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Filing tables
Filing exhibits
- 10-K Annual report
- 3.1 Amended and Restated Certificate of Incorporation of Hyatt Hotels Corporation
- 12.1 Statement Regarding Computation of Ratio of Earnings to Fixed Charges
- 14.1 Code of Business Conduct and Ethics
- 21.1 List of Subsidiaries
- 23.1 Consent of Deloitte & Touche LLP
- 31.1 Section 302 Certification
- 31.2 Section 302 Certification
- 32.1 Section 906 Certification
- 32.2 Section 906 Certification
- 99.1 Amended and Restated Global Hyatt Agreement
- 99.2 Amended and Restated Foreign Global Hyatt Agreement
- Download Excel data file
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Exhibit 12.1
HYATT HOTELS CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions of dollars)
For the Years Ended December 31, | |||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||||
Earnings: | |||||||||||||||||||
Pretax income from continuing operations before adjustment for equity earnings (losses) from unconsolidated hospitality ventures | $ | 353 | $ | 221 | $ | 258 | $ | 500 | $ | 322 | |||||||||
Fixed charges | 196 | 176 | 133 | 129 | 105 | ||||||||||||||
Distributed income of equity method unconsolidated hospitality ventures | 23 | 25 | 25 | 70 | 39 | ||||||||||||||
Subtract: interest capitalized net of amortization | 6 | 4 | 6 | 4 | 5 | ||||||||||||||
Subtract: noncontrolling interest loss with no fixed charges | 1 | — | — | (1 | ) | (2 | ) | ||||||||||||
Total earnings | $ | 565 | $ | 418 | $ | 410 | $ | 696 | $ | 463 | |||||||||
Fixed charges: | |||||||||||||||||||
Interest expense | $ | 88 | $ | 83 | $ | 77 | $ | 78 | $ | 74 | |||||||||
Interest within rent expense | 31 | 30 | 29 | 28 | 26 | ||||||||||||||
Performance guarantee expense, net | 77 | 63 | 27 | 23 | 5 | ||||||||||||||
Total fixed charges | $ | 196 | $ | 176 | $ | 133 | $ | 129 | $ | 105 | |||||||||
Ratio of earnings to fixed charges (1) | 2.9x | 2.4x | 3.1x | 5.4x | 4.4x |
(1) | For purposes of calculating the ratio of earnings to fixed charges, earnings represents pre-tax earnings before adjustments for equity earnings (losses) from unconsolidated hospitality ventures; and fixed charges include: interest (expenses and capitalized), amortized premiums, discounts and capitalized expenses related to indebtedness, the interest portion of rent expense that is deemed to be representative of the interest factor, and performance guarantee expense, net. Our performance guarantee arrangements are primarily subject to annual performance guarantee metrics. |