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H.S. junior V good
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New words:
classification, corrected, domestic, hot, immaterial, inbound, Los, modest, Puerto, Rico
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bad, Central, eastern, Kingdom, power, reclassified, shifted, shown, western
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Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
| Nine Months Ended | ||||||||
| ($ in millions, except ratio) | September 30, 2015 | September 30, 2014 | ||||||
| Income before income taxes | $ | 971 | $ | 806 | ||||
| Income related to equity method investees | (13 | ) | (6 | ) | ||||
| 958 | 800 | |||||||
| Add/(deduct): | ||||||||
| Fixed charges | 171 | 159 | ||||||
| Interest capitalized | (9 | ) | (25 | ) | ||||
| Distributed income of equity method investees | 4 | 4 | ||||||
| Earnings available for fixed charges | $ | 1,124 | $ | 938 | ||||
| Fixed charges: | ||||||||
Interest expensed and capitalized (1) | $ | 130 | $ | 114 | ||||
| Estimate of interest within rent expense | 41 | 45 | ||||||
| Total fixed charges | $ | 171 | $ | 159 | ||||
| Ratio of earnings to fixed charges | 6.6 | 5.9 | ||||||
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12