Marriott International Inc. (MAR)

Marriott records the amounts of taxes payable or refundable for the current year, as well as deferred tax liabilities and assets for the future tax consequences of events Marriott has recognized in the Financial Statements or tax returns, using judgment in assessing future profitability and the likely future tax consequences of those events. Marriott bases the estimates of deferred tax assets and liabilities on current tax laws, rates and interpretations, and, in certain cases, business plans and other expectations about future outcomes. Marriott develops the estimates of future profitability based on the historical data and experience, industry projections, micro and macro general economic condition projections, and the expectations.

Marriott generally recognizes the effect of the tax law changes in the period of enactment. Changes in existing tax laws and rates, their related interpretations, and the uncertainty generated by the current economic environment may affect the amounts of Marriott’s deferred tax liabilities or the valuations of the deferred tax assets over time. Marriott’s accounting for deferred tax consequences represents management’s best estimate of future events that can be appropriately reflected in the accounting estimates.

For tax positions Marriott has taken or expects to take in a tax return, Marriott applies a more likely than not threshold, under which Marriott must conclude a tax position is more likely than not to be sustained, assuming that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information, to continue to recognize the benefit. In determining the provision for income taxes, Marriott uses judgment, reflecting the estimates and assumptions, in applying the more likely than not threshold. Marriott recognizes accrued interest and penalties for the unrecognized tax benefits as a component of tax expense.

Source: 10-K (filing date: 2019-03-01).

Marriott International Inc., income tax expense (benefit), continuing operations

USD $ in millions

	12 months ended	Dec 31, 2018		Dec 31, 2017		Dec 31, 2016		Dec 31, 2015		Dec 31, 2014
	U.S. Federal
	U.S. State
	Non-U.S.
	Current
	U.S. Federal
	U.S. State
	Non-U.S.
	Deferred
	Provision for income taxes

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

Marriott International Inc., effective income tax rate (EITR) reconciliation

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	U.S. statutory tax rate
	U.S. state income taxes, net of U.S. federal tax benefit
	Non-U.S. income
	Change in valuation allowance
	Change in uncertain tax positions
	Tax on asset dispositions
	Excess tax benefits related to equity awards
	Other, net
	Effective income tax rate, before Tax Cuts and Jobs Act of 2017
	Change in U.S. tax rate
	Transition Tax on foreign earnings
	Effective income tax rate

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

Marriott International Inc., components of deferred tax assets and liabilities

USD $ in millions

		Dec 31, 2018		Dec 31, 2017		Dec 31, 2016		Dec 31, 2015		Dec 31, 2014
	Employee benefits
	Net operating loss carry-forwards
	Accrued expenses and other reserves
	Receivables, net
	Tax credits
	Loyalty Program
	Deferred income
	Self-insurance
	Other
	Deferred tax assets
	Valuation allowance
	Deferred tax assets after valuation allowance
	Joint venture interests
	Property and equipment
	Intangibles
	Self-insurance
	Other
	Deferred tax liabilities
	Net deferred taxes

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

Marriott International Inc., deferred tax assets and liabilities, classification

USD $ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Current deferred tax assets
	Noncurrent deferred tax assets
	Current deferred tax liabilities (included in Accrued expenses and other)
	Noncurrent deferred tax liabilities

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

Marriott International Inc., adjustments to financial data

USD $ in millions

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Adjustment to Current Assets
	Current assets (as reported)
	Less: Current deferred tax assets, net
	Current assets (adjusted)
	Adjustment to Total Assets
	Total assets (as reported)
	Less: Current deferred tax assets, net
	Less: Noncurrent deferred tax assets, net
	Total assets (adjusted)
	Adjustment to Current Liabilities
	Current liabilities (as reported)
	Less: Current deferred tax liabilities, net
	Current liabilities (adjusted)
	Adjustment to Total Liabilities
	Total liabilities (as reported)
	Less: Current deferred tax liabilities, net
	Less: Noncurrent deferred tax liabilities, net
	Total liabilities (adjusted)
	Adjustment to Shareholders’ Equity (deficit)
	Shareholders’ equity (deficit) (as reported)
	Less: Net deferred tax assets (liabilities)
	Shareholders’ equity (deficit) (adjusted)
	Adjustment to Net Income
	Net income (as reported)
	Add: Deferred income tax expense (benefit)
	Net income (adjusted)

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

Marriott International Inc., Financial Data: Reported vs. Adjusted

Marriott International Inc., adjusted ratios

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Current Ratio
	Reported current ratio
	Adjusted current ratio
	Net Profit Margin
	Reported net profit margin
	Adjusted net profit margin
	Total Asset Turnover
	Reported total asset turnover
	Adjusted total asset turnover
	Financial Leverage
	Reported financial leverage
	Adjusted financial leverage
	Return on Equity (ROE)
	Reported ROE
	Adjusted ROE
	Return on Assets (ROA)
	Reported ROA
	Adjusted ROA

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

Marriott International Inc., Ratios: Reported vs. Adjusted

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (USD $ in millions)
	Current assets
	Current liabilities
	Ratio
	Current ratio1
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted current assets
	Adjusted current liabilities
	Ratio
	Adjusted current ratio2

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (USD $ in millions)
	Net income
	Revenues
	Ratio
	Net profit margin1
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted net income
	Revenues
	Ratio
	Adjusted net profit margin2

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (USD $ in millions)
	Revenues
	Total assets
	Ratio
	Total asset turnover1
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Revenues
	Adjusted total assets
	Ratio
	Adjusted total asset turnover2

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (USD $ in millions)
	Total assets
	Shareholders’ equity (deficit)
	Ratio
	Financial leverage1
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted total assets
	Adjusted shareholders’ equity (deficit)
	Ratio
	Adjusted financial leverage2

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (USD $ in millions)
	Net income
	Shareholders’ equity (deficit)
	Ratio
	ROE1
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted net income
	Adjusted shareholders’ equity (deficit)
	Ratio
	Adjusted ROE2

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

2018 Calculations

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	As Reported
	Selected Financial Data (USD $ in millions)
	Net income
	Total assets
	Ratio
	ROA1
	Adjusted for Deferred Taxes
	Selected Financial Data (USD $ in millions)
	Adjusted net income
	Adjusted total assets
	Ratio
	Adjusted ROA2

Based on: 10-K (filing date: 2019-03-01), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-18), 10-K (filing date: 2015-02-19).

2018 Calculations