Starwood 2011 Annual Report Download - page 153
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS
The following table presents the Company’s fair value hierarchy of the plan assets measured at fair value on
a recurring basis as of December 31, 2011 (in millions):
Level 1 Level 2 Level 3 Total
Assets:
Mutual Funds ....................................... $55 $ — $— $ 55
Collective Trusts .................................... — 5 — 5
Equity Index Funds .................................. — 67 — 67
Bond Index Funds ................................... — 63 — 63
Total .............................................. $55 $135 $— $190
The following table presents the Company’s fair value hierarchy of the plan assets measured at fair value on
a recurring basis as of December 31, 2010 (in millions):
Level 1 Level 2 Level 3 Total
Assets:
Mutual Funds ....................................... $44 $ — $— $ 44
Collective Trusts .................................... — 5 — 5
Equity Index Funds .................................. — 72 — 72
Bond Index Funds ................................... — 56 — 56
Total .............................................. $44 $133 $— $177
The mutual funds are valued using quoted market prices in active markets.
The collective trusts, equity index funds and bond index funds are not publicly traded but are valued based
on the underlying assets which are publicly traded.
The following table represents the Company’s expected pension and postretirement benefit plan payments
for the next five years and the five years thereafter (in millions):
Domestic
Pension Benefits
Foreign Pension
Benefits
Postretirement
Benefits
2012 ..................................... $1 $ 7 $2
2013 ..................................... $1 $ 8 $2
2014 ..................................... $1 $ 9 $2
2015 ..................................... $1 $ 9 $2
2016 ..................................... $1 $10 $1
2017-2021 ................................. $7 $56 $6
The Company expects to contribute $12 million to the plans during 2012. A significant portion of the
contributions relate to the Foreign Pension Plans, which the Company is reimbursed.
Defined Contribution Plans. The Company and its subsidiaries sponsor various defined contribution
plans, including the Starwood Hotels & Resorts Worldwide, Inc. Savings and Retirement Plan, which is a
“401(k)” plan. The plan allows participation by employees on U.S. payroll who are at least age 21. Each
participant may contribute on a pretax basis between 1% and 50% of his or her eligible compensation to the plan
subject to certain maximum limits. Eligible employees are automatically enrolled after 90 days (unless they opt
out). A company-paid matching contribution is provided to participants who have completed at least one year of
F-36