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Marriott Corporation, 1984 Annual Report
Image 33
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Marriott International, Inc.. Marriott Corporation, 1984 Annual Report - Image 33. 1984. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 20, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/439/show/423.

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.. (1984). Marriott Corporation, 1984 Annual Report - Image 33. 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/423

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, 1984 Annual Report - Image 33, 1984, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed November 20, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/439/show/423.

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, 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
Item Description
Title Image 33
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_056_033.jpg
Transcript The deferred provision is primarily attributable to the tax effects of excess tax over book depreciation ($19.9 million in 1984, $17.6 million in 1983 and $10.9 million in 1982), capitalized interest ($28.8 million in 1984, $13.9 million in 1983 and $10.8 million in 1982), partnership interests ($15.2 million in 1984, $28.8 million in 1983 and $9.2 million in 1982) and purchased tax lease benefits ($27.8 million in 1984, $10.2 million in 1983 and $8.9 million in 1982), reduced by the tax effects of higher •J» gains recognized for tax purposes than for book pur poses ($16.3 million in 1984). 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 effective income tax rate on income from continuing operations follows: 1984 1983 1982 U.S. statutory tax rate State income taxes, net of U.S. tax benefit Foreign earnings and losses subject to aggregate tax rates less than U.S. rate Other items, net Effective gross income tax rate Tax credits Effective income tax rate DEBT Maturities of debt at December 28,1984 are (in thousands): The company's loan agreements require, among other things, the maintenance of minimum net worth, asset-to- debt and debt-to-equity ratios. The loan agreements also include restrictions on cash dividends, other payments and the pledging of certain assets. At December 28,1984, retained earnings of $106 million are unrestricted and $811.7 million of owned property and equipment, at net book value, is pledged or mortgaged. Mortgage notes of $632.9 million bear interest at rates ranging from 6.0% to 12.5% and mature on various dates through 2024. Of the total mortgage debt outstanding, $562.5 million is secured, generally without recourse to the company, by specific assets with a net book value that approximates the outstanding loan balance. Unsecured debt at December 28,1984 consists of (in thousands): 46.0% 46.0% 46.0% 4.2 4.3 3.6 (1.3) 1.4 (2.0) 1.9 (-7) 1.2 50.3 50.2 50.1 (7.6) (8.8) (12.5) 42.7% 41.4% 37.6% 1986 1987 1988 1989 to 2024 35,980 50,302 58,065 71,966 837,470 1,053,783 The company had debt of $874.8 million as of December 28,1984 at interest rates which are adjusted periodically based on the Treasury bill rate, the London Eurodollar interbank rate or negotiated rates based on the lenders' cost of funds. The weighted average interest rates on this debt were 10.8% at December 28,1984 and 12% during 1984. Senior notes payable with interest at 12% and maturing through 1995 Notes payable with interest at 5.2% to 14.0% and maturing through 2014 Bank and other loans with average interest at 8.9% and maturing through 1993 $ 27,600 84,504 308,756 $420,860 The company had $462 million of revolving loan commitments at December 28,1984. Commitment fees of up to .5% are payable on the unused portion. Revolving loan commitments, short-term loans and commercial paper are used for interim financing. Such financing (including short-term loans and commercial paper of $214 million) is classified as noncurrent to the extent funds are available under revolving loan agreements maturing beyond one year. The above maturity table reflects the maturities of unsecured debt based on 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, or pays a fee in lieu thereof. All compensating balance agreements are informal and do not legally restrict withdrawal of funds. The average compensating balance during 1984 was $10.7 million. 31