Starwood 2012 Annual Report Download - page 183
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
NOTES TO FINANCIAL STATEMENTS
Note 14. Income Taxes
Income tax data from our continuing operations is as follows (in millions):
Year Ended December 31,
2012 2011 2010
Pretax income
U.S. ......................................................... $356 $ 165 $ 85
Foreign ....................................................... 262 260 250
$618 $ 425 $335
Provision (benefit) for income tax
Current:
U.S. federal ................................................. $ 26 $(215) $ (61)
State and local ............................................... 22 (21) 18
Foreign ..................................................... 118 88 43
166 (148) —
Deferred:
U.S. federal ................................................. (25) 62 22
State and local ............................................... (2) (11) (7)
Foreign ..................................................... 9 22 12
(18) 73 27
$148 $ (75) $ 27
No provision has been made for U.S. taxes payable on undistributed foreign earnings amounting to
approximately $2.9 billion as of December 31, 2012 since these amounts are permanently reinvested. If such
earnings were repatriated, additional tax expense may result, although the calculation of such additional taxes is
not practicable.
Deferred income taxes represent the tax effect of the differences between the book and tax bases of assets
and liabilities plus carryforward items. The composition of net deferred tax balances were as follows (in
millions):
December 31,
2012 2011
Current deferred tax assets ............................................... $320 $278
Long-term deferred tax assets ............................................. 636 639
Current deferred tax liabilities (1) ........................................... (40) (7)
Long-term deferred tax liabilities .......................................... (78) (46)
Deferred income taxes ................................................... $838 $864
(1) Included in the accrued taxes and other line item in the consolidated balance sheets.
F-26