EX-12 3 mar-q32016xexx12.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Nine Months Ended
($ in millions, except ratio)
 
September 30, 2016
 
September 30, 2015
Income before income taxes
 
$
801

 
$
971

Income related to equity method investees
 
(8
)
 
(13
)
 
 
793

 
958

Add/(deduct):
 
 
 
 
Fixed charges
 
200

 
171

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

 
4

Earnings available for fixed charges
 
$
999

 
$
1,124

Fixed charges:
 
 
 
 
Interest expensed and capitalized (1)
 
$
160

 
$
130

Estimate of interest within rent expense
 
40

 
41

Total fixed charges
 
$
200

 
$
171

Ratio of earnings to fixed charges
 
5.0

 
6.6

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

Exhibit 12