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Exhibit 12
MARRIOTT INTERNATIONAL, INC. (“Marriott”)
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in millions, except ratio) | 276 Days Ended September 30, 2013 | 252 Days Ended September 7, 2012 | ||||||
Income before income taxes | $ | 687 | $ | 578 | ||||
Losses related to equity method investees | 2 | 10 | ||||||
689 | 588 | |||||||
Add/(deduct): | ||||||||
Fixed charges | 167 | 177 | ||||||
Interest capitalized | (25 | ) | (18 | ) | ||||
Distributed income of equity method investees | 6 | 5 | ||||||
Earnings available for fixed charges | $ | 837 | $ | 752 | ||||
Fixed charges: | ||||||||
Interest expensed and capitalized(1) | $ | 113 | $ | 114 | ||||
Estimate of interest within rent expense | 54 | 63 | ||||||
Total fixed charges | $ | 167 | $ | 177 | ||||
Ratio of earnings to fixed charges | 5.0 | 4.2 |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12