E7.12 Below is information for Marriott (MAR) taken from the 2018 Form 10-K. Consider the impact of this disclosure on forecasts of revenues for the firm. Segment Revenues The following tables present our revenues disaggregated by major revenue stream as of year end 2018, year-end 2017, and year-end 2016 2018 North North American American Full-Service Limited-Service Asia Pacific Other International Total $1,255 $903 $ 3,155 $479 $ 518 (58) (5 millions) Gross fee revenues Contract investment amortization Net tea revenues Owned, leased, and other revenue Cost reimbursement revenue Total segment revenue Unallocated corporate Total revenues (33) 1,222 593 11,257 $13.072 (12) 891 128 2,198 $ 3.217 (2) 477 182 459 $ 1,118 (11) 507 668 1,091 $2,226 3,097 1,571 15,005 $19.673 1,085 $20,758 (3 millions) Gross fee revenues Contract investment amortization, Net fee revenues.. Owned, leased, and other revenue Cost reimbursement revenue.. Total segment revenue. Unallocated corporate Total revenues (5 millions) Gross fee revenues Contract investment amortization Net fee revenues Owned, leased, and other revenue Cost reimbursement revenue. Total segment revenue. Unallocated corporate Total revenues 2017 North North American American Full-Service Limited-Service Asia Pacific $ 1,202 $ 842 $ 431 ***** (25) 1,177 697 831 430 463 132 191 685 11,035 2,256 433 1,140 $12,909 $ 3,219 $ 1,054 $2,288 2016 North North American American Other Full-Service Limited-Service Asia Pacific International $ 856 $ 746 $ 231 $ 312 (21) (9) (9) 835 303 737 230 390 119 127 438 2,038 274 8,199 922 $ 2,894 $ 631 $ 9,424 $1,663 Revenues attributed to operations located outside the U.S. were $4,246 million in 2018, $3.830 million in 2017, and $3,187 million in 2016. (11) Other International $ 476 (13) (1) Total $ 2,951 2,901 1,705 14,864 $19,470 982 $20,452 Total $ 2.145 (40) 2.105 1,074 11,433 $14,612 795 $15.407 (50) E7.12 Below is information for Marriott (MAR) taken from the 2018 Form 10-K. Consider the impact of this disclosure on forecasts of revenues for the firm. Segment Revenues The following tables present our revenues disaggregated by major revenue stream as of year end 2018, year-end 2017, and year-end 2016 2018 North North American American Full-Service Limited-Service Asia Pacific Other International Total $1,255 $903 $ 3,155 $479 $ 518 (58) (5 millions) Gross fee revenues Contract investment amortization Net tea revenues Owned, leased, and other revenue Cost reimbursement revenue Total segment revenue Unallocated corporate Total revenues (33) 1,222 593 11,257 $13.072 (12) 891 128 2,198 $ 3.217 (2) 477 182 459 $ 1,118 (11) 507 668 1,091 $2,226 3,097 1,571 15,005 $19.673 1,085 $20,758 (3 millions) Gross fee revenues Contract investment amortization, Net fee revenues.. Owned, leased, and other revenue Cost reimbursement revenue.. Total segment revenue. Unallocated corporate Total revenues (5 millions) Gross fee revenues Contract investment amortization Net fee revenues Owned, leased, and other revenue Cost reimbursement revenue. Total segment revenue. Unallocated corporate Total revenues 2017 North North American American Full-Service Limited-Service Asia Pacific $ 1,202 $ 842 $ 431 ***** (25) 1,177 697 831 430 463 132 191 685 11,035 2,256 433 1,140 $12,909 $ 3,219 $ 1,054 $2,288 2016 North North American American Other Full-Service Limited-Service Asia Pacific International $ 856 $ 746 $ 231 $ 312 (21) (9) (9) 835 303 737 230 390 119 127 438 2,038 274 8,199 922 $ 2,894 $ 631 $ 9,424 $1,663 Revenues attributed to operations located outside the U.S. were $4,246 million in 2018, $3.830 million in 2017, and $3,187 million in 2016. (11) Other International $ 476 (13) (1) Total $ 2,951 2,901 1,705 14,864 $19,470 982 $20,452 Total $ 2.145 (40) 2.105 1,074 11,433 $14,612 795 $15.407 (50)