Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 760 $ 423
Accounts receivable and contract assets, net of allowance for credit losses of $28 million and $33 million, respectively 142 83
Income taxes receivable (note 9) 48 50
Other current assets 26 23
Total current assets 976 579
Property and equipment, at cost 259 255
Accumulated depreciation (141) (123)
Property and equipment, net 118 132
Intangible assets not subject to amortization (note 6):    
Goodwill 2,220 2,240
Trademarks 730 732
Intangible assets not subject to amortization 2,950 2,972
Intangible assets subject to amortization, net (note 6) 133 202
Other assets, at cost, net of accumulated amortization 199 201
Total assets 4,376 4,086
Current liabilities:    
Deferred merchant and other payables 140 54
Deferred revenue 36 28
Accrued liabilities and other current liabilities 180 160
Total current liabilities 356 242
Long-term debt, including $268 million measured at fair value as of December 31, 2021 (note 7) 1,143 532
Deferred income tax liabilities (note 9) 144 180
Financial instrument liabilities (note 5) 85 14
Series A Preferred Stock liability (note 10) 212  
Other liabilities 309 339
Total liabilities 2,249 1,307
Redeemable preferred stock, $.01 par value. Authorized shares 50,000,000; issued and outstanding 187,414 shares at December 31, 2021 and 325,000 at December 31, 2020 (note 10)   472
Equity    
Additional paid-in capital 288 257
Accumulated other comprehensive earnings (loss), net of taxes (21) (23)
Retained earnings (deficit) (469) (278)
Total stockholders' equity (201) (43)
Noncontrolling interests in equity of subsidiaries 2,328 2,350
Total equity 2,127 2,307
Commitments and contingencies (note 14)
Total liabilities and equity 4,376 4,086
Series A    
Equity    
Common stock value 1 1
Series B    
Equity    
Common stock value
Series C    
Equity    
Common stock value