EX-12 2 mar-q32017xexx12.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Nine Months Ended
($ in millions, except ratio)
 
September 30, 2017
 
September 30, 2016
Income before income taxes
 
$
1,657

 
$
801

Income related to equity method investees
 
(29
)
 
(8
)
 
 
1,628

 
793

Add/(deduct):
 
 
 
 
Fixed charges
 
270

 
200

Interest capitalized
 
(1
)
 
(1
)
Distributed income of equity method investees
 
24

 
7

Earnings available for fixed charges
 
$
1,921

 
$
999

Fixed charges:
 
 
 
 
Interest expensed and capitalized (1)
 
$
217

 
$
160

Estimate of interest within rent expense
 
53

 
40

Total fixed charges
 
$
270

 
$
200

Ratio of earnings to fixed charges
 
7.1

 
5.0

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

Exhibit 12