Marriott International 10K 2012 Annual report | MAR Filing

Content analysis

Positive
Negative
Uncertain
Constraining
Legalese
Litigious
Readability	H.S. freshman V good

New words: adapt, aesthetic, ahead, Airport, alleging, antitrust, Apple, attitude, authentic, Baidu, bar, bath, behavior, blend, Briarcliff, bridging, brilliant, Carlo, Chase, Chinese, clicking, Coffee, collaboration, collaborative, commerce, complaint, composed, cosmopolitan, count, County, creative, creature, Cup, customarily, dancing, dedicated, defend, defense, deficit, denied, Denver, discover, discovery, discriminating, District, empowering, encompassed, enriching, entertainment, entirety, ERISA, espresso, Euro, expertise, explore, fastest, finest, flavor, flex, Frederick, French, fresh, Fusing, gap, gave, Gaylord, genuine, George, Grapevine, Greatroom, Greenbelt, Guide, Gurgaon, hack, hallmark, healthy, hearing, heritage, Hyde, impeccable, incredible, indelible, indenture, Indonesia, investigation, Jackson, Japanese, Jordan, JPMorgan, KFTC, Kissimmee, Knightsbridge, Kuwait, language, lawsuit, magnificent, Manhattan, maximize, Mellon, memorable, Michael, Missouri, Monte, motion, music, Nashville, noncurrent, nonemployee, nonrecourse, nonrecurring, Northeastern, Oakwood, Olympic, Oman, Opryland, output, overlooking, payout, Prince, proceeding, REIT, reliance, renamed, River, RLife, Ryman, saloon, Salt, Sandy, Sanya, Scottsdale, sensory, Seoul, showboat, showcase, simulation, Singapore, Sixteen, smartphone, Soccer, sofa, softened, sought, Spanish, specialty, sporting, spring, Sr, Steigman, storage, strive, struggle, summer, super, Syria, Tennessee, tertiary, Texan, Thirty, thoughtful, top, transcend, unexercised, unifying, uphold, vigorously, voluntarily, Walter, Warsaw, wider, Wildhorse, worth

Removed: accretion, amortized, antidilutive, assured, attrition, Avian, bad, booking, Boston, Brazil, California, central, closed, Competitor, comprise, correspondingly, coupon, cycle, decentralized, diminish, disallowance, downturn, dramatic, echo, Edwin, eliminating, elimination, embrace, enabling, environmentally, Ethical, existed, exiting, expensed, extinguishment, feasible, Flu, foreclosed, fringe, Fuller, fullest, furnished, globe, Hotelmen, hundred, impacting, implemented, importance, integral, introduction, Irvine, legally, loaned, marketplace, Midwest, Milano, monetary, movement, nationwide, necessity, newly, nonaccrual, oil, opening, package, Partnership, permitted, poor, posted, predominately, prepayment, presence, pretax, prime, protested, pursued, reacquisition, recording, redirected, remitted, repatriated, residual, rest, restaurant, Revive, rollout, Safe, saving, seating, securitize, sentence, slower, static, stimulate, suboptimal, substantive, Subtopic, swap, tandem, timesharing, touch, treated, uncollectibility, undertaken, unrecoverable, utilizing, warm, West



	Fiscal Year
($ in millions, except ratio)	2012			2011			2010			2009			2008
Income (loss) from continuing operations before income taxes	$	849		$	356		$	551		$	(418	)	$	694
Loss (income) related to equity method investees	13			13			18			66			(15		)
	862			369			569			(352		)	679
Add/(deduct):
Fixed charges	236			274			294			250			326
Interest capitalized	(28		)	(19		)	(18		)	(32		)	(55		)
Distributed income of equity method investees	7			5			5			9			27
Pretax losses attributable to noncontrolling interests	—			—			—			11			24
Earnings (losses) attributable to Marriott available for fixed charges	$	1,077		$	629		$	850		$	(114	)	$	1,001
Fixed charges:
Interest expensed and capitalized ⁽¹⁾	$	165		$	183		$	198		$	150		$	218
Estimate of interest within rent expense	71			91			96			100			108
Total fixed charges	$	236		$	274		$	294		$	250		$	326
Ratio of earnings (losses) attributable to fixed charges *	4.6			2.3			2.9			*			3.1


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

Marriott International (MAR) 10-K2012 FY Annual report

Content analysis