EX-12 3 mar-q32012xexx12.htm EX-12 MAR-Q3.2012-Ex-12


Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Thirty-Six Weeks Ended
($ in millions, except ratio)
 
September 7,
2012
 
September 9,
2011
Income before income taxes
 
$
578

 
$
154

Losses related to equity method investees
 
10

 
6

 
 
588

 
160

Add/(deduct):
 
 
 
 
Fixed charges
 
177

 
197

Interest capitalized
 
(18
)
 
(14
)
Distributed income of equity method investees
 
5

 
5

Earnings available for fixed charges
 
$
752

 
$
348

Fixed charges:
 
 
 
 
Interest expensed and capitalized(1)
 
$
114

 
$
131

Estimate of interest within rent expense
 
63

 
66

Total fixed charges
 
$
177

 
$
197

Ratio of earnings to fixed charges
 
4.2

 
1.8

 
(1) 
“Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness.
Exhibit 12