Starwood 2010 Annual Report Download - page 123

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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
2010 2009 2008
Year Ended December 31,
(In millions)
Operating Activities
Net income .............................................................. $475 $ 71 $329
Adjustments to net income:
Discontinued operations:
(Gain) loss on dispositions, net . . . ........................................... (168) (76) (75)
Depreciation and amortization . . . ........................................... — 8 10
Other adjustments relating to discontinued operations . . . ............................ — — —
Stock-based compensation expense . . ........................................... 72 53 68
Excess stock-based compensation tax benefit (expense) . . . ............................ (20) — (16)
Depreciation and amortization ................................................ 285 309 313
Amortization of deferred loan costs . ........................................... 13 10 5
Non-cash portion of restructuring, goodwill impairment and other special charges (credits), net . . . . . (7) 332 74
Non-cash foreign currency (gains) losses, net ...................................... (39) (6) (5)
Amortization of deferred gains ............................................... (81) (82) (83)
Provision for doubtful accounts ............................................... 55 72 64
Distributions in excess (deficit) of equity earnings . . ................................. 3 30 21
Gain on sale of VOI notes receivable ........................................... — (24) (4)
Loss (gain) on asset dispositions and impairments, net ................................ 39 91 98
Non-cash portion of income tax expense (benefit) . . ................................. 16 (260) 24
Changes in working capital:
Restricted cash .......................................................... 9 46 102
Accounts receivable . ..................................................... (22) 63 34
Inventories . . .......................................................... (110) (98) (280)
Prepaid expenses and other . . ................................................ 1 10 2
Accounts payable and accrued expenses . . . ...................................... 13 (44) 85
Accrued income taxes ..................................................... 200 (50) (22)
Securitized VOI notes receivable activity, net . . ...................................... (29) — —
VOI notes receivable activity, net ............................................... 1 167 (150)
Other, net ............................................................... 58 (51) 52
Cash (used for) from operating activities . . . ...................................... 764 571 646
Investing Activities
Purchases of plant, property and equipment . . . ...................................... (227) (196) (476)
Proceeds from asset sales, net . . ................................................ 148 310 320
Issuance of notes receivable . . . ................................................ (1) (4) (1)
Collection of notes receivable, net ............................................... 2 2 5
Acquisitions, net of acquired cash ............................................... (18) — —
Purchases of investments ..................................................... (32) (5) (38)
Proceeds from investments .................................................... 49 35 39
Other, net ............................................................... 8 (26) (21)
Cash (used for) from investing activities . . . ...................................... (71) 116 (172)
Financing Activities
Revolving credit facility and short-term borrowings (repayments), net . ....................... (114) (102) (570)
Long-term debt issued. . ..................................................... 3 726 986
Long-term debt repaid. . ..................................................... (9) (1,681) (4)
Long-term securitized debt issued ............................................... 280 — —
Long-term securitized debt repaid ............................................... (224) — —
Dividends paid . .......................................................... (93) (165) (172)
Proceeds from stock option exercises . . ........................................... 141 2 120
Excess stock-based compensation tax benefit (expense) ................................. 20 — 16
Share repurchases ......................................................... — — (593)
Other, net ............................................................... (30) 227 (26)
Cash (used for) from financing activities . . . ...................................... (26) (993) (243)
Exchange rate effect on cash and cash equivalents . . . ................................. (1) 4 7
Increase (decrease) in cash and cash equivalents ...................................... 666 (302) 238
Cash and cash equivalents — beginning of period ..................................... 87 389 151
Cash and cash equivalents — end of period . . . ...................................... $753 $ 87 $389
Supplemental Disclosures of Cash Flow Information
Cash paid (received) during the period for:
Interest ............................................................... $244 $ 214 $170
Income taxes, net of refunds . ................................................ $(171) $ 12 $ 58
The accompanying notes to financial statements are an integral part of the above statements.
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