Starwood 2008 Annual Report Download - page 163
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The following table presents revenues, operating income, assets and capital expenditures for the Company’s
reportable segments (in millions):
2008 2007 2006
Revenues:
Hotel ..................................................... $5,013 $5,000 $4,863
Vacation ownership and residential ............................... 894 1,153 1,116
Total ..................................................... $5,907 $6,153 $5,979
Operating income:
Hotel ..................................................... $ 785 $ 878 $ 828
Vacation ownership and residential ............................... 136 246 253
Total segment operating income ................................. 921 1,124 1,081
Selling, general, administrative and other .............................. (161) (213) (222)
Restructuring and other special charges, net ............................ (141) (53) (20)
Operating income ............................................... 619 858 839
Gain on sale of VOI notes receivable ................................. — — —
Equity earnings and gains and losses from unconsolidated ventures, net:
Hotel ....................................................... 12 55 46
Vacation ownership and residential ................................. 4 11 15
Interest expense, net ............................................. (207) (147) (215)
Loss on asset dispositions and impairments, net ......................... (98) (44) (3)
Income from continuing operations before taxes and minority interest ......... $ 330 $ 733 $ 682
Depreciation and amortization:
Hotel ..................................................... $ 251 $ 242 $ 251
Vacation ownership and residential ............................... 29 21 16
Corporate .................................................. 43 43 39
Total ..................................................... $ 323 $ 306 $ 306
Assets:
Hotel
(a)
..................................................... $6,728 $6,772
Vacation ownership and residential
(b)
............................... 2,183 1,918
Corporate ................................................... 792 932
Total ..................................................... $9,703 $9,622
(a) Includes $315 million and $341 million of investments in unconsolidated joint ventures at December 31, 2008
and 2007, respectively.
(b) Includes $38 million and $42 million of investments in unconsolidated joint ventures at December 31, 2008 and
2007, respectively.
F-47
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)