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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
REVENUES        
Revenues $ 5,338 $ 3,149 $ 9,537 $ 5,465
OPERATING COSTS AND EXPENSES        
Depreciation, amortization, and other 49 50 97 102
General, administrative, and other 231 187 439 398
Restructuring, merger-related charges, and other 0 3 9 4
Costs and expenses 4,388 2,663 8,029 4,895
OPERATING INCOME 950 486 1,508 570
Gains and other income, net 2 5 6 6
Interest expense (95) (109) (188) (216)
Interest income 6 7 11 14
Equity in earnings (losses) 15 (8) 17 (20)
INCOME BEFORE INCOME TAXES 878 381 1,354 354
(Provision) benefit for income taxes (200) 41 (299) 57
Net income $ 678 $ 422 $ 1,055 $ 411
EARNINGS PER SHARE        
Basic (in USD per share) $ 2.06 $ 1.29 $ 3.21 $ 1.26
Diluted (in USD per share) $ 2.06 $ 1.28 $ 3.20 $ 1.25
Base management fees        
REVENUES        
Gross revenues $ 269 $ 156 $ 482 $ 262
Franchise fees        
REVENUES        
Gross revenues 669 431 1,169 737
Incentive management fees        
REVENUES        
Gross revenues 135 55 237 88
Fee revenues        
REVENUES        
Gross revenues 1,073 642 1,888 1,087
Contract investment amortization (19) (18) (43) (35)
Revenues 1,054 624 1,845 1,052
Owned, leased, and other        
REVENUES        
Revenues 364 187 626 295
OPERATING COSTS AND EXPENSES        
Operating costs 281 168 478 303
Reimbursements        
REVENUES        
Revenues 3,920 2,338 7,066 4,118
OPERATING COSTS AND EXPENSES        
Operating costs $ 3,827 $ 2,255 $ 7,006 $ 4,088