Starwood 2007 Annual Report Download - page 141
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Amortization expense relating to intangible assets with finite lives for each of the years ended December 31 is
expected to be as follows (in millions):
2008 . .................................................................. $28
2009 . .................................................................. $26
2010 . .................................................................. $26
2011 . .................................................................. $24
2012 . .................................................................. $24
Note 9. Other Assets
Other assets include notes receivable of $414 million and $293 million, net of allowance for doubtful accounts,
at December 31, 2007 and 2006, respectively. Included in these balances at December 31, 2007 and 2006 are the
following fixed rate notes receivable related to the financing of VOIs (in millions):
2007 2006
December 31,
Gross VOI notes receivable ........................................... $484 $296
Allowance for uncollectible VOI notes receivable ........................... (68) (31)
Net VOI notes receivable ............................................. 416 265
Less current maturities of gross VOI notes receivable ........................ (50) (25)
Current portion of the allowance for uncollectible VOI notes receivable........... 7 2
Long-term portion of net VOI notes receivable ............................. $373 $242
The current maturities of net VOI notes receivable are included in accounts receivable in the Company’s
balance sheets.
The interest rates of the owned VOI notes receivable are as follows:
2007 2006
December 31,
Range of stated interest rates .................................. 0%-18% 0%-18%
Weighted average interest rate.................................. 11.8% 11.9%
The maturities of the gross VOI notes receivable are as follows (in millions):
2007 2006
December 31,
Due in 1 year...................................................... $ 50 $ 25
Due in 2 years ..................................................... 35 22
Due in 3 years ..................................................... 38 24
Due in 4 years ..................................................... 50 26
Due in 5 years ..................................................... 56 28
Due beyond 5 years ................................................. 255 171
Total gross VOI notes receivable ....................................... $484 $296
F-21
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)