Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | VIAD CORP | ||
Entity Central Index Key | 884219 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $477 | ||
Entity Common Stock, Shares Outstanding | 20,098,781 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $56,990 | $45,821 |
Accounts receivable, net of allowance for doubtful accounts of $1,258 and $877, respectively | 78,121 | 61,197 |
Inventories | 32,401 | 27,993 |
Deferred income taxes | 22,943 | 20,577 |
Other current assets | 17,440 | 17,142 |
Total current assets | 207,895 | 172,730 |
Property and equipment, net | 199,571 | 190,330 |
Other investments and assets | 40,674 | 35,026 |
Deferred income taxes | 29,639 | 29,823 |
Goodwill | 194,197 | 129,543 |
Other intangible assets, net | 42,967 | 4,480 |
Total Assets | 714,943 | 561,932 |
Current liabilities | ||
Accounts payable | 61,789 | 40,941 |
Customer deposits | 32,720 | 29,207 |
Accrued compensation | 20,736 | 15,113 |
Other current liabilities | 27,787 | 29,169 |
Current portion of long-term debt and capital lease obligations | 27,856 | 10,903 |
Total current liabilities | 170,888 | 125,333 |
Long-term debt and capital lease obligations | 113,164 | 765 |
Pension and postretirement benefits | 33,427 | 30,672 |
Other deferred items and liabilities | 49,762 | 48,619 |
Total liabilities | 367,241 | 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 | 582,066 | 590,862 |
Retained deficit | -36,427 | -50,393 |
Unearned employee benefits and other | 23 | -21 |
Accumulated other comprehensive income (loss): | ||
Unrealized gain on investments | 471 | 429 |
Cumulative foreign currency translation adjustments | 12,416 | 30,847 |
Unrecognized net actuarial loss and prior service credit, net | -13,476 | -11,259 |
Common stock in treasury, at cost, 4,842,621 and 4,618,433 shares, respectively | -247,088 | -250,426 |
Total Viad Corp stockholders’ equity | 335,387 | 347,441 |
Noncontrolling interest | 12,315 | 9,102 |
Total stockholders’ equity | 347,702 | 356,543 |
Total Liabilities and Stockholders’ Equity | $714,943 | $561,932 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $1,258 | $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 | 4,842,621 | 4,694,468 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Exhibition and event services | $772,770 | $685,350 | $726,429 |
Exhibits and environments | 171,698 | 159,554 | 175,611 |
Travel and recreation services | 120,519 | 108,443 | 104,604 |
Total revenues | 1,064,987 | 953,347 | 1,006,644 |
Costs and expenses: | |||
Costs of services | 843,652 | 758,466 | 803,921 |
Costs of products sold | 161,469 | 157,745 | 164,532 |
Gain on sale of facility and related land | 0 | -4,775 | 0 |
Corporate activities | 14,348 | 6,755 | 9,408 |
Interest income | -305 | -550 | -593 |
Interest expense | 2,015 | 1,234 | 1,303 |
Restructuring charges | 1,637 | 3,793 | 4,942 |
Goodwill impairment charge | 0 | 2,097 | 0 |
Other impairment charges | 884 | 952 | 0 |
Total costs and expenses | 1,023,700 | 925,717 | 983,513 |
Income from continuing operations before income taxes | 41,287 | 27,630 | 23,131 |
Income tax expense | 109 | 8,310 | 19,578 |
Income from continuing operations | 41,178 | 19,320 | 3,553 |
Income from discontinued operations | 14,389 | 2,366 | 3,030 |
Net income | 55,567 | 21,686 | 6,583 |
Net income attributable to noncontrolling interest | -3,213 | -131 | -686 |
Net income attributable to Viad | 52,354 | 21,555 | 5,897 |
Diluted income per common share: | |||
Income from continuing operations attributable to Viad common stockholders (USD per share) | $2.02 | $0.96 | $0.17 |
Income from discontinued operations attributable to Viad common stockholders (USD per share) | $0.57 | $0.10 | $0.12 |
Net income attributable to Viad common stockholders (USD per share) | $2.59 | $1.06 | $0.29 |
Weighted-average outstanding and potentially dilutive common shares | 20,133 | 20,265 | 20,005 |
Basic income per common share: | |||
Income from continuing operations attributable to Viad common stockholders (USD per share) | $2.02 | $0.96 | $0.17 |
Income from discontinued operations attributable to Viad common stockholders (USD per share) | $0.57 | $0.10 | $0.12 |
Net income attributable to Viad common stockholders (USD per share) | $2.59 | $1.06 | $0.29 |
Weighted-average outstanding common shares | 19,804 | 19,850 | 19,701 |
Dividends declared per common share (USD per share) | $1.90 | $2.90 | $0.28 |
Amounts attributable to Viad common stockholders | |||
Income from continuing operations | 40,790 | 19,437 | 3,348 |
Income from discontinued operations | 11,564 | 2,118 | 2,549 |
Net income | $52,354 | $21,555 | $5,897 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $55,567 | $21,686 | $6,583 |
Other comprehensive income: | |||
Unrealized gains on investments, net of tax expense (benefit) of $26, $96 and $33 | 42 | 154 | 53 |
Unrealized foreign currency translation adjustments, net of tax | -18,431 | -11,311 | 7,510 |
Amortization of net actuarial gain (loss), net of tax expense (benefit) of $(1,538), $2,380 and $(574) | -2,568 | 4,244 | -1,311 |
Amortization of prior service credit (cost), net of tax expense (benefit) of $339, $(327) and $(433) | 351 | -535 | -680 |
Comprehensive income | 34,961 | 14,238 | 12,155 |
Comprehensive income attributable to noncontrolling interest | -3,213 | -131 | -686 |
Comprehensive income attributable to Viad | $31,748 | $14,107 | $11,469 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Unrealized investment gains (losses) arising during the period, net of tax expense (benefit) | $26 | $96 | $33 |
Amortization of net actuarial loss, net of tax expense (benefit) | 1,538 | 2,380 | -574 |
Amortization of prior service credit, net of tax | ($339) | ($327) | ($433) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities | |||
Net income | $55,567 | $21,686 | $6,583 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 30,792 | 27,967 | 30,133 |
Deferred income taxes | -9,731 | 2,298 | 11,274 |
Income from discontinued operations | -14,389 | -2,366 | -3,030 |
Restructuring charges | 1,637 | 3,793 | 4,942 |
Impairment charges | 884 | 3,049 | 0 |
Gain on sale of facility and related land | 0 | -4,775 | 0 |
Gains on dispositions of property and other assets | -958 | -265 | -206 |
Share-based compensation expense | 2,930 | 5,221 | 7,232 |
Excess tax benefit from share-based compensation arrangements | -114 | -422 | -293 |
Other non-cash items, net | 5,386 | 4,870 | 10,157 |
Change in operating assets and liabilities (excluding the impact of acquisitions): | |||
Receivables | -10,441 | 1,246 | 142 |
Inventories | -2,555 | 7,663 | 195 |
Accounts payable | 18,128 | -15,436 | 4,310 |
Restructuring liabilities | -5,276 | -4,841 | -4,694 |
Accrued compensation | 3,663 | -11,707 | 1,631 |
Customer deposits | -6,406 | -20,965 | 926 |
Income taxes payable | 1,543 | 218 | 467 |
Other assets and liabilities, net | -12,570 | -11,179 | -583 |
Net cash provided by operating activities | 58,090 | 6,055 | 69,186 |
Cash flows from investing activities | |||
Proceeds from possessory interest and personal property - discontinued operations | 28,000 | 0 | 0 |
Proceeds from dispositions of property and other assets | 1,109 | 464 | 322 |
Capital expenditures | -29,389 | -36,119 | -27,675 |
Acquisition of businesses, net of cash acquired | -120,251 | -647 | -23,546 |
Proceeds from sale of facility and related land | 0 | 12,696 | 0 |
Proceeds from sale of land—discontinued operations | 0 | 1,645 | 1,041 |
Proceeds from sale of short-term investments | 0 | 0 | 384 |
Net cash used in investing activities | -120,531 | -21,961 | -49,474 |
Cash flows from financing activities | |||
Proceeds from borrowings | 189,512 | 20,000 | 0 |
Payments on debt and capital lease obligations | -61,461 | -11,362 | -2,685 |
Dividends paid on common stock | -38,387 | -58,914 | -4,454 |
Common stock purchased for treasury | -12,321 | -1,328 | -1,656 |
Debt issuance costs | -1,671 | 0 | 0 |
Excess tax benefit from share-based compensation arrangements | 114 | 422 | 293 |
Proceeds from exercise of stock options | 1,155 | 777 | 248 |
Net cash provided by (used in) financing activities | 76,941 | -50,405 | -8,254 |
Effect of exchange rate changes on cash and cash equivalents | -3,331 | -2,039 | 2,337 |
Net change in cash and cash equivalents | 11,169 | -68,350 | 13,795 |
Cash and cash equivalents, beginning of year | 45,821 | 114,171 | 100,376 |
Cash and cash equivalents, end of year | 56,990 | 45,821 | 114,171 |
Supplemental disclosure of cash flow information | |||
Cash paid for income taxes | 8,389 | 8,498 | 8,386 |
Cash paid for interest | 1,703 | 1,006 | 1,103 |
Property and equipment acquired under capital leases | 881 | 832 | 1,011 |
Property and equipment purchases in accounts payable and accrued liabilities | $780 | $3,204 | $4,822 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Capital | Retained Deficit | Unearned Employee Benefits and Other | Accumulated Other Comprehensive Income | Common Stock in Treasury | Total Viad Equity | Non-Controlling Interest |
In Thousands, unless otherwise specified | |||||||||
Beginning Balance at Dec. 31, 2011 | $386,179 | $37,402 | $599,188 | ($13,256) | ($2,951) | $21,893 | ($264,382) | $377,894 | $8,285 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 6,583 | 5,897 | 5,897 | 686 | |||||
Dividends on common stock | -5,674 | -5,674 | -5,674 | ||||||
Common stock purchased for treasury | -1,656 | -1,656 | -1,656 | ||||||
Employee benefit plans | 248 | -9,456 | 9,704 | 248 | |||||
ESOP allocation adjustment | 1,647 | 1,647 | 1,647 | ||||||
Share-based compensation-equity awards | 4,036 | 4,036 | 4,036 | ||||||
Tax deficiencies from share-based compensation | 96 | 96 | 96 | ||||||
Unrealized foreign currency translation adjustment | 7,510 | 7,510 | 7,510 | ||||||
Unrealized gain (loss) on investments | 53 | 53 | 53 | ||||||
Amortization of net actuarial loss | -1,311 | -1,311 | -1,311 | ||||||
Amortization of prior service credit | -680 | -680 | -680 | ||||||
Other, net | 1 | -2 | -1 | 3 | 1 | 1 | |||
Ending Balance at Dec. 31, 2012 | 397,032 | 37,402 | 593,862 | -13,034 | -1,301 | 27,465 | -256,333 | 388,061 | 8,971 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 21,686 | 21,555 | 21,555 | 131 | |||||
Dividends on common stock | -58,914 | -58,914 | -58,914 | ||||||
Common stock purchased for treasury | -1,328 | -1,328 | -1,328 | ||||||
Employee benefit plans | 778 | -6,456 | 7,234 | 778 | |||||
ESOP allocation adjustment | 1,280 | 1,280 | 1,280 | ||||||
Share-based compensation-equity awards | 3,053 | 3,053 | 3,053 | ||||||
Tax deficiencies from share-based compensation | 404 | 404 | 404 | ||||||
Unrealized foreign currency translation adjustment | -11,311 | -11,311 | -11,311 | ||||||
Unrealized gain (loss) on investments | 154 | 154 | 154 | ||||||
Amortization of net actuarial loss | 4,244 | 4,244 | 4,244 | ||||||
Amortization of prior service credit | -535 | -535 | -535 | ||||||
Other, net | 0 | -1 | 0 | 1 | 0 | ||||
Ending Balance at Dec. 31, 2013 | 356,543 | 37,402 | 590,862 | -50,393 | -21 | 20,017 | -250,426 | 347,441 | 9,102 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 55,567 | 52,354 | 52,354 | 3,213 | |||||
Dividends on common stock | -38,387 | -38,387 | -38,387 | ||||||
Common stock purchased for treasury | -12,321 | -12,321 | -12,321 | ||||||
Employee benefit plans | 4,324 | -11,334 | 15,658 | 4,324 | |||||
ESOP allocation adjustment | 44 | 44 | 44 | ||||||
Share-based compensation-equity awards | 2,319 | 2,319 | 2,319 | ||||||
Tax benefits from share-based compensation | 217 | 217 | 217 | ||||||
Tax deficiencies from share-based compensation | 461 | ||||||||
Unrealized foreign currency translation adjustment | -18,431 | -18,431 | -18,431 | ||||||
Unrealized gain (loss) on investments | 42 | 42 | 42 | ||||||
Amortization of net actuarial loss | -2,568 | -2,568 | |||||||
Amortization of prior service credit | 351 | 351 | |||||||
Other, net | 2 | 2 | -1 | 1 | 2 | ||||
Ending Balance at Dec. 31, 2014 | $347,702 | $37,402 | $582,066 | ($36,427) | $23 | ($589) | ($247,088) | $335,387 | $12,315 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |
Basis of Presentation and Principles of Consolidation | ||
The consolidated financial statements of Viad Corp (“Viad” or the “Company”) are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and all of its subsidiaries. All intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation. | ||
Nature of Business | ||
Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International and Travel & Recreation Group. | ||
Marketing & Events Group | ||
The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), is a global event marketing company that helps clients gain more awareness, more involvement and more value from their trade show programs and other live events. The Marketing & Events Group 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. The mission of the Marketing & Events Group is to create the world’s most meaningful and memorable experiences for show organizers, brand marketers, event attendees and retail shopping centers. Show organizers include for-profit and not-for-profit show owners as well as show management companies. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products and build business relationships. Viad’s retail shopping center customers include major developers, owners and management companies of shopping malls and leisure centers. | ||
On September 16, 2014, the Company acquired Blitz Communications Group Limited and affiliates (collectively, “Blitz”), which has offices in the United Kingdom and is a leading audio-visual staging and creative services provider for the live events industry in the United Kingdom and continental Europe. The purchase price was £15 million (approximately $24.4 million) in cash, subject to certain adjustments. | ||
On October 7, 2014, the Company acquired onPeak LLC and Travel Planners, Inc. (collectively, “onPeak”) for a purchase price of $43.0 million and $33.7 million, respectively, in cash, subject to certain adjustments. Both acquired companies provide event accommodations services in North America to the live events industry. | ||
On November 24, 2014, the Company acquired N200 Limited and affiliates (collectively, “N200”) for €9.7 million (approximately $12.1 million) in cash, subject to certain adjustments, plus an earnout payment (the “Earnout”) of up to €1.0 million. The amount of the Earnout is based on N200’s achievement of established financial targets for fiscal 2015 (ending June 30). N200, which has offices in the United Kingdom and the Netherlands, is a leading event registration and data intelligence services provider for the live events industry in the United Kingdom and the Netherlands. | ||
For additional information, refer to Note 3, Acquisition of Businesses. | ||
Travel & Recreation Group | ||
The Travel & Recreation Group is an experiential leisure travel provider serving the needs of regional and long-haul visitors to iconic natural and cultural destinations in North America. 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 2014), Banff Lake Cruise, motorcoach services, charter and sightseeing services, inbound package tour operations and hotel operations. | ||
Glacier Park, an 80 percent owned subsidiary of Viad, owns and operates seven lodges, with accommodation offerings varying from hikers’ cabins to hotel suites, including St. Mary Lodge, a 115-room, full-service resort lodge located outside the east entrance to Glacier National Park in St. Mary, Montana; Glacier Park Lodge, a historic lodge in East Glacier, Montana; Grouse Mountain Lodge, a full-season lodge offering golf, skiing in the winter, hiking in the summer and other seasonal recreational activities, located near Glacier National Park in Whitefish, Montana; the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada, which is situated on land for which the Company has a 42-year ground lease with the Canadian government running through January 31, 2052; the West Glacier Motel & Cabins in West Glacier, Montana, and Motel Lake McDonald and the Apgar Village Lodge, which are located inside Glacier National Park. Glacier Park also operates the food and beverage services with respect to those properties and the retail shops located near Glacier National Park. With regard to Glacier Park’s concession operations within Glacier National Park, refer to Note 24, Discontinued Operations. | ||
On July 1, 2014, the Company acquired the West Glacier Motel & Cabins, the Apgar Village Lodge and related land, food and beverage services and retail operations (collectively, the “West Glacier Properties”). The West Glacier Motel & Cabins is a 32-room property situated on approximately 200 acres at the west entrance of Glacier National Park, and its full-service amenities include a restaurant, grocery store, gift shops, a gas station and employee accommodations. The Apgar Village Lodge is a 48-room property situated on a 3.8 acre private in-holding inside Glacier National Park with overnight accommodations, a gift shop and employee accommodations. The purchase price was $16.5 million in cash with a working capital adjustment of $0.3 million, subject to certain adjustments. For additional information, refer to Note 3, Acquisition of Businesses. | ||
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. | ||
Significant Accounting Policies | ||
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to: | ||
• | Fair value of Viad’s reporting units used to perform annual impairment testing of recorded goodwill; | |
• | Allowances for uncollectible accounts receivable; | |
• | Provisions for income taxes, including uncertain tax positions; | |
• | Valuation allowances related to deferred tax assets; | |
• | Liabilities for losses related to self-insured liability claims; | |
• | Liabilities for losses related to environmental remediation obligations; | |
• | Sublease income associated with restructuring liabilities; | |
• | Assumptions used to measure pension and postretirement benefit costs and obligations; | |
• | Assumptions used to determine share-based compensation costs under the fair value method and | |
• | Allocation of purchase price of acquired businesses. | |
Actual results could differ from these and other estimates. | ||
Cash and Cash Equivalents. Viad considers all highly-liquid investments with remaining maturities when purchased of three months or less to be cash equivalents. Viad’s cash and cash equivalents consist of cash and bank demand deposits, bank time deposits and money market mutual funds. The Company’s investments in money market mutual funds are classified as available-for-sale and carried at fair value. | ||
Inventories. Inventories, which consist primarily of exhibit design and construction materials and supplies used in providing convention show services, are stated at the lower of cost (first-in, first-out and specific identification methods) or market. | ||
Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets: buildings, 15 to 40 years; equipment, 3 to 12 years; and leasehold improvements, over the shorter of the lease term or useful life. Property and equipment are tested for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable through undiscounted cash flows. | ||
Capitalized Software. Viad capitalizes certain internal and external costs incurred in developing or obtaining internal use software. Capitalized costs principally relate to costs incurred to purchase software from third parties, external direct costs of materials and services, and certain payroll-related costs for employees directly associated with software projects once application development begins. Costs associated with preliminary project activities, training and other post-implementation activities are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful lives of the software, ranging from three to ten years. These costs are included in the consolidated balance sheets under the caption “Property and equipment, net.” | ||
Goodwill. Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31 of each year. Goodwill is also tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Viad uses a discounted expected future cash flow methodology (income approach) in order to estimate the fair value of its reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results. | ||
Cash Surrender Value of Life Insurance. Viad has Company-owned life insurance contracts which are intended to fund the cost of certain employee compensation and benefit programs. These contracts are carried at cash surrender value, net of outstanding policy loans. The cash surrender value represents the amount of cash the Company could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, are included as a component of “Costs of Services” in the consolidated statements of operations. | ||
Self-Insurance Liabilities. Viad is self-insured up to certain limits for workers’ compensation, automobile, product and general liability, property loss and medical claims. Viad has also retained certain liabilities related to workers’ compensation and general liability insurance claims in conjunction with previously sold operations. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on Viad’s prior historical experience, claims frequency and other factors. Viad has purchased insurance for amounts in excess of the self-insured levels. | ||
Environmental Remediation Liabilities. Viad has retained certain liabilities representing the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized. | ||
Fair Value of Financial Instruments. 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. | ||
Foreign Currency Translation. Viad conducts its foreign operations primarily in Canada, the United Kingdom, Germany and to a lesser extent in certain other countries. The functional currency of Viad’s foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, Viad translates the assets and liabilities of its foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income in Viad’s consolidated balance sheets. In addition, for purposes of consolidation, the revenues, expenses and gains and losses related to Viad’s foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. | ||
Revenue Recognition. Viad recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured. GES derives revenues primarily by providing show services to exhibitors participating in exhibitions and events and from the design, construction and refurbishment of exhibit booths and holiday themed environments. Service revenue is recognized at the time services are completed. Service revenue from event accommodations services is recorded when services are completed and is net of commissions. Exhibits and environments revenue is accounted for using the completed-contract method. The Travel & Recreation Group generates revenues through its attractions, hotels and transportation and sightseeing services. Revenues are recognized at the time services are performed. | ||
Share-Based Compensation. Viad recognizes and measures compensation costs related to all share-based payment awards using the fair value method of accounting. These awards generally include restricted stock, performance-based restricted stock (“PBRS”), stock options and liability-based awards (including performance units, restricted stock units and performance-based restricted stock units). These awards contain forfeiture and non-compete provisions. | ||
The fair value of restricted stock and PBRS awards are based on Viad’s stock price on the date of grant. Viad issues restricted stock and PBRS awards from shares held in treasury. Future vesting of restricted stock and PBRS is generally subject to continued employment with Viad or its subsidiaries. Holders of restricted stock and PBRS have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge or otherwise encumber the stock, except to the extent restrictions have lapsed. | ||
Restricted stock awards vest between three and five years from the date of grant. Share-based compensation expense related to restricted stock is recognized using the straight-line method over the requisite service period of approximately three years except for certain awards with a five-year vesting period whereby expense is recognized based on an accelerated multiple-award approach over a five-year period. For these awards, 40 percent of the shares vest on the third anniversary of the grant and the remaining shares vest in 30 percent increments over the subsequent two anniversary dates. | ||
Liability-based awards (including performance units, restricted stock units and PBRS units awarded to key employees at certain of the Company’s Canadian operations) are recorded at estimated fair value, based on the number of units expected to vest and the level of achievement of predefined performance goals (where applicable) and are remeasured on each balance sheet date based on Viad’s stock price or the Monte Carlo simulation method until the time of settlement. The fair value of performance-based awards based on a market condition is determined using a Monte Carlo simulation. A Monte Carlo simulation requires the use of a number of assumptions, including historical volatility and correlation of the price of Viad’s stock and the price of the common shares of a comparator group, a risk-free rate of return and an expected term. To the extent earned, liability-based awards are settled in cash based on Viad’s stock price. Compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years. | ||
Share-based compensation expense related to PBRS awards is recognized based on an accelerated multiple-award approach over the requisite service period of approximately three years. PBRS vests when certain incentive performance targets established in the year of grant are achieved at target levels. PBRS is subject to a graded vesting schedule whereby one third of the earned shares vest after the first year and the remaining earned shares vest in one-third increments each year over the next two years on the first business day in January. | ||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense related to stock option awards is recognized using the straight-line method over the requisite service period of approximately five years. The exercise price of stock options is based on the market value of Viad’s common stock at the date of grant. | ||
Common Stock in Treasury. Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost. | ||
Income Per Common Share. Viad applies the two-class method in calculating income per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share. Historically, Viad has funded its matching contributions to employees’ 401(k) accounts through the Company’s leveraged Employee Stock Ownership Plan (“ESOP”) feature of the Company’s 401(k) defined contribution plan. ESOP shares are treated as outstanding for income per share calculations. During 2014, the Company depleted these shares and matching contributions are now funded from shares of Viad common stock held in treasury. | ||
Impact of Recent Accounting Pronouncements | ||
In April 2014, the FASB issued ASU 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 and is not expected to have a material impact on Viad’s financial condition or results of operations. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The guidance is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. 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. | ||
In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period. The new guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for our fiscal year beginning January 1, 2016 and early adoption is permitted. The adoption of this new guidance is not expected to have a material impact on Viad’s financial condition or results of operations. |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation | ||||||||||||||||||||
Viad grants share-based compensation awards to officers, directors and certain key employees pursuant to the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”). The 2007 Plan has a 10-year life and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards and (f) certain other stock-based awards. The number of shares of common stock available for grant under the 2007 Plan is limited to 1.7 million shares plus shares awarded under the 1997 Viad Corp Omnibus Incentive Plan (which terminated in May 2007) (the “1997 Plan”) that subsequently cease for any reason to be subject to such awards (other than by reason of exercise or settlement of the awards to the extent the shares are exercised for, or settled in, vested and non-forfeited shares) up to an aggregate maximum of 1.5 million shares. As of December 31, 2014, there were 889,254 total shares available for future grant. | |||||||||||||||||||||
The following table summarizes share-based compensation expense: | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Restricted stock/PBRS | $ | 2,495 | $ | 3,073 | $ | 3,267 | |||||||||||||||
Performance unit incentive plan (“PUP”) | 359 | 1,864 | 2,922 | ||||||||||||||||||
Restricted stock units/PBRS units | 76 | 177 | 450 | ||||||||||||||||||
Stock options | — | 107 | 593 | ||||||||||||||||||
Total share-based compensation before income tax benefit | 2,930 | 5,221 | 7,232 | ||||||||||||||||||
Income tax benefit | (1,102 | ) | (1,936 | ) | (2,574 | ) | |||||||||||||||
Total share-based compensation, net of income tax benefit | $ | 1,828 | $ | 3,285 | $ | 4,658 | |||||||||||||||
In addition, $0.1 million of benefits and $0.7 million and $0.3 million of costs associated with share-based compensation were included in restructuring expense in 2014, 2013 and 2012, respectively. The 2014 amount of $0.1 million related to reversal of expense of PUP awards. Of the 2013 amount, $0.3 million related to the restricted stock units and PUP awards presented below. Similarly, of the 2012 amount, $0.1 million related to PUP awards. No share-based compensation costs were capitalized during 2014, 2013 or 2012. | |||||||||||||||||||||
On January 24, 2014 and October 25, 2013, Viad announced that its Board of Directors declared special cash dividends of $1.50 and $2.50 per share, respectively, to shareholders of record at the close of business on February 7, 2014 and November 7, 2013, respectively. In accordance with the mandatory provisions of the 2007 Plan and the 1997 Plan, the Human Resources Committee of Viad’s Board of Directors approved equitable adjustments to outstanding long-term incentive awards of stock options and PUP awards issued pursuant to those plans in order to prevent the special dividends from diluting the rights of participants under those plans. The equitable adjustments 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 dividends, but would be paid only if certain performance goals are met at the end of the 3-year performance period. | |||||||||||||||||||||
Restricted Stock and PBRS. The following table summarizes restricted stock and PBRS activity: | |||||||||||||||||||||
Restricted Stock | PBRS | ||||||||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | ||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Balance at December 31, 2011 | 572,022 | $ | 20.36 | 416 | $ | 15.36 | |||||||||||||||
Granted | 168,050 | 20.46 | — | — | |||||||||||||||||
Vested | (219,571 | ) | 18.26 | (416 | ) | 15.36 | |||||||||||||||
Forfeited | (4,150 | ) | 24.8 | — | — | ||||||||||||||||
Balance, December 31, 2012 | 516,351 | 21.25 | — | ||||||||||||||||||
Granted | 101,300 | 27.27 | — | — | |||||||||||||||||
Vested | (166,320 | ) | 20.83 | — | |||||||||||||||||
Forfeited | (20,432 | ) | 22.13 | — | — | ||||||||||||||||
Balance, December 31, 2013 | 430,899 | 22.78 | — | — | |||||||||||||||||
Granted | 128,700 | 23.79 | — | — | |||||||||||||||||
Vested | (197,671 | ) | 22.51 | — | — | ||||||||||||||||
Forfeited | (33,326 | ) | 23.13 | — | — | ||||||||||||||||
Balance, December 31, 2014 | 328,602 | 23.3 | — | — | |||||||||||||||||
The grant date fair value of restricted stock which vested during 2014, 2013 and 2012 was $4.5 million, $3.5 million and $4.0 million, respectively. The grant date fair value of PBRS which vested during 2012 was approximately $6,000. No PBRS vested during 2013 and 2014. As of December 31, 2014, the unamortized cost of all outstanding stock awards was $3.1 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.2 years. During 2014, 2013 and 2012, the Company withheld 72,996 shares at a cost of $1.8 million, 50,156 shares at a cost of $1.3 million and 56,885 shares at a cost of $1.1 million, respectively, related to tax withholding requirements on vested share-based awards. | |||||||||||||||||||||
Liability-Based Awards. The following table summarizes the liability-based award activity: | |||||||||||||||||||||
PUP Awards | Restricted Stock Units | PBRS Units | |||||||||||||||||||
Units | Weighted-Average | Units | Weighted-Average | Units | Weighted-Average | ||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at December 31, 2011 | 95,500 | $ | 23.02 | 38,600 | $ | 19.07 | 1,956 | $ | 15.36 | ||||||||||||
Granted | 115,100 | 20.6 | 15,850 | 20.57 | — | — | |||||||||||||||
Vested | — | — | (13,100 | ) | 15.36 | (1,956 | ) | 15.36 | |||||||||||||
Forfeited | — | — | (850 | ) | 20.89 | — | — | ||||||||||||||
Balance, December 31, 2012 | 210,600 | 21.7 | 40,500 | 20.82 | — | ||||||||||||||||
Granted | 93,100 | 27.35 | 8,600 | 27.35 | — | — | |||||||||||||||
Vested | — | — | (11,300 | ) | 19.1 | — | — | ||||||||||||||
Forfeited | (3,932 | ) | 21.15 | (9,240 | ) | 22.55 | — | — | |||||||||||||
Balance, December 31, 2013 | 299,768 | 23.46 | 28,560 | 22.91 | — | — | |||||||||||||||
Granted | 123,300 | 23.71 | 7,200 | 24.87 | — | — | |||||||||||||||
Vested | (94,600 | ) | 23.01 | (9,890 | ) | 23.45 | — | — | |||||||||||||
Forfeited | (61,348 | ) | 24.43 | (500 | ) | 27.32 | — | — | |||||||||||||
Balance, December 31, 2014 | 267,120 | 23.51 | 25,370 | 23.17 | — | — | |||||||||||||||
As of December 31, 2014 and 2013, Viad had liabilities recorded of $3.5 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 2013 or 2012. As of December 31, 2014 and 2013, Viad had aggregate liabilities recorded of $0.5 million and $0.7 million, 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 $0.2 million were distributed. Similarly, in February 2013 and 2012, portions of the 2009 and 2010 restricted stock unit awards vested and cash payouts of $0.3 million and $0.3 million were distributed, respectively. A portion of the 2009 PBRS unit awards vested effective December 31, 2009 and a cash payout of $35,000 was distributed in January 2012. As previously discussed above, the equitable adjustment to the PUP awards reflects the effect of the special dividends, but would be paid only if certain performance goals are met at the end of the 3-year performance period. This adjustment to the PUP awards did not impact the compensation expense recognized by the Company for the years ended December 31, 2014 and 2013, or the unrecognized cost. | |||||||||||||||||||||
Stock Options. The following table summarizes stock option activity: | |||||||||||||||||||||
Shares | Weighted- | Options | |||||||||||||||||||
Average | Exercisable | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Options outstanding at December 31, 2011 | 584,201 | 23.32 | 396,688 | ||||||||||||||||||
Exercised | (12,099 | ) | 19.41 | ||||||||||||||||||
Forfeited or expired | (208,206 | ) | 25.81 | ||||||||||||||||||
Options outstanding at December 31, 2012 | 363,896 | 22.03 | 276,009 | ||||||||||||||||||
Exercised | (59,543 | ) | 19.42 | ||||||||||||||||||
Forfeited or expired(1) | (15,853 | ) | 40.45 | ||||||||||||||||||
Award modification | 25,823 | N/A | |||||||||||||||||||
Options outstanding at December 31, 2013 | 314,323 | 19.79 | 314,323 | ||||||||||||||||||
Exercised | (66,076 | ) | 18.53 | ||||||||||||||||||
Forfeited or expired | (18,522 | ) | 35.28 | ||||||||||||||||||
Award modification | 17,865 | N/A | |||||||||||||||||||
Options outstanding at December 31, 2014 | 247,590 | 17.82 | 247,590 | ||||||||||||||||||
(1) This includes the reversal of previously canceled stock options. | |||||||||||||||||||||
As of December 31, 2014, there were no unrecognized costs related to non-vested stock option awards. No stock options were granted in 2014, 2013 or 2012. As previously discussed above, the equitable adjustments to the outstanding stock options resulting from the special cash dividends paid on February 14, 2014 and November 14, 2013 reduced the exercise price and increased the number of shares of common stock underlying such options. This adjustment to the exercise price and the number of shares did not impact the compensation expense recognized by the Company for the years ended December 31, 2014 and 2013, or the unrecognized cost. | |||||||||||||||||||||
The following table summarizes information concerning stock options outstanding and exercisable as of December 31, 2014: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Weighted-Average | Weighted- | Weighted- | |||||||||||||||||||
Range of Exercise Prices: | Shares | Remaining Contractual Life (in years) | Average Exercise Price | Shares | Average Exercise Price | ||||||||||||||||
$16.62 | 224,137 | 3.8 | $ | 16.62 | 224,137 | $ | 16.62 | ||||||||||||||
$29.27 | 23,453 | 0.2 | 29.27 | 23,453 | 29.27 | ||||||||||||||||
$16.62 to $29.27 | 247,590 | 3.5 | 17.82 | 247,590 | 17.82 | ||||||||||||||||
Additional information pertaining to stock options is provided in the table below: | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Total intrinsic value of stock options outstanding | $ | 2,251 | $ | 2,723 | $ | 2,329 | |||||||||||||||
Total intrinsic value of stock options exercised | $ | 1,616 | $ | 1,611 | $ | 296 | |||||||||||||||
Fair value of stock options vested | $ | — | $ | 532 | $ | 539 | |||||||||||||||
Cash received from the exercise of stock options | $ | 1,155 | $ | 777 | $ | 248 | |||||||||||||||
Tax benefits realized for tax deductions related to stock option exercises and performance-based awards | $ | 461 | $ | 404 | $ | 96 | |||||||||||||||
The aggregate intrinsic value of stock options outstanding in the table above represents the difference between Viad’s closing stock price on December 31 of each year and the exercise price, multiplied by the number of in-the-money options. The intrinsic value of stock options outstanding therefore changes based on changes in the fair market value of Viad’s common stock. |
Acquisition_of_Businesses
Acquisition of Businesses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisition of Businesses | Acquisition of Businesses | ||||||||
West Glacier Properties | |||||||||
On July 1, 2014, the Company acquired the West Glacier Properties. The West Glacier Motel & Cabins is a 32-room property situated on approximately 200 acres at the west entrance of Glacier National Park, and its full-service amenities include a restaurant, grocery store, gift shops, a gas station and employee accommodations. The Apgar Village Lodge is a 48-room property situated on a 3.8 acre private in-holding inside Glacier National Park with overnight accommodations, a gift shop and employee accommodations. The purchase price was $16.5 million in cash plus a working capital adjustment of $0.3 million, subject to certain adjustments. The working capital adjustment relates to the true up of certain current assets and liabilities. | |||||||||
The following table summarizes the recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. These amounts are subject to change within the measurement period as our working capital adjustments are finalized. | |||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 16,544 | |||||||
Working capital adjustment payable | 320 | ||||||||
Total purchase price | 16,864 | ||||||||
Fair value of net assets acquired: | |||||||||
Prepaid expenses | $ | 24 | |||||||
Inventory | 1,374 | ||||||||
Property and equipment, net | 14,510 | ||||||||
Intangible assets | 189 | ||||||||
Total assets acquired | 16,097 | ||||||||
Accrued liabilities | 35 | ||||||||
Customer deposits | 402 | ||||||||
Other liabilities | 64 | ||||||||
Total liabilities acquired | 501 | ||||||||
Total fair value of net assets acquired | 15,596 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 1,268 | |||||||
Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Travel & Recreation Group and the primary factor that contributed to the purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of the West Glacier Properties were $0.2 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
Identified intangible assets acquired in the the West Glacier Properties acquisition totaled $0.2 million and consist primarily of favorable lease contracts. The weighted-average amortization period related to the definite lived intangible assets is 3.5 years. | |||||||||
The results of operations of the West Glacier Properties have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $4.6 million and operating income of $1.5 million related to the West Glacier Properties have been included in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
Blitz | |||||||||
On September 16, 2014, the Company acquired Blitz, which has offices in the United Kingdom and is a leading audio-visual staging and creative services provider for the live events industry in the United Kingdom and continental Europe. The purchase price was £15 million (approximately $24.4 million) in cash, subject to certain adjustments. | |||||||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized. | |||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 24,416 | |||||||
Cash acquired | (190 | ) | |||||||
Purchase price, net of cash acquired | $ | 24,226 | |||||||
Fair value of net assets acquired: | |||||||||
Accounts receivable, net | $ | 264 | |||||||
Inventory | 433 | ||||||||
Prepaid expenses | 410 | ||||||||
Property and equipment, net | 5,902 | ||||||||
Intangible assets | 8,708 | ||||||||
Total assets acquired | 15,717 | ||||||||
Accounts payable | 1,232 | ||||||||
Accrued liabilities | 2,246 | ||||||||
Customer deposits | 199 | ||||||||
Deferred tax liability | 241 | ||||||||
Revolving credit facility | 488 | ||||||||
Accrued dilapidations | 589 | ||||||||
Total liabilities acquired | 4,995 | ||||||||
Total fair value of net assets acquired | 10,722 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 13,504 | |||||||
Under the acquisition method of accounting, the preliminary purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Marketing & Events International segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of Blitz were $0.8 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
Identified intangible assets acquired in the Blitz acquisition totaled $8.7 million and consist of customer relationships, non-compete agreements and trade name. The weighted-average amortization period related to the intangible assets is approximately 6.9 years. | |||||||||
The results of operations of Blitz have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $10.1 million and operating income of $0.4 million related to Blitz have been included in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
onPeak LLC | |||||||||
On October 7, 2014, the Company acquired onPeak LLC for a purchase price of $43.0 million in cash, subject to certain adjustments. Of the initial purchase price, $4.1 million was deposited at closing into escrow to secure post-closing purchase price adjustments, resolution of certain tax matters and other indemnity claims. onPeak LLC provides event accommodations services in North America to the live events industry. | |||||||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized. | |||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 42,950 | |||||||
Cash acquired | (4,064 | ) | |||||||
Purchase price, net of cash acquired | $ | 38,886 | |||||||
Fair value of net assets acquired: | |||||||||
Accounts receivable, net | $ | 4,008 | |||||||
Prepaid expenses | 640 | ||||||||
Property and equipment, net | 2,450 | ||||||||
Other non-current assets | 309 | ||||||||
Intangible assets | 14,300 | ||||||||
Total assets acquired | 21,707 | ||||||||
Accounts payable | 738 | ||||||||
Accrued liabilities | 3,341 | ||||||||
Customer deposits | 4,225 | ||||||||
Deferred tax liability | 1,614 | ||||||||
Other liabilities | 309 | ||||||||
Total liabilities acquired | 10,227 | ||||||||
Total fair value of net assets acquired | 11,480 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 27,406 | |||||||
Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Marketing & Events U.S. segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. Goodwill of $9.3 million is expected to be deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of onPeak were $0.5 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
Identified intangible assets acquired in the onPeak acquisition totaled $14.3 million and consist primarily of customer relationships and trade name. The weighted-average amortization period related to the definite lived intangible assets is 9.9 years. | |||||||||
The results of operations of onPeak have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $2.7 million and an operating loss of $0.7 million related to onPeak have been included in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
Travel Planners, Inc. | |||||||||
On October 7, 2014, the Company acquired Travel Planners, Inc. for a purchase price of $33.7 million in cash less a working capital adjustment of $0.3 million, subject to certain adjustments. Of the purchase price, $8.8 million was deposited at closing into escrow to secure post-closing purchase price adjustments, resolution of certain tax matters and other indemnity claims. An additional estimated amount of $1.3 million would be payable to Travel Planners, Inc. upon election by the Company to treat the purchase as an asset acquisition for tax purposes. The Company assumes the acquisition will be treated as an asset acquisition for tax purposes, but has not yet finalized determination of the election. Travel Planners, Inc. provides event accommodations services in North America to the live events industry. | |||||||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized. | |||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 33,674 | |||||||
Additional purchase price payable upon tax election | 1,300 | ||||||||
Working capital receivable | (279 | ) | |||||||
Cash acquired | (4,204 | ) | |||||||
Purchase price, net of cash acquired | $ | 30,491 | |||||||
Fair value of net assets acquired: | |||||||||
Accounts receivable, net | $ | 1,450 | |||||||
Prepaid expenses | 120 | ||||||||
Property and equipment, net | 93 | ||||||||
Intangible assets | 15,000 | ||||||||
Total assets acquired | 16,663 | ||||||||
Accounts payable | 488 | ||||||||
Accrued liabilities | 1,557 | ||||||||
Customer deposits | 4,525 | ||||||||
Other liabilities | 128 | ||||||||
Total liabilities acquired | 6,698 | ||||||||
Total fair value of net assets acquired | 9,965 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 20,526 | |||||||
Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Marketing & Events U.S. segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of Travel Planners, Inc. were $0.5 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
Identified intangible assets acquired in the Travel Planners, Inc. acquisition totaled $15.0 million and consist primarily of customer relationships, favorable lease contracts and trade name. The weighted-average amortization period related to the definite lived intangible assets is 10.1 years. | |||||||||
The results of operations of Travel Planners, Inc. have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $3.4 million and operating income of $0.5 million related to Travel Planners, Inc. have been included in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
N200 | |||||||||
On November 24, 2014, the Company acquired N200 Limited and affiliates (collectively, “N200”) for €9.7 million (approximately $12.1 million) in cash, subject to certain adjustments, plus an earnout payment (the “Earnout”) of up to €1.0 million. The amount of the Earnout is based on N200’s achievement of established financial targets for fiscal 2015 (ending June 30). Such contingent payment, if any, will be paid during the third quarter of 2015. N200, which has offices in the United Kingdom and the Netherlands, is a leading event registration and data intelligence services provider for the live events industry in the United Kingdom and the Netherlands. | |||||||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets, contingent consideration, working capital and certain tax amounts are finalized. | |||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 12,068 | |||||||
Contingent consideration | 1,244 | ||||||||
Cash acquired | (943 | ) | |||||||
Purchase price, net of cash acquired | $ | 12,369 | |||||||
Fair value of net assets acquired: | |||||||||
Accounts receivable, net | $ | 1,747 | |||||||
Inventory | 46 | ||||||||
Prepaid expenses | 115 | ||||||||
Property and equipment, net | 1,280 | ||||||||
Intangible assets | 3,595 | ||||||||
Total assets acquired | 6,783 | ||||||||
Accounts payable | 421 | ||||||||
Accrued liabilities | 990 | ||||||||
Customer deposits | 569 | ||||||||
Deferred tax liability | 891 | ||||||||
Other liabilities | 106 | ||||||||
Total liabilities acquired | 2,977 | ||||||||
Total fair value of net assets acquired | 3,806 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 8,563 | |||||||
Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Marketing & Events International segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of N200 were $1.0 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
Identified intangible assets acquired in the N200 acquisition totaled $3.6 million and consist primarily of customer relationships. The weighted-average amortization period related to the definite lived intangible assets is 7.6 years. | |||||||||
The results of operations of N200 have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $0.4 million and an operating loss of $0.2 million related to N200 have been included in Viad’s Condensed Consolidated Statements of Operations. | |||||||||
Resource Creative Limited | |||||||||
In February 2013, Viad acquired the assets of Resource Creative Limited (“RCL”) for $0.6 million 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 was subject to certain adjustments, plus a deferred payment of up to approximately £0.2 million, which was contingent upon RCL’s achievement of certain net revenue targets between the acquisition date and December 31, 2014. RCL exceeded the net revenue targets for the period ended December 31, 2014 and 2013 and, consequently, deferred payment installments in the amount of $0.1 million (£0.1 million) and $0.2 million (£0.1 million), respectively, were paid in January 2015 and March 2014, respectively. | |||||||||
Supplementary pro forma financial information | |||||||||
The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming that the acquisitions above had each been completed on January 1, 2013: | |||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||
Revenue | $ | 1,109,629 | $ | 1,015,275 | |||||
Depreciation and amortization | 38,452 | 38,981 | |||||||
Income from continuing operations | 44,360 | 15,317 | |||||||
Net income attributable to Viad | 55,557 | 17,510 | |||||||
Diluted net income per share | 2.76 | 0.86 | |||||||
Basic net income per share | 2.76 | 0.86 | |||||||
Pro forma net income for the year ended December 31, 2014 was adjusted to exclude transaction costs associated with the acquisitions of Blitz, West, onPeak, Travel Planners and N200, which totaled $3.0 million. These costs were included in the pro forma net income for the year ended December 31, 2013. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
The components of inventories as of December 31 were as follows: | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Raw materials | $ | 16,749 | $ | 14,825 | ||||
Work in process | 15,652 | 13,168 | ||||||
Inventories | $ | 32,401 | $ | 27,993 | ||||
Other_Current_Assets
Other Current Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Other Current Assets | Other Current Assets | |||||||
Other current assets as of December 31 were as follows: | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Prepaid vendor payments | $ | 2,689 | $ | 2,008 | ||||
Prepaid insurance | 2,170 | 2,260 | ||||||
Prepaid software maintenance | 1,934 | 1,946 | ||||||
Income tax receivable | 1,869 | 2,035 | ||||||
Prepaid taxes | 1,416 | 752 | ||||||
Prepaid other | 4,427 | 4,563 | ||||||
Other | 2,935 | 3,578 | ||||||
Other current assets | $ | 17,440 | $ | 17,142 | ||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | Property and Equipment | |||||||
Property and equipment as of December 31 consisted of the following: | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Land and land interests | $ | 30,360 | $ | 23,646 | ||||
Buildings and leasehold improvements | 138,104 | 139,889 | ||||||
Equipment and other | 319,435 | 294,409 | ||||||
Gross property and equipment | 487,899 | 457,944 | ||||||
Accumulated depreciation | (288,328 | ) | (267,614 | ) | ||||
Property and equipment, net | $ | 199,571 | $ | 190,330 | ||||
Included in the “Equipment and other” caption above are capitalized costs incurred in developing or obtaining internal use software. The net carrying amount of capitalized software was $17.0 million and $13.9 million as of December 31, 2014 and 2013, respectively. | ||||||||
Included in the “Land and land interests” caption above are certain leasehold interests in land within the Travel & Recreation Group for which the Company is considered to have perpetual use rights. The carrying amount of these leasehold interests was $9.1 million and $10.0 million at December 31, 2014 and 2013, respectively. These land interests are not subject to amortization. | ||||||||
Depreciation expense was $28.1 million, $27.4 million and $30.0 million for 2014, 2013 and 2012, respectively. | ||||||||
During 2014 and 2013, Viad recorded impairment charges of $0.9 million and $1.0 million at the Marketing & Events Group primarily related to the write off of certain internally developed software. These impairment losses are included in the consolidated statements of operations under the caption “Other impairment charges.” |
Other_Investments_and_Assets
Other Investments and Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ||||||||
Other Investments and Assets | Other Investments and Assets | |||||||
As of December 31 other investments and assets consisted of the following: | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Cash surrender value of life insurance | $ | 20,866 | $ | 19,690 | ||||
Self-insured liability receivable | 7,728 | 5,009 | ||||||
Workers’ compensation insurance security deposits | 4,250 | 3,350 | ||||||
Other | 7,830 | 6,977 | ||||||
Total other investments and assets | $ | 40,674 | $ | 35,026 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | |||||||||||||||
Dec. 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 were as follows: | ||||||||||||||||
(in thousands) | Marketing & | Marketing & | Travel & | Total | ||||||||||||
Events U.S. | Events | Recreation | ||||||||||||||
International | Group | |||||||||||||||
Balance at December 31, 2012 | $ | 62,686 | $ | 23,054 | $ | 52,080 | $ | 137,820 | ||||||||
Goodwill impairment charge | — | — | (4,461 | ) | (4,461 | ) | ||||||||||
Business acquisitions | — | 158 | — | 158 | ||||||||||||
Foreign currency translation adjustments | — | (601 | ) | (3,373 | ) | (3,974 | ) | |||||||||
Balance at December 31, 2013 | 62,686 | 22,611 | 44,246 | 129,543 | ||||||||||||
Acquisition of Blitz | — | 13,504 | — | 13,504 | ||||||||||||
Acquisition of the West Glacier Properties | — | — | 1,268 | 1,268 | ||||||||||||
Acquisition of onPeak LLC | 27,406 | — | — | 27,406 | ||||||||||||
Acquisition of Travel Planners, Inc. | 20,526 | — | — | 20,526 | ||||||||||||
Acquisition of N200 | — | 8,563 | — | 8,563 | ||||||||||||
Foreign currency translation adjustments | — | (2,457 | ) | (4,156 | ) | (6,613 | ) | |||||||||
Balance at December 31, 2014 | $ | 110,618 | $ | 42,221 | $ | 41,358 | $ | 194,197 | ||||||||
The following table summarizes goodwill by reporting unit and segment as of December 31: | ||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Marketing & Events Group: | ||||||||||||||||
Marketing & Events U.S. | $ | 110,618 | $ | 62,686 | ||||||||||||
Marketing & Events International: | ||||||||||||||||
GES United Kingdom | 34,396 | 14,049 | ||||||||||||||
GES Canada | 7,825 | 8,562 | ||||||||||||||
Total Marketing & Events Group | 152,839 | 85,297 | ||||||||||||||
Travel & Recreation Group: | ||||||||||||||||
Brewster | 36,906 | 41,062 | ||||||||||||||
Alaska Denali Travel | 3,184 | 3,184 | ||||||||||||||
Glacier Park | 1,268 | — | ||||||||||||||
Total Travel & Recreation Group | 41,358 | 44,246 | ||||||||||||||
Total Goodwill | $ | 194,197 | $ | 129,543 | ||||||||||||
Goodwill is reviewed for impairment annually in the fourth quarter, or more frequently if impairment indicators arise. Goodwill is required to be tested for impairment between the annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. | ||||||||||||||||
For impairment testing purposes, the goodwill related to the Marketing & Events U.S. segment is assigned to and tested at the operating segment level. Furthermore, the goodwill related to the Marketing & Events International segment is assigned to and tested based on the segment’s geographical operations. For the Marketing & Events International segment the reporting units are GES United Kingdom and GES Canada. Brewster, Glacier Park and Alaska Denali Travel are considered reporting units for goodwill impairment testing purposes within the Travel & Recreation Group. | ||||||||||||||||
As a result of the Company’s most recent impairment analysis performed as of October 31, 2014, the excess of the estimated fair value over the carrying value (expressed as a percentage of the carrying amounts) under step one of the impairment test was 142 percent, 48 percent and 52 percent for each of the Marketing & Events Group reporting units in the United States, the United Kingdom and Canada, respectively. For the Brewster, Glacier Park and Alaska Denali Travel reporting units, the excess of the estimated fair value over the carrying value was 167 percent, 16 percent and 14 percent, respectively, as of the most recent impairment test. | ||||||||||||||||
As of December 31, 2014, Viad had cumulative goodwill impairment charges of $229.7 million since the adoption of the goodwill impairment testing provisions of ASC Topic 350. | ||||||||||||||||
A summary of other intangible assets as of December 31, 2014 is presented below: | ||||||||||||||||
(in thousands) | Gross Carrying | Accumulated | Net Carrying | |||||||||||||
Value | Amortization | Value | ||||||||||||||
Amortized intangible assets: | ||||||||||||||||
Customer contracts and relationships | $ | 41,624 | $ | (2,961 | ) | $ | 38,663 | |||||||||
Other | 4,576 | (732 | ) | 3,844 | ||||||||||||
Total amortized intangible assets | 46,200 | (3,693 | ) | 42,507 | ||||||||||||
Unamortized intangible assets: | ||||||||||||||||
Business licenses | 460 | — | 460 | |||||||||||||
Total | $ | 46,660 | $ | (3,693 | ) | $ | 42,967 | |||||||||
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 | |||||||||||||
Total | $ | 7,277 | $ | (2,797 | ) | $ | 4,480 | |||||||||
Intangible asset amortization expense for 2014, 2013 and 2012 was $2.7 million, $1.3 million and $0.7 million, respectively. The weighted-average amortization period of customer contracts and relationships and other amortizable intangible assets is approximately 9.0 years and 3.8 years, respectively. Estimated amortization expense related to amortized intangible assets for future years is expected to be as follows: | ||||||||||||||||
(in thousands) | ||||||||||||||||
2015 | $ | 7,585 | ||||||||||||||
2016 | $ | 6,765 | ||||||||||||||
2017 | $ | 5,915 | ||||||||||||||
2018 | $ | 4,942 | ||||||||||||||
2019 | $ | 4,546 | ||||||||||||||
Thereafter | $ | 12,754 | ||||||||||||||
Other_Current_Liabilities
Other Current Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities and Other [Abstract] | ||||||||
Other Current LIabilities | Other Current Liabilities | |||||||
As of December 31 other current liabilities consisted of the following: | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Continuing operations: | ||||||||
Self-insured liability | $ | 6,297 | $ | 7,603 | ||||
Accrued sales and use taxes | 3,624 | 1,609 | ||||||
Accrued employee benefit costs | 3,215 | 2,751 | ||||||
Accrued dividends | 2,107 | 2,192 | ||||||
Accrued foreign income taxes | 2,370 | 565 | ||||||
Accrued professional fees | 1,228 | 1,832 | ||||||
Accrued restructuring | 1,154 | 3,877 | ||||||
Other | 6,861 | 7,741 | ||||||
Total continuing operations | 26,856 | 28,170 | ||||||
Discontinued operations: | ||||||||
Self-insured liability | 173 | 469 | ||||||
Environmental remediation liabilities | 350 | 353 | ||||||
Other | 408 | 177 | ||||||
Total discontinued operations | 931 | 999 | ||||||
Total other current liabilities | $ | 27,787 | $ | 29,169 | ||||
Other_Deferred_Liabilities
Other Deferred Liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Other Deferred Liabilities | Other Deferred Liabilities | |||||||
As of December 31 other deferred items and liabilities consisted of the following: | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Continuing operations: | ||||||||
Self-insured liability | $ | 13,525 | $ | 12,307 | ||||
Self-insured excess liability | 7,728 | 5,009 | ||||||
Accrued compensation | 6,824 | 8,349 | ||||||
Foreign deferred tax liability | 2,135 | 1,989 | ||||||
Accrued restructuring | 555 | 1,919 | ||||||
Other | 7,904 | 7,552 | ||||||
Total continuing operations | 38,671 | 37,125 | ||||||
Discontinued operations: | ||||||||
Environmental remediation liabilities | 4,395 | 4,666 | ||||||
Self-insured liability | 4,327 | 4,489 | ||||||
Accrued income taxes | 1,119 | 1,085 | ||||||
Other | 1,250 | 1,254 | ||||||
Total discontinued operations | 11,091 | 11,494 | ||||||
Total other deferred items and liabilities | $ | 49,762 | $ | 48,619 | ||||
Debt
Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Long-term debt as of December 31 was as follows: | ||||||||
(in thousands, except interest rates) | 2014 | 2013 | ||||||
Revolving credit agreement, 2.4% (2014) and 2.2% (2013) weighted-average interest rate at December 31 | $ | 139,500 | $ | 10,000 | ||||
Capital lease obligations, 6.0% (2014) and 6.9% (2013) weighted-average interest rate at December 31, due through 2018 | 1,520 | 1,668 | ||||||
Total debt | 141,020 | 11,668 | ||||||
Current portion | (27,856 | ) | (10,903 | ) | ||||
Long-term debt and capital lease obligations | $ | 113,164 | $ | 765 | ||||
Effective December 22, 2014, Viad entered into a $300 million Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement amends and replaces in its entirety the Company’s $180 million revolving credit facility under the Amended and Restated Credit Agreement dated as of May 18, 2011. The Credit Agreement provides for a senior credit facility in the aggregate amount of $300 million, which consists of a $175 million revolving credit facility (the “Revolving Credit Facility”) and a $125 million term loan (the “Term Loan”). Loans under the Credit Agreement have a maturity date of December 22, 2019, and proceeds from the loans made under the Credit Agreement were used to refinance certain outstanding debt of the Company and will be used for the Company’s general corporate purposes in the ordinary course of its business. Under the Credit Agreement, the Revolving Credit Facility and/or the Term Loan may be increased up to an additional $100 million under certain circumstances. If such circumstances are met, the Company may obtain the additional borrowings under the Revolving Credit Facility, the Term Loan, or a combination of the two facilities. The Revolving Credit Facility has a $40 million sublimit for letters of credit. Borrowings and letters of credit can be denominated in U.S. dollars, Euros, Canadian dollars or British pounds. | ||||||||
Viad’s lenders have a first perfected security interest in all of the personal property of Viad, GES and GES Event Intelligence Services, Inc., including 65 percent of the capital stock of top-tier foreign subsidiaries. Financial covenants include a fixed charge coverage ratio of not less than 1.75 to 1.00, with a step-up to 2.00 to 1.00 for the fiscal quarter ending June 30, 2016. Viad must maintain a leverage ratio of not greater than 3.00 to 1.00, with a step-down to 2.75 to 1.00 for the fiscal quarter ending March 31, 2016 and a step-down to 2.50 to 1.00 for the fiscal quarter ending March 31, 2017. As of December 31, 2014, the fixed charge coverage ratio was 2.61 to 1.00, and the leverage ratio was 1.73 to 1.00. The terms of the Credit Agreement allow Viad to pay dividends or purchase the Company’s common stock up to $20 million in the aggregate in any calendar year, with additional dividends, share repurchases or distributions of stock permitted if the Company’s leverage ratio is less than or equal to 2.00 to 1.00, and the Liquidity Amount (defined as cash in the U.S. and Canada plus available revolver borrowings on a pro forma basis) is not less than $100 million, and no default or unmatured default, as defined in the Credit Agreement, exists. Significant other covenants include limitations on investments, additional indebtedness, sales/leases of assets, acquisitions, consolidations or mergers and liens on property. As of December 31, 2014, Viad was in compliance with all covenants. | ||||||||
As of December 31, 2014, Viad’s total debt of $141.0 million consisted of outstanding borrowings under the Term Loan and Revolving Credit Facility of $125 million and $14.5 million, respectively, and capital lease obligations of $1.5 million. As of December 31, 2014, Viad had $159.4 million of capacity remaining under its Credit Facility reflecting outstanding letters of credit of $1.1 million and the outstanding balance under the Revolving Credit Facility of $14.5 million. | ||||||||
Borrowings under the Revolving Credit Facility (of which GES and GES Event Intelligence Services, Inc. are guarantors) 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. | ||||||||
As of December 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 December 31, 2014 would be $5.9 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. | ||||||||
Aggregate annual maturities of long-term debt and capital lease obligations as of December 31, 2014 are as follows: | ||||||||
(in thousands) | Revolving Credit Agreement | Capital Lease Obligations | ||||||
2015 | $ | 27,000 | $ | 937 | ||||
2016 | 18,750 | 507 | ||||||
2017 | 18,750 | 211 | ||||||
2018 | 18,750 | 3 | ||||||
2019 | 56,250 | — | ||||||
Total | $ | 139,500 | 1,658 | |||||
Less: Amount representing interest | (138 | ) | ||||||
Present value of minimum lease payments | $ | 1,520 | ||||||
The gross amount of assets recorded under capital leases as of December 31, 2014 was $3.5 million and accumulated amortization was $2.1 million. As of December 31, 2013, the gross amount of assets recorded under capital leases and accumulated amortization was $3.9 million and $2.1 million, respectively. The amortization charges related to assets recorded under capital leases are included in depreciation expense. Refer to Note 6, Property and Equipment. | ||||||||
The weighted-average interest rate on total debt was 4.0 percent, 4.2 percent and 8.5 percent for 2014, 2013 and 2012, respectively. The estimated fair value of total debt was $123.0 million and $11.5 million as of December 31, 2014 and 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 | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
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) | December 31, 2014 | Quoted Prices in | Significant | Significant | ||||||||||||
Active | Other | Unobserved | ||||||||||||||
Markets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 8,518 | $ | 8,518 | $ | — | $ | — | ||||||||
Other mutual funds | 2,536 | 2,536 | — | — | ||||||||||||
Total assets at fair value on a recurring basis | $ | 11,054 | $ | 11,054 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Earnout contingent consideration liability | (1,210 | ) | — | — | (1,210 | ) | ||||||||||
Total liabilities at fair value on a recurring basis | $ | (1,210 | ) | $ | — | $ | — | $ | (1,210 | ) | ||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(in thousands) | December 31, 2013 | 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 on a recurring basis | $ | 2,141 | $ | 2,141 | $ | — | $ | — | ||||||||
As of December 31, 2014 and 2013, Viad had investments in money market mutual funds of $8.5 million and $0.1 million, 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 December 31, 2014 and 2013, Viad had investments in other mutual funds of $2.5 million and $2.0 million, respectively, 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 December 31, 2014 and 2013, there were unrealized gains of $0.8 million ($0.5 million after-tax) and $0.7 million ($0.4 million after-tax), respectively, which were included in the consolidated balance sheets under the caption “Accumulated other comprehensive income (loss).” | ||||||||||||||||
The fair value measurement of the earn-out contingent consideration obligation relates to the acquisition of N200 in November, and is included in accrued liabilities in the consolidated balance sheets. The fair value measurement is based upon significant inputs not observable in the market. Changes in the value of the obligation are recorded as income or expense in our consolidated statements of income. We estimated the original fair value of the contingent consideration as the present value of the expected contingent payment, determined using the weighted probabilities of the possible payments. We are required to reassess the fair value of the contingent payments on a contingent basis. Significant increases (decreases) in any of those probabilities in isolation may result in a higher (lower) fair value measurement. The significant inputs used in these estimates include numerous possible scenarios for the payments based on the contractual terms of the contingent consideration, for which probabilities are assigned to each scenario, which are then discounted using an appropriate discount rate commensurate with the individual risk analysis of the respective liabilities. Although we believe our assumptions are reasonable, different assumptions or changes in the future may result in different estimated amounts. The contingent payment, if any, will be paid during the third quarter of 2015. A one percentage point change in the discount rates used would not have significantly impacted the current liability as of December 31, 2014. | ||||||||||||||||
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. |
Income_Per_Share
Income Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Income Per Share | Income Per Share | |||||||||||
The following are the components of basic and diluted income per share as of December 31: | ||||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | |||||||||
Net income attributable to Viad (diluted) | $ | 52,354 | $ | 21,555 | $ | 5,897 | ||||||
Less: Allocation to non-vested shares | (970 | ) | (485 | ) | (157 | ) | ||||||
Net income allocated to Viad common stockholders (basic) | $ | 51,384 | $ | 21,070 | $ | 5,740 | ||||||
Basic weighted-average outstanding common shares | 19,804 | 19,850 | 19,701 | |||||||||
Additional dilutive shares related to share-based compensation | 329 | 415 | 304 | |||||||||
Diluted weighted-average outstanding shares | 20,133 | 20,265 | 20,005 | |||||||||
Income per share: | ||||||||||||
Basic income attributable to Viad common stockholders | $ | 2.59 | $ | 1.06 | $ | 0.29 | ||||||
Diluted income attributable to Viad common stockholders(1) | $ | 2.59 | $ | 1.06 | $ | 0.29 | ||||||
(1) Diluted income per share amount cannot exceed basic income per share. | ||||||||||||
Options to purchase 26,000, 47,000 and 110,000 shares of common stock were outstanding during 2014, 2013 and 2012, respectively, but were not included in the computation of dilutive shares outstanding because the effect would be anti-dilutive. Additionally, 329,000, 415,000 and 304,000 share-based compensation awards were considered dilutive and included in the computation of diluted income per share in 2014, 2013 and 2012, respectively. |
Employee_Stock_Ownership_Featu
Employee Stock Ownership Feature of 401Plan | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||
Employee Stock Ownership Feature of 401(k) Plan | Employee Stock Ownership Feature of 401(k) Plan | |||||||||||
Viad has historically funded its matching contributions to employees’ 401(k) accounts through the Company’s ESOP portion of the Viad Corp Capital Accumulation Plan (the “401(k) Plan”). During 2014, the Company depleted these shares and matching contributions are now funded from shares of Viad common stock held in treasury. All eligible employees of Viad and its participating affiliates, other than certain employees covered by collective-bargaining agreements that do not expressly provide for participation of such employees in an employee stock ownership plan, may participate in the employee stock ownership feature within the 401(k) Plan. | ||||||||||||
In 1989, the ESOP borrowed $40.0 million (guaranteed by Viad) to purchase treasury shares from the Company. In 2004, Viad borrowed $12.2 million under its revolving credit agreement to pay in full the outstanding ESOP loan and obtain release of Viad from its guarantee of the loan. In connection with the loan payoff, the ESOP entered into a $12.4 million loan with Viad maturing in June 2009 calling for minimum quarterly principal payments of $250,000 plus interest. The same amount, representing unearned employee benefits, was recorded as a reduction of stockholders’ equity. In 2007, the loan agreement between the ESOP and Viad was extended to December 31, 2016. As of December 31, 2014, the Company has fully paid off the ESOP loan. For prior years, the loan liability is included in the consolidated balance sheets under the caption “Unearned employee benefits and other.” The liability was reduced as the ESOP made principal payments on the borrowing, and the amount offsetting stockholders’ equity was reduced as stock was allocated to employees and benefits were charged to expense. The 401(k) Plan repaid the loan using Viad contributions and dividends received on the unallocated Viad shares held by the 401(k) Plan. | ||||||||||||
Information regarding ESOP transactions is as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Amounts paid by ESOP for: | ||||||||||||
Debt repayment | $ | 44 | $ | 1,280 | $ | 1,647 | ||||||
Interest | — | 1 | 5 | |||||||||
Amounts received from Viad as: | ||||||||||||
Contributions | 44 | 1,202 | 1,604 | |||||||||
Dividends | — | 79 | 48 | |||||||||
Shares were released for allocation to participants based upon the ratio of the current year’s principal and interest payments to the sum of the total principal and interest payments expected over the remaining life of the loan. Viad recorded expense of less than $0.1 million in 2014, and $1.3 million and $1.7 million in 2013 and 2012, respectively. | ||||||||||||
There were no unallocated shares held by the 401(k) Plan as of December 31, 2014 and unallocated shares held by the 401(k) Plan totaled 4,361 as of December 31, 2013. In January 2014, the 4,361 shares remaining in the ESOP as of December 31, 2013 were fully exhausted. Matching contributions on employee deferrals for the remainder of 2014 were made from shares held in treasury. Shares allocated during 2013 totaled 126,216. |
Preferred_Stock_Purchase_Right
Preferred Stock Purchase Rights | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Preferred Stock Purchase Rights | Preferred Stock Purchase Rights |
Viad has authorized five million and two million shares of Preferred Stock and Junior Participating Preferred Stock, respectively, none of which was outstanding on December 31, 2014. | |
On February 28, 2013, Viad’s shareholder rights plan (the “Rights Agreement”), as adjusted in connection with Viad’s one-for-four reverse stock split on July 1, 2004, and as amended on February 28, 2012, terminated on its own terms and the Preferred Stock Purchase Rights issued pursuant to the Rights Agreement expired. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income | ||||||||||||||||
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, 2012 | $ | 275 | $ | 42,158 | $ | (14,968 | ) | $ | 27,465 | ||||||||
Other comprehensive income before reclassifications | 215 | (11,311 | ) | 3,421 | (7,675 | ) | |||||||||||
Amounts reclassified from AOCI, net of tax | (61 | ) | — | 288 | 227 | ||||||||||||
Net other comprehensive income (loss) | 154 | (11,311 | ) | 3,709 | (7,448 | ) | |||||||||||
Balance at December 31, 2013 | $ | 429 | $ | 30,847 | $ | (11,259 | ) | $ | 20,017 | ||||||||
Other comprehensive income before reclassifications | 98 | (18,432 | ) | — | (18,334 | ) | |||||||||||
Amounts reclassified from AOCI, net of tax | (56 | ) | — | (2,021 | ) | (2,077 | ) | ||||||||||
Net other comprehensive income (loss) | 42 | (18,432 | ) | (2,021 | ) | (20,411 | ) | ||||||||||
Balance at December 31, 2014 | $ | 471 | $ | 12,415 | $ | (13,280 | ) | $ | (394 | ) | |||||||
The following table presents information about reclassification adjustments out of AOCI as of December 31: | |||||||||||||||||
(in thousands) | 2014 | 2013 | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||
Unrealized gains on investments | $ | 90 | $ | 99 | Interest income | ||||||||||||
Tax effect | (34 | ) | (38 | ) | Income taxes | ||||||||||||
$ | 56 | $ | 61 | ||||||||||||||
Recognized net actuarial loss | $ | (3,821 | ) | $ | (1,349 | ) | |||||||||||
Amortization of prior service credit | 565 | 902 | |||||||||||||||
Tax effect | 1,235 | 159 | Income taxes | ||||||||||||||
$ | (2,021 | ) | $ | (288 | ) |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||
Pension and Postretirement Benefits | Pension and Postretirement Benefits | ||||||||||||||||||||||||||
Domestic Plans. Viad has trusteed, frozen defined benefit pension plans that cover certain employees which are funded by the Company. Viad also maintains certain unfunded defined benefit pension plans which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. | |||||||||||||||||||||||||||
Viad also has certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, Viad retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, Viad may fund the plans. | |||||||||||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s pension plans included the following as of December 31: | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 87 | $ | 66 | $ | 104 | |||||||||||||||||||||
Interest cost | 1,079 | 1,030 | 1,150 | ||||||||||||||||||||||||
Expected return on plan assets | (436 | ) | (400 | ) | (406 | ) | |||||||||||||||||||||
Recognized net actuarial loss | 407 | 583 | 491 | ||||||||||||||||||||||||
Net periodic benefit cost | 1,137 | 1,279 | 1,339 | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||
Net actuarial loss (gain) | 3,418 | (2,565 | ) | 1,942 | |||||||||||||||||||||||
Reversal of amortization item: | |||||||||||||||||||||||||||
Net actuarial loss | (407 | ) | (583 | ) | (491 | ) | |||||||||||||||||||||
Total recognized in other comprehensive income (loss) | 3,011 | (3,148 | ) | 1,451 | |||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | 4,148 | $ | (1,869 | ) | $ | 2,790 | ||||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s postretirement benefit plans included the following: | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 129 | $ | 156 | $ | 146 | |||||||||||||||||||||
Interest cost | 640 | 663 | 814 | ||||||||||||||||||||||||
Expected return on plan assets | — | — | (74 | ) | |||||||||||||||||||||||
Amortization of prior service credit | (593 | ) | (902 | ) | (1,113 | ) | |||||||||||||||||||||
Recognized net actuarial loss | 166 | 518 | 547 | ||||||||||||||||||||||||
Net periodic benefit cost | 342 | 435 | 320 | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||
Net actuarial loss (gain) | 1,045 | (1,496 | ) | 224 | |||||||||||||||||||||||
Prior service credit | (1,283 | ) | (40 | ) | — | ||||||||||||||||||||||
Reversal of amortization item: | |||||||||||||||||||||||||||
Net actuarial loss | (166 | ) | (518 | ) | (547 | ) | |||||||||||||||||||||
Prior service credit | 593 | 902 | 1,113 | ||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | 189 | (1,152 | ) | 790 | |||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | 531 | $ | (717 | ) | $ | 1,110 | ||||||||||||||||||||
The following table indicates the funded status of the plans as of December 31: | |||||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | Benefit Plans | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 13,435 | $ | 15,348 | $ | 10,536 | $ | 11,570 | $ | 16,919 | $ | 18,701 | |||||||||||||||
Service cost | — | — | 87 | 66 | 129 | 156 | |||||||||||||||||||||
Interest cost | 644 | 608 | 435 | 422 | 640 | 663 | |||||||||||||||||||||
Actuarial adjustments | 2,700 | (1,530 | ) | 649 | (856 | ) | 1,011 | (1,631 | ) | ||||||||||||||||||
Plan amendments | — | — | — | — | (1,283 | ) | (40 | ) | |||||||||||||||||||
Benefits paid | (767 | ) | (991 | ) | (580 | ) | (666 | ) | (1,181 | ) | (930 | ) | |||||||||||||||
Benefit obligation at end of year | 16,012 | 13,435 | 11,127 | 10,536 | 16,235 | 16,919 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 10,872 | 10,624 | — | — | 520 | 1,397 | |||||||||||||||||||||
Actual return on plan assets | 364 | 580 | — | — | (34 | ) | (135 | ) | |||||||||||||||||||
Company contributions | 729 | 659 | 580 | 666 | 695 | 188 | |||||||||||||||||||||
Benefits paid | (767 | ) | (991 | ) | (580 | ) | (666 | ) | (1,181 | ) | (930 | ) | |||||||||||||||
Fair value of plan assets at end of year | 11,198 | 10,872 | — | — | — | 520 | |||||||||||||||||||||
Funded status at end of year | $ | (4,814 | ) | $ | (2,563 | ) | $ | (11,127 | ) | $ | (10,536 | ) | $ | (16,235 | ) | $ | (16,399 | ) | |||||||||
The net amounts recognized in Viad’s consolidated balance sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows: | |||||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | Benefit Plans | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | 635 | $ | 713 | $ | 1,094 | $ | 928 | |||||||||||||||
Non-current liabilities | 4,814 | 2,563 | 10,492 | 9,823 | 15,141 | 15,471 | |||||||||||||||||||||
Net amount recognized | $ | 4,814 | $ | 2,563 | $ | 11,127 | $ | 10,536 | $ | 16,235 | $ | 16,399 | |||||||||||||||
Amounts recognized in accumulated other comprehensive income as of December 31, 2014 consisted of: | |||||||||||||||||||||||||||
(in thousands) | Funded | Unfunded | Postretirement | Total | |||||||||||||||||||||||
Plans | Plans | Benefit Plans | |||||||||||||||||||||||||
Net actuarial loss | $ | 9,442 | $ | 4,020 | $ | 5,571 | $ | 19,033 | |||||||||||||||||||
Prior service credit | — | — | (2,729 | ) | (2,729 | ) | |||||||||||||||||||||
Subtotal | 9,442 | 4,020 | 2,842 | 16,304 | |||||||||||||||||||||||
Less tax effect | (3,581 | ) | (1,525 | ) | (1,078 | ) | (6,184 | ) | |||||||||||||||||||
Total | $ | 5,861 | $ | 2,495 | $ | 1,764 | $ | 10,120 | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive income as of December 31, 2013 consisted of: | |||||||||||||||||||||||||||
(in thousands) | Funded | Unfunded | Postretirement | Total | |||||||||||||||||||||||
Plans | Plans | Benefit Plans | |||||||||||||||||||||||||
Net actuarial loss | $ | 6,972 | $ | 3,480 | $ | 4,692 | $ | 15,144 | |||||||||||||||||||
Prior service credit | — | — | (2,038 | ) | (2,038 | ) | |||||||||||||||||||||
Subtotal | 6,972 | 3,480 | 2,654 | 13,106 | |||||||||||||||||||||||
Less tax effect | (2,644 | ) | (1,320 | ) | (1,006 | ) | (4,970 | ) | |||||||||||||||||||
Total | $ | 4,328 | $ | 2,160 | $ | 1,648 | $ | 8,136 | |||||||||||||||||||
The estimated net actuarial loss for the postretirement benefit plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit cost in 2015 is approximately $0.5 million. The estimated prior service credit for the postretirement benefit plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit credit in 2015 is approximately $0.6 million. | |||||||||||||||||||||||||||
The fair value of the domestic plans’ assets by asset class was as follows: | |||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Other | Unobserved | |||||||||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||||||||
Inputs | |||||||||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Domestic pension plans: | |||||||||||||||||||||||||||
Fixed income securities | $ | 6,534 | $ | 6,534 | $ | — | $ | — | |||||||||||||||||||
U.S. equity securities | 3,855 | 3,855 | — | — | |||||||||||||||||||||||
Cash | 552 | 552 | — | — | |||||||||||||||||||||||
Other | 257 | — | 257 | — | |||||||||||||||||||||||
Total | $ | 11,198 | $ | 10,941 | $ | 257 | $ | — | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Other | Unobserved | |||||||||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||||||||
Inputs | |||||||||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Domestic pension plans: | |||||||||||||||||||||||||||
Fixed income securities | $ | 5,966 | $ | 5,966 | $ | — | $ | — | |||||||||||||||||||
U.S. equity securities | 4,542 | 4,542 | — | — | |||||||||||||||||||||||
Cash | 147 | 147 | — | — | |||||||||||||||||||||||
Other | 217 | — | 217 | — | |||||||||||||||||||||||
Total | $ | 10,872 | $ | 10,655 | $ | 217 | $ | — | |||||||||||||||||||
Postretirement benefit plans: | |||||||||||||||||||||||||||
Fixed income securities | $ | 407 | $ | 407 | $ | — | $ | — | |||||||||||||||||||
U.S. equity securities | 109 | 109 | — | — | |||||||||||||||||||||||
Cash | 4 | 4 | — | — | |||||||||||||||||||||||
Total | $ | 520 | $ | 520 | $ | — | $ | — | |||||||||||||||||||
The Viad Corp Medical Plan maintained a trust account for plan assets invested in various securities. In June 2014, the trust account was closed after all plan assets were liquidated to reimburse Viad Corp for net postretirement medical claims paid. | |||||||||||||||||||||||||||
Viad employs a total return investment approach whereby a mix of equities and fixed income securities is used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across U.S. and non-U.S. stocks, as well as growth and value. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements. | |||||||||||||||||||||||||||
Viad utilizes a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also considers diversification and rebalancing. Peer data and historical returns are reviewed relative to Viad’s assumed rates for reasonableness and appropriateness. | |||||||||||||||||||||||||||
The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||
(in thousands) | Funded | Unfunded | Postretirement | ||||||||||||||||||||||||
Plans | Plans | Benefit | |||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||||
2015 | $ | 872 | $ | 647 | $ | 1,116 | |||||||||||||||||||||
2016 | 845 | 745 | 1,159 | ||||||||||||||||||||||||
2017 | 888 | 781 | 1,175 | ||||||||||||||||||||||||
2018 | 908 | 802 | 1,185 | ||||||||||||||||||||||||
2019 | 889 | 812 | 1,161 | ||||||||||||||||||||||||
2020-2024 | 5,046 | 3,869 | 5,441 | ||||||||||||||||||||||||
Foreign Pension Plans. Certain of Viad’s foreign operations also maintain trusteed defined benefit pension plans covering certain employees which are funded by the companies, and unfunded defined benefit pension plans providing supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. The components of net periodic benefit cost and other amounts recognized in other comprehensive income included the following: | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 413 | $ | 534 | $ | 491 | |||||||||||||||||||||
Interest cost | 631 | 702 | 737 | ||||||||||||||||||||||||
Expected return on plan assets | (640 | ) | (698 | ) | (622 | ) | |||||||||||||||||||||
Recognized net actuarial loss | 145 | 248 | 201 | ||||||||||||||||||||||||
Net periodic benefit cost | 549 | 786 | 807 | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||
Net actuarial loss (gain) | 361 | (1,214 | ) | 958 | |||||||||||||||||||||||
Reversal of amortization of net actuarial loss | 145 | (248 | ) | (201 | ) | ||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | 506 | (1,462 | ) | 757 | |||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | 1,055 | $ | (676 | ) | $ | 1,564 | ||||||||||||||||||||
The following table represents the funded status of the plans as of December 31: | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 11,460 | $ | 15,387 | $ | 2,911 | $ | 3,032 | |||||||||||||||||||
Service cost | 413 | 534 | — | — | |||||||||||||||||||||||
Interest cost | 507 | 582 | 124 | 120 | |||||||||||||||||||||||
Actuarial adjustments | 1,042 | (473 | ) | 234 | 44 | ||||||||||||||||||||||
Benefits paid | (344 | ) | (3,644 | ) | (211 | ) | (219 | ) | |||||||||||||||||||
Translation adjustment | (1,062 | ) | (926 | ) | (302 | ) | (66 | ) | |||||||||||||||||||
Benefit obligation at end of year | 12,016 | 11,460 | 2,756 | 2,911 | |||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 11,560 | 12,997 | — | — | |||||||||||||||||||||||
Actual return on plan assets | 983 | 1,148 | — | ||||||||||||||||||||||||
Company contributions | 604 | 1,892 | 211 | 219 | |||||||||||||||||||||||
Benefits paid | (344 | ) | (3,644 | ) | (211 | ) | (219 | ) | |||||||||||||||||||
Translation adjustment | (1,056 | ) | (833 | ) | — | ||||||||||||||||||||||
Fair value of plan assets at end of year | 11,747 | 11,560 | — | — | |||||||||||||||||||||||
Funded status at end of year | $ | (269 | ) | $ | 100 | $ | (2,756 | ) | $ | (2,911 | ) | ||||||||||||||||
As of December 31, 2014 and 2013, the foreign funded plans had net liabilities of $0.3 million and net assets of $0.1 million, respectively. The unfunded plans had liabilities of $2.8 million and $2.9 million at December 31, 2014 and 2013, respectively. These amounts are each included in the consolidated balance sheets under the caption “Pension and postretirement benefits.” | |||||||||||||||||||||||||||
The net actuarial losses for the foreign funded plans as of December 31, 2014 and 2013 were $4.0 million ($3.1 million after-tax) and $3.8 million ($2.8 million after-tax), respectively. The net actuarial losses as of December 31, 2014 and 2013 for the foreign unfunded plans were $407,000 ($213,000 after-tax) and $367,000 ($275,000 after-tax), respectively. | |||||||||||||||||||||||||||
The fair value of the foreign pension plans’ assets by asset category were as follows: | |||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||
in Active | Other | Unobserved | |||||||||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Canadian fixed income securities | $ | 5,367 | $ | 5,367 | $ | — | |||||||||||||||||||||
International equity securities | 4,693 | 4,273 | 420 | — | |||||||||||||||||||||||
U.S. equity securities | 1,236 | 1,236 | — | ||||||||||||||||||||||||
Other | 451 | 451 | — | ||||||||||||||||||||||||
Total | $ | 11,747 | $ | 11,327 | $ | 420 | $ | — | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||||
(in thousands) | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||
in Active | Other | Unobserved | |||||||||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Canadian fixed income securities | $ | 5,174 | $ | 5,174 | $ | — | $ | — | |||||||||||||||||||
International equity securities | 4,781 | 4,386 | 395 | — | |||||||||||||||||||||||
U.S. equity securities | 1,269 | 1,269 | — | — | |||||||||||||||||||||||
Other | 336 | 33 | 336 | — | — | ||||||||||||||||||||||
Total | $ | 11,560 | $ | 11,165 | $ | 395 | $ | — | |||||||||||||||||||
The following payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||
(in thousands) | Funded | Unfunded | |||||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||||
2015 | $ | 357 | $ | 187 | |||||||||||||||||||||||
2016 | 431 | 187 | |||||||||||||||||||||||||
2017 | 434 | 186 | |||||||||||||||||||||||||
2018 | 456 | 186 | |||||||||||||||||||||||||
2019 | 517 | 186 | |||||||||||||||||||||||||
2020-2024 | 3,055 | 918 | |||||||||||||||||||||||||
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets. The accumulated benefit obligations in excess of plan assets as of December 31 were as follows: | |||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 16,012 | $ | 13,435 | $ | 11,127 | $ | 10,536 | |||||||||||||||||||
Accumulated benefit obligation | 16,012 | 13,435 | 11,014 | 10,227 | |||||||||||||||||||||||
Fair value of plan assets | 11,200 | 10,872 | — | — | |||||||||||||||||||||||
Foreign Plans | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 12,016 | $ | 11,460 | $ | 2,756 | $ | 2,911 | |||||||||||||||||||
Accumulated benefit obligation | 11,268 | 10,823 | 2,656 | 2,911 | |||||||||||||||||||||||
Fair value of plan assets | 11,747 | 11,560 | — | — | |||||||||||||||||||||||
Contributions. In aggregate for both the domestic and foreign plans, the Company anticipates contributing $1.4 million to the funded pension plans, $0.8 million to the unfunded pension plans and $1.1 million to the postretirement benefit plans in 2015. | |||||||||||||||||||||||||||
Weighted-Average Assumptions. Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows: | |||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | Postretirement | Foreign Plans | ||||||||||||||||||||||||
Benefit Plans | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Discount rate | 4.01 | % | 4.89 | % | 3.9 | % | 4.6 | % | 4 | % | 4.65 | % | 3.85 | % | 4.67 | % | |||||||||||
Rate of compensation increase | N/A | N/A | 3 | % | 3 | % | N/A | N/A | 3 | % | 3 | % | |||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost were as follows: | |||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | Benefit Plans | Foreign Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Discount rate | 4.9 | % | 4.09 | % | 4.6 | % | 3.8 | % | 4.65 | % | 3.85 | % | 4.67 | % | 4.03 | % | |||||||||||
Expected return on plan assets | 4.15 | % | 3.9 | % | N/A | N/A | 0 | % | 0 | % | 5.69 | % | 5.44 | % | |||||||||||||
Rate of compensation increase | N/A | N/A | 3 | % | 4.5 | % | N/A | N/A | 3 | % | 3 | % | |||||||||||||||
The assumed health care cost trend rate used in measuring the December 31, 2014 accumulated postretirement benefit obligation was 7.5 percent, declining one-quarter percent each year to the ultimate rate of 5.0 percent by the year 2024 and remaining at that level thereafter. The assumed health care cost trend rate used in measuring the December 31, 2013 accumulated postretirement benefit obligation was 8.0 percent, declining one-half percent each year to the ultimate rate of 5.0 percent by the year 2019 and remaining at that level thereafter. | |||||||||||||||||||||||||||
A one-percentage-point increase in the assumed health care cost trend rate for each year would increase the accumulated postretirement benefit obligation as of December 31, 2014 by approximately $1.8 million and the total of service and interest cost components by approximately $0.1 million. A one-percentage-point decrease in the assumed health care cost trend rate for each year would decrease the accumulated postretirement benefit obligation as of December 31, 2014 by approximately $1.5 million and the total of service and interest cost components by approximately $0.1 million. | |||||||||||||||||||||||||||
Multi-employer Plans. Viad contributes to defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The financial risks of participating in these multi-employer pension plans generally include the fact that assets contributed to the plan by one employer may be used to provide benefits to employees of other participating employers. Furthermore, if a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if Viad were to discontinue its participation in some of its multi-employer pension plans, the Company may be required to pay those plans a withdrawal liability amount based on the underfunded status of the plan. Viad also contributes to defined contribution plans pursuant to its collective-bargaining agreements, which are generally not subject to the funding risks inherent in defined benefit pension plans. The overall level of Viad’s contributions to its multi-employer plans may significantly vary from year to year based on the demand for union-represented labor to support the Company’s operations. Viad does not have any minimum contribution requirements for future periods pursuant to its collective-bargaining agreements for individually significant multi-employer plans. | |||||||||||||||||||||||||||
Viad’s participation in multi-employer pension plans for 2014 is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2014 and 2013 relates to the plan’s year end as of December 31, 2013 and 2012, respectively, and is based on information received from the plan. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. | |||||||||||||||||||||||||||
Plan | Pension | FIP/RP | Viad Contributions | Surcharge Paid | Expiration | ||||||||||||||||||||||
Protection Act | Status | Date of | |||||||||||||||||||||||||
Zone Status | Pending/ Implemented | Collective- | |||||||||||||||||||||||||
(in thousands) | EIN | No. | 2014 | 2013 | 2014 | 2013 | 2012 | Bargaining Agreement(s) | |||||||||||||||||||
Pension Fund: | |||||||||||||||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 | 1 | Green | Green | No | $ | 6,369 | $ | 5,524 | $ | 5,694 | No | 5/31/15 | ||||||||||||||
Southern California Local 831—Employer Pension Fund(1) | 95-6376874 | 1 | Green | Green | No | 2,481 | 2,244 | 2,358 | No | 8/31/17 | |||||||||||||||||
Chicago Regional Council of Carpenters Pension Fund | 36-6130207 | 1 | Yellow | Yellow | Yes | 1,946 | 1,614 | 1,749 | No | 5/31/18 | |||||||||||||||||
National Electrical Benefit Fund | 53-0181657 | 1 | Green | Green | No | 1,457 | 1,631 | 1,814 | No | 6/16/15 | |||||||||||||||||
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2 | 51-6030753 | 2 | Green | Green | No | 1,081 | 957 | 108 | No | 6/3/17 | |||||||||||||||||
Central States, Southeast and Southwest Areas Pension Plan | 36-6044243 | 1 | Red | Red | Yes | 1,018 | 836 | 874 | No | 7/31/15 | |||||||||||||||||
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1), | 36-1416355 | 1 | Red | Red | Yes | 993 | 430 | 930 | No | 6/30/19 | |||||||||||||||||
Southwest Carpenters Pension Trust | 95-6042875 | 1 | Green | Green | No | 885 | 812 | 944 | No | 6/30/15 | |||||||||||||||||
Southern California IBEW-NECA Pension Fund | 95-6392774 | 1 | Yellow | Yellow | Yes | 768 | 184 | 62 | No | continuous | |||||||||||||||||
All other funds(2) | 4,097 | 2,592 | 2,468 | ||||||||||||||||||||||||
Total contributions to defined benefit plans | 21,095 | 16,824 | 17,001 | ||||||||||||||||||||||||
Total contributions to other plans | 2,057 | 3,489 | 3,668 | ||||||||||||||||||||||||
Total contributions to multi-employer plans | $ | 23,152 | $ | 20,313 | $ | 20,669 | |||||||||||||||||||||
(1) The Company contributed more than 5 percent of total plan contributions for the 2013 and 2012 plan years based on the plans’ Form 5500s. | |||||||||||||||||||||||||||
(2) Represents participation in 41 pension funds during 2014. | |||||||||||||||||||||||||||
Other Employee Benefits. Costs of the 401(k) Plan and other benefit plans totaled less than $0.1 million for 2014, and $1.3 million and $1.7 million in 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
Earnings before income taxes from continuing operations consist of the following for the years ended December 31: | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Foreign | $ | 33,349 | $ | 25,010 | $ | 29,645 | |||||||||||||||
United States | 7,938 | 2,620 | (6,514 | ) | |||||||||||||||||
Income from continuing operations before income taxes | $ | 41,287 | $ | 27,630 | $ | 23,131 | |||||||||||||||
Significant components of the income tax provision from continuing operations are as follows: | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
United States: | |||||||||||||||||||||
Federal | $ | — | $ | (3,308 | ) | $ | (1,537 | ) | |||||||||||||
State | 16 | (286 | ) | 2,189 | |||||||||||||||||
Foreign | 9,824 | 9,606 | 7,652 | ||||||||||||||||||
Total current | 9,840 | 6,012 | 8,304 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
United States: | |||||||||||||||||||||
Federal | (9,486 | ) | 2,007 | 11,127 | |||||||||||||||||
State | (125 | ) | 651 | 40 | |||||||||||||||||
Foreign | (120 | ) | (360 | ) | 107 | ||||||||||||||||
Total deferred | (9,731 | ) | 2,298 | 11,274 | |||||||||||||||||
Income tax expense | $ | 109 | $ | 8,310 | $ | 19,578 | |||||||||||||||
The Company is subject to income tax in jurisdictions in which it operates. A reconciliation of the statutory federal income tax rate to the effective tax rate of the Company for the years 2012 - 2014 is as follows: | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Computed income tax expense at statutory federal income tax rate of 35% | $ | 14,450 | 35 | % | $ | 9,670 | 35 | % | $ | 8,096 | 35 | % | |||||||||
State income taxes, net of federal provision | 227 | 0.5 | % | 345 | 1.2 | % | 470 | 2 | % | ||||||||||||
Foreign tax rate differentials | (1,262 | ) | (3.1 | )% | 77 | 0.3 | % | (2,031 | ) | (8.8 | )% | ||||||||||
U.S. tax on foreign earnings (net of foreign tax credits) | (2,168 | ) | (5.3 | )% | (1,831 | ) | (6.6 | )% | (595 | ) | (2.6 | )% | |||||||||
Change in valuation allowance | (11,650 | ) | (28.2 | )% | (2,184 | ) | (7.9 | )% | 14,220 | 61.5 | % | ||||||||||
Proceeds from life insurance | (133 | ) | (0.3 | )% | (196 | ) | (0.7 | )% | (472 | ) | (2.0 | )% | |||||||||
Return to provision and other adjustments | (1,401 | ) | (3.4 | )% | 1,664 | 6 | % | (371 | ) | (1.6 | )% | ||||||||||
Other, net | 2,046 | 5 | % | 765 | 2.8 | % | 261 | 1.1 | % | ||||||||||||
Income tax expense | $ | 109 | 0.2 | % | $ | 8,310 | 30.1 | % | $ | 19,578 | 84.6 | % | |||||||||
The components of deferred income tax assets and liabilities included in the consolidated balance sheets as of December 31 are as follows: | |||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Tax credit carryforwards | $ | 21,783 | $ | 26,945 | |||||||||||||||||
Pension, compensation and other employee benefits | 23,501 | 23,835 | |||||||||||||||||||
Provisions for losses | 12,127 | 13,674 | |||||||||||||||||||
Net operating loss carryforward | 4,886 | 4,794 | |||||||||||||||||||
State income taxes | 2,979 | 2,170 | |||||||||||||||||||
Other deferred income tax assets | 3,927 | 5,552 | |||||||||||||||||||
Total deferred tax assets | 69,203 | 76,970 | |||||||||||||||||||
Valuation allowance | (3,781 | ) | (12,393 | ) | |||||||||||||||||
Foreign deferred tax assets included above | (1,536 | ) | (1,713 | ) | |||||||||||||||||
Net deferred tax assets | 63,886 | 62,864 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Property and equipment | (5,856 | ) | (7,861 | ) | |||||||||||||||||
Deferred tax related to life insurance | (4,962 | ) | (4,842 | ) | |||||||||||||||||
Goodwill and other intangible assets | (2,705 | ) | (959 | ) | |||||||||||||||||
Unremitted foreign earnings | — | (398 | ) | ||||||||||||||||||
Other deferred income tax liabilities | (1,452 | ) | (393 | ) | |||||||||||||||||
Total deferred tax liabilities | (14,975 | ) | (14,453 | ) | |||||||||||||||||
Foreign deferred tax liabilities included above | 3,671 | 1,989 | |||||||||||||||||||
United States deferred tax assets | $ | 52,582 | $ | 50,400 | |||||||||||||||||
The Company uses significant judgment in forming conclusions regarding the recoverability of its deferred tax assets and evaluates all available positive and negative evidence to determine if it is more-likely-than-not that the deferred tax assets will be realized. To the extent recovery does not appear likely, a valuation allowance must be recorded. As of December 31, 2014 and 2013, Viad had gross deferred tax assets of $69.2 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. | |||||||||||||||||||||
During the year ended 2014, the Company determined it was more likely than not based upon all positive and negative evidence that its foreign tax credits would be fully utilized before expiration. Accordingly, a $11.4 million valuation allowance was released. At the end of 2014, the Company has $12.7 million in foreign tax credit carryforwards that are subject to a 10-year carryforward period and will begin to expire in 2020. | |||||||||||||||||||||
As of December 31, 2014 and 2013, Viad had gross federal, state and foreign net operating loss carryforwards of $75.8 million and $96.0 million, respectively, for which the Company had deferred tax assets of $4.9 million and $4.8 million. The state and foreign net operating loss carryforwards expire on various dates from 2015 through 2034. During 2014, the Company decreased its valuation allowance related to state net operating loss carryforwards by $0.6 million. As of December 31, 2014 and 2013, Viad had a valuation allowance of $3.8 million and $1.5 million, respectively, related to state and foreign deferred tax assets. | |||||||||||||||||||||
As of December 31, 2014, Viad had tax credit carryforwards related to alternative minimum tax of $8.8 million that may be carried forward indefinitely. Additionally, Viad had foreign tax credit carryforwards of $12.7 million, of which $4.7 million expire in 2020, $5.5 million expire in 2021, $0.6 million expire in 2022 and $1.9 million expire in 2023. | |||||||||||||||||||||
While management believes that the deferred tax assets, net of existing valuation allowances will be utilized in future periods, there are inherent uncertainties regarding the ultimate realization of these assets. It is possible that the relative weight of positive and negative evidence regarding the realization of deferred tax assets may change, which could result in a material increase or decrease in the Company’s valuation allowance. Such a change could result in a material increase or decrease to income tax expense in the period the assessment was made. | |||||||||||||||||||||
Viad has not recorded deferred taxes on certain historical unremitted earnings of its Canadian subsidiaries as management intends to reinvest those earnings in its Canadian operations. As of December 31, 2014, the incremental unrecognized tax liability (net of estimated foreign tax credits) related to those undistributed earnings was approximately $350,000. To the extent that circumstances change and it becomes apparent that some or all of those undistributed earnings will be remitted to the U.S., Viad would accrue income taxes attributable to such remittance. | |||||||||||||||||||||
Viad exercises judgment in determining its income tax provision when the ultimate tax determination is uncertain. Viad classifies liabilities associated with uncertain tax positions as non-current liabilities in its consolidated balance sheets unless they are expected to be paid within the next year. As of December 31, 2014 and 2013, the Company had liabilities associated with uncertain tax positions (including interest and penalties) of $2.4 million and $1.8 million, respectively, which were classified as non-current liabilities. | |||||||||||||||||||||
As of December 31, 2014, the Company recognized a net increase in the liability for uncertain tax positions for continuing operations of approximately $0.2 million. As of December 31, 2014, Viad had accrued interest and penalties related to uncertain tax positions for continuing operations of $0.1 million which are classified as a component of income tax expense. The tax expense impact of the uncertain tax positions was $0.4 million due to tax credit carryforwards that were available to offset the expense. The Company expects that positions approximating $0.3 million will be resolved or settled during 2015. | |||||||||||||||||||||
The Company had accrued liabilities for uncertain tax positions for discontinued operations of $0.6 million as of December 31, 2014 and 2013. In addition, as of both December 31, 2014 and 2013, Viad had accrued interest and penalties related to uncertain tax positions for discontinued operations of $0.5 million. Future tax resolutions or settlements that may occur related to these uncertain tax positions would be recorded through discontinued operations (net of federal tax effect, if applicable). The Company does not expect a material amount of uncertain tax positions to be resolved or settled within the next twelve months. | |||||||||||||||||||||
A reconciliation of the liabilities associated with uncertain tax positions (excluding interest and penalties) is as follows: | |||||||||||||||||||||
(in thousands) | Continuing | Discontinued | Total | ||||||||||||||||||
Operations | Operations | ||||||||||||||||||||
Balance, December 31, 2011 | $ | — | $ | 636 | $ | 636 | |||||||||||||||
Net additions and reductions | — | — | — | ||||||||||||||||||
Balance at December 31, 2012 | — | 636 | 636 | ||||||||||||||||||
Additions for tax positions taken in prior years | 736 | — | 736 | ||||||||||||||||||
Balance at December 31, 2013 | 736 | 636 | 1,372 | ||||||||||||||||||
Additions for tax positions taken in prior years | 1,019 | — | 1,019 | ||||||||||||||||||
Reductions for lapse of applicable statutes | (472 | ) | — | (472 | ) | ||||||||||||||||
Balance at December 31, 2014 | $ | 1,283 | $ | 636 | $ | 1,919 | |||||||||||||||
Viad is subject to regular and recurring audits by taxing authorities in jurisdictions in which the Company currently operates or has operated in the past. This includes the United States, Canada, United Kingdom, Germany, and the Netherlands. | |||||||||||||||||||||
Viad’s 2008 through 2014 U.S. federal tax years and various state tax years from 2010 through 2014 remain subject to income tax examinations by tax authorities. The 2006 Federal tax year remains subject to examination due to a federal net operating loss carryback claim. Tax years 2011 through 2014 remain subject to examination by various foreign taxing jurisdictions. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||
Restructuring Charges | Restructuring Charges | |||||||||||||||||||
Marketing & Events Group Consolidation | ||||||||||||||||||||
Beginning in 2009, Viad commenced 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. As a result, the Company recorded restructuring charges in 2014, 2013 and 2012, primarily consisting of severance and related benefits as a result of workforce reductions and charges related to the consolidation and downsizing of facilities representing the remaining operating lease obligations (net of estimated sublease income) and related costs. | ||||||||||||||||||||
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 & | Facilities | Total | |||||||||||||||
Employee | Employee | |||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||
Balance at December 31, 2011 | $ | 831 | $ | 4,819 | $ | 24 | $ | 1,276 | $ | 6,950 | ||||||||||
Restructuring charges | 2,506 | 2,346 | 90 | — | 4,942 | |||||||||||||||
Cash payments | (2,670 | ) | (1,567 | ) | (114 | ) | (343 | ) | (4,694 | ) | ||||||||||
Adjustment to liability | 51 | (27 | ) | — | — | 24 | ||||||||||||||
Foreign currency translation adjustment | 2 | — | — | — | 2 | |||||||||||||||
Balance at December 31, 2012 | 720 | 5,571 | — | 933 | 7,224 | |||||||||||||||
Restructuring charges (recoveries) | 2,931 | (315 | ) | 1,869 | (692 | ) | 3,793 | |||||||||||||
Cash payments | (2,411 | ) | (1,691 | ) | (498 | ) | (241 | ) | (4,841 | ) | ||||||||||
Adjustment to liability | — | — | (478 | ) | — | (478 | ) | |||||||||||||
Balance at December 31, 2013 | 1,240 | 3,565 | 893 | — | 5,698 | |||||||||||||||
Restructuring charges (recoveries) | 2,358 | (828 | ) | 107 | — | 1,637 | ||||||||||||||
Cash payments | (3,055 | ) | (1,376 | ) | (845 | ) | — | (5,276 | ) | |||||||||||
Adjustment to liability | — | (200 | ) | 85 | — | (115 | ) | |||||||||||||
Balance at December 31, 2014 | $ | 543 | $ | 1,161 | $ | 240 | $ | — | $ | 1,944 | ||||||||||
As of December 31, 2014, the liabilities related to severance and employee benefits are expected to be paid by the end of 2015. Refer to Note 22, Segment Information for information regarding restructuring charges by segment. |
Leases_and_Other
Leases and Other | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Leases and Other | Leases and Other | |||||||||||
Viad has entered into operating leases for the use of certain of its offices, equipment and other facilities. These leases expire over periods up to 40 years. Leases which expire are generally renewed or replaced by similar leases. Some leases contain scheduled rental increases accounted for on a straight-line basis. | ||||||||||||
As of December 31, 2014, Viad’s future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year were as follows: | ||||||||||||
(in thousands) | Rental | Receivable | ||||||||||
Payments | Under Subleases | |||||||||||
2015 | $ | 16,343 | $ | 1,372 | ||||||||
2016 | 14,115 | 1,232 | ||||||||||
2017 | 12,709 | 1,021 | ||||||||||
2018 | 10,888 | 1,023 | ||||||||||
2019 | 7,739 | 622 | ||||||||||
Thereafter | 9,755 | 926 | ||||||||||
Total | $ | 71,549 | $ | 6,196 | ||||||||
Net rent expense under operating leases consisted of the following as of December 31: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Minimum rentals | $ | 37,707 | $ | 34,201 | $ | 36,309 | ||||||
Sublease rentals | (6,884 | ) | (6,815 | ) | (6,501 | ) | ||||||
Total rentals, net | $ | 30,823 | $ | 27,386 | $ | 29,808 | ||||||
The aggregate annual maturities and the related amounts representing interest on capital lease obligations are included in Note 11. | ||||||||||||
In addition, as of December 31, 2014, the Company had aggregate purchase obligations of $28.2 million related to various licensing agreements, consulting and other contracted services. |
Litigation_Claims_Contingencie
Litigation, Claims, Contingencies and Other | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation, Claims, Contingencies and Other | 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 December 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 December 31, 2014 and 2013, Viad had recorded environmental remediation liabilities of $4.7 million and $5.0 million related to previously sold operations, respectively. | |
As of December 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 December 31, 2014 would be $5.9 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. As of December 31, 2014, approximately 30 percent of Viad’s regular full-time employees are covered by collective-bargaining agreements. If the Company were 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 2015 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. Viad’s contributions to these plans in 2014, 2013 and 2012 totaled $23.2 million, $20.3 million and $20.7 million, respectively. 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 December 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 approximately $19.9 million as of December 31, 2014. Of this total, $12.4 million related to workers’ compensation liabilities and the remaining $7.5 million related to general/auto liability claims. Viad has also retained and provided for certain insurance liabilities in conjunction with previously sold businesses totaling $4.5 million as of December 31, 2014, 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 $0.2 million to $0.4 million 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 $4.8 million, $6.6 million and $5.6 million in 2014, 2013 and 2012, respectively. | |
In addition, as of December 31, 2014 Viad had recorded insurance liabilities of $7.7 million related to continuing operations in excess of the self-insured levels for which Viad remains the primary obligor. Of this total, $3.1 million related to workers’ compensation liabilities and the remaining $4.6 million related to general/auto liability claims. The Company has recorded those amounts in other deferred items and liabilities in Viad’s Condensed Consolidated Balance Sheets with a corresponding receivable in other investments and assets. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | Segment Information | |||||||||||
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. No reportable segment has a single client comprising more than 6.3 percent of that segment’s revenues, and no single client comprises more than 4.2 percent of Viad’s revenues. Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 710,835 | $ | 628,856 | $ | 676,772 | ||||||
International | 249,649 | 229,312 | 240,137 | |||||||||
Intersegment eliminations | (16,016 | ) | (13,264 | ) | (14,869 | ) | ||||||
Total Marketing & Events Group | 944,468 | 844,904 | 902,040 | |||||||||
Travel & Recreation Group | 120,519 | 108,443 | 104,604 | |||||||||
Total revenue | $ | 1,064,987 | $ | 953,347 | $ | 1,006,644 | ||||||
Segment operating income: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 21,400 | $ | 11,024 | $ | 5,579 | ||||||
International | 10,339 | 9,068 | 12,321 | |||||||||
Total Marketing & Events Group | 31,739 | 20,092 | 17,900 | |||||||||
Travel & Recreation Group | 28,127 | 21,819 | 20,291 | |||||||||
Segment operating income | 59,866 | 41,911 | 38,191 | |||||||||
Corporate activities | (14,348 | ) | (6,755 | ) | (9,408 | ) | ||||||
Operating income | 45,518 | 35,156 | 28,783 | |||||||||
Interest income | 305 | 550 | 593 | |||||||||
Interest expense | (2,015 | ) | (1,234 | ) | (1,303 | ) | ||||||
Restructuring recoveries (charges): | ||||||||||||
Marketing & Events U.S. | 278 | 409 | (3,479 | ) | ||||||||
Marketing & Events International | (1,808 | ) | (2,362 | ) | (1,373 | ) | ||||||
Travel & Recreation Group | 41 | (809 | ) | (79 | ) | |||||||
Corporate | (148 | ) | (1,031 | ) | (11 | ) | ||||||
Impairment charges: | ||||||||||||
Marketing & Events U.S. | — | (658 | ) | — | ||||||||
Marketing & Events International | (884 | ) | (294 | ) | — | |||||||
Travel & Recreation Group | — | (2,097 | ) | — | ||||||||
Income from continuing operations before income taxes | $ | 41,287 | $ | 27,630 | $ | 23,131 | ||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Assets: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 304,727 | $ | 194,422 | $ | 203,145 | ||||||
International | 116,842 | 81,058 | 100,387 | |||||||||
Travel & Recreation Group | 199,986 | 209,611 | 223,199 | |||||||||
Corporate and other | 93,388 | 76,841 | 123,846 | |||||||||
$ | 714,943 | $ | 561,932 | $ | 650,577 | |||||||
Depreciation and amortization: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 16,066 | $ | 14,906 | $ | 17,643 | ||||||
International | 6,311 | 5,566 | 5,162 | |||||||||
Travel & Recreation Group | 8,232 | 7,319 | 7,183 | |||||||||
Corporate and other | 183 | 176 | 145 | |||||||||
$ | 30,792 | $ | 27,967 | $ | 30,133 | |||||||
Capital expenditures: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 14,515 | $ | 8,278 | $ | 7,525 | ||||||
International | 4,134 | 4,332 | 4,913 | |||||||||
Travel & Recreation Group | 10,740 | 23,108 | 15,201 | |||||||||
Corporate and other | — | 401 | 36 | |||||||||
$ | 29,389 | $ | 36,119 | $ | 27,675 | |||||||
Geographic Areas. Viad’s foreign operations are located principally in Canada, the United Kingdom, Germany, the United Arab Emirates and the Netherlands. Marketing & Events Group revenues are designated as domestic or foreign based on the originating location of the product or service. Long-lived assets are attributed to domestic or foreign based principally on the physical location of the assets. Long-lived assets consist of “Property and equipment, net” and “Other investments and assets.” The table below presents the financial information by major geographic area: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
United States | $ | 718,538 | $ | 637,482 | $ | 681,827 | ||||||
United Kingdom | 174,127 | 151,217 | 153,027 | |||||||||
Canada | 153,775 | 148,934 | 151,070 | |||||||||
Other international | 18,547 | 15,714 | 20,720 | |||||||||
Total revenues | $ | 1,064,987 | $ | 953,347 | $ | 1,006,644 | ||||||
Long-lived assets: | ||||||||||||
United States | $ | 130,401 | $ | 132,315 | $ | 141,727 | ||||||
Canada | 78,193 | 82,986 | 76,067 | |||||||||
United Kingdom | 13,973 | 9,631 | 9,757 | |||||||||
Other international | 242 | 424 | 2,163 | |||||||||
Total long-lived assets | $ | 222,809 | $ | 225,356 | $ | 229,714 | ||||||
Common_Stock_Repurchases
Common Stock Repurchases | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Common Stock Repurchases | Common Stock Repurchases |
In December 2012, Viad announced the authorization of its Board of Directors to repurchase shares of the Company’s common stock from time to time at prevailing market prices. During 2014, Viad repurchased 448,436 shares on the open market for $10.6 million. No shares were repurchased on the open market during 2013. As of December 31, 2014, 582,002 shares remain available for repurchase. Additionally, during 2014, 2013 and 2012, the Company withheld 72,996 shares at a cost of $1.8 million, 50,156 shares at a cost of $1.3 million and 56,885 shares at a cost of $1.1 million, respectively, related to tax withholding requirements on share-based awards. | |
As part of the Company’s share repurchase program, in February 2015, the Company repurchased141,462 shares on the open market at a total cost of approximately $3.8 million. Refer to Note 26, Subsequent Event. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Discontinued Operations | Discontinued Operations | ||||||||||||
In 2014, Viad recorded income from discontinued operations of $13.3 million primarily related to the gain on the possessory interest and personal property at Glacier Park. The Company’s 2013 and 2012 results related to the operations of Glacier Park’s concession contract business have been reclassified as discontinued operations in Viad’s Condensed Consolidated Statements of Operations. For the years ended 2013 and 2012, Viad recorded income from discontinued operations of $1.2 million and $2.4 million related to Glacier Park income. | |||||||||||||
On December 31, 2013, Glacier Park’s concession contract with the Park Service to operate lodging, tour and transportation and other hospitality services within 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 $21.5 million for the Company’s possessory interest. The gain after-tax on the possessory interest was $13.5 million with $2.7 million attributable to the noncontrolling interest. These amounts are included in income (loss) from discontinued operations and net income attributable to noncontrolling interest in Viad’s Condensed Consolidated Statements of Operations, respectively. In September 2014, the Company received $3.0 million in cash for the sale of the remaining personal property assets held for sale at Glacier Park. This resulted in a gain of approximately $0.7 million, net of tax. | |||||||||||||
The following summarizes Glacier Park’s expired concession contract operating results, which are presented in income (loss) from discontinued operations, net of tax, in Viad’s Condensed Consolidated Statements of Operations as of December 31: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Total revenue | $ | 19,445 | $ | 18,587 | |||||||||
Costs (recoveries) and expenses | (93 | ) | (15,462 | ) | (14,916 | ) | |||||||
Impairment charges | — | (2,364 | ) | — | |||||||||
Restructuring charges | — | (98 | ) | — | |||||||||
Income from discontinued operations, before income taxes | (93 | ) | 1,521 | 3,671 | |||||||||
Income tax (expense) benefit | 45 | (280 | ) | (1,265 | ) | ||||||||
Income from discontinued operations, net of tax | (48 | ) | 1,241 | 2,406 | |||||||||
Gain on sale of discontinued operations, net of tax | 13,343 | — | — | ||||||||||
Income from discontinued operations | 13,295 | 1,241 | 2,406 | ||||||||||
Income from discontinued operations attributable to noncontrolling interest | (2,825 | ) | (248 | ) | (481 | ) | |||||||
Income from discontinued operations attributable to Viad | $ | 10,470 | $ | 993 | $ | 1,925 | |||||||
For the year ended December 31, 2013, the Company recorded a non-cash impairment charge of $4.5 million representing all goodwill at the Glacier Park reporting unit, of which $2.1 million related to continuing operations and $2.4 million related to discontinued operations. Additionally, for the year ended December 31, 2013, the Company recorded other asset impairment charges of $1.0 million at the Marketing & Events Group related to the write-off of certain assets within the Marketing & Events Group. | |||||||||||||
For the year ended December 31, 2014, Viad also recorded income from discontinued operations, net of tax, of $1.1 million primarily due to additional reserves related to certain liabilities associated with previously sold operations and an insurance recovery. For the year ended December 31, 2013, Viad recorded income from discontinued operations, net of tax, of $1.1 million primarily related to the sale of land associated with previously sold operations. In 2012, Viad recorded income from discontinued operations of $0.6 million related to the reversal of certain liabilities associated with previously sold operations. | |||||||||||||
The following is a reconciliation of net income attributable to the noncontrolling interest for the year ended December 31: | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income (loss) from continuing operations | $ | 388 | $ | (117 | ) | $ | 205 | ||||||
Income from discontinued operations | 2,825 | 248 | 481 | ||||||||||
Net income attributable to noncontrolling interest | $ | 3,213 | $ | 131 | $ | 686 | |||||||
Condensed_Consolidated_Quarter
Condensed Consolidated Quarterly Results (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Condensed Consolidated Quarterly Results (Unaudited) | Condensed Consolidated Quarterly Results (Unaudited) | |||||||||||||||||||||||||||||||
The following quarterly financial information was derived from the Company’s interim financial statements and was prepared in a manner consistent with the annual financial statements and includes all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
Revenues: | $ | 285,641 | $ | 256,391 | $ | 299,802 | $ | 223,155 | $ | 285,159 | $ | 246,180 | $ | 220,167 | $ | 201,842 | ||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||||||||
Ongoing operations(1) | $ | 13,361 | $ | 14,136 | $ | 33,013 | $ | (644 | ) | $ | 13,595 | $ | 11,455 | $ | 18,723 | $ | (1,862 | ) | ||||||||||||||
Corporate activities | (2,039 | ) | (1,991 | ) | (3,468 | ) | (6,850 | ) | (806 | ) | (1,167 | ) | (2,034 | ) | (2,748 | ) | ||||||||||||||||
Restructuring (charges) recoveries | (211 | ) | (1,369 | ) | (234 | ) | 177 | (720 | ) | (773 | ) | (639 | ) | (1,661 | ) | |||||||||||||||||
Impairment charges | — | (884 | ) | — | — | — | — | (3,049 | ) | — | ||||||||||||||||||||||
Operating income (loss) | $ | 11,111 | $ | 9,892 | $ | 29,311 | $ | (7,317 | ) | $ | 12,069 | $ | 9,515 | $ | 13,001 | $ | (6,271 | ) | ||||||||||||||
Income (loss) from continuing operations attributable to Viad(2) | $ | 9,312 | $ | 7,978 | $ | 30,755 | $ | (7,255 | ) | $ | 8,453 | $ | 6,516 | $ | 8,871 | $ | (4,403 | ) | ||||||||||||||
Net income (loss) attributable to Viad(2) | $ | 21,882 | $ | 6,742 | $ | 29,620 | $ | (5,889 | ) | $ | 8,065 | $ | 6,253 | $ | 11,855 | $ | (4,618 | ) | ||||||||||||||
Income (loss) per common share-Diluted(2),(3): | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Viad | $ | 0.46 | $ | 0.39 | $ | 1.53 | $ | (0.37 | ) | $ | 0.42 | $ | 0.32 | $ | 0.44 | $ | (0.22 | ) | ||||||||||||||
Net income (loss) attributable to Viad | $ | 1.08 | $ | 0.33 | $ | 1.48 | $ | (0.30 | ) | $ | 0.4 | $ | 0.31 | $ | 0.58 | $ | (0.23 | ) | ||||||||||||||
Income (loss) per common share-Basic(2),(3): | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Viad | $ | 0.46 | $ | 0.39 | $ | 1.53 | $ | (0.37 | ) | $ | 0.42 | $ | 0.32 | $ | 0.44 | $ | (0.22 | ) | ||||||||||||||
Net income (loss) attributable to Viad | $ | 1.08 | $ | 0.33 | $ | 1.48 | $ | (0.30 | ) | $ | 0.4 | $ | 0.31 | $ | 0.58 | $ | (0.23 | ) | ||||||||||||||
(1) Represents revenues less costs of services and products sold. | ||||||||||||||||||||||||||||||||
(2) Includes $10.9 million benefit associated with the 2014 third quarter release of the valuation allowance relating to foreign income tax credits. | ||||||||||||||||||||||||||||||||
(3) The sum of quarterly income per share amounts may not equal annual income per share due to rounding. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Event |
As part of the Company’s share repurchase program, in February 2015, the Company repurchased 141,462 shares on the open market at a total cost of approximately $3.8 million. |
Schedule_II_Valuation_And_Qual
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||
Additions | Deductions | |||||||||||||||||||
Balance at | Charged to | Charged to | Credited | Balance at | ||||||||||||||||
Beginning | Other | to Other | ||||||||||||||||||
(in thousands) | of Year | Expense | Accounts | Write Offs | Accounts | End of Year | ||||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||||||
31-Dec-12 | $ | 1,072 | 708 | — | (630 | ) | — | $ | 1,150 | |||||||||||
31-Dec-13 | 1,150 | 313 | — | (586 | ) | — | 877 | |||||||||||||
31-Dec-14 | 877 | 821 | — | (440 | ) | — | 1,258 | |||||||||||||
Deferred tax valuation allowance: | ||||||||||||||||||||
31-Dec-12 | $ | 356 | 14,220 | — | — | — | $ | 14,576 | ||||||||||||
31-Dec-13 | 14,576 | 1,917 | — | (4,100 | ) | — | 12,393 | |||||||||||||
31-Dec-14 | 12,393 | 95 | 2,589 | (11,782 | ) | — | 3,295 | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |
Dec. 31, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation | |
The consolidated financial statements of Viad Corp (“Viad” or the “Company”) are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and all of its subsidiaries. All intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation. | ||
Segments | Nature of Business | |
Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International and Travel & Recreation Group. | ||
Marketing & Events Group | ||
The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), is a global event marketing company that helps clients gain more awareness, more involvement and more value from their trade show programs and other live events. The Marketing & Events Group 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. The mission of the Marketing & Events Group is to create the world’s most meaningful and memorable experiences for show organizers, brand marketers, event attendees and retail shopping centers. Show organizers include for-profit and not-for-profit show owners as well as show management companies. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products and build business relationships. Viad’s retail shopping center customers include major developers, owners and management companies of shopping malls and leisure centers. | ||
On September 16, 2014, the Company acquired Blitz Communications Group Limited and affiliates (collectively, “Blitz”), which has offices in the United Kingdom and is a leading audio-visual staging and creative services provider for the live events industry in the United Kingdom and continental Europe. The purchase price was £15 million (approximately $24.4 million) in cash, subject to certain adjustments. | ||
On October 7, 2014, the Company acquired onPeak LLC and Travel Planners, Inc. (collectively, “onPeak”) for a purchase price of $43.0 million and $33.7 million, respectively, in cash, subject to certain adjustments. Both acquired companies provide event accommodations services in North America to the live events industry. | ||
On November 24, 2014, the Company acquired N200 Limited and affiliates (collectively, “N200”) for €9.7 million (approximately $12.1 million) in cash, subject to certain adjustments, plus an earnout payment (the “Earnout”) of up to €1.0 million. The amount of the Earnout is based on N200’s achievement of established financial targets for fiscal 2015 (ending June 30). N200, which has offices in the United Kingdom and the Netherlands, is a leading event registration and data intelligence services provider for the live events industry in the United Kingdom and the Netherlands. | ||
For additional information, refer to Note 3, Acquisition of Businesses. | ||
Travel & Recreation Group | ||
The Travel & Recreation Group is an experiential leisure travel provider serving the needs of regional and long-haul visitors to iconic natural and cultural destinations in North America. 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 2014), Banff Lake Cruise, motorcoach services, charter and sightseeing services, inbound package tour operations and hotel operations. | ||
Glacier Park, an 80 percent owned subsidiary of Viad, owns and operates seven lodges, with accommodation offerings varying from hikers’ cabins to hotel suites, including St. Mary Lodge, a 115-room, full-service resort lodge located outside the east entrance to Glacier National Park in St. Mary, Montana; Glacier Park Lodge, a historic lodge in East Glacier, Montana; Grouse Mountain Lodge, a full-season lodge offering golf, skiing in the winter, hiking in the summer and other seasonal recreational activities, located near Glacier National Park in Whitefish, Montana; the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada, which is situated on land for which the Company has a 42-year ground lease with the Canadian government running through January 31, 2052; the West Glacier Motel & Cabins in West Glacier, Montana, and Motel Lake McDonald and the Apgar Village Lodge, which are located inside Glacier National Park. Glacier Park also operates the food and beverage services with respect to those properties and the retail shops located near Glacier National Park. With regard to Glacier Park’s concession operations within Glacier National Park, refer to Note 24, Discontinued Operations. | ||
On July 1, 2014, the Company acquired the West Glacier Motel & Cabins, the Apgar Village Lodge and related land, food and beverage services and retail operations (collectively, the “West Glacier Properties”). The West Glacier Motel & Cabins is a 32-room property situated on approximately 200 acres at the west entrance of Glacier National Park, and its full-service amenities include a restaurant, grocery store, gift shops, a gas station and employee accommodations. The Apgar Village Lodge is a 48-room property situated on a 3.8 acre private in-holding inside Glacier National Park with overnight accommodations, a gift shop and employee accommodations. The purchase price was $16.5 million in cash with a working capital adjustment of $0.3 million, subject to certain adjustments. For additional information, refer to Note 3, Acquisition of Businesses. | ||
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. | ||
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to: | |
• | Fair value of Viad’s reporting units used to perform annual impairment testing of recorded goodwill; | |
• | Allowances for uncollectible accounts receivable; | |
• | Provisions for income taxes, including uncertain tax positions; | |
• | Valuation allowances related to deferred tax assets; | |
• | Liabilities for losses related to self-insured liability claims; | |
• | Liabilities for losses related to environmental remediation obligations; | |
• | Sublease income associated with restructuring liabilities; | |
• | Assumptions used to measure pension and postretirement benefit costs and obligations; | |
• | Assumptions used to determine share-based compensation costs under the fair value method and | |
• | Allocation of purchase price of acquired businesses. | |
Actual results could differ from these and other estimates. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents. Viad considers all highly-liquid investments with remaining maturities when purchased of three months or less to be cash equivalents. Viad’s cash and cash equivalents consist of cash and bank demand deposits, bank time deposits and money market mutual funds. The Company’s investments in money market mutual funds are classified as available-for-sale and carried at fair value. | |
Inventories | Inventories. Inventories, which consist primarily of exhibit design and construction materials and supplies used in providing convention show services, are stated at the lower of cost (first-in, first-out and specific identification methods) or market. | |
Property and Equipment | Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets: buildings, 15 to 40 years; equipment, 3 to 12 years; and leasehold improvements, over the shorter of the lease term or useful life. Property and equipment are tested for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable through undiscounted cash flows. | |
Capitalized Software | Capitalized Software. Viad capitalizes certain internal and external costs incurred in developing or obtaining internal use software. Capitalized costs principally relate to costs incurred to purchase software from third parties, external direct costs of materials and services, and certain payroll-related costs for employees directly associated with software projects once application development begins. Costs associated with preliminary project activities, training and other post-implementation activities are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful lives of the software, ranging from three to ten years. These costs are included in the consolidated balance sheets under the caption “Property and equipment, net.” | |
Goodwill | Goodwill. Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31 of each year. Goodwill is also tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Viad uses a discounted expected future cash flow methodology (income approach) in order to estimate the fair value of its reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results. | |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance. Viad has Company-owned life insurance contracts which are intended to fund the cost of certain employee compensation and benefit programs. These contracts are carried at cash surrender value, net of outstanding policy loans. The cash surrender value represents the amount of cash the Company could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, are included as a component of “Costs of Services” in the consolidated statements of operations. | |
Self-Insurance Liabilities | Self-Insurance Liabilities. Viad is self-insured up to certain limits for workers’ compensation, automobile, product and general liability, property loss and medical claims. Viad has also retained certain liabilities related to workers’ compensation and general liability insurance claims in conjunction with previously sold operations. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on Viad’s prior historical experience, claims frequency and other factors. Viad has purchased insurance for amounts in excess of the self-insured levels. | |
Environmental Remediation Liabilities | Environmental Remediation Liabilities. Viad has retained certain liabilities representing the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. | |
Foreign Currency Translation | Foreign Currency Translation. Viad conducts its foreign operations primarily in Canada, the United Kingdom, Germany and to a lesser extent in certain other countries. The functional currency of Viad’s foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, Viad translates the assets and liabilities of its foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income in Viad’s consolidated balance sheets. In addition, for purposes of consolidation, the revenues, expenses and gains and losses related to Viad’s foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. | |
Revenue Recognition | Revenue Recognition. Viad recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured. GES derives revenues primarily by providing show services to exhibitors participating in exhibitions and events and from the design, construction and refurbishment of exhibit booths and holiday themed environments. Service revenue is recognized at the time services are completed. Service revenue from event accommodations services is recorded when services are completed and is net of commissions. Exhibits and environments revenue is accounted for using the completed-contract method. The Travel & Recreation Group generates revenues through its attractions, hotels and transportation and sightseeing services. Revenues are recognized at the time services are performed. | |
Share-Based Compensation | Share-Based Compensation. Viad recognizes and measures compensation costs related to all share-based payment awards using the fair value method of accounting. These awards generally include restricted stock, performance-based restricted stock (“PBRS”), stock options and liability-based awards (including performance units, restricted stock units and performance-based restricted stock units). These awards contain forfeiture and non-compete provisions. | |
The fair value of restricted stock and PBRS awards are based on Viad’s stock price on the date of grant. Viad issues restricted stock and PBRS awards from shares held in treasury. Future vesting of restricted stock and PBRS is generally subject to continued employment with Viad or its subsidiaries. Holders of restricted stock and PBRS have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge or otherwise encumber the stock, except to the extent restrictions have lapsed. | ||
Restricted stock awards vest between three and five years from the date of grant. Share-based compensation expense related to restricted stock is recognized using the straight-line method over the requisite service period of approximately three years except for certain awards with a five-year vesting period whereby expense is recognized based on an accelerated multiple-award approach over a five-year period. For these awards, 40 percent of the shares vest on the third anniversary of the grant and the remaining shares vest in 30 percent increments over the subsequent two anniversary dates. | ||
Liability-based awards (including performance units, restricted stock units and PBRS units awarded to key employees at certain of the Company’s Canadian operations) are recorded at estimated fair value, based on the number of units expected to vest and the level of achievement of predefined performance goals (where applicable) and are remeasured on each balance sheet date based on Viad’s stock price or the Monte Carlo simulation method until the time of settlement. The fair value of performance-based awards based on a market condition is determined using a Monte Carlo simulation. A Monte Carlo simulation requires the use of a number of assumptions, including historical volatility and correlation of the price of Viad’s stock and the price of the common shares of a comparator group, a risk-free rate of return and an expected term. To the extent earned, liability-based awards are settled in cash based on Viad’s stock price. Compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years. | ||
Share-based compensation expense related to PBRS awards is recognized based on an accelerated multiple-award approach over the requisite service period of approximately three years. PBRS vests when certain incentive performance targets established in the year of grant are achieved at target levels. PBRS is subject to a graded vesting schedule whereby one third of the earned shares vest after the first year and the remaining earned shares vest in one-third increments each year over the next two years on the first business day in January. | ||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense related to stock option awards is recognized using the straight-line method over the requisite service period of approximately five years. The exercise price of stock options is based on the market value of Viad’s common stock at the date of grant. | ||
Common Stock in Treasury | Common Stock in Treasury. Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost. | |
Income Per Common Share | Income Per Common Share. Viad applies the two-class method in calculating income per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share. Historically, Viad has funded its matching contributions to employees’ 401(k) accounts through the Company’s leveraged Employee Stock Ownership Plan (“ESOP”) feature of the Company’s 401(k) defined contribution plan. ESOP shares are treated as outstanding for income per share calculations. During 2014, the Company depleted these shares and matching contributions are now funded from shares of Viad common stock held in treasury. | |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements | |
In April 2014, the FASB issued ASU 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 and is not expected to have a material impact on Viad’s financial condition or results of operations. | ||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The guidance is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. 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. | ||
In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period. The new guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for our fiscal year beginning January 1, 2016 and early adoption is permitted. The adoption of this new guidance is not expected to have a material impact on Viad’s financial condition or results of operations. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 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: | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Restricted stock/PBRS | $ | 2,495 | $ | 3,073 | $ | 3,267 | |||||||||||||||
Performance unit incentive plan (“PUP”) | 359 | 1,864 | 2,922 | ||||||||||||||||||
Restricted stock units/PBRS units | 76 | 177 | 450 | ||||||||||||||||||
Stock options | — | 107 | 593 | ||||||||||||||||||
Total share-based compensation before income tax benefit | 2,930 | 5,221 | 7,232 | ||||||||||||||||||
Income tax benefit | (1,102 | ) | (1,936 | ) | (2,574 | ) | |||||||||||||||
Total share-based compensation, net of income tax benefit | $ | 1,828 | $ | 3,285 | $ | 4,658 | |||||||||||||||
Summary of restricted stock and PBRS activity | Restricted Stock and PBRS. The following table summarizes restricted stock and PBRS activity: | ||||||||||||||||||||
Restricted Stock | PBRS | ||||||||||||||||||||
Shares | Weighted-Average | Shares | Weighted-Average | ||||||||||||||||||
Grant Date | Grant Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
Balance at December 31, 2011 | 572,022 | $ | 20.36 | 416 | $ | 15.36 | |||||||||||||||
Granted | 168,050 | 20.46 | — | — | |||||||||||||||||
Vested | (219,571 | ) | 18.26 | (416 | ) | 15.36 | |||||||||||||||
Forfeited | (4,150 | ) | 24.8 | — | — | ||||||||||||||||
Balance, December 31, 2012 | 516,351 | 21.25 | — | ||||||||||||||||||
Granted | 101,300 | 27.27 | — | — | |||||||||||||||||
Vested | (166,320 | ) | 20.83 | — | |||||||||||||||||
Forfeited | (20,432 | ) | 22.13 | — | — | ||||||||||||||||
Balance, December 31, 2013 | 430,899 | 22.78 | — | — | |||||||||||||||||
Granted | 128,700 | 23.79 | — | — | |||||||||||||||||
Vested | (197,671 | ) | 22.51 | — | — | ||||||||||||||||
Forfeited | (33,326 | ) | 23.13 | — | — | ||||||||||||||||
Balance, December 31, 2014 | 328,602 | 23.3 | — | — | |||||||||||||||||
Summary of liability based award activity | Liability-Based Awards. The following table summarizes the liability-based award activity: | ||||||||||||||||||||
PUP Awards | Restricted Stock Units | PBRS Units | |||||||||||||||||||
Units | Weighted-Average | Units | Weighted-Average | Units | Weighted-Average | ||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Balance at December 31, 2011 | 95,500 | $ | 23.02 | 38,600 | $ | 19.07 | 1,956 | $ | 15.36 | ||||||||||||
Granted | 115,100 | 20.6 | 15,850 | 20.57 | — | — | |||||||||||||||
Vested | — | — | (13,100 | ) | 15.36 | (1,956 | ) | 15.36 | |||||||||||||
Forfeited | — | — | (850 | ) | 20.89 | — | — | ||||||||||||||
Balance, December 31, 2012 | 210,600 | 21.7 | 40,500 | 20.82 | — | ||||||||||||||||
Granted | 93,100 | 27.35 | 8,600 | 27.35 | — | — | |||||||||||||||
Vested | — | — | (11,300 | ) | 19.1 | — | — | ||||||||||||||
Forfeited | (3,932 | ) | 21.15 | (9,240 | ) | 22.55 | — | — | |||||||||||||
Balance, December 31, 2013 | 299,768 | 23.46 | 28,560 | 22.91 | — | — | |||||||||||||||
Granted | 123,300 | 23.71 | 7,200 | 24.87 | — | — | |||||||||||||||
Vested | (94,600 | ) | 23.01 | (9,890 | ) | 23.45 | — | — | |||||||||||||
Forfeited | (61,348 | ) | 24.43 | (500 | ) | 27.32 | — | — | |||||||||||||
Balance, December 31, 2014 | 267,120 | 23.51 | 25,370 | 23.17 | — | — | |||||||||||||||
Summary of stock option activity | Stock Options. The following table summarizes stock option activity: | ||||||||||||||||||||
Shares | Weighted- | Options | |||||||||||||||||||
Average | Exercisable | ||||||||||||||||||||
Exercise Price | |||||||||||||||||||||
Options outstanding at December 31, 2011 | 584,201 | 23.32 | 396,688 | ||||||||||||||||||
Exercised | (12,099 | ) | 19.41 | ||||||||||||||||||
Forfeited or expired | (208,206 | ) | 25.81 | ||||||||||||||||||
Options outstanding at December 31, 2012 | 363,896 | 22.03 | 276,009 | ||||||||||||||||||
Exercised | (59,543 | ) | 19.42 | ||||||||||||||||||
Forfeited or expired(1) | (15,853 | ) | 40.45 | ||||||||||||||||||
Award modification | 25,823 | N/A | |||||||||||||||||||
Options outstanding at December 31, 2013 | 314,323 | 19.79 | 314,323 | ||||||||||||||||||
Exercised | (66,076 | ) | 18.53 | ||||||||||||||||||
Forfeited or expired | (18,522 | ) | 35.28 | ||||||||||||||||||
Award modification | 17,865 | N/A | |||||||||||||||||||
Options outstanding at December 31, 2014 | 247,590 | 17.82 | 247,590 | ||||||||||||||||||
Summary of information on stock options outstanding and exercisable | The following table summarizes information concerning stock options outstanding and exercisable as of December 31, 2014: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Weighted-Average | Weighted- | Weighted- | |||||||||||||||||||
Range of Exercise Prices: | Shares | Remaining Contractual Life (in years) | Average Exercise Price | Shares | Average Exercise Price | ||||||||||||||||
$16.62 | 224,137 | 3.8 | $ | 16.62 | 224,137 | $ | 16.62 | ||||||||||||||
$29.27 | 23,453 | 0.2 | 29.27 | 23,453 | 29.27 | ||||||||||||||||
$16.62 to $29.27 | 247,590 | 3.5 | 17.82 | 247,590 | 17.82 | ||||||||||||||||
Summary of additional information on stock options | Additional information pertaining to stock options is provided in the table below: | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Total intrinsic value of stock options outstanding | $ | 2,251 | $ | 2,723 | $ | 2,329 | |||||||||||||||
Total intrinsic value of stock options exercised | $ | 1,616 | $ | 1,611 | $ | 296 | |||||||||||||||
Fair value of stock options vested | $ | — | $ | 532 | $ | 539 | |||||||||||||||
Cash received from the exercise of stock options | $ | 1,155 | $ | 777 | $ | 248 | |||||||||||||||
Tax benefits realized for tax deductions related to stock option exercises and performance-based awards | $ | 461 | $ | 404 | $ | 96 | |||||||||||||||
Acquisition_of_Businesses_Tabl
Acquisition of Businesses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets, contingent consideration, working capital and certain tax amounts are finalized. | ||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 12,068 | |||||||
Contingent consideration | 1,244 | ||||||||
Cash acquired | (943 | ) | |||||||
Purchase price, net of cash acquired | $ | 12,369 | |||||||
Fair value of net assets acquired: | |||||||||
Accounts receivable, net | $ | 1,747 | |||||||
Inventory | 46 | ||||||||
Prepaid expenses | 115 | ||||||||
Property and equipment, net | 1,280 | ||||||||
Intangible assets | 3,595 | ||||||||
Total assets acquired | 6,783 | ||||||||
Accounts payable | 421 | ||||||||
Accrued liabilities | 990 | ||||||||
Customer deposits | 569 | ||||||||
Deferred tax liability | 891 | ||||||||
Other liabilities | 106 | ||||||||
Total liabilities acquired | 2,977 | ||||||||
Total fair value of net assets acquired | 3,806 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 8,563 | |||||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized. | |||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 24,416 | |||||||
Cash acquired | (190 | ) | |||||||
Purchase price, net of cash acquired | $ | 24,226 | |||||||
Fair value of net assets acquired: | |||||||||
Accounts receivable, net | $ | 264 | |||||||
Inventory | 433 | ||||||||
Prepaid expenses | 410 | ||||||||
Property and equipment, net | 5,902 | ||||||||
Intangible assets | 8,708 | ||||||||
Total assets acquired | 15,717 | ||||||||
Accounts payable | 1,232 | ||||||||
Accrued liabilities | 2,246 | ||||||||
Customer deposits | 199 | ||||||||
Deferred tax liability | 241 | ||||||||
Revolving credit facility | 488 | ||||||||
Accrued dilapidations | 589 | ||||||||
Total liabilities acquired | 4,995 | ||||||||
Total fair value of net assets acquired | 10,722 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 13,504 | |||||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized. | |||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 42,950 | |||||||
Cash acquired | (4,064 | ) | |||||||
Purchase price, net of cash acquired | $ | 38,886 | |||||||
Fair value of net assets acquired: | |||||||||
Accounts receivable, net | $ | 4,008 | |||||||
Prepaid expenses | 640 | ||||||||
Property and equipment, net | 2,450 | ||||||||
Other non-current assets | 309 | ||||||||
Intangible assets | 14,300 | ||||||||
Total assets acquired | 21,707 | ||||||||
Accounts payable | 738 | ||||||||
Accrued liabilities | 3,341 | ||||||||
Customer deposits | 4,225 | ||||||||
Deferred tax liability | 1,614 | ||||||||
Other liabilities | 309 | ||||||||
Total liabilities acquired | 10,227 | ||||||||
Total fair value of net assets acquired | 11,480 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 27,406 | |||||||
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized. | |||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 33,674 | |||||||
Additional purchase price payable upon tax election | 1,300 | ||||||||
Working capital receivable | (279 | ) | |||||||
Cash acquired | (4,204 | ) | |||||||
Purchase price, net of cash acquired | $ | 30,491 | |||||||
Fair value of net assets acquired: | |||||||||
Accounts receivable, net | $ | 1,450 | |||||||
Prepaid expenses | 120 | ||||||||
Property and equipment, net | 93 | ||||||||
Intangible assets | 15,000 | ||||||||
Total assets acquired | 16,663 | ||||||||
Accounts payable | 488 | ||||||||
Accrued liabilities | 1,557 | ||||||||
Customer deposits | 4,525 | ||||||||
Other liabilities | 128 | ||||||||
Total liabilities acquired | 6,698 | ||||||||
Total fair value of net assets acquired | 9,965 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 20,526 | |||||||
The following table summarizes the recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. These amounts are subject to change within the measurement period as our working capital adjustments are finalized. | |||||||||
(in thousands) | |||||||||
Purchase price paid as: | |||||||||
Cash | $ | 16,544 | |||||||
Working capital adjustment payable | 320 | ||||||||
Total purchase price | 16,864 | ||||||||
Fair value of net assets acquired: | |||||||||
Prepaid expenses | $ | 24 | |||||||
Inventory | 1,374 | ||||||||
Property and equipment, net | 14,510 | ||||||||
Intangible assets | 189 | ||||||||
Total assets acquired | 16,097 | ||||||||
Accrued liabilities | 35 | ||||||||
Customer deposits | 402 | ||||||||
Other liabilities | 64 | ||||||||
Total liabilities acquired | 501 | ||||||||
Total fair value of net assets acquired | 15,596 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ | 1,268 | |||||||
Unaudited pro forma results of operations attributable to Viad | The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming that the acquisitions above had each been completed on January 1, 2013: | ||||||||
(in thousands, except per share data) | 2014 | 2013 | |||||||
Revenue | $ | 1,109,629 | $ | 1,015,275 | |||||
Depreciation and amortization | 38,452 | 38,981 | |||||||
Income from continuing operations | 44,360 | 15,317 | |||||||
Net income attributable to Viad | 55,557 | 17,510 | |||||||
Diluted net income per share | 2.76 | 0.86 | |||||||
Basic net income per share | 2.76 | 0.86 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of Inventories | The components of inventories as of December 31 were as follows: | |||||||
(in thousands) | 2014 | 2013 | ||||||
Raw materials | $ | 16,749 | $ | 14,825 | ||||
Work in process | 15,652 | 13,168 | ||||||
Inventories | $ | 32,401 | $ | 27,993 | ||||
Other_Current_Assets_Tables
Other Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Schedule of Other Current Assets | Other current assets as of December 31 were as follows: | |||||||
(in thousands) | 2014 | 2013 | ||||||
Prepaid vendor payments | $ | 2,689 | $ | 2,008 | ||||
Prepaid insurance | 2,170 | 2,260 | ||||||
Prepaid software maintenance | 1,934 | 1,946 | ||||||
Income tax receivable | 1,869 | 2,035 | ||||||
Prepaid taxes | 1,416 | 752 | ||||||
Prepaid other | 4,427 | 4,563 | ||||||
Other | 2,935 | 3,578 | ||||||
Other current assets | $ | 17,440 | $ | 17,142 | ||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Property and Equipment | Property and equipment as of December 31 consisted of the following: | |||||||
(in thousands) | 2014 | 2013 | ||||||
Land and land interests | $ | 30,360 | $ | 23,646 | ||||
Buildings and leasehold improvements | 138,104 | 139,889 | ||||||
Equipment and other | 319,435 | 294,409 | ||||||
Gross property and equipment | 487,899 | 457,944 | ||||||
Accumulated depreciation | (288,328 | ) | (267,614 | ) | ||||
Property and equipment, net | $ | 199,571 | $ | 190,330 | ||||
Other_Investments_and_Assets_T
Other Investments and Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments, All Other Investments [Abstract] | ||||||||
Summary of other investments and assets | As of December 31 other investments and assets consisted of the following: | |||||||
(in thousands) | 2014 | 2013 | ||||||
Cash surrender value of life insurance | $ | 20,866 | $ | 19,690 | ||||
Self-insured liability receivable | 7,728 | 5,009 | ||||||
Workers’ compensation insurance security deposits | 4,250 | 3,350 | ||||||
Other | 7,830 | 6,977 | ||||||
Total other investments and assets | $ | 40,674 | $ | 35,026 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||
Dec. 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 were as follows: | |||||||||||||||
(in thousands) | Marketing & | Marketing & | Travel & | Total | ||||||||||||
Events U.S. | Events | Recreation | ||||||||||||||
International | Group | |||||||||||||||
Balance at December 31, 2012 | $ | 62,686 | $ | 23,054 | $ | 52,080 | $ | 137,820 | ||||||||
Goodwill impairment charge | — | — | (4,461 | ) | (4,461 | ) | ||||||||||
Business acquisitions | — | 158 | — | 158 | ||||||||||||
Foreign currency translation adjustments | — | (601 | ) | (3,373 | ) | (3,974 | ) | |||||||||
Balance at December 31, 2013 | 62,686 | 22,611 | 44,246 | 129,543 | ||||||||||||
Acquisition of Blitz | — | 13,504 | — | 13,504 | ||||||||||||
Acquisition of the West Glacier Properties | — | — | 1,268 | 1,268 | ||||||||||||
Acquisition of onPeak LLC | 27,406 | — | — | 27,406 | ||||||||||||
Acquisition of Travel Planners, Inc. | 20,526 | — | — | 20,526 | ||||||||||||
Acquisition of N200 | — | 8,563 | — | 8,563 | ||||||||||||
Foreign currency translation adjustments | — | (2,457 | ) | (4,156 | ) | (6,613 | ) | |||||||||
Balance at December 31, 2014 | $ | 110,618 | $ | 42,221 | $ | 41,358 | $ | 194,197 | ||||||||
Goodwill by reporting unit and segment | The following table summarizes goodwill by reporting unit and segment as of December 31: | |||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||
Marketing & Events Group: | ||||||||||||||||
Marketing & Events U.S. | $ | 110,618 | $ | 62,686 | ||||||||||||
Marketing & Events International: | ||||||||||||||||
GES United Kingdom | 34,396 | 14,049 | ||||||||||||||
GES Canada | 7,825 | 8,562 | ||||||||||||||
Total Marketing & Events Group | 152,839 | 85,297 | ||||||||||||||
Travel & Recreation Group: | ||||||||||||||||
Brewster | 36,906 | 41,062 | ||||||||||||||
Alaska Denali Travel | 3,184 | 3,184 | ||||||||||||||
Glacier Park | 1,268 | — | ||||||||||||||
Total Travel & Recreation Group | 41,358 | 44,246 | ||||||||||||||
Total Goodwill | $ | 194,197 | $ | 129,543 | ||||||||||||
Summary of other intangible assets | A summary of other intangible assets as of December 31, 2014 is presented below: | |||||||||||||||
(in thousands) | Gross Carrying | Accumulated | Net Carrying | |||||||||||||
Value | Amortization | Value | ||||||||||||||
Amortized intangible assets: | ||||||||||||||||
Customer contracts and relationships | $ | 41,624 | $ | (2,961 | ) | $ | 38,663 | |||||||||
Other | 4,576 | (732 | ) | 3,844 | ||||||||||||
Total amortized intangible assets | 46,200 | (3,693 | ) | 42,507 | ||||||||||||
Unamortized intangible assets: | ||||||||||||||||
Business licenses | 460 | — | 460 | |||||||||||||
Total | $ | 46,660 | $ | (3,693 | ) | $ | 42,967 | |||||||||
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 | |||||||||||||
Total | $ | 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) | ||||||||||||||||
2015 | $ | 7,585 | ||||||||||||||
2016 | $ | 6,765 | ||||||||||||||
2017 | $ | 5,915 | ||||||||||||||
2018 | $ | 4,942 | ||||||||||||||
2019 | $ | 4,546 | ||||||||||||||
Thereafter | $ | 12,754 | ||||||||||||||
Other_Current_Liabilities_Tabl
Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accrued Liabilities and Other [Abstract] | ||||||||
Other current liabilities | As of December 31 other current liabilities consisted of the following: | |||||||
(in thousands) | 2014 | 2013 | ||||||
Continuing operations: | ||||||||
Self-insured liability | $ | 6,297 | $ | 7,603 | ||||
Accrued sales and use taxes | 3,624 | 1,609 | ||||||
Accrued employee benefit costs | 3,215 | 2,751 | ||||||
Accrued dividends | 2,107 | 2,192 | ||||||
Accrued foreign income taxes | 2,370 | 565 | ||||||
Accrued professional fees | 1,228 | 1,832 | ||||||
Accrued restructuring | 1,154 | 3,877 | ||||||
Other | 6,861 | 7,741 | ||||||
Total continuing operations | 26,856 | 28,170 | ||||||
Discontinued operations: | ||||||||
Self-insured liability | 173 | 469 | ||||||
Environmental remediation liabilities | 350 | 353 | ||||||
Other | 408 | 177 | ||||||
Total discontinued operations | 931 | 999 | ||||||
Total other current liabilities | $ | 27,787 | $ | 29,169 | ||||
Other_Deferred_Liabilities_Tab
Other Deferred Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Liabilities Disclosure [Abstract] | ||||||||
Summary of Other Deferred Items and Liabilities | As of December 31 other deferred items and liabilities consisted of the following: | |||||||
(in thousands) | 2014 | 2013 | ||||||
Continuing operations: | ||||||||
Self-insured liability | $ | 13,525 | $ | 12,307 | ||||
Self-insured excess liability | 7,728 | 5,009 | ||||||
Accrued compensation | 6,824 | 8,349 | ||||||
Foreign deferred tax liability | 2,135 | 1,989 | ||||||
Accrued restructuring | 555 | 1,919 | ||||||
Other | 7,904 | 7,552 | ||||||
Total continuing operations | 38,671 | 37,125 | ||||||
Discontinued operations: | ||||||||
Environmental remediation liabilities | 4,395 | 4,666 | ||||||
Self-insured liability | 4,327 | 4,489 | ||||||
Accrued income taxes | 1,119 | 1,085 | ||||||
Other | 1,250 | 1,254 | ||||||
Total discontinued operations | 11,091 | 11,494 | ||||||
Total other deferred items and liabilities | $ | 49,762 | $ | 48,619 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-term capital lease obligation | Long-term debt as of December 31 was as follows: | |||||||
(in thousands, except interest rates) | 2014 | 2013 | ||||||
Revolving credit agreement, 2.4% (2014) and 2.2% (2013) weighted-average interest rate at December 31 | $ | 139,500 | $ | 10,000 | ||||
Capital lease obligations, 6.0% (2014) and 6.9% (2013) weighted-average interest rate at December 31, due through 2018 | 1,520 | 1,668 | ||||||
Total debt | 141,020 | 11,668 | ||||||
Current portion | (27,856 | ) | (10,903 | ) | ||||
Long-term debt and capital lease obligations | $ | 113,164 | $ | 765 | ||||
Aggregate annual maturities of capital lease obligations | Aggregate annual maturities of long-term debt and capital lease obligations as of December 31, 2014 are as follows: | |||||||
(in thousands) | Revolving Credit Agreement | Capital Lease Obligations | ||||||
2015 | $ | 27,000 | $ | 937 | ||||
2016 | 18,750 | 507 | ||||||
2017 | 18,750 | 211 | ||||||
2018 | 18,750 | 3 | ||||||
2019 | 56,250 | — | ||||||
Total | $ | 139,500 | 1,658 | |||||
Less: Amount representing interest | (138 | ) | ||||||
Present value of minimum lease payments | $ | 1,520 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 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) | December 31, 2014 | Quoted Prices in | Significant | Significant | ||||||||||||
Active | Other | Unobserved | ||||||||||||||
Markets | Observable | Inputs | ||||||||||||||
(Level 1) | Inputs | (Level 3) | ||||||||||||||
(Level 2) | ||||||||||||||||
Assets: | ||||||||||||||||
Money market funds | $ | 8,518 | $ | 8,518 | $ | — | $ | — | ||||||||
Other mutual funds | 2,536 | 2,536 | — | — | ||||||||||||
Total assets at fair value on a recurring basis | $ | 11,054 | $ | 11,054 | $ | — | $ | — | ||||||||
Liabilities: | ||||||||||||||||
Earnout contingent consideration liability | (1,210 | ) | — | — | (1,210 | ) | ||||||||||
Total liabilities at fair value on a recurring basis | $ | (1,210 | ) | $ | — | $ | — | $ | (1,210 | ) | ||||||
Fair Value Measurements at Reporting Date Using | ||||||||||||||||
(in thousands) | December 31, 2013 | 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 on a recurring basis | $ | 2,141 | $ | 2,141 | $ | — | $ | — | ||||||||
Income_Per_Share_Tables
Income Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 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 as of December 31: | |||||||||||
(in thousands, except per share data) | 2014 | 2013 | 2012 | |||||||||
Net income attributable to Viad (diluted) | $ | 52,354 | $ | 21,555 | $ | 5,897 | ||||||
Less: Allocation to non-vested shares | (970 | ) | (485 | ) | (157 | ) | ||||||
Net income allocated to Viad common stockholders (basic) | $ | 51,384 | $ | 21,070 | $ | 5,740 | ||||||
Basic weighted-average outstanding common shares | 19,804 | 19,850 | 19,701 | |||||||||
Additional dilutive shares related to share-based compensation | 329 | 415 | 304 | |||||||||
Diluted weighted-average outstanding shares | 20,133 | 20,265 | 20,005 | |||||||||
Income per share: | ||||||||||||
Basic income attributable to Viad common stockholders | $ | 2.59 | $ | 1.06 | $ | 0.29 | ||||||
Diluted income attributable to Viad common stockholders(1) | $ | 2.59 | $ | 1.06 | $ | 0.29 | ||||||
(1) Diluted income per share amount cannot exceed basic income per share. |
Employee_Stock_Ownership_Featu1
Employee Stock Ownership Feature of 401Plan (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||
Employee Stock Ownership Plan | Information regarding ESOP transactions is as follows: | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Amounts paid by ESOP for: | ||||||||||||
Debt repayment | $ | 44 | $ | 1,280 | $ | 1,647 | ||||||
Interest | — | 1 | 5 | |||||||||
Amounts received from Viad as: | ||||||||||||
Contributions | 44 | 1,202 | 1,604 | |||||||||
Dividends | — | 79 | 48 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | |||||||||||||||||
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, 2012 | $ | 275 | $ | 42,158 | $ | (14,968 | ) | $ | 27,465 | ||||||||
Other comprehensive income before reclassifications | 215 | (11,311 | ) | 3,421 | (7,675 | ) | |||||||||||
Amounts reclassified from AOCI, net of tax | (61 | ) | — | 288 | 227 | ||||||||||||
Net other comprehensive income (loss) | 154 | (11,311 | ) | 3,709 | (7,448 | ) | |||||||||||
Balance at December 31, 2013 | $ | 429 | $ | 30,847 | $ | (11,259 | ) | $ | 20,017 | ||||||||
Other comprehensive income before reclassifications | 98 | (18,432 | ) | — | (18,334 | ) | |||||||||||
Amounts reclassified from AOCI, net of tax | (56 | ) | — | (2,021 | ) | (2,077 | ) | ||||||||||
Net other comprehensive income (loss) | 42 | (18,432 | ) | (2,021 | ) | (20,411 | ) | ||||||||||
Balance at December 31, 2014 | $ | 471 | $ | 12,415 | $ | (13,280 | ) | $ | (394 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income | The following table presents information about reclassification adjustments out of AOCI as of December 31: | ||||||||||||||||
(in thousands) | 2014 | 2013 | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||
Unrealized gains on investments | $ | 90 | $ | 99 | Interest income | ||||||||||||
Tax effect | (34 | ) | (38 | ) | Income taxes | ||||||||||||
$ | 56 | $ | 61 | ||||||||||||||
Recognized net actuarial loss | $ | (3,821 | ) | $ | (1,349 | ) | |||||||||||
Amortization of prior service credit | 565 | 902 | |||||||||||||||
Tax effect | 1,235 | 159 | Income taxes | ||||||||||||||
$ | (2,021 | ) | $ | (288 | ) |
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 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 components of net periodic benefit cost and other amounts recognized in other comprehensive income included the following: | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 413 | $ | 534 | $ | 491 | |||||||||||||||||||||
Interest cost | 631 | 702 | 737 | ||||||||||||||||||||||||
Expected return on plan assets | (640 | ) | (698 | ) | (622 | ) | |||||||||||||||||||||
Recognized net actuarial loss | 145 | 248 | 201 | ||||||||||||||||||||||||
Net periodic benefit cost | 549 | 786 | 807 | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||
Net actuarial loss (gain) | 361 | (1,214 | ) | 958 | |||||||||||||||||||||||
Reversal of amortization of net actuarial loss | 145 | (248 | ) | (201 | ) | ||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | 506 | (1,462 | ) | 757 | |||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | 1,055 | $ | (676 | ) | $ | 1,564 | ||||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s pension plans included the following as of December 31: | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 87 | $ | 66 | $ | 104 | |||||||||||||||||||||
Interest cost | 1,079 | 1,030 | 1,150 | ||||||||||||||||||||||||
Expected return on plan assets | (436 | ) | (400 | ) | (406 | ) | |||||||||||||||||||||
Recognized net actuarial loss | 407 | 583 | 491 | ||||||||||||||||||||||||
Net periodic benefit cost | 1,137 | 1,279 | 1,339 | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||
Net actuarial loss (gain) | 3,418 | (2,565 | ) | 1,942 | |||||||||||||||||||||||
Reversal of amortization item: | |||||||||||||||||||||||||||
Net actuarial loss | (407 | ) | (583 | ) | (491 | ) | |||||||||||||||||||||
Total recognized in other comprehensive income (loss) | 3,011 | (3,148 | ) | 1,451 | |||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | 4,148 | $ | (1,869 | ) | $ | 2,790 | ||||||||||||||||||||
The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s postretirement benefit plans included the following: | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||
Service cost | $ | 129 | $ | 156 | $ | 146 | |||||||||||||||||||||
Interest cost | 640 | 663 | 814 | ||||||||||||||||||||||||
Expected return on plan assets | — | — | (74 | ) | |||||||||||||||||||||||
Amortization of prior service credit | (593 | ) | (902 | ) | (1,113 | ) | |||||||||||||||||||||
Recognized net actuarial loss | 166 | 518 | 547 | ||||||||||||||||||||||||
Net periodic benefit cost | 342 | 435 | 320 | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||
Net actuarial loss (gain) | 1,045 | (1,496 | ) | 224 | |||||||||||||||||||||||
Prior service credit | (1,283 | ) | (40 | ) | — | ||||||||||||||||||||||
Reversal of amortization item: | |||||||||||||||||||||||||||
Net actuarial loss | (166 | ) | (518 | ) | (547 | ) | |||||||||||||||||||||
Prior service credit | 593 | 902 | 1,113 | ||||||||||||||||||||||||
Total recognized in other comprehensive income (loss) | 189 | (1,152 | ) | 790 | |||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ | 531 | $ | (717 | ) | $ | 1,110 | ||||||||||||||||||||
Summary of funded status of the plans | The following table represents the funded status of the plans as of December 31: | ||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 11,460 | $ | 15,387 | $ | 2,911 | $ | 3,032 | |||||||||||||||||||
Service cost | 413 | 534 | — | — | |||||||||||||||||||||||
Interest cost | 507 | 582 | 124 | 120 | |||||||||||||||||||||||
Actuarial adjustments | 1,042 | (473 | ) | 234 | 44 | ||||||||||||||||||||||
Benefits paid | (344 | ) | (3,644 | ) | (211 | ) | (219 | ) | |||||||||||||||||||
Translation adjustment | (1,062 | ) | (926 | ) | (302 | ) | (66 | ) | |||||||||||||||||||
Benefit obligation at end of year | 12,016 | 11,460 | 2,756 | 2,911 | |||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 11,560 | 12,997 | — | — | |||||||||||||||||||||||
Actual return on plan assets | 983 | 1,148 | — | ||||||||||||||||||||||||
Company contributions | 604 | 1,892 | 211 | 219 | |||||||||||||||||||||||
Benefits paid | (344 | ) | (3,644 | ) | (211 | ) | (219 | ) | |||||||||||||||||||
Translation adjustment | (1,056 | ) | (833 | ) | — | ||||||||||||||||||||||
Fair value of plan assets at end of year | 11,747 | 11,560 | — | — | |||||||||||||||||||||||
Funded status at end of year | $ | (269 | ) | $ | 100 | $ | (2,756 | ) | $ | (2,911 | ) | ||||||||||||||||
The following table indicates the funded status of the plans as of December 31: | |||||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | Benefit Plans | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 13,435 | $ | 15,348 | $ | 10,536 | $ | 11,570 | $ | 16,919 | $ | 18,701 | |||||||||||||||
Service cost | — | — | 87 | 66 | 129 | 156 | |||||||||||||||||||||
Interest cost | 644 | 608 | 435 | 422 | 640 | 663 | |||||||||||||||||||||
Actuarial adjustments | 2,700 | (1,530 | ) | 649 | (856 | ) | 1,011 | (1,631 | ) | ||||||||||||||||||
Plan amendments | — | — | — | — | (1,283 | ) | (40 | ) | |||||||||||||||||||
Benefits paid | (767 | ) | (991 | ) | (580 | ) | (666 | ) | (1,181 | ) | (930 | ) | |||||||||||||||
Benefit obligation at end of year | 16,012 | 13,435 | 11,127 | 10,536 | 16,235 | 16,919 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 10,872 | 10,624 | — | — | 520 | 1,397 | |||||||||||||||||||||
Actual return on plan assets | 364 | 580 | — | — | (34 | ) | (135 | ) | |||||||||||||||||||
Company contributions | 729 | 659 | 580 | 666 | 695 | 188 | |||||||||||||||||||||
Benefits paid | (767 | ) | (991 | ) | (580 | ) | (666 | ) | (1,181 | ) | (930 | ) | |||||||||||||||
Fair value of plan assets at end of year | 11,198 | 10,872 | — | — | — | 520 | |||||||||||||||||||||
Funded status at end of year | $ | (4,814 | ) | $ | (2,563 | ) | $ | (11,127 | ) | $ | (10,536 | ) | $ | (16,235 | ) | $ | (16,399 | ) | |||||||||
Net amount recognized in Viad's consolidated balance sheets | The net amounts recognized in Viad’s consolidated balance sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows: | ||||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | Benefit Plans | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Other current liabilities | $ | — | $ | — | $ | 635 | $ | 713 | $ | 1,094 | $ | 928 | |||||||||||||||
Non-current liabilities | 4,814 | 2,563 | 10,492 | 9,823 | 15,141 | 15,471 | |||||||||||||||||||||
Net amount recognized | $ | 4,814 | $ | 2,563 | $ | 11,127 | $ | 10,536 | $ | 16,235 | $ | 16,399 | |||||||||||||||
Amounts recognized in accumulated other comprehensive income | Amounts recognized in accumulated other comprehensive income as of December 31, 2014 consisted of: | ||||||||||||||||||||||||||
(in thousands) | Funded | Unfunded | Postretirement | Total | |||||||||||||||||||||||
Plans | Plans | Benefit Plans | |||||||||||||||||||||||||
Net actuarial loss | $ | 9,442 | $ | 4,020 | $ | 5,571 | $ | 19,033 | |||||||||||||||||||
Prior service credit | — | — | (2,729 | ) | (2,729 | ) | |||||||||||||||||||||
Subtotal | 9,442 | 4,020 | 2,842 | 16,304 | |||||||||||||||||||||||
Less tax effect | (3,581 | ) | (1,525 | ) | (1,078 | ) | (6,184 | ) | |||||||||||||||||||
Total | $ | 5,861 | $ | 2,495 | $ | 1,764 | $ | 10,120 | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive income as of December 31, 2013 consisted of: | |||||||||||||||||||||||||||
(in thousands) | Funded | Unfunded | Postretirement | Total | |||||||||||||||||||||||
Plans | Plans | Benefit Plans | |||||||||||||||||||||||||
Net actuarial loss | $ | 6,972 | $ | 3,480 | $ | 4,692 | $ | 15,144 | |||||||||||||||||||
Prior service credit | — | — | (2,038 | ) | (2,038 | ) | |||||||||||||||||||||
Subtotal | 6,972 | 3,480 | 2,654 | 13,106 | |||||||||||||||||||||||
Less tax effect | (2,644 | ) | (1,320 | ) | (1,006 | ) | (4,970 | ) | |||||||||||||||||||
Total | $ | 4,328 | $ | 2,160 | $ | 1,648 | $ | 8,136 | |||||||||||||||||||
Fair value of plans' assets by asset class | The fair value of the domestic plans’ assets by asset class was as follows: | ||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Other | Unobserved | |||||||||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||||||||
Inputs | |||||||||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Domestic pension plans: | |||||||||||||||||||||||||||
Fixed income securities | $ | 6,534 | $ | 6,534 | $ | — | $ | — | |||||||||||||||||||
U.S. equity securities | 3,855 | 3,855 | — | — | |||||||||||||||||||||||
Cash | 552 | 552 | — | — | |||||||||||||||||||||||
Other | 257 | — | 257 | — | |||||||||||||||||||||||
Total | $ | 11,198 | $ | 10,941 | $ | 257 | $ | — | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||||||||||||
in Active | Other | Unobserved | |||||||||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||||||||
Inputs | |||||||||||||||||||||||||||
(in thousands) | Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Domestic pension plans: | |||||||||||||||||||||||||||
Fixed income securities | $ | 5,966 | $ | 5,966 | $ | — | $ | — | |||||||||||||||||||
U.S. equity securities | 4,542 | 4,542 | — | — | |||||||||||||||||||||||
Cash | 147 | 147 | — | — | |||||||||||||||||||||||
Other | 217 | — | 217 | — | |||||||||||||||||||||||
Total | $ | 10,872 | $ | 10,655 | $ | 217 | $ | — | |||||||||||||||||||
Postretirement benefit plans: | |||||||||||||||||||||||||||
Fixed income securities | $ | 407 | $ | 407 | $ | — | $ | — | |||||||||||||||||||
U.S. equity securities | 109 | 109 | — | — | |||||||||||||||||||||||
Cash | 4 | 4 | — | — | |||||||||||||||||||||||
Total | $ | 520 | $ | 520 | $ | — | $ | — | |||||||||||||||||||
The fair value of the foreign pension plans’ assets by asset category were as follows: | |||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||||
(in thousands) | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||
in Active | Other | Unobserved | |||||||||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Canadian fixed income securities | $ | 5,367 | $ | 5,367 | $ | — | |||||||||||||||||||||
International equity securities | 4,693 | 4,273 | 420 | — | |||||||||||||||||||||||
U.S. equity securities | 1,236 | 1,236 | — | ||||||||||||||||||||||||
Other | 451 | 451 | — | ||||||||||||||||||||||||
Total | $ | 11,747 | $ | 11,327 | $ | 420 | $ | — | |||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||||
(in thousands) | Total | Quoted Prices | Significant | Significant | |||||||||||||||||||||||
in Active | Other | Unobserved | |||||||||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||||||||
(Level 2) | |||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||
Canadian fixed income securities | $ | 5,174 | $ | 5,174 | $ | — | $ | — | |||||||||||||||||||
International equity securities | 4,781 | 4,386 | 395 | — | |||||||||||||||||||||||
U.S. equity securities | 1,269 | 1,269 | — | — | |||||||||||||||||||||||
Other | 336 | 33 | 336 | — | — | ||||||||||||||||||||||
Total | $ | 11,560 | $ | 11,165 | $ | 395 | $ | — | |||||||||||||||||||
Payments and receipts reflecting expected future service | The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||||
(in thousands) | Funded | Unfunded | Postretirement | ||||||||||||||||||||||||
Plans | Plans | Benefit | |||||||||||||||||||||||||
Plans | |||||||||||||||||||||||||||
2015 | $ | 872 | $ | 647 | $ | 1,116 | |||||||||||||||||||||
2016 | 845 | 745 | 1,159 | ||||||||||||||||||||||||
2017 | 888 | 781 | 1,175 | ||||||||||||||||||||||||
2018 | 908 | 802 | 1,185 | ||||||||||||||||||||||||
2019 | 889 | 812 | 1,161 | ||||||||||||||||||||||||
2020-2024 | 5,046 | 3,869 | 5,441 | ||||||||||||||||||||||||
The following payments, which reflect expected future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||||
(in thousands) | Funded | Unfunded | |||||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||||
2015 | $ | 357 | $ | 187 | |||||||||||||||||||||||
2016 | 431 | 187 | |||||||||||||||||||||||||
2017 | 434 | 186 | |||||||||||||||||||||||||
2018 | 456 | 186 | |||||||||||||||||||||||||
2019 | 517 | 186 | |||||||||||||||||||||||||
2020-2024 | 3,055 | 918 | |||||||||||||||||||||||||
Accumulated benefit obligation in excess of plan assets | The accumulated benefit obligations in excess of plan assets as of December 31 were as follows: | ||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 16,012 | $ | 13,435 | $ | 11,127 | $ | 10,536 | |||||||||||||||||||
Accumulated benefit obligation | 16,012 | 13,435 | 11,014 | 10,227 | |||||||||||||||||||||||
Fair value of plan assets | 11,200 | 10,872 | — | — | |||||||||||||||||||||||
Foreign Plans | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | ||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 12,016 | $ | 11,460 | $ | 2,756 | $ | 2,911 | |||||||||||||||||||
Accumulated benefit obligation | 11,268 | 10,823 | 2,656 | 2,911 | |||||||||||||||||||||||
Fair value of plan assets | 11,747 | 11,560 | — | — | |||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations | Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows: | ||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | Postretirement | Foreign Plans | ||||||||||||||||||||||||
Benefit Plans | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Discount rate | 4.01 | % | 4.89 | % | 3.9 | % | 4.6 | % | 4 | % | 4.65 | % | 3.85 | % | 4.67 | % | |||||||||||
Rate of compensation increase | N/A | N/A | 3 | % | 3 | % | N/A | N/A | 3 | % | 3 | % | |||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost were as follows: | |||||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||||
Postretirement | |||||||||||||||||||||||||||
Funded Plans | Unfunded Plans | Benefit Plans | Foreign Plans | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Discount rate | 4.9 | % | 4.09 | % | 4.6 | % | 3.8 | % | 4.65 | % | 3.85 | % | 4.67 | % | 4.03 | % | |||||||||||
Expected return on plan assets | 4.15 | % | 3.9 | % | N/A | N/A | 0 | % | 0 | % | 5.69 | % | 5.44 | % | |||||||||||||
Rate of compensation increase | N/A | N/A | 3 | % | 4.5 | % | N/A | N/A | 3 | % | 3 | % | |||||||||||||||
Multi-employer pension plans | The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. | ||||||||||||||||||||||||||
Plan | Pension | FIP/RP | Viad Contributions | Surcharge Paid | Expiration | ||||||||||||||||||||||
Protection Act | Status | Date of | |||||||||||||||||||||||||
Zone Status | Pending/ Implemented | Collective- | |||||||||||||||||||||||||
(in thousands) | EIN | No. | 2014 | 2013 | 2014 | 2013 | 2012 | Bargaining Agreement(s) | |||||||||||||||||||
Pension Fund: | |||||||||||||||||||||||||||
Western Conference of Teamsters Pension Plan | 91-6145047 | 1 | Green | Green | No | $ | 6,369 | $ | 5,524 | $ | 5,694 | No | 5/31/15 | ||||||||||||||
Southern California Local 831—Employer Pension Fund(1) | 95-6376874 | 1 | Green | Green | No | 2,481 | 2,244 | 2,358 | No | 8/31/17 | |||||||||||||||||
Chicago Regional Council of Carpenters Pension Fund | 36-6130207 | 1 | Yellow | Yellow | Yes | 1,946 | 1,614 | 1,749 | No | 5/31/18 | |||||||||||||||||
National Electrical Benefit Fund | 53-0181657 | 1 | Green | Green | No | 1,457 | 1,631 | 1,814 | No | 6/16/15 | |||||||||||||||||
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2 | 51-6030753 | 2 | Green | Green | No | 1,081 | 957 | 108 | No | 6/3/17 | |||||||||||||||||
Central States, Southeast and Southwest Areas Pension Plan | 36-6044243 | 1 | Red | Red | Yes | 1,018 | 836 | 874 | No | 7/31/15 | |||||||||||||||||
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1), | 36-1416355 | 1 | Red | Red | Yes | 993 | 430 | 930 | No | 6/30/19 | |||||||||||||||||
Southwest Carpenters Pension Trust | 95-6042875 | 1 | Green | Green | No | 885 | 812 | 944 | No | 6/30/15 | |||||||||||||||||
Southern California IBEW-NECA Pension Fund | 95-6392774 | 1 | Yellow | Yellow | Yes | 768 | 184 | 62 | No | continuous | |||||||||||||||||
All other funds(2) | 4,097 | 2,592 | 2,468 | ||||||||||||||||||||||||
Total contributions to defined benefit plans | 21,095 | 16,824 | 17,001 | ||||||||||||||||||||||||
Total contributions to other plans | 2,057 | 3,489 | 3,668 | ||||||||||||||||||||||||
Total contributions to multi-employer plans | $ | 23,152 | $ | 20,313 | $ | 20,669 | |||||||||||||||||||||
(1) The Company contributed more than 5 percent of total plan contributions for the 2013 and 2012 plan years based on the plans’ Form 5500s. | |||||||||||||||||||||||||||
(2) Represents participation in 41 pension funds during 2014. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Reconciliation of Income Tax Expense | : | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Computed income tax expense at statutory federal income tax rate of 35% | $ | 14,450 | 35 | % | $ | 9,670 | 35 | % | $ | 8,096 | 35 | % | |||||||||
State income taxes, net of federal provision | 227 | 0.5 | % | 345 | 1.2 | % | 470 | 2 | % | ||||||||||||
Foreign tax rate differentials | (1,262 | ) | (3.1 | )% | 77 | 0.3 | % | (2,031 | ) | (8.8 | )% | ||||||||||
U.S. tax on foreign earnings (net of foreign tax credits) | (2,168 | ) | (5.3 | )% | (1,831 | ) | (6.6 | )% | (595 | ) | (2.6 | )% | |||||||||
Change in valuation allowance | (11,650 | ) | (28.2 | )% | (2,184 | ) | (7.9 | )% | 14,220 | 61.5 | % | ||||||||||
Proceeds from life insurance | (133 | ) | (0.3 | )% | (196 | ) | (0.7 | )% | (472 | ) | (2.0 | )% | |||||||||
Return to provision and other adjustments | (1,401 | ) | (3.4 | )% | 1,664 | 6 | % | (371 | ) | (1.6 | )% | ||||||||||
Other, net | 2,046 | 5 | % | 765 | 2.8 | % | 261 | 1.1 | % | ||||||||||||
Income tax expense | $ | 109 | 0.2 | % | $ | 8,310 | 30.1 | % | $ | 19,578 | 84.6 | % | |||||||||
Schedule of Unrecognized Tax Benefits | |||||||||||||||||||||
(in thousands) | Continuing | Discontinued | Total | ||||||||||||||||||
Operations | Operations | ||||||||||||||||||||
Balance, December 31, 2011 | $ | — | $ | 636 | $ | 636 | |||||||||||||||
Net additions and reductions | — | — | — | ||||||||||||||||||
Balance at December 31, 2012 | — | 636 | 636 | ||||||||||||||||||
Additions for tax positions taken in prior years | 736 | — | 736 | ||||||||||||||||||
Balance at December 31, 2013 | 736 | 636 | 1,372 | ||||||||||||||||||
Additions for tax positions taken in prior years | 1,019 | — | 1,019 | ||||||||||||||||||
Reductions for lapse of applicable statutes | (472 | ) | — | (472 | ) | ||||||||||||||||
Balance at December 31, 2014 | $ | 1,283 | $ | 636 | $ | 1,919 | |||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income tax assets and liabilities included in the consolidated balance sheets as of December 31 are as follows: | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Tax credit carryforwards | $ | 21,783 | $ | 26,945 | |||||||||||||||||
Pension, compensation and other employee benefits | 23,501 | 23,835 | |||||||||||||||||||
Provisions for losses | 12,127 | 13,674 | |||||||||||||||||||
Net operating loss carryforward | 4,886 | 4,794 | |||||||||||||||||||
State income taxes | 2,979 | 2,170 | |||||||||||||||||||
Other deferred income tax assets | 3,927 | 5,552 | |||||||||||||||||||
Total deferred tax assets | 69,203 | 76,970 | |||||||||||||||||||
Valuation allowance | (3,781 | ) | (12,393 | ) | |||||||||||||||||
Foreign deferred tax assets included above | (1,536 | ) | (1,713 | ) | |||||||||||||||||
Net deferred tax assets | 63,886 | 62,864 | |||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||
Property and equipment | (5,856 | ) | (7,861 | ) | |||||||||||||||||
Deferred tax related to life insurance | (4,962 | ) | (4,842 | ) | |||||||||||||||||
Goodwill and other intangible assets | (2,705 | ) | (959 | ) | |||||||||||||||||
Unremitted foreign earnings | — | (398 | ) | ||||||||||||||||||
Other deferred income tax liabilities | (1,452 | ) | (393 | ) | |||||||||||||||||
Total deferred tax liabilities | (14,975 | ) | (14,453 | ) | |||||||||||||||||
Foreign deferred tax liabilities included above | 3,671 | 1,989 | |||||||||||||||||||
United States deferred tax assets | $ | 52,582 | $ | 50,400 | |||||||||||||||||
Schedule of Income Tax Expense | Significant components of the income tax provision from continuing operations are as follows: | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Current: | |||||||||||||||||||||
United States: | |||||||||||||||||||||
Federal | $ | — | $ | (3,308 | ) | $ | (1,537 | ) | |||||||||||||
State | 16 | (286 | ) | 2,189 | |||||||||||||||||
Foreign | 9,824 | 9,606 | 7,652 | ||||||||||||||||||
Total current | 9,840 | 6,012 | 8,304 | ||||||||||||||||||
Deferred: | |||||||||||||||||||||
United States: | |||||||||||||||||||||
Federal | (9,486 | ) | 2,007 | 11,127 | |||||||||||||||||
State | (125 | ) | 651 | 40 | |||||||||||||||||
Foreign | (120 | ) | (360 | ) | 107 | ||||||||||||||||
Total deferred | (9,731 | ) | 2,298 | 11,274 | |||||||||||||||||
Income tax expense | $ | 109 | $ | 8,310 | $ | 19,578 | |||||||||||||||
Schedule of Domestic and Foreign Income Before Income Tax | Earnings before income taxes from continuing operations consist of the following for the years ended December 31: | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||
Foreign | $ | 33,349 | $ | 25,010 | $ | 29,645 | |||||||||||||||
United States | 7,938 | 2,620 | (6,514 | ) | |||||||||||||||||
Income from continuing operations before income taxes | $ | 41,287 | $ | 27,630 | $ | 23,131 | |||||||||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 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 & | Facilities | Total | |||||||||||||||
Employee | Employee | |||||||||||||||||||
Benefits | Benefits | |||||||||||||||||||
Balance at December 31, 2011 | $ | 831 | $ | 4,819 | $ | 24 | $ | 1,276 | $ | 6,950 | ||||||||||
Restructuring charges | 2,506 | 2,346 | 90 | — | 4,942 | |||||||||||||||
Cash payments | (2,670 | ) | (1,567 | ) | (114 | ) | (343 | ) | (4,694 | ) | ||||||||||
Adjustment to liability | 51 | (27 | ) | — | — | 24 | ||||||||||||||
Foreign currency translation adjustment | 2 | — | — | — | 2 | |||||||||||||||
Balance at December 31, 2012 | 720 | 5,571 | — | 933 | 7,224 | |||||||||||||||
Restructuring charges (recoveries) | 2,931 | (315 | ) | 1,869 | (692 | ) | 3,793 | |||||||||||||
Cash payments | (2,411 | ) | (1,691 | ) | (498 | ) | (241 | ) | (4,841 | ) | ||||||||||
Adjustment to liability | — | — | (478 | ) | — | (478 | ) | |||||||||||||
Balance at December 31, 2013 | 1,240 | 3,565 | 893 | — | 5,698 | |||||||||||||||
Restructuring charges (recoveries) | 2,358 | (828 | ) | 107 | — | 1,637 | ||||||||||||||
Cash payments | (3,055 | ) | (1,376 | ) | (845 | ) | — | (5,276 | ) | |||||||||||
Adjustment to liability | — | (200 | ) | 85 | — | (115 | ) | |||||||||||||
Balance at December 31, 2014 | $ | 543 | $ | 1,161 | $ | 240 | $ | — | $ | 1,944 | ||||||||||
Leases_and_Other_Tables
Leases and Other (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Leases [Abstract] | ||||||||||||
Future minimum rental payments and related sublease rentals receivable | As of December 31, 2014, Viad’s future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year were as follows: | |||||||||||
(in thousands) | Rental | Receivable | ||||||||||
Payments | Under Subleases | |||||||||||
2015 | $ | 16,343 | $ | 1,372 | ||||||||
2016 | 14,115 | 1,232 | ||||||||||
2017 | 12,709 | 1,021 | ||||||||||
2018 | 10,888 | 1,023 | ||||||||||
2019 | 7,739 | 622 | ||||||||||
Thereafter | 9,755 | 926 | ||||||||||
Total | $ | 71,549 | $ | 6,196 | ||||||||
Net rent expense under operating leases | Net rent expense under operating leases consisted of the following as of December 31: | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Minimum rentals | $ | 37,707 | $ | 34,201 | $ | 36,309 | ||||||
Sublease rentals | (6,884 | ) | (6,815 | ) | (6,501 | ) | ||||||
Total rentals, net | $ | 30,823 | $ | 27,386 | $ | 29,808 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Reconciliation of income statement items from reportable segments | Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows: | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 710,835 | $ | 628,856 | $ | 676,772 | ||||||
International | 249,649 | 229,312 | 240,137 | |||||||||
Intersegment eliminations | (16,016 | ) | (13,264 | ) | (14,869 | ) | ||||||
Total Marketing & Events Group | 944,468 | 844,904 | 902,040 | |||||||||
Travel & Recreation Group | 120,519 | 108,443 | 104,604 | |||||||||
Total revenue | $ | 1,064,987 | $ | 953,347 | $ | 1,006,644 | ||||||
Segment operating income: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 21,400 | $ | 11,024 | $ | 5,579 | ||||||
International | 10,339 | 9,068 | 12,321 | |||||||||
Total Marketing & Events Group | 31,739 | 20,092 | 17,900 | |||||||||
Travel & Recreation Group | 28,127 | 21,819 | 20,291 | |||||||||
Segment operating income | 59,866 | 41,911 | 38,191 | |||||||||
Corporate activities | (14,348 | ) | (6,755 | ) | (9,408 | ) | ||||||
Operating income | 45,518 | 35,156 | 28,783 | |||||||||
Interest income | 305 | 550 | 593 | |||||||||
Interest expense | (2,015 | ) | (1,234 | ) | (1,303 | ) | ||||||
Restructuring recoveries (charges): | ||||||||||||
Marketing & Events U.S. | 278 | 409 | (3,479 | ) | ||||||||
Marketing & Events International | (1,808 | ) | (2,362 | ) | (1,373 | ) | ||||||
Travel & Recreation Group | 41 | (809 | ) | (79 | ) | |||||||
Corporate | (148 | ) | (1,031 | ) | (11 | ) | ||||||
Impairment charges: | ||||||||||||
Marketing & Events U.S. | — | (658 | ) | — | ||||||||
Marketing & Events International | (884 | ) | (294 | ) | — | |||||||
Travel & Recreation Group | — | (2,097 | ) | — | ||||||||
Income from continuing operations before income taxes | $ | 41,287 | $ | 27,630 | $ | 23,131 | ||||||
Reconciliation of assets from reportable segments | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Assets: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 304,727 | $ | 194,422 | $ | 203,145 | ||||||
International | 116,842 | 81,058 | 100,387 | |||||||||
Travel & Recreation Group | 199,986 | 209,611 | 223,199 | |||||||||
Corporate and other | 93,388 | 76,841 | 123,846 | |||||||||
$ | 714,943 | $ | 561,932 | $ | 650,577 | |||||||
Depreciation and amortization: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 16,066 | $ | 14,906 | $ | 17,643 | ||||||
International | 6,311 | 5,566 | 5,162 | |||||||||
Travel & Recreation Group | 8,232 | 7,319 | 7,183 | |||||||||
Corporate and other | 183 | 176 | 145 | |||||||||
$ | 30,792 | $ | 27,967 | $ | 30,133 | |||||||
Capital expenditures: | ||||||||||||
Marketing & Events Group: | ||||||||||||
U.S. | $ | 14,515 | $ | 8,278 | $ | 7,525 | ||||||
International | 4,134 | 4,332 | 4,913 | |||||||||
Travel & Recreation Group | 10,740 | 23,108 | 15,201 | |||||||||
Corporate and other | — | 401 | 36 | |||||||||
$ | 29,389 | $ | 36,119 | $ | 27,675 | |||||||
Financial information by major geographic area | The table below presents the financial information by major geographic area: | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
United States | $ | 718,538 | $ | 637,482 | $ | 681,827 | ||||||
United Kingdom | 174,127 | 151,217 | 153,027 | |||||||||
Canada | 153,775 | 148,934 | 151,070 | |||||||||
Other international | 18,547 | 15,714 | 20,720 | |||||||||
Total revenues | $ | 1,064,987 | $ | 953,347 | $ | 1,006,644 | ||||||
Long-lived assets: | ||||||||||||
United States | $ | 130,401 | $ | 132,315 | $ | 141,727 | ||||||
Canada | 78,193 | 82,986 | 76,067 | |||||||||
United Kingdom | 13,973 | 9,631 | 9,757 | |||||||||
Other international | 242 | 424 | 2,163 | |||||||||
Total long-lived assets | $ | 222,809 | $ | 225,356 | $ | 229,714 | ||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of Disposal Groups Details | The following summarizes Glacier Park’s expired concession contract operating results, which are presented in income (loss) from discontinued operations, net of tax, in Viad’s Condensed Consolidated Statements of Operations as of December 31: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Total revenue | $ | 19,445 | $ | 18,587 | |||||||||
Costs (recoveries) and expenses | (93 | ) | (15,462 | ) | (14,916 | ) | |||||||
Impairment charges | — | (2,364 | ) | — | |||||||||
Restructuring charges | — | (98 | ) | — | |||||||||
Income from discontinued operations, before income taxes | (93 | ) | 1,521 | 3,671 | |||||||||
Income tax (expense) benefit | 45 | (280 | ) | (1,265 | ) | ||||||||
Income from discontinued operations, net of tax | (48 | ) | 1,241 | 2,406 | |||||||||
Gain on sale of discontinued operations, net of tax | 13,343 | — | — | ||||||||||
Income from discontinued operations | 13,295 | 1,241 | 2,406 | ||||||||||
Income from discontinued operations attributable to noncontrolling interest | (2,825 | ) | (248 | ) | (481 | ) | |||||||
Income from discontinued operations attributable to Viad | $ | 10,470 | $ | 993 | $ | 1,925 | |||||||
Reconciliation of Noncontrolling Interest, Income Statement | The following is a reconciliation of net income attributable to the noncontrolling interest for the year ended December 31: | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Income (loss) from continuing operations | $ | 388 | $ | (117 | ) | $ | 205 | ||||||
Income from discontinued operations | 2,825 | 248 | 481 | ||||||||||
Net income attributable to noncontrolling interest | $ | 3,213 | $ | 131 | $ | 686 | |||||||
Condensed_Consolidated_Quarter1
Condensed Consolidated Quarterly Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly financial information | The following quarterly financial information was derived from the Company’s interim financial statements and was prepared in a manner consistent with the annual financial statements and includes all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation. | |||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(in thousands, except per share data) | First | Second | Third | Fourth | First | Second | Third | Fourth | ||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
Revenues: | $ | 285,641 | $ | 256,391 | $ | 299,802 | $ | 223,155 | $ | 285,159 | $ | 246,180 | $ | 220,167 | $ | 201,842 | ||||||||||||||||
Operating income (loss): | ||||||||||||||||||||||||||||||||
Ongoing operations(1) | $ | 13,361 | $ | 14,136 | $ | 33,013 | $ | (644 | ) | $ | 13,595 | $ | 11,455 | $ | 18,723 | $ | (1,862 | ) | ||||||||||||||
Corporate activities | (2,039 | ) | (1,991 | ) | (3,468 | ) | (6,850 | ) | (806 | ) | (1,167 | ) | (2,034 | ) | (2,748 | ) | ||||||||||||||||
Restructuring (charges) recoveries | (211 | ) | (1,369 | ) | (234 | ) | 177 | (720 | ) | (773 | ) | (639 | ) | (1,661 | ) | |||||||||||||||||
Impairment charges | — | (884 | ) | — | — | — | — | (3,049 | ) | — | ||||||||||||||||||||||
Operating income (loss) | $ | 11,111 | $ | 9,892 | $ | 29,311 | $ | (7,317 | ) | $ | 12,069 | $ | 9,515 | $ | 13,001 | $ | (6,271 | ) | ||||||||||||||
Income (loss) from continuing operations attributable to Viad(2) | $ | 9,312 | $ | 7,978 | $ | 30,755 | $ | (7,255 | ) | $ | 8,453 | $ | 6,516 | $ | 8,871 | $ | (4,403 | ) | ||||||||||||||
Net income (loss) attributable to Viad(2) | $ | 21,882 | $ | 6,742 | $ | 29,620 | $ | (5,889 | ) | $ | 8,065 | $ | 6,253 | $ | 11,855 | $ | (4,618 | ) | ||||||||||||||
Income (loss) per common share-Diluted(2),(3): | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Viad | $ | 0.46 | $ | 0.39 | $ | 1.53 | $ | (0.37 | ) | $ | 0.42 | $ | 0.32 | $ | 0.44 | $ | (0.22 | ) | ||||||||||||||
Net income (loss) attributable to Viad | $ | 1.08 | $ | 0.33 | $ | 1.48 | $ | (0.30 | ) | $ | 0.4 | $ | 0.31 | $ | 0.58 | $ | (0.23 | ) | ||||||||||||||
Income (loss) per common share-Basic(2),(3): | ||||||||||||||||||||||||||||||||
Income (loss) from continuing operations attributable to Viad | $ | 0.46 | $ | 0.39 | $ | 1.53 | $ | (0.37 | ) | $ | 0.42 | $ | 0.32 | $ | 0.44 | $ | (0.22 | ) | ||||||||||||||
Net income (loss) attributable to Viad | $ | 1.08 | $ | 0.33 | $ | 1.48 | $ | (0.30 | ) | $ | 0.4 | $ | 0.31 | $ | 0.58 | $ | (0.23 | ) | ||||||||||||||
(1) Represents revenues less costs of services and products sold. | ||||||||||||||||||||||||||||||||
(2) Includes $10.9 million benefit associated with the 2014 third quarter release of the valuation allowance relating to foreign income tax credits. | ||||||||||||||||||||||||||||||||
(3) The sum of quarterly income per share amounts may not equal annual income per share due to rounding. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 16, 2014 | Sep. 16, 2014 | Oct. 07, 2014 | Oct. 07, 2014 | Nov. 24, 2014 | Nov. 24, 2014 | Sep. 16, 2014 | Sep. 16, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
Restricted Stock | Other Restricted Stock | Liability Based Awards | Performance Shares | Stock options | Blitz Communication Group Limited | Blitz Communication Group Limited | onPeak LLC | Travel Planners, Inc | N200 Limited and Affiliates | N200 Limited and Affiliates | N200 Limited and Affiliates | N200 Limited and Affiliates | West Glacier Motel and Cabins | Apgar Village Lodge | West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations | Glacier Park Inc | Minimum | Maximum | Building | Building | Equipment | Equipment | Computer Software, Intangible Asset | Computer Software, Intangible Asset | ||
USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | GBP (£) | acre | Room | USD ($) | Property | Restricted Stock | Restricted Stock | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||
Room | acre | Room | ||||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||||||
Property, plant and equipment, useful life | 15 years | 40 years | 3 years | 12 years | 3 years | 10 years | ||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Cash | $24,416,000 | £ 15,000,000 | $42,950,000 | $33,674,000 | $12,068,000 | € 9,700,000 | $12,100,000 | £ 9,700,000 | $16,544,000 | |||||||||||||||||
Contingent Consideration, Liability | 1,300,000 | 1,000,000 | ||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | |||||||||||||||||||||||||
Numbers of hotel | 7 | |||||||||||||||||||||||||
Rooms acquired | 32 | 48 | 115 | |||||||||||||||||||||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 42 years | |||||||||||||||||||||||||
Land acquired | 200 | 3.8 | ||||||||||||||||||||||||
Working capital adjustment | ($279,000) | $1,244,000 | $320,000 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||
Share based compensation arrangements vesting period | 3 years | 5 years | ||||||||||||||||||||||||
Share based compensation arrangements requisite service period | 3 years | 5 years | 3 years | 3 years | 5 years | |||||||||||||||||||||
Percent of shares vest on the third anniversary of the grant | 40.00% | |||||||||||||||||||||||||
Percent of increments over the subsequent two anniversary dates | 30.00% | |||||||||||||||||||||||||
Performance Based Restricted Stock awards description and terms | PBRS is subject to a graded vesting schedule whereby one third of the earned shares vest after the first year and the remaining earned shares vest in one-third increments each year over the next two years on the first business day in January | |||||||||||||||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ||||||||||||||||||||||||||
Remaining maturities of highly-liquid investments | three months or less |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Share-Based Compensation Expenses (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of share-based compensation expense | |||
Share-based compensation before income tax benefit | $2,930 | $5,221 | $7,232 |
Income tax benefit | -1,102 | -1,936 | -2,574 |
Total share-based compensation, net of income tax benefit | 1,828 | 3,285 | 4,658 |
Restricted stock/performance-based restricted stock (PBRS) | |||
Summary of share-based compensation expense | |||
Share-based compensation before income tax benefit | 2,495 | 3,073 | 3,267 |
Performance unit incentive plan (PUP) | |||
Summary of share-based compensation expense | |||
Share-based compensation before income tax benefit | 359 | 1,864 | 2,922 |
Restricted Stock Units and Performance Based Restricted Stock Units | |||
Summary of share-based compensation expense | |||
Share-based compensation before income tax benefit | 76 | 177 | 450 |
Stock options | |||
Summary of share-based compensation expense | |||
Share-based compensation before income tax benefit | $0 | $107 | $593 |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Restricted Stock and PBRS Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock | |||
Summary of restricted stock and PBRS activity | |||
Beginning Balance, Shares | 430,899 | 516,351 | 572,022 |
Granted, Shares | 128,700 | 101,300 | 168,050 |
Vested, Shares | -197,671 | -166,320 | -219,571 |
Forfeited or Cancelled, Shares | -33,326 | -20,432 | -4,150 |
Ending Balance, Shares | 328,602 | 430,899 | 516,351 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning Balance, Weighted-Average Grant Date Fair Value | $22.78 | $21.25 | $20.36 |
Granted, Weighted-Average Grant Date Fair Value | $23.79 | $27.27 | $20.46 |
Vested, Weighted-Average Grant Date Fair Value | $22.51 | $20.83 | $18.26 |
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value | $23.13 | $22.13 | $24.80 |
Ending Balance, Weighted-Average Grant Date Fair Value | $23.30 | $22.78 | $21.25 |
PBRS | |||
Summary of restricted stock and PBRS activity | |||
Beginning Balance, Shares | 0 | 0 | 416 |
Granted, Shares | 0 | 0 | 0 |
Vested, Shares | 0 | 0 | -416 |
Forfeited or Cancelled, Shares | 0 | 0 | 0 |
Ending Balance, Shares | 0 | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning Balance, Weighted-Average Grant Date Fair Value | $0 | $15.36 | |
Granted, Weighted-Average Grant Date Fair Value | $0 | $0 | $0 |
Vested, Weighted-Average Grant Date Fair Value | $0 | $15.36 | |
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value | $0 | $0 | $0 |
Ending Balance, Weighted-Average Grant Date Fair Value | $0 | $0 |
ShareBased_Compensation_Summar2
Share-Based Compensation - Summary of Liability Based Award Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock (RSU) | |||
Summary of Liability-Based Award Activity [Roll Forward] | |||
Granted, Weighted-Average Grant Date Fair Value | $24.87 | ||
Liability Based Awards | Performance unit incentive plan (PUP) | |||
Summary of Liability-Based Award Activity [Roll Forward] | |||
Beginning Balance, Shares | 299,768 | 210,600 | 95,500 |
Granted, Shares | 123,300 | 93,100 | 115,100 |
Vested, Shares | -94,600 | 0 | 0 |
Forfeited or Cancelled, Shares | -61,348 | -3,932 | 0 |
Ending Balance, Shares | 267,120 | 299,768 | 210,600 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $23.46 | $21.70 | $23.02 |
Granted, Weighted-Average Grant Date Fair Value | $23.71 | $27.35 | $20.60 |
Vested, Weighted-Average Grant Date Fair Value | $23.01 | $0 | $0 |
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value | $24.43 | $21.15 | $0 |
Ending Balance, Weighted-Average Grant Date Fair Value | $23.51 | $23.46 | $21.70 |
Liability Based Awards | Restricted Stock (RSU) | |||
Summary of Liability-Based Award Activity [Roll Forward] | |||
Beginning Balance, Shares | 28,560 | 40,500 | 38,600 |
Granted, Shares | 7,200 | 8,600 | 15,850 |
Vested, Shares | -9,890 | -11,300 | -13,100 |
Forfeited or Cancelled, Shares | -500 | -9,240 | -850 |
Ending Balance, Shares | 25,370 | 28,560 | 40,500 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $22.91 | $20.82 | $19.07 |
Granted, Weighted-Average Grant Date Fair Value | $27.35 | $20.57 | |
Vested, Weighted-Average Grant Date Fair Value | $23.45 | $19.10 | $15.36 |
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value | $27.32 | $22.55 | $20.89 |
Ending Balance, Weighted-Average Grant Date Fair Value | $23.17 | $22.91 | $20.82 |
Liability Based Awards | Performance Based Restricted Stock Shares (PBRSU) | |||
Summary of Liability-Based Award Activity [Roll Forward] | |||
Beginning Balance, Shares | 0 | 0 | 1,956 |
Granted, Shares | 0 | 0 | 0 |
Vested, Shares | 0 | 0 | -1,956 |
Forfeited or Cancelled, Shares | 0 | 0 | 0 |
Ending Balance, Shares | 0 | 0 | 0 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $0 | $15.36 | |
Granted, Weighted-Average Grant Date Fair Value | $0 | $0 | $0 |
Vested, Weighted-Average Grant Date Fair Value | $0 | $0 | $15.36 |
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value | $0 | $0 | $0 |
Ending Balance, Weighted-Average Grant Date Fair Value | $0 | $0 |
ShareBased_Compensation_Summar3
Share-Based Compensation - Summary of Stock Option Activity (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Summary of stock option activity | |||
Options outstanding, Beginning Balance, Shares | 314,323 | 363,896 | 584,201 |
Options outstanding, Beginning Balance, Weighted Average Exercise Price | $19.79 | $22.03 | $23.32 |
Options outstanding, Beginning Balance, Options Exercisable | 314,323 | 276,009 | 396,688 |
Exercised, Shares | -66,076 | -59,543 | -12,099 |
Exercised, Weighted Average Exercise Price | $18.53 | $19.42 | $19.41 |
Shares Forfeited or Expired | -18,522 | -15,853 | -208,206 |
Weighted Average Exercise Price Forfeited | $35.28 | $40.45 | $25.81 |
Options outstanding, Ending Balance, Shares | 247,590 | 314,323 | 363,896 |
Options outstanding, Ending Balance, Weighted Average Exercise Price | $17.82 | $19.79 | $22.03 |
Options outstanding, Ending Balance, Options Exercisable | 247,590 | 314,323 | 276,009 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Additional Shares Granted from Special Dividend | 17,865 | 25,823 |
ShareBased_Compensation_Summar4
Share-Based Compensation - Summary of Information on Stock Options Outstanding and Exercisable (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Summary of information concerning stock options outstanding and exercisable | |
Options Outstanding, Shares | 247,590 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 3 years 6 months |
Options Outstanding, Weighted-Average Exercise Price | $17.82 |
Options Exercisable, Shares | 247,590 |
Options Exercisable, Weighted-Average Exercise Price | $17.82 |
Range One | |
Summary of information concerning stock options outstanding and exercisable | |
Range of Exercise Prices, upper limit | $16.62 |
Options Outstanding, Shares | 224,137 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 3 years 9 months 18 days |
Options Outstanding, Weighted-Average Exercise Price | $16.62 |
Options Exercisable, Shares | 224,137 |
Options Exercisable, Weighted-Average Exercise Price | $16.62 |
Range Two | |
Summary of information concerning stock options outstanding and exercisable | |
Range of Exercise Prices, upper limit | $29.27 |
Options Outstanding, Shares | 23,453 |
Options Outstanding, Weighted-Average Remaining Contractual Life | 2 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $29.27 |
Options Exercisable, Shares | 23,453 |
Options Exercisable, Weighted-Average Exercise Price | $29.27 |
ShareBased_Compensation_Summar5
Share-Based Compensation - Summary of Additional Information on Stock Options (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of additional information pertaining to stock options | |||
Total intrinsic value of stock options outstanding | $2,251 | $2,723 | $2,329 |
Total intrinsic value of stock options exercised | 1,616 | 1,611 | 296 |
Fair value of stock options vested | 0 | 532 | 539 |
Cash received from the exercise of stock options | 1,155 | 777 | 248 |
Tax deficiencies from share-based compensation | $461 | $404 | $96 |
ShareBased_Compensation_Narrat
Share-Based Compensation - Narrative (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||
Jan. 24, 2014 | Oct. 25, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Feb. 28, 2013 | Feb. 28, 2012 | Jan. 31, 2012 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2011 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Useful Life of the 2007 plan | 10 years | |||||||||||
Minimum number of shares of common stock available for grant | 1,700,000 | |||||||||||
Additional number of shares of common stock available for grant | 1,500,000 | |||||||||||
Shares Available for Grant | 889,254 | |||||||||||
Share-based compensation before income tax benefit | $2,930,000 | $5,221,000 | $7,232,000 | |||||||||
Repurchase of Common Stock for Employee Tax Withholding Obligations amount, shares | 72,996 | 50,156 | 56,885 | |||||||||
Repurchase of Common Stock for Employee Tax Withholding Obligations amount | 1,800,000 | 1,300,000 | 1,100,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | |||||||||
Liability awards recorded | 5,900,000 | |||||||||||
Weighted-average exercised | $17.82 | $19.79 | $22.03 | $23.32 | ||||||||
Options Exercised | 66,076 | 59,543 | 12,099 | |||||||||
Capitalized share-based compensation costs | 0 | 0 | 0 | |||||||||
Dividends declared per common share (USD per share) | $1.50 | $2.50 | $1.90 | $2.90 | $0.28 | |||||||
Stock options | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Share-based compensation before income tax benefit | 0 | 107,000 | 593,000 | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 0 | |||||||||||
Restricted Stock (RSU) | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Payments To Employees | 200,000 | 300,000 | 300,000 | |||||||||
Grant date fair value of restricted stock vested | $24.87 | |||||||||||
PBRS | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 0 | 0 | 416 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $0 | $0 | $15.36 | |||||||||
Grant date fair value of restricted stock vested | 6,000 | |||||||||||
Payments To Employees | 35,000 | |||||||||||
PUP award cancelled | 0 | 0 | 0 | |||||||||
PUP awards, Granted | 0 | 0 | 0 | |||||||||
PUP award vested | 0 | 0 | 416 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $0 | $15.36 | ||||||||||
Grant date fair value of restricted stock vested | $0 | $0 | $0 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $0 | $0 | $0 | |||||||||
Performance unit incentive plan (PUP) | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Share-based compensation before income tax benefit | 359,000 | 1,864,000 | 2,922,000 | |||||||||
Payments To Employees | 0 | 0 | 2,900,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||
Restricted Stock | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 328,602 | 430,899 | 516,351 | 572,022 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $23.30 | $22.78 | $21.25 | $20.36 | ||||||||
Grant date fair value of restricted stock vested | 4,500,000 | 3,500,000 | 4,000,000 | |||||||||
Unamortized cost | 3,100,000 | |||||||||||
Recognition Period of Unrecognized cost | 1 year 2 months 12 days | |||||||||||
PUP award cancelled | 33,326 | 20,432 | 4,150 | |||||||||
PUP awards, Granted | 128,700 | 101,300 | 168,050 | |||||||||
PUP award vested | 197,671 | 166,320 | 219,571 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $22.51 | $20.83 | $18.26 | |||||||||
Grant date fair value of restricted stock vested | $23.79 | $27.27 | $20.46 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $23.13 | $22.13 | $24.80 | |||||||||
Restricted Stock | Minimum | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||
Restricted Stock Units and Performance Based Restricted Stock Units | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Share-based compensation before income tax benefit | 76,000 | 177,000 | 450,000 | |||||||||
Liabilities related to restricted stock | 540,000 | 664,000 | ||||||||||
Restructuring Charges | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Share-based compensation before income tax benefit | -137,000 | 676,000 | 253,000 | |||||||||
Restructuring Charges | Performance unit incentive plan (PUP) | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Share-based compensation before income tax benefit | 100,000 | 329,000 | 94,000 | |||||||||
Performance unit incentive plan (PUP) | ||||||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||||||
Liability awards recorded | $3,500,000 | |||||||||||
PUP award vested | 0 | 0 |
Acquisition_of_Businesses_Sche
Acquisition of Businesses - Schedule of Recognized Assets Acquired and Liabilities Assumed (Details) | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 24, 2014 | Nov. 24, 2014 | Sep. 16, 2014 | Sep. 16, 2014 | Oct. 07, 2014 | Oct. 07, 2014 | Jul. 01, 2014 | Jul. 02, 2014 | Sep. 16, 2014 | Sep. 16, 2014 |
USD ($) | USD ($) | USD ($) | N200 Limited and Affiliates | N200 Limited and Affiliates | N200 Limited and Affiliates | N200 Limited and Affiliates | Travel Planners, Inc | onPeak LLC | West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations | West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations | Blitz Communication Group Limited | Blitz Communication Group Limited | |
USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | ||||
Business Acquisition [Line Items] | |||||||||||||
Cash | $12,068 | € 9,700 | $12,100 | £ 9,700 | $33,674 | $42,950 | $16,544 | $24,416 | £ 15,000 | ||||
Additional purchase price payable upon tax election | 1,300 | ||||||||||||
Cash acquired | -943 | -4,204 | -4,064 | -190 | |||||||||
Working capital adjustment | 1,244 | -279 | 320 | ||||||||||
Total purchase price | 120,251 | 647 | 23,546 | 12,369 | 30,491 | 38,886 | 16,864 | 24,226 | |||||
Accounts receivable, net | 1,747 | 1,450 | 4,008 | 264 | |||||||||
Inventory | 46 | 1,374 | 433 | ||||||||||
Prepaid expenses | 115 | 120 | 640 | 24 | 410 | ||||||||
Property and equipment, net | 1,280 | 93 | 2,450 | 14,510 | 5,902 | ||||||||
Other non-current assets | 309 | ||||||||||||
Intangible assets | 3,595 | 15,000 | 14,300 | 189 | 8,708 | ||||||||
Total assets acquired | 6,783 | 16,663 | 21,707 | 16,097 | 15,717 | ||||||||
Accounts payable | 421 | 488 | 738 | 1,232 | |||||||||
Accrued liabilities | 990 | 1,557 | 3,341 | 35 | 2,246 | ||||||||
Customer deposits | 569 | 4,525 | 4,225 | 402 | 199 | ||||||||
Deferred tax liability | 891 | 1,614 | 241 | ||||||||||
Revolving credit facility | 488 | ||||||||||||
Accrued dilapidations | 589 | ||||||||||||
Other liabilities | -106 | -128 | -309 | -64 | |||||||||
Total liabilities acquired | -2,977 | -6,698 | -10,227 | -501 | -4,995 | ||||||||
Total fair value of net assets acquired | 3,806 | 9,965 | 11,480 | 15,596 | 10,722 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwillâ€) | $194,197 | $129,543 | $137,820 | $8,563 | $20,526 | $27,406 | $1,268 | $13,504 |
Acquisition_of_Businesses_Unau
Acquisition of Businesses - Unaudited Pro Forma (Details) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Combinations [Abstract] | ||
Revenue | $1,109,629 | $1,015,275 |
Depreciation and amortization | 38,452 | 38,981 |
Income from continuing operations | 44,360 | 15,317 |
Net income attributable to Viad | $55,557 | $17,510 |
Diluted net income (USD per share) | $2.76 | $0.86 |
Basic net income (USD per share) | $2.76 | $0.86 |
Acquisition_of_Businesses_Narr
Acquisition of Businesses - Narrative (Details) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
Jul. 01, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jul. 02, 2014 | Jul. 01, 2014 | Jul. 01, 2014 | Sep. 16, 2014 | Sep. 16, 2014 | Dec. 31, 2014 | Oct. 07, 2014 | Dec. 31, 2014 | Oct. 07, 2014 | Dec. 31, 2014 | Nov. 24, 2014 | Nov. 24, 2014 | Sep. 16, 2014 | Sep. 16, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2013 | Feb. 28, 2013 | Dec. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | |
West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations | West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations | West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations | West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations | West Glacier Motel and Cabins | Apgar Village Lodge | Blitz Communication Group Limited | Blitz Communication Group Limited | Blitz Communication Group Limited | onPeak LLC | onPeak LLC | Travel Planners, Inc | Travel Planners, Inc | N200 Limited and Affiliates | N200 Limited and Affiliates | N200 Limited and Affiliates | N200 Limited and Affiliates | N200 Limited and Affiliates | Resource Creative Limited | Resource Creative Limited | Resource Creative Limited | Resource Creative Limited | Blitz Communication, West Glacier, onPeak LLC, Travel Planners Inc, and N200 Limited and Affiliates [Member] | Subsequent Event | Subsequent Event | |
USD ($) | USD ($) | USD ($) | USD ($) | Room | Room | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | Resource Creative Limited | Resource Creative Limited | |
acre | acre | USD ($) | GBP (£) | ||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||||
Rooms acquired | 32 | 48 | |||||||||||||||||||||||
Land acquired | 200 | 3.8 | |||||||||||||||||||||||
Cash paid for business | $16,544,000 | $24,416,000 | £ 15,000,000 | $42,950,000 | $33,674,000 | $12,068,000 | € 9,700,000 | $12,100,000 | £ 9,700,000 | $600,000 | |||||||||||||||
Working capital adjustment | 320,000 | -279,000 | 1,244,000 | ||||||||||||||||||||||
Escrow Deposit | 4,100,000 | 8,800,000 | |||||||||||||||||||||||
Liability for Payment of Working Capital Adjustment | 300,000 | ||||||||||||||||||||||||
Goodwill expected to be tax deductible, term of recognition | 15 years | 15 years | 15 years | 15 years | 15 years | 15 years | 15 years | ||||||||||||||||||
Acquisition Related Costs | 200,000 | 800,000 | 500,000 | 500,000 | 1,000,000 | 3,000,000 | |||||||||||||||||||
Intangible assets | 189,000 | 8,708,000 | 14,300,000 | 15,000,000 | 3,595,000 | ||||||||||||||||||||
Weighted Average Useful Life | 3 years 6 months 0 days | 6 years 10 months 24 days | 6 years 10 months 24 days | 9 years 10 months 24 days | 10 years 1 month 6 days | 7 years 7 months 6 days | 7 years 7 months 6 days | ||||||||||||||||||
Revenue of Acquiree since Acquisition Date, Actual | 5,000,000 | 10,100,000 | 2,700,000 | 3,400,000 | 400,000 | ||||||||||||||||||||
Earnings or Loss of Acquiree since Acquisition Date, Actual | 1,500,000 | 400,000 | 700,000 | 500,000 | 200,000 | ||||||||||||||||||||
Contingent Consideration, Liability | 1,300,000 | 1,000,000 | 200,000 | ||||||||||||||||||||||
Goodwill, Expected Tax Deductible Amount | 9,300,000 | ||||||||||||||||||||||||
Contingent Consideration, Payment of Liability | $200,000 | £ 100,000 | $100,000 | £ 100,000 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Components of Inventories | ||
Raw materials | $16,749 | $14,825 |
Work in process | 15,652 | 13,168 |
Inventories | $32,401 | $27,993 |
Other_Current_Assets_Details
Other Current Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid vendor payments | $2,689 | $2,008 |
Prepaid insurance | 2,170 | 2,260 |
Prepaid software maintenance | 1,934 | 1,946 |
Prepaid taxes | 1,416 | 752 |
Prepaid other | 4,427 | 4,563 |
Other | 2,935 | 3,578 |
Other current assets | $17,440 | $17,142 |
Property_and_Equipment_Schedul
Property and Equipment - Schedule of Property and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and Equipment | ||
Total Property and Equipment | $487,899 | $457,944 |
Accumulated depreciation | -288,328 | -267,614 |
Property and equipment, net | 199,571 | 190,330 |
Land and land interests | ||
Property and Equipment | ||
Total Property and Equipment | 30,360 | 23,646 |
Building and leasehold improvements | ||
Property and Equipment | ||
Total Property and Equipment | 138,104 | 139,889 |
Equipment and other | ||
Property and Equipment | ||
Total Property and Equipment | $319,435 | $294,409 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Proceeds from sale of facility and related land | $0 | $12,696,000 | $0 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | 4,775,000 | 0 | ||||||||
Net carrying amount of capitalized software | 17,000,000 | 13,900,000 | 17,000,000 | 13,900,000 | |||||||
Leasehold interests | 487,899,000 | 457,944,000 | 487,899,000 | 457,944,000 | |||||||
Depreciation expense | 28,100,000 | 27,400,000 | 30,000,000 | ||||||||
Asset Impairment Charges | 0 | 0 | 884,000 | 0 | 0 | 3,049,000 | 0 | 0 | 884,000 | 3,049,000 | 0 |
Leasehold Land Interests | |||||||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Leasehold interests | 9,100,000 | 10,000,000 | 9,100,000 | 10,000,000 | |||||||
Marketing and Events Group | |||||||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||||||||
Asset Impairment Charges | $900,000 | $952,000 |
Other_Investments_and_Assets_S
Other Investments and Assets - Summary of Other Investments and Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, All Other Investments [Abstract] | ||
Cash surrender value of life insurance | $20,866 | $19,690 |
Self-insured liability receivable | 7,728 | 5,009 |
Workers’ compensation insurance security deposits | 4,250 | 3,350 |
Other | 7,830 | 6,977 |
Total other investments and assets | $40,674 | $35,026 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 16, 2014 | Oct. 07, 2014 | Nov. 24, 2014 |
Changes in the carrying amount of goodwill | |||||
Goodwill, Beginning Balance | $129,543 | $137,820 | |||
Goodwill impairment charge | -4,461 | ||||
Business acquisitions | 158 | ||||
Foreign currency translation adjustments | -6,613 | -3,974 | |||
Goodwill Ending balance | 194,197 | 129,543 | |||
Marketing & Events U.S. | |||||
Changes in the carrying amount of goodwill | |||||
Goodwill, Beginning Balance | 62,686 | 62,686 | |||
Goodwill impairment charge | 0 | ||||
Business acquisitions | 0 | ||||
Foreign currency translation adjustments | 0 | 0 | |||
Goodwill Ending balance | 110,618 | 62,686 | |||
Marketing & Events International | |||||
Changes in the carrying amount of goodwill | |||||
Goodwill, Beginning Balance | 22,611 | 23,054 | |||
Goodwill impairment charge | 0 | ||||
Business acquisitions | 158 | ||||
Foreign currency translation adjustments | -2,457 | -601 | |||
Goodwill Ending balance | 42,221 | 22,611 | |||
Travel & Recreation Group | |||||
Changes in the carrying amount of goodwill | |||||
Goodwill, Beginning Balance | 44,246 | 52,080 | |||
Goodwill impairment charge | -4,461 | ||||
Business acquisitions | 0 | ||||
Foreign currency translation adjustments | -4,156 | -3,373 | |||
Goodwill Ending balance | 41,358 | 44,246 | |||
Blitz Communication Group Limited | |||||
Changes in the carrying amount of goodwill | |||||
Goodwill, Beginning Balance | 13,504 | ||||
Business acquisitions | 13,504 | ||||
Goodwill Ending balance | 13,504 | ||||
Blitz Communication Group Limited | Marketing & Events U.S. | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 0 | ||||
Blitz Communication Group Limited | Marketing & Events International | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 13,504 | ||||
Blitz Communication Group Limited | Travel & Recreation Group | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 0 | ||||
West Glacier Motel and Cabins | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 1,268 | ||||
West Glacier Motel and Cabins | Marketing & Events U.S. | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 0 | ||||
West Glacier Motel and Cabins | Marketing & Events International | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 0 | ||||
West Glacier Motel and Cabins | Travel & Recreation Group | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 1,268 | ||||
onPeak LLC | |||||
Changes in the carrying amount of goodwill | |||||
Goodwill, Beginning Balance | 27,406 | ||||
Business acquisitions | 27,406 | ||||
Goodwill Ending balance | 27,406 | ||||
onPeak LLC | Marketing & Events U.S. | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 27,406 | ||||
onPeak LLC | Marketing & Events International | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 0 | ||||
onPeak LLC | Travel & Recreation Group | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 0 | ||||
Travel Planners, Inc | |||||
Changes in the carrying amount of goodwill | |||||
Goodwill, Beginning Balance | 20,526 | ||||
Business acquisitions | 20,526 | ||||
Goodwill Ending balance | 20,526 | ||||
Travel Planners, Inc | Marketing & Events U.S. | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 20,526 | ||||
Travel Planners, Inc | Marketing & Events International | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 0 | ||||
Travel Planners, Inc | Travel & Recreation Group | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 0 | ||||
N200 Limited and Affiliates | |||||
Changes in the carrying amount of goodwill | |||||
Goodwill, Beginning Balance | 8,563 | ||||
Business acquisitions | 8,563 | ||||
Goodwill Ending balance | 8,563 | ||||
N200 Limited and Affiliates | Marketing & Events U.S. | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 0 | ||||
N200 Limited and Affiliates | Marketing & Events International | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | 8,563 | ||||
N200 Limited and Affiliates | Travel & Recreation Group | |||||
Changes in the carrying amount of goodwill | |||||
Business acquisitions | $0 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Goodwill by Reporting Unit and Segment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill by reporting unit and segment | |||
Goodwill | $194,197 | $129,543 | $137,820 |
Marketing & Events U.S. | |||
Goodwill by reporting unit and segment | |||
Goodwill | 110,618 | 62,686 | |
Marketing & Events International | |||
Goodwill by reporting unit and segment | |||
Goodwill | 42,221 | 22,611 | 23,054 |
Marketing & Events International | United Kingdom (Melville GES) | |||
Goodwill by reporting unit and segment | |||
Goodwill | 34,396 | 14,049 | |
Marketing & Events International | GES Canada | |||
Goodwill by reporting unit and segment | |||
Goodwill | 7,825 | 8,562 | |
Marketing and Events Group | |||
Goodwill by reporting unit and segment | |||
Goodwill | 152,839 | 85,297 | |
Travel & Recreation Group | |||
Goodwill by reporting unit and segment | |||
Goodwill | 41,358 | 44,246 | 52,080 |
Travel & Recreation Group | Brewster | |||
Goodwill by reporting unit and segment | |||
Goodwill | 36,906 | 41,062 | |
Travel & Recreation Group | Glacier Park | |||
Goodwill by reporting unit and segment | |||
Goodwill | 1,268 | 0 | |
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 $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | $46,200 | $6,817 |
Accumulated Amortization | -3,693 | -2,797 |
Amortized intangible assets, Net Carrying Value | 42,507 | 4,020 |
Intangible Assets, Gross (Excluding Goodwill) | 46,660 | 7,277 |
Total Other Intangible Assets, Net | 42,967 | 4,480 |
Customer contracts and relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 41,624 | 5,537 |
Accumulated Amortization | -2,961 | -2,521 |
Amortized intangible assets, Net Carrying Value | 38,663 | 3,016 |
Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 4,576 | 1,280 |
Accumulated Amortization | -732 | -276 |
Amortized intangible assets, Net Carrying Value | 3,844 | 1,004 |
Business licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
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 $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Estimated amortization expense related to amortized intangible assets | |
2015 | $7,585 |
2016 | 6,765 |
2017 | 5,915 |
2018 | 4,942 |
2019 | 4,546 |
Thereafter | $12,754 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Additional Information (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | ||||
Intangible asset amortization expense | $2.70 | $1.30 | $0.70 | |
Accumulated Impairment Loss on Goodwill | $229.70 | 229.7 | ||
Marketing & Events U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of estimated fair values | 142.00% | |||
United Kingdom (Melville GES) | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of estimated fair values | 48.00% | |||
GES Canada | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of estimated fair values | 52.00% | |||
Brewster | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of estimated fair values | 167.00% | |||
Glacier Park | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of estimated fair values | 16.00% | |||
Alaska Denali Travel | ||||
Segment Reporting Information [Line Items] | ||||
Percentage of estimated fair values | 14.00% | |||
Customer Contracts | ||||
Segment Reporting Information [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 9 years 0 months 0 days | |||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years 9 months 18 days |
Other_Current_Liabilities_Sche
Other Current Liabilities - Schedule of Other Current Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Continuing operations: | ||
Self-insured liability | $6,297 | $7,603 |
Accrued sales and use taxes | 3,624 | 1,609 |
Accrued employee benefit costs | 3,215 | 2,751 |
Accrued dividends | 2,107 | 2,192 |
Accrued foreign income taxes | 2,370 | 565 |
Accrued professional fees | 1,228 | 1,832 |
Accrued restructuring | 1,154 | 3,877 |
Other | 6,861 | 7,741 |
Total continuing operations | 26,856 | 28,170 |
Discontinued operations: | ||
Self-insured liability | 173 | 469 |
Environmental remediation liabilities | 350 | 353 |
Other | 408 | 177 |
Total discontinued operations | 931 | 999 |
Total other current liabilities | $27,787 | $29,169 |
Other_Deferred_Liabilities_Det
Other Deferred Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Self-insured liability | $13,525 | $12,307 |
Self-insured excess liability | 7,728 | 5,009 |
Accrued compensation | 6,824 | 8,349 |
Foreign deferred tax liability | 2,135 | 1,989 |
Accrued restructuring | 555 | 1,919 |
Other | 7,904 | 7,552 |
Total continuing operations | 38,671 | 37,125 |
Environmental remediation liabilities | 4,395 | 4,666 |
Self-insured liability | 4,327 | 4,489 |
Accrued income taxes | 1,119 | 1,085 |
Other | 1,250 | 1,254 |
Total discontinued operations | 11,091 | 11,494 |
Total other deferred items and liabilities | $49,762 | $48,619 |
Debt_Schedule_of_LongTerm_Capi
Debt - Schedule of Long-Term Capital Lease Obligation (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long-term capital lease obligation | ||
Revolving credit agreement, 2.4% (2014) and 2.2% (2013) weighted-average interest rate at December 31 | $139,500 | $10,000 |
Capital lease obligations, 6.0% (2014) and 6.9% (2013) weighted-average interest rate at December 31, due through 2018 | 1,520 | 1,668 |
Long-term Debt, Excluding Current Maturities | 141,020 | 11,668 |
Current portion | -27,856 | -10,903 |
Long-term debt and capital lease obligations | $113,164 | $765 |
Debt_Schedule_of_Aggregate_Ann
Debt - Schedule of Aggregate Annual Maturities of Capital Lease Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Revolving Credit, Maturity, Total | $113,164 | $765 |
Capital Leases, Future Minimum Payments Due, 2015 | 937 | |
Capital Leases, Future Minimum Payments Due, 2016 | 507 | |
Capital Leases, Future Minimum Payments Due, 2017 | 211 | |
Capital Leases, Future Minimum Payments Due, 2018 | 3 | |
Capital Leases, Future Minimum Payments Due, 2019 | 0 | |
Capital Leases, Future Minimum Payments Due, Total | 1,658 | |
Capital Leases, Interest Included in Payments | -138 | |
Capital Leases, Present Value of Net Minimum Payments | 1,520 | |
Revolving Credit Agreement | ||
Debt Instrument [Line Items] | ||
Revolving Credit, Maturity, 2015 | 27,000 | |
Revolving Credit, Maturity, 2016 | 18,750 | |
Revolving Credit, Maturity, 2017 | 18,750 | |
Revolving Credit, Maturity, 2018 | 18,750 | |
Revolving Credit, Maturity, 2019 | 56,250 | |
Revolving Credit, Maturity, Total | $139,500 |
Debt_Additional_Information_De
Debt - Additional Information (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 10, 2014 | Dec. 22, 2014 | |
Line of Credit Facility [Line Items] | |||||
Debt Covenant, Fixed Charge Coverage Ratio | 2.61 | ||||
Percentage of repurchases of shares | 1.73 | ||||
Long-term Debt, Excluding Current Maturities | $141,020,000 | $11,668,000 | |||
Revolving Credit Facility, Balance Outstanding | 139,500,000 | 10,000,000 | |||
Capital lease obligations, total | 1,520,000 | 1,668,000 | |||
Remaining borrowing capacity | 159,400,000 | ||||
Outstanding letters of credit | 1,100,000 | ||||
The fees on the unused portion of the credit facility | 0.35% | ||||
Maximum potential amount of future payments | 5,900,000 | ||||
Recourse provisions | There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. | ||||
Collateral arrangements | Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments. | ||||
Accumulated Amortization | 3,693,000 | 2,797,000 | |||
Debt, Weighted Average Interest Rate | 4.00% | 4.20% | 8.50% | ||
Estimated fair value of total debt | 123,000,000 | 11,500,000 | |||
Line of Credit Facility, Interest Rate During Period | 2.40% | 2.20% | |||
Weighted-average interest rate | 6.00% | 6.90% | |||
Revolving Credit Facility | |||||
Line of Credit Facility [Line Items] | |||||
Revolving Credit Facility, Balance Outstanding | 14,500,000 | ||||
Term Loan | |||||
Line of Credit Facility [Line Items] | |||||
Revolving Credit Facility, Balance Outstanding | 125,000,000 | ||||
Capital Leases | |||||
Line of Credit Facility [Line Items] | |||||
Gross amount of assets recorded under capital leases | 3,500,000 | 3,900,000 | |||
Accumulated Amortization | 2,100,000 | 2,100,000 | |||
Amended 2014 Credit Facility | Revolving Credit Facility | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility | 180,000,000 | ||||
Amended and Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Debt Covenant, Fixed Charge Coverage Ratio | 1.75 | ||||
Percentage of repurchases of shares | 3 | ||||
Share repurchases | 20,000,000 | ||||
Debt Covenant, Leverage Ratio Required for Dividend or Share Activity, Maximum | 2 | ||||
Debt Instrument, Covenant, Required Level of Unrestricted Cash and Cash Equivalents | 100,000,000 | ||||
Dividends declared and paid | 20,000,000 | ||||
Amended and Restated Credit Agreement | Top Tier Foreign Subsidiaries | |||||
Line of Credit Facility [Line Items] | |||||
Capital stock of top-tier foreign subsidiaries | 65.00% | ||||
Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility | 175,000,000 | ||||
Line of Credit Facility, Additional Borrowing Capacity | 100,000,000 | ||||
Letters of credit | 40,000,000 | ||||
Amended and Restated Credit Agreement | Senior Credit Facility | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility | 300,000,000 | ||||
Amended and Restated Credit Agreement | Term Loan | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility | 125,000,000 | ||||
Line of Credit Facility, Additional Borrowing Capacity | $100,000,000 | ||||
First Debt Covenant Trigger | Amended and Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Debt Covenant, Fixed Charge Coverage Ratio | 2 | ||||
Percentage of repurchases of shares | 2.75 | ||||
Second Debt Covenant Trigger | Amended and Restated Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Percentage of repurchases of shares | 2.5 |
Fair_Value_Measurements_Recurr
Fair Value Measurements - Recurring and Nonrecurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Money market funds | ||
Fair value information related to assets | ||
Assets | $8,500 | $100 |
Other mutual funds | ||
Fair value information related to assets | ||
Assets | 2,500 | 2,000 |
Fair Value, Measurements, Recurring | ||
Fair value information related to assets | ||
Assets | 11,054 | 2,141 |
Liabilities, Fair Value Disclosure, Recurring | -1,210 | |
Fair Value, Measurements, Recurring | Money market funds | ||
Fair value information related to assets | ||
Assets | 8,518 | 118 |
Fair Value, Measurements, Recurring | Other mutual funds | ||
Fair value information related to assets | ||
Assets | 2,536 | 2,023 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | ||
Fair value information related to assets | ||
Assets | 11,054 | 2,141 |
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Money market funds | ||
Fair value information related to assets | ||
Assets | 8,518 | 118 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | Other mutual funds | ||
Fair value information related to assets | ||
Assets | 2,536 | 2,023 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair value information related to assets | ||
Assets | 0 | 0 |
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Money market funds | ||
Fair value information related to assets | ||
Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Other mutual funds | ||
Fair value information related to assets | ||
Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobserved Inputs (Level 3) | ||
Fair value information related to assets | ||
Assets | 0 | 0 |
Liabilities, Fair Value Disclosure, Recurring | -1,210 | |
Fair Value, Measurements, Recurring | Significant Unobserved Inputs (Level 3) | Money market funds | ||
Fair value information related to assets | ||
Assets | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobserved Inputs (Level 3) | Other mutual funds | ||
Fair value information related to assets | ||
Assets | 0 | 0 |
Earnout Contingent Consideration | ||
Fair value information related to assets | ||
Liabilities, Fair Value Disclosure, Recurring | -1,210 | |
Earnout Contingent Consideration | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | ||
Fair value information related to assets | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Earnout Contingent Consideration | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair value information related to assets | ||
Liabilities, Fair Value Disclosure, Recurring | 0 | |
Earnout Contingent Consideration | Fair Value, Measurements, Recurring | Significant Unobserved Inputs (Level 3) | ||
Fair value information related to assets | ||
Liabilities, Fair Value Disclosure, Recurring | ($1,210) |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and Cash Equivalents [Line Items] | ||
Unrealized gains on the investments after-tax | $471,000 | $429,000 |
Money market funds | ||
Cash and Cash Equivalents [Line Items] | ||
Assets, Fair Value Disclosure | 8,500,000 | 100,000 |
Accumulated Gross Unrealized Gain | 0 | 0 |
Other mutual funds | ||
Cash and Cash Equivalents [Line Items] | ||
Assets, Fair Value Disclosure | 2,500,000 | 2,000,000 |
Accumulated Gross Unrealized Gain | 800,000 | 700,000 |
Unrealized gains on the investments after-tax | $500,000 | $400,000 |
Income_Per_Share_Reconciliatio
Income Per Share - Reconciliation of Basic and Diluted Income Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income attributable to Viad | ($5,889) | $29,620 | $6,742 | $21,882 | ($4,618) | $11,855 | $6,253 | $8,065 | $52,354 | $21,555 | $5,897 |
Less: Allocation to non-vested shares | -970 | -485 | -157 | ||||||||
Net income allocated to Viad common stockholders | 51,384 | 21,070 | 5,740 | ||||||||
Denominator: | |||||||||||
Weighted-average outstanding common shares | 19,804 | 19,850 | 19,701 | ||||||||
Net income attributable to Viad common stockholders (USD per share) | ($0.30) | $1.48 | $0.33 | $1.08 | ($0.23) | $0.58 | $0.31 | $0.40 | $2.59 | $1.06 | $0.29 |
Numerator: | |||||||||||
Net income attributable to Viad | ($5,889) | $29,620 | $6,742 | $21,882 | ($4,618) | $11,855 | $6,253 | $8,065 | $52,354 | $21,555 | $5,897 |
Denominator: | |||||||||||
Weighted-average outstanding common shares | 19,804 | 19,850 | 19,701 | ||||||||
Additional dilutive shares related to share-based compensation | 329 | 415 | 304 | ||||||||
Weighted-average outstanding and potentially dilutive shares | 20,133 | 20,265 | 20,005 | ||||||||
Net income attributable to Viad common stockholders (USD per share) | ($0.30) | $1.48 | $0.33 | $1.08 | ($0.23) | $0.58 | $0.31 | $0.40 | $2.59 | $1.06 | $0.29 |
Income_Per_Share_Additional_In
Income Per Share - Additional Information (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Per Share (Textual) [Abstract] | |||
Additional dilutive shares related to share-based compensation | 329 | 415 | 304 |
Stock options | |||
Income Per Share (Textual) [Abstract] | |||
Common stock shares effect would be anti-dilutive | 26 | 47 | 110 |
Employee_Stock_Ownership_Featu2
Employee Stock Ownership Feature of 401Plan - Employee Stock Ownership Plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Amounts paid by ESOP for: | |||
Debt repayment | $44 | $1,280 | $1,647 |
Interest | 0 | 1 | 5 |
Amounts received from Viad as: | |||
Contributions | 44 | 1,202 | 1,604 |
Dividends | $0 | $79 | $48 |
Employee_Stock_Ownership_Featu3
Employee Stock Ownership Feature of 401Plan - Additional Information (Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2004 | Dec. 31, 1989 | |
Compensation and Retirement Disclosure [Abstract] | |||||
ESOP borrowing to purchase treasury shares | $40,000,000 | ||||
Borrowings of Viad under its revolving credit agreement | 12,200,000 | ||||
ESOP, Loan entered with Viad | 12,400,000 | ||||
Minimum quarterly principal payments | 250,000 | ||||
Reduction of stockholders' equity | 250,000 | ||||
Expense recorded by Viad | $100,000 | $1,300,000 | $1,700,000 | ||
Unallocated shares | 0 | 4,361 | |||
Shares allocated | 126,216 |
Preferred_Stock_Purchase_Right1
Preferred Stock Purchase Rights (Details) | 0 Months Ended | |
Jul. 01, 2014 | Dec. 31, 2014 | |
Equity [Abstract] | ||
Preferred Stock, Authorized | 5,000,000 | |
Junior participating preferred Stock, Authorized | 2,000,000 | |
Preferred Stock, Shares Outstanding | 0 | |
Junior Preferred Stock, Shares Outstanding | 0 | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 0.25 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Schedules of Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of Period | $20,017 | $27,465 |
Other comprehensive income before reclassifications | -18,334 | -7,675 |
Amounts reclassified from AOCI, net of tax | -2,077 | 227 |
Total other comprehensive income (loss) | -20,411 | -7,448 |
Ending of Period | -394 | 20,017 |
Unrealized Gains on Investments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of Period | 429 | 275 |
Other comprehensive income before reclassifications | 98 | 215 |
Amounts reclassified from AOCI, net of tax | -56 | -61 |
Total other comprehensive income (loss) | 42 | 154 |
Ending of Period | 471 | 429 |
Cumulative Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of Period | 30,847 | 42,158 |
Other comprehensive income before reclassifications | -18,432 | -11,311 |
Amounts reclassified from AOCI, net of tax | 0 | 0 |
Total other comprehensive income (loss) | -18,432 | -11,311 |
Ending of Period | 12,415 | 30,847 |
Unrecognized Net Actuarial Loss and Service Credit | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning of Period | -11,259 | -14,968 |
Other comprehensive income before reclassifications | 0 | 3,421 |
Amounts reclassified from AOCI, net of tax | -2,021 | 288 |
Total other comprehensive income (loss) | -2,021 | 3,709 |
Ending of Period | ($13,280) | ($11,259) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Reclassification Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Unrealized gains on investments | $305 | $550 | $593 | ||||||||
Tax effect | -109 | -8,310 | -19,578 | ||||||||
Amounts reclassified from AOCI, net of tax | -7,255 | 30,755 | 7,978 | 9,312 | -4,403 | 8,871 | 6,516 | 8,453 | 41,178 | 19,320 | 3,553 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains on Investments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Unrealized gains on investments | 90 | 99 | |||||||||
Tax effect | -34 | -38 | |||||||||
Amounts reclassified from AOCI, net of tax | 56 | 61 | |||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Net Actuarial Loss and Service Credit | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Tax effect | -1,235 | -159 | |||||||||
Recognized net actuarial loss | -3,821 | -1,349 | |||||||||
Amortization of prior service credit | 565 | 902 | |||||||||
Amounts reclassified from AOCI, net of tax | ($2,021) | ($288) |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans | |||
Net periodic benefit cost of pension and post retirement benefit plans | |||
Service cost | $87 | $66 | $104 |
Interest cost | 1,079 | 1,030 | 1,150 |
Expected return on plan assets | -436 | -400 | -406 |
Recognized net actuarial loss | 407 | 583 | 491 |
Net periodic benefit cost | 1,137 | 1,279 | 1,339 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive income | |||
Net actuarial loss | -3,418 | 2,565 | -1,942 |
Reversal of amortization item | |||
Net actuarial loss | -407 | -583 | -491 |
Total recognized in other comprehensive income | 3,011 | -3,148 | 1,451 |
Total recognized in net periodic benefit cost and other comprehensive income | 4,148 | -1,869 | 2,790 |
US Postretirement Benefit Plans | |||
Net periodic benefit cost of pension and post retirement benefit plans | |||
Service cost | 129 | 156 | 146 |
Interest cost | 640 | 663 | 814 |
Expected return on plan assets | 0 | 0 | -74 |
Amortization of prior service credit | -593 | -902 | -1,113 |
Recognized net actuarial loss | 166 | 518 | 547 |
Net periodic benefit cost | 342 | 435 | 320 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive income | |||
Net actuarial loss | -1,045 | 1,496 | -224 |
Prior service credit | -1,283 | -40 | 0 |
Reversal of amortization item | |||
Net actuarial loss | -166 | -518 | -547 |
Prior service cost | -593 | -902 | -1,113 |
Total recognized in other comprehensive income | 189 | -1,152 | 790 |
Total recognized in net periodic benefit cost and other comprehensive income | 531 | -717 | 1,110 |
Foreign Pension Plans | |||
Net periodic benefit cost of pension and post retirement benefit plans | |||
Service cost | 413 | 534 | 491 |
Interest cost | 631 | 702 | 737 |
Expected return on plan assets | -640 | -698 | -622 |
Recognized net actuarial loss | 145 | 248 | 201 |
Net periodic benefit cost | 549 | 786 | 807 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive income | |||
Net actuarial loss | -361 | 1,214 | -958 |
Reversal of amortization of net actuarial loss | 145 | -248 | -201 |
Reversal of amortization item | |||
Total recognized in other comprehensive income | 506 | -1,462 | 757 |
Total recognized in net periodic benefit cost and other comprehensive income | $1,055 | ($676) | $1,564 |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefits - Summary of funded status of the plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Funded Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $13,435 | $15,348 | |
Service cost | 0 | 0 | |
Interest cost | 644 | 608 | |
Recognized net actuarial loss | 2,700 | -1,530 | |
Plan amendments | 0 | 0 | |
Benefits paid | -767 | -991 | |
Benefit obligation at end of year | 16,012 | 13,435 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 10,872 | 10,624 | |
Actual return on plan assets | 364 | 580 | |
Company contributions | 729 | 659 | |
Benefits paid | -767 | -991 | |
Fair value of plan assets at end of year | 11,198 | 10,872 | |
Funded status at end of year | -4,814 | -2,563 | |
Unfunded Pension Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 10,536 | 11,570 | |
Service cost | 87 | 66 | |
Interest cost | 435 | 422 | |
Recognized net actuarial loss | 649 | -856 | |
Plan amendments | 0 | 0 | |
Benefits paid | -580 | -666 | |
Benefit obligation at end of year | 11,127 | 10,536 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 580 | 666 | |
Benefits paid | -580 | -666 | |
Fair value of plan assets at end of year | 0 | 0 | |
Funded status at end of year | -11,127 | -10,536 | |
Postretirement Benefit Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 16,919 | 18,701 | |
Service cost | 129 | 156 | |
Interest cost | 640 | 663 | |
Recognized net actuarial loss | 1,011 | -1,631 | |
Plan amendments | -1,283 | -40 | |
Benefits paid | -1,181 | -930 | |
Benefit obligation at end of year | 16,235 | 16,919 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 520 | 1,397 | |
Actual return on plan assets | -34 | -135 | |
Company contributions | 695 | 188 | |
Benefits paid | -1,181 | -930 | |
Fair value of plan assets at end of year | 0 | 520 | |
Funded status at end of year | -16,235 | -16,399 | |
US Postretirement Benefit Plans | |||
Change in benefit obligation: | |||
Service cost | 129 | 156 | 146 |
Interest cost | 640 | 663 | 814 |
Recognized net actuarial loss | 166 | 518 | 547 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 520 | ||
Fair value of plan assets at end of year | 520 | ||
Foreign Pension Plans | |||
Change in benefit obligation: | |||
Service cost | 413 | 534 | 491 |
Interest cost | 631 | 702 | 737 |
Recognized net actuarial loss | 145 | 248 | 201 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 11,560 | ||
Fair value of plan assets at end of year | 11,747 | 11,560 | |
Foreign Pension Plans | Funded Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 11,460 | 15,387 | |
Service cost | 413 | 534 | |
Interest cost | 507 | 582 | |
Recognized net actuarial loss | -1,042 | 473 | |
Benefits paid | -344 | -3,644 | |
Translation adjustment | -1,062 | -926 | |
Benefit obligation at end of year | 12,016 | 11,460 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 11,560 | 12,997 | |
Actual return on plan assets | 983 | 1,148 | |
Company contributions | 604 | 1,892 | |
Benefits paid | -344 | -3,644 | |
Translation adjustment | -1,056 | -833 | |
Fair value of plan assets at end of year | 11,747 | 11,560 | |
Funded status at end of year | -269 | 100 | |
Foreign Pension Plans | Unfunded Pension Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,911 | 3,032 | |
Service cost | 0 | 0 | |
Interest cost | 124 | 120 | |
Recognized net actuarial loss | -234 | -44 | |
Benefits paid | -211 | -219 | |
Translation adjustment | -302 | -66 | |
Benefit obligation at end of year | 2,756 | 2,911 | |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | ||
Company contributions | 211 | 219 | |
Benefits paid | -211 | -219 | |
Translation adjustment | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | |
Funded status at end of year | ($2,756) | ($2,911) |
Pension_and_Postretirement_Ben4
Pension and Postretirement Benefits - Net amount recognized in Viad's consolidated balance sheets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | $4,814 | $2,563 |
Funded Plans | Other current liabilities | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 0 | 0 |
Funded Plans | Non Current Liabilities | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 4,814 | 2,563 |
Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 11,127 | 10,536 |
Unfunded Pension Plans | Other current liabilities | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 635 | 713 |
Unfunded Pension Plans | Non Current Liabilities | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 10,492 | 9,823 |
US Postretirement Benefit Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 16,235 | 16,399 |
US Postretirement Benefit Plans | Other current liabilities | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 1,094 | 928 |
US Postretirement Benefit Plans | Non Current Liabilities | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | $15,141 | $15,471 |
Pension_and_Postretirement_Ben5
Pension and Postretirement Benefits - Amounts recognized in accumulated other comprehensive income (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Amounts recognized in accumulated other comprehensive income | ||
Total | $13,476 | $11,259 |
US Postretirement Benefit Plans | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 5,571 | 4,692 |
Prior service credit | -2,729 | -2,038 |
Subtotal | 2,842 | 2,654 |
Less tax effect | -1,078 | -1,006 |
Total | 1,764 | 1,648 |
Pension Plans | Funded Plans | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 9,442 | 6,972 |
Prior service credit | 0 | 0 |
Subtotal | 9,442 | 6,972 |
Less tax effect | -3,581 | -2,644 |
Total | 5,861 | 4,328 |
Pension Plans | Unfunded Pension Plans | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 4,020 | 3,480 |
Prior service credit | 0 | 0 |
Subtotal | 4,020 | 3,480 |
Less tax effect | -1,525 | -1,320 |
Total | 2,495 | 2,160 |
US Postretirement and Pension Plan | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 19,033 | 15,144 |
Prior service credit | -2,729 | -2,038 |
Subtotal | 16,304 | 13,106 |
Less tax effect | -6,184 | -4,970 |
Total | $10,120 | $8,136 |
Pension_and_Postretirement_Ben6
Pension and Postretirement Benefits - Fair value of the plans' assets by asset class (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | $11,198 | $10,872 |
Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 10,941 | 10,655 |
Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 257 | 217 |
Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | 0 |
US Postretirement Benefit Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 520 | |
US Postretirement Benefit Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 520 | |
US Postretirement Benefit Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
US Postretirement Benefit Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
Foreign Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 11,747 | 11,560 |
Foreign Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 11,327 | 11,165 |
Foreign Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 420 | 395 |
Foreign Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
Aggregate fixed income securities | Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 6,534 | 5,966 |
Aggregate fixed income securities | Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 6,534 | 5,966 |
Aggregate fixed income securities | Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | 0 |
Aggregate fixed income securities | Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | 0 |
Aggregate fixed income securities | US Postretirement Benefit Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 407 | |
Aggregate fixed income securities | US Postretirement Benefit Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 407 | |
Aggregate fixed income securities | US Postretirement Benefit Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
Aggregate fixed income securities | US Postretirement Benefit Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
U.S. equity securities | Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 3,855 | 4,542 |
U.S. equity securities | Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 3,855 | 4,542 |
U.S. equity securities | Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | 0 |
U.S. equity securities | Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | 0 |
U.S. equity securities | US Postretirement Benefit Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 109 | |
U.S. equity securities | US Postretirement Benefit Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 109 | |
U.S. equity securities | US Postretirement Benefit Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
U.S. equity securities | US Postretirement Benefit Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
U.S. equity securities | Foreign Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 1,236 | 1,269 |
U.S. equity securities | Foreign Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 1,236 | 1,269 |
U.S. equity securities | Foreign Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
U.S. equity securities | Foreign Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
Cash | Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 552 | 147 |
Cash | Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 552 | 147 |
Cash | Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | 0 |
Cash | Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | 0 |
Cash | US Postretirement Benefit Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 4 | |
Cash | US Postretirement Benefit Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 4 | |
Cash | US Postretirement Benefit Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
Cash | US Postretirement Benefit Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
Equity Securities | Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 257 | 217 |
Equity Securities | Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | 0 |
Equity Securities | Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 257 | 217 |
Equity Securities | Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | 0 |
Equity Securities | Foreign Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 451 | 336 |
Equity Securities | Foreign Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 451 | 336 |
Equity Securities | Foreign Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
Equity Securities | Foreign Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
Canadian Fixed Income Securities | Foreign Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 5,367 | 5,174 |
Canadian Fixed Income Securities | Foreign Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 5,367 | 5,174 |
Canadian Fixed Income Securities | Foreign Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
Canadian Fixed Income Securities | Foreign Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 0 | |
International equity securities | Foreign Pension Plans | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 4,693 | 4,781 |
International equity securities | Foreign Pension Plans | Quoted Prices in Active Markets (Level 1) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 4,273 | 4,386 |
International equity securities | Foreign Pension Plans | Significant Other Observable Inputs (Level 2) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | 420 | 395 |
International equity securities | Foreign Pension Plans | Significant Unobserved Inputs (Level 3) | ||
Fair value of the domestic plans assets by asset class | ||
Fair value measurement domestic pension plans | $0 |
Pension_and_Postretirement_Ben7
Pension and Postretirement Benefits - Payments and receipts reflecting expected future service (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Funded Plans | |
Expected future service expected to be paid | |
2015 | $872 |
2016 | 845 |
2017 | 888 |
2018 | 908 |
2019 | 889 |
2020-2023 | 5,046 |
Unfunded Pension Plans | |
Expected future service expected to be paid | |
2015 | 647 |
2016 | 745 |
2017 | 781 |
2018 | 802 |
2019 | 812 |
2020-2023 | 3,869 |
US Postretirement Benefit Plans | |
Expected future service expected to be paid | |
2015 | 1,116 |
2016 | 1,159 |
2017 | 1,175 |
2018 | 1,185 |
2019 | 1,161 |
2020-2023 | 5,441 |
Foreign Pension Plans | Funded Plans | |
Expected future service expected to be paid | |
2015 | 357 |
2016 | 431 |
2017 | 434 |
2018 | 456 |
2019 | 517 |
2020-2023 | 3,055 |
Foreign Pension Plans | Unfunded Pension Plans | |
Expected future service expected to be paid | |
2015 | 187 |
2016 | 187 |
2017 | 186 |
2018 | 186 |
2019 | 186 |
2020-2023 | $918 |
Pension_and_Postretirement_Ben8
Pension and Postretirement Benefits - Accumulated benefit obligation in excess of plan assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Domestic Pension Plans | Funded Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected Benefit obligation | $16,012 | $13,435 |
Accumulated benefit obligation | 16,012 | 13,435 |
Fair value of Plan assets | 11,200 | 10,872 |
Domestic Pension Plans | Unfunded Pension Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected Benefit obligation | 11,127 | 10,536 |
Accumulated benefit obligation | 11,014 | 10,227 |
Fair value of Plan assets | 0 | 0 |
Foreign Plans | Funded Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected Benefit obligation | 12,016 | 11,460 |
Accumulated benefit obligation | 11,268 | 10,823 |
Fair value of Plan assets | 11,747 | 11,560 |
Foreign Plans | Unfunded Pension Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected Benefit obligation | 2,756 | 2,911 |
Accumulated benefit obligation | 2,656 | 2,911 |
Fair value of Plan assets | $0 | $0 |
Pension_and_Postretirement_Ben9
Pension and Postretirement Benefits - Weighted-average assumptions used to determine benefit obligations (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Pension Plans | Funded Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 4.01% | 4.89% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.90% | 4.09% |
Expected return on plan assets | 4.15% | 3.90% |
Pension Plans | Unfunded Pension Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 3.90% | 4.60% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.60% | 3.80% |
Rate of compensation increase | 3.00% | 4.50% |
US Postretirement Benefit Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 4.00% | 4.65% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.65% | 3.85% |
Expected return on plan assets | 0.00% | 0.00% |
Foreign Pension Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 3.85% | 4.67% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.67% | 4.03% |
Expected return on plan assets | 5.69% | 5.44% |
Rate of compensation increase | 3.00% | 3.00% |
Recovered_Sheet1
Pension and Postretirement Benefits - Multi-employer pension plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Multi-employer pension plans | |||
Viad Contribution | $23,152 | $20,313 | $20,669 |
Western Conference of Teamsters Pension Plan | |||
Multi-employer pension plans | |||
EIN | 916145047 | ||
Plan No: | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status Pending/ Implemented | No | ||
Viad Contribution | 6,369 | 5,524 | 5,694 |
Surcharge Paid | No | ||
Collective bargaining agreements expiration date | 31-May-15 | ||
Southern California Local 831—Employer Pension Fund(1) | |||
Multi-employer pension plans | |||
EIN | 956376874 | ||
Plan No: | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status Pending/ Implemented | No | ||
Viad Contribution | 2,481 | 2,244 | 2,358 |
Surcharge Paid | No | ||
Collective bargaining agreements expiration date | 31-Aug-17 | ||
Chicago Regional Council of Carpenters Pension Fund | |||
Multi-employer pension plans | |||
EIN | 366130207 | ||
Plan No: | 1 | ||
Pension Protection Act Zone Status | Yellow | Yellow | |
FIP/RP Status Pending/ Implemented | Implemented | ||
Viad Contribution | 1,946 | 1,614 | 1,749 |
Surcharge Paid | No | ||
Collective bargaining agreements expiration date | 31-May-18 | ||
National Electrical Benefit Fund | |||
Multi-employer pension plans | |||
EIN | 530181657 | ||
Plan No: | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status Pending/ Implemented | No | ||
Viad Contribution | 1,457 | 1,631 | 1,814 |
Surcharge Paid | No | ||
Collective bargaining agreements expiration date | 16-Jun-15 | ||
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan 2 | |||
Multi-employer pension plans | |||
EIN | 516030753 | ||
Plan No: | 2 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status Pending/ Implemented | No | ||
Viad Contribution | 1,081 | 957 | 108 |
Surcharge Paid | No | ||
Collective bargaining agreements expiration date | 3-Jun-17 | ||
Central States, Southeast and Southwest Areas Pension Plan | |||
Multi-employer pension plans | |||
EIN | 366044243 | ||
Plan No: | 1 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status Pending/ Implemented | Implemented | ||
Viad Contribution | 1,018 | 836 | 874 |
Surcharge Paid | No | ||
Collective bargaining agreements expiration date | 31-Jul-15 | ||
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1), | |||
Multi-employer pension plans | |||
EIN | 361416355 | ||
Plan No: | 1 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status Pending/ Implemented | Implemented | ||
Viad Contribution | 993 | 430 | 930 |
Surcharge Paid | No | ||
Collective bargaining agreements expiration date | 30-Jun-19 | ||
Southwest Carpenters Pension Trust | |||
Multi-employer pension plans | |||
EIN | 956042875 | ||
Plan No: | 1 | ||
Pension Protection Act Zone Status | Green | Green | |
FIP/RP Status Pending/ Implemented | No | ||
Viad Contribution | 885 | 812 | 944 |
Surcharge Paid | No | ||
Collective bargaining agreements expiration date | 30-Jun-15 | ||
Southern California IBEW-NECA Pension Fund | |||
Multi-employer pension plans | |||
EIN | 956392774 | ||
Plan No: | 1 | ||
Pension Protection Act Zone Status | Yellow | Yellow | |
FIP/RP Status Pending/ Implemented | Implemented | ||
Viad Contribution | 768 | 184 | 62 |
Surcharge Paid | No | ||
All other funds(2) | |||
Multi-employer pension plans | |||
Viad Contribution | 4,097 | 2,592 | 2,468 |
Pension Plans | |||
Multi-employer pension plans | |||
Viad Contribution | 21,095 | 16,824 | 17,001 |
Total contributions to other plans | |||
Multi-employer pension plans | |||
Viad Contribution | $2,057 | $3,489 | $3,668 |
Recovered_Sheet2
Pension and Postretirement Benefits - Narrative (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2019 | |
PensionFunds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed health care cost trend rate | 7.50% | 8.00% | ||
Decrease in assumed health care cost trend rate | 0.50% | 0.50% | ||
Effect of one percentage point increase on accumulated post retirement benefit obligation | $1,800,000 | |||
Effect of one percentage point increase in assumed health care cost trend rate on total service and interest cost components | 100,000 | |||
Effect of one percentage point decrease in assumed health care cost trend rate on accumulated post retirement benefit obligation | 1,500,000 | |||
Effect of one percentage point decrease in assumed health care cost trend rate on total service and interest cost components | 100,000 | |||
Maximum percentage of funding status of plans in red zone | 65.00% | |||
Maximum percentage of funding status of plans in yellow zone | 80.00% | |||
Maximum percentage of funding status of plans in green zone | 80.00% | |||
Percentage of excess employer contributions | 5.00% | |||
Aggregate number of funds | 41 | |||
Cost of other employee benefit plans | 100,000 | 1,300,000 | 1,700,000 | |
Funded Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funded status | -4,814,000 | -2,563,000 | ||
Amount expected to contribute in postretirement benefit plans | 1,400,000 | |||
Unfunded Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funded status | -11,127,000 | -10,536,000 | ||
Amount expected to contribute in postretirement benefit plans | 800,000 | |||
Foreign Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated net actuarial loss for pension plans that is expected to be amortized | 145,000 | -248,000 | -201,000 | |
Net actuarial losses for the foreign funded plans (before tax) | 4,000,000 | 3,800,000 | ||
Net actuarial losses for the foreign funded plans (after tax) | 3,100,000 | 2,800,000 | ||
Net actuarial losses for the foreign unfunded plans (before tax) | 407,000 | 367,000 | ||
Net actuarial losses for the foreign unfunded plans (after tax) | 213,000 | 275,000 | ||
Foreign Pension Plans | Funded Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funded status | -269,000 | 100,000 | ||
Liabilities of funded plans | 100,000 | |||
Foreign Pension Plans | Unfunded Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Funded status | -2,756,000 | -2,911,000 | ||
Liabilities of unfunded plans | -2,800,000 | -2,900,000 | ||
Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Estimated net actuarial loss for pension plans that is expected to be amortized | 500,000 | |||
Estimated prior service credit for postretirement benefit plans | 600,000 | |||
Amount expected to contribute in postretirement benefit plans | $1,100,000 | |||
Scenario Forecast | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Assumed health care cost trend rate | 500.00% |
Income_Taxes_Schedule_of_Domes
Income Taxes - Schedule of Domestic and Foreign Income Before Income Tax (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Foreign | $33,349 | $25,010 | $29,645 |
United States | 7,938 | 2,620 | -6,514 |
Income from continuing operations before income taxes | $41,287 | $27,630 | $23,131 |
Income_Taxes_Schedule_of_Incom
Income Taxes - Schedule of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $0 | ($3,308) | ($1,537) |
State | 16 | -286 | 2,189 |
Foreign | 9,824 | 9,606 | 7,652 |
Total current income tax expense (benefit) | 9,840 | 6,012 | 8,304 |
Deferred | |||
Federal | -9,486 | 2,007 | 11,127 |
State | -125 | 651 | 40 |
Foreign | -120 | -360 | 107 |
Total deferred income tax expense (benefit) | -9,731 | 2,298 | 11,274 |
Income tax expense | $109 | $8,310 | $19,578 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Computed income tax expense at statutory federal income tax rate of 35% | $14,450 | $9,670 | $8,096 |
State income taxes, net of federal provision | 227 | 345 | 470 |
Foreign tax rate differentials | -1,262 | 77 | -2,031 |
U.S. tax on foreign earnings U.S. tax on foreign earnings (net of foreign tax credits) | -2,168 | -1,831 | -595 |
Change in valuation allowance | -11,650 | -2,184 | 14,220 |
Proceeds from life insurance | -133 | -196 | -472 |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount | -1,401 | 1,664 | -371 |
Other, net | 2,046 | 765 | 261 |
Income tax expense | $109 | $8,310 | $19,578 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Computed income tax expense at statutory federal income tax rate of 35%, tax rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal provision, tax rate | 0.50% | 1.20% | 2.00% |
Foreign tax differentials rate | -3.10% | 0.30% | -8.80% |
U.S. tax on foreign earnings rate | -5.30% | -6.60% | -2.60% |
Change in valuation allowance, tax rate | -28.20% | -7.90% | 61.50% |
Proceeds from life insurance rate | -0.30% | -0.70% | -2.00% |
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent | -3.40% | 6.00% | -1.60% |
Other, net, tax rate | 5.00% | 2.80% | 1.10% |
Income tax expense | 0.20% | 30.10% | 84.60% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Tax credit carryforwards | $21,783 | $26,945 |
Pension, compensation and other employee benefits | 23,501 | 23,835 |
Provisions for losses | 12,127 | 13,674 |
Net operating loss carryforward | 4,886 | 4,794 |
State income taxes | 2,979 | 2,170 |
Other deferred income tax assets | 3,927 | 5,552 |
Total deferred tax assets | -69,203 | -76,970 |
Valuation allowance | -3,781 | -12,393 |
Net deferred tax assets | 63,886 | 62,864 |
Deferred tax liabilities: | ||
Property and equipment | -5,856 | -7,861 |
Deferred tax related to life insurance | -4,962 | -4,842 |
Goodwill and other intangible assets | -2,705 | -959 |
Unremitted foreign earnings | 0 | -398 |
Other deferred income tax liabilities | -1,452 | -393 |
Total deferred tax liabilities | -14,975 | -14,453 |
Foreign deferred tax liabilities included above | 3,671 | 1,989 |
United States deferred tax assets | 52,582 | 50,400 |
Foreign Tax Authority | ||
Deferred tax assets: | ||
Total deferred tax assets | $1,536 | $1,713 |
Income_Taxes_Schedule_of_Unrec
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | $1,372 | $636 | $636 |
Net additions and reductions | 0 | ||
Additions for tax positions taken in the current year | 736 | ||
Additions for tax positions taken in prior years | 1,019 | ||
Reductions for lapse of applicable statutes | -472 | ||
Unrecognized Tax Benefits, Ending Balance | 1,919 | 1,372 | 636 |
Continuing Operations | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | 736 | 0 | 0 |
Net additions and reductions | 0 | ||
Additions for tax positions taken in the current year | 736 | ||
Additions for tax positions taken in prior years | 1,019 | ||
Reductions for lapse of applicable statutes | -472 | ||
Unrecognized Tax Benefits, Ending Balance | 1,283 | 736 | 0 |
Discontinued Operations | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | 636 | 636 | 636 |
Net additions and reductions | 0 | ||
Additions for tax positions taken in the current year | 0 | ||
Additions for tax positions taken in prior years | 0 | ||
Reductions for lapse of applicable statutes | 0 | ||
Unrecognized Tax Benefits, Ending Balance | $636 | $636 | $636 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Asset Valuation Allowance, Change in Amount | $10,900,000 | |||
Tax deficiencies from share-based compensation | -461,000 | -404,000 | -96,000 | |
Deferred Tax Assets, Gross | 69,203,000 | 76,970,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 21,783,000 | 26,945,000 | ||
Deferred Tax, Operating Loss Carryforwards | 4,886,000 | 4,794,000 | ||
Valuation Allowance Operating Loss Carryforwards Change In Amount | 622,000 | |||
Valuation Allowance | 3,781,000 | 12,393,000 | ||
Deferred Tax Assets, Foreign Tax Credits | 12,700,000 | |||
Foreign Tax Credit Carryforward Expire On 2020 | 4,700,000 | |||
Foreign Tax Credit Carryforward Expire On 2021 | 5,500,000 | |||
Foreign Tax Credit Carryforward Expire On 2022 | 600,000 | |||
Foreign Tax Credit Carryforward Expire On 2023 | 1,900,000 | |||
Unrecognized Tax Liability For Undistributed Foreign Earnings | 350,000 | |||
Liability for Uncertain Tax Positions, Noncurrent | 2,400,000 | 1,800,000 | ||
Increase (Decrease) in Uncertain Tax Liability | 238,000 | |||
Accrued Interest And Penalties For Continued Operations | 53,000 | |||
Income Tax Penalties and Interest Expense | 400,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 300,000 | |||
Accrued Income Taxes Payable | 636,000 | 636,000 | ||
Accrued Interest and Penalties for Discontinued Operations | 483,000 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Asset Valuation Allowance, Change in Amount | -1,900,000 | |||
Deferred Tax Assets, Gross | -1,536,000 | -1,713,000 | ||
Federal, State, Foreign | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | 75,800,000 | 96,000,000 | ||
Deferred Tax, Operating Loss Carryforwards | 4,900,000 | 4,800,000 | ||
State and Foreign | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation Allowance | 3,800,000 | 1,500,000 | ||
Foreign Income Tax Credit | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Asset Valuation Allowance, Change in Amount | 11,400,000 | |||
Foreign Income Tax Credit | Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Tax Credit Carryforwards | 12,700,000 | |||
Tax Credit Carryforward, Expiration Period | 10 years | |||
Alternative Minimum Tax Credit Carryforward | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax Credit Carryforward, Amount | $8,800,000 |
Restructuring_Charges_Reconcil
Restructuring Charges - Reconciliation of Beginning and Ending Liability Balances by Major Restructuring Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of beginning and ending liability balances by major restructuring activity | |||||||||||
Beginning Balance | $5,698 | $7,224 | $5,698 | $7,224 | $6,950 | ||||||
Restructuring charges | -177 | 234 | 1,369 | 211 | 1,661 | 639 | 773 | 720 | 1,637 | 3,793 | 4,942 |
Restructuring liabilities | -5,276 | -4,841 | -4,694 | ||||||||
Adjustment to liability | -115 | -478 | 24 | ||||||||
Foreign currency translation adjustment | 2 | ||||||||||
Closing Balance | 1,944 | 5,698 | 1,944 | 5,698 | 7,224 | ||||||
Marketing & Events Group | |||||||||||
Reconciliation of beginning and ending liability balances by major restructuring activity | |||||||||||
Restructuring charges | -278 | -409 | 3,479 | ||||||||
Marketing & Events Group | Severance & Employee Benefits | |||||||||||
Reconciliation of beginning and ending liability balances by major restructuring activity | |||||||||||
Beginning Balance | 1,240 | 720 | 1,240 | 720 | 831 | ||||||
Restructuring charges | 2,358 | 2,931 | 2,506 | ||||||||
Restructuring liabilities | -3,055 | -2,411 | -2,670 | ||||||||
Adjustment to liability | 0 | 0 | 51 | ||||||||
Foreign currency translation adjustment | 2 | ||||||||||
Closing Balance | 543 | 1,240 | 543 | 1,240 | 720 | ||||||
Marketing & Events Group | Facilities | |||||||||||
Reconciliation of beginning and ending liability balances by major restructuring activity | |||||||||||
Beginning Balance | 3,565 | 5,571 | 3,565 | 5,571 | 4,819 | ||||||
Restructuring charges | -828 | -315 | 2,346 | ||||||||
Restructuring liabilities | -1,376 | -1,691 | -1,567 | ||||||||
Adjustment to liability | -200 | 0 | -27 | ||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Closing Balance | 1,161 | 3,565 | 1,161 | 3,565 | 5,571 | ||||||
Other Restructuring | Severance & Employee Benefits | |||||||||||
Reconciliation of beginning and ending liability balances by major restructuring activity | |||||||||||
Beginning Balance | 893 | 0 | 893 | 0 | 24 | ||||||
Restructuring charges | 107 | 1,869 | 90 | ||||||||
Restructuring liabilities | -845 | -498 | -114 | ||||||||
Adjustment to liability | 85 | -478 | 0 | ||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Closing Balance | 240 | 893 | 240 | 893 | 0 | ||||||
Other Restructuring | Facilities | |||||||||||
Reconciliation of beginning and ending liability balances by major restructuring activity | |||||||||||
Beginning Balance | 0 | 933 | 0 | 933 | 1,276 | ||||||
Restructuring charges | 0 | -692 | 0 | ||||||||
Restructuring liabilities | 0 | -241 | -343 | ||||||||
Adjustment to liability | 0 | 0 | 0 | ||||||||
Foreign currency translation adjustment | 0 | ||||||||||
Closing Balance | $0 | $0 | $0 | $0 | $933 |
Leases_and_Other_Schedule_of_F
Leases and Other - Schedule of Future Minimum Rental Payments and Related Sublease Rentals Receivable (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future minimum rental payments and related sublease rentals receivable | |
Rental Payments, 2015 | $16,343 |
Rental Payments, 2016 | 14,115 |
Rental Payments, 2017 | 12,709 |
Rental Payments, 2018 | 10,888 |
Rental Payments, 2019 | 7,739 |
Rental Payments, Thereafter | 9,755 |
Rental Payments, Total | 71,549 |
Receivable Under Subleases, 2015 | 1,372 |
Receivable Under Subleases, 2016 | 1,232 |
Receivable Under Subleases, 2017 | 1,021 |
Receivable Under Subleases, 2018 | 1,023 |
Receivable Under Subleases, 2019 | 622 |
Receivable Under Subleases, Thereafter | 926 |
Receivable Under Subleases, Total | $6,196 |
Leases_and_Other_Net_Rent_Expe
Leases and Other - Net Rent Expense Under Operating Leases (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net rent expense under operating leases | |||
Minimum rentals | $37,707 | $34,201 | $36,309 |
Sublease rentals | -6,884 | -6,815 | -6,501 |
Total rentals, net | $30,823 | $27,386 | $29,808 |
Leases_and_Other_Additional_In
Leases and Other - Additional Information (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Leases and Other (Textual) [Abstract] | |
Lease expiration period | 40 years |
Aggregate purchase obligation | $28.20 |
Litigation_Claims_Contingencie1
Litigation, Claims, Contingencies and Other - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Agreement | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Environmental remediation liability | $4,700,000 | $5,000,000 | |
Maximum potential amount of future payments | 5,900,000 | ||
Guarantees relate to leased facilities expiry date | Oct-17 | ||
Recourse provision to recover guarantees | 0 | ||
Bargaining agreements | 100 | ||
Percent of Viad's regular full-time employees are covered by collective-bargaining agreements | 30.00% | ||
Contribution to multi-employer pension plans | 23,152,000 | 20,313,000 | 20,669,000 |
Self Insurance Reserve, General Liability | 4,600,000 | ||
Loss Contingencies [Line Items] | |||
Self Insurance Reserve | 19,900,000 | ||
Workers' Compensation Liability | 12,400,000 | ||
Self Insurance Reserve, General and Auto Insurance | 7,500,000 | ||
Self Insurance Reserve | 4,500,000 | ||
Payments for Self Insurance Claims, Net | 4,800,000 | 6,600,000 | 5,600,000 |
Self-insured excess liability | 7,728,000 | 5,009,000 | |
Self Insurance Reserve, Workers Compensation | 3,100,000 | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
Insurance Liability, Per Claim, General Range | 400,000 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
Insurance Liability, Per Claim, General Range | $200,000 |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reportable segments reconciliations: | |||||||||||
Total revenues | $223,155 | $299,802 | $256,391 | $285,641 | $201,842 | $220,167 | $246,180 | $285,159 | $1,064,987 | $953,347 | $1,006,644 |
Segment operating income (loss), Total | -7,317 | 29,311 | 9,892 | 11,111 | -6,271 | 13,001 | 9,515 | 12,069 | 45,518 | 35,156 | 28,783 |
Interest income | 305 | 550 | 593 | ||||||||
Interest expense | -2,015 | -1,234 | -1,303 | ||||||||
Restructuring (charges) recoveries | 177 | -234 | -1,369 | -211 | -1,661 | -639 | -773 | -720 | -1,637 | -3,793 | -4,942 |
Impairment losses | 0 | 0 | -884 | 0 | 0 | -3,049 | 0 | 0 | -884 | -3,049 | 0 |
Income from continuing operations before income taxes | 41,287 | 27,630 | 23,131 | ||||||||
Marketing & Events Group | |||||||||||
Reportable segments reconciliations: | |||||||||||
Total revenues | 944,468 | 844,904 | 902,040 | ||||||||
Segment operating income (loss), Total | 31,739 | 20,092 | 17,900 | ||||||||
Restructuring (charges) recoveries | 278 | 409 | -3,479 | ||||||||
Impairment losses | 0 | -658 | 0 | ||||||||
Marketing & Events International | |||||||||||
Reportable segments reconciliations: | |||||||||||
Restructuring (charges) recoveries | -1,808 | -2,362 | -1,373 | ||||||||
Impairment losses | -884 | -294 | 0 | ||||||||
Travel & Recreation Group | |||||||||||
Reportable segments reconciliations: | |||||||||||
Total revenues | 120,519 | 108,443 | 104,604 | ||||||||
Segment operating income (loss), Total | 28,127 | 21,819 | 20,291 | ||||||||
Restructuring (charges) recoveries | 41 | -809 | -79 | ||||||||
Impairment losses | 0 | -2,097 | 0 | ||||||||
Other Segments | |||||||||||
Reportable segments reconciliations: | |||||||||||
Segment operating income (loss), Total | 59,866 | 41,911 | 38,191 | ||||||||
Corporate | |||||||||||
Reportable segments reconciliations: | |||||||||||
Segment operating income (loss), Total | -14,348 | -6,755 | -9,408 | ||||||||
Restructuring (charges) recoveries | -148 | -1,031 | -11 | ||||||||
Intersegment Eliminations | Marketing & Events Group | |||||||||||
Reportable segments reconciliations: | |||||||||||
Total revenues | -16,016 | -13,264 | -14,869 | ||||||||
U.S. | Marketing & Events Group | |||||||||||
Reportable segments reconciliations: | |||||||||||
Total revenues | 710,835 | 628,856 | 676,772 | ||||||||
Segment operating income (loss), Total | 21,400 | 11,024 | 5,579 | ||||||||
International | Marketing & Events Group | |||||||||||
Reportable segments reconciliations: | |||||||||||
Total revenues | 249,649 | 229,312 | 240,137 | ||||||||
Segment operating income (loss), Total | $10,339 | $9,068 | $12,321 |
Segment_Information_Reconcilia1
Segment Information - Reconciliation of Assets from Reportable Segments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of assets from segment | |||
Total Assets | $714,943 | $561,932 | $650,577 |
Total Depreciation and Amortization | 30,792 | 27,967 | 30,133 |
Capital expenditures | 29,389 | 36,119 | 27,675 |
Marketing & Events Group | U.S. | |||
Reconciliation of assets from segment | |||
Total Assets | 304,727 | 194,422 | 203,145 |
Total Depreciation and Amortization | 16,066 | 14,906 | 17,643 |
Capital expenditures | 14,515 | 8,278 | 7,525 |
Marketing & Events Group | International | |||
Reconciliation of assets from segment | |||
Total Assets | 116,842 | 81,058 | 100,387 |
Total Depreciation and Amortization | 6,311 | 5,566 | 5,162 |
Capital expenditures | 4,134 | 4,332 | 4,913 |
Travel & Recreation Group | |||
Reconciliation of assets from segment | |||
Total Assets | 199,986 | 209,611 | 223,199 |
Total Depreciation and Amortization | 8,232 | 7,319 | 7,183 |
Capital expenditures | 10,740 | 23,108 | 15,201 |
Corporate and other | |||
Reconciliation of assets from segment | |||
Total Assets | 93,388 | 76,841 | 123,846 |
Total Depreciation and Amortization | 183 | 176 | 145 |
Capital expenditures | $0 | $401 | $36 |
Segment_Information_Financial_
Segment Information - Financial Information by Major Geographic Area (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Total revenues | $1,064,987 | $953,347 | $1,006,644 |
Long-lived assets: | |||
Total long-lived assets | 222,809 | 225,356 | 229,714 |
United States | |||
Revenues: | |||
Total revenues | 718,538 | 637,482 | 681,827 |
Long-lived assets: | |||
Total long-lived assets | 130,401 | 132,315 | 141,727 |
United Kingdom | |||
Revenues: | |||
Total revenues | 174,127 | 151,217 | 153,027 |
Long-lived assets: | |||
Total long-lived assets | 13,973 | 9,631 | 9,757 |
Canada | |||
Revenues: | |||
Total revenues | 153,775 | 148,934 | 151,070 |
Long-lived assets: | |||
Total long-lived assets | 78,193 | 82,986 | 76,067 |
Other International | |||
Revenues: | |||
Total revenues | 18,547 | 15,714 | 20,720 |
Long-lived assets: | |||
Total long-lived assets | $242 | $424 | $2,163 |
Segment_Information_Details_Te
Segment Information (Details Textual) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Information (Textual) [Abstract] | |
Percent of segment's revenues | 6.30% |
Percent of Viad's revenues | 4.20% |
Common_Stock_Repurchases_Narra
Common Stock Repurchases - Narrative (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | |
Common Stock Repurchases (Textual) [Abstract] | ||||
Repurchased shares | 448,436 | 0 | ||
Common stock purchased for treasury | $10,600,000 | |||
Shares remain available for repurchase | 582,002 | |||
Repurchased shares tax withholding | 72,996 | 50,156 | 56,885 | |
Share repurchased relating to tax withholding requirements | 1,800,000 | 1,300,000 | 1,100,000 | |
Payments for Repurchase of Common Stock | 12,321,000 | 1,328,000 | 1,656,000 | |
Subsequent Event | ||||
Common Stock Repurchases (Textual) [Abstract] | ||||
Stock Repurchased | 141,462 | |||
Payments for Repurchase of Common Stock | $3,800,000 |
Discontinued_Operations_Narrat
Discontinued Operations - Narrative (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations | $14,389,000 | $2,366,000 | $3,030,000 | |
Proceeds from Sale of Property, Plant, and Equipment | 1,109,000 | 464,000 | 322,000 | |
Gain (Loss) on Disposition of Property Plant Equipment | 958,000 | 265,000 | 206,000 | |
Goodwill, Impairment Loss | 4,461,000 | |||
Other Asset Impairment Charges | 884,000 | 952,000 | 0 | |
Amount of Adjustment to Prior Period Gain (Loss) on Disposal | 1,100,000 | 1,100,000 | 600,000 | |
Glacier Park | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations | 13,295,000 | 1,241,000 | 2,406,000 | |
Proceeds from Possessory Interest | 25,000,000 | |||
Gain on Possessory Interest, before Tax | 21,500,000 | |||
Gain on Possessory Interest, Net of Tax, Attributable to Parent | 13,500,000 | |||
Gain on Possessory Interest, Net of Tax, Attributable to Noncontrolling Interest | 2,700,000 | |||
Proceeds from Sale of Property, Plant, and Equipment | 3,000,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 700,000 | |||
Impairment Charge, Including Disposal Group and Discontinued Operations | 4,500,000 | |||
Goodwill, Impairment Loss | 2,097,000 | |||
Disposal Group, Including Discontinued Operation, Impairment Charges | $0 | $2,364,000 | $0 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Income (Loss) from Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income from discontinued operations | $14,389 | $2,366 | $3,030 |
Income from discontinued operations attributable to noncontrolling interest | -2,825 | -248 | -481 |
Income from discontinued operations attributable to Viad | 11,564 | 2,118 | 2,549 |
Glacier Park | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Total revenue | 19,445 | 18,587 | |
Costs (recoveries) and expenses | -93 | -15,462 | -14,916 |
Impairment charges | 0 | -2,364 | 0 |
Restructuring charges | 0 | -98 | 0 |
Income from discontinued operations, before income taxes | -93 | 1,521 | 3,671 |
Income tax (expense) benefit | 45 | -280 | -1,265 |
Income from discontinued operations, net of tax | -48 | 1,241 | 2,406 |
Gain on sale of discontinued operations, net of tax | 13,343 | 0 | 0 |
Income from discontinued operations | 13,295 | 1,241 | 2,406 |
Income from discontinued operations attributable to noncontrolling interest | -2,825 | -248 | -481 |
Income from discontinued operations attributable to Viad | $10,470 | $993 | $1,925 |
Discontinued_Operations_Reconc
Discontinued Operations - Reconciliation of Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Income (loss) from continuing operations | $388 | ($117) | $205 |
Income from discontinued operations | 2,825 | 248 | 481 |
Net income attributable to noncontrolling interest | $3,213 | $131 | $686 |
Condensed_Consolidated_Quarter2
Condensed Consolidated Quarterly Results (Unaudited) - Schedule of Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues: | |||||||||||
Revenues: | $223,155,000 | $299,802,000 | $256,391,000 | $285,641,000 | $201,842,000 | $220,167,000 | $246,180,000 | $285,159,000 | $1,064,987,000 | $953,347,000 | $1,006,644,000 |
Operating income (loss): | |||||||||||
Ongoing operations | -644,000 | 33,013,000 | 14,136,000 | 13,361,000 | -1,862,000 | 18,723,000 | 11,455,000 | 13,595,000 | |||
Corporate activities | -6,850,000 | -3,468,000 | -1,991,000 | -2,039,000 | -2,748,000 | -2,034,000 | -1,167,000 | -806,000 | |||
Restructuring (charges) recoveries | 177,000 | -234,000 | -1,369,000 | -211,000 | -1,661,000 | -639,000 | -773,000 | -720,000 | -1,637,000 | -3,793,000 | -4,942,000 |
Impairment charges | 0 | 0 | -884,000 | 0 | 0 | -3,049,000 | 0 | 0 | -884,000 | -3,049,000 | 0 |
Operating income (loss) | -7,317,000 | 29,311,000 | 9,892,000 | 11,111,000 | -6,271,000 | 13,001,000 | 9,515,000 | 12,069,000 | 45,518,000 | 35,156,000 | 28,783,000 |
Amounts reclassified from AOCI, net of tax | -7,255,000 | 30,755,000 | 7,978,000 | 9,312,000 | -4,403,000 | 8,871,000 | 6,516,000 | 8,453,000 | 41,178,000 | 19,320,000 | 3,553,000 |
Net income | -5,889,000 | 29,620,000 | 6,742,000 | 21,882,000 | -4,618,000 | 11,855,000 | 6,253,000 | 8,065,000 | 52,354,000 | 21,555,000 | 5,897,000 |
Diluted income per common share: | |||||||||||
Income from continuing operations attributable to Viad common stockholders (USD per share) | ($0.37) | $1.53 | $0.39 | $0.46 | ($0.22) | $0.44 | $0.32 | $0.42 | $2.02 | $0.96 | $0.17 |
Net income attributable to Viad common stockholders (USD per share) | ($0.30) | $1.48 | $0.33 | $1.08 | ($0.23) | $0.58 | $0.31 | $0.40 | $2.59 | $1.06 | $0.29 |
Basic income per common share: | |||||||||||
Income from continuing operations attributable to Viad common stockholders (USD per share) | ($0.37) | $1.53 | $0.39 | $0.46 | ($0.22) | $0.44 | $0.32 | $0.42 | $2.02 | $0.96 | $0.17 |
Net income attributable to Viad common stockholders (USD per share) | ($0.30) | $1.48 | $0.33 | $1.08 | ($0.23) | $0.58 | $0.31 | $0.40 | $2.59 | $1.06 | $0.29 |
Deferred Tax Asset Valuation Allowance, Change in Amount | $10,900,000 |
Subsequent_Event_Details
Subsequent Event (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 |
Subsequent Event [Line Items] | ||||
Payments for Repurchase of Common Stock | $12,321 | $1,328 | $1,656 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Stock Repurchased | 141,462 | |||
Payments for Repurchase of Common Stock | $3,800 |
Schedule_II_Valuation_And_Qual1
Schedule II - Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of Year | $877 | $1,150 | $1,072 |
Additions Charged to Expense | 821 | 313 | 708 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Write Offs | -440 | -586 | -630 |
Deductions Credited to Other Accounts | 0 | 0 | 0 |
Balance at end of Year | 1,258 | 877 | 1,150 |
Deferred tax valuation allowance | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of Year | 12,393 | 14,576 | 356 |
Additions Charged to Expense | 95 | 1,917 | 14,220 |
Additions Charged to Other Accounts | 2,589 | 0 | 0 |
Write Offs | -11,782 | -4,100 | 0 |
Deductions Credited to Other Accounts | 0 | 0 | 0 |
Balance at end of Year | $3,295 | $12,393 | $14,576 |