EX-12 2 mar-q12013xexx12.htm EX-12 MAR-Q1.2013-Ex-12


Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
($ in millions, except ratio)
 
93 Days Ended March 31, 2013
 
84 Days Ended March 23, 2012
Income before income taxes
 
$
201

 
$
147

Losses related to equity method investees
 
—

 
1

 
 
201

 
148

Add/(deduct):
 
 
 
 
Fixed charges
 
58

 
59

Interest capitalized
 
(9
)
 
(5
)
Distributed income of equity method investees
 
2

 
2

Earnings available for fixed charges
 
$
252

 
$
204

Fixed charges:
 
 
 
 
Interest expensed and capitalized(1)
 
$
40

 
$
38

Estimate of interest within rent expense
 
18

 
21

Total fixed charges
 
$
58

 
$
59

Ratio of earnings to fixed charges
 
4.3

 
3.5

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