Starwood 2012 Annual Report Download - page 162

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
December 31,
2012 2011
ASSETS
Current assets:
Cash and cash equivalents ..................................................... $ 305 $ 454
Restricted cash .............................................................. 158 232
Accounts receivable, net of allowance for doubtful accounts of $59 and $46 ............. 586 569
Inventories ................................................................. 361 812
Securitized vacation ownership notes receivable, net of allowance for doubtful accounts of
$9and$10 ............................................................... 65 64
Deferred income taxes ........................................................ 320 278
Prepaid expenses and other .................................................... 124 125
Total current assets ........................................................ 1,919 2,534
Investments .................................................................. 260 259
Plant, property and equipment, net ................................................ 3,162 3,232
Assets held for sale, net ......................................................... 36 42
Goodwill and intangible assets, net ................................................ 2,025 2,053
Deferred income taxes .......................................................... 636 639
Other assets .................................................................. 385 355
Securitized vacation ownership notes receivable, net .................................. 438 446
$8,861 $9,560
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current maturities of long-term debt ....................... $ 2 $ 3
Accounts payable ........................................................... 121 144
Current maturities of long-term securitized vacation ownership debt ................... 150 130
Accrued expenses ........................................................... 1,074 1,177
Accrued salaries, wages and benefits ............................................ 395 375
Accrued taxes and other ...................................................... 287 163
Total current liabilities ..................................................... 2,029 1,992
Long-term debt ............................................................... 1,273 2,194
Long-term securitized vacation ownership debt ...................................... 383 402
Deferred income taxes .......................................................... 78 46
Other liabilities ............................................................... 1,956 1,971
5,719 6,605
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.01 par value; authorized 1,000,000,000 shares; outstanding 193,121,094
and 195,913,400 shares at December 31, 2012 and 2011, respectively ................ 2 2
Additional paid-in capital ..................................................... 816 963
Accumulated other comprehensive loss .......................................... (338) (348)
Retained earnings ........................................................... 2,657 2,337
Total Starwood stockholders’ equity .......................................... 3,137 2,954
Noncontrolling interest ....................................................... 5 1
Total equity .............................................................. 3,142 2,955
$8,861 $9,560
The accompanying notes to financial statements are an integral part of the above statements.
F-5