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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
REVENUES        
Revenue $ 5,928 $ 5,313 $ 17,618 $ 14,850
OPERATING COSTS AND EXPENSES        
Depreciation, amortization, and other 46 50 138 147
General, administrative, and other 239 216 681 655
Merger-related charges and other 13 2 52 11
Costs and expenses 4,829 4,355 14,472 12,384
OPERATING INCOME 1,099 958 3,146 2,466
Gains and other income, net 28 3 33 9
Interest expense (146) (100) (412) (288)
Interest income 7 7 21 18
Equity in earnings 1 1 9 18
INCOME BEFORE INCOME TAXES 989 869 2,797 2,223
Provision for income taxes (237) (239) (562) (538)
NET INCOME $ 752 $ 630 $ 2,235 $ 1,685
EARNINGS PER SHARE        
Earnings per share - basic (in USD per share) $ 2.52 $ 1.94 $ 7.36 $ 5.15
Earnings per share - diluted (in USD per share) $ 2.51 $ 1.94 $ 7.32 $ 5.13
Fee revenues        
REVENUES        
Gross fee revenues $ 1,197 $ 1,059 $ 3,580 $ 2,947
Contract investment amortization (23) (22) (66) (65)
Revenue 1,174 1,037 3,514 2,882
Base management fees        
REVENUES        
Gross fee revenues 306 275 917 757
Franchise fees        
REVENUES        
Gross fee revenues 748 678 2,126 1,847
Incentive management fees        
REVENUES        
Gross fee revenues 143 106 537 343
Owned, leased and other        
REVENUES        
Revenue 363 345 1,109 971
OPERATING COSTS AND EXPENSES        
Operating costs 293 301 861 779
Reimbursements        
REVENUES        
Revenue 4,391 3,931 12,995 10,997
OPERATING COSTS AND EXPENSES        
Operating costs $ 4,238 $ 3,786 $ 12,740 $ 10,792