Attached files
| file | filename |
|---|---|
| EX-21.1 - EX-21.1 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | d838837dex211.htm |
| EX-23.1 - EX-23.1 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | d838837dex231.htm |
| EXCEL - IDEA: XBRL DOCUMENT - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | Financial_Report.xls |
| 10-K - FORM 10-K - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | d838837d10k.htm |
| EX-31.1 - EX-31.1 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | d838837dex311.htm |
| EX-31.2 - EX-31.2 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | d838837dex312.htm |
| EX-32.2 - EX-32.2 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | d838837dex322.htm |
| EX-32.1 - EX-32.1 - STARWOOD HOTEL & RESORTS WORLDWIDE, INC | d838837dex321.htm |
Exhibit 12.1
Starwood Hotels & Resorts Worldwide, Inc.
Calculation of Ratio of Earnings to Total Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| (Dollars in millions, except ratio) | 2014 | 2013 | 2012 | 2011 | 2010 | |||||||||||||||
| Income from continuing operations before income taxes |
$ | 782 | $ | 828 | $ | 618 | $ | 425 | $ | 335 | ||||||||||
| Income related to equity method investees |
(27 | ) | (26 | ) | (25 | ) | (11 | ) | (10 | ) | ||||||||||
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| 755 | 802 | 593 | 414 | 325 | ||||||||||||||||
| Add/(deduct): |
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| Fixed charges |
138 | 147 | 215 | 283 | 298 | |||||||||||||||
| Interest capitalized |
(5 | ) | (7 | ) | (7 | ) | (42 | ) | (30 | ) | ||||||||||
| Amortization of capitalized interest |
10 | 23 | 66 | 19 | 8 | |||||||||||||||
| Distributed income of equity method investees |
39 | 30 | 28 | 22 | 59 | |||||||||||||||
| Noncontrolling interest in pre-tax loss (income) |
— | — | — | 2 | 2 | |||||||||||||||
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| Earnings available for fixed charges |
$ | 937 | $ | 995 | $ | 895 | $ | 698 | $ | 662 | ||||||||||
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| Fixed charges: |
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| Interest and other financial charges |
$ | 98 | $ | 103 | $ | 172 | $ | 203 | $ | 237 | ||||||||||
| Interest factor attributable to rentals (a) |
35 | 37 | 36 | 38 | 31 | |||||||||||||||
| Interest capitalized |
5 | 7 | 7 | 42 | 30 | |||||||||||||||
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| Total fixed charges |
$ | 138 | $ | 147 | $ | 215 | $ | 283 | $ | 298 | ||||||||||
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| Ratio of earnings to fixed charges |
6.79 | 6.77 | 4.16 | 2.47 | 2.22 | |||||||||||||||
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Notes:
| (a) | The interest factor attributable to rentals consists of one-third of rental charges, which is deemed by Starwood to be representative of the interest factor inherent in rents. |