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Marriott Corporation, 1982 Annual Report
Image 38
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Marriott International, Inc.. Marriott Corporation, 1982 Annual Report - Image 38. 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/1281.

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 38. 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/1281

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 38, 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/1281.

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 38
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_054_038.jpg
Transcript Earnings Per Share Primary and fully diluted earnings per share 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 and deferred stock compensation. Fully diluted earnings per share prior to 1982 further assumes the conversion of all convertible debt. Primary and fully diluted shares were 27,281,612 and 27,447,623, respectively, for 1982. Discretionary Cash Flow Discretionary Cash Flow reports funds provided from operations less capital expenditures which, in management's opinion, were required to maintain the competitive position of existing fixed assets. INVESTMENTS IN AFFILIATES The company's investments in and advances to less than 50%- owned affiliates include: 1982 1981 Hotel joint ventures Sun Line Greece Special Shipping Company Other joint ventures (in thousands) $31,488 $28,705 9,758 9,377 1,715 3,227 $42,961 $41,309 The company has interests in eight joint ventures that own hotels operated by the company under long-term agreements. Payments by the company to the ventures are based primarily on profits of the hotels. At December 31,1982, combined assets and liabilities of the operating hotels were $486,730,000 and $425,016,000, respectively. Liabilities include mortgages of $406,458,000 which are secured solely by venture assets, generally without recourse to the company, except as described below. On July 16,1982, an $18 million public offering of interests in Potomac Hotel Limited Partnership (the Partnership) was completed. The company is the sole general partner of the Partnership, which will develop, own and operate 11 hotels. The company contributed five operating hotels and the "work to date" with respect to six additional hotels under development to the Partnership, and received $184 million from the Partnership for costs incurred to date on these hotels and as reimbursement of organizational and financing costs. The hotels will be managed by a subsidiary of the company, as part of the Marriott hotel system. A group of commercial banks has committed to loan the Partnership, on a limited recourse basis (discussed below), a total of $456 million to provide financing for the $365 million estimated cost of the hotels and to meet certain required interest payments (up to $91 million) on indebtedness, if needed. As of December 31,1982, $205,200,000 has been borrowed under this commitment. The company has agreed to advance up to $45,600,000 to the Partnership to cover shortfalls in certain Partnership debt service. Any such advances by the company are recoverable from subsequent Partnership cash flows after Partnership debt service. Additionally, the company has agreed to advance up to $38,500,000 to cover construction cost overruns, if any, in excess of the budgeted construction costs. To date, no amounts have been advanced under these guarantees. The company also has investments in six other joint ventures presently constructing hotels that will be operated by the company. The excess of the company's investment over its equity in the underlying net assets of less than 50%-owned affiliates is $2,046,000 and is being amortized over periods of up to 40 years. INCOME TAXES Income tax expense consists of: 1982 1981 1980 (in thousands) Current—Federal $26,670 $31,844 $34,810 -State 4,390 5,043 5,577 — Foreign 2,530 4,673 6,620 Deferred 43,198 26,626 11,510 Tax credits Investment tax credit (13,630) (10,400) (7,200) Salaried employee stock ownership plan (1,363) (1,560) (1,065) Jobs tax credit (2,221) (2,300) (2,194) Income from investment tax credit purchased under "safe harbor" tax leases (233) $59,341 (1,033) $52,893 — Provision for income taxes $48,058 The deferred provision is primarily attributable to the tax effect of excess tax over book depreciation equal to $14,632,000 in 1982, $12,629,000 in 1981 and $7,100,000 in 1980; the tax effect of capitalized interest equal to $10,863,000 in 1982, $11,518,000 in 1981 and $5,526,000 in 1980; and the tax effect of partnership interests of $9,198,000 in 1982. Tax credits arising from the company's contributions to a salaried employee stock ownership plan offset a corresponding charge to corporate expenses. i' 36