EX-12 2 mar-q12014xexx12.htm EX-12 MAR-Q1.2014-Ex-12


Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Three Months Ended
($ in millions, except ratio)
 
March 31, 2014
 
March 31, 2013
Income before income taxes
 
$
231

 
$
201

Earnings related to equity method investees
 
(2
)
 
—

 
 
229

 
201

Add/(deduct):
 
 
 
 
Fixed charges
 
52

 
58

Interest capitalized
 
(7
)
 
(9
)
Distributed income of equity method investees
 
1

 
2

Earnings available for fixed charges
 
$
275

 
$
252

Fixed charges:
 
 
 
 
Interest expensed and capitalized (1)
 
$
37

 
$
40

Estimate of interest within rent expense
 
15

 
18

Total fixed charges
 
$
52

 
$
58

Ratio of earnings to fixed charges
 
5.3

 
4.3

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