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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
REVENUES      
Total revenue $ 23,713 $ 20,773 $ 13,857
OPERATING COSTS AND EXPENSES      
Depreciation, amortization, and other 189 193 220
General, administrative, and other 1,011 891 823
Merger-related charges and other 60 12 8
Costs and Expenses, Total 19,849 17,311 12,107
OPERATING INCOME 3,864 3,462 1,750
Gains and other income, net 40 11 10
Loss on extinguishment of debt 0 0 (164)
Interest expense (565) (403) (420)
Interest income 30 26 28
Equity in earnings (losses) [1] 9 18 (24)
INCOME BEFORE INCOME TAXES 3,378 3,114 1,180
Provision for income taxes (295) (756) (81)
NET INCOME $ 3,083 $ 2,358 $ 1,099
EARNINGS PER SHARE      
Earnings (loss) per share - basic (in USD per share) $ 10.23 $ 7.27 $ 3.36
Earnings (loss) per share - diluted (in USD per share) $ 10.18 $ 7.24 $ 3.34
Net fee revenues      
REVENUES      
Gross fee revenues $ 4,824 $ 4,078 $ 2,694
Contract investment amortization (88) (89) (75)
Total revenue 4,736 3,989 2,619
Base management fees      
REVENUES      
Gross fee revenues 1,238 1,044 669
Franchise fees      
REVENUES      
Gross fee revenues 2,831 2,505 1,790
Incentive management fees      
REVENUES      
Gross fee revenues 755 529 235
Owned, leased, and other      
REVENUES      
Total revenue 1,564 1,367 796
OPERATING COSTS AND EXPENSES      
Cost of revenues 1,165 1,074 734
Reimbursements expenses      
REVENUES      
Total revenue [1] 17,413 15,417 10,442
OPERATING COSTS AND EXPENSES      
Cost of revenues [1] $ 17,424 $ 15,141 $ 10,322
[1] See Note 15 for disclosure of related party amounts.