Starwood 2010 Annual Report Download - page 143
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Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets and
liabilities. Deferred tax assets (liabilities) include the following (in millions):
2010 2009
December 31,
Plant, property and equipment....................................... $ (21) $ (51)
Intangibles ..................................................... 178 104
Inventories ..................................................... 183 197
Deferred gains .................................................. 346 359
Receivables (net of reserves) ........................................ 25 (2)
Other reserves .................................................. 43 43
Employee benefits ............................................... 37 36
Prepaid income.................................................. 102 126
Net operating loss, capital loss and tax credit carryforwards ................. 406 591
Accrued expenses ................................................ 83 87
Other . . ....................................................... (34) (22)
1,348 1,468
Less valuation allowance .......................................... (397) (517)
Deferred income taxes ............................................ $ 951 $ 951
At December 31, 2010, the Company had federal and state net operating losses, which have varying expiration
dates extending through 2028, of approximately $1 million and $2 billion, respectively. The Company had federal
and state capital losses, which expire at the end of 2011, of approximately $495 million and $842 million,
respectively. The Company had state tax credit carryforwards, which expire at the end of 2026, of $4 million. The
Company also had foreign net operating loss and tax credit carryforwards of approximately $210 million and
$3 million, respectively. The majority of foreign net operating loss and the tax credit carryforwards will fully expire
by 2020. The Company has established a valuation allowance against substantially all of the tax benefit for federal
and state loss carryforwards as it is unlikely that the benefit will be realized prior to their expiration. The Company
is currently considering certain tax-planning strategies that may allow it to utilize these tax attributes within the
statutory carryforward period.
F-27
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)