Marriott International 10K 2014 Annual report | MAR Filing

Content analysis

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

New words: Academy, accuracy, addressing, administered, app, apportionment, art, background, Bauduin, bcIMC, Beijing, Bourbon, bribery, broader, brought, category, choosing, Circuit, client, CODM, Columbia, conflict, Corrupt, counterparty, criminal, curating, Dame, Delta, Department, dismissed, Dr, Ebola, ensure, exceed, expert, forgo, gaming, gold, grown, hamper, hand, HCN, highlight, Hong, ideal, imposition, improper, Index, jurisdiction, kind, Kong, Madison, maker, Malaysia, Malpensa, mentioned, Mexican, momentum, Notre, Osaka, Panama, paragraph, partly, Patricia, pending, Pennsylvania, Pinch, promised, provisionally, psychology, reallocated, resource, Revera, solid, Southern, stunning, tangible, UK, Ukraine, upbeat, upper, usability, Val, Vastint, Viel, vision, web, Wharton, written, ZAR

Removed: absence, accommodating, accounted, architectural, area, arose, arrival, attained, Autism, awarded, Bahrain, balanced, Baldrige, Bed, bedding, beneficially, Bistro, Bob, bulk, cabinetry, cancel, cap, celebrity, center, championship, character, choice, collateralized, collectible, Composite, concurrently, connected, contemporary, convenience, custom, deemed, defaulted, depleted, desired, detailing, dinner, direction, divisional, domestic, domestically, effected, efficient, embody, Employment, equalize, evolving, extra, extraordinary, father, featuring, final, financed, founding, grouped, heart, holder, idea, implementing, improving, indemnification, insightful, inspired, John, lag, lapse, Learning, legendary, lessee, Libya, lieu, light, linked, Malcolm, marble, McCarthy, microwave, monetization, nominal, noncash, occurred, occurrence, offline, older, opportunity, originality, originated, outdoor, overcollateralization, parking, participated, play, prescribed, pro, progressed, purpose, rata, reading, rebate, recreation, referral, refrigerator, refund, released, renovated, repurchased, reputable, research, reserved, returned, rich, Robert, securitization, securitized, separately, separation, ServiceSource, settle, situated, smaller, solution, spanning, specifically, spirit, stabilized, star, symbol, tenant, tranche, traveler, trust, Turkey, turn, unchanged, underperformance, undeveloped, unrestricted, VAC, varied, varying, vendor, Villanova, virtue, warehouse, write



	Fiscal Year
($ in millions, except ratio)	2014			2013			2012			2011			2010
Income from continuing operations before income taxes	$	1,088		$	897		$	849		$	356		$	551
(Income) loss related to equity method investees	(6		)	5			13			13			18
	1,082			902			862			369			569
Add/(deduct):
Fixed charges	202			212			236			274			294
Interest capitalized	(33		)	(32		)	(28		)	(19		)	(18		)
Distributed income of equity method investees	6			8			7			5			5
Earnings attributable to Marriott available for fixed charges	$	1,257		$	1,090		$	1,077		$	629		$	850
Fixed charges:
Interest expensed and capitalized ⁽¹⁾	$	148		$	152		$	165		$	183		$	198
Estimate of interest within rent expense	54			60			71			91			96
Total fixed charges	$	202		$	212		$	236		$	274		$	294
Ratio of earnings attributable to fixed charges	6.2			5.1			4.6			2.3			2.9


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

Marriott International (MAR) 10-K2014 FY Annual report

Content analysis