Starwood 2007 Annual Report Download - page 105

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The following table sets forth the scheduled maturities and the total fair value of our debt portfolio:
2008 2009 2010 2011 2012 Thereafter
Total Fair
Value at
December 31,
2007
Total at
December 31,
2007
Expected Maturity or Transaction Date
At December 31,
Liabilities
Fixed rate (in millions) . . . $ 4 $ 5 $ 5 $ 6 $798 $952 $1,770 $1,848
Average interest rate ..... 7.36%
Floating rate (in
millions) ............ $ 1 $538 $500 $786 $ — $ — $1,825 $1,825
Average interest rate ..... 5.50%
Interest Rate Swaps
Fixed to variable
(in millions) ........... $— $ — $ — $ — $300 $ — $ 300
Average pay rate ...... 9.14%
Average receive rate.... 7.88%
Item 8. Financial Statements and Supplementary Data.
The financial statements and supplementary data required by this Item are included in Item 15 of this Annual
Report and are incorporated herein by reference
Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure.
Not applicable.
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
The Company’s management conducted an evaluation, under the supervision and with the participation of the
Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of
the Company’s disclosure controls and procedures as of December 31, 2007. Based on this evaluation, the Chief
Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are
effective in alerting them in a timely manner to material information required to be included in the Company’s SEC
reports.
Management’s Report on Internal Control over Financial Reporting
Management of Starwood Hotels & Resorts Worldwide Inc. and its subsidiaries is responsible for establishing
and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act
Rule 13a-15(f) or 15(d)-15(f). Those rules define internal control over financial reporting as a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles (“GAAP”) and
includes those policies and procedures that:
• Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions
and dispositions of the assets of the Company;
• Provide reasonable assurance that the transactions are recorded as necessary to permit the preparation of
financial statements in accordance with GAAP, and the receipts and expenditures of the Company are being
made only in accordance with authorizations of management and directors of the Company; and
• Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of the Company’s assets that could have a material effect on the financial statements.
41