Starwood 2009 Annual Report Download - page 130

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2009 2008 2007
Year Ended December 31,
(In millions)
Operating Activities
Net income .................................................................... $ 71 $329 $ 543
Adjustments to net income:
Discontinued operations:
(Gain) loss on dispositions, net ..................................................... (76) (75) 1
Depreciation and amortization ..................................................... 8 10 9
Other adjustments relating to discontinued operations . ....................................... — — —
Stock-based compensation expense . . . ................................................. 53 68 99
Excess stock-based compensation tax benefit (expense) . ....................................... — (16) (46)
Depreciation and amortization . ...................................................... 309 313 297
Amortization of deferred loan costs . . . ................................................. 10 5 4
Non-cash portion of restructuring, goodwill impairment and other special charges (credits), net ................ 332 74 48
Non-cash foreign currency (gains) losses, net . . ............................................ (6) (5) 11
Amortization of deferred gains . ...................................................... (82) (83) (81)
Provision for doubtful accounts ...................................................... 72 64 43
Distributions in excess (deficit) of equity earnings ........................................... 30 21 10
Gain on sale of VOI notes receivable . . ................................................. (24) (4) (2)
Loss (gain) on asset dispositions and impairments, net . ....................................... 91 98 44
Non-cash portion of income tax expense (benefit) ........................................... (260) 24 (142)
Changes in working capital:
Restricted cash . ............................................................... 46 102 134
Accounts receivable . . . .......................................................... 63 34 (34)
Inventories ................................................................... (98) (280) (143)
Prepaid expenses and other . . . ...................................................... 10 2 (2)
Accounts payable and accrued expenses ................................................. (44) 85 177
Accrued income taxes . . .......................................................... (50) (22) 210
VOI notes receivable activity, net. ...................................................... 167 (150) (209)
Other, net . .................................................................... (51) 52 (87)
Cash (used for) from operating activities ................................................. 571 646 884
Investing Activities
Purchases of plant, property and equipment ................................................ (196) (476) (384)
Proceeds from asset sales, net . . . ...................................................... 310 320 133
Issuance of notes receivable .......................................................... (4) (2) (10)
Collection of notes receivable, net ...................................................... 2 5 55
Acquisitions, net of acquired cash ...................................................... — — (74)
Purchases of investments . . .......................................................... (5) (37) (49)
Proceeds from investments. .......................................................... 35 39 112
Other, net . .................................................................... (26) (21) 2
Cash (used for) from investing activities ................................................. 116 (172) (215)
Financing Activities
Revolving credit facility and short-term borrowings (repayments), net . . . .............................. (102) (570) 341
Long-term debt issued . . . .......................................................... 726 986 1,400
Long-term debt repaid . . . .......................................................... (1,681) (4) (799)
Dividends paid . . . ............................................................... (165) (172) (90)
Proceeds from stock option exercises . . . ................................................. 2 120 190
Excess stock-based compensation tax benefit (expense) . . ....................................... — 16 46
Share repurchases . ............................................................... — (593) (1,787)
Other, net . .................................................................... 227 (26) (13)
Cash (used for) from financing activities ................................................. (993) (243) (712)
Exchange rate effect on cash and cash equivalents ............................................ 4 7 11
Increase (decrease) in cash and cash equivalents . . ............................................ (302) 238 (32)
Cash and cash equivalents — beginning of period . ............................................ 389 151 183
Cash and cash equivalents — end of period................................................. $ 87 $389 $ 151
Supplemental Disclosures of Cash Flow Information
Cash paid (received) during the period for:
Interest . .................................................................... $ 203 $186 $ 164
Income taxes, net of refunds . . ...................................................... $ 12 $ 58 $ 128
The accompanying notes to financial statements are an integral part of the above statements
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