Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 50 $ 66
Trade receivables, net 248 241
Prepaid expenses 34 27
Other current assets 35 39
Total current assets 367 373
Property and equipment, net 83 88
Goodwill 1,525 1,525
Other non-current assets 518 468
Total assets 4,064 4,033
Current liabilities:    
Current portion of long-term debt 37 37
Accounts payable 63 32
Deferred revenues 117 91
Accrued expenses and other current liabilities 305 299
Total current liabilities 522 459
Long-term debt 2,204 2,164
Deferred income taxes 325 325
Deferred revenues 164 167
Other non-current liabilities 175 172
Total liabilities 3,390 3,287
Commitments and contingencies (Note 10)
Stockholders’ equity:    
Preferred stock, $0.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $0.01 par value, 102.4 and 102.1 issued as of March 31, 2024 and December 31, 2023 1 1
Treasury stock, at cost – 21.4 and 20.7 shares as of March 31, 2024 and December 31, 2023 (1,418) (1,361)
Additional paid-in capital 1,592 1,599
Retained earnings 472 488
Accumulated other comprehensive income 27 19
Total stockholders’ equity 674 746
Total liabilities and stockholders’ equity 4,064 4,033
Trademarks, net    
Current assets:    
Intangible assets, net 1,232 1,232
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 339 $ 347