Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated and Combined Balance Sheets

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Condensed Consolidated and Combined Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 94 $ 366
Trade receivables, net 304 293
Prepaid expenses 48 40
Other current assets 53 152
Total current assets 499 851
Property and equipment, net 307 326
Goodwill 1,539 1,547
Other non-current assets 242 265
Total assets 4,533 4,976
Current liabilities:    
Current portion of long-term debt 21 21
Accounts payable 30 61
Deferred revenues 132 109
Accrued expenses and other current liabilities 279 502
Total current liabilities 462 693
Long-term debt 2,101 2,120
Deferred income taxes 387 399
Deferred revenues 151 164
Other non-current liabilities 220 182
Total liabilities 3,321 3,558
Commitments and contingencies (Note 13)  
Stockholders’ equity:    
Preferred stock, $.01 par value, authorized 6.0 shares, none issued and outstanding 0 0
Common stock, $.01 par value, authorized 600.0 shares, 100.6 and 100.4 issued and outstanding at December 31, 2019 and 2018 1 1
Treasury stock, at cost – 6.8 and 2.3 shares at December 31, 2019 and 2018 (363) (119)
Additional paid-in capital 1,488 1,475
Retained earnings 113 69
Accumulated other comprehensive income (27) (8)
Total stockholders’ equity 1,212 1,418
Total liabilities and equity 4,533 4,976
Trademarks, net    
Current assets:    
Intangible assets, net 1,395 1,397
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 551 $ 590