EX-12 4 dex12.txt EXHIBIT 12 EXHIBIT 12 EXHIBIT 12 MARRIOTT INTERNATIONAL, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES ($ in millions, except ratio)
Fiscal year ended ---------------------------- 2002 2001 2000 1999 1998 ---- ---- ---- ---- ---- Income from continuing operations before income taxes $471 $421 $771 $634 $600 Loss related to equity method investees.............. 6 14 6 6 8 ---- ---- ---- ---- ---- 477 435 777 640 608 Add/(deduct):........................................ Fixed charges..................................... 180 220 198 135 84 Interest capitalized.............................. (43) (61) (52) (33) (21) Distributed income of equity method investees..... 27 4 2 2 5 ---- ---- ---- ---- ---- Earnings available for fixed charges................. $641 $598 $925 $744 $676 ==== ==== ==== ==== ==== Fixed charges:....................................... Interest expensed and capitalized/(1)/............ $129 $170 $152 $ 94 $ 51 Estimate of interest within rent expense.......... 51 50 46 41 33 ---- ---- ---- ---- ---- Total fixed charges.................................. $180 $220 $198 $135 $ 84 ==== ==== ==== ==== ==== Ratio of earnings to fixed charges................... 3.6 2.7 4.7 5.5 8.0
/(1)/ "Interest expensed and capitalized" includes amortized premiums, discounts and capitalized expenses related to indebtedness.