Starwood 2007 Annual Report Download - page 126

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF EQUITY
Shares Amount Shares Amount Shares Amount
Additional
Paid-in
Capital
(b)
Deferred
Compensation
Accumulated
Other
Comprehensive
Loss
(a)
Retained
Earnings
(Accumulated
Deficit)
Exchangeable
Units and
Class B EPS Class A EPS Shares
(In millions)
Balance at December 31, 2004 . . . ..... — $— 1 $— 209 $4 $5,121 $(14) $(255) $ (68)
Net income . . . ............... — — — — — — — — — 422
Stock option and restricted stock award
transactions, net .............. — — — — 12 — 542 (39) — —
ESPP stock issuances . . .......... — — — — — — 12 — — —
Share repurchases ............... — — — (4) — (253) — — —
Conversion or redemption and
cancellation of Class A EPS, Class B
EPS and Partnership Units . . . ..... — — — — — — (10) — — —
Foreign currency translation . . . ..... — — — — — — — — (60) —
Minimum pension liability adjustment . . — — — — — — — — (6) —
Unrealized loss on securities, net ..... — — — — — — — — (1) —
Distributions declared . . .......... — — — — — — — — — (184)
Balance at December 31, 2005 . . . ..... — — 1 — 217 4 5,412 (53) (322) 170
Net income . . . ............... — — — — — — — — — 1,043
Implementation of SFAS No. 123(R) . . . — — — — — — (53) 53 — —
Disposition of the Trust
(c)
.......... — — — — — — (2,368) — — (83)
Stock option and restricted stock award
transactions, net .............. — — — — 15 — 588 — — —
ESPP stock issuances . . .......... — — — — — — 7 — — —
Share repurchases ............... — — — — (22) — (1,263) — — —
Redemption of convertible debt . ..... — — 3 — — — — —
Conversion or redemption and
cancellation of Class A EPS, Class B
EPS and Partnership Units . . . ..... — — (1) — — (2) (37) — — —
Foreign currency translation . . . ..... — — — — — — — — 72 —
Recognition of accumulated foreign
currency translation adjustments on
sold hotels . . ............... — — — — — — — — 29
Minimum pension liability adjustment . . — — — — — — — — 2 —
Implementation of SFAS No. 158, net . . — — — — — — — — (8)
Unrealized loss on securities, net ..... — — — — — — — — (1) —
Distributions declared . . .......... — — — — — — — — — (182)
Balance at December 31, 2006 . . . ..... — — — — 213 2 2,286 — (228) 948
Net income . . . ............... — — — — — — — — — 542
Stock option and restricted stock award
transactions, net .............. — — — — 7 — 358 — — —
ESPP stock issuances . . .......... — — — — — — 7 — — —
Share repurchases ............... — — — — (29) — (1,787) — — —
Tax adjustments related to the disposition
of the Trust . . ............... — — — — — — 4 — — —
FIN 48 implementation . .......... — — — — — — — — — 35
Foreign currency translation . . . ..... — — — — — — — — 84 —
Unrealized loss on securities, net ..... — — — — — — — — (6) —
Pension adjustments . . . .......... — — — — — — — — 3 —
Distributions declared . . .......... — — — — — — — — — (172)
Balance at December 31, 2007 . . . ..... — $— — $— 191 $2 $ 868 $— $(147) $1,353
(a) As of December 31, 2007, this balance is comprised of $114 million of cumulative translation adjustments and $33 million of cumulative
pension adjustments.
(b) Stock option and restricted stock award transactions are net of a tax benefit of $65 million, $143 million and $66 million in 2007, 2006 and
2005, respectively.
(c) As part of the Host Transaction, the Company sold the Class A Shares of the Trust and shareholders sold the Class B Shares of the Trust. The
book value of the Trust associated with this sale was removed through retained earnings up to the amount of retained earnings that existed at
the sale date with the remaining balance reducing additional paid-in capital. See Note 1 for additional information on the Host Transaction.
The accompanying notes to financial statements are an integral part of the above statements.
F-6