Starwood 2011 Annual Report Download - page 147

Download and view the complete annual report

Please find page 147 of the 2011 Starwood annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 169

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS
It is reasonably possible that approximately $25 million of the Company’s unrecognized tax benefits as of
December 31, 2011 will reverse within the next twelve months.
The Company recognizes interest and penalties related to unrecognized tax benefits through income tax
expense. The Company had $74 million and $92 million accrued for the payment of interest as of December 31,
2011 and December 31, 2010, respectively. The Company did not have any reserves for penalties as of
December 31, 2011 and 2010.
The Company is subject to taxation in the U.S. federal jurisdiction, as well as various state and foreign
jurisdictions. As of December 31, 2011, the Company is no longer subject to examination by U.S. federal taxing
authorities for years prior to 2007 and to examination by any U.S. state taxing authority prior to 1998. All
subsequent periods remain eligible for examination. In the significant foreign jurisdictions in which the Company
operates, the Company is no longer subject to examination by the relevant taxing authorities for any years prior
to 2001.
Note 15. Debt
Long-term debt and short-term borrowings consisted of the following (in millions):
December 31,
2011 2010
Senior Credit Facility:
Revolving Credit Facility, maturing 2013 ........................................ $ — $ —
Senior Notes, interest at 7.875%, settled 2011 ....................................... — 609
Senior Notes, interest at 6.25%, maturing 2013 ...................................... 500 504
Senior Notes, interest at 7.875%, maturing 2014 ..................................... 497 490
Senior Notes, interest at 7.375%, maturing 2015 ..................................... 450 450
Senior Notes, interest at 6.75%, maturing 2018 ...................................... 400 400
Senior Notes, interest at 7.15%, maturing 2019 ...................................... 245 245
Mortgages and other, interest rates ranging from 1.00% to 9.00%, various maturities ........ 105 159
2,197 2,857
Less current maturities ......................................................... (3) (9)
Long-term debt ............................................................... $2,194 $2,848
F-30