Starwood 2008 Annual Report Download - page 119
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
2008 2007
December 31,
(In millions, except
share data)
ASSETS
Current assets:
Cash and cash equivalents . . ............................................. $ 389 $ 151
Restricted cash ....................................................... 96 196
Accounts receivable, net of allowance for doubtful accounts of $49 and $50 .......... 552 627
Inventories .......................................................... 986 714
Prepaid expenses and other . ............................................. 143 136
Total current assets .................................................. 2,166 1,824
Investments............................................................ 372 423
Plant, property and equipment, net ........................................... 3,599 3,850
Assets held for sale ...................................................... 10 —
Goodwill and intangible assets, net .......................................... 2,235 2,302
Deferred tax assets ...................................................... 639 729
Other assets ........................................................... 682 494
$9,703 $9,622
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current maturities of long-term debt ................... $ 506 $ 5
Accounts payable ..................................................... 171 201
Accrued expenses ..................................................... 1,274 1,175
Accrued salaries, wages and benefits ....................................... 346 405
Accrued taxes and other . . . ............................................. 391 315
Total current liabilities . . . ............................................. 2,688 2,101
Long-term debt ......................................................... 3,502 3,590
Deferred income taxes.................................................... 26 28
Other liabilities ......................................................... 1,843 1,801
8,059 7,520
Minority interest ........................................................ 23 26
Commitments and contingencies
Stockholders’ equity:
Corporation common stock; $0.01 par value; authorized 1,000,000,000 shares
outstanding 182,827,483 and 190,998,585 shares at December 31, 2008 and 2007
respectively ........................................................ 2 2
Additional paid-in capital . . ............................................. 493 868
Accumulated other comprehensive loss ..................................... (391) (147)
Retained earnings ..................................................... 1,517 1,353
Total stockholders’ equity ............................................. 1,621 2,076
$9,703 $9,622
The accompanying notes to financial statements are an integral part of the above statements.
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