Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document Information | ' | ' | ' |
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-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | ' | 58,627,712 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,126,592,712 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
REVENUES: | ' | ' | ' |
Royalty fees | $267,812,000 | $261,680,000 | $246,475,000 |
Initial franchise and relicensing fees | 18,686,000 | 14,203,000 | 14,052,000 |
Procurement services | 20,668,000 | 17,962,000 | 18,111,000 |
Marketing and reservation | 407,633,000 | 389,678,000 | 354,152,000 |
Other | 9,851,000 | 9,205,000 | 7,812,000 |
Total revenues | 724,650,000 | 692,728,000 | 640,602,000 |
OPERATING EXPENSES: | ' | ' | ' |
Selling, general and administrative | 111,713,000 | 101,879,000 | 106,436,000 |
Depreciation and amortization | 9,056,000 | 7,691,000 | 7,497,000 |
Marketing and reservation | 407,633,000 | 389,678,000 | 354,152,000 |
Total operating expenses | 528,402,000 | 499,248,000 | 468,085,000 |
Operating income | 196,248,000 | 193,480,000 | 172,517,000 |
OTHER INCOME AND EXPENSES: | ' | ' | ' |
Interest expense | 42,537,000 | 27,189,000 | 12,939,000 |
Interest income | -2,547,000 | -1,540,000 | -1,306,000 |
Loss on extinguishment of debt | 0 | 526,000 | 0 |
Other (gains) losses | -1,780,000 | -1,989,000 | 2,442,000 |
Equity in net income of affiliates | -634,000 | -212,000 | -269,000 |
Other income and expenses, net | -37,576,000 | -23,974,000 | -13,806,000 |
Income from continuing operations before income taxes | 158,672,000 | 169,506,000 | 158,711,000 |
Income taxes | 45,322,000 | 48,228,000 | 47,878,000 |
Income from continuing operations, net of income taxes | 113,350,000 | 121,278,000 | 110,833,000 |
Income from discontinued operations, net of income taxes | 359,000 | 335,000 | 228,000 |
Net income | 113,709,000 | 121,613,000 | 111,061,000 |
Basic earnings per share: | ' | ' | ' |
Basic earnings per share (in dollars per share) | $1.94 | $2.09 | $1.87 |
Diluted earnings per share: | ' | ' | ' |
Diluted earnings per share (in dollars per share) | $1.93 | $2.09 | $1.87 |
Continuing operations [Member] | ' | ' | ' |
Basic earnings per share: | ' | ' | ' |
Basic earnings per share (in dollars per share) | $1.94 | $2.09 | $1.86 |
Diluted earnings per share: | ' | ' | ' |
Diluted earnings per share (in dollars per share) | $1.92 | $2.08 | $1.86 |
Discontinued operations [Member] | ' | ' | ' |
REVENUES: | ' | ' | ' |
Total revenues | 4,774,000 | 4,573,000 | 4,356,000 |
OPERATING EXPENSES: | ' | ' | ' |
Total operating expenses | 4,204,000 | 4,040,000 | 3,993,000 |
OTHER INCOME AND EXPENSES: | ' | ' | ' |
Income taxes | 211,000 | 198,000 | 135,000 |
Income from discontinued operations, net of income taxes | $359,000 | $335,000 | $228,000 |
Basic earnings per share: | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0 | $0 | $0.01 |
Diluted earnings per share: | ' | ' | ' |
Diluted earnings per share (in dollars per share) | $0.01 | $0.01 | $0.01 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $23,443 | $38,716 | $31,807 | $19,743 | $20,704 | $42,744 | $34,374 | $23,791 | $113,709 | $121,613 | $111,061 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of loss on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | 862 | 862 | 862 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -2,863 | 237 | 615 |
Amortization of pension related costs, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss (net of income tax of $48 for the year ended December 31, 2012) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 80 | 0 |
Settlement of pension plan (net of income tax of $840 for the year ended December 31, 2012) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,406 | 0 |
Actuarial pension loss (net of income tax of $649 for the year ended December 31, 2011) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1,086 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,001 | 2,585 | 391 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $111,708 | $124,198 | $111,452 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Actuarial loss, tax | $48 | ' |
Settlement of pension plan, tax | 840 | ' |
Actuarial pension loss, tax | ' | $649 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $167,795 | $134,177 |
Receivables (net of allowance for doubtful accounts of $12,187 and $11,658, respectively) | 82,385 | 79,999 |
Income taxes receivable | 0 | 2,201 |
Deferred income taxes | 26,684 | 26,198 |
Investments, employee benefit plans, at fair value | 400 | 3,486 |
Other current assets | 29,710 | 36,669 |
Total current assets | 306,974 | 282,730 |
Property and equipment, at cost, net | 67,852 | 51,651 |
Goodwill | 65,813 | 65,813 |
Franchise rights and other identifiable intangibles, net | 9,953 | 13,473 |
Advances, marketing and reservation activities | 5,844 | 29,467 |
Investments, employee benefit plans, at fair value | 15,950 | 12,755 |
Other assets | 84,036 | 76,013 |
Total assets | 556,422 | 531,902 |
Current liabilities | ' | ' |
Accounts payable | 41,663 | 38,714 |
Accrued expenses | 56,625 | 55,552 |
Deferred revenue | 61,188 | 71,154 |
Current portion of long-term debt | 10,088 | 8,195 |
Deferred compensation and retirement plan obligations | 2,492 | 2,522 |
Income taxes payable | 2,282 | 0 |
Total current liabilities | 174,338 | 176,137 |
Long-term debt | 783,471 | 847,150 |
Deferred compensation and retirement plan obligations | 22,527 | 20,399 |
Deferred income taxes | 5,149 | 10,864 |
Other liabilities | 23,808 | 15,990 |
Total liabilities | 1,009,293 | 1,070,540 |
Commitments and Contingencies | ' | ' |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,345,362 shares issued at December 31, 2013 and 2012 and 58,638,863 and 58,171,059 shares outstanding at December 31, 2013 and 2012, respectively | 586 | 582 |
Additional paid-in-capital | 117,768 | 110,246 |
Accumulated other comprehensive loss | -6,217 | -4,216 |
Treasury stock (36,706,499 and 37,174,303 shares at December 31, 2013 and 2012, respectively), at cost | -918,031 | -927,776 |
Retained earnings | 353,023 | 282,526 |
Total shareholders’ deficit | -452,871 | -538,638 |
Total liabilities and shareholders’ deficit | $556,422 | $531,902 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets | ' | ' |
Receivables, allowance for doubtful accounts | $12,187 | $11,658 |
SHAREHOLDERS' DEFICIT | ' | ' |
Common stock, par value (in dollars per share) | $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 | 58,638,863 | 58,171,059 |
Treasury stock, shares | 36,706,499 | 37,174,303 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | $113,709,000 | $121,613,000 | $111,061,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 9,582,000 | 8,226,000 | 8,024,000 |
Provision for bad debts, net | 2,743,000 | 2,923,000 | 2,192,000 |
Non-cash stock compensation and other charges | 11,271,000 | 12,375,000 | 14,511,000 |
Non-cash interest and other (income) loss | 1,545,000 | 292,000 | 2,208,000 |
Loss on extinguishment of debt | 0 | 526,000 | 0 |
Dividends received from equity method investments | 1,445,000 | 1,310,000 | 1,139,000 |
Deferred income taxes | -6,277,000 | -1,126,000 | 5,866,000 |
Equity in net income of affiliates | -634,000 | -212,000 | -269,000 |
Changes in assets and liabilities: | ' | ' | ' |
Receivables | -7,899,000 | -6,807,000 | -9,764,000 |
Advances to/from marketing and reservation activities, net | 42,991,000 | 30,983,000 | 1,553,000 |
Forgivable notes receivable, net | -8,347,000 | -10,898,000 | -3,475,000 |
Accounts payable | 2,304,000 | 11,000 | -1,851,000 |
Accrued expenses | -9,595,000 | 12,376,000 | 6,346,000 |
Income taxes payable/receivable | 4,276,000 | -2,662,000 | -4,562,000 |
Deferred revenue | -9,861,000 | 2,188,000 | 1,523,000 |
Other assets | -3,197,000 | -3,476,000 | -3,162,000 |
Other liabilities | 9,857,000 | -17,520,000 | 29,000 |
Net cash provided by operating activities | 153,913,000 | 150,122,000 | 131,369,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investment in property and equipment | -33,397,000 | -15,443,000 | -10,924,000 |
Equity method investments | -5,685,000 | -20,285,000 | -5,000,000 |
Issuance of mezzanine and other notes receivable | -1,095,000 | -23,736,000 | -9,227,000 |
Collections of mezzanine and other notes receivable | 9,748,000 | 3,270,000 | 4,690,000 |
Purchases of investments, employee benefit plans | -2,676,000 | -1,697,000 | -1,602,000 |
Proceeds from sales of investments, employee benefit plans | 4,168,000 | 11,223,000 | 644,000 |
Proceeds from sale of assets | 243,000 | 0 | 1,654,000 |
Other items, net | -728,000 | -433,000 | -564,000 |
Net cash used in investing activities | -29,422,000 | -47,101,000 | -20,329,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from the issuance of long-term debt | 3,360,000 | 543,500,000 | 75,000 |
Net borrowings (repayments) pursuant to revolving credit facilities | -57,000,000 | 57,000,000 | -200,000 |
Principal payments on long-term debt | -8,204,000 | -4,422,000 | -297,000 |
Debt issuance costs | 0 | -4,759,000 | -2,356,000 |
Excess tax benefits from stock-based compensation | 1,460,000 | 1,559,000 | 1,227,000 |
Purchase of treasury stock | -3,965,000 | -22,586,000 | -53,617,000 |
Dividends paid | -32,799,000 | -654,092,000 | -43,747,000 |
Proceeds from exercise of stock options | 8,864,000 | 7,090,000 | 3,845,000 |
Net cash used in financing activities | -88,284,000 | -76,710,000 | -95,070,000 |
Net change in cash and cash equivalents | 36,207,000 | 26,311,000 | 15,970,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | -2,589,000 | 809,000 | -172,000 |
Cash and cash equivalents at beginning of period | 134,177,000 | 107,057,000 | 91,259,000 |
Cash and cash equivalents at end of period | 167,795,000 | 134,177,000 | 107,057,000 |
Cash payments during the year for: | ' | ' | ' |
Income taxes, net of refunds | 47,513,000 | 51,548,000 | 45,483,000 |
Interest | 43,327,000 | 16,954,000 | 15,527,000 |
Non-cash investing and financing activities: | ' | ' | ' |
Dividends declared but not paid | 10,785,000 | 1,000 | 10,719,000 |
Equity method investments | 0 | 3,900,000 | 0 |
Capital lease obligation | 0 | 0 | 908,000 |
Debt issuance costs | 0 | 6,500,000 | 0 |
Issuance of treasury stock to employee stock purchase plan | 0 | 0 | 739,000 |
Investment in property and equipment acquired in accounts payable | 658,000 | 0 | 0 |
Restricted Stock [Member] | ' | ' | ' |
Non-cash investing and financing activities: | ' | ' | ' |
Issuance of restricted shares of common stock and performance vested restricted stock units | 8,500,000 | 9,517,000 | 9,604,000 |
Performance Vested Restricted Stock Units [Member] | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Dividends paid | -500,000 | 0 | ' |
Non-cash investing and financing activities: | ' | ' | ' |
Issuance of restricted shares of common stock and performance vested restricted stock units | $1,298,000 | $0 | $0 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Deficit (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Retained Earnings [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning balance at Dec. 31, 2010 | ($49,396) | $596 | $92,774 | ($7,192) | ($872,306) | $736,732 |
Beginning balance, shares at Dec. 31, 2010 | ' | 59,583,770 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 111,061 | ' | ' | ' | ' | 111,061 |
Other comprehensive income | 391 | ' | ' | 391 | ' | ' |
Exercise of stock options (shares) | 175,386 | 175,386 | ' | ' | ' | ' |
Exercise of stock options | 3,622 | 2 | 2,913 | ' | 707 | ' |
Issuance of restricted stock and PVRSU (shares) | ' | 247,298 | ' | ' | ' | ' |
Issuance of restricted stock and PVRSU | 0 | 2 | -9,604 | ' | 9,602 | ' |
Cancellation of restricted stock (shares) | ' | -68,580 | ' | ' | ' | ' |
Cancellation of restricted stock | 0 | 0 | 2,300 | ' | -2,300 | ' |
Share based compensation on equity awards | 11,324 | ' | 11,324 | ' | ' | ' |
Change in excess tax benefits on equity awards | 2,958 | ' | 2,958 | ' | ' | ' |
Dividends declared | -43,506 | ' | ' | ' | ' | -43,506 |
Treasury purchases (shares) | ' | -1,681,324 | ' | ' | ' | ' |
Treasury purchases | -53,617 | -17 | ' | ' | -53,600 | ' |
Issuance of treasury shares (shares) | ' | 21,096 | ' | ' | ' | ' |
Issuance of treasury shares | 739 | ' | ' | ' | 739 | ' |
Other | 203 | ' | ' | ' | 203 | ' |
Ending balance at Dec. 31, 2011 | -16,221 | 583 | 102,665 | -6,801 | -916,955 | 804,287 |
Ending balance, shares at Dec. 31, 2011 | ' | 58,277,646 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 121,613 | ' | ' | ' | ' | 121,613 |
Other comprehensive income | 2,585 | ' | ' | 2,585 | ' | ' |
Exercise of stock options (shares) | 266,754 | 266,754 | ' | ' | ' | ' |
Exercise of stock options | 7,090 | 3 | 3,515 | ' | 3,572 | ' |
Issuance of restricted stock and PVRSU (shares) | ' | 266,159 | ' | ' | ' | ' |
Issuance of restricted stock and PVRSU | 0 | 2 | -9,517 | ' | 9,515 | ' |
Cancellation of restricted stock (shares) | ' | -26,824 | ' | ' | ' | ' |
Cancellation of restricted stock | 0 | 0 | 967 | ' | -967 | ' |
Share based compensation on equity awards | 11,377 | ' | 11,377 | ' | ' | ' |
Change in excess tax benefits on equity awards | 1,239 | ' | 1,239 | ' | ' | ' |
Dividends declared | -643,374 | ' | ' | ' | ' | -643,374 |
Treasury purchases (shares) | ' | -612,676 | ' | ' | ' | ' |
Treasury purchases | -22,586 | -6 | ' | ' | -22,580 | ' |
Other | -361 | ' | ' | ' | -361 | ' |
Ending balance at Dec. 31, 2012 | -538,638 | 582 | 110,246 | -4,216 | -927,776 | 282,526 |
Ending balance, shares at Dec. 31, 2012 | 58,171,059 | 58,171,059 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | 113,709 | ' | ' | ' | ' | 113,709 |
Other comprehensive income | -2,001 | ' | ' | -2,001 | ' | ' |
Exercise of stock options (shares) | 347,180 | 347,180 | ' | ' | ' | ' |
Exercise of stock options | 8,864 | 2 | 3,486 | ' | 5,376 | ' |
Issuance of restricted stock and PVRSU (shares) | ' | 265,056 | ' | ' | ' | ' |
Issuance of restricted stock and PVRSU | 0 | 3 | -9,798 | ' | 9,795 | ' |
Cancellation of restricted stock (shares) | ' | -40,552 | ' | ' | ' | ' |
Cancellation of restricted stock | 0 | 0 | 1,453 | ' | -1,453 | ' |
Share based compensation on equity awards | 11,417 | ' | 11,417 | ' | ' | ' |
Change in excess tax benefits on equity awards | 964 | ' | 964 | ' | ' | ' |
Dividends declared | -43,212 | ' | ' | ' | ' | -43,212 |
Treasury purchases (shares) | ' | -103,880 | ' | ' | ' | ' |
Treasury purchases | -3,965 | -1 | ' | ' | -3,964 | ' |
Other | -9 | ' | ' | ' | -9 | ' |
Ending balance at Dec. 31, 2013 | ($452,871) | $586 | $117,768 | ($6,217) | ($918,031) | $353,023 |
Ending balance, shares at Dec. 31, 2013 | 58,638,863 | 58,638,863 | ' | ' | ' | ' |
Company_Information_and_Summar
Company Information and Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||||||||||||||||
Company Information and Summary of Significant Accounting Policies | ' | |||||||||||||||||||||||||||||||
Company Information and Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||||||
Organization | ||||||||||||||||||||||||||||||||
Choice Hotels International, Inc., a Delaware corporation, and subsidiaries (the "Company") is primarily in the business of hotel franchising. As of December 31, 2013, the Company had franchise agreements representing 6,340 open hotels and 503 hotels under construction, awaiting conversion or approved for development in 50 states, the District of Columbia and more than 35 countries and territories outside the United States under the brand names: Comfort Inn®, Comfort Suites®, Quality® , Clarion®, Sleep Inn®, Econo Lodge®, Rodeway Inn®, MainStay Suites®, Suburban Extended Stay Hotel®, Cambria Suites® and Ascend Hotel Collection®. | ||||||||||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||||||||||
The accompanying consolidated financial statements present the financial position, results of operations and cash flows of Choice Hotels International, Inc. and subsidiaries. The Company consolidate entities under our control, including variable interest entities where it is deemed to be the primary beneficiary. Investments in unconsolidated affiliates, including corporate joint ventures and certain other entities, in which the Company owns 50% or less and exercises significant influence over the operating and financial policies of the investee are accounted for by the equity method. All significant inter-company accounts and transactions have been eliminated in consolidation. | ||||||||||||||||||||||||||||||||
The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") and require management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, ultimate results could differ from those estimates. | ||||||||||||||||||||||||||||||||
In our opinion, the accompanying consolidated financial statements include all adjustments that are necessary to fairly present our financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. | ||||||||||||||||||||||||||||||||
Revision to Prior Period Financial Statements - Cash Flow Presentation | ||||||||||||||||||||||||||||||||
In 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. Beginning with the second quarter of 2013, 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 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 the affected periods included in these Consolidated Financial Statements: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
Net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Forgivable notes receivable, net | $ | — | $ | (10,898 | ) | $ | (10,898 | ) | $ | — | $ | (3,475 | ) | $ | (3,475 | ) | ||||||||||||||||
Net cash provided by operating activities | 161,020 | (10,898 | ) | 150,122 | 134,844 | (3,475 | ) | 131,369 | ||||||||||||||||||||||||
Net cash used in investing activities: | ||||||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (34,925 | ) | 11,189 | (23,736 | ) | (12,766 | ) | 3,539 | (9,227 | ) | ||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 3,561 | (291 | ) | 3,270 | 4,754 | (64 | ) | 4,690 | ||||||||||||||||||||||||
Net cash used in investing activities | (57,999 | ) | 10,898 | (47,101 | ) | (23,804 | ) | 3,475 | (20,329 | ) | ||||||||||||||||||||||
Revision to Annual Financial Statements - Revenue Recognition | ||||||||||||||||||||||||||||||||
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 but immaterial to its annual financial statements. 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 year ended December 31, 2013 to correct the presentation of revenues for the years ended December 31, 2013, 2012 and 2011 and amend its report on internal control over financial reporting at December 31, 2013 in this amended Form 10-K. | ||||||||||||||||||||||||||||||||
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 this annual financial report. In addition, these amounts have been adjusted to reflect the Company's discontinued operations reported in the first quarter of 2014. | ||||||||||||||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
As Previously Reported | Discontinued Operations | Adjustment | As Revised | As Previously Reported | Discontinued Operations | Adjustment | As Revised | |||||||||||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Royalty fees | $ | 267,229 | $ | — | $ | 583 | $ | 267,812 | $ | 260,782 | $ | — | $ | 898 | $ | 261,680 | ||||||||||||||||
Marketing and reservation revenues | 403,099 | — | 4,534 | 407,633 | 384,784 | — | 4,894 | 389,678 | ||||||||||||||||||||||||
Hotel operations | 4,774 | (4,774 | ) | — | — | 4,573 | (4,573 | ) | — | — | ||||||||||||||||||||||
Total revenues | 724,307 | (4,774 | ) | 5,117 | 724,650 | 691,509 | (4,573 | ) | 5,792 | 692,728 | ||||||||||||||||||||||
Selling, general and administrative | 113,567 | — | (1,854 | ) | 111,713 | 101,852 | — | 27 | 101,879 | |||||||||||||||||||||||
Depreciation and amortization | 9,469 | (526 | ) | 113 | 9,056 | 8,226 | (535 | ) | — | 7,691 | ||||||||||||||||||||||
Marketing and reservation expenses | 403,099 | — | 4,534 | 407,633 | 384,784 | — | 4,894 | 389,678 | ||||||||||||||||||||||||
Hotel operations | 3,678 | (3,678 | ) | — | — | 3,505 | (3,505 | ) | — | — | ||||||||||||||||||||||
Total operating expenses | 529,813 | (4,204 | ) | 2,793 | 528,402 | 498,367 | (4,040 | ) | 4,921 | 499,248 | ||||||||||||||||||||||
Operating income | 194,494 | (570 | ) | 2,324 | 196,248 | 193,142 | (533 | ) | 871 | 193,480 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 156,918 | (570 | ) | 2,324 | 158,672 | 169,168 | (533 | ) | 871 | 169,506 | ||||||||||||||||||||||
Income taxes | 44,317 | (211 | ) | 1,216 | 45,322 | 48,481 | (198 | ) | (55 | ) | 48,228 | |||||||||||||||||||||
Income from continuing operations, net of income taxes | 112,601 | (359 | ) | 1,108 | 113,350 | 120,687 | (335 | ) | 926 | 121,278 | ||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 1.92 | — | $ | 0.02 | $ | 1.94 | $ | 2.08 | — | $ | 0.01 | $ | 2.09 | ||||||||||||||||||
Diluted earnings per share, continuing operations | $ | 1.91 | (0.01 | ) | $ | 0.02 | $ | 1.92 | $ | 2.07 | (0.01 | ) | $ | 0.02 | $ | 2.08 | ||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
As Previously Reported | Discontinued Operations | Adjustment | As Revised | |||||||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Royalty fees | $ | 245,426 | $ | — | $ | 1,049 | $ | 246,475 | ||||||||||||||||||||||||
Marketing and reservation revenues | 349,036 | — | 5,116 | 354,152 | ||||||||||||||||||||||||||||
Hotel operations | 4,356 | (4,356 | ) | — | — | |||||||||||||||||||||||||||
Total revenues | 638,793 | (4,356 | ) | 6,165 | 640,602 | |||||||||||||||||||||||||||
Selling, general and administrative | 106,404 | — | 32 | 106,436 | ||||||||||||||||||||||||||||
Depreciation and amortization | 8,024 | (527 | ) | — | 7,497 | |||||||||||||||||||||||||||
Marketing and reservation expenses | 349,036 | — | 5,116 | 354,152 | ||||||||||||||||||||||||||||
Hotel operations | 3,466 | (3,466 | ) | — | — | |||||||||||||||||||||||||||
Total operating expenses | 466,930 | (3,993 | ) | 5,148 | 468,085 | |||||||||||||||||||||||||||
Operating income | 171,863 | (363 | ) | 1,017 | 172,517 | |||||||||||||||||||||||||||
Income from continuing operations before income taxes | 158,057 | (363 | ) | 1,017 | 158,711 | |||||||||||||||||||||||||||
Income taxes | 47,661 | (135 | ) | 352 | 47,878 | |||||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 110,396 | (228 | ) | 665 | 110,833 | |||||||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 1.86 | $ | (0.01 | ) | $ | 0.01 | $ | 1.86 | |||||||||||||||||||||||
Diluted earnings per share, continuing operations | $ | 1.85 | $ | (0.01 | ) | $ | 0.02 | $ | 1.86 | |||||||||||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Receivables | $ | 53,521 | $ | 28,864 | $ | 82,385 | $ | 52,270 | $ | 27,729 | $ | 79,999 | ||||||||||||||||||||
Income taxes receivable | — | — | — | 2,732 | (531 | ) | 2,201 | |||||||||||||||||||||||||
Deferred income taxes | 7,220 | 19,464 | 26,684 | 4,136 | 22,062 | 26,198 | ||||||||||||||||||||||||||
Total current assets | 258,646 | 48,328 | 306,974 | 233,470 | 49,260 | 282,730 | ||||||||||||||||||||||||||
Property and equipment, at cost, net | 66,092 | 1,760 | 67,852 | 51,651 | — | 51,651 | ||||||||||||||||||||||||||
Advances, marketing and reservation activities | 19,127 | (13,283 | ) | 5,844 | 42,179 | (12,712 | ) | 29,467 | ||||||||||||||||||||||||
Deferred income taxes | 20,282 | (20,282 | ) | — | 15,418 | (15,418 | ) | — | ||||||||||||||||||||||||
Total assets | 539,899 | 16,523 | 556,422 | 510,772 | 21,130 | 531,902 | ||||||||||||||||||||||||||
Deferred income taxes | — | 5,149 | 5,149 | — | 10,864 | 10,864 | ||||||||||||||||||||||||||
Total liabilities | 1,004,144 | 5,149 | 1,009,293 | 1,059,676 | 10,864 | 1,070,540 | ||||||||||||||||||||||||||
Retained earnings | 341,649 | 11,374 | 353,023 | 272,260 | 10,266 | 282,526 | ||||||||||||||||||||||||||
Total shareholders' deficit | (464,245 | ) | 11,374 | (452,871 | ) | (548,904 | ) | 10,266 | (538,638 | ) | ||||||||||||||||||||||
Total liabilities and shareholders' deficit | 539,899 | 16,523 | 556,422 | 510,772 | 21,130 | 531,902 | ||||||||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||||||||||
Net income | $ | 112,601 | $ | 1,108 | $ | 113,709 | $ | 120,687 | $ | 926 | $ | 121,613 | ||||||||||||||||||||
Depreciation and amortization | 9,469 | 113 | 9,582 | 8,226 | — | 8,226 | ||||||||||||||||||||||||||
Provision for bad debts, net | 2,724 | 19 | 2,743 | 2,896 | 27 | 2,923 | ||||||||||||||||||||||||||
Deferred income taxes | (8,024 | ) | 1,747 | (6,277 | ) | (540 | ) | (586 | ) | (1,126 | ) | |||||||||||||||||||||
Receivables | (6,730 | ) | (1,169 | ) | (7,899 | ) | (5,239 | ) | (1,568 | ) | (6,807 | ) | ||||||||||||||||||||
Advances to/from marketing and reservations, net | 42,405 | 586 | 42,991 | 30,313 | 670 | 30,983 | ||||||||||||||||||||||||||
Income taxes payable/receivable | 4,807 | (531 | ) | 4,276 | (3,193 | ) | 531 | (2,662 | ) | |||||||||||||||||||||||
Net cash provided by operating activities | 152,040 | 1,873 | 153,913 | 150,122 | — | 150,122 | ||||||||||||||||||||||||||
Investing Activities | ||||||||||||||||||||||||||||||||
Investment in property and equipment | (31,524 | ) | (1,873 | ) | (33,397 | ) | (15,443 | ) | — | (15,443 | ) | |||||||||||||||||||||
Net cash used in investing activities | (27,549 | ) | (1,873 | ) | (29,422 | ) | (47,101 | ) | — | (47,101 | ) | |||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||||||||||
Net income | $ | 110,396 | $ | 665 | $ | 111,061 | ||||||||||||||||||||||||||
Provision for bad debts, net | 2,160 | 32 | 2,192 | |||||||||||||||||||||||||||||
Deferred income taxes | 5,514 | 352 | 5,866 | |||||||||||||||||||||||||||||
Receivables | (7,785 | ) | (1,979 | ) | (9,764 | ) | ||||||||||||||||||||||||||
Advances to/from marketing and reservations, net | 623 | 930 | 1,553 | |||||||||||||||||||||||||||||
Net cash provided by operating activities | 131,369 | — | 131,369 | |||||||||||||||||||||||||||||
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 beginning with our financial results presented in Company’s Form 10-Q for the period ended March 31, 2014. The Company's results of operations for the periods included in this Form 10-K have also been recast to account for these operations as discontinued. For additional information regarding discontinued operations, see Note 27, Discontinued Operations. | ||||||||||||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||||||||||||
The Company enters into franchise agreements to provide franchisees with various marketing services, a centralized reservation system and limited non-exclusive rights to utilize the Company’s registered trade names and trademarks. These agreements typically have an initial term from ten to twenty years with provisions permitting franchisees or the Company to terminate after five, ten, or fifteen years under certain circumstances. In most instances, initial franchise and relicensing fees are recognized upon execution of the franchise agreement because the initial franchise and relicensing fees are non-refundable and the Company is not required to provide initial services to the franchisee prior to hotel opening. The initial franchise and relicensing fees related to executed franchise agreements which include incentives, such as future potential cash rebates or forgivable promissory notes, are deferred and recognized when the incentive criteria are met or the agreement is terminated, whichever occurs first. | ||||||||||||||||||||||||||||||||
The Company may also enter into master development agreements ("MDAs") with developers that grant limited exclusive development rights and preferential franchise agreement terms for one-time, non-refundable fees. When these fees are not contingent upon the number of agreements executed under the MDA, the Company recognizes these up-front fees pro-rata over the MDAs’ contractual life. Fees that are contingent upon the execution of franchise agreements under the MDA are recognized as the franchise agreements are executed. | ||||||||||||||||||||||||||||||||
Royalty and marketing and reservation system revenues, which are typically based on a percentage of gross room revenues or the number of hotel rooms of each franchisee, are recorded when earned and realizable from the franchisee. Franchise fees based on a percentage of gross room revenues are recognized in the same period that the underlying gross room revenues are earned by the Company's franchisees. An estimate of uncollectible revenue is charged to bad debt expense and included in selling, general and administrative ("SG&A") and marketing and reservation expenses in the accompanying consolidated statements of income. | ||||||||||||||||||||||||||||||||
The Company generates procurement services revenues from qualified vendors. Procurement services revenues are generally earned based on the level of goods or services purchased from qualified vendors by hotel franchise owners and hotel guests who stay in the Company’s franchised hotels or based on marketing services provided by the Company on behalf of the qualified vendors to hotel owners and guests. The Company recognizes procurement services revenues when the services are performed or the product is delivered, evidence of an arrangement exists, the fee is fixed and determinable and collectibility is probable. The Company defers the recognition of procurement services’ revenues related to upfront fees. Such upfront fees are generally recognized over a period corresponding to the Company’s estimate of the life of the arrangement. | ||||||||||||||||||||||||||||||||
Marketing and Reservation Revenues and Expenses | ||||||||||||||||||||||||||||||||
The Company’s franchise agreements require the payment of certain marketing and reservation system fees, which are used exclusively by the Company for expenses associated with providing franchise services such as national marketing, media advertising, central reservation systems and technology services. The Company is contractually obligated to expend the marketing and reservation system revenue it collects from franchisees in accordance with the franchise agreements; as such, no income or loss to the Company is generated. In accordance with the franchise agreements, the Company includes in marketing and reservation expenses an allocation of costs for certain activities, such as human resources, facilities, legal, accounting, etc., required to carry out marketing and reservation activities. | ||||||||||||||||||||||||||||||||
The Company records marketing and reservation system revenues and expenses on a gross basis since the Company is the primary obligor in the arrangement, maintains the credit risk, establishes the price and nature of the marketing or reservation services and retains discretion in supplier selection. In addition, net advances to and recoveries from the franchise system for marketing and reservation activities are presented as cash flows from operating activities. | ||||||||||||||||||||||||||||||||
Marketing and reservation system revenues not expended in the current year are recorded as a liability in the Company's balance sheet and are carried over to the next fiscal year and expended in accordance with the franchise agreements. Shortfall amounts are recorded as an asset in the Company's balance sheet, with a corresponding reduction in costs, and are similarly recovered in subsequent years. Under the terms of the franchise agreements, the Company may advance capital and incur costs as necessary for marketing and reservation activities and recover such advances through future fees. The Company’s current assessment is that the credit risk associated with the cumulative cost advances for marketing and reservation system activities is mitigated due to the contractual right to recover these amounts from a large geographically dispersed group of franchisees. | ||||||||||||||||||||||||||||||||
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 collect all 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 was fully recoverable and as a result no reserve for possible losses was recorded. | ||||||||||||||||||||||||||||||||
Choice Privileges is the Company’s frequent guest incentive marketing program. Choice Privileges enables members to earn points based on their spending levels with franchisees and, to a lesser degree, through participation in affiliated partners’ programs, such as those offered by credit card companies. The points, which the Company accumulates and tracks on the members’ behalf, may be redeemed for free accommodations or other benefits. | ||||||||||||||||||||||||||||||||
The Company provides Choice Privileges as a marketing program to franchised hotels and collects a percentage of program members’ room revenue from franchises to operate the program. Revenues are deferred in an amount equal to the estimated fair value of the future redemption obligation. The Company develops an estimate of the eventual redemption rates and point values using various actuarial methods. These judgmental factors determine the required liability attributable to outstanding points. Upon redemption of points, the Company recognizes the previously deferred revenue as well as the corresponding expense relating to the cost of the awards redeemed. Revenues in excess of the estimated future redemption obligation are recognized when earned to reimburse the Company for costs incurred to operate the program, including administrative costs, marketing, promotion, and performing member services. | ||||||||||||||||||||||||||||||||
Accounts Receivable and Credit Risk | ||||||||||||||||||||||||||||||||
Accounts receivable consist primarily of franchise and related fees due from hotel franchises and are recorded at the invoiced amount. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the existing accounts receivable. The Company determines the allowance considering historical write-off experience and a review of aged receivable balances. However, the Company considers its credit risk associated with trade receivables to be partially mitigated due to the dispersion of these receivables across a large number of geographically diverse franchisees. | ||||||||||||||||||||||||||||||||
The Company records bad debt expense in SG&A and marketing and reservation expenses in the accompanying consolidated statements of income based on its assessment of the ultimate realizability of trade receivables considering historical collection experience and the economic environment. When the Company determines that an account is not collectible, the account is written-off to the associated allowance for doubtful accounts. | ||||||||||||||||||||||||||||||||
Advertising Costs | ||||||||||||||||||||||||||||||||
The Company expenses advertising costs as the advertising occurs. Advertising expense was $84.7 million, $79.7 million and $73.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Prepaid advertising at December 31, 2013 and 2012 totaled $0.2 million and $0.5 million, respectively and is included within other current assets in the accompanying consolidated balance sheets. The Company includes advertising costs primarily in marketing and reservation expenses on the accompanying consolidated statements of income. | ||||||||||||||||||||||||||||||||
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. At both December 31, 2013 and 2012, the Company had book overdrafts totaling $5.0 million which are included in accounts payable in the accompanying consolidated balance sheets. These book overdrafts represent outstanding checks in excess of funds on deposit. | ||||||||||||||||||||||||||||||||
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, the Company also maintains cash balances in international banks which do not provide deposit insurance. | ||||||||||||||||||||||||||||||||
Capitalization Policies | ||||||||||||||||||||||||||||||||
Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or their useful lives. Major renovations and replacements incurred during construction are capitalized. Additionally, the Company capitalizes any interest incurred during construction; however, for the years ended December 31, 2013 and 2012, no interest was capitalized. Upon sale or retirement of property, the cost and related accumulated depreciation are eliminated from the accounts and any related gain or loss is recognized in the accompanying consolidated statements of income. Maintenance, repairs and minor replacements are charged to expense as incurred. | ||||||||||||||||||||||||||||||||
Costs for computer software developed for internal use are capitalized during the application development stage and depreciated using the straight-line method over the estimated useful lives of the software. | ||||||||||||||||||||||||||||||||
Leased property meeting certain capital lease criteria is capitalized and the present value of the related lease payments is recorded as a liability. The present value of the minimum lease payments are calculated utilizing the lower of the Company’s incremental borrowing rate or the lessor’s interest rate implicit in the lease, if known by the Company. Amortization of capitalized leased assets is computed utilizing the straight-line method over either the shorter of the estimated useful life of the asset or the initial lease term and included in depreciation and amortization in the Company's consolidated statements of income. However, if the lease meets the bargain purchase or transfer of ownership criteria the asset shall be amortized in accordance with the Company’s normal depreciation policy for owned assets. | ||||||||||||||||||||||||||||||||
Assets Held for Sale | ||||||||||||||||||||||||||||||||
The Company considers property to be assets held for sale when all of the following criteria are met: | ||||||||||||||||||||||||||||||||
• | Management commits to a plan to sell an asset; | |||||||||||||||||||||||||||||||
• | It is unlikely that the disposal plan will be significantly modified or discontinued; | |||||||||||||||||||||||||||||||
• | The asset is available for immediate sale in its present condition; | |||||||||||||||||||||||||||||||
• | Actions required to complete the sale of the asset have been initiated; | |||||||||||||||||||||||||||||||
• | Sale of the asset is probable and the Company expects the completed sale will occur within one year; and | |||||||||||||||||||||||||||||||
• | The asset is actively being marketed for sale at a price that is reasonable given its current market value. | |||||||||||||||||||||||||||||||
Upon designation as an asset held for sale, the Company records the carrying value of each asset at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and ceases recording depreciation. If at any time these criteria are no longer met, subject to certain exceptions, the assets previously classified as held for sale are reclassified as held and used and measured individually at the lower of the following: | ||||||||||||||||||||||||||||||||
a. | the carrying amount before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used; | |||||||||||||||||||||||||||||||
b. | the fair value at the date of the subsequent decision not to sell. | |||||||||||||||||||||||||||||||
Valuation of Intangibles and Long-Lived Assets | ||||||||||||||||||||||||||||||||
The Company evaluates the potential impairment of property and equipment and other long-lived assets, including franchise rights and other definite-lived intangibles, on an annual basis or whenever an event or other circumstances indicates that the Company may not be able to recover the carrying value of the asset. Recoverability is measured based on net, undiscounted expected cash flows. Assets are considered to be impaired if the net, undiscounted expected cash flows are less than the carrying amount of the assets. Impairment charges are recorded based upon the difference between the carrying value and the fair value of the asset. During the year ended December 31, 2012, the Company recognized an impairment loss totaling $0.2 million on the franchise rights recorded in conjunction with its India acquisition. The franchise rights were determined to be impaired as the net, undiscounted expected cash flows were less than the carrying amount of the assets. The Company did not record any impairment of long-lived assets during the years ended December 31, 2013 and 2011. Significant management judgment is involved in developing these projections, and they include inherent uncertainties. If different projections had been used in the current period, the balances for non-current assets could have been materially impacted. Furthermore, if management uses different projections or if different conditions occur in future periods, future-operating results could be materially impacted. | ||||||||||||||||||||||||||||||||
The Company evaluates the impairment of goodwill and trademarks with indefinite lives on an annual basis, or during the year if an event or other circumstance indicates that the Company may not be able to recover the carrying amount of the asset. In evaluating these assets for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the conclusion is that it is not more likely than not that the fair value of the reporting unit is less than its carrying value, then no further testing is required. If the conclusion is that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a two-step impairment test is performed. The fair value of the Company's net assets is used to determine if goodwill may be impaired. Indefinite life trademarks are considered to be impaired if the net, undiscounted expected cash flows associated with the trademark are less than their carrying amount. During the year ended December 31, 2012, the Company recognized an impairment loss totaling $0.2 million on the goodwill recorded in conjunction with its India acquisition. Based on the Company's assessment, it was determined that the fair value of the Company's Indian subsidiary, was less than its carrying value resulting in the recognition of an impairment loss equal to the gross amount of the goodwill. The Company did not record any impairment of goodwill or trademarks with indefinite lives during the years ended December 31, 2013 and 2011. | ||||||||||||||||||||||||||||||||
Variable Interest Entities | ||||||||||||||||||||||||||||||||
In accordance with the guidance for the consolidation of variable interest entities, the Company analyzes its variable interests, including loans, guarantees, and equity investments, to determine if the entity in which the Company has a variable interest is a variable interest entity. The analysis includes both quantitative and qualitative reviews. For those entities determined to have variable interests, a further quantitative and qualitative analysis is performed to determine if the Company will be deemed the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company consolidates those entities in which it is determined to be the primary beneficiary. | ||||||||||||||||||||||||||||||||
Valuation of Investments in Ventures | ||||||||||||||||||||||||||||||||
The Company evaluates an investment in a venture for impairment when circumstances indicate that the carrying value may not be recoverable, for example due to loan defaults, significant under performance relative to historical or projected operating performance, and significant negative industry or economic trends. When there is indication that a loss in value has occurred, the Company evaluates the carrying value compared to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. If the estimated fair value is less than carrying value, management uses its judgment to determine if the decline in value is other-than-temporary. In determining this, the Company consider factors including, but not limited to, the length of time and extent of the decline, loss of values as a percentage of the cost, financial condition and near-term financial projections, the Company's intent and ability to recover the lost value and current economic conditions. For investments that are deemed other-than-temporary, impairments are charged to earnings. | ||||||||||||||||||||||||||||||||
Sales Taxes | ||||||||||||||||||||||||||||||||
The Company presents taxes collected from customers and remitted to governmental authorities on a net basis and therefore they are excluded from revenues in the consolidated financial statements. | ||||||||||||||||||||||||||||||||
Foreign Operations | ||||||||||||||||||||||||||||||||
The United States dollar is the functional currency of the consolidated entities operating in the United States. The functional currency for the consolidated entities operating outside of the United States is generally the currency of the primary economic environment in which the entity primarily generates and expends cash. The Company translates the financial statements of consolidated entities whose functional currency is not the United States dollar into United States dollars. The Company translates assets and liabilities at the exchange rate in effect as of the financial statement date and translates income statement accounts using the weighted average exchange rate for the period. The Company includes translation adjustments from foreign exchange and the effect of exchange rate changes on inter-company transactions of a long-term investment nature as a separate component of shareholders’ deficit. The Company reports foreign currency transaction gains and losses and the effect of inter-company transactions of a short-term or trading nature in SG&A expenses on the consolidated statements of income. Foreign currency transaction gains and losses for the years ended December 31, 2013, 2012 and 2011 were a $0.4 million loss, $0.1 million gain and a $1.4 million loss, respectively. | ||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||
The Company periodically uses derivative instruments as part of its overall strategy to manage exposure to market risks associated with fluctuations in interest rates. All outstanding derivative financial instruments are recognized at their fair values as assets or liabilities. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. The Company does not use derivatives for trading purposes. | ||||||||||||||||||||||||||||||||
The effective portion of changes in fair value of derivatives designated as cash flow hedging instruments are recorded as a component of accumulated other comprehensive income (loss) and the ineffective portion is reported currently in earnings. The amounts included in accumulated other comprehensive income are reclassified into earnings in the same period during which the hedged item affects earnings. Amounts reported in earnings are classified consistent with the item being hedged. | ||||||||||||||||||||||||||||||||
The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the consolidated statements of cash flows consistent with the items being hedged. | ||||||||||||||||||||||||||||||||
Hedge accounting is discontinued prospectively when (i) the derivative instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the derivative instrument expires, is sold, terminated or exercised, or (iii) designating the derivative instrument as a hedge is no longer appropriate. The effectiveness of derivative instruments is assessed at inception and on an ongoing basis. | ||||||||||||||||||||||||||||||||
Guarantees | ||||||||||||||||||||||||||||||||
The Company has historically issued certain guarantees to support the growth of its brands. A liability is recognized for the fair value of such guarantees upon inception of the guarantee and upon any subsequent modification, such as renewals, when the Company remains contingently liable. The fair value of a guarantee is the estimated amount at which the liability could be settled in a current transaction between willing unrelated parties. The Company evaluates these guarantees on a quarterly basis. | ||||||||||||||||||||||||||||||||
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 19 for additional information. |
Other_Current_Assets
Other Current Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Assets, Current [Abstract] | ' | |||||||
Other Current Assets | ' | |||||||
Other Current Assets | ||||||||
Other current assets consist of the following at: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Notes receivable (See Note 3) | $ | 12,816 | $ | 14,415 | ||||
Prepaid expenses | 13,746 | 10,694 | ||||||
Land held for sale | — | 8,541 | ||||||
Other current assets | 3,148 | 3,019 | ||||||
Total | $ | 29,710 | $ | 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 has 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 | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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. | ||||||||||||||||||||||||
Mezzanine and Other Notes Receivables | ||||||||||||||||||||||||
The Company has provided financing to franchisees in support of the development of properties in strategic markets. Interest income associated with these notes receivable is reflected in the accompanying consolidated statements of income under the caption interest income. | ||||||||||||||||||||||||
The Company expects the owners to repay the loans in accordance with the loan agreements, or earlier as the hotels mature and capital markets permit. The Company estimates the collectibility and records an allowance for loss on its mezzanine and other notes receivable when recording the receivables in the Company’s financial statements. These estimates are updated quarterly based on available information. | ||||||||||||||||||||||||
The Company considers a loan to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. All amounts due according to the contractual terms means that both the contractual interest payments and the contractual principal payments of a loan will be collected as scheduled in the loan agreement. The Company measures loan impairment based on the present value of expected future cash flows discounted at the loan’s original effective interest rate or the estimated fair value of the collateral. For impaired loans, the Company establishes a specific impairment reserve for the difference between the recorded investment in the loan and the present value of the expected future cash flows or the estimated fair value of the collateral. The Company applies its loan impairment policy individually to all mezzanine and other notes receivable in the portfolio and does not aggregate loans for the purpose of applying such policy. For impaired loans, the Company recognizes interest income on a cash basis. If it is likely that a loan will not be collected based on financial or other business indicators, it is the Company’s policy to charge off these loans to SG&A expenses in the accompanying consolidated statements of income in the quarter when it is deemed uncollectible. Recoveries of impaired loans are recorded as a reduction of SG&A expenses in the quarter received. | ||||||||||||||||||||||||
The Company assesses the collectibility of its senior notes receivable by comparing the market value of the underlying assets to the carrying value of the outstanding notes. In addition, the Company evaluates the property’s operating performance, the borrower’s compliance with the terms of the loan and franchise agreements, and all related personal guarantees that have been provided by the borrower. In addition, for properties under development, the Company evaluates the progress of development as compared to the project's development schedule and cost budget. For subordinated or unsecured receivables, the Company assesses the property’s operating performance, the subordinated equity available to the Company, the borrower’s compliance with the terms of loan and franchise agreements, and the related personal guarantees that have been provided by the borrower. | ||||||||||||||||||||||||
The Company considers loans to be past due and in default when payments are not made when due. Although the Company considers loans to be in default if payments are not received on the due date, the Company does not suspend the accrual of interest until those payments are more than 30 days past due. The Company applies payments received for loans on non-accrual status first to interest and then principal. The Company does not resume interest accrual until all delinquent payments are received. | ||||||||||||||||||||||||
The Company determined that approximately $12.5 million and $13.3 million of its mezzanine and other notes receivable were impaired at December 31, 2013 and 2012, respectively. The Company recorded an allowance for credit losses on these impaired loans at both December 31, 2013 and 2012 totaling $8.3 million resulting in a carrying value of impaired loans of $4.2 million and $5.0 million, respectively. The Company recognized approximately $0.4 million and $0.1 million of interest income on impaired loans during the years ended December 31, 2013 and 2012, respectively, on the cash basis. The Company provided loan reserves on non-impaired loans totaling $1.6 million and $0.6 million at December 31, 2013 and 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 Mezzanine and Other | ||||||||||||||||||||
Past Due | Past Due | Past Due | Notes Receivables | |||||||||||||||||||||
As of December 31, 2013 | (In thousands) | |||||||||||||||||||||||
Senior | $ | — | $ | — | $ | — | $ | 18,052 | $ | 18,052 | ||||||||||||||
Subordinated | — | 9,629 | 9,629 | 4,523 | 14,152 | |||||||||||||||||||
Unsecured | — | 47 | 47 | 3,358 | 3,405 | |||||||||||||||||||
$ | — | $ | 9,676 | $ | 9,676 | $ | 25,933 | $ | 35,609 | |||||||||||||||
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 | |||||||||||||||
Loans Acquired with Deteriorated Credit Quality | ||||||||||||||||||||||||
On December 2, 2011, the Company acquired an $11.5 million first 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 December 31, 2013 and 2012, the carrying amount of this loan 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 year ended December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance, Beginning of Year | $ | 1,161 | $ | 1,793 | ||||||||||||||||||||
Additions | — | — | ||||||||||||||||||||||
Accretion | (579 | ) | (632 | ) | ||||||||||||||||||||
Disposals | — | — | ||||||||||||||||||||||
Reclassifications from nonaccretable yield | — | — | ||||||||||||||||||||||
Balance, End of Year | $ | 582 | $ | 1,161 | ||||||||||||||||||||
Forgivable Notes Receivable | ||||||||||||||||||||||||
In conjunction with brand and development programs, the Company may provide financing to franchisees for property improvements and other purposes in the form of forgivable unsecured promissory notes which bear interest at market rates. Under these promissory notes, the franchisee promises to repay the principal balance together with interest upon maturity unless certain conditions are met throughout the term of the promissory note. The principal balance and related interest are forgiven ratably over the term of the promissory note if the franchisee remains in the system in good standing. If during the term of the promissory note, the franchisee exits our franchise system or is not operating their franchise in accordance with our quality or credit standards, the Company may declare a default under the promissory note and commence collection efforts with respect to the full amount of the then-current outstanding principal and interest. | ||||||||||||||||||||||||
In accordance with the terms of the promissory notes, the initial principal balance and related interest are ratably reduced over the term of the loan on each anniversary date until the outstanding amounts are reduced to zero as long as the franchisee remains within the franchise system and operates in accordance with our quality and brand standards. As a result, the amounts recorded as an asset on the Company's consolidated balance sheet are also ratably reduced since the amounts forgiven no longer represent probable future economic benefits to the Company. The Company records the reduction of its recorded assets through amortization and marketing and reservation expense on its consolidated statements of income. Since these forgivable promissory notes receivable are predominately forgiven ratably over the term of the promissory note rather than repaid, the Company classifies the issuance and collection of these notes receivable as operating activities in its consolidated statement of cash flows. | ||||||||||||||||||||||||
The Company fully reserves all defaulted notes in addition to recording a reserve on the estimated uncollectible portion of the remaining notes. For those notes not in default, the Company calculates an allowance for losses and determines the ultimate collectability on these forgivable notes based on the historical default rates for those unsecured notes that are not forgiven but are required to be repaid. The Company records bad debt expense in SG&A and marketing and reservation expenses in the accompanying consolidated statements of income in the quarter when the note is deemed uncollectible. | ||||||||||||||||||||||||
As of December 31, 2013 and 2012, the unamortized balance of these notes totaled $20.6 million and $16.2 million, respectively. The Company recorded an allowance for credit losses on these forgivable unsecured notes receivable of $1.7 million and $1.6 million at December 31, 2013 and 2012, respectively. At December 31, 2013 and 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 was $4.2 million, $2.8 million and $2.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||||||||||||||
A summary of the Company's notes receivable and related allowances are as follows: | ||||||||||||||||||||||||
December 31, 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 | $ | — | $ | 18,052 | $ | 18,052 | $ | — | $ | 27,549 | $ | 27,549 | ||||||||||||
Subordinated | — | 14,152 | 14,152 | — | 15,019 | 15,019 | ||||||||||||||||||
Unsecured | 20,625 | 3,405 | 24,030 | 16,235 | 1,265 | 17,500 | ||||||||||||||||||
Total notes receivable | 20,625 | 35,609 | 56,234 | 16,235 | 43,833 | 60,068 | ||||||||||||||||||
Allowance for losses on non-impaired loans | 1,650 | 1,607 | 3,257 | 1,623 | 638 | 2,261 | ||||||||||||||||||
Allowance for losses on receivables specifically evaluated for impairment | — | 8,289 | 8,289 | — | 8,289 | 8,289 | ||||||||||||||||||
Total loan reserves | 1,650 | 9,896 | 11,546 | 1,623 | 8,927 | 10,550 | ||||||||||||||||||
Net carrying value | $ | 18,975 | $ | 25,713 | $ | 44,688 | $ | 14,612 | $ | 34,906 | $ | 49,518 | ||||||||||||
Current portion, net | $ | 361 | $ | 12,455 | $ | 12,816 | $ | 420 | $ | 13,995 | $ | 14,415 | ||||||||||||
Long-term portion, net | 18,614 | 13,258 | 31,872 | 14,192 | 20,911 | 35,103 | ||||||||||||||||||
Total | $ | 18,975 | $ | 25,713 | $ | 44,688 | $ | 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 & Other Notes Receivable allowance for losses for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
Forgivable | Mezzanine | Forgivable | Mezzanine | |||||||||||||||||||||
Notes | & Other Notes | Notes | & Other Notes | |||||||||||||||||||||
Receivable | Receivable | Receivable | Receivable | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance | $ | 1,623 | $ | 8,927 | $ | 795 | $ | 8,433 | ||||||||||||||||
Provisions | 699 | 969 | 1,144 | 591 | ||||||||||||||||||||
Recoveries | (9 | ) | — | (33 | ) | (97 | ) | |||||||||||||||||
Write-offs | (115 | ) | — | (213 | ) | — | ||||||||||||||||||
Other(1) | (548 | ) | — | (70 | ) | — | ||||||||||||||||||
Ending balance | $ | 1,650 | $ | 9,896 | $ | 1,623 | $ | 8,927 | ||||||||||||||||
(1) Consists of default rate assumption changes |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
The components of property and equipment are: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Land and land improvements | $ | 2,490 | $ | 2,490 | ||||
Facilities in progress and software under development | 6,435 | 2,944 | ||||||
Computer equipment and software | 83,089 | 83,937 | ||||||
Buildings and leasehold improvements | 38,403 | 43,482 | ||||||
Furniture, fixtures and equipment | 16,371 | 14,976 | ||||||
Capital lease | 3,468 | 3,468 | ||||||
150,256 | 151,297 | |||||||
Less: Accumulated depreciation and amortization | (82,404 | ) | (99,646 | ) | ||||
Property and equipment, at cost, net | $ | 67,852 | $ | 51,651 | ||||
As facilities in progress are completed and placed in service, they are transferred to appropriate property and equipment categories and depreciation begins. | ||||||||
Depreciation has been computed for financial reporting purposes using the straight-line method. A summary of the ranges of estimated useful lives upon which depreciation rates are based follows: | ||||||||
Computer equipment and software | 3-5 years | |||||||
Buildings and leasehold improvements | 3-40 years | |||||||
Furniture, fixtures and equipment | 3-15 years | |||||||
Capital lease (telephone equipment) | 8 years | |||||||
Depreciation expense, excluding amounts attributable to marketing and reservation activities, for the years ended December 31, 2013, 2012 and 2011 was $3.2 million, $2.4 million and $2.6 million, respectively. Accumulated amortization of capital leases, included in accumulated depreciation and amortization above, at December 31, 2013 and 2012 totaled $1.4 million and $1.0 million, respectively. |
Goodwill
Goodwill | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Disclosure Text Block Supplement [Abstract] | ' | |||||||
Goodwill | ' | |||||||
Goodwill | ||||||||
Goodwill relates to (i) the purchase price of a minority interest in the Company for consideration in excess of the recorded minority interest and (ii) the acquisition of 100% of the stock of Suburban Franchise Holding Company, Inc. and its wholly-owned subsidiary, Suburban Franchise Systems, Inc. (“Suburban Transaction”). | ||||||||
The components of goodwill are as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Minority interest | $ | 60,620 | $ | 60,620 | ||||
Suburban transaction | 5,193 | 5,193 | ||||||
Total | $ | 65,813 | $ | 65,813 | ||||
The Company is not required to amortize goodwill. During the year ended December 31, 2012, the Company recognized an impairment loss totaling $0.2 million on goodwill previously recorded in conjunction with its India acquisition. An assessment of the fair value of the Company's Indian subsidiary was performed based on prices of comparable businesses and this assessment resulted in the recognition of an impairment loss equal to the gross amount of the goodwill. |
Franchise_Rights_and_Other_Ide
Franchise Rights and Other Identifiable Intangibles | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Franchise Rights and Other Identifiable Intangibles [Abstract] | ' | |||||||
Franchise Rights and Other Identifiable Intangibles [Text Block] | ' | |||||||
Franchise Rights and Other Identifiable Intangibles | ||||||||
The components of franchise rights and other identifiable intangible assets at December 31, 2013 and 2012 are as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Franchise rights, net of accumulated amortization | $ | 6,069 | $ | 9,767 | ||||
Other identifiable intangible assets, net of accumulated amortization | 3,884 | 3,706 | ||||||
Total | $ | 9,953 | $ | 13,473 | ||||
Franchise rights represent the unamortized purchase price assigned to acquire long-term franchise contracts. As of December 31, 2013 and 2012, the unamortized balance relates primarily to the Econo Lodge, Suburban Extended Stay Hotel and Choice Hotels Australasia franchise rights. The franchise rights are being amortized over lives ranging from 5 to 25 years. Amortization expense for the years ended December 31, 2013, 2012 and 2011 amounted to $3.5 million, $3.7 million and $3.6 million, respectively. Franchise rights are net of accumulated amortization of $76.4 million and $74.0 million at December 31, 2013 and 2012, respectively. | ||||||||
The estimated annual amortization expense related to the Company’s franchise rights for each of the years ending December 31, 2014 through 2018 is as follows: | ||||||||
Year | (In millions) | |||||||
2014 | $ | 3.2 | ||||||
2015 | $ | 2.2 | ||||||
2016 | $ | 0.3 | ||||||
2017 | $ | 0.2 | ||||||
2018 | $ | — | ||||||
Other identifiable intangible consist of the cost of registering and renewing existing trademarks and acquiring new trademarks. The costs of registering and renewing existing trademarks are being amortized primarily over ten years. Approximately $1.0 million of the Company's outstanding trademarks pertain to the Company's acquisition of the Suburban brand. These trademarks were determined to have an indefinite life and therefore, no amounts have been amortized. Amortization expense for each of the years ended December 31, 2013, 2012 and 2011 amounted to $0.5 million. Trademarks are net of accumulated amortization of $7.5 million and $6.9 million at December 31, 2013 and 2012, respectively. | ||||||||
The estimated annual amortization expense related to the Company’s trademarks for each of the years ending December 31, 2014 through 2018 is as follows: | ||||||||
Year | (In millions) | |||||||
2014 | $ | 0.5 | ||||||
2015 | $ | 0.5 | ||||||
2016 | $ | 0.4 | ||||||
2017 | $ | 0.4 | ||||||
2018 | $ | 0.3 | ||||||
Advances_Marketing_And_Reserva
Advances, Marketing And Reservation Activities | 12 Months Ended |
Dec. 31, 2013 | |
Advances, Marketing and Reservation Activities [Abstract] | ' |
Advances, Marketing And Reservation Activities | ' |
Advances, Marketing and Reservation Activities | |
The Company’s franchise agreements require the payment of franchise fees, which include marketing and reservation system fees. The Company is obligated to use the marketing and reservation system revenues it collects from the current franchisees comprising its various hotel brands to provide marketing and reservation services appropriate to support the operation of the overall system. In discharging its obligation to provide sufficient and appropriate marketing and reservation services, the Company has the right to expend funds in an amount reasonably necessary to ensure the provision of such services, whether or not such amount is currently available to the Company for reimbursement. The franchise agreements provide the Company the right to advance monies to the franchise system when the needs of the system surpass the balances currently available. As a result, expenditures by the Company in support of marketing and reservation services in excess of available revenues are deferred and recorded as an asset in the Company’s financial statements. Conversely, cumulative marketing and reservation system revenues not expended are recorded as a liability in the financial statements and are carried over to the next fiscal year and expended in accordance with the franchise agreements or utilized to reimburse the Company for prior year advances. | |
Under the terms of these agreements, the Company has the contractually enforceable right to assess and collect from its current franchisees, fees sufficient to pay for the marketing and reservation services the Company has procured for the benefit of the franchise system, including fees to reimburse the Company for past services rendered. The Company has the contractual authority to require that the franchisees in the system at any given point repay any deficits related to marketing and reservation activities. The Company’s current franchisees are contractually obligated to pay any assessment the Company imposes on its franchisees to obtain reimbursement of such deficit regardless of whether those constituents continue to generate gross room revenue and whether or not they joined the system following the deficit's occurrence. | |
At December 31, 2013 and 2012, the Company had incurred cumulative marketing and reservation system expenses in excess of cumulative marketing and reservation system fees earned totalling $5.8 million and $29.5 million. Depreciation and amortization expense attributable to marketing and reservation activities for the years ended December 31, 2013, 2012 and 2011 was $16.0 million, $14.5 million and $13.3 million, respectively. Interest expense attributable to reservation activities was $3.7 million, $4.0 million and $4.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. |
Other_Assets
Other Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Assets, Noncurrent [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
Other assets consist of the following at: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Notes receivable (See Note 3) | $ | 31,872 | $ | 35,103 | ||||
Equity method investments | 32,257 | 27,453 | ||||||
Deferred financing fees | 8,954 | 11,174 | ||||||
Land | 10,097 | 1,300 | ||||||
Other assets | 856 | 983 | ||||||
Total | $ | 84,036 | $ | 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 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), less estimated costs to sell. | ||||||||
Equity Method Investments - Variable Interest Entities | ||||||||
Equity method investments include $28.9 million and $24.3 million of investments in joint ventures at December 31, 2013 and 2012, respectively, that the Company has determined to be variable interest entities. 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 has determined that it is not the primary beneficiary of any of its joint venture investments. The Company based its quantitative analysis on the forecasted cash flows of the entity and its qualitative analysis on a 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 year ended December 31, 2013 and 2012, the Company recognized $8 thousand and $0.1 million of net income from the investment in these entities. | ||||||||
Equity Method Investment - Choice Hotels Canada | ||||||||
The Company conducts operations in Canada for all brands except Cambria Suites, Mainstay Suites and Suburban Extended Stay Hotel through Choice Hotels Canada, Inc. ("CHC"), a joint venture in which the Company has a 50% interest. During 2013, 2012 and 2011, the Company recorded equity method income related to this investment in the accompanying consolidated statements of income totaling $1.6 million, $1.5 million, and $1.5 million respectively, based on CHC’s results for the twelve months ended November 30, 2013, 2012 and 2011. The Company received dividends from CHC of $1.4 million, $1.3 million and $1.1 million for the years ended December 31, 2013, 2012 and 2011, respectively. During 2013, 2012 and 2011, the Company recognized in the accompanying consolidated statements of income, revenues of $14.7 million, $14.4 million and $13.7 million, respectively, including royalty, marketing and reservation system fees and other revenues from CHC. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
Accrued Expenses | ||||||||
Accrued expenses consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Accrued compensation and benefits | $ | 24,461 | $ | 32,236 | ||||
Accrued interest | 16,410 | 16,695 | ||||||
Dividends payable | 10,785 | — | ||||||
Termination benefits (see Note 25) | 582 | 3,099 | ||||||
Other liabilities and contingencies | 4,387 | 3,522 | ||||||
Total | $ | 56,625 | $ | 55,552 | ||||
Deferred_Revenue
Deferred Revenue | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Revenue and Credits [Abstract] | ' | |||||||
Deferred Revenue | ' | |||||||
Deferred Revenue | ||||||||
Deferred revenue consists of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Loyalty programs | $ | 53,875 | $ | 64,636 | ||||
Initial, relicensing and franchise fees | 5,354 | 4,994 | ||||||
Procurement services fees | 1,504 | 1,225 | ||||||
Other | 455 | 299 | ||||||
Total | $ | 61,188 | $ | 71,154 | ||||
Other_Noncurrent_Liabilities
Other Non-current Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Other Non-Current Liabilities | ' | |||||||
Other Non-Current Liabilities | ||||||||
Other non-current liabilities consist of the following at: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred rental expenses | $ | 16,337 | $ | 7,622 | ||||
Uncertain tax positions | 5,627 | 6,718 | ||||||
Deferred revenue | 1,633 | 1,411 | ||||||
Other liabilities | 211 | 239 | ||||||
Total | $ | 23,808 | $ | 15,990 | ||||
Uncertain tax positions have been recorded for potential exposures involving tax positions that could be challenged by taxing authorities. |
Debt
Debt | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Debt | ' | |||||||||||||||||||
Debt | ||||||||||||||||||||
Debt consists of the following at: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
$400 million senior unsecured notes with an effective interest rate of 5.94% at December 31, 2013 and 2012 | $ | 400,000 | $ | 400,000 | ||||||||||||||||
$250 million senior unsecured notes with an effective interest rate of 6.19%, less a discount of $0.4 million and $0.5 million at December 31, 2013 and 2012, respectively | 249,572 | 249,508 | ||||||||||||||||||
$350 million senior secured credit facility with an effective interest rate of 2.17% and 2.66% at December 31, 2013 and 2012, respectively | 138,750 | 203,250 | ||||||||||||||||||
Economic development loans with an effective rate interest rate of 3.00% at December 31, 2013 | 3,360 | — | ||||||||||||||||||
Capital lease obligations due 2016 with an effective interest rate of 3.18% at December 31, 2013 and 2012 | 1,848 | 2,519 | ||||||||||||||||||
Other notes payable | 29 | 68 | ||||||||||||||||||
Total debt | $ | 793,559 | $ | 855,345 | ||||||||||||||||
Less current portion | 10,088 | 8,195 | ||||||||||||||||||
Total long-term debt | $ | 783,471 | $ | 847,150 | ||||||||||||||||
Scheduled principal maturities of debt as of December 31, 2013 were as follows: | ||||||||||||||||||||
Year Ending | Senior Notes | Capital Lease | Revolving Credit | Other Notes | Total | |||||||||||||||
Facilities | Payable | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
2014 | $ | — | $ | 1,017 | $ | 9,375 | $ | 11 | $ | 10,403 | ||||||||||
2015 | — | 1,017 | 11,250 | 12 | 12,279 | |||||||||||||||
2016 | — | 594 | 118,125 | 6 | 118,725 | |||||||||||||||
2017 | — | — | — | — | — | |||||||||||||||
2018 | — | — | — | — | — | |||||||||||||||
Thereafter | 649,572 | — | — | 3,360 | 652,932 | |||||||||||||||
Total payments | 649,572 | 2,628 | 138,750 | 3,389 | 794,339 | |||||||||||||||
Less: Amount representing estimated executory costs | — | (701 | ) | — | — | (701 | ) | |||||||||||||
Less: Amounts representing interest | — | (79 | ) | — | — | (79 | ) | |||||||||||||
Net principal payments | $ | 649,572 | $ | 1,848 | $ | 138,750 | $ | 3,389 | $ | 793,559 | ||||||||||
Senior Unsecured Notes Due 2022 | ||||||||||||||||||||
On June 27, 2012, the Company issued unsecured 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 borrowings under the Company's senior credit facility, to pay a special cash dividend totaling approximately $600.7 million paid to stockholders 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. | ||||||||||||||||||||
The Company incurred debt issuance costs in connection with the 2012 Senior Notes totaling approximately $7.5 million, which are included in other current assets and other assets on the Company's consolidated balance sheets. These debt issuance costs are amortized, on a straight-line basis, which is not materially different than the effective interest method, through the maturity of the 2012 Senior Notes. Amortization of these costs is included in interest expense in the consolidated statements of income. | ||||||||||||||||||||
The Company may redeem the 2012 Senior Notes at its option at a redemption price equal to the greater of (a) 100% of the principal amount of the notes to be redeemed and (b) the sum of the present values of the remaining scheduled principal and interest payments from the redemption date to the date of maturity discounted to the redemption date on a semi-annual basis at the Treasury Rate, plus 50 basis points. | ||||||||||||||||||||
Senior Unsecured 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. | ||||||||||||||||||||
Bond discounts incurred in connection with the 2010 Senior Notes are amortized on a straight-line basis, which is not materially different than the effective interest method, through the maturity of the 2010 Senior Notes. Amortization of these costs is included in interest expense in the consolidated statements of income. | ||||||||||||||||||||
The Company may redeem the 2010 Senior Notes at its option at a redemption price equal to the greater of (a) 100% of the principal amount of the notes to be redeemed and (b) the sum of the present values of the remaining scheduled principal and interest payments from the redemption date to the date of maturity discounted to the redemption date on a semi-annual basis at the Treasury Rate, plus 45 basis points. | ||||||||||||||||||||
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 offering, to pay during 2012 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 all 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) the top-tier foreign holding company of Choice's foreign subsidiaries and (b) the domestic subsidiary that owns the top-tier foreign holding company of Choice's foreign subsidiaries 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 1.00 (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 payments 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 (as defined in the loan agreements) 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 December 31, 2013, the Company maintained a total leverage ratio of 3.3x, a maximum secured leverage ratio of 0.58x and a minimum fixed charge ratio of approximately 5.62x. | ||||||||||||||||||||
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 December 31, 2013, the Company was in compliance with all covenants under the New Credit Facility. | ||||||||||||||||||||
The Company incurred debt issuance costs in connection with the New Credit Facility totaling approximately $3.7 million, which are included in other current assets and other assets on the Company's consolidated balance sheets. These debt issuance costs are amortized, on a straight-line basis, which is not materially different than the effective interest method, through the maturity of the New Credit Facility. Amortization of these costs is included in interest expense in the consolidated statements of income. | ||||||||||||||||||||
At December 31, 2013, the Company had $138.8 million outstanding under the Term Loan and no amounts outstanding under the New Revolver. At December 31, 2012, the Company had $146.3 million outstanding under the Term Loan and $57.0 million under the New Revolver. | ||||||||||||||||||||
In connection with 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 (the “Old Credit Facility”), was terminated and replaced by the New Credit Facility. The Old Credit Facility permitted the Company to borrow, repay and re-borrow revolving loans until the scheduled maturity date of February 24, 2016. Upon refinancing, the Company had unamortized deferred financing fees totaling $1.7 million pertaining to the Old Credit Facility. Based on an analysis of the lenders participating in both the Old and New Credit Facilities, the Company recorded a loss on extinguishment of debt of approximately $0.5 million during the year ended December 31, 2012. The remaining unamortized deferred fees related to the Old Credit Facility will be amortized, on a straight-line basis through the maturity of the New Credit Facility. | ||||||||||||||||||||
Borrowings under the Old Credit Facility bore interest at (i) a base rate plus a margin ranging from 5 to 80 basis points based on the Company's credit rating or (ii) LIBOR plus a margin ranging from 105 to 180 basis points based on the Company's credit rating. In addition, the Old Credit Facility required the Company to pay a quarterly facility fee on the full amount of the commitments under the Old Credit Facility (regardless of usage) ranging from 20 to 45 basis points based upon the credit rating of the Company. | ||||||||||||||||||||
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 December 31, 2013, the Company had been advanced approximately $3.4 million pursuant to these agreements and expects to receive the remaining $1.1 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 December 31, 2013. |
Pension_Plan
Pension Plan | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Pension Plan | ' | |||||||
Pension Plan | ||||||||
The Company sponsored an unfunded non-qualified defined benefit plan (“SERP”) for certain senior executives. The Company accounted for the SERP in accordance with applicable guidance which required the Company to (a) recognize in its statement of financial position an asset for a plan’s over funded status or a liability for a plan’s underfunded status; (b) measure a plan’s assets and its obligations that determine its funded status as of the end of the employer’s fiscal year; and (c) recognize changes in the funded status of a defined benefit post-retirement plan in the year in which the changes occur. The plan assets and benefit obligations were measured as of the Company’s fiscal year end. | ||||||||
On December 26, 2011, the Company's board of directors approved the termination of the SERP effective immediately. Pursuant to this termination, the Company effectuated the termination of the SERP through the payment of lump sum distributions to all SERP participants based upon the actuarial equivalent commuted lump sum value of the full accrued benefit earned by each such participant, using actuarial and other assumptions on December 27, 2012. No assets were held with respect to the SERP, therefore benefits were funded when paid to participants. | ||||||||
The following is a reconciliation of the changes in the projected benefit obligation for the year ended December 31, 2012: | ||||||||
December 31, 2012 | ||||||||
(In thousands) | ||||||||
Projected benefit obligation, beginning of year | $ | 11,896 | ||||||
Interest cost | 526 | |||||||
Actuarial loss (gain) | (85 | ) | ||||||
Benefit payments | (414 | ) | ||||||
Settlement payments | (11,923 | ) | ||||||
Projected benefit obligation, end of year | $ | — | ||||||
For the years ended December 31, 2012 and 2011, the Company recorded $2.8 million and $0.5 million, respectively for the expenses related to the SERP which are included in SG&A and marketing and reservation expense in the accompanying consolidated statements of income. | ||||||||
The following table presents the components of net periodic benefit costs for the years ended December 31, 2012 and 2011. No periodic benefit costs were incurred during the year ended December 31, 2013 due to the 2012 settlement of the SERP: | ||||||||
Year Ended December 31, | ||||||||
2012 | 2011 | |||||||
(In thousands) | ||||||||
Components of net periodic benefit cost: | ||||||||
Interest cost | $ | 526 | $ | 541 | ||||
Amortization of actuarial loss | 128 | — | ||||||
654 | 541 | |||||||
Settlement loss, net | 2,162 | — | ||||||
Net periodic benefit cost | $ | 2,816 | $ | 541 | ||||
Weighted average assumption: | ||||||||
Discount rate | 4.5 | % | 5.5 | % | ||||
As a result of the settlement of the SERP, the Company recognized a net settlement loss totaling $2.2 million during the year ended December 31, 2012. The net settlement loss consisted of an actuarial gain of $0.1 million representing the difference between actuarial calculation of the lump sum distribution to participants and the projected benefit obligation and the reclassification of the unamortized accumulated loss from other comprehensive loss to the net periodic benefit cost totaling $2.3 million. Following the settlement of the SERP, there were no amounts in accumulated other comprehensive income (loss) that have not yet been recognized as a component of net periodic benefit costs. |
NonQualified_Retirement_Saving
Non-Qualified Retirement, Savings And Investment Plans | 12 Months Ended |
Dec. 31, 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 $11.3 million and $11.7 million at December 31, 2013 and 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 for the years ended December 31, 2013, 2012 and 2011 were $0.9 million, $0.8 million and $0.8 million, respectively. | |
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 $4.1 million and $6.0 million as of December 31, 2013 and 2012, respectively, and are recorded at their fair value, based on quoted market prices. At December 31, 2013, the Company expects $0.4 million of the assets held in the trust to be distributed during the year ended December 31, 2014 to participants. 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 (losses) during the years ended December 31, 2013, 2012 and 2011 of $0.3 million, $1.2 million, and $(0.1) 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 December 31, 2013 and 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 December 31, 2013 and 2012, the Company had recorded a deferred compensation liability of $13.7 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 (decrease) in compensation expense recorded in SG&A for the years ended December 31, 2013, 2012 and 2011 were $1.7 million, $0.7 million and $(0.5) million, respectively. | |
The diversified investments held in the trusts were $12.3 million and $10.2 million as of December 31, 2013 and 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 are included in other gains and losses in the accompanying consolidated statements of income. The Company recorded investment gains (losses) during the years ended December 31, 2013, 2012 and 2011 of $1.3 million, $0.8 million and $(0.5) million, respectively. In addition, the Non-Qualified Plan held shares of the Company’s common stock with a market value of $1.4 million and $1.0 million at December 31, 2013 and 2012, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 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. | ||||||||||||||||
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 year ended December 31, 2013. During the year ended December 31, 2012, the Company sold approximately $11.8 million of mutual funds (Level 1 assets) held in the employee benefit plan trusts. Approximately $8.4 million of these assets were distributed from the irrevocable trust with the remaining $3.4 million transferred to the money market funds (Level 2 assets). | ||||||||||||||||
As of December 31, 2013 and 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) | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 50,001 | $ | — | $ | 50,001 | $ | — | ||||||||
Mutual funds(1) | 14,564 | 14,564 | — | — | ||||||||||||
Money market funds(1) | 1,786 | — | 1,786 | — | ||||||||||||
$ | 66,351 | $ | 14,564 | $ | 51,787 | $ | — | |||||||||
31-Dec-12 | ||||||||||||||||
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 at fair value on consolidated balance sheets. | |||||||||||||||
Other Financial Instruments | ||||||||||||||||
The Company believes that the fair values 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, the notes receivable have been classified 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 receivable 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 December 31, 2013 and 2012, the $250 million senior notes had an approximate fair value of $261.3 million and $271.6 million, respectively. At December 31, 2013 and 2012, the $400 million senior notes had an approximate fair value of $416.0 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. |
401k_Retirement_Plan
401(k) Retirement Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
401(k) Retirement Plan | ' |
401(k) Retirement Plan | |
The Company sponsors a 401(k) retirement plan for all eligible employees. For the years ended December 31, 2013, 2012 and 2011, the Company recorded compensation expense of $3.7 million, $3.7 million and $3.6 million, respectively, representing matching contributions for plan participants. In accordance with the safe harbor matching provisions of the plan, the Company matches plan participant contributions in cash as bi-weekly deductions are made. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Total income from continuing operations before income taxes, classified by source of income, was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
U.S. | $ | 122,517 | $ | 131,722 | $ | 138,683 | ||||||
Outside the U.S. | 36,155 | 37,784 | 20,028 | |||||||||
Income from continuing operations before income taxes | $ | 158,672 | $ | 169,506 | $ | 158,711 | ||||||
The provision for income taxes, classified by the timing and location of payment, was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Current tax expense | ||||||||||||
Federal | $ | 46,925 | $ | 40,821 | $ | 40,515 | ||||||
State | 4,891 | 4,705 | 2,620 | |||||||||
Foreign | 1,914 | 2,345 | 1,712 | |||||||||
Deferred tax (benefit) expense | ||||||||||||
Federal | (7,011 | ) | (249 | ) | 2,471 | |||||||
State | (635 | ) | 101 | 575 | ||||||||
Foreign | (762 | ) | 505 | (15 | ) | |||||||
Income taxes | $ | 45,322 | $ | 48,228 | $ | 47,878 | ||||||
Net deferred tax assets consisted of: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Property, equipment and intangible assets | $ | (10,153 | ) | $ | (8,553 | ) | ||||||
Accrued compensation | 15,696 | 14,693 | ||||||||||
Accrued expenses | 12,718 | 5,491 | ||||||||||
Foreign operations | 603 | 186 | ||||||||||
Valuation allowance on foreign deferred tax assets | (227 | ) | — | |||||||||
Foreign net operating losses | 1,441 | 1,259 | ||||||||||
Valuation allowance on foreign net operating losses | (1,441 | ) | (1,259 | ) | ||||||||
Capital loss carryovers | 241 | 484 | ||||||||||
Deferred tax asset on unrecognized tax positions | 1,736 | 2,226 | ||||||||||
Other | 921 | 807 | ||||||||||
Net deferred tax assets | $ | 21,535 | $ | 15,334 | ||||||||
As of December 31, 2013, the Company had foreign net operating loss carryforwards of approximately $4.3 million before applying tax rates for the respective jurisdictions. These foreign net operating loss carryforwards have an indefinite life, subject to a full valuation allowance. In addition, the Company has recorded a valuation allowance on approximately $0.7 million of foreign deferred tax assets before applying the tax rate of the respective jurisdiction. | ||||||||||||
Balance sheet presentation: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Current deferred tax assets | $ | 26,684 | $ | 26,198 | ||||||||
Non-current net deferred tax liabilities | (5,149 | ) | (10,864 | ) | ||||||||
Net deferred tax assets | $ | 21,535 | $ | 15,334 | ||||||||
The statutory United States federal income tax rate reconciles to the effective income tax rates for continuing operations as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal tax benefit | 1.6 | % | 1.5 | % | 1.7 | % | ||||||
Benefits and taxes related to foreign operations | (7.2 | )% | (8.5 | )% | (3.4 | )% | ||||||
Unrecognized tax positions | (0.2 | )% | 0.1 | % | (0.8 | )% | ||||||
Adjustment to current and deferred taxes, prior years | — | % | (0.5 | )% | (0.9 | )% | ||||||
Other | (0.6 | )% | 0.9 | % | (1.4 | )% | ||||||
Effective income tax rates | 28.6 | % | 28.5 | % | 30.2 | % | ||||||
The Company's effective income tax rates from continuing operations were 28.6% and 28.5% for the years ended December 31, 2013 and 2012, respectively. The effective tax rate for discontinued operations was 37.1% for the years ended December 31, 2013 and 2012, respectively. The effective income tax rate for the year ended December 31, 2013 was lower than the United States federal statutory rate of 35% primarily due to the recurring impact of foreign operations, partially offset by state income taxes, and reflects adjustments to our federal accruals. Additionally, the effective income tax rate was further reduced by the settlement of unrecognized tax positions and legislation retroactively extending the U.S. controlled foreign corporation look-through rules. The effective income tax rate for the period ended December 31, 2012 was lower than the United States federal statutory rate of 35% primarily due to the recurring impact of foreign operations, partially offset by state income taxes. Additionally, the 2012 effective income tax rate includes a $4.5 million benefit related to a change in estimate of the benefit from foreign operations. | ||||||||||||
As of December 31, 2013 and 2012, the Company’s gross unrecognized tax benefits totaled $4.0 million and $4.4 million, respectively. It is expected that $4.0 million of the total as of December 31, 2013 would favorably affect the effective tax rate if resolved in the Company’s favor. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Balance, January 1 | $ | 4,415 | $ | 4,570 | $ | 6,017 | ||||||
Changes for tax positions of prior years | 503 | 410 | 173 | |||||||||
Increases for tax positions related to the current year | 1,164 | — | 2,062 | |||||||||
Settlements and lapsing of statutes of limitations | (2,035 | ) | (565 | ) | (3,682 | ) | ||||||
Balance, December 31 | $ | 4,047 | $ | 4,415 | $ | 4,570 | ||||||
It is reasonably possible that the Company’s unrecognized tax benefits could decrease within the next 12 months by as much as $3.5 million due to settlements and the expiration of applicable statutes of limitations. | ||||||||||||
The Internal Revenue Service is currently conducting an examination of the Company's United States federal income tax returns for tax years 2009, 2010, and 2011, as well as a limited examination of the 2007 federal income tax return as amended. As of December 31, 2013, the Company has not been advised of any material adjustments. | ||||||||||||
The practice of the Company is to recognize interest and penalties related to income tax matters in the provision for income taxes. The Company did not incur any material interest or penalties for 2013 and 2012. The Company had $1.6 million and $2.3 million of accrued interest and penalties at December 31, 2013 and 2012, respectively. | ||||||||||||
The Company has not provided deferred United States income taxes on approximately $169.0 million of accumulated and undistributed earnings of its foreign subsidiaries. The Company's intent is for such earnings to be permanently reinvested in operations outside the United States. Determination of the deferred United States income tax liability on these earnings is not practicable because such liability, if any, is dependent on circumstances existing if and when remittance occurs. |
ShareBased_Compensation_And_Ca
Share-Based Compensation And Capital Stock | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||||
Share-Based Compensation And Capital Stock | ' | ||||||||||||||||||||||
Share-Based Compensation and Capital Stock | |||||||||||||||||||||||
Dividends | |||||||||||||||||||||||
The Company currently maintains the payment of a quarterly dividend on its common shares outstanding, however, the declaration of future dividends are subject to the discretion of our board of directors. During the year ended December 31, 2013 and 2012, the Company's board of directors declared quarterly cash dividends at an annual rate of $0.74 per share totaling $43.2 million and $42.7 million, respectively. | |||||||||||||||||||||||
In addition, during the year ended December 31, 2013, the Company paid previously declared but unrecorded 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 year ended December 31, 2012. | |||||||||||||||||||||||
On July 26, 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 ("Special Cash Dividend") which was paid on August 23, 2012. | |||||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||||
The Company recognizes compensation cost related to share-based payment transactions in the financial statements based on the fair value of the equity or liability instruments issued. Compensation expense related to the fair value of share-based awards is recognized over the requisite service period based on an estimate of those awards that will ultimately vest. The Company estimates the share-based compensation expense for awards that will ultimately vest at the inception of the grant. Over the life of the grant, the estimate of share-based compensation expense for awards with performance and/or service requirements is adjusted so that compensation cost is recognized only for awards that ultimately vest. | |||||||||||||||||||||||
The Company has calculated a pool of income tax benefits that are available to absorb future income tax shortfalls that can result from the exercise or maturity of stock awards. The Company has calculated its windfall pool under the short-cut method based on the actual income tax benefits received from exercises and maturities of stock awards granted after October 15, 1997. | |||||||||||||||||||||||
The Company has stock compensation plans pursuant to which it is authorized to grant stock-based awards of up to 7.6 million shares of the Company’s common stock, of which 3.5 million shares remain available for grant as of December 31, 2013. The Company’s policy allows the issuance of new or treasury shares to satisfy stock-based awards. Restricted stock, stock options, stock appreciation rights and performance share awards may be granted to officers, key employees and non-employee directors with contractual terms set by the Compensation and Management Development Committee of the Board of Directors. | |||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||
The Company granted approximately 0.2 million, 0.2 million and 0.2 million options to certain employees of the Company at a fair value of approximately $1.7 million, $1.6 million and $2.1 million during the years ended December 31, 2013, 2012 and 2011, 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 | 2012 | 2011 | |||||||||||||||||||||
Risk-free interest rate | 0.73 | % | 0.78 | % | 2.1 | % | |||||||||||||||||
Expected volatility | 38.14 | % | 40.15 | % | 39.51 | % | |||||||||||||||||
Expected life of stock option | 4.5 years | 4.4 years | 4.4 years | ||||||||||||||||||||
Dividend yield | 2.01 | % | 2.08 | % | 1.79 | % | |||||||||||||||||
Requisite service period | 4 years | 4 years | 4 years | ||||||||||||||||||||
Contractual life | 7 years | 7 years | 7 years | ||||||||||||||||||||
Weighted average fair value of options granted (per option) | $ | 9.89 | $ | 9.98 | $ | 12.42 | |||||||||||||||||
The expected life of the options and volatility are based on the 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 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 stock options outstanding and exercisable at December 31, 2013 was $37.7 million and $28.9 million respectively. The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $5.2 million, $2.8 million and $2.8 million, respectively. | |||||||||||||||||||||||
The Company received $8.9 million, $7.1 million, and $3.8 million in proceeds from the exercise of 0.3 million, 0.3 million and 0.2 million employee stock options during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted Average | Weighted | Number | Weighted | ||||||||||||||||||
Outstanding at | Remaining | Average | Exercisable at | Average | |||||||||||||||||||
December 31, | Contractual Life | Exercise Price | December 31, | Exercise Price | |||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||
$ 0.00 to $24.37 | 388,868 | 2.1 years | $ | 20.57 | 388,868 | $ | 20.57 | ||||||||||||||||
$24.38 to $29.25 | 936,613 | 2.7 years | $ | 26.12 | 710,982 | $ | 26.05 | ||||||||||||||||
$29.26 to $34.12 | 163,058 | 4.1 years | $ | 31.31 | 81,524 | $ | 31.31 | ||||||||||||||||
$34.13 to $39.00 | 173,413 | 6.1 years | $ | 36.76 | — | $ | — | ||||||||||||||||
1,661,952 | 3.0 years | $ | 26.44 | 1,181,374 | $ | 24.61 | |||||||||||||||||
Special Dividend Adjustment | |||||||||||||||||||||||
The Company's long-term incentive plans ("the Plans") contain provisions which require the automatic adjustment of | |||||||||||||||||||||||
outstanding share-based awards in the event that the Company makes any changes to its capital structure, such as special | |||||||||||||||||||||||
dividends, stock splits or spin-offs, if such changes result in the dilution or enlargement of the benefits or potential benefits | |||||||||||||||||||||||
intended upon the grant of the award. The Company's board of directors concluded that the Special Cash Dividend paid on | |||||||||||||||||||||||
August 23, 2012 would result in the dilution of the value of the Company's outstanding stock options. Therefore, in accordance | |||||||||||||||||||||||
with the anti-dilution provision of the Plans, the Company's outstanding stock options were automatically adjusted to maintain their pre-dividend value. The Company elected to maintain the pre-dividend value of the outstanding options by adjusting both the exercise price and the number of stock options outstanding as of the ex-dividend date of the Special Dividend so that the | |||||||||||||||||||||||
aggregate difference between the market price and exercise price multiplied by the number of shares issuable upon exercise | |||||||||||||||||||||||
was substantially the same immediately before and after the payment of the Special Cash Dividend. As a result of this | |||||||||||||||||||||||
adjustment, an additional 0.5 million stock options were awarded during the year ended December 31, 2012 and the | |||||||||||||||||||||||
exercise price of the outstanding options were reduced by approximately 24%. This adjustment did not result in additional | |||||||||||||||||||||||
stock-based compensation expense as the fair value of the options immediately before and after the payment of the Special | |||||||||||||||||||||||
Cash Dividend was substantially equal. | |||||||||||||||||||||||
Restricted Stock | |||||||||||||||||||||||
The following table is a summary of activity related to restricted stock grants for the year ended December 31: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Restricted shares granted | 225,240 | 266,159 | 247,298 | ||||||||||||||||||||
Weighted average grant date fair value per share | $ | 37.74 | $ | 35.76 | $ | 38.84 | |||||||||||||||||
Aggregate grant date fair value ($000) | $ | 8,500 | $ | 9,517 | $ | 9,604 | |||||||||||||||||
Restricted shares forfeited | 40,552 | 26,824 | 68,580 | ||||||||||||||||||||
Vesting service period of shares granted | 12 - 48 months | 12 - 68 months | 12 - 48 months | ||||||||||||||||||||
Grant date fair value of shares vested ($000) | $ | 8,569 | $ | 6,696 | $ | 6,662 | |||||||||||||||||
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 common 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 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 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 awards 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 period based on the Company's estimate of the achievement of the various performance targets. The Company has currently estimated that between 71% and 150% 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 during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Performance vested restricted stock units granted at target | 80,184 | 117,523 | 25,036 | ||||||||||||||||||||
Weighted average grant date fair value per share | $ | 39.48 | $ | 35.27 | $ | 41.25 | |||||||||||||||||
Aggregate grant date fair value ($000) | $ | 3,165 | $ | 4,145 | $ | 1,033 | |||||||||||||||||
Stock units forfeited | 3,334 | 57,176 | 43,179 | ||||||||||||||||||||
Requisite service period | 22-38 months | 24-60 months | 3 years | ||||||||||||||||||||
During the year ended December 31, 2013 a total of 39,816 PVRSU grants vested at a fair value of $1.5 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 years ended December 31, 2012 and 2011, no PVRSU grants vested. | |||||||||||||||||||||||
During the year ended December 31, 2013, PVRSU grants totaling 3,334 units were forfeited due to termination of employment. During the year ended December 31, 2012, PVRSU grants totaling 57,176 units were terminated in accordance with an amended and restated employment agreement for an executive officer. During the year ended December 31, 2011, PVRSU grants totaling 39,070 units were forfeited since the Company did not achieve the minimum performance conditions contained in the stock awards and 4,109 were terminated related to employee terminations. | |||||||||||||||||||||||
A summary of stock-based award activity as of December 31, 2013, 2012 and 2011 and the changes during the years are presented below: | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||
Stock Options | Restricted Stock | Performance Vested | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
Options | Weighted | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average Grant | Average Grant | ||||||||||||||||||||
Exercise Price | Contractual | Date Fair Value | Date 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 | 225,240 | $ | 37.74 | 80,184 | $ | 39.48 | ||||||||||||||
Performance-Based Leveraging* | — | — | — | $ | — | 9,192 | $ | 32.6 | |||||||||||||||
Exercised/Vested | (347,180 | ) | $ | 25.54 | (227,890 | ) | $ | 33.94 | (39,816 | ) | $ | 32.6 | |||||||||||
Expired | (75,473 | ) | $ | 36.99 | — | $ | — | — | $ | — | |||||||||||||
Forfeited | (22,842 | ) | $ | 28.94 | (40,552 | ) | $ | 35.85 | (3,334 | ) | $ | 41.25 | |||||||||||
Outstanding at December 31, 2013 | 1,661,952 | $ | 26.44 | 3.0 years | 563,345 | $ | 36.64 | 216,342 | $ | 37.34 | |||||||||||||
Options exercisable at December 31, 2013 | 1,181,374 | $ | 24.61 | 2.2 years | |||||||||||||||||||
_________________ | |||||||||||||||||||||||
* PVRSU units outstanding have been increased by 9,192 units due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods during the year ended December 31, 2013. | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Stock Options | Restricted Stock | Performance Vested | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
Options | Weighted | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average Grant | Average Grant | ||||||||||||||||||||
Exercise | Contractual | Date Fair Value | Date Fair Value | ||||||||||||||||||||
Price(1) | Term | ||||||||||||||||||||||
Outstanding at January 1, 2012 | 1,573,726 | $ | 33.3 | 565,627 | $ | 34.43 | 109,769 | $ | 35.57 | ||||||||||||||
Granted | 160,408 | $ | 35.6 | 266,159 | $ | 35.76 | 117,523 | $ | 35.27 | ||||||||||||||
Special Dividend Adjustment | 497,497 | $ | 25.31 | — | $ | — | — | $ | — | ||||||||||||||
Exercised/Vested | (266,754 | ) | $ | 26.57 | (198,415 | ) | $ | 33.75 | — | $ | — | ||||||||||||
Forfeited | (30,843 | ) | $ | 36.97 | (26,824 | ) | $ | 36.06 | (57,176 | ) | $ | 34.98 | |||||||||||
Outstanding at December 31, 2012 | 1,934,034 | $ | 25.8 | 4.0 years | 606,547 | $ | 35.17 | 170,116 | $ | 35.56 | |||||||||||||
Options exercisable at December 31, 2012 | 1,302,624 | $ | 25.62 | 3.1 years | |||||||||||||||||||
(1) The weighted average exercise price for options outstanding and exercisable reflect the reduction of the option price for outstanding options as described under "Special Dividend Adjustment". The weighted average exercise price for options granted, exercised or forfeited reflects the option price in effect at the time of the transaction. | |||||||||||||||||||||||
2011 | |||||||||||||||||||||||
Stock Options | Restricted Stock | Performance Vested | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
Options | Weighted | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average Grant | Average Grant | ||||||||||||||||||||
Exercise | Contractual | Date Fair Value | Date Fair Value | ||||||||||||||||||||
Price | Term | ||||||||||||||||||||||
Outstanding at January 1, 2011 | 1,732,674 | $ | 31.43 | 592,131 | $ | 31.81 | 127,912 | $ | 33.43 | ||||||||||||||
Granted | 166,306 | $ | 41.25 | 247,298 | $ | 38.84 | 25,036 | $ | 41.25 | ||||||||||||||
Exercised/Vested | (175,386 | ) | $ | 21.92 | (205,222 | ) | $ | 32.46 | — | $ | — | ||||||||||||
Forfeited | (149,868 | ) | $ | 33.76 | (68,580 | ) | $ | 33.55 | (43,179 | ) | $ | 32.53 | |||||||||||
Outstanding at December 31, 2011 | 1,573,726 | $ | 33.3 | 4.2 years | 565,627 | $ | 34.43 | 109,769 | $ | 35.57 | |||||||||||||
Options exercisable at December 31, 2011 | 953,159 | $ | 33.36 | 3.8 years | |||||||||||||||||||
The components of the Company’s pretax stock-based compensation expense and associated income tax benefits are as follows for the years ended December 31: | |||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||
Stock options | $ | 1.8 | $ | 2.1 | $ | 2.8 | |||||||||||||||||
Restricted stock | 7.5 | 7.5 | 7.7 | ||||||||||||||||||||
Performance vested restricted stock units | 2.2 | 1.7 | 0.7 | ||||||||||||||||||||
Total | $ | 11.5 | $ | 11.3 | $ | 11.2 | |||||||||||||||||
Income tax benefits | $ | 4.2 | $ | 4.1 | $ | 4.1 | |||||||||||||||||
During all years presented, the Company revised its estimate of the projected achievement of various performance conditions that affect the number of PVRSUs that will ultimately vest. As a result, previously recognized stock-based compensation costs related to these PVRSUs has been decreased by $0.3 million for the year ended December 31, 2013 and increased by $0.5 million and $0.1 million during the years ended December 31, 2012 and 2011, respectively. | |||||||||||||||||||||||
In conjunction with the termination of certain Company officers, stock option and restricted stock compensation expense for the year ended December 31, 2011 includes an additional $0.2 million and $0.5 million, respectively of expense related to the acceleration of award vesting conditions. | |||||||||||||||||||||||
The total unrecognized compensation costs related to stock-based awards that have not yet vested and the related weighted average amortization period over which the costs are to be recognized as of December 31, 2013 are as follows: | |||||||||||||||||||||||
Unrecognized | Weighted | ||||||||||||||||||||||
Compensation | Average | ||||||||||||||||||||||
Expense on Unvested | Amortization | ||||||||||||||||||||||
Awards | Period | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Stock options | $ | 2.5 | 2.4 years | ||||||||||||||||||||
Restricted stock | 12.9 | 2.4 years | |||||||||||||||||||||
Performance vested restricted stock units | 4.6 | 2.4 years | |||||||||||||||||||||
Total | $ | 20 | |||||||||||||||||||||
Share Repurchases and Redemptions | |||||||||||||||||||||||
The Company announced a stock repurchase program on June 25, 1998 to return excess capital to its shareholders. Treasury stock activity is recorded at cost in the accompanying consolidated financial statements. There were no share repurchases during the year ended December 31, 2013. During the year ended December 31, 2012, the Company repurchased 0.5 million shares of its common stock under the repurchase program at a total cost of $19.9 million. Through December 31, 2013, the Company repurchased 45.3 million shares of its common stock (including 33.0 million prior to the two-for-one stock split effected in October 2005) under the share repurchase program at a total cost of $1.1 billion. | |||||||||||||||||||||||
During 2013, the Company redeemed 103,880 shares of common stock at a total cost of $4.0 million from employees to satisfy the option price and minimum tax-withholding requirements related to the exercising of options and vesting of performance vested restricted stock units and restricted stock grants. During 2012, the Company redeemed 75,105 shares of common stock at a total cost of $2.7 million from employees to satisfy option costs and statutory minimum tax-withholding requirements from the exercising of options and the vesting of restricted stock grants. These redemptions were outside the share repurchase program initiated in June 1998. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||
The components of accumulated other comprehensive loss is as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Foreign currency translation adjustments | $ | (472 | ) | $ | 2,391 | $ | 2,155 | |||||
Deferred loss on cash flow hedge | (5,745 | ) | (6,607 | ) | (7,469 | ) | ||||||
Changes in pension benefit obligation recognized in other comprehensive income (loss) | — | — | (1,487 | ) | ||||||||
Total accumulated other comprehensive loss | $ | (6,217 | ) | $ | (4,216 | ) | $ | (6,801 | ) | |||
Cash Flow Hedge | ||||||||||||
In July 2010, the Company entered into an interest rate swap agreement to protect itself from an increase in the market interest rate on $250 million of 10-year, fixed rate debt with the coupon to be set at market interest rates. The interest rate swap agreement was designated as a cash flow hedge under the guidance for derivatives and hedging. In August 2010, upon issuance of the related fixed-rate debt, the Company terminated and settled the interest rate swap agreement for a cash payment of $8.7 million. The Company recorded the effective portion of this deferred loss as a component of accumulated other comprehensive income (loss). The ineffective portion was recognized immediately as a component of earnings under interest expense in the Company’s consolidated statements of income. The effective portion of the deferred loss is being amortized over the term of the related debt as interest expense in the Company’s consolidated statements of income. | ||||||||||||
The following represents the changes in accumulated other comprehensive loss, net of tax by component for the year ended December 31, 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 | — | (2,863 | ) | (2,863 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 862 | — | 862 | |||||||||
Net current period other comprehensive income (loss) | 862 | (2,863 | ) | (2,001 | ) | |||||||
Balance, December 31, 2013 | $ | (5,745 | ) | $ | (472 | ) | $ | (6,217 | ) | |||
The amounts reclassified from other accumulated other comprehensive income (loss) during the year ended December 31, 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 Income | ||||||||||
(In thousands) | ||||||||||||
Loss on cash flow hedge | ||||||||||||
Interest rate contract | $ | 862 | Interest expense | |||||||||
— | Tax (expense) benefit | |||||||||||
$ | 862 | Net of tax | ||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
The computation of basic and diluted earnings per common share is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Computation of Basic Earnings Per Share: | ||||||||||||
Numerator: | ||||||||||||
Net income from continuing operations | $ | 113,350 | $ | 121,278 | $ | 110,833 | ||||||
Net income from discontinued operations | 359 | 335 | 228 | |||||||||
Net income | 113,709 | 121,613 | 111,061 | |||||||||
Income allocated to participating securities | (1,127 | ) | (1,281 | ) | (1,106 | ) | ||||||
Net income available to common shareholders | $ | 112,582 | $ | 120,332 | $ | 109,955 | ||||||
Denominator | ||||||||||||
Weighted average common shares outstanding -- basic | 57,925 | 57,467 | 58,862 | |||||||||
Basic earnings per share -- Continuing operations | $ | 1.94 | $ | 2.09 | $ | 1.86 | ||||||
Basic earnings per share -- Discontinued operations | — | — | 0.01 | |||||||||
$ | 1.94 | $ | 2.09 | $ | 1.87 | |||||||
Computation of Diluted Earnings Per Share: | ||||||||||||
Numerator: | ||||||||||||
Net income from continuing operations | $ | 113,350 | $ | 121,278 | $ | 110,833 | ||||||
Net income from discontinued operations | 359 | 335 | 228 | |||||||||
Net income | 113,709 | 121,613 | 111,061 | |||||||||
Income allocated to participating securities | (1,122 | ) | (1,299 | ) | (1,105 | ) | ||||||
Net income available to common shareholders | $ | 112,587 | $ | 120,314 | $ | 109,956 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding -- basic | 57,925 | 57,467 | 58,862 | |||||||||
Diluted effect of stock options and PVRSUs | 410 | 186 | 72 | |||||||||
Weighted average commons shares outstanding -- diluted | 58,335 | 57,653 | 58,934 | |||||||||
Diluted earnings per share -- Continuing operations | $ | 1.92 | $ | 2.08 | $ | 1.86 | ||||||
Diluted earnings per share -- Discontinued operations | 0.01 | 0.01 | 0.01 | |||||||||
$ | 1.93 | $ | 2.09 | $ | 1.87 | |||||||
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 December 31, 2013, 2012, and 2011, the Company had 1.7 million, 1.9 million and 1.6 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 year ended December 31, 2013, no anti-dilutive stock options were excluded from the diluted earnings per share calculation. For the years ended December 31, 2012 and 2011, the Company excluded 0.3 million and 0.7 million of anti-dilutive stock options from the diluted earnings per share calculation, respectively. | ||||||||||||
PVRSUs are also included in the diluted earnings per share calculation assuming the performance conditions have been met at the reporting date. However, at December 31, 2013, 2012, and 2011, PVRSUs totaling 197,707, 139,492 and 109,769 respectively, were excluded from the computation since the performance conditions had not been met at the reporting date. |
Operating_Leases
Operating Leases | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Leases [Abstract] | ' | |||||||||||||||||||||||||||
Operating Leases | ' | |||||||||||||||||||||||||||
Operating Leases | ||||||||||||||||||||||||||||
The Company enters into operating leases primarily for office space, office equipment and transportation vehicles. Minimum rents as defined in the Company’s lease agreements including rent escalations, rent holidays and rental concessions are recognized on the straight-line basis over the non-cancellable lease term. Payments made to or on behalf of the Company for leasehold improvement incentives are considered reductions in rental expense and are amortized on a straight-line basis over the non-cancellable lease term. Rental expense under non-cancellable operating leases was approximately $12.6 million, $9.2 million and $8.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. The Company received sublease rental income related to real estate leased to third-parties totaling $0.3 million during the each of the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||
Future minimum lease payments are as follows: | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Minimum lease payments | $ | 11,775 | $ | 11,746 | $ | 11,681 | $ | 10,890 | $ | 10,011 | $ | 35,971 | $ | 92,074 | ||||||||||||||
Minimum sublease rentals | (150 | ) | — | — | — | — | — | (150 | ) | |||||||||||||||||||
$ | 11,625 | $ | 11,746 | $ | 11,681 | $ | 10,890 | $ | 10,011 | $ | 35,971 | $ | 91,924 | |||||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Statements | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Statements | ||||||||||||||||||||||||
The Company’s Senior Notes due 2020 and 2022 are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations, by eight wholly 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. | ||||||||||||||||||||||||
As described in Note 1 to the Company's Consolidated Financial Statements, the condensed consolidating statements of cash flows for the years ended December 31, 2012 and 2011 have been revised from prior filings to reflect the reclassification of certain operating and investing cash flows related to the misapplication of GAAP to the presentation of cash flows from the Company's forgivable notes receivable. The following tables present the effect of the correction on select line items included in the Parent and Guarantor's Condensed Consolidating Statement of Cash Flows for the years ended December 31, 2012 and 2011: | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||
Parent | Guarantor | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||
Net cash provided by operating activities | $ | 90,690 | $ | (2 | ) | $ | 90,688 | $ | 29,087 | $ | (10,896 | ) | $ | 18,191 | ||||||||||
Investing Activities: | ||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (23,737 | ) | 1 | (23,736 | ) | (11,188 | ) | 11,188 | — | |||||||||||||||
Collections of mezzanine and other notes receivable | 3,269 | 1 | 3,270 | 292 | (292 | ) | — | |||||||||||||||||
Net cash used in investing activities | (28,305 | ) | 2 | (28,303 | ) | (29,756 | ) | 10,896 | (18,860 | ) | ||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||
Parent | Guarantor | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||
Net cash provided by operating activities | $ | 120,964 | $ | (114 | ) | $ | 120,850 | $ | (7,122 | ) | $ | (3,361 | ) | $ | (10,483 | ) | ||||||||
Investing Activities: | ||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (9,341 | ) | 114 | (9,227 | ) | (3,425 | ) | 3,425 | — | |||||||||||||||
Collections of mezzanine and other notes receivable | 4,690 | — | 4,690 | 64 | (64 | ) | — | |||||||||||||||||
Net cash used in investing activities | (6,406 | ) | 114 | (6,292 | ) | (12,019 | ) | 3,361 | (8,658 | ) | ||||||||||||||
The Company assessed the materiality of the revisions noted above and concluded that they are not material to any of its previously issued annual or interim condensed consolidating financial statements. | ||||||||||||||||||||||||
The condensed consolidated statements of income for the years ended December 31, 2013, 2012 and 2011 have also been recast to account for discontinued operations as discussed in Note 27 "Discontinued Operations". | ||||||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Royalty fees | $ | 243,272 | $ | 112,215 | $ | 43,967 | $ | (131,642 | ) | $ | 267,812 | |||||||||||||
Initial franchise and relicensing fees | 17,432 | — | 1,254 | — | 18,686 | |||||||||||||||||||
Procurement services | 19,864 | — | 804 | — | 20,668 | |||||||||||||||||||
Marketing and reservation | 362,459 | 350,134 | 19,327 | (324,287 | ) | 407,633 | ||||||||||||||||||
Other items, net | 8,834 | — | 1,017 | — | 9,851 | |||||||||||||||||||
Total revenues | 651,861 | 462,349 | 66,369 | (455,929 | ) | 724,650 | ||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Selling, general and administrative | 128,966 | 100,900 | 13,489 | (131,642 | ) | 111,713 | ||||||||||||||||||
Marketing and reservation | 377,884 | 336,498 | 17,538 | (324,287 | ) | 407,633 | ||||||||||||||||||
Other items, net | 3,100 | 5,087 | 869 | — | 9,056 | |||||||||||||||||||
Total operating expenses | 509,950 | 442,485 | 31,896 | (455,929 | ) | 528,402 | ||||||||||||||||||
Operating income | 141,911 | 19,864 | 34,473 | — | 196,248 | |||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | ||||||||||||||||||||||||
Interest expense | 42,418 | 113 | 6 | — | 42,537 | |||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (47,362 | ) | — | — | 47,362 | — | ||||||||||||||||||
Other items, net | (2,406 | ) | (1,532 | ) | (1,023 | ) | — | (4,961 | ) | |||||||||||||||
Other income and expenses, net | (7,350 | ) | (1,419 | ) | (1,017 | ) | 47,362 | 37,576 | ||||||||||||||||
Income from continuing operations before taxes | 149,261 | 21,283 | 35,490 | (47,362 | ) | 158,672 | ||||||||||||||||||
Income taxes | 35,552 | 8,897 | 873 | — | 45,322 | |||||||||||||||||||
Income from from continuing operations, net of income taxes | 113,709 | 12,386 | 34,617 | (47,362 | ) | 113,350 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 359 | — | — | 359 | |||||||||||||||||||
Net income | $ | 113,709 | $ | 12,745 | $ | 34,617 | $ | (47,362 | ) | $ | 113,709 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Royalty fees | $ | 236,269 | $ | 97,881 | $ | 54,420 | $ | (126,890 | ) | $ | 261,680 | |||||||||||||
Initial franchise and relicensing fees | 13,727 | — | 476 | — | 14,203 | |||||||||||||||||||
Procurement services | 17,152 | — | 810 | — | 17,962 | |||||||||||||||||||
Marketing and reservation | 343,566 | 335,869 | 19,900 | (309,657 | ) | 389,678 | ||||||||||||||||||
Other items, net | 8,363 | — | 842 | — | 9,205 | |||||||||||||||||||
Total revenues | 619,077 | 433,750 | 76,448 | (436,547 | ) | 692,728 | ||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Selling, general and administrative | 130,709 | 89,122 | 8,938 | (126,890 | ) | 101,879 | ||||||||||||||||||
Marketing and reservation | 350,573 | 326,865 | 18,036 | (305,796 | ) | 389,678 | ||||||||||||||||||
Other items, net | 2,832 | 3,852 | 1,007 | — | 7,691 | |||||||||||||||||||
Total operating expenses | 484,114 | 419,839 | 27,981 | (432,686 | ) | 499,248 | ||||||||||||||||||
Operating income | 134,963 | 13,911 | 48,467 | (3,861 | ) | 193,480 | ||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | ||||||||||||||||||||||||
Interest expense | 31,041 | — | 9 | (3,861 | ) | 27,189 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (56,246 | ) | — | — | 56,246 | — | ||||||||||||||||||
Other items, net | (551 | ) | (1,995 | ) | (669 | ) | — | (3,215 | ) | |||||||||||||||
Other income and expenses, net | (25,756 | ) | (1,995 | ) | (660 | ) | 52,385 | 23,974 | ||||||||||||||||
Income from continuing operations before income taxes | 160,719 | 15,906 | 49,127 | (56,246 | ) | 169,506 | ||||||||||||||||||
Income taxes | 39,106 | 6,769 | 2,353 | — | 48,228 | |||||||||||||||||||
Income from continuing operations, net of income taxes | 121,613 | 9,137 | 46,774 | (56,246 | ) | 121,278 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 335 | — | — | 335 | |||||||||||||||||||
Net income | $ | 121,613 | $ | 9,472 | $ | 46,774 | $ | (56,246 | ) | $ | 121,613 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||
Royalty fees | $ | 220,676 | $ | 104,898 | $ | 32,749 | $ | (111,848 | ) | $ | 246,475 | |||||||||||||
Initial franchise and relicensing fees | 13,439 | — | 613 | — | 14,052 | |||||||||||||||||||
Procurement services | 17,619 | — | 492 | — | 18,111 | |||||||||||||||||||
Marketing and reservation | 303,335 | 330,372 | 18,592 | (298,147 | ) | 354,152 | ||||||||||||||||||
Other items, net | 6,341 | — | 1,471 | — | 7,812 | |||||||||||||||||||
Total revenues | 561,410 | 435,270 | 53,917 | (409,995 | ) | 640,602 | ||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||
Selling, general and administrative | 107,552 | 92,887 | 17,845 | (111,848 | ) | 106,436 | ||||||||||||||||||
Marketing and reservation | 315,245 | 319,818 | 17,236 | (298,147 | ) | 354,152 | ||||||||||||||||||
Other items, net | 2,824 | 3,789 | 884 | — | 7,497 | |||||||||||||||||||
Total operating expenses | 425,621 | 416,494 | 35,965 | (409,995 | ) | 468,085 | ||||||||||||||||||
Operating income | 135,789 | 18,776 | 17,952 | — | 172,517 | |||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | ||||||||||||||||||||||||
Interest expense | 16,815 | (3,886 | ) | 10 | — | 12,939 | ||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (30,695 | ) | — | — | 30,695 | — | ||||||||||||||||||
Other items, net | (789 | ) | 647 | 1,009 | — | 867 | ||||||||||||||||||
Other income and expenses, net | (14,669 | ) | (3,239 | ) | 1,019 | 30,695 | 13,806 | |||||||||||||||||
Income from continuing operations before income taxes | 150,458 | 22,015 | 16,933 | (30,695 | ) | 158,711 | ||||||||||||||||||
Income taxes | 39,397 | 7,888 | 593 | — | 47,878 | |||||||||||||||||||
Income from continuing operations, net of income taxes | 111,061 | 14,127 | 16,340 | (30,695 | ) | 110,833 | ||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 228 | — | — | 228 | |||||||||||||||||||
Net income | $ | 111,061 | $ | 14,355 | $ | 16,340 | $ | (30,695 | ) | $ | 111,061 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net income | $ | 113,709 | $ | 12,745 | $ | 34,617 | $ | (47,362 | ) | $ | 113,709 | |||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 862 | — | — | — | 862 | |||||||||||||||||||
Foreign currency translation adjustment | (2,863 | ) | — | (2,863 | ) | 2,863 | (2,863 | ) | ||||||||||||||||
Other comprehensive income (loss), net of tax | (2,001 | ) | — | (2,863 | ) | 2,863 | (2,001 | ) | ||||||||||||||||
Comprehensive income | $ | 111,708 | $ | 12,745 | $ | 31,754 | $ | (44,499 | ) | $ | 111,708 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net income | $ | 121,613 | $ | 9,472 | $ | 46,774 | $ | (56,246 | ) | $ | 121,613 | |||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 862 | — | — | — | 862 | |||||||||||||||||||
Foreign currency translation adjustment | 237 | 5 | 224 | (229 | ) | 237 | ||||||||||||||||||
Amortization of pension related costs, net of tax: | ||||||||||||||||||||||||
Actuarial loss | 80 | 80 | — | (80 | ) | 80 | ||||||||||||||||||
Settlement of pension plan | 1,406 | 1,406 | — | (1,406 | ) | 1,406 | ||||||||||||||||||
Other comprehensive income (loss), net of tax | 2,585 | 1,491 | 224 | (1,715 | ) | 2,585 | ||||||||||||||||||
Comprehensive income | $ | 124,198 | $ | 10,963 | $ | 46,998 | $ | (57,961 | ) | $ | 124,198 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net income | $ | 111,061 | $ | 14,355 | $ | 16,340 | $ | (30,695 | ) | $ | 111,061 | |||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 862 | — | — | — | 862 | |||||||||||||||||||
Foreign currency translation adjustment | 615 | 248 | (1,604 | ) | 1,356 | 615 | ||||||||||||||||||
Actuarial pension loss, net of tax | (1,086 | ) | (1,086 | ) | — | 1,086 | (1,086 | ) | ||||||||||||||||
Other comprehensive income (loss), net of tax | 391 | (838 | ) | (1,604 | ) | 2,442 | 391 | |||||||||||||||||
Comprehensive income | $ | 111,452 | $ | 13,517 | $ | 14,736 | $ | (28,253 | ) | $ | 111,452 | |||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,785 | $ | 569 | $ | 157,441 | $ | — | $ | 167,795 | ||||||||||||||
Receivables, net | 72,219 | 1,475 | 8,691 | — | 82,385 | |||||||||||||||||||
Other current assets | 26,395 | 34,987 | 752 | (5,340 | ) | 56,794 | ||||||||||||||||||
Total current assets | 108,399 | 37,031 | 166,884 | (5,340 | ) | 306,974 | ||||||||||||||||||
Property and equipment, at cost, net | 11,087 | 55,963 | 802 | — | 67,852 | |||||||||||||||||||
Goodwill | 60,620 | 5,193 | — | — | 65,813 | |||||||||||||||||||
Franchise rights and other identifiable intangibles, net | 6,553 | 2,096 | 1,304 | — | 9,953 | |||||||||||||||||||
Advances, marketing and reservations activities | 5,844 | — | — | — | 5,844 | |||||||||||||||||||
Investments, employee benefit plans, at fair value | — | 15,950 | — | — | 15,950 | |||||||||||||||||||
Investments in affiliates | 376,712 | 28,312 | — | (405,024 | ) | — | ||||||||||||||||||
Advances to affiliates | 14,198 | 189,833 | 10,896 | (214,927 | ) | — | ||||||||||||||||||
Deferred income taxes | — | 10,710 | 871 | (11,581 | ) | — | ||||||||||||||||||
Other assets | 22,212 | 30,342 | 31,482 | — | 84,036 | |||||||||||||||||||
Total assets | $ | 605,625 | $ | 375,430 | $ | 212,239 | $ | (636,872 | ) | $ | 556,422 | |||||||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||||||||||||||||||
Accounts payable | $ | 6,276 | $ | 30,778 | $ | 4,609 | $ | — | $ | 41,663 | ||||||||||||||
Accrued expenses | 28,215 | 26,503 | 1,907 | — | 56,625 | |||||||||||||||||||
Deferred revenue | 7,065 | 53,414 | 709 | — | 61,188 | |||||||||||||||||||
Current portion of long-term debt | 9,375 | 702 | 11 | — | 10,088 | |||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 2,492 | — | — | 2,492 | |||||||||||||||||||
Other current liabilities | — | 7,401 | 221 | (5,340 | ) | 2,282 | ||||||||||||||||||
Total current liabilities | 50,931 | 121,290 | 7,457 | (5,340 | ) | 174,338 | ||||||||||||||||||
Long-term debt | 778,946 | 4,507 | 18 | — | 783,471 | |||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 22,520 | 7 | — | 22,527 | |||||||||||||||||||
Advances from affiliates | 206,931 | 362 | 7,634 | (214,927 | ) | — | ||||||||||||||||||
Other liabilities | 21,688 | 18,216 | 634 | (11,581 | ) | 28,957 | ||||||||||||||||||
Total liabilities | 1,058,496 | 166,895 | 15,750 | (231,848 | ) | 1,009,293 | ||||||||||||||||||
Total shareholders’ (deficit) equity | (452,871 | ) | 208,535 | 196,489 | (405,024 | ) | (452,871 | ) | ||||||||||||||||
Total liabilities and shareholders’ deficit | $ | 605,625 | $ | 375,430 | $ | 212,239 | $ | (636,872 | ) | $ | 556,422 | |||||||||||||
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 | |||||||||||||||||||
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 | ) | — | ||||||||||||||||||
Advances, marketing and reservation activities | 29,467 | — | — | — | 29,467 | |||||||||||||||||||
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 & 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 Year Ended December 31, 2013 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 91,745 | $ | 27,209 | $ | 36,529 | $ | (1,570 | ) | $ | 153,913 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Investment in property and equipment | (5,167 | ) | (27,984 | ) | (246 | ) | — | (33,397 | ) | |||||||||||||||
Equity method investments | — | (2,401 | ) | (3,284 | ) | — | (5,685 | ) | ||||||||||||||||
Issuance of mezzanine and other notes receivable | (1,095 | ) | — | — | — | (1,095 | ) | |||||||||||||||||
Collections of mezzanine and other notes receivable | 9,748 | — | — | — | 9,748 | |||||||||||||||||||
Purchases of investments, employee benefit plans | — | (2,676 | ) | — | — | (2,676 | ) | |||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 4,168 | — | — | 4,168 | |||||||||||||||||||
Advances to and investments in affiliates | (1,000 | ) | (2,284 | ) | — | 3,284 | — | |||||||||||||||||
Other items, net | (485 | ) | — | — | — | (485 | ) | |||||||||||||||||
Net cash used in investing activities | 2,001 | (31,177 | ) | (3,530 | ) | 3,284 | (29,422 | ) | ||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net repayments pursuant to revolving credit facilities | (57,000 | ) | — | — | — | (57,000 | ) | |||||||||||||||||
Principal payments on long-term debt | (7,500 | ) | (671 | ) | (33 | ) | — | (8,204 | ) | |||||||||||||||
Proceeds from the issuance of long-term debt | — | 3,360 | — | — | 3,360 | |||||||||||||||||||
Purchase of treasury stock | (3,965 | ) | — | — | — | (3,965 | ) | |||||||||||||||||
Excess tax benefits from stock-based compensation | 19 | 1,441 | — | — | 1,460 | |||||||||||||||||||
Proceeds from exercise of stock options | 8,864 | — | — | — | 8,864 | |||||||||||||||||||
Proceeds from contributions from affiliates | — | — | 3,284 | (3,284 | ) | — | ||||||||||||||||||
Dividends paid | (32,799 | ) | — | (1,570 | ) | 1,570 | (32,799 | ) | ||||||||||||||||
Net cash provided from (used in) financing activities | (92,381 | ) | 4,130 | 1,681 | (1,714 | ) | (88,284 | ) | ||||||||||||||||
Net change in cash and cash equivalents | 1,365 | 162 | 34,680 | — | 36,207 | |||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (2,589 | ) | — | (2,589 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | 8,420 | 407 | 125,350 | — | 134,177 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 9,785 | $ | 569 | $ | 157,441 | $ | — | $ | 167,795 | ||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net cash provided by operating activities | $ | 90,688 | $ | 18,191 | $ | 41,243 | $ | — | $ | 150,122 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Investment in property and equipment | (7,404 | ) | (7,800 | ) | (239 | ) | — | (15,443 | ) | |||||||||||||||
Equity method investments | — | — | (20,285 | ) | — | (20,285 | ) | |||||||||||||||||
Issuance of mezzanine and other notes receivable | (23,736 | ) | — | — | — | (23,736 | ) | |||||||||||||||||
Collections of mezzanine and other notes receivable | 3,270 | — | — | — | 3,270 | |||||||||||||||||||
Purchases of investments, employee benefit plans | — | (1,697 | ) | — | — | (1,697 | ) | |||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 11,223 | — | — | 11,223 | |||||||||||||||||||
Advances to and investments in affiliates | — | (20,586 | ) | — | 20,586 | — | ||||||||||||||||||
Other items, net | (433 | ) | — | — | — | (433 | ) | |||||||||||||||||
Net cash used in investing activities | (28,303 | ) | (18,860 | ) | (20,524 | ) | 20,586 | (47,101 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net borrowings pursuant to revolving credit facilities | 57,000 | — | — | — | 57,000 | |||||||||||||||||||
Principal payments on long-term debt | (3,750 | ) | (653 | ) | (19 | ) | — | (4,422 | ) | |||||||||||||||
Proceeds from the issuance of long-term debt | 543,500 | — | — | — | 543,500 | |||||||||||||||||||
Purchase of treasury stock | (22,586 | ) | — | — | — | (22,586 | ) | |||||||||||||||||
Excess tax benefits from stock-based compensation | 262 | 1,297 | — | — | 1,559 | |||||||||||||||||||
Debt issuance costs | (4,759 | ) | — | — | — | (4,759 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 7,090 | — | — | — | 7,090 | |||||||||||||||||||
Proceeds from contributions from affiliates | — | — | 20,586 | (20,586 | ) | — | ||||||||||||||||||
Dividends paid | (654,092 | ) | — | — | — | (654,092 | ) | |||||||||||||||||
Net cash provided from (used in) financing activities | (77,335 | ) | 644 | 20,567 | (20,586 | ) | (76,710 | ) | ||||||||||||||||
Net change in cash and cash equivalents | (14,950 | ) | (25 | ) | 41,286 | — | 26,311 | |||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | 809 | — | 809 | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 23,370 | 432 | 83,255 | — | 107,057 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 8,420 | $ | 407 | $ | 125,350 | $ | — | $ | 134,177 | ||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 120,850 | $ | (10,483 | ) | $ | 21,002 | $ | — | $ | 131,369 | |||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Investment in property and equipment | (2,839 | ) | (7,690 | ) | (395 | ) | — | (10,924 | ) | |||||||||||||||
Equity method investments | — | — | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||
Issuance of mezzanine and other notes receivable | (9,227 | ) | — | — | — | (9,227 | ) | |||||||||||||||||
Collections of mezzanine and other notes receivable | 4,690 | — | — | — | 4,690 | |||||||||||||||||||
Proceeds from sale of assets | 1,654 | — | — | — | 1,654 | |||||||||||||||||||
Purchases of investments, employee benefit plans | — | (1,602 | ) | — | — | (1,602 | ) | |||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 644 | — | — | 644 | |||||||||||||||||||
Other items, net | (570 | ) | (10 | ) | 16 | — | (564 | ) | ||||||||||||||||
Net cash used in investing activities | (6,292 | ) | (8,658 | ) | (5,379 | ) | — | (20,329 | ) | |||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net repayments pursuant to revolving credit facilities | (200 | ) | — | — | — | (200 | ) | |||||||||||||||||
Principal payments on long-term debt | — | (275 | ) | (22 | ) | — | (297 | ) | ||||||||||||||||
Proceeds from the issuance of long-term debt | — | — | 75 | — | 75 | |||||||||||||||||||
Purchase of treasury stock | (53,617 | ) | — | — | — | (53,617 | ) | |||||||||||||||||
Excess tax benefits from stock-based compensation | 38 | 1,189 | — | — | 1,227 | |||||||||||||||||||
Debt issuance costs | (2,356 | ) | — | — | — | (2,356 | ) | |||||||||||||||||
Proceeds from exercise of stock options | 3,845 | — | — | — | 3,845 | |||||||||||||||||||
Dividends paid | (43,747 | ) | — | — | — | (43,747 | ) | |||||||||||||||||
Net cash provided from (used in) financing activities | (96,037 | ) | 914 | 53 | — | (95,070 | ) | |||||||||||||||||
Net change in cash and cash equivalents | 18,521 | (18,227 | ) | 15,676 | — | 15,970 | ||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (172 | ) | — | (172 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | 4,849 | 18,659 | 67,751 | — | 91,259 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 23,370 | $ | 432 | $ | 83,255 | $ | — | $ | 107,057 | ||||||||||||||
Reportable_Segment_Information
Reportable Segment Information | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Reportable Segment Information | ' | |||||||||||||||||||
Reportable Segment Information | ||||||||||||||||||||
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. | ||||||||||||||||||||
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 joint ventures is allocated to the Company's franchising segment. Corporate and 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 7, 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 years ended December 31, 2012 and 2011, 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 tables present the financial information for the Company's segments: | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Franchising | SkyTouch Technology | Corporate | Elimination | Consolidated | ||||||||||||||||
& Other | Adjustments | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | 724,617 | $ | 33 | $ | — | $ | — | $ | 724,650 | ||||||||||
Operating income (loss) | 248,253 | (9,994 | ) | (42,011 | ) | — | 196,248 | |||||||||||||
Depreciation and amortization | 22,295 | 398 | 2,378 | (16,015 | ) | 9,056 | ||||||||||||||
Income (loss) from continuing operations, before income taxes | 248,887 | (9,994 | ) | (80,221 | ) | — | 158,672 | |||||||||||||
Capital expenditures | 12,079 | 2,295 | 19,023 | — | 33,397 | |||||||||||||||
Total assets | 300,292 | 2,303 | 253,827 | — | 556,422 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Franchising | SkyTouch Technology | Corporate | Elimination | Consolidated | ||||||||||||||||
& Other | Adjustments | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | 692,728 | $ | — | $ | — | $ | — | $ | 692,728 | ||||||||||
Operating income (loss) | 236,013 | (3,370 | ) | (39,163 | ) | — | 193,480 | |||||||||||||
Depreciation and amortization | 20,111 | 10 | 2,102 | (14,532 | ) | 7,691 | ||||||||||||||
Income (loss) from continuing operations, before income taxes | 236,225 | (3,370 | ) | (63,349 | ) | — | 169,506 | |||||||||||||
Capital expenditures | 13,998 | 107 | 1,338 | — | 15,443 | |||||||||||||||
Total assets | 322,434 | 101 | 209,367 | — | 531,902 | |||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Franchising | SkyTouch Technology | Corporate & Other | Elimination Adjustment | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | 640,602 | $ | — | $ | — | $ | — | $ | 640,602 | ||||||||||
Operating income (loss) | 214,750 | — | (42,233 | ) | — | 172,517 | ||||||||||||||
Depreciation and amortization | 18,554 | — | 2,262 | (13,319 | ) | 7,497 | ||||||||||||||
Income (loss) from continuing operations, before income taxes | 213,253 | — | (54,542 | ) | — | 158,711 | ||||||||||||||
Capital expenditures | 9,553 | — | 1,371 | — | 10,924 | |||||||||||||||
Total assets | 280,414 | — | 187,946 | — | 468,360 | |||||||||||||||
The Company conducts its international franchise operations through a combination of direct franchising and master franchising relationships. Master franchising relationships allow the use of the Company’s brands by third parties in foreign countries. Direct franchising operations are primarily conducted through wholly-owned subsidiaries. The results of the Company's international operations are included in the franchising segment. Revenues generated by foreign operations, including royalty, marketing and reservations system fees and other revenues for the years ended December 31, 2013, 2012 and 2011 were $57.3 million, $55.6 million and $54.8 million respectively. Long-lived assets related to international operations were $8.6 million, $8.2 million and $9.1 million as of December 31, 2013, 2012 and 2011, respectively. All other long-lived assets of the Company are associated with domestic activities. The Company's investment in equity method investees at December 31, 2013, 2012 and 2011 was $32.3 million, $27.5 million, and $4.3 million, respectively. These investments are included as a component of total assets for the Company’s franchising segment. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
Transactions with Company's Largest Shareholder | |
Effective October 15, 1997, Choice Hotels International, Inc. which included both a franchising business and owned hotel business, separated the businesses via a spin-off into two companies: Sunburst Hospitality Corporation (referred to hereafter as “Sunburst”) and the Company. Subsequent to the spin-off, the Company’s largest shareholder retained significant ownership percentages in both Sunburst and the Company. As part of the spin-off, Sunburst and the Company entered into a strategic alliance agreement. Among other things, the strategic alliance agreement, as amended, provided for the determination of liquidated damages related to the termination of Choice branded Sunburst properties. The liquidated damage provisions extend through the life of the existing Sunburst franchise agreements. As of December 31, 2013, Sunburst operates 11 hotels under franchise with the Company. | |
Total franchise fees, including royalty, marketing and reservation system fees, paid by Sunburst to the Company, included in the accompanying consolidated financial statements were $2.6 million, $2.6 million and $4.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013 and 2012, accounts receivable included $0.2 million and $0.2 million, respectively, due from Sunburst. | |
Through June 3, 2013, the Company maintained a Master Aircraft Lease Agreement with LP_C, LLC ("LPC"), which is owned by family members of the Company’s largest shareholder. The agreement permitted the Company to lease an aircraft owned by LPC. During 2013, 2012 and 2011, the Company incurred $0.3 million, $0.3 million and $0.5 million, respectively, pursuant to the lease agreement. | |
On June 3, 2013, an unrelated financial institution purchased the aircraft from LPC pursuant to a purchase agreement between LPC and the Company which the Company assigned to the financial institution. Simultaneously, the financial institution entered into an agreement with the Company to lease the aircraft. In connection with the lease of the aircraft by the Company, the Company and family members of the Company's largest shareholder entered into an agreement that allows those family members to sub-lease the aircraft from the Company from time to time for their personal use. The agreements provide for lease payments that contribute towards the fixed costs associated with the aircraft as well as reimbursement of the Company’s variable costs associated with operation of the aircraft, in compliance with, and to the extent authorized by, applicable regulatory requirements. The terms of the sub-lease agreements are consistent with the terms of sub-lease agreements that the Company has entered into with unrelated third parties for use of the aircraft. During 2013, no amounts were paid to the Company pursuant to this agreement. | |
Through May 2013 (which was the expiration date of the Company's master lease), the Company subleased space in its corporate headquarters complex for use by a non-profit organization. Several family members of the Company's largest shareholder serve as members of the board of directors of this non-profit organization. The Company donated the entire space utilized by the non-profit organization, as a result, no rent payments were received. Upon the expiration of the Company's corporate headquarter lease, the Company provided a $0.1 million contribution to the non-profit organization to defray their costs of transitioning to new office space. | |
The Company maintained a lease agreement on behalf of a family member of the Company’s largest shareholder for 1,950 square feet of office space located in Chevy Chase, Maryland. The lease had a 5 year term ending in 2013 with annual lease payments totaling approximately $72,000. In August 2012, the Company amended the terms of this lease to increase the square footage to 2,154 and extend the lease term until 2016. Annual rent payments under the amended lease terms total approximately $84,000. The Company currently provides use of the entire leased space free of charge and reimburses the family member for the taxes incurred related to the personal use of the office space. These payments total approximately $50,000 per year. | |
In December 2008, the Company's board of directors approved an arrangement with an entity controlled by the family members of the Company's largest shareholder to permit this entity to utilize services of a particular Company employee. Under the terms of the agreement, the related party is permitted to utilize up to 50% of the designated employee's overall working time and in return is required to reimburse the Company for 50% of the Company's overall costs associated with the individual's employment. This arrangement was terminated in January 2013. During the years ended December 31, 2013, 2012 and 2011, the Company received payments pursuant to this arrangement totaling $37 thousand, $0.2 million and $0.2 million, respectively per year. | |
In December 2013, the Company’s board of directors approved an arrangement with an entity controlled by the family members of the Company’s largest shareholder to sublease approximately 2,200 square feet of office space located in Chevy Chase, Maryland. The lease has a month to month term, with a 90 day notice period, and annual lease payments totaling approximately $90,000. During the year ended December 31, 2013, the Company recorded approximately $15,000 in sublease rental income. | |
Transactions with Unconsolidated Joint Ventures | |
In December 2012, the Company entered into a $19.5 million promissory note with Concord 46th NYC, LLC ("Concord"). The Company and Concord are both members in a limited liability company whose sole business and purpose is to develop and operate a Cambria Suites hotel in the borough of Manhattan in New York City ("the Joint Venture"). The proceeds from the promissory note were utilized to partially finance the construction of the Cambria Suites hotel by the Joint Venture. | |
The promissory note matures in two tranches with $9.5 million of the promissory note maturing during the year ended December 31, 2013 and the remaining $10.0 million maturing on the fifth anniversary date of the promissory note. The promissory note bears interest at a fixed rate of interest which increases from 6% to 8% after the completion of the hotel construction. Interest is payable quarterly during the hotel construction and due monthly, thereafter. During the year ended December 31, 2013, the Company was repaid the first tranche of the promissory note or $9.5 million. | |
The promissory note is secured by a pledge of 100% of Concord's membership interests in the Joint Venture. In addition, the members of Concord have unconditionally guaranteed and agreed to be fully and personally liable for the entire outstanding amount of the promissory note. If Concord defaults under the terms of the promissory note, the Company may purchase Concord's interest in the Joint Venture for the sum of one dollar. |
Termination_Charges
Termination Charges | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring and Related Activities [Abstract] | ' |
Termination Charges | ' |
Termination Charges | |
During the year ended December 31, 2013 the Company recorded a $1.7 million charge in SG&A and marketing and reservation expenses related to salary and benefit continuation termination benefits provided to employees separating from service with the Company and remitted approximately $1.1 million of these benefits during the current year. At December 31, 2013, approximately $0.6 million of these salary and benefits continuation payments remain to be remitted. | |
During the year ended December 31, 2012, the Company recorded a $2.9 million charge in SG&A and marketing and reservation expenses related to salary and benefit continuation termination benefits provided to employees separating from service with the Company. During the years ended December 31, 2013 and 2012, the Company remitted $2.2 million and $0.7 million, respectively, related to these salary and benefit continuation benefits and at December 31, 2013 all benefits incurred had been remitted. | |
During the year ended December 31, 2011 , the Company recorded a $6.6 million charge in SG&A and marketing and reservation expenses related to salary and benefit continuation termination benefits provided to employees separating from service with the Company. These expenses include $5.8 million of salary and benefits continuation and $0.8 million related to the acceleration of share-based compensation expense for terminated employees. During the years ended December 31, 2013, 2012 and 2011, the Company remitted $0.7 million, $4.0 million and $1.1 million, respectively, related to the salary and benefit continuation benefits and at December 31, 2013 all benefits incurred had been remitted. | |
At December 31, 2013, approximately $0.6 million of termination benefits remained to be paid and were included in current and non-current liabilities in the Company’s consolidated financial statements. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 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, the Company was added to an ongoing multi-district class action pending in federal court in Dallas, Texas. The lawsuit alleged that several online travel companies and hotel companies have engaged in anti-competitive practices. The complaint sought an unspecified amount of damages and equitable relief. The Company, along with other defendants, disputed the allegations and vigorously defended itself against these claims. On February 18, 2014, the court granted the defendants’ motion to dismiss the lawsuit without prejudice. The plaintiffs have 30 days to petition the court to refile their claim with additional facts. The Company does not currently believe this litigation will have a material effect on its 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 VIE'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. | |
On November 15, 2013, the Company entered into a limited payment guaranty with regards to a VIE's $46.2 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 unconditionally guarantee and become surety for the full and timely payment of the guaranteed outstanding principal balance, as well as any unpaid expenses incurred by the lender. The guarantee is limited to 25% of the outstanding principal balance of the $46.2 million loan due at any time. The limited guaranty shall remain in effect until the maximum amount guaranteed by the Company is repaid in full. The maturity date of the VIE's loan is May 2017. | |
Commitments | |
The Company has the following commitments outstanding: | |
•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 December 31, 2013, the Company had commitments to extend an additional $13.2 million for these purposes provided certain conditions are met by its franchisees, of which $7.9 million is expected to be advanced in the next twelve months. | |
•The Company has committed to make additional capital contributions totaling $4.1 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. | |
•The Company has a property improvement incentive program for its domestic Comfort Inn and Comfort Suites hotels to incent hotel owners to renovate their properties to accelerate improvement of the brand's product quality and consistency, guest satisfaction and brand performance. The Company has committed to provide financing in the form of forgivable promissory notes to qualifying domestic hotels for a portion of their Company approved and completed property improvement expenses. Financing will be provided upon the completion and Company certification of the renovations. At December 31, 2013, the Company had commitments to extended $32.0 million for this purpose provided certain conditions are met by its franchisees. These commitments are expected to be funded in the next twelve months. | |
•The Company has committed to loan monies totaling approximately $3.3 million to support the construction of a hotel under the Company's Cambria Suites brand. This commitment is 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. |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 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 has and will 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 years ended December 31 ,2013, 2012 and 2011 presented in these Consolidated Financial Statements reflect these three Company-owned hotels as discontinued operations. All prior period amounts have been recast as appropriate. Unless noted otherwise, discussion in the notes to the consolidated financial statements pertain to continuing operations. Summarized financial information related to the discontinued operations is as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Revenues | |||||||||||||
Hotel operations | $ | 4,774 | $ | 4,573 | $ | 4,356 | |||||||
Total revenues | 4,774 | 4,573 | 4,356 | ||||||||||
Operating Expenses | |||||||||||||
Hotel operations | 3,678 | 3,505 | 3,466 | ||||||||||
Depreciation and amortization | 526 | 535 | 527 | ||||||||||
Total operating expenses | 4,204 | 4,040 | 3,993 | ||||||||||
Income from discontinued operations before income taxes | 570 | 533 | 363 | ||||||||||
Income taxes | 211 | 198 | 135 | ||||||||||
Income from discontinued operations, net of income taxes | $ | 359 | $ | 335 | $ | 228 | |||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
(In thousands) | |||||||||||||
Cash | $ | 550 | $ | 387 | |||||||||
Receivables, net | 106 | 206 | |||||||||||
Other current assets | 223 | 192 | |||||||||||
Income taxes receivable | 20 | — | |||||||||||
Total current assets | 899 | 785 | |||||||||||
Property and equipment, at cost, net | 8,816 | 9,220 | |||||||||||
Total assets | 9,715 | 10,005 | |||||||||||
Accounts payable | 425 | 403 | |||||||||||
Accrued expenses | 10 | 10 | |||||||||||
Income taxes payable | — | — | |||||||||||
Total liabilities | 435 | 413 | |||||||||||
Net assets of discontinued operations | $ | 9,280 | $ | 9,592 | |||||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data - (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Data - (Unaudited) | ' | |||||||||||||||||||
Quarterly Financial Data—(Unaudited) | ||||||||||||||||||||
The financial statements information presented below has been restated and revised to correct errors related to the Company’s accounting for it's historical practice of reporting royalty and certain marketing and reservation fees one month in arrears as described in Note 1 to the consolidated financial statements and other immaterial items. In addition, the Company's results of operations have been recast to reflect discontinued operations related to the Company's plan to dispose of the three Company owned Mainstay Suites hotels entered into in the first quarter of 2014. | ||||||||||||||||||||
First | Second | Third | Fourth | 2013 | ||||||||||||||||
Quarter (Restated) | Quarter (Restated) | Quarter (Restated) | Quarter (Restated) | |||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Revenues | $ | 148,171 | $ | 190,930 | $ | 216,718 | $ | 168,831 | $ | 724,650 | ||||||||||
Operating income | $ | 37,139 | $ | 54,739 | $ | 63,228 | $ | 41,142 | $ | 196,248 | ||||||||||
Income from continuing operations before income taxes | $ | 27,582 | $ | 44,504 | $ | 54,271 | $ | 32,315 | $ | 158,672 | ||||||||||
Income from continuing operations, net of income taxes | $ | 19,776 | $ | 31,624 | $ | 38,573 | $ | 23,377 | $ | 113,350 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (33 | ) | $ | 183 | $ | 143 | $ | 66 | $ | 359 | |||||||||
Net income | $ | 19,743 | $ | 31,807 | $ | 38,716 | $ | 23,443 | $ | 113,709 | ||||||||||
Per basic share: | ||||||||||||||||||||
Continuing Operations | $ | 0.34 | $ | 0.54 | $ | 0.66 | $ | 0.4 | $ | 1.94 | ||||||||||
Discontinued Operations | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Per diluted share: | ||||||||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.54 | $ | 0.65 | $ | 0.4 | $ | 1.92 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | 0.01 | $ | — | $ | 0.01 | ||||||||||
First | Second | Third | Fourth | 2012 | ||||||||||||||||
Quarter (Restated) | Quarter (Restated) | Quarter (Restated) | Quarter (Restated) | |||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Revenues | $ | 141,550 | $ | 180,888 | $ | 205,271 | $ | 165,019 | $ | 692,728 | ||||||||||
Operating income | $ | 37,746 | $ | 55,334 | $ | 62,374 | $ | 38,026 | $ | 193,480 | ||||||||||
Income from continuing operations before income taxes | $ | 36,914 | $ | 51,683 | $ | 52,789 | $ | 28,120 | $ | 169,506 | ||||||||||
Income from continuing operations, net of income taxes | $ | 23,766 | $ | 34,236 | $ | 42,637 | $ | 20,639 | $ | 121,278 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | 25 | $ | 138 | $ | 107 | $ | 65 | $ | 335 | ||||||||||
Net income | $ | 23,791 | $ | 34,374 | $ | 42,744 | $ | 20,704 | $ | 121,613 | ||||||||||
Per basic share: | ||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | 0.59 | $ | 0.74 | $ | 0.36 | $ | 2.09 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Per diluted share: | ||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | 0.59 | $ | 0.73 | $ | 0.35 | $ | 2.08 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||||
The matters which affect the comparability of the quarterly results include the following: | ||||||||||||||||||||
• | Seasonality: The Company’s revenues and operating income reflect the industry’s seasonality and as a result are lower in the first and fourth quarters and higher in the second and third quarters. | |||||||||||||||||||
• | Investment income and losses: The Company’s net income reflects gains and losses related to the Company’s investments held in non-qualified retirement plans and are subject to market conditions. | |||||||||||||||||||
• | Year Ended December 31, 2012 results: | |||||||||||||||||||
• | Loss on Settlement of a Pension Plan: During the fourth quarter of 2012, the Company recorded a $1.8 million loss on the settlement of a pension plan consisting primarily of the recognition of previously unrecognized actuarial losses which had been recorded as a component of the Company's accumulated other comprehensive loss on the Company's consolidated balance sheets. | |||||||||||||||||||
• | Income taxes: The Company's third quarter 2012 income taxes reflect a $4.5 million benefit related to a change in estimate of the benefit from foreign operations. |
Future_Adoption_Of_Accounting_
Future Adoption Of Accounting Standards | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes and Error Corrections [Abstract] | ' |
Future Adoption Of Accounting Standards | ' |
Future Adoption of Accounting Standards | |
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 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 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. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On February 11, 2014, the Company sold a Mainstay hotel located in Brentwood, Tennessee for $4.6 million. The sale of the property included all fixtures, furnishings and equipment located in the hotel and all other assets, rights and property pertaining to the ownership and operation of the Mainstay. | |
On February 28, 2014, the Company's board of directors declared a quarterly cash dividend of $0.185 per share of common stock. The dividend is payable on April 18, 2014 to shareholders of record on April 4, 2014. |
Schedule_IIValuation_And_Quali
Schedule II-Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | |||||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | |||||||||||||||
CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES | ||||||||||||||||
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
(In thousands of dollars) | ||||||||||||||||
Description | Balance at Beginning of Period | Additions/Charges to Profit & Loss | Recoveries/Write offs | Balance at End of Period | ||||||||||||
Accounts Receivable: | ||||||||||||||||
Year ended December 31, 2013 Allowance for Doubtful Accounts | $ | 11,658 | $ | 4,708 | $ | (4,179 | ) | $ | 12,187 | |||||||
Year ended December 31, 2012 Allowance for Doubtful Accounts | $ | 10,771 | $ | 4,787 | $ | (3,900 | ) | $ | 11,658 | |||||||
Year ended December 31, 2011 Allowance for Doubtful Accounts | $ | 9,893 | $ | 4,884 | $ | (4,006 | ) | $ | 10,771 | |||||||
Notes Receivable: | ||||||||||||||||
Year ended December 31, 2013 Allowance for Doubtful Accounts | $ | 10,550 | $ | 1,668 | $ | (672 | ) | $ | 11,546 | |||||||
Year ended December 31, 2012 Allowance for Doubtful Accounts | $ | 9,228 | $ | 1,735 | $ | (413 | ) | $ | 10,550 | |||||||
Year ended December 31, 2011 Allowance for Doubtful Accounts | $ | 10,026 | $ | 982 | $ | (1,780 | ) | $ | 9,228 | |||||||
Company_Information_and_Summar1
Company Information and Summary of Significant Accounting Policies (Policy) | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Revenue Recognition | ' | |
Revenue Recognition | ||
The Company enters into franchise agreements to provide franchisees with various marketing services, a centralized reservation system and limited non-exclusive rights to utilize the Company’s registered trade names and trademarks. These agreements typically have an initial term from ten to twenty years with provisions permitting franchisees or the Company to terminate after five, ten, or fifteen years under certain circumstances. In most instances, initial franchise and relicensing fees are recognized upon execution of the franchise agreement because the initial franchise and relicensing fees are non-refundable and the Company is not required to provide initial services to the franchisee prior to hotel opening. The initial franchise and relicensing fees related to executed franchise agreements which include incentives, such as future potential cash rebates or forgivable promissory notes, are deferred and recognized when the incentive criteria are met or the agreement is terminated, whichever occurs first. | ||
The Company may also enter into master development agreements ("MDAs") with developers that grant limited exclusive development rights and preferential franchise agreement terms for one-time, non-refundable fees. When these fees are not contingent upon the number of agreements executed under the MDA, the Company recognizes these up-front fees pro-rata over the MDAs’ contractual life. Fees that are contingent upon the execution of franchise agreements under the MDA are recognized as the franchise agreements are executed. | ||
Royalty and marketing and reservation system revenues, which are typically based on a percentage of gross room revenues or the number of hotel rooms of each franchisee, are recorded when earned and realizable from the franchisee. Franchise fees based on a percentage of gross room revenues are recognized in the same period that the underlying gross room revenues are earned by the Company's franchisees. An estimate of uncollectible revenue is charged to bad debt expense and included in selling, general and administrative ("SG&A") and marketing and reservation expenses in the accompanying consolidated statements of income. | ||
The Company generates procurement services revenues from qualified vendors. Procurement services revenues are generally earned based on the level of goods or services purchased from qualified vendors by hotel franchise owners and hotel guests who stay in the Company’s franchised hotels or based on marketing services provided by the Company on behalf of the qualified vendors to hotel owners and guests. The Company recognizes procurement services revenues when the services are performed or the product is delivered, evidence of an arrangement exists, the fee is fixed and determinable and collectibility is probable. The Company defers the recognition of procurement services’ revenues related to upfront fees. Such upfront fees are generally recognized over a period corresponding to the Company’s estimate of the life of the arrangement. | ||
Marketing and Reservation Revenues and Expenses | ' | |
Marketing and Reservation Revenues and Expenses | ||
The Company’s franchise agreements require the payment of certain marketing and reservation system fees, which are used exclusively by the Company for expenses associated with providing franchise services such as national marketing, media advertising, central reservation systems and technology services. The Company is contractually obligated to expend the marketing and reservation system revenue it collects from franchisees in accordance with the franchise agreements; as such, no income or loss to the Company is generated. In accordance with the franchise agreements, the Company includes in marketing and reservation expenses an allocation of costs for certain activities, such as human resources, facilities, legal, accounting, etc., required to carry out marketing and reservation activities. | ||
The Company records marketing and reservation system revenues and expenses on a gross basis since the Company is the primary obligor in the arrangement, maintains the credit risk, establishes the price and nature of the marketing or reservation services and retains discretion in supplier selection. In addition, net advances to and recoveries from the franchise system for marketing and reservation activities are presented as cash flows from operating activities. | ||
Marketing and reservation system revenues not expended in the current year are recorded as a liability in the Company's balance sheet and are carried over to the next fiscal year and expended in accordance with the franchise agreements. Shortfall amounts are recorded as an asset in the Company's balance sheet, with a corresponding reduction in costs, and are similarly recovered in subsequent years. Under the terms of the franchise agreements, the Company may advance capital and incur costs as necessary for marketing and reservation activities and recover such advances through future fees. The Company’s current assessment is that the credit risk associated with the cumulative cost advances for marketing and reservation system activities is mitigated due to the contractual right to recover these amounts from a large geographically dispersed group of franchisees. | ||
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 collect all 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 was fully recoverable and as a result no reserve for possible losses was recorded. | ||
Choice Privileges is the Company’s frequent guest incentive marketing program. Choice Privileges enables members to earn points based on their spending levels with franchisees and, to a lesser degree, through participation in affiliated partners’ programs, such as those offered by credit card companies. The points, which the Company accumulates and tracks on the members’ behalf, may be redeemed for free accommodations or other benefits. | ||
The Company provides Choice Privileges as a marketing program to franchised hotels and collects a percentage of program members’ room revenue from franchises to operate the program. Revenues are deferred in an amount equal to the estimated fair value of the future redemption obligation. The Company develops an estimate of the eventual redemption rates and point values using various actuarial methods. These judgmental factors determine the required liability attributable to outstanding points. Upon redemption of points, the Company recognizes the previously deferred revenue as well as the corresponding expense relating to the cost of the awards redeemed. Revenues in excess of the estimated future redemption obligation are recognized when earned to reimburse the Company for costs incurred to operate the program, including administrative costs, marketing, promotion, and performing member services. | ||
Accounts Receivable and Credit Risk | ' | |
Accounts Receivable and Credit Risk | ||
Accounts receivable consist primarily of franchise and related fees due from hotel franchises and are recorded at the invoiced amount. The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the existing accounts receivable. The Company determines the allowance considering historical write-off experience and a review of aged receivable balances. However, the Company considers its credit risk associated with trade receivables to be partially mitigated due to the dispersion of these receivables across a large number of geographically diverse franchisees. | ||
The Company records bad debt expense in SG&A and marketing and reservation expenses in the accompanying consolidated statements of income based on its assessment of the ultimate realizability of trade receivables considering historical collection experience and the economic environment. When the Company determines that an account is not collectible, the account is written-off to the associated allowance for doubtful accounts. | ||
Advertising Costs | ' | |
Advertising Costs | ||
The Company expenses advertising costs as the advertising occurs. Advertising expense was $84.7 million, $79.7 million and $73.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Prepaid advertising at December 31, 2013 and 2012 totaled $0.2 million and $0.5 million, respectively and is included within other current assets in the accompanying consolidated balance sheets. The Company includes advertising costs primarily in marketing and reservation expenses on the accompanying consolidated statements of income. | ||
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. At both December 31, 2013 and 2012, the Company had book overdrafts totaling $5.0 million which are included in accounts payable in the accompanying consolidated balance sheets. These book overdrafts represent outstanding checks in excess of funds on deposit. | ||
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, the Company also maintains cash balances in international banks which do not provide deposit insurance. | ||
Capitalization Policies | ' | |
Capitalization Policies | ||
Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or their useful lives. Major renovations and replacements incurred during construction are capitalized. Additionally, the Company capitalizes any interest incurred during construction; however, for the years ended December 31, 2013 and 2012, no interest was capitalized. Upon sale or retirement of property, the cost and related accumulated depreciation are eliminated from the accounts and any related gain or loss is recognized in the accompanying consolidated statements of income. Maintenance, repairs and minor replacements are charged to expense as incurred. | ||
Costs for computer software developed for internal use are capitalized during the application development stage and depreciated using the straight-line method over the estimated useful lives of the software. | ||
Leased property meeting certain capital lease criteria is capitalized and the present value of the related lease payments is recorded as a liability. The present value of the minimum lease payments are calculated utilizing the lower of the Company’s incremental borrowing rate or the lessor’s interest rate implicit in the lease, if known by the Company. Amortization of capitalized leased assets is computed utilizing the straight-line method over either the shorter of the estimated useful life of the asset or the initial lease term and included in depreciation and amortization in the Company's consolidated statements of income. However, if the lease meets the bargain purchase or transfer of ownership criteria the asset shall be amortized in accordance with the Company’s normal depreciation policy for owned assets. | ||
Assets Held For Sale | ' | |
Assets Held for Sale | ||
The Company considers property to be assets held for sale when all of the following criteria are met: | ||
• | Management commits to a plan to sell an asset; | |
• | It is unlikely that the disposal plan will be significantly modified or discontinued; | |
• | The asset is available for immediate sale in its present condition; | |
• | Actions required to complete the sale of the asset have been initiated; | |
• | Sale of the asset is probable and the Company expects the completed sale will occur within one year; and | |
• | The asset is actively being marketed for sale at a price that is reasonable given its current market value. | |
Upon designation as an asset held for sale, the Company records the carrying value of each asset at the lower of its carrying value or its estimated fair value, less estimated costs to sell, and ceases recording depreciation. If at any time these criteria are no longer met, subject to certain exceptions, the assets previously classified as held for sale are reclassified as held and used and measured individually at the lower of the following: | ||
a. | the carrying amount before the asset was classified as held for sale, adjusted for any depreciation (amortization) expense that would have been recognized had the asset been continuously classified as held and used; | |
b. | the fair value at the date of the subsequent decision not to sell. | |
Valuation of Intangibles and Long-Lived Assets | ' | |
Valuation of Intangibles and Long-Lived Assets | ||
The Company evaluates the potential impairment of property and equipment and other long-lived assets, including franchise rights and other definite-lived intangibles, on an annual basis or whenever an event or other circumstances indicates that the Company may not be able to recover the carrying value of the asset. Recoverability is measured based on net, undiscounted expected cash flows. Assets are considered to be impaired if the net, undiscounted expected cash flows are less than the carrying amount of the assets. Impairment charges are recorded based upon the difference between the carrying value and the fair value of the asset. During the year ended December 31, 2012, the Company recognized an impairment loss totaling $0.2 million on the franchise rights recorded in conjunction with its India acquisition. The franchise rights were determined to be impaired as the net, undiscounted expected cash flows were less than the carrying amount of the assets. The Company did not record any impairment of long-lived assets during the years ended December 31, 2013 and 2011. Significant management judgment is involved in developing these projections, and they include inherent uncertainties. If different projections had been used in the current period, the balances for non-current assets could have been materially impacted. Furthermore, if management uses different projections or if different conditions occur in future periods, future-operating results could be materially impacted. | ||
The Company evaluates the impairment of goodwill and trademarks with indefinite lives on an annual basis, or during the year if an event or other circumstance indicates that the Company may not be able to recover the carrying amount of the asset. In evaluating these assets for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the conclusion is that it is not more likely than not that the fair value of the reporting unit is less than its carrying value, then no further testing is required. If the conclusion is that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a two-step impairment test is performed. The fair value of the Company's net assets is used to determine if goodwill may be impaired. Indefinite life trademarks are considered to be impaired if the net, undiscounted expected cash flows associated with the trademark are less than their carrying amount. During the year ended December 31, 2012, the Company recognized an impairment loss totaling $0.2 million on the goodwill recorded in conjunction with its India acquisition. Based on the Company's assessment, it was determined that the fair value of the Company's Indian subsidiary, was less than its carrying value resulting in the recognition of an impairment loss equal to the gross amount of the goodwill. The Company did not record any impairment of goodwill or trademarks with indefinite lives during the years ended December 31, 2013 and 2011. | ||
Variable Interest Entities | ' | |
Variable Interest Entities | ||
In accordance with the guidance for the consolidation of variable interest entities, the Company analyzes its variable interests, including loans, guarantees, and equity investments, to determine if the entity in which the Company has a variable interest is a variable interest entity. The analysis includes both quantitative and qualitative reviews. For those entities determined to have variable interests, a further quantitative and qualitative analysis is performed to determine if the Company will be deemed the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity that most significantly impact the entity's economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. The Company consolidates those entities in which it is determined to be the primary beneficiary. | ||
Value of Investments in Ventures | ' | |
Valuation of Investments in Ventures | ||
The Company evaluates an investment in a venture for impairment when circumstances indicate that the carrying value may not be recoverable, for example due to loan defaults, significant under performance relative to historical or projected operating performance, and significant negative industry or economic trends. When there is indication that a loss in value has occurred, the Company evaluates the carrying value compared to the estimated fair value of the investment. Fair value is based upon internally developed discounted cash flow models, third-party appraisals, and if appropriate, current estimated net sales proceeds from pending offers. If the estimated fair value is less than carrying value, management uses its judgment to determine if the decline in value is other-than-temporary. In determining this, the Company consider factors including, but not limited to, the length of time and extent of the decline, loss of values as a percentage of the cost, financial condition and near-term financial projections, the Company's intent and ability to recover the lost value and current economic conditions. For investments that are deemed other-than-temporary, impairments are charged to earnings. | ||
Sales Taxes | ' | |
Sales Taxes | ||
The Company presents taxes collected from customers and remitted to governmental authorities on a net basis and therefore they are excluded from revenues in the consolidated financial statements. | ||
Foreign Operations | ' | |
Foreign Operations | ||
The United States dollar is the functional currency of the consolidated entities operating in the United States. The functional currency for the consolidated entities operating outside of the United States is generally the currency of the primary economic environment in which the entity primarily generates and expends cash. The Company translates the financial statements of consolidated entities whose functional currency is not the United States dollar into United States dollars. The Company translates assets and liabilities at the exchange rate in effect as of the financial statement date and translates income statement accounts using the weighted average exchange rate for the period. The Company includes translation adjustments from foreign exchange and the effect of exchange rate changes on inter-company transactions of a long-term investment nature as a separate component of shareholders’ deficit. The Company reports foreign currency transaction gains and losses and the effect of inter-company transactions of a short-term or trading nature in SG&A expenses on the consolidated statements of income. Foreign currency transaction gains and losses for the years ended December 31, 2013, 2012 and 2011 were a $0.4 million loss, $0.1 million gain and a $1.4 million loss, respectively. | ||
Derivatives | ' | |
Derivatives | ||
The Company periodically uses derivative instruments as part of its overall strategy to manage exposure to market risks associated with fluctuations in interest rates. All outstanding derivative financial instruments are recognized at their fair values as assets or liabilities. The impact on earnings from recognizing the fair values of these instruments depends on their intended use, their hedge designation and their effectiveness in offsetting changes in the fair values of the exposures they are hedging. The Company does not use derivatives for trading purposes. | ||
The effective portion of changes in fair value of derivatives designated as cash flow hedging instruments are recorded as a component of accumulated other comprehensive income (loss) and the ineffective portion is reported currently in earnings. The amounts included in accumulated other comprehensive income are reclassified into earnings in the same period during which the hedged item affects earnings. Amounts reported in earnings are classified consistent with the item being hedged. | ||
The Company formally documents all relationships between its hedging instruments and hedged items at inception, including its risk management objective and strategy for establishing various hedge relationships. Cash flows from hedging instruments are classified in the consolidated statements of cash flows consistent with the items being hedged. | ||
Hedge accounting is discontinued prospectively when (i) the derivative instrument is no longer effective in offsetting changes in fair value or cash flows of the underlying hedged item, (ii) the derivative instrument expires, is sold, terminated or exercised, or (iii) designating the derivative instrument as a hedge is no longer appropriate. The effectiveness of derivative instruments is assessed at inception and on an ongoing basis. | ||
Guarantees | ' | |
Guarantees | ||
The Company has historically issued certain guarantees to support the growth of its brands. A liability is recognized for the fair value of such guarantees upon inception of the guarantee and upon any subsequent modification, such as renewals, when the Company remains contingently liable. The fair value of a guarantee is the estimated amount at which the liability could be settled in a current transaction between willing unrelated parties. The Company evaluates these guarantees on a quarterly basis. |
Company_Information_and_Summar2
Company Information and Summary of Significant Accounting Policies Schedule of Error Corrections and Prior Period Adjustments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedules of Revisions to Prior Period Financial Statements | ' | |||||||||||||||||||||||||||||||
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 this annual financial report. In addition, these amounts have been adjusted to reflect the Company's discontinued operations reported in the first quarter of 2014. | ||||||||||||||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
As Previously Reported | Discontinued Operations | Adjustment | As Revised | As Previously Reported | Discontinued Operations | Adjustment | As Revised | |||||||||||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Royalty fees | $ | 267,229 | $ | — | $ | 583 | $ | 267,812 | $ | 260,782 | $ | — | $ | 898 | $ | 261,680 | ||||||||||||||||
Marketing and reservation revenues | 403,099 | — | 4,534 | 407,633 | 384,784 | — | 4,894 | 389,678 | ||||||||||||||||||||||||
Hotel operations | 4,774 | (4,774 | ) | — | — | 4,573 | (4,573 | ) | — | — | ||||||||||||||||||||||
Total revenues | 724,307 | (4,774 | ) | 5,117 | 724,650 | 691,509 | (4,573 | ) | 5,792 | 692,728 | ||||||||||||||||||||||
Selling, general and administrative | 113,567 | — | (1,854 | ) | 111,713 | 101,852 | — | 27 | 101,879 | |||||||||||||||||||||||
Depreciation and amortization | 9,469 | (526 | ) | 113 | 9,056 | 8,226 | (535 | ) | — | 7,691 | ||||||||||||||||||||||
Marketing and reservation expenses | 403,099 | — | 4,534 | 407,633 | 384,784 | — | 4,894 | 389,678 | ||||||||||||||||||||||||
Hotel operations | 3,678 | (3,678 | ) | — | — | 3,505 | (3,505 | ) | — | — | ||||||||||||||||||||||
Total operating expenses | 529,813 | (4,204 | ) | 2,793 | 528,402 | 498,367 | (4,040 | ) | 4,921 | 499,248 | ||||||||||||||||||||||
Operating income | 194,494 | (570 | ) | 2,324 | 196,248 | 193,142 | (533 | ) | 871 | 193,480 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 156,918 | (570 | ) | 2,324 | 158,672 | 169,168 | (533 | ) | 871 | 169,506 | ||||||||||||||||||||||
Income taxes | 44,317 | (211 | ) | 1,216 | 45,322 | 48,481 | (198 | ) | (55 | ) | 48,228 | |||||||||||||||||||||
Income from continuing operations, net of income taxes | 112,601 | (359 | ) | 1,108 | 113,350 | 120,687 | (335 | ) | 926 | 121,278 | ||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 1.92 | — | $ | 0.02 | $ | 1.94 | $ | 2.08 | — | $ | 0.01 | $ | 2.09 | ||||||||||||||||||
Diluted earnings per share, continuing operations | $ | 1.91 | (0.01 | ) | $ | 0.02 | $ | 1.92 | $ | 2.07 | (0.01 | ) | $ | 0.02 | $ | 2.08 | ||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
As Previously Reported | Discontinued Operations | Adjustment | As Revised | |||||||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Royalty fees | $ | 245,426 | $ | — | $ | 1,049 | $ | 246,475 | ||||||||||||||||||||||||
Marketing and reservation revenues | 349,036 | — | 5,116 | 354,152 | ||||||||||||||||||||||||||||
Hotel operations | 4,356 | (4,356 | ) | — | — | |||||||||||||||||||||||||||
Total revenues | 638,793 | (4,356 | ) | 6,165 | 640,602 | |||||||||||||||||||||||||||
Selling, general and administrative | 106,404 | — | 32 | 106,436 | ||||||||||||||||||||||||||||
Depreciation and amortization | 8,024 | (527 | ) | — | 7,497 | |||||||||||||||||||||||||||
Marketing and reservation expenses | 349,036 | — | 5,116 | 354,152 | ||||||||||||||||||||||||||||
Hotel operations | 3,466 | (3,466 | ) | — | — | |||||||||||||||||||||||||||
Total operating expenses | 466,930 | (3,993 | ) | 5,148 | 468,085 | |||||||||||||||||||||||||||
Operating income | 171,863 | (363 | ) | 1,017 | 172,517 | |||||||||||||||||||||||||||
Income from continuing operations before income taxes | 158,057 | (363 | ) | 1,017 | 158,711 | |||||||||||||||||||||||||||
Income taxes | 47,661 | (135 | ) | 352 | 47,878 | |||||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 110,396 | (228 | ) | 665 | 110,833 | |||||||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 1.86 | $ | (0.01 | ) | $ | 0.01 | $ | 1.86 | |||||||||||||||||||||||
Diluted earnings per share, continuing operations | $ | 1.85 | $ | (0.01 | ) | $ | 0.02 | $ | 1.86 | |||||||||||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Receivables | $ | 53,521 | $ | 28,864 | $ | 82,385 | $ | 52,270 | $ | 27,729 | $ | 79,999 | ||||||||||||||||||||
Income taxes receivable | — | — | — | 2,732 | (531 | ) | 2,201 | |||||||||||||||||||||||||
Deferred income taxes | 7,220 | 19,464 | 26,684 | 4,136 | 22,062 | 26,198 | ||||||||||||||||||||||||||
Total current assets | 258,646 | 48,328 | 306,974 | 233,470 | 49,260 | 282,730 | ||||||||||||||||||||||||||
Property and equipment, at cost, net | 66,092 | 1,760 | 67,852 | 51,651 | — | 51,651 | ||||||||||||||||||||||||||
Advances, marketing and reservation activities | 19,127 | (13,283 | ) | 5,844 | 42,179 | (12,712 | ) | 29,467 | ||||||||||||||||||||||||
Deferred income taxes | 20,282 | (20,282 | ) | — | 15,418 | (15,418 | ) | — | ||||||||||||||||||||||||
Total assets | 539,899 | 16,523 | 556,422 | 510,772 | 21,130 | 531,902 | ||||||||||||||||||||||||||
Deferred income taxes | — | 5,149 | 5,149 | — | 10,864 | 10,864 | ||||||||||||||||||||||||||
Total liabilities | 1,004,144 | 5,149 | 1,009,293 | 1,059,676 | 10,864 | 1,070,540 | ||||||||||||||||||||||||||
Retained earnings | 341,649 | 11,374 | 353,023 | 272,260 | 10,266 | 282,526 | ||||||||||||||||||||||||||
Total shareholders' deficit | (464,245 | ) | 11,374 | (452,871 | ) | (548,904 | ) | 10,266 | (538,638 | ) | ||||||||||||||||||||||
Total liabilities and shareholders' deficit | 539,899 | 16,523 | 556,422 | 510,772 | 21,130 | 531,902 | ||||||||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||||||||||
Net income | $ | 112,601 | $ | 1,108 | $ | 113,709 | $ | 120,687 | $ | 926 | $ | 121,613 | ||||||||||||||||||||
Depreciation and amortization | 9,469 | 113 | 9,582 | 8,226 | — | 8,226 | ||||||||||||||||||||||||||
Provision for bad debts, net | 2,724 | 19 | 2,743 | 2,896 | 27 | 2,923 | ||||||||||||||||||||||||||
Deferred income taxes | (8,024 | ) | 1,747 | (6,277 | ) | (540 | ) | (586 | ) | (1,126 | ) | |||||||||||||||||||||
Receivables | (6,730 | ) | (1,169 | ) | (7,899 | ) | (5,239 | ) | (1,568 | ) | (6,807 | ) | ||||||||||||||||||||
Advances to/from marketing and reservations, net | 42,405 | 586 | 42,991 | 30,313 | 670 | 30,983 | ||||||||||||||||||||||||||
Income taxes payable/receivable | 4,807 | (531 | ) | 4,276 | (3,193 | ) | 531 | (2,662 | ) | |||||||||||||||||||||||
Net cash provided by operating activities | 152,040 | 1,873 | 153,913 | 150,122 | — | 150,122 | ||||||||||||||||||||||||||
Investing Activities | ||||||||||||||||||||||||||||||||
Investment in property and equipment | (31,524 | ) | (1,873 | ) | (33,397 | ) | (15,443 | ) | — | (15,443 | ) | |||||||||||||||||||||
Net cash used in investing activities | (27,549 | ) | (1,873 | ) | (29,422 | ) | (47,101 | ) | — | (47,101 | ) | |||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||||||||||
Net income | $ | 110,396 | $ | 665 | $ | 111,061 | ||||||||||||||||||||||||||
Provision for bad debts, net | 2,160 | 32 | 2,192 | |||||||||||||||||||||||||||||
Deferred income taxes | 5,514 | 352 | 5,866 | |||||||||||||||||||||||||||||
Receivables | (7,785 | ) | (1,979 | ) | (9,764 | ) | ||||||||||||||||||||||||||
Advances to/from marketing and reservations, net | 623 | 930 | 1,553 | |||||||||||||||||||||||||||||
Net cash provided by operating activities | 131,369 | — | 131,369 | |||||||||||||||||||||||||||||
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 the affected periods included in these Consolidated Financial Statements: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
Net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Forgivable notes receivable, net | $ | — | $ | (10,898 | ) | $ | (10,898 | ) | $ | — | $ | (3,475 | ) | $ | (3,475 | ) | ||||||||||||||||
Net cash provided by operating activities | 161,020 | (10,898 | ) | 150,122 | 134,844 | (3,475 | ) | 131,369 | ||||||||||||||||||||||||
Net cash used in investing activities: | ||||||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (34,925 | ) | 11,189 | (23,736 | ) | (12,766 | ) | 3,539 | (9,227 | ) | ||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 3,561 | (291 | ) | 3,270 | 4,754 | (64 | ) | 4,690 | ||||||||||||||||||||||||
Net cash used in investing activities | (57,999 | ) | 10,898 | (47,101 | ) | (23,804 | ) | 3,475 | (20,329 | ) | ||||||||||||||||||||||
The following tables present the effect of the correction on select line items included in the Parent and Guarantor's Condensed Consolidating Statement of Cash Flows for the years ended December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantor | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 90,690 | $ | (2 | ) | $ | 90,688 | $ | 29,087 | $ | (10,896 | ) | $ | 18,191 | ||||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (23,737 | ) | 1 | (23,736 | ) | (11,188 | ) | 11,188 | — | |||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 3,269 | 1 | 3,270 | 292 | (292 | ) | — | |||||||||||||||||||||||||
Net cash used in investing activities | (28,305 | ) | 2 | (28,303 | ) | (29,756 | ) | 10,896 | (18,860 | ) | ||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
Parent | Guarantor | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 120,964 | $ | (114 | ) | $ | 120,850 | $ | (7,122 | ) | $ | (3,361 | ) | $ | (10,483 | ) | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (9,341 | ) | 114 | (9,227 | ) | (3,425 | ) | 3,425 | — | |||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 4,690 | — | 4,690 | 64 | (64 | ) | — | |||||||||||||||||||||||||
Net cash used in investing activities | (6,406 | ) | 114 | (6,292 | ) | (12,019 | ) | 3,361 | (8,658 | ) | ||||||||||||||||||||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Assets, Current [Abstract] | ' | |||||||
Schedule Of Other Current Assets | ' | |||||||
Other current assets consist of the following at: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Notes receivable (See Note 3) | $ | 12,816 | $ | 14,415 | ||||
Prepaid expenses | 13,746 | 10,694 | ||||||
Land held for sale | — | 8,541 | ||||||
Other current assets | 3,148 | 3,019 | ||||||
Total | $ | 29,710 | $ | 36,669 | ||||
Notes_Receivable_And_Allowance1
Notes Receivable And Allowance For Losses (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Accounts and Notes Receivable, Net [Abstract] | ' | |||||||||||||||||||||||
Past due balances of mezzanine and other notes receivable by credit quality indicators | ' | |||||||||||||||||||||||
Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows: | ||||||||||||||||||||||||
30-89 days | > 90 days | Total | Current | Total Mezzanine and Other | ||||||||||||||||||||
Past Due | Past Due | Past Due | Notes Receivables | |||||||||||||||||||||
As of December 31, 2013 | (In thousands) | |||||||||||||||||||||||
Senior | $ | — | $ | — | $ | — | $ | 18,052 | $ | 18,052 | ||||||||||||||
Subordinated | — | 9,629 | 9,629 | 4,523 | 14,152 | |||||||||||||||||||
Unsecured | — | 47 | 47 | 3,358 | 3,405 | |||||||||||||||||||
$ | — | $ | 9,676 | $ | 9,676 | $ | 25,933 | $ | 35,609 | |||||||||||||||
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 year ended December 31, 2013 and 2012 is as follows: | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Balance, Beginning of Year | $ | 1,161 | $ | 1,793 | ||||||||||||||||||||
Additions | — | — | ||||||||||||||||||||||
Accretion | (579 | ) | (632 | ) | ||||||||||||||||||||
Disposals | — | — | ||||||||||||||||||||||
Reclassifications from nonaccretable yield | — | — | ||||||||||||||||||||||
Balance, End of Year | $ | 582 | $ | 1,161 | ||||||||||||||||||||
Schedule of notes receivable | ' | |||||||||||||||||||||||
A summary of the Company's notes receivable and related allowances are as follows: | ||||||||||||||||||||||||
December 31, 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 | $ | — | $ | 18,052 | $ | 18,052 | $ | — | $ | 27,549 | $ | 27,549 | ||||||||||||
Subordinated | — | 14,152 | 14,152 | — | 15,019 | 15,019 | ||||||||||||||||||
Unsecured | 20,625 | 3,405 | 24,030 | 16,235 | 1,265 | 17,500 | ||||||||||||||||||
Total notes receivable | 20,625 | 35,609 | 56,234 | 16,235 | 43,833 | 60,068 | ||||||||||||||||||
Allowance for losses on non-impaired loans | 1,650 | 1,607 | 3,257 | 1,623 | 638 | 2,261 | ||||||||||||||||||
Allowance for losses on receivables specifically evaluated for impairment | — | 8,289 | 8,289 | — | 8,289 | 8,289 | ||||||||||||||||||
Total loan reserves | 1,650 | 9,896 | 11,546 | 1,623 | 8,927 | 10,550 | ||||||||||||||||||
Net carrying value | $ | 18,975 | $ | 25,713 | $ | 44,688 | $ | 14,612 | $ | 34,906 | $ | 49,518 | ||||||||||||
Current portion, net | $ | 361 | $ | 12,455 | $ | 12,816 | $ | 420 | $ | 13,995 | $ | 14,415 | ||||||||||||
Long-term portion, net | 18,614 | 13,258 | 31,872 | 14,192 | 20,911 | 35,103 | ||||||||||||||||||
Total | $ | 18,975 | $ | 25,713 | $ | 44,688 | $ | 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 & Other Notes Receivable allowance for losses for the years ended December 31, 2013 and 2012: | ||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||
Forgivable | Mezzanine | Forgivable | Mezzanine | |||||||||||||||||||||
Notes | & Other Notes | Notes | & Other Notes | |||||||||||||||||||||
Receivable | Receivable | Receivable | Receivable | |||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||
Beginning balance | $ | 1,623 | $ | 8,927 | $ | 795 | $ | 8,433 | ||||||||||||||||
Provisions | 699 | 969 | 1,144 | 591 | ||||||||||||||||||||
Recoveries | (9 | ) | — | (33 | ) | (97 | ) | |||||||||||||||||
Write-offs | (115 | ) | — | (213 | ) | — | ||||||||||||||||||
Other(1) | (548 | ) | — | (70 | ) | — | ||||||||||||||||||
Ending balance | $ | 1,650 | $ | 9,896 | $ | 1,623 | $ | 8,927 | ||||||||||||||||
(1) Consists of default rate assumption changes |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components of Property and Equipment | ' | |||||||
The components of property and equipment are: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(in thousands) | ||||||||
Land and land improvements | $ | 2,490 | $ | 2,490 | ||||
Facilities in progress and software under development | 6,435 | 2,944 | ||||||
Computer equipment and software | 83,089 | 83,937 | ||||||
Buildings and leasehold improvements | 38,403 | 43,482 | ||||||
Furniture, fixtures and equipment | 16,371 | 14,976 | ||||||
Capital lease | 3,468 | 3,468 | ||||||
150,256 | 151,297 | |||||||
Less: Accumulated depreciation and amortization | (82,404 | ) | (99,646 | ) | ||||
Property and equipment, at cost, net | $ | 67,852 | $ | 51,651 | ||||
Schedule Of Estimated Useful Lives | ' | |||||||
A summary of the ranges of estimated useful lives upon which depreciation rates are based follows: | ||||||||
Computer equipment and software | 3-5 years | |||||||
Buildings and leasehold improvements | 3-40 years | |||||||
Furniture, fixtures and equipment | 3-15 years | |||||||
Capital lease (telephone equipment) | 8 years |
Goodwill_Schedule_of_Goodwill_
Goodwill Schedule of Goodwill (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Schedule of Goodwill [Abstract] | ' | |||||||
Schedule of Goodwill [Table Text Block] | ' | |||||||
The components of goodwill are as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Minority interest | $ | 60,620 | $ | 60,620 | ||||
Suburban transaction | 5,193 | 5,193 | ||||||
Total | $ | 65,813 | $ | 65,813 | ||||
Franchise_Rights_and_Other_Ide1
Franchise Rights and Other Identifiable Intangibles (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Franchise Rights and Other Identifiable Intangibles [Abstract] | ' | |||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | ' | |||||||
The components of franchise rights and other identifiable intangible assets at December 31, 2013 and 2012 are as follows: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Franchise rights, net of accumulated amortization | $ | 6,069 | $ | 9,767 | ||||
Other identifiable intangible assets, net of accumulated amortization | 3,884 | 3,706 | ||||||
Total | $ | 9,953 | $ | 13,473 | ||||
Schedule of Franchise Rights, Future Amortization [Table Text Block] | ' | |||||||
The estimated annual amortization expense related to the Company’s franchise rights for each of the years ending December 31, 2014 through 2018 is as follows: | ||||||||
Year | (In millions) | |||||||
2014 | $ | 3.2 | ||||||
2015 | $ | 2.2 | ||||||
2016 | $ | 0.3 | ||||||
2017 | $ | 0.2 | ||||||
2018 | $ | — | ||||||
Schedule of Trademarks, Future Amortization Expense [Table Text Block] | ' | |||||||
The estimated annual amortization expense related to the Company’s trademarks for each of the years ending December 31, 2014 through 2018 is as follows: | ||||||||
Year | (In millions) | |||||||
2014 | $ | 0.5 | ||||||
2015 | $ | 0.5 | ||||||
2016 | $ | 0.4 | ||||||
2017 | $ | 0.4 | ||||||
2018 | $ | 0.3 | ||||||
Other_Assets_Table
Other Assets (Table) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Assets, Noncurrent [Abstract] | ' | |||||||
Components Of Other Assets | ' | |||||||
Other assets consist of the following at: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Notes receivable (See Note 3) | $ | 31,872 | $ | 35,103 | ||||
Equity method investments | 32,257 | 27,453 | ||||||
Deferred financing fees | 8,954 | 11,174 | ||||||
Land | 10,097 | 1,300 | ||||||
Other assets | 856 | 983 | ||||||
Total | $ | 84,036 | $ | 76,013 | ||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Liabilities [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued expenses consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Accrued compensation and benefits | $ | 24,461 | $ | 32,236 | ||||
Accrued interest | 16,410 | 16,695 | ||||||
Dividends payable | 10,785 | — | ||||||
Termination benefits (see Note 25) | 582 | 3,099 | ||||||
Other liabilities and contingencies | 4,387 | 3,522 | ||||||
Total | $ | 56,625 | $ | 55,552 | ||||
Deferred_Revenue_Tables
Deferred Revenue (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Revenue and Credits [Abstract] | ' | |||||||
Components Of Deferred Revenue | ' | |||||||
Deferred revenue consists of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Loyalty programs | $ | 53,875 | $ | 64,636 | ||||
Initial, relicensing and franchise fees | 5,354 | 4,994 | ||||||
Procurement services fees | 1,504 | 1,225 | ||||||
Other | 455 | 299 | ||||||
Total | $ | 61,188 | $ | 71,154 | ||||
Other_Noncurrent_Liabilities_T
Other Non-current Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Liabilities, Noncurrent [Abstract] | ' | |||||||
Schedule of Other Non-Current Liabilities | ' | |||||||
Other non-current liabilities consist of the following at: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In thousands) | ||||||||
Deferred rental expenses | $ | 16,337 | $ | 7,622 | ||||
Uncertain tax positions | 5,627 | 6,718 | ||||||
Deferred revenue | 1,633 | 1,411 | ||||||
Other liabilities | 211 | 239 | ||||||
Total | $ | 23,808 | $ | 15,990 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule Of Components Of Debt | ' | |||||||||||||||||||
Debt consists of the following at: | ||||||||||||||||||||
December 31, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
$400 million senior unsecured notes with an effective interest rate of 5.94% at December 31, 2013 and 2012 | $ | 400,000 | $ | 400,000 | ||||||||||||||||
$250 million senior unsecured notes with an effective interest rate of 6.19%, less a discount of $0.4 million and $0.5 million at December 31, 2013 and 2012, respectively | 249,572 | 249,508 | ||||||||||||||||||
$350 million senior secured credit facility with an effective interest rate of 2.17% and 2.66% at December 31, 2013 and 2012, respectively | 138,750 | 203,250 | ||||||||||||||||||
Economic development loans with an effective rate interest rate of 3.00% at December 31, 2013 | 3,360 | — | ||||||||||||||||||
Capital lease obligations due 2016 with an effective interest rate of 3.18% at December 31, 2013 and 2012 | 1,848 | 2,519 | ||||||||||||||||||
Other notes payable | 29 | 68 | ||||||||||||||||||
Total debt | $ | 793,559 | $ | 855,345 | ||||||||||||||||
Less current portion | 10,088 | 8,195 | ||||||||||||||||||
Total long-term debt | $ | 783,471 | $ | 847,150 | ||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | |||||||||||||||||||
Scheduled principal maturities of debt as of December 31, 2013 were as follows: | ||||||||||||||||||||
Year Ending | Senior Notes | Capital Lease | Revolving Credit | Other Notes | Total | |||||||||||||||
Facilities | Payable | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
2014 | $ | — | $ | 1,017 | $ | 9,375 | $ | 11 | $ | 10,403 | ||||||||||
2015 | — | 1,017 | 11,250 | 12 | 12,279 | |||||||||||||||
2016 | — | 594 | 118,125 | 6 | 118,725 | |||||||||||||||
2017 | — | — | — | — | — | |||||||||||||||
2018 | — | — | — | — | — | |||||||||||||||
Thereafter | 649,572 | — | — | 3,360 | 652,932 | |||||||||||||||
Total payments | 649,572 | 2,628 | 138,750 | 3,389 | 794,339 | |||||||||||||||
Less: Amount representing estimated executory costs | — | (701 | ) | — | — | (701 | ) | |||||||||||||
Less: Amounts representing interest | — | (79 | ) | — | — | (79 | ) | |||||||||||||
Net principal payments | $ | 649,572 | $ | 1,848 | $ | 138,750 | $ | 3,389 | $ | 793,559 | ||||||||||
Pension_Plan_Tables
Pension Plan (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Reconciliation Of The Changes In Projected Benefit Obligation | ' | |||||||
The following is a reconciliation of the changes in the projected benefit obligation for the year ended December 31, 2012: | ||||||||
December 31, 2012 | ||||||||
(In thousands) | ||||||||
Projected benefit obligation, beginning of year | $ | 11,896 | ||||||
Interest cost | 526 | |||||||
Actuarial loss (gain) | (85 | ) | ||||||
Benefit payments | (414 | ) | ||||||
Settlement payments | (11,923 | ) | ||||||
Projected benefit obligation, end of year | $ | — | ||||||
Components Of Net Periodic Benefit Costs | ' | |||||||
The following table presents the components of net periodic benefit costs for the years ended December 31, 2012 and 2011. No periodic benefit costs were incurred during the year ended December 31, 2013 due to the 2012 settlement of the SERP: | ||||||||
Year Ended December 31, | ||||||||
2012 | 2011 | |||||||
(In thousands) | ||||||||
Components of net periodic benefit cost: | ||||||||
Interest cost | $ | 526 | $ | 541 | ||||
Amortization of actuarial loss | 128 | — | ||||||
654 | 541 | |||||||
Settlement loss, net | 2,162 | — | ||||||
Net periodic benefit cost | $ | 2,816 | $ | 541 | ||||
Weighted average assumption: | ||||||||
Discount rate | 4.5 | % | 5.5 | % |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule Of Fair Value Of Assets | ' | |||||||||||||||
As of December 31, 2013 and 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) | ||||||||||||||||
31-Dec-13 | ||||||||||||||||
Money market funds, included in cash and cash equivalents | $ | 50,001 | $ | — | $ | 50,001 | $ | — | ||||||||
Mutual funds(1) | 14,564 | 14,564 | — | — | ||||||||||||
Money market funds(1) | 1,786 | — | 1,786 | — | ||||||||||||
$ | 66,351 | $ | 14,564 | $ | 51,787 | $ | — | |||||||||
31-Dec-12 | ||||||||||||||||
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 at fair value on consolidated balance sheets. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
Total income from continuing operations before income taxes, classified by source of income, was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
U.S. | $ | 122,517 | $ | 131,722 | $ | 138,683 | ||||||
Outside the U.S. | 36,155 | 37,784 | 20,028 | |||||||||
Income from continuing operations before income taxes | $ | 158,672 | $ | 169,506 | $ | 158,711 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The provision for income taxes, classified by the timing and location of payment, was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in thousands) | ||||||||||||
Current tax expense | ||||||||||||
Federal | $ | 46,925 | $ | 40,821 | $ | 40,515 | ||||||
State | 4,891 | 4,705 | 2,620 | |||||||||
Foreign | 1,914 | 2,345 | 1,712 | |||||||||
Deferred tax (benefit) expense | ||||||||||||
Federal | (7,011 | ) | (249 | ) | 2,471 | |||||||
State | (635 | ) | 101 | 575 | ||||||||
Foreign | (762 | ) | 505 | (15 | ) | |||||||
Income taxes | $ | 45,322 | $ | 48,228 | $ | 47,878 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Net deferred tax assets consisted of: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Property, equipment and intangible assets | $ | (10,153 | ) | $ | (8,553 | ) | ||||||
Accrued compensation | 15,696 | 14,693 | ||||||||||
Accrued expenses | 12,718 | 5,491 | ||||||||||
Foreign operations | 603 | 186 | ||||||||||
Valuation allowance on foreign deferred tax assets | (227 | ) | — | |||||||||
Foreign net operating losses | 1,441 | 1,259 | ||||||||||
Valuation allowance on foreign net operating losses | (1,441 | ) | (1,259 | ) | ||||||||
Capital loss carryovers | 241 | 484 | ||||||||||
Deferred tax asset on unrecognized tax positions | 1,736 | 2,226 | ||||||||||
Other | 921 | 807 | ||||||||||
Net deferred tax assets | $ | 21,535 | $ | 15,334 | ||||||||
Schedule of Income Tax Balance Sheet Presentation | ' | |||||||||||
Balance sheet presentation: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In thousands) | ||||||||||||
Current deferred tax assets | $ | 26,684 | $ | 26,198 | ||||||||
Non-current net deferred tax liabilities | (5,149 | ) | (10,864 | ) | ||||||||
Net deferred tax assets | $ | 21,535 | $ | 15,334 | ||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The statutory United States federal income tax rate reconciles to the effective income tax rates for continuing operations as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal tax benefit | 1.6 | % | 1.5 | % | 1.7 | % | ||||||
Benefits and taxes related to foreign operations | (7.2 | )% | (8.5 | )% | (3.4 | )% | ||||||
Unrecognized tax positions | (0.2 | )% | 0.1 | % | (0.8 | )% | ||||||
Adjustment to current and deferred taxes, prior years | — | % | (0.5 | )% | (0.9 | )% | ||||||
Other | (0.6 | )% | 0.9 | % | (1.4 | )% | ||||||
Effective income tax rates | 28.6 | % | 28.5 | % | 30.2 | % | ||||||
Reconciliation of Unrecognized Tax Benefits | ' | |||||||||||
The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits: | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Balance, January 1 | $ | 4,415 | $ | 4,570 | $ | 6,017 | ||||||
Changes for tax positions of prior years | 503 | 410 | 173 | |||||||||
Increases for tax positions related to the current year | 1,164 | — | 2,062 | |||||||||
Settlements and lapsing of statutes of limitations | (2,035 | ) | (565 | ) | (3,682 | ) | ||||||
Balance, December 31 | $ | 4,047 | $ | 4,415 | $ | 4,570 | ||||||
ShareBased_Compensation_And_Ca1
Share-Based Compensation And Capital Stock (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 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 | 2012 | 2011 | |||||||||||||||||||||
Risk-free interest rate | 0.73 | % | 0.78 | % | 2.1 | % | |||||||||||||||||
Expected volatility | 38.14 | % | 40.15 | % | 39.51 | % | |||||||||||||||||
Expected life of stock option | 4.5 years | 4.4 years | 4.4 years | ||||||||||||||||||||
Dividend yield | 2.01 | % | 2.08 | % | 1.79 | % | |||||||||||||||||
Requisite service period | 4 years | 4 years | 4 years | ||||||||||||||||||||
Contractual life | 7 years | 7 years | 7 years | ||||||||||||||||||||
Weighted average fair value of options granted (per option) | $ | 9.89 | $ | 9.98 | $ | 12.42 | |||||||||||||||||
Schedule of Options Outstanding and Exercisable | ' | ||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted Average | Weighted | Number | Weighted | ||||||||||||||||||
Outstanding at | Remaining | Average | Exercisable at | Average | |||||||||||||||||||
December 31, | Contractual Life | Exercise Price | December 31, | Exercise Price | |||||||||||||||||||
2013 | 2013 | ||||||||||||||||||||||
$ 0.00 to $24.37 | 388,868 | 2.1 years | $ | 20.57 | 388,868 | $ | 20.57 | ||||||||||||||||
$24.38 to $29.25 | 936,613 | 2.7 years | $ | 26.12 | 710,982 | $ | 26.05 | ||||||||||||||||
$29.26 to $34.12 | 163,058 | 4.1 years | $ | 31.31 | 81,524 | $ | 31.31 | ||||||||||||||||
$34.13 to $39.00 | 173,413 | 6.1 years | $ | 36.76 | — | $ | — | ||||||||||||||||
1,661,952 | 3.0 years | $ | 26.44 | 1,181,374 | $ | 24.61 | |||||||||||||||||
Summary Of Activity Related To Restricted Stock Grants | ' | ||||||||||||||||||||||
The following table is a summary of activity related to restricted stock grants for the year ended December 31: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Restricted shares granted | 225,240 | 266,159 | 247,298 | ||||||||||||||||||||
Weighted average grant date fair value per share | $ | 37.74 | $ | 35.76 | $ | 38.84 | |||||||||||||||||
Aggregate grant date fair value ($000) | $ | 8,500 | $ | 9,517 | $ | 9,604 | |||||||||||||||||
Restricted shares forfeited | 40,552 | 26,824 | 68,580 | ||||||||||||||||||||
Vesting service period of shares granted | 12 - 48 months | 12 - 68 months | 12 - 48 months | ||||||||||||||||||||
Grant date fair value of shares vested ($000) | $ | 8,569 | $ | 6,696 | $ | 6,662 | |||||||||||||||||
Summary Of Activity Related To PVRSU Grants | ' | ||||||||||||||||||||||
The following table is a summary of activity related to PVRSU grants during the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Performance vested restricted stock units granted at target | 80,184 | 117,523 | 25,036 | ||||||||||||||||||||
Weighted average grant date fair value per share | $ | 39.48 | $ | 35.27 | $ | 41.25 | |||||||||||||||||
Aggregate grant date fair value ($000) | $ | 3,165 | $ | 4,145 | $ | 1,033 | |||||||||||||||||
Stock units forfeited | 3,334 | 57,176 | 43,179 | ||||||||||||||||||||
Requisite service period | 22-38 months | 24-60 months | 3 years | ||||||||||||||||||||
Summary Of Change In Stock-Based Award Activity | ' | ||||||||||||||||||||||
A summary of stock-based award activity as of December 31, 2013, 2012 and 2011 and the changes during the years are presented below: | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||
Stock Options | Restricted Stock | Performance Vested | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
Options | Weighted | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average Grant | Average Grant | ||||||||||||||||||||
Exercise Price | Contractual | Date Fair Value | Date 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 | 225,240 | $ | 37.74 | 80,184 | $ | 39.48 | ||||||||||||||
Performance-Based Leveraging* | — | — | — | $ | — | 9,192 | $ | 32.6 | |||||||||||||||
Exercised/Vested | (347,180 | ) | $ | 25.54 | (227,890 | ) | $ | 33.94 | (39,816 | ) | $ | 32.6 | |||||||||||
Expired | (75,473 | ) | $ | 36.99 | — | $ | — | — | $ | — | |||||||||||||
Forfeited | (22,842 | ) | $ | 28.94 | (40,552 | ) | $ | 35.85 | (3,334 | ) | $ | 41.25 | |||||||||||
Outstanding at December 31, 2013 | 1,661,952 | $ | 26.44 | 3.0 years | 563,345 | $ | 36.64 | 216,342 | $ | 37.34 | |||||||||||||
Options exercisable at December 31, 2013 | 1,181,374 | $ | 24.61 | 2.2 years | |||||||||||||||||||
_________________ | |||||||||||||||||||||||
* PVRSU units outstanding have been increased by 9,192 units due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods during the year ended December 31, 2013. | |||||||||||||||||||||||
2012 | |||||||||||||||||||||||
Stock Options | Restricted Stock | Performance Vested | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
Options | Weighted | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average Grant | Average Grant | ||||||||||||||||||||
Exercise | Contractual | Date Fair Value | Date Fair Value | ||||||||||||||||||||
Price(1) | Term | ||||||||||||||||||||||
Outstanding at January 1, 2012 | 1,573,726 | $ | 33.3 | 565,627 | $ | 34.43 | 109,769 | $ | 35.57 | ||||||||||||||
Granted | 160,408 | $ | 35.6 | 266,159 | $ | 35.76 | 117,523 | $ | 35.27 | ||||||||||||||
Special Dividend Adjustment | 497,497 | $ | 25.31 | — | $ | — | — | $ | — | ||||||||||||||
Exercised/Vested | (266,754 | ) | $ | 26.57 | (198,415 | ) | $ | 33.75 | — | $ | — | ||||||||||||
Forfeited | (30,843 | ) | $ | 36.97 | (26,824 | ) | $ | 36.06 | (57,176 | ) | $ | 34.98 | |||||||||||
Outstanding at December 31, 2012 | 1,934,034 | $ | 25.8 | 4.0 years | 606,547 | $ | 35.17 | 170,116 | $ | 35.56 | |||||||||||||
Options exercisable at December 31, 2012 | 1,302,624 | $ | 25.62 | 3.1 years | |||||||||||||||||||
(1) The weighted average exercise price for options outstanding and exercisable reflect the reduction of the option price for outstanding options as described under "Special Dividend Adjustment". The weighted average exercise price for options granted, exercised or forfeited reflects the option price in effect at the time of the transaction. | |||||||||||||||||||||||
2011 | |||||||||||||||||||||||
Stock Options | Restricted Stock | Performance Vested | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||||
Options | Weighted | Weighted | Shares | Weighted | Shares | Weighted | |||||||||||||||||
Average | Average | Average Grant | Average Grant | ||||||||||||||||||||
Exercise | Contractual | Date Fair Value | Date Fair Value | ||||||||||||||||||||
Price | Term | ||||||||||||||||||||||
Outstanding at January 1, 2011 | 1,732,674 | $ | 31.43 | 592,131 | $ | 31.81 | 127,912 | $ | 33.43 | ||||||||||||||
Granted | 166,306 | $ | 41.25 | 247,298 | $ | 38.84 | 25,036 | $ | 41.25 | ||||||||||||||
Exercised/Vested | (175,386 | ) | $ | 21.92 | (205,222 | ) | $ | 32.46 | — | $ | — | ||||||||||||
Forfeited | (149,868 | ) | $ | 33.76 | (68,580 | ) | $ | 33.55 | (43,179 | ) | $ | 32.53 | |||||||||||
Outstanding at December 31, 2011 | 1,573,726 | $ | 33.3 | 4.2 years | 565,627 | $ | 34.43 | 109,769 | $ | 35.57 | |||||||||||||
Options exercisable at December 31, 2011 | 953,159 | $ | 33.36 | 3.8 years | |||||||||||||||||||
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 years ended December 31: | |||||||||||||||||||||||
(in millions) | 2013 | 2012 | 2011 | ||||||||||||||||||||
Stock options | $ | 1.8 | $ | 2.1 | $ | 2.8 | |||||||||||||||||
Restricted stock | 7.5 | 7.5 | 7.7 | ||||||||||||||||||||
Performance vested restricted stock units | 2.2 | 1.7 | 0.7 | ||||||||||||||||||||
Total | $ | 11.5 | $ | 11.3 | $ | 11.2 | |||||||||||||||||
Income tax benefits | $ | 4.2 | $ | 4.1 | $ | 4.1 | |||||||||||||||||
Schedule of Unrecognized Compensation Cost, Nonvested Awards | ' | ||||||||||||||||||||||
The total unrecognized compensation costs related to stock-based awards that have not yet vested and the related weighted average amortization period over which the costs are to be recognized as of December 31, 2013 are as follows: | |||||||||||||||||||||||
Unrecognized | Weighted | ||||||||||||||||||||||
Compensation | Average | ||||||||||||||||||||||
Expense on Unvested | Amortization | ||||||||||||||||||||||
Awards | Period | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Stock options | $ | 2.5 | 2.4 years | ||||||||||||||||||||
Restricted stock | 12.9 | 2.4 years | |||||||||||||||||||||
Performance vested restricted stock units | 4.6 | 2.4 years | |||||||||||||||||||||
Total | $ | 20 | |||||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||
Components of Accumulated Other Comprehensive Loss [Table Text Block] | ' | |||||||||||
The components of accumulated other comprehensive loss is as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In thousands) | ||||||||||||
Foreign currency translation adjustments | $ | (472 | ) | $ | 2,391 | $ | 2,155 | |||||
Deferred loss on cash flow hedge | (5,745 | ) | (6,607 | ) | (7,469 | ) | ||||||
Changes in pension benefit obligation recognized in other comprehensive income (loss) | — | — | (1,487 | ) | ||||||||
Total accumulated other comprehensive loss | $ | (6,217 | ) | $ | (4,216 | ) | $ | (6,801 | ) | |||
Accumulated Other Comprehensive Loss, Net of Tax, by Component [Table Text Block] | ' | |||||||||||
The following represents the changes in accumulated other comprehensive loss, net of tax by component for the year ended December 31, 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 | — | (2,863 | ) | (2,863 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 862 | — | 862 | |||||||||
Net current period other comprehensive income (loss) | 862 | (2,863 | ) | (2,001 | ) | |||||||
Balance, December 31, 2013 | $ | (5,745 | ) | $ | (472 | ) | $ | (6,217 | ) | |||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | |||||||||||
The amounts reclassified from other accumulated other comprehensive income (loss) during the year ended December 31, 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 Income | ||||||||||
(In thousands) | ||||||||||||
Loss on cash flow hedge | ||||||||||||
Interest rate contract | $ | 862 | Interest expense | |||||||||
— | Tax (expense) benefit | |||||||||||
$ | 862 | Net of tax | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 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: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Computation of Basic Earnings Per Share: | ||||||||||||
Numerator: | ||||||||||||
Net income from continuing operations | $ | 113,350 | $ | 121,278 | $ | 110,833 | ||||||
Net income from discontinued operations | 359 | 335 | 228 | |||||||||
Net income | 113,709 | 121,613 | 111,061 | |||||||||
Income allocated to participating securities | (1,127 | ) | (1,281 | ) | (1,106 | ) | ||||||
Net income available to common shareholders | $ | 112,582 | $ | 120,332 | $ | 109,955 | ||||||
Denominator | ||||||||||||
Weighted average common shares outstanding -- basic | 57,925 | 57,467 | 58,862 | |||||||||
Basic earnings per share -- Continuing operations | $ | 1.94 | $ | 2.09 | $ | 1.86 | ||||||
Basic earnings per share -- Discontinued operations | — | — | 0.01 | |||||||||
$ | 1.94 | $ | 2.09 | $ | 1.87 | |||||||
Computation of Diluted Earnings Per Share: | ||||||||||||
Numerator: | ||||||||||||
Net income from continuing operations | $ | 113,350 | $ | 121,278 | $ | 110,833 | ||||||
Net income from discontinued operations | 359 | 335 | 228 | |||||||||
Net income | 113,709 | 121,613 | 111,061 | |||||||||
Income allocated to participating securities | (1,122 | ) | (1,299 | ) | (1,105 | ) | ||||||
Net income available to common shareholders | $ | 112,587 | $ | 120,314 | $ | 109,956 | ||||||
Denominator: | ||||||||||||
Weighted average common shares outstanding -- basic | 57,925 | 57,467 | 58,862 | |||||||||
Diluted effect of stock options and PVRSUs | 410 | 186 | 72 | |||||||||
Weighted average commons shares outstanding -- diluted | 58,335 | 57,653 | 58,934 | |||||||||
Diluted earnings per share -- Continuing operations | $ | 1.92 | $ | 2.08 | $ | 1.86 | ||||||
Diluted earnings per share -- Discontinued operations | 0.01 | 0.01 | 0.01 | |||||||||
$ | 1.93 | $ | 2.09 | $ | 1.87 | |||||||
Operating_Leases_Tables
Operating Leases (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Leases [Abstract] | ' | |||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||||||||||||||||||||||||||
Future minimum lease payments are as follows: | ||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Minimum lease payments | $ | 11,775 | $ | 11,746 | $ | 11,681 | $ | 10,890 | $ | 10,011 | $ | 35,971 | $ | 92,074 | ||||||||||||||
Minimum sublease rentals | (150 | ) | — | — | — | — | — | (150 | ) | |||||||||||||||||||
$ | 11,625 | $ | 11,746 | $ | 11,681 | $ | 10,890 | $ | 10,011 | $ | 35,971 | $ | 91,924 | |||||||||||||||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedules of Revisions to Prior Period Financial Statements | ' | |||||||||||||||||||||||||||||||
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 this annual financial report. In addition, these amounts have been adjusted to reflect the Company's discontinued operations reported in the first quarter of 2014. | ||||||||||||||||||||||||||||||||
Consolidated Statements of Income | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
As Previously Reported | Discontinued Operations | Adjustment | As Revised | As Previously Reported | Discontinued Operations | Adjustment | As Revised | |||||||||||||||||||||||||
($ in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Royalty fees | $ | 267,229 | $ | — | $ | 583 | $ | 267,812 | $ | 260,782 | $ | — | $ | 898 | $ | 261,680 | ||||||||||||||||
Marketing and reservation revenues | 403,099 | — | 4,534 | 407,633 | 384,784 | — | 4,894 | 389,678 | ||||||||||||||||||||||||
Hotel operations | 4,774 | (4,774 | ) | — | — | 4,573 | (4,573 | ) | — | — | ||||||||||||||||||||||
Total revenues | 724,307 | (4,774 | ) | 5,117 | 724,650 | 691,509 | (4,573 | ) | 5,792 | 692,728 | ||||||||||||||||||||||
Selling, general and administrative | 113,567 | — | (1,854 | ) | 111,713 | 101,852 | — | 27 | 101,879 | |||||||||||||||||||||||
Depreciation and amortization | 9,469 | (526 | ) | 113 | 9,056 | 8,226 | (535 | ) | — | 7,691 | ||||||||||||||||||||||
Marketing and reservation expenses | 403,099 | — | 4,534 | 407,633 | 384,784 | — | 4,894 | 389,678 | ||||||||||||||||||||||||
Hotel operations | 3,678 | (3,678 | ) | — | — | 3,505 | (3,505 | ) | — | — | ||||||||||||||||||||||
Total operating expenses | 529,813 | (4,204 | ) | 2,793 | 528,402 | 498,367 | (4,040 | ) | 4,921 | 499,248 | ||||||||||||||||||||||
Operating income | 194,494 | (570 | ) | 2,324 | 196,248 | 193,142 | (533 | ) | 871 | 193,480 | ||||||||||||||||||||||
Income from continuing operations before income taxes | 156,918 | (570 | ) | 2,324 | 158,672 | 169,168 | (533 | ) | 871 | 169,506 | ||||||||||||||||||||||
Income taxes | 44,317 | (211 | ) | 1,216 | 45,322 | 48,481 | (198 | ) | (55 | ) | 48,228 | |||||||||||||||||||||
Income from continuing operations, net of income taxes | 112,601 | (359 | ) | 1,108 | 113,350 | 120,687 | (335 | ) | 926 | 121,278 | ||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 1.92 | — | $ | 0.02 | $ | 1.94 | $ | 2.08 | — | $ | 0.01 | $ | 2.09 | ||||||||||||||||||
Diluted earnings per share, continuing operations | $ | 1.91 | (0.01 | ) | $ | 0.02 | $ | 1.92 | $ | 2.07 | (0.01 | ) | $ | 0.02 | $ | 2.08 | ||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
As Previously Reported | Discontinued Operations | Adjustment | As Revised | |||||||||||||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Royalty fees | $ | 245,426 | $ | — | $ | 1,049 | $ | 246,475 | ||||||||||||||||||||||||
Marketing and reservation revenues | 349,036 | — | 5,116 | 354,152 | ||||||||||||||||||||||||||||
Hotel operations | 4,356 | (4,356 | ) | — | — | |||||||||||||||||||||||||||
Total revenues | 638,793 | (4,356 | ) | 6,165 | 640,602 | |||||||||||||||||||||||||||
Selling, general and administrative | 106,404 | — | 32 | 106,436 | ||||||||||||||||||||||||||||
Depreciation and amortization | 8,024 | (527 | ) | — | 7,497 | |||||||||||||||||||||||||||
Marketing and reservation expenses | 349,036 | — | 5,116 | 354,152 | ||||||||||||||||||||||||||||
Hotel operations | 3,466 | (3,466 | ) | — | — | |||||||||||||||||||||||||||
Total operating expenses | 466,930 | (3,993 | ) | 5,148 | 468,085 | |||||||||||||||||||||||||||
Operating income | 171,863 | (363 | ) | 1,017 | 172,517 | |||||||||||||||||||||||||||
Income from continuing operations before income taxes | 158,057 | (363 | ) | 1,017 | 158,711 | |||||||||||||||||||||||||||
Income taxes | 47,661 | (135 | ) | 352 | 47,878 | |||||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 110,396 | (228 | ) | 665 | 110,833 | |||||||||||||||||||||||||||
Basic earnings per share, continuing operations | $ | 1.86 | $ | (0.01 | ) | $ | 0.01 | $ | 1.86 | |||||||||||||||||||||||
Diluted earnings per share, continuing operations | $ | 1.85 | $ | (0.01 | ) | $ | 0.02 | $ | 1.86 | |||||||||||||||||||||||
Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | |||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Receivables | $ | 53,521 | $ | 28,864 | $ | 82,385 | $ | 52,270 | $ | 27,729 | $ | 79,999 | ||||||||||||||||||||
Income taxes receivable | — | — | — | 2,732 | (531 | ) | 2,201 | |||||||||||||||||||||||||
Deferred income taxes | 7,220 | 19,464 | 26,684 | 4,136 | 22,062 | 26,198 | ||||||||||||||||||||||||||
Total current assets | 258,646 | 48,328 | 306,974 | 233,470 | 49,260 | 282,730 | ||||||||||||||||||||||||||
Property and equipment, at cost, net | 66,092 | 1,760 | 67,852 | 51,651 | — | 51,651 | ||||||||||||||||||||||||||
Advances, marketing and reservation activities | 19,127 | (13,283 | ) | 5,844 | 42,179 | (12,712 | ) | 29,467 | ||||||||||||||||||||||||
Deferred income taxes | 20,282 | (20,282 | ) | — | 15,418 | (15,418 | ) | — | ||||||||||||||||||||||||
Total assets | 539,899 | 16,523 | 556,422 | 510,772 | 21,130 | 531,902 | ||||||||||||||||||||||||||
Deferred income taxes | — | 5,149 | 5,149 | — | 10,864 | 10,864 | ||||||||||||||||||||||||||
Total liabilities | 1,004,144 | 5,149 | 1,009,293 | 1,059,676 | 10,864 | 1,070,540 | ||||||||||||||||||||||||||
Retained earnings | 341,649 | 11,374 | 353,023 | 272,260 | 10,266 | 282,526 | ||||||||||||||||||||||||||
Total shareholders' deficit | (464,245 | ) | 11,374 | (452,871 | ) | (548,904 | ) | 10,266 | (538,638 | ) | ||||||||||||||||||||||
Total liabilities and shareholders' deficit | 539,899 | 16,523 | 556,422 | 510,772 | 21,130 | 531,902 | ||||||||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||||||||||
Net income | $ | 112,601 | $ | 1,108 | $ | 113,709 | $ | 120,687 | $ | 926 | $ | 121,613 | ||||||||||||||||||||
Depreciation and amortization | 9,469 | 113 | 9,582 | 8,226 | — | 8,226 | ||||||||||||||||||||||||||
Provision for bad debts, net | 2,724 | 19 | 2,743 | 2,896 | 27 | 2,923 | ||||||||||||||||||||||||||
Deferred income taxes | (8,024 | ) | 1,747 | (6,277 | ) | (540 | ) | (586 | ) | (1,126 | ) | |||||||||||||||||||||
Receivables | (6,730 | ) | (1,169 | ) | (7,899 | ) | (5,239 | ) | (1,568 | ) | (6,807 | ) | ||||||||||||||||||||
Advances to/from marketing and reservations, net | 42,405 | 586 | 42,991 | 30,313 | 670 | 30,983 | ||||||||||||||||||||||||||
Income taxes payable/receivable | 4,807 | (531 | ) | 4,276 | (3,193 | ) | 531 | (2,662 | ) | |||||||||||||||||||||||
Net cash provided by operating activities | 152,040 | 1,873 | 153,913 | 150,122 | — | 150,122 | ||||||||||||||||||||||||||
Investing Activities | ||||||||||||||||||||||||||||||||
Investment in property and equipment | (31,524 | ) | (1,873 | ) | (33,397 | ) | (15,443 | ) | — | (15,443 | ) | |||||||||||||||||||||
Net cash used in investing activities | (27,549 | ) | (1,873 | ) | (29,422 | ) | (47,101 | ) | — | (47,101 | ) | |||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | ||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Operating Activities | ||||||||||||||||||||||||||||||||
Net income | $ | 110,396 | $ | 665 | $ | 111,061 | ||||||||||||||||||||||||||
Provision for bad debts, net | 2,160 | 32 | 2,192 | |||||||||||||||||||||||||||||
Deferred income taxes | 5,514 | 352 | 5,866 | |||||||||||||||||||||||||||||
Receivables | (7,785 | ) | (1,979 | ) | (9,764 | ) | ||||||||||||||||||||||||||
Advances to/from marketing and reservations, net | 623 | 930 | 1,553 | |||||||||||||||||||||||||||||
Net cash provided by operating activities | 131,369 | — | 131,369 | |||||||||||||||||||||||||||||
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 the affected periods included in these Consolidated Financial Statements: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
Net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Forgivable notes receivable, net | $ | — | $ | (10,898 | ) | $ | (10,898 | ) | $ | — | $ | (3,475 | ) | $ | (3,475 | ) | ||||||||||||||||
Net cash provided by operating activities | 161,020 | (10,898 | ) | 150,122 | 134,844 | (3,475 | ) | 131,369 | ||||||||||||||||||||||||
Net cash used in investing activities: | ||||||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (34,925 | ) | 11,189 | (23,736 | ) | (12,766 | ) | 3,539 | (9,227 | ) | ||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 3,561 | (291 | ) | 3,270 | 4,754 | (64 | ) | 4,690 | ||||||||||||||||||||||||
Net cash used in investing activities | (57,999 | ) | 10,898 | (47,101 | ) | (23,804 | ) | 3,475 | (20,329 | ) | ||||||||||||||||||||||
The following tables present the effect of the correction on select line items included in the Parent and Guarantor's Condensed Consolidating Statement of Cash Flows for the years ended December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
Parent | Guarantor | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 90,690 | $ | (2 | ) | $ | 90,688 | $ | 29,087 | $ | (10,896 | ) | $ | 18,191 | ||||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (23,737 | ) | 1 | (23,736 | ) | (11,188 | ) | 11,188 | — | |||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 3,269 | 1 | 3,270 | 292 | (292 | ) | — | |||||||||||||||||||||||||
Net cash used in investing activities | (28,305 | ) | 2 | (28,303 | ) | (29,756 | ) | 10,896 | (18,860 | ) | ||||||||||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
Parent | Guarantor | |||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
As Previously Reported | Adjustment | As Revised | As Previously Reported | Adjustment | As Revised | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 120,964 | $ | (114 | ) | $ | 120,850 | $ | (7,122 | ) | $ | (3,361 | ) | $ | (10,483 | ) | ||||||||||||||||
Investing Activities: | ||||||||||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (9,341 | ) | 114 | (9,227 | ) | (3,425 | ) | 3,425 | — | |||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 4,690 | — | 4,690 | 64 | (64 | ) | — | |||||||||||||||||||||||||
Net cash used in investing activities | (6,406 | ) | 114 | (6,292 | ) | (12,019 | ) | 3,361 | (8,658 | ) | ||||||||||||||||||||||
Condensed Income Statement [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||||||||||
Royalty fees | $ | 243,272 | $ | 112,215 | $ | 43,967 | $ | (131,642 | ) | $ | 267,812 | |||||||||||||||||||||
Initial franchise and relicensing fees | 17,432 | — | 1,254 | — | 18,686 | |||||||||||||||||||||||||||
Procurement services | 19,864 | — | 804 | — | 20,668 | |||||||||||||||||||||||||||
Marketing and reservation | 362,459 | 350,134 | 19,327 | (324,287 | ) | 407,633 | ||||||||||||||||||||||||||
Other items, net | 8,834 | — | 1,017 | — | 9,851 | |||||||||||||||||||||||||||
Total revenues | 651,861 | 462,349 | 66,369 | (455,929 | ) | 724,650 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 128,966 | 100,900 | 13,489 | (131,642 | ) | 111,713 | ||||||||||||||||||||||||||
Marketing and reservation | 377,884 | 336,498 | 17,538 | (324,287 | ) | 407,633 | ||||||||||||||||||||||||||
Other items, net | 3,100 | 5,087 | 869 | — | 9,056 | |||||||||||||||||||||||||||
Total operating expenses | 509,950 | 442,485 | 31,896 | (455,929 | ) | 528,402 | ||||||||||||||||||||||||||
Operating income | 141,911 | 19,864 | 34,473 | — | 196,248 | |||||||||||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | ||||||||||||||||||||||||||||||||
Interest expense | 42,418 | 113 | 6 | — | 42,537 | |||||||||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (47,362 | ) | — | — | 47,362 | — | ||||||||||||||||||||||||||
Other items, net | (2,406 | ) | (1,532 | ) | (1,023 | ) | — | (4,961 | ) | |||||||||||||||||||||||
Other income and expenses, net | (7,350 | ) | (1,419 | ) | (1,017 | ) | 47,362 | 37,576 | ||||||||||||||||||||||||
Income from continuing operations before taxes | 149,261 | 21,283 | 35,490 | (47,362 | ) | 158,672 | ||||||||||||||||||||||||||
Income taxes | 35,552 | 8,897 | 873 | — | 45,322 | |||||||||||||||||||||||||||
Income from from continuing operations, net of income taxes | 113,709 | 12,386 | 34,617 | (47,362 | ) | 113,350 | ||||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 359 | — | — | 359 | |||||||||||||||||||||||||||
Net income | $ | 113,709 | $ | 12,745 | $ | 34,617 | $ | (47,362 | ) | $ | 113,709 | |||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||||||||||
Royalty fees | $ | 236,269 | $ | 97,881 | $ | 54,420 | $ | (126,890 | ) | $ | 261,680 | |||||||||||||||||||||
Initial franchise and relicensing fees | 13,727 | — | 476 | — | 14,203 | |||||||||||||||||||||||||||
Procurement services | 17,152 | — | 810 | — | 17,962 | |||||||||||||||||||||||||||
Marketing and reservation | 343,566 | 335,869 | 19,900 | (309,657 | ) | 389,678 | ||||||||||||||||||||||||||
Other items, net | 8,363 | — | 842 | — | 9,205 | |||||||||||||||||||||||||||
Total revenues | 619,077 | 433,750 | 76,448 | (436,547 | ) | 692,728 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 130,709 | 89,122 | 8,938 | (126,890 | ) | 101,879 | ||||||||||||||||||||||||||
Marketing and reservation | 350,573 | 326,865 | 18,036 | (305,796 | ) | 389,678 | ||||||||||||||||||||||||||
Other items, net | 2,832 | 3,852 | 1,007 | — | 7,691 | |||||||||||||||||||||||||||
Total operating expenses | 484,114 | 419,839 | 27,981 | (432,686 | ) | 499,248 | ||||||||||||||||||||||||||
Operating income | 134,963 | 13,911 | 48,467 | (3,861 | ) | 193,480 | ||||||||||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | ||||||||||||||||||||||||||||||||
Interest expense | 31,041 | — | 9 | (3,861 | ) | 27,189 | ||||||||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (56,246 | ) | — | — | 56,246 | — | ||||||||||||||||||||||||||
Other items, net | (551 | ) | (1,995 | ) | (669 | ) | — | (3,215 | ) | |||||||||||||||||||||||
Other income and expenses, net | (25,756 | ) | (1,995 | ) | (660 | ) | 52,385 | 23,974 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 160,719 | 15,906 | 49,127 | (56,246 | ) | 169,506 | ||||||||||||||||||||||||||
Income taxes | 39,106 | 6,769 | 2,353 | — | 48,228 | |||||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 121,613 | 9,137 | 46,774 | (56,246 | ) | 121,278 | ||||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 335 | — | — | 335 | |||||||||||||||||||||||||||
Net income | $ | 121,613 | $ | 9,472 | $ | 46,774 | $ | (56,246 | ) | $ | 121,613 | |||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Income | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
REVENUES: | ||||||||||||||||||||||||||||||||
Royalty fees | $ | 220,676 | $ | 104,898 | $ | 32,749 | $ | (111,848 | ) | $ | 246,475 | |||||||||||||||||||||
Initial franchise and relicensing fees | 13,439 | — | 613 | — | 14,052 | |||||||||||||||||||||||||||
Procurement services | 17,619 | — | 492 | — | 18,111 | |||||||||||||||||||||||||||
Marketing and reservation | 303,335 | 330,372 | 18,592 | (298,147 | ) | 354,152 | ||||||||||||||||||||||||||
Other items, net | 6,341 | — | 1,471 | — | 7,812 | |||||||||||||||||||||||||||
Total revenues | 561,410 | 435,270 | 53,917 | (409,995 | ) | 640,602 | ||||||||||||||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 107,552 | 92,887 | 17,845 | (111,848 | ) | 106,436 | ||||||||||||||||||||||||||
Marketing and reservation | 315,245 | 319,818 | 17,236 | (298,147 | ) | 354,152 | ||||||||||||||||||||||||||
Other items, net | 2,824 | 3,789 | 884 | — | 7,497 | |||||||||||||||||||||||||||
Total operating expenses | 425,621 | 416,494 | 35,965 | (409,995 | ) | 468,085 | ||||||||||||||||||||||||||
Operating income | 135,789 | 18,776 | 17,952 | — | 172,517 | |||||||||||||||||||||||||||
OTHER INCOME AND EXPENSES, NET: | ||||||||||||||||||||||||||||||||
Interest expense | 16,815 | (3,886 | ) | 10 | — | 12,939 | ||||||||||||||||||||||||||
Equity in earnings of consolidated subsidiaries | (30,695 | ) | — | — | 30,695 | — | ||||||||||||||||||||||||||
Other items, net | (789 | ) | 647 | 1,009 | — | 867 | ||||||||||||||||||||||||||
Other income and expenses, net | (14,669 | ) | (3,239 | ) | 1,019 | 30,695 | 13,806 | |||||||||||||||||||||||||
Income from continuing operations before income taxes | 150,458 | 22,015 | 16,933 | (30,695 | ) | 158,711 | ||||||||||||||||||||||||||
Income taxes | 39,397 | 7,888 | 593 | — | 47,878 | |||||||||||||||||||||||||||
Income from continuing operations, net of income taxes | 111,061 | 14,127 | 16,340 | (30,695 | ) | 110,833 | ||||||||||||||||||||||||||
Income from discontinued operations, net of income taxes | — | 228 | — | — | 228 | |||||||||||||||||||||||||||
Net income | $ | 111,061 | $ | 14,355 | $ | 16,340 | $ | (30,695 | ) | $ | 111,061 | |||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ' | |||||||||||||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
Net income | $ | 113,709 | $ | 12,745 | $ | 34,617 | $ | (47,362 | ) | $ | 113,709 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 862 | — | — | — | 862 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | (2,863 | ) | — | (2,863 | ) | 2,863 | (2,863 | ) | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,001 | ) | — | (2,863 | ) | 2,863 | (2,001 | ) | ||||||||||||||||||||||||
Comprehensive income | $ | 111,708 | $ | 12,745 | $ | 31,754 | $ | (44,499 | ) | $ | 111,708 | |||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
Net income | $ | 121,613 | $ | 9,472 | $ | 46,774 | $ | (56,246 | ) | $ | 121,613 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 862 | — | — | — | 862 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | 237 | 5 | 224 | (229 | ) | 237 | ||||||||||||||||||||||||||
Amortization of pension related costs, net of tax: | ||||||||||||||||||||||||||||||||
Actuarial loss | 80 | 80 | — | (80 | ) | 80 | ||||||||||||||||||||||||||
Settlement of pension plan | 1,406 | 1,406 | — | (1,406 | ) | 1,406 | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 2,585 | 1,491 | 224 | (1,715 | ) | 2,585 | ||||||||||||||||||||||||||
Comprehensive income | $ | 124,198 | $ | 10,963 | $ | 46,998 | $ | (57,961 | ) | $ | 124,198 | |||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
Net income | $ | 111,061 | $ | 14,355 | $ | 16,340 | $ | (30,695 | ) | $ | 111,061 | |||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Amortization of loss on cash flow hedge | 862 | — | — | — | 862 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | 615 | 248 | (1,604 | ) | 1,356 | 615 | ||||||||||||||||||||||||||
Actuarial pension loss, net of tax | (1,086 | ) | (1,086 | ) | — | 1,086 | (1,086 | ) | ||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 391 | (838 | ) | (1,604 | ) | 2,442 | 391 | |||||||||||||||||||||||||
Comprehensive income | $ | 111,452 | $ | 13,517 | $ | 14,736 | $ | (28,253 | ) | $ | 111,452 | |||||||||||||||||||||
Condensed Consolidating Balance Sheet | ' | |||||||||||||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 9,785 | $ | 569 | $ | 157,441 | $ | — | $ | 167,795 | ||||||||||||||||||||||
Receivables, net | 72,219 | 1,475 | 8,691 | — | 82,385 | |||||||||||||||||||||||||||
Other current assets | 26,395 | 34,987 | 752 | (5,340 | ) | 56,794 | ||||||||||||||||||||||||||
Total current assets | 108,399 | 37,031 | 166,884 | (5,340 | ) | 306,974 | ||||||||||||||||||||||||||
Property and equipment, at cost, net | 11,087 | 55,963 | 802 | — | 67,852 | |||||||||||||||||||||||||||
Goodwill | 60,620 | 5,193 | — | — | 65,813 | |||||||||||||||||||||||||||
Franchise rights and other identifiable intangibles, net | 6,553 | 2,096 | 1,304 | — | 9,953 | |||||||||||||||||||||||||||
Advances, marketing and reservations activities | 5,844 | — | — | — | 5,844 | |||||||||||||||||||||||||||
Investments, employee benefit plans, at fair value | — | 15,950 | — | — | 15,950 | |||||||||||||||||||||||||||
Investments in affiliates | 376,712 | 28,312 | — | (405,024 | ) | — | ||||||||||||||||||||||||||
Advances to affiliates | 14,198 | 189,833 | 10,896 | (214,927 | ) | — | ||||||||||||||||||||||||||
Deferred income taxes | — | 10,710 | 871 | (11,581 | ) | — | ||||||||||||||||||||||||||
Other assets | 22,212 | 30,342 | 31,482 | — | 84,036 | |||||||||||||||||||||||||||
Total assets | $ | 605,625 | $ | 375,430 | $ | 212,239 | $ | (636,872 | ) | $ | 556,422 | |||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||||||||||||||||||||||||||
Accounts payable | $ | 6,276 | $ | 30,778 | $ | 4,609 | $ | — | $ | 41,663 | ||||||||||||||||||||||
Accrued expenses | 28,215 | 26,503 | 1,907 | — | 56,625 | |||||||||||||||||||||||||||
Deferred revenue | 7,065 | 53,414 | 709 | — | 61,188 | |||||||||||||||||||||||||||
Current portion of long-term debt | 9,375 | 702 | 11 | — | 10,088 | |||||||||||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 2,492 | — | — | 2,492 | |||||||||||||||||||||||||||
Other current liabilities | — | 7,401 | 221 | (5,340 | ) | 2,282 | ||||||||||||||||||||||||||
Total current liabilities | 50,931 | 121,290 | 7,457 | (5,340 | ) | 174,338 | ||||||||||||||||||||||||||
Long-term debt | 778,946 | 4,507 | 18 | — | 783,471 | |||||||||||||||||||||||||||
Deferred compensation & retirement plan obligations | — | 22,520 | 7 | — | 22,527 | |||||||||||||||||||||||||||
Advances from affiliates | 206,931 | 362 | 7,634 | (214,927 | ) | — | ||||||||||||||||||||||||||
Other liabilities | 21,688 | 18,216 | 634 | (11,581 | ) | 28,957 | ||||||||||||||||||||||||||
Total liabilities | 1,058,496 | 166,895 | 15,750 | (231,848 | ) | 1,009,293 | ||||||||||||||||||||||||||
Total shareholders’ (deficit) equity | (452,871 | ) | 208,535 | 196,489 | (405,024 | ) | (452,871 | ) | ||||||||||||||||||||||||
Total liabilities and shareholders’ deficit | $ | 605,625 | $ | 375,430 | $ | 212,239 | $ | (636,872 | ) | $ | 556,422 | |||||||||||||||||||||
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 | |||||||||||||||||||||||||||
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 | ) | — | ||||||||||||||||||||||||||
Advances, marketing and reservation activities | 29,467 | — | — | — | 29,467 | |||||||||||||||||||||||||||
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 & 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 Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 91,745 | $ | 27,209 | $ | 36,529 | $ | (1,570 | ) | $ | 153,913 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Investment in property and equipment | (5,167 | ) | (27,984 | ) | (246 | ) | — | (33,397 | ) | |||||||||||||||||||||||
Equity method investments | — | (2,401 | ) | (3,284 | ) | — | (5,685 | ) | ||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (1,095 | ) | — | — | — | (1,095 | ) | |||||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 9,748 | — | — | — | 9,748 | |||||||||||||||||||||||||||
Purchases of investments, employee benefit plans | — | (2,676 | ) | — | — | (2,676 | ) | |||||||||||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 4,168 | — | — | 4,168 | |||||||||||||||||||||||||||
Advances to and investments in affiliates | (1,000 | ) | (2,284 | ) | — | 3,284 | — | |||||||||||||||||||||||||
Other items, net | (485 | ) | — | — | — | (485 | ) | |||||||||||||||||||||||||
Net cash used in investing activities | 2,001 | (31,177 | ) | (3,530 | ) | 3,284 | (29,422 | ) | ||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Net repayments pursuant to revolving credit facilities | (57,000 | ) | — | — | — | (57,000 | ) | |||||||||||||||||||||||||
Principal payments on long-term debt | (7,500 | ) | (671 | ) | (33 | ) | — | (8,204 | ) | |||||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | 3,360 | — | — | 3,360 | |||||||||||||||||||||||||||
Purchase of treasury stock | (3,965 | ) | — | — | — | (3,965 | ) | |||||||||||||||||||||||||
Excess tax benefits from stock-based compensation | 19 | 1,441 | — | — | 1,460 | |||||||||||||||||||||||||||
Proceeds from exercise of stock options | 8,864 | — | — | — | 8,864 | |||||||||||||||||||||||||||
Proceeds from contributions from affiliates | — | — | 3,284 | (3,284 | ) | — | ||||||||||||||||||||||||||
Dividends paid | (32,799 | ) | — | (1,570 | ) | 1,570 | (32,799 | ) | ||||||||||||||||||||||||
Net cash provided from (used in) financing activities | (92,381 | ) | 4,130 | 1,681 | (1,714 | ) | (88,284 | ) | ||||||||||||||||||||||||
Net change in cash and cash equivalents | 1,365 | 162 | 34,680 | — | 36,207 | |||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (2,589 | ) | — | (2,589 | ) | |||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 8,420 | 407 | 125,350 | — | 134,177 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 9,785 | $ | 569 | $ | 157,441 | $ | — | $ | 167,795 | ||||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 90,688 | $ | 18,191 | $ | 41,243 | $ | — | $ | 150,122 | ||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Investment in property and equipment | (7,404 | ) | (7,800 | ) | (239 | ) | — | (15,443 | ) | |||||||||||||||||||||||
Equity method investments | — | — | (20,285 | ) | — | (20,285 | ) | |||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (23,736 | ) | — | — | — | (23,736 | ) | |||||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 3,270 | — | — | — | 3,270 | |||||||||||||||||||||||||||
Purchases of investments, employee benefit plans | — | (1,697 | ) | — | — | (1,697 | ) | |||||||||||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 11,223 | — | — | 11,223 | |||||||||||||||||||||||||||
Advances to and investments in affiliates | — | (20,586 | ) | — | 20,586 | — | ||||||||||||||||||||||||||
Other items, net | (433 | ) | — | — | — | (433 | ) | |||||||||||||||||||||||||
Net cash used in investing activities | (28,303 | ) | (18,860 | ) | (20,524 | ) | 20,586 | (47,101 | ) | |||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Net borrowings pursuant to revolving credit facilities | 57,000 | — | — | — | 57,000 | |||||||||||||||||||||||||||
Principal payments on long-term debt | (3,750 | ) | (653 | ) | (19 | ) | — | (4,422 | ) | |||||||||||||||||||||||
Proceeds from the issuance of long-term debt | 543,500 | — | — | — | 543,500 | |||||||||||||||||||||||||||
Purchase of treasury stock | (22,586 | ) | — | — | — | (22,586 | ) | |||||||||||||||||||||||||
Excess tax benefits from stock-based compensation | 262 | 1,297 | — | — | 1,559 | |||||||||||||||||||||||||||
Debt issuance costs | (4,759 | ) | — | — | — | (4,759 | ) | |||||||||||||||||||||||||
Proceeds from exercise of stock options | 7,090 | — | — | — | 7,090 | |||||||||||||||||||||||||||
Proceeds from contributions from affiliates | — | — | 20,586 | (20,586 | ) | — | ||||||||||||||||||||||||||
Dividends paid | (654,092 | ) | — | — | — | (654,092 | ) | |||||||||||||||||||||||||
Net cash provided from (used in) financing activities | (77,335 | ) | 644 | 20,567 | (20,586 | ) | (76,710 | ) | ||||||||||||||||||||||||
Net change in cash and cash equivalents | (14,950 | ) | (25 | ) | 41,286 | — | 26,311 | |||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | 809 | — | 809 | |||||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 23,370 | 432 | 83,255 | — | 107,057 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 8,420 | $ | 407 | $ | 125,350 | $ | — | $ | 134,177 | ||||||||||||||||||||||
Choice Hotels International, Inc. | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | |||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 120,850 | $ | (10,483 | ) | $ | 21,002 | $ | — | $ | 131,369 | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Investment in property and equipment | (2,839 | ) | (7,690 | ) | (395 | ) | — | (10,924 | ) | |||||||||||||||||||||||
Equity method investments | — | — | (5,000 | ) | — | (5,000 | ) | |||||||||||||||||||||||||
Issuance of mezzanine and other notes receivable | (9,227 | ) | — | — | — | (9,227 | ) | |||||||||||||||||||||||||
Collections of mezzanine and other notes receivable | 4,690 | — | — | — | 4,690 | |||||||||||||||||||||||||||
Proceeds from sale of assets | 1,654 | — | — | — | 1,654 | |||||||||||||||||||||||||||
Purchases of investments, employee benefit plans | — | (1,602 | ) | — | — | (1,602 | ) | |||||||||||||||||||||||||
Proceeds from sales of investments, employee benefit plans | — | 644 | — | — | 644 | |||||||||||||||||||||||||||
Other items, net | (570 | ) | (10 | ) | 16 | — | (564 | ) | ||||||||||||||||||||||||
Net cash used in investing activities | (6,292 | ) | (8,658 | ) | (5,379 | ) | — | (20,329 | ) | |||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||||||||||
Net repayments pursuant to revolving credit facilities | (200 | ) | — | — | — | (200 | ) | |||||||||||||||||||||||||
Principal payments on long-term debt | — | (275 | ) | (22 | ) | — | (297 | ) | ||||||||||||||||||||||||
Proceeds from the issuance of long-term debt | — | — | 75 | — | 75 | |||||||||||||||||||||||||||
Purchase of treasury stock | (53,617 | ) | — | — | — | (53,617 | ) | |||||||||||||||||||||||||
Excess tax benefits from stock-based compensation | 38 | 1,189 | — | — | 1,227 | |||||||||||||||||||||||||||
Debt issuance costs | (2,356 | ) | — | — | — | (2,356 | ) | |||||||||||||||||||||||||
Proceeds from exercise of stock options | 3,845 | — | — | — | 3,845 | |||||||||||||||||||||||||||
Dividends paid | (43,747 | ) | — | — | — | (43,747 | ) | |||||||||||||||||||||||||
Net cash provided from (used in) financing activities | (96,037 | ) | 914 | 53 | — | (95,070 | ) | |||||||||||||||||||||||||
Net change in cash and cash equivalents | 18,521 | (18,227 | ) | 15,676 | — | 15,970 | ||||||||||||||||||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | — | — | (172 | ) | — | (172 | ) | |||||||||||||||||||||||||
Cash and cash equivalents at beginning of period | 4,849 | 18,659 | 67,751 | — | 91,259 | |||||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 23,370 | $ | 432 | $ | 83,255 | $ | — | $ | 107,057 | ||||||||||||||||||||||
Reportable_Segment_Information1
Reportable Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule Of Financial Information For Company's Franchising Segment | ' | |||||||||||||||||||
The following tables present the financial information for the Company's segments: | ||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||
Franchising | SkyTouch Technology | Corporate | Elimination | Consolidated | ||||||||||||||||
& Other | Adjustments | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | 724,617 | $ | 33 | $ | — | $ | — | $ | 724,650 | ||||||||||
Operating income (loss) | 248,253 | (9,994 | ) | (42,011 | ) | — | 196,248 | |||||||||||||
Depreciation and amortization | 22,295 | 398 | 2,378 | (16,015 | ) | 9,056 | ||||||||||||||
Income (loss) from continuing operations, before income taxes | 248,887 | (9,994 | ) | (80,221 | ) | — | 158,672 | |||||||||||||
Capital expenditures | 12,079 | 2,295 | 19,023 | — | 33,397 | |||||||||||||||
Total assets | 300,292 | 2,303 | 253,827 | — | 556,422 | |||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||
Franchising | SkyTouch Technology | Corporate | Elimination | Consolidated | ||||||||||||||||
& Other | Adjustments | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | 692,728 | $ | — | $ | — | $ | — | $ | 692,728 | ||||||||||
Operating income (loss) | 236,013 | (3,370 | ) | (39,163 | ) | — | 193,480 | |||||||||||||
Depreciation and amortization | 20,111 | 10 | 2,102 | (14,532 | ) | 7,691 | ||||||||||||||
Income (loss) from continuing operations, before income taxes | 236,225 | (3,370 | ) | (63,349 | ) | — | 169,506 | |||||||||||||
Capital expenditures | 13,998 | 107 | 1,338 | — | 15,443 | |||||||||||||||
Total assets | 322,434 | 101 | 209,367 | — | 531,902 | |||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||
Franchising | SkyTouch Technology | Corporate & Other | Elimination Adjustment | Consolidated | ||||||||||||||||
(In thousands) | ||||||||||||||||||||
Revenues | $ | 640,602 | $ | — | $ | — | $ | — | $ | 640,602 | ||||||||||
Operating income (loss) | 214,750 | — | (42,233 | ) | — | 172,517 | ||||||||||||||
Depreciation and amortization | 18,554 | — | 2,262 | (13,319 | ) | 7,497 | ||||||||||||||
Income (loss) from continuing operations, before income taxes | 213,253 | — | (54,542 | ) | — | 158,711 | ||||||||||||||
Capital expenditures | 9,553 | — | 1,371 | — | 10,924 | |||||||||||||||
Total assets | 280,414 | — | 187,946 | — | 468,360 | |||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Discontinued Operations, Income Statement and Balance Sheet Disclosures | ' | ||||||||||||
The results of operations for the years ended December 31 ,2013, 2012 and 2011 presented in these Consolidated Financial Statements reflect these three Company-owned hotels as discontinued operations. All prior period amounts have been recast as appropriate. Unless noted otherwise, discussion in the notes to the consolidated financial statements pertain to continuing operations. Summarized financial information related to the discontinued operations is as follows: | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(in thousands) | |||||||||||||
Revenues | |||||||||||||
Hotel operations | $ | 4,774 | $ | 4,573 | $ | 4,356 | |||||||
Total revenues | 4,774 | 4,573 | 4,356 | ||||||||||
Operating Expenses | |||||||||||||
Hotel operations | 3,678 | 3,505 | 3,466 | ||||||||||
Depreciation and amortization | 526 | 535 | 527 | ||||||||||
Total operating expenses | 4,204 | 4,040 | 3,993 | ||||||||||
Income from discontinued operations before income taxes | 570 | 533 | 363 | ||||||||||
Income taxes | 211 | 198 | 135 | ||||||||||
Income from discontinued operations, net of income taxes | $ | 359 | $ | 335 | $ | 228 | |||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||
(In thousands) | |||||||||||||
Cash | $ | 550 | $ | 387 | |||||||||
Receivables, net | 106 | 206 | |||||||||||
Other current assets | 223 | 192 | |||||||||||
Income taxes receivable | 20 | — | |||||||||||
Total current assets | 899 | 785 | |||||||||||
Property and equipment, at cost, net | 8,816 | 9,220 | |||||||||||
Total assets | 9,715 | 10,005 | |||||||||||
Accounts payable | 425 | 403 | |||||||||||
Accrued expenses | 10 | 10 | |||||||||||
Income taxes payable | — | — | |||||||||||
Total liabilities | 435 | 413 | |||||||||||
Net assets of discontinued operations | $ | 9,280 | $ | 9,592 | |||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data - (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Schedule of Quarterly Financial Data - (Unaudited) | ' | |||||||||||||||||||
First | Second | Third | Fourth | 2013 | ||||||||||||||||
Quarter (Restated) | Quarter (Restated) | Quarter (Restated) | Quarter (Restated) | |||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Revenues | $ | 148,171 | $ | 190,930 | $ | 216,718 | $ | 168,831 | $ | 724,650 | ||||||||||
Operating income | $ | 37,139 | $ | 54,739 | $ | 63,228 | $ | 41,142 | $ | 196,248 | ||||||||||
Income from continuing operations before income taxes | $ | 27,582 | $ | 44,504 | $ | 54,271 | $ | 32,315 | $ | 158,672 | ||||||||||
Income from continuing operations, net of income taxes | $ | 19,776 | $ | 31,624 | $ | 38,573 | $ | 23,377 | $ | 113,350 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | (33 | ) | $ | 183 | $ | 143 | $ | 66 | $ | 359 | |||||||||
Net income | $ | 19,743 | $ | 31,807 | $ | 38,716 | $ | 23,443 | $ | 113,709 | ||||||||||
Per basic share: | ||||||||||||||||||||
Continuing Operations | $ | 0.34 | $ | 0.54 | $ | 0.66 | $ | 0.4 | $ | 1.94 | ||||||||||
Discontinued Operations | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Per diluted share: | ||||||||||||||||||||
Continuing operations | $ | 0.34 | $ | 0.54 | $ | 0.65 | $ | 0.4 | $ | 1.92 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | 0.01 | $ | — | $ | 0.01 | ||||||||||
First | Second | Third | Fourth | 2012 | ||||||||||||||||
Quarter (Restated) | Quarter (Restated) | Quarter (Restated) | Quarter (Restated) | |||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||
Revenues | $ | 141,550 | $ | 180,888 | $ | 205,271 | $ | 165,019 | $ | 692,728 | ||||||||||
Operating income | $ | 37,746 | $ | 55,334 | $ | 62,374 | $ | 38,026 | $ | 193,480 | ||||||||||
Income from continuing operations before income taxes | $ | 36,914 | $ | 51,683 | $ | 52,789 | $ | 28,120 | $ | 169,506 | ||||||||||
Income from continuing operations, net of income taxes | $ | 23,766 | $ | 34,236 | $ | 42,637 | $ | 20,639 | $ | 121,278 | ||||||||||
Income (loss) from discontinued operations, net of income taxes | $ | 25 | $ | 138 | $ | 107 | $ | 65 | $ | 335 | ||||||||||
Net income | $ | 23,791 | $ | 34,374 | $ | 42,744 | $ | 20,704 | $ | 121,613 | ||||||||||
Per basic share: | ||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | 0.59 | $ | 0.74 | $ | 0.36 | $ | 2.09 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Per diluted share: | ||||||||||||||||||||
Continuing operations | $ | 0.41 | $ | 0.59 | $ | 0.73 | $ | 0.35 | $ | 2.08 | ||||||||||
Discontinued operations | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||||
Company_Information_and_Summar3
Company Information and Summary of Significant Accounting Policies Restatement Schedules (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Net cash provided by operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $23,443,000 | $38,716,000 | $31,807,000 | $19,743,000 | $20,704,000 | $42,744,000 | $34,374,000 | $23,791,000 | $113,709,000 | $121,613,000 | $111,061,000 | ' |
Provision for bad debts, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,743,000 | 2,923,000 | 2,192,000 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -6,277,000 | -1,126,000 | 5,866,000 | ' |
Receivables | ' | ' | ' | ' | ' | ' | ' | ' | -7,899,000 | -6,807,000 | -9,764,000 | ' |
Forgivable notes receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | -8,347,000 | -10,898,000 | -3,475,000 | ' |
Advances to/from marketing and reservations, net | ' | ' | ' | ' | ' | ' | ' | ' | 42,991,000 | 30,983,000 | 1,553,000 | ' |
Income taxes payable/receivable | ' | ' | ' | ' | ' | ' | ' | ' | 4,276,000 | -2,662,000 | -4,562,000 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 153,913,000 | 150,122,000 | 131,369,000 | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | -1,095,000 | -23,736,000 | -9,227,000 | ' |
Collections of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | 9,748,000 | 3,270,000 | 4,690,000 | ' |
Investment in property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -33,397,000 | -15,443,000 | -10,924,000 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -29,422,000 | -47,101,000 | -20,329,000 | ' |
Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 267,812,000 | 261,680,000 | 246,475,000 | ' |
Marketing and reservation revenues | ' | ' | ' | ' | ' | ' | ' | ' | 407,633,000 | 389,678,000 | 354,152,000 | ' |
Total revenues | 168,831,000 | 216,718,000 | 190,930,000 | 148,171,000 | 165,019,000 | 205,271,000 | 180,888,000 | 141,550,000 | 724,650,000 | 692,728,000 | 640,602,000 | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 111,713,000 | 101,879,000 | 106,436,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,582,000 | 8,226,000 | 8,024,000 | ' |
Marketing and reservation expenses | ' | ' | ' | ' | ' | ' | ' | ' | 407,633,000 | 389,678,000 | 354,152,000 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 528,402,000 | 499,248,000 | 468,085,000 | ' |
Operating income | 41,142,000 | 63,228,000 | 54,739,000 | 37,139,000 | 38,026,000 | 62,374,000 | 55,334,000 | 37,746,000 | 196,248,000 | 193,480,000 | 172,517,000 | ' |
Income from continuing operations before income taxes | 32,315,000 | 54,271,000 | 44,504,000 | 27,582,000 | 28,120,000 | 52,789,000 | 51,683,000 | 36,914,000 | 158,672,000 | 169,506,000 | 158,711,000 | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 45,322,000 | 48,228,000 | 47,878,000 | ' |
Income from continuing operations, net of income taxes | 23,377,000 | 38,573,000 | 31,624,000 | 19,776,000 | 20,639,000 | 42,637,000 | 34,236,000 | 23,766,000 | 113,350,000 | 121,278,000 | 110,833,000 | ' |
Consolidated Balance Sheets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | 82,385,000 | ' | ' | ' | 79,999,000 | ' | ' | ' | 82,385,000 | 79,999,000 | ' | ' |
Income taxes receivable | 0 | ' | ' | ' | 2,201,000 | ' | ' | ' | 0 | 2,201,000 | ' | ' |
Deferred income taxes | 26,684,000 | ' | ' | ' | 26,198,000 | ' | ' | ' | 26,684,000 | 26,198,000 | ' | ' |
Total current assets | 306,974,000 | ' | ' | ' | 282,730,000 | ' | ' | ' | 306,974,000 | 282,730,000 | ' | ' |
Property and equipment, at cost, net | 67,852,000 | ' | ' | ' | 51,651,000 | ' | ' | ' | 67,852,000 | 51,651,000 | ' | ' |
Advances, marketing and reservation activities | 5,844,000 | ' | ' | ' | 29,467,000 | ' | ' | ' | 5,844,000 | 29,467,000 | ' | ' |
Deferred income taxes | -5,149,000 | ' | ' | ' | -10,864,000 | ' | ' | ' | -5,149,000 | -10,864,000 | ' | ' |
Total assets | 556,422,000 | ' | ' | ' | 531,902,000 | ' | ' | ' | 556,422,000 | 531,902,000 | 468,360,000 | ' |
Total liabilities | 1,009,293,000 | ' | ' | ' | 1,070,540,000 | ' | ' | ' | 1,009,293,000 | 1,070,540,000 | ' | ' |
Retained earnings | 353,023,000 | ' | ' | ' | 282,526,000 | ' | ' | ' | 353,023,000 | 282,526,000 | ' | ' |
Total shareholders' deficit | -452,871,000 | ' | ' | ' | -538,638,000 | ' | ' | ' | -452,871,000 | -538,638,000 | -16,221,000 | -49,396,000 |
Total liabilities and shareholders' deficit | 556,422,000 | ' | ' | ' | 531,902,000 | ' | ' | ' | 556,422,000 | 531,902,000 | ' | ' |
Discontinued operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,774,000 | 4,573,000 | 4,356,000 | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,774,000 | 4,573,000 | 4,356,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 526,000 | 535,000 | 527,000 | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,678,000 | 3,505,000 | 3,466,000 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,204,000 | 4,040,000 | 3,993,000 | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 211,000 | 198,000 | 135,000 | ' |
Consolidated Balance Sheets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | 106,000 | ' | ' | ' | 206,000 | ' | ' | ' | 106,000 | 206,000 | ' | ' |
Income taxes receivable | 20,000 | ' | ' | ' | 0 | ' | ' | ' | 20,000 | 0 | ' | ' |
Total current assets | 899,000 | ' | ' | ' | 785,000 | ' | ' | ' | 899,000 | 785,000 | ' | ' |
Property and equipment, at cost, net | 8,816,000 | ' | ' | ' | 9,220,000 | ' | ' | ' | 8,816,000 | 9,220,000 | ' | ' |
Total assets | 9,715,000 | ' | ' | ' | 10,005,000 | ' | ' | ' | 9,715,000 | 10,005,000 | ' | ' |
Total liabilities | 435,000 | ' | ' | ' | 413,000 | ' | ' | ' | 435,000 | 413,000 | ' | ' |
Revenue Revision [Member] | As Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 112,601,000 | 120,687,000 | 110,396,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,469,000 | 8,226,000 | ' | ' |
Provision for bad debts, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,724,000 | 2,896,000 | 2,160,000 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -8,024,000 | -540,000 | 5,514,000 | ' |
Receivables | ' | ' | ' | ' | ' | ' | ' | ' | -6,730,000 | -5,239,000 | -7,785,000 | ' |
Advances to/from marketing and reservations, net | ' | ' | ' | ' | ' | ' | ' | ' | 42,405,000 | 30,313,000 | 623,000 | ' |
Income taxes payable/receivable | ' | ' | ' | ' | ' | ' | ' | ' | 4,807,000 | -3,193,000 | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 152,040,000 | 150,122,000 | 131,369,000 | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -31,524,000 | -15,443,000 | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -27,549,000 | -47,101,000 | ' | ' |
Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 267,229,000 | 260,782,000 | 245,426,000 | ' |
Marketing and reservation revenues | ' | ' | ' | ' | ' | ' | ' | ' | 403,099,000 | 384,784,000 | 349,036,000 | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | 4,774,000 | 4,573,000 | 4,356,000 | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 724,307,000 | 691,509,000 | 638,793,000 | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 113,567,000 | 101,852,000 | 106,404,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,469,000 | 8,226,000 | 8,024,000 | ' |
Marketing and reservation expenses | ' | ' | ' | ' | ' | ' | ' | ' | 403,099,000 | 384,784,000 | 349,036,000 | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | 3,678,000 | 3,505,000 | 3,466,000 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 529,813,000 | 498,367,000 | 466,930,000 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 194,494,000 | 193,142,000 | 171,863,000 | ' |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 156,918,000 | 169,168,000 | 158,057,000 | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 44,317,000 | 48,481,000 | 47,661,000 | ' |
Income from continuing operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 112,601,000 | 120,687,000 | 110,396,000 | ' |
Basic earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.92 | $2.08 | $1.86 | ' |
Diluted earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.91 | $2.07 | $1.85 | ' |
Consolidated Balance Sheets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | 53,521,000 | ' | ' | ' | 52,270,000 | ' | ' | ' | 53,521,000 | 52,270,000 | ' | ' |
Income taxes receivable | 0 | ' | ' | ' | 2,732,000 | ' | ' | ' | 0 | 2,732,000 | ' | ' |
Deferred income taxes | 7,220,000 | ' | ' | ' | 4,136,000 | ' | ' | ' | 7,220,000 | 4,136,000 | ' | ' |
Total current assets | 258,646,000 | ' | ' | ' | 233,470,000 | ' | ' | ' | 258,646,000 | 233,470,000 | ' | ' |
Property and equipment, at cost, net | 66,092,000 | ' | ' | ' | 51,651,000 | ' | ' | ' | 66,092,000 | 51,651,000 | ' | ' |
Advances, marketing and reservation activities | 19,127,000 | ' | ' | ' | 42,179,000 | ' | ' | ' | 19,127,000 | 42,179,000 | ' | ' |
Deferred income taxes | 20,282,000 | ' | ' | ' | 15,418,000 | ' | ' | ' | 20,282,000 | 15,418,000 | ' | ' |
Total assets | 539,899,000 | ' | ' | ' | 510,772,000 | ' | ' | ' | 539,899,000 | 510,772,000 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Total liabilities | 1,004,144,000 | ' | ' | ' | 1,059,676,000 | ' | ' | ' | 1,004,144,000 | 1,059,676,000 | ' | ' |
Retained earnings | 341,649,000 | ' | ' | ' | 272,260,000 | ' | ' | ' | 341,649,000 | 272,260,000 | ' | ' |
Total shareholders' deficit | -464,245,000 | ' | ' | ' | -548,904,000 | ' | ' | ' | -464,245,000 | -548,904,000 | ' | ' |
Total liabilities and shareholders' deficit | 539,899,000 | ' | ' | ' | 510,772,000 | ' | ' | ' | 539,899,000 | 510,772,000 | ' | ' |
Revenue Revision [Member] | Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,108,000 | 926,000 | 665,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 113,000 | 0 | ' | ' |
Provision for bad debts, net | ' | ' | ' | ' | ' | ' | ' | ' | 19,000 | 27,000 | 32,000 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,747,000 | -586,000 | 352,000 | ' |
Receivables | ' | ' | ' | ' | ' | ' | ' | ' | -1,169,000 | -1,568,000 | -1,979,000 | ' |
Advances to/from marketing and reservations, net | ' | ' | ' | ' | ' | ' | ' | ' | 586,000 | 670,000 | 930,000 | ' |
Income taxes payable/receivable | ' | ' | ' | ' | ' | ' | ' | ' | -531,000 | 531,000 | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 1,873,000 | 0 | 0 | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -1,873,000 | 0 | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -1,873,000 | 0 | ' | ' |
Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 583,000 | 898,000 | 1,049,000 | ' |
Marketing and reservation revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,534,000 | 4,894,000 | 5,116,000 | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,117,000 | 5,792,000 | 6,165,000 | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -1,854,000 | 27,000 | 32,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 113,000 | 0 | 0 | ' |
Marketing and reservation expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,534,000 | 4,894,000 | 5,116,000 | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,793,000 | 4,921,000 | 5,148,000 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 2,324,000 | 871,000 | 1,017,000 | ' |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 2,324,000 | 871,000 | 1,017,000 | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,216,000 | -55,000 | 352,000 | ' |
Income from continuing operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 1,108,000 | 926,000 | 665,000 | ' |
Basic earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | $0.01 | $0.01 | ' |
Diluted earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.02 | $0.02 | $0.02 | ' |
Consolidated Balance Sheets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | 28,864,000 | ' | ' | ' | 27,729,000 | ' | ' | ' | 28,864,000 | 27,729,000 | ' | ' |
Income taxes receivable | 0 | ' | ' | ' | -531,000 | ' | ' | ' | 0 | -531,000 | ' | ' |
Deferred income taxes | 19,464,000 | ' | ' | ' | 22,062,000 | ' | ' | ' | 19,464,000 | 22,062,000 | ' | ' |
Total current assets | 48,328,000 | ' | ' | ' | 49,260,000 | ' | ' | ' | 48,328,000 | 49,260,000 | ' | ' |
Property and equipment, at cost, net | 1,760,000 | ' | ' | ' | 0 | ' | ' | ' | 1,760,000 | 0 | ' | ' |
Advances, marketing and reservation activities | -13,283,000 | ' | ' | ' | -12,712,000 | ' | ' | ' | -13,283,000 | -12,712,000 | ' | ' |
Deferred income taxes | -20,282,000 | ' | ' | ' | -15,418,000 | ' | ' | ' | -20,282,000 | -15,418,000 | ' | ' |
Total assets | 16,523,000 | ' | ' | ' | 21,130,000 | ' | ' | ' | 16,523,000 | 21,130,000 | ' | ' |
Deferred income taxes | 5,149,000 | ' | ' | ' | 10,864,000 | ' | ' | ' | 5,149,000 | 10,864,000 | ' | ' |
Total liabilities | 5,149,000 | ' | ' | ' | 10,864,000 | ' | ' | ' | 5,149,000 | 10,864,000 | ' | ' |
Retained earnings | 11,374,000 | ' | ' | ' | 10,266,000 | ' | ' | ' | 11,374,000 | 10,266,000 | ' | ' |
Total shareholders' deficit | 11,374,000 | ' | ' | ' | 10,266,000 | ' | ' | ' | 11,374,000 | 10,266,000 | ' | ' |
Total liabilities and shareholders' deficit | 16,523,000 | ' | ' | ' | 21,130,000 | ' | ' | ' | 16,523,000 | 21,130,000 | ' | ' |
Revenue Revision [Member] | As Revised [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,582,000 | 8,226,000 | ' | ' |
Provision for bad debts, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,743,000 | 2,923,000 | 2,192,000 | ' |
Deferred income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -6,277,000 | -1,126,000 | 5,866,000 | ' |
Receivables | ' | ' | ' | ' | ' | ' | ' | ' | -7,899,000 | -6,807,000 | -9,764,000 | ' |
Advances to/from marketing and reservations, net | ' | ' | ' | ' | ' | ' | ' | ' | 42,991,000 | 30,983,000 | 1,553,000 | ' |
Income taxes payable/receivable | ' | ' | ' | ' | ' | ' | ' | ' | 4,276,000 | -2,662,000 | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | 153,913,000 | 150,122,000 | 131,369,000 | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in property and equipment | ' | ' | ' | ' | ' | ' | ' | ' | -33,397,000 | -15,443,000 | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | -29,422,000 | -47,101,000 | ' | ' |
Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 267,812,000 | 261,680,000 | 246,475,000 | ' |
Marketing and reservation revenues | ' | ' | ' | ' | ' | ' | ' | ' | 407,633,000 | 389,678,000 | 354,152,000 | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 724,650,000 | 692,728,000 | 640,602,000 | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 111,713,000 | 101,879,000 | 106,436,000 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,056,000 | 7,691,000 | 7,497,000 | ' |
Marketing and reservation expenses | ' | ' | ' | ' | ' | ' | ' | ' | 407,633,000 | 389,678,000 | 354,152,000 | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 528,402,000 | 499,248,000 | 468,085,000 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 196,248,000 | 193,480,000 | 172,517,000 | ' |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 158,672,000 | 169,506,000 | 158,711,000 | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 45,322,000 | 48,228,000 | 47,878,000 | ' |
Income from continuing operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 113,350,000 | 121,278,000 | 110,833,000 | ' |
Basic earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.94 | $2.09 | $1.86 | ' |
Diluted earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.92 | $2.08 | $1.86 | ' |
Consolidated Balance Sheets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables | 82,385,000 | ' | ' | ' | 79,999,000 | ' | ' | ' | 82,385,000 | 79,999,000 | ' | ' |
Income taxes receivable | 0 | ' | ' | ' | 2,201,000 | ' | ' | ' | 0 | 2,201,000 | ' | ' |
Deferred income taxes | 26,684,000 | ' | ' | ' | 26,198,000 | ' | ' | ' | 26,684,000 | 26,198,000 | ' | ' |
Total current assets | 306,974,000 | ' | ' | ' | 282,730,000 | ' | ' | ' | 306,974,000 | 282,730,000 | ' | ' |
Property and equipment, at cost, net | 67,852,000 | ' | ' | ' | 51,651,000 | ' | ' | ' | 67,852,000 | 51,651,000 | ' | ' |
Advances, marketing and reservation activities | 5,844,000 | ' | ' | ' | 29,467,000 | ' | ' | ' | 5,844,000 | 29,467,000 | ' | ' |
Deferred income taxes | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Total assets | 556,422,000 | ' | ' | ' | 531,902,000 | ' | ' | ' | 556,422,000 | 531,902,000 | ' | ' |
Deferred income taxes | 5,149,000 | ' | ' | ' | 10,864,000 | ' | ' | ' | 5,149,000 | 10,864,000 | ' | ' |
Total liabilities | 1,009,293,000 | ' | ' | ' | 1,070,540,000 | ' | ' | ' | 1,009,293,000 | 1,070,540,000 | ' | ' |
Retained earnings | 353,023,000 | ' | ' | ' | 282,526,000 | ' | ' | ' | 353,023,000 | 282,526,000 | ' | ' |
Total shareholders' deficit | -452,871,000 | ' | ' | ' | -538,638,000 | ' | ' | ' | -452,871,000 | -538,638,000 | ' | ' |
Total liabilities and shareholders' deficit | 556,422,000 | ' | ' | ' | 531,902,000 | ' | ' | ' | 556,422,000 | 531,902,000 | ' | ' |
Revenue Revision [Member] | Discontinued operations [Member] | Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Marketing and reservation revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | -4,774,000 | -4,573,000 | -4,356,000 | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -4,774,000 | -4,573,000 | -4,356,000 | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -526,000 | -535,000 | -527,000 | ' |
Marketing and reservation expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | -3,678,000 | -3,505,000 | -3,466,000 | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -4,204,000 | -4,040,000 | -3,993,000 | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -570,000 | -533,000 | -363,000 | ' |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -570,000 | -533,000 | -363,000 | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -211,000 | -198,000 | -135,000 | ' |
Income from continuing operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -359,000 | -335,000 | -228,000 | ' |
Basic earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ($0.01) | ' |
Diluted earnings per share, continuing operations (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($0.01) | ($0.01) | ($0.01) | ' |
Cash Flow Presentation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forgivable notes receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,898,000 | ' | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,122,000 | ' | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,736,000 | ' | ' |
Collections of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,270,000 | ' | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -47,101,000 | ' | ' |
Cash Flow Presentation [Member] | As Previously Reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forgivable notes receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 161,020,000 | 134,844,000 | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -34,925,000 | -12,766,000 | ' |
Collections of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,561,000 | 4,754,000 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -57,999,000 | -23,804,000 | ' |
Cash Flow Presentation [Member] | Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forgivable notes receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,898,000 | -3,475,000 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,898,000 | -3,475,000 | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,189,000 | 3,539,000 | ' |
Collections of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | -291,000 | -64,000 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,898,000 | 3,475,000 | ' |
Cash Flow Presentation [Member] | As Revised [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash provided by operating activities [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forgivable notes receivable, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,475,000 | ' |
Net cash provided by operating activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,369,000 | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,227,000 | ' |
Collections of mezzanine and other notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,690,000 | ' |
Net cash used in investing activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($20,329,000) | ' |
Company_Information_and_Summar4
Company Information and Summary of Significant Accounting Policies Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
countries | |||
States | |||
Hotels | |||
Number Of Operating Hotel Franchises | 6,340 | ' | ' |
Number Of States Of Business Operations | 50 | ' | ' |
Number Of Countries Of Business Operations | 35 | ' | ' |
Net cash provided by operating activities [Abstract] | ' | ' | ' |
Forgivable notes receivable, net | ($8,347,000) | ($10,898,000) | ($3,475,000) |
Net cash provided by operating activities | 153,913,000 | 150,122,000 | 131,369,000 |
Net cash used by investing activities [Abstract]: | ' | ' | ' |
Issuance of mezzanine and other notes receivable | -1,095,000 | -23,736,000 | -9,227,000 |
Collections of mezzanine and other notes receivable | 9,748,000 | 3,270,000 | 4,690,000 |
Net cash used in investing activities | -29,422,000 | -47,101,000 | -20,329,000 |
Franchise Agreement Adjusted Term In Years | '10 years | ' | ' |
Advertising Expense | 84,700,000 | 79,700,000 | 73,800,000 |
Prepaid Advertising | 200,000 | 500,000 | ' |
Interest Costs Capitalized | 0 | 0 | ' |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ' | 0 |
Goodwill, Impairment Loss | 0 | ' | 0 |
Foreign Currency Transaction Gain (Loss), Realized | -400,000 | 100,000 | -1,400,000 |
Construction in Progress [Member] | ' | ' | ' |
Number Of Operating Hotel Franchises | 503 | ' | ' |
Minimum [Member] | ' | ' | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' |
Franchise Agreement Initial Term In Years | '10 years | ' | ' |
Franchise Agreement Adjusted Term In Years | '5 years | ' | ' |
Maximum [Member] | ' | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' |
Franchise Agreement Initial Term In Years | '20 years | ' | ' |
Franchise Agreement Adjusted Term In Years | '15 years | ' | ' |
Choice Hospitality India LTD | ' | ' | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill) | ' | 200,000 | ' |
Goodwill, Impairment Loss | ' | 200,000 | ' |
Accounts Payable [Member] | ' | ' | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' |
Book Overdrafts | -5,000,000 | -5,000,000 | ' |
Trademarks [Member] | ' | ' | ' |
Net cash used by investing activities [Abstract]: | ' | ' | ' |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $0 | ' | $0 |
Other_Current_Assets_Schedule_
Other Current Assets Schedule Of Other Current Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets, Current [Abstract] | ' | ' |
Notes receivable (See Note 3) | $12,816,000 | $14,415,000 |
Prepaid expenses | 13,746,000 | 10,694,000 |
Land held for sale | 0 | 8,541,000 |
Other current assets | 3,148,000 | 3,019,000 |
Total | $29,710,000 | $36,669,000 |
Notes_Receivable_And_Allowance2
Notes Receivable And Allowance For Losses Past due balances of mezzanine and other notes receivable (Details) (Mezzanine & Other Notes Receivable [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
30-89 days Past Due | $0 | $619,000 |
Greater than 90 days Past Due | 9,676,000 | 9,676,000 |
Total Past Due | 9,676,000 | 10,295,000 |
Current | 25,933,000 | 33,538,000 |
Total Mezzanine and Other Notes Receivables | 35,609,000 | 43,833,000 |
Senior [Member] | ' | ' |
30-89 days Past Due | 0 | 0 |
Greater than 90 days Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 18,052,000 | 27,549,000 |
Total Mezzanine and Other Notes Receivables | 18,052,000 | 27,549,000 |
Subordinated [Member] | ' | ' |
30-89 days Past Due | 0 | 619,000 |
Greater than 90 days Past Due | 9,629,000 | 9,629,000 |
Total Past Due | 9,629,000 | 10,248,000 |
Current | 4,523,000 | 4,771,000 |
Total Mezzanine and Other Notes Receivables | 14,152,000 | 15,019,000 |
Unsecured [Member] | ' | ' |
30-89 days Past Due | 0 | 0 |
Greater than 90 days Past Due | 47,000 | 47,000 |
Total Past Due | 47,000 | 47,000 |
Current | 3,358,000 | 1,218,000 |
Total Mezzanine and Other Notes Receivables | $3,405,000 | $1,265,000 |
Notes_Receivable_And_Allowance3
Notes Receivable And Allowance For Losses Accretable yield reconciliation (Details) (Mezzanine & Other Notes Receivable [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Mezzanine & Other Notes Receivable [Member] | ' | ' |
Accretable Yield [Line Items] | ' | ' |
Balance, Beginning of Year | $1,161,000 | $1,793,000 |
Additions | 0 | 0 |
Accretion | -579,000 | -632,000 |
Disposals | 0 | 0 |
Reclassifications from nonaccretable yield | 0 | 0 |
Balance, End of Year | $582,000 | $1,161,000 |
Notes_Receivable_And_Allowance4
Notes Receivable And Allowance For Losses Schedule of notes receivable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Notes Receivable, Related Parties | $56,234,000 | $60,068,000 | ' |
Allowance for losses on non-impaired loans | 3,257,000 | 2,261,000 | ' |
Allowance for losses on receivables specifically evaluated for impairment | 8,289,000 | 8,289,000 | ' |
Total loan reserves | 11,546,000 | 10,550,000 | ' |
Net carrying value | 44,688,000 | 49,518,000 | ' |
Current portion, net | 12,816,000 | 14,415,000 | ' |
Long-term portion, net | 31,872,000 | 35,103,000 | ' |
Senior [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 18,052,000 | 27,549,000 | ' |
Subordinated [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 14,152,000 | 15,019,000 | ' |
Unsecured [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 24,030,000 | 17,500,000 | ' |
Forgivable Notes Receivable [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 20,625,000 | 16,235,000 | ' |
Allowance for losses on non-impaired loans | 1,650,000 | 1,623,000 | ' |
Allowance for losses on receivables specifically evaluated for impairment | 0 | 0 | ' |
Total loan reserves | 1,650,000 | 1,623,000 | 795,000 |
Net carrying value | 18,975,000 | 14,612,000 | ' |
Current portion, net | 361,000 | 420,000 | ' |
Long-term portion, net | 18,614,000 | 14,192,000 | ' |
Forgivable Notes Receivable [Member] | Senior [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 0 | 0 | ' |
Forgivable Notes Receivable [Member] | Subordinated [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 0 | 0 | ' |
Forgivable Notes Receivable [Member] | Unsecured [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 20,625,000 | 16,235,000 | ' |
Mezzanine & Other Notes Receivable [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 35,609,000 | 43,833,000 | ' |
Allowance for losses on non-impaired loans | 1,607,000 | 638,000 | ' |
Allowance for losses on receivables specifically evaluated for impairment | 8,289,000 | 8,289,000 | ' |
Total loan reserves | 9,896,000 | 8,927,000 | 8,433,000 |
Net carrying value | 25,713,000 | 34,906,000 | ' |
Current portion, net | 12,455,000 | 13,995,000 | ' |
Long-term portion, net | 13,258,000 | 20,911,000 | ' |
Mezzanine & Other Notes Receivable [Member] | Senior [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 18,052,000 | 27,549,000 | ' |
Mezzanine & Other Notes Receivable [Member] | Subordinated [Member] | ' | ' | ' |
Notes Receivable, Related Parties | 14,152,000 | 15,019,000 | ' |
Mezzanine & Other Notes Receivable [Member] | Unsecured [Member] | ' | ' | ' |
Notes Receivable, Related Parties | $3,405,000 | $1,265,000 | ' |
Notes_Receivable_And_Allowance5
Notes Receivable And Allowance For Losses Summary of activity related to allowance for losses (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ||
Ending balance | $11,546,000 | $10,550,000 | ||
Forgivable Notes Receivable [Member] | ' | ' | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ||
Beginning balance | 1,623,000 | 795,000 | ||
Provisions | 699,000 | 1,144,000 | ||
Recoveries | -9,000 | -33,000 | ||
Write-offs | -115,000 | -213,000 | ||
Other | -548,000 | [1] | -70,000 | [1] |
Ending balance | 1,650,000 | 1,623,000 | ||
Mezzanine & Other Notes Receivable [Member] | ' | ' | ||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ||
Beginning balance | 8,927,000 | 8,433,000 | ||
Provisions | 969,000 | 591,000 | ||
Recoveries | 0 | -97,000 | ||
Write-offs | 0 | 0 | ||
Other | 0 | [1] | 0 | [1] |
Ending balance | $9,896,000 | $8,927,000 | ||
[1] | Consists of default rate assumption changes |
Notes_Receivable_And_Allowance6
Notes Receivable And Allowance For Losses Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Senior [Member] | Senior [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] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Forgivable Notes Receivable [Member] | Impaired Loans [Member] | Impaired Loans [Member] | Non-impaired Loans [Member] | Non-impaired Loans [Member] | ||||
Senior [Member] | Senior [Member] | Senior [Member] | Senior [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | Mezzanine & Other Notes Receivable [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Days Outstanding To Consider Loans Outstanding Past Due In Order To Cease Accruing Interest | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of notes value deemed impaired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,500,000 | $13,300,000 | ' | ' |
Loan reserves on impaired loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,300,000 | 8,300,000 | ' | ' |
Impaired loans, carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | 5,000,000 | ' | ' |
Interest income on impaired loans, cash basis method | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 100,000 | ' | ' |
Loan reserves on non-impaired loans | 11,546,000 | 10,550,000 | ' | ' | ' | ' | 9,896,000 | 8,927,000 | 8,433,000 | ' | ' | 1,650,000 | 1,623,000 | 795,000 | ' | ' | ' | ' | 1,600,000 | 600,000 |
Mortgage Loans Acquired | ' | ' | ' | ' | ' | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Mortgage Notes Receivable | ' | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Commercial, Contractually Required Payments Receivable at Acquisition | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage notes receivable, carrying amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loans receivable, allowance for uncollectable amounts | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certain Loans Acquired Accretable Yield | ' | ' | ' | ' | ' | 7.36% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Receivable, Related Parties | 56,234,000 | 60,068,000 | ' | 18,052,000 | 27,549,000 | ' | 35,609,000 | 43,833,000 | ' | 18,052,000 | 27,549,000 | 20,625,000 | 16,235,000 | ' | 0 | 0 | ' | ' | ' | ' |
Allowance for losses on non-impaired loans | 3,257,000 | 2,261,000 | ' | ' | ' | ' | 1,607,000 | 638,000 | ' | ' | ' | 1,650,000 | 1,623,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | $9,056,000 | $7,691,000 | $7,497,000 | ' | ' | ' | ' | ' | ' | ' | ' | $4,200,000 | $2,800,000 | $2,300,000 | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and Amortization, Excluding Marketing And Reservation | $3,200,000 | $2,400,000 | $2,600,000 |
Property, Plant and Equipment, Gross | 150,256,000 | 151,297,000 | ' |
Less: Accumulated depreciation and amortization | -82,404,000 | -99,646,000 | ' |
Property and equipment, at cost, net | 67,852,000 | 51,651,000 | ' |
Land and land improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 2,490,000 | 2,490,000 | ' |
Facilities in progress and software under development | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 6,435,000 | 2,944,000 | ' |
Computer equipment and software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 83,089,000 | 83,937,000 | ' |
Buildings and leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 38,403,000 | 43,482,000 | ' |
Furniture, fixtures and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 16,371,000 | 14,976,000 | ' |
Capital lease | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 3,468,000 | 3,468,000 | ' |
Less: Accumulated depreciation and amortization | ($1,400,000) | ($1,000,000) | ' |
Property_and_Equipment_Estimat
Property and Equipment Estimated useful lives (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation and Amortization, Excluding Marketing And Reservation | $3.20 | $2.40 | $2.60 |
Capital lease (telephone equipment) | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '8 years | ' | ' |
Minimum [Member] | Computer equipment and software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Minimum [Member] | Buildings and leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Minimum [Member] | Furniture, fixtures and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '3 years | ' | ' |
Maximum [Member] | Computer equipment and software | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '5 years | ' | ' |
Maximum [Member] | Buildings and leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '40 years | ' | ' |
Maximum [Member] | Furniture, fixtures and equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Useful Life | '15 years | ' | ' |
Goodwill_Goodwill_Details
Goodwill Goodwill (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Minority interest | Minority interest | Suburban Transaction [Member] | Suburban Transaction [Member] | Choice Hospitality India LTD | ||||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Interest Acquired | ' | ' | ' | ' | ' | 100.00% | ' | ' |
Goodwill | $65,813,000 | ' | $65,813,000 | $60,620,000 | $60,620,000 | $5,193,000 | $5,193,000 | ' |
Goodwill, Impairment Loss | $0 | $0 | ' | ' | ' | ' | ' | $200,000 |
Franchise_Rights_and_Other_Ide2
Franchise Rights and Other Identifiable Intangibles Components of Franchise Rights and Other Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Franchise rights and other identifiable intangibles, net of accumulated amortization | $9,953,000 | $13,473,000 |
Franchise Rights [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Franchise rights and other identifiable intangibles, net of accumulated amortization | 6,069,000 | 9,767,000 |
Trademarks [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Franchise rights and other identifiable intangibles, net of accumulated amortization | $3,884,000 | $3,706,000 |
Franchise_Rights_and_Other_Ide3
Franchise Rights and Other Identifiable Intangibles Franchise Rights Future Amortization Expense (Details) (Franchise Rights [Member], USD $) | Dec. 31, 2013 |
Franchise Rights [Member] | ' |
Franchise Rights Amortization [Line Items] | ' |
2014 | $3,200,000 |
2015 | 2,200,000 |
2016 | 300,000 |
2017 | 200,000 |
2018 | $31,757 |
Franchise_Rights_and_Other_Ide4
Franchise Rights and Other Identifiable Intangibles Trademark Future Amortization Expense (Details) (Trademarks [Member], USD $) | Dec. 31, 2013 |
Trademarks [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $500,000 |
2015 | 500,000 |
2016 | 400,000 |
2017 | 400,000 |
2018 | $300,000 |
Franchise_Rights_and_Other_Ide5
Franchise Rights and Other Identifiable Intangibles Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | $9,056,000 | $7,691,000 | $7,497,000 |
Franchise Rights [Member] | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 3,500,000 | 3,700,000 | 3,600,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 76,400,000 | 74,000,000 | ' |
Franchise Rights [Member] | Minimum [Member] | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '5 years | ' | ' |
Franchise Rights [Member] | Maximum [Member] | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | '25 years | ' | ' |
Trademarks [Member] | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' |
Amortization expense | 500,000 | 5,000,000 | 5,000,000 |
Finite-Lived Intangible Assets, Accumulated Amortization | 7,500,000 | 6,900,000 | ' |
Trademarks [Member] | ' | ' | ' |
Schedule of Intangible Assets [Line Items] | ' | ' | ' |
Indefinite-Lived Intangible Assets (Excluding Goodwill) | $1,000,000 | ' | ' |
Advances_Marketing_And_Reserva1
Advances, Marketing And Reservation Activities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Advances, marketing and reservation activities | $5,844,000 | $29,467,000 | ' |
Depreciation and amortization | 9,056,000 | 7,691,000 | 7,497,000 |
Interest expense | 42,537,000 | 27,189,000 | 12,939,000 |
Marketing And Reservation Fees [Member] | ' | ' | ' |
Depreciation and amortization | 16,000,000 | 14,500,000 | 13,300,000 |
Reservation Activities [Member] | ' | ' | ' |
Interest expense | $3,700,000 | $4,000,000 | $4,100,000 |
Other_Assets_Components_Of_Oth
Other Assets Components Of Other Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Other Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable | $31,872,000 | ' | ' | ' | $35,103,000 | ' | ' | ' | $31,872,000 | $35,103,000 | ' |
Equity method investments | 32,257,000 | ' | ' | ' | 27,453,000 | ' | ' | ' | 32,257,000 | 27,453,000 | ' |
Deferred financing fees | 8,954,000 | ' | ' | ' | 11,174,000 | ' | ' | ' | 8,954,000 | 11,174,000 | ' |
Land | 10,097,000 | ' | ' | ' | 1,300,000 | ' | ' | ' | 10,097,000 | 1,300,000 | ' |
Other assets | 856,000 | ' | ' | ' | 983,000 | ' | ' | ' | 856,000 | 983,000 | ' |
Total | 84,036,000 | ' | ' | ' | 76,013,000 | ' | ' | ' | 84,036,000 | 76,013,000 | ' |
Investment in joint venture, variable interest entity, carrying amount | 28,900,000 | ' | ' | ' | 24,300,000 | ' | ' | ' | 28,900,000 | 24,300,000 | ' |
Net income attributable to variable interest entities | ' | ' | ' | ' | ' | ' | ' | ' | 8,000 | 100,000 | ' |
Income from equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | 634,000 | 212,000 | 269,000 |
Equity method investment, dividends received | ' | ' | ' | ' | ' | ' | ' | ' | 1,445,000 | 1,310,000 | 1,139,000 |
Total revenues | 168,831,000 | 216,718,000 | 190,930,000 | 148,171,000 | 165,019,000 | 205,271,000 | 180,888,000 | 141,550,000 | 724,650,000 | 692,728,000 | 640,602,000 |
Choice Hotels Canada Inc CHC [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, ownership percentage | 50.00% | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' |
Income from equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,500,000 | 1,500,000 |
Equity method investment, dividends received | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 1,300,000 | 1,100,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | $14,700,000 | $14,400,000 | $13,700,000 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accrued Liabilities [Abstract] | ' | ' |
Accrued compensation and benefits | $24,461,000 | $32,236,000 |
Accrued interest | 16,410,000 | 16,695,000 |
Dividends payable | 10,785,000 | 0 |
Termination benefits (see Note 25) | 582,000 | 3,099,000 |
Other liabilities and contingencies | 4,387,000 | 3,522,000 |
Total | $56,625,000 | $55,552,000 |
Deferred_Revenue_Components_Of
Deferred Revenue Components Of Deferred Revenue (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred revenue | $61,188,000 | $71,154,000 |
Loyalty programs [Member] | ' | ' |
Deferred revenue | 53,875,000 | 64,636,000 |
Initial, relicensing and franchise fees [Member] | ' | ' |
Deferred revenue | 5,354,000 | 4,994,000 |
Procurement services fees [Member] | ' | ' |
Deferred revenue | 1,504,000 | 1,225,000 |
Other [Member] | ' | ' |
Deferred revenue | $455,000 | $299,000 |
Other_Noncurrent_Liabilities_D
Other Non-current Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Liabilities, Noncurrent [Abstract] | ' | ' |
Deferred rental expenses | $16,337 | $7,622 |
Uncertain tax positions | 5,627 | 6,718 |
Deferred revenue | 1,633 | 1,411 |
Other liabilities | 211 | 239 |
Total | $23,808 | $15,990 |
Debt_Schedule_Of_Components_Of
Debt Schedule Of Components Of Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 25, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Senior Secured Credit Facility [Member] | Economic Development Loans [Member] | Economic Development Loans [Member] | 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 | $793,559,000 | $855,345,000 | $649,572,000 | $400,000,000 | $400,000,000 | ' | $249,572,000 | $249,508,000 | ' | $138,750,000 | $138,750,000 | $203,250,000 | ' | $3,360,000 | $0 | $1,848,000 | $2,519,000 | $29,000 | $68,000 |
Current portion | 10,088,000 | 8,195,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | 783,471,000 | 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% | ' | 2.17% | 2.66% | ' | 3.00% | ' | 3.18% | 3.18% | ' | ' |
Senior notes, discount | ' | ' | ' | ' | ' | ' | $400,000 | $500,000 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Maturity Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016 | '2016 | ' | ' |
Debt_Maturities_Of_Debt_Detail
Debt Maturities Of Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | $10,403,000 | ' |
2015 | 12,279,000 | ' |
2016 | 118,725,000 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 652,932,000 | ' |
Long-term Debt, Gross | 794,339,000 | ' |
Less: Amount representing estimated executory costs | -701,000 | ' |
Less: Amounts representing interest | -79,000 | ' |
Total debt | 793,559,000 | 855,345,000 |
Senior Notes [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | 0 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 649,572,000 | ' |
Long-term Debt, Gross | 649,572,000 | ' |
Less: Amount representing estimated executory costs | 0 | ' |
Less: Amounts representing interest | 0 | ' |
Total debt | 649,572,000 | ' |
Capital Lease Obligations [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | 1,017,000 | ' |
2015 | 1,017,000 | ' |
2016 | 594,000 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Long-term Debt, Gross | 2,628,000 | ' |
Less: Amount representing estimated executory costs | -701,000 | ' |
Less: Amounts representing interest | -79,000 | ' |
Total debt | 1,848,000 | 2,519,000 |
Revolving Credit Facilities [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | 9,375,000 | ' |
2015 | 11,250,000 | ' |
2016 | 118,125,000 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 0 | ' |
Long-term Debt, Gross | 138,750,000 | ' |
Less: Amount representing estimated executory costs | 0 | ' |
Less: Amounts representing interest | 0 | ' |
Total debt | 138,750,000 | ' |
Other Notes Payable [Member] | ' | ' |
Long-term Debt, Fiscal Year Maturity [Abstract] | ' | ' |
2014 | 11,000 | ' |
2015 | 12,000 | ' |
2016 | 6,000 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 3,360,000 | ' |
Long-term Debt, Gross | 3,389,000 | ' |
Less: Amount representing estimated executory costs | 0 | ' |
Less: Amounts representing interest | 0 | ' |
Total debt | $3,389,000 | ' |
Debt_Narrative_Details
Debt Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 25, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 23, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 25, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Jul. 25, 2012 | Dec. 31, 2012 | Jul. 25, 2012 | Jul. 25, 2012 |
2012 Special Cash Dividend [Member] | Senior Notes [Member] | Senior Secured Credit Facility [Member] | Economic Development Loans [Member] | Economic Development Loans [Member] | $400 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | $400 Million Senior Notes [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] | $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] | $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] | $300 Million Revolver [Member] [Member] | $300 Million Revolver [Member] [Member] | $300 Million Revolver [Member] [Member] | $300 Million Revolver [Member] [Member] | $300 Million Revolver [Member] [Member] | $300 Million Revolver [Member] [Member] | $300 Million Revolver [Member] [Member] | $300 Million Revolver [Member] [Member] | $300 Million Revolver [Member] [Member] | |||
Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Senior 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] | 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] | 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] | 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] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | ||||||||
subsidiaries | Debt Instrument Redemption [Domain] | Debt Instrument Redemption [Domain] | Other Current Assets and Other Assets [Member] | 2012 Special Cash Dividend [Member] | subsidiaries | Debt Instrument Redemption [Domain] | Debt Instrument Redemption [Domain] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Final Loan Term (Extension) [Member] | Total Leverage Ratio exceeds 4.50 to 1.00 [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] | Other Current Assets and Other Assets [Member] | 2012 Special Cash Dividend [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] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | ||||||||||||||||||||||||
Treasury Rate [Member] | Treasury Rate [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] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | Base Rate [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% | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | 5.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument effective interest rate | ' | ' | ' | ' | ' | 3.00% | ' | 5.94% | 5.94% | 5.94% | ' | ' | ' | ' | 6.19% | 6.19% | 6.19% | ' | ' | 2.17% | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Special dividend payment date | ' | ' | 23-Aug-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Aug-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Aug-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Domestic Subsidiaries as a Guarantee to Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Percentage Of Principal Amount To Be Redeemed By Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Treasury Rate | ' | ' | ' | ' | ' | ' | 'Treasury Rate | ' | ' | ' | 'LIBOR | 'base rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'base rate |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | 0.45% | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | 4.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.05% | 0.05% | ' | 1.80% | 0.80% | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Secured Leverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding debt | 793,559,000 | 855,345,000 | ' | 649,572,000 | 138,750,000 | 3,360,000 | 0 | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | 249,572,000 | 249,508,000 | ' | ' | ' | 138,750,000 | 203,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 57,000,000 | ' | ' | ' | ' | 138,800,000 | 146,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of Unsecured Revolving Credit Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' |
Unamortized Debt Issuance Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Line of Credit Facility, Frequency of Commitment Fee Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'quarterly | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | 0.45% | ' | ' | ' | ' | ' | ' |
Economic Development Agreements - Total Advances Agreed Upon | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic Development Agreements - Advances Received | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic Development Agreements - Advances not yet Received | ' | ' | ' | ' | ' | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic Development Agreements - Measurement Frequency | ' | ' | ' | ' | ' | 'annually | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Economic Development Agreements - Term (in years) | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_Plan_Reconciliation_Of
Pension Plan Reconciliation Of The Changes In Projected Benefit Obligation (Details) (Supplemental Employee Retirement Plans, Defined Benefit [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ' | ' |
Projected benefit obligation, beginning of year | $11,896,000 | ' |
Interest cost | 526,000 | 541,000 |
Actuarial loss (gain) | -85,000 | ' |
Benefit payments | -414,000 | ' |
Settlement payments | -11,923,000 | ' |
Projected benefit obligation, end of year | 0 | 11,896,000 |
General and Administrative Expense [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension Expense | $2,800,000 | $500,000 |
Pension_Plan_Components_Of_Net
Pension Plan Components Of Net Periodic Benefit Costs (Details) (Supplemental Employee Retirement Plans, Defined Benefit [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' |
Components of net periodic benefit cost: | ' | ' |
Interest cost | $526,000 | $541,000 |
Amortization of actuarial loss | -128,000 | 0 |
Subtotal | 654,000 | 541,000 |
Settlement loss, net | -2,162,000 | 0 |
Net periodic benefit cost | $2,816,000 | $541,000 |
Weighted average assumption: | ' | ' |
Discount rate | 4.50% | 5.50% |
Pension_Plan_Narrative_Details
Pension Plan Narrative (Details) (Supplemental Employee Retirement Plans, Defined Benefit [Member], USD $) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Settlement loss, net | ($2,162,000) | $0 |
Actuarial gain (loss) | 85,000 | ' |
Other Comprehensive Income (Loss), Reclassification, Pension and Other Postretirement Benefit Plans, Net Gain (Loss) Recognized in Net Periodic Benefit Cost, Net of Tax | 2,300,000 | ' |
Defined Benefit Plan, Benefit Obligation | 0 | 11,896,000 |
General and Administrative Expense [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Pension expense | $2,800,000 | $500,000 |
NonQualified_Retirement_Saving1
Non-Qualified Retirement, Savings And Investment Plans (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | ' | ' | ' | ' |
Number of non-qualified retirement savings and investment plans | 2 | ' | ' | ' |
Investments, employee benefit plans, at fair value | $400,000 | $3,486,000 | ' | ' |
Executive Deferred Compensation Plan [Member] | ' | ' | ' | ' |
Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits | ' | ' | ' | ' |
Basis points | ' | ' | ' | 0.03 |
Deferred Compensation Liability, Current and Noncurrent | 11,300,000 | 11,700,000 | ' | ' |
Compensation expense | 900,000 | 800,000 | 800,000 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4,100,000 | 6,000,000 | ' | ' |
Investments, employee benefit plans, at fair value | 400,000 | ' | ' | ' |
Trading Securities, Realized Gain (Loss) | -300,000 | -1,200,000 | 100,000 | ' |
Common stock held by non-qualified plan | 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 Noncurrent | 13,700,000 | 11,200,000 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 12,300,000 | 10,200,000 | ' | ' |
Increase (Decrease) in Deferred Compensation | 1,700,000 | 700,000 | -500,000 | ' |
Trading Securities, Realized Gain (Loss) | -1,300,000 | -800,000 | 500,000 | ' |
Common stock held by non-qualified plan | $1,400,000 | $1,000,000 | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements Schedule Of Fair Value Of Assets (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Estimate of Fair Value Measurement [Member] | ' | ' | ||
Assets measured at fair value | $66,351,000 | $36,242,000 | ||
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | Cash and cash equivalents [Member] | ' | ' | ||
Money market funds, included in cash and cash equivalents, fair value | 50,001,000 | 20,001,000 | ||
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | Investments, employee benefit plans, at fair value [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 1,786,000 | [1] | 4,357,000 | [1] |
Estimate of Fair Value Measurement [Member] | Mutual Funds [Member] | Investments, employee benefit plans, at fair value [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 14,564,000 | [1] | 11,884,000 | [1] |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ||
Assets measured at fair value | 14,564,000 | 11,884,000 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Cash and cash equivalents [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] | ' | ' | ||
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] | ' | ' | ||
Mutual funds and money market funds, fair value | 14,564,000 | [1] | 11,884,000 | [1] |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ||
Assets measured at fair value | 51,787,000 | 24,358,000 | ||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | Cash and cash equivalents [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] | ' | ' | ||
Mutual funds and money market funds, fair value | 1,786,000 | [1] | 4,357,000 | [1] |
Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | Investments, employee benefit plans, at fair value [Member] | ' | ' | ||
Mutual funds and money market funds, fair value | 0 | [1] | 0 | [1] |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ||
Assets measured at fair value | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | Cash and cash equivalents [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] | ' | ' | ||
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] | ' | ' | ||
Mutual funds and money market funds, fair value | $0 | [1] | $0 | [1] |
[1] | Included in Investments, employee benefit plans at fair value on consolidated balance sheets. |
Fair_Value_Measurements_Narrat
Fair Value Measurements Narrative (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 25, 2010 | Jun. 27, 2012 | Dec. 31, 2012 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||
$250 Million Senior Notes [Member] | $250 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | $400 Million Senior Notes [Member] | Senior Notes [Member] | Senior Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||
$250 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, Sales of Mutual Funds | ' | ' | ' | ' | ' | ' | ' | $11,800,000 |
Defined Benefit Plan, Assets Transferred from the Irrevocable Trust | ' | ' | ' | ' | ' | ' | ' | 8,400,000 |
Defined Benefit Plan, Transfers Between Measurement Levels | 0 | ' | ' | ' | ' | ' | ' | 3,400,000 |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | 250,000,000 | 400,000,000 | ' |
Debt Instrument, Fair Value Disclosure | ' | $261,300,000 | $271,600,000 | $416,000,000 | $442,000,000 | ' | ' | ' |
401k_Retirement_Plan_Details
401(k) Retirement Plan (Details) (401 K Retirement Plan, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
401 K Retirement Plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Compensation Expense | $3.70 | $3.70 | $3.60 |
Income_Taxes_Pretax_Income_Det
Income Taxes Pretax Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income (loss) before income taxes | $32,315,000 | $54,271,000 | $44,504,000 | $27,582,000 | $28,120,000 | $52,789,000 | $51,683,000 | $36,914,000 | $158,672,000 | $169,506,000 | $158,711,000 |
U.S. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 122,517,000 | 131,722,000 | 138,683,000 |
Outside the U.S. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $36,155,000 | $37,784,000 | $20,028,000 |
Income_Taxes_Provision_For_Inc
Income Taxes Provision For Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current tax expense [Abstract] | ' | ' | ' | ' |
Federal | ' | $46,925 | $40,821 | $40,515 |
State | ' | 4,891 | 4,705 | 2,620 |
Foreign | -4,500 | 1,914 | 2,345 | 1,712 |
Deferred tax expense [Abstract] | ' | ' | ' | ' |
Federal | ' | -7,011 | -249 | 2,471 |
State | ' | -635 | 101 | 575 |
Foreign | ' | -762 | 505 | -15 |
Income taxes | ' | $45,322 | $48,228 | $47,878 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes Net Deferred Tax Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Tax Assets [Line Items] | ' | ' |
Property, equipment and intangible assets | ($10,153,000) | ($8,553,000) |
Accrued compensation | 15,696,000 | 14,693,000 |
Accrued expenses | 12,718,000 | 5,491,000 |
Other | 921,000 | 807,000 |
Foreign net operating losses | 1,441,000 | 1,259,000 |
Capital loss carryovers | 241,000 | 484,000 |
Deferred tax asset on unrecognized tax positions | 1,736,000 | 2,226,000 |
Net deferred tax assets | 21,535,000 | 15,334,000 |
Foreign Operations [Member] | ' | ' |
Deferred Tax Assets [Line Items] | ' | ' |
Other | 603,000 | 186,000 |
Foreign Operations [Member] | Valuation Allowance, Other Tax Carryforward [Member] | ' | ' |
Deferred Tax Assets [Line Items] | ' | ' |
Valuation allowance, foreign | -227,000 | 0 |
Foreign Operations [Member] | Valuation Allowance, Operating Loss Carryforwards [Member] | ' | ' |
Deferred Tax Assets [Line Items] | ' | ' |
Valuation allowance, foreign | ($1,441,000) | ($1,259,000) |
Income_Taxes_Net_Deferred_Tax_1
Income Taxes Net Deferred Tax Assets Balance Sheet Presentation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Net Deferred Tax Assets Balance Sheet Presentation [Abstract] | ' | ' |
Current deferred tax assets | $26,684 | $26,198 |
Deferred income taxes | -5,149 | -10,864 |
Net deferred tax assets | $21,535 | $15,334 |
Income_Taxes_Effective_Rate_De
Income Taxes Effective Rate (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit | 1.60% | 1.50% | 1.70% |
Benefits and taxes related to foreign operations | -7.20% | -8.50% | -3.40% |
Unrecognized tax benefits | -0.20% | 0.10% | -0.80% |
Adjustment to current and deferred taxes, prior years | 0.00% | -0.50% | -0.90% |
Other | -0.60% | 0.90% | -1.40% |
Effective income tax rates | 28.60% | 28.50% | 30.20% |
Discontinued operations [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Effective income tax rates | 37.10% | 37.10% | ' |
Income_Taxes_Tax_Contingency_D
Income Taxes Tax Contingency (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance, January 1 | $4,415 | $4,570 | $6,017 |
Changes for tax positions of prior years | 503 | 410 | 173 |
Increases for tax positions related to the current year | 1,164 | 0 | 2,062 |
Settlements and lapsing of statutes of limitations | -2,035 | -565 | -3,682 |
Balance, December 31 | $4,047 | $4,415 | $4,570 |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Foreign net operating loss carryforwards | $1,441,000 | $1,259,000 | ' | ' |
Other deferred tax assets | 921,000 | 807,000 | ' | ' |
Effective income tax rates | 28.60% | 28.50% | 30.20% | ' |
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% | ' |
Benefit from change in estimate for foreign operations | ' | -4,500,000 | ' | ' |
Unrecognized Tax Benefits | 4,047,000 | 4,415,000 | 4,570,000 | 6,017,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,000,000 | ' | ' | ' |
Settlements and lapsing of statutes of limitations | 3,500,000 | ' | ' | ' |
Income Tax Penalties and Interest Accrued | 1,600,000 | 2,300,000 | ' | ' |
Undistributed Earnings of Foreign Subsidiaries | 169,000,000 | ' | ' | ' |
Foreign Operations [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Foreign net operating loss carryforwards | 4,300,000 | ' | ' | ' |
Other deferred tax assets | $700,000 | ' | ' | ' |
Discontinued operations [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Effective income tax rates | 37.10% | 37.10% | ' | ' |
ShareBased_Compensation_And_Ca2
Share-Based Compensation And Capital Stock Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate | 0.73% | 0.78% | 2.10% |
Weighted average fair value of options granted (per option) | $9.89 | $9.98 | $12.42 |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility | 38.14% | 40.15% | 39.51% |
Expected life of stock option | '4 years 6 months | '4 years 4 months 24 days | '4 years 4 months 24 days |
Dividend yield | 2.01% | 2.08% | 1.79% |
Requisite service period | '4 years | '4 years | '4 years |
Contractual life | '7 years | '7 years | '7 years |
ShareBased_Compensation_And_Ca3
Share-Based Compensation And Capital Stock Range Of Exercise Prices (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Options Outstanding, Number Outstanding at December 31, 2013 | 1,661,952 |
Options Outstanding, Weighted Average Remaining Contractual Term | '3 years |
Options Outstanding, Weighted Average Exercise Price | $26.44 |
Options Exercisable, Number Exercisable at December 31, 2013 | 1,181,374 |
Options Exercisable, Weighted Average Exercise Price | $24.61 |
Range 4 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $34.13 |
Exercise Price Range, Upper Range Limit | $39 |
Options Outstanding, Number Outstanding at December 31, 2013 | 173,413 |
Options Outstanding, Weighted Average Remaining Contractual Term | '6 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $36.76 |
Options Exercisable, Number Exercisable at December 31, 2013 | 0 |
Options Exercisable, Weighted Average Exercise Price | $0 |
Range 3 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $29.26 |
Exercise Price Range, Upper Range Limit | $34.12 |
Options Outstanding, Number Outstanding at December 31, 2013 | 163,058 |
Options Outstanding, Weighted Average Remaining Contractual Term | '4 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $31.31 |
Options Exercisable, Number Exercisable at December 31, 2013 | 81,524 |
Options Exercisable, Weighted Average Exercise Price | $31.31 |
Range 2 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $24.38 |
Exercise Price Range, Upper Range Limit | $29.25 |
Options Outstanding, Number Outstanding at December 31, 2013 | 936,613 |
Options Outstanding, Weighted Average Remaining Contractual Term | '2 years 8 months 12 days |
Options Outstanding, Weighted Average Exercise Price | $26.12 |
Options Exercisable, Number Exercisable at December 31, 2013 | 710,982 |
Options Exercisable, Weighted Average Exercise Price | $26.05 |
Range 1 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Exercise Price Range, Lower Range Limit | $0 |
Exercise Price Range, Upper Range Limit | $24.37 |
Options Outstanding, Number Outstanding at December 31, 2013 | 388,868 |
Options Outstanding, Weighted Average Remaining Contractual Term | '2 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $20.57 |
Options Exercisable, Number Exercisable at December 31, 2013 | 388,868 |
Options Exercisable, Weighted Average Exercise Price | $20.57 |
ShareBased_Compensation_And_Ca4
Share-Based Compensation And Capital Stock Summary Of Activity Related To Restricted Stock Grants (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Granted - Shares | 225,240 | 266,159 | 247,298 |
Weighted average grant date fair value per share | $37.74 | $35.76 | $38.84 |
Aggregate grant date fair value | $8,500 | $9,517 | $9,604 |
Restricted shares forfeited | 40,552 | 26,824 | 68,580 |
Grant date fair value of shares vested | $8,569 | $6,696 | $6,662 |
Minimum [Member] | ' | ' | ' |
Vesting service period of shares granted | '12 months | '12 months | '12 months |
Maximum [Member] | ' | ' | ' |
Vesting service period of shares granted | '48 months | '68 months | '48 months |
ShareBased_Compensation_And_Ca5
Share-Based Compensation And Capital Stock Summary Of Activity Related To PVRSU Grants (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Performance Vested Restricted Stock Units [Member] | ' | ' | ' |
Performance vested restricted stock units granted at target | 80,184 | 117,523 | 25,036 |
Weighted average grant date fair value per share | $39.48 | $35.27 | $41.25 |
Aggregate grant date fair value | $3,165 | $4,145 | $1,033 |
Stock units forfeited | 3,334 | 57,176 | 43,179 |
Requisite service period | ' | ' | '3 years |
Performance Vested Restricted Stock Units [Member] | Minimum [Member] | ' | ' | ' |
Requisite service period | '22 months | '24 months | ' |
Performance Vested Restricted Stock Units [Member] | Maximum [Member] | ' | ' | ' |
Requisite service period | '38 months | '60 months | ' |
Restricted Stock [Member] | ' | ' | ' |
Performance vested restricted stock units granted at target | 225,240 | 266,159 | 247,298 |
Weighted average grant date fair value per share | $37.74 | $35.76 | $38.84 |
Aggregate grant date fair value | $8,500 | $9,517 | $9,604 |
Stock units forfeited | 40,552 | 26,824 | 68,580 |
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' |
Requisite service period | '12 months | '12 months | '12 months |
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' |
Requisite service period | '48 months | '68 months | '48 months |
Target Performance Not Met [Member] | Performance Vested Restricted Stock Units [Member] | ' | ' | ' |
Stock units forfeited | ' | ' | 39,070 |
Employee Termination [Member] | Performance Vested Restricted Stock Units [Member] | ' | ' | ' |
Stock units forfeited | ' | ' | 4,109 |
ShareBased_Compensation_And_Ca6
Share-Based Compensation And Capital Stock Summary of Change in Stock-Based Award Activity (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ||
Outstanding at January 1 - Shares | 1,934,034 | 1,573,726 | 1,732,674 | ||
Granted - Shares | 173,413 | 160,408 | 166,306 | ||
Special Dividend Adjustment - Shares | ' | 497,497 | ' | ||
Exercised - Shares | -347,180 | -266,754 | -175,386 | ||
Expired - Shares | -75,473 | ' | ' | ||
Forfeited - Shares | -22,842 | -30,843 | -149,868 | ||
Outstanding at December 31 - Shares | 1,661,952 | 1,934,034 | 1,573,726 | ||
Options Exercisable at December 31 - Shares | 1,181,374 | 1,302,624 | 953,159 | ||
Outstanding at January 1 - Weighted average exercise price | $25.80 | [1] | $33.30 | $31.43 | |
Granted - Weighted average exercise price | $36.76 | $35.60 | [1] | $41.25 | |
Special Dividend Adjustment - Weighted average exercise price | ' | $25.31 | ' | ||
Exercised - Weighted average exercise price | $25.54 | $26.57 | [1] | $21.92 | |
Expired - Weighted average exercise price | $36.99 | ' | ' | ||
Forfeited - Weighted average exercise price | $28.94 | $36.97 | [1] | $33.76 | |
Outstanding at December 31 - Weighted average exercise price | $26.44 | $25.80 | [1] | $33.30 | |
Options Exercisable at December 31 - Weighted average exercise price | $24.61 | $25.62 | [1] | $33.36 | |
Weighted Average Contractual Term - Outstanding at December 31 | '3 years | '4 years | '4 years 2 months 12 days | ||
Weighted Average Contractual Term - Options Exercisable at December 31 | '2 years 2 months 12 days | '3 years 1 month 6 days | '3 years 9 months 18 days | ||
Restricted Stock [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ||
Outstanding at January 1 - Shares | 606,547 | 565,627 | 592,131 | ||
Granted - Shares | 225,240 | 266,159 | 247,298 | ||
Vested - Shares | -227,890 | -198,415 | -205,222 | ||
Forfeited - Shares | -40,552 | -26,824 | -68,580 | ||
Outstanding at December 31 - Shares | 563,345 | 606,547 | 565,627 | ||
Outstanding at January 1 - Weighted average grant date fair value | $35.17 | $34.43 | $31.81 | ||
Granted - Weighted average grant date fair value | $37.74 | $35.76 | $38.84 | ||
Vested - Weighted average grant date fair value | $33.94 | $33.75 | $32.46 | ||
Forfeited - Weighted average grant date fair value | $35.85 | $36.06 | $33.55 | ||
Outstanding at December 31 - Weighted average grant date fair value | $36.64 | $35.17 | $34.43 | ||
Performance Vested Restricted Stock Units [Member] | ' | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ||
Outstanding at January 1 - Shares | 170,116 | 109,769 | 127,912 | ||
Granted - Shares | 80,184 | 117,523 | 25,036 | ||
Performance-Based Leveraging - Shares | 9,192 | [2] | ' | ' | |
Vested - Shares | -39,816 | 0 | 0 | ||
Forfeited - Shares | -3,334 | -57,176 | -43,179 | ||
Outstanding at December 31 - Shares | 216,342 | 170,116 | 109,769 | ||
Outstanding at January 1 - Weighted average grant date fair value | $35.56 | $35.57 | $33.43 | ||
Granted - Weighted average grant date fair value | $39.48 | $35.27 | $41.25 | ||
Performance-Based Leveraging - Weighted average grant date fair value | $32.60 | ' | ' | ||
Vested - Weighted average grant date fair value | $32.60 | $0 | $0 | ||
Forfeited - Weighted average grant date fair value | $41.25 | $34.98 | $32.53 | ||
Outstanding at December 31 - Weighted average grant date fair value | $37.34 | $35.56 | $35.57 | ||
[1] | The weighted average exercise price for options outstanding and exercisable reflect the reduction of the option price for outstanding options as described under "Special Dividend Adjustment". The weighted average exercise price for options granted, exercised or forfeited reflects the option price in effect at the time of the transaction. | ||||
[2] | PVRSU units outstanding have been increased by 9,192 units due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods during the year ended December 31, 2013. |
ShareBased_Compensation_And_Ca7
Share-Based Compensation And Capital Stock Pretax Stock-Based Compensation Expenses And Associated Income Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pretax Stock-based Compensation Expense | $11.50 | $11.30 | $11.20 |
Income Tax Benefits | 4.2 | 4.1 | 4.1 |
Stock Options [Member] | ' | ' | ' |
Pretax Stock-based Compensation Expense | 1.8 | 2.1 | 2.8 |
Restricted Stock [Member] | ' | ' | ' |
Pretax Stock-based Compensation Expense | 7.5 | 7.5 | 7.7 |
Performance Vested Restricted Stock Units [Member] | ' | ' | ' |
Pretax Stock-based Compensation Expense | $2.20 | $1.70 | $0.70 |
ShareBased_Compensation_And_Ca8
Share-Based Compensation And Capital Stock Unrecognized Compensation (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense on Unvested Awards | $20 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense on Unvested Awards | 2.5 |
Weighted Average Amortization Period | '2 years 4 months 24 days |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense on Unvested Awards | 12.9 |
Weighted Average Amortization Period | '2 years 4 months 24 days |
Performance Vested Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized Compensation Expense on Unvested Awards | $4.60 |
Weighted Average Amortization Period | '2 years 4 months 24 days |
ShareBased_Compensation_And_Ca9
Share-Based Compensation And Capital Stock Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | 186 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 23, 2012 | Jul. 27, 2012 | ||
Prior To Stock Split [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Quarterly Dividends [Member] | Quarterly Dividends [Member] | 2012 Special Cash Dividend [Member] | 2012 Special Cash Dividend [Member] | |||||||
Target Performance Not Met [Member] | Employee Termination [Member] | Adjustment [Member] | Adjustment [Member] | Adjustment [Member] | Minimum [Member] | Maximum [Member] | Acceleration Of Award Vesting Conditions [Member] | Acceleration Of Award Vesting Conditions [Member] | |||||||||||||||||||||
Frequency of Dividend Payments | ' | 'quarterly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Annual amount, per share, of dividends declared | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.74 | $0.74 | ' | $10.41 | |
Dividends declared | ' | $43,212,000 | $643,374,000 | $43,506,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $43,200,000 | $42,700,000 | ' | $600,700,000 | |
Payments of Dividends | ' | 32,799,000 | 654,092,000 | 43,747,000 | ' | ' | 500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,700,000 | ' | |
Dividends payable, date to be paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23-Aug-12 | ' | |
Special dividend, per share, paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.41 | ' | |
Number of Shares Authorized | ' | 7,600,000 | ' | ' | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of Shares Available for Grant | ' | 3,500,000 | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Options granted, shares | ' | 173,413 | 160,408 | 166,306 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Options granted, fair value | ' | 1,700,000 | 1,600,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate intrinsic value of stock, options, outstanding | ' | 37,700,000 | ' | ' | 37,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate intrinsic value of the stock options, exercisable | ' | ' | 28,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Total intrinsic value of options exercised | ' | 5,200,000 | 2,800,000 | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Proceeds from exercise of stock options | ' | 8,864,000 | 7,090,000 | 3,845,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock options exercised | ' | 347,180 | 266,754 | 175,386 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock Option Adjustment due to Special Dividend | ' | ' | 497,497 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Percentage Adjustment to Stock Option Exercise Price due to Special Dividend | ' | ' | 24.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vesting Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vesting Percentage For Stock based Award Target Achievement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71.00% | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Grants vested | ' | ' | ' | ' | ' | ' | 39,816 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 227,890 | 198,415 | 205,222 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Grant date fair value of shares vested | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Grants vested, initial target | ' | ' | ' | ' | ' | ' | 30,624 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Grants vested, percentage | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Performance-Based Leveraging - Shares | ' | ' | ' | ' | ' | ' | 9,192 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock units forfeited | ' | ' | ' | ' | ' | ' | 3,334 | 57,176 | 43,179 | 39,070 | 4,109 | ' | ' | ' | ' | ' | 40,552 | 26,824 | 68,580 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Allocated Share-based Compensation Expense | ' | 11,500,000 | 11,300,000 | 11,200,000 | ' | ' | 2,200,000 | 1,700,000 | 700,000 | ' | ' | -300,000 | 500,000 | 100,000 | ' | ' | 7,500,000 | 7,500,000 | 7,700,000 | 500,000 | 1,800,000 | 2,100,000 | 2,800,000 | 200,000 | ' | ' | ' | ' | |
Stock Repurchased During Period, Shares | ' | 0 | 500,000 | ' | 45,300,000 | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock split, conversion ratio | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common stock purchased under stock repurchase program, value | ' | ' | 19,900,000 | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares Paid for Tax Withholding for Share Based Compensation | ' | 103,880 | 75,105 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments Related to Tax Withholding for Share-based Compensation | ' | $4,000,000 | $2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | PVRSU units outstanding have been increased by 9,192 units due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods during the year ended December 31, 2013. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss Components Of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ' | ' |
Foreign currency translation adjustments | ($472,000) | $2,391,000 | $2,155,000 |
Deferred loss on cash flow hedge | -5,745,000 | -6,607,000 | -7,469,000 |
Changes in pension benefit obligation recognized in other comprehensive income (loss) | 0 | 0 | -1,487,000 |
Total accumulated other comprehensive loss | ($6,217,000) | ($4,216,000) | ($6,801,000) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss Total Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 31, 2010 | Jul. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Loss on Cash Flow Hedge [Member] | Loss on Cash Flow Hedge [Member] | Foreign Currency Items [Member] | Foreign Currency Items [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($4,216,000) | ($6,801,000) | ' | ($6,217,000) | ' | ' | ($6,607,000) | ($5,745,000) | $2,391,000 | ($472,000) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -2,863,000 | 237,000 | 615,000 | ' | ' | ' | 0 | ' | -2,863,000 | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' |
Debt Instrument, Fixed Rate Debt, Term Of Debt | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' |
Settlement of forward starting interest rate swap agreement | ' | ' | ' | ' | -8,700,000 | ' | ' | ' | ' | ' |
Interest expense | 862,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of loss on cash flow hedge | -862,000 | -862,000 | -862,000 | ' | ' | ' | -862,000 | ' | 0 | ' |
Net current period other comprehensive income (loss) | ($2,001,000) | $2,585,000 | $391,000 | ' | ' | ' | $862,000 | ' | ($2,863,000) | ' |
Earnings_Per_Share_Computation
Earnings Per Share Computation Of Basic And Diluted Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continuing operations | $23,377 | $38,573 | $31,624 | $19,776 | $20,639 | $42,637 | $34,236 | $23,766 | $113,350 | $121,278 | $110,833 |
Net income from discontinued operations | 66 | 143 | 183 | -33 | 65 | 107 | 138 | 25 | 359 | 335 | 228 |
Net income | 23,443 | 38,716 | 31,807 | 19,743 | 20,704 | 42,744 | 34,374 | 23,791 | 113,709 | 121,613 | 111,061 |
Basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.94 | $2.09 | $1.87 |
Diluted earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.93 | $2.09 | $1.87 |
Basic earnings per share [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 113,709 | 121,613 | 111,061 |
Income allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -1,127 | -1,281 | -1,106 |
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 112,582 | 120,332 | 109,955 |
Weighted average common shares outstanding -- basic | ' | ' | ' | ' | ' | ' | ' | ' | 57,925 | 57,467 | 58,862 |
Basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.94 | $2.09 | $1.87 |
Diluted earnings per share [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 113,350 | 121,278 | 110,833 |
Net income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | 359 | 335 | 228 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 113,709 | 121,613 | 111,061 |
Income allocated to participating securities | ' | ' | ' | ' | ' | ' | ' | ' | -1,122 | -1,299 | -1,105 |
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 112,587 | 120,314 | 109,956 |
Weighted average common shares outstanding -- basic | ' | ' | ' | ' | ' | ' | ' | ' | 57,925 | 57,467 | 58,862 |
Diluted effect of stock options and PVRSUs | ' | ' | ' | ' | ' | ' | ' | ' | 410 | 186 | 72 |
Weighted average commons shares outstanding -- diluted | ' | ' | ' | ' | ' | ' | ' | ' | 58,335 | 57,653 | 58,934 |
Diluted earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.93 | $2.09 | $1.87 |
Continuing operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0.40 | $0.66 | $0.54 | $0.34 | $0.36 | $0.74 | $0.59 | $0.41 | $1.94 | $2.09 | $1.86 |
Diluted earnings per share (in dollars per share) | $0.40 | $0.65 | $0.54 | $0.34 | $0.35 | $0.73 | $0.59 | $0.41 | $1.92 | $2.08 | $1.86 |
Continuing operations [Member] | Basic earnings per share [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.94 | $2.09 | $1.86 |
Continuing operations [Member] | Diluted earnings per share [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.92 | $2.08 | $1.86 |
Discontinued operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | $359 | $335 | $228 |
Basic earnings per share (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.01 |
Diluted earnings per share (in dollars per share) | $0 | $0.01 | $0 | $0 | $0 | $0 | $0 | $0 | $0.01 | $0.01 | $0.01 |
Discontinued operations [Member] | Basic earnings per share [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $0.01 |
Discontinued operations [Member] | Diluted earnings per share [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 |
Earnings_Per_Share_Narrative_D
Earnings Per Share Narrative (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | Performance Vested Restricted Stock Units [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding stock options | 1,661,952 | 1,934,034 | 1,573,726 | 1,732,674 | ' | ' | ' | ' | ' | ' |
Anti-dilutive stock options excluded from EPS calculation | ' | ' | ' | ' | 0 | 300,000 | 700,000 | ' | ' | ' |
Dilutive stock excluded from EPS calculation due to performance conditions not met | ' | ' | ' | ' | ' | ' | ' | 197,707 | 139,492 | 109,769 |
Operating_Leases_Details
Operating Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense | $12.60 | $9.20 | $8.40 |
Operating Leases, Rent Expense, Sublease Rentals | $0.30 | $0.30 | $0.30 |
Operating_Leases_Future_Minimu
Operating Leases Future Minimum Payments (Details) (USD $) | Dec. 31, 2013 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
Operating Leases, Future Minimum Payments Due, Current | $11,775,000 |
Operating Leases, Future Minimum Payments, Due in Two Years | 11,746,000 |
Operating Leases, Future Minimum Payments, Due in Three Years | 11,681,000 |
Operating Leases, Future Minimum Payments, Due in Four Years | 10,890,000 |
Operating Leases, Future Minimum Payments, Due in Five Years | 10,011,000 |
Operating Leases, Future Minimum Payments, Due Thereafter | 35,971,000 |
Operating Leases, Future Minimum Payments Due | 92,074,000 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | ' |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within One Year | -150,000 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Two Years | 0 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Three Years | 0 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Four Years | 0 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Five Years | 0 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Thereafter | 0 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions | -150,000 |
Future Minimum Lease Payments Net [Abstract] | ' |
Operating Leases Future Minimum Payments Due Current Net | 11,625,000 |
Operating Leases Future Minimum Payments Due In Two Years Net | 11,746,000 |
Operating Leases Future Minimum Payments Due In Three Years Net | 11,681,000 |
Operating Leases Future Minimum Payments Due In Four Years Net | 10,890,000 |
Operating Leases Future Minimum Payments Due In Five Years Net | 10,011,000 |
Operating Leases Future Minimum Payments Due Thereafter Net | 35,971,000 |
Operating Leases Future Minimum Payments Due Total | $91,924,000 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements Narrative (Details) | Dec. 31, 2013 |
subsidiaries | |
Condensed Consolidating Financial Statements [Abstract] | ' |
Number of subsidiaries owned | 8 |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements Schedule of Error Corrections and Prior Period Adjustments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net cash provided by operating activities | $153,913,000 | $150,122,000 | $131,369,000 |
Issuance of mezzanine and other notes receivable | -1,095,000 | -23,736,000 | -9,227,000 |
Collections of mezzanine and other notes receivable | 9,748,000 | 3,270,000 | 4,690,000 |
Net cash used in investing activities | -29,422,000 | -47,101,000 | -20,329,000 |
Parent [Member] | ' | ' | ' |
Net cash provided by operating activities | 91,745,000 | 90,688,000 | 120,850,000 |
Issuance of mezzanine and other notes receivable | -1,095,000 | -23,736,000 | -9,227,000 |
Collections of mezzanine and other notes receivable | 9,748,000 | 3,270,000 | 4,690,000 |
Net cash used in investing activities | 2,001,000 | -28,303,000 | -6,292,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by operating activities | 27,209,000 | 18,191,000 | -10,483,000 |
Issuance of mezzanine and other notes receivable | 0 | 0 | 0 |
Collections of mezzanine and other notes receivable | 0 | 0 | 0 |
Net cash used in investing activities | -31,177,000 | -18,860,000 | -8,658,000 |
As Previously Reported [Member] | Parent [Member] | ' | ' | ' |
Net cash provided by operating activities | ' | 90,690,000 | 120,964,000 |
Issuance of mezzanine and other notes receivable | ' | -23,737,000 | -9,341,000 |
Collections of mezzanine and other notes receivable | ' | 3,269,000 | 4,690,000 |
Net cash used in investing activities | ' | -28,305,000 | -6,406,000 |
As Previously Reported [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by operating activities | ' | 29,087,000 | -7,122,000 |
Issuance of mezzanine and other notes receivable | ' | -11,188,000 | -3,425,000 |
Collections of mezzanine and other notes receivable | ' | 292,000 | 64,000 |
Net cash used in investing activities | ' | -29,756,000 | -12,019,000 |
Adjustment [Member] | Parent [Member] | ' | ' | ' |
Net cash provided by operating activities | ' | -2,000 | -114,000 |
Issuance of mezzanine and other notes receivable | ' | 1,000 | 114,000 |
Collections of mezzanine and other notes receivable | ' | 1,000 | 0 |
Net cash used in investing activities | ' | 2,000 | 114,000 |
Adjustment [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by operating activities | ' | -10,896,000 | -3,361,000 |
Issuance of mezzanine and other notes receivable | ' | 11,188,000 | 3,425,000 |
Collections of mezzanine and other notes receivable | ' | -292,000 | -64,000 |
Net cash used in investing activities | ' | 10,896,000 | 3,361,000 |
As Revised [Member] | Parent [Member] | ' | ' | ' |
Net cash provided by operating activities | ' | 90,688,000 | 120,850,000 |
Issuance of mezzanine and other notes receivable | ' | -23,736,000 | -9,227,000 |
Collections of mezzanine and other notes receivable | ' | 3,270,000 | 4,690,000 |
Net cash used in investing activities | ' | -28,303,000 | -6,292,000 |
As Revised [Member] | Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by operating activities | ' | 18,191,000 | -10,483,000 |
Issuance of mezzanine and other notes receivable | ' | 0 | 0 |
Collections of mezzanine and other notes receivable | ' | 0 | 0 |
Net cash used in investing activities | ' | ($18,860,000) | ($8,658,000) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements Consolidating Statement of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
REVENUES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | $267,812,000 | $261,680,000 | $246,475,000 |
Initial franchise and relicensing fees | ' | ' | ' | ' | ' | ' | ' | ' | 18,686,000 | 14,203,000 | 14,052,000 |
Procurement services | ' | ' | ' | ' | ' | ' | ' | ' | 20,668,000 | 17,962,000 | 18,111,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 407,633,000 | 389,678,000 | 354,152,000 |
Other Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 9,851,000 | 9,205,000 | 7,812,000 |
Total revenues | 168,831,000 | 216,718,000 | 190,930,000 | 148,171,000 | 165,019,000 | 205,271,000 | 180,888,000 | 141,550,000 | 724,650,000 | 692,728,000 | 640,602,000 |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 111,713,000 | 101,879,000 | 106,436,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 407,633,000 | 389,678,000 | 354,152,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 528,402,000 | 499,248,000 | 468,085,000 |
Operating income | 41,142,000 | 63,228,000 | 54,739,000 | 37,139,000 | 38,026,000 | 62,374,000 | 55,334,000 | 37,746,000 | 196,248,000 | 193,480,000 | 172,517,000 |
OTHER INCOME AND EXPENSES, NET: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 42,537,000 | 27,189,000 | 12,939,000 |
Total other income and expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 37,576,000 | 23,974,000 | 13,806,000 |
Income from continuing operations before income taxes | 32,315,000 | 54,271,000 | 44,504,000 | 27,582,000 | 28,120,000 | 52,789,000 | 51,683,000 | 36,914,000 | 158,672,000 | 169,506,000 | 158,711,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 45,322,000 | 48,228,000 | 47,878,000 |
Income from continuing operations, net of income taxes | 23,377,000 | 38,573,000 | 31,624,000 | 19,776,000 | 20,639,000 | 42,637,000 | 34,236,000 | 23,766,000 | 113,350,000 | 121,278,000 | 110,833,000 |
Income from discontinued operations, net of income taxes | 66,000 | 143,000 | 183,000 | -33,000 | 65,000 | 107,000 | 138,000 | 25,000 | 359,000 | 335,000 | 228,000 |
Net income | 23,443,000 | 38,716,000 | 31,807,000 | 19,743,000 | 20,704,000 | 42,744,000 | 34,374,000 | 23,791,000 | 113,709,000 | 121,613,000 | 111,061,000 |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 243,272,000 | 236,269,000 | 220,676,000 |
Initial franchise and relicensing fees | ' | ' | ' | ' | ' | ' | ' | ' | 17,432,000 | 13,727,000 | 13,439,000 |
Procurement services | ' | ' | ' | ' | ' | ' | ' | ' | 19,864,000 | 17,152,000 | 17,619,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 362,459,000 | 343,566,000 | 303,335,000 |
Other Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 8,834,000 | 8,363,000 | 6,341,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 651,861,000 | 619,077,000 | 561,410,000 |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 128,966,000 | 130,709,000 | 107,552,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 377,884,000 | 350,573,000 | 315,245,000 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | 2,832,000 | 2,824,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 509,950,000 | 484,114,000 | 425,621,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 141,911,000 | 134,963,000 | 135,789,000 |
OTHER INCOME AND EXPENSES, NET: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 42,418,000 | 31,041,000 | 16,815,000 |
Equity In earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -47,362,000 | -56,246,000 | -30,695,000 |
Other Items, net | ' | ' | ' | ' | ' | ' | ' | ' | -2,406,000 | -551,000 | -789,000 |
Total other income and expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | -7,350,000 | -25,756,000 | -14,669,000 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 149,261,000 | 160,719,000 | 150,458,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 35,552,000 | 39,106,000 | 39,397,000 |
Income from continuing operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 113,709,000 | 121,613,000 | 111,061,000 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 113,709,000 | 121,613,000 | 111,061,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 112,215,000 | 97,881,000 | 104,898,000 |
Initial franchise and relicensing fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Procurement services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 350,134,000 | 335,869,000 | 330,372,000 |
Other Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 462,349,000 | 433,750,000 | 435,270,000 |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 100,900,000 | 89,122,000 | 92,887,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 336,498,000 | 326,865,000 | 319,818,000 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | 5,087,000 | 3,852,000 | 3,789,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 442,485,000 | 419,839,000 | 416,494,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 19,864,000 | 13,911,000 | 18,776,000 |
OTHER INCOME AND EXPENSES, NET: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 113,000 | 0 | -3,886,000 |
Equity In earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other Items, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,532,000 | -1,995,000 | 647,000 |
Total other income and expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,419,000 | -1,995,000 | -3,239,000 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 21,283,000 | 15,906,000 | 22,015,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 8,897,000 | 6,769,000 | 7,888,000 |
Income from continuing operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 12,386,000 | 9,137,000 | 14,127,000 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 359,000 | 335,000 | 228,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 12,745,000 | 9,472,000 | 14,355,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 43,967,000 | 54,420,000 | 32,749,000 |
Initial franchise and relicensing fees | ' | ' | ' | ' | ' | ' | ' | ' | 1,254,000 | 476,000 | 613,000 |
Procurement services | ' | ' | ' | ' | ' | ' | ' | ' | 804,000 | 810,000 | 492,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 19,327,000 | 19,900,000 | 18,592,000 |
Other Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 1,017,000 | 842,000 | 1,471,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 66,369,000 | 76,448,000 | 53,917,000 |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 13,489,000 | 8,938,000 | 17,845,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 17,538,000 | 18,036,000 | 17,236,000 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | 869,000 | 1,007,000 | 884,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 31,896,000 | 27,981,000 | 35,965,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 34,473,000 | 48,467,000 | 17,952,000 |
OTHER INCOME AND EXPENSES, NET: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 6,000 | 9,000 | 10,000 |
Equity In earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other Items, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,023,000 | -669,000 | 1,009,000 |
Total other income and expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | -1,017,000 | -660,000 | 1,019,000 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 35,490,000 | 49,127,000 | 16,933,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 873,000 | 2,353,000 | 593,000 |
Income from continuing operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 34,617,000 | 46,774,000 | 16,340,000 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 34,617,000 | 46,774,000 | 16,340,000 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | -131,642,000 | -126,890,000 | -111,848,000 |
Initial franchise and relicensing fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Procurement services | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | -324,287,000 | -309,657,000 | -298,147,000 |
Other Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -455,929,000 | -436,547,000 | -409,995,000 |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | -131,642,000 | -126,890,000 | -111,848,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | -324,287,000 | -305,796,000 | -298,147,000 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | -455,929,000 | -432,686,000 | -409,995,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,861,000 | 0 |
OTHER INCOME AND EXPENSES, NET: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,861,000 | 0 |
Equity In earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 47,362,000 | 56,246,000 | 30,695,000 |
Other Items, net | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total other income and expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 47,362,000 | 52,385,000 | 30,695,000 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -47,362,000 | -56,246,000 | -30,695,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income from continuing operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -47,362,000 | -56,246,000 | -30,695,000 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -47,362,000 | -56,246,000 | -30,695,000 |
Consolidated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
REVENUES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty fees | ' | ' | ' | ' | ' | ' | ' | ' | 267,812,000 | 261,680,000 | 246,475,000 |
Initial franchise and relicensing fees | ' | ' | ' | ' | ' | ' | ' | ' | 18,686,000 | 14,203,000 | 14,052,000 |
Procurement services | ' | ' | ' | ' | ' | ' | ' | ' | 20,668,000 | 17,962,000 | 18,111,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 407,633,000 | 389,678,000 | 354,152,000 |
Other Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | 9,851,000 | 9,205,000 | 7,812,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 724,650,000 | 692,728,000 | 640,602,000 |
OPERATING EXPENSES: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 111,713,000 | 101,879,000 | 106,436,000 |
Marketing and reservation | ' | ' | ' | ' | ' | ' | ' | ' | 407,633,000 | 389,678,000 | 354,152,000 |
Other items, net | ' | ' | ' | ' | ' | ' | ' | ' | 9,056,000 | 7,691,000 | 7,497,000 |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 528,402,000 | 499,248,000 | 468,085,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 196,248,000 | 193,480,000 | 172,517,000 |
OTHER INCOME AND EXPENSES, NET: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 42,537,000 | 27,189,000 | 12,939,000 |
Equity In earnings of consolidated subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other Items, net | ' | ' | ' | ' | ' | ' | ' | ' | -4,961,000 | -3,215,000 | 867,000 |
Total other income and expenses, net | ' | ' | ' | ' | ' | ' | ' | ' | 37,576,000 | 23,974,000 | 13,806,000 |
Income from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 158,672,000 | 169,506,000 | 158,711,000 |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 45,322,000 | 48,228,000 | 47,878,000 |
Income from continuing operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 113,350,000 | 121,278,000 | 110,833,000 |
Income from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 359,000 | 335,000 | 228,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $113,709,000 | $121,613,000 | $111,061,000 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements Condensed Consolidating Statements of Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net income | $23,443,000 | $38,716,000 | $31,807,000 | $19,743,000 | $20,704,000 | $42,744,000 | $34,374,000 | $23,791,000 | $113,709,000 | $121,613,000 | $111,061,000 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of loss on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | 862,000 | 862,000 | 862,000 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -2,863,000 | 237,000 | 615,000 |
Amortization of pension related costs, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 80,000 | 0 |
Settlement of pension plan | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,406,000 | 0 |
Actuarial pension loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1,086,000 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,001,000 | 2,585,000 | 391,000 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 111,708,000 | 124,198,000 | 111,452,000 |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 113,709,000 | 121,613,000 | 111,061,000 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of loss on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | 862,000 | 862,000 | 862,000 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -2,863,000 | 237,000 | 615,000 |
Amortization of pension related costs, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' |
Settlement of pension plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,406,000 | ' |
Actuarial pension loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,086,000 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,001,000 | 2,585,000 | 391,000 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 111,708,000 | 124,198,000 | 111,452,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 12,745,000 | 9,472,000 | 14,355,000 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of loss on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 5,000 | 248,000 |
Amortization of pension related costs, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' |
Settlement of pension plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,406,000 | ' |
Actuarial pension loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,086,000 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 1,491,000 | -838,000 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 12,745,000 | 10,963,000 | 13,517,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 34,617,000 | 46,774,000 | 16,340,000 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of loss on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -2,863,000 | 224,000 | -1,604,000 |
Amortization of pension related costs, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Settlement of pension plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Actuarial pension loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,863,000 | 224,000 | -1,604,000 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 31,754,000 | 46,998,000 | 14,736,000 |
Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -47,362,000 | -56,246,000 | -30,695,000 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of loss on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 2,863,000 | -229,000 | 1,356,000 |
Amortization of pension related costs, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | -80,000 | ' |
Settlement of pension plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,406,000 | ' |
Actuarial pension loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,086,000 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 2,863,000 | -1,715,000 | 2,442,000 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -44,499,000 | -57,961,000 | -28,253,000 |
Consolidated [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 113,709,000 | 121,613,000 | 111,061,000 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of loss on cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | 862,000 | 862,000 | 862,000 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | -2,863,000 | 237,000 | 615,000 |
Amortization of pension related costs, net of tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | ' |
Settlement of pension plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,406,000 | ' |
Actuarial pension loss, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,086,000 |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' | ' | ' | ' | ' | -2,001,000 | 2,585,000 | 391,000 |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $111,708,000 | $124,198,000 | $111,452,000 |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Statements Consolidating Balance Sheet (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | $167,795,000 | $134,177,000 | $107,057,000 | $91,259,000 |
Receivables | 82,385,000 | 79,999,000 | ' | ' |
Total current assets | 306,974,000 | 282,730,000 | ' | ' |
Property and equipment, at cost, net | 67,852,000 | 51,651,000 | ' | ' |
Goodwill | 65,813,000 | 65,813,000 | ' | ' |
Franchise rights and other identifiable intangibles, net | 9,953,000 | 13,473,000 | ' | ' |
Advances, marketing and reservation activities | 5,844,000 | 29,467,000 | ' | ' |
Investments, employee benefit plans, at fair value | 15,950,000 | 12,755,000 | ' | ' |
Deferred income taxes | -5,149,000 | -10,864,000 | ' | ' |
Other assets | 84,036,000 | 76,013,000 | ' | ' |
Total assets | 556,422,000 | 531,902,000 | 468,360,000 | ' |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ' | ' | ' | ' |
Accounts payable | 41,663,000 | 38,714,000 | ' | ' |
Accrued expenses | 56,625,000 | 55,552,000 | ' | ' |
Deferred revenue | 61,188,000 | 71,154,000 | ' | ' |
Current portion of long-term debt | 10,088,000 | 8,195,000 | ' | ' |
Deferred compensation & retirement plan obligations | 2,492,000 | 2,522,000 | ' | ' |
Total current liabilities | 174,338,000 | 176,137,000 | ' | ' |
Total long-term debt | 783,471,000 | 847,150,000 | ' | ' |
Deferred compensation & retirement plan obligations | 22,527,000 | 20,399,000 | ' | ' |
Other liabilities | 23,808,000 | 15,990,000 | ' | ' |
Total liabilities | 1,009,293,000 | 1,070,540,000 | ' | ' |
Total shareholders' deficit | -452,871,000 | -538,638,000 | -16,221,000 | -49,396,000 |
Total liabilities and shareholders’ deficit | 556,422,000 | 531,902,000 | ' | ' |
Parent [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 9,785,000 | 8,420,000 | 23,370,000 | 4,849,000 |
Receivables | 72,219,000 | 70,011,000 | ' | ' |
Other current assets | 26,395,000 | 44,899,000 | ' | ' |
Total current assets | 108,399,000 | 123,330,000 | ' | ' |
Property and equipment, at cost, net | 11,087,000 | 11,307,000 | ' | ' |
Goodwill | 60,620,000 | 60,620,000 | ' | ' |
Franchise rights and other identifiable intangibles, net | 6,553,000 | 8,669,000 | ' | ' |
Advances, marketing and reservation activities | 5,844,000 | 29,467,000 | ' | ' |
Investments, employee benefit plans, at fair value | 0 | 0 | ' | ' |
Investments in affiliates | 376,712,000 | 331,416,000 | ' | ' |
Advances to affiliates | 14,198,000 | 14,252,000 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other assets | 22,212,000 | 32,085,000 | ' | ' |
Total assets | 605,625,000 | 611,146,000 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ' | ' | ' | ' |
Accounts payable | 6,276,000 | 5,930,000 | ' | ' |
Accrued expenses | 28,215,000 | 18,582,000 | ' | ' |
Deferred revenue | 7,065,000 | 17,239,000 | ' | ' |
Current portion of long-term debt | 9,375,000 | 7,500,000 | ' | ' |
Deferred compensation & retirement plan obligations | 0 | 0 | ' | ' |
Other current liabilities | 0 | 0 | ' | ' |
Total current liabilities | 50,931,000 | 49,251,000 | ' | ' |
Total long-term debt | 778,946,000 | 845,257,000 | ' | ' |
Deferred compensation & retirement plan obligations | 0 | 0 | ' | ' |
Advances from affiliates | 206,931,000 | 226,917,000 | ' | ' |
Other liabilities | 21,688,000 | 28,359,000 | ' | ' |
Total liabilities | 1,058,496,000 | 1,149,784,000 | ' | ' |
Total shareholders' deficit | -452,871,000 | -538,638,000 | ' | ' |
Total liabilities and shareholders’ deficit | 605,625,000 | 611,146,000 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 569,000 | 407,000 | 432,000 | 18,659,000 |
Receivables | 1,475,000 | 1,920,000 | ' | ' |
Other current assets | 34,987,000 | 23,495,000 | ' | ' |
Total current assets | 37,031,000 | 25,822,000 | ' | ' |
Property and equipment, at cost, net | 55,963,000 | 39,298,000 | ' | ' |
Goodwill | 5,193,000 | 5,193,000 | ' | ' |
Franchise rights and other identifiable intangibles, net | 2,096,000 | 2,715,000 | ' | ' |
Advances, marketing and reservation activities | 0 | 0 | ' | ' |
Investments, employee benefit plans, at fair value | 15,950,000 | 12,755,000 | ' | ' |
Investments in affiliates | 28,312,000 | 26,194,000 | ' | ' |
Advances to affiliates | 189,833,000 | 206,770,000 | ' | ' |
Deferred income taxes | 10,710,000 | 10,367,000 | ' | ' |
Other assets | 30,342,000 | 18,925,000 | ' | ' |
Total assets | 375,430,000 | 348,039,000 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ' | ' | ' | ' |
Accounts payable | 30,778,000 | 28,525,000 | ' | ' |
Accrued expenses | 26,503,000 | 34,576,000 | ' | ' |
Deferred revenue | 53,414,000 | 53,081,000 | ' | ' |
Current portion of long-term debt | 702,000 | 675,000 | ' | ' |
Deferred compensation & retirement plan obligations | 2,492,000 | 2,522,000 | ' | ' |
Other current liabilities | 7,401,000 | 2,047,000 | ' | ' |
Total current liabilities | 121,290,000 | 121,426,000 | ' | ' |
Total long-term debt | 4,507,000 | 1,845,000 | ' | ' |
Deferred compensation & retirement plan obligations | 22,520,000 | 20,390,000 | ' | ' |
Advances from affiliates | 362,000 | 189,000 | ' | ' |
Other liabilities | 18,216,000 | 9,216,000 | ' | ' |
Total liabilities | 166,895,000 | 153,066,000 | ' | ' |
Total shareholders' deficit | 208,535,000 | 194,973,000 | ' | ' |
Total liabilities and shareholders’ deficit | 375,430,000 | 348,039,000 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 157,441,000 | 125,350,000 | 83,255,000 | 67,751,000 |
Receivables | 8,691,000 | 8,068,000 | ' | ' |
Other current assets | 752,000 | 3,528,000 | ' | ' |
Total current assets | 166,884,000 | 136,946,000 | ' | ' |
Property and equipment, at cost, net | 802,000 | 1,046,000 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Franchise rights and other identifiable intangibles, net | 1,304,000 | 2,089,000 | ' | ' |
Advances, marketing and reservation activities | 0 | 0 | ' | ' |
Investments, employee benefit plans, at fair value | 0 | 0 | ' | ' |
Investments in affiliates | 0 | 0 | ' | ' |
Advances to affiliates | 10,896,000 | 13,479,000 | ' | ' |
Deferred income taxes | 871,000 | 599,000 | ' | ' |
Other assets | 31,482,000 | 25,003,000 | ' | ' |
Total assets | 212,239,000 | 179,162,000 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ' | ' | ' | ' |
Accounts payable | 4,609,000 | 4,259,000 | ' | ' |
Accrued expenses | 1,907,000 | 2,394,000 | ' | ' |
Deferred revenue | 709,000 | 834,000 | ' | ' |
Current portion of long-term debt | 11,000 | 20,000 | ' | ' |
Deferred compensation & retirement plan obligations | 0 | 0 | ' | ' |
Other current liabilities | 221,000 | 1,321,000 | ' | ' |
Total current liabilities | 7,457,000 | 8,828,000 | ' | ' |
Total long-term debt | 18,000 | 48,000 | ' | ' |
Deferred compensation & retirement plan obligations | 7,000 | 9,000 | ' | ' |
Advances from affiliates | 7,634,000 | 7,395,000 | ' | ' |
Other liabilities | 634,000 | 245,000 | ' | ' |
Total liabilities | 15,750,000 | 16,525,000 | ' | ' |
Total shareholders' deficit | 196,489,000 | 162,637,000 | ' | ' |
Total liabilities and shareholders’ deficit | 212,239,000 | 179,162,000 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Receivables | 0 | 0 | ' | ' |
Other current assets | -5,340,000 | -3,368,000 | ' | ' |
Total current assets | -5,340,000 | -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 | ' | ' |
Investments in affiliates | -405,024,000 | -357,610,000 | ' | ' |
Advances to affiliates | -214,927,000 | -234,501,000 | ' | ' |
Deferred income taxes | -11,581,000 | -10,966,000 | ' | ' |
Other assets | 0 | 0 | ' | ' |
Total assets | -636,872,000 | -606,445,000 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ' | ' | ' | ' |
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 | -5,340,000 | -3,368,000 | ' | ' |
Total current liabilities | -5,340,000 | -3,368,000 | ' | ' |
Total long-term debt | 0 | 0 | ' | ' |
Deferred compensation & retirement plan obligations | 0 | 0 | ' | ' |
Advances from affiliates | -214,927,000 | -234,501,000 | ' | ' |
Other liabilities | -11,581,000 | -10,966,000 | ' | ' |
Total liabilities | -231,848,000 | -248,835,000 | ' | ' |
Total shareholders' deficit | -405,024,000 | -357,610,000 | ' | ' |
Total liabilities and shareholders’ deficit | -636,872,000 | -606,445,000 | ' | ' |
Consolidated [Member] | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' |
Cash and cash equivalents | 167,795,000 | 134,177,000 | 107,057,000 | 91,259,000 |
Receivables | 82,385,000 | 79,999,000 | ' | ' |
Other current assets | 56,794,000 | 68,554,000 | ' | ' |
Total current assets | 306,974,000 | 282,730,000 | ' | ' |
Property and equipment, at cost, net | 67,852,000 | 51,651,000 | ' | ' |
Goodwill | 65,813,000 | 65,813,000 | ' | ' |
Franchise rights and other identifiable intangibles, net | 9,953,000 | 13,473,000 | ' | ' |
Advances, marketing and reservation activities | 5,844,000 | 29,467,000 | ' | ' |
Investments, employee benefit plans, at fair value | 15,950,000 | 12,755,000 | ' | ' |
Investments in affiliates | 0 | 0 | ' | ' |
Advances to affiliates | 0 | 0 | ' | ' |
Deferred income taxes | 0 | 0 | ' | ' |
Other assets | 84,036,000 | 76,013,000 | ' | ' |
Total assets | 556,422,000 | 531,902,000 | ' | ' |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | ' | ' | ' | ' |
Accounts payable | 41,663,000 | 38,714,000 | ' | ' |
Accrued expenses | 56,625,000 | 55,552,000 | ' | ' |
Deferred revenue | 61,188,000 | 71,154,000 | ' | ' |
Current portion of long-term debt | 10,088,000 | 8,195,000 | ' | ' |
Deferred compensation & retirement plan obligations | 2,492,000 | 2,522,000 | ' | ' |
Other current liabilities | 2,282,000 | 0 | ' | ' |
Total current liabilities | 174,338,000 | 176,137,000 | ' | ' |
Total long-term debt | 783,471,000 | 847,150,000 | ' | ' |
Deferred compensation & retirement plan obligations | 22,527,000 | 20,399,000 | ' | ' |
Advances from affiliates | 0 | 0 | ' | ' |
Other liabilities | 28,957,000 | 26,854,000 | ' | ' |
Total liabilities | 1,009,293,000 | 1,070,540,000 | ' | ' |
Total shareholders' deficit | -452,871,000 | -538,638,000 | ' | ' |
Total liabilities and shareholders’ deficit | $556,422,000 | $531,902,000 | ' | ' |
Condensed_Consolidating_Financ7
Condensed Consolidating Financial Statements Consolidating Statement Of Cash Flows (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Net cash provided by (used in) by operating activities | $153,913,000 | $150,122,000 | $131,369,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investment in property and equipment | -33,397,000 | -15,443,000 | -10,924,000 |
Equity method investments | -5,685,000 | -20,285,000 | -5,000,000 |
Issuance of mezzanine and other notes receivable | -1,095,000 | -23,736,000 | -9,227,000 |
Collections of mezzanine and other notes receivable | 9,748,000 | 3,270,000 | 4,690,000 |
Proceeds from sale of assets | 243,000 | 0 | 1,654,000 |
Purchases of investments, employee benefit plans | -2,676,000 | -1,697,000 | -1,602,000 |
Proceeds from sales of investments, employee benefit plans | 4,168,000 | 11,223,000 | 644,000 |
Other items, net | -728,000 | -433,000 | -564,000 |
Net cash used in investing activities | -29,422,000 | -47,101,000 | -20,329,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings (repayments) pursuant to revolving credit facilities | -57,000,000 | 57,000,000 | -200,000 |
Principal payments on long-term debt | -8,204,000 | -4,422,000 | -297,000 |
Proceeds from the issuance of long-term debt | 3,360,000 | 543,500,000 | 75,000 |
Purchase of treasury stock | -3,965,000 | -22,586,000 | -53,617,000 |
Excess tax benefits from stock-based compensation | 1,460,000 | 1,559,000 | 1,227,000 |
Debt issuance costs | 0 | -4,759,000 | -2,356,000 |
Proceeds from exercise of stock options | 8,864,000 | 7,090,000 | 3,845,000 |
Dividends paid | -32,799,000 | -654,092,000 | -43,747,000 |
Net cash used in financing activities | -88,284,000 | -76,710,000 | -95,070,000 |
Net change in cash and cash equivalents | 36,207,000 | 26,311,000 | 15,970,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | -2,589,000 | 809,000 | -172,000 |
Cash and cash equivalents at beginning of period | 134,177,000 | 107,057,000 | 91,259,000 |
Cash and cash equivalents at end of period | 167,795,000 | 134,177,000 | 107,057,000 |
Parent [Member] | ' | ' | ' |
Net cash provided by (used in) by operating activities | 91,745,000 | 90,688,000 | 120,850,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investment in property and equipment | -5,167,000 | -7,404,000 | -2,839,000 |
Equity method investments | 0 | 0 | 0 |
Issuance of mezzanine and other notes receivable | -1,095,000 | -23,736,000 | -9,227,000 |
Collections of mezzanine and other notes receivable | 9,748,000 | 3,270,000 | 4,690,000 |
Proceeds from sale of assets | ' | ' | 1,654,000 |
Purchases of investments, employee benefit plans | 0 | 0 | 0 |
Proceeds from sales of investments, employee benefit plans | 0 | 0 | 0 |
Advances to and investments in affiliates | -1,000,000 | 0 | ' |
Other items, net | -485,000 | -433,000 | -570,000 |
Net cash used in investing activities | 2,001,000 | -28,303,000 | -6,292,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings (repayments) pursuant to revolving credit facilities | -57,000,000 | 57,000,000 | -200,000 |
Principal payments on long-term debt | -7,500,000 | -3,750,000 | 0 |
Proceeds from the issuance of long-term debt | 0 | 543,500,000 | 0 |
Purchase of treasury stock | -3,965,000 | -22,586,000 | -53,617,000 |
Excess tax benefits from stock-based compensation | 19,000 | 262,000 | 38,000 |
Debt issuance costs | ' | -4,759,000 | -2,356,000 |
Proceeds from exercise of stock options | 8,864,000 | 7,090,000 | 3,845,000 |
Proceeds from contributions from affiliates | 0 | 0 | ' |
Dividends paid | -32,799,000 | -654,092,000 | -43,747,000 |
Net cash used in financing activities | -92,381,000 | -77,335,000 | -96,037,000 |
Net change in cash and cash equivalents | 1,365,000 | -14,950,000 | 18,521,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 8,420,000 | 23,370,000 | 4,849,000 |
Cash and cash equivalents at end of period | 9,785,000 | 8,420,000 | 23,370,000 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by (used in) by operating activities | 27,209,000 | 18,191,000 | -10,483,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investment in property and equipment | -27,984,000 | -7,800,000 | -7,690,000 |
Equity method investments | -2,401,000 | 0 | 0 |
Issuance of mezzanine and other notes receivable | 0 | 0 | 0 |
Collections of mezzanine and other notes receivable | 0 | 0 | 0 |
Proceeds from sale of assets | ' | ' | 0 |
Purchases of investments, employee benefit plans | -2,676,000 | -1,697,000 | -1,602,000 |
Proceeds from sales of investments, employee benefit plans | 4,168,000 | 11,223,000 | 644,000 |
Advances to and investments in affiliates | -2,284,000 | -20,586,000 | ' |
Other items, net | 0 | 0 | -10,000 |
Net cash used in investing activities | -31,177,000 | -18,860,000 | -8,658,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings (repayments) pursuant to revolving credit facilities | 0 | 0 | 0 |
Principal payments on long-term debt | -671,000 | -653,000 | -275,000 |
Proceeds from the issuance of long-term debt | 3,360,000 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Excess tax benefits from stock-based compensation | 1,441,000 | 1,297,000 | 1,189,000 |
Debt issuance costs | ' | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Proceeds from contributions from affiliates | 0 | 0 | ' |
Dividends paid | 0 | 0 | 0 |
Net cash used in financing activities | 4,130,000 | 644,000 | 914,000 |
Net change in cash and cash equivalents | 162,000 | -25,000 | -18,227,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 407,000 | 432,000 | 18,659,000 |
Cash and cash equivalents at end of period | 569,000 | 407,000 | 432,000 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Net cash provided by (used in) by operating activities | 36,529,000 | 41,243,000 | 21,002,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investment in property and equipment | -246,000 | -239,000 | -395,000 |
Equity method investments | -3,284,000 | -20,285,000 | -5,000,000 |
Issuance of mezzanine and other notes receivable | 0 | 0 | 0 |
Collections of mezzanine and other notes receivable | 0 | 0 | 0 |
Proceeds from sale of assets | ' | ' | 0 |
Purchases of investments, employee benefit plans | 0 | 0 | 0 |
Proceeds from sales of investments, employee benefit plans | 0 | 0 | 0 |
Advances to and investments in affiliates | 0 | 0 | ' |
Other items, net | 0 | 0 | 16,000 |
Net cash used in investing activities | -3,530,000 | -20,524,000 | -5,379,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings (repayments) pursuant to revolving credit facilities | 0 | 0 | 0 |
Principal payments on long-term debt | -33,000 | -19,000 | -22,000 |
Proceeds from the issuance of long-term debt | 0 | 0 | 75,000 |
Purchase of treasury stock | 0 | 0 | 0 |
Excess tax benefits from stock-based compensation | 0 | 0 | 0 |
Debt issuance costs | ' | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Proceeds from contributions from affiliates | 3,284,000 | 20,586,000 | ' |
Dividends paid | -1,570,000 | 0 | 0 |
Net cash used in financing activities | 1,681,000 | 20,567,000 | 53,000 |
Net change in cash and cash equivalents | 34,680,000 | 41,286,000 | 15,676,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | -2,589,000 | 809,000 | -172,000 |
Cash and cash equivalents at beginning of period | 125,350,000 | 83,255,000 | 67,751,000 |
Cash and cash equivalents at end of period | 157,441,000 | 125,350,000 | 83,255,000 |
Eliminations [Member] | ' | ' | ' |
Net cash provided by (used in) by operating activities | -1,570,000 | 0 | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investment in property and equipment | 0 | 0 | 0 |
Equity method investments | 0 | 0 | 0 |
Issuance of mezzanine and other notes receivable | 0 | 0 | 0 |
Collections of mezzanine and other notes receivable | 0 | 0 | 0 |
Proceeds from sale of assets | ' | ' | 0 |
Purchases of investments, employee benefit plans | 0 | 0 | 0 |
Proceeds from sales of investments, employee benefit plans | 0 | 0 | 0 |
Advances to and investments in affiliates | 3,284,000 | 20,586,000 | ' |
Other items, net | 0 | 0 | 0 |
Net cash used in investing activities | 3,284,000 | 20,586,000 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings (repayments) pursuant to revolving credit facilities | 0 | 0 | 0 |
Principal payments on long-term debt | 0 | 0 | 0 |
Proceeds from the issuance of long-term debt | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 |
Excess tax benefits from stock-based compensation | 0 | 0 | 0 |
Debt issuance costs | ' | 0 | 0 |
Proceeds from exercise of stock options | 0 | 0 | 0 |
Proceeds from contributions from affiliates | -3,284,000 | -20,586,000 | ' |
Dividends paid | 1,570,000 | 0 | 0 |
Net cash used in financing activities | -1,714,000 | -20,586,000 | 0 |
Net change in cash and cash equivalents | 0 | 0 | 0 |
Effect of foreign exchange rate changes on cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 | 0 |
Consolidated [Member] | ' | ' | ' |
Net cash provided by (used in) by operating activities | 153,913,000 | 150,122,000 | 131,369,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investment in property and equipment | -33,397,000 | -15,443,000 | -10,924,000 |
Equity method investments | -5,685,000 | -20,285,000 | -5,000,000 |
Issuance of mezzanine and other notes receivable | -1,095,000 | -23,736,000 | -9,227,000 |
Collections of mezzanine and other notes receivable | 9,748,000 | 3,270,000 | 4,690,000 |
Proceeds from sale of assets | ' | ' | 1,654,000 |
Purchases of investments, employee benefit plans | -2,676,000 | -1,697,000 | -1,602,000 |
Proceeds from sales of investments, employee benefit plans | 4,168,000 | 11,223,000 | 644,000 |
Advances to and investments in affiliates | 0 | 0 | ' |
Other items, net | -485,000 | -433,000 | -564,000 |
Net cash used in investing activities | -29,422,000 | -47,101,000 | -20,329,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Net borrowings (repayments) pursuant to revolving credit facilities | -57,000,000 | 57,000,000 | -200,000 |
Principal payments on long-term debt | -8,204,000 | -4,422,000 | -297,000 |
Proceeds from the issuance of long-term debt | 3,360,000 | 543,500,000 | 75,000 |
Purchase of treasury stock | -3,965,000 | -22,586,000 | -53,617,000 |
Excess tax benefits from stock-based compensation | 1,460,000 | 1,559,000 | 1,227,000 |
Debt issuance costs | ' | -4,759,000 | -2,356,000 |
Proceeds from exercise of stock options | 8,864,000 | 7,090,000 | 3,845,000 |
Proceeds from contributions from affiliates | 0 | 0 | ' |
Dividends paid | -32,799,000 | -654,092,000 | -43,747,000 |
Net cash used in financing activities | -88,284,000 | -76,710,000 | -95,070,000 |
Net change in cash and cash equivalents | 36,207,000 | 26,311,000 | 15,970,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | -2,589,000 | 809,000 | -172,000 |
Cash and cash equivalents at beginning of period | 134,177,000 | 107,057,000 | 91,259,000 |
Cash and cash equivalents at end of period | $167,795,000 | $134,177,000 | $107,057,000 |
Reportable_Segment_Information2
Reportable Segment Information Schedule Of Financial Information For Company's Franchising Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
brand | segments | ||||||||||
brand | |||||||||||
Number of brands | 11 | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' |
Number of reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Total revenues | $168,831,000 | $216,718,000 | $190,930,000 | $148,171,000 | $165,019,000 | $205,271,000 | $180,888,000 | $141,550,000 | $724,650,000 | $692,728,000 | $640,602,000 |
Operating income | 41,142,000 | 63,228,000 | 54,739,000 | 37,139,000 | 38,026,000 | 62,374,000 | 55,334,000 | 37,746,000 | 196,248,000 | 193,480,000 | 172,517,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,056,000 | 7,691,000 | 7,497,000 |
Income (loss) before income taxes | 32,315,000 | 54,271,000 | 44,504,000 | 27,582,000 | 28,120,000 | 52,789,000 | 51,683,000 | 36,914,000 | 158,672,000 | 169,506,000 | 158,711,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 33,397,000 | 15,443,000 | 10,924,000 |
Total assets | 556,422,000 | ' | ' | ' | 531,902,000 | ' | ' | ' | 556,422,000 | 531,902,000 | 468,360,000 |
Equity method investments | 32,257,000 | ' | ' | ' | 27,453,000 | ' | ' | ' | 32,257,000 | 27,453,000 | ' |
Foreign Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 57,300,000 | 55,600,000 | 54,800,000 |
Long-lived assets | 8,600,000 | ' | ' | ' | 8,200,000 | ' | ' | ' | 8,600,000 | 8,200,000 | 9,100,000 |
Franchising [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 724,617,000 | 692,728,000 | 640,602,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 248,253,000 | 236,013,000 | 214,750,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 22,295,000 | 20,111,000 | 18,554,000 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 248,887,000 | 236,225,000 | 213,253,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 12,079,000 | 13,998,000 | 9,553,000 |
Total assets | 300,292,000 | ' | ' | ' | 322,434,000 | ' | ' | ' | 300,292,000 | 322,434,000 | 280,414,000 |
SkyTouch Technology [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 33,000 | 0 | 0 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -9,994,000 | -3,370,000 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 398,000 | 10,000 | 0 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -9,994,000 | -3,370,000 | 0 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 2,295,000 | 107,000 | 0 |
Total assets | 2,303,000 | ' | ' | ' | 101,000 | ' | ' | ' | 2,303,000 | 101,000 | 0 |
Corporate & Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -42,011,000 | -39,163,000 | -42,233,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2,378,000 | 2,102,000 | 2,262,000 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -80,221,000 | -63,349,000 | -54,542,000 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 19,023,000 | 1,338,000 | 1,371,000 |
Total assets | 253,827,000 | ' | ' | ' | 209,367,000 | ' | ' | ' | 253,827,000 | 209,367,000 | 187,946,000 |
Elimination Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -16,015,000 | -14,532,000 | -13,319,000 |
Income (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total assets | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 0 |
Assets, Total [Member] | Franchising [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investments | $32,300,000 | ' | ' | ' | $27,500,000 | ' | ' | ' | $32,300,000 | $27,500,000 | $4,300,000 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2012 | Dec. 31, 2013 |
Sunburst [Member] | Sunburst [Member] | Sunburst [Member] | Sunburst [Member] | Sunburst [Member] | LPC [Member] | LPC [Member] | LPC [Member] | Affiliated Entity [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | Concord 46th NYC LLC [Member] | Concord 46th NYC LLC [Member] | Concord 46th NYC LLC [Member] | Concord 46th NYC LLC [Member] | Concord 46th NYC LLC [Member] | Concord 46th NYC LLC [Member] | Concord 46th NYC LLC [Member] | Lease Agreements [Member] | Lease Agreements [Member] | Lease Agreements [Member] | Lease Agreements [Member] | Lease Agreement Amendment [Member] | Lease Agreement Amendment [Member] | |
Hotels | Franchise Fees [Member] | Franchise Fees [Member] | Franchise Fees [Member] | Operating Lease [Member] | Operating Lease [Member] | Operating Lease [Member] | Contribution to non-profit entity [Member] | Aircraft sublease rental income [Member] | Reimbursement of Taxes [Member] | Designated Employee's Services [Member] | Designated Employee's Services [Member] | Designated Employee's Services [Member] | Pre hotel construction completion [Member] | Pre hotel construction completion [Member] | Post hotel construction completion [Member] [Member] | Post hotel construction completion [Member] [Member] | Note due in 2013 [Member] | Note due on fifth anniversary of promissory note [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | Family Member(s) of Largest Shareholder [Member] | ||||
Quarterly [Member] | Monthly [Member] | Leased space provided free of charge [Member] | Leased office space [Member] | Sublease rental income [Member] | Leased space provided free of charge [Member] | Leased space provided free of charge [Member] | ||||||||||||||||||||||
sqft | sqft | sqft | ||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number Of Hotels Operated By Related Party | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction Leased Square Footage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,950 | 2,200 | ' | 2,154 | ' |
Lease Expiration Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2013 | ' | ' | '2016 | ' |
Related Party Transaction Sublease Notice Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' |
Lease Term in Years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Related Party Transaction Annual Lease Payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $72,000 | $90,000 | ' | ' | ' |
Related Party Transaction Annual Lease Payments Extension | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 84,000 |
Related Party Service Agreement, Utilization Threshold of Designated Employee's Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Service Agreement, Reimbursement Percentage for Designated Employee's Services Rendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Other Revenues from Transactions with Related Party | ' | ' | 2,600,000 | 2,600,000 | 4,500,000 | ' | ' | ' | ' | ' | 0 | ' | 37,000 | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' |
Related Party Transaction, Due from (to) Related Party | 200,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,500,000 | ' | ' | ' | ' | 9,500,000 | 10,000,000 | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | ' | ' | ' | ' | 300,000 | 300,000 | 500,000 | 100,000 | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Note Receivable Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory note, frequency of interest payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'quarterly | ' | 'monthly | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from (Repayments of) Related Party Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of membership interest pledged as collateral on promissory note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint venture, purchase price following default | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination_Charges_Details
Termination Charges (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Termination charges | $1,700,000 | $2,900,000 | $6,600,000 |
Termination benefits remitted by company | 1,100,000 | 700,000 | 1,100,000 |
Termination benefits expected to be paid within next 12 months | 582,000 | 3,099,000 | ' |
2012 [Member] | ' | ' | ' |
Termination benefits paid for charges recorded in prior periods | 2,200,000 | ' | ' |
2011 [Member] | ' | ' | ' |
Termination benefits paid for charges recorded in prior periods | 700,000 | 4,000,000 | ' |
One-time Termination Benefits [Member] | ' | ' | ' |
Restructuring Reserve | 600,000 | ' | ' |
Salary and Benefits Continuation [Member] | ' | ' | ' |
Termination charges | ' | ' | 5,800,000 |
Salary and Benefits Continuation [Member] | 2012 [Member] | ' | ' | ' |
Termination benefits remaining to be paid | 0 | ' | ' |
Salary and Benefits Continuation [Member] | 2011 [Member] | ' | ' | ' |
Termination benefits remaining to be paid | 0 | ' | ' |
Special Termination Benefits [Member] | ' | ' | ' |
Termination charges | ' | ' | 800,000 |
Salary and Benefits Continuation AND Special Termination Benefits [Member] | ' | ' | ' |
Termination benefits included in liabilities | $600,000 | ' | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Nov. 15, 2013 | Oct. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Forgivable Notes Receivable [Member] | Additional capital contributions [Member] | Construction Loans [Member] | Property Improvement Incentive [Member] | |||
Forgivable Notes Receivable [Member] | ||||||
Bank Loan Issued to Business Associate, Partially Guaranteed by Parent | $46,200,000 | $18,000,000 | ' | ' | ' | ' |
Bank Loan Issued to Business Associate, Percentage Guaranteed by Parent | 25.00% | 25.00% | ' | ' | ' | ' |
Other Commitment | ' | ' | 13,200,000 | ' | ' | ' |
Commitment to Extend Financing to Franchisees | ' | ' | $7,900,000 | $4,100,000 | $3,300,000 | $32,000,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 31, 2014 | |
Discontinued operations [Member] | Discontinued operations [Member] | Discontinued operations [Member] | MainStay Suites [Member] | MainStay Suites [Member] | ||||||||||||
hotel | 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 | ' |
Discontinued Operation, Consolidated Statements of Income Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,774,000 | $4,573,000 | $4,356,000 | ' | ' |
Total revenues | 168,831,000 | 216,718,000 | 190,930,000 | 148,171,000 | 165,019,000 | 205,271,000 | 180,888,000 | 141,550,000 | 724,650,000 | 692,728,000 | 640,602,000 | 4,774,000 | 4,573,000 | 4,356,000 | ' | ' |
Hotel operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,678,000 | 3,505,000 | 3,466,000 | ' | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 9,582,000 | 8,226,000 | 8,024,000 | 526,000 | 535,000 | 527,000 | ' | ' |
Total operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 528,402,000 | 499,248,000 | 468,085,000 | 4,204,000 | 4,040,000 | 3,993,000 | ' | ' |
Income from discontinued operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 570,000 | 533,000 | 363,000 | ' | ' |
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 45,322,000 | 48,228,000 | 47,878,000 | 211,000 | 198,000 | 135,000 | ' | ' |
Income from discontinued operations, net of income taxes | 66,000 | 143,000 | 183,000 | -33,000 | 65,000 | 107,000 | 138,000 | 25,000 | 359,000 | 335,000 | 228,000 | 359,000 | 335,000 | 228,000 | ' | ' |
Discontinued Operation, Balance Sheets Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000 | 387,000 | ' | ' | ' |
Receivables, net | 82,385,000 | ' | ' | ' | 79,999,000 | ' | ' | ' | 82,385,000 | 79,999,000 | ' | 106,000 | 206,000 | ' | ' | ' |
Other current assets | 29,710,000 | ' | ' | ' | 36,669,000 | ' | ' | ' | 29,710,000 | 36,669,000 | ' | 223,000 | 192,000 | ' | ' | ' |
Income taxes receivable | 0 | ' | ' | ' | 2,201,000 | ' | ' | ' | 0 | 2,201,000 | ' | 20,000 | 0 | ' | ' | ' |
Total current assets | 306,974,000 | ' | ' | ' | 282,730,000 | ' | ' | ' | 306,974,000 | 282,730,000 | ' | 899,000 | 785,000 | ' | ' | ' |
Property and equipment, at cost, net | 67,852,000 | ' | ' | ' | 51,651,000 | ' | ' | ' | 67,852,000 | 51,651,000 | ' | 8,816,000 | 9,220,000 | ' | ' | ' |
Total assets | 556,422,000 | ' | ' | ' | 531,902,000 | ' | ' | ' | 556,422,000 | 531,902,000 | 468,360,000 | 9,715,000 | 10,005,000 | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,000 | 403,000 | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 10,000 | ' | ' | ' |
Income taxes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Total liabilities | 1,009,293,000 | ' | ' | ' | 1,070,540,000 | ' | ' | ' | 1,009,293,000 | 1,070,540,000 | ' | 435,000 | 413,000 | ' | ' | ' |
Net assets of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,280,000 | $9,592,000 | ' | ' | ' |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Total revenues | $168,831,000 | $216,718,000 | $190,930,000 | $148,171,000 | $165,019,000 | $205,271,000 | $180,888,000 | $141,550,000 | $724,650,000 | $692,728,000 | $640,602,000 |
Operating income | 41,142,000 | 63,228,000 | 54,739,000 | 37,139,000 | 38,026,000 | 62,374,000 | 55,334,000 | 37,746,000 | 196,248,000 | 193,480,000 | 172,517,000 |
Income from continuing operations before income taxes | 32,315,000 | 54,271,000 | 44,504,000 | 27,582,000 | 28,120,000 | 52,789,000 | 51,683,000 | 36,914,000 | 158,672,000 | 169,506,000 | 158,711,000 |
Income from continuing operations, net of income taxes | 23,377,000 | 38,573,000 | 31,624,000 | 19,776,000 | 20,639,000 | 42,637,000 | 34,236,000 | 23,766,000 | 113,350,000 | 121,278,000 | 110,833,000 |
Income (loss) from discontinued operations, net of income taxes | 66,000 | 143,000 | 183,000 | -33,000 | 65,000 | 107,000 | 138,000 | 25,000 | 359,000 | 335,000 | 228,000 |
Net income | 23,443,000 | 38,716,000 | 31,807,000 | 19,743,000 | 20,704,000 | 42,744,000 | 34,374,000 | 23,791,000 | 113,709,000 | 121,613,000 | 111,061,000 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.94 | $2.09 | $1.87 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $1.93 | $2.09 | $1.87 |
Tax benefit related to change in estimate, foreign operations | ' | ' | ' | ' | ' | -4,500,000 | ' | ' | 1,914,000 | 2,345,000 | 1,712,000 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on settlement of pension plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,162,000 | 0 |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on settlement of pension plan | ' | ' | ' | ' | -1,800,000 | ' | ' | ' | ' | ' | ' |
Continuing operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0.40 | $0.66 | $0.54 | $0.34 | $0.36 | $0.74 | $0.59 | $0.41 | $1.94 | $2.09 | $1.86 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share (in dollars per share) | $0.40 | $0.65 | $0.54 | $0.34 | $0.35 | $0.73 | $0.59 | $0.41 | $1.92 | $2.08 | $1.86 |
Discontinued operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,774,000 | 4,573,000 | 4,356,000 |
Income (loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | ' | ' | ' | $359,000 | $335,000 | $228,000 |
Basic earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.01 |
Diluted earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted earnings per share (in dollars per share) | $0 | $0.01 | $0 | $0 | $0 | $0 | $0 | $0 | $0.01 | $0.01 | $0.01 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 18, 2014 | Apr. 04, 2014 | Feb. 28, 2014 | Feb. 11, 2014 | |
Forecast [Member] | Forecast [Member] | Subsequent event [Member] | Subsequent event [Member] | ||||
Proceeds from sale of assets | $243,000 | $0 | $1,654,000 | ' | ' | ' | $4,600,000 |
Dividends payable, date declared | ' | ' | ' | ' | ' | 28-Feb-14 | ' |
Common stock, dividends declared (in dollars per share) | ' | ' | ' | ' | ' | $0.19 | ' |
Dividends payable, date to be paid | ' | ' | ' | 18-Apr-14 | ' | ' | ' |
Dividends payable, date of record | ' | ' | ' | ' | 4-Apr-14 | ' | ' |
Schedule_IIValuation_And_Quali1
Schedule II-Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Allowance for Trade Receivables [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $11,658,000 | $10,771,000 | $9,893,000 |
Additions/Charges to Profit & Loss | 4,708,000 | 4,787,000 | 4,884,000 |
Recoveries/Write offs | -4,179,000 | -3,900,000 | -4,006,000 |
Balance at End of Period | 12,187,000 | 11,658,000 | 10,771,000 |
Allowance for Notes Receivable [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 10,550,000 | 9,228,000 | 10,026,000 |
Additions/Charges to Profit & Loss | 1,668,000 | 1,735,000 | 982,000 |
Recoveries/Write offs | -672,000 | -413,000 | -1,780,000 |
Balance at End of Period | $11,546,000 | $10,550,000 | $9,228,000 |