EX-12 2 dex12.htm EXHIBIT 12 Exhibit 12

Exhibit 12

MARRIOTT INTERNATIONAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Twenty-Four Weeks Ended  
($ in millions, except ratio)    June 13, 2008     June 15, 2007  

Income from continuing operations before income taxes and minority interest

    $ 486     $ 553  

Income related to equity method investees

      (24 )     (1 )
                
     462       552  

Add/(deduct):

     

Fixed charges

      152       149  

Interest capitalized

      (24 )     (20 )

Distributed income of equity method investees

      12       11  

Minority interest

      3       —    
                

Earnings available for fixed charges

    $ 605     $ 692  
                

Fixed charges:

     

Interest expensed and capitalized (1) 

    $ 104     $ 105  

Estimate of interest within rent expense

      48       44  
                

Total fixed charges

    $ 152     $ 149  
                

Ratio of earnings to fixed charges

      4.0       4.6  

 

(1)

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

Exhibit 12

 

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