | $ 600,000,000 | |||||||||
Equity available for repurchase under the repurchase program | $ 285,000,000 | ||||||||||||
Repurchase of stock, shares | 9,677,420 | ||||||||||||
Repurchase of stock, value | $ 750,000,000 | ||||||||||||
Equity Reperchase Outside of Repurchase Program [Member] | Secondary Public Offering [Member] | |||||||||||||
Class Of Stock [Line Items] | |||||||||||||
Common stock held by Selling Stockholders underwritten | 10,000,000 | ||||||||||||
Repurchase of stock, shares | 2,500,000 | ||||||||||||
Repurchase of stock, value | $ 255,000,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Share Repurchases Made Both Under and Outside of Repurchase Program (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class Of Stock [Line Items] | |||
Aggregate purchase price | $ 1,396 | $ 2,374 | $ 98 |
Equity Repurchase Under And Outside Of Repurchase Program | |||
Class Of Stock [Line Items] | |||
Number of shares of common stock repurchased | 12.6 | 30.9 | 14.3 |
Aggregate purchase price | $ 1,396 | $ 2,620 | $ 1,098 |
Average price per share | $ 111.23 | $ 84.80 | $ 76.57 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Oct. 03, 2016 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 11,800 | $ 10,727 | $ 11,850 | |
Acquisition related costs | 36 | |||
Technology & Analytics Solutions [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 10,239 | 9,415 | 10,348 | |
Research & Development Solutions [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 1,427 | 1,196 | 1,385 | |
Contract Sales & Medical Solutions [Member] | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $ 134 | 116 | $ 117 | |
IMS Health Holdings, Inc. [Member] | ||||
Business Acquisition [Line Items] | ||||
Date of Acquisition | Oct. 3, 2016 | Oct. 3, 2016 | ||
Goodwill | $ 10,288 | |||
Acquisition related costs | 36 | |||
Revenues since acquisition | $ 806 | |||
IMS Health Holdings, Inc. [Member] | Technology & Analytics 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] | Contract Sales & Medical Solutions [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 Estimated Fair Value of Net Assets Acquired at the Date of Acquisitions (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 03, 2016 |
Assets acquired: | ||||
Goodwill | $ 11,800 | $ 11,850 | $ 10,727 | |
IMS Health Holdings, Inc. [Member] | ||||
Assets acquired: | ||||
Cash and cash equivalents | $ 2,031 | |||
Accounts receivable and unbilled services | 528 | |||
Prepaid expenses | 85 | |||
Other current assets | 145 | |||
Property and equipment | 247 | |||
Goodwill | 10,288 | |||
Other identifiable intangibles | 6,435 | |||
Deferred income tax asset – long-term | 25 | |||
Other long-term assets | 71 | |||
Liabilities assumed: | ||||
Accounts payable and accrued expenses | (700) | |||
Unearned income | (175) | |||
Current portion of long-term debt | (88) | |||
Other current liabilities | (45) | |||
Long-term debt, less current portion | (6,070) | |||
Deferred income tax liability – long-term | (2,104) | |||
Other long-term liabilities | (248) | |||
Net assets acquired | $ 10,425 |
Business Combinations - Summa_2
Business Combinations - Summary of Identifiable Intangible Assets (Detail) - IMS Health Holdings, Inc. [Member] $ in Millions | Oct. 03, 2016USD ($) |
Acquired Intangible Assets [Line Items] | |
Other identifiable intangibles | $ 6,435 |
Amortized over a weighted average useful life (in years) | 18 years |
Client Relationships [Member] | |
Acquired Intangible Assets [Line Items] | |
Other identifiable intangibles | $ 3,960 |
Trade Name [Member] | |
Acquired Intangible Assets [Line Items] | |
Other identifiable intangibles | 385 |
Databases [Member] | |
Acquired Intangible Assets [Line Items] | |
Other identifiable intangibles | 1,820 |
Software [Member] | |
Acquired Intangible Assets [Line Items] | |
Other identifiable intangibles | $ 270 |
Business Combinations - Summa_3
Business Combinations - Summary of Pro Forma Results (Detail) - IMS Health Holdings, Inc. [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Total revenues | $ 9,235 |
Net loss attributable to IQVIA Holdings Inc. | $ (1) |
Business Combinations - Schedul
Business Combinations - Schedule of Preliminary Allocations of Purchase to Certain Tangible and Intangible Assets Acquired and Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||
Total cost of acquisitions, net of cash acquired | $ 309 | $ 854 | $ (1,887) |
Goodwill | 11,800 | 11,850 | $ 10,727 |
Several Individually Immaterial Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Total cost of acquisitions, net of cash acquired | 372 | 923 | |
Goodwill | 202 | 581 | |
Portion of goodwill deductible for income tax purposes | 15 | 235 | |
Total intangible assets | 192 | 392 | |
Several Individually Immaterial Acquisitions [Member] | Client Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 126 | 285 | |
Several Individually Immaterial Acquisitions [Member] | Client Relationships [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 8 years | ||
Several Individually Immaterial Acquisitions [Member] | Client Relationships [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 14 years | ||
Several Individually Immaterial Acquisitions [Member] | Backlog [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 10 | 15 | |
Several Individually Immaterial Acquisitions [Member] | Backlog [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 2 years | ||
Several Individually Immaterial Acquisitions [Member] | Non-compete Agreements [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 4 | 14 | |
Several Individually Immaterial Acquisitions [Member] | Non-compete Agreements [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 3 years | ||
Several Individually Immaterial Acquisitions [Member] | Non-compete Agreements [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 5 years | ||
Several Individually Immaterial Acquisitions [Member] | Software [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 44 | 61 | |
Several Individually Immaterial Acquisitions [Member] | Software [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 1 year | ||
Several Individually Immaterial Acquisitions [Member] | Software [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 6 years | ||
Several Individually Immaterial Acquisitions [Member] | Trade Name [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 8 | $ 17 | |
Several Individually Immaterial Acquisitions [Member] | Trade Name [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 2 years | ||
Several Individually Immaterial Acquisitions [Member] | Trade Name [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 10 years |
Business Combinations - Sched_2
Business Combinations - Schedule of Preliminary Allocations of Purchase to Certain Tangible and Intangible Assets Acquired and Goodwill (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | ||
Contingent consideration and deferred purchase payments | $ 63 | $ 69 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | 36 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | $ 68 | $ 63 | $ 71 | ||
2018 Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | $ 68 | ||||
2017 Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | $ 61 | ||||
2016 Plan [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring costs | $ 33 |
Restructuring - Summary of Amou
Restructuring - Summary of Amounts Recorded for Restructuring Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserves, beginning balance | $ 84 | $ 102 |
Expense, net of reversals | 68 | 63 |
Payments | (82) | (81) |
Foreign currency translation and other | 4 | |
Restructuring reserves, ending balance | 74 | 84 |
Severance and Related Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserves, beginning balance | 80 | 99 |
Expense, net of reversals | 45 | 59 |
Payments | (76) | (77) |
Foreign currency translation and other | (2) | (1) |
Restructuring reserves, ending balance | 47 | 80 |
Exit Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring reserves, beginning balance | 4 | 3 |
Expense, net of reversals | 23 | 4 |
Payments | (6) | (4) |
Foreign currency translation and other | 6 | 1 |
Restructuring reserves, ending balance | $ 27 | $ 4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Examination [Line Items] | |||||
Federal corporate income tax rate | 21.00% | 35.00% | 35.00% | ||
Provisional benefit related to the transition tax | $ 27 | ||||
Tax benefit related to the transition tax | $ 35 | ||||
Tax Cuts and Jobs Act, accounting complete | true | ||||
Effective income tax rate, transition tax benefit | 10.70% | ||||
Deferred tax benefit related to revaluation | $ 966 | ||||
Tax benefit related to FDII | $ 25 | ||||
Tax expense related to GILTI | 35 | ||||
Foreign earnings | $ 2,801 | ||||
Deferred income taxes | 625 | ||||
Deferred income tax assets, tax deferred expense | 252 | ||||
Undistributed earnings of foreign subsidiaries | 3,548 | ||||
Tax credit and tax loss carryforwards, tax effect | 576 | ||||
Increase in valuation allowances | 26 | ||||
Valuation Allowance | 226 | 200 | |||
Gross unrecognized income tax benefits | 94 | 82 | 64 | $ 30 | |
Addition/(Reduction) of interest and penalties recorded | 0 | 3 | 2 | ||
Accrued interest and penalties | 16 | $ 18 | |||
Federal State And Foreign Tax [Member] | |||||
Income Tax Examination [Line Items] | |||||
Gross unrecognized income tax benefits | 8 | ||||
Foreign Tax [Member] | |||||
Income Tax Examination [Line Items] | |||||
Gross unrecognized income tax benefits | 14 | ||||
Indefinite Period [Member] | |||||
Income Tax Examination [Line Items] | |||||
Tax credit and tax loss carryforwards, tax effect | 31 | ||||
Earliest Tax Year [Member] | |||||
Income Tax Examination [Line Items] | |||||
Tax credit and tax loss carryforwards, tax effect | $ 545 | ||||
IMS Health Holdings, Inc. [Member] | |||||
Income Tax Examination [Line Items] | |||||
Foreign earnings current | 1,865 | ||||
Deferred income taxes | $ 373 | ||||
IMS Health Holdings, Inc. [Member] | Earliest Tax Year [Member] | |||||
Income Tax Examination [Line Items] | |||||
Tax credit and tax loss carryforwards expiration period | 2,019 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes and Equity in Earnings (Losses) of Unconsolidated Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Before Income Taxes [Line Items] | |||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | $ 328 | $ 294 | $ 416 |
Domestic [Member] | |||
Income Before Income Taxes [Line Items] | |||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | (521) | (527) | (125) |
Foreign [Member] | |||
Income Before Income Taxes [Line Items] | |||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | $ 849 | $ 821 | $ 541 |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Expense Attributable to Continuing Operations (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal and state | $ 17 | $ (3) | $ 64 |
Foreign | 233 | 222 | 129 |
Current Income Tax Expense (Benefit) | 250 | 219 | 193 |
Federal and state | (170) | (1,167) | 151 |
Foreign | (21) | (44) | (19) |
Deferred Income Tax Expense (Benefit) | (191) | (1,211) | 132 |
Income Tax Expense (Benefit) | $ 59 | $ (992) | $ 325 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense at statutory rate | $ 69 | $ 103 | $ 146 |
State and local income taxes, net of federal effect | (2) | (14) | (1) |
Research and development | (20) | (9) | (11) |
Foreign nontaxable interest income | (7) | (8) | |
United States taxes recorded on foreign earnings(*) | 40 | 6 | 252 |
Tax contingencies | 16 | 17 | 2 |
Foreign Derived Intangible Income (“FDII”) | (25) | ||
Foreign rate differential | 27 | (97) | (58) |
Equity compensation | (8) | (19) | |
Tax Act impact | (35) | (966) | |
Other | (3) | (6) | 3 |
Income Tax Expense (Benefit) | $ 59 | $ (992) | $ 325 |
Income Taxes - Income Tax Effec
Income Taxes - Income Tax Effects of Temporary Differences from Continuing Operations that Give Rise to Significant Portions of Deferred Income Tax Assets (Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax assets: | ||
Net operating loss and capital loss carryforwards | $ 244 | $ 278 |
Tax credit carryforwards | 300 | 170 |
Accrued expenses and unearned income | 70 | 80 |
Employee benefits | 181 | 189 |
Other | 51 | 82 |
Deferred Tax Assets, Gross, Total | 846 | 799 |
Valuation allowance for deferred income tax assets | (226) | (200) |
Total deferred income tax assets | 620 | 599 |
Deferred income tax liabilities: | ||
Undistributed foreign earnings | (15) | (21) |
Amortization and depreciation | (1,209) | (1,334) |
Other | (23) | (30) |
Total deferred income tax liabilities | (1,247) | (1,385) |
Net deferred income tax liabilities | $ (627) | $ (786) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Beginning and Ending Amount of Gross Unrecognized Income Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 82 | $ 64 | $ 30 |
IMS Health balance as of Merger | 37 | ||
Additions based on tax positions related to the current year | 4 | 11 | 3 |
Additions for income tax positions of prior years | 26 | 13 | 7 |
Impact of changes in exchange rates | (2) | 4 | (3) |
Settlements with tax authorities | (2) | (2) | |
Reductions for income tax positions of prior years | (2) | (1) | |
Reductions due to the lapse of the applicable statute of limitations | (14) | (6) | (9) |
Ending balance | $ 94 | $ 82 | $ 64 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Years Open for Examination (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
United States [Member] | Earliest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,015 |
United States [Member] | Latest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,017 |
India [Member] | Earliest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,006 |
India [Member] | Latest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,018 |
Japan [Member] | Earliest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,013 |
Japan [Member] | Latest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,017 |
United Kingdom [Member] | Latest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,017 |
Switzerland [Member] | Earliest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,014 |
Switzerland [Member] | Latest Tax Year [Member] | |
Schedule Of Income Taxes [Line Items] | |
Open tax year | 2,017 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Changes in Benefit Obligation, Plan Assets and Funded Status of Pension Benefit Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
United States [Member] | |||
Fair value of plan assets at beginning of year | $ 360 | ||
Fair value of plan assets at end of year | 330 | $ 360 | |
Non-United States Plans [Member] | |||
Fair value of plan assets at beginning of year | 391 | ||
Fair value of plan assets at end of year | 366 | 391 | |
Pension Benefits [Member] | |||
Actual return on plan assets | (26) | 70 | |
Pension Benefits [Member] | United States [Member] | |||
Projected benefit obligation at beginning of year | 349 | 308 | |
Service costs | 13 | 13 | $ 4 |
Interest cost | 12 | 11 | 3 |
Actuarial (gains) losses | (30) | 25 | |
Benefits paid | (9) | (8) | |
Projected benefit obligation at end of year | 335 | 349 | 308 |
Fair value of plan assets at beginning of year | 360 | 312 | |
Actual return on plan assets | (24) | 53 | |
Contributions | 3 | 3 | |
Benefits paid | (9) | (8) | |
Fair value of plan assets at end of year | 330 | 360 | 312 |
Funded status | (5) | 11 | |
Pension Benefits [Member] | Non-United States Plans [Member] | |||
Projected benefit obligation at beginning of year | 559 | 508 | |
Service costs | 26 | 26 | 18 |
Interest cost | 9 | 9 | 5 |
Actuarial (gains) losses | (29) | (2) | |
Business combinations | 1 | ||
Benefits paid | (21) | (21) | |
Contributions | 2 | 1 | |
Amendments | 2 | ||
Curtailments | (3) | ||
Settlements | (12) | (4) | |
Foreign currency fluctuations and other | (21) | 42 | |
Projected benefit obligation at end of year | 513 | 559 | 508 |
Fair value of plan assets at beginning of year | 391 | 348 | |
Actual return on plan assets | (2) | 17 | |
Contributions | 29 | 21 | |
Benefits paid | (21) | (21) | |
Settlements | (11) | (4) | |
Foreign currency fluctuations and other | (20) | 30 | |
Fair value of plan assets at end of year | 366 | 391 | $ 348 |
Funded status | $ (147) | $ (168) |
Employee Benefit Plans - Summ_2
Employee Benefit Plans - Summary of Amounts Recognized in Consolidated Balance Sheets Related to the Pension Benefit Plans (Detail) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deposits and other assets | $ 36 | $ 55 |
Accrued expenses | 2 | 2 |
Other long-term liabilities | 38 | 42 |
United States [Member] | Actuarial Net (Gain) Loss [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
AOCI | 11 | 33 |
Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Deposits and other assets | 17 | 15 |
Accrued expenses | 11 | 8 |
Other long-term liabilities | 153 | 175 |
Non-United States Plans [Member] | Actuarial Net (Gain) Loss [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
AOCI | $ 7 | $ (3) |
Employee Benefit Plans - Pensio
Employee Benefit Plans - Pension and Postretirement Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | Oct. 26, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other postretirement benefits liability | $ 2 | |||
Accrued expenses | 1 | |||
Other long-term liabilities | 1 | |||
Other postretirement benefits plan recognized in other comprehensive loss (income) | (1) | |||
Pension Benefits [Member] | Non-United States Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accrued expenses | 11 | $ 8 | ||
Other long-term liabilities | 153 | 175 | ||
Other postretirement benefits plan recognized in other comprehensive loss (income) | $ 7 | $ 17 | $ 12 | |
Pension Benefits [Member] | United Kingdom [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Impact of estimated guaranteed minimum pension benefits | $ 1.7 |
Employee Benefit Plans - Accumu
Employee Benefit Plans - Accumulated Benefit Obligation For Pension Benefit Plans (Detail) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
United States [Member] | ||
Defined Contribution And Defined Benefit Plans [Line Items] | ||
Accumulated benefit obligation | $ 330 | $ 343 |
Non-United States Plans [Member] | ||
Defined Contribution And Defined Benefit Plans [Line Items] | ||
Accumulated benefit obligation | $ 476 | $ 507 |
Employee Benefit Plans - Summ_3
Employee Benefit Plans - Summary of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets and Projected Benefit Obligations in Excess of Plan Assets (Detail) - Pension Benefits [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 43 | $ 45 |
Fair value of plan assets | 3 | 3 |
Projected benefit obligation | 43 | 46 |
Fair value of plan assets | 3 | 3 |
Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | 189 | 442 |
Fair value of plan assets | 59 | 301 |
Projected benefit obligation | 223 | 492 |
Fair value of plan assets | $ 59 | $ 309 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Net Periodic Benefit Cost and Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive loss: | |||
Amortization of actuarial losses | $ (1) | $ (1) | $ (1) |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | (42) | (38) | |
Pension Benefits [Member] | United States [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 13 | 13 | 4 |
Interest cost | 12 | 11 | 3 |
Expected return on plan assets | (27) | (24) | (6) |
Net periodic benefit cost | (2) | 1 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive loss: | |||
Actuarial loss (gain) – current years | 22 | (4) | (29) |
Total recognized in other comprehensive loss (income) | 22 | (4) | (29) |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | 20 | (4) | (28) |
Pension Benefits [Member] | Non-United States Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 26 | 26 | 18 |
Interest cost | 9 | 9 | 5 |
Expected return on plan assets | (15) | (14) | (6) |
Amortization of actuarial losses | 1 | 1 | 1 |
Curtailment gain | (3) | ||
Settlement gain | (1) | ||
Net periodic benefit cost | 17 | 22 | 18 |
Other changes in plan assets and benefit obligations recognized in other comprehensive loss: | |||
Actuarial loss (gain) – current years | (15) | (4) | (5) |
Prior service cost - current year | 2 | ||
Curtailment gain - current year | 3 | ||
Settlement gain - current year | 1 | ||
Amortization of actuarial losses | (1) | (1) | (1) |
Total recognized in other comprehensive loss (income) | (10) | (5) | (6) |
Total recognized in net periodic benefit cost and other comprehensive loss (income) | $ 7 | $ 17 | $ 12 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Benefits [Member] | United States [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost | |||
Discount rate | 3.69% | 4.17% | 3.62% |
Rate of compensation increases | 3.00% | 3.00% | 3.00% |
Expected return on plan assets | 7.69% | 7.94% | 7.94% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation | |||
Discount rate | 4.42% | 3.69% | |
Rate of compensation increases | 3.00% | 3.00% | |
Pension Benefits [Member] | Non-United States Plans [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost | |||
Discount rate | 1.91% | 1.89% | 1.88% |
Rate of compensation increases | 4.54% | 5.17% | 5.27% |
Expected return on plan assets | 4.17% | 4.16% | 4.26% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation | |||
Discount rate | 1.98% | 1.90% | |
Rate of compensation increases | 3.20% | 4.54% | |
Other Postretirement Benefits [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost | |||
Discount rate | 2.90% | 2.90% | 2.40% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation | |||
Discount rate | 3.80% | 2.90% |
Employee Benefit Plans - Define
Employee Benefit Plans - Defined Contribution Plans And Defined Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | Jan. 01, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Company's assumed health care cost trend rate for the next seven years | 6.00% | |||||
Company's assumed ultimate health care cost trend rate | 5.00% | |||||
Year in which ultimate cost trend rate is assumed to reach | 2,021 | |||||
Expenses related to matching contributions | $ 49 | $ 47 | $ 39 | |||
Scenario Forecast [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Pension and postretirement benefit contributions | $ 25 | |||||
U.S. Government Treasury Bonds [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Cash balance crediting rate as a portion of yield | 0.0833% | |||||
Investment credit term | 30 years | |||||
Cash balance credit rate percentage | 0.25% | |||||
Pension Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, expected rate of return on plan assets | $ 42 | 38 | ||||
Actual return on plan assets | $ (26) | $ 70 | ||||
Pension Benefits [Member] | United States [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 3.69% | 4.17% | 3.62% | |||
Defined benefit plan, expected rate of return on plan assets | $ 27 | $ 24 | $ 6 | |||
Actual return on plan assets | $ (24) | $ 53 | ||||
Pension Benefits [Member] | United States [Member] | Subsequent Event [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, percentage of expected rate of return on plan assets | 7.75% | |||||
Pension Benefits [Member] | United States and United Kingdom pension plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Percentage of consolidated benefit obligation | 74.00% | |||||
Pension Benefits [Member] | Non-United States Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 1.91% | 1.89% | 1.88% | |||
Defined benefit plan, expected rate of return on plan assets | $ 15 | $ 14 | $ 6 | |||
Actual return on plan assets | $ (2) | $ 17 | ||||
Minimum [Member] | Pension Benefits [Member] | United States [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 3.80% | |||||
Minimum [Member] | Pension Benefits [Member] | United Kingdom Pension Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 2.32% | |||||
Minimum [Member] | Pension Benefits [Member] | Non-United States Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 0.49% | |||||
Defined benefit plan, percentage of expected rate of return on plan assets | 1.00% | |||||
Minimum [Member] | Pension Benefits [Member] | Non-United States Plans [Member] | Subsequent Event [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, percentage of expected rate of return on plan assets | 1.00% | |||||
Maximum [Member] | Pension Benefits [Member] | United States [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 4.46% | |||||
Maximum [Member] | Pension Benefits [Member] | United Kingdom Pension Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 2.90% | |||||
Maximum [Member] | Pension Benefits [Member] | Non-United States Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate | 16.31% | |||||
Defined benefit plan, percentage of expected rate of return on plan assets | 6.46% | |||||
Maximum [Member] | Pension Benefits [Member] | Non-United States Plans [Member] | Subsequent Event [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined benefit plan, percentage of expected rate of return on plan assets | 7.22% |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Pension Plan Weighted Average Asset Allocations (Detail) - Pension Benefits [Member] | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 100.00% | 100.00% |
United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 100.00% | 100.00% |
Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 100.00% | 100.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 55.83% | 58.44% |
Equity Securities [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 67.58% | 69.86% |
Equity Securities [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 45.22% | 47.92% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 21.48% | 19.71% |
Debt Securities [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 27.34% | 25.21% |
Debt Securities [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 16.18% | 14.65% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 2.41% | 2.36% |
Real Estate [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 5.08% | 4.93% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 20.28% | 19.49% |
Other [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined pension plan weighted average asset allocations | 38.60% | 37.43% |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Target Asset Allocation for Pension Plans (Detail) - Pension Benefits [Member] | Dec. 31, 2018 | Jan. 01, 2018 |
Minimum [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 1.00% | |
Minimum [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 45.00% | |
Minimum [Member] | Equity Securities [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 60.00% | |
Minimum [Member] | Equity Securities [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 35.00% | |
Minimum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 10.00% | |
Minimum [Member] | Debt Securities [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 20.00% | |
Minimum [Member] | Debt Securities [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 10.00% | |
Minimum [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 0.00% | |
Minimum [Member] | Real Estate [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 0.00% | |
Minimum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 10.00% | |
Minimum [Member] | Other [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 30.00% | |
Maximum [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 6.46% | |
Maximum [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 65.00% | |
Maximum [Member] | Equity Securities [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 80.00% | |
Maximum [Member] | Equity Securities [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 50.00% | |
Maximum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 30.00% | |
Maximum [Member] | Debt Securities [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 30.00% | |
Maximum [Member] | Debt Securities [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 20.00% | |
Maximum [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 5.00% | |
Maximum [Member] | Real Estate [Member] | United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 10.00% | |
Maximum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 30.00% | |
Maximum [Member] | Other [Member] | Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, target allocation percentage | 45.00% |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Plan Assets Measured at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
United States [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | $ 114 | $ 131 |
Common/collective trusts measured at net asset value ("NAV") | 216 | 229 |
Plan assets measured at fair value, Total | 330 | 360 |
United States [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 114 | 131 |
Plan assets measured at fair value, Total | 114 | 131 |
United States [Member] | Domestic Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 31 | 37 |
United States [Member] | Domestic Equities [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 31 | 37 |
United States [Member] | International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 13 | 23 |
United States [Member] | International Equities [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 13 | 23 |
United States [Member] | Corporate Bonds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 54 | 53 |
United States [Member] | Corporate Bonds [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 54 | 53 |
United States [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 16 | 18 |
United States [Member] | Real Estate [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 16 | 18 |
Non-United States Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 263 | 295 |
Common/collective trusts measured at net asset value ("NAV") | 103 | 96 |
Plan assets measured at fair value, Total | 366 | 391 |
Non-United States Plans [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 4 | 2 |
Plan assets measured at fair value, Total | 4 | 2 |
Non-United States Plans [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 259 | 293 |
Plan assets measured at fair value, Total | 259 | 293 |
Non-United States Plans [Member] | International Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 55 | 66 |
Non-United States Plans [Member] | International Equities [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 2 | |
Non-United States Plans [Member] | International Equities [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 53 | 66 |
Non-United States Plans [Member] | Debt Issued by National, State or Local Government [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 59 | 57 |
Non-United States Plans [Member] | Debt Issued by National, State or Local Government [Member] | Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 2 | 2 |
Non-United States Plans [Member] | Debt Issued by National, State or Local Government [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 57 | 55 |
Non-United States Plans [Member] | Diversified Growth Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 17 | |
Non-United States Plans [Member] | Diversified Growth Fund [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 17 | |
Non-United States Plans [Member] | Investments Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 8 | 7 |
Non-United States Plans [Member] | Investments Funds [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 8 | 7 |
Non-United States Plans [Member] | Insurance Contracts [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 136 | 141 |
Non-United States Plans [Member] | Insurance Contracts [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 136 | 141 |
Non-United States Plans [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | 5 | 7 |
Non-United States Plans [Member] | Other [Member] | Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets in the fair value hierarchy | $ 5 | $ 7 |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of Expected Benefit Payments, Net of Expected Participants Contributions for Pension Benefits (Detail) - Pension Benefits [Member] $ in Millions | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 33 |
2,020 | 33 |
2,021 | 36 |
2,022 | 38 |
2,023 | 40 |
Years 2024 through 2028 | 234 |
Defined Benefit Plan Expected Future Benefit Payments, Total | $ 414 |
Employee Benefit Plans - Other
Employee Benefit Plans - Other Plans - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Other Postretirement Benefits [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Obligation provides to certain executives | $ 11 |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 113 | $ 106 | $ 80 |
Recognized future income tax benefit | 19 | 21 | $ 24 |
Unrecognized non-vested stock-based compensation | $ 102 | ||
Weighted average period of stock-based compensation | 1 year | ||
Expiry period of options from grant date | 10 years | ||
Weighted average remaining contractual life of the options outstanding | 3 years 7 months 6 days | ||
Weighted average remaining contractual life of the options exercisable | 3 years 4 months 24 days | ||
Aggregate intrinsic value of the exercisable stock options and the stock options expected to vest | $ 211 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average fair value per share of options granted | $ 17.91 | ||
Total intrinsic value of options exercised | 117 | 157 | $ 155 |
Proceeds from options exercised | $ 48 | $ 102 | $ 101 |
Second Anniversary of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 25.00% | ||
Third Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 33.00% | ||
Fourth Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 67.00% | ||
At End Of Three-Year Period [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 100.00% | ||
Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares available for future grant | 12,100,000 | ||
Stock Appreciation Rights - Stock Settled [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | $ 13 | ||
Weighted average remaining contractual life of the options outstanding | 8 years 2 months 12 days | ||
Weighted average remaining contractual life of the options exercisable | 7 years 1 month 6 days | ||
Aggregate intrinsic value of the exercisable stock options and the stock options expected to vest | $ 139 | ||
Stock appreciation rights vesting description | The SSRs are eligible to vest either (i) in equal increments of 25% on each of the first four anniversaries of the date of grant or (ii) in three equal annual installments on each of the first three anniversaries of the date of grant. | ||
Number of stock units outstanding | 4,155,528 | 2,924,770 | |
Aggregate Intrinsic Value | $ 142 | $ 74 | |
Stock Appreciation Rights - Stock Settled [Member] | Second Anniversary of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 25.00% | ||
Stock Appreciation Rights - Stock Settled [Member] | Third Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 25.00% | ||
Stock Appreciation Rights - Stock Settled [Member] | Fourth Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 25.00% | ||
Stock Appreciation Rights - Stock Settled [Member] | Share-based Compensation Award, Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 25.00% | ||
Stock Appreciation Rights - Cash Settled [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock appreciation rights vesting description | These awards either (i) vest 25% per year or (ii) vest 33% on the third anniversary of the date of grant and 67% on the fourth anniversary of the date of grant; or (iii) one-third per year beginning on the first anniversary of the date of grant. | ||
Fair value of Stock Appreciation Rights granted | $ 66.92 | $ 52.53 | $ 34.25 |
Cash paid to settle exercised SARs | $ 5 | $ 4 | $ 2 |
Weighted average remaining contractual life of SARs outstanding | 5 years 7 months 6 days | ||
Weighted average remaining contractual life of SARs exercisable | 5 years | ||
Aggregate intrinsic value of exercisable expected to vest | $ 14 | ||
Number of stock units outstanding | 247,397 | 337,115 | |
Aggregate Intrinsic Value | $ 14 | $ 15 | |
Stock Appreciation Rights - Cash Settled [Member] | Third Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 33.00% | ||
Stock Appreciation Rights - Cash Settled [Member] | Fourth Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 67.00% | ||
Stock Appreciation Rights - Cash Settled [Member] | 25% per year [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 25.00% | ||
Restricted Stock Units - Stock Settled [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 25.00% | ||
Fair value of Stock Appreciation Rights granted | $ 101.16 | ||
Number of days for stock units to settle in common stock from vesting date | 45 days | ||
Number of stock units outstanding | 385,458 | ||
Aggregate Intrinsic Value | $ 45 | ||
Number of units | 385,458 | 1,097,708 | |
Restricted Stock Units - Stock Settled [Member] | Third Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 33.00% | ||
Restricted Stock Units - Stock Settled [Member] | Fourth Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 67.00% | ||
Restricted Stock Units - Cash Settled [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of Stock Appreciation Rights granted | $ 95.23 | ||
Number of stock units outstanding | 13,361 | ||
Aggregate Intrinsic Value | $ 1.6 | ||
Number of units | 13,361 | 9,015 | |
Restricted Stock Units - Cash Settled [Member] | At End Of Three-Year Period [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 100.00% | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of stock units outstanding | 436,067 | ||
Aggregate Intrinsic Value | $ 51 | ||
Number of units | 436,067 | 440,151 | |
Restricted Stock Awards [Member] | Second Anniversary of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 25.00% | ||
Restricted Stock Awards [Member] | Second Anniversary of Grant Date [Member] | Vesting Scenario One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 50.00% | ||
Restricted Stock Awards [Member] | Third Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 25.00% | ||
Restricted Stock Awards [Member] | Fourth Anniversary Of Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 50.00% | ||
Restricted Stock Awards [Member] | Fourth Anniversary Of Grant Date [Member] | Vesting Scenario One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 50.00% | ||
Restricted Stock Awards [Member] | Share-based Compensation Award, Tranche One | Vesting Scenario Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of options granted per annum | 33.33% | ||
Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of Stock Appreciation Rights granted | $ 104.42 | ||
Aggregate Intrinsic Value | $ 99 | ||
Number of units | 850,576 | 476,332 |
Employee Benefit Plans - Assump
Employee Benefit Plans - Assumptions Used to Estimate Value of Stock-Based Compensation for Stock Options and Stock Appreciation Rights Issued (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Expected volatility, Minimum | 22.00% | 22.00% | 20.00% |
Expected volatility, Maximum | 24.00% | 25.00% | 30.00% |
Weighted average expected volatility | 22.00% | 24.00% | 28.00% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Risk-free interest rate, Minimum | 2.05% | 1.16% | 0.32% |
Risk-free interest rate, Maximum | 3.00% | 2.32% | 2.19% |
Minimum [Member] | |||
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items] | |||
Expected term (in years) | 1 year | 1 year | 3 months 18 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 8 months 12 days | 6 years 10 months 24 days | 6 years 7 months 6 days |
Employee Benefit Plans - Summ_4
Employee Benefit Plans - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | ||
Number of Options Outstanding at Beginning Balance | 4,080,632 | |
Number of Options, Exercised | (1,462,818) | |
Number of Options, Canceled | (43,590) | |
Number of Options Outstanding at Ending Balance | 2,574,224 | |
Weighted Average Exercise Price Outstanding at Beginning Balance | $ 33.97 | |
Weighted Average Exercise Price, Exercised | 32.88 | |
Weighted Average Exercise Price, Canceled | 63.44 | |
Weighted Average Exercise Price Outstanding at Ending Balance | $ 34.09 | |
Aggregate Intrinsic Value | $ 211 | $ 261 |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Exercise Price Range $8.34 - $15.11 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 599,966 |
Exercise Price Lower Range Outstanding | $ 8.34 |
Exercise Price Upper Range Outstanding | 15.11 |
Weighted Average Exercise Price | $ 10.64 |
Weighted Average Remaining Life Outstanding (in years) | 1 year 9 months 3 days |
Number of Options Exercisable | shares | 599,966 |
Weighted Average Exercise Price | $ 10.64 |
Exercise Price Range $17.11 - $26.05 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 589,373 |
Exercise Price Lower Range Outstanding | $ 17.11 |
Exercise Price Upper Range Outstanding | 26.05 |
Weighted Average Exercise Price | $ 22.72 |
Weighted Average Remaining Life Outstanding (in years) | 2 years 1 month 2 days |
Number of Options Exercisable | shares | 589,373 |
Weighted Average Exercise Price | $ 22.72 |
Exercise Price Range $28.13 - $40.00 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 534,537 |
Exercise Price Lower Range Outstanding | $ 28.13 |
Exercise Price Upper Range Outstanding | 40 |
Weighted Average Exercise Price | $ 31.68 |
Weighted Average Remaining Life Outstanding (in years) | 3 years 5 months 23 days |
Number of Options Exercisable | shares | 534,537 |
Weighted Average Exercise Price | $ 31.68 |
Exercise Price Range $44.45 - $64.67 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 597,416 |
Exercise Price Lower Range Outstanding | $ 44.45 |
Exercise Price Upper Range Outstanding | 64.67 |
Weighted Average Exercise Price | $ 57.91 |
Weighted Average Remaining Life Outstanding (in years) | 6 years 1 month 17 days |
Number of Options Exercisable | shares | 468,928 |
Weighted Average Exercise Price | $ 56.24 |
Exercise Price Range $64.86 - $77.11 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options Outstanding | shares | 252,932 |
Exercise Price Lower Range Outstanding | $ 64.86 |
Exercise Price Upper Range Outstanding | 77.11 |
Weighted Average Exercise Price | $ 65.06 |
Weighted Average Remaining Life Outstanding (in years) | 6 years 2 months 8 days |
Number of Options Exercisable | shares | 174,032 |
Weighted Average Exercise Price | $ 64.92 |
Employee Benefit Plans - Sche_7
Employee Benefit Plans - Schedule of Stock Appreciation Rights Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Appreciation Rights - Stock Settled [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of SARs Outstanding Beginning Balance | 2,924,770 | |
Number of SARs Granted | 1,787,168 | |
Number of SARs Exercised | (328,210) | |
Number of SARs Canceled | (228,200) | |
Number of SARs Outstanding Ending Balance | 4,155,528 | |
Weighted Average Exercise Price Outstanding Beginning Balance | $ 72.47 | |
Weighted Average Exercise Price Granted | 96.13 | |
Weighted Average Exercise Price Exercised | 71.42 | |
Weighted Average Exercise Price Canceled | 86.22 | |
Weighted Average Exercise Price Outstanding Ending Balance | $ 81.97 | |
Aggregate Intrinsic Value | $ 142 | $ 74 |
Stock Appreciation Rights - Cash Settled [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of SARs Outstanding Beginning Balance | 337,115 | |
Number of SARs Granted | 15,716 | |
Number of SARs Exercised | (95,300) | |
Number of SARs Canceled | (10,134) | |
Number of SARs Outstanding Ending Balance | 247,397 | |
Weighted Average Exercise Price Outstanding Beginning Balance | $ 53.87 | |
Weighted Average Exercise Price Granted | 95.23 | |
Weighted Average Exercise Price Exercised | 48.31 | |
Weighted Average Exercise Price Canceled | 69.92 | |
Weighted Average Exercise Price Outstanding Ending Balance | $ 57.98 | |
Aggregate Intrinsic Value | $ 14 | $ 15 |
Employee Benefit Plans - Summ_5
Employee Benefit Plans - Summary of Company's RSU Activity (Detail) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Restricted Stock Units - Stock Settled [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Non-vested Beginning Balance | shares | 1,097,708 |
Number of Units Granted | shares | 160,462 |
Number of Units Vested | shares | (799,011) |
Number of Units Canceled | shares | (73,701) |
Number of Units Non-vested Ending Balance | shares | 385,458 |
Weighted Average Grant-Date Fair Value Non-vested Beginning Balance | $ / shares | $ 76.71 |
Weighted Average Grant-Date Fair Value Granted | $ / shares | 101.16 |
Weighted Average Grant-Date Fair Value Vested | $ / shares | 77.49 |
Weighted Average Grant-Date Fair Value Canceled | $ / shares | 85.46 |
Weighted Average Grant-Date Fair Value Non-vested Ending Balance | $ / shares | $ 83.60 |
Restricted Stock Units - Cash Settled [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Non-vested Beginning Balance | shares | 9,015 |
Number of Units Granted | shares | 5,260 |
Number of Units Canceled | shares | (914) |
Number of Units Non-vested Ending Balance | shares | 13,361 |
Weighted Average Grant-Date Fair Value Non-vested Beginning Balance | $ / shares | $ 95.98 |
Weighted Average Grant-Date Fair Value Granted | $ / shares | 95.23 |
Weighted Average Grant-Date Fair Value Canceled | $ / shares | 81.04 |
Weighted Average Grant-Date Fair Value Non-vested Ending Balance | $ / shares | $ 96.70 |
Employee Benefit Plans - Summ_6
Employee Benefit Plans - Summary of Company's Restricted Stock Awards (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Non-vested Beginning Balance | shares | 440,151 |
Number of Units Vested | shares | (4,084) |
Number of Units Non-vested Ending Balance | shares | 436,067 |
Weighted Average Grant-Date Fair Value Non-vested Beginning Balance | $ / shares | $ 79.05 |
Weighted Average Grant-Date Fair Value Vested | $ / shares | 80.20 |
Weighted Average Grant-Date Fair Value Non-vested Ending Balance | $ / shares | $ 79.04 |
Employee Benefit Plans - Summ_7
Employee Benefit Plans - Summary of Performance Award Activity (Detail) - Performance Awards [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units Non-vested Beginning Balance | shares | 476,332 |
Number of Units Granted | shares | 438,111 |
Number of Units Vested | shares | (3,500) |
Number of Units Canceled | shares | (60,367) |
Number of Units Non-vested Ending Balance | shares | 850,576 |
Weighted Average Grant-Date Fair Value Non-vested Beginning Balance | $ / shares | $ 85.84 |
Weighted Average Grant-Date Fair Value Granted | $ / shares | 104.42 |
Weighted Average Grant-Date Fair Value Vested | $ / shares | 84.86 |
Weighted Average Grant-Date Fair Value Canceled | $ / shares | 94.70 |
Weighted Average Grant-Date Fair Value Non-vested Ending Balance | $ / shares | $ 94.78 |
Employee Benefit Plans - Employ
Employee Benefit Plans - Employee Stock Purchase Plan and Other - Additional Information (Detail) - Employee Stock Purchase Plan [Member] | 12 Months Ended |
Dec. 31, 2016shares | |
Employee Stock Purchase Plan And Cost Reduction Initiative Disclosure [Line Items] | |
Number of shares issued for purchases under ESPP | 100,000 |
Employee stock purchase plan payroll deductions percent | 10.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - HUYA Bioscience International, LLC [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Fee for services | $ 10,000,000 | $ 8,000,000 | $ 6,000,000 |
Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Fee for services | $ 34,000,000 | $ 5,000,000 | $ (8,000,000) |
Property, Equipment and Softw_3
Property, Equipment and Software by Geography - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Property Equipment And Software By Geography [Abstract] | |
Minimum percentage of revenue account for major country | 10.00% |
Property, Equipment and Softw_4
Property, Equipment and Software by Geography - Property, Equipment and Software, Net, by Geographic Region (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | $ 1,170 | $ 985 |
United States [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 856 | 623 |
Other Americas [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 23 | 27 |
Americas [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 879 | 650 |
Europe and Africa [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | 221 | 259 |
Asia-Pacific [Member] | ||
Long Lived Assets Geographic [Line Items] | ||
Property, equipment and software, net | $ 70 | $ 76 |
Segments - Additional Informati
Segments - Additional Information (Detail) - Segment | Oct. 03, 2016 | Jun. 30, 2018 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | 2 | 3 | |
IMS Health Holdings, Inc. [Member] | |||
Segment Reporting Information [Line Items] | |||
Date of Acquisition | Oct. 3, 2016 | Oct. 3, 2016 |
Segments - Operations by Report
Segments - Operations by Reportable Segments (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 2,688,000,000 | $ 2,594,000,000 | $ 2,567,000,000 | $ 2,563,000,000 | $ 2,521,000,000 | $ 2,466,000,000 | $ 2,355,000,000 | $ 2,360,000,000 | $ 10,412,000,000 | $ 9,702,000,000 | $ 6,815,000,000 |
Costs of revenue | 6,746,000,000 | 6,301,000,000 | 4,748,000,000 | ||||||||
Selling, general and administrative expenses | 1,716,000,000 | 1,622,000,000 | 1,016,000,000 | ||||||||
Depreciation and amortization | (1,141,000,000) | (1,011,000,000) | (289,000,000) | ||||||||
Impairment charges | (40,000,000) | (28,000,000) | |||||||||
Restructuring costs | (68,000,000) | (63,000,000) | (71,000,000) | ||||||||
Merger related costs | 0 | 0 | (87,000,000) | ||||||||
Income from operations | $ 207,000,000 | $ 181,000,000 | $ 170,000,000 | $ 183,000,000 | $ 142,000,000 | $ 195,000,000 | $ 126,000,000 | $ 202,000,000 | 741,000,000 | 665,000,000 | 576,000,000 |
Technology & Analytics Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,137,000,000 | 3,682,000,000 | 1,148,000,000 | ||||||||
Research & Development Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 5,465,000,000 | 5,105,000,000 | 4,737,000,000 | ||||||||
Contract Sales & Medical Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 810,000,000 | 915,000,000 | 930,000,000 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Segment profit | 2,210,000,000 | 2,027,000,000 | 1,188,000,000 | ||||||||
Operating Segments [Member] | Technology & Analytics Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,137,000,000 | 3,682,000,000 | 1,148,000,000 | ||||||||
Costs of revenue | 2,343,000,000 | 1,967,000,000 | 695,000,000 | ||||||||
Selling, general and administrative expenses | 771,000,000 | 719,000,000 | 218,000,000 | ||||||||
Segment profit | 1,023,000,000 | 996,000,000 | 235,000,000 | ||||||||
Operating Segments [Member] | Research & Development Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 5,465,000,000 | 5,105,000,000 | 4,737,000,000 | ||||||||
Costs of revenue | 3,721,000,000 | 3,566,000,000 | 3,283,000,000 | ||||||||
Selling, general and administrative expenses | 616,000,000 | 582,000,000 | 579,000,000 | ||||||||
Segment profit | 1,128,000,000 | 957,000,000 | 875,000,000 | ||||||||
Operating Segments [Member] | Contract Sales & Medical Solutions [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 810,000,000 | 915,000,000 | 930,000,000 | ||||||||
Costs of revenue | 682,000,000 | 768,000,000 | 770,000,000 | ||||||||
Selling, general and administrative expenses | 69,000,000 | 73,000,000 | 82,000,000 | ||||||||
Segment profit | 59,000,000 | 74,000,000 | 78,000,000 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Selling, general and administrative expenses | 260,000,000 | 248,000,000 | 137,000,000 | ||||||||
Segment profit | $ (260,000,000) | $ (248,000,000) | $ (137,000,000) |
Earnings Per Share - Reconciles
Earnings Per Share - Reconciles the Basic to Diluted Weighted Average Shares Outstanding (Detail) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Basic weighted average common shares outstanding | 203.7 | 217.8 | 149.1 |
Effect of dilutive stock options and share awards | 4.5 | 4.8 | 2.9 |
Diluted weighted average common shares outstanding | 208.2 | 222.6 | 152 |
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total shares excluded from diluted earnings per share | 1.7 | 1.4 | 1.2 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total shares excluded from diluted earnings per share | 0.8 | 0.4 | 0.1 |
Share-Based Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total shares excluded from diluted earnings per share | 0.9 | 1 | 1.1 |
Comprehensive Income - Summary
Comprehensive Income - Summary of Components of AOCI (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Adjusted balance | $ (377) | |||
Beginning Balance | $ 7,995 | |||
Ending Balance | 6,714 | $ 7,995 | ||
Adjusted balance | 34 | |||
Beginning Balance | 219 | 22 | ||
Other comprehensive (loss) income before reclassifications | (41) | 197 | $ (5) | |
Reclassification adjustments, tax | (1) | (7) | ||
Ending Balance | 177 | 219 | 22 | |
Other comprehensive (loss) income before reclassifications | (262) | 613 | (476) | |
Reclassification adjustments, net of tax | (11) | 22 | ||
Foreign Currency Translation [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Adjusted balance | (116) | |||
Beginning Balance | (214) | (617) | ||
Other comprehensive (loss) income before reclassifications | (205) | 403 | (501) | |
Ending Balance | (419) | (214) | (617) | |
Derivative Instruments [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Adjusted balance | (14) | |||
Beginning Balance | 14 | 10 | ||
Other comprehensive (loss) income before reclassifications | (4) | 5 | (4) | |
Reclassification adjustments, before tax | (11) | (1) | 28 | |
Ending Balance | (1) | 14 | 10 | |
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Adjusted balance | (14) | |||
Beginning Balance | 30 | 21 | ||
Other comprehensive (loss) income before reclassifications | (12) | 8 | 34 | |
Reclassification adjustments, before tax | 1 | 1 | 1 | |
Ending Balance | 19 | 30 | 21 | |
Accumulated Other Comprehensive (Loss) Income [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Adjusted balance | $ (110) | |||
Beginning Balance | 49 | (564) | ||
Ending Balance | $ (224) | $ 49 | $ (564) |
Comprehensive Income - Summar_2
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income taxes | $ (11) | $ (1) | $ 28 |
Income tax expense | 1 | 7 | |
Total net of income taxes | (12) | (1) | 21 |
Amortization of actuarial losses | 1 | 1 | 1 |
Total net of income taxes | 1 | 1 | 1 |
Interest Rate Swaps and Caps [Member] | Interest Expense [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income taxes | 6 | ||
Foreign Exchange Forward Contracts [Member] | Revenues [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income taxes | 1 | 7 | 19 |
Foreign Exchange Forward Contracts [Member] | Other expense (income), net [Member] | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income taxes | $ (12) | $ (8) | $ 3 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Information: | |||
Interest paid | $ 398 | $ 320 | $ 124 |
Income taxes paid, net of refunds | $ 211 | $ 195 | 106 |
Non-cash Investing Activities: | |||
Fair value of consideration transferred in connection with business combinations | $ 10,425 |
Quarterly Financial Data - Unau
Quarterly Financial Data - Unaudited Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 2,688 | $ 2,594 | $ 2,567 | $ 2,563 | $ 2,521 | $ 2,466 | $ 2,355 | $ 2,360 | $ 10,412 | $ 9,702 | $ 6,815 |
Income from operations | 207 | 181 | 170 | 183 | 142 | 195 | 126 | 202 | 741 | 665 | 576 |
Net income | 76 | 67 | 68 | 73 | 1,035 | 93 | 66 | 102 | 284 | 1,296 | 87 |
Net income attributable to non-controlling interests | (7) | (7) | (7) | (4) | (8) | (5) | (4) | (2) | (25) | (19) | (15) |
Net income attributable to IQVIA Holdings Inc. | $ 69 | $ 60 | $ 61 | $ 69 | $ 1,027 | $ 88 | $ 62 | $ 100 | $ 259 | $ 1,277 | $ 72 |
Basic earnings per share | $ 0.34 | $ 0.30 | $ 0.30 | $ 0.33 | $ 4.91 | $ 0.41 | $ 0.28 | $ 0.43 | $ 1.27 | $ 5.86 | $ 0.48 |
Diluted earnings per share | $ 0.34 | $ 0.29 | $ 0.29 | $ 0.32 | $ 4.79 | $ 0.40 | $ 0.28 | $ 0.43 | $ 1.24 | $ 5.74 | $ 0.47 |
Quarterly Financial Data - Un_2
Quarterly Financial Data - Unaudited Quarterly Results of Operations (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effect Of Fourth Quarter Events [Line Items] | |||||||||||
Net income attributable to IQVIA Holdings Inc. | $ 69 | $ 60 | $ 61 | $ 69 | $ 1,027 | $ 88 | $ 62 | $ 100 | $ 259 | $ 1,277 | $ 72 |
Adjustment [Member] | |||||||||||
Effect Of Fourth Quarter Events [Line Items] | |||||||||||
Pre-tax income | 22 | ||||||||||
Net income attributable to IQVIA Holdings Inc. | $ 15 |
Schedule I - Condensed Statemen
Schedule I - Condensed Statements of Income (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Selling, general and administrative expenses | $ 1,716,000,000 | $ 1,622,000,000 | $ 1,016,000,000 | ||||||||
Merger related costs | 0 | 0 | 87,000,000 | ||||||||
Income from operations | $ 207,000,000 | $ 181,000,000 | $ 170,000,000 | $ 183,000,000 | $ 142,000,000 | $ 195,000,000 | $ 126,000,000 | $ 202,000,000 | 741,000,000 | 665,000,000 | 576,000,000 |
Interest income | (8,000,000) | (7,000,000) | (4,000,000) | ||||||||
Other expense, net | 5,000,000 | 13,000,000 | (11,000,000) | ||||||||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | 328,000,000 | 294,000,000 | 416,000,000 | ||||||||
Income tax benefit | 59,000,000 | (992,000,000) | 325,000,000 | ||||||||
Net income attributable to IQVIA Holdings Inc. | $ 69,000,000 | $ 60,000,000 | $ 61,000,000 | $ 69,000,000 | $ 1,027,000,000 | $ 88,000,000 | $ 62,000,000 | $ 100,000,000 | 259,000,000 | 1,277,000,000 | 72,000,000 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Selling, general and administrative expenses | 2,000,000 | 1,000,000 | |||||||||
Merger related costs | 21,000,000 | ||||||||||
Income from operations | (2,000,000) | (1,000,000) | (21,000,000) | ||||||||
Income before income taxes and equity in earnings (losses) of unconsolidated affiliates | (2,000,000) | (1,000,000) | (21,000,000) | ||||||||
Income tax benefit | (1,000,000) | (3,000,000) | (4,000,000) | ||||||||
(Loss) income before equity in earnings of subsidiary | (1,000,000) | 2,000,000 | (17,000,000) | ||||||||
Equity in earnings of subsidiary | 260,000,000 | 1,275,000,000 | 89,000,000 | ||||||||
Net income attributable to IQVIA Holdings Inc. | $ 259,000,000 | $ 1,277,000,000 | $ 72,000,000 |
Schedule I - Condensed Statem_2
Schedule I - Condensed Statements of Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net income | $ 76 | $ 67 | $ 68 | $ 73 | $ 1,035 | $ 93 | $ 66 | $ 102 | $ 284 | $ 1,296 | $ 87 |
Comprehensive (loss) income adjustments: | |||||||||||
Unrealized gains (losses) on derivative instruments, net of income tax (benefit) expense of ($5), $1 and $3 | 1 | 4 | (7) | ||||||||
Defined benefit plan adjustments, net of income tax (benefit) expense of ($4), $3 and $11 | (8) | 5 | 23 | ||||||||
Foreign currency translation, net of income tax expense (benefit) of $50, ($201) and ($9) | (258) | 611 | (508) | ||||||||
Reclassification adjustments: | |||||||||||
(Gains) losses on derivative instruments included in net income, net of income tax expense of $1, $— and $7 | (12) | (1) | 21 | ||||||||
Amortization of actuarial losses and prior service costs included in net income | 1 | 1 | 1 | ||||||||
Comprehensive (loss) income attributable to IQVIA Holdings Inc. | (14) | 1,890 | (382) | ||||||||
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net income | 259 | 1,277 | 72 | ||||||||
Comprehensive (loss) income adjustments: | |||||||||||
Unrealized gains (losses) on derivative instruments, net of income tax (benefit) expense of ($5), $1 and $3 | 1 | 4 | (7) | ||||||||
Defined benefit plan adjustments, net of income tax (benefit) expense of ($4), $3 and $11 | (8) | 5 | 23 | ||||||||
Foreign currency translation, net of income tax expense (benefit) of $50, ($201) and ($9) | (255) | 604 | (492) | ||||||||
Reclassification adjustments: | |||||||||||
(Gains) losses on derivative instruments included in net income, net of income tax expense of $1, $— and $7 | (12) | (1) | 21 | ||||||||
Amortization of actuarial losses and prior service costs included in net income | 1 | 1 | 1 | ||||||||
Comprehensive (loss) income attributable to IQVIA Holdings Inc. | $ (14) | $ 1,890 | $ (382) |
Schedule I - Condensed Statem_3
Schedule I - Condensed Statements of Comprehensive (Loss) Income (Parenthetical) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Income Statements, Captions [Line Items] | |||
Unrealized gains (losses) on derivative instruments, income tax (benefit) expenses | $ (5) | $ 1 | $ 3 |
Defined benefit plan adjustments, income tax (benefit) expense | (4) | 3 | 11 |
Foreign currency translation, income tax expense (benefit) | 50 | (201) | (9) |
(Gain) losses on derivative instruments included in net income, income tax expense | 1 | 7 | |
Parent Company [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Unrealized gains (losses) on derivative instruments, income tax (benefit) expenses | (5) | 1 | 3 |
Defined benefit plan adjustments, income tax (benefit) expense | (4) | 3 | 11 |
Foreign currency translation, income tax expense (benefit) | 50 | $ (201) | (9) |
(Gain) losses on derivative instruments included in net income, income tax expense | $ 1 | $ 7 |
Schedule I - Condensed Balance
Schedule I - Condensed Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||||
Cash and cash equivalents | $ 891 | $ 959 | $ 1,198 | $ 977 |
Income taxes receivable | 69 | 47 | ||
Other current assets and receivables | 322 | 259 | ||
Total current assets | 3,874 | 3,554 | ||
Total assets | 22,549 | 22,857 | ||
Current liabilities: | ||||
Accounts payable | 437 | 322 | ||
Income taxes payable | 100 | 72 | ||
Total current liabilities | 3,534 | 3,156 | ||
Total liabilities | 15,595 | 14,613 | ||
Commitments and contingencies | ||||
Stockholders’ equity: | ||||
Common stock and additional paid-in capital, 400.0 shares authorized at December 31, 2018 and 2017, $0.01 par value, 251.5 and 249.5 shares issued at December 31, 2018 and 2017, respectively | 10,901 | 10,782 | ||
Retained earnings | 807 | 538 | ||
Treasury stock, at cost, 54.0 and 41.4 shares at December 31, 2018 and 2017, respectively | (4,770) | (3,374) | ||
Accumulated other comprehensive (loss) income | (224) | 49 | ||
Equity attributable to IQVIA Holdings Inc.’s stockholders | 6,714 | 7,995 | ||
Total liabilities and stockholders’ equity | 22,549 | 22,857 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | $ 12 | $ 5 |
Other current assets and receivables | 1 | |||
Total current assets | 1 | 2 | ||
Investment in subsidiary | 9,667 | 9,659 | ||
Total assets | 9,668 | 9,661 | ||
Current liabilities: | ||||
Investment in subsidiary | 2,954 | 1,666 | ||
Total liabilities | 2,954 | 1,666 | ||
Commitments and contingencies | ||||
Stockholders’ equity: | ||||
Common stock and additional paid-in capital, 400.0 shares authorized at December 31, 2018 and 2017, $0.01 par value, 251.5 and 249.5 shares issued at December 31, 2018 and 2017, respectively | 10,901 | 10,782 | ||
Retained earnings | 807 | 538 | ||
Treasury stock, at cost, 54.0 and 41.4 shares at December 31, 2018 and 2017, respectively | (4,770) | (3,374) | ||
Accumulated other comprehensive (loss) income | (224) | 49 | ||
Equity attributable to IQVIA Holdings Inc.’s stockholders | 6,714 | 7,995 | ||
Total liabilities and stockholders’ equity | $ 9,668 | $ 9,661 |
Schedule I - Condensed Balanc_2
Schedule I - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements Captions [Line Items] | ||
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 251,500,000 | 249,500,000 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 251,500,000 | 249,500,000 |
Common stock, shares outstanding | 251,500,000 | 249,500,000 |
Treasury stock, shares | 54,000,000 | 41,400,000 |
Schedule I - Condensed Statem_4
Schedule I - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||||||||||
Net income | $ 76 | $ 67 | $ 68 | $ 73 | $ 1,035 | $ 93 | $ 66 | $ 102 | $ 284 | $ 1,296 | $ 87 |
Changes in operating assets and liabilities: | |||||||||||
Accounts payable and accrued expenses | 368 | 90 | 160 | ||||||||
Net cash provided by operating activities | 1,254 | 970 | 860 | ||||||||
Investing activities: | |||||||||||
Net cash provided by investing activities | (810) | (1,190) | 1,731 | ||||||||
Financing activities: | |||||||||||
Proceeds related to employee stock purchase and option plans | 15 | 91 | 97 | ||||||||
Repurchase of common stock | (1,405) | (2,620) | (1,097) | ||||||||
Net cash used in financing activities | (452) | (72) | (2,284) | ||||||||
Effect of foreign currency exchange rate changes on cash | (60) | 53 | (86) | ||||||||
(Decrease) increase in cash and cash equivalents | (68) | (239) | 221 | ||||||||
Cash and cash equivalents at beginning of period | 959 | 1,198 | 959 | 1,198 | 977 | ||||||
Cash and cash equivalents at end of period | 891 | 959 | 891 | 959 | 1,198 | ||||||
Parent Company [Member] | |||||||||||
Operating activities: | |||||||||||
Net income | 259 | 1,277 | 72 | ||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Subsidiary loss | 143 | 91 | 91 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts payable and accrued expenses | 2 | (3) | |||||||||
Income taxes payable and other liabilities | 4 | (4) | |||||||||
Net cash provided by operating activities | 404 | 1,369 | 159 | ||||||||
Investing activities: | |||||||||||
Investment in subsidiary, net of dividends received | 983 | 1,182 | 834 | ||||||||
Net cash provided by investing activities | 983 | 1,182 | 834 | ||||||||
Financing activities: | |||||||||||
Proceeds related to employee stock purchase and option plans | 15 | 91 | 97 | ||||||||
Repurchase of common stock | (1,405) | (2,620) | (1,097) | ||||||||
Intercompany with subsidiary | 3 | (31) | 14 | ||||||||
Net cash used in financing activities | (1,387) | (2,560) | (986) | ||||||||
Effect of foreign currency exchange rate changes on cash | (2) | ||||||||||
(Decrease) increase in cash and cash equivalents | (11) | 7 | |||||||||
Cash and cash equivalents at beginning of period | $ 1 | $ 12 | 1 | 12 | 5 | ||||||
Cash and cash equivalents at end of period | $ 1 | $ 1 | $ 1 | $ 1 | $ 12 |
Schedule I - Additional Informa
Schedule I - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements Captions [Line Items] | |||
Income tax benefit | $ (59) | $ 992 | $ (325) |
Parent Company [Member] | |||
Condensed Financial Statements Captions [Line Items] | |||
Minimum percentage of restricted net assets of consolidated subsidiaries of consolidated net assets | 25.00% | ||
Income tax benefit | $ 1 | $ 3 | $ 4 |
Schedule I - Dividends Paid (De
Schedule I - Dividends Paid (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | $ 1,394 | $ 2,566 | $ 1,014 |
Paid in December 2018 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 339 | ||
Paid in November 2018 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 146 | ||
Paid in October 2018 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 132 | ||
Paid in September 2018 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 118 | ||
Paid in June 2018 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 414 | ||
Paid in May 2018 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 154 | ||
Paid in March 2018 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 54 | ||
Paid in February 2018 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | $ 37 | ||
Paid in December 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 22 | ||
Paid in November 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 362 | ||
Paid in September 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 373 | ||
Paid in August 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 168 | ||
Paid in May 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 356 | ||
Paid in March 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 1,237 | ||
Paid in February 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 45 | ||
Paid in January 2017 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | $ 3 | ||
Paid in December 2016 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 503 | ||
Paid in November 2016 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | 422 | ||
Paid in June 2016 [Member] | |||
Dividends Payable [Line Items] | |||
Cash dividend paid to parent company | $ 89 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 200 | $ 153 | $ 22 |
Addition Charged to Expenses | 23 | 52 | 10 |
Addition Charged to Other Accounts | 129 | ||
Additions (Deductions) | 3 | (5) | (8) |
Balance at End of Year | $ 226 | $ 200 | $ 153 |