Choice Hotels International (CHH) 10-K 20 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 14, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-13393
Entity Registrant Name	CHOICE HOTELS INTERNATIONAL INC /DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1209792
Entity Address, Address Line One	915 Meeting Street
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	North Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20852
City Area Code	301
Local Phone Number	592-5000
Title of 12(b) Security	Common Stock, Par Value $0.01 per share
Trading Symbol	CHH
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 3,683,065,436
Entity Common Stock, Shares Outstanding		49,560,122
Documents Incorporated by Reference	Certain portions of our definitive proxy statement, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A in connection with the Annual Meeting of Shareholders to be held on May 15, 2024, are incorporated by reference under Part III of this Form 10-K.
Entity Central Index Key	0001046311
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Tysons, Virginia

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Total revenues	$ 1,544,165	$ 1,401,949	$ 1,069,298
OPERATING EXPENSES
Selling, general and administrative	216,081	167,697	145,623
Business combination, diligence and transition costs	55,778	39,578	0
Depreciation and amortization	39,659	30,425	24,773
Total operating expenses	1,165,401	939,597	640,096
Impairment of long-lived assets	(3,736)	0	(282)
Gain on sale of business and assets, net	0	16,249	13
Operating income	375,028	478,601	428,933
OTHER EXPENSES AND INCOME, NET
Interest expense	63,780	43,797	46,680
Interest income	(7,764)	(7,288)	(4,981)
Gain on extinguishment of debt	(4,416)	0	0
Other (gain) loss	(10,649)	7,018	(5,134)
Equity in net (gain) loss of affiliates	(2,879)	(1,732)	15,876
Total other expenses and income, net	38,072	41,795	52,441
Income before income taxes	336,956	436,806	376,492
Income tax expense	78,449	104,654	87,535
Net income	$ 258,507	$ 332,152	$ 288,957
Basic earnings per share (in dollars per share)	$ 5.11	$ 6.05	$ 5.20
Diluted earnings per share (in dollars per share)	$ 5.07	$ 5.99	$ 5.15
Royalty, licensing and management fees
REVENUES
Total revenues	$ 513,412	$ 471,759	$ 397,218
Initial franchise fees
REVENUES
Total revenues	27,787	28,074	26,342
Platform and procurement services fees
REVENUES
Total revenues	75,114	63,800	50,393
Owned hotels
REVENUES
Total revenues	97,641	70,826	37,833
OPERATING EXPENSES
Operating expenses	71,474	48,837	24,754
Other
REVENUES
Total revenues	46,051	64,740	28,669
Other revenues from franchised and managed properties
REVENUES
Total revenues	784,160	702,750	528,843
OPERATING EXPENSES
Operating expenses	$ 782,409	$ 653,060	$ 444,946

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 258,507	$ 332,152	$ 288,957
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(460)	(637)	72
Other comprehensive (loss) income, net of tax:	(460)	(637)	72
Comprehensive income	$ 258,047	$ 331,515	$ 289,029

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 26,754	$ 41,566
Accounts receivables (net of allowance for credit losses of $39,265 and $23,435, respectively)	195,896	216,614
Income taxes receivable	14,283	4,759
Notes receivable (net of allowance for credit losses of $3,035 and $4,125, respectively)	20,766	52,466
Prepaid expenses and other current assets	38,831	32,517
Total current assets	296,530	347,922
Property and equipment, net	493,478	427,306
Operating lease right-of-use assets	85,101	68,985
Goodwill	220,187	218,653
Intangible assets, net	811,075	742,190
Notes receivable (net of allowance for credit losses of $5,581 and $6,047, respectively)	78,900	55,577
Investments in equity securities, at fair value	116,374	0
Investments for employee benefit plans, at fair value	39,751	31,645
Investments in affiliates	70,579	30,647
Deferred income taxes	89,535	88,182
Other assets	93,289	91,068
Total assets	2,394,799	2,102,175
Current liabilities
Accounts payable	131,284	118,863
Accrued expenses and other current liabilities	109,248	131,410
Deferred revenue	108,316	92,695
Liability for guest loyalty programs	94,574	89,954
Current portion of long-term debt	499,268	2,976
Total current liabilities	942,690	435,898
Long-term debt	1,068,751	1,200,547
Long-term deferred revenue	133,501	134,149
Deferred compensation and retirement plan obligations	45,657	36,673
Income taxes payable	8,601	15,482
Operating lease liabilities	109,483	70,994
Liability for guest loyalty programs	43,266	47,381
Other liabilities	7,252	6,391
Total liabilities	2,359,201	1,947,515
Commitments and Contingencies (Note 23)
Common stock, $0.01 par value; 160,000,000 shares authorized; 95,065,638 shares issued at December 31, 2023 and December 31, 2022; 49,526,245 and 52,200,903 shares outstanding at December 31, 2023 and December 31, 2022, respectively	951	951
Additional paid-in-capital	330,750	298,053
Accumulated other comprehensive loss	(5,671)	(5,211)
Treasury stock, at cost; 45,539,393 and 42,864,735 shares at December 31, 2023 and December 31, 2022, respectively	(2,046,791)	(1,694,857)
Retained earnings	1,756,359	1,555,724
Total shareholders’ equity	35,598	154,660
Total liabilities and shareholders’ equity	$ 2,394,799	$ 2,102,175

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 39,265	$ 23,435
Allowance for credit losses, current	3,035	4,125
Allowance for credit losses, noncurrent	$ 5,581	$ 6,047
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)	49,526,245	52,200,903
Treasury stock, shares (in shares)	45,539,393	42,864,735

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 258,507	$ 332,152	$ 288,957
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,659	30,425	24,773
Depreciation and amortization - other expenses from franchised and managed properties	36,076	33,488	25,721
Franchise agreement acquisition cost amortization	20,024	15,666	13,222
Gain on extinguishment of debt	(4,416)	0	0
Impairment of long-lived assets	3,736	0	282
(Gain) loss on sale of business and assets, net	0	(16,251)	530
Non-cash share-based compensation and other charges	46,809	42,974	35,731
Non-cash interest, investment, and affiliate (income) loss, net	(8,747)	7,365	(13,509)
Deferred income taxes	(1,336)	(19,642)	(1,006)
Equity in net (gain) loss of affiliates, less distributions received	(1,570)	489	23,985
Franchise agreement acquisition costs, net of reimbursements	(98,316)	(54,527)	(38,230)
Change in working capital and other	6,128	(5,078)	23,240
Net cash provided by operating activities	296,554	367,061	383,696
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in property and equipment	(116,277)	(89,954)	(74,294)
Investments in intangible assets	(2,014)	(3,631)	(3,573)
Proceeds from the sale of assets and business	0	166,568	6,119
Asset acquisitions, net of cash paid	0	(856)	0
Cash received from extinguishment of notes receivable	0	0	301
Business acquisition, net of cash acquired	0	(550,431)	0
Proceeds from the termination of intangible assets	0	44,711	0
Contributions to investments in affiliates	(38,930)	(3,148)	(2,778)
Proceeds from the sale of affiliates	868	0	15,554
Purchases of investments for employee benefit plans	(4,194)	(4,185)	(1,705)
Proceeds from sales of investments for employee benefit plans	1,609	1,908	2,609
Contributions to investments in affiliates	(112,420)	0	0
Issuances of notes receivable	(4,323)	(5,647)	(20,133)
Collections of notes receivable	10,852	975	213
Other items, net	(797)	1,260	(1,239)
Net cash used in investing activities	(265,626)	(442,430)	(78,926)
CASH FLOWS FROM FINANCING ACTIVITIES
Net (repayments) borrowings pursuant to revolving credit facilities	(131,500)	360,000	0
Proceeds from issuance of Term Loan	500,000	0	0
Principal payments on long-term debt	0	(216,571)	0
Payments to extinguish acquired debt	0	(55,975)	0
Proceeds from acquired derivative	0	1,943	0
Debt issuance costs	(1,553)	(44)	(365)
Purchases of treasury stock	(362,772)	(434,767)	(13,365)
Dividends paid	(56,457)	(52,545)	(25,044)
Proceeds from the exercise of stock options	6,345	3,809	11,054
Net cash used in financing activities	(45,937)	(394,150)	(27,720)
Net change in cash and cash equivalents	(15,009)	(469,519)	277,050
Effect of foreign exchange rate changes on cash and cash equivalents	197	(520)	(224)
Cash and cash equivalents, beginning of period	41,566	511,605	234,779
Cash and cash equivalents, end of period	26,754	41,566	511,605
Cash payments during the year for
Income taxes, net of refunds	94,342	115,972	106,539
Interest, net of capitalized interest	60,773	46,908	43,939
Non-cash investing and financing activities
Dividends declared but not paid	14,902	13,136	13,208
Asset acquisition from extinguishment of note receivable	0	20,446	21,133
Investment in property, equipment and intangible assets acquired in accounts payable and accrued liabilities	$ 10,291	$ 5,383	$ 3,518

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands		Total	Common Stock	Additional Paid-in- Capital	Accumulated Other Comprehensive Loss	Treasury Stock	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2020			55,535,554
Beginning balance at Dec. 31, 2020		$ (5,752)	$ 951	$ 233,921	$ (4,646)	$ (1,260,478)	$ 1,024,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		288,957					288,957
Other comprehensive income (loss), net of tax		72			72
Share based payment activity (in shares)	[1]		185,867
Share based payment activity	[1]	34,215		25,396		8,811	8
Dividends declared	[1]	(38,245)					(38,245)
Treasury purchases (in shares)			(112,195)
Treasury purchases		(13,365)				(13,365)
Ending balance (in shares) at Dec. 31, 2021			55,609,226
Ending balance at Dec. 31, 2021		265,882	$ 951	259,317	(4,574)	(1,265,032)	1,275,220
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)			$ 0.688
Net income		332,152					332,152
Other comprehensive income (loss), net of tax		(637)			(637)
Share based payment activity (in shares)	[1]		294,095
Share based payment activity	[1]	43,677		38,736		4,941	0
Dividends declared	[1]	(51,648)					(51,648)
Treasury purchases (in shares)			(3,702,418)
Treasury purchases		$ (434,766)				(434,766)
Ending balance (in shares) at Dec. 31, 2022		52,200,903	52,200,903
Ending balance at Dec. 31, 2022		$ 154,660	$ 951	298,053	(5,211)	(1,694,857)	1,555,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)			$ 0.95
Net income		258,507					258,507
Other comprehensive income (loss), net of tax		(460)			(460)
Share based payment activity (in shares)	[1]		366,121
Share based payment activity	[1]	46,586		32,697		13,889
Dividends declared	[1]	(57,872)					(57,872)
Treasury purchases (in shares)			(3,040,779)
Treasury purchases		$ (365,823)				(365,823)
Ending balance (in shares) at Dec. 31, 2023		49,526,245	49,526,245
Ending balance at Dec. 31, 2023		$ 35,598	$ 951	$ 330,750	$ (5,671)	$ (2,046,791)	$ 1,756,359
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared (in dollars per share)		$ 0.2875	$ 1.15
[1] In May 2021, the Company resumed the payment of quarterly dividends, subject to future declarations by the Company's Board of Directors, and declared a quarterly cash dividend of $0.225 per share of common stock. On December 6, 2021, the Company's Board of Directors approved a 6% increase in the quarterly cash dividend and declared a quarterly cash dividend of $0.2375 per share of common stock. During the year ended December 31, 2022, the Company declared cash dividends at a quarterly rate of $0.2375 per share of common stock. In March 2023, the Company's board of directors approved a 21% increase in the quarterly cash dividend to $0.2875 per share, which is the current per share dividend amount that was utilized in each of the dividends that were declared in 2023. During certain periods presented, accumulated dividends were paid to certain shareholders upon vesting of their performance vested restricted stock units ("PVRSU"), which are presented in Share-based payment activity.

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT) (Parenthetical) - $ / shares		1 Months Ended		3 Months Ended							12 Months Ended
	Dec. 06, 2021	Mar. 31, 2023	May 31, 2021	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Dividends declared (in dollars per share)											$ 0.2875
Common stock dividends, percentage increase (as a percent)		21%
Common Stock
Dividends declared (in dollars per share)	$ 0.2375	$ 0.2875	$ 0.225	$ 0.2375	$ 0.2375	$ 0.2375	$ 0.2375	$ 0.2375	$ 0.225	$ 0.225	$ 1.15	$ 0.95	$ 0.688
Common stock dividends, percentage increase (as a percent)	6%	21%

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (collectively, "Choice" or the "Company") have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated in consolidation. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of 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. In the opinion of management, the accompanying consolidated financial statements include all adjustments that are necessary 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 prior year amounts in our consolidated financial statements have been reclassified in order to maintain comparability with the current year presentation. Business combination, diligence and transition costs, which were previously presented in selling, general and administrative expenses, are now presented within a standalone financial statement line item in the consolidated statements of income. The reclassification had no effect on the Company’s previously reported operating income or net income. Acquisition of Radisson Hotels Americas On August 11, 2022, the Company completed the acquisition (the "Transaction") of (1) all of the issued and outstanding shares of Radisson Hospitality, Inc., and (2) certain trademarks held by Radisson Hospitality Belgium BV/SRL (collectively referred to as "Radisson Hotels Americas"). The Company determined that it was the accounting acquirer of Radisson Hotels Americas and accounted for the Transaction as a business combination using the acquisition method of accounting. Accordingly, the assets acquired and the liabilities assumed were recorded at their fair values as of the August 11, 2022 acquisition date, with the exception of certain assets and liabilities which were accounted for in accordance with the provisions of ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers ("ASU 2021-08"). The Company finalized the purchase price allocation for the Transaction during the third quarter of 2023. Refer to Note 24 for more information. Revenue Recognition Franchise Agreements The Company's revenues are primarily derived from franchise agreements with third-party hotel owners. The majority of the Company’s performance obligations are a series of distinct services, which are described in more detail below, for which the Company receives variable consideration through franchise fees. The Company enters into franchise agreements to provide franchisees with a limited non-exclusive license to utilize the Company’s registered brand tradenames and trademarks, marketing and reservation services, and other miscellaneous franchise services. These agreements typically have an initial term of 10 to 30 years with provisions permitting the franchisees or the Company to terminate the franchise agreement upon designated anniversaries of the hotel opening before the end of the initial term. An up-front initial franchise fee is assessed to the third-party hotel owners to affiliate with our brands, which is typically paid prior to the execution of the franchise agreement and is non-refundable. After hotel opening, franchise fees are typically generated based on a percentage of gross room revenues or as designated transactions and events occur (such as when a reservation is delivered to the hotel through a specified channel) and are invoiced by the Company in the following month. The franchise agreements are comprised of multiple performance obligations, which may require significant judgment in identifying. The primary performance obligations are as follows: • License of brand intellectual property and related services (“brand intellectual property”) - Grants the right to access the Company’s intellectual property associated with the brand tradenames, trademarks, reservation systems, property management systems, and related services. • Material rights for free or discounted goods or services to hotel guests - Primarily consists of the points issued under the Company’s guest loyalty program, Choice Privileges. License of Brand Intellectual Property and Related Services The fees generated from brand intellectual property are recognized to revenue over time as the hotel owners pay for access to these services for the duration of the franchise agreement. The franchise fees are typically based on the sales or usage of the underlying hotel (i.e., after the completion of a hotel stay), with the exception of fixed up-front fees that usually represent an insignificant portion of the transaction price. The variable transaction price is determined for the period when the underlying gross room revenues and the transactions or events which generate fees are known. Franchise fees include the following: • Royalty fees - Royalty fees are earned in exchange for a license to brand intellectual property typically based on a percentage of gross room revenues. The royalty fees are billed and collected monthly and the revenues are recognized in the same period that the underlying gross room revenues are earned by the Company’s franchisees. The royalty fees are recognized within royalty, licensing and management fees revenue in the consolidated statements of income. • Initial franchise fees - Initial franchise fees are charged when (i) new hotels enter the franchise system, (ii) there is a change of ownership, or (iii) the existing franchise agreements are extended. The initial franchise fees are recognized as revenue ratably as the services are provided over the enforceable period of the franchise agreement, unless the franchise agreement is terminated and the hotel exits the franchise system whereby the remaining deferred amounts are recognized to revenue in the period of termination. The enforceable period is the period from the hotel's opening to the first point the franchisee or the Company can terminate the franchise agreement without incurring a significant penalty. • Other revenue - Other revenue is a combination of miscellaneous non-marketing and reservation system fees, which includes quality assurance, non-compliance, and franchisee training fees. Other revenue is recognized in the period that the designated transaction or event has occurred. The Company’s franchise agreements require the payment of marketing and reservation system fees. The Company is obligated to use these marketing and reservation system fees to provide marketing and reservation services, such as marketing, media, advertising, access to centralized reservation systems, and certain franchise services to support the operation of the overall franchise system. The marketing and reservation system fees are recognized within other revenues from franchised and managed properties in the consolidated statements of income. These services are comprised of multiple fees including the following: • Fees based on a percentage of gross room revenues are recognized in the period the gross room revenue was earned, based on the underlying hotel’s sales or usage. • Fees based on the occurrence of a designated transaction or event are recognized in the period the transaction or event occurred. • System implementation fees charged to the franchisees are deferred and recognized as revenue over the enforceable period of the franchise agreement. • Marketing and reservation system activities also include revenues generated from the Company’s guest loyalty programs. The revenue recognition of these programs is discussed in the Material rights for free or discounted goods or services to hotel guests section below . Marketing and reservation system expenses are the expenses that are incurred to facilitate the delivery of the marketing and reservation system services, including direct expenses and an allocation of costs for certain administrative activities that are required to carry out marketing and reservation system services. Marketing and reservation system expenses are recognized when the services are incurred or the goods are received within other expenses from franchised and managed properties in the consolidated statements of income. As a result, the marketing and reservation system expenses may not equal the marketing and reservation system revenues in a specific period but are expected to equal the revenues earned from the franchisees over time. The Company’s franchise agreements provide the Company the right to advance monies to the franchise system when the needs of the franchisor system surpass the balances currently available. The Company has the right to recover such advances in future periods through additional fee assessments or reduced spending. Material Rights for Free or Discounted Goods or Services to Hotel Guests Choice Privileges is the Company’s guest loyalty program, which enable members to earn points based on their spending levels with the Company’s franchisees or certain vendors (refer to the Partnership Agreements section below). The points, which the Company accumulates and tracks on the members’ behalf, may be redeemed for free accommodations or other benefits (e.g. gift cards to participating retailers). The Company collects from the franchisees a percentage of the loyalty program members’ gross room revenue from completed stays to operate the programs. At such time the points are redeemed for free accommodations or other benefits, the Company reimburses the franchisees or third parties based on a rate derived in accordance with the franchise or vendor agreement. The loyalty points represent a performance obligation attributable to the usage of the points, and thus the revenues are recognized at the point in time when the loyalty points are redeemed by the members for benefits. The transaction price is variable and determined in the period when the loyalty points are earned and the underlying gross room revenues are known. No loyalty program revenues are recognized at the time the loyalty points are issued. The Company is an agent in coordinating the delivery of the services between the loyalty program member and the franchisee or third party, and as a result, the revenues are recognized net of the cost of redemptions. The estimated value of the future redemptions is reflected in the current and non-current liability for guest loyalty program in the consolidated balance sheets. The liability for the guest loyalty program is developed based on an estimate of the eventual redemption rates and point values using various actuarial methods. These significant judgments determine the required point liability attributable to the outstanding points, which is relieved as the redemption costs are processed. The amount of the loyalty program fees in excess of the guest loyalty program point liability represents current and non-current deferred revenue, which is recognized to revenue as the points are redeemed including an estimate of the future forfeitures (“breakage”). The anticipated redemption pattern of the points is the basis for the current and non-current designation of each liability. As of December 31, 2023, the current and non-current deferred revenue balances were $67.3 million and $30.9 million, respectively. The loyalty points are typically redeemed within three years of issuance. The loyalty program point redemption revenues are recognized within other revenues from franchised and managed properties in the consolidated statements of income. The Company also recognizes revenues from various contracts that are incidental to the support of the operations for the franchised hotels, including the purchasing operations. Partnership Agreements The Company is a party to various agreements with third-party partners, including the co-branding of the Choice Privileges credit card. The agreements typically provide for use of the Company’s marks, limited access to the Company’s distribution channels, and the sale of Choice Privileges loyalty points, in exchange for fees primarily comprising variable consideration that is paid each month. Loyalty members can earn points through participation in the partner’s program. The partnership agreements include multiple performance obligations. The primary performance obligations are for the brand intellectual property and material rights for free or discounted goods or services to hotel guests. The allocation of the fixed and variable consideration to the performance obligations is based on the standalone selling price, which is estimated based on the market and income methods, which contain significant judgments. The amounts allocated to the brand intellectual property are recognized on a gross basis over time using the output measure of the time elapsed, primarily within royalty, licensing and management fees and platform and procurement services fees in the consolidated statements of income. The amounts allocated to the material rights for free or discounted goods or services to hotel guests are recognized to revenue as the points are redeemed including an estimate of the breakage, primarily within other revenues from franchised and managed properties in the consolidated statements of income. Qualified Vendors The Company generates procurement services revenue from qualified vendors. The qualified vendor revenue is generally based on the marketing services provided by the Company on behalf of, and the access provided to, the qualified vendors to the hotel owners and guests. The Company provides these services in exchange for either fixed consideration or a percentage of the revenues earned by the qualified vendor pertaining to purchases by the Company’s franchisees or guests. The fixed consideration is paid in installments based on a contractual schedule, with an initial payment typically due at contract execution. The variable consideration is typically paid quarterly after the sales to the franchisees or guests have occurred. The qualified vendor agreements comprise a single performance obligation, which is satisfied over time based on the access afforded, and the services provided, to the qualified vendor for the stated duration of the agreement. The fixed consideration is allocated and recognized ratably to each period over the term of the agreement. The variable consideration is determined and recognized in the period when the vendors' sales to the franchisees or guests are known or the cash payment has been remitted. The qualified vendor revenues are recognized within platform and procurement services fees revenue in the consolidated statements of income. Other The Company is a party to other non-franchising agreements that generate revenue, which are primarily SaaS arrangements for non-franchised hoteliers, and is presented as other revenue in the consolidated statements of income. SaaS agreements typically include fixed consideration for installment and other initiation fees that are paid at the beginning of the contract, and variable consideration for recurring subscription revenue that is typically paid on a monthly basis. SaaS agreements comprise a single performance obligation, which is satisfied over time based on the access to the software for the stated duration of the agreement. The fixed consideration is allocated and recognized ratably to each period over the term of the agreement. The variable consideration is determined at the conclusion of each period, and allocated to and recognized in the current period. Managed Hotels The Company manages 14 hotels (inclusive of four owned hotels). The management agreements provide for the use of the Company's marks and hotel management services, include providing day-to-day management services in the operation of the hotels for the hotel owners. The fees generated from the management agreements are recognized to revenue over time as the hotel owners pay for access to these services for the duration of the management agreement, and include base and incentive management fees. Base management fees are generally based on a percentage of the hotel's monthly gross revenue and invoiced and collected monthly. Incentive management fees are generally based on a percentage of the hotel's operating profits as measured and invoiced on an annual basis. Base and incentive management fee revenues are recognized within royalty, licensing and management fees in the consolidated statements of income. Refer to Note 23 for more information on the management agreement guarantees. The Company's management agreements include amounts that are contractually reimbursed to us by the hotel owners, either directly or indirectly, relating to certain costs and expenses that are paid by us in support of the operations of these hotel properties. The reimbursements include payroll and related costs and certain other operating costs of the managed properties' operations, which are reimbursed to us by the hotel owners as the expenses are incurred. The revenue related to these direct reimbursements is recognized based on the amount of the expenses incurred by the Company, which are recognized as other expenses from franchised and managed properties in the consolidated statements of operations. The hotel owner typically reimburses us on a monthly basis, which results in no net effect to operating income or net income. The revenues related to marketing and reservations are recognized over time and are intended to reimburse us, indirectly, for the expenses incurred in performing the marketing and reservation services. These managed revenues are presented within other revenues from franchised and managed properties in the consolidated statements of operations. Owned Hotels The Company owned ten hotels and nine hotels as of December 31, 2023 and 2022, respectively, from which the Company generates revenues. As a hotel owner, the Company has performance obligations to provide accommodations to hotel guests and in return, the Company earns a nightly fee for an agreed upon period that is generally payable at the time the hotel guest checks out of the hotel. The Company typically satisfies the performance obligations over the length of the stay and recognizes the revenue on a daily basis, as the hotel rooms are occupied and the services are rendered. Other ancillary goods and services at the owned hotels are purchased independently of the hotel stay at the standalone selling prices and are considered separate performance obligations, which are satisfied at the point in time when the related good or service is provided to the guest. These primarily consist of food and beverage, incidentals, and parking fees. The hotel room night and other ancillary hotel ownership revenues are recognized within owned hotels revenue in the consolidated statements of income. Sales Taxes The Company presents the taxes collected from customers and then remitted to governmental authorities on a net basis and, therefore, the taxes are excluded from revenues in the consolidated financial statements. Business Combination, Diligence and Transition Costs The Company incurs costs during the review of potential business combinations, including legal fees, financial advisory, and other professional service fees. If the Company is successful in completing a business combination, then the Company may incur transition and integration costs, including professional service fees, technology costs, and employee-related costs such as bonuses, retention, and severance. The business combination, diligence and transition costs are expensed as incurred in the consolidated statements of income. Notes & Accounts Receivable and Allowances for Credit Losses The Company provides financing in the form of notes receivable loans to franchisees to support the development or conversion of properties in strategic markets. The Company accrues interest for notes receivable loans in accordance with loan provisions. The Company considers notes receivable loans past due and in default when payments are not made when due in accordance with the then-current loan provisions or the terms extended to the borrowers, including loans with concessions or interest deferral. The Company suspends the accrual of interest when payments on loans are more than 30 days past due or upon a loan being classified as collateral-dependent. The Company applies the payments received for loans on a non-accrual status first to interest and then to principal. The Company does not resume an interest accrual until all delinquent payments are received based on the then-current loan provisions. The Company has developed a systematic methodology to determine its allowance for credit losses across our portfolio of notes receivable loans. The Company monitors the risk and performance of our portfolio by the level of security in the collateral (i.e., senior, subordinated, or unsecured), which is the Company's credit quality indicator. As each of the Company’s notes receivable loans has unique risk characteristics, the Company deploys its methodology to calculate allowances for credit losses at the individual notes receivable loan level. The Company primarily utilizes a discounted cash flow ("DCF") technique to measure the credit allowance, influenced by the key economic variables of each note receivable loan. The Company identified the key economic variables for these loans to be the loan-to-cost ("LTC") or loan-to-value ("LTV") ratios and a debt service coverage ratio ("DSCR"). The LTC or LTV ratio represents the loan principal relative to the project cost or value and is an indication of the loan principal's ability to be re-paid at loan maturity. The DSCR represents property-specific net operating income as a percentage of the interest and principal payments incurred (i.e., debt service) on all debt of the borrower for the property and is an indication of the borrower's ability to make timely payments during the term of the loan. The LTC or LTV ratios and DSCR are considered during the loan underwriting process as indications of risk and, accordingly, we believe these factors are the most representative risk indicators for calculating the allowance for credit loss. Loans with higher LTC or LTV ratios and lower DSCR ratios generally are representative of loans with greater risk and, accordingly, have higher credit allowances as a percentage of loan principal. Conversely, loans with lower LTC or LTV ratios and higher DSCR ratios generally are representative of loans with lesser risk and, accordingly, have lower credit allowances as a percentage of loan principal. In preparing or updating a DCF model to measure the credit allowance, the Company develops various recovery scenarios and, based on the key economic variables, the present status of the loan, and the underlying collateral, applies a probability-weighting to the outputs of the scenarios. Collateral-dependent financial assets are financial assets for which repayment is expected to be derived substantially through the operation or sale of the collateral and when the borrower is experiencing financial difficulty. For collateral-dependent loans, the expected credit losses are based on the fair value of the collateral, less the selling costs if repayment will be from the sale of the collateral. The Company calculates the fair value of the collateral using a DCF technique to project the cash flows or a market approach via quoted market prices. In developing the cash flow projections, the Company will review the borrower's financial statements for the property, economic trends, industry projections for the market where the property is located, and comparable sales capitalization rates. Management assesses the credit quality of the notes receivable portfolio and the adequacy of the credit loss allowances on a quarterly basis and recognizes the provisions for credit losses in selling, general and administrative expenses in the consolidated statements of income. Significant judgment is required in this analysis. Accounts receivable consists primarily of the franchise and related fees due from the hotel franchisees and are recorded at the invoiced amount. The allowance for credit losses is the Company’s best estimate of the amount of expected credit losses inherent in the accounts receivable balance. The Company determines the allowance considering its historical write-off experience, a review of the aged receivable balances and customer payment trends, the economic environment, and other available evidence. The Company recognizes the provisions for credit losses on accounts receivable in selling, general and administrative expenses and other expenses from franchised and managed properties in the consolidated statements of income. When the Company determines that a trade or note receivable is not collectible, then the account is written-off to the associated allowance for credit losses. Refer to Note 4 for more information on the receivables and the allowances for credit losses. Advertising Costs The Company expenses advertising costs as the advertising occurs. Advertising expense was $195.2 million, $170.4 million, and $81.5 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company presents advertising costs primarily in other expenses from franchised and managed properties in the consolidated statements of income. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains cash balances at domestic banks, which at times may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. In addition, the Company also maintains cash balances at international banks which do not provide deposit insurance. Capitalization Policies Property and equipment are generally recorded at cost and depreciated for financial reporting purposes using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful lives of the assets. Major renovations and replacements incurred during construction are capitalized. The costs for computer software developed for internal use are capitalized during the application development stage and amortized using the straight-line method over the estimated useful lives of the software. The capitalized software licenses pertaining to cloud computing arrangements are amortized using the straight-line method over the shorter of the cloud computing arrangement term or the estimated useful lives of the software. The Company capitalizes the interest incurred during the construction and development of property and equipment, including software. The total interest capitalized as a cost of property and equipment was $5.8 million and $2.0 million during the years ended December 31, 2023 and 2022, respectively. As construction in progress and software development are completed and then placed in service, the assets are transferred to the appropriate property and equipment categories and depreciation and amortization begins. Upon the sale or the retirement of the property, the cost and the related accumulated depreciation are eliminated from the accounts and any related gain or loss is recognized in the consolidated statements of income. Repairs and maintenance, and minor replacements, are charged to expense as incurred. The Company has made certain acquisitions of hotel assets, which are recognized at the fair value of the consideration exchanged. Refer to Note 24 for more information. The Company acquires land parcels with the intention to develop hotels, which are recognized at cost within property and equipment, net in the consolidated balance sheets. If the Company determines that it will not progress to active construction and development of a land parcel, then the land parcel is reclassified to other assets in the consolidated balance sheets. The table below summarizes the estimated useful lives for the respective assets for depreciation and amortization purposes: Computer equipment and software 2 - 7 years Buildings and leasehold improvements 10 - 40 years Furniture, fixtures, vehicles and equipment 3 - 10 years Assets Held for Sale The Company considers assets to be held for sale when all of the following criteria are met: • Management commits to a plan to sell an asset; • It is unlikely that the disposal plan will be significantly modified or discontinued; • The asset is available for immediate sale in its present condition; • Actions required to complete the sale of the asset have been initiated; • The sale of the asset is probable and the Company expects the completed sale will occur within one year; and • The asset is actively being marketed for sale at a price that is reasonable given its current market value. Upon designation as an asset held for sale, the Company recognizes the carrying value of each asset as a component of other current assets at the lower of its carrying value or its estimated fair value, less the estimated costs to sell, and immediately ceases the recognition of depreciation or amortization expense on the asset. If, at any time, these criteria are no longer met, subject to certain exceptions, then the assets previously classified as held for sale are reclassified as held and used and measured individually at the lower of (a) the carrying amount before the asset was classified as held for sale, adjusted for any depreciation or amortization expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell. Long-Lived Assets, Intangible Assets, and Goodwill The Company groups its long-lived assets, including property and equipment and definite-lived intangible assets (e.g., franchise rights and franchise agreement acquisition costs), at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The Company evaluates the potential impairment of its long-lived asset groups annually as of December 31 or earlier when other circumstances indicate that the Company may not be able to recover the carrying value of the asset group. When indicators of impairment are present, then the recoverability is assessed based on undiscounted expected cash flows. If the undiscounted expected cash flows are less than the carrying amount of the asset group, then an impairment charge is measured and recognized, as applicable, for the excess of the carrying value over the fair value of the asset group. The fair value of the long-lived asset groups are estimated primarily using discounted cash flow analyses representing the highest and best use by an independent market participant. Significant management judgment is involved in evaluating any indicators of impairment and developing any required projections to test for the recoverability or the estimated fair value. Furthermore, if management uses different projections or if different conditions occur in future periods, then future operating results could be materially impacted. The Company did not identify any indicators of impairment of long-lived assets from the Hotel Franchising reporting unit during the years ended December 31, 2023, 2022, and 2021, other than impairments on franchise sales commission assets and franchise agreement acquisition cost intangible assets, which are recognized within selling, general and administrative expenses and other expenses from franchised and managed properties in the consolidated statements of income. Refer to Note 2 for additional information. During the year ended December 31, 2023, the Company recognized an impairment loss on the long-lived assets associated with the legacy Radisson corporate office lease. Refer to Note 6 for additional information. The Company evaluates the impairment of goodwill and intangible assets with indefinite liv

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Contract Liabilities Contract liabilities relate to (i) advance consideration received related to services considered to be a part of the brand intellectual property performance obligation, such as initial franchise fees that are paid when a franchise agreement is executed and system implementation fees that are paid at the time of installation, and (ii) amounts received when loyalty points are issued but the associated revenue has not yet been recognized since the related loyalty points have not been redeemed. Deferred revenues from initial fees and system implementation fees are typically recognized over a ten-year period, unless the franchise agreement is terminated and the hotel exits the franchise system whereby the remaining deferred amounts are recognized to revenue in the period of termination. Loyalty points are typically redeemed within three years of issuance. The following table summarizes the significant changes in the contract liabilities balances during the year ended December 31, 2023: (in thousands) Balance as of December 31, 2022 $ 209,359 Increases to the contract liability balance due to cash received 115,661 Revenue recognized in the period (115,125) Balance as of December 31, 2023 $ 209,895 Remaining Performance Obligations The aggregate amount of the transaction price that is allocated to unsatisfied, or partially unsatisfied performance obligations was $209.9 million as of December 31, 2023. This amount represents the fixed transaction price that will be recognized as revenue in future periods, which is presented as current and non-current deferred revenue in the consolidated balance sheets. Based on the practical expedient elections permitted by ASU 2014-09, Revenue From Contracts with Customers (Topic 606) and subsequent amendments ("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. Capitalized Franchise Agreement Costs Sales commissions earned by Company personnel upon execution of a franchise agreement (“franchise sales commissions”) meet the requirement to be capitalized as an incremental cost of obtaining a contract with a customer. The capitalized franchise sales commissions are amortized on a straight-line basis over the estimated benefit period of the arrangement, unless the franchise agreement is terminated and the hotel exits the system whereby the remaining capitalized amounts will be expensed in the period of termination. The estimated benefit period is the Company's estimate of the duration a hotel will remain in the Choice system. As of December 31, 2023 and 2022, the capitalized franchise sales commissions were $58.6 million and $57.6 million, respectively, which are recognized within other assets in the consolidated balance sheets. For the years ended December 31, 2023, 2022, and 2021, amortization expense and impairment charges were $13.1 million, $13.0 million, and $11.9 million, respectively, which are recognized in selling, general and administrative expenses in the consolidated statements of income. The Company makes certain payments to customers as an incentive to enter into new franchise agreements (“franchise agreement acquisition costs”). These payments are recognized as an adjustment to the transaction price and capitalized as an intangible asset in the consolidated balance sheets. The franchise agreement acquisition cost intangible assets are amortized on a straight-line basis over the estimated benefit period of the arrangement as a reduction to royalty, licensing and management fees and other revenues from franchised and managed properties in the consolidated statements of income. For the years ended December 31, 2023, 2022, and 2021, impairments from adverse franchise agreement activity, including terminations and significant delinquencies in construction or invoice payments, were $7.3 million, $2.5 million, and $11.1 million, respectively, which are recognized in selling, general and administrative expenses and other expenses from franchised and managed properties in the consolidated statements of income. Disaggregation of Revenue The following table presents our revenues by over time and point in time recognition: Year Ended December 31, 2023 (in thousands) Over time Point in time Total Royalty, licensing and management fees $ 502,164 $ 11,248 $ 513,412 Initial franchise fees 27,787 — 27,787 Platform and procurement services fees 72,275 2,839 75,114 Owned hotels 72,132 25,509 97,641 Other 46,051 — 46,051 Other revenues from franchised and managed properties 705,114 79,046 784,160 Total revenues $ 1,425,523 $ 118,642 $ 1,544,165 Year Ended December 31, 2022 (in thousands) Over time Point in time Total Royalty, licensing and management fees $ 471,601 $ 158 $ 471,759 Initial franchise fees 28,074 — 28,074 Platform and procurement services fees 60,768 3,032 63,800 Owned hotels 55,428 15,398 70,826 Other 64,740 — 64,740 Other revenues from franchised and managed properties 596,668 106,082 702,750 Total revenues $ 1,277,279 $ 124,670 $ 1,401,949 Year Ended December 31, 2021 (in thousands) Over time Point in time Total Royalty, licensing and management fees $ 397,218 $ — $ 397,218 Initial franchise fees 26,342 — 26,342 Platform and procurement services fees 47,878 2,515 50,393 Owned hotels 32,191 5,642 37,833 Other 28,669 — 28,669 Other revenues from franchised and managed properties 465,184 63,659 528,843 Total revenues $ 997,482 $ 71,816 $ 1,069,298 The owned hotels revenues that are recognized at a point in time represent the goods and services that are purchased independently of the hotel stay, such as food and beverage, incidentals, and parking fees. The remaining revenues that are recognized at a point in time represent the loyalty points that are redeemed by members for benefits (with both franchisees and third-party partners), net of the cost of redemptions. For the years ended December 31, 2023, 2022, and 2021, the loyalty net revenues, inclusive of adjustments to the estimated redemption rates, were $93.1 million, $109.3 million, and $66.2 million, respectively. During the year ended December 31, 2022, other revenues included contract termination fee revenue of $22.7 million from the exit of 110 WoodSpring units in September 2022. The contract termination fee revenue consisted of $67.4 million in consideration received, less the $44.7 million in intangible assets that were initially recognized on the date of the WoodSpring acquisition. As presented in Note 20, the Corporate & Other segment revenue amounts were $110.9 million, $108.9 million, and $45.7 million for the years ended December 31, 2023, 2022, and 2021, respectively, which are presented in other revenues and owned hotels revenues in the consolidated statements of income. The remaining revenues relate to the Hotel Franchising & Management reportable segment. Royalty, licensing and management fees and other revenues from franchised and managed properties are presented net of intersegment revenues of $11.1 million, $5.5 million, and $2.9 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: December 31, (in thousands) 2023 2022 Prepaid expenses $ 34,669 $ 29,640 Other current assets 4,162 2,877 Total prepaid expenses and other current assets $ 38,831 $ 32,517

Receivables and Allowance for C

Receivables and Allowance for Credit Losses	12 Months Ended
	Dec. 31, 2023
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Receivables and Allowance for Credit Losses	Receivables and Allowance for Credit Losses Notes Receivable The Company has provided financing in the form of notes receivable loans to franchisees to support the development of hotel properties in strategic markets. The Company's credit quality indicator is the level of security in the note receivable. The following table summarizes the composition of the notes receivable balances by credit quality indicator and the allowance for credit losses: December 31, (in thousands) 2023 2022 Senior $ 85,919 $ 95,466 Subordinated 17,004 17,075 Unsecured 5,359 5,674 Total notes receivable 108,282 118,215 Less: allowance for credit losses 8,616 10,172 Total notes receivable, net of allowance for credit losses $ 99,666 $ 108,043 Current portion, net of allowance for credit losses $ 20,766 $ 52,466 Long-term portion, net of allowance for credit losses $ 78,900 $ 55,577 The following table summarizes the amortized cost basis of the notes receivable by the year of origination and credit quality indicator: (in thousands) 2023 2022 2021 2020 2019 Prior Total Senior $ — $ — $ — $ — $ 28,840 $ 57,079 $ 85,919 Subordinated 3,496 — — — — 13,508 17,004 Unsecured — 234 1,291 886 208 2,740 5,359 Total notes receivable $ 3,496 $ 234 $ 1,291 $ 886 $ 29,048 $ 73,327 $ 108,282 The following table summarizes the activity related to the Company’s notes receivable allowance for credit losses: December 31, (in thousands) 2023 2022 Beginning balance $ 10,172 $ 16,779 Provision for credit losses 763 (938) Recoveries (2,319) (5,669) Ending balance $ 8,616 $ 10,172 As of December 31, 2023 and December 31, 2022, one note receivable loan with a senior credit quality indicator met the definition of collateral-dependent and is collateralized by membership interests in the borrowing entities and the associated land parcel. The Company used a market approach using quoted market prices to value the underlying collateral. The Company reviewed the borrower's financial statements, economic trends, industry projections for the market, and comparable sales capitalization rates, which represent significant inputs to the cash flow projections. These nonrecurring fair value measurements are classified as Level 3 in the fair value measurement hierarchy because they are unobservable inputs which are significant to the overall fair value. Based on the Company's analysis, the fair value of the collateral secures substantially all of the carrying value of the note receivable loan. The allowances for credit losses attributable to the collateral-dependent note receivable loan increased by $1.3 million from $0.9 million as of December 31, 2022 to $2.2 million as of December 31, 2023. During the year ended December 31, 2023, the recoveries were primarily associated with cash collections pursuant to a settlement agreement with a borrower. During the year ended December 31, 2022, the recoveries were primarily associated with a note receivable loan that was previously classified as collateral-dependent and was settled in exchange for an operating hotel on April 14, 2022. Refer to Note 24 regarding the 2022 asset acquisition accounting. The following table summarizes the past due balances by credit quality indicator of the notes receivable: (in thousands) 1-30 days 31-89 days > 90 days Total Current Total Notes Receivable As of December 31, 2023 Senior $ — $ — $ 15,200 $ 15,200 $ 70,719 $ 85,919 Subordinated — 2,936 — 2,936 14,068 17,004 Unsecured — — 400 400 4,959 5,359 $ — $ 2,936 $ 15,600 $ 18,536 $ 89,746 $ 108,282 As of December 31, 2022 Senior $ — $ 15,200 $ — $ 15,200 $ 80,266 $ 95,466 Subordinated — — 2,209 2,209 14,866 17,075 Unsecured 20 40 40 99 5,574 5,674 $ 20 $ 15,240 $ 2,249 $ 17,508 $ 100,706 $ 118,215 The amortized cost basis of the notes receivable in a non-accrual status was $15.9 million and $18.7 million as of December 31, 2023 and 2022, respectively. Variable Interest through Notes Receivable The Company has issued notes receivable loans to certain entities that have created variable interests in the associated borrowers totaling $95.1 million and $103.2 million as of December 31, 2023 and 2022, respectively. The Company has determined that it is not the primary beneficiary of these VIEs. For collateral-dependent loans, the Company has no exposure to the borrowing VIE beyond the respective note receivable and the limited commitments which are addressed in Note 23. Accounts Receivable Accounts receivable consists primarily of franchise and related fees due from the hotel franchisees and are recorded at the invoiced amount. During the year ended December 31, 2023, the Company recognized provisions for credit losses on accounts receivable of $7.5 million in selling, general and administrative expenses, and $9.0 million in other expenses from franchised and managed properties, in the consolidated statements of income. During the year ended December 31, 2022, the Company recognized reversals of provisions for credit losses on accounts receivable of $0.4 million in selling, general and administrative expenses, and provisions for credit losses on accounts receivable of $1.4 million in other expenses from franchised and managed properties, in the consolidated statements of income. For the years ended December 31, 2023 and 2022, the Company recorded write-offs, net of recoveries, through the accounts receivable allowance for credit losses of $0.6 million and $12.4 million, respectively.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment The components of property and equipment were the following: December 31, (in thousands) 2023 2022 Land and land improvements $ 44,978 $ 37,335 Construction in progress and software under development 98,310 76,700 Computer equipment and software 261,287 243,436 Buildings and leasehold improvements 305,485 261,669 Furniture, fixtures, vehicles and equipment 63,917 61,489 Property and equipment 773,977 680,629 Less: Accumulated depreciation and amortization (280,499) (253,323) Property and equipment, net $ 493,478 $ 427,306 For the years ended December 31, 2023, 2022, and 2021, depreciation expense, excluding the activity attributable to other expenses from franchised and managed properties, was $20.9 million, $14.5 million, and $16.5 million, respectively. As of December 31, 2023 and 2022, unamortized capitalized software development costs were $50.3 million and $58.5 million, respectively. For the years ended December 31, 2023, 2022, and 2021, the amortization of capitalized software development costs was $30.3 million, $26.6 million, and $14.1 million, respectively, which is included in the other expenses from franchised and managed properties and depreciation and amortization line items in the consolidated statements of income.

Goodwill, Impairment of Assets,

Goodwill, Impairment of Assets, and Sale of Business and Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Impairment of Assets, and Sale of Business and Assets	Goodwill, Impairment of Assets, and Sale of Business and Assets Goodwill The following table summarizes the carrying amount of the Company's goodwill: December 31, (in thousands) 2023 2022 Goodwill $ 226,231 $ 166,774 Accumulated impairment losses (7,578) (7,578) Goodwill, net of accumulated impairment losses 218,653 159,196 Goodwill arising from the Radisson Hotels Americas acquisition (refer to Note 24) 1,534 59,457 Goodwill, net carrying amount $ 220,187 $ 218,653 As of December 31, 2023 and 2022, goodwill is entirely attributable to the Hotel Franchising reporting unit. The Company assessed the qualitative factors attributable to the Hotel Franchising reporting unit and determined that it is not more likely than not that the fair value of the reporting unit is less than its carrying amount. The Hotel Franchising reporting unit is included in the Hotel Franchising & Management reportable segment in Note 20. Long-lived Asset Group Impairments Legacy Radisson Corporate Office Lease On October 12, 2023, the Company executed an agreement to sublease the legacy Radisson corporate office space in Minneapolis, Minnesota. As a result of the intended change of use, the Company determined the assets associated with the legacy Radisson corporate office space represent their own long-lived asset group, inclusive of the head lease right-of-use asset and leasehold improvements, with a carrying value of $9.5 million. The legacy Radisson corporate office space long-lived asset group was determined to be impaired due to the carrying value exceeding its fair value, which resulted in the recognition of a $3.4 million impairment loss, which is presented in impairments of long-lived assets in the consolidated statements of income and the Corporate & Other segment in Note 20. This nonrecurring fair value measurement, which is based on a discounted cash flows analysis, is classified as Level 3 in the fair value measurement hierarchy because there are unobservable inputs which are significant to the overall fair value. Real Estate Asset Sales During the year ended December 31, 2022, four separately owned Cambria hotel assets or land parcels met the held for sale classification and the Company completed the sale transactions to third-party franchisees, which resulted in the derecognition of the assets from the consolidated balance sheets. During the year ended December 31, 2022, the Company recognized a gain on sale of business and assets, net for the four sale transactions of $16.2 million in the Corporate & Other segment. Commercial Office Building On December 30, 2014, a court awarded the Company title to a commercial office building as settlement of a portion of an outstanding loan receivable for which the building was pledged as collateral. In 2021, the Company committed to a plan to sell the commercial office building, which met the held for sale classification in the third quarter of 2021. The commercial office building was sold in November 2021 for $6.1 million, which resulted in a gain of $13 thousand which is presented in gain on sale of business and assets, net in the consolidated statements of income. The financial results of the commercial office building are included in the Corporate & Other segment in Note 20.

Intangible Assets

Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The components of the Company's intangible assets were the following: As of December 31, 2023 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Franchise Rights (1) $ 354,735 $ 123,845 $ 230,890 $ 352,665 $ 104,836 $ 247,829 Franchise Agreement Acquisition Costs (2) 424,695 98,103 326,592 307,169 68,085 239,084 Trademarks & Other (3) 19,876 13,721 6,155 19,236 12,888 6,348 Capitalized SaaS Licenses (4) 17,397 16,673 724 17,807 15,592 2,215 Total amortizing intangible assets 816,703 252,342 564,361 696,877 201,401 495,476 Trademarks (non-amortizing) (5) 246,714 — 246,714 246,714 — 246,714 Total intangible assets $ 1,063,417 $ 252,342 $ 811,075 $ 943,591 $ 201,401 $ 742,190 (1) Represents the purchase price assigned to long-term franchise contracts. The unamortized balance relates primarily to the franchise rights established from the Radisson Hotels Americas Transaction, as well as WoodSpring franchise rights active since acquisition. The franchise rights are being amortized over useful lives ranging from 12 to 15 years on a straight-line basis. (2) Represents certain payments to customers as an incentive to enter into new franchise agreements, which are amortized as a reduction to royalty, licensing and management fees and other revenues from franchised and managed properties in the consolidated statements of income over useful lives generally ranging from 10 to 30 years on a straight-line basis commencing at hotel opening. The gross and accumulated amortization amounts are written off upon full amortization recognition, including the termination of an associated franchise agreement. Refer to Note 2 for a discussion of the impairments recognized. (3) Represents definite-lived trademarks and other various amortizing assets, including management agreements, which are generally amortized on a straight-line basis over a period of 10 years to 30 years. (4) Represents software licenses capitalized under a SaaS agreement, which are generally amortized on a straight-line basis over an average period of 3 years. (5) Represents the purchase price assigned to the Radisson, WoodSpring, and Suburban trademarks established at the time of their respective acquisitions. The trademarks are non-amortizing assets because they are expected to generate future cash flows for an indefinite period of time. For the years ended December 31, 2023, 2022, and 2021, amortization expense on the amortizing intangible assets was $42.5 million, $35.1 million, and $25.2 million, respectively. The estimated annual amortization expense on the amortizing intangible assets for each of the next five years is as follows: (in thousands) 2024 $ 42,560 2025 $ 41,598 2026 $ 40,886 2027 $ 39,808 2028 $ 37,982

Investments in Affiliates

Investments in Affiliates	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Affiliates	Investments in Affiliates The Company has equity method investments in affiliates primarily related to the Company's program to offer equity support to qualified franchisees to develop and operate Cambria Hotels in strategic markets. As of December 31, 2023 and 2022, the Company had total investments in affiliates in the consolidated balance sheets of $70.6 million and $30.6 million, respectively, which included investments in affiliates that represent VIEs of $59.4 million and $24.5 million, respectively. The Company has determined that it is not the primary beneficiary of any of these VIEs, however the Company does exercise significant influence through its equity ownership and as a result, the investments in these affiliates are accounted for under the equity method of accounting. During the years ended December 31, 2023, 2022, and 2021, the Company recognized losses totaling $3.4 million, $3.7 million, and $18.9 million, respectively, from these investment that represent VIEs. The Company's maximum exposure to losses related to its investments in the VIEs is limited to the total of its respective equity investment as well as certain limited payment guaranties, which are described in Note 23 of these consolidated financial statements. The Company recognized no impairment charges during the year ended December 31, 2023. During the years ended December 31, 2022 and 2021, the Company recognized impairment charges of $0.2 million and $19.3 million, respectively, related to certain equity method investments. The Company estimated the fair value of each investment on an individual basis and derived the fair value from a combination of observable prices from offers received for either the underlying collateral or the ownership interest of the unconsolidated affiliate, comparable market transactions, and DCF techniques to project the cash flows for the investment based upon the underlying property. There are judgments and assumptions in each of these fair value determinations, including our selection of comparable market transactions, the amount and timing of the expected future cash flows, long-term growth rates, and sales capitalization rates. These nonrecurring fair value measurements are classified as level three in the fair value measurement hierarchy, as the Company utilized unobservable inputs which are significant to the overall fair value. Based on these analyses, in each case the Company determined that the fair value declined below the carrying value and the decline is other-than-temporary. As a result, the Company recognized an impairment charge equal to the difference between the carrying value and the estimated fair value for each investment. During the years ended December 31, 2023 and 2021, the Company received distributions of $0.9 million and $15.6 million, respectively, from the sales of ownership interests or from the distributions from the sales of the underlying assets of the affiliates, which resulted in no net gains (losses) and a $6.9 million net gain, respectively. The Company received no distributions and therefore recognized no net gains (losses) during the year ended December 31, 2022. The Company's ownership interests in its affiliates were as follows: Ownership Interest December 31, 2023 December 31, 2022 Choice Hotels Canada, Inc. (1) 50 % 50 % Main Street WP Hotel Associates, LLC 50 % 50 % CS Hotel West Orange, LLC 50 % 50 % City Market Hotel Development, LLC 43 % 43 % CS Woodlands, LLC (2) — % 50 % 926 James M. Wood Boulevard, LLC 75 % 75 % EH Glendale JV LLC 80 % — % CS Lakeside Santa Clara LLC 50 % 50 % BL 219 Holdco, LP 50 % 50 % Integrated 32 West Randolph LLC 20 % 20 % EH Nampa JV LLC 80 % 80 % Radisson Hotel La Crosse (1) 14 % 14 % EH Cheyenne JV LLC 80 % — % EH Waco JV LLC 80 % — % EH Amarillo JV LLC 80 % — % EH Yuma JV LLC 80 % — % EH El Paso JV LLC 80 % — % EH Brownsville JV LLC 80 % — % (1) Non-VIE investments. (2) During the year ended December 31, 2023, the Company received distributions resulting from the sale of the underlying assets of the affiliate. The following tables present summarized financial information for all of the unconsolidated joint ventures in which the Company holds an investment in affiliate that is accounted for under the equity method of accounting: Year Ended December 31, (in thousands) 2023 2022 2021 Revenues $ 65,634 $ 58,821 $ 35,514 Operating income $ 12,504 $ 7,977 $ 2,299 Income (loss) from continuing operations $ 314 $ 1,837 $ (5,227) Net loss $ (1,255) $ (1,058) $ (1,593) As of December 31, (in thousands) 2023 2022 Current assets $ 63,397 $ 39,870 Non-current assets 269,693 237,347 Total assets $ 333,090 $ 277,217 Current liabilities $ 63,526 $ 38,660 Non-current liabilities 177,451 181,894 Total liabilities $ 240,977 $ 220,554

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2023
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following: December 31, (in thousands) 2023 2022 Land and buildings $ 20,303 $ 20,303 Capitalized franchise sales commissions 58,611 57,606 Other assets 14,375 13,159 Total other assets $ 93,289 $ 91,068 The land and buildings presented as other assets in the consolidated balance sheets represent real estate that the Company does not intend to progress to active construction and development.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: December 31, (in thousands) 2023 2022 Accrued compensation and benefits $ 51,385 $ 75,453 Accrued interest 10,606 9,628 Dividends payable 14,902 13,136 Termination benefits 5,252 1,242 Income taxes payable 6,954 6,388 Current operating lease liabilities 4,238 10,663 Other liabilities 15,911 14,900 Total accrued expenses and other current liabilities $ 109,248 $ 131,410

Deferred Revenue

Deferred Revenue	12 Months Ended
	Dec. 31, 2023
Deferred Revenue and Credits [Abstract]
Deferred Revenue	Deferred Revenue Deferred revenue consisted of the following: December 31, (in thousands) 2023 2022 Initial franchise fees $ 128,935 $ 123,790 Loyalty programs 98,225 93,419 System implementation fees 3,912 4,675 Procurement services fees 7,963 2,568 Other 2,782 2,392 Total deferred revenue $ 241,817 $ 226,844 Current portion $ 108,316 $ 92,695 Long-term portion $ 133,501 $ 134,149 Refer to Note 2 for the revenue recognition policies resulting in the deferral of revenue, including loyalty programs and the relationship between the loyalty programs deferred revenue and the liability for the guest loyalty programs.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: December 31, 2023 2022 (in thousands) $500 million unsecured term loan due 2024 ("2023 Term Loan") with an effective interest rate of 6.83%, less a discount and deferred issuance costs of $0.7 million at December 31, 2023 $ 499,268 $ — $450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $4.3 million and $4.9 million at December 31, 2023 and December 31, 2022, respectively 445,690 445,080 $400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $3.6 million and $4.2 million at December 31, 2023 and December 31, 2022, respectively 396,440 395,838 $850 million senior unsecured revolving credit facility with an effective interest rate of 6.54%, less deferred issuance costs of $1.9 million and $1.8 million at December 31, 2023 and December 31, 2022, respectively 226,621 358,189 Economic development loans with an effective interest rate of 3% at December 31, 2022 — 4,416 Total debt $ 1,568,019 $ 1,203,523 Less: current portion 499,268 2,976 Total long-term debt $ 1,068,751 $ 1,200,547 As of December 31, 2023, the scheduled principal maturities of debt, net of unamortized discounts, premiums, and deferred issuance costs, were as follows: (in thousands) Senior Notes Revolving Credit Term Loan Total 2024 $ — $ — $ 499,268 $ 499,268 2025 — — — — 2026 — 226,621 — 226,621 2027 — — — — 2028 — — — — Thereafter 842,130 — — 842,130 Total payments $ 842,130 $ 226,621 $ 499,268 $ 1,568,019 Senior Unsecured Credit Facility On February 14, 2023, the Company entered into a Third Amendment to the Amended and Restated Senior Unsecured Credit Agreement (the "Amendment"). The Amendment provides, among other things, for (i) an increase in the aggregate amount of commitments under the Company's existing $600 million unsecured credit facility (the "Revolver") by $250 million (the “Increased Commitments”) to an aggregate amount of $850 million, and (ii) the replacement of the interest reference rate for U.S. dollar-denominated borrowings under the Revolver from the London Interbank Offered Rate to an adjusted Secured Overnight Financing Rate. The pricing and other terms applicable to the Increased Commitments are the same as those applicable to the existing revolving loan commitments that were in effect prior to the Amendment. Except as amended by the Amendment, the remaining terms of the unsecured credit facility remain in full force and effect. 2023 Term Loan On December 18, 2023, the Company entered into a $500 million unsecured term loan with a maturity date of December 16, 2024 (the "2023 Term Loan"), which has an optional one-year extension that can be requested by the Company prior to the initial maturity date. The extension option is subject to the consent of the lenders and certain customary conditions. The 2023 Term Loan and all accrued but unpaid interest must be repaid in full on the maturity date. Upon the occurrence of certain debt issuances and equity issuances, as defined in the term loan agreement, the Company is required to make certain principal prepayments of the 2023 Term Loan in an amount equal to 100% of the net cash proceeds from those debt and equity issuances. The Company may elect to have the 2023 Term Loan bear interest at a rate equal to (i) SOFR (subject to a credit spread adjustment of 0.10% and a 0.00% floor) plus a margin ranging from 125 to 175 basis points, or (ii) a base rate plus a margin ranging from 25 to 75 basis points. In each case, the margin is determined according to the Company’s senior unsecured long-term debt rating. The term loan agreement requires that the Company comply with various covenants, including restrictions on liens, incurring indebtedness, making dividends, stock repurchases, investments, and completing mergers and/or asset sales. The term loan agreement has financial covenants which require the Company to maintain a consolidated fixed charge coverage ratio of at least 2.5 to 1.0, and a total leverage ratio of not more than 4.5 to 1.0 which may be increased to 5.5 to 1.0 for up to three consecutive fiscal quarters commencing with the fiscal quarter in which certain material acquisitions are consummated. As long as the Company maintains an Investment Grade Rating, as defined in the term loan agreement, then the Company will not need to comply with the consolidated fixed charge coverage ratio covenant. The term loan agreement includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest, and other obligations of the Company under the term loan agreement to be immediately due and payable. Economic Development Loans The Company entered into economic development agreements with various governmental entities in conjunction with the relocation of its corporate headquarters in April 2013. In accordance with these agreements, the governmental entities agreed to advance approximately $4.4 million to the Company to offset a portion of the corporate headquarters relocation and tenant improvement costs in consideration of the employment of permanent, full-time employees within the jurisdictions. These advances bear interest at a rate of 3% per annum. Repayment of the advances is contingent upon the Company achieving certain performance conditions. The performance conditions are measured annually on December 31st and primarily relate to maintaining certain levels of employment within the various jurisdictions. If the Company fails to meet an annual performance condition, then the Company may be required to repay a portion, or all, of the advances including accrued interest by April 30th following the measurement date. Any outstanding advances upon expiration of the Company's ten-year corporate headquarters lease agreement in 2023 will be forgiven in full. The $4.4 million of advances were included in debt in the consolidated balance sheets. Upon the expiration of the Company's previous ten-year corporate headquarters lease agreement in 2023, the Company concluded that it had achieved the performance conditions over the entire term of the agreement and therefore, the Company is not required to repay the advances. As a result, during the year ended December 31, 2023, the Company derecognized the $4.4 million economic development loans debt from the consolidated balance sheets and recognized a gain on extinguishment of debt in the consolidated statements of income.

Non-Qualified Retirement, Savin

Non-Qualified Retirement, Savings and Investment Plans	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Non-Qualified Retirement, Savings and Investment Plans	Non-Qualified Retirement, Savings, and Investment Plans The Company sponsors two non-qualified retirement savings and investment plans for certain employees and senior executives. Employee and Company contributions are maintained in separate irrevocable trusts. Legally, the assets of the trusts remain those of the Company; however, access to the trusts’ assets is severely restricted. The trusts cannot be revoked by the Company or an acquirer, but the assets are subject to the claims of the Company’s general creditors. The participants do not have the right to assign or transfer contractual rights in the trusts. In 2002, the Company adopted the Choice Hotels International, Inc. Executive Deferred Compensation Plan ("EDCP") which became effective January 1, 2003. Under the EDCP, certain executive officers may defer a portion of their salary into an irrevocable trust and invest these amounts in a selection of available diversified investment options. In 1997, the Company adopted the Choice Hotels International, Inc. Non-Qualified Retirement Savings and Investment Plan ("Non-Qualified Plan"). The Non-Qualified Plan allows certain employees who do not participate in the EDCP to defer a portion of their salary and invest these amounts in a selection of available diversified investment options. Under the EDCP and Non-Qualified Plan, (together, the "Deferred Compensation Plan"), the Company recognized current and long-term deferred compensation and retirement plan liabilities of $47.5 million and $37.4 million as of December 31, 2023 and 2022, respectively, related to these deferrals and credited investment returns under these two deferred compensation plans. Compensation expense is recognized in selling, general and administrative expenses in the consolidated statements of income based on the change in the deferred compensation obligations related to the earnings credited to the participants as well as the changes in the fair value of the diversified investments. For the years ended December 31, 2023 and 2021, the increase in compensation expense recognized in selling, general and administrative expenses was $7.0 million and $6.1 million, respectively. For the year ended December 31, 2022, the decrease in compensation expense recognized in selling, general and administrative expenses was $5.3 million. Under the Deferred Compensation Plan, the Company has invested the employee salary deferrals in diversified long-term investments which are intended to provide investment returns that offset the earnings credited to the participants. As of December 31, 2023 and 2022, the employee benefit plans investments held in the trusts totaled $41.6 million and $32.4 million, respectively, and are recognized at fair value, which is based on quoted market prices. As of December 31, 2023, the Company expects $1.8 million of the assets held in the trusts to be distributed during the year ended December 30, 2024 to plan participants. These investments are considered trading securities and therefore, the changes in the fair value of the diversified assets is included in other (gain) loss in the consolidated statements of income. During the years ended December 31, 2023 and 2021, the Company recognized investment gains of $6.6 million and $5.6 million, respectively. During the year ended December 31, 2022, the Company recognized investment losses of $6.0 million. The Deferred Compensation Plan held no shares of the Company's common stock as of December 31, 2023 and 2022.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
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 on a recurring basis. Level 1 - Quoted prices in active markets for identical assets and liabilities. The Company’s Level 1 assets consist of equity securities and 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. 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 recorded at fair value on a recurring basis whose fair value was determined using Level 3 inputs and there were no transfers of Level 3 assets during the years ended December 31, 2023 and 2022. As of December 31, 2023 and 2022, the Company recognized the following assets at fair value on a recurring basis in the consolidated balance sheets: Fair Value Measurements at Reporting Date Using (in thousands) Total Level 1 Level 2 Level 3 December 31, 2023 Equity securities $ 116,374 $ 116,374 $ — $ — Mutual funds (1) 36,810 36,810 — — Money market funds (1) 4,767 — 4,767 — Total $ 157,951 $ 153,184 $ 4,767 $ — December 31, 2022 Equity securities $ — $ — $ — $ — Mutual funds (1) 29,143 29,143 — — Money market funds (1) 3,242 — 3,242 — Total $ 32,385 $ 29,143 $ 3,242 $ — (1) The current assets at fair value noted above are presented in prepaid expenses and other assets in the consolidated balance sheets. The long-term assets at fair value noted above are presented in investments for employee benefit plans, at fair value in the consolidated balance sheets. Investments in Equity Securities The following table is a summary of the unrealized gains and losses of investments in equity securities. There have been no dispositions and therefore no realized gains or losses in equity securities during the year ended December 31, 2023. 2023 2022 (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Equity Securities $ 112,420 $ 3,954 $ — $ 116,374 $ — $ — $ — $ — Other Financial Instruments Disclosure The Company believes that the fair values of its current assets and current liabilities approximate their reported carrying amounts due to the short-term nature of these items. In addition, the interest rate on the senior unsecured revolving credit facility and the 2023 Term Loan adjusts frequently based on current market interest rates; therefore, the Company believes the carrying amount approximates fair value. The fair values of the Company's senior unsecured notes are classified as Level 2 because the significant inputs are observable in an active market. Refer to Note 12 for additional information on debt. As of December 31, 2023 and 2022, the carrying amounts and the fair values were as follows: December 31, 2023 December 31, 2022 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ 445,690 $ 389,241 $ 445,080 $ 384,647 2019 Senior Notes $ 396,440 $ 355,068 $ 395,838 $ 349,368 The fair value estimates are made at a specific point in time, are subjective in nature, and involve uncertainties and matters of significant judgment. The settlement of such fair value amounts may not be possible or a prudent management decision.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The total income before income taxes, classified by source of income, was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 U.S. $ 303,337 $ 409,666 $ 355,408 Outside the U.S. 33,619 27,140 21,084 Income before income taxes $ 336,956 $ 436,806 $ 376,492 The provision for income taxes, classified by the timing and the location of payment, was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Current tax expense Federal $ 60,493 $ 103,275 $ 71,573 State 16,890 20,068 15,605 Foreign 1,593 2,331 1,041 Deferred tax (benefit) expense Federal (2,022) (18,974) (2,690) State (1,874) (4,163) (1,254) Foreign 3,369 2,117 3,260 Income tax expense $ 78,449 $ 104,654 $ 87,535 The net deferred tax assets were as follows: December 31, (in thousands) 2023 2022 Deferred tax assets: Accrued compensation $ 18,325 $ 17,044 Deferred revenue 30,007 46,758 Receivable, net 12,460 8,599 Tax credits 19,194 16,379 Operating lease liabilities 28,673 19,715 Partnership interests 5,516 3,948 Foreign net operating losses 7,564 8,245 Non-U.S. intellectual property 15,149 17,642 Other 6,588 5,589 Total gross deferred tax assets 143,476 143,919 Less: Valuation allowance (24,228) (21,402) Deferred tax assets $ 119,248 $ 122,517 Deferred tax liabilities: Property, equipment and intangible assets $ (5,605) $ (15,585) Operating lease ROU assets (21,379) (17,703) Other (2,729) (1,047) Deferred tax liabilities (29,713) (34,335) Net deferred tax assets $ 89,535 $ 88,182 The Company assesses all positive and negative evidence to estimate whether sufficient future taxable income will be generated to use its deferred tax assets. Based on this evaluation, the Company recorded a net change to its valuation allowance of $2.8 million due to state tax credits. The Company has $19.2 million of state income tax credit carryforwards. It is unlikely that we will realize these benefits. Accordingly, the Company has provided a full valuation allowance against these carryforwards. The Company has also provided a tax-effected valuation allowance of $5.0 million on its foreign deferred tax assets because the Company believes that it is unlikely that we will realize some of these benefits. As of December 31, 2023, the Company had gross foreign net operating losses ("NOLs") of $28.5 million, all of which have indefinite carryforward lives. The Company has recorded a tax-effected valuation allowance of $2.0 million for these NOLs, primarily related to France and India. In addition, the Company has a Dutch deferred tax asset of $15.2 million, for which it has recorded a valuation allowance of $3.0 million. The Dutch valuation allowance did not change during the year ended December 31, 2023. The following table presents a reconciliation of the statutory United States federal income tax rate to the effective income tax rate for continuing operations: Year Ended December 31, 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 3.2 % 3.0 % 3.1 % Benefits related to foreign operations 0.3 % 0.1 % (0.2) % Expenses (benefits) related to compensation, net 1.0 % 1.0 % 0.5 % Unrecognized tax positions 0.5 % 0.2 % 0.2 % International Reorganization — % — % 1.1 % Tax credits (2.4) % (1.5) % (1.8) % Valuation allowance 0.6 % 0.5 % (0.2) % Other (0.9) % (0.3) % (0.4) % Effective income tax rate 23.3 % 24.0 % 23.3 % The Company's effective income tax rates from continuing operations were 23.3%, 24.0%, and 23.3% for the years ended December 31, 2023, 2022, and 2021, respectively. The effective income tax rates for the years ended December 31, 2023, 2022, and 2021 were higher than the U.S. federal income tax rate of 21.0% primarily due to state income taxes and tax expense related to compensation, partially offset by federal income tax credits. The effective income tax rate for the year ended December 31, 2021 was also higher due to a reduction in the net carrying value of its Dutch deferred tax asset as a result of an international reorganization. For the years ended December 31, 2023, 2022, and 2021, the Company’s gross unrecognized tax benefits totaled $13.4 million, $11.9 million, and $11.1 million, respectively. After considering the deferred income tax accounting impact, it is expected that approximately $8.4 million of the total as of December 31, 2023 would reduce the effective income tax rate if resolved in the Company’s favor. The following table presents a reconciliation of the beginning and ending amounts of the unrecognized tax benefits: (in thousands) 2023 2022 2021 Balance, January 1 $ 11,876 $ 11,147 $ 10,193 Changes for tax positions of prior years 2,338 (31) 156 Increases for tax positions related to the current year 1,670 1,650 1,618 Settlements and lapsing of statutes of limitations (2,450) (890) (820) Balance, December 31 $ 13,434 $ 11,876 $ 11,147 It is reasonably possible that the Company’s unrecognized tax benefits could decrease within the next 12 months by as much as $8.1 million due to settlements and the expiration of applicable statutes of limitations. The Company's federal income tax returns for tax years 2015 and 2016 are currently under examination by the Internal Revenue Service for a tax credit refund claim. The Company's federal income tax returns for the 2017 and 2018 tax years are also under examination by the Internal Revenue Service. Further, the Company's federal income tax returns for the 2020, 2021, 2022 and 2023 tax years are subject to examination by the Internal Revenue Service. The Company's policy is to recognize interest and penalties related to income tax matters in the provision for income taxes. The Company did not incur any material interest or penalties during the years ended December 31, 2023, 2022, and 2021. The Company had $0.1 million and $0.3 million of accrued interest and penalties as of December 31, 2023 and 2022, respectively. The Tax Cuts and Jobs Act subjects a U.S. shareholder to a minimum tax on “global intangible low-taxed income” (“GILTI”) earned by certain foreign subsidiaries. The Company's policy is to recognize the tax expense on GILTI as an expense in the period that the tax is incurred. The Company has incurred tax on GILTI for the year ended December 31, 2023.

Share-Based Compensation and Ca

Share-Based Compensation and Capital Stock	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation and Capital Stock	Share-Based Compensation and Capital Stock Share-Based Compensation The Company has stock compensation plans pursuant to which it is authorized to grant share-based awards, including restricted stock, stock options, stock appreciation rights, and performance-based share awards, to officers, key employees, and non-employee directors with contractual terms that are set by the Compensation and Management Development Committee of the Board of Directors. Approximately 1.4 million shares of the Company's common stock remain available for grant as of December 31, 2023. The Company’s policy allows the issuance of new common stock shares or treasury shares to satisfy the share-based awards. Stock Options During the years ended December 31, 2023, 2022, and 2021, the Company granted approximately 0.1 million, 0.2 million, and 0.3 million stock options to certain employees of the Company at a fair value of approximately $3.8 million, $7.4 million, and $7.9 million, respectively. The stock options granted by the Company had an exercise price equal to the market price of the Company’s common stock on the date of grant. The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions: 2023 2022 2021 Risk-free interest rate 4.10 % 2.01 % 0.94 % Expected volatility 30.90 % 29.46 % 29.23 % Expected life of stock option 6.0 years 5.9 years 5.9 years Dividend yield 0.90 % 0.66 % 0.82 % Requisite service period 4 years 4 years 4 years Contractual life 10 years 10 years 10 years Weighted average fair value of the stock options granted (per stock option) $ 42.59 $ 42.66 $ 28.00 The expected life of the stock options and the expected volatility are based on historical data which is believed to be indicative of future exercise patterns and volatility. The historical volatility is calculated based on a period that corresponds to the expected life of the stock option. The dividend yield and the risk-free interest rate are calculated on the grant date based on the then-current dividend rate and the risk-free interest rate for the period corresponding to the expected life of the stock option. The Company recognizes compensation expense related to the fair value of these awards on a straight-line basis over the requisite service period for the share-based awards that ultimately vest. As of December 31, 2023, the aggregate intrinsic value of the stock options outstanding and exercisable was $15.7 million and $13.7 million, respectively. For the years ended December 31, 2023, 2022, and 2021, the total intrinsic value of the stock options exercised was $9.2 million, $5.4 million, and $10.6 million, respectively. During the years ended December 31, 2023, 2022, and 2021, the Company received $6.3 million, $3.8 million, and $11.1 million in proceeds from the exercise of approximately 0.1 million, 0.1 million, and 0.2 million employee stock options, respectively. The following table summarizes information about the stock options outstanding as of December 31, 2023: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at December 31, 2023 Weighted Average Weighted Number Exercisable at December 31, 2023 Weighted $55.01 to $65.00 62,946 0.2 $ 60.74 62,946 $ 60.74 $65.01 to $85.00 211,358 1.8 81.30 211,358 81.30 $85.01 to $91.28 153,692 6.2 91.28 115,257 91.28 $91.29 to $104.87 267,361 7.2 104.87 133,206 104.87 $104.88 to $117.98 16,667 8.6 117.98 4,166 117.98 $117.99 to $146.68 231,617 8.5 138.42 37,071 146.68 943,641 5.7 $ 102.90 564,004 $ 91.18 Restricted Stock The following table is a summary of the activity related to restricted stock grants: For the Year Ended December 31, 2023 2022 2021 Restricted shares granted 65,991 273,777 61,009 Weighted average grant date fair value per share $ 123.65 $ 143.76 $ 111.25 Aggregate grant date fair value (in thousands) $ 8,160 $ 39,357 $ 6,787 Restricted shares forfeited 13,202 14,443 19,209 Vesting service period for the restricted shares granted 9 - 48 months 9 - 60 months 9 - 48 months Fair value of the restricted shares vested (in thousands) $ 11,134 $ 13,784 $ 11,927 The Company recognizes compensation expense related to the fair value of the restricted stock awards on a straight-line basis over the requisite service period for the restricted stock awards that ultimately vest. The fair value of the grants is measured by the market price of the Company’s common stock on the date of grant. The restricted stock awards generally vest ratably over the service period beginning on the first anniversary of the grant date. The restricted stock awards granted to retirement eligible non-employee directors are recognized over the shorter of the requisite service period or the length of time until retirement since the terms of the grant provide that awards will vest upon retirement. Performance Vested Restricted Stock Units The Company has granted performance vested restricted stock units (“PVRSU”) to certain employees. The Company grants three types of PVRSU awards: i) PVRSUs with performance conditions based on internal performance metrics, ii) PVRSUs with market conditions based on the Company's total shareholder return ("TSR") relative to a predetermined peer group, and iii) PVRSUs with both performance and market conditions. The vesting of the PVRSU awards is contingent upon the Company achieving the internal performance and/or TSR targets over a specified period and the employees' continued employment over the service period. The performance and market conditions affect the number of shares that will ultimately vest. During the year ended December 31, 2023, the Company granted PVRSUs with performance conditions, PVRSUs with market conditions, and PVRSUs with performance and market conditions, with requisite service periods between 9 months and 48 months and with award vesting ranges generally between 0% and 230% of the initial units granted. The fair value of the PVRSUs with performance conditions based on internal performance metrics is measured by the market price of the Company's common stock on the date of the award grant. The Company recognizes compensation expense ratably over the requisite service period based on the Company's estimate of achieving the performance conditions. The Company monitors its current results and forecasts of the relevant internal performance metrics and, as necessary, adjusts the performance-based leveraging of any unvested PVRSUs. The fair value of the PVRSUs with market conditions is estimated using a Monte Carlo simulation method as of the date of the award grant. The Company recognizes compensation expense ratably over the requisite service period regardless of whether the market conditions are achieved and the awards ultimately vest. The fair value of the PVRSUs with both performance and market conditions is estimated using a Monte Carlo simulation as of the date of the award grant. The Company recognizes compensation expense ratably over the requisite service period based on the Company's estimate of achieving the performance conditions, with subsequent adjustments being made for the performance-based leveraging of any unvested PVRSUs, as necessary. The Company has currently estimated that between 0% and 267% of the various award targets will be achieved. The following table is a summary of the activity related to the PVRSU grants: For the Years Ended December 31, 2023 2022 2021 PVRSUs granted at target 110,636 111,585 98,544 Weighted average grant date fair value per share $ 128.71 $ 181.91 $ 108.75 Aggregate grant date fair value (in thousands) $ 14,240 $ 20,298 $ 10,716 PVRSUs forfeited & expired 16,504 83,563 78,500 Requisite service period 9 - 48 months 9 - 60 months 9 - 60 months During the year ended December 31, 2023, 119,751 PVRSUs vested at a fair value of $17.4 million. During the year ended December 31, 2022, there were no PVRSUs vested. During the year ended December 31, 2021, 3,986 PVRSUs vested at a fair value of $0.3 million and an additional 920 units were awarded because the Company's performance exceeded the conditions provided in the PVRSU awards. During the years ended December 31, 2023, 2022, and 2021, the number of PVRSUs that expired was 0 shares, 78,370 shares, and 72,944 shares, respectively, as a result of the Company's operating results not achieving the performance conditions contained in the PVRSU awards. For the years ended December 31, 2023, 2022, and 2021, the following tables present a summary of the share-based award activity during those respective years: 2023 Stock Options Restricted Stock Performance Vested Options Weighted Average Exercise Price Weighted Shares Weighted Shares Weighted Outstanding as of January 1, 2023 1,010,647 $ 94.97 399,099 $ 128.47 437,180 $ 140.05 Granted 88,733 123.62 65,991 123.65 110,636 128.71 Performance-based leveraging* — — — — 46,934 139.47 Exercised/vested (143,357) 57.72 (90,220) 96.14 (119,751) 145.41 Expired (1,054) 146.68 — — — — Forfeited (11,328) 124.94 (13,202) (118.56) (16,504) 131.91 Outstanding as of December 31, 2023 943,641 $ 102.90 5.6 years 361,668 $ 136.05 458,495 $ 136.14 Options exercisable as of December 31, 2023 564,004 $ 91.18 4.3 years * The outstanding PVRSUs have been adjusted by 46,934 net units during the year ended December 31, 2023, due to an increase in the outstanding PVRSUs as a result of the Company exceeding the targeted performance conditions. 2022 Stock Options Restricted Stock Performance Vested Options Weighted Average Exercise Price Weighted Shares Weighted Shares Weighted Outstanding as of January 1, 2022 910,944 $ 83.14 236,599 $ 92.60 412,642 $ 114.70 Granted 172,441 143.91 273,777 143.76 111,585 181.91 Performance-based leveraging* — — — — (3,484) 121.34 Exercised/vested (66,192) 57.55 (96,834) 87.34 — — Expired (986) 51.49 — — (78,370) 81.15 Forfeited (5,560) 128.86 (14,443) 106.35 (5,193) 132.06 Outstanding as of December 31, 2022 1,010,647 $ 94.97 5.6 years 399,099 $ 128.47 437,180 $ 140.05 Options exercisable as of December 31, 2022 523,856 $ 76.77 3.3 years * The outstanding PVRSUs have been adjusted by 3,484 net units during the year ended December 31, 2022, due to a decrease in the outstanding PVRSUs as a result of the Company partially meeting the targeted performance conditions, partially offset by an increase in the outstanding PVRSUs due to the Company exceeding the targeted performance conditions for the PVRSUs that were granted in prior periods. 2021 Stock Options Restricted Stock Performance Vested Options Weighted Average Exercise Price Weighted Shares Weighted Shares Weighted Outstanding as of January 1, 2021 819,610 $ 70.48 304,439 $ 84.48 321,752 $ 109.25 Granted 280,811 104.87 61,009 111.25 98,544 108.75 Performance-based leveraging* — — — — 74,832 107.51 Exercised/vested (185,437) 59.61 (109,640) 80.83 (3,986) 81.55 Expired — — — — (72,944) 81.55 Forfeited (4,040) 104.87 (19,209) 90.23 (5,556) 55.76 Outstanding as of December 31, 2021 910,944 $ 83.14 5.5 years 236,599 $ 92.60 412,642 $ 114.70 Options exercisable as of December 31, 2021 421,592 $ 67.09 2.8 years * The outstanding PVRSUs were increased by 74,832 units during the year ended December 31, 2021, due to the Company exceeding the targeted performance conditions contained in the PVRSUs that were granted in prior periods. The components of the Company’s share-based compensation expense were as follows: For the Year Ended December 31, (in thousands) 2023 2022 2021 Stock options $ 5,816 $ 4,674 $ 3,396 Restricted stock awards 13,774 14,349 9,281 Performance vested restricted stock units 20,924 21,436 10,703 Total share-based compensation expense $ 40,514 $ 40,459 $ 23,380 The following table as of December 31, 2023 is a summary of the total unrecognized compensation expense related to the share-based awards that have not yet vested and the related weighted average amortization periods over which the compensation expense will be recognized: (in thousands) Unrecognized Compensation Expense on Unvested Awards Weighted Average Remaining Amortization Period Stock options $ 7,952 2.1 years Restricted stock awards 30,350 2.9 years Performance vested restricted stock units 25,634 2.1 years Total $ 63,936 Dividends In March 2023, the Company's board of directors approved a 21% increase in the quarterly cash dividend to $0.2875 per share, which is the current per share dividend amount that was utilized in each of the dividends that were declared in 2023. The annual dividends declared during the year ended December 31, 2023 was $1.15 per share or $57.9 million. During the year ended December 31, 2022, the Company's quarterly dividend rate was $0.2375 per share. The annual dividends declared during the year ended December 31, 2022 was $0.95 per share or $51.7 million. During the year ended December 31, 2021, the Company's quarterly dividend rate was $0.225 per share for the second and third quarters and $0.2375 per share for the fourth quarter. The annual dividends declared during the year ended December 31, 2021 was $0.688 per share or $38.2 million. The Company may not declare or make any payment under the Restated Credit agreement and the 2023 Term Loan if there is an existing event of default or if the payment would create an event of default. Share Repurchases and Redemptions In 1998, we instituted a share repurchase program. The Company may purchase stock under the share repurchase program to return excess capital to its shareholders. Treasury stock activity is recorded at cost in the consolidated balance sheets. On May 7, 2021, the Company's Board of Directors approved a motion to resume the share repurchase program. During the year ended December 31, 2021, the Company repurchased less than 0.1 million shares of its common stock under the share repurchase program at a total cost of $7.3 million. During the year ended December 31, 2022, the Company repurchased 3.7 million shares of its common stock under the share repurchase program at a total cost of $429.4 million. During the year ended December 31, 2023, the Company repurchased 2.9 million shares of its common stock under the share repurchase program at a total cost of $351.7 million. On a cumulative basis through December 31, 2023, the Company has repurchased 91.3 million shares of its common stock (including 33.0 million prior to the two-for-one stock split effected in October 2005) under the share repurchase program at a total cost of $2.3 billion. During the years ended December 31, 2023, 2022, and 2021, the Company redeemed 114,242, 36,120, and 54,441, respectively, shares of common stock at a total cost of approximately $14.2 million, $5.4 million, and $6.0 million, respectively, from employees to satisfy the stock option exercise price and the statutory minimum tax-withholding requirements related to exercising stock options and the vesting of performance vested restricted stock units and restricted stock grants. These redemptions were outside the share repurchase program.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss were as follows: December 31, (in thousands) 2023 2022 2021 Foreign currency translation adjustments $ (5,671) $ (5,211) $ (4,574) Total accumulated other comprehensive loss $ (5,671) $ (5,211) $ (4,574) The changes in accumulated other comprehensive loss, net of tax, were as follows: Year Ended December 31, (in thousands) 2023 2022 Beginning Balance $ (5,211) $ (4,574) Foreign currency translation adjustments (460) (637) Ending Balance $ (5,671) $ (5,211)

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The Company’s shares of restricted stock contain rights to receive nonforfeitable dividends and thus are participating securities requiring the computation of basic Earnings per Share (“EPS”) using the two-class method. The shares of restricted stock are both potential shares of common stock and participating securities so the Company calculates diluted earnings per share by using the more dilutive of the treasury stock method or the two-class method. The calculation of EPS for the net income available to common shareholders excludes the distribution of dividends and the undistributed earnings attributable to the participating securities from the numerator. The diluted earnings weighted average shares of common stock outstanding includes stock options, PVRSUs, and RSUs. The computation of basic and diluted earnings per share of common stock was as follows: Year Ended December 31, (in thousands, except per share amounts) 2023 2022 2021 Numerator: Net income $ 258,507 $ 332,152 $ 288,957 Income allocated to participating securities (1,379) (1,881) (1,125) Net income available to common shareholders $ 257,128 $ 330,271 $ 287,832 Denominator: Weighted average shares of common stock outstanding - basic 50,341 54,595 55,379 Basic earnings per share $ 5.11 $ 6.05 $ 5.20 Numerator: Net income $ 258,507 $ 332,152 $ 288,957 Income allocated to participating securities (1,379) (1,881) (1,125) Net income available to common shareholders $ 257,128 $ 330,271 $ 287,832 Denominator: Weighted average shares of common stock outstanding - basic 50,341 54,595 55,379 Dilutive effect of stock options, PVRSUs, and RSUs 359 526 504 Weighted average shares of common stock outstanding - diluted 50,700 55,121 55,883 Diluted earnings per share $ 5.07 $ 5.99 $ 5.15 The following securities have been excluded from the calculation of diluted weighted average shares of common stock outstanding because the inclusion of these securities would have an anti-dilutive effect: Year Ended December 31, (in thousands) 2023 2022 2021 Stock options 232 153 — PVRSUs 71 — 155

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Leases Lessee The Company has operating leases for office spaces, buildings, and equipment. The Company's leases, excluding the assumed ground lease discussed below, have remaining lease terms of two months to eleven years, some of which include options to extend the lease for up to ten years. Additionally, the Company has a ground lease on an owned hotel with a remaining lease term of 88.3 years. The Company's lease costs were as follows: Year Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 13,786 $ 12,073 Short-term lease cost — 40 Sublease income (234) (559) Total lease cost $ 13,552 $ 11,554 Leases recognized in the consolidated balance sheets consisted of the following: December 31, (in thousands) 2023 2022 Assets: Operating lease right-of-use assets $ 85,101 $ 68,985 Liabilities: Current operating lease liabilities $ 4,238 $ 10,663 Long-term operating lease liabilities 109,483 70,994 Total lease liabilities $ 113,721 $ 81,657 Other information related to the Company's lease arrangements were as follows: Year Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,714 $ 14,145 ROU assets obtained in exchange for lease liabilities in non-cash transactions: Operating lease assets obtained in exchange for operating lease liabilities $ 28,605 $ 44,481 Weighted-average remaining lease term 33.1 years 41.0 years Weighted-average discount rate 5.04 % 4.77 % As of December 31, 2023, the maturities of the lease liabilities were as follows: (in thousands) 2024 $ 6,454 2025 8,168 2026 12,159 2027 12,605 2028 12,592 Thereafter 320,575 Total minimum lease payments $ 372,553 Less: imputed interest 258,832 Present value of the minimum lease payments $ 113,721 Office Lease On September 26, 2023, the Company's principal executive office lease agreement commenced with an unrelated third-party for a lease term of approximately twelve years. The Company accounted for this lease as an operating lease and established a lease liability and a right-of-use asset of approximately $41.9 million and $28.6 million, respectively. Sublease In October 2023, the Company entered into a lease agreement with an unrelated third-party to sublease the legacy Radisson corporate office space in Minneapolis, Minnesota. The sublease term is approximately eight years and is expected to commence during the first quarter of 2024. The Company re-evaluated the head lease upon the effectiveness of this sublease, which resulted in the Company recognizing a $3.4 million impairment loss on certain long-lived assets associated with the leased office space. Refer to Note 6 for additional information. Related Party Lease The Company and the family members of the Company's largest shareholder entered into an agreement that allows those family members to lease the Company's aircraft from time to time for their personal use. The agreement provides for lease payments that contribute towards the fixed costs associated with the aircraft as well as a reimbursement of the Company’s variable costs associated with operating the aircraft, in compliance with and to the extent authorized by applicable regulatory requirements. The terms of this lease agreement is consistent with the terms of other lease agreements that the Company has entered into with unrelated third parties for use of the aircraft. During both of the years ended December 31, 2023 and 2022, the Company received less than $0.1 million pursuant to this related party lease arrangement.
Leases	Leases Lessee The Company has operating leases for office spaces, buildings, and equipment. The Company's leases, excluding the assumed ground lease discussed below, have remaining lease terms of two months to eleven years, some of which include options to extend the lease for up to ten years. Additionally, the Company has a ground lease on an owned hotel with a remaining lease term of 88.3 years. The Company's lease costs were as follows: Year Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 13,786 $ 12,073 Short-term lease cost — 40 Sublease income (234) (559) Total lease cost $ 13,552 $ 11,554 Leases recognized in the consolidated balance sheets consisted of the following: December 31, (in thousands) 2023 2022 Assets: Operating lease right-of-use assets $ 85,101 $ 68,985 Liabilities: Current operating lease liabilities $ 4,238 $ 10,663 Long-term operating lease liabilities 109,483 70,994 Total lease liabilities $ 113,721 $ 81,657 Other information related to the Company's lease arrangements were as follows: Year Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,714 $ 14,145 ROU assets obtained in exchange for lease liabilities in non-cash transactions: Operating lease assets obtained in exchange for operating lease liabilities $ 28,605 $ 44,481 Weighted-average remaining lease term 33.1 years 41.0 years Weighted-average discount rate 5.04 % 4.77 % As of December 31, 2023, the maturities of the lease liabilities were as follows: (in thousands) 2024 $ 6,454 2025 8,168 2026 12,159 2027 12,605 2028 12,592 Thereafter 320,575 Total minimum lease payments $ 372,553 Less: imputed interest 258,832 Present value of the minimum lease payments $ 113,721 Office Lease On September 26, 2023, the Company's principal executive office lease agreement commenced with an unrelated third-party for a lease term of approximately twelve years. The Company accounted for this lease as an operating lease and established a lease liability and a right-of-use asset of approximately $41.9 million and $28.6 million, respectively. Sublease In October 2023, the Company entered into a lease agreement with an unrelated third-party to sublease the legacy Radisson corporate office space in Minneapolis, Minnesota. The sublease term is approximately eight years and is expected to commence during the first quarter of 2024. The Company re-evaluated the head lease upon the effectiveness of this sublease, which resulted in the Company recognizing a $3.4 million impairment loss on certain long-lived assets associated with the leased office space. Refer to Note 6 for additional information. Related Party Lease The Company and the family members of the Company's largest shareholder entered into an agreement that allows those family members to lease the Company's aircraft from time to time for their personal use. The agreement provides for lease payments that contribute towards the fixed costs associated with the aircraft as well as a reimbursement of the Company’s variable costs associated with operating the aircraft, in compliance with and to the extent authorized by applicable regulatory requirements. The terms of this lease agreement is consistent with the terms of other lease agreements that the Company has entered into with unrelated third parties for use of the aircraft. During both of the years ended December 31, 2023 and 2022, the Company received less than $0.1 million pursuant to this related party lease arrangement.

Reportable Segment Information

Reportable Segment Information	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Reportable Segment Information	Reportable Segment Information The Hotel Franchising & Management reportable segment includes the Company's hotel franchising operations which consists of its 22 brands and brand extensions and the hotel management operations of 14 hotels (inclusive of four owned hotels). The 22 brands and brand extensions and hotel management operations are aggregated together within this reportable segment because they have similar economic characteristics, types of customers, distribution channels, and regulatory business environments. The revenues from the hotel franchising and management business include royalty fees, initial franchise fees and relicensing fees, cost reimbursement revenues, platform and procurement services fees revenue, base and incentive management fees, and other hotel franchising and management-related revenue. The Company provides certain services under its franchise and management agreements which result in direct and indirect reimbursements. The cost reimbursement revenues received from the franchisees are included in Hotel Franchising & Management revenues and are offset by the related expenses in order to calculate Hotel Franchising & Management operating income. The equity in the earnings or losses from the hotel franchising-related investment in affiliates is allocated to the Hotel Franchising & Management reportable segment. The Company evaluates its Hotel Franchising & Management reportable segment based primarily on the results of the segment without allocating corporate expenses, indirect general and administrative expenses, interest expense, interest income, other gains and losses, or income taxes, all of which are included in the Corporate & Other column in the tables presented below. The Corporate & Other column additionally reflects the operations of the Company's owned hotels. Intersegment Eliminations to revenues is the elimination of Hotel Franchising & Management revenue which includes royalty fees, management and cost reimbursement fees charged to our owned hotels against the franchise and management fee expense that is recognized by our owned hotels in Corporate & Other operating income (loss). Our President and Chief Executive Officer, who is our chief operating decision maker, does not use assets by operating segment when assessing the performance or when making operating segment resource allocation decisions and therefore, assets by segment are not disclosed below. The following tables presents the financial information for the Company's segments: For the Year Ended December 31, 2023 (in thousands) Hotel Franchising & Management Corporate & Intersegment Eliminations Consolidated Revenues $ 1,444,394 $ 110,854 $ (11,083) $ 1,544,165 Operating income (loss) 508,531 (133,503) — 375,028 Depreciation and amortization 19,183 20,476 — 39,659 Income (loss) before income taxes 511,410 (174,454) — 336,956 For the Year Ended December 31, 2022 (in thousands) Hotel Franchising & Management Corporate & Intersegment Eliminations Consolidated Revenues $ 1,298,521 $ 108,879 $ (5,451) $ 1,401,949 Operating income (loss) 552,905 (74,304) — 478,601 Depreciation and amortization 12,935 17,490 — 30,425 Income (loss) before income taxes 554,637 (117,831) — 436,806 For the Year Ended December 31, 2021 (in thousands) Hotel Franchising & Management Corporate & Intersegment Eliminations Consolidated Revenues $ 1,026,409 $ 45,740 $ (2,851) $ 1,069,298 Operating income (loss) 485,199 (56,266) — 428,933 Depreciation and amortization 8,050 16,723 — 24,773 Income (loss) before income taxes 468,894 (92,402) — 376,492 The results of the Company's international operations are included in the Hotel Franchising & Management reportable segment and Corporate & Other. For the years ended December 31, 2023, 2022, and 2021, the revenues generated by the international operations, including royalty fees, cost reimbursable revenues, and other revenues, were $103.2 million, $70.2 million, and $46.8 million, respectively.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Transactions with the Company's Largest Shareholder Effective October 15, 1997, Choice Hotels International, Inc., which included both a franchising business and an owned hotel business, separated the businesses via a spin-off into two companies: Sunburst Hospitality Corporation (referred to hereafter as “Sunburst”) and the Company. Subsequent to the spin-off, the Company’s largest shareholder retained significant ownership percentages in both Sunburst and the Company. As part of the spin-off, Sunburst and the Company entered into a strategic alliance agreement (as amended, the "Strategic Alliance Agreement"). Among other things, the Strategic Alliance Agreement provided for revised royalty and system fees and the determination of liquidated damages related to the termination of Choice-branded Sunburst properties. The liquidated damage provisions extend through the life of the existing Sunburst franchise agreements. On June 5, 2019, the Strategic Alliance Agreement was terminated and replaced with addenda to each of the five hotels under a franchise at that time. The addenda preserve certain terms from the Strategic Alliance Agreement with respect to the five hotels, including the revised royalty and system fees and liquidated damage provisions, which would also apply to new franchise agreements signed for the five hotels (as either a renewal or a change to another Choice brand not contemplated at the time of the original agreement execution). No terms were substantially modified with respect to the five hotels under franchise. In June 2019, the Company and Sunburst entered into master development agreements, which provide Sunburst the geographic exclusivity in two specified regions for the development of five WoodSpring branded hotels. For the years ended December 31, 2023 and 2022, there were three and four new franchise agreements signed between the Company and Sunburst and its affiliates, respectively. As of December 31, 2023, Sunburst and its affiliates operated six hotels under franchise with the Company. For the years ended December 31, 2023, 2022, and 2021, the total franchise fees revenues, including royalty fees and marketing and reservation system fees, paid by Sunburst and its affiliates to the Company included in the consolidated financial statements was $0.9 million, $0.8 million, and $0.4 million, respectively. As of both December 31, 2023 and 2022, accounts receivable due from Sunburst and its affiliates was approximately $0.1 million. In November 2023, the Company executed a 13-month office work space agreement, beginning December 1, 2023, for family members of the Company’s largest shareholder. Pursuant to this arrangement, the Company made payments of $18 thousand during the year ended December 31, 2023. As of December 31, 2023, the Company has $96 thousand of remaining payments under this arrangement.

Transactions with Unconsolidate

Transactions with Unconsolidated Affiliates	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Transactions with Unconsolidated Affiliates	Transactions with Unconsolidated Affiliates The Company has extended loans to various unconsolidated affiliates or members of our unconsolidated affiliates. The Company has a total principal balance on these loans of $64.5 million and $65.2 million as of December 31, 2023 and December 31, 2022, respectively. These loans mature at various dates and bear interest at fixed and variable rates. The Company has management fee arrangements with certain of its unconsolidated affiliates that are discussed in Note 8. The fees earned and the payroll costs reimbursed under these arrangements totaled $7.9 million, $2.4 million, and $1.4 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company has entered into franchise agreements with certain unconsolidated affiliates. Pursuant to these franchise agreements, the Company recognized royalty fees and marketing and reservation system fees of approximately $30.9 million, $27.2 million, and $20.2 million for the years ended December 31, 2023, 2022, and 2021, respectively. The Company has $4.9 million and $3.9 million of gross accounts receivables in the consolidated balance sheets from these unconsolidated affiliates as of December 31, 2023 and 2022, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
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 in the aggregate, 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 in order to support their efforts to develop and own hotels that are 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. As of December 31, 2023, the maximum unrecorded exposure of principal incidental to these limited payment guaranties is $5.4 million, plus unpaid expenses and accrued unpaid interest. The Company believes the likelihood of having to perform under these guaranties is remote. In the event of performance, the Company has recourse for certain of the guaranties in the form of partial guaranties from third parties. Commitments The Company has the following outstanding commitments as of December 31, 2023: • As part of the acquisition of Radisson Hotels Americas, the Company entered into a long-term management arrangement, with an expiration date of July 31, 2031, to manage eight hotels owned by a third-party. In conjunction with the management arrangement, the Company entered into a guarantee with the third-party to fund any shortfalls in the payment of the third-party owner’s priority that is stipulated in the management agreement. The maximum guarantee under the agreement is $22 million. The Company believes the future performance of the hotels is expected to be sufficient on both an annual basis and over the duration of the agreement. Accordingly, no liability was recognized as of December 31, 2023 in the consolidated balance sheets. • The Company strategically deploys capital in the form of franchise agreement acquisition cost payments across our brands to incentivize franchise development. These payments are typically made at the commencement of construction or hotel opening, in accordance with agreed upon provisions in the individual franchise agreements. The timing and the amount of the franchise agreement acquisition cost payments are dependent on various factors, including the implementation of various development and brand incentive programs, the level of franchise sales, and the ability of our franchisees to complete construction or convert their hotels to one of the Company’s brands. • The Company’s legacy Choice franchise agreements require the payment of franchise fees, which include marketing and reservation system fees. In accordance with the terms of our legacy Choice franchise agreements, the Company is obligated to use the marketing and reservation system revenues it collects from the current franchisees to provide marketing and reservation services that are appropriate to support the operation of the overall system. The legacy Radisson Hotels Americas franchise agreements have similar provisions regarding the marketing fees that need to be used for marketing activities. To the extent the revenues collected exceed the expenditures incurred, the Company has a commitment to the franchisee system to make expenditures in future years. Conversely, to the extent the expenditures incurred exceed the revenues collected, the Company has the contractual enforceable right to assess and collect such amounts from the franchisees. 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 the future payments that could be made under these indemnifications as the triggering events are not subject to predictability. With respect to certain of the aforementioned indemnities, such as the indemnifications of the 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.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Radisson Hotels Americas Acquisition On August 11, 2022, the Company completed the acquisition of Radisson Hotels Americas. The accounting purchase price for the Transaction was $673.9 million, which includes the base purchase price of $675.2 million, and then adjusted for Disclosed Leakage (as defined in the Share Sale and Purchase Agreement) and certain other prepaid expenses. To fund the Transaction, Choice drew down $175.0 million on the Company's existing senior unsecured credit facility, and then funded the remainder with cash on hand. In connection with the acquisition, we recognized $40.9 million and $39.6 million during the years ended December 31, 2023 and 2022, respectively, of Radisson Hotels Americas related transaction, transition, and severance expenses which are included within business combination, diligence and transition costs and impairment of long-lived assets in the consolidated statements of income. Fair Values of the Assets Acquired and the Liabilities Assumed The Company allocated the purchase price based upon a preliminary assessment of the fair value of the assets acquired and the liabilities assumed on August 11, 2022. During the fourth quarter of 2022 and the first quarter of 2023, the Company recorded certain net measurement period adjustments that reduced goodwill by $9.1 million and increased goodwill by $1.5 million, respectively, which is presented in the table below. The Company made these measurement period adjustments to reflect the facts and circumstances that existed as of the acquisition date and did not result from any intervening events subsequent to the acquisition date. The measurement period adjustments resulted in no impact to our consolidated statements of income. The final valuation and related allocation of the purchase price was completed during the third quarter of 2023. The final allocation of the purchase price, including all measurement period adjustments, as presented in our consolidated balance sheets is as follows: Assets acquired August 11, 2022 - original Measurement period adj - 4th quarter 2022 Measurement period adj - 1st quarter 2023 August 11, 2022 - Cash and cash equivalents $ 113,023 $ — $ — $ 113,023 Restricted cash 10,403 — — 10,403 Accounts receivable 32,972 8,752 (1,941) 39,783 Notes receivables - current 1,709 — (860) 849 Prepaid expenses and other current assets 8,139 — — 8,139 Property and equipment 125,441 — — 125,441 Operating lease right-of-use assets 42,315 (2,016) — 40,299 Intangible assets 447,400 (300) — 447,100 Notes receivable - noncurrent 2,592 — — 2,592 Investment in affiliates 471 — — 471 Other assets 2,129 — — 2,129 Total assets acquired $ 786,594 $ 6,436 $ (2,801) $ 790,229 Liabilities assumed Accounts payable 8,295 (1,566) (1,941) 4,788 Accrued expenses and other current liabilities 15,987 425 674 17,086 Deferred revenue - current (1) 5,745 1,566 — 7,311 Liability for guest loyalty program - current (1) 3,542 3,792 — 7,334 Long-term debt 55,975 — — 55,975 Long-term deferred revenue (1) 26,499 (3,915) — 22,584 Deferred compensation and retirement plan obligations 9,265 — — 9,265 Operating lease liabilities 42,705 (2,016) — 40,689 Liability for guest loyalty program - noncurrent (1) 10,180 (1,443) — 8,737 Other liabilities 3,052 543 — 3,595 Total liabilities assumed $ 181,245 $ (2,614) $ (1,267) $ 177,364 Fair value of net assets acquired $ 605,349 $ 9,050 $ (1,534) $ 612,865 Goodwill 68,507 (9,050) 1,534 60,991 Total purchase consideration $ 673,856 $ — $ — $ 673,856 (1) The deferred revenue (including deferred affiliation fees) and the liability for guest loyalty program balances were assumed at their carrying value at the date of the acquisition pursuant to the application of ASU 2021-08. Refer to Note 1 for more information. Property and Equipment The following table presents the estimated fair value of the acquired property and equipment, which is primarily concentrated at three acquired hotel properties, and their estimated weighted average remaining useful lives. Estimated Useful Life Estimated Fair Value (in years) (in thousands) Land N/A $ 7,159 Construction in progress N/A 3,190 Building and leasehold improvements 24.4 93,934 Site improvements 23.1 586 Furniture, fixtures and equipment 3.9 8,334 Computer equipment and software 2.0 12,238 Total property and equipment $ 125,441 We estimated the fair value of the property and equipment through a combination of the income, cost, and market approaches, which are primarily based on significant Level 2 and Level 3 assumptions, such as estimates of future income growth, discount rates, capitalization rates, and the capital expenditure needs of the hotel properties. Identified Intangible Assets The following table presents the estimated fair values of the acquired identified intangible assets and their estimated useful lives: Estimated Useful Life Estimated Fair Value (in years) (in thousands) Trade names N/A $ 223,700 Franchise agreements 15.5 220,100 Management agreements 15.5 3,300 Total intangible assets $ 447,100 The fair value of the trade names was estimated using the relief-from-royalty method. This method applies an estimated royalty rate to the forecasted future cash flows and discounted to the present value. The fair value of the franchise and management agreements was estimated using a multi-period excess earnings method, which is a variation of the income approach. This method uses the present value of the incremental after-tax cash flows attributable to the intangible asset. These valuation methodologies utilize Level 3 assumptions. Debt Assumed As part of the Transaction, we assumed a mortgage loan with a principal balance of $53.5 million with a maturity date of August 7, 2024 related to an acquired hotel property. The mortgage loan had an associated interest rate cap agreement with an effective date of July 30, 2021 through August 6, 2024. Subsequent to the acquisition date, the mortgage loan and the outstanding interest and fees was repaid in full in the amount of $56.0 million using cash we acquired in the Transaction. Additionally, the interest rate cap agreement was terminated, which resulted in a $1.9 million payment to Choice. In conjunction with assuming the mortgage loan, we acquired $10.4 million in restricted cash, for which the restrictions were lifted upon repayment of the mortgage loan. Operating Leases The Company measured the assumed operating lease liabilities at the present value of the remaining payments as of the acquisition date, which were discounted using the Company's applicable incremental borrowing rate in accordance with Leases (Topic 842) . The corresponding acquired right-of-use assets were measured at the value of the operating lease liabilities, and then further adjusted for favorable or unfavorable lease terms as compared to market lease terms. Income Taxes Pursuant to the terms of the Transaction, the parties agree to jointly make a valid, timely election under Section 338(h)(10) of the U.S. Internal Revenue Code and under any similar provisions of state or local law with respect to the purchase of the shares of Radisson Hotels Americas. Under this election, the parties agreed to treat the Transaction for federal income tax purposes as if it had been structured as an asset sale and purchase. As a result of this election, the tax basis of the assets acquired and the liabilities assumed by Choice were reset to fair value on the date of the acquisition, which results in the elimination of any previously established deferred income tax balances and the establishment of new balances that reflect the new tax basis, including tax deductible goodwill. Pro Forma Results of Operations The following unaudited pro forma information presents the combined results of operations of Choice and Radisson Hotels Americas as if the Transaction was completed on January 1, 2021, but using the fair values of the assets acquired and the liabilities assumed as of the acquisition date. The unaudited pro forma information reflects adjustments relating to (i) the allocation of the purchase price and related adjustments, including incremental depreciation and amortization expense based on the fair values of the acquired property and equipment and intangible assets, (ii) the incremental impact of the Revolver draw on interest expense and the amortization of financing costs, (iii) nonrecurring transaction costs, and (iv) the income tax impact of the aforementioned pro forma adjustments. As required by GAAP, these unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the transaction had occurred at the beginning of the period presented, nor are they indicative of the future results of operations. Year Ended December 31, (in thousands) 2022 2021 Revenues $ 1,551,775 $ 1,263,988 Net income 368,449 207,023 Radisson Hotels Americas Results of Operations The Company's consolidated statements of income include Radisson Hotels Americas' results of operations since the August 11, 2022 acquisition date. Radisson Hotels Americas contributed $104.2 million and $1.2 million in total revenues and net income, respectively, for the year ended December 31, 2022. Goodwill The $61.0 million of goodwill is primarily attributable to the value we expect to realize from the existing customer base, improvements in Revenue per Available Room ("RevPAR"), cost synergies, and new agreements signed with franchisees and developers. Goodwill for the Transaction is fully attributable to the Hotel Franchising & Management reportable segment and is fully deductible for tax purposes. Refer to Note 6 for a reconciliation of the Company's goodwill balance. 2021 & 2022 asset acquisitions In September 2021 and April 2022, the Company reached settlements with independent borrowers holding senior and mezzanine loans that were classified as collateral-dependent and collateralized by operating hotels. The key terms of the settlements resulted in a deed in lieu of foreclosure on each operating hotel in exchange for releasing the obligations pursuant to the senior and mezzanine loans and the associated franchise agreements, as exchanged on October 1, 2021 and April 14, 2022, respectively. As collateral-dependent financial assets, the expected credit losses as captured in notes receivable, net of allowance for credit losses, on the consolidated balance sheets immediately prior to exchange were determined based on the fair value of the operating hotels. The acquisition accounting was also based on the fair value of the operating hotels. The fair values were estimated using an income approach valuation method based on the discounted cash flows of the collateralized operating hotel utilizing historical operating performance, industry projections for the market, and comparable sales capitalization rates. These nonrecurring fair value measurements are classified as Level 3 in the fair value measurement hierarchy because there are unobservable inputs which are significant to the overall fair value. The acquisition dates for these hotels were October 1, 2021 and April 14, 2022 and had fair values at the time of acquisition of approximately $21.1 million and $20.4 million, respectively. In accordance with the provisions of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01") , each purchase represented an asset acquisition based on the concentration of value in the acquired land and building. The notes receivable, net of allowance for credit losses, balances were re-characterized and attributed to each asset class based on a relative fair value allocation to the qualifying assets. The relative fair values for each asset class were estimated using a combination of income and market approach valuations methods. For the October 1, 2021 acquisition, the $21.1 million balance was re-characterized as $4.8 million to land, $14.2 million to building and improvements, $1.8 million to furniture, fixtures, and equipment, and $0.3 million to the net assets assumed. For the April 14, 2022 acquisition, the $20.4 million balance was re-characterized as $3.3 million to land, $16.6 million to building and improvements, $1.3 million to furniture, fixtures, and equipment, and $(0.8) million to the net liabilities assumed.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 258,507	$ 332,152	$ 288,957

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	true
Non-Rule 10b5-1 Arrangement Terminated	false
Patrick Pacious [Member]
Trading Arrangements, by Individual
Name	Patrick Pacious
Title	President and Chief Executive Officer
Termination Date	December 12, 2023
Aggregate Available	37,551
Simone Wu [Member]
Trading Arrangements, by Individual
Name	Simone Wu
Title	Senior Vice President, General Counsel, Corporate Secretary & External Affairs
Termination Date	December 12, 2023
Aggregate Available	11,997
Patrick Cimerola [Member]
Trading Arrangements, by Individual
Name	Patrick Cimerola
Title	Chief Human Resources Officer
Termination Date	December 12, 2023
Aggregate Available	21,292

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of Choice Hotels International, Inc. and subsidiaries (collectively, "Choice" or the "Company") have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). All significant intercompany accounts and transactions between the Company and its subsidiaries have been eliminated in consolidation. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of 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. In the opinion of management, the accompanying consolidated financial statements include all adjustments that are necessary to fairly present the Company's financial position and results of operations. Except as otherwise disclosed, all adjustments are of a normal recurring nature.
Reclassification	Certain prior year amounts in our consolidated financial statements have been reclassified in order to maintain comparability with the current year presentation. Business combination, diligence and transition costs, which were previously presented in selling, general and administrative expenses, are now presented within a standalone financial statement line item in the consolidated statements of income. The reclassification had no effect on the Company’s previously reported operating income or net income.
Revenue Recognition	Revenue Recognition Franchise Agreements The Company's revenues are primarily derived from franchise agreements with third-party hotel owners. The majority of the Company’s performance obligations are a series of distinct services, which are described in more detail below, for which the Company receives variable consideration through franchise fees. The Company enters into franchise agreements to provide franchisees with a limited non-exclusive license to utilize the Company’s registered brand tradenames and trademarks, marketing and reservation services, and other miscellaneous franchise services. These agreements typically have an initial term of 10 to 30 years with provisions permitting the franchisees or the Company to terminate the franchise agreement upon designated anniversaries of the hotel opening before the end of the initial term. An up-front initial franchise fee is assessed to the third-party hotel owners to affiliate with our brands, which is typically paid prior to the execution of the franchise agreement and is non-refundable. After hotel opening, franchise fees are typically generated based on a percentage of gross room revenues or as designated transactions and events occur (such as when a reservation is delivered to the hotel through a specified channel) and are invoiced by the Company in the following month. The franchise agreements are comprised of multiple performance obligations, which may require significant judgment in identifying. The primary performance obligations are as follows: • License of brand intellectual property and related services (“brand intellectual property”) - Grants the right to access the Company’s intellectual property associated with the brand tradenames, trademarks, reservation systems, property management systems, and related services. • Material rights for free or discounted goods or services to hotel guests - Primarily consists of the points issued under the Company’s guest loyalty program, Choice Privileges. License of Brand Intellectual Property and Related Services The fees generated from brand intellectual property are recognized to revenue over time as the hotel owners pay for access to these services for the duration of the franchise agreement. The franchise fees are typically based on the sales or usage of the underlying hotel (i.e., after the completion of a hotel stay), with the exception of fixed up-front fees that usually represent an insignificant portion of the transaction price. The variable transaction price is determined for the period when the underlying gross room revenues and the transactions or events which generate fees are known. Franchise fees include the following: • Royalty fees - Royalty fees are earned in exchange for a license to brand intellectual property typically based on a percentage of gross room revenues. The royalty fees are billed and collected monthly and the revenues are recognized in the same period that the underlying gross room revenues are earned by the Company’s franchisees. The royalty fees are recognized within royalty, licensing and management fees revenue in the consolidated statements of income. • Initial franchise fees - Initial franchise fees are charged when (i) new hotels enter the franchise system, (ii) there is a change of ownership, or (iii) the existing franchise agreements are extended. The initial franchise fees are recognized as revenue ratably as the services are provided over the enforceable period of the franchise agreement, unless the franchise agreement is terminated and the hotel exits the franchise system whereby the remaining deferred amounts are recognized to revenue in the period of termination. The enforceable period is the period from the hotel's opening to the first point the franchisee or the Company can terminate the franchise agreement without incurring a significant penalty. • Other revenue - Other revenue is a combination of miscellaneous non-marketing and reservation system fees, which includes quality assurance, non-compliance, and franchisee training fees. Other revenue is recognized in the period that the designated transaction or event has occurred. The Company’s franchise agreements require the payment of marketing and reservation system fees. The Company is obligated to use these marketing and reservation system fees to provide marketing and reservation services, such as marketing, media, advertising, access to centralized reservation systems, and certain franchise services to support the operation of the overall franchise system. The marketing and reservation system fees are recognized within other revenues from franchised and managed properties in the consolidated statements of income. These services are comprised of multiple fees including the following: • Fees based on a percentage of gross room revenues are recognized in the period the gross room revenue was earned, based on the underlying hotel’s sales or usage. • Fees based on the occurrence of a designated transaction or event are recognized in the period the transaction or event occurred. • System implementation fees charged to the franchisees are deferred and recognized as revenue over the enforceable period of the franchise agreement. • Marketing and reservation system activities also include revenues generated from the Company’s guest loyalty programs. The revenue recognition of these programs is discussed in the Material rights for free or discounted goods or services to hotel guests section below . Marketing and reservation system expenses are the expenses that are incurred to facilitate the delivery of the marketing and reservation system services, including direct expenses and an allocation of costs for certain administrative activities that are required to carry out marketing and reservation system services. Marketing and reservation system expenses are recognized when the services are incurred or the goods are received within other expenses from franchised and managed properties in the consolidated statements of income. As a result, the marketing and reservation system expenses may not equal the marketing and reservation system revenues in a specific period but are expected to equal the revenues earned from the franchisees over time. The Company’s franchise agreements provide the Company the right to advance monies to the franchise system when the needs of the franchisor system surpass the balances currently available. The Company has the right to recover such advances in future periods through additional fee assessments or reduced spending. Material Rights for Free or Discounted Goods or Services to Hotel Guests Choice Privileges is the Company’s guest loyalty program, which enable members to earn points based on their spending levels with the Company’s franchisees or certain vendors (refer to the Partnership Agreements section below). The points, which the Company accumulates and tracks on the members’ behalf, may be redeemed for free accommodations or other benefits (e.g. gift cards to participating retailers). The Company collects from the franchisees a percentage of the loyalty program members’ gross room revenue from completed stays to operate the programs. At such time the points are redeemed for free accommodations or other benefits, the Company reimburses the franchisees or third parties based on a rate derived in accordance with the franchise or vendor agreement. The loyalty points represent a performance obligation attributable to the usage of the points, and thus the revenues are recognized at the point in time when the loyalty points are redeemed by the members for benefits. The transaction price is variable and determined in the period when the loyalty points are earned and the underlying gross room revenues are known. No loyalty program revenues are recognized at the time the loyalty points are issued. The Company is an agent in coordinating the delivery of the services between the loyalty program member and the franchisee or third party, and as a result, the revenues are recognized net of the cost of redemptions. The estimated value of the future redemptions is reflected in the current and non-current liability for guest loyalty program The Company also recognizes revenues from various contracts that are incidental to the support of the operations for the franchised hotels, including the purchasing operations. Partnership Agreements The Company is a party to various agreements with third-party partners, including the co-branding of the Choice Privileges credit card. The agreements typically provide for use of the Company’s marks, limited access to the Company’s distribution channels, and the sale of Choice Privileges loyalty points, in exchange for fees primarily comprising variable consideration that is paid each month. Loyalty members can earn points through participation in the partner’s program. The partnership agreements include multiple performance obligations. The primary performance obligations are for the brand intellectual property and material rights for free or discounted goods or services to hotel guests. The allocation of the fixed and variable consideration to the performance obligations is based on the standalone selling price, which is estimated based on the market and income methods, which contain significant judgments. The amounts allocated to the brand intellectual property are recognized on a gross basis over time using the output measure of the time elapsed, primarily within royalty, licensing and management fees and platform and procurement services fees in the consolidated statements of income. The amounts allocated to the material rights for free or discounted goods or services to hotel guests are recognized to revenue as the points are redeemed including an estimate of the breakage, primarily within other revenues from franchised and managed properties in the consolidated statements of income. Qualified Vendors The Company generates procurement services revenue from qualified vendors. The qualified vendor revenue is generally based on the marketing services provided by the Company on behalf of, and the access provided to, the qualified vendors to the hotel owners and guests. The Company provides these services in exchange for either fixed consideration or a percentage of the revenues earned by the qualified vendor pertaining to purchases by the Company’s franchisees or guests. The fixed consideration is paid in installments based on a contractual schedule, with an initial payment typically due at contract execution. The variable consideration is typically paid quarterly after the sales to the franchisees or guests have occurred. The qualified vendor agreements comprise a single performance obligation, which is satisfied over time based on the access afforded, and the services provided, to the qualified vendor for the stated duration of the agreement. The fixed consideration is allocated and recognized ratably to each period over the term of the agreement. The variable consideration is determined and recognized in the period when the vendors' sales to the franchisees or guests are known or the cash payment has been remitted. The qualified vendor revenues are recognized within platform and procurement services fees revenue in the consolidated statements of income. Other The Company is a party to other non-franchising agreements that generate revenue, which are primarily SaaS arrangements for non-franchised hoteliers, and is presented as other revenue in the consolidated statements of income. SaaS agreements typically include fixed consideration for installment and other initiation fees that are paid at the beginning of the contract, and variable consideration for recurring subscription revenue that is typically paid on a monthly basis. SaaS agreements comprise a single performance obligation, which is satisfied over time based on the access to the software for the stated duration of the agreement. The fixed consideration is allocated and recognized ratably to each period over the term of the agreement. The variable consideration is determined at the conclusion of each period, and allocated to and recognized in the current period. Managed Hotels The Company manages 14 hotels (inclusive of four owned hotels). The management agreements provide for the use of the Company's marks and hotel management services, include providing day-to-day management services in the operation of the hotels for the hotel owners. The fees generated from the management agreements are recognized to revenue over time as the hotel owners pay for access to these services for the duration of the management agreement, and include base and incentive management fees. Base management fees are generally based on a percentage of the hotel's monthly gross revenue and invoiced and collected monthly. Incentive management fees are generally based on a percentage of the hotel's operating profits as measured and invoiced on an annual basis. Base and incentive management fee revenues are recognized within royalty, licensing and management fees in the consolidated statements of income. Refer to Note 23 for more information on the management agreement guarantees. The Company's management agreements include amounts that are contractually reimbursed to us by the hotel owners, either directly or indirectly, relating to certain costs and expenses that are paid by us in support of the operations of these hotel properties. The reimbursements include payroll and related costs and certain other operating costs of the managed properties' operations, which are reimbursed to us by the hotel owners as the expenses are incurred. The revenue related to these direct reimbursements is recognized based on the amount of the expenses incurred by the Company, which are recognized as other expenses from franchised and managed properties in the consolidated statements of operations. The hotel owner typically reimburses us on a monthly basis, which results in no net effect to operating income or net income. The revenues related to marketing and reservations are recognized over time and are intended to reimburse us, indirectly, for the expenses incurred in performing the marketing and reservation services. These managed revenues are presented within other revenues from franchised and managed properties in the consolidated statements of operations. Owned Hotels The Company owned ten hotels and nine hotels as of December 31, 2023 and 2022, respectively, from which the Company generates revenues. As a hotel owner, the Company has performance obligations to provide accommodations to hotel guests and in return, the Company earns a nightly fee for an agreed upon period that is generally payable at the time the hotel guest checks out of the hotel. The Company typically satisfies the performance obligations over the length of the stay and recognizes the revenue on a daily basis, as the hotel rooms are occupied and the services are rendered. Other ancillary goods and services at the owned hotels are purchased independently of the hotel stay at the standalone selling prices and are considered separate performance obligations, which are satisfied at the point in time when the related good or service is provided to the guest. These primarily consist of food and beverage, incidentals, and parking fees. The hotel room night and other ancillary hotel ownership revenues are recognized within owned hotels revenue in the consolidated statements of income. Sales Taxes The Company presents the taxes collected from customers and then remitted to governmental authorities on a net basis and, therefore, the taxes are excluded from revenues in the consolidated financial statements.
Business Combination, Diligence and Transition Costs	Business Combination, Diligence and Transition Costs The Company incurs costs during the review of potential business combinations, including legal fees, financial advisory, and other professional service fees. If the Company is successful in completing a business combination, then the Company may incur transition and integration costs, including professional service fees, technology costs, and employee-related costs such as bonuses, retention, and severance. The business combination, diligence and transition costs are expensed as incurred in the consolidated statements of income.
Notes & Accounts Receivable and Allowances for Credit Losses	Notes & Accounts Receivable and Allowances for Credit Losses The Company provides financing in the form of notes receivable loans to franchisees to support the development or conversion of properties in strategic markets. The Company accrues interest for notes receivable loans in accordance with loan provisions. The Company considers notes receivable loans past due and in default when payments are not made when due in accordance with the then-current loan provisions or the terms extended to the borrowers, including loans with concessions or interest deferral. The Company suspends the accrual of interest when payments on loans are more than 30 days past due or upon a loan being classified as collateral-dependent. The Company applies the payments received for loans on a non-accrual status first to interest and then to principal. The Company does not resume an interest accrual until all delinquent payments are received based on the then-current loan provisions. The Company has developed a systematic methodology to determine its allowance for credit losses across our portfolio of notes receivable loans. The Company monitors the risk and performance of our portfolio by the level of security in the collateral (i.e., senior, subordinated, or unsecured), which is the Company's credit quality indicator. As each of the Company’s notes receivable loans has unique risk characteristics, the Company deploys its methodology to calculate allowances for credit losses at the individual notes receivable loan level. The Company primarily utilizes a discounted cash flow ("DCF") technique to measure the credit allowance, influenced by the key economic variables of each note receivable loan. The Company identified the key economic variables for these loans to be the loan-to-cost ("LTC") or loan-to-value ("LTV") ratios and a debt service coverage ratio ("DSCR"). The LTC or LTV ratio represents the loan principal relative to the project cost or value and is an indication of the loan principal's ability to be re-paid at loan maturity. The DSCR represents property-specific net operating income as a percentage of the interest and principal payments incurred (i.e., debt service) on all debt of the borrower for the property and is an indication of the borrower's ability to make timely payments during the term of the loan. The LTC or LTV ratios and DSCR are considered during the loan underwriting process as indications of risk and, accordingly, we believe these factors are the most representative risk indicators for calculating the allowance for credit loss. Loans with higher LTC or LTV ratios and lower DSCR ratios generally are representative of loans with greater risk and, accordingly, have higher credit allowances as a percentage of loan principal. Conversely, loans with lower LTC or LTV ratios and higher DSCR ratios generally are representative of loans with lesser risk and, accordingly, have lower credit allowances as a percentage of loan principal. In preparing or updating a DCF model to measure the credit allowance, the Company develops various recovery scenarios and, based on the key economic variables, the present status of the loan, and the underlying collateral, applies a probability-weighting to the outputs of the scenarios. Collateral-dependent financial assets are financial assets for which repayment is expected to be derived substantially through the operation or sale of the collateral and when the borrower is experiencing financial difficulty. For collateral-dependent loans, the expected credit losses are based on the fair value of the collateral, less the selling costs if repayment will be from the sale of the collateral. The Company calculates the fair value of the collateral using a DCF technique to project the cash flows or a market approach via quoted market prices. In developing the cash flow projections, the Company will review the borrower's financial statements for the property, economic trends, industry projections for the market where the property is located, and comparable sales capitalization rates. Management assesses the credit quality of the notes receivable portfolio and the adequacy of the credit loss allowances on a quarterly basis and recognizes the provisions for credit losses in selling, general and administrative expenses in the consolidated statements of income. Significant judgment is required in this analysis. Accounts receivable consists primarily of the franchise and related fees due from the hotel franchisees and are recorded at the invoiced amount. The allowance for credit losses is the Company’s best estimate of the amount of expected credit losses inherent in the accounts receivable balance. The Company determines the allowance considering its historical write-off experience, a review of the aged receivable balances and customer payment trends, the economic environment, and other available evidence. The Company recognizes the provisions for credit losses on accounts receivable in selling, general and administrative expenses and other expenses from franchised and managed properties in the consolidated statements of income. When the Company determines that a trade or note receivable is not collectible, then the account is written-off to the associated allowance for credit losses.
Advertising Costs	Advertising Costs
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. The Company maintains cash balances at domestic banks, which at times may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. In addition, the Company also maintains cash balances at international banks which do not provide deposit insurance.
Capitalization Policies	Capitalization Policies As construction in progress and software development are completed and then placed in service, the assets are transferred to the appropriate property and equipment categories and depreciation and amortization begins. Upon the sale or the retirement of the property, the cost and the related accumulated depreciation are eliminated from the accounts and any related gain or loss is recognized in the consolidated statements of income. Repairs and maintenance, and minor replacements, are charged to expense as incurred.
Assets Held For Sale	Assets Held for Sale The Company considers assets to be held for sale when all of the following criteria are met: • Management commits to a plan to sell an asset; • It is unlikely that the disposal plan will be significantly modified or discontinued; • The asset is available for immediate sale in its present condition; • Actions required to complete the sale of the asset have been initiated; • The sale of the asset is probable and the Company expects the completed sale will occur within one year; and • The asset is actively being marketed for sale at a price that is reasonable given its current market value. Upon designation as an asset held for sale, the Company recognizes the carrying value of each asset as a component of other current assets at the lower of its carrying value or its estimated fair value, less the estimated costs to sell, and immediately ceases the recognition of depreciation or amortization expense on the asset. If, at any time, these criteria are no longer met, subject to certain exceptions, then the assets previously classified as held for sale are reclassified as held and used and measured individually at the lower of (a) the carrying amount before the asset was classified as held for sale, adjusted for any depreciation or amortization expense that would have been recognized had the asset been continuously classified as held and used, or (b) the fair value at the date of the subsequent decision not to sell.
Long-Lived Assets, Intangibles, and Goodwill	Long-Lived Assets, Intangible Assets, and Goodwill The Company groups its long-lived assets, including property and equipment and definite-lived intangible assets (e.g., franchise rights and franchise agreement acquisition costs), at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The Company evaluates the potential impairment of its long-lived asset groups annually as of December 31 or earlier when other circumstances indicate that the Company may not be able to recover the carrying value of the asset group. When indicators of impairment are present, then the recoverability is assessed based on undiscounted expected cash flows. If the undiscounted expected cash flows are less than the carrying amount of the asset group, then an impairment charge is measured and recognized, as applicable, for the excess of the carrying value over the fair value of the asset group. The fair value of the long-lived asset groups are estimated primarily using discounted cash flow analyses representing the highest and best use by an independent market participant. Significant management judgment is involved in evaluating any indicators of impairment and developing any required projections to test for the recoverability or the estimated fair value. Furthermore, if management uses different projections or if different conditions occur in future periods, then future operating results could be materially impacted. The Company did not identify any indicators of impairment of long-lived assets from the Hotel Franchising reporting unit during the years ended December 31, 2023, 2022, and 2021, other than impairments on franchise sales commission assets and franchise agreement acquisition cost intangible assets, which are recognized within selling, general and administrative expenses and other expenses from franchised and managed properties in the consolidated statements of income. Refer to Note 2 for additional information. During the year ended December 31, 2023, the Company recognized an impairment loss on the long-lived assets associated with the legacy Radisson corporate office lease. Refer to Note 6 for additional information. The Company evaluates the impairment of goodwill and intangible assets with indefinite lives annually as of December 31 or earlier upon the occurrence of substantive unfavorable changes in economic conditions, industry trends, costs, cash flows, or ongoing declines in market capitalization that indicate that the Company may not be able to recover the carrying amount of the asset. In evaluating these assets for impairment, the Company may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit or the indefinite lived intangible asset is less than its carrying amount. If the conclusion is that it is not more likely than not that the fair value of the asset is less than its carrying value, then no further testing is required. If the conclusion is that it is more likely than not that the fair value of the asset is less than its carrying value, then a quantitative impairment test is performed whereby the carrying value is compared to the fair value of the asset and an impairment charge is recognized, as applicable, for the excess of the carrying value over the fair value. The Company may elect to forgo the qualitative assessment and move directly to the quantitative impairment tests for goodwill and indefinite-lived intangible assets. The Company determines the fair value of its reporting units and indefinite-lived intangible assets using the income and market methods.
Variable Interest Entities	Variable Interest Entities In accordance with the guidance for the consolidation of variable interest entities ("VIE"), the Company identifies its variable interests and analyzes to determine if the entity in which the Company has a variable interest is a VIE. The Company's variable interests include equity investments, loans, and guaranties. The determination of whether a variable interest is a VIE includes both quantitative and qualitative considerations. For those entities determined to be VIEs, a further quantitative and qualitative analysis is performed to determine if the Company is deemed to be the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a VIE that most significantly impacts the entity's economic performance and who has an obligation to absorb the losses of the entity or a right to receive the benefits from the entity that could potentially be significant. The Company consolidates those entities in which it is determined to be the primary beneficiary. As of December 31, 2023, the Company is not the primary beneficiary of any VIE. The Company's qualitative analysis is based on its review of the design of the entity, the organizational structure including its decision-making ability, and the relevant development, operating management, and financial agreements. The investments in unconsolidated affiliates where the Company is not deemed to be the primary beneficiary but where the Company exercises significant influence over the operating and financial policies of the investee are accounted for using the equity method of accounting.
Investments in Affiliates	Investments in Affiliates
Investments in Equity Securities	Investments in Equity Securities The Company's investments in equity securities are recognized at fair value in the consolidated balance sheets, and the unrealized gains and losses on the investments in equity securities are recognized as other (gain) loss in the consolidated statements of income. Refer to Note 14 for additional information on the fair value measurements of the equity securities. The realized gains and losses on the investments in equity securities are recognized upon the disposition of the equity securities using the specific identification method as other (gain) loss in the consolidated statements of income.
Foreign Operations	Foreign Operations
Share-Based Compensation	Share-Based Compensation The Company recognizes compensation expense for share-based awards based on the fair value of the equity or liability instruments issued. The compensation expense is recognized on a straight-line basis over the requisite service period. Over the life of the share-based award grant, the Company's estimate of the share-based compensation expense for the share-based awards with performance and/or service requirements will be adjusted so that compensation expense is recognized only for the share-based awards that will ultimately vest. For the share-based award grants with market conditions, the fair value of the award is determined on the grant date and compensation expense is recognized on a straight-line basis over the life of the grant.
Leases	Leases The Company determines if an arrangement is a lease, and the classification as either an operating lease or a financing lease, at lease inception. Operating leases are included in operating lease right-of-use assets, accrued expenses and other current liabilities, and operating lease liabilities in our consolidated balance sheets. As of December 31, 2023 and 2022, the Company did not have any leases classified as a financing lease. On the commencement date, operating lease right-of-use assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. Operating lease right-of-use assets are further offset by any prepaid rent, lease incentives, and any 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 the commencement date in determining the present value of the future minimum lease payments. Lease expense for the 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 non-lease components (such as maintenance and other services provided by the lessor), and other charges included in the lease. Variable lease payments are excluded from the future minimum lease payments and expensed as incurred.
Recently Adopted & Issued Accounting Standards	Recently Adopted & Issued Accounting Standards In October 2021, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU") 2021-08 which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Revenue from Contracts with Customers (Topic 606) , as if the acquirer had originated the contracts at the date of the business combination. ASU 2021-08 is effective for the annual reporting period beginning after December 15, 2022 and the interim periods within that fiscal years. Early adoption is permitted. The Company elected to early adopt ASU 2021-08 in the second quarter of 2022. There was no retrospective impact to our consolidated financial statement as a result of the adoption. ASU 2021-08 was applied in the accounting for the acquisition of Radisson Hotels Americas, and accordingly, the Company utilized the carrying values of contract assets and contract liabilities of Radisson Hotels Americas in application of acquisition accounting (refer to Note 24). In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses ("ASU 2022-02"). ASU 2022-02 eliminates the recognition and measurement guidance on troubled debt restructuring for creditors that have adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) ("Topic 326"), requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty, and includes new guidance on current-period gross write-offs presentation. ASU 2022-02 is effective for the annual reporting period beginning after December 15, 2022 and the interim periods within that fiscal year. Early adoption is permitted. The Company adopted ASU 2022-02 on a prospective basis effective January 1, 2023, and applied in the accounting for loan modifications made for borrowers experiencing financial difficulty in the fourth quarter of 2023. Refer to Note 4 for more information. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires public entities to disclose significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss on both an annual and an interim basis. ASU 2023-07 is effective for the annual reporting period beginning after December 15, 2023 and the interim periods within the annual reporting period beginning after December 15, 2024. The Company is currently evaluating the potential impact that ASU 2023-07 will have on the Company's consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Estimated Useful Lives	The table below summarizes the estimated useful lives for the respective assets for depreciation and amortization purposes: Computer equipment and software 2 - 7 years Buildings and leasehold improvements 10 - 40 years Furniture, fixtures, vehicles and equipment 3 - 10 years The components of property and equipment were the following: December 31, (in thousands) 2023 2022 Land and land improvements $ 44,978 $ 37,335 Construction in progress and software under development 98,310 76,700 Computer equipment and software 261,287 243,436 Buildings and leasehold improvements 305,485 261,669 Furniture, fixtures, vehicles and equipment 63,917 61,489 Property and equipment 773,977 680,629 Less: Accumulated depreciation and amortization (280,499) (253,323) Property and equipment, net $ 493,478 $ 427,306

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract with Customer, Asset and Liability	The following table summarizes the significant changes in the contract liabilities balances during the year ended December 31, 2023: (in thousands) Balance as of December 31, 2022 $ 209,359 Increases to the contract liability balance due to cash received 115,661 Revenue recognized in the period (115,125) Balance as of December 31, 2023 $ 209,895
Schedule of Disaggregation of Revenue	The following table presents our revenues by over time and point in time recognition: Year Ended December 31, 2023 (in thousands) Over time Point in time Total Royalty, licensing and management fees $ 502,164 $ 11,248 $ 513,412 Initial franchise fees 27,787 — 27,787 Platform and procurement services fees 72,275 2,839 75,114 Owned hotels 72,132 25,509 97,641 Other 46,051 — 46,051 Other revenues from franchised and managed properties 705,114 79,046 784,160 Total revenues $ 1,425,523 $ 118,642 $ 1,544,165 Year Ended December 31, 2022 (in thousands) Over time Point in time Total Royalty, licensing and management fees $ 471,601 $ 158 $ 471,759 Initial franchise fees 28,074 — 28,074 Platform and procurement services fees 60,768 3,032 63,800 Owned hotels 55,428 15,398 70,826 Other 64,740 — 64,740 Other revenues from franchised and managed properties 596,668 106,082 702,750 Total revenues $ 1,277,279 $ 124,670 $ 1,401,949 Year Ended December 31, 2021 (in thousands) Over time Point in time Total Royalty, licensing and management fees $ 397,218 $ — $ 397,218 Initial franchise fees 26,342 — 26,342 Platform and procurement services fees 47,878 2,515 50,393 Owned hotels 32,191 5,642 37,833 Other 28,669 — 28,669 Other revenues from franchised and managed properties 465,184 63,659 528,843 Total revenues $ 997,482 $ 71,816 $ 1,069,298

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of Other Current Assets	Prepaid expenses and other current assets consisted of the following: December 31, (in thousands) 2023 2022 Prepaid expenses $ 34,669 $ 29,640 Other current assets 4,162 2,877 Total prepaid expenses and other current assets $ 38,831 $ 32,517

Receivables and Allowance for_2

Receivables and Allowance for Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2023
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Notes Receivable	The following table summarizes the composition of the notes receivable balances by credit quality indicator and the allowance for credit losses: December 31, (in thousands) 2023 2022 Senior $ 85,919 $ 95,466 Subordinated 17,004 17,075 Unsecured 5,359 5,674 Total notes receivable 108,282 118,215 Less: allowance for credit losses 8,616 10,172 Total notes receivable, net of allowance for credit losses $ 99,666 $ 108,043 Current portion, net of allowance for credit losses $ 20,766 $ 52,466 Long-term portion, net of allowance for credit losses $ 78,900 $ 55,577
Schedule of Financing Receivable Credit Quality Indicators	The following table summarizes the amortized cost basis of the notes receivable by the year of origination and credit quality indicator: (in thousands) 2023 2022 2021 2020 2019 Prior Total Senior $ — $ — $ — $ — $ 28,840 $ 57,079 $ 85,919 Subordinated 3,496 — — — — 13,508 17,004 Unsecured — 234 1,291 886 208 2,740 5,359 Total notes receivable $ 3,496 $ 234 $ 1,291 $ 886 $ 29,048 $ 73,327 $ 108,282
Schedule of Financing Receivable, Allowance for Credit Loss	The following table summarizes the activity related to the Company’s notes receivable allowance for credit losses: December 31, (in thousands) 2023 2022 Beginning balance $ 10,172 $ 16,779 Provision for credit losses 763 (938) Recoveries (2,319) (5,669) Ending balance $ 8,616 $ 10,172
Schedule of Past Due Balances Of Notes Receivable	The following table summarizes the past due balances by credit quality indicator of the notes receivable: (in thousands) 1-30 days 31-89 days > 90 days Total Current Total Notes Receivable As of December 31, 2023 Senior $ — $ — $ 15,200 $ 15,200 $ 70,719 $ 85,919 Subordinated — 2,936 — 2,936 14,068 17,004 Unsecured — — 400 400 4,959 5,359 $ — $ 2,936 $ 15,600 $ 18,536 $ 89,746 $ 108,282 As of December 31, 2022 Senior $ — $ 15,200 $ — $ 15,200 $ 80,266 $ 95,466 Subordinated — — 2,209 2,209 14,866 17,075 Unsecured 20 40 40 99 5,574 5,674 $ 20 $ 15,240 $ 2,249 $ 17,508 $ 100,706 $ 118,215

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	The table below summarizes the estimated useful lives for the respective assets for depreciation and amortization purposes: Computer equipment and software 2 - 7 years Buildings and leasehold improvements 10 - 40 years Furniture, fixtures, vehicles and equipment 3 - 10 years The components of property and equipment were the following: December 31, (in thousands) 2023 2022 Land and land improvements $ 44,978 $ 37,335 Construction in progress and software under development 98,310 76,700 Computer equipment and software 261,287 243,436 Buildings and leasehold improvements 305,485 261,669 Furniture, fixtures, vehicles and equipment 63,917 61,489 Property and equipment 773,977 680,629 Less: Accumulated depreciation and amortization (280,499) (253,323) Property and equipment, net $ 493,478 $ 427,306

Goodwill, Impairment of Asset_2

Goodwill, Impairment of Assets, and Sale of Business and Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the carrying amount of the Company's goodwill: December 31, (in thousands) 2023 2022 Goodwill $ 226,231 $ 166,774 Accumulated impairment losses (7,578) (7,578) Goodwill, net of accumulated impairment losses 218,653 159,196 Goodwill arising from the Radisson Hotels Americas acquisition (refer to Note 24) 1,534 59,457 Goodwill, net carrying amount $ 220,187 $ 218,653

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Franchise Rights and Other Identifiable Intangible Assets	The components of the Company's intangible assets were the following: As of December 31, 2023 As of December 31, 2022 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value Franchise Rights (1) $ 354,735 $ 123,845 $ 230,890 $ 352,665 $ 104,836 $ 247,829 Franchise Agreement Acquisition Costs (2) 424,695 98,103 326,592 307,169 68,085 239,084 Trademarks & Other (3) 19,876 13,721 6,155 19,236 12,888 6,348 Capitalized SaaS Licenses (4) 17,397 16,673 724 17,807 15,592 2,215 Total amortizing intangible assets 816,703 252,342 564,361 696,877 201,401 495,476 Trademarks (non-amortizing) (5) 246,714 — 246,714 246,714 — 246,714 Total intangible assets $ 1,063,417 $ 252,342 $ 811,075 $ 943,591 $ 201,401 $ 742,190 (1) Represents the purchase price assigned to long-term franchise contracts. The unamortized balance relates primarily to the franchise rights established from the Radisson Hotels Americas Transaction, as well as WoodSpring franchise rights active since acquisition. The franchise rights are being amortized over useful lives ranging from 12 to 15 years on a straight-line basis. (2) Represents certain payments to customers as an incentive to enter into new franchise agreements, which are amortized as a reduction to royalty, licensing and management fees and other revenues from franchised and managed properties in the consolidated statements of income over useful lives generally ranging from 10 to 30 years on a straight-line basis commencing at hotel opening. The gross and accumulated amortization amounts are written off upon full amortization recognition, including the termination of an associated franchise agreement. Refer to Note 2 for a discussion of the impairments recognized. (3) Represents definite-lived trademarks and other various amortizing assets, including management agreements, which are generally amortized on a straight-line basis over a period of 10 years to 30 years. (4) Represents software licenses capitalized under a SaaS agreement, which are generally amortized on a straight-line basis over an average period of 3 years. (5) Represents the purchase price assigned to the Radisson, WoodSpring, and Suburban trademarks established at the time of their respective acquisitions. The trademarks are non-amortizing assets because they are expected to generate future cash flows for an indefinite period of time.
Schedule of Intangible Assets, Estimated Annual Amortization Expense	The estimated annual amortization expense on the amortizing intangible assets for each of the next five years is as follows: (in thousands) 2024 $ 42,560 2025 $ 41,598 2026 $ 40,886 2027 $ 39,808 2028 $ 37,982

Investments in Affiliates (Tabl

Investments in Affiliates (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investment Ownership Interests and Financial Information	The Company's ownership interests in its affiliates were as follows: Ownership Interest December 31, 2023 December 31, 2022 Choice Hotels Canada, Inc. (1) 50 % 50 % Main Street WP Hotel Associates, LLC 50 % 50 % CS Hotel West Orange, LLC 50 % 50 % City Market Hotel Development, LLC 43 % 43 % CS Woodlands, LLC (2) — % 50 % 926 James M. Wood Boulevard, LLC 75 % 75 % EH Glendale JV LLC 80 % — % CS Lakeside Santa Clara LLC 50 % 50 % BL 219 Holdco, LP 50 % 50 % Integrated 32 West Randolph LLC 20 % 20 % EH Nampa JV LLC 80 % 80 % Radisson Hotel La Crosse (1) 14 % 14 % EH Cheyenne JV LLC 80 % — % EH Waco JV LLC 80 % — % EH Amarillo JV LLC 80 % — % EH Yuma JV LLC 80 % — % EH El Paso JV LLC 80 % — % EH Brownsville JV LLC 80 % — % (1) Non-VIE investments. (2) During the year ended December 31, 2023, the Company received distributions resulting from the sale of the underlying assets of the affiliate. The following tables present summarized financial information for all of the unconsolidated joint ventures in which the Company holds an investment in affiliate that is accounted for under the equity method of accounting: Year Ended December 31, (in thousands) 2023 2022 2021 Revenues $ 65,634 $ 58,821 $ 35,514 Operating income $ 12,504 $ 7,977 $ 2,299 Income (loss) from continuing operations $ 314 $ 1,837 $ (5,227) Net loss $ (1,255) $ (1,058) $ (1,593) As of December 31, (in thousands) 2023 2022 Current assets $ 63,397 $ 39,870 Non-current assets 269,693 237,347 Total assets $ 333,090 $ 277,217 Current liabilities $ 63,526 $ 38,660 Non-current liabilities 177,451 181,894 Total liabilities $ 240,977 $ 220,554 The following table is a summary of the unrealized gains and losses of investments in equity securities. There have been no dispositions and therefore no realized gains or losses in equity securities during the year ended December 31, 2023. 2023 2022 (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Equity Securities $ 112,420 $ 3,954 $ — $ 116,374 $ — $ — $ — $ —

Other Assets (Table)

Other Assets (Table)	12 Months Ended
	Dec. 31, 2023
Other Assets [Abstract]
Schedule of Components of Other Assets	Other assets consisted of the following: December 31, (in thousands) 2023 2022 Land and buildings $ 20,303 $ 20,303 Capitalized franchise sales commissions 58,611 57,606 Other assets 14,375 13,159 Total other assets $ 93,289 $ 91,068

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities [Abstract]
Schedule of Accrued Expenses	Accrued expenses and other current liabilities consisted of the following: December 31, (in thousands) 2023 2022 Accrued compensation and benefits $ 51,385 $ 75,453 Accrued interest 10,606 9,628 Dividends payable 14,902 13,136 Termination benefits 5,252 1,242 Income taxes payable 6,954 6,388 Current operating lease liabilities 4,238 10,663 Other liabilities 15,911 14,900 Total accrued expenses and other current liabilities $ 109,248 $ 131,410

Deferred Revenue (Tables)

Deferred Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Revenue and Credits [Abstract]
Schedule of Components of Deferred Revenue	Deferred revenue consisted of the following: December 31, (in thousands) 2023 2022 Initial franchise fees $ 128,935 $ 123,790 Loyalty programs 98,225 93,419 System implementation fees 3,912 4,675 Procurement services fees 7,963 2,568 Other 2,782 2,392 Total deferred revenue $ 241,817 $ 226,844 Current portion $ 108,316 $ 92,695 Long-term portion $ 133,501 $ 134,149

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Components of Debt	Debt consisted of the following: December 31, 2023 2022 (in thousands) $500 million unsecured term loan due 2024 ("2023 Term Loan") with an effective interest rate of 6.83%, less a discount and deferred issuance costs of $0.7 million at December 31, 2023 $ 499,268 $ — $450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $4.3 million and $4.9 million at December 31, 2023 and December 31, 2022, respectively 445,690 445,080 $400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $3.6 million and $4.2 million at December 31, 2023 and December 31, 2022, respectively 396,440 395,838 $850 million senior unsecured revolving credit facility with an effective interest rate of 6.54%, less deferred issuance costs of $1.9 million and $1.8 million at December 31, 2023 and December 31, 2022, respectively 226,621 358,189 Economic development loans with an effective interest rate of 3% at December 31, 2022 — 4,416 Total debt $ 1,568,019 $ 1,203,523 Less: current portion 499,268 2,976 Total long-term debt $ 1,068,751 $ 1,200,547
Schedule of Maturities of Long-term Debt	As of December 31, 2023, the scheduled principal maturities of debt, net of unamortized discounts, premiums, and deferred issuance costs, were as follows: (in thousands) Senior Notes Revolving Credit Term Loan Total 2024 $ — $ — $ 499,268 $ 499,268 2025 — — — — 2026 — 226,621 — 226,621 2027 — — — — 2028 — — — — Thereafter 842,130 — — 842,130 Total payments $ 842,130 $ 226,621 $ 499,268 $ 1,568,019

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets	As of December 31, 2023 and 2022, the Company recognized the following assets at fair value on a recurring basis in the consolidated balance sheets: Fair Value Measurements at Reporting Date Using (in thousands) Total Level 1 Level 2 Level 3 December 31, 2023 Equity securities $ 116,374 $ 116,374 $ — $ — Mutual funds (1) 36,810 36,810 — — Money market funds (1) 4,767 — 4,767 — Total $ 157,951 $ 153,184 $ 4,767 $ — December 31, 2022 Equity securities $ — $ — $ — $ — Mutual funds (1) 29,143 29,143 — — Money market funds (1) 3,242 — 3,242 — Total $ 32,385 $ 29,143 $ 3,242 $ — (1) The current assets at fair value noted above are presented in prepaid expenses and other assets in the consolidated balance sheets. The long-term assets at fair value noted above are presented in investments for employee benefit plans, at fair value in the consolidated balance sheets.
Schedule of Equity Method Investment Ownership Interests and Financial Information	The Company's ownership interests in its affiliates were as follows: Ownership Interest December 31, 2023 December 31, 2022 Choice Hotels Canada, Inc. (1) 50 % 50 % Main Street WP Hotel Associates, LLC 50 % 50 % CS Hotel West Orange, LLC 50 % 50 % City Market Hotel Development, LLC 43 % 43 % CS Woodlands, LLC (2) — % 50 % 926 James M. Wood Boulevard, LLC 75 % 75 % EH Glendale JV LLC 80 % — % CS Lakeside Santa Clara LLC 50 % 50 % BL 219 Holdco, LP 50 % 50 % Integrated 32 West Randolph LLC 20 % 20 % EH Nampa JV LLC 80 % 80 % Radisson Hotel La Crosse (1) 14 % 14 % EH Cheyenne JV LLC 80 % — % EH Waco JV LLC 80 % — % EH Amarillo JV LLC 80 % — % EH Yuma JV LLC 80 % — % EH El Paso JV LLC 80 % — % EH Brownsville JV LLC 80 % — % (1) Non-VIE investments. (2) During the year ended December 31, 2023, the Company received distributions resulting from the sale of the underlying assets of the affiliate. The following tables present summarized financial information for all of the unconsolidated joint ventures in which the Company holds an investment in affiliate that is accounted for under the equity method of accounting: Year Ended December 31, (in thousands) 2023 2022 2021 Revenues $ 65,634 $ 58,821 $ 35,514 Operating income $ 12,504 $ 7,977 $ 2,299 Income (loss) from continuing operations $ 314 $ 1,837 $ (5,227) Net loss $ (1,255) $ (1,058) $ (1,593) As of December 31, (in thousands) 2023 2022 Current assets $ 63,397 $ 39,870 Non-current assets 269,693 237,347 Total assets $ 333,090 $ 277,217 Current liabilities $ 63,526 $ 38,660 Non-current liabilities 177,451 181,894 Total liabilities $ 240,977 $ 220,554 The following table is a summary of the unrealized gains and losses of investments in equity securities. There have been no dispositions and therefore no realized gains or losses in equity securities during the year ended December 31, 2023. 2023 2022 (in thousands) Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Equity Securities $ 112,420 $ 3,954 $ — $ 116,374 $ — $ — $ — $ —
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The fair values of the Company's senior unsecured notes are classified as Level 2 because the significant inputs are observable in an active market. Refer to Note 12 for additional information on debt. As of December 31, 2023 and 2022, the carrying amounts and the fair values were as follows: December 31, 2023 December 31, 2022 (in thousands) Carrying Amount Fair Value Carrying Amount Fair Value 2020 Senior Notes $ 445,690 $ 389,241 $ 445,080 $ 384,647 2019 Senior Notes $ 396,440 $ 355,068 $ 395,838 $ 349,368

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Before Income Tax, Domestic and Foreign	The total income before income taxes, classified by source of income, was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 U.S. $ 303,337 $ 409,666 $ 355,408 Outside the U.S. 33,619 27,140 21,084 Income before income taxes $ 336,956 $ 436,806 $ 376,492
Schedule of Components of Income Tax Expense (Benefit)	The provision for income taxes, classified by the timing and the location of payment, was as follows: Year Ended December 31, (in thousands) 2023 2022 2021 Current tax expense Federal $ 60,493 $ 103,275 $ 71,573 State 16,890 20,068 15,605 Foreign 1,593 2,331 1,041 Deferred tax (benefit) expense Federal (2,022) (18,974) (2,690) State (1,874) (4,163) (1,254) Foreign 3,369 2,117 3,260 Income tax expense $ 78,449 $ 104,654 $ 87,535
Schedule of Deferred Tax Assets and Liabilities	The net deferred tax assets were as follows: December 31, (in thousands) 2023 2022 Deferred tax assets: Accrued compensation $ 18,325 $ 17,044 Deferred revenue 30,007 46,758 Receivable, net 12,460 8,599 Tax credits 19,194 16,379 Operating lease liabilities 28,673 19,715 Partnership interests 5,516 3,948 Foreign net operating losses 7,564 8,245 Non-U.S. intellectual property 15,149 17,642 Other 6,588 5,589 Total gross deferred tax assets 143,476 143,919 Less: Valuation allowance (24,228) (21,402) Deferred tax assets $ 119,248 $ 122,517 Deferred tax liabilities: Property, equipment and intangible assets $ (5,605) $ (15,585) Operating lease ROU assets (21,379) (17,703) Other (2,729) (1,047) Deferred tax liabilities (29,713) (34,335) Net deferred tax assets $ 89,535 $ 88,182
Schedule of Effective Income Tax Rate Reconciliation	The following table presents a reconciliation of the statutory United States federal income tax rate to the effective income tax rate for continuing operations: Year Ended December 31, 2023 2022 2021 Statutory U.S. federal income tax rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 3.2 % 3.0 % 3.1 % Benefits related to foreign operations 0.3 % 0.1 % (0.2) % Expenses (benefits) related to compensation, net 1.0 % 1.0 % 0.5 % Unrecognized tax positions 0.5 % 0.2 % 0.2 % International Reorganization — % — % 1.1 % Tax credits (2.4) % (1.5) % (1.8) % Valuation allowance 0.6 % 0.5 % (0.2) % Other (0.9) % (0.3) % (0.4) % Effective income tax rate 23.3 % 24.0 % 23.3 %
Schedule of Reconciliation of Unrecognized Tax Benefits	The following table presents a reconciliation of the beginning and ending amounts of the unrecognized tax benefits: (in thousands) 2023 2022 2021 Balance, January 1 $ 11,876 $ 11,147 $ 10,193 Changes for tax positions of prior years 2,338 (31) 156 Increases for tax positions related to the current year 1,670 1,650 1,618 Settlements and lapsing of statutes of limitations (2,450) (890) (820) Balance, December 31 $ 13,434 $ 11,876 $ 11,147

Share-Based Compensation and _2

Share-Based Compensation and Capital Stock (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of 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: 2023 2022 2021 Risk-free interest rate 4.10 % 2.01 % 0.94 % Expected volatility 30.90 % 29.46 % 29.23 % Expected life of stock option 6.0 years 5.9 years 5.9 years Dividend yield 0.90 % 0.66 % 0.82 % Requisite service period 4 years 4 years 4 years Contractual life 10 years 10 years 10 years Weighted average fair value of the stock options granted (per stock option) $ 42.59 $ 42.66 $ 28.00
Schedule of Options Outstanding and Exercisable	The following table summarizes information about the stock options outstanding as of December 31, 2023: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding at December 31, 2023 Weighted Average Weighted Number Exercisable at December 31, 2023 Weighted $55.01 to $65.00 62,946 0.2 $ 60.74 62,946 $ 60.74 $65.01 to $85.00 211,358 1.8 81.30 211,358 81.30 $85.01 to $91.28 153,692 6.2 91.28 115,257 91.28 $91.29 to $104.87 267,361 7.2 104.87 133,206 104.87 $104.88 to $117.98 16,667 8.6 117.98 4,166 117.98 $117.99 to $146.68 231,617 8.5 138.42 37,071 146.68 943,641 5.7 $ 102.90 564,004 $ 91.18
Schedule of Activity Related to Restricted Stock Grants	The following table is a summary of the activity related to restricted stock grants: For the Year Ended December 31, 2023 2022 2021 Restricted shares granted 65,991 273,777 61,009 Weighted average grant date fair value per share $ 123.65 $ 143.76 $ 111.25 Aggregate grant date fair value (in thousands) $ 8,160 $ 39,357 $ 6,787 Restricted shares forfeited 13,202 14,443 19,209 Vesting service period for the restricted shares granted 9 - 48 months 9 - 60 months 9 - 48 months Fair value of the restricted shares vested (in thousands) $ 11,134 $ 13,784 $ 11,927
Schedule of Activity Related to PVRSU Grants	The following table is a summary of the activity related to the PVRSU grants: For the Years Ended December 31, 2023 2022 2021 PVRSUs granted at target 110,636 111,585 98,544 Weighted average grant date fair value per share $ 128.71 $ 181.91 $ 108.75 Aggregate grant date fair value (in thousands) $ 14,240 $ 20,298 $ 10,716 PVRSUs forfeited & expired 16,504 83,563 78,500 Requisite service period 9 - 48 months 9 - 60 months 9 - 60 months
Schedule of Change in Stock-Based Award Activity	For the years ended December 31, 2023, 2022, and 2021, the following tables present a summary of the share-based award activity during those respective years: 2023 Stock Options Restricted Stock Performance Vested Options Weighted Average Exercise Price Weighted Shares Weighted Shares Weighted Outstanding as of January 1, 2023 1,010,647 $ 94.97 399,099 $ 128.47 437,180 $ 140.05 Granted 88,733 123.62 65,991 123.65 110,636 128.71 Performance-based leveraging* — — — — 46,934 139.47 Exercised/vested (143,357) 57.72 (90,220) 96.14 (119,751) 145.41 Expired (1,054) 146.68 — — — — Forfeited (11,328) 124.94 (13,202) (118.56) (16,504) 131.91 Outstanding as of December 31, 2023 943,641 $ 102.90 5.6 years 361,668 $ 136.05 458,495 $ 136.14 Options exercisable as of December 31, 2023 564,004 $ 91.18 4.3 years * The outstanding PVRSUs have been adjusted by 46,934 net units during the year ended December 31, 2023, due to an increase in the outstanding PVRSUs as a result of the Company exceeding the targeted performance conditions. 2022 Stock Options Restricted Stock Performance Vested Options Weighted Average Exercise Price Weighted Shares Weighted Shares Weighted Outstanding as of January 1, 2022 910,944 $ 83.14 236,599 $ 92.60 412,642 $ 114.70 Granted 172,441 143.91 273,777 143.76 111,585 181.91 Performance-based leveraging* — — — — (3,484) 121.34 Exercised/vested (66,192) 57.55 (96,834) 87.34 — — Expired (986) 51.49 — — (78,370) 81.15 Forfeited (5,560) 128.86 (14,443) 106.35 (5,193) 132.06 Outstanding as of December 31, 2022 1,010,647 $ 94.97 5.6 years 399,099 $ 128.47 437,180 $ 140.05 Options exercisable as of December 31, 2022 523,856 $ 76.77 3.3 years * The outstanding PVRSUs have been adjusted by 3,484 net units during the year ended December 31, 2022, due to a decrease in the outstanding PVRSUs as a result of the Company partially meeting the targeted performance conditions, partially offset by an increase in the outstanding PVRSUs due to the Company exceeding the targeted performance conditions for the PVRSUs that were granted in prior periods. 2021 Stock Options Restricted Stock Performance Vested Options Weighted Average Exercise Price Weighted Shares Weighted Shares Weighted Outstanding as of January 1, 2021 819,610 $ 70.48 304,439 $ 84.48 321,752 $ 109.25 Granted 280,811 104.87 61,009 111.25 98,544 108.75 Performance-based leveraging* — — — — 74,832 107.51 Exercised/vested (185,437) 59.61 (109,640) 80.83 (3,986) 81.55 Expired — — — — (72,944) 81.55 Forfeited (4,040) 104.87 (19,209) 90.23 (5,556) 55.76 Outstanding as of December 31, 2021 910,944 $ 83.14 5.5 years 236,599 $ 92.60 412,642 $ 114.70 Options exercisable as of December 31, 2021 421,592 $ 67.09 2.8 years * The outstanding PVRSUs were increased by 74,832 units during the year ended December 31, 2021, due to the Company exceeding the targeted performance conditions contained in the PVRSUs that were granted in prior periods.
Schedule of Pre-Tax Stock-Based Compensation Expenses and Associated Income Tax Benefits	The components of the Company’s share-based compensation expense were as follows: For the Year Ended December 31, (in thousands) 2023 2022 2021 Stock options $ 5,816 $ 4,674 $ 3,396 Restricted stock awards 13,774 14,349 9,281 Performance vested restricted stock units 20,924 21,436 10,703 Total share-based compensation expense $ 40,514 $ 40,459 $ 23,380
Schedule of Unrecognized Compensation Cost, Nonvested Awards	The following table as of December 31, 2023 is a summary of the total unrecognized compensation expense related to the share-based awards that have not yet vested and the related weighted average amortization periods over which the compensation expense will be recognized: (in thousands) Unrecognized Compensation Expense on Unvested Awards Weighted Average Remaining Amortization Period Stock options $ 7,952 2.1 years Restricted stock awards 30,350 2.9 years Performance vested restricted stock units 25,634 2.1 years Total $ 63,936

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss were as follows: December 31, (in thousands) 2023 2022 2021 Foreign currency translation adjustments $ (5,671) $ (5,211) $ (4,574) Total accumulated other comprehensive loss $ (5,671) $ (5,211) $ (4,574)
Schedule of Changes in Accumulated Other Comprehensive Loss, by Component	The changes in accumulated other comprehensive loss, net of tax, were as follows: Year Ended December 31, (in thousands) 2023 2022 Beginning Balance $ (5,211) $ (4,574) Foreign currency translation adjustments (460) (637) Ending Balance $ (5,671) $ (5,211)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Common Share	The computation of basic and diluted earnings per share of common stock was as follows: Year Ended December 31, (in thousands, except per share amounts) 2023 2022 2021 Numerator: Net income $ 258,507 $ 332,152 $ 288,957 Income allocated to participating securities (1,379) (1,881) (1,125) Net income available to common shareholders $ 257,128 $ 330,271 $ 287,832 Denominator: Weighted average shares of common stock outstanding - basic 50,341 54,595 55,379 Basic earnings per share $ 5.11 $ 6.05 $ 5.20 Numerator: Net income $ 258,507 $ 332,152 $ 288,957 Income allocated to participating securities (1,379) (1,881) (1,125) Net income available to common shareholders $ 257,128 $ 330,271 $ 287,832 Denominator: Weighted average shares of common stock outstanding - basic 50,341 54,595 55,379 Dilutive effect of stock options, PVRSUs, and RSUs 359 526 504 Weighted average shares of common stock outstanding - diluted 50,700 55,121 55,883 Diluted earnings per share $ 5.07 $ 5.99 $ 5.15
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following securities have been excluded from the calculation of diluted weighted average shares of common stock outstanding because the inclusion of these securities would have an anti-dilutive effect: Year Ended December 31, (in thousands) 2023 2022 2021 Stock options 232 153 — PVRSUs 71 — 155

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease Cost	The Company's lease costs were as follows: Year Ended December 31, (in thousands) 2023 2022 Operating lease cost $ 13,786 $ 12,073 Short-term lease cost — 40 Sublease income (234) (559) Total lease cost $ 13,552 $ 11,554
Schedule of Operating Lease Assets and Liabilities	Leases recognized in the consolidated balance sheets consisted of the following: December 31, (in thousands) 2023 2022 Assets: Operating lease right-of-use assets $ 85,101 $ 68,985 Liabilities: Current operating lease liabilities $ 4,238 $ 10,663 Long-term operating lease liabilities 109,483 70,994 Total lease liabilities $ 113,721 $ 81,657
Schedule of Operating Leases, Other Information	Other information related to the Company's lease arrangements were as follows: Year Ended December 31, (in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,714 $ 14,145 ROU assets obtained in exchange for lease liabilities in non-cash transactions: Operating lease assets obtained in exchange for operating lease liabilities $ 28,605 $ 44,481 Weighted-average remaining lease term 33.1 years 41.0 years Weighted-average discount rate 5.04 % 4.77 %
Schedule of Operating Lease Maturities	As of December 31, 2023, the maturities of the lease liabilities were as follows: (in thousands) 2024 $ 6,454 2025 8,168 2026 12,159 2027 12,605 2028 12,592 Thereafter 320,575 Total minimum lease payments $ 372,553 Less: imputed interest 258,832 Present value of the minimum lease payments $ 113,721

Reportable Segment Information

Reportable Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Financial Information for Company's Franchising Segment	The following tables presents the financial information for the Company's segments: For the Year Ended December 31, 2023 (in thousands) Hotel Franchising & Management Corporate & Intersegment Eliminations Consolidated Revenues $ 1,444,394 $ 110,854 $ (11,083) $ 1,544,165 Operating income (loss) 508,531 (133,503) — 375,028 Depreciation and amortization 19,183 20,476 — 39,659 Income (loss) before income taxes 511,410 (174,454) — 336,956 For the Year Ended December 31, 2022 (in thousands) Hotel Franchising & Management Corporate & Intersegment Eliminations Consolidated Revenues $ 1,298,521 $ 108,879 $ (5,451) $ 1,401,949 Operating income (loss) 552,905 (74,304) — 478,601 Depreciation and amortization 12,935 17,490 — 30,425 Income (loss) before income taxes 554,637 (117,831) — 436,806 For the Year Ended December 31, 2021 (in thousands) Hotel Franchising & Management Corporate & Intersegment Eliminations Consolidated Revenues $ 1,026,409 $ 45,740 $ (2,851) $ 1,069,298 Operating income (loss) 485,199 (56,266) — 428,933 Depreciation and amortization 8,050 16,723 — 24,773 Income (loss) before income taxes 468,894 (92,402) — 376,492

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The final allocation of the purchase price, including all measurement period adjustments, as presented in our consolidated balance sheets is as follows: Assets acquired August 11, 2022 - original Measurement period adj - 4th quarter 2022 Measurement period adj - 1st quarter 2023 August 11, 2022 - Cash and cash equivalents $ 113,023 $ — $ — $ 113,023 Restricted cash 10,403 — — 10,403 Accounts receivable 32,972 8,752 (1,941) 39,783 Notes receivables - current 1,709 — (860) 849 Prepaid expenses and other current assets 8,139 — — 8,139 Property and equipment 125,441 — — 125,441 Operating lease right-of-use assets 42,315 (2,016) — 40,299 Intangible assets 447,400 (300) — 447,100 Notes receivable - noncurrent 2,592 — — 2,592 Investment in affiliates 471 — — 471 Other assets 2,129 — — 2,129 Total assets acquired $ 786,594 $ 6,436 $ (2,801) $ 790,229 Liabilities assumed Accounts payable 8,295 (1,566) (1,941) 4,788 Accrued expenses and other current liabilities 15,987 425 674 17,086 Deferred revenue - current (1) 5,745 1,566 — 7,311 Liability for guest loyalty program - current (1) 3,542 3,792 — 7,334 Long-term debt 55,975 — — 55,975 Long-term deferred revenue (1) 26,499 (3,915) — 22,584 Deferred compensation and retirement plan obligations 9,265 — — 9,265 Operating lease liabilities 42,705 (2,016) — 40,689 Liability for guest loyalty program - noncurrent (1) 10,180 (1,443) — 8,737 Other liabilities 3,052 543 — 3,595 Total liabilities assumed $ 181,245 $ (2,614) $ (1,267) $ 177,364 Fair value of net assets acquired $ 605,349 $ 9,050 $ (1,534) $ 612,865 Goodwill 68,507 (9,050) 1,534 60,991 Total purchase consideration $ 673,856 $ — $ — $ 673,856 (1) The deferred revenue (including deferred affiliation fees) and the liability for guest loyalty program balances were assumed at their carrying value at the date of the acquisition pursuant to the application of ASU 2021-08. Refer to Note 1 for more information. The following table presents the estimated fair value of the acquired property and equipment, which is primarily concentrated at three acquired hotel properties, and their estimated weighted average remaining useful lives. Estimated Useful Life Estimated Fair Value (in years) (in thousands) Land N/A $ 7,159 Construction in progress N/A 3,190 Building and leasehold improvements 24.4 93,934 Site improvements 23.1 586 Furniture, fixtures and equipment 3.9 8,334 Computer equipment and software 2.0 12,238 Total property and equipment $ 125,441 The following table presents the estimated fair values of the acquired identified intangible assets and their estimated useful lives: Estimated Useful Life Estimated Fair Value (in years) (in thousands) Trade names N/A $ 223,700 Franchise agreements 15.5 220,100 Management agreements 15.5 3,300 Total intangible assets $ 447,100
Schedule of Pro Forma Information	The following unaudited pro forma information presents the combined results of operations of Choice and Radisson Hotels Americas as if the Transaction was completed on January 1, 2021, but using the fair values of the assets acquired and the liabilities assumed as of the acquisition date. The unaudited pro forma information reflects adjustments relating to (i) the allocation of the purchase price and related adjustments, including incremental depreciation and amortization expense based on the fair values of the acquired property and equipment and intangible assets, (ii) the incremental impact of the Revolver draw on interest expense and the amortization of financing costs, (iii) nonrecurring transaction costs, and (iv) the income tax impact of the aforementioned pro forma adjustments. As required by GAAP, these unaudited pro forma results do not reflect any cost saving synergies from operating efficiencies. Accordingly, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined company would have been if the transaction had occurred at the beginning of the period presented, nor are they indicative of the future results of operations. Year Ended December 31, (in thousands) 2022 2021 Revenues $ 1,551,775 $ 1,263,988 Net income 368,449 207,023

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ownedHotel hotel	Dec. 31, 2022 USD ($) hotel	Aug. 11, 2022 hotel	Aug. 11, 2022 property
Revenue from External Customer [Line Items]
Deferred revenue	$ 108,316	$ 92,695
Long-term deferred revenue	$ 133,501	$ 134,149
Loyalty points redemption period	3 years
Number of hotels managed | hotel	14
Number of properties acquired | ownedHotel	4
Number of hotels acquired | hotel	10	9
Radisson Hotels Americas
Revenue from External Customer [Line Items]
Number of properties acquired			4	3
Loyalty Points
Revenue from External Customer [Line Items]
Deferred revenue	$ 67,300
Long-term deferred revenue	$ 30,900
Minimum
Revenue from External Customer [Line Items]
Franchise agreement initial term in years	10 years
Maximum
Revenue from External Customer [Line Items]
Franchise agreement initial term in years	30 years

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Advertising expense	$ 195.2	$ 170.4	$ 81.5
Impairment charges related to equity method investments	0	0.2	19.3
Foreign currency transaction (gains) losses	(0.5)	1	$ 0.4
Property and equipment
Significant Accounting Policies [Line Items]
Interest costs capitalized	$ 5.8	$ 2

Basis of Presentation and Sig_6

Basis of Presentation and Significant Accounting Policies - Estimated Useful Lives (Details)	Dec. 31, 2023
Computer equipment and software | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	2 years
Computer equipment and software | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Buildings and leasehold improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Buildings and leasehold improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Furniture, fixtures, vehicles and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture, fixtures, vehicles and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years

Revenue - Narratives (Details)

Revenue - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 unit
Revenue from External Customer [Line Items]
Deferred revenue, recognition period	10 years
Revenue, remaining performance obligation, amount	$ 209,900
Capitalized franchise sales commissions	58,611	$ 57,606
Revenue	1,544,165	1,401,949	$ 1,069,298
Proceeds from the termination of intangible assets	0	44,711	0
Carrying amount of intangible asset	564,361	495,476
Revenues	1,544,165	1,401,949	1,069,298
Corporate & Other
Revenue from External Customer [Line Items]
Revenues	110,854	108,879	45,740
Intersegment Eliminations
Revenue from External Customer [Line Items]
Revenues	(11,083)	(5,451)	(2,851)
Over time
Revenue from External Customer [Line Items]
Revenue	1,425,523	1,277,279	997,482
Over time | Corporate & Other
Revenue from External Customer [Line Items]
Revenues	110,900	108,900	45,700
WoodSpring
Revenue from External Customer [Line Items]
Loss on contract termination		22,700
Number of real estate properties | unit				110
Proceeds from the termination of intangible assets		67,400
Carrying amount of intangible asset		44,700
Selling, General and Administrative Expenses
Revenue from External Customer [Line Items]
Amortization expense and impairment loss	13,100	13,000	11,900
Selling, General and Administrative Expenses and Marketing and Reservation System Expenses
Revenue from External Customer [Line Items]
Amortization expense and impairment loss	$ 7,300	2,500	11,100
Royalty, licensing and management fees
Revenue from External Customer [Line Items]
Redemption of loyalty points period	3 years
Revenue	$ 513,412	471,759	397,218
Revenues	513,412	471,759	397,218
Royalty, licensing and management fees | Intersegment Eliminations
Revenue from External Customer [Line Items]
Revenues	(11,100)	(5,500)	(2,900)
Royalty, licensing and management fees | Over time
Revenue from External Customer [Line Items]
Revenue	502,164	471,601	397,218
Owned hotels
Revenue from External Customer [Line Items]
Revenue	97,641	70,826	37,833
Revenues	97,641	70,826	37,833
Owned hotels | Other point in time
Revenue from External Customer [Line Items]
Revenue	93,100	109,300	66,200
Owned hotels | Over time
Revenue from External Customer [Line Items]
Revenue	$ 72,132	$ 55,428	$ 32,191

Revenue - Schedule of Contract

Revenue - Schedule of Contract Liability (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Changes in Contract Liability [Roll Forward]
Contract with customer, liability, beginning balance	$ 226,844
Contract with customer, liability, ending balance	241,817
Initial Fees, Sustem Implementation Fees, Franchise Agreements, Loyalty Points
Changes in Contract Liability [Roll Forward]
Contract with customer, liability, beginning balance	209,359
Increases to the contract liability balance due to cash received	115,661
Revenue recognized in the period	(115,125)
Contract with customer, liability, ending balance	$ 209,895

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 1,544,165	$ 1,401,949	$ 1,069,298
Over time
Disaggregation of Revenue [Line Items]
Revenue	1,425,523	1,277,279	997,482
Point in time
Disaggregation of Revenue [Line Items]
Revenue	118,642	124,670	71,816
Royalty, licensing and management fees
Disaggregation of Revenue [Line Items]
Revenue	513,412	471,759	397,218
Royalty, licensing and management fees | Over time
Disaggregation of Revenue [Line Items]
Revenue	502,164	471,601	397,218
Royalty, licensing and management fees | Point in time
Disaggregation of Revenue [Line Items]
Revenue	11,248	158	0
Initial franchise fees
Disaggregation of Revenue [Line Items]
Revenue	27,787	28,074	26,342
Initial franchise fees | Over time
Disaggregation of Revenue [Line Items]
Revenue	27,787	28,074	26,342
Initial franchise fees | Point in time
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Platform and procurement services fees
Disaggregation of Revenue [Line Items]
Revenue	75,114	63,800	50,393
Platform and procurement services fees | Over time
Disaggregation of Revenue [Line Items]
Revenue	72,275	60,768	47,878
Platform and procurement services fees | Point in time
Disaggregation of Revenue [Line Items]
Revenue	2,839	3,032	2,515
Owned hotels
Disaggregation of Revenue [Line Items]
Revenue	97,641	70,826	37,833
Owned hotels | Over time
Disaggregation of Revenue [Line Items]
Revenue	72,132	55,428	32,191
Owned hotels | Point in time
Disaggregation of Revenue [Line Items]
Revenue	25,509	15,398	5,642
Other
Disaggregation of Revenue [Line Items]
Revenue	46,051	64,740	28,669
Other | Over time
Disaggregation of Revenue [Line Items]
Revenue	46,051	64,740	28,669
Other | Point in time
Disaggregation of Revenue [Line Items]
Revenue	0	0	0
Other revenues from franchised and managed properties
Disaggregation of Revenue [Line Items]
Revenue	784,160	702,750	528,843
Other revenues from franchised and managed properties | Over time
Disaggregation of Revenue [Line Items]
Revenue	705,114	596,668	465,184
Other revenues from franchised and managed properties | Point in time
Disaggregation of Revenue [Line Items]
Revenue	$ 79,046	$ 106,082	$ 63,659

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 34,669	$ 29,640
Other current assets	4,162	2,877
Total prepaid expenses and other current assets	$ 38,831	$ 32,517

Receivables and Allowance for_3

Receivables and Allowance for Credit Losses - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	$ 108,282	$ 118,215
Less: allowance for credit losses	8,616	10,172	$ 16,779
Total notes receivable, net of allowance for credit losses	99,666	108,043
Current portion, net of allowance for credit losses	20,766	52,466
Long-term portion, net of allowance for credit losses	78,900	55,577
Senior
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	85,919	95,466
Subordinated
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	17,004	17,075
Unsecured
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	$ 5,359	$ 5,674

Receivables and Allowance for_4

Receivables and Allowance for Credit Losses - Credit Quality Indicator (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
2023	$ 3,496
2022	234
2021	1,291
2020	886
2019	29,048
Prior	73,327
Total	108,282	$ 118,215
Senior
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	0
2021	0
2020	0
2019	28,840
Prior	57,079
Total	85,919
Subordinated
Financing Receivable, Credit Quality Indicator [Line Items]
2023	3,496
2022	0
2021	0
2020	0
2019	0
Prior	13,508
Total	17,004
Unsecured
Financing Receivable, Credit Quality Indicator [Line Items]
2023	0
2022	234
2021	1,291
2020	886
2019	208
Prior	2,740
Total	$ 5,359

Receivables and Allowance for_5

Receivables and Allowance for Credit Losses - Allowance for Credit Loss Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable Allowance For Credit Losses Roll Forward [Abstract]
Beginning balance	$ 10,172	$ 16,779
Provision for credit losses	763	(938)
Recoveries	(2,319)	(5,669)
Ending balance	$ 8,616	$ 10,172

Receivables and Allowance for_6

Receivables and Allowance for Credit Losses - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ 8,616	$ 10,172	$ 16,779
Notes receivable	78,900	55,577
Write-offs, net of recoveries	600	(12,400)
Selling, General and Administrative Expenses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	7,500	400
Marketing and reservation fees
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	9,000	1,400
Variable Interest Entity, Not Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable	$ 95,100	$ 103,200
Collateral Dependent Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans | loan	1	1
Allowance for credit loss, period increase	$ 1,300
Allowance for credit losses	2,200	$ 900
Impaired Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Average notes on nonaccrual status	$ 15,900	$ 18,700

Receivables and Allowance for_7

Receivables and Allowance for Credit Losses - Past Due Balances Of Mezzanine And Other Notes Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	$ 108,282	$ 118,215
Senior
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	85,919	95,466
Subordinated
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	17,004	17,075
Unsecured
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	5,359	5,674
Total Past Due
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	18,536	17,508
Total Past Due | Senior
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	15,200	15,200
Total Past Due | Subordinated
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	2,936	2,209
Total Past Due | Unsecured
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	400	99
1-30 days Past Due
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	0	20
1-30 days Past Due | Senior
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	0	0
1-30 days Past Due | Subordinated
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	0	0
1-30 days Past Due | Unsecured
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	0	20
31-89 days Past Due
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	2,936	15,240
31-89 days Past Due | Senior
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	0	15,200
31-89 days Past Due | Subordinated
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	2,936	0
31-89 days Past Due | Unsecured
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	0	40
> 90 days Past Due
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	15,600	2,249
> 90 days Past Due | Senior
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	15,200	0
> 90 days Past Due | Subordinated
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	0	2,209
> 90 days Past Due | Unsecured
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	400	40
Current
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	89,746	100,706
Current | Senior
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	70,719	80,266
Current | Subordinated
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	14,068	14,866
Current | Unsecured
Financing Receivable, Credit Quality Indicator [Line Items]
Total notes receivable	$ 4,959	$ 5,574

Property and Equipment - Schedu

Property and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 773,977	$ 680,629
Less: Accumulated depreciation and amortization	(280,499)	(253,323)
Property and equipment, net	493,478	427,306
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment	44,978	37,335
Construction in progress and software under development
Property, Plant and Equipment [Line Items]
Property and equipment	98,310	76,700
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment	261,287	243,436
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment	305,485	261,669
Furniture, fixtures, vehicles and equipment
Property, Plant and Equipment [Line Items]
Property and equipment	$ 63,917	$ 61,489

Property and Equipment - Narrat

Property and Equipment - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation, excluding other expenses from fanchised and managed properties	$ 20,900	$ 14,500	$ 16,500
Property and equipment, net	493,478	427,306
Depreciation and amortization	39,659	30,425	24,773
Software development
Property, Plant and Equipment [Line Items]
Property and equipment, net	50,300	58,500
Depreciation and amortization	$ 30,300	$ 26,600	$ 14,100

Goodwill, Impairment of Asset_3

Goodwill, Impairment of Assets, and Sale of Business and Assets - Schedule of Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 226,231	$ 166,774
Accumulated impairment losses	(7,578)	(7,578)
Goodwill, net of accumulated impairment losses	218,653	159,196
Goodwill arising from the Radisson Hotels Americas acquisition (refer to Note 24)	1,534	59,457
Goodwill, net carrying amount	$ 220,187	$ 218,653

Goodwill, Impairment of Asset_4

Goodwill, Impairment of Assets, and Sale of Business and Assets - Narratives (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 12, 2023 USD ($)	Nov. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) asset	Dec. 31, 2021 USD ($)
Goodwill [Line Items]
Carrying value of office space inclusive of right of use assetsand leasehold improvements	$ 9,500
Impairment of long-lived assets	$ 3,400		$ 3,736	$ 0	$ 282
Number of separately owned hotel assets met held for sale | asset				4
Proceeds from the sale of assets and business			$ 0	$ 166,568	$ 6,119
Building
Goodwill [Line Items]
Gain on disposition of property plant equipment		$ 13
Building | Corporate & Other | Prepaid Expenses and Other Current Assets
Goodwill [Line Items]
Gain on disposition of property plant equipment				$ 16,200
Land and Building
Goodwill [Line Items]
Proceeds from the sale of assets and business		$ 6,100

Intangible Assets - Components

Intangible Assets - Components of Franchise Rights and Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 816,703	$ 696,877
Accumulated Amortization	252,342	201,401
Net Carrying Value	564,361	495,476
Trademarks (non amortizing)	246,714	246,714
Gross Carrying Amount	1,063,417	943,591
Net Carrying Value	811,075	742,190
Franchise Rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	354,735	352,665
Accumulated Amortization	123,845	104,836
Net Carrying Value	230,890	247,829
Franchise Agreement Acquisition Costs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	424,695	307,169
Accumulated Amortization	98,103	68,085
Net Carrying Value	326,592	239,084
Trademarks & Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	19,876	19,236
Accumulated Amortization	13,721	12,888
Net Carrying Value	6,155	6,348
Capitalized SaaS Licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	17,397	17,807
Accumulated Amortization	16,673	15,592
Net Carrying Value	$ 724	$ 2,215
Finite-lived intangible asset, useful life	3 years
Minimum | Franchise Agreement Acquisition Costs
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Minimum | Trademarks & Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	10 years
Maximum | Franchise Agreement Acquisition Costs
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	30 years
Maximum | Trademarks & Other
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	30 years
WoodSpring | Minimum | Franchise Rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	12 years
WoodSpring | Maximum | Franchise Rights
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life	15 years

Intangible Assets - Narratives

Intangible Assets - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 42.5	$ 35.1	$ 25.2

Intangible Assets - Franchise R

Intangible Assets - Franchise Rights Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 42,560
2025	41,598
2026	40,886
2027	39,808
2028	$ 37,982

Investments in Affiliates - Nar

Investments in Affiliates - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Assets	$ 2,394,799	$ 2,102,175
Impairment charges related to equity method investments	0	200	$ 19,300
Proceeds from the sale of affiliates	868	0	15,554
Gains (losses) on equity method investment	0	0	6,900
Consolidated Entity, Excluding Consolidated VIE
Schedule of Equity Method Investments [Line Items]
Assets	70,600	30,600
Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Assets	59,400	24,500
Net loss attributable to variable interest entities	$ 3,400	$ 3,700	$ 18,900

Investments in Affiliates - Inv

Investments in Affiliates - Investments Ownership Interest (Details)	Dec. 31, 2023	Dec. 31, 2022
Choice Hotels Canada, Inc.
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	50%	50%
Main Street WP Hotel Associates, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	50%	50%
CS Hotel West Orange, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	50%	50%
City Market Hotel Development, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	43%	43%
CS Woodlands, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	0%	50%
926 James M. Wood Boulevard, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	75%	75%
EH Glendale JV LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	80%	0%
CS Lakeside Santa Clara LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	50%	50%
BL 219 Holdco, LP
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	50%	50%
Integrated 32 West Randolph LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	20%	20%
EH Nampa JV LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	80%	80%
Radisson Hotel La Crosse
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	14%	14%
EH Cheyenne JV LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	80%	0%
EH Waco JV LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	80%	0%
EH Amarillo JV LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	80%	0%
EH Yuma JV LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	80%	0%
EH El Paso JV LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	80%	0%
EH Brownsville JV LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage (as a percent)	80%	0%

Investments in Affiliates - Sch

Investments in Affiliates - Schedule of Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 1,544,165	$ 1,401,949	$ 1,069,298
Assets
Current assets	296,530	347,922
Total assets	2,394,799	2,102,175
Liabilities
Current liabilities	942,690	435,898
Total liabilities	2,359,201	1,947,515
Equity Method Investment, Nonconsolidated Investee, Other
Income Statement [Abstract]
Revenues	65,634	58,821	35,514
Operating income	12,504	7,977	2,299
Income (loss) from continuing operations	314	1,837	(5,227)
Net loss	(1,255)	(1,058)	$ (1,593)
Assets
Current assets	63,397	39,870
Non-current assets	269,693	237,347
Total assets	333,090	277,217
Liabilities
Current liabilities	63,526	38,660
Non-current liabilities	177,451	181,894
Total liabilities	$ 240,977	$ 220,554

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets [Abstract]
Land and buildings	$ 20,303	$ 20,303
Capitalized franchise sales commissions	58,611	57,606
Other assets	14,375	13,159
Total other assets	$ 93,289	$ 91,068

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities [Abstract]
Accrued compensation and benefits	$ 51,385	$ 75,453
Accrued interest	10,606	9,628
Dividends payable	14,902	13,136
Termination benefits	5,252	1,242
Income taxes payable	6,954	6,388
Current operating lease liabilities	4,238	10,663
Other liabilities	15,911	14,900
Total accrued expenses and other current liabilities	$ 109,248	$ 131,410
Operating lease liability, current [Extensible List]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities

Deferred Revenue (Details)

Deferred Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Contract With Customers, Liability And Non-606 Deferred Revenue [Line Items]
Total deferred revenue	$ 241,817	$ 226,844
Deferred revenue	108,316	92,695
Long-term deferred revenue	133,501	134,149
Initial franchise fees
Contract With Customers, Liability And Non-606 Deferred Revenue [Line Items]
Total deferred revenue	128,935	123,790
Loyalty programs
Contract With Customers, Liability And Non-606 Deferred Revenue [Line Items]
Total deferred revenue	98,225	93,419
System implementation fees
Contract With Customers, Liability And Non-606 Deferred Revenue [Line Items]
Total deferred revenue	3,912	4,675
Procurement services fees
Contract With Customers, Liability And Non-606 Deferred Revenue [Line Items]
Total deferred revenue	7,963	2,568
Other
Contract With Customers, Liability And Non-606 Deferred Revenue [Line Items]
Total deferred revenue	$ 2,782	$ 2,392

Debt - Schedule of Components o

Debt - Schedule of Components of Debt (Details) - USD ($)	Dec. 31, 2023	Dec. 18, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 1,568,019,000		$ 1,203,523,000
Less: current portion	499,268,000		2,976,000
Total long-term debt	$ 1,068,751,000		$ 1,200,547,000
Economic Development Loans
Debt Instrument [Line Items]
Debt instrument effective interest rate	3%		3%
Total debt	$ 0		$ 4,416,000
2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 500,000,000
2023 Term Loan | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt instrument effective interest rate	6.83%
Deferred issuance costs	$ 700,000
Total debt	499,268,000		0
2020 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 450,000,000
Debt instrument effective interest rate	3.86%
Deferred issuance costs	$ 4,300,000		4,900,000
Total debt	445,690,000		445,080,000
2019 Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000,000
Debt instrument effective interest rate	3.88%
Deferred issuance costs	$ 3,600,000		4,200,000
Total debt	396,440,000		395,838,000
Unsecured Credit Facility | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 850,000,000
Debt instrument effective interest rate	6.54%
Deferred issuance costs	$ 1,900,000		1,800,000
Total debt	$ 226,621,000		$ 358,189,000

Debt - Maturities of Debt (Deta

Debt - Maturities of Debt (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	$ 499,268
2025	0
2026	226,621
2027	0
2028	0
Thereafter	842,130
Total payments	1,568,019
Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	842,130
Total payments	842,130
Revolving Credit Facility
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	0
2025	0
2026	226,621
2027	0
2028	0
Thereafter	0
Total payments	226,621
Term Loan
Long-term Debt, Fiscal Year Maturity [Abstract]
2024	499,268
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total payments	$ 499,268

Debt - Narratives (Details)

Debt - Narratives (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 18, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 14, 2023	Feb. 13, 2023	Apr. 30, 2013
Debt Instrument [Line Items]
Economic development agreements - term (in years)		10 years
Gain on extinguishment of debt		$ 4,416	$ 0	$ 0
2023 Term Loan
Debt Instrument [Line Items]
Extension term	1 year
Principal prepayments, percentage of net cash proceeds from debt and equity issuances	100%
Fixed charge coverage ratio		250%
Leverage ratio		450%
Maximum | 2023 Term Loan
Debt Instrument [Line Items]
Leverage ratio		550%
Secured Overnight Financing Rate (SOFR) | 2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, credit spread adjustment		0.10%
Floor interest rate		0%
Secured Overnight Financing Rate (SOFR) | Minimum | 2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.25%
Secured Overnight Financing Rate (SOFR) | Maximum | 2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.75%
Base Rate | Minimum | 2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.25%
Base Rate | Maximum | 2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.75%
Economic Development Loans
Debt Instrument [Line Items]
Economic development agreements - total advances agreed upon		$ 4,400					$ 4,400
Debt instrument effective interest rate		3%	3%
Gain on extinguishment of debt		$ 4,400
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity					$ 850,000	$ 600,000
Borrowing capacity period increase					$ 250,000

Non-Qualified Retirement, Sav_2

Non-Qualified Retirement, Savings and Investment Plans (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) plan shares	Dec. 31, 2022 USD ($) plan shares	Dec. 31, 2021 USD ($)
Retirement Benefits [Abstract]
Number of non-qualified retirement savings and investment plans | plan	2
Deferred compensation liability, current and long-term	$ 47.5	$ 37.4
Number of deferred compensation plans | plan	2	2
Increase (decrease) in compensation expense	$ 7	$ (5.3)	$ 6.1
Deferred compensation plan assets	41.6	32.4
Restricted investments, current	1.8
Investment gains (losses)	$ 6.6	$ (6)	$ 5.6
Deferred compensation arrangement with individual, shares issued (in shares) | shares	0	0

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 116,374	$ 0
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	116,374	0
Total	157,951	32,385
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	116,374	0
Total	153,184	29,143
Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Total	4,767	3,242
Fair value, measurements, recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	0	0
Total	0	0
Investments, employee benefit plans, at fair value | Mutual funds | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds and money market funds, fair value	36,810	29,143
Investments, employee benefit plans, at fair value | Mutual funds | Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds and money market funds, fair value	36,810	29,143
Investments, employee benefit plans, at fair value | Mutual funds | Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds and money market funds, fair value	0	0
Investments, employee benefit plans, at fair value | Mutual funds | Fair value, measurements, recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds and money market funds, fair value	0	0
Investments, employee benefit plans, at fair value | Money market funds | Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds and money market funds, fair value	4,767	3,242
Investments, employee benefit plans, at fair value | Money market funds | Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds and money market funds, fair value	0	0
Investments, employee benefit plans, at fair value | Money market funds | Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds and money market funds, fair value	4,767	3,242
Investments, employee benefit plans, at fair value | Money market funds | Fair value, measurements, recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mutual funds and money market funds, fair value	$ 0	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Investments in Equity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Cost	$ 112,420	$ 0
Gross Unrealized Gains	3,954	0
Gross Unrealized Losses	0	0
Equity securities	$ 116,374	$ 0

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 1,568,019	$ 1,203,523
Senior | 2020 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	445,690	445,080
Senior | 2020 Senior Notes | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	445,690	445,080
Senior | 2019 Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	396,440	395,838
Senior | 2019 Senior Notes | Carrying Amount
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	396,440	395,838
Senior | Level 2 | 2020 Senior Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	389,241	384,647
Senior | Level 2 | 2019 Senior Notes | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt	$ 355,068	$ 349,368

Income Taxes - Pretax Income (D

Income Taxes - Pretax Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Income before income taxes	$ 336,956	$ 436,806	$ 376,492
U.S.
Income Tax Examination [Line Items]
Income before income taxes	303,337	409,666	355,408
Outside the U.S.
Income Tax Examination [Line Items]
Income before income taxes	$ 33,619	$ 27,140	$ 21,084

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax expense
Federal	$ 60,493	$ 103,275	$ 71,573
State	16,890	20,068	15,605
Foreign	1,593	2,331	1,041
Deferred tax (benefit) expense
Federal	(2,022)	(18,974)	(2,690)
State	(1,874)	(4,163)	(1,254)
Foreign	3,369	2,117	3,260
Income tax expense	$ 78,449	$ 104,654	$ 87,535

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Accrued compensation	$ 18,325	$ 17,044
Deferred revenue	30,007	46,758
Receivable, net	12,460	8,599
Tax credits	19,194	16,379
Operating lease liabilities	28,673	19,715
Partnership interests	5,516	3,948
Foreign net operating losses	7,564	8,245
Non-U.S. intellectual property	15,149	17,642
Other	6,588	5,589
Total gross deferred tax assets	143,476	143,919
Less: Valuation allowance	(24,228)	(21,402)
Deferred tax assets	119,248	122,517
Deferred tax liabilities:
Property, equipment and intangible assets	(5,605)	(15,585)
Operating lease ROU assets	(21,379)	(17,703)
Other	(2,729)	(1,047)
Deferred tax liabilities	(29,713)	(34,335)
Net deferred tax assets	$ 89,535	$ 88,182

Income Taxes - Narratives (Deta

Income Taxes - Narratives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Net operating loss, state tax jurisdictions	$ 19,200
Dutch deferred tax asset	143,476	$ 143,919
Valuation allowance	$ 24,228	$ 21,402
Effective income tax rate (percent)	23.30%	24%	23.30%
Unrecognized tax benefits	$ 13,434	$ 11,876	$ 11,147	$ 10,193
Unrecognized tax benefits, impact on effective tax rate	8,400
Settlements and lapsing of statutes of limitations within the next 12 months	8,100
Income tax penalties and interest accrued	100	$ 300
Dutch Tax Authority
Operating Loss Carryforwards [Line Items]
Dutch deferred tax asset	15,200
Valuation allowance	3,000
Foreign Operations
Operating Loss Carryforwards [Line Items]
Valuation allowance on foreign net operating loss carryforwards	5,000
Foreign net operating loss carryforwards	28,500
France and India Tax Authorities
Operating Loss Carryforwards [Line Items]
Valuation allowance on foreign net operating loss carryforwards	2,000
Deferred Tax Assets, Tax Credit Carryforwards, Foreign
Operating Loss Carryforwards [Line Items]
Net change in valuation allowance	$ 2,800

Income Taxes - Effective Rate (

Income Taxes - Effective Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory U.S. federal income tax rate	21%	21%	21%
State income taxes, net of federal tax benefit	3.20%	3%	3.10%
Benefits related to foreign operations	0.30%	0.10%	(0.20%)
Expenses (benefits) related to compensation, net	1%	1%	0.50%
Unrecognized tax positions	0.50%	0.20%	0.20%
International Reorganization	0%	0%	1.10%
Tax credits	(2.40%)	(1.50%)	(1.80%)
Valuation allowance	0.60%	0.50%	(0.20%)
Other	(0.90%)	(0.30%)	(0.40%)
Effective income tax rate	23.30%	24%	23.30%

Income Taxes - Tax Contingency

Income Taxes - Tax Contingency (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 11,876	$ 11,147	$ 10,193
Changes for tax positions of prior years		(31)
Changes for tax positions of prior years	2,338		156
Increases for tax positions related to the current year	1,670	1,650	1,618
Settlements and lapsing of statutes of limitations	(2,450)	(890)	(820)
Unrecognized tax benefits, ending balance	$ 13,434	$ 11,876	$ 11,147

Share-Based Compensation and _3

Share-Based Compensation and Capital Stock - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended							12 Months Ended			306 Months Ended
	Dec. 06, 2021 $ / shares	Mar. 31, 2023 $ / shares	May 31, 2021 $ / shares	Oct. 31, 2005	Dec. 31, 2022 $ / shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Mar. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Sep. 30, 2021 $ / shares	Jun. 30, 2021 $ / shares	Dec. 31, 2023 USD ($) award_type $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares												1,400,000			1,400,000
Options granted (in shares) | shares												100,000	200,000	300,000
Options granted, fair value | $												$ 3,800	$ 7,400	$ 7,900
Aggregate intrinsic value of stock, options, outstanding | $												15,700			$ 15,700
Aggregate intrinsic value of the stock options, exercisable | $												13,700			$ 13,700
Total intrinsic value of options exercised | $												9,200	5,400	10,600
Proceeds from the exercise of stock options | $												$ 6,345	$ 3,809	$ 11,054
Stock options exercised (in shares) | shares												100,000	100,000	200,000
Common stock dividends, percentage increase (as a percent)		21%
Dividends declared (in dollars per share) | $ / shares												$ 0.2875
Stock repurchased during period (in shares) | shares												2,900,000	3,700,000	100,000	91,300,000
Common stock purchased under stock repurchase program, value | $												$ 351,700	$ 429,400	$ 7,300	$ 2,300,000
Common stock split, conversion ratio				2
Stock redeemed during period (in shares) | shares												114,242	36,120	54,441
Stock redeemed during period | $												$ 14,200	$ 5,400	$ 6,000
Prior To Stock Split
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchased during period (in shares) | shares															33,000,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock dividends, percentage increase (as a percent)	6%	21%
Dividends declared (in dollars per share) | $ / shares	$ 0.2375	$ 0.2875	$ 0.225		$ 0.2375	$ 0.2375	$ 0.2375	$ 0.2375	$ 0.2375	$ 0.225	$ 0.225	$ 1.15	$ 0.95	$ 0.688
Dividends | $												$ 57,900	$ 51,700	$ 38,200
Performance vested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of types of awards granted | award_type												3
Grants vested (in shares) | shares												119,751	0	3,986
Grant date fair value of shares vested | $												$ 17,400		$ 300
Additional grants in period (in shares) | shares														920
Cancelled shares (in shares) | shares												0	78,370	72,944
Performance vested restricted stock units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period												9 months	9 months	9 months
Vesting range												0%
Vesting percentage for stock-based award target achievement												0%
Performance vested restricted stock units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period												48 months	60 months	60 months
Vesting range												230%
Vesting percentage for stock-based award target achievement												267%

Share-Based Compensation and _4

Share-Based Compensation and Capital Stock - Weighted Average Assumptions of Black-Scholes Option-Pricing Model (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.10%	2.01%	0.94%
Expected volatility	30.90%	29.46%	29.23%
Expected life of stock option	6 years	5 years 10 months 24 days	5 years 10 months 24 days
Dividend yield	0.90%	0.66%	0.82%
Requisite service period	4 years	4 years	4 years
Contractual life	10 years	10 years	10 years
Weighted average fair value of options granted (in dollars per share)	$ 42.59	$ 42.66	$ 28

Share-Based Compensation and _5

Share-Based Compensation and Capital Stock - Range of Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options Outstanding, Number Outstanding (in shares) | shares	943,641
Weighted Average Remaining Contractual Life (in Years)	5 years 8 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 102.90
Options Exercisable, Number Exercisable (in shares) | shares	564,004
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 91.18
$55.01 to $65.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	55.01
Range of Exercise Prices, upper range limit (in dollars per share)	$ 65
Options Outstanding, Number Outstanding (in shares) | shares	62,946
Weighted Average Remaining Contractual Life (in Years)	2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 60.74
Options Exercisable, Number Exercisable (in shares) | shares	62,946
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 60.74
$65.01 to $85.00
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	65.01
Range of Exercise Prices, upper range limit (in dollars per share)	$ 85
Options Outstanding, Number Outstanding (in shares) | shares	211,358
Weighted Average Remaining Contractual Life (in Years)	1 year 9 months 18 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 81.30
Options Exercisable, Number Exercisable (in shares) | shares	211,358
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 81.30
$85.01 to $91.28
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	85.01
Range of Exercise Prices, upper range limit (in dollars per share)	$ 91.28
Options Outstanding, Number Outstanding (in shares) | shares	153,692
Weighted Average Remaining Contractual Life (in Years)	6 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 91.28
Options Exercisable, Number Exercisable (in shares) | shares	115,257
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 91.28
$91.29 to $104.87
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	91.29
Range of Exercise Prices, upper range limit (in dollars per share)	$ 104.87
Options Outstanding, Number Outstanding (in shares) | shares	267,361
Weighted Average Remaining Contractual Life (in Years)	7 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 104.87
Options Exercisable, Number Exercisable (in shares) | shares	133,206
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 104.87
$104.88 to $117.98
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	104.88
Range of Exercise Prices, upper range limit (in dollars per share)	$ 117.98
Options Outstanding, Number Outstanding (in shares) | shares	16,667
Weighted Average Remaining Contractual Life (in Years)	8 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 117.98
Options Exercisable, Number Exercisable (in shares) | shares	4,166
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 117.98
$117.99 to $146.68
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of Exercise Prices, lower range limit (in dollars per share)	117.99
Range of Exercise Prices, upper range limit (in dollars per share)	$ 146.68
Options Outstanding, Number Outstanding (in shares) | shares	231,617
Weighted Average Remaining Contractual Life (in Years)	8 years 6 months
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 138.42
Options Exercisable, Number Exercisable (in shares) | shares	37,071
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 146.68

Share-Based Compensation and _6

Share-Based Compensation and Capital Stock - Schedule of Activity Related to Restricted Stock Grants (Details) - Restricted stock awards - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted shares granted (in shares)	65,991	273,777	61,009
Weighted average grant date fair value (in dollars per share)	$ 123.65	$ 143.76	$ 111.25
Aggregate grant date fair value (in thousands)	$ 8,160	$ 39,357	$ 6,787
Restricted shares forfeited (in shares)	13,202	14,443	19,209
Fair value of the restricted shares vested (in thousands)	$ 11,134	$ 13,784	$ 11,927
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting service period for the restricted shares granted	9 months	9 months	9 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting service period for the restricted shares granted	48 months	60 months	48 months

Share-Based Compensation and _7

Share-Based Compensation and Capital Stock - Schedule of Activity Related to PVRSU Grants (Details) - Performance vested restricted stock units - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
PVRSUs granted at target (in shares)	110,636	111,585	98,544
Weighted average grant date fair value (in dollars per share)	$ 128.71	$ 181.91	$ 108.75
Aggregate grant date fair value (in thousands)	$ 14,240	$ 20,298	$ 10,716
PVRSUs forfeited and expired (in shares)	16,504	83,563	78,500
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	9 months	9 months	9 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period	48 months	60 months	60 months

Share-Based Compensation and _8

Share-Based Compensation and Capital Stock - Schedule of Change In Stock-Based Award Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options
Granted (in shares)	100,000	200,000	300,000
Exercised/vested (in shares)	(100,000)	(100,000)	(200,000)
Stock Options
Options
Outstanding, beginning balance (in shares)	1,010,647	910,944	819,610
Granted (in shares)	88,733	172,441	280,811
Performance-based leveraging (in shares)	0	0	0
Exercised/vested (in shares)	(143,357)	(66,192)	(185,437)
Expired ( in shares)	(1,054)	(986)	0
Forfeited (in shares)	(11,328)	(5,560)	(4,040)
Outstanding, ending balance (in shares)	943,641	1,010,647	910,944
Options exercisable (in shares)	564,004	523,856	421,592
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 94.97	$ 83.14	$ 70.48
Granted (in dollars per share)	123.62	143.91	104.87
Performance-based leveraging (in dollars per share)	0	0	0
Exercised/vested (in dollars per share)	57.72	57.55	59.61
Expired (in dollars per share)	146.68	51.49	0
Forfeited (in dollars per share)	124.94	128.86	104.87
Ending balance (in dollars per share)	102.90	94.97	83.14
Options exercisable - weighted average exercise price (in dollars per share)	$ 91.18	$ 76.77	$ 67.09
Weighted Average Remaining Contractual Life
Outstanding	5 years 7 months 6 days	5 years 7 months 6 days	5 years 6 months
Options exercisable	4 years 3 months 18 days	3 years 3 months 18 days	2 years 9 months 18 days
Restricted Stock
Restricted Stock and Performance Vested Restricted Stock Units, Shares
Outstanding, beginning balance (in shares)	399,099	236,599	304,439
Granted (in shares)	65,991	273,777	61,009
Performance-based leveraging (in shares)	0	0	0
Exercised/vested (in shares)	(90,220)	(96,834)	(109,640)
Expired (in shares)	0	0	0
Forfeited (in shares)	(13,202)	(14,443)	(19,209)
Outstanding, ending balance (in shares)	361,668	399,099	236,599
Restricted Stock and Performance Vested Restricted Stock Units, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 128.47	$ 92.60	$ 84.48
Granted in dollars per share)	123.65	143.76	111.25
Performance-based leveraging (in dollars per share)	0	0	0
Exercised/vested (in dollars per share)	96.14	87.34	80.83
Expired (in dollars per share)	0	0	0
Forfeited (in dollars per share)	118.56	106.35	90.23
Outstanding, ending balance (in dollars per share)	$ 136.05	$ 128.47	$ 92.60
Performance Vested Restricted Stock Units
Restricted Stock and Performance Vested Restricted Stock Units, Shares
Outstanding, beginning balance (in shares)	437,180	412,642	321,752
Granted (in shares)	110,636	111,585	98,544
Performance-based leveraging (in shares)	46,934	(3,484)	74,832
Exercised/vested (in shares)	(119,751)	0	(3,986)
Expired (in shares)	0	(78,370)	(72,944)
Forfeited (in shares)	(16,504)	(5,193)	(5,556)
Outstanding, ending balance (in shares)	458,495	437,180	412,642
Restricted Stock and Performance Vested Restricted Stock Units, Weighted Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 140.05	$ 114.70	$ 109.25
Granted in dollars per share)	128.71	181.91	108.75
Performance-based leveraging (in dollars per share)	139.47	121.34	107.51
Exercised/vested (in dollars per share)	145.41	0	81.55
Expired (in dollars per share)	0	81.15	81.55
Forfeited (in dollars per share)	131.91	132.06	55.76
Outstanding, ending balance (in dollars per share)	$ 136.14	$ 140.05	$ 114.70

Share-Based Compensation and _9

Share-Based Compensation and Capital Stock - Pretax Stock-Based Compensation Expenses and Associated Income Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 40,514	$ 40,459	$ 23,380
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	5,816	4,674	3,396
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	13,774	14,349	9,281
Performance vested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 20,924	$ 21,436	$ 10,703

Share-Based Compensation and_10

Share-Based Compensation and Capital Stock - Unrecognized Compensation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense on Unvested Awards	$ 63,936
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense on Unvested Awards	$ 7,952
Weighted Average Remaining Amortization Period	2 years 1 month 6 days
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense on Unvested Awards	$ 30,350
Weighted Average Remaining Amortization Period	2 years 10 months 24 days
Performance vested restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized Compensation Expense on Unvested Awards	$ 25,634
Weighted Average Remaining Amortization Period	2 years 1 month 6 days

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (loss) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Foreign currency translation adjustments	$ (5,671)	$ (5,211)	$ (4,574)
Total accumulated other comprehensive loss	$ (5,671)	$ (5,211)	$ (4,574)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 154,660	$ 265,882
Foreign currency translation adjustments	(460)	(637)
Ending balance	35,598	154,660
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5,211)	(4,574)
Ending balance	$ (5,671)	$ (5,211)

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 258,507	$ 332,152	$ 288,957
Income allocated to participating securities	(1,379)	(1,881)	(1,125)
Net income available to common shareholders	$ 257,128	$ 330,271	$ 287,832
Denominator:
Weighted average common shares outstanding - basic (in shares)	50,341	54,595	55,379
Basic earnings per share (in dollars per share)	$ 5.11	$ 6.05	$ 5.20
Numerator:
Net income	$ 258,507	$ 332,152	$ 288,957
Income allocated to participating securities	(1,379)	(1,881)	(1,125)
Net income available to common shareholders	$ 257,128	$ 330,271	$ 287,832
Denominator:
Weighted average common shares outstanding - basic (in shares)	50,341	54,595	55,379
Diluted effect of stock options and PVRSUs (in shares)	359	526	504
Weighted average commons shares outstanding - diluted (in shares)	50,700	55,121	55,883
Diluted earnings per share (in dollars per share)	$ 5.07	$ 5.99	$ 5.15

Earnings Per Share - Antidiluti

Earnings Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	232	153	0
Performance vested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options (in shares)	71	0	155

Leases - Narratives (Details)

Leases - Narratives (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 12, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2024	Sep. 26, 2023	Aug. 11, 2022
Operating Leased Assets [Line Items]
Operating lease, renewal term (up to)		10 years
Operating lease right-of-use assets		$ 85,101	$ 68,985
Impairment of long-lived assets	$ 3,400	$ 3,736	0	$ 282
Forecast
Operating Leased Assets [Line Items]
Lessee, operating lease not yet commenced, term of contract					8 years
Radisson Hotels Americas
Operating Leased Assets [Line Items]
Remaining lease term		88 years 3 months 18 days
Operating lease liabilities							$ 40,689
Leased office space | Related Party | Family Member(s) of Largest Shareholder
Operating Leased Assets [Line Items]
Payments received from related party		$ 100	$ 100
Building
Operating Leased Assets [Line Items]
Operating lease, term						12 years
Operating lease liabilities						$ 41,900
Operating lease right-of-use assets						$ 28,600
Minimum
Operating Leased Assets [Line Items]
Remaining lease term		2 months
Maximum
Operating Leased Assets [Line Items]
Remaining lease term		11 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 13,786	$ 12,073
Short-term lease cost	0	40
Sublease income	(234)	(559)
Total lease cost	$ 13,552	$ 11,554

Leases - Operating Lease Assets

Leases - Operating Lease Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Operating lease right-of-use assets	$ 85,101	$ 68,985
Liabilities:
Current operating lease liabilities	4,238	10,663
Long-term operating lease liabilities	109,483	70,994
Total lease liabilities	$ 113,721	$ 81,657

Leases - Operating Lease Other

Leases - Operating Lease Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 12,714	$ 14,145
ROU assets obtained in exchange for lease liabilities in non-cash transactions:
Operating lease assets obtained in exchange for operating lease liabilities	$ 28,605	$ 44,481
Weighted-average remaining lease term	33 years 1 month 6 days	41 years
Weighted-average discount rate	5.04%	4.77%

Leases - Operating Lease Maturi

Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 6,454
2025	8,168
2026	12,159
2027	12,605
2028	12,592
Thereafter	320,575
Total minimum lease payments	372,553
Less: imputed interest	258,832
Present value of the minimum lease payments	$ 113,721	$ 81,657

Reportable Segment Informatio_2

Reportable Segment Information - Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ownedHotel hotel brand	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 11, 2022 hotel	Aug. 11, 2022 property
Segment Reporting Information [Line Items]
Number of brands | brand	22
Number of hotels managed | hotel	14
Number of properties acquired | ownedHotel	4
Total revenues	$ 1,544,165	$ 1,401,949	$ 1,069,298
Radisson Hotels Americas
Segment Reporting Information [Line Items]
Number of properties acquired				4	3
Foreign Operations
Segment Reporting Information [Line Items]
Total revenues	$ 103,200	$ 70,200	$ 46,800

Reportable Segment Informatio_3

Reportable Segment Information - Schedule of Financial Information for Company's Franchising Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 1,544,165	$ 1,401,949	$ 1,069,298
Operating income (loss)	375,028	478,601	428,933
Depreciation and amortization	39,659	30,425	24,773
Income (loss) before income taxes	336,956	436,806	376,492
Corporate & Other
Segment Reporting Information [Line Items]
Revenues	110,854	108,879	45,740
Operating income (loss)	(133,503)	(74,304)	(56,266)
Depreciation and amortization	20,476	17,490	16,723
Income (loss) before income taxes	(174,454)	(117,831)	(92,402)
Intersegment Eliminations
Segment Reporting Information [Line Items]
Revenues	(11,083)	(5,451)	(2,851)
Operating income (loss)	0	0	0
Depreciation and amortization	0	0	0
Income (loss) before income taxes	0	0	0
Hotel Franchising & Management | Operating Segments
Segment Reporting Information [Line Items]
Revenues	1,444,394	1,298,521	1,026,409
Operating income (loss)	508,531	552,905	485,199
Depreciation and amortization	19,183	12,935	8,050
Income (loss) before income taxes	$ 511,410	$ 554,637	$ 468,894

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2019 region hotel	Dec. 31, 2023 USD ($) agreement hotel	Dec. 31, 2022 USD ($) agreement	Dec. 31, 2021 USD ($)	Nov. 30, 2023	Jun. 05, 2019 hotel	Oct. 15, 1997 company
Related Party Transaction [Line Items]
Number of companies following spin-off | company							2
Number of hotels operated by related party | hotel						5
Number of franchise agreements | agreement		3	4
Other liabilities		$ 7,252	$ 6,391
Related Party | WoodSpring
Related Party Transaction [Line Items]
Number of hotels operated by related party | hotel	5
Number of geographical regions with exclusive rights | region	2
Related Party | Sunburst And Affiliates
Related Party Transaction [Line Items]
Number of hotels operated by related party | hotel		6
Due from related party		$ 100	100
Related Party | Franchise Fees | Sunburst And Affiliates
Related Party Transaction [Line Items]
Payments received from related party		900	$ 800	$ 400
Related Party | Office Work Space Agreement
Related Party Transaction [Line Items]
Work space agreement term					13 months
Payments for office work space agreement		18
Other liabilities		$ 96

Transactions with Unconsolida_2

Transactions with Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenues	$ 1,544,165	$ 1,401,949	$ 1,069,298
Member of Unconsolidated Joint Venture
Related Party Transaction [Line Items]
Royalty and marketing and reservation system fees	30,900	27,200	20,200
Receivables	4,900	3,900
Related Party | Affiliated Entity
Related Party Transaction [Line Items]
Loans to various unconsolidated joint ventures	64,500	65,200
Revenues	$ 7,900	$ 2,400	$ 1,400

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Dec. 31, 2023 USD ($) hotel
Loss Contingencies [Line Items]
Limited payment guaranties | $	$ 5.4
Number of hotels managed | hotel	14
Radisson Hotels Americas | Affiliated Entity
Loss Contingencies [Line Items]
Number of hotels managed | hotel	8
Maximum amount of guarantee | $	$ 22

Acquisitions - Narrative (Radis

Acquisitions - Narrative (Radisson Hotels Americas Acquisition) (Details) - USD ($) $ in Thousands		3 Months Ended		5 Months Ended	12 Months Ended
	Aug. 11, 2022	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisition related costs					$ 55,778	$ 39,578	$ 0
Proceeds from acquired derivative					0	1,943	$ 0
Radisson Hotels Americas
Business Acquisition [Line Items]
Purchase price	$ 673,900
Base purchase price to acquire businesses	675,200
Acquisition related costs					$ 40,900	$ 39,600
Measurement period adjustments, goodwill		$ 1,534	$ (9,050)
Mortgage principal amount assumed	53,500
Long-term debt	55,975
Proceeds from acquired derivative	1,900
Restricted cash	10,403
Revenue				$ 104,200
Net income				$ 1,200
Radisson Hotels Americas | Revolving Credit Facility | Unsecured Credit Facility Member | Line of Credit
Business Acquisition [Line Items]
Proceeds from lines of credit	$ 175,000

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Aug. 11, 2022
Measurement period adj - 4th quarter 2022
Goodwill		$ 218,653	$ 220,187
Radisson Hotels Americas
Assets acquired
Cash and cash equivalents				$ 113,023
Restricted cash				10,403
Accounts receivable				39,783
Notes receivables - current				849
Prepaid expenses and other current assets				8,139
Property and equipment				125,441
Operating lease right-of-use assets				40,299
Intangible assets				447,100
Notes receivable - noncurrent				2,592
Investment in affiliates				471
Other assets				2,129
Total assets acquired				790,229
Measurement period adj - 4th quarter 2022
Cash and cash equivalents	$ 0	0
Restricted cash	0	0
Accounts receivable	(1,941)	8,752
Notes receivables - current	(860)	0
Prepaid expenses and other current assets	0	0
Property and equipment	0	0
Operating lease right-of-use assets	0	(2,016)
Intangible assets	0	(300)
Notes receivable - noncurrent	0	0
Investment in affiliates	0	0
Other assets	0	0
Total assets acquired	(2,801)	6,436
Liabilities assumed
Accounts payable				4,788
Accrued expenses and other current liabilities				17,086
Deferred revenue - current				7,311
Liability for guest loyalty program - current				7,334
Long-term debt				55,975
Long-term deferred revenue				22,584
Deferred compensation and retirement plan obligations				9,265
Operating lease liabilities				40,689
Liability for guest loyalty program - noncurrent				8,737
Other liabilities				3,595
Total liabilities assumed				177,364
Measurement period adj - 4th quarter 2022
Accounts payable	(1,941)	(1,566)
Accrued expenses and other current liabilities	674	425
Deferred revenue - current	0	1,566
Liability for guest loyalty program - current	0	3,792
Long-term debt	0	0
Long-term deferred revenue	0	(3,915)
Deferred compensation and retirement plan obligations	0	0
Operating lease liabilities	0	(2,016)
Liability for guest loyalty program - noncurrent	0	(1,443)
Other liabilities	0	543
Total liabilities assumed	(1,267)	(2,614)
Fair value of net assets acquired				612,865
Measurement Period Adjustments, Fair value of net assets acquired	(1,534)	9,050
Goodwill				60,991
Measurement period adjustments, goodwill	1,534	(9,050)
Total purchase consideration				673,856
Measurement Period Adjustments, Total purchase consideration	$ 0	$ 0
Radisson Hotels Americas | As Previously Reported
Assets acquired
Cash and cash equivalents				113,023
Restricted cash				10,403
Accounts receivable				32,972
Notes receivables - current				1,709
Prepaid expenses and other current assets				8,139
Property and equipment				125,441
Operating lease right-of-use assets				42,315
Intangible assets				447,400
Notes receivable - noncurrent				2,592
Investment in affiliates				471
Other assets				2,129
Total assets acquired				786,594
Liabilities assumed
Accounts payable				8,295
Accrued expenses and other current liabilities				15,987
Deferred revenue - current				5,745
Liability for guest loyalty program - current				3,542
Long-term debt				55,975
Long-term deferred revenue				26,499
Deferred compensation and retirement plan obligations				9,265
Operating lease liabilities				42,705
Liability for guest loyalty program - noncurrent				10,180
Other liabilities				3,052
Total liabilities assumed				181,245
Measurement period adj - 4th quarter 2022
Fair value of net assets acquired				605,349
Goodwill				68,507
Total purchase consideration				$ 673,856

Acquisitions - Schedule Of Prop

Acquisitions - Schedule Of Property Plant And Equipment Acquired (Details) $ in Thousands	Dec. 31, 2023 ownedHotel	Aug. 11, 2022	Aug. 11, 2022 hotel	Aug. 11, 2022 USD ($)	Aug. 11, 2022 property
Business Acquisition [Line Items]
Number of properties acquired | ownedHotel	4
Radisson Hotels Americas
Business Acquisition [Line Items]
Property and equipment				$ 125,441
Number of properties acquired			4		3
Radisson Hotels Americas | Land
Business Acquisition [Line Items]
Property and equipment				7,159
Radisson Hotels Americas | Construction in progress
Business Acquisition [Line Items]
Property and equipment				3,190
Radisson Hotels Americas | Building and leasehold improvements
Business Acquisition [Line Items]
Estimated useful lives		24 years 4 months 24 days
Property and equipment				93,934
Radisson Hotels Americas | Site improvements
Business Acquisition [Line Items]
Estimated useful lives		23 years 1 month 6 days
Property and equipment				586
Radisson Hotels Americas | Furniture and Fixtures
Business Acquisition [Line Items]
Estimated useful lives		3 years 10 months 24 days
Property and equipment				8,334
Radisson Hotels Americas | Computer equipment and software
Business Acquisition [Line Items]
Estimated useful lives		2 years
Property and equipment				$ 12,238

Acquisitions - Schedule of Inde

Acquisitions - Schedule of Indefinite-Lived Intangible Assets (Details) $ in Thousands	Aug. 11, 2022 USD ($)
Trade Names
Business Acquisition [Line Items]
Estimated Fair Value	$ 223,700
Radisson Hotels Americas
Business Acquisition [Line Items]
Estimated Fair Value	$ 447,100
Radisson Hotels Americas | Franchise Rights
Business Acquisition [Line Items]
Estimated Useful Life	15 years 6 months
Estimated Fair Value	$ 220,100
Radisson Hotels Americas | Management Agreements
Business Acquisition [Line Items]
Estimated Useful Life	15 years 6 months
Estimated Fair Value	$ 3,300

Acquisitions - Schedule of Pro

Acquisitions - Schedule of Pro Forma Information (Details) - Radisson Hotels Americas - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Revenues	$ 1,551,775	$ 1,263,988
Net income	$ 368,449	$ 207,023

Acquisitions - Goodwill (Detail

Acquisitions - Goodwill (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Aug. 11, 2022
Business Acquisition [Line Items]
Goodwill	$ 220,187	$ 218,653
Radisson Hotels Americas
Business Acquisition [Line Items]
Goodwill			$ 60,991

Acquisitions - Asset Acquisitio

Acquisitions - Asset Acquisition (Details) - USD ($) $ in Millions	Apr. 14, 2022	Oct. 01, 2021
2021 Asset Acquisition
Business Acquisition [Line Items]
Asset acquisition, consideration transferred		$ 21.1
2021 Asset Acquisition | Land
Business Acquisition [Line Items]
Property acquired		4.8
2021 Asset Acquisition | Buildings and leasehold improvements
Business Acquisition [Line Items]
Property acquired		14.2
2021 Asset Acquisition | Furniture and Fixtures
Business Acquisition [Line Items]
Property acquired	$ 1.3	1.8
Net assets (liabilities) acquired	(0.8)	$ 0.3
2022 Asset Acquisition
Business Acquisition [Line Items]
Asset acquisition, consideration transferred	20.4
2022 Asset Acquisition | Land
Business Acquisition [Line Items]
Property acquired	3.3
2022 Asset Acquisition | Buildings and leasehold improvements
Business Acquisition [Line Items]
Property acquired	$ 16.6