EX-12 2 dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

MARRIOTT INTERNATIONAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Thirty-Six Weeks Ended
($ in millions, except ratio)    September 8, 2006    September 9, 2005

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

    $     714            $     417        

Income related to equity method investees

      (2)             (18)       
             
     712              399        

Add/(deduct):

      

Fixed charges

      161              149        

Interest capitalized

      (20)             (18)       

Distributed income of equity method investees

      13              18        

Minority interest in pre-tax loss

      6              32        
             

Earnings available for fixed charges

    $ 872            $ 580        
             

Fixed charges:

      

Interest expensed and capitalized (2)

   $ 106            $ 87        

Estimate of interest within rent expense

      55              62        
             

Total fixed charges

    $ 161            $ 149        
             

Ratio of earnings to fixed charges

      5.4              3.9        
(1) Reflected in income from continuing operations before income taxes and minority interest are the following items associated with the synthetic fuel operation: an operating loss of $43 million, net earn-out payments received of $2 million, and interest expense of $1 million for the thirty-six weeks ended September 8, 2006; and an operating loss of $115 million, and net earn-out payments received of $20 million for the thirty-six weeks ended September 9, 2005.

 

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

Exhibit 12

 

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