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Consolidated Statements of Cash Flows
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 216,355,000 $ 122,327,000 $ 106,712,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 14,330,000 6,680,000 6,996,000
Depreciation and amortization - marketing and reservation system 19,597,000 20,609,000 20,663,000
Franchise agreement acquisition cost amortization 9,239,000 7,191,000 6,423,000
Impairment of goodwill 4,289,000 0 0
Gain on disposal of assets, net (56,000) (237,000) (571,000)
Provision for bad debts, net 10,542,000 5,514,000 3,365,000
Non-cash stock compensation and other charges 15,986,000 22,857,000 15,346,000
Non-cash interest and other investment (income) loss 3,695,000 (772,000) 1,059,000
Deferred income taxes (3,510,000) 57,106,000 (29,723,000)
Equity in net losses from unconsolidated joint ventures, less distributions received 7,389,000 6,579,000 1,025,000
Franchise agreement acquisition cost, net of reimbursements (52,929,000) (30,638,000) (17,410,000)
Change in working capital and other, net of acquisition (2,031,000) 40,158,000 38,150,000
Net cash provided by operating activities 242,896,000 257,374,000 152,035,000
CASH FLOWS FROM INVESTING ACTIVITIES      
Investment in property and equipment (47,673,000) (23,437,000) (25,191,000)
Investment in intangible assets (1,803,000) (2,517,000) (2,580,000)
Proceeds from sales of assets 3,053,000 1,000,000 11,462,000
Asset acquisition, net of cash acquired (3,179,000) 0 (28,583,000)
Business acquisition, net of cash acquired (231,317,000) 0 (1,341,000)
Contributions to equity method investments (9,604,000) (50,554,000) (34,661,000)
Distributions from equity method investments 1,429,000 4,569,000 3,700,000
Purchases of investments, employee benefit plans (2,895,000) (2,447,000) (1,661,000)
Proceeds from sales of investments, employee benefit plans 2,825,000 2,245,000 1,911,000
Issuance of notes receivable (36,045,000) (19,738,000) (32,604,000)
Collections of notes receivable 4,997,000 655,000 11,070,000
Other items, net (1,040,000) 109,000 11,000
Net cash used in investing activities (321,252,000) (90,115,000) (98,467,000)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of long term debt 9,037,000 0 0
Net (repayments) borrowings pursuant to revolving credit facilities 20,600,000 (115,003,000) 25,795,000
Principal payments on long-term debt (603,000) (660,000) (988,000)
Proceeds from other debt agreements 0 0 550,000
Debt issuance costs (2,590,000) 0 (284,000)
Purchases of treasury stock (148,679,000) (9,807,000) (35,926,000)
Dividends paid (48,715,000) (48,651,000) (46,182,000)
Proceeds from transfer of interest in notes receivable 173,000 24,237,000 0
Proceeds from exercise of stock options 41,360,000 14,107,000 12,951,000
Net cash used in financing activities (129,417,000) (135,777,000) (44,084,000)
Net change in cash and cash equivalents (207,773,000) 31,482,000 9,484,000
Effect of foreign exchange rate changes on cash and cash equivalents (921,000) 1,391,000 (462,000)
Cash and cash equivalents at beginning of period 235,336,000 202,463,000 193,441,000
Cash and cash equivalents at end of period 26,642,000 235,336,000 202,463,000
Cash payments during the year for:      
Income taxes, net of refunds 77,357,000 39,181,000 65,683,000
Interest, net of capitalized interest 43,254,000 42,405,000 41,992,000
Non-cash investing and financing activities:      
Dividends declared but not paid 11,977,000 12,185,000 12,112,000
Investment in property, equipment and intangibles acquired in accounts payable and accrued liabilities 5,949,000 1,099,000 3,648,000
Sale of investment in unconsolidated joint venture 0 0 2,350,000
Seller-financing to purchaser $ 0 $ 2,000,000 $ 0