Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 171 $ 493
Trade receivables, net 246 295
Prepaid expenses 51 45
Other current assets 98 67
Total assets held for sale 154 0
Total current assets 720 900
Property and equipment, net 106 278
Goodwill 1,525 1,525
Other non-current assets 243 226
Total assets 4,269 4,644
Current liabilities:    
Current portion of long-term debt 21 21
Accounts payable 31 28
Deferred revenues 70 71
Accrued expenses and other current liabilities 258 226
Total liabilities held for sale 17 0
Total current liabilities 397 346
Long-term debt 2,063 2,576
Deferred income taxes 366 359
Deferred revenues 165 158
Other non-current liabilities 189 242
Total liabilities 3,180 3,681
Commitments and contingencies (Note 14)
Stockholders’ equity:    
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, authorized 600.0 shares, 101.3 and 100.8 issued and outstanding at December 31, 2021 and 2020 1 1
Treasury stock, at cost – 9.0 and 7.7 shares at December 31, 2021 and 2020 (519) (408)
Additional paid-in capital 1,543 1,504
Retained earnings/(accumulated deficit) 79 (82)
Accumulated other comprehensive loss (15) (52)
Total stockholders’ equity 1,089 963
Total liabilities and stockholders’ equity 4,269 4,644
Trademarks, net    
Current assets:    
Intangible assets, net 1,202 1,203
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 473 $ 512