Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

v3.20.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 749 $ 94
Trade receivables, net 296 304
Prepaid expenses 54 48
Other current assets 48 53
Total current assets 1,147 499
Property and equipment, net 299 307
Goodwill 1,539 1,539
Other non-current assets 236 242
Total assets 5,158 4,533
Current liabilities:    
Current portion of long-term debt 21 21
Accounts payable 41 30
Deferred revenues 121 132
Accrued expenses and other current liabilities 232 279
Total current liabilities 415 462
Long-term debt 2,831 2,101
Deferred income taxes 376 387
Deferred revenues 159 151
Other non-current liabilities 265 220
Total liabilities 4,046 3,321
Commitments and contingencies (Note 11)
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, 100.7 and 100.6 issued and outstanding at March 31, 2020 and December 31, 2019 1 1
Treasury stock, at cost – 7.7 and 6.8 shares at March 31, 2020 and December 31, 2019 (408) (363)
Additional paid-in capital 1,490 1,488
Retained earnings 95 113
Accumulated other comprehensive income (loss) (66) (27)
Total stockholders’ equity 1,112 1,212
Total liabilities and equity 5,158 4,533
Trademarks, net    
Current assets:    
Intangible assets, net 1,395 1,395
Franchise agreements and other intangibles, net    
Current assets:    
Intangible assets, net $ 542 $ 551