Attached files
| file | filename |
|---|---|
| 10-K - 10-K - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42015x10k.htm |
| EX-23 - CONSENT - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42015xexx23.htm |
| EX-32 - SECTION 906 CERTIFICATION - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42015xexx32.htm |
| EX-21 - SUBSIDIARIES - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42015xexx21.htm |
| EX-31.1 - CEO 302 CERTIFICATION - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42015xexx311.htm |
| EX-31.2 - CFO 302 CERTIFICATION - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42015xexx312.htm |
| EX-10.17 - PERFORMANCE SHARE AWARD AGREEMENT - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42015xexx1017.htm |
| EX-10.18 - SUMMARY OF DIRECTOR COMPENSATION - MARRIOTT INTERNATIONAL INC /MD/ | mar-q42015xexx1018.htm |
Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year | ||||||||||||||||||||
($ in millions, except ratio) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Income from continuing operations before income taxes | $ | 1,255 | $ | 1,088 | $ | 897 | $ | 849 | $ | 356 | ||||||||||
(Income) loss related to equity method investees | (16 | ) | (6 | ) | 5 | 13 | 13 | |||||||||||||
1,239 | 1,082 | 902 | 862 | 369 | ||||||||||||||||
Add/(deduct): | ||||||||||||||||||||
Fixed charges | 228 | 202 | 212 | 236 | 274 | |||||||||||||||
Interest capitalized | (9 | ) | (33 | ) | (32 | ) | (28 | ) | (19 | ) | ||||||||||
Distributed income of equity method investees | 5 | 6 | 8 | 7 | 5 | |||||||||||||||
Earnings attributable to Marriott available for fixed charges | $ | 1,463 | $ | 1,257 | $ | 1,090 | $ | 1,077 | $ | 629 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed and capitalized (1) | $ | 176 | $ | 148 | $ | 152 | $ | 165 | $ | 183 | ||||||||||
Estimate of interest within rent expense | 52 | 54 | 60 | 71 | 91 | |||||||||||||||
Total fixed charges | $ | 228 | $ | 202 | $ | 212 | $ | 236 | $ | 274 | ||||||||||
Ratio of earnings attributable to fixed charges | 6.4 | 6.2 | 5.1 | 4.6 | 2.3 | |||||||||||||||
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12