Starwood 2004 Annual Report Download - page 93
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
AND STARWOOD HOTELS & RESORTS
NOTES TO FINANCIAL STATEMENTS Ì (Continued)
2002 Restructuring and Other Special Credits. During the year ended December 31, 2002, the
Company recorded reversals of restructuring charges of $1 million and reversals of other special charges of
$6 million. The reversal of the restructuring charge relates to an adjustment to the severance liability
established in connection with the cost containment eÅorts following the events of September 11, 2001 based
on actual costs incurred. The reversal of the other special charges primarily related to sales of investments in
certain e-business ventures previously deemed impaired and the collections of receivables which were
previously deemed uncollectible.
Note 10. Plant, Property and Equipment
Plant, property and equipment consisted of the following (in millions):
December 31,
2004 2003
Land and improvements ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ $ 1,337 $ 1,334
Buildings and improvementsÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6,350 6,193
Furniture, Ñxtures and equipment ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,095 1,942
Construction work in process ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 189 217
9,971 9,686
Less accumulated depreciation and amortization ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (2,974) (2,580)
$ 6,997 $ 7,106
Note 11. Accrued Expenses
Accrued expenses include accrued distributions of $176 million and $172 million at December 31, 2004
and 2003, respectively. Accrued expenses also include the current portion of insurance reserves (as discussed
in Note 20. Commitments and Contingencies), SPG point liability and other marketing accruals and other
restructuring reserves (as discussed in Note 9. Restructuring and Other Special Charges (Credits)).
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