Starwood 2006 Annual Report Download - page 107

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The following table presents revenues, operating income, assets and capital expenditures for the Company’s
reportable segments (in millions):
2006 2005 2004
Revenues:
Hotel ...................................................... $4,863 $ 4,995 $4,656
Vacation ownership and residential ................................ 1,116 982 712
Total ...................................................... $5,979 $ 5,977 $5,368
Operating income:
Hotel ...................................................... $ 828 $ 792 $ 664
Vacation ownership and residential ................................ 253 215 142
Total segment operating income .................................. 1,081 1,007 806
Selling, general, administrative and other ............................. (222) (172) (190)
Restructuring and other special (charges) credits, net .................... (20) (13) 37
Operating income .............................................. 839 822 653
Gain on sale of VOI notes receivable ................................ — 25 14
Equity earnings and gains and losses from unconsolidated ventures, net:
Hotel ...................................................... 46 51 24
Vacation ownership and residential ................................ 15 13 8
Interest expense, net ............................................ (215) (239) (254)
Loss on asset dispositions and impairments, net ........................ (3) (30) (33)
Income from continuing operations before taxes and minority interest ........ $ 682 $ 642 $ 412
Depreciation and amortization:
Hotel ...................................................... $ 251 $ 352 $ 372
Vacation ownership and residential ................................ 16 13 11
Corporate. . ................................................. 39 42 48
Total ...................................................... $ 306 $ 407 $ 431
Assets:
Hotel
(a)
.................................................... $6,877 $10,854
Vacation ownership and residential
(b)
.............................. 1,698 1,433
Corporate
(c)
................................................. 705 207
Total ...................................................... $9,280 $12,494
(a) Includes $314 million and $300 million of investments in unconsolidated joint ventures at December 31, 2006 and
2005, respectively.
(b) Includes $43 million and $30 million of investments in unconsolidated joint ventures at December 31, 2006 and 2005,
respectively.
(c) Includes $26 million and $3 million of investments in unconsolidated joint ventures at December 31, 2006 and 2005,
respectively.
Capital expenditures:
Hotel ...................................................... $ 245 $ 318 $ 245
Vacation ownership and residential ................................ 78 95 34
Corporate. . ................................................. 48 51 54
Total ...................................................... $ 371 $ 464 $ 333
F-46
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)