EX-12 24 mar-q42017xexx12.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12

MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Fiscal Year
($ in millions, except ratio)
 
2017
 
2016
 
2015
 
2014
 
2013
Income from continuing operations before income taxes
 
$
2,836

 
$
1,184

 
$
1,255

 
$
1,088

 
$
897

(Income) loss related to equity method investees
 
(39
)
 
(10
)
 
(16
)
 
(6
)
 
5

 
 
2,797

 
1,174


1,239


1,082


902

Add/(deduct):
 
 
 
 
 
 
 
 
 
 
Fixed charges
 
363

 
292

 
228

 
202

 
212

Interest capitalized
 
(1
)
 
(1
)
 
(9
)
 
(33
)
 
(32
)
Distributed income of equity method investees
 
32

 
29

 
5

 
6

 
8

Earnings attributable to Marriott available for fixed charges
 
$
3,191

 
$
1,494


$
1,463


$
1,257


$
1,090

Fixed charges:
 
 
 
 
 
 
 
 
 
 
Interest expensed and capitalized (1)
 
$
289

 
$
235

 
$
176

 
$
148

 
$
152

Estimate of interest within rent expense
 
74

 
57

 
52

 
54

 
60

Total fixed charges
 
$
363

 
$
292


$
228


$
202


$
212

Ratio of earnings attributable to fixed charges
 
8.8

 
5.1

 
6.4

 
6.2

 
5.1

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

























Exhibit 12