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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 306,264 $ 223,861
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 42,932 38,545
Depreciation and amortization – reimbursable expenses from franchised and managed properties 14,295 14,314
Franchise agreement acquisition cost amortization 25,020 20,584
Gain from an acquisition of a joint venture (100,025) 0
Gain on sale of assets (713) 0
Non-cash share-based compensation and other charges 27,439 32,445
Non-cash interest, investments, and affiliate income, net (6,131) (7,529)
Deferred income taxes (17,713) (21,086)
Equity in net loss of affiliates, less distributions received 16,424 56
Franchise agreement acquisition costs, net of reimbursements (62,359) (84,085)
Change in working capital and other (60,676) 19,435
Net cash provided by operating activities 184,757 236,540
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in other property and equipment (26,927) (33,620)
Investments in owned hotel properties (85,307) (81,239)
Contributions to investments in affiliates (90,005) (47,695)
Issuances of notes receivable (6,351) (24,405)
Collections of notes receivable 3,036 2,277
Business acquisition, net of cash acquired (73,395) 0
Proceeds from the sale of assets 52,000 0
Proceeds from sales of equity securities 0 108,149
Distributions from sales of affiliates 44,617 15,850
Other items, net 4,475 (2,680)
Net cash used in investing activities (177,857) (63,363)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings pursuant to revolving credit facilities 148,482 154,500
Proceeds from the issuance of long-term debt 0 593,574
Proceeds from economic development loans 250 0
Repayment of long-term debt 0 (500,000)
Debt issuance costs 0 (8,069)
Purchases of treasury stock (112,958) (348,964)
Dividends paid (40,194) (42,488)
Proceeds from the exercise of stock options 7,488 9,279
Net cash provided by (used in) financing activities 3,068 (142,168)
Net change in cash and cash equivalents 9,968 31,009
Effect of foreign exchange rate changes on cash and cash equivalents 2,438 802
Cash and cash equivalents, beginning of period 40,177 26,754
Cash and cash equivalents, end of period 52,583 58,565
Cash payments during the period for    
Income taxes, net of refunds and transferable tax credits 75,992 64,734
Interest, net of capitalized interest 76,338 56,202
Non-cash investing and financing activities    
Dividends declared but not paid 13,299 13,499
Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities $ 20,441 $ 19,522