Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.23.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 150 $ 161
Trade receivables, net 230 234
Prepaid expenses 76 59
Other current assets 59 91
Total current assets 515 545
Property and equipment, net 96 99
Goodwill 1,525 1,525
Other non-current assets 349 348
Total assets 4,084 4,123
Current liabilities:    
Current portion of long-term debt 26 20
Accounts payable 33 39
Deferred revenues 104 83
Accrued expenses and other current liabilities 242 264
Total current liabilities 405 406
Long-term debt 2,051 2,057
Deferred income taxes 342 345
Deferred revenues 166 164
Other non-current liabilities 184 189
Total liabilities 3,148 3,161
Commitments and contingencies (Note 11)
Stockholders’ equity:    
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, 102.1 and 101.6 issued at March 31, 2023 and December 31, 2022 1 1
Treasury stock, at cost – 16.0 and 15.2 shares at March 31, 2023 and December 31, 2022 (1,020) (964)
Additional paid-in capital 1,569 1,569
Retained earnings 354 318
Accumulated other comprehensive income 32 38
Total stockholders’ equity 936 962
Total liabilities and stockholders’ equity 4,084 4,123
Trademarks, net    
Current assets:    
Intangible assets, net 1,232 1,232
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 367 $ 374