Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in millions, except ratio)
Fifty-two Fiscal Year Ended
weeks ended -------------------------------
December 29, 2000 1999 1998 1997 1996
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Income before income taxes $ 757 $637 $632 $531 $435
Loss/(income) related to equity method investees 6 (3) 8 8 4
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763 634 640 539 439
Add/(deduct):
Fixed charges 209 152 103 85 89
Interest capitalized (52) (33) (21) (16) (9)
Distributed income of equity method investees 2 2 5 - -
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Earnings available for fixed charges $ 922 $755 $727 $608 $519
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Fixed charges:
Interest expensed and capitalized (1) $ 152 $ 94 $ 51 $ 38 $ 46
Estimate of the interest within rent expense 57 58 52 47 42
Shares of interest expense of certain equity
method investees - - - - 1
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Total fixed charges $ 209 $152 $103 $ 85 $ 89
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Ratio of earnings to fixed charges 4.4 5.0 7.1 7.2 5.6
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(1) "Interest expensed and capitalized" includes amortized premiums, discounts
and capitalized expenses related to indebtedness.