Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(DOLLARS IN MILLIONS)
Twelve Weeks Fiscal Year
Ended
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March 22, March 24,
1996 1995 1995 1994 1993 1992 1991
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Income Before Cumulative Effect of a Change
in Accounting Principle $63 $52 $247 $200 $159 $134 $133
Add / (Deduct):
Tax on Income Before Cumulative Effect of a
Change in Accounting Principle 40 35 165 142 116 103 97
Fixed Charges 25 21 107 84 73 72 62
Interest Capitalized as Property and Equipment (1) (2) (8) (4) (3) (2) (4)
Income / (Loss) Related to certain
50%-or-Less-Owned-Affiliates - (1) - (2) (1) 2 2
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Earnings Available for Fixed Charges $127 $105 $511 $420 $344 $309 $290
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Fixed Charges:
Interest Including Amounts Capitalized as
Property and Equipment $15 $10 $61 $36 $30 $27 $28
Portion of Rental Expense Representative of
Interest 10 10 45 45 40 44 33
Share of Interest Expense of certain
50%-or-Less-Owned-Affiliates - 1 1 3 3 1 1
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Total Fixed Charges $25 $21 $107 $84 $73 $72 $62
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Ratio of Earnings to Fixed Charges 5.1 5.0 4.8 5.0 4.7 4.3 4.7
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For the purpose of computing the ratio of earnings to fixed charges as
prescribed by the rules and regulations of the Commission, earnings represents
income before cumulative effect of a change in accounting principle, plus, when
applicable, (a) taxes on such income, (b) fixed charges, and (c) the Company's
equity interest in losses of certain 50%-or-less-owned-affiliates; less (x)
undistributed earnings of 50%-or-less-owned-affiliates, and (y) interest
capitalized. Fixed charges represent interest (including amounts capitalized),
amortization of deferred financing costs, the portion of rental expense deemed
representative of interest and, when applicable, the Company's share of the
interest expense of certain 50%-or-less-owned-affiliates.