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Marriott Corporation, 1983 Annual Report
Image 34
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Marriott International, Inc.. Marriott Corporation, 1983 Annual Report - Image 34. 1983. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. September 23, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/303/show/288.

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.. (1983). Marriott Corporation, 1983 Annual Report - Image 34. 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/303/show/288

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, 1983 Annual Report - Image 34, 1983, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed September 23, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/303/show/288.

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, 1983 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1983
Description Marriott Corporation Annual Report for calendar year 1983.
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 34
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_055_034.jpg
Transcript of employee stock option and purchase plans and deferred stock compensation. Primary and fully diluted shares for 1983 were 27,771,541 and 27,790,909, respectively. Discretionary Cash Flow Discretionary Cash Flow represents funds provided from operations less capital expenditures that, in management's judgment, were required to maintain the competitive position of existing property and equipment. INVESTMENTS IN AFFILIATES Investments in and advances to affiliates consist of: 1983 1982 Hotel joint ventures Marriott Financial Services, Inc. Sun Line Greece Special Shipping Company Other joint ventures (in thousands) $44,956 $31,488 12,013 8,505 2,938 9,758 1,715 $68,412 $42,961 The company has minority interests in eight joint ventures that own hotels operated by the company under long-term agreements. Amounts retained by the company for management services are based primarily on profits of the hotels. At December 30,1983, combined assets and liabilities of these joint ventures were $574,853,000 and $537,335,000, respectively. Liabilities include mortgages of $516,539,000 which are secured solely by venture assets, generally without recourse to the company, except as described below. The company also has investments in six other joint ventures presently constructing hotels that will be operated by the company. The company is the sole general partner in a partnership formed in July 1982 to develop, own and operate 11 hotels. As of December 30,1983,10 hotels were in operation and one was under construction. The hotels are managed by a subsidiary of the company as part of the Marriott hotel system. A group of commercial banks has committed to loan this partnership, on a limited recourse basis, a total of $456 million to provide financing for the $365 million original estimated cost of the hotels and to meet certain required interest payments (up to $91 million) on indebtedness, if needed. As of December 30,1983, $305,455,000 has been borrowed under this commitment. The company has agreed to advance up to $45,625,000 to the partnership to cover shortfalls in certain partnership debt service and, as of December 30, 1983, $9,100,000 has been advanced. Any such advances by the company are recoverable from subsequent partner ship cash flows after partnership debt service. Additionally, the company has agreed to advance up to $39,838,000 to cover construction costs in excess of the budgeted amounts, but does not anticipate having to advance any funds under this guarantee. In the fourth quarter of 1983, the company sold $57,573,000 of notes and trade accounts receivable to Marriott Financial Services, Inc. ("MFS"). The company has guaranteed borrowings by MFS of $46,675,000 at December 30,1983 under a revolving credit arrangement. INCOME TAXES Income tax expense consists of: 1983 1982 1981 Current—Federal -State —Foreign Deferred Tax credits Investment tax credit Employee stock ownership plan Jobs tax credit Provision for income taxes (in thousands) $19,631 $26,670 $31,844 3,952 4,390 5,043 4,854 2,530 4,673 71,109 43,198 26,626 (11,529) (13,863) (11,433) (2,600) (2,560) (1,363) (2,221) (1,560) (2,300) $82,857 $59,341 $52,893 The deferred provision is primarily attributable to the tax effects of excess tax over book depreciation ($22,907,000 in 1983, $14,632,000 in 1982 and $12,629,000 in 1981), capitalized interest ($14,011,000 in 1983, $10,863,000 in 1982 and $11,518,000 in 1981) and partnership interests ($28,819,000 in 1983 and $9,198,000 in 1982). Tax credits arising from contributions to employee stock ownership plans offset a corresponding charge to corporate expenses. A reconciliation of the United States statutory tax rate and the company's consolidated effective income tax rate follows: 1983 1982 1981 United States statutory tax rate 46.0% 46.0% 46.0% State income taxes, net of U.S. tax benefit 4.3 3.6 3.6 Foreign earnings and losses subject to aggregate tax rates less than U.S. rate (1.8) (.6) (1.6) Other items, net 1.7 1.0 1.0 Effective gross income tax rate 50.2 50.0 49.0 Tax credits (8.4) (11.4) (11.0) Effective income tax rate 41.8% 38.6% 38.0% i 32