EX-12 5 dex12.htm EXHIBIT 12 Exhibit 12
 
EXHIBIT 12

 
EXHIBIT 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in millions, except ratio)
 
      
Thirty-six
weeks ended
September 6, 2002
  
Income/(loss) before income taxes
     
$
349
 
Loss/(income) related to equity method investees
     
 
2
 
      
      
 
351
 
Add/(deduct):
           
Fixed charges
     
 
139
 
Interest capitalized
     
 
(32
)
Distributed income of equity method investees
     
 
16
 
      
Earnings available for fixed charges
     
$
474
 
      
Fixed charges:
           
Interest expensed and capitalized (1)
     
$
91
 
Estimate of the interest within rent expense
     
 
48
 
      
Total fixed charges
     
$
139
 
      
Ratio of earnings to fixed charges
     
 
3.4
 
 
(1) “Interest expensed and capitalized” includes amortized premiums, discounts and capitalized expenses related to indebtedness.