EX-12 2 mar-q42012xexx12.htm EXHIBIT 12 MAR-Q4.2012-Ex-12


Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Fiscal Year
($ in millions, except ratio)
 
2012
 
2011
 
2010
 
2009
 
2008
Income (loss) from continuing operations before income taxes
 
$
849

 
$
356

 
$
551

 
$
(418
)
 
$
694

Loss (income) related to equity method investees
 
13

 
13

 
18

 
66

 
(15
)
 
 
862

 
369

 
569

 
(352
)
 
679

Add/(deduct):
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
236

 
274

 
294

 
250

 
326

Interest capitalized
 
(28
)
 
(19
)
 
(18
)
 
(32
)
 
(55
)
Distributed income of equity method investees
 
7

 
5

 
5

 
9

 
27

Pretax losses attributable to noncontrolling interests
 
—

 
—

 
—

 
11

 
24

Earnings (losses) attributable to Marriott available for fixed charges
 
$
1,077

 
$
629

 
$
850

 
$
(114
)
 
$
1,001

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized (1)
 
$
165

 
$
183

 
$
198

 
$
150

 
$
218

Estimate of interest within rent expense
 
71

 
91

 
96

 
100

 
108

Total fixed charges
 
$
236

 
$
274

 
$
294

 
$
250

 
$
326

Ratio of earnings (losses) attributable to fixed charges *
 
4.6

 
2.3

 
2.9

 
*

 
3.1

 
(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