Textbook Problem

Research and Analysis Using the Annual 10-K

Obtain Marriott’s 2016 10-K through the “Investor Relations” portion of Marriott’s website, (do a web search for Marriott investor relations). Once at the Investor Relations part of the website look for “SEC Filings.” When you see the list of all the filings, either filter for the “Annual Filings” or search for “10-K” when you find the list of all SEC Filings.

Another option is to go to www.sec.gov and click “Company Filings Search" under “Filings.”

Required:

3. Look at Marriott’s long-term debt footnote and answer the following questions:

1. When does the debt with the highest effective interest rate mature?
2. How much of the debt is maturing in each of the next 5 years (2017-2021)? How much is maturing in more than 5 years (2022 and beyond)?
3. Marriott has a multicurrency revolving credit agreement. How much can it borrow under that agreement? How is the interest rate determined? When does this agreement expire?