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Marriott Corporation, 1982 Annual Report
Image 40
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Marriott International, Inc.. Marriott Corporation, 1982 Annual Report - Image 40. 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/1283.

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 40. 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/1283

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 40, 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/1283.

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 40
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_054_040.jpg
Transcript "Operations Held for Sale" include all leases related to operations acquired as part of the Gino's acquisition which are being held for sale, pursuant to the company's merger plan to divest of certain acquired units. It is the company's intent to assign or sublease these lease commitments. Rent expense consists of: 1982 1981 1980 Minimum rentals on operating leases Additional rentals based on sales —operating leases —capital leases Payments to owners of leased and managed hotels based primarily on profits (in thousands) $ 47,907 $19,470 $17,982 20,477 3,358 $ 71,742 10,956 1,140 $32,986 $30,078 11,818 1,698 M 35,233 $97,124 $68,155 During the past three years the company has disposed of hotels through sales and syndication. The company continues to operate the hotels under long-term agreements (75 years including renewal options) with rentals and management fees based primarily on hotel profits. CAPITAL STOCK Sixty million shares of common stock, with a par value of $1 per share, are authorized, of which 29,423,664 were issued at December 31,1982 and at January 1, 1982, including treasury stock of 2,868,972 at December 31, 1982 and 3,264,902 at January 1,1982, respectively. One million shares of preferred stock, without par value, are authorized. As of December 31,1982, no preferred shares have been issued. Total common stock shares reserved at December 31, 1982 are: Employee stock option plan Deferred stock compensation program (494,309 shares fully vested) Employee qualified stock purchase plan Restricted stock plan for key employees Conversions of convertible subordinated debt Total shares reserved 3,684,686 2,047,286 934,860 624,418 75,000 3,122 Under the employee stock option plan, options to purchase shares of common stock may be granted to key employees at not less than 100% of the fair market value on the date of grant. All options expire 10 years after the date of grant and are exercisable in cumulative installments of one-fourth at the end of each of the first four years. Activity under the plan is summarized below: Shares Under Option Number of Option Price Shares Per Share Balance, December 28,1979 1,332,073 $9.31-16.69 Granted 355,050 18.44-34.50 Exercised (456,169) 9.69-16.69 Canceled (52,936) 9.69-28.69 Balance, January 2,1981 1,178,018 9.31-34.50 Granted 291,160 33.13-41.56 Exercised (85,954) 9.69-28.69 Canceled (44,592) 9.69-33.44 Balance, January 1,1982 1,338,632 9.31-41.56 Granted 355,290 36.25-60.94 Exercised (247,639) 9.31-33.44 Canceled (62,728) 9.69-49.56 Balance, December 31,1982 1,383,555 9.69-60.94 At December 31,1982, options for 628,252 shares were exercisable and 663,731 shares were available for granting of additional options. No accounting is made for options until they are exercised. Shares of deferred stock may be granted to key employees and generally vest in annual pro rata installments commencing one year after grant and continuing until retirement. However, upon termination, all non-vested shares are forfeited. The company accrues compensation expense for the fair market value of the shares on the date of grant, less estimated forfeitures. The purchase price for the shares reserved under the employee qualified stock purchase plan is the market value at the beginning or end of the plan year, whichever is less. BUSINESS SEGMENT INFORMATION Results of operations by principal business segment are included in the Statement of Consolidated Income. Net assets employed, identifiable assets, capital expenditures 38