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Content analysis
?Positive | ||
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H.S. sophomore V good
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New words:
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Removed:
absorb, adjust, anticipation, ASU, Australia, awaiting, boutique, calculating, cancellation, claim, constrain, continual, continually, delinquency, dilution, disallowed, educating, entitled, executed, forfeited, Germany, greening, inspiring, introduced, lessor, maid, measured, monthly, negotiating, parcel, plug, positioned, prospective, pursuant, qualified, receipt, reportability, response, reversed, roll, roughly, season, servicing, strictly, subsequent, suspended, timeframe, transitioning, treatment, unpaid
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Exhibit 12
MARRIOTT INTERNATIONAL, INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Fiscal Year | ||||||||||||||||||||
($ in millions, except ratio) | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 897 | $ | 849 | $ | 356 | $ | 551 | $ | (418 | ) | |||||||||
Loss related to equity method investees | 5 | 13 | 13 | 18 | 66 | |||||||||||||||
902 | 862 | 369 | 569 | (352 | ) | |||||||||||||||
Add/(deduct): | ||||||||||||||||||||
Fixed charges | 212 | 236 | 274 | 294 | 250 | |||||||||||||||
Interest capitalized | (32 | ) | (28 | ) | (19 | ) | (18 | ) | (32 | ) | ||||||||||
Distributed income of equity method investees | 8 | 7 | 5 | 5 | 9 | |||||||||||||||
Pretax losses attributable to noncontrolling interests | — | — | — | — | 11 | |||||||||||||||
Earnings (losses) attributable to Marriott available for fixed charges | $ | 1,090 | $ | 1,077 | $ | 629 | $ | 850 | $ | (114 | ) | |||||||||
Fixed charges: | ||||||||||||||||||||
Interest expensed and capitalized (1) | $ | 152 | $ | 165 | $ | 183 | $ | 198 | $ | 150 | ||||||||||
Estimate of interest within rent expense | 60 | 71 | 91 | 96 | 100 | |||||||||||||||
Total fixed charges | $ | 212 | $ | 236 | $ | 274 | $ | 294 | $ | 250 | ||||||||||
Ratio of earnings (losses) attributable to fixed charges * | 5.1 | 4.6 | 2.3 | 2.9 | * |
(1) | “Interest expensed and capitalized” includes amortized premiums, discounts, and capitalized expenses related to indebtedness. |
* In 2009, earnings were inadequate to cover fixed charges by approximately $364 million.
Exhibit 12