|
Consolidated Statements of Income (Unaudited) (USD $) In Millions, except Per Share data, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| Revenues |
|
|
| Owned, leased and consolidated joint venture hotels |
$ 316 |
$ 364 |
| Vacation ownership and residential sales and services |
187 |
174 |
| Management fees, franchise fees and other income |
240 |
248 |
| Other revenues from managed and franchised properties |
672 |
672 |
| Total revenues |
1,415 |
1,458 |
| Costs and Expenses |
|
|
| Owned, leased and consolidated joint venture hotels |
262 |
301 |
| Vacation ownership and residential sales and services |
137 |
128 |
| Selling, general, administrative and other |
91 |
95 |
| Restructuring and other special charges, net |
31 |
|
| Depreciation |
62 |
60 |
| Amortization |
7 |
8 |
| Other expenses from managed and franchised properties |
672 |
672 |
| Total cost and expenses |
1,262 |
1,264 |
| Operating income |
153 |
194 |
| Equity earnings and gains from unconsolidated ventures, net |
15 |
9 |
| Interest expense, net of interest income of $1 and $1 |
(31) |
(23) |
| Gain (loss) on asset dispositions and impairments, net |
14 |
(36) |
| Income from continuing operations before taxes and noncontrolling interests |
151 |
144 |
| Income tax expense |
(52) |
(8) |
| Income from continuing operations |
99 |
136 |
| Discontinued operations: |
|
|
| Gain on dispositions, net of tax expense (benefit) of $0 and $(1) |
|
1 |
| Net income attributable to Starwood |
$ 99 |
$ 137 |
| Earnings Per Share - Basic |
|
|
| Continuing operations |
$ 0.59 |
$ 0.71 |
| Discontinued operations |
|
$ 0.01 |
| Net income |
$ 0.59 |
$ 0.72 |
| Earnings Per Share - Diluted |
|
|
| Continuing operations |
$ 0.58 |
$ 0.71 |
| Discontinued operations |
|
$ 0.01 |
| Net income |
$ 0.58 |
$ 0.72 |
| Weighted average number of shares |
170 |
190 |
| Weighted average number of shares assuming dilution |
171 |
192 |
| Dividends declared per share |
$ 0.375 |
$ 1.000 |