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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
REVENUES        
Revenues $ 5,049 $ 5,078 $ 15,401 $ 15,201
OPERATING COSTS AND EXPENSES        
Depreciation, amortization, and other 52 54 164 176
General, administrative, and other 221 205 685 651
Merger-related costs and charges 12 28 64 100
Costs and expenses 4,479 4,288 13,591 13,121
OPERATING INCOME 570 790 1,810 2,080
Gains and other income, net 18 6 191 31
Interest expense (86) (73) (246) (216)
Interest income 5 9 16 24
Equity in earnings 61 6 95 29
INCOME BEFORE INCOME TAXES 568 738 1,866 1,948
Provision for income taxes (85) (253) (375) (603)
NET INCOME $ 483 $ 485 $ 1,491 $ 1,345
EARNINGS PER SHARE        
Earnings per share - basic (in USD per share) $ 1.39 $ 1.30 $ 4.23 $ 3.55
Earnings per share - diluted (in USD per share) 1.38 1.29 4.18 3.51
CASH DIVIDENDS DECLARED PER SHARE (in USD per share) $ 0.41 $ 0.33 $ 1.15 $ 0.96
Base management fees        
REVENUES        
Gross revenues $ 279 $ 269 $ 852 $ 818
Franchise fees        
REVENUES        
Gross revenues 502 419 1,394 1,182
Incentive management fees        
REVENUES        
Gross revenues 151 138 482 433
Fee revenues        
REVENUES        
Gross revenues 932 826 2,728 2,433
Contract investment amortization (13) (11) (44) (34)
Revenues 919 815 2,684 2,399
Owned, leased, and other        
REVENUES        
Revenues 397 433 1,226 1,309
OPERATING COSTS AND EXPENSES        
Operating costs 315 351 985 1,057
Reimbursements        
REVENUES        
Revenues 3,733 3,830 11,491 11,493
OPERATING COSTS AND EXPENSES        
Operating costs $ 3,879 $ 3,650 $ 11,693 $ 11,137