EXHIBIT 12
EXHIBIT 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in millions, except ratio)
Fiscal year ended
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2002 2001 2000 1999 1998
---- ---- ---- ---- ----
Income from continuing operations before income taxes $471 $421 $771 $634 $600
Loss related to equity method investees.............. 6 14 6 6 8
---- ---- ---- ---- ----
477 435 777 640 608
Add/(deduct):........................................
Fixed charges..................................... 180 220 198 135 84
Interest capitalized.............................. (43) (61) (52) (33) (21)
Distributed income of equity method investees..... 27 4 2 2 5
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Earnings available for fixed charges................. $641 $598 $925 $744 $676
==== ==== ==== ==== ====
Fixed charges:.......................................
Interest expensed and capitalized/(1)/............ $129 $170 $152 $ 94 $ 51
Estimate of interest within rent expense.......... 51 50 46 41 33
---- ---- ---- ---- ----
Total fixed charges.................................. $180 $220 $198 $135 $ 84
==== ==== ==== ==== ====
Ratio of earnings to fixed charges................... 3.6 2.7 4.7 5.5 8.0
/(1)/ "Interest expensed and capitalized" includes amortized premiums,
discounts and capitalized expenses related to indebtedness.