Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document 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 | NLSNNV | ||
Entity Registrant Name | Nielsen Holdings plc | ||
Entity Central Index Key | 1,492,633 | ||
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 | 355,447,173 | ||
Entity Public Float | $ 10,971 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Income Statement [Abstract] | ||||
Revenues | [1] | $ 6,515 | $ 6,572 | $ 6,309 |
Cost of revenues, exclusive of depreciation and amortization shown separately below | 2,805 | 2,765 | 2,607 | |
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | 1,958 | 1,873 | 1,864 | |
Depreciation and amortization | 675 | 640 | 603 | |
Impairment of goodwill and other long-lived assets | 1,413 | |||
Restructuring charges | 139 | 80 | 105 | |
Operating income/(loss) | (475) | 1,214 | 1,130 | |
Interest income | 8 | 4 | 4 | |
Interest expense | (394) | (374) | (333) | |
Foreign currency exchange transaction gains/(losses), net | (16) | (10) | (6) | |
Other income/(expense), net | (5) | (6) | 21 | |
Income/(loss) from continuing operations before income taxes | (882) | 828 | 816 | |
Benefit/(provision) for income taxes | 182 | (388) | (309) | |
Net income/(loss) | (700) | 440 | 507 | |
Net income/(loss) attributable to noncontrolling interests | 12 | 11 | 5 | |
Net income/(loss) attributable to Nielsen shareholders | $ (712) | $ 429 | $ 502 | |
Net income/(loss) per share of common stock, basic | ||||
Net income/(loss) attributable to Nielsen shareholders | $ (2) | $ 1.20 | $ 1.40 | |
Net income/(loss) per share of common stock, diluted | ||||
Net income/(loss) attributable to Nielsen shareholders | $ (2) | $ 1.20 | $ 1.39 | |
Weighted-average shares of common stock outstanding, basic | 355,601,564 | 356,714,940 | 358,830,080 | |
Dilutive shares of common stock | 1,337,493 | 3,337,049 | ||
Weighted-average shares of common stock outstanding, diluted | 355,601,564 | 358,052,433 | 362,167,129 | |
Dividends declared per common share | $ 1.39 | $ 1.33 | $ 1.21 | |
[1] | Revenues are attributed to geographic areas based on the location of customers. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ (700) | $ 440 | $ 507 | |
Other comprehensive income/(loss), net of tax | ||||
Foreign currency translation adjustments | [1] | (170) | 248 | (94) |
Changes in the fair value of cash flow hedges | [2] | 1 | 11 | 2 |
Defined benefit pension plan adjustments | [3] | (2) | 14 | (65) |
Total other comprehensive income/(loss) | (171) | 273 | (157) | |
Total comprehensive income/(loss) | (871) | 713 | 350 | |
Less: comprehensive income/(loss) attributable to noncontrolling interests | 11 | 13 | ||
Total comprehensive income/(loss) attributable to Nielsen shareholders | $ (882) | $ 700 | $ 350 | |
[1] | Net of tax of $(6) million, $23 million and $(9) million for the year ended December 31, 2018, 2017 and 2016 respectively. | |||
[2] | Net of tax of $(1) million, $(7) million and $(2) million for the year ended December 31, 2018, 2017 and 2016 respectively. | |||
[3] | Net of tax of zero, $(2) million and $20 million for the year ended December 31, 2018, 2017 and 2016 respectively. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income/(Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Foreign currency translation adjustments, tax | $ (6) | $ 23 | $ (9) |
Changes in the fair value of cash flow hedges, tax | (1) | (7) | (2) |
Defined benefit pension plan adjustments, tax | $ 0 | $ (2) | $ 20 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 524 | $ 656 |
Trade and other receivables, net of allowances for doubtful accounts and sales returns of $31 and $29 as of December 31, 2018 and 2017, respectively | 1,118 | 1,280 |
Prepaid expenses and other current assets | 361 | 346 |
Total current assets | 2,003 | 2,282 |
Non-current assets | ||
Property, plant and equipment, net | 468 | 482 |
Goodwill | 6,987 | 8,495 |
Other intangible assets, net | 5,024 | 5,077 |
Deferred tax assets | 333 | 170 |
Other non-current assets | 364 | 360 |
Total assets | 15,179 | 16,866 |
Current liabilities | ||
Accounts payable and other current liabilities | 1,119 | 1,141 |
Deferred revenues | 355 | 361 |
Income tax liabilities | 76 | 111 |
Current portion of long-term debt, capital lease obligations and short-term borrowings | 107 | 84 |
Total current liabilities | 1,657 | 1,697 |
Non-current liabilities | ||
Long-term debt and capital lease obligations | 8,280 | 8,357 |
Deferred tax liabilities | 1,108 | 1,435 |
Other non-current liabilities | 1,091 | 934 |
Total liabilities | 12,136 | 12,423 |
Commitments and contingencies (Note 16) | ||
Nielsen shareholders’ equity | ||
Common stock, €0.07 par value, 1,185,800,000 and 1,185,800,000 shares authorized; 355,323,822 and 355,956,031 shares issued and 355,271,737 and 355,944,976 shares outstanding at December 31, 2018 and 2017, respectively | 32 | 32 |
Additional paid-in capital | 4,720 | 4,742 |
Retained earnings/(accumulated deficit) | (795) | 411 |
Accumulated other comprehensive loss, net of income taxes | (1,110) | (940) |
Total Nielsen shareholders’ equity | 2,847 | 4,245 |
Noncontrolling interests | 196 | 198 |
Total equity | 3,043 | 4,443 |
Total liabilities and equity | $ 15,179 | $ 16,866 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Millions | Dec. 31, 2018USD ($)shares | Dec. 31, 2018€ / shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017€ / shares |
Statement Of Financial Position [Abstract] | ||||
Trade and other receivables, allowances for doubtful accounts and sales returns | $ | $ 31 | $ 29 | ||
Common stock, par value | € / shares | € 0.07 | € 0.07 | ||
Common stock, shares authorized | 1,185,800,000 | 1,185,800,000 | ||
Common stock, shares issued | 355,323,822 | 355,956,031 | ||
Common stock, shares outstanding | 355,271,737 | 355,944,976 |
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/(loss) | $ (700) | $ 440 | $ 507 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Share-based compensation expense | 35 | 45 | 51 |
Deferred income tax | (514) | 162 | 88 |
Currency exchange rate differences on financial transactions and other (gains)/losses | 17 | (20) | (32) |
Equity in net income/(loss) of affiliates, net of dividends received | 2 | 2 | |
Depreciation and amortization | 675 | 640 | 603 |
Impairment of goodwill and other long-lived assets | 1,413 | ||
Changes in operating assets and liabilities, net of effect of businesses acquired and divested: | |||
Trade and other receivables, net | 95 | 10 | 53 |
Prepaid expenses and other assets | (76) | (28) | 4 |
Accounts payable and other current liabilities and deferred revenues | (21) | 41 | (50) |
Other non-current liabilities | (6) | 2 | (8) |
Interest payable | 14 | 22 | 14 |
Income taxes | 126 | (6) | 64 |
Net cash provided by operating activities | 1,058 | 1,310 | 1,296 |
Investing Activities | |||
Acquisition of subsidiaries and affiliates, net of cash acquired | (43) | (778) | (285) |
Proceeds from the sale of subsidiaries and affiliates, net | 51 | 2 | 34 |
Additions to property, plant and equipment and other assets | (106) | (119) | (109) |
Additions to intangible assets | (414) | (370) | (324) |
Proceeds from the sale of property, plant and equipment and other assets | 4 | 42 | 42 |
Other investing activities | 2 | (13) | |
Net cash used in by investing activities | (506) | (1,236) | (642) |
Financing Activities | |||
Net borrowings under revolving credit facility | (164) | ||
Proceeds from issuances of debt, net of issuance costs | 781 | 2,745 | 2,502 |
Repayment of debt | (819) | (2,296) | (1,765) |
Cash dividends paid to shareholders | (494) | (474) | (434) |
Repurchase of common stock | (70) | (140) | (418) |
Proceeds from exercise of stock options | 15 | 21 | 81 |
Proceeds from employee stock purchase plan | 5 | 6 | 1 |
Capital leases | (76) | (55) | (40) |
Other financing activities | (18) | (22) | (11) |
Net cash used in financing activities | (676) | (215) | (248) |
Effect of exchange-rate changes on cash and cash equivalents | (8) | 43 | (9) |
Net increase/(decrease) in cash and cash equivalents | (132) | (98) | 397 |
Cash and cash equivalents at beginning of period | 656 | 754 | 357 |
Cash and cash equivalents at end of period | 524 | 656 | 754 |
Supplemental Cash Flow Information | |||
Cash paid for income taxes | (206) | (232) | (157) |
Cash paid for interest, net of amounts capitalized | $ (380) | $ (352) | $ (319) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income/(Loss), Net Currency Translation Adjustments | Accumulated Other Comprehensive Income/(Loss), Net Cash Flow Hedges | Accumulated Other Comprehensive Income/(Loss), Net Post Employment Benefits | Total Nielsen Shareholders' Equity | Noncontrolling Interest | |
Balance at Dec. 31, 2015 | $ 4,627 | $ 32 | $ 5,119 | $ 341 | $ (767) | $ (3) | $ (289) | $ 4,433 | $ 194 | |
Adoption of share-based compensation standard | Accounting Standards Update 2016-09 | 47 | 47 | 47 | |||||||
Net income/(loss) | 507 | 502 | 502 | 5 | ||||||
Currency translation adjustments, net of tax | (94) | [1] | (89) | (89) | (5) | |||||
Cash flow hedges, net of tax | 2 | [2] | 2 | 2 | ||||||
Unrealized loss on pension liability, net of tax | (65) | [3] | (65) | (65) | ||||||
Capital contribution by non-controlling partner | 7 | 7 | ||||||||
(Divestiture)/acquisition of an interest in a consolidated subsidiary | (5) | (5) | (5) | |||||||
Dividends to shareholders | (434) | (434) | (434) | |||||||
Dividends to non-controlling interest | (10) | (10) | ||||||||
Common stock issued under share-based compensation plans | 78 | 78 | 78 | |||||||
Repurchase of common stock | (418) | (418) | (418) | |||||||
Share-based compensation expense | 51 | 51 | 51 | |||||||
Balance at Dec. 31, 2016 | 4,293 | 32 | 4,825 | 456 | (856) | (1) | (354) | 4,102 | 191 | |
Net income/(loss) | 440 | 429 | 429 | 11 | ||||||
Currency translation adjustments, net of tax | 248 | [1] | 246 | 246 | 2 | |||||
Cash flow hedges, net of tax | 11 | [2] | 11 | 11 | ||||||
Unrealized loss on pension liability, net of tax | 14 | [3] | 14 | 14 | ||||||
Capital contribution by non-controlling partner | 6 | 6 | ||||||||
(Divestiture)/acquisition of an interest in a consolidated subsidiary | (12) | (12) | (12) | |||||||
Employee stock purchase plan | 6 | 6 | 6 | |||||||
Dividends to shareholders | (486) | (474) | (474) | (12) | ||||||
Common stock issued under share-based compensation plans | 21 | 21 | 21 | |||||||
Repurchase of common stock | (140) | (140) | (140) | |||||||
Share-based compensation expense | 42 | 42 | 42 | |||||||
Balance at Dec. 31, 2017 | 4,443 | 32 | 4,742 | 411 | (610) | 10 | (340) | 4,245 | 198 | |
Net income/(loss) | (700) | (712) | (712) | 12 | ||||||
Currency translation adjustments, net of tax | (170) | [1] | (169) | (169) | (1) | |||||
Cash flow hedges, net of tax | 1 | [2] | 1 | 1 | ||||||
Unrealized loss on pension liability, net of tax | (2) | [3] | (2) | (2) | ||||||
Employee stock purchase plan | 5 | 5 | 5 | |||||||
Dividends to shareholders | (507) | (494) | (494) | (13) | ||||||
Common stock issued under share-based compensation plans | 15 | 15 | 15 | |||||||
Repurchase of common stock | (70) | (70) | (70) | |||||||
Share-based compensation expense | 28 | 28 | 28 | |||||||
Balance at Dec. 31, 2018 | $ 3,043 | $ 32 | $ 4,720 | $ (795) | $ (779) | $ 11 | $ (342) | $ 2,847 | $ 196 | |
[1] | Net of tax of $(6) million, $23 million and $(9) million for the year ended December 31, 2018, 2017 and 2016 respectively. | |||||||||
[2] | Net of tax of $(1) million, $(7) million and $(2) million for the year ended December 31, 2018, 2017 and 2016 respectively. | |||||||||
[3] | Net of tax of zero, $(2) million and $20 million for the year ended December 31, 2018, 2017 and 2016 respectively. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Stockholders Equity [Abstract] | |||
Currency translation adjustments, tax | $ (6) | $ 23 | $ (9) |
Unrealized loss on pension liability, tax | 0 | (2) | 20 |
Cash flow hedges, tax | $ (1) | $ (7) | $ (2) |
Description of Business, Basis
Description of Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Description of Business, Basis of Presentation and Significant Accounting Policies | 1. Description of Business, Basis of Presentation and Significant Accounting Policies Nielsen, together with its subsidiaries, is a leading global information and measurement company that provides clients with a comprehensive understanding of consumers and consumer behavior. Nielsen is aligned into two reportable segments: what consumers buy (“Buy”), what consumers watch and listen to (“Watch”). Nielsen has a presence in more than 100 countries, with its registered office located in Oxford, and headquarters located in New York, U.S. See Note 17 – “Segments” for a discussion of the Company’s reportable segments. On August 31, 2015, Nielsen N.V., a Dutch public company listed on the New York Stock Exchange, merged with Nielsen Holdings plc, by way of a cross-border merger under the European Cross-Border Merger Directive, with Nielsen Holdings plc being the surviving company (the “Merger”). The Merger effectively changed the place of incorporation of Nielsen’s publically traded parent holding company from the Netherlands to England and Wales, with no changes made to the business being conducted by Nielsen prior to the Merger. Due to the fact that the Merger was a business combination between entities under common control, the exchange of assets and liabilities were made at carrying value. Therefore, there were no direct accounting implications in the Company’s consolidated financial statements. The accompanying consolidated financial statements are presented in conformity with U.S. generally accepted accounting principles (“GAAP”). All amounts are presented in U.S. Dollars (“$”), except for share and per share data or where expressly stated as being in other currencies, e.g., Euros (“€”). The consolidated financial statements include the accounts of Nielsen and all subsidiaries and other controlled entities. The Company has evaluated events occurring subsequent to December 31, 2018 for potential recognition or disclosure in the consolidated financial statements and concluded there were no subsequent events that required recognition or disclosure other than those provided. Consolidation The consolidated financial statements include the accounts of Nielsen and all subsidiaries and other controlled entities. Noncontrolling interests in subsidiaries are reported as a component of equity in the consolidated financial statements with disclosure on the face of the consolidated statements of operations of the amounts of consolidated net income/(loss) attributable to Nielsen shareholders and to the noncontrolling interests. The equity method of accounting is used for investments in affiliates and joint ventures where Nielsen has significant influence but not control, usually supported by a shareholding of between 20% and 50% of the voting rights. Investments in which Nielsen owns less than 20% and does not have significant influence are accounted for either as available-for-sale securities if the shares are publicly traded or as cost method investments. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. Foreign Currency Translation Nielsen has significant investments outside the U.S., primarily in the Euro-zone, Canada and the United Kingdom. Therefore, changes in the value of foreign currencies affect the consolidated financial statements when translated into U.S. Dollars. The functional currency for substantially all subsidiaries outside the U.S. is the local currency. Financial statements for these subsidiaries are translated into U.S. Dollars at period-end exchange rates as to the assets and liabilities and monthly average exchange rates as to revenues, expenses and cash flows. For these countries, currency translation adjustments are recognized in shareholders’ equity as a component of accumulated other comprehensive income/(loss), net, whereas transaction gains and losses are recognized in foreign exchange transaction losses, net in the consolidated statement of operations. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Research and Development Costs Research and development costs, which were not material for any periods presented, are expensed as incurred. Deferred Costs Incremental direct costs incurred related to establishing or significantly expanding a panel in a designated market are deferred at the point when Nielsen determines them to be recoverable. Prior to this point, these cost are expensed as incurred. These deferred costs are typically amortized through cost of revenues over the original contract period beginning when the panel or infrastructure to service new clients is ready for its intended use. Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred and are reflected as selling, general and administrative expenses in the consolidated statements of operations. These costs include all brand advertising, telemarketing, direct mail and other sales promotion associated with marketing/media research services. Advertising and marketing costs totaled $18 million, $21 million and $25 million for the years ended December 31, 2018, 2017 and 2016, respectively. Computation of Net Income per Share Basic net income per share is computed using the weighted-average number of common stock outstanding during the period. Diluted net income per share is computed using the weighted-average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Dilutive potential shares of common stock primarily consist of employee stock options and restricted stock. Employee stock options, restricted stock and similar equity instruments granted by the Company are treated as potential common stock outstanding in computing diluted earnings per share. Diluted stock outstanding includes nonvested restricted stock units and the dilutive effect of in-the-money options which is calculated based on the average share price for each 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 are assumed to be used to repurchase stock. In 2016, upon the adoption of ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” the Company removed the excess tax benefit from its assumed proceeds under the treasury stock method. The effect of 8,519,133, 4,351,564 and 1,650,708 shares of common stock equivalents under stock compensation plans were excluded from the calculation of diluted earnings per share for the years ended December 31, 2018, 2017 and 2016, respectively, as such shares would have been anti-dilutive. Comprehensive Income/(Loss) Comprehensive income/(loss) is reported in the accompanying consolidated statements of comprehensive income/(loss) and consists of net income/(loss) and other gains and losses, net of tax affecting equity that are excluded from net income/(loss). Cash and Cash Equivalents Cash and cash equivalents include cash and short-term, highly liquid investments with an original maturity date of three months or less. Cash and cash equivalents are carried at fair value. Accounts Receivable The Company extends non-interest bearing trade credit to its customers in the ordinary course of business. To minimize credit risk, ongoing credit evaluations of client’s financial condition are performed. An estimate of the allowance for doubtful accounts is made when collection of the full amount is no longer probable or returns are expected. During the years ended December 31, 2018, 2017 and 2016, the Company sold $295 million, $202 million and $137 million, respectively, of accounts receivables to third parties and recorded an immaterial loss on the sale to interest expense, net in the consolidated statement of operations. As of December 31, 2018, 2017 and 2016, $105 million, $110 million and $71 million, respectively, remained outstanding. The sales were accounted for as true sales, without recourse. Nielsen maintains servicing responsibilities of the majority of the receivables sold during the year, for which the related costs are not significant. The proceeds of $295 million, $202 million and $137 million from the sales were reported as a component of the changes in trade and other receivables, net within operating activities in the consolidated statement of cash flows. Other Significant Accounting Policies The following table includes other significant accounting policies that are described in other notes to the financial statements, including the related note: Significant Accounting Policy Note Revenue recognition 3 Goodwill and Other Intangible Assets 5 Impairment of Long-Lived Assets 5&7 Property, Plant and Equipment 7 Investments 8 Financial Instruments 8 Derivative Financial Instruments 8 Pensions and Other Post Retirement Benefits 10 Share-Based Compensation 13 Income Taxes 14 |
Summary of Recent Accounting Pr
Summary of Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Recent Accounting Pronouncements | 2. Summary of Recent Accounting Pronouncements Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), “ Revenue from Contracts with Customers Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued an ASU, “Compensation — Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which will change the presentation of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost will be included within the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost will be presented separately outside of operating income/(loss). Additionally, only service costs may be capitalized in assets. This ASU is required to be applied retrospectively. The Company adopted this ASU effective January 1, 2018 and reclassified $11 million and $13 million from selling, general and administrative expenses to other income/(expense), net in its consolidated statement of operations for the twelve months ended December 31, 2017 and 2016, respectively. Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets In February 2017, the FASB issued an ASU, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets," which clarifies when . Compensation- Stock Compensation In May 2017, the FASB issued an ASU, Compensation- Stock Compensation (Topic 718), “Scope of Modification Accounting,” which amends the scope of modification accounting for share-based payment arrangements. The standard provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The Company adopted this ASU in the first quarter of 2018 and it did not have a material impact on the Company’s consolidated financial statements Leases In February 2016, the FASB issued an ASU, “Leases.” The new standard amends the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases and amends disclosure requirements associated with leasing arrangements. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Nielsen has elected to use the transition method approved by the FASB on July 30, 2018, which allows companies to apply the provisions of the new leasing standard as of January 1, 2019, without adjusting the comparative periods presented by recognizing a cumulative-effect adjustment to the opening balance of retained earnings. In 2016, the Company established a cross-functional implementation team consisting of representatives from across all of its business segments. Management utilized a bottom-up approach to analyze the impact of the standard on Nielsen’s leasing portfolio by reviewing the current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard. The Company has developed its accounting policy, including the practical expedients provided for in ASU 2018-11, “Leases (Topic 842) Targeted Improvements,” and is in the process of implementing appropriate changes to Nielsen’s business processes, systems and controls to support the recognition and disclosure under the new standard. Nielsen is implementing an enterprise-wide lease management system to support the ongoing accounting requirements, has finalized its process of accumulating all of the necessary information required for its lease portfolio under the new standard and is in the final stage of inputting the information into the lease management system. The Company’s ability to calculate its right of use asset and related liability is dependent on finalizing this process, which is expected to be completed by the end of the first quarter 2019. While Nielsen continues to evaluate Intra-Entity Transfers of Assets On October 24, 2016, the FASB issued an ASU, Intra-Entity Transfers of Assets Other Than Inventory. The FASB issued the ASU as part of its simplification initiative aimed at reducing complexity in accounting standards. This guidance requires that the tax effects of all intra-entity sales of assets other than inventory be recognized in the period in which the transaction occurs. Nielsen was subject to this standard effective in the first quarter of 2018. The guidance is applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements Income taxes In February 2018, the FASB issued an ASU, “Reclassification of Certain Tax Effects From Accumulated Comprehensive Income”. The new standard will give companies the option to reclassify stranded tax effects caused by the newly-enacted US Tax Cuts and Jobs Act (“TCJA”) from accumulated other comprehensive income/(loss) (AOCI) to retained earnings. The new standard will take effect for all companies for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Nielsen is assessing the impact that the adoption of this ASU will have on the Company’s consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 3. Revenue Recognition Revenue is measured based on the consideration specified in a contract with a customer. A significant portion of the Company’s revenue is generated from information (primarily retail measurement and consumer panel services) and measurement (primarily from television, radio, internet and mobile audiences) services. The Company recognizes revenue when it satisfies a performance obligation by transferring control of a product or service to a customer, which generally occurs over time. Substantially all of the Company’s customer contracts are non-cancelable and non-refundable. The following is a description of principal activities, by reportable segment, from which the Company generates its revenues. Revenue from the Buy segment consists primarily of retail measurement services, which provide market share, competitive sales volumes and insights into such activities as distribution, pricing, merchandising and promotion, and consumer panel services, which provide clients with insights into shopper behavior such as trial and repeat purchase for new products and likely substitutes as well as customer segmentation. Revenues for these services are recognized over the period during which the performance obligations are satisfied as the customer receives and consumes the benefits provided by the Company and control of the services is transferred to the customer. The Company also provides consumer intelligence and analytical services that help clients make smarter business decisions throughout their product development and marketing cycles. The Company’s performance under these arrangements do not create an asset with an alternative use to the company and generally include an enforceable right to payment for performance completed to date. As such, revenue for these services is typically recognized over time. Revenue for contracts that do not include an enforceable right to payment for performance completed to date is recognized at a point in time when the performance obligation is satisfied, generally upon delivery of the services, and when control of the services is transferred to the customer. Revenue from our Watch segment is primarily generated from television, radio, digital and mobile measurement services which are used by the Company’s clients to establish the value of airtime and more effectively schedule and promote their programming. As the customer simultaneously receives and consumes the benefits provided by the Company’s performance, revenues for these services is recognized over the period during which the performance obligations are satisfied and control of the service is transferred to the customer. The Company enters into cooperation arrangements with certain of its customers, under which the customer provides Nielsen with its data in exchange for Nielsen’s services. Nielsen records these transactions at fair value, which is determined based on the fair value of goods or services received, if reasonably estimable. If not reasonably estimable, the Company considers the fair value of the goods or services surrendered. The table below sets forth the Company’s revenue disaggregated within each segment, including by primary geographic markets for Buy and by major product offerings for Watch and by timing of revenue recognition. (IN MILLIONS) Year Ended December 31, 2018 2017 2016 Buy Segment (primary geographical markets) Developed Markets $ 1,922 $ 1,999 $ 2,096 Emerging Markets 1,145 1,164 1,063 Core Buy $ 3,067 $ 3,163 $ 3,159 Corporate $ 30 $ 68 $ 163 Buy $ 3,097 $ 3,231 $ 3,322 Watch Segment (major product/service lines) Audience Measurement (Video and Text) $ 2,446 $ 2,308 $ 1,978 Audio 497 501 500 Marketing Effectiveness 337 350 287 Core Watch $ 3,280 $ 3,159 $ 2,765 Corporate/Other Watch 138 182 222 Watch $ 3,418 $ 3,341 $ 2,987 Total Core Buy and Watch $ 6,347 $ 6,322 $ 5,924 Total $ 6,515 $ 6,572 $ 6,309 Timing of revenue recognition Products transferred at a point in time $ 576 $ 495 $ 556 Products and services transferred over time 5,939 6,077 5,753 Total $ 6,515 $ 6,572 $ 6,309 Contract Assets and Liabilities Contract assets represent the Company’s rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. While the Company’s rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears, generally within one month of the services being rendered. At the inception of a contract, the Company generally expects the period between when it transfers its services to its customers and when the customer pays for such services will be one year or less. The Company has elected to apply the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component. Contract liabilities relate to advance consideration received or the right to consideration that is unconditional from customers for which revenue is recognized when the performance obligation is satisfied and control transferred to the customer. The table below sets forth the Company’s contract assets and contract liabilities from contracts with customers. (IN MILLIONS) Year Ended December 31, 2018 2017 Contract assets $ 210 $ 259 Contract liabilities $ 359 $ 361 The decrease in the contract assets balance during the period was primarily due to $233 million of contract assets included in the December 31, 2017 balance that were subsequently invoiced to our clients and therefore transferred to trade receivables offset by $183 million of revenue recognized that was not billed, in accordance with the terms of the contracts, as of December 31, 2018. The movement in the contract liability balance during the period was primarily due to $346 million of revenue recognized during the period that had been included in the December 31, 2017 contract liability balance offset by $342 million of advance consideration received or the right to consideration that is unconditional from customers for which revenue was not recognized during the period. Transaction Price Allocated to the Remaining Performance Obligations As of December 31, 2018, approximately $6.3 billion of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied) for our services. This amount excludes variable consideration allocated to performance obligations related to sales and usage based royalties on licenses of intellectual property. The Company expects to recognize revenue on approximately 78% of these remaining performance obligations through December 31, 2020, with the balance recognized thereafter. Deferred Costs Incremental direct costs incurred to build the infrastructure to service new contracts are capitalized as a contract cost. As of December 31, 2018 and 2017, the balances of such capitalized costs were $18 million and $37 million, respectively. These costs are typically amortized through cost of revenues over the original contract period beginning when the infrastructure to service new clients is ready for its intended use. The amortization of these costs for the year ended December 31, 2018 was $23 million. There was no impairment loss recorded in any of the periods presented. |
Business Acquisitions and Dispo
Business Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Acquisitions and Dispositions | 4. Business Acquisitions and Dispositions Gracenote On February 1, 2017, Nielsen completed the acquisition of Gracenote Inc., Gracenote Canada, Inc., Gracenote Netherlands Holdings B.V., Tribune Digital Ventures, LLC, and Tribune International Holdco, LLC (each, a “Gracenote Company” and together “Gracenote”) through the purchase of 100% of Gracenote’s outstanding common stock for a total purchase price of $585 million. Nielsen acquired the data and technology that underpins the programming guides and personnel user experience for major video, music, audio and sports content. This acquisition expands Nielsen’s footprint with major clients including Gracenote’s global content database which spans across platforms including multichannel video programing distributors (MVPD’s), smart television, streaming music services, connected devices, media players and in-car infotainment systems. The Company incurred acquisition-related expenses of $6 million for the year ended December 31, 2017, which primarily consisted of transaction fees, legal, accounting and other professional services that are included in selling, general and administrative expense in the consolidated statement of operations. The following unaudited pro forma information presents the consolidated results of operations of the Company and Gracenote for the year ended December 31, 2017, as if the acquisition had occurred on January 1, 2016, with pro forma adjustments to give effect to amortization of intangible assets, an increase in interest expense from acquisition financing, and certain other adjustments: Year Ended December 31, (IN MILLIONS) 2017 2016 Revenues $ 6,590 $ 6,532 Income from continuing operations $ 443 $ 499 The unaudited pro forma results do not reflect any synergies and are not necessarily indicative of the results that the Company would have attained had the acquisition of Gracenote been completed as of the beginning of the reporting period. For the year ended December 31, 2018, Nielsen paid cash consideration of $43 million associated with current period acquisitions, net of cash acquired. Had these 2018 acquisitions occurred as of January 1, 2018, the impact on Nielsen’s consolidated results of operations would not have been material. For the year ended December 31, 2017, excluding Gracenote, Nielsen paid cash consideration of $210 million associated with both current period and previously executed acquisitions, net of cash acquired. Had these 2017 acquisitions occurred as of January 1, 2017, the impact on Nielsen’s consolidated results of operations would not have been material. For the year ended December 31, 2016, Nielsen paid cash consideration of $285 million associated with both current period and previously executed acquisitions, net of cash acquired. Had these 2016 acquisitions occurred as of January 1, 2016, the impact on Nielsen’s consolidated results of operations would not have been material. Dispositions In December 2016, Nielsen completed the sale of Claritas, a business focusing on consumer segmentation insights within the Company’s Buy segment, for cash consideration of $34 million and a note receivable of $60 million. The note is payable at any time over three years and bears interest at 3% in year one, 5% in year two and 7% in year three. As a result of this transaction the Company recorded a $14 million gain on the sale to other income/(expense), net in the consolidated statement of operations. This disposition did not qualify as a discontinued operation. In 2017, upon finalization of working capital and other settlement matters the Company reduced the note receivable to $51 million and recorded a charge of $13 million to other income/(expense), net in the consolidated statement of operations. In December 2018, Nielsen received $51 million as payment for the note receivable. There were no discontinued operations for the years ended December 31, 2018, 2017 and 2016. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 5. Goodwill and Other Intangible Assets Goodwill Goodwill and other indefinite-lived intangible assets, consisting of certain trade names and trademarks, are each tested for impairment on an annual basis and whenever events or circumstances indicate that the carrying amount of such asset may not be recoverable. Nielsen has designated October 1st as the date in which the annual assessment is performed as this timing corresponds with the development of the Company’s formal budget and business plan review. Nielsen reviews the recoverability of its goodwill by comparing the estimated fair values of reporting units with their respective carrying amounts. The Company established, and continues to evaluate, its reporting units based on its internal reporting structure and defines such reporting units at its operating segment level or one level below. The estimates of fair value of a reporting unit are determined using a combination of valuation techniques, primarily an income approach using a discounted cash flow analysis supplemented by a market-based approach. A discounted cash flow analysis requires the use of various assumptions, including expectations of future cash flows, growth rates, discount rates and tax rates in developing the present value of future cash flow projections. The market-based approach utilizes available market comparisons such as indicative industry multiples that are applied to current year revenue and earnings as well as recent comparable transactions. As previously disclosed, during the second quarter of 2018, in connection with its quarterly forecasting cycle, the Company updated the forecasted operating results for each of its businesses based on the most recent financial results and best estimates of future operations. The updated forecasts reflected a decline in near-term revenue growth and profitability, primarily in its Buy business. Accordingly, in connection with the preparation of the condensed consolidated financial statements for the period ended June 30, 2018, the Company identified indicators of impairment and performed an updated impairment analysis. Based on this analysis, Nielsen concluded that the fair value of its reporting units was in excess of carrying value as of such date. Therefore, management concluded it was not more-likely-than-not that an impairment had occurred. However, the fair value of one of Nielsen’s reporting units exceeded its carrying value by less than 10%, compared to greater than 20% during our last annual impairment assessment performed as of October 1, 2017. Nielsen also concluded that the fair value of other indefinite-lived assets exceeded carrying value. Furthermore, based on the operating results for the three months ended September 30, 2018, management similarly concluded it was not more-likely-than-not that an impairment had occurred. However, the Company indicated that should operating results decline versus management’s latest forecast for any reason, including if the Buy business results do not meet current expectations or should the Company’s announced review of strategic alternatives lead to changes in investment strategies, then goodwill may be at risk for impairment in the future. The Company’s 2017 and 2016 annual assessments of its reporting units did not result in an impairment for goodwill. Goodwill is stated at historical cost less accumulated impairments losses, if any. The table below summarizes the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2018 and 2017, respectively. (IN MILLIONS) Buy Watch Total Balance, December 31, 2016 $ 2,696 $ 5,149 $ 7,845 Acquisitions, divestitures and other adjustments 2 473 475 Effect of foreign currency translation 146 29 175 Balance, December 31, 2017 $ 2,844 $ 5,651 $ 8,495 Acquisitions, divestitures and other adjustments 11 15 26 Impairment (1,411 ) — (1,411 ) Effect of foreign currency translation (107 ) (16 ) (123 ) Balance, December 31, 2018 $ 1,337 $ 5,650 $ 6,987 Cumulative impairments $ 1,411 $ 376 $ 1,787 At December 31, 2018, $54 million of goodwill is expected to be deductible for income tax purposes. Other Intangible Assets Intangible assets with finite lives are stated at historical cost, less accumulated amortization and impairment losses. These intangible assets are amortized on a straight-line basis over the following estimated useful lives, which are reviewed annually. Nielsen has purchased and internally developed software to facilitate its global information processing, financial reporting and client access needs. Costs that are related to the conceptual formulation and design of software programs are expensed as incurred. Costs that are incurred to produce the finished product after technological feasibility has been established are capitalized as an intangible asset and are amortized over the estimated useful life. If events or changes in circumstances indicate that the carrying value of software may not be recovered, a recoverability analysis is performed based on estimated undiscounted cash flows to be generated from the software in the future. If the analysis indicates that the carrying value is not recoverable from the future cash flows, the software cost is written down to estimated fair value and an impairment is recognized. These estimates are subject to revision as market conditions and as our assessments change. The impairment test for other indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. If the carrying amount of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. The estimates of fair value of trade names and trademarks are determined using a “relief from royalty” discounted cash flow valuation methodology. Significant assumptions inherent in this methodology include estimates of royalty rates and discount rates. Discount rate assumptions are based on an assessment of the risk inherent in the respective intangible assets. Assumptions about royalty rates are based on the rates at which comparable trade names and trademarks are being licensed in the marketplace. There was no impairment noted in any period presented with respect to the Company’s indefinite-lived intangible assets. Nielsen is required to assess whether the value of the Company’s amortizable intangible assets have been impaired whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Nielsen does not perform a periodic assessment of assets for impairment in the absence of such information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. Recoverability of assets that are held and used is measured by comparing the sum of the future undiscounted cash flows expected to be derived from an asset (or a group of assets) to their carrying value. If the carrying value of the asset (or the group of assets) exceeds the sum of the future undiscounted cash flows, impairment is considered to exist. If impairment is considered to exist based on undiscounted cash flows, the impairment charge is measured using an estimation of the assets’ fair value, typically using a discounted cash flow method. The identification of impairment indicators, the estimation of future cash flows and the determination of fair values for assets (or groups of assets) requires Nielsen to make significant judgments concerning the identification and validation of impairment indicators, expected cash flows and applicable discount rates. These estimates are subject to revision as market conditions and our assessments change. The Company’s impairment assessments resulted in the recognition of a non-cash self-developed software asset impairment charge of $2 million during the fourth quarter of 2018. There was no impairment or indicators of impairment noted in 2017 and 2016 with respect to the Company’s amortizable intangible assets. The table below summarizes the carrying value of such intangible assets and their estimated useful lives: Gross Amounts Accumulated Amortization Estimated Weighted December 31, December 31, December 31, December 31, (IN MILLIONS) Useful Lives Average 2018 2017 2018 2017 Indefinite-lived intangibles: Trade names and trademarks $ 1,921 $ 1,921 $ — $ — Amortized intangibles: Trade names and trademarks 5-20 years 13 years 140 139 (102 ) (92 ) Customer-related intangibles 6-25 years 21 years 3,145 3,174 (1,604 ) (1,463 ) Covenants-not-to-compete 1-7 years 3 years 39 39 (38 ) (37 ) Content databases ( 1) 12-16 years 12 years 167 168 (26 ) (12 ) Computer software 3-10 years 5 years 3,029 2,681 (1,694 ) (1,498 ) Patents and other 3-10 years 6 years 173 171 (126 ) (114 ) Total $ 6,693 $ 6,372 $ (3,590 ) $ (3,216 ) (1) T he content databases were acquired as part of the Gracenote acquisition on February 1, 2017 These databases represent metadata used in Gracenote’s Video, Music/Auto and Sports product offerings that is not easily replicated due to its quantity and the relationships needed to acquire the data. The estimated remaining useful life of these content databases is 12 to 16 years. The amortization expense for the years ended December 31, 2018, 2017 and 2016 was $490 million, $454 million and $425 million, respectively. These amounts include amortization expense associated with computer software of $283 million, $250 million and $232 million for the years ended December 31, 2018, 2017 and 2016, respectively. Certain of the trade names associated with Nielsen are deemed indefinite-lived intangible assets, as their associated Nielsen brand awareness and recognition has existed for over 50 years and the Company intends to continue to utilize these trade names. There are also no legal, regulatory, contractual, competitive, economic or other factors that may limit their estimated useful lives. Nielsen reconsiders the remaining estimated useful life of indefinite-lived intangible assets each reporting period. The Company’s 2018, 2017 and 2016 annual assessments did not result in an impairment for any of its indefinite-lived intangible assets. All other intangible assets are subject to amortization. Future amortization expense is estimated to be as follows: (IN MILLIONS) For the year ending December 31: 2019 $ 525 2020 495 2021 447 2022 318 2023 261 Thereafter 1,057 Total $ 3,103 |
Changes in and Reclassification
Changes in and Reclassification out of Accumulated Other Comprehensive Income (Loss) by Component | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Changes in and Reclassification out of Accumulated Other Comprehensive Income (Loss) by Component | 6. Changes in and Reclassification out of Accumulated Other Comprehensive Income/(Loss) by Component The table below summarizes the changes in accumulated other comprehensive income/(loss), net of tax, by component for the years ended December 31, 2018 and 2017, respectively. Currency Translation Post Employment Adjustments Cash Flow Hedges Benefits Total (IN MILLIONS) Balance December 31, 2017 $ (610 ) $ 10 $ (340 ) $ (940 ) Other comprehensive income/(loss) before reclassifications $ (170 ) $ 6 $ (21 ) $ (185 ) Amounts reclassified from accumulated other comprehensive (income)/loss — (5 ) 19 14 Net current period other comprehensive income/(loss) (170 ) 1 (2 ) (171 ) Net current period other comprehensive income/(loss) attributable to noncontrolling interest (1 ) — — (1 ) Net current period other comprehensive income/(loss) attributable to Nielsen shareholders (169 ) 1 (2 ) (170 ) Balance December 31, 2018 $ (779 ) $ 11 $ (342 ) $ (1,110 ) Currency Translation Post Employment Adjustments Cash Flow Hedges Benefits Total (IN MILLIONS) Balance December 31, 2016 $ (856 ) $ (1 ) $ (354 ) $ (1,211 ) Other comprehensive income/(loss) before reclassifications $ 248 $ 8 $ (3 ) $ 253 Amounts reclassified from accumulated other comprehensive (income)/loss — 3 17 20 Net current period other comprehensive income/(loss) 248 11 14 273 Net current period other comprehensive income/(loss) attributable to noncontrolling interest 2 — — 2 Net current period other comprehensive income/(loss) attributable to Nielsen shareholders 246 11 14 271 Balance December 31, 2017 $ (610 ) $ 10 $ (340 ) $ (940 ) The table below summarizes the reclassification of accumulated other comprehensive loss by component for the years ended December 31, 2018 and 2017, respectively. Amount Reclassified from Accumulated Other (IN MILLIONS) Comprehensive Loss Details about Accumulated Other Comprehensive Affected Line Item in the Year Ended December 31, Consolidated Income components 2018 2017 Statement of Operations Cash flow hedges Interest rate contracts $ (7 ) $ 5 Interest (income)/ expense 2 (2 ) (Benefit)/provision for income taxes $ (5 ) $ 3 Total, net of tax Amortization of Post-Employment Benefits Actuarial loss $ 19 $ 19 (a) — (2 ) (Benefit)/provision for income taxes $ 19 $ 17 Total, net of tax Total reclassification for the period $ 14 $ 20 Net of tax (a) This accumulated other comprehensive loss component is included in the computation of net periodic pension cost. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 7. Property, Plant and Equipment Property, plant and equipment are carried at historical cost less accumulated depreciation and impairment losses. Property, plant and equipment are depreciated on a straight-line basis over the estimated useful lives. Nielsen is required to assess whether the value of our long-lived assets, including the Company’s buildings, improvements, technical and other equipment have been impaired whenever events or changes in circumstances indicate that the carrying amount of the assets might not be recoverable. Nielsen does not perform a periodic assessment of assets for impairment in the absence of such information or indicators. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. Recoverability of assets that are held and used is measured by comparing the sum of the future undiscounted cash flows expected to be derived from an asset (or a group of assets) to their carrying value. If the carrying value of the asset (or the group of assets) exceeds the sum of the future undiscounted cash flows, impairment is considered to exist. If impairment is considered to exist based on undiscounted cash flows, the impairment charge is measured using an estimation of the assets’ fair value, typically using a discounted cash flow method. The identification of impairment indicators, the estimation of future cash flows and the determination of fair values for assets (or groups of assets) requires Nielsen to make significant judgments concerning the identification and validation of impairment indicators, expected cash flows and applicable discount rates. These estimates are subject to revision as market conditions and our assessments change. There was no impairment or indicators of impairment noted in any period presented with respect to the Company’s finite long-lived assets. The following tables summarizes the carrying value of our property, plant and equipment including the associated useful lives: Estimated December 31, December 31, (IN MILLIONS) Useful Life 2018 2017 Land and buildings 25-50 years $ 378 $ 371 Information and communication equipment 3-10 years 1,014 994 Furniture, equipment and other 3-10 years 109 121 1,501 1,486 Less accumulated depreciation and amortization (1,033 ) (1,004 ) $ 468 $ 482 Depreciation and amortization expense from operations related to property, plant and equipment was $169 million, $171 million and $165 million for the years ended December 31, 2018, 2017 and 2016, respectively. The above amounts include amortization expense on assets under capital leases and other financing obligations of $49 million, $47 million and $37 million for the years ended December 31, 2018, 2017 and 2016, respectively. Capital leases and other financing obligations are comprised primarily of land and buildings and information and communication equipment. Gross and net book value of assets under capital leases were as follows: (IN MILLIONS) December 31, 2018 Gross Book Value Accumulated Depreciation Net Book Value Land and buildings $ 175 $ (79 ) $ 96 Information and communication equipment 221 (147 ) 74 $ 396 $ (226 ) $ 170 December 31, 2017 Gross Book Value Accumulated Depreciation Net Book Value Land and buildings $ 178 $ (75 ) $ 103 Information and communication equipment 151 (84 ) 67 $ 329 $ (159 ) $ 170 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements Nielsen’s financial instruments include cash and cash equivalents, investments, long-term debt and derivative financial instruments. These financial instruments potentially subject Nielsen to concentrations of credit risk. To minimize the risk of credit loss, these financial instruments are primarily held with acknowledged financial institutions. The carrying value of Nielsen’s financial instruments approximate fair value, except for differences with respect to long-term, fixed and variable-rate debt and certain differences relating to investments accounted for at cost. The fair value of financial instruments is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques. Cash equivalents have original maturities of three months or less. In addition, the Company has accounts receivable that are not collateralized. The Buy and Watch segments service high quality clients dispersed across many geographic areas. The Company analyzes the aging of accounts receivable, historical bad debts, customer creditworthiness and current economic trends in determining the allowance for doubtful accounts. Investments include investments in affiliates and a trading asset portfolio maintained to generate returns to offset changes in certain liabilities related to deferred compensation arrangements. Nielsen assesses declines in the value of individual investments to determine whether such decline is other than temporary and thus the investment is impaired by considering available evidence. No impairment charge was recorded for the years ended December 31, 2018, 2017 and 2016. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value, the Company considers the principal or most advantageous market in which the Company would transact, and also considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. There are three levels of inputs that may be used to measure fair value: Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3: Pricing inputs that are generally unobservable and may not be corroborated by market data. Financial Assets and Liabilities Measured on a Recurring Basis The Company’s financial assets and liabilities are measured and recorded at fair value, except for equity method investments, cost method investments, and long-term debt. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurements. The Company’s assessment of the significance of a particular input to the fair value measurements requires judgment, and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy. The following table summarizes the valuation of the Company’s material financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017: December 31, (IN MILLIONS) 2018 Level 1 Level 2 Level 3 Assets: Plan assets for deferred compensation (1) $ 25 $ 25 $ — $ — Investment in mutual funds (2) 2 2 — — Interest rate swap arrangements (3) 23 — 23 — Total $ 50 $ 27 $ 23 $ — Liabilities: Interest rate swap arrangements (3) $ 3 $ — $ 3 $ — Deferred compensation liabilities (4) 27 27 — — Total $ 30 $ 27 $ 3 $ — December 31, 2017 Level 1 Level 2 Level 3 Assets: Plan assets for deferred compensation (1) $ 33 $ 33 $ — $ — Investment in mutual funds (2) 2 2 — — Interest rate swap arrangements (3) 17 — 17 — Total $ 52 $ 35 $ 17 $ — Liabilities: Interest rate swap arrangements (3) $ — $ — $ — $ — Deferred compensation liabilities (4) 33 33 — — Total $ 33 $ 33 $ — $ — ( 1 ) Plan assets are comprised of investments in mutual funds, which are intended to fund liabilities arising from deferred compensation plans. These investments are carried at fair value, which is based on quoted market prices at period end in active markets. These investments are classified as equity securities with any gains or losses resulting from changes in fair value recorded in other income/(expense), net in the consolidated statement of operations. (2 ) Investments in mutual funds are money-market accounts held with the intention of funding certain specific retirement plans. (3 ) Derivative financial instruments include interest rate swap arrangements recorded at fair value based on externally-developed valuation models that use readily observable market parameters and the consideration of counterparty risk. (4 ) The Company offers certain employees the opportunity to participate in a deferred compensation plan. A participant’s deferrals are invested in a variety of participant directed stock and bond mutual funds and are classified as equity securities. Changes in the fair value of these securities are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held exclusive of any transaction costs. A corresponding adjustment for changes in fair value of the equity securities is also reflected in the changes in fair value of the deferred compensation obligation. Derivative Financial Instruments Nielsen uses interest rate swap derivative instruments principally to manage the risk that changes in interest rates will affect the cash flows of its underlying debt obligations. To qualify for hedge accounting, the hedging relationship must meet several conditions with respect to documentation, probability of occurrence, hedge effectiveness and reliability of measurement. Nielsen documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedge transactions as well as the hedge effectiveness assessment, both at the hedge inception and on an ongoing basis. Nielsen recognizes all derivatives at fair value either as assets or liabilities in the consolidated balance sheets and changes in the fair values of such instruments are recognized currently in earnings unless specific hedge accounting criteria are met. If specific cash flow hedge accounting criteria are met, Nielsen recognizes the changes in fair value of these instruments in accumulated other comprehensive income/(loss). Nielsen manages exposure to possible defaults on derivative financial instruments by monitoring the concentration of risk that Nielsen has with any individual bank and through the use of minimum credit quality standards for all counterparties. Nielsen does not require collateral or other security in relation to derivative financial instruments. A derivative contract entered into between Nielsen or certain of its subsidiaries and a counterparty that was also a lender under Nielsen’s senior secured credit facilities at the time the derivative contract was entered into is guaranteed under the senior secured credit facilities by Nielsen and certain of its subsidiaries (see Note 11 - Long-term Debt and Other Financing Arrangements for more information). Since it is Nielsen’s policy to only enter into derivative contracts with banks of internationally acknowledged standing, Nielsen considers the counterparty risk to be remote. It is Nielsen’s policy to have an International Swaps and Derivatives Association (“ISDA”) Master Agreement established with every bank with which it has entered into any derivative contract. Under each of these ISDA Master Agreements, Nielsen agrees to settle only the net amount of the combined market values of all derivative contracts outstanding with any one counterparty should that counterparty default. Certain of the ISDA Master Agreements contain cross-default provisions where if the Company either defaults in payment obligations under its credit facility or if such obligations are accelerated by the lenders, then the Company could also be declared in default on its derivative obligations. At December 31, 2018, Nielsen had no material exposure to potential economic losses due to counterparty credit default risk or cross-default risk on its derivative financial instruments. Interest Rate Risk Nielsen is exposed to cash flow interest rate risk on the floating-rate U.S. Dollar and Euro Term Loans, and uses floating-to-fixed interest rate swaps to hedge this exposure. For these derivatives, Nielsen reports the after-tax gain or loss from the effective portion of the hedge as a component of accumulated other comprehensive income/(loss) and reclassifies it into earnings in the same period or periods in which the hedged transaction affects earnings, and within the same income statement line item as the impact of the hedged transaction. In May 2018, the Company entered into $250 million aggregate notional amount of a five-year interest rate swap agreement with a starting date of May 9, 2018. This agreement fixes the LIBOR-related portion of interest rates of a corresponding amount of the Company’s variable-rate debt at an average rate of 2.72%. This derivative has been designated as an interest rate cash flow hedge. In August 2017, the Company entered into $250 million in aggregate notional amount of a four-year forward interest rate swap agreement with a starting date of October 10, 2017. This agreement fixes the LIBOR-related portion of interest rates of a corresponding amount of the Company’s variable-rate debt at an average rate of 1.60%. This derivative has been designated as an interest rate cash flow hedge. In July 2017, the Company entered into $250 million in aggregate notional amount of a three-year forward interest rate swap agreement with a starting date of October 10, 2017. This agreement fixes the LIBOR-related portion of interest rates of a corresponding amount of the Company’s variable-rate debt at an average rate of 1.66%. This derivative has been designated as an interest rate cash flow hedge. In April 2017, the Company entered into $250 million in aggregate notional amount of a three-year forward interest rate swap agreement with a starting date of July 10, 2017. This agreement fixes the LIBOR-related portion of interest rates of a corresponding amount of the Company’s variable-rate debt at an average rate of 1.63%. This derivative has been designated as an interest rate cash flow hedge. In March 2017, the Company entered into $250 million in aggregate notional amount of a five-year forward interest rate swap agreement with a starting date of July 10, 2017. This agreement fixes the LIBOR-related portion of interest rates of a corresponding amount of the Company’s variable-rate debt at an average rate of 2.00%. This derivative has been designated as an interest rate cash flow hedge. In February 2017, the Company entered into $250 million in aggregate notional amount of a three-year forward interest rate swap agreement with a starting date of July 10, 2017. This agreement fixes the LIBOR-related portion of interest rates of a corresponding amount of the Company’s variable-rate debt at an average rate of 1.73%. This derivative has been designated as an interest rate cash flow hedge. In June 2016, the company entered into $250 million in aggregate notional amount of a three-year forward interest rate swap agreement with a starting date of June 9, 2016. This agreement fixes the LIBOR-related portion of interest rates of a corresponding amount of the Company’s variable-rate debt at an average rate of 0.86%. This derivative has been designated as an interest rate cash flow hedge. In July 2015, the Company entered into a $150 million in notional amount of three-year forward interest rate swap agreement with a starting date in July 2016. This agreement fixes the LIBOR-related portion of the interest rates of a corresponding amount of the Company’s variable-rate debt at an average rate of 1.62%. This derivative instrument has been designated as an interest rate cash flow hedge. In April 2015, the Company entered into a $150 million in notional amount of three-year forward interest rate swap agreement with a starting date in April 2016. This agreement fixes the LIBOR-related portion of the interest rates of a corresponding amount of the Company’s variable-rate debt at an average rate of 1.40%. This derivative instrument has been designated as an interest rate cash flow hedge. As of December 31, 2018 the Company had the following outstanding interest rate swaps utilized in the management of its interest rate risk: Notional Amount Maturity Date Currency Interest rate swaps designated as hedging instruments US Dollar term loan floating-to-fixed rate swaps $ 150,000,000 April 2019 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 June 2019 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 150,000,000 July 2019 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 July 2020 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 July 2020 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 October 2020 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 October 2021 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 July 2022 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 May 2023 US Dollar The effect of cash flow hedge accounting on the consolidated statement of operations for the years ended December 31, 2018, 2017 and 2016: Interest Expense Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Interest expense (Location in the consolidated statement of operations in which the effects of cash flow hedges are recorded) $ 394 $ 374 $ 333 Amount of (gain)/loss reclassified from accumulated other comprehensive income/(loss) into income, net of tax $ (5 ) $ 3 $ 5 Amount of income/(loss) reclassified from accumulated other comprehensive income/(loss) into income as a result that a forecasted transaction is no longer probable of occurring, net of tax $ — $ — $ — Nielsen expects to recognize approximately $13 million of net pre-tax gains from accumulated other comprehensive loss to interest expense in the next 12 months associated with its interest-related derivative financial instruments. Foreign Currency Exchange Risk During the years ended December 31, 2018 and 2017, Nielsen recorded a net loss of $2 million and zero respectively, associated with foreign currency derivative financial instruments within Foreign currency exchange transactions losses, net in Nielsen’s consolidated statements of operations. As of December 31, 2018 and 2017, the notional amounts of the outstanding foreign currency derivative financial instruments were $76 million and $74 million, respectively. See Note 11 – “Long-term Debt and Other Financing Arrangements” for more information on the long-term debt transactions referenced in this note. Fair Values of Derivative Instruments in the Consolidated Balance Sheets The fair values of the Company’s derivative instruments as of December 31, 2018 and 2017 were as follows: December 31, 2018 December 31, 2017 Accounts Payable Derivatives Designated as Hedging Instruments Prepaid Expense and Other Current Other Non- Current Other Non- Current Other Non- Current and Other Current Other Non- Current (IN MILLIONS) Assets Assets Liabilities Assets Liabilities Liabilities Interest rate swaps $ 3 $ 20 $ 3 $ 17 $ — $ — Derivatives in Cash Flow Hedging Relationships The pre-tax effect of derivative instruments in cash flow hedging relationships for the years ended December 31, 2018, 2017 and 2016 was as follows (amounts in millions): Amount of (Gain)/Loss Amount of (Gain)/Loss Recognized in OCI Location of (Gain)/Loss Reclassified from OCI on Derivatives Reclassified from OCI into Income Derivatives in Cash Flow (Effective Portion) into Income (Effective Portion) Hedging Relationships December 31, (Effective Portion) December 31, (IN MILLIONS) 2018 2017 2016 2018 2017 2016 Interest rate swaps $ (9 ) $ (13 ) $ 3 Interest expense $ (7 ) $ 5 $ 7 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The Company is required, on a nonrecurring basis, to adjust the carrying value for certain assets using fair value measurements. The Company’s equity method investments, and non-financial assets, such as goodwill, intangible assets, and property, plant and equipment, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. The Company did not measure any material non-financial assets or liabilities at fair value during the years ended December 31, 2018 and 2017. |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Activities | 9. Restructuring Activities Productivity Initiatives Restructuring charges are primarily related to programs associated with Nielsen’s plans to reduce selling, general and administrative expenses and consolidate operations centers, as well as automation initiatives. These charges primarily relate to employee separation packages. The amounts are calculated based on salary levels and past service periods. Severance costs are generally charged to earnings when planned employee terminations are approved. A summary of the changes in the liabilities for restructuring activities is provided below: Total (IN MILLIONS) Initiatives Balance at December 31, 2015 $ 38 Charges 105 Non cash charges and other adjustments (1 ) Payments (69 ) Balance at December 31, 2016 73 Charges 80 Non cash charges and other adjustments 2 Payments (97 ) Balance at December 31, 2017 58 Charges 139 Non cash charges and other adjustments (2 ) Payments (127 ) Balance at December 31, 2018 $ 68 Of the $68 million in remaining liabilities for restructuring actions, $62 million is expected to be paid within one year and is classified as a current liability within the consolidated financial statements as of December 31, 2018. The Company recorded $139 |
Pensions and Other Post-Retirem
Pensions and Other Post-Retirement Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Pensions and Other Post-Retirement Benefits | 10. Pensions and Other Post-Retirement Benefits Nielsen sponsors both funded and unfunded defined benefit pension plans (the “Pension Plans”) and post-retirement medical plans for some if its employees in the Netherlands, the U.S. and other international locations. Pension costs, in respect of defined benefit pension plans, primarily represent the increase in the actuarial present value of the obligation for pension benefits based on employee service during the year and the interest on this obligation in respect of employee service in previous years, net of the expected return on plan assets. Differences between this expected return and the actual return on these plan assets and actuarial changes are not recognized in the statement of operations, unless the accumulated differences and changes exceed a certain threshold. Nielsen recognizes obligations for contributions to defined contribution pension plans as expenses in the statement of operations as they are incurred. The determination of benefit obligations and expenses 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, the expected return on plan assets and the assumed rate of compensation increases. Nielsen provides retiree medical benefits to a limited number of participants in the U.S. Therefore, retiree medical care cost trend rates are not a significant driver of our post retirement costs. 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 as necessary. The discount rate is the rate at which the benefit obligations could be effectively settled. For Nielsen’s U.S. plans, the discount rate is based on a bond portfolio that includes only long-term bonds with an Aa rating, or equivalent, from a major rating agency. For the Dutch and other non-U.S. plans, the discount rate is set by reference to market yields on high-quality corporate bonds. Nielsen believes the timing and amount of cash flows related to the bonds in these portfolios are expected to match the estimated payment benefit streams of our plans. Effective January 1, 2016, the Company changed its approach to calculating the discount rate for its retirement benefit pension plans from a weighted-average yield curve approach to a spot-rate approach. Under the spot-rate approach, the Company uses individual spot rates along the yield curve that correspond with the timing of each future cash outflow for benefit payments in order to calculate interest cost and service cost within net periodic benefit costs. The spot-rate approach represents a more precise measurement of interest and service cost. The new approach represents a change in accounting estimate that is inseparable from a change in accounting principle and accordingly is accounted for prospectively. To determine the expected long-term rate of return on pension plan assets, Nielsen considers, for each country, the structure of the asset portfolio and the expected rates of return for each of the components. For Nielsen’s U.S. plans, a 50 basis point decrease in the expected return on assets would increase pension expense on our principal plans by approximately $1 million per year. A similar 50 basis point decrease in the expected return on assets would increase pension expense on the Company’s principal Dutch plans by approximately $3 million per year. The Company assumed that the weighted-averages of long-term returns on our pension plans were 4.4% for the year ended December 31, 2018, 4.6% for the year ended December 31, 2017 and 5.1% for the year ended December 31, 2016. The expected long-term rate of return is applied to the fair value of pension plan assets. The actual return on plan assets will vary year to year from this assumption. Although the actual return on plan assets will vary from year to year, it is appropriate to use long-term expected forecasts in selecting Nielsen’s 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. A summary of the activity for the Pension Plans follows: Year Ended December 31, 2018 The United (IN MILLIONS) Netherlands States Other Total Change in projected benefit obligation Benefit obligation at beginning of period $ 724 $ 370 $ 678 $ 1,772 Service cost 3 — 6 9 Interest cost 10 12 13 35 Plan participants’ contributions — — 1 1 Actuarial (gain)/loss (29 ) (29 ) (28 ) (86 ) Benefits paid (30 ) (15 ) (24 ) (69 ) Expenses paid — — — — Premiums paid — — (1 ) (1 ) Settlements — — (4 ) (4 ) Combinations Amendments — — — — 2 1 2 1 Effect of foreign currency translation (31 ) — (31 ) (62 ) Benefit obligation at end of period 647 338 613 1,598 Change in plan assets Fair value of plan assets at beginning of period 718 260 581 1,559 Actual return on plan assets (25 ) (23 ) (14 ) (62 ) Employer contributions 5 9 15 29 Plan participants’ contributions — — 1 1 Benefits paid (30 ) (15 ) (24 ) (69 ) Expenses paid — — — — Premiums paid — — (1 ) (1 ) Settlements — — (4 ) (4 ) Combinations — — 2 2 Effect of foreign currency translation (31 ) — (28 ) (59 ) Fair value of plan assets at end of period 637 231 528 1,396 Funded status $ (10 ) $ (107 ) $ (85 ) $ (202 ) Amounts recognized in the Consolidated Balance Sheets Pension assets included in other non-current assets — — 17 17 Current liabilities — (1 ) (1 ) (2 ) Accrued benefit liability included in other non-current liabilities (10 ) (106 ) (101 ) (217 ) Net amount recognized $ (10 ) $ (107 ) $ (85 ) $ (202 ) Amounts recognized in Other Comprehensive Income/(Loss), before tax Net (gain)/loss $ 11 $ 10 $ 1 $ 22 Settlement loss — — (1 ) (1) Amortization of prior service cost Amortization of net loss — 6 — 9 1 4 1 19 Total recognized in other comprehensive income/(loss) $ (5 ) $ (1 ) $ 3 $ (3 ) Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax Unrecognized losses $ 190 $ 114 $ 129 $ 433 Year Ended December 31, 2017 The United (IN MILLIONS) Netherlands States Other Total Change in projected benefit obligation Benefit obligation at beginning of period $ 669 $ 344 $ 629 $ 1,642 Service cost 5 — 8 13 Interest cost 9 12 13 34 Plan participants’ contributions 1 — 1 2 Actuarial (gain)/loss (21 ) 27 — 6 Benefits paid (30 ) (13 ) (23 ) (66 ) Expenses paid (1 ) — (1 ) (2 ) Premiums paid — — (1 ) (1 ) Settlements — — (6 ) (6 ) Effect of foreign currency translation 92 — 58 150 Benefit obligation at end of period 724 370 678 1,772 Change in plan assets Fair value of plan assets at beginning of period 625 233 507 1,365 Actual return on plan assets 32 37 40 109 Employer contributions 3 3 15 21 Plan participants’ contributions 1 — 1 2 Benefits paid (30 ) (13 ) (23 ) (66 ) Expenses paid (1 ) — (1 ) (2 ) Premiums paid — — (1 ) (1 ) Settlements — — (6 ) (6 ) Effect of foreign currency translation 88 — 49 137 Fair value of plan assets at end of period 718 260 581 1,559 Funded status $ (6 ) $ (110 ) $ (97 ) $ (213 ) Amounts recognized in the Consolidated Balance Sheets Pension assets included in other non-current assets — — 23 23 Current liabilities — — (2 ) (2 ) Accrued benefit liability included in other non-current liabilities (6 ) (110 ) (118 ) (234 ) Net amount recognized $ (6 ) $ (110 ) $ (97 ) $ (213 ) Amounts recognized in Other Comprehensive Income/(Loss), before tax Net (gain)/loss $ (3 ) $ 7 $ (6 ) $ (2 ) Settlement loss — — (1 ) (1 ) Amortization of net loss (7 ) (6 ) (5 ) (18 ) Total recognized in other comprehensive income/(loss) $ (10) $ 1 $ (12 ) $ (21 ) Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax Unrecognized losses $ 185 $ 113 $ 132 $ 430 The total accumulated benefit obligation and minimum liability changes for the Pension Plans were as follows: Year Ended Year Ended Year Ended December 31, December 31, December 31, (IN MILLIONS) 2018 2017 2016 Accumulated benefit obligation. $ 1,579 $ 1,750 $ 1,622 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets at December 31, 2018 The United (IN MILLIONS) Netherlands States Other Total Projected benefit obligation $ 646 $ 338 $ 506 $ 1,490 Accumulated benefit obligation 644 338 491 1,473 Fair value of plan assets 637 231 404 1,272 Pension Plans with Projected Benefit Obligation in Excess of Plan Assets at December 31, 2018 The United (IN MILLIONS) Netherlands States Other Total Projected benefit obligation $ 646 $ 338 $ 506 $ 1,490 Accumulated benefit obligation 644 338 597 1,579 Fair value of plan assets 637 231 404 1,272 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets at December 31, 2017 The United (IN MILLIONS) Netherlands States Other Total Projected benefit obligation $ 80 $ 370 $ 560 $ 1,010 Accumulated benefit obligation 80 370 542 992 Fair value of plan assets 76 260 440 776 Pension Plans with Projected Benefit Obligation in Excess of Plan Assets at December 31, 2017 The United (IN MILLIONS) Netherlands States Other Total Projected benefit obligation $ 724 $ 370 $ 560 $ 1,654 Accumulated benefit obligation 721 370 541 1,632 Fair value of plan assets 718 260 440 1,418 Net periodic benefit cost for the years ended December 31, 2018, 2017 and 2016, respectively, includes the following components: Net Periodic Pension Costs The United (IN MILLIONS) Netherlands States Other Total Year ended December 31, 2018 Service cost $ 3 $ — $ 6 $ 9 Interest cost 10 12 13 35 Expected return on plan assets (23 ) (17 ) (21 ) (61 ) Settlement loss recognized — — 1 1 Amortization of prior service costs — — (1 ) (1 ) Amortization of net loss 6 9 4 19 Net periodic pension cost $ (4 ) 4 2 2 Year ended December 31, 2017 Service cost $ 5 $ — $ 8 $ 13 Interest cost 9 12 13 34 Expected return on plan assets (24 ) (17 ) (22 ) (63 ) Curtailment gain recognized — — 1 1 Settlement loss recognized — — (1 ) (1 ) Amortization of net loss 7 6 5 18 Net periodic pension cost $ (3 ) 1 4 2 Year ended December 31, 2016 Service cost $ 5 $ — $ 9 $ 14 Interest cost 11 13 16 40 Expected return on plan assets (26 ) (18 ) (25 ) (69 ) Settlement loss recognized — — (1 ) (1 ) Amortization of prior service costs — — 2 2 Amortization of net loss 5 6 4 15 Net periodic pension cost $ (5 ) $ 1 $ 5 $ 1 The settlement loss of $1 million in 2018 resulted primarily from settling benefit liabilities in Mexico. The settlement loss of $1 million in 2017 resulted primarily from settling benefit liabilities in Canada and Switzerland. The deferred loss included as a component of accumulated other comprehensive income/(loss) that is expected to be recognized as a component of net periodic benefit cost during 2019 is as follows: The Netherlands United States Other Total Net actuarial loss $ (5 ) $ (6 ) $ (7 ) $ (18 ) Actuarial gains and losses are amortized over the average remaining service lives for plans with active participants, and over the average remaining lives for legacy plans with no active participants. The weighted average assumptions underlying the pension computations were as follows: Year Ended December 31, 2018 2017 2016 NL US Other NL US Other NL US Other Pension benefit obligation: —discount rate 2.0% 4.4% 2.5% 1.9% 3.7% 2.3% 1.8% 4.4% 2.3% —rate of compensation increase 1.8% — 1.1% 1.8% — 1.1% 1.8% — 1.1% Net periodic pension costs: —discount rate 1.9% 3.7% 2.3% 1.8% 4.4% 2.3% 2.4% 4.6% 3.2% —rate of compensation increase 1.8% — 1.1% 3.8% — 1.1% 1.8% — 2.5% —expected long-term return on plan assets 3.6% 6.9% 4.3% 3.8% 7.0% 4.4% 4.2% 7.3% 5.3% The assumptions for the expected return on plan assets for the Pension Plans were based on a review of the historical returns of the asset classes in which the assets of the Pension Plans are invested and long-term economic forecast for the type of investments held by the plans. The historical returns on these asset classes were weighted based on the expected long-term allocation of the assets of the Pension Plans. Nielsen’s pension plans’ weighted average asset allocations by asset category are as follows: The United Netherlands States Other Total At December 31, 2018 Equity securities 21 % 52 % 41 % 33 % Fixed income securities 62 47 28 50 Other 17 1 31 17 Total 100 % 100 % 100 % 100 % At December 31, 2017 Equity securities 27 % 55 % 45 % 37 % Fixed income securities 56 44 31 47 Other 17 1 24 16 Total 100 % 100 % 100 % 100 % No Nielsen shares are held by the Pension Plans. Nielsen’s primary objective with regard to the investment of the Pension Plans’ assets is to ensure that in each individual plan, sufficient funds are available to satisfy future benefit obligations. For this purpose, asset and liability management studies are made periodically at each pension fund. For each of the Pension Plans, an appropriate mix is determined on the basis of the outcome of these studies, taking into account the national rules and regulations. The overall target asset allocation among all plans for 2018 was 33% equity securities and 50% long-term interest-earning investments (debt or fixed income securities), and 17% other investments. Equity securities primarily include investments in U.S. and non U.S. companies. Fixed income securities include corporate bonds of companies from diversified industries and mortgage-backed securities. Insurance contracts are categorized as level 3 and are valued based on contractual terms. Assets at fair value (See Note 8 – “Fair Value Measurements” for additional information on fair value measurement and the underlying fair value hierarchy) as of December 31, 2018 and 2017 are as follows: Our fair value hierarchy shown below excludes investments using the NAV per share practical expedient. Application of the NAV per share practical expedient coincided with the change in investment management for one of the Company’s Pension Plans during 2016. (IN MILLIONS) December 31, 2018 December 31, 2017 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and equivalents $ 30 $ — $ — $ 30 $ 8 $ — $ — $ 8 Equity securities – U.S. 53 10 — 63 60 12 — 72 Equity securities – Global. 37 206 — 243 40 270 — 310 Equity securities – non-U.S. 9 68 — 77 8 94 — 102 Real estate — — 42 42 — — 47 47 Corporate bonds 100 270 — 370 142 243 — 385 Debt issued by national, state or local government 31 194 — 225 39 191 — 230 Other — 2 132 134 — 2 149 151 Total assets at fair value, excluding NAV per share practical expedient at December 31, 2018 and December 31, 2017 $ 260 $ 750 $ 174 $ 1,184 $ 297 $ 812 $ 196 $ 1,305 The following presents our total fair value of plan assets including the NAV per share practical expedient: (IN MILLIONS) December 31, 2018 December 31, 2017 Fair value of investments, excluding NAV per share practical expedient. $ 1,184 $ 1,305 Fair value of investments, using NAV per share practical expedient Asset Category Cash $ 4 $ 7 Equity securities – U.S. 23 26 Equity securities – Global. 29 32 Corporate debt securities or bonds. — 7 Debt issued by national, state or local government 10 8 Liability driven investments 59 88 Real estate 6 7 Private equity and hedge funds 60 60 Insurance and other 21 19 Total assets at fair value including NAV per share practical expedient at December 31, 2018 and December 31, 2017 $ 1,396 $ 1,559 The following is a summary of changes in the fair value of the Pension Plans’ Level 3 assets for the years ended December 31, 2018 and 2017: (IN MILLIONS) Real Estate Other Total Balance, end of year December 31, 2016 $ 38 $ 129 $ 167 Actual return on plan assets: (Sales)/investments 5 — 5 Unrealized gains — 3 3 Effect of foreign currency translation 4 17 21 Balance, end of year December 31, 2017 $ 47 $ 149 $ 196 Actual return on plan assets: (Sales)/Investments (4 ) (8 ) (12 ) Unrealized losses — (1 ) (1 ) Effect of foreign currency translation (1 ) (8 ) (9 ) Balance, end of year December 31, 2018 $ 42 $ 132 $ 174 Real estate investment valuations require significant judgment due to the absence of quoted market prices, the inherent lack of liquidity and the long-term nature of such assets. These assets are initially valued at cost and are reviewed periodically utilizing available and relevant market data to determine if the carrying value of these assets should be adjusted. The valuation methodology is applied consistently from period to period. Other types of investments categorized as Level 3 are primarily insurance contracts and are valued based on contractual terms. Contributions to the Pension Plans in 2019 are expected to be approximately $3 million for the Netherlands plan, $10 million for the U.S. plan and $15 million for other plans. Estimated future benefit payments are as follows: The United (IN MILLIONS) Netherlands States Other Total For the years ending December 31, 2019 $ 30 $ 15 $ 20 $ 65 2020 30 16 20 66 2021 30 17 21 68 2022 30 17 22 69 2023 30 18 24 72 2024-2028 147 101 137 385 Defined Contribution Plans Nielsen also offers defined contribution plans to certain participants, primarily in the U.S. Nielsen’s expense related to these plans was $59 million, $53 million and $49 million for the years ended December 31, 2018, 2017 and 2016, respectively. In the U.S., Nielsen contributes cash to each employee’s account in an amount up to 3% of compensation (subject to IRS limitations). No contributions are made in shares of the Company’s common stock. |
Long-term Debt and Other Financ
Long-term Debt and Other Financing Arrangements | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt and Other Financing Arrangements | 11. Long-term Debt and Other Financing Arrangements Unless otherwise stated, interest rates are as of December 31, 2018. December 31, 2018 December 31, 2017 Weighted Weighted Interest Carrying Fair Interest Carrying Fair (IN MILLIONS) Rate Amount Value Rate Amount Value $2,080 million Senior secured term loan (LIBOR based variable rate of 3.43%) due 2019 $ — — $ 1,392 $ 1,397 $1,125 million Senior secured term loan (LIBOR based variable rate of 4.14%) due 2023 1,112 1,100 — — $2,303 million Senior secured term loan (LIBOR based variable rate of 4.39%) due 2023 2,285 2,215 2,232 2,247 €380 million Senior secured term loan (Euro LIBOR based variable rate of 2.10%) due 2021 — — 450 452 €545 million Senior secured term loan (Euro LIBOR based variable rate of 2.50%) due 2023 623 619 — — $850 million senior secured revolving credit facility (Euro LIBOR or LIBOR based variable rate) due 2023 — — — — Total senior secured credit facilities (with weighted-average interest rate) 4.09 % 4,020 3,934 3.39 % 4,074 4,096 $800 million 4.50% senior debenture loan due 2020 797 792 795 809 $625 million 5.50% senior debenture loan due 2021 621 621 620 643 $2,300 million 5.00% senior debenture loan due 2022 2,290 2,179 2,288 2,362 $500 million 5.00% senior debenture loan due 2025 496 472 496 518 Total debenture loans (with weighted-average interest rate) 5.22 % 4,204 4,064 5.22 % 4,199 4,332 Other loans 1 1 1 1 Total long-term debt 4.67 % 8,225 7,999 4.32 % 8,274 8,429 Capital lease and other financing obligations 161 167 Bank overdrafts 1 — Total debt and other financing arrangements 8,387 8,441 Less: Current portion of long-term debt, capital lease and other financing obligations and other short-term borrowings 107 84 Non-current portion of long-term debt and capital lease and other financing obligations $ 8,280 $ 8,357 The fair value of the Company’s long-term debt instruments was based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities and such fair value measurements are considered Level 1 or Level 2 in nature, respectively. The carrying value of Nielsen’s long-term debt are denominated in the following currencies: December 31, December 31, (IN MILLIONS) 2018 2017 U.S. Dollars $ 7,602 $ 7,824 Euro 623 450 $ 8,225 $ 8,274 Annual maturities of Nielsen’s long-term debt are as follows: (IN MILLIONS) 2019 $ 45 2020 $ 855 2021 $ 703 2022 $ 2,401 2023 $ 3,724 Thereafter $ 497 $ 8,225 Senior Secured Credit Facilities Term Loan Facilities In June 2018, Nielsen entered into an Amendment Agreement to amend and restate its Fourth Amended and Restated Credit Agreement (the “Prior Credit Agreement”) in the form of the Fifth Amended and Restated Credit Agreement (the “Amended Credit Agreement”). Among other things, the Amendment Agreement provided for: (i) the refinancing and replacement of the prior Tranche A Revolving Credit Facility with a new Tranche A Revolving Credit Facility having commitments in an aggregate principal amount of $850,000,000; (ii) the refinancing and replacement of the prior Class A Term Loans with new Class A Term Loans in an aggregate principal amount of $1,125,000,000; (iii) the refinancing and replacement of the prior Class B-2 Euro Term Loans with new Class B-2 Euro Term Loans in an aggregate principal amount of € 545,245,518; and (iv) incurring incremental term loans in the form of Class B-4 Term Loans in an aggregate principal amount of $75,000,000. The proceeds of loans under each replacement facility were used to replace or refinance the entire outstanding principal amount of loans under the prior facility that was replaced, and the proceeds of the incremental Class B-4 Term Loans, together with a portion of the proceeds of the Class B-2 Euro Term Loans in excess of the amount of the prior Class B-2 Euro Term Loans that were replaced, were used to prepay the amount of prior Class A Term Loans in excess of the amount of new Class A Term Loans. The new Class A Term Loans will mature in full on July 9, 2023 and are required to be repaid in quarterly installments in an aggregate amount equal to 0.63% of the original principal amount of the Class A Term Loans for each of the first eight quarters following the effective date of the Amendment Agreement, 1.25% of the original principal amount of the Class A Term Loans for each of the subsequent eight quarters and 2.50% of the original principal amount of the Class A Term Loans for each of the subsequent three quarters, with the balance payable on July 9, 2023. The new Class B-2 Euro Term Loans will mature in full on October 4, 2023 and are required to be repaid in equal quarterly installments in an aggregate amount equal to 0.25% of the original principal amount of the Class B-2 Euro Term Loans, with the balance payable on October 4, 2023. The Class B-4 Term Loans will mature in full on October 4, 2023 and are required to be repaid in equal quarterly installments in an aggregate amount equal to 0.25% of the original principal amount of the Class B-4 Term Loans, with the balance payable on October 4, 2023. The new Tranche A Revolving Credit Facility matures on July 9, 2023. The new Class A Term Loans and loans under the new Tranche A Revolving Credit Facility bear interest at a rate per annum equal to, at our election, (i) a base rate or eurocurrency rate, plus (ii) an applicable margin determined by reference to the Total Leverage Ratio (as defined in the Amended Credit Agreement), which varies from 0.25% to 1.00%, in the case of base rate loans, and from 1.25% to 2.00%, in the case of eurocurrency rate loans. The Class B-2 Euro Term Loans bear interest at a rate per annum equal to (i) a eurocurrency rate plus (ii) an applicable margin equal to 2.50%. The Class B-4 Term Loans bear interest at a rate per annum equal to, at our election, (i) a base rate or eurocurrency rate, plus (ii) an applicable margin, which is equal to 2.00%, in the case of eurocurrency loans, or 1.00%, in the case of base rate loans. The Amended Credit Agreement contains substantially the same affirmative and negative covenants as those of the Prior Credit Agreement, except the exceptions to the restrictions on restricted payments and investments that are determined by reference to the Total Leverage Ratio were amended to increase the applicable limits. Nielsen wrote-off certain previously capitalized deferred financing fees of $2 million associated with the June 2018 debt refinancing and incurred certain costs in connection with the refinancing of $5 million. Obligations under the Amended Credit Agreement are guaranteed by TNC B.V., substantially all of the wholly-owned U.S. subsidiaries of TNC B.V. and certain of the non-U.S. wholly-owned subsidiaries of TNC B.V., and are secured by substantially all of the existing and future property and assets of the U.S. subsidiaries of TNC B.V. and by a pledge of substantially all of the capital stock of the guarantors, the capital stock of substantially all of the U.S. subsidiaries of TNC B.V., and up to 65% of the capital stock of certain of the non-U.S. subsidiaries of TNC B.V. Under a separate security agreement, substantially all of the assets of TNC B.V. are pledged as collateral for amounts outstanding under the Amended Credit Agreement. Covenants The Amended Credit Agreement contains a number of covenants that, among other things, restrict, subject to certain exceptions, the ability of Nielsen Holding and Finance B.V. and its restricted subsidiaries (which together constitute most of Nielsen’s subsidiaries) to incur additional indebtedness or guarantees, incur liens and engage in sale and leaseback transactions, make certain loans and investments, declare dividends, make payments or redeem or repurchase capital stock, engage in certain mergers, acquisitions and other business combinations, prepay, redeem or purchase certain indebtedness, amend or otherwise alter terms of certain indebtedness, sell certain assets, transact with affiliates, enter into agreements limiting subsidiary distributions and alter the business they conduct. These entities are restricted, subject to certain exceptions, in their ability to transfer their net assets to us. Such restricted net assets amounted to approximately $2.8 billion at December 31, 2018. In addition, these entities are subject to a total leverage covenant. The leverage ratio requires that Nielsen not permit the ratio of total net debt (as defined in the Amended Credit Agreement) at the end of any calendar quarter to Consolidated EBITDA (as defined in the Amended Credit Agreement) for the four quarters then ended to exceed a specified threshold. The maximum permitted ratio is 5.50 to 1.00. Neither Nielsen nor TNC B.V. is currently bound by any financial or negative covenants contained in the Amended Credit Agreement. The Amended Credit Agreement also contains certain customary affirmative covenants and events of default. Certain significant financial covenants are described further below. Failure to comply with this financial covenant would result in an event of default under Nielsen’s Amended Credit Agreement unless waived by certain of Nielsen’s term lenders and the Company’s revolving lenders. An event of default under Nielsen’s Amended Credit Agreement can result in the acceleration of Nielsen’s indebtedness under the facilities, which in turn would result in an event of default and possible acceleration of indebtedness under the agreements governing Nielsen’s debt securities as well. As Nielsen’s failure to comply with the financial covenant described above can cause the Company to go into default under the agreements governing Nielsen’s indebtedness, management believes that Nielsen’s Amended Credit Agreement and this covenant are material to Nielsen. As of December 31, 2018, Nielsen was in full compliance with the financial covenant described above. Pursuant to Nielsen’s Amended Credit Agreement, the Company is subject to making mandatory prepayments on the term loans within Nielsen’s Amended Credit Agreement to the extent in any full calendar year Nielsen generate Excess Cash Flow (“ECF”), as defined in the Amended Credit Agreement. The percentage of ECF that must be applied as a repayment is a function of several factors, including Nielsen’s ratio of total net debt to Covenant EBITDA, as well other adjustments, including any voluntary term loan repayments made in the course of the calendar year. To the extent any mandatory repayment is required pursuant to this ECF clause; such payment must generally occur on or around the time of the delivery of the annual consolidated financial statements to the lenders. At December 31, 2018, Nielsen’s ratio of total net debt to Covenant EBITDA was less than 5.00 to 1.00 and therefore no mandatory repayment was required. Nielsen’s next ECF measurement date will occur upon completion of the 2019 results, and although Nielsen do not expect to be required to issue any mandatory repayments in 2019 or beyond, it is uncertain at this time if any such payments will be required in future periods. Revolving Credit Facility The Amended Credit Agreement contains a senior secured revolving credit facility under which Nielsen Finance LLC, TNC (US) Holdings, Inc., and Nielsen Holding and Finance B.V. can borrow revolving loans. The revolving credit facility can also be used for letters of credit, guarantees and swingline loans. The existing revolving credit facility has commitments of $850 million with a final maturity of July 2023. The senior secured revolving credit facility is provided under the Amended Credit Agreement and so contains covenants and restrictions as noted under the “Term loan facilities” section above. Obligations under the revolving credit facility are guaranteed by the same entities that guarantee obligations under the Amended Credit Agreement and Senior Secured Loan Agreement. As of December 31, 2018, Nielsen had zero borrowings outstanding and outstanding letters of credit of $16 million. As of December 31, 2017, Nielsen had zero borrowings outstanding and outstanding letters of credit of $13 million. As of December 31, 2018, Nielsen had $834 million available for borrowing under the revolving credit facility. Debenture Loans The indentures governing the Senior Notes limit the majority of Nielsen’s subsidiaries’ ability to incur additional indebtedness, pay dividends or make other distributions or repurchase its capital stock, make certain investments, enter into certain types of transactions with affiliates, use assets as security in other transactions and sell certain assets or merge with or into other companies subject to certain exceptions. Upon a change in control, Nielsen is required to make an offer to redeem all of the Senior Notes at a redemption price equal to the 101% of the aggregate accreted principal amount plus accrued and unpaid interest. The Senior Notes are jointly and severally guaranteed by Nielsen, substantially all of the wholly owned U.S. subsidiaries of Nielsen, and certain of the non-U.S. wholly-owned subsidiaries of Nielsen. In January 2017, Nielsen completed the issuance of $500 million aggregate principal amount of 5.0% Senior Notes due 2025 at par, with cash proceeds of approximately $495 million, net of fees and expenses. Other Transactions Effective July 1, 2010, the Company designated its Euro denominated variable rate senior secured term loans as non-derivative hedges of its net investment in a European subsidiary. Gains or losses attributable to fluctuations in the Euro as compared to the U.S. Dollar associated with this debenture were recorded to the cumulative translation adjustment within shareholders’ equity, net of income tax. Debt-Issuance Costs The costs related to the issuance of debt are presented as a deduction from the corresponding debt liability and amortized to interest expense using the effective interest method over the life of the related debt. Capital Lease and Other Obligations Nielsen finances certain computer equipment, software, buildings and automobiles under capital leases and related transactions. These arrangements do not include terms of renewal, purchase options, or escalation clauses. Assets under capital lease are recorded within property, plant and equipment. See Note 7 – “Property, Plant and Equipment.” Future minimum capital lease payments under non-cancelable capital leases at December 31, 2018 are as follows: (IN MILLIONS) 2019 $ 58 2020 52 2021 35 2022 19 2023 13 Thereafter 7 Total 184 Less: amount representing interest 23 Present value of minimum lease payments $ 161 Current portion $ 51 Total non-current portion 110 Present value of minimum lease payments $ 161 Capital leases and other financing transactions have effective interest rates primarily ranging from 4.5% to 10%. Interest expense recorded related to capital leases and other financing transactions during the years ended December 31, 2018, 2017 and 2016 was $10 million, $12 million and $11 million, respectively. Nielsen recognizes rental income from non-cancelable subleases. The total aggregate future rental income proceeds to be received under the non-cancelable subleases are $2 million. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | 12. Shareholders’ Equity Common stock activity is as follows: Year Ended December 31, 2018 2017 2016 Actual number of shares of common stock outstanding Beginning of period 355,944,976 357,465,614 362,338,369 Shares of common stock issued through compensation plans 1,587,947 1,578,917 3,482,699 Employee benefit trust activity (41,030 ) 269,284 (280,339 ) Repurchases of common stock (2,220,156 ) (3,368,839 ) (8,075,115 ) End of period 355,271,737 355,944,976 357,465,614 On January 31, 2013, the Company’s Board of Directors (the “Board”) adopted a cash dividend policy to pay quarterly cash dividends on its outstanding common stock. The following table represents the cash dividends declared by the Board and paid to shareholders for the years ended December 31, 2017 and 2018, respectively. Declaration Date Record Date Payment Date Dividend Per Share February 16, 2017 March 2, 2017 March 16, 2017 $ 0.31 April 24, 2017 June 2, 2017 June 16, 2017 $ 0.34 July 20, 2017 August 24, 2017 September 7, 2017 $ 0.34 October 19, 2017 November 21, 2017 December 5, 2017 $ 0.34 February 21, 2018 March 7, 2018 March 21, 2018 $ 0.34 April 19, 2018 June 6, 2018 June 20, 2018 $ 0.35 July 19, 2018 August 22, 2018 September 5, 2018 $ 0.35 October 18, 2018 November 21, 2018 December 5, 2018 $ 0.35 On February 21, 2019, the Board declared a cash dividend of $0.35 per share on Nielsen’s common stock. The dividend is payable on March 21, 2019 to shareholders of record at the close of business on March 7, 2019. The dividend policy and the payment of future cash dividends are subject to the discretion of the Company’s Board of Directors. Nielsen’s Board approved a share repurchase program, as included in the below table, for up to $2 billion in the aggregate of our outstanding common stock. The primary purposes of the program are to return value to shareholders and to mitigate dilution associated with Nielsen’s equity compensation plans. Board Approval Share Repurchase Authorization ($ in millions) July 25, 2013 $ 500 October 23, 2014 $ 1,000 December 11, 2015 $ 500 Total Share Repurchase Authorization $ 2,000 Repurchases under this program will be made in accordance with applicable securities laws from time to time in the open market or otherwise depending on Nielsen’s evaluation of market conditions and other factors. This program has been executed within the limitations of the authority granted by Nielsen’s shareholders. As of December 31, 2018, there have been 39,426,521 shares of our common stock purchased at an average price of $44.95 per share (total consideration of approximately $1,772 million) under this program. The activity for the year ended December 31, 2018 consisted of open market share repurchases and is summarized in the following table: Total Number of Dollar Value of Shares Shares Purchased as That may yet be Total Number Average Part of Publicly Purchased under the of Shares Price Paid Announced Plans Publicly Announced Period Purchased per Share or Programs Plans or Programs As of December 31, 2017 37,206,365 $ 45.74 37,206,365 $ 298,118,746 2018 Activity January 1- 31 — $ — — $ 298,118,746 February 1- 28 187,048 $ 33.31 187,048 $ 291,887,826 March 1- 31 424,324 $ 33.04 424,324 $ 277,868,369 April 1-30 155,878 $ 32.24 155,878 $ 272,843,463 May 1-31 922,862 $ 30.79 922,862 $ 244,424,375 June 1-30 208,510 $ 30.85 208,510 $ 237,992,519 July 1-31 321,534 $ 31.26 321,534 $ 227,942,536 August 1-31 — $ — — $ 227,942,536 September 1-30 — $ — — $ 227,942,536 October 1-31 — $ — — $ 227,942,536 November 1-30 — $ — — $ 227,942,536 December 1-31 — $ — — $ 227,942,536 Total 39,426,521 $ 44.95 39,426,521 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 13. Share-based Compensation Nielsen measures the cost of all share-based payments, including stock options, at fair value on the grant date and recognizes such costs within the consolidated statements of operations; however, no expense is recognized for share-based payments that do not ultimately vest. Nielsen recognizes the expense of its options that cliff vest using the straight-line method. For those that vest over time, an accelerated graded vesting is used. The Company recorded $35 million, $45 million and $51 million of expense associated with share-based compensation for the years ended December 31, 2018, 2017 and 2016, respectively. The tax benefit related to the share-based compensation expense was $5 million, $13 million and $13 million for each of the respective periods. Nielsen has an equity-based, management compensation plan (“Equity Participation Plan” or “EPP”) to align compensation for certain key executives with the performance of the Company. Under this plan, certain of the Company’s executives may be granted stock options, stock appreciation rights, restricted stock and dividend equivalent rights in the shares of the Company or purchase its shares. In connection with the completion of Nielsen’s initial public offering of common stock on January 31, 2011 (and further amended), the Company implemented the Nielsen 2010 Stock Incentive Plan (the “Stock Incentive Plan”) and suspended further grants under the EPP. The Stock Incentive Plan is the source of new equity-based awards permitting the Company to grant to its key employees, directors and other service providers the following types of awards: incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units and other awards valued in whole or in part by reference to shares of Nielsen’s common stock and performance-based awards denominated in shares or cash. Under the Stock Incentive Plan, Nielsen granted 750,000, 1,000 and 1,643,144 time-based stock options to purchase shares during the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, the total number of shares authorized for award of options or other equity-based awards was 44,095,000 under the Stock Incentive Plan. The 2018 time-based awards become exercisable over a three year vesting period at a rate of 33.3% per year on the anniversary date of the award, and are tied to the executives’ continuing employment. The 2017 time-based awards become exercisable over a four-year vesting period at a rate of 6.25% per quarter, and are tied to the executives’ continuing employment. The 2016 time-based awards become exercisable over a four-year vesting period at a rate of 25% per year on the anniversary date of the award, and are tied to the executives’ continuing employment. The fair values of the granted time-based awards granted during 2018, 2017 and 2016 were estimated using the Black-Scholes option pricing model with the expected volatility based on the Company’s historical volatility. The following assumptions were used for the grants of time-based awards during 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 Expected life (years) 6.00 4.50 4.50-5.25 Risk-free interest rate 2.87 % 2.02 % 1.19-1.92 % Expected dividend yield 4.97 % 3.76 % 2.29- 2.90 % Expected volatility 25.96 % 22.01 % 20.02-23.44 % Weighted average volatility 25.96 % 22.01 % 20.89 % Nielsen’s stock option plan activity is summarized below: Number of Options Weighted-Average Weighted- Aggregate Stock Option Plan activity Outstanding at December 31, 2015 10,549,178 $ 33.96 4.16 $ 136 Granted 1,643,144 53.99 Forfeited (577,618 ) (33.51 ) Exercised (3,456,536 ) (28.85 ) Outstanding at December 31, 2016 8,158,168 $ 40.19 4.43 $ 43 Granted 1,000 36.17 Forfeited (996,015 ) (47.59 ) Exercised (1,293,850 ) (28.13 ) Outstanding at December 31, 2017 5,869,303 $ 41.58 3.52 $ 13 Granted 750,000 40.00 Forfeited (988,826 ) (46.08 ) Expired options (153,799 ) (30.47 ) Exercised (844,842 ) (28.04 ) Outstanding at December 31, 2018 4,631,836 $ 43.20 3.66 $ — Exercisable at December 31, 2018 3,186,245 $ 41.99 2.71 $ — As of December 31, 2018, 2017 and 2016, the weighted-average grant date fair value of the options granted was $2.16, $4.70 and $7.78, respectively, and the aggregate fair value of options vested was $6 million, $9 million and $12 million, respectively. At December 31, 2018, there was approximately $2 million of unearned share-based compensation related to stock options (net of estimated forfeitures) which the Company expects to record as share-based compensation expense over the next three years. The compensation expense related to the time-based awards is amortized over the term of the award using the graded vesting method. The intrinsic value of the options exercised during the years ended December 31, 2018, 2017 and 2016 was $6 million, $17 million and $77 million, respectively. For the year ended December 31, 2018, cash proceeds from the exercise of options was $23 million. Under the Stock Incentive Plan, Nielsen granted 2,524,176 time and performance based stock options to purchase shares during the year ended December 31, 2018. The weighted average grant date fair value of the awards was $3.09. The performance aspect of the award is achieved based on the performance of Nielsen’s stock price. If the performance obligations are satisfied, the award will become exercisable over a three year vesting period at a rate of 33.3% per year on the anniversary date of the award, and are tied to the executives’ continuing employment. As of December 31, 2018, there was approximately $6 million of unearned share-based compensation related to performance stock options (net of estimated forfeitures) which the Company expects to record as share-based compensation over the next three years. The fair values of the granted time and performance based awards during 2018 were estimated using the Monte Carlo simulation model with the expected volatility based on the Company’s historical volatility. The following assumptions were used for grants of time and performance based awards during 2018: Year Ended December 31, 2018 Expected life (years) 5.00 Risk-free interest rate 2.83-2.92 % Expected dividend yield 4.85- 5.54 % Expected volatility 27.11-27.27 % Weighted average volatility 27.13 % Activity of Nielsen’s restricted stock units (RSUs) that are ultimately payable in shares of common stock granted under the Stock Incentive Plan is summarized below: Number of Weighted-Average Fair Value RSU activity Nonvested at December 31, 2015 1,506,767 $ 42.48 Granted 512,676 53.94 Forfeited (104,822 ) 43.26 Vested (558,228 ) 39.21 Nonvested at December 31, 2016 1,356,393 $ 47.69 Granted 1,574,973 36.23 Forfeited (339,292 ) 46.09 Vested (503,086 ) 44.62 Nonvested at December 31, 2017 2,088,988 $ 40.36 Granted 2,780,914 25.35 Forfeited (361,821 ) 38.46 Vested (642,397 ) 29.18 Nonvested at December 31, 2018 3,865,684 $ 29.88 With the exception of a limited group of senior executives, the 2018 and 2017 awards will vest at a rate of 6.25% per quarter over four years. The 2018 awards for the limited group of senior executives will vest at one of the following rates: 100% on the third anniversary date of the award, 100% on the second anniversary date of the award, 33.3% per year over three years on the anniversary date of the award, or 25% per year over four years on the anniversary date of the award. The 2017 awards for the limited group of senior executives will vest at a rate of 25% per year over four years on the anniversary date of the award. The 2016 awards will vest at a rate of 25% per year over four years on the anniversary date of the award. On January 31, 2017, Nielsen completed the acquisition of Gracenote and concurrently provided 31,381 replacement restricted stock units under Nielsen’s existing Stock Incentive Plan. The exchange was accounted for as a modification in accordance with ASC 718. The aggregate fair value of the replacement awards granted on January 31, 2017 was $2 million, of which $1 million was attributed to post merger service and $1 million was included in purchase price consideration. As of December 31, 2018, there was approximately $61 million of unearned share-based compensation related to unvested RSUs (net of estimated forfeitures) which the Company expects to record as stock-based compensation expense over a weighted average period of 3.1 years. During the years ended December 31, 2018, 2017 and 2016, the Company granted 463,442, 348,885 and 381,576 performance restricted stock units, respectively, representing the target number of performance restricted stock subject to the award. The weighted average grant date fair value of the awards in 2018, 2017 and 2016 were $27.94, $37.88 and $45.37 per share. For the performance restricted stock units granted in 2018, the total number of performance restricted stock units to be earned is subject to achievement of cumulative performance goals for the three year period ending December 31, 2020. For the performance restricted stock units granted in 2017, the total number of performance restricted stock units to be earned is subject to achievement of cumulative performance goals for the three year period ending December 31, 2019. For the performance restricted stock units granted in 2016, the total number of performance restricted stock units to be earned is subject to achievement of cumulative performance goals for the three year period ending December 31, 2018. For the 2018 award, twenty five percent of the target award will be determined based on the Company’s revenue compounded annual growth rate achievements, twenty five percent of the target award will be based on the Company’s relative total shareholder return and fifty percent of the award will be determined based on free cash flow achievements. For the 2017 and 2016 awards, forty percent of the target award will be determined based on the Company’s relative total shareholder return and sixty percent of the target award will be determined based on free cash flow achievements. The maximum payout is 200% of target. The fair value of the target award related to free cash flow was the fair value on the date of the grant, and the fair value of the target awards related to relative shareholder return was based on the Monte Carlo model. As of December 31, 2018, there is approximately $1 million of unearned share-based compensation related to unvested performance restricted stock units (net of estimated forfeitures). The compensation expense is amortized over the term of the award, which is 3 years after the grant date. During the year ended December 31, 2018, 2017 and 2016, the Company granted zero, zero and 66,581 bonus restricted share units, respectively, in lieu of a portion of the cash bonus due to certain executives. The awards vest at 50% on the first and second anniversary day of the award. The weighted average grant date fair value of the awards in 2018, 2017 and 2016 was zero, zero and $47.85 per share. As of December 31, 2018, there was approximately zero unearned share-based compensation expense related to unvested bonus restricted stock units (net of estimated forfeitures). In 2016, the Company implemented the Nielsen Holdings plc 2016 Employee Share Purchase Plan (the ESPP) and 2,000,000 shares were authorized for issuance under the ESPP. There were 174,246 and 159,279 shares issued under the ESPP in 2018 and 2017, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes Nielsen provides for income taxes utilizing the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each balance sheet date, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. If it is determined that it is more likely than not that future tax benefits associated with a deferred tax asset will not be realized, a valuation allowance is provided. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in the consolidated statements of operations as an adjustment to income tax expense in the period that includes the enactment date. The Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Such tax positions are, based solely on their technical merits, more likely than not to be sustained upon examination by taxing authorities and reflect the largest amount of benefit, determined on a cumulative probability basis that is more likely than not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense. On December 22, 2017, the TCJA was signed into law and significantly changed the way the U.S. taxes corporations. The TCJA reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent and created a territorial-style taxing system. The TCJA required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred and also created new taxes on certain types of foreign earnings. We are subject to the provisions of the FASB ASC 740-10, Income Taxes, which requires that the effect on deferred tax assets and liabilities of a change in tax rates be recognized in the period the tax rate change was enacted. In December of 2017, the SEC staff issued SAB 118 which provides that companies that have not completed their accounting for the effects of the TCJA but can determine a reasonable estimate of those effects should include a provisional amount based on their reasonable estimate in their financial statements. The guidance in SAB 118 also allows companies to adjust the provisional amounts during a one year measurement period which is similar to the measurement period used when accounting for business combinations. As of December 31, 2017, we made a reasonable estimate of the (a) effects on our existing deferred tax balances, and (b) the one-time transition tax. Consequently, our fourth quarter of 2017 and full year 2017 results of operations reflected a non-cash provisional net expense of $104 million. We finalized our accounting for the TCJA in December of 2018 and our results for the fourth quarter of 2018 and full year 2018 results of operations reflect, in accordance with SAB 118, a reduction in tax expense of $252 million as an adjustment to the 2017 provisional expense. This was primarily comprised of a net tax benefit of $57 million relating to finalizing the calculation of the transition tax (including withholding taxes) together with a net tax benefit of $195 million associated with the re-measurement of our deferred taxes. As a result of the TCJA and the imposition of the transition tax, we changed our indefinite reinvestment assertion in respect of our undistributed foreign earnings. As of December 31, 2017, we accrued local foreign and withholding taxes on approximately $1.4 billion of non-U.S. earnings. As of the end of 2018, we finalized our analysis relating to this change in assertion and adjusted our deferred taxes accordingly. We have also taken the position that no U.S. or foreign income and foreign withholding taxes should be recognized in respect of these earnings were either indefinitely reinvested or able to be repatriated in a tax neutral manner. other non-current liabilities. The TCJA imposed a U.S. tax on global intangible low taxed income (“GILTI”) that is earned by certain foreign affiliates owned by a U.S. shareholder and was intended to tax earnings of a foreign corporation that are deemed to be in excess of a certain threshold return. As of December 31, 2018, we have made a policy decision and elected to treat taxes on GILTI as a current period expense. As part of an intercompany restructuring during the year ended December 31, 2018, we transferred certain intellectual property assets between wholly-owned legal entities in non-U.S. tax jurisdictions. As the impact of the transfer was the result of an intra-entity transaction, the resulting gain on the transfer was eliminated for purposes of the consolidated financial statements. The transferring entity recognized a gain on the transfer of assets that was not subject to income tax in its local jurisdiction. In accordance with ASU 2016-16, which the Company adopted in the first quarter of 2018, and as further described in Note 1. Significant Accounting Policies, we recorded an income tax benefit of approximately $193 million. The components of income/(loss) before income taxes and equity in net income of affiliates, were: Year Ended December 31, (IN MILLIONS) 2018 2017 2016 UK $ 3 $ 27 $ (3 ) Non-UK (885 ) 801 819 Income/(loss) before income taxes and equity in net income/(loss) of affiliates $ (882 ) $ 828 $ 816 The above amounts for UK and non-UK activities were determined based on the location of the taxing authorities. The provision for income taxes attributable to the income/(loss) before income taxes and equity in net income/(loss) of affiliates consisted of: Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Current: UK $ — $ — $ — Non-UK . 332 226 221 332 226 221 Deferred: UK — (5 ) 1 Non-UK (514 ) 167 87 (514 ) 162 88 Total $ (182 ) $ 388 $ 309 The Company’s provision for income taxes for the years ended December 31, 2018, 2017 and 2016 was different from the amount computed by applying the statutory UK federal income tax rates to the underlying income/(loss) before income taxes and equity in net income/(loss) of affiliates as a result of the following: Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Income/(loss) before income taxes and equity in net income/(loss) of affiliates $ (882 ) $ 828 $ 816 UK statutory tax rate 19.00 % 19.25 % 20.00 % (Benefit)/provision for income taxes at the UK statutory rate $ (168 ) $ 159 $ 163 Impairment of goodwill and long-lived assets 268 — — Tax impact on distributions from foreign subsidiaries 9 8 24 Effect of operations in non-UK jurisdictions 32 35 71 Tax impact of global licensing arrangements 18 66 74 Tax impact of intercompany restructuring (142 ) — — U.S. state and local taxation 17 23 30 Withholding and other taxation 28 39 39 Effect of global financing activities (67 ) (68 ) (71 ) Changes in estimates for uncertain tax positions 23 40 (9 ) Changes in valuation allowances 39 (8 ) (29 ) Effect of change in deferred tax rates (6 ) 7 1 Tax impact due to US Tax Reform (1) (228 ) 104 — Share-based compensation 1 — (19 ) Other, net (6 ) (17 ) 35 Total (benefit)/provision for income taxes $ (182 ) $ 388 $ 309 Effective tax rate (benefit) and expense (20.6 )% 46.9 % 37.9 % (1) This includes the impact of BEAT and GILTI The components of current and non-current deferred income tax assets/(liabilities) were: (IN MILLIONS) December 31, 2018 December 31, 2017 Deferred tax assets (on balance): Net operating loss carryforwards $ 532 $ 204 Interest expense limitation 301 367 Employee benefits 59 63 Tax credit carryforwards 205 72 Share-based payments 15 18 Accrued expenses 41 53 Other assets 69 28 1,222 805 Valuation allowances (651 ) (466 ) Deferred tax assets, net of valuation allowances 571 339 Deferred tax liabilities (on balance): Intangible assets (913 ) (1,173 ) Fixed asset depreciation (109 ) — Financial instruments (6 ) 1 Computer software (132 ) (149 ) Unremitted earnings (61 ) (172 ) Unrealized gain on investments (49 ) (50 ) Deferred (revenues)/costs (9 ) 5 Other liabilities (67 ) (66 ) (1,346 ) (1,604 ) Net deferred tax liability $ (775 ) $ (1,265 ) Realization of deferred tax assets is based, in part, on Nielsen’s judgment and various factors including reversal of deferred tax liabilities, Nielsen’s ability to generate future taxable income in jurisdictions where such assets have arisen and potential tax planning strategies. Valuation allowances are recorded in order to reduce the deferred tax assets to the amount expected to be realized in the future. At December 31, 2018 and 2017 the Company had net operating loss carryforwards of approximately $2,208 million and $947 million, respectively, which began to expire in 2019. In addition, the Company had tax credit carryforwards of approximately $205 million and $72 million at December 31, 2018 and 2017, respectively, which began to expire in 2019. In certain jurisdictions, the Company has operating losses and other tax attributes that, due to the uncertainty of achieving sufficient profits to utilize these operating loss carryforwards and tax credit carryforwards, the Company currently believes it is more likely than not that a portion of these losses will not be realized. Therefore, the Company had a valuation allowance of approximately $651 million and $466 million at December 31, 2018 and 2017, respectively, related to net operating loss carryforwards, tax credit carryforwards and deferred tax assets related to other temporary differences. As of December 31, 2018 the Company has released the full amount of valuation allowance of $362 million related to its interest expense limitation carryforward that had been recorded in 2017 due to the uncertainty created by the TCJA. Other than as described above, the Company generally does not provide for taxes related to its undistributed earnings and the excess of the book value of its investment in non-U.S. subsidiaries over the corresponding tax basis (“basis differences”) because such earnings and basis differences would either not be taxable when remitted or are considered to be indefinitely reinvested. At December 31, 2018 and 2017, the Company had gross uncertain tax positions of $572 million and $452 million, respectively. The Company has also accrued interest and penalties associated with these unrecognized tax benefits as of December 31, 2017 and 2016 of $70 million and $53 million, respectively. Estimated interest and penalties related to the underpayment of income taxes is classified as a component of benefit (provision) for income taxes in the Consolidated Statement of Operations. It is reasonably possible that within the next 12 months certain tax examinations will close, which could result in a change in unrecognized tax benefits, along with related interest and penalties. Furthermore, the amounts ultimately paid may differ from the amounts accrued. An estimate of any possible change cannot be made at this time. A reconciliation of the beginning and ending amount of gross uncertain tax positions is as follows: (IN MILLIONS) December 31, 2018 December 31, 2017 December 31, 2016 Balance as of the beginning of period $ 452 $ 432 $ 461 Additions for current year tax positions 21 11 15 Additions for tax positions of prior years 108 15 7 Reductions for lapses of statute of limitations (8 ) (2 ) (6 ) Reductions for tax positions of prior years (1 ) (4 ) (45 ) Balance as of the end of the period $ 572 $ 452 $ 432 If the balance of the Company’s uncertain tax positions is sustained by the taxing authorities in the Company’s favor, the reversal of the entire balance would reduce the Company’s effective tax rate in future periods. The Company files numerous consolidated and separate income tax returns in the U.S. Federal jurisdiction and in many state and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. Federal income tax examinations for 2006 and prior periods and is currently under examination for the calendar year 2015. In addition, the Company has subsidiaries in various states, provinces and countries that are currently under audit for years ranging from 2003 through 2017. |
Investments in Affiliates and R
Investments in Affiliates and Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | |
Investments in Affiliates and Related Party Transactions | 15. Investments in Affiliates and Related Party Transactions Related Party Transactions with Affiliates As of December 31, 2018 and 2017, Nielsen had investments in affiliates of $16 million and $15 million, respectively. Obligations between Nielsen and its affiliates are regularly settled in cash in the ordinary course of business. Nielsen had net receivables from its affiliates of approximately $3 million for the year ended December 31, 2018 and 2017, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Leases and Other Contractual Arrangements In October 2017, Nielsen amended and restated in its entirety, its Amended and Restated Master Services Agreement, dated as of October 1, 2007, with Tata America International Corporation and Tata Consultancy Services Limited (jointly, “TCS”) (as amended prior to the Second Amendment and Restatement, the “Prior Agreement”) by entering into a Second Amended and Restated Master Services Agreement (the “Agreement”), dated as of October 1, 2017 and effective as of January 1, 2017 (the “Effective Date”), with TCS. The term of the Agreement has been extended for an additional five years, so as to expire on December 31, 2025, with three one-year renewal options granted to Nielsen. Nielsen has committed to purchase services from TCS from the Effective Date through the remaining term of the Agreement (the “Minimum Commitment”) in the amount of $2.25 billion, including a commitment to purchase at least $320 million in services per year from 2017 through 2020, $186 million in services per year from 2021 through 2024, and $139.5 million in services in 2025 (in each of the foregoing cases, the “Annual Commitment”). Nielsen met the Minimum Commitment in 2018. In connection with the entry into the Agreement, the parties have agreed to terminate the separate Global Infrastructure Services Agreement between them as of the Effective Date and include the services provided thereunder in one or more Statements of Work (“SOWs”) arising under the Agreement. TCS’s charges under such SOWs will continue to be credited against the Minimum Commitment and the Annual Commitment. TCS globally provides Nielsen with professional services relating to information technology (including application development and maintenance), business process outsourcing, client service knowledge process outsourcing, management sciences, analytics, and financial planning. As Nielsen orders specific services under the Agreement, the parties will execute SOWs describing the specific scope of the services to be performed by TCS. The amount of the Minimum Commitment and the Annual Commitment may be reduced on the occurrence of certain events, some of which also provide Nielsen with the right to terminate the Agreement or SOWs, as applicable. As of December 31, 2018, the remaining TCS commitment was approximately $1.6 billion. Nielsen has also entered into operating leases and other contractual obligations to secure real estate facilities, agreements to purchase data processing services and leases of computers and other equipment used in the ordinary course of business and various outsourcing contracts. These agreements are not unilaterally cancelable by Nielsen, are legally enforceable and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. The amounts presented below represent the minimum annual payments under Nielsen’s purchase obligations that have initial or remaining non-cancelable terms in excess of one year. These purchase obligations include data processing, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing. For the Years Ending December 31, (IN MILLIONS) 2019 2020 2021 2022 2023 Thereafter Total Operating leases $ 99 $ 72 $ 52 $ 36 $ 26 $ 119 $ 404 Other contractual obligations (a) 579 490 373 202 191 258 2,093 Total $ 678 $ 562 $ 425 $ 238 $ 217 $ 377 $ 2,497 (a) Other contractual obligations represent obligations under agreement, which are not unilaterally cancelable by Nielsen, are legally enforceable and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. Nielsen generally requires purchase orders for vendor and third party spending. The amounts presented above represent the minimum future annual services covered by purchase obligations including data processing, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing. Nielsen’s remaining commitments as of December 31, 2018, under the outsourced services agreement with TCS have been included above based on the Annual Commitment minimum required payments. Total expenses incurred under operating leases were $96 million, $96 million and $79 million for the years ended December 31, 2018, 2017 and 2016, respectively. Nielsen recognized rental income received under subleases of $6 million, $6 million and $8 million for the years ended December 31, 2018, 2017 and 2016, respectively. At December 31, 2018, Nielsen had aggregate future proceeds to be received under sub-lease guarantees of $5 million. Nielsen also has minimum commitments under non-cancelable capital leases. See Note 11 “Long-term Debt and Other Financing Arrangements” for further discussion. Guarantees and Other Contingent Commitments At December 31, 2018, Nielsen was committed under the following significant guarantee arrangements: Sub-lease guarantees Nielsen provides sub-lease guarantees in accordance with certain agreements pursuant to which Nielsen guarantees all rental payments upon default of rental payment by the sub-lessee. To date, the Company has not been required to perform under such arrangements, does not anticipate making any significant payments related to such guarantees and, accordingly, no amounts have been recorded. Letters of credit Letters of credit issued and outstanding amount to $16 million and $13 million at December 31, 2018 and 2017, respectively. Legal Proceedings and Contingencies In August 2018, a putative shareholder class action lawsuit was filed in the Southern District of New York, naming as defendants Nielsen, former Chief Executive Officer Dwight Mitchell Barns, and former Chief Financial Officer Jamere Jackson. Another lawsuit, which alleges similar facts but also names other defendants, including former Chief Operating Officer Stephen Hasker, was filed in the Northern District of Illinois in September 2018 and transferred to the Southern District of New York in December 2018. These lawsuits assert violations of certain provisions of the Exchange Act, based on allegedly false and materially misleading statements relating to the outlook of Nielsen’s Buy segment, Nielsen’s preparedness for changes in global data privacy laws and Nielsen’s reliance on third-party data. The Company expects that an amended or consolidated complaint relating to these cases will be filed after appointment of a lead plaintiff and intends to file a motion to dismiss the amended or consolidated complaint. In addition, in January 2019, a shareholder derivative lawsuit was filed in New York Supreme Court against a number of Nielsen’s current and former officers and directors. The derivative lawsuit alleges that the named officers and directors breached their fiduciary duties to the Company in connection with factual assertions substantially similar to those in the putative class action complaints. The derivative lawsuit further alleges that certain officers and directors engaged in trading Nielsen stock based on material, nonpublic information. Nielsen intends to defend these lawsuits vigorously. Based on currently available information, Nielsen believes that the Company has meritorious defenses to these actions and that their resolution is not likely to have a material adverse effect on Nielsen’s business, financial position, or results of operations. Nielsen is also subject to litigation and other claims in the ordinary course of business, some of which include claims for substantial sums. Accruals have been recorded when the outcome is probable and can be reasonably estimated. While the ultimate results of claims and litigation cannot be determined, the Company does expect that the ultimate disposition of these matters will not have a material adverse effect on its operations or financial condition. However, depending on the amount and the timing, an unfavorable resolution of some or all of these matters could materially affect the Company’s future results of operations or cash flows in a particular period. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments | 17. Segments The Company aligns its operating segments in order to conform to management’s internal reporting structure, which is reflective of service offerings by industry. Management aggregates such operating segments into two reporting segments: what consumers buy, consisting principally of market research information and analytical services, and what consumers watch and listen to, consisting principally of television, radio, online and mobile audience and advertising measurement and corresponding analytics. Corporate consists principally of unallocated items such as certain facilities and infrastructure costs as well as intersegment eliminations. Certain corporate costs, other than those described above, including those related to selling, finance, legal, human resources, and information technology systems, are considered operating costs and are allocated to the Company’s segments based on either the actual amount of costs incurred or on a basis consistent with the operations of the underlying segment. Information with respect to the operations of each of Nielsen’s business segments is set forth below based on the nature of the services offered and geographic areas of operations. Business Segment Information Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Revenues Buy $ 3,097 $ 3,231 $ 3,322 Watch 3,418 3,341 2,987 Total $ 6,515 $ 6,572 $ 6,309 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Business segment income/(loss) ( 1) Buy $ 411 $ 584 $ 619 Watch 1,485 1,486 1,348 Corporate and eliminations (46 ) (46 ) (42 ) Total $ 1,850 $ 2,024 $ 1,925 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Depreciation and amortization Buy $ 226 $ 210 $ 212 Watch 442 425 387 Corporate and eliminations 7 5 4 Total $ 675 $ 640 $ 603 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Restructuring charges Buy $ 103 $ 42 $ 61 Watch 22 15 18 Corporate and eliminations 14 23 26 Total $ 139 $ 80 $ 105 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Impairment of goodwill and other long-lived assets Buy $ 1,411 $ — $ — Watch — — — Corporate and eliminations 2 — — Total $ 1,413 $ — $ — Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Share-based compensation expense Buy $ 13 $ 13 $ 16 Watch 11 12 10 Corporate and eliminations 11 20 25 Total $ 35 $ 45 $ 51 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Other items ( 2) Buy $ — $ — $ 3 Watch — — 2 Corporate and eliminations 63 45 31 Total $ 63 $ 45 $ 36 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Operating income/(loss) Buy $ (1,342 ) $ 319 $ 327 Watch 1,010 1,034 931 Corporate and eliminations (143 ) (139 ) (128 ) Total $ (475 ) $ 1,214 $ 1,130 (IN MILLIONS) December 31, 2018 December 31, 2017 Total assets Buy $ 5,417 $ 6,862 Watch 9,647 9,911 Corporate and eliminations 115 93 Total $ 15,179 $ 16,866 (1) The Company’s chief operating decision-maker uses business segment income/(loss) to measure performance from period to period both at the consolidated level as well as within its operating segments. (2) For the year ended December 31, 2018, other items primarily consist of business optimization costs, including strategic review costs, and transaction related costs. For the year ended December 31, 2017, other items primarily consist of transaction related costs and business optimization costs. Year ended December 31, (IN MILLIONS) 2018 2017 2016 Capital expenditures Buy $ 223 $ 211 $ 196 Watch 274 272 227 Corporate and eliminations 23 6 10 Total $ 520 $ 489 $ 433 Geographic Segment Information Operating Long- Income/ lived (IN MILLIONS) Revenues ( 1) (Loss) Assets ( 2) 2018 U.S. $ 3,697 $ 31 $ 10,806 North and South America, excluding the U.S. 569 (226 ) 523 United Kingdom 192 (130 ) 153 Other Europe, Middle East & Africa 1,217 (157 ) 734 Asia Pacific 840 7 263 Total $ 6,515 $ (475 ) $ 12,479 Operating Long- Income/ lived (IN MILLIONS) Revenues ( 1) (Loss) Assets ( 2) 2017 U.S. $ 3,730 $ 743 $ 11,404 North and South America, excluding the U.S. 595 164 957 United Kingdom 194 (20 ) 259 Other Europe, Middle East & Africa 1,188 159 1,038 Asia Pacific 865 168 396 Total $ 6,572 $ 1,214 $ 14,054 Operating Income/ (IN MILLIONS) Revenues ( 1) (Loss) 2016 U.S. $ 3,626 $ 730 North and South America, excluding the U.S. 605 180 United Kingdom 198 (22 ) Other Europe, Middle East & Africa 1,089 127 Asia Pacific 791 115 Total $ 6,309 $ 1,130 (1) Revenues are attributed to geographic areas based on the location of customers. (2) Long-lived assets include property, plant and equipment, goodwill and other intangible assets. Subsequent Event: In February 2019, Nielsen realigned its business segments from Watch and Buy to Nielsen Global Media and Nielsen Global Connect. Each segment will operate as a complete unit—from the conception of a product, through the collection of the data, into the technology and operations, all the way to the data being sold and delivered to the client. These changes better align our external view to our go-forward internal view. The Company’s reportable segments will be stated on the new basis commencing with the first quarter 2019 Form 10-Q and such changes will be retrospectively applied. The impact of these changes will not have a material impact on our consolidated financial statements or segment results. Nielsen Global Media will be composed of the following product service lines: National TV, Local TV Nielsen Global Connect will include Retail Measurement Services, Consumer Panel Services, Book, Consumer Insights, Innovation, Everyday Analytics, Brandbank, RMS Analytics and Neurofocus and product service lines. |
Additional Financial Informatio
Additional Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Additional Financial Information | 18. Additional Financial Information Accounts payable and other current liabilities December 31, December 31, (IN MILLIONS) 2018 2017 Trade payables $ 288 $ 296 Personnel costs 225 273 Current portion of restructuring liabilities 62 43 Data and professional services 221 221 Interest payable 64 61 Other current liabilities ( 1) 259 247 Total accounts payable and other current liabilities $ 1,119 $ 1,141 (1) Other includes multiple items, none of which is individually significant. |
Guarantor Financial Information
Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
Guarantor Financial Information | 19. Guarantor Financial Information The following supplemental financial information is being provided for purposes of compliance with reporting covenants contained in certain debt obligations of Nielsen and its subsidiaries. The financial information sets forth for Nielsen, its subsidiaries that have issued certain debt securities (the “Issuers”) and its guarantor and non-guarantor subsidiaries, the consolidating balance sheet as of December 31, 2018 and 2017 and consolidating statements of operations and cash flows for the periods ended December 31, 2018, 2017 and 2016. During the year ended December 31, 2017, the Company restructured certain legal entities and therefore the Company adjusted prior periods to reflect the current year structure. The issued debt securities are jointly and severally guaranteed on a full and unconditional basis by Nielsen and subject to certain exceptions, each of the direct and indirect 100% owned subsidiaries of Nielsen, in each case to the extent that such entities provide a guarantee under the senior secured credit facilities. The issuers are also 100% owned indirect subsidiaries of Nielsen: Nielsen Finance LLC and Nielsen Finance Co. for certain series of debt obligations, and The Nielsen Company (Luxembourg) S.ar.l., for the other series of debt obligations. Each issuer is a guarantor of the debt obligations not issued by it. Nielsen is a holding company and does not have any material assets or operations other than ownership of the capital stock of its direct and indirect subsidiaries. All of Nielsen’s operations are conducted through its subsidiaries, and, therefore, Nielsen is expected to continue to be dependent upon the cash flows of its subsidiaries to meet its obligations. The senior secured credit facilities contain certain limitations on the ability of Nielsen to receive the cash flows of its subsidiaries. While all subsidiary guarantees of the issued debt securities are full and unconditional, these guarantees contain customary release provisions including when (i) the subsidiary is sold or sells all of its assets, (ii) the subsidiary is declared “unrestricted” for covenant purposes, (iii) the subsidiary’s guarantee under the senior secured credit facilities is released and (iv) the requirements for discharge of the indenture have been satisfied. Nielsen Holdings plc For the year ended December 31, 2018 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Revenues $ — $ — $ 3,566 $ 2,949 $ — $ 6,515 Cost of revenues, exclusive of depreciation and amortization shown separately below — — 1,457 1,348 — 2,805 Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below 4 — 946 1,008 — 1,958 Depreciation and amortization — — 542 133 — 675 Impairment of goodwill and other long-lived assets — — 579 834 — 1,413 Restructuring charges — — 51 88 — 139 Operating income/(loss) (4 ) — (9 ) (462 ) — (475 ) Interest income 1 681 38 6 (718 ) 8 Interest expense — (369 ) (704 ) (39 ) 718 (394 ) Foreign currency exchange transaction gains/(losses), net — — — (16 ) — (16 ) Other income/(expense), net — (6 ) 860 (859 ) — (5 ) Income/(loss) before income taxes and equity in net income/(loss) of subsidiaries (3 ) 306 185 (1,370 ) — (882 ) Benefit/(provision) for income taxes — (99 ) 139 142 — 182 Equity in net income/(loss) of subsidiaries (709 ) 167 (1,033 ) — 1,575 — Net income/(loss) (712 ) 374 (709 ) (1,228 ) 1,575 (700 ) Less net income/(loss) attributable to noncontrolling interests — — — 12 — 12 Net income/(loss) attributable to controlling interest (712 ) 374 (709 ) 1,240 1,575 (712 ) Total other comprehensive income/(loss) (170 ) 17 (170 ) (176 ) 328 (171 ) Total other comprehensive income/(loss) attributable to noncontrolling interests — — — (1 ) — (1 ) Total other comprehensive income/(loss) attributable to controlling interests (170 ) 17 (170 ) (175 ) 328 (170 ) Total comprehensive income/(loss) (882 ) 391 (879 ) (1,404 ) 1,903 (871 ) Comprehensive income/(loss) attributable to noncontrolling interests — — — 11 — 11 Total comprehensive income/(loss) attributable to controlling interest $ (882 ) $ 391 $ (879 ) $ (1,415 ) $ 1,903 $ (882 ) Nielsen Holdings plc For the year ended December 31, 2017 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Revenues $ — $ — $ 3,608 $ 2,964 $ — $ 6,572 Cost of revenues, exclusive of depreciation and amortization shown separately below — — 1,419 1,346 — 2,765 Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below 4 — 933 936 — 1,873 Depreciation and amortization — — 504 136 — 640 Restructuring charges — — 44 36 — 80 Operating income/(loss) (4 ) — 708 510 — 1,214 Interest income 1 839 37 4 (877 ) 4 Interest expense — (353 ) (857 ) (41 ) 877 (374 ) Foreign currency exchange transaction gains/(losses), net — — (4 ) (6 ) — (10 ) Other income/(expense), net — (4 ) 162 (164 ) — (6 ) Income/(loss) before income taxes and equity in net income/(loss) of subsidiaries and affiliates (3 ) 482 46 303 — 828 Benefit/(provision) for income taxes (1 ) (146 ) (165 ) (76 ) — (388 ) Equity in net income/(loss) of subsidiaries 433 193 553 — (1,179 ) — Equity in net income/(loss) of affiliates — — (1 ) 1 — — Net income/(loss) 429 529 433 228 (1,179 ) 440 Less net income/(loss) attributable to noncontrolling interests — — — 11 — 11 Net income/(loss) attributable to controlling interest 429 529 433 217 (1,179 ) 429 Total other comprehensive income/(loss) 271 (21 ) 271 308 (556 ) 273 Total other comprehensive income/(loss) attributable to noncontrolling interests — — — 2 — 2 Total other comprehensive income/(loss) attributable to controlling interests 271 (21 ) 271 306 (556 ) 271 Total comprehensive income/(loss) 700 508 704 536 (1,735 ) 713 Comprehensive income/(loss) attributable to noncontrolling interests — — — 13 — 13 Total comprehensive income/(loss) attributable to controlling interest $ 700 $ 508 $ 704 $ 523 $ (1,735 ) $ 700 Nielsen Holdings plc Consolidated Statement of Comprehensive Income For the year ended December 31, 2016 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Revenues $ — $ — $ 3,557 $ 2,752 $ — $ 6,309 Cost of revenues, exclusive of depreciation and amortization shown separately below — — 1,317 1,290 — 2,607 Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below 2 — 973 889 — 1,864 Depreciation and amortization — — 486 117 — 603 Restructuring charges — — 69 36 — 105 Operating income/(loss) (2 ) — 712 420 — 1,130 Interest income — 869 38 5 (908 ) 4 Interest expense (3 ) (310 ) (889 ) (39 ) 908 (333 ) Foreign currency exchange transaction gains/(losses), net — — 2 (8 ) — (6 ) Other income/(expense) net — (7 ) 171 (143 ) — 21 Income/(loss) before income taxes and equity in net income/(loss) of affiliates (5 ) 552 34 235 — 816 Benefit/(provision) for income taxes — (135 ) (115 ) (59 ) — (309 ) Equity in net income/(loss) of subsidiaries 507 185 589 — (1,281 ) — Equity in net income/(loss) of affiliates — — (1 ) 1 — — Net income/(loss) 502 602 507 177 (1,281 ) 507 Less net income/(loss) attributable to noncontrolling interests — — — 5 — 5 Net income/(loss) attributable to controlling interest 502 602 507 172 (1,281 ) 502 Total other comprehensive income/(loss) (152 ) 10 (152 ) (184 ) 321 (157 ) Total other comprehensive income/(loss) attributable to noncontrolling interests — — — (5 ) — (5 ) Total other comprehensive Income/(loss) attributable to controlling interests (152 ) 10 (152 ) (179 ) 321 (152 ) Total comprehensive income/(loss) $ 350 $ 612 $ 355 $ (7 ) $ (960 ) $ 350 Nielsen Holdings plc December 31, 2018 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Assets: Current assets Cash and cash equivalents $ 3 $ — $ 79 $ 442 $ — $ 524 Trade and other receivables, net — 1 377 740 — 1,118 Prepaid expenses and other current assets — 3 234 124 — 361 Intercompany receivables 3 1,310 399 94 (1,806 ) — Total current assets 6 1,314 1,089 1,400 (1,806 ) 2,003 Non-current assets - Property, plant and equipment, net — — 303 165 — 468 Goodwill — — 5,531 1,456 — 6,987 Other intangible assets, net — — 4,545 479 — 5,024 Deferred tax assets 1 — — 332 — 333 Other non-current assets — 19 273 72 — 364 Equity investment in subsidiaries 2,815 1,232 1,936 — (5,983 ) — Intercompany loans 25 8,822 2,220 105 (11,172 ) — Total assets $ 2,847 $ 11,387 $ 15,897 $ 4,009 $ (18,961 ) $ 15,179 Liabilities and equity: Current liabilities Accounts payable and other current liabilities $ — $ 62 $ 541 $ 516 $ — $ 1,119 Deferred revenues — — 225 130 — 355 Income tax liabilities — — 20 56 — 76 Current portion of long-term debt, capital lease obligations and short-term borrowings — 54 46 7 — 107 Intercompany payables — — 1,408 398 (1,806 ) — Total current liabilities — 116 2,240 1,107 (1,806 ) 1,657 Non-current liabilities — Long-term debt and capital lease obligations — 8,170 95 15 — 8,280 Deferred tax liabilities — 71 956 81 — 1,108 Intercompany loans — — 8,952 2,220 (11,172 ) — Other non-current liabilities — 3 839 249 — 1,091 Total liabilities — 8,360 13,082 3,672 (12,978 ) 12,136 Total shareholders’ equity 2,847 3,027 2,815 141 (5,983 ) 2,847 Noncontrolling interests — — — 196 — 196 Total equity 2,847 3,027 2,815 337 (5,983 ) 3,043 Total liabilities and equity $ 2,847 $ 11,387 $ 15,897 $ 4,009 $ (18,961 ) $ 15,179 Nielsen Holdings plc Consolidated Balance Sheet December 31, 2017 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Assets: Current assets Cash and cash equivalents $ 2 $ 1 $ 69 $ 584 $ — $ 656 Trade and other receivables, net — — 464 816 — 1,280 Prepaid expenses and other current assets — — 211 135 — 346 Intercompany receivables 4 1,187 325 155 (1,671 ) — Total current assets 6 1,188 1,069 1,690 (1,671 ) 2,282 Non-current assets - Property, plant and equipment, net — — 309 173 — 482 Goodwill — — 6,100 2,395 — 8,495 Other intangible assets, net — — 4,545 532 — 5,077 Deferred tax assets 1 — — 169 — 170 Other non-current assets — 17 263 80 — 360 Equity investment in subsidiaries 4,213 1,210 4,583 — (10,006 ) — Intercompany loans 25 8,608 424 140 (9,197 ) — Total assets $ 4,245 $ 11,023 $ 17,293 $ 5,179 $ (20,874 ) $ 16,866 Liabilities and equity: Current liabilities Accounts payable and other current liabilities $ — $ 61 $ 560 $ 520 $ — $ 1,141 Deferred revenues — — 231 130 — 361 Income tax liabilities — — 62 49 — 111 Current portion of long-term debt, capital lease obligations and short-term borrowings — 35 44 5 — 84 Intercompany payables — 2 1,345 324 (1,671 ) — Total current liabilities — 98 2,242 1,028 (1,671 ) 1,697 Non-current liabilities — Long-term debt and capital lease obligations — 8,237 101 19 — 8,357 Deferred tax liabilities — 71 1,296 68 — 1,435 Intercompany loans — 62 8,774 361 (9,197 ) — Other non-current liabilities — — 667 267 — 934 Total liabilities — 8,468 13,080 1,743 (10,868 ) 12,423 Total shareholders’ equity 4,245 2,555 4,213 3,238 (10,006 ) 4,245 Noncontrolling interests — — — 198 — 198 Total equity 4,245 2,555 4,213 3,436 (10,006 ) 4,443 Total liabilities and equity $ 4,245 $ 11,023 $ 17,293 $ 5,179 $ (20,874 ) $ 16,866 Nielsen Holdings plc For the year ended December 31, 2018 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Consolidated Net cash provided by/(used in) operating activities $ (2 ) $ 240 $ 383 $ 437 $ 1,058 Investing activities: — Acquisition of subsidiaries and affiliates, net of cash acquired — — (15 ) (28 ) (43 ) Proceeds from the sale of subsidiaries and affiliates 51 — 51 Additions to property, plant and equipment and other assets — — (53 ) (53 ) (106 ) Additions to intangible assets — — (356 ) (58 ) (414 ) Proceeds from the sale of property, plant and equipment and other assets — — — 4 4 Other investing activities — — 9 (7 ) 2 Net cash provided by/(used in) investing activities — — (364 ) (142 ) (506 ) Financing activities: Repayments of debt — (818 ) — (1 ) (819 ) Proceeds from the issuance of debt, net of issuance costs — 781 — — 781 Increase/(decrease) in short term borrowings — — — 1 1 Cash dividends paid to shareholders (494 ) — — — (494 ) Repurchase of common stock (70 ) — — — (70 ) Activity under stock plans 23 — (8 ) — 15 Proceeds from employee stock purchase plan 5 — — — 5 Capital leases — — (69 ) (7 ) (76 ) Settlement of intercompany and other financing activities 539 (204 ) 67 (421 ) (19 ) Net cash provided by/(used in) financing activities 3 (241 ) (10 ) (428 ) (676 ) Effect of exchange-rate changes on cash and cash equivalents — — 1 (9 ) (8 ) Net increase/(decrease) in cash and cash equivalents 1 — 10 (142 ) (132 ) Cash and cash equivalents at beginning of period 2 1 69 584 656 Cash and cash equivalents at end of period $ 3 $ — $ 79 $ 442 $ 524 Nielsen Holdings plc Consolidated Statement of Cash Flows For the year ended December 31, 2017 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Consolidated Net cash provided by/(used in) operating activities $ (1 ) $ 171 $ 789 $ 351 $ 1,310 Investing activities: — Acquisition of subsidiaries and affiliates, net of cash acquired — — (755 ) (23 ) (778 ) Proceeds from the sale of subsidiaries and affiliates 1 1 2 Additions to property, plant and equipment and other assets — — (63 ) (56 ) (119 ) Additions to intangible assets — — (307 ) (63 ) (370 ) Proceeds from the sale of property, plant and equipment and other assets — — 29 13 42 Other investing activities — — (11 ) (2 ) (13 ) Net cash provided by/(used in) investing activities — — (1,106 ) (130 ) (1,236 ) Financing activities: Repayments of debt — (2,295 ) — (1 ) (2,296 ) Proceeds from the issuance of debt, net of issuance costs — 2,744 1 — 2,745 Increase/(decrease) in short term borrowings — - — — (5 ) (5 ) Cash dividends paid to shareholders (474 ) — — — (474 ) Repurchase of common stock (140 ) — — — (140 ) Activity under stock plans 32 — (11 ) — 21 Proceeds from employee stock purchase plan 6 — — — 6 Capital leases — — (51 ) (4 ) (55 ) Settlement of intercompany and other financing activities 574 (620 ) 236 (207 ) (17 ) Net cash provided by/(used in) financing activities (2 ) (171 ) 175 (217 ) (215 ) Effect of exchange-rate changes on cash and cash equivalents — — (4 ) 47 43 Net increase/(decrease) in cash and cash equivalents (3 ) — (146 ) 51 (98 ) Cash and cash equivalents at beginning of period 5 1 215 533 754 Cash and cash equivalents at end of period $ 2 $ 1 $ 69 $ 584 $ 656 Nielsen Holdings plc Consolidated Statement of Cash Flows For the year ended December 31, 2016 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Consolidated Net cash provided by/(used in) operating activities $ (5 ) $ 278 $ 671 $ 352 $ 1,296 Investing activities: Acquisition of subsidiaries and affiliates, net of cash acquired — — (242 ) (43 ) (285 ) Proceeds from the sale of subsidiaries and affiliates — — 36 (2 ) 34 Additions to property, plant and equipment and other assets — — (53 ) (56 ) (109 ) Additions to intangible assets — — (273 ) (51 ) (324 ) Proceeds from the sale of property, plant and equipment and other assets — — 31 11 42 Other investing activities — — (1 ) 1 — Net cash provided by/(used in) investing activities — — (502 ) (140 ) (642 ) Financing activities: Net payments under revolving credit facility — — (164 ) — (164 ) Repayments of debt — (1,765 ) — — (1,765 ) Proceeds from the issuance of debt, net of issuance costs — 2,502 — — 2,502 Increase in short term borrowings — — — 4 4 Cash dividends paid to shareholders (434 ) — — — (434 ) Repurchase of common stock (418 ) — — — (418 ) Activity under stock plans 103 — (22 ) — 81 Other financing activities 758 (1,014 ) 222 (20 ) (54 ) Net cash provided by/(used in) financing activities 9 (277 ) 36 (16 ) (248 ) Effect of exchange-rate changes on cash and cash equivalents — — 3 (12 ) (9 ) Net increase/(decrease) in cash and cash equivalents 4 1 208 184 397 Cash and cash equivalents at beginning of period 1 — 7 349 357 Cash and cash equivalents at end of period $ 5 $ 1 $ 215 $ 533 $ 754 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 20. Quarterly Financial Data (unaudited) First Second Third Fourth (IN MILLIONS, EXCEPT PER SHARE DATA) Quarter Quarter Quarter Quarter 2018 Revenues $ 1,610 $ 1,647 $ 1,600 $ 1,658 Operating income/(loss) $ 207 $ 228 $ 261 $ (1,171 ) Income/(loss) before income taxes and equity in net income/(loss) of affiliates $ 114 $ 121 $ 157 $ (1,274 ) Net income/(loss) attributable to Nielsen shareholders $ 72 $ 72 $ 96 $ (952 ) Net income per share of common stock, basic Net income attributable to Nielsen shareholders $ 0.20 $ 0.20 $ 0.27 $ (2.68 ) Net income per share of common stock, diluted Net income attributable to Nielsen shareholders $ 0.20 $ 0.20 $ 0.27 $ (2.68 ) First Second Third Fourth (IN MILLIONS, EXCEPT PER SHARE DATA) Quarter Quarter Quarter Quarter 2017 Revenues $ 1,526 $ 1,644 $ 1,641 $ 1,761 Operating income/(loss) $ 205 $ 321 $ 334 $ 354 Income(loss) before income taxes and equity in net income(loss) of affiliates $ 116 $ 224 $ 242 $ 246 Net income/(loss) attributable to Nielsen shareholders $ 71 $ 131 $ 146 $ 81 Net income per share of common stock, basic Net income attributable to Nielsen shareholders $ 0.20 $ 0.37 $ 0.41 $ 0.23 Net income per share of common stock, diluted Net income attributable to Nielsen shareholders $ 0.20 $ 0.37 $ 0.41 $ 0.23 |
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 | Nielsen Holdings plc Parent Company Only Statements of Operations Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Selling, general and administrative expenses $ 4 $ 4 $ 2 Operating loss (4 ) (4 ) (2 ) Interest income/(loss) 1 1 — Interest expense — — (3 ) Income/(loss) before income taxes and equity in net income/(loss) of subsidiaries (3 ) (3 ) (5 ) Benefit/(provision) for income taxes — (1 ) — Equity in net income/(loss) of subsidiaries (709 ) 433 507 Net income/(loss) $ (712 ) $ 429 $ 502 Nielsen Holdings plc Parent Company Only Balance Sheets December 31, (IN MILLIONS) 2018 2017 Assets: Current assets Cash and cash equivalents $ 3 $ 2 Amounts receivable from subsidiary 3 4 Total current assets 6 6 Investment in subsidiaries 2,815 4,213 Loans outstanding from subsidiary 25 25 Other non-current assets 1 1 Total assets $ 2,847 $ 4,245 Liabilities and equity: Current liabilities Accounts payable and other current liabilities — — Intercompany payables — — Total current liabilities — — Loans outstanding from subsidiary — — Other non-current liabilities — — Total liabilities — — Total equity 2,847 4,245 Total liabilities and equity $ 2,847 $ 4,245 Nielsen Holdings plc Parent Company Only Statements of Cash Flows Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Net cash used in operating activities $ (2 ) $ (1 ) $ (5 ) Financing Activities: Cash dividends paid to shareholders (494 ) (474 ) (434 ) Repurchase of common stock (70 ) (140 ) (418 ) Activity under stock plans 23 32 103 Proceeds from employee stock purchase plan 5 6 — Other financing activities 539 574 758 Net cash provided by/(used in) financing activities 3 (2 ) 9 Net increase/(decrease) in cash and cash equivalents 1 (3 ) 4 Cash and cash equivalents, beginning of period 2 5 1 Cash and cash equivalents, end of period $ 3 $ 2 $ 5 The notes to the consolidated financial statements of Nielsen Holdings plc (the “Company”) are an integral part of these nonconsolidated financial statements. Notes to Schedule I 1. Basis of Presentation The Company has accounted for the earnings of its subsidiaries under the equity method in these financial statements. 2. Commitments and Contingencies The debenture loans are jointly and severally guaranteed on an unconditional basis by the Company and subject to certain exceptions, each of the direct and indirect wholly-owned subsidiaries of the Company, including VNU Intermediate Holding B.V., Nielsen Holding and Finance B.V., VNU International B.V., TNC (US) Holdings, Inc., VNU Marketing Information, Inc. and ACN Holdings, Inc., and the wholly-owned subsidiaries thereof, including the wholly-owned U.S. subsidiaries of ACN Holdings, Inc., in each case to the extent that such entities provide a guarantee under the senior secured credit facilities. The issuers are Nielsen Finance LLC and Nielsen Finance Co., both wholly-owned subsidiaries of ACN Holdings, Inc. and subsidiary guarantors and The Nielsen Company (Luxembourg) S ar l., a wholly owned subsidiary of Nielsen Holding and Finance B.V. The historical financial information has been updated to reflect The Nielsen Company (Luxembourg) S.ar.l. as an issuer. The Company had no material commitments or contingencies during the reported periods. 3. Related Party Transactions The Company enters into certain transactions with its subsidiaries through the normal course of operations and periodically settles these transactions in cash. The Company had a $25 million loan receivable from subsidiaries associated with financing transactions for each of the years ended December 31, 2018 and 2017. 4. Common Stock and Related Transactions On January 31, 2013, the Company’s Board of Directors (the “Board”) adopted a cash dividend policy to pay quarterly cash dividends on its outstanding common stock. The following table represents the cash dividends declared by the Board and paid to shareholders for the years ended December 31, 2017 and 2018, respectively. Declaration Date Record Date Payment Date Dividend Per Share February 16, 2017 March 2, 2017 March 16, 2017 $ 0.31 April 24, 2017 June 2, 2017 June 16, 2017 $ 0.34 July 20, 2017 August 24, 2017 September 7, 2017 $ 0.34 October 19, 2017 November 21, 2017 December 5, 2017 $ 0.34 February 21, 2018 March 7, 2018 March 21, 2018 $ 0.34 April 19, 2018 June 6, 2018 June 20, 2018 $ 0.35 July 19, 2018 August 22, 2018 September 5, 2018 $ 0.35 October 18, 2018 November 21, 2018 December 5, 2018 $ 0.35 On February 21, 2019, the Board declared a cash dividend of $0.35 per share on Nielsen’s common stock. The dividend is payable on March 21, 2019 to shareholders of record at the close of business on March 7, 2019. The dividend policy and payment of future cash dividends are subject to the discretion of the Board. Nielsen’s Board approved a share repurchase program, as included in the below table, for up to $2 billion of the Company’s outstanding common stock. The primary purpose of the program is to return value to shareholders and to mitigate dilution associated with Nielsen’s equity compensation plans. Board Approval Share Repurchase Authorization ($ in millions) July 25, 2013 $ 500 October 23, 2014 $ 1,000 December 11, 2015 $ 500 Total Share Repurchase Authorization $ 2,000 Repurchases under this program will be made in accordance with applicable securities laws from time to time in the open market or otherwise depending on Nielsen’s evaluation of market conditions and other factors. This program has been executed within the limitations of the authority granted by Nielsen’s shareholders. As of December 31, 2018, there have been 39,426,521 shares of the Company’s common stock purchased at an average price of $44.95 per share (total consideration of approximately $1,772 million) under this program. The activity for the year ended December 31, 2018 consisted of open market share repurchases and is summarized in the following table: Total Number of Shares Purchased as Dollar Value of Shares Total Number Average Part of Publicly that may yet be of Shares Price Paid Announced Plans Purchased under the Period Purchased per Share or Programs Plans or Programs As of December 31, 2017 37,206,365 $ 45.74 37,206,365 $ 298,118,746 2018 Activity January 1- 31 — $ — — $ 298,118,746 February 1- 28 187,048 $ 33.31 187,048 $ 291,887,826 March 1- 31 424,324 $ 33.04 424,324 $ 277,868,369 April 1-30 155,878 $ 32.24 155,878 $ 272,843,463 May 1-31 922,862 $ 30.79 922,862 $ 244,424,375 June 1-30 208,510 $ 30.85 208,510 $ 237,992,519 July 1-31 321,534 $ 31.26 321,534 $ 227,942,536 August 1-31 — $ — — $ 227,942,536 September 1-30 — $ — — $ 227,942,536 October 1-31 — $ — — $ 227,942,536 November 1-30 — $ — — $ 227,942,536 December 1-31 — $ — — $ 227,942,536 Total 39,426,521 $ 44.95 39,426,521 |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Schedule II—Valuation and Qualifying Accounts For the Years ended December 31, 2018, 2017 and 2016 (IN MILLIONS) Balance Charges to Deductions Effect of Balance at Allowance for accounts receivable and sales returns For the year ended December 31, 2016 $ 26 $ 4 $ (4 ) $ (1 ) $ 25 For the year ended December 31, 2017 $ 25 $ 6 $ (3 ) $ 1 $ 29 For the year ended December 31, 2018 $ 29 $ 5 $ (2 ) $ (1 ) $ 31 (IN MILLIONS) Balance Charges/ Charged Effect of Balance at Valuation allowance for deferred taxes For the year ended December 31, 2016 $ 144 $ (29 ) $ 7 $ (10 ) $ 112 For the year ended December 31, 2017 $ 112 $ 355 $ (8 ) $ 7 $ 466 For the year ended December 31, 2018 $ 466 $ 193 $ 3 $ (11 ) $ 651 |
Description of Business, Basi_2
Description of Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the accounts of Nielsen and all subsidiaries and other controlled entities. Noncontrolling interests in subsidiaries are reported as a component of equity in the consolidated financial statements with disclosure on the face of the consolidated statements of operations of the amounts of consolidated net income/(loss) attributable to Nielsen shareholders and to the noncontrolling interests. The equity method of accounting is used for investments in affiliates and joint ventures where Nielsen has significant influence but not control, usually supported by a shareholding of between 20% and 50% of the voting rights. Investments in which Nielsen owns less than 20% and does not have significant influence are accounted for either as available-for-sale securities if the shares are publicly traded or as cost method investments. Intercompany accounts and transactions between consolidated companies have been eliminated in consolidation. |
Foreign Currency Translations | Foreign Currency Translation Nielsen has significant investments outside the U.S., primarily in the Euro-zone, Canada and the United Kingdom. Therefore, changes in the value of foreign currencies affect the consolidated financial statements when translated into U.S. Dollars. The functional currency for substantially all subsidiaries outside the U.S. is the local currency. Financial statements for these subsidiaries are translated into U.S. Dollars at period-end exchange rates as to the assets and liabilities and monthly average exchange rates as to revenues, expenses and cash flows. For these countries, currency translation adjustments are recognized in shareholders’ equity as a component of accumulated other comprehensive income/(loss), net, whereas transaction gains and losses are recognized in foreign exchange transaction losses, net in the consolidated statement of operations. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Research and Development Costs | Research and Development Costs Research and development costs, which were not material for any periods presented, are expensed as incurred. |
Deferred Costs | Deferred Costs Incremental direct costs incurred related to establishing or significantly expanding a panel in a designated market are deferred at the point when Nielsen determines them to be recoverable. Prior to this point, these cost are expensed as incurred. These deferred costs are typically amortized through cost of revenues over the original contract period beginning when the panel or infrastructure to service new clients is ready for its intended use. |
Advertising and Marketing Costs | Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred and are reflected as selling, general and administrative expenses in the consolidated statements of operations. These costs include all brand advertising, telemarketing, direct mail and other sales promotion associated with marketing/media research services. Advertising and marketing costs totaled $18 million, $21 million and $25 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Computation of Net Income per Share | Computation of Net Income per Share Basic net income per share is computed using the weighted-average number of common stock outstanding during the period. Diluted net income per share is computed using the weighted-average number of shares of common stock and dilutive potential shares of common stock outstanding during the period. Dilutive potential shares of common stock primarily consist of employee stock options and restricted stock. Employee stock options, restricted stock and similar equity instruments granted by the Company are treated as potential common stock outstanding in computing diluted earnings per share. Diluted stock outstanding includes nonvested restricted stock units and the dilutive effect of in-the-money options which is calculated based on the average share price for each 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 are assumed to be used to repurchase stock. In 2016, upon the adoption of ASU 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” the Company removed the excess tax benefit from its assumed proceeds under the treasury stock method. The effect of 8,519,133, 4,351,564 and 1,650,708 shares of common stock equivalents under stock compensation plans were excluded from the calculation of diluted earnings per share for the years ended December 31, 2018, 2017 and 2016, respectively, as such shares would have been anti-dilutive. |
Comprehensive Income/(Loss) | Comprehensive Income/(Loss) Comprehensive income/(loss) is reported in the accompanying consolidated statements of comprehensive income/(loss) and consists of net income/(loss) and other gains and losses, net of tax affecting equity that are excluded from net income/(loss). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash and short-term, highly liquid investments with an original maturity date of three months or less. Cash and cash equivalents are carried at fair value. |
Accounts Receivable | Accounts Receivable The Company extends non-interest bearing trade credit to its customers in the ordinary course of business. To minimize credit risk, ongoing credit evaluations of client’s financial condition are performed. An estimate of the allowance for doubtful accounts is made when collection of the full amount is no longer probable or returns are expected. During the years ended December 31, 2018, 2017 and 2016, the Company sold $295 million, $202 million and $137 million, respectively, of accounts receivables to third parties and recorded an immaterial loss on the sale to interest expense, net in the consolidated statement of operations. As of December 31, 2018, 2017 and 2016, $105 million, $110 million and $71 million, respectively, remained outstanding. The sales were accounted for as true sales, without recourse. Nielsen maintains servicing responsibilities of the majority of the receivables sold during the year, for which the related costs are not significant. The proceeds of $295 million, $202 million and $137 million from the sales were reported as a component of the changes in trade and other receivables, net within operating activities in the consolidated statement of cash flows. |
Other Significant Accounting Policies | Other Significant Accounting Policies The following table includes other significant accounting policies that are described in other notes to the financial statements, including the related note: Significant Accounting Policy Note Revenue recognition 3 Goodwill and Other Intangible Assets 5 Impairment of Long-Lived Assets 5&7 Property, Plant and Equipment 7 Investments 8 Financial Instruments 8 Derivative Financial Instruments 8 Pensions and Other Post Retirement Benefits 10 Share-Based Compensation 13 Income Taxes 14 |
Revenue Recognition | Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”), “ Revenue from Contracts with Customers |
Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost | Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued an ASU, “Compensation — Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which will change the presentation of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost will be included within the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost will be presented separately outside of operating income/(loss). Additionally, only service costs may be capitalized in assets. This ASU is required to be applied retrospectively. The Company adopted this ASU effective January 1, 2018 and reclassified $11 million and $13 million from selling, general and administrative expenses to other income/(expense), net in its consolidated statement of operations for the twelve months ended December 31, 2017 and 2016, respectively. |
Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets | Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets In February 2017, the FASB issued an ASU, “Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets," which clarifies when . |
Compensation- Stock Compensation | Compensation- Stock Compensation In May 2017, the FASB issued an ASU, Compensation- Stock Compensation (Topic 718), “Scope of Modification Accounting,” which amends the scope of modification accounting for share-based payment arrangements. The standard provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The Company adopted this ASU in the first quarter of 2018 and it did not have a material impact on the Company’s consolidated financial statements |
Leases | Leases In February 2016, the FASB issued an ASU, “Leases.” The new standard amends the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases and amends disclosure requirements associated with leasing arrangements. The new standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Nielsen has elected to use the transition method approved by the FASB on July 30, 2018, which allows companies to apply the provisions of the new leasing standard as of January 1, 2019, without adjusting the comparative periods presented by recognizing a cumulative-effect adjustment to the opening balance of retained earnings. In 2016, the Company established a cross-functional implementation team consisting of representatives from across all of its business segments. Management utilized a bottom-up approach to analyze the impact of the standard on Nielsen’s leasing portfolio by reviewing the current accounting policies and practices to identify potential differences that would result from applying the requirements of the new standard. The Company has developed its accounting policy, including the practical expedients provided for in ASU 2018-11, “Leases (Topic 842) Targeted Improvements,” and is in the process of implementing appropriate changes to Nielsen’s business processes, systems and controls to support the recognition and disclosure under the new standard. Nielsen is implementing an enterprise-wide lease management system to support the ongoing accounting requirements, has finalized its process of accumulating all of the necessary information required for its lease portfolio under the new standard and is in the final stage of inputting the information into the lease management system. The Company’s ability to calculate its right of use asset and related liability is dependent on finalizing this process, which is expected to be completed by the end of the first quarter 2019. While Nielsen continues to evaluate |
Intra-Entity Transfers of Assets | Intra-Entity Transfers of Assets On October 24, 2016, the FASB issued an ASU, Intra-Entity Transfers of Assets Other Than Inventory. The FASB issued the ASU as part of its simplification initiative aimed at reducing complexity in accounting standards. This guidance requires that the tax effects of all intra-entity sales of assets other than inventory be recognized in the period in which the transaction occurs. Nielsen was subject to this standard effective in the first quarter of 2018. The guidance is applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements |
Income Taxes | Income taxes In February 2018, the FASB issued an ASU, “Reclassification of Certain Tax Effects From Accumulated Comprehensive Income”. The new standard will give companies the option to reclassify stranded tax effects caused by the newly-enacted US Tax Cuts and Jobs Act (“TCJA”) from accumulated other comprehensive income/(loss) (AOCI) to retained earnings. The new standard will take effect for all companies for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Nielsen is assessing the impact that the adoption of this ASU will have on the Company’s consolidated financial statements. |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue Recognition [Abstract] | |
Summary of Revenue Disaggregated by Segment Including by Primary Geographic Markets for Buy and by Major Product for Watch, and by Timing of Revenue Recognition | The table below sets forth the Company’s revenue disaggregated within each segment, including by primary geographic markets for Buy and by major product offerings for Watch and by timing of revenue recognition. (IN MILLIONS) Year Ended December 31, 2018 2017 2016 Buy Segment (primary geographical markets) Developed Markets $ 1,922 $ 1,999 $ 2,096 Emerging Markets 1,145 1,164 1,063 Core Buy $ 3,067 $ 3,163 $ 3,159 Corporate $ 30 $ 68 $ 163 Buy $ 3,097 $ 3,231 $ 3,322 Watch Segment (major product/service lines) Audience Measurement (Video and Text) $ 2,446 $ 2,308 $ 1,978 Audio 497 501 500 Marketing Effectiveness 337 350 287 Core Watch $ 3,280 $ 3,159 $ 2,765 Corporate/Other Watch 138 182 222 Watch $ 3,418 $ 3,341 $ 2,987 Total Core Buy and Watch $ 6,347 $ 6,322 $ 5,924 Total $ 6,515 $ 6,572 $ 6,309 Timing of revenue recognition Products transferred at a point in time $ 576 $ 495 $ 556 Products and services transferred over time 5,939 6,077 5,753 Total $ 6,515 $ 6,572 $ 6,309 |
Summary of Contract Assets and Contract Liabilities from Contracts with Customers | The table below sets forth the Company’s contract assets and contract liabilities from contracts with customers. (IN MILLIONS) Year Ended December 31, 2018 2017 Contract assets $ 210 $ 259 Contract liabilities $ 359 $ 361 |
Business Acquisitions and Dis_2
Business Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Pro Forma Information | The following unaudited pro forma information presents the consolidated results of operations of the Company and Gracenote for the year ended December 31, 2017, as if the acquisition had occurred on January 1, 2016, with pro forma adjustments to give effect to amortization of intangible assets, an increase in interest expense from acquisition financing, and certain other adjustments: Year Ended December 31, (IN MILLIONS) 2017 2016 Revenues $ 6,590 $ 6,532 Income from continuing operations $ 443 $ 499 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill | The table below summarizes the changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2018 and 2017, respectively. (IN MILLIONS) Buy Watch Total Balance, December 31, 2016 $ 2,696 $ 5,149 $ 7,845 Acquisitions, divestitures and other adjustments 2 473 475 Effect of foreign currency translation 146 29 175 Balance, December 31, 2017 $ 2,844 $ 5,651 $ 8,495 Acquisitions, divestitures and other adjustments 11 15 26 Impairment (1,411 ) — (1,411 ) Effect of foreign currency translation (107 ) (16 ) (123 ) Balance, December 31, 2018 $ 1,337 $ 5,650 $ 6,987 Cumulative impairments $ 1,411 $ 376 $ 1,787 |
Other Intangible Assets | The table below summarizes the carrying value of such intangible assets and their estimated useful lives: Gross Amounts Accumulated Amortization Estimated Weighted December 31, December 31, December 31, December 31, (IN MILLIONS) Useful Lives Average 2018 2017 2018 2017 Indefinite-lived intangibles: Trade names and trademarks $ 1,921 $ 1,921 $ — $ — Amortized intangibles: Trade names and trademarks 5-20 years 13 years 140 139 (102 ) (92 ) Customer-related intangibles 6-25 years 21 years 3,145 3,174 (1,604 ) (1,463 ) Covenants-not-to-compete 1-7 years 3 years 39 39 (38 ) (37 ) Content databases ( 1) 12-16 years 12 years 167 168 (26 ) (12 ) Computer software 3-10 years 5 years 3,029 2,681 (1,694 ) (1,498 ) Patents and other 3-10 years 6 years 173 171 (126 ) (114 ) Total $ 6,693 $ 6,372 $ (3,590 ) $ (3,216 ) (1) T he content databases were acquired as part of the Gracenote acquisition on February 1, 2017 These databases represent metadata used in Gracenote’s Video, Music/Auto and Sports product offerings that is not easily replicated due to its quantity and the relationships needed to acquire the data. The estimated remaining useful life of these content databases is 12 to 16 years. |
Summary of Estimated Future Amortization Expense | All other intangible assets are subject to amortization. Future amortization expense is estimated to be as follows: (IN MILLIONS) For the year ending December 31: 2019 $ 525 2020 495 2021 447 2022 318 2023 261 Thereafter 1,057 Total $ 3,103 |
Changes in and Reclassificati_2
Changes in and Reclassification out of Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax by Component | The table below summarizes the changes in accumulated other comprehensive income/(loss), net of tax, by component for the years ended December 31, 2018 and 2017, respectively. Currency Translation Post Employment Adjustments Cash Flow Hedges Benefits Total (IN MILLIONS) Balance December 31, 2017 $ (610 ) $ 10 $ (340 ) $ (940 ) Other comprehensive income/(loss) before reclassifications $ (170 ) $ 6 $ (21 ) $ (185 ) Amounts reclassified from accumulated other comprehensive (income)/loss — (5 ) 19 14 Net current period other comprehensive income/(loss) (170 ) 1 (2 ) (171 ) Net current period other comprehensive income/(loss) attributable to noncontrolling interest (1 ) — — (1 ) Net current period other comprehensive income/(loss) attributable to Nielsen shareholders (169 ) 1 (2 ) (170 ) Balance December 31, 2018 $ (779 ) $ 11 $ (342 ) $ (1,110 ) Currency Translation Post Employment Adjustments Cash Flow Hedges Benefits Total (IN MILLIONS) Balance December 31, 2016 $ (856 ) $ (1 ) $ (354 ) $ (1,211 ) Other comprehensive income/(loss) before reclassifications $ 248 $ 8 $ (3 ) $ 253 Amounts reclassified from accumulated other comprehensive (income)/loss — 3 17 20 Net current period other comprehensive income/(loss) 248 11 14 273 Net current period other comprehensive income/(loss) attributable to noncontrolling interest 2 — — 2 Net current period other comprehensive income/(loss) attributable to Nielsen shareholders 246 11 14 271 Balance December 31, 2017 $ (610 ) $ 10 $ (340 ) $ (940 ) |
Summary of Reclassification of Accumulated Other Comprehensive Loss by Component | The table below summarizes the reclassification of accumulated other comprehensive loss by component for the years ended December 31, 2018 and 2017, respectively. Amount Reclassified from Accumulated Other (IN MILLIONS) Comprehensive Loss Details about Accumulated Other Comprehensive Affected Line Item in the Year Ended December 31, Consolidated Income components 2018 2017 Statement of Operations Cash flow hedges Interest rate contracts $ (7 ) $ 5 Interest (income)/ expense 2 (2 ) (Benefit)/provision for income taxes $ (5 ) $ 3 Total, net of tax Amortization of Post-Employment Benefits Actuarial loss $ 19 $ 19 (a) — (2 ) (Benefit)/provision for income taxes $ 19 $ 17 Total, net of tax Total reclassification for the period $ 14 $ 20 Net of tax (a) This accumulated other comprehensive loss component is included in the computation of net periodic pension cost. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following tables summarizes the carrying value of our property, plant and equipment including the associated useful lives: Estimated December 31, December 31, (IN MILLIONS) Useful Life 2018 2017 Land and buildings 25-50 years $ 378 $ 371 Information and communication equipment 3-10 years 1,014 994 Furniture, equipment and other 3-10 years 109 121 1,501 1,486 Less accumulated depreciation and amortization (1,033 ) (1,004 ) $ 468 $ 482 |
Schedule of Gross and Net Book Value of Assets under Capital Leases | Gross and net book value of assets under capital leases were as follows: (IN MILLIONS) December 31, 2018 Gross Book Value Accumulated Depreciation Net Book Value Land and buildings $ 175 $ (79 ) $ 96 Information and communication equipment 221 (147 ) 74 $ 396 $ (226 ) $ 170 December 31, 2017 Gross Book Value Accumulated Depreciation Net Book Value Land and buildings $ 178 $ (75 ) $ 103 Information and communication equipment 151 (84 ) 67 $ 329 $ (159 ) $ 170 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes the valuation of the Company’s material financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 and 2017: December 31, (IN MILLIONS) 2018 Level 1 Level 2 Level 3 Assets: Plan assets for deferred compensation (1) $ 25 $ 25 $ — $ — Investment in mutual funds (2) 2 2 — — Interest rate swap arrangements (3) 23 — 23 — Total $ 50 $ 27 $ 23 $ — Liabilities: Interest rate swap arrangements (3) $ 3 $ — $ 3 $ — Deferred compensation liabilities (4) 27 27 — — Total $ 30 $ 27 $ 3 $ — December 31, 2017 Level 1 Level 2 Level 3 Assets: Plan assets for deferred compensation (1) $ 33 $ 33 $ — $ — Investment in mutual funds (2) 2 2 — — Interest rate swap arrangements (3) 17 — 17 — Total $ 52 $ 35 $ 17 $ — Liabilities: Interest rate swap arrangements (3) $ — $ — $ — $ — Deferred compensation liabilities (4) 33 33 — — Total $ 33 $ 33 $ — $ — ( 1 ) Plan assets are comprised of investments in mutual funds, which are intended to fund liabilities arising from deferred compensation plans. These investments are carried at fair value, which is based on quoted market prices at period end in active markets. These investments are classified as equity securities with any gains or losses resulting from changes in fair value recorded in other income/(expense), net in the consolidated statement of operations. (2 ) Investments in mutual funds are money-market accounts held with the intention of funding certain specific retirement plans. (3 ) Derivative financial instruments include interest rate swap arrangements recorded at fair value based on externally-developed valuation models that use readily observable market parameters and the consideration of counterparty risk. (4 ) The Company offers certain employees the opportunity to participate in a deferred compensation plan. A participant’s deferrals are invested in a variety of participant directed stock and bond mutual funds and are classified as equity securities. Changes in the fair value of these securities are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held exclusive of any transaction costs. A corresponding adjustment for changes in fair value of the equity securities is also reflected in the changes in fair value of the deferred compensation obligation. |
Outstanding Interest Rate Swaps | As of December 31, 2018 the Company had the following outstanding interest rate swaps utilized in the management of its interest rate risk: Notional Amount Maturity Date Currency Interest rate swaps designated as hedging instruments US Dollar term loan floating-to-fixed rate swaps $ 150,000,000 April 2019 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 June 2019 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 150,000,000 July 2019 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 July 2020 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 July 2020 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 October 2020 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 October 2021 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 July 2022 US Dollar US Dollar term loan floating-to-fixed rate swaps $ 250,000,000 May 2023 US Dollar |
Schedule of Effect of Cash Flow Hedge Accounting on Consolidated Statement of Operations | The effect of cash flow hedge accounting on the consolidated statement of operations for the years ended December 31, 2018, 2017 and 2016: Interest Expense Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Interest expense (Location in the consolidated statement of operations in which the effects of cash flow hedges are recorded) $ 394 $ 374 $ 333 Amount of (gain)/loss reclassified from accumulated other comprehensive income/(loss) into income, net of tax $ (5 ) $ 3 $ 5 Amount of income/(loss) reclassified from accumulated other comprehensive income/(loss) into income as a result that a forecasted transaction is no longer probable of occurring, net of tax $ — $ — $ — |
Fair Values of Derivative Instruments in Consolidated Balance Sheets | The fair values of the Company’s derivative instruments as of December 31, 2018 and 2017 were as follows: December 31, 2018 December 31, 2017 Accounts Payable Derivatives Designated as Hedging Instruments Prepaid Expense and Other Current Other Non- Current Other Non- Current Other Non- Current and Other Current Other Non- Current (IN MILLIONS) Assets Assets Liabilities Assets Liabilities Liabilities Interest rate swaps $ 3 $ 20 $ 3 $ 17 $ — $ — |
Derivatives in Cash Flow Hedging Relationships | The pre-tax effect of derivative instruments in cash flow hedging relationships for the years ended December 31, 2018, 2017 and 2016 was as follows (amounts in millions): Amount of (Gain)/Loss Amount of (Gain)/Loss Recognized in OCI Location of (Gain)/Loss Reclassified from OCI on Derivatives Reclassified from OCI into Income Derivatives in Cash Flow (Effective Portion) into Income (Effective Portion) Hedging Relationships December 31, (Effective Portion) December 31, (IN MILLIONS) 2018 2017 2016 2018 2017 2016 Interest rate swaps $ (9 ) $ (13 ) $ 3 Interest expense $ (7 ) $ 5 $ 7 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary of Changes in Liabilities for Restructuring Activities | A summary of the changes in the liabilities for restructuring activities is provided below: Total (IN MILLIONS) Initiatives Balance at December 31, 2015 $ 38 Charges 105 Non cash charges and other adjustments (1 ) Payments (69 ) Balance at December 31, 2016 73 Charges 80 Non cash charges and other adjustments 2 Payments (97 ) Balance at December 31, 2017 58 Charges 139 Non cash charges and other adjustments (2 ) Payments (127 ) Balance at December 31, 2018 $ 68 |
Pensions and Other Post-Retir_2
Pensions and Other Post-Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Pension Plans | A summary of the activity for the Pension Plans follows: Year Ended December 31, 2018 The United (IN MILLIONS) Netherlands States Other Total Change in projected benefit obligation Benefit obligation at beginning of period $ 724 $ 370 $ 678 $ 1,772 Service cost 3 — 6 9 Interest cost 10 12 13 35 Plan participants’ contributions — — 1 1 Actuarial (gain)/loss (29 ) (29 ) (28 ) (86 ) Benefits paid (30 ) (15 ) (24 ) (69 ) Expenses paid — — — — Premiums paid — — (1 ) (1 ) Settlements — — (4 ) (4 ) Combinations Amendments — — — — 2 1 2 1 Effect of foreign currency translation (31 ) — (31 ) (62 ) Benefit obligation at end of period 647 338 613 1,598 Change in plan assets Fair value of plan assets at beginning of period 718 260 581 1,559 Actual return on plan assets (25 ) (23 ) (14 ) (62 ) Employer contributions 5 9 15 29 Plan participants’ contributions — — 1 1 Benefits paid (30 ) (15 ) (24 ) (69 ) Expenses paid — — — — Premiums paid — — (1 ) (1 ) Settlements — — (4 ) (4 ) Combinations — — 2 2 Effect of foreign currency translation (31 ) — (28 ) (59 ) Fair value of plan assets at end of period 637 231 528 1,396 Funded status $ (10 ) $ (107 ) $ (85 ) $ (202 ) Amounts recognized in the Consolidated Balance Sheets Pension assets included in other non-current assets — — 17 17 Current liabilities — (1 ) (1 ) (2 ) Accrued benefit liability included in other non-current liabilities (10 ) (106 ) (101 ) (217 ) Net amount recognized $ (10 ) $ (107 ) $ (85 ) $ (202 ) Amounts recognized in Other Comprehensive Income/(Loss), before tax Net (gain)/loss $ 11 $ 10 $ 1 $ 22 Settlement loss — — (1 ) (1) Amortization of prior service cost Amortization of net loss — 6 — 9 1 4 1 19 Total recognized in other comprehensive income/(loss) $ (5 ) $ (1 ) $ 3 $ (3 ) Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax Unrecognized losses $ 190 $ 114 $ 129 $ 433 Year Ended December 31, 2017 The United (IN MILLIONS) Netherlands States Other Total Change in projected benefit obligation Benefit obligation at beginning of period $ 669 $ 344 $ 629 $ 1,642 Service cost 5 — 8 13 Interest cost 9 12 13 34 Plan participants’ contributions 1 — 1 2 Actuarial (gain)/loss (21 ) 27 — 6 Benefits paid (30 ) (13 ) (23 ) (66 ) Expenses paid (1 ) — (1 ) (2 ) Premiums paid — — (1 ) (1 ) Settlements — — (6 ) (6 ) Effect of foreign currency translation 92 — 58 150 Benefit obligation at end of period 724 370 678 1,772 Change in plan assets Fair value of plan assets at beginning of period 625 233 507 1,365 Actual return on plan assets 32 37 40 109 Employer contributions 3 3 15 21 Plan participants’ contributions 1 — 1 2 Benefits paid (30 ) (13 ) (23 ) (66 ) Expenses paid (1 ) — (1 ) (2 ) Premiums paid — — (1 ) (1 ) Settlements — — (6 ) (6 ) Effect of foreign currency translation 88 — 49 137 Fair value of plan assets at end of period 718 260 581 1,559 Funded status $ (6 ) $ (110 ) $ (97 ) $ (213 ) Amounts recognized in the Consolidated Balance Sheets Pension assets included in other non-current assets — — 23 23 Current liabilities — — (2 ) (2 ) Accrued benefit liability included in other non-current liabilities (6 ) (110 ) (118 ) (234 ) Net amount recognized $ (6 ) $ (110 ) $ (97 ) $ (213 ) Amounts recognized in Other Comprehensive Income/(Loss), before tax Net (gain)/loss $ (3 ) $ 7 $ (6 ) $ (2 ) Settlement loss — — (1 ) (1 ) Amortization of net loss (7 ) (6 ) (5 ) (18 ) Total recognized in other comprehensive income/(loss) $ (10) $ 1 $ (12 ) $ (21 ) Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax Unrecognized losses $ 185 $ 113 $ 132 $ 430 |
Total Accumulated Benefit Obligation and Minimum Liability Changes for Pension Plans | The total accumulated benefit obligation and minimum liability changes for the Pension Plans were as follows: Year Ended Year Ended Year Ended December 31, December 31, December 31, (IN MILLIONS) 2018 2017 2016 Accumulated benefit obligation. $ 1,579 $ 1,750 $ 1,622 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets at December 31, 2018 The United (IN MILLIONS) Netherlands States Other Total Projected benefit obligation $ 646 $ 338 $ 506 $ 1,490 Accumulated benefit obligation 644 338 491 1,473 Fair value of plan assets 637 231 404 1,272 Pension Plans with Projected Benefit Obligation in Excess of Plan Assets at December 31, 2018 The United (IN MILLIONS) Netherlands States Other Total Projected benefit obligation $ 646 $ 338 $ 506 $ 1,490 Accumulated benefit obligation 644 338 597 1,579 Fair value of plan assets 637 231 404 1,272 Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets at December 31, 2017 The United (IN MILLIONS) Netherlands States Other Total Projected benefit obligation $ 80 $ 370 $ 560 $ 1,010 Accumulated benefit obligation 80 370 542 992 Fair value of plan assets 76 260 440 776 Pension Plans with Projected Benefit Obligation in Excess of Plan Assets at December 31, 2017 The United (IN MILLIONS) Netherlands States Other Total Projected benefit obligation $ 724 $ 370 $ 560 $ 1,654 Accumulated benefit obligation 721 370 541 1,632 Fair value of plan assets 718 260 440 1,418 |
Net Periodic Benefit Cost | Net periodic benefit cost for the years ended December 31, 2018, 2017 and 2016, respectively, includes the following components: Net Periodic Pension Costs The United (IN MILLIONS) Netherlands States Other Total Year ended December 31, 2018 Service cost $ 3 $ — $ 6 $ 9 Interest cost 10 12 13 35 Expected return on plan assets (23 ) (17 ) (21 ) (61 ) Settlement loss recognized — — 1 1 Amortization of prior service costs — — (1 ) (1 ) Amortization of net loss 6 9 4 19 Net periodic pension cost $ (4 ) 4 2 2 Year ended December 31, 2017 Service cost $ 5 $ — $ 8 $ 13 Interest cost 9 12 13 34 Expected return on plan assets (24 ) (17 ) (22 ) (63 ) Curtailment gain recognized — — 1 1 Settlement loss recognized — — (1 ) (1 ) Amortization of net loss 7 6 5 18 Net periodic pension cost $ (3 ) 1 4 2 Year ended December 31, 2016 Service cost $ 5 $ — $ 9 $ 14 Interest cost 11 13 16 40 Expected return on plan assets (26 ) (18 ) (25 ) (69 ) Settlement loss recognized — — (1 ) (1 ) Amortization of prior service costs — — 2 2 Amortization of net loss 5 6 4 15 Net periodic pension cost $ (5 ) $ 1 $ 5 $ 1 |
Component of Accumulated Other Comprehensive Income/(Loss) Expected to be Recognized | The deferred loss included as a component of accumulated other comprehensive income/(loss) that is expected to be recognized as a component of net periodic benefit cost during 2019 is as follows: The Netherlands United States Other Total Net actuarial loss $ (5 ) $ (6 ) $ (7 ) $ (18 ) |
Weighted Average Assumptions Underlying Pension Computations | The weighted average assumptions underlying the pension computations were as follows: Year Ended December 31, 2018 2017 2016 NL US Other NL US Other NL US Other Pension benefit obligation: —discount rate 2.0% 4.4% 2.5% 1.9% 3.7% 2.3% 1.8% 4.4% 2.3% —rate of compensation increase 1.8% — 1.1% 1.8% — 1.1% 1.8% — 1.1% Net periodic pension costs: —discount rate 1.9% 3.7% 2.3% 1.8% 4.4% 2.3% 2.4% 4.6% 3.2% —rate of compensation increase 1.8% — 1.1% 3.8% — 1.1% 1.8% — 2.5% —expected long-term return on plan assets 3.6% 6.9% 4.3% 3.8% 7.0% 4.4% 4.2% 7.3% 5.3% |
Weighted Average Asset Allocation by Asset Category | Nielsen’s pension plans’ weighted average asset allocations by asset category are as follows: The United Netherlands States Other Total At December 31, 2018 Equity securities 21 % 52 % 41 % 33 % Fixed income securities 62 47 28 50 Other 17 1 31 17 Total 100 % 100 % 100 % 100 % At December 31, 2017 Equity securities 27 % 55 % 45 % 37 % Fixed income securities 56 44 31 47 Other 17 1 24 16 Total 100 % 100 % 100 % 100 % |
Assets at Fair Value | Assets at fair value (See Note 8 – “Fair Value Measurements” for additional information on fair value measurement and the underlying fair value hierarchy) as of December 31, 2018 and 2017 are as follows: Our fair value hierarchy shown below excludes investments using the NAV per share practical expedient. Application of the NAV per share practical expedient coincided with the change in investment management for one of the Company’s Pension Plans during 2016. (IN MILLIONS) December 31, 2018 December 31, 2017 Asset Category Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash and equivalents $ 30 $ — $ — $ 30 $ 8 $ — $ — $ 8 Equity securities – U.S. 53 10 — 63 60 12 — 72 Equity securities – Global. 37 206 — 243 40 270 — 310 Equity securities – non-U.S. 9 68 — 77 8 94 — 102 Real estate — — 42 42 — — 47 47 Corporate bonds 100 270 — 370 142 243 — 385 Debt issued by national, state or local government 31 194 — 225 39 191 — 230 Other — 2 132 134 — 2 149 151 Total assets at fair value, excluding NAV per share practical expedient at December 31, 2018 and December 31, 2017 $ 260 $ 750 $ 174 $ 1,184 $ 297 $ 812 $ 196 $ 1,305 The following presents our total fair value of plan assets including the NAV per share practical expedient: (IN MILLIONS) December 31, 2018 December 31, 2017 Fair value of investments, excluding NAV per share practical expedient. $ 1,184 $ 1,305 Fair value of investments, using NAV per share practical expedient Asset Category Cash $ 4 $ 7 Equity securities – U.S. 23 26 Equity securities – Global. 29 32 Corporate debt securities or bonds. — 7 Debt issued by national, state or local government 10 8 Liability driven investments 59 88 Real estate 6 7 Private equity and hedge funds 60 60 Insurance and other 21 19 Total assets at fair value including NAV per share practical expedient at December 31, 2018 and December 31, 2017 $ 1,396 $ 1,559 |
Summary of Changes in Fair Value of Pension Plans Level 3 Assets | The following is a summary of changes in the fair value of the Pension Plans’ Level 3 assets for the years ended December 31, 2018 and 2017: (IN MILLIONS) Real Estate Other Total Balance, end of year December 31, 2016 $ 38 $ 129 $ 167 Actual return on plan assets: (Sales)/investments 5 — 5 Unrealized gains — 3 3 Effect of foreign currency translation 4 17 21 Balance, end of year December 31, 2017 $ 47 $ 149 $ 196 Actual return on plan assets: (Sales)/Investments (4 ) (8 ) (12 ) Unrealized losses — (1 ) (1 ) Effect of foreign currency translation (1 ) (8 ) (9 ) Balance, end of year December 31, 2018 $ 42 $ 132 $ 174 |
Estimated Future Benefit Payments | Estimated future benefit payments are as follows: The United (IN MILLIONS) Netherlands States Other Total For the years ending December 31, 2019 $ 30 $ 15 $ 20 $ 65 2020 30 16 20 66 2021 30 17 21 68 2022 30 17 22 69 2023 30 18 24 72 2024-2028 147 101 137 385 |
Long-term Debt and Other Fina_2
Long-term Debt and Other Financing Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | Unless otherwise stated, interest rates are as of December 31, 2018. December 31, 2018 December 31, 2017 Weighted Weighted Interest Carrying Fair Interest Carrying Fair (IN MILLIONS) Rate Amount Value Rate Amount Value $2,080 million Senior secured term loan (LIBOR based variable rate of 3.43%) due 2019 $ — — $ 1,392 $ 1,397 $1,125 million Senior secured term loan (LIBOR based variable rate of 4.14%) due 2023 1,112 1,100 — — $2,303 million Senior secured term loan (LIBOR based variable rate of 4.39%) due 2023 2,285 2,215 2,232 2,247 €380 million Senior secured term loan (Euro LIBOR based variable rate of 2.10%) due 2021 — — 450 452 €545 million Senior secured term loan (Euro LIBOR based variable rate of 2.50%) due 2023 623 619 — — $850 million senior secured revolving credit facility (Euro LIBOR or LIBOR based variable rate) due 2023 — — — — Total senior secured credit facilities (with weighted-average interest rate) 4.09 % 4,020 3,934 3.39 % 4,074 4,096 $800 million 4.50% senior debenture loan due 2020 797 792 795 809 $625 million 5.50% senior debenture loan due 2021 621 621 620 643 $2,300 million 5.00% senior debenture loan due 2022 2,290 2,179 2,288 2,362 $500 million 5.00% senior debenture loan due 2025 496 472 496 518 Total debenture loans (with weighted-average interest rate) 5.22 % 4,204 4,064 5.22 % 4,199 4,332 Other loans 1 1 1 1 Total long-term debt 4.67 % 8,225 7,999 4.32 % 8,274 8,429 Capital lease and other financing obligations 161 167 Bank overdrafts 1 — Total debt and other financing arrangements 8,387 8,441 Less: Current portion of long-term debt, capital lease and other financing obligations and other short-term borrowings 107 84 Non-current portion of long-term debt and capital lease and other financing obligations $ 8,280 $ 8,357 |
Schedule of Long-Term Debt Currency Wise | The carrying value of Nielsen’s long-term debt are denominated in the following currencies: December 31, December 31, (IN MILLIONS) 2018 2017 U.S. Dollars $ 7,602 $ 7,824 Euro 623 450 $ 8,225 $ 8,274 |
Annual Maturities of Long-Term Debt | Annual maturities of Nielsen’s long-term debt are as follows: (IN MILLIONS) 2019 $ 45 2020 $ 855 2021 $ 703 2022 $ 2,401 2023 $ 3,724 Thereafter $ 497 $ 8,225 |
Summary of Future Minimum Capital Lease Payments Under Non-Cancelable Capital Leases | Future minimum capital lease payments under non-cancelable capital leases at December 31, 2018 are as follows: (IN MILLIONS) 2019 $ 58 2020 52 2021 35 2022 19 2023 13 Thereafter 7 Total 184 Less: amount representing interest 23 Present value of minimum lease payments $ 161 Current portion $ 51 Total non-current portion 110 Present value of minimum lease payments $ 161 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Common Stock Activity | Common stock activity is as follows: Year Ended December 31, 2018 2017 2016 Actual number of shares of common stock outstanding Beginning of period 355,944,976 357,465,614 362,338,369 Shares of common stock issued through compensation plans 1,587,947 1,578,917 3,482,699 Employee benefit trust activity (41,030 ) 269,284 (280,339 ) Repurchases of common stock (2,220,156 ) (3,368,839 ) (8,075,115 ) End of period 355,271,737 355,944,976 357,465,614 |
Summary of Dividends Declared on Nielsen's Common Stock | The following table represents the cash dividends declared by the Board and paid to shareholders for the years ended December 31, 2017 and 2018, respectively. Declaration Date Record Date Payment Date Dividend Per Share February 16, 2017 March 2, 2017 March 16, 2017 $ 0.31 April 24, 2017 June 2, 2017 June 16, 2017 $ 0.34 July 20, 2017 August 24, 2017 September 7, 2017 $ 0.34 October 19, 2017 November 21, 2017 December 5, 2017 $ 0.34 February 21, 2018 March 7, 2018 March 21, 2018 $ 0.34 April 19, 2018 June 6, 2018 June 20, 2018 $ 0.35 July 19, 2018 August 22, 2018 September 5, 2018 $ 0.35 October 18, 2018 November 21, 2018 December 5, 2018 $ 0.35 |
Summary of Approved Authorized Shares for Repurchase | Board Approval Share Repurchase Authorization ($ in millions) July 25, 2013 $ 500 October 23, 2014 $ 1,000 December 11, 2015 $ 500 Total Share Repurchase Authorization $ 2,000 |
Summary of Open Market Share Repurchases Activity | The activity for the year ended December 31, 2018 consisted of open market share repurchases and is summarized in the following table: Total Number of Dollar Value of Shares Shares Purchased as That may yet be Total Number Average Part of Publicly Purchased under the of Shares Price Paid Announced Plans Publicly Announced Period Purchased per Share or Programs Plans or Programs As of December 31, 2017 37,206,365 $ 45.74 37,206,365 $ 298,118,746 2018 Activity January 1- 31 — $ — — $ 298,118,746 February 1- 28 187,048 $ 33.31 187,048 $ 291,887,826 March 1- 31 424,324 $ 33.04 424,324 $ 277,868,369 April 1-30 155,878 $ 32.24 155,878 $ 272,843,463 May 1-31 922,862 $ 30.79 922,862 $ 244,424,375 June 1-30 208,510 $ 30.85 208,510 $ 237,992,519 July 1-31 321,534 $ 31.26 321,534 $ 227,942,536 August 1-31 — $ — — $ 227,942,536 September 1-30 — $ — — $ 227,942,536 October 1-31 — $ — — $ 227,942,536 November 1-30 — $ — — $ 227,942,536 December 1-31 — $ — — $ 227,942,536 Total 39,426,521 $ 44.95 39,426,521 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Assumptions Used for Grants of Time-Based Awards | The following assumptions were used for the grants of time-based awards during 2018, 2017 and 2016: Year Ended December 31, 2018 2017 2016 Expected life (years) 6.00 4.50 4.50-5.25 Risk-free interest rate 2.87 % 2.02 % 1.19-1.92 % Expected dividend yield 4.97 % 3.76 % 2.29- 2.90 % Expected volatility 25.96 % 22.01 % 20.02-23.44 % Weighted average volatility 25.96 % 22.01 % 20.89 % |
Summary of Stock Option Plan Activity | Nielsen’s stock option plan activity is summarized below: Number of Options Weighted-Average Weighted- Aggregate Stock Option Plan activity Outstanding at December 31, 2015 10,549,178 $ 33.96 4.16 $ 136 Granted 1,643,144 53.99 Forfeited (577,618 ) (33.51 ) Exercised (3,456,536 ) (28.85 ) Outstanding at December 31, 2016 8,158,168 $ 40.19 4.43 $ 43 Granted 1,000 36.17 Forfeited (996,015 ) (47.59 ) Exercised (1,293,850 ) (28.13 ) Outstanding at December 31, 2017 5,869,303 $ 41.58 3.52 $ 13 Granted 750,000 40.00 Forfeited (988,826 ) (46.08 ) Expired options (153,799 ) (30.47 ) Exercised (844,842 ) (28.04 ) Outstanding at December 31, 2018 4,631,836 $ 43.20 3.66 $ — Exercisable at December 31, 2018 3,186,245 $ 41.99 2.71 $ — |
Summary of Restricted Stock Units | Activity of Nielsen’s restricted stock units (RSUs) that are ultimately payable in shares of common stock granted under the Stock Incentive Plan is summarized below: Number of Weighted-Average Fair Value RSU activity Nonvested at December 31, 2015 1,506,767 $ 42.48 Granted 512,676 53.94 Forfeited (104,822 ) 43.26 Vested (558,228 ) 39.21 Nonvested at December 31, 2016 1,356,393 $ 47.69 Granted 1,574,973 36.23 Forfeited (339,292 ) 46.09 Vested (503,086 ) 44.62 Nonvested at December 31, 2017 2,088,988 $ 40.36 Granted 2,780,914 25.35 Forfeited (361,821 ) 38.46 Vested (642,397 ) 29.18 Nonvested at December 31, 2018 3,865,684 $ 29.88 |
Time and Performance Based Stock Options | |
Summary of Assumptions Used for Grants of Time-Based Awards | The following assumptions were used for grants of time and performance based awards during 2018: Year Ended December 31, 2018 Expected life (years) 5.00 Risk-free interest rate 2.83-2.92 % Expected dividend yield 4.85- 5.54 % Expected volatility 27.11-27.27 % Weighted average volatility 27.13 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of Income/(Loss) Before Income Taxes and Equity in Net Income/(Loss) of Affiliates | The components of income/(loss) before income taxes and equity in net income of affiliates, were: Year Ended December 31, (IN MILLIONS) 2018 2017 2016 UK $ 3 $ 27 $ (3 ) Non-UK (885 ) 801 819 Income/(loss) before income taxes and equity in net income/(loss) of affiliates $ (882 ) $ 828 $ 816 |
Provision for Income Taxes Attributable to Income Before Income Taxes and Equity in Net Income of Affiliates | The provision for income taxes attributable to the income/(loss) before income taxes and equity in net income/(loss) of affiliates consisted of: Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Current: UK $ — $ — $ — Non-UK . 332 226 221 332 226 221 Deferred: UK — (5 ) 1 Non-UK (514 ) 167 87 (514 ) 162 88 Total $ (182 ) $ 388 $ 309 |
Schedule of Provision for Income Taxes as Per UK Federal Income Tax Rates | The Company’s provision for income taxes for the years ended December 31, 2018, 2017 and 2016 was different from the amount computed by applying the statutory UK federal income tax rates to the underlying income/(loss) before income taxes and equity in net income/(loss) of affiliates as a result of the following: Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Income/(loss) before income taxes and equity in net income/(loss) of affiliates $ (882 ) $ 828 $ 816 UK statutory tax rate 19.00 % 19.25 % 20.00 % (Benefit)/provision for income taxes at the UK statutory rate $ (168 ) $ 159 $ 163 Impairment of goodwill and long-lived assets 268 — — Tax impact on distributions from foreign subsidiaries 9 8 24 Effect of operations in non-UK jurisdictions 32 35 71 Tax impact of global licensing arrangements 18 66 74 Tax impact of intercompany restructuring (142 ) — — U.S. state and local taxation 17 23 30 Withholding and other taxation 28 39 39 Effect of global financing activities (67 ) (68 ) (71 ) Changes in estimates for uncertain tax positions 23 40 (9 ) Changes in valuation allowances 39 (8 ) (29 ) Effect of change in deferred tax rates (6 ) 7 1 Tax impact due to US Tax Reform (1) (228 ) 104 — Share-based compensation 1 — (19 ) Other, net (6 ) (17 ) 35 Total (benefit)/provision for income taxes $ (182 ) $ 388 $ 309 Effective tax rate (benefit) and expense (20.6 )% 46.9 % 37.9 % (1) This includes the impact of BEAT and GILTI |
Components of Current and Non-Current Deferred Income Tax Assets/(Liabilities) | The components of current and non-current deferred income tax assets/(liabilities) were: (IN MILLIONS) December 31, 2018 December 31, 2017 Deferred tax assets (on balance): Net operating loss carryforwards $ 532 $ 204 Interest expense limitation 301 367 Employee benefits 59 63 Tax credit carryforwards 205 72 Share-based payments 15 18 Accrued expenses 41 53 Other assets 69 28 1,222 805 Valuation allowances (651 ) (466 ) Deferred tax assets, net of valuation allowances 571 339 Deferred tax liabilities (on balance): Intangible assets (913 ) (1,173 ) Fixed asset depreciation (109 ) — Financial instruments (6 ) 1 Computer software (132 ) (149 ) Unremitted earnings (61 ) (172 ) Unrealized gain on investments (49 ) (50 ) Deferred (revenues)/costs (9 ) 5 Other liabilities (67 ) (66 ) (1,346 ) (1,604 ) Net deferred tax liability $ (775 ) $ (1,265 ) |
Schedule of Reconciliation of Beginning and Ending Amount of Gross Uncertain Tax Positions | A reconciliation of the beginning and ending amount of gross uncertain tax positions is as follows: (IN MILLIONS) December 31, 2018 December 31, 2017 December 31, 2016 Balance as of the beginning of period $ 452 $ 432 $ 461 Additions for current year tax positions 21 11 15 Additions for tax positions of prior years 108 15 7 Reductions for lapses of statute of limitations (8 ) (2 ) (6 ) Reductions for tax positions of prior years (1 ) (4 ) (45 ) Balance as of the end of the period $ 572 $ 452 $ 432 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Minimum Annual Payments under Nielsen's Purchase Obligations | The amounts presented below represent the minimum annual payments under Nielsen’s purchase obligations that have initial or remaining non-cancelable terms in excess of one year. These purchase obligations include data processing, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing. For the Years Ending December 31, (IN MILLIONS) 2019 2020 2021 2022 2023 Thereafter Total Operating leases $ 99 $ 72 $ 52 $ 36 $ 26 $ 119 $ 404 Other contractual obligations (a) 579 490 373 202 191 258 2,093 Total $ 678 $ 562 $ 425 $ 238 $ 217 $ 377 $ 2,497 (a) Other contractual obligations represent obligations under agreement, which are not unilaterally cancelable by Nielsen, are legally enforceable and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. Nielsen generally requires purchase orders for vendor and third party spending. The amounts presented above represent the minimum future annual services covered by purchase obligations including data processing, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing. Nielsen’s remaining commitments as of December 31, 2018, under the outsourced services agreement with TCS have been included above based on the Annual Commitment minimum required payments. |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Information | Business Segment Information Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Revenues Buy $ 3,097 $ 3,231 $ 3,322 Watch 3,418 3,341 2,987 Total $ 6,515 $ 6,572 $ 6,309 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Business segment income/(loss) ( 1) Buy $ 411 $ 584 $ 619 Watch 1,485 1,486 1,348 Corporate and eliminations (46 ) (46 ) (42 ) Total $ 1,850 $ 2,024 $ 1,925 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Depreciation and amortization Buy $ 226 $ 210 $ 212 Watch 442 425 387 Corporate and eliminations 7 5 4 Total $ 675 $ 640 $ 603 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Restructuring charges Buy $ 103 $ 42 $ 61 Watch 22 15 18 Corporate and eliminations 14 23 26 Total $ 139 $ 80 $ 105 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Impairment of goodwill and other long-lived assets Buy $ 1,411 $ — $ — Watch — — — Corporate and eliminations 2 — — Total $ 1,413 $ — $ — Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Share-based compensation expense Buy $ 13 $ 13 $ 16 Watch 11 12 10 Corporate and eliminations 11 20 25 Total $ 35 $ 45 $ 51 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Other items ( 2) Buy $ — $ — $ 3 Watch — — 2 Corporate and eliminations 63 45 31 Total $ 63 $ 45 $ 36 Year Ended December 31, (IN MILLIONS) 2018 2017 2016 Operating income/(loss) Buy $ (1,342 ) $ 319 $ 327 Watch 1,010 1,034 931 Corporate and eliminations (143 ) (139 ) (128 ) Total $ (475 ) $ 1,214 $ 1,130 (IN MILLIONS) December 31, 2018 December 31, 2017 Total assets Buy $ 5,417 $ 6,862 Watch 9,647 9,911 Corporate and eliminations 115 93 Total $ 15,179 $ 16,866 (1) The Company’s chief operating decision-maker uses business segment income/(loss) to measure performance from period to period both at the consolidated level as well as within its operating segments. (2) For the year ended December 31, 2018, other items primarily consist of business optimization costs, including strategic review costs, and transaction related costs. For the year ended December 31, 2017, other items primarily consist of transaction related costs and business optimization costs. Year ended December 31, (IN MILLIONS) 2018 2017 2016 Capital expenditures Buy $ 223 $ 211 $ 196 Watch 274 272 227 Corporate and eliminations 23 6 10 Total $ 520 $ 489 $ 433 |
Geographical Segment Information | Geographic Segment Information Operating Long- Income/ lived (IN MILLIONS) Revenues ( 1) (Loss) Assets ( 2) 2018 U.S. $ 3,697 $ 31 $ 10,806 North and South America, excluding the U.S. 569 (226 ) 523 United Kingdom 192 (130 ) 153 Other Europe, Middle East & Africa 1,217 (157 ) 734 Asia Pacific 840 7 263 Total $ 6,515 $ (475 ) $ 12,479 Operating Long- Income/ lived (IN MILLIONS) Revenues ( 1) (Loss) Assets ( 2) 2017 U.S. $ 3,730 $ 743 $ 11,404 North and South America, excluding the U.S. 595 164 957 United Kingdom 194 (20 ) 259 Other Europe, Middle East & Africa 1,188 159 1,038 Asia Pacific 865 168 396 Total $ 6,572 $ 1,214 $ 14,054 Operating Income/ (IN MILLIONS) Revenues ( 1) (Loss) 2016 U.S. $ 3,626 $ 730 North and South America, excluding the U.S. 605 180 United Kingdom 198 (22 ) Other Europe, Middle East & Africa 1,089 127 Asia Pacific 791 115 Total $ 6,309 $ 1,130 (1) Revenues are attributed to geographic areas based on the location of customers. (2) Long-lived assets include property, plant and equipment, goodwill and other intangible assets. |
Additional Financial Informat_2
Additional Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Other Current Liabilities | Accounts payable and other current liabilities December 31, December 31, (IN MILLIONS) 2018 2017 Trade payables $ 288 $ 296 Personnel costs 225 273 Current portion of restructuring liabilities 62 43 Data and professional services 221 221 Interest payable 64 61 Other current liabilities ( 1) 259 247 Total accounts payable and other current liabilities $ 1,119 $ 1,141 (1) Other includes multiple items, none of which is individually significant. |
Guarantor Financial Informati_2
Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Guarantees [Abstract] | |
Consolidated Statement of Comprehensive Income | Nielsen Holdings plc For the year ended December 31, 2018 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Revenues $ — $ — $ 3,566 $ 2,949 $ — $ 6,515 Cost of revenues, exclusive of depreciation and amortization shown separately below — — 1,457 1,348 — 2,805 Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below 4 — 946 1,008 — 1,958 Depreciation and amortization — — 542 133 — 675 Impairment of goodwill and other long-lived assets — — 579 834 — 1,413 Restructuring charges — — 51 88 — 139 Operating income/(loss) (4 ) — (9 ) (462 ) — (475 ) Interest income 1 681 38 6 (718 ) 8 Interest expense — (369 ) (704 ) (39 ) 718 (394 ) Foreign currency exchange transaction gains/(losses), net — — — (16 ) — (16 ) Other income/(expense), net — (6 ) 860 (859 ) — (5 ) Income/(loss) before income taxes and equity in net income/(loss) of subsidiaries (3 ) 306 185 (1,370 ) — (882 ) Benefit/(provision) for income taxes — (99 ) 139 142 — 182 Equity in net income/(loss) of subsidiaries (709 ) 167 (1,033 ) — 1,575 — Net income/(loss) (712 ) 374 (709 ) (1,228 ) 1,575 (700 ) Less net income/(loss) attributable to noncontrolling interests — — — 12 — 12 Net income/(loss) attributable to controlling interest (712 ) 374 (709 ) 1,240 1,575 (712 ) Total other comprehensive income/(loss) (170 ) 17 (170 ) (176 ) 328 (171 ) Total other comprehensive income/(loss) attributable to noncontrolling interests — — — (1 ) — (1 ) Total other comprehensive income/(loss) attributable to controlling interests (170 ) 17 (170 ) (175 ) 328 (170 ) Total comprehensive income/(loss) (882 ) 391 (879 ) (1,404 ) 1,903 (871 ) Comprehensive income/(loss) attributable to noncontrolling interests — — — 11 — 11 Total comprehensive income/(loss) attributable to controlling interest $ (882 ) $ 391 $ (879 ) $ (1,415 ) $ 1,903 $ (882 ) Nielsen Holdings plc For the year ended December 31, 2017 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Revenues $ — $ — $ 3,608 $ 2,964 $ — $ 6,572 Cost of revenues, exclusive of depreciation and amortization shown separately below — — 1,419 1,346 — 2,765 Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below 4 — 933 936 — 1,873 Depreciation and amortization — — 504 136 — 640 Restructuring charges — — 44 36 — 80 Operating income/(loss) (4 ) — 708 510 — 1,214 Interest income 1 839 37 4 (877 ) 4 Interest expense — (353 ) (857 ) (41 ) 877 (374 ) Foreign currency exchange transaction gains/(losses), net — — (4 ) (6 ) — (10 ) Other income/(expense), net — (4 ) 162 (164 ) — (6 ) Income/(loss) before income taxes and equity in net income/(loss) of subsidiaries and affiliates (3 ) 482 46 303 — 828 Benefit/(provision) for income taxes (1 ) (146 ) (165 ) (76 ) — (388 ) Equity in net income/(loss) of subsidiaries 433 193 553 — (1,179 ) — Equity in net income/(loss) of affiliates — — (1 ) 1 — — Net income/(loss) 429 529 433 228 (1,179 ) 440 Less net income/(loss) attributable to noncontrolling interests — — — 11 — 11 Net income/(loss) attributable to controlling interest 429 529 433 217 (1,179 ) 429 Total other comprehensive income/(loss) 271 (21 ) 271 308 (556 ) 273 Total other comprehensive income/(loss) attributable to noncontrolling interests — — — 2 — 2 Total other comprehensive income/(loss) attributable to controlling interests 271 (21 ) 271 306 (556 ) 271 Total comprehensive income/(loss) 700 508 704 536 (1,735 ) 713 Comprehensive income/(loss) attributable to noncontrolling interests — — — 13 — 13 Total comprehensive income/(loss) attributable to controlling interest $ 700 $ 508 $ 704 $ 523 $ (1,735 ) $ 700 Nielsen Holdings plc Consolidated Statement of Comprehensive Income For the year ended December 31, 2016 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Revenues $ — $ — $ 3,557 $ 2,752 $ — $ 6,309 Cost of revenues, exclusive of depreciation and amortization shown separately below — — 1,317 1,290 — 2,607 Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below 2 — 973 889 — 1,864 Depreciation and amortization — — 486 117 — 603 Restructuring charges — — 69 36 — 105 Operating income/(loss) (2 ) — 712 420 — 1,130 Interest income — 869 38 5 (908 ) 4 Interest expense (3 ) (310 ) (889 ) (39 ) 908 (333 ) Foreign currency exchange transaction gains/(losses), net — — 2 (8 ) — (6 ) Other income/(expense) net — (7 ) 171 (143 ) — 21 Income/(loss) before income taxes and equity in net income/(loss) of affiliates (5 ) 552 34 235 — 816 Benefit/(provision) for income taxes — (135 ) (115 ) (59 ) — (309 ) Equity in net income/(loss) of subsidiaries 507 185 589 — (1,281 ) — Equity in net income/(loss) of affiliates — — (1 ) 1 — — Net income/(loss) 502 602 507 177 (1,281 ) 507 Less net income/(loss) attributable to noncontrolling interests — — — 5 — 5 Net income/(loss) attributable to controlling interest 502 602 507 172 (1,281 ) 502 Total other comprehensive income/(loss) (152 ) 10 (152 ) (184 ) 321 (157 ) Total other comprehensive income/(loss) attributable to noncontrolling interests — — — (5 ) — (5 ) Total other comprehensive Income/(loss) attributable to controlling interests (152 ) 10 (152 ) (179 ) 321 (152 ) Total comprehensive income/(loss) $ 350 $ 612 $ 355 $ (7 ) $ (960 ) $ 350 |
Consolidated Balance Sheet | Nielsen Holdings plc December 31, 2018 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Assets: Current assets Cash and cash equivalents $ 3 $ — $ 79 $ 442 $ — $ 524 Trade and other receivables, net — 1 377 740 — 1,118 Prepaid expenses and other current assets — 3 234 124 — 361 Intercompany receivables 3 1,310 399 94 (1,806 ) — Total current assets 6 1,314 1,089 1,400 (1,806 ) 2,003 Non-current assets - Property, plant and equipment, net — — 303 165 — 468 Goodwill — — 5,531 1,456 — 6,987 Other intangible assets, net — — 4,545 479 — 5,024 Deferred tax assets 1 — — 332 — 333 Other non-current assets — 19 273 72 — 364 Equity investment in subsidiaries 2,815 1,232 1,936 — (5,983 ) — Intercompany loans 25 8,822 2,220 105 (11,172 ) — Total assets $ 2,847 $ 11,387 $ 15,897 $ 4,009 $ (18,961 ) $ 15,179 Liabilities and equity: Current liabilities Accounts payable and other current liabilities $ — $ 62 $ 541 $ 516 $ — $ 1,119 Deferred revenues — — 225 130 — 355 Income tax liabilities — — 20 56 — 76 Current portion of long-term debt, capital lease obligations and short-term borrowings — 54 46 7 — 107 Intercompany payables — — 1,408 398 (1,806 ) — Total current liabilities — 116 2,240 1,107 (1,806 ) 1,657 Non-current liabilities — Long-term debt and capital lease obligations — 8,170 95 15 — 8,280 Deferred tax liabilities — 71 956 81 — 1,108 Intercompany loans — — 8,952 2,220 (11,172 ) — Other non-current liabilities — 3 839 249 — 1,091 Total liabilities — 8,360 13,082 3,672 (12,978 ) 12,136 Total shareholders’ equity 2,847 3,027 2,815 141 (5,983 ) 2,847 Noncontrolling interests — — — 196 — 196 Total equity 2,847 3,027 2,815 337 (5,983 ) 3,043 Total liabilities and equity $ 2,847 $ 11,387 $ 15,897 $ 4,009 $ (18,961 ) $ 15,179 Nielsen Holdings plc Consolidated Balance Sheet December 31, 2017 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Elimination Consolidated Assets: Current assets Cash and cash equivalents $ 2 $ 1 $ 69 $ 584 $ — $ 656 Trade and other receivables, net — — 464 816 — 1,280 Prepaid expenses and other current assets — — 211 135 — 346 Intercompany receivables 4 1,187 325 155 (1,671 ) — Total current assets 6 1,188 1,069 1,690 (1,671 ) 2,282 Non-current assets - Property, plant and equipment, net — — 309 173 — 482 Goodwill — — 6,100 2,395 — 8,495 Other intangible assets, net — — 4,545 532 — 5,077 Deferred tax assets 1 — — 169 — 170 Other non-current assets — 17 263 80 — 360 Equity investment in subsidiaries 4,213 1,210 4,583 — (10,006 ) — Intercompany loans 25 8,608 424 140 (9,197 ) — Total assets $ 4,245 $ 11,023 $ 17,293 $ 5,179 $ (20,874 ) $ 16,866 Liabilities and equity: Current liabilities Accounts payable and other current liabilities $ — $ 61 $ 560 $ 520 $ — $ 1,141 Deferred revenues — — 231 130 — 361 Income tax liabilities — — 62 49 — 111 Current portion of long-term debt, capital lease obligations and short-term borrowings — 35 44 5 — 84 Intercompany payables — 2 1,345 324 (1,671 ) — Total current liabilities — 98 2,242 1,028 (1,671 ) 1,697 Non-current liabilities — Long-term debt and capital lease obligations — 8,237 101 19 — 8,357 Deferred tax liabilities — 71 1,296 68 — 1,435 Intercompany loans — 62 8,774 361 (9,197 ) — Other non-current liabilities — — 667 267 — 934 Total liabilities — 8,468 13,080 1,743 (10,868 ) 12,423 Total shareholders’ equity 4,245 2,555 4,213 3,238 (10,006 ) 4,245 Noncontrolling interests — — — 198 — 198 Total equity 4,245 2,555 4,213 3,436 (10,006 ) 4,443 Total liabilities and equity $ 4,245 $ 11,023 $ 17,293 $ 5,179 $ (20,874 ) $ 16,866 |
Consolidated Statement of Cash Flows | Nielsen Holdings plc For the year ended December 31, 2018 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Consolidated Net cash provided by/(used in) operating activities $ (2 ) $ 240 $ 383 $ 437 $ 1,058 Investing activities: — Acquisition of subsidiaries and affiliates, net of cash acquired — — (15 ) (28 ) (43 ) Proceeds from the sale of subsidiaries and affiliates 51 — 51 Additions to property, plant and equipment and other assets — — (53 ) (53 ) (106 ) Additions to intangible assets — — (356 ) (58 ) (414 ) Proceeds from the sale of property, plant and equipment and other assets — — — 4 4 Other investing activities — — 9 (7 ) 2 Net cash provided by/(used in) investing activities — — (364 ) (142 ) (506 ) Financing activities: Repayments of debt — (818 ) — (1 ) (819 ) Proceeds from the issuance of debt, net of issuance costs — 781 — — 781 Increase/(decrease) in short term borrowings — — — 1 1 Cash dividends paid to shareholders (494 ) — — — (494 ) Repurchase of common stock (70 ) — — — (70 ) Activity under stock plans 23 — (8 ) — 15 Proceeds from employee stock purchase plan 5 — — — 5 Capital leases — — (69 ) (7 ) (76 ) Settlement of intercompany and other financing activities 539 (204 ) 67 (421 ) (19 ) Net cash provided by/(used in) financing activities 3 (241 ) (10 ) (428 ) (676 ) Effect of exchange-rate changes on cash and cash equivalents — — 1 (9 ) (8 ) Net increase/(decrease) in cash and cash equivalents 1 — 10 (142 ) (132 ) Cash and cash equivalents at beginning of period 2 1 69 584 656 Cash and cash equivalents at end of period $ 3 $ — $ 79 $ 442 $ 524 Nielsen Holdings plc Consolidated Statement of Cash Flows For the year ended December 31, 2017 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Consolidated Net cash provided by/(used in) operating activities $ (1 ) $ 171 $ 789 $ 351 $ 1,310 Investing activities: — Acquisition of subsidiaries and affiliates, net of cash acquired — — (755 ) (23 ) (778 ) Proceeds from the sale of subsidiaries and affiliates 1 1 2 Additions to property, plant and equipment and other assets — — (63 ) (56 ) (119 ) Additions to intangible assets — — (307 ) (63 ) (370 ) Proceeds from the sale of property, plant and equipment and other assets — — 29 13 42 Other investing activities — — (11 ) (2 ) (13 ) Net cash provided by/(used in) investing activities — — (1,106 ) (130 ) (1,236 ) Financing activities: Repayments of debt — (2,295 ) — (1 ) (2,296 ) Proceeds from the issuance of debt, net of issuance costs — 2,744 1 — 2,745 Increase/(decrease) in short term borrowings — - — — (5 ) (5 ) Cash dividends paid to shareholders (474 ) — — — (474 ) Repurchase of common stock (140 ) — — — (140 ) Activity under stock plans 32 — (11 ) — 21 Proceeds from employee stock purchase plan 6 — — — 6 Capital leases — — (51 ) (4 ) (55 ) Settlement of intercompany and other financing activities 574 (620 ) 236 (207 ) (17 ) Net cash provided by/(used in) financing activities (2 ) (171 ) 175 (217 ) (215 ) Effect of exchange-rate changes on cash and cash equivalents — — (4 ) 47 43 Net increase/(decrease) in cash and cash equivalents (3 ) — (146 ) 51 (98 ) Cash and cash equivalents at beginning of period 5 1 215 533 754 Cash and cash equivalents at end of period $ 2 $ 1 $ 69 $ 584 $ 656 Nielsen Holdings plc Consolidated Statement of Cash Flows For the year ended December 31, 2016 Non- (IN MILLIONS) Parent Issuers Guarantor Guarantor Consolidated Net cash provided by/(used in) operating activities $ (5 ) $ 278 $ 671 $ 352 $ 1,296 Investing activities: Acquisition of subsidiaries and affiliates, net of cash acquired — — (242 ) (43 ) (285 ) Proceeds from the sale of subsidiaries and affiliates — — 36 (2 ) 34 Additions to property, plant and equipment and other assets — — (53 ) (56 ) (109 ) Additions to intangible assets — — (273 ) (51 ) (324 ) Proceeds from the sale of property, plant and equipment and other assets — — 31 11 42 Other investing activities — — (1 ) 1 — Net cash provided by/(used in) investing activities — — (502 ) (140 ) (642 ) Financing activities: Net payments under revolving credit facility — — (164 ) — (164 ) Repayments of debt — (1,765 ) — — (1,765 ) Proceeds from the issuance of debt, net of issuance costs — 2,502 — — 2,502 Increase in short term borrowings — — — 4 4 Cash dividends paid to shareholders (434 ) — — — (434 ) Repurchase of common stock (418 ) — — — (418 ) Activity under stock plans 103 — (22 ) — 81 Other financing activities 758 (1,014 ) 222 (20 ) (54 ) Net cash provided by/(used in) financing activities 9 (277 ) 36 (16 ) (248 ) Effect of exchange-rate changes on cash and cash equivalents — — 3 (12 ) (9 ) Net increase/(decrease) in cash and cash equivalents 4 1 208 184 397 Cash and cash equivalents at beginning of period 1 — 7 349 357 Cash and cash equivalents at end of period $ 5 $ 1 $ 215 $ 533 $ 754 |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | First Second Third Fourth (IN MILLIONS, EXCEPT PER SHARE DATA) Quarter Quarter Quarter Quarter 2018 Revenues $ 1,610 $ 1,647 $ 1,600 $ 1,658 Operating income/(loss) $ 207 $ 228 $ 261 $ (1,171 ) Income/(loss) before income taxes and equity in net income/(loss) of affiliates $ 114 $ 121 $ 157 $ (1,274 ) Net income/(loss) attributable to Nielsen shareholders $ 72 $ 72 $ 96 $ (952 ) Net income per share of common stock, basic Net income attributable to Nielsen shareholders $ 0.20 $ 0.20 $ 0.27 $ (2.68 ) Net income per share of common stock, diluted Net income attributable to Nielsen shareholders $ 0.20 $ 0.20 $ 0.27 $ (2.68 ) First Second Third Fourth (IN MILLIONS, EXCEPT PER SHARE DATA) Quarter Quarter Quarter Quarter 2017 Revenues $ 1,526 $ 1,644 $ 1,641 $ 1,761 Operating income/(loss) $ 205 $ 321 $ 334 $ 354 Income(loss) before income taxes and equity in net income(loss) of affiliates $ 116 $ 224 $ 242 $ 246 Net income/(loss) attributable to Nielsen shareholders $ 71 $ 131 $ 146 $ 81 Net income per share of common stock, basic Net income attributable to Nielsen shareholders $ 0.20 $ 0.37 $ 0.41 $ 0.23 Net income per share of common stock, diluted Net income attributable to Nielsen shareholders $ 0.20 $ 0.37 $ 0.41 $ 0.23 |
Description of Business, Basi_3
Description of Business, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)SegmentCountryshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | |
Business And Basis Of Presentation [Line Items] | |||
Number of reportable segments | Segment | 2 | ||
Number of countries in which entity operates | Country | 100 | ||
Cost method investments, percentage | 20.00% | ||
Advertising and marketing expenses | $ 18 | $ 21 | $ 25 |
Anti-dilutive shares excluded from calculation of earning per share under compensation plan | shares | 8,519,133 | 4,351,564 | 1,650,708 |
Accounts receivable sold to third parties | $ 295 | $ 202 | $ 137 |
Accounts receivable outstanding | 105 | 110 | 71 |
Proceed from sale of accounts receivable | $ 295 | $ 202 | $ 137 |
Minimum | |||
Business And Basis Of Presentation [Line Items] | |||
Equity method investments, percentage | 20.00% | ||
Maximum | |||
Business And Basis Of Presentation [Line Items] | |||
Equity method investments, percentage | 50.00% |
Summary of Recent Accounting _2
Summary of Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
ASU 2015-04 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Impact of reclassification from selling, general and administrative expenses to other income/(expense) | $ 11 | $ 13 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenue Disaggregated by Segment Including by Primary Geographic Markets for Buy and by Major Product for Watch, and by Timing of Revenue Recognition (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 | ||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | $ 1,658 | $ 1,600 | $ 1,647 | $ 1,610 | $ 1,761 | $ 1,641 | $ 1,644 | $ 1,526 | $ 6,515 | [1] | $ 6,572 | [1] | $ 6,309 | [1] |
Operating Segments | Products Transferred at a Point in Time | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 576 | 495 | 556 | |||||||||||
Operating Segments | Products and Services Transferred Over Time | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 5,939 | 6,077 | 5,753 | |||||||||||
Operating Segments | Core Buy and Watch | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 6,347 | 6,322 | 5,924 | |||||||||||
Buy | Operating Segments | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 3,097 | 3,231 | 3,322 | |||||||||||
Buy | Operating Segments | Core Buy | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 3,067 | 3,163 | 3,159 | |||||||||||
Buy | Operating Segments | Developed Markets | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 1,922 | 1,999 | 2,096 | |||||||||||
Buy | Operating Segments | Emerging Markets | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 1,145 | 1,164 | 1,063 | |||||||||||
Buy | Corporate And Eliminations | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 30 | 68 | 163 | |||||||||||
Watch | Operating Segments | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 3,418 | 3,341 | 2,987 | |||||||||||
Watch | Operating Segments | Core Watch | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 3,280 | 3,159 | 2,765 | |||||||||||
Watch | Operating Segments | Audience Measurement | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 2,446 | 2,308 | 1,978 | |||||||||||
Watch | Operating Segments | Audio | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 497 | 501 | 500 | |||||||||||
Watch | Operating Segments | Marketing Effectiveness | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | 337 | 350 | 287 | |||||||||||
Watch | Corporate And Eliminations | ||||||||||||||
Segment Reporting Revenue Reconciling Item [Line Items] | ||||||||||||||
Revenues | $ 138 | $ 182 | $ 222 | |||||||||||
[1] | Revenues are attributed to geographic areas based on the location of customers. |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Contract Assets and Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Revenues [Abstract] | ||
Contract assets | $ 210 | $ 259 |
Contract liabilities | $ 359 | $ 361 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues [Abstract] | ||
Decrease in contract with customer asset | $ 233,000,000 | |
Contract with customer asset offset | 183,000,000 | |
Movement in contract with customer liability | 346,000,000 | |
Contract with customer liability offset | 342,000,000 | |
Revenue, remaining performance obligation | $ 6,300,000,000 | |
Revenue, remaining performance obligations, percentage | 78.00% | |
Deferred costs capitalized | $ 18,000,000 | $ 37,000,000 |
Amortization of deferred costs | 23,000,000 | |
Impairment loss | $ 0 | $ 0 |
Business Acquisitions and Dis_3
Business Acquisitions and Dispositions - Additional Information (Detail) - USD ($) | Feb. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||||||
Discontinued operations | $ 0 | $ 0 | $ 0 | |||
Gracenote | ||||||
Business Acquisition [Line Items] | ||||||
Name of acquired entity | Gracenote Inc., Gracenote Canada, Inc., Gracenote Netherlands Holdings B.V., Tribune Digital Ventures, LLC, and Tribune International Holdco, LLC (each, a “Gracenote Company” and together “Gracenote”) | |||||
Percentage ownership interest acquired | 100.00% | |||||
Payments to acquire businesses | $ 585,000,000 | |||||
Acquisition Date | Feb. 1, 2017 | |||||
Acquisition related expenses | 6,000,000 | |||||
Other acquisitions | ||||||
Business Acquisition [Line Items] | ||||||
Payments to acquire businesses, net of cash acquired | $ 43,000,000 | 210,000,000 | 285,000,000 | |||
Claritas | ||||||
Business Acquisition [Line Items] | ||||||
Net proceeds associated with sale of business | $ 34,000,000 | |||||
Note receivable associated with sale of business | $ 60,000,000 | 51,000,000 | $ 60,000,000 | |||
Note receivable, term | 3 years | |||||
Gain/charge on sale to other income/(expense), net | $ 14,000,000 | $ (13,000,000) | ||||
Proceeds from note receivable | $ 51,000,000 | |||||
Claritas | Receivable Bearing Interest at 3% in Year One | ||||||
Business Acquisition [Line Items] | ||||||
Note receivable, interest rate | 3.00% | |||||
Claritas | Receivable Bearing Interest at 5% in Year Two | ||||||
Business Acquisition [Line Items] | ||||||
Note receivable, interest rate | 5.00% | |||||
Claritas | Receivable Bearing Interest at 7% in Year Three | ||||||
Business Acquisition [Line Items] | ||||||
Note receivable, interest rate | 7.00% |
Business Acquisitions and Dis_4
Business Acquisitions and Dispositions - Pro Forma Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||
Revenues | $ 6,590 | $ 6,532 |
Income from continuing operations | $ 443 | $ 499 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Jun. 30, 2018ReportingUnit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 01, 2017 | |
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Number of reporting unit of fair value exceeded its carrying value | ReportingUnit | 1 | |||||
Goodwill deductible for income tax purposes | $ 54 | $ 54 | ||||
Impairment of amortizable intangible assets | $ 0 | $ 0 | ||||
Amortization expense, intangible assets | 490 | 454 | 425 | |||
Amortization expense, computer software | $ 283 | $ 250 | $ 232 | |||
Self Developed Software | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Asset impairment charges | 2 | |||||
Buy | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Non-cash impairment charge on goodwill | $ 1,411 | |||||
Maximum | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Reporting unit percentage of fair value exceeded its carrying value | 10.00% | |||||
Minimum | ||||||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||||||
Reporting unit percentage of fair value exceeded its carrying value | 20.00% |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Balance beginning | $ 8,495 | $ 7,845 |
Acquisitions, divestitures and other adjustments | 26 | 475 |
Impairment | (1,411) | |
Effect of foreign currency translation | (123) | 175 |
Balance ending | 6,987 | 8,495 |
Cumulative impairments | 1,787 | |
Buy | ||
Goodwill [Line Items] | ||
Balance beginning | 2,844 | 2,696 |
Acquisitions, divestitures and other adjustments | 11 | 2 |
Impairment | (1,411) | |
Effect of foreign currency translation | (107) | 146 |
Balance ending | 1,337 | 2,844 |
Cumulative impairments | 1,411 | |
Watch | ||
Goodwill [Line Items] | ||
Balance beginning | 5,651 | 5,149 |
Acquisitions, divestitures and other adjustments | 15 | 473 |
Effect of foreign currency translation | (16) | 29 |
Balance ending | 5,650 | $ 5,651 |
Cumulative impairments | $ 376 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Amortized intangibles, Gross Amounts | $ 6,693 | $ 6,372 | |
Amortized intangibles, Accumulated Amortization | $ (3,590) | (3,216) | |
Trade names and trademarks | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset, Weighted Average Useful Life | 13 years | ||
Amortized intangibles, Gross Amounts | $ 140 | 139 | |
Amortized intangibles, Accumulated Amortization | $ (102) | (92) | |
Trade names and trademarks | Minimum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||
Trade names and trademarks | Maximum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||
Customer - related intangibles | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset, Weighted Average Useful Life | 21 years | ||
Amortized intangibles, Gross Amounts | $ 3,145 | 3,174 | |
Amortized intangibles, Accumulated Amortization | $ (1,604) | (1,463) | |
Customer - related intangibles | Minimum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 6 years | ||
Customer - related intangibles | Maximum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 25 years | ||
Covenants-not-to-compete | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset, Weighted Average Useful Life | 3 years | ||
Amortized intangibles, Gross Amounts | $ 39 | 39 | |
Amortized intangibles, Accumulated Amortization | $ (38) | (37) | |
Covenants-not-to-compete | Minimum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||
Covenants-not-to-compete | Maximum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||
Content database | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset, Weighted Average Useful Life | [1] | 12 years | |
Amortized intangibles, Gross Amounts | [1] | $ 167 | 168 |
Amortized intangibles, Accumulated Amortization | [1] | $ (26) | (12) |
Content database | Minimum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | [1] | 12 years | |
Content database | Maximum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | [1] | 16 years | |
Computer software | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset, Weighted Average Useful Life | 5 years | ||
Amortized intangibles, Gross Amounts | $ 3,029 | 2,681 | |
Amortized intangibles, Accumulated Amortization | $ (1,694) | (1,498) | |
Computer software | Minimum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Computer software | Maximum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Patents and other | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite Lived Intangible Asset, Weighted Average Useful Life | 6 years | ||
Amortized intangibles, Gross Amounts | $ 173 | 171 | |
Amortized intangibles, Accumulated Amortization | $ (126) | (114) | |
Patents and other | Minimum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||
Patents and other | Maximum | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||
Trade names and trademarks | |||
Finite And Indefinite Lived Intangible Assets [Line Items] | |||
Indefinite-lived intangibles, Gross Amounts | $ 1,921 | $ 1,921 | |
[1] | The content databases were acquired as part of the Gracenote acquisition on February 1, 2017. These databases represent metadata used in Gracenote’s Video, Music/Auto and Sports product offerings that is not easily replicated due to its quantity and the relationships needed to acquire the data. The estimated remaining useful life of these content databases is 12 to 16 years. |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Other Intangible Assets (Parenthetical) (Detail) - Content database | 12 Months Ended | |
Dec. 31, 2018 | [1] | |
Minimum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 12 years | |
Maximum | ||
Finite And Indefinite Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 16 years | |
[1] | The content databases were acquired as part of the Gracenote acquisition on February 1, 2017. These databases represent metadata used in Gracenote’s Video, Music/Auto and Sports product offerings that is not easily replicated due to its quantity and the relationships needed to acquire the data. The estimated remaining useful life of these content databases is 12 to 16 years. |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Summary of Estimated Future Amortization Expense (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2,019 | $ 525 |
2,020 | 495 |
2,021 | 447 |
2,022 | 318 |
2,023 | 261 |
Thereafter | 1,057 |
Total | $ 3,103 |
Changes in and Reclassificati_3
Changes in and Reclassification out of Accumulated Other Comprehensive Income (Loss) by Component - Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax by Component (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] | |||
Balance | $ 4,443 | $ 4,293 | $ 4,627 |
Amounts reclassified from accumulated other comprehensive (income)/loss | 14 | 20 | |
Total other comprehensive income/(loss) | (171) | 273 | (157) |
Net current period other comprehensive income/(loss) attributable to noncontrolling interest | (1) | 2 | (5) |
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | (170) | 271 | (152) |
Balance | 3,043 | 4,443 | 4,293 |
Currency Translation Adjustments | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (610) | (856) | (767) |
Other comprehensive income/(loss) before reclassifications | (170) | 248 | |
Total other comprehensive income/(loss) | (170) | 248 | |
Net current period other comprehensive income/(loss) attributable to noncontrolling interest | (1) | 2 | |
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | (169) | 246 | |
Balance | (779) | (610) | (856) |
Cash Flow Hedges | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | 10 | (1) | |
Other comprehensive income/(loss) before reclassifications | 6 | 8 | |
Amounts reclassified from accumulated other comprehensive (income)/loss | (5) | 3 | |
Total other comprehensive income/(loss) | 1 | 11 | |
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | 1 | 11 | |
Balance | 11 | 10 | (1) |
Post Employment Benefits | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (340) | (354) | (289) |
Other comprehensive income/(loss) before reclassifications | (21) | (3) | |
Amounts reclassified from accumulated other comprehensive (income)/loss | 19 | 17 | |
Total other comprehensive income/(loss) | (2) | 14 | |
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | (2) | 14 | |
Balance | (342) | (340) | (354) |
AOCI Including Portion Attributable to Noncontrolling Interest | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Balance | (940) | (1,211) | |
Other comprehensive income/(loss) before reclassifications | (185) | 253 | |
Amounts reclassified from accumulated other comprehensive (income)/loss | 14 | 20 | |
Total other comprehensive income/(loss) | (171) | 273 | |
Net current period other comprehensive income/(loss) attributable to noncontrolling interest | (1) | 2 | |
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | (170) | 271 | |
Balance | $ (1,110) | $ (940) | $ (1,211) |
Changes in and Reclassificati_4
Changes in and Reclassification out of Accumulated Other Comprehensive Income (Loss) by Component - Summary of Reclassification of Accumulated Other Comprehensive Loss by Component (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 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest expense | $ 394 | $ 374 | $ 333 | |||||||||
(Benefit)/provision for income taxes | (182) | 388 | 309 | |||||||||
Net income attributable to Nielsen stockholders | $ 952 | $ (96) | $ (72) | $ (72) | $ (81) | $ (146) | $ (131) | $ (71) | 712 | (429) | $ (502) | |
Net income attributable to Nielsen stockholders | 14 | 20 | ||||||||||
Cash Flow Hedges | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Net income attributable to Nielsen stockholders | (5) | 3 | ||||||||||
Cash Flow Hedges | Interest rate contracts | Amount Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Interest (income)/expense | (7) | 5 | ||||||||||
(Benefit)/provision for income taxes | 2 | (2) | ||||||||||
Net income attributable to Nielsen stockholders | (5) | 3 | ||||||||||
Post Employment Benefits | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Actuarial loss, before Tax | [1] | 19 | 19 | |||||||||
(Benefit)/provision for income taxes | (2) | |||||||||||
Net income attributable to Nielsen stockholders | $ 19 | $ 17 | ||||||||||
[1] | This accumulated other comprehensive loss component is included in the computation of net periodic pension cost. |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 1,501 | $ 1,486 |
Less accumulated depreciation and amortization | (1,033) | (1,004) |
Property, plant and equipment, Net | 468 | 482 |
Land and buildings | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 378 | 371 |
Land and buildings | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 25 years | |
Land and buildings | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 50 years | |
Information and communication equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 1,014 | 994 |
Information and communication equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Information and communication equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 10 years | |
Furniture, equipment and other | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, Gross | $ 109 | $ 121 |
Furniture, equipment and other | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Furniture, equipment and other | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Estimated Useful Life | 10 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization expense from operations | $ 169 | $ 171 | $ 165 |
Depreciation and amortization | 675 | 640 | 603 |
Capital lease and other financing obligations | |||
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 49 | $ 47 | $ 37 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Schedule of Gross and Net Book Value of Assets under Capital Leases (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Capital Leases, Gross Book Value | $ 396 | $ 329 |
Capital Leases, Accumulated Depreciation | (226) | (159) |
Capital Leases, Net Book Value | 170 | 170 |
Land and buildings | ||
Property Plant And Equipment [Line Items] | ||
Capital Leases, Gross Book Value | 175 | 178 |
Capital Leases, Accumulated Depreciation | (79) | (75) |
Capital Leases, Net Book Value | 96 | 103 |
Information and communication equipment | ||
Property Plant And Equipment [Line Items] | ||
Capital Leases, Gross Book Value | 221 | 151 |
Capital Leases, Accumulated Depreciation | (147) | (84) |
Capital Leases, Net Book Value | $ 74 | $ 67 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 30, 2016 | |
Derivative Instruments Gain Loss [Line Items] | |||
Impairment in other expense | $ 0 | $ 0 | $ 0 |
Pre-tax gains from accumulated other comprehensive loss to interest expense expected to be recognized in next twelve months | 13,000,000 | ||
Foreign Currency Exchange Contract | |||
Derivative Instruments Gain Loss [Line Items] | |||
Gains/(losses) on derivative financial instruments | (2,000,000) | 0 | |
Notional amount of outstanding derivative financial instruments | 76,000,000 | $ 74,000,000 | |
US Dollar term loan floating-to-fixed rate swaps maturing on May 2023 | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | $ 250,000,000 | ||
Interest rate swap maturity term | 5 years | ||
Variable interest rate | 2.72% | ||
US Dollar term loan floating-to-fixed rate swaps maturing on October 2021 | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | $ 250,000,000 | ||
Interest rate swap maturity term | 4 years | ||
Variable interest rate | 1.60% | ||
US Dollar term loan floating-to-fixed rate swaps maturing on October 2020 | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | $ 250,000,000 | ||
Interest rate swap maturity term | 3 years | ||
Variable interest rate | 1.66% | ||
US Dollar term loan floating-to-fixed rate swaps maturing on July 2020 | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | $ 250,000,000 | ||
Interest rate swap maturity term | 3 years | ||
Variable interest rate | 1.63% | ||
US Dollar term loan floating-to-fixed rate swaps maturing on July 2022 | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | $ 250,000,000 | ||
Interest rate swap maturity term | 5 years | ||
Variable interest rate | 2.00% | ||
US Dollar term loan floating-to-fixed rate swaps maturing on July 2020 | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | $ 250,000,000 | ||
Interest rate swap maturity term | 3 years | ||
Variable interest rate | 1.73% | ||
US Dollar term loan floating-to-fixed rate swaps maturing on June 2019 | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | $ 250,000,000 | ||
Interest rate swap maturity term | 3 years | ||
Variable interest rate | 0.86% | ||
US Dollar term loan floating-to-fixed rate swaps maturing on July 2019 | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | $ 150,000,000 | ||
Interest rate swap maturity term | 3 years | ||
Variable interest rate | 1.62% | ||
US Dollar term loan floating-to-fixed rate swaps maturing on April 2019 | |||
Derivative Instruments Gain Loss [Line Items] | |||
Notional amount of outstanding derivative financial instruments | $ 150,000,000 | ||
Interest rate swap maturity term | 3 years | ||
Variable interest rate | 1.40% |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Assets: | |||
Asset | $ 50 | $ 52 | |
Liabilities: | |||
Liabilities | 30 | 33 | |
Plan Assets for Deferred Compensation | |||
Assets: | |||
Asset | [1] | 25 | 33 |
Investment In Mutual Funds | |||
Assets: | |||
Asset | [2] | 2 | 2 |
Interest Rate Swap Arrangements | |||
Assets: | |||
Asset | [3] | 23 | 17 |
Liabilities: | |||
Liabilities | [3] | 3 | |
Deferred Compensation Liabilities | |||
Liabilities: | |||
Liabilities | [4] | 27 | 33 |
Level 1 | |||
Assets: | |||
Asset | 27 | 35 | |
Liabilities: | |||
Liabilities | 27 | 33 | |
Level 1 | Plan Assets for Deferred Compensation | |||
Assets: | |||
Asset | [1] | 25 | 33 |
Level 1 | Investment In Mutual Funds | |||
Assets: | |||
Asset | [2] | 2 | 2 |
Level 1 | Deferred Compensation Liabilities | |||
Liabilities: | |||
Liabilities | [4] | 27 | 33 |
Level 2 | |||
Assets: | |||
Asset | 23 | 17 | |
Liabilities: | |||
Liabilities | 3 | ||
Level 2 | Interest Rate Swap Arrangements | |||
Assets: | |||
Asset | [3] | 23 | $ 17 |
Liabilities: | |||
Liabilities | [3] | $ 3 | |
[1] | Plan assets are comprised of investments in mutual funds, which are intended to fund liabilities arising from deferred compensation plans. These investments are carried at fair value, which is based on quoted market prices at period end in active markets. These investments are classified as equity securities with any gains or losses resulting from changes in fair value recorded in other income/(expense), net in the consolidated statement of operations. | ||
[2] | Investments in mutual funds are money-market accounts held with the intention of funding certain specific retirement plans. | ||
[3] | Derivative financial instruments include interest rate swap arrangements recorded at fair value based on externally-developed valuation models that use readily observable market parameters and the consideration of counterparty risk. | ||
[4] | The Company offers certain employees the opportunity to participate in a deferred compensation plan. A participant’s deferrals are invested in a variety of participant directed stock and bond mutual funds and are classified as equity securities. Changes in the fair value of these securities are measured using quoted prices in active markets based on the market price per unit multiplied by the number of units held exclusive of any transaction costs. A corresponding adjustment for changes in fair value of the equity securities is also reflected in the changes in fair value of the deferred compensation obligation. |
Fair Value Measurements - Outst
Fair Value Measurements - Outstanding Interest Rate Swaps (Detail) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
US Dollar term loan floating-to-fixed rate swaps maturing on April 2019 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 150,000,000 |
Maturity Date | Apr. 1, 2019 |
US Dollar term loan floating-to-fixed rate swaps maturing on June 2019 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | Jun. 1, 2019 |
US Dollar term loan floating-to-fixed rate swaps maturing on July 2019 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 150,000,000 |
Maturity Date | Jul. 1, 2019 |
US Dollar term loan floating-to-fixed rate swaps maturing on July 2020 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | Jul. 1, 2020 |
US Dollar term loan floating-to-fixed rate swaps maturing on July 2020 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | Jul. 1, 2020 |
US Dollar term loan floating-to-fixed rate swaps maturing on October 2020 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | Oct. 1, 2020 |
US Dollar term loan floating-to-fixed rate swaps maturing on October 2021 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | Oct. 1, 2021 |
US Dollar term loan floating-to-fixed rate swaps maturing on July 2022 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | Jul. 1, 2022 |
US Dollar term loan floating-to-fixed rate swaps maturing on May 2023 | |
Derivative Instruments Gain Loss [Line Items] | |
Notional Amount | $ 250,000,000 |
Maturity Date | May 1, 2023 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Effect of Cash Flow Hedge Accounting on Consolidated Statement of Operations (Detail) - Interest Expense - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Interest expense (Location in the consolidated statement of operations in which the effects of cash flow hedges are recorded) | $ 394 | $ 374 | $ 333 |
Amount of (gain)/loss reclassified from accumulated other comprehensive income/(loss) into income, net of tax | $ (5) | $ 3 | $ 5 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Derivative Instruments in Consolidated Balance Sheets (Detail) - Interest Rate Swap Arrangements - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Prepaid Expenses and Other Current Assets | ||
Derivatives Fair Value [Line Items] | ||
Assets | $ 3 | |
Other Non- Current Assets | ||
Derivatives Fair Value [Line Items] | ||
Assets | 20 | $ 17 |
Other Non-Current Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Liabilities | $ 3 |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivatives in Cash Flow Hedging Relationships (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest Rate Swap Arrangements | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of (Gain)/Loss Recognized in OCI on Derivatives (Effective Portion) | $ (9) | $ (13) | $ 3 |
Interest Expense | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of (Gain)/Loss Reclassified from OCI into Income (Effective Portion) | $ (7) | $ 5 | $ 7 |
Restructuring Activities - Summ
Restructuring Activities - Summary of Changes in Liabilities for Restructuring Activities (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |||
Beginning Balance | $ 58 | $ 73 | $ 38 |
Charges | 139 | 80 | 105 |
Non cash charges and other adjustments | (2) | 2 | (1) |
Payments | (127) | (97) | (69) |
Ending Balance | $ 68 | $ 58 | $ 73 |
Restructuring Activities - Addi
Restructuring Activities - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring And Related Activities [Abstract] | ||||
Restructuring reserve | $ 68 | $ 58 | $ 73 | $ 38 |
Restructuring actions for remaining liabilities, Current | 62 | |||
Restructuring charges | $ 139 | $ 80 | $ 105 |
Pensions and Other Post-Retir_3
Pensions and Other Post-Retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average expected long term rate of return | 4.40% | 4.60% | 5.10% |
Settlement loss recognized | $ 1 | $ (1) | $ (1) |
Weighted average asset allocations | 100.00% | 100.00% | |
Defined contribution plan expenses | $ 59 | $ 53 | $ 49 |
Contributions made in shares by the employer | 0 | ||
Minimum | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Percentage of contribution by the employer | 3.00% | ||
Equity securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 33.00% | 37.00% | |
Equity securities | Maximum | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 33.00% | ||
Fixed income securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 50.00% | 47.00% | |
Fixed income securities | Maximum | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 50.00% | ||
Other securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 17.00% | 16.00% | |
Other securities | Maximum | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 17.00% | ||
United States | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Defined benefit plan assumptions used in calculations, basis point | 0.50% | ||
Pension expense | $ 1 | ||
Weighted average expected long term rate of return | 6.90% | 7.00% | 7.30% |
Weighted average asset allocations | 100.00% | 100.00% | |
Contributions to the pension plans | $ 10 | ||
United States | Equity securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 52.00% | 55.00% | |
United States | Fixed income securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 47.00% | 44.00% | |
United States | Other securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 1.00% | 1.00% | |
The Netherlands | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Defined benefit plan assumptions used in calculations, basis point | 0.50% | ||
Pension expense | $ 3 | ||
Weighted average expected long term rate of return | 3.60% | 3.80% | 4.20% |
Weighted average asset allocations | 100.00% | 100.00% | |
Contributions to the pension plans | $ 3 | ||
The Netherlands | Equity securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 21.00% | 27.00% | |
The Netherlands | Fixed income securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 62.00% | 56.00% | |
The Netherlands | Other securities | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Weighted average asset allocations | 17.00% | 17.00% | |
Mexico | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Settlement loss recognized | $ 1 | ||
Canada | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Settlement loss recognized | $ 1 | ||
Switzerland | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Settlement loss recognized | $ 1 | ||
Other | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Contributions to the pension plans | $ 15 |
Pensions and Other Post-Retir_4
Pensions and Other Post-Retirement Benefits - Summary of Pension Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in projected benefit obligation | |||
Benefit obligation at beginning of period | $ 1,772 | $ 1,642 | |
Service cost | 9 | 13 | $ 14 |
Interest cost | 35 | 34 | 40 |
Plan participants’ contributions | 1 | 2 | |
Actuarial (gain)/loss | (86) | 6 | |
Benefits paid | (69) | (66) | |
Expenses paid | (2) | ||
Premiums paid | (1) | (1) | |
Settlements | (4) | (6) | |
Combinations | 2 | ||
Amendments | 1 | ||
Effect of foreign currency translation | (62) | 150 | |
Benefit obligation at end of period | 1,598 | 1,772 | 1,642 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 1,559 | 1,365 | |
Actual return on plan assets | (62) | 109 | |
Employer contributions | 29 | 21 | |
Plan participants’ contributions | 1 | 2 | |
Benefits paid | (69) | (66) | |
Expenses paid | (2) | ||
Premiums paid | (1) | (1) | |
Settlements | (4) | (6) | |
Combinations | 2 | ||
Effect of foreign currency translation | (59) | 137 | |
Fair value of plan assets at end of period | 1,396 | 1,559 | 1,365 |
Funded status | (202) | (213) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Pension assets included in other non-current assets | 17 | 23 | |
Current liabilities | (2) | (2) | |
Accrued benefit liability included in other non-current liabilities | (217) | (234) | |
Net amount recognized | (202) | (213) | |
Amounts recognized in Other Comprehensive Income/(Loss), before tax | |||
Net (gain)/loss | 22 | (2) | |
Settlement loss | (1) | (1) | |
Amortization of prior service cost | 1 | (2) | |
Amortization of net loss | (19) | (18) | (15) |
Total recognized in other comprehensive income/(loss) | (3) | (21) | |
Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax | |||
Unrecognized losses | 433 | 430 | |
The Netherlands | |||
Change in projected benefit obligation | |||
Benefit obligation at beginning of period | 724 | 669 | |
Service cost | 3 | 5 | 5 |
Interest cost | 10 | 9 | 11 |
Plan participants’ contributions | 1 | ||
Actuarial (gain)/loss | (29) | (21) | |
Benefits paid | (30) | (30) | |
Expenses paid | (1) | ||
Effect of foreign currency translation | (31) | 92 | |
Benefit obligation at end of period | 647 | 724 | 669 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 718 | 625 | |
Actual return on plan assets | (25) | 32 | |
Employer contributions | 5 | 3 | |
Plan participants’ contributions | 1 | ||
Benefits paid | (30) | (30) | |
Expenses paid | (1) | ||
Effect of foreign currency translation | (31) | 88 | |
Fair value of plan assets at end of period | 637 | 718 | 625 |
Funded status | (10) | (6) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Accrued benefit liability included in other non-current liabilities | (10) | (6) | |
Net amount recognized | (10) | (6) | |
Amounts recognized in Other Comprehensive Income/(Loss), before tax | |||
Net (gain)/loss | 11 | (3) | |
Amortization of net loss | (6) | (7) | (5) |
Total recognized in other comprehensive income/(loss) | (5) | (10) | |
Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax | |||
Unrecognized losses | 190 | 185 | |
Other | |||
Change in projected benefit obligation | |||
Benefit obligation at beginning of period | 678 | 629 | |
Service cost | 6 | 8 | 9 |
Interest cost | 13 | 13 | 16 |
Plan participants’ contributions | 1 | 1 | |
Actuarial (gain)/loss | (28) | ||
Benefits paid | (24) | (23) | |
Expenses paid | (1) | ||
Premiums paid | (1) | (1) | |
Settlements | (4) | (6) | |
Combinations | 2 | ||
Amendments | 1 | ||
Effect of foreign currency translation | (31) | 58 | |
Benefit obligation at end of period | 613 | 678 | 629 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 581 | 507 | |
Actual return on plan assets | (14) | 40 | |
Employer contributions | 15 | 15 | |
Plan participants’ contributions | 1 | 1 | |
Benefits paid | (24) | (23) | |
Expenses paid | (1) | ||
Premiums paid | (1) | (1) | |
Settlements | (4) | (6) | |
Combinations | 2 | ||
Effect of foreign currency translation | (28) | 49 | |
Fair value of plan assets at end of period | 528 | 581 | 507 |
Funded status | (85) | (97) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Pension assets included in other non-current assets | 17 | 23 | |
Current liabilities | (1) | (2) | |
Accrued benefit liability included in other non-current liabilities | (101) | (118) | |
Net amount recognized | (85) | (97) | |
Amounts recognized in Other Comprehensive Income/(Loss), before tax | |||
Net (gain)/loss | 1 | (6) | |
Settlement loss | (1) | (1) | |
Amortization of prior service cost | 1 | (2) | |
Amortization of net loss | (4) | (5) | (4) |
Total recognized in other comprehensive income/(loss) | 3 | (12) | |
Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax | |||
Unrecognized losses | 129 | 132 | |
United States | |||
Change in projected benefit obligation | |||
Benefit obligation at beginning of period | 370 | 344 | |
Interest cost | 12 | 12 | 13 |
Actuarial (gain)/loss | (29) | 27 | |
Benefits paid | (15) | (13) | |
Benefit obligation at end of period | 338 | 370 | 344 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 260 | 233 | |
Actual return on plan assets | (23) | 37 | |
Employer contributions | 9 | 3 | |
Benefits paid | (15) | (13) | |
Fair value of plan assets at end of period | 231 | 260 | 233 |
Funded status | (107) | (110) | |
Amounts recognized in the Consolidated Balance Sheets | |||
Current liabilities | (1) | ||
Accrued benefit liability included in other non-current liabilities | (106) | (110) | |
Net amount recognized | (107) | (110) | |
Amounts recognized in Other Comprehensive Income/(Loss), before tax | |||
Net (gain)/loss | 10 | 7 | |
Amortization of net loss | (9) | (6) | $ (6) |
Total recognized in other comprehensive income/(loss) | (1) | 1 | |
Amounts not yet reflected in net periodic benefit cost and included in Accumulated Other Comprehensive Income/(Loss), before tax | |||
Unrecognized losses | $ 114 | $ 113 |
Pensions and Other Post-Retir_5
Pensions and Other Post-Retirement Benefits - Total Accumulated Benefit Obligation and Minimum Liability Changes For Pension Plans (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Accumulated benefit obligation | $ 1,579 | $ 1,750 | $ 1,622 |
Accumulated Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 1,490 | 1,010 | |
Accumulated benefit obligation | 1,473 | 992 | |
Fair value of plan assets | 1,272 | 776 | |
Projected Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 1,490 | 1,654 | |
Accumulated benefit obligation | 1,579 | 1,632 | |
Fair value of plan assets | 1,272 | 1,418 | |
The Netherlands | Accumulated Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 646 | 80 | |
Accumulated benefit obligation | 644 | 80 | |
Fair value of plan assets | 637 | 76 | |
The Netherlands | Projected Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 646 | 724 | |
Accumulated benefit obligation | 644 | 721 | |
Fair value of plan assets | 637 | 718 | |
Other | Accumulated Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 506 | 560 | |
Accumulated benefit obligation | 491 | 542 | |
Fair value of plan assets | 404 | 440 | |
Other | Projected Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 506 | 560 | |
Accumulated benefit obligation | 597 | 541 | |
Fair value of plan assets | 404 | 440 | |
United States | Accumulated Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 338 | 370 | |
Accumulated benefit obligation | 338 | 370 | |
Fair value of plan assets | 231 | 260 | |
United States | Projected Benefit Obligation | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Projected benefit obligation | 338 | 370 | |
Accumulated benefit obligation | 338 | 370 | |
Fair value of plan assets | $ 231 | $ 260 |
Pensions and Other Post-Retir_6
Pensions and Other Post-Retirement Benefits - Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Service cost | $ 9 | $ 13 | $ 14 |
Interest cost | 35 | 34 | 40 |
Expected return on plan assets | (61) | (63) | (69) |
Settlement loss recognized | 1 | (1) | (1) |
Amortization of prior service costs | (1) | 2 | |
Amortization of net loss | 19 | 18 | 15 |
Net periodic pension cost | 2 | 2 | 1 |
Curtailment gain recognized | 1 | ||
The Netherlands | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Service cost | 3 | 5 | 5 |
Interest cost | 10 | 9 | 11 |
Expected return on plan assets | (23) | (24) | (26) |
Amortization of net loss | 6 | 7 | 5 |
Net periodic pension cost | (4) | (3) | (5) |
Other | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Service cost | 6 | 8 | 9 |
Interest cost | 13 | 13 | 16 |
Expected return on plan assets | (21) | (22) | (25) |
Settlement loss recognized | 1 | (1) | (1) |
Amortization of prior service costs | (1) | 2 | |
Amortization of net loss | 4 | 5 | 4 |
Net periodic pension cost | 2 | 4 | 5 |
Curtailment gain recognized | 1 | ||
United States | |||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |||
Interest cost | 12 | 12 | 13 |
Expected return on plan assets | (17) | (17) | (18) |
Amortization of net loss | 9 | 6 | 6 |
Net periodic pension cost | $ 4 | $ 1 | $ 1 |
Pensions and Other Post-Retir_7
Pensions and Other Post-Retirement Benefits - Component of Accumulated Other Comprehensive Income/(Loss) Expected to be Recognized (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Net actuarial loss | $ (18) |
The Netherlands | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Net actuarial loss | (5) |
Other | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Net actuarial loss | (7) |
United States | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
Net actuarial loss | $ (6) |
Pensions and Other Post-Retir_8
Pensions and Other Post-Retirement Benefits - Weighted Average Assumptions Underlying Pension Computations (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net periodic pension costs: | |||
Weighted average expected long term rate of return | 4.40% | 4.60% | 5.10% |
The Netherlands | |||
Pension benefit obligation: | |||
Pension benefit obligation - discount rate | 2.00% | 1.90% | 1.80% |
Pension benefit obligation - rate of compensation increase | 1.80% | 1.80% | 1.80% |
Net periodic pension costs: | |||
Net periodic pension costs - discount rate | 1.90% | 1.80% | 2.40% |
Net periodic pension costs - rate of compensation increase | 1.80% | 3.80% | 1.80% |
Weighted average expected long term rate of return | 3.60% | 3.80% | 4.20% |
Other | |||
Pension benefit obligation: | |||
Pension benefit obligation - discount rate | 2.50% | 2.30% | 2.30% |
Pension benefit obligation - rate of compensation increase | 1.10% | 1.10% | 1.10% |
Net periodic pension costs: | |||
Net periodic pension costs - discount rate | 2.30% | 2.30% | 3.20% |
Net periodic pension costs - rate of compensation increase | 1.10% | 1.10% | 2.50% |
Weighted average expected long term rate of return | 4.30% | 4.40% | 5.30% |
United States | |||
Pension benefit obligation: | |||
Pension benefit obligation - discount rate | 4.40% | 3.70% | 4.40% |
Net periodic pension costs: | |||
Net periodic pension costs - discount rate | 3.70% | 4.40% | 4.60% |
Weighted average expected long term rate of return | 6.90% | 7.00% | 7.30% |
Pensions and Other Post-Retir_9
Pensions and Other Post-Retirement Benefits - Weighted Average Asset Allocation by Asset Category (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
Equity securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 33.00% | 37.00% |
Fixed income securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 50.00% | 47.00% |
Other securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 17.00% | 16.00% |
The Netherlands | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
The Netherlands | Equity securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 21.00% | 27.00% |
The Netherlands | Fixed income securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 62.00% | 56.00% |
The Netherlands | Other securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 17.00% | 17.00% |
Other | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
Other | Equity securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 41.00% | 45.00% |
Other | Fixed income securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 28.00% | 31.00% |
Other | Other securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 31.00% | 24.00% |
United States | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 100.00% | 100.00% |
United States | Equity securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 52.00% | 55.00% |
United States | Fixed income securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 47.00% | 44.00% |
United States | Other securities | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Weighted average asset allocations | 1.00% | 1.00% |
Pensions and Other Post-Reti_10
Pensions and Other Post-Retirement Benefits - Assets at Fair Value (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | $ 1,184 | $ 1,305 | |
Total assets at fair value | 1,396 | 1,559 | $ 1,365 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 260 | 297 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 750 | 812 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 174 | 196 | |
Cash and equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 30 | 8 | |
Cash and equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 30 | 8 | |
Equity securities - U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 63 | 72 | |
Equity securities - U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 53 | 60 | |
Equity securities - U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 10 | 12 | |
Equity securities - U.S. | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 23 | 26 | |
Equity securities - Global | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 243 | 310 | |
Equity securities - Global | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 37 | 40 | |
Equity securities - Global | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 206 | 270 | |
Equity securities - Global | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 29 | 32 | |
Equity securities – non-U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 77 | 102 | |
Equity securities – non-U.S. | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 9 | 8 | |
Equity securities – non-U.S. | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 68 | 94 | |
Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 42 | 47 | |
Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 42 | 47 | |
Real estate | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 6 | 7 | |
Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 370 | 385 | |
Corporate bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 100 | 142 | |
Corporate bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 270 | 243 | |
Corporate bonds | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 7 | ||
Debt issued by national, state or local government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 225 | 230 | |
Debt issued by national, state or local government | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 31 | 39 | |
Debt issued by national, state or local government | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 194 | 191 | |
Debt issued by national, state or local government | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 10 | 8 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 134 | 151 | |
Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 2 | 2 | |
Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value excluding NAV per share practical expedient | 132 | 149 | |
Investments | Fair Value, Inputs, Level 1, 2 and 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 1,184 | 1,305 | |
Cash | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 4 | 7 | |
Liability Driven Investments | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 59 | 88 | |
Private Equity And Hedge Funds | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | 60 | 60 | |
Insurance And Other | Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total assets at fair value | $ 21 | $ 19 |
Pensions and Other Post-Reti_11
Pensions and Other Post-Retirement Benefits - Summary of Changes in Fair Value of Pension Plans Level 3 Assets (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Actual return on plan assets: | ||
Effect of foreign currency translation | $ (59) | $ 137 |
Level 3 | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Balance, beginning of year | 196 | 167 |
Actual return on plan assets: | ||
(Sales)/investments | (12) | 5 |
Unrealized gains (losses) | (1) | 3 |
Effect of foreign currency translation | (9) | 21 |
Balance, end of year | 174 | 196 |
Level 3 | Real estate | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Balance, beginning of year | 47 | 38 |
Actual return on plan assets: | ||
(Sales)/investments | (4) | 5 |
Effect of foreign currency translation | (1) | 4 |
Balance, end of year | 42 | 47 |
Level 3 | Other | ||
Pension Plans Postretirement And Other Employee Benefits [Line Items] | ||
Balance, beginning of year | 149 | 129 |
Actual return on plan assets: | ||
(Sales)/investments | (8) | |
Unrealized gains (losses) | (1) | 3 |
Effect of foreign currency translation | (8) | 17 |
Balance, end of year | $ 132 | $ 149 |
Pensions and Other Post-Reti_12
Pensions and Other Post-Retirement Benefits - Estimated Future Benefit Payments (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,019 | $ 65 |
2,020 | 66 |
2,021 | 68 |
2,022 | 69 |
2,023 | 72 |
2024-2028 | 385 |
The Netherlands | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,019 | 30 |
2,020 | 30 |
2,021 | 30 |
2,022 | 30 |
2,023 | 30 |
2024-2028 | 147 |
Other | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,019 | 20 |
2,020 | 20 |
2,021 | 21 |
2,022 | 22 |
2,023 | 24 |
2024-2028 | 137 |
United States | |
Pension Plans Postretirement And Other Employee Benefits [Line Items] | |
2,019 | 15 |
2,020 | 16 |
2,021 | 17 |
2,022 | 17 |
2,023 | 18 |
2024-2028 | $ 101 |
Long-term Debt and Other Fina_3
Long-term Debt and Other Financing Arrangements - Summary of Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total long-term debt, Weighted average interest rate | 4.67% | 4.32% |
Total long-term debt, Carrying Amount | $ 8,225 | $ 8,274 |
Capital lease and other financing obligations, Carrying Amount | 161 | 167 |
Bank overdrafts | 1 | |
Total debt and other financing arrangements | 8,387 | 8,441 |
Less: Current portion of long-term debt, capital lease and other financing obligations and other short-term borrowings | 107 | 84 |
Long-term debt and capital lease obligations | 8,280 | 8,357 |
Total long-term debt, Fair Value | $ 7,999 | $ 8,429 |
Senior secured credit facilities | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Weighted average interest rate | 4.09% | 3.39% |
Total long-term debt, Carrying Amount | $ 4,020 | $ 4,074 |
Total long-term debt, Fair Value | $ 3,934 | $ 4,096 |
Debenture loans | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Weighted average interest rate | 5.22% | 5.22% |
Total long-term debt, Carrying Amount | $ 4,204 | $ 4,199 |
Total long-term debt, Fair Value | 4,064 | 4,332 |
Senior Secured Term Loan Facility Due 2019 | Libor Based Variable Rate of 3.43% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 1,392 | |
Total long-term debt, Fair Value | 1,397 | |
Senior Secured Term Loan Facility Due 2023 | Libor Based Variable Rate of 4.14% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 1,112 | |
Total long-term debt, Fair Value | 1,100 | |
Senior Secured Term Loan Facility Due 2023 | Libor Based Variable Rate of 4.39% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 2,285 | 2,232 |
Total long-term debt, Fair Value | 2,215 | 2,247 |
Senior Secured Term Loan Facility Due 2023 | Euro Libor Based Variable Rate of 2.50% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 623 | |
Total long-term debt, Fair Value | 619 | |
Senior Secured Term Loan Facility Due 2021 | Euro Libor Based Variable Rate of 2.10% | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 450 | |
Total long-term debt, Fair Value | 452 | |
Senior Debenture Loan Due 2020 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 797 | 795 |
Total long-term debt, Fair Value | 792 | 809 |
Senior debenture loan due 2021 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 621 | 620 |
Total long-term debt, Fair Value | 621 | 643 |
Senior Debenture Loan Due 2022 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 2,290 | 2,288 |
Total long-term debt, Fair Value | 2,179 | 2,362 |
Senior Debenture Loan Due 2025 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 496 | 496 |
Total long-term debt, Fair Value | 472 | 518 |
Other Loans | ||
Debt Instrument [Line Items] | ||
Total long-term debt, Carrying Amount | 1 | 1 |
Total long-term debt, Fair Value | $ 1 | $ 1 |
Long-term Debt and Other Fina_4
Long-term Debt and Other Financing Arrangements - Summary of Long-Term Debt (Parenthetical) (Detail) € in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2017EUR (€) | |
Senior Secured Term Loan Facility Due 2019 | Libor Based Variable Rate of 3.43% | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | $ 2,080 | $ 2,080 | ||
Debt instrument, variable rate | 3.43% | 3.43% | ||
Debt instrument, maturity year | 2,019 | 2,019 | ||
Senior Secured Term Loan Facility Due 2023 | Libor Based Variable Rate of 4.14% | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | $ 1,125 | $ 1,125 | ||
Debt instrument, variable rate | 4.14% | 4.14% | ||
Debt instrument, maturity year | 2,023 | 2,023 | ||
Senior Secured Term Loan Facility Due 2023 | Libor Based Variable Rate of 4.39% | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | $ 2,303 | $ 2,303 | ||
Debt instrument, variable rate | 4.39% | 4.39% | ||
Debt instrument, maturity year | 2,023 | 2,023 | ||
Senior Secured Term Loan Facility Due 2023 | Euro Libor Based Variable Rate of 2.50% | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | € | € 545 | € 545 | ||
Debt instrument, variable rate | 2.50% | 2.50% | ||
Debt instrument, maturity year | 2,023 | 2,023 | ||
Senior Secured Term Loan Facility Due 2021 | Euro Libor Based Variable Rate of 2.10% | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | € | € 380 | € 380 | ||
Debt instrument, variable rate | 2.10% | 2.10% | ||
Debt instrument, maturity year | 2,021 | 2,021 | ||
Senior Secured Revolving Credit Facility Due 2023 | Euro Libor or Libor based variable rate | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | $ 850 | $ 850 | ||
Debt instrument, maturity year | 2,023 | 2,023 | ||
Senior Debenture Loan Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | $ 800 | $ 800 | ||
Debt instrument, maturity year | 2,020 | 2,020 | ||
Debt instrument interest rate stated percentage | 4.50% | 4.50% | 4.50% | 4.50% |
Senior debenture loan due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | $ 625 | $ 625 | ||
Debt instrument, maturity year | 2,021 | 2,021 | ||
Debt instrument interest rate stated percentage | 5.50% | 5.50% | 5.50% | 5.50% |
Senior Debenture Loan Due 2022 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | $ 2,300 | $ 2,300 | ||
Debt instrument, maturity year | 2,022 | 2,022 | ||
Debt instrument interest rate stated percentage | 5.00% | 5.00% | 5.00% | 5.00% |
Senior Debenture Loan Due 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument face value | $ 500 | $ 500 | ||
Debt instrument, maturity year | 2,025 | 2,025 | ||
Debt instrument interest rate stated percentage | 5.00% | 5.00% | 5.00% | 5.00% |
Long-Term Debt and Other Fina_5
Long-Term Debt and Other Financing Arrangements - Schedule of Long-Term Debt Currency Wise (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Carrying Amount of Long Term Debt | $ 8,225 | $ 8,274 |
U.S. Dollars | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long Term Debt | 7,602 | 7,824 |
Euro | ||
Debt Instrument [Line Items] | ||
Carrying Amount of Long Term Debt | $ 623 | $ 450 |
Long-term Debt and Other Fina_6
Long-term Debt and Other Financing Arrangements - Annual Maturities of Long-Term Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 45 | |
2,020 | 855 | |
2,021 | 703 | |
2,022 | 2,401 | |
2,023 | 3,724 | |
Thereafter | 497 | |
Total | $ 8,225 | $ 8,274 |
Long-term Debt and Other Fina_7
Long-term Debt and Other Financing Arrangements - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2018EUR (€) | |
Debt Instrument [Line Items] | ||||||
Wrote-off certain previously capitalized deferred financing fees | $ 2,000,000 | |||||
Debt refinancing costs | $ 5,000,000 | |||||
Capital stock of non-U.S. subsidiaries of the company, percentage | 65.00% | |||||
Net restricted assets, subsidiary entities | $ 2,800,000,000 | |||||
Letters of credit, outstanding | 16,000,000 | $ 13,000,000 | ||||
Proceeds from issuances of debt, net of issuance costs | 781,000,000 | 2,745,000,000 | $ 2,502,000,000 | |||
Interest expense related to capital leases and other financing transactions | 10,000,000 | 12,000,000 | $ 11,000,000 | |||
Proceeds to be received under non-cancelable subleases | $ 2,000,000 | |||||
Senior Secured Term Loan Facility Due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 500,000,000 | |||||
Debt instrument, maturity year | 2,025 | |||||
Debt instrument interest rate stated percentage | 5.00% | |||||
Proceeds from issuances of debt, net of issuance costs | $ 495,000,000 | |||||
Debenture loans | ||||||
Debt Instrument [Line Items] | ||||||
Redemption of Senior notes and Senior subordinated discount notes at a percentage of aggregated accreted principal plus accrued and unpaid interest | 101.00% | |||||
Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Leverage ratio | 5.50% | |||||
Total net debt to covenant EBITDA | 5.00% | |||||
Effective interest rates on capital Leases and other financing activities | 10.00% | |||||
Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Effective interest rates on capital Leases and other financing activities | 4.50% | |||||
Tranche A Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 850,000,000 | |||||
Debt instrument, maturity date | Jul. 9, 2023 | |||||
Tranche A Revolving Credit Facility | Maximum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 1.00% | |||||
Tranche A Revolving Credit Facility | Maximum | Eurocurrency Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 2.00% | |||||
Tranche A Revolving Credit Facility | Minimum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 0.25% | |||||
Tranche A Revolving Credit Facility | Minimum | Eurocurrency Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 1.25% | |||||
Class A Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 1,125,000,000 | |||||
Debt instrument, maturity date | Jul. 9, 2023 | |||||
Original principal amount repayment term | The new Class A Term Loans will mature in full on July 9, 2023 and are required to be repaid in quarterly installments in an aggregate amount equal to 0.63% of the original principal amount of the Class A Term Loans for each of the first eight quarters following the effective date of the Amendment Agreement, 1.25% of the original principal amount of the Class A Term Loans for each of the subsequent eight quarters and 2.50% of the original principal amount of the Class A Term Loans for each of the subsequent three quarters, with the balance payable on July 9, 2023. The new Class B-2 Euro Term Loans will mature in full on October 4, 2023 | |||||
Class A Term Loans | Maximum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 1.00% | |||||
Class A Term Loans | Maximum | Eurocurrency Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 2.00% | |||||
Class A Term Loans | Minimum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 0.25% | |||||
Class A Term Loans | Minimum | Eurocurrency Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 1.25% | |||||
Class A Term Loans | Repayment on Each of First Eight Quarters | ||||||
Debt Instrument [Line Items] | ||||||
Original principal amount repaid | 0.63% | |||||
Class A Term Loans | Repayment on Each of Subsequent Eight Quarters | ||||||
Debt Instrument [Line Items] | ||||||
Original principal amount repaid | 1.25% | |||||
Class A Term Loans | Repayment on Each of Subsequent Three Quarters | ||||||
Debt Instrument [Line Items] | ||||||
Original principal amount repaid | 2.50% | |||||
Class B-2 Euro Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | € | € 545,245,518 | |||||
Debt instrument, maturity date | Oct. 4, 2023 | |||||
Original principal amount repaid | 0.25% | |||||
Debt instrument, variable rate | 2.50% | |||||
Class B-4 Term Loans | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument face value | $ 75,000,000 | |||||
Debt instrument, maturity date | Oct. 4, 2023 | |||||
Original principal amount repaid | 0.25% | |||||
Class B-4 Term Loans | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 1.00% | |||||
Class B-4 Term Loans | Eurocurrency Rate | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate | 2.00% | |||||
New revolving credit commitments | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maximum borrowing capacity | $ 850,000,000 | |||||
Debt instrument, maturity date | Jul. 31, 2023 | |||||
Revolving credit commitments | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings, outstanding | 0 | 0 | ||||
Letters of credit, outstanding | 16,000,000 | $ 13,000,000 | ||||
Debt instrument, remaining borrowing capacity | $ 834,000,000 |
Long-Term Debt and Other Fina_8
Long-Term Debt and Other Financing Arrangements - Summary of Future Minimum Capital Lease Payments Under Non-Cancelable Capital Leases (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 58 |
2,020 | 52 |
2,021 | 35 |
2,022 | 19 |
2,023 | 13 |
Thereafter | 7 |
Total | 184 |
Less: amount representing interest | 23 |
Present value of minimum lease payments | 161 |
Current portion | 51 |
Total non-current portion | $ 110 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Activity (Detail) - shares | 1 Months Ended | 12 Months Ended | |||||||
Jul. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Actual number of shares of common stock outstanding | |||||||||
Beginning of period | 355,944,976 | 357,465,614 | 362,338,369 | ||||||
Shares of common stock issued through compensation plans | 1,587,947 | 1,578,917 | 3,482,699 | ||||||
Employee benefit trust activity | 41,030 | 269,284 | 280,339 | ||||||
Repurchases of common stock | (321,534) | (208,510) | (922,862) | (155,878) | (424,324) | (187,048) | (2,220,156) | (3,368,839) | (8,075,115) |
End of period | 355,271,737 | 355,944,976 | 357,465,614 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Dividends Paid (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Dividends Payable [Line Items] | |||
Dividend Per Share | $ 1.39 | $ 1.33 | $ 1.21 |
Installment One | |||
Dividends Payable [Line Items] | |||
Declaration Date | Feb. 21, 2018 | Feb. 16, 2017 | |
Record Date | Mar. 7, 2018 | Mar. 2, 2017 | |
Payment Date | Mar. 21, 2018 | Mar. 16, 2017 | |
Dividend Per Share | $ 0.34 | $ 0.31 | |
Installment Two | |||
Dividends Payable [Line Items] | |||
Declaration Date | Apr. 19, 2018 | Apr. 24, 2017 | |
Record Date | Jun. 6, 2018 | Jun. 2, 2017 | |
Payment Date | Jun. 20, 2018 | Jun. 16, 2017 | |
Dividend Per Share | $ 0.35 | $ 0.34 | |
Installment Three | |||
Dividends Payable [Line Items] | |||
Declaration Date | Jul. 19, 2018 | Jul. 20, 2017 | |
Record Date | Aug. 22, 2018 | Aug. 24, 2017 | |
Payment Date | Sep. 5, 2018 | Sep. 7, 2017 | |
Dividend Per Share | $ 0.35 | $ 0.34 | |
Installment Four | |||
Dividends Payable [Line Items] | |||
Declaration Date | Oct. 18, 2018 | Oct. 19, 2017 | |
Record Date | Nov. 21, 2018 | Nov. 21, 2017 | |
Payment Date | Dec. 5, 2018 | Dec. 5, 2017 | |
Dividend Per Share | $ 0.35 | $ 0.34 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | Feb. 21, 2019 | Jul. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 11, 2015 | Oct. 23, 2014 | Jul. 25, 2013 |
Stockholders Equity [Line Items] | |||||||||||||
Dividends declared per common share | $ 1.39 | $ 1.33 | $ 1.21 | ||||||||||
Cost of treasury stock | $ 2,000,000,000 | $ 2,000,000,000 | $ 500,000,000 | $ 1,000,000,000 | $ 500,000,000 | ||||||||
Cumulative shares repurchased | 39,426,521 | 37,206,365 | |||||||||||
Average price of common stock purchased | $ 31.26 | $ 30.85 | $ 30.79 | $ 32.24 | $ 33.04 | $ 33.31 | $ 44.95 | $ 45.74 | |||||
Payments For Repurchase Of Common Stock | $ 1,772,000,000 | ||||||||||||
Maximum | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Cost of treasury stock | $ 2,000,000,000 | ||||||||||||
Subsequent Event | |||||||||||||
Stockholders Equity [Line Items] | |||||||||||||
Declaration Date | Feb. 21, 2019 | ||||||||||||
Dividends declared per common share | $ 0.35 | ||||||||||||
Cash dividend, date to be Paid | Mar. 21, 2019 | ||||||||||||
Cash dividend, recorded date | Mar. 7, 2019 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Approved Authorized Shares for Repurchase Program (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 11, 2015 | Oct. 23, 2014 | Jul. 25, 2013 |
Statement Of Stockholders Equity [Abstract] | |||||
Cost of treasury stock | $ 2,000,000,000 | $ 2,000,000,000 | $ 500,000,000 | $ 1,000,000,000 | $ 500,000,000 |
Shareholders' Equity - Open Mar
Shareholders' Equity - Open Market Share Repurchases Activity (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||
Jul. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2018 | Oct. 31, 2018 | Sep. 30, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | |
Condensed Financial Statements Captions [Line Items] | |||||||||||||
Total Number of Shares Purchased, beginning balance | 37,206,365 | ||||||||||||
Number of Shares Purchased | 321,534 | 208,510 | 922,862 | 155,878 | 424,324 | 187,048 | |||||||
Total Number of Shares Purchased, ending balance | 39,426,521 | 37,206,365 | |||||||||||
Average price of common stock purchased | $ 31.26 | $ 30.85 | $ 30.79 | $ 32.24 | $ 33.04 | $ 33.31 | $ 44.95 | $ 45.74 | |||||
Dollar Value of Shares That may yet be Purchased under the Publicly Announced Plans or Programs | $ 227,942,536 | $ 237,992,519 | $ 244,424,375 | $ 272,843,463 | $ 277,868,369 | $ 291,887,826 | $ 227,942,536 | $ 298,118,746 | $ 227,942,536 | $ 227,942,536 | $ 227,942,536 | $ 227,942,536 | $ 298,118,746 |
Publicly Announced Plans Or Programs | |||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||
Total Number of Shares Purchased, beginning balance | 37,206,365 | ||||||||||||
Number of Shares Purchased | 321,534 | 208,510 | 922,862 | 155,878 | 424,324 | 187,048 | |||||||
Total Number of Shares Purchased, ending balance | 39,426,521 | 37,206,365 | |||||||||||
Dollar Value of Shares That may yet be Purchased under the Publicly Announced Plans or Programs | $ 227,942,536 | $ 237,992,519 | $ 244,424,375 | $ 272,843,463 | $ 277,868,369 | $ 291,887,826 | $ 227,942,536 | $ 298,118,746 | $ 227,942,536 | $ 227,942,536 | $ 227,942,536 | $ 227,942,536 | $ 298,118,746 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 35 | $ 45 | $ 51 | |
Tax benefit related to the share-based compensation expense | $ 5 | $ 13 | $ 13 | |
Number of shares authorized | 44,095,000 | |||
Weighted-average grant date fair value of the options granted | $ 2.16 | $ 4.70 | $ 7.78 | |
Aggregate fair value of options vested | $ 6 | $ 9 | $ 12 | |
Intrinsic value of options exercised | 6 | $ 17 | $ 77 | |
Cash proceeds from exercise of options | $ 23 | |||
2016 Employee Share Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized | 2,000,000 | |||
Shares issued under the ESPP | 174,246 | 159,279 | ||
Time-based stock options | Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options granted | 750,000 | 1,000 | 1,643,144 | |
Vesting period | 3 years | 4 years | 4 years | |
Vesting description | 6.25% per quarter | |||
Vesting rate | 33.30% | 6.25% | 25.00% | |
Stock option | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unearned share-based compensation related to stock options | $ 2 | |||
Unearned share-based compensation, expected period to recognize | 3 years | |||
Time and Performance Based Stock Options | Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options granted | 2,524,176 | |||
Vesting period | 3 years | |||
Vesting rate | 33.30% | |||
Unearned share-based compensation related to stock options | $ 6 | |||
Unearned share-based compensation, expected period to recognize | 3 years | |||
Weighted-average grant date fair value of the options granted | $ 3.09 | |||
Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unearned share-based compensation, expected period to recognize | 3 years 1 month 6 days | |||
Weighted-average grant date fair value of the options granted | $ 25.35 | $ 36.23 | $ 53.94 | |
Restricted stock units granted | 2,780,914 | 1,574,973 | 512,676 | |
Unearned stock-based compensation of RSUs | $ 61 | |||
Restricted Stock Units (RSUs) | Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | 4 years | 4 years | |
Vesting description | 6.25% per quarter | |||
Vesting rate | 25.00% | 25.00% | ||
Restricted stock units granted | 31,381 | |||
Aggregate fair value of restricted stock units granted | $ 2 | |||
Aggregate fair value of restricted stock units granted attributed to post merger service | 1 | |||
Aggregate fair value of restricted stock units granted included in purchase consideration | $ 1 | |||
Restricted Stock Units (RSUs) | Stock Incentive Plan | Third Anniversary Date of Award | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 100.00% | |||
Restricted Stock Units (RSUs) | Stock Incentive Plan | Second Anniversary Date of Award | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 100.00% | |||
Restricted Stock Units (RSUs) | Stock Incentive Plan | Over Three Years on Anniversary Date | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Vesting rate | 33.30% | |||
Restricted Stock Units (RSUs) | Stock Incentive Plan | Over Four Years on Anniversary Date | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Vesting rate | 25.00% | |||
Restricted Stock Units (RSUs) | Bonus | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting rate | 50.00% | |||
Unearned share-based compensation related to stock options | $ 0 | |||
Weighted-average grant date fair value of the options granted | $ 0 | $ 0 | $ 47.85 | |
Restricted stock units granted | 0 | 0 | 66,581 | |
Performance restricted stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Unearned stock-based compensation of RSUs | $ 1 | |||
Number of Options, Granted | 463,442 | 348,885 | 381,576 | |
Weighted-Average Exercise Price, Granted | $ 27.94 | $ 37.88 | $ 45.37 | |
Share based compensation arrangement required service period, years | 3 years | 3 years | 3 years | |
Revenue compounded annual growth rate, Percentage | 25.00% | |||
Relative shareholder return, percentage | 25.00% | 40.00% | 40.00% | |
Free cash flow achievement, percentage | 50.00% | 60.00% | 60.00% | |
Maximum payout, percentage | 200.00% |
Share-based Compensation - Summ
Share-based Compensation - Summary of Assumptions Used for Grants of Time-Based Awards (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Based Compensation [Line Items] | |||
Expected life (years) | 6 years | 4 years 6 months | |
Risk-free interest rate | 2.87% | 2.02% | |
Expected dividend yield | 4.97% | 3.76% | |
Expected volatility | 25.96% | 22.01% | |
Weighted average volatility | 25.96% | 22.01% | 20.89% |
Minimum | |||
Stock Based Compensation [Line Items] | |||
Expected life (years) | 4 years 6 months | ||
Risk-free interest rate | 1.19% | ||
Expected dividend yield | 2.29% | ||
Expected volatility | 20.02% | ||
Maximum | |||
Stock Based Compensation [Line Items] | |||
Expected life (years) | 5 years 3 months | ||
Risk-free interest rate | 1.92% | ||
Expected dividend yield | 2.90% | ||
Expected volatility | 23.44% |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Stock Option Plan Activity (Detail) - Time Based Awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Options, Outstanding beginning | 5,869,303 | 8,158,168 | 10,549,178 | |
Number of Options, Granted | 750,000 | 1,000 | 1,643,144 | |
Number of Options, Forfeited | (988,826) | (996,015) | (577,618) | |
Number of Options, Expired | (153,799) | |||
Number of Options, Exercised | (844,842) | (1,293,850) | (3,456,536) | |
Number of Options, Outstanding ending | 4,631,836 | 5,869,303 | 8,158,168 | 10,549,178 |
Number of Options, Exercisable | 3,186,245 | |||
Weighted-Average Exercise Price, Outstanding beginning | $ 41.58 | $ 40.19 | $ 33.96 | |
Weighted-Average Exercise Price, Granted | 40 | 36.17 | 53.99 | |
Weighted-Average Exercise Price, Forfeited | (46.08) | (47.59) | (33.51) | |
Weighted-Average Exercise Price, Expired | (30.47) | |||
Weighted-Average Exercise Price, Exercised | (28.04) | (28.13) | (28.85) | |
Weighted-Average Exercise Price, Outstanding ending | 43.20 | $ 41.58 | $ 40.19 | $ 33.96 |
Weighted-Average Exercise Price, Exercisable | $ 41.99 | |||
Weighted Average Remaining Contractual Term in Years | 3 years 7 months 28 days | 3 years 6 months 7 days | 4 years 5 months 4 days | 4 years 1 month 28 days |
Weighted Average Remaining Contractual Term in Years, Exercisable | 2 years 8 months 15 days | |||
Aggregate Intrinsic Value | $ 13 | $ 43 | $ 136 |
Share-based Compensation - Su_3
Share-based Compensation - Summary of Assumptions Used for Time and Performance Based Awards (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Based Compensation [Line Items] | |||
Expected life (years) | 6 years | 4 years 6 months | |
Risk-free interest rate | 2.87% | 2.02% | |
Expected dividend yield | 4.97% | 3.76% | |
Expected volatility | 25.96% | 22.01% | |
Weighted average volatility | 25.96% | 22.01% | 20.89% |
Minimum | |||
Stock Based Compensation [Line Items] | |||
Expected life (years) | 4 years 6 months | ||
Risk-free interest rate | 1.19% | ||
Expected dividend yield | 2.29% | ||
Expected volatility | 20.02% | ||
Maximum | |||
Stock Based Compensation [Line Items] | |||
Expected life (years) | 5 years 3 months | ||
Risk-free interest rate | 1.92% | ||
Expected dividend yield | 2.90% | ||
Expected volatility | 23.44% | ||
Time and Performance Based Stock Options | |||
Stock Based Compensation [Line Items] | |||
Expected life (years) | 5 years | ||
Weighted average volatility | 27.13% | ||
Time and Performance Based Stock Options | Minimum | |||
Stock Based Compensation [Line Items] | |||
Risk-free interest rate | 2.83% | ||
Expected dividend yield | 4.85% | ||
Expected volatility | 27.11% | ||
Time and Performance Based Stock Options | Maximum | |||
Stock Based Compensation [Line Items] | |||
Risk-free interest rate | 2.92% | ||
Expected dividend yield | 5.54% | ||
Expected volatility | 27.27% |
Share-based Compensation - Su_4
Share-based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of RSUs, Nonvested beginning | 2,088,988 | 1,356,393 | 1,506,767 |
Number of RSUs, Granted | 2,780,914 | 1,574,973 | 512,676 |
Number of RSUs, Forfeited | (361,821) | (339,292) | (104,822) |
Number of RSUs, Vested | (642,397) | (503,086) | (558,228) |
Number of RSUs, Nonvested ending | 3,865,684 | 2,088,988 | 1,356,393 |
Weighted-Average Grant Date Fair Value, Outstanding beginning | $ 40.36 | $ 47.69 | $ 42.48 |
Weighted-Average Grant date Fair Value, Granted | 25.35 | 36.23 | 53.94 |
Weighted-Average Grant date Fair Value, Forfeited | 38.46 | 46.09 | 43.26 |
Weighted-Average Grant date Fair Value, Vested | 29.18 | 44.62 | 39.21 |
Weighted-Average Grant date Fair Value, Outstanding ending | $ 29.88 | $ 40.36 | $ 47.69 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax [Line Items] | |||||||
U.S. federal corporate income tax rate | 21.00% | 35.00% | |||||
Tax cuts and jobs act of 2017 tax effect accounting complete | true | ||||||
Net expenses (benefit) recorded due to enactment of TCJ Act | $ (252) | $ 104 | $ (252) | $ 104 | |||
Net tax benefit relating to the calculation of transition tax including withholding taxes | 57 | 57 | |||||
Net benefit associated with re-measurement of deferred taxes | 195 | $ 195 | |||||
Accrued local foreign and withholding taxes | 1,400 | 1,400 | |||||
One-time transition tax payable period | 8 years | ||||||
One-time transition tax payable | 36 | $ 36 | |||||
Benefit/(provision) for income taxes | 182 | (388) | $ (309) | ||||
Net operating loss carryforwards | 2,208 | 947 | 2,208 | 947 | |||
Deferred tax assets, gross tax credit carry forwards | 205 | 72 | $ 205 | 72 | |||
Operating loss carryforwards year of expiration | 2,019 | ||||||
Tax credit carryforward expiration | 2,019 | ||||||
Valuation allowance on tax credit, loss carryforwards and deferred tax assets related to other temporary differences | 651 | 466 | $ 651 | 466 | |||
Valuation allowance | 362 | 362 | |||||
Liabilities for unrecognized income tax benefits | $ 572 | 452 | $ 572 | 452 | 432 | $ 461 | |
Unrecognized tax benefits | $ 70 | $ 70 | $ 53 | ||||
ASU 2016-16 | |||||||
Income Tax [Line Items] | |||||||
Benefit/(provision) for income taxes | $ 193 |
Income Taxes - Components of In
Income Taxes - Components of Income/(loss) Before Income Taxes and Equity in Net Income(Loss) of Affiliates (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 | |
Income Tax Disclosure [Abstract] | |||||||||||
UK | $ 3 | $ 27 | $ (3) | ||||||||
Non-UK | (885) | 801 | 819 | ||||||||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | $ (1,274) | $ 157 | $ 121 | $ 114 | $ 246 | $ 242 | $ 224 | $ 116 | $ (882) | $ 828 | $ 816 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes Attributable to Income/(loss) Before Income Taxes and Equity in Net Income/(loss) of Affiliates (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | |||
Non-UK . | $ 332 | $ 226 | $ 221 |
Total current income tax provision | 332 | 226 | 221 |
Deferred: | |||
UK | (5) | 1 | |
Non-UK | (514) | 167 | 87 |
Total deferred income tax provision | (514) | 162 | 88 |
Total (benefit)/provision for income taxes | $ (182) | $ 388 | $ 309 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes as Per UK Federal Income Tax Rates (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 | ||
Income Tax Disclosure [Abstract] | ||||||||||||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | $ (1,274) | $ 157 | $ 121 | $ 114 | $ 246 | $ 242 | $ 224 | $ 116 | $ (882) | $ 828 | $ 816 | |
Statutory tax rate | 21.00% | 35.00% | ||||||||||
(Benefit)/provision for income taxes at the UK statutory rate | $ (168) | $ 159 | 163 | |||||||||
Impairment of goodwill and long-lived assets | 268 | |||||||||||
Tax impact on distributions from foreign subsidiaries | 9 | 8 | 24 | |||||||||
Effect of operations in non-UK jurisdictions | 32 | 35 | 71 | |||||||||
Tax impact of global licensing arrangements | 18 | 66 | 74 | |||||||||
Tax impact of intercompany restructuring | (142) | |||||||||||
U.S. state and local taxation | 17 | 23 | 30 | |||||||||
Withholding and other taxation | 28 | 39 | 39 | |||||||||
Effect of global financing activities | (67) | (68) | (71) | |||||||||
Changes in estimates for uncertain tax positions | 23 | 40 | (9) | |||||||||
Changes in valuation allowances | 39 | (8) | (29) | |||||||||
Effect of change in deferred tax rates | (6) | 7 | 1 | |||||||||
Tax impact due to US Tax Reform | [1] | (228) | 104 | |||||||||
Share-based compensation | 1 | (19) | ||||||||||
Other, net | (6) | (17) | 35 | |||||||||
Total (benefit)/provision for income taxes | $ (182) | $ 388 | $ 309 | |||||||||
Effective tax rate (benefit) and expense | (20.60%) | 46.90% | 37.90% | |||||||||
UK | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Statutory tax rate | 19.00% | 19.25% | 20.00% | |||||||||
[1] | This includes the impact of BEAT and GILTI |
Income Taxes - Components of Cu
Income Taxes - Components of Current and Non-Current Deferred Income Tax Assets/(Liabilities) (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 532 | $ 204 |
Interest expense limitation | 301 | 367 |
Employee benefits | 59 | 63 |
Tax credit carryforwards | 205 | 72 |
Share-based payments | 15 | 18 |
Accrued expenses | 41 | 53 |
Other assets | 69 | 28 |
Total deferred tax assets, gross | 1,222 | 805 |
Valuation allowances | (651) | (466) |
Deferred tax assets, net of valuation allowances | 571 | 339 |
Intangible assets | (913) | (1,173) |
Fixed asset depreciation | (109) | |
Financial instruments | (6) | |
Financial instruments | 1 | |
Computer software | (132) | (149) |
Unremitted earnings | (61) | (172) |
Unrealized gain on investments | (49) | (50) |
Deferred (revenues)/costs | (9) | 5 |
Other liabilities | (67) | (66) |
Total deferred income tax liabilities | (1,346) | (1,604) |
Net deferred tax liability | $ (775) | $ (1,265) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amount of Gross Uncertain Tax Positions (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance as of the beginning of period | $ 452 | $ 432 | $ 461 |
Additions for current year tax positions | 21 | 11 | 15 |
Additions for tax positions of prior years | 108 | 15 | 7 |
Reductions for lapses of statute of limitations | (8) | (2) | (6) |
Reductions for tax positions of prior years | (1) | (4) | (45) |
Balance as of the end of the period | $ 572 | $ 452 | $ 432 |
Investments in Affiliates and_2
Investments in Affiliates and Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Investments In And Advances To Affiliates Schedule Of Investments [Abstract] | ||
Investments in affiliates | $ 16 | $ 15 |
Receivable from affiliates | $ 3 | $ 3 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitment And Contingencies [Line Items] | ||||
Effective date of agreement | Oct. 1, 2007 | |||
Purchase amended and restated agreement date | Oct. 1, 2017 | |||
Purchase amended and restated agreement effective date | Jan. 1, 2017 | |||
Extended agreement term | 5 years | |||
Agreement expiration date | December 31, 2025 | |||
Period for renewal options granted | three one-year | |||
Description of renewal options granted | The term of the Agreement has been extended for an additional five years, so as to expire on December 31, 2025, with three one-year renewal options granted to Nielsen. | |||
Remaining commitments amount | $ 1,600,000,000 | |||
Total expenses incurred under operating leases | 96,000,000 | $ 96,000,000 | $ 79,000,000 | |
Recognized rental income received under subleases | 6,000,000 | 6,000,000 | $ 8,000,000 | |
Aggregate future proceeds under sub-lease guarantees | 5,000,000 | |||
Letters of credit issued and outstanding | $ 16,000,000 | $ 13,000,000 | ||
Services Per Year From 2021 Through 2024 | ||||
Commitment And Contingencies [Line Items] | ||||
Commitment to purchase services | $ 186,000,000 | |||
Services 2,025 | ||||
Commitment And Contingencies [Line Items] | ||||
Commitment to purchase services | 139,500,000 | |||
Minimum | Services Per Year From 2017 Through 2020 | ||||
Commitment And Contingencies [Line Items] | ||||
Commitment to purchase services | 320,000,000 | |||
Commitment | ||||
Commitment And Contingencies [Line Items] | ||||
Purchase commitment, remaining minimum amount committed | $ 2,250,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Minimum Annual Payments under Nielsen's Purchase Obligations (Detail) $ in Millions | Dec. 31, 2018USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating leases, Year Ending December 31, 2019 | $ 99 | |
Operating leases, Year Ending December 31, 2020 | 72 | |
Operating leases, Year Ending December 31, 2021 | 52 | |
Operating leases, Year Ending December 31, 2022 | 36 | |
Operating leases, Year Ending December 31, 2023 | 26 | |
Operating leases, Thereafter | 119 | |
Operating leases, Total | 404 | |
Other contractual obligations, Year Ending December 31, 2019 | 579 | [1] |
Other contractual obligations, Year Ending December 31, 2020 | 490 | [1] |
Other contractual obligations, Year Ending December 31, 2021 | 373 | [1] |
Other contractual obligations, Year Ending December 31, 2022 | 202 | [1] |
Other contractual obligations, Year Ending December 31, 2023 | 191 | [1] |
Other contractual obligations, Thereafter | 258 | [1] |
Other contractual obligations, Total | 2,093 | [1] |
Total, Year Ending December 31, 2019 | 678 | |
Total, Year Ending December 31, 2020 | 562 | |
Total, Year Ending December 31, 2021 | 425 | |
Total, Year Ending December 31, 2022 | 238 | |
Total, Year Ending December 31, 2023 | 217 | |
Total, Thereafter | 377 | |
Total | $ 2,497 | |
[1] | Other contractual obligations represent obligations under agreement, which are not unilaterally cancelable by Nielsen, are legally enforceable and specify fixed or minimum amounts or quantities of goods or services at fixed or minimum prices. Nielsen generally requires purchase orders for vendor and third party spending. The amounts presented above represent the minimum future annual services covered by purchase obligations including data processing, building maintenance, equipment purchasing, photocopiers, land and mobile telephone service, computer software and hardware maintenance, and outsourcing. Nielsen’s remaining commitments as of December 31, 2018, under the outsourced services agreement with TCS have been included above based on the Annual Commitment minimum required payments. |
Segments - Additional Informati
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segments - Business Segment Inf
Segments - Business Segment Information (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 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | $ 1,658 | $ 1,600 | $ 1,647 | $ 1,610 | $ 1,761 | $ 1,641 | $ 1,644 | $ 1,526 | $ 6,515 | [1] | $ 6,572 | [1] | $ 6,309 | [1] | |
Business segment income/(loss) | [2] | 1,850 | 2,024 | 1,925 | |||||||||||
Depreciation and amortization | 675 | 640 | 603 | ||||||||||||
Restructuring charges | 139 | 80 | 105 | ||||||||||||
Impairment of goodwill and other long-lived assets | 1,413 | ||||||||||||||
Share-based compensation expense | 35 | 45 | 51 | ||||||||||||
Other items | [3] | 63 | 45 | 36 | |||||||||||
Operating income/(loss) | (1,171) | $ 261 | $ 228 | $ 207 | 354 | $ 334 | $ 321 | $ 205 | (475) | 1,214 | 1,130 | ||||
Total assets | 15,179 | 16,866 | 15,179 | 16,866 | |||||||||||
Capital expenditures | 520 | 489 | 433 | ||||||||||||
Operating Segments | Buy | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 3,097 | 3,231 | 3,322 | ||||||||||||
Business segment income/(loss) | [2] | 411 | 584 | 619 | |||||||||||
Depreciation and amortization | 226 | 210 | 212 | ||||||||||||
Restructuring charges | 103 | 42 | 61 | ||||||||||||
Impairment of goodwill and other long-lived assets | 1,411 | ||||||||||||||
Share-based compensation expense | 13 | 13 | 16 | ||||||||||||
Other items | [3] | 3 | |||||||||||||
Operating income/(loss) | (1,342) | 319 | 327 | ||||||||||||
Total assets | 5,417 | 6,862 | 5,417 | 6,862 | |||||||||||
Capital expenditures | 223 | 211 | 196 | ||||||||||||
Operating Segments | Watch | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 3,418 | 3,341 | 2,987 | ||||||||||||
Business segment income/(loss) | [2] | 1,485 | 1,486 | 1,348 | |||||||||||
Depreciation and amortization | 442 | 425 | 387 | ||||||||||||
Restructuring charges | 22 | 15 | 18 | ||||||||||||
Share-based compensation expense | 11 | 12 | 10 | ||||||||||||
Other items | [3] | 2 | |||||||||||||
Operating income/(loss) | 1,010 | 1,034 | 931 | ||||||||||||
Total assets | 9,647 | 9,911 | 9,647 | 9,911 | |||||||||||
Capital expenditures | 274 | 272 | 227 | ||||||||||||
Corporate And Eliminations | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Business segment income/(loss) | [2] | (46) | (46) | (42) | |||||||||||
Depreciation and amortization | 7 | 5 | 4 | ||||||||||||
Restructuring charges | 14 | 23 | 26 | ||||||||||||
Impairment of goodwill and other long-lived assets | 2 | ||||||||||||||
Share-based compensation expense | 11 | 20 | 25 | ||||||||||||
Other items | [3] | 63 | 45 | 31 | |||||||||||
Operating income/(loss) | (143) | (139) | (128) | ||||||||||||
Total assets | $ 115 | $ 93 | 115 | 93 | |||||||||||
Capital expenditures | 23 | 6 | 10 | ||||||||||||
Corporate And Eliminations | Buy | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | 30 | 68 | 163 | ||||||||||||
Corporate And Eliminations | Watch | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | $ 138 | $ 182 | $ 222 | ||||||||||||
[1] | Revenues are attributed to geographic areas based on the location of customers. | ||||||||||||||
[2] | The Company’s chief operating decision-maker uses business segment income/(loss) to measure performance from period to period both at the consolidated level as well as within its operating segments. | ||||||||||||||
[3] | For the year ended December 31, 2018, other items primarily consist of business optimization costs, including strategic review costs, and transaction related costs. For the year ended December 31, 2017, other items primarily consist of transaction related costs and business optimization costs. |
Segments - Geographic Segment I
Segments - Geographic Segment Information (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 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | $ 1,658 | $ 1,600 | $ 1,647 | $ 1,610 | $ 1,761 | $ 1,641 | $ 1,644 | $ 1,526 | $ 6,515 | [1] | $ 6,572 | [1] | $ 6,309 | [1] | |
Operating income/(loss) | (1,171) | $ 261 | $ 228 | $ 207 | 354 | $ 334 | $ 321 | $ 205 | (475) | 1,214 | 1,130 | ||||
Long-lived Assets | [2] | 12,479 | 12,479 | 14,054 | |||||||||||
United States | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | [1] | 3,697 | 3,730 | 3,626 | |||||||||||
Operating income/(loss) | 31 | 743 | 730 | ||||||||||||
Long-lived Assets | [2] | 10,806 | 11,404 | 10,806 | 11,404 | ||||||||||
North and South America, excluding the U.S. | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | [1] | 569 | 595 | 605 | |||||||||||
Operating income/(loss) | (226) | 164 | 180 | ||||||||||||
Long-lived Assets | [2] | $ 523 | 957 | 523 | 957 | ||||||||||
United Kingdom | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | [1] | 192 | 194 | 198 | |||||||||||
Operating income/(loss) | (130) | (20) | (22) | ||||||||||||
Long-lived Assets | [2] | 153 | 153 | 259 | |||||||||||
Other Europe, Middle East & Africa | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | [1] | 1,217 | 1,188 | 1,089 | |||||||||||
Operating income/(loss) | (157) | 159 | 127 | ||||||||||||
Long-lived Assets | [2] | 734 | 734 | 1,038 | |||||||||||
Asia Pacific | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Revenues | [1] | 840 | 865 | 791 | |||||||||||
Operating income/(loss) | $ 7 | 168 | 115 | ||||||||||||
Long-lived Assets | [2] | $ 263 | $ 263 | $ 396 | |||||||||||
[1] | Revenues are attributed to geographic areas based on the location of customers. | ||||||||||||||
[2] | Long-lived assets include property, plant and equipment, goodwill and other intangible assets. |
Additional Financial Informat_3
Additional Financial Information - Accounts Payable and Other Current Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |||
Trade payables | $ 288 | $ 296 | |
Personnel costs | 225 | 273 | |
Current portion of restructuring liabilities | 62 | 43 | |
Data and professional services | 221 | 221 | |
Interest payable | 64 | 61 | |
Other current liabilities | [1] | 259 | 247 |
Total accounts payable and other current liabilities | $ 1,119 | $ 1,141 | |
[1] | Other includes multiple items, none of which is individually significant. |
Guarantor Financial Informati_3
Guarantor Financial Information - Additional Information (Detail) | Dec. 31, 2018 |
Subsidiaries of Nielsen | |
Condensed Financial Statements Captions [Line Items] | |
Ownership percentage in subsidiaries | 100.00% |
Guarantor Financial Informati_4
Guarantor Financial Information - Consolidated Statement of Comprehensive 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 Financial Statements Captions [Line Items] | ||||||||||||||
Revenues | $ 1,658 | $ 1,600 | $ 1,647 | $ 1,610 | $ 1,761 | $ 1,641 | $ 1,644 | $ 1,526 | $ 6,515 | [1] | $ 6,572 | [1] | $ 6,309 | [1] |
Cost of revenues, exclusive of depreciation and amortization shown separately below | 2,805 | 2,765 | 2,607 | |||||||||||
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | 1,958 | 1,873 | 1,864 | |||||||||||
Depreciation and amortization | 675 | 640 | 603 | |||||||||||
Impairment of goodwill and other long-lived assets | 1,413 | |||||||||||||
Restructuring charges | 139 | 80 | 105 | |||||||||||
Operating income/(loss) | (1,171) | 261 | 228 | 207 | 354 | 334 | 321 | 205 | (475) | 1,214 | 1,130 | |||
Interest income | 8 | 4 | 4 | |||||||||||
Interest expense | (394) | (374) | (333) | |||||||||||
Foreign currency exchange transaction gains/(losses), net | (16) | (10) | (6) | |||||||||||
Other income/(expense), net | (5) | (6) | 21 | |||||||||||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | (1,274) | 157 | 121 | 114 | 246 | 242 | 224 | 116 | (882) | 828 | 816 | |||
Benefit/(provision) for income taxes | 182 | (388) | (309) | |||||||||||
Net income/(loss) | (700) | 440 | 507 | |||||||||||
Less net income/(loss) attributable to noncontrolling interests | 12 | 11 | 5 | |||||||||||
Net income/(loss) attributable to Nielsen shareholders | $ (952) | $ 96 | $ 72 | $ 72 | $ 81 | $ 146 | $ 131 | $ 71 | (712) | 429 | 502 | |||
Total other comprehensive income/(loss) | (171) | 273 | (157) | |||||||||||
Net current period other comprehensive income/(loss) attributable to noncontrolling interest | (1) | 2 | (5) | |||||||||||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | (170) | 271 | (152) | |||||||||||
Total comprehensive income/(loss) | (871) | 713 | 350 | |||||||||||
Less: comprehensive income/(loss) attributable to noncontrolling interests | 11 | 13 | ||||||||||||
Total comprehensive income/(loss) attributable to Nielsen shareholders | (882) | 700 | 350 | |||||||||||
Parent | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | 4 | 4 | 2 | |||||||||||
Operating income/(loss) | (4) | (4) | (2) | |||||||||||
Interest income | 1 | 1 | ||||||||||||
Interest expense | (3) | |||||||||||||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | (3) | (3) | (5) | |||||||||||
Benefit/(provision) for income taxes | (1) | |||||||||||||
Equity in net income/(loss) of subsidiaries | (709) | 433 | 507 | |||||||||||
Net income/(loss) | (712) | 429 | 502 | |||||||||||
Net income/(loss) attributable to Nielsen shareholders | (712) | 429 | 502 | |||||||||||
Total other comprehensive income/(loss) | (170) | 271 | (152) | |||||||||||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | (170) | 271 | (152) | |||||||||||
Total comprehensive income/(loss) | (882) | 700 | 350 | |||||||||||
Total comprehensive income/(loss) attributable to Nielsen shareholders | (882) | 700 | ||||||||||||
Issuers | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Interest income | 681 | 839 | 869 | |||||||||||
Interest expense | (369) | (353) | (310) | |||||||||||
Other income/(expense), net | (6) | (4) | (7) | |||||||||||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | 306 | 482 | 552 | |||||||||||
Benefit/(provision) for income taxes | (99) | (146) | (135) | |||||||||||
Equity in net income/(loss) of subsidiaries | 167 | 193 | 185 | |||||||||||
Net income/(loss) | 374 | 529 | 602 | |||||||||||
Net income/(loss) attributable to Nielsen shareholders | 374 | 529 | 602 | |||||||||||
Total other comprehensive income/(loss) | 17 | (21) | 10 | |||||||||||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | 17 | (21) | 10 | |||||||||||
Total comprehensive income/(loss) | 391 | 508 | 612 | |||||||||||
Total comprehensive income/(loss) attributable to Nielsen shareholders | 391 | 508 | ||||||||||||
Guarantor | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Revenues | 3,566 | 3,608 | 3,557 | |||||||||||
Cost of revenues, exclusive of depreciation and amortization shown separately below | 1,457 | 1,419 | 1,317 | |||||||||||
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | 946 | 933 | 973 | |||||||||||
Depreciation and amortization | 542 | 504 | 486 | |||||||||||
Impairment of goodwill and other long-lived assets | 579 | |||||||||||||
Restructuring charges | 51 | 44 | 69 | |||||||||||
Operating income/(loss) | (9) | 708 | 712 | |||||||||||
Interest income | 38 | 37 | 38 | |||||||||||
Interest expense | (704) | (857) | (889) | |||||||||||
Foreign currency exchange transaction gains/(losses), net | (4) | 2 | ||||||||||||
Other income/(expense), net | 860 | 162 | 171 | |||||||||||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | 185 | 46 | 34 | |||||||||||
Benefit/(provision) for income taxes | 139 | (165) | (115) | |||||||||||
Equity in net income/(loss) of subsidiaries | (1,033) | 553 | 589 | |||||||||||
Equity in net income/(loss) of affiliates | (1) | (1) | ||||||||||||
Net income/(loss) | (709) | 433 | 507 | |||||||||||
Net income/(loss) attributable to Nielsen shareholders | (709) | 433 | 507 | |||||||||||
Total other comprehensive income/(loss) | (170) | 271 | (152) | |||||||||||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | (170) | 271 | (152) | |||||||||||
Total comprehensive income/(loss) | (879) | 704 | 355 | |||||||||||
Total comprehensive income/(loss) attributable to Nielsen shareholders | (879) | 704 | ||||||||||||
Non-Guarantor | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Revenues | 2,949 | 2,964 | 2,752 | |||||||||||
Cost of revenues, exclusive of depreciation and amortization shown separately below | 1,348 | 1,346 | 1,290 | |||||||||||
Selling, general and administrative expenses, exclusive of depreciation and amortization shown separately below | 1,008 | 936 | 889 | |||||||||||
Depreciation and amortization | 133 | 136 | 117 | |||||||||||
Impairment of goodwill and other long-lived assets | 834 | |||||||||||||
Restructuring charges | 88 | 36 | 36 | |||||||||||
Operating income/(loss) | (462) | 510 | 420 | |||||||||||
Interest income | 6 | 4 | 5 | |||||||||||
Interest expense | (39) | (41) | (39) | |||||||||||
Foreign currency exchange transaction gains/(losses), net | (16) | (6) | (8) | |||||||||||
Other income/(expense), net | (859) | (164) | (143) | |||||||||||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | (1,370) | 303 | 235 | |||||||||||
Benefit/(provision) for income taxes | 142 | (76) | (59) | |||||||||||
Equity in net income/(loss) of affiliates | 1 | 1 | ||||||||||||
Net income/(loss) | (1,228) | 228 | 177 | |||||||||||
Less net income/(loss) attributable to noncontrolling interests | 12 | 11 | 5 | |||||||||||
Net income/(loss) attributable to Nielsen shareholders | 1,240 | 217 | 172 | |||||||||||
Total other comprehensive income/(loss) | (176) | 308 | (184) | |||||||||||
Net current period other comprehensive income/(loss) attributable to noncontrolling interest | (1) | 2 | (5) | |||||||||||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | (175) | 306 | (179) | |||||||||||
Total comprehensive income/(loss) | (1,404) | 536 | (7) | |||||||||||
Less: comprehensive income/(loss) attributable to noncontrolling interests | 11 | 13 | ||||||||||||
Total comprehensive income/(loss) attributable to Nielsen shareholders | (1,415) | 523 | ||||||||||||
Consolidation Eliminations | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Interest income | (718) | (877) | (908) | |||||||||||
Interest expense | 718 | 877 | 908 | |||||||||||
Equity in net income/(loss) of subsidiaries | 1,575 | (1,179) | (1,281) | |||||||||||
Net income/(loss) | 1,575 | (1,179) | (1,281) | |||||||||||
Net income/(loss) attributable to Nielsen shareholders | 1,575 | (1,179) | (1,281) | |||||||||||
Total other comprehensive income/(loss) | 328 | (556) | 321 | |||||||||||
Net current period other comprehensive income/(loss) attributable to Nielsen shareholders | 328 | (556) | 321 | |||||||||||
Total comprehensive income/(loss) | 1,903 | (1,735) | $ (960) | |||||||||||
Total comprehensive income/(loss) attributable to Nielsen shareholders | $ 1,903 | $ (1,735) | ||||||||||||
[1] | Revenues are attributed to geographic areas based on the location of customers. |
Guarantor Financial Informati_5
Guarantor Financial Information - Consolidated Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 524 | $ 656 | $ 754 | $ 357 |
Trade and other receivables, net | 1,118 | 1,280 | ||
Prepaid expenses and other current assets | 361 | 346 | ||
Total current assets | 2,003 | 2,282 | ||
Non-current assets | ||||
Property, plant and equipment, net | 468 | 482 | ||
Goodwill | 6,987 | 8,495 | 7,845 | |
Other intangible assets, net | 5,024 | 5,077 | ||
Deferred tax assets | 333 | 170 | ||
Other non-current assets | 364 | 360 | ||
Intercompany loans | 25 | |||
Total assets | 15,179 | 16,866 | ||
Current liabilities | ||||
Accounts payable and other current liabilities | 1,119 | 1,141 | ||
Deferred revenues | 355 | 361 | ||
Income tax liabilities | 76 | 111 | ||
Current portion of long-term debt, capital lease obligations and short-term borrowings | 107 | 84 | ||
Total current liabilities | 1,657 | 1,697 | ||
Non-current liabilities | ||||
Long-term debt and capital lease obligations | 8,280 | 8,357 | ||
Deferred tax liabilities | 1,108 | 1,435 | ||
Other non-current liabilities | 1,091 | 934 | ||
Total liabilities | 12,136 | 12,423 | ||
Total shareholders’ equity | 2,847 | 4,245 | ||
Noncontrolling interests | 196 | 198 | ||
Total equity | 3,043 | 4,443 | 4,293 | 4,627 |
Total liabilities and equity | 15,179 | 16,866 | ||
Parent | ||||
Current assets | ||||
Cash and cash equivalents | 3 | 2 | 5 | 1 |
Intercompany receivables | 3 | 4 | ||
Total current assets | 6 | 6 | ||
Non-current assets | ||||
Deferred tax assets | 1 | 1 | ||
Equity investment in subsidiaries | 2,815 | 4,213 | ||
Intercompany loans | 25 | 25 | ||
Total assets | 2,847 | 4,245 | ||
Non-current liabilities | ||||
Total shareholders’ equity | 2,847 | 4,245 | ||
Total equity | 2,847 | 4,245 | ||
Total liabilities and equity | 2,847 | 4,245 | ||
Issuers | ||||
Current assets | ||||
Cash and cash equivalents | 1 | 1 | ||
Trade and other receivables, net | 1 | |||
Prepaid expenses and other current assets | 3 | |||
Intercompany receivables | 1,310 | 1,187 | ||
Total current assets | 1,314 | 1,188 | ||
Non-current assets | ||||
Other non-current assets | 19 | 17 | ||
Equity investment in subsidiaries | 1,232 | 1,210 | ||
Intercompany loans | 8,822 | 8,608 | ||
Total assets | 11,387 | 11,023 | ||
Current liabilities | ||||
Accounts payable and other current liabilities | 62 | 61 | ||
Current portion of long-term debt, capital lease obligations and short-term borrowings | 54 | 35 | ||
Intercompany payables | 2 | |||
Total current liabilities | 116 | 98 | ||
Non-current liabilities | ||||
Long-term debt and capital lease obligations | 8,170 | 8,237 | ||
Deferred tax liabilities | 71 | 71 | ||
Intercompany loans | 62 | |||
Other non-current liabilities | 3 | |||
Total liabilities | 8,360 | 8,468 | ||
Total shareholders’ equity | 3,027 | 2,555 | ||
Total equity | 3,027 | 2,555 | ||
Total liabilities and equity | 11,387 | 11,023 | ||
Guarantor | ||||
Current assets | ||||
Cash and cash equivalents | 79 | 69 | 215 | 7 |
Trade and other receivables, net | 377 | 464 | ||
Prepaid expenses and other current assets | 234 | 211 | ||
Intercompany receivables | 399 | 325 | ||
Total current assets | 1,089 | 1,069 | ||
Non-current assets | ||||
Property, plant and equipment, net | 303 | 309 | ||
Goodwill | 5,531 | 6,100 | ||
Other intangible assets, net | 4,545 | 4,545 | ||
Other non-current assets | 273 | 263 | ||
Equity investment in subsidiaries | 1,936 | 4,583 | ||
Intercompany loans | 2,220 | 424 | ||
Total assets | 15,897 | 17,293 | ||
Current liabilities | ||||
Accounts payable and other current liabilities | 541 | 560 | ||
Deferred revenues | 225 | 231 | ||
Income tax liabilities | 20 | 62 | ||
Current portion of long-term debt, capital lease obligations and short-term borrowings | 46 | 44 | ||
Intercompany payables | 1,408 | 1,345 | ||
Total current liabilities | 2,240 | 2,242 | ||
Non-current liabilities | ||||
Long-term debt and capital lease obligations | 95 | 101 | ||
Deferred tax liabilities | 956 | 1,296 | ||
Intercompany loans | 8,952 | 8,774 | ||
Other non-current liabilities | 839 | 667 | ||
Total liabilities | 13,082 | 13,080 | ||
Total shareholders’ equity | 2,815 | 4,213 | ||
Total equity | 2,815 | 4,213 | ||
Total liabilities and equity | 15,897 | 17,293 | ||
Non-Guarantor | ||||
Current assets | ||||
Cash and cash equivalents | 442 | 584 | $ 533 | $ 349 |
Trade and other receivables, net | 740 | 816 | ||
Prepaid expenses and other current assets | 124 | 135 | ||
Intercompany receivables | 94 | 155 | ||
Total current assets | 1,400 | 1,690 | ||
Non-current assets | ||||
Property, plant and equipment, net | 165 | 173 | ||
Goodwill | 1,456 | 2,395 | ||
Other intangible assets, net | 479 | 532 | ||
Deferred tax assets | 332 | 169 | ||
Other non-current assets | 72 | 80 | ||
Intercompany loans | 105 | 140 | ||
Total assets | 4,009 | 5,179 | ||
Current liabilities | ||||
Accounts payable and other current liabilities | 516 | 520 | ||
Deferred revenues | 130 | 130 | ||
Income tax liabilities | 56 | 49 | ||
Current portion of long-term debt, capital lease obligations and short-term borrowings | 7 | 5 | ||
Intercompany payables | 398 | 324 | ||
Total current liabilities | 1,107 | 1,028 | ||
Non-current liabilities | ||||
Long-term debt and capital lease obligations | 15 | 19 | ||
Deferred tax liabilities | 81 | 68 | ||
Intercompany loans | 2,220 | 361 | ||
Other non-current liabilities | 249 | 267 | ||
Total liabilities | 3,672 | 1,743 | ||
Total shareholders’ equity | 141 | 3,238 | ||
Noncontrolling interests | 196 | 198 | ||
Total equity | 337 | 3,436 | ||
Total liabilities and equity | 4,009 | 5,179 | ||
Consolidation Eliminations | ||||
Current assets | ||||
Intercompany receivables | (1,806) | (1,671) | ||
Total current assets | (1,806) | (1,671) | ||
Non-current assets | ||||
Equity investment in subsidiaries | (5,983) | (10,006) | ||
Intercompany loans | (11,172) | (9,197) | ||
Total assets | (18,961) | (20,874) | ||
Current liabilities | ||||
Intercompany payables | (1,806) | (1,671) | ||
Total current liabilities | (1,806) | (1,671) | ||
Non-current liabilities | ||||
Intercompany loans | (11,172) | (9,197) | ||
Total liabilities | (12,978) | (10,868) | ||
Total shareholders’ equity | (5,983) | (10,006) | ||
Total equity | (5,983) | (10,006) | ||
Total liabilities and equity | $ (18,961) | $ (20,874) |
Guarantor Financial Informati_6
Guarantor Financial Information - Consolidated Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements Captions [Line Items] | |||
Net cash provided by/(used in) operating activities | $ 1,058 | $ 1,310 | $ 1,296 |
Investing activities: | |||
Acquisition of subsidiaries and affiliates, net of cash acquired | (43) | (778) | (285) |
Proceeds from the sale of subsidiaries and affiliates, net | 51 | 2 | 34 |
Additions to property, plant and equipment and other assets | (106) | (119) | (109) |
Additions to intangible assets | (414) | (370) | (324) |
Proceeds from the sale of property, plant and equipment and other assets | 4 | 42 | 42 |
Other investing activities | 2 | (13) | |
Net cash used in by investing activities | (506) | (1,236) | (642) |
Financing activities: | |||
Net payments under revolving credit facility | (164) | ||
Repayment of debt | (819) | (2,296) | (1,765) |
Proceeds from issuances of debt, net of issuance costs | 781 | 2,745 | 2,502 |
Increase/(decrease) in short term borrowings | 1 | (5) | 4 |
Cash dividends paid to shareholders | (494) | (474) | (434) |
Repurchase of common stock | (70) | (140) | (418) |
Activity under stock plans | 15 | 21 | 81 |
Proceeds from employee stock purchase plan | 5 | 6 | 1 |
Capital leases | (76) | (55) | (40) |
Settlement of intercompany and other financing activities | (19) | (17) | (54) |
Net cash used in financing activities | (676) | (215) | (248) |
Effect of exchange-rate changes on cash and cash equivalents | (8) | 43 | (9) |
Net increase/(decrease) in cash and cash equivalents | (132) | (98) | 397 |
Cash and cash equivalents at beginning of period | 656 | 754 | 357 |
Cash and cash equivalents at end of period | 524 | 656 | 754 |
Parent | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash provided by/(used in) operating activities | (2) | (1) | (5) |
Financing activities: | |||
Cash dividends paid to shareholders | (494) | (474) | (434) |
Repurchase of common stock | (70) | (140) | (418) |
Activity under stock plans | 23 | 32 | 103 |
Proceeds from employee stock purchase plan | 5 | 6 | |
Settlement of intercompany and other financing activities | 539 | 574 | 758 |
Net cash used in financing activities | 3 | (2) | 9 |
Net increase/(decrease) in cash and cash equivalents | 1 | (3) | 4 |
Cash and cash equivalents at beginning of period | 2 | 5 | 1 |
Cash and cash equivalents at end of period | 3 | 2 | 5 |
Issuers | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash provided by/(used in) operating activities | 240 | 171 | 278 |
Financing activities: | |||
Repayment of debt | (818) | (2,295) | (1,765) |
Proceeds from issuances of debt, net of issuance costs | 781 | 2,744 | 2,502 |
Settlement of intercompany and other financing activities | (204) | (620) | (1,014) |
Net cash used in financing activities | (241) | (171) | (277) |
Net increase/(decrease) in cash and cash equivalents | 1 | ||
Cash and cash equivalents at beginning of period | 1 | 1 | |
Cash and cash equivalents at end of period | 1 | 1 | |
Guarantor | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash provided by/(used in) operating activities | 383 | 789 | 671 |
Investing activities: | |||
Acquisition of subsidiaries and affiliates, net of cash acquired | (15) | (755) | (242) |
Proceeds from the sale of subsidiaries and affiliates, net | 51 | 1 | 36 |
Additions to property, plant and equipment and other assets | (53) | (63) | (53) |
Additions to intangible assets | (356) | (307) | (273) |
Proceeds from the sale of property, plant and equipment and other assets | 29 | 31 | |
Other investing activities | 9 | (11) | (1) |
Net cash used in by investing activities | (364) | (1,106) | (502) |
Financing activities: | |||
Net payments under revolving credit facility | (164) | ||
Proceeds from issuances of debt, net of issuance costs | 1 | ||
Activity under stock plans | (8) | (11) | (22) |
Capital leases | (69) | (51) | |
Settlement of intercompany and other financing activities | 67 | 236 | 222 |
Net cash used in financing activities | (10) | 175 | 36 |
Effect of exchange-rate changes on cash and cash equivalents | 1 | (4) | 3 |
Net increase/(decrease) in cash and cash equivalents | 10 | (146) | 208 |
Cash and cash equivalents at beginning of period | 69 | 215 | 7 |
Cash and cash equivalents at end of period | 79 | 69 | 215 |
Non-Guarantor | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash provided by/(used in) operating activities | 437 | 351 | 352 |
Investing activities: | |||
Acquisition of subsidiaries and affiliates, net of cash acquired | (28) | (23) | (43) |
Proceeds from the sale of subsidiaries and affiliates, net | 1 | (2) | |
Additions to property, plant and equipment and other assets | (53) | (56) | (56) |
Additions to intangible assets | (58) | (63) | (51) |
Proceeds from the sale of property, plant and equipment and other assets | 4 | 13 | 11 |
Other investing activities | (7) | (2) | 1 |
Net cash used in by investing activities | (142) | (130) | (140) |
Financing activities: | |||
Repayment of debt | (1) | (1) | |
Increase/(decrease) in short term borrowings | 1 | (5) | 4 |
Capital leases | (7) | (4) | |
Settlement of intercompany and other financing activities | (421) | (207) | (20) |
Net cash used in financing activities | (428) | (217) | (16) |
Effect of exchange-rate changes on cash and cash equivalents | (9) | 47 | (12) |
Net increase/(decrease) in cash and cash equivalents | (142) | 51 | 184 |
Cash and cash equivalents at beginning of period | 584 | 533 | 349 |
Cash and cash equivalents at end of period | $ 442 | $ 584 | $ 533 |
Quarterly Financial Data (una_3
Quarterly Financial Data (unaudited) - Quarterly Financial Data (unaudited) (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 | ||||
Income Statement [Abstract] | ||||||||||||||
Revenues | $ 1,658 | $ 1,600 | $ 1,647 | $ 1,610 | $ 1,761 | $ 1,641 | $ 1,644 | $ 1,526 | $ 6,515 | [1] | $ 6,572 | [1] | $ 6,309 | [1] |
Operating income/(loss) | (1,171) | 261 | 228 | 207 | 354 | 334 | 321 | 205 | (475) | 1,214 | 1,130 | |||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | (1,274) | 157 | 121 | 114 | 246 | 242 | 224 | 116 | (882) | 828 | 816 | |||
Net income/(loss) attributable to Nielsen shareholders | $ (952) | $ 96 | $ 72 | $ 72 | $ 81 | $ 146 | $ 131 | $ 71 | $ (712) | $ 429 | $ 502 | |||
Net income per share of common stock, basic | ||||||||||||||
Net income attributable to Nielsen shareholders | $ (2.68) | $ 0.27 | $ 0.20 | $ 0.20 | $ 0.23 | $ 0.41 | $ 0.37 | $ 0.20 | $ (2) | $ 1.20 | $ 1.40 | |||
Net income per share of common stock, diluted | ||||||||||||||
Net income attributable to Nielsen shareholders | $ (2.68) | $ 0.27 | $ 0.20 | $ 0.20 | $ 0.23 | $ 0.41 | $ 0.37 | $ 0.20 | $ (2) | $ 1.20 | $ 1.39 | |||
[1] | Revenues are attributed to geographic areas based on the location of customers. |
Condensed Financial Information
Condensed Financial Information of Registrant - Statement of Operations (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 Financial Statements Captions [Line Items] | |||||||||||
Selling, general and administrative expenses | $ 1,958 | $ 1,873 | $ 1,864 | ||||||||
Operating income/(loss) | $ (1,171) | $ 261 | $ 228 | $ 207 | $ 354 | $ 334 | $ 321 | $ 205 | (475) | 1,214 | 1,130 |
Interest income | 8 | 4 | 4 | ||||||||
Interest expense | (394) | (374) | (333) | ||||||||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | $ (1,274) | $ 157 | $ 121 | $ 114 | $ 246 | $ 242 | $ 224 | $ 116 | (882) | 828 | 816 |
Benefit/(provision) for income taxes | 182 | (388) | (309) | ||||||||
Net income/(loss) | (700) | 440 | 507 | ||||||||
Total Nielsen Shareholders' Equity | |||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||
Selling, general and administrative expenses | 4 | 4 | 2 | ||||||||
Operating income/(loss) | (4) | (4) | (2) | ||||||||
Interest income | 1 | 1 | |||||||||
Interest expense | (3) | ||||||||||
Income/(loss) before income taxes and equity in net income/(loss) of affiliates | (3) | (3) | (5) | ||||||||
Benefit/(provision) for income taxes | (1) | ||||||||||
Equity in net income/(loss) of subsidiaries | (709) | 433 | 507 | ||||||||
Net income/(loss) | $ (712) | $ 429 | $ 502 |
Condensed Financial Informati_2
Condensed Financial Information of Registrant - Balance Sheets (Detail) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||||
Cash and cash equivalents | $ 524 | $ 656 | $ 754 | $ 357 |
Total current assets | 2,003 | 2,282 | ||
Other non-current assets | 364 | 360 | ||
Total assets | 15,179 | 16,866 | ||
Current liabilities | ||||
Accounts payable and other current liabilities | 1,119 | 1,141 | ||
Total current liabilities | 1,657 | 1,697 | ||
Other non-current liabilities | 1,091 | 934 | ||
Total liabilities | 12,136 | 12,423 | ||
Total shareholders’ equity | 2,847 | 4,245 | ||
Total liabilities and equity | 15,179 | 16,866 | ||
Total Nielsen Shareholders' Equity | ||||
Current assets | ||||
Cash and cash equivalents | 3 | 2 | $ 5 | $ 1 |
Amounts receivable from subsidiary | 3 | 4 | ||
Total current assets | 6 | 6 | ||
Investment in subsidiaries | 2,815 | 4,213 | ||
Loans outstanding from subsidiary | 25 | 25 | ||
Other non-current assets | 1 | 1 | ||
Total assets | 2,847 | 4,245 | ||
Current liabilities | ||||
Total shareholders’ equity | 2,847 | 4,245 | ||
Total liabilities and equity | $ 2,847 | $ 4,245 |
Condensed Financial Informati_3
Condensed Financial Information of Registrant - Statement of Cash Flow (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Activities: | |||
Cash dividends paid to shareholders | $ (494) | $ (474) | $ (434) |
Repurchase of common stock | (70) | (140) | (418) |
Activity under stock plans | 15 | 21 | 81 |
Proceeds from employee stock purchase plan | 5 | 6 | 1 |
Other financing activities | (18) | (22) | (11) |
Net increase/(decrease) in cash and cash equivalents | (132) | (98) | 397 |
Cash and cash equivalents at beginning of period | 656 | 754 | 357 |
Cash and cash equivalents at end of period | 524 | 656 | 754 |
Total Nielsen Shareholders' Equity | |||
Condensed Financial Statements Captions [Line Items] | |||
Net cash used in operating activities | (2) | (1) | (5) |
Financing Activities: | |||
Cash dividends paid to shareholders | (494) | (474) | (434) |
Repurchase of common stock | (70) | (140) | (418) |
Activity under stock plans | 23 | 32 | 103 |
Proceeds from employee stock purchase plan | 5 | 6 | |
Other financing activities | 539 | 574 | 758 |
Net cash provided by/(used in) financing activities | 3 | (2) | 9 |
Net increase/(decrease) in cash and cash equivalents | 1 | (3) | 4 |
Cash and cash equivalents at beginning of period | 2 | 5 | 1 |
Cash and cash equivalents at end of period | $ 3 | $ 2 | $ 5 |
Condensed Financial Informati_4
Condensed Financial Information of Registrant - Additional Information (Detail) - USD ($) | Feb. 21, 2019 | Jul. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 11, 2015 | Oct. 23, 2014 | Jul. 25, 2013 |
Condensed Financial Statements Captions [Line Items] | |||||||||||||
Loan receivable from subsidiaries associated with financing transactions | $ 25,000,000 | ||||||||||||
Dividends declared per common share | $ 1.39 | $ 1.33 | $ 1.21 | ||||||||||
Cost of treasury stock | $ 2,000,000,000 | $ 2,000,000,000 | $ 500,000,000 | $ 1,000,000,000 | $ 500,000,000 | ||||||||
Cumulative shares repurchased | 39,426,521 | 37,206,365 | |||||||||||
Average price of common stock purchased | $ 31.26 | $ 30.85 | $ 30.79 | $ 32.24 | $ 33.04 | $ 33.31 | $ 44.95 | $ 45.74 | |||||
Payments For Repurchase Of Common Stock | $ 1,772,000,000 | ||||||||||||
Maximum | |||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||
Cost of treasury stock | $ 2,000,000,000 | ||||||||||||
Subsequent Event | |||||||||||||
Condensed Financial Statements Captions [Line Items] | |||||||||||||
Declaration Date | Feb. 21, 2019 | ||||||||||||
Dividends declared per common share | $ 0.35 | ||||||||||||
Cash dividend, date to be Paid | Mar. 21, 2019 | ||||||||||||
Cash dividend, recorded date | Mar. 7, 2019 |
Condensed Financial Informati_5
Condensed Financial Information of Registrant - Schedule Of Dividends Paid (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements Captions [Line Items] | |||
Dividend Per Share | $ 1.39 | $ 1.33 | $ 1.21 |
Installment One | |||
Condensed Financial Statements Captions [Line Items] | |||
Declaration Date | Feb. 21, 2018 | Feb. 16, 2017 | |
Record Date | Mar. 7, 2018 | Mar. 2, 2017 | |
Payment Date | Mar. 21, 2018 | Mar. 16, 2017 | |
Dividend Per Share | $ 0.34 | $ 0.31 | |
Installment Two | |||
Condensed Financial Statements Captions [Line Items] | |||
Declaration Date | Apr. 19, 2018 | Apr. 24, 2017 | |
Record Date | Jun. 6, 2018 | Jun. 2, 2017 | |
Payment Date | Jun. 20, 2018 | Jun. 16, 2017 | |
Dividend Per Share | $ 0.35 | $ 0.34 | |
Installment Three | |||
Condensed Financial Statements Captions [Line Items] | |||
Declaration Date | Jul. 19, 2018 | Jul. 20, 2017 | |
Record Date | Aug. 22, 2018 | Aug. 24, 2017 | |
Payment Date | Sep. 5, 2018 | Sep. 7, 2017 | |
Dividend Per Share | $ 0.35 | $ 0.34 | |
Installment Four | |||
Condensed Financial Statements Captions [Line Items] | |||
Declaration Date | Oct. 18, 2018 | Oct. 19, 2017 | |
Record Date | Nov. 21, 2018 | Nov. 21, 2017 | |
Payment Date | Dec. 5, 2018 | Dec. 5, 2017 | |
Dividend Per Share | $ 0.35 | $ 0.34 |
Condensed Financial Informati_6
Condensed Financial Information of Registrant - Summary of Share Repurchase Authorization (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 11, 2015 | Oct. 23, 2014 | Jul. 25, 2013 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||
Cost of treasury stock | $ 2,000,000,000 | $ 2,000,000,000 | $ 500,000,000 | $ 1,000,000,000 | $ 500,000,000 |
Condensed Financial Informati_7
Condensed Financial Information of Registrant - Open Market Share Repurchases Activity (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||||
Jul. 31, 2018 | Jun. 30, 2018 | May 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Feb. 28, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2018 | Oct. 31, 2018 | Sep. 30, 2018 | Aug. 31, 2018 | Jan. 31, 2018 | |
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Total Number of Shares Purchased, beginning balance | 37,206,365 | |||||||||||||
Number of Shares Purchased | 321,534 | 208,510 | 922,862 | 155,878 | 424,324 | 187,048 | 2,220,156 | 3,368,839 | 8,075,115 | |||||
Total Number of Shares Purchased, ending balance | 39,426,521 | 37,206,365 | ||||||||||||
Average price of common stock purchased | $ 31.26 | $ 30.85 | $ 30.79 | $ 32.24 | $ 33.04 | $ 33.31 | $ 44.95 | $ 45.74 | ||||||
Dollar Value of Shares that may yet be Purchased under the Plans or Programs | $ 227,942,536 | $ 237,992,519 | $ 244,424,375 | $ 272,843,463 | $ 277,868,369 | $ 291,887,826 | $ 227,942,536 | $ 298,118,746 | $ 227,942,536 | $ 227,942,536 | $ 227,942,536 | $ 227,942,536 | $ 298,118,746 | |
Publicly Announced Plans Or Programs | ||||||||||||||
Condensed Financial Statements Captions [Line Items] | ||||||||||||||
Total Number of Shares Purchased, beginning balance | 37,206,365 | |||||||||||||
Number of Shares Purchased | 321,534 | 208,510 | 922,862 | 155,878 | 424,324 | 187,048 | ||||||||
Total Number of Shares Purchased, ending balance | 39,426,521 | 37,206,365 | ||||||||||||
Dollar Value of Shares that may yet be Purchased under the Plans or Programs | $ 227,942,536 | $ 237,992,519 | $ 244,424,375 | $ 272,843,463 | $ 277,868,369 | $ 291,887,826 | $ 227,942,536 | $ 298,118,746 | $ 227,942,536 | $ 227,942,536 | $ 227,942,536 | $ 227,942,536 | $ 298,118,746 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Allowance for accounts receivable and sales returns | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Period | $ 29 | $ 25 | $ 26 |
Charges/ (Credits) to Expense | 5 | 6 | 4 |
Deductions | (2) | (3) | (4) |
Effect of Foreign Currency Translation | (1) | 1 | (1) |
Balance at End of Period | 31 | 29 | 25 |
Valuation allowance for deferred taxes | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Balance Beginning of Period | 466 | 112 | 144 |
Charges/ (Credits) to Expense | 193 | 355 | (29) |
Charged to Other Accounts | 3 | (8) | 7 |
Effect of Foreign Currency Translation | (11) | 7 | (10) |
Balance at End of Period | $ 651 | $ 466 | $ 112 |