Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Thirty-Six Weeks Ended | ||||||||
($ in millions, except ratio) | September 5, 2008 | September 7, 2007 | ||||||
Income from continuing operations before income taxes and minority interest | $ | 673 | $ | 767 | ||||
Income related to equity method investees | (26 | ) | (9 | ) | ||||
647 | 758 | |||||||
Add/(deduct): | ||||||||
Fixed charges | 222 | 224 | ||||||
Interest capitalized | (38 | ) | (31 | ) | ||||
Distributed income of equity method investees | 21 | 17 | ||||||
Minority interest in pretax losses | 20 | 1 | ||||||
Earnings available for fixed charges | $ | 872 | $ | 969 | ||||
Fixed charges: | ||||||||
Interest expensed and capitalized(1) | $ | 151 | $ | 158 | ||||
Estimate of interest within rent expense | 71 | 66 | ||||||
Total fixed charges | $ | 222 | $ | 224 | ||||
Ratio of earnings to fixed charges | 3.9 | 4.3 |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12
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