Business Segment and Geographical Information

12 Months Ended

Dec. 31, 2011

Business Segment and Geographical Information [Abstract]

Business Segment and Geographical Information

Note 26.    Business Segment and Geographical Information

The Company has two operating segments:    hotels and vacation ownership and residential. The hotel segment generally represents a worldwide network of owned, leased and consolidated joint venture hotels and resorts operated primarily under the Company’s proprietary brand names including St. Regis ^®, The Luxury Collection ^®, Sheraton^®, Westin ^®, W ^®, Le Méridien^®, Four Points^® by Sheraton, Aloft ^® and Element^® as well as hotels and resorts which are managed or franchised under these brand names in exchange for fees. The vacation ownership and residential segment includes the development, ownership and operation of vacation ownership resorts, marketing and selling VOIs, providing financing to customers who purchase such interests, licensing fees from branded condominiums and residences and the sale of residential units.

The performance of the hotels and vacation ownership and residential segments is evaluated primarily on operating profit before corporate selling, general and administrative expense, interest expense, net of interest income, losses on asset dispositions and impairments, restructuring and other special charges (credits) and income tax benefit (expense). The Company does not allocate these items to its segments.

The following table presents revenues, operating income, assets and capital expenditures for the Company’s reportable segments (in millions):

	2011			2010			2009
Revenues:
Hotel	$	4,756		$	4,383		$	4,022
Vacation ownership and residential		868			688			674
Total	$	5,624		$	5,071		$	4,696
Operating income:
Hotel	$	694		$	571		$	471
Vacation ownership and residential		160			105			73
Total segment operating income		854			676			544
Selling, general, administrative and other		(156	)		(151	)		(139	)
Restructuring, goodwill impairment and other special charges, net		(68	)		75			(379	)
Operating income		630			600			26
Equity earnings and gains and losses from unconsolidated ventures, net:
Hotel		8			8			(5	)
Vacation ownership and residential		3			2			1
Interest expense, net		(216	)		(236	)		(227	)
Loss on asset dispositions and impairments, net		—			(39	)		(91	)
Income (loss) from continuing operations before taxes and noncontrolling interests	$	425		$	335		$	(296	)
Depreciation and amortization:
Hotel	$	191		$	207		$	229
Vacation ownership and residential		22			27			27
Corporate		52			51			53
Total	$	265		$	285		$	309
	2011			2010			2009
Capital expenditures:
Hotel	$	283		$	184		$	171
Vacation ownership and residential		70			151			145
Corporate		124			42			27
Total (a)	$	477		$	377		$	343
Assets:
Hotel (b)	$	6,162		$	6,440
Vacation ownership and residential (c)		2,207			2,139
Corporate		1,191			1,197
Total	$	9,560		$	9,776

(a) Includes $385 million, $227 million, and $196 million of property, plant, and equipment expenditures as of December 31, 2011, 2010, and 2009, respectively. Additional expenditures included in the amounts above consist of vacation ownership inventory and investments in management contracts.

(b) Includes $229 million and $294 million of investments in unconsolidated joint ventures at December 31, 2011 and 2010, respectively.

(c) Includes $30 million and $27 million of investments in unconsolidated joint ventures at December 31, 2011 and 2010, respectively.

The following table presents revenues and long-lived assets by geographical region (in millions):

	Revenues						Long-Lived Assets
	2011		2010		2009		2011		2010
United States	$	3,561	$	3,312	$	3,387	$	2,023	$	2,186
All other international		2,063		1,759		1,309		1,506		1,449
Total	$	5,624	$	5,071	$	4,696	$	3,529	$	3,635

There were no individual international countries which comprised over 10% of the total revenues of the Company for the years ended December 2011, 2010 or 2009, or 10% of the total long-lived assets of the Company as of December 31, 2011 or 2010.