Orbitz 2008 Annual Report Download - page 72
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ORBITZ WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
(in millions, except share data)
Successor
December 31,
2007
December 31,
2006
As Restated
(Note 19)
Assets
Current assets:
Cash and cash equivalents $ 25 $ 18
Accounts receivable (net of allowance for doubtful accounts of $2 and $3, respectively) 60 61
Prepaid expenses 16 10
Security deposits 8 7
Deferred income taxes, current 3 —
Other current assets 9 8
Total current assets 121 104
Property and equipment, net 184 166
Goodwill 1,181 1,190
Trademarks and trade names 313 311
Other intangible assets, net 68 88
Due from Travelport — 100
Deferred income taxes, non-current 12 62
Other non-current assets 46 40
Total Assets $ 1,925 $ 2,061
Liabilities and Shareholders' Equity/Invested Equity
Current liabilities:
Accounts payable $ 37 $ 16
Accrued merchant payable 218 214
Accrued expenses 121 127
Deferred income 28 25
Due to Travelport, net 8 —
Term loan, current 6 —
Other current liabilities 4 5
Total current liabilities 422 387
Due to Travelport, non-current — 205
Term loan, non-current 593 —
Line of credit 1 —
Tax sharing liability 114 126
Unfavorable contracts 17 45
Other non-current liabilities 40 31
Total Liabilities 1,187 794
Commitments and contingencies (see Note 10)
Shareholders' Equity/Invested Equity:
Travelport net investment — 1,265
Preferred stock, $0.01 par value, 100 shares authorized, no shares issued or outstanding — —
Common stock, $0.01 par value, 140,000,000 shares authorized, 83,107,909 and 0 shares
issued and outstanding, respectively 1 —
Treasury stock, 8,852 and 0 shares held, respectively — —
Additional paid in capital 894 —
Accumulated deficit (151) —
Accumulated other comprehensive (loss) income (net of tax benefit of $2 and nil, respectively) (6) 2
Total Shareholders' Equity/Invested Equity: 738 1,267
Total Liabilities and Shareholders' Equity/Invested Equity $ 1,925 $ 2,061
See Notes to Consolidated Financial Statements.
65
Source: Orbitz Worldwide, In, 10-K/A, August 28, 2008