Starwood 2007 Annual Report Download - page 140
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Note 7. Plant, Property and Equipment
Plant, property and equipment, excluding assets held for sale, consisted of the following (in millions):
2007 2006
December 31,
Land and improvements .......................................... $ 714 $ 760
Buildings and improvements....................................... 3,589 3,603
Furniture, fixtures and equipment ................................... 1,690 1,566
Construction work in process ...................................... 221 153
6,214 6,082
Less accumulated depreciation and amortization ........................ (2,364) (2,251)
$ 3,850 $ 3,831
Note 8. Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the year ended December 31, 2007 are as follows (in
millions):
Hotel
Segment
Vacation
Ownership
Segment Total
Balance at January 1, 2007 ............................... $1,470 $241 $1,711
Purchase price adjustments related to the Le Méridien Acquisition . . (6) — (6)
Cumulative translation adjustment .......................... 17 — 17
Asset dispositions ...................................... (16) — (16)
Balance at December 31, 2007 ............................ $1,465 $241 $1,706
Intangible assets consisted of the following (in millions):
2007 2006
December 31,
Trademarks and trade names .......................................... $320 $315
Management and franchise agreements .................................. 310 291
Other ........................................................... 90 81
720 687
Accumulated amortization ............................................ (124) (96)
$ 596 $591
The intangible assets related to management and franchise agreements have finite lives, and accordingly, the
Company recorded amortization expense of $26 million, $25 million and $19 million, respectively, during the years
ended December 31, 2007, 2006 and 2005. The other intangible assets noted above have indefinite lives.
F-20
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)