EX-12 2 mar-q32013xexx12.htm EX-12 MAR-Q3.2013-Ex-12


Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
($ in millions, except ratio)
 
276 Days Ended
September 30, 2013
 
252 Days Ended
September 7, 2012
Income before income taxes
 
$
687

 
$
578

Losses related to equity method investees
 
2

 
10

 
 
689

 
588

Add/(deduct):
 
 
 
 
Fixed charges
 
167

 
177

Interest capitalized
 
(25
)
 
(18
)
Distributed income of equity method investees
 
6

 
5

Earnings available for fixed charges
 
$
837

 
$
752

Fixed charges:
 
 
 
 
Interest expensed and capitalized(1)
 
$
113

 
$
114

Estimate of interest within rent expense
 
54

 
63

Total fixed charges
 
$
167

 
$
177

Ratio of earnings to fixed charges
 
5.0

 
4.2

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