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H.S. junior V good
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New words:
accommodate, accrued, agency, arose, assert, Carryforward, Central, chose, Eastern, fiduciary, HCP, Inclusive, July, Kingdom, Likewise, mandatorily, modestly, Moxy, northeast, northern, opposed, relicensing, responded, slowly, smaller, soft, southern, strongest, supplemental, upheld, West, western
Removed:
absorb, gateway, improving, lesser, Mexico, participating, purported
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Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in millions, except ratio) | 184 Days Ended June 30, 2013 | 168 Days Ended June 15, 2012 | ||||||
Income before income taxes | $ | 464 | $ | 356 | ||||
Losses related to equity method investees | (2 | ) | 9 | |||||
462 | 365 | |||||||
Add/(deduct): | ||||||||
Fixed charges | 113 | 120 | ||||||
Interest capitalized | (17 | ) | (11 | ) | ||||
Distributed income of equity method investees | 4 | 3 | ||||||
Earnings available for fixed charges | $ | 562 | $ | 477 | ||||
Fixed charges: | ||||||||
Interest expensed and capitalized(1) | $ | 77 | $ | 78 | ||||
Estimate of interest within rent expense | 36 | 42 | ||||||
Total fixed charges | $ | 113 | $ | 120 | ||||
Ratio of earnings to fixed charges | 5.0 | 4.0 |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12