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addressing, bad, Brazil, closure, Cup, denominated, devaluation, final, flat, framework, inflationary, Kuwait, partly, promised, removed, reply, retrospective, Venezuela, Venezuelan
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authorized, moderate, prescribed, representing
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Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Six Months Ended | ||||||||
($ in millions, except ratio) | June 30, 2014 | June 30, 2013 | ||||||
Income before income taxes | $ | 516 | $ | 464 | ||||
Losses related to equity method investees | 6 | 2 | ||||||
522 | 466 | |||||||
Add/(deduct): | ||||||||
Fixed charges | 105 | 113 | ||||||
Interest capitalized | (15 | ) | (17 | ) | ||||
Distributed income of equity method investees | 2 | 4 | ||||||
Earnings available for fixed charges | $ | 614 | $ | 566 | ||||
Fixed charges: | ||||||||
Interest expensed and capitalized (1) | $ | 75 | $ | 77 | ||||
Estimate of interest within rent expense | 30 | 36 | ||||||
Total fixed charges | $ | 105 | $ | 113 | ||||
Ratio of earnings to fixed charges | 5.8 | 5.0 |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12