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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
REVENUES      
Total revenue $ 20,972 $ 20,758 $ 20,452
OPERATING COSTS AND EXPENSES      
Depreciation, amortization, and other [1] 341 226 229
General, administrative, and other [1] 938 927 921
Merger-related costs and charges 138 155 159
Costs and Expenses, Total 19,172 18,392 17,948
OPERATING INCOME 1,800 2,366 2,504
Gains and other income, net [1] 154 194 688
Interest expense (1) [1] (394) (340) (288)
Interest income [1] 26 22 38
Equity in earnings [1] 13 103 40
INCOME BEFORE INCOME TAXES 1,599 2,345 2,982
Provision for income taxes (326) (438) (1,523)
NET INCOME $ 1,273 $ 1,907 $ 1,459
EARNINGS PER SHARE      
Earnings per share - basic (in USD per share) $ 3.83 $ 5.45 $ 3.89
Earnings per share - diluted (in USD per share) $ 3.80 $ 5.38 $ 3.84
Base management fees      
REVENUES      
Gross fee revenues [1] $ 1,180 $ 1,140 $ 1,102
Franchise fees      
REVENUES      
Gross fee revenues 2,006 1,849 1,586
Incentive management fees      
REVENUES      
Gross fee revenues [1] 637 649 607
Net fee revenues      
REVENUES      
Gross fee revenues 3,823 3,638 3,295
Contract investment amortization [1] (62) (58) (50)
Total revenue 3,761 3,580 3,245
Owned, leased, and other      
REVENUES      
Total revenue [1] 1,612 1,635 1,752
OPERATING COSTS AND EXPENSES      
Cost of revenues 1,316 1,306 1,411
Reimbursements      
REVENUES      
Total revenue [1] 15,599 15,543 15,455
OPERATING COSTS AND EXPENSES      
Cost of revenues [1] $ 16,439 $ 15,778 $ 15,228
[1]
See Note 16 for disclosure of related party amounts.