Starwood 2009 Annual Report Download - page 149
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The Company had remaining accruals of $34 million as of December 31, 2009, which are primarily recorded in
accrued expenses and other liabilities. The following table summarizes activity in the restructuring and other special
charges related accounts during the year ended December 31, 2009 (in millions):
December 31,
2008 Expenses Payments
Non-cash
Other
December 31,
2009
Retained reserves established by Sheraton
Holding prior to its merger with the
Company in 1998 ................. $ 8 $ — $— $ — $ 8
Le Méridien Acquisition reserves ....... — (2) — 2 —
Consulting fees associated with cost
reduction initiatives................ 3 5 (7) — 1
Severance......................... 23 24 (43) — 4
Closure of vacation ownership facilities . . 7 7 (4) (4) 6
Impairments of land, inventory and
construction in progress ............ — 255 — (240) 15
Impairment of goodwill .............. — 90 — (90) —
Total ............................ $41 $379 $(54) $(332) $34
Note 14. Income Taxes
Income tax data from continuing operations of the Company is as follows (in millions):
2009 2008 2007
Year Ended December 31,
Pretax income
U.S. ..................................................... $(408) $185 $ 501
Foreign................................................... 112 136 215
$(296) $321 $ 716
Provision (benefit) for income tax
Current:
U.S. federal ............................................. $ (84) $ (15) $ 161
State and local ........................................... 12 32 7
Foreign ................................................. 38 48 157
(34) 65 325
Deferred:
U.S. federal ............................................. (117) 28 (105)
State and local ........................................... (18) (23) —
Foreign ................................................. (124) 2 (37)
(259) 7 (142)
$(293) $ 72 $ 183
No provision has been made for U.S. taxes payable on undistributed foreign earnings amounting to approx-
imately $759 million as of December 31, 2009 since these amounts are permanently reinvested.
F-26
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)