Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
($ in millions, except ratio)
Twelve weeks ended
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March 28, 2003 March 22, 2002
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Income from continuing operations before income taxes (1) $ 47 $ 118
Loss related to equity method investees 1 6
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48 124
Add/(deduct):
Fixed charges 42 44
Interest capitalized (5) (13)
Distributed income of equity method investees 8 -
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Earnings available for fixed charges $ 93 $ 155
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Fixed charges:
Interest expensed and capitalized (2) $ 31 $ 32
Estimate of interest within rent expense 11 12
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Total fixed charges $ 42 $ 44
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Ratio of earnings to fixed charges 2.2 3.5
(1) Reflected in income from continuing operations before income taxes are
losses from our Synthetic Fuel business of $59 million and $6 million in
2003 and 2002, respectively.
(2) "Interest expensed and capitalized" includes amortized premiums, discounts
and capitalized expenses related to indebtedness.