Starwood 2012 Annual Report Download - page 166

STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
2012 2011 2010
Operating Activities
Net income ...................................................................................... $ 562 $487 $475
Adjustments to net income:
Discontinued operations:
(Gain) loss on dispositions, net ................................................................... (92) 13 (168)
Stock-based compensation expense ................................................................. 63 75 72
Excess stock-based compensation tax benefit ......................................................... (72) (26) (28)
Depreciation and amortization ..................................................................... 251 265 285
Amortization of deferred loan costs ................................................................. 6 11 13
Non-cash portion of restructuring and other special charges (credits), net ................................... — — (7)
Non-cash foreign currency (gains) losses, net ......................................................... (5) 12 (39)
Amortization of deferred gains ..................................................................... (87) (87) (81)
Provision for doubtful accounts .................................................................... 33 31 55
Distributions in excess (deficit) of equity earnings ..................................................... — 7 3
Loss (gain) on asset dispositions and impairments, net .................................................. 21 — 39
Non-cash portion of income tax expense (benefit) ...................................................... (20) 63 16
Changes in working capital:
Restricted cash ................................................................................. (2) (27) 9
Accounts receivable ............................................................................. (3) (45) (22)
Inventories ..................................................................................... 448 (14) (110)
Prepaid expenses and other ........................................................................ (7) (15) 1
Accounts payable and accrued expenses ............................................................. 13 78 13
Accrued income taxes ............................................................................ 76 (195) 200
Securitized VOI notes receivable activity, net ........................................................... 7 (45) (29)
VOI notes receivable activity, net ..................................................................... (24) 12 1
Other, net ........................................................................................ 16 41 66
Cash (used for) from operating activities ............................................................. 1,184 641 764
Investing Activities
Purchases of plant, property and equipment ............................................................. (362) (385) (227)
Proceeds from asset sales, net ........................................................................ 528 290 148
Issuance of notes receivable ......................................................................... (4) (10) (1)
Collection of notes receivable, net .................................................................... 4 7 2
Acquisitions, net of acquired cash .................................................................... (1) (28) (18)
Purchases of investments ........................................................................... (2) (8) (32)
Proceeds from investments .......................................................................... 4 4 49
Other, net ........................................................................................ (41) (46) 8
Cash (used for) from investing activities ............................................................. 126 (176) (71)
Financing Activities
Revolving credit facility and short-term borrowings (repayments), net ........................................ — — (114)
Long-term debt issued .............................................................................. 358 47 3
Long-term debt repaid ............................................................................. (1,409) (650) (9)
Long-term securitized debt issued .................................................................... 166 200 280
Long-term securitized debt repaid .................................................................... (165) (162) (224)
(Increase) decrease in restricted cash .................................................................. 69 (144) —
Dividends paid ................................................................................... (242) (99) (93)
Proceeds from stock option exercises .................................................................. 74 70 141
Excess stock-based compensation tax benefit ........................................................... 72 26 28
Share repurchases ................................................................................. (320) — —
Other, net ........................................................................................ (59) (43) (38)
Cash (used for) from financing activities ............................................................. (1,456) (755) (26)
Exchange rate effect on cash and cash equivalents ....................................................... (3) (9) (1)
Increase (decrease) in cash and cash equivalents ......................................................... (149) (299) 666
Cash and cash equivalents — beginning of period ........................................................ 454 753 87
Cash and cash equivalents — end of period ............................................................. $ 305 $454 $753
Supplemental Disclosures of Cash Flow Information
Cash paid (received) during the period for:
Interest ........................................................................................ $ 170 $188 $244
Income taxes, net of refunds ....................................................................... $ 103 $ 42 $(171)
Non-cash acquisition of Hotel Imperial ................................................................ $ — $ 57 $ —
The accompanying notes to financial statements are an integral part of the above statements.
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