Keyword
in
Collection
Date
to
Marriott Corporation, 1980 Annual Report
Image 32
Citation
MLA
APA
Chicago/Turabian
Marriott International, Inc.. Marriott Corporation, 1980 Annual Report - Image 32. 1980. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. May 25, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1121.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Marriott International, Inc.. (1980). Marriott Corporation, 1980 Annual Report - Image 32. Annual Reports from the Hospitality Industry Archives. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. Retrieved from https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1121

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Marriott International, Inc., Marriott Corporation, 1980 Annual Report - Image 32, 1980, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed May 25, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1121.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

URL
Embed Image
Compound Item Description
Title Marriott Corporation, 1980 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1980
Description Marriott Corporation Annual Report for calendar year 1980.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Marriott International, Inc.
Genre (AAT)
  • annual reports
  • business records
Language English
Type (DCMI)
  • Text
  • Image
Original Item Location Marriott Hotels Collection
Digital Collection Annual Reports from the Hospitality Industry Archives
Digital Collection URL http://digital.lib.uh.edu/collection/hiltonar
Repository Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston
Repository URL http://www.uh.edu/hilton-college/About/hospitality-industry-archives
Use and Reproduction No Copyright - United States
File Name index.cpd
Item Description
Title Image 32
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_052_032.jpg
Transcript Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of Marriott Corporation and all subsidiaries. Investments in companies representing 20% to 50% interests are accounted for under the equity method. All material intercompany transactions and balances have been eliminated. Fiscal Year The company's fiscal year ends on the Friday closest to December 31 for domestic operations and November 30 for foreign operations. Fiscal 1980 (ended January 2, 1981) includes 53 weeks. All other years presented contain 52 weeks. Reclassifications In 1980, the company began allocating the operating profits of its corporate food production and distribution operations (previously included in Cruise Ships and Other) to its operating businesses based on relative sales to each segment Prior year segment information has been reclassified to reflect this change and other minor changes in organizational responsibility adopted in 1980 Foreign Operations The consolidated financial statements include net assets of foreign subsidiaries and affiliates of $72,729,000 at January 2,1981 and $60,755,000 at December 28,1979. Foreign netincomewas$ll,389,000 in 1980, $12,994,000 in 1979 and $9,264,000 in 1978. Foreign exchange and translation gains or losses are immaterial. Theme Parks Theme park costs incurred during the off-season are deferred (included in prepaid expenses) and charged to expense during the operating season based on budgeted sales. Property and Equipment The cost of new units includes interest rent charges and real estate taxes incurred during construction. Capitalized interest totaled $12,546,000 in 1980 $4,705,000 in 1979 and $4,766,000 in 1978. Replacements and improvements, including most costs of converting units, are capitalized. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of asset or lease life. Upon sale or retirement of property and equipment (excluding normal sales or retirements of theme park rides and equipment), the costs less accumulated depreciation and salvage are charged or credited to income. Theme park rides and equipment are depreciated under the composite method and no gain or loss is recognized on normal sales or retirements. Cost in Excess of Net Assets of Businesses Acquired Of the cost in excess of net assets of businesses acquired, $ 12,936,000 relates to acquisitions prior to October31, 1970 (at which time amortization became mandatory) and is not being amortized because in the opinion of management it has continuing value. The remaining $5,939,000 at January 2,1981 is being amortized over periods of up to 40 years. Pre-Opening Costs Operating costs incurred prior to opening are deferred and amortized over three years for hotels, five years for theme parks and one year for other major operations. Similar costs for all other operations are expensed as incurred. Profit Sharing Plan The company contributes to a profit sharing plan for the benefit of employees meeting certain eligibility requirements and electing participation in the plan. Company contributions are a specified percentage of the company's pre-tax income. Company contributions to the plan were $10,621,000 in 1980, $10.337000 in 1979 and $7792,000 in 1978. Income Taxes Income taxes are based on reported income. Deferred income taxes are provided fortiming differences between the recognition of certain income and expenses for book and tax purposes, principally depreciation and interest Investment tax credits are accounted for using the "flow-through" method. Provision for income taxes has not been made on unremitted earnings of foreign subsidiaries ($34,047,000 as of January 2,1981) because management considers these earnings to be permanently invested. Earnings Per Share Primary earnings pershare are based on the weighted average number of shares outstanding during each year, adjusted for the dilutive effect of employee stock option and purchase plans, deferred stock compensation, a stock warrant and the conversion of certain convertible debt Fully diluted earnings pershare further assumes the conversion of all convertible debt Primary and fully diluted shares averaged 27777081 and 27.973,784, respectively, in 1980. 28