EX-12 11 dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

MARRIOTT INTERNATIONAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Fiscal Year  
($ in millions, except ratio)    2007     2006     2005     2004      2003  

Income from continuing operations before income taxes and minority interest

    $ 1,137     $ 1,092     $ 829     $ 752      $ 582  

(Income) loss related to equity method investees

      (15 )     (3 )     (36 )     14        17  
                                         
     1,122       1,089       793       766        599  

Add/(deduct):

            

Fixed charges

      336       252       216       197        211  

Interest capitalized

      (49 )     (32 )     (30 )     (16 )      (25 )

Distributed income of equity method investees

      29       17       21       9        30  

Minority interest in pretax loss

      1       —         (2 )     —          —    
                                         

Earnings available for fixed charges

    $ 1,439     $ 1,326     $ 998     $ 956      $ 815  
                                         

Fixed charges:

            

Interest expensed and capitalized (1)

   $ 233     $ 156     $ 136     $ 115      $ 135  

Estimate of interest within rent expense

      103       96       80       82        76  
                                         

Total fixed charges

    $ 336     $ 252     $ 216     $ 197      $ 211  
                                         

Ratio of earnings to fixed charges

      4.3       5.3       4.6       4.9        3.9  

 

(1)

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

 

Exhibit 12

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