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 5, 2008     September 7, 2007  

Income from continuing operations before income taxes and minority interest

    $ 673     $ 767  

Income related to equity method investees

      (26 )     (9 )
                
     647       758  

Add/(deduct):

     

Fixed charges

      222       224  

Interest capitalized

      (38 )     (31 )

Distributed income of equity method investees

      21       17  

Minority interest in pretax losses

      20       1  
                

Earnings available for fixed charges

    $ 872     $ 969  
                

Fixed charges:

     

Interest expensed and capitalized (1) 

    $ 151     $ 158  

Estimate of interest within rent expense

      71       66  
                

Total fixed charges

    $ 222     $ 224  
                

Ratio of earnings to fixed charges

      3.9       4.3  

 

(1)

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

Exhibit 12

 

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