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Content analysis
?Positive | ||
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Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
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H.S. freshman Good
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New words:
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Removed:
Academy, acquirer, aftermath, ago, agreed, airfare, Alabama, approach, arbitration, arrival, Asian, assignment, assuming, attuned, benchmark, Caribbean, CBM, Chase, China, comfort, committed, commoditize, consummation, continually, core, credited, cuisine, culinary, deducting, delight, delivery, difficulty, dismissed, elevating, enjoy, ensure, evolution, excellence, exchanged, exempt, exotic, expertise, export, factor, fastest, favorably, feel, Flexrez, foremost, forma, Germany, hallmark, heading, holder, hope, importance, indenture, inspired, institutional, JPMorgan, junior, JV, light, merger, mine, miniature, Munich, Naval, nonvoting, NYMEX, objective, opportunity, outbreak, partnership, payoff, pending, person, phone, pledging, postponed, presently, presidential, Ramada, recording, recovered, recovery, renovate, request, reversed, shareholder, Simultaneously, Society, stake, streamlined, Street, substitute, Sunstone, sweet, Tarsadia, tender, threshold, trustee, unclear, upgrade, virtual, Walton, water, weather, worth
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Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year | ||||||||||||||||||||
($ in millions, except ratio) | 2008 | 2007 | 2006 | 2005 | 2004 | |||||||||||||||
Income from continuing operations before income taxes and minority interest | $ | 694 | $ | 1,137 | $ | 1,092 | $ | 829 | $ | 752 | ||||||||||
(Income) loss related to equity method investees | (15 | ) | (15 | ) | (3 | ) | (36 | ) | 14 | |||||||||||
679 | 1,122 | 1,089 | 793 | 766 | ||||||||||||||||
Add/(deduct): | ||||||||||||||||||||
Fixed charges | 326 | 336 | 252 | 216 | 197 | |||||||||||||||
Interest capitalized | (55 | ) | (49 | ) | (32 | ) | (30 | ) | (16 | ) | ||||||||||
Distributed income of equity method investees | 27 | 29 | 17 | 21 | 9 | |||||||||||||||
Minority interest in pretax losses | 24 | 1 | — | (2 | ) | — | ||||||||||||||
Earnings available for fixed charges | $ | 1,001 | $ | 1,439 | $ | 1,326 | $ | 998 | $ | 956 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed and capitalized (1) | $ | 218 | $ | 233 | $ | 156 | $ | 136 | $ | 115 | ||||||||||
Estimate of interest within rent expense | 108 | 103 | 96 | 80 | 82 | |||||||||||||||
Total fixed charges | $ | 326 | $ | 336 | $ | 252 | $ | 216 | $ | 197 | ||||||||||
Ratio of earnings to fixed charges | 3.1 | 4.3 | 5.3 | 4.6 | 4.9 |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12
1