EX-12 3 mar-q32014xexx12.htm RATIO OF EARNINGS TO FIXED CHARGES MAR-Q3.2014-Ex-12


Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Nine Months Ended
($ in millions, except ratio)
 
September 30, 2014
 
September 30, 2013
Income before income taxes
 
$
806

 
$
687

(Income)/loss related to equity method investees
 
(6
)
 
2

 
 
800

 
689

Add/(deduct):
 
 
 
 
Fixed charges
 
159

 
167

Interest capitalized
 
(25
)
 
(25
)
Distributed income of equity method investees
 
4

 
6

Earnings available for fixed charges
 
$
938

 
$
837

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

 
$
113

Estimate of interest within rent expense
 
45

 
54

Total fixed charges
 
$
159

 
$
167

Ratio of earnings to fixed charges
 
5.9

 
5.0

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