Starwood 2011 Annual Report Download - page 145
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS
The tax effect of the temporary differences and carryforward items that give rise to deferred taxes were as
follows (in millions):
December 31,
2011 2010
Plant, property and equipment ......................................... $ (23) $ (17)
Intangibles ......................................................... (11) 177
Inventories ......................................................... 118 140
Deferred gains ...................................................... 350 346
Investments ........................................................ 133 (4)
Receivables (net of reserves) .......................................... 9 85
Accrued expenses and other reserves .................................... 201 181
Employee benefits ................................................... 61 79
Net operating loss, capital loss and tax credit carryforwards .................. 257 406
Other ............................................................. (6) (45)
1,089 1,348
Less valuation allowance ............................................. (225) (397)
Deferred income taxes ................................................ $ 864 $ 951
At December 31, 2011, the Company had federal net operating losses, which have varying expiration dates
extending through 2031, of approximately $15 million. The Company also had federal general business credits of
approximately $21million, which have varying expiration dates extending through 2030. The Company expects
to realize substantially all of the tax benefit associated with these attributes.
At December 31, 2011, the Company had state net operating losses, which have varying expiration dates
extending through 2028, of approximately $1.6 billion. The Company also had state tax credit carryforwards of
$21 million which are indefinite or will fully expire by 2026. The Company has established a valuation
allowance against the majority of these attributes as it is unlikely that the tax benefit of these attributes will be
realized prior to expiration.
At December 31, 2011 the Company had foreign net operating losses and capital losses, which are indefinite
or have varying expiration dates extending through 2020, of approximately $283 million and $22 million,
respectively. The Company also had tax credit carryforwards of approximately $13 million in foreign
jurisdictions. The tax credit carryforwards available in foreign jurisdictions are indefinite or will fully expire by
2020. The Company has established a valuation allowance against the majority of these attributes as it is unlikely
that the tax benefit of these attributes will be realized prior to expiration.
F-28