Cash from operations, depreciation expense, and amortization expense for the last three fiscal years are as follows:
Our ratio of current assets to current liabilities was roughly 0.5 to 1.0 at year-end 2011 and 1.4 to 1.0 at year-end 2010. See Footnote No. 17, “Spin-off” of the Notes to our Financial Statements for information on the spin-off in 2011 and related decrease in current assets. We minimize working capital through cash management, strict credit-granting policies, and aggressive collection efforts. We also have significant borrowing capacity under our Credit Facility should we need additional working capital.
Our ratios of earnings to fixed charges for the last five fiscal years, the calculations of which are detailed in Exhibit 12 to this 2011 Annual Report on Form 10-K, are as follows:
While our former Timeshare segment historically generated positive operating cash flow, year-to-year cash flow varied based on the timing of both cash outlays for the acquisition and development of new resorts and cash received from purchaser financing. We included timeshare reportable sales we financed in cash from operations when we collected cash payments. We show the net operating activity from our former Timeshare segment prior to the spin-off (which does not include income from our Timeshare segment) in the following table. In 2011, 2010, and 2009, new Timeshare segment mortgages totaled $214 million, $256 million, and $302 million, respectively, and collections totaled $273 million (which included collections on securitized notes of $187 million), $347 million (which included collections on securitized notes of $230 million), and $155 million, respectively.
For additional information on our timeshare note securitizations, including a discussion of the cash flows on securitized notes, see Footnote No. 11, “Asset Securitizations,” of the Notes to our Financial Statements.
For additional information on the spin-off, please see Footnote No. 17, “Spin-off” of the Notes to our Financial Statements. We expect that the spin-off will result in the realization through 2015 of approximately $400 million to $450 million of cash tax benefits to Marriott, including approximately $115 million to $125 million for the 2012 fiscal year, relating to the value of the timeshare business. For 2011, we realized approximately $80 million of these cash tax benefits.