Starwood 2003 Annual Report Download - page 116

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
AND STARWOOD HOTELS & RESORTS
NOTES TO FINANCIAL STATEMENTS Ì (Continued)
The following table presents revenues (excluding other revenues from managed and franchised proper-
ties) and long-lived assets by geographical region:
Revenues Long-Lived Assets
2003 2002 2001 2003 2002
(In millions)
United StatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $2,785 $2,772 $2,840 $5,455 $6,174
Italy ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 403 413 417 841 891
All other international ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 591 623 636 1,242 1,119
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $3,779 $3,808 $3,893 $7,538 $8,184
Other than Italy, there were no individual international countries, which comprised over 10% of the total
revenues of the Company for the years ended December 31, 2003, 2002 or 2001, or 10% of the total long-lived
assets of the Company as of December 31, 2003 or 2002.
Note 23. Guarantor Subsidiary
The Company's payment obligations under the Senior Credit Facility, the Senior Notes and the Notes
are fully and unconditionally guaranteed by the Sheraton Holding Corporation, a wholly-owned subsidiary.
The obligation of the Guarantor Subsidiary under its guarantee of the Senior Notes is equal in right of
payment to its obligations under the Sheraton Holding public debt.
Presented below is condensed consolidating Ñnancial information for the Parent, the Guarantor Subsidi-
ary and the Non-Guarantor Subsidiaries. Investments in subsidiaries are accounted for by the Parent and the
Guarantor Subsidiary on the equity method of accounting. Earnings of subsidiaries are, therefore, reÖected in
the Parent's and Guarantor Subsidiary's investments in subsidiaries' accounts. The elimination entries
eliminate investments in subsidiaries and intercompany balances and transactions.
F-50