Starwood 2006 Annual Report Download - page 64

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
2006 2005
December 31,
ASSETS
Current assets:
Cash and cash equivalents .............................................. $ 183 $ 897
Restricted cash ...................................................... 329 295
Accounts receivable, net of allowance for doubtful accounts of $49 and $50 ......... 593 642
Inventories ......................................................... 566 280
Prepaid expenses and other . ............................................ 139 169
Total current assets ................................................ 1,810 2,283
Investments ........................................................... 436 403
Plant, property and equipment, net .......................................... 3,831 4,169
Assets held for sale ..................................................... 2 2,882
Goodwill and intangible assets, net ......................................... 2,302 2,315
Deferred tax assets ..................................................... 518 40
Other assets .......................................................... 381 402
$9,280 $12,494
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current maturities of long-term debt .................. $ 805 $ 1,219
Accounts payable .................................................... 179 156
Accrued expenses .................................................... 955 1,049
Accrued salaries, wages and benefits . . . ................................... 383 297
Accrued taxes and other ................................................ 139 158
Total current liabilities ............................................. 2,461 2,879
Long-term debt ........................................................ 1,827 2,849
Long-term debt held for sale .............................................. — 77
Deferred income taxes ................................................... 31 602
Other liabilities ........................................................ 1,928 851
6,247 7,258
Minority interest ....................................................... 25 25
Commitments and contingencies
Stockholders’ equity:
Class A exchangeable preferred shares of the Trust; $0.01 par value; authorized
30,000,000 shares; outstanding 0 and 562,222 shares at December 31, 2006 and
2005, respectively .................................................. — —
Class B exchangeable preferred shares of the Trust; $0.01 par value; authorized
15,000,000 shares; outstanding 0 and 24,627 shares at December 31, 2006 and 2005,
respectively ....................................................... — —
Corporation common stock; $0.01 par value; authorized 1,050,000,000 shares;
outstanding 213,484,439 and 217,218,781 shares at December 31, 2006 and 2005,
respectively ....................................................... 2 2
Trust Class B shares of beneficial interest; $0.01 par value; authorized
1,000,000,000 shares; outstanding 0 and 217,218,781 shares at December 31, 2006
and 2005, respectively ............................................... — 2
Additional paid-in capital............................................... 2,286 5,412
Deferred compensation ................................................ — (53)
Accumulated other comprehensive loss. . ................................... (228) (322)
Retained earnings .................................................... 948 170
Total stockholders’ equity ............................................. 3,008 5,211
$9,280 $12,494
The accompanying notes to financial statements are an integral part of the above statements.
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