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Marriott Corporation, 1982 Annual Report
Image 39
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Marriott International, Inc.. Marriott Corporation, 1982 Annual Report - Image 39. 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/1282.

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 39. 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/1282

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 39, 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/1282.

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 39
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_054_039.jpg
Transcript Reconciliation of the United States statutory tax rate and the company's consolidated income tax rate follows: 1982 1981 1980 United States statutory tax rate 46.0% 46.0% 46.0% State income taxes, net of U.S. tax benefit 3.6 3.6 3.7 Foreign earnings and losses subject to aggregate tax rates less than U.S. rate (.6) (1.6) (1.8) Other items, net 1.0 50.0 1.0 49.0 .8 Effective gross income tax rate 48.7 Tax credits and other (11.4) (11.0) (8.7) Effective income tax rate 38.6% 38.0% 40.0% DEBT Maturities of debt at December 31,1982 are: (in thousands) 1984 $ 27,735 1985 35,615 1986 42,097 1987 48,358 to 2012 656,504 $810,309 The company has debt of $603,141,000 as of December 31,1982, at interest rates which vary based on the prime lending rate, London Euro-dollar interbank rate or negotiated rates based on the banks' cost of funds. Interest rates on other debt range from 5.2% to 12.0%. The company's loan agreements require it to meet certain requirements including, among other things, maintaining minimum net worth, 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 December 31,1982, retained earnings of $211,766,000 are unrestricted and $446,637,000 of owned property and equipment, at net book value, is pledged or mortgaged. Unsecured debt at year-end consists of: Senior notes payable with interest at 107/8% and i maturing 1984 to 1997 Notes payable with interest at 5.25% to 12.0% and Jf maturing 1984 to 2010 Revolving bank loans with average interest at 10.0% and maturing through 1992 (includes short-term debt of $63,672,000 borrowed against revolving bank loans) (in thousands) 32,200 38,736 556,918 $627,854 The company has $680,000,000 of revolving loan commitments at December 31,1982. A commitment fee of up to one-half of one percent is payable on the unused portion. The company uses revolving loan commitments, 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 maturing beyond one year. The above maturity table reflects the maturities of unsecured debt on the basis of the permanent loan repayment schedule, the maturity schedule of revolving bank loans and management's estimation of prepayments. Under certain bank agreements, the company maintains average compensating balances equal to a percentage (3%-5%) of the amounts available or borrowed. All compensating balance agreements are informal and do not legally restrict withdrawal of funds. The average compensating balance during 1982 was $17,181,000. LEASES Minimum future rentals under non-cancelable leases (primarily real estate and shopping center space) are: Capital Operating Operations Fiscal Year Leases Leases Held for Sale (in thousands) E 43,114 $ 41,299 38,246 38,017 37,952 313,055 11,737 10,823 9,949 9,753 9,547 71,930 165,965 $511,683 $123,739 1983 $ 13,198 1984 13,051 1985 12,732 1986 12,393 1987 11,775 Thereafter 102,816 Total minimum lease payments Amount representing interest (81,934) Present value of net minimum lease payments 84,031 Current portion of capital lease obligations (5,015) Long-term capital lease obligations $ 79,016 The above stated amounts have not been reduced by minimum sublease rentals of $20,416,000, payable to the company in the future under non-cancelable subleases. Most leases contain one or more renewal options, generally for five- or 10-year periods. 37