Starwood 2004 Annual Report Download - page 119

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
AND STARWOOD HOTELS & RESORTS
NOTES TO FINANCIAL STATEMENTS Ì (Continued)
The following table presents revenues and long-lived assets by geographical region (in millions):
Revenues Long-Lived Assets
2004 2003 2002 2004 2003
(In millions)
United StatesÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $4,157 $3,600 $3,479 $5,304 $5,438
Italy ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 434 404 413 889 841
All other international ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 777 626 696 1,257 1,242
Total ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $5,368 $4,630 $4,588 $7,450 $7,521
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, 2004, 2003 or 2002, or 10% of the total long-lived
assets of the Company as of December 31, 2004 or 2003.
Note 22. Guarantor Subsidiary
The Company's payment obligations under the Senior Credit Facility, the Senior Notes and the
Convertible Debt are fully and unconditionally guaranteed by the Sheraton Holding Corporation, a wholly-
owned subsidiary (the ""Guarantor Subsidiary''). The obligation of the Guarantor Subsidiary under its
guarantee of the Senior Credit Facility, the Senior Notes and the Convertible Debt is equal in right of
payment to its obligations under the public debt issued by Sheraton Holding.
Presented below is condensed consolidating Ñnancial information for the Company (the ""Parent''), the
Guarantor Subsidiary and all other legal entities that are consolidated into the Company, including the Trust,
but which are not the Guarantor Subsidiary (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.
The December 31, 2003 balance sheet provided below has been adjusted to reÖect an intercompany
dividend made in 1998 from the Guarantor Subsidiary to the Parent of $3.1 billion that had not been included
in the balance sheet information prior to December 31, 2003. Accordingly, the intercompany and stockholders'
equity of the Guarantor Subsidiary has been reduced by $3.1 billion and the intercompany increased and
investment in subsidiaries has decreased by $3.1 billion on the Parent's balance sheet. This reclassiÑcation had
no impact on the December 31, 2003 consolidated balance sheet of the Company or the Non-Guarantor
Subsidiaries, or the statements of income and cash Öows of the Parent, Guarantor Subsidiaries, Non-
Guarantor Subsidiaries or consolidated Ñnancial statements of the Company.
F-53