EX-12 2 mar-q12016xexx12.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Three Months Ended
($ in millions, except ratio)
 
March 31, 2016
 
March 31, 2015
Income before income taxes
 
$
326

 
$
307

Income related to equity method investees
 
—

 
(3
)
 
 
326

 
304

Add/(deduct):
 
 
 
 
Fixed charges
 
60

 
57

Interest capitalized
 
—

 
(7
)
Distributed income of equity method investees
 
—

 
1

Earnings available for fixed charges
 
$
386

 
$
355

Fixed charges:
 
 
 
 
Interest expensed and capitalized (1)
 
$
47

 
$
43

Estimate of interest within rent expense
 
13

 
14

Total fixed charges
 
$
60

 
$
57

Ratio of earnings to fixed charges
 
6.4

 
6.2

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

Exhibit 12