EX-12 3 mar-q22018xexx12.htm RATIO OF EARNINGS TO FIXED CHARGES Exhibit


Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
 
 
Six Months Ended
($ in millions, except ratio)
 
June 30, 2018
 
June 30, 2017
Income before income taxes
 
$
1,298

 
$
1,210

Income related to equity method investees
 
(34
)
 
(23
)
 
 
1,264

 
1,187

Add/(deduct):
 
 
 
 
Fixed charges
 
198

 
179

Interest capitalized
 
(1
)
 

Distributed income of equity method investees
 
20

 
16

Earnings available for fixed charges
 
$
1,481

 
$
1,382

Fixed charges:
 
 
 
 
Interest expensed and capitalized (1)
 
$
161

 
$
143

Estimate of interest within rent expense
 
37

 
36

Total fixed charges
 
$
198

 
$
179

Ratio of earnings to fixed charges
 
7.5

 
7.7

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

Exhibit 12