Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
| | | | | | | | |
| | | Six Months Ended |
| ($ in millions, except ratio) | | June 30, 2017 | | June 30, 2016 |
| Income before income taxes | | $ | 1,077 |
| | $ | 670 |
|
| Income related to equity method investees | | (23 | ) | | (5 | ) |
| | | 1,054 |
| | 665 |
|
| Add/(deduct): | | | | |
| Fixed charges | | 179 |
| | 131 |
|
| Interest capitalized | | — |
| | (1 | ) |
| Distributed income of equity method investees | | 16 |
| | 1 |
|
| Earnings available for fixed charges | | $ | 1,249 |
| | $ | 796 |
|
| Fixed charges: | | | | |
Interest expensed and capitalized (1) | | $ | 143 |
| | $ | 105 |
|
| Estimate of interest within rent expense | | 36 |
| | 26 |
|
| Total fixed charges | | $ | 179 |
| | $ | 131 |
|
| Ratio of earnings to fixed charges | | 7.0 |
| | 6.1 |
|
| |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12
