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H.S. freshman Good
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New words:
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Removed:
accelerated, aggregated, anniversary, arise, Authority, barge, binder, capitalization, carboxylated, Cendant, challenge, Chemical, community, conducting, confirming, consolidating, copolymer, County, covering, created, crisp, decided, Dow, duration, eating, Egypt, eligible, emulsion, equipped, facilitating, field, formation, fresh, friendly, ii, incorporated, insuring, Jefferson, judgmental, July, letter, machinery, manufactured, mixed, navigable, notice, ourCourtyard, outlawed, overhead, Pacific, PacifiCorp, patented, polystyrene, predict, prescribed, productive, promissory, put, qualified, redeem, registration, relation, relaxing, revision, Saline, satisfy, sense, shelf, shift, slightly, smaller, spot, stop, technical, Tennessee, thousand, translated, underground, universal, unrelated, Valley, voided, weak, week, wrote
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Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year | ||||||||||||||||||||
($ in millions, except ratio) | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||
Income from continuing operations before income taxes and minority interest | $ | 1,137 | $ | 1,092 | $ | 829 | $ | 752 | $ | 582 | ||||||||||
(Income) loss related to equity method investees | (15 | ) | (3 | ) | (36 | ) | 14 | 17 | ||||||||||||
1,122 | 1,089 | 793 | 766 | 599 | ||||||||||||||||
Add/(deduct): | ||||||||||||||||||||
Fixed charges | 336 | 252 | 216 | 197 | 211 | |||||||||||||||
Interest capitalized | (49 | ) | (32 | ) | (30 | ) | (16 | ) | (25 | ) | ||||||||||
Distributed income of equity method investees | 29 | 17 | 21 | 9 | 30 | |||||||||||||||
Minority interest in pretax loss | 1 | — | (2 | ) | — | — | ||||||||||||||
Earnings available for fixed charges | $ | 1,439 | $ | 1,326 | $ | 998 | $ | 956 | $ | 815 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed and capitalized (1) | $ | 233 | $ | 156 | $ | 136 | $ | 115 | $ | 135 | ||||||||||
Estimate of interest within rent expense | 103 | 96 | 80 | 82 | 76 | |||||||||||||||
Total fixed charges | $ | 336 | $ | 252 | $ | 216 | $ | 197 | $ | 211 | ||||||||||
Ratio of earnings to fixed charges | 4.3 | 5.3 | 4.6 | 4.9 | 3.9 |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
Exhibit 12
1