Starwood 2011 Annual Report Download - page 126

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2011 2010 2009
Operating Activities
Net income ...................................................................................... $487 $475 $ 71
Adjustments to net income:
Discontinued operations:
(Gain) loss on dispositions, net ................................................................... 13 (168) (76)
Depreciation and amortization ................................................................... — — 8
Other adjustments relating to discontinued operations ................................................. — — —
Stock-based compensation expense ................................................................. 75 72 53
Excess stock-based compensation tax benefit ......................................................... (22) (20) —
Depreciation and amortization ..................................................................... 265 285 309
Amortization of deferred loan costs ................................................................. 11 13 10
Non-cash portion of restructuring, goodwill impairment and other special charges (credits), net .................. — (7) 332
Non-cash foreign currency (gains) losses, net ......................................................... 12 (39) (6)
Amortization of deferred gains ..................................................................... (87) (81) (82)
Provision for doubtful accounts .................................................................... 31 55 72
Distributions in excess (deficit) of equity earnings ..................................................... 7 3 30
Gain on sale of VOI notes receivable ................................................................ — — (24)
Loss (gain) on asset dispositions and impairments, net .................................................. — 39 91
Non-cash portion of income tax expense (benefit) ...................................................... 63 16 (260)
Changes in working capital:
Restricted cash ................................................................................. (27) 9 46
Accounts receivable ............................................................................. (45) (22) 63
Inventories ..................................................................................... (14) (110) (98)
Prepaid expenses and other ........................................................................ (15) 1 10
Accounts payable and accrued expenses ............................................................. 78 13 (44)
Accrued income taxes ............................................................................ (195) 200 (50)
Securitized VOI notes receivable activity, net ........................................................... (45) (29) —
VOI notes receivable activity, net ..................................................................... 12 1 167
Other, net ........................................................................................ 37 58 (51)
Cash (used for) from operating activities ............................................................. 641 764 571
Investing Activities
Purchases of plant, property and equipment ............................................................. (385) (227) (196)
Proceeds from asset sales, net ........................................................................ 290 148 310
Issuance of notes receivable ......................................................................... (10) (1) (4)
Collection of notes receivable, net .................................................................... 7 2 2
Acquisitions, net of acquired cash .................................................................... (28) (18) —
Purchases of investments ........................................................................... (8) (32) (5)
Proceeds from investments .......................................................................... 4 49 35
Other, net ........................................................................................ (46) 8 (26)
Cash (used for) from investing activities ............................................................. (176) (71) 116
Financing Activities
Revolving credit facility and short-term borrowings (repayments), net ........................................ — (114) (102)
Long-term debt issued .............................................................................. 47 3 726
Long-term debt repaid ............................................................................. (650) (9) (1,681)
Long-term securitized debt issued .................................................................... 200 280 —
Long-term securitized debt repaid .................................................................... (162) (224) —
(Increase) decrease in restricted cash .................................................................. (144) — —
Dividends paid ................................................................................... (99) (93) (165)
Proceeds from stock option exercises .................................................................. 70 141 2
Excess stock-based compensation tax benefit ........................................................... 22 20 —
Share repurchases ................................................................................. — — —
Other, net ........................................................................................ (39) (30) 227
Cash (used for) from financing activities ............................................................. (755) (26) (993)
Exchange rate effect on cash and cash equivalents ....................................................... (9) (1) 4
Increase (decrease) in cash and cash equivalents ......................................................... (299) 666 (302)
Cash and cash equivalents — beginning of period ........................................................ 753 87 389
Cash and cash equivalents — end of period ............................................................. $454 $753 $ 87
Supplemental Disclosures of Cash Flow Information
Cash paid (received) during the period for:
Interest ........................................................................................ $204 $ 244 $ 214
Income taxes, net of refunds ....................................................................... $ 56 $(171) $ 12
Non-cash acquisition of Hotel Imperial ................................................................ $ 57 $ — $ —
The accompanying notes to financial statements are an integral part of the above statements.
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