Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 416 $ 171
Trade receivables, net 229 246
Prepaid expenses 56 51
Other current assets 42 98
Assets Held-for-sale, Not Part of Disposal Group, Current 67 154
Total current assets 810 720
Property and equipment, net 106 106
Goodwill 1,525 1,525
Other non-current assets 272 243
Total assets 4,292 4,269
Current liabilities:    
Current portion of long-term debt 21 21
Accounts payable 27 31
Deferred revenues 84 70
Accrued expenses and other current liabilities 235 258
Total current liabilities 380 397
Long-term debt 2,058 2,063
Deferred income taxes 350 366
Deferred revenues 169 165
Other non-current liabilities 176 189
Total liabilities 3,133 3,180
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, 101.5 and 101.3 issued at March 31, 2022 and December 31, 2021 1 1
Treasury stock, at cost – 9.5 and 9.0 shares at March 31, 2022 and December 31, 2021 (557) (519)
Additional paid-in capital 1,544 1,543
Retained earnings 155 79
Accumulated other comprehensive income/(loss) 16 (15)
Total stockholders’ equity 1,159 1,089
Total liabilities and stockholders’ equity $ 4,292 $ 4,269
Treasury stock, shares (in shares) 9.5 9.0
Disposal Group, Including Discontinued Operation, Liabilities, Current $ 13 $ 17
Trademarks, net    
Current assets:    
Intangible assets, net 1,202 1,202
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 377 $ 473