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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 707 $ 752 $ 643
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 762 697 664
Amortization of finance costs, discounts and premiums, net 10 9 10
Loss on extinguishment of debt 0 4 0
Non-cash stock-based compensation expense 24 30 26
Deferred income taxes 8 26 20
Other gains 0 (71) (17)
Gain on property insurance settlement (70) (3) (6)
Equity in earnings of affiliates (7) (6) (3)
Change in due from/to managers 69 (40) 15
Distributions from investments in affiliates 18 31 30
Property insurance proceeds - remediation costs 4 101 0
Payments for inventory costs (64) (15) 0
Changes in other assets (9) (3) 20
Changes in other liabilities 46 (71) 14
Net cash provided by operating activities 1,498 1,441 1,416
INVESTING ACTIVITIES      
Proceeds from sales of assets, net 0 34 236
Proceeds from (issuance of) loan receivable (7) 413 0
Return of investments in affiliates 1 5 0
Advances to and investments in affiliates (56) (25) (60)
Acquisitions (1,504) 0 (301)
Capital expenditures:      
Renewals and replacements (288) (451) (197)
Return on investment (260) (195) (307)
Property insurance proceeds 74 36 11
Net cash used in investing activities (2,040) (183) (618)
FINANCING ACTIVITIES      
Financing costs (12) (10) (1)
Issuances of debt 1,279 0 0
Draws on credit facility 890 0 0
Repayment of credit facility (890) 0 (683)
Repurchase/redemption of senior notes (400) 0 0
Mortgage debt and other prepayments and scheduled maturities (2) (7) (2)
Debt extinguishment costs 0 (3) 0
Common stock repurchases (107) (182) (27)
Dividends on common stock (737) (547) (150)
Distributions and payments to non-controlling interests (12) (10) (3)
Other financing activities (22) (12) (8)
Net cash used in financing activities (13) (771) (874)
Effects of exchange rate changes on cash held (10) 2 (3)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (565) 489 (79)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 1,363 874 953
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD 798 1,363 874
Supplemental disclosure of cash flow information:      
Cash and cash equivalents 554 1,144 667
Restricted cash (included in other assets) 2 2 7
Cash included in furniture, fixtures and equipment replacement fund 242 217 200
Total cash and cash equivalents and restricted cash shown in the statements of cash flows $ 798 $ 1,363 $ 874