Starwood 2010 Annual Report Download - page 119
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
2010 2009
December 31,
(In millions, except
share data)
ASSETS
Current assets:
Cash and cash equivalents . . ............................................. $ 753 $ 87
Restricted cash ....................................................... 53 47
Accounts receivable, net of allowance for doubtful accounts of $45 and $54 .......... 513 445
Inventories .......................................................... 802 783
Securitized vacation ownership notes receivable, net of allowance for doubtful accounts
of$10and$0 ...................................................... 59 —
Prepaid expenses and other . ............................................. 126 127
Total current assets .................................................. 2,306 1,489
Investments............................................................ 312 368
Plant, property and equipment, net ........................................... 3,323 3,350
Assets held for sale ...................................................... — 71
Goodwill and intangible assets, net .......................................... 2,067 2,063
Deferred tax assets ...................................................... 979 982
Other assets ........................................................... 381 438
Securitized vacation ownership notes receivable, net.............................. 408 —
$9,776 $8,761
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current maturities of long-term debt ................... $ 9 $ 5
Accounts payable ..................................................... 138 139
Current maturities of long-term securitized vacation ownership debt ................ 127 —
Accrued expenses ..................................................... 1,104 1,212
Accrued salaries, wages and benefits ....................................... 410 303
Accrued taxes and other . . . ............................................. 373 368
Total current liabilities . . . ............................................. 2,161 2,027
Long-term debt ......................................................... 2,848 2,955
Long-term securitized vacation ownership debt ................................. 367 —
Deferred income taxes.................................................... 28 31
Other liabilities ......................................................... 1,886 1,903
7,290 6,916
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.01 par value; authorized 1,000,000,000 shares; outstanding
192,970,437 and 186,785,068 shares at December 31, 2010 and 2009, respectively . . . 2 2
Additional paid-in capital . . ............................................. 805 552
Accumulated other comprehensive loss ..................................... (283) (283)
Retained earnings ..................................................... 1,947 1,553
Total Starwood stockholders’ equity ...................................... 2,471 1,824
Noncontrolling interest ................................................. 15 21
Total equity ........................................................ 2,486 1,845
$9,776 $8,761
The accompanying notes to financial statements are an integral part of the above statements.
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