Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.22.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 161 $ 171
Trade receivables, net 234 246
Prepaid expenses 59 51
Other current assets 91 98
Total assets held for sale 0 154
Total current assets 545 720
Property and equipment, net 99 106
Goodwill 1,525 1,525
Other non-current assets 348 243
Total assets 4,123 4,269
Current liabilities:    
Current portion of long-term debt 20 21
Accounts payable 39 31
Deferred revenues 83 70
Accrued expenses and other current liabilities 264 258
Total liabilities held for sale 0 17
Total current liabilities 406 397
Long-term debt 2,057 2,063
Deferred income taxes 345 366
Deferred revenues 164 165
Other non-current liabilities 189 189
Total liabilities 3,161 3,180
Commitments and contingencies (Note 15)
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 December 31, 2022 and 2021 1 1
Treasury stock, at cost – 15.2 and 9.0 shares at December 31, 2022 and 2021 (964) (519)
Additional paid-in capital 1,569 1,543
Retained earnings 318 79
Accumulated other comprehensive income/(loss) 38 (15)
Total stockholders’ equity 962 1,089
Total liabilities and stockholders’ equity 4,123 4,269
Trademarks, net    
Current assets:    
Intangible assets, net 1,232 1,202
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 374 $ 473