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Marriott Corporation, 1982 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1982 Annual Report - Image 43. 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/1286.

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 43. 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/1286

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 43, 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/1286.

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 43
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_054_043.jpg
Transcript QUARTERLY FINANCIAL RESULTS (Unaudited) The following is a summary of selected quarterly financial data for fiscal years 1982 and 1981 (in thousands except per share amounts): F ully Diluted ncome Before Net Earnings 1982 Sales Income Taxes $ 28,812 Income $16,942 Per Share First $ 516,209 $ .63 Second 600,861 36,705 22,370 .82 Third 631,660 47,068 29,895 1.10 Fourth 792,623 41,098 25,135 .91 Year $2,541,353 $153,683 $94,342 3.44 1981 hrst $ 412,536 $ 23,784 $14,367 $ .54 Second 463,624 36,497 21,823 .81 Third 503,431 45,365 28,210 1.05 Fourth 620,723 33,383 21,736 .81 Year $2,000,314 $139,029 $86,136 3.20 Each of the first three quarters consists of 12 weeks while the fourth quarter includes 16 weeks. The sum of the earnings per share for the four quarters is different from the annual earnings per share due to the required method of computing the quarterly and annual amounts on the weighted average number of shares in the respective periods. In the fourth quarter, the company's Theme Parks segment disposed of approximately 35 acres of excess land at the Santa Clara park, resulting in a pre-tax gain of $16,874,000. In addition, various other write-offs and reserves were recorded, primarily related to airline receivables and foreign operations. The net effect of all of the foregoing items was to increase earnings per share for the fourth quarter seven cents per share. CONSTANT DOLLAR AND CURRENT COST INFORMATION (Unaudited) The following tables are required by Statement of Financial Accounting Standards No. 33. They adjust historical cost financial information for changes in the general purchasing power of the dollar as measured by the Consumer Price Index, and for changes in the specific prices of resources utilized in the company's operations. However, this information distorts economic performance because historical cost depreciation is increased for changes in general price levels and the company's current costs, whereas the company's real estate-based assets require less annual capital reinvestment than is provided by historical cost depreciation. Accordingly, management believes that the Current Value information on page 28 is more meaningful in evaluating the company's performance and financial condition. Statement of Consolidated Income Adjusted for Changing Costs for the year ended December 31,1982 (in thousands of average 1982 dollars) Net income as reported $ 94,342 Constant dollar adjustment for depreciation and amortization of property and equipment (33,868) Constant dollar net income 60,474 Current cost adjustment for depreciation and amortization of property and equipment 10,087 Current cost net income 70,561 Gain from decline in purchasing power of net amounts owed 35,435 Adjusted net income $105,996 Increase in current cost of property and equipment held during the year $ 66,885 Effect of increase in general price level 58,066 Increase in current costs excluding increase in general price level $ 8,819 At December 31,1982, current cost of inventories was $89,071,000 and current cost of property and equipment (excluding construction in progress), net of accumulated depreciation, was $1,626,052,000. Current cost is based on the company's estimate of the cost of reproducing selected representative major facilities. Current cost of leasehold improvements is estimated using appropriately indexed historical costs. Current cost for the balance of the company's service potential, primarily furniture and equipment, is derived from vendor quotations, published price lists or indexed historical costs. The increase in current cost of property and equipment in excess of the increase in the general price level is primarily the result of increased land values. The company's inventory turns over rapidly and thus, its cost is current. Accordingly, cost of sales is already stated in average 1982 dollars. 41