EX-12 2 mar-q42011xexx12.htm EXHIBIT 12 MAR-Q4.2011-Ex-12


Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Fiscal Year
($ in millions, except ratio)
 
2011
 
2010
 
2009
 
2008
 
2007
Income (loss) from continuing operations before income taxes
 
$
356

 
$
551

 
$
(418
)

$
694


$
1,137

Loss (income) related to equity method investees
 
13

 
18

 
66


(15
)

(3
)
 
 
369

 
569

 
(352
)

679


1,134

Add/(deduct):
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
274

 
294

 
250


326


336

Interest capitalized
 
(19
)
 
(18
)
 
(32
)

(55
)

(49
)
Distributed income of equity method investees
 
5

 
5

 
9


27


29

Pretax losses attributable to noncontrolling interests
 
 
 
 
 
11


24


1

Earnings (losses) attributable to Marriott available for fixed charges
 
$
629

 
$
850

 
$
(114
)

$
1,001


$
1,451

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized(1)
 
$
183

 
$
198

 
$
150


$
218


$
233

Estimate of interest within rent expense
 
91

 
96

 
100


108


103

Total fixed charges
 
$
274

 
$
294

 
$
250


$
326


$
336

Ratio of earnings (losses) attributable to fixed charges *
 
2.3

 
2.9

 
*


3.1


4.3

 
(1)
“Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness.
* In 2009, earnings were inadequate to cover fixed charges by approximately $364 million.
























Exhibit 12