Starwood 2011 Annual Report Download - page 144
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS
The Company had remaining restructuring accruals of $89 million as of December 31, 2011, primarily
recorded in accrued expenses.
Note 14. Income Taxes
Income tax data from continuing operations of the Company is as follows (in millions):
Year Ended December 31,
2011 2010 2009
Pretax income
U.S. ......................................................... $165 $ 85 $ (76)
Foreign ...................................................... 260 250 (220)
$ 425 $335 $(296)
Provision (benefit) for income tax
Current:
U.S. federal ................................................. $(215) $ (61) $ (84)
State and local ............................................... (21) 18 12
Foreign .................................................... 88 43 38
(148) — (34)
Deferred:
U.S. federal ................................................. 62 22 (117)
State and local ............................................... (11) (7) (18)
Foreign .................................................... 22 12 (124)
73 27 (259)
$ (75) $ 27 $(293)
No provision has been made for U.S. taxes payable on undistributed foreign earnings amounting to
approximately $2.3 billion as of December 31, 2011 since these amounts are permanently reinvested. If such
earnings were repatriated, additional tax expense may result, although the calculation of such additional taxes is
not practicable.
Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets
and liabilities plus carryforward items. The composition of net deferred tax balances were as follows (in
millions):
December 31,
2011 2010
Current deferred tax assets ............................................... $278 $315
Long-term deferred tax assets ............................................. 639 664
Current deferred tax liabilities (1) .......................................... (7) (4)
Long-term deferred tax liabilities .......................................... (46) (24)
Deferred income taxes ................................................... $864 $951
(1) Included in the Accrued taxes and other line item in the consolidated balance sheets.
F-27