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Marriott Corporation, 1984 Annual Report
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Marriott International, Inc.. Marriott Corporation, 1984 Annual Report - Image 34. 1984. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. November 19, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/439/show/424.

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 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/439/show/424

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 34, 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 19, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/439/show/424.

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 34
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_056_034.jpg
Transcript LEASES Minimum future rentals under non-cancelable leases (primarily real estate and shopping center space) are (in thousands): Capital Operating Operations Fiscal Year Leases Leases Held for Sale 1985 $ 10,739 $ 53,628 $ 6,192 1986 10,352 51,325 6,070 11 1987 9,953 48,796 5,878 1988 9,577 45,359 5,941 1989 9,109 42,411 5,916 Thereafter 79,108 370,275 44,718 Total minimum lease payments 128,838 $611,794 $74,715 Amount representing interest (61,407) Present value of minimum lease payments 67,431 Current portion of capital lease obligations (5,927) Long-term capital lease obligations $ 61,504 These future rentals have not been reduced by minimum sublease rentals of $87.4 million payable to the company under non-cancelable subleases. Most leases contain one or more renewal options, generally for five or 10-year periods. Rent expense consists of: 1984 1983 1982 (in thousands) Minimum rentals on operating leases $ 52,232 $ 50,428 $ 47,907 Additional rentals based on sales -operating leases 35,862 28,950 20,477 -capital leases 1,709 2,505 3,358 $ 89,803 $ 81,883 $ 71,742 Payments to owners of leased and managed hotels $233,571 $182,656 $135,233 CAPITAL STOCK One hundred million shares of common stock, with a par value of $1 per share, are authorized. Treasury shares aggregated 3,657,664 and 2,545,230 at December 28, 32 1984 and December 30,1983, respectively. One million shares of unissued preferred stock, without par value, are authorized. Total common shares reserved at December 28,1984 are: Employee stock option plan 2,360,731 Deferred stock compensation programs (529,237 shares fully vested) 944,939 Employee qualified stock purchase plan 447,900 Restricted stock plan for key employees 25,000 Conversions of convertible subordinated debt 1,498 Total shares reserved 3,780,068 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, January 1,1982 Granted Exercised Canceled Balance, December 31,1982 Granted Exercised Canceled Balance, December 30,1983 Granted Exercised Canceled Balance, December 28,1984 Number of Option Price Shares Per Share 1,338,632 $ 9.31-41.56 355,290 36.25-60.94 (247,639) (62,728) 1,383,555 341,565 (199,929) (50,332) 1,474,859 351,055 (236,626) (61,277) 1,528,011 9.31-33.44 9.69-49.56 9.69-60.94 51.38-76.13 9.69-49.56 10.74-73.25 9.69-76.13 59.75-73.75 9.69-73.25 9.94-76.13 9.69-76.13 At December 28,1984 options for 725,684 shares were exercisable and 832,720 shares were available for granting of additional options. No accounting is made for options until they are exercised. Shares of deferred bonus stock may be granted to key employees and generally vest in annual pro rata installments commencing one year after grant and continuing until retirement. However, upon termination all non- vested shares are forfeited. The company accrues compensation expense for the fair market value of the shares on the date of grant, less estimated forfeitures. The purchase price for the shares reserved under the employee qualified stock purchase plan is the lower of market value at the beginning or end of the plan year.