Starwood 2009 Annual Report Download - page 165
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Consolidated Statements of Income and Comprehensive Income
For the Years Ended December 31, 2009 and 2008
(in millions)
Balance at December 31, 2007 ................................................ $—
Mark-to-market gain on forward exchange contracts .............................. (4)
Reclassification of loss from OCI to management fees, franchise fees, and other income .... (2)
Balance at December 31, 2008 ................................................ $(6)
Balance at December 31, 2008 ................................................ $(6)
Mark-to-market gain on forward exchange contracts .............................. —
Reclassification of gain from OCI to management fees, franchise fees, and other income . . . 6
Balance at December 31, 2009 ................................................ $—
2009 2008 2007
Year Ended
December 31,
Derivatives Not
Designated as Hedging
Instruments
Location of Gain
or (Loss) Recognized
in Income on Derivative
Amount of Gain
or (Loss) Recognized
in Income on
Derivative
Foreign forward exchange contracts Interest expense, net $(15) $14 $4
Total (loss) gain included in income $(15) $14 $4
Note 23. Fair Value of Financial Instruments
The following table presents the carrying amounts and estimated fair values of the Company’s financial
instruments (in millions):
Carrying
Amount
Fair
Value
Carrying
Amount
Fair
Value
December 31, 2009 December 31, 2008
Assets :
Restricted cash ...................................... $ 7 $ 7 $ 6 $ 6
VOI notes receivable .................................. 222 253 444 419
Other notes receivable ................................. 36 36 32 32
Total financial assets ................................ $ 265 $ 296 $ 482 $ 457
Liabilities:
Long-term debt ...................................... $2,955 $3,071 $3,502 $2,725
Other long-term liabilities .............................. 8877
Total financial liabilities .............................. $2,963 $3,079 $3,509 $2,732
Off-Balance sheet:
Letters of credit ...................................... $ — $ 168 $ — $ 115
Surety bonds ........................................ — 21 — 91
Total Off-Balance sheet .............................. $ — $ 189 $ — $ 206
F-42
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)