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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 126,268 $ 118,145
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 27,172 25,652
Depreciation and amortization – reimbursable expenses from franchised and managed properties 9,426 9,907
Franchise agreement acquisition cost amortization 17,261 13,993
Non-cash share-based compensation and other charges 19,438 19,253
Non-cash interest, investments, and affiliate income, net (1,668) (1,791)
Deferred income taxes 850 (2,689)
Equity in net loss of affiliates, less distributions received 692 1,160
Franchise agreement acquisition costs, net of reimbursements (41,474) (52,025)
Change in working capital and other (41,895) (18,010)
Net cash provided by operating activities 116,070 113,595
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in other property and equipment (18,333) (22,686)
Investments in owned hotel properties (65,676) (50,853)
Contributions to investments in affiliates (9,358) (19,486)
Issuances of notes receivable (3,353) (1,479)
Collections of notes receivable 2,773 1,743
Proceeds from sales of equity securities 0 16,815
Distributions from sales of affiliates 0 15,850
Other items, net (1,201) (1,936)
Net cash used in investing activities (95,148) (62,032)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings pursuant to revolving credit facilities 130,000 301,500
Debt issuance costs 0 (2,760)
Purchases of treasury stock (112,756) (292,711)
Dividends paid (26,868) (28,854)
Proceeds from the exercise of stock options 6,385 4,261
Net cash used in financing activities (3,239) (18,564)
Net change in cash and cash equivalents 17,683 32,999
Effect of foreign exchange rate changes on cash and cash equivalents 750 656
Cash and cash equivalents, beginning of period 40,177 26,754
Cash and cash equivalents, end of period 58,610 60,409
Cash payments during the period for    
Income taxes, net of refunds 41,548 28,961
Interest, net of capitalized interest 44,884 42,863
Non-cash investing and financing activities    
Dividends declared but not paid 13,304 13,613
Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities $ 20,579 $ 10,955