Starwood 2009 Annual Report Download - page 153

Download and view the complete annual report

Please find page 153 of the 2009 Starwood annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 177

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177

The Company recognizes interest and penalties related to unrecognized tax benefits through income tax
expense. The Company had $233 million and $224 million accrued for the payment of interest and no accrued
penalties as of December 31, 2009 and December 31, 2008, respectively.
The Company is subject to taxation in the U.S. federal jurisdiction, as well as various state and foreign
jurisdictions. As of December 31, 2009, the Company is no longer subject to examination by U.S. federal taxing
authorities for years prior to 2004 and to examination by any U.S. state taxing authority prior to 1998. All
subsequent periods remain eligible for examination. In the significant foreign jurisdictions in which the Company
operates, the Company is no longer subject to examination by the relevant taxing authorities for any years prior to
2001.
Note 15. Debt
Long-term debt and short-term borrowings consisted of the following (in millions):
2009 2008
December 31,
Senior Credit Facilities:
Revolving Credit Facilities, interest rates ranging from 3.70% to 3.94% at December 31,
2009, maturing 2011 ................................................. $ 114 $ 213
Term loan repaid during 2009 ............................................ — 1,375
Senior Notes, interest at 7.875%, maturing 2012 ................................ 608 799
Senior Notes, interest at 6.25%, maturing 2013 ................................. 498 601
Senior Notes, interest at 7.875%, maturing 2014 ................................ 485 —
Senior Notes (former Sheraton Holding notes), interest at 7.375%, maturing 2015........ 449 449
Senior Notes, interest at 6.75%, maturing 2018 ................................. 400 400
Senior Notes, interest at 7.15%, maturing 2019 ................................. 244 —
Mortgages and other, interest rates ranging from 5.80% to 8.56%, various maturities...... 162 171
2,960 4,008
Less current maturities ................................................... (5) (506)
Long-term debt ......................................................... $2,955 $3,502
Aggregate debt maturities for each of the years ended December 31 are as follows (in millions):
2010 ........................................................................ $ 5
2011 ........................................................................ 122
2012 ........................................................................ 653
2013 ........................................................................ 550
2014 ........................................................................ 488
Thereafter .................................................................... 1,142
$2,960
The Company maintains lines of credit under which bank loans and other short-term debt are drawn. In
addition, smaller credit lines are maintained by the Company’s foreign subsidiaries. The Company had approx-
imately $1.6 billion of available borrowing capacity under its domestic and foreign lines of credit as of
December 31, 2009. The short-term borrowings at December 31, 2009 and 2008 were insignificant.
F-30
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)