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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
REVENUES    
Revenue $ 5,977 $ 5,615
OPERATING COSTS AND EXPENSES    
Depreciation, amortization, and other 45 44
General, administrative, and other 261 202
Merger-related charges and other 8 1
Costs and expenses 5,101 4,664
OPERATING INCOME 876 951
Gains and other income, net 4 3
Interest expense (163) (126)
Interest income 10 15
Equity in earnings 0 1
INCOME BEFORE INCOME TAXES 727 844
Provision for income taxes (163) (87)
NET INCOME $ 564 $ 757
EARNINGS PER SHARE    
Earnings per share - basic (in USD per share) $ 1.94 $ 2.44
Earnings per share - diluted (in USD per share) $ 1.93 $ 2.43
Fee revenues    
REVENUES    
Gross fee revenues $ 1,210 $ 1,133
Contract investment amortization (23) (21)
Revenue 1,187 1,112
Base management fees    
REVENUES    
Gross fee revenues 313 293
Franchise fees    
REVENUES    
Gross fee revenues 688 639
Incentive management fees    
REVENUES    
Gross fee revenues 209 201
Owned, leased and other    
REVENUES    
Revenue 357 356
OPERATING COSTS AND EXPENSES    
Operating costs 286 281
Reimbursements    
REVENUES    
Revenue 4,433 4,147
OPERATING COSTS AND EXPENSES    
Operating costs $ 4,501 $ 4,136