Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'CHOICE HOTELS INTERNATIONAL INC /DE |
Trading Symbol | 'chh |
Entity Central Index Key | '0001046311 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Large Accelerated Filer |
Document Type | '10-Q |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Amendment Flag | 'true |
Amendment Description | 'The Company has corrected its revenue recognition method to recognize royalty and certain marketing and reservation system fees as revenue in the same period as the gross room revenues are earned by its franchisees. |
Entity Common Stock, Shares Outstanding | 58,570,858 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
REVENUES: | ' | ' | ' | ' |
Royalty fees | $79,460,000 | $78,038,000 | $208,206,000 | $202,987,000 |
Initial franchise and relicensing fees | 4,650,000 | 3,247,000 | 12,843,000 | 8,953,000 |
Procurement services | 4,708,000 | 3,839,000 | 16,204,000 | 13,990,000 |
Marketing and reservation | 124,809,000 | 117,965,000 | 311,204,000 | 294,345,000 |
Other | 3,091,000 | 2,182,000 | 7,362,000 | 7,434,000 |
Total revenues | 216,718,000 | 205,271,000 | 555,819,000 | 527,709,000 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Selling, general and administrative | 26,409,000 | 23,072,000 | 82,808,000 | 72,322,000 |
Depreciation and amortization | 2,272,000 | 1,860,000 | 6,701,000 | 5,588,000 |
Marketing and reservation | 124,809,000 | 117,965,000 | 311,204,000 | 294,345,000 |
Total operating expenses | 153,490,000 | 142,897,000 | 400,713,000 | 372,255,000 |
Operating income (loss) | 63,228,000 | 62,374,000 | 155,106,000 | 155,454,000 |
OTHER INCOME AND EXPENSES, NET: | ' | ' | ' | ' |
Interest expense | 10,757,000 | 10,166,000 | 32,334,000 | 16,823,000 |
Interest income | -676,000 | -425,000 | -1,979,000 | -1,156,000 |
Loss on extinguishment of debt | 0 | 526,000 | 0 | 526,000 |
Other gains | -703,000 | -511,000 | -1,266,000 | -2,137,000 |
Equity in net loss of affiliates | -421,000 | -171,000 | -340,000 | 12,000 |
Total other income and expenses, net | 8,957,000 | 9,585,000 | 28,749,000 | 14,068,000 |
Income from continuing operations before income taxes | 54,271,000 | 52,789,000 | 126,357,000 | 141,386,000 |
Income taxes | 15,698,000 | 10,152,000 | 36,384,000 | 40,747,000 |
Income from continuing operations, net of income taxes | 38,573,000 | 42,637,000 | 89,973,000 | 100,639,000 |
Income from discontinued operations, net of income taxes | 143,000 | 107,000 | 293,000 | 270,000 |
Net income | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 |
Basic earnings per share (in dollars per share) | $0.66 | $0.74 | $1.54 | $1.74 |
Diluted earnings per share (in dollars per share) | $0.66 | $0.73 | $1.53 | $1.73 |
Continuing Operations [Member] | ' | ' | ' | ' |
OTHER INCOME AND EXPENSES, NET: | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0.66 | $0.74 | $1.54 | $1.73 |
Diluted earnings per share (in dollars per share) | $0.65 | $0.73 | $1.53 | $1.73 |
Discontinued Operations [Member] | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' |
Total revenues | 1,310,000 | 1,238,000 | 3,600,000 | 3,440,000 |
OPERATING EXPENSES: | ' | ' | ' | ' |
Total operating expenses | 1,083,000 | 1,068,000 | 3,135,000 | 3,010,000 |
OTHER INCOME AND EXPENSES, NET: | ' | ' | ' | ' |
Income taxes | 84,000 | 63,000 | 172,000 | 160,000 |
Income from discontinued operations, net of income taxes | $143,000 | $107,000 | $293,000 | $270,000 |
Basic earnings per share (in dollars per share) | $0 | $0 | $0 | $0.01 |
Diluted earnings per share (in dollars per share) | $0.01 | $0 | $0 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net income | $38,716,000 | $42,744,000 | $90,266,000 | $100,909,000 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Amortization of loss on cash flow hedge | 215,000 | 215,000 | 646,000 | 646,000 |
Foreign currency translation adjustment | 524,000 | 211,000 | -1,803,000 | 191,000 |
Amortization of pension related costs, net of tax: | ' | ' | ' | ' |
Actuarial loss (net of income tax of $12 and $36 for the three and nine months ended September 30, 2012, respectively) | 0 | 20,000 | 0 | 60,000 |
Other comprehensive income (loss), net of tax | 739,000 | 446,000 | -1,157,000 | 897,000 |
Comprehensive income | $39,455,000 | $43,190,000 | $89,109,000 | $101,806,000 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Actuarial loss, income tax | $0 | $12,000 | $0 | $36,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current assets | ' | ' |
Cash and cash equivalents | $161,138,000 | $134,177,000 |
Receivables (net of allowance for doubtful accounts of $11,546 and $11,658, respectively) | 102,887,000 | 79,999,000 |
Income taxes receivable | 0 | 2,201,000 |
Deferred income taxes | 27,367,000 | 26,198,000 |
Investments, employee benefit plans, at fair value | 386,000 | 3,486,000 |
Other current assets | 30,002,000 | 36,669,000 |
Total current assets | 321,780,000 | 282,730,000 |
Property and equipment, at cost, net | 67,000,000 | 51,651,000 |
Goodwill | 65,813,000 | 65,813,000 |
Franchise rights and other identifiable intangibles, net | 10,875,000 | 13,473,000 |
Advances, marketing and reservation activities | 14,070,000 | 29,467,000 |
Investments, employee benefit plans, at fair value | 14,950,000 | 12,755,000 |
Other assets | 88,204,000 | 76,013,000 |
Total assets | 582,692,000 | 531,902,000 |
Current liabilities | ' | ' |
Accounts payable | 40,758,000 | 38,714,000 |
Accrued expenses | 43,475,000 | 55,552,000 |
Deferred revenue | 61,401,000 | 71,154,000 |
Current portion of long-term debt | 9,132,000 | 8,195,000 |
Deferred compensation and retirement plan obligations | 2,439,000 | 2,522,000 |
Income taxes payable | 21,906,000 | 0 |
Total current liabilities | 179,111,000 | 176,137,000 |
Long-term debt | 815,957,000 | 847,150,000 |
Deferred compensation and retirement plan obligations | 21,219,000 | 20,399,000 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 11,722,000 | 10,864,000 |
Other liabilities | 24,146,000 | 15,990,000 |
Total liabilities | 1,052,155,000 | 1,070,540,000 |
Commitments and Contingencies | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,345,362 shares issued at September 30, 2013 and December 31, 2012 and 58,570,858 and 58,171,059 shares outstanding at September 30, 2013 and December 31, 2012, respectively | 586,000 | 582,000 |
Additional paid-in-capital | 114,571,000 | 110,246,000 |
Accumulated other comprehensive loss | -5,373,000 | -4,216,000 |
Treasury stock (36,774,504 and 37,174,303 shares at September 30, 2013 and December 31, 2012, respectively), at cost | -919,516,000 | -927,776,000 |
Retained earnings | 340,269,000 | 282,526,000 |
Total shareholders' deficit | -469,463,000 | -538,638,000 |
Total liabilities and shareholders' deficit | $582,692,000 | $531,902,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Receivables, allowance for doubtful accounts | $11,546 | $11,658 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 95,345,362 | 95,345,362 |
Common stock, shares outstanding | 58,570,858 | 58,171,059 |
Treasury stock, shares | 36,774,504 | 37,174,303 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $90,266,000 | $100,909,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 7,094,000 | 5,989,000 |
Provision for bad debts, net | 2,264,000 | 2,051,000 |
Non-cash stock compensation and other charges | 8,635,000 | 7,306,000 |
Non-cash interest and other (income) loss | 1,057,000 | -633,000 |
Deferred income taxes | -351,000 | 1,145,000 |
Loss on extinguishment of debt | 0 | 526,000 |
Dividends received from equity method investments | 1,109,000 | 855,000 |
Equity in net (income) loss of affiliates | -340,000 | 12,000 |
Changes in assets and liabilities: | ' | ' |
Receivables | -26,635,000 | -32,261,000 |
Advances to/from marketing and reservation activities, net | 29,712,000 | 27,442,000 |
Forgivable notes receivable, net | -5,722,000 | -2,853,000 |
Accounts payable | 1,280,000 | 5,980,000 |
Accrued expenses | -22,757,000 | -10,309,000 |
Income taxes payable/receivable | 24,107,000 | 13,317,000 |
Deferred revenue | -9,686,000 | 8,018,000 |
Other assets | -2,395,000 | -7,458,000 |
Other liabilities | 8,851,000 | -1,613,000 |
Net cash provided by operating activities | 106,489,000 | 118,423,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Investment in property and equipment | -27,922,000 | -12,525,000 |
Equity method investments | -3,761,000 | -9,454,000 |
Issuance of mezzanine and other notes receivable | 0 | -4,236,000 |
Collections of mezzanine and other notes receivable | 224,000 | 110,000 |
Purchases of investments, employee benefit plans | -1,845,000 | -1,191,000 |
Proceeds from sales of investments, employee benefit plans | 4,052,000 | 10,909,000 |
Other items, net | -578,000 | -322,000 |
Net cash provided (used) in investing activities | -29,830,000 | -16,709,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net borrowings (repayments) pursuant to revolving credit facilities | 27,500,000 | -16,725,000 |
Proceeds from issuance of long-term debt | 3,360,000 | 543,500,000 |
Principal payments on long-term debt | -6,158,000 | -502,000 |
Purchase of treasury stock | -3,684,000 | -22,227,000 |
Dividends paid | -22,026,000 | -632,751,000 |
Excess tax benefits from stock-based compensation | 1,216,000 | 793,000 |
Debt issuance costs | 0 | -4,753,000 |
Proceeds from exercise of stock options | 6,677,000 | 4,695,000 |
Net cash provided (used) by financing activities | -48,115,000 | -94,520,000 |
Net change in cash and cash equivalents | 28,544,000 | 7,194,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1,583,000 | 813,000 |
Cash and cash equivalents at beginning of period | 134,177,000 | 107,057,000 |
Cash and cash equivalents at end of period | 161,138,000 | 115,064,000 |
Cash payments during the period for: | ' | ' |
Income taxes, net of refunds | 12,990,000 | 25,700,000 |
Interest | 42,244,000 | 15,666,000 |
Non-cash investing and financing activities: | ' | ' |
Dividends declared but not paid | 10,773,000 | 10,677,000 |
Investment in property and equipment acquired in accounts payable | 763,000 | 0 |
Debt issuance costs | 0 | 6,500,000 |
Restricted Stock [Member] | ' | ' |
Non-cash investing and financing activities: | ' | ' |
Issuance of restricted shares/units | 8,397,000 | 9,517,000 |
Performance Vested Restricted Stock Units [Member] | ' | ' |
Non-cash investing and financing activities: | ' | ' |
Issuance of restricted shares/units | $1,298,000 | $0 |
Company_Information_and_Signif
Company Information and Significant Accounting Policies | 9 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Company Information and Significant Accounting Policies | ' | |||||||||||||||||||||||||||||||||||
Company Information and Significant Accounting Policies (restated) | ||||||||||||||||||||||||||||||||||||
The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (together the “Company”) have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements include all adjustments that are necessary, in the opinion of management, to fairly present our financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. | ||||||||||||||||||||||||||||||||||||
Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. | ||||||||||||||||||||||||||||||||||||
The consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2012 and notes thereto included in the Company’s Form 10-K/A, filed with the SEC on November 3, 2014 (the “10-K/A”). Interim results are not necessarily indicative of the entire year results. All inter-company transactions and balances between Choice Hotels International, Inc. and its subsidiaries have been eliminated in consolidation. | ||||||||||||||||||||||||||||||||||||
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||||||||||||||||||||||
Revision to Prior Period Financial Statements -- Cash Flow Presentation | ||||||||||||||||||||||||||||||||||||
In connection with the preparation of the consolidated financial statements for the second quarter of 2013, a misapplication of GAAP was identified related to the presentation of cash flows pursuant to forgivable notes receivable. Previously, the Company applied Accounting Standards Codification ("ASC") 230 "Statement of Cash Flows" paragraphs 12 and 13 when reporting cash outflows and cash collections related to these notes receivable and as a result reported these items as cash flows from investing activities. In second quarter of 2013 and the following periods, the Company has revised its presentation of these cash flows in accordance with ASC 230 paragraphs 22 and 23 to reclassify them to operating activities on the Company's Consolidated Statements of Cash Flows. | ||||||||||||||||||||||||||||||||||||
In conjunction with brand and development programs, the Company issues forgivable notes receivable to qualifying franchisees for property improvements and other purposes. Under the terms of the forgivable promissory notes, the Company ratably reduces the outstanding principal balance and related interest over the term of the loan contingent upon the franchisee remaining within the franchise system and operating in accordance with the terms of the franchise agreement including credit, quality and brand standards. Therefore, the predominant reduction of these notes receivable is through non-cash operating expenses and not cash collections of note receivable amounts. As a result, the Company revised the cash flow classification of these forgivable notes receivable from investing activities to operating activities. | ||||||||||||||||||||||||||||||||||||
In accordance with ASC 250 (SEC's Staff Accounting Bulletin 99, "Materiality"), the Company assessed the materiality of the misapplication of GAAP and concluded that the reclassification of these cash flows was not material to any of its previously issued annual or interim financial statements. In accordance with the accounting guidance in ASC 250 (SEC Staff Accounting Bulletin No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements"), the Company has revised its previously issued financial statements to correct the presentation of these cash flows in both the current and future quarterly and annual filings beginning with the financial statements in the Quarterly Report on Form 10-Q filed on August 9, 2013 for the quarterly period ended June 30, 2013. These revisions did not impact the Company's previously reported net income, comprehensive income, assets, liabilities or shareholders' deficit. | ||||||||||||||||||||||||||||||||||||
The following tables present the effect of the correction of the classification of the cash flows related to forgivable notes receivable on selected line items included in the Company's Consolidated Statements of Cash Flows for all periods affected: | ||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | Year Ended December 31, 2010 | ||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | ||||||||||||||||||||||||||||
Forgivable notes receivable, net | $ | — | $ | (10,898 | ) | $ | (10,898 | ) | $ | — | $ | (3,475 | ) | $ | (3,475 | ) | $ | — | $ | (1,120 | ) | $ | (1,120 | ) | ||||||||||||
Net cash provided by operating activities | 161,020 | (10,898 | ) | 150,122 | 134,844 | (3,475 | ) | 131,369 | 144,935 | (1,120 | ) | 143,815 | ||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (34,925 | ) | 11,189 | (23,736 | ) | (12,766 | ) | 3,539 | (9,227 | ) | (11,786 | ) | 1,203 | (10,583 | ) | |||||||||||||||||||||
Collections of mezzanine and other notes receivable | 3,561 | (291 | ) | 3,270 | 4,754 | (64 | ) | 4,690 | 5,083 | (83 | ) | 5,000 | ||||||||||||||||||||||||
Net cash used in investing activities | (57,999 | ) | 10,898 | (47,101 | ) | (23,804 | ) | 3,475 | (20,329 | ) | (32,155 | ) | 1,120 | (31,035 | ) | |||||||||||||||||||||
Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||||||
Forgivable notes receivable, net | $ | — | $ | (1,729 | ) | $ | (1,729 | ) | $ | — | $ | (475 | ) | $ | (475 | ) | ||||||||||||||||||||
Net cash provided by operating activities | 1,874 | (1,729 | ) | 145 | 4,412 | (475 | ) | 3,937 | ||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (1,729 | ) | 1,729 | — | (3,719 | ) | 583 | (3,136 | ) | |||||||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 19 | — | 19 | 151 | (108 | ) | 43 | |||||||||||||||||||||||||||||
Net cash used in investing activities | (13,816 | ) | 1,729 | (12,087 | ) | (1,496 | ) | 475 | (1,021 | ) | ||||||||||||||||||||||||||
Six Months Ended June 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||||||
Forgivable notes receivable, net | $ | — | $ | (1,537 | ) | $ | (1,537 | ) | $ | — | $ | (2,853 | ) | $ | (2,853 | ) | ||||||||||||||||||||
Net cash provided by operating activities | 37,802 | (1,537 | ) | 36,265 | 121,276 | (2,853 | ) | 118,423 | ||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (5,820 | ) | 1,684 | (4,136 | ) | (7,305 | ) | 3,069 | (4,236 | ) | ||||||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 210 | (147 | ) | 63 | 326 | (216 | ) | 110 | ||||||||||||||||||||||||||||
Net cash used in investing activities | (10,387 | ) | 1,537 | (8,850 | ) | (19,562 | ) | 2,853 | (16,709 | ) | ||||||||||||||||||||||||||
Revision to Prior Annual Financial Statements and Restatement of Prior Interim Financial Statements | ||||||||||||||||||||||||||||||||||||
In connection with the preparation of the consolidated financial statements for the second quarter of 2014, the Company reviewed its accounting policies and practices, including the historical practice of reporting royalty and certain marketing and reservation fees one month in arrears as compared to when the gross room revenues (on which the fees are based) are earned by the Company's franchisees. The Company previously determined that the impact of the revenue recognition timing related to these revenues on its annual financial statements was not material and therefore reported these revenues one month in arrears despite the fact that these fees meet the definition of being earned and realizable in the same period that the underlying gross room revenues are earned by its franchisees. However, the Company reassessed the impact of reporting these revenues one month in arrears on interim periods and determined that this revenue recognition practice, which was not in accordance with GAAP, was material to interim periods due to the seasonality of the Company's business. As a result, the Company has corrected its revenue recognition method to recognize royalty and certain marketing and reservation system fees as revenue in the same period as the gross room revenues are earned by its franchisees. | ||||||||||||||||||||||||||||||||||||
In accordance with ASC 250 (SEC's Staff Accounting Bulletin 99, "Materiality"), the Company assessed the materiality of the misapplication of GAAP and concluded that the restatement of revenues was not material to any of its previously issued annual financial statements but was material to certain interim periods. In accordance with the accounting guidance in ASC 250 (SEC Staff Accounting Bulletin No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements"), the Company restated its previously issued interim financial statements for the periods ended June 30, 2013, March 31, 2014 and 2013, and September 30, 2013 and 2012 through the filing of amended quarterly filings on Form 10-Q. In addition, the Company has revised its previously issued audited financial statements for the years ended December 31, 2011, 2012, and 2013 to correct the presentation of revenues and amend its report on internal control over financial reporting. | ||||||||||||||||||||||||||||||||||||
The following tables present the effect of this and other immaterial errors for the financial statement line items impacted in the affected periods included within these interim financial statements. | ||||||||||||||||||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||||
As Previously Reported | Discontinued Operations | Adjustment | As Restated | As Previously Reported | Discontinued Operations | Adjustment | As Restated | |||||||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||
Royalty fees | $ | 83,107 | $ | — | $ | (3,647 | ) | $ | 79,460 | $ | 201,222 | $ | — | $ | 6,984 | $ | 208,206 | |||||||||||||||||||
Marketing and reservation revenues | 126,296 | — | (1,487 | ) | 124,809 | 302,381 | — | 8,823 | 311,204 | |||||||||||||||||||||||||||
Hotel operations | 1,310 | (1,310 | ) | — | — | 3,600 | (3,600 | ) | — | — | ||||||||||||||||||||||||||
Total revenues | 223,162 | (1,310 | ) | (5,134 | ) | 216,718 | 543,612 | (3,600 | ) | 15,807 | 555,819 | |||||||||||||||||||||||||
Selling, general and administrative | 26,982 | — | (573 | ) | 26,409 | 84,078 | — | (1,270 | ) | 82,808 | ||||||||||||||||||||||||||
Depreciation and amortization | 2,379 | (127 | ) | 20 | 2,272 | 7,074 | (393 | ) | 20 | 6,701 | ||||||||||||||||||||||||||
Marketing and reservation expenses | 126,296 | — | (1,487 | ) | 124,809 | 302,381 | — | 8,823 | 311,204 | |||||||||||||||||||||||||||
Hotel operations | 956 | (956 | ) | — | — | 2,742 | (2,742 | ) | — | — | ||||||||||||||||||||||||||
Total operating expenses | 156,613 | (1,083 | ) | (2,040 | ) | 153,490 | 396,275 | (3,135 | ) | 7,573 | 400,713 | |||||||||||||||||||||||||
Operating income | 66,549 | (227 | ) | (3,094 | ) | 63,228 | 147,337 | (465 | ) | 8,234 | 155,106 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | 57,592 | (227 | ) | (3,094 | ) | 54,271 | 118,588 | (465 | ) | 8,234 | 126,357 | |||||||||||||||||||||||||
Income taxes | 16,080 | (84 | ) | (298 | ) | 15,698 | 33,319 | (172 | ) | 3,237 | 36,384 | |||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 41,512 | (143 | ) | (2,796 | ) | 38,573 | 85,269 | (293 | ) | 4,997 | 89,973 | |||||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 0.71 | $ | — | $ | (0.05 | ) | $ | 0.66 | $ | 1.46 | $ | — | $ | 0.08 | $ | 1.54 | |||||||||||||||||||
Diluted earnings per share, continuing operations | $ | 0.7 | $ | (0.01 | ) | $ | (0.04 | ) | $ | 0.65 | $ | 1.45 | $ | — | $ | 0.08 | $ | 1.53 | ||||||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
As Previously Filed | Discontinued Operations | Adjustment | As Restated | As Previously Filed | Discontinued Operations | Adjustment | As Restated | |||||||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||
Royalty fees | $ | 80,845 | $ | — | $ | (2,807 | ) | $ | 78,038 | $ | 194,762 | $ | — | $ | 8,225 | $ | 202,987 | |||||||||||||||||||
Marketing and reservation revenues | 119,062 | — | (1,097 | ) | 117,965 | 284,624 | — | 9,721 | 294,345 | |||||||||||||||||||||||||||
Hotel operations | 1,238 | (1,238 | ) | — | — | 3,440 | (3,440 | ) | — | — | ||||||||||||||||||||||||||
Total revenues | 210,413 | (1,238 | ) | (3,904 | ) | 205,271 | 513,203 | (3,440 | ) | 17,946 | 527,709 | |||||||||||||||||||||||||
Selling, general and administrative | 23,170 | — | (98 | ) | 23,072 | 72,073 | — | 249 | 72,322 | |||||||||||||||||||||||||||
Depreciation and amortization | 1,995 | (135 | ) | — | 1,860 | 5,989 | (401 | ) | — | 5,588 | ||||||||||||||||||||||||||
Marketing and reservation expenses | 119,062 | — | (1,097 | ) | 117,965 | 284,624 | — | 9,721 | 294,345 | |||||||||||||||||||||||||||
Hotel operations | 933 | (933 | ) | — | — | 2,609 | (2,609 | ) | — | — | ||||||||||||||||||||||||||
Total operating expenses | 145,160 | (1,068 | ) | (1,195 | ) | 142,897 | 365,295 | (3,010 | ) | 9,970 | 372,255 | |||||||||||||||||||||||||
Operating income | 65,253 | (170 | ) | (2,709 | ) | 62,374 | 147,908 | (430 | ) | 7,976 | 155,454 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | 55,668 | (170 | ) | (2,709 | ) | 52,789 | 133,840 | (430 | ) | 7,976 | 141,386 | |||||||||||||||||||||||||
Income taxes | 11,291 | (63 | ) | (1,076 | ) | 10,152 | 37,604 | (160 | ) | 3,303 | 40,747 | |||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 44,377 | (107 | ) | (1,633 | ) | 42,637 | 96,236 | (270 | ) | 4,673 | 100,639 | |||||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 0.77 | $ | — | $ | (0.03 | ) | $ | 0.74 | $ | 1.66 | $ | (0.01 | ) | $ | 0.08 | $ | 1.73 | ||||||||||||||||||
Diluted earnings per share, continuing operations | $ | 0.76 | $ | — | $ | (0.03 | ) | $ | 0.73 | $ | 1.65 | $ | — | $ | 0.08 | $ | 1.73 | |||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||
As Previously Filed | Adjustment | As Restated | As Previously Filed | Adjustment | As Restated | |||||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows | (in thousands) | |||||||||||||||||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||||||||||||||
Net income | $ | 85,269 | $ | 4,997 | $ | 90,266 | $ | 96,236 | $ | 4,673 | $ | 100,909 | ||||||||||||||||||||||||
Depreciation and amortization | 7,074 | 20 | 7,094 | 5,989 | — | 5,989 | ||||||||||||||||||||||||||||||
Provision for bad debts, net | 2,054 | 210 | 2,264 | 1,802 | 249 | 2,051 | ||||||||||||||||||||||||||||||
Non-cash stock compensation and other charges | 8,638 | (3 | ) | 8,635 | 7,306 | — | 7,306 | |||||||||||||||||||||||||||||
Deferred income taxes | (4,118 | ) | 3,767 | (351 | ) | (1,627 | ) | 2,772 | 1,145 | |||||||||||||||||||||||||||
Receivables | (13,699 | ) | (12,936 | ) | (26,635 | ) | (17,405 | ) | (14,856 | ) | (32,261 | ) | ||||||||||||||||||||||||
Advances to/from marketing and reservation activities, net | 23,756 | 5,956 | 29,712 | 20,811 | 6,631 | 27,442 | ||||||||||||||||||||||||||||||
Income taxes payable/receivable | 24,638 | (531 | ) | 24,107 | 12,786 | 531 | 13,317 | |||||||||||||||||||||||||||||
Net cash provided by operating activities | 105,009 | 1,480 | 106,489 | 118,423 | — | 118,423 | ||||||||||||||||||||||||||||||
Investing Activities | ||||||||||||||||||||||||||||||||||||
Investment in property and equipment | (26,442 | ) | (1,480 | ) | (27,922 | ) | (12,525 | ) | — | (12,525 | ) | |||||||||||||||||||||||||
Net cash used in investing activities | (28,350 | ) | (1,480 | ) | (29,830 | ) | (16,709 | ) | — | (16,709 | ) | |||||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||||||
Consolidated Balance Sheets | (in thousands) | |||||||||||||||||||||||||||||||||||
Receivables | $ | 62,605 | $ | 40,282 | $ | 102,887 | $ | 52,270 | $ | 27,729 | $ | 79,999 | ||||||||||||||||||||||||
Income taxes receivable | — | — | — | 2,732 | (531 | ) | 2,201 | |||||||||||||||||||||||||||||
Deferred income taxes | 4,136 | 23,231 | 27,367 | 4,136 | 22,062 | 26,198 | ||||||||||||||||||||||||||||||
Total current assets | 258,267 | 63,513 | 321,780 | 233,470 | 49,260 | 282,730 | ||||||||||||||||||||||||||||||
Property and equipment, at cost, net | 65,540 | 1,460 | 67,000 | 51,651 | — | 51,651 | ||||||||||||||||||||||||||||||
Advances, marketing and reservation activities | 32,564 | (18,494 | ) | 14,070 | 42,179 | (12,712 | ) | 29,467 | ||||||||||||||||||||||||||||
Deferred income taxes | 19,496 | (19,496 | ) | — | 15,418 | (15,418 | ) | — | ||||||||||||||||||||||||||||
Total assets | 555,709 | 26,983 | 582,692 | 510,772 | 21,130 | 531,902 | ||||||||||||||||||||||||||||||
Deferred income taxes | — | 11,722 | 11,722 | — | 10,864 | 10,864 | ||||||||||||||||||||||||||||||
Total liabilities | 1,040,433 | 11,722 | 1,052,155 | 1,059,676 | 10,864 | 1,070,540 | ||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (5,370 | ) | (3 | ) | (5,373 | ) | (4,216 | ) | — | (4,216 | ) | |||||||||||||||||||||||||
Retained earnings | 325,005 | 15,264 | 340,269 | 272,260 | 10,266 | 282,526 | ||||||||||||||||||||||||||||||
Total shareholders' deficit | (484,724 | ) | 15,261 | (469,463 | ) | (548,904 | ) | 10,266 | (538,638 | ) | ||||||||||||||||||||||||||
Discontinued Operations | ||||||||||||||||||||||||||||||||||||
In the first quarter of 2014, the Company's management approved a plan to dispose of the three Company owned Mainstay Suites hotels. As a result, the Company has reported the operations related to these three hotels as discontinued operations in this Amended Quarterly Report on Form 10-Q. The Company's results of operations for the prior year periods have been recast to account for these operations as discontinued. For additional information regarding discontinued operations, see Note 18, Discontinued Operations. | ||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||||||
The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of purchase to be cash equivalents. As of September 30, 2013 and December 31, 2012, $3.4 million and $5.0 million respectively, of book overdrafts representing outstanding checks in excess of funds on deposit are included in accounts payable in the accompanying consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||
The Company maintains cash balances in domestic banks, which at times, may exceed the limits of amounts insured by the Federal Deposit Insurance Corporation. In addition, as of September 30, 2013, the Company maintains cash balances of $149.8 million in international banks which do not provide deposit insurance. | ||||||||||||||||||||||||||||||||||||
Recently Adopted Accounting Guidance | ||||||||||||||||||||||||||||||||||||
In February 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" (“ASU 2013-02”). This update requires companies to present either in a single note or parenthetically on the face of the financial statements the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety companies would instead cross reference to the related footnote for additional information. ASU 2013-02 became effective for interim and annual periods beginning after December 15, 2012 and the Company adopted this ASU during the first quarter of 2013. The Company has elected to present the required disclosures in a single note rather than on the face of the financial statement. See Note 8 for additional information. | ||||||||||||||||||||||||||||||||||||
Future Adoption of Recently Announced Accounting Guidance | ||||||||||||||||||||||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date” (“ASU 2013-04”). The ASU requires entities to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: (a) The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (b) any additional amount the reporting entity expects to pay on behalf of its co-obligors. Required disclosures include a description of the joint-and-several arrangement and the total outstanding amount of the obligation for all joint parties. The ASU permits entities to aggregate disclosures (as opposed to providing separate disclosures for each joint-and-several obligation). ASU 2013-04 is effective for all interim and annual periods beginning after December 15, 2013. The ASU should be applied retrospectively to obligations with joint-and-several liabilities existing at the beginning of an entity's fiscal year of adoption. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this statement will have on its financial statement presentation, if any, and will adopt the provisions of this ASU on January 1, 2014. | ||||||||||||||||||||||||||||||||||||
In March 2013, the FASB issued ASU No. 2013-05, “Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity” (“ASU 2013-05”). ASU 2013-05 clarifies that when a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity, the parent is required to apply the guidance in ASC 830 "Foreign Currency Matters" Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The provisions of ASU 2013-05 are effective prospectively for reporting periods beginning after December 15, 2013. The Company does not currently believe that the adoption of this update will have a material impact on its financial statements and will adopt the provisions of this ASU on January 1, 2014. | ||||||||||||||||||||||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"). ASU 2013-11 requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss ("NOL") carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. The ASU does not require new recurring disclosures. The provisions of ASU 2013-11 are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application are permitted. The Company does not currently believe that the adoption of this update will have a material impact on its financial statements and will adopt the provisions of this ASU on January 1, 2014. |
Other_Current_Assets
Other Current Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Assets, Current [Abstract] | ' | |||||||
Other Current Assets | ' | |||||||
Other Current Assets | ||||||||
Other current assets consist of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(In thousands) | ||||||||
Notes receivable (See Note 3) | $ | 14,126 | $ | 14,415 | ||||
Prepaid expenses | 12,740 | 10,694 | ||||||
Land held for sale | — | 8,541 | ||||||
Other current assets | 3,136 | 3,019 | ||||||
Total | $ | 30,002 | $ | 36,669 | ||||
Land held for sale represents the Company’s purchase of real estate as part of its program to incent franchise development in strategic markets for certain brands. The Company acquired this real estate with the intent to resell it to third-party developers for the construction of hotels operated under the Company’s brands. The real estate, which is no longer classified as land held for sale, was accounted for as assets held for sale and therefore was carried at the lower of its carrying value or its estimated fair value (based on comparable sales), less estimated costs to sell. |
Notes_Receivable_and_Allowance
Notes Receivable and Allowance for Losses | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accounts and Notes Receivable, Net [Abstract] | ' | |||||||||||||||||||||||
Notes Receivable And Allowance For Losses | ' | |||||||||||||||||||||||
Notes Receivable and Allowance for Losses | ||||||||||||||||||||||||
The Company segregates its notes receivable for the purposes of evaluating allowances for credit losses between two categories: Mezzanine and Other Notes Receivable and Forgivable Notes Receivable. The Company utilizes the level of security it has in the various notes receivable as its primary credit quality indicator (i.e. senior, subordinated or unsecured) when determining the appropriate allowances for uncollectible loans within these categories. | ||||||||||||||||||||||||
The following table shows the composition of our notes receivable balances: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||
Credit Quality Indicator | Forgivable | Mezzanine | Total | Forgivable | Mezzanine | Total | ||||||||||||||||||
Notes | & Other | Notes | & Other | |||||||||||||||||||||
Receivable | Notes | Receivable | Notes | |||||||||||||||||||||
Receivable | Receivable | |||||||||||||||||||||||
Senior | $ | — | $ | 27,548 | $ | 27,548 | $ | — | $ | 27,549 | $ | 27,549 | ||||||||||||
Subordinated | — | 14,841 | 14,841 | — | 15,019 | 15,019 | ||||||||||||||||||
Unsecured | 19,018 | 1,812 | 20,830 | 16,235 | 1,265 | 17,500 | ||||||||||||||||||
Total notes receivable | 19,018 | 44,201 | 63,219 | 16,235 | 43,833 | 60,068 | ||||||||||||||||||
Allowance for losses on non-impaired loans | 1,902 | 1,443 | 3,345 | 1,623 | 638 | 2,261 | ||||||||||||||||||
Allowance for losses on receivables specifically evaluated for impairment | — | 8,453 | 8,453 | — | 8,289 | 8,289 | ||||||||||||||||||
Total loan reserves | 1,902 | 9,896 | 11,798 | 1,623 | 8,927 | 10,550 | ||||||||||||||||||
Net carrying value | $ | 17,116 | $ | 34,305 | $ | 51,421 | $ | 14,612 | $ | 34,906 | $ | 49,518 | ||||||||||||
Current portion, net | $ | 425 | $ | 13,701 | $ | 14,126 | $ | 420 | $ | 13,995 | $ | 14,415 | ||||||||||||
Long-term portion, net | 16,691 | 20,604 | 37,295 | 14,192 | 20,911 | 35,103 | ||||||||||||||||||
Total | $ | 17,116 | $ | 34,305 | $ | 51,421 | $ | 14,612 | $ | 34,906 | $ | 49,518 | ||||||||||||
The Company classifies notes receivable due within one year as other current assets and notes receivable with a maturity greater than one year as other assets in the Company’s consolidated balance sheets. | ||||||||||||||||||||||||
The following table summarizes the activity related to the Company’s Forgivable Notes Receivable and Mezzanine and Other Notes Receivable allowance for losses from December 31, 2012 through September 30, 2013: | ||||||||||||||||||||||||
Forgivable | Mezzanine | |||||||||||||||||||||||
Notes | & Other Notes | |||||||||||||||||||||||
Receivable | Receivable | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 1,623 | $ | 8,927 | ||||||||||||||||||||
Provisions | 598 | 969 | ||||||||||||||||||||||
Recoveries | (25 | ) | — | |||||||||||||||||||||
Write-offs | (147 | ) | — | |||||||||||||||||||||
Other(1) | (147 | ) | — | |||||||||||||||||||||
Balance, September 30, 2013 | $ | 1,902 | $ | 9,896 | ||||||||||||||||||||
(1) Consists of default rate assumption changes | ||||||||||||||||||||||||
Forgivable Notes Receivable | ||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the unamortized balance of the Company's forgivable notes receivable totaled $19.0 million and $16.2 million, respectively. The Company recorded an allowance for credit losses on these forgivable notes receivable of $1.9 million and $1.6 million at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013 and December 31, 2012, the Company did not have any forgivable unsecured notes that were past due. Amortization expense included in the accompanying consolidated statements of income related to the notes for the three and nine months ended September 30, 2013 was $1.1 million and $3.0 million, respectively. Amortization expense for the three and nine months ended September 30, 2012 was $0.7 million and $2.0 million, respectively. | ||||||||||||||||||||||||
Mezzanine and Other Notes Receivable | ||||||||||||||||||||||||
The Company determined that approximately $13.2 million and $13.3 million of its mezzanine and other notes receivable were impaired at September 30, 2013 and December 31, 2012, respectively. The Company recorded allowance for credit losses on these impaired loans at September 30, 2013 and December 31, 2012 totaling $8.5 million and $8.3 million, respectively, resulting in a carrying value of impaired loans of $4.7 million and $5.0 million, respectively. The Company recognized approximately $81 thousand and $0.2 million of interest income on impaired loans during the three and nine months ended September 30, 2013, respectively, on the cash basis. The Company recognized approximately $38 thousand and $100 thousand of interest income on impaired loans during the three and nine months ended September 30, 2012, respectively, on the cash basis. The Company provided loan reserves on non-impaired loans totaling $1.4 million and $0.6 million at September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||||||
Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows: | ||||||||||||||||||||||||
30-89 days | > 90 days | Total | Current | Total | ||||||||||||||||||||
Past Due | Past Due | Past Due | Notes Receivable | |||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Senior | $ | 9,500 | $ | — | $ | 9,500 | $ | 18,048 | $ | 27,548 | ||||||||||||||
Subordinated | — | 10,268 | 10,268 | 4,573 | 14,841 | |||||||||||||||||||
Unsecured | — | 47 | 47 | 1,765 | 1,812 | |||||||||||||||||||
$ | 9,500 | $ | 10,315 | $ | 19,815 | $ | 24,386 | $ | 44,201 | |||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Senior | $ | — | $ | — | $ | — | $ | 27,549 | $ | 27,549 | ||||||||||||||
Subordinated | 619 | 9,629 | 10,248 | 4,771 | 15,019 | |||||||||||||||||||
Unsecured | — | 47 | 47 | 1,218 | 1,265 | |||||||||||||||||||
$ | 619 | $ | 9,676 | $ | 10,295 | $ | 33,538 | $ | 43,833 | |||||||||||||||
Subsequent to September 30, 2013, the amounts reflected in the 30-89 past due column for senior mezzanine notes receivable totaling $9.5 million were repaid in full. | ||||||||||||||||||||||||
Loans Acquired with Deteriorated Credit Quality | ||||||||||||||||||||||||
On December 2, 2011, the Company acquired an $11.5 million mortgage, held on a franchisee hotel asset, from a financial institution for $7.9 million. At the time of acquisition, the Company determined that it would be unable to collect all contractually required payments under the original mortgage terms. The contractually required payments receivable, including principal and interest, under the terms of the acquired mortgage totaled $12.0 million. The Company expects to collect $9.7 million of these contractually required payments. No prepayments were considered in the determination of contractual cash flows and cash flows expected to be collected. At both September 30, 2013 and December 31, 2012, the carrying amount of this loan, which is reported under senior mezzanine and other notes receivables, was $7.9 million and there was no allowance for uncollectable amounts. The Company's accretable yield at acquisition was $1.8 million or 7.36% and a reconciliation of the accretable yield for the nine months ended September 30, 2013 is as follows: | ||||||||||||||||||||||||
Accretable Yield ($ in thousands) | ||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 1,161 | ||||||||||||||||||||||
Additions | — | |||||||||||||||||||||||
Accretion | (433 | ) | ||||||||||||||||||||||
Disposals | — | |||||||||||||||||||||||
Reclassifications from nonaccretable yield | — | |||||||||||||||||||||||
Balance, September 30, 2013 | $ | 728 | ||||||||||||||||||||||
Advances_Marketing_and_Reserva
Advances, Marketing and Reservation Activities | 9 Months Ended |
Sep. 30, 2013 | |
Advances, Marketing and Reservation Activities [Abstract] | ' |
Advances, Marketing and Reservation Activities | ' |
Advances, Marketing and Reservation Activities (restated) | |
At September 30, 2013 and December 31, 2012, the Company had incurred cumulative marketing and reservation system expenses in excess of cumulative marketing and reservation system fees earned totaling $14.1 million and $29.5 million, respectively. These costs incurred in excess of fees collected have been deferred and recorded as an asset in the financial statements as the Company has the contractual authority to recover the deficits incurred related to marketing and reservation activities from the franchisees in the system at any given point in time. | |
Depreciation and amortization expense attributable to marketing and reservation activities for the three months ended September 30, 2013 and 2012 was $3.9 million and $3.7 million, respectively. Depreciation and amortization expense attributable to marketing and reservation activities for the nine months ended September 30, 2013 and 2012 was $12.0 million and $10.7 million, respectively. Interest expense attributable to marketing and reservation activities was $0.9 million for both the three months ended September 30, 2013 and 2012, respectively. Interest expense attributable to marketing and reservation activities was $2.8 million and $3.0 million for the nine months ended September 30, 2013 and 2012, respectively. | |
The Company evaluates the recoverability of marketing and reservation costs incurred in excess of cumulative marketing and reservation system revenues earned on a periodic basis. The Company will record a reserve when, based on current information and events, it is probable that it will be unable to recover the cumulative amounts advanced for marketing and reservation activities according to the contractual terms of the franchise agreements. These advances are considered to be unrecoverable if the expected net, undiscounted cash flows from marketing and reservation activities are less than the carrying amount of the asset. Based on the Company's analysis of projected net cash flows from marketing and reservation activities for all periods presented, the Company concluded that the cumulative advances for marketing and reservation activities recorded as an asset on the balance sheet were fully recoverable and as a result no reserves were necessary. |
Other_Assets
Other Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets, Noncurrent [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
Other assets consist of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(In thousands) | ||||||||
Notes receivable (see Note 3) | $ | 37,295 | $ | 35,103 | ||||
Equity method investments | 30,404 | 27,453 | ||||||
Deferred financing fees, net | 9,509 | 11,174 | ||||||
Land | 10,097 | 1,300 | ||||||
Other assets | 899 | 983 | ||||||
Total | $ | 88,204 | $ | 76,013 | ||||
Land represents the Company’s purchase of real estate as part of its program to incent franchise development in strategic markets for certain brands. The Company has acquired this real estate with the intent to either resell it to third-party developers for the construction of hotels operated under the Company’s brands or contribute the land into joint ventures for the same purpose. The real estate is carried at the lower of its carrying value or its estimated fair value (based on comparable sales). | ||||||||
Variable Interest Entities | ||||||||
Equity method investments include investments in joint ventures totaling $27.0 million and $24.3 million at September 30, 2013 and December 31, 2012, respectively that the Company determined to be variable interest entities ("VIEs"). These investments relate to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria Suites hotels in strategic markets. Based on an analysis of who has the power to direct the activities that most significantly impact these entities performance and who has an obligation to absorb losses of these entities or a right to receive benefits from these entities that could potentially be significant to the entity, the Company determined that it is not the primary beneficiary of any of its VIEs. The Company based its quantitative analysis on the forecasted cash flows of the entity and its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and the relevant development, operating management and financial agreements. As a result, the Company's investment in these entities is accounted for under the equity method. For the three and nine months ended September 30, 2013, the Company recognized income totaling $81 thousand and $9 thousand, respectively, from these investments. For the three and nine months ended September 30, 2012, the Company recognized income totaling $75 thousand and $84 thousand, respectively, from these investments. |
Deferred_Revenue
Deferred Revenue | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Revenue and Credits [Abstract] | ' | |||||||
Deferred Revenue | ' | |||||||
Deferred Revenue | ||||||||
Deferred revenue consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Loyalty programs | $ | 55,106 | $ | 64,636 | ||||
Initial, relicensing and franchise fees | 4,369 | 4,994 | ||||||
Procurement service fees | 1,197 | 1,225 | ||||||
Other | 729 | 299 | ||||||
Total | $ | 61,401 | $ | 71,154 | ||||
Debt
Debt | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt (restated) | ||||||||
Debt consists of the following at: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(In thousands) | ||||||||
$400 million senior unsecured notes with an effective interest rate of 5.94% at September 30, 2013 and December 31, 2012 | $ | 400,000 | $ | 400,000 | ||||
$250 million senior unsecured notes with an effective interest rate of 6.19% less discount of $0.4 million and $0.5 million at September 30, 2013 and December 31, 2012 | 249,556 | 249,508 | ||||||
$350 million senior secured credit facility with an effective interest rate of 2.52% and 2.66% at September 30, 2013 and December 31, 2012, respectively | 170,125 | 203,250 | ||||||
Economic development loans with an effective interest rate of 3.00% at September 30, 2013 | 3,360 | — | ||||||
Capital lease obligations due 2016 with an effective interest rate of 3.18% at September 30, 2013 and December 31, 2012 | 2,017 | 2,519 | ||||||
Other notes payable | 31 | 68 | ||||||
Total debt | $ | 825,089 | $ | 855,345 | ||||
Less current portion | 9,132 | 8,195 | ||||||
Total long-term debt | $ | 815,957 | $ | 847,150 | ||||
Senior Notes Due 2022 | ||||||||
On June 27, 2012, the Company issued unsecured senior notes in the principal amount of $400 million (the "2012 Senior Notes") at par, bearing a coupon of 5.75% with an effective rate of 5.94%. The 2012 Senior Notes will mature on July 1, 2022, with interest to be paid semi-annually on January 1st and July 1st. The Company used the net proceeds of this offering, after deducting underwriting discounts and commissions and other offering expenses, together with a portion of the proceeds from a new credit facility, to pay a special cash dividend totaling approximately $600.7 million paid to shareholders on August 23, 2012. The Company's 2012 Senior Notes are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations by eight wholly-owned domestic subsidiaries. | ||||||||
Senior Notes Due 2020 | ||||||||
On August 25, 2010, the Company issued unsecured senior notes in the principal amount of $250 million (the "2010 Senior Notes") at a discount of $0.6 million, bearing a coupon of 5.7% with an effective rate of 6.19%. The 2010 Senior Notes will mature on August 28, 2020, with interest to be paid semi-annually on February 28th and August 28th. The Company used the net proceeds from the offering, after deducting underwriting discounts and other offering expenses, to repay outstanding borrowings and for other general corporate purposes. The Company's 2010 Senior Notes are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations by eight wholly-owned domestic subsidiaries. | ||||||||
Revolving Credit Facilities | ||||||||
On July 25, 2012, the Company entered into a $350 million senior secured credit facility, comprised of a $200 million revolving credit tranche (the "New Revolver") and a $150 million term loan tranche (the "Term Loan") with Deutsche Bank AG New York Branch, as administrative agent, Wells Fargo Bank, National Association, as administrative agent and a syndication of lenders (the "New Credit Facility"). The New Credit Facility has a final maturity date of July 25, 2016, subject to an optional one-year extension provided certain conditions are met. Up to $25 million of the borrowings under the New Revolver may be used for letters of credit, up to $10 million of borrowings under the New Revolver may be used for swing-line loans and up to $35 million of borrowings under the New Revolver may be used for alternative currency loans. The Term Loan requires quarterly amortization payments (a) during the first two years, in equal installments aggregating 5% of the original principal amount of the Term Loan per year, (b) during the second two years, in equal installments aggregating 7.5% of the original principal amount of the Term Loan per year, and (c) during the one-year extension period (if exercised), equal installments aggregating 10% of the original principal amount of the Term Loan. | ||||||||
The Company utilized the proceeds from the Term Loan and borrowings from the New Revolver, together with the net proceeds from the Company's 2012 Senior Notes, to pay a special cash dividend of approximately $600.7 million in the aggregate to the Company's stockholders on August 23, 2012. | ||||||||
The New Credit Facility is unconditionally guaranteed, jointly and severally, by certain of the Company's domestic subsidiaries. The subsidiary guarantors currently include the eight wholly-owned subsidiaries that guarantee the obligations under the Company's Indenture governing the terms of its 2010 and 2012 Senior Notes. | ||||||||
The New Credit Facility is secured by first priority pledges of (i) 100% of the ownership interests in certain domestic subsidiaries owned by the Company and the guarantors, (ii) 65% of the ownership interests in (a) Choice Netherlands Antilles N.V. (“Choice NV”), the top-tier foreign holding company of the Company's foreign subsidiaries, and (b) the domestic subsidiary that owns Choice NV and (iii) all presently existing and future domestic franchise agreements (the “Franchise Agreements”) between the Company and individual franchisees, but only to the extent that the Franchise Agreements may be pledged without violating any law of the relevant jurisdiction or conflicting with any existing contractual obligation of the Company or the applicable franchisee. At the time that the maximum total leverage ratio is required to be no greater than 4.0 to 1.0 (beginning of year 4 of the New Credit Facility), the security interest in the Franchise Agreements will be released. | ||||||||
The Company may at any time prior to the final maturity date increase the amount of the New Credit Facility by up to an additional $100 million to the extent that any one or more lenders commit to being a lender for the additional amount and certain other customary conditions are met. Such additional amounts may take the form of an increased revolver or term loan. | ||||||||
The Company may elect to have borrowings under the New Credit Facility bear interest at a rate equal to (i) LIBOR, plus a margin ranging from 200 to 425 basis points based on the Company's total leverage ratio or (ii) a base rate plus a margin ranging from 100 to 325 basis points based on the Company's total leverage ratio. | ||||||||
The New Credit Facility requires the Company to pay a fee on the undrawn portion of the New Revolver, calculated on the basis of the average daily unused amount of the New Revolver multiplied by 0.30% per annum. | ||||||||
The Company may reduce the New Revolver commitment and/or prepay the Term Loan in whole or in part at any time without penalty, subject to reimbursement of customary breakage costs, if any. Any Term Loan prepayments made by the Company shall be applied to reduce the scheduled amortization payments in direct order of maturity. | ||||||||
Additionally, the New Credit Facility requires that the Company and its restricted subsidiaries comply with various covenants, including with respect to restrictions on liens, incurring indebtedness, making investments, paying dividends or repurchasing stock, and effecting mergers and/or asset sales. With respect to dividends, the Company may not make any payment if there is an existing event of default or if the payment would create an event of default. In addition, if the Company's total leverage ratio exceeds 4.50 to 1.00, the Company is generally restricted from paying aggregate dividends in excess of $50.0 million during any calendar year. | ||||||||
The New Credit Facility also imposes financial maintenance covenants requiring the Company to maintain: | ||||||||
• | a total leverage ratio of not more than 5.75 to 1.00 in year 1, 5.00 to 1.00 in year 2, 4.50 to 1.00 in year 3 and 4.00 to 1.00 thereafter, | |||||||
• | a maximum secured leverage ratio of not more than 2.50 to 1.00 in year 1, 2.25 to 1.00 in year 2, 2.00 to 1.00 in year 3 and 1.75 to 1.00 thereafter, and | |||||||
• | a minimum fixed charge coverage ratio of not less than 2.00 to 1.00 in years 1 and 2, 2.25 to 1.00 in year 3 and 2.50 to 1.00 thereafter. | |||||||
At September 30, 2013, the Company maintained a total leverage ratio of approximately 3.44x, a maximum secured leverage ratio of 0.72x and a minimum fixed charge coverage ratio of approximately 5.54x. | ||||||||
The New Credit Facility includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations of the Company under the New Credit Facility to be immediately due and payable. At September 30, 2013, the Company was in compliance with all covenants under the New Credit Facility. | ||||||||
At September 30, 2013, the Company had $140.6 million and $29.5 million outstanding under the Term Loan and New Revolver, respectively. At December 31, 2012, the Company had $146.3 million and $57.0 million outstanding under the Term Loan and New Revolver, respectively. | ||||||||
In connection with the entering into the New Credit Facility, the Company's $300 million senior unsecured revolving credit agreement, dated as of February 24, 2011, among the Company, Wells Fargo Bank, National Association, as administrative agent, and a syndicate of lenders was terminated and replaced by the New Credit Facility. | ||||||||
Economic Development Loans | ||||||||
The Company entered into economic development agreements with various governmental entities in conjunction with the relocation of its corporate headquarters in April 2013. In accordance with these agreements, the governmental entities agreed to advance approximately $4.4 million to the Company to offset a portion of the corporate headquarters relocation and tenant improvement costs in consideration of the employment of permanent, full-time employees within the jurisdictions. At September 30, 2013, the Company had been advanced approximately $3.4 million pursuant to these agreements and expects to receive the remaining $1 million over the next several years, subject to annual appropriations by the governmental entities. These advances bear interest at a rate of 3% per annum. | ||||||||
Repayment of the advances is contingent upon the Company achieving certain performance conditions. Performance conditions are measured annually on December 31st and primarily relate to maintaining certain levels of employment within the various jurisdictions. If the Company fails to meet an annual performance condition, the Company may be required to repay a portion or all of the advances including accrued interest by April 30th following the measurement date. Any outstanding advances at the expiration of the Company's ten year corporate headquarters lease in 2023 will be forgiven in full. The advances will be included in long-term debt in Company's consolidated balance sheets until the Company determines that the future performance conditions will be met over the entire term of the agreement and the Company will not be required to repay the advances. The Company accrues interest on the portion of the advances that it expects to repay. The Company was in compliance with all current performance conditions as of September 30, 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) (restated) | ||||||||||||
The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the nine months ended September 30, 2013: | ||||||||||||
Loss on Cash Flow Hedge | Foreign Currency Items | Total | ||||||||||
($ in thousands) | ||||||||||||
Balance, December 31, 2012 | $ | (6,607 | ) | $ | 2,391 | $ | (4,216 | ) | ||||
Other comprehensive income (loss) before reclassification | — | (1,803 | ) | (1,803 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 646 | — | 646 | |||||||||
Net current period other comprehensive income (loss) | 646 | (1,803 | ) | (1,157 | ) | |||||||
Balance, September 30, 2013 | $ | (5,961 | ) | $ | 588 | $ | (5,373 | ) | ||||
The amounts reclassified from other accumulated other comprehensive income (loss) during the three and nine months ended September 30, 2013 were reclassified to the following line items in the Company's Consolidated Statements of Income. | ||||||||||||
Component | Amount Reclassified from Accumulated Other Comprehensive Income(Loss) | Affected Line Item in the Consolidated Statement of Net Income | ||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||
($ in thousands) | ||||||||||||
Loss on cash flow hedge | ||||||||||||
Interest rate contract | $ | 215 | $ | 646 | Interest expense | |||||||
— | — | Tax (expense) benefit | ||||||||||
$ | 215 | $ | 646 | Net of tax | ||||||||
NonQualified_Retirement_Saving
Non-Qualified Retirement, Savings and Investment Plans | 9 Months Ended |
Sep. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Non-Qualified Retirement, Savings and Investment Plans | ' |
Non-Qualified Retirement, Savings and Investment Plans | |
The Company sponsors two non-qualified retirement savings and investment plans for certain employees and senior executives. Employee and Company contributions are maintained in separate irrevocable trusts. Legally, the assets of the trusts remain those of the Company; however, access to the trusts' assets is severely restricted. The trusts cannot be revoked by the Company or an acquirer, but the assets are subject to the claims of the Company's general creditors. The participants do not have the right to assign or transfer contractual rights in the trusts. | |
In 2002, the Company adopted the Choice Hotels International, Inc. Executive Deferred Compensation Plan (“EDCP”) which became effective January 1, 2003. Under the EDCP, certain executive officers may defer a portion of their salary into an irrevocable trust. Prior to January 1, 2010, participants could elect an investment return of either the annual yield of the Moody's Average Corporate Bond Rate Yield Index plus 300 basis points, or a return based on a selection of available diversified investment options. Effective January 1, 2010, the Moody's Average Corporate Bond Rate Yield Index plus 300 basis points is no longer an investment option for salary deferrals made on compensation earned after December 31, 2009. The Company recorded current and long-term deferred compensation liabilities of $10.9 million and $11.7 million, as of September 30, 2013 and December 31, 2012, respectively, related to these deferrals and credited investment returns. Compensation expense is recorded in SG&A expense on the Company's consolidated statements of income based on the change in the deferred compensation obligation related to earnings credited to participants as well as changes in the fair value of diversified investments. Compensation expense recorded in SG&A related to the EDCP for the three months ended September 30, 2013 and 2012 was $0.3 million and $0.2 million, respectively. Compensation expense recorded in SG&A related to the EDCP for the nine months ended September 30, 2013 and 2012 was $0.7 million for both periods. | |
The Company has invested the employee salary deferrals in diversified long-term investments which are intended to provide investment returns that partially offset the earnings credited to the participants. The diversified investments held in the trusts totaled $3.8 million and $6.0 million as of September 30, 2013 and December 31, 2012, respectively, and are recorded at their fair value, based on quoted market prices. At September 30, 2013, the Company expects $0.4 million of the assets held in the trusts to be distributed to participants during the next twelve months. These investments are considered trading securities and therefore the changes in the fair value of the diversified assets is included in other gains and losses in the accompanying consolidated statements of income. The Company recorded investment gains related to the EDCP during the three months ended September 30, 2013 and 2012 of approximately $0.2 million and $0.1 million, respectively. The Company recorded investment gains related to the EDCP during the nine months ended September 30, 2013 and 2012 of approximately $0.3 million and $1.2 million, respectively. In addition, the EDCP Plan held shares of the Company's common stock with a market value of $0.2 million and $0.1 million at September 30, 2013 and December 31, 2012, respectively, which were recorded as a component of shareholders' deficit. | |
In 1997, the Company adopted the Choice Hotels International, Inc. Non-Qualified Retirement Savings and Investment Plan (“Non-Qualified Plan”). The Non-Qualified Plan allows certain employees who do not participate in the EDCP to defer a portion of their salary and invest these amounts in a selection of available diversified investment options. As of September 30, 2013 and December 31, 2012, the Company had recorded a deferred compensation liability of $12.8 million and $11.2 million, respectively, related to these deferrals. Compensation expense is recorded in SG&A expense on the Company's consolidated statements of income based on the change in the deferred compensation obligation related to earnings credited to participants as well as changes in the fair value of diversified investments. The net increase in compensation expense recorded in SG&A related to the Non-Qualified Plan for the three months ended September 30, 2013 and 2012 was $0.6 million and $0.2 million, respectively. The net increase in compensation expense recorded in SG&A related to the Non-Qualified Plan for the nine months ended September 30, 2013 and 2012 was $1.3 million and $0.8 million, respectively. | |
The diversified investments held in the trusts were $11.6 million and $10.2 million as of September 30, 2013 and December 31, 2012, respectively, and are recorded at their fair value, based on quoted market prices. These investments are considered trading securities and therefore the changes in the fair value of the diversified assets is included in other gains and losses in the accompanying consolidated statements of income. The Company recorded investment gains related to the Non-Qualified Plan during the three months ended September 30, 2013 and 2012 of approximately $0.5 million and $0.4 million, respectively. The Company recorded investment gains related to the Non-Qualified Plan during the nine months ended September 30, 2013 and 2012 of approximately $1.1 million and $1.0 million, respectively. In addition, the Non-Qualified Plan held shares of the Company's common stock with a market value of $1.2 million and $1.0 million at September 30, 2013 and December 31, 2012, respectively, which are recorded as a component of shareholders' deficit. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The Company estimates the fair value of its financial instruments utilizing a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The following summarizes the three levels of inputs, as well as the assets that the Company values using those levels of inputs. | ||||||||||||||||
Level 1: Quoted prices in active markets for identical assets and liabilities. The Company’s Level 1 assets consist of marketable securities (primarily mutual funds) held in the Company’s EDCP and Non-Qualified Plan deferred compensation plans. | ||||||||||||||||
Level 2: Observable inputs, other than quoted prices in active markets for identical assets and liabilities, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable. The Company’s Level 2 assets consist of money market funds held in the Company’s EDCP and Non-Qualified Plan deferred compensation plans and those recorded in cash and cash equivalents. | ||||||||||||||||
Level 3: Unobservable inputs, supported by little or no market data available, where the reporting entity is required to develop its own assumptions to determine the fair value of the instrument. The Company does not currently have any assets whose fair value was determined using Level 3 inputs. | ||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had the following assets measured at fair value on a recurring basis: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
Reporting Date Using | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets (in thousands) | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 50,001 | $ | — | $ | 50,001 | $ | — | ||||||||
Mutual funds(1) | 13,201 | 13,201 | — | — | ||||||||||||
Money market funds(1) | 2,135 | — | 2,135 | — | ||||||||||||
$ | 65,337 | $ | 13,201 | $ | 52,136 | $ | — | |||||||||
As of December 31, 2012 | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 20,001 | $ | — | $ | 20,001 | $ | — | ||||||||
Mutual funds(1) | 11,884 | 11,884 | — | — | ||||||||||||
Money market funds(1) | 4,357 | — | 4,357 | — | ||||||||||||
$ | 36,242 | $ | 11,884 | $ | 24,358 | $ | — | |||||||||
________________________ | ||||||||||||||||
-1 | Included in Investments, employee benefit plans fair value on the consolidated balance sheets. | |||||||||||||||
The Company's policy is to recognize transfers in and transfers out of the three levels of the fair value hierarchy as of the end of each quarterly reporting period. There were no transfers between Level 1, 2 and 3 assets during the three and nine months ended September 30, 2013. | ||||||||||||||||
Other Financial Instruments | ||||||||||||||||
The Company believes that the fair value of its current assets and current liabilities approximate their reported carrying amounts due to the short-term nature of these items. In addition, the interest rates of the Company's New Credit Facility adjust frequently based on current market rates; accordingly its carrying amount approximates fair value. | ||||||||||||||||
The Company estimates the fair value of notes receivable which approximate their carrying value, utilizing an analysis of future cash flows and credit worthiness for similar types of arrangements. Based upon the availability of market data, we have classified these notes receivables as Level 3 inputs. The primary sensitivity in these calculations is based on the selection of appropriate interest and discount rates. For further information on the notes receivables see Note 3. | ||||||||||||||||
The fair value of the Company's $250 million and $400 million senior notes are classified as Level 2 as the significant inputs are observable in an active market. At September 30, 2013 and December 31, 2012, the $250 million senior notes had an approximate fair value of $256.9 million and $271.6 million, respectively. At September 30, 2013 and December 31, 2012, the $400 million senior notes had an approximate fair value of $412.0 million and $442.0 million, respectively. | ||||||||||||||||
Fair values estimated are made at a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible and may not be a prudent management decision. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes (restated) | |
The effective income tax rates for income from continuing operations were 28.9% and 19.2% for the three months ended September 30, 2013 and 2012, respectively. The effective income tax rates for income from continuing operations were 28.8% for both the nine months ended September 30, 2013 and 2012, respectively. | |
The effective income tax rate from continuing operations for the three and nine months ended September 30, 2013 and 2012, were lower than the U.S federal income tax rate of 35% due to the recurring impact of foreign operations, partially offset by state taxes, and reflect adjustments to our federal accruals. Additionally, the effective income tax rate for the nine months ended September 30, 2013 was further reduced by the release of a valuation allowance on local country tax refunds received by our foreign subsidiary, adjustments to our foreign accruals, settlements of unrecognized tax positions and by legislation retroactively extending the U.S. controlled foreign corporation look-through rule. The effective income tax rates for the three and nine months ended September 30, 2012 also reflect a nonrecurring favorable adjustment of $4.5 million related to foreign operations. |
ShareBased_Compensation_and_Ca
Share-Based Compensation and Capital Stock | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Share-Based Compensation and Capital Stock | ' | ||||||||||||||||||||||
Share-Based Compensation and Capital Stock | |||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||
No stock options were granted during the three month periods ended September 30, 2013 and 2012. The Company granted 0.2 million and 0.2 million options to certain employees of the Company at a fair value of $1.7 million and $1.6 million for the nine months ended September 30, 2013 and 2012, respectively. The stock options granted by the Company had an exercise price equal to the market price of the Company's common stock on the date of grant. The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||||||||
2013 Grants | 2012 Grants | ||||||||||||||||||||||
Risk-free interest rate | 0.73 | % | 0.78 | % | |||||||||||||||||||
Expected volatility | 38.14 | % | 40.15 | % | |||||||||||||||||||
Expected life of stock option | 4.5 years | 4.4 years | |||||||||||||||||||||
Dividend yield | 2.01 | % | 2.08 | % | |||||||||||||||||||
Requisite service period | 4 years | 4 years | |||||||||||||||||||||
Contractual life | 7 years | 7 years | |||||||||||||||||||||
Weighted average fair value of options granted | $ | 9.89 | $ | 9.98 | |||||||||||||||||||
The expected life of the options and volatility are based on historical data and are not necessarily indicative of exercise patterns or actual volatility that may occur. Historical volatility is calculated based on a period that corresponds to the expected life of the stock option. The dividend yield and the risk-free rate of return are calculated on the grant date based on the then current dividend rate and the risk-free rate of return for the period corresponding to the expected life of the stock option. Compensation expense related to the fair value of these awards is recognized straight-line over the requisite service period based on those awards that ultimately vest. | |||||||||||||||||||||||
The aggregate intrinsic value of the stock options outstanding and exercisable at September 30, 2013 was $29.6 million and $23.4 million, respectively. The total intrinsic value of options exercised during the three months ended September 30, 2013 and 2012 was approximately $0.5 million and $0.5 million, respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2013 and 2012 was approximately $3.4 million and $1.0 million, respectively. | |||||||||||||||||||||||
The Company received approximately $0.7 million and $4.3 million in proceeds from the exercise of 29,008 and 109,996 employee stock options during the three month periods ended September 30, 2013 and 2012, respectively. The Company received approximately $6.7 million and $4.7 million in proceeds from the exercise of 263,073 and 135,200 employee stock options during the nine month periods ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||
The following table is a summary of activity related to restricted stock grants: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Restricted share grants | 7,646 | 7,672 | 223,045 | 266,159 | |||||||||||||||||||
Weighted average grant date fair value per share | $ | 39.24 | $ | 32.59 | $ | 37.65 | $ | 35.76 | |||||||||||||||
Aggregate grant date fair value ($000) | $ | 300 | $ | 250 | $ | 8,397 | $ | 9,517 | |||||||||||||||
Restricted shares forfeited | 25 | 13,619 | 27,953 | 23,921 | |||||||||||||||||||
Vesting service period of shares granted | 36 months | 36 months | 12 - 48 months | 12 - 68 months | |||||||||||||||||||
Grant date fair value of shares vested ($000) | $ | 94 | $ | 75 | $ | 8,569 | $ | 6,693 | |||||||||||||||
Compensation expense related to the fair value of these awards is recognized straight-line over the requisite service period based on those restricted stock grants that ultimately vest. The fair value of grants is measured by the market price of the Company’s stock on the date of grant. Restricted stock awards generally vest ratably over the service period beginning with the first anniversary of the grant date. Awards granted to retirement eligible non-employee directors are recognized over the shorter of the requisite service period or the length of time until retirement since the terms of the grant provide that the awards will vest upon retirement. | |||||||||||||||||||||||
Performance Vested Restricted Stock Units | |||||||||||||||||||||||
The Company has granted performance vested restricted stock units (“PVRSU”) to certain employees. The fair value is measured by the market price of the Company's common stock on the date of the grant. The vesting of these stock awards is contingent upon the Company achieving performance targets at the end of specified performance periods and the employees' continued employment. The performance conditions affect the number of shares that will ultimately vest. The range of possible stock-based award vesting is generally between 0% and 200% of the initial target. If minimum performance targets are not attained then no awards will vest under the terms of the various PVRSU agreements. Compensation expense related to these awards is recognized over the requisite service period based on the Company's estimate of the achievement of the various performance targets. The Company has currently estimated that between 81% and 165% of the various award targets will be achieved. Compensation expense is recognized ratably over the requisite service period only on those PVRSUs that ultimately vest. | |||||||||||||||||||||||
The following table is a summary of activity related to PVRSU grants: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Performance vested restricted stock units granted at target | — | 6,137 | 58,902 | 100,046 | |||||||||||||||||||
Weighted average grant date fair value per share | $ | — | $ | 32.59 | $ | 36.76 | $ | 35.68 | |||||||||||||||
Aggregate grant date fair value ($000) | $ | — | $ | 200 | $ | 2,165 | $ | 3,570 | |||||||||||||||
Stock units forfeited | — | — | — | 57,176 | |||||||||||||||||||
Requisite service period | — | 41 months | 22-36 months | 36-60 months | |||||||||||||||||||
During the three months ended September 30, 2013 and 2012, no PVRSU grants vested. During the nine months ended September 30, 2013, a total of 39,816 PVRSU grants vested at a fair value of $1.3 million. These PVRSU grants were initially granted at a target of 30,624 units. However, since the Company exceeded targeted performance conditions contained in the stock awards granted in prior periods by 130%, an additional 9,192 shares were earned and issued. During the nine months ended September 30, 2012, PVRSU grants totaling 57,176 units were terminated in accordance with an amended and restated employment agreement. | |||||||||||||||||||||||
A summary of stock-based award activity as of September 30, 2013 and changes during the nine months ended are presented below: | |||||||||||||||||||||||
Stock Options | Restricted Stock | Performance Vested | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
Options | Weighted | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||
Exercise | Remaining | Grant Date | Grant Date | ||||||||||||||||||||
Price | Contractual | Fair Value | Fair Value | ||||||||||||||||||||
Term | |||||||||||||||||||||||
Outstanding at January 1, 2013 | 1,934,034 | $ | 25.8 | 606,547 | $ | 35.17 | 170,116 | $ | 35.56 | ||||||||||||||
Granted | 173,413 | 36.76 | 223,045 | 37.65 | 58,902 | 36.76 | |||||||||||||||||
Performance based leveraging (1) | — | — | — | — | 9,192 | 32.6 | |||||||||||||||||
Exercised/Vested | (263,073 | ) | 25.38 | (227,890 | ) | 33.94 | (39,816 | ) | 32.6 | ||||||||||||||
Expired | (75,473 | ) | 36.99 | — | — | — | — | ||||||||||||||||
Forfeited | — | — | (27,953 | ) | 35.3 | — | — | ||||||||||||||||
Outstanding at September 30, 2013 | 1,768,901 | $ | 26.46 | 3.2 years | 573,749 | $ | 36.61 | 198,394 | $ | 36.37 | |||||||||||||
Options exercisable at September 30, 2013 | 1,265,481 | $ | 24.7 | 2.4 years | |||||||||||||||||||
_________________________________ | |||||||||||||||||||||||
(1)PVRSU shares have been increased by 9,192 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the nine months ended September 30, 2013. | |||||||||||||||||||||||
The components of the Company’s pretax stock-based compensation expense and associated income tax benefits are as follows for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Stock options | $ | 0.3 | $ | 0.5 | $ | 1.3 | $ | 1.6 | |||||||||||||||
Restricted stock | 2.1 | 1.8 | 5.7 | 5.7 | |||||||||||||||||||
Performance vested restricted stock units | 0.5 | 0.8 | 1.7 | 1.3 | |||||||||||||||||||
Total | $ | 2.9 | $ | 3.1 | $ | 8.7 | $ | 8.6 | |||||||||||||||
Income tax benefits | $ | 1.1 | $ | 1.1 | $ | 3.2 | $ | 3.2 | |||||||||||||||
Dividends | |||||||||||||||||||||||
The Company currently pays a quarterly dividend on its common stock of 0.185 per share, however the declaration of future dividends are subject to the discretion of the board of directors. In the fourth quarter of 2012, the Company's board of directors elected to pay prior to December 31, 2012 the regular quarterly dividend initially scheduled to be paid in the first quarter of 2013. During the three and nine months ended September 30, 2013, the Company declared dividends totaling $0.185 and $0.56 per share or approximately $10.8 million and $32.3 million in the aggregate, respectively. | |||||||||||||||||||||||
In addition, during the nine months ended September 30, 2013, the Company paid previously declared dividends totaling $0.5 million that were contingent upon the vesting of performance vested restricted units. No dividends on performance vested restricted units were paid during the three months ended September 30, 2013. No dividends on performance vested restricted units were paid during the three and nine months ended September 30, 2012. | |||||||||||||||||||||||
During the three and nine months ended September 30, 2012, the Company declared regular quarterly cash dividends totaling $0.185 and $0.56 per share or approximately $10.7 million and $32.1 million in the aggregate, respectively. In addition, during the three and nine months ended September 30, 2012, the Company's board of directors declared a special cash dividend to common shareholders in the amount of $10.41 per share or approximately $600.7 million. | |||||||||||||||||||||||
Share Repurchases and Redemptions | |||||||||||||||||||||||
No shares of common stock were purchased by the Company under the share repurchase program during the three and nine months ended September 30, 2013 and no shares of common stock were repurchased under the program during the three months ended September 30, 2012. During the nine months ended September 30, 2012, the Company purchased 0.5 million shares of common stock under the share repurchase program at a total cost of $19.9 million. | |||||||||||||||||||||||
During the three and nine months ended September 30, 2013, the Company redeemed 795 and 98,182 shares of common stock at a total cost of approximately $32 thousand and $3.7 million from employees to satisfy statutory minimum tax requirements from the vesting of restricted stock and performance vested restricted stock unit grants. During the three and nine months ended September 30, 2012, the Company redeemed 1,525 and 64,037 shares of common stock at a total cost of approximately $0.1 million and $2.3 million from employees to satisfy statutory minimum tax requirements from the vesting of restricted stock grants. These redemptions were outside the share repurchase program initiated in June 1998. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share | ' | |||||||||||||||
Earnings Per Share (restated) | ||||||||||||||||
The computation of basic and diluted earnings per common share is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Computation of Basic Earnings Per Share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income from continuing operations | $ | 38,573 | $ | 42,637 | $ | 89,973 | $ | 100,639 | ||||||||
Net income from discontinued operations | 143 | 107 | 293 | 270 | ||||||||||||
Net income | 38,716 | 42,744 | 90,266 | 100,909 | ||||||||||||
Income allocated to participating securities | (377 | ) | (453 | ) | (901 | ) | (1,066 | ) | ||||||||
Net income available to common shareholders | $ | 38,339 | $ | 42,291 | $ | 89,365 | $ | 99,843 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding – basic | 57,978 | 57,388 | 57,884 | 57,455 | ||||||||||||
Basic earnings per share - Continuing operations | $ | 0.66 | $ | 0.74 | $ | 1.54 | $ | 1.73 | ||||||||
Basic earnings per share - Discontinued operations | — | — | — | 0.01 | ||||||||||||
$ | 0.66 | $ | 0.74 | $ | 1.54 | $ | 1.74 | |||||||||
Computation of Diluted Earnings Per Share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income from continuing operations | $ | 38,573 | $ | 42,637 | $ | 89,973 | $ | 100,639 | ||||||||
Net income from discontinued operations | 143 | 107 | 293 | 270 | ||||||||||||
Net income | 38,716 | 42,744 | 90,266 | 100,909 | ||||||||||||
Income allocated to participating securities | (375 | ) | -476 | (898 | ) | -1,081 | ||||||||||
Net income available to common shareholders | $ | 38,341 | $ | 42,268 | $ | 89,368 | $ | 99,828 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding – basic | 57,978 | 57,388 | 57,884 | 57,455 | ||||||||||||
Diluted effect of stock options and PVRSUs | 394 | 225 | 383 | 157 | ||||||||||||
Weighted average common shares outstanding – diluted | 58,372 | 57,613 | 58,267 | 57,612 | ||||||||||||
Diluted earnings per share - Continuing operations | $ | 0.65 | $ | 0.73 | $ | 1.53 | $ | 1.73 | ||||||||
Diluted earnings per share - Discontinued operations | 0.01 | — | — | 0 | ||||||||||||
$ | 0.66 | $ | 0.73 | $ | 1.53 | $ | 1.73 | |||||||||
The Company's unvested restricted shares contain rights to receive non-forfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share (“EPS”). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator. | ||||||||||||||||
At September 30, 2013 and 2012, the Company had 1.8 million and 2.1 million outstanding stock options, respectively. Stock options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For the three and nine month periods ended September 30, 2013, the Company did not exclude any anti-dilutive stock options from the diluted earnings per share calculation. For each the three and nine month periods ended September 30, 2012, the Company excluded 0.3 million of anti-dilutive stock options from the diluted earnings per share calculation. | ||||||||||||||||
PVRSUs are also included in the diluted earnings per share calculation when the performance conditions have been met at the reporting date. However, at September 30, 2013 and 2012, PVRSUs totaling 198,394 and 152,639, respectively, were excluded from the computation since the performance conditions had not been met. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Statements (restated) | ||||||||||||||||||||||||
The Company’s Senior Notes due 2020 and 2022 are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations, by eight 100%-owned domestic subsidiaries. There are no legal or regulatory restrictions on the payment of dividends to Choice Hotels International, Inc. from subsidiaries that do not guarantee the Senior Notes. As a result of the guarantee arrangements, the following condensed consolidating financial statements are presented. Investments in subsidiaries are accounted for under the equity method of accounting. | ||||||||||||||||||||||||
Certain revisions have been made to correct immaterial errors in the condensed consolidating statement of income for the three and nine months ended September 30, 2012 and condensed consolidating statement of cash flows for the nine months ended September 30, 2012. The revisions to the condensed consolidating statement of income decreased the Guarantor's marketing and reservation expense and total operating expenses by $0.8 million and $3.0 million for the three and nine months ended September 30, 2012, respectively. The revisions also increased the Guarantor's interest expense and total other income and expenses, net by $0.8 million and $3.0 million for the three and nine months ended September 30, 2012, respectively. These revisions had offsetting adjustments to the same items in the Eliminations column. The following tables present the effect of the correction of these immaterial errors on selected line items in the Company's Guarantor Condensed Consolidating Statements of Income for the three and nine months ended September 30, 2012. | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||
Marketing and reservation expense | $ | 89,498 | $ | (843 | ) | $ | 88,655 | $ | 244,861 | $ | (2,954 | ) | $ | 241,907 | ||||||||||
Total operating expenses | 111,041 | (843 | ) | 110,198 | 314,261 | (2,954 | ) | 311,307 | ||||||||||||||||
Operating income (loss) | (2,470 | ) | 843 | (1,627 | ) | 5,812 | 2,954 | 8,766 | ||||||||||||||||
Interest expense | (839 | ) | 843 | 4 | (2,914 | ) | 2,954 | 40 | ||||||||||||||||
Total other income and expenses, net | (1,350 | ) | 843 | (507 | ) | (5,051 | ) | 2,954 | (2,097 | ) | ||||||||||||||
The condensed consolidating statements of cash flows for the nine months ended September 30, 2012 has been revised from prior filings to reflect the reclassification of certain operating, investing and financing cash flows related to inter-company investment transactions between wholly-owned subsidiaries. The revisions to the condensed consolidating statement of cash flows increased the Guarantors net cash provided (used) by operating activities and decreased investment in affiliates and net cash used in investing activities by $9.7 million and decreased the Non-Guarantor's net cash provided (used) by operating activities and increased proceeds from contributions from affiliates and net cash provided (used) by financing activities by $9.7 million for the nine months ended September 30, 2012, with corresponding offsetting adjustments to the same items in the Eliminations column. In addition, as described in Note 1 to the Company's Consolidated Financial Statements, the consolidated statements of cash flows have been revised for the correction of the misapplication of GAAP related to the presentation of cash flows from the Company's forgivable notes receivable. As a result of this revision, the Guarantors net cash provided (used) by operating activities and net cash used in investing activities were each decreased by $2.9 million for the nine months ended September 30, 2012. The following tables present the effect of the correction for the aforementioned items on selected line items included in the Company's Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2012: | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
Guarantor | Non-Guarantor | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||
Net cash provided (used) by operating activities | $ | (1,928 | ) | $ | 6,869 | $ | 4,941 | $ | 36,131 | $ | (9,721 | ) | $ | 26,410 | ||||||||||
Investing Activities: | ||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (3,068 | ) | 3,068 | — | — | — | — | |||||||||||||||||
Collection of mezzanine and other notes receivable | 216 | (216 | ) | — | — | — | — | |||||||||||||||||
Advances to and investments in affiliates | — | (9,721 | ) | (9,721 | ) | — | — | — | ||||||||||||||||
Net cash provided (used) in investing activities | 1,649 | (6,869 | ) | (5,220 | ) | (9,636 | ) | — | (9,636 | ) | ||||||||||||||
Financing Activities: | ||||||||||||||||||||||||
Proceeds from contributions from affiliates | — | — | — | — | 9,721 | 9,721 | ||||||||||||||||||
Net cash provided (used) by financing activities | 122 | — | 122 | (14 | ) | 9,721 | 9,707 | |||||||||||||||||
The Company assessed the materiality of the revisions noted above and concluded that they are not material to any of our previously issued annual or interim condensed consolidating financial statements. | ||||||||||||||||||||||||
Certain condensed consolidating financial statements have also been restated for the three and nine months ended September 30, 2013 and 2012, respectively, and the consolidated balance sheets at December 31, 2012 have been revised from previously interim and annual financial statements to reflect the correction of an error discussed in Note 1 under the heading "Revisions to Prior Annual Financial Statements and Restatement of Prior Interim Financial Statements" and other immaterial errors. In addition, the condensed consolidated statements of income for the three and nine months ended September 30, 2013 and 2012, have been recast to reflect discontinued operations, as discussed in Note 18, "Discontinued Operations". | ||||||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Unaudited, in Thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Royalty fees | $ | 72,915 | $ | 25,161 | $ | 11,362 | $ | (29,978 | ) | $ | 79,460 | |||||||||||||
Initial franchise and relicensing fees | 4,419 | — | 231 | — | 4,650 | |||||||||||||||||||
Procurement services | 4,375 | — | 333 | — | 4,708 | |||||||||||||||||||
Marketing and reservation | 112,354 | 96,672 | 5,807 | (90,024 | ) | 124,809 | ||||||||||||||||||
Other items, net | 2,778 | — | 313 | — | 3,091 | |||||||||||||||||||
Total revenues | 196,841 | 121,833 | 18,046 | (120,002 | ) | 216,718 | ||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Selling, general and administrative | 30,498 | 22,417 | 3,472 | (29,978 | ) | 26,409 | ||||||||||||||||||
Marketing and reservation | 117,480 | 92,784 | 4,569 | (90,024 | ) | 124,809 | ||||||||||||||||||
Other items, net | 828 | 1,222 | 222 | — | 2,272 | |||||||||||||||||||
Total operating expenses | 148,806 | 116,423 | 8,263 | (120,002 | ) | 153,490 | ||||||||||||||||||
Operating income | 48,035 | 5,410 | 9,783 | — | 63,228 | |||||||||||||||||||
OTHER INCOME AND EXPENSES: | ||||||||||||||||||||||||
Interest expense | 10,691 | 61 | 5 | — | 10,757 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (13,031 | ) | — | — | 13,031 | — | ||||||||||||||||||
Other items, net | (577 | ) | (697 | ) | (526 | ) | — | (1,800 | ) | |||||||||||||||
Total other income and expenses, net | (2,917 | ) | (636 | ) | (521 | ) | 13,031 | 8,957 | ||||||||||||||||
Income from continuing operations before income taxes | 50,952 | 6,046 | 10,304 | (13,031 | ) | 54,271 | ||||||||||||||||||
Income taxes | 12,236 | 3,017 | 445 | — | 15,698 | |||||||||||||||||||
Income from continuing operations, net of income taxes | 38,716 | 3,029 | 9,859 | (13,031 | ) | 38,573 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 143 | — | — | 143 | |||||||||||||||||||
Net income | $ | 38,716 | $ | 3,172 | $ | 9,859 | $ | (13,031 | ) | $ | 38,716 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Unaudited, in Thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Royalty fees | $ | 71,213 | $ | 16,347 | $ | 23,091 | $ | (32,613 | ) | $ | 78,038 | |||||||||||||
Initial franchise and relicensing fees | 2,996 | — | 251 | — | 3,247 | |||||||||||||||||||
Procurement services | 3,489 | — | 350 | — | 3,839 | |||||||||||||||||||
Marketing and reservation | 108,615 | 91,022 | 4,828 | (86,500 | ) | 117,965 | ||||||||||||||||||
Other items, net | 1,991 | — | 191 | — | 2,182 | |||||||||||||||||||
Total revenues | 188,304 | 107,369 | 28,711 | (119,113 | ) | 205,271 | ||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Selling, general and administrative | 39,684 | 19,525 | (3,524 | ) | (32,613 | ) | 23,072 | |||||||||||||||||
Marketing and reservation | 110,694 | 88,695 | 4,233 | (85,657 | ) | 117,965 | ||||||||||||||||||
Other items, net | 706 | 950 | 204 | — | 1,860 | |||||||||||||||||||
Total operating expenses | 151,084 | 109,170 | 913 | (118,270 | ) | 142,897 | ||||||||||||||||||
Operating income | 37,220 | (1,801 | ) | 27,798 | (843 | ) | 62,374 | |||||||||||||||||
OTHER INCOME AND EXPENSES: | ||||||||||||||||||||||||
Interest expense | 11,005 | 4 | — | (843 | ) | 10,166 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (27,231 | ) | — | — | 27,231 | — | ||||||||||||||||||
Other items, net | 215 | (511 | ) | (285 | ) | — | (581 | ) | ||||||||||||||||
Total other income and expenses, net | (16,011 | ) | (507 | ) | (285 | ) | 26,388 | 9,585 | ||||||||||||||||
Income from continuing operations before income taxes | 53,231 | (1,294 | ) | 28,083 | (27,231 | ) | 52,789 | |||||||||||||||||
Income taxes | 10,487 | (710 | ) | 375 | — | 10,152 | ||||||||||||||||||
Income from continuing operations, net of income taxes | 42,744 | (584 | ) | 27,708 | (27,231 | ) | 42,637 | |||||||||||||||||
Income from discontinued operations, net of income taxes | — | 107 | — | — | 107 | |||||||||||||||||||
Net income | $ | 42,744 | $ | (477 | ) | $ | 27,708 | $ | (27,231 | ) | $ | 42,744 | ||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Unaudited, in Thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Royalty fees | $ | 189,559 | $ | 84,477 | $ | 31,940 | $ | (97,770 | ) | $ | 208,206 | |||||||||||||
Initial franchise and relicensing fees | 12,074 | — | 769 | — | 12,843 | |||||||||||||||||||
Procurement services | 15,559 | — | 645 | — | 16,204 | |||||||||||||||||||
Marketing and reservation | 275,780 | 267,404 | 15,391 | (247,371 | ) | 311,204 | ||||||||||||||||||
Other items, net | 6,581 | — | 781 | — | 7,362 | |||||||||||||||||||
Total revenues | 499,553 | 351,881 | 49,526 | (345,141 | ) | 555,819 | ||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Selling, general and administrative | 94,903 | 75,799 | 9,876 | (97,770 | ) | 82,808 | ||||||||||||||||||
Marketing and reservation | 287,436 | 257,197 | 13,942 | (247,371 | ) | 311,204 | ||||||||||||||||||
Other items, net | 2,301 | 3,775 | 625 | — | 6,701 | |||||||||||||||||||
Total operating expenses | 384,640 | 336,771 | 24,443 | (345,141 | ) | 400,713 | ||||||||||||||||||
Operating income | 114,913 | 15,110 | 25,083 | — | 155,106 | |||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | ||||||||||||||||||||||||
Interest expense | 32,210 | 111 | 13 | — | 32,334 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (34,691 | ) | — | — | 34,691 | — | ||||||||||||||||||
Other items, net | (1,689 | ) | (1,261 | ) | (635 | ) | — | (3,585 | ) | |||||||||||||||
Total other income and expenses, net | (4,170 | ) | (1,150 | ) | (622 | ) | 34,691 | 28,749 | ||||||||||||||||
Income from continuing operations before income taxes | 119,083 | 16,260 | 25,705 | (34,691 | ) | 126,357 | ||||||||||||||||||
Income taxes | 28,817 | 7,317 | 250 | — | 36,384 | |||||||||||||||||||
Income from continuing operations, net of income taxes | 90,266 | 8,943 | 25,455 | (34,691 | ) | 89,973 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 293 | — | — | 293 | |||||||||||||||||||
Net income | $ | 90,266 | $ | 9,236 | $ | 25,455 | $ | (34,691 | ) | $ | 90,266 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Unaudited, in Thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Royalty fees | $ | 183,573 | $ | 68,622 | $ | 40,295 | $ | (89,503 | ) | $ | 202,987 | |||||||||||||
Initial franchise and relicensing fees | 8,459 | — | 494 | — | 8,953 | |||||||||||||||||||
Procurement services | 13,349 | — | 641 | — | 13,990 | |||||||||||||||||||
Marketing and reservation | 262,433 | 248,109 | 14,033 | (230,230 | ) | 294,345 | ||||||||||||||||||
Other items, net | 6,958 | — | 476 | — | 7,434 | |||||||||||||||||||
Total revenues | 474,772 | 316,731 | 55,939 | (319,733 | ) | 527,709 | ||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Selling, general and administrative | 93,054 | 63,544 | 5,227 | (89,503 | ) | 72,322 | ||||||||||||||||||
Marketing and reservation | 266,563 | 242,001 | 13,057 | (227,276 | ) | 294,345 | ||||||||||||||||||
Other items, net | 2,117 | 2,846 | 625 | — | 5,588 | |||||||||||||||||||
Total operating expenses | 361,734 | 308,391 | 18,909 | (316,779 | ) | 372,255 | ||||||||||||||||||
Operating income | 113,038 | 8,340 | 37,030 | (2,954 | ) | 155,454 | ||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | ||||||||||||||||||||||||
Interest expense | 19,731 | 40 | 6 | (2,954 | ) | 16,823 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (42,187 | ) | — | — | 42,187 | — | ||||||||||||||||||
Other items, net | (274 | ) | (2,137 | ) | (344 | ) | — | (2,755 | ) | |||||||||||||||
Total other income and expenses, net | (22,730 | ) | (2,097 | ) | (338 | ) | 39,233 | 14,068 | ||||||||||||||||
Income from continuing operations before income taxes | 135,768 | 10,437 | 37,368 | (42,187 | ) | 141,386 | ||||||||||||||||||
Income taxes | 34,859 | 4,503 | 1,385 | — | 40,747 | |||||||||||||||||||
Income from continuing operations, net of income taxes | 100,909 | 5,934 | 35,983 | (42,187 | ) | 100,639 | ||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 270 | — | — | 270 | |||||||||||||||||||
Net income | $ | 100,909 | $ | 6,204 | $ | 35,983 | $ | (42,187 | ) | $ | 100,909 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the three Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Unaudited, in Thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
Net income | $ | 38,716 | $ | 3,172 | $ | 9,859 | $ | (13,031 | ) | $ | 38,716 | |||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 215 | — | — | — | 215 | |||||||||||||||||||
Foreign currency translation adjustment | 524 | — | 524 | (524 | ) | 524 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | 739 | — | 524 | (524 | ) | 739 | ||||||||||||||||||
Comprehensive income | $ | 39,455 | $ | 3,172 | $ | 10,383 | $ | (13,555 | ) | $ | 39,455 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the three Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Unaudited, in Thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
Net income (loss) | $ | 42,744 | $ | (477 | ) | $ | 27,708 | $ | (27,231 | ) | $ | 42,744 | ||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 215 | — | — | — | 215 | |||||||||||||||||||
Foreign currency translation adjustment | 211 | 1 | 209 | (210 | ) | 211 | ||||||||||||||||||
Amortization of pension related costs, net of tax: | ||||||||||||||||||||||||
Actuarial loss | 20 | 20 | — | (20 | ) | 20 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | 446 | 21 | 209 | (230 | ) | 446 | ||||||||||||||||||
Comprehensive income | $ | 43,190 | $ | (456 | ) | $ | 27,917 | $ | (27,461 | ) | $ | 43,190 | ||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Unaudited, in Thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
Net income | $ | 90,266 | $ | 9,236 | $ | 25,455 | $ | (34,691 | ) | $ | 90,266 | |||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 646 | — | — | — | 646 | |||||||||||||||||||
Foreign currency translation adjustment | (1,803 | ) | — | (1,803 | ) | 1,803 | (1,803 | ) | ||||||||||||||||
Other comprehensive income (loss), net of tax | (1,157 | ) | — | (1,803 | ) | 1,803 | (1,157 | ) | ||||||||||||||||
Comprehensive income | $ | 89,109 | $ | 9,236 | $ | 23,652 | $ | (32,888 | ) | $ | 89,109 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Unaudited, in Thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
Net income | $ | 100,909 | $ | 6,204 | $ | 35,983 | $ | (42,187 | ) | $ | 100,909 | |||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 646 | — | — | — | 646 | |||||||||||||||||||
Foreign currency translation adjustment | 191 | 5 | 171 | (176 | ) | 191 | ||||||||||||||||||
Amortization of pension related costs, net of tax: | ||||||||||||||||||||||||
Actuarial loss | 60 | 60 | — | (60 | ) | 60 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | 897 | 65 | 171 | (236 | ) | 897 | ||||||||||||||||||
Comprehensive income | $ | 101,806 | $ | 6,269 | $ | 36,154 | $ | (42,423 | ) | $ | 101,806 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,921 | $ | 437 | $ | 149,780 | $ | — | $ | 161,138 | ||||||||||||||
Receivables, net | 91,527 | 2,088 | 9,272 | — | 102,887 | |||||||||||||||||||
Other current assets | 39,201 | 17,826 | 728 | — | 57,755 | |||||||||||||||||||
Total current assets | 141,649 | 20,351 | 159,780 | — | 321,780 | |||||||||||||||||||
Property and equipment, at cost, net | 11,351 | 54,791 | 858 | — | 67,000 | |||||||||||||||||||
Goodwill | 60,620 | 5,193 | — | — | 65,813 | |||||||||||||||||||
Franchise rights and other identifiable intangibles, net | 7,113 | 2,251 | 1,511 | — | 10,875 | |||||||||||||||||||
Advances, marketing and reservation activities | 14,070 | — | — | — | 14,070 | |||||||||||||||||||
Investments, employee benefit plans, at fair value | — | 14,950 | — | — | 14,950 | |||||||||||||||||||
Investment in affiliates | 366,607 | 27,307 | — | (393,914 | ) | — | ||||||||||||||||||
Advances to affiliates | 13,995 | 203,916 | 10,603 | (228,514 | ) | — | ||||||||||||||||||
Deferred income taxes | — | 8,413 | 1,001 | (9,414 | ) | — | ||||||||||||||||||
Other assets | 30,113 | 27,839 | 30,252 | — | 88,204 | |||||||||||||||||||
Total assets | $ | 645,518 | $ | 365,011 | $ | 204,005 | $ | (631,842 | ) | $ | 582,692 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||||||||||||||||||
Accounts payable | $ | 9,098 | $ | 27,757 | $ | 3,903 | $ | — | $ | 40,758 | ||||||||||||||
Accrued expenses | 19,397 | 22,098 | 1,980 | — | 43,475 | |||||||||||||||||||
Deferred revenue | 5,995 | 54,666 | 740 | — | 61,401 | |||||||||||||||||||
Current portion of long-term debt | 8,437 | 684 | 11 | — | 9,132 | |||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 2,439 | — | — | 2,439 | |||||||||||||||||||
Other current liabilities | 13,503 | 7,941 | 462 | — | 21,906 | |||||||||||||||||||
Total current liabilities | 56,430 | 115,585 | 7,096 | — | 179,111 | |||||||||||||||||||
Long-term debt | 811,243 | 4,694 | 20 | — | 815,957 | |||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 21,212 | 7 | — | 21,219 | |||||||||||||||||||
Advances from affiliates | 220,721 | 403 | 7,390 | (228,514 | ) | — | ||||||||||||||||||
Other liabilities | 26,587 | 18,211 | 484 | (9,414 | ) | 35,868 | ||||||||||||||||||
Total liabilities | 1,114,981 | 160,105 | 14,997 | (237,928 | ) | 1,052,155 | ||||||||||||||||||
Total shareholders’ (deficit) equity | (469,463 | ) | 204,906 | 189,008 | (393,914 | ) | (469,463 | ) | ||||||||||||||||
Total liabilities and shareholders’ deficit | $ | 645,518 | $ | 365,011 | $ | 204,005 | $ | (631,842 | ) | $ | 582,692 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 8,420 | $ | 407 | $ | 125,350 | $ | — | $ | 134,177 | ||||||||||||||
Receivables, net | 70,011 | 1,920 | 8,068 | — | 79,999 | |||||||||||||||||||
Other current assets | 44,899 | 23,495 | 3,528 | (3,368 | ) | 68,554 | ||||||||||||||||||
Total current assets | 123,330 | 25,822 | 136,946 | (3,368 | ) | 282,730 | ||||||||||||||||||
Property and equipment, at cost, net | 11,307 | 39,298 | 1,046 | — | 51,651 | |||||||||||||||||||
Goodwill | 60,620 | 5,193 | — | — | 65,813 | |||||||||||||||||||
Franchise rights and other identifiable intangibles, net | 8,669 | 2,715 | 2,089 | — | 13,473 | |||||||||||||||||||
Advances, marketing and reservation activities | 29,467 | — | — | 29,467 | ||||||||||||||||||||
Investments, employee benefit plans, at fair value | — | 12,755 | — | — | 12,755 | |||||||||||||||||||
Investment in affiliates | 331,416 | 26,194 | — | (357,610 | ) | — | ||||||||||||||||||
Advances to affiliates | 14,252 | 206,770 | 13,479 | (234,501 | ) | — | ||||||||||||||||||
Deferred income taxes | 10,367 | 599 | (10,966 | ) | — | |||||||||||||||||||
Other assets | 32,085 | 18,925 | 25,003 | 76,013 | ||||||||||||||||||||
Total assets | $ | 611,146 | $ | 348,039 | $ | 179,162 | $ | (606,445 | ) | $ | 531,902 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||||||||||||||||||
Accounts payable | $ | 5,930 | $ | 28,525 | $ | 4,259 | $ | — | $ | 38,714 | ||||||||||||||
Accrued expenses | 18,582 | 34,576 | 2,394 | — | 55,552 | |||||||||||||||||||
Deferred revenue | 17,239 | 53,081 | 834 | — | 71,154 | |||||||||||||||||||
Current portion of long-term debt | 7,500 | 675 | 20 | — | 8,195 | |||||||||||||||||||
Deferred compensation and retirement plan obligations | — | 2,522 | — | — | 2,522 | |||||||||||||||||||
Other current liabilities | — | 2,047 | 1,321 | (3,368 | ) | — | ||||||||||||||||||
Total current liabilities | 49,251 | 121,426 | 8,828 | (3,368 | ) | 176,137 | ||||||||||||||||||
Long-term debt | 845,257 | 1,845 | 48 | — | 847,150 | |||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 20,390 | 9 | — | 20,399 | |||||||||||||||||||
Advances from affiliates | 226,917 | 189 | 7,395 | (234,501 | ) | — | ||||||||||||||||||
Other liabilities | 28,359 | 9,216 | 245 | (10,966 | ) | 26,854 | ||||||||||||||||||
Total liabilities | 1,149,784 | 153,066 | 16,525 | (248,835 | ) | 1,070,540 | ||||||||||||||||||
Total shareholders’ (deficit) equity | (538,638 | ) | 194,973 | 162,637 | (357,610 | ) | (538,638 | ) | ||||||||||||||||
Total liabilities and shareholders' deficit | $ | 611,146 | $ | 348,039 | $ | 179,162 | $ | (606,445 | ) | $ | 531,902 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | ||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 60,070 | $ | 20,198 | $ | 26,221 | $ | — | $ | 106,489 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Investment in property and equipment | (4,083 | ) | (23,662 | ) | (177 | ) | — | (27,922 | ) | |||||||||||||||
Equity method investments | — | (1,481 | ) | (2,280 | ) | — | (3,761 | ) | ||||||||||||||||
Issuance of mezzanine and other notes receivable | — | — | — | — | — | |||||||||||||||||||
Collections of mezzanine and other notes receivable | 224 | — | — | — | 224 | |||||||||||||||||||
Purchases of investments, employee benefit plans | — | (1,845 | ) | — | — | (1,845 | ) | |||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 4,052 | — | — | 4,052 | |||||||||||||||||||
Advances to and investments in affiliates | (1,000 | ) | (1,280 | ) | — | 2,280 | — | |||||||||||||||||
Other items, net | (578 | ) | — | — | — | (578 | ) | |||||||||||||||||
Net cash provided (used) in investing activities | (5,437 | ) | (24,216 | ) | (2,457 | ) | 2,280 | (29,830 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net repayments pursuant to revolving credit facilities | (27,500 | ) | — | — | — | (27,500 | ) | |||||||||||||||||
Proceeds from issuance of long-term debt | — | 3,360 | — | — | 3,360 | |||||||||||||||||||
Principal payments on long-term debt | (5,625 | ) | (502 | ) | (31 | ) | — | (6,158 | ) | |||||||||||||||
Purchase of treasury stock | (3,684 | ) | — | — | — | (3,684 | ) | |||||||||||||||||
Dividends paid | (22,026 | ) | — | — | — | (22,026 | ) | |||||||||||||||||
Excess tax benefits from stock-based compensation | 26 | 1,190 | — | — | 1,216 | |||||||||||||||||||
Proceeds from contributions from affiliates | — | — | 2,280 | (2,280 | ) | — | ||||||||||||||||||
Proceeds from exercise of stock options | 6,677 | — | — | — | 6,677 | |||||||||||||||||||
Net cash provided (used) by financing activities | (52,132 | ) | 4,048 | 2,249 | (2,280 | ) | (48,115 | ) | ||||||||||||||||
Net change in cash and cash equivalents | 2,501 | 30 | 26,013 | — | 28,544 | |||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (1,583 | ) | — | (1,583 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | 8,420 | 407 | 125,350 | — | 134,177 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 10,921 | $ | 437 | $ | 149,780 | $ | — | $ | 161,138 | ||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||
(Unaudited, in Thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 87,072 | $ | 4,941 | $ | 26,410 | $ | — | $ | 118,423 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Investment in property and equipment | (7,126 | ) | (5,217 | ) | (182 | ) | — | (12,525 | ) | |||||||||||||||
Equity method investments | — | — | (9,454 | ) | — | (9,454 | ) | |||||||||||||||||
Issuance of mezzanine and other notes receivable | (4,236 | ) | — | — | — | (4,236 | ) | |||||||||||||||||
Collections of mezzanine and other notes receivable | 110 | — | — | — | 110 | |||||||||||||||||||
Purchases of investments, employee benefit plans | — | (1,191 | ) | — | — | (1,191 | ) | |||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 10,909 | — | — | 10,909 | |||||||||||||||||||
Advances to and investments in affiliates | — | (9,721 | ) | — | 9,721 | — | ||||||||||||||||||
Other items, net | (322 | ) | — | — | — | (322 | ) | |||||||||||||||||
Net cash provided (used) in investing activities | (11,574 | ) | (5,220 | ) | (9,636 | ) | 9,721 | (16,709 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net borrowings pursuant to revolving credit facilities | 16,725 | — | — | — | 16,725 | |||||||||||||||||||
Proceeds from issuance of long-term debt | 543,500 | — | — | — | 543,500 | |||||||||||||||||||
Principal payments on long-term debt | — | (488 | ) | (14 | ) | — | (502 | ) | ||||||||||||||||
Purchase of treasury stock | (22,227 | ) | — | — | — | (22,227 | ) | |||||||||||||||||
Dividends paid | (632,751 | ) | — | — | — | (632,751 | ) | |||||||||||||||||
Excess tax benefits from stock-based compensation | 183 | 610 | — | — | 793 | |||||||||||||||||||
Debt issuance costs | (4,753 | ) | — | — | — | (4,753 | ) | |||||||||||||||||
Proceeds from contributions from affiliates | — | — | 9,721 | (9,721 | ) | — | ||||||||||||||||||
Proceeds from exercise of stock options | 4,695 | — | — | — | 4,695 | |||||||||||||||||||
Net cash provided (used) by financing activities | (94,628 | ) | 122 | 9,707 | (9,721 | ) | (94,520 | ) | ||||||||||||||||
Net change in cash and cash equivalents | (19,130 | ) | (157 | ) | 26,481 | — | 7,194 | |||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | 813 | — | 813 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 23,370 | 432 | 83,255 | — | 107,057 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 4,240 | $ | 275 | $ | 110,549 | $ | — | $ | 115,064 | ||||||||||||||
Reportable_Segment_Information
Reportable Segment Information | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Reportable Segment Information | ' | |||||||||||||||||||||||||||||||
Reportable Segment Information (restated) | ||||||||||||||||||||||||||||||||
Franchising: Franchising includes the Company's hotel franchising operations consisting of its eleven brands. The eleven brands are aggregated within this segment considering their similar economic characteristics, types of customers, distribution channels and regulatory business environments. Revenues from the franchising business include royalty fees, initial franchise and relicensing fees, marketing and reservation system fees, procurement services revenue and other franchising related revenue. The Company is obligated under its franchise agreements to provide marketing and reservation services appropriate for the operation of its systems. These services do not represent separate reportable segments as their operations are directly related to the Company's franchising business. The revenues received from franchisees that are used to pay for part of the Company's ongoing operations are included in franchising revenues and are offset by the related expenses paid for marketing and reservation activities to calculate franchising operating income. | ||||||||||||||||||||||||||||||||
SkyTouch Technology: SkyTouch Technology ("SkyTouch") is a division of the Company that develops and markets cloud-based technology products to hoteliers not under franchise agreements with the Company to improve their efficiency and profitability. | ||||||||||||||||||||||||||||||||
The Company evaluates its segments based primarily on the results of the segment without allocating corporate expenses, income taxes or indirect general and administrative expenses. Equity in earnings or losses from financing related joint ventures is allocated to the Company's franchising segment. All other joint ventures are allocated to corporate & other. Corporate & other expenses consist primarily of overhead selling, general and administrative costs such as finance, legal, human resources and other general administrative expenses that are not allocated to the Company's two segments. As described in Note 4, certain interest expenses related to the Company's marketing and reservation activities are allocated to the franchising segment. The Company does not allocate the remaining interest expense, interest income, other gains and losses or income taxes to its segments. | ||||||||||||||||||||||||||||||||
Financial results for the three and nine months ended September 30, 2012, have been updated to reflect the financial results for the Company's SkyTouch segment which was established as a separate segment in 2013. The financial results related to SkyTouch were previously reported as a component of Corporate & Other. | ||||||||||||||||||||||||||||||||
The following table presents the financial information for the Company's segments: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 (Restated) | Three Months Ended September 30, 2012 (Restated) | |||||||||||||||||||||||||||||||
(In thousands) | Franchising | SkyTouch Technology | Corporate & | Consolidated | Franchising | SkyTouch Technology | Corporate & | Consolidated | ||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||||||
Revenues | $ | 216,705 | $ | 13 | $ | — | $ | 216,718 | $ | 205,271 | $ | — | $ | — | $ | 205,271 | ||||||||||||||||
Operating income (loss) | $ | 75,773 | $ | (2,841 | ) | $ | (9,704 | ) | $ | 63,228 | $ | 72,588 | $ | (720 | ) | $ | (9,494 | ) | $ | 62,374 | ||||||||||||
Income (loss) from continuing operations before income taxes | $ | 76,114 | $ | (2,841 | ) | $ | (19,002 | ) | $ | 54,271 | $ | 72,759 | $ | (720 | ) | $ | (19,250 | ) | $ | 52,789 | ||||||||||||
Nine Months Ended September 30, 2013 (Restated) | Nine Months Ended September 30, 2012 (Restated) | |||||||||||||||||||||||||||||||
(In thousands) | Franchising | SkyTouch Technology | Corporate & | Consolidated | Franchising | SkyTouch Technology | Corporate & | Consolidated | ||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||||||
Revenues | $ | 555,806 | $ | 13 | $ | — | $ | 555,819 | $ | 527,709 | $ | — | $ | — | $ | 527,709 | ||||||||||||||||
Operating income (loss) | $ | 194,026 | $ | (7,307 | ) | $ | (31,613 | ) | $ | 155,106 | $ | 185,233 | $ | (2,074 | ) | $ | (27,705 | ) | $ | 155,454 | ||||||||||||
Income (loss) from continuing operations before income taxes | $ | 194,358 | $ | (7,307 | ) | $ | (60,694 | ) | $ | 126,357 | $ | 185,221 | $ | (2,074 | ) | $ | (41,761 | ) | $ | 141,386 | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 30, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
Commitments and Contingencies | ||
Except as noted below, the Company is not a party to any litigation other than litigation in the ordinary course of business. The Company's management and legal counsel do not expect that the ultimate outcome of any of its currently ongoing legal proceedings, individually or collectively, will have a material adverse effect on the Company's financial position, results of operations or cash flows. | ||
In May 2013, Choice was added to an ongoing multi-district class action pending in federal court in Dallas, Texas. The lawsuit alleges that several online travel companies and hotel companies have engaged in anti-competitive practices. The complaint seeks an unspecified amount of damages and equitable relief. Choice disputes the allegations and is in the process of vigorously defending itself against these claims. We currently do not believe this litigation will have a material effect on our consolidated financial position, results of operation or liquidity. | ||
Contingencies | ||
On October 9, 2012, the Company entered into a limited payment guaranty with regards to a developer's $18.0 million bank loan for the construction of a hotel franchised under one of the Company's brands in the United States. Under the terms of the limited guaranty, the Company has agreed to guarantee 25% of the outstanding principal balance and accrued and unpaid interest, as well as any unpaid expenses incurred by the lender. The limited guaranty shall remain in effect until the maximum amount guaranteed by the Company is paid in full. In addition to the limited guaranty, the Company entered into an agreement in which the Company guarantees the completion of the construction of the hotel and an environmental indemnity agreement which indemnifies the lending institution from and against any damages relating to or arising out of possible environmental contamination issues with regards to the property. | ||
Commitments | ||
The Company has the following commitments outstanding at September 30, 2013: | ||
• | The Company occasionally provides financing in the form of forgivable promissory notes or cash incentives to franchisees for property improvements, hotel development efforts and other purposes. At September 30, 2013, the Company had commitments to extend an additional $11.3 million for these purposes provided certain conditions are met by its franchisees, of which $6.5 million is expected to be advanced in the next twelve months. | |
• | The Company committed to make additional capital contributions totaling $4.9 million to existing joint ventures related to the construction of various hotels to be operated under the Company's Cambria Suites brand. These commitments are expected to be funded in the next twelve months. | |
In the ordinary course of business, the Company enters into numerous agreements that contain standard indemnities whereby the Company indemnifies another party for breaches of representations and warranties. Such indemnifications are granted under various agreements, including those governing (i) purchases or sales of assets or businesses, (ii) leases of real estate, (iii) licensing of trademarks, (iv) access to credit facilities, (v) issuances of debt or equity securities, and (vi) certain operating agreements. The indemnifications issued are for the benefit of the (i) buyers in sale agreements and sellers in purchase agreements, (ii) landlords in lease contracts, (iii) franchisees in licensing agreements, (iv) financial institutions in credit facility arrangements, (v) underwriters in debt or equity security issuances and (vi) parties under certain operating agreements. In addition, these parties are also generally indemnified against any third party claim resulting from the transaction that is contemplated in the underlying agreement. While some of these indemnities extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these indemnities, nor is the Company able to develop an estimate of the maximum potential amount of future payments to be made under these indemnifications as the triggering events are not subject to predictability. With respect to certain of the aforementioned indemnities, such as indemnifications of landlords against third party claims for the use of real estate property leased by the Company, the Company maintains insurance coverage that mitigates potential liability. |
Termination_Charges
Termination Charges | 9 Months Ended |
Sep. 30, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Termination Charges | ' |
Termination Charges | |
During the nine months ended September 30, 2013, the Company recorded a $1.5 million charge in SG&A and marketing and reservation expenses related to salary and continuation benefits provided to employees separating from service with the Company. At September 30, 2013, the Company had approximately $0.5 million of these salary and benefits continuation payments remaining to be paid. During the nine months ended September 30, 2013, the Company paid an additional $3.0 million of termination benefits related to employee termination charges recorded in prior periods and had approximately $0.1 million of these benefits remaining to be paid. At September 30, 2013 and December 31, 2012, total termination benefits of approximately $0.6 million and $3.1 million, respectively, remained payable and were included in current and non-current liabilities in the Company's consolidated financial statements. The Company expects $0.6 million of these benefits to be paid in the next twelve months. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
Discontinued Operations | |||||||||||||||||
In the first quarter of 2014, the Company's management approved a plan to sell the three Company-owned hotels operated under the MainStay Suites brand. The Company determined that this disposal transaction met the definition of a discontinued operation since the operations and cash flows of this component would be eliminated from the on-going operations of the Company and the Company will not have significant continuing involvement in the operations of the hotels after the disposal transaction. | |||||||||||||||||
The operations related to these three Company-owned hotels were reported as a component of "Corporate and Other" for segment reporting purposes. The results of operations for the three and nine months ended September 30, 2013 and 2012 presented in these Consolidated Financial Statements reflect these three Company-owned hotels as discontinued operations. Summarized financial information related to the discontinued operations is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Revenues | |||||||||||||||||
Hotel operations | $ | 1,310 | $ | 1,238 | $ | 3,600 | $ | 3,440 | |||||||||
Total revenues | 1,310 | 1,238 | 3,600 | 3,440 | |||||||||||||
Operating Expenses | |||||||||||||||||
Hotel operations | 956 | 933 | 2,742 | 2,609 | |||||||||||||
Depreciation and amortization | 127 | 135 | 393 | 401 | |||||||||||||
Total operating expenses | 1,083 | 1,068 | 3,135 | 3,010 | |||||||||||||
Income from discontinued operations before income taxes | 227 | 170 | 465 | 430 | |||||||||||||
Income taxes | 84 | 63 | 172 | 160 | |||||||||||||
Income from discontinued operations | $ | 143 | $ | 107 | $ | 293 | $ | 270 | |||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Cash | $ | 414 | $ | 387 | |||||||||||||
Receivables, net | 244 | 206 | |||||||||||||||
Other current assets | 221 | 192 | |||||||||||||||
Total current assets | 879 | 785 | |||||||||||||||
Property and equipment, at cost, net | 8,948 | 9,220 | |||||||||||||||
Total assets | $ | 9,827 | $ | 10,005 | |||||||||||||
Accounts payable | $ | 577 | $ | 403 | |||||||||||||
Accrued expenses | 10 | 10 | |||||||||||||||
Total liabilities | 587 | 413 | |||||||||||||||
Net assets of discontinued operations | $ | 9,240 | $ | 9,592 | |||||||||||||
Company_Information_and_Signif1
Company Information and Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of purchase to be cash equivalents. As of September 30, 2013 and December 31, 2012, $3.4 million and $5.0 million respectively, of book overdrafts representing outstanding checks in excess of funds on deposit are included in accounts payable in the accompanying consolidated balance sheets. | |
The Company maintains cash balances in domestic banks, which at times, may exceed the limits of amounts insured by the Federal Deposit Insurance Corporation. In addition, as of September 30, 2013, the Company maintains cash balances of $149.8 million in international banks which do not provide deposit insurance. |
Company_Information_and_Signif2
Company Information and Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The following tables present the effect of this and other immaterial errors for the financial statement line items impacted in the affected periods included within these interim financial statements. | |||||||||||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
As Previously Reported | Discontinued Operations | Adjustment | As Restated | As Previously Reported | Discontinued Operations | Adjustment | As Restated | ||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Royalty fees | $ | 83,107 | $ | — | $ | (3,647 | ) | $ | 79,460 | $ | 201,222 | $ | — | $ | 6,984 | $ | 208,206 | ||||||||||||||||
Marketing and reservation revenues | 126,296 | — | (1,487 | ) | 124,809 | 302,381 | — | 8,823 | 311,204 | ||||||||||||||||||||||||
Hotel operations | 1,310 | (1,310 | ) | — | — | 3,600 | (3,600 | ) | — | — | |||||||||||||||||||||||
Total revenues | 223,162 | (1,310 | ) | (5,134 | ) | 216,718 | 543,612 | (3,600 | ) | 15,807 | 555,819 | ||||||||||||||||||||||
Selling, general and administrative | 26,982 | — | (573 | ) | 26,409 | 84,078 | — | (1,270 | ) | 82,808 | |||||||||||||||||||||||
Depreciation and amortization | 2,379 | (127 | ) | 20 | 2,272 | 7,074 | (393 | ) | 20 | 6,701 | |||||||||||||||||||||||
Marketing and reservation expenses | 126,296 | — | (1,487 | ) | 124,809 | 302,381 | — | 8,823 | 311,204 | ||||||||||||||||||||||||
Hotel operations | 956 | (956 | ) | — | — | 2,742 | (2,742 | ) | — | — | |||||||||||||||||||||||
Total operating expenses | 156,613 | (1,083 | ) | (2,040 | ) | 153,490 | 396,275 | (3,135 | ) | 7,573 | 400,713 | ||||||||||||||||||||||
Operating income | 66,549 | (227 | ) | (3,094 | ) | 63,228 | 147,337 | (465 | ) | 8,234 | 155,106 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 57,592 | (227 | ) | (3,094 | ) | 54,271 | 118,588 | (465 | ) | 8,234 | 126,357 | ||||||||||||||||||||||
Income taxes | 16,080 | (84 | ) | (298 | ) | 15,698 | 33,319 | (172 | ) | 3,237 | 36,384 | ||||||||||||||||||||||
Income from continuing operations, net of income taxes | 41,512 | (143 | ) | (2,796 | ) | 38,573 | 85,269 | (293 | ) | 4,997 | 89,973 | ||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 0.71 | $ | — | $ | (0.05 | ) | $ | 0.66 | $ | 1.46 | $ | — | $ | 0.08 | $ | 1.54 | ||||||||||||||||
Diluted earnings per share, continuing operations | $ | 0.7 | $ | (0.01 | ) | $ | (0.04 | ) | $ | 0.65 | $ | 1.45 | $ | — | $ | 0.08 | $ | 1.53 | |||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
As Previously Filed | Discontinued Operations | Adjustment | As Restated | As Previously Filed | Discontinued Operations | Adjustment | As Restated | ||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Royalty fees | $ | 80,845 | $ | — | $ | (2,807 | ) | $ | 78,038 | $ | 194,762 | $ | — | $ | 8,225 | $ | 202,987 | ||||||||||||||||
Marketing and reservation revenues | 119,062 | — | (1,097 | ) | 117,965 | 284,624 | — | 9,721 | 294,345 | ||||||||||||||||||||||||
Hotel operations | 1,238 | (1,238 | ) | — | — | 3,440 | (3,440 | ) | — | — | |||||||||||||||||||||||
Total revenues | 210,413 | (1,238 | ) | (3,904 | ) | 205,271 | 513,203 | (3,440 | ) | 17,946 | 527,709 | ||||||||||||||||||||||
Selling, general and administrative | 23,170 | — | (98 | ) | 23,072 | 72,073 | — | 249 | 72,322 | ||||||||||||||||||||||||
Depreciation and amortization | 1,995 | (135 | ) | — | 1,860 | 5,989 | (401 | ) | — | 5,588 | |||||||||||||||||||||||
Marketing and reservation expenses | 119,062 | — | (1,097 | ) | 117,965 | 284,624 | — | 9,721 | 294,345 | ||||||||||||||||||||||||
Hotel operations | 933 | (933 | ) | — | — | 2,609 | (2,609 | ) | — | — | |||||||||||||||||||||||
Total operating expenses | 145,160 | (1,068 | ) | (1,195 | ) | 142,897 | 365,295 | (3,010 | ) | 9,970 | 372,255 | ||||||||||||||||||||||
Operating income | 65,253 | (170 | ) | (2,709 | ) | 62,374 | 147,908 | (430 | ) | 7,976 | 155,454 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 55,668 | (170 | ) | (2,709 | ) | 52,789 | 133,840 | (430 | ) | 7,976 | 141,386 | ||||||||||||||||||||||
Income taxes | 11,291 | (63 | ) | (1,076 | ) | 10,152 | 37,604 | (160 | ) | 3,303 | 40,747 | ||||||||||||||||||||||
Income from continuing operations, net of income taxes | 44,377 | (107 | ) | (1,633 | ) | 42,637 | 96,236 | (270 | ) | 4,673 | 100,639 | ||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 0.77 | $ | — | $ | (0.03 | ) | $ | 0.74 | $ | 1.66 | $ | (0.01 | ) | $ | 0.08 | $ | 1.73 | |||||||||||||||
Diluted earnings per share, continuing operations | $ | 0.76 | $ | — | $ | (0.03 | ) | $ | 0.73 | $ | 1.65 | $ | — | $ | 0.08 | $ | 1.73 | ||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
As Previously Filed | Adjustment | As Restated | As Previously Filed | Adjustment | As Restated | ||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows | (in thousands) | ||||||||||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||||||||||
Net income | $ | 85,269 | $ | 4,997 | $ | 90,266 | $ | 96,236 | $ | 4,673 | $ | 100,909 | |||||||||||||||||||||
Depreciation and amortization | 7,074 | 20 | 7,094 | 5,989 | — | 5,989 | |||||||||||||||||||||||||||
Provision for bad debts, net | 2,054 | 210 | 2,264 | 1,802 | 249 | 2,051 | |||||||||||||||||||||||||||
Non-cash stock compensation and other charges | 8,638 | (3 | ) | 8,635 | 7,306 | — | 7,306 | ||||||||||||||||||||||||||
Deferred income taxes | (4,118 | ) | 3,767 | (351 | ) | (1,627 | ) | 2,772 | 1,145 | ||||||||||||||||||||||||
Receivables | (13,699 | ) | (12,936 | ) | (26,635 | ) | (17,405 | ) | (14,856 | ) | (32,261 | ) | |||||||||||||||||||||
Advances to/from marketing and reservation activities, net | 23,756 | 5,956 | 29,712 | 20,811 | 6,631 | 27,442 | |||||||||||||||||||||||||||
Income taxes payable/receivable | 24,638 | (531 | ) | 24,107 | 12,786 | 531 | 13,317 | ||||||||||||||||||||||||||
Net cash provided by operating activities | 105,009 | 1,480 | 106,489 | 118,423 | — | 118,423 | |||||||||||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||||||||||
Investment in property and equipment | (26,442 | ) | (1,480 | ) | (27,922 | ) | (12,525 | ) | — | (12,525 | ) | ||||||||||||||||||||||
Net cash used in investing activities | (28,350 | ) | (1,480 | ) | (29,830 | ) | (16,709 | ) | — | (16,709 | ) | ||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Revised | ||||||||||||||||||||||||||||
Consolidated Balance Sheets | (in thousands) | ||||||||||||||||||||||||||||||||
Receivables | $ | 62,605 | $ | 40,282 | $ | 102,887 | $ | 52,270 | $ | 27,729 | $ | 79,999 | |||||||||||||||||||||
Income taxes receivable | — | — | — | 2,732 | (531 | ) | 2,201 | ||||||||||||||||||||||||||
Deferred income taxes | 4,136 | 23,231 | 27,367 | 4,136 | 22,062 | 26,198 | |||||||||||||||||||||||||||
Total current assets | 258,267 | 63,513 | 321,780 | 233,470 | 49,260 | 282,730 | |||||||||||||||||||||||||||
Property and equipment, at cost, net | 65,540 | 1,460 | 67,000 | 51,651 | — | 51,651 | |||||||||||||||||||||||||||
Advances, marketing and reservation activities | 32,564 | (18,494 | ) | 14,070 | 42,179 | (12,712 | ) | 29,467 | |||||||||||||||||||||||||
Deferred income taxes | 19,496 | (19,496 | ) | — | 15,418 | (15,418 | ) | — | |||||||||||||||||||||||||
Total assets | 555,709 | 26,983 | 582,692 | 510,772 | 21,130 | 531,902 | |||||||||||||||||||||||||||
Deferred income taxes | — | 11,722 | 11,722 | — | 10,864 | 10,864 | |||||||||||||||||||||||||||
Total liabilities | 1,040,433 | 11,722 | 1,052,155 | 1,059,676 | 10,864 | 1,070,540 | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | (5,370 | ) | (3 | ) | (5,373 | ) | (4,216 | ) | — | (4,216 | ) | ||||||||||||||||||||||
Retained earnings | 325,005 | 15,264 | 340,269 | 272,260 | 10,266 | 282,526 | |||||||||||||||||||||||||||
Total shareholders' deficit | (484,724 | ) | 15,261 | (469,463 | ) | (548,904 | ) | 10,266 | (538,638 | ) | |||||||||||||||||||||||
The following tables present the effect of the correction for the aforementioned items on selected line items included in the Company's Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2012: | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | ||||||||||||||||||||||||||||
Net cash provided (used) by operating activities | $ | (1,928 | ) | $ | 6,869 | $ | 4,941 | $ | 36,131 | $ | (9,721 | ) | $ | 26,410 | |||||||||||||||||||
Investing Activities: | |||||||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (3,068 | ) | 3,068 | — | — | — | — | ||||||||||||||||||||||||||
Collection of mezzanine and other notes receivable | 216 | (216 | ) | — | — | — | — | ||||||||||||||||||||||||||
Advances to and investments in affiliates | — | (9,721 | ) | (9,721 | ) | — | — | — | |||||||||||||||||||||||||
Net cash provided (used) in investing activities | 1,649 | (6,869 | ) | (5,220 | ) | (9,636 | ) | — | (9,636 | ) | |||||||||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||||||||||
Proceeds from contributions from affiliates | — | — | — | — | 9,721 | 9,721 | |||||||||||||||||||||||||||
Net cash provided (used) by financing activities | 122 | — | 122 | (14 | ) | 9,721 | 9,707 | ||||||||||||||||||||||||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Assets, Current [Abstract] | ' | |||||||
Schedule Of Other Current Assets | ' | |||||||
Other current assets consist of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(In thousands) | ||||||||
Notes receivable (See Note 3) | $ | 14,126 | $ | 14,415 | ||||
Prepaid expenses | 12,740 | 10,694 | ||||||
Land held for sale | — | 8,541 | ||||||
Other current assets | 3,136 | 3,019 | ||||||
Total | $ | 30,002 | $ | 36,669 | ||||
Notes_Receivable_and_Allowance1
Notes Receivable and Allowance for Losses (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Accounts and Notes Receivable, Net [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Notes Receivable | ' | |||||||||||||||||||||||
The following table shows the composition of our notes receivable balances: | ||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
($ in thousands) | ($ in thousands) | |||||||||||||||||||||||
Credit Quality Indicator | Forgivable | Mezzanine | Total | Forgivable | Mezzanine | Total | ||||||||||||||||||
Notes | & Other | Notes | & Other | |||||||||||||||||||||
Receivable | Notes | Receivable | Notes | |||||||||||||||||||||
Receivable | Receivable | |||||||||||||||||||||||
Senior | $ | — | $ | 27,548 | $ | 27,548 | $ | — | $ | 27,549 | $ | 27,549 | ||||||||||||
Subordinated | — | 14,841 | 14,841 | — | 15,019 | 15,019 | ||||||||||||||||||
Unsecured | 19,018 | 1,812 | 20,830 | 16,235 | 1,265 | 17,500 | ||||||||||||||||||
Total notes receivable | 19,018 | 44,201 | 63,219 | 16,235 | 43,833 | 60,068 | ||||||||||||||||||
Allowance for losses on non-impaired loans | 1,902 | 1,443 | 3,345 | 1,623 | 638 | 2,261 | ||||||||||||||||||
Allowance for losses on receivables specifically evaluated for impairment | — | 8,453 | 8,453 | — | 8,289 | 8,289 | ||||||||||||||||||
Total loan reserves | 1,902 | 9,896 | 11,798 | 1,623 | 8,927 | 10,550 | ||||||||||||||||||
Net carrying value | $ | 17,116 | $ | 34,305 | $ | 51,421 | $ | 14,612 | $ | 34,906 | $ | 49,518 | ||||||||||||
Current portion, net | $ | 425 | $ | 13,701 | $ | 14,126 | $ | 420 | $ | 13,995 | $ | 14,415 | ||||||||||||
Long-term portion, net | 16,691 | 20,604 | 37,295 | 14,192 | 20,911 | 35,103 | ||||||||||||||||||
Total | $ | 17,116 | $ | 34,305 | $ | 51,421 | $ | 14,612 | $ | 34,906 | $ | 49,518 | ||||||||||||
Summary Of Activity Related To Allowance For Losses | ' | |||||||||||||||||||||||
The following table summarizes the activity related to the Company’s Forgivable Notes Receivable and Mezzanine and Other Notes Receivable allowance for losses from December 31, 2012 through September 30, 2013: | ||||||||||||||||||||||||
Forgivable | Mezzanine | |||||||||||||||||||||||
Notes | & Other Notes | |||||||||||||||||||||||
Receivable | Receivable | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 1,623 | $ | 8,927 | ||||||||||||||||||||
Provisions | 598 | 969 | ||||||||||||||||||||||
Recoveries | (25 | ) | — | |||||||||||||||||||||
Write-offs | (147 | ) | — | |||||||||||||||||||||
Other(1) | (147 | ) | — | |||||||||||||||||||||
Balance, September 30, 2013 | $ | 1,902 | $ | 9,896 | ||||||||||||||||||||
(1) Consists of default rate assumption changes | ||||||||||||||||||||||||
Past Due Balances Of Mezzanine And Other Notes Receivable | ' | |||||||||||||||||||||||
Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows: | ||||||||||||||||||||||||
30-89 days | > 90 days | Total | Current | Total | ||||||||||||||||||||
Past Due | Past Due | Past Due | Notes Receivable | |||||||||||||||||||||
($ in thousands) | ||||||||||||||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Senior | $ | 9,500 | $ | — | $ | 9,500 | $ | 18,048 | $ | 27,548 | ||||||||||||||
Subordinated | — | 10,268 | 10,268 | 4,573 | 14,841 | |||||||||||||||||||
Unsecured | — | 47 | 47 | 1,765 | 1,812 | |||||||||||||||||||
$ | 9,500 | $ | 10,315 | $ | 19,815 | $ | 24,386 | $ | 44,201 | |||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||||||
Senior | $ | — | $ | — | $ | — | $ | 27,549 | $ | 27,549 | ||||||||||||||
Subordinated | 619 | 9,629 | 10,248 | 4,771 | 15,019 | |||||||||||||||||||
Unsecured | — | 47 | 47 | 1,218 | 1,265 | |||||||||||||||||||
$ | 619 | $ | 9,676 | $ | 10,295 | $ | 33,538 | $ | 43,833 | |||||||||||||||
Accretable Yield Reconciliation | ' | |||||||||||||||||||||||
The Company's accretable yield at acquisition was $1.8 million or 7.36% and a reconciliation of the accretable yield for the nine months ended September 30, 2013 is as follows: | ||||||||||||||||||||||||
Accretable Yield ($ in thousands) | ||||||||||||||||||||||||
Balance, December 31, 2012 | $ | 1,161 | ||||||||||||||||||||||
Additions | — | |||||||||||||||||||||||
Accretion | (433 | ) | ||||||||||||||||||||||
Disposals | — | |||||||||||||||||||||||
Reclassifications from nonaccretable yield | — | |||||||||||||||||||||||
Balance, September 30, 2013 | $ | 728 | ||||||||||||||||||||||
Other_Assets_Table
Other Assets (Table) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets, Noncurrent [Abstract] | ' | |||||||
Components Of Other Assets | ' | |||||||
Other assets consist of the following: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(In thousands) | ||||||||
Notes receivable (see Note 3) | $ | 37,295 | $ | 35,103 | ||||
Equity method investments | 30,404 | 27,453 | ||||||
Deferred financing fees, net | 9,509 | 11,174 | ||||||
Land | 10,097 | 1,300 | ||||||
Other assets | 899 | 983 | ||||||
Total | $ | 88,204 | $ | 76,013 | ||||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Deferred Revenue and Credits [Abstract] | ' | |||||||
Components Of Deferred Revenue | ' | |||||||
Deferred revenue consists of the following: | ||||||||
September 30, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Loyalty programs | $ | 55,106 | $ | 64,636 | ||||
Initial, relicensing and franchise fees | 4,369 | 4,994 | ||||||
Procurement service fees | 1,197 | 1,225 | ||||||
Other | 729 | 299 | ||||||
Total | $ | 61,401 | $ | 71,154 | ||||
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Instruments [Abstract] | ' | |||||||
Schedule Of Components Of Debt | ' | |||||||
Debt consists of the following at: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
(In thousands) | ||||||||
$400 million senior unsecured notes with an effective interest rate of 5.94% at September 30, 2013 and December 31, 2012 | $ | 400,000 | $ | 400,000 | ||||
$250 million senior unsecured notes with an effective interest rate of 6.19% less discount of $0.4 million and $0.5 million at September 30, 2013 and December 31, 2012 | 249,556 | 249,508 | ||||||
$350 million senior secured credit facility with an effective interest rate of 2.52% and 2.66% at September 30, 2013 and December 31, 2012, respectively | 170,125 | 203,250 | ||||||
Economic development loans with an effective interest rate of 3.00% at September 30, 2013 | 3,360 | — | ||||||
Capital lease obligations due 2016 with an effective interest rate of 3.18% at September 30, 2013 and December 31, 2012 | 2,017 | 2,519 | ||||||
Other notes payable | 31 | 68 | ||||||
Total debt | $ | 825,089 | $ | 855,345 | ||||
Less current portion | 9,132 | 8,195 | ||||||
Total long-term debt | $ | 815,957 | $ | 847,150 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Schedule of Changes in Accumulated Other Comprehensive Loss | ' | |||||||||||
The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the nine months ended September 30, 2013: | ||||||||||||
Loss on Cash Flow Hedge | Foreign Currency Items | Total | ||||||||||
($ in thousands) | ||||||||||||
Balance, December 31, 2012 | $ | (6,607 | ) | $ | 2,391 | $ | (4,216 | ) | ||||
Other comprehensive income (loss) before reclassification | — | (1,803 | ) | (1,803 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 646 | — | 646 | |||||||||
Net current period other comprehensive income (loss) | 646 | (1,803 | ) | (1,157 | ) | |||||||
Balance, September 30, 2013 | $ | (5,961 | ) | $ | 588 | $ | (5,373 | ) | ||||
Reclassifications From Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
The amounts reclassified from other accumulated other comprehensive income (loss) during the three and nine months ended September 30, 2013 were reclassified to the following line items in the Company's Consolidated Statements of Income. | ||||||||||||
Component | Amount Reclassified from Accumulated Other Comprehensive Income(Loss) | Affected Line Item in the Consolidated Statement of Net Income | ||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | |||||||||||
($ in thousands) | ||||||||||||
Loss on cash flow hedge | ||||||||||||
Interest rate contract | $ | 215 | $ | 646 | Interest expense | |||||||
— | — | Tax (expense) benefit | ||||||||||
$ | 215 | $ | 646 | Net of tax | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule Of Fair Value Of Assets | ' | |||||||||||||||
As of September 30, 2013 and December 31, 2012, the Company had the following assets measured at fair value on a recurring basis: | ||||||||||||||||
Fair Value Measurements at | ||||||||||||||||
Reporting Date Using | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets (in thousands) | ||||||||||||||||
As of September 30, 2013 | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 50,001 | $ | — | $ | 50,001 | $ | — | ||||||||
Mutual funds(1) | 13,201 | 13,201 | — | — | ||||||||||||
Money market funds(1) | 2,135 | — | 2,135 | — | ||||||||||||
$ | 65,337 | $ | 13,201 | $ | 52,136 | $ | — | |||||||||
As of December 31, 2012 | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 20,001 | $ | — | $ | 20,001 | $ | — | ||||||||
Mutual funds(1) | 11,884 | 11,884 | — | — | ||||||||||||
Money market funds(1) | 4,357 | — | 4,357 | — | ||||||||||||
$ | 36,242 | $ | 11,884 | $ | 24,358 | $ | — | |||||||||
________________________ | ||||||||||||||||
-1 | Included in Investments, employee benefit plans fair value on the consolidated balance sheets. |
ShareBased_Compensation_and_Ca1
Share-Based Compensation and Capital Stock (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Weighted Average Assumptions Of Black-Scholes Option-Pricing Model | ' | ||||||||||||||||||||||
The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||||||||||||
2013 Grants | 2012 Grants | ||||||||||||||||||||||
Risk-free interest rate | 0.73 | % | 0.78 | % | |||||||||||||||||||
Expected volatility | 38.14 | % | 40.15 | % | |||||||||||||||||||
Expected life of stock option | 4.5 years | 4.4 years | |||||||||||||||||||||
Dividend yield | 2.01 | % | 2.08 | % | |||||||||||||||||||
Requisite service period | 4 years | 4 years | |||||||||||||||||||||
Contractual life | 7 years | 7 years | |||||||||||||||||||||
Weighted average fair value of options granted | $ | 9.89 | $ | 9.98 | |||||||||||||||||||
Summary Of Activity Related To Restricted Stock Grants | ' | ||||||||||||||||||||||
The following table is a summary of activity related to restricted stock grants: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Restricted share grants | 7,646 | 7,672 | 223,045 | 266,159 | |||||||||||||||||||
Weighted average grant date fair value per share | $ | 39.24 | $ | 32.59 | $ | 37.65 | $ | 35.76 | |||||||||||||||
Aggregate grant date fair value ($000) | $ | 300 | $ | 250 | $ | 8,397 | $ | 9,517 | |||||||||||||||
Restricted shares forfeited | 25 | 13,619 | 27,953 | 23,921 | |||||||||||||||||||
Vesting service period of shares granted | 36 months | 36 months | 12 - 48 months | 12 - 68 months | |||||||||||||||||||
Grant date fair value of shares vested ($000) | $ | 94 | $ | 75 | $ | 8,569 | $ | 6,693 | |||||||||||||||
Summary Of Activity Related To PVRSU Grants | ' | ||||||||||||||||||||||
The following table is a summary of activity related to PVRSU grants: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Performance vested restricted stock units granted at target | — | 6,137 | 58,902 | 100,046 | |||||||||||||||||||
Weighted average grant date fair value per share | $ | — | $ | 32.59 | $ | 36.76 | $ | 35.68 | |||||||||||||||
Aggregate grant date fair value ($000) | $ | — | $ | 200 | $ | 2,165 | $ | 3,570 | |||||||||||||||
Stock units forfeited | — | — | — | 57,176 | |||||||||||||||||||
Requisite service period | — | 41 months | 22-36 months | 36-60 months | |||||||||||||||||||
Summary Of Change In Stock-Based Award Activity | ' | ||||||||||||||||||||||
A summary of stock-based award activity as of September 30, 2013 and changes during the nine months ended are presented below: | |||||||||||||||||||||||
Stock Options | Restricted Stock | Performance Vested | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
Options | Weighted | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||
Exercise | Remaining | Grant Date | Grant Date | ||||||||||||||||||||
Price | Contractual | Fair Value | Fair Value | ||||||||||||||||||||
Term | |||||||||||||||||||||||
Outstanding at January 1, 2013 | 1,934,034 | $ | 25.8 | 606,547 | $ | 35.17 | 170,116 | $ | 35.56 | ||||||||||||||
Granted | 173,413 | 36.76 | 223,045 | 37.65 | 58,902 | 36.76 | |||||||||||||||||
Performance based leveraging (1) | — | — | — | — | 9,192 | 32.6 | |||||||||||||||||
Exercised/Vested | (263,073 | ) | 25.38 | (227,890 | ) | 33.94 | (39,816 | ) | 32.6 | ||||||||||||||
Expired | (75,473 | ) | 36.99 | — | — | — | — | ||||||||||||||||
Forfeited | — | — | (27,953 | ) | 35.3 | — | — | ||||||||||||||||
Outstanding at September 30, 2013 | 1,768,901 | $ | 26.46 | 3.2 years | 573,749 | $ | 36.61 | 198,394 | $ | 36.37 | |||||||||||||
Options exercisable at September 30, 2013 | 1,265,481 | $ | 24.7 | 2.4 years | |||||||||||||||||||
_________________________________ | |||||||||||||||||||||||
(1)PVRSU shares have been increased by 9,192 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the nine months ended September 30, 2013. | |||||||||||||||||||||||
Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits | ' | ||||||||||||||||||||||
The components of the Company’s pretax stock-based compensation expense and associated income tax benefits are as follows for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Stock options | $ | 0.3 | $ | 0.5 | $ | 1.3 | $ | 1.6 | |||||||||||||||
Restricted stock | 2.1 | 1.8 | 5.7 | 5.7 | |||||||||||||||||||
Performance vested restricted stock units | 0.5 | 0.8 | 1.7 | 1.3 | |||||||||||||||||||
Total | $ | 2.9 | $ | 3.1 | $ | 8.7 | $ | 8.6 | |||||||||||||||
Income tax benefits | $ | 1.1 | $ | 1.1 | $ | 3.2 | $ | 3.2 | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Computation Of Basic And Diluted Earnings Per Common Share | ' | |||||||||||||||
The computation of basic and diluted earnings per common share is as follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(In thousands, except per share amounts) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Computation of Basic Earnings Per Share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income from continuing operations | $ | 38,573 | $ | 42,637 | $ | 89,973 | $ | 100,639 | ||||||||
Net income from discontinued operations | 143 | 107 | 293 | 270 | ||||||||||||
Net income | 38,716 | 42,744 | 90,266 | 100,909 | ||||||||||||
Income allocated to participating securities | (377 | ) | (453 | ) | (901 | ) | (1,066 | ) | ||||||||
Net income available to common shareholders | $ | 38,339 | $ | 42,291 | $ | 89,365 | $ | 99,843 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding – basic | 57,978 | 57,388 | 57,884 | 57,455 | ||||||||||||
Basic earnings per share - Continuing operations | $ | 0.66 | $ | 0.74 | $ | 1.54 | $ | 1.73 | ||||||||
Basic earnings per share - Discontinued operations | — | — | — | 0.01 | ||||||||||||
$ | 0.66 | $ | 0.74 | $ | 1.54 | $ | 1.74 | |||||||||
Computation of Diluted Earnings Per Share: | ||||||||||||||||
Numerator: | ||||||||||||||||
Net income from continuing operations | $ | 38,573 | $ | 42,637 | $ | 89,973 | $ | 100,639 | ||||||||
Net income from discontinued operations | 143 | 107 | 293 | 270 | ||||||||||||
Net income | 38,716 | 42,744 | 90,266 | 100,909 | ||||||||||||
Income allocated to participating securities | (375 | ) | -476 | (898 | ) | -1,081 | ||||||||||
Net income available to common shareholders | $ | 38,341 | $ | 42,268 | $ | 89,368 | $ | 99,828 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding – basic | 57,978 | 57,388 | 57,884 | 57,455 | ||||||||||||
Diluted effect of stock options and PVRSUs | 394 | 225 | 383 | 157 | ||||||||||||
Weighted average common shares outstanding – diluted | 58,372 | 57,613 | 58,267 | 57,612 | ||||||||||||
Diluted earnings per share - Continuing operations | $ | 0.65 | $ | 0.73 | $ | 1.53 | $ | 1.73 | ||||||||
Diluted earnings per share - Discontinued operations | 0.01 | — | — | 0 | ||||||||||||
$ | 0.66 | $ | 0.73 | $ | 1.53 | $ | 1.73 | |||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments Condensed Consolidating Statements of Income [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The following tables present the effect of the correction of these immaterial errors on selected line items in the Company's Guarantor Condensed Consolidating Statements of Income for the three and nine months ended September 30, 2012. | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | For the Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | ||||||||||||||||||||||||||||
Marketing and reservation expense | $ | 89,498 | $ | (843 | ) | $ | 88,655 | $ | 244,861 | $ | (2,954 | ) | $ | 241,907 | |||||||||||||||||||
Total operating expenses | 111,041 | (843 | ) | 110,198 | 314,261 | (2,954 | ) | 311,307 | |||||||||||||||||||||||||
Operating income (loss) | (2,470 | ) | 843 | (1,627 | ) | 5,812 | 2,954 | 8,766 | |||||||||||||||||||||||||
Interest expense | (839 | ) | 843 | 4 | (2,914 | ) | 2,954 | 40 | |||||||||||||||||||||||||
Total other income and expenses, net | (1,350 | ) | 843 | (507 | ) | (5,051 | ) | 2,954 | (2,097 | ) | |||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | ' | ||||||||||||||||||||||||||||||||
The following tables present the effect of this and other immaterial errors for the financial statement line items impacted in the affected periods included within these interim financial statements. | |||||||||||||||||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013 | ||||||||||||||||||||||||||||||||
As Previously Reported | Discontinued Operations | Adjustment | As Restated | As Previously Reported | Discontinued Operations | Adjustment | As Restated | ||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Royalty fees | $ | 83,107 | $ | — | $ | (3,647 | ) | $ | 79,460 | $ | 201,222 | $ | — | $ | 6,984 | $ | 208,206 | ||||||||||||||||
Marketing and reservation revenues | 126,296 | — | (1,487 | ) | 124,809 | 302,381 | — | 8,823 | 311,204 | ||||||||||||||||||||||||
Hotel operations | 1,310 | (1,310 | ) | — | — | 3,600 | (3,600 | ) | — | — | |||||||||||||||||||||||
Total revenues | 223,162 | (1,310 | ) | (5,134 | ) | 216,718 | 543,612 | (3,600 | ) | 15,807 | 555,819 | ||||||||||||||||||||||
Selling, general and administrative | 26,982 | — | (573 | ) | 26,409 | 84,078 | — | (1,270 | ) | 82,808 | |||||||||||||||||||||||
Depreciation and amortization | 2,379 | (127 | ) | 20 | 2,272 | 7,074 | (393 | ) | 20 | 6,701 | |||||||||||||||||||||||
Marketing and reservation expenses | 126,296 | — | (1,487 | ) | 124,809 | 302,381 | — | 8,823 | 311,204 | ||||||||||||||||||||||||
Hotel operations | 956 | (956 | ) | — | — | 2,742 | (2,742 | ) | — | — | |||||||||||||||||||||||
Total operating expenses | 156,613 | (1,083 | ) | (2,040 | ) | 153,490 | 396,275 | (3,135 | ) | 7,573 | 400,713 | ||||||||||||||||||||||
Operating income | 66,549 | (227 | ) | (3,094 | ) | 63,228 | 147,337 | (465 | ) | 8,234 | 155,106 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 57,592 | (227 | ) | (3,094 | ) | 54,271 | 118,588 | (465 | ) | 8,234 | 126,357 | ||||||||||||||||||||||
Income taxes | 16,080 | (84 | ) | (298 | ) | 15,698 | 33,319 | (172 | ) | 3,237 | 36,384 | ||||||||||||||||||||||
Income from continuing operations, net of income taxes | 41,512 | (143 | ) | (2,796 | ) | 38,573 | 85,269 | (293 | ) | 4,997 | 89,973 | ||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 0.71 | $ | — | $ | (0.05 | ) | $ | 0.66 | $ | 1.46 | $ | — | $ | 0.08 | $ | 1.54 | ||||||||||||||||
Diluted earnings per share, continuing operations | $ | 0.7 | $ | (0.01 | ) | $ | (0.04 | ) | $ | 0.65 | $ | 1.45 | $ | — | $ | 0.08 | $ | 1.53 | |||||||||||||||
Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
As Previously Filed | Discontinued Operations | Adjustment | As Restated | As Previously Filed | Discontinued Operations | Adjustment | As Restated | ||||||||||||||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||||||||||||||||||||
Royalty fees | $ | 80,845 | $ | — | $ | (2,807 | ) | $ | 78,038 | $ | 194,762 | $ | — | $ | 8,225 | $ | 202,987 | ||||||||||||||||
Marketing and reservation revenues | 119,062 | — | (1,097 | ) | 117,965 | 284,624 | — | 9,721 | 294,345 | ||||||||||||||||||||||||
Hotel operations | 1,238 | (1,238 | ) | — | — | 3,440 | (3,440 | ) | — | — | |||||||||||||||||||||||
Total revenues | 210,413 | (1,238 | ) | (3,904 | ) | 205,271 | 513,203 | (3,440 | ) | 17,946 | 527,709 | ||||||||||||||||||||||
Selling, general and administrative | 23,170 | — | (98 | ) | 23,072 | 72,073 | — | 249 | 72,322 | ||||||||||||||||||||||||
Depreciation and amortization | 1,995 | (135 | ) | — | 1,860 | 5,989 | (401 | ) | — | 5,588 | |||||||||||||||||||||||
Marketing and reservation expenses | 119,062 | — | (1,097 | ) | 117,965 | 284,624 | — | 9,721 | 294,345 | ||||||||||||||||||||||||
Hotel operations | 933 | (933 | ) | — | — | 2,609 | (2,609 | ) | — | — | |||||||||||||||||||||||
Total operating expenses | 145,160 | (1,068 | ) | (1,195 | ) | 142,897 | 365,295 | (3,010 | ) | 9,970 | 372,255 | ||||||||||||||||||||||
Operating income | 65,253 | (170 | ) | (2,709 | ) | 62,374 | 147,908 | (430 | ) | 7,976 | 155,454 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 55,668 | (170 | ) | (2,709 | ) | 52,789 | 133,840 | (430 | ) | 7,976 | 141,386 | ||||||||||||||||||||||
Income taxes | 11,291 | (63 | ) | (1,076 | ) | 10,152 | 37,604 | (160 | ) | 3,303 | 40,747 | ||||||||||||||||||||||
Income from continuing operations, net of income taxes | 44,377 | (107 | ) | (1,633 | ) | 42,637 | 96,236 | (270 | ) | 4,673 | 100,639 | ||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 0.77 | $ | — | $ | (0.03 | ) | $ | 0.74 | $ | 1.66 | $ | (0.01 | ) | $ | 0.08 | $ | 1.73 | |||||||||||||||
Diluted earnings per share, continuing operations | $ | 0.76 | $ | — | $ | (0.03 | ) | $ | 0.73 | $ | 1.65 | $ | — | $ | 0.08 | $ | 1.73 | ||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||
As Previously Filed | Adjustment | As Restated | As Previously Filed | Adjustment | As Restated | ||||||||||||||||||||||||||||
Consolidated Statement of Cash Flows | (in thousands) | ||||||||||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||||||||||
Net income | $ | 85,269 | $ | 4,997 | $ | 90,266 | $ | 96,236 | $ | 4,673 | $ | 100,909 | |||||||||||||||||||||
Depreciation and amortization | 7,074 | 20 | 7,094 | 5,989 | — | 5,989 | |||||||||||||||||||||||||||
Provision for bad debts, net | 2,054 | 210 | 2,264 | 1,802 | 249 | 2,051 | |||||||||||||||||||||||||||
Non-cash stock compensation and other charges | 8,638 | (3 | ) | 8,635 | 7,306 | — | 7,306 | ||||||||||||||||||||||||||
Deferred income taxes | (4,118 | ) | 3,767 | (351 | ) | (1,627 | ) | 2,772 | 1,145 | ||||||||||||||||||||||||
Receivables | (13,699 | ) | (12,936 | ) | (26,635 | ) | (17,405 | ) | (14,856 | ) | (32,261 | ) | |||||||||||||||||||||
Advances to/from marketing and reservation activities, net | 23,756 | 5,956 | 29,712 | 20,811 | 6,631 | 27,442 | |||||||||||||||||||||||||||
Income taxes payable/receivable | 24,638 | (531 | ) | 24,107 | 12,786 | 531 | 13,317 | ||||||||||||||||||||||||||
Net cash provided by operating activities | 105,009 | 1,480 | 106,489 | 118,423 | — | 118,423 | |||||||||||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||||||||||
Investment in property and equipment | (26,442 | ) | (1,480 | ) | (27,922 | ) | (12,525 | ) | — | (12,525 | ) | ||||||||||||||||||||||
Net cash used in investing activities | (28,350 | ) | (1,480 | ) | (29,830 | ) | (16,709 | ) | — | (16,709 | ) | ||||||||||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Restated | As Previously Reported | Adjustment | As Revised | ||||||||||||||||||||||||||||
Consolidated Balance Sheets | (in thousands) | ||||||||||||||||||||||||||||||||
Receivables | $ | 62,605 | $ | 40,282 | $ | 102,887 | $ | 52,270 | $ | 27,729 | $ | 79,999 | |||||||||||||||||||||
Income taxes receivable | — | — | — | 2,732 | (531 | ) | 2,201 | ||||||||||||||||||||||||||
Deferred income taxes | 4,136 | 23,231 | 27,367 | 4,136 | 22,062 | 26,198 | |||||||||||||||||||||||||||
Total current assets | 258,267 | 63,513 | 321,780 | 233,470 | 49,260 | 282,730 | |||||||||||||||||||||||||||
Property and equipment, at cost, net | 65,540 | 1,460 | 67,000 | 51,651 | — | 51,651 | |||||||||||||||||||||||||||
Advances, marketing and reservation activities | 32,564 | (18,494 | ) | 14,070 | 42,179 | (12,712 | ) | 29,467 | |||||||||||||||||||||||||
Deferred income taxes | 19,496 | (19,496 | ) | — | 15,418 | (15,418 | ) | — | |||||||||||||||||||||||||
Total assets | 555,709 | 26,983 | 582,692 | 510,772 | 21,130 | 531,902 | |||||||||||||||||||||||||||
Deferred income taxes | — | 11,722 | 11,722 | — | 10,864 | 10,864 | |||||||||||||||||||||||||||
Total liabilities | 1,040,433 | 11,722 | 1,052,155 | 1,059,676 | 10,864 | 1,070,540 | |||||||||||||||||||||||||||
Accumulated other comprehensive loss | (5,370 | ) | (3 | ) | (5,373 | ) | (4,216 | ) | — | (4,216 | ) | ||||||||||||||||||||||
Retained earnings | 325,005 | 15,264 | 340,269 | 272,260 | 10,266 | 282,526 | |||||||||||||||||||||||||||
Total shareholders' deficit | (484,724 | ) | 15,261 | (469,463 | ) | (548,904 | ) | 10,266 | (538,638 | ) | |||||||||||||||||||||||
The following tables present the effect of the correction for the aforementioned items on selected line items included in the Company's Condensed Consolidating Statement of Cash Flows for the nine months ended September 30, 2012: | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | ||||||||||||||||||||||||||||
Net cash provided (used) by operating activities | $ | (1,928 | ) | $ | 6,869 | $ | 4,941 | $ | 36,131 | $ | (9,721 | ) | $ | 26,410 | |||||||||||||||||||
Investing Activities: | |||||||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (3,068 | ) | 3,068 | — | — | — | — | ||||||||||||||||||||||||||
Collection of mezzanine and other notes receivable | 216 | (216 | ) | — | — | — | — | ||||||||||||||||||||||||||
Advances to and investments in affiliates | — | (9,721 | ) | (9,721 | ) | — | — | — | |||||||||||||||||||||||||
Net cash provided (used) in investing activities | 1,649 | (6,869 | ) | (5,220 | ) | (9,636 | ) | — | (9,636 | ) | |||||||||||||||||||||||
Financing Activities: | |||||||||||||||||||||||||||||||||
Proceeds from contributions from affiliates | — | — | — | — | 9,721 | 9,721 | |||||||||||||||||||||||||||
Net cash provided (used) by financing activities | 122 | — | 122 | (14 | ) | 9,721 | 9,707 | ||||||||||||||||||||||||||
Condensed Consolidating Statement Of Income | ' | ||||||||||||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(Unaudited, in Thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||||||
Royalty fees | $ | 72,915 | $ | 25,161 | $ | 11,362 | $ | (29,978 | ) | $ | 79,460 | ||||||||||||||||||||||
Initial franchise and relicensing fees | 4,419 | — | 231 | — | 4,650 | ||||||||||||||||||||||||||||
Procurement services | 4,375 | — | 333 | — | 4,708 | ||||||||||||||||||||||||||||
Marketing and reservation | 112,354 | 96,672 | 5,807 | (90,024 | ) | 124,809 | |||||||||||||||||||||||||||
Other items, net | 2,778 | — | 313 | — | 3,091 | ||||||||||||||||||||||||||||
Total revenues | 196,841 | 121,833 | 18,046 | (120,002 | ) | 216,718 | |||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 30,498 | 22,417 | 3,472 | (29,978 | ) | 26,409 | |||||||||||||||||||||||||||
Marketing and reservation | 117,480 | 92,784 | 4,569 | (90,024 | ) | 124,809 | |||||||||||||||||||||||||||
Other items, net | 828 | 1,222 | 222 | — | 2,272 | ||||||||||||||||||||||||||||
Total operating expenses | 148,806 | 116,423 | 8,263 | (120,002 | ) | 153,490 | |||||||||||||||||||||||||||
Operating income | 48,035 | 5,410 | 9,783 | — | 63,228 | ||||||||||||||||||||||||||||
OTHER INCOME AND EXPENSES: | |||||||||||||||||||||||||||||||||
Interest expense | 10,691 | 61 | 5 | — | 10,757 | ||||||||||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (13,031 | ) | — | — | 13,031 | — | |||||||||||||||||||||||||||
Other items, net | (577 | ) | (697 | ) | (526 | ) | — | (1,800 | ) | ||||||||||||||||||||||||
Total other income and expenses, net | (2,917 | ) | (636 | ) | (521 | ) | 13,031 | 8,957 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | 50,952 | 6,046 | 10,304 | (13,031 | ) | 54,271 | |||||||||||||||||||||||||||
Income taxes | 12,236 | 3,017 | 445 | — | 15,698 | ||||||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 38,716 | 3,029 | 9,859 | (13,031 | ) | 38,573 | |||||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 143 | — | — | 143 | ||||||||||||||||||||||||||||
Net income | $ | 38,716 | $ | 3,172 | $ | 9,859 | $ | (13,031 | ) | $ | 38,716 | ||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
(Unaudited, in Thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||||||
Royalty fees | $ | 71,213 | $ | 16,347 | $ | 23,091 | $ | (32,613 | ) | $ | 78,038 | ||||||||||||||||||||||
Initial franchise and relicensing fees | 2,996 | — | 251 | — | 3,247 | ||||||||||||||||||||||||||||
Procurement services | 3,489 | — | 350 | — | 3,839 | ||||||||||||||||||||||||||||
Marketing and reservation | 108,615 | 91,022 | 4,828 | (86,500 | ) | 117,965 | |||||||||||||||||||||||||||
Other items, net | 1,991 | — | 191 | — | 2,182 | ||||||||||||||||||||||||||||
Total revenues | 188,304 | 107,369 | 28,711 | (119,113 | ) | 205,271 | |||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 39,684 | 19,525 | (3,524 | ) | (32,613 | ) | 23,072 | ||||||||||||||||||||||||||
Marketing and reservation | 110,694 | 88,695 | 4,233 | (85,657 | ) | 117,965 | |||||||||||||||||||||||||||
Other items, net | 706 | 950 | 204 | — | 1,860 | ||||||||||||||||||||||||||||
Total operating expenses | 151,084 | 109,170 | 913 | (118,270 | ) | 142,897 | |||||||||||||||||||||||||||
Operating income | 37,220 | (1,801 | ) | 27,798 | (843 | ) | 62,374 | ||||||||||||||||||||||||||
OTHER INCOME AND EXPENSES: | |||||||||||||||||||||||||||||||||
Interest expense | 11,005 | 4 | — | (843 | ) | 10,166 | |||||||||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (27,231 | ) | — | — | 27,231 | — | |||||||||||||||||||||||||||
Other items, net | 215 | (511 | ) | (285 | ) | — | (581 | ) | |||||||||||||||||||||||||
Total other income and expenses, net | (16,011 | ) | (507 | ) | (285 | ) | 26,388 | 9,585 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | 53,231 | (1,294 | ) | 28,083 | (27,231 | ) | 52,789 | ||||||||||||||||||||||||||
Income taxes | 10,487 | (710 | ) | 375 | — | 10,152 | |||||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 42,744 | (584 | ) | 27,708 | (27,231 | ) | 42,637 | ||||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 107 | — | — | 107 | ||||||||||||||||||||||||||||
Net income | $ | 42,744 | $ | (477 | ) | $ | 27,708 | $ | (27,231 | ) | $ | 42,744 | |||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(Unaudited, in Thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||||||
Royalty fees | $ | 189,559 | $ | 84,477 | $ | 31,940 | $ | (97,770 | ) | $ | 208,206 | ||||||||||||||||||||||
Initial franchise and relicensing fees | 12,074 | — | 769 | — | 12,843 | ||||||||||||||||||||||||||||
Procurement services | 15,559 | — | 645 | — | 16,204 | ||||||||||||||||||||||||||||
Marketing and reservation | 275,780 | 267,404 | 15,391 | (247,371 | ) | 311,204 | |||||||||||||||||||||||||||
Other items, net | 6,581 | — | 781 | — | 7,362 | ||||||||||||||||||||||||||||
Total revenues | 499,553 | 351,881 | 49,526 | (345,141 | ) | 555,819 | |||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 94,903 | 75,799 | 9,876 | (97,770 | ) | 82,808 | |||||||||||||||||||||||||||
Marketing and reservation | 287,436 | 257,197 | 13,942 | (247,371 | ) | 311,204 | |||||||||||||||||||||||||||
Other items, net | 2,301 | 3,775 | 625 | — | 6,701 | ||||||||||||||||||||||||||||
Total operating expenses | 384,640 | 336,771 | 24,443 | (345,141 | ) | 400,713 | |||||||||||||||||||||||||||
Operating income | 114,913 | 15,110 | 25,083 | — | 155,106 | ||||||||||||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | |||||||||||||||||||||||||||||||||
Interest expense | 32,210 | 111 | 13 | — | 32,334 | ||||||||||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (34,691 | ) | — | — | 34,691 | — | |||||||||||||||||||||||||||
Other items, net | (1,689 | ) | (1,261 | ) | (635 | ) | — | (3,585 | ) | ||||||||||||||||||||||||
Total other income and expenses, net | (4,170 | ) | (1,150 | ) | (622 | ) | 34,691 | 28,749 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | 119,083 | 16,260 | 25,705 | (34,691 | ) | 126,357 | |||||||||||||||||||||||||||
Income taxes | 28,817 | 7,317 | 250 | — | 36,384 | ||||||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 90,266 | 8,943 | 25,455 | (34,691 | ) | 89,973 | |||||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 293 | — | — | 293 | ||||||||||||||||||||||||||||
Net income | $ | 90,266 | $ | 9,236 | $ | 25,455 | $ | (34,691 | ) | $ | 90,266 | ||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
(Unaudited, in Thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||||||||||||
Royalty fees | $ | 183,573 | $ | 68,622 | $ | 40,295 | $ | (89,503 | ) | $ | 202,987 | ||||||||||||||||||||||
Initial franchise and relicensing fees | 8,459 | — | 494 | — | 8,953 | ||||||||||||||||||||||||||||
Procurement services | 13,349 | — | 641 | — | 13,990 | ||||||||||||||||||||||||||||
Marketing and reservation | 262,433 | 248,109 | 14,033 | (230,230 | ) | 294,345 | |||||||||||||||||||||||||||
Other items, net | 6,958 | — | 476 | — | 7,434 | ||||||||||||||||||||||||||||
Total revenues | 474,772 | 316,731 | 55,939 | (319,733 | ) | 527,709 | |||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 93,054 | 63,544 | 5,227 | (89,503 | ) | 72,322 | |||||||||||||||||||||||||||
Marketing and reservation | 266,563 | 242,001 | 13,057 | (227,276 | ) | 294,345 | |||||||||||||||||||||||||||
Other items, net | 2,117 | 2,846 | 625 | — | 5,588 | ||||||||||||||||||||||||||||
Total operating expenses | 361,734 | 308,391 | 18,909 | (316,779 | ) | 372,255 | |||||||||||||||||||||||||||
Operating income | 113,038 | 8,340 | 37,030 | (2,954 | ) | 155,454 | |||||||||||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | |||||||||||||||||||||||||||||||||
Interest expense | 19,731 | 40 | 6 | (2,954 | ) | 16,823 | |||||||||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (42,187 | ) | — | — | 42,187 | — | |||||||||||||||||||||||||||
Other items, net | (274 | ) | (2,137 | ) | (344 | ) | — | (2,755 | ) | ||||||||||||||||||||||||
Total other income and expenses, net | (22,730 | ) | (2,097 | ) | (338 | ) | 39,233 | 14,068 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | 135,768 | 10,437 | 37,368 | (42,187 | ) | 141,386 | |||||||||||||||||||||||||||
Income taxes | 34,859 | 4,503 | 1,385 | — | 40,747 | ||||||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 100,909 | 5,934 | 35,983 | (42,187 | ) | 100,639 | |||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | — | 270 | — | — | 270 | ||||||||||||||||||||||||||||
Net income | $ | 100,909 | $ | 6,204 | $ | 35,983 | $ | (42,187 | ) | $ | 100,909 | ||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Comprehensive Income | ' | ||||||||||||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||||||
For the three Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(Unaudited, in Thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
Net income | $ | 38,716 | $ | 3,172 | $ | 9,859 | $ | (13,031 | ) | $ | 38,716 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 215 | — | — | — | 215 | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | 524 | — | 524 | (524 | ) | 524 | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 739 | — | 524 | (524 | ) | 739 | |||||||||||||||||||||||||||
Comprehensive income | $ | 39,455 | $ | 3,172 | $ | 10,383 | $ | (13,555 | ) | $ | 39,455 | ||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||||||
For the three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
(Unaudited, in Thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 42,744 | $ | (477 | ) | $ | 27,708 | $ | (27,231 | ) | $ | 42,744 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 215 | — | — | — | 215 | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | 211 | 1 | 209 | (210 | ) | 211 | |||||||||||||||||||||||||||
Amortization of pension related costs, net of tax: | |||||||||||||||||||||||||||||||||
Actuarial loss | 20 | 20 | — | (20 | ) | 20 | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 446 | 21 | 209 | (230 | ) | 446 | |||||||||||||||||||||||||||
Comprehensive income | $ | 43,190 | $ | (456 | ) | $ | 27,917 | $ | (27,461 | ) | $ | 43,190 | |||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(Unaudited, in Thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
Net income | $ | 90,266 | $ | 9,236 | $ | 25,455 | $ | (34,691 | ) | $ | 90,266 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 646 | — | — | — | 646 | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | (1,803 | ) | — | (1,803 | ) | 1,803 | (1,803 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (1,157 | ) | — | (1,803 | ) | 1,803 | (1,157 | ) | |||||||||||||||||||||||||
Comprehensive income | $ | 89,109 | $ | 9,236 | $ | 23,652 | $ | (32,888 | ) | $ | 89,109 | ||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
(Unaudited, in Thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
Net income | $ | 100,909 | $ | 6,204 | $ | 35,983 | $ | (42,187 | ) | $ | 100,909 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 646 | — | — | — | 646 | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | 191 | 5 | 171 | (176 | ) | 191 | |||||||||||||||||||||||||||
Amortization of pension related costs, net of tax: | |||||||||||||||||||||||||||||||||
Actuarial loss | 60 | 60 | — | (60 | ) | 60 | |||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 897 | 65 | 171 | (236 | ) | 897 | |||||||||||||||||||||||||||
Comprehensive income | $ | 101,806 | $ | 6,269 | $ | 36,154 | $ | (42,423 | ) | $ | 101,806 | ||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | ||||||||||||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
As of September 30, 2013 | |||||||||||||||||||||||||||||||||
(Unaudited, in thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 10,921 | $ | 437 | $ | 149,780 | $ | — | $ | 161,138 | |||||||||||||||||||||||
Receivables, net | 91,527 | 2,088 | 9,272 | — | 102,887 | ||||||||||||||||||||||||||||
Other current assets | 39,201 | 17,826 | 728 | — | 57,755 | ||||||||||||||||||||||||||||
Total current assets | 141,649 | 20,351 | 159,780 | — | 321,780 | ||||||||||||||||||||||||||||
Property and equipment, at cost, net | 11,351 | 54,791 | 858 | — | 67,000 | ||||||||||||||||||||||||||||
Goodwill | 60,620 | 5,193 | — | — | 65,813 | ||||||||||||||||||||||||||||
Franchise rights and other identifiable intangibles, net | 7,113 | 2,251 | 1,511 | — | 10,875 | ||||||||||||||||||||||||||||
Advances, marketing and reservation activities | 14,070 | — | — | — | 14,070 | ||||||||||||||||||||||||||||
Investments, employee benefit plans, at fair value | — | 14,950 | — | — | 14,950 | ||||||||||||||||||||||||||||
Investment in affiliates | 366,607 | 27,307 | — | (393,914 | ) | — | |||||||||||||||||||||||||||
Advances to affiliates | 13,995 | 203,916 | 10,603 | (228,514 | ) | — | |||||||||||||||||||||||||||
Deferred income taxes | — | 8,413 | 1,001 | (9,414 | ) | — | |||||||||||||||||||||||||||
Other assets | 30,113 | 27,839 | 30,252 | — | 88,204 | ||||||||||||||||||||||||||||
Total assets | $ | 645,518 | $ | 365,011 | $ | 204,005 | $ | (631,842 | ) | $ | 582,692 | ||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |||||||||||||||||||||||||||||||||
Accounts payable | $ | 9,098 | $ | 27,757 | $ | 3,903 | $ | — | $ | 40,758 | |||||||||||||||||||||||
Accrued expenses | 19,397 | 22,098 | 1,980 | — | 43,475 | ||||||||||||||||||||||||||||
Deferred revenue | 5,995 | 54,666 | 740 | — | 61,401 | ||||||||||||||||||||||||||||
Current portion of long-term debt | 8,437 | 684 | 11 | — | 9,132 | ||||||||||||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 2,439 | — | — | 2,439 | ||||||||||||||||||||||||||||
Other current liabilities | 13,503 | 7,941 | 462 | — | 21,906 | ||||||||||||||||||||||||||||
Total current liabilities | 56,430 | 115,585 | 7,096 | — | 179,111 | ||||||||||||||||||||||||||||
Long-term debt | 811,243 | 4,694 | 20 | — | 815,957 | ||||||||||||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 21,212 | 7 | — | 21,219 | ||||||||||||||||||||||||||||
Advances from affiliates | 220,721 | 403 | 7,390 | (228,514 | ) | — | |||||||||||||||||||||||||||
Other liabilities | 26,587 | 18,211 | 484 | (9,414 | ) | 35,868 | |||||||||||||||||||||||||||
Total liabilities | 1,114,981 | 160,105 | 14,997 | (237,928 | ) | 1,052,155 | |||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (469,463 | ) | 204,906 | 189,008 | (393,914 | ) | (469,463 | ) | |||||||||||||||||||||||||
Total liabilities and shareholders’ deficit | $ | 645,518 | $ | 365,011 | $ | 204,005 | $ | (631,842 | ) | $ | 582,692 | ||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 8,420 | $ | 407 | $ | 125,350 | $ | — | $ | 134,177 | |||||||||||||||||||||||
Receivables, net | 70,011 | 1,920 | 8,068 | — | 79,999 | ||||||||||||||||||||||||||||
Other current assets | 44,899 | 23,495 | 3,528 | (3,368 | ) | 68,554 | |||||||||||||||||||||||||||
Total current assets | 123,330 | 25,822 | 136,946 | (3,368 | ) | 282,730 | |||||||||||||||||||||||||||
Property and equipment, at cost, net | 11,307 | 39,298 | 1,046 | — | 51,651 | ||||||||||||||||||||||||||||
Goodwill | 60,620 | 5,193 | — | — | 65,813 | ||||||||||||||||||||||||||||
Franchise rights and other identifiable intangibles, net | 8,669 | 2,715 | 2,089 | — | 13,473 | ||||||||||||||||||||||||||||
Advances, marketing and reservation activities | 29,467 | — | — | 29,467 | |||||||||||||||||||||||||||||
Investments, employee benefit plans, at fair value | — | 12,755 | — | — | 12,755 | ||||||||||||||||||||||||||||
Investment in affiliates | 331,416 | 26,194 | — | (357,610 | ) | — | |||||||||||||||||||||||||||
Advances to affiliates | 14,252 | 206,770 | 13,479 | (234,501 | ) | — | |||||||||||||||||||||||||||
Deferred income taxes | 10,367 | 599 | (10,966 | ) | — | ||||||||||||||||||||||||||||
Other assets | 32,085 | 18,925 | 25,003 | 76,013 | |||||||||||||||||||||||||||||
Total assets | $ | 611,146 | $ | 348,039 | $ | 179,162 | $ | (606,445 | ) | $ | 531,902 | ||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | |||||||||||||||||||||||||||||||||
Accounts payable | $ | 5,930 | $ | 28,525 | $ | 4,259 | $ | — | $ | 38,714 | |||||||||||||||||||||||
Accrued expenses | 18,582 | 34,576 | 2,394 | — | 55,552 | ||||||||||||||||||||||||||||
Deferred revenue | 17,239 | 53,081 | 834 | — | 71,154 | ||||||||||||||||||||||||||||
Current portion of long-term debt | 7,500 | 675 | 20 | — | 8,195 | ||||||||||||||||||||||||||||
Deferred compensation and retirement plan obligations | — | 2,522 | — | — | 2,522 | ||||||||||||||||||||||||||||
Other current liabilities | — | 2,047 | 1,321 | (3,368 | ) | — | |||||||||||||||||||||||||||
Total current liabilities | 49,251 | 121,426 | 8,828 | (3,368 | ) | 176,137 | |||||||||||||||||||||||||||
Long-term debt | 845,257 | 1,845 | 48 | — | 847,150 | ||||||||||||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 20,390 | 9 | — | 20,399 | ||||||||||||||||||||||||||||
Advances from affiliates | 226,917 | 189 | 7,395 | (234,501 | ) | — | |||||||||||||||||||||||||||
Other liabilities | 28,359 | 9,216 | 245 | (10,966 | ) | 26,854 | |||||||||||||||||||||||||||
Total liabilities | 1,149,784 | 153,066 | 16,525 | (248,835 | ) | 1,070,540 | |||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (538,638 | ) | 194,973 | 162,637 | (357,610 | ) | (538,638 | ) | |||||||||||||||||||||||||
Total liabilities and shareholders' deficit | $ | 611,146 | $ | 348,039 | $ | 179,162 | $ | (606,445 | ) | $ | 531,902 | ||||||||||||||||||||||
Condensed Consolidating Statement Of Cash Flows | ' | ||||||||||||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2013 | |||||||||||||||||||||||||||||||||
(Unaudited, in thousands) | |||||||||||||||||||||||||||||||||
Parent (Restated) | Guarantor | Non-Guarantor | Eliminations (Restated) | Consolidated (Restated) | |||||||||||||||||||||||||||||
Subsidiaries (Restated) | Subsidiaries (Restated) | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 60,070 | $ | 20,198 | $ | 26,221 | $ | — | $ | 106,489 | |||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||
Investment in property and equipment | (4,083 | ) | (23,662 | ) | (177 | ) | — | (27,922 | ) | ||||||||||||||||||||||||
Equity method investments | — | (1,481 | ) | (2,280 | ) | — | (3,761 | ) | |||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | — | — | — | — | — | ||||||||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 224 | — | — | — | 224 | ||||||||||||||||||||||||||||
Purchases of investments, employee benefit plans | — | (1,845 | ) | — | — | (1,845 | ) | ||||||||||||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 4,052 | — | — | 4,052 | ||||||||||||||||||||||||||||
Advances to and investments in affiliates | (1,000 | ) | (1,280 | ) | — | 2,280 | — | ||||||||||||||||||||||||||
Other items, net | (578 | ) | — | — | — | (578 | ) | ||||||||||||||||||||||||||
Net cash provided (used) in investing activities | (5,437 | ) | (24,216 | ) | (2,457 | ) | 2,280 | (29,830 | ) | ||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||
Net repayments pursuant to revolving credit facilities | (27,500 | ) | — | — | — | (27,500 | ) | ||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | — | 3,360 | — | — | 3,360 | ||||||||||||||||||||||||||||
Principal payments on long-term debt | (5,625 | ) | (502 | ) | (31 | ) | — | (6,158 | ) | ||||||||||||||||||||||||
Purchase of treasury stock | (3,684 | ) | — | — | — | (3,684 | ) | ||||||||||||||||||||||||||
Dividends paid | (22,026 | ) | — | — | — | (22,026 | ) | ||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation | 26 | 1,190 | — | — | 1,216 | ||||||||||||||||||||||||||||
Proceeds from contributions from affiliates | — | — | 2,280 | (2,280 | ) | — | |||||||||||||||||||||||||||
Proceeds from exercise of stock options | 6,677 | — | — | — | 6,677 | ||||||||||||||||||||||||||||
Net cash provided (used) by financing activities | (52,132 | ) | 4,048 | 2,249 | (2,280 | ) | (48,115 | ) | |||||||||||||||||||||||||
Net change in cash and cash equivalents | 2,501 | 30 | 26,013 | — | 28,544 | ||||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (1,583 | ) | — | (1,583 | ) | ||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 8,420 | 407 | 125,350 | — | 134,177 | ||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 10,921 | $ | 437 | $ | 149,780 | $ | — | $ | 161,138 | |||||||||||||||||||||||
Choice Hotels International, Inc. | |||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||
(Unaudited, in Thousands) | |||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 87,072 | $ | 4,941 | $ | 26,410 | $ | — | $ | 118,423 | |||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||||||
Investment in property and equipment | (7,126 | ) | (5,217 | ) | (182 | ) | — | (12,525 | ) | ||||||||||||||||||||||||
Equity method investments | — | — | (9,454 | ) | — | (9,454 | ) | ||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (4,236 | ) | — | — | — | (4,236 | ) | ||||||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 110 | — | — | — | 110 | ||||||||||||||||||||||||||||
Purchases of investments, employee benefit plans | — | (1,191 | ) | — | — | (1,191 | ) | ||||||||||||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 10,909 | — | — | 10,909 | ||||||||||||||||||||||||||||
Advances to and investments in affiliates | — | (9,721 | ) | — | 9,721 | — | |||||||||||||||||||||||||||
Other items, net | (322 | ) | — | — | — | (322 | ) | ||||||||||||||||||||||||||
Net cash provided (used) in investing activities | (11,574 | ) | (5,220 | ) | (9,636 | ) | 9,721 | (16,709 | ) | ||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||||||
Net borrowings pursuant to revolving credit facilities | 16,725 | — | — | — | 16,725 | ||||||||||||||||||||||||||||
Proceeds from issuance of long-term debt | 543,500 | — | — | — | 543,500 | ||||||||||||||||||||||||||||
Principal payments on long-term debt | — | (488 | ) | (14 | ) | — | (502 | ) | |||||||||||||||||||||||||
Purchase of treasury stock | (22,227 | ) | — | — | — | (22,227 | ) | ||||||||||||||||||||||||||
Dividends paid | (632,751 | ) | — | — | — | (632,751 | ) | ||||||||||||||||||||||||||
Excess tax benefits from stock-based compensation | 183 | 610 | — | — | 793 | ||||||||||||||||||||||||||||
Debt issuance costs | (4,753 | ) | — | — | — | (4,753 | ) | ||||||||||||||||||||||||||
Proceeds from contributions from affiliates | — | — | 9,721 | (9,721 | ) | — | |||||||||||||||||||||||||||
Proceeds from exercise of stock options | 4,695 | — | — | — | 4,695 | ||||||||||||||||||||||||||||
Net cash provided (used) by financing activities | (94,628 | ) | 122 | 9,707 | (9,721 | ) | (94,520 | ) | |||||||||||||||||||||||||
Net change in cash and cash equivalents | (19,130 | ) | (157 | ) | 26,481 | — | 7,194 | ||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | 813 | — | 813 | ||||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 23,370 | 432 | 83,255 | — | 107,057 | ||||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 4,240 | $ | 275 | $ | 110,549 | $ | — | $ | 115,064 | |||||||||||||||||||||||
Reportable_Segment_Information1
Reportable Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule Of Financial Information For Company's Franchising Segment | ' | |||||||||||||||||||||||||||||||
The following table presents the financial information for the Company's segments: | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 (Restated) | Three Months Ended September 30, 2012 (Restated) | |||||||||||||||||||||||||||||||
(In thousands) | Franchising | SkyTouch Technology | Corporate & | Consolidated | Franchising | SkyTouch Technology | Corporate & | Consolidated | ||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||||||
Revenues | $ | 216,705 | $ | 13 | $ | — | $ | 216,718 | $ | 205,271 | $ | — | $ | — | $ | 205,271 | ||||||||||||||||
Operating income (loss) | $ | 75,773 | $ | (2,841 | ) | $ | (9,704 | ) | $ | 63,228 | $ | 72,588 | $ | (720 | ) | $ | (9,494 | ) | $ | 62,374 | ||||||||||||
Income (loss) from continuing operations before income taxes | $ | 76,114 | $ | (2,841 | ) | $ | (19,002 | ) | $ | 54,271 | $ | 72,759 | $ | (720 | ) | $ | (19,250 | ) | $ | 52,789 | ||||||||||||
Nine Months Ended September 30, 2013 (Restated) | Nine Months Ended September 30, 2012 (Restated) | |||||||||||||||||||||||||||||||
(In thousands) | Franchising | SkyTouch Technology | Corporate & | Consolidated | Franchising | SkyTouch Technology | Corporate & | Consolidated | ||||||||||||||||||||||||
Other | Other | |||||||||||||||||||||||||||||||
Revenues | $ | 555,806 | $ | 13 | $ | — | $ | 555,819 | $ | 527,709 | $ | — | $ | — | $ | 527,709 | ||||||||||||||||
Operating income (loss) | $ | 194,026 | $ | (7,307 | ) | $ | (31,613 | ) | $ | 155,106 | $ | 185,233 | $ | (2,074 | ) | $ | (27,705 | ) | $ | 155,454 | ||||||||||||
Income (loss) from continuing operations before income taxes | $ | 194,358 | $ | (7,307 | ) | $ | (60,694 | ) | $ | 126,357 | $ | 185,221 | $ | (2,074 | ) | $ | (41,761 | ) | $ | 141,386 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Discontinued Operations, Income Statement and Balance Sheet Disclosures | ' | ||||||||||||||||
Summarized financial information related to the discontinued operations is as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Revenues | |||||||||||||||||
Hotel operations | $ | 1,310 | $ | 1,238 | $ | 3,600 | $ | 3,440 | |||||||||
Total revenues | 1,310 | 1,238 | 3,600 | 3,440 | |||||||||||||
Operating Expenses | |||||||||||||||||
Hotel operations | 956 | 933 | 2,742 | 2,609 | |||||||||||||
Depreciation and amortization | 127 | 135 | 393 | 401 | |||||||||||||
Total operating expenses | 1,083 | 1,068 | 3,135 | 3,010 | |||||||||||||
Income from discontinued operations before income taxes | 227 | 170 | 465 | 430 | |||||||||||||
Income taxes | 84 | 63 | 172 | 160 | |||||||||||||
Income from discontinued operations | $ | 143 | $ | 107 | $ | 293 | $ | 270 | |||||||||
As of September 30, 2013 | As of December 31, 2012 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Cash | $ | 414 | $ | 387 | |||||||||||||
Receivables, net | 244 | 206 | |||||||||||||||
Other current assets | 221 | 192 | |||||||||||||||
Total current assets | 879 | 785 | |||||||||||||||
Property and equipment, at cost, net | 8,948 | 9,220 | |||||||||||||||
Total assets | $ | 9,827 | $ | 10,005 | |||||||||||||
Accounts payable | $ | 577 | $ | 403 | |||||||||||||
Accrued expenses | 10 | 10 | |||||||||||||||
Total liabilities | 587 | 413 | |||||||||||||||
Net assets of discontinued operations | $ | 9,240 | $ | 9,592 | |||||||||||||
Company_Information_and_Signif3
Company Information and Significant Accounting Policies Schedule of Error Corrections and Prior Period Adjustments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2013 | Mar. 31, 2012 | Jun. 30, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Revenue Revision [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | Cash Flow Presentation [Member] | ||||||
As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | As Restated [Member] | As Restated [Member] | As Restated [Member] | As Restated [Member] | As Restated [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | As Previously Reported [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | As Restated [Member] | As Restated [Member] | As Restated [Member] | As Restated [Member] | As Restated [Member] | As Restated [Member] | As Restated [Member] | |||||||||||
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | $79,460,000 | $78,038,000 | $208,206,000 | $202,987,000 | ' | ' | ' | ' | ' | ' | $83,107,000 | $80,845,000 | $201,222,000 | $194,762,000 | ' | ($3,647,000) | ($2,807,000) | $6,984,000 | $8,225,000 | ' | $0 | $0 | $0 | $0 | $79,460,000 | $78,038,000 | $208,206,000 | $202,987,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketing and reservation revenues | 124,809,000 | 117,965,000 | 311,204,000 | 294,345,000 | ' | ' | ' | ' | ' | ' | 126,296,000 | 119,062,000 | 302,381,000 | 284,624,000 | ' | -1,487,000 | -1,097,000 | 8,823,000 | 9,721,000 | ' | 0 | 0 | 0 | 0 | 124,809,000 | 117,965,000 | 311,204,000 | 294,345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operations | ' | ' | ' | ' | ' | 1,310,000 | 1,238,000 | 3,600,000 | 3,440,000 | ' | 1,310,000 | 1,238,000 | 3,600,000 | 3,440,000 | ' | 0 | 0 | 0 | 0 | ' | -1,310,000 | -1,238,000 | -3,600,000 | -3,440,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 216,718,000 | 205,271,000 | 555,819,000 | 527,709,000 | ' | 1,310,000 | 1,238,000 | 3,600,000 | 3,440,000 | ' | 223,162,000 | 210,413,000 | 543,612,000 | 513,203,000 | ' | -5,134,000 | -3,904,000 | 15,807,000 | 17,946,000 | ' | -1,310,000 | -1,238,000 | -3,600,000 | -3,440,000 | 216,718,000 | 205,271,000 | 555,819,000 | 527,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | 26,409,000 | 23,072,000 | 82,808,000 | 72,322,000 | ' | ' | ' | ' | ' | ' | 26,982,000 | 23,170,000 | 84,078,000 | 72,073,000 | ' | -573,000 | -98,000 | -1,270,000 | 249,000 | ' | 0 | 0 | 0 | 0 | 26,409,000 | 23,072,000 | 82,808,000 | 72,322,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | 127,000 | 135,000 | 393,000 | 401,000 | ' | 2,379,000 | 1,995,000 | 7,074,000 | 5,989,000 | ' | 20,000 | 0 | 20,000 | 0 | ' | -127,000 | -135,000 | -393,000 | -401,000 | 2,272,000 | 1,860,000 | 6,701,000 | 5,588,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Marketing and reservation expenses | -124,809,000 | -117,965,000 | -311,204,000 | -294,345,000 | ' | ' | ' | ' | ' | ' | -126,296,000 | -119,062,000 | -302,381,000 | -284,624,000 | ' | 1,487,000 | 1,097,000 | -8,823,000 | -9,721,000 | ' | 0 | 0 | 0 | 0 | -124,809,000 | -117,965,000 | -311,204,000 | -294,345,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operations | ' | ' | ' | ' | ' | 956,000 | 933,000 | 2,742,000 | 2,609,000 | ' | 956,000 | 933,000 | 2,742,000 | 2,609,000 | ' | 0 | 0 | 0 | 0 | ' | -956,000 | -933,000 | -2,742,000 | -2,609,000 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating expenses | 153,490,000 | 142,897,000 | 400,713,000 | 372,255,000 | ' | 1,083,000 | 1,068,000 | 3,135,000 | 3,010,000 | ' | 156,613,000 | 145,160,000 | 396,275,000 | 365,295,000 | ' | -2,040,000 | -1,195,000 | 7,573,000 | 9,970,000 | ' | -1,083,000 | -1,068,000 | -3,135,000 | -3,010,000 | 153,490,000 | 142,897,000 | 400,713,000 | 372,255,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | 63,228,000 | 62,374,000 | 155,106,000 | 155,454,000 | ' | ' | ' | ' | ' | ' | 66,549,000 | 65,253,000 | 147,337,000 | 147,908,000 | ' | -3,094,000 | -2,709,000 | 8,234,000 | 7,976,000 | ' | -227,000 | -170,000 | -465,000 | -430,000 | 63,228,000 | 62,374,000 | 155,106,000 | 155,454,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations before income taxes | 54,271,000 | 52,789,000 | 126,357,000 | 141,386,000 | ' | ' | ' | ' | ' | ' | 57,592,000 | 55,668,000 | 118,588,000 | 133,840,000 | ' | -3,094,000 | -2,709,000 | 8,234,000 | 7,976,000 | ' | -227,000 | -170,000 | -465,000 | -430,000 | 54,271,000 | 52,789,000 | 126,357,000 | 141,386,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes | 15,698,000 | 10,152,000 | 36,384,000 | 40,747,000 | ' | 84,000 | 63,000 | 172,000 | 160,000 | ' | 16,080,000 | 11,291,000 | 33,319,000 | 37,604,000 | ' | -298,000 | -1,076,000 | 3,237,000 | 3,303,000 | ' | -84,000 | -63,000 | -172,000 | -160,000 | 15,698,000 | 10,152,000 | 36,384,000 | 40,747,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations, net of income taxes | 38,573,000 | 42,637,000 | 89,973,000 | 100,639,000 | ' | ' | ' | ' | ' | ' | 41,512,000 | 44,377,000 | 85,269,000 | 96,236,000 | ' | -2,796,000 | -1,633,000 | 4,997,000 | 4,673,000 | ' | -143,000 | -107,000 | -293,000 | -270,000 | 38,573,000 | 42,637,000 | 89,973,000 | 100,639,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.71 | $0.77 | $1.46 | $1.66 | ' | ($0.05) | ($0.03) | $0.08 | $0.08 | ' | $0 | $0 | $0 | ($0.01) | $0.66 | $0.74 | $1.54 | $1.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.70 | $0.76 | $1.45 | $1.65 | ' | ($0.04) | ($0.03) | $0.08 | $0.08 | ' | ($0.01) | $0 | $0 | $0 | $0.65 | $0.73 | $1.53 | $1.73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statement of Cash Flows | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | 85,269,000 | 96,236,000 | ' | ' | ' | 4,997,000 | 4,673,000 | ' | ' | ' | ' | ' | ' | ' | 90,266,000 | 100,909,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | 7,094,000 | 5,989,000 | ' | ' | ' | ' | ' | ' | ' | ' | 7,074,000 | 5,989,000 | ' | ' | ' | 20,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 7,094,000 | 5,989,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for bad debts, net | ' | ' | 2,264,000 | 2,051,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,054,000 | 1,802,000 | ' | ' | ' | 210,000 | 249,000 | ' | ' | ' | ' | ' | ' | ' | 2,264,000 | 2,051,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash stock compensation and other charges | ' | ' | 8,635,000 | 7,306,000 | ' | ' | ' | ' | ' | ' | ' | ' | 8,638,000 | 7,306,000 | ' | ' | ' | -3,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 8,635,000 | 7,306,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | -351,000 | 1,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | -4,118,000 | -1,627,000 | ' | ' | ' | 3,767,000 | 2,772,000 | ' | ' | ' | ' | ' | ' | ' | -351,000 | 1,145,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | ' | ' | -26,635,000 | -32,261,000 | ' | ' | ' | ' | ' | ' | ' | ' | -13,699,000 | -17,405,000 | ' | ' | ' | -12,936,000 | -14,856,000 | ' | ' | ' | ' | ' | ' | ' | -26,635,000 | -32,261,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances to/from marketing and reservation activities, net | ' | ' | 29,712,000 | 27,442,000 | ' | ' | ' | ' | ' | ' | ' | ' | 23,756,000 | 20,811,000 | ' | ' | ' | 5,956,000 | 6,631,000 | ' | ' | ' | ' | ' | ' | ' | 29,712,000 | 27,442,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes payable/receivable | ' | ' | 24,107,000 | 13,317,000 | ' | ' | ' | ' | ' | ' | ' | ' | 24,638,000 | 12,786,000 | ' | ' | ' | -531,000 | 531,000 | ' | ' | ' | ' | ' | ' | ' | 24,107,000 | 13,317,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forgivable notes receivable, net | ' | ' | -5,722,000 | -2,853,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1,729,000 | -475,000 | -1,537,000 | -2,853,000 | -10,898,000 | -3,475,000 | -1,120,000 | -1,729,000 | -475,000 | -1,537,000 | -2,853,000 | -10,898,000 | -3,475,000 | -1,120,000 |
Net cash provided by operating activities | ' | ' | 106,489,000 | 118,423,000 | ' | ' | ' | ' | ' | ' | ' | ' | 105,009,000 | 118,423,000 | ' | ' | ' | 1,480,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 106,489,000 | 118,423,000 | ' | 1,874,000 | 4,412,000 | 37,802,000 | 121,276,000 | 161,020,000 | 134,844,000 | 144,935,000 | -1,729,000 | -475,000 | -1,537,000 | -2,853,000 | -10,898,000 | -3,475,000 | -1,120,000 | 145,000 | 3,937,000 | 36,265,000 | 118,423,000 | 150,122,000 | 131,369,000 | 143,815,000 |
Issuance of mezzanine and other notes receivable | ' | ' | 0 | -4,236,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,729,000 | -3,719,000 | -5,820,000 | -7,305,000 | -34,925,000 | -12,766,000 | -11,786,000 | 1,729,000 | 583,000 | 1,684,000 | 3,069,000 | 11,189,000 | 3,539,000 | 1,203,000 | 0 | -3,136,000 | -4,136,000 | -4,236,000 | -23,736,000 | -9,227,000 | -10,583,000 |
Collections of mezzanine and other notes receivable | ' | ' | 224,000 | 110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000 | 151,000 | 210,000 | 326,000 | 3,561,000 | 4,754,000 | 5,083,000 | 0 | -108,000 | -147,000 | -216,000 | -291,000 | -64,000 | -83,000 | 19,000 | 43,000 | 63,000 | 110,000 | 3,270,000 | 4,690,000 | 5,000,000 |
Investment in property and equipment | ' | ' | -27,922,000 | -12,525,000 | ' | ' | ' | ' | ' | ' | ' | ' | -26,442,000 | -12,525,000 | ' | ' | ' | -1,480,000 | 0 | ' | ' | ' | ' | ' | ' | ' | -27,922,000 | -12,525,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by (used in) investing activities | ' | ' | -29,830,000 | -16,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | -28,350,000 | -16,709,000 | ' | ' | ' | -1,480,000 | 0 | ' | ' | ' | ' | ' | ' | ' | -29,830,000 | -16,709,000 | ' | -13,816,000 | -1,496,000 | -10,387,000 | -19,562,000 | -57,999,000 | -23,804,000 | -32,155,000 | 1,729,000 | 475,000 | 1,537,000 | 2,853,000 | 10,898,000 | 3,475,000 | 1,120,000 | -12,087,000 | -1,021,000 | -8,850,000 | -16,709,000 | -47,101,000 | -20,329,000 | -31,035,000 |
Consolidated Balance Sheets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | 102,887,000 | ' | 102,887,000 | ' | 79,999,000 | 244,000 | ' | 244,000 | ' | 206,000 | 62,605,000 | ' | 62,605,000 | ' | 52,270,000 | 40,282,000 | ' | 40,282,000 | ' | 27,729,000 | ' | ' | ' | ' | 102,887,000 | ' | 102,887,000 | ' | 79,999,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes receivable | 0 | ' | 0 | ' | 2,201,000 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 2,732,000 | 0 | ' | 0 | ' | -531,000 | ' | ' | ' | ' | 0 | ' | 0 | ' | 2,201,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | 27,367,000 | ' | 27,367,000 | ' | 26,198,000 | ' | ' | ' | ' | ' | 4,136,000 | ' | 4,136,000 | ' | 4,136,000 | 23,231,000 | ' | 23,231,000 | ' | 22,062,000 | ' | ' | ' | ' | 27,367,000 | ' | 27,367,000 | ' | 26,198,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 321,780,000 | ' | 321,780,000 | ' | 282,730,000 | 879,000 | ' | 879,000 | ' | 785,000 | 258,267,000 | ' | 258,267,000 | ' | 233,470,000 | 63,513,000 | ' | 63,513,000 | ' | 49,260,000 | ' | ' | ' | ' | 321,780,000 | ' | 321,780,000 | ' | 282,730,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, at cost, net | 67,000,000 | ' | 67,000,000 | ' | 51,651,000 | 8,948,000 | ' | 8,948,000 | ' | 9,220,000 | 65,540,000 | ' | 65,540,000 | ' | 51,651,000 | 1,460,000 | ' | 1,460,000 | ' | 0 | ' | ' | ' | ' | 67,000,000 | ' | 67,000,000 | ' | 51,651,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advances, marketing and reservation activities | 14,070,000 | ' | 14,070,000 | ' | 29,467,000 | ' | ' | ' | ' | ' | 32,564,000 | ' | 32,564,000 | ' | 42,179,000 | -18,494,000 | ' | -18,494,000 | ' | -12,712,000 | ' | ' | ' | ' | 14,070,000 | ' | 14,070,000 | ' | 29,467,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,496,000 | ' | 19,496,000 | ' | 15,418,000 | -19,496,000 | ' | -19,496,000 | ' | -15,418,000 | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 582,692,000 | ' | 582,692,000 | ' | 531,902,000 | 9,827,000 | ' | 9,827,000 | ' | 10,005,000 | 555,709,000 | ' | 555,709,000 | ' | 510,772,000 | 26,983,000 | ' | 26,983,000 | ' | 21,130,000 | ' | ' | ' | ' | 582,692,000 | ' | 582,692,000 | ' | 531,902,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | 11,722,000 | ' | 11,722,000 | ' | 10,864,000 | ' | ' | ' | ' | 11,722,000 | ' | 11,722,000 | ' | 10,864,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 1,052,155,000 | ' | 1,052,155,000 | ' | 1,070,540,000 | 587,000 | ' | 587,000 | ' | 413,000 | 1,040,433,000 | ' | 1,040,433,000 | ' | 1,059,676,000 | 11,722,000 | ' | 11,722,000 | ' | 10,864,000 | ' | ' | ' | ' | 1,052,155,000 | ' | 1,052,155,000 | ' | 1,070,540,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -5,373,000 | ' | -5,373,000 | ' | -4,216,000 | ' | ' | ' | ' | ' | -5,370,000 | ' | -5,370,000 | ' | -4,216,000 | -3,000 | ' | -3,000 | ' | 0 | ' | ' | ' | ' | -5,373,000 | ' | -5,373,000 | ' | -4,216,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retained earnings | 340,269,000 | ' | 340,269,000 | ' | 282,526,000 | ' | ' | ' | ' | ' | 325,005,000 | ' | 325,005,000 | ' | 272,260,000 | 15,264,000 | ' | 15,264,000 | ' | 10,266,000 | ' | ' | ' | ' | 340,269,000 | ' | 340,269,000 | ' | 282,526,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total shareholders' deficit | ($469,463,000) | ' | ($469,463,000) | ' | ($538,638,000) | ' | ' | ' | ' | ' | ($484,724,000) | ' | ($484,724,000) | ' | ($548,904,000) | $15,261,000 | ' | $15,261,000 | ' | $10,266,000 | ' | ' | ' | ' | ($469,463,000) | ' | ($469,463,000) | ' | ($538,638,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company_Information_and_Signif4
Company Information and Significant Accounting Policies Narrative (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2014 |
In Millions, unless otherwise specified | Accounts Payable [Member] | Accounts Payable [Member] | Cash and cash equivalents [Member] | MainStay Suites [Member] |
Subsequent Event [Member] | ||||
hotel | ||||
Company-owned hotels, approved to be sold | ' | ' | ' | 3 |
Company-owned hotels | ' | ' | ' | 3 |
Book overdrafts | $3.40 | $5 | ' | ' |
International cash | ' | ' | $149.80 | ' |
Other_Current_Assets_Schedule_
Other Current Assets Schedule (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Assets, Current [Abstract] | ' | ' |
Notes receivable (See Note 3) | $14,126,000 | $14,415,000 |
Prepaid expenses | 12,740,000 | 10,694,000 |
Land held for sale | 0 | 8,541,000 |
Other current assets | 3,136,000 | 3,019,000 |
Total | $30,002,000 | $36,669,000 |
Notes_Receivable_and_Allowance2
Notes Receivable and Allowance for Losses Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 02, 2011 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Nov. 12, 2013 | |
category | Senior Notes [Member] | Senior Notes [Member] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Non-impaired Loans [Member] | Non-impaired Loans [Member] | Minimum [Member] | Maximum [Member] | Subsequent Event [Member] | |||||
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | |||||||||||||||||||
Senior Notes [Member] | ||||||||||||||||||||||||||||||
Number of categories | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | $0 | ' | ' | ' | $19,815,000 | $10,295,000 | ' | $9,500,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Receivable, Related Parties | 63,219,000 | ' | 63,219,000 | ' | 60,068,000 | 27,548,000 | 27,549,000 | 19,018,000 | ' | 19,018,000 | ' | 16,235,000 | 0 | 0 | ' | 44,201,000 | 43,833,000 | ' | 27,548,000 | 27,549,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for losses on non-impaired loans | 11,798,000 | ' | 11,798,000 | ' | 10,550,000 | ' | ' | 1,902,000 | ' | 1,902,000 | ' | 1,623,000 | ' | ' | ' | 9,896,000 | 8,927,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 600,000 | ' | ' | ' |
Amortization expense | 2,272,000 | 1,860,000 | 6,701,000 | 5,588,000 | ' | ' | ' | 1,100,000 | 700,000 | 3,000,000 | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Recorded Investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,200,000 | ' | 13,200,000 | ' | 13,300,000 | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Related Allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | 8,500,000 | ' | 8,300,000 | ' | ' | ' | ' | ' |
Face value of notes value deemed impaired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,700,000 | ' | 4,700,000 | ' | 5,000,000 | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Interest Income, Cash Basis Method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,000 | 38,000 | 200,000 | 100,000 | ' | ' | ' | ' | ' | ' |
Mortgage Loans Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Mortgage Notes Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Required payments on acquired mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected payments on acquired mortgage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Acquired with Deteriorated Credit Quality | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretable yield at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accretable yield percentage at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collections of mezzanine and other notes receivable | ' | ' | 224,000 | 110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 |
Mortgage loans receivable, allowance for uncollectable amounts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Days Past Due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 89 | ' |
Notes_Receivable_and_Allowance3
Notes Receivable and Allowance for Losses Schedule Of Notes Receivable (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Notes Receivable, Related Parties | $63,219,000 | $60,068,000 |
Allowance for losses on non-impaired loans | 3,345,000 | 2,261,000 |
Allowance for losses on receivables specifically evaluated for impairment | 8,453,000 | 8,289,000 |
Total loan reserves | 11,798,000 | 10,550,000 |
Net carrying value | 51,421,000 | 49,518,000 |
Current portion, net | 14,126,000 | 14,415,000 |
Long-term portion, net | 37,295,000 | 35,103,000 |
Forgivable Notes Receivable [Member] | ' | ' |
Notes Receivable, Related Parties | 19,018,000 | 16,235,000 |
Allowance for losses on non-impaired loans | 1,902,000 | 1,623,000 |
Allowance for losses on receivables specifically evaluated for impairment | 0 | 0 |
Total loan reserves | 1,902,000 | 1,623,000 |
Net carrying value | 17,116,000 | 14,612,000 |
Current portion, net | 425,000 | 420,000 |
Long-term portion, net | 16,691,000 | 14,192,000 |
Mezzanine & Other Notes Receivable [Member] | ' | ' |
Notes Receivable, Related Parties | 44,201,000 | 43,833,000 |
Allowance for losses on non-impaired loans | 1,443,000 | 638,000 |
Allowance for losses on receivables specifically evaluated for impairment | 8,453,000 | 8,289,000 |
Total loan reserves | 9,896,000 | 8,927,000 |
Net carrying value | 34,305,000 | 34,906,000 |
Current portion, net | 13,701,000 | 13,995,000 |
Long-term portion, net | 20,604,000 | 20,911,000 |
Senior Notes [Member] | ' | ' |
Notes Receivable, Related Parties | 27,548,000 | 27,549,000 |
Senior Notes [Member] | Forgivable Notes Receivable [Member] | ' | ' |
Notes Receivable, Related Parties | 0 | 0 |
Senior Notes [Member] | Mezzanine & Other Notes Receivable [Member] | ' | ' |
Notes Receivable, Related Parties | 27,548,000 | 27,549,000 |
Senior Subordinated Notes [Member] | ' | ' |
Notes Receivable, Related Parties | 14,841,000 | 15,019,000 |
Senior Subordinated Notes [Member] | Forgivable Notes Receivable [Member] | ' | ' |
Notes Receivable, Related Parties | 0 | 0 |
Senior Subordinated Notes [Member] | Mezzanine & Other Notes Receivable [Member] | ' | ' |
Notes Receivable, Related Parties | 14,841,000 | 15,019,000 |
Unsecured Notes [Member] | ' | ' |
Notes Receivable, Related Parties | 20,830,000 | 17,500,000 |
Unsecured Notes [Member] | Forgivable Notes Receivable [Member] | ' | ' |
Notes Receivable, Related Parties | 19,018,000 | 16,235,000 |
Unsecured Notes [Member] | Mezzanine & Other Notes Receivable [Member] | ' | ' |
Notes Receivable, Related Parties | $1,812,000 | $1,265,000 |
Notes_Receivable_and_Allowance4
Notes Receivable and Allowance for Losses Summary Of Activity Related To Allowance For Losses (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | ||
Forgivable Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | ' | ||
Balance, December 31, 2012 | $11,798,000 | $10,550,000 | $1,623,000 | $8,927,000 | ||
Provisions | ' | ' | 598,000 | 969,000 | ||
Recoveries | ' | ' | -25,000 | 0 | ||
Write-offs | ' | ' | -147,000 | 0 | ||
Other | ' | ' | -147,000 | [1] | 0 | [1] |
Balance, June 30, 2013 | $11,798,000 | $10,550,000 | $1,902,000 | $9,896,000 | ||
[1] | Consists of default rate assumption changes |
Notes_Receivable_and_Allowance5
Notes Receivable and Allowance for Losses Past Due Balances Of Mezzanine And Other Notes Receivable (Details) (Mezzanine & Other Notes Receivable [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Financing Receivable 30-89 days Past Due | $9,500,000 | $619,000 |
Financing Receivable >90 days Past Due | 10,315,000 | 9,676,000 |
Financing Receivable Total Past Due | 19,815,000 | 10,295,000 |
Financing Receivable, Current | 24,386,000 | 33,538,000 |
Total Receivables | 44,201,000 | 43,833,000 |
Senior Notes [Member] | ' | ' |
Financing Receivable 30-89 days Past Due | 9,500,000 | 0 |
Financing Receivable >90 days Past Due | 0 | 0 |
Financing Receivable Total Past Due | 9,500,000 | 0 |
Financing Receivable, Current | 18,048,000 | 27,549,000 |
Total Receivables | 27,548,000 | 27,549,000 |
Senior Subordinated Notes [Member] | ' | ' |
Financing Receivable 30-89 days Past Due | 0 | 619,000 |
Financing Receivable >90 days Past Due | 10,268,000 | 9,629,000 |
Financing Receivable Total Past Due | 10,268,000 | 10,248,000 |
Financing Receivable, Current | 4,573,000 | 4,771,000 |
Total Receivables | 14,841,000 | 15,019,000 |
Unsecured Notes [Member] | ' | ' |
Financing Receivable 30-89 days Past Due | 0 | 0 |
Financing Receivable >90 days Past Due | 47,000 | 47,000 |
Financing Receivable Total Past Due | 47,000 | 47,000 |
Financing Receivable, Current | 1,765,000 | 1,218,000 |
Total Receivables | $1,812,000 | $1,265,000 |
Notes_Receivable_and_Allowance6
Notes Receivable and Allowance for Losses Loans Acquired (Details) (Mezzanine & Other Notes Receivable [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Mezzanine & Other Notes Receivable [Member] | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ' |
Balance, December 31, 2012 | $1,161,000 |
Additions | 0 |
Accretion | -433,000 |
Disposals | 0 |
Reclassifications from nonaccretable yield | 0 |
Balance, June 30, 2013 | $728,000 |
Advances_Marketing_and_Reserva1
Advances, Marketing and Reservation Activities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Advances, marketing and reservation activities | $14,070,000 | ' | $14,070,000 | ' | $29,467,000 |
Depreciation and amortization | 2,272,000 | 1,860,000 | 6,701,000 | 5,588,000 | ' |
Interest expense | 10,757,000 | 10,166,000 | 32,334,000 | 16,823,000 | ' |
Marketing And Reservation Fees [Member] | ' | ' | ' | ' | ' |
Depreciation and amortization | 3,900,000 | 3,700,000 | 12,000,000 | 10,700,000 | ' |
Interest expense | $900,000 | $900,000 | $2,800,000 | $3,000,000 | ' |
Other_Assets_Components_Of_Oth
Other Assets Components Of Other Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Other Assets, Noncurrent [Abstract] | ' | ' | ' | ' | ' |
Notes receivable (see Note 3) | $37,295,000 | ' | $37,295,000 | ' | $35,103,000 |
Equity method investments | 30,404,000 | ' | 30,404,000 | ' | 27,453,000 |
Deferred financing fees, net | 9,509,000 | ' | 9,509,000 | ' | 11,174,000 |
Land | 10,097,000 | ' | 10,097,000 | ' | 1,300,000 |
Other assets | 899,000 | ' | 899,000 | ' | 983,000 |
Total | 88,204,000 | ' | 88,204,000 | ' | 76,013,000 |
Equity method investments in variable interest entities | 27,000,000 | ' | 27,000,000 | ' | 24,300,000 |
Net income (loss) attributable to variable interest entities | $81,000 | $75,000 | $9,000 | $84,000 | ' |
Deferred_Revenue_Components_Of
Deferred Revenue Components Of Deferred Revenue (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Deferred revenue | $61,401,000 | $71,154,000 |
Loyalty programs | ' | ' |
Deferred revenue | 55,106,000 | 64,636,000 |
Initial, relicensing and franchise fees | ' | ' |
Deferred revenue | 4,369,000 | 4,994,000 |
Procurement service fees | ' | ' |
Deferred revenue | 1,197,000 | 1,225,000 |
Other | ' | ' |
Deferred revenue | $729,000 | $299,000 |
Debt_Schedule_Of_Components_Of
Debt Schedule Of Components Of Debt (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 27, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 25, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 25, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 |
Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Economic Development Loans | Economic Development Loans | Capital Lease Obligations [Member] | Capital Lease Obligations [Member] | Other Notes Payable [Member] | Other Notes Payable [Member] | |||
$400 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | $250 Million Senior Notes [Member] | $250 Million Senior Notes [Member] | $250 Million Senior Notes [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | |||||||||
Total debt | $825,089,000 | $855,345,000 | $400,000,000 | $400,000,000 | ' | $249,556,000 | $249,508,000 | ' | $170,125,000 | $203,250,000 | ' | $3,360,000 | ' | $2,017,000 | $2,519,000 | $31,000 | $68,000 |
Less current portion | 9,132,000 | 8,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 815,957,000 | 847,150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument face amount | ' | ' | ' | ' | 400,000,000 | ' | ' | 250,000,000 | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' |
Debt instrument effective interest rate | ' | ' | 5.94% | 5.94% | 5.94% | 6.19% | 6.19% | 6.19% | 2.52% | 2.66% | ' | 3.00% | ' | 3.18% | 3.18% | ' | ' |
Senior notes, discount | ' | ' | ' | ' | ' | $400,000 | $500,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Maturity Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016 | '2016 | ' | ' |
Debt_Narrative_Details
Debt Narrative (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Aug. 23, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 27, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 25, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 25, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jul. 25, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 25, 2012 |
subsidiaries | 2012 Special Cash Dividend [Member] | 2012 Special Cash Dividend [Member] | 2012 Special Cash Dividend [Member] | Economic Development Loans [Member] | Economic Development Loans [Member] | Economic Development Loans [Member] | $400 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | $250 Million Senior Notes [Member] | $250 Million Senior Notes [Member] | $250 Million Senior Notes [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $350 Million Senior Secured Credit Facility [Member] | $200 Million Revolver [Member] | $200 Million Revolver [Member] | $200 Million Revolver [Member] | $200 Million Revolver [Member] | $200 Million Revolver [Member] | $200 Million Revolver [Member] | $150 Million Term Loan [Member] | $150 Million Term Loan [Member] | $150 Million Term Loan [Member] | $150 Million Term Loan [Member] | $150 Million Term Loan [Member] | $150 Million Term Loan [Member] | $300 Million Revolver [Member] [Member] | ||
Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Term Loan, Long-term [Member] | Term Loan, Long-term [Member] | Term Loan, Long-term [Member] | Term Loan, Long-term [Member] | Term Loan, Long-term [Member] | Term Loan, Long-term [Member] | Revolving Credit Facility [Member] | |||||||||
subsidiaries | subsidiaries | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Final Loan Term (Extension) [Member] | Year 1 [Member] | Year 2 [Member] | Years 1 and 2 [Member] | Year 3 [Member] | Year 3 [Member] | After Year 3 [Member] | After Year 3 [Member] | Letter of Credit [Member] | Swingline Loans [Member] | Alternative Currency Loans [Member] | Initial Loan Term [Member] | Second Loan Term [Member] | Final Loan Term (Extension) [Member] | |||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||||||||||||||
Debt instrument issuance date | ' | ' | ' | ' | ' | ' | ' | ' | 27-Jun-12 | ' | ' | 25-Aug-10 | ' | ' | 25-Jul-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | $250,000,000 | ' | ' | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | ' | ' | ' | ' |
Debt instrument stated interest rate | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | ' | ' | 5.75% | ' | ' | 5.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument effective interest rate | ' | ' | ' | ' | ' | 3.00% | 3.00% | ' | 5.94% | 5.94% | 5.94% | 6.19% | 6.19% | 6.19% | 2.52% | 2.66% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-22 | ' | ' | 28-Aug-20 | ' | ' | 25-Jul-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument payment frequency | ' | ' | ' | ' | ' | ' | ' | ' | 'semi-annually | ' | ' | 'semi-annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'quarterly | ' | ' | ' | ' | ' | ' |
Payments of Special Dividends | ' | ' | 600,700,000 | 600,700,000 | 600,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends Payable, Date to be Paid | ' | ' | ' | ' | 23-Aug-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Domestic Subsidiaries as a Guarantee to Senior Notes | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes, discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 500,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | 25,000,000 | 10,000,000 | 35,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Extension, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Amortization Installment Payment Phases | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years | '1 year | ' |
Debt Instrument, Amortization Installment Payments, Percentage of Original Principal Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 7.50% | 10.00% | ' |
Percentage Of Ownership In Certain Domestic Subsidiaries included as Security by First Priority Pledges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Ownership in Certain Foreign and Domestic Subsidiaries and Franchise Agreements included as Security by First Priority Pledges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75 | 5 | ' | ' | 4.5 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | 4.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Facility, Dividend Restrictions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 2.25 | ' | ' | 2 | ' | 1.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2.25 | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.44 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Secured Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 825,089,000 | 855,345,000 | ' | ' | ' | 3,360,000 | 3,360,000 | ' | 400,000,000 | 400,000,000 | ' | 249,556,000 | 249,508,000 | ' | 170,125,000 | 203,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,500,000 | 57,000,000 | ' | ' | ' | ' | 140,600,000 | 146,300,000 | ' | ' | ' | ' | ' |
Termination of Unsecured Revolving Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 |
Economic Development Agreements - Total Advances Agreed Upon | ' | ' | ' | ' | ' | 4,400,000 | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic Development Agreements - Advances Received | ' | ' | ' | ' | ' | 3,400,000 | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic Development Agreements - Advances not yet Received | ' | ' | ' | ' | ' | $1,000,000 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic Development Agreements - Measurement Frequency | ' | ' | ' | ' | ' | 'annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic Development Agreements - Term (in years) | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | ($4,216,000) | ' |
Other comprehensive income (loss) before reclassification | 524,000 | 211,000 | -1,803,000 | 191,000 |
Amounts reclassified from accumulated other comprehensive income (loss) | -215,000 | -215,000 | -646,000 | -646,000 |
Net current period other comprehensive income (loss) | 739,000 | 446,000 | -1,157,000 | 897,000 |
Balance, September 30, 2013 | -5,373,000 | ' | -5,373,000 | ' |
Interest rate contract | 215,000 | ' | 646,000 | ' |
Tax (expense) benefit | 0 | ' | 0 | ' |
Loss on Cash Flow Hedge [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | -6,607,000 | ' |
Other comprehensive income (loss) before reclassification | ' | ' | 0 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | -646,000 | ' |
Net current period other comprehensive income (loss) | ' | ' | 646,000 | ' |
Balance, September 30, 2013 | -5,961,000 | ' | -5,961,000 | ' |
Foreign Currency Items [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' |
Balance, December 31, 2012 | ' | ' | 2,391,000 | ' |
Other comprehensive income (loss) before reclassification | ' | ' | -1,803,000 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | ' | ' | 0 | ' |
Net current period other comprehensive income (loss) | ' | ' | -1,803,000 | ' |
Balance, September 30, 2013 | $588,000 | ' | $588,000 | ' |
NonQualified_Retirement_Saving1
Non-Qualified Retirement, Savings and Investment Plans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2009 | Dec. 31, 2012 | |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | ' | ' | ' | ' | ' | ' |
Number of non-qualified retirement savings and investment plans | 2 | ' | 2 | ' | ' | ' |
Investments, employee benefit plans, at fair value | $14,950,000 | ' | $14,950,000 | ' | ' | $12,755,000 |
Executive Deferred Compensation Plan [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | ' | ' | ' | ' | ' | ' |
Basis points | ' | ' | ' | ' | 300 | ' |
Deferred compensation liability, current and long-term | 10,900,000 | ' | 10,900,000 | ' | ' | 11,700,000 |
Compensation expense | 300,000 | 200,000 | 700,000 | 700,000 | ' | ' |
Assets held-in-trust | 3,800,000 | ' | 3,800,000 | ' | ' | 6,000,000 |
Assets held-in-trust, current | 400,000 | ' | 400,000 | ' | ' | ' |
Investment gains (losses) | 200,000 | 100,000 | 300,000 | 1,200,000 | ' | ' |
Common stock held by plan | 200,000 | ' | 200,000 | ' | ' | 100,000 |
Non-Qualified Plan [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | ' | ' | ' | ' | ' | ' |
Deferred compensation liability, current and long-term | 12,800,000 | ' | 12,800,000 | ' | ' | 11,200,000 |
Investment gains (losses) | 500,000 | 400,000 | 1,100,000 | 1,000,000 | ' | ' |
Common stock held by plan | 1,200,000 | ' | 1,200,000 | ' | ' | 1,000,000 |
Increase (decrease) in compensation expense | 600,000 | 200,000 | 1,300,000 | 800,000 | ' | ' |
Investments, employee benefit plans, at fair value | $11,600,000 | ' | $11,600,000 | ' | ' | $10,200,000 |
Fair_Value_Measurements_Schedu
Fair Value Measurements Schedule Of Fair Value Of Assets (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Mutual funds and money market funds, fair value | $386,000 | $3,486,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets measured at fair value | 65,337,000 | 36,242,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Money Market Funds [Member] | Cash and cash equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Money market funds, included in cash and cash equivalents, fair value | 50,001,000 | 20,001,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Money Market Funds [Member] | Investments, employee benefit plans, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 2,135,000 | [1] | 4,357,000 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | Mutual Funds [Member] | Investments, employee benefit plans, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 13,201,000 | [1] | 11,884,000 | [1] |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets measured at fair value | 13,201,000 | 11,884,000 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Cash and cash equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Money market funds, included in cash and cash equivalents, fair value | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Investments, employee benefit plans, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | Investments, employee benefit plans, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 13,201,000 | [1] | 11,884,000 | [1] |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets measured at fair value | 52,136,000 | 24,358,000 | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | Cash and cash equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Money market funds, included in cash and cash equivalents, fair value | 50,001,000 | 20,001,000 | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | Investments, employee benefit plans, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 2,135,000 | [1] | 4,357,000 | [1] |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | Investments, employee benefit plans, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets measured at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | Cash and cash equivalents [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Money market funds, included in cash and cash equivalents, fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | Investments, employee benefit plans, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | Investments, employee benefit plans, at fair value [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | $0 | [1] | $0 | [1] |
[1] | Included in Investments, employee benefit plans fair value on the consolidated balance sheets. |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 25, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 27, 2012 | |
Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | Senior Unsecured Notes [Member] | |||
$250 Million Senior Notes [Member] | $250 Million Senior Notes [Member] | $250 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan, Transfers Between Measurement Levels | $0 | $0 | ' | ' | ' | ' | ' | ' |
Debt instrument face amount | ' | ' | ' | ' | 250,000,000 | ' | ' | 400,000,000 |
Debt instrument fair value | ' | ' | $256,900,000 | $271,600,000 | ' | $412,000,000 | $442,000,000 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 28.90% | 19.20% | 28.80% | 28.80% |
Federal income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
Expense (benefit) from Foreign Operations, Change in Estimate | ' | $4.50 | ' | $4.50 |
ShareBased_Compensation_and_Ca2
Share-Based Compensation and Capital Stock Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) (Stock Options [Member], USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ' | ' |
Risk-free interest rate | 0.73% | 0.78% |
Expected volatility | 38.14% | 40.15% |
Expected life of stock option | '4 years 6 months | '4 years 4 months 24 days |
Dividend yield | 2.01% | 2.08% |
Requisite service period | '4 years | '4 years |
Contractual life | '7 years | '7 years |
Weighted average fair value of options granted | $9.89 | $9.98 |
ShareBased_Compensation_and_Ca3
Share-Based Compensation and Capital Stock Summary Of Activity Related To Restricted Stock Grants (Details) (Restricted Stock [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Granted - shares | 7,646 | 7,672 | 223,045 | 266,159 |
Weighted average grant date fair value per share | $39.24 | $32.59 | $37.65 | $35.76 |
Aggregate grant date fair value | $300 | $250 | $8,397 | $9,517 |
Restricted shares forfeited | 25 | 13,619 | 27,953 | 23,921 |
Vesting service period of shares granted | '36 months | '36 months | ' | ' |
Grant date fair value of shares vested | $94 | $75 | $8,569 | $6,693 |
Minimum [Member] | ' | ' | ' | ' |
Vesting service period of shares granted | ' | ' | '12 months | '12 months |
Maximum [Member] | ' | ' | ' | ' |
Vesting service period of shares granted | ' | ' | '48 months | '68 months |
ShareBased_Compensation_and_Ca4
Share-Based Compensation and Capital Stock Summary Of Activity Related To PVRSU Grants (Details) (Performance Vested Restricted Stock Units [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Performance vested restricted stock units granted at target | 0 | 6,137 | 58,902 | 100,046 |
Weighted average grant date fair value per share | ' | $32.59 | $36.76 | $35.68 |
Aggregate grant date fair value | ' | $200 | $2,165 | $3,570 |
Stock units forfeited | 0 | 0 | 0 | 57,176 |
Requisite service period | ' | '41 months | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Requisite service period | ' | ' | '22 months | '36 months |
Maximum [Member] | ' | ' | ' | ' |
Requisite service period | ' | ' | '36 months | '60 months |
ShareBased_Compensation_and_Ca5
Share-Based Compensation and Capital Stock Summary of Change in Stock-Based Award Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Employee Stock Option [Member] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | |
Outstanding at January 1, 2013 - Shares | ' | ' | 1,934,034 | ' | |
Granted - Shares | ' | ' | 173,413 | ' | |
Exercised - Shares | -29,008 | -109,996 | -263,073 | -135,200 | |
Expired - Shares | ' | ' | -75,473 | ' | |
Forfeited - Shares | ' | ' | 0 | ' | |
Outstanding at September 30, 2013 - Shares | 1,768,901 | ' | 1,768,901 | ' | |
Options exercisable at September 30, 2013 - Shares | 1,265,481 | ' | 1,265,481 | ' | |
Outstanding at January 1, 2013 - Weighted average exercise price | ' | ' | $25.80 | ' | |
Granted - Weighted average exercise price | ' | ' | $36.76 | ' | |
Exercised - Weighted average exercise price | ' | ' | $25.38 | ' | |
Expired - weighted average exercise price | ' | ' | $36.99 | ' | |
Forfeited - Weighted average exercise price | ' | ' | $0 | ' | |
Outstanding at September 30, 2013 - Weighted average exercise price | $26.46 | ' | $26.46 | ' | |
Options exercisable at September 30, 2013 - Weighted average exercise price | $24.70 | ' | $24.70 | ' | |
Weighted Average Remaining Contractual Term - Options Outstanding at September 30, 2013 | ' | ' | '3 years 2 months 12 days | ' | |
Weighted Average Remaining Contractual Term - Options Exercisable at September 30, 2013 | ' | ' | '2 years 4 months 24 days | ' | |
Restricted Stock [Member] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | |
Outstanding at January 1, 2013 - Shares | ' | ' | 606,547 | ' | |
Granted - shares | 7,646 | 7,672 | 223,045 | 266,159 | |
Vested - Shares | ' | ' | -227,890 | ' | |
Forfeited - Shares | -25 | -13,619 | -27,953 | -23,921 | |
Outstanding at September 30, 2013 - Shares | 573,749 | ' | 573,749 | ' | |
Outstanding at January 1, 2013 - Weighted average grant date fair value | ' | ' | $35.17 | ' | |
Granted - Weighted average grant date fair value | $39.24 | 32.59 | $37.65 | 35.76 | |
Vested - Weighted average grant date fair value | ' | ' | $33.94 | ' | |
Forfeited - Weighted average grant date fair value | ' | ' | $35.30 | ' | |
Outstanding at September 30, 2013 - Weighted average grant date fair value | $36.61 | ' | $36.61 | ' | |
Performance Vested Restricted Stock Units [Member] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward] | ' | ' | ' | ' | |
Outstanding at January 1, 2013 - Shares | ' | ' | 170,116 | ' | |
Granted - shares | 0 | 6,137 | 58,902 | 100,046 | |
Performance based leveraging - shares | ' | ' | 9,192 | [1] | ' |
Vested - Shares | 0 | 0 | -39,816 | ' | |
Forfeited - Shares | 0 | 0 | 0 | -57,176 | |
Outstanding at September 30, 2013 - Shares | 198,394 | ' | 198,394 | ' | |
Outstanding at January 1, 2013 - Weighted average grant date fair value | ' | ' | $35.56 | ' | |
Granted - Weighted average grant date fair value | ' | 32.59 | $36.76 | 35.68 | |
Performance based leveraging - Weighted average grant date fair value | ' | ' | $32.60 | [1] | ' |
Vested - Weighted average grant date fair value | ' | ' | $32.60 | ' | |
Forfeited - Weighted average grant date fair value | ' | ' | $0 | ' | |
Outstanding at September 30, 2013 - Weighted average grant date fair value | $36.37 | ' | $36.37 | ' | |
[1] | PVRSU shares have been increased by 9,192 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the nine months ended September 30, 2013. |
ShareBased_Compensation_and_Ca6
Share-Based Compensation and Capital Stock Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pre-tax stock-based compensation expenses | $2.90 | $3.10 | $8.70 | $8.60 |
Income tax benefits | 1.1 | 1.1 | 3.2 | 3.2 |
Stock Options [Member] | ' | ' | ' | ' |
Pre-tax stock-based compensation expenses | 0.3 | 0.5 | 1.3 | 1.6 |
Restricted Stock [Member] | ' | ' | ' | ' |
Pre-tax stock-based compensation expenses | 2.1 | 1.8 | 5.7 | 5.7 |
Performance Vested Restricted Stock Units [Member] | ' | ' | ' | ' |
Pre-tax stock-based compensation expenses | $0.50 | $0.80 | $1.70 | $1.30 |
ShareBased_Compensation_and_Ca7
Share-Based Compensation and Capital Stock Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Proceeds from exercise of stock options | ' | ' | $6,677,000 | $4,695,000 | |
Frequency of Dividend Payments | ' | ' | 'quarterly | ' | |
Dividends declared, per share | $0.19 | $0.19 | $0.56 | $0.56 | |
Dividends declared | 10,800,000 | 10,700,000 | 32,300,000 | 32,100,000 | |
Dividends paid | ' | ' | 22,026,000 | 632,751,000 | |
Common stock purchased under stock repurchase program, share | 0 | 0 | 0 | 500,000 | |
Stock Repurchased During Period, Value | ' | ' | ' | 19,900,000 | |
Shares Paid for Tax Withholding for Share Based Compensation | 795 | 1,525 | 98,182 | 64,037 | |
Payments Related to Tax Withholding for Share-based Compensation | 32,000 | 100,000 | 3,700,000 | 2,300,000 | |
2012 Special Cash Dividend [Member] | ' | ' | ' | ' | |
Common Stock, Special Dividends, Per Share, Paid | ' | $10.41 | ' | $10.41 | |
Payments of Special Dividends | ' | 600,700,000 | ' | 600,700,000 | |
Quarterly [Member] | ' | ' | ' | ' | |
Common Stock Dividends, periodic payment, Per Share | ' | ' | $0.19 | ' | |
Stock Options [Member] | ' | ' | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 200,000 | 200,000 | |
Stock options granted, fair value | ' | ' | 1,700,000 | 1,600,000 | |
Aggregate intrinsic value of stock options, outstanding | 29,600,000 | ' | 29,600,000 | ' | |
Aggregate intrinsic value of stock options, exercisable | 23,400,000 | ' | 23,400,000 | ' | |
Total intrinsic value of options exercised | 500,000 | 500,000 | 3,400,000 | 1,000,000 | |
Proceeds from exercise of stock options | 700,000 | 4,300,000 | 6,700,000 | 4,700,000 | |
Stock options exercised | 29,008 | 109,996 | 263,073 | 135,200 | |
Performance Vested Restricted Stock Units [Member] | ' | ' | ' | ' | |
Grants vested | 0 | 0 | 39,816 | ' | |
Grants vested, total fair value | ' | ' | 1,300,000 | ' | |
PVRSUs vested, initial grant target | ' | ' | 30,624 | ' | |
PVRSU performance percentage target achieved | ' | ' | 130.00% | ' | |
PVRSU increase in shares due to performance percentage target achieved | ' | ' | 9,192 | [1] | ' |
Stock units forfeited | 0 | 0 | 0 | 57,176 | |
Dividends paid | $0 | $0 | $500,000 | $0 | |
Performance Vested Restricted Stock Units [Member] | Minimum [Member] | ' | ' | ' | ' | |
Vesting Range | ' | ' | 0.00% | ' | |
Award targets currently estimated to be achieved | ' | ' | 81.00% | ' | |
Performance Vested Restricted Stock Units [Member] | Maximum [Member] | ' | ' | ' | ' | |
Vesting Range | ' | ' | 200.00% | ' | |
Award targets currently estimated to be achieved | ' | ' | 165.00% | ' | |
[1] | PVRSU shares have been increased by 9,192 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the nine months ended September 30, 2013. |
Earnings_Per_Share_Computation
Earnings Per Share Computation Of Basic And Diluted Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income from continuing operations | $38,573,000 | $42,637,000 | $89,973,000 | $100,639,000 |
Net income from discontinued operations | 143,000 | 107,000 | 293,000 | 270,000 |
Net income | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 |
Basic earnings per share (in dollars per share) | $0.66 | $0.74 | $1.54 | $1.74 |
Diluted earnings per share (in dollars per share) | $0.66 | $0.73 | $1.53 | $1.73 |
Continuing Operations [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0.66 | $0.74 | $1.54 | $1.73 |
Diluted earnings per share (in dollars per share) | $0.65 | $0.73 | $1.53 | $1.73 |
Discontinued Operations [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income from discontinued operations | 143,000 | 107,000 | 293,000 | 270,000 |
Basic earnings per share (in dollars per share) | $0 | $0 | $0 | $0.01 |
Diluted earnings per share (in dollars per share) | $0.01 | $0 | $0 | $0 |
Basic earnings per share [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income from continuing operations | 38,573,000 | 42,637,000 | 89,973,000 | 100,639,000 |
Net income from discontinued operations | 143,000 | 107,000 | 293,000 | 270,000 |
Net income | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 |
Income allocated to participating securities | -377,000 | -453,000 | -901,000 | -1,066,000 |
Net income available to common shareholders | 38,339,000 | 42,291,000 | 89,365,000 | 99,843,000 |
Weighted average common shares outstanding - basic | 57,978 | 57,388 | 57,884 | 57,455 |
Basic earnings per share (in dollars per share) | $0.66 | $0.74 | $1.54 | $1.74 |
Diluted earnings per share [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net income from continuing operations | 38,573,000 | 42,637,000 | 89,973,000 | 100,639,000 |
Net income from discontinued operations | 143,000 | 107,000 | 293,000 | 270,000 |
Net income | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 |
Income allocated to participating securities | -375,000 | -476,000 | -898,000 | -1,081,000 |
Net income available to common shareholders | $38,341,000 | $42,268,000 | $89,368,000 | $99,828,000 |
Weighted average common shares outstanding - basic | 57,978 | 57,388 | 57,884 | 57,455 |
Diluted effect of stock options and PVRSUs | 394 | 225 | 383 | 157 |
Weighted average shares outstanding - diluted | 58,372 | 57,613 | 58,267 | 57,612 |
Earnings_Per_Share_Narrative_D
Earnings Per Share Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Outstanding stock options | 1,800,000 | 2,100,000 | 1,800,000 | 2,100,000 |
Anti-dilutive stock options excluded from EPS calculation | 0 | 300,000 | 0 | 300,000 |
Performance Vested Restricted Stock Units [Member] | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' |
Dilutive stock excluded from EPS calculation due to performance conditions not met | ' | ' | 198,394 | 152,639 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
subsidiaries | subsidiaries | |||
Number of Domestic Subsidiaries as a Guarantee to Senior Notes | 8 | ' | 8 | ' |
Percentage of ownership in subsidiary | ' | ' | 100.00% | ' |
Marketing and reservation | $124,809,000 | $117,965,000 | $311,204,000 | $294,345,000 |
Interest expense | 10,757,000 | 10,166,000 | 32,334,000 | 16,823,000 |
Net cash provided (used) by operating activities | ' | ' | -106,489,000 | -118,423,000 |
Net cash provided (used) by financing activities | ' | ' | -48,115,000 | -94,520,000 |
Net cash provided (used) in investing activities | ' | ' | -29,830,000 | -16,709,000 |
Total operating expenses | 153,490,000 | 142,897,000 | 400,713,000 | 372,255,000 |
Total other income and expenses, net | 8,957,000 | 9,585,000 | 28,749,000 | 14,068,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Marketing and reservation | 92,784,000 | 88,695,000 | 257,197,000 | 242,001,000 |
Interest expense | 61,000 | 4,000 | 111,000 | 40,000 |
Net cash provided (used) by operating activities | ' | ' | -20,198,000 | -4,941,000 |
Advances to and investments in affiliates | ' | ' | -1,280,000 | -9,721,000 |
Proceeds from contributions from affiliates | ' | ' | 0 | 0 |
Net cash provided (used) by financing activities | ' | ' | 4,048,000 | 122,000 |
Net cash provided (used) in investing activities | ' | ' | -24,216,000 | -5,220,000 |
Total operating expenses | 116,423,000 | 109,170,000 | 336,771,000 | 308,391,000 |
Total other income and expenses, net | -636,000 | -507,000 | -1,150,000 | -2,097,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Marketing and reservation | 4,569,000 | 4,233,000 | 13,942,000 | 13,057,000 |
Interest expense | 5,000 | 0 | 13,000 | 6,000 |
Net cash provided (used) by operating activities | ' | ' | -26,221,000 | -26,410,000 |
Advances to and investments in affiliates | ' | ' | 0 | 0 |
Proceeds from contributions from affiliates | ' | ' | 2,280,000 | 9,721,000 |
Net cash provided (used) by financing activities | ' | ' | 2,249,000 | 9,707,000 |
Net cash provided (used) in investing activities | ' | ' | -2,457,000 | -9,636,000 |
Total operating expenses | 8,263,000 | 913,000 | 24,443,000 | 18,909,000 |
Total other income and expenses, net | -521,000 | -285,000 | -622,000 | -338,000 |
Adjustment [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Marketing and reservation | ' | -843,000 | ' | -2,954,000 |
Interest expense | ' | 843,000 | ' | 2,954,000 |
Net cash provided (used) by operating activities | ' | ' | ' | -6,869,000 |
Advances to and investments in affiliates | ' | ' | ' | -9,721,000 |
Proceeds from contributions from affiliates | ' | ' | ' | 0 |
Net cash provided (used) by financing activities | ' | ' | ' | 0 |
Net cash provided (used) in investing activities | ' | ' | ' | -6,869,000 |
Total operating expenses | ' | -843,000 | ' | -2,954,000 |
Total other income and expenses, net | ' | 843,000 | ' | 2,954,000 |
Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net cash provided (used) by operating activities | ' | ' | ' | 9,721,000 |
Advances to and investments in affiliates | ' | ' | ' | 0 |
Proceeds from contributions from affiliates | ' | ' | ' | 9,721,000 |
Net cash provided (used) by financing activities | ' | ' | ' | 9,721,000 |
Net cash provided (used) in investing activities | ' | ' | ' | 0 |
Forgivable Notes Receivable [Member] | Adjustment [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net cash provided (used) by operating activities | ' | ' | ' | 2,900,000 |
Adjustment [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Marketing and reservation | ' | -800,000 | ' | -3,000,000 |
Interest expense | ' | 800,000 | ' | 3,000,000 |
Investment in and Advances to Affiliates [Member] | Adjustment [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net cash provided (used) by operating activities | ' | ' | ' | -9,700,000 |
Advances to and investments in affiliates | ' | ' | ' | -9,700,000 |
Net cash provided (used) in investing activities | ' | ' | ' | -9,700,000 |
Investment in and Advances to Affiliates [Member] | Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Proceeds from contributions from affiliates | ' | ' | ' | 9,700,000 |
Net cash provided (used) by financing activities | ' | ' | ' | 9,700,000 |
Mezzanine & Other Notes Receivable [Member] | Adjustment [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net cash provided (used) in investing activities | ' | ' | ' | ($2,900,000) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements Schedule of Error Corrections and Prior Period Adjustments Condensed Consolidating Financial Statements of Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Marketing and reservation | $124,809,000 | $117,965,000 | $311,204,000 | $294,345,000 |
Total operating expenses | 153,490,000 | 142,897,000 | 400,713,000 | 372,255,000 |
Operating income (loss) | 63,228,000 | 62,374,000 | 155,106,000 | 155,454,000 |
Interest expense | 10,757,000 | 10,166,000 | 32,334,000 | 16,823,000 |
Total other income and expenses, net | 8,957,000 | 9,585,000 | 28,749,000 | 14,068,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Marketing and reservation | 92,784,000 | 88,695,000 | 257,197,000 | 242,001,000 |
Total operating expenses | 116,423,000 | 109,170,000 | 336,771,000 | 308,391,000 |
Operating income (loss) | 5,410,000 | -1,801,000 | 15,110,000 | 8,340,000 |
Interest expense | 61,000 | 4,000 | 111,000 | 40,000 |
Total other income and expenses, net | -636,000 | -507,000 | -1,150,000 | -2,097,000 |
Guarantor Subsidiaries [Member] | As Previously Reported [Member] | ' | ' | ' | ' |
Marketing and reservation | ' | 89,498,000 | ' | 244,861,000 |
Total operating expenses | ' | 111,041,000 | ' | 314,261,000 |
Operating income (loss) | ' | -2,470,000 | ' | 5,812,000 |
Interest expense | ' | -839,000 | ' | -2,914,000 |
Total other income and expenses, net | ' | -1,350,000 | ' | -5,051,000 |
Guarantor Subsidiaries [Member] | Adjustment [Member] | ' | ' | ' | ' |
Marketing and reservation | ' | -843,000 | ' | -2,954,000 |
Total operating expenses | ' | -843,000 | ' | -2,954,000 |
Operating income (loss) | ' | 843,000 | ' | 2,954,000 |
Interest expense | ' | 843,000 | ' | 2,954,000 |
Total other income and expenses, net | ' | 843,000 | ' | 2,954,000 |
Guarantor Subsidiaries [Member] | As Revised [Member] | ' | ' | ' | ' |
Marketing and reservation | ' | 88,655,000 | ' | 241,907,000 |
Total operating expenses | ' | 110,198,000 | ' | 311,307,000 |
Operating income (loss) | ' | -1,627,000 | ' | 8,766,000 |
Interest expense | ' | 4,000 | ' | 40,000 |
Total other income and expenses, net | ' | ($507,000) | ' | ($2,097,000) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements Schedule of Error Corrections and Prior Period Adjustments (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Net cash provided (used) by operating activities | $106,489,000 | $118,423,000 |
Issuance of mezzanine and other notes receivable | 0 | -4,236,000 |
Collections of mezzanine and other notes receivable | 224,000 | 110,000 |
Net cash provided (used) in investing activities | -29,830,000 | -16,709,000 |
Net cash provided (used) by financing activities | -48,115,000 | -94,520,000 |
Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided (used) by operating activities | 20,198,000 | 4,941,000 |
Issuance of mezzanine and other notes receivable | 0 | 0 |
Collections of mezzanine and other notes receivable | 0 | 0 |
Advances to and investments in affiliates | -1,280,000 | -9,721,000 |
Net cash provided (used) in investing activities | -24,216,000 | -5,220,000 |
Proceeds from contributions from affiliates | 0 | 0 |
Net cash provided (used) by financing activities | 4,048,000 | 122,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided (used) by operating activities | 26,221,000 | 26,410,000 |
Issuance of mezzanine and other notes receivable | 0 | 0 |
Collections of mezzanine and other notes receivable | 0 | 0 |
Advances to and investments in affiliates | 0 | 0 |
Net cash provided (used) in investing activities | -2,457,000 | -9,636,000 |
Proceeds from contributions from affiliates | 2,280,000 | 9,721,000 |
Net cash provided (used) by financing activities | 2,249,000 | 9,707,000 |
As Previously Reported [Member] | Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided (used) by operating activities | ' | -1,928,000 |
Issuance of mezzanine and other notes receivable | ' | -3,068,000 |
Collections of mezzanine and other notes receivable | ' | 216,000 |
Advances to and investments in affiliates | ' | 0 |
Net cash provided (used) in investing activities | ' | 1,649,000 |
Proceeds from contributions from affiliates | ' | 0 |
Net cash provided (used) by financing activities | ' | 122,000 |
As Previously Reported [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided (used) by operating activities | ' | 36,131,000 |
Issuance of mezzanine and other notes receivable | ' | 0 |
Collections of mezzanine and other notes receivable | ' | 0 |
Advances to and investments in affiliates | ' | 0 |
Net cash provided (used) in investing activities | ' | -9,636,000 |
Proceeds from contributions from affiliates | ' | 0 |
Net cash provided (used) by financing activities | ' | -14,000 |
Adjustment [Member] | Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided (used) by operating activities | ' | 6,869,000 |
Issuance of mezzanine and other notes receivable | ' | 3,068,000 |
Collections of mezzanine and other notes receivable | ' | -216,000 |
Advances to and investments in affiliates | ' | -9,721,000 |
Net cash provided (used) in investing activities | ' | -6,869,000 |
Proceeds from contributions from affiliates | ' | 0 |
Net cash provided (used) by financing activities | ' | 0 |
Adjustment [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided (used) by operating activities | ' | -9,721,000 |
Issuance of mezzanine and other notes receivable | ' | 0 |
Collections of mezzanine and other notes receivable | ' | 0 |
Advances to and investments in affiliates | ' | 0 |
Net cash provided (used) in investing activities | ' | 0 |
Proceeds from contributions from affiliates | ' | 9,721,000 |
Net cash provided (used) by financing activities | ' | 9,721,000 |
As Revised [Member] | Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided (used) by operating activities | ' | 4,941,000 |
Issuance of mezzanine and other notes receivable | ' | 0 |
Collections of mezzanine and other notes receivable | ' | 0 |
Advances to and investments in affiliates | ' | -9,721,000 |
Net cash provided (used) in investing activities | ' | -5,220,000 |
Proceeds from contributions from affiliates | ' | 0 |
Net cash provided (used) by financing activities | ' | 122,000 |
As Revised [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided (used) by operating activities | ' | 26,410,000 |
Issuance of mezzanine and other notes receivable | ' | 0 |
Collections of mezzanine and other notes receivable | ' | 0 |
Advances to and investments in affiliates | ' | 0 |
Net cash provided (used) in investing activities | ' | -9,636,000 |
Proceeds from contributions from affiliates | ' | 9,721,000 |
Net cash provided (used) by financing activities | ' | $9,707,000 |
Condensed_Consolidating_Statem
Condensed Consolidating Statement Of Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Royalty fees | $79,460,000 | $78,038,000 | $208,206,000 | $202,987,000 |
Initial franchise and relicensing fees | 4,650,000 | 3,247,000 | 12,843,000 | 8,953,000 |
Procurement services | 4,708,000 | 3,839,000 | 16,204,000 | 13,990,000 |
Marketing and reservation revenues | 124,809,000 | 117,965,000 | 311,204,000 | 294,345,000 |
Other items, net | 3,091,000 | 2,182,000 | 7,362,000 | 7,434,000 |
Total revenues | 216,718,000 | 205,271,000 | 555,819,000 | 527,709,000 |
Selling, general and administrative | 26,409,000 | 23,072,000 | 82,808,000 | 72,322,000 |
Marketing and reservation | 124,809,000 | 117,965,000 | 311,204,000 | 294,345,000 |
Total operating expenses | 153,490,000 | 142,897,000 | 400,713,000 | 372,255,000 |
Operating income (loss) | 63,228,000 | 62,374,000 | 155,106,000 | 155,454,000 |
Interest expense | 10,757,000 | 10,166,000 | 32,334,000 | 16,823,000 |
Total other income and expenses, net | 8,957,000 | 9,585,000 | 28,749,000 | 14,068,000 |
Income from continuing operations before income taxes | 54,271,000 | 52,789,000 | 126,357,000 | 141,386,000 |
Income taxes | 15,698,000 | 10,152,000 | 36,384,000 | 40,747,000 |
Income from continuing operations, net of income taxes | 38,573,000 | 42,637,000 | 89,973,000 | 100,639,000 |
Income from discontinued operations, net of income taxes | 143,000 | 107,000 | 293,000 | 270,000 |
Net income | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 |
Parent [Member] | ' | ' | ' | ' |
Royalty fees | 72,915,000 | 71,213,000 | 189,559,000 | 183,573,000 |
Initial franchise and relicensing fees | 4,419,000 | 2,996,000 | 12,074,000 | 8,459,000 |
Procurement services | 4,375,000 | 3,489,000 | 15,559,000 | 13,349,000 |
Marketing and reservation revenues | 112,354,000 | 108,615,000 | 275,780,000 | 262,433,000 |
Other items, net | 2,778,000 | 1,991,000 | 6,581,000 | 6,958,000 |
Total revenues | 196,841,000 | 188,304,000 | 499,553,000 | 474,772,000 |
Selling, general and administrative | 30,498,000 | 39,684,000 | 94,903,000 | 93,054,000 |
Marketing and reservation | 117,480,000 | 110,694,000 | 287,436,000 | 266,563,000 |
Other items, net | 828,000 | 706,000 | 2,301,000 | 2,117,000 |
Total operating expenses | 148,806,000 | 151,084,000 | 384,640,000 | 361,734,000 |
Operating income (loss) | 48,035,000 | 37,220,000 | 114,913,000 | 113,038,000 |
Interest expense | 10,691,000 | 11,005,000 | 32,210,000 | 19,731,000 |
Equity in earnings of consolidated subsidiaries | -13,031,000 | -27,231,000 | -34,691,000 | -42,187,000 |
Other items, net | -577,000 | 215,000 | -1,689,000 | -274,000 |
Total other income and expenses, net | -2,917,000 | -16,011,000 | -4,170,000 | -22,730,000 |
Income from continuing operations before income taxes | 50,952,000 | 53,231,000 | 119,083,000 | 135,768,000 |
Income taxes | 12,236,000 | 10,487,000 | 28,817,000 | 34,859,000 |
Income from continuing operations, net of income taxes | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 |
Income from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 |
Net income | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Royalty fees | 25,161,000 | 16,347,000 | 84,477,000 | 68,622,000 |
Initial franchise and relicensing fees | 0 | 0 | 0 | 0 |
Procurement services | 0 | 0 | 0 | 0 |
Marketing and reservation revenues | 96,672,000 | 91,022,000 | 267,404,000 | 248,109,000 |
Other items, net | 0 | 0 | 0 | 0 |
Total revenues | 121,833,000 | 107,369,000 | 351,881,000 | 316,731,000 |
Selling, general and administrative | 22,417,000 | 19,525,000 | 75,799,000 | 63,544,000 |
Marketing and reservation | 92,784,000 | 88,695,000 | 257,197,000 | 242,001,000 |
Other items, net | 1,222,000 | 950,000 | 3,775,000 | 2,846,000 |
Total operating expenses | 116,423,000 | 109,170,000 | 336,771,000 | 308,391,000 |
Operating income (loss) | 5,410,000 | -1,801,000 | 15,110,000 | 8,340,000 |
Interest expense | 61,000 | 4,000 | 111,000 | 40,000 |
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Other items, net | -697,000 | -511,000 | -1,261,000 | -2,137,000 |
Total other income and expenses, net | -636,000 | -507,000 | -1,150,000 | -2,097,000 |
Income from continuing operations before income taxes | 6,046,000 | -1,294,000 | 16,260,000 | 10,437,000 |
Income taxes | 3,017,000 | -710,000 | 7,317,000 | 4,503,000 |
Income from continuing operations, net of income taxes | 3,029,000 | -584,000 | 8,943,000 | 5,934,000 |
Income from discontinued operations, net of income taxes | 143,000 | 107,000 | 293,000 | 270,000 |
Net income | 3,172,000 | -477,000 | 9,236,000 | 6,204,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Royalty fees | 11,362,000 | 23,091,000 | 31,940,000 | 40,295,000 |
Initial franchise and relicensing fees | 231,000 | 251,000 | 769,000 | 494,000 |
Procurement services | 333,000 | 350,000 | 645,000 | 641,000 |
Marketing and reservation revenues | 5,807,000 | 4,828,000 | 15,391,000 | 14,033,000 |
Other items, net | 313,000 | 191,000 | 781,000 | 476,000 |
Total revenues | 18,046,000 | 28,711,000 | 49,526,000 | 55,939,000 |
Selling, general and administrative | 3,472,000 | -3,524,000 | 9,876,000 | 5,227,000 |
Marketing and reservation | 4,569,000 | 4,233,000 | 13,942,000 | 13,057,000 |
Other items, net | 222,000 | 204,000 | 625,000 | 625,000 |
Total operating expenses | 8,263,000 | 913,000 | 24,443,000 | 18,909,000 |
Operating income (loss) | 9,783,000 | 27,798,000 | 25,083,000 | 37,030,000 |
Interest expense | 5,000 | 0 | 13,000 | 6,000 |
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Other items, net | -526,000 | -285,000 | -635,000 | -344,000 |
Total other income and expenses, net | -521,000 | -285,000 | -622,000 | -338,000 |
Income from continuing operations before income taxes | 10,304,000 | 28,083,000 | 25,705,000 | 37,368,000 |
Income taxes | 445,000 | 375,000 | 250,000 | 1,385,000 |
Income from continuing operations, net of income taxes | 9,859,000 | 27,708,000 | 25,455,000 | 35,983,000 |
Income from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 |
Net income | 9,859,000 | 27,708,000 | 25,455,000 | 35,983,000 |
Eliminations [Member] | ' | ' | ' | ' |
Royalty fees | -29,978,000 | -32,613,000 | -97,770,000 | -89,503,000 |
Initial franchise and relicensing fees | 0 | 0 | 0 | 0 |
Procurement services | 0 | 0 | 0 | 0 |
Marketing and reservation revenues | -90,024,000 | -86,500,000 | -247,371,000 | -230,230,000 |
Other items, net | 0 | 0 | 0 | 0 |
Total revenues | -120,002,000 | -119,113,000 | -345,141,000 | -319,733,000 |
Selling, general and administrative | -29,978,000 | -32,613,000 | -97,770,000 | -89,503,000 |
Marketing and reservation | -90,024,000 | -85,657,000 | -247,371,000 | -227,276,000 |
Other items, net | 0 | 0 | 0 | 0 |
Total operating expenses | -120,002,000 | -118,270,000 | -345,141,000 | -316,779,000 |
Operating income (loss) | 0 | -843,000 | 0 | -2,954,000 |
Interest expense | 0 | -843,000 | 0 | -2,954,000 |
Equity in earnings of consolidated subsidiaries | 13,031,000 | 27,231,000 | 34,691,000 | 42,187,000 |
Other items, net | 0 | 0 | 0 | 0 |
Total other income and expenses, net | 13,031,000 | 26,388,000 | 34,691,000 | 39,233,000 |
Income from continuing operations before income taxes | -13,031,000 | -27,231,000 | -34,691,000 | -42,187,000 |
Income taxes | 0 | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | -13,031,000 | -27,231,000 | -34,691,000 | -42,187,000 |
Income from discontinued operations, net of income taxes | 0 | 0 | 0 | 0 |
Net income | -13,031,000 | -27,231,000 | -34,691,000 | -42,187,000 |
Consolidated [Member] | ' | ' | ' | ' |
Royalty fees | 79,460,000 | 78,038,000 | 208,206,000 | 202,987,000 |
Initial franchise and relicensing fees | 4,650,000 | 3,247,000 | 12,843,000 | 8,953,000 |
Procurement services | 4,708,000 | 3,839,000 | 16,204,000 | 13,990,000 |
Marketing and reservation revenues | 124,809,000 | 117,965,000 | 311,204,000 | 294,345,000 |
Other items, net | 3,091,000 | 2,182,000 | 7,362,000 | 7,434,000 |
Total revenues | 216,718,000 | 205,271,000 | 555,819,000 | 527,709,000 |
Selling, general and administrative | 26,409,000 | 23,072,000 | 82,808,000 | 72,322,000 |
Marketing and reservation | 124,809,000 | 117,965,000 | 311,204,000 | 294,345,000 |
Other items, net | 2,272,000 | 1,860,000 | 6,701,000 | 5,588,000 |
Total operating expenses | 153,490,000 | 142,897,000 | 400,713,000 | 372,255,000 |
Operating income (loss) | 63,228,000 | 62,374,000 | 155,106,000 | 155,454,000 |
Interest expense | 10,757,000 | 10,166,000 | 32,334,000 | 16,823,000 |
Equity in earnings of consolidated subsidiaries | 0 | 0 | 0 | 0 |
Other items, net | -1,800,000 | -581,000 | -3,585,000 | -2,755,000 |
Total other income and expenses, net | 8,957,000 | 9,585,000 | 28,749,000 | 14,068,000 |
Income from continuing operations before income taxes | 54,271,000 | 52,789,000 | 126,357,000 | 141,386,000 |
Income taxes | 15,698,000 | 10,152,000 | 36,384,000 | 40,747,000 |
Income from continuing operations, net of income taxes | 38,573,000 | 42,637,000 | 89,973,000 | 100,639,000 |
Income from discontinued operations, net of income taxes | 143,000 | 107,000 | 293,000 | 270,000 |
Net income | $38,716,000 | $42,744,000 | $90,266,000 | $100,909,000 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements Condensed Consolidating Statement Of Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net income (loss) | $38,716,000 | $42,744,000 | $90,266,000 | $100,909,000 |
Amortization of loss on cash flow hedge | 215,000 | 215,000 | 646,000 | 646,000 |
Foreign currency translation adjustment | 524,000 | 211,000 | -1,803,000 | 191,000 |
Actuarial loss | 0 | 20,000 | 0 | 60,000 |
Other comprehensive income (loss), net of tax | 739,000 | 446,000 | -1,157,000 | 897,000 |
Comprehensive income | 39,455,000 | 43,190,000 | 89,109,000 | 101,806,000 |
Parent [Member] | ' | ' | ' | ' |
Net income (loss) | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 |
Amortization of loss on cash flow hedge | 215,000 | 215,000 | 646,000 | 646,000 |
Foreign currency translation adjustment | 524,000 | 211,000 | -1,803,000 | 191,000 |
Actuarial loss | ' | 20,000 | ' | 60,000 |
Other comprehensive income (loss), net of tax | 739,000 | 446,000 | -1,157,000 | 897,000 |
Comprehensive income | 39,455,000 | 43,190,000 | 89,109,000 | 101,806,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net income (loss) | 3,172,000 | -477,000 | 9,236,000 | 6,204,000 |
Amortization of loss on cash flow hedge | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment | 0 | 1,000 | 0 | 5,000 |
Actuarial loss | ' | 20,000 | ' | 60,000 |
Other comprehensive income (loss), net of tax | 0 | 21,000 | 0 | 65,000 |
Comprehensive income | 3,172,000 | -456,000 | 9,236,000 | 6,269,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Net income (loss) | 9,859,000 | 27,708,000 | 25,455,000 | 35,983,000 |
Amortization of loss on cash flow hedge | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment | 524,000 | 209,000 | -1,803,000 | 171,000 |
Actuarial loss | ' | 0 | ' | 0 |
Other comprehensive income (loss), net of tax | 524,000 | 209,000 | -1,803,000 | 171,000 |
Comprehensive income | 10,383,000 | 27,917,000 | 23,652,000 | 36,154,000 |
Eliminations [Member] | ' | ' | ' | ' |
Net income (loss) | -13,031,000 | -27,231,000 | -34,691,000 | -42,187,000 |
Amortization of loss on cash flow hedge | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment | -524,000 | -210,000 | 1,803,000 | -176,000 |
Actuarial loss | ' | -20,000 | ' | -60,000 |
Other comprehensive income (loss), net of tax | -524,000 | -230,000 | 1,803,000 | -236,000 |
Comprehensive income | -13,555,000 | -27,461,000 | -32,888,000 | -42,423,000 |
Consolidated [Member] | ' | ' | ' | ' |
Net income (loss) | 38,716,000 | 42,744,000 | 90,266,000 | 100,909,000 |
Amortization of loss on cash flow hedge | 215,000 | 215,000 | 646,000 | 646,000 |
Foreign currency translation adjustment | 524,000 | 211,000 | -1,803,000 | 191,000 |
Actuarial loss | ' | 20,000 | ' | 60,000 |
Other comprehensive income (loss), net of tax | 739,000 | 446,000 | -1,157,000 | 897,000 |
Comprehensive income | $39,455,000 | $43,190,000 | $89,109,000 | $101,806,000 |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Statements Condensed Consolidating Balance Sheet (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
Cash and cash equivalents | $161,138,000 | $134,177,000 | $115,064,000 | $107,057,000 |
Receivables, net | 102,887,000 | 79,999,000 | ' | ' |
Total current assets | 321,780,000 | 282,730,000 | ' | ' |
Property and equipment, at cost, net | 67,000,000 | 51,651,000 | ' | ' |
Goodwill | 65,813,000 | 65,813,000 | ' | ' |
Franchise rights and other identifiable intangibles, net | 10,875,000 | 13,473,000 | ' | ' |
Advances, marketing and reservation activities | 14,070,000 | 29,467,000 | ' | ' |
Investments, employee benefit plans, at fair value | 14,950,000 | 12,755,000 | ' | ' |
Other assets | 88,204,000 | 76,013,000 | ' | ' |
Total assets | 582,692,000 | 531,902,000 | ' | ' |
Accounts payable | 40,758,000 | 38,714,000 | ' | ' |
Accrued expenses | 43,475,000 | 55,552,000 | ' | ' |
Deferred revenue | 61,401,000 | 71,154,000 | ' | ' |
Current portion of long-term debt | 9,132,000 | 8,195,000 | ' | ' |
Deferred compensation & retirement plan obligations | 2,439,000 | 2,522,000 | ' | ' |
Total current liabilities | 179,111,000 | 176,137,000 | ' | ' |
Long-term debt | 815,957,000 | 847,150,000 | ' | ' |
Deferred compensation & retirement plan obligations | 21,219,000 | 20,399,000 | ' | ' |
Other liabilities | 24,146,000 | 15,990,000 | ' | ' |
Total liabilities | 1,052,155,000 | 1,070,540,000 | ' | ' |
Total shareholders' deficit | -469,463,000 | -538,638,000 | ' | ' |
Total liabilities and shareholders' deficit | 582,692,000 | 531,902,000 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 10,921,000 | 8,420,000 | 4,240,000 | 23,370,000 |
Receivables, net | 91,527,000 | 70,011,000 | ' | ' |
Other current assets | 39,201,000 | 44,899,000 | ' | ' |
Total current assets | 141,649,000 | 123,330,000 | ' | ' |
Property and equipment, at cost, net | 11,351,000 | 11,307,000 | ' | ' |
Goodwill | 60,620,000 | 60,620,000 | ' | ' |
Franchise rights and other identifiable intangibles, net | 7,113,000 | 8,669,000 | ' | ' |
Advances, marketing and reservation activities | 14,070,000 | 29,467,000 | ' | ' |
Investments, employee benefit plans, at fair value | 0 | 0 | ' | ' |
Investment in affiliates | 366,607,000 | 331,416,000 | ' | ' |
Advances to affiliates | 13,995,000 | 14,252,000 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' |
Other assets | 30,113,000 | 32,085,000 | ' | ' |
Total assets | 645,518,000 | 611,146,000 | ' | ' |
Accounts payable | 9,098,000 | 5,930,000 | ' | ' |
Accrued expenses | 19,397,000 | 18,582,000 | ' | ' |
Deferred revenue | 5,995,000 | 17,239,000 | ' | ' |
Current portion of long-term debt | 8,437,000 | 7,500,000 | ' | ' |
Deferred compensation & retirement plan obligations | 0 | 0 | ' | ' |
Other current liabilities | 13,503,000 | 0 | ' | ' |
Total current liabilities | 56,430,000 | 49,251,000 | ' | ' |
Long-term debt | 811,243,000 | 845,257,000 | ' | ' |
Deferred compensation & retirement plan obligations | 0 | 0 | ' | ' |
Advances from affiliates | 220,721,000 | 226,917,000 | ' | ' |
Other liabilities | 26,587,000 | 28,359,000 | ' | ' |
Total liabilities | 1,114,981,000 | 1,149,784,000 | ' | ' |
Total shareholders' deficit | -469,463,000 | -538,638,000 | ' | ' |
Total liabilities and shareholders' deficit | 645,518,000 | 611,146,000 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 437,000 | 407,000 | 275,000 | 432,000 |
Receivables, net | 2,088,000 | 1,920,000 | ' | ' |
Other current assets | 17,826,000 | 23,495,000 | ' | ' |
Total current assets | 20,351,000 | 25,822,000 | ' | ' |
Property and equipment, at cost, net | 54,791,000 | 39,298,000 | ' | ' |
Goodwill | 5,193,000 | 5,193,000 | ' | ' |
Franchise rights and other identifiable intangibles, net | 2,251,000 | 2,715,000 | ' | ' |
Advances, marketing and reservation activities | 0 | ' | ' | ' |
Investments, employee benefit plans, at fair value | 14,950,000 | 12,755,000 | ' | ' |
Investment in affiliates | 27,307,000 | 26,194,000 | ' | ' |
Advances to affiliates | 203,916,000 | 206,770,000 | ' | ' |
Deferred income taxes | 8,413,000 | 10,367,000 | ' | ' |
Other assets | 27,839,000 | 18,925,000 | ' | ' |
Total assets | 365,011,000 | 348,039,000 | ' | ' |
Accounts payable | 27,757,000 | 28,525,000 | ' | ' |
Accrued expenses | 22,098,000 | 34,576,000 | ' | ' |
Deferred revenue | 54,666,000 | 53,081,000 | ' | ' |
Current portion of long-term debt | 684,000 | 675,000 | ' | ' |
Deferred compensation & retirement plan obligations | 2,439,000 | 2,522,000 | ' | ' |
Other current liabilities | 7,941,000 | 2,047,000 | ' | ' |
Total current liabilities | 115,585,000 | 121,426,000 | ' | ' |
Long-term debt | 4,694,000 | 1,845,000 | ' | ' |
Deferred compensation & retirement plan obligations | 21,212,000 | 20,390,000 | ' | ' |
Advances from affiliates | 403,000 | 189,000 | ' | ' |
Other liabilities | 18,211,000 | 9,216,000 | ' | ' |
Total liabilities | 160,105,000 | 153,066,000 | ' | ' |
Total shareholders' deficit | 204,906,000 | 194,973,000 | ' | ' |
Total liabilities and shareholders' deficit | 365,011,000 | 348,039,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 149,780,000 | 125,350,000 | 110,549,000 | 83,255,000 |
Receivables, net | 9,272,000 | 8,068,000 | ' | ' |
Other current assets | 728,000 | 3,528,000 | ' | ' |
Total current assets | 159,780,000 | 136,946,000 | ' | ' |
Property and equipment, at cost, net | 858,000 | 1,046,000 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Franchise rights and other identifiable intangibles, net | 1,511,000 | 2,089,000 | ' | ' |
Advances, marketing and reservation activities | 0 | 0 | ' | ' |
Investments, employee benefit plans, at fair value | 0 | 0 | ' | ' |
Investment in affiliates | 0 | 0 | ' | ' |
Advances to affiliates | 10,603,000 | 13,479,000 | ' | ' |
Deferred income taxes | 1,001,000 | 599,000 | ' | ' |
Other assets | 30,252,000 | 25,003,000 | ' | ' |
Total assets | 204,005,000 | 179,162,000 | ' | ' |
Accounts payable | 3,903,000 | 4,259,000 | ' | ' |
Accrued expenses | 1,980,000 | 2,394,000 | ' | ' |
Deferred revenue | 740,000 | 834,000 | ' | ' |
Current portion of long-term debt | 11,000 | 20,000 | ' | ' |
Deferred compensation & retirement plan obligations | 0 | 0 | ' | ' |
Other current liabilities | 462,000 | 1,321,000 | ' | ' |
Total current liabilities | 7,096,000 | 8,828,000 | ' | ' |
Long-term debt | 20,000 | 48,000 | ' | ' |
Deferred compensation & retirement plan obligations | 7,000 | 9,000 | ' | ' |
Advances from affiliates | 7,390,000 | 7,395,000 | ' | ' |
Other liabilities | 484,000 | 245,000 | ' | ' |
Total liabilities | 14,997,000 | 16,525,000 | ' | ' |
Total shareholders' deficit | 189,008,000 | 162,637,000 | ' | ' |
Total liabilities and shareholders' deficit | 204,005,000 | 179,162,000 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables, net | 0 | 0 | ' | ' |
Other current assets | 0 | -3,368,000 | ' | ' |
Total current assets | 0 | -3,368,000 | ' | ' |
Property and equipment, at cost, net | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Franchise rights and other identifiable intangibles, net | 0 | 0 | ' | ' |
Advances, marketing and reservation activities | 0 | 0 | ' | ' |
Investments, employee benefit plans, at fair value | 0 | 0 | ' | ' |
Investment in affiliates | -393,914,000 | -357,610,000 | ' | ' |
Advances to affiliates | -228,514,000 | -234,501,000 | ' | ' |
Deferred income taxes | -9,414,000 | -10,966,000 | ' | ' |
Other assets | 0 | ' | ' | ' |
Total assets | -631,842,000 | -606,445,000 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Accrued expenses | 0 | 0 | ' | ' |
Deferred revenue | 0 | 0 | ' | ' |
Current portion of long-term debt | 0 | 0 | ' | ' |
Deferred compensation & retirement plan obligations | 0 | 0 | ' | ' |
Other current liabilities | 0 | -3,368,000 | ' | ' |
Total current liabilities | 0 | -3,368,000 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Deferred compensation & retirement plan obligations | 0 | 0 | ' | ' |
Advances from affiliates | -228,514,000 | -234,501,000 | ' | ' |
Other liabilities | -9,414,000 | -10,966,000 | ' | ' |
Total liabilities | -237,928,000 | -248,835,000 | ' | ' |
Total shareholders' deficit | -393,914,000 | -357,610,000 | ' | ' |
Total liabilities and shareholders' deficit | -631,842,000 | -606,445,000 | ' | ' |
Consolidated [Member] | ' | ' | ' | ' |
Cash and cash equivalents | 161,138,000 | 134,177,000 | 115,064,000 | 107,057,000 |
Receivables, net | 102,887,000 | 79,999,000 | ' | ' |
Other current assets | 57,755,000 | 68,554,000 | ' | ' |
Total current assets | 321,780,000 | 282,730,000 | ' | ' |
Property and equipment, at cost, net | 67,000,000 | 51,651,000 | ' | ' |
Goodwill | 65,813,000 | 65,813,000 | ' | ' |
Franchise rights and other identifiable intangibles, net | 10,875,000 | 13,473,000 | ' | ' |
Advances, marketing and reservation activities | 14,070,000 | 29,467,000 | ' | ' |
Investments, employee benefit plans, at fair value | 14,950,000 | 12,755,000 | ' | ' |
Investment in affiliates | 0 | 0 | ' | ' |
Advances to affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other assets | 88,204,000 | 76,013,000 | ' | ' |
Total assets | 582,692,000 | 531,902,000 | ' | ' |
Accounts payable | 40,758,000 | 38,714,000 | ' | ' |
Accrued expenses | 43,475,000 | 55,552,000 | ' | ' |
Deferred revenue | 61,401,000 | 71,154,000 | ' | ' |
Current portion of long-term debt | 9,132,000 | 8,195,000 | ' | ' |
Deferred compensation & retirement plan obligations | 2,439,000 | 2,522,000 | ' | ' |
Other current liabilities | 21,906,000 | 0 | ' | ' |
Total current liabilities | 179,111,000 | 176,137,000 | ' | ' |
Long-term debt | 815,957,000 | 847,150,000 | ' | ' |
Deferred compensation & retirement plan obligations | 21,219,000 | 20,399,000 | ' | ' |
Advances from affiliates | 0 | 0 | ' | ' |
Other liabilities | 35,868,000 | 26,854,000 | ' | ' |
Total liabilities | 1,052,155,000 | 1,070,540,000 | ' | ' |
Total shareholders' deficit | -469,463,000 | -538,638,000 | ' | ' |
Total liabilities and shareholders' deficit | $582,692,000 | $531,902,000 | ' | ' |
Condensed_Consolidating_Financ7
Condensed Consolidating Financial Statements Condensed Consolidating Statement Of Cash Flows (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Net cash provided by operating activities | $106,489,000 | $118,423,000 |
Investment in property and equipment | -27,922,000 | -12,525,000 |
Equity method investments | -3,761,000 | -9,454,000 |
Issuance of mezzanine and other notes receivable | 0 | -4,236,000 |
Collections of mezzanine and other notes receivable | 224,000 | 110,000 |
Purchases of investments, employee benefit plans | -1,845,000 | -1,191,000 |
Proceeds from sales of investments, employee benefit plans | 4,052,000 | 10,909,000 |
Other items, net | -578,000 | -322,000 |
Net cash provided (used) in investing activities | -29,830,000 | -16,709,000 |
Net repayments pursuant to revolving credit facilities | 27,500,000 | -16,725,000 |
Proceeds from issuance of long-term debt | 3,360,000 | 543,500,000 |
Principal payments on long-term debt | -6,158,000 | -502,000 |
Purchase of treasury stock | -3,684,000 | -22,227,000 |
Dividends paid | -22,026,000 | -632,751,000 |
Excess tax benefits from stock-based compensation | 1,216,000 | 793,000 |
Debt issuance costs | 0 | -4,753,000 |
Proceeds from exercise of stock options | 6,677,000 | 4,695,000 |
Net cash provided (used) by financing activities | -48,115,000 | -94,520,000 |
Net change in cash and cash equivalents | 28,544,000 | 7,194,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1,583,000 | 813,000 |
Cash and cash equivalents at beginning of period | 134,177,000 | 107,057,000 |
Cash and cash equivalents at end of period | 161,138,000 | 115,064,000 |
Parent [Member] | ' | ' |
Net cash provided by operating activities | 60,070,000 | 87,072,000 |
Investment in property and equipment | -4,083,000 | -7,126,000 |
Equity method investments | 0 | 0 |
Issuance of mezzanine and other notes receivable | 0 | -4,236,000 |
Collections of mezzanine and other notes receivable | 224,000 | 110,000 |
Purchases of investments, employee benefit plans | 0 | 0 |
Proceeds from sales of investments, employee benefit plans | 0 | 0 |
Advances to and investments in affiliates | -1,000,000 | 0 |
Other items, net | -578,000 | -322,000 |
Net cash provided (used) in investing activities | -5,437,000 | -11,574,000 |
Net repayments pursuant to revolving credit facilities | -27,500,000 | 16,725,000 |
Proceeds from issuance of long-term debt | 0 | 543,500,000 |
Principal payments on long-term debt | -5,625,000 | 0 |
Purchase of treasury stock | -3,684,000 | -22,227,000 |
Dividends paid | -22,026,000 | -632,751,000 |
Excess tax benefits from stock-based compensation | 26,000 | 183,000 |
Debt issuance costs | ' | -4,753,000 |
Proceeds from contributions from affiliates | 0 | 0 |
Proceeds from exercise of stock options | 6,677,000 | 4,695,000 |
Net cash provided (used) by financing activities | -52,132,000 | -94,628,000 |
Net change in cash and cash equivalents | 2,501,000 | -19,130,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 8,420,000 | 23,370,000 |
Cash and cash equivalents at end of period | 10,921,000 | 4,240,000 |
Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided by operating activities | 20,198,000 | 4,941,000 |
Investment in property and equipment | -23,662,000 | -5,217,000 |
Equity method investments | -1,481,000 | 0 |
Issuance of mezzanine and other notes receivable | 0 | 0 |
Collections of mezzanine and other notes receivable | 0 | 0 |
Purchases of investments, employee benefit plans | -1,845,000 | -1,191,000 |
Proceeds from sales of investments, employee benefit plans | 4,052,000 | 10,909,000 |
Advances to and investments in affiliates | -1,280,000 | -9,721,000 |
Other items, net | 0 | 0 |
Net cash provided (used) in investing activities | -24,216,000 | -5,220,000 |
Net repayments pursuant to revolving credit facilities | 0 | 0 |
Proceeds from issuance of long-term debt | 3,360,000 | 0 |
Principal payments on long-term debt | -502,000 | -488,000 |
Purchase of treasury stock | 0 | 0 |
Dividends paid | 0 | 0 |
Excess tax benefits from stock-based compensation | 1,190,000 | 610,000 |
Debt issuance costs | ' | 0 |
Proceeds from contributions from affiliates | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 |
Net cash provided (used) by financing activities | 4,048,000 | 122,000 |
Net change in cash and cash equivalents | 30,000 | -157,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 407,000 | 432,000 |
Cash and cash equivalents at end of period | 437,000 | 275,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' |
Net cash provided by operating activities | 26,221,000 | 26,410,000 |
Investment in property and equipment | -177,000 | -182,000 |
Equity method investments | -2,280,000 | -9,454,000 |
Issuance of mezzanine and other notes receivable | 0 | 0 |
Collections of mezzanine and other notes receivable | 0 | 0 |
Purchases of investments, employee benefit plans | 0 | 0 |
Proceeds from sales of investments, employee benefit plans | 0 | 0 |
Advances to and investments in affiliates | 0 | 0 |
Other items, net | 0 | 0 |
Net cash provided (used) in investing activities | -2,457,000 | -9,636,000 |
Net repayments pursuant to revolving credit facilities | 0 | 0 |
Proceeds from issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | -31,000 | -14,000 |
Purchase of treasury stock | 0 | 0 |
Dividends paid | 0 | 0 |
Excess tax benefits from stock-based compensation | 0 | 0 |
Debt issuance costs | ' | 0 |
Proceeds from contributions from affiliates | 2,280,000 | 9,721,000 |
Proceeds from exercise of stock options | 0 | 0 |
Net cash provided (used) by financing activities | 2,249,000 | 9,707,000 |
Net change in cash and cash equivalents | 26,013,000 | 26,481,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1,583,000 | 813,000 |
Cash and cash equivalents at beginning of period | 125,350,000 | 83,255,000 |
Cash and cash equivalents at end of period | 149,780,000 | 110,549,000 |
Eliminations [Member] | ' | ' |
Net cash provided by operating activities | 0 | 0 |
Investment in property and equipment | 0 | 0 |
Equity method investments | 0 | 0 |
Issuance of mezzanine and other notes receivable | 0 | 0 |
Collections of mezzanine and other notes receivable | 0 | 0 |
Purchases of investments, employee benefit plans | 0 | 0 |
Proceeds from sales of investments, employee benefit plans | 0 | 0 |
Advances to and investments in affiliates | 2,280,000 | 9,721,000 |
Other items, net | 0 | 0 |
Net cash provided (used) in investing activities | 2,280,000 | 9,721,000 |
Net repayments pursuant to revolving credit facilities | 0 | 0 |
Proceeds from issuance of long-term debt | 0 | 0 |
Principal payments on long-term debt | 0 | 0 |
Purchase of treasury stock | 0 | 0 |
Dividends paid | 0 | 0 |
Excess tax benefits from stock-based compensation | 0 | 0 |
Debt issuance costs | ' | 0 |
Proceeds from contributions from affiliates | -2,280,000 | -9,721,000 |
Proceeds from exercise of stock options | 0 | 0 |
Net cash provided (used) by financing activities | -2,280,000 | -9,721,000 |
Net change in cash and cash equivalents | 0 | 0 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Consolidated [Member] | ' | ' |
Net cash provided by operating activities | 106,489,000 | 118,423,000 |
Investment in property and equipment | -27,922,000 | -12,525,000 |
Equity method investments | -3,761,000 | -9,454,000 |
Issuance of mezzanine and other notes receivable | 0 | -4,236,000 |
Collections of mezzanine and other notes receivable | 224,000 | 110,000 |
Purchases of investments, employee benefit plans | -1,845,000 | -1,191,000 |
Proceeds from sales of investments, employee benefit plans | 4,052,000 | 10,909,000 |
Advances to and investments in affiliates | 0 | 0 |
Other items, net | -578,000 | -322,000 |
Net cash provided (used) in investing activities | -29,830,000 | -16,709,000 |
Net repayments pursuant to revolving credit facilities | -27,500,000 | 16,725,000 |
Proceeds from issuance of long-term debt | 3,360,000 | 543,500,000 |
Principal payments on long-term debt | -6,158,000 | -502,000 |
Purchase of treasury stock | -3,684,000 | -22,227,000 |
Dividends paid | -22,026,000 | -632,751,000 |
Excess tax benefits from stock-based compensation | 1,216,000 | 793,000 |
Debt issuance costs | ' | -4,753,000 |
Proceeds from contributions from affiliates | 0 | 0 |
Proceeds from exercise of stock options | 6,677,000 | 4,695,000 |
Net cash provided (used) by financing activities | -48,115,000 | -94,520,000 |
Net change in cash and cash equivalents | 28,544,000 | 7,194,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | -1,583,000 | 813,000 |
Cash and cash equivalents at beginning of period | 134,177,000 | 107,057,000 |
Cash and cash equivalents at end of period | $161,138,000 | $115,064,000 |
Reportable_Segment_Information2
Reportable Segment Information Schedule Of Financial Information For Company's Franchising Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues | $216,718,000 | $205,271,000 | $555,819,000 | $527,709,000 |
Operating income (loss) | 63,228,000 | 62,374,000 | 155,106,000 | 155,454,000 |
Income (loss) from continuing operations before income taxes | 54,271,000 | 52,789,000 | 126,357,000 | 141,386,000 |
Franchising [Member] | ' | ' | ' | ' |
Revenues | 216,705,000 | 205,271,000 | 555,806,000 | 527,709,000 |
Operating income (loss) | 75,773,000 | 72,588,000 | 194,026,000 | 185,233,000 |
Income (loss) from continuing operations before income taxes | 76,114,000 | 72,759,000 | 194,358,000 | 185,221,000 |
SkyTouch Technology [Member] | ' | ' | ' | ' |
Revenues | 13,000 | 0 | 13,000 | 0 |
Operating income (loss) | -2,841,000 | -720,000 | -7,307,000 | -2,074,000 |
Income (loss) from continuing operations before income taxes | -2,841,000 | -720,000 | -7,307,000 | -2,074,000 |
Corporate & Other [Member] | ' | ' | ' | ' |
Revenues | 0 | 0 | 0 | 0 |
Operating income (loss) | -9,704,000 | -9,494,000 | -31,613,000 | -27,705,000 |
Income (loss) from continuing operations before income taxes | ($19,002,000) | ($19,250,000) | ($60,694,000) | ($41,761,000) |
Reportable_Segment_Information3
Reportable Segment Information Narrative (Details) | 9 Months Ended |
Sep. 30, 2013 | |
segments | |
brand | |
Segment Reporting [Abstract] | ' |
Number of Brands | 11 |
Number of Reportable Segments | 2 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Oct. 09, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Forgivable Notes Receivable [Member] | Additional capital contributions [Member] | ||
Bank Loan Issued to Business Associate, Partially Guaranteed by Parent | $18,000,000 | ' | ' |
Bank Loan Issued to Business Associate, Percentage Guaranteed by Parent | 25.00% | ' | ' |
Other Commitment | ' | 11,300,000 | ' |
Other Commitment, Due in Next Twelve Months | ' | $6,500,000 | $4,900,000 |
Termination_Charges_Details
Termination Charges (Details) (USD $) | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Salary and Benefits Continuation [Member] | Employee Severance [Member] | One Time Termination Benefits [Member] | One Time Termination Benefits [Member] | ||
Termination charges taken in the current period YTD | $1.50 | ' | ' | ' | ' |
Termination benefits remaining to be remitted | ' | 0.5 | 0.1 | 0.6 | 3.1 |
Payments remitted on prior period termination charges | 3 | ' | ' | ' | ' |
Termination benefits expected to be paid within next 12 months | $0.60 | ' | ' | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2014 | |
Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | MainStay Suites [Member] | ||||||
Subsequent Event [Member] | |||||||||||
hotel | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company-owned hotels, approved to be sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Company-owned hotels | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Hotel operations | ' | ' | ' | ' | ' | $1,310,000 | $1,238,000 | $3,600,000 | $3,440,000 | ' | ' |
Total revenues | 216,718,000 | 205,271,000 | 555,819,000 | 527,709,000 | ' | 1,310,000 | 1,238,000 | 3,600,000 | 3,440,000 | ' | ' |
Hotel operations | ' | ' | ' | ' | ' | 956,000 | 933,000 | 2,742,000 | 2,609,000 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | 127,000 | 135,000 | 393,000 | 401,000 | ' | ' |
Total operating expenses | 153,490,000 | 142,897,000 | 400,713,000 | 372,255,000 | ' | 1,083,000 | 1,068,000 | 3,135,000 | 3,010,000 | ' | ' |
Income from discontinued operations before income taxes | ' | ' | ' | ' | ' | 227,000 | 170,000 | 465,000 | 430,000 | ' | ' |
Income taxes | 15,698,000 | 10,152,000 | 36,384,000 | 40,747,000 | ' | 84,000 | 63,000 | 172,000 | 160,000 | ' | ' |
Income from discontinued operations | 143,000 | 107,000 | 293,000 | 270,000 | ' | 143,000 | 107,000 | 293,000 | 270,000 | ' | ' |
Cash | ' | ' | ' | ' | ' | 414,000 | ' | 414,000 | ' | 387,000 | ' |
Receivables, net | 102,887,000 | ' | 102,887,000 | ' | 79,999,000 | 244,000 | ' | 244,000 | ' | 206,000 | ' |
Other current assets | 30,002,000 | ' | 30,002,000 | ' | 36,669,000 | 221,000 | ' | 221,000 | ' | 192,000 | ' |
Total current assets | 321,780,000 | ' | 321,780,000 | ' | 282,730,000 | 879,000 | ' | 879,000 | ' | 785,000 | ' |
Property and equipment, at cost, net | 67,000,000 | ' | 67,000,000 | ' | 51,651,000 | 8,948,000 | ' | 8,948,000 | ' | 9,220,000 | ' |
Total assets | 582,692,000 | ' | 582,692,000 | ' | 531,902,000 | 9,827,000 | ' | 9,827,000 | ' | 10,005,000 | ' |
Accounts payable | ' | ' | ' | ' | ' | 577,000 | ' | 577,000 | ' | 403,000 | ' |
Accrued expenses | ' | ' | ' | ' | ' | 10,000 | ' | 10,000 | ' | 10,000 | ' |
Total liabilities | 1,052,155,000 | ' | 1,052,155,000 | ' | 1,070,540,000 | 587,000 | ' | 587,000 | ' | 413,000 | ' |
Net assets of discontinued operations | ' | ' | ' | ' | ' | $9,240,000 | ' | $9,240,000 | ' | $9,592,000 | ' |