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Marriott Corporation, 1982 Annual Report
Image 37
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Marriott International, Inc.. Marriott Corporation, 1982 Annual Report - Image 37. 1982. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. October 27, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1296/show/1280.

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.. (1982). Marriott Corporation, 1982 Annual Report - Image 37. 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/1296/show/1280

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, 1982 Annual Report - Image 37, 1982, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed October 27, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1296/show/1280.

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.

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Compound Item Description
Title Marriott Corporation, 1982 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1982
Description Marriott Corporation Annual Report for calendar year 1982.
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 37
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_054_037.jpg
Transcript NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Marriott Corporation and all subsidiaries. Investments in less than 50% owned affiliates in which the company possesses significant influence are accounted for under the equity method. All material intercompany transactions and balances have been eliminated. The results of Cruise Ships and other minor operations were combined into Hotels and certain other reclassifications were made to prior year amounts to conform to the 1982 presentation. 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 year 1980 includes 53 weeks. All other years presented contain 52 weeks. Managed and Leased Hotel Operations The company operates 72 hotels under management and lease agreements whereby payments to owners are based primarily on hotel profits. Sales, expenses and operating working capital of managed and leased hotels operated with the company's employees are included in the accompanying consolidated financial statements. Payments to owners are included in rent expense. Foreign Operations The consolidated financial statements include net assets of foreign subsidiaries and affiliates of $74,063,000 at December 31, 1982 and $76,253,000 at January 1, 1982. Foreign net income was $3,446,000 in 1982, $8,177,000 in 1981 and $11,389,000 in 1980. Property and Equipment « 3 The cost of new units includes interest, rent charges and real estate taxes incurred during development. Capitalized interest totaled $32,768,000 in 1982, $24,168,000 in 1981 and $12,546,000 in 1980. 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 using 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, $11,765,000 relates to acquisitions prior to October 31,1970 (at which time amortization became mandatory) and is not being amortized because, in the opinion of management, it has continuing value. The remaining $15,164,000 at December 31,1982 is being amortized over periods of up to 40 years. Pre-Opening and Off-Season Costs Costs of an operating nature 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. Theme park costs incurred during the off-season are deferred (included in prepaid expenses) and charged to expense during the operating season. 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 pretax income as defined by the plan and were $11,983,000 in 1982, $12,698,000 in 1981 and $10,621,000 in 1980. Income Taxes ■ The provision for income taxes is based on income recognized for financial reporting and includes timing differences between such income and that recognized for tax purposes, principally depreciation, interest, and partnership interests. 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 ($32,958,000 as of December 31,1982) because management considers these earnings to be permanently invested. 35