Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
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Thirty-Six Weeks Fiscal Year
Ended
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September 6, September 8,
1996 1995 1995 1994
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Income Before Cumulative Effect of a Change
in Accounting Principle $196 $157 $247 $200
Add / (Deduct):
Tax on Income Before Cumulative Effect of a
Change in Accounting Principle 125 105 165 142
Fixed Charges 95 72 107 84
Interest Capitalized as Property and Equipment (5) (6) (8) (4)
Income / (Loss) Related to certain 50%-or-Less-Owned-Affiliates - - - (2)
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Earnings Available for Fixed Charges $411 $328 $511 $420
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Fixed Charges:
Interest Including Amounts Capitalized as
Property and Equipment $64 $40 $61 $36
Portion of Rental Expense Representative of
Interest 31 31 45 45
Share of Interest Expense of
certain 50%-or-Less-Owned-Affiliates - 1 1 3
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Total Fixed Charges $95 $72 $107 $84
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Ratio of Earnings to Fixed Charges 4.3 4.6 4.8 5.0
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Fiscal Year
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1993 1992 1991
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Income Before Cumulative Effect of a Change
in Accounting Principle $159 $134 $133
Add / (Deduct):
Tax on Income Before Cumulative Effect of a
Change in Accounting Principle 116 103 97
Fixed Charges 73 72 62
Interest Capitalized as Property and Equipment (3) (2) (4)
Income / (Loss) Related to certain 50%-or-Less-Owned-Affiliates (1) 2 2
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Earnings Available for Fixed Charges $344 $309 $290
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Fixed Charges:
Interest Including Amounts Capitalized as
Property and Equipment $30 $27 $28
Portion of Rental Expense Representative of
Interest 40 44 33
Share of Interest Expense of
certain 50%-or-Less-Owned-Affiliates 3 1 1
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Total Fixed Charges $73 $72 $62
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Ratio of Earnings to Fixed Charges 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.