EX-12 2 mar-q22016xexx12.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Six Months Ended
($ in millions, except ratio)
 
June 30, 2016
 
June 30, 2015
Income before income taxes
 
$
670

 
$
662

Income related to equity method investees
 
(5
)
 
(5
)
 
 
665

 
657

Add/(deduct):
 
 
 
 
Fixed charges
 
131

 
113

Interest capitalized
 
(1
)
 
(8
)
Distributed income of equity method investees
 
1

 
3

Earnings available for fixed charges
 
$
796

 
$
765

Fixed charges:
 
 
 
 
Interest expensed and capitalized (1)
 
$
105

 
$
86

Estimate of interest within rent expense
 
26

 
27

Total fixed charges
 
$
131

 
$
113

Ratio of earnings to fixed charges
 
6.1

 
6.8

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

Exhibit 12