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Marriott Corporation, 1981 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1981 Annual Report - Image 39. 1981. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. August 9, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/1445/show/1439.

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.. (1981). Marriott Corporation, 1981 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/1445/show/1439

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, 1981 Annual Report - Image 39, 1981, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed August 9, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/1445/show/1439.

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, 1981 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1981
Description Marriott Corporation Annual Report for calendar year 1981.
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_053_039.jpg
Transcript t restrictions on cash dividends, other payments and the pledging of certain assets. At January 1,1982 retained earnings of $151,177,000 are unrestricted and $302,952,000 of property and equipment, at net book value, is pledged or mortgaged. Unsecured debt at year-end consists of: 1981 1980 1979 Senior notes payable with interest at 10ys% and maturing 1983 to 1997 Notes payable with interest at 8.25% to 12.0% and maturing 1982 to 2010 Revolving bank loans with average interest at 13.8^ and maturing through 1991 (includes short-term debt of $76,467,000 borrowed against revolving bank loans) (in thousands) $ 34,500 18,039 387,845 $440,384 The company has $479,000,000 of revolving loan commitments at January 1,1982. 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 1981 was $8,293,000. The company called for redemption or conversion on October 14,1981 of substantially all the convertible subordinated debt outstanding. During 1981, $25,020,000 of the debt was converted into 811,924 shares of common stock and $145,000 was redeemed for cash, leaving $135,000 outstanding. Leases Minimum future rentals under non-cancelable leases (primarily real estate and shopping center space) are: Capital Operating Fiscal Year Leases Leases (in thousands) 1982 $ 3,690 $ 19,391 1983 3,666 19,524 1984 3,651 18,575 1985 3,630 17,934 1986 3,565 17,971 Thereafter 33,820 166,169 Total minimum lease payments 52,022 $259,564 Amount representing interest (23,400) Present value of net minimum lease payments 28,622 Current portion of capital lease obligations (1,222) Long-term capital lease obligations $27,400 (in thousands) $19,470 $17,982 $17,410 11,818 1,698 $32,986 10,956 1,140 $30,078 $68,155 10,928 836 $29,174 $97,124 $47,981 Rent expense consists of: 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 Most leases contain one or more renewal options, generally for periods of five or ten years. During 1981 and 1980, the company sold eight hotels for $192,600,000. 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 January 1,1982 and 29,424,216 were issued at January 2,1981, including treasury stock of 3,264,902 and 4,362,951, respectively. One million shares of preferred stock, without par value, are authorized. As of January 1,1982 no preferred shares have been issued. Total common stock shares reserved at January 1, 1982 are: Employee stock option plan 2,294,925 Deferred stock compensation program (515,598 shares fully vested) 985,886 Employee qualified stock purchase plan 706,459 Restricted stock plan for key employees 71,000 Conversions of convertible subordinated debt 3,512 Total shares reserved 4,061,782 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 ten 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 Balance, December 29,1978 Granted Exercised Canceled Balance, December 28,1979 Granted Exercised Canceled Balance, January 2,1981 Granted Exercised Canceled Balance, January 1,1982 Number of Optioi i Price Shares Per Share 1,243,551 $ 9.31- -16.31 270,900 12.75- -16.69 (80,263) 9.69- -12.44 (102,115) 9.69- -16.69 1,332,073 9.31- -16.69 355,050 18.44- -34.50 (456,169) 9.69- -16.69 (52,936) 9.69- -28.69 1,178,018 9.31- -34.50 291,160 33.13- -41.56 (85,954) 9.69- -28.69 (44,592) 9.69- -33.44 1,338,632 $ 9.31- -41.56 37