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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
REVENUES        
Revenues $ 5,313 $ 3,946 $ 14,850 $ 9,411
OPERATING COSTS AND EXPENSES        
Depreciation, amortization, and other 50 64 147 166
General, administrative, and other 216 212 655 610
Restructuring, merger-related charges, and other 2 4 11 8
Costs and expenses 4,355 3,401 12,384 8,296
OPERATING INCOME 958 545 2,466 1,115
Gains and other income, net 3 0 9 6
Loss on extinguishment of debt 0 (164) 0 (164)
Interest expense (100) (107) (288) (323)
Interest income 7 8 18 22
Equity in earnings (losses) 1 (4) 18 (24)
INCOME BEFORE INCOME TAXES 869 278 2,223 632
Provision for income taxes (239) (58) (538) (1)
Net income $ 630 $ 220 $ 1,685 $ 631
EARNINGS PER SHARE        
Basic (in USD per share) $ 1.94 $ 0.67 $ 5.15 $ 1.93
Diluted (in USD per share) $ 1.94 $ 0.67 $ 5.13 $ 1.92
Base management fees        
REVENUES        
Gross revenues $ 275 $ 190 $ 757 $ 452
Franchise fees        
REVENUES        
Gross revenues 678 533 1,847 1,270
Incentive management fees        
REVENUES        
Gross revenues 106 53 343 141
Fee revenues        
REVENUES        
Gross revenues 1,059 776 2,947 1,863
Contract investment amortization (22) (21) (65) (56)
Revenues 1,037 755 2,882 1,807
Owned, leased, and other        
REVENUES        
Revenues 345 241 971 536
OPERATING COSTS AND EXPENSES        
Operating costs 301 204 779 507
Reimbursements        
REVENUES        
Revenues 3,931 2,950 10,997 7,068
OPERATING COSTS AND EXPENSES        
Operating costs $ 3,786 $ 2,917 $ 10,792 $ 7,005