EX-12 3 q32018ratioofearningstofc.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12

HILTON WORLDWIDE HOLDINGS INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(in millions, except ratio amounts)
(unaudited)

 
Nine Months Ended
 
September 30,
 
2018
 
2017
Earnings:
 
 
 
Income before income taxes
$
812

 
$
572

Equity in earnings from unconsolidated affiliates
(2
)
 
(2
)
 
810

 
570

Add:
 
 
 
Fixed charges
359

 
348

Distributed income of equity method investees
4

 
1

Subtract:
 
 
 
Interest capitalized
(1
)
 
(1
)
Earnings available for fixed charges
$
1,172

 
$
918

 
 
 
 
Fixed Charges:
 
 
 
Interest expense(1)
$
277

 
$
260

Interest capitalized
1

 
1

Estimated interest included in rent expense
81

 
87

Total Fixed Charges
$
359

 
$
348

 
 
 
 
Ratio of Earnings to Fixed Charges
3.3

 
2.6

____________
(1)    Includes the amortization of debt discount and capitalized expenses related to indebtedness.