Keyword
in
Collection
Date
to
Marriott Corporation, 1980 Annual Report
Image 33
Citation
MLA
APA
Chicago/Turabian
Marriott International, Inc.. Marriott Corporation, 1980 Annual Report - Image 33. 1980. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. October 29, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1122.

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 33. 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/1122

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 33, 1980, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed October 29, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1134/show/1122.

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 33
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_052_033.jpg
Transcript Investments in Affiliates The company's investments in and advances to less than 50% owned affiliates include: Reconciliation of the United States statutory tax rate and the company's consolidated income tax rate follows: 1980 1979 Hotel joint ventures Sun Line Greece Special Shipping Company Other joint ventures (in thousands) S25.720 $16,708 8,501 7,270 3.366 3.182 $37,587 $27,160 The company has interests in four joint ventures that own hotels operated by the company under long- term agreements. Rental payments by the company to the ventures are based on profits of the hotels. At January 2,1981. combined assets and liabilities of these hotel joint ventures were $188,471,000 and $155,139,000, including mortgages of $134,438,000. The mortgages are secured solely by venture assets without recourse to the company. The company also has investments in seven other joint ventures presently constructing hotels that will be operated by the company. At November 30,1980, Sun Line Greece Special Shipping Company had total assets of $22,944,000 and liabilities of $10,613,000, including $4,064,000 of debt Marriott has guaranteed 45% of this debt The excess of the company's investment over its equity in the underlying net assets of less than 50% owned affiliates is $2,364,000 and is being amortized over periods up to 40 years. • Income Taxes Income tax expense consists of 1980 1979 1978 (in thousands) $24,709 4,429 3,359 13,837 Current—Federal $35,414 $39,868 -State 5,577 5,878 —Foreign 6,016 4,347 Deferred 11,510 8,786 Tax credits Investment tax credit (7,200) (5,300 Salaried Employee Stock Ownership Plan (1,065) (833 lobs tax credit (2,194) (601 Provision for income taxes $48,058 $52,145 (4.850) (485) $40,999 The deferred provision is primarily attributable to the tax effect of excess tax over book depreciation which amounted to $7,100,000 in 1980, $9,529,000 in 1979 and $ 11,304,000 in 1978, and capitalized interest of $5,526,000 in 1980. Tax credits arising from the company's contributions to a salaried employee stock ownership plan offset a corresponding charge to corporate expenses. 1980 1979 1978 46.0% 46,0% 48.0% 3.7 3.6 3.4 (1.8) (3.3) (2.6) .8 1.5 (0.2) 48.7 47.8 48.6 (8.7) (5.5) (5.6) 40,0% 42,3% 43.0% United States statutory tax rate State income taxes, net of U.S. tax benefit Foreign earnings and losses subject to aggregate tax rate less than U.S. rate Other items, net Effective gross income tax rate Tax credits Effective income tax rate Debt Maturities of debt at January 2,1981 are: (in thousands) 1982 $ 17.686 1983 18,022 1984 33,804 1985 38,442 to 2010 425.640 $533,594 The company has debt of $244,317,000 as of January 2,1981 at interest rates which vary based on the prime lending rate or London Euro-dollar interbank rate. Interest rates on other debt range from 4.2 5% to 13.88%. The company's loan agreements require the company to meet certain requirements including among other things, maintaining minimum net worth and asset-to- debt and debt-to-equity ratios. The loan agreements also have restrictions on cash dividends, other payments and the pledging of certain assets. At January 2, 1981 retained earnings of $88,309,000 are unrestricted and $287,955,000 of property and equipment at net book value, is pledged or mortgaged. Unsecured debt at year-end consists of (in thousands) Senior notes payable with interest at 10%% and maturing 1983 to 1997 $ 34.500 Notes payable with interest at 8% to 13%% and maturing 1982 to 2010 92,421 Revolving bank loans with average interest at 14.8% and maturing through 1990 236.960 $363.881 The company has $302,000,000 of revolving loan commitments at January 2, 1981 ($210,000,000 of which have a weighted interest ceiling of 16.2% through 1981). A commitment fee of up to one-half of one percent is payable on the unused portion. The company also has unused bank credit lines aggregating $ 16,500,000. The company uses revolving loans, short-term loans and commercial paper for its interim financing. Such financing is classified as noncurrent to the extent the company has funds available under its revolving loan agreements 29