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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
OPERATING ACTIVITIES    
Net income $ 598 $ 618
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 565 511
Amortization of finance costs, discounts and premiums, net 7 7
Loss on debt extinguishment 0 4
Stock-based compensation expense 17 19
Other gains (1) (70)
Gain on property insurance settlement (76) 0
Equity in earnings of affiliates (12) (7)
Change in due from/to managers 51 16
Distributions from investments in affiliates 14 20
Property insurance proceeds - remediation costs 4 101
Payments for inventory costs (36) 0
Changes in other assets (14) (13)
Changes in other liabilities 50 (72)
Net cash provided by operating activities 1,167 1,134
INVESTING ACTIVITIES    
Proceeds from sales of assets, net 0 34
Proceeds from (issuance of) loan receivable (6) 163
Return of investments in affiliates 1 0
Advances to and investments in affiliates (42) (22)
Acquisitions (1,503) 0
Capital expenditures:    
Renewals and replacements (211) (332)
Return on investment (164) (140)
Property insurance proceeds 74 34
Net cash used in investing activities (1,851) (263)
FINANCING ACTIVITIES    
Financing costs (12) (10)
Issuances of debt 1,279 0
Draws on credit facility 890 0
Repayment of credit facility (890) 0
Repurchase/redemption of senior notes (400) 0
Mortgage debt and other prepayments and scheduled maturities (2) (2)
Debt extinguishment costs 0 (3)
Common stock repurchases (107) (150)
Dividends on common stock (598) (420)
Distributions and payments to non-controlling interests (9) (7)
Other financing activities (22) (14)
Net cash provided by (used in) financing activities 129 (606)
Effects of exchange rate changes on cash held (2) 0
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (557) 265
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 1,363 874
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 806 1,139
Supplemental disclosure of cash flow information:    
Cash and cash equivalents 564 916
Restricted cash (included in other assets) 2 5
Cash included in furniture, fixtures and equipment replacement fund 240 218
Total cash and cash equivalents and restricted cash shown in the statements of cash flows 806 1,139
Total interest paid 131 129
Income taxes paid $ 6 $ 5