EX-12 2 mar-q32011xexx12.htm EX-12 MAR-Q3.2011-Ex-12


Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Thirty-Six Weeks Ended
($ in millions, except ratio)
 
September 9,
2011
 
September 10,
2010
Income before income taxes
 
$
154

 
$
441

Losses related to equity method investees
 
6

 
20

 
 
160

 
461

Add/(deduct):
 
 
 
 
Fixed charges
 
197

 
210

Interest capitalized
 
(14
)
 
(11
)
Distributed income of equity method investees
 
5

 
3

Earnings available for fixed charges
 
$
348

 
$
663

Fixed charges:
 
 
 
 
Interest expensed and capitalized(1)
 
$
131

 
$
141

Estimate of interest within rent expense
 
66

 
69

Total fixed charges
 
$
197

 
$
210

Ratio of earnings to fixed charges
 
1.8

 
3.2

 
(1)
“Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness.
Exhibit 12