v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 223,861 $ 229,554
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 32,623 29,468
Depreciation and amortization – other expenses from franchised and managed properties 20,236 27,544
Franchise agreement acquisition cost amortization 20,584 14,616
Non-cash share-based compensation and other charges 32,445 34,670
Non-cash interest, investments, and affiliate income, net (7,529) (1,709)
Deferred income taxes (21,086) (4,315)
Equity in net loss (gain) of affiliates, less distributions received 56 (621)
Franchise agreement acquisition costs, net of reimbursements (84,085) (72,867)
Change in working capital and other 19,435 (9,150)
Net cash provided by operating activities 236,540 247,190
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in other property and equipment (33,620) (35,933)
Investments in owned hotel properties (81,239) (45,470)
Contributions to investments in affiliates (47,695) (24,573)
Issuances of notes receivable (24,405) (4,319)
Purchases of investments for employee benefit plans (2,504) (3,678)
Investments in intangible assets (2,133) (1,893)
Distributions from sales of affiliates 15,850 868
Collections of notes receivable 2,277 9,923
Proceeds from sales of equity securities 108,149 0
Proceeds from sales of investments for employee benefit plans 2,182 1,263
Other items, net (225) 547
Net cash used in investing activities (63,363) (103,265)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net borrowings pursuant to revolving credit facilities 154,500 191,500
Proceeds from the issuance of long-term debt 593,574 0
Repayment of long-term debt (500,000) 0
Debt issuance costs (8,069) (755)
Purchases of treasury stock (348,964) (304,400)
Dividends paid (42,488) (42,073)
Proceeds from the exercise of stock options 9,279 6,719
Net cash used in financing activities (142,168) (149,009)
Net change in cash and cash equivalents 31,009 (5,084)
Effect of foreign exchange rate changes on cash and cash equivalents 802 (50)
Cash and cash equivalents, beginning of period 26,754 41,566
Cash and cash equivalents, end of period 58,565 36,432
Cash payments during the period for    
Income taxes, net of refunds 64,734 70,614
Interest, net of capitalized interest 56,202 44,993
Non-cash investing and financing activities    
Dividends declared but not paid 13,499 15,239
Investments in property, equipment, and intangible assets recognized in accounts payable and accrued expense liabilities $ 19,522 $ 8,064