Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 79 $ 161
Trade receivables, net 272 234
Prepaid expenses 53 59
Other current assets 62 91
Total current assets 466 545
Property and equipment, net 91 99
Goodwill 1,525 1,525
Other non-current assets 434 348
Total assets 4,100 4,123
Current liabilities:    
Current portion of long-term debt 37 20
Accounts payable 46 39
Deferred revenues 83 83
Accrued expenses and other current liabilities 268 264
Total current liabilities 434 406
Long-term debt 2,123 2,057
Deferred income taxes 338 345
Deferred revenues 170 164
Other non-current liabilities 179 189
Total liabilities 3,244 3,161
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, 102.1 and 101.6 issued as of September 30, 2023 and December 31, 2022 1 1
Treasury stock, at cost – 19.0 and 15.2 shares as of September 30, 2023 and December 31, 2022 (1,234) (964)
Additional paid-in capital 1,588 1,569
Retained earnings 467 318
Accumulated other comprehensive income 34 38
Total stockholders’ equity 856 962
Total liabilities and stockholders’ equity 4,100 4,123
Trademarks, net    
Current assets:    
Intangible assets, net 1,231 1,232
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 353 $ 374