Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Marriott International Inc., solvency ratios
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Marriott International Inc. debt to equity ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Marriott International Inc. debt to equity ratio (including operating lease liability) deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Marriott International Inc. debt to capital ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Marriott International Inc. debt to capital ratio (including operating lease liability) deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Marriott International Inc. debt to assets ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Marriott International Inc. debt to assets ratio (including operating lease liability) deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Marriott International Inc. financial leverage ratio increased from 2017 to 2018 and from 2018 to 2019. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Marriott International Inc. interest coverage ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Marriott International Inc. fixed charge coverage ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Debt to Equity
Marriott International Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt | 977) | 833) | 398) | 309) | 300) | |
| Long-term debt, excluding current portion | 9,963) | 8,514) | 7,840) | 8,197) | 3,807) | |
| Total debt | 10,940) | 9,347) | 8,238) | 8,506) | 4,107) | |
| Shareholders’ equity (deficit) | 703) | 2,225) | 3,731) | 5,357) | (3,590) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 15.56 | 4.20 | 2.21 | 1.59 | — | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Airbnb Inc. | — | — | — | — | — | |
| Booking Holdings Inc. | 1.45 | — | — | — | — | |
| Carnival Corp. & plc | 0.45 | 0.42 | — | — | — | |
| Chipotle Mexican Grill Inc. | 0.00 | — | — | — | — | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | 8.07 | — | — | — | |
| Debt to Equity, Sector | ||||||
| Consumer Services | 3.53 | — | — | — | — | |
| Debt to Equity, Industry | ||||||
| Consumer Discretionary | 2.44 | — | — | — | — | |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity (deficit)
= 10,940 ÷ 703 = 15.56
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | Marriott International Inc. debt to equity ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Debt to Equity (including Operating Lease Liability)
Marriott International Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt | 977) | 833) | 398) | 309) | 300) | |
| Long-term debt, excluding current portion | 9,963) | 8,514) | 7,840) | 8,197) | 3,807) | |
| Total debt | 10,940) | 9,347) | 8,238) | 8,506) | 4,107) | |
| Current operating lease liabilities (recorded in Accrued expenses and other) | 130) | —) | —) | —) | —) | |
| Noncurrent operating lease liabilities | 882) | —) | —) | —) | —) | |
| Total debt (including operating lease liability) | 11,952) | 9,347) | 8,238) | 8,506) | 4,107) | |
| Shareholders’ equity (deficit) | 703) | 2,225) | 3,731) | 5,357) | (3,590) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 17.00 | 4.20 | 2.21 | 1.59 | — | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | — | — | — | — | — | |
| Booking Holdings Inc. | 1.56 | — | — | — | — | |
| Carnival Corp. & plc | 0.45 | 0.42 | — | — | — | |
| Chipotle Mexican Grill Inc. | 1.69 | — | — | — | — | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | 8.07 | — | — | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 4.44 | — | — | — | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 2.70 | — | — | — | — | |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity (deficit)
= 11,952 ÷ 703 = 17.00
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | Marriott International Inc. debt to equity ratio (including operating lease liability) deteriorated from 2017 to 2018 and from 2018 to 2019. |
Debt to Capital
Marriott International Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt | 977) | 833) | 398) | 309) | 300) | |
| Long-term debt, excluding current portion | 9,963) | 8,514) | 7,840) | 8,197) | 3,807) | |
| Total debt | 10,940) | 9,347) | 8,238) | 8,506) | 4,107) | |
| Shareholders’ equity (deficit) | 703) | 2,225) | 3,731) | 5,357) | (3,590) | |
| Total capital | 11,643) | 11,572) | 11,969) | 13,863) | 517) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.94 | 0.81 | 0.69 | 0.61 | 7.94 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Airbnb Inc. | — | — | — | — | — | |
| Booking Holdings Inc. | 0.59 | — | — | — | — | |
| Carnival Corp. & plc | 0.31 | 0.30 | — | — | — | |
| Chipotle Mexican Grill Inc. | 0.00 | — | — | — | — | |
| McDonald’s Corp. | 1.32 | — | — | — | — | |
| Starbucks Corp. | 2.26 | 0.89 | — | — | — | |
| Debt to Capital, Sector | ||||||
| Consumer Services | 0.78 | — | — | — | — | |
| Debt to Capital, Industry | ||||||
| Consumer Discretionary | 0.71 | — | — | — | — | |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Debt to capital = Total debt ÷ Total capital
= 10,940 ÷ 11,643 = 0.94
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | Marriott International Inc. debt to capital ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Debt to Capital (including Operating Lease Liability)
Marriott International Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt | 977) | 833) | 398) | 309) | 300) | |
| Long-term debt, excluding current portion | 9,963) | 8,514) | 7,840) | 8,197) | 3,807) | |
| Total debt | 10,940) | 9,347) | 8,238) | 8,506) | 4,107) | |
| Current operating lease liabilities (recorded in Accrued expenses and other) | 130) | —) | —) | —) | —) | |
| Noncurrent operating lease liabilities | 882) | —) | —) | —) | —) | |
| Total debt (including operating lease liability) | 11,952) | 9,347) | 8,238) | 8,506) | 4,107) | |
| Shareholders’ equity (deficit) | 703) | 2,225) | 3,731) | 5,357) | (3,590) | |
| Total capital (including operating lease liability) | 12,655) | 11,572) | 11,969) | 13,863) | 517) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.94 | 0.81 | 0.69 | 0.61 | 7.94 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | — | — | — | — | — | |
| Booking Holdings Inc. | 0.61 | — | — | — | — | |
| Carnival Corp. & plc | 0.31 | 0.30 | — | — | — | |
| Chipotle Mexican Grill Inc. | 0.63 | — | — | — | — | |
| McDonald’s Corp. | 1.21 | — | — | — | — | |
| Starbucks Corp. | 2.26 | 0.89 | — | — | — | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 0.82 | — | — | — | — | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 0.73 | — | — | — | — | |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 11,952 ÷ 12,655 = 0.94
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | Marriott International Inc. debt to capital ratio (including operating lease liability) deteriorated from 2017 to 2018 and from 2018 to 2019. |
Debt to Assets
Marriott International Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt | 977) | 833) | 398) | 309) | 300) | |
| Long-term debt, excluding current portion | 9,963) | 8,514) | 7,840) | 8,197) | 3,807) | |
| Total debt | 10,940) | 9,347) | 8,238) | 8,506) | 4,107) | |
| Total assets | 25,051) | 23,696) | 23,948) | 24,140) | 6,082) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.44 | 0.39 | 0.34 | 0.35 | 0.68 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Airbnb Inc. | — | — | — | — | — | |
| Booking Holdings Inc. | 0.40 | — | — | — | — | |
| Carnival Corp. & plc | 0.26 | 0.24 | — | — | — | |
| Chipotle Mexican Grill Inc. | 0.00 | — | — | — | — | |
| McDonald’s Corp. | 0.72 | — | — | — | — | |
| Starbucks Corp. | 0.58 | 0.39 | — | — | — | |
| Debt to Assets, Sector | ||||||
| Consumer Services | 0.47 | — | — | — | — | |
| Debt to Assets, Industry | ||||||
| Consumer Discretionary | 0.44 | — | — | — | — | |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Debt to assets = Total debt ÷ Total assets
= 10,940 ÷ 25,051 = 0.44
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | Marriott International Inc. debt to assets ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Debt to Assets (including Operating Lease Liability)
Marriott International Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current portion of long-term debt | 977) | 833) | 398) | 309) | 300) | |
| Long-term debt, excluding current portion | 9,963) | 8,514) | 7,840) | 8,197) | 3,807) | |
| Total debt | 10,940) | 9,347) | 8,238) | 8,506) | 4,107) | |
| Current operating lease liabilities (recorded in Accrued expenses and other) | 130) | —) | —) | —) | —) | |
| Noncurrent operating lease liabilities | 882) | —) | —) | —) | —) | |
| Total debt (including operating lease liability) | 11,952) | 9,347) | 8,238) | 8,506) | 4,107) | |
| Total assets | 25,051) | 23,696) | 23,948) | 24,140) | 6,082) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.48 | 0.39 | 0.34 | 0.35 | 0.68 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | — | — | — | — | — | |
| Booking Holdings Inc. | 0.43 | — | — | — | — | |
| Carnival Corp. & plc | 0.26 | 0.24 | — | — | — | |
| Chipotle Mexican Grill Inc. | 0.56 | — | — | — | — | |
| McDonald’s Corp. | 1.00 | — | — | — | — | |
| Starbucks Corp. | 0.58 | 0.39 | — | — | — | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 0.60 | — | — | — | — | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 0.48 | — | — | — | — | |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 11,952 ÷ 25,051 = 0.48
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | Marriott International Inc. debt to assets ratio (including operating lease liability) deteriorated from 2017 to 2018 and from 2018 to 2019. |
Financial Leverage
Marriott International Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 25,051) | 23,696) | 23,948) | 24,140) | 6,082) | |
| Shareholders’ equity (deficit) | 703) | 2,225) | 3,731) | 5,357) | (3,590) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 35.63 | 10.65 | 6.42 | 4.51 | — | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Airbnb Inc. | — | — | — | — | — | |
| Booking Holdings Inc. | 3.61 | — | — | — | — | |
| Carnival Corp. & plc | 1.78 | 1.73 | — | — | — | |
| Chipotle Mexican Grill Inc. | 3.03 | — | — | — | — | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | 20.66 | — | — | — | |
| Financial Leverage, Sector | ||||||
| Consumer Services | 7.46 | — | — | — | — | |
| Financial Leverage, Industry | ||||||
| Consumer Discretionary | 5.56 | — | — | — | — | |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity (deficit)
= 25,051 ÷ 703 = 35.63
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | Marriott International Inc. financial leverage ratio increased from 2017 to 2018 and from 2018 to 2019. |
Interest Coverage
Marriott International Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | 1,273) | 1,907) | 1,372) | 780) | 859) | |
| Add: Income tax expense | 326) | 438) | 1,464) | 404) | 396) | |
| Add: Interest expense | 394) | 340) | 288) | 234) | 167) | |
| Earnings before interest and tax (EBIT) | 1,993) | 2,685) | 3,124) | 1,418) | 1,422) | |
| Solvency Ratio | ||||||
| Interest coverage1 | 5.06 | 7.90 | 10.85 | 6.06 | 8.51 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Airbnb Inc. | — | — | — | — | — | |
| Booking Holdings Inc. | 23.40 | — | — | — | — | |
| Carnival Corp. & plc | 15.86 | 17.53 | — | — | — | |
| Chipotle Mexican Grill Inc. | — | — | — | — | — | |
| McDonald’s Corp. | 8.15 | — | — | — | — | |
| Starbucks Corp. | 14.49 | 34.94 | — | — | — | |
| Interest Coverage, Sector | ||||||
| Consumer Services | 12.41 | — | — | — | — | |
| Interest Coverage, Industry | ||||||
| Consumer Discretionary | 9.85 | — | — | — | — | |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Interest coverage = EBIT ÷ Interest expense
= 1,993 ÷ 394 = 5.06
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | Marriott International Inc. interest coverage ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |
Fixed Charge Coverage
Marriott International Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income | 1,273) | 1,907) | 1,372) | 780) | 859) | |
| Add: Income tax expense | 326) | 438) | 1,464) | 404) | 396) | |
| Add: Interest expense | 394) | 340) | 288) | 234) | 167) | |
| Earnings before interest and tax (EBIT) | 1,993) | 2,685) | 3,124) | 1,418) | 1,422) | |
| Add: Operating lease cost | 185) | 192) | 194) | 150) | 138) | |
| Earnings before fixed charges and tax | 2,178) | 2,877) | 3,318) | 1,568) | 1,560) | |
| Interest expense | 394) | 340) | 288) | 234) | 167) | |
| Operating lease cost | 185) | 192) | 194) | 150) | 138) | |
| Fixed charges | 579) | 532) | 482) | 384) | 305) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 3.76 | 5.41 | 6.88 | 4.08 | 5.11 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Airbnb Inc. | — | — | — | — | — | |
| Booking Holdings Inc. | 14.27 | — | — | — | — | |
| Carnival Corp. & plc | 15.86 | 17.53 | — | — | — | |
| Chipotle Mexican Grill Inc. | 2.49 | — | — | — | — | |
| McDonald’s Corp. | 3.94 | — | — | — | — | |
| Starbucks Corp. | 3.52 | 4.62 | — | — | — | |
| Fixed Charge Coverage, Sector | ||||||
| Consumer Services | 5.02 | — | — | — | — | |
| Fixed Charge Coverage, Industry | ||||||
| Consumer Discretionary | 4.32 | — | — | — | — | |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 2,178 ÷ 579 = 3.76
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | Marriott International Inc. fixed charge coverage ratio deteriorated from 2017 to 2018 and from 2018 to 2019. |