Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'VIAD CORP | ' |
Entity Central Index Key | '0000884219 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 20,440,808 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Current assets | ' | ' | ' |
Cash and cash equivalents | $47,336 | $45,821 | $114,171 |
Accounts receivable, net of allowance for doubtful accounts of $1,101 and $877, respectively | 97,330 | 61,197 | ' |
Inventories | 33,103 | 27,993 | ' |
Deferred income taxes | 14,953 | 20,577 | ' |
Other current assets | 20,841 | 17,142 | ' |
Total current assets | 213,563 | 172,730 | ' |
Property and equipment, net | 179,833 | 190,330 | ' |
Other investments and assets | 34,578 | 35,026 | ' |
Deferred income taxes | 31,119 | 29,823 | ' |
Goodwill | 127,430 | 129,543 | ' |
Other intangible assets, net | 4,136 | 4,480 | ' |
Total Assets | 590,659 | 561,932 | ' |
Current liabilities | ' | ' | ' |
Accounts payable | 76,158 | 40,941 | ' |
Customer deposits | 36,661 | 29,207 | ' |
Accrued compensation | 20,433 | 15,113 | ' |
Other current liabilities | 35,531 | 29,169 | ' |
Current portion of debt and capital lease obligations | 919 | 10,903 | ' |
Total current liabilities | 169,702 | 125,333 | ' |
Long-term capital lease obligations | 749 | 765 | ' |
Pension and postretirement benefits | 31,080 | 30,672 | ' |
Other deferred items and liabilities | 46,315 | 48,619 | ' |
Total liabilities | 247,846 | 205,389 | ' |
Commitments and contingencies | ' | ' | ' |
Viad Corp stockholders’ equity: | ' | ' | ' |
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued | 37,402 | 37,402 | ' |
Additional capital | 585,107 | 590,862 | ' |
Retained deficit | -61,029 | -50,393 | ' |
Unearned employee benefits and other | 21 | -21 | ' |
Accumulated other comprehensive income (loss): | ' | ' | ' |
Unrealized gain on investments | 438 | 429 | ' |
Cumulative foreign currency translation adjustments | 24,114 | 30,847 | ' |
Unrecognized net actuarial loss and prior service credit, net | -11,223 | -11,259 | ' |
Common stock in treasury, at cost, 4,518,446 and 4,618,433 shares, respectively | -243,657 | -250,426 | ' |
Total Viad Corp stockholders’ equity | 331,173 | 347,441 | ' |
Noncontrolling interest | 11,640 | 9,102 | ' |
Total stockholders’ equity | 342,813 | 356,543 | 397,032 |
Total Liabilities and Stockholders’ Equity | $590,659 | $561,932 | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $1,101 | $877 |
Common stock, par value | $1.50 | $1.50 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 24,934,981 | 24,934,981 |
Treasury stock, shares | 4,518,446 | 4,618,433 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Revenue: | ' | ' | ||
Exhibition and event services | $231,783 | $234,163 | ||
Exhibits and environments | 46,040 | 42,598 | ||
Travel and recreation services | 7,818 | 8,398 | ||
Total revenues | 285,641 | 285,159 | ||
Costs and expenses: | ' | ' | ||
Costs of services | 229,582 | 230,725 | ||
Costs of products sold | 42,698 | 40,839 | ||
Corporate activities | 2,039 | 806 | ||
Interest income | -65 | -138 | ||
Interest expense | 298 | 296 | ||
Restructuring charges | 211 | 720 | ||
Total costs and expenses | 274,763 | 273,248 | ||
Income from continuing operations before income taxes | 10,878 | 11,911 | ||
Income tax expense | 1,697 | 3,636 | ||
Income from continuing operations | 9,181 | 8,275 | ||
Income (loss) from discontinued operations | 15,238 | -485 | ||
Net income | 24,419 | 7,790 | ||
Net (income) loss attributable to noncontrolling interest | -2,537 | 275 | ||
Net income attributable to Viad | 21,882 | 8,065 | ||
Diluted income per common share: | ' | ' | ||
Income from continuing operations attributable to Viad common stockholders (per share) | $0.46 | $0.42 | ||
Income from discontinued operations attributable to Viad common stockholders (per share) | $0.62 | ($0.02) | ||
Net income attributable to Viad common stockholders (per share) | $1.08 | [1] | $0.40 | [1] |
Weighted-average outstanding and potentially dilutive common shares | 20,330 | 20,193 | ||
Basic income per common share: | ' | ' | ||
Income from continuing operations attributable to Viad common stockholders (per share) | $0.46 | $0.42 | ||
Income from discontinued operations attributable to Viad common stockholders (per share) | $0.62 | ($0.02) | ||
Net income attributable to Viad common stockholders (per share) | $1.08 | $0.40 | ||
Weighted-average outstanding common shares | 19,949 | 19,790 | ||
Dividends declared per common share | $1.60 | $0.10 | ||
Amounts attributable to Viad common stockholders | ' | ' | ||
Income from continuing operations | 9,312 | 8,453 | ||
Income from discontinued operations | 12,570 | -388 | ||
Net income | $21,882 | $8,065 | ||
[1] | Diluted income per share amount cannot exceed basic income per share. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Statement of Comprehensive Income [Abstract] | ' | ' | ||
Net income | $24,419 | $7,790 | ||
Other comprehensive income (loss): | ' | ' | ||
Unrealized gains on investments, net of tax(1) | 9 | [1] | 61 | [1] |
Unrealized foreign currency translation adjustments, net of tax(1) | -6,733 | [1] | -6,128 | [1] |
Amortization of net actuarial gain, net of tax(1) | 128 | [1] | 181 | [1] |
Amortization of prior service credit, net of tax(1) | -92 | [1] | -140 | [1] |
Comprehensive income | 17,731 | 1,764 | ||
Comprehensive (income) loss attributable to noncontrolling interest | -2,537 | 275 | ||
Comprehensive income attributable to Viad | $15,194 | $2,039 | ||
[1] | The tax effect on other comprehensive income (loss) is not significant. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $24,419 | $7,790 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 6,817 | 6,860 |
Deferred income taxes | 9,109 | 3,275 |
Income (loss) from discontinued operations | -15,238 | 485 |
Restructuring charges | 211 | 720 |
Gains on dispositions of property and other assets | -387 | -152 |
Share-based compensation expense | 391 | 1,819 |
Excess tax benefit from share-based compensation arrangements | -41 | -378 |
Other non-cash items, net | 948 | 1,641 |
Change in operating assets and liabilities (excluding the impact of acquisitions): | ' | ' |
Receivables | -36,372 | -22,612 |
Inventories | -5,110 | 1,700 |
Accounts payable | 36,606 | 12,368 |
Restructuring liabilities | -1,860 | -1,443 |
Accrued compensation | 2,833 | -11,035 |
Customer deposits | 7,454 | -8,414 |
Income taxes payable | 265 | -41 |
Other assets and liabilities, net | -4,875 | 1,842 |
Net cash provided by (used in) operating activities | 25,170 | -5,575 |
Cash flows from investing activities | ' | ' |
Proceeds from possessory interest—discontinued operations | 25,000 | 0 |
Proceeds from dispositions of property and other assets | 403 | 173 |
Capital expenditures | -5,516 | -8,320 |
Acquisition of business, net of cash acquired | 0 | -647 |
Net cash provided by (used in) investing activities | 19,887 | -8,794 |
Cash flows from financing activities | ' | ' |
Dividends paid on common stock | -32,517 | -2,034 |
Payments on debt and capital lease obligations | -20,238 | -483 |
Proceeds from borrowings | 10,000 | 0 |
Common stock purchased for treasury | -1,042 | -1,187 |
Excess tax benefit from share-based compensation arrangements | 41 | 378 |
Proceeds from exercise of stock options | 1,401 | 535 |
Net cash used in financing activities | -42,355 | -2,791 |
Effect of exchange rate changes on cash and cash equivalents | -1,187 | -1,284 |
Net change in cash and cash equivalents | 1,515 | -18,444 |
Cash and cash equivalents, beginning of year | 45,821 | 114,171 |
Cash and cash equivalents, end of year | 47,336 | 95,727 |
Supplemental disclosure of cash flow information | ' | ' |
Cash paid for income taxes | 1,719 | 2,181 |
Cash paid for interest | 254 | 234 |
Property and equipment acquired under capital leases | 253 | 393 |
Property and equipment purchases in accounts payable and accrued liabilities | $1,815 | $1,179 |
Basis_of_Presentation_and_Prin
Basis of Presentation and Principles of Consolidation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Basis of Presentation and Principles of Consolidation | |
The accompanying unaudited, condensed consolidated financial statements of Viad Corp (“Viad” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. The condensed consolidated financial statements of Viad include the accounts of Viad and all of its subsidiaries. All significant intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation. | |
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
For further information, refer to the consolidated financial statements and related footnotes for the year ended December 31, 2013 included in the Company’s Form 10-K, filed with the Securities and Exchange Commission on March 7, 2014. | |
Nature of Business | |
Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International (together the “Marketing & Events Group”) and the Travel & Recreation Group. | |
Marketing & Events Group | |
The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), specializes in all aspects of the design, planning and production of face-to-face events, immersive environments and brand-based experiences for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group provides a variety of immersive, entertaining attractions and brand-based experiences, sponsored events, mobile marketing and other branded entertainment and face-to-face marketing solutions for clients and venues, including shopping malls, movie studios, museums and leading consumer brands. | |
Travel & Recreation Group | |
The Travel & Recreation Group consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”). Brewster provides tourism products and experiential services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, Glacier Skywalk (opened May 1, 2014), motorcoach services, charter and sightseeing services, tour boat operations, inbound package tour operations and hotel operations. During 2013, Glacier Park, an 80 percent owned subsidiary of Viad, operated five lodges, three motor inns and one four-season resort hotel and provided food and beverage operations, retail operations and tour and transportation services in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada. Glacier Park’s concession contract with the U.S. National Park Service (the “Park Service”) for Glacier National Park expired on December 31, 2013. The ongoing operations of Glacier Park as of January 1, 2014 include: Glacier Park Lodge in East Glacier, Montana; Grouse Mountain Lodge in Whitefish, Montana; St. Mary Lodge in St. Mary, Montana; Motel Lake McDonald, an in-holding within Glacier National Park; and the Prince of Wales Hotel in Waterton Lakes National Park. Alaska Denali Travel operates the Denali Backcountry Lodge and Denali Cabins. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve. | |
With regard to Glacier Park’s concession operations within Glacier National Park, refer to Note 20, Discontinued Operations for further discussion. | |
Impact of Recent Accounting Pronouncements | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-05, Service Concession Arrangements (Topic 853), related to the accounting for service concession arrangements between a public-sector entity grantor and an operating entity under which the operating entity operates the grantor’s infrastructure. The new guidance specifies that an entity should not account for a service concession arrangement that is within its scope as a lease. Furthermore, the guidance also specifies that the infrastructure used in a service concession arrangement should not be recognized as property, plant and equipment of the operating entity. The guidance is effective for interim and annual periods beginning after December 15, 2014. The adoption of this new guidance is not expected to have a material impact on Viad’s financial condition or results of operations. | |
In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The new guidance changes the criteria for reporting discontinued operations while enhancing disclosures. Under the standard, only disposals representing a strategic shift in operations, such as a disposal of a major geographic area, a major line of business or a major equity method investment, may be presented as discontinued operations. This guidance is effective for interim and annual periods beginning after December 15, 2014. The Company has not yet determined if the adoption of this new guidance will have a material impact on its financial position or results of operations. |
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||
Share-Based Compensation | |||||||||||||||||||||
The following table summarizes share-based compensation expense for the three months ended March 31: | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||
Restricted stock | $ | 654 | $ | 773 | |||||||||||||||||
Performance unit incentive plan (“PUP”) | (231 | ) | 863 | ||||||||||||||||||
Restricted stock units | (32 | ) | 88 | ||||||||||||||||||
Stock options | — | 95 | |||||||||||||||||||
Share-based compensation before income tax benefit | 391 | 1,819 | |||||||||||||||||||
Income tax benefit | (152 | ) | (654 | ) | |||||||||||||||||
Share-based compensation, net of income tax benefit | $ | 239 | $ | 1,165 | |||||||||||||||||
In addition, a $311,000 reversal of PUP expense was recorded through restructuring expense for the three months ended March 31, 2014. | |||||||||||||||||||||
On January 24, 2014, Viad announced that its Board of Directors declared a special cash dividend of $1.50 per share, or $30.5 million in the aggregate, to shareholders of record at the close of business on February 7, 2014. The dividend was paid on February 14, 2014. In accordance with the mandatory provisions of the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”) and the 1997 Viad Corp Omnibus Incentive Plan, the Human Resources Committee of Viad’s Board of Directors approved equitable adjustments to the outstanding long-term incentive awards of stock options and PUP awards issued pursuant to those plans in order to prevent the special dividend from diluting the rights of participants under those plans. The equitable adjustment to the outstanding stock options reduced the exercise price and increased the number of shares of common stock underlying such options. The equitable adjustment to the PUP awards reflects the effect of the special dividend, but will be paid only if certain performance goals are met at the end of the 3-year performance period. | |||||||||||||||||||||
The following table summarizes the activity of the outstanding share-based compensation awards: | |||||||||||||||||||||
Restricted Stock | PUP Awards | Restricted Stock Units | |||||||||||||||||||
Shares | Weighted-Average | Units | Weighted-Average | Units | Weighted-Average | ||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance, December 31, 2013 | 430,899 | $ | 22.78 | 299,768 | $ | 23.46 | 28,560 | $ | 22.91 | ||||||||||||
Granted | 83,300 | 23.95 | 123,300 | 23.71 | 6,700 | 24.95 | |||||||||||||||
Vested | (132,255 | ) | 22.67 | (94,600 | ) | 23.01 | (9,890 | ) | 23.45 | ||||||||||||
Forfeited | (5,140 | ) | 22.44 | — | — | — | — | ||||||||||||||
Balance, March 31, 2014 | 376,804 | 23.09 | 328,468 | 23.69 | 25,370 | 23.24 | |||||||||||||||
As of March 31, 2014, the unamortized cost of all outstanding restricted stock awards was $4.4 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 2.0 years. During the three months ended March 31, 2014 and 2013, the Company repurchased 44,358 shares for $1.0 million and 44,606 shares for $1.2 million, respectively, related to tax withholding requirements on vested share-based awards. As of March 31, 2014, there were 906,468 total shares available for future grant in accordance with the provisions of the 2007 Plan. | |||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, Viad had liabilities recorded of $2.4 million and $5.9 million, respectively, related to PUP awards. In March 2014, the PUP units granted in 2011 vested and cash payouts totaling $2.9 million were distributed. There were no cash settlements of PUP awards during the three months ended March 31, 2013. | |||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, Viad had aggregate liabilities recorded of $400,000 and $664,000, respectively, related to restricted stock unit liability awards. In February 2014, portions of the 2009, 2010 and 2011 restricted stock unit awards vested and cash payouts totaling $232,000 were distributed. Similarly, in February 2013 portions of the 2009 and 2010 restricted stock unit awards vested and cash payouts of $300,000 were distributed. | |||||||||||||||||||||
The following table summarizes stock option activity: | |||||||||||||||||||||
Shares | Weighted- | Options | |||||||||||||||||||
Average | Exercisable | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Options outstanding at December 31, 2013 | 314,323 | $ | 19.79 | 314,323 | |||||||||||||||||
Exercised | (36,815 | ) | 19.26 | ||||||||||||||||||
Forfeited or expired | (18,522 | ) | 35.28 | ||||||||||||||||||
Award modification | 17,865 | N/A | |||||||||||||||||||
Options outstanding at March 31, 2014 | 276,851 | 17.69 | 276,851 | ||||||||||||||||||
As of March 31, 2014, there were no unrecognized costs related to non-vested stock option awards. As previously discussed, the equitable adjustment to the outstanding stock options resulting from the February 14, 2014 special cash dividend reduced the exercise price and increased the number of shares of common stock underlying such options as reflected on the “Award modification” line above. |
Acquisition_of_Business
Acquisition of Business | 3 Months Ended |
Mar. 31, 2014 | |
Business Combinations [Abstract] | ' |
Acquisition of Businesses | ' |
Acquisition of Business | |
In February 2013, Viad acquired the assets of Resource Creative Limited (“RCL”) for $647,000 in cash. RCL is a United Kingdom-based company specializing in providing creative graphic services to the exhibition, events and retail markets throughout the United Kingdom and continental Europe. The purchase price is subject to certain adjustments, plus a deferred payment of up to approximately £180,000, which is contingent upon RCL’s achievement of certain net revenue targets between the acquisition date and December 31, 2014. RCL exceeded the first net revenue target for the period ended December 31, 2013 and, consequently, a deferred payment installment in the amount of $147,000 (£90,000) was paid in March 2014. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
The components of inventories consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Raw materials | $ | 16,059 | $ | 14,825 | ||||
Work in process | 17,044 | 13,168 | ||||||
Inventories | $ | 33,103 | $ | 27,993 | ||||
Other_Current_Assets_Notes
Other Current Assets (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Current Assets | ' | |||||||
Other Current Assets | ||||||||
Other current assets consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Income tax receivable | $ | 2,609 | $ | 2,035 | ||||
Prepaid vendor payments | 2,558 | 2,008 | ||||||
Prepaid insurance | 1,928 | 2,260 | ||||||
Assets held for sale | 1,814 | — | ||||||
Prepaid rent | 1,488 | 284 | ||||||
Prepaid other | 6,181 | 6,977 | ||||||
Other | 4,263 | 3,578 | ||||||
Other current assets | $ | 20,841 | $ | 17,142 | ||||
Property_and_Equipment
Property and Equipment | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment, Net | ||||||||
Property and equipment consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Land and land interests | $ | 23,258 | $ | 23,646 | ||||
Buildings and leasehold improvements | 129,431 | 139,889 | ||||||
Equipment and other | 289,541 | 294,409 | ||||||
Gross property and equipment | 442,230 | 457,944 | ||||||
Less: accumulated depreciation | (262,397 | ) | (267,614 | ) | ||||
Property and equipment, net | $ | 179,833 | $ | 190,330 | ||||
Depreciation expense for the three months ended March 31, 2014 and 2013 was $6.5 million and $6.6 million, respectively. |
Other_Investments_and_Assets
Other Investments and Assets | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Other Investments and Assets | ' | |||||||
Other Investments and Assets | ||||||||
Other investments and assets consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Cash surrender value of life insurance | $ | 19,849 | $ | 19,690 | ||||
Workers’ compensation insurance security deposits | 3,350 | 3,350 | ||||||
Other | 11,379 | 11,986 | ||||||
Other investments and assets | $ | 34,578 | $ | 35,026 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill and Other Intangible Assets | ' | |||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||
The changes in the carrying amount of goodwill for the three months ended March 31, 2014 were as follows: | ||||||||||||||||
(in thousands) | Marketing & | Marketing & | Travel & | Total | ||||||||||||
Events U.S. | Events | Recreation | ||||||||||||||
International | Group | |||||||||||||||
Balance at December 31, 2013 | $ | 62,686 | $ | 22,611 | $ | 44,246 | $ | 129,543 | ||||||||
Foreign currency translation adjustments | — | (242 | ) | (1,871 | ) | (2,113 | ) | |||||||||
Balance at March 31, 2014 | $ | 62,686 | $ | 22,369 | $ | 42,375 | $ | 127,430 | ||||||||
The following table summarizes goodwill by reporting unit and segment as of the respective periods: | ||||||||||||||||
(in thousands) | March 31, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Marketing & Events Group: | ||||||||||||||||
Marketing & Events U.S. | $ | 62,686 | $ | 62,686 | ||||||||||||
Marketing & Events International: | ||||||||||||||||
GES United Kingdom | 14,139 | 14,049 | ||||||||||||||
GES Canada | 8,230 | 8,562 | ||||||||||||||
Total Marketing & Events Group | 85,055 | 85,297 | ||||||||||||||
Travel & Recreation Group: | ||||||||||||||||
Brewster | 39,191 | 41,062 | ||||||||||||||
Alaska Denali Travel | 3,184 | 3,184 | ||||||||||||||
Total Travel & Recreation Group | 42,375 | 44,246 | ||||||||||||||
Goodwill | $ | 127,430 | $ | 129,543 | ||||||||||||
A summary of other intangible assets as of March 31, 2014 is presented below: | ||||||||||||||||
(in thousands) | Gross Carrying | Accumulated | Net Carrying | |||||||||||||
Value | Amortization | Value | ||||||||||||||
Amortized intangible assets: | ||||||||||||||||
Customer contracts and relationships | $ | 5,680 | $ | (2,828 | ) | $ | 2,852 | |||||||||
Other | 1,066 | (242 | ) | 824 | ||||||||||||
Total amortized intangible assets | 6,746 | (3,070 | ) | 3,676 | ||||||||||||
Unamortized intangible assets: | ||||||||||||||||
Business licenses | 460 | — | 460 | |||||||||||||
Other intangible assets | $ | 7,206 | $ | (3,070 | ) | $ | 4,136 | |||||||||
A summary of other intangible assets as of December 31, 2013 is presented below: | ||||||||||||||||
(in thousands) | Gross Carrying | Accumulated | Net Carrying | |||||||||||||
Value | Amortization | Value | ||||||||||||||
Amortized intangible assets: | ||||||||||||||||
Customer contracts and relationships | $ | 5,537 | $ | (2,521 | ) | $ | 3,016 | |||||||||
Other | 1,280 | (276 | ) | 1,004 | ||||||||||||
Total amortized intangible assets | 6,817 | (2,797 | ) | 4,020 | ||||||||||||
Unamortized intangible assets: | ||||||||||||||||
Business licenses | 460 | — | 460 | |||||||||||||
Other intangible assets | $ | 7,277 | $ | (2,797 | ) | $ | 4,480 | |||||||||
Intangible asset amortization expense for the three months ended March 31, 2014 and 2013 was $310,000 and $292,000, respectively. Estimated amortization expense related to amortized intangible assets for future years is expected to be as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
2014 | $ | 682 | ||||||||||||||
2015 | $ | 791 | ||||||||||||||
2016 | $ | 671 | ||||||||||||||
2017 | $ | 550 | ||||||||||||||
2018 | $ | 432 | ||||||||||||||
Thereafter | $ | 550 | ||||||||||||||
Other_Current_Liabilities
Other Current Liabilities | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Other Current Liabilities | ' | |||||||
Other Current Liabilities | ||||||||
Other current liabilities consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Continuing operations: | ||||||||
Self-insured liability accrual | $ | 7,512 | $ | 7,603 | ||||
Accrued employee benefit costs | 4,930 | 2,751 | ||||||
Accrued sales and use taxes | 4,003 | 1,609 | ||||||
Accrued restructuring | 2,919 | 3,877 | ||||||
Accrued dividends | 2,208 | 2,192 | ||||||
Accrued professional fees | 1,499 | 1,832 | ||||||
Deferred rent | 1,354 | 1,558 | ||||||
Accrued foreign income taxes | 346 | 565 | ||||||
Other | 9,794 | 6,183 | ||||||
Total continuing operations | 34,565 | 28,170 | ||||||
Discontinued operations: | ||||||||
Self-insured liability accrual | 470 | 469 | ||||||
Environmental remediation liabilities | 334 | 353 | ||||||
Other | 162 | 177 | ||||||
Total discontinued operations | 966 | 999 | ||||||
Other current liabilities | $ | 35,531 | $ | 29,169 | ||||
Other_Deferred_Liabilities_Not
Other Deferred Liabilities (Notes) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other Deferred Items and Liabilities | ' | |||||||
Other Deferred Items and Liabilities | ||||||||
Other deferred items and liabilities consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Continuing operations: | ||||||||
Self-insured liability accrual | $ | 17,814 | $ | 17,316 | ||||
Accrued compensation | 5,599 | 8,349 | ||||||
Foreign deferred tax liability | 2,012 | 1,989 | ||||||
Accrued restructuring | 1,556 | 1,919 | ||||||
Other | 8,090 | 7,552 | ||||||
Total continuing operations | 35,071 | 37,125 | ||||||
Discontinued operations: | ||||||||
Environmental remediation liabilities | 4,653 | 4,666 | ||||||
Self-insured liability accrual | 4,439 | 4,489 | ||||||
Accrued income taxes | 906 | 1,085 | ||||||
Other | 1,246 | 1,254 | ||||||
Total discontinued operations | 11,244 | 11,494 | ||||||
Other deferred items and liabilities | $ | 46,315 | $ | 48,619 | ||||
Debt
Debt | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt | ' |
Debt and Capital Lease Obligations | |
Viad’s total debt as of March 31, 2014 and December 31, 2013 was $1.7 million and $11.7 million, respectively. The debt-to-capital ratio was 0.005 to 1 and 0.032 to 1 as of March 31, 2014 and December 31, 2013, respectively. Capital is defined as total debt and capital lease obligations plus total stockholders’ equity. | |
In May 2011, Viad entered into an amended and restated revolving credit agreement (the “Credit Facility”). The Credit Facility provides for a $130 million revolving line of credit, which may be increased up to an additional $50 million under certain circumstances. The term of the Credit Facility is five years (expiring on May 18, 2016) and borrowings are to be used for general corporate purposes (including permitted acquisitions) and to support up to $50 million of letters of credit. The lenders have a first perfected security interest in all of the personal property of Viad and GES, including 65 percent of the capital stock of top-tier foreign subsidiaries. As of March 31, 2014, Viad’s total debt of $1.7 million consisted entirely of capital lease obligations. As of March 31, 2014, Viad had $128.7 million of capacity remaining under its Credit Facility reflecting outstanding letters of credit of $1.3 million. | |
Borrowings under the Credit Facility (of which GES is a guarantor) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to Viad’s leverage ratio. Commitment fees and letters of credit fees are also tied to Viad’s leverage ratio. The fees on the unused portion of the Credit Facility are currently 0.35 percent annually. | |
The Credit Facility contains various affirmative and negative covenants that are customary for facilities of this type, including a fixed-charge coverage ratio, leverage ratio and dividend and share repurchase limits. Significant other covenants include limitations on: investments, additional indebtedness, sales/leases of assets, acquisitions, consolidations or mergers and liens on property. As of March 31, 2014, Viad was in compliance with all covenants. | |
As of March 31, 2014, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the consolidated financial statements and relate to leased facilities entered into by the Company’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of March 31, 2014 would be $11.8 million. These guarantees relate to leased facilities and expire through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments. | |
The estimated fair value of total debt was $1.6 million and $11.5 million as of March 31, 2014 and December 31, 2013, respectively. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The fair value of an asset or liability is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value as follows: | ||||||||||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | ||||||||||||||||
Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value. | ||||||||||||||||
Viad measures its money market mutual funds and certain other mutual fund investments at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following tables: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(in thousands) | March 31, 2014 | Quoted Prices in | Significant | Significant | ||||||||||||
Active | Other | Unobserved | ||||||||||||||
Markets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 1,818 | $ | 1,818 | $ | — | $ | — | ||||||||
Other mutual funds | 2,014 | 2,014 | — | — | ||||||||||||
Total assets at fair value | $ | 3,832 | $ | 3,832 | $ | — | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(in thousands) | 31-Dec-13 | Quoted Prices | Significant | Significant | ||||||||||||
in Active | Other | Unobserved | ||||||||||||||
Markets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 118 | $ | 118 | $ | — | $ | — | ||||||||
Other mutual funds | 2,023 | 2,023 | — | — | ||||||||||||
Total assets at fair value | $ | 2,141 | $ | 2,141 | $ | — | $ | — | ||||||||
As of March 31, 2014 and December 31, 2013, Viad had investments in money market mutual funds of $1.8 million and $118,000, respectively, which are included in the consolidated balance sheets under the caption “Cash and cash equivalents.” These investments are classified as available-for-sale and were recorded at fair value. There have been no realized or unrealized gains or losses related to these investments and the Company has not experienced any redemption restrictions with respect to any of the money market mutual funds. | ||||||||||||||||
As of both March 31, 2014 and December 31, 2013, Viad had investments in other mutual funds of $2.0 million, which are classified in the consolidated balance sheets under the caption “Other investments and assets.” These investments were classified as available-for-sale and were recorded at fair value. As of March 31, 2014 and December 31, 2013, there were unrealized gains of $705,000 ($438,000 after-tax) and $700,000 ($429,000 after-tax), respectively, which were included in the consolidated balance sheets under the caption “Accumulated other comprehensive income (loss).” | ||||||||||||||||
The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 11, Debt and Capital Lease Obligations. |
Stockholders_Equity_Notes
Stockholders' Equity (Notes) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
Stockholders' Equity | |||||||||||||||||
The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
(in thousands) | Total Viad Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||
Balance at December 31, 2013 | $ | 347,441 | $ | 9,102 | $ | 356,543 | |||||||||||
Net income | 21,882 | 2,537 | 24,419 | ||||||||||||||
Dividends on common stock | (32,517 | ) | — | (32,517 | ) | ||||||||||||
Common stock purchased for treasury | (1,042 | ) | — | (1,042 | ) | ||||||||||||
Employee benefit plans | 2,052 | — | 2,052 | ||||||||||||||
Unrealized foreign currency translation adjustment | (6,733 | ) | — | (6,733 | ) | ||||||||||||
ESOP allocation adjustment | 44 | — | 44 | ||||||||||||||
Other | 46 | 1 | 47 | ||||||||||||||
Balance at March 31, 2014 | $ | 331,173 | $ | 11,640 | $ | 342,813 | |||||||||||
(in thousands) | Total Viad Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||
Balance at December 31, 2012 | $ | 388,061 | $ | 8,971 | $ | 397,032 | |||||||||||
Net income (loss) | 8,065 | (275 | ) | 7,790 | |||||||||||||
Dividends on common stock | (2,034 | ) | — | (2,034 | ) | ||||||||||||
Common stock purchased for treasury | (1,187 | ) | — | (1,187 | ) | ||||||||||||
Employee benefit plans | 1,792 | — | 1,792 | ||||||||||||||
Unrealized foreign currency translation adjustment | (6,128 | ) | — | (6,128 | ) | ||||||||||||
Unrealized gain on investments | 61 | — | 61 | ||||||||||||||
Prior service credit and net actuarial loss | 41 | — | 41 | ||||||||||||||
ESOP allocation adjustment | 250 | — | 250 | ||||||||||||||
Other | 1 | — | 1 | ||||||||||||||
Balance at March 31, 2013 | $ | 388,922 | $ | 8,696 | $ | 397,618 | |||||||||||
Changes in accumulated other comprehensive income (“AOCI”) by component were as follows: | |||||||||||||||||
(in thousands) | Unrealized Gains on Investments | Cumulative Foreign Currency Translation Adjustments | Unrecognized Net Actuarial Loss and Service Credit | Accumulated Other Comprehensive Income | |||||||||||||
Balance at December 31, 2013 | $ | 429 | $ | 30,847 | $ | (11,259 | ) | $ | 20,017 | ||||||||
Other comprehensive income before reclassifications | 22 | (6,733 | ) | — | (6,711 | ) | |||||||||||
Amounts reclassified from AOCI, net of tax | (13 | ) | — | 36 | 23 | ||||||||||||
Net other comprehensive income (loss) | 9 | (6,733 | ) | 36 | (6,688 | ) | |||||||||||
Balance at March 31, 2014 | $ | 438 | $ | 24,114 | $ | (11,223 | ) | $ | 13,329 | ||||||||
The following table presents information about reclassification adjustments out of AOCI for the three months ended March 31: | |||||||||||||||||
Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Unrealized gains on investments | $ | 21 | $ | 27 | Interest income | ||||||||||||
Tax effect | (8 | ) | (9 | ) | Income taxes | ||||||||||||
$ | 13 | $ | 18 | Net of tax | |||||||||||||
Recognized net actuarial loss(1) | $ | (205 | ) | $ | (290 | ) | |||||||||||
Amortization of prior service credit(1) | 148 | 225 | |||||||||||||||
Tax effect | 21 | 24 | Income taxes | ||||||||||||||
$ | (36 | ) | $ | (41 | ) | Net of tax | |||||||||||
(1) Amount included in pension expense. Refer to Note 16, Pension and Postretirement Benefits. |
Income_Per_Share
Income Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Income Per Share | ' | |||||||
Income Per Share | ||||||||
The following are the components of basic and diluted income per share for the three months ended March 31: | ||||||||
(in thousands, except per share data) | 2014 | 2013 | ||||||
Net income attributable to Viad (diluted) | $ | 21,882 | $ | 8,065 | ||||
Less: Allocation to non-vested shares | (424 | ) | (198 | ) | ||||
Net income allocated to Viad common stockholders (basic) | $ | 21,458 | $ | 7,867 | ||||
Basic weighted-average outstanding common shares | 19,949 | 19,790 | ||||||
Additional dilutive shares related to share-based compensation | 381 | 403 | ||||||
Diluted weighted-average outstanding shares | 20,330 | 20,193 | ||||||
Income per share: | ||||||||
Basic income attributable to Viad common stockholders | $ | 1.08 | $ | 0.4 | ||||
Diluted income attributable to Viad common stockholders(1) | $ | 1.08 | $ | 0.4 | ||||
(1) Diluted income per share amount cannot exceed basic income per share. | ||||||||
There were 381,000 and 403,000 share-based compensation awards considered dilutive and included in the computation of diluted income per share for the three months ended March 31, 2014 and 2013, respectively. Additionally, options to purchase 34,000 and 54,000 shares of common stock were outstanding during the three months ended March 31, 2014 and 2013, respectively, but were not included in the computation of dilutive shares outstanding because the effect would be anti-dilutive. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The effective tax rates for continuing operations for the three months ended March 31, 2014 and 2013 were 15.6 percent and 30.5 percent, respectively. The effective tax rates for discontinued operations for the three months ended March 31, 2014 and 2013 were 29.1 percent and 36.8 percent, respectively. | |
The income tax provisions were computed based on the Company’s estimated effective tax rate and forecasted income by jurisdiction expected to be applicable for the full fiscal year, including the impact of any unusual or infrequent items. The relatively low effective tax rates compared to the federal statutory rate of 35 percent were primarily due to foreign income which is taxed at lower rates. Additionally, 2014 was favorably impacted by the projected utilization of foreign tax credit carryforwards and other deferred tax adjustments. | |
Viad is required to estimate and record provisions for income taxes in each of the jurisdictions in which the Company operates. Accordingly, the Company must estimate its actual current income tax liability, and assess temporary differences arising from the treatment of items for tax purposes, as compared to the treatment for accounting purposes. These differences result in deferred tax assets and liabilities which are included in Viad’s consolidated balance sheets. The Company must assess the likelihood that deferred tax assets will be recovered from future taxable income and to the extent that recovery is not likely, a valuation allowance must be established. The Company uses significant judgment in forming a conclusion regarding the recoverability of its deferred tax assets and evaluates the available positive and negative evidence to determine whether it is more likely than not that its deferred tax assets will be realized in the future. As of March 31, 2014 and December 31, 2013, Viad had gross deferred tax assets of $67.7 million and $77.0 million, respectively. These deferred tax assets reflect the expected future tax benefits to be realized upon reversal of deductible temporary differences, and the utilization of net operating loss and tax credit carryforwards. | |
The Company considered all available positive and negative evidence regarding the future recoverability of its deferred tax assets, including the Company’s recent operating history, taxpaying history and future reversals of deferred tax liabilities. The Company also evaluated its ability to utilize its foreign tax credits, given its recent utilization history. These tax credits are subject to a 10-year carryforward period and begin to expire in 2019. As of December 31, 2013, $10.9 million of the $12.4 million valuation allowance recorded was related to foreign tax credits. The Company is projecting the utilization of $3.6 million of additional foreign tax credits in 2014, due to projected 2014 operations. | |
As noted above, Viad uses considerable judgment in forming a conclusion regarding the recoverability of its deferred tax assets. As a result, there are inherent uncertainties regarding the ultimate realization of these assets, which is primarily dependent upon Viad’s ability to generate sufficient taxable income in future periods. In future periods, it is reasonably possible that the relative weight of positive and negative evidence regarding the recoverability of Viad’s deferred tax assets may change, which could result in a material increase or decrease in the Company’s valuation allowance. If such an increase or decrease in the valuation allowance were to occur, it would result in increased or decreased income tax expense in the period the assessment was made. | |
Viad had accrued gross liabilities associated with uncertain tax positions for continuing operations of $1.1 million and $736,000 as of March 31, 2014 and December 31, 2013, respectively. In addition, as of March 31, 2014 and December 31, 2013, Viad had accrued interest and penalties related to uncertain tax positions for continuing operations of $56,000 and $20,000, respectively. Viad also had accrued gross liabilities associated with uncertain tax positions for discontinued operations of $636,000 as of both March 31, 2014 and December 31, 2013. In addition, as of March 31, 2014 and December 31, 2013, Viad had accrued interest and penalties related to uncertain tax positions for discontinued operations of $458,000 and $450,000, respectively. Future tax resolutions or settlements that may occur related to these uncertain tax positions would be recorded through either continuing or discontinued operations (net of federal tax effects, if applicable). As of March 31, 2014 and December 31, 2013, the Company had liabilities associated with uncertain tax positions (including interest and penalties) of $2.2 million and $1.8 million, respectively, which were classified as both current and non-current liabilities. The Company expects the majority of the unrecognized tax benefits to be recognized by March 31, 2015. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Postretirement Benefits | ' | ||||||||||||||||||||||||
Pension and Postretirement Benefits | |||||||||||||||||||||||||
The net periodic benefit cost of Viad’s pension and postretirement plans for the three months ended March 31 included the following components: | |||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||
Pension Plans | Postretirement Benefit Plans | Foreign Pension Plans | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Service cost | $ | 23 | $ | 30 | $ | 34 | $ | 46 | $ | 104 | $ | 137 | |||||||||||||
Interest cost | 280 | 261 | 176 | 173 | 160 | 181 | |||||||||||||||||||
Expected return on plan assets | (103 | ) | (100 | ) | — | — | (161 | ) | (180 | ) | |||||||||||||||
Amortization of prior service credit | — | — | (148 | ) | (225 | ) | — | — | |||||||||||||||||
Recognized net actuarial loss | 104 | 149 | 101 | 141 | 3 | 10 | |||||||||||||||||||
Net periodic benefit cost | $ | 304 | $ | 340 | $ | 163 | $ | 135 | $ | 106 | $ | 148 | |||||||||||||
Viad expects to contribute $1.4 million to its funded pension plans, $941,000 to its unfunded pension plans and $950,000 to its postretirement benefit plans in 2014. During the three months ended March 31, 2014, Viad contributed $217,000 to its funded pension plans and $201,000 to its unfunded pension plans. However, due to timing of the fundings, Viad made no contributions to its postretirement benefit plans during the three months ended March 31, 2014. |
Restructuring_Charges
Restructuring Charges | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Restructuring Charges | ' | |||||||||||||||
Restructuring Charges | ||||||||||||||||
Marketing & Events Group Consolidation | ||||||||||||||||
Viad executed certain restructuring actions designed to reduce the Company’s cost structure primarily within the Marketing & Events U.S. segment, and to a lesser extent in the Marketing & Events International segment. The Company implemented a strategic reorganization plan in order to consolidate the separate business units within the Marketing & Events U.S. segment. The Company also consolidated facilities and streamlined its operations in the United Kingdom and Germany. | ||||||||||||||||
Other Restructurings | ||||||||||||||||
The Company has recorded restructuring charges in connection with the consolidation of certain support functions at its corporate headquarters, and certain reorganization activities within the Travel & Recreation Group. These charges primarily consist of severance and related benefits due to headcount reductions. | ||||||||||||||||
The table below represents a reconciliation of beginning and ending liability balances by major restructuring activity: | ||||||||||||||||
Marketing & Events | Other Restructurings | |||||||||||||||
Group Consolidation | ||||||||||||||||
(in thousands) | Severance & | Facilities | Severance & | Total | ||||||||||||
Employee | Employee | |||||||||||||||
Benefits | Benefits | |||||||||||||||
Balance at December 31, 2013 | $ | 1,240 | $ | 3,565 | $ | 991 | $ | 5,796 | ||||||||
Restructuring charges (recoveries) | 492 | — | (281 | ) | 211 | |||||||||||
Cash payments | (893 | ) | (136 | ) | (831 | ) | (1,860 | ) | ||||||||
Adjustment to liability | 64 | — | 264 | 328 | ||||||||||||
Balance at March 31, 2014 | $ | 903 | $ | 3,429 | $ | 143 | $ | 4,475 | ||||||||
As of March 31, 2014, the liabilities related to severance and employee benefits are expected to be paid by the end of 2014. Additionally, the liability of $3.4 million related to future lease payments will be paid over the remaining lease terms at the Marketing & Events Group. Refer to Note 19, Segment Information, for information regarding restructuring charges by segment. |
Litigation_Claims_Contingencie
Litigation, Claims, Contingencies and Other | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Litigation, Claims, Contingencies and Other | ' |
Viad and certain of its subsidiaries are plaintiffs or defendants to various actions, proceedings and pending claims, some of which involve, or may involve, compensatory, punitive or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings or claims could be decided against Viad. Although the amount of liability as of March 31, 2014 with respect to these matters is not ascertainable, Viad believes that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on Viad’s business, financial position or results of operations. | |
Viad is subject to various U.S. federal, state and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which Viad has or had operations. If the Company has failed to comply with these environmental laws and regulations, civil and criminal penalties could be imposed and Viad could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, Viad also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. Although it is a party to certain environmental disputes, Viad believes that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on the Company’s financial position or results of operations. As of March 31, 2014, Viad had recorded environmental remediation liabilities of $5.0 million related to previously sold operations. | |
As of March 31, 2014, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the consolidated financial statements and relate to leased facilities entered into by Viad’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of March 31, 2014 would be $11.8 million. These guarantees relate to leased facilities expiring through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments. | |
A significant portion of Viad’s employees are unionized and the Company is a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. If the Company was unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact the Company’s businesses and results of operations. Viad believes that relations with its employees are satisfactory and that collective-bargaining agreements expiring in 2014 will be renegotiated in the ordinary course of business without having a material adverse effect on Viad’s operations. The Company entered into new showsite and warehouse agreements with the Chicago Teamsters Local 727, effective January 1, 2014, and those agreements contain provisions that allow the parties to re-open negotiation of the agreements on pension-related issues. The Company is in informal discussions regarding those issues with all relevant parties and is working diligently to resolve those issues in a manner that will be reasonable and equitable to employees, customers and shareholders. Although the Company’s labor relations are currently stable, disruptions pending the outcome of the Chicago Teamsters Local 727 negotiations could occur, as they could with any collective-bargaining agreement negotiation, with the possibility of an adverse impact on the operating results of the Marketing & Events Group. | |
Viad’s businesses contribute to various multi-employer pension plans based on obligations arising under collective-bargaining agreements covering its union-represented employees. Based upon the information available to Viad from plan administrators, management believes that several of these multi-employer plans are underfunded. The Pension Protection Act of 2006 requires pension plans underfunded at certain levels to reduce, over defined time periods, the underfunded status. In addition, under current laws, the termination of a plan, or a voluntary withdrawal from a plan by Viad, or a shrinking contribution base to a plan as a result of the insolvency or withdrawal of other contributing employers to such plan, would require Viad to make payments to such plan for its proportionate share of the plan’s unfunded vested liabilities. As of March 31, 2014, the amount of additional funding, if any, that Viad would be required to make related to multi-employer pension plans is not ascertainable. | |
Viad is self-insured up to certain limits for workers’ compensation, employee health benefits, automobile, product and general liability and property loss claims. The aggregate amount of insurance liabilities (up to the Company’s retention limit) related to Viad’s continuing operations was $21.4 million as of March 31, 2014. Of this total, $12.9 million related to workers’ compensation liabilities, $1.1 million related to employee health benefits and the remaining $7.4 million related to general/auto liability claims. Viad has also retained and provided for certain insurance liabilities in conjunction with previously sold businesses totaling $4.9 million as of March 31, 2014, primarily related to workers’ compensation liabilities. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on Viad’s historical experience, claims frequency and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. Viad has purchased insurance for amounts in excess of the self-insured levels, which generally range from $200,000 to $500,000 on a per claim basis. Viad does not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Viad’s net cash payments in connection with these insurance liabilities were $4.3 million for the three months ended March 31, 2014. | |
In addition, as of March 31, 2014 Viad had recorded insurance liabilities of $5.0 million related to continuing operations in excess of the self-insured levels for which Viad remains the primary obligor. Of this total, $1.7 million related to workers’ compensation liabilities and the remaining $3.3 million related to general liability claims. The Company has recorded these amounts in other deferred items and liabilities in Viad’s Condensed Consolidated Balance Sheets with a corresponding receivable in other investments and assets. | |
On December 31, 2013, Glacier Park’s concession contract to operate lodging, tour and transportation and other hospitality services for Glacier National Park expired. Glacier Park generated approximately 47 percent of its 2013 revenue through its concession contract for services provided within Glacier National Park. Upon completion of the contract term, in January 2014 the Company received cash payments totaling $25.0 million for the Company’s “possessory interest,” which generally means the value of the structures acquired or constructed, fixtures installed and improvements made to the concession property at Glacier National Park during the term of the concession contract. The Company anticipates a cash payment of approximately $5 million for the personal property Glacier Park used at the facilities covered by the concession contract, which remains subject to negotiation with the successor concessionaire. | |
Glacier Park continues to generate revenue from the five properties it owns: St. Mary Lodge in St. Mary, Montana; Glacier Park Lodge in East Glacier, Montana; Grouse Mountain Lodge in Whitefish, Montana; the Prince of Wales Hotel in Waterton Lakes National Park, Alberta; and Motel Lake McDonald, which is located inside Glacier National Park. Glacier Park also continues to operate the food and beverage services with respect to these properties and the retail shops located near Glacier National Park. The five properties Glacier Park currently owns contain 52 percent of the rooms that Glacier Park operated in 2013. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International and Travel & Recreation Group. | ||||||||
Viad measures profit and performance of its operations on the basis of segment operating income which excludes restructuring charges and recoveries and impairment charges and recoveries. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. Disclosures regarding Viad’s reportable segments for the three months ended March 31 with reconciliations to consolidated totals are as follows: | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Revenue: | ||||||||
Marketing & Events Group: | ||||||||
U.S. | $ | 221,395 | $ | 218,341 | ||||
International | 58,718 | 60,048 | ||||||
Intersegment eliminations | (2,290 | ) | (1,628 | ) | ||||
Total Marketing & Events Group | 277,823 | 276,761 | ||||||
Travel & Recreation Group | 7,818 | 8,398 | ||||||
Total revenue | $ | 285,641 | $ | 285,159 | ||||
Segment operating income (loss): | ||||||||
Marketing & Events Group: | ||||||||
U.S. | $ | 15,851 | $ | 14,115 | ||||
International | 2,319 | 4,392 | ||||||
Total Marketing & Events Group | 18,170 | 18,507 | ||||||
Travel & Recreation Group | (4,809 | ) | (4,912 | ) | ||||
Segment operating income | 13,361 | 13,595 | ||||||
Corporate activities | (2,039 | ) | (806 | ) | ||||
Operating income | 11,322 | 12,789 | ||||||
Interest income | 65 | 138 | ||||||
Interest expense | (298 | ) | (296 | ) | ||||
Restructuring recoveries (charges): | ||||||||
Marketing & Events U.S. | 38 | 194 | ||||||
Marketing & Events International | (530 | ) | (901 | ) | ||||
Travel & Recreation Group | 206 | (13 | ) | |||||
Corporate | 75 | — | ||||||
Income from continuing operations before income taxes | $ | 10,878 | $ | 11,911 | ||||
Discontinued_Operations
Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Discontinued Operations | ' | ||||||||
Discontinued Operations | |||||||||
On December 31, 2013, Glacier Park’s concession contract with the Park Service to operate lodging, tour and transportation and other hospitality services for Glacier National Park expired. Upon completion of the contract, the Company received cash payments in January 2014 totaling $25.0 million resulting in a pre-tax gain of $21.6 million for the Company’s possessory interest. The gain after-tax on the possessory interest was $15.2 million with $2.7 million attributable to the noncontrolling interest. These amounts are included in income (loss) from discontinued operations and net (income) loss attributable to noncontrolling interest in Viad’s Condensed Consolidated Statements of Operations, respectively. The net book value of the remaining personal property assets held for sale at Glacier Park totals $1.8 million and these assets are included in other current assets in Viad’s Condensed Consolidated Balance Sheets at March 31, 2014. | |||||||||
The following summarizes Glacier Park’s operating results for the three months ended March 31, which are presented in income (loss) from discontinued operations, net of tax, in Viad’s Condensed Consolidated Statements of Operations: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Total revenue | $ | — | $ | 4 | |||||
Costs and expenses | (68 | ) | (772 | ) | |||||
Loss from discontinued operations, before income taxes | (68 | ) | (768 | ) | |||||
Income tax benefit | 20 | 283 | |||||||
Loss from discontinued operations, net of tax | (48 | ) | (485 | ) | |||||
Gain on sale of discontinued operations, net of tax | 15,286 | — | |||||||
Income (loss) from discontinued operations | 15,238 | (485 | ) | ||||||
(Income) loss from discontinued operations attributable to noncontrolling interest | (2,668 | ) | 97 | ||||||
Income (loss) from discontinued operations attributable to Viad | $ | 12,570 | $ | (388 | ) | ||||
The following is a reconciliation of net income (loss) attributable to the noncontrolling interest for the three months ended March 31: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Loss from continuing operations | $ | (131 | ) | $ | (178 | ) | |||
Income (loss) from discontinued operations | 2,668 | (97 | ) | ||||||
Net income (loss) attributable to noncontrolling interest | $ | 2,537 | $ | (275 | ) | ||||
Subsequent_Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Subsequent Event | |
As part of the Company’s share repurchase program, during the period from April 30, 2014 through May 8, 2014, the Company repurchased approximately 220,000 shares on the open market at a total cost of $5.1 million. |
Basis_of_Presentation_and_Prin1
Basis of Presentation and Principles of Consolidation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Consolidation, Policy [Policy Text Block] | ' |
The accompanying unaudited, condensed consolidated financial statements of Viad Corp (“Viad” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. The condensed consolidated financial statements of Viad include the accounts of Viad and all of its subsidiaries. All significant intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation. | |
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. | |
For further information, refer to the consolidated financial statements and related footnotes for the year ended December 31, 2013 included in the Company’s Form 10-K, filed with the Securities and Exchange Commission on March 7, 2014. | |
Segments | ' |
Nature of Business | |
Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International (together the “Marketing & Events Group”) and the Travel & Recreation Group. | |
Marketing & Events Group | |
The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), specializes in all aspects of the design, planning and production of face-to-face events, immersive environments and brand-based experiences for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group provides a variety of immersive, entertaining attractions and brand-based experiences, sponsored events, mobile marketing and other branded entertainment and face-to-face marketing solutions for clients and venues, including shopping malls, movie studios, museums and leading consumer brands. | |
Travel & Recreation Group | |
The Travel & Recreation Group consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”). Brewster provides tourism products and experiential services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, Glacier Skywalk (opened May 1, 2014), motorcoach services, charter and sightseeing services, tour boat operations, inbound package tour operations and hotel operations. During 2013, Glacier Park, an 80 percent owned subsidiary of Viad, operated five lodges, three motor inns and one four-season resort hotel and provided food and beverage operations, retail operations and tour and transportation services in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada. Glacier Park’s concession contract with the U.S. National Park Service (the “Park Service”) for Glacier National Park expired on December 31, 2013. The ongoing operations of Glacier Park as of January 1, 2014 include: Glacier Park Lodge in East Glacier, Montana; Grouse Mountain Lodge in Whitefish, Montana; St. Mary Lodge in St. Mary, Montana; Motel Lake McDonald, an in-holding within Glacier National Park; and the Prince of Wales Hotel in Waterton Lakes National Park. Alaska Denali Travel operates the Denali Backcountry Lodge and Denali Cabins. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve. | |
With regard to Glacier Park’s concession operations within Glacier National Park, refer to Note 20, Discontinued Operations for further discussion. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Summary of share-based compensation expense | ' | ||||||||||||||||||||
The following table summarizes share-based compensation expense for the three months ended March 31: | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||
Restricted stock | $ | 654 | $ | 773 | |||||||||||||||||
Performance unit incentive plan (“PUP”) | (231 | ) | 863 | ||||||||||||||||||
Restricted stock units | (32 | ) | 88 | ||||||||||||||||||
Stock options | — | 95 | |||||||||||||||||||
Share-based compensation before income tax benefit | 391 | 1,819 | |||||||||||||||||||
Income tax benefit | (152 | ) | (654 | ) | |||||||||||||||||
Share-based compensation, net of income tax benefit | $ | 239 | $ | 1,165 | |||||||||||||||||
Summary of Liability Based Award Activity | ' | ||||||||||||||||||||
The following table summarizes the activity of the outstanding share-based compensation awards: | |||||||||||||||||||||
Restricted Stock | PUP Awards | Restricted Stock Units | |||||||||||||||||||
Shares | Weighted-Average | Units | Weighted-Average | Units | Weighted-Average | ||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance, December 31, 2013 | 430,899 | $ | 22.78 | 299,768 | $ | 23.46 | 28,560 | $ | 22.91 | ||||||||||||
Granted | 83,300 | 23.95 | 123,300 | 23.71 | 6,700 | 24.95 | |||||||||||||||
Vested | (132,255 | ) | 22.67 | (94,600 | ) | 23.01 | (9,890 | ) | 23.45 | ||||||||||||
Forfeited | (5,140 | ) | 22.44 | — | — | — | — | ||||||||||||||
Balance, March 31, 2014 | 376,804 | 23.09 | 328,468 | 23.69 | 25,370 | 23.24 | |||||||||||||||
Summary of stock option activity | ' | ||||||||||||||||||||
The following table summarizes stock option activity: | |||||||||||||||||||||
Shares | Weighted- | Options | |||||||||||||||||||
Average | Exercisable | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Options outstanding at December 31, 2013 | 314,323 | $ | 19.79 | 314,323 | |||||||||||||||||
Exercised | (36,815 | ) | 19.26 | ||||||||||||||||||
Forfeited or expired | (18,522 | ) | 35.28 | ||||||||||||||||||
Award modification | 17,865 | N/A | |||||||||||||||||||
Options outstanding at March 31, 2014 | 276,851 | 17.69 | 276,851 | ||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Components of Inventories | ' | |||||||
The components of inventories consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Raw materials | $ | 16,059 | $ | 14,825 | ||||
Work in process | 17,044 | 13,168 | ||||||
Inventories | $ | 33,103 | $ | 27,993 | ||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Schedule of Other Current Assets | ' | |||||||
Other current assets consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Income tax receivable | $ | 2,609 | $ | 2,035 | ||||
Prepaid vendor payments | 2,558 | 2,008 | ||||||
Prepaid insurance | 1,928 | 2,260 | ||||||
Assets held for sale | 1,814 | — | ||||||
Prepaid rent | 1,488 | 284 | ||||||
Prepaid other | 6,181 | 6,977 | ||||||
Other | 4,263 | 3,578 | ||||||
Other current assets | $ | 20,841 | $ | 17,142 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Schedule of Property and Equipment | ' | |||||||
Property and equipment consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Land and land interests | $ | 23,258 | $ | 23,646 | ||||
Buildings and leasehold improvements | 129,431 | 139,889 | ||||||
Equipment and other | 289,541 | 294,409 | ||||||
Gross property and equipment | 442,230 | 457,944 | ||||||
Less: accumulated depreciation | (262,397 | ) | (267,614 | ) | ||||
Property and equipment, net | $ | 179,833 | $ | 190,330 | ||||
Other_Investments_and_Assets_T
Other Investments and Assets (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ' | |||||||
Summary of other investments and assets | ' | |||||||
Other investments and assets consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, | ||||||
2014 | 2013 | |||||||
Cash surrender value of life insurance | $ | 19,849 | $ | 19,690 | ||||
Workers’ compensation insurance security deposits | 3,350 | 3,350 | ||||||
Other | 11,379 | 11,986 | ||||||
Other investments and assets | $ | 34,578 | $ | 35,026 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Summary of the goodwill balances by component and segment | ' | |||||||||||||||
The changes in the carrying amount of goodwill for the three months ended March 31, 2014 were as follows: | ||||||||||||||||
(in thousands) | Marketing & | Marketing & | Travel & | Total | ||||||||||||
Events U.S. | Events | Recreation | ||||||||||||||
International | Group | |||||||||||||||
Balance at December 31, 2013 | $ | 62,686 | $ | 22,611 | $ | 44,246 | $ | 129,543 | ||||||||
Foreign currency translation adjustments | — | (242 | ) | (1,871 | ) | (2,113 | ) | |||||||||
Balance at March 31, 2014 | $ | 62,686 | $ | 22,369 | $ | 42,375 | $ | 127,430 | ||||||||
Goodwill by reporting unit and segment | ' | |||||||||||||||
The following table summarizes goodwill by reporting unit and segment as of the respective periods: | ||||||||||||||||
(in thousands) | March 31, | December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Marketing & Events Group: | ||||||||||||||||
Marketing & Events U.S. | $ | 62,686 | $ | 62,686 | ||||||||||||
Marketing & Events International: | ||||||||||||||||
GES United Kingdom | 14,139 | 14,049 | ||||||||||||||
GES Canada | 8,230 | 8,562 | ||||||||||||||
Total Marketing & Events Group | 85,055 | 85,297 | ||||||||||||||
Travel & Recreation Group: | ||||||||||||||||
Brewster | 39,191 | 41,062 | ||||||||||||||
Alaska Denali Travel | 3,184 | 3,184 | ||||||||||||||
Total Travel & Recreation Group | 42,375 | 44,246 | ||||||||||||||
Goodwill | $ | 127,430 | $ | 129,543 | ||||||||||||
Summary of other intangible assets | ' | |||||||||||||||
A summary of other intangible assets as of March 31, 2014 is presented below: | ||||||||||||||||
(in thousands) | Gross Carrying | Accumulated | Net Carrying | |||||||||||||
Value | Amortization | Value | ||||||||||||||
Amortized intangible assets: | ||||||||||||||||
Customer contracts and relationships | $ | 5,680 | $ | (2,828 | ) | $ | 2,852 | |||||||||
Other | 1,066 | (242 | ) | 824 | ||||||||||||
Total amortized intangible assets | 6,746 | (3,070 | ) | 3,676 | ||||||||||||
Unamortized intangible assets: | ||||||||||||||||
Business licenses | 460 | — | 460 | |||||||||||||
Other intangible assets | $ | 7,206 | $ | (3,070 | ) | $ | 4,136 | |||||||||
A summary of other intangible assets as of December 31, 2013 is presented below: | ||||||||||||||||
(in thousands) | Gross Carrying | Accumulated | Net Carrying | |||||||||||||
Value | Amortization | Value | ||||||||||||||
Amortized intangible assets: | ||||||||||||||||
Customer contracts and relationships | $ | 5,537 | $ | (2,521 | ) | $ | 3,016 | |||||||||
Other | 1,280 | (276 | ) | 1,004 | ||||||||||||
Total amortized intangible assets | 6,817 | (2,797 | ) | 4,020 | ||||||||||||
Unamortized intangible assets: | ||||||||||||||||
Business licenses | 460 | — | 460 | |||||||||||||
Other intangible assets | $ | 7,277 | $ | (2,797 | ) | $ | 4,480 | |||||||||
Estimated amortization expense related to amortized intangible assets | ' | |||||||||||||||
Estimated amortization expense related to amortized intangible assets for future years is expected to be as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
2014 | $ | 682 | ||||||||||||||
2015 | $ | 791 | ||||||||||||||
2016 | $ | 671 | ||||||||||||||
2017 | $ | 550 | ||||||||||||||
2018 | $ | 432 | ||||||||||||||
Thereafter | $ | 550 | ||||||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Liabilities, Current [Abstract] | ' | |||||||
Other Current Liabilities | ' | |||||||
Other current liabilities consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Continuing operations: | ||||||||
Self-insured liability accrual | $ | 7,512 | $ | 7,603 | ||||
Accrued employee benefit costs | 4,930 | 2,751 | ||||||
Accrued sales and use taxes | 4,003 | 1,609 | ||||||
Accrued restructuring | 2,919 | 3,877 | ||||||
Accrued dividends | 2,208 | 2,192 | ||||||
Accrued professional fees | 1,499 | 1,832 | ||||||
Deferred rent | 1,354 | 1,558 | ||||||
Accrued foreign income taxes | 346 | 565 | ||||||
Other | 9,794 | 6,183 | ||||||
Total continuing operations | 34,565 | 28,170 | ||||||
Discontinued operations: | ||||||||
Self-insured liability accrual | 470 | 469 | ||||||
Environmental remediation liabilities | 334 | 353 | ||||||
Other | 162 | 177 | ||||||
Total discontinued operations | 966 | 999 | ||||||
Other current liabilities | $ | 35,531 | $ | 29,169 | ||||
Other_Deferred_Liabilities_Tab
Other Deferred Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ' | |||||||
Other deferred items and liabilities | ' | |||||||
Other deferred items and liabilities consisted of the following as of the respective periods: | ||||||||
(in thousands) | March 31, | December 31, 2013 | ||||||
2014 | ||||||||
Continuing operations: | ||||||||
Self-insured liability accrual | $ | 17,814 | $ | 17,316 | ||||
Accrued compensation | 5,599 | 8,349 | ||||||
Foreign deferred tax liability | 2,012 | 1,989 | ||||||
Accrued restructuring | 1,556 | 1,919 | ||||||
Other | 8,090 | 7,552 | ||||||
Total continuing operations | 35,071 | 37,125 | ||||||
Discontinued operations: | ||||||||
Environmental remediation liabilities | 4,653 | 4,666 | ||||||
Self-insured liability accrual | 4,439 | 4,489 | ||||||
Accrued income taxes | 906 | 1,085 | ||||||
Other | 1,246 | 1,254 | ||||||
Total discontinued operations | 11,244 | 11,494 | ||||||
Other deferred items and liabilities | $ | 46,315 | $ | 48,619 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||
The fair value information related to these assets is summarized in the following tables: | ||||||||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(in thousands) | March 31, 2014 | Quoted Prices in | Significant | Significant | ||||||||||||
Active | Other | Unobserved | ||||||||||||||
Markets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 1,818 | $ | 1,818 | $ | — | $ | — | ||||||||
Other mutual funds | 2,014 | 2,014 | — | — | ||||||||||||
Total assets at fair value | $ | 3,832 | $ | 3,832 | $ | — | $ | — | ||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(in thousands) | 31-Dec-13 | Quoted Prices | Significant | Significant | ||||||||||||
in Active | Other | Unobserved | ||||||||||||||
Markets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 118 | $ | 118 | $ | — | $ | — | ||||||||
Other mutual funds | 2,023 | 2,023 | — | — | ||||||||||||
Total assets at fair value | $ | 2,141 | $ | 2,141 | $ | — | $ | — | ||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Reconciliation of Stockholders' Equity to Noncontrolling Interests | ' | ||||||||||||||||
The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the three months ended March 31, 2014 and 2013: | |||||||||||||||||
(in thousands) | Total Viad Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||
Balance at December 31, 2013 | $ | 347,441 | $ | 9,102 | $ | 356,543 | |||||||||||
Net income | 21,882 | 2,537 | 24,419 | ||||||||||||||
Dividends on common stock | (32,517 | ) | — | (32,517 | ) | ||||||||||||
Common stock purchased for treasury | (1,042 | ) | — | (1,042 | ) | ||||||||||||
Employee benefit plans | 2,052 | — | 2,052 | ||||||||||||||
Unrealized foreign currency translation adjustment | (6,733 | ) | — | (6,733 | ) | ||||||||||||
ESOP allocation adjustment | 44 | — | 44 | ||||||||||||||
Other | 46 | 1 | 47 | ||||||||||||||
Balance at March 31, 2014 | $ | 331,173 | $ | 11,640 | $ | 342,813 | |||||||||||
(in thousands) | Total Viad Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||||||
Balance at December 31, 2012 | $ | 388,061 | $ | 8,971 | $ | 397,032 | |||||||||||
Net income (loss) | 8,065 | (275 | ) | 7,790 | |||||||||||||
Dividends on common stock | (2,034 | ) | — | (2,034 | ) | ||||||||||||
Common stock purchased for treasury | (1,187 | ) | — | (1,187 | ) | ||||||||||||
Employee benefit plans | 1,792 | — | 1,792 | ||||||||||||||
Unrealized foreign currency translation adjustment | (6,128 | ) | — | (6,128 | ) | ||||||||||||
Unrealized gain on investments | 61 | — | 61 | ||||||||||||||
Prior service credit and net actuarial loss | 41 | — | 41 | ||||||||||||||
ESOP allocation adjustment | 250 | — | 250 | ||||||||||||||
Other | 1 | — | 1 | ||||||||||||||
Balance at March 31, 2013 | $ | 388,922 | $ | 8,696 | $ | 397,618 | |||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Changes in accumulated other comprehensive income (“AOCI”) by component were as follows: | |||||||||||||||||
(in thousands) | Unrealized Gains on Investments | Cumulative Foreign Currency Translation Adjustments | Unrecognized Net Actuarial Loss and Service Credit | Accumulated Other Comprehensive Income | |||||||||||||
Balance at December 31, 2013 | $ | 429 | $ | 30,847 | $ | (11,259 | ) | $ | 20,017 | ||||||||
Other comprehensive income before reclassifications | 22 | (6,733 | ) | — | (6,711 | ) | |||||||||||
Amounts reclassified from AOCI, net of tax | (13 | ) | — | 36 | 23 | ||||||||||||
Net other comprehensive income (loss) | 9 | (6,733 | ) | 36 | (6,688 | ) | |||||||||||
Balance at March 31, 2014 | $ | 438 | $ | 24,114 | $ | (11,223 | ) | $ | 13,329 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following table presents information about reclassification adjustments out of AOCI for the three months ended March 31: | |||||||||||||||||
Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||
Unrealized gains on investments | $ | 21 | $ | 27 | Interest income | ||||||||||||
Tax effect | (8 | ) | (9 | ) | Income taxes | ||||||||||||
$ | 13 | $ | 18 | Net of tax | |||||||||||||
Recognized net actuarial loss(1) | $ | (205 | ) | $ | (290 | ) | |||||||||||
Amortization of prior service credit(1) | 148 | 225 | |||||||||||||||
Tax effect | 21 | 24 | Income taxes | ||||||||||||||
$ | (36 | ) | $ | (41 | ) | Net of tax | |||||||||||
(1) Amount included in pension expense. Refer to Note 16, Pension and Postretirement Benefits. |
Income_Per_Share_Tables
Income Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Reconciliation of basic and diluted income per share | ' | |||||||
The following are the components of basic and diluted income per share for the three months ended March 31: | ||||||||
(in thousands, except per share data) | 2014 | 2013 | ||||||
Net income attributable to Viad (diluted) | $ | 21,882 | $ | 8,065 | ||||
Less: Allocation to non-vested shares | (424 | ) | (198 | ) | ||||
Net income allocated to Viad common stockholders (basic) | $ | 21,458 | $ | 7,867 | ||||
Basic weighted-average outstanding common shares | 19,949 | 19,790 | ||||||
Additional dilutive shares related to share-based compensation | 381 | 403 | ||||||
Diluted weighted-average outstanding shares | 20,330 | 20,193 | ||||||
Income per share: | ||||||||
Basic income attributable to Viad common stockholders | $ | 1.08 | $ | 0.4 | ||||
Diluted income attributable to Viad common stockholders(1) | $ | 1.08 | $ | 0.4 | ||||
(1) Diluted income per share amount cannot exceed basic income per share. |
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad's postretirement benefit plans | ' | ||||||||||||||||||||||||
The net periodic benefit cost of Viad’s pension and postretirement plans for the three months ended March 31 included the following components: | |||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||
Pension Plans | Postretirement Benefit Plans | Foreign Pension Plans | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||
Service cost | $ | 23 | $ | 30 | $ | 34 | $ | 46 | $ | 104 | $ | 137 | |||||||||||||
Interest cost | 280 | 261 | 176 | 173 | 160 | 181 | |||||||||||||||||||
Expected return on plan assets | (103 | ) | (100 | ) | — | — | (161 | ) | (180 | ) | |||||||||||||||
Amortization of prior service credit | — | — | (148 | ) | (225 | ) | — | — | |||||||||||||||||
Recognized net actuarial loss | 104 | 149 | 101 | 141 | 3 | 10 | |||||||||||||||||||
Net periodic benefit cost | $ | 304 | $ | 340 | $ | 163 | $ | 135 | $ | 106 | $ | 148 | |||||||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Reconciliation of beginning and ending liability balances by major restructuring activity | ' | |||||||||||||||
The table below represents a reconciliation of beginning and ending liability balances by major restructuring activity: | ||||||||||||||||
Marketing & Events | Other Restructurings | |||||||||||||||
Group Consolidation | ||||||||||||||||
(in thousands) | Severance & | Facilities | Severance & | Total | ||||||||||||
Employee | Employee | |||||||||||||||
Benefits | Benefits | |||||||||||||||
Balance at December 31, 2013 | $ | 1,240 | $ | 3,565 | $ | 991 | $ | 5,796 | ||||||||
Restructuring charges (recoveries) | 492 | — | (281 | ) | 211 | |||||||||||
Cash payments | (893 | ) | (136 | ) | (831 | ) | (1,860 | ) | ||||||||
Adjustment to liability | 64 | — | 264 | 328 | ||||||||||||
Balance at March 31, 2014 | $ | 903 | $ | 3,429 | $ | 143 | $ | 4,475 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Reconciliation of income statement items from reportable segments | ' | |||||||
Disclosures regarding Viad’s reportable segments for the three months ended March 31 with reconciliations to consolidated totals are as follows: | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Revenue: | ||||||||
Marketing & Events Group: | ||||||||
U.S. | $ | 221,395 | $ | 218,341 | ||||
International | 58,718 | 60,048 | ||||||
Intersegment eliminations | (2,290 | ) | (1,628 | ) | ||||
Total Marketing & Events Group | 277,823 | 276,761 | ||||||
Travel & Recreation Group | 7,818 | 8,398 | ||||||
Total revenue | $ | 285,641 | $ | 285,159 | ||||
Segment operating income (loss): | ||||||||
Marketing & Events Group: | ||||||||
U.S. | $ | 15,851 | $ | 14,115 | ||||
International | 2,319 | 4,392 | ||||||
Total Marketing & Events Group | 18,170 | 18,507 | ||||||
Travel & Recreation Group | (4,809 | ) | (4,912 | ) | ||||
Segment operating income | 13,361 | 13,595 | ||||||
Corporate activities | (2,039 | ) | (806 | ) | ||||
Operating income | 11,322 | 12,789 | ||||||
Interest income | 65 | 138 | ||||||
Interest expense | (298 | ) | (296 | ) | ||||
Restructuring recoveries (charges): | ||||||||
Marketing & Events U.S. | 38 | 194 | ||||||
Marketing & Events International | (530 | ) | (901 | ) | ||||
Travel & Recreation Group | 206 | (13 | ) | |||||
Corporate | 75 | — | ||||||
Income from continuing operations before income taxes | $ | 10,878 | $ | 11,911 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||
The following summarizes Glacier Park’s operating results for the three months ended March 31, which are presented in income (loss) from discontinued operations, net of tax, in Viad’s Condensed Consolidated Statements of Operations: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Total revenue | $ | — | $ | 4 | |||||
Costs and expenses | (68 | ) | (772 | ) | |||||
Loss from discontinued operations, before income taxes | (68 | ) | (768 | ) | |||||
Income tax benefit | 20 | 283 | |||||||
Loss from discontinued operations, net of tax | (48 | ) | (485 | ) | |||||
Gain on sale of discontinued operations, net of tax | 15,286 | — | |||||||
Income (loss) from discontinued operations | 15,238 | (485 | ) | ||||||
(Income) loss from discontinued operations attributable to noncontrolling interest | (2,668 | ) | 97 | ||||||
Income (loss) from discontinued operations attributable to Viad | $ | 12,570 | $ | (388 | ) | ||||
Reconciliation of Noncontrolling Interest, Income Statement | ' | ||||||||
The following is a reconciliation of net income (loss) attributable to the noncontrolling interest for the three months ended March 31: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Loss from continuing operations | $ | (131 | ) | $ | (178 | ) | |||
Income (loss) from discontinued operations | 2,668 | (97 | ) | ||||||
Net income (loss) attributable to noncontrolling interest | $ | 2,537 | $ | (275 | ) | ||||
Basis_of_Presentation_and_Prin2
Basis of Presentation and Principles of Consolidation - Narrative (Details) (Glacier Park Inc) | 12 Months Ended |
Dec. 31, 2013 | |
motorinn | |
hotel | |
Lodges | |
Glacier Park Inc | ' |
Related Party Transaction [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% |
Number of Lodges | 5 |
Number of Motor Inns | 3 |
Numbers of Hotel | 1 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Share-Based Compensation Expenses (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Summary of share-based compensation expense | ' | ' |
Share-based compensation before income tax benefit | $391 | $1,819 |
Income tax benefit | -152 | -654 |
Total share-based compensation, net of income tax benefit | 239 | 1,165 |
Restricted stock/performance-based restricted stock (PBRS) | ' | ' |
Summary of share-based compensation expense | ' | ' |
Share-based compensation before income tax benefit | 654 | 773 |
Performance unit incentive plan (PUP) | ' | ' |
Summary of share-based compensation expense | ' | ' |
Share-based compensation before income tax benefit | -231 | 863 |
Restricted Stock Units and Performance Based Restricted Stock Units | ' | ' |
Summary of share-based compensation expense | ' | ' |
Share-based compensation before income tax benefit | -32 | 88 |
Stock options | ' | ' |
Summary of share-based compensation expense | ' | ' |
Share-based compensation before income tax benefit | $0 | $95 |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Liability Based Award Activity (Details) (Liability Based Awards, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Performance unit incentive plan (PUP) | ' |
Summary of Liability-Based Award Activity [Roll Forward] | ' |
Beginning Balance, Shares | 299,768 |
Granted, Shares | 123,300 |
Vested, Shares | -94,600 |
Forfeited or Cancelled, Shares | 0 |
Ending Balance, Shares | 328,468 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $23.46 |
Granted, Weighted-Average Grant Date Fair Value | $23.71 |
Vested, Weighted-Average Grant Date Fair Value | $23.01 |
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value | $0 |
Ending Balance, Weighted-Average Grant Date Fair Value | $23.69 |
Restricted Stock (RSU) | ' |
Summary of Liability-Based Award Activity [Roll Forward] | ' |
Beginning Balance, Shares | 430,899 |
Granted, Shares | 83,300 |
Vested, Shares | -132,255 |
Forfeited or Cancelled, Shares | -5,140 |
Ending Balance, Shares | 376,804 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $22.78 |
Granted, Weighted-Average Grant Date Fair Value | $23.95 |
Vested, Weighted-Average Grant Date Fair Value | $22.67 |
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value | $22.44 |
Ending Balance, Weighted-Average Grant Date Fair Value | $23.09 |
Performance Based Restricted Stock Shares (PBRSU) | ' |
Summary of Liability-Based Award Activity [Roll Forward] | ' |
Beginning Balance, Shares | 28,560 |
Granted, Shares | 6,700 |
Vested, Shares | -9,890 |
Forfeited or Cancelled, Shares | 0 |
Ending Balance, Shares | 25,370 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $22.91 |
Granted, Weighted-Average Grant Date Fair Value | $24.95 |
Vested, Weighted-Average Grant Date Fair Value | $23.45 |
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value | $0 |
Ending Balance, Weighted-Average Grant Date Fair Value | $23.24 |
ShareBased_Compensation_Summar2
Share-Based Compensation - Summary of Stock Option Activity (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Summary of stock option activity | ' |
Options outstanding, Beginning Balance, Shares | 314,323 |
Options outstanding, Beginning Balance, Weighted Average Exercise Price | $19.79 |
Options outstanding, Beginning Balance, Options Exercisable | 314,323 |
Exercised, Shares | -36,815 |
Exercised, Weighted Average Exercise Price | $19.26 |
Shares Forfeited or Expired | -18,522 |
Weighted Average Exercise Price Forfeited | $35.28 |
Additional Shares Granted from Special Dividend | 17,865 |
Options outstanding, Ending Balance, Shares | 276,851 |
Options outstanding, Ending Balance, Weighted Average Exercise Price | $17.69 |
Options outstanding, Ending Balance, Options Exercisable | 276,851 |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||
Jan. 24, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Feb. 28, 2014 | Feb. 28, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock (RSU) | Restricted Stock (RSU) | Restricted Stock (RSU) | Restricted Stock (RSU) | Performance unit incentive plan (PUP) | Performance unit incentive plan (PUP) | Restricted Stock | Restricted Stock Units and Performance Based Restricted Stock Units | Restricted Stock Units and Performance Based Restricted Stock Units | Employee Stock Option [Member] | Employee Stock Option [Member] | Restructuring Charges | Performance unit incentive plan (PUP) | Performance unit incentive plan (PUP) | ||||
Share Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation before income tax benefit | ' | ($391,000) | ($1,819,000) | ' | ' | ' | ' | $231,000 | ($863,000) | ' | $32,000 | ($88,000) | $0 | ($95,000) | $311,000 | ' | ' |
Common Stock, Dividends, Per Share, Declared | $1.50 | $1.60 | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Common Stock | 30,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,400,000 | ' | 0 | ' | ' | ' | ' |
Recognition Period of Unrecognized cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' |
Repurchase of Common Stock for Employee Tax Withholding Obligations amount, shares | ' | 44,358 | 44,606 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of Common Stock for Employee Tax Withholding Obligations amount | ' | 1,000,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Available for Grant | ' | 906,468 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability awards recorded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000 | 5,900,000 |
Payments To Employees | ' | ' | ' | 232,000 | 300,000 | ' | ' | 2,900,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities related to restricted stock | ' | ' | ' | ' | ' | $400,000 | $664,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition_of_Business_Narrat
Acquisition of Business - Narrative (Details) (Resource Creative Limited) | 0 Months Ended | 1 Months Ended | |
Feb. 19, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
USD ($) | USD ($) | GBP (£) | |
Business Acquisition [Line Items] | ' | ' | ' |
Purchase price | $647,000 | ' | ' |
Contingent Liability | 180,000 | ' | ' |
Payment of Contingent Liability | ' | $147,000 | £ 90,000 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventories | ' | ' |
Raw materials | $16,059 | $14,825 |
Work in process | 17,044 | 13,168 |
Inventories | $33,103 | $27,993 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Income tax receivable | $2,609 | $2,035 |
Prepaid vendor payments | 2,558 | 2,008 |
Prepaid insurance | 1,928 | 2,260 |
Assets held for sale | 1,814 | 0 |
Prepaid rent | 1,488 | 284 |
Prepaid other | 6,181 | 6,977 |
Other | 4,263 | 3,578 |
Other Assets, Current | $20,841 | $17,142 |
Property_and_Equipment_Schedul
Property and Equipment - Schedule of Property and Equipment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and Equipment | ' | ' |
Gross property and equipment | $442,230 | $457,944 |
Less: accumulated depreciation | -262,397 | -267,614 |
Property and equipment, net | 179,833 | 190,330 |
Land and land interests | ' | ' |
Property and Equipment | ' | ' |
Gross property and equipment | 23,258 | 23,646 |
Buildings and leasehold improvements | ' | ' |
Property and Equipment | ' | ' |
Gross property and equipment | 129,431 | 139,889 |
Equipment and other | ' | ' |
Property and Equipment | ' | ' |
Gross property and equipment | $289,541 | $294,409 |
Property_and_Equipment_Narrati
Property and Equipment - Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation expense | $6.50 | $6.60 |
Other_Investments_and_Assets_S
Other Investments and Assets - Summary of Other Investments and Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, All Other Investments [Abstract] | ' | ' |
Cash surrender value of life insurance | $19,849 | $19,690 |
Workers’ compensation insurance security deposits | 3,350 | 3,350 |
Other | 11,379 | 11,986 |
Other investments and assets | $34,578 | $35,026 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Changes in the carrying amount of goodwill | ' |
Balance at December 31, 2013 | $129,543 |
Foreign currency translation adjustments | -2,113 |
Balance at March 31, 2014 | 127,430 |
Marketing & Events U.S. | ' |
Changes in the carrying amount of goodwill | ' |
Balance at December 31, 2013 | 62,686 |
Foreign currency translation adjustments | 0 |
Balance at March 31, 2014 | 62,686 |
Marketing & Events International | ' |
Changes in the carrying amount of goodwill | ' |
Balance at December 31, 2013 | 22,611 |
Foreign currency translation adjustments | -242 |
Balance at March 31, 2014 | 22,369 |
Travel & Recreation Group | ' |
Changes in the carrying amount of goodwill | ' |
Balance at December 31, 2013 | 44,246 |
Foreign currency translation adjustments | -1,871 |
Balance at March 31, 2014 | $42,375 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Goodwill by Reporting Unit and Segment (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill by reporting unit and segment | ' | ' |
Goodwill | $127,430 | $129,543 |
Marketing & Events U.S. | ' | ' |
Goodwill by reporting unit and segment | ' | ' |
Goodwill | 62,686 | 62,686 |
Marketing & Events International | ' | ' |
Goodwill by reporting unit and segment | ' | ' |
Goodwill | 22,369 | 22,611 |
Marketing & Events International | United Kingdom (Melville GES) | ' | ' |
Goodwill by reporting unit and segment | ' | ' |
Goodwill | 14,139 | 14,049 |
Marketing & Events International | GES Canada | ' | ' |
Goodwill by reporting unit and segment | ' | ' |
Goodwill | 8,230 | 8,562 |
Marketing and Events Group | ' | ' |
Goodwill by reporting unit and segment | ' | ' |
Goodwill | 85,055 | 85,297 |
Travel & Recreation Group | ' | ' |
Goodwill by reporting unit and segment | ' | ' |
Goodwill | 42,375 | 44,246 |
Travel & Recreation Group | Brewster | ' | ' |
Goodwill by reporting unit and segment | ' | ' |
Goodwill | 39,191 | 41,062 |
Travel & Recreation Group | Alaska Denali Travel | ' | ' |
Goodwill by reporting unit and segment | ' | ' |
Goodwill | $3,184 | $3,184 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' |
Amortized intangible assets, Gross Carrying Value | $6,746 | $6,817 |
Accumulated Amortization | -3,070 | -2,797 |
Amortized intangible assets, Net Carrying Value | 3,676 | 4,020 |
Intangible Assets, Gross (Excluding Goodwill) | 7,206 | 7,277 |
Total Other Intangible Assets, Net | 4,136 | 4,480 |
Customer contracts and relationships | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' |
Amortized intangible assets, Gross Carrying Value | 5,680 | 5,537 |
Accumulated Amortization | -2,828 | -2,521 |
Amortized intangible assets, Net Carrying Value | 2,852 | 3,016 |
Other | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' |
Amortized intangible assets, Gross Carrying Value | 1,066 | 1,280 |
Accumulated Amortization | -242 | -276 |
Amortized intangible assets, Net Carrying Value | 824 | 1,004 |
Business licenses | ' | ' |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' |
Accumulated Amortization | 0 | 0 |
Unamortized intangible assets, Gross Carrying Value | $460 | $460 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Estimated Amortization Expense Related to Amortized Intangible Assets (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated amortization expense related to amortized intangible assets | ' |
2014 | $682 |
2015 | 791 |
2016 | 671 |
2017 | 550 |
2018 | 432 |
Thereafter | $550 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Intangible asset amortization expense | $310 | $292 |
Other_Current_Liabilities_Sche
Other Current Liabilities - Schedule of Other Current Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Continuing operations: | ' | ' |
Self-insured liability accrual | $7,512 | $7,603 |
Accrued employee benefit costs | 4,930 | 2,751 |
Accrued sales and use taxes | 4,003 | 1,609 |
Accrued restructuring | 2,919 | 3,877 |
Accrued dividends | 2,208 | 2,192 |
Accrued professional fees | 1,499 | 1,832 |
Deferred rent | 1,354 | 1,558 |
Accrued foreign income taxes | 346 | 565 |
Other | 9,794 | 6,183 |
Total continuing operations | 34,565 | 28,170 |
Discontinued operations: | ' | ' |
Self-insured liability accrual | 470 | 469 |
Environmental remediation liabilities | 334 | 353 |
Other | 162 | 177 |
Total discontinued operations | 966 | 999 |
Other current liabilities | $35,531 | $29,169 |
Other_Deferred_Liabilities_Sch
Other Deferred Liabilities - Schedule of Other Deferred Items and Liabilities (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Continuing operations: | ' | ' |
Self-insured liability accrual | $17,814 | $17,316 |
Accrued compensation | 5,599 | 8,349 |
Foreign deferred tax liability | 2,012 | 1,989 |
Accrued restructuring | 1,556 | 1,919 |
Other | 8,090 | 7,552 |
Total continuing operations | 35,071 | 37,125 |
Discontinued operations: | ' | ' |
Environmental remediation liabilities | 4,653 | 4,666 |
Self-insured liability accrual | 4,439 | 4,489 |
Accrued income taxes | 906 | 1,085 |
Other | 1,246 | 1,254 |
Total discontinued operations | 11,244 | 11,494 |
Total other deferred items and liabilities | $46,315 | $48,619 |
Debt_Narrative_Details
Debt - Narrative (Details) (USD $) | 3 Months Ended | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | 31-May-11 |
Top Tier Foreign Subsidiaries | Revolving Credit Facility | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Line of Credit Facility, Borrowing Capacity | ' | ' | ' | $130 |
Proceeds from Lines of Credit | ' | ' | ' | 50 |
Credit Facility Period | ' | ' | ' | '5 years |
Line of Credit Facility, Expiration Date | ' | ' | ' | 18-May-16 |
Line of Credit Borrowings used to Support Letter of Credit | ' | ' | ' | 50 |
Percent of Lenders Security Interest on Capital Stock of Top Tier Foreign Subsidiary | ' | ' | 65.00% | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 128.7 | ' | ' | ' |
Letters of Credit Outstanding, Amount | 1.3 | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ' | ' | ' |
Debt (Textual) [Abstract] | ' | ' | ' | ' |
Long-term Debt, Excluding Current Maturities | 1.7 | 11.7 | ' | ' |
Ratio of Indebtedness to Net Capital | 0.005 | 0.032 | ' | ' |
Guarantor Obligations, Maximum Exposure, Undiscounted | 11.8 | ' | ' | ' |
Guarantor Obligations, Recourse Provisions | 'There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees | ' | ' | ' |
Line of Credit Facility, Collateral | 'Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments. | ' | ' | ' |
Long-term Debt, Fair Value | $1.60 | $11.50 | ' | ' |
Fair_Value_Measurements_Recurr
Fair Value Measurements - Recurring and Nonrecurring Basis (Details) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Fair value information related to assets | ' | ' | ' |
Assets | $3,832 | ' | $2,141 |
Money market funds | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 1,818 | ' | 118 |
Other mutual funds | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 2,014 | 2,000 | 2,023 |
Quoted Prices in Active Markets (Level 1) | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 3,832 | ' | 2,141 |
Quoted Prices in Active Markets (Level 1) | Money market funds | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 1,818 | ' | 118 |
Quoted Prices in Active Markets (Level 1) | Other mutual funds | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 2,014 | ' | 2,023 |
Significant Other Observable Inputs (Level 2) | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 0 | ' | 0 |
Significant Other Observable Inputs (Level 2) | Money market funds | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 0 | ' | 0 |
Significant Other Observable Inputs (Level 2) | Other mutual funds | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 0 | ' | 0 |
Significant Unobserved Inputs (Level 3) | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 0 | ' | 0 |
Significant Unobserved Inputs (Level 3) | Money market funds | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | 0 | ' | 0 |
Significant Unobserved Inputs (Level 3) | Other mutual funds | ' | ' | ' |
Fair value information related to assets | ' | ' | ' |
Assets | $0 | ' | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements - Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
Money market funds | Money market funds | Other mutual funds | Other mutual funds | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | |||
Money market funds | Money market funds | Other mutual funds | Other mutual funds | Other mutual funds | |||||||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | $3,832,000 | $2,141,000 | $1,818,000 | $118,000 | $2,014,000 | $2,000,000 | $2,023,000 |
Unrealized gains on the investments | ' | ' | 0 | 0 | 705,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' |
Unrealized gains on the investments after-tax | $438,000 | $429,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Reconcilia
Stockholders' Equity - Reconciliation of Stockholders' Equity to Noncontrolling Interests (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Noncontrolling Interest [Line Items] | ' | ' | ||
Beginning Balance | $356,543 | $397,032 | ||
Net income | 24,419 | 7,790 | ||
Dividends, Common Stock, Cash | -32,517 | -2,034 | ||
Payments for Repurchase of Common Stock | -1,042 | -1,187 | ||
Adjustments To Additional Paid In Capital Employee Benefit Plans | 2,052 | 1,792 | ||
Unrealized foreign currency translation adjustments, net of tax(1) | -6,733 | [1] | -6,128 | [1] |
Unrealized gains on investments, net of tax(1) | 9 | [1] | 61 | [1] |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | 41 | ||
ESOP Allocation Adjustment | 44 | 250 | ||
Stockholders' Equity, Other | 47 | 1 | ||
Ending Balance | 342,813 | 397,618 | ||
Total Viad Equity | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ||
Beginning Balance | 347,441 | 388,061 | ||
Net income | 21,882 | 8,065 | ||
Dividends, Common Stock, Cash | -32,517 | -2,034 | ||
Payments for Repurchase of Common Stock | -1,042 | -1,187 | ||
Adjustments To Additional Paid In Capital Employee Benefit Plans | 2,052 | 1,792 | ||
Unrealized foreign currency translation adjustments, net of tax(1) | -6,733 | -6,128 | ||
Unrealized gains on investments, net of tax(1) | ' | 61 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | 41 | ||
ESOP Allocation Adjustment | 44 | 250 | ||
Stockholders' Equity, Other | 46 | 1 | ||
Ending Balance | 331,173 | 388,922 | ||
Non-Controlling Interest | ' | ' | ||
Noncontrolling Interest [Line Items] | ' | ' | ||
Beginning Balance | 9,102 | 8,971 | ||
Net income | 2,537 | -275 | ||
Dividends, Common Stock, Cash | 0 | 0 | ||
Payments for Repurchase of Common Stock | 0 | 0 | ||
Adjustments To Additional Paid In Capital Employee Benefit Plans | 0 | 0 | ||
Unrealized foreign currency translation adjustments, net of tax(1) | 0 | 0 | ||
Unrealized gains on investments, net of tax(1) | ' | 0 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | 0 | ||
ESOP Allocation Adjustment | 0 | 0 | ||
Stockholders' Equity, Other | 1 | 0 | ||
Ending Balance | $11,640 | $8,696 | ||
[1] | The tax effect on other comprehensive income (loss) is not significant. |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at December 31, 2013 | $20,017 | ' |
Other comprehensive income before reclassifications | -6,711 | ' |
Amounts reclassified from AOCI, net of tax | 23 | ' |
Net other comprehensive income (loss) | -6,688 | ' |
Balance at March 31, 2014 | 13,329 | ' |
Unrealized Gains on Investments | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at December 31, 2013 | 429 | ' |
Other comprehensive income before reclassifications | 22 | ' |
Amounts reclassified from AOCI, net of tax | -13 | -18 |
Net other comprehensive income (loss) | 9 | ' |
Balance at March 31, 2014 | 438 | ' |
Cumulative Foreign Currency Translation Adjustments | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at December 31, 2013 | 30,847 | ' |
Other comprehensive income before reclassifications | -6,733 | ' |
Amounts reclassified from AOCI, net of tax | 0 | ' |
Net other comprehensive income (loss) | -6,733 | ' |
Balance at March 31, 2014 | 24,114 | ' |
Unrecognized Net Actuarial Loss and Service Credit | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' |
Balance at December 31, 2013 | -11,259 | ' |
Other comprehensive income before reclassifications | 0 | ' |
Amounts reclassified from AOCI, net of tax | 36 | 41 |
Net other comprehensive income (loss) | 36 | ' |
Balance at March 31, 2014 | ($11,223) | ' |
Stockholders_Equity_Reclassifi
Stockholders' Equity - Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Income Tax Expense (Benefit) | ($1,697) | ($3,636) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | -23 | ' |
Unrealized Gains on Investments | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 21 | 27 |
Income Tax Expense (Benefit) | -8 | -9 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 13 | 18 |
Unrecognized Net Actuarial Loss and Service Credit | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | -205 | -290 |
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | 148 | 225 |
Income Tax Expense (Benefit) | 21 | 24 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ($36) | ($41) |
Income_Per_Share_Reconciliatio
Income Per Share - Reconciliation of Basic and Diluted Income Per Share (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Numerator: | ' | ' | ||
Net income attributable to Viad | $21,882 | $8,065 | ||
Less: Allocation to non-vested shares | -424 | -198 | ||
Net income allocated to Viad common stockholders | $21,458 | $7,867 | ||
Denominator: | ' | ' | ||
Weighted-average outstanding common shares | 19,949 | 19,790 | ||
Additional dilutive shares related to share-based compensation | 381 | 403 | ||
Weighted-average outstanding and potentially dilutive shares | 20,330 | 20,193 | ||
Net income attributable to Viad common stockholders (Per Share) | $1.08 | $0.40 | ||
Net income attributable to Viad common stockholders (per share) | $1.08 | [1] | $0.40 | [1] |
[1] | Diluted income per share amount cannot exceed basic income per share. |
Income_Per_Share_Additional_In
Income Per Share - Additional Information (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Per Share (Textual) [Abstract] | ' | ' |
Additional dilutive shares related to share-based compensation | 381 | 403 |
Stock options | ' | ' |
Income Per Share (Textual) [Abstract] | ' | ' |
Common stock shares effect would be anti-dilutive | 34 | 54 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | |
Foreign Tax Authority | Forecast | ||||
Foreign Tax Authority | |||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Effective income tax rate | 15.60% | 30.50% | ' | ' | ' |
Effective income tax rate, discontinued operations | 29.10% | 36.80% | ' | ' | ' |
Federal statutory income tax rate | 35.00% | ' | ' | ' | ' |
Deferred tax assets | $67,700,000 | ' | $77,000,000 | ' | ' |
Valuation allowance | ' | ' | 12,400,000 | 10,900,000 | ' |
Release of valuation allowance | ' | ' | ' | ' | 3,600,000 |
Liability for Uncertain Tax Positions, Continuing Operations, Excluding Interest and Penalties | 1,100,000 | ' | 736,000 | ' | ' |
Accrued Interest And Penalties For Continued Operations | 56,000 | ' | 20,000 | ' | ' |
Disposal Group, Including Discontinued Operation, Accrued Income Taxes Payable | 636,000 | ' | 636,000 | ' | ' |
Accrued Interest and Penalties for Discontinued Operations | 458,000 | ' | 450,000 | ' | ' |
Liability for Uncertain Tax Positions, Noncurrent | $2,200,000 | ' | $1,800,000 | ' | ' |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits - Components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad's postretirement benefit plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Pension Plans | ' | ' |
Net periodic benefit cost of pension and post retirement benefit plans | ' | ' |
Service cost | $23 | $30 |
Interest cost | 280 | 261 |
Expected return on plan assets | -103 | -100 |
Amortization of prior service credit | 0 | 0 |
Recognized net actuarial loss | 104 | 149 |
Net periodic benefit cost | 304 | 340 |
US Postretirement Benefit Plans | ' | ' |
Net periodic benefit cost of pension and post retirement benefit plans | ' | ' |
Service cost | 34 | 46 |
Interest cost | 176 | 173 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service credit | -148 | -225 |
Recognized net actuarial loss | 101 | 141 |
Net periodic benefit cost | 163 | 135 |
Foreign Pension Plans | ' | ' |
Net periodic benefit cost of pension and post retirement benefit plans | ' | ' |
Service cost | 104 | 137 |
Interest cost | 160 | 181 |
Expected return on plan assets | -161 | -180 |
Amortization of prior service credit | 0 | 0 |
Recognized net actuarial loss | 3 | 10 |
Net periodic benefit cost | $106 | $148 |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefits (Details Textual) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Pension Plans | Funded Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amount expected to contribute in funded pension plans | $1,400,000 |
Pension Contributions | 217,000 |
Pension Plans | Unfunded Pension Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amount expected to contribute in unfunded pension plans | 941,000 |
Pension Contributions | 201,000 |
US Postretirement Benefit Plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amount expected to contribute in postretirement benefit plans | 950,000 |
Pension and Other Postretirement Benefit Contributions | $0 |
Restructuring_Charges_Reconcil
Restructuring Charges - Reconciliation of Beginning and Ending Liability Balances by Major Restructuring Activity (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reconciliation of beginning and ending liability balances by major restructuring activity | ' | ' |
Beginning Balance | $5,796 | ' |
Restructuring charges | 211 | 720 |
Restructuring liabilities | -1,860 | -1,443 |
Adjustment to liability | 328 | ' |
Closing Balance | 4,475 | ' |
Marketing & Events Group | ' | ' |
Reconciliation of beginning and ending liability balances by major restructuring activity | ' | ' |
Restructuring charges | -38 | -194 |
Marketing & Events Group | Severance & Employee Benefits | ' | ' |
Reconciliation of beginning and ending liability balances by major restructuring activity | ' | ' |
Beginning Balance | 1,240 | ' |
Restructuring charges | 492 | ' |
Restructuring liabilities | -893 | ' |
Adjustment to liability | 64 | ' |
Closing Balance | 903 | ' |
Marketing & Events Group | Facilities | ' | ' |
Reconciliation of beginning and ending liability balances by major restructuring activity | ' | ' |
Beginning Balance | 3,565 | ' |
Restructuring charges | 0 | ' |
Restructuring liabilities | -136 | ' |
Adjustment to liability | 0 | ' |
Closing Balance | 3,429 | ' |
Other Restructuring | Severance & Employee Benefits | ' | ' |
Reconciliation of beginning and ending liability balances by major restructuring activity | ' | ' |
Beginning Balance | 991 | ' |
Restructuring charges | -281 | ' |
Restructuring liabilities | -831 | ' |
Adjustment to liability | 264 | ' |
Closing Balance | $143 | ' |
Restructuring_Charges_Narrativ
Restructuring Charges - Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restructuring Charges (Textual) [Abstract] | ' | ' |
Restructuring Reserve | $4,475 | $5,796 |
Marketing & Events Group | Facilities | ' | ' |
Restructuring Charges (Textual) [Abstract] | ' | ' |
Restructuring Reserve | $3,429 | $3,565 |
Litigation_Claims_Contingencie1
Litigation, Claims, Contingencies and Other (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | |
Agreement | Minimum | Maximum | Glacier Park | Glacier Park | |||
Property | |||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Environmental remediation liability | $5,000,000 | ' | ' | ' | ' | ' | ' |
Maximum potential amount of future payments | 11,800,000 | ' | ' | ' | ' | ' | ' |
Guarantees relate to leased facilities expiry date | 'October 2017 | ' | ' | ' | ' | ' | ' |
Recourse provision to recover guarantees | 0 | ' | ' | ' | ' | ' | ' |
Bargaining agreements | 100 | ' | ' | ' | ' | ' | ' |
Self Insurance Reserve | 21,400,000 | ' | ' | ' | ' | ' | ' |
Workers' Compensation Liability | 12,900,000 | ' | ' | ' | ' | ' | ' |
Self Insurance Reserve, Employee Health Benefits | 1,100,000 | ' | ' | ' | ' | ' | ' |
Self Insurance Reserve, General and Auto Insurance | 7,400,000 | ' | ' | ' | ' | ' | ' |
Self Insurance Reserve, Discontinued Operations | 4,900,000 | ' | ' | ' | ' | ' | ' |
Insurance Liability, Per Claim, General Range | ' | ' | ' | 200,000 | 500,000 | ' | ' |
Payments for Self Insurance Reserves, Net | 4,300,000 | ' | ' | ' | ' | ' | ' |
Liability in Excess of Self Insurance Levels | 5,000,000 | ' | ' | ' | ' | ' | ' |
Liability in Excess of Self Insurance Levels, Workers Compensation | 1,700,000 | ' | ' | ' | ' | ' | ' |
Liability in Excess of Self Insurance Levels, General Liability | 3,300,000 | ' | ' | ' | ' | ' | ' |
Revenue through concession contract | ' | ' | 47.00% | ' | ' | ' | ' |
Possessory interest | ' | 25,000,000 | ' | ' | ' | ' | ' |
Estimated amount for personal property | ' | $5,000,000 | ' | ' | ' | ' | ' |
Number of real estate properties owned | ' | ' | ' | ' | ' | ' | 5 |
Percentage of rooms operated in period | ' | ' | ' | ' | ' | 52.00% | ' |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Total revenues | $285,641 | $285,159 |
Segment operating income (loss): | ' | ' |
Segment operating income (loss), Total | 11,322 | 12,789 |
Interest income | 65 | 138 |
Interest expense | -298 | -296 |
Restructuring charges | -211 | -720 |
Income from continuing operations before income taxes | 10,878 | 11,911 |
Marketing & Events Group | ' | ' |
Revenues: | ' | ' |
Total revenues | 277,823 | 276,761 |
Segment operating income (loss): | ' | ' |
Segment operating income (loss), Total | 18,170 | 18,507 |
Restructuring charges | 38 | 194 |
Marketing & Events International | ' | ' |
Segment operating income (loss): | ' | ' |
Restructuring charges | -530 | -901 |
Travel & Recreation Group | ' | ' |
Revenues: | ' | ' |
Total revenues | 7,818 | 8,398 |
Segment operating income (loss): | ' | ' |
Segment operating income (loss), Total | -4,809 | -4,912 |
Restructuring charges | 206 | -13 |
Other Segments | ' | ' |
Segment operating income (loss): | ' | ' |
Segment operating income (loss), Total | 13,361 | 13,595 |
Corporate | ' | ' |
Segment operating income (loss): | ' | ' |
Segment operating income (loss), Total | 2,039 | 806 |
Restructuring charges | 75 | 0 |
Intersegment Eliminations | Marketing & Events Group | ' | ' |
Revenues: | ' | ' |
Total revenues | -2,290 | -1,628 |
U.S. | Marketing & Events Group | ' | ' |
Revenues: | ' | ' |
Total revenues | 221,395 | 218,341 |
Segment operating income (loss): | ' | ' |
Segment operating income (loss), Total | 15,851 | 14,115 |
International | Marketing & Events Group | ' | ' |
Revenues: | ' | ' |
Total revenues | 58,718 | 60,048 |
Segment operating income (loss): | ' | ' |
Segment operating income (loss), Total | $2,319 | $4,392 |
Discontinued_Operations_Narrat
Discontinued Operations - Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Glacier Park | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Proceeds from Possessory Interest | ' | ' | $25,000,000 |
Gain on Possessory Interest, before Tax | ' | ' | 21,600,000 |
Gain on Possessory Interest, Net of Tax, Attributable to Parent Only | ' | ' | 15,200,000 |
Gain on Possessory Interest, Net of Tax, Attributable to Noncontrolling Interest | ' | ' | 2,700,000 |
Assets held for sale | $1,814,000 | $0 | $1,800,000 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Disconnected Operations, Income Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Total revenue | $0 | $4 |
Costs and expenses | -68 | -772 |
Loss from discontinued operations, before income taxes | -68 | -768 |
Income tax benefit | 20 | 283 |
Loss from discontinued operations, net of tax | -48 | -485 |
Gain on sale of discontinued operations, net of tax | 15,286 | 0 |
Income (loss) from discontinued operations | 15,238 | -485 |
(Income) loss from discontinued operations attributable to noncontrolling interest | -2,668 | 97 |
Income (loss) from discontinued operations attributable to Viad | $12,570 | ($388) |
Discontinued_Operations_Reconc
Discontinued Operations - Reconciliation of Noncontrolling Interest, Income Statement (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Loss from continuing operations | ($131) | ($178) |
Income (loss) from discontinued operations | 2,668 | -97 |
Net income (loss) attributable to noncontrolling interest | $2,537 | ($275) |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | 8-May-14 |
Subsequent Event | |||
Subsequent Event [Line Items] | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | 220 |
Payments for Repurchase of Common Stock | $1,042 | $1,187 | $5,100 |