University of Houston Digital Library: Annual Reports from the Hospitality Industry Archives: Marriott Corporation, 1984 Annual Report

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Marriott Corporation, 1984 Annual Report

Image 26

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Marriott International, Inc.. Marriott Corporation, 1984 Annual Report - Image 26. 1984. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. October 25, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/439/show/416.

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Marriott International, Inc.. (1984). Marriott Corporation, 1984 Annual Report - Image 26. 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/439/show/416

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Marriott International, Inc., Marriott Corporation, 1984 Annual Report - Image 26, 1984, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed October 25, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/439/show/416.

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Compound Item Description

Title	Marriott Corporation, 1984 Annual Report
Creator (LCNAF)	Marriott International, Inc.
Publisher	Marriott International, Inc.
Date	1984
Description	Marriott Corporation Annual Report for calendar year 1984.
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

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Item Description

Title	Image 26
Format (IMT)	image/jpeg
File Name	hiltonar_201609_056_026.jpg
Transcript	Based on actual asset sales, Marriott's Current Value estimates are conservative. Marriott has sold assets for $1.5 billion since Current Value was instituted in 1979, including hotels, theme parks and specialty restaurants. The Current Value of the liquidated assets was $1.3 billion, and each sale was in excess of Current Value. The $1.4 billion increase in restated shareholders' equity, from $676 million to $2.1 billion at Current Value, results from a consistent policy of owning and managing real estate assets prudendy financed with debt. Changes in Current Value Shareholders' Equity Current Value at December 30,1983 Discretionary Cash Flow from Continuing Operations New Hotel Management Agreements Common Stock Repurchase Deferred Taxes and Other Current Value at December 28,1984 Condensed Consolidated Current Value Balance Sheet Millions Per Share $1,899 $70.66 271 10.06 64 2.38 (93) 1.03 (28) (2.10) $2,113 $82.03 as of December 28,1984 (in thousands) Current Historical Value Cost Current Assets Property and Equipment, net Hotel Management and Lease Agreements Investments in and Advances to Affiliates Other Assets Current Liabilities Debt and Capital Lease Obligations Other Long-Term Liabilities Deferred Income Taxes Shareholders' Equity Percentage of Debt and Capital Lease Obligations to Total Capital i 430,099 $ 430,099 2,507,277 1,832,833 584,958 299,469 523,864 268,177 373,560 1,345,667 $2,904,669 ! 573,986 $ 573,986 1,089,495 1,115,287 139,534 259,694 429,446 280,142 2,113,206 675,560 $4,345,667 $2,904,669 28.9% 47.9% Basis of Valuations Property and equipment, hotel management agreements and investments in affiliates are valued on the basis of the present worth of estimated future cash flows after certain deductions, primarily anticipated asset maintenance requirements. Goodwill and deferred costs are assigned no value. Debt and capital lease obligations are discounted to present value. Discount rates reflect current market rates. Deferred income taxes are provided to reflect die present value of projected income tax payments arisingfrom the difference between assets' current value and net tax value. 24