EX-12 8 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)    2008     2007     2006     2005     2004  

Income from continuing operations before income taxes and minority interest

    $ 694     $ 1,137     $ 1,092     $ 829     $ 752  

(Income) loss related to equity method investees

      (15 )     (15 )     (3 )     (36 )     14  
                                        
     679       1,122       1,089       793       766  

Add/(deduct):

           

Fixed charges

      326       336       252       216       197  

Interest capitalized

      (55 )     (49 )     (32 )     (30 )     (16 )

Distributed income of equity method investees

      27       29       17       21       9  

Minority interest in pretax losses

      24       1       —         (2 )     —    
                                        

Earnings available for fixed charges

    $ 1,001     $ 1,439     $ 1,326     $ 998     $ 956  
                                        

Fixed charges:

           

Interest expensed and capitalized (1)

   $ 218     $ 233     $ 156     $ 136     $ 115  

Estimate of interest within rent expense

      108       103       96       80       82  
                                        

Total fixed charges

    $ 326     $ 336     $ 252     $ 216     $ 197  
                                        

Ratio of earnings to fixed charges

      3.1       4.3       5.3       4.6       4.9  

 

(1)

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

Exhibit 12

 

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