Marriott International (MAR) 10-Q 2016 Q2 Quarterly report

Exhibit 12

MARRIOTT INTERNATIONAL, INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Six Months Ended
($ in millions, except ratio)	June 30, 2016			June 30, 2015
Income before income taxes	$	670		$	662
Income related to equity method investees	(5		)	(5		)
	665			657
Add/(deduct):
Fixed charges	131			113
Interest capitalized	(1		)	(8		)
Distributed income of equity method investees	1			3
Earnings available for fixed charges	$	796		$	765
Fixed charges:
Interest expensed and capitalized (1)	$	105		$	86
Estimate of interest within rent expense	26			27
Total fixed charges	$	131		$	113
Ratio of earnings to fixed charges	6.1			6.8

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

Exhibit 12