MARRIOTT INTERNATIONAL INC /MD/ - FORM 10-K - EX-12 - RATIO OF EARNINGS TO FIXED CHARGES - February 15, 2018

Attached files

file filename
EX-10.9.3 - EXHIBIT 10.9.3 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1093.htm
10-K - 10-K - MARRIOTT INTERNATIONAL INC /MD/mar-q42017x10k.htm
EX-32 - SECTION 906 CERTIFICATION - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx32.htm
EX-31.2 - CFO 302 CERTIFICATION - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx312.htm
EX-31.1 - CEO 302 CERTIFICATION - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx311.htm
EX-23 - CONSENT - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx23.htm
EX-21 - SUBSIDIARIES - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx21.htm
EX-10.19.1 - EXHIBIT 10.19.1 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx10191.htm
EX-10.13.1 - EXHIBIT 10.13.1 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx10131.htm
EX-10.12.2 - EXHIBIT 10.12.2 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx10122.htm
EX-10.12.1 - EXHIBIT 10.12.1 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx10121.htm
EX-10.11.1 - EXHIBIT 10.11.1 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx10111.htm
EX-10.10.1 - EXHIBIT 10.10.1 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx10101.htm
EX-10.9.7 - EXHIBIT 10.9.7 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xex1097.htm
EX-10.9.6 - EXHIBIT 10.9.6 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1096.htm
EX-10.9.5 - EXHIBIT 10.9.5 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1095.htm
EX-10.9.4 - EXHIBIT 10.9.4 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1094.htm
EX-10.9.2 - EXHIBIT 10.9.2 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1092.htm
EX-10.9.1 - EXHIBIT 10.9.1 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1091.htm
EX-10.8.3 - EXHIBIT 10.8.3 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1083.htm
EX-10.8.2 - EXHIBIT 10.8.2 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1082.htm
EX-10.22 - EXHIBIT 10.22 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1022.htm
EX-10.21 - EXHIBIT 10.21 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1021.htm
EX-10.20 - EXHIBIT 10.20 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1020.htm
EX-10.13 - EXHIBIT 10.13 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1023.htm
EX-10.12 - EXHIBIT 10.12 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1012.htm
EX-10.11 - EXHIBIT 10.11 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1011.htm
EX-10.10 - EXHIBIT 10.10 - MARRIOTT INTERNATIONAL INC /MD/mar-q42017xexx1010.htm


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


MARRIOTT INTERNATIONAL INC /MD/ Reports