Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'VIAD CORP | ' |
Entity Central Index Key | '0000884219 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 20,329,341 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $120,122 | $114,171 |
Accounts receivable, net of allowance for doubtful accounts of $1,050 and $1,150, respectively | 74,490 | 62,756 |
Inventories | 37,817 | 35,656 |
Deferred income taxes | 20,055 | 26,301 |
Other current assets | 20,372 | 15,534 |
Total current assets | 272,856 | 254,418 |
Property and equipment, net | 189,600 | 197,298 |
Other investments and assets | 31,368 | 32,416 |
Deferred income taxes | 29,556 | 26,104 |
Goodwill | 130,999 | 137,820 |
Other intangible assets, net | 4,781 | 2,521 |
Total Assets | 659,160 | 650,577 |
Current liabilities: | ' | ' |
Accounts payable | 60,772 | 57,995 |
Other current liabilities | 96,549 | 107,684 |
Current portion of capital lease obligations | 909 | 1,347 |
Total current liabilities | 158,230 | 167,026 |
Long-term capital lease obligations | 831 | 879 |
Pension and postretirement benefits | 36,591 | 37,812 |
Other deferred items and liabilities | 48,816 | 47,828 |
Total liabilities | 244,468 | 253,545 |
Commitments and contingencies (Note 17) | ' | ' |
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 | 589,951 | 593,862 |
Retained earnings (deficit) | 7,044 | -13,034 |
Unearned employee benefits and other | -453 | -1,301 |
Accumulated other comprehensive income (loss): | ' | ' |
Unrealized gains on investments | 392 | 275 |
Cumulative foreign currency translation adjustments | 36,066 | 42,158 |
Unrecognized net actuarial loss and prior service credit, net | -14,877 | -14,968 |
Common stock in treasury, at cost, 4,615,040 and 4,694,468 shares, respectively | -250,229 | -256,333 |
Total Viad Corp stockholders' equity | 405,296 | 388,061 |
Noncontrolling interest | 9,396 | 8,971 |
Total stockholders' equity | 414,692 | 397,032 |
Total Liabilities and Stockholders' Equity | $659,160 | $650,577 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts | $1,050 | $1,150 |
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 |
Common stock in treasury, shares | 4,615,040 | 4,694,468 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' | ' |
Convention and event services | $126,744 | $197,221 | $538,489 | $583,304 |
Exhibits and environments | 29,742 | 33,083 | 114,571 | 125,985 |
Travel and recreation services | 79,987 | 77,153 | 117,890 | 113,390 |
Total revenues | 236,473 | 307,457 | 770,950 | 822,679 |
Costs and expenses: | ' | ' | ' | ' |
Costs of services | 184,635 | 238,980 | 613,386 | 653,933 |
Costs of products sold | 31,989 | 34,295 | 114,007 | 118,533 |
Gain on sale of facility and related land | -4,775 | ' | -4,775 | ' |
Corporate activities | 2,034 | 2,036 | 4,007 | 6,000 |
Interest income | -122 | -153 | -397 | -445 |
Interest expense | 286 | 331 | 905 | 991 |
Restructuring charges | 714 | 608 | 2,207 | 3,511 |
Goodwill impairment loss | 4,461 | ' | 4,461 | ' |
Other impairment losses | 952 | ' | 952 | ' |
Total costs and expenses | 220,174 | 276,097 | 734,753 | 782,523 |
Income from continuing operations before income taxes | 16,299 | 31,360 | 36,197 | 40,156 |
Income tax expense | 4,557 | 10,304 | 10,605 | 13,084 |
Income from continuing operations | 11,742 | 21,056 | 25,592 | 27,072 |
Income from discontinued operations | 1,006 | ' | 1,006 | 639 |
Net income | 12,748 | 21,056 | 26,598 | 27,711 |
Net income attributable to noncontrolling interest | -893 | -1,080 | -425 | -618 |
Net income | 11,855 | 19,976 | 26,173 | 27,093 |
Diluted income per common share | ' | ' | ' | ' |
Income from continuing operations attributable to Viad common stockholders | $0.53 | $0.99 | $1.24 | $1.31 |
Income from discontinued operations attributable to Viad common stockholders | $0.05 | ' | $0.05 | $0.03 |
Net income attributable to Viad common stockholders | $0.58 | $0.99 | $1.29 | $1.34 |
Weighted-average outstanding and potentially dilutive common shares | 20,191 | 20,017 | 20,188 | 19,993 |
Basic income per common share | ' | ' | ' | ' |
Income from continuing operations attributable to Viad common stockholders | $0.53 | $0.99 | $1.24 | $1.31 |
Income from discontinued operations attributable to Viad common stockholders | $0.05 | ' | $0.05 | $0.03 |
Net income attributable to Viad common stockholders | $0.58 | $0.99 | $1.29 | $1.34 |
Weighted-average outstanding common shares | 19,868 | 19,721 | 19,839 | 19,694 |
Dividends declared per common share | $0.10 | $0.10 | $0.30 | $0.18 |
Amounts attributable to Viad common stockholders | ' | ' | ' | ' |
Income from continuing operations | 10,849 | 19,976 | 25,167 | 26,454 |
Income from discontinued operations | 1,006 | ' | 1,006 | 639 |
Net income | $11,855 | $19,976 | $26,173 | $27,093 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $12,748 | $21,056 | $26,598 | $27,711 |
Other comprehensive (loss) income: | ' | ' | ' | ' |
Unrealized gains on investments, net of tax | 62 | 15 | 117 | 66 |
Unrealized foreign currency translation adjustments, net of tax | 5,331 | 6,229 | -6,092 | 7,225 |
Amortization of net actuarial loss, net of tax | 150 | 132 | 511 | 481 |
Amortization of prior service credit, net of tax | -140 | -172 | -420 | -516 |
Total other comprehensive (loss) income | 5,403 | 6,204 | -5,884 | 7,256 |
Comprehensive income | 18,151 | 27,260 | 20,714 | 34,967 |
Comprehensive income attributable to noncontrolling interest | -893 | -1,080 | -425 | -618 |
Comprehensive income attributable to Viad | $17,258 | $26,180 | $20,289 | $34,349 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $26,598 | $27,711 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 21,777 | 23,560 |
Deferred income taxes | 1,775 | -4,242 |
Income from discontinued operations | -1,006 | -639 |
Restructuring charges | 2,207 | 3,511 |
Impairment losses | 5,413 | ' |
Gain on sale of facility and related land | -4,775 | ' |
Gains on disposition of property and other assets | -223 | -156 |
Share-based compensation expense | 3,569 | 4,524 |
Excess tax benefit from share-based compensation arrangements | -389 | -269 |
Other non-cash items, net | 3,603 | 3,646 |
Change in operating assets and liabilities (excluding the impact of acquisitions): | ' | ' |
Receivables | -12,173 | -24,342 |
Inventories | -2,161 | -2,238 |
Accounts payable | 4,704 | 26,272 |
Restructuring liabilities | -3,771 | -2,761 |
Accrued compensation | -8,768 | 5,783 |
Customer deposits | -5,806 | -1,994 |
Income taxes payable | 2,115 | 8,185 |
Other assets and liabilities, net | -5,356 | 2,255 |
Net cash provided by operating activities | 27,333 | 68,806 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -26,927 | -19,912 |
Acquisition of businesses, net of cash acquired | -647 | -23,546 |
Proceeds from sale of facility and related land | 12,696 | ' |
Proceeds from dispositions of property and other assets | 422 | 194 |
Proceeds from sale of land - discontinued operations | 1,645 | 1,041 |
Net cash used in investing activities | -12,811 | -42,223 |
Cash flows from financing activities: | ' | ' |
Payments on debt and capital lease obligations | -1,027 | -2,308 |
Dividends paid on common stock | -6,095 | -2,429 |
Common stock purchased for treasury | -1,294 | -1,038 |
Excess tax benefit from share-based compensation arrangements | 389 | 269 |
Proceeds from exercise of stock options | 540 | 90 |
Net cash used in financing activities | -7,487 | -5,416 |
Effect of exchange rate changes on cash and cash equivalents | -1,084 | 2,686 |
Net change in cash and cash equivalents | 5,951 | 23,853 |
Cash and cash equivalents, beginning of year | 114,171 | 100,376 |
Cash and cash equivalents, end of period | 120,122 | 124,229 |
Supplemental disclosure of cash flow information | ' | ' |
Cash paid for income taxes | 6,956 | 7,202 |
Cash paid for interest | 633 | 855 |
Property and equipment acquired under capital leases | 591 | 690 |
Property and equipment purchases in accounts payable and accrued liabilities | $2,895 | $5,078 |
Basis_of_Preparation_and_Princ
Basis of Preparation and Principles of Consolidation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Preparation and Principles of Consolidation | ' |
Note 1. Basis of Preparation and Principles of Consolidation | |
The accompanying unaudited, condensed consolidated financial statements of Viad Corp (“Viad” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2013, are not necessarily indicative of the results that may be expected for the year ending December 31, 2013. | |
For further information, refer to the consolidated financial statements and related footnotes for the year ended December 31, 2012, included in the Company’s Form 10-K (File No. 001-11015), filed with the Securities and Exchange Commission on March 11, 2013. | |
The condensed consolidated financial statements include the accounts of Viad and all of its subsidiaries. All significant intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation. Viad’s reporting segments consist of Marketing & Events U.S., Marketing & Events International and Travel & Recreation Group. | |
The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), specializes in all aspects of the design, planning and production of face-to-face events, immersive environments and brand-based experiences for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group provides a variety of immersive, entertaining attractions and brand-based experiences, sponsored events, mobile marketing and other branded entertainment and face-to-face marketing solutions for clients and venues, including shopping malls, movie studios, museums and leading consumer brands. | |
The Travel & Recreation Group segment consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”). Brewster provides tourism 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, motorcoach services, charter and sightseeing services, tour boat operations, inbound package tour operations and hotel operations. Glacier Park, an 80 percent owned subsidiary of Viad, currently operates five lodges, three motor inns and one four-season resort hotel and provides food and beverage operations, retail operations and tour and transportation services in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada. As discussed in Note 3 below, Glacier Park’s concession portion of its business with the U.S. National Park Service (the “Park Service”) for Glacier National Park expires on December 31, 2013. Thereafter, the ongoing operations of Glacier Park will include: Glacier Park Lodge in East Glacier, Montana; Grouse Mountain Lodge in Whitefish, Montana; St. Mary Lodge in St. Mary, Montana; Stewart Motel, an in-holding within Glacier National Park and the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada. 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. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||||||
Note 2. Share-Based Compensation | |||||||||||||||||||||||||
The following table summarizes share-based compensation expense: | |||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Restricted stock | $ | 802 | $ | 890 | $ | 2,522 | $ | 2,610 | |||||||||||||||||
Performance unit incentive plan (“PUP”) | 347 | 548 | 871 | 1,220 | |||||||||||||||||||||
Stock options | 3 | 148 | 104 | 450 | |||||||||||||||||||||
Restricted stock units | 50 | 84 | 72 | 244 | |||||||||||||||||||||
Total share-based compensation before income tax benefit | 1,202 | 1,670 | 3,569 | 4,524 | |||||||||||||||||||||
Income tax benefit | (445 | ) | (571 | ) | (1,326 | ) | (1,606 | ) | |||||||||||||||||
Total share-based compensation, net of income tax benefit | $ | 757 | $ | 1,099 | $ | 2,243 | $ | 2,918 | |||||||||||||||||
In addition, $253,000 of share-based compensation costs were included in restructuring charges during the nine months ended September 30, 2012, including $94,000 related to the PUP awards presented below. | |||||||||||||||||||||||||
The following table summarizes the activity of the outstanding share-based compensation awards: | |||||||||||||||||||||||||
Restricted Stock | Restricted Stock Units | PUP Awards | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Shares | Fair Value | Units | Fair Value | Units | Fair Value | ||||||||||||||||||||
Balance at January 1, 2013 | 516,351 | $ | 21.25 | 40,500 | $ | 20.82 | 210,600 | $ | 21.7 | ||||||||||||||||
Granted | 101,300 | 27.28 | 8,600 | 27.35 | 93,100 | 27.35 | |||||||||||||||||||
Vested | (161,186 | ) | 20.74 | (11,300 | ) | 19.1 | — | — | |||||||||||||||||
Forfeited | (5,966 | ) | 23.07 | (8,840 | ) | 22.33 | (432 | ) | 20.6 | ||||||||||||||||
Balance at September 30, 2013 | 450,499 | 22.76 | 28,960 | 22.98 | 303,268 | 23.43 | |||||||||||||||||||
The unamortized cost of all outstanding restricted stock awards as of September 30, 2013 was $4.1 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.9 years. During the nine months ended September 30, 2013 and 2012, the Company repurchased 48,937 shares for $1.3 million and 53,019 shares for $1.0 million, respectively, related to tax withholding requirements on vested share-based awards. As of September 30, 2013, there were 1,005,372 total shares available for future grant. | |||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, Viad had liabilities recorded of $405,000 and $633,000, respectively, related to restricted stock unit liability awards. Portions of the 2009 and 2010 restricted stock unit awards vested in February 2013 and February 2012 and cash payouts of $300,000 and $257,000 were distributed in February 2013 and 2012, respectively. In addition, a portion of the 2009 performance-based restricted stock unit awards vested effective December 31, 2009 and cash payouts of $35,000 were distributed in January 2012. | |||||||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, Viad had liabilities recorded of $4.6 million and $3.7 million, respectively, related to PUP awards. There were no PUP awards which vested during the nine months ended September 30, 2013 or 2012. Furthermore, there were no cash settlements of PUP awards during the nine months ended September 30, 2013 or 2012. | |||||||||||||||||||||||||
The following table summarizes stock option activity: | |||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Average | Options | ||||||||||||||||||||||||
Shares | Exercise Price | Exercisable | |||||||||||||||||||||||
Options outstanding at January 1, 2013 | 363,896 | $ | 22.03 | 276,009 | |||||||||||||||||||||
Exercised | (47,343 | ) | 19.48 | ||||||||||||||||||||||
Forfeited or expired | (27,419 | ) | 28.22 | ||||||||||||||||||||||
Options outstanding at September 30, 2013 | 289,134 | 21.87 | 287,134 | ||||||||||||||||||||||
The total unrecognized cost related to non-vested stock option awards was $3,000 as of September 30, 2013, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of less than one year. No stock options were granted during the nine months ended September 30, 2013. |
Impairment_Losses
Impairment Losses | 9 Months Ended |
Sep. 30, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Impairment Losses | ' |
Note 3. Impairment Losses | |
In August 2013, Viad was notified by the Park Service that the concession contract for Glacier National Park, commencing in 2014, was awarded to another concessionaire. As a result, management revised its outlook for future revenues and earnings from Glacier Park and performed a preliminary interim impairment evaluation of goodwill at the Glacier Park reporting unit. Based on this preliminary evaluation, the Company recorded a non-cash impairment charge of $4.5 million representing all goodwill at the Glacier Park reporting unit, of which $892,000 related to the noncontrolling interest. The goodwill impairment loss is included in the consolidated statements of operations under the caption, “Goodwill impairment loss.” Management intends to finalize the impairment evaluation during the fourth quarter of 2013, which could result in adjustments to the amount initially recorded. | |
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 different results. | |
Also in the third quarter of 2013, Viad recorded other asset impairment charges of $952,000 at the Marketing & Events Group related to the write off of a touring exhibition asset and amounts capitalized for internally developed software that is not anticipated to be put into use. These impairment losses are included in the consolidated statements of operations under the caption, “Other impairment losses.” |
Acquisition_of_Businesses
Acquisition of Businesses | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Acquisition of Businesses | ' | ||||||||||||||||
Note 4. Acquisition of Businesses | |||||||||||||||||
On February 19, 2013, Viad acquired the assets of Resource Creative Limited (“RCL”) for $647,000 in cash, subject to certain adjustments, plus a deferred payment of up to approximately $278,000, which is contingent upon RCL’s performance. 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 final amounts assigned to the assets of RCL as of the acquisition date included: property and equipment of $72,000, goodwill of $158,000 and other intangible assets of $695,000. In addition, a liability of $278,000 was recorded as of the acquisition date related to the contingent consideration. The primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities. The goodwill is deductible for tax purposes over a period of 15 years. The amounts assigned to other intangible assets included: $564,000 of customer relationships and $131,000 of noncompete agreements. The weighted-average amortization period related to the other intangible assets was 4.5 years. The transaction costs related to the acquisition were insignificant. The results of operations of RCL have been included in Viad’s consolidated financial statements from the date of acquisition. | |||||||||||||||||
In March 2012, Viad acquired the Banff International Hotel and related assets for $23.6 million in cash. The Banff International Hotel is a 162-guest room hotel located in downtown Banff, Alberta, Canada and is operated by Brewster within the Travel & Recreation Group. The following information represents the final amounts assigned to the assets and liabilities of the Banff International Hotel as of the date of acquisition: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 10 | |||||||||||||||
Accounts receivable | 23 | ||||||||||||||||
Other current assets | 33 | ||||||||||||||||
Property and equipment | 20,408 | ||||||||||||||||
Goodwill | 1,890 | ||||||||||||||||
Other intangible assets | 1,323 | ||||||||||||||||
Total assets acquired | 23,687 | ||||||||||||||||
Customer deposits | (64 | ) | |||||||||||||||
Other current liabilities | (67 | ) | |||||||||||||||
Total liabilities acquired | (131 | ) | |||||||||||||||
Purchase price | $ | 23,556 | |||||||||||||||
The goodwill recorded in connection with the transaction is included in the Travel & Recreation Group. The primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities. The goodwill is deductible for tax purposes pursuant to regulations in Canada. The amount assigned to other intangible assets relates to an operating contract and customer relationships. The weighted-average amortization period related to the other intangible assets was 7.7 years. The transaction costs related to the acquisition were insignificant. The results of operations of the Banff International Hotel have been included in Viad’s consolidated financial statements from the date of acquisition. | |||||||||||||||||
The following table summarizes the unaudited pro forma results of operations attributable to Viad assuming that the acquisitions above had each been completed at the beginning of each period: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenues | $ | 236,473 | $ | 307,802 | $ | 771,197 | $ | 823,842 | |||||||||
Depreciation and amortization | 7,439 | 8,560 | 21,818 | 23,862 | |||||||||||||
Segment operating income | 24,624 | 34,110 | 48,346 | 49,931 | |||||||||||||
Net income attributable to Viad | 11,855 | 19,932 | 26,182 | 26,916 | |||||||||||||
Diluted net income per share | 0.58 | 0.98 | 1.29 | 1.33 | |||||||||||||
Basic net income per share | 0.58 | 0.98 | 1.29 | 1.33 |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5. Inventories | |||||||||
The components of inventories were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 14,792 | $ | 16,422 | |||||
Work in process | 23,025 | 19,234 | |||||||
Inventories | $ | 37,817 | $ | 35,656 | |||||
Property_and_Equipment
Property and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Note 6. Property and Equipment | |||||||||
During the three months ended September 30, 2013, Viad sold a facility and the land upon which it was situated within the Marketing & Events Group for $12.7 million (net of selling costs). Viad recorded a gain on the sale of the facility and related land of $4.8 million. | |||||||||
Property and equipment consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Land and land interests | $ | 23,951 | $ | 26,124 | |||||
Buildings and leasehold improvements | 137,932 | 137,293 | |||||||
Equipment and other | 308,836 | 310,448 | |||||||
470,719 | 473,865 | ||||||||
Accumulated depreciation | (281,119 | ) | (276,567 | ) | |||||
Property and equipment, net | $ | 189,600 | $ | 197,298 | |||||
Depreciation expense for the three months ended September 30, 2013 and 2012, was $7.1 million and $8.4 million, respectively, and for the nine months ended September 30, 2013 and 2012, was $20.8 million and $23.1 million, respectively. |
Other_Investments_and_Assets
Other Investments and Assets | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Other Investments and Assets | ' | ||||||||
Note 7. Other Investments and Assets | |||||||||
Other investments and assets consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Cash surrender value of life insurance | $ | 19,290 | $ | 19,142 | |||||
Workers’ compensation insurance security deposits | 3,350 | 3,350 | |||||||
Other | 8,728 | 9,924 | |||||||
Total other investments and assets | $ | 31,368 | $ | 32,416 | |||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
Note 8. Goodwill and Other Intangible Assets | |||||||||||||||||
As discussed in Note 3 above, Viad recorded a goodwill impairment loss of $4.5 million related to Glacier Park during the three months ended September 30, 2013, of which $892,000 related to the noncontrolling interest. | |||||||||||||||||
The changes in the carrying amount of goodwill for the nine months ended September 30, 2013, were as follows: | |||||||||||||||||
Marketing & | |||||||||||||||||
Marketing & | Events | Travel & | |||||||||||||||
Events U.S. | International | Recreation Group | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2013 | $ | 62,686 | $ | 23,054 | $ | 52,080 | $ | 137,820 | |||||||||
Goodwill impairment loss | — | — | (4,461 | ) | (4,461 | ) | |||||||||||
Business acquisition | — | 158 | — | 158 | |||||||||||||
Foreign currency translation adjustments | — | (622 | ) | (1,896 | ) | (2,518 | ) | ||||||||||
Balance at September 30, 2013 | $ | 62,686 | $ | 22,590 | $ | 45,723 | $ | 130,999 | |||||||||
The following table summarizes goodwill by reporting unit and segment: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Marketing & Events Group: | |||||||||||||||||
Marketing & Events U.S. | $ | 62,686 | $ | 62,686 | |||||||||||||
Marketing & Events International: | |||||||||||||||||
GES United Kingdom | 13,766 | 13,894 | |||||||||||||||
GES Canada | 8,824 | 9,160 | |||||||||||||||
Total Marketing & Events Group | 85,276 | 85,740 | |||||||||||||||
Travel & Recreation Group: | |||||||||||||||||
Brewster | 42,539 | 44,435 | |||||||||||||||
Alaska Denali Travel | 3,184 | 3,184 | |||||||||||||||
Glacier Park | — | 4,461 | |||||||||||||||
Total Travel & Recreation Group | 45,723 | 52,080 | |||||||||||||||
Total goodwill | $ | 130,999 | $ | 137,820 | |||||||||||||
A summary of other intangible assets as of September 30, 2013, is presented below: | |||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||
Carrying | Carrying | ||||||||||||||||
Value | Amortization | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Contracts and customer relationships | $ | 5,483 | $ | (2,238 | ) | $ | 3,245 | ||||||||||
Other | 1,312 | (236 | ) | 1,076 | |||||||||||||
6,795 | (2,474 | ) | 4,321 | ||||||||||||||
Unamortized intangible assets: | |||||||||||||||||
Business licenses | 460 | — | 460 | ||||||||||||||
Total | $ | 7,255 | $ | (2,474 | ) | $ | 4,781 | ||||||||||
A summary of other intangible assets as of December 31, 2012 is presented below: | |||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||
Carrying | Carrying | ||||||||||||||||
Value | Amortization | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Contracts and customer relationships | $ | 3,594 | $ | (2,384 | ) | $ | 1,210 | ||||||||||
Other | 959 | (108 | ) | 851 | |||||||||||||
4,553 | (2,492 | ) | 2,061 | ||||||||||||||
Unamortized intangible assets: | |||||||||||||||||
Business licenses | 460 | — | 460 | ||||||||||||||
Total | $ | 5,013 | $ | (2,492 | ) | $ | 2,521 | ||||||||||
During the nine months ended September 30, 2013, Viad recorded a contract-related intangible asset of $2.1 million in connection with a preferred supplier agreement. Intangible asset amortization expense for the three months ended September 30, 2013 and 2012, was $318,000 and $187,000, respectively, and $930,000 and $508,000 for the nine months ended September 30, 2013 and 2012, respectively. Estimated amortization expense related to amortized intangible assets for future periods is expected to be as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2013 | $ | 325 | |||||||||||||||
2014 | 992 | ||||||||||||||||
2015 | 791 | ||||||||||||||||
2016 | 667 | ||||||||||||||||
2017 | 549 | ||||||||||||||||
Thereafter | 997 | ||||||||||||||||
Accrued_Liabilities_and_Other
Accrued Liabilities and Other | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities and Other | ' | ||||||||
Note 9. Accrued Liabilities and Other | |||||||||
Other current liabilities consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Continuing operations: | |||||||||
Customer deposits | $ | 44,366 | $ | 50,172 | |||||
Accrued compensation | 18,797 | 25,067 | |||||||
Self-insured liability accrual | 7,466 | 8,501 | |||||||
Accrued foreign income taxes | 3,616 | 28 | |||||||
Other taxes | 3,254 | 1,325 | |||||||
Accrued employee benefit costs | 3,038 | 3,132 | |||||||
Accrued restructuring | 2,114 | 4,084 | |||||||
Accrued dividends | 2,068 | 2,053 | |||||||
Accrued sales and use taxes | 1,247 | 3,179 | |||||||
Other | 9,489 | 8,673 | |||||||
95,455 | 106,214 | ||||||||
Discontinued operations: | |||||||||
Self-insured liability accrual | 520 | 527 | |||||||
Environmental remediation liabilities | 398 | 571 | |||||||
Other | 176 | 372 | |||||||
1,094 | 1,470 | ||||||||
Total other current liabilities | $ | 96,549 | $ | 107,684 | |||||
Other deferred items and liabilities consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Continuing operations: | |||||||||
Self-insured liability accrual | $ | 17,326 | $ | 15,579 | |||||
Accrued compensation | 6,506 | 8,061 | |||||||
Accrued restructuring | 3,546 | 3,140 | |||||||
Foreign deferred tax liability | 1,970 | 2,024 | |||||||
Other | 7,491 | 6,734 | |||||||
36,839 | 35,538 | ||||||||
Discontinued operations: | |||||||||
Self-insured liability accrual | 4,913 | 5,188 | |||||||
Environmental remediation liabilities | 4,723 | 4,745 | |||||||
Accrued income taxes | 1,077 | 1,053 | |||||||
Other | 1,264 | 1,304 | |||||||
11,977 | 12,290 | ||||||||
Total other deferred items and liabilities | $ | 48,816 | $ | 47,828 |
Debt_and_Capital_Leases
Debt and Capital Leases | 9 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Debt and Capital Leases | ' |
Note 10. Debt and Capital Leases | |
In May 2011, Viad entered into an amended and restated revolving credit agreement (the “Credit Facility”). The Credit Facility provides for a $130 million revolving line of credit, which may be increased up to an additional $50 million under certain circumstances. The term of the Credit Facility is five years (expiring on May 18, 2016) and borrowings are to be used for general corporate purposes (including permitted acquisitions) and to support up to $50 million of letters of credit. The lenders have a first perfected security interest in all of the personal property of Viad and GES, including 65 percent of the capital stock of top-tier foreign subsidiaries. As of September 30, 2013 and December 31, 2012, Viad’s total debt of $1.7 million and $2.2 million, respectively, consisted entirely of capital lease obligations. As of September 30, 2013, Viad had $128.2 million of capacity remaining under the Credit Facility reflecting outstanding letters of credit of $1.8 million. | |
Borrowings under the Credit Facility (of which GES is a guarantor) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to Viad’s leverage ratio. Commitment fees and letters of credit fees are also tied to Viad’s leverage ratio. The fees on the unused portion of the Credit Facility are currently 0.35 percent annually. | |
The Credit Facility contains various affirmative and negative covenants that are customary for facilities of this type, including a fixed-charge coverage ratio, leverage ratio, minimum cash balance, dividend limits and share repurchase restrictions. Significant other covenants include limitations on: investments, additional indebtedness, sales/leases of assets, acquisitions, consolidations or mergers and liens on property. As of September 30, 2013, Viad was in compliance with all covenants. | |
In December 2012, the Credit Facility was amended to remove the limitation on share repurchases of $10 million in the aggregate per calendar year pursuant to certain conditions. The amendment allows share repurchases unless the Company’s leverage ratio, as defined in the Credit Facility, is greater than 1.50 to 1.00 or a default or an unmatured default, as defined in the Credit Facility, exists immediately prior to and immediately after giving effect to such share repurchases. The amendment also allows dividends to be declared and paid in excess of $10 million in the aggregate per calendar year, as well as distributions on its capital stock, as defined in the Credit Facility, unless the Company’s leverage ratio, as defined in the Credit Facility, is greater than 1.50 to 1.00 or a default or an unmatured default, as defined in the Credit Facility, exists immediately prior to and immediately after giving effect to such distributions. | |
The estimated fair value of total debt was $1.7 million and $2.1 million as of September 30, 2013 and December 31, 2012, 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. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
Note 11. Stockholders’ Equity | |||||||||||||||||
The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the nine months ended September 30, 2013: | |||||||||||||||||
Total Viad | Total | ||||||||||||||||
Stockholders’ | Noncontrolling | Stockholders’ | |||||||||||||||
Equity | Interest | Equity | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2013 | $ | 388,061 | $ | 8,971 | $ | 397,032 | |||||||||||
Net income | 26,173 | 425 | 26,598 | ||||||||||||||
Dividends on common stock | (6,095 | ) | — | (6,095 | ) | ||||||||||||
Common stock purchased for treasury | (1,294 | ) | — | (1,294 | ) | ||||||||||||
Employee benefit plans | 3,485 | — | 3,485 | ||||||||||||||
Unrealized foreign currency translation adjustment | (6,092 | ) | — | (6,092 | ) | ||||||||||||
Unrealized gain on investments | 117 | — | 117 | ||||||||||||||
Prior service credit and net actuarial loss | 91 | — | 91 | ||||||||||||||
ESOP allocation adjustment | 850 | — | 850 | ||||||||||||||
Balance at September 30, 2013 | $ | 405,296 | $ | 9,396 | $ | 414,692 | |||||||||||
The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the nine months ended September 30, 2012: | |||||||||||||||||
Total Viad | Total | ||||||||||||||||
Stockholders’ | Noncontrolling | Stockholders’ | |||||||||||||||
Equity | Interest | Equity | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2012 | $ | 377,894 | $ | 8,285 | $ | 386,179 | |||||||||||
Net income | 27,093 | 618 | 27,711 | ||||||||||||||
Dividends on common stock | (3,649 | ) | — | (3,649 | ) | ||||||||||||
Common stock purchased for treasury | (1,038 | ) | — | (1,038 | ) | ||||||||||||
Employee benefit plans | 3,370 | — | 3,370 | ||||||||||||||
Unrealized foreign currency translation adjustment | 7,225 | — | 7,225 | ||||||||||||||
Unrealized gain on investments | 66 | — | 66 | ||||||||||||||
Prior service credit and net actuarial loss | (35 | ) | — | (35 | ) | ||||||||||||
ESOP allocation adjustment | 1,150 | — | 1,150 | ||||||||||||||
Other | 1 | (1 | ) | — | |||||||||||||
Balance at September 30, 2012 | $ | 412,077 | $ | 8,902 | $ | 420,979 | |||||||||||
In December 2012, Viad announced its intent to repurchase up to an additional one million shares of the Company’s common stock from time to time at prevailing market prices. At the time of the announcement, there were 30,438 shares available for repurchase pursuant to previously announced authorizations. No shares were repurchased during the nine months ended September 30, 2013 or 2012. As of September 30, 2013, 1,030,438 shares were available for repurchase. Additionally, during the nine months ended September 30, 2013 and 2012, the Company repurchased 48,937 shares for $1.3 million and 53,019 shares for $1.0 million pursuant to separate authority, respectively, related to tax withholding requirements on share-based awards. | |||||||||||||||||
Changes in accumulated other comprehensive income (“AOCI”) by component were as follows: | |||||||||||||||||
Cumulative | Unrecognized | ||||||||||||||||
Foreign | Net Actuarial | Accumulated | |||||||||||||||
Unrealized | Currency | Loss and | Other | ||||||||||||||
Gains on | Translation | Prior Service | Comprehensive | ||||||||||||||
Investments | Adjustments | Credit | Income | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2013 | $ | 275 | $ | 42,158 | $ | (14,968 | ) | $ | 27,465 | ||||||||
Other comprehensive income before reclassifications | 162 | (6,092 | ) | — | (5,930 | ) | |||||||||||
Amounts reclassified from AOCI, net of tax | (45 | ) | — | 91 | 46 | ||||||||||||
Net other comprehensive income (loss) | 117 | (6,092 | ) | 91 | (5,884 | ) | |||||||||||
Balance at September 30, 2013 | $ | 392 | $ | 36,066 | $ | (14,877 | ) | $ | 21,581 | ||||||||
The following table presents information about reclassification adjustments out of AOCI for the nine months ended September 30: | |||||||||||||||||
Affected Line | |||||||||||||||||
Item in the | |||||||||||||||||
Statement Where | |||||||||||||||||
Net Income is | |||||||||||||||||
2013 | 2012 | Presented | |||||||||||||||
(in thousands) | |||||||||||||||||
Unrealized gain on investments | $ | (72 | ) | $ | (45 | ) | Interest income | ||||||||||
Tax effect | 27 | 16 | Income tax expense | ||||||||||||||
$ | (45 | ) | $ | (29 | ) | Net of tax | |||||||||||
Recognized net actuarial loss | $ | 827 | $ | 778 | See (1) below | ||||||||||||
Amortization of prior service credit | (680 | ) | (835 | ) | See (1) below | ||||||||||||
Tax effect | (56 | ) | (21 | ) | Income tax benefit | ||||||||||||
$ | 91 | $ | (78 | ) | Net of tax | ||||||||||||
-1 | Amount is included in pension expense. See Note 15 for additional information. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 12. 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 table: | |||||||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||||||
Description | September 30, | Quoted Prices | Significant | Significant | |||||||||||||||||
2013 | in Active | Other | Unobserved | ||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||
(Level 2) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Money market funds | $ | 16,680 | $ | 16,680 | $ | — | $ | — | |||||||||||||
Other mutual funds | 1,289 | 1,289 | — | — | |||||||||||||||||
Total | $ | 17,969 | $ | 17,969 | $ | — | $ | — | |||||||||||||
As of September 30, 2013 and December 31, 2012, Viad had investments in money market mutual funds of $16.7 million and $10.2 million, respectively, which are included in the consolidated balance sheets under the caption “Cash and cash equivalents.” These investments were 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 September 30, 2013 and December 31, 2012, Viad had investments in other mutual funds of $1.3 million and $1.2 million, respectively, which were 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 September 30, 2013, and December 31, 2012, there were unrealized gains on the investments of $641,000 ($392,000 after-tax) and $450,000 ($275,000 after-tax), respectively, which were included in the consolidated balance sheets under the caption “Accumulated other comprehensive income (loss).” | |||||||||||||||||||||
The carrying values of cash and cash equivalents, receivables, accounts payable and contingent considerations approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 10. | |||||||||||||||||||||
During the third quarter of 2013, Viad had certain non-financial assets that were measured at fair value on a non-recurring basis using Level 3 inputs. These assets include goodwill and certain property and equipment for which impairment losses were recorded during the third quarter of 2013. The fair value information related to these assets is summarized in the following table: | |||||||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||||||
Description | September 30, | Quoted Prices | Significant | Significant | Total | ||||||||||||||||
2013 | in Active | Other | Unobserved | Gains | |||||||||||||||||
Markets (Level 1) | Observable | Inputs | (Losses) | ||||||||||||||||||
Inputs | (Level 3) | ||||||||||||||||||||
(Level 2) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Goodwill(1) | $ | — | $ | — | $ | — | $ | — | $ | (4,461 | ) | ||||||||||
Property and equipment(1) | — | — | — | — | (952 | ) | |||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | (5,413 | ) | ||||||||||
(1) | See Note 3 for details of the impairment losses. |
Income_Per_Share
Income Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income Per Share | ' | ||||||||||||||||
Note 13. Income Per Share | |||||||||||||||||
The following is a reconciliation of the numerators and denominators of basic and diluted per share computations for net income attributable to Viad: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Basic net income per share | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to Viad | $ | 11,855 | $ | 19,976 | $ | 26,173 | $ | 27,093 | |||||||||
Less: Allocation to non-vested shares | (264 | ) | (532 | ) | (605 | ) | (735 | ) | |||||||||
Net income allocated to Viad common stockholders | $ | 11,591 | $ | 19,444 | $ | 25,568 | $ | 26,358 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average outstanding common shares | 19,868 | 19,721 | 19,839 | 19,694 | |||||||||||||
Net income attributable to Viad common stockholders | $ | 0.58 | $ | 0.99 | $ | 1.29 | $ | 1.34 | |||||||||
Diluted net income per share | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to Viad | $ | 11,855 | $ | 19,976 | $ | 26,173 | $ | 27,093 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average outstanding common shares | 19,868 | 19,721 | 19,839 | 19,694 | |||||||||||||
Additional dilutive shares related to share-based compensation | 323 | 296 | 349 | 299 | |||||||||||||
Weighted-average outstanding and potentially dilutive shares | 20,191 | 20,017 | 20,188 | 19,993 | |||||||||||||
Net income attributable to Viad common stockholders (1) | $ | 0.58 | $ | 0.99 | $ | 1.29 | $ | 1.34 | |||||||||
-1 | Diluted income per share cannot exceed basic income per share. | ||||||||||||||||
Options to purchase 47,000 and 436,000 shares of common stock were outstanding during the nine months ended September 30, 2013 and 2012, respectively, but were not included in the computation of dilutive shares outstanding because the effect would be anti-dilutive. Additionally, 323,000 and 296,000 share-based compensation awards were considered dilutive and included in the computation of diluted income per share during the three months ended September 30, 2013 and 2012, respectively. During the nine months ended September 30, 2013 and 2012, 349,000 and 299,000 share-based compensation awards were considered dilutive and included in the computation of diluted income per share, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 14. Income Taxes | |
The effective tax rates for the nine months ended September 30, 2013 and 2012 were 29.3 percent and 32.6 percent, respectively. The income tax provisions were computed based on the Company’s estimated effective tax rate and forecasted income by jurisdiction expected to be applicable for the full fiscal year, including the impact of any unusual or infrequent items. The relatively low effective tax rates compared to the federal statutory rate of 35 percent were primarily due to foreign income which is taxed at lower rates. | |
Viad is required to estimate and record provisions for income taxes in each of the jurisdictions in which the Company operates. Accordingly, the Company must estimate its actual current income tax liability and assess temporary differences arising from the treatment of items for tax purposes as compared to the treatment for accounting purposes. These differences result in deferred tax assets and liabilities which are included in Viad’s consolidated balance sheets. As of September 30, 2013 and December 31, 2012, Viad had gross deferred tax assets of $73.4 million and $77.2 million, respectively. These deferred tax assets reflect the expected future tax benefits to be realized upon reversal of deductible temporary differences and the utilization of net operating loss and tax credit carryforwards. | |
The Company considered all available positive and negative evidence regarding the future recoverability of its deferred tax assets, including the Company’s recent operating history, taxpaying history and future reversals of deferred tax liabilities. The Company also evaluated its ability to utilize its foreign tax credits, given its recent utilization history. These tax credits are subject to a 10-year carryforward period and begin to expire in 2019. Based on the Company’s assessment, it was determined during the fourth quarter of 2012 that the weight of the evidence indicated that certain deferred tax assets associated with foreign tax credit carryforwards no longer met the more-likely-than-not test regarding the realization of those assets. As of September 30, 2013, the weight of the evidence with respect to the foreign tax credit has not changed. As of September 30, 2013 and December 31, 2012, Viad had a valuation allowance of $14.7 million and $14.6 million, respectively, related to certain federal, state and foreign deferred tax assets. With respect to all other deferred tax assets, management believes that recovery from future taxable income is more-likely-than-not. | |
As noted above, Viad uses considerable judgment in forming a conclusion regarding the recoverability of its deferred tax assets. As a result, there are inherent uncertainties regarding the ultimate realization of these assets, which is primarily dependent upon Viad’s ability to generate sufficient taxable income in future periods. In future periods, it is reasonably possible that the relative weight of positive and negative evidence regarding the recoverability of Viad’s deferred tax assets may change, which could result in a material increase in the Company’s valuation allowance. If such an increase in the valuation allowance were to occur, it would result in increased income tax expense in the period the assessment was made. | |
Viad had accrued gross liabilities associated with uncertain tax positions for discontinued operations of $636,000 as of both September 30, 2013 and December 31, 2012. In addition, as of September 30, 2013 and December 31, 2012, Viad had accrued interest and penalties related to uncertain tax positions for discontinued operations of $441,000 and $418,000, respectively. Future tax resolutions or settlements that may occur related to these uncertain tax positions would be recorded through discontinued operations (net of federal tax effects, if applicable). Viad does not expect any of the unrecognized tax benefits to be recognized during the next 12 months. As of both September 30, 2013 and December 31, 2012, liabilities associated with uncertain tax positions (including interest and penalties) of $1.1 million were classified as non-current liabilities. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Postretirement Benefits | ' | ||||||||||||||||||||||||
Note 15. Pension and Postretirement Benefits | |||||||||||||||||||||||||
The net periodic benefit cost of Viad’s pension and postretirement benefit plans for the three months ended September 30 included the following components: | |||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||
Pension Plans | Postretirement | Foreign | |||||||||||||||||||||||
Benefit Plans | Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Service cost | $ | — | $ | 24 | $ | 25 | $ | 31 | $ | 134 | $ | 123 | |||||||||||||
Interest cost | 251 | 276 | 152 | 187 | 175 | 186 | |||||||||||||||||||
Expected return on plan assets | (100 | ) | (84 | ) | — | (15 | ) | (175 | ) | (157 | ) | ||||||||||||||
Amortization of prior service credit | — | — | (227 | ) | (278 | ) | — | — | |||||||||||||||||
Recognized net actuarial loss | 129 | 110 | 106 | 101 | 10 | — | |||||||||||||||||||
Net periodic benefit cost | $ | 280 | $ | 326 | $ | 56 | $ | 26 | $ | 144 | $ | 152 | |||||||||||||
The net periodic benefit cost of Viad’s pension and postretirement benefit plans for the nine months ended September 30 included the following components: | |||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||
Pension Plans | Postretirement | Foreign | |||||||||||||||||||||||
Benefit Plans | Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Service cost | $ | 60 | $ | 78 | $ | 117 | $ | 110 | $ | 405 | $ | 368 | |||||||||||||
Interest cost | 773 | 863 | 498 | 611 | 531 | 552 | |||||||||||||||||||
Expected return on plan assets | (300 | ) | (305 | ) | — | (56 | ) | (530 | ) | (467 | ) | ||||||||||||||
Amortization of prior service credit | — | — | (677 | ) | (835 | ) | — | — | |||||||||||||||||
Recognized net actuarial loss | 427 | 368 | 388 | 410 | 30 | — | |||||||||||||||||||
Net periodic benefit cost | $ | 960 | $ | 1,004 | $ | 326 | $ | 240 | $ | 436 | $ | 453 | |||||||||||||
Viad expects to contribute $2.6 million to its funded pension plans, $1.1 million to its unfunded pension plans and $400,000 to its postretirement benefit plans in 2013. During the nine months ended September 30, 2013, Viad contributed $2.3 million to its funded pension plans, $665,000 to its unfunded pension plans and $64,000 to its postretirement benefit plans. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||||||
Note 16. Restructuring Charges | |||||||||||||||||||||
During the nine months ended September 30, 2013, Viad recorded net restructuring charges of $2.2 million primarily related to facility consolidations and the elimination of certain positions in the Marketing & Events Group. The amounts included in the restructuring liability as of September 30, 2013, related to future lease obligations which will be paid over the remaining lease terms, and severance and employee benefits that are expected to be paid by the end of 2013. The table below represents a reconciliation of Viad’s restructuring liability by major restructuring activity: | |||||||||||||||||||||
Marketing & Events | |||||||||||||||||||||
Group Consolidation | Other Restructurings | ||||||||||||||||||||
Severance & | Severance & | ||||||||||||||||||||
Employee | Employee | ||||||||||||||||||||
Benefits | Facilities | Benefits | Facilities | Total | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 720 | $ | 5,571 | $ | — | $ | 933 | $ | 7,224 | |||||||||||
Restructuring charges, net | 1,890 | 872 | 137 | (692 | ) | 2,207 | |||||||||||||||
Cash payments | (1,434 | ) | (2,034 | ) | (62 | ) | (241 | ) | (3,771 | ) | |||||||||||
Balance at September 30, 2013 | $ | 1,176 | $ | 4,409 | $ | 75 | $ | — | $ | 5,660 | |||||||||||
Litigation_Claims_Contingencie
Litigation, Claims, Contingencies and Other | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Litigation, Claims, Contingencies and Other | ' |
Note 17. 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 September 30, 2013, with respect to certain of these matters is not ascertainable, Viad believes that any resulting liability, after taking into consideration amounts already provided for, including insurance coverage, will not have a material impact on the Company’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, including insurance coverage, will not have a material effect on the Company’s financial position or results of operations. As of September 30, 2013, there was a remaining environmental remediation liability of $5.1 million related to previously sold operations of which $398,000 was included in the consolidated balance sheets under the caption “Other current liabilities” and $4.7 million under the caption “Other deferred items and liabilities.” | |
As of September 30, 2013, 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 September 30, 2013, would be $15.5 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. | |
Viad’s businesses contribute to various multi-employer pension plans based on obligations arising under collective-bargaining agreements covering its union-represented employees. Based upon the information available to Viad from plan administrators, management believes that several of these multi-employer plans are underfunded. The Pension Protection Act of 2006 requires pension plans underfunded at certain levels to reduce, over defined time periods, the underfunded status. In addition, under current laws, the termination of a plan, or a voluntary withdrawal from a plan by Viad, or a shrinking contribution base to a plan as a result of the insolvency or withdrawal of other contributing employers to such plan, would require Viad to make payments to such plan for its proportionate share of the plan’s unfunded vested liabilities. As of September 30, 2013, the amount of additional funding, if any, that Viad would be required to make related to multi-employer pension plans is not ascertainable. | |
Glacier Park currently operates the concession portion of its business under a concession contract with the Park Service for Glacier National Park. In August 2013, the Company announced that its contract with the Park Service will end on December 31, 2013. Upon completion of the contract term, the Company will be entitled to cash payments totaling $25 million for its “possessory interest,” which generally means the value of the structures acquired or constructed, fixtures installed and improvements made to the concession property during the term of the contract. The cash payments associated with the possessory interest will be recorded when received. The Company will also be entitled to an estimated $5 million for the personal property used at the facilities covered by the concession contract. Glacier Park generated approximately 49 percent of its 2012 revenues through its concession contract for services provided within Glacier National Park. | |
Following the expiration of the concession contract on December 31, 2013, the ongoing Glacier Park business will include: Glacier Park Lodge in East Glacier, Montana; Grouse Mountain Lodge in Whitefish, Montana; St. Mary Lodge in St. Mary, Montana; Stewart Motel, an in-holding within Glacier National Park adjacent to Lake McDonald Lodge, and the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada, which Glacier Park owns. The Prince of Wales Hotel is situated on land for which the Company has a 42-year ground lease with the Canadian government running through January 31, 2052. Glacier Park generated 24 percent of the Travel & Recreation Group’s 2012 segment operating income. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
Note 18. 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. For the purpose of discussing segment operations, Viad refers to segment operating income as calculated by subtracting segment direct expenses from segment revenues. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. | |||||||||||||||||
Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
Marketing & Events Group: | |||||||||||||||||
U.S. | $ | 120,503 | $ | 168,395 | $ | 494,355 | $ | 540,741 | |||||||||
International | 40,335 | 67,780 | 168,974 | 180,217 | |||||||||||||
Intersegment eliminations | (4,352 | ) | (5,871 | ) | (10,269 | ) | (11,669 | ) | |||||||||
156,486 | 230,304 | 653,060 | 709,289 | ||||||||||||||
Travel & Recreation Group | 79,987 | 77,153 | 117,890 | 113,390 | |||||||||||||
$ | 236,473 | $ | 307,457 | $ | 770,950 | $ | 822,679 | ||||||||||
Segment operating income (loss): | |||||||||||||||||
Marketing & Events Group: | |||||||||||||||||
U.S. (1) | $ | (3,745 | ) | $ | (585 | ) | $ | 12,971 | $ | 12,235 | |||||||
International | (4,159 | ) | 3,432 | 5,821 | 9,637 | ||||||||||||
(7,904 | ) | 2,847 | 18,792 | 21,872 | |||||||||||||
Travel & Recreation Group | 32,528 | 31,335 | 29,540 | 28,341 | |||||||||||||
24,624 | 34,182 | 48,332 | 50,213 | ||||||||||||||
Corporate activities | (2,034 | ) | (2,036 | ) | (4,007 | ) | (6,000 | ) | |||||||||
22,590 | 32,146 | 44,325 | 44,213 | ||||||||||||||
Interest income | 122 | 153 | 397 | 445 | |||||||||||||
Interest expense | (286 | ) | (331 | ) | (905 | ) | (991 | ) | |||||||||
Restructuring charges: | |||||||||||||||||
Marketing & Events U.S. | (185 | ) | (392 | ) | (309 | ) | (2,879 | ) | |||||||||
Marketing & Events International | (434 | ) | (216 | ) | (1,761 | ) | (619 | ) | |||||||||
Travel & Recreation Group | (77 | ) | — | (90 | ) | — | |||||||||||
Corporate | (18 | ) | — | (47 | ) | (13 | ) | ||||||||||
Impairment losses: | |||||||||||||||||
Marketing & Events U.S. | (658 | ) | — | (658 | ) | — | |||||||||||
Marketing & Events International | (294 | ) | — | (294 | ) | — | |||||||||||
Travel & Recreation Group | (4,461 | ) | — | (4,461 | ) | — | |||||||||||
Income from continuing operations before income taxes | $ | 16,299 | $ | 31,360 | $ | 36,197 | $ | 40,156 | |||||||||
-1 | Includes a gain on the sale of a facility and related land of $4.8 million which was recorded during the three months ended September 30, 2013 | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Marketing & Events U.S. | $ | 210,836 | $ | 203,145 | |||||||||||||
Marketing & Events International | 88,996 | 100,387 | |||||||||||||||
Travel & Recreation Group | 247,948 | 223,199 | |||||||||||||||
Corporate and other | 111,380 | 123,846 | |||||||||||||||
$ | 659,160 | $ | 650,577 |
Discontinued_Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2013 | |
Discontinued Operations And Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
Note 19. Discontinued Operations | |
In July 2013, Viad completed the sale of certain land located in Utah associated with previously sold operations for $1.0 million (net of tax). The sale transaction was recorded in discontinued operations in the third quarter of 2013. In June 2012, Viad recorded income from discontinued operations of $639,000 related to the sale of land associated with previously sold operations. |
Impact_of_Recent_Accounting_Pr
Impact of Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Impact of Recent Accounting Pronouncements | ' |
Note 20. Impact of Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance related to the reporting of amounts reclassified out of AOCI, which is codified in Accounting Standards Codification (“ASC”) Topic 220. The new guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present significant amounts reclassified out of other comprehensive income by the respective line items of net income in certain circumstances, or otherwise cross-reference amounts to other disclosures. The adoption of this new guidance did not have an impact on Viad’s financial condition or results of operations. See Note 11 for required disclosures. | |
In July 2013, the FASB issued new guidance related to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists, which is codified in ASC Topic 740. This new guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. Management does not believe that this guidance will have an impact on Viad’s financial condition and results of operations. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note 21. Subsequent Event | |
On October 25, 2013, Viad announced that its Board of Directors declared a special cash dividend of $2.50 per share, or approximately $50.8 million in the aggregate, to shareholders of record at the close of business on November 7, 2013. The dividend will be paid on November 14, 2013. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Summary of Share-Based Compensation Expense | ' | ||||||||||||||||||||||||
The following table summarizes share-based compensation expense: | |||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Restricted stock | $ | 802 | $ | 890 | $ | 2,522 | $ | 2,610 | |||||||||||||||||
Performance unit incentive plan (“PUP”) | 347 | 548 | 871 | 1,220 | |||||||||||||||||||||
Stock options | 3 | 148 | 104 | 450 | |||||||||||||||||||||
Restricted stock units | 50 | 84 | 72 | 244 | |||||||||||||||||||||
Total share-based compensation before income tax benefit | 1,202 | 1,670 | 3,569 | 4,524 | |||||||||||||||||||||
Income tax benefit | (445 | ) | (571 | ) | (1,326 | ) | (1,606 | ) | |||||||||||||||||
Total share-based compensation, net of income tax benefit | $ | 757 | $ | 1,099 | $ | 2,243 | $ | 2,918 | |||||||||||||||||
Summary of Activity of the Outstanding Share-Based Compensation Awards | ' | ||||||||||||||||||||||||
The following table summarizes the activity of the outstanding share-based compensation awards: | |||||||||||||||||||||||||
Restricted Stock | Restricted Stock Units | PUP Awards | |||||||||||||||||||||||
Weighted- | Weighted- | Weighted- | |||||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||||||
Shares | Fair Value | Units | Fair Value | Units | Fair Value | ||||||||||||||||||||
Balance at January 1, 2013 | 516,351 | $ | 21.25 | 40,500 | $ | 20.82 | 210,600 | $ | 21.7 | ||||||||||||||||
Granted | 101,300 | 27.28 | 8,600 | 27.35 | 93,100 | 27.35 | |||||||||||||||||||
Vested | (161,186 | ) | 20.74 | (11,300 | ) | 19.1 | — | — | |||||||||||||||||
Forfeited | (5,966 | ) | 23.07 | (8,840 | ) | 22.33 | (432 | ) | 20.6 | ||||||||||||||||
Balance at September 30, 2013 | 450,499 | 22.76 | 28,960 | 22.98 | 303,268 | 23.43 | |||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||||||
The following table summarizes stock option activity: | |||||||||||||||||||||||||
Weighted- | |||||||||||||||||||||||||
Average | Options | ||||||||||||||||||||||||
Shares | Exercise Price | Exercisable | |||||||||||||||||||||||
Options outstanding at January 1, 2013 | 363,896 | $ | 22.03 | 276,009 | |||||||||||||||||||||
Exercised | (47,343 | ) | 19.48 | ||||||||||||||||||||||
Forfeited or expired | (27,419 | ) | 28.22 | ||||||||||||||||||||||
Options outstanding at September 30, 2013 | 289,134 | 21.87 | 287,134 | ||||||||||||||||||||||
Acquisition_of_Businesses_Tabl
Acquisition of Businesses (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Summary of Preliminary and Final Amounts Assigned to Assets and Liabilities Acquired | ' | ||||||||||||||||
within the Travel & Recreation Group. The following information represents the final amounts assigned to the assets and liabilities of the Banff International Hotel as of the date of acquisition: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents | $ | 10 | |||||||||||||||
Accounts receivable | 23 | ||||||||||||||||
Other current assets | 33 | ||||||||||||||||
Property and equipment | 20,408 | ||||||||||||||||
Goodwill | 1,890 | ||||||||||||||||
Other intangible assets | 1,323 | ||||||||||||||||
Total assets acquired | 23,687 | ||||||||||||||||
Customer deposits | (64 | ) | |||||||||||||||
Other current liabilities | (67 | ) | |||||||||||||||
Total liabilities acquired | (131 | ) | |||||||||||||||
Purchase price | $ | 23,556 | |||||||||||||||
Summary of 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 at the beginning of each period: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Revenues | $ | 236,473 | $ | 307,802 | $ | 771,197 | $ | 823,842 | |||||||||
Depreciation and amortization | 7,439 | 8,560 | 21,818 | 23,862 | |||||||||||||
Segment operating income | 24,624 | 34,110 | 48,346 | 49,931 | |||||||||||||
Net income attributable to Viad | 11,855 | 19,932 | 26,182 | 26,916 | |||||||||||||
Diluted net income per share | 0.58 | 0.98 | 1.29 | 1.33 | |||||||||||||
Basic net income per share | 0.58 | 0.98 | 1.29 | 1.33 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
The components of inventories were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 14,792 | $ | 16,422 | |||||
Work in process | 23,025 | 19,234 | |||||||
Inventories | $ | 37,817 | $ | 35,656 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Summary of Property and Equipment | ' | ||||||||
Property and equipment consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Land and land interests | $ | 23,951 | $ | 26,124 | |||||
Buildings and leasehold improvements | 137,932 | 137,293 | |||||||
Equipment and other | 308,836 | 310,448 | |||||||
470,719 | 473,865 | ||||||||
Accumulated depreciation | (281,119 | ) | (276,567 | ) | |||||
Property and equipment, net | $ | 189,600 | $ | 197,298 | |||||
Other_Investments_and_Assets_T
Other Investments and Assets (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Investments All Other Investments [Abstract] | ' | ||||||||
Summary of Other Investments and Assets | ' | ||||||||
Other investments and assets consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Cash surrender value of life insurance | $ | 19,290 | $ | 19,142 | |||||
Workers’ compensation insurance security deposits | 3,350 | 3,350 | |||||||
Other | 8,728 | 9,924 | |||||||
Total other investments and assets | $ | 31,368 | $ | 32,416 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Changes in the Carrying Amount of Goodwill | ' | ||||||||||||||||
The changes in the carrying amount of goodwill for the nine months ended September 30, 2013, were as follows: | |||||||||||||||||
Marketing & | |||||||||||||||||
Marketing & | Events | Travel & | |||||||||||||||
Events U.S. | International | Recreation Group | Total | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2013 | $ | 62,686 | $ | 23,054 | $ | 52,080 | $ | 137,820 | |||||||||
Goodwill impairment loss | — | — | (4,461 | ) | (4,461 | ) | |||||||||||
Business acquisition | — | 158 | — | 158 | |||||||||||||
Foreign currency translation adjustments | — | (622 | ) | (1,896 | ) | (2,518 | ) | ||||||||||
Balance at September 30, 2013 | $ | 62,686 | $ | 22,590 | $ | 45,723 | $ | 130,999 | |||||||||
Goodwill by Reporting Unit and Segment | ' | ||||||||||||||||
The following table summarizes goodwill by reporting unit and segment: | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Marketing & Events Group: | |||||||||||||||||
Marketing & Events U.S. | $ | 62,686 | $ | 62,686 | |||||||||||||
Marketing & Events International: | |||||||||||||||||
GES United Kingdom | 13,766 | 13,894 | |||||||||||||||
GES Canada | 8,824 | 9,160 | |||||||||||||||
Total Marketing & Events Group | 85,276 | 85,740 | |||||||||||||||
Travel & Recreation Group: | |||||||||||||||||
Brewster | 42,539 | 44,435 | |||||||||||||||
Alaska Denali Travel | 3,184 | 3,184 | |||||||||||||||
Glacier Park | — | 4,461 | |||||||||||||||
Total Travel & Recreation Group | 45,723 | 52,080 | |||||||||||||||
Total goodwill | $ | 130,999 | $ | 137,820 | |||||||||||||
Summary of Other Intangible Assets | ' | ||||||||||||||||
A summary of other intangible assets as of September 30, 2013, is presented below: | |||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||
Carrying | Carrying | ||||||||||||||||
Value | Amortization | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Contracts and customer relationships | $ | 5,483 | $ | (2,238 | ) | $ | 3,245 | ||||||||||
Other | 1,312 | (236 | ) | 1,076 | |||||||||||||
6,795 | (2,474 | ) | 4,321 | ||||||||||||||
Unamortized intangible assets: | |||||||||||||||||
Business licenses | 460 | — | 460 | ||||||||||||||
Total | $ | 7,255 | $ | (2,474 | ) | $ | 4,781 | ||||||||||
A summary of other intangible assets as of December 31, 2012 is presented below: | |||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||
Carrying | Carrying | ||||||||||||||||
Value | Amortization | Value | |||||||||||||||
(in thousands) | |||||||||||||||||
Amortized intangible assets: | |||||||||||||||||
Contracts and customer relationships | $ | 3,594 | $ | (2,384 | ) | $ | 1,210 | ||||||||||
Other | 959 | (108 | ) | 851 | |||||||||||||
4,553 | (2,492 | ) | 2,061 | ||||||||||||||
Unamortized intangible assets: | |||||||||||||||||
Business licenses | 460 | — | 460 | ||||||||||||||
Total | $ | 5,013 | $ | (2,492 | ) | $ | 2,521 | ||||||||||
Estimated Amortization Expense Related to Amortized Intangible Assets | ' | ||||||||||||||||
Estimated amortization expense related to amortized intangible assets for future periods is expected to be as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2013 | $ | 325 | |||||||||||||||
2014 | 992 | ||||||||||||||||
2015 | 791 | ||||||||||||||||
2016 | 667 | ||||||||||||||||
2017 | 549 | ||||||||||||||||
Thereafter | 997 | ||||||||||||||||
Accrued_Liabilities_and_Other_
Accrued Liabilities and Other (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Other Current Liabilities | ' | ||||||||
Other current liabilities consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Continuing operations: | |||||||||
Customer deposits | $ | 44,366 | $ | 50,172 | |||||
Accrued compensation | 18,797 | 25,067 | |||||||
Self-insured liability accrual | 7,466 | 8,501 | |||||||
Accrued foreign income taxes | 3,616 | 28 | |||||||
Other taxes | 3,254 | 1,325 | |||||||
Accrued employee benefit costs | 3,038 | 3,132 | |||||||
Accrued restructuring | 2,114 | 4,084 | |||||||
Accrued dividends | 2,068 | 2,053 | |||||||
Accrued sales and use taxes | 1,247 | 3,179 | |||||||
Other | 9,489 | 8,673 | |||||||
95,455 | 106,214 | ||||||||
Discontinued operations: | |||||||||
Self-insured liability accrual | 520 | 527 | |||||||
Environmental remediation liabilities | 398 | 571 | |||||||
Other | 176 | 372 | |||||||
1,094 | 1,470 | ||||||||
Total other current liabilities | $ | 96,549 | $ | 107,684 | |||||
Other Deferred Items and Liabilities | ' | ||||||||
Other deferred items and liabilities consisted of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(in thousands) | |||||||||
Continuing operations: | |||||||||
Self-insured liability accrual | $ | 17,326 | $ | 15,579 | |||||
Accrued compensation | 6,506 | 8,061 | |||||||
Accrued restructuring | 3,546 | 3,140 | |||||||
Foreign deferred tax liability | 1,970 | 2,024 | |||||||
Other | 7,491 | 6,734 | |||||||
36,839 | 35,538 | ||||||||
Discontinued operations: | |||||||||
Self-insured liability accrual | 4,913 | 5,188 | |||||||
Environmental remediation liabilities | 4,723 | 4,745 | |||||||
Accrued income taxes | 1,077 | 1,053 | |||||||
Other | 1,264 | 1,304 | |||||||
11,977 | 12,290 | ||||||||
Total other deferred items and liabilities | $ | 48,816 | $ | 47,828 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Reconciliation of the Carrying Amounts of Stockholders' Equity Attributable to Viad and the Noncontrolling Interest | ' | ||||||||||||||||
The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the nine months ended September 30, 2013: | |||||||||||||||||
Total Viad | Total | ||||||||||||||||
Stockholders’ | Noncontrolling | Stockholders’ | |||||||||||||||
Equity | Interest | Equity | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2013 | $ | 388,061 | $ | 8,971 | $ | 397,032 | |||||||||||
Net income | 26,173 | 425 | 26,598 | ||||||||||||||
Dividends on common stock | (6,095 | ) | — | (6,095 | ) | ||||||||||||
Common stock purchased for treasury | (1,294 | ) | — | (1,294 | ) | ||||||||||||
Employee benefit plans | 3,485 | — | 3,485 | ||||||||||||||
Unrealized foreign currency translation adjustment | (6,092 | ) | — | (6,092 | ) | ||||||||||||
Unrealized gain on investments | 117 | — | 117 | ||||||||||||||
Prior service credit and net actuarial loss | 91 | — | 91 | ||||||||||||||
ESOP allocation adjustment | 850 | — | 850 | ||||||||||||||
Balance at September 30, 2013 | $ | 405,296 | $ | 9,396 | $ | 414,692 | |||||||||||
The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the nine months ended September 30, 2012: | |||||||||||||||||
Total Viad | Total | ||||||||||||||||
Stockholders’ | Noncontrolling | Stockholders’ | |||||||||||||||
Equity | Interest | Equity | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2012 | $ | 377,894 | $ | 8,285 | $ | 386,179 | |||||||||||
Net income | 27,093 | 618 | 27,711 | ||||||||||||||
Dividends on common stock | (3,649 | ) | — | (3,649 | ) | ||||||||||||
Common stock purchased for treasury | (1,038 | ) | — | (1,038 | ) | ||||||||||||
Employee benefit plans | 3,370 | — | 3,370 | ||||||||||||||
Unrealized foreign currency translation adjustment | 7,225 | — | 7,225 | ||||||||||||||
Unrealized gain on investments | 66 | — | 66 | ||||||||||||||
Prior service credit and net actuarial loss | (35 | ) | — | (35 | ) | ||||||||||||
ESOP allocation adjustment | 1,150 | — | 1,150 | ||||||||||||||
Other | 1 | (1 | ) | — | |||||||||||||
Balance at September 30, 2012 | $ | 412,077 | $ | 8,902 | $ | 420,979 | |||||||||||
Changes in Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Changes in accumulated other comprehensive income (“AOCI”) by component were as follows: | |||||||||||||||||
Cumulative | Unrecognized | ||||||||||||||||
Foreign | Net Actuarial | Accumulated | |||||||||||||||
Unrealized | Currency | Loss and | Other | ||||||||||||||
Gains on | Translation | Prior Service | Comprehensive | ||||||||||||||
Investments | Adjustments | Credit | Income | ||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2013 | $ | 275 | $ | 42,158 | $ | (14,968 | ) | $ | 27,465 | ||||||||
Other comprehensive income before reclassifications | 162 | (6,092 | ) | — | (5,930 | ) | |||||||||||
Amounts reclassified from AOCI, net of tax | (45 | ) | — | 91 | 46 | ||||||||||||
Net other comprehensive income (loss) | 117 | (6,092 | ) | 91 | (5,884 | ) | |||||||||||
Balance at September 30, 2013 | $ | 392 | $ | 36,066 | $ | (14,877 | ) | $ | 21,581 | ||||||||
Schedule of Reclassification Adjustments | ' | ||||||||||||||||
The following table presents information about reclassification adjustments out of AOCI for the nine months ended September 30: | |||||||||||||||||
Affected Line | |||||||||||||||||
Item in the | |||||||||||||||||
Statement Where | |||||||||||||||||
Net Income is | |||||||||||||||||
2013 | 2012 | Presented | |||||||||||||||
(in thousands) | |||||||||||||||||
Unrealized gain on investments | $ | (72 | ) | $ | (45 | ) | Interest income | ||||||||||
Tax effect | 27 | 16 | Income tax expense | ||||||||||||||
$ | (45 | ) | $ | (29 | ) | Net of tax | |||||||||||
Recognized net actuarial loss | $ | 827 | $ | 778 | See (1) below | ||||||||||||
Amortization of prior service credit | (680 | ) | (835 | ) | See (1) below | ||||||||||||
Tax effect | (56 | ) | (21 | ) | Income tax benefit | ||||||||||||
$ | 91 | $ | (78 | ) | Net of tax | ||||||||||||
-1 | Amount is included in pension expense. See Note 15 for additional information. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Information Related to Assets | ' | ||||||||||||||||||||
The fair value information related to these assets is summarized in the following table: | |||||||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||||||
Description | September 30, | Quoted Prices | Significant | Significant | |||||||||||||||||
2013 | in Active | Other | Unobserved | ||||||||||||||||||
Markets | Observable | Inputs | |||||||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||||||
(Level 2) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Money market funds | $ | 16,680 | $ | 16,680 | $ | — | $ | — | |||||||||||||
Other mutual funds | 1,289 | 1,289 | — | — | |||||||||||||||||
Total | $ | 17,969 | $ | 17,969 | $ | — | $ | — | |||||||||||||
Summary of Fair Value Information Related to Assets | ' | ||||||||||||||||||||
The fair value information related to these assets is summarized in the following table: | |||||||||||||||||||||
Fair Value Measurements at September 30, 2013 Using | |||||||||||||||||||||
Description | September 30, | Quoted Prices | Significant | Significant | Total | ||||||||||||||||
2013 | in Active | Other | Unobserved | Gains | |||||||||||||||||
Markets (Level 1) | Observable | Inputs | (Losses) | ||||||||||||||||||
Inputs | (Level 3) | ||||||||||||||||||||
(Level 2) | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Goodwill(1) | $ | — | $ | — | $ | — | $ | — | $ | (4,461 | ) | ||||||||||
Property and equipment(1) | — | — | — | — | (952 | ) | |||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | $ | (5,413 | ) | ||||||||||
(1) | See Note 3 for details of the impairment losses. |
Income_Per_Share_Tables
Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of the Numerators and Denominators of Basic and Diluted Earnings Per Share Computations | ' | ||||||||||||||||
The following is a reconciliation of the numerators and denominators of basic and diluted per share computations for net income attributable to Viad: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Basic net income per share | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to Viad | $ | 11,855 | $ | 19,976 | $ | 26,173 | $ | 27,093 | |||||||||
Less: Allocation to non-vested shares | (264 | ) | (532 | ) | (605 | ) | (735 | ) | |||||||||
Net income allocated to Viad common stockholders | $ | 11,591 | $ | 19,444 | $ | 25,568 | $ | 26,358 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average outstanding common shares | 19,868 | 19,721 | 19,839 | 19,694 | |||||||||||||
Net income attributable to Viad common stockholders | $ | 0.58 | $ | 0.99 | $ | 1.29 | $ | 1.34 | |||||||||
Diluted net income per share | |||||||||||||||||
Numerator: | |||||||||||||||||
Net income attributable to Viad | $ | 11,855 | $ | 19,976 | $ | 26,173 | $ | 27,093 | |||||||||
Denominator: | |||||||||||||||||
Weighted-average outstanding common shares | 19,868 | 19,721 | 19,839 | 19,694 | |||||||||||||
Additional dilutive shares related to share-based compensation | 323 | 296 | 349 | 299 | |||||||||||||
Weighted-average outstanding and potentially dilutive shares | 20,191 | 20,017 | 20,188 | 19,993 | |||||||||||||
Net income attributable to Viad common stockholders (1) | $ | 0.58 | $ | 0.99 | $ | 1.29 | $ | 1.34 | |||||||||
-1 | Diluted income per share cannot exceed basic income per share. |
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) (Foreign Pension Plans [Member]) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Foreign Pension Plans [Member] | ' | ||||||||||||||||||||||||
Components of Net Periodic Benefit Cost of Viad's Pension and Post Retirement Benefit Plan | ' | ||||||||||||||||||||||||
The net periodic benefit cost of Viad’s pension and postretirement benefit plans for the three months ended September 30 included the following components: | |||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||
Pension Plans | Postretirement | Foreign | |||||||||||||||||||||||
Benefit Plans | Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Service cost | $ | — | $ | 24 | $ | 25 | $ | 31 | $ | 134 | $ | 123 | |||||||||||||
Interest cost | 251 | 276 | 152 | 187 | 175 | 186 | |||||||||||||||||||
Expected return on plan assets | (100 | ) | (84 | ) | — | (15 | ) | (175 | ) | (157 | ) | ||||||||||||||
Amortization of prior service credit | — | — | (227 | ) | (278 | ) | — | — | |||||||||||||||||
Recognized net actuarial loss | 129 | 110 | 106 | 101 | 10 | — | |||||||||||||||||||
Net periodic benefit cost | $ | 280 | $ | 326 | $ | 56 | $ | 26 | $ | 144 | $ | 152 | |||||||||||||
The net periodic benefit cost of Viad’s pension and postretirement benefit plans for the nine months ended September 30 included the following components: | |||||||||||||||||||||||||
Domestic Plans | |||||||||||||||||||||||||
Pension Plans | Postretirement | Foreign | |||||||||||||||||||||||
Benefit Plans | Pension Plans | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Service cost | $ | 60 | $ | 78 | $ | 117 | $ | 110 | $ | 405 | $ | 368 | |||||||||||||
Interest cost | 773 | 863 | 498 | 611 | 531 | 552 | |||||||||||||||||||
Expected return on plan assets | (300 | ) | (305 | ) | — | (56 | ) | (530 | ) | (467 | ) | ||||||||||||||
Amortization of prior service credit | — | — | (677 | ) | (835 | ) | — | — | |||||||||||||||||
Recognized net actuarial loss | 427 | 368 | 388 | 410 | 30 | — | |||||||||||||||||||
Net periodic benefit cost | $ | 960 | $ | 1,004 | $ | 326 | $ | 240 | $ | 436 | $ | 453 |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||
Reconciliation of Beginning and Ending Liability Balances by Major Restructuring Activity | ' | ||||||||||||||||||||
The table below represents a reconciliation of Viad’s restructuring liability by major restructuring activity: | |||||||||||||||||||||
Marketing & Events | |||||||||||||||||||||
Group Consolidation | Other Restructurings | ||||||||||||||||||||
Severance & | Severance & | ||||||||||||||||||||
Employee | Employee | ||||||||||||||||||||
Benefits | Facilities | Benefits | Facilities | Total | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 720 | $ | 5,571 | $ | — | $ | 933 | $ | 7,224 | |||||||||||
Restructuring charges, net | 1,890 | 872 | 137 | (692 | ) | 2,207 | |||||||||||||||
Cash payments | (1,434 | ) | (2,034 | ) | (62 | ) | (241 | ) | (3,771 | ) | |||||||||||
Balance at September 30, 2013 | $ | 1,176 | $ | 4,409 | $ | 75 | $ | — | $ | 5,660 | |||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Reconciliation of Income Statement Items of Reportable Segments | ' | ||||||||||||||||
Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Revenues: | |||||||||||||||||
Marketing & Events Group: | |||||||||||||||||
U.S. | $ | 120,503 | $ | 168,395 | $ | 494,355 | $ | 540,741 | |||||||||
International | 40,335 | 67,780 | 168,974 | 180,217 | |||||||||||||
Intersegment eliminations | (4,352 | ) | (5,871 | ) | (10,269 | ) | (11,669 | ) | |||||||||
156,486 | 230,304 | 653,060 | 709,289 | ||||||||||||||
Travel & Recreation Group | 79,987 | 77,153 | 117,890 | 113,390 | |||||||||||||
$ | 236,473 | $ | 307,457 | $ | 770,950 | $ | 822,679 | ||||||||||
Segment operating income (loss): | |||||||||||||||||
Marketing & Events Group: | |||||||||||||||||
U.S. (1) | $ | (3,745 | ) | $ | (585 | ) | $ | 12,971 | $ | 12,235 | |||||||
International | (4,159 | ) | 3,432 | 5,821 | 9,637 | ||||||||||||
(7,904 | ) | 2,847 | 18,792 | 21,872 | |||||||||||||
Travel & Recreation Group | 32,528 | 31,335 | 29,540 | 28,341 | |||||||||||||
24,624 | 34,182 | 48,332 | 50,213 | ||||||||||||||
Corporate activities | (2,034 | ) | (2,036 | ) | (4,007 | ) | (6,000 | ) | |||||||||
22,590 | 32,146 | 44,325 | 44,213 | ||||||||||||||
Interest income | 122 | 153 | 397 | 445 | |||||||||||||
Interest expense | (286 | ) | (331 | ) | (905 | ) | (991 | ) | |||||||||
Restructuring charges: | |||||||||||||||||
Marketing & Events U.S. | (185 | ) | (392 | ) | (309 | ) | (2,879 | ) | |||||||||
Marketing & Events International | (434 | ) | (216 | ) | (1,761 | ) | (619 | ) | |||||||||
Travel & Recreation Group | (77 | ) | — | (90 | ) | — | |||||||||||
Corporate | (18 | ) | — | (47 | ) | (13 | ) | ||||||||||
Impairment losses: | |||||||||||||||||
Marketing & Events U.S. | (658 | ) | — | (658 | ) | — | |||||||||||
Marketing & Events International | (294 | ) | — | (294 | ) | — | |||||||||||
Travel & Recreation Group | (4,461 | ) | — | (4,461 | ) | — | |||||||||||
Income from continuing operations before income taxes | $ | 16,299 | $ | 31,360 | $ | 36,197 | $ | 40,156 | |||||||||
-1 | Includes a gain on the sale of a facility and related land of $4.8 million which was recorded during the three months ended September 30, 2013 | ||||||||||||||||
Reconciliation of Assets From Reportable Segments | ' | ||||||||||||||||
September 30, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Assets: | |||||||||||||||||
Marketing & Events U.S. | $ | 210,836 | $ | 203,145 | |||||||||||||
Marketing & Events International | 88,996 | 100,387 | |||||||||||||||
Travel & Recreation Group | 247,948 | 223,199 | |||||||||||||||
Corporate and other | 111,380 | 123,846 | |||||||||||||||
$ | 659,160 | $ | 650,577 | ||||||||||||||
Basis_of_Preparation_and_Princ1
Basis of Preparation and Principles of Consolidation - Additional Information (Detail) (Glacier Park Inc [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Hotel | |
Restaurants | |
Lodge | |
Glacier Park Inc [Member] | ' |
Basis Of Presentation And Principles Of Consolidation [Line Items] | ' |
Number of lodges | 5 |
Number of motor inns | 3 |
Number of hotel | 1 |
Percentage of subsidiary's interest owned by Viad | 80.00% |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation before income tax benefit | $1,202,000 | $1,670,000 | $3,569,000 | $4,524,000 |
Income tax benefit | -445,000 | -571,000 | -1,326,000 | -1,606,000 |
Total share-based compensation, net of income tax benefit | 757,000 | 1,099,000 | 2,243,000 | 2,918,000 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation before income tax benefit | 802,000 | 890,000 | 2,522,000 | 2,610,000 |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation before income tax benefit | 347,000 | 548,000 | 871,000 | 1,220,000 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation before income tax benefit | 3,000 | 148,000 | 104,000 | 450,000 |
Restricted Stock Units and Performance Based Restricted Stock Units [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation before income tax benefit | $50,000 | $84,000 | $72,000 | $244,000 |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Feb. 28, 2013 | Feb. 28, 2012 | Sep. 30, 2013 | |
Restructuring Charges [Member] | Performance Unit Incentive Plan (PUP) [Member] | Performance Unit Incentive Plan (PUP) [Member] | Performance Unit Incentive Plan (PUP) [Member] | Performance Unit Incentive Plan (PUP) [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock Units and Performance Based Restricted Stock Units [Member] | Restricted Stock Units and Performance Based Restricted Stock Units [Member] | PBRS [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | Restricted Stock Units [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation before income tax benefit | $1,202,000 | $1,670,000 | $3,569,000 | $4,524,000 | $253,000 | $94,000 | ' | ' | ' | $3,000 | $148,000 | $104,000 | $450,000 | $802,000 | $890,000 | $2,522,000 | $2,610,000 | ' | ' | ' | ' | ' | ' |
Unamortized cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' |
Recognition Period of Unrecognized cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | '1 year 10 months 24 days | ' | ' | ' | ' | ' | ' | ' |
Repurchase of Common Stock for Employee Tax Withholding Obligations amount | ' | ' | 1,300,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchased shares tax withholding | ' | ' | 48,937 | 53,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Available for Grant | 1,005,372 | ' | 1,005,372 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities related to restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 405,000 | 633,000 | ' | ' | ' | ' |
Payments To Employees | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | 300,000 | 257,000 | ' |
Liability awards recorded | ' | ' | ' | ' | ' | ' | 4,600,000 | ' | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
PUP award vested | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 161,186 | ' | ' | ' | ' | ' | ' | 11,300 |
Total unrecognized cost related to non-vested stock option awards | $3,000 | ' | $3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_Summar1
Share-Based Compensation - Summary of Activity of the Outstanding Share-Based Compensation Awards (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance, Shares | 516,351 | ' |
Granted, Shares | 101,300 | ' |
Vested, Shares | -161,186 | ' |
Forfeited, Shares | -5,966 | ' |
Ending Balance, Shares | 450,499 | ' |
Beginning Balance, Weighted-Average Grant Date Fair Value | $21.25 | ' |
Granted, Weighted-Average Grant Date Fair Value | $27.28 | ' |
Vested, Weighted-Average Grant Date Fair Value | $20.74 | ' |
Forfeited, Weighted-Average Grant Date Fair Value | $23.07 | ' |
Ending Balance, Weighted-Average Grant Date Fair Value | $22.76 | ' |
Restricted Stock Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance, Shares | 40,500 | ' |
Granted, Shares | 8,600 | ' |
Vested, Shares | -11,300 | ' |
Forfeited, Shares | -8,840 | ' |
Ending Balance, Shares | 28,960 | ' |
Beginning Balance, Weighted-Average Grant Date Fair Value | $20.82 | ' |
Granted, Weighted-Average Grant Date Fair Value | $27.35 | ' |
Vested, Weighted-Average Grant Date Fair Value | $19.10 | ' |
Forfeited, Weighted-Average Grant Date Fair Value | $22.33 | ' |
Ending Balance, Weighted-Average Grant Date Fair Value | $22.98 | ' |
Performance Unit Incentive Plan (PUP) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Beginning Balance, Shares | 210,600 | ' |
Granted, Shares | 93,100 | ' |
Vested, Shares | 0 | 0 |
Forfeited, Shares | -432 | ' |
Ending Balance, Shares | 303,268 | ' |
Beginning Balance, Weighted-Average Grant Date Fair Value | $21.70 | ' |
Granted, Weighted-Average Grant Date Fair Value | $27.35 | ' |
Forfeited, Weighted-Average Grant Date Fair Value | $20.60 | ' |
Ending Balance, Weighted-Average Grant Date Fair Value | $23.43 | ' |
ShareBased_Compensation_Summar2
Share-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Options outstanding, Beginning Balance, Shares | 363,896 |
Exercised, Shares | -47,343 |
Forfeited or Expired, Shares | -27,419 |
Options outstanding, Ending Balance, Shares | 289,134 |
Options outstanding, Beginning Balance, Weighted Average Exercise Price | $22.03 |
Exercised, Weighted Average Exercise Price | $19.48 |
Forfeited or Expired, Weighted Average Exercise Price | $28.22 |
Options outstanding, Ending Balance, Weighted Average Exercise Price | $21.87 |
Options outstanding, Beginning Balance, Options Exercisable | 276,009 |
Options outstanding, Ending Balance, Options Exercisable | 287,134 |
Impairment_Losses_Additional_I
Impairment Losses - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Sep. 30, 2013 | |
Marketing & Events Group [Member] | Glacier Park [Member] | Glacier Park [Member] | Glacier Park [Member] | Glacier Park [Member] | |||||
Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | ||||||||
Schedule Of Asset Impairment Charges [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash impairment charge | $4,461,000 | ' | $4,461,000 | ' | ' | $4,461,000 | $4,461,000 | ' | $892,000 |
Goodwill impairment loss related to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | 892,000 | ' |
Impairment charges | ' | ' | $5,413,000 | ' | $952,000 | ' | ' | ' | ' |
Acquisition_of_Businesses_Addi
Acquisition of Businesses - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | |||
Feb. 28, 2013 | Feb. 19, 2013 | Feb. 19, 2013 | Feb. 19, 2013 | Mar. 07, 2012 | |
Resource Creative Limited [Member] | Resource Creative Limited [Member] | Resource Creative Limited [Member] | Resource Creative Limited [Member] | Banff International Hotel [Member] | |
Customer Relationships [Member] | Noncompete Agreements [Member] | Room | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Acquisition | ' | $647,000 | ' | ' | $23,600,000 |
Deferred payment | ' | 278,000 | ' | ' | ' |
Property and equipment included in preliminary expense | ' | 72,000 | ' | ' | 20,408,000 |
Goodwill | ' | 158,000 | ' | ' | 1,890,000 |
Other intangible assets | ' | 695,000 | 564,000 | 131,000 | 1,323,000 |
Liability recorded related to contingent consideration | ' | $278,000 | ' | ' | ' |
Goodwill deductible for tax purpose | '15 years | ' | ' | ' | ' |
Weighted-average amortization period related to the other intangible assets | '4 years 6 months | ' | ' | ' | '7 years 8 months 12 days |
Number of rooms in hotel | ' | ' | ' | ' | 162 |
Acquisition_of_Businesses_Summ
Acquisition of Businesses - Summary of Preliminary and Final Amounts Assigned to Assets and Liabilities Acquired (Detail) (Banff International Hotel [Member], USD $) | 1 Months Ended |
Mar. 07, 2012 | |
Banff International Hotel [Member] | ' |
Business Acquisition [Line Items] | ' |
Cash and cash equivalents | $10,000 |
Accounts receivable | 23,000 |
Other current assets | 33,000 |
Property and equipment | 20,408,000 |
Goodwill | 1,890,000 |
Other intangible assets | 1,323,000 |
Total assets acquired | 23,687,000 |
Customer deposits | -64,000 |
Other current liabilities | -67,000 |
Total liabilities acquired | -131,000 |
Purchase price | $23,556,000 |
Acquisition_of_Businesses_Summ1
Acquisition of Businesses - Summary of Unaudited Pro forma Results of Operations Attributable to Viad (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Revenues | $236,473 | $307,802 | $771,197 | $823,842 |
Depreciation and amortization | 7,439 | 8,560 | 21,818 | 23,862 |
Segment operating income | 24,624 | 34,110 | 48,346 | 49,931 |
Net income attributable to Viad | $11,855 | $19,932 | $26,182 | $26,916 |
Diluted net income per share | $0.58 | $0.98 | $1.29 | $1.33 |
Basic net income per share | $0.58 | $0.98 | $1.29 | $1.33 |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $14,792 | $16,422 |
Work in process | 23,025 | 19,234 |
Inventories | $37,817 | $35,656 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $470,719 | $473,865 |
Accumulated depreciation | -281,119 | -276,567 |
Property and equipment, net | 189,600 | 197,298 |
Land and Land Interests [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 23,951 | 26,124 |
Building and Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | 137,932 | 137,293 |
Equipment and Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property and equipment | $308,836 | $310,448 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Property Plant And Equipment [Abstract] | ' | ' | ' | ' |
Depreciation expense | $7,100,000 | $8,400,000 | $20,800,000 | $23,100,000 |
Net selling costs of facility and land | 12,696,000 | ' | 12,696,000 | ' |
Gain on sale of facility and related land | $4,775,000 | ' | $4,775,000 | ' |
Other_Investment_and_Assets_Su
Other Investment and Assets - Summary of Other Investments and Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments All Other Investments [Abstract] | ' | ' |
Cash surrender value of life insurance | $19,290 | $19,142 |
Workers' compensation insurance security deposits | 3,350 | 3,350 |
Other | 8,728 | 9,924 |
Total other investments and assets | $31,368 | $32,416 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Changes in the Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | ' | $137,820,000 | ' |
Goodwill impairment loss | -4,461,000 | ' | -4,461,000 | ' |
Business acquisition | ' | ' | 158,000 | ' |
Foreign currency translation adjustments | ' | ' | -2,518,000 | ' |
Goodwill, Ending balance | 130,999,000 | ' | 130,999,000 | ' |
Marketing & Events U.S. [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | ' | 62,686,000 | ' |
Goodwill impairment loss | ' | ' | ' | ' |
Business acquisition | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | ' | ' |
Goodwill, Ending balance | 62,686,000 | ' | 62,686,000 | ' |
Marketing & Events International [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | ' | 23,054,000 | ' |
Goodwill impairment loss | ' | ' | ' | ' |
Business acquisition | ' | ' | 158,000 | ' |
Foreign currency translation adjustments | ' | ' | -622,000 | ' |
Goodwill, Ending balance | 22,590,000 | ' | 22,590,000 | ' |
Travel & Recreation Group [Member] | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' |
Goodwill, Beginning Balance | ' | ' | 52,080,000 | ' |
Goodwill impairment loss | ' | ' | -4,461,000 | ' |
Business acquisition | ' | ' | ' | ' |
Foreign currency translation adjustments | ' | ' | -1,896,000 | ' |
Goodwill, Ending balance | $45,723,000 | ' | $45,723,000 | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Goodwill by Reporting Unit and Segment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Line Items] | ' | ' |
Goodwill | $130,999 | $137,820 |
Marketing & Events U.S. [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 62,686 | 62,686 |
Marketing & Events Group [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 85,276 | 85,740 |
Marketing & Events Group [Member] | Marketing & Events U.S. [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 62,686 | 62,686 |
Marketing & Events International [Member] | GES United Kingdom [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 13,766 | 13,894 |
Marketing & Events International [Member] | GES Canada [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 8,824 | 9,160 |
Travel & Recreation Group [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 45,723 | 52,080 |
Travel & Recreation Group [Member] | Brewster [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 42,539 | 44,435 |
Travel & Recreation Group [Member] | Alaska Denali Travel [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 3,184 | 3,184 |
Travel & Recreation Group [Member] | Glacier Park [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | ' | $4,461 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, Gross Carrying Value | $6,795 | $4,553 |
Intangible asset, Gross Carrying Value | 7,255 | 5,013 |
Accumulated Amortization | -2,474 | -2,492 |
Amortized intangible assets, Net Carrying Value | 4,321 | 2,061 |
Other intangible assets, net | 4,781 | 2,521 |
Business Licenses [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Unamortized intangible assets, Gross Carrying Value | 460 | 460 |
Unamortized intangible assets, Accumulated Amortization | ' | ' |
Unamortized intangible assets, Net Carrying Value | 460 | 460 |
Contracts and Customer Relationships [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, Gross Carrying Value | 5,483 | 3,594 |
Accumulated Amortization | -2,238 | -2,384 |
Amortized intangible assets, Net Carrying Value | 3,245 | 1,210 |
Other [Member] | ' | ' |
Other Intangible Assets [Line Items] | ' | ' |
Amortized intangible assets, Gross Carrying Value | 1,312 | 959 |
Accumulated Amortization | -236 | -108 |
Amortized intangible assets, Net Carrying Value | $1,076 | $851 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Glacier Park [Member] | Glacier Park [Member] | Preferred Supplier Agreement [Member] | Noncontrolling Interest [Member] | |||||
Glacier Park [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Contract related intangible asset | ' | ' | ' | ' | ' | ' | $2,100,000 | ' |
Intangible asset amortization expense | 318,000 | 187,000 | 930,000 | 508,000 | ' | ' | ' | ' |
Goodwill impairment loss | $4,461,000 | ' | $4,461,000 | ' | $4,461,000 | $4,461,000 | ' | $892,000 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Estimated Amortization Expense Related to Amortized Intangible Assets (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2013 | $325 |
2014 | 992 |
2015 | 791 |
2016 | 667 |
2017 | 549 |
Thereafter | $997 |
Accrued_Liabilities_and_Other_1
Accrued Liabilities and Other - Other Current Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Discontinued operations: | ' | ' |
Environmental remediation liabilities | $398,000 | ' |
Other Current Liabilities [Member] | ' | ' |
Continuing operations: | ' | ' |
Total Continuing operations | 96,549,000 | 107,684,000 |
Discontinued operations: | ' | ' |
Total Continuing operations | 96,549,000 | 107,684,000 |
Other Current Liabilities [Member] | Continuing Operations [Member] | ' | ' |
Continuing operations: | ' | ' |
Customer deposits | 44,366,000 | 50,172,000 |
Accrued compensation | 18,797,000 | 25,067,000 |
Self-insured liability accrual | 7,466,000 | 8,501,000 |
Accrued foreign income taxes | 3,616,000 | 28,000 |
Accrued employee benefit costs | 3,038,000 | 3,132,000 |
Accrued restructuring | 2,114,000 | 4,084,000 |
Accrued dividends | 2,068,000 | 2,053,000 |
Other taxes | 3,254,000 | 1,325,000 |
Accrued sales and use taxes | 1,247,000 | 3,179,000 |
Other | 9,489,000 | 8,673,000 |
Total Continuing operations | 95,455,000 | 106,214,000 |
Discontinued operations: | ' | ' |
Self-insured liability accrual | 7,466,000 | 8,501,000 |
Other | 9,489,000 | 8,673,000 |
Total Continuing operations | 95,455,000 | 106,214,000 |
Other Current Liabilities [Member] | Discontinued Operations [Member] | ' | ' |
Continuing operations: | ' | ' |
Self-insured liability accrual | 520,000 | 527,000 |
Other | 176,000 | 372,000 |
Total Continuing operations | 1,094,000 | 1,470,000 |
Discontinued operations: | ' | ' |
Self-insured liability accrual | 520,000 | 527,000 |
Environmental remediation liabilities | 398,000 | 571,000 |
Other | 176,000 | 372,000 |
Total Continuing operations | $1,094,000 | $1,470,000 |
Accrued_Liabilities_and_Other_2
Accrued Liabilities and Other - Other Deferred Items and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Discontinued operations: | ' | ' |
Environmental remediation liabilities | $4,723 | ' |
Other Noncurrent Liabilities [Member] | ' | ' |
Continuing operations: | ' | ' |
Total Continuing operations | 48,816 | 47,828 |
Discontinued operations: | ' | ' |
Total Continuing operations | 48,816 | 47,828 |
Other Noncurrent Liabilities [Member] | Continuing Operations [Member] | ' | ' |
Continuing operations: | ' | ' |
Self-insured liability accrual | 17,326 | 15,579 |
Accrued compensation | 6,506 | 8,061 |
Accrued restructuring | 3,546 | 3,140 |
Foreign deferred tax liability | 1,970 | 2,024 |
Other | 7,491 | 6,734 |
Total Continuing operations | 36,839 | 35,538 |
Discontinued operations: | ' | ' |
Self-insured liability accrual | 17,326 | 15,579 |
Other | 7,491 | 6,734 |
Total Continuing operations | 36,839 | 35,538 |
Other Noncurrent Liabilities [Member] | Discontinued Operations [Member] | ' | ' |
Continuing operations: | ' | ' |
Self-insured liability accrual | 4,913 | 5,188 |
Other | 1,264 | 1,304 |
Total Continuing operations | 11,977 | 12,290 |
Discontinued operations: | ' | ' |
Self-insured liability accrual | 4,913 | 5,188 |
Environmental remediation liabilities | 4,723 | 4,745 |
Accrued income taxes | 1,077 | 1,053 |
Other | 1,264 | 1,304 |
Total Continuing operations | $11,977 | $12,290 |
Debt_and_Capital_Leases_Additi
Debt and Capital Leases - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | 31-May-11 |
Top Tier Foreign Subsidiaries [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Credit facility | ' | ' | ' | $130 |
Additional credit facility | ' | ' | ' | 50 |
Credit facility, period | ' | ' | ' | '5 years |
Credit facility expiring | ' | ' | ' | 18-May-16 |
Letters of credit | ' | ' | ' | 50 |
Capital stock of top-tier foreign subsidiaries | ' | ' | 65.00% | ' |
Capital lease obligations, total | 1.7 | 2.2 | ' | ' |
Remaining borrowing capacity | 128.2 | ' | ' | ' |
Outstanding letters of credit | 1.8 | ' | ' | ' |
The fees on the unused portion of the Credit Facility | 0.35% | ' | ' | ' |
Share repurchases | ' | 10 | ' | ' |
Percentage of repurchases of shares | ' | 1.5 | ' | ' |
Dividends declared and paid | ' | 'ten | ' | ' |
Estimated fair value of total debt | $1.70 | $2.10 | ' | ' |
Stockholders_Equity_Reconcilia
Stockholders' Equity - Reconciliation of the Carrying Amounts of Stockholders' Equity Attributable to Viad and the Noncontrolling Interest (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' |
Total Viad shareholder's Equity, Beginning balance | ' | ' | $388,061 | ' |
Noncontrolling Interest, Beginning Balance | ' | ' | 8,971 | ' |
Total shareholders' Equity, Beginning balance | ' | ' | 397,032 | 386,179 |
Net income | 11,855 | 19,976 | 26,173 | 27,093 |
Net income | 893 | 1,080 | 425 | 618 |
Net income | 12,748 | 21,056 | 26,598 | 27,711 |
Dividends on common stock | ' | ' | -6,095 | -3,649 |
Common stock purchased for treasury | ' | ' | -1,294 | -1,038 |
Employee benefit plans | ' | ' | 3,485 | 3,370 |
Unrealized foreign currency translation adjustment | 5,331 | 6,229 | -6,092 | 7,225 |
Unrealized gain on investments | 62 | 15 | 117 | 66 |
Prior service credit and net actuarial loss | ' | ' | 91 | -35 |
ESOP allocation adjustment | ' | ' | 850 | 1,150 |
Other | ' | ' | ' | ' |
Total Viad shareholders' Equity, Ending balance | 405,296 | ' | 405,296 | ' |
Noncontrolling Interest, Ending Balance | 9,396 | ' | 9,396 | ' |
Total shareholders' Equity, Ending balance | 414,692 | 420,979 | 414,692 | 420,979 |
Total Viad Shareholder's Equity [Member] | ' | ' | ' | ' |
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' |
Total Viad shareholder's Equity, Beginning balance | ' | ' | 388,061 | 377,894 |
Net income | ' | ' | 26,173 | 27,093 |
Dividends on common stock | ' | ' | -6,095 | -3,649 |
Common stock purchased for treasury | ' | ' | -1,294 | -1,038 |
Employee benefit plans | ' | ' | 3,485 | 3,370 |
Unrealized foreign currency translation adjustment | ' | ' | -6,092 | 7,225 |
Unrealized gain on investments | ' | ' | 117 | 66 |
Prior service credit and net actuarial loss | ' | ' | 91 | -35 |
ESOP allocation adjustment | ' | ' | 850 | 1,150 |
Other | ' | ' | ' | 1 |
Total Viad shareholders' Equity, Ending balance | 405,296 | 412,077 | 405,296 | 412,077 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Schedule of Capitalization, Equity [Line Items] | ' | ' | ' | ' |
Noncontrolling Interest, Beginning Balance | ' | ' | 8,971 | 8,285 |
Net income | ' | ' | 425 | 618 |
Dividends on common stock | ' | ' | ' | ' |
Common stock purchased for treasury | ' | ' | ' | ' |
Employee benefit plans | ' | ' | ' | ' |
Unrealized foreign currency translation adjustment | ' | ' | ' | ' |
Unrealized gain on investments | ' | ' | ' | ' |
Prior service credit and net actuarial loss | ' | ' | ' | ' |
ESOP allocation adjustment | ' | ' | ' | ' |
Other | ' | ' | ' | -1 |
Noncontrolling Interest, Ending Balance | $9,396 | $8,902 | $9,396 | $8,902 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Equity [Abstract] | ' | ' | ' |
Additional repurchased shares | ' | ' | 1,000,000 |
Shares remain available for repurchase from the announced authorization | 1,030,438 | ' | 30,438 |
Repurchased shares | 0 | 0 | ' |
Share repurchased relating to tax withholding requirements | $1.30 | $1 | ' |
Repurchased shares tax withholding | 48,937 | 53,019 | ' |
Stockholders_Equity_Changes_in
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Unrealized Gains on Investments, Beginning Balance | ' | ' | $275 | ' |
Other comprehensive income before reclassification, Unrealized gains on investments | ' | ' | 162 | ' |
Amounts reclassified from AOCI, net of tax | ' | ' | -45 | -29 |
Net other comprehensive income (loss) | ' | ' | 117 | ' |
Unrealized Gains on Investments, Ending Balance | 392 | ' | 392 | ' |
Cumulative Foreign Currency Translation Adjustments, Beginning Balance | ' | ' | 42,158 | ' |
Other comprehensive income before reclassification, Cumulative Foreign Currency Translation Adjustments | 5,331 | 6,229 | -6,092 | 7,225 |
Amounts reclassified from AOCI, net of tax, Cumulative Foreign Currency Translation Adjustments | ' | ' | ' | ' |
Net other comprehensive income (loss), Accumulated Other Comprehensive Income | ' | ' | -6,092 | ' |
Cumulative Foreign Currency Translation Adjustments, Ending Balance | 36,066 | ' | 36,066 | ' |
Unrecognized Net Actuarial loss and Prior Service Credit, Beginning Balance | ' | ' | -14,968 | ' |
Other comprehensive income before reclassifications, Unrecognized Net Actuarial loss and Prior Service Credit | ' | ' | ' | ' |
Amounts reclassified from AOCI, net of tax, Unrecognized Net Actuarial loss and Prior Service Credit | ' | ' | 91 | -78 |
Net other comprehensive income (loss), Unrecognized Net Actuarial loss and Prior Service Credit | ' | ' | 91 | ' |
Unrecognized Net Actuarial Loss and Prior Service Credit, Ending Balance | -14,877 | ' | -14,877 | ' |
Accumulated Other Comprehensive Income, Beginning Balance | ' | ' | 27,465 | ' |
Other Comprehensive Income before reclassification, Accumulated Other Comprehensive Income | ' | ' | -5,930 | ' |
Accumulated Other Comprehensive Income | ' | ' | 46 | ' |
Total other comprehensive (loss) income | 5,403 | 6,204 | -5,884 | 7,256 |
Accumulated Other Comprehensive Income, Ending Balance | $21,581 | ' | $21,581 | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity - Schedule of Reclassification Adjustments (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' |
Unrealized gain on investments | ($72) | ($45) |
Tax effect | 27 | 16 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | -45 | -29 |
Recognized net actuarial loss | 827 | 778 |
Amortization of prior service credit | -680 | -835 |
Tax effect | -56 | -21 |
Other comprehensive income loss pension and other postretirement benefit plans, cost reclassification adjustment net of tax, income tax expense | $91 | ($78) |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Information Related to Assets (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | $17,969 |
Money Market Funds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 16,680 |
Other Mutual Funds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 1,289 |
Quoted Prices in Active Markets (Level 1) [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 17,969 |
Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 16,680 |
Quoted Prices in Active Markets (Level 1) [Member] | Other Mutual Funds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | 1,289 |
Significant Other Observable Inputs (Level 2) [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | ' |
Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | ' |
Significant Other Observable Inputs (Level 2) [Member] | Other Mutual Funds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | ' |
Significant Unobserved Inputs (Level 3) [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | ' |
Significant Unobserved Inputs (Level 3) [Member] | Money Market Funds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | ' |
Significant Unobserved Inputs (Level 3) [Member] | Other Mutual Funds [Member] | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' |
Assets | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value Measurement [Line Items] | ' | ' |
Unrealized gains on the investments after-tax | $392,000 | $275,000 |
Money Market Funds [Member] | ' | ' |
Fair Value Measurement [Line Items] | ' | ' |
Investments | 16,700,000 | 10,200,000 |
Unrealized gains on the investments | 0 | 0 |
Other Mutual Funds [Member] | ' | ' |
Fair Value Measurement [Line Items] | ' | ' |
Investments | 1,300,000 | 1,200,000 |
Unrealized gains on the investments | 641,000 | 450,000 |
Unrealized gains on the investments after-tax | $392,000 | $275,000 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Fair Value Information Related to Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | $17,969,000 | ' | $17,969,000 | ' |
Total Gains (Losses), Goodwill | -4,461,000 | ' | -4,461,000 | ' |
Total Gains (Losses), Property and equipment | -952,000 | ' | -952,000 | ' |
Total Gains (Losses) | ' | ' | -5,413,000 | ' |
Goodwill [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Total Gains (Losses), Goodwill | ' | ' | -4,461,000 | ' |
Property, Plant and Equipment [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Total Gains (Losses), Property and equipment | ' | ' | -952,000 | ' |
Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Quoted Prices in Active Markets (Level 1) [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | 17,969,000 | ' | 17,969,000 | ' |
Quoted Prices in Active Markets (Level 1) [Member] | Goodwill [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Quoted Prices in Active Markets (Level 1) [Member] | Property, Plant and Equipment [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Quoted Prices in Active Markets (Level 1) [Member] | Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Goodwill [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Property, Plant and Equipment [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Significant Unobserved Inputs (Level 3) [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Significant Unobserved Inputs (Level 3) [Member] | Goodwill [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Significant Unobserved Inputs (Level 3) [Member] | Property, Plant and Equipment [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Significant Unobserved Inputs (Level 3) [Member] | Assets [Member] | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Income_Per_Share_Reconciliatio
Income Per Share - Reconciliation of the Numerators and Denominators of Basic and Diluted Earnings Per Share Computations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Numerator: | ' | ' | ' | ' |
Net income attributable to Viad | $11,855 | $19,976 | $26,173 | $27,093 |
Less: Allocation to non-vested shares | -264 | -532 | -605 | -735 |
Net income allocated to Viad common stockholders | 11,591 | 19,444 | 25,568 | 26,358 |
Denominator: | ' | ' | ' | ' |
Weighted-average outstanding common shares | 19,868 | 19,721 | 19,839 | 19,694 |
Additional dilutive shares related to share-based compensation | 323 | 296 | 349 | 299 |
Weighted-average outstanding and potentially dilutive shares | 20,191 | 20,017 | 20,188 | 19,993 |
Weighted-average outstanding common shares | 19,868 | 19,721 | 19,839 | 19,694 |
Net income attributable to Viad common stockholders | $0.58 | $0.99 | $1.29 | $1.34 |
Numerator: | ' | ' | ' | ' |
Net income attributable to Viad | $11,855 | $19,976 | $26,173 | $27,093 |
Denominator: | ' | ' | ' | ' |
Weighted-average outstanding common shares | 19,868 | 19,721 | 19,839 | 19,694 |
Additional dilutive shares related to share-based compensation | 323 | 296 | 349 | 299 |
Weighted-average outstanding and potentially dilutive shares | 20,191 | 20,017 | 20,188 | 19,993 |
Weighted-average outstanding common shares | 19,868 | 19,721 | 19,839 | 19,694 |
Net income attributable to Viad common stockholders | $0.58 | $0.99 | $1.29 | $1.34 |
Income_Per_Share_Additional_In
Income Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Additional dilutive shares related to share- based compensation | 323,000 | 296,000 | 349,000 | 299,000 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Common stock shares effect would be anti-dilutive | ' | ' | 47,000 | 436,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Taxes [Line Items] | ' | ' | ' |
Effective income tax rate | 29.30% | 32.60% | ' |
Federal statutory rate | 35.00% | ' | ' |
Gross deferred tax assets | $73,400,000 | ' | $77,200,000 |
Valuation allowance related to the foreign tax credit carryforwards | 14,700,000 | ' | 14,600,000 |
Accrued gross liabilities | 636,000 | ' | 636,000 |
Accrued interest and penalties for discontinued operations | 441,000 | ' | 418,000 |
Period of unrecognized tax benefits not expected to be recognized | '12 months | ' | ' |
Liabilities associated with uncertain tax positions | $1,100,000 | ' | $1,100,000 |
Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Period of tax credit | '10 years | ' | ' |
Expiration period | '2019 | ' | ' |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Viad's Pension and Post Retirement Benefit Plan (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Service cost | ' | $24 | $60 | $78 |
Interest cost | 251 | 276 | 773 | 863 |
Expected return on plan assets | -100 | -84 | -300 | -305 |
Amortization of prior service credit | ' | ' | ' | ' |
Recognized net actuarial loss | 129 | 110 | 427 | 368 |
Net periodic benefit cost | 280 | 326 | 960 | 1,004 |
Postretirement Benefit Plans [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Service cost | 25 | 31 | 117 | 110 |
Interest cost | 152 | 187 | 498 | 611 |
Expected return on plan assets | ' | -15 | ' | -56 |
Amortization of prior service credit | -227 | -278 | -677 | -835 |
Recognized net actuarial loss | 106 | 101 | 388 | 410 |
Net periodic benefit cost | 56 | 26 | 326 | 240 |
Foreign Pension Plans [Member] | ' | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' |
Service cost | 134 | 123 | 405 | 368 |
Interest cost | 175 | 186 | 531 | 552 |
Expected return on plan assets | -175 | -157 | -530 | -467 |
Amortization of prior service credit | ' | ' | ' | ' |
Recognized net actuarial loss | 10 | ' | 30 | ' |
Net periodic benefit cost | $144 | $152 | $436 | $453 |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefits - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Funded Plan [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Amount expected to be contributed to funded pension plans | $2,600,000 |
Amount contributed to pension plans | 2,300,000 |
Unfunded Pension Plans [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Amount contributed to pension plans | 665,000 |
Amount expected to contributed to unfunded pension plans | 1,100,000 |
Postretirement Benefit Plans [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Amount expected to be contributed to postretirement benefit plans | 400,000 |
Amount contributed to postretirement benefit plans | $64,000 |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | $714 | $608 | $2,207 | $3,511 |
Facilities [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | ' | $2,200 | ' |
Restructuring_Charges_Reconcil
Restructuring Charges - Reconciliation of Beginning and Ending Liability Balances by Major Restructuring Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | $7,224 | ' |
Restructuring charges, net | 714 | 608 | 2,207 | 3,511 |
Cash payments | ' | ' | -3,771 | -2,761 |
Balance at September 30, 2013 | 5,660 | ' | 5,660 | ' |
Facilities [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges, net | ' | ' | 2,200 | ' |
Marketing & Events Group [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges, net | 185 | 392 | 309 | 2,879 |
Marketing & Events Group [Member] | Severance & Employee Benefits [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | 720 | ' |
Restructuring charges, net | ' | ' | 1,890 | ' |
Cash payments | ' | ' | -1,434 | ' |
Balance at September 30, 2013 | 1,176 | ' | 1,176 | ' |
Marketing & Events Group [Member] | Facilities [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | 5,571 | ' |
Restructuring charges, net | ' | ' | 872 | ' |
Cash payments | ' | ' | -2,034 | ' |
Balance at September 30, 2013 | 4,409 | ' | 4,409 | ' |
Other Restructurings [Member] | Severance & Employee Benefits [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | ' | ' |
Restructuring charges, net | ' | ' | 137 | ' |
Cash payments | ' | ' | -62 | ' |
Balance at September 30, 2013 | 75 | ' | 75 | ' |
Other Restructurings [Member] | Facilities [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance at January 1, 2013 | ' | ' | 933 | ' |
Restructuring charges, net | ' | ' | -692 | ' |
Cash payments | ' | ' | -241 | ' |
Balance at September 30, 2013 | ' | ' | ' | ' |
Litigation_Claims_Contingencie1
Litigation, Claims, Contingencies and Other - Additional Information (Detail) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Aug. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Environmental remediation liability | $5,100,000 | ' |
Environment remediation liability included in other current liabilities | 398,000 | ' |
Environment remediation liability included in other deferred items and liabilities | 4,723,000 | ' |
Maximum potential amount of future payments | 15,500,000 | ' |
Guarantees relate to leased facilities expiry date | 'October 2017 | ' |
Recourse provision to recover guarantees | 0 | ' |
Concession contract expiration date | ' | 31-Dec-13 |
Possessory interest | ' | 25,000,000 |
Estimated amount for personal property | ' | $5,000,000 |
Revenue through concession contract | ' | 49.00% |
Operating lease term | '42 years | ' |
Ground lease end date | 31-Jan-52 | ' |
Segment operating income | 24.00% | ' |
Segment_Information_Reconcilia
Segment Information - Reconciliation of Assets From Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Revenues: | ' | ' | ' | ' | ' |
Total revenues | $236,473,000 | $307,457,000 | $770,950,000 | $822,679,000 | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Corporate activities | -2,034,000 | -2,036,000 | -4,007,000 | -6,000,000 | ' |
Segment operating income (loss), Total | 22,590,000 | 32,146,000 | 44,325,000 | 44,213,000 | ' |
Interest income | 122,000 | 153,000 | 397,000 | 445,000 | ' |
Restructuring charges | -714,000 | -608,000 | -2,207,000 | -3,511,000 | ' |
Interest expense | -286,000 | -331,000 | -905,000 | -991,000 | ' |
Impairment losses | ' | ' | -5,413,000 | ' | ' |
Income before income taxes | 16,299,000 | 31,360,000 | 36,197,000 | 40,156,000 | ' |
Assets | 659,160,000 | ' | 659,160,000 | ' | 650,577,000 |
Marketing & Events Group [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Total revenues | 156,486,000 | 230,304,000 | 653,060,000 | 709,289,000 | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Segment operating income (loss), Total | -7,904,000 | 2,847,000 | 18,792,000 | 21,872,000 | ' |
Restructuring charges | -185,000 | -392,000 | -309,000 | -2,879,000 | ' |
Impairment losses | -658,000 | ' | -658,000 | ' | ' |
Travel & Recreation Groups [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Total revenues | 79,987,000 | 77,153,000 | 117,890,000 | 113,390,000 | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Segment operating income (loss), Total | 32,528,000 | 31,335,000 | 29,540,000 | 28,341,000 | ' |
Restructuring charges | -77,000 | ' | -90,000 | ' | ' |
Impairment losses | -4,461,000 | ' | -4,461,000 | ' | ' |
Assets | 247,948,000 | ' | 247,948,000 | ' | 223,199,000 |
Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Restructuring charges | -18,000 | ' | -47,000 | -13,000 | ' |
Assets | 111,380,000 | ' | 111,380,000 | ' | 123,846,000 |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Total revenues | -4,352,000 | -5,871,000 | -10,269,000 | -11,669,000 | ' |
Other Segments [Member] | ' | ' | ' | ' | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Segment operating income (loss), Total | 24,624,000 | 34,182,000 | 48,332,000 | 50,213,000 | ' |
Marketing & Events International [Member] | ' | ' | ' | ' | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Restructuring charges | -434,000 | -216,000 | -1,761,000 | -619,000 | ' |
Impairment losses | -294,000 | ' | -294,000 | ' | ' |
U.S. [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Total revenues | 120,503,000 | 168,395,000 | 494,355,000 | 540,741,000 | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Segment operating income (loss), Total | -3,745,000 | -585,000 | 12,971,000 | 12,235,000 | ' |
U.S. [Member] | Marketing & Events Group [Member] | ' | ' | ' | ' | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Assets | 210,836,000 | ' | 210,836,000 | ' | 203,145,000 |
International [Member] | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' |
Total revenues | 40,335,000 | 67,780,000 | 168,974,000 | 180,217,000 | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Segment operating income (loss), Total | -4,159,000 | 3,432,000 | 5,821,000 | 9,637,000 | ' |
International [Member] | Marketing & Events Group [Member] | ' | ' | ' | ' | ' |
Segment operating income (loss): | ' | ' | ' | ' | ' |
Assets | $88,996,000 | ' | $88,996,000 | ' | $100,387,000 |
Segment_Information_Reconcilia1
Segment Information - Reconciliation of Assets From Reportable Segments (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Gain on sale of facility and related land | $4,775 | ' | $4,775 | ' |
Discontinued_Operations_Additi
Discontinued Operations - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' |
Sale of land related to discontinued operations, net of tax | $1,000,000 | ' | ' | ' | ' | ' |
Income from discontinued operations | ' | $1,006,000 | ' | $639,000 | $1,006,000 | $639,000 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Oct. 25, 2013 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Dividend Declared Date | 25-Oct-13 |
Dividend declared per share | $2.50 |
Dividend payments | $50.80 |
Dividend Record Date | 7-Nov-13 |
Dividend Payment Date | 14-Nov-13 |