Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Thirty-Six Weeks Ended | ||||||||
($ in millions, except ratio) | September 11, 2009 | September 5, 2008 | ||||||
(Loss) income from continuing operations before income taxes | $ | (592 | ) | $ | 673 | |||
Losses (income) related to equity method investees | 50 | (26 | ) | |||||
(542 | ) | 647 | ||||||
Add/(deduct): | ||||||||
Fixed charges | 182 | 222 | ||||||
Interest capitalized | (24 | ) | (38 | ) | ||||
Distributed income of equity method investees | 6 | 21 | ||||||
Pretax losses attributable to noncontrolling interests | 11 | 20 | ||||||
(Losses) earnings attributable to Marriott available for fixed charges | $ | (367 | ) | $ | 872 | |||
Fixed charges: | ||||||||
Interest expensed and capitalized(1) | $ | 108 | $ | 151 | ||||
Estimate of interest within rent expense | 74 | 71 | ||||||
Total fixed charges | $ | 182 | $ | 222 | ||||
Ratio of (losses) earnings attributable to Marriott to fixed charges | (2.0 | ) | 3.9 |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12
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