XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenues        
Owned, leased and consolidated joint venture hotels $ 419 $ 453 $ 798 $ 855
Vacation ownership and residential sales and services 239 316 548 830
Management fees, franchise fees and other income 236 222 453 423
Other revenues from managed and franchised properties 668 627 1,302 1,225
Total revenues 1,562 1,618 3,101 3,333
Costs and Expenses        
Owned, leased and consolidated joint venture hotels 328 360 648 709
Vacation ownership and residential 163 241 362 634
Selling, general, administrative and other 88 86 178 182
Restructuring and other special charges (credits), net     (1) (11)
Depreciation 57 56 115 113
Amortization 8 6 15 12
Other expenses from managed and franchised properties 668 627 1,302 1,225
Total Cost and Expenses 1,312 1,376 2,619 2,864
Operating income 250 242 482 469
Equity earnings and gains from unconsolidated ventures, net 8 5 17 15
Interest expense, net of interest income of $0 $1, $1 and $1 (26) (46) (52) (95)
Loss on early extinguishment of debt, net   (15)   (15)
Gain (loss) on asset dispositions and impairments, net 1 (1) (8) (8)
Income from continuing operations before taxes and noncontrolling interests 233 185 439 366
Income tax expense (95) (56) (159) (108)
Income from continuing operations 138 129 280 258
Discontinued operations:        
Gain (loss) on dispositions, net of tax (benefit) expense of $0, $(2), $(70) and $(1)   (7) 70 (8)
Net income 138 122 350 250
Net loss (income) attributable to noncontrolling interests (1)      
Net income attributable to Starwood 137 122 350 250
Earnings (Losses) Per Share - Basic        
Continuing operations $ 0.72 $ 0.67 $ 1.46 $ 1.34
Discontinued operations   $ (0.04) $ 0.37 $ (0.04)
Net income $ 0.72 $ 0.63 $ 1.83 $ 1.30
Earnings (Losses) Per Share - Diluted        
Continuing operations $ 0.71 $ 0.66 $ 1.44 $ 1.31
Discontinued operations   $ (0.04) $ 0.36 $ (0.04)
Net income $ 0.71 $ 0.62 $ 1.80 $ 1.27
Amounts attributable to Starwood's Common Stockholders        
Income from continuing operations 137 129 280 258
Discontinued operations   (7) 70 (8)
Net income $ 137 $ 122 $ 350 $ 250
Weighted average number of shares 192 195 192 193
Weighted average number of shares assuming dilution 194 198 194 197