| Year Ended December 31, | ||||||||||||||||||||
| 2006 | 2005 | 2004 | 2003 | 2002 | ||||||||||||||||
| (In millions) | ||||||||||||||||||||
|
Earnings available to cover
fixed charges:
|
||||||||||||||||||||
|
Income before income taxes,
minority interest and cumulative effect of accounting change
|
$ | 542 | $ | 626 | $ | 587 | $ | 500 | $ | 510 | ||||||||||
|
Plus: Fixed
charges
|
159 | 93 | 86 | 30 | 13 | |||||||||||||||
|
Amortization of capitalized
interest
|
8 | 5 | 6 | 4 | — | |||||||||||||||
|
Less: Minority
interest in pre-tax income of subsidiaries that have not
incurred fixed charges(a)
|
— | — | — | 25 | 20 | |||||||||||||||
|
Capitalized interest
|
16 | 7 | 5 | 7 | — | |||||||||||||||
|
Earnings available to cover fixed
charges
|
$ | 693 | $ | 717 | $ | 674 | $ | 502 | $ | 503 | ||||||||||
|
Fixed charges(b):
|
||||||||||||||||||||
|
Interest, including amortization
of deferred financing costs
|
$ | 137 | $ | 75 | $ | 70 | $ | 16 | $ | 1 | ||||||||||
|
Interest portion of rental payments
|
22 | 18 | 16 | 14 | 12 | |||||||||||||||
|
Total fixed charges
|
$ | 159 | $ | 93 | $ | 86 | $ | 30 | $ | 13 | ||||||||||
|
Ratio of earnings to fixed charges
|
4.36 | x | 7.71 | x | 7.84 | x | 16.73 | x | 38.69 | x | ||||||||||
| (a) | Includes minority expense related to the Company’s venture with Marriot International, Inc. | |
| (b) | Consists of interest expense on all indebtedness (including amortization of deferred financing costs) and the portion of operating lease rental expense that is representative of the interest factor. |