Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.4
Consolidated Balance Sheets - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 64 $ 103
Trade receivables, net 291 271
Prepaid expenses 33 44
Other current assets 47 49
Total current assets 435 467
Property and equipment, net 104 94
Goodwill 1,525 1,525
Other non-current assets 628 589
Total assets 4,182 4,223
Current liabilities:    
Current portion of long-term debt 45 43
Accounts payable 38 37
Deferred revenues 134 121
Accrued expenses and other current liabilities 290 265
Total current liabilities 507 466
Long-term debt 2,515 2,420
Deferred income taxes 271 332
Deferred revenues 220 169
Other non-current liabilities 201 186
Total liabilities 3,714 3,573
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, 75.7 and 102.8 issued at December 31, 2025 and 2024 $ 1 $ 1
Treasury stock, acquired (in shares) 0.3 24.8
Treasury stock, at cost – 0.3 and 24.8 shares at December 31, 2025 and 2024 $ (21) $ (1,669)
Additional paid-in capital 14 1,647
Retained earnings 471 654
Accumulated other comprehensive income 3 17
Total stockholders’ equity 468 650
Total liabilities and stockholders’ equity 4,182 4,223
Trademarks, net    
Current assets:    
Intangible assets, net 1,208 1,230
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 282 $ 318