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Marriott Corporation, 1976 Annual Report
Image 32
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Marriott International, Inc.. Marriott Corporation, 1976 Annual Report - Image 32. 1976. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 4, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/956/show/947.

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.. (1976). Marriott Corporation, 1976 Annual Report - Image 32. 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/956/show/947

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, 1976 Annual Report - Image 32, 1976, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 4, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/956/show/947.

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, 1976 Annual Report
Creator (LCNAF)
  • Marriott International, Inc.
Publisher Marriott International, Inc.
Date 1976
Description Marriott Corporation Annual Report for the 52 weeks ending on July 30, 1976.
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 32
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_047_032.jpg
Transcript 30 Notes to Consolidated Financial Statements SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation: The consolidated financial statements include accounts of the Company and all subsidiaries. Investments in companies representing 20% to 50% interests are accounted for under the equity method. All material intercompany transactions and balances have been eliminated. Foreign Operations: The consolidated financial statements include net assets of foreign subsidiaries of $23,549,000 at July 30, 1976 and $25,688,000 at July 25, 1975, after deducting intercompany loans of $16,562,000 and $17,930,000, respectively. Foreign sales and net income (loss) after interest, intercompany charges and foreign tax, as a percent of consolidated sales and net income were 8% and 5% in 1976 and 10% and (1)% in 1975, respectively. Financial statements of foreign subsidiaries are translated into U.S. dollars in accordance with the provisions of Financial Accounting Standards Board (FASB) Statement No. 8. Translation losses of $471,000 in 1976 and $206,000 in 1975 have been included in the determination of net income. In accordance with the requirements of FASB Statement No. 8, the financial statements for 1973 have been restated to charge net income for $629,000 ($.02 per share) for foreign exchange adjustments resulting from the translation of construction loans. This amount had previously been added to buildings and improvements. Theme Parks: The consolidated financial statements include operating results of the two "Great America" theme parks which opened for their initial season in March and May, 1976. In the opinion of management the operating results for this initial period in fiscal 1976 are not necessarily indicative of future operating performance because of the impact of short term variations, the incurrence of initial start-up costs and because the results include charges for interest, depreciation and real estate taxes only since the opening of the parks. The theme parks operate primarily during the summer season. Operating costs incurred during the off-season are deferred (included in prepaid expenses). Deferred costs and annual depreciation are charged to expense during the operating season based on the number of operating days. Interest and general and administrative costs are expensed as incurred. Condominium Sales: Sales of condominium units are recorded when both parties are bound by sales contracts and all conditions precedent to closing have been performed, including receipt of appropriate down payments. The Company had condominium sales of $6,594,000 in 1976 and $7,379,000 in 1975. Royalty and Franchise Fees: Royalty fees are accrued on a monthly basis. Initial franchise fees are not significant. Property and Equipment: Depreciation and amortization are calculated on the straight-line method for financial statement purposes based on the following lives: Buildings and improvements —25 to 45 years Leasehold improvements — Shorter of life of lease or asset Furniture and equipment —2 to 15 years Cruise ships —20 years Maintenance and repairs are expensed. New unit costs include interest, rent charges and real estate taxes incurred during construction. Replacements and improvements, including most costs of converting units, are capitalized. Upon sale or retirement of property and equipment (excluding normal sales or retirements of theme park rides and equipment or alarm systems), the costs less accumulated depreciation and salvage are charged or credited to income. Theme park rides and equipment and alarm systems are depreciated under the composite method and no gain or loss is recognized on normal sales or retirements. Land and Ship Purchased for Future Operations or Resale: In connection with the development of properties, the Company has acquired land and a ship to be used for future operations and/or for eventual resale. Carrying costs are capitalized on the land to the extent that estimated realizable value exceeds land and accumulated carrying costs. The Company is currently pursuing the possible use of the idle ship as a hotel in the Middle East; carrying costs are being expensed as incurred. Cost in Excess of Net Assets of Businesses Acquired: Of the cost in excess of net assets of businesses acquired, $12,936,000 relates to acquisitions prior to October 31, 1970 (at which time amortization became mandatory) and is not being amortized because in the opinion of management, it has continuing value. The remaining $5,720,000 at July 30, 1976 and $6,024,000 at July 25, 1975 is being amortized over periods of up to 40 years. Deferred Costs: Costs incurred prior to opening are deferred and amortized over three years for hotels, five years for theme parks and one year for other major operations. Similar costs for all other operations are expensed as incurred. Issuance costs on long term debt are deferred and amortized over the repayment term. Costs of developing data processing systems and research