Choice Hotels International (CHH) 10-Q 9 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Trading Symbol	chh
Entity Central Index Key	1,046,311
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding	56,593,820

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUES:
Royalty fees	$ 104,252	$ 96,114	$ 265,727	$ 247,168
Initial franchise and relicensing fees	6,403	6,284	18,390	17,146
Procurement services	8,103	7,615	25,647	23,719
Marketing and reservation system	167,763	152,018	435,273	412,193
Other	8,567	5,546	24,748	16,220
Total revenues	295,088	267,577	769,785	716,446
OPERATING EXPENSES:
Selling, general and administrative	46,364	34,357	117,418	109,515
Depreciation and amortization	3,095	2,986	9,215	8,707
Marketing and reservation system	167,763	152,018	435,273	412,193
Total operating expenses	217,222	189,361	561,906	530,415
Gain (loss) on sale of assets, net	(32)	402	(32)	402
Operating income	77,834	78,618	207,847	186,433
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,399	11,150	33,884	33,466
Interest income	(1,575)	(836)	(4,277)	(2,502)
Other gains	(778)	(746)	(2,251)	(1,005)
Equity in net (income) loss of affiliates	274	(1,150)	3,213	286
Total other income and expenses, net	9,320	8,418	30,569	30,245
Income before income taxes	68,514	70,200	177,278	156,188
Income taxes	20,919	22,635	55,944	48,638
Net income	$ 47,595	$ 47,565	$ 121,334	$ 107,550
Basic earnings per share (in dollars per share)	$ 0.84	$ 0.85	$ 2.15	$ 1.91
Diluted earnings per share (in dollars per share)	0.84	0.84	2.14	1.90
Cash dividends declared per share (in dollars per share)	$ 0.215	$ 0.205	$ 0.645	$ 0.615

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 47,595	$ 47,565	$ 121,334	$ 107,550
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215	646	646
Foreign currency translation adjustment	851	137	2,842	1,036
Other comprehensive income, net of tax	1,066	352	3,488	1,682
Comprehensive income	$ 48,661	$ 47,917	$ 124,822	$ 109,232

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 238,848	$ 202,463
Receivables (net of allowance for doubtful accounts of $11,332 and $8,557, respectively)	151,672	107,336
Income taxes receivable	19,676	316
Notes receivable, net of allowance	10,789	7,873
Other current assets	34,338	26,885
Total current assets	455,323	344,873
Property and equipment, at cost, net	83,611	84,061
Goodwill	80,519	78,905
Intangible assets, net	14,749	15,738
Notes receivable, net of allowances	139,803	110,608
Investments, employee benefit plans, at fair value	19,749	16,975
Investments in unconsolidated entities	131,128	94,839
Deferred income taxes	7,835	52,812
Other assets	28,475	53,657
Total assets	961,192	852,468
Current liabilities
Accounts payable	68,261	48,071
Accrued expenses and other current liabilities	66,515	80,388
Deferred revenue	136,956	133,218
Current portion of long-term debt	1,302	1,195
Income taxes payable	0	796
Total current liabilities	273,034	263,668
Long-term debt	800,001	839,409
Deferred compensation and retirement plan obligations	24,355	21,595
Deferred income taxes	0	292
Other liabilities	64,182	38,853
Total liabilities	1,161,572	1,163,817
Commitments and Contingencies
SHAREHOLDERS' DEFICIT
Common stock, $0.01 par value, 160,000,000 shares authorized; 95,065,638 shares issued at September 30, 2017 and December 31, 2016 and 56,593,820 and 56,299,949 shares outstanding at September 30, 2017 and December 31, 2016, respectively	951	951
Additional paid-in-capital	178,231	159,045
Accumulated other comprehensive loss	(5,034)	(8,522)
Treasury stock (38,471,818 and 38,765,689 shares at September 30, 2017 and December 31, 2016, respectively), at cost	(1,066,915)	(1,070,383)
Retained earnings	692,387	607,560
Total shareholders’ deficit	(200,380)	(311,349)
Total liabilities and shareholders’ deficit	$ 961,192	$ 852,468

Consolidated Balance Sheets (U5

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 11,332	$ 8,557
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	160,000,000	160,000,000
Common stock, shares issued (in shares)	95,065,638	95,065,638
Common stock, shares outstanding (in shares)	56,593,820	56,299,949
Treasury stock, shares (in shares)	38,471,818	38,765,689

Consolidated Statements of Cash

Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 121,334	$ 107,550
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,215	8,707
Loss (gain) on disposal of assets	32	(377)
Provision for bad debts, net	1,796	1,093
Non-cash stock compensation and other charges	20,369	11,037
Non-cash interest and other (income) loss	(451)	807
Deferred income taxes	44,777	(4,329)
Equity in net losses from unconsolidated joint ventures, less distributions received	4,278	1,654
Changes in assets and liabilities, net of acquisition:
Receivables	(47,520)	(42,426)
Advances to/from marketing and reservation system activities, net	43,697	(25,783)
Forgivable notes receivable, net	(21,443)	(15,109)
Accounts payable	19,679	(3,532)
Accrued expenses and other current liabilities	(11,540)	(14,261)
Income taxes payable/receivable	(20,114)	21,368
Deferred revenue	3,650	49,976
Other assets	(1,162)	(9,958)
Other liabilities	(1,578)	1,992
Net cash provided by operating activities	165,019	88,409
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(17,514)	(17,584)
Investment in intangible assets	(2,376)	(482)
Proceeds from sales of assets	0	8,360
Business acquisition, net of cash acquired	0	(1,341)
Contributions to equity method investments	(44,876)	(24,179)
Distributions from equity method investments	4,307	3,700
Purchases of investments, employee benefit plans	(2,140)	(1,430)
Proceeds from sales of investments, employee benefit plans	2,150	1,395
Issuance of mezzanine and other notes receivable	(18,565)	(20,281)
Collections of mezzanine and other notes receivable	630	11,040
Acquisitions of real estate	0	(25,263)
Other items, net	109	60
Net cash used by investing activities	(78,275)	(66,005)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings pursuant to revolving credit facilities	(39,974)	52,814
Principal payments on long-term debt	(484)	(836)
Purchases of treasury stock	(8,887)	(33,958)
Dividends paid	(36,483)	(34,690)
Debt issuance costs	0	(284)
Proceeds from transfer of interest in notes receivable	24,237	0
Proceeds from exercise of stock options	9,799	6,802
Net cash used by financing activities	(51,792)	(10,152)
Net change in cash and cash equivalents	34,952	12,252
Effect of foreign exchange rate changes on cash and cash equivalents	1,433	260
Cash and cash equivalents at beginning of period	202,463	193,441
Cash and cash equivalents at end of period	238,848	205,953
Cash payments during the period for:
Income taxes, net of refunds	31,254	32,085
Interest, net of capitalized interest	41,119	40,935
Non-cash investing and financing activities:
Dividends declared but not paid	12,167	11,499
Investment in property and equipment acquired in accounts payable	758	554
Non-cash sale of investment of unconsolidated joint venture	$ 0	$ 2,350

Company Information and Signifi

Company Information and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Company Information and Significant Accounting Policies	Company Information and Significant Accounting Policies The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (together the "Company") have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited consolidated financial statements include all adjustments that are necessary, in the opinion of management, to fairly present the Company's financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. The consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2016 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 27, 2017 (the "10-K"). Interim results are not necessarily indicative of the entire year results. All inter-company transactions and balances between Choice Hotels International, Inc. and its subsidiaries have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Adopted Accounting Guidance In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-17, Consolidation (Topic 810) - Interests Held through Related Parties That Are under Common Control ("ASU No. 2016-17"). ASU No. 2016-17 alters the primary beneficiary assessment a reporting entity must perform as part of consolidation analysis to determine whether it should consolidate certain types of legal entities. Under legacy GAAP, indirect interests held through related parties under common control were to be considered in their entirety by the reporting entity in performing the primary beneficiary assessment. ASU No. 2016-17 revises the guidance such that indirect interests held through related parties under common control are considered on a proportionate basis in performing the primary beneficiary assessment. The Company adopted this ASU on January 1, 2017, and it did not have an impact on the Company's consolidated financial statements. Future Adoption of Recently Announced Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts with Customers (Topic 606) ("ASU No. 2014-09") and issued subsequent amendments to the initial guidance at various points of 2015 and 2016 within ASU No. 2015-14, ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12, and ASU No. 2016-20 (these ASUs collectively referred to as "Topic 606"). Topic 606 impacts virtually all aspects of an entity's revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, as well as most industry-specific guidance. Topic 606 significantly enhances comparability of revenue recognition practices across entities and industries by providing a principles-based, comprehensive framework for addressing revenue recognition issues. In order for a provider of promised goods or services to recognize as revenue the consideration that it expects to receive in exchange for the promised goods or services, the provider should apply the following five steps: (1) identify the contract with a customer(s); (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Topic 606 also specifies the accounting for some costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. Topic 606 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The guidance permits the retrospective or modified retrospective method when adopting Topic 606. The Company intends to adopt the standard in the annual period beginning January 1, 2018, and has not yet determined the method of adoption. The Company's evaluation is still preliminary for all areas below. The Company has determined royalties earned in exchange for a license to brand intellectual property on franchise agreements will be recognized in revenue over time typically after the occurrence of a completed stay, which is consistent with current practice. We are continuing to evaluate the services we provide as part of the franchise agreement, including the Choice Privileges loyalty program and other programs we operate as part of the marketing and reservation system. The Company has determined initial and relicensing fees earned upon execution of a franchise agreement will be recognized as revenue ratably as services are provided over the enforceable period of the franchise license arrangement. This represents a change from current practice, whereby the Company typically will recognize revenue for initial and relicensing fees in full in the period of agreement execution. Similarly, the Company has determined sales commissions paid upon the execution of a franchise agreement will be recognized as expense ratably over the same period as revenues are recognized. This also represents a change, as the Company’s current practice is typically to recognize expense for sales commissions in full in the period of agreement execution. The Company is in the process of finalizing the periods of recognition and calculating the expected impacts for this revision. Additionally, the Company will no longer defer revenue or expenses or record assets and liabilities when system fee revenues exceed expenses in the current period or vice versa. As a result, the Company anticipates net income or loss may be generated, which will represent a change from current practice. The Company believes the timing of recognition for profits from the sale of real estate assets will be accelerated under Topic 606, resulting from the removal of real estate specific guidance. The Company is in the process of calculating the expected impact of this revision. We continue to evaluate the accounting for other Company revenue streams for impacts as a result of adopting the standard. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). ASU No. 2016-02 requires lessees to recognize most leases on their balance sheet by recording a liability for its lease obligation and an asset for its right to use the underlying asset as of the lease commencement date. The standard requires entities to determine whether an arrangement contains a lease or a service agreement as the accounting treatment is significantly different between the two arrangements. The standard also requires the lessee to evaluate whether a lease is a financing lease or an operating lease as the accounting and presentation guidance between the two are different. ASU No. 2016-02 also modifies the classification criteria and accounting for sales-type and direct financing leases for lessors. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-02 will have on the financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU No. 2016-13"), which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2016-13 will have on its consolidated financial position or results of operations. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments ("ASU No. 2016-15"). ASU No. 2016-15 provides additional guidance on eight specific cash flow issues, such as the classification of debt prepayments or extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-15 will have on the financial statements and disclosures. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory ("ASU No. 2016-16"). ASU No. 2016-16 provides guidance on recognition of current income tax consequences for intercompany asset transfers (other than inventory) at the time of transfer. This represents a change from current GAAP, where the consolidated tax consequences of intercompany asset transfers are deferred from the time of transfer to a future period. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption at the beginning of an annual period is permitted. The Company is currently assessing the potential impact that ASU No. 2016-16 will have on the financial statements and disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2016-18 will have on the financial statements and disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment (" ASU No. 2017-04 ") . ASU 2017-04 eliminates the two-step process that required identification of potential impairment and a separate measure of the actual impairment. The annual assessment of goodwill impairment will be determined by using the difference between the carrying amount and the fair value of the reporting unit. The guidance is effective for public business entities for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2017-04 will have on the financial statements and disclosures. In February 2017, the FASB issued ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (" ASU No. 2017-05 "). This ASU clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term “in-substance nonfinancial asset.” This ASU also adds guidance for partial sales of nonfinancial assets. ASU 2017-05 will be effective for fiscal years beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is assessing the potential impact that ASU 2017-05 will have on the financial statements and disclosures. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting , which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. The standard is effective for the Company’s financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on the financial statements and disclosures.

Other Current Assets

Other Current Assets	9 Months Ended
	Sep. 30, 2017
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: September 30, 2017 December 31, 2016 (in thousands) Prepaid expenses $ 20,600 $ 22,210 Other current assets 4,027 4,675 Land held for sale 9,711 — Total $ 34,338 $ 26,885 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 the Company's Cambria hotels brand. During the three months ended September 30, 2017 , the Company reclassified two parcels of land with a total book value of $9.7 million to Land held for sale, as it is expected that these sites will be sold within the next twelve months.

Notes Receivable and Allowance

Notes Receivable and Allowance for Losses	9 Months Ended
	Sep. 30, 2017
Accounts and Notes Receivable, Net [Abstract]
Notes Receivable and Allowance for Losses	Notes Receivable and Allowance for Losses The Company segregates its notes receivable for the purposes of evaluating allowances for credit losses between two categories: Mezzanine and Other Notes Receivable and Forgivable Notes Receivable . The Company utilizes the level of security it has in the various notes receivable as its primary credit quality indicator (i.e., senior, subordinated or unsecured) when determining the appropriate allowances for uncollectible loans within these categories. The 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. For impaired loans, the Company recognizes interest income on a cash basis. The following table shows the composition of the Company's notes receivable balances: September 30, 2017 December 31, 2016 (in thousands) (in thousands) Credit Quality Indicator Forgivable Mezzanine Total Forgivable Mezzanine Total Senior $ — $ 70,616 $ 70,616 $ — $ 61,482 $ 61,482 Subordinated — 18,526 18,526 — 9,336 9,336 Unsecured 66,698 3,476 70,174 51,475 3,618 55,093 Total notes receivable 66,698 92,618 159,316 51,475 74,436 125,911 Allowance for losses on non-impaired loans 6,307 770 7,077 5,013 770 5,783 Allowance for losses on receivables specifically evaluated for impairment — 1,647 1,647 — 1,647 1,647 Total loan reserves 6,307 2,417 8,724 5,013 2,417 7,430 Net carrying value $ 60,391 $ 90,201 $ 150,592 $ 46,462 $ 72,019 $ 118,481 Current portion, net $ 429 $ 10,360 $ 10,789 $ 333 $ 7,540 $ 7,873 Long-term portion, net 59,962 79,841 139,803 46,129 64,479 110,608 Total $ 60,391 $ 90,201 $ 150,592 $ 46,462 $ 72,019 $ 118,481 The following table summarizes the activity related to the Company’s Forgivable Notes Receivable and Mezzanine and Other Notes Receivable allowance for losses for the nine months ended September 30, 2017 : Forgivable Notes Receivable Mezzanine & Other Notes Receivable (in thousands) Beginning balance $ 5,013 $ 2,417 Provisions 1,936 — Recoveries (172 ) — Write-offs (11 ) — Other (1) (459 ) — Ending balance $ 6,307 $ 2,417 (1) Consists of changes in foreign currency exchange rates and default rate assumption changes Variable Interest through Notes Issued The Company has issued mezzanine and other notes receivables to certain entities that have created variable interests in these borrowers totaling $33.6 million as of September 30, 2017 . The Company has determined that it is not the primary beneficiary of these variable interest entities. Each of these loans have stated fixed and/or variable interest amounts. The Company has identified loans totaling approximately $2.1 million with stated interest rates that are less than market rate, representing a total discount of $0.1 million . These discounts are reflected as a reduction of the outstanding loan amounts and are amortized over the life of the related loan. Forgivable Notes Receivable As of September 30, 2017 and December 31, 2016 , the unamortized balance of the Company's forgivable notes receivable totaled $66.7 million and $51.5 million , respectively. The Company recorded an allowance for credit losses on these forgivable notes receivable of $6.3 million and $5.0 million at September 30, 2017 and December 31, 2016 , respectively. Amortization expense included in the accompanying consolidated statements of income related to the notes for the three months ended September 30, 2017 and 2016 was $2.6 million and $2.3 million , respectively. Amortization expense included in the accompanying consolidated statements of income related to the notes for the nine months ended September 30, 2017 and 2016 was $7.5 million and $6.7 million , respectively. Past due balances of forgivable notes receivable are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of September 30, 2017 Forgivable Notes $ 24 $ 1,591 $ 1,615 $ 65,083 $ 66,698 $ 24 $ 1,591 $ 1,615 $ 65,083 $ 66,698 As of December 31, 2016 Forgivable Notes $ 116 $ 1,349 $ 1,465 $ 50,010 $ 51,475 $ 116 $ 1,349 $ 1,465 $ 50,010 $ 51,475 Mezzanine and Other Notes Receivable The Company determined that approximately $1.8 million and $1.9 million of its subordinated mezzanine and other notes receivable were impaired at September 30, 2017 and December 31, 2016 , respectively, and recorded allowance for credit losses on these impaired loans totaling $1.6 million at both September 30, 2017 and December 31, 2016 . The average mezzanine and other notes receivable on non-accrual status was approximately $1.8 million and $1.4 million for the nine months ended September 30, 2017 and 2016 , respectively. The Company recognizes interest income for impaired loans on a cash basis. Approximately $44 thousand and $43 thousand of interest income on impaired loans was recognized during the nine months ended September 30, 2017, and 2016 , respectively. The Company provided loan reserves on non-impaired loans totaling $0.8 million at September 30, 2017 and December 31, 2016 . Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of September 30, 2017 Senior $ — $ — $ — $ 70,616 $ 70,616 Subordinated — — — 18,526 18,526 Unsecured — — — 3,476 3,476 $ — $ — $ — $ 92,618 $ 92,618 As of December 31, 2016 Senior $ — $ — $ — $ 61,482 $ 61,482 Subordinated — — — 9,336 9,336 Unsecured — — — 3,618 3,618 $ — $ — $ — $ 74,436 $ 74,436 Transfer of interest On September 12, 2017, the Company entered into an agreement to transfer $24.2 million of a $49.1 million outstanding note receivable with a maturity date of November 30, 2019 to a third party. The transaction did not qualify as a sale and therefore the outstanding note receivable was not derecognized on the balance sheet. The one-time cash proceeds were recorded as unrestricted cash and the future obligation to transfer principal and interest received under the note has been recorded within Other Long-Term liabilities. In addition, the proceeds from the transfer of the interest in the note receivable have been reflected on the statement of cash flows as a financing activity. The Company retains responsibility for collecting and distributing cash received on the note and interest paid to the participant is reflected as interest expense in the Company’s consolidated statements of income. At September 30, 2017, Other Long-Term liabilities includes $24.2 million pursuant to this transaction.

Marketing and Reservation Activ

Marketing and Reservation Activities	9 Months Ended
	Sep. 30, 2017
Advances, Marketing and Reservation Activities [Abstract]
Marketing and Reservation Activities	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 fees 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 fees not expended in the current period are deferred and 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 September 30, 2017 , the Company's cumulative marketing and reservation system fee revenues exceeded expenses incurred by $3.9 million with the excess reflected as other long-term liability in the accompanying consolidated balance sheet. At December 31, 2016, cumulative marketing and reservation system costs exceeded cumulative marketing and reservation system revenues earned by $18.1 million , with the excess reflected as a long-term asset in the accompanying consolidated balance sheet. Depreciation and amortization expense attributable to marketing and reservation activities for the three and nine months ended September 30, 2017 was $6.5 million and $18.7 million , respectively. Depreciation and amortization expense attributable to marketing and reservation activities for the three and nine months ended September 30, 2016 was $6.3 million and $18.7 million , respectively. Interest expense attributable to marketing and reservation activities was $1 thousand for the nine months ended September 30, 2017 . Interest expense attributable to marketing and reservation activities was $1 thousand and $6 thousand for the three and nine months ended September 30, 2016 .

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2017
Other Assets, Noncurrent [Abstract]
Other Assets	Other Assets Other assets consist of the following: September 30, 2017 December 31, 2016 (in thousands) Land and buildings $ 19,284 $ 29,023 Advances to marketing and reservation system activities (Note 4) — 18,069 Other assets 9,191 6,565 Total $ 28,475 $ 53,657 Land and buildings Land and buildings 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 develop the properties for the eventual construction of hotels operated under the Company's brands or contribute the land into joint ventures for the same purpose.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities The Company maintains a portfolio of investments owned through noncontrolling interest in equity method investments with one or more partners. Investments in unconsolidated entities include investments in joint ventures totaling $127.3 million and $91.9 million at September 30, 2017 and December 31, 2016 , respectively, that the Company determined to be variable interest entities ("VIEs"). These investments relate to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria hotel & suites hotels in strategic markets. Based on an analysis of who has the power to direct the activities that most significantly impact these entities performance and who has an obligation to absorb losses of these entities or a right to receive benefits from these entities that could potentially be significant to the entity, the Company determined that it is not the primary beneficiary of any of its VIEs. The Company based its qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and the relevant development, operating management and financial agreements. Although the Company is not the primary beneficiary of these VIEs, it does exercise significant influence through its equity ownership and as a result the Company's investment in these entities is accounted for under the equity method. For the three months ended September 30, 2017 and 2016 , the Company recognized (income) losses totaling $1.3 million and $(0.4) million , respectively, from these investments. For the nine months ended September 30, 2017 and 2016 , the Company recognized losses totaling $5.1 million and $1.6 million , respectively, from these investments. The Company's maximum exposure to losses related to its investments in VIEs is limited to its equity investments as well as certain guarantees described in Note 17 "Commitments and Contingencies" of these financial statements.

Deferred Revenue

Deferred Revenue	9 Months Ended
	Sep. 30, 2017
Deferred Revenue and Credits [Abstract]
Deferred Revenue	Deferred Revenue Deferred revenue consists of the following: September 30, December 31, (in thousands) Loyalty programs $ 122,990 $ 115,851 Initial, relicensing and franchise fees 8,553 9,352 Procurement service fees 5,132 7,668 Other 281 347 Total $ 136,956 $ 133,218

Debt

Debt	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: September 30, 2017 December 31, 2016 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $4.1 million and $4.7 million at September 30, 2017 and December 31, 2016, respectively $ 395,868 $ 395,316 $250 million senior unsecured notes with an effective interest rate of 6.19% less a discount and deferred issuance costs of $0.9 million and $1.1 million at September 30, 2017 and December 31, 2016, respectively 249,105 248,875 $450 million senior unsecured credit facility with an effective interest rate of 2.59% and 2.23%, less deferred issuance costs of $2.2 million and $2.6 million at September 30, 2017 and December 31, 2016, respectively 142,791 182,359 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.6 million and $0.7 million at September 30, 2017 and December 31, 2016, respectively 8,961 9,432 Economic development loans with an effective interest rate of 3.0% at September 30, 2017 and December 31, 2016, respectively 3,712 3,712 Other notes payable 866 910 Total debt $ 801,303 $ 840,604 Less current portion 1,302 1,195 Total long-term debt $ 800,001 $ 839,409 Senior Unsecured Notes Due 2022 On June 27, 2012 , the Company issued unsecured senior notes in the principal amount of $400 million (the "2012 Senior Notes") at par, bearing a coupon of 5.75% with an effective rate of 6.0% . The 2012 Senior Notes will mature on July 1, 2022 , with interest to be paid semi-annually on January 1 st and July 1 st . 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 in 2012 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 certain of the Company’s domestic subsidiaries. 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 5.70% 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 28 th and August 28 th . 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 certain of the Company’s domestic subsidiaries. Revolving Credit Facilities On July 21, 2015, the Company entered into a senior unsecured revolving credit agreement (“Credit Agreement”), with Deutsche Bank AG New York Branch, as administrative agent. The Credit Agreement provides for a $450 million unsecured revolving credit facility (the “Revolver”) with an initial maturity date of July 21, 2020, subject to optional one -year extensions that can be requested by the Company prior to each of the first, second and third anniversaries of the closing date of the Revolver. The effectiveness of any such extensions is subject to the consent of the lenders under the Credit Agreement and certain customary conditions. On July 5, 2016, the Company exercised its option to extend the maturity date of the Revolver by one year. The new maturity date of the Revolver is July 21, 2021. Up to $35 million of borrowings under the Revolver may be used for alternative currency loans and up to $15 million of borrowings under the Revolver may be used for swing line loans. The Revolver is unconditionally guaranteed, jointly and severally, by certain of the Company’s domestic subsidiaries, which are considered restricted subsidiaries under the Credit Agreement. The subsidiary guarantors currently include all subsidiaries that guarantee the obligations under the Company's Indenture governing the terms of its 5.75% senior notes due 2022 and its 5.70% senior notes due 2020. If the Company achieves and maintains an Investment Grade Rating, as defined in the Credit Agreement, then the subsidiary guarantees will, at the election of the Company, be released and the Revolver will not be guaranteed. The Company may at any time prior to the final maturity date increase the amount of the Revolver by up to an additional $150 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. The Company currently may elect to have borrowings under the Revolver bear interest at a rate equal to (i) LIBOR plus a margin ranging from 135 to 175 basis points based on the Company’s total leverage ratio or (ii) a base rate plus a margin ranging from 35 to 75 basis points based on the Company’s total leverage ratio. If the Company achieves an Investment Grade Rating, then the Company may elect to use a different, ratings-based, pricing grid set forth in the Credit Agreement. The Credit Agreement requires the Company to pay a fee on the undrawn portion of the Revolver, calculated on the basis of the average daily unused amount of the Revolver multiplied by 0.20% per annum. If the Company achieves an Investment Grade Rating and it elects to use the ratings-based pricing grid set forth in the Credit Agreement, then the Company will be required to pay a fee on the total commitments under the Revolver, calculated on the basis of the actual daily amount of the commitments under the Revolver (regardless of usage) times a percentage per annum ranging from 0.10% to 0.25% (depending on the Company’s senior unsecured long-term debt rating). The Credit Agreement requires that the Company and its restricted subsidiaries comply with various covenants, including with respect to restrictions on liens, incurring indebtedness, making investments and affecting mergers and/or asset sales. With respect to dividends, the Company may not declare or make any payment if there is an existing event of default or if the payment would create an event of default. In addition, if the Company’s total leverage ratio exceeds 4.0 to 1.0, the Company is generally restricted from paying aggregate dividends in excess of $50 million in any calendar year. The Credit Agreement imposes financial maintenance covenants requiring the Company to maintain a total leverage ratio of not more than 4.5 to 1.0 and a consolidated fixed charge coverage ratio of at least 2.5 to 1.0. If the Company achieves and maintains an Investment Grade Rating, then the Company will not need to comply with the consolidated fixed charge coverage ratio covenant. The Credit Agreement 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 Credit Agreement to be immediately due and payable. At September 30, 2017 , the Company was in compliance with all financial covenants under the Credit Agreement. The proceeds of the Revolver are expected to be used for general corporate purposes, including working capital, debt repayment, stock repurchases, dividends, investments and other permitted uses set forth in the Credit Agreement. Fixed Rate Collateralized Mortgage On December 30, 2014, a court awarded the Company title to an office building as settlement for a portion of an outstanding loan receivable for which the building was pledged as collateral. In conjunction with the court award, the Company also assumed the $9.5 million mortgage on the property with a fixed interest rate of 7.26% . The mortgage, which is collateralized by the office building, requires monthly payments of principal and interest and matures in December 2020 with a balloon payment due of $6.9 million . At the time of acquisition, the Company determined that the fixed interest rate of 7.26% exceeded market interest rates and therefore the Company increased the carrying value of the debt by $1.2 million to record the debt at fair value. The fair value adjustment is being amortized over the remaining term of the mortgage utilizing the effective interest method. Economic Development Loans The Company entered into economic development agreements with various governmental entities in conjunction with the relocation of its corporate headquarters in April 2013. In accordance with these agreements, the governmental entities agreed to advance approximately $4.4 million to the Company to offset a portion of the corporate headquarters relocation and tenant improvement costs in consideration of the employment of permanent, full-time employees within the jurisdictions. At September 30, 2017 , the Company had been advanced approximately $3.7 million pursuant to these agreements and expects to receive the remaining $0.7 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 31 st 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 30 th 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 the Company's consolidated balance sheets until the Company determines that the future performance conditions will be met over the entire term of the agreement and the Company will not be required to repay the advances. The Company accrues interest on the portion of the advances that it expects to repay. The Company was in compliance with all current performance conditions as of September 30, 2017 .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the nine months ended September 30, 2017 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2016 $ (3,160 ) $ (5,362 ) $ (8,522 ) Other comprehensive income before reclassification — 2,842 2,842 Amounts reclassified from accumulated other comprehensive loss 646 — 646 Net current period other comprehensive income 646 2,842 3,488 Ending balance, September 30, 2017 $ (2,514 ) $ (2,520 ) $ (5,034 ) The amounts reclassified from accumulated other comprehensive loss during the three and nine months ended September 30, 2017 were reclassified to the following line items in the Company's Consolidated Statements of Income. Component Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statement of Income Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 $ 646 Interest expense — — Tax (expense) benefit $ 215 $ 646 Net of tax

Non-Qualified Retirement, Savin

Non-Qualified Retirement, Savings and Investment Plans	9 Months Ended
	Sep. 30, 2017
Compensation Related Costs [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 and invest these amounts in a selection of available diversified investment options. 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. Under the EDCP and Non-Qualified Plan, (together, the "Deferred Compensation Plan"), the Company recorded current and long-term deferred compensation liabilities of $26.0 million and $24.7 million at September 30, 2017 and December 31, 2016 , respectively, related to these deferrals and credited investment returns under these two deferred compensation plans. Compensation expense is recorded in selling, general and administrative ("SG&A") expense on the Company’s consolidated statements of income based on the change in the deferred compensation obligation related to earnings credited to participants as well as changes in the fair value of diversified investments. The net increase in compensation expense recorded in SG&A expense were $0.9 million for both three months ended September 30, 2017 and 2016 , respectively. The net increase in compensation expense recorded in SG&A expense for the nine months ended September 30, 2017 and 2016 was $2.6 million and $1.4 million , respectively. Under the Deferred Compensation Plan, the Company has invested the employee salary deferrals in diversified long-term investments which are intended to provide investment returns that offset the earnings credited to the participants. The diversified investments held in the trusts totaled $21.4 million and $19.1 million as of September 30, 2017 and December 31, 2016 , respectively, and are recorded at their fair value, based on quoted market prices. At September 30, 2017 , the Company expects $1.6 million of the assets held in the trust to be distributed during the next twelve months to participants. 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 during the three months ended September 30, 2017 and 2016 of approximately $0.8 million and $0.8 million , respectively. The Company recorded investment gains during the nine months ended September 30, 2017 and 2016 of approximately $2.2 million and $1.0 million , respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
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 Deferred Compensation Plan. 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 Deferred Compensation Plan 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 three and nine months ended September 30, 2017 . As of September 30, 2017 and December 31, 2016 , the Company had the following assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Level 3 Assets (in thousands) As of September 30, 2017 Money market funds, included in cash and cash equivalents $ 50,305 $ — $ 50,305 $ — Mutual funds (1) 19,731 19,731 — — Money market funds (1) 1,649 — 1,649 — $ 71,685 $ 19,731 $ 51,954 $ — As of December 31, 2016 Money market funds, included in cash and cash equivalents $ 50,085 $ — $ 50,085 $ — Mutual funds (1) 17,468 17,468 — — Money market funds (1) 1,676 — 1,676 — $ 69,229 $ 17,468 $ 51,761 $ — ________________________ (1) Included in Investments, employee benefit plans at fair value and other current assets on the consolidated balance sheets. Other Financial Instruments The Company believes that the fair value of its current assets and current liabilities approximate their reported carrying amounts due to the short-term nature of these items. In addition, the interest rates of the Company's 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 receivables, see Note 3. The fair values of the Company's $250 million and $400 million senior notes are classified as Level 2 as the significant inputs are observable in an active market. At September 30, 2017 and December 31, 2016 , the $250 million senior notes had an approximate fair value of $270.9 million and $273.0 million , respectively. At September 30, 2017 and December 31, 2016 , the $400 million senior notes had an approximate fair value of $446.2 million and $430.4 million , respectively. Fair values estimated are made at a specific point in time, are subjective in nature and involve uncertainties and matters of significant judgment. Settlement of such fair value amounts may not be possible and may not be a prudent management decision.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates were 30.5% and 32.2% for the three months ended September 30, 2017 and 2016 , respectively. The effective income tax rates were 31.6% and 31.1% for the nine months ended September 30, 2017 and 2016 , respectively. The effective income tax rates for the three and nine months ended September 30, 2017 and 2016 were lower than the U.S. federal income tax rate of 35% due the impact of foreign operations and ASU 2016-09 benefits from share-based compensation, partially offset by state income taxes.

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation and Capital Stock	Share-Based Compensation and Capital Stock Stock Options The Company granted two thousand options to a certain employee of the Company at a fair value of $19 thousand during the three months ended September 30, 2017 . No stock options were granted during the three months ended September 30, 2016 . The Company granted 0.2 million and 0.7 million options to certain employees of the Company at a fair value of $2.0 million and $6.9 million for the nine months ended September 30, 2017 and 2016 , 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: 2017 Grants 2016 Grants Risk-free interest rate 1.76 % 1.22 % Expected volatility 21.65 % 23.76 % Expected life of stock option 4.6 years 4.6 years Dividend yield 1.42 % 1.59 % Requisite service period 4 years 4 years Contractual life 7 years 7 years Weighted average fair value of options granted (per option) $ 10.80 $ 9.30 The expected life of the options and volatility are based on historical data, which is believed to be indicative of future exercise patterns or actual volatility. Historical volatility is calculated based on a period that corresponds to the expected term of the stock option. The dividend yield and the risk-free rate of return are calculated on the grant date based on the then current dividend rate and the risk-free rate of return for the period corresponding to the expected life of the stock option. Compensation expense related to the fair value of these awards is recognized straight-line over the requisite service period based on those awards that ultimately vest. The aggregate intrinsic value of the stock options outstanding and exercisable at September 30, 2017 was $27.9 million and $21.2 million , respectively. The total intrinsic value of options exercised during the three months ended September 30, 2017 and 2016 was approximately $3.0 million and $2.4 million , respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2017 and 2016 was approximately $6.3 million and $6.8 million , respectively. The Company received approximately $3.2 million and $2.6 million in proceeds from the exercise of 99,971 and 104,442 employee stock options during the three months ended September 30, 2017 and 2016 , respectively. The Company received approximately $9.8 million and $6.8 million in proceeds from the exercise of 257,167 and 297,398 employee stock options during the nine months ended September 30, 2017 and 2016 , respectively. Restricted Stock The following table is a summary of activity related to restricted stock grants: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Restricted share grants 21,562 21,357 167,142 188,509 Weighted average grant date fair value per share $ 62.34 $ 48.03 $ 61.19 $ 51.21 Aggregate grant date fair value ($000) $ 1,344 $ 1,026 $ 10,227 $ 9,654 Restricted shares forfeited 331 14,072 23,599 23,686 Vesting service period of shares granted 24 - 48 months 36 - 48 months 12 - 48 months 12 - 48 months Fair value of shares vested ($000) $ 2,766 $ 180 $ 10,677 $ 7,363 Compensation expense related to the fair value of these awards is recognized straight-line over the requisite service period based on those restricted stock grants that ultimately vest. The fair value of grants is measured by the market price of the Company’s stock on the date of grant. Restricted stock awards generally vest ratably over the service period beginning with the first anniversary of the grant date. Awards granted to retirement eligible non-employee directors are recognized over the shorter of the requisite service period or the length of time until retirement since the terms of the grant provide that the awards will vest upon retirement. Performance Vested Restricted Stock Units The Company has granted performance vested restricted stock units ("PVRSU") to certain employees. The fair value is measured by the market price of the Company's common stock on the date of the grant. The vesting of these stock awards is contingent upon the Company achieving performance targets at the end of specified performance periods and the employees' continued employment. The performance conditions affect the number of shares that will ultimately vest. The range of possible stock-based award vesting is generally between 0% and 200% of the initial target. If minimum performance targets are not attained, then no awards will vest under the terms of the various PVRSU agreements. Compensation expense related to these awards is recognized over the requisite service period based on the Company's estimate of the achievement of the various performance targets. The Company has currently estimated that between 0% and 100% of the various award targets will be achieved. Compensation expense is recognized ratably over the requisite service period only on those PVRSUs that ultimately vest. The following table is a summary of activity related to PVRSU grants: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Performance vested restricted stock units granted at target 3,545 10,387 162,523 89,944 Weighted average grant date fair value per share $ 62.00 $ 48.14 $ 60.63 $ 47.85 Aggregate grant date fair value ($000) $ 220 $ 500 $ 9,853 $ 4,304 Stock units forfeited 331 26,363 72,117 54,556 Requisite service period 30 months 9 - 24 months 30 - 36 months 9 - 43 months No PVRSU grants vested during the three months ended September 30, 2017 . During the nine months ended September 30, 2017 , PVRSU grants totaling 38,329 vested at a grant date fair value of $1.8 million . Of these grants, PVRSU grants totaling 10,641 vested at a grant date fair value of $0.5 million . These grants were initially granted at a target of 21,282 units. However, since the Company achieved only 50% of the targeted performance conditions contained in the stock awards granted in prior periods, 10,641 shares were forfeited. Additionally, during the nine months ended September 30, 2017 , PVRSU grants totaling 4,113 were forfeited since the Company did not achieve the targeted performance conditions contained in the stock awards granted in prior periods. Furthermore, during the nine months ended September 30, 2017 , PVRSU grants totaling 24,572 vested at a grant date fair value of $1.1 million . These PVRSU grants were initially granted at a target of 15,081 units. However, since the Company achieved an average of 163% of the various targeted performance conditions contained in the stock awards granted in prior periods, an additional 9,491 shares were earned and issued. The remaining grants totaling 3,116 vested at a grant date fair value of $0.2 million , achieving 100% of the targeted performance conditions contained in the stock awards granted in prior periods. No PVRSU grants vested during the three months ended September 30, 2016 . During the nine months ended September 30, 2016 , a total of 22,062 PVRSU grants vested at a grant date fair value of $0.8 million . These PVRSU grants were initially granted at a target of 44,118 units. However, since the Company achieved only 50% of the targeted performance conditions contained in the stock awards granted in prior periods, 22,056 shares were forfeited. In addition, during the nine months ended September 30, 2016 , PVRSU grants totaling 6,126 vested at a grant date fair value of $0.2 million . These PVRSU grants were initially granted at a target of 4,083 units. However, since the Company achieved 150% of the targeted performance conditions contained in the stock awards granted in prior periods, an additional 2,043 shares were earned and issued. A summary of stock-based award activity as of September 30, 2017 and changes during the nine months ended are presented below: Stock Options Restricted Stock Performance Vested Restricted Stock Units Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 2,193,502 $ 48.26 407,812 $ 50.61 235,980 $ 47.59 Granted 187,400 60.64 167,142 61.19 162,523 60.63 Performance based leveraging (1) 9,491 45.59 Exercised/Vested (257,167 ) 38.11 (177,050 ) 49.99 (38,329 ) 46.19 Expired (10,133 ) 56.95 — — — — Forfeited (30,300 ) 54.23 (23,599 ) 54.68 (72,117 ) 38.89 Outstanding at September 30, 2017 2,083,302 $ 50.49 4.3 years 374,305 $ 55.37 297,548 $ 56.95 Options exercisable at September 30, 2017 1,376,077 $ 48.47 3.9 years _________________________________ (1) PVRSU units outstanding have been increased by 9,491 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the nine months ended September 30, 2017 . The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2017 2016 2017 2016 Stock options $ 6.4 $ 1.0 $ 8.6 $ 3.6 Restricted stock 3.9 1.7 7.3 5.7 Performance vested restricted stock units 3.7 0.4 5.8 1.7 Total $ 14.0 $ 3.1 $ 21.7 $ 11.0 Income tax benefits $ 5.2 $ 1.1 $ 8.0 $ 4.1 In conjunction with the acceleration of the Company's chief executive officer succession plan, stock option, restricted stock and PVRSU expense for the three and nine months ended September 30, 2017 , included an additional $5.5 million , $2.1 million and $2.5 million , respectively, of accelerated recognition of share based payment awards. In conjunction with the termination of a Company officer, stock option, restricted stock and PVRSU expense for the three and nine months ended September 30, 2016, included an additional $0.4 million , $0.4 million and $0.1 million , respectively, of accelerated recognition of share based payment awards. Dividends The Company currently pays a quarterly dividend on its common stock of $0.215 per share, however the declaration of future dividends is subject to the discretion of the board of directors. During the three and nine months ended September 30, 2017 , the Company's board of directors declared dividends totaling $0.215 and $0.645 per share or approximately $12.2 million and $36.5 million , in the aggregate. In addition, during the nine months ended September 30, 2017 , the Company recorded dividends totaling $0.1 million related to previously declared dividends that were contingent upon the vesting of performance vested restricted stock units. Share Repurchases and Redemptions The Company purchased 3,100 shares of common stock under the share repurchase program at a total cost of $0.2 million during the three and nine months ended September 30, 2017 . During the three and nine months ended September 30, 2017 , the Company redeemed 20,934 and 142,068 shares of common stock at a total cost of approximately $1.3 million and $8.7 million , respectively, from employees to satisfy the option exercise price and statutory minimum tax-withholding requirements related to the exercising of stock options and vesting of performance vested restricted stock units and restricted stock grants. These redemptions were outside the share repurchase program.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The computation of basic and diluted earnings per common share is as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2017 2016 2017 2016 Computation of Basic Earnings Per Share: Numerator: Net income $ 47,595 $ 47,565 $ 121,334 $ 107,550 Income allocated to participating securities (334 ) (342 ) (861 ) (749 ) Net income available to common shareholders $ 47,261 $ 47,223 $ 120,473 $ 106,801 Denominator: Weighted average common shares outstanding – basic 56,161 55,630 56,059 55,904 Basic earnings per share $ 0.84 $ 0.85 $ 2.15 $ 1.91 Computation of Diluted Earnings Per Share: Numerator: Net income $ 47,595 $ 47,565 $ 121,334 $ 107,550 Income allocated to participating securities (333 ) (341 ) (857 ) (746 ) Net income available to common shareholders $ 47,262 $ 47,224 $ 120,477 $ 106,804 Denominator: Weighted average common shares outstanding – basic 56,161 55,630 56,059 55,904 Diluted effect of stock options and PVRSUs 345 281 358 296 Weighted average common shares outstanding – diluted 56,506 55,911 56,417 56,200 Diluted earnings per share $ 0.84 $ 0.84 $ 2.14 $ 1.90 The Company's unvested restricted shares contain rights to receive non-forfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator. At September 30, 2017 and 2016 , the Company had 2.1 million and 2.5 million outstanding stock options, respectively. Stock options are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive. For the three and nine months ended September 30, 2017 , 0.4 million anti-dilutive stock options were excluded from the diluted earnings per share calculation. For the three and nine months ended September 30, 2016 , the Company excluded 1.2 million of anti-dilutive stock options from the diluted earnings per share calculation. PVRSUs are also included in the diluted earnings per share calculation when the performance conditions have been met at the reporting date. However, at September 30, 2017 and 2016 , PVRSUs totaling 297,548 and 235,980 , respectively, were excluded from the computation since the performance conditions had not been met.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements The Company’s 2010 and 2012 Senior Notes are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations, by certain of the Company’s 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. In the third quarter the Company (“Parent”) contributed certain assets and obligations into a wholly owned subsidiary that guarantees certain debt instruments of the Parent (“Guarantor”). Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 98,079 $ 44,819 $ 11,304 $ (49,950 ) $ 104,252 Initial franchise and relicensing fees 6,275 — 128 — 6,403 Procurement services 7,944 84 149 (74 ) 8,103 Marketing and reservation system 141,057 123,841 4,481 (101,616 ) 167,763 Other 6,237 45 2,653 (368 ) 8,567 Total revenues 259,592 168,789 18,715 (152,008 ) 295,088 OPERATING EXPENSES: Selling, general and administrative 50,969 40,875 4,629 (50,109 ) 46,364 Depreciation and amortization 370 1,937 788 — 3,095 Marketing and reservation system 149,993 114,865 4,804 (101,899 ) 167,763 Total operating expenses 201,332 157,677 10,221 (152,008 ) 217,222 Loss on sale of assets, net — — (32 ) — (32 ) Operating income 58,260 11,112 8,462 — 77,834 OTHER INCOME AND EXPENSES, NET: Interest expense 11,220 — 179 — 11,399 Other items, net (442 ) 596 (2,233 ) — (2,079 ) Equity in earnings of consolidated (19,105 ) (751 ) — 19,856 — Total other income and expenses, net (8,327 ) (155 ) (2,054 ) 19,856 9,320 Income before income taxes 66,587 11,267 10,516 (19,856 ) 68,514 Income taxes 18,992 1,137 790 — 20,919 Net income $ 47,595 $ 10,130 $ 9,726 $ (19,856 ) $ 47,595 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 90,462 $ 32,059 $ 12,090 $ (38,497 ) $ 96,114 Initial franchise and relicensing fees 6,187 — 97 — 6,284 Procurement services 7,344 — 271 — 7,615 Marketing and reservation system 140,792 99,595 4,771 (93,140 ) 152,018 Other 3,443 75 2,305 (277 ) 5,546 Total revenues 248,228 131,729 19,534 (131,914 ) 267,577 OPERATING EXPENSES: Selling, general and administrative 38,876 28,591 5,664 (38,774 ) 34,357 Depreciation and amortization 467 1,910 609 — 2,986 Marketing and reservation system 143,920 97,018 4,220 (93,140 ) 152,018 Total operating expenses 183,263 127,519 10,493 (131,914 ) 189,361 Gain on sale of assets, net — — 402 — 402 Operating income 64,965 4,210 9,443 — 78,618 OTHER INCOME AND EXPENSES, NET: Interest expense 11,006 1 143 — 11,150 Other items, net (234 ) (1,150 ) (1,348 ) — (2,732 ) Equity in earnings of consolidated (13,548 ) (166 ) — 13,714 — Total other income and expenses, net (2,776 ) (1,315 ) (1,205 ) 13,714 8,418 Income before income taxes 67,741 5,525 10,648 (13,714 ) 70,200 Income taxes 20,176 2,169 290 — 22,635 Net income $ 47,565 $ 3,356 $ 10,358 $ (13,714 ) $ 47,565 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Nine Months Ended September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 249,222 $ 117,472 $ 32,619 $ (133,586 ) $ 265,727 Initial franchise and relicensing fees 18,089 — 301 — 18,390 Procurement services 25,068 84 569 (74 ) 25,647 Marketing and reservation system 385,393 329,597 12,078 (291,795 ) 435,273 Other 17,824 126 7,657 (859 ) 24,748 Total revenues 695,596 447,279 53,224 (426,314 ) 769,785 OPERATING EXPENSES: Selling, general and administrative 128,481 106,183 16,990 (134,236 ) 117,418 Depreciation and amortization 1,131 5,581 2,503 — 9,215 Marketing and reservation system 401,871 312,352 13,128 (292,078 ) 435,273 Total operating expenses 531,483 424,116 32,621 (426,314 ) 561,906 Loss on sale of assets, net — — (32 ) — (32 ) Operating income 164,113 23,163 20,571 — 207,847 OTHER INCOME AND EXPENSES, NET: Interest expense 33,421 — 463 — 33,884 Other items, net (1,230 ) 2,492 (4,577 ) — (3,315 ) Equity in earnings of consolidated (40,129 ) (317 ) — 40,446 — Total other income and expenses, net (7,938 ) 2,175 (4,114 ) 40,446 30,569 Income before income taxes 172,051 20,988 24,685 (40,446 ) 177,278 Income taxes 50,717 4,172 1,055 — 55,944 Net income $ 121,334 $ 16,816 $ 23,630 $ (40,446 ) $ 121,334 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 231,717 $ 109,172 $ 31,110 $ (124,831 ) $ 247,168 Initial franchise and relicensing fees 16,741 — 405 — 17,146 Procurement services 23,088 — 631 — 23,719 Marketing and reservation system 380,153 344,161 12,322 (324,443 ) 412,193 Other 10,039 212 6,707 (738 ) 16,220 Total revenues 661,738 453,545 51,175 (450,012 ) 716,446 OPERATING EXPENSES: Selling, general and administrative 120,804 98,125 16,155 (125,569 ) 109,515 Depreciation and amortization 1,314 5,596 1,797 — 8,707 Marketing and reservation system 394,059 330,959 11,618 (324,443 ) 412,193 Total operating expenses 516,177 434,680 29,570 (450,012 ) 530,415 Gain on sale of assets, net — — 402 — 402 Operating income 145,561 18,865 22,007 — 186,433 OTHER INCOME AND EXPENSES, NET: Interest expense 33,036 1 429 — 33,466 Other items, net (1,082 ) (319 ) (1,820 ) — (3,221 ) Equity in earnings of consolidated (36,053 ) 409 — 35,644 — Total other income and expenses, net (4,099 ) 91 (1,391 ) 35,644 30,245 Income before income taxes 149,660 18,774 23,398 (35,644 ) 156,188 Income taxes 42,110 6,366 162 — 48,638 Net income $ 107,550 $ 12,408 $ 23,236 $ (35,644 ) $ 107,550 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income (loss) $ 47,595 $ 10,130 $ 9,726 $ (19,856 ) $ 47,595 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 851 — 851 (851 ) 851 Other comprehensive income, net of tax 1,066 — 851 (851 ) 1,066 Comprehensive income $ 48,661 $ 10,130 $ 10,577 $ (20,707 ) $ 48,661 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 47,565 $ 3,356 $ 10,358 $ (13,714 ) $ 47,565 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 137 — 137 (137 ) 137 Other comprehensive income, net of tax 352 — 137 (137 ) 352 Comprehensive income $ 47,917 $ 3,356 $ 10,495 $ (13,851 ) $ 47,917 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income (loss) $ 121,334 $ 16,816 $ 23,630 $ (40,446 ) $ 121,334 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 646 — — — 646 Foreign currency translation adjustment 2,842 — 2,842 (2,842 ) 2,842 Other comprehensive income, net of tax 3,488 — 2,842 (2,842 ) 3,488 Comprehensive income $ 124,822 $ 16,816 $ 26,472 $ (43,288 ) $ 124,822 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 107,550 $ 12,408 $ 23,236 $ (35,644 ) $ 107,550 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 646 — — — 646 Foreign currency translation adjustment 1,036 — 1,036 (1,036 ) 1,036 Other comprehensive income, net of tax 1,682 — 1,036 (1,036 ) 1,682 Comprehensive income $ 109,232 $ 12,408 $ 24,272 $ (36,680 ) $ 109,232 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 25,521 $ 130 $ 213,197 $ — $ 238,848 Receivables, net 138,257 1,891 12,014 (490 ) 151,672 Other current assets 11,674 64,539 15,483 (26,893 ) 64,803 Total current assets 175,452 66,560 240,694 (27,383 ) 455,323 Property and equipment, at cost, net 48,003 18,840 16,768 — 83,611 Goodwill 65,813 — 14,706 — 80,519 Intangible assets, net 4,816 3,046 6,887 — 14,749 Notes receivable, net of allowances 22,121 54,881 62,801 — 139,803 Investments, employee benefit plans, at fair value — 19,749 — — 19,749 Investment in affiliates 490,505 49,428 — (539,933 ) — Advances to affiliates 10,114 103,322 — (113,436 ) — Deferred income taxes — 16,419 — (8,584 ) 7,835 Other assets 189 117,432 41,982 — 159,603 Total assets $ 817,013 $ 449,677 $ 383,838 $ (689,336 ) $ 961,192 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 20,956 $ 43,764 $ 4,031 $ (490 ) $ 68,261 Accrued expenses and other current liabilities 21,434 35,657 9,424 — 66,515 Deferred revenue 12,749 122,303 1,930 (26 ) 136,956 Other current liabilities 26,867 — 1,302 (26,867 ) 1,302 Total current liabilities 82,006 201,724 16,687 (27,383 ) 273,034 Long-term debt 787,764 3,712 8,525 — 800,001 Deferred compensation and retirement plan obligations — 24,342 13 — 24,355 Advances from affiliates 111,052 1,414 970 (113,436 ) — Other liabilities 36,571 14,079 22,116 (8,584 ) 64,182 Total liabilities 1,017,393 245,271 48,311 (149,403 ) 1,161,572 Total shareholders’ (deficit) equity (200,380 ) 204,406 335,527 (539,933 ) (200,380 ) Total liabilities and shareholders’ deficit $ 817,013 $ 449,677 $ 383,838 $ (689,336 ) $ 961,192 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of December 31, 2016 (in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 14,696 $ 159 $ 187,608 $ — $ 202,463 Receivables, net 96,128 1,556 9,802 (150 ) 107,336 Other current assets 9,120 29,281 4,470 (7,797 ) 35,074 Total current assets 119,944 30,996 201,880 (7,947 ) 344,873 Property and equipment, at cost, net 44,236 21,718 18,107 — 84,061 Goodwill 65,813 — 13,092 — 78,905 Intangible assets, net 5,279 3,494 6,965 — 15,738 Notes receivable, net of allowances 16,285 42,398 51,925 — 110,608 Investments, employee benefit plans, at fair value — 16,975 — — 16,975 Investment in affiliates 526,166 50,798 — (576,964 ) — Advances to affiliates 14,929 123,074 17 (138,020 ) — Deferred income taxes 40,459 14,234 — (1,881 ) 52,812 Other assets 18,259 76,933 53,304 — 148,496 Total assets $ 851,370 $ 380,620 $ 345,290 $ (724,812 ) $ 852,468 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 14,296 $ 29,705 $ 4,220 $ (150 ) $ 48,071 Accrued expenses and other current liabilities 31,352 45,179 3,857 — 80,388 Deferred revenue 132,217 — 1,107 (106 ) 133,218 Other current liabilities 8,480 7 1,195 (7,691 ) 1,991 Total current liabilities 186,345 74,891 10,379 (7,947 ) 263,668 Long-term debt 826,551 3,712 9,146 — 839,409 Deferred compensation and retirement plan obligations — 21,584 11 — 21,595 Advances from affiliates 135,879 1,188 953 (138,020 ) — Other liabilities 13,944 15,631 11,451 (1,881 ) 39,145 Total liabilities 1,162,719 117,006 31,940 (147,848 ) 1,163,817 Total shareholders’ (deficit) equity (311,349 ) 263,614 313,350 (576,964 ) (311,349 ) Total liabilities and shareholders' deficit $ 851,370 $ 380,620 $ 345,290 $ (724,812 ) $ 852,468 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ 101,749 $ 44,489 $ 19,438 $ (657 ) $ 165,019 Cash Flows From Investing Activities Investment in property and equipment (14,336 ) (2,908 ) (270 ) — (17,514 ) Investment in intangible assets (1,647 ) (729 ) — — (2,376 ) Contributions to equity method investments — (44,819 ) (57 ) — (44,876 ) Distributions from equity method investments — 2,136 2,171 — 4,307 Purchases of investments, employee benefit plans — (2,140 ) — — (2,140 ) Proceeds from sales of investments, employee benefit plans — 2,150 — — 2,150 Issuance of mezzanine and other notes receivable (9,032 ) — (9,533 ) — (18,565 ) Collections of mezzanine and other notes receivable 630 — — — 630 Advances to and investment in affiliates — (574 ) — 574 — Divestment in affiliates — 2,253 — (2,253 ) — Other items, net — 113 (4 ) — 109 Net cash used by investing activities (24,385 ) (44,518 ) (7,693 ) (1,679 ) (78,275 ) Cash Flows from Financing Activities Net (repayments) borrowings pursuant to revolving credit facilities (40,000 ) — 26 — (39,974 ) Principal payments on long-term debt — — (484 ) — (484 ) Proceeds from transfer of interest in notes receivable 9,032 — 15,205 — 24,237 Purchases of treasury stock (8,887 ) — — — (8,887 ) Dividends paid (36,483 ) — (657 ) 657 (36,483 ) Proceeds from contributions from affiliates — — 574 (574 ) — Distributions to affiliates — — (2,253 ) 2,253 — Proceeds from exercise of stock options 9,799 — — — 9,799 Net cash provided (used) by financing activities (66,539 ) — 12,411 2,336 (51,792 ) Net change in cash and cash equivalents 10,825 (29 ) 24,156 — 34,952 Effect of foreign exchange rate changes on cash and cash equivalents — — 1,433 — 1,433 Cash and cash equivalents at beginning of period 14,696 159 187,608 — 202,463 Cash and cash equivalents at end of period $ 25,521 $ 130 $ 213,197 $ — $ 238,848 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ 21,358 $ 43,956 $ 23,752 $ (657 ) $ 88,409 Cash Flows From Investing Activities Investment in property and equipment (12,579 ) (4,749 ) (256 ) — (17,584 ) Investment in intangible assets (482 ) — — — (482 ) Proceeds from sales of assets — — 8,360 — 8,360 Acquisitions of real estate — — (25,263 ) — (25,263 ) Business acquisition, net of cash acquired — — (1,341 ) — (1,341 ) Contributions to equity method investments — (24,128 ) (51 ) — (24,179 ) Distributions from equity method investments — — 3,700 — 3,700 Purchases of investments, employee benefit plans — (1,430 ) — — (1,430 ) Proceeds from sales of investments, employee benefit plans — 1,395 — — 1,395 Issuance of mezzanine and other notes receivable (5,306 ) — (14,975 ) — (20,281 ) Collections of mezzanine and other notes receivable 11,040 — — — 11,040 Advances to and investment in affiliates — (25,902 ) — 25,902 — Divestment in affiliates — 11,858 — (11,858 ) — Other items, net 100 — (40 ) — 60 Net cash used by investing activities (7,227 ) (42,956 ) (29,866 ) 14,044 (66,005 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 53,000 — (186 ) — 52,814 Debt issuance costs (284 ) — — — (284 ) Principal payments on long-term debt — (430 ) (406 ) — (836 ) Proceeds from contributions from affiliates — — 25,902 (25,902 ) — Purchases of treasury stock (33,958 ) — — — (33,958 ) Dividends paid (34,690 ) — (657 ) 657 (34,690 ) Distributions to affiliates — — (11,858 ) 11,858 — Proceeds from exercise of stock options 6,802 — — — 6,802 Net cash provided (used) by financing activities (9,130 ) (430 ) 12,795 (13,387 ) (10,152 ) Net change in cash and cash equivalents 5,001 570 6,681 — 12,252 Effect of foreign exchange rate changes on cash and cash equivalents — — 260 — 260 Cash and cash equivalents at beginning of period 13,529 19 179,893 — 193,441 Cash and cash equivalents at end of period $ 18,530 $ 589 $ 186,834 $ — $ 205,953

Reportable Segment Information

Reportable Segment Information	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information Hotel Franchising: Hotel 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 hotel 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 hotel 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 hotel franchising business. The revenues received from franchisees that are used to pay for part of the Company's ongoing operations are included in hotel franchising revenues and are offset by the related expenses paid for marketing and reservation activities to calculate hotel 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, which are included in the Corporate and Other column. Corporate and Other revenues include rental income related to an office building owned by the Company, as well as revenues related to the Company's vacation rental initiatives. Equity in earnings or losses from hotel franchising related joint ventures is allocated to the Company's hotel franchising segment. As described in Note 4, certain interest expenses related to the Company's marketing and reservation activities are allocated to the hotel franchising segment. The Company does not allocate the remaining interest expense, interest income, other gains and losses or income taxes to its segments. The following table presents the financial information for the Company's segments: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 (In thousands) Hotel Franchising SkyTouch Technology Corporate & Consolidated Hotel Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 292,229 $ 803 $ 2,056 $ 295,088 $ 265,152 $ 526 $ 1,899 $ 267,577 Operating income (loss) $ 101,271 $ (580 ) $ (22,857 ) $ 77,834 $ 95,760 $ (3,594 ) $ (13,548 ) $ 78,618 Income (loss) before income taxes $ 100,996 $ (580 ) $ (31,902 ) $ 68,514 $ 97,482 $ (3,594 ) $ (23,688 ) $ 70,200 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 (In thousands) Hotel Franchising SkyTouch Technology Corporate & Consolidated Hotel Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 761,814 $ 2,135 $ 5,836 $ 769,785 $ 709,924 $ 1,395 $ 5,127 $ 716,446 Operating income (loss) $ 259,045 $ (3,159 ) $ (48,039 ) $ 207,847 $ 237,926 $ (12,669 ) $ (38,824 ) $ 186,433 Income (loss) before income taxes $ 255,831 $ (3,159 ) $ (75,394 ) $ 177,278 $ 238,212 $ (12,669 ) $ (69,355 ) $ 156,188

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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. 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 agreed to guarantee 25% of the outstanding principal balance for a maximum exposure of $4.5 million and accrued 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 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 September 4, 2015, the Company entered into a limited payment guaranty with regards to a VIE's $13.3 million bank loan for the design, development, and construction of a new 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 a maximum of $1.8 million of the VIE’s obligations under the loan. The limited guaranty shall remain in effect until the earlier of (i) the VIE’s bank loan is paid in full to the lender; (ii) the maximum amount guaranteed by the Company is paid in full; or (iii) the Company, through its affiliate, ceases to be a member of the VIE. On June 2, 2016, one of the Company’s VIEs obtained a $61.0 million term loan for purposes of refinancing a $46.2 million construction loan. In connection with the refinancing, the Company entered into three limited guarantees. Under the terms of the limited guarantees, the Company agreed to guarantee a maximum obligation of $3.3 million in the aggregate, in addition to a percentage of any operating expenses and capital expenditures not covered by operating revenues and unpaid expenses incurred. The limited guarantees will remain in effect until the loan is repaid in full or the VIE reaches a specified debt yield for two consecutive quarters under the loan covenants. The maturity date of the VIE's loan is June 2019. The Company believes the likelihood of having to perform under the aforementioned limited payment guarantees was remote at September 30, 2017 and December 31, 2016 . On September 12, 2017, the Company transferred a portion of an outstanding note receivable to a third party for $24.2 million . Under the agreement, the counter party may require the Company to purchase the outstanding interest in the note if the Company declares a default against the borrower and enters into foreclosure proceedings. The Company believes the likelihood of foreclosure on the note is remote as of September 30, 2017. Commitments The Company has the following commitments outstanding at September 30, 2017 : • The Company provides financing in the form of forgivable promissory notes or cash incentives to franchisees for property improvements, hotel development efforts and other purposes. At September 30, 2017 , the Company had commitments to extend an additional $206.0 million for these purposes provided certain conditions are met by its franchisees, of which $77.7 million is scheduled to be advanced in the next twelve months. • The Company committed to make additional capital contributions totaling $17.1 million to existing joint ventures related to the construction of various hotels to be operated under the Company's Cambria hotel & suites brand. • In November 2015, the Company provided financing to a development company to acquire and redevelop a historic office building into a Cambria hotel & suites hotel. The Company has committed to provide up to an aggregate of $50.1 million , if necessary, for acquisition of the property and property improvements. As of September 30, 2017 , the Company advanced $48.9 million . The promissory notes mature on November 30, 2019, and bear interest at variable and fixed rates and are payable monthly. 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.

Transactions with Unconsolidate

Transactions with Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Transactions with Unconsolidated Joint Ventures	Transactions with Unconsolidated Joint Ventures The Company has a management fee arrangement for marketing services with a joint venture partner. For the three and nine months ended September 30, 2017 , fees earned and payroll costs reimbursed under this arrangement totaled $0.5 million and $1.3 million , respectively. For the three and nine months ended September 30, 2016 , fees earned and payroll costs reimbursed under this arrangement totaled $0.4 million and $0.6 million , respectively. The Company has entered into franchise agreements with certain of the unconsolidated joint ventures discussed in Note 6. Pursuant to these franchise agreements, the Company has recorded royalty and marketing and reservation system fees of approximately $7.2 million and $5.4 million for the three months ended September 30, 2017 and 2016 , respectively. For the nine months ended September 30, 2017 and 2016 , the Company has recorded royalty and marking reservation system fees of approximately $16.1 million and $12.6 million , respectively. The Company has recorded $1.6 million and $1.1 million as a receivable due from these joint ventures as of September 30, 2017 and December 31, 2016, respectively. In addition, the Company has paid commissions of $66 thousand and $56 thousand for the three months ended September 30, 2017 and 2016 , respectively, and $133 thousand and $146 thousand for the nine months ended September 30, 2017 and 2016 to an online travel agent for which the Company is a joint venture member.

Company Information and Signi25

Company Information and Significant Accounting Policies (Policy)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (together the "Company") have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). These unaudited consolidated financial statements include all adjustments that are necessary, in the opinion of management, to fairly present the Company's financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements presented in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted. The Company believes the disclosures made are adequate to make the information presented not misleading. The consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2016 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 27, 2017 (the "10-K"). Interim results are not necessarily indicative of the entire year results. All inter-company transactions and balances between Choice Hotels International, Inc. and its subsidiaries have been eliminated in consolidation. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Adopted Accounting Guidance and Future Adoption of Recently Announced Accounting Guidance	Recently Adopted Accounting Guidance In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-17, Consolidation (Topic 810) - Interests Held through Related Parties That Are under Common Control ("ASU No. 2016-17"). ASU No. 2016-17 alters the primary beneficiary assessment a reporting entity must perform as part of consolidation analysis to determine whether it should consolidate certain types of legal entities. Under legacy GAAP, indirect interests held through related parties under common control were to be considered in their entirety by the reporting entity in performing the primary beneficiary assessment. ASU No. 2016-17 revises the guidance such that indirect interests held through related parties under common control are considered on a proportionate basis in performing the primary beneficiary assessment. The Company adopted this ASU on January 1, 2017, and it did not have an impact on the Company's consolidated financial statements. Future Adoption of Recently Announced Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts with Customers (Topic 606) ("ASU No. 2014-09") and issued subsequent amendments to the initial guidance at various points of 2015 and 2016 within ASU No. 2015-14, ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-12, and ASU No. 2016-20 (these ASUs collectively referred to as "Topic 606"). Topic 606 impacts virtually all aspects of an entity's revenue recognition and supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, as well as most industry-specific guidance. Topic 606 significantly enhances comparability of revenue recognition practices across entities and industries by providing a principles-based, comprehensive framework for addressing revenue recognition issues. In order for a provider of promised goods or services to recognize as revenue the consideration that it expects to receive in exchange for the promised goods or services, the provider should apply the following five steps: (1) identify the contract with a customer(s); (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Topic 606 also specifies the accounting for some costs to obtain or fulfill a contract with a customer and provides enhanced disclosure requirements. Topic 606 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The guidance permits the retrospective or modified retrospective method when adopting Topic 606. The Company intends to adopt the standard in the annual period beginning January 1, 2018, and has not yet determined the method of adoption. The Company's evaluation is still preliminary for all areas below. The Company has determined royalties earned in exchange for a license to brand intellectual property on franchise agreements will be recognized in revenue over time typically after the occurrence of a completed stay, which is consistent with current practice. We are continuing to evaluate the services we provide as part of the franchise agreement, including the Choice Privileges loyalty program and other programs we operate as part of the marketing and reservation system. The Company has determined initial and relicensing fees earned upon execution of a franchise agreement will be recognized as revenue ratably as services are provided over the enforceable period of the franchise license arrangement. This represents a change from current practice, whereby the Company typically will recognize revenue for initial and relicensing fees in full in the period of agreement execution. Similarly, the Company has determined sales commissions paid upon the execution of a franchise agreement will be recognized as expense ratably over the same period as revenues are recognized. This also represents a change, as the Company’s current practice is typically to recognize expense for sales commissions in full in the period of agreement execution. The Company is in the process of finalizing the periods of recognition and calculating the expected impacts for this revision. Additionally, the Company will no longer defer revenue or expenses or record assets and liabilities when system fee revenues exceed expenses in the current period or vice versa. As a result, the Company anticipates net income or loss may be generated, which will represent a change from current practice. The Company believes the timing of recognition for profits from the sale of real estate assets will be accelerated under Topic 606, resulting from the removal of real estate specific guidance. The Company is in the process of calculating the expected impact of this revision. We continue to evaluate the accounting for other Company revenue streams for impacts as a result of adopting the standard. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) ("ASU No. 2016-02"). ASU No. 2016-02 requires lessees to recognize most leases on their balance sheet by recording a liability for its lease obligation and an asset for its right to use the underlying asset as of the lease commencement date. The standard requires entities to determine whether an arrangement contains a lease or a service agreement as the accounting treatment is significantly different between the two arrangements. The standard also requires the lessee to evaluate whether a lease is a financing lease or an operating lease as the accounting and presentation guidance between the two are different. ASU No. 2016-02 also modifies the classification criteria and accounting for sales-type and direct financing leases for lessors. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-02 will have on the financial statements and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU No. 2016-13"), which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2016-13 will have on its consolidated financial position or results of operations. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments ("ASU No. 2016-15"). ASU No. 2016-15 provides additional guidance on eight specific cash flow issues, such as the classification of debt prepayments or extinguishment costs, contingent consideration payments made after a business combination, and distributions received from equity method investees. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU No. 2016-15 will have on the financial statements and disclosures. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory ("ASU No. 2016-16"). ASU No. 2016-16 provides guidance on recognition of current income tax consequences for intercompany asset transfers (other than inventory) at the time of transfer. This represents a change from current GAAP, where the consolidated tax consequences of intercompany asset transfers are deferred from the time of transfer to a future period. The guidance is effective for annual reporting periods beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption at the beginning of an annual period is permitted. The Company is currently assessing the potential impact that ASU No. 2016-16 will have on the financial statements and disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash ("ASU 2016-18"). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The guidance is effective for public business entities for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2016-18 will have on the financial statements and disclosures. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment (" ASU No. 2017-04 ") . ASU 2017-04 eliminates the two-step process that required identification of potential impairment and a separate measure of the actual impairment. The annual assessment of goodwill impairment will be determined by using the difference between the carrying amount and the fair value of the reporting unit. The guidance is effective for public business entities for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company is currently assessing the potential impact that ASU No. 2017-04 will have on the financial statements and disclosures. In February 2017, the FASB issued ASU No. 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (" ASU No. 2017-05 "). This ASU clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and defines the term “in-substance nonfinancial asset.” This ASU also adds guidance for partial sales of nonfinancial assets. ASU 2017-05 will be effective for fiscal years beginning after December 15, 2017, including interim reporting periods within that reporting period. The Company is assessing the potential impact that ASU 2017-05 will have on the financial statements and disclosures. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting , which clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. ASU 2017-09 will be applied prospectively to awards modified on or after the adoption date. The standard is effective for the Company’s financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this ASU will have on the financial statements and disclosures.

Other Current Assets (Tables)

Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Assets, Current [Abstract]
Schedule Of Other Current Assets	Other current assets consist of the following: September 30, 2017 December 31, 2016 (in thousands) Prepaid expenses $ 20,600 $ 22,210 Other current assets 4,027 4,675 Land held for sale 9,711 — Total $ 34,338 $ 26,885

Notes Receivable and Allowanc27

Notes Receivable and Allowance for Losses (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Receivable and Allowance for Losses [Line Items]
Schedule Of Notes Receivable	The following table shows the composition of the Company's notes receivable balances: September 30, 2017 December 31, 2016 (in thousands) (in thousands) Credit Quality Indicator Forgivable Mezzanine Total Forgivable Mezzanine Total Senior $ — $ 70,616 $ 70,616 $ — $ 61,482 $ 61,482 Subordinated — 18,526 18,526 — 9,336 9,336 Unsecured 66,698 3,476 70,174 51,475 3,618 55,093 Total notes receivable 66,698 92,618 159,316 51,475 74,436 125,911 Allowance for losses on non-impaired loans 6,307 770 7,077 5,013 770 5,783 Allowance for losses on receivables specifically evaluated for impairment — 1,647 1,647 — 1,647 1,647 Total loan reserves 6,307 2,417 8,724 5,013 2,417 7,430 Net carrying value $ 60,391 $ 90,201 $ 150,592 $ 46,462 $ 72,019 $ 118,481 Current portion, net $ 429 $ 10,360 $ 10,789 $ 333 $ 7,540 $ 7,873 Long-term portion, net 59,962 79,841 139,803 46,129 64,479 110,608 Total $ 60,391 $ 90,201 $ 150,592 $ 46,462 $ 72,019 $ 118,481
Summary Of Activity Related To Allowance For Losses	The following table summarizes the activity related to the Company’s Forgivable Notes Receivable and Mezzanine and Other Notes Receivable allowance for losses for the nine months ended September 30, 2017 : Forgivable Notes Receivable Mezzanine & Other Notes Receivable (in thousands) Beginning balance $ 5,013 $ 2,417 Provisions 1,936 — Recoveries (172 ) — Write-offs (11 ) — Other (1) (459 ) — Ending balance $ 6,307 $ 2,417 (1) Consists of changes in foreign currency exchange rates and default rate assumption changes
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Past Due Balances Of Notes Receivable	Past due balances of forgivable notes receivable are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of September 30, 2017 Forgivable Notes $ 24 $ 1,591 $ 1,615 $ 65,083 $ 66,698 $ 24 $ 1,591 $ 1,615 $ 65,083 $ 66,698 As of December 31, 2016 Forgivable Notes $ 116 $ 1,349 $ 1,465 $ 50,010 $ 51,475 $ 116 $ 1,349 $ 1,465 $ 50,010 $ 51,475
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Past Due Balances Of Notes Receivable	Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows: 30-89 days Past Due > 90 days Past Due Total Past Due Current Total Notes Receivable (in thousands) As of September 30, 2017 Senior $ — $ — $ — $ 70,616 $ 70,616 Subordinated — — — 18,526 18,526 Unsecured — — — 3,476 3,476 $ — $ — $ — $ 92,618 $ 92,618 As of December 31, 2016 Senior $ — $ — $ — $ 61,482 $ 61,482 Subordinated — — — 9,336 9,336 Unsecured — — — 3,618 3,618 $ — $ — $ — $ 74,436 $ 74,436

Other Assets (Table)

Other Assets (Table)	9 Months Ended
	Sep. 30, 2017
Other Assets, Noncurrent [Abstract]
Components Of Other Assets	Other assets consist of the following: September 30, 2017 December 31, 2016 (in thousands) Land and buildings $ 19,284 $ 29,023 Advances to marketing and reservation system activities (Note 4) — 18,069 Other assets 9,191 6,565 Total $ 28,475 $ 53,657

Deferred Revenue (Tables)

Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2017
Deferred Revenue and Credits [Abstract]
Components Of Deferred Revenue	Deferred revenue consists of the following: September 30, December 31, (in thousands) Loyalty programs $ 122,990 $ 115,851 Initial, relicensing and franchise fees 8,553 9,352 Procurement service fees 5,132 7,668 Other 281 347 Total $ 136,956 $ 133,218

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Schedule Of Components Of Debt	Debt consists of the following: September 30, 2017 December 31, 2016 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $4.1 million and $4.7 million at September 30, 2017 and December 31, 2016, respectively $ 395,868 $ 395,316 $250 million senior unsecured notes with an effective interest rate of 6.19% less a discount and deferred issuance costs of $0.9 million and $1.1 million at September 30, 2017 and December 31, 2016, respectively 249,105 248,875 $450 million senior unsecured credit facility with an effective interest rate of 2.59% and 2.23%, less deferred issuance costs of $2.2 million and $2.6 million at September 30, 2017 and December 31, 2016, respectively 142,791 182,359 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.6 million and $0.7 million at September 30, 2017 and December 31, 2016, respectively 8,961 9,432 Economic development loans with an effective interest rate of 3.0% at September 30, 2017 and December 31, 2016, respectively 3,712 3,712 Other notes payable 866 910 Total debt $ 801,303 $ 840,604 Less current portion 1,302 1,195 Total long-term debt $ 800,001 $ 839,409

Accumulated Other Comprehensi31

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2017
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The following represents the changes in accumulated other comprehensive loss, net of tax, by component for the nine months ended September 30, 2017 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2016 $ (3,160 ) $ (5,362 ) $ (8,522 ) Other comprehensive income before reclassification — 2,842 2,842 Amounts reclassified from accumulated other comprehensive loss 646 — 646 Net current period other comprehensive income 646 2,842 3,488 Ending balance, September 30, 2017 $ (2,514 ) $ (2,520 ) $ (5,034 )
Reclassifications From Accumulated Other Comprehensive Income (Loss)	The amounts reclassified from accumulated other comprehensive loss during the three and nine months ended September 30, 2017 were reclassified to the following line items in the Company's Consolidated Statements of Income. Component Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statement of Income Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 $ 646 Interest expense — — Tax (expense) benefit $ 215 $ 646 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Assets	As of September 30, 2017 and December 31, 2016 , the Company had the following assets measured at fair value on a recurring basis: Fair Value Measurements at Reporting Date Using Total Level 1 Level 2 Level 3 Assets (in thousands) As of September 30, 2017 Money market funds, included in cash and cash equivalents $ 50,305 $ — $ 50,305 $ — Mutual funds (1) 19,731 19,731 — — Money market funds (1) 1,649 — 1,649 — $ 71,685 $ 19,731 $ 51,954 $ — As of December 31, 2016 Money market funds, included in cash and cash equivalents $ 50,085 $ — $ 50,085 $ — Mutual funds (1) 17,468 17,468 — — Money market funds (1) 1,676 — 1,676 — $ 69,229 $ 17,468 $ 51,761 $ — ________________________ (1) Included in Investments, employee benefit plans at fair value and other current assets on the consolidated balance sheets.

Share-Based Compensation and 33

Share-Based Compensation and Capital Stock (Tables)	9 Months Ended
	Sep. 30, 2017
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: 2017 Grants 2016 Grants Risk-free interest rate 1.76 % 1.22 % Expected volatility 21.65 % 23.76 % Expected life of stock option 4.6 years 4.6 years Dividend yield 1.42 % 1.59 % Requisite service period 4 years 4 years Contractual life 7 years 7 years Weighted average fair value of options granted (per option) $ 10.80 $ 9.30
Summary Of Activity Related To Restricted Stock Grants	The following table is a summary of activity related to restricted stock grants: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Restricted share grants 21,562 21,357 167,142 188,509 Weighted average grant date fair value per share $ 62.34 $ 48.03 $ 61.19 $ 51.21 Aggregate grant date fair value ($000) $ 1,344 $ 1,026 $ 10,227 $ 9,654 Restricted shares forfeited 331 14,072 23,599 23,686 Vesting service period of shares granted 24 - 48 months 36 - 48 months 12 - 48 months 12 - 48 months Fair value of shares vested ($000) $ 2,766 $ 180 $ 10,677 $ 7,363
Summary Of Activity Related To PVRSU Grants	The following table is a summary of activity related to PVRSU grants: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Performance vested restricted stock units granted at target 3,545 10,387 162,523 89,944 Weighted average grant date fair value per share $ 62.00 $ 48.14 $ 60.63 $ 47.85 Aggregate grant date fair value ($000) $ 220 $ 500 $ 9,853 $ 4,304 Stock units forfeited 331 26,363 72,117 54,556 Requisite service period 30 months 9 - 24 months 30 - 36 months 9 - 43 months
Summary Of Change In Stock-Based Award Activity	A summary of stock-based award activity as of September 30, 2017 and changes during the nine months ended are presented below: Stock Options Restricted Stock Performance Vested Restricted Stock Units Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Outstanding at January 1, 2017 2,193,502 $ 48.26 407,812 $ 50.61 235,980 $ 47.59 Granted 187,400 60.64 167,142 61.19 162,523 60.63 Performance based leveraging (1) 9,491 45.59 Exercised/Vested (257,167 ) 38.11 (177,050 ) 49.99 (38,329 ) 46.19 Expired (10,133 ) 56.95 — — — — Forfeited (30,300 ) 54.23 (23,599 ) 54.68 (72,117 ) 38.89 Outstanding at September 30, 2017 2,083,302 $ 50.49 4.3 years 374,305 $ 55.37 297,548 $ 56.95 Options exercisable at September 30, 2017 1,376,077 $ 48.47 3.9 years _________________________________ (1) PVRSU units outstanding have been increased by 9,491 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the nine months ended September 30, 2017 .
Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits	The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three and nine months ended September 30, 2017 and 2016 : Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2017 2016 2017 2016 Stock options $ 6.4 $ 1.0 $ 8.6 $ 3.6 Restricted stock 3.9 1.7 7.3 5.7 Performance vested restricted stock units 3.7 0.4 5.8 1.7 Total $ 14.0 $ 3.1 $ 21.7 $ 11.0 Income tax benefits $ 5.2 $ 1.1 $ 8.0 $ 4.1

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Computation Of Basic And Diluted Earnings Per Common Share	The computation of basic and diluted earnings per common share is as follows: Three Months Ended Nine Months Ended September 30, September 30, (In thousands, except per share amounts) 2017 2016 2017 2016 Computation of Basic Earnings Per Share: Numerator: Net income $ 47,595 $ 47,565 $ 121,334 $ 107,550 Income allocated to participating securities (334 ) (342 ) (861 ) (749 ) Net income available to common shareholders $ 47,261 $ 47,223 $ 120,473 $ 106,801 Denominator: Weighted average common shares outstanding – basic 56,161 55,630 56,059 55,904 Basic earnings per share $ 0.84 $ 0.85 $ 2.15 $ 1.91 Computation of Diluted Earnings Per Share: Numerator: Net income $ 47,595 $ 47,565 $ 121,334 $ 107,550 Income allocated to participating securities (333 ) (341 ) (857 ) (746 ) Net income available to common shareholders $ 47,262 $ 47,224 $ 120,477 $ 106,804 Denominator: Weighted average common shares outstanding – basic 56,161 55,630 56,059 55,904 Diluted effect of stock options and PVRSUs 345 281 358 296 Weighted average common shares outstanding – diluted 56,506 55,911 56,417 56,200 Diluted earnings per share $ 0.84 $ 0.84 $ 2.14 $ 1.90

Condensed Consolidating Finan35

Condensed Consolidating Financial Statements (Tables)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Statement Of Income	Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 98,079 $ 44,819 $ 11,304 $ (49,950 ) $ 104,252 Initial franchise and relicensing fees 6,275 — 128 — 6,403 Procurement services 7,944 84 149 (74 ) 8,103 Marketing and reservation system 141,057 123,841 4,481 (101,616 ) 167,763 Other 6,237 45 2,653 (368 ) 8,567 Total revenues 259,592 168,789 18,715 (152,008 ) 295,088 OPERATING EXPENSES: Selling, general and administrative 50,969 40,875 4,629 (50,109 ) 46,364 Depreciation and amortization 370 1,937 788 — 3,095 Marketing and reservation system 149,993 114,865 4,804 (101,899 ) 167,763 Total operating expenses 201,332 157,677 10,221 (152,008 ) 217,222 Loss on sale of assets, net — — (32 ) — (32 ) Operating income 58,260 11,112 8,462 — 77,834 OTHER INCOME AND EXPENSES, NET: Interest expense 11,220 — 179 — 11,399 Other items, net (442 ) 596 (2,233 ) — (2,079 ) Equity in earnings of consolidated (19,105 ) (751 ) — 19,856 — Total other income and expenses, net (8,327 ) (155 ) (2,054 ) 19,856 9,320 Income before income taxes 66,587 11,267 10,516 (19,856 ) 68,514 Income taxes 18,992 1,137 790 — 20,919 Net income $ 47,595 $ 10,130 $ 9,726 $ (19,856 ) $ 47,595 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 90,462 $ 32,059 $ 12,090 $ (38,497 ) $ 96,114 Initial franchise and relicensing fees 6,187 — 97 — 6,284 Procurement services 7,344 — 271 — 7,615 Marketing and reservation system 140,792 99,595 4,771 (93,140 ) 152,018 Other 3,443 75 2,305 (277 ) 5,546 Total revenues 248,228 131,729 19,534 (131,914 ) 267,577 OPERATING EXPENSES: Selling, general and administrative 38,876 28,591 5,664 (38,774 ) 34,357 Depreciation and amortization 467 1,910 609 — 2,986 Marketing and reservation system 143,920 97,018 4,220 (93,140 ) 152,018 Total operating expenses 183,263 127,519 10,493 (131,914 ) 189,361 Gain on sale of assets, net — — 402 — 402 Operating income 64,965 4,210 9,443 — 78,618 OTHER INCOME AND EXPENSES, NET: Interest expense 11,006 1 143 — 11,150 Other items, net (234 ) (1,150 ) (1,348 ) — (2,732 ) Equity in earnings of consolidated (13,548 ) (166 ) — 13,714 — Total other income and expenses, net (2,776 ) (1,315 ) (1,205 ) 13,714 8,418 Income before income taxes 67,741 5,525 10,648 (13,714 ) 70,200 Income taxes 20,176 2,169 290 — 22,635 Net income $ 47,565 $ 3,356 $ 10,358 $ (13,714 ) $ 47,565 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Nine Months Ended September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 249,222 $ 117,472 $ 32,619 $ (133,586 ) $ 265,727 Initial franchise and relicensing fees 18,089 — 301 — 18,390 Procurement services 25,068 84 569 (74 ) 25,647 Marketing and reservation system 385,393 329,597 12,078 (291,795 ) 435,273 Other 17,824 126 7,657 (859 ) 24,748 Total revenues 695,596 447,279 53,224 (426,314 ) 769,785 OPERATING EXPENSES: Selling, general and administrative 128,481 106,183 16,990 (134,236 ) 117,418 Depreciation and amortization 1,131 5,581 2,503 — 9,215 Marketing and reservation system 401,871 312,352 13,128 (292,078 ) 435,273 Total operating expenses 531,483 424,116 32,621 (426,314 ) 561,906 Loss on sale of assets, net — — (32 ) — (32 ) Operating income 164,113 23,163 20,571 — 207,847 OTHER INCOME AND EXPENSES, NET: Interest expense 33,421 — 463 — 33,884 Other items, net (1,230 ) 2,492 (4,577 ) — (3,315 ) Equity in earnings of consolidated (40,129 ) (317 ) — 40,446 — Total other income and expenses, net (7,938 ) 2,175 (4,114 ) 40,446 30,569 Income before income taxes 172,051 20,988 24,685 (40,446 ) 177,278 Income taxes 50,717 4,172 1,055 — 55,944 Net income $ 121,334 $ 16,816 $ 23,630 $ (40,446 ) $ 121,334 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated REVENUES: Royalty fees $ 231,717 $ 109,172 $ 31,110 $ (124,831 ) $ 247,168 Initial franchise and relicensing fees 16,741 — 405 — 17,146 Procurement services 23,088 — 631 — 23,719 Marketing and reservation system 380,153 344,161 12,322 (324,443 ) 412,193 Other 10,039 212 6,707 (738 ) 16,220 Total revenues 661,738 453,545 51,175 (450,012 ) 716,446 OPERATING EXPENSES: Selling, general and administrative 120,804 98,125 16,155 (125,569 ) 109,515 Depreciation and amortization 1,314 5,596 1,797 — 8,707 Marketing and reservation system 394,059 330,959 11,618 (324,443 ) 412,193 Total operating expenses 516,177 434,680 29,570 (450,012 ) 530,415 Gain on sale of assets, net — — 402 — 402 Operating income 145,561 18,865 22,007 — 186,433 OTHER INCOME AND EXPENSES, NET: Interest expense 33,036 1 429 — 33,466 Other items, net (1,082 ) (319 ) (1,820 ) — (3,221 ) Equity in earnings of consolidated (36,053 ) 409 — 35,644 — Total other income and expenses, net (4,099 ) 91 (1,391 ) 35,644 30,245 Income before income taxes 149,660 18,774 23,398 (35,644 ) 156,188 Income taxes 42,110 6,366 162 — 48,638 Net income $ 107,550 $ 12,408 $ 23,236 $ (35,644 ) $ 107,550
Condensed Consolidating Statement of Comprehensive Income	Parent Guarantor Non-Guarantor Eliminations Consolidated Net income (loss) $ 47,595 $ 10,130 $ 9,726 $ (19,856 ) $ 47,595 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 851 — 851 (851 ) 851 Other comprehensive income, net of tax 1,066 — 851 (851 ) 1,066 Comprehensive income $ 48,661 $ 10,130 $ 10,577 $ (20,707 ) $ 48,661 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 47,565 $ 3,356 $ 10,358 $ (13,714 ) $ 47,565 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 137 — 137 (137 ) 137 Other comprehensive income, net of tax 352 — 137 (137 ) 352 Comprehensive income $ 47,917 $ 3,356 $ 10,495 $ (13,851 ) $ 47,917 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income (loss) $ 121,334 $ 16,816 $ 23,630 $ (40,446 ) $ 121,334 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 646 — — — 646 Foreign currency translation adjustment 2,842 — 2,842 (2,842 ) 2,842 Other comprehensive income, net of tax 3,488 — 2,842 (2,842 ) 3,488 Comprehensive income $ 124,822 $ 16,816 $ 26,472 $ (43,288 ) $ 124,822 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 107,550 $ 12,408 $ 23,236 $ (35,644 ) $ 107,550 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 646 — — — 646 Foreign currency translation adjustment 1,036 — 1,036 (1,036 ) 1,036 Other comprehensive income, net of tax 1,682 — 1,036 (1,036 ) 1,682 Comprehensive income $ 109,232 $ 12,408 $ 24,272 $ (36,680 ) $ 109,232
Condensed Consolidating Balance Sheet	Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 25,521 $ 130 $ 213,197 $ — $ 238,848 Receivables, net 138,257 1,891 12,014 (490 ) 151,672 Other current assets 11,674 64,539 15,483 (26,893 ) 64,803 Total current assets 175,452 66,560 240,694 (27,383 ) 455,323 Property and equipment, at cost, net 48,003 18,840 16,768 — 83,611 Goodwill 65,813 — 14,706 — 80,519 Intangible assets, net 4,816 3,046 6,887 — 14,749 Notes receivable, net of allowances 22,121 54,881 62,801 — 139,803 Investments, employee benefit plans, at fair value — 19,749 — — 19,749 Investment in affiliates 490,505 49,428 — (539,933 ) — Advances to affiliates 10,114 103,322 — (113,436 ) — Deferred income taxes — 16,419 — (8,584 ) 7,835 Other assets 189 117,432 41,982 — 159,603 Total assets $ 817,013 $ 449,677 $ 383,838 $ (689,336 ) $ 961,192 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 20,956 $ 43,764 $ 4,031 $ (490 ) $ 68,261 Accrued expenses and other current liabilities 21,434 35,657 9,424 — 66,515 Deferred revenue 12,749 122,303 1,930 (26 ) 136,956 Other current liabilities 26,867 — 1,302 (26,867 ) 1,302 Total current liabilities 82,006 201,724 16,687 (27,383 ) 273,034 Long-term debt 787,764 3,712 8,525 — 800,001 Deferred compensation and retirement plan obligations — 24,342 13 — 24,355 Advances from affiliates 111,052 1,414 970 (113,436 ) — Other liabilities 36,571 14,079 22,116 (8,584 ) 64,182 Total liabilities 1,017,393 245,271 48,311 (149,403 ) 1,161,572 Total shareholders’ (deficit) equity (200,380 ) 204,406 335,527 (539,933 ) (200,380 ) Total liabilities and shareholders’ deficit $ 817,013 $ 449,677 $ 383,838 $ (689,336 ) $ 961,192 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of December 31, 2016 (in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 14,696 $ 159 $ 187,608 $ — $ 202,463 Receivables, net 96,128 1,556 9,802 (150 ) 107,336 Other current assets 9,120 29,281 4,470 (7,797 ) 35,074 Total current assets 119,944 30,996 201,880 (7,947 ) 344,873 Property and equipment, at cost, net 44,236 21,718 18,107 — 84,061 Goodwill 65,813 — 13,092 — 78,905 Intangible assets, net 5,279 3,494 6,965 — 15,738 Notes receivable, net of allowances 16,285 42,398 51,925 — 110,608 Investments, employee benefit plans, at fair value — 16,975 — — 16,975 Investment in affiliates 526,166 50,798 — (576,964 ) — Advances to affiliates 14,929 123,074 17 (138,020 ) — Deferred income taxes 40,459 14,234 — (1,881 ) 52,812 Other assets 18,259 76,933 53,304 — 148,496 Total assets $ 851,370 $ 380,620 $ 345,290 $ (724,812 ) $ 852,468 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 14,296 $ 29,705 $ 4,220 $ (150 ) $ 48,071 Accrued expenses and other current liabilities 31,352 45,179 3,857 — 80,388 Deferred revenue 132,217 — 1,107 (106 ) 133,218 Other current liabilities 8,480 7 1,195 (7,691 ) 1,991 Total current liabilities 186,345 74,891 10,379 (7,947 ) 263,668 Long-term debt 826,551 3,712 9,146 — 839,409 Deferred compensation and retirement plan obligations — 21,584 11 — 21,595 Advances from affiliates 135,879 1,188 953 (138,020 ) — Other liabilities 13,944 15,631 11,451 (1,881 ) 39,145 Total liabilities 1,162,719 117,006 31,940 (147,848 ) 1,163,817 Total shareholders’ (deficit) equity (311,349 ) 263,614 313,350 (576,964 ) (311,349 ) Total liabilities and shareholders' deficit $ 851,370 $ 380,620 $ 345,290 $ (724,812 ) $ 852,468
Condensed Consolidating Statement Of Cash Flows	Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ 101,749 $ 44,489 $ 19,438 $ (657 ) $ 165,019 Cash Flows From Investing Activities Investment in property and equipment (14,336 ) (2,908 ) (270 ) — (17,514 ) Investment in intangible assets (1,647 ) (729 ) — — (2,376 ) Contributions to equity method investments — (44,819 ) (57 ) — (44,876 ) Distributions from equity method investments — 2,136 2,171 — 4,307 Purchases of investments, employee benefit plans — (2,140 ) — — (2,140 ) Proceeds from sales of investments, employee benefit plans — 2,150 — — 2,150 Issuance of mezzanine and other notes receivable (9,032 ) — (9,533 ) — (18,565 ) Collections of mezzanine and other notes receivable 630 — — — 630 Advances to and investment in affiliates — (574 ) — 574 — Divestment in affiliates — 2,253 — (2,253 ) — Other items, net — 113 (4 ) — 109 Net cash used by investing activities (24,385 ) (44,518 ) (7,693 ) (1,679 ) (78,275 ) Cash Flows from Financing Activities Net (repayments) borrowings pursuant to revolving credit facilities (40,000 ) — 26 — (39,974 ) Principal payments on long-term debt — — (484 ) — (484 ) Proceeds from transfer of interest in notes receivable 9,032 — 15,205 — 24,237 Purchases of treasury stock (8,887 ) — — — (8,887 ) Dividends paid (36,483 ) — (657 ) 657 (36,483 ) Proceeds from contributions from affiliates — — 574 (574 ) — Distributions to affiliates — — (2,253 ) 2,253 — Proceeds from exercise of stock options 9,799 — — — 9,799 Net cash provided (used) by financing activities (66,539 ) — 12,411 2,336 (51,792 ) Net change in cash and cash equivalents 10,825 (29 ) 24,156 — 34,952 Effect of foreign exchange rate changes on cash and cash equivalents — — 1,433 — 1,433 Cash and cash equivalents at beginning of period 14,696 159 187,608 — 202,463 Cash and cash equivalents at end of period $ 25,521 $ 130 $ 213,197 $ — $ 238,848 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Nine Months Ended September 30, 2016 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ 21,358 $ 43,956 $ 23,752 $ (657 ) $ 88,409 Cash Flows From Investing Activities Investment in property and equipment (12,579 ) (4,749 ) (256 ) — (17,584 ) Investment in intangible assets (482 ) — — — (482 ) Proceeds from sales of assets — — 8,360 — 8,360 Acquisitions of real estate — — (25,263 ) — (25,263 ) Business acquisition, net of cash acquired — — (1,341 ) — (1,341 ) Contributions to equity method investments — (24,128 ) (51 ) — (24,179 ) Distributions from equity method investments — — 3,700 — 3,700 Purchases of investments, employee benefit plans — (1,430 ) — — (1,430 ) Proceeds from sales of investments, employee benefit plans — 1,395 — — 1,395 Issuance of mezzanine and other notes receivable (5,306 ) — (14,975 ) — (20,281 ) Collections of mezzanine and other notes receivable 11,040 — — — 11,040 Advances to and investment in affiliates — (25,902 ) — 25,902 — Divestment in affiliates — 11,858 — (11,858 ) — Other items, net 100 — (40 ) — 60 Net cash used by investing activities (7,227 ) (42,956 ) (29,866 ) 14,044 (66,005 ) Cash Flows from Financing Activities Net borrowings pursuant to revolving credit facilities 53,000 — (186 ) — 52,814 Debt issuance costs (284 ) — — — (284 ) Principal payments on long-term debt — (430 ) (406 ) — (836 ) Proceeds from contributions from affiliates — — 25,902 (25,902 ) — Purchases of treasury stock (33,958 ) — — — (33,958 ) Dividends paid (34,690 ) — (657 ) 657 (34,690 ) Distributions to affiliates — — (11,858 ) 11,858 — Proceeds from exercise of stock options 6,802 — — — 6,802 Net cash provided (used) by financing activities (9,130 ) (430 ) 12,795 (13,387 ) (10,152 ) Net change in cash and cash equivalents 5,001 570 6,681 — 12,252 Effect of foreign exchange rate changes on cash and cash equivalents — — 260 — 260 Cash and cash equivalents at beginning of period 13,529 19 179,893 — 193,441 Cash and cash equivalents at end of period $ 18,530 $ 589 $ 186,834 $ — $ 205,953

Reportable Segment Information

Reportable Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Schedule Of Financial Information For Company's Franchising Segment	The following table presents the financial information for the Company's segments: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 (In thousands) Hotel Franchising SkyTouch Technology Corporate & Consolidated Hotel Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 292,229 $ 803 $ 2,056 $ 295,088 $ 265,152 $ 526 $ 1,899 $ 267,577 Operating income (loss) $ 101,271 $ (580 ) $ (22,857 ) $ 77,834 $ 95,760 $ (3,594 ) $ (13,548 ) $ 78,618 Income (loss) before income taxes $ 100,996 $ (580 ) $ (31,902 ) $ 68,514 $ 97,482 $ (3,594 ) $ (23,688 ) $ 70,200 Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 (In thousands) Hotel Franchising SkyTouch Technology Corporate & Consolidated Hotel Franchising SkyTouch Technology Corporate & Consolidated Revenues $ 761,814 $ 2,135 $ 5,836 $ 769,785 $ 709,924 $ 1,395 $ 5,127 $ 716,446 Operating income (loss) $ 259,045 $ (3,159 ) $ (48,039 ) $ 207,847 $ 237,926 $ (12,669 ) $ (38,824 ) $ 186,433 Income (loss) before income taxes $ 255,831 $ (3,159 ) $ (75,394 ) $ 177,278 $ 238,212 $ (12,669 ) $ (69,355 ) $ 156,188

Other Current Assets Schedule o

Other Current Assets Schedule of Other Current Assets (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2017USD ($)parcelofland	Dec. 31, 2016USD ($)
Assets, Current [Abstract]
Prepaid expenses	$ 20,600	$ 22,210
Other current assets	4,027	4,675
Land held for sale	9,711	0
Total	$ 34,338	$ 26,885
Parcels of land reclassified to held for sale | parcelofland	2

Notes Receivable and Allowanc38

Notes Receivable and Allowance for Losses Narrative (Details) $ in Thousands	Sep. 12, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)category	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Notes Receivable and Allowance for Losses [Line Items]
Number of categories, credit losses for notes receivable | category				2
Notes receivable		$ 159,316		$ 159,316		$ 125,911
Allowance for losses on non-impaired loans		7,077		7,077		5,783
Amortization expense		3,095	$ 2,986	9,215	$ 8,707
Loan reserves		8,724		8,724		7,430
Notes receivable outstanding		150,592		150,592		118,481
Transfer of notes receivable to third party	$ 24,200
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable		66,698		66,698		51,475
Allowance for losses on non-impaired loans		6,307		6,307		5,013
Amortization expense		2,600	$ 2,300	7,500	6,700
Loan reserves		6,307		6,307		5,013
Notes receivable outstanding		60,391		60,391		46,462
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable		92,618		92,618		74,436
Allowance for losses on non-impaired loans		770		770		770
Loan reserves		2,417		2,417		2,417
Notes receivable outstanding		90,201		90,201		72,019
Mezzanine & Other Notes Receivable | Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Impaired receivables, recorded investment		1,800		1,800		1,900
Impaired receivables, related allowance		1,600		1,600		1,600
Average notes receivable, nonaccrual status				1,800	1,400
Interest income, impaired loans				44	$ 43
Mezzanine & Other Notes Receivable | Non-impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves		800		800		$ 800
Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable outstanding	$ 49,100
Variable Interest Entity, Not Primary Beneficiary | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable		33,600		33,600
Interest Rate Below Market Reduction | Variable Interest Entity, Not Primary Beneficiary | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable		2,100		2,100
Receivable with Imputed Interest, discount		$ 100		$ 100

Notes Receivable and Allowanc39

Notes Receivable and Allowance for Losses Schedule Of Notes Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 159,316	$ 125,911
Allowance for losses on non-impaired loans	7,077	5,783
Allowance for losses on receivables specifically evaluated for impairment	1,647	1,647
Total loan reserves	8,724	7,430
Net carrying value	150,592	118,481
Current portion, net	10,789	7,873
Long-term portion, net	139,803	110,608
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	66,698	51,475
Allowance for losses on non-impaired loans	6,307	5,013
Allowance for losses on receivables specifically evaluated for impairment	0	0
Total loan reserves	6,307	5,013
Net carrying value	60,391	46,462
Current portion, net	429	333
Long-term portion, net	59,962	46,129
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	92,618	74,436
Allowance for losses on non-impaired loans	770	770
Allowance for losses on receivables specifically evaluated for impairment	1,647	1,647
Total loan reserves	2,417	2,417
Net carrying value	90,201	72,019
Current portion, net	10,360	7,540
Long-term portion, net	79,841	64,479
Senior
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	70,616	61,482
Senior | Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	0	0
Senior | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	70,616	61,482
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	18,526	9,336
Subordinated | Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	0	0
Subordinated | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	18,526	9,336
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	70,174	55,093
Unsecured | Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	66,698	51,475
Unsecured | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 3,476	$ 3,618

Notes Receivable and Allowanc40

Notes Receivable and Allowance for Losses Summary Of Activity Related To Allowance For Losses (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 7,430
Ending balance	8,724
Forgivable Notes Receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	5,013
Provisions	1,936
Recoveries	(172)
Write-offs	(11)
Other	(459)
Ending balance	6,307
Mezzanine & Other Notes Receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	2,417
Provisions	0
Recoveries	0
Write-offs	0
Other	0
Ending balance	$ 2,417

Notes Receivable and Allowanc41

Notes Receivable and Allowance for Losses Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 1,615	$ 1,465
Current	65,083	50,010
Total Notes Receivable	66,698	51,475
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	92,618	74,436
Total Notes Receivable	92,618	74,436
Mezzanine & Other Notes Receivable | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	70,616	61,482
Total Notes Receivable	70,616	61,482
Mezzanine & Other Notes Receivable | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	18,526	9,336
Total Notes Receivable	18,526	9,336
Mezzanine & Other Notes Receivable | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	3,476	3,618
Total Notes Receivable	3,476	3,618
Financing Receivables, 30 to 89 Days Past Due | Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	24	116
Financing Receivables, 30 to 89 Days Past Due | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Mezzanine & Other Notes Receivable | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Mezzanine & Other Notes Receivable | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Mezzanine & Other Notes Receivable | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Forgivable Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	1,591	1,349
Financing Receivables, Equal to Greater than 90 Days Past Due | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Mezzanine & Other Notes Receivable | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Mezzanine & Other Notes Receivable | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Mezzanine & Other Notes Receivable | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 0	$ 0

Marketing and Reservation Act42

Marketing and Reservation Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Advances, Marketing and Reservation Activities [Line Items]
Depreciation and amortization	$ 3,095	$ 2,986	$ 9,215	$ 8,707
Interest expense	11,399	11,150	33,884	33,466
Marketing And Reservation Fees
Advances, Marketing and Reservation Activities [Line Items]
Marketing and reservation system costs exceed marketing and reservation system revenues, amount	3,900		3,900		$ 18,100
Depreciation and amortization	$ 6,500	6,300	18,700	18,700
Interest expense		$ 1	$ 1	$ 6

Other Assets Components Of Othe

Other Assets Components Of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Other Assets, Noncurrent [Abstract]
Land and buildings	$ 19,284	$ 29,023
Advances to marketing and reservation system activities	0	18,069
Other assets	9,191	6,565
Total	$ 28,475	$ 53,657

Investments in Unconsolidated44

Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in joint ventures included in unconsolidated entities	$ 127.3		$ 127.3		$ 91.9
Net (income) loss attributable to variable interest entities	$ 1.3	$ (0.4)	$ 5.1	$ 1.6

Deferred Revenue Components Of

Deferred Revenue Components Of Deferred Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Deferred Revenue [Line Items]
Deferred revenue	$ 136,956	$ 133,218
Loyalty programs
Deferred Revenue [Line Items]
Deferred revenue	122,990	115,851
Initial, relicensing and franchise fees
Deferred Revenue [Line Items]
Deferred revenue	8,553	9,352
Procurement service fees
Deferred Revenue [Line Items]
Deferred revenue	5,132	7,668
Other
Deferred Revenue [Line Items]
Deferred revenue	$ 281	$ 347

Debt Schedule Of Components Of

Debt Schedule Of Components Of Debt (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Jul. 21, 2015	Jun. 27, 2012	Aug. 25, 2010
Debt [Line Items]
Total debt	$ 801,303,000	$ 840,604,000
Less current portion	1,302,000	1,195,000
Total long-term debt	800,001,000	839,409,000
Senior | $400 Million Senior Notes
Debt [Line Items]
Total debt	395,868,000	395,316,000
Debt instrument face amount	$ 400,000,000	$ 400,000,000		$ 400,000,000
Debt instrument effective interest rate (percentage)	6.00%	6.00%		6.00%
Deferred issuance costs	$ 4,100,000	$ 4,700,000
Senior | $250 Million Senior Notes
Debt [Line Items]
Total debt	249,105,000	248,875,000
Debt instrument face amount	$ 250,000,000	$ 250,000,000			$ 250,000,000
Debt instrument effective interest rate (percentage)	6.19%	6.19%			6.19%
Discount and deferred issuance costs	$ 900,000	$ 1,100,000
Revolving Credit Facility | $450 Million Unsecured Revolving Credit Facility
Debt [Line Items]
Total debt	142,791,000	182,359,000
Debt instrument face amount	$ 450,000,000	$ 450,000,000	$ 450,000,000
Debt instrument effective interest rate (percentage)	2.59%	2.23%
Deferred issuance costs	$ 2,200,000	$ 2,600,000
Collateralized mortgage
Debt [Line Items]
Total debt	$ 8,961,000	$ 9,432,000
Debt instrument effective interest rate (percentage)	4.57%	4.57%
Fair value adjustment	$ 600,000	$ 700,000
Economic Development Loans
Debt [Line Items]
Total debt	$ 3,712,000	$ 3,712,000
Debt instrument effective interest rate (percentage)	3.00%	3.00%
Other Notes Payable
Debt [Line Items]
Total debt	$ 866,000	$ 910,000

Debt Narrative (Details)

Debt Narrative (Details)	Jul. 21, 2015USD ($)	Apr. 30, 2013USD ($)	Aug. 23, 2012USD ($)	Jun. 27, 2012USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 30, 2014USD ($)	Aug. 25, 2010USD ($)
2012 special cash dividend | 2012 special cash dividend
Debt [Line Items]
Payments of special dividends			$ 600,700,000
Collateralized mortgage
Debt [Line Items]
Debt instrument stated interest rate (percentage)							7.26%
Debt instrument effective interest rate (percentage)					4.57%	4.57%
Collateralized mortgage							$ 9,500,000
Collateralized mortgage, future balloon payment							6,900,000
Debt premium							$ 1,200,000
Economic Development Loans
Debt [Line Items]
Debt instrument stated interest rate (percentage)					3.00%
Debt instrument effective interest rate (percentage)					3.00%	3.00%
Economic development agreements - total advances agreed upon		$ 4,400,000
Economic development agreements - advances received					$ 3,700,000
Economic development agreements - advances not yet received					700,000
Economic development agreements - term		10 years
$400 Million Senior Notes | Senior
Debt [Line Items]
Debt instrument face amount				$ 400,000,000	$ 400,000,000	$ 400,000,000
Debt instrument stated interest rate (percentage)				5.75%
Debt instrument effective interest rate (percentage)				6.00%	6.00%	6.00%
Debt instrument maturity date				Jul. 1, 2022
$250 Million Senior Notes | Senior
Debt [Line Items]
Debt instrument face amount					$ 250,000,000	$ 250,000,000		$ 250,000,000
Debt instrument stated interest rate (percentage)								5.70%
Debt instrument effective interest rate (percentage)					6.19%	6.19%		6.19%
Senior notes, discount								$ 600,000
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility
Debt [Line Items]
Debt instrument face amount	$ 450,000,000				$ 450,000,000	$ 450,000,000
Debt instrument effective interest rate (percentage)					2.59%	2.23%
Option to extend, term	1 year
Debt instrument additional borrowing capacity	$ 150,000,000
Credit facility, unused capacity, commitment fee percentage	0.20%
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility | Minimum
Debt [Line Items]
Credit facility, commitment fee percentage	0.10%
Total leverage ratio	4
Fixed charge coverage ratio	2.5
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility | Maximum
Debt [Line Items]
Credit facility, commitment fee percentage	0.25%
Total leverage ratio	4.5
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum
Debt [Line Items]
Debt instrument, basis spread on variable rate (percentage)	1.35%
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum
Debt [Line Items]
Debt instrument, basis spread on variable rate (percentage)	1.75%
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility | Base rate | Minimum
Debt [Line Items]
Debt instrument, basis spread on variable rate (percentage)	0.35%
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility | Base rate | Maximum
Debt [Line Items]
Debt instrument, basis spread on variable rate (percentage)	0.75%
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility | Total Leverage Ratio exceeds 4.00 to 1.00
Debt [Line Items]
Credit facility, dividend restriction	$ 50,000,000
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility | Alternative currency loans
Debt [Line Items]
Revolver maximum borrowing capacity	35,000,000
$450 Million Unsecured Revolving Credit Facility | Revolving Credit Facility | Swing line loans
Debt [Line Items]
Revolver maximum borrowing capacity	$ 15,000,000

Accumulated Other Comprehensi48

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (311,349)
Other comprehensive income before reclassification	2,842
Amounts reclassified from accumulated other comprehensive loss	646
Net current period other comprehensive income	3,488
Ending balance	(200,380)
Loss on Cash Flow Hedge
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(3,160)
Other comprehensive income before reclassification	0
Amounts reclassified from accumulated other comprehensive loss	646
Net current period other comprehensive income	646
Ending balance	(2,514)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,362)
Other comprehensive income before reclassification	2,842
Amounts reclassified from accumulated other comprehensive loss	0
Net current period other comprehensive income	2,842
Ending balance	(2,520)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(8,522)
Ending balance	$ (5,034)

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax (expense) benefit	$ (20,919)	$ (22,635)	$ (55,944)	$ (48,638)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net of tax	(215)		(646)
Interest rate contract | Loss on Cash Flow Hedge | Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	(215)		(646)
Tax (expense) benefit	$ 0		$ 0

Non-Qualified Retirement, Sav50

Non-Qualified Retirement, Savings and Investment Plans (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)plan	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)plan	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Compensation Related Costs [Abstract]
Number of non-qualified retirement savings and investment plans | plan	2		2
Deferred compensation liability, current and long-term	$ 26		$ 26		$ 24.7
Increase (decrease) in compensation expense	0.9	$ 0.9	2.6	$ 1.4
Diversified investments held in trust	21.4		21.4		$ 19.1
Assets held in trust	1.6		1.6
Investment gains (losses)	$ 0.8	$ 0.8	$ 2.2	$ 1

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016	Jun. 27, 2012	Aug. 25, 2010
Level 1
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	$ 0	$ 0
Level 2
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0	0
Level 3
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0	0
Senior | $250 Million Senior Notes
Fair Value Measurements [Line Items]
Debt instrument face amount	250,000,000	250,000,000	$ 250,000,000		$ 250,000,000
Senior | $250 Million Senior Notes | Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	270,900,000	270,900,000	273,000,000
Senior | $400 Million Senior Notes
Fair Value Measurements [Line Items]
Debt instrument face amount	400,000,000	400,000,000	400,000,000	$ 400,000,000
Senior | $400 Million Senior Notes | Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	$ 446,200,000	$ 446,200,000	$ 430,400,000

Fair Value Measurements Schedul

Fair Value Measurements Schedule Of Fair Value Of Assets (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value Measurements [Line Items]
Assets measured at fair value	$ 71,685	$ 69,229
Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents	50,305	50,085
Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	1,649	1,676
Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	19,731	17,468
Level 1
Fair Value Measurements [Line Items]
Assets measured at fair value	19,731	17,468
Level 1 | Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents	0	0
Level 1 | Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	0	0
Level 1 | Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	19,731	17,468
Level 2
Fair Value Measurements [Line Items]
Assets measured at fair value	51,954	51,761
Level 2 | Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents	50,305	50,085
Level 2 | Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	1,649	1,676
Level 2 | Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	0	0
Level 3
Fair Value Measurements [Line Items]
Assets measured at fair value	0	0
Level 3 | Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents	0	0
Level 3 | Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	0	0
Level 3 | Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	$ 0	$ 0

Income Taxes Narrative (Details

Income Taxes Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	30.50%	32.20%	31.60%	31.10%
Federal income tax rate (percent)	35.00%	35.00%	35.00%	35.00%

Share-Based Compensation and 54

Share-Based Compensation and Capital Stock Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-Based Compensation and Capital Stock [Line Items]
Stock options granted (in shares)	2,000	0	187,400	700,000
Stock options granted, fair value	$ 19		$ 2,000	$ 6,900
Aggregate intrinsic value of stock options, outstanding	27,900		27,900
Aggregate intrinsic value of stock options, exercisable	21,200		21,200
Intrinsic value of stock options exercised	3,000	$ 2,400	6,300	6,800
Proceeds from exercise of stock options	$ 3,200	$ 2,600	$ 9,799	$ 6,802
Stock options exercised (in shares)	99,971	104,442	257,167	297,398
Accelerated allocated share-based compensation expense	$ 2,500	$ 100	$ 2,500	$ 100
Periodic dividend (in dollars per share)			$ 0.215
Cash dividends declared per share (in dollars per share)	$ 0.215	$ 0.205	$ 0.645	$ 0.615
Dividends declared	$ 12,200		$ 36,500
Shares repurchased (in shares)	3,100		3,100
Cost of shares repurchased	$ 200		$ 200
Shares redeemed for tax withholding for share based compensation (in shares)	20,934		142,068
Payments related to tax withholding for share-based compensation	$ 1,300		$ 8,700
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)		0	38,329	22,062
Grants vested, total fair value				$ 800
Grants vested, initial target (in shares)				44,118
Grants vested, performance percentage achieved				50.00%
Restricted shares forfeited (in shares)	331	26,363	72,117	54,556
Restricted shares forfeited due to performance (in shares)			4,113
Increase in shares due to performance percentage achieved (in shares)			9,491	22,056
Dividends declared			$ 100
Performance Vested Restricted Stock Units | Tranche One
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	3,116			6,126
Grants vested, total fair value	$ 200			$ 200
Grants vested, initial target (in shares)				4,083
Grants vested, performance percentage achieved			100.00%	150.00%
Increase in shares due to performance percentage achieved (in shares)				2,043
Performance Vested Restricted Stock Units | Tranche Two
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)	0		38,329
Grants vested, total fair value			$ 1,800
Increase in shares due to performance percentage achieved (in shares)			9,491
Performance Vested Restricted Stock Units | Tranche Four
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)			10,641
Grants vested during period			$ 500
Grants vested, initial target (in shares)			21,282
Grants vested, performance percentage achieved			50.00%
Restricted shares forfeited (in shares)			10,641
Performance Vested Restricted Stock Units | Tranche Three
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)			24,572
Grants vested, total fair value			$ 1,100
Grants vested, initial target (in shares)			15,081
Grants vested, performance percentage achieved			163.00%
Increase in shares due to performance percentage achieved (in shares)			9,491
Performance Vested Restricted Stock Units | Minimum
Share-Based Compensation and Capital Stock [Line Items]
Vesting range (percentage)			0.00%
Award targets currently estimated to be achieved (percentage)			0.00%
Performance Vested Restricted Stock Units | Maximum
Share-Based Compensation and Capital Stock [Line Items]
Vesting range (percentage)			200.00%
Award targets currently estimated to be achieved (percentage)			100.00%
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Accelerated allocated share-based compensation expense	$ 5,500	$ 400	$ 5,500	$ 400
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Grants vested (in shares)			177,050
Grants vested, total fair value	$ 2,766	$ 180	$ 10,677	$ 7,363
Restricted shares forfeited (in shares)	331	14,072	23,599	23,686
Accelerated allocated share-based compensation expense	$ 2,100	$ 400	$ 2,100	$ 400

Share-Based Compensation and 55

Share-Based Compensation and Capital Stock Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - Stock options - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share-Based Compensation and Capital Stock [Line Items]
Risk-free interest rate (percent)	1.76%	1.22%
Expected volatility (percent)	21.65%	23.76%
Expected life of stock option	4 years 7 months 6 days	4 years 7 months 6 days
Dividend yield (percent)	1.42%	1.59%
Requisite service period	4 years	4 years
Contractual life	7 years	7 years
Weighted average fair value of options granted (in dollars per share)	$ 10.80	$ 9.30

Share-Based Compensation and 56

Share-Based Compensation and Capital Stock Summary Of Activity Related To Restricted Stock Grants (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-Based Compensation and Capital Stock [Line Items]
Restricted share grants (in shares)	21,562	21,357	167,142	188,509
Weighted average grant date fair value per share (in dollars per share)	$ 62.34	$ 48.03	$ 61.19	$ 51.21
Aggregate grant date fair value ($000)	$ 1,344	$ 1,026	$ 10,227	$ 9,654
Restricted shares forfeited (in shares)	331	14,072	23,599	23,686
Fair value of shares vested ($000)	$ 2,766	$ 180	$ 10,677	$ 7,363
Minimum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	24 months	12 months	36 months	12 months
Maximum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	48 months	48 months	48 months	48 months

Share-Based Compensation and 57

Share-Based Compensation and Capital Stock Summary Of Activity Related To PVRSU Grants (Details) - Performance Vested Restricted Stock Units - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-Based Compensation and Capital Stock [Line Items]
Performance vested restricted stock units granted at target (in shares)	3,545	10,387	162,523	89,944
Weighted average grant date fair value per share (in dollars per share)	$ 62	$ 48.14	$ 60.63	$ 47.85
Aggregate grant date fair value ($000)	$ 220	$ 500	$ 9,853	$ 4,304
Stock units forfeited (in shares)	331	26,363	72,117	54,556
Requisite service period	30 months
Minimum
Share-Based Compensation and Capital Stock [Line Items]
Requisite service period		30 months	9 months	9 months
Maximum
Share-Based Compensation and Capital Stock [Line Items]
Requisite service period	30 months	36 months	36 months	43 months

Share-Based Compensation and 58

Share-Based Compensation and Capital Stock Summary of Change in Stock-Based Award Activity (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)			2,193,502
Granted (in shares)	2,000	0	187,400	700,000
Exercised (in shares)	(99,971)	(104,442)	(257,167)	(297,398)
Expired (in shares)			(10,133)
Forfeited (in shares)			(30,300)
Outstanding, ending balance (in shares)	2,083,302	2,500,000	2,083,302	2,500,000
Options exercisable, ending balance (in shares)	1,376,077		1,376,077
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Beginning balance - weighted average exercise price (in dollars per share)			$ 48.26
Granted - Weighted average exercise price (in dollars per share)			60.64
Exercised - Weighted average exercise price (in dollars per share)			38.11
Expired - Weighted average exercise price (in dollars per share)			56.95
Forfeited - Weighted average exercise price (in dollars per share)			54.23
Ending balance - weighted average exercise price (in dollars per share)	$ 50.49		50.49
Options Exercisable, ending balance - Weighted average exercise price (in dollars per share)	$ 48.47		$ 48.47
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Remaining Contractual Term [Roll Forward]
Weighted Average Remaining Contractual Term - Outstanding, ending balance			4 years 3 months 18 days
Weighted Average Remaining Contractual Term - Options Exercisable, ending balance			3 years 10 months 25 days
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding, beginning balance (in shares)			407,812
Restricted share grants (in shares)	21,562	21,357	167,142	188,509
Vested (in shares)			(177,050)
Forfeited (in shares)	(331)	(14,072)	(23,599)	(23,686)
Outstanding, ending balance (in shares)	374,305		374,305
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance - weighted average grant date fair value (in dollars per share)			$ 50.61
Granted - Weighted average grant date fair value (in dollars per share)	$ 62.34	$ 48.03	61.19	$ 51.21
Vested - Weighted average grant date fair value (in dollars per share)			49.99
Forfeited - Weighted average grant date fair value (in dollars per share)			54.68
Ending balance - weighted average grant date fair value (in dollars per share)	$ 55.37		$ 55.37
Performance Vested Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding, beginning balance (in shares)			235,980
Restricted share grants (in shares)	3,545	10,387	162,523	89,944
Performance-based leveraging (in shares)			9,491	22,056
Vested (in shares)		0	(38,329)	(22,062)
Forfeited (in shares)	(331)	(26,363)	(72,117)	(54,556)
Outstanding, ending balance (in shares)	297,548		297,548
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance - weighted average grant date fair value (in dollars per share)			$ 47.59
Granted - Weighted average grant date fair value (in dollars per share)	$ 62	$ 48.14	60.63	$ 47.85
Performance-Based Leveraging - Weighted average grant date fair value (in dollars per share)			45.59
Vested - Weighted average grant date fair value (in dollars per share)			46.19
Forfeited - Weighted average grant date fair value (in dollars per share)			38.89
Ending balance - weighted average grant date fair value (in dollars per share)	$ 56.95		$ 56.95
Tranche Two | Performance Vested Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Performance-based leveraging (in shares)			9,491
Vested (in shares)	0		(38,329)

Share-Based Compensation and 59

Share-Based Compensation and Capital Stock Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 14	$ 3.1	$ 21.7	$ 11
Income tax benefits	5.2	1.1	8	4.1
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	6.4	1	8.6	3.6
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	3.9	1.7	7.3	5.7
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 3.7	$ 0.4	$ 5.8	$ 1.7

Earnings Per Share Computation

Earnings Per Share Computation Of Basic And Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income	$ 47,595	$ 47,565	$ 121,334	$ 107,550
Income allocated to participating securities	(334)	(342)	(861)	(749)
Net income available to common shareholders	$ 47,261	$ 47,223	$ 120,473	$ 106,801
Denominator:
Weighted average common shares outstanding – basic (in shares)	56,161	55,630	56,059	55,904
Basic earnings per share (in dollars per share)	$ 0.84	$ 0.85	$ 2.15	$ 1.91
Numerator:
Income allocated to participating securities	$ (333)	$ (341)	$ (857)	$ (746)
Net income available to common shareholders	$ 47,262	$ 47,224	$ 120,477	$ 106,804
Denominator:
Weighted average common shares outstanding – basic (in shares)	56,161	55,630	56,059	55,904
Diluted effect of stock options and PVRSUs (in shares)	345	281	358	296
Weighted average common shares outstanding – diluted (in shares)	56,506	55,911	56,417	56,200
Diluted earnings per share (in dollars per share)	$ 0.84	$ 0.84	$ 2.14	$ 1.90

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock options (in shares)	2,083,302	2,500,000	2,083,302	2,500,000	2,193,502
Antidilutive securities excluded from EPS computation (in shares)	500,000	1,200,000	400,000	1,200,000
Performance Vested Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
PVRSUs excluded from EPS calculation due to performance conditions not met (in shares)			297,548	235,980

Condensed Consolidating Stateme

Condensed Consolidating Statement Of Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
REVENUES:
Royalty fees	$ 104,252	$ 96,114	$ 265,727	$ 247,168
Initial franchise and relicensing fees	6,403	6,284	18,390	17,146
Procurement services	8,103	7,615	25,647	23,719
Marketing and reservation system	167,763	152,018	435,273	412,193
Other	8,567	5,546	24,748	16,220
Total revenues	295,088	267,577	769,785	716,446
OPERATING EXPENSES:
Selling, general and administrative	46,364	34,357	117,418	109,515
Depreciation and amortization	3,095	2,986	9,215	8,707
Marketing and reservation system	167,763	152,018	435,273	412,193
Total operating expenses	217,222	189,361	561,906	530,415
Gain (loss) on sale of assets, net	(32)	402	(32)	402
Operating income	77,834	78,618	207,847	186,433
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,399	11,150	33,884	33,466
Other items, net	(2,079)	(2,732)	(3,315)	(3,221)
Equity in earnings of consolidated subsidiaries	0	0	0	0
Total other income and expenses, net	9,320	8,418	30,569	30,245
Income before income taxes	68,514	70,200	177,278	156,188
Income taxes	20,919	22,635	55,944	48,638
Net income	47,595	47,565	121,334	107,550
Parent
REVENUES:
Royalty fees	98,079	90,462	249,222	231,717
Initial franchise and relicensing fees	6,275	6,187	18,089	16,741
Procurement services	7,944	7,344	25,068	23,088
Marketing and reservation system	141,057	140,792	385,393	380,153
Other	6,237	3,443	17,824	10,039
Total revenues	259,592	248,228	695,596	661,738
OPERATING EXPENSES:
Selling, general and administrative	50,969	38,876	128,481	120,804
Depreciation and amortization	370	467	1,131	1,314
Marketing and reservation system	149,993	143,920	401,871	394,059
Total operating expenses	201,332	183,263	531,483	516,177
Gain (loss) on sale of assets, net	0	0	0	0
Operating income	58,260	64,965	164,113	145,561
OTHER INCOME AND EXPENSES, NET:
Interest expense	11,220	11,006	33,421	33,036
Other items, net	(442)	(234)	(1,230)	(1,082)
Equity in earnings of consolidated subsidiaries	(19,105)	(13,548)	(40,129)	(36,053)
Total other income and expenses, net	(8,327)	(2,776)	(7,938)	(4,099)
Income before income taxes	66,587	67,741	172,051	149,660
Income taxes	18,992	20,176	50,717	42,110
Net income	47,595	47,565	121,334	107,550
Guarantor Subsidiaries
REVENUES:
Royalty fees	44,819	32,059	117,472	109,172
Initial franchise and relicensing fees	0	0	0	0
Procurement services	84	0	84	0
Marketing and reservation system	123,841	99,595	329,597	344,161
Other	45	75	126	212
Total revenues	168,789	131,729	447,279	453,545
OPERATING EXPENSES:
Selling, general and administrative	40,875	28,591	106,183	98,125
Depreciation and amortization	1,937	1,910	5,581	5,596
Marketing and reservation system	114,865	97,018	312,352	330,959
Total operating expenses	157,677	127,519	424,116	434,680
Gain (loss) on sale of assets, net	0	0	0	0
Operating income	11,112	4,210	23,163	18,865
OTHER INCOME AND EXPENSES, NET:
Interest expense	0	1	0	1
Other items, net	596	(1,150)	2,492	(319)
Equity in earnings of consolidated subsidiaries	(751)	(166)	(317)	409
Total other income and expenses, net	(155)	(1,315)	2,175	91
Income before income taxes	11,267	5,525	20,988	18,774
Income taxes	1,137	2,169	4,172	6,366
Net income	10,130	3,356	16,816	12,408
Non-Guarantor Subsidiaries
REVENUES:
Royalty fees	11,304	12,090	32,619	31,110
Initial franchise and relicensing fees	128	97	301	405
Procurement services	149	271	569	631
Marketing and reservation system	4,481	4,771	12,078	12,322
Other	2,653	2,305	7,657	6,707
Total revenues	18,715	19,534	53,224	51,175
OPERATING EXPENSES:
Selling, general and administrative	4,629	5,664	16,990	16,155
Depreciation and amortization	788	609	2,503	1,797
Marketing and reservation system	4,804	4,220	13,128	11,618
Total operating expenses	10,221	10,493	32,621	29,570
Gain (loss) on sale of assets, net	(32)	402	(32)	402
Operating income	8,462	9,443	20,571	22,007
OTHER INCOME AND EXPENSES, NET:
Interest expense	179	143	463	429
Other items, net	(2,233)	(1,348)	(4,577)	(1,820)
Equity in earnings of consolidated subsidiaries	0	0	0	0
Total other income and expenses, net	(2,054)	(1,205)	(4,114)	(1,391)
Income before income taxes	10,516	10,648	24,685	23,398
Income taxes	790	290	1,055	162
Net income	9,726	10,358	23,630	23,236
Eliminations
REVENUES:
Royalty fees	(49,950)	(38,497)	(133,586)	(124,831)
Initial franchise and relicensing fees	0	0	0	0
Procurement services	(74)	0	(74)	0
Marketing and reservation system	(101,616)	(93,140)	(291,795)	(324,443)
Other	(368)	(277)	(859)	(738)
Total revenues	(152,008)	(131,914)	(426,314)	(450,012)
OPERATING EXPENSES:
Selling, general and administrative	(50,109)	(38,774)	(134,236)	(125,569)
Depreciation and amortization	0	0	0	0
Marketing and reservation system	(101,899)	(93,140)	(292,078)	(324,443)
Total operating expenses	(152,008)	(131,914)	(426,314)	(450,012)
Gain (loss) on sale of assets, net	0	0	0	0
Operating income	0	0	0	0
OTHER INCOME AND EXPENSES, NET:
Interest expense	0	0	0	0
Other items, net	0	0	0	0
Equity in earnings of consolidated subsidiaries	19,856	13,714	40,446	35,644
Total other income and expenses, net	19,856	13,714	40,446	35,644
Income before income taxes	(19,856)	(13,714)	(40,446)	(35,644)
Income taxes	0	0	0	0
Net income	$ (19,856)	$ (13,714)	$ (40,446)	$ (35,644)

Condensed Consolidating State63

Condensed Consolidating Statement Of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Statement of Income Captions [Line Items]
Net income (loss)	$ 47,595	$ 47,565	$ 121,334	$ 107,550
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215	646	646
Foreign currency translation adjustment	851	137	2,842	1,036
Other comprehensive income, net of tax	1,066	352	3,488	1,682
Comprehensive income	48,661	47,917	124,822	109,232
Parent
Condensed Statement of Income Captions [Line Items]
Net income (loss)	47,595	47,565	121,334	107,550
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215	646	646
Foreign currency translation adjustment	851	137	2,842	1,036
Other comprehensive income, net of tax	1,066	352	3,488	1,682
Comprehensive income	48,661	47,917	124,822	109,232
Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss)	10,130	3,356	16,816	12,408
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0	0	0	0
Foreign currency translation adjustment	0	0	0	0
Other comprehensive income, net of tax	0	0	0	0
Comprehensive income	10,130	3,356	16,816	12,408
Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income (loss)	9,726	10,358	23,630	23,236
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0	0	0	0
Foreign currency translation adjustment	851	137	2,842	1,036
Other comprehensive income, net of tax	851	137	2,842	1,036
Comprehensive income	10,577	10,495	26,472	24,272
Eliminations
Condensed Statement of Income Captions [Line Items]
Net income (loss)	(19,856)	(13,714)	(40,446)	(35,644)
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0	0	0	0
Foreign currency translation adjustment	(851)	(137)	(2,842)	(1,036)
Other comprehensive income, net of tax	(851)	(137)	(2,842)	(1,036)
Comprehensive income	$ (20,707)	$ (13,851)	$ (43,288)	$ (36,680)

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 238,848	$ 202,463	$ 205,953	$ 193,441
Receivables, net	151,672	107,336
Other current assets	64,803	35,074
Total current assets	455,323	344,873
Property and equipment, at cost, net	83,611	84,061
Goodwill	80,519	78,905
Intangible assets, net	14,749	15,738
Notes receivable, net of allowances	139,803	110,608
Investments, employee benefit plans, at fair value	19,749	16,975
Investment in affiliates	0	0
Advances to affiliates	0	0
Deferred income taxes	7,835	52,812
Other assets	159,603	148,496
Total assets	961,192	852,468
Current liabilities
Accounts payable	68,261	48,071
Accrued expenses and other current liabilities	66,515	80,388
Deferred revenue	136,956	133,218
Other current liabilities	1,302	1,991
Total current liabilities	273,034	263,668
Long-term debt	800,001	839,409
Deferred compensation and retirement plan obligations	24,355	21,595
Advances from affiliates	0	0
Other liabilities	64,182	39,145
Total liabilities	1,161,572	1,163,817
Total shareholders’ (deficit) equity	(200,380)	(311,349)
Total liabilities and shareholders’ deficit	961,192	852,468
Parent
ASSETS
Cash and cash equivalents	25,521	14,696	18,530	13,529
Receivables, net	138,257	96,128
Other current assets	11,674	9,120
Total current assets	175,452	119,944
Property and equipment, at cost, net	48,003	44,236
Goodwill	65,813	65,813
Intangible assets, net	4,816	5,279
Notes receivable, net of allowances	22,121	16,285
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	490,505	526,166
Advances to affiliates	10,114	14,929
Deferred income taxes	0	40,459
Other assets	189	18,259
Total assets	817,013	851,370
Current liabilities
Accounts payable	20,956	14,296
Accrued expenses and other current liabilities	21,434	31,352
Deferred revenue	12,749	132,217
Other current liabilities	26,867	8,480
Total current liabilities	82,006	186,345
Long-term debt	787,764	826,551
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	111,052	135,879
Other liabilities	36,571	13,944
Total liabilities	1,017,393	1,162,719
Total shareholders’ (deficit) equity	(200,380)	(311,349)
Total liabilities and shareholders’ deficit	817,013	851,370
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	130	159	589	19
Receivables, net	1,891	1,556
Other current assets	64,539	29,281
Total current assets	66,560	30,996
Property and equipment, at cost, net	18,840	21,718
Goodwill	0	0
Intangible assets, net	3,046	3,494
Notes receivable, net of allowances	54,881	42,398
Investments, employee benefit plans, at fair value	19,749	16,975
Investment in affiliates	49,428	50,798
Advances to affiliates	103,322	123,074
Deferred income taxes	16,419	14,234
Other assets	117,432	76,933
Total assets	449,677	380,620
Current liabilities
Accounts payable	43,764	29,705
Accrued expenses and other current liabilities	35,657	45,179
Deferred revenue	122,303	0
Other current liabilities	0	7
Total current liabilities	201,724	74,891
Long-term debt	3,712	3,712
Deferred compensation and retirement plan obligations	24,342	21,584
Advances from affiliates	1,414	1,188
Other liabilities	14,079	15,631
Total liabilities	245,271	117,006
Total shareholders’ (deficit) equity	204,406	263,614
Total liabilities and shareholders’ deficit	449,677	380,620
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	213,197	187,608	186,834	179,893
Receivables, net	12,014	9,802
Other current assets	15,483	4,470
Total current assets	240,694	201,880
Property and equipment, at cost, net	16,768	18,107
Goodwill	14,706	13,092
Intangible assets, net	6,887	6,965
Notes receivable, net of allowances	62,801	51,925
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	0	0
Advances to affiliates	0	17
Deferred income taxes	0	0
Other assets	41,982	53,304
Total assets	383,838	345,290
Current liabilities
Accounts payable	4,031	4,220
Accrued expenses and other current liabilities	9,424	3,857
Deferred revenue	1,930	1,107
Other current liabilities	1,302	1,195
Total current liabilities	16,687	10,379
Long-term debt	8,525	9,146
Deferred compensation and retirement plan obligations	13	11
Advances from affiliates	970	953
Other liabilities	22,116	11,451
Total liabilities	48,311	31,940
Total shareholders’ (deficit) equity	335,527	313,350
Total liabilities and shareholders’ deficit	383,838	345,290
Eliminations
ASSETS
Cash and cash equivalents	0	0	$ 0	$ 0
Receivables, net	(490)	(150)
Other current assets	(26,893)	(7,797)
Total current assets	(27,383)	(7,947)
Property and equipment, at cost, net	0	0
Goodwill	0	0
Intangible assets, net	0	0
Notes receivable, net of allowances	0	0
Investments, employee benefit plans, at fair value	0	0
Investment in affiliates	(539,933)	(576,964)
Advances to affiliates	(113,436)	(138,020)
Deferred income taxes	(8,584)	(1,881)
Other assets	0	0
Total assets	(689,336)	(724,812)
Current liabilities
Accounts payable	(490)	(150)
Accrued expenses and other current liabilities	0	0
Deferred revenue	(26)	(106)
Other current liabilities	(26,867)	(7,691)
Total current liabilities	(27,383)	(7,947)
Long-term debt	0	0
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	(113,436)	(138,020)
Other liabilities	(8,584)	(1,881)
Total liabilities	(149,403)	(147,848)
Total shareholders’ (deficit) equity	(539,933)	(576,964)
Total liabilities and shareholders’ deficit	$ (689,336)	$ (724,812)

Condensed Consolidating State65

Condensed Consolidating Statement Of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities			$ 165,019	$ 88,409
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment			(17,514)	(17,584)
Investment in intangible assets			(2,376)	(482)
Proceeds from sales of assets			0	8,360
Acquisitions of real estate			0	(25,263)
Business acquisition, net of cash acquired			0	(1,341)
Contributions to equity method investments			(44,876)	(24,179)
Distributions from equity method investments			4,307	3,700
Purchases of investments, employee benefit plans			(2,140)	(1,430)
Proceeds from sales of investments, employee benefit plans			2,150	1,395
Issuance of mezzanine and other notes receivable			(18,565)	(20,281)
Collections of mezzanine and other notes receivable			630	11,040
Advances to and investment in affiliates			0	0
Divestment in affiliates			0	0
Other items, net			109	60
Net cash used by investing activities			(78,275)	(66,005)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings pursuant to revolving credit facilities			(39,974)	52,814
Debt issuance costs			0	(284)
Principal payments on long-term debt			(484)	(836)
Proceeds from transfer of interest in notes receivable			24,237	0
Purchases of treasury stock			(8,887)	(33,958)
Dividends paid			(36,483)	(34,690)
Proceeds from contributions from affiliates			0	0
Distributions to affiliates			0	0
Proceeds from exercise of stock options	$ 3,200	$ 2,600	9,799	6,802
Net cash used by financing activities			(51,792)	(10,152)
Net change in cash and cash equivalents			34,952	12,252
Effect of foreign exchange rate changes on cash and cash equivalents			1,433	260
Cash and cash equivalents at beginning of period			202,463	193,441
Cash and cash equivalents at end of period	238,848	205,953	238,848	205,953
Parent
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities			101,749	21,358
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment			(14,336)	(12,579)
Investment in intangible assets			(1,647)	(482)
Proceeds from sales of assets				0
Acquisitions of real estate				0
Business acquisition, net of cash acquired				0
Contributions to equity method investments			0	0
Distributions from equity method investments			0	0
Purchases of investments, employee benefit plans			0	0
Proceeds from sales of investments, employee benefit plans			0	0
Issuance of mezzanine and other notes receivable			(9,032)	(5,306)
Collections of mezzanine and other notes receivable			630	11,040
Advances to and investment in affiliates			0	0
Divestment in affiliates			0	0
Other items, net			0	100
Net cash used by investing activities			(24,385)	(7,227)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings pursuant to revolving credit facilities			(40,000)	53,000
Debt issuance costs				(284)
Principal payments on long-term debt			0	0
Proceeds from transfer of interest in notes receivable			9,032
Purchases of treasury stock			(8,887)	(33,958)
Dividends paid			(36,483)	(34,690)
Proceeds from contributions from affiliates			0	0
Distributions to affiliates			0	0
Proceeds from exercise of stock options			9,799	6,802
Net cash used by financing activities			(66,539)	(9,130)
Net change in cash and cash equivalents			10,825	5,001
Effect of foreign exchange rate changes on cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			14,696	13,529
Cash and cash equivalents at end of period	25,521	18,530	25,521	18,530
Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities			44,489	43,956
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment			(2,908)	(4,749)
Investment in intangible assets			(729)	0
Proceeds from sales of assets				0
Acquisitions of real estate				0
Business acquisition, net of cash acquired				0
Contributions to equity method investments			(44,819)	(24,128)
Distributions from equity method investments			2,136	0
Purchases of investments, employee benefit plans			(2,140)	(1,430)
Proceeds from sales of investments, employee benefit plans			2,150	1,395
Issuance of mezzanine and other notes receivable			0	0
Collections of mezzanine and other notes receivable			0	0
Advances to and investment in affiliates			(574)	(25,902)
Divestment in affiliates			2,253	11,858
Other items, net			113	0
Net cash used by investing activities			(44,518)	(42,956)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings pursuant to revolving credit facilities			0	0
Debt issuance costs				0
Principal payments on long-term debt			0	(430)
Proceeds from transfer of interest in notes receivable			0
Purchases of treasury stock			0	0
Dividends paid			0	0
Proceeds from contributions from affiliates			0	0
Distributions to affiliates			0	0
Proceeds from exercise of stock options			0	0
Net cash used by financing activities			0	(430)
Net change in cash and cash equivalents			(29)	570
Effect of foreign exchange rate changes on cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			159	19
Cash and cash equivalents at end of period	130	589	130	589
Non-Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities			19,438	23,752
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment			(270)	(256)
Investment in intangible assets			0	0
Proceeds from sales of assets				8,360
Acquisitions of real estate				(25,263)
Business acquisition, net of cash acquired				(1,341)
Contributions to equity method investments			(57)	(51)
Distributions from equity method investments			2,171	3,700
Purchases of investments, employee benefit plans			0	0
Proceeds from sales of investments, employee benefit plans			0	0
Issuance of mezzanine and other notes receivable			(9,533)	(14,975)
Collections of mezzanine and other notes receivable			0	0
Advances to and investment in affiliates			0	0
Divestment in affiliates			0	0
Other items, net			(4)	(40)
Net cash used by investing activities			(7,693)	(29,866)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings pursuant to revolving credit facilities			26	(186)
Debt issuance costs				0
Principal payments on long-term debt			(484)	(406)
Proceeds from transfer of interest in notes receivable			15,205
Purchases of treasury stock			0	0
Dividends paid			(657)	(657)
Proceeds from contributions from affiliates			574	25,902
Distributions to affiliates			(2,253)	(11,858)
Proceeds from exercise of stock options			0	0
Net cash used by financing activities			12,411	12,795
Net change in cash and cash equivalents			24,156	6,681
Effect of foreign exchange rate changes on cash and cash equivalents			1,433	260
Cash and cash equivalents at beginning of period			187,608	179,893
Cash and cash equivalents at end of period	213,197	186,834	213,197	186,834
Eliminations
Condensed Consolidating Financial Statements [Line Items]
Net cash provided (used) by operating activities			(657)	(657)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment			0	0
Investment in intangible assets			0	0
Proceeds from sales of assets				0
Acquisitions of real estate				0
Business acquisition, net of cash acquired				0
Contributions to equity method investments			0	0
Distributions from equity method investments			0	0
Purchases of investments, employee benefit plans			0	0
Proceeds from sales of investments, employee benefit plans			0	0
Issuance of mezzanine and other notes receivable			0	0
Collections of mezzanine and other notes receivable			0	0
Advances to and investment in affiliates			574	25,902
Divestment in affiliates			(2,253)	(11,858)
Other items, net			0	0
Net cash used by investing activities			(1,679)	14,044
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (repayments) borrowings pursuant to revolving credit facilities			0	0
Debt issuance costs				0
Principal payments on long-term debt			0	0
Proceeds from transfer of interest in notes receivable			0
Purchases of treasury stock			0	0
Dividends paid			657	657
Proceeds from contributions from affiliates			(574)	(25,902)
Distributions to affiliates			2,253	11,858
Proceeds from exercise of stock options			0	0
Net cash used by financing activities			2,336	(13,387)
Net change in cash and cash equivalents			0	0
Effect of foreign exchange rate changes on cash and cash equivalents			0	0
Cash and cash equivalents at beginning of period			0	0
Cash and cash equivalents at end of period	$ 0	$ 0	$ 0	$ 0

Reportable Segment Informatio66

Reportable Segment Information Narrative (Details)	Sep. 30, 2017brand
Segment Reporting [Abstract]
Number of brands	11

Reportable Segment Informatio67

Reportable Segment Information Schedule Of Financial Information For Company's Franchising Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Reportable Segment Information [Line Items]
Revenues	$ 295,088	$ 267,577	$ 769,785	$ 716,446
Operating income (loss)	77,834	78,618	207,847	186,433
Income (loss) before income taxes	68,514	70,200	177,278	156,188
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	2,056	1,899	5,836	5,127
Operating income (loss)	(22,857)	(13,548)	(48,039)	(38,824)
Income (loss) before income taxes	(31,902)	(23,688)	(75,394)	(69,355)
Hotel Franchising | Operating Segments
Reportable Segment Information [Line Items]
Revenues	292,229	265,152	761,814	709,924
Operating income (loss)	101,271	95,760	259,045	237,926
Income (loss) before income taxes	100,996	97,482	255,831	238,212
SkyTouch Technology | Operating Segments
Reportable Segment Information [Line Items]
Revenues	803	526	2,135	1,395
Operating income (loss)	(580)	(3,594)	(3,159)	(12,669)
Income (loss) before income taxes	$ (580)	$ (3,594)	$ (3,159)	$ (12,669)

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 12, 2017USD ($)	Jun. 02, 2016USD ($)GuaranteeEntitiy	Sep. 30, 2017USD ($)	Nov. 30, 2015USD ($)	Sep. 04, 2015USD ($)	Oct. 09, 2012USD ($)
Commitments and Contingencies [Line Items]
Bank loan issued to VIE, partially guaranteed by parent		$ 46,200,000			$ 13,300,000	$ 18,000,000
Bank loan issued to VIE, percentage guaranteed by parent (percent)						25.00%
Parent's guarantor obligation, maximum exposure		$ 3,250,000			$ 1,800,000	$ 4,500,000
Number of variable interest entities obtaining debt | Entitiy		1
Transfer of notes receivable to third party	$ 24,200,000
Number of guarantees | Guarantee		3
Other commitment				$ 50,100,000
Advances for loans receivable			$ 48,900,000
Forgivable Notes Receivable
Commitments and Contingencies [Line Items]
Other commitment			206,000,000
Other commitment, due in next twelve months			77,700,000
Capital contributions to joint ventures
Commitments and Contingencies [Line Items]
Other commitment, due in next twelve months			$ 17,100,000
Medium-term Notes | Variable Interest Entity, Not Primary Beneficiary
Commitments and Contingencies [Line Items]
Term loan obtained for refinancing for construction loan		$ 61,000,000

Transactions with Unconsolida69

Transactions with Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Receivables, net	$ 151,672		$ 151,672		$ 107,336
Joint Venture Partner
Related Party Transaction [Line Items]
Fees earned and payroll costs reimbursed from marketing services arrangement	500	$ 400	1,300	$ 600
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	7,200	5,400	16,100	12,600
Receivables, net	1,600		1,600		$ 1,100
Commissions paid to travel agent	$ 66	$ 56	$ 133	$ 146