Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 22, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | IQV | |
Entity Registrant Name | IQVIA Holdings Inc. | |
Entity Central Index Key | 0001478242 | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-35907 | |
Entity Tax Identification Number | 271341991 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Address, Address Line One | 4820 Emperor Blvd | |
Entity Address, City or Town | Durham | |
Entity Address, State or Province | North Carolina | |
Entity Address, Postal Zip Code | 27703 | |
City Area Code | 919 | |
Local Phone Number | 998-2000 | |
Entity Common Stock, Shares Outstanding | 195,894,501 | |
Principal Executive Offices [Member] | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | 83 Wooster Heights Road | |
Entity Address, City or Town | Danbury | |
Entity Address, State or Province | Connecticut | |
Entity Address, Postal Zip Code | 06810 | |
City Area Code | 203 | |
Local Phone Number | 448-4600 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 2,740 | $ 2,567 | $ 5,424 | $ 5,130 |
Type of Revenue [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Costs of revenue, exclusive of depreciation and amortization | $ 1,799 | $ 1,674 | $ 3,547 | $ 3,326 |
Type of Cost, Good or Service [Extensible List] | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember | us-gaap:ServiceMember |
Selling, general and administrative expenses | $ 436 | $ 424 | $ 855 | $ 844 |
Depreciation and amortization | 294 | 282 | 589 | 564 |
Restructuring costs | 14 | 17 | 26 | 43 |
Income from operations | 197 | 170 | 407 | 353 |
Interest income | (2) | (1) | (4) | (3) |
Interest expense | 114 | 107 | 224 | 203 |
Loss on extinguishment of debt | 2 | 2 | ||
Other expense (income), net | 7 | (26) | (22) | |
Income before income taxes and equity in earnings of unconsolidated affiliates | 78 | 88 | 187 | 173 |
Income tax expense | 8 | 24 | 49 | 43 |
Income before equity in earnings of unconsolidated affiliates | 70 | 64 | 138 | 130 |
Equity in earnings of unconsolidated affiliates | 1 | 4 | 11 | |
Net income | 71 | 68 | 138 | 141 |
Net income attributable to non-controlling interests | (11) | (7) | (20) | (11) |
Net income attributable to IQVIA Holdings Inc. | $ 60 | $ 61 | $ 118 | $ 130 |
Earnings per share attributable to common stockholders: | ||||
Basic | $ 0.31 | $ 0.30 | $ 0.60 | $ 0.63 |
Diluted | $ 0.30 | $ 0.29 | $ 0.59 | $ 0.62 |
Weighted average common shares outstanding: | ||||
Basic | 196.2 | 205.7 | 196.6 | 206.6 |
Diluted | 200.6 | 209.9 | 201.2 | 210.9 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 71 | $ 68 | $ 138 | $ 141 |
Comprehensive income (loss) adjustments: | ||||
Unrealized (losses) gains on derivative instruments, net of income tax (benefit) expense of ($4), $2, ($5) and $2 | (13) | 3 | (18) | 4 |
Foreign currency translation, net of income tax (benefit) expense of ($22), $68, $8 and $28 | 62 | (365) | 31 | (158) |
Reclassification adjustments: | ||||
Gains on derivative instruments included in net income, net of income tax (benefit) expense of $—, $—, ($1) and $1 | (3) | (1) | (4) | |
Comprehensive income (loss) | 117 | (295) | 147 | (13) |
Comprehensive income attributable to non-controlling interests | (10) | (2) | (20) | (10) |
Comprehensive income (loss) attributable to IQVIA Holdings Inc. | $ 107 | $ (297) | $ 127 | $ (23) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized (losses) gains on derivative instruments, income tax {benefit) expense | $ (4) | $ 2 | $ (5) | $ 2 |
Foreign currency translation, income tax (benefit) expense | $ (22) | $ 68 | 8 | 28 |
Gain on derivative instruments included in net income, income tax (benefit) expense | $ (1) | $ 1 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 938 | $ 891 |
Trade accounts receivable and unbilled services, net | 2,401 | 2,394 |
Prepaid expenses | 180 | 151 |
Income taxes receivable | 64 | 69 |
Investments in debt, equity and other securities | 56 | 47 |
Other current assets and receivables | 339 | 322 |
Total current assets | 3,978 | 3,874 |
Property and equipment, net | 458 | 434 |
Operating lease right-of-use assets | 498 | |
Investments in debt, equity and other securities | 48 | 41 |
Investments in unconsolidated affiliates | 104 | 101 |
Goodwill | 11,937 | 11,800 |
Other identifiable intangibles, net | 5,701 | 5,951 |
Deferred income taxes | 102 | 109 |
Deposits and other assets | 242 | 239 |
Total assets | 23,068 | 22,549 |
Current liabilities: | ||
Accounts payable and accrued expenses | 2,139 | 2,295 |
Unearned income | 934 | 1,007 |
Income taxes payable | 111 | 100 |
Current portion of long-term debt | 100 | 100 |
Other current liabilities | 211 | 32 |
Total current liabilities | 3,495 | 3,534 |
Long-term debt | 11,299 | 10,907 |
Deferred income taxes | 671 | 736 |
Operating lease liabilities | 398 | |
Other liabilities | 424 | 418 |
Total liabilities | 16,287 | 15,595 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock and additional paid-in capital, 400.0 shares authorized at June 30, 2019 and December 31, 2018, $0.01 par value, 252.6 and 251.5 shares issued at June 30, 2019 and December 31, 2018, respectively | 10,964 | 10,901 |
Retained earnings | 925 | 807 |
Treasury stock, at cost, 56.8 and 54.0 shares at June 30, 2019 and December 31, 2018, respectively | (5,151) | (4,770) |
Accumulated other comprehensive loss | (215) | (224) |
Equity attributable to IQVIA Holdings Inc.’s stockholders | 6,523 | 6,714 |
Non-controlling interests | 258 | 240 |
Total stockholders’ equity | 6,781 | 6,954 |
Total liabilities and stockholders’ equity | $ 23,068 | $ 22,549 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 252,600,000 | 251,500,000 |
Treasury stock, shares | 56,800,000 | 54,000,000 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net income | $ 138 | $ 141 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 589 | 564 |
Amortization of debt issuance costs and discount | 6 | 5 |
Stock-based compensation | 60 | 47 |
Earnings from unconsolidated affiliates | (11) | |
Gain on investments, net | (5) | (3) |
Benefit from deferred income taxes | (66) | (114) |
Changes in operating assets and liabilities: | ||
Change in accounts receivable, unbilled services and unearned income | (52) | (114) |
Change in other operating assets and liabilities | (166) | (22) |
Net cash provided by operating activities | 504 | 493 |
Investing activities: | ||
Acquisition of property, equipment and software | (296) | (198) |
Acquisition of businesses, net of cash acquired | (201) | (227) |
Purchases of marketable securities, net | (2) | |
Investments in unconsolidated affiliates, net of payments received | (3) | (5) |
Investments in equity securities | (10) | (20) |
Other | 2 | |
Net cash used in investing activities | (510) | (450) |
Financing activities: | ||
Proceeds from issuance of debt | 1,100 | 1,631 |
Payment of debt issuance costs | (11) | (20) |
Repayment of debt and principal payments on capital lease obligations | (50) | (682) |
Proceeds from revolving credit facility | 1,100 | 1,460 |
Repayment of revolving credit facility | (1,720) | (1,779) |
Proceeds (payments) related to employee stock option plans | 12 | (2) |
Repurchase of common stock | (381) | (668) |
Distributions to non-controlling interest, net | (2) | (9) |
Contingent consideration and deferred purchase price payments | (20) | (24) |
Net cash provided by (used in) financing activities | 28 | (93) |
Effect of foreign currency exchange rate changes on cash | 25 | (30) |
Increase (decrease) in cash and cash equivalents | 47 | (80) |
Cash and cash equivalents at beginning of period | 891 | 959 |
Cash and cash equivalents at end of period | $ 938 | $ 879 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-controlling Interests [Member] |
Beginning balance at Dec. 31, 2017 | $ 8,244 | $ 2 | $ (3,374) | $ 10,780 | $ 538 | $ 49 | $ 249 |
Beginning Balance, Shares at Dec. 31, 2017 | 249.5 | ||||||
Beginning Balance, Shares at Dec. 31, 2017 | (41.4) | ||||||
Issuance of common stock | (5) | (5) | |||||
Issuance of common stock, Shares | 0.5 | ||||||
Repurchase of common stock | (86) | $ (86) | |||||
Repurchase of common stock, Shares | (0.9) | ||||||
Stock-based compensation | 20 | 20 | |||||
Net income | 73 | 69 | 4 | ||||
Unrealized losses on derivative instruments, net of tax | 1 | 1 | |||||
Foreign currency translation, net of tax | 207 | 203 | 4 | ||||
Reclassification adjustments, net of tax | 1 | 1 | |||||
Other | (2) | (2) | |||||
Ending balance at Mar. 31, 2018 | 8,453 | $ 2 | $ (3,460) | 10,795 | 605 | 254 | 257 |
Ending Balance, Shares at Mar. 31, 2018 | 250 | ||||||
Ending Balance, Shares at Mar. 31, 2018 | (42.3) | ||||||
Beginning balance at Dec. 31, 2017 | 8,244 | $ 2 | $ (3,374) | 10,780 | 538 | 49 | 249 |
Beginning Balance, Shares at Dec. 31, 2017 | 249.5 | ||||||
Beginning Balance, Shares at Dec. 31, 2017 | (41.4) | ||||||
Net income | 141 | ||||||
Unrealized losses on derivative instruments, net of tax | 4 | ||||||
Foreign currency translation, net of tax | (158) | ||||||
Ending balance at Jun. 30, 2018 | 7,614 | $ 3 | $ (4,033) | 10,833 | 665 | (104) | 250 |
Ending Balance, Shares at Jun. 30, 2018 | 250.4 | ||||||
Ending Balance, Shares at Jun. 30, 2018 | (47.9) | ||||||
Beginning balance at Mar. 31, 2018 | 8,453 | $ 2 | $ (3,460) | 10,795 | 605 | 254 | 257 |
Beginning Balance, Shares at Mar. 31, 2018 | 250 | ||||||
Beginning Balance, Shares at Mar. 31, 2018 | (42.3) | ||||||
Issuance of common stock | 13 | 13 | |||||
Issuance of common stock, Shares | 0.4 | ||||||
Repurchase of common stock | (572) | $ 1 | $ (573) | ||||
Repurchase of common stock, Shares | (5.6) | ||||||
Stock-based compensation | 25 | 25 | |||||
Distribution to non-controlling interest | (19) | (19) | |||||
Contribution from non-controlling interest | 10 | 10 | |||||
Net income | 68 | 61 | 7 | ||||
Unrealized losses on derivative instruments, net of tax | 3 | 3 | |||||
Foreign currency translation, net of tax | (365) | (360) | (5) | ||||
Reclassification adjustments, net of tax | (1) | (1) | |||||
Other | (1) | (1) | |||||
Ending balance at Jun. 30, 2018 | 7,614 | $ 3 | $ (4,033) | 10,833 | 665 | (104) | 250 |
Ending Balance, Shares at Jun. 30, 2018 | 250.4 | ||||||
Ending Balance, Shares at Jun. 30, 2018 | (47.9) | ||||||
Beginning balance at Dec. 31, 2018 | $ 6,954 | $ 3 | $ (4,770) | 10,898 | 807 | (224) | 240 |
Beginning Balance, Shares at Dec. 31, 2018 | 251.5 | ||||||
Beginning Balance, Shares at Dec. 31, 2018 | (54) | (54) | |||||
Issuance of common stock | $ 5 | 5 | |||||
Issuance of common stock, Shares | 0.7 | ||||||
Repurchase of common stock | (145) | $ (145) | |||||
Repurchase of common stock, Shares | (1) | ||||||
Stock-based compensation | 21 | 21 | |||||
Net income | 67 | 58 | 9 | ||||
Unrealized losses on derivative instruments, net of tax | (5) | (5) | |||||
Foreign currency translation, net of tax | (31) | (32) | 1 | ||||
Reclassification adjustments, net of tax | (1) | (1) | |||||
Ending balance at Mar. 31, 2019 | 6,865 | $ 3 | $ (4,915) | 10,924 | 865 | (262) | 250 |
Ending Balance, Shares at Mar. 31, 2019 | 252.2 | ||||||
Ending Balance, Shares at Mar. 31, 2019 | (55) | ||||||
Beginning balance at Dec. 31, 2018 | $ 6,954 | $ 3 | $ (4,770) | 10,898 | 807 | (224) | 240 |
Beginning Balance, Shares at Dec. 31, 2018 | 251.5 | ||||||
Beginning Balance, Shares at Dec. 31, 2018 | (54) | (54) | |||||
Net income | $ 138 | ||||||
Unrealized losses on derivative instruments, net of tax | (18) | ||||||
Foreign currency translation, net of tax | 31 | ||||||
Ending balance at Jun. 30, 2019 | $ 6,781 | $ 3 | $ (5,151) | 10,961 | 925 | (215) | 258 |
Ending Balance, Shares at Jun. 30, 2019 | 252.6 | ||||||
Ending Balance, Shares at Jun. 30, 2019 | (56.8) | (56.8) | |||||
Beginning balance at Mar. 31, 2019 | $ 6,865 | $ 3 | $ (4,915) | 10,924 | 865 | (262) | 250 |
Beginning Balance, Shares at Mar. 31, 2019 | 252.2 | ||||||
Beginning Balance, Shares at Mar. 31, 2019 | (55) | ||||||
Issuance of common stock | 8 | 8 | |||||
Issuance of common stock, Shares | 0.4 | ||||||
Repurchase of common stock | (236) | $ (236) | |||||
Repurchase of common stock, Shares | (1.8) | ||||||
Stock-based compensation | 29 | 29 | |||||
Distribution to non-controlling interest | (2) | (2) | |||||
Net income | 71 | 60 | 11 | ||||
Unrealized losses on derivative instruments, net of tax | (13) | (13) | |||||
Foreign currency translation, net of tax | 62 | 63 | (1) | ||||
Reclassification adjustments, net of tax | (3) | (3) | |||||
Ending balance at Jun. 30, 2019 | $ 6,781 | $ 3 | $ (5,151) | $ 10,961 | $ 925 | $ (215) | $ 258 |
Ending Balance, Shares at Jun. 30, 2019 | 252.6 | ||||||
Ending Balance, Shares at Jun. 30, 2019 | (56.8) | (56.8) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies The Company IQVIA Holdings Inc. (together with its subsidiaries, the “Company” or “IQVIA”) is a leading global provider of advanced analytics, technology solutions and contract research services to the life sciences industry. With approximately 61,000 employees, IQVIA conducts business in more than 100 countries. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. The balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements of the Company but does not include all the disclosures required by GAAP. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on our condensed consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made before lease commencement and initial direct costs and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components that the Company has elected to account for as single lease components. Recently Issued Accounting Standards Accounting pronouncements adopted In February 2018, the FASB issued new accounting guidance that will allow a reclassification from accumulated other comprehensive income to retained earnings for “stranded income tax effects” resulting from the Tax Act. Because the income statement impact related to the reduction of the historical corporate income tax rate under the Tax Act is required to be included in income tax expense, the guidance acknowledges that the income tax effects of items within accumulated other comprehensive income (“stranded income tax effects”) do not reflect the appropriate income tax rate. The Company adopted this new accounting guidance on January 1, 2019 using the aggregate portfolio approach. The Company elected the option to not reclassify accumulated other comprehensive income to retained earnings for “stranded income tax effects” resulting from the Tax Act. In August 2017, the FASB issued new accounting guidance that will allow more financial and nonfinancial hedging strategies to be eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The Company adopted this new accounting guidance on January 1, 2019. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements. In February 2016, the FASB issued new accounting guidance that requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. The income statement will reflect lease expense for operating leases, and amortization and interest expense for financing leases. The Company adopted this new accounting guidance on January 1, 2019 and elect ed the practical expedients upon transition that retain ed the lease classification , initial direct costs and determination of whether contracts are or contain a lease, for any leases that exist ed prior to adoption of the new guidance. The Company also elect ed the transition method that allows comparative periods to be presented in the year of adoption in accordance with existing guidance. The adoption of this standard had a material impact on the Company’s condensed consolidated balance sheets but did not have a material impact on the Company’s condensed consolidated results of operations or cash flows. Accounting pronouncements being evaluated In August 2018, the FASB issued new accounting guidance that clarifies and aligns the accounting for implementation costs for hosting arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new accounting guidance will be effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In August 2018, the FASB issued new accounting guidance that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new accounting guidance will be effective for the Company on January 1, 2021. Early adoption is permitted. The adoption of this new accounting guidance is not expected to have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued new accounting guidance that modifies the disclosure requirements in Topic 820, Fair Value Measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The new accounting guidance will be effective for the Company on January 1, 2020. Early adoption is permitted. The adoption of this new accounting guidance is not expected to have a material effect on the Company’s consolidated financial statements. In January 2017, the FASB issued new accounting guidance that simplifies the measurement of goodwill by eliminating the step two impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. The new guidance requires a comparison of the Company’s fair value of a reporting unit with the carrying amount and the Company is required to recognize an impairment charge for the amount by which the carrying amount exceeds the fair value. The new accounting guidance will be effective for the Company on January 1, 2020. Early adoption is permitted. The adoption of this new accounting guidance is not expected to have a material effect on the Company’s consolidated financial statements. In June 2016, the FASB issued a new accounting standard intended to provide financial statement users with more decision-useful information about expected credit losses and other commitments to extend credit held by the reporting entity. The standard replaces the incurred loss impairment methodology in current GAAP with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The standard will be effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. |
Revenues by Geography, Concentr
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations | 2. Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations The following tables represent revenues by geographic region and reportable segment for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, 2019 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 588 $ 642 $ 100 $ 1,330 Europe and Africa 376 448 49 873 Asia-Pacific 138 345 54 537 Total revenues $ 1,102 $ 1,435 $ 203 $ 2,740 Three Months Ended June 30, 2018 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 508 $ 631 $ 92 $ 1,231 Europe and Africa 374 414 59 847 Asia-Pacific 129 305 55 489 Total revenues $ 1,011 $ 1,350 $ 206 $ 2,567 Six Months Ended June 30, 2019 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 1,142 $ 1,283 $ 194 $ 2,619 Europe and Africa 759 904 100 1,763 Asia-Pacific 276 664 102 1,042 Total revenues $ 2,177 $ 2,851 $ 396 $ 5,424 Six Months Ended June 30, 2018 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 979 $ 1,239 $ 185 $ 2,403 Europe and Africa 752 861 124 1,737 Asia-Pacific 265 615 110 990 Total revenues $ 1,996 $ 2,715 $ 419 $ 5,130 No customer accounted for 10% or more of consolidated revenues for the three and six months ended June 30, 2019 or 2018. Transaction Price Allocated to the Remaining Performance Obligations As of June 30, 2019, approximately $20.5 billion of revenue is expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenue on approximately 35% of these remaining performance obligations over the next 12 months, with the balance recognized thereafter. The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement. |
Trade Accounts Receivable, Unbi
Trade Accounts Receivable, Unbilled Services and Unearned Income | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Trade Accounts Receivable, Unbilled Services and Unearned Income | 3. Trade Accounts Receivable, Unbilled Services and Unearned Income Trade accounts receivables and unbilled services consist of the following: (in millions) June 30, 2019 December 31, 2018 Trade accounts receivable: Billed $ 1,120 $ 1,279 Unbilled services 1,294 1,130 Trade accounts receivable and unbilled services 2,414 2,409 Allowance for doubtful accounts (13 ) (15 ) Trade accounts receivable and unbilled services, net $ 2,401 $ 2,394 Unbilled services and unearned income were as follows: (in millions, except percentages) June 30, 2019 December 31, 2018 Change Unbilled services $ 1,294 $ 1,130 $ 164 Unearned income (934 ) (1,007 ) 73 Net balance $ 360 $ 123 $ 237 Unbilled services, which is comprised of approximately equal parts of unbilled receivables and contract assets as of June 30, 2019, increased by $164 million as compared to December 31, 2018. Contract assets are unbilled services for which invoicing is based on the timing of certain milestones related to service contracts for clinical research whereas unbilled receivables are billable upon the passage of time. Unearned income decreased by $73 million over the same period resulting in an increase of $237 million in the net balance of unbilled services and unearned income between December 31, 2018 and June 30, 2019. These fluctuations are primarily due to timing of payments and invoicing related to the Company’s Research & Development Solutions contracts. Bad debt expense recognized on the Company’s receivables and unbilled services was de minimis for the three and six months ended June 30, 2019 and 2018. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 4. Leases The Company has operating leases for corporate offices, datacenters, motor vehicles and certain equipment, many of which contain renewal and escalation clauses. The leases expire at various dates through 2029 with options to cancel certain leases at various intervals. In determining the lease term at lease commencement, the Company includes the noncancellable term and the periods which the Company deems it is reasonably certain to exercise or not to exercise a renewal or cancellation option. As of June 30, 2019, the Company has additional operating leases, primarily for corporate offices, that have not yet commenced of $25 million. These operating leases will commence in the third quarter of 2019 with lease terms through 2026. The components of lease expense were as follows: (in millions) Classification Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) Selling, general and administrative expenses $ 47 $ 95 Total lease cost $ 47 $ 95 (1) Includes variable lease costs, which are immaterial. Other information related to leases was as follows: (in millions) Six Months Ended June 30, 2019 Supplemental Cash Flow: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 92 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 28 Weighted Average Remaining Lease Term: Operating leases 5.22 years Weighted Average Discount Rate: Operating leases 4.26 % Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows: (in millions) Operating Leases Remainder of 2019 $ 86 2020 143 2021 113 2022 91 2023 69 2024 46 Thereafter 77 Total future minimum lease payments 625 Less imputed interest (72 ) Total $ 553 Reported as of June 30, 2019: Other current liabilities $ 155 Operating lease liabilities 398 Total $ 553 The Company elected the alternative modified transition method and as such, included the following prior period information as previously disclosed in accordance with Accounting Standards Codification (“ASC”) 840. The following is a summary of future minimum payments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2018: (in millions) Operating Leases 2019 $ 167 2020 136 2021 108 2022 90 2023 69 Thereafter 119 Total minimum lease payments $ 689 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 5. Goodwill The following is a summary of goodwill by reportable segment for the six months ended June 30, 2019: (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Consolidated Balance as of December 31, 2018 $ 10,239 $ 1,427 $ 134 $ 11,800 Business combinations 122 18 5 145 Impact of foreign currency fluctuations and other (8 ) — — (8 ) Balance as of June 30, 2019 $ 10,353 $ 1,445 $ 139 $ 11,937 |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | 6. Derivatives The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table: June 30, 2019 December 31, 2018 (in millions) Balance Sheet Classification Assets Liabilities Notional Assets Liabilities Notional Derivatives designated as hedging instruments: Foreign exchange forward contracts Other current assets and liabilities $ — $ 2 $ 75 $ 5 $ 3 $ 202 Interest rate swaps Other assets and liabilities — 29 875 3 9 890 Interest rate caps Deposits and other assets — — — 1 — 700 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Other current assets and liabilities 1 1 35 — — — Interest rate swaps Other liabilities — 4 330 — 5 432 Total derivatives $ 1 $ 36 $ 9 $ 17 The effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Foreign exchange forward contracts $ (5 ) $ 3 $ (4 ) $ 1 Interest rate derivatives (15 ) 1 (24 ) 6 Total $ (20 ) $ 4 $ (28 ) $ 7 The amount of foreign exchange gains related to the net investment hedge included in the cumulative translation adjustment component of accumulated other comprehensive loss (“AOCI”) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. Fair Value Measurements The Company records certain assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The carrying values of cash, cash equivalents, accounts receivable and accounts payable approximated their fair values at June 30, 2019 and December 31, 2018 due to their short-term nature. At June 30, 2019 and December 31, 2018, the fair value of total debt approximated $11,623 million and $10,850 million, respectively, as determined under Level 1 and Level 2 measurements for these financial instruments. Recurring Fair Value Measurements The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of June 30, 2019: (in millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 69 $ — $ — $ 69 Derivatives — 1 — 1 Total $ 69 $ 1 $ — $ 70 Liabilities: Derivatives $ — $ 36 $ — $ 36 Contingent consideration — — 108 108 Total $ — $ 36 $ 108 $ 144 Below is a summary of the valuation techniques used in determining fair value: Marketable securities — The Company values trading and available-for-sale securities using the quoted market value of the securities held. Derivatives — Derivatives consist of foreign exchange contracts and interest rate swaps. The fair value of foreign exchange contracts is based on observable market inputs of spot and forward rates or using other observable inputs. The fair value of the interest rate swaps is the estimated amount that the Company would receive or pay to terminate such agreements, taking into account market interest rates and the remaining time to maturities or using market inputs with mid-market pricing as a practical expedient for bid-ask spread. Contingent consideration — The Company values contingent consideration related to business combinations using a weighted probability calculation of potential payment scenarios discounted at rates reflective of the risks associated with the expected future cash flows. Key assumptions used to estimate the fair value of contingent consideration include various financial metrics (revenue performance targets and operating forecasts) and the probability of achieving the specific targets. The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the six months ended June 30: Contingent Consideration (in millions) 2019 2018 Balance as of January 1 $ 123 $ 69 Business combinations 29 14 Contingent consideration paid (39 ) (24 ) Revaluations included in earnings and foreign currency translation adjustments (5 ) (3 ) Balance as of June 30 $ 108 $ 56 The current portion of contingent consideration is included within accrued expenses and the long-term portion is included within other liabilities on the accompanying condensed consolidated balance sheets. Revaluations of the contingent consideration are recognized in other expense (income), net on the accompanying condensed consolidated statements of income. |
Credit Arrangements
Credit Arrangements | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Credit Arrangements | 8. Credit Arrangements The following is a summary of the Company’s revolving credit facilities at June 30, 2019: Facility Interest Rates $1,500 million (revolving credit facility) LIBOR in the relevant currency borrowed plus a margin of 1.50% at June 30, 2019 $25 million (receivables financing facility) LIBOR Market Index Rate (2.40% at June 30, 2019) plus 0.90% £10 million (approximately $13 million) (general banking facility) Bank’s base rate of 0.75% at June 30, 2019 plus 1% The following table summarizes the Company’s debt at the dates indicated: (in millions) June 30, 2019 December 31, 2018 Senior Secured Credit Facilities: Term A Loan due 2023—U.S. Dollar LIBOR at average floating rates of 3.83% $ 791 $ 812 Term A Loan due 2023—Euro LIBOR at average floating rates of 1.50% 403 416 Term B Loan due 2024—U.S. Dollar LIBOR at average floating rates of 4.33% 535 535 Term B Loan due 2024—Euro LIBOR at average floating rates of 2.75% 1,331 1,346 Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 4.33% 737 741 Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 4.15% 940 945 Term B Loan due 2025—Euro LIBOR at average floating rates of 2.50% 656 664 Revolving Credit Facility due 2023: U.S. Dollar denominated borrowings — floating rates of 3.90% — 620 5.0% Senior Notes due 2027 — 1,100 — 5.0% Senior Notes due 2026 — 1,050 1,050 2.875% Senior Notes due 2025—Euro denominated 478 481 3.25% Senior Notes due 2025 — 1,621 1,631 3.5% Senior Notes due 2024 — 711 715 4.875% Senior Notes due 2023—U.S. Dollar denominated 800 800 Receivables financing facility due 2020—U.S. Dollar LIBOR at average floating rates of 3.30% 300 300 Principal amount of debt 11,453 11,056 Less: unamortized discount and debt issuance costs (54 ) (49 ) Less: current portion (100 ) (100 ) Long-term debt $ 11,299 $ 10,907 Contractual maturities of long-term debt are as follows at June 30, 2019: (in millions) Remainder of 2019 $ 50 2020 400 2021 100 2022 100 2023 1,811 Thereafter 8,992 $ 11,453 At June 30, 2019, there were bank guarantees totaling approximately £0.9 million (approximately $1.1 million) issued against the availability of the general banking facility. Senior Secured Credit Facilities At June 30, 2019, the Company’s senior credit facilities provided financing of approximately $6,893 million, which consisted of $5,393 million principal amounts of debt outstanding (as detailed in the table above) and $1,500 million of available borrowing capacity on the $1,500 million revolving credit facility. Senior Notes On May 10, 2019, IQVIA Inc. (the “Issuer”), a wholly owned subsidiary of the Company, completed the issuance and sale of $1.1 billion in gross proceeds of the Issuer’s 5.00% Senior Notes due 2027 (the “Notes”). The Notes were issued pursuant to an Indenture, dated May 10, 2019, among the Issuer, U.S. Bank National Association, as trustee of the Notes, and certain subsidiaries of the Issuer as guarantors. The net proceeds from the notes offering were used to repay existing borrowings under the Issuer’s revolving credit facility, to pay fees and expenses related to the notes offering and for other general corporate purposes. The Notes are unsecured obligations of the Issuer, will mature on May 15, 2027 and bear interest at the rate of 5.00% per year, with interest payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2019. The Issuer may redeem the Notes prior to their final stated maturity, subject to a customary make-whole premium, at any time prior to May 15, 2022 (subject to a customary “equity claw” redemption right) and thereafter subject to a redemption premium declining from 2.500% to 0.000%. Restrictive Covenants The Company’s debt agreements provide for certain covenants and events of default customary for similar instruments, including a covenant not to exceed a specified ratio of consolidated senior secured net indebtedness to Consolidated EBITDA, as defined in the senior secured credit facility agreement and a covenant to maintain a specified minimum interest coverage ratio. If an event of default occurs under any of the Company’s or the Company’s subsidiaries’ financing arrangements, the creditors under such financing arrangements will be entitled to take various actions, including the acceleration of amounts due under such arrangements, and in the case of the lenders under the revolving credit facility and term loans, other actions permitted to be taken by a secured creditor. The Company’s long-term debt arrangements contain other usual and customary restrictive covenants that, among other things, place limitations on the Company’s ability to declare dividends. At June 30, 2019, the Company was in compliance with the financial covenants under its debt agreements in all material respects. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Preferred Stock The Company is authorized to issue 1.0 million shares of preferred stock, $0.01 per share par value. No shares of preferred stock were issued or outstanding as of June 30, 2019 or December 31, 2018. Equity Repurchase Program and Secondary Public Offering On February 13, 2019, the Company’s Board of Directors increased the stock repurchase authorization under a previously approved equity repurchase program (the “Repurchase Program”) by $2.0 billion, which increased the total amount that has been authorized under the Repurchase Program to $7.725 billion since the plan’s inception in October 2013. The Repurchase Program does not obligate the Company to repurchase any particular amount of common stock, and it may be modified, extended, suspended or discontinued at any time. In March 2019, the Company completed an underwritten secondary public offering of 5,000,000 shares of its common stock held by certain of the Company’s remaining private equity sponsors (the “Selling Stockholders”), of which the Company repurchased 1,000,000 shares for an aggregate purchase price of approximately $140.8 million. The Company did not offer any stock in this transaction and did not receive any proceeds from the sale of the shares by the Selling Stockholders. Pursuant to an agreement with the underwriters, the Company’s per-share purchase price for repurchased shares was the same as the per-share purchase price payable by the underwriters to the Selling Stockholders. During the six months ended June 30, 2019, the Company repurchased 2,752,247 shares of its common stock for approximately $376.7 million under the Repurchase Program. These amounts include shares of the Company’s common stock that it repurchased directly from underwriters in connection with the underwritten secondary public offering described above. As of June 30, 2019, the Company has remaining authorization to repurchase up to approximately $1.9 billion of its common stock under the Repurchase Program. In addition, from time to time, the Company has repurchased and may continue to repurchase common stock through private or other transactions outside of the Repurchase Program. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | 10. Business Combinations The Company completed several immaterial acquisitions during the six months ended June 30, 2019. The Company’s assessment of fair value and the purchase price allocation related to these acquisitions is preliminary and subject to change upon completion. Further adjustments may be necessary as additional information related to the fair values of assets acquired and liabilities assumed is assessed during the measurement period (up to one year from the acquisition date). The condensed consolidated financial statements include the results of the acquisitions subsequent to their respective closing dates. Pro forma information is not presented for these acquisitions as the aggregate operations of the acquired businesses were not significant to the overall operations of the Company. The following table provides certain financial information for these acquisitions, including the preliminary allocation of the purchase price to certain intangible assets acquired and goodwill: Amortization (in millions) Period 2019 Total cost of acquisitions, net of cash acquired (1) $ 236 Amounts recorded in the condensed consolidated balance sheets: Goodwill 145 Portion of goodwill deductible for income tax purposes 98 Intangible assets: Customer relationships 6-13 years 59 Non-compete agreements 3-5 years 4 Software 3-8 years 26 Trade names 1-8 years 3 Total intangible assets $ 92 (1) Total cost of acquisitions, net of cash acquired, includes contingent consideration and deferred purchase payments of $35 million. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 11. Restructuring The Company has continued to take restructuring actions in 2019 to align its resources and reduce overcapacity to adapt to changing market conditions and integrate acquisitions. These actions include closing facilities, consolidating functional activities, eliminating redundant positions, and aligning resources with customer requirements. These restructuring actions are expected to continue into 2020. During the first quarter of 2019, there was also a decrease of $9 million in facility exit costs due to the reclassification of restructuring into a long-term operating lease liability related to the implementation of ASC 842, Leases. The following amounts were recorded for the restructuring plans: (in millions) Severance and Related Costs Facility Exit Costs Total Balance at December 31, 2018 $ 47 $ 27 $ 74 Expense, net of reversals 26 — 26 Payments (27 ) (15 ) (42 ) Foreign currency translation and other — (9 ) (9 ) Balance at June 30, 2019 $ 46 $ 3 $ 49 Restructuring costs are not allocated to the Company’s reportable segments as they are not part of the segment performance measures regularly reviewed by management. The Company expects that the majority of the restructuring accruals at June 30, 2019 will be paid in 2019 and 2020. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes The effective income tax rate was 10.3% and 27.3% in the second quarter of 2019 and 2018, respectively, and 26.2% and 24.9% in the first six months of 2019 and 2018, respectively. In the first quarter of 2019 the U.S. Treasury Department issued final regulations on the transition tax and proposed regulations on Foreign Derived Intangible Income (“FDII”) which the Company has analyzed. While the final regulations related to the transition tax did not have a material impact on the Company, the proposed guidance for FDII had an unfavorable impact. Although the proposed guidance for FDII is not authoritative and subject to change in the regulatory review process, the Company recorded a tax expense of $20 million, in the first quarter of 2019, as its best estimate of this impact. In the second quarter of 2019 the U.S. Treasury Department issued final regulations on Global Intangible Low Taxed Income (“GILTI”) which the Company has analyzed and determined did not have a material impact on the Company. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Comprehensive Income (Loss) | 13. Comprehensive Income (Loss) Below is a summary of the components of AOCI: (in millions) Foreign Currency Translation Derivative Instruments Defined Benefit Plans Income Taxes Total Balance at December 31, 2018 $ (419 ) $ (1 ) $ 19 $ 177 $ (224 ) Other comprehensive income (loss) before reclassifications 39 (23 ) — (3 ) 13 Reclassification adjustments — (5 ) — 1 (4 ) Balance at June 30, 2019 $ (380 ) $ (29 ) $ 19 $ 175 $ (215 ) Below is a summary of the adjustments for (gains) losses reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item: Affected Financial Statement Three Months Ended June 30, Six Months Ended June 30, (in millions) Line Item 2019 2018 2019 2018 Derivative instruments: Foreign exchange forward contracts Revenues $ — $ (1 ) $ 1 $ (3 ) Foreign exchange forward contracts Other expense (income), net (3 ) — (6 ) 4 Total before income taxes (3 ) (1 ) (5 ) 1 Income tax (benefit) expense — — (1 ) 1 Total net of income taxes $ (3 ) $ (1 ) $ (4 ) $ — |
Segments
Segments | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segments | 14. Segments The following table presents the Company’s operations by reportable segment. The Company is managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions Contract Sales & Medical Solutions Certain costs are not allocated to the Company’s segments and are reported as general corporate and unallocated expenses. These costs primarily consist of stock-based compensation and expenses related to integration activities and acquisitions. The Company also does not allocate depreciation and amortization or impairment charges to its segments. Prior period segment results have been recast to conform to changes to management reporting in 2019. The recast impacts the allocation of selling, general and administrative expenses for 2018. Asset information by segment is not presented, as this measure is not used by the chief operating decision maker to assess the Company’s performance. The Company’s reportable segment information is presented below: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Revenues Technology & Analytics Solutions $ 1,102 $ 1,011 $ 2,177 $ 1,996 Research & Development Solutions 1,435 1,350 2,851 2,715 Contract Sales & Medical Solutions 203 206 396 419 Total revenues 2,740 2,567 5,424 5,130 Costs of revenue, exclusive of depreciation and amortization Technology & Analytics Solutions 656 582 1,289 1,129 Research & Development Solutions 971 921 1,917 1,844 Contract Sales & Medical Solutions 172 171 341 353 Total costs of revenue 1,799 1,674 3,547 3,326 Selling, general and administrative expenses Technology & Analytics Solutions 188 186 372 368 Research & Development Solutions 176 174 357 348 Contract Sales & Medical Solutions 15 17 30 35 General corporate and unallocated 57 47 96 93 Total selling, general and administrative expenses 436 424 855 844 Segment profit Technology & Analytics Solutions 258 243 516 499 Research & Development Solutions 288 255 577 523 Contract Sales & Medical Solutions 16 18 25 31 Total segment profit 562 516 1,118 1,053 General corporate and unallocated (57 ) (47 ) (96 ) (93 ) Depreciation and amortization (294 ) (282 ) (589 ) (564 ) Restructuring costs (14 ) (17 ) (26 ) (43 ) Total income from operations $ 197 $ 170 $ 407 $ 353 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 15. Earnings Per Share The following table presents the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions or the effect of including such stock-based awards in the computation would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Shares subject to performance conditions 1.3 0.9 1.3 0.8 Shares subject to anti-dilutive stock-based awards 1.1 1.7 0.8 1.4 Total shares excluded from diluted earnings per share 2.4 2.6 2.1 2.2 The vesting of performance awards is contingent upon the achievement of certain performance targets. The performance awards are not included in diluted earnings per share until the performance targets have been met. Stock-based awards will have a dilutive effect under the treasury method when the respective period’s average market value of the Company’s common stock exceeds the exercise proceeds. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the Company’s financial condition and results of operations have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. The balance sheet at December 31, 2018 has been derived from the audited consolidated financial statements of the Company but does not include all the disclosures required by GAAP. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities on our condensed consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made before lease commencement and initial direct costs and excludes lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components that the Company has elected to account for as single lease components. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Accounting pronouncements adopted In February 2018, the FASB issued new accounting guidance that will allow a reclassification from accumulated other comprehensive income to retained earnings for “stranded income tax effects” resulting from the Tax Act. Because the income statement impact related to the reduction of the historical corporate income tax rate under the Tax Act is required to be included in income tax expense, the guidance acknowledges that the income tax effects of items within accumulated other comprehensive income (“stranded income tax effects”) do not reflect the appropriate income tax rate. The Company adopted this new accounting guidance on January 1, 2019 using the aggregate portfolio approach. The Company elected the option to not reclassify accumulated other comprehensive income to retained earnings for “stranded income tax effects” resulting from the Tax Act. In August 2017, the FASB issued new accounting guidance that will allow more financial and nonfinancial hedging strategies to be eligible for hedge accounting. It also amends the presentation and disclosure requirements and changes how companies assess hedge effectiveness. It is intended to more closely align hedge accounting with risk management strategies, simplify the application of hedge accounting, and increase transparency as to the scope and results of hedging programs. The Company adopted this new accounting guidance on January 1, 2019. The adoption of this new accounting guidance did not have a material effect on the Company’s consolidated financial statements. In February 2016, the FASB issued new accounting guidance that requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. The income statement will reflect lease expense for operating leases, and amortization and interest expense for financing leases. The Company adopted this new accounting guidance on January 1, 2019 and elect ed the practical expedients upon transition that retain ed the lease classification , initial direct costs and determination of whether contracts are or contain a lease, for any leases that exist ed prior to adoption of the new guidance. The Company also elect ed the transition method that allows comparative periods to be presented in the year of adoption in accordance with existing guidance. The adoption of this standard had a material impact on the Company’s condensed consolidated balance sheets but did not have a material impact on the Company’s condensed consolidated results of operations or cash flows. Accounting pronouncements being evaluated In August 2018, the FASB issued new accounting guidance that clarifies and aligns the accounting for implementation costs for hosting arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The new accounting guidance will be effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. In August 2018, the FASB issued new accounting guidance that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new accounting guidance will be effective for the Company on January 1, 2021. Early adoption is permitted. The adoption of this new accounting guidance is not expected to have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued new accounting guidance that modifies the disclosure requirements in Topic 820, Fair Value Measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. The new accounting guidance will be effective for the Company on January 1, 2020. Early adoption is permitted. The adoption of this new accounting guidance is not expected to have a material effect on the Company’s consolidated financial statements. In January 2017, the FASB issued new accounting guidance that simplifies the measurement of goodwill by eliminating the step two impairment test. Step two measures a goodwill impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. The new guidance requires a comparison of the Company’s fair value of a reporting unit with the carrying amount and the Company is required to recognize an impairment charge for the amount by which the carrying amount exceeds the fair value. The new accounting guidance will be effective for the Company on January 1, 2020. Early adoption is permitted. The adoption of this new accounting guidance is not expected to have a material effect on the Company’s consolidated financial statements. In June 2016, the FASB issued a new accounting standard intended to provide financial statement users with more decision-useful information about expected credit losses and other commitments to extend credit held by the reporting entity. The standard replaces the incurred loss impairment methodology in current GAAP with one that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The standard will be effective for the Company on January 1, 2020. Early adoption is permitted. The Company is currently evaluating the impact of this new accounting guidance on its consolidated financial statements. |
Revenues by Geography, Concen_2
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenues by Geographic Region and Reportable Segment | The following tables represent revenues by geographic region and reportable segment for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, 2019 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 588 $ 642 $ 100 $ 1,330 Europe and Africa 376 448 49 873 Asia-Pacific 138 345 54 537 Total revenues $ 1,102 $ 1,435 $ 203 $ 2,740 Three Months Ended June 30, 2018 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 508 $ 631 $ 92 $ 1,231 Europe and Africa 374 414 59 847 Asia-Pacific 129 305 55 489 Total revenues $ 1,011 $ 1,350 $ 206 $ 2,567 Six Months Ended June 30, 2019 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 1,142 $ 1,283 $ 194 $ 2,619 Europe and Africa 759 904 100 1,763 Asia-Pacific 276 664 102 1,042 Total revenues $ 2,177 $ 2,851 $ 396 $ 5,424 Six Months Ended June 30, 2018 (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Total Revenues: Americas $ 979 $ 1,239 $ 185 $ 2,403 Europe and Africa 752 861 124 1,737 Asia-Pacific 265 615 110 990 Total revenues $ 1,996 $ 2,715 $ 419 $ 5,130 |
Trade Accounts Receivable, Un_2
Trade Accounts Receivable, Unbilled Services and Unearned Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Trade Accounts Receivable and Unbilled Services | Trade accounts receivables and unbilled services consist of the following: (in millions) June 30, 2019 December 31, 2018 Trade accounts receivable: Billed $ 1,120 $ 1,279 Unbilled services 1,294 1,130 Trade accounts receivable and unbilled services 2,414 2,409 Allowance for doubtful accounts (13 ) (15 ) Trade accounts receivable and unbilled services, net $ 2,401 $ 2,394 |
Schedule of Net Contract Assets (Liabilities) | Unbilled services and unearned income were as follows: (in millions, except percentages) June 30, 2019 December 31, 2018 Change Unbilled services $ 1,294 $ 1,130 $ 164 Unearned income (934 ) (1,007 ) 73 Net balance $ 360 $ 123 $ 237 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: (in millions) Classification Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost (1) Selling, general and administrative expenses $ 47 $ 95 Total lease cost $ 47 $ 95 (1) Includes variable lease costs, which are immaterial. |
Other Information Related to Leases | Other information related to leases was as follows: (in millions) Six Months Ended June 30, 2019 Supplemental Cash Flow: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 92 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 28 Weighted Average Remaining Lease Term: Operating leases 5.22 years Weighted Average Discount Rate: Operating leases 4.26 % |
Future Minimum Lease Payments Under Non-cancellable Leases | Future minimum lease payments under non-cancellable leases as of June 30, 2019 were as follows: (in millions) Operating Leases Remainder of 2019 $ 86 2020 143 2021 113 2022 91 2023 69 2024 46 Thereafter 77 Total future minimum lease payments 625 Less imputed interest (72 ) Total $ 553 Reported as of June 30, 2019: Other current liabilities $ 155 Operating lease liabilities 398 Total $ 553 |
Summary of Future Minimum Lease Payments Under Operating Leases | The following is a summary of future minimum payments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2018: (in millions) Operating Leases 2019 $ 167 2020 136 2021 108 2022 90 2023 69 Thereafter 119 Total minimum lease payments $ 689 |
Goodwill (Tables)
Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill by Reportable Segment | The following is a summary of goodwill by reportable segment for the six months ended June 30, 2019: (in millions) Technology & Analytics Solutions Research & Development Solutions Contract Sales & Medical Solutions Consolidated Balance as of December 31, 2018 $ 10,239 $ 1,427 $ 134 $ 11,800 Business combinations 122 18 5 145 Impact of foreign currency fluctuations and other (8 ) — — (8 ) Balance as of June 30, 2019 $ 10,353 $ 1,445 $ 139 $ 11,937 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments Designated as Hedges | The fair values of the Company’s derivative instruments and the line items on the accompanying condensed consolidated balance sheets to which they were recorded are summarized in the following table: June 30, 2019 December 31, 2018 (in millions) Balance Sheet Classification Assets Liabilities Notional Assets Liabilities Notional Derivatives designated as hedging instruments: Foreign exchange forward contracts Other current assets and liabilities $ — $ 2 $ 75 $ 5 $ 3 $ 202 Interest rate swaps Other assets and liabilities — 29 875 3 9 890 Interest rate caps Deposits and other assets — — — 1 — 700 Derivatives not designated as hedging instruments: Foreign exchange forward contracts Other current assets and liabilities 1 1 35 — — — Interest rate swaps Other liabilities — 4 330 — 5 432 Total derivatives $ 1 $ 36 $ 9 $ 17 |
Effect of Cash Flow Hedging Instruments on Other Comprehensive (Loss) Income | The effect of the Company’s cash flow hedging instruments on other comprehensive income is summarized in the following table: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Foreign exchange forward contracts $ (5 ) $ 3 $ (4 ) $ 1 Interest rate derivatives (15 ) 1 (24 ) 6 Total $ (20 ) $ 4 $ (28 ) $ 7 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of the Company’s financial assets and liabilities that are measured and reported at fair value on a recurring basis as of June 30, 2019: (in millions) Level 1 Level 2 Level 3 Total Assets: Marketable securities $ 69 $ — $ — $ 69 Derivatives — 1 — 1 Total $ 69 $ 1 $ — $ 70 Liabilities: Derivatives $ — $ 36 $ — $ 36 Contingent consideration — — 108 108 Total $ — $ 36 $ 108 $ 144 |
Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes the changes in Level 3 financial assets and liabilities measured on a recurring basis for the six months ended June 30: Contingent Consideration (in millions) 2019 2018 Balance as of January 1 $ 123 $ 69 Business combinations 29 14 Contingent consideration paid (39 ) (24 ) Revaluations included in earnings and foreign currency translation adjustments (5 ) (3 ) Balance as of June 30 $ 108 $ 56 |
Credit Arrangements (Tables)
Credit Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Credit Facilities | The following is a summary of the Company’s revolving credit facilities at June 30, 2019: Facility Interest Rates $1,500 million (revolving credit facility) LIBOR in the relevant currency borrowed plus a margin of 1.50% at June 30, 2019 $25 million (receivables financing facility) LIBOR Market Index Rate (2.40% at June 30, 2019) plus 0.90% £10 million (approximately $13 million) (general banking facility) Bank’s base rate of 0.75% at June 30, 2019 plus 1% |
Summary of Debt | The following table summarizes the Company’s debt at the dates indicated: (in millions) June 30, 2019 December 31, 2018 Senior Secured Credit Facilities: Term A Loan due 2023—U.S. Dollar LIBOR at average floating rates of 3.83% $ 791 $ 812 Term A Loan due 2023—Euro LIBOR at average floating rates of 1.50% 403 416 Term B Loan due 2024—U.S. Dollar LIBOR at average floating rates of 4.33% 535 535 Term B Loan due 2024—Euro LIBOR at average floating rates of 2.75% 1,331 1,346 Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 4.33% 737 741 Term B Loan due 2025—U.S. Dollar LIBOR at average floating rates of 4.15% 940 945 Term B Loan due 2025—Euro LIBOR at average floating rates of 2.50% 656 664 Revolving Credit Facility due 2023: U.S. Dollar denominated borrowings — floating rates of 3.90% — 620 5.0% Senior Notes due 2027 — 1,100 — 5.0% Senior Notes due 2026 — 1,050 1,050 2.875% Senior Notes due 2025—Euro denominated 478 481 3.25% Senior Notes due 2025 — 1,621 1,631 3.5% Senior Notes due 2024 — 711 715 4.875% Senior Notes due 2023—U.S. Dollar denominated 800 800 Receivables financing facility due 2020—U.S. Dollar LIBOR at average floating rates of 3.30% 300 300 Principal amount of debt 11,453 11,056 Less: unamortized discount and debt issuance costs (54 ) (49 ) Less: current portion (100 ) (100 ) Long-term debt $ 11,299 $ 10,907 |
Contractual Maturities of Long-term Debt | Contractual maturities of long-term debt are as follows at June 30, 2019: (in millions) Remainder of 2019 $ 50 2020 400 2021 100 2022 100 2023 1,811 Thereafter 8,992 $ 11,453 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Schedule of Preliminary Allocation of Purchase to Certain Intangible Assets Acquired and Goodwill | The following table provides certain financial information for these acquisitions, including the preliminary allocation of the purchase price to certain intangible assets acquired and goodwill: Amortization (in millions) Period 2019 Total cost of acquisitions, net of cash acquired (1) $ 236 Amounts recorded in the condensed consolidated balance sheets: Goodwill 145 Portion of goodwill deductible for income tax purposes 98 Intangible assets: Customer relationships 6-13 years 59 Non-compete agreements 3-5 years 4 Software 3-8 years 26 Trade names 1-8 years 3 Total intangible assets $ 92 (1) Total cost of acquisitions, net of cash acquired, includes contingent consideration and deferred purchase payments of $35 million. |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Summary of Amounts Recorded for Restructuring Plans | The following amounts were recorded for the restructuring plans: (in millions) Severance and Related Costs Facility Exit Costs Total Balance at December 31, 2018 $ 47 $ 27 $ 74 Expense, net of reversals 26 — 26 Payments (27 ) (15 ) (42 ) Foreign currency translation and other — (9 ) (9 ) Balance at June 30, 2019 $ 46 $ 3 $ 49 |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Summary of Components of AOCI | Below is a summary of the components of AOCI: (in millions) Foreign Currency Translation Derivative Instruments Defined Benefit Plans Income Taxes Total Balance at December 31, 2018 $ (419 ) $ (1 ) $ 19 $ 177 $ (224 ) Other comprehensive income (loss) before reclassifications 39 (23 ) — (3 ) 13 Reclassification adjustments — (5 ) — 1 (4 ) Balance at June 30, 2019 $ (380 ) $ (29 ) $ 19 $ 175 $ (215 ) |
Summary of Adjustments for (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item | Below is a summary of the adjustments for (gains) losses reclassified from AOCI into the condensed consolidated statements of income and the affected financial statement line item: Affected Financial Statement Three Months Ended June 30, Six Months Ended June 30, (in millions) Line Item 2019 2018 2019 2018 Derivative instruments: Foreign exchange forward contracts Revenues $ — $ (1 ) $ 1 $ (3 ) Foreign exchange forward contracts Other expense (income), net (3 ) — (6 ) 4 Total before income taxes (3 ) (1 ) (5 ) 1 Income tax (benefit) expense — — (1 ) 1 Total net of income taxes $ (3 ) $ (1 ) $ (4 ) $ — |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenues and Income from Segments to Consolidated | Asset information by segment is not presented, as this measure is not used by the chief operating decision maker to assess the Company’s performance. The Company’s reportable segment information is presented below: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Revenues Technology & Analytics Solutions $ 1,102 $ 1,011 $ 2,177 $ 1,996 Research & Development Solutions 1,435 1,350 2,851 2,715 Contract Sales & Medical Solutions 203 206 396 419 Total revenues 2,740 2,567 5,424 5,130 Costs of revenue, exclusive of depreciation and amortization Technology & Analytics Solutions 656 582 1,289 1,129 Research & Development Solutions 971 921 1,917 1,844 Contract Sales & Medical Solutions 172 171 341 353 Total costs of revenue 1,799 1,674 3,547 3,326 Selling, general and administrative expenses Technology & Analytics Solutions 188 186 372 368 Research & Development Solutions 176 174 357 348 Contract Sales & Medical Solutions 15 17 30 35 General corporate and unallocated 57 47 96 93 Total selling, general and administrative expenses 436 424 855 844 Segment profit Technology & Analytics Solutions 258 243 516 499 Research & Development Solutions 288 255 577 523 Contract Sales & Medical Solutions 16 18 25 31 Total segment profit 562 516 1,118 1,053 General corporate and unallocated (57 ) (47 ) (96 ) (93 ) Depreciation and amortization (294 ) (282 ) (589 ) (564 ) Restructuring costs (14 ) (17 ) (26 ) (43 ) Total income from operations $ 197 $ 170 $ 407 $ 353 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Weighted-Average Outstanding Stock-Based Awards Excluded from Computation of Diluted Earnings Per Share | The following table presents the weighted average number of outstanding stock-based awards not included in the computation of diluted earnings per share because they are subject to performance conditions or the effect of including such stock-based awards in the computation would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2019 2018 2019 2018 Shares subject to performance conditions 1.3 0.9 1.3 0.8 Shares subject to anti-dilutive stock-based awards 1.1 1.7 0.8 1.4 Total shares excluded from diluted earnings per share 2.4 2.6 2.1 2.2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | Jun. 30, 2019EmployeeCountry |
Summary Of Significant Accounting Policies [Line Items] | |
Number of employees | Employee | 61,000 |
Minimum [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of countries | Country | 100 |
Revenues by Geography, Concen_3
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Summary of Revenues by Geographic Region and Reportable Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 2,740 | $ 2,567 | $ 5,424 | $ 5,130 |
Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 1,330 | 1,231 | 2,619 | 2,403 |
Europe and Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 873 | 847 | 1,763 | 1,737 |
Asia-Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 537 | 489 | 1,042 | 990 |
Technology & Analytics Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 1,102 | 1,011 | 2,177 | 1,996 |
Technology & Analytics Solutions [Member] | Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 588 | 508 | 1,142 | 979 |
Technology & Analytics Solutions [Member] | Europe and Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 376 | 374 | 759 | 752 |
Technology & Analytics Solutions [Member] | Asia-Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 138 | 129 | 276 | 265 |
Research & Development Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 1,435 | 1,350 | 2,851 | 2,715 |
Research & Development Solutions [Member] | Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 642 | 631 | 1,283 | 1,239 |
Research & Development Solutions [Member] | Europe and Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 448 | 414 | 904 | 861 |
Research & Development Solutions [Member] | Asia-Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 345 | 305 | 664 | 615 |
Contract Sales & Medical Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 203 | 206 | 396 | 419 |
Contract Sales & Medical Solutions [Member] | Americas [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 100 | 92 | 194 | 185 |
Contract Sales & Medical Solutions [Member] | Europe and Africa [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | 49 | 59 | 100 | 124 |
Contract Sales & Medical Solutions [Member] | Asia-Pacific [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenues | $ 54 | $ 55 | $ 102 | $ 110 |
Revenues by Geography, Concen_4
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Additional Information (Detail) $ in Billions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)Customer | Jun. 30, 2018Customer | Jun. 30, 2019USD ($)Customer | Jun. 30, 2018Customer | |
Revenue From Contract With Customer [Abstract] | ||||
Number of major customer | Customer | 0 | 0 | 0 | 0 |
Revenue expected to be recognized in future from remaining performance obligations | $ | $ 20.5 | $ 20.5 |
Revenues by Geography, Concen_5
Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations - Additional Information 1 (Detail) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 | Jun. 30, 2019 |
Disaggregation Of Revenue [Line Items] | |
Percentage of remaining performance obligations on which revenue is expected to be recognized | 35.00% |
Unearned income recognition period | 12 months |
Trade Accounts Receivable, Un_3
Trade Accounts Receivable, Unbilled Services and Unearned Income - Trade Accounts Receivable and Unbilled Services (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Trade accounts receivable: | ||
Billed | $ 1,120 | $ 1,279 |
Unbilled services | 1,294 | 1,130 |
Trade accounts receivable and unbilled services | 2,414 | 2,409 |
Allowance for doubtful accounts | (13) | (15) |
Trade accounts receivable and unbilled services, net | $ 2,401 | $ 2,394 |
Trade Accounts Receivable, Un_4
Trade Accounts Receivable, Unbilled Services and Unearned Income - Schedule of Net Contract Assets (Liabilities) (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Contract With Customer Asset And Liability [Abstract] | ||
Unbilled services | $ 1,294 | $ 1,130 |
Unearned income | (934) | (1,007) |
Net balance | 360 | $ 123 |
Unbilled Services, Change | 164 | |
Unearned Income, Change | 73 | |
Net balance, Change | $ 237 |
Trade Accounts Receivable, Un_5
Trade Accounts Receivable, Unbilled Services and Unearned Income - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Receivables [Abstract] | |
Increase in unbilled services | $ 164 |
Unearned Income, Change | 73 |
Increase of net balance of unbilled services and unearned income | $ 237 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease year of expiry | 2029 |
Term of operating lease not yet commenced | through 2026 |
Operating expenses not yet commenced | $ 25 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Total lease cost | $ 47 | $ 95 |
Selling General And Administrative Expenses [Member] | ||
Operating lease cost | $ 47 | $ 95 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 92 |
Right-of-use assets obtained in exchange for lease obligations: | |
Operating leases | $ 28 |
Weighted Average Remaining Lease Term: | |
Operating leases | 5 years 2 months 19 days |
Weighted Average Discount Rate: | |
Operating leases | 4.26% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments Under Non-cancellable Leases (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Operating Leases | |
Remainder of 2019 | $ 86 |
2020 | 143 |
2021 | 113 |
2022 | 91 |
2023 | 69 |
2024 | 46 |
Thereafter | 77 |
Total future minimum lease payments | 625 |
Less imputed interest | (72) |
Total | 553 |
Other current liabilities | $ 155 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent |
Operating lease liabilities | $ 398 |
Total | $ 553 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments Under Operating Leases (Detail) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
Operating leases, future minimum payments due, 2019 | $ 167 |
Operating leases, future minimum payments due, 2020 | 136 |
Operating leases, future minimum payments due, 2021 | 108 |
Operating leases, future minimum payments due, 2022 | 90 |
Operating leases, future minimum payments due, 2023 | 69 |
Operating leases, future minimum payments due, Thereafter | 119 |
Operating leases, total minimum lease payments | $ 689 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill by Reportable Segment (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 11,800 |
Business combinations | 145 |
Impact of foreign currency fluctuations and other | (8) |
Ending Balance | 11,937 |
Technology & Analytics Solutions [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 10,239 |
Business combinations | 122 |
Impact of foreign currency fluctuations and other | (8) |
Ending Balance | 10,353 |
Research & Development Solutions [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 1,427 |
Business combinations | 18 |
Ending Balance | 1,445 |
Contract Sales & Medical Solutions [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 134 |
Business combinations | 5 |
Ending Balance | $ 139 |
Derivatives - Summary of Fair V
Derivatives - Summary of Fair Values of Derivative Instruments Designated as Hedges (Detail) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | $ 1,000,000 | $ 9,000,000 |
Derivative liability fair value | 36,000,000 | 17,000,000 |
Designated as Hedging Instrument [Member] | Other Current Assets and Liabilities [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | 5,000,000 | |
Derivative liability fair value | 2,000,000 | 3,000,000 |
Derivative notional amount | 75,000,000 | 202,000,000 |
Designated as Hedging Instrument [Member] | Other Assets and Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | 3,000,000 | |
Derivative liability fair value | 29,000,000 | 9,000,000 |
Derivative notional amount | 875,000,000 | 890,000,000 |
Designated as Hedging Instrument [Member] | Deposits and Other Assets [Member] | Interest Rate Cap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | 1,000,000 | |
Derivative notional amount | 700,000,000 | |
Not Designated as Hedging Instrument [Member] | Other Current Assets and Liabilities [Member] | Foreign Exchange Forward Contracts [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative asset fair value | 1,000,000 | |
Derivative liability fair value | 1,000,000 | |
Derivative notional amount | 35,000,000 | |
Not Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability fair value | 4,000,000 | 5,000,000 |
Derivative notional amount | $ 330,000,000 | $ 432,000,000 |
Derivatives - Effect of Cash Fl
Derivatives - Effect of Cash Flow Hedging Instruments on Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Effect of cash flow hedging instruments on other comprehensive (loss) income | $ (20) | $ 4 | $ (28) | $ 7 |
Foreign Exchange Forward Contracts [Member] | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Effect of cash flow hedging instruments on other comprehensive (loss) income | (5) | 3 | (4) | 1 |
Interest Rate Derivatives [Member] | ||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||||
Effect of cash flow hedging instruments on other comprehensive (loss) income | $ (15) | $ 1 | $ (24) | $ 6 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) $ in Millions | Jun. 30, 2019USD ($) |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Foreign exchange gains related to net investment hedge | $ 33 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Level 1 and Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of total debt | $ 11,623 | $ 10,850 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 56 | $ 47 |
Recurring Fair Value Measurements [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 69 | |
Fair value of assets | 70 | |
Fair value of liabilities | 144 | |
Recurring Fair Value Measurements [Member] | Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1 | |
Fair value of liabilities | 36 | |
Recurring Fair Value Measurements [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 108 | |
Recurring Fair Value Measurements [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1 | |
Fair value of liabilities | 36 | |
Recurring Fair Value Measurements [Member] | Level 2 [Member] | Derivatives [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of assets | 1 | |
Fair value of liabilities | 36 | |
Recurring Fair Value Measurements [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 69 | |
Fair value of assets | 69 | |
Recurring Fair Value Measurements [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | 108 | |
Recurring Fair Value Measurements [Member] | Level 3 [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of liabilities | $ 108 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Financial Assets and Liabilities Measured on Recurring Basis (Detail) - Contingent Consideration [Member] - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance, Contingent Consideration | $ 123 | $ 69 |
Business combinations | 29 | 14 |
Contingent consideration paid | (39) | (24) |
Revaluations included in earnings and foreign currency translation adjustments | (5) | (3) |
Ending Balance, Contingent Consideration | $ 108 | $ 56 |
Credit Arrangements - Summary o
Credit Arrangements - Summary of Credit Facilities (Detail) | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2019GBP (£) | |
Revolving credit facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility | $ 1,500,000,000 | |
Interest Rate Description | LIBOR in the relevant currency borrowed plus a margin of 1.50% at June 30, 2019 | |
Revolving credit facility [Member] | LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Rate | 1.50% | 1.50% |
Receivables Financing Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility | $ 25,000,000 | |
Interest Rate Description | LIBOR Market Index Rate (2.40% at June 30, 2019) plus 0.90% | |
Receivables Financing Facility [Member] | LIBOR [Member] | ||
Line Of Credit Facility [Line Items] | ||
Rate | 2.40% | 2.40% |
Interest Rate spread on base rate | 0.90% | |
General Banking Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Facility | $ 13,000,000 | £ 10,000,000 |
Interest Rate Description | Bank’s base rate of 0.75% at June 30, 2019 plus 1% | |
General Banking Facility [Member] | Base Rate [Member] | ||
Line Of Credit Facility [Line Items] | ||
Rate | 0.75% | 0.75% |
Interest Rate spread on base rate | 1.00% |
Credit Arrangements - Summary_2
Credit Arrangements - Summary of Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | May 10, 2019 | Dec. 31, 2018 |
Senior Secured Credit Facilities: | |||
Principal amount of debt | $ 11,453 | $ 11,056 | |
Less: unamortized discount and debt issuance costs | (54) | (49) | |
Less: current portion | (100) | (100) | |
Long-term debt | 11,299 | 10,907 | |
Due in 2027 [Member] | 5.0% Senior Notes [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | $ 1,100 | ||
U.S Dollars [Member] | Due in 2023 [Member] | Revolving credit facility [Member] | LIBOR [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 620 | ||
U.S Dollars [Member] | Due in 2023 [Member] | Senior Secured Term A Loan [Member] | LIBOR [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 791 | 812 | |
U.S Dollars [Member] | Due in 2023 [Member] | 4.875% Senior Notes [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 800 | 800 | |
U.S Dollars [Member] | Due in 2024 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 535 | 535 | |
U.S Dollars [Member] | Due in 2025 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 737 | 741 | |
U.S Dollars [Member] | Due in 2025 [Member] | Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 940 | 945 | |
U.S Dollars [Member] | Due in 2027 [Member] | 5.0% Senior Notes [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 1,100 | ||
U.S Dollars [Member] | Due in 2026 [Member] | 5.0% Senior Notes [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 1,050 | 1,050 | |
U.S Dollars [Member] | Due in 2020 [Member] | Receivables Financing Facility [Member] | LIBOR [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 300 | 300 | |
EUR Dollars [Member] | Due in 2023 [Member] | Senior Secured Term A Loan [Member] | LIBOR [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 403 | 416 | |
EUR Dollars [Member] | Due in 2024 [Member] | Senior Secured Term B Loan [Member] | LIBOR [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 1,331 | 1,346 | |
EUR Dollars [Member] | Due in 2024 [Member] | 3.5% Senior Notes [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 711 | 715 | |
EUR Dollars [Member] | Due in 2025 [Member] | Senior Secured Additional Term B Loan [Member] | LIBOR [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 656 | 664 | |
EUR Dollars [Member] | Due in 2025 [Member] | 2.875% Senior Notes [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | 478 | 481 | |
EUR Dollars [Member] | Due in 2025 [Member] | 3.25% Senior Notes [Member] | |||
Senior Secured Credit Facilities: | |||
Principal amount of debt | $ 1,621 | $ 1,631 |
Credit Arrangements - Summary_3
Credit Arrangements - Summary of Debt (Parenthetical) (Detail) | May 10, 2019 | Jun. 30, 2019 |
Senior Secured Term A Loan [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2023 | |
Senior Secured Term B Loan [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2024 | |
Senior Secured Term B Loan [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2025 | |
Senior Secured Additional Term B Loan [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2025 | |
5.0% Senior Notes [Member] | Due in 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2026 | |
5.0% Senior Notes [Member] | Due in 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2027 | 2027 |
Debt instrument interest rate stated percentage | 5.00% | |
5.0% Senior Notes [Member] | U.S Dollars [Member] | Due in 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 5.00% | |
5.0% Senior Notes [Member] | U.S Dollars [Member] | Due in 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 5.00% | |
3.25% Senior Notes [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2025 | |
3.25% Senior Notes [Member] | EUR Dollars [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 3.25% | |
3.5% Senior Notes [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2024 | |
3.5% Senior Notes [Member] | EUR Dollars [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 3.50% | |
2.875% Senior Notes [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2025 | |
2.875% Senior Notes [Member] | EUR Dollars [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 2.875% | |
4.875% Senior Notes [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2023 | |
4.875% Senior Notes [Member] | U.S Dollars [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 4.875% | |
Receivables Financing Facility [Member] | Due in 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2020 | |
Debt instrument interest rate terms, Description | LIBOR at average floating rates of 2.50% | |
Revolving credit facility [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity year | 2023 | |
LIBOR [Member] | Senior Secured Term A Loan [Member] | U.S Dollars [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 3.83% | |
LIBOR [Member] | Senior Secured Term A Loan [Member] | EUR Dollars [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 1.50% | |
LIBOR [Member] | Senior Secured Term B Loan [Member] | U.S Dollars [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 4.33% | |
LIBOR [Member] | Senior Secured Term B Loan [Member] | U.S Dollars [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 4.33% | |
LIBOR [Member] | Senior Secured Term B Loan [Member] | EUR Dollars [Member] | Due in 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 2.75% | |
LIBOR [Member] | Senior Secured Additional Term B Loan [Member] | U.S Dollars [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 4.15% | |
LIBOR [Member] | Senior Secured Additional Term B Loan [Member] | EUR Dollars [Member] | Due in 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 2.50% | |
LIBOR [Member] | Receivables Financing Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 2.40% | |
LIBOR [Member] | Receivables Financing Facility [Member] | Due in 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 3.30% | |
LIBOR [Member] | Revolving credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate stated percentage | 1.50% | |
LIBOR [Member] | Revolving credit facility [Member] | U.S Dollars [Member] | Due in 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average floating rate | 3.90% |
Credit Arrangements - Contractu
Credit Arrangements - Contractual Maturities of Long-term Debt (Detail) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Remainder of 2019 | $ 50 | |
2020 | 400 | |
2021 | 100 | |
2022 | 100 | |
2023 | 1,811 | |
Thereafter | 8,992 | |
Principal amount of debt | $ 11,453 | $ 11,056 |
Credit Arrangements - Additiona
Credit Arrangements - Additional Information (Detail) | May 10, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019GBP (£) | Jun. 30, 2019GBP (£) | Dec. 31, 2018USD ($) |
Line Of Credit Facility [Line Items] | |||||
Outstanding borrowings | $ 11,453,000,000 | $ 11,056,000,000 | |||
Revolving credit facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | 1,500,000,000 | ||||
General Banking Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Bank guarantees | 1,100,000 | £ 900,000 | |||
Aggregate maximum principal amount | 13,000,000 | £ 10,000,000 | |||
Senior Secured Credit Facilities [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Aggregate maximum principal amount | 6,893,000,000 | ||||
Outstanding borrowings | 5,393,000,000 | ||||
Available borrowing capacity | 1,500,000,000 | ||||
Senior Secured Credit Facilities [Member] | Revolving credit facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Current borrowing capacity | $ 1,500,000,000 | ||||
5.0% Senior Notes [Member] | Due in 2027 [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Outstanding borrowings | $ 1,100,000,000 | ||||
Debt instrument interest rate stated percentage | 5.00% | ||||
Debt maturity year | 2027 | 2027 | 2027 | ||
Debt instrument maturity date | May 15, 2027 | ||||
Debt instrument, frequency of periodic payment | semi-annually | ||||
Debt instrument, payment terms | interest payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2019 | interest payable semi-annually on May 15 and November 15 of each year, beginning on November 15, 2019 | |||
5.0% Senior Notes [Member] | Due in 2027 [Member] | Maximum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Redemption premium percentage | 2.50% | ||||
5.0% Senior Notes [Member] | Due in 2027 [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Redemption premium percentage | 0.00% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 13, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||||||||
Preferred stock, authorized | 1,000,000 | 1,000,000 | ||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||||||
Preferred stock, shares issued | 0 | 0 | 0 | |||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||
Repurchase of stock, value | $ 236,000,000 | $ 145,000,000 | $ 572,000,000 | $ 86,000,000 | ||||
Secondary Public Offering [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Common stock held by Selling Stockholders underwritten | 5,000,000 | 5,000,000 | ||||||
Repurchase of stock, shares | 1,000,000 | |||||||
Repurchase of stock, value | $ 140,800,000 | |||||||
Equity Repurchase Under Repurchase Program [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Equity repurchase program increase in authorized amount | $ 2,000,000,000 | |||||||
Equity repurchase program authorized amount | $ 7,725,000,000 | |||||||
Equity available for repurchase under the repurchase program | $ 1,900,000,000 | $ 1,900,000,000 | ||||||
Equity Repurchase Under Repurchase Program [Member] | Secondary Public Offering [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Repurchase of stock, shares | 2,752,247 | |||||||
Repurchase of stock, value | $ 376,700,000 |
Business Combinations - Schedul
Business Combinations - Schedule of Preliminary Allocation of Purchase to Certain Intangible Assets Acquired and Goodwill (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Total cost of acquisitions, net of cash acquired | $ 201 | $ 227 | |
Goodwill | 11,937 | $ 11,800 | |
Several Individually Immaterial Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Total cost of acquisitions, net of cash acquired | 236 | ||
Goodwill | 145 | ||
Portion of goodwill deductible for income tax purposes | 98 | ||
Total intangible assets | 92 | ||
Several Individually Immaterial Acquisitions [Member] | Customer Relationships [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 59 | ||
Several Individually Immaterial Acquisitions [Member] | Customer Relationships [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 6 years | ||
Several Individually Immaterial Acquisitions [Member] | Customer Relationships [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 13 years | ||
Several Individually Immaterial Acquisitions [Member] | Non-compete Agreements [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 4 | ||
Several Individually Immaterial Acquisitions [Member] | Non-compete Agreements [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 3 years | ||
Several Individually Immaterial Acquisitions [Member] | Non-compete Agreements [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 5 years | ||
Several Individually Immaterial Acquisitions [Member] | Software [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 26 | ||
Several Individually Immaterial Acquisitions [Member] | Software [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 3 years | ||
Several Individually Immaterial Acquisitions [Member] | Software [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 8 years | ||
Several Individually Immaterial Acquisitions [Member] | Trade Names [Member] | |||
Business Acquisition [Line Items] | |||
Total intangible assets | $ 3 | ||
Several Individually Immaterial Acquisitions [Member] | Trade Names [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 1 year | ||
Several Individually Immaterial Acquisitions [Member] | Trade Names [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Amortization Period | 8 years |
Business Combinations - Sched_2
Business Combinations - Schedule of Preliminary Allocation of Purchase to Certain Intangible Assets Acquired and Goodwill (Parenthetical) (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | |
Contingent consideration and deferred purchase payments | $ 35 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Accounting Standards Update 2016-02 [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Decrease in facility exit costs | $ 9 |
Restructuring - Summary of Amou
Restructuring - Summary of Amounts Recorded for Restructuring Plans (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserves, beginning balance | $ 74 |
Expense, net of reversals | 26 |
Payments | (42) |
Foreign currency translation and other | (9) |
Restructuring reserves, ending balance | 49 |
Severance and Related Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserves, beginning balance | 47 |
Expense, net of reversals | 26 |
Payments | (27) |
Restructuring reserves, ending balance | 46 |
Facility Exit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring reserves, beginning balance | 27 |
Payments | (15) |
Foreign currency translation and other | (9) |
Restructuring reserves, ending balance | $ 3 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 10.30% | 27.30% | 26.20% | 24.90% | |
Tax expense related to FDII | $ 20 |
Comprehensive Income (Loss) - S
Comprehensive Income (Loss) - Summary of Components of AOCI (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | $ 6,714 |
Ending Balance | 6,523 |
Beginning Balance | 177 |
Other comprehensive income (loss) before reclassifications | (3) |
Reclassification adjustments, tax | 1 |
Ending Balance | 175 |
Other comprehensive income (loss) before reclassifications | 13 |
Reclassification adjustments, net of tax | (4) |
Foreign Currency Translation [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (419) |
Other comprehensive income (loss) before reclassifications | 39 |
Ending Balance | (380) |
Derivative Instruments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (1) |
Other comprehensive income (loss) before reclassifications | (23) |
Reclassification adjustments, before tax | (5) |
Ending Balance | (29) |
Defined Benefit Plans [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | 19 |
Ending Balance | 19 |
Accumulated Other Comprehensive (Loss) Income [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning Balance | (224) |
Ending Balance | $ (215) |
Comprehensive Income (Loss) -_2
Comprehensive Income (Loss) - Summary of Adjustments for (Gains) Losses Reclassified from AOCI into Condensed Consolidated Statements of Income and Affected Financial Statement Line Item (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before income taxes | $ (3) | $ (1) | $ (5) | $ 1 |
Income tax (benefit) expense | (1) | 1 | ||
Total net of income taxes | (3) | (1) | (4) | |
Foreign Exchange Forward Contracts [Member] | Revenues [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before income taxes | $ (1) | 1 | (3) | |
Foreign Exchange Forward Contracts [Member] | Other Expense (Income), Net [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before income taxes | $ (3) | $ (6) | $ 4 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segments - Operations by Report
Segments - Operations by Reportable Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 2,740 | $ 2,567 | $ 5,424 | $ 5,130 |
Costs of revenue, exclusive of depreciation and amortization | 1,799 | 1,674 | 3,547 | 3,326 |
Selling, general and administrative expenses | 436 | 424 | 855 | 844 |
Depreciation and amortization | (294) | (282) | (589) | (564) |
Restructuring costs | (14) | (17) | (26) | (43) |
Income from operations | 197 | 170 | 407 | 353 |
Technology & Analytics Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,102 | 1,011 | 2,177 | 1,996 |
Research & Development Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,435 | 1,350 | 2,851 | 2,715 |
Contract Sales & Medical Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 203 | 206 | 396 | 419 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment profit | 562 | 516 | 1,118 | 1,053 |
Operating Segments [Member] | Technology & Analytics Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,102 | 1,011 | 2,177 | 1,996 |
Costs of revenue, exclusive of depreciation and amortization | 656 | 582 | 1,289 | 1,129 |
Selling, general and administrative expenses | 188 | 186 | 372 | 368 |
Segment profit | 258 | 243 | 516 | 499 |
Operating Segments [Member] | Research & Development Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,435 | 1,350 | 2,851 | 2,715 |
Costs of revenue, exclusive of depreciation and amortization | 971 | 921 | 1,917 | 1,844 |
Selling, general and administrative expenses | 176 | 174 | 357 | 348 |
Segment profit | 288 | 255 | 577 | 523 |
Operating Segments [Member] | Contract Sales & Medical Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 203 | 206 | 396 | 419 |
Costs of revenue, exclusive of depreciation and amortization | 172 | 171 | 341 | 353 |
Selling, general and administrative expenses | 15 | 17 | 30 | 35 |
Segment profit | 16 | 18 | 25 | 31 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Selling, general and administrative expenses | 57 | 47 | 96 | 93 |
Segment profit | $ (57) | $ (47) | $ (96) | $ (93) |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Weighted-Average Outstanding Stock-Based Awards Excluded from Computation of Diluted Earnings Per Share (Detail) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares excluded from diluted earnings per share | 2.4 | 2.6 | 2.1 | 2.2 |
Performance Shares [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares excluded from diluted earnings per share | 1.3 | 0.9 | 1.3 | 0.8 |
Share-Based Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares excluded from diluted earnings per share | 1.1 | 1.7 | 0.8 | 1.4 |