Starwood 2011 Annual Report Download - page 138
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS
Intangible assets consisted of the following (in millions):
December 31,
2011 2010
Trademarks and trade names ............................................ $313 $309
Management and franchise agreements .................................... 412 377
Other ............................................................... 16 78
741 764
Accumulated amortization .............................................. (164) (196)
$ 577 $ 568
The intangible assets related to management and franchise agreements have finite lives, and accordingly, the
Company recorded amortization expense of $29 million, $33 million, and $35 million, respectively, during the
years ended December 31, 2011, 2010 and 2009. The other intangible assets noted above have indefinite lives.
Amortization expense relating to intangible assets with finite lives for each of the years ended December 31,
is expected to be as follows (in millions):
2012 ......................................................................... $29
2013 ......................................................................... $29
2014 ......................................................................... $29
2015 ......................................................................... $28
2016 ......................................................................... $28
Note 8. Other Assets
Other assets include the following (in millions):
December 31,
2011 2010
VOI notes receivable, net of allowance of $46 and $69 ......................... $ 93 $132
Prepaids .............................................................. 104 88
Deposits and other ...................................................... 158 161
Total ................................................................ $355 $381
See Note 10 for discussion relating to VOI notes receivable.
Note 9. Transfers of Financial Assets
As discussed in Note 2, the Company adopted ASU 2009-16 and ASU 2009 -17 on January 1, 2010. As a
result, the Company concluded it has variable interests in the entities associated with its five outstanding
securitization transactions. As these securitizations consist of similar, homogenous loans, they have been
aggregated for disclosure purposes. The Company applied the variable interest model and determined it is the
primary beneficiary of these VIEs. In making this determination, the Company evaluated the activities that
significantly impact the economics of the VIEs, including the management of the securitized notes receivable and
any related non-performing loans. The Company also evaluated its retention of the residual economic interests in
the related VIEs. The Company is the servicer of the securitized mortgage receivables. The Company also has the
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