EX-12 4 dex12.htm 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 12,
2003
     September 6,
2002
  

Income from continuing operations before minority interest expense and income taxes (1)

    $ 263     $ 363  

Loss related to equity method investees

      4       —    
    
 
       267       363  

Add/(deduct):

                 

Fixed charges

      128       127  

Interest capitalized

      (18 )     (32 )

Distributed income of equity method investees

      17       15  

Minority interest in pre-tax loss

      20       —    
    
 

Earnings available for fixed charges

    $ 414     $ 473  
    
 

Fixed charges:

                 

Interest expensed and capitalized (2)

    $ 95     $ 91  

Estimate of interest within rent expense

      33       36  
    
 

Total fixed charges

    $ 128     $ 127  
    
 

Ratio of earnings to fixed charges

      3.2       3.7  

 

  (1) Reflected in income from continuing operations before minority interest and income taxes are losses from our Synthetic Fuel business of $104 million and $81 million, respectively, for the thirty-six weeks ended September 12, 2003 and September 6, 2002.

 

  (2) “Interest expensed and capitalized” includes amortized premiums, discounts and capitalized expenses related to indebtedness.

 

Exhibit 12

 

1