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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
REVENUES        
Base management fees $ 186 $ 191 $ 358 $ 356
Franchise fees 235 221 442 425
Incentive management fees 94 81 195 170
Owned, leased, and other revenue 245 243 492 500
Cost reimbursements 3,142 2,953 6,187 5,751
Revenues 3,902 3,689 7,674 7,202
OPERATING COSTS AND EXPENSES        
Owned, leased, and other - direct 173 183 339 377
Reimbursed costs 3,142 2,953 6,187 5,751
Depreciation, amortization, and other 30 32 61 76
General, administrative, and other 168 152 331 297
Costs and Expenses, Total 3,513 3,320 6,918 6,501
OPERATING INCOME 389 369 756 701
Gains and other income, net 0 20 0 20
Interest expense (57) (42) (104) (78)
Interest income 7 6 13 14
Equity in earnings 5 2 5 5
INCOME BEFORE INCOME TAXES 344 355 670 662
Provision for income taxes (97) (115) (204) (215)
NET INCOME $ 247 $ 240 $ 466 $ 447
EARNINGS PER SHARE        
Earnings per share - basic (in USD per share) $ 0.97 $ 0.88 $ 1.83 $ 1.63
Earnings per share - diluted (in USD per share) 0.96 0.87 1.80 1.59
CASH DIVIDENDS DECLARED PER SHARE (in USD per share) $ 0.30 $ 0.25 $ 0.55 $ 0.45