Starwood 2011 Annual Report Download - page 122
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STARWOOD HOTELS & RESORTS WORLDWIDE, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
December 31,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents ................................................. $ 454 $ 753
Restricted cash .......................................................... 232 53
Accounts receivable, net of allowance for doubtful accounts of $46 and $45 .......... 569 513
Inventories ............................................................. 812 802
Securitized vacation ownership notes receivable, net of allowance for doubtful accounts
of$10and$10 ........................................................ 64 59
Prepaid expenses and other ................................................ 125 126
Deferred income taxes .................................................... 278 315
Total current assets ..................................................... 2,534 2,621
Investments ............................................................... 259 312
Plant, property and equipment, net ............................................. 3,270 3,323
Goodwill and intangible assets, net ............................................ 2,057 2,067
Deferred income taxes ...................................................... 639 664
Other assets ............................................................... 355 381
Securitized vacation ownership notes receivable, net .............................. 446 408
$9,560 $9,776
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term borrowings and current maturities of long-term debt ................... $ 3 $ 9
Accounts payable ........................................................ 144 138
Current maturities of long-term securitized vacation ownership debt ................ 130 127
Accrued expenses ........................................................ 1,177 1,104
Accrued salaries, wages and benefits ......................................... 375 410
Accrued taxes and other ................................................... 163 377
Total current liabilities .................................................. 1,992 2,165
Long-term debt ............................................................ 2,194 2,848
Long-term securitized vacation ownership debt .................................. 402 367
Deferred income taxes ...................................................... 46 24
Other liabilities ............................................................ 1,971 1,886
6,605 7,290
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.01 par value; authorized 1,000,000,000 shares; outstanding
195,913,400 and 192,970,437 shares at December 31, 2011 and 2010, respectively . . 2 2
Additional paid-in capital .................................................. 963 805
Accumulated other comprehensive loss ....................................... (348) (283)
Retained earnings ........................................................ 2,337 1,947
Total Starwood stockholders’ equity ....................................... 2,954 2,471
Noncontrolling interest .................................................... 1 15
Total equity ........................................................... 2,955 2,486
$9,560 $9,776
The accompanying notes to financial statements are an integral part of the above statements.
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