Choice Hotels International (CHH) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2018shares
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	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding	56,660,639

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES
Royalty fees	$ 76,698	$ 68,294
Initial franchise and relicensing fees	6,214	5,806
Procurement services	9,938	7,363
Marketing and reservation system	107,001	98,853
Other	9,543	8,552
Total revenues	209,394	188,868
OPERATING EXPENSES
Selling, general and administrative	40,864	33,745
Depreciation and amortization	3,053	1,726
Marketing and reservation system	119,228	107,994
Total operating expenses	163,145	143,465
Operating income	46,249	45,403
OTHER INCOME AND EXPENSES, NET
Interest expense	11,309	11,205
Interest income	(1,609)	(1,264)
Other (gains) losses	120	(897)
Equity in net loss of affiliates	5,968	2,080
Total other income and expenses, net	15,788	11,124
Income before income taxes	30,461	34,279
Income taxes	5,375	10,010
Net income	$ 25,086	$ 24,269
Basic earnings per share (in dollars per share)	$ 0.44	$ 0.43
Diluted earnings per share (in dollars per share)	0.44	0.43
Cash dividends declared per share (in dollars per share)	$ 0.215	$ 0.215

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 25,086	$ 24,269
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	855	568
Other comprehensive income, net of tax	1,070	783
Comprehensive income	$ 26,156	$ 25,052

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 36,834	$ 235,336
Receivables (net of allowance for doubtful accounts of $14,608 and $12,221, respectively)	143,028	125,870
Income taxes receivable	664	0
Notes receivable, net of allowance	17,254	13,256
Other current assets	34,065	25,967
Total current assets	231,845	400,429
Property and equipment, at cost, net	98,403	83,374
Goodwill	174,538	80,757
Intangible assets, net	246,925	100,492
Notes receivable, net of allowances	78,286	80,136
Investments, employee benefit plans, at fair value	20,142	20,838
Investments in unconsolidated entities	128,157	134,226
Deferred income taxes	24,601	27,224
Other assets	49,120	67,715
Total assets	1,052,017	995,191
Current liabilities
Accounts payable	62,730	67,839
Accrued expenses and other current liabilities	58,953	84,315
Deferred revenue	62,247	52,142
Current portion of long-term debt	1,265	1,232
Liability for guest loyalty program	84,075	79,123
Total current liabilities	269,270	284,651
Long-term debt	795,745	725,292
Long-term deferred revenue	96,351	94,153
Deferred compensation and retirement plan obligations	24,513	25,566
Income taxes payable	29,041	29,041
Deferred income taxes	0	39
Liability for guest loyalty program	51,749	48,701
Other liabilities	45,265	46,349
Total liabilities	1,311,934	1,253,792
Commitments and Contingencies
SHAREHOLDERS' DEFICIT
Common stock, $0.01 par value, 160,000,000 shares authorized; 95,065,638 shares issued at March 31, 2018 and December 31, 2017 and 56,660,639 and 56,679,968 shares outstanding at March 31, 2018 and December 31, 2017, respectively	951	951
Additional paid-in-capital	195,651	182,448
Accumulated other comprehensive loss	(3,629)	(4,699)
Treasury stock (38,404,999 and 38,385,670 shares at March 31, 2018 and December 31, 2017, respectively), at cost	(1,093,066)	(1,064,573)
Retained earnings	640,176	627,272
Total shareholders’ deficit	(259,917)	(258,601)
Total liabilities and shareholders’ deficit	$ 1,052,017	$ 995,191

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 14,608	$ 12,221
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)	56,660,639	56,679,968
Treasury stock, shares (in shares)	38,404,999	38,385,670

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 25,086	$ 24,269
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,053	1,726
Depreciation and amortization – marketing and reservation system	5,071	5,290
Franchise agreement acquisition cost amortization	2,154	1,489
Provision for bad debts, net	3,389	941
Non-cash stock compensation and other charges	3,787	3,472
Non-cash interest and other (income) loss	974	(301)
Deferred income taxes	2,582	(4,529)
Equity in net losses from unconsolidated joint ventures, less distributions received	6,735	2,386
Franchise agreement acquisition cost, net of reimbursements	(11,925)	(4,483)
Change in working capital and other, net of acquisition	(36,354)	(6,046)
Net cash provided by operating activities	4,552	24,214
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(4,996)	(4,718)
Investment in intangible assets	(1,193)	(2,088)
Business acquisition, net of cash acquired	(231,317)	0
Contributions to equity method investments	(1,455)	(31,610)
Distributions from equity method investments	766	510
Purchases of investments, employee benefit plans	(1,669)	(1,424)
Proceeds from sales of investments, employee benefit plans	1,029	843
Issuance of mezzanine and other notes receivable	(2,500)	(9,863)
Collections of mezzanine and other notes receivable	150	522
Other items, net	0	(4)
Net cash used in investing activities	(241,185)	(47,832)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	70,000	22,800
Principal payments on long-term debt	(111)	(153)
Purchase of treasury stock	(41,869)	(7,271)
Dividends paid	(12,265)	(12,139)
Debt issuance costs	(914)	0
Proceeds from issuance of long term debt	212	0
Proceeds from exercise of stock options	23,052	4,963
Net cash provided by financing activities	38,105	8,200
Net change in cash and cash equivalents	(198,528)	(15,418)
Effect of foreign exchange rate changes on cash and cash equivalents	26	427
Cash and cash equivalents at beginning of period	235,336	202,463
Cash and cash equivalents at end of period	36,834	187,472
Cash payments during the period for:
Income taxes, net of refunds	5,034	1,454
Interest, net of capitalized interest	19,882	19,874
Non-cash investing and financing activities:
Dividends declared but not paid	12,117	12,195
Investment in property and equipment acquired in accounts payable	$ 374	$ 724

Company Information and Signifi

Company Information and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Company Information and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and its subsidiaries (together the "Company") have been prepared by the Company in accordance with United States of America generally accepted accounting principles (“GAAP”) 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 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, 2017 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 1, 2018 (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. On February 1, 2018, the Company acquired 100% of the issued and outstanding equity interest of WoodSpring Hotels Franchise Services (“WoodSpring”). The transaction has been accounted for using the acquisition method of accounting and accordingly, assets acquired and liabilities assumed were recorded at their fair values as of the acquisition date. The results of WoodSpring have been consolidated with the Company since February 1, 2018. See Note 16 for additional information. Summary of Significant Accounting Policies The Company’s significant accounting policies are detailed in Note 1 “Summary of Significant Accounting Policies” in the Annual Report on Form 10-K for the year ended December 31, 2017. The significant accounting policies that changed during the quarter are set forth below. Recently Adopted Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue From Contracts with Customers (Topic 606) and issued subsequent amendments to the initial guidance at various points of 2015 and 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 (these ASUs collectively referred to as "Topic 606"). The Company adopted Topic 606 as of January 1, 2018 using the full retrospective method of adoption. The provisions of Topic 606 impacted the Company’s revenue recognition as follows: • Initial and relicensing fees earned upon execution of a franchise agreement are recognized as revenue ratably as services are provided over the enforceable period of the franchise license arrangement. This represents a change from prior practice, whereby the Company typically recognized revenue for initial and relicensing fees in full in the period of agreement execution. • Sales commissions, which are paid upon the execution of a franchise agreement, are recognized ratably over the period a hotel is expected to remain in the Company's franchise system rather than expensed as incurred. • Franchise agreement acquisition costs are capitalized as intangible assets, as opposed to notes receivable. Amortization of franchise agreement acquisition costs are recognized as a reduction of revenue rather than as a component of depreciation and amortization. • Revenue related to the Choice Privileges program, which is reported as a component of marketing and reservation system fees, is deferred as points are awarded and recognized upon point redemption, net of reward reimbursements paid to a third-party. Previously, revenue was recognized on a gross basis at the time the points were issued with a corresponding deferral of revenue equal to the expected future costs of the award. Deferred revenue was then recognized as actual points were redeemed and costs for those redemptions incurred. • Topic 606 also impacted the Company’s accounting for surpluses and deficits generated from marketing and reservation system activities. The Company has historically, consistent with its existing agreements, not earned a profit or generated a loss from marketing and reservation activities, and as a result, the Company recorded excess marketing and reservation system revenues or expenses as assets or liabilities on the Company’s balance sheet prior to the adoption of Topic 606. However, as a result of the the adoption of Topic 606, the Company will no longer defer revenues and expenses or record assets and liabilities when system revenues exceed expenses in the current period or vice versa. The Company intends to manage these activities to break-even over time but anticipates that net income or loss may be generated quarterly due to the seasonal nature of the hotel industry and annually based on the level of investments needed for new initiatives that benefit our franchisees. All amounts and disclosures set forth in this Form 10-Q reflect the necessary adjustments required for the adoption of Topic 606, including the reclassification of prior year balances to conform to current year presentation. See Note 2 for further details on the adoption of Topic 606 and impact to the Company's significant accounting policies. In accordance with Topic 606 requirements, the disclosure of the impact of adoption on the Company's prior period consolidated statements of income and balance sheet is presented below. The adoption of Topic 606 had no impact to cash from or used in operating, financing, or investing, but resulted in certain reclassifications within cash flows from operating activities, on the prior period consolidated statement of cash flows. Three Months Ended March 31, 2017 As Previously Reported Adoption of Topic 606 As Adjusted Income Statement (in thousands, except per share amounts) Total revenues $ 197,898 $ (9,030 ) $ 188,868 Total operating expenses 145,391 (1,926 ) 143,465 Income before income taxes 41,383 (7,104 ) 34,279 Income taxes 12,639 (2,629 ) 10,010 Net income 28,744 (4,475 ) 24,269 Diluted earnings per share 0.51 (0.08 ) 0.43 December 31, 2017 As Previously Reported (1)(2) Adoption of Topic 606 As Adjusted Balance Sheet (in thousands) Receivables (net of allowance for doubtful accounts) $ 125,452 $ 418 $ 125,870 Current notes receivable, net of allowances 13,904 (648 ) 13,256 Other current assets 28,241 (2,274 ) 25,967 Intangible assets, net 14,672 85,820 100,492 Notes receivable, net of allowances 147,993 (67,857 ) 80,136 Deferred income tax asset 13,335 13,889 27,224 Other assets 29,479 38,236 67,715 Accounts payable (1) 67,839 — 67,839 Accrued expenses and other current liabilities (1) 84,315 — 84,315 Current deferred revenue (2) 13,190 38,952 52,142 Current liability for guest loyalty program (2) 79,183 (60 ) 79,123 Deferred revenue (2) 14,029 80,124 94,153 Liability for guest loyalty program (2) 48,738 (37 ) 48,701 Other liabilities (2) 51,245 (4,896 ) 46,349 Retained earnings 673,771 (46,499 ) 627,272 (1) The Company performed reclassifications of certain payroll taxes from Accrued expenses and other current liabilities to Accounts payable totaling $4.3 million , and the entirety of Income taxes payable to Accrued expenses and other current liabilities totaling $2.8 million . (2) As a result of adoption of Topic 606 and in accordance with reporting requirements, the Company performed revisions to presentation within Total liabilities in the consolidated balance sheet to add non-current Deferred revenue and current and non-current Liability for guest loyalty program line items. Amounts originally captured in current Deferred revenue and Other liabilities have been reclassified to the new line items in the table above. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") and in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash ("ASU 2016-18"), which collectively provide additional guidance on nine specific cash flow issues. The Company adopted ASU 2016-15 and ASU 2016-18 on January 1, 2018, and it did not have an impact on the Company's consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory ("ASU 2016-16"). ASU 2016-16 provides guidance on recognition of current income tax consequences for inter-company asset transfers (other than inventory) at the time of transfer. The Company adopted this ASU on January 1, 2018, and it did not have an impact on the Company's consolidated financial statements. In February 2017, the FASB issued ASU 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 2017-05"). ASU 2017-05 clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and adds guidance for partial sales of nonfinancial assets. The Company adopted this ASU on January 1, 2018, and it did not have an impact on the Company's consolidated financial statements. 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 Company adopted this ASU on January 1, 2018, and it did not have an impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 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 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 intends to adopt the standard on January 1, 2019 and apply the package of practical expedients available upon adoption. The Company is currently assessing the potential impact that ASU 2016-02 will have on its financial statements and disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Revenue Recognition Revenues are primarily derived from franchise agreements with third-party hotel owners. The majority of the Company’s performance obligations are a series of distinct services, as described in more detail below, for which the Company receives variable consideration through franchise fees. The Company enters into franchise agreements to provide franchisees with a limited non-exclusive license to utilize the Company’s registered brand trade names and trademarks, marketing and reservation services, and other miscellaneous franchise services. These agreements typically have an initial term from five to thirty years, with provisions permitting franchisees or the Company to terminate the franchise agreement upon designated anniversaries of the hotel opening before the end of the initial term. An up-front initial or relicensing fee is assessed to third-party hotel owners to affiliate with our brands, which is typically paid prior to agreement execution and is non-refundable. After hotel opening, fees are generated based on a percentage of gross room revenues or as designated transactions and events occur (such as when a reservation is delivered to the hotel through a specified channel) and are due to the Company in the following month. The franchise agreements are comprised of multiple performance obligations, which may require significant judgment in identifying. The primary performance obligations are as follows: • License of brand intellectual property and related services (“brand intellectual property”): Grants the right to access the Company’s intellectual property associated with brand trade names, trademarks, reservation systems, property management systems and related services. • Material rights for free or discounted goods or services to hotel guests: Primarily consists of the points issued under the Company’s guest loyalty program, Choice Privileges. • Point in time sale of goods: The Company administers the delivery of chip-enabled credit card readers to its franchisees to aid in compliance with industry standards in exchange for a fee. Revenue is recognized at the point in time shipment is made to the franchisee within Other revenue. The Company determined the standalone selling price is equal to the amount invoiced to the franchisee. Brand intellectual property Fees generated from the brand intellectual property are recognized to revenue over time as hotel owners pay for access to these services for the duration of the franchise agreement. Franchise fees are typically based on the sales or usage of the underlying hotel, with the exception of fixed up-front fees that usually represent an insignificant portion of the transaction price. The variable consideration is recognizable after the completion of a hotel stay. As a result, variable transaction price is determined for the period when the underlying gross room revenues and transactions or events which generate fees are known. Franchise fees include the following: • Royalty fees . Royalty fees are earned in exchange for a license to brand intellectual property typically based on a percentage of gross room revenues. These fees are billed and collected monthly and revenues are recognized in the same period that the underlying gross room revenues are earned by the Company’s franchisees. • Initial franchise and relicensing fees . Initial and relicensing fees are charged when (i) new hotels enter the franchise system; (ii) there is a change of ownership; or (iii) existing franchise agreements are extended. These revenues are recognized as revenue ratably as services are provided over the enforceable period of the franchise agreement. The enforceable period is the period from hotel opening to the first point the franchisee or the Company can terminate the franchise agreement without incurring a significant penalty. Deferred revenues from initial and relicensing fees will typically be recognized over a five to ten -year period, unless the franchise agreement is terminated and the hotel exits the franchise system whereby remaining deferred amounts will be recognized to revenue in the period of termination. • Other revenue. Other revenue is a combination of miscellaneous non-marketing and reservation system fees, inclusive of quality assurance non-compliance and franchisee training fees, and is recognized in the period the designated transaction or event has occurred. The Company’s franchise agreements require the payment of marketing and reservation system fees. The Company is obligated to use these marketing and reservation system fees to provide marketing and reservation services such as advertising, providing a centralized reservation and property management system, providing reservation and revenue management services, and performing certain franchise services to support the operation of the overall franchise system. These services are comprised of multiple fees including the following: • Fees based on a percentage of gross room revenues are recognized in the period the gross room revenue was earned, based on the underlying hotel’s sales or usage. • Fees based on the occurrence of a designated transaction or event are recognized in the period the transaction or event occurred. • System implementation fees charged to franchisees are deferred and recognized as revenue over the enforceable period of the franchise agreement. • Marketing and reservation system activities also include revenues generated from the Company’s guest loyalty program. The revenue recognition of this program is discussed in Material rights for free or discounted good or services to hotel guests below . Marketing and reservation system expenses are those expenses incurred to facilitate the delivery of marketing and reservation system services, including direct expenses and an allocation of costs for certain administrative activities required to carry out marketing and reservation services. Marketing and reservation system expenses are recognized as services are incurred or goods are received, and as such may not equal marketing and reservation system revenues in a specific period but are expected to equal revenues earned from franchisees over time. The Company’s 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 and recover such advances in future periods through additional fee assessments or reduced spending. Material rights for free or discounted good or services to hotel guests Choice Privileges is the Company’s frequent guest loyalty program, which enables members to earn points based on their spending levels with the Company’s franchisees. The points, which the Company accumulates and tracks on the members’ behalf, may be redeemed for free accommodations or other benefits (e.g., gift cards to participating retailers). The Company collects from franchisees a percentage of program members’ gross room revenue from completed stays to operate the program. At such time points are redeemed for free accommodations or other benefits, the Company reimburses franchisees or third parties based on a rate derived in accordance with the franchise or vendor agreement. Loyalty points represent a performance obligation attributable to usage of the points, and thus revenues are recognized at the point in time when the loyalty points are redeemed by members for benefits. The transaction price is variable and determined in the period when the loyalty points are earned and the underlying gross room revenues are known. No loyalty program revenues are recognized at the time the loyalty points are issued. The Company is an agent in coordinating delivery of the services between the loyalty program member and franchisee or third party, and as a result, revenues are recognized net of the cost of redemptions. The estimated fair value of future redemptions is reflected in current and non-current Liability for guest loyalty program in our consolidated balance sheets. The liability for guest loyalty program is developed based on an estimate of the eventual redemption rates and point values using various actuarial methods. These significant judgments determine the required point liability attributable to outstanding points, which is relieved as redemption costs are processed. The amount of the loyalty program fees in excess of the point liability represents current and non-current Deferred revenue , which is recognized to revenue as points are redeemed including an estimate of future forfeitures (“breakage”). The anticipated redemption pattern of the points is the basis for current and non-current designation of each liability. As of March 31, 2018 , the current and non-current deferred revenue balances are $27.4 million and $16.9 million , respectively. Loyalty program point redemption revenues are recognized within marketing and reservation system revenue in the consolidated statements of income. The Company also earns revenues on contracts incidental to the support of operations for franchised hotels, including purchasing operations. Partnerships The Company maintains various agreements with third-party partners, including the co-branding of the Choice Privileges credit card. The agreements typically provide for use of the Company’s marks, limited access to the Company’s distribution channels, and sale of Choice Privileges points, in exchange for fees primarily comprising variable consideration paid each month. Choice Privileges members can earn points through participation in the partner’s program. Partnership agreements include multiple performance obligations. The primary performance obligations are brand intellectual property and material rights for free or discounted goods or services to hotel guests. Allocation of fixed and variable consideration to the performance obligations is based on standalone selling price as estimated based on market and income methods, which represent significant judgments. The amounts allocated to brand intellectual property are recognized on a gross basis over time using the output measure of time elapsed, primarily within Procurement services revenue. The amounts allocated to material rights for free or discounted goods or services to hotel guests are recognized to revenue as points are redeemed including an estimate of breakage, primarily within Marketing and reservation system revenue. Qualified Vendors The Company generates procurement services revenues from qualified vendors. Procurement services revenues are generally based on marketing services provided by the Company on behalf of the qualified vendors to hotel owners and guests. The Company provides these services in exchange for either fixed consideration or a percentage of revenues earned by the qualified vendor pertaining to purchases by the Company’s franchisees or guests. Fixed consideration is paid in installments based on a contractual schedule, with an initial payment typically due at contract execution. Variable consideration is typically paid quarterly after sales to franchisees or guests have occurred. Qualified vendor agreements comprise a single performance obligation, which is satisfied over time based on the access afforded and services provided to the qualified vendor for the stated duration of the agreement. Fixed consideration is allocated and recognized ratably to each period over the term of the agreement. Variable consideration is determined and recognized in the period when sales to franchisees or guests from vendors are known or cash payment has been remitted. Qualified vendor revenues are recognized within Procurement services revenue. Other The Company is party to other non-franchising agreements that generate revenue within Other revenue in the income statement which are primarily Software as a Service (“SaaS”) arrangements. SaaS agreements typically include fixed consideration for installment and other initiation fees paid at contract onset, and variable consideration for recurring subscription revenue paid monthly. SaaS agreements comprise a single performance obligation, which is satisfied over time based on the access to the software for the stated duration of the agreement. Fixed consideration is allocated and recognized ratably to each period over the term of the agreement. Variable consideration is determined at the conclusion of each period, and allocated to and recognized in the current period. Contract Liabilities Contract liabilities relate to (i) advance consideration received, such as initial franchise and relicensing fees paid when a franchise agreement is executed and system implementation fees paid at time of installation, for services considered to be part of the brand intellectual property performance obligation and (ii) amounts received when points are issued under the Choice Privileges loyalty program but for which revenue is not yet recognized since the related points have not been redeemed. Initial and relicensing fees paid on WoodSpring franchise agreements executed after February 1, 2018 are included in the "Increases to the contract liability balance due to cash received" caption in the table below. No WoodSpring amounts are included in the Revenue recognized in the period" caption, as WoodSpring balances were not included in the contract liability balance as of December 31, 2017 . See Note 16 for additional information. Significant changes in the contract liabilities balances during the period December 31, 2017 to March 31, 2018 are as follows: (in thousands) Balance as of December 31, 2017 $ 132,339 Increases to the contract liability balance due to cash received 17,947 Revenue recognized in the period (12,726 ) Balance as of March 31, 2018 $ 137,560 Remaining Performance Obligations The aggregate amount of transaction price allocated to unsatisfied or partially unsatisfied performance obligations is $137.6 million as of March 31, 2018 . This amount represents fixed transaction price that will be recognized as revenue in future periods, which is primarily captured in the balance sheet as current and non-current deferred revenue. Based on practical expedient elections permitted by Topic 606, the Company does not disclose the value of unsatisfied performance obligations for (i) variable consideration subject to the sales or usage-based royalty constraint or comprising a component of a series (including franchise, partnership, qualified vendor, and SaaS agreements), (ii) variable consideration for which we recognize revenue at the amount to which we have the right to invoice for services performed, or (iii) contracts with an expected original duration of one year or less. Additionally, as part of transition to Topic 606, the Company elected to not disclose the amount of the transaction price allocated to the remaining performance obligations as of December 31, 2017 or provide an explanation of when revenue is expected to be recognized. Capitalized Franchise Agreement Costs Sales commissions earned by Company personnel upon execution of a franchise agreement (“franchise sales commissions”) meet the requirement to be capitalized as an incremental cost of obtaining a contract with a customer. Capitalized franchise sales commission are amortized on a straight-line basis over the estimated benefit period of the arrangement, unless the franchise agreement is terminated and the hotel exits the system whereby remaining capitalized amounts will be expensed in the period of termination. The estimated benefit period is equal to or greater than the period of enforceable rights on the franchise agreement. Capitalized franchise sales commissions are $45.1 million within Other assets as of March 31, 2018 . Amortization expense and impairment loss in the period was $1.9 million and is reflected within selling, general and administrative expenses. The Company makes certain payments to customers as an incentive to enter in to new franchise agreements (“Franchise agreement acquisition cost”). These payments are recognized as an adjustment to transaction price and capitalized as an intangible asset. Franchise agreement acquisition cost intangibles are amortized on a straight-line basis over the estimated benefit period of the arrangement as an offset to royalty fees and marketing and reservation system fees. Impairments from hotel terminations are recorded within the selling, general and administrative expenses and marketing and reservations expenses. Sales Taxes The Company presents taxes collected from customers and remitted to governmental authorities on a net basis and therefore they are excluded from revenues in the consolidated financial statements. Disaggregation of Revenue The following table presents our revenues by over time and point in time recognition: Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Over time Point in time Total Over time Point in time Total Revenues: (in thousands) (in thousands) Royalty fees $ 76,698 $ — $ 76,698 $ 68,294 $ — $ 68,294 Initial franchise and relicensing fees 6,214 — 6,214 5,806 — 5,806 Procurement services 9,565 373 9,938 7,133 230 7,363 Marketing and reservation system 101,128 5,873 107,001 92,852 6,001 98,853 Other 8,520 672 9,192 6,737 1,478 8,215 Total Topic 606 revenues $ 202,125 $ 6,918 209,043 $ 180,822 $ 7,709 188,531 Non-Topic 606 revenues 351 337 $ 209,394 $ 188,868 Non-Topic 606 revenues represent revenue from operations of office buildings and parking lots and are presented in Other revenues in the consolidated income statement. As presented in Note 13, the Corporate & Other amounts represent $3.8 million and $2.6 million of total revenues for the three months ended March 31, 2018 and 2017 , respectively, and are included in the Over time column of Other revenues and Non-Topic 606 revenues row. The remaining revenues relate to the hotel franchising segment.

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2018
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: March 31, 2018 December 31, 2017 (in thousands) Prepaid expenses $ 16,998 $ 14,205 Other current assets 7,096 4,762 Land held for sale 9,971 7,000 Total $ 34,065 $ 25,967 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 March 31, 2018 , the Company reclassified one parcel of land with a total book value of $3.0 million to Land held for sale. As of March 31, 2018 , the Company has a total of $10.0 million of 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	3 Months Ended
	Mar. 31, 2018
Accounts and Notes Receivable, Net [Abstract]
Notes Receivable and Allowance for Losses	Notes Receivable and Allowance for Losses The following table shows the composition of the Company's notes receivable balances: March 31, 2018 December 31, 2017 Credit Quality Indicator (in thousands) Senior $ 73,643 $ 73,700 Subordinated 20,975 18,647 Unsecured 3,059 3,182 Total notes receivable 97,677 95,529 Allowance for losses on non-impaired loans 1,647 1,647 Allowance for losses on receivables specifically evaluated for impairment 490 490 Total loan reserves 2,137 2,137 Net carrying value $ 95,540 $ 93,392 Current portion, net $ 17,254 $ 13,256 Long-term portion, net 78,286 80,136 Total $ 95,540 $ 93,392 The Company utilizes the level of security it has in the mezzanine and other notes receivable as its primary credit quality indicator (i.e., senior, subordinated or unsecured) when determining the appropriate allowances for uncollectible loans. 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 Company determined that approximately $1.8 million of its subordinated mezzanine and other notes receivable were impaired at both March 31, 2018 and December 31, 2017 , and recorded allowance for credit losses on these impaired loans totaling $1.6 million at both March 31, 2018 and December 31, 2017 . The average mezzanine and other notes receivable on non-accrual status was approximately $1.8 million and $1.9 million for the three months ended March 31, 2018 and 2017 , respectively. The Company recognizes interest income for impaired loans on a cash basis. Approximately $44 thousand of interest income on impaired loans was recognized during the three months ended March 31, 2017 . No interest income on impaired loans was recognized during the three months ended March 31, 2018 . The Company provided loan reserves on non-impaired loans totaling $0.5 million at March 31, 2018 and December 31, 2017 . There were no changes in total loan reserves between December 31, 2017 and March 31, 2018 . 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 March 31, 2018 Senior $ — $ — $ — $ 73,643 $ 73,643 Subordinated — — — 20,975 20,975 Unsecured — — — 3,059 3,059 $ — $ — $ — $ 97,677 $ 97,677 As of December 31, 2017 Senior $ — $ — $ — $ 73,700 $ 73,700 Subordinated — — — 18,647 18,647 Unsecured — — — 3,182 3,182 $ — $ — $ — $ 95,529 $ 95,529 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 $37.9 million and $35.2 million as of March 31, 2018 and December 31, 2017 , respectively. 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 $4.6 million and $2.1 million , respectively, with stated interest rates that are less than market rate, representing a total discount of $0.3 million and $0.1 million , respectively, as of March 31, 2018 and December 31, 2017 . These discounts are reflected as a reduction of the outstanding loan amounts and are amortized over the life of the related loan. 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. In the first quarter of 2018, an additional $0.2 million was transferred for a total of $24.4 million . The transaction did not qualify as a sale and therefore the outstanding note receivable was not de-recognized 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. 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 March 31, 2018 and December 31, 2017 , Other Long-Term liabilities includes $24.4 million and $24.2 million , respectively, pursuant to this transaction.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2018
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 $124.0 million and $130.2 million at March 31, 2018 and December 31, 2017 , 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 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 March 31, 2018 and 2017 , the Company recognized losses totaling $6.4 million and $2.5 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 14 "Commitments and Contingencies" of these financial statements.

Debt

Debt	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: March 31, 2018 December 31, 2017 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $3.8 million and $3.9 million at March 31, 2018 and December 31, 2017, respectively $ 396,249 $ 396,057 $250 million senior unsecured notes with an effective interest rate of 6.19% less a discount and deferred issuance costs of $0.7 million and $0.8 million at March 31, 2018 and December 31, 2017, respectively 249,259 249,182 $450 million senior unsecured credit facility with an effective interest rate of 3.14% and 2.84%, less deferred issuance costs of $1.9 million and $2.1 million at March 31, 2018 and December 31, 2017, respectively 138,080 67,936 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.5 million and $0.6 million at March 31, 2018 and December 31, 2017, respectively 8,692 8,853 Economic development loans with an effective interest rate of 3.0% at March 31, 2018 and December 31, 2017, respectively 3,712 3,712 Other notes payable 1,018 784 Total debt $ 797,010 $ 726,524 Less current portion 1,265 1,232 Total long-term debt $ 795,745 $ 725,292 For additional information regarding the senior unsecured credit facility and other debt, see the "Debt" caption under the "Liquidity and Capital Resources" section in Management's Discussion and Analysis of Financial Condition and Results of Operations.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2017 $ (2,298 ) $ (2,401 ) $ (4,699 ) Other comprehensive income before reclassification — 855 855 Amounts reclassified from accumulated other comprehensive loss 215 — 215 Net current period other comprehensive income 215 855 1,070 Ending balance, March 31, 2018 $ (2,083 ) $ (1,546 ) $ (3,629 ) The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2018 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 March 31, 2018 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 Interest expense — Tax (expense) benefit $ 215 Net of tax

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018 . As of March 31, 2018 and December 31, 2017 , 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 March 31, 2018 Mutual funds (1) $ 21,388 $ 21,388 $ — $ — Money market funds (1) 1,703 — 1,703 — $ 23,091 $ 21,388 $ 1,703 $ — As of December 31, 2017 Money market funds, included in cash and cash equivalents $ 50,419 $ — $ 50,419 $ — Mutual funds (1) 20,869 20,869 — — Money market funds (1) 1,702 — 1,702 — $ 72,990 $ 20,869 $ 52,121 $ — ________________________ (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 4. The money market funds previously included in cash and cash equivalents were used to fund the WoodSpring acquisition as of March 31, 2018 . See Note 16 for further information on the acquisition. 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 March 31, 2018 and December 31, 2017 , the $250 million senior notes had an approximate fair value of $261.8 million and $269.2 million , respectively. At March 31, 2018 and December 31, 2017 , the $400 million senior notes had an approximate fair value of $424.9 million and $440.1 million , respectively. Fair value estimates 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	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates were 17.6% and 29.2% for the three months ended March 31, 2018 and 2017 , respectively. The effective income tax rate for the three months ended March 31, 2018 was lower than the U.S. federal income tax rate of 21% due to the impact of foreign operations and $1.6 million of excess tax benefits from share-based compensation, partially offset by state income taxes. The effective income tax rate for the three months ended March 31, 2017 was lower than the U.S. federal income tax rate of 35% due to the impact of foreign operations and $1.2 million of excess tax benefits from share-based compensation, partially offset by state income taxes. The Tax Cuts and Jobs Act (the "Act") was enacted on December 22, 2017 . The Act reduces the U.S. federal corporate income tax rate from 35.0% to 21.0% , requires companies to pay a one-time transition tax on earnings of foreign subsidiaries that were previously tax deferred, and creates new taxes on certain foreign-sourced earnings. The Company applied the guidance in Staff Accounting Bulletin 118 when accounting for the enactment-date effects of the Act. As of March 31, 2018 , the Company made a reasonable estimate of the tax effects of the Act and will continue to refine its calculations as additional analysis is completed. Estimates may also be affected as additional clarification and understanding of the tax law is provided. These changes could be material to income tax expense. The Act subjects a U.S. shareholder to a minimum tax on “global intangible low-taxed income” ("GILTI") earned by certain foreign subsidiaries. The FASB Staff Q&A, Topic 740 No. 5, Accounting for Global Intangible Low-Taxed Income , states that an entity can make an accounting policy election to either recognize deferred taxes for temporary differences expected to reverse as GILTI in future years or provide for the tax expense related to GILTI resulting from those items in the year the tax is incurred. The Company has elected to recognize the resulting tax on GILTI as a period expense in the period the tax is incurred and expects to incur tax for the year ended December 31, 2018 .

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation and Capital Stock	Share-Based Compensation and Capital Stock The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, (in millions) 2018 2017 Stock options $ 0.7 $ 1.1 Restricted stock 1.7 1.7 Performance vested restricted stock units 1.1 1.0 Total $ 3.5 $ 3.8 Income tax benefits $ 0.8 $ 1.4 A summary of stock-based award activity as of March 31, 2018 and changes during the three 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, 2018 1,976,326 $ 50.80 348,876 $ 57.05 294,204 $ 56.95 Granted 109,045 81.55 72,671 81.55 93,809 81.55 Exercised/Vested (414,116 ) 55.66 (70,450 ) 54.94 (25,232 ) 63.47 Expired (2,018 ) 63.47 — — — — Forfeited (10,095 ) 54.08 (13,509 ) 51.67 (6,833 ) 60.42 Outstanding at March 31, 2018 1,659,142 $ 51.57 4.0 years 337,588 $ 62.98 355,948 $ 62.90 Options exercisable at March 31, 2018 1,169,868 $ 47.44 3.5 years 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: 2018 Grants Risk-free interest rate 2.58 % Expected volatility 21.17 % Expected life of stock option 4.6 years Dividend yield 1.05 % Requisite service period 4 years Contractual life 7 years Weighted average fair value of options granted (per option) $ 16.27 Restricted stock awards generally vest ratably over the service period beginning with the first anniversary of the grant date. Vesting service period of shares granted during the three months ended March 31, 2018 range from 36 - 48 months . The Company has granted performance vested restricted stock units ("PVRSU") to certain employees. The vesting of these stock awards is contingent upon the Company achieving performance targets over a 36 month performance period and the employees' continued employment. The performance conditions affect the number of shares that will ultimately vest and can range between 0% and 200% of the shares granted. Share Repurchases and Redemptions The Company purchased 432,165 shares of common stock under the share repurchase program at a total cost of $35.0 million during the three months ended March 31, 2018 . During the three months ended March 31, 2018 , the Company redeemed 85,674 shares of common stock at a total cost of approximately $6.9 million 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	3 Months Ended
	Mar. 31, 2018
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 March 31, (In thousands, except per share amounts) 2018 2017 Computation of Basic Earnings Per Share: Numerator: Net income $ 25,086 $ 24,269 Income allocated to participating securities (155 ) (174 ) Net income available to common shareholders $ 24,931 $ 24,095 Denominator: Weighted average common shares outstanding – basic 56,464 55,941 Basic earnings per share $ 0.44 $ 0.43 Computation of Diluted Earnings Per Share: Numerator: Net income $ 25,086 $ 24,269 Income allocated to participating securities (154 ) (174 ) Net income available to common shareholders $ 24,932 $ 24,095 Denominator: Weighted average common shares outstanding – basic 56,464 55,941 Diluted effect of stock options and PVRSUs 647 345 Weighted average common shares outstanding – diluted 57,111 56,286 Diluted earnings per share $ 0.44 $ 0.43 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 March 31, 2018 and 2017 , the Company had 1.7 million and 2.2 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 months ended March 31, 2018 , 0.1 million anti-dilutive stock options were excluded from the diluted earnings per share calculation. For the three months ended March 31, 2017 , the Company excluded 0.6 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 March 31, 2018 and 2017 , PVRSUs totaling 338,204 and 354,167 , respectively, were excluded from the computation since the performance conditions had not been met.

Condensed Consolidating Financi

Condensed Consolidating Financial Statements	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidating Financial Statements	Condensed Consolidating Financial Statements The Company’s Senior Notes due 2020 and 2022 are guaranteed jointly, severally, fully and unconditionally, subject to certain customary limitations, by 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. The financial results for the 2017 periods have been updated to reflect the Company's adoption of Topic 606 as discussed in Note 1. Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2018 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES Royalty fees $ 71,615 $ 36,209 $ 8,470 $ (39,596 ) $ 76,698 Initial franchise and relicensing fees 6,052 — 162 — 6,214 Procurement services 9,679 124 278 (143 ) 9,938 Marketing and reservation system 88,395 106,426 3,746 (91,566 ) 107,001 Other 6,002 — 3,633 (92 ) 9,543 Total revenues 181,743 142,759 16,289 (131,397 ) 209,394 OPERATING EXPENSES Selling, general and administrative 41,357 32,614 6,790 (39,897 ) 40,864 Marketing and reservation system 109,247 95,855 5,626 (91,500 ) 119,228 Depreciation and amortization 1,649 549 855 — 3,053 Total operating expenses 152,253 129,018 13,271 (131,397 ) 163,145 Operating income 29,490 13,741 3,018 — 46,249 OTHER INCOME AND EXPENSES, NET Interest expense 10,991 — 318 — 11,309 Equity in earnings of consolidated subsidiaries (10,766 ) 1,071 — 9,695 — Other items, net (497 ) 5,616 (640 ) — 4,479 Total other income and expenses, net (272 ) 6,687 (322 ) 9,695 15,788 Income before income taxes 29,762 7,054 3,340 (9,695 ) 30,461 Income taxes 4,676 727 (28 ) — 5,375 Net income $ 25,086 $ 6,327 $ 3,368 $ (9,695 ) $ 25,086 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES Royalty fees $ 63,596 $ 30,735 $ 10,514 $ (36,551 ) $ 68,294 Initial franchise and relicensing fees 5,611 — 195 — 5,806 Procurement services 7,301 — 62 — 7,363 Marketing and reservation system 87,700 93,724 3,473 (86,044 ) 98,853 Other 6,287 40 2,412 (187 ) 8,552 Total revenues 170,495 124,499 16,656 (122,782 ) 188,868 OPERATING EXPENSES Selling, general and administrative 37,448 27,271 5,787 (36,761 ) 33,745 Marketing and reservation system 102,681 87,642 3,692 (86,021 ) 107,994 Depreciation and amortization 384 511 831 — 1,726 Total operating expenses 140,513 115,424 10,310 (122,782 ) 143,465 Operating income 29,982 9,075 6,346 — 45,403 OTHER INCOME AND EXPENSES, NET Interest expense 11,063 — 142 — 11,205 Equity in earnings of consolidated subsidiaries (13,192 ) 455 — 12,737 — Other items, net (364 ) 928 (645 ) — (81 ) Total other income and expenses, net (2,493 ) 1,383 (503 ) 12,737 11,124 Income before income taxes 32,475 7,692 6,849 (12,737 ) 34,279 Income taxes 8,206 2,026 (222 ) — 10,010 Net income $ 24,269 $ 5,666 $ 7,071 $ (12,737 ) $ 24,269 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2018 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 25,086 $ 6,327 $ 3,368 $ (9,695 ) $ 25,086 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 855 — 855 (855 ) 855 Other comprehensive income, net of tax 1,070 — 855 (855 ) 1,070 Comprehensive income $ 26,156 $ 6,327 $ 4,223 $ (10,550 ) $ 26,156 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 24,269 $ 5,666 $ 7,071 $ (12,737 ) $ 24,269 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 568 — 568 (568 ) 568 Other comprehensive income, net of tax 783 — 568 (568 ) 783 Comprehensive income $ 25,052 $ 5,666 $ 7,639 $ (13,305 ) $ 25,052 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of March 31, 2018 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 11,415 $ 52 $ 25,367 $ — $ 36,834 Receivables 126,154 5,555 11,725 (406 ) 143,028 Other current assets 16,611 64,530 13,231 (42,389 ) 51,983 Total current assets 154,180 70,137 50,323 (42,795 ) 231,845 Property and equipment, at cost, net 46,996 16,888 34,519 — 98,403 Goodwill 159,196 — 15,342 — 174,538 Intangible assets, net 141,483 93,646 11,796 — 246,925 Notes receivable, net of allowances 20,346 — 57,940 — 78,286 Investments, employee benefit plans, at fair value — 20,142 — — 20,142 Investments in affiliates 283,439 47,882 — (331,321 ) — Advances to affiliates 10,704 109,042 11 (119,757 ) — Deferred income taxes 16,982 10,050 170 (2,601 ) 24,601 Other assets 417 154,978 21,882 — 177,277 Total assets $ 833,743 $ 522,765 $ 191,983 $ (496,474 ) $ 1,052,017 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 16,489 $ 42,869 $ 3,778 $ (406 ) $ 62,730 Accrued expenses and other current liabilities 60,724 27,752 12,866 (42,389 ) 58,953 Deferred revenue 31,101 28,515 2,631 — 62,247 Current portion of long-term debt — — 1,265 — 1,265 Liability for guest loyalty program — 83,843 232 — 84,075 Total current liabilities 108,314 182,979 20,772 (42,795 ) 269,270 Long-term debt 783,588 3,712 8,445 — 795,745 Long-term deferred revenue 72,259 22,436 1,656 — 96,351 Deferred compensation & retirement plan obligations — 24,499 14 — 24,513 Advances from affiliates 115,267 1,371 3,119 (119,757 ) — Income tax payable — — 29,041 — 29,041 Other liabilities 14,232 64,859 20,524 (2,601 ) 97,014 Total liabilities 1,093,660 299,856 83,571 (165,153 ) 1,311,934 Total shareholders’ (deficit) equity (259,917 ) 222,909 108,412 (331,321 ) (259,917 ) Total liabilities and shareholders’ deficit $ 833,743 $ 522,765 $ 191,983 $ (496,474 ) $ 1,052,017 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of December 31, 2017 (in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 12,671 $ 38 $ 222,627 $ — $ 235,336 Receivables 107,470 6,120 12,480 (200 ) 125,870 Other current assets 12,507 60,569 9,930 (43,783 ) 39,223 Total current assets 132,648 66,727 245,037 (43,983 ) 400,429 Property and equipment, at cost, net 47,736 18,114 17,524 — 83,374 Goodwill 65,813 — 14,944 — 80,757 Intangible assets, net 5,122 83,441 11,929 — 100,492 Notes receivable, net of allowances 22,193 — 57,943 — 80,136 Investments, employee benefit plans, at fair value — 20,838 — — 20,838 Investments in affiliates 475,434 47,172 — (522,606 ) — Advances to affiliates 10,517 120,466 — (130,983 ) — Deferred income taxes 20,548 9,335 169 (2,828 ) 27,224 Other assets 189 160,045 41,707 — 201,941 Total assets $ 780,200 $ 526,138 $ 389,253 $ (700,400 ) $ 995,191 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 15,326 $ 48,213 $ 4,500 $ (200 ) $ 67,839 Accrued expenses and other current liabilities 73,225 41,814 13,059 (43,783 ) 84,315 Deferred revenue 24,984 25,301 1,857 — 52,142 Current portion of long-term debt — — 1,232 — 1,232 Liability for guest loyalty program — 78,899 224 — 79,123 Total current liabilities 113,535 194,227 20,872 (43,983 ) 284,651 Long-term debt 713,175 3,712 8,405 — 725,292 Long-term deferred revenue 71,100 20,513 2,540 — 94,153 Deferred compensation & retirement plan obligations — 25,552 14 — 25,566 Advances from affiliates 126,691 1,294 2,998 (130,983 ) — Income taxes payable — — 29,041 — 29,041 Other liabilities 14,300 62,845 20,772 (2,828 ) 95,089 Total liabilities 1,038,801 308,143 84,642 (177,794 ) 1,253,792 Total shareholders’ (deficit) equity (258,601 ) 217,995 304,611 (522,606 ) (258,601 ) Total liabilities and shareholders’ deficit $ 780,200 $ 526,138 $ 389,253 $ (700,400 ) $ 995,191 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 197,590 $ 4,159 $ 5,087 $ (202,284 ) $ 4,552 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in property and equipment (2,904 ) (837 ) (1,255 ) — (4,996 ) Investment in intangible assets (1,193 ) — — — (1,193 ) Business acquisition, net of cash acquired (231,317 ) — — — (231,317 ) Contributions to equity method investments — (1,432 ) (23 ) — (1,455 ) Distributions from equity method investments — 564 202 — 766 Issuance of mezzanine and other notes receivable (2,500 ) — — — (2,500 ) Collections of mezzanine and other notes receivable 150 — — — 150 Purchases of investments, employee benefit plans — (1,669 ) — — (1,669 ) Proceeds from sales of investments, employee benefit plans — 1,029 — — 1,029 Advances to and investments in affiliates — (2,450 ) — 2,450 — Divestment in affiliates — 650 — (650 ) — Net cash used in investing activities (237,764 ) (4,145 ) (1,076 ) 1,800 (241,185 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings pursuant to revolving credit facilities 70,000 — — — 70,000 Principal payments on long-term debt — — (111 ) — (111 ) Proceeds from the issuance of long-term debt — — 212 — 212 Purchase of treasury stock (41,869 ) — — — (41,869 ) Debt issuance costs — — (914 ) — (914 ) Proceeds from exercise of stock options 23,052 — — — 23,052 Proceeds from contributions from affiliates — — 2,450 (2,450 ) — Distributions to affiliates — — (650 ) 650 — Dividends paid (12,265 ) — (202,284 ) 202,284 (12,265 ) Net cash provided by (used in) financing activities 38,918 — (201,297 ) 200,484 38,105 Net change in cash and cash equivalents (1,256 ) 14 (197,286 ) — (198,528 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 26 — 26 Cash and cash equivalents at beginning of period 12,671 38 222,627 — 235,336 Cash and cash equivalents at end of period $ 11,415 $ 52 $ 25,367 $ — $ 36,834 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ (13,926 ) $ 33,440 $ 4,700 $ — $ 24,214 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in property and equipment (3,832 ) (710 ) (176 ) — (4,718 ) Investment in intangible assets (1,369 ) (719 ) — — (2,088 ) Contributions to equity method investments — (31,592 ) (18 ) — (31,610 ) Distributions from equity method investments — — 510 — 510 Issuance of mezzanine and other notes receivable (330 ) — (9,533 ) — (9,863 ) Collections of mezzanine and other notes receivable 522 — — — 522 Purchases of investments, employee benefit plans — (1,424 ) — — (1,424 ) Proceeds from sales of investments, employee benefit plans — 843 — — 843 Advances to and investments in affiliates — (484 ) — 484 — Divestment in affiliates — 510 — (510 ) — Other items, net — — (4 ) — (4 ) Net cash used in investing activities (5,009 ) (33,576 ) (9,221 ) (26 ) (47,832 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings pursuant to revolving credit facilities 22,800 — — — 22,800 Principal payments on long-term debt — — (153 ) — (153 ) Purchase of treasury stock (7,271 ) — — — (7,271 ) Proceeds from exercise of stock options 4,963 — — — 4,963 Proceeds from contributions from affiliates — — 484 (484 ) — Distributions to affiliates — — (510 ) 510 — Dividends paid (12,139 ) — — — (12,139 ) Net cash provided by (used in) financing activities 8,353 — (179 ) 26 8,200 Net change in cash and cash equivalents (10,582 ) (136 ) (4,700 ) — (15,418 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 427 — 427 Cash and cash equivalents at beginning of period 14,696 159 187,608 — 202,463 Cash and cash equivalents at end of period $ 4,114 $ 23 $ 183,335 $ — $ 187,472

Reportable Segment Information

Reportable Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information Hotel Franchising: Hotel franchising includes the Company's hotel franchising operations consisting of its twelve brands. The twelve 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. The financial results for the three months ended March 31, 2017 have been updated to reflect the Company's adoption of Topic 606 as discussed in Note 1. In addition, the financial results related to SkyTouch are now reported as a component of Corporate & Other. The Company evaluates its hotel franchising segment 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 & Other column. Corporate & 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 and its SkyTouch operations related to providing cloud-based technology products to hoteliers not under franchise agreements with the Company. Equity in earnings or losses from hotel franchising related joint ventures is allocated to the Company's hotel franchising segment. The Company does not allocate interest expense, interest income, other gains and losses or income taxes to its hotel franchising segment. The following table presents the financial information for the Company's hotel franchising segment: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (In thousands) Hotel Franchising Corporate & Consolidated Hotel Franchising Corporate & Consolidated Revenues $ 205,622 $ 3,772 $ 209,394 $ 186,313 $ 2,555 $ 188,868 Operating income (loss) $ 59,358 $ (13,109 ) $ 46,249 $ 58,256 $ (12,853 ) $ 45,403 Income (loss) before income taxes $ 53,389 $ (22,928 ) $ 30,461 $ 56,176 $ (21,897 ) $ 34,279

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 and December 31, 2017 . On September 12, 2017 , the Company transferred a portion of an outstanding note receivable to a third party for $24.2 million . In the first quarter of 2018, an additional $0.2 million was transferred for a total of $24.4 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 March 31, 2018 . Commitments The Company has the following commitments outstanding at March 31, 2018 : • The Company provides financing in the form of franchise agreement acquisition costs to franchisees for property improvements, hotel development efforts and other purposes. At March 31, 2018 , the Company had commitments to extend an additional $215.1 million for these purposes provided certain conditions are met by its franchisees. • The Company committed to make additional capital contributions totaling $13.5 million to existing joint ventures related to the construction of various hotels to be operated under the Company's Cambria Hotels brand. • In October 2017, the Company committed to provide financing to a development company to construct a Cambria hotel. The Company has committed to provide an aggregate of $3.8 million , if certain conditions are met. As of March 31, 2018 , no funds have been disbursed. • In March 2018, the Company entered into a construction loan agreement for the rehabilitation and development of a former office building into a hotel through a consolidated joint venture with a commercial lender, which is secured by the building. The construction loan can be drawn up to $34.9 million . The Company has a carve-out guaranty and the unaffiliated joint venture partner has a completion guaranty in relation to the loan, in which both parties are required to meet certain financial covenants relating to liquidity and net worth. The rehabilitation of the building is considered a qualified asset in which requires a significant amount of time to prepare for its intended use. Therefore, any interest costs incurred during the development period of the building is considered an element of the historical cost of the qualifying asset. For the three months ended March 31, 2018 , the Company has not drawn on the construction loan or recorded any capitalized interest costs. The Company committed to make additional capital contributions totaling $14.4 million for the development of the hotel to be operated under the Company's Cambria Hotels brand. • The Company’s franchise agreements require the payment of franchise fees, which include marketing and reservation system fees. These fees are described in Note 2 Revenue. In accordance with terms of our franchise agreements, the Company is obligated to use the marketing and reservation system revenues it collects from the current franchisees comprising its various hotel brands to provide marketing and reservation services appropriate to support the operation of the overall system. To the extent revenues collected exceed expenditures incurred, the Company has a commitment to the franchisee system to make expenditures in future years. Conversely, to the extent expenditures incurred exceed revenues collected, the Company has the contractual enforceable right to assess and collect such amounts. 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	3 Months Ended
	Mar. 31, 2018
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 both the three months ended March 31, 2018 and 2017 , fees earned and payroll costs reimbursed under this arrangement totaled $0.3 million . The Company has entered into franchise agreements with certain of the unconsolidated joint ventures discussed in Note 5. Pursuant to these franchise agreements, for the three months ended March 31, 2018 and 2017 , the Company recorded royalty and marking reservation system fees of approximately $4.6 million and $3.9 million , respectively. The Company recorded $1.1 million and $1.3 million as a receivable due from these joint ventures as of March 31, 2018 and December 31, 2017 , respectively. In addition, the Company paid commissions of $44 thousand and $22 thousand for the three months ended March 31, 2018 and 2017 to an on-line travel agent for which the Company is a joint venture member.

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Acquisition	Acquisition On February 1, 2018 , the Company acquired 100% of the issued and outstanding equity interest of WoodSpring. At the time of the acquisition, WoodSpring franchised 239 economy extended stay hotels across 35 U.S. states. The total consideration was $231.6 million , which consisted of cash paid, net of cash acquired, of $231.3 million as well as liabilities assumed of $0.4 million and a preliminary working capital adjustment of $0.1 million . The transaction has been accounted for using the acquisition method of accounting and accordingly, assets acquired, and liabilities assumed were recorded at their fair values as of the acquisition date. The results of WoodSpring have been consolidated with the Company since February 1, 2018 and are included in the Company’s hotel franchising segment. The Company allocated the purchase price based upon a preliminary assessment of the fair value of the assets and liabilities assumed as of February 1, 2018 . The Company continues to gather information concerning the valuation of assets acquired and liabilities assumed and is in the process of reviewing the preliminary assessment with its valuation specialists and as a result the allocation is not final. The preliminary fair value of the assets and liabilities is as follows: (in thousands) Cash $ 250 Accounts receivables 1,258 Prepaid 23 Contract assets 115,000 Tradename 22,000 Goodwill 93,384 Accounts payable (348 ) Total Consideration $ 231,567 The purchase price, subject to customary adjustments, was based on the projected business growth and cash flows over the next several years and indicated a value that was in excess of the current net book value of the business, resulting in the recognition of various identifiable intangible assets and goodwill as follows: (in thousands) Useful Life Franchise agreements acquired $ 115,000 12-20 years WoodSpring tradename 22,000 Indefinite Goodwill 93,384 Indefinite Total $ 230,384 The excess value recorded in goodwill is expected to be recovered through growth within the existing customer base, improvements in hotel RevPAR and new agreements signed with new franchisees and developers. The full amount of goodwill is deductible for tax purposes. The Company's pro forma results of operations for this acquisition have not been presented here because the effect of this acquisition was not material to the Company's consolidated results of operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 19, 2018 , the Company's Board of Directors declared a cash dividend on the Company's common stock of $0.215 per share. The dividend is payable on July 17, 2018 , to stockholders of record on July 2, 2018 .

Company Information and Signi24

Company Information and Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting	The accompanying unaudited consolidated financial statements of Choice Hotels International, Inc. and its subsidiaries (together the "Company") have been prepared by the Company in accordance with United States of America generally accepted accounting principles (“GAAP”) 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 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, 2017 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 1, 2018 (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 Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue From Contracts with Customers (Topic 606) and issued subsequent amendments to the initial guidance at various points of 2015 and 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, and ASU 2016-20 (these ASUs collectively referred to as "Topic 606"). The Company adopted Topic 606 as of January 1, 2018 using the full retrospective method of adoption. The provisions of Topic 606 impacted the Company’s revenue recognition as follows: • Initial and relicensing fees earned upon execution of a franchise agreement are recognized as revenue ratably as services are provided over the enforceable period of the franchise license arrangement. This represents a change from prior practice, whereby the Company typically recognized revenue for initial and relicensing fees in full in the period of agreement execution. • Sales commissions, which are paid upon the execution of a franchise agreement, are recognized ratably over the period a hotel is expected to remain in the Company's franchise system rather than expensed as incurred. • Franchise agreement acquisition costs are capitalized as intangible assets, as opposed to notes receivable. Amortization of franchise agreement acquisition costs are recognized as a reduction of revenue rather than as a component of depreciation and amortization. • Revenue related to the Choice Privileges program, which is reported as a component of marketing and reservation system fees, is deferred as points are awarded and recognized upon point redemption, net of reward reimbursements paid to a third-party. Previously, revenue was recognized on a gross basis at the time the points were issued with a corresponding deferral of revenue equal to the expected future costs of the award. Deferred revenue was then recognized as actual points were redeemed and costs for those redemptions incurred. • Topic 606 also impacted the Company’s accounting for surpluses and deficits generated from marketing and reservation system activities. The Company has historically, consistent with its existing agreements, not earned a profit or generated a loss from marketing and reservation activities, and as a result, the Company recorded excess marketing and reservation system revenues or expenses as assets or liabilities on the Company’s balance sheet prior to the adoption of Topic 606. However, as a result of the the adoption of Topic 606, the Company will no longer defer revenues and expenses or record assets and liabilities when system revenues exceed expenses in the current period or vice versa. The Company intends to manage these activities to break-even over time but anticipates that net income or loss may be generated quarterly due to the seasonal nature of the hotel industry and annually based on the level of investments needed for new initiatives that benefit our franchisees. All amounts and disclosures set forth in this Form 10-Q reflect the necessary adjustments required for the adoption of Topic 606, including the reclassification of prior year balances to conform to current year presentation. See Note 2 for further details on the adoption of Topic 606 and impact to the Company's significant accounting policies. In accordance with Topic 606 requirements, the disclosure of the impact of adoption on the Company's prior period consolidated statements of income and balance sheet is presented below. The adoption of Topic 606 had no impact to cash from or used in operating, financing, or investing, but resulted in certain reclassifications within cash flows from operating activities, on the prior period consolidated statement of cash flows. Three Months Ended March 31, 2017 As Previously Reported Adoption of Topic 606 As Adjusted Income Statement (in thousands, except per share amounts) Total revenues $ 197,898 $ (9,030 ) $ 188,868 Total operating expenses 145,391 (1,926 ) 143,465 Income before income taxes 41,383 (7,104 ) 34,279 Income taxes 12,639 (2,629 ) 10,010 Net income 28,744 (4,475 ) 24,269 Diluted earnings per share 0.51 (0.08 ) 0.43 December 31, 2017 As Previously Reported (1)(2) Adoption of Topic 606 As Adjusted Balance Sheet (in thousands) Receivables (net of allowance for doubtful accounts) $ 125,452 $ 418 $ 125,870 Current notes receivable, net of allowances 13,904 (648 ) 13,256 Other current assets 28,241 (2,274 ) 25,967 Intangible assets, net 14,672 85,820 100,492 Notes receivable, net of allowances 147,993 (67,857 ) 80,136 Deferred income tax asset 13,335 13,889 27,224 Other assets 29,479 38,236 67,715 Accounts payable (1) 67,839 — 67,839 Accrued expenses and other current liabilities (1) 84,315 — 84,315 Current deferred revenue (2) 13,190 38,952 52,142 Current liability for guest loyalty program (2) 79,183 (60 ) 79,123 Deferred revenue (2) 14,029 80,124 94,153 Liability for guest loyalty program (2) 48,738 (37 ) 48,701 Other liabilities (2) 51,245 (4,896 ) 46,349 Retained earnings 673,771 (46,499 ) 627,272 (1) The Company performed reclassifications of certain payroll taxes from Accrued expenses and other current liabilities to Accounts payable totaling $4.3 million , and the entirety of Income taxes payable to Accrued expenses and other current liabilities totaling $2.8 million . (2) As a result of adoption of Topic 606 and in accordance with reporting requirements, the Company performed revisions to presentation within Total liabilities in the consolidated balance sheet to add non-current Deferred revenue and current and non-current Liability for guest loyalty program line items. Amounts originally captured in current Deferred revenue and Other liabilities have been reclassified to the new line items in the table above. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") and in November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) Restricted Cash ("ASU 2016-18"), which collectively provide additional guidance on nine specific cash flow issues. The Company adopted ASU 2016-15 and ASU 2016-18 on January 1, 2018, and it did not have an impact on the Company's consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740) - Intra-Entity Transfers of Assets Other Than Inventory ("ASU 2016-16"). ASU 2016-16 provides guidance on recognition of current income tax consequences for inter-company asset transfers (other than inventory) at the time of transfer. The Company adopted this ASU on January 1, 2018, and it did not have an impact on the Company's consolidated financial statements. In February 2017, the FASB issued ASU 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 2017-05"). ASU 2017-05 clarifies the scope and accounting of a financial asset that meets the definition of an “in-substance nonfinancial asset” and adds guidance for partial sales of nonfinancial assets. The Company adopted this ASU on January 1, 2018, and it did not have an impact on the Company's consolidated financial statements. 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 Company adopted this ASU on January 1, 2018, and it did not have an impact on the Company's consolidated financial statements. Recently Issued Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 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 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 intends to adopt the standard on January 1, 2019 and apply the package of practical expedients available upon adoption. The Company is currently assessing the potential impact that ASU 2016-02 will have on its financial statements and disclosures.

Company Information and Signi25

Company Information and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Three Months Ended March 31, 2017 As Previously Reported Adoption of Topic 606 As Adjusted Income Statement (in thousands, except per share amounts) Total revenues $ 197,898 $ (9,030 ) $ 188,868 Total operating expenses 145,391 (1,926 ) 143,465 Income before income taxes 41,383 (7,104 ) 34,279 Income taxes 12,639 (2,629 ) 10,010 Net income 28,744 (4,475 ) 24,269 Diluted earnings per share 0.51 (0.08 ) 0.43 December 31, 2017 As Previously Reported (1)(2) Adoption of Topic 606 As Adjusted Balance Sheet (in thousands) Receivables (net of allowance for doubtful accounts) $ 125,452 $ 418 $ 125,870 Current notes receivable, net of allowances 13,904 (648 ) 13,256 Other current assets 28,241 (2,274 ) 25,967 Intangible assets, net 14,672 85,820 100,492 Notes receivable, net of allowances 147,993 (67,857 ) 80,136 Deferred income tax asset 13,335 13,889 27,224 Other assets 29,479 38,236 67,715 Accounts payable (1) 67,839 — 67,839 Accrued expenses and other current liabilities (1) 84,315 — 84,315 Current deferred revenue (2) 13,190 38,952 52,142 Current liability for guest loyalty program (2) 79,183 (60 ) 79,123 Deferred revenue (2) 14,029 80,124 94,153 Liability for guest loyalty program (2) 48,738 (37 ) 48,701 Other liabilities (2) 51,245 (4,896 ) 46,349 Retained earnings 673,771 (46,499 ) 627,272

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	Significant changes in the contract liabilities balances during the period December 31, 2017 to March 31, 2018 are as follows: (in thousands) Balance as of December 31, 2017 $ 132,339 Increases to the contract liability balance due to cash received 17,947 Revenue recognized in the period (12,726 ) Balance as of March 31, 2018 $ 137,560
Disaggregation of Revenue	The following table presents our revenues by over time and point in time recognition: Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Over time Point in time Total Over time Point in time Total Revenues: (in thousands) (in thousands) Royalty fees $ 76,698 $ — $ 76,698 $ 68,294 $ — $ 68,294 Initial franchise and relicensing fees 6,214 — 6,214 5,806 — 5,806 Procurement services 9,565 373 9,938 7,133 230 7,363 Marketing and reservation system 101,128 5,873 107,001 92,852 6,001 98,853 Other 8,520 672 9,192 6,737 1,478 8,215 Total Topic 606 revenues $ 202,125 $ 6,918 209,043 $ 180,822 $ 7,709 188,531 Non-Topic 606 revenues 351 337 $ 209,394 $ 188,868

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Assets, Current [Abstract]
Schedule Of Other Current Assets	Other current assets consist of the following: March 31, 2018 December 31, 2017 (in thousands) Prepaid expenses $ 16,998 $ 14,205 Other current assets 7,096 4,762 Land held for sale 9,971 7,000 Total $ 34,065 $ 25,967

Notes Receivable and Allowanc28

Notes Receivable and Allowance for Losses (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, 2018 December 31, 2017 Credit Quality Indicator (in thousands) Senior $ 73,643 $ 73,700 Subordinated 20,975 18,647 Unsecured 3,059 3,182 Total notes receivable 97,677 95,529 Allowance for losses on non-impaired loans 1,647 1,647 Allowance for losses on receivables specifically evaluated for impairment 490 490 Total loan reserves 2,137 2,137 Net carrying value $ 95,540 $ 93,392 Current portion, net $ 17,254 $ 13,256 Long-term portion, net 78,286 80,136 Total $ 95,540 $ 93,392
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 March 31, 2018 Senior $ — $ — $ — $ 73,643 $ 73,643 Subordinated — — — 20,975 20,975 Unsecured — — — 3,059 3,059 $ — $ — $ — $ 97,677 $ 97,677 As of December 31, 2017 Senior $ — $ — $ — $ 73,700 $ 73,700 Subordinated — — — 18,647 18,647 Unsecured — — — 3,182 3,182 $ — $ — $ — $ 95,529 $ 95,529

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule Of Components Of Debt	Debt consists of the following: March 31, 2018 December 31, 2017 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $3.8 million and $3.9 million at March 31, 2018 and December 31, 2017, respectively $ 396,249 $ 396,057 $250 million senior unsecured notes with an effective interest rate of 6.19% less a discount and deferred issuance costs of $0.7 million and $0.8 million at March 31, 2018 and December 31, 2017, respectively 249,259 249,182 $450 million senior unsecured credit facility with an effective interest rate of 3.14% and 2.84%, less deferred issuance costs of $1.9 million and $2.1 million at March 31, 2018 and December 31, 2017, respectively 138,080 67,936 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.5 million and $0.6 million at March 31, 2018 and December 31, 2017, respectively 8,692 8,853 Economic development loans with an effective interest rate of 3.0% at March 31, 2018 and December 31, 2017, respectively 3,712 3,712 Other notes payable 1,018 784 Total debt $ 797,010 $ 726,524 Less current portion 1,265 1,232 Total long-term debt $ 795,745 $ 725,292

Accumulated Other Comprehensi30

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2017 $ (2,298 ) $ (2,401 ) $ (4,699 ) Other comprehensive income before reclassification — 855 855 Amounts reclassified from accumulated other comprehensive loss 215 — 215 Net current period other comprehensive income 215 855 1,070 Ending balance, March 31, 2018 $ (2,083 ) $ (1,546 ) $ (3,629 )
Reclassifications From Accumulated Other Comprehensive Income (Loss)	The amounts reclassified from accumulated other comprehensive loss during the three months ended March 31, 2018 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 March 31, 2018 (in thousands) Loss on cash flow hedge Interest rate contract $ 215 Interest expense — Tax (expense) benefit $ 215 Net of tax

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Assets	As of March 31, 2018 and December 31, 2017 , 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 March 31, 2018 Mutual funds (1) $ 21,388 $ 21,388 $ — $ — Money market funds (1) 1,703 — 1,703 — $ 23,091 $ 21,388 $ 1,703 $ — As of December 31, 2017 Money market funds, included in cash and cash equivalents $ 50,419 $ — $ 50,419 $ — Mutual funds (1) 20,869 20,869 — — Money market funds (1) 1,702 — 1,702 — $ 72,990 $ 20,869 $ 52,121 $ — ________________________ (1) Included in Investments, employee benefit plans at fair value and other current assets on the consolidated balance sheets.

Share-Based Compensation and 32

Share-Based Compensation and Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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 months ended March 31, 2018 and 2017 : Three Months Ended March 31, (in millions) 2018 2017 Stock options $ 0.7 $ 1.1 Restricted stock 1.7 1.7 Performance vested restricted stock units 1.1 1.0 Total $ 3.5 $ 3.8 Income tax benefits $ 0.8 $ 1.4
Summary Of Change In Stock-Based Award Activity	A summary of stock-based award activity as of March 31, 2018 and changes during the three 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, 2018 1,976,326 $ 50.80 348,876 $ 57.05 294,204 $ 56.95 Granted 109,045 81.55 72,671 81.55 93,809 81.55 Exercised/Vested (414,116 ) 55.66 (70,450 ) 54.94 (25,232 ) 63.47 Expired (2,018 ) 63.47 — — — — Forfeited (10,095 ) 54.08 (13,509 ) 51.67 (6,833 ) 60.42 Outstanding at March 31, 2018 1,659,142 $ 51.57 4.0 years 337,588 $ 62.98 355,948 $ 62.90 Options exercisable at March 31, 2018 1,169,868 $ 47.44 3.5 years
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: 2018 Grants Risk-free interest rate 2.58 % Expected volatility 21.17 % Expected life of stock option 4.6 years Dividend yield 1.05 % Requisite service period 4 years Contractual life 7 years Weighted average fair value of options granted (per option) $ 16.27

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, (In thousands, except per share amounts) 2018 2017 Computation of Basic Earnings Per Share: Numerator: Net income $ 25,086 $ 24,269 Income allocated to participating securities (155 ) (174 ) Net income available to common shareholders $ 24,931 $ 24,095 Denominator: Weighted average common shares outstanding – basic 56,464 55,941 Basic earnings per share $ 0.44 $ 0.43 Computation of Diluted Earnings Per Share: Numerator: Net income $ 25,086 $ 24,269 Income allocated to participating securities (154 ) (174 ) Net income available to common shareholders $ 24,932 $ 24,095 Denominator: Weighted average common shares outstanding – basic 56,464 55,941 Diluted effect of stock options and PVRSUs 647 345 Weighted average common shares outstanding – diluted 57,111 56,286 Diluted earnings per share $ 0.44 $ 0.43

Condensed Consolidating Finan34

Condensed Consolidating Financial Statements (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES Royalty fees $ 71,615 $ 36,209 $ 8,470 $ (39,596 ) $ 76,698 Initial franchise and relicensing fees 6,052 — 162 — 6,214 Procurement services 9,679 124 278 (143 ) 9,938 Marketing and reservation system 88,395 106,426 3,746 (91,566 ) 107,001 Other 6,002 — 3,633 (92 ) 9,543 Total revenues 181,743 142,759 16,289 (131,397 ) 209,394 OPERATING EXPENSES Selling, general and administrative 41,357 32,614 6,790 (39,897 ) 40,864 Marketing and reservation system 109,247 95,855 5,626 (91,500 ) 119,228 Depreciation and amortization 1,649 549 855 — 3,053 Total operating expenses 152,253 129,018 13,271 (131,397 ) 163,145 Operating income 29,490 13,741 3,018 — 46,249 OTHER INCOME AND EXPENSES, NET Interest expense 10,991 — 318 — 11,309 Equity in earnings of consolidated subsidiaries (10,766 ) 1,071 — 9,695 — Other items, net (497 ) 5,616 (640 ) — 4,479 Total other income and expenses, net (272 ) 6,687 (322 ) 9,695 15,788 Income before income taxes 29,762 7,054 3,340 (9,695 ) 30,461 Income taxes 4,676 727 (28 ) — 5,375 Net income $ 25,086 $ 6,327 $ 3,368 $ (9,695 ) $ 25,086 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Income For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Subsidiaries Eliminations Consolidated REVENUES Royalty fees $ 63,596 $ 30,735 $ 10,514 $ (36,551 ) $ 68,294 Initial franchise and relicensing fees 5,611 — 195 — 5,806 Procurement services 7,301 — 62 — 7,363 Marketing and reservation system 87,700 93,724 3,473 (86,044 ) 98,853 Other 6,287 40 2,412 (187 ) 8,552 Total revenues 170,495 124,499 16,656 (122,782 ) 188,868 OPERATING EXPENSES Selling, general and administrative 37,448 27,271 5,787 (36,761 ) 33,745 Marketing and reservation system 102,681 87,642 3,692 (86,021 ) 107,994 Depreciation and amortization 384 511 831 — 1,726 Total operating expenses 140,513 115,424 10,310 (122,782 ) 143,465 Operating income 29,982 9,075 6,346 — 45,403 OTHER INCOME AND EXPENSES, NET Interest expense 11,063 — 142 — 11,205 Equity in earnings of consolidated subsidiaries (13,192 ) 455 — 12,737 — Other items, net (364 ) 928 (645 ) — (81 ) Total other income and expenses, net (2,493 ) 1,383 (503 ) 12,737 11,124 Income before income taxes 32,475 7,692 6,849 (12,737 ) 34,279 Income taxes 8,206 2,026 (222 ) — 10,010 Net income $ 24,269 $ 5,666 $ 7,071 $ (12,737 ) $ 24,269
Condensed Consolidating Statement of Comprehensive Income	Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2018 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 25,086 $ 6,327 $ 3,368 $ (9,695 ) $ 25,086 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 855 — 855 (855 ) 855 Other comprehensive income, net of tax 1,070 — 855 (855 ) 1,070 Comprehensive income $ 26,156 $ 6,327 $ 4,223 $ (10,550 ) $ 26,156 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Comprehensive Income For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net income $ 24,269 $ 5,666 $ 7,071 $ (12,737 ) $ 24,269 Other comprehensive income, net of tax: Amortization of loss on cash flow hedge 215 — — — 215 Foreign currency translation adjustment 568 — 568 (568 ) 568 Other comprehensive income, net of tax 783 — 568 (568 ) 783 Comprehensive income $ 25,052 $ 5,666 $ 7,639 $ (13,305 ) $ 25,052
Condensed Consolidating Balance Sheet	Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of March 31, 2018 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 11,415 $ 52 $ 25,367 $ — $ 36,834 Receivables 126,154 5,555 11,725 (406 ) 143,028 Other current assets 16,611 64,530 13,231 (42,389 ) 51,983 Total current assets 154,180 70,137 50,323 (42,795 ) 231,845 Property and equipment, at cost, net 46,996 16,888 34,519 — 98,403 Goodwill 159,196 — 15,342 — 174,538 Intangible assets, net 141,483 93,646 11,796 — 246,925 Notes receivable, net of allowances 20,346 — 57,940 — 78,286 Investments, employee benefit plans, at fair value — 20,142 — — 20,142 Investments in affiliates 283,439 47,882 — (331,321 ) — Advances to affiliates 10,704 109,042 11 (119,757 ) — Deferred income taxes 16,982 10,050 170 (2,601 ) 24,601 Other assets 417 154,978 21,882 — 177,277 Total assets $ 833,743 $ 522,765 $ 191,983 $ (496,474 ) $ 1,052,017 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 16,489 $ 42,869 $ 3,778 $ (406 ) $ 62,730 Accrued expenses and other current liabilities 60,724 27,752 12,866 (42,389 ) 58,953 Deferred revenue 31,101 28,515 2,631 — 62,247 Current portion of long-term debt — — 1,265 — 1,265 Liability for guest loyalty program — 83,843 232 — 84,075 Total current liabilities 108,314 182,979 20,772 (42,795 ) 269,270 Long-term debt 783,588 3,712 8,445 — 795,745 Long-term deferred revenue 72,259 22,436 1,656 — 96,351 Deferred compensation & retirement plan obligations — 24,499 14 — 24,513 Advances from affiliates 115,267 1,371 3,119 (119,757 ) — Income tax payable — — 29,041 — 29,041 Other liabilities 14,232 64,859 20,524 (2,601 ) 97,014 Total liabilities 1,093,660 299,856 83,571 (165,153 ) 1,311,934 Total shareholders’ (deficit) equity (259,917 ) 222,909 108,412 (331,321 ) (259,917 ) Total liabilities and shareholders’ deficit $ 833,743 $ 522,765 $ 191,983 $ (496,474 ) $ 1,052,017 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Balance Sheet As of December 31, 2017 (in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated ASSETS Cash and cash equivalents $ 12,671 $ 38 $ 222,627 $ — $ 235,336 Receivables 107,470 6,120 12,480 (200 ) 125,870 Other current assets 12,507 60,569 9,930 (43,783 ) 39,223 Total current assets 132,648 66,727 245,037 (43,983 ) 400,429 Property and equipment, at cost, net 47,736 18,114 17,524 — 83,374 Goodwill 65,813 — 14,944 — 80,757 Intangible assets, net 5,122 83,441 11,929 — 100,492 Notes receivable, net of allowances 22,193 — 57,943 — 80,136 Investments, employee benefit plans, at fair value — 20,838 — — 20,838 Investments in affiliates 475,434 47,172 — (522,606 ) — Advances to affiliates 10,517 120,466 — (130,983 ) — Deferred income taxes 20,548 9,335 169 (2,828 ) 27,224 Other assets 189 160,045 41,707 — 201,941 Total assets $ 780,200 $ 526,138 $ 389,253 $ (700,400 ) $ 995,191 LIABILITIES AND SHAREHOLDERS’ DEFICIT Accounts payable $ 15,326 $ 48,213 $ 4,500 $ (200 ) $ 67,839 Accrued expenses and other current liabilities 73,225 41,814 13,059 (43,783 ) 84,315 Deferred revenue 24,984 25,301 1,857 — 52,142 Current portion of long-term debt — — 1,232 — 1,232 Liability for guest loyalty program — 78,899 224 — 79,123 Total current liabilities 113,535 194,227 20,872 (43,983 ) 284,651 Long-term debt 713,175 3,712 8,405 — 725,292 Long-term deferred revenue 71,100 20,513 2,540 — 94,153 Deferred compensation & retirement plan obligations — 25,552 14 — 25,566 Advances from affiliates 126,691 1,294 2,998 (130,983 ) — Income taxes payable — — 29,041 — 29,041 Other liabilities 14,300 62,845 20,772 (2,828 ) 95,089 Total liabilities 1,038,801 308,143 84,642 (177,794 ) 1,253,792 Total shareholders’ (deficit) equity (258,601 ) 217,995 304,611 (522,606 ) (258,601 ) Total liabilities and shareholders’ deficit $ 780,200 $ 526,138 $ 389,253 $ (700,400 ) $ 995,191
Condensed Consolidating Statement Of Cash Flows	Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2018 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided by operating activities $ 197,590 $ 4,159 $ 5,087 $ (202,284 ) $ 4,552 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in property and equipment (2,904 ) (837 ) (1,255 ) — (4,996 ) Investment in intangible assets (1,193 ) — — — (1,193 ) Business acquisition, net of cash acquired (231,317 ) — — — (231,317 ) Contributions to equity method investments — (1,432 ) (23 ) — (1,455 ) Distributions from equity method investments — 564 202 — 766 Issuance of mezzanine and other notes receivable (2,500 ) — — — (2,500 ) Collections of mezzanine and other notes receivable 150 — — — 150 Purchases of investments, employee benefit plans — (1,669 ) — — (1,669 ) Proceeds from sales of investments, employee benefit plans — 1,029 — — 1,029 Advances to and investments in affiliates — (2,450 ) — 2,450 — Divestment in affiliates — 650 — (650 ) — Net cash used in investing activities (237,764 ) (4,145 ) (1,076 ) 1,800 (241,185 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings pursuant to revolving credit facilities 70,000 — — — 70,000 Principal payments on long-term debt — — (111 ) — (111 ) Proceeds from the issuance of long-term debt — — 212 — 212 Purchase of treasury stock (41,869 ) — — — (41,869 ) Debt issuance costs — — (914 ) — (914 ) Proceeds from exercise of stock options 23,052 — — — 23,052 Proceeds from contributions from affiliates — — 2,450 (2,450 ) — Distributions to affiliates — — (650 ) 650 — Dividends paid (12,265 ) — (202,284 ) 202,284 (12,265 ) Net cash provided by (used in) financing activities 38,918 — (201,297 ) 200,484 38,105 Net change in cash and cash equivalents (1,256 ) 14 (197,286 ) — (198,528 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 26 — 26 Cash and cash equivalents at beginning of period 12,671 38 222,627 — 235,336 Cash and cash equivalents at end of period $ 11,415 $ 52 $ 25,367 $ — $ 36,834 Choice Hotels International, Inc. and Subsidiaries Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017 (Unaudited, in thousands) Parent Guarantor Non-Guarantor Eliminations Consolidated Net cash provided (used) by operating activities $ (13,926 ) $ 33,440 $ 4,700 $ — $ 24,214 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in property and equipment (3,832 ) (710 ) (176 ) — (4,718 ) Investment in intangible assets (1,369 ) (719 ) — — (2,088 ) Contributions to equity method investments — (31,592 ) (18 ) — (31,610 ) Distributions from equity method investments — — 510 — 510 Issuance of mezzanine and other notes receivable (330 ) — (9,533 ) — (9,863 ) Collections of mezzanine and other notes receivable 522 — — — 522 Purchases of investments, employee benefit plans — (1,424 ) — — (1,424 ) Proceeds from sales of investments, employee benefit plans — 843 — — 843 Advances to and investments in affiliates — (484 ) — 484 — Divestment in affiliates — 510 — (510 ) — Other items, net — — (4 ) — (4 ) Net cash used in investing activities (5,009 ) (33,576 ) (9,221 ) (26 ) (47,832 ) CASH FLOWS FROM FINANCING ACTIVITIES: Net borrowings pursuant to revolving credit facilities 22,800 — — — 22,800 Principal payments on long-term debt — — (153 ) — (153 ) Purchase of treasury stock (7,271 ) — — — (7,271 ) Proceeds from exercise of stock options 4,963 — — — 4,963 Proceeds from contributions from affiliates — — 484 (484 ) — Distributions to affiliates — — (510 ) 510 — Dividends paid (12,139 ) — — — (12,139 ) Net cash provided by (used in) financing activities 8,353 — (179 ) 26 8,200 Net change in cash and cash equivalents (10,582 ) (136 ) (4,700 ) — (15,418 ) Effect of foreign exchange rate changes on cash and cash equivalents — — 427 — 427 Cash and cash equivalents at beginning of period 14,696 159 187,608 — 202,463 Cash and cash equivalents at end of period $ 4,114 $ 23 $ 183,335 $ — $ 187,472

Reportable Segment Information

Reportable Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule Of Financial Information For Company's Franchising Segment	The following table presents the financial information for the Company's hotel franchising segment: Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 (In thousands) Hotel Franchising Corporate & Consolidated Hotel Franchising Corporate & Consolidated Revenues $ 205,622 $ 3,772 $ 209,394 $ 186,313 $ 2,555 $ 188,868 Operating income (loss) $ 59,358 $ (13,109 ) $ 46,249 $ 58,256 $ (12,853 ) $ 45,403 Income (loss) before income taxes $ 53,389 $ (22,928 ) $ 30,461 $ 56,176 $ (21,897 ) $ 34,279

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Mar. 31, 2018
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The preliminary fair value of the assets and liabilities is as follows: (in thousands) Cash $ 250 Accounts receivables 1,258 Prepaid 23 Contract assets 115,000 Tradename 22,000 Goodwill 93,384 Accounts payable (348 ) Total Consideration $ 231,567
Intangible Assets Acquired as Part of Business Combination	The purchase price, subject to customary adjustments, was based on the projected business growth and cash flows over the next several years and indicated a value that was in excess of the current net book value of the business, resulting in the recognition of various identifiable intangible assets and goodwill as follows: (in thousands) Useful Life Franchise agreements acquired $ 115,000 12-20 years WoodSpring tradename 22,000 Indefinite Goodwill 93,384 Indefinite Total $ 230,384

Company Information and Signi37

Company Information and Significant Accounting Policies - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Feb. 01, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 209,394	$ 188,868
Operating expenses	163,145	143,465
Income before income taxes	30,461	34,279
Income taxes	5,375	10,010
Net income	$ 25,086	$ 24,269
Diluted earnings per share (in dollars per share)		$ 0.43
As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		$ 197,898
Operating expenses		145,391
Income before income taxes		41,383
Income taxes		12,639
Net income		$ 28,744
Diluted earnings per share (in dollars per share)		$ 0.51
Accounting Standards Update 2014-09 | Adoption of Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		$ (9,030)
Operating expenses		(1,926)
Income before income taxes		(7,104)
Income taxes		(2,629)
Net income		$ (4,475)
Diluted earnings per share (in dollars per share)		$ (0.08)
WoodSpring
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Business acquisition, percentage of voting interests acquired			100.00%

Company Information and Signi38

Company Information and Significant Accounting Policies - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables (net of allowance for doubtful accounts)	$ 143,028	$ 125,870
Notes receivable, net of allowance	17,254	13,256
Other current assets	34,065	25,967
Intangible assets, net	246,925	100,492
Notes receivable, net of allowances	78,286	80,136
Deferred income taxes	24,601	27,224
Other assets	49,120	67,715
Accounts payable	62,730	67,839
Accrued expenses and other current liabilities	58,953	84,315
Deferred revenue	62,247	52,142
Liability for guest loyalty program	84,075	79,123
Long-term deferred revenue	96,351	94,153
Liability for guest loyalty program	51,749	48,701
Other liabilities	45,265	46,349
Retained earnings	640,176	627,272
Income taxes payable	$ 29,041	29,041
As Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables (net of allowance for doubtful accounts)		125,452
Notes receivable, net of allowance		13,904
Other current assets		28,241
Intangible assets, net		14,672
Notes receivable, net of allowances		147,993
Deferred income taxes		13,335
Other assets		29,479
Accounts payable		67,839
Accrued expenses and other current liabilities		84,315
Deferred revenue		13,190
Liability for guest loyalty program		79,183
Long-term deferred revenue		14,029
Liability for guest loyalty program		48,738
Other liabilities		51,245
Retained earnings		673,771
Accounting Standards Update 2014-09 | Adoption of Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Receivables (net of allowance for doubtful accounts)		418
Notes receivable, net of allowance		(648)
Other current assets		(2,274)
Intangible assets, net		85,820
Notes receivable, net of allowances		(67,857)
Deferred income taxes		13,889
Other assets		38,236
Accounts payable		0
Accrued expenses and other current liabilities		0
Deferred revenue		38,952
Liability for guest loyalty program		(60)
Long-term deferred revenue		80,124
Liability for guest loyalty program		(37)
Other liabilities		(4,896)
Retained earnings		(46,499)
Financial Reporting Reclassification
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts payable		4,300
Income taxes payable		$ 2,800

Revenue Textual (Details)

Revenue Textual (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 62,247		$ 52,142
Long-term deferred revenue	96,351		$ 94,153
Revenue, remaining performance obligation	137,600
Revenues	$ 209,394	$ 188,868
Minimum
Disaggregation of Revenue [Line Items]
Franchise agreement initial term in years	5 years
Franchise fee in years	5 years
Maximum
Disaggregation of Revenue [Line Items]
Franchise agreement initial term in years	30 years
Franchise fee in years	10 years
Other Assets
Disaggregation of Revenue [Line Items]
Capitalized Franchise Sales Commissions	$ 45,100
Selling, General and Administrative Expenses
Disaggregation of Revenue [Line Items]
Amortization Expense And Impairment Loss	1,900
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenues	3,772	$ 2,555
Loyalty Programs
Disaggregation of Revenue [Line Items]
Deferred revenue	27,400
Long-term deferred revenue	$ 16,900

Revenue Contract Liability (Det

Revenue Contract Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Changes in Contract Liability [Roll Forward]
Contract with customer, liability, beginning	$ 132,339
Increases to the contract liability balance due to cash received	17,947
Revenue recognized in the period	(12,726)
Contract with customer, liability, ending	$ 137,560

Revenue Revenue (Details)

Revenue Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Royalty fees	$ 76,698	$ 68,294
Initial franchise and relicensing fees	6,214	5,806
Procurement services	9,938	7,363
Marketing And Reservation Revenue	107,001	98,853
Other	9,543	8,552
Revenues	209,394	188,868
Effect of Topic 606 Revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Royalty fees	76,698	68,294
Initial franchise and relicensing fees	6,214	5,806
Procurement services	9,938	7,363
Marketing And Reservation Revenue	107,001	98,853
Other	9,192	8,215
Revenues	209,043	188,531
Effect of Non-Topic 606 Revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	351	337
Over time | Effect of Topic 606 Revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Royalty fees	76,698	68,294
Initial franchise and relicensing fees	6,214	5,806
Procurement services	9,565	7,133
Marketing And Reservation Revenue	101,128	92,852
Other	8,520	6,737
Revenues	202,125	180,822
Point in time | Effect of Topic 606 Revenues
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Royalty fees	0	0
Initial franchise and relicensing fees	0	0
Procurement services	373	230
Marketing And Reservation Revenue	5,873	6,001
Other	672	1,478
Revenues	$ 6,918	$ 7,709

Other Current Assets Schedule o

Other Current Assets Schedule of Other Current Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)parcelofland	Dec. 31, 2017USD ($)
Assets, Current [Abstract]
Prepaid expenses	$ 16,998	$ 14,205
Other current assets	7,096	4,762
Land held for sale	9,971	7,000
Total	$ 34,065	$ 25,967
Parcels of land reclassified to held for sale | parcelofland	1
Transfered to land held for sale	$ 3,000

Notes Receivable and Allowanc43

Notes Receivable and Allowance for Losses Schedule Of Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 97,677	$ 95,529
Allowance for losses on non-impaired loans	1,647	1,647
Allowance for losses on receivables specifically evaluated for impairment	490	490
Total loan reserves	2,137	2,137
Net carrying value	95,540	93,392
Current portion, net	17,254	13,256
Long-term portion, net	78,286	80,136
Senior
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	73,643	73,700
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	20,975	18,647
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 3,059	$ 3,182

Notes Receivable and Allowanc44

Notes Receivable and Allowance for Losses Narrative (Details) - USD ($)	Sep. 12, 2017	Mar. 31, 2018	Dec. 31, 2017
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves		$ 2,137,000	$ 2,137,000
Transfer of notes receivable to third party	$ 24,200,000	200,000
Notes receivable outstanding		95,540,000	93,392,000
Mezzanine & Other Notes Receivable | Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Impaired receivables, recorded investment		1,800,000	1,800,000
Impaired receivables, related allowance		1,600,000	1,600,000
Average notes receivable, nonaccrual status		1,800,000	1,900,000
Interest income, impaired loans		0	44,000
Mezzanine & Other Notes Receivable | Non-impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves		500,000	500,000
Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable outstanding	$ 49,100,000	24,400,000
Variable Interest Entity, Not Primary Beneficiary | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable		37,900,000	35,200,000
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		4,600,000	2,100,000
Receivable with Imputed Interest, discount		300,000	100,000
Other Long-term Liabilities
Notes Receivable and Allowance for Losses [Line Items]
Transfer of notes receivable to third party		$ 24,400,000	$ 24,200,000

Notes Receivable and Allowanc45

Notes Receivable and Allowance for Losses Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - Mezzanine & Other Notes Receivable - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 0	$ 0
Current	97,677	95,529
Total Notes Receivable	97,677	95,529
Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	73,643	73,700
Total Notes Receivable	73,643	73,700
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	20,975	18,647
Total Notes Receivable	20,975	18,647
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	3,059	3,182
Total Notes Receivable	3,059	3,182
Financing Receivables, 30 to 89 Days Past Due
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, 30 to 89 Days Past Due | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due | Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 0	$ 0

Investments in Unconsolidated46

Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in joint ventures included in unconsolidated entities	$ 124		$ 130.2
Net (income) loss attributable to variable interest entities	$ 6.4	$ 2.5

Debt Schedule Of Components Of

Debt Schedule Of Components Of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt [Line Items]
Total debt	$ 797,010,000		$ 726,524,000
Less current portion	1,265,000		1,232,000
Total long-term debt	795,745,000		725,292,000
Senior | $400 Million Senior Notes
Debt [Line Items]
Total debt	396,249,000		396,057,000
Debt instrument face amount	$ 400,000,000		$ 400,000,000
Debt instrument effective interest rate (percentage)	6.00%		6.00%
Deferred issuance costs	$ 3,800,000		$ 3,900,000
Senior | $250 Million Senior Notes
Debt [Line Items]
Total debt	249,259,000		249,182,000
Debt instrument face amount	$ 250,000,000		$ 250,000,000
Debt instrument effective interest rate (percentage)	6.19%		6.19%
Discount and deferred issuance costs	$ 700,000		$ 800,000
Senior Revolving Credit Facility | $450 Million Unsecured Revolving Credit Facility
Debt [Line Items]
Total debt	138,080,000		67,936,000
Debt instrument face amount	$ 450,000,000		$ 450,000,000
Debt instrument effective interest rate (percentage)	3.14%		2.84%
Deferred issuance costs	$ 1,900,000		$ 2,100,000
Collateralized Mortgage
Debt [Line Items]
Total debt	$ 8,692,000		$ 8,853,000
Debt instrument effective interest rate (percentage)	4.57%		4.57%
Fair value adjustment	$ 500,000	$ 600,000
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	$ 1,018,000		$ 784,000

Accumulated Other Comprehensi48

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (258,601)
Other comprehensive income before reclassification	855
Amounts reclassified from accumulated other comprehensive loss	215
Net current period other comprehensive income	1,070
Ending balance	(259,917)
Loss on Cash Flow Hedge
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,298)
Other comprehensive income before reclassification	0
Amounts reclassified from accumulated other comprehensive loss	215
Net current period other comprehensive income	215
Ending balance	(2,083)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(2,401)
Other comprehensive income before reclassification	855
Amounts reclassified from accumulated other comprehensive loss	0
Net current period other comprehensive income	855
Ending balance	(1,546)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,699)
Ending balance	$ (3,629)

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax (expense) benefit	$ (5,375)	$ (10,010)
Reclassification out of Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net of tax	215
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
Tax (expense) benefit	$ 0

Fair Value Measurements Narrati

Fair Value Measurements Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Level 1
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	$ 0
Level 2
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0
Level 3
Fair Value Measurements [Line Items]
Defined benefit plan, transfers between measurement levels	0
Senior | $250 Million Senior Notes
Fair Value Measurements [Line Items]
Debt instrument face amount	250,000,000	$ 250,000,000
Senior | $250 Million Senior Notes | Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	261,800,000	269,200,000
Senior | $400 Million Senior Notes
Fair Value Measurements [Line Items]
Debt instrument face amount	400,000,000	400,000,000
Senior | $400 Million Senior Notes | Level 2
Fair Value Measurements [Line Items]
Debt instrument fair value	$ 424,900,000	$ 440,100,000

Fair Value Measurements Schedul

Fair Value Measurements Schedule Of Fair Value Of Assets (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value Measurements [Line Items]
Assets measured at fair value	$ 23,091	$ 72,990
Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents		50,419
Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	1,703	1,702
Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	21,388	20,869
Level 1
Fair Value Measurements [Line Items]
Assets measured at fair value	21,388	20,869
Level 1 | Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents		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	21,388	20,869
Level 2
Fair Value Measurements [Line Items]
Assets measured at fair value	1,703	52,121
Level 2 | Money market funds | Cash and cash equivalents
Fair Value Measurements [Line Items]
Money market funds, included in cash and cash equivalents		50,419
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	1,703	1,702
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
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) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	17.60%	29.20%
Share-based compensation cost, amount	$ 1.6	$ 1.2

Share-Based Compensation and 53

Share-Based Compensation and Capital Stock Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 3.5	$ 3.8
Income tax benefits	0.8	1.4
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	0.7	1.1
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	1.7	1.7
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 1.1	$ 1

Share-Based Compensation and 54

Share-Based Compensation and Capital Stock Summary of Change in Stock-Based Award Activity (Details)	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares) | shares	1,976,326
Granted (in shares) | shares	109,045
Exercised (in shares) | shares	(414,116)
Expired (in shares) | shares	(2,018)
Forfeited (in shares) | shares	(10,095)
Outstanding, ending balance (in shares) | shares	1,659,142
Options exercisable, ending balance (in shares) | shares	1,169,868
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) | $ / shares	$ 50.80
Granted - Weighted average exercise price (in dollars per share) | $ / shares	81.55
Exercised - Weighted average exercise price (in dollars per share) | $ / shares	55.66
Expired - Weighted average exercise price (in dollars per share) | $ / shares	63.47
Forfeited - Weighted average exercise price (in dollars per share) | $ / shares	54.08
Ending balance - weighted average exercise price (in dollars per share) | $ / shares	51.57
Options Exercisable, ending balance - Weighted average exercise price (in dollars per share) | $ / shares	$ 47.44
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
Weighted Average Remaining Contractual Term - Options Exercisable, ending balance	3 years 6 months
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested [Roll Forward]
Outstanding, beginning balance (in shares) | shares	348,876
Restricted share grants (in shares) | shares	72,671
Vested (in shares) | shares	(70,450)
Forfeited (in shares) | shares	(13,509)
Outstanding, ending balance (in shares) | shares	337,588
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) | $ / shares	$ 57.05
Granted - Weighted average grant date fair value (in dollars per share) | $ / shares	81.55
Vested - Weighted average grant date fair value (in dollars per share) | $ / shares	54.94
Forfeited - Weighted average grant date fair value (in dollars per share) | $ / shares	51.67
Ending balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 62.98
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) | shares	294,204
Restricted share grants (in shares) | shares	93,809
Vested (in shares) | shares	(25,232)
Forfeited (in shares) | shares	(6,833)
Outstanding, ending balance (in shares) | shares	355,948
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) | $ / shares	$ 56.95
Granted - Weighted average grant date fair value (in dollars per share) | $ / shares	81.55
Vested - Weighted average grant date fair value (in dollars per share) | $ / shares	63.47
Forfeited - Weighted average grant date fair value (in dollars per share) | $ / shares	60.42
Ending balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 62.90

Share-Based Compensation and 55

Share-Based Compensation and Capital Stock Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - Stock options	3 Months Ended
	Mar. 31, 2018$ / shares
Share-Based Compensation and Capital Stock [Line Items]
Risk-free interest rate (percent)	2.58%
Expected volatility (percent)	21.17%
Expected life of stock option	4 years 7 months 6 days
Dividend yield (percent)	1.05%
Requisite service period	4 years
Contractual life	7 years
Weighted average fair value of options granted (in dollars per share)	$ 16.27

Share-Based Compensation and 56

Share-Based Compensation and Capital Stock Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)shares
Share-Based Compensation and Capital Stock [Line Items]
Shares repurchased (in shares) | shares	432,165
Cost of shares repurchased | $	$ 35
Shares redeemed for tax withholding for share based compensation (in shares) | shares	85,674
Payments related to tax withholding for share-based compensation | $	$ 6.9
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration	36 months
Performance Vested Restricted Stock Units | Minimum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	36 months
Performance period, percent	0.00%
Performance Vested Restricted Stock Units | Maximum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, percent	200.00%
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	4 years
Restricted stock | Minimum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	36 months
Restricted stock | Maximum
Share-Based Compensation and Capital Stock [Line Items]
Vesting service period of shares granted	48 months

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
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Net income	$ 25,086	$ 24,269
Income allocated to participating securities	(155)	(174)
Net income available to common shareholders	$ 24,931	$ 24,095
Denominator:
Weighted average common shares outstanding – basic (in shares)	56,464	55,941
Basic earnings per share (in dollars per share)	$ 0.44	$ 0.43
Numerator:
Income allocated to participating securities	$ (154)	$ (174)
Net income available to common shareholders	$ 24,932	$ 24,095
Denominator:
Weighted average common shares outstanding – basic (in shares)	56,464	55,941
Diluted effect of stock options and PVRSUs (in shares)	647	345
Weighted average common shares outstanding – diluted (in shares)	57,111	56,286
Diluted earnings per share (in dollars per share)	$ 0.44	$ 0.43

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock options (in shares)	1,659,142	2,200,000	1,976,326
Antidilutive securities excluded from EPS computation (in shares)	0	400,000
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS computation (in shares)	109,045	600,000
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)	338,204	354,167

Condensed Consolidating Stateme

Condensed Consolidating Statement Of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES
Royalty fees	$ 76,698	$ 68,294
Initial franchise and relicensing fees	6,214	5,806
Procurement services	9,938	7,363
Marketing and reservation system	107,001	98,853
Other	9,543	8,552
Total revenues	209,394	188,868
OPERATING EXPENSES
Selling, general and administrative	40,864	33,745
Marketing and reservation system	119,228	107,994
Depreciation and amortization	3,053	1,726
Total operating expenses	163,145	143,465
Operating income	46,249	45,403
OTHER INCOME AND EXPENSES, NET
Interest expense	11,309	11,205
Equity in earnings of consolidated subsidiaries	0	0
Other items, net	4,479	(81)
Total other income and expenses, net	15,788	11,124
Income before income taxes	30,461	34,279
Income taxes	5,375	10,010
Net income	25,086	24,269
Eliminations
REVENUES
Royalty fees	(39,596)	(36,551)
Initial franchise and relicensing fees	0	0
Procurement services	(143)	0
Marketing and reservation system	(91,566)	(86,044)
Other	(92)	(187)
Total revenues	(131,397)	(122,782)
OPERATING EXPENSES
Selling, general and administrative	(39,897)	(36,761)
Marketing and reservation system	(91,500)	(86,021)
Depreciation and amortization	0	0
Total operating expenses	(131,397)	(122,782)
Operating income	0	0
OTHER INCOME AND EXPENSES, NET
Interest expense	0	0
Equity in earnings of consolidated subsidiaries	9,695	12,737
Other items, net	0	0
Total other income and expenses, net	9,695	12,737
Income before income taxes	(9,695)	(12,737)
Income taxes	0	0
Net income	(9,695)	(12,737)
Parent
REVENUES
Royalty fees	71,615	63,596
Initial franchise and relicensing fees	6,052	5,611
Procurement services	9,679	7,301
Marketing and reservation system	88,395	87,700
Other	6,002	6,287
Total revenues	181,743	170,495
OPERATING EXPENSES
Selling, general and administrative	41,357	37,448
Marketing and reservation system	109,247	102,681
Depreciation and amortization	1,649	384
Total operating expenses	152,253	140,513
Operating income	29,490	29,982
OTHER INCOME AND EXPENSES, NET
Interest expense	10,991	11,063
Equity in earnings of consolidated subsidiaries	(10,766)	(13,192)
Other items, net	(497)	(364)
Total other income and expenses, net	(272)	(2,493)
Income before income taxes	29,762	32,475
Income taxes	4,676	8,206
Net income	25,086	24,269
Guarantor Subsidiaries
REVENUES
Royalty fees	36,209	30,735
Initial franchise and relicensing fees	0	0
Procurement services	124	0
Marketing and reservation system	106,426	93,724
Other	0	40
Total revenues	142,759	124,499
OPERATING EXPENSES
Selling, general and administrative	32,614	27,271
Marketing and reservation system	95,855	87,642
Depreciation and amortization	549	511
Total operating expenses	129,018	115,424
Operating income	13,741	9,075
OTHER INCOME AND EXPENSES, NET
Interest expense	0	0
Equity in earnings of consolidated subsidiaries	1,071	455
Other items, net	5,616	928
Total other income and expenses, net	6,687	1,383
Income before income taxes	7,054	7,692
Income taxes	727	2,026
Net income	6,327	5,666
Non-Guarantor Subsidiaries
REVENUES
Royalty fees	8,470	10,514
Initial franchise and relicensing fees	162	195
Procurement services	278	62
Marketing and reservation system	3,746	3,473
Other	3,633	2,412
Total revenues	16,289	16,656
OPERATING EXPENSES
Selling, general and administrative	6,790	5,787
Marketing and reservation system	5,626	3,692
Depreciation and amortization	855	831
Total operating expenses	13,271	10,310
Operating income	3,018	6,346
OTHER INCOME AND EXPENSES, NET
Interest expense	318	142
Equity in earnings of consolidated subsidiaries	0	0
Other items, net	(640)	(645)
Total other income and expenses, net	(322)	(503)
Income before income taxes	3,340	6,849
Income taxes	(28)	(222)
Net income	$ 3,368	$ 7,071

Condensed Consolidating State60

Condensed Consolidating Statement Of Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Statement of Income Captions [Line Items]
Net income	$ 25,086	$ 24,269
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	855	568
Other comprehensive income, net of tax	1,070	783
Comprehensive income	26,156	25,052
Parent
Condensed Statement of Income Captions [Line Items]
Net income	25,086	24,269
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	855	568
Other comprehensive income, net of tax	1,070	783
Comprehensive income	26,156	25,052
Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	6,327	5,666
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0	0
Foreign currency translation adjustment	0	0
Other comprehensive income, net of tax	0	0
Comprehensive income	6,327	5,666
Non-Guarantor Subsidiaries
Condensed Statement of Income Captions [Line Items]
Net income	3,368	7,071
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0	0
Foreign currency translation adjustment	855	568
Other comprehensive income, net of tax	855	568
Comprehensive income	4,223	7,639
Eliminations
Condensed Statement of Income Captions [Line Items]
Net income	(9,695)	(12,737)
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	0	0
Foreign currency translation adjustment	(855)	(568)
Other comprehensive income, net of tax	(855)	(568)
Comprehensive income	$ (10,550)	$ (13,305)

Condensed Consolidating Balance

Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 36,834	$ 235,336	$ 187,472	$ 202,463
Receivables	143,028	125,870
Other current assets	51,983	39,223
Total current assets	231,845	400,429
Property and equipment, at cost, net	98,403	83,374
Goodwill	174,538	80,757
Intangible assets, net	246,925	100,492
Notes receivable, net of allowances	78,286	80,136
Investments, employee benefit plans, at fair value	20,142	20,838
Investments in affiliates	0	0
Advances to affiliates	0	0
Deferred income taxes	24,601	27,224
Other assets	177,277	201,941
Total assets	1,052,017	995,191
Current liabilities
Accounts payable	62,730	67,839
Accrued expenses and other current liabilities	58,953	84,315
Deferred revenue	62,247	52,142
Current portion of long-term debt	1,265	1,232
Liability for guest loyalty program	84,075	79,123
Total current liabilities	269,270	284,651
Long-term debt	795,745	725,292
Long-term deferred revenue	96,351	94,153
Deferred compensation and retirement plan obligations	24,513	25,566
Advances from affiliates	0	0
Income taxes payable	29,041	29,041
Other liabilities	97,014	95,089
Total liabilities	1,311,934	1,253,792
Total shareholders’ (deficit) equity	(259,917)	(258,601)
Total liabilities and shareholders’ deficit	1,052,017	995,191
Parent
ASSETS
Cash and cash equivalents	11,415	12,671	4,114	14,696
Receivables	126,154	107,470
Other current assets	16,611	12,507
Total current assets	154,180	132,648
Property and equipment, at cost, net	46,996	47,736
Goodwill	159,196	65,813
Intangible assets, net	141,483	5,122
Notes receivable, net of allowances	20,346	22,193
Investments, employee benefit plans, at fair value	0	0
Investments in affiliates	283,439	475,434
Advances to affiliates	10,704	10,517
Deferred income taxes	16,982	20,548
Other assets	417	189
Total assets	833,743	780,200
Current liabilities
Accounts payable	16,489	15,326
Accrued expenses and other current liabilities	60,724	73,225
Deferred revenue	31,101	24,984
Current portion of long-term debt	0	0
Liability for guest loyalty program	0	0
Total current liabilities	108,314	113,535
Long-term debt	783,588	713,175
Long-term deferred revenue	72,259	71,100
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	115,267	126,691
Income taxes payable	0	0
Other liabilities	14,232	14,300
Total liabilities	1,093,660	1,038,801
Total shareholders’ (deficit) equity	(259,917)	(258,601)
Total liabilities and shareholders’ deficit	833,743	780,200
Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	52	38	23	159
Receivables	5,555	6,120
Other current assets	64,530	60,569
Total current assets	70,137	66,727
Property and equipment, at cost, net	16,888	18,114
Goodwill	0	0
Intangible assets, net	93,646	83,441
Notes receivable, net of allowances	0	0
Investments, employee benefit plans, at fair value	20,142	20,838
Investments in affiliates	47,882	47,172
Advances to affiliates	109,042	120,466
Deferred income taxes	10,050	9,335
Other assets	154,978	160,045
Total assets	522,765	526,138
Current liabilities
Accounts payable	42,869	48,213
Accrued expenses and other current liabilities	27,752	41,814
Deferred revenue	28,515	25,301
Current portion of long-term debt	0	0
Liability for guest loyalty program	83,843	78,899
Total current liabilities	182,979	194,227
Long-term debt	3,712	3,712
Long-term deferred revenue	22,436	20,513
Deferred compensation and retirement plan obligations	24,499	25,552
Advances from affiliates	1,371	1,294
Income taxes payable	0	0
Other liabilities	64,859	62,845
Total liabilities	299,856	308,143
Total shareholders’ (deficit) equity	222,909	217,995
Total liabilities and shareholders’ deficit	522,765	526,138
Non-Guarantor Subsidiaries
ASSETS
Cash and cash equivalents	25,367	222,627	183,335	187,608
Receivables	11,725	12,480
Other current assets	13,231	9,930
Total current assets	50,323	245,037
Property and equipment, at cost, net	34,519	17,524
Goodwill	15,342	14,944
Intangible assets, net	11,796	11,929
Notes receivable, net of allowances	57,940	57,943
Investments, employee benefit plans, at fair value	0	0
Investments in affiliates	0	0
Advances to affiliates	11	0
Deferred income taxes	170	169
Other assets	21,882	41,707
Total assets	191,983	389,253
Current liabilities
Accounts payable	3,778	4,500
Accrued expenses and other current liabilities	12,866	13,059
Deferred revenue	2,631	1,857
Current portion of long-term debt	1,265	1,232
Liability for guest loyalty program	232	224
Total current liabilities	20,772	20,872
Long-term debt	8,445	8,405
Long-term deferred revenue	1,656	2,540
Deferred compensation and retirement plan obligations	14	14
Advances from affiliates	3,119	2,998
Income taxes payable	29,041	29,041
Other liabilities	20,524	20,772
Total liabilities	83,571	84,642
Total shareholders’ (deficit) equity	108,412	304,611
Total liabilities and shareholders’ deficit	191,983	389,253
Eliminations
ASSETS
Cash and cash equivalents	0	0	$ 0	$ 0
Receivables	(406)	(200)
Other current assets	(42,389)	(43,783)
Total current assets	(42,795)	(43,983)
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
Investments in affiliates	(331,321)	(522,606)
Advances to affiliates	(119,757)	(130,983)
Deferred income taxes	(2,601)	(2,828)
Other assets	0	0
Total assets	(496,474)	(700,400)
Current liabilities
Accounts payable	(406)	(200)
Accrued expenses and other current liabilities	(42,389)	(43,783)
Deferred revenue	0	0
Current portion of long-term debt	0	0
Liability for guest loyalty program	0	0
Total current liabilities	(42,795)	(43,983)
Long-term debt	0	0
Long-term deferred revenue	0	0
Deferred compensation and retirement plan obligations	0	0
Advances from affiliates	(119,757)	(130,983)
Income taxes payable	0	0
Other liabilities	(2,601)	(2,828)
Total liabilities	(165,153)	(177,794)
Total shareholders’ (deficit) equity	(331,321)	(522,606)
Total liabilities and shareholders’ deficit	$ (496,474)	$ (700,400)

Condensed Consolidating State62

Condensed Consolidating Statement Of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities	$ 4,552	$ 24,214
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(4,996)	(4,718)
Investment in intangible assets	(1,193)	(2,088)
Business acquisition, net of cash acquired	(231,317)	0
Contributions to equity method investments	(1,455)	(31,610)
Distributions from equity method investments	766	510
Issuance of mezzanine and other notes receivable	(2,500)	(9,863)
Collections of mezzanine and other notes receivable	150	522
Purchases of investments, employee benefit plans	1,669	1,424
Proceeds from sales of investments, employee benefit plans	1,029	843
Advances to and investments in affiliates	0	0
Divestment in affiliates	0	0
Other items, net	0	(4)
Net cash used in investing activities	(241,185)	(47,832)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	70,000	22,800
Principal payments on long-term debt	(111)	(153)
Proceeds from issuance of long term debt	212	0
Purchase of treasury stock	(41,869)	(7,271)
Debt issuance costs	(914)	0
Proceeds from exercise of stock options	23,052	4,963
Proceeds from contributions from affiliates	0	0
Distributions to affiliates	0	0
Dividends paid	(12,265)	(12,139)
Net cash provided by financing activities	38,105	8,200
Net change in cash and cash equivalents	(198,528)	(15,418)
Effect of foreign exchange rate changes on cash and cash equivalents	26	427
Cash and cash equivalents at beginning of period	235,336	202,463
Cash and cash equivalents at end of period	36,834	187,472
Parent
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities	197,590	(13,926)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(2,904)	(3,832)
Investment in intangible assets	(1,193)	(1,369)
Business acquisition, net of cash acquired	(231,317)
Contributions to equity method investments	0	0
Distributions from equity method investments	0	0
Issuance of mezzanine and other notes receivable	(2,500)	(330)
Collections of mezzanine and other notes receivable	150	522
Purchases of investments, employee benefit plans	0	0
Proceeds from sales of investments, employee benefit plans	0	0
Advances to and investments in affiliates	0	0
Divestment in affiliates	0	0
Other items, net		0
Net cash used in investing activities	(237,764)	(5,009)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	70,000	22,800
Principal payments on long-term debt	0	0
Proceeds from issuance of long term debt	0
Purchase of treasury stock	(41,869)	(7,271)
Debt issuance costs	0
Proceeds from exercise of stock options	23,052	4,963
Proceeds from contributions from affiliates	0	0
Distributions to affiliates	0	0
Dividends paid	(12,265)	(12,139)
Net cash provided by financing activities	38,918	8,353
Net change in cash and cash equivalents	(1,256)	(10,582)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	12,671	14,696
Cash and cash equivalents at end of period	11,415	4,114
Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities	4,159	33,440
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(837)	(710)
Investment in intangible assets	0	(719)
Business acquisition, net of cash acquired	0
Contributions to equity method investments	(1,432)	(31,592)
Distributions from equity method investments	564	0
Issuance of mezzanine and other notes receivable	0	0
Collections of mezzanine and other notes receivable	0	0
Purchases of investments, employee benefit plans	1,669	1,424
Proceeds from sales of investments, employee benefit plans	1,029	843
Advances to and investments in affiliates	(2,450)	(484)
Divestment in affiliates	650	510
Other items, net		0
Net cash used in investing activities	(4,145)	(33,576)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	0	0
Principal payments on long-term debt	0	0
Proceeds from issuance of long term debt	0
Purchase of treasury stock	0	0
Debt issuance costs	0
Proceeds from exercise of stock options	0	0
Proceeds from contributions from affiliates	0	0
Distributions to affiliates	0	0
Dividends paid	0	0
Net cash provided by financing activities	0	0
Net change in cash and cash equivalents	14	(136)
Effect of foreign exchange rate changes on cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	38	159
Cash and cash equivalents at end of period	52	23
Non-Guarantor Subsidiaries
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities	5,087	4,700
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(1,255)	(176)
Investment in intangible assets	0	0
Business acquisition, net of cash acquired	0
Contributions to equity method investments	(23)	(18)
Distributions from equity method investments	202	510
Issuance of mezzanine and other notes receivable	0	(9,533)
Collections of mezzanine and other notes receivable	0	0
Purchases of investments, employee benefit plans	0	0
Proceeds from sales of investments, employee benefit plans	0	0
Advances to and investments in affiliates	0	0
Divestment in affiliates	0	0
Other items, net		(4)
Net cash used in investing activities	(1,076)	(9,221)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	0	0
Principal payments on long-term debt	(111)	(153)
Proceeds from issuance of long term debt	212
Purchase of treasury stock	0	0
Debt issuance costs	(914)
Proceeds from exercise of stock options	0	0
Proceeds from contributions from affiliates	2,450	484
Distributions to affiliates	(650)	(510)
Dividends paid	(202,284)	0
Net cash provided by financing activities	(201,297)	(179)
Net change in cash and cash equivalents	(197,286)	(4,700)
Effect of foreign exchange rate changes on cash and cash equivalents	26	427
Cash and cash equivalents at beginning of period	222,627	187,608
Cash and cash equivalents at end of period	25,367	183,335
Eliminations
Condensed Consolidating Financial Statements [Line Items]
Net cash provided by operating activities	(202,284)	0
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	0	0
Investment in intangible assets	0	0
Business acquisition, net of cash acquired	0
Contributions to equity method investments	0	0
Distributions from equity method investments	0	0
Issuance of mezzanine and other notes receivable	0	0
Collections of mezzanine and other notes receivable	0	0
Purchases of investments, employee benefit plans	0	0
Proceeds from sales of investments, employee benefit plans	0	0
Advances to and investments in affiliates	2,450	484
Divestment in affiliates	(650)	(510)
Other items, net		0
Net cash used in investing activities	1,800	(26)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	0	0
Principal payments on long-term debt	0	0
Proceeds from issuance of long term debt	0
Purchase of treasury stock	0	0
Debt issuance costs	0
Proceeds from exercise of stock options	0	0
Proceeds from contributions from affiliates	(2,450)	(484)
Distributions to affiliates	650	510
Dividends paid	202,284	0
Net cash provided by financing activities	200,484	26
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

Reportable Segment Informatio63

Reportable Segment Information Narrative (Details)	Mar. 31, 2018brand
Segment Reporting [Abstract]
Number of brands	12

Reportable Segment Informatio64

Reportable Segment Information Schedule Of Financial Information For Company's Franchising Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Reportable Segment Information [Line Items]
Revenues	$ 209,394	$ 188,868
Operating income (loss)	46,249	45,403
Income (loss) before income taxes	30,461	34,279
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	3,772	2,555
Operating income (loss)	(13,109)	(12,853)
Income (loss) before income taxes	(22,928)	(21,897)
Hotel Franchising | Operating Segments
Reportable Segment Information [Line Items]
Revenues	205,622	186,313
Operating income (loss)	59,358	58,256
Income (loss) before income taxes	$ 53,389	$ 56,176

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 12, 2017USD ($)	Jun. 02, 2016USD ($)GuaranteeEntitiy	Mar. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 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
Number of guarantees | Guarantee		3
Transfer of notes receivable to third party	$ 24,200,000			$ 200,000
Notes receivable outstanding			$ 95,540,000	95,540,000	$ 93,392,000
Other commitment						$ 3,800,000
Construction loan			34,900,000	34,900,000
Additional capital contribution, commitment			14,400,000
Forgivable Notes Receivable
Commitments and Contingencies [Line Items]
Other commitment			215,100,000	215,100,000
Capital contributions to joint ventures
Commitments and Contingencies [Line Items]
Other commitment			13,500,000	13,500,000
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
Notes Receivable
Commitments and Contingencies [Line Items]
Notes receivable outstanding	$ 49,100,000		$ 24,400,000	$ 24,400,000

Transactions with Unconsolida66

Transactions with Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Receivables	$ 143,028		$ 125,870
Joint Venture Partner
Related Party Transaction [Line Items]
Fees earned and payroll costs reimbursed from marketing services arrangement	300
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	4,600	$ 3,900
Receivables	1,100		$ 1,300
Commissions paid to travel agent	$ 44	$ 22

Acquisition (Details)

Acquisition (Details) - WoodSpring $ in Millions	Feb. 01, 2018USD ($)statehotel
Business Acquisition [Line Items]
Business acquisition, percentage of voting interests acquired	100.00%
Number of hotels acquired | hotel	239
Number of states in which acquired business operates | state	35
Business combination, consideration transferred, gross	$ 231.6
Business combination, consideration transferred, net	231.3
Business combination, consideration transferred, liabilities incurred	0.4
Business combination, working capital adjustment	$ 0.1

Acquisition Preliminary (Detail

Acquisition Preliminary (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Feb. 01, 2018	Dec. 31, 2017
Business Acquisition [Line Items]
Goodwill	$ 174,538		$ 80,757
WoodSpring
Business Acquisition [Line Items]
Cash		$ 250
Accounts receivables		1,258
Prepaid		23
Contract assets		115,000
Tradename		22,000
Goodwill		93,384
Accounts payable		(348)
Total Consideration		$ 231,567

Acquisition Intangible Assets (

Acquisition Intangible Assets (Details) - USD ($) $ in Thousands	Feb. 01, 2018	Mar. 31, 2018	Dec. 31, 2017
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill		$ 174,538	$ 80,757
WoodSpring
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 93,384
Total	230,384
WoodSpring | Franchise Rights
Acquired Finite-Lived Intangible Assets [Line Items]
Franchise agreements acquired	115,000
Trade Names | WoodSpring
Acquired Finite-Lived Intangible Assets [Line Items]
WoodSpring tradename	$ 22,000
Minimum | Franchise Rights
Acquired Finite-Lived Intangible Assets [Line Items]
Franchise agreements acquired (useful life)		12 years
Maximum | Franchise Rights
Acquired Finite-Lived Intangible Assets [Line Items]
Franchise agreements acquired (useful life)		20 years

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 19, 2018	Mar. 31, 2018	Mar. 31, 2017
Subsequent Event [Line Items]
Cash dividends declared per share (in dollars per share)		$ 0.215	$ 0.215
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per share (in dollars per share)	$ 0.215