Starwood 2010 Annual Report Download - page 153

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Multi-Employer Pension Plans. Certain employees are covered by union sponsored multi-employer pen-
sion plans. Pursuant to agreements between the Company and various unions, contributions of $9 million in 2010,
2009 and 2008 were made by the Company and charged to expense.
Note 21. Leases and Rentals
The Company leases certain equipment for the hotels’ operations under various lease agreements. The leases
extend for varying periods through 2016 and generally are for a fixed amount each month. In addition, several of the
Company’s hotels are subject to leases of land or building facilities from third parties, which extend for varying
periods through 2096 and generally contain fixed and variable components. The variable components of leases of
land or building facilities are primarily based on the operating profit or revenues of the related hotels.
The Company’s minimum future rents at December 31, 2010 payable under non-cancelable operating leases
with third parties are as follows (in millions):
2011 .................................................................. $ 96
2012 .................................................................. 81
2013 .................................................................. 80
2014 .................................................................. 78
2015 .................................................................. 71
Thereafter............................................................... 939
Minimum future rents have not been reduced by future minimum sublease income of approximately
$13 million expected under non-cancelable subleases.
Rent expense under non-cancelable operating leases consisted of the following (in millions):
2010 2009 2008
Year Ended December 31,
Minimum rent ............................................... $90 $89 $93
Contingent rent .............................................. 6 2 10
Sublease rent ................................................ (5) (3) (6)
$91 $88 $97
Note 22. Stockholders’ Equity
Share Repurchases. During the year ended December 31, 2010 and 2009, the Company did not repurchase
any Company common shares. As of December 31, 2010, no repurchase capacity remained under the Share
Repurchase Authorization.
Note 23. Stock-Based Compensation
In 2004, the Company adopted the 2004 Long-Term Incentive Compensation Plan (“2004 LTIP”), which
superseded the 2002 Long-Term Incentive Compensation Plan (“2002 LTIP”) and provides the terms of equity
award grants to directors, officers, employees, consultants and advisors. Although no additional awards will be
granted under the 2002 LTIP, the Company’s 1999 Long-Term Incentive Compensation Plan or the Company’s
1995 Share Option Plan, the provisions under each of the previous plans will continue to govern awards that have
been granted and remain outstanding under those plans. The aggregate award pool for non-qualified or incentive
stock options, performance shares, restricted stock and units or any combination of the foregoing which are
available to be granted under the 2004 LTIP at December 31, 2010 was approximately 53 million.
F-37
STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS — (Continued)