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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
REVENUES        
Revenues $ 2,254 $ 5,284 $ 8,399 $ 15,601
OPERATING COSTS AND EXPENSES        
Depreciation, amortization, and other 53 52 275 162
General, administrative, and other 131 220 579 671
Restructuring and merger-related charges 1 9 5 191
Costs and expenses 2,002 4,677 8,187 14,075
OPERATING INCOME 252 607 212 1,526
Gains and other income, net 2 10 3 16
Interest expense (113) (100) (333) (299)
Interest income 6 8 20 20
Equity in (losses) earnings (20) 2 (54) 10
INCOME (LOSS) BEFORE INCOME TAXES 127 527 (152) 1,273
(Provision) benefit for income taxes (27) (140) 49 (279)
NET INCOME (LOSS) $ 100 $ 387 $ (103) $ 994
EARNINGS (LOSS) PER SHARE        
Earnings (loss) per share - basic (in USD per share) $ 0.31 $ 1.17 $ (0.32) $ 2.97
Earnings (loss) per share - diluted (in USD per share) $ 0.31 $ 1.16 $ (0.32) $ 2.95
Base management fees        
REVENUES        
Gross revenues $ 87 $ 291 $ 341 $ 882
Franchise fees        
REVENUES        
Gross revenues 279 530 876 1,505
Incentive management fees        
REVENUES        
Gross revenues 31 134 43 462
Fee revenues        
REVENUES        
Gross revenues 397 955 1,260 2,849
Contract investment amortization (48) (16) (94) (45)
Revenues 349 939 1,166 2,804
Owned, leased, and other        
REVENUES        
Revenues 116 393 445 1,186
OPERATING COSTS AND EXPENSES        
Operating costs 134 326 527 982
Reimbursements        
REVENUES        
Revenues 1,789 3,952 6,788 11,611
OPERATING COSTS AND EXPENSES        
Operating costs $ 1,683 $ 4,070 $ 6,801 $ 12,069