Choice Hotels International (CHH) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Trading Symbol	chh
Entity Central Index Key	0001046311
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		55,640,668

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES
Royalty fees	$ 80,353	$ 76,698
Initial franchise and relicensing fees	6,807	6,214
Procurement services	11,947	9,938
Marketing and reservation system	110,064	107,001
Other	9,149	9,543
Total revenues	218,320	209,394
OPERATING EXPENSES
Selling, general and administrative	39,514	40,864
Depreciation and amortization	3,616	3,053
Marketing and reservation system	119,839	119,228
Total operating expenses	162,969	163,145
Impairment of goodwill	(3,097)	0
Impairment of long-lived assets	(7,304)	0
Gain on sale of assets, net	100	0
Operating income	45,050	46,249
OTHER INCOME AND EXPENSES, NET
Interest expense	11,211	11,309
Interest income	(2,613)	(1,609)
Other (gain) loss	(2,198)	120
Equity in net loss of affiliates	2,171	5,968
Total other income and expenses, net	8,571	15,788
Income before income taxes	36,479	30,461
Income tax expense	6,398	5,375
Net income	$ 30,081	$ 25,086
Basic earnings per share (in dollars per share)	$ 0.54	$ 0.44
Diluted earnings per share (in dollars per share)	0.54	0.44
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, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 30,081	$ 25,086
Other comprehensive income, net of tax:
Amortization of loss on cash flow hedge	215	215
Foreign currency translation adjustment	(207)	855
Other comprehensive income, net of tax	8	1,070
Comprehensive income	$ 30,089	$ 26,156

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 31,810	$ 26,642
Receivables (net of allowance for doubtful accounts of $17,268 and $15,905, respectively)	153,969	138,018
Income taxes receivable	2,541	10,122
Notes receivable, net of allowances	34,416	36,759
Other current assets	27,935	32,243
Total current assets	250,671	243,784
Property and equipment, at cost, net	134,861	127,535
Operating lease right-of-use assets	27,997	0
Goodwill	165,623	168,996
Intangible assets, net	264,690	271,188
Notes receivable, net of allowances	83,808	83,440
Investments, employee benefit plans, at fair value	21,970	19,398
Investments in unconsolidated entities	106,803	109,016
Deferred income taxes	32,850	30,613
Other assets	84,543	84,400
Total assets	1,173,816	1,138,370
Current liabilities
Accounts payable	72,086	73,511
Accrued expenses and other current liabilities	66,966	92,651
Deferred revenue	77,065	67,614
Current portion of long-term debt	1,088	1,097
Liability for guest loyalty program	86,666	83,566
Total current liabilities	303,871	318,439
Long-term debt	804,730	753,514
Long-term deferred revenue	111,113	110,278
Deferred compensation and retirement plan obligations	26,879	24,212
Income taxes payable	26,276	26,276
Operating lease liabilities	27,470	0
Liability for guest loyalty program	54,188	52,327
Other liabilities	4,766	37,096
Total liabilities	1,359,293	1,322,142
Commitments and Contingencies
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,065,638 shares issued at March 31, 2019 and December 31, 2018; 55,673,675 and 55,679,207 shares outstanding at March 31, 2019 and December 31, 2018, respectively	951	951
Additional paid-in-capital	216,384	213,170
Accumulated other comprehensive loss	(5,438)	(5,446)
Treasury stock, at cost; 39,391,963 and 39,386,431 shares at March 31, 2019 and December 31, 2018, respectively	(1,209,870)	(1,187,625)
Retained earnings	812,496	795,178
Total shareholders’ deficit	(185,477)	(183,772)
Total liabilities and shareholders’ deficit	$ 1,173,816	$ 1,138,370

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Receivables, allowance for doubtful accounts	$ 17,268	$ 15,905
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)	55,673,675	55,679,207
Treasury stock, shares (in shares)	39,391,963	39,386,431

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 30,081	$ 25,086
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,616	3,053
Depreciation and amortization – marketing and reservation system	4,521	5,071
Franchise agreement acquisition cost amortization	2,685	2,154
Gain on disposal of assets	(2,120)	0
Provision for bad debts, net	2,983	3,389
Impairment of long-lived assets	7,304	0
Impairment of goodwill	3,097	0
Non-cash stock compensation and other charges	3,989	3,787
Non-cash interest and other (income) loss	(2,495)	974
Deferred income taxes	(2,257)	2,582
Equity in net losses from unconsolidated joint ventures, less distributions received	3,954	6,735
Franchise agreement acquisition cost, net of reimbursements	(6,401)	(11,925)
Change in working capital and other, net of acquisition	(31,014)	(36,354)
Net cash provided by operating activities	17,943	4,552
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment	(14,906)	(4,996)
Investment in intangible assets	(760)	(1,193)
Proceeds from sales of assets	10,585	0
Business acquisition, net of cash acquired	0	(231,317)
Contributions to equity method investments	(8,495)	(1,455)
Distributions from equity method investments	5,724	766
Purchases of investments, employee benefit plans	(1,603)	(1,669)
Proceeds from sales of investments, employee benefit plans	1,637	1,029
Issuance of notes receivable	(1,755)	(2,500)
Collections of notes receivable	5,096	150
Other items, net	197	0
Net cash used in investing activities	(4,280)	(241,185)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net borrowings pursuant to revolving credit facilities	42,400	70,000
Principal payments on long-term debt	(123)	(111)
Purchase of treasury stock	(31,951)	(41,869)
Dividends paid	(12,163)	(12,265)
Debt issuance costs	0	(914)
Proceeds from issuance of long term debt	8,491	212
Payments on transfer of interest in notes receivable	(24,409)	0
Proceeds from exercise of stock options	9,203	23,052
Net cash (used in) provided by financing activities	(8,552)	38,105
Net change in cash and cash equivalents	5,111	(198,528)
Effect of foreign exchange rate changes on cash and cash equivalents	57	26
Cash and cash equivalents at beginning of period	26,642	235,336
Cash and cash equivalents at end of period	31,810	36,834
Cash payments during the period for:
Income taxes, net of refunds	807	5,034
Interest, net of capitalized interest	19,885	19,882
Non-cash investing and financing activities:
Dividends declared but not paid	11,970	12,117
Investment in property and equipment acquired in accounts payable	$ 5,732	$ 374

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Deficit Statement - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in- Capital	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2017			56,679,968
Beginning balance at Dec. 31, 2017		$ (258,601)	$ 951	$ 182,448	$ (4,699)	$ (1,064,573)	$ 627,272
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		25,086					25,086
Other comprehensive income		1,070			1,070
Share based payment activity (in shares)			498,510
Share based payment activity		26,579		13,203		13,376
Dividends declared ($0.215 per share)		(12,182)					(12,182)
Treasury purchases (in shares)			(517,839)
Treasury purchases		(41,869)				(41,869)
Ending balance at Mar. 31, 2018		$ (259,917)	$ 951	195,651	(3,629)	(1,093,066)	640,176
Ending balance (in shares) at Mar. 31, 2018			56,660,639
Beginning balance (in shares) at Dec. 31, 2018		55,679,207	55,679,207
Beginning balance at Dec. 31, 2018		$ (183,772)	$ 951	213,170	(5,446)	(1,187,625)	795,178
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		30,081					30,081
Other comprehensive income		8			8
Other	[1]	(614)					(614)
Share based payment activity (in shares)			408,545
Share based payment activity		12,920		3,214		9,706
Dividends declared ($0.215 per share)		$ (12,149)					(12,149)
Treasury purchases (in shares)		(354,646)	(414,077)
Treasury purchases		$ (31,951)				(31,951)
Ending balance at Mar. 31, 2019		$ (185,477)	$ 951	$ 216,384	$ (5,438)	$ (1,209,870)	$ 812,496
Ending balance (in shares) at Mar. 31, 2019		55,673,675	55,673,675
[1]	Impact of adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts with Customers (Topic 606) and subsequent amendments to the initial guidance ("Topic 606") related to a foreign joint venture accounted for as an equity method investment.

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Deficit (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 0.215	$ 0.215

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
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, 2018 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 26, 2019 . 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. 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, 2018 . The significant accounting policies that changed in 2019 are set forth below. Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) and issued subsequent amendments to the initial guidance at various points thereafter (collectively referred to as "Topic 842"). Topic 842 requires a lessee to recognize operating leases on its balance sheet by recording liabilities for its lease obligations and assets for its right-of-use ("ROU") of the underlying assets as of the lease commencement dates. This differs from prior treatment of operating leases in accordance with ASC 840, Leases (Topic 840) ("Topic 840"), as operating leases were not captured on a lessee's consolidated balance sheet. Topic 842 prescribes that entities should recognize expenses on their consolidated statements of income in a manner similar to Topic 840 whereby minimum lease payments are recognized on a straight-line basis over a lease term. The Company elected to apply the package of practical expedients that allows entities to forego reassessing at the transition date: (1) whether expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initial direct costs for existing leases qualify for capitalization. Topic 842 allows entities an optional transitional method to apply the transition requirements at the effective date, rather than at the beginning of the earliest comparative period. An entity’s reporting for the comparative periods presented in the year of adoption continues to be in accordance with Topic 840, including the disclosure requirements of Topic 840. The Company adopted Topic 842 on January 1, 2019 using this optional transition method and therefore, the financial results reported in periods prior to January 1, 2019 are unchanged. Adoption of the standard resulted in the recording of operating lease ROU assets of $28.0 million and operating lease liabilities of $38.5 million as of March 31, 2019 . Topic 842 did not have an impact on our consolidated statements of income. Refer to Note 7. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU 2016-13"), which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 requires enhanced disclosures, including qualitative and quantitative requirements, to provide insight to significant estimates and judgments used in estimating credit losses and the amounts recorded in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. ASU 2016-13 requires the use of the modified retrospective approach for adoption. The Company is currently assessing the potential impact that ASU 2016-13 will have on its consolidated financial position, results of operations, and disclosures, including the processes to evaluate allowances for trade and notes receivables. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 modifies disclosure requirements on fair value measurements. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU 2018-13 will have on the financial statement disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) : Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the timing of adoption and the potential impact that ASU 2018-15 will have on the financial statements and disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Liabilities Contract liabilities relate to (i) advance consideration received, such as initial franchise and relicensing fees paid when a franchise agreement is awarded 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 Choice Privileges points are issued but for which revenue is not yet recognized since the related points have not been redeemed. 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. System implementation fees charged to franchisees are also deferred and recognized as revenue 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 and system implementation 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. 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 estimated fair value of future redemptions is reflected in current and non-current Liability for guest loyalty program in our consolidated balance sheets. 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. The anticipated redemption pattern of the points is the basis for current and non-current designation of each liability. Loyalty points are typically redeemed within three years of issuance. Significant changes in the contract liabilities balances during the period December 31, 2018 to March 31, 2019 are as follows: (in thousands) Balance as of December 31, 2018 $ 153,180 Increases to the contract liability balance due to cash received 19,949 Revenue recognized in the period (15,282 ) Balance as of March 31, 2019 $ 157,847 Remaining Performance Obligations The aggregate amount of transaction price allocated to unsatisfied or partially unsatisfied performance obligations is $157.8 million as of March 31, 2019 . 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 software as a service ("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. Disaggregation of Revenue Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Over time Point in time Total Over time Point in time Total Revenues: (in thousands) (in thousands) Royalty fees $ 80,353 $ — $ 80,353 $ 76,698 $ — $ 76,698 Initial franchise and relicensing fees 6,807 — 6,807 6,214 — 6,214 Procurement services 11,487 460 11,947 9,565 373 9,938 Marketing and reservation system 104,078 5,986 110,064 101,128 5,873 107,001 Other 8,869 — 8,869 8,520 672 9,192 Total Topic 606 revenues $ 211,594 $ 6,446 218,040 $ 202,125 $ 6,918 209,043 Non-Topic 606 revenues 280 351 $ 218,320 $ 209,394 Non-Topic 606 revenues primarily represent revenue from leasing an office building (refer to Note 7) and are presented in Other revenues in the consolidated statements of income. As presented in Note 14, the Corporate & Other segment amounts represent $3.3 million and $3.8 million for the three months ended March 31, 2019 and 2018 , 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, 2019
Assets, Current [Abstract]
Other Current Assets	Other Current Assets Other current assets consist of the following: March 31, 2019 December 31, 2018 (in thousands) Prepaid expenses $ 22,259 $ 18,412 Other current assets 5,676 6,831 Land held for sale — 7,000 Total $ 27,935 $ 32,243 Land held for sale represents certain parcels of land previously acquired by the Company 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, 2019 , the Company sold one parcel of land with a total book value of $7.0 million recognizing a gain on sale of $0.1 million .

Notes Receivable and Allowance

Notes Receivable and Allowance for Losses	3 Months Ended
	Mar. 31, 2019
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, 2019 December 31, 2018 Credit Quality Indicator (in thousands) Senior $ 91,115 $ 94,349 Subordinated 29,270 28,100 Unsecured 2,524 2,435 Total notes receivable 122,909 124,884 Allowance for losses on receivables specifically evaluated for impairment 4,426 4,426 Allowance for losses on non-impaired loans 259 259 Total loan reserves 4,685 4,685 Net carrying value $ 118,224 $ 120,199 Current portion, net $ 34,416 $ 36,759 Long-term portion, net 83,808 83,440 Total $ 118,224 $ 120,199 The Company utilizes the level of security it has in the 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 $52.4 million and $52.1 million of its notes receivable were impaired at March 31, 2019 and December 31, 2018 , respectively. The total unpaid principal balances of these impaired notes are $51.8 million , which are current based on their restructured loan maturity terms, as of both March 31, 2019 and December 31, 2018. The Company recorded allowances for credit losses on these impaired loans totaling $4.4 million at both March 31, 2019 and December 31, 2018 . The average notes receivable on non-accrual status was approximately $27.1 million and $1.8 million for the three months ended March 31, 2019 and 2018 , respectively. No interest income on impaired loans was recognized on a cash basis during the three months ended March 31, 2019 and 2018 . The Company provided loan reserves on non-impaired loans totaling $0.3 million at both March 31, 2019 and December 31, 2018 . There were no changes in total loan reserves between December 31, 2018 and March 31, 2019 . The Company has identified loans totaling approximately $13.8 million and $12.9 million , respectively, with stated interest rates that are less than market rate, representing a total discount of $1.4 million and $1.5 million as of March 31, 2019 and December 31, 2018 , respectively. These discounts are reflected as a reduction of the outstanding loan amounts and are amortized over the life of the related loan. Past due balances of 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 As of March 31, 2019 (in thousands) Senior $ — $ — $ — $ 91,115 $ 91,115 Subordinated — — — 29,270 29,270 Unsecured — — — 2,524 2,524 $ — $ — $ — $ 122,909 $ 122,909 As of December 31, 2018 Senior $ — $ — $ — $ 94,349 $ 94,349 Subordinated — — — 28,100 28,100 Unsecured — — — 2,435 2,435 $ — $ — $ — $ 124,884 $ 124,884 Variable Interest through Notes Issued The Company has issued notes receivables to certain entities that have created variable interests in these borrowers totaling $111.9 million and $114.3 million as of March 31, 2019 and December 31, 2018 , respectively. The Company has determined that it is not the primary beneficiary of these variable interest entities ("VIEs"). These loans have stated fixed and/ or variable interest amounts.

Long-lived Assets and Goodwill

Long-lived Assets and Goodwill	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Long-lived Assets and Goodwill	Long-lived Assets and Goodwill On January 29, 2019, the Company became aware that a key customer of the SaaS for vacation rentals reporting unit provided the unit’s management team with a letter purporting to terminate the customer’s contract. The unit’s management team asserts, and the Company currently believes, that the purported termination notice is not valid. The unit’s management team is in active discussions with the customer regarding potential resolutions of the disputed contract termination, and is exploring its contractual and other legal rights, remedies and options related to the customer’s purported termination of the contract. The customer is contemplated in the SaaS for vacation rentals reporting unit's projected revenues, and the Company has determined that the unit’s receipt of the purported termination notice, even though the validity of the notice is being actively contested by the unit, represents a triggering event which required an interim reevaluation of the reporting unit's long-lived assets group and goodwill in the first quarter of 2019. Long-lived asset impairment analysis The long-lived assets of the SaaS for vacation rentals reporting unit are comprised of $4.3 million of intangible assets, $1.7 million of operating lease right-of-use assets, and $1.3 million of property and equipment. The long-lived asset group is determined to be at the SaaS for vacation rentals reporting unit level. Recoverability of the long-lived asset group was assessed based on net, undiscounted expected cash flows of the asset group, which were less than the carrying amount of the asset group. An impairment charge was recorded for the excess of the carrying value over the fair value of the asset group. To estimate the fair value of the long-lived asset group, the Company utilized a combination of income and market approach valuation methods via performance of a discounted cash flow analysis and quoted market prices. The Company recognized a non-cash pre-tax long-lived asset group impairment charge for the full amount of SaaS for vacation rentals long-lived assets of $7.3 million . Goodwill impairment analysis The carrying value of the SaaS for vacation rentals reporting unit was adjusted after the $7.3 million long-lived asset impairment. The adjusted carrying value exceeded the fair value of the reporting unit by $3.1 million , resulting in an additional non-cash pre-tax impairment charge on the SaaS for vacation rentals reporting unit's goodwill in this amount. The following table details the carrying amount of our goodwill: March 31, 2019 December 31, 2018 (in thousands) Goodwill $ 173,201 $ 173,477 Accumulated impairment losses (7,578 ) (4,481 ) Net carrying amount $ 165,623 $ 168,996 The following is a summary of changes in the carrying amount of goodwill: December 31, 2018 Acquisitions Foreign Exchange Impairment March 31, 2019 Hotel Franchising $ 159,197 $ — $ — $ — $ 159,197 Other 9,799 — (276 ) (3,097 ) 6,426 Total $ 168,996 $ — $ (276 ) $ (3,097 ) $ 165,623 As of March 31, 2019 , the $6.4 million of carrying value remaining in Other goodwill is fully attributable to the SaaS for vacation rentals reporting unit. The results of the SaaS for vacation rentals reporting unit are included in Corporate & Other in Note 14. The long-lived assets and goodwill impairment charges do not have an impact on the Company's liquidity or calculation of financial covenants under existing debt arrangements. There can be no assurance there will not be further impairments or charges incurred against the assets of the SaaS for vacation rentals reporting unit in future periods.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2019
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 interests in equity method investments with one or more partners. The Company has equity method investments in joint ventures that represent VIEs totaling $101.9 million and $103.0 million on the consolidated balance sheets at March 31, 2019 and December 31, 2018 , respectively. 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 these 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, 2019 and 2018 , the Company recognized losses totaling $2.4 million and $6.4 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 limited payment guaranties described in Note 15 of these financial statements.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases Lessee The Company determines if an arrangement is a lease and classification as operating or financing at lease inception. Operating leases are included in operating lease ROU assets, accrued expenses and other current liabilities, and operating lease liabilities on our consolidated balance sheets. The Company does not have any leases classified as financing. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Operating lease ROU assets are further offset by any prepaid rent, lease incentives and initial direct costs incurred. When a lease agreement does not provide an implicit rate, the Company utilizes its incremental borrowing rate based on the information available at commencement date in determining the present value of future minimum lease payments. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments include certain index-based changes in rent, certain nonlease components (such as maintenance and other services provided by the lessor), and other charges included in the lease. Variable lease payments are excluded from future minimum lease payments and expensed as incurred. The Company elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets in which it is the lessee and made a policy election to not account for leases with an initial term of 12 months or less on the balance sheet. These short-term leases are expensed on a straight-line basis over the lease term. The Company has operating leases primarily for office space, buildings, and equipment. Our leases have remaining lease terms of one month to five years, some of which may include options to extend leases for up to fifteen years and some which may include options to terminate the leases within one year. The Company's lease costs were as follows: Three Months Ended March 31, 2019 (in thousands) Operating lease cost $ 2,570 Sublease income (72 ) Total lease cost $ 2,498 Leases recorded on the consolidated balance sheet consist of the following: March 31, 2019 (in thousands) Assets: Operating lease right-of-use assets $ 27,997 Liabilities: Current operating lease liabilities 10,980 Long-term operating lease liabilities 27,470 Total lease liabilities $ 38,450 Other information related to the Company's lease arrangements is as follows: Three Months Ended March 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,302 ROU assets obtained in exchange for lease liabilities in non-cash transactions: Operating lease assets obtained in exchange for operating lease liabilities $ 1,160 Weighted-average remaining lease term 3.74 years Weighted-average discount rate (1) 3.74 % (1) Discount rates used for existing operating leases upon adoption of Topic 842 were established based on remaining lease term as of January 1, 2019. Maturities of lease liabilities are as follows: As of March 31, 2019 (in thousands) 2019 (remaining 9 months) $ 9,344 2020 10,671 2021 9,070 2022 8,818 2023 3,316 Thereafter 2 Total minimum lease payments $ 41,221 Less imputed interest 2,771 Present value of minimum lease payments $ 38,450 During the three months ended March 31, 2019 , the Company entered into a sale and leaseback transaction in which we sold an office building for a gain of $2.0 million within the Marketing and reservation system line item on the consolidated statements of income and entered into a lease with the option to terminate after 2019. This lease is included in the tables above. The Company adopted Topic 842 on January 1, 2019 using the optional transition method to present comparative periods prior to adoption date in accordance with Topic 840, including disclosure. The following table discloses future minimum lease payments in accordance with Topic 840: As of December 31, 2018 (in thousands) 2019 (net of minimum sublease rentals of $124) $ 12,509 2020 10,638 2021 9,258 2022 8,866 2023 3,514 Thereafter — Total $ 44,785 Lessor The Company leases an office building to a third-party tenant. This lease has a remaining lease term of less than two years. Lease income comprises fixed lease payments of $0.3 million for the three months ended March 31, 2019 . The lease does not contain an option to purchase the underlying asset. The Company elected to not separate lease and nonlease components. Related Party The Company and family members of the Company's largest shareholder entered into an agreement that allows those family members to lease the Company aircraft from time to time for their personal use. The agreements provide for lease payments that contribute towards the fixed costs associated with the aircraft as well as reimbursement of the Company’s variable costs associated with operation of the aircraft, in compliance with, and to the extent authorized by, applicable regulatory requirements. The terms of the lease agreements are consistent with the terms of lease agreements that the Company has entered into with unrelated third parties for use of the aircraft. During the three months ended March 31, 2019 , the Company received $12 thousand pursuant to this arrangement. In December 2013 , the Company's board of directors approved an arrangement with an entity controlled by the family members of the Company's largest shareholder to sublease approximately 2,200 square feet of office space located in Chevy Chase, Maryland. The lease has a month to month term, with a 90 day notice period, and annual lease payments totaling approximately $90 thousand . In May 2016, the sublease was amended for the expansion of the office space, with annual lease payments totaling approximately $146 thousand . During the three months ended March 31, 2019 , the Company received approximately $36 thousand in rent payments associated with this lease.
Leases	Leases Lessee The Company determines if an arrangement is a lease and classification as operating or financing at lease inception. Operating leases are included in operating lease ROU assets, accrued expenses and other current liabilities, and operating lease liabilities on our consolidated balance sheets. The Company does not have any leases classified as financing. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Operating lease ROU assets are further offset by any prepaid rent, lease incentives and initial direct costs incurred. When a lease agreement does not provide an implicit rate, the Company utilizes its incremental borrowing rate based on the information available at commencement date in determining the present value of future minimum lease payments. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments include certain index-based changes in rent, certain nonlease components (such as maintenance and other services provided by the lessor), and other charges included in the lease. Variable lease payments are excluded from future minimum lease payments and expensed as incurred. The Company elected the practical expedient to not separate lease and non-lease components for all classes of underlying assets in which it is the lessee and made a policy election to not account for leases with an initial term of 12 months or less on the balance sheet. These short-term leases are expensed on a straight-line basis over the lease term. The Company has operating leases primarily for office space, buildings, and equipment. Our leases have remaining lease terms of one month to five years, some of which may include options to extend leases for up to fifteen years and some which may include options to terminate the leases within one year. The Company's lease costs were as follows: Three Months Ended March 31, 2019 (in thousands) Operating lease cost $ 2,570 Sublease income (72 ) Total lease cost $ 2,498 Leases recorded on the consolidated balance sheet consist of the following: March 31, 2019 (in thousands) Assets: Operating lease right-of-use assets $ 27,997 Liabilities: Current operating lease liabilities 10,980 Long-term operating lease liabilities 27,470 Total lease liabilities $ 38,450 Other information related to the Company's lease arrangements is as follows: Three Months Ended March 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,302 ROU assets obtained in exchange for lease liabilities in non-cash transactions: Operating lease assets obtained in exchange for operating lease liabilities $ 1,160 Weighted-average remaining lease term 3.74 years Weighted-average discount rate (1) 3.74 % (1) Discount rates used for existing operating leases upon adoption of Topic 842 were established based on remaining lease term as of January 1, 2019. Maturities of lease liabilities are as follows: As of March 31, 2019 (in thousands) 2019 (remaining 9 months) $ 9,344 2020 10,671 2021 9,070 2022 8,818 2023 3,316 Thereafter 2 Total minimum lease payments $ 41,221 Less imputed interest 2,771 Present value of minimum lease payments $ 38,450 During the three months ended March 31, 2019 , the Company entered into a sale and leaseback transaction in which we sold an office building for a gain of $2.0 million within the Marketing and reservation system line item on the consolidated statements of income and entered into a lease with the option to terminate after 2019. This lease is included in the tables above. The Company adopted Topic 842 on January 1, 2019 using the optional transition method to present comparative periods prior to adoption date in accordance with Topic 840, including disclosure. The following table discloses future minimum lease payments in accordance with Topic 840: As of December 31, 2018 (in thousands) 2019 (net of minimum sublease rentals of $124) $ 12,509 2020 10,638 2021 9,258 2022 8,866 2023 3,514 Thereafter — Total $ 44,785 Lessor The Company leases an office building to a third-party tenant. This lease has a remaining lease term of less than two years. Lease income comprises fixed lease payments of $0.3 million for the three months ended March 31, 2019 . The lease does not contain an option to purchase the underlying asset. The Company elected to not separate lease and nonlease components. Related Party The Company and family members of the Company's largest shareholder entered into an agreement that allows those family members to lease the Company aircraft from time to time for their personal use. The agreements provide for lease payments that contribute towards the fixed costs associated with the aircraft as well as reimbursement of the Company’s variable costs associated with operation of the aircraft, in compliance with, and to the extent authorized by, applicable regulatory requirements. The terms of the lease agreements are consistent with the terms of lease agreements that the Company has entered into with unrelated third parties for use of the aircraft. During the three months ended March 31, 2019 , the Company received $12 thousand pursuant to this arrangement. In December 2013 , the Company's board of directors approved an arrangement with an entity controlled by the family members of the Company's largest shareholder to sublease approximately 2,200 square feet of office space located in Chevy Chase, Maryland. The lease has a month to month term, with a 90 day notice period, and annual lease payments totaling approximately $90 thousand . In May 2016, the sublease was amended for the expansion of the office space, with annual lease payments totaling approximately $146 thousand . During the three months ended March 31, 2019 , the Company received approximately $36 thousand in rent payments associated with this lease.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following: March 31, 2019 December 31, 2018 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $3.0 million and $3.2 million at March 31, 2019 and December 31, 2018, respectively $ 397,048 $ 396,844 $250 million senior unsecured notes with an effective interest rate of 6.19% less a discount and deferred issuance costs of $0.4 million and $0.5 million at March 31, 2019 and December 31, 2018, respectively 249,565 249,489 $600 million senior unsecured credit facility with an effective interest rate of 3.47%, less deferred issuance costs of $2.9 million and $3.0 million at March 31, 2019 and December 31, 2018, respectively 130,146 87,582 Construction loan with an effective interest rate of 6.8%, less deferred issuance costs of $0.8 million and $0.9 million at March 31, 2019 and December 31, 2018, respectively 16,201 7,652 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.3 million and $0.4 million at March 31, 2019 and December 31, 2018, respectively 8,029 8,197 Economic development loans with an effective interest rate of 3.0% at March 31, 2019 and December 31, 2018, respectively 4,240 4,240 Other notes payable 589 607 Total debt $ 805,818 $ 754,611 Less current portion 1,088 1,097 Total long-term debt $ 804,730 $ 753,514 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, 2019
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, 2019 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2018 $ (1,436 ) $ (4,010 ) $ (5,446 ) Other comprehensive income (loss) before reclassification — (207 ) (207 ) Amounts reclassified from accumulated other comprehensive loss 215 — 215 Net current period other comprehensive income (loss) 215 (207 ) 8 Ending balance, March 31, 2019 $ (1,221 ) $ (4,217 ) $ (5,438 ) The amounts below were reclassified from accumulated other comprehensive loss to the following line items in the Company's Consolidated Statements of Income during the three months ended March 31, 2019 . There is no income tax expense or benefit attributable to the components below. Component Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Income Three Months Ended March 31, 2019 Loss on cash flow hedge: Interest rate contract $ 215 Interest expense

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
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, 2019 . As of March 31, 2019 and December 31, 2018 , 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, 2019 Mutual funds (1) $ 21,654 $ 21,654 $ — $ — Money market funds (1) 1,944 — 1,944 — $ 23,598 $ 21,654 $ 1,944 $ — As of December 31, 2018 Mutual funds (1) $ 19,378 $ 19,378 $ — $ — Money market funds (1) 1,923 — 1,923 — $ 21,301 $ 19,378 $ 1,923 $ — (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 senior unsecured 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, refer to Note 4. 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, 2019 and December 31, 2018 , the $250 million Senior Notes had an approximate fair value of $258.2 million and $257.0 million , respectively. At March 31, 2019 and December 31, 2018 , the $400 million Senior Notes had an approximate fair value of $426.9 million and $415.7 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, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates were 17.5% and 17.6% for the three months ended March 31, 2019 and 2018 , respectively. The effective income tax rate for the three months ended March 31, 2019 was lower than the U.S. federal income tax rate of 21% primarily due to $2.0 million of excess tax benefits from share-based compensation and the impact of foreign operations, partially offset by state income taxes. 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% primarily due to $1.6 million of excess tax benefits from share-based compensation and the impact of foreign operations, partially offset by state income taxes.

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	3 Months Ended
	Mar. 31, 2019
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, 2019 and 2018 : Three Months Ended March 31, (In millions) 2019 2018 Stock options $ 0.6 $ 0.7 Restricted stock 2.0 1.7 Performance vested restricted stock units 1.1 1.1 Total $ 3.7 $ 3.5 Income tax benefits $ 0.9 $ 0.8 A summary of stock-based award activity as of March 31, 2019 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, 2019 1,186,180 $ 54.13 303,765 $ 65.06 336,820 $ 63.28 Granted 141,827 81.15 136,350 81.04 83,934 81.15 Performance-Based Leveraging (1) — — — — 1,583 51.49 Exercised/Vested (205,030 ) 44.89 (65,538 ) 62.67 (73,199 ) 50.67 Expired — — — — — — Forfeited — — (6,034 ) 65.77 (2,736 ) 70.18 Outstanding at March 31, 2019 1,122,977 $ 59.23 3.9 years 368,543 $ 71.38 346,402 $ 70.16 Options exercisable at March 31, 2019 752,844 $ 53.62 3.1 years (1) PVRSU units outstanding have been increased by 1,583 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods. 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: 2019 Grants Risk-free interest rate 2.46 % Expected volatility 21.49 % Expected life of stock option 4.4 years Dividend yield 1.06 % Requisite service period 4 years Contractual life 7 years Weighted average fair value of options granted (per option) $ 15.84 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, 2019 range from 36 - 48 months . The Company has granted PVRSUs to certain employees. The vesting of these stock awards is contingent upon the Company achieving performance targets over a 36 - 48 months requisite service 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 354,646 shares of common stock under the share repurchase program at a total cost of $27.3 million during the three months ended March 31, 2019 , respectively. During the three months ended March 31, 2019 , the Company redeemed 59,431 shares of common stock at a total cost of approximately $4.7 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, 2019
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) 2019 2018 Computation of Basic Earnings Per Share: Numerator: Net income $ 30,081 $ 25,086 Income allocated to participating securities (179 ) (155 ) Net income available to common shareholders $ 29,902 $ 24,931 Denominator: Weighted average common shares outstanding – basic 55,347 56,464 Basic earnings per share $ 0.54 $ 0.44 Computation of Diluted Earnings Per Share: Numerator: Net income $ 30,081 $ 25,086 Income allocated to participating securities (179 ) (154 ) Net income available to common shareholders $ 29,902 $ 24,932 Denominator: Weighted average common shares outstanding – basic 55,347 56,464 Diluted effect of stock options and PVRSUs 310 647 Weighted average common shares outstanding – diluted 55,657 57,111 Diluted earnings per share $ 0.54 $ 0.44 The Company's unvested restricted shares contain rights to receive nonforfeitable 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, 2019 and 2018 , the Company had 1.1 million and 1.7 million outstanding stock options, respectively. Stock options are included in the diluted EPS 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, 2019 , 0.2 million anti-dilutive stock options were excluded from the diluted EPS calculation. For the three months ended March 31, 2018 , the Company excluded 0.1 million of anti-dilutive stock options from the diluted EPS calculation. PVRSUs are also included in the diluted EPS calculation when the performance conditions have been met at the reporting date. However, at March 31, 2019 and 2018 , PVRSUs totaling 324,140 and 338,204 , respectively, were excluded from the computation since the performance conditions had not been met.

Reportable Segment Information

Reportable Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information Hotel Franchising: Hotel Franchising includes the Company's hotel franchising operations consisting of its thirteen brands. The thirteen 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 hotel 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 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 activities and its SaaS technology solutions divisions which provide cloud-based property management software to non-franchised hoteliers and vacation rental management companies. 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 segments. The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In thousands) Hotel Franchising Corporate & Consolidated Hotel Franchising Corporate & Consolidated Revenues $ 214,992 $ 3,328 $ 218,320 $ 205,622 $ 3,772 $ 209,394 Operating income (loss) $ 70,457 $ (25,407 ) $ 45,050 $ 59,358 $ (13,109 ) $ 46,249 Income (loss) before income taxes $ 68,287 $ (31,808 ) $ 36,479 $ 53,389 $ (22,928 ) $ 30,461

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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 The Company entered into various limited payment guaranties with regards to the Company’s VIEs supporting the VIE’s efforts to develop and own hotels franchised under the Company’s brands. Under these limited payment guaranties, the Company has agreed to guarantee a portion of the outstanding debt until certain conditions are met such as (a) the loan matures, (b) certain debt covenants are achieved, (c) the maximum amount guaranteed by the Company is paid in full or (d) the Company, through its affiliates, ceases to be a member of the VIE. The maximum exposure of principal incidental to these limited payment guaranties is $10.7 million , plus unpaid expenses and accrued unpaid interest. The Company believes the likelihood of having to perform under the aforementioned limited payment guaranties was remote as of March 31, 2019 and December 31, 2018 . In the event of performance, the Company has recourse for two of the transactions in the form of a membership interest pledge as collateral for the guaranty. The Company transferred $24.4 million of a $50.1 million outstanding note receivable with a maturity date of November 30, 2019 to a third party. Under the agreement, the counter party had the right to require the Company to purchase the outstanding interest in the note in certain circumstances, including if the Company declares a default against the borrower and enters into foreclosure proceedings. In February 2019, in connection with the Company's restructuring negotiations with the borrower, the Company mutually agreed with the counter party to repurchase the $24.4 million previously transferred prior to the maturity date. The Company retains the full loan balance as recorded in Notes receivable, net of allowances as of March 31, 2019. Commitments The Company has the following commitments outstanding at March 31, 2019 : • The Company provides financing in the form of franchise agreement acquisition payments to franchisees for property improvements, hotel development efforts and other purposes. At March 31, 2019 , the Company had commitments to extend an additional $252.7 million for these purposes provided certain conditions are met by its franchisees. • The Company committed to make additional capital contributions totaling $11.0 million to existing unconsolidated and consolidated joint ventures related to the construction of various hotels to be operated under the Company's Cambria Hotels brand. • The Company committed to provide financing in the form of mezzanine loans or credit facilities to franchisees for Choice brand development efforts. The Company has committed to provide an aggregate of approximately $40.0 million , upon certain conditions being met. As of March 31, 2019 , $6.3 million 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. At March 31, 2019 , the Company has borrowed $17.0 million of the construction loan and recorded $0.3 million of capitalized interest costs. • 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. 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, 2019
Equity Method Investments and Joint Ventures [Abstract]
Transactions with Unconsolidated Joint Ventures	Transactions with Unconsolidated Joint Ventures The Company has a management fee arrangement for marketing services with a joint venture partner. For the three months ended March 31, 2019 and 2018 , fees earned and payroll costs reimbursed under this arrangement totaled $0.3 million for both periods. The Company has entered into franchise agreements with certain of the unconsolidated joint ventures discussed in Note 6. Pursuant to these franchise agreements, for the three months ended March 31, 2019 and 2018 , the Company has recorded royalty and marketing reservation system fees of approximately $4.6 million . The Company recorded $1.0 million and $1.1 million as a receivable due from these joint ventures as of March 31, 2019 and December 31, 2018 , respectively. In addition, the Company paid commissions of $50 thousand and $44 thousand for the three months ended March 31, 2019 and 2018 , respectively, to an on-line travel agent for which the Company is a joint venture member.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 19, 2019, the Company's board of directors declared a quarterly cash dividend of $0.215 per share of common stock. The dividend is payable on July 17, 2019 to shareholders of record on July 2, 2019.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Accounting	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, 2018 and notes thereto included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 26, 2019 . 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 Standards and Recently Issued Accounting Standards	Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) and issued subsequent amendments to the initial guidance at various points thereafter (collectively referred to as "Topic 842"). Topic 842 requires a lessee to recognize operating leases on its balance sheet by recording liabilities for its lease obligations and assets for its right-of-use ("ROU") of the underlying assets as of the lease commencement dates. This differs from prior treatment of operating leases in accordance with ASC 840, Leases (Topic 840) ("Topic 840"), as operating leases were not captured on a lessee's consolidated balance sheet. Topic 842 prescribes that entities should recognize expenses on their consolidated statements of income in a manner similar to Topic 840 whereby minimum lease payments are recognized on a straight-line basis over a lease term. The Company elected to apply the package of practical expedients that allows entities to forego reassessing at the transition date: (1) whether expired or existing contracts are or contain leases; (2) lease classification for any expired or existing leases; and (3) whether initial direct costs for existing leases qualify for capitalization. Topic 842 allows entities an optional transitional method to apply the transition requirements at the effective date, rather than at the beginning of the earliest comparative period. An entity’s reporting for the comparative periods presented in the year of adoption continues to be in accordance with Topic 840, including the disclosure requirements of Topic 840. The Company adopted Topic 842 on January 1, 2019 using this optional transition method and therefore, the financial results reported in periods prior to January 1, 2019 are unchanged. Adoption of the standard resulted in the recording of operating lease ROU assets of $28.0 million and operating lease liabilities of $38.5 million as of March 31, 2019 . Topic 842 did not have an impact on our consolidated statements of income. Refer to Note 7. Recently Issued Accounting Standards In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) ("ASU 2016-13"), which will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 requires enhanced disclosures, including qualitative and quantitative requirements, to provide insight to significant estimates and judgments used in estimating credit losses and the amounts recorded in the financial statements. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. ASU 2016-13 requires the use of the modified retrospective approach for adoption. The Company is currently assessing the potential impact that ASU 2016-13 will have on its consolidated financial position, results of operations, and disclosures, including the processes to evaluate allowances for trade and notes receivables. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"). ASU 2018-13 modifies disclosure requirements on fair value measurements. The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the potential impact that ASU 2018-13 will have on the financial statement disclosures. In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) : Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). The guidance is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the timing of adoption and the potential impact that ASU 2018-15 will have on the financial statements and disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	Significant changes in the contract liabilities balances during the period December 31, 2018 to March 31, 2019 are as follows: (in thousands) Balance as of December 31, 2018 $ 153,180 Increases to the contract liability balance due to cash received 19,949 Revenue recognized in the period (15,282 ) Balance as of March 31, 2019 $ 157,847
Disaggregation of Revenue	Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Over time Point in time Total Over time Point in time Total Revenues: (in thousands) (in thousands) Royalty fees $ 80,353 $ — $ 80,353 $ 76,698 $ — $ 76,698 Initial franchise and relicensing fees 6,807 — 6,807 6,214 — 6,214 Procurement services 11,487 460 11,947 9,565 373 9,938 Marketing and reservation system 104,078 5,986 110,064 101,128 5,873 107,001 Other 8,869 — 8,869 8,520 672 9,192 Total Topic 606 revenues $ 211,594 $ 6,446 218,040 $ 202,125 $ 6,918 209,043 Non-Topic 606 revenues 280 351 $ 218,320 $ 209,394

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Assets, Current [Abstract]
Schedule Of Other Current Assets	Other current assets consist of the following: March 31, 2019 December 31, 2018 (in thousands) Prepaid expenses $ 22,259 $ 18,412 Other current assets 5,676 6,831 Land held for sale — 7,000 Total $ 27,935 $ 32,243

Notes Receivable and Allowanc_2

Notes Receivable and Allowance for Losses (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 December 31, 2018 Credit Quality Indicator (in thousands) Senior $ 91,115 $ 94,349 Subordinated 29,270 28,100 Unsecured 2,524 2,435 Total notes receivable 122,909 124,884 Allowance for losses on receivables specifically evaluated for impairment 4,426 4,426 Allowance for losses on non-impaired loans 259 259 Total loan reserves 4,685 4,685 Net carrying value $ 118,224 $ 120,199 Current portion, net $ 34,416 $ 36,759 Long-term portion, net 83,808 83,440 Total $ 118,224 $ 120,199
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Past Due Balances Of Notes Receivable	Past due balances of 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 As of March 31, 2019 (in thousands) Senior $ — $ — $ — $ 91,115 $ 91,115 Subordinated — — — 29,270 29,270 Unsecured — — — 2,524 2,524 $ — $ — $ — $ 122,909 $ 122,909 As of December 31, 2018 Senior $ — $ — $ — $ 94,349 $ 94,349 Subordinated — — — 28,100 28,100 Unsecured — — — 2,435 2,435 $ — $ — $ — $ 124,884 $ 124,884

Long-lived Assets and Goodwill

Long-lived Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table details the carrying amount of our goodwill: March 31, 2019 December 31, 2018 (in thousands) Goodwill $ 173,201 $ 173,477 Accumulated impairment losses (7,578 ) (4,481 ) Net carrying amount $ 165,623 $ 168,996 The following is a summary of changes in the carrying amount of goodwill: December 31, 2018 Acquisitions Foreign Exchange Impairment March 31, 2019 Hotel Franchising $ 159,197 $ — $ — $ — $ 159,197 Other 9,799 — (276 ) (3,097 ) 6,426 Total $ 168,996 $ — $ (276 ) $ (3,097 ) $ 165,623

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lease, Cost	Other information related to the Company's lease arrangements is as follows: Three Months Ended March 31, 2019 (in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,302 ROU assets obtained in exchange for lease liabilities in non-cash transactions: Operating lease assets obtained in exchange for operating lease liabilities $ 1,160 Weighted-average remaining lease term 3.74 years Weighted-average discount rate (1) 3.74 % (1) Discount rates used for existing operating leases upon adoption of Topic 842 were established based on remaining lease term as of January 1, 2019. The Company's lease costs were as follows: Three Months Ended March 31, 2019 (in thousands) Operating lease cost $ 2,570 Sublease income (72 ) Total lease cost $ 2,498
Lessee, Operating Leases, Balance Sheet	Leases recorded on the consolidated balance sheet consist of the following: March 31, 2019 (in thousands) Assets: Operating lease right-of-use assets $ 27,997 Liabilities: Current operating lease liabilities 10,980 Long-term operating lease liabilities 27,470 Total lease liabilities $ 38,450
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities are as follows: As of March 31, 2019 (in thousands) 2019 (remaining 9 months) $ 9,344 2020 10,671 2021 9,070 2022 8,818 2023 3,316 Thereafter 2 Total minimum lease payments $ 41,221 Less imputed interest 2,771 Present value of minimum lease payments $ 38,450
Schedule of Future Minimum Rental Payments for Operating Leases	The following table discloses future minimum lease payments in accordance with Topic 840: As of December 31, 2018 (in thousands) 2019 (net of minimum sublease rentals of $124) $ 12,509 2020 10,638 2021 9,258 2022 8,866 2023 3,514 Thereafter — Total $ 44,785

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule Of Components Of Debt	Debt consists of the following: March 31, 2019 December 31, 2018 (in thousands) $400 million senior unsecured notes with an effective interest rate of 6.0% less deferred issuance costs of $3.0 million and $3.2 million at March 31, 2019 and December 31, 2018, respectively $ 397,048 $ 396,844 $250 million senior unsecured notes with an effective interest rate of 6.19% less a discount and deferred issuance costs of $0.4 million and $0.5 million at March 31, 2019 and December 31, 2018, respectively 249,565 249,489 $600 million senior unsecured credit facility with an effective interest rate of 3.47%, less deferred issuance costs of $2.9 million and $3.0 million at March 31, 2019 and December 31, 2018, respectively 130,146 87,582 Construction loan with an effective interest rate of 6.8%, less deferred issuance costs of $0.8 million and $0.9 million at March 31, 2019 and December 31, 2018, respectively 16,201 7,652 Fixed rate collateralized mortgage with an effective interest rate of 4.57%, plus a fair value adjustment of $0.3 million and $0.4 million at March 31, 2019 and December 31, 2018, respectively 8,029 8,197 Economic development loans with an effective interest rate of 3.0% at March 31, 2019 and December 31, 2018, respectively 4,240 4,240 Other notes payable 589 607 Total debt $ 805,818 $ 754,611 Less current portion 1,088 1,097 Total long-term debt $ 804,730 $ 753,514

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 : Loss on Cash Flow Hedge Foreign Currency Items Total (in thousands) Beginning balance, December 31, 2018 $ (1,436 ) $ (4,010 ) $ (5,446 ) Other comprehensive income (loss) before reclassification — (207 ) (207 ) Amounts reclassified from accumulated other comprehensive loss 215 — 215 Net current period other comprehensive income (loss) 215 (207 ) 8 Ending balance, March 31, 2019 $ (1,221 ) $ (4,217 ) $ (5,438 )
Reclassifications From Accumulated Other Comprehensive Income (Loss)	The amounts below were reclassified from accumulated other comprehensive loss to the following line items in the Company's Consolidated Statements of Income during the three months ended March 31, 2019 . There is no income tax expense or benefit attributable to the components below. Component Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Consolidated Statements of Income Three Months Ended March 31, 2019 Loss on cash flow hedge: Interest rate contract $ 215 Interest expense

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule Of Fair Value Of Assets	As of March 31, 2019 and December 31, 2018 , 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, 2019 Mutual funds (1) $ 21,654 $ 21,654 $ — $ — Money market funds (1) 1,944 — 1,944 — $ 23,598 $ 21,654 $ 1,944 $ — As of December 31, 2018 Mutual funds (1) $ 19,378 $ 19,378 $ — $ — Money market funds (1) 1,923 — 1,923 — $ 21,301 $ 19,378 $ 1,923 $ — (1) Included in Investments, employee benefit plans at fair value and Other current assets on the consolidated balance sheets.

Share-Based Compensation and _2

Share-Based Compensation and Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2019
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, 2019 and 2018 : Three Months Ended March 31, (In millions) 2019 2018 Stock options $ 0.6 $ 0.7 Restricted stock 2.0 1.7 Performance vested restricted stock units 1.1 1.1 Total $ 3.7 $ 3.5 Income tax benefits $ 0.9 $ 0.8
Summary Of Change In Stock-Based Award Activity	A summary of stock-based award activity as of March 31, 2019 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, 2019 1,186,180 $ 54.13 303,765 $ 65.06 336,820 $ 63.28 Granted 141,827 81.15 136,350 81.04 83,934 81.15 Performance-Based Leveraging (1) — — — — 1,583 51.49 Exercised/Vested (205,030 ) 44.89 (65,538 ) 62.67 (73,199 ) 50.67 Expired — — — — — — Forfeited — — (6,034 ) 65.77 (2,736 ) 70.18 Outstanding at March 31, 2019 1,122,977 $ 59.23 3.9 years 368,543 $ 71.38 346,402 $ 70.16 Options exercisable at March 31, 2019 752,844 $ 53.62 3.1 years (1) PVRSU units outstanding have been increased by 1,583 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods.
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: 2019 Grants Risk-free interest rate 2.46 % Expected volatility 21.49 % Expected life of stock option 4.4 years Dividend yield 1.06 % Requisite service period 4 years Contractual life 7 years Weighted average fair value of options granted (per option) $ 15.84

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
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) 2019 2018 Computation of Basic Earnings Per Share: Numerator: Net income $ 30,081 $ 25,086 Income allocated to participating securities (179 ) (155 ) Net income available to common shareholders $ 29,902 $ 24,931 Denominator: Weighted average common shares outstanding – basic 55,347 56,464 Basic earnings per share $ 0.54 $ 0.44 Computation of Diluted Earnings Per Share: Numerator: Net income $ 30,081 $ 25,086 Income allocated to participating securities (179 ) (154 ) Net income available to common shareholders $ 29,902 $ 24,932 Denominator: Weighted average common shares outstanding – basic 55,347 56,464 Diluted effect of stock options and PVRSUs 310 647 Weighted average common shares outstanding – diluted 55,657 57,111 Diluted earnings per share $ 0.54 $ 0.44

Reportable Segment Information

Reportable Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule Of Financial Information For Company's Franchising Segment	The following table presents the financial information for the Company's segments: Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 (In thousands) Hotel Franchising Corporate & Consolidated Hotel Franchising Corporate & Consolidated Revenues $ 214,992 $ 3,328 $ 218,320 $ 205,622 $ 3,772 $ 209,394 Operating income (loss) $ 70,457 $ (25,407 ) $ 45,050 $ 59,358 $ (13,109 ) $ 46,249 Income (loss) before income taxes $ 68,287 $ (31,808 ) $ 36,479 $ 53,389 $ (22,928 ) $ 30,461

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 27,997	$ 0
Operating lease liabilities	38,450
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets	28,000
Operating lease liabilities	$ 38,500

Revenue - Textual (Details)

Revenue - Textual (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Redemption of loyalty points period	36 months
Revenue, remaining performance obligation	$ 157,800
Revenues	218,040	$ 209,043
Corporate & Other
Disaggregation of Revenue [Line Items]
Revenues	$ 3,300	$ 3,800
Minimum
Disaggregation of Revenue [Line Items]
Deferred revenue, recognition period	5 years
Maximum
Disaggregation of Revenue [Line Items]
Deferred revenue, recognition period	10 years

Revenue - Contract Liability (D

Revenue - Contract Liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Changes in Contract Liability [Roll Forward]
Contract with customer, liability, beginning	$ 153,180
Increases to the contract liability balance due to cash received	19,949
Revenue recognized in the period	(15,282)
Contract with customer, liability, ending	$ 157,847

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 218,040	$ 209,043
Non-Topic 606 revenues	280	351
Total revenues	218,320	209,394
Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	211,594	202,125
Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	6,446	6,918
Royalty fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	80,353	76,698
Royalty fees | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	80,353	76,698
Royalty fees | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	0	0
Initial franchise and relicensing fees
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	6,807	6,214
Initial franchise and relicensing fees | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	6,807	6,214
Initial franchise and relicensing fees | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	0	0
Procurement services
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	11,947	9,938
Procurement services | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	11,487	9,565
Procurement services | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	460	373
Marketing and reservation system
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	110,064	107,001
Marketing and reservation system | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	104,078	101,128
Marketing and reservation system | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	5,986	5,873
Other
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	8,869	9,192
Other | Over time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	8,869	8,520
Other | Point in time
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 0	$ 672

Other Current Assets - Schedule

Other Current Assets - Schedule of Other Current Assets (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)parcelofland	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Prepaid expenses	$ 22,259		$ 18,412
Other current assets	5,676		6,831
Land held for sale	0		7,000
Total	$ 27,935		32,243
Parcels of land, sold | parcelofland	1
Property, plant and equipment, book value	$ 134,861		$ 127,535
Gain on sale of assets, net	100	$ 0
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, book value	7,000
Gain on sale of assets, net	$ 100

Notes Receivable and Allowanc_3

Notes Receivable and Allowance for Losses - Schedule Of Notes Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 122,909	$ 124,884
Allowance for losses on receivables specifically evaluated for impairment	4,426	4,426
Allowance for losses on non-impaired loans	259	259
Total loan reserves	4,685	4,685
Net carrying value	118,224	120,199
Current portion, net	34,416	36,759
Long-term portion, net	83,808	83,440
Senior
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	91,115	94,349
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	29,270	28,100
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Notes receivable	$ 2,524	$ 2,435

Notes Receivable and Allowanc_4

Notes Receivable and Allowance for Losses - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves	$ 4,685,000		$ 4,685,000
Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Impaired financing receivable, unpaid principal balance	51,800,000		51,800,000
Mezzanine & Other Notes Receivable | Impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Impaired receivables, recorded investment	52,400,000		52,100,000
Impaired receivables, related allowance	4,400,000		4,400,000
Average notes receivable, nonaccrual status	27,100,000	$ 1,800,000
Interest income, impaired loans	0	$ 0
Mezzanine & Other Notes Receivable | Non-impaired Loans
Notes Receivable and Allowance for Losses [Line Items]
Loan reserves	300,000		300,000
Variable Interest Entity, Not Primary Beneficiary | Mezzanine & Other Notes Receivable
Notes Receivable and Allowance for Losses [Line Items]
Loans and financing receivable	111,900,000		114,300,000
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	13,800,000		12,900,000
Receivable with Imputed Interest, discount	$ 1,400,000		$ 1,500,000

Notes Receivable and Allowanc_5

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, 2019	Dec. 31, 2018
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	$ 0	$ 0
Current	122,909	124,884
Total Notes Receivable	122,909	124,884
Senior
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	91,115	94,349
Total Notes Receivable	91,115	94,349
Subordinated
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	29,270	28,100
Total Notes Receivable	29,270	28,100
Unsecured
Notes Receivable and Allowance for Losses [Line Items]
Total Past Due	0	0
Current	2,524	2,435
Total Notes Receivable	2,524	2,435
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

Long-lived Assets and Goodwil_2

Long-lived Assets and Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Goodwill [Line Items]
Long-lived asset	$ 1,173,816		$ 1,138,370
Impairment of long-lived assets	7,304	$ 0
Impairment of goodwill	3,097	$ 0
Goodwill	165,623		168,996
Other Segments
Goodwill [Line Items]
Impairment of goodwill	3,097
Goodwill	6,426		$ 9,799
Other Segments | SaaS for Vacation Rentals
Goodwill [Line Items]
Impairment of long-lived assets	7,300
Impairment of goodwill	3,100
Goodwill	6,400
Intangible Assets | Other Segments | SaaS for Vacation Rentals
Goodwill [Line Items]
Long-lived asset	4,300
Operating Lease Right-of-use Asset | Other Segments | SaaS for Vacation Rentals
Goodwill [Line Items]
Long-lived asset	1,700
Property, Plant and Equipment | Other Segments | SaaS for Vacation Rentals
Goodwill [Line Items]
Long-lived asset	$ 1,300

Long-lived Assets and Goodwil_3

Long-lived Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 173,201	$ 173,477
Accumulated impairment losses	(7,578)	(4,481)
Net carrying amount	$ 165,623	$ 168,996

Long-lived Assets and Goodwil_4

Long-lived Assets and Goodwill - Changes in Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Goodwill [Roll Forward]
Goodwill. Beginning Balance	$ 168,996
Acquisitions	0
Foreign Exchange	(276)
Impairment	(3,097)	$ 0
Goodwill, Ending Balance	165,623
Hotel Franchising
Goodwill [Roll Forward]
Goodwill. Beginning Balance	159,197
Acquisitions	0
Foreign Exchange	0
Impairment	0
Goodwill, Ending Balance	159,197
Other Segments
Goodwill [Roll Forward]
Goodwill. Beginning Balance	9,799
Acquisitions	0
Foreign Exchange	(276)
Impairment	(3,097)
Goodwill, Ending Balance	$ 6,426

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Investments in joint ventures included in unconsolidated entities	$ 101.9		$ 103
Net (income) loss attributable to variable interest entities	$ 2.4	$ 6.4

Leases (Details)

Leases (Details) $ in Thousands	1 Months Ended		3 Months Ended
	May 31, 2016USD ($)	Dec. 31, 2013USD ($)ft²	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term			15 years
Lessee, operating lease, termination period			1 year
Sale and leaseback transaction, gain, net			$ (2,000)
Lessor, operating lease, remaining lease term			2 years
Lease income comprised of fixed lease payments			$ 300
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term			1 month
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term			5 years
Leased Office Space | Lease Agreements | Family Member(s) of Largest Shareholder
Lessee, Lease, Description [Line Items]
Payments received from related party			$ 12
Leased square footage | ft²		2,200
Sublease notice period		90 days
Annual lease payments, related party	$ 146	$ 90	$ 36

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease cost	$ 2,570
Sublease income	(72)	$ (124)
Total lease cost	$ 2,498

Leases - Balance Sheet (Details

Leases - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Operating lease right-of-use assets	$ 27,997	$ 0
Current operating lease liabilities	10,980
Long-term operating lease liabilities	27,470	$ 0
Total lease liabilities	$ 38,450

Leases - Other Information (Det

Leases - Other Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 3,302
Operating lease assets obtained in exchange for operating lease liabilities	$ 1,160
Weighted-average remaining lease term	3 years 8 months 26 days
Weighted-average discount rate - operating leases	3.74%

Leases - Lessee Topic 842 Matur

Leases - Lessee Topic 842 Maturity (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2019 (remaining 9 months)	$ 9,344
2020	10,671
2021	9,070
2022	8,818
2023	3,316
Thereafter	2
Total minimum lease payments	41,221
Less imputed interest	2,771
Present value of minimum lease payments	$ 38,450

Leases - Lessee Topic 840 Matur

Leases - Lessee Topic 840 Maturity (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Leases [Abstract]
2019		$ 12,509
2020		10,638
2021		9,258
2022		8,866
2023		3,514
Thereafter		0
Total		44,785
Sublease Income	$ 72	$ 124

Debt - Schedule Of Components O

Debt - Schedule Of Components Of Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt [Line Items]
Less current portion	$ 805,818,000		$ 754,611,000
Less current portion	1,088,000		1,097,000
Total long-term debt	804,730,000		753,514,000
Senior | $400 Million Senior Notes
Debt [Line Items]
Less current portion	397,048,000		396,844,000
Debt instrument face amount	$ 400,000,000		$ 400,000,000
Debt instrument effective interest rate (percentage)	6.00%		6.00%
Deferred issuance costs	$ 3,000,000		$ 3,200,000
Senior | $250 Million Senior Notes
Debt [Line Items]
Less current portion	249,565,000		249,489,000
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	$ 400,000		$ 500,000
Senior | $600 Million Unsecured Revolving Credit Facility
Debt [Line Items]
Less current portion	130,146,000		87,582,000
Debt instrument face amount	$ 600,000,000		$ 600,000,000
Debt instrument effective interest rate (percentage)	3.47%		3.51%
Deferred issuance costs	$ 2,900,000		$ 3,000,000
Construction Loans
Debt [Line Items]
Less current portion	$ 16,201,000		$ 7,652,000
Debt instrument effective interest rate (percentage)	6.80%		6.80%
Deferred issuance costs	$ 800,000		$ 900,000
Collateralized Mortgage
Debt [Line Items]
Less current portion	$ 8,029,000		$ 8,197,000
Debt instrument effective interest rate (percentage)	4.57%		4.57%
Fair value adjustment	$ 300,000	$ 400,000
Economic Development Loans
Debt [Line Items]
Less current portion	$ 4,240,000		$ 4,240,000
Debt instrument effective interest rate (percentage)	3.00%		3.00%
Other Notes Payable
Debt [Line Items]
Less current portion	$ 589,000		$ 607,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ (183,772)	$ (258,601)
Other comprehensive income (loss) before reclassification	(207)
Amounts reclassified from accumulated other comprehensive loss	215
Net current period other comprehensive income (loss)	8	1,070
Ending balance	(185,477)	(259,917)
Loss on Cash Flow Hedge
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(1,436)
Other comprehensive income (loss) before reclassification	0
Amounts reclassified from accumulated other comprehensive loss	215
Net current period other comprehensive income (loss)	215
Ending balance	(1,221)
Foreign Currency Items
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(4,010)
Other comprehensive income (loss) before reclassification	(207)
Amounts reclassified from accumulated other comprehensive loss	0
Net current period other comprehensive income (loss)	(207)
Ending balance	(4,217)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(5,446)	(4,699)
Net current period other comprehensive income (loss)	8	1,070
Ending balance	$ (5,438)	$ (3,629)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Amounts Reclassified from Accumulated Other Comprehensive Loss (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
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

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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	258,200,000	257,000,000
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	$ 426,900,000	$ 415,700,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule Of Fair Value Of Assets (Details) - Fair value, measurements, recurring - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value Measurements [Line Items]
Assets measured at fair value	$ 23,598	$ 21,301
Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	21,654	19,378
Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	1,944	1,923
Level 1
Fair Value Measurements [Line Items]
Assets measured at fair value	21,654	19,378
Level 1 | Mutual Funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	21,654	19,378
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 2
Fair Value Measurements [Line Items]
Assets measured at fair value	1,944	1,923
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 2 | Money market funds | Investments, employee benefit plans, at fair value
Fair Value Measurements [Line Items]
Mutual funds and money market funds, fair value	1,944	1,923
Level 3
Fair Value Measurements [Line Items]
Assets measured at 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
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

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate (percent)	17.50%	17.60%
Share-based compensation, excess tax benefit, amount	$ 2	$ 1.6

Share-Based Compensation and _3

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, 2019	Mar. 31, 2018
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 3.7	$ 3.5
Income tax benefits	0.9	0.8
Stock options
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	0.6	0.7
Restricted stock
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	2	1.7
Performance Vested Restricted Stock Units
Share-Based Compensation and Capital Stock [Line Items]
Share-based compensation expense	$ 1.1	$ 1.1

Share-Based Compensation and _4

Share-Based Compensation and Capital Stock - Summary of Change in Stock-Based Award Activity (Details)	3 Months Ended
	Mar. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares) | shares	1,186,180
Granted (in shares) | shares	141,827
Exercised/Vested (in shares) | shares	(205,030)
Expired (in shares) | shares	0
Forfeited (in shares) | shares	0
Outstanding, ending balance (in shares) | shares	1,122,977
Options exercisable, ending balance (in shares) | shares	752,844
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	$ 54.13
Granted - Weighted average exercise price (in dollars per share) | $ / shares	81.15
Exercised/Vested - Weighted average exercise price (in dollars per share) | $ / shares	44.89
Expired - Weighted average exercise price (in dollars per share) | $ / shares	0
Forfeited - Weighted average exercise price (in dollars per share) | $ / shares	0
Ending balance - weighted average exercise price (in dollars per share) | $ / shares	59.23
Options Exercisable, ending balance - Weighted average exercise price (in dollars per share) | $ / shares	$ 53.62
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	3 years 11 months
Weighted Average Remaining Contractual Term - Options Exercisable, ending balance	3 years 1 month
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Performance-Based Leveraging - Weighted average grant date fair value (in dollars per share) | $ / shares	$ 51.49
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	303,765
Granted (in shares) | shares	136,350
Exercised/Vested (in shares) | shares	(65,538)
Forfeited (in shares) | shares	(6,034)
Outstanding, ending balance (in shares) | shares	368,543
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	$ 65.06
Granted - Weighted average grant date fair value (in dollars per share) | $ / shares	81.04
Exercised/Vested - Weighted average grant date fair value (in dollars per share) | $ / shares	62.67
Forfeited - Weighted average grant date fair value (in dollars per share) | $ / shares	65.77
Ending balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 71.38
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	336,820
Granted (in shares) | shares	83,934
Performance-Based Leveraging (in shares) | shares	1,583
Exercised/Vested (in shares) | shares	(73,199)
Forfeited (in shares) | shares	(2,736)
Outstanding, ending balance (in shares) | shares	346,402
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	$ 63.28
Granted - Weighted average grant date fair value (in dollars per share) | $ / shares	81.15
Exercised/Vested - Weighted average grant date fair value (in dollars per share) | $ / shares	50.67
Forfeited - Weighted average grant date fair value (in dollars per share) | $ / shares	70.18
Ending balance - weighted average grant date fair value (in dollars per share) | $ / shares	$ 70.16

Share-Based Compensation and _5

Share-Based Compensation and Capital Stock - Weighted Average Assumptions Of Black-Scholes Option-Pricing Model (Details) - Stock options	3 Months Ended
	Mar. 31, 2019$ / shares
Share-Based Compensation and Capital Stock [Line Items]
Risk-free interest rate (percent)	2.46%
Expected volatility (percent)	21.49%
Expected life of stock option	4 years 5 months
Dividend yield (percent)	1.06%
Requisite service period	4 years
Contractual life	7 years
Weighted average fair value of options granted (in dollars per share)	$ 15.84

Share-Based Compensation and _6

Share-Based Compensation and Capital Stock - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)shares
Share-Based Compensation and Capital Stock [Line Items]
Shares repurchased (in shares) | shares	354,646
Cost of shares repurchased | $	$ 27.3
Shares redeemed for tax withholding for share based compensation (in shares) | shares	59,431
Payments related to tax withholding for share-based compensation | $	$ 4.7
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]
Vesting service period of shares granted	48 months
Performance period, percent	200.00%
Restricted stock | Minimum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration	36 months
Restricted stock | Maximum
Share-Based Compensation and Capital Stock [Line Items]
Performance period, duration	48 months

Earnings Per Share - Computatio

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, 2019	Mar. 31, 2018
Numerator:
Net income	$ 30,081	$ 25,086
Income allocated to participating securities	(179)	(155)
Net income available to common shareholders	$ 29,902	$ 24,931
Denominator:
Weighted average common shares outstanding – basic (in shares)	55,347	56,464
Basic earnings per share (in dollars per share)	$ 0.54	$ 0.44
Numerator:
Income allocated to participating securities	$ (179)	$ (154)
Net income available to common shareholders	$ 29,902	$ 24,932
Denominator:
Weighted average common shares outstanding – basic (in shares)	55,347	56,464
Diluted effect of stock options and PVRSUs (in shares)	310	647
Weighted average common shares outstanding – diluted (in shares)	55,657	57,111
Diluted earnings per share (in dollars per share)	$ 0.54	$ 0.44

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Outstanding stock options (in shares)	1,122,977	1,700,000	1,186,180
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS computation (in shares)	200,000	100,000
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)	324,140	338,204

Reportable Segment Informatio_2

Reportable Segment Information - Narrative (Details)	Mar. 31, 2019brand
Segment Reporting [Abstract]
Number of brands	13

Reportable Segment Informatio_3

Reportable Segment Information - Schedule Of Financial Information For Company's Franchising Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Reportable Segment Information [Line Items]
Revenues	$ 218,320	$ 209,394
Operating income (loss)	45,050	46,249
Income (loss) before income taxes	36,479	30,461
Corporate & Other
Reportable Segment Information [Line Items]
Revenues	3,328	3,772
Operating income (loss)	(25,407)	(13,109)
Income (loss) before income taxes	(31,808)	(22,928)
Hotel Franchising | Operating Segments
Reportable Segment Information [Line Items]
Revenues	214,992	205,622
Operating income (loss)	70,457	59,358
Income (loss) before income taxes	$ 68,287	$ 53,389

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2019USD ($)	Mar. 31, 2019USD ($)transaction	Mar. 31, 2018USD ($)
Commitments and Contingencies [Line Items]
Limited payment guaranties		$ 10,700
Number of transactions with recourse | transaction		2
Payments to acquire notes receivable		$ 1,755	$ 2,500
Other commitment		40,000
Other commitment, payment		6,300
Construction loan			$ 34,900
Forgivable Notes Receivable
Commitments and Contingencies [Line Items]
Other commitment		252,700
Capital contributions to joint ventures
Commitments and Contingencies [Line Items]
Other commitment		11,000
Construction Loans
Commitments and Contingencies [Line Items]
Interest costs capitalized		300
Senior and Subordinated Tranches
Commitments and Contingencies [Line Items]
Proceeds from sale of notes receivable		24,400
Impaired financing receivable, unpaid principal balance		50,100
Payments to acquire notes receivable	$ 24,400
Construction Loans
Commitments and Contingencies [Line Items]
Other borrowings		$ 17,000

Transactions with Unconsolida_2

Transactions with Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Receivables	$ 153,969		$ 138,018
Joint Venture Partner
Related Party Transaction [Line Items]
Fees earned and payroll costs reimbursed from marketing services arrangement	300	$ 300
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	4,600	4,600
Receivables	1,000		$ 1,100
Commissions paid to travel agent	$ 50	$ 44

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 19, 2019	Mar. 31, 2019	Mar. 31, 2018
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