Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - MARRIOTT INTERNATIONAL INC /MD/ | Financial_Report.xls |
| EX-21 - SUBSIDIARIES - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42014xexx21.htm |
| EX-31.1 - CEO 302 CERTIFICATION - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42014xexx311.htm |
| EX-31.2 - CFO 302 CERTIFICATION - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42014xexx312.htm |
| EX-10.18 - SUMMARY OF DIRECTOR COMPENSATION - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42014xexx1018.htm |
| EX-10.17 - PERFORMANCE SHARE AWARD AGREEMENT - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42014xexx1017.htm |
| 10-K - 10-K - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42014x10k.htm |
| EX-32 - SECTION 906 CERTIFICATION - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42014xexx32.htm |
| EX-23 - CONSENT - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42014xexx23.htm |
Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year | ||||||||||||||||||||
($ in millions, except ratio) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
Income from continuing operations before income taxes | $ | 1,088 | $ | 897 | $ | 849 | $ | 356 | $ | 551 | ||||||||||
(Income) loss related to equity method investees | (6 | ) | 5 | 13 | 13 | 18 | ||||||||||||||
1,082 | 902 | 862 | 369 | 569 | ||||||||||||||||
Add/(deduct): | ||||||||||||||||||||
Fixed charges | 202 | 212 | 236 | 274 | 294 | |||||||||||||||
Interest capitalized | (33 | ) | (32 | ) | (28 | ) | (19 | ) | (18 | ) | ||||||||||
Distributed income of equity method investees | 6 | 8 | 7 | 5 | 5 | |||||||||||||||
Earnings attributable to Marriott available for fixed charges | $ | 1,257 | $ | 1,090 | $ | 1,077 | $ | 629 | $ | 850 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed and capitalized (1) | $ | 148 | $ | 152 | $ | 165 | $ | 183 | $ | 198 | ||||||||||
Estimate of interest within rent expense | 54 | 60 | 71 | 91 | 96 | |||||||||||||||
Total fixed charges | $ | 202 | $ | 212 | $ | 236 | $ | 274 | $ | 294 | ||||||||||
Ratio of earnings attributable to fixed charges | 6.2 | 5.1 | 4.6 | 2.3 | 2.9 | |||||||||||||||
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12