Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.22.2.2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 286 $ 171
Trade receivables, net 253 246
Prepaid expenses 47 51
Other current assets 54 98
Assets held for sale 0 154
Total current assets 640 720
Property and equipment, net 102 106
Goodwill 1,525 1,525
Other non-current assets 333 243
Total assets 4,210 4,269
Current liabilities:    
Current portion of long-term debt 15 21
Accounts payable 33 31
Deferred revenues 82 70
Accrued expenses and other current liabilities 270 258
Liabilities held for sale 0 17
Total current liabilities 400 397
Long-term debt 2,063 2,063
Deferred income taxes 347 366
Deferred revenues 163 165
Other non-current liabilities 181 189
Total liabilities 3,154 3,180
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, 101.6 and 101.3 issued at September 30, 2022 and December 31, 2021 1 1
Treasury stock, at cost – 13.3 and 9.0 shares at September 30, 2022 and December 31, 2021 (831) (519)
Additional paid-in capital 1,561 1,543
Retained earnings 290 79
Accumulated other comprehensive income/(loss) 35 (15)
Total stockholders’ equity 1,056 1,089
Total liabilities and stockholders’ equity 4,210 4,269
Trademarks, net    
Current assets:    
Intangible assets, net 1,229 1,202
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 381 $ 473