Starwood 2008 Annual Report Download - page 137
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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):
2008 2007
December 31,
Land and improvements .......................................... $ 635 $ 714
Buildings and improvements....................................... 3,444 3,589
Furniture, fixtures and equipment ................................... 1,792 1,690
Construction work in process ...................................... 199 221
6,070 6,214
Less accumulated depreciation and amortization ........................ (2,471) (2,364)
$ 3,599 $ 3,850
Unamortized capitalized computer software costs were $129 million and $104 million at December 31, 2008
and 2007 respectively. Amortization of capitalized computer software costs was $24 million, $23 million and
$22 million for the years ended December 31, 2008, 2007 and 2006 respectively
Note 8. Goodwill and Intangible Assets
The changes in the carrying amount of goodwill for the year ended December 31, 2008 are as follows
(in millions):
Hotel
Segment
Vacation
Ownership
Segment Total
Balance at January 1, 2008 ............................... $1,465 $241 $1,706
Cumulative translation adjustment .......................... (18) — (18)
Asset dispositions ...................................... (51) — (51)
Other ............................................... 2 — 2
Balance at December 31, 2008 ............................ $1,398 $241 $1,639
Intangible assets consisted of the following (in millions):
2008 2007
December 31,
Trademarks and trade names ......................................... $315 $320
Management and franchise agreements .................................. 354 310
Other . . . ....................................................... 90 90
759 720
Accumulated amortization ........................................... (163) (124)
$ 596 $ 596
The intangible assets related to management and franchise agreements have finite lives, and accordingly, the
Company recorded amortization expense of $32 million, $26 million and $25 million, respectively, during the years
ended December 31, 2008, 2007 and 2006. The other intangible assets noted above have indefinite lives.
F-21
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)