Hilton Worldwide (HLT) 10-Q 2018 Q3 Quarterly report

Exhibit 12

HILTON WORLDWIDE HOLDINGS INC.

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in millions, except ratio amounts)

(unaudited)

	Nine Months Ended
	September 30,
	2018			2017
Earnings:
Income before income taxes	$	812		$	572
Equity in earnings from unconsolidated affiliates	(2		)	(2		)
	810			570
Add:
Fixed charges	359			348
Distributed income of equity method investees	4			1
Subtract:
Interest capitalized	(1		)	(1		)
Earnings available for fixed charges	$	1,172		$	918
Fixed Charges:
Interest expense(1)	$	277		$	260
Interest capitalized	1			1
Estimated interest included in rent expense	81			87
Total Fixed Charges	$	359		$	348
Ratio of Earnings to Fixed Charges	3.3			2.6

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⁽¹⁾    Includes the amortization of debt discount and capitalized expenses related to indebtedness.