Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in Millions)
Fiscal Year
1996 1995 1994 1993 1992
Income Before Cumulative Effect of a Change
in Accounting Principle $306 $247 $200 $159 $134
Add/(Deduct):
Tax on Income Before Cumulative Effect of a
Change in Accounting Principle 196 165 142 116 103
Fixed Charges 142 107 84 73 72
Interest Capitalized as Property and Equipment (9) (8) (4) (3) (2)
(Income)/Loss Related to certain 50%-or-Less-Owned-Affiliates 1 - (2) (1) 2
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EARNINGS AVAILABLE FOR FIXED CHARGES $636 $511 $420 $344 $309
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Fixed Charges:
Interest Including Amounts Capitalized as
Property and Equipment $94 $61 $36 $30 $27
Portion of Rental Expense Representative of
Interest 48 45 45 40 44
Share of Interest Expense of
certain 50%-or-Less-Owned-Affiliates - 1 3 3 1
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TOTAL FIXED CHARGES $142 $107 $84 $73 $72
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RATIO OF EARNINGS TO FIXED CHARGES 4.5 4.8 5.0 4.7 4.3
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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.