Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.19.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 284 $ 366
Trade receivables, net 301 293
Prepaid expenses 54 40
Other current assets 139 152
Total current assets 778 851
Property and equipment, net 317 326
Goodwill 1,547 1,547
Other non-current assets 288 265
Total assets 4,904 4,976
Current liabilities:    
Current portion of long-term debt 21 21
Accounts payable 57 61
Deferred income 105 109
Accrued expenses and other current liabilities 480 502
Total current liabilities 663 693
Long-term debt 2,115 2,120
Deferred income taxes 401 399
Deferred income 160 164
Other non-current liabilities 201 182
Total liabilities 3,540 3,558
Commitments and contingencies (Note 9)  
Stockholders’ equity:    
Preferred stock, $.01 par value, authorized 6,000,000 shares, none issued and outstanding 0 0
Common stock, $.01 par value, authorized 600,000,000 shares, 100,368,404 and 100,360,236 issued and outstanding at March 31, 2019 and December 31, 2018 1 1
Treasury stock, at cost – 3,143,278 and 2,269,169 shares at March 31, 2019 and December 31, 2018 (164) (119)
Additional paid-in capital 1,481 1,475
Retained earnings 61 69
Accumulated other comprehensive income (15) (8)
Total stockholders’ equity 1,364 1,418
Total liabilities and equity 4,904 4,976
Trademarks, net    
Current assets:    
Intangible assets, net 1,396 1,397
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 578 $ 590