Starwood 2008 Annual Report Download - page 144
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Note 14. Income Taxes
Income tax data from continuing operations of the Company is as follows (in millions):
2008 2007 2006
Year Ended December 31,
Pretax income
U.S...................................................... $195 $ 517 $ 556
Foreign................................................... 135 216 126
$330 $ 733 $ 682
Provision (benefit) for income tax
Current:
U.S. federal ............................................. $(12) $ 166 $ 104
State and local ........................................... 33 8 31
Foreign ................................................. 48 157 51
69 331 186
Deferred:
U.S. federal ............................................. 28 (105) (517)
State and local ........................................... (23) — (84)
Foreign ................................................. 2 (37) (19)
7 (142) (620)
$ 76 $ 189 $(434)
No provision has been made for U.S. taxes payable on undistributed foreign earnings amounting to approx-
imately $807 million as of December 31, 2008 since these amounts are permanently reinvested.
Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and
liabilities. Deferred tax assets (liabilities) include the following (in millions):
2008 2007
December 31,
Plant, property and equipment....................................... $ 389 $ 312
Intangibles ..................................................... 10 15
Allowances for doubtful accounts and other reserves ...................... 132 160
Employee benefits ............................................... 105 100
Net operating loss, capital loss and tax credit carryforwards ................. 605 723
Deferred income ................................................. (238) (102)
Other . . ....................................................... 98 108
1,101 1,316
Less valuation allowance .......................................... (488) (615)
Deferred income taxes ............................................ $ 613 $ 701
At December 31, 2008, the Company had federal and state net operating losses of approximately $29 million
and $2.4 billion, respectively, and federal tax credit carryforwards of $79 million. The Company also had foreign
net operating loss and tax credit carryforwards of approximately $32 million and $19 million, respectively. The
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)