Summary
This 8-K filing from Marriott International, Inc. on February 20, 2004, primarily serves to furnish investors with a revised format of its Consolidated Statement of Income by Quarter for the fiscal years 2003 and 2002. While the company states this reclassification does not alter previously reported earnings, it clarifies how certain items are presented. Specifically, gains such as timeshare note sale gains and equity in earnings/losses from joint ventures are now reported below operating income, offering a clearer view of core operational profitability. Furthermore, the filing details changes in the presentation of general, administrative, and other expenses, which will now encompass all segments of the company, including domestic and international lodging, ExecuStay, the timeshare segment, and corporate expenses. This consolidated approach aims to provide a more comprehensive picture of the company's overall administrative costs. Investors should note that while the presentation has changed, the reported net earnings remain consistent with prior disclosures.
Key Highlights
- 1Marriott International, Inc. has filed an 8-K to present a revised quarterly income statement format for fiscal years 2003 and 2002.
- 2The reclassification impacts the presentation of gains (including timeshare note sale gains) and equity in joint venture earnings/losses, which are now shown below operating income.
- 3General, administrative, and other expenses will be presented on a consolidated basis, including all business segments and corporate costs.
- 4The company explicitly states that these format changes do not alter previously reported earnings for any quarter.
- 5The filing includes Exhibit 99, which contains the detailed Consolidated Statement of Income by Quarter for the fiscal years ended January 2, 2004, and January 3, 2003.
- 6The report was filed on February 20, 2004, with the earliest event date being February 20, 2004.