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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES        
Revenue $ 6,255 $ 5,928 $ 18,671 $ 17,618
OPERATING COSTS AND EXPENSES        
Depreciation, amortization, and other 45 46 137 138
General, administrative, and other 276 239 785 681
Restructuring and merger-related charges 9 13 25 52
Costs and expenses 5,311 4,829 15,656 14,472
OPERATING INCOME 944 1,099 3,015 3,146
Gains and other income, net 7 28 15 33
Interest expense (179) (146) (515) (412)
Interest income 11 7 30 21
Equity in earnings 3 1 8 9
INCOME BEFORE INCOME TAXES 786 989 2,553 2,797
Provision for income taxes (202) (237) (633) (562)
NET INCOME $ 584 $ 752 $ 1,920 $ 2,235
EARNINGS PER SHARE        
Earnings per share - basic (in USD per share) $ 2.08 $ 2.52 $ 6.71 $ 7.36
Earnings per share - diluted (in USD per share) $ 2.07 $ 2.51 $ 6.69 $ 7.32
Net fee revenues        
REVENUES        
Gross fee revenues $ 1,283 $ 1,197 $ 3,836 $ 3,580
Contract investment amortization (26) (23) (76) (66)
Revenue 1,257 1,174 3,760 3,514
Base management fees        
REVENUES        
Gross fee revenues 312 306 955 917
Franchise fees        
REVENUES        
Gross fee revenues 812 748 2,318 2,126
Incentive management fees        
REVENUES        
Gross fee revenues 159 143 563 537
Owned, leased, and other revenue        
REVENUES        
Revenue 381 363 1,133 1,109
OPERATING COSTS AND EXPENSES        
Operating costs 300 293 882 861
Cost reimbursement revenue        
REVENUES        
Revenue 4,617 4,391 13,778 12,995
OPERATING COSTS AND EXPENSES        
Operating costs $ 4,681 $ 4,238 $ 13,827 $ 12,740