Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | VIAD CORP | ||
Entity Central Index Key | 884,219 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Trading Symbol | VVI | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 948 | ||
Entity Common Stock, Shares Outstanding | 20,422,762 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Current assets | |||
Cash and cash equivalents | $ 53,723 | $ 20,900 | |
Accounts receivable, net of allowances for doubtful accounts of $2,023 and $1,342, respectively | 104,811 | 104,648 | |
Inventories | 30,372 | 31,420 | |
Other current assets | 21,030 | 18,449 | |
Total current assets | 209,936 | 175,417 | |
Property and equipment, net | 305,571 | 279,858 | |
Other investments and assets | 47,512 | 44,297 | |
Deferred income taxes | 23,548 | 42,549 | |
Goodwill | 270,551 | 254,022 | |
Other intangible assets, net | 62,781 | 73,673 | |
Total Assets | 919,899 | 869,816 | |
Current liabilities | |||
Accounts payable | 77,380 | 67,596 | |
Customer deposits | 33,415 | 42,723 | |
Accrued compensation | 30,614 | 29,913 | |
Other current liabilities | 38,720 | 30,390 | |
Current portion of debt and capital lease obligations | [1] | 152,599 | 174,968 |
Total current liabilities | 332,728 | 345,590 | |
Long-term debt and capital lease obligations | 56,593 | 74,243 | |
Pension and postretirement benefits | 28,135 | 28,611 | |
Other deferred items and liabilities | 52,858 | 50,734 | |
Total liabilities | 470,314 | 499,178 | |
Commitments and contingencies | |||
Redeemable noncontrolling interest | 6,648 | ||
Viad Corp stockholders’ equity: | |||
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued and outstanding | 37,402 | 37,402 | |
Additional capital | 574,458 | 573,841 | |
Retained earnings | 65,836 | 16,291 | |
Unearned employee benefits and other | 218 | 172 | |
Accumulated other comprehensive loss | (22,568) | (39,391) | |
Common stock in treasury, at cost, 4,518,099 and 4,613,520 shares, respectively | (226,215) | (230,960) | |
Total Viad stockholders’ equity | 429,131 | 357,355 | |
Non-redeemable noncontrolling interest | 13,806 | 13,283 | |
Total stockholders’ equity | 442,937 | 370,638 | |
Total Liabilities and Stockholders’ Equity | $ 919,899 | $ 869,816 | |
[1] | Borrowings under the revolving credit facilities are classified as current because all borrowed amounts are due within one year. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 2,023 | $ 1,342 |
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, shares outstanding | 24,934,981 | 24,934,981 |
Treasury stock, shares | 4,518,099 | 4,613,520 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
Exhibition and event services | $ 967,352 | $ 881,137 | $ 799,752 |
Exhibits and environments | 165,745 | 170,469 | 177,126 |
Pursuit services | 173,868 | 153,364 | 112,170 |
Total revenue | 1,306,965 | 1,204,970 | 1,089,048 |
Costs and expenses: | |||
Costs of services | 1,050,547 | 954,667 | 868,369 |
Costs of products sold | 161,992 | 165,118 | 166,095 |
Business interruption gain | (2,692) | ||
Corporate activities | 12,877 | 10,322 | 9,720 |
Interest income | (319) | (1,165) | (658) |
Interest expense | 8,304 | 5,898 | 4,535 |
Restructuring charges | 1,004 | 5,183 | 2,956 |
Impairment charges (recoveries), net | (29,098) | 218 | 96 |
Total costs and expenses | 1,202,615 | 1,140,241 | 1,051,113 |
Income from continuing operations before income taxes | 104,350 | 64,729 | 37,935 |
Income tax expense | 45,898 | 21,250 | 10,493 |
Income from continuing operations | 58,452 | 43,479 | 27,442 |
Loss from discontinued operations | (268) | (684) | (394) |
Net income | 58,184 | 42,795 | 27,048 |
Net income attributable to non-redeemable noncontrolling interest | (523) | (526) | (442) |
Net loss attributable to redeemable noncontrolling interest | 46 | ||
Net income attributable to Viad | $ 57,707 | $ 42,269 | $ 26,606 |
Diluted income (loss) per common share: | |||
Continuing operations attributable to Viad common stockholders | $ 2.84 | $ 2.12 | $ 1.34 |
Discontinued operations attributable to Viad common stockholders | (0.01) | (0.03) | (0.02) |
Net income attributable to Viad common stockholders | $ 2.83 | $ 2.09 | $ 1.32 |
Weighted-average outstanding and potentially dilutive common shares | 20,405 | 20,177 | 19,981 |
Basic income (loss) per common share: | |||
Continuing operations attributable to Viad common stockholders | $ 2.84 | $ 2.12 | $ 1.34 |
Discontinued operations attributable to Viad common stockholders | (0.01) | (0.03) | (0.02) |
Net income attributable to Viad common stockholders | $ 2.83 | $ 2.09 | $ 1.32 |
Weighted-average outstanding common shares | 20,146 | 19,990 | 19,797 |
Dividends declared per common share | $ 0.40 | $ 0.40 | $ 0.40 |
Amounts attributable to Viad common stockholders | |||
Income from continuing operations | $ 57,975 | $ 42,953 | $ 27,000 |
Loss from discontinued operations | (268) | (684) | (394) |
Net income attributable to Viad | $ 57,707 | $ 42,269 | $ 26,606 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 58,184 | $ 42,795 | $ 27,048 |
Other comprehensive income (loss): | |||
Unrealized gains (losses) on investments, net of tax effects of $121, $47, and $(78) | 195 | 75 | (125) |
Unrealized foreign currency translation adjustments, net of tax | 17,058 | (5,827) | (35,673) |
Change in net actuarial gain (loss), net of tax effects of $163, $617, and $653 | 344 | 894 | 2,556 |
Change in prior service cost, net of tax effects of $(473), $(219), and $(210) | (774) | (357) | (345) |
Comprehensive income (loss) | 75,007 | 37,580 | (6,539) |
Net income attributable to non-redeemable noncontrolling interest | (523) | (526) | (442) |
Net loss attributable to redeemable noncontrolling interest | 46 | ||
Comprehensive income (loss) attributable to Viad | $ 74,530 | $ 37,054 | $ (6,981) |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized investment gains (losses) arising during the period, tax effects | $ 121 | $ 47 | $ (78) |
Amortization of net actuarial gain (loss), tax effects | 163 | 617 | 653 |
Amortization of prior service cost, tax effects | $ (473) | $ (219) | $ (210) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Capital | Retained Earnings (Deficit) | Unearned Employee Benefits and Other | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Total Viad Equity | Non-Redeemable Non-Controlling Interest |
Beginning Balance at Dec. 31, 2014 | $ 347,702 | $ 37,402 | $ 582,066 | $ (36,427) | $ 23 | $ (589) | $ (247,088) | $ 335,387 | $ 12,315 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 27,048 | 26,606 | 26,606 | 442 | |||||
Dividends on common stock ($0.40 per share) | (8,036) | (8,036) | (8,036) | ||||||
Common stock purchased for treasury | (4,816) | (4,816) | (4,816) | ||||||
Employee benefit plans | 4,536 | (7,957) | 12,493 | 4,536 | |||||
Share-based compensation—equity awards | 2,156 | 2,156 | 2,156 | ||||||
Tax expense from share-based compensation | 360 | 360 | 360 | ||||||
Unrealized foreign currency translation adjustment | (35,673) | (35,673) | (35,673) | ||||||
Unrealized gain (loss) on investments | (125) | (125) | (125) | ||||||
Amortization of net actuarial gain (loss) | 2,556 | 2,556 | 2,556 | ||||||
Amortization of prior service cost | (345) | (345) | (345) | ||||||
Other, net | (25) | (102) | (9) | 86 | (25) | ||||
Ending Balance at Dec. 31, 2015 | 335,338 | 37,402 | 576,523 | (17,866) | 109 | (34,176) | (239,411) | 322,581 | 12,757 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 42,795 | 42,269 | 42,269 | 526 | |||||
Dividends on common stock ($0.40 per share) | (8,111) | (8,111) | (8,111) | ||||||
Common stock purchased for treasury | (722) | (722) | (722) | ||||||
Employee benefit plans | 3,921 | (5,251) | 9,172 | 3,921 | |||||
Share-based compensation—equity awards | 2,525 | 2,525 | 2,525 | ||||||
Tax expense from share-based compensation | 95 | 95 | 95 | ||||||
Unrealized foreign currency translation adjustment | (5,827) | (5,827) | (5,827) | ||||||
Unrealized gain (loss) on investments | 75 | 75 | 75 | ||||||
Amortization of net actuarial gain (loss) | 894 | 894 | 894 | ||||||
Amortization of prior service cost | (357) | (357) | (357) | ||||||
Other, net | 12 | (51) | (1) | 63 | 1 | 12 | |||
Ending Balance at Dec. 31, 2016 | 370,638 | 37,402 | 573,841 | 16,291 | 172 | (39,391) | (230,960) | 357,355 | 13,283 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 58,184 | ||||||||
Net income | 58,230 | 57,707 | 57,707 | 523 | |||||
Dividends on common stock ($0.40 per share) | (8,160) | (8,160) | (8,160) | ||||||
Common stock purchased for treasury | (2,119) | (2,119) | (2,119) | ||||||
Employee benefit plans | 4,177 | (2,687) | 6,864 | 4,177 | |||||
Share-based compensation—equity awards | 3,623 | 3,623 | 3,623 | ||||||
Unrealized foreign currency translation adjustment | 17,058 | 17,058 | 17,058 | ||||||
Unrealized gain (loss) on investments | 195 | 195 | 195 | ||||||
Amortization of net actuarial gain (loss) | 344 | 344 | 344 | ||||||
Amortization of prior service cost | (774) | (774) | (774) | ||||||
Other, net | (275) | (319) | (2) | 46 | (275) | ||||
Ending Balance at Dec. 31, 2017 | $ 442,937 | $ 37,402 | $ 574,458 | $ 65,836 | $ 218 | $ (22,568) | $ (226,215) | $ 429,131 | $ 13,806 |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends on common stock per share | $ 0.40 | $ 0.40 | $ 0.40 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities | |||
Net income | $ 58,184 | $ 42,795 | $ 27,048 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 55,114 | 42,743 | 35,231 |
Deferred income taxes | 26,049 | 7,672 | 469 |
Loss from discontinued operations | 268 | 684 | 394 |
Restructuring charges | 1,004 | 5,183 | 2,956 |
Impairment charges (recoveries) | (29,098) | 218 | 96 |
(Gains) losses on dispositions of property and other assets | 1,420 | (54) | (690) |
Share-based compensation expense | 10,969 | 8,038 | 3,848 |
Excess tax benefit from share-based compensation arrangements | (95) | (418) | |
Other non-cash items, net | 5,029 | 6,167 | 5,394 |
Change in operating assets and liabilities (excluding the impact of acquisitions): | |||
Receivables | (2,338) | (9,358) | (16,665) |
Inventories | 2,505 | (2,646) | 4,872 |
Accounts payable | 7,546 | 1,770 | (2,619) |
Restructuring liabilities | (1,954) | (3,866) | (2,572) |
Accrued compensation | (5,152) | (353) | 1,469 |
Customer deposits | (10,572) | 8,429 | 408 |
Income taxes payable | 5,820 | (4,630) | 67 |
Other assets and liabilities, net | (12,571) | (2,379) | 989 |
Net cash provided by operating activities | 112,223 | 100,318 | 60,277 |
Cash flows from investing activities | |||
Capital expenditures | (56,621) | (49,815) | (29,839) |
Proceeds from insurance | 31,570 | ||
Cash paid for acquired businesses, net | (1,501) | (195,989) | (430) |
Proceeds from dispositions of property and other assets | 947 | 1,166 | 1,542 |
Net cash used in investing activities | (25,605) | (244,638) | (28,727) |
Cash flows from financing activities | |||
Proceeds from borrowings | 90,004 | 229,701 | 50,000 |
Payments on debt and capital lease obligations | (135,801) | (108,915) | (62,969) |
Dividends paid on common stock | (8,160) | (8,111) | (8,036) |
Debt issuance costs | (5) | (336) | |
Common stock purchased for treasury | (2,119) | (722) | (4,816) |
Excess tax benefit from share-based compensation arrangements | 95 | 418 | |
Acquisition of business - deferred consideration | (130) | (896) | |
Proceeds from exercise of stock options | 1,041 | ||
Net cash provided by (used in) financing activities | (56,081) | 111,582 | (25,258) |
Effect of exchange rate changes on cash and cash equivalents | 2,286 | (2,893) | (6,751) |
Net change in cash and cash equivalents | 32,823 | (35,631) | (459) |
Cash and cash equivalents, beginning of year | 20,900 | 56,531 | 56,990 |
Cash and cash equivalents, end of period | $ 53,723 | $ 20,900 | $ 56,531 |
Overview and Summary of Signifi
Overview and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Overview and Summary of Significant Accounting Policies | Note 1. Overview and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of Viad have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and its subsidiaries. All significant intercompany account balances and transactions have been eliminated in consolidation. Nature of Business We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, the United Arab Emirates, and Hong Kong. We are committed to providing unforgettable experiences to our clients and guests. We operate through three reportable business segments: GES U.S., GES International, (collectively, “GES”), and Pursuit. GES GES is a global, full-service provider for live events that produces exhibitions, conferences, corporate events, and consumer events. GES offers a comprehensive range of live event services and a full suite of audio-visual services from creative and technology to content and design, along with online tools powered by next generation technologies that help clients easily manage the complexities of their events. GES’ clients include event organizers and corporate brand marketers. Event organizers schedule and run the event from start to finish. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products, and build business relationships. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events. Pursuit Pursuit is a collection of iconic natural and cultural destination travel experiences that enjoy perennial demand. Pursuit is comprised of four lines of business: Hospitality, Attractions, Transportation, and Travel Planning. These four lines of business work together, driving economies of scope and meaningful scale in and around the iconic destinations of Banff, Jasper, and Waterton Lakes National Parks and Vancouver in Canada, and Glacier, Denali, and Kenai Fjords National Parks in the United States. Pursuit is comprised of Brewster Travel Canada, which is marketed as the Banff Jasper Collection; the Alaska Collection; Glacier Park, Inc., which is marketed as the Glacier Park Collection, and FlyOver. Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things, the fair value of our reporting units used to perform annual impairment testing of recorded goodwill; allowances for uncollectible accounts receivable; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; assumptions used to measure pension and postretirement benefit costs and obligations; assumptions used to determine share-based compensation costs under the fair value method; assumptions in the redemption value of redeemable noncontrolling interests; and allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates. Cash and Cash Equivalents Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less. Cash and cash equivalents consist of cash and bank demand deposits and money market mutual funds. Investments in money market mutual funds are classified as available-for-sale and carried at fair value. Allowances for Doubtful Accounts Allowances for doubtful accounts reflect the best estimate of probable losses inherent in the accounts receivable balance. The allowances for doubtful accounts, including a sales allowance for discounts at the time of sale, are based upon an evaluation of the aging of receivables, historical trends, and the current economic environment. Inventories Inventories, which consist primarily of exhibit design and construction materials and supplies, as well as deferred show costs, including labor, show purchases, and commissions used in providing convention show services, are stated at the lower of cost (first-in, first-out and specific identification methods) or net realizable value. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets: buildings, 15 to 40 years; equipment, 3 to 12 years; and leasehold improvements, over the shorter of the lease term or useful life. Property and equipment are tested for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable through undiscounted cash flows. Capitalized Software Certain internal and external costs incurred in developing or obtaining internal use software are capitalized. Capitalized costs principally relate to costs incurred to purchase software from third parties, external direct costs of materials and services, and certain payroll-related costs for employees directly associated with software projects once application development begins. Costs associated with preliminary project activities, training, and other post-implementation activities are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful lives of the software, ranging from three to ten years. These costs are included in the Consolidated Balance Sheets under the caption “Property and equipment, net.” Goodwill Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We use a discounted expected future cash flow methodology (income approach) in order to estimate the fair value of our reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates, and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends, and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results. Cash Surrender Value of Life Insurance We have Company-owned life insurance contracts which are intended to fund the cost of certain employee compensation and benefit programs. These contracts are carried at cash surrender value, net of outstanding policy loans. The cash surrender value represents the amount of cash we could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, are included as a component of “Costs of Services” in the Consolidated Statements of Operations. Self-Insurance Liabilities We are self-insured up to certain limits for workers’ compensation, automobile, product and general liability, property loss, and medical claims. We retained certain liabilities related to workers’ compensation and general liability insurance claims in conjunction with previously sold operations. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on historical experience, claims frequency, insurance coverage, and other factors. We purchased insurance for amounts in excess of the self-insured levels. Environmental Remediation Liabilities Environmental remediation liabilities represent the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized. Environmental insurance is maintained that provides coverage for new and undiscovered pre-existing conditions at both our continuing and discontinued operations. Fair Value of Financial Instruments The carrying value of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturities of these instruments. Refer to Note 11 – Debt and Capital Lease Obligations for the estimated fair value of debt obligations. Non-redeemable Noncontrolling Interest and Redeemable Noncontrolling Interest Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership that we do not own in Glacier Park, Inc. of 20%. We report non-redeemable noncontrolling interest within stockholders’ equity in the Consolidated Balance Sheets. The amount of consolidated net income attributable to Viad and the non-redeemable noncontrolling interest is presented in the Consolidated Statements of Operations. Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. The Esja purchase agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders’ equity in the Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded to retained earnings and is included in our earnings per share. Refer to Note 21 – Redeemable Noncontrolling Interest for additional information. Foreign Currency Translation Our foreign operations are primarily in Canada, the United Kingdom, the Netherlands, Germany, and to a lesser extent, in certain other countries. The functional currency of our foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, we translate the assets and liabilities of our foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. For purposes of consolidation, revenue, expenses, gains, and losses related to our foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. GES derives revenue primarily by providing core services, event technology services, and audio-visual services to event organizers and exhibitors participating in live events. GES derives revenue from consumer events by charging visitors to view the touring exhibitions. Exhibition and event service’s revenue is recognized when services are completed, net of commissions. Exhibits and environments revenue is accounted for using the completed-contract method. Pursuit generates revenue through its hospitality, attractions, transportation, and travel planning services. Pursuit’s revenue is recognized at the time services are performed. Insurance Recoveries Receipts from insurance up to the amount of the recognized losses are considered recoveries and are accounted for when they are probable of receipt. Anticipated proceeds in excess of the recognized loss are considered a gain contingency. A contingency gain for anticipated insurance proceeds in excess of losses already recognized is not recognized until all contingencies relating to the insurance claim have been resolved. Insurance proceeds allocated to business interruption gains are reported as cash flows from operating activities, and proceeds allocated to impairment recoveries are reported as cash flows from investing activities. Insurance proceeds used for capitalizable costs are classified as cash flows from investing activities, and proceeds used for non-capitalizable costs are classified as operating activities. On December 29, 2016, the Mount Royal Hotel was damaged by a fire and closed. During the fourth quarter of 2016, we recorded an asset impairment loss of $2.2 million and an offsetting impairment recovery (and related insurance receivable) as the losses related to the fire were covered by our property and business interruption insurance. During July 2017, we resolved our property and business interruption insurance claims for a total of $36.3 million. We allocated $2.2 million to an insurance receivable, $29.3 million was recorded as an impairment recovery (partially offset by impairment charges of $0.2 million) related to construction costs to re-open the hotel, $2.5 million was recorded as a business interruption gain for the recovery of lost profits, $1.3 million was recorded as contra-expense to offset non-capitalizable costs incurred, and the remaining $1.0 million was recorded as deferred revenue, which will be recognized over the periods when the business interruption losses are actually incurred. Share-Based Compensation Share-based compensation costs, related to all share-based payment awards, are recognized and measured using the fair value method of accounting. These awards generally include restricted stock, liability-based awards (including performance units and restricted stock units), and stock options, and contain forfeiture and non-compete provisions. The fair value of restricted stock awards is based on our closing stock price on the date of grant. We issue restricted stock awards from shares held in treasury. Future vesting of restricted stock is generally subject to continued employment. Holders of restricted stock have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge, or otherwise encumber the stock, except to the extent restrictions have lapsed and in accordance with our stock trading policy. Restricted stock awards vest between three and five years from the date of grant. Share-based compensation expense related to restricted stock is recognized using the straight-line method over the requisite service period of approximately three years. For awards with a five-year vesting period, expense is recognized based on an accelerated multiple-award approach over a five-year period. For these awards, 40% of the shares vest on the third anniversary of the grant and the remaining shares vest in 30% increments over the subsequent two anniversary dates. Liability-based awards (including performance units and restricted stock units) are recorded at estimated fair value, based on the number of units expected to vest and where applicable, the level of achievement of predefined performance goals. These awards are remeasured on each balance sheet date based on our stock price, and the Monte Carlo simulation model, until the time of settlement. A Monte Carlo simulation requires the use of a number of assumptions, including historical volatility and correlation of our stock price and the price of the common shares of a comparator group, a risk-free rate of return, and an expected term. To the extent earned, liability-based awards are settled in cash based on our stock price. Compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years. Equity-based awards (including performance units) are recorded at estimated fair value, based on the number of units expected to vest and the level of achievement of predefined performance goals, until the time of settlement. To the extent earned, equity-based awards are settled in our common stock. Compensation expense related to equity-based awards is recognized ratably over the requisite service period of approximately three years. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense related to stock option awards is recognized using the straight-line method over the requisite service period of approximately five years. The exercise price of stock options is based on the market value of our common stock at the date of grant. We have not granted stock options since 2010. Common Stock in Treasury Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost. Income Per Common Share We apply the two-class method in calculating income per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income per common share. Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements: Standard Description Date of adoption Effect on the financial statements Standards Not Yet Adopted ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We may adopt either retrospectively to each prior period presented with the option to elect certain practical expedients or with the cumulative effect recognized at the date of initial application and providing certain disclosures. Subsequent to the issuance of ASU 2014-09, the FASB issued several amendments in 2016 which do not change the core principle of the guidance stated in ASU 2014-09. Rather, they are intended to clarify and improve understanding of certain topics included within the revenue standard. January 1, 2018 We assigned internal resources and engaged a third-party service provider to assist in evaluating the impact on our accounting policies, processes, and system requirements. Based on our assessment, the adoption of this standard will not have a material impact on our consolidated financial statements. The impact primarily relates to the deferral of certain commissions which were previously expensed as incurred but will generally be capitalized and amortized over the period of contract performance, and the deferral of certain costs incurred in connection with trade shows which were previously expensed as incurred but will generally be capitalized and expensed upon the completion of the show. We adopted the standard on January 1, 2018 and will be using the modified retrospective transition method. Additionally, the new guidance requires enhanced disclosures, including revenue recognition policies to identify performance obligations to customers and significant judgments in measurement and recognition. ASU 2016-02 , Leases (Topic 842) The amendment requires lessees to recognize on their balance sheet a right-of-use asset and a lease liability for leases with lease terms greater than one year. The amendment requires additional disclosures about leasing arrangements, and requires a modified retrospective approach to adoption. Early adoption is permitted. January 1, 2019 We are currently evaluating the potential impact the adoption of this new guidance will have on our financial position or results of operations including analyzing our existing operating leases. Based on our current assessment, the adoption of this standard will have a material impact on our Consolidated Balance Sheets, however the income statement is not expected to be materially impacted. We expect the most significant impact will relate to facility and equipment leases, which are currently recorded as operating leases. We are continuing our assessment, which may identify other impacts. We will adopt the standard on January 1, 2019. ASU 2017-04 , Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment The amendment eliminates the requirement to estimate the implied fair value of goodwill if it was determined that the carrying amount of a reporting unit exceeded its fair value. Goodwill impairment will now be recognized by the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The amendment should be applied prospectively and is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. January 1, 2020 The adoption of this new guidance is not expected to have a significant effect on our consolidated financial statements and we expect the adoption to reduce the complexity surrounding the analysis of goodwill impairment. Standard Description Date of adoption Effect on the financial statements Standards Recently Adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting The amendment identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. January 1, 2017 The adoption of this new guidance resulted in a decrease in tax expense of $1.1 million, or a 1.1% decrease in our effective tax rate, as compared to 2016. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 2. Share-Based Compensation The following table summarizes share-based compensation expense: Year Ended December 31, (in thousands) 2017 2016 2015 Performance unit incentive plan (“PUP”) $ 8,088 $ 5,703 $ 1,692 Restricted stock 2,594 2,073 2,111 Restricted stock units 287 262 45 Share-based compensation before income tax benefit 10,969 8,038 3,848 Income tax benefit (4,079 ) (2,988 ) (1,454 ) Share-based compensation, net of income tax benefit $ 6,890 $ 5,050 $ 2,394 We recorded share-based compensation expense through restructuring expense of $0.1 million during 2017, $0.2 million in 2016, and $45,000 in 2015. The 2017 and 2016 amounts relate to PUP and restricted stock units. The 2015 amount related to restricted stock units. No share-based compensation costs were capitalized during 2017, 2016, or 2015. The following table summarizes the activity of the outstanding share-based compensation awards: PUP Awards Restricted Stock Restricted Stock Units Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Balance at December 31, 2016 255,505 $ 26.11 267,051 $ 25.96 15,982 $ 25.58 Granted 73,557 $ 47.44 67,029 $ 46.99 2,950 $ 47.45 Vested (76,082 ) $ 24.07 (112,548 ) $ 24.04 (6,182 ) $ 24.97 Forfeited (13,642 ) $ 34.99 (14,633 ) $ 35.31 — $ — Balance at December 31, 2017 239,338 $ 32.80 206,899 $ 33.16 12,750 $ 30.94 Viad Corp Omnibus Incentive Plan We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan (the “2017 Plan”). The 2017 Plan was approved by our stockholders and was effective May 18, 2017. The 2017 Plan replaced the 2007 Viad Corp Omnibus Stock Plan (the “2007 Plan”). No further awards may be made under the 2007 Plan, although awards previously granted under the 2007 Plan will remain outstanding in accordance with their respective terms. The 2017 Plan has a 10-year life and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. In June 2017, we registered 1,750,000 shares of common stock issuable under the 2017 Plan. As of December 31, 2017, there were 1,744,546 shares available for future grant under the 2017 Plan. PUP Awards In February 2016, the PUP Plan was amended to provide that PUP awards earned under the 2007 Plan may be payable in the form of cash or in shares of our common stock (or a combination of both). Previously, payouts could only be made in cash. The vesting of shares is based upon achievement of certain performance-based criteria. The performance period of the shares is three years. During the year ended December 31, 2017, we granted $3.5 million PUP awards of which $1.4 million are payable in shares. Liabilities related to PUP awards were $11.0 million as of December 31, 2017 and $7.6 million as of December 31, 2016. In March 2017, PUP awards granted in 2014 vested and we distributed cash payouts of $3.7 million. In March 2016, PUP awards granted in 2013 vested and we distributed cash payouts of $0.2 million. In March 2015, PUP awards granted in 2012 vested and we distributed cash payouts of $2.4 million. Restricted Stock The grant date fair value of vested restricted stock was $2.7 million in 2017, $2.0 million in 2016, and $2.2 million in 2015. As of December 31, 2017, the unamortized cost of outstanding restricted stock awards was $2.5 million, which we expect to recognize over a weighted-average period of approximately 1.2 years. We repurchased 41,532 shares for $2.1 million in 2017 and 25,432 shares for $0.7 million in 2016 related to tax withholding requirements on vested share-based awards. During 2015, we repurchased 141,462 shares on the open market for $3.8 million and 35,649 shares for $1.0 million related to tax withholding requirements on vested share-based awards. Restricted Stock Units Aggregate liabilities related to restricted stock units was $0.5 million as of December 31, 2017 and $0.4 million as of December 31, 2016. In February 2017, portions of the 2012 and 2014 restricted stock units vested and we distributed cash payouts of $0.3 million. In February 2016, portions of the 2011, 2012, and 2013 restricted stock units vested and we distributed cash payouts of $0.2 million. In February 2015, portions of the 2010, 2011, and 2012 restricted stock units vested and we distributed cash payouts of $0.3 million. Stock Options During the year ended December 31, 2017, there was no stock option activity. As of both December 31, 2017 and 2016, there were 63,773 stock options outstanding and exercisable with a weighted-average exercise price of $16.62 and a weighted-average remaining contractual life of 2 years. As of December 31, 2017, there were no unrecognized costs related to non-vested stock option awards. The following table provides additional stock option information: December 31, (in thousands) 2017 2016 2015 Total intrinsic value of stock options outstanding (1) $ 2,473 $ 1,753 $ 740 Total intrinsic value of stock options exercised $ — $ — $ 1,474 Cash received from the exercise of stock options $ — $ — $ 898 Tax benefits realized for tax deductions related to stock option exercises $ — $ — $ 104 (1) The intrinsic value of stock options outstanding represents the difference between our closing stock price on December 31 of each year and the exercise price, multiplied by the number of in-the-money stock options. |
Acquisition of Businesses
Acquisition of Businesses | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisition of Businesses | Note 3. Acquisition of Businesses 2017 Acquisitions Poken In March 2017, we acquired Poken event engagement technology for total cash consideration of $1.7 million. Transaction costs associated with the acquisition of Poken were $0.3 million in 2017, which are included in cost of services in the Consolidated Statements of Operations. These assets have been included in the consolidated financial statements from the date of acquisition. Esja On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Esja is developing and will operate a new FlyOver Iceland attraction, which is expected to open in 2019. The purchase price was €8.2 million (approximately $9.5 million) in cash, which included a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date, the noncontrolling interests’ share of the subsequent net income or loss, and the accretion of the redemption value of the put option. As of the transaction date, the fair value of the noncontrolling interest was estimated to be $6.7 million. Due to the recent timing of the acquisition, the fair value of the noncontrolling interest is not yet finalized and is subject to change within the measurement period (up to one year from the acquisition date). Refer to Note 21 – Redeemable Noncontrolling Interest for additional information. Under the acquisition method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired is recorded as goodwill. Goodwill is included in the Pursuit business group and the primary factor that contributed to the purchase price resulting in the recognition of goodwill relates to future income from operations after opening in 2019. Transaction costs associated with the acquisition of Esja were $0.1 million in 2017, which are included in cost of services in the Consolidated Statements of Operations. The results of operations of Esja have been included in the consolidated financial statements from the date of acquisition. During 2017, Esja had an operating loss of $0.1 million. 2016 Acquisitions Maligne Lake Tours On January 4, 2016, we acquired the assets and operations of Maligne Tours Ltd. (“Maligne Lake Tours”), which provides interpretive boat tours and related services at Maligne Lake, the largest lake in Jasper National Park. The purchase price was $20.9 million Canadian dollars (approximately $15.0 million U.S. dollars) in cash. Transaction costs associated with the Maligne Lake Tours acquisition were $0.1 million in 2017 and $0.1 million in 2016, which are included in cost of services in the Consolidated Statements of Operations and $0.2 million in 2015, which are included in corporate activities in the Consolidated Statements of Operations. The results of operations of Maligne Lake Tours have been included in the consolidated financial statements from the date of acquisition. CATC On March 11, 2016, we acquired 100% of the equity interests in CATC Alaska Tourism Corporation (“CATC”), the operator of an Alaskan tourism business that includes a marine sightseeing tour business, three lodges, and a package tour business. The purchase price was $45.0 million in cash. Transaction costs associated with the CATC acquisition were $0.1 million in 2017, $0.1 million in 2016, and $0.6 million in 2015, which are included in corporate activities in the Consolidated Statements of Operations. The results of operations of CATC have been included in the consolidated financial statements from the date of acquisition. ON Services On August 11, 2016, we acquired the assets and operations of ON Event Services, LLC (“ON Services”), a leading provider of audio-visual production services for live events in the United States. The aggregate purchase price was up to $92.5 million in cash, which included an earnout payment (the “Earnout”) of up to $5.5 million. The fair value of the Earnout was valued on the date of acquisition and was remeasured based on the financial performance of ON Services for 2016. As of the transaction date, the fair value of the Earnout was estimated to be $540,000. Transaction costs associated with the ON Services acquisition were $0.1 million in 2017 and $0.9 million in 2016, which are included in corporate activities in the Consolidated Statement of Operations. The results of operations of ON Services have been included in the consolidated financial statements from the date of acquisition. FlyOver Canada On December 29, 2016, we acquired the assets and operations of FlyOver Canada, a recreational attraction that provides a virtual flight ride experience with a combination of motion seating, spectacular media, and visual effects including wind, scents, and mist. The purchase price was $68.8 million Canadian dollars (approximately $50.9 million U.S. dollars) in cash. Transaction costs associated with the FlyOver Canada acquisition were $0.1 million in 2017 and $0.5 million in 2016, which are included in cost of services in the Consolidated Statements of Operations. The results of operations of FlyOver Canada have been included in the consolidated financial statements from the date of acquisition. The following table summarizes the final allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisitions. The balances in the table below remain unchanged from the balances reflected in the Consolidated Balance Sheets in our Annual Report on Form 10-K for the year ended December 31, 2016. Maligne Lake Tours CATC ON Services FlyOver Canada (in thousands) Purchase price paid as: Cash $ 14,962 $ 45,000 $ 87,000 $ 50,920 Working capital adjustment — (35 ) 344 — Contingent consideration — — 540 — Cash acquired — (2,196 ) — (6 ) Total purchase price, net of cash acquired 14,962 42,769 87,884 50,914 Fair value of net assets acquired: Accounts receivable — 8 4,643 — Inventories 246 921 256 11 Prepaid expenses 2 82 872 37 Property and equipment 4,133 43,470 14,827 10,867 Intangible assets 9,244 980 33,990 6,028 Total assets acquired 13,625 45,461 54,588 16,943 Accounts payable — 306 992 — Accrued liabilities — 434 564 118 Customer deposits 15 1,952 851 — Other liabilities 240 — 274 — Total liabilities acquired 255 2,692 2,681 118 Total fair value of net assets acquired 13,370 42,769 51,907 16,825 Excess purchase price over fair value of net assets acquired (“goodwill”) $ 1,592 $ — $ 35,977 $ 34,089 Under the acquisition method of accounting, the purchase prices as shown in the table above are allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired is recorded as goodwill. Goodwill is included in the Pursuit business group for Maligne Lake Tours and FlyOver Canada and in the GES business group for ON Services. The primary factor that contributed to the purchase price resulting in the recognition of goodwill relates to future growth opportunities, and the expansion of the FlyOver concept for FlyOver Canada, when combined with our other businesses. All goodwill is deductible for tax purposes pursuant to Canadian tax regulations for Maligne Lake Tours and FlyOver Canada and over a period of 15 years for ON Services. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Following are the details of the purchase price allocated to the intangible assets acquired for the 2016 Acquisitions: (in thousands, except weighted average life) Maligne Lake Tours CATC ON Services FlyOver Canada Customer relationships $ 788 $ 780 $ 27,620 $ 1,592 Operating licenses 8,313 — — — Trade name 143 200 3,190 3,710 Non-compete agreements — — 3,180 726 Fair value of intangible assets acquired $ 9,244 $ 980 $ 33,990 $ 6,028 Weighted average life 26.7 years (1) 5.8 years 10.5 years 9.4 years (1) Largely attributable to operating licenses amortized over the remaining Parks Canada lease of 29 years. Supplementary pro forma financial information The following table summarizes our unaudited pro forma results of operations assuming the 2016 Acquisitions had each been completed on January 1, 2015: Year Ended December 31, (in thousands, except per share data) 2016 2015 Revenue $ 1,250,290 $ 1,183,656 Depreciation and amortization $ 52,074 $ 52,631 Income from continuing operations $ 43,727 $ 27,881 Net income attributable to Viad $ 42,517 $ 27,045 Diluted income per share $ 2.10 $ 1.35 Basic income per share $ 2.10 $ 1.35 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4. Inventories The components of inventories consisted of the following: December 31, (in thousands) 2017 2016 Raw materials $ 17,550 $ 16,846 Work in process 12,822 14,574 Inventories $ 30,372 $ 31,420 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Current Assets | Note 5. Other Current Assets Other current assets consisted of the following: December 31, (in thousands) 2017 2016 Prepaid vendor payments $ 5,048 $ 3,633 Income tax receivable 4,237 3,614 Prepaid software maintenance 3,386 2,804 Prepaid insurance 2,610 2,479 Prepaid taxes 912 850 Prepaid rent 730 327 Prepaid other 2,172 731 Other 1,935 4,011 Other current assets $ 21,030 $ 18,449 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Property and equipment consisted of the following: December 31, (in thousands) 2017 2016 Land and land interests (1) $ 32,544 $ 31,670 Buildings and leasehold improvements 222,118 185,987 Equipment and other (2) 351,676 326,868 Gross property and equipment 606,338 544,525 Accumulated depreciation (300,767 ) (264,667 ) Property and equipment, net $ 305,571 $ 279,858 (1) Land and land interests include certain leasehold interests in land within Pursuit for which we are considered to have perpetual use rights. The carrying amount of these leasehold interests was $8.4 million as of December 31, 2017 and $7.9 million as of December 31, 2016. These land interests are not subject to amortization. (2) Equipment and other includes capitalized costs incurred in developing or obtaining internal and external use software. The net carrying amount of capitalized software was $10.1 million as of December 31, 2017 and $11.9 million as of December 31, 2016. Depreciation expense was $42.7 million for 2017, $33.6 million for 2016, and $28.1 million for 2015. Non-cash increases to property and equipment related to assets acquired under capital leases were $2.5 million for 2017, $1.2 million for 2016, and $1.0 million for 2015. Non-cash increases to property and equipment purchases in accounts payable and accrued liabilities were $2.3 million for 2017, $0.9 million for 2016, and $2.3 million for 2015. On December 29, 2016, the Mount Royal Hotel in Banff, Canada was damaged by a fire and closed. As a result of the fire, we recorded an impairment loss of $2.2 million against the net book value of the hotel assets. During 2017, we resolved our property and business interruption insurance claims related to the fire for a total of $36.3 million of which $29.3 million was recorded as an impairment recovery (partially offset by impairment charges of $0.2 million) related to construction costs to re-open the hotel. During 2016, we recorded impairment charges of $0.2 million related to the write-down of certain software and buses in Pursuit. During 2015, we recorded impairment charges of $0.1 million related to the write-off of certain software in Pursuit. Impairment charges (recoveries) are included in the Consolidated Statements of Operations. |
Other Investments and Assets
Other Investments and Assets | 12 Months Ended |
Dec. 31, 2017 | |
Investments All Other Investments [Abstract] | |
Other Investments and Assets | Note 7. Other Investments and Assets Other investments and assets consisted of the following: December 31, (in thousands) 2017 2016 Cash surrender value of life insurance $ 23,947 $ 23,197 Self-insured liability receivable 10,442 10,463 Workers’ compensation insurance security deposits 3,550 4,050 Other mutual funds 2,637 2,062 Other 6,936 4,525 Other investments and assets $ 47,512 $ 44,297 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 8. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are as follows: (in thousands) GES U.S. GES International Pursuit Total Balance at December 31, 2015 $ 112,300 $ 38,635 $ 34,288 $ 185,223 Business acquisitions 35,977 — 35,681 71,658 Foreign currency translation adjustments — (4,175 ) 1,316 (2,859 ) Balance at December 31, 2016 148,277 34,460 71,285 254,022 Business acquisitions — 1,060 7,094 8,154 Foreign currency translation adjustments — 3,320 5,055 8,375 Balance at December 31, 2017 $ 148,277 $ 38,840 $ 83,434 $ 270,551 The following table summarizes goodwill by reporting unit and segment: December 31, (in thousands) 2017 2016 GES: U.S. $ 148,277 $ 148,277 International: GES EMEA 31,612 27,694 GES Canada 7,228 6,766 Total GES 187,117 182,737 Pursuit: Banff Jasper Collection 35,305 32,587 Alaska Collection 3,184 3,184 Glacier Park Collection 1,268 1,268 FlyOver 43,677 34,246 Total Pursuit 83,434 71,285 Total Goodwill $ 270,551 $ 254,022 Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. GES U.S. goodwill is assigned to, and tested at, the operating segment level. GES International goodwill is assigned to and tested based on the segment’s geographical operations (GES Europe, Middle East, and Asia (“GES EMEA”) and GES Canada). Pursuit’s impairment testing is performed at the reporting unit level (Banff Jasper Collection, the Alaska Collection, Glacier Park Collection, and FlyOver). As a result of our most recent impairment analysis performed as of October 31, 2017, the excess of the estimated fair value over the carrying value for each of our reporting units (expressed as a percentage of the carrying amounts) under step one of the impairment test for GES U.S. was 134%, GES EMEA was 214%, GES Canada was 164%, the Banff Jasper Collection was 147%, the Alaska Collection was 99%, the Glacier Park Collection was 16%, and FlyOver was 29%. Our accumulated goodwill impairment as of both December 31, 2017 and 2016 was $229.7 million. Other intangible assets consisted of the following: December 31, 2017 December 31, 2016 (in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortized intangible assets: Customer contracts and relationships $ 68,798 $ (23,696 ) $ 45,102 $ 67,762 $ (14,345 ) $ 53,417 Operating contracts and licenses 9,951 (1,094 ) 8,857 9,315 (652 ) 8,663 Tradenames 8,633 (2,873 ) 5,760 8,324 (1,440 ) 6,884 Non-compete agreements 5,363 (3,007 ) 2,356 5,190 (1,369 ) 3,821 Other 896 (650 ) 246 886 (458 ) 428 Total amortized intangible assets 93,641 (31,320 ) 62,321 91,477 (18,264 ) 73,213 Unamortized intangible assets: Business licenses 460 — 460 460 — 460 Other intangible assets $ 94,101 $ (31,320 ) $ 62,781 $ 91,937 $ (18,264 ) $ 73,673 Intangible asset amortization expense was $12.4 million during 2017, $9.2 million during 2016, and $7.2 million during 2015. The weighted-average amortization period of customer contracts and relationships is approximately 8.5 years, operating contracts and licenses is approximately 26.3 years, tradenames is approximately 7.0 years, non-compete agreements is approximately 2.2 years, and other amortizable intangible assets is approximately 2.2 years. The estimated future amortization expense related to amortized intangible assets held at December 31, 2017 is as follows: (in thousands) Year ending December 31, 2018 $ 11,013 2019 9,945 2020 8,444 2021 7,447 2022 5,895 Thereafter 19,577 Total $ 62,321 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Current [Abstract] | |
Other Current Liabilities | Note 9. Other Current Liabilities Other current liabilities consisted of the following: December 31, (in thousands) 2017 2016 Continuing operations: Accrued income tax payable $ 7,518 $ 758 Self-insured liability accrual 6,208 5,941 Commissions payable 3,235 639 Accrued employee benefit costs 2,915 2,624 Accrued sales and use taxes 2,431 4,279 Accrued dividends 2,094 2,119 Current portion of pension and postretirement liabilities 2,109 1,963 Deferred rent 1,679 1,535 Accrued rebates 1,106 1,078 Accrued professional fees 1,020 794 Accrued restructuring 722 1,924 Other taxes 2,750 4,210 Other 3,852 1,774 Total continuing operations 37,639 29,638 Discontinued operations: Environmental remediation liabilities 648 492 Self-insured liability accrual 337 162 Other 96 98 Total discontinued operations 1,081 752 Total other current liabilities $ 38,720 $ 30,390 |
Other Deferred Items and Liabil
Other Deferred Items and Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Deferred Items and Liabilities | Note 10. Other Deferred Items and Liabilities Other deferred items and liabilities consisted of the following: December 31, (in thousands) 2017 2016 Continuing operations: Self-insured liability $ 12,918 $ 12,981 Self-insured excess liability 10,442 10,463 Accrued compensation 9,740 8,514 Foreign deferred tax liability 8,267 2,264 Deferred rent 3,855 5,271 Accrued restructuring 1,827 1,858 Other 1,305 1,300 Total continuing operations 48,354 42,651 Discontinued operations: Self-insured liability 2,557 3,748 Environmental remediation liabilities 1,728 3,091 Accrued income taxes — 1,045 Other 219 199 Total discontinued operations 4,504 8,083 Total other deferred items and liabilities $ 52,858 $ 50,734 |
Debt and Capital Lease Obligati
Debt and Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt and Capital Lease Obligations | Note 11. Debt and Capital Lease Obligations The components of long-term debt and capital lease obligations consisted of the following: December 31, (in thousands, except interest rates) 2017 2016 Revolving credit facility and term loan, 3.1% weighted-average interest rate at December 31, 2017 and 2.6% at December 31, 2016, due through 2019 (1) $ 207,322 $ 212,750 Brewster Inc. revolving credit facility, 2.7% weighted-average interest rate at December 31, 2016 (1) — 36,456 Less unamortized debt issuance costs (984 ) (1,464 ) Total debt 206,338 247,742 Capital lease obligations, 3.8% weighted-average interest rate at December 31, 2017 and 4.9% at December 31, 2016, due through 2021 2,854 1,469 Total debt and capital lease obligations 209,192 249,211 Current portion (2) (152,599 ) (174,968 ) Long-term debt and capital lease obligations $ 56,593 $ 74,243 (1) Represents the weighted-average interest rate in effect at the respective periods for the revolving credit facilities and term loan borrowings, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. (2) Borrowings under the revolving credit facilities are classified as current because all borrowed amounts are due within one year. Effective December 22, 2014, we entered into a $300 million Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement provides for a senior credit facility in the aggregate amount of $300 million, which consists of a $175 million revolving credit facility (the “Revolving Credit Facility”) and a $125 million term loan (the “Term Loan”). The Credit Agreement has a maturity date of December 22, 2019. Proceeds from the loans made under the Credit Agreement were used to refinance certain of our outstanding debt and will be used for general corporate purposes in the ordinary course of business. Under the Credit Agreement, either or both of the Revolving Credit Facility and the Term Loan may be increased up to an additional $100 million under certain circumstances. If such circumstances are met, we may obtain the additional borrowings under the Revolving Credit Facility, the Term Loan, or a combination of the two. The Revolving Credit Facility has a $40 million sublimit for letters of credit. Borrowings and letters of credit can be denominated in U.S. dollars, Euros, Canadian dollars, or British pounds. Our lenders under the Credit Agreement have a first perfected security interest in all of our personal property including GES, GES Event Intelligence Services, Inc., CATC, and ON Services, and 65% of the capital stock of our top-tier foreign subsidiaries. Effective February 24, 2016, we executed an amendment (“Amendment No. 1”) to the Credit Agreement. Amendment No. 1 modified the terms of the financial covenants and the negative covenants related to acquisitions, restricted payments, and indebtedness. The overall maximum leverage ratio and minimum fixed charge coverage ratio are 3.50 to 1.00 and 1.75 to 1.00, respectively, and will remain at those levels for the entire remaining term of the Credit Agreement. Acquisitions in substantially the same or related lines of business are permitted under Amendment No. 1, as long as the pro forma leverage ratio is less than or equal to 3.00 to 1.00. We can make dividends, distributions, and repurchases of our common stock up to $20 million per calendar year. Stock dividends, distributions, and repurchases above the $20 million limit are not subject to a liquidity covenant, and are permitted as long as our pro forma leverage ratio is less than or equal to 2.50 to 1.00 and no default or unmatured default, as defined in the Credit Agreement, exists. Unsecured debt is allowed as long as our pro forma leverage ratio is less than or equal to 3.00 to 1.00. Significant other covenants under the Credit Agreement that were not affected by Amendment No. 1 include limitations on investments, sales/leases of assets, consolidations or mergers, and liens on property. As of December 31, 2017, the fixed charge coverage ratio was 3.10 to 1.00, the leverage ratio was 1.45 to 1.00, and we were in compliance with all covenants under the Credit Agreement. Effective December 28, 2016, Brewster Inc., part of Pursuit, entered into a credit agreement (the “Brewster Credit Agreement”) with a $38 million revolving credit facility (the “Brewster Revolver”). The Brewster Credit Agreement was used in connection with the FlyOver Canada acquisition. Effective December 6, 2017, we amended the Brewster Revolver to reduce the amount to $20 million and extend the maturity date to December 28, 2018. Additional loan proceeds will be used for potential future acquisitions in Canada and other general corporate purposes of Brewster Inc. The lender under the Brewster Revolver has a first perfected security interest in all of Brewster Inc.’s personal property and a guaranty from Brewster Inc.’s immediate parent, Brewster Travel Canada Inc. (secured by its present and future personal property), Viad, and all of its current or future subsidiaries that are required to be guarantors under Viad’s Credit Agreement. The fees on the unused portion of the Brewster Revolver are currently 0.2% annually. As of December 31, 2017, our total debt and capital lease obligations were $209.2 million, consisting of outstanding borrowings under the Term Loan of $75.0 million, the Revolving Credit Facility of $132.3 million, and capital lease obligations of $2.9 million, offset in part by unamortized debt issuance costs of $1.0 million. As of December 31, 2017, capacity remaining under the Revolving Credit Facility was $41.4 million, reflecting borrowings of $132.3 million and $1.3 million in outstanding letters of credit. As of December 31, 2017, Brewster Inc. had $20 million of capacity remaining under the Brewster Revolver. Borrowings under the Revolving Credit Facility (of which GES, GES Event Intelligence Services, Inc., CATC, and ON Services are guarantors) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to our leverage ratio. Commitment fees and letters of credit fees are also tied to our leverage ratio. The fees on the unused portion of the Revolving Credit Facility are currently 0.3% annually. As of December 31, 2017, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the consolidated financial statements and relate to leased facilities entered into by our subsidiary operations. We 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 we would be required to make under all guarantees existing as of December 31, 2017 would be $19.3 million. These guarantees relate to facilities leased through October 2027. There are no recourse provisions that would enable us to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby we could recover payments. Aggregate annual maturities of long-term debt and capital lease obligations as of December 31, 2017 are as follows: (in thousands) Revolving Credit Agreement Capital Lease Obligations Year ending December 31, 2018 $ 151,072 $ 1,601 2019 56,250 899 2020 — 454 2021 — 17 2022 — — Total $ 207,322 $ 2,971 Less: Amount representing interest (117 ) Present value of minimum lease payments $ 2,854 As of December 31, 2017, the gross amount of assets recorded under capital leases was $4.8 million and accumulated amortization was $2.0 million. As of December 31, 2016, the gross amount of assets recorded under capital leases was $3.3 million and accumulated amortization was $1.7 million. The amortization charges related to assets recorded under capital leases are included in depreciation expense. Refer to Note 6 – Property and Equipment. The weighted-average interest rate on total debt (including amortization of debt issuance costs and commitment fees) was 3.7% for 2017, 3.1% for 2016 and 3.2% for 2015. The estimated fair value of total debt was $203.2 million as of December 31, 2017 and $252.8 million as of December 31, 2016. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity. Cash paid for interest on debt was $7.7 million for 2017, $5.5 million for 2016, and $4.2 million for 2015. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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. Money market mutual funds and certain other mutual fund investments are measured at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following tables: Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds (1) $ 119 $ 119 $ — $ — Other mutual funds (2) 2,637 2,637 — — Total assets at fair value on a recurring basis $ 2,756 $ 2,756 $ — $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds (1) $ 118 $ 118 $ — $ — Other mutual funds (2) 2,062 2,062 — — Total assets at fair value on a recurring basis $ 2,180 $ 2,180 $ — $ — (1) Money market funds are included in “Cash and cash equivalents” in the Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds. (2) Other mutual funds are included in “Other investments and assets” in the Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. Unrealized gains of $1.0 million ($0.6 million after-tax) as of December 31, 2017 and $0.7 million ($0.4 million after tax) as of December 31, 2016 are included in “Accumulated other comprehensive income (loss)” (“AOCI”) in the Consolidated Balance Sheets. The carrying values of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturities of these instruments. Refer to Note 11 – Debt and Capital Lease Obligations for the estimated fair value of debt obligations. |
Income Per Share
Income Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Income Per Share | Note 13. Income Per Share The components of basic and diluted income per share are as follows: Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Net income attributable to Viad (diluted) $ 57,707 $ 42,269 $ 26,606 Less: Allocation to non-vested shares (700 ) (571 ) (385 ) Adjustment to carrying value of redeemable noncontrolling interest — — — Net income allocated to Viad common stockholders (basic) $ 57,007 $ 41,698 $ 26,221 Basic weighted-average outstanding common shares 20,146 19,990 19,797 Additional dilutive shares related to share-based compensation 259 187 184 Diluted weighted-average outstanding shares 20,405 20,177 19,981 Income per share: Basic income attributable to Viad common stockholders $ 2.83 $ 2.09 $ 1.32 Diluted income attributable to Viad common stockholders $ 2.83 $ 2.09 $ 1.32 Options to purchase 8,000 shares during 2017, 500 shares during 2016, and 4,000 shares during 2015 of common stock were outstanding, but were not included in the computation of dilutive shares outstanding because the effect would be anti-dilutive. |
Preferred Stock Purchase Rights
Preferred Stock Purchase Rights | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Preferred Stock Purchase Rights | Note 14. Preferred Stock Purchase Rights We authorized five million shares of Preferred Stock and two million shares of Junior Participating Preferred Stock, none of which was outstanding on December 31, 2017. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 15. Accumulated Other Comprehensive Income (Loss) Changes in AOCI by component are as follows: (in thousands) Unrealized Gains on Investments Cumulative Foreign Currency Translation Adjustments Unrecognized Net Actuarial Loss and Prior Service Credit, Net Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2015 $ 346 $ (23,257 ) $ (11,265 ) $ (34,176 ) Other comprehensive income (loss) before reclassifications 135 (5,827 ) — (5,692 ) Amounts reclassified from AOCI, net of tax (60 ) — 537 477 Net other comprehensive income (loss) 75 (5,827 ) 537 (5,215 ) Balance at December 31, 2016 $ 421 $ (29,084 ) $ (10,728 ) $ (39,391 ) Other comprehensive income before reclassifications 257 17,058 — 17,315 Amounts reclassified from AOCI, net of tax (62 ) — (430 ) (492 ) Net other comprehensive income (loss) 195 17,058 (430 ) 16,823 Balance at December 31, 2017 $ 616 $ (12,026 ) $ (11,158 ) $ (22,568 ) The following table presents information about reclassification adjustments out of AOCI: Year Ended December 31, Affected Line Item in the Statement Where Net Income is Presented (in thousands) 2017 2016 Unrealized gains on investments $ (100 ) $ (97 ) Interest income Tax effect 38 37 Income taxes $ (62 ) $ (60 ) Recognized net actuarial loss (gains) (1) $ 507 $ 1,440 Amortization of prior service credit (1) (1,247 ) (575 ) Tax effect 310 (328 ) Income taxes $ (430 ) $ 537 (1) Amount included in pension expense. Refer to Note 17 – Pension and Postretirement Benefits. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16. Income Taxes We record current income tax expense for the amounts that we expect to report and pay on our income tax returns and deferred income tax expense for the change in the deferred tax assets and liabilities. On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the “Tax Act”) that significantly changed the U.S. tax code and reduced the U.S. federal corporate tax rate from 35% to 21%. Deferred tax assets and liabilities are recorded for the difference between the financial statement and tax basis of assets and liabilities, measured at the enacted tax rate applicable when the differences reverse. We recognized deferred tax expense of $8.0 million for the remeasurement of the net deferred tax assets in the fourth quarter of 2017. The Tax Act included the transition from a worldwide system of taxation to a territorial system and required a one-time deemed mandatory repatriation of post-1986 undistributed foreign subsidiary earnings and profits (“E&P”). As of December 31, 2017, we had an estimated $174.0 million of undistributed foreign E&P subject to the deemed mandatory repatriation and recognized current income tax expense of $8.1 million in the fourth quarter of 2017. In addition to the impact recorded as of December 31, 2017, the Tax Act changed existing tax laws, effective January 1, 2018, including the repeal of the corporate alternative minimum tax and the increasing alternative minimum tax credit carryforward utilization, as well as establishing two new taxes, the base erosion anti-abuse tax (“BEAT”) and the global intangible low-taxed income (“GILTI”) tax after the foreign intangible deduction (“FDII”). Under the new BEAT regime, certain payments made to related foreign companies are treated as base-eroding and limits the deductibility of these payments and imposes a minimum tax in excess of regular tax liability. We have reviewed the applicability of the BEAT provisions to our transactions and we do not expect to be subject to BEAT and have not recorded any provision for BEAT in the year ended December 31, 2017. Under the new GILTI regime, earnings of foreign subsidiaries in excess of an allowable return on the subsidiary’s tangible assets are required to be included in our U.S. taxable income. Because of the complexity of the new GILTI tax rules, we are continuing to assess the impact and have not recorded a provision for the GILTI tax in the year ended December 31, 2017. On December 22, 2017, the SEC issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act under U.S. GAAP for SEC registrants who do not have the necessary information available, prepared or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. In accordance with SAB 118, to the extent that a company’s accounting is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. We have not completed the detailed accounting for all of the income tax effects of the Tax Act, specifically the BEAT and GILTI taxes, since the computations are complex and we need additional time to complete a full analysis. Under SAB 118, we recorded a provisional estimate for the mandatory repatriation of post-1986 undistributed foreign subsidiary E&P of $8.1 million and the remeasurement of the net deferred tax assets of $8.0 million for the year ended December 31, 2017. The ultimate impact may differ from these provisional amounts, possibly materially, due to additional analysis, changes in interpretations and assumptions we have made, additional regulatory guidance that may be issued and actions we may take as a result of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the enactment date and we expect to complete the detailed accounting and include any adjustments within this period. Income from continuing operations before income taxes consisted of the following: Year Ended December 31, (in thousands) 2017 2016 2015 Foreign $ 82,919 $ 33,611 $ 35,571 United States 21,431 31,118 2,364 Income from continuing operations before income taxes $ 104,350 $ 64,729 $ 37,935 Significant components of the income tax provision from continuing operations are as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States: Federal $ 1,693 $ 3,685 $ (876 ) State 2,573 1,716 1,558 Foreign 15,583 8,177 9,342 Total current 19,849 13,578 10,024 Deferred: United States: Federal 19,893 8,427 1,854 State 1,761 (598 ) (164 ) Foreign 4,395 (157 ) (1,221 ) Total deferred 26,049 7,672 469 Income tax expense $ 45,898 $ 21,250 $ 10,493 We are subject to income tax in jurisdictions in which we operate. A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Computed income tax expense at statutory federal income tax rate of 35% $ 36,522 35.0 % $ 22,655 35.0 % $ 13,277 35.0 % State income taxes, net of federal benefit 1,160 1.1 % 292 0.5 % 1,713 4.5 % Deemed mandatory repatriation state tax 1,206 1.2 % — — — — Deemed mandatory repatriation federal tax, net of foreign tax credit 6,936 6.6 % — — — — Remeasurement of deferred taxes due to reduction in U.S. tax rate * 8,000 7.7 % — — — — Foreign tax rate differential (5,031 ) (4.8 )% (882 ) (1.4 )% (1,181 ) (3.1 )% U.S. tax on current year foreign earnings, net of foreign tax credits (2,726 ) (2.6 )% (373 ) (0.6 )% (948 ) (2.5 )% Change in valuation allowance (796 ) (0.8 )% 1,230 1.9 % (944 ) (2.5 )% Other adjustments, net 627 0.6 % (1,672 ) (2.6 )% (1,424 ) (3.7 )% Income tax expense $ 45,898 44.0 % $ 21,250 32.8 % $ 10,493 27.7 % * Includes $0.6 million increase to the valuation allowance related to the remeasurement of deferred taxes due to the reduction in U.S. tax rate. The components of deferred income tax assets and liabilities included in the Consolidated Balance Sheets are as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Tax credit carryforwards $ 6,654 $ 11,380 Pension, compensation, and other employee benefits 15,173 22,868 Provisions for losses 5,826 10,235 Net operating loss carryforward 5,195 5,023 State income taxes 2,502 3,790 Other deferred income tax assets 2,796 5,020 Total deferred tax assets 38,146 58,316 Valuation allowance (4,010 ) (3,998 ) Foreign deferred tax assets included above (2,396 ) (1,972 ) Net deferred tax assets 31,740 52,346 Deferred tax liabilities: Property and equipment (10,530 ) (3,299 ) Deferred tax related to life insurance (3,556 ) (5,642 ) Goodwill and other intangible assets (4,299 ) (4,535 ) Other deferred income tax liabilities (463 ) (557 ) Total deferred tax liabilities (18,848 ) (14,033 ) Foreign deferred tax liabilities included above 7,869 2,852 United States net deferred tax assets $ 20,761 $ 41,165 We use significant judgment in forming conclusions regarding the recoverability of our deferred tax assets and evaluate all available positive and negative evidence to determine if it is more-likely-than-not that the deferred tax assets will be realized. To the extent recovery does not appear likely, a valuation allowance must be recorded. We had gross deferred tax assets of $38.1 million as of December 31, 2017 and $58.3 million as of December 31, 2016. 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. As of December 31, 2017, foreign tax credit carryforwards were $0.4 million, of which $0.1 million are U.S. foreign tax credits and $0.3 million are United Kingdom foreign tax credits. The U.S. foreign tax credits are subject to a 10-year carryforward period and will expire in 2021. As of December 31, 2017, we had alternative minimum tax credit carryforwards of $6.2 million that will be fully utilized against future tax liabilities before becoming refundable as allowed under the Tax Act. We had gross state and foreign net operating loss carryforwards of $68.4 million as of December 31, 2017 and $63.0 million as of December 31, 2016, for which we had deferred tax assets of $5.2 million as of December 31, 2017 and $5.0 million as of December 31, 2016. The state and foreign net operating loss carryforwards expire on various dates from 2018 through 2038. As of December 31, 2017 and 2016, the valuation allowance was $4.0 million. During 2017, we had a $1.6 million decrease on German foreign net operating loss carryforwards, offset by a $0.3 million increase for the United Kingdom foreign tax credits (although subject to an indefinite carryforward period, do not meet the more likely-than-not threshold for recognition), a $0.5 million increase for the state net operating loss return to provision true up, a $0.6 million increase due to the remeasurement for the reduction in U.S. tax rate, and a $0.2 million increase in foreign exchange. While we believe that the deferred tax assets, net of existing valuation allowances, will be utilized in future periods, there are inherent uncertainties regarding the ultimate realization of these assets. It is possible that the relative weight of positive and negative evidence regarding the realization of deferred tax assets may change, which could result in a material increase or decrease in our valuation allowance. Such a change could result in a material increase or decrease to income tax expense in the period the assessment was made. We have not recorded deferred taxes for certain states or foreign withholding taxes on certain historical unremitted earnings of our subsidiaries located in Canada, the United Kingdom, and the Netherlands as we intend to reinvest those earnings in operations outside of the United States. We exercise judgment in determining the income tax provision for positions taken on prior returns when the ultimate tax determination is uncertain. We classify liabilities associated with uncertain tax positions as non-current liabilities in the Consolidated Balance Sheets unless expected to be paid or released within one year. We had liabilities associated with uncertain tax positions, including interest and penalties, of $1.7 million as of December 31, 2017 and $2.7 million as of December 31, 2016. Uncertain tax positions, including interest and penalties, are classified as a component of income tax expense. During 2017, we decreased the liability for continuing operations uncertain tax positions by $0.1 million due to lapse of statute and we increased accrued interest and penalties for continuing operations positions by $0.1 million. We expect $1.3 million of the continuing operations uncertain tax positions to be resolved or settled within the next twelve months and have classified this amount as a current liability. During 2017, we released the liability for discontinued operations uncertain tax positions of $1.0 million, including $0.4 million in accrued interest and penalties, due to a statute expiration, which was recorded through discontinued operations. We had liabilities associated with discontinued operations uncertain tax positions of zero as of December 31, 2017 and $1.0 million as of December 31, 2016. A reconciliation of the liabilities associated with uncertain tax positions (excluding interest and penalties) is as follows: (in thousands) Continuing Operations Discontinued Operations Total Balance at December 31, 2014 $ 1,283 $ 636 $ 1,919 Additions for tax positions taken in prior years 43 — 43 Reductions for tax positions taken in prior years (666 ) — (666 ) Reductions for lapse of applicable statutes (353 ) — (353 ) Balance at December 31, 2015 307 636 943 Additions for tax positions taken in prior years 1,295 — 1,295 Reductions for lapse of applicable statutes (43 ) — (43 ) Balance at December 31, 2016 1,559 636 2,195 Additions for tax positions taken in prior years 43 — 43 Reductions for lapse of applicable statutes (177 ) (636 ) (813 ) Balance at December 31, 2017 $ 1,425 $ — $ 1,425 We are subject to regular and recurring audits by taxing authorities in jurisdictions in which we operate or have operated in the past, including various foreign countries in addition to the United States, Canada, and the United Kingdom. Our 2014 through 2017 U.S. federal tax years and various state tax years from 2013 through 2017 remain subject to income tax examinations by tax authorities. Tax years 2012 through 2017 remain subject to examination by various foreign taxing jurisdictions. Cash paid for income taxes was $14.6 million during 2017, $14.1 million during 2016, and $10.1 million during 2015. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Postretirement Benefits | Note 17. Pension and Postretirement Benefits Domestic Plans We have frozen defined benefit pension plans held in trust for certain employees which we funded. We also maintain certain unfunded defined benefit pension plans which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. We also have certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees, and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, we retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, we may fund the plans. The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our pension plans consist of the following: December 31, (in thousands) 2017 2016 2015 Net periodic benefit cost: Service cost $ 64 $ 98 $ 101 Interest cost 803 1,032 1,018 Expected return on plan assets (176 ) (256 ) (380 ) Recognized net actuarial loss 433 423 492 Net periodic benefit cost 1,124 1,297 1,231 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss (gain) 114 1 (963 ) Reversal of amortization item: Net actuarial loss (433 ) (423 ) (492 ) Total recognized in other comprehensive income (loss) (319 ) (422 ) (1,455 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 805 $ 875 $ (224 ) The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our postretirement benefit plans consist of the following: December 31, (in thousands) 2017 2016 2015 Net periodic benefit cost: Service cost $ 92 $ 99 $ 152 Interest cost 413 573 619 Amortization of prior service credit (431 ) (503 ) (552 ) Recognized net actuarial loss 164 295 528 Net periodic benefit cost 238 464 747 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss (gain) 237 (790 ) (1,248 ) Prior service credit 816 73 3 Reversal of amortization item: Net actuarial loss (164 ) (295 ) (528 ) Prior service credit 431 503 552 Total recognized in other comprehensive income (loss) 1,320 (509 ) (1,221 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 1,558 $ (45 ) $ (474 ) The following table indicates the funded status of the plans as of December 31: Postretirement Funded Plans Unfunded Plans Benefit Plans (in thousands) 2017 2016 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 15,027 $ 14,906 $ 9,825 $ 10,049 $ 13,619 $ 14,573 Service cost — — 64 97 92 99 Interest cost 492 629 311 403 413 573 Actuarial adjustments 618 240 175 (221 ) 237 (790 ) Plan amendments — — — — 816 73 Benefits paid (697 ) (748 ) (518 ) (503 ) (1,370 ) (909 ) Benefit obligation at end of year 15,440 15,027 9,857 9,825 13,807 13,619 Change in plan assets: Fair value of plan assets at beginning of year 10,416 10,479 — — — — Actual return on plan assets 855 273 — — — — Company contributions 1,016 412 518 503 1,370 909 Benefits paid (697 ) (748 ) (518 ) (503 ) (1,370 ) (909 ) Fair value of plan assets at end of year 11,590 10,416 — — — — Funded status at end of year $ (3,850 ) $ (4,611 ) $ (9,857 ) $ (9,825 ) $ (13,807 ) $ (13,619 ) The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 are as follows: Postretirement Funded Plans Unfunded Plans Benefit Plans (in thousands) 2017 2016 2017 2016 2017 2016 Other current liabilities $ — $ — $ 809 $ 699 $ 1,112 $ 1,094 Non-current liabilities 3,850 4,611 9,048 9,126 12,695 12,525 Net amount recognized $ 3,850 $ 4,611 $ 9,857 $ 9,825 $ 13,807 $ 13,619 Amounts recognized in AOCI as of December 31 are as follows: Postretirement Funded Plans Unfunded Plans Benefit Plans Total Total (in thousands) 2017 2016 2017 2016 2017 2016 2017 2016 Net actuarial loss $ 8,681 $ 9,090 $ 2,587 $ 2,496 $ 2,784 $ 2,710 $ 14,052 $ 14,296 Prior service credit — — — — (351 ) (1,598 ) (351 ) (1,598 ) Subtotal 8,681 9,090 2,587 2,496 2,433 1,112 13,701 12,698 Less tax effect (3,292 ) (3,447 ) (981 ) (947 ) (923 ) (422 ) (5,196 ) (4,816 ) Total $ 5,389 $ 5,643 $ 1,606 $ 1,549 $ 1,510 $ 690 $ 8,505 $ 7,882 The estimated net actuarial loss for the postretirement benefit plans that is expected to be amortized from AOCI into net periodic benefit cost in 2018 is approximately $0.2 million. The estimated prior service credit for the postretirement benefit plans that is expected to be amortized from AOCI into net periodic benefit credit in 2018 is approximately $0.2 million. The estimated net actuarial loss that is expected to be amortized from AOCI into net periodic benefit cost in 2018 is approximately $0.1 million for the unfunded benefit plans and $0.4 million for the funded benefit plans. The fair value of the domestic plans’ assets by asset class are as follows: Fair Value Measurements at December 31, 2017 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) Domestic pension plans: Fixed income securities $ 5,787 $ 5,787 $ — $ — Equity securities 5,390 5,390 — — Cash 214 214 — — Other 199 — 199 — Total $ 11,590 $ 11,391 $ 199 $ — Fair Value Measurements at December 31, 2016 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) Domestic pension plans: Fixed income securities $ 5,352 $ 5,352 $ — $ — Equity securities 4,580 4,580 — — Cash 280 280 — — Other 204 — 204 — Total $ 10,416 $ 10,212 $ 204 $ — We employ a total return investment approach whereby a mix of equities and fixed income securities is used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across U.S. and non-U.S. stocks, as well as growth and value. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements. We utilize a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also considers diversification and rebalancing. Peer data and historical returns are reviewed relative to our assumed rates for reasonableness and appropriateness. The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (in thousands) Funded Plans Unfunded Plans Postretirement Benefit Plans 2018 $ 1,434 $ 823 $ 1,132 2019 $ 927 $ 738 $ 1,127 2020 $ 997 $ 740 $ 1,100 2021 $ 921 $ 725 $ 1,066 2022 $ 990 $ 709 $ 1,039 2023-2027 $ 4,859 $ 3,259 $ 4,685 Foreign Pension Plans Certain of our foreign operations also maintain defined benefit pension plans held in trust for certain employees which are funded by the companies, and unfunded defined benefit pension plans providing supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) included the following: December 31, (in thousands) 2017 2016 2015 Net periodic benefit cost: Service cost $ 530 $ 488 $ 503 Interest cost 492 488 505 Expected return on plan assets (602 ) (558 ) (583 ) Recognized net actuarial loss 155 162 160 Settlement 777 — — Net periodic benefit cost 1,352 580 585 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss (106 ) 158 182 Reversal of amortization of net actuarial loss (155 ) (162 ) (160 ) Total recognized in other comprehensive income (loss) (261 ) (4 ) 22 Total recognized in net periodic benefit cost and other comprehensive income $ 1,091 $ 576 $ 607 The following table represents the funded status of the plans as of December 31: Funded Plans Unfunded Plans (in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 10,488 $ 9,744 $ 2,486 $ 2,470 Service cost 530 488 — — Interest cost 406 400 87 87 Actuarial adjustments 658 395 (54 ) 105 Benefits paid (3,231 ) (818 ) (182 ) (177 ) Translation adjustment 670 279 245 1 Benefit obligation at end of year 9,521 10,488 2,582 2,486 Change in plan assets: Fair value of plan assets at beginning of year 10,576 9,705 — — Actual return on plan assets 764 617 — — Company contributions 710 795 182 177 Benefits paid (3,231 ) (818 ) (182 ) (177 ) Translation adjustment 674 277 — — Fair value of plan assets at end of year 9,493 10,576 — — Funded status at end of year $ (28 ) $ 88 $ (2,582 ) $ (2,486 ) The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows: Funded Plans Unfunded Plans (in thousands) 2017 2016 2017 2016 Non-current assets $ (15 ) $ (88 ) $ — $ — Other current liabilities — — 188 170 Non-current liabilities 43 — 2,394 2,316 Net amount recognized $ 28 $ (88 ) $ 2,582 $ 2,486 Net actuarial losses for the foreign funded plans recognized in AOCI were $2.5 million ($1.8 million after-tax) as of December 31, 2017 and $3.3 million ($2.5 million after-tax) as of December 31, 2016. Net actuarial losses for the foreign unfunded plans recognized in AOCI were $0.7 million ($0.5 million after-tax) as of December 31, 2017 and $0.4 million ($0.3 million after-tax) as of December 31, 2016. The fair value information related to the foreign pension plans’ assets is summarized in the following tables: Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobserved Inputs (Level 3) Assets: Fixed income securities $ 4,414 $ 4,414 $ — $ — Equity securities 4,889 4,466 423 — Other 190 190 — — Total $ 9,493 $ 9,070 $ 423 $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobserved Inputs (Level 3) Assets: Fixed income securities $ 4,082 $ 4,082 $ — $ — Equity securities 4,518 4,130 388 — Other 1,976 1,976 — — Total $ 10,576 $ 10,188 $ 388 $ — The following payments, which reflect expected future service, as appropriate, are expected to be paid: (in thousands) Funded Plans Unfunded Plans 2018 $ 365 $ 191 2019 $ 376 $ 190 2020 $ 378 $ 190 2021 $ 396 $ 190 2022 $ 496 $ 189 2023-2027 $ 2,499 $ 935 Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets The accumulated benefit obligations in excess of plan assets as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans (in thousands) 2017 2016 2017 2016 Projected benefit obligation $ 15,440 $ 15,027 $ 9,857 $ 9,825 Accumulated benefit obligation $ 15,440 $ 15,027 $ 9,826 $ 9,737 Fair value of plan assets $ 11,590 $ 10,416 $ — $ — Foreign Plans Funded Plans Unfunded Plans (in thousands) 2017 2016 2017 2016 Projected benefit obligation $ 9,521 $ 10,488 $ 2,582 $ 2,486 Accumulated benefit obligation $ 8,819 $ 9,906 $ 2,582 $ 2,486 Fair value of plan assets $ 9,493 $ 10,576 $ — $ — Contributions In aggregate for both the domestic and foreign plans, we anticipate contributing $1.1 million to the funded pension plans, $1.0 million to the unfunded pension plans, and $1.1 million to the postretirement benefit plans in 2018. Weighted-Average Assumptions Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans Postretirement Benefit Plans Foreign Plans 2017 2016 2017 2016 2017 2016 2017 2016 Discount rate 3.63 % 4.12 % 3.55 % 3.99 % 3.59 % 4.08 % 3.15 % 3.52 % Rate of compensation increase N/A N/A 3.00 % 3.00 % N/A N/A 2.26 % 2.34 % Weighted-average assumptions used to determine net periodic benefit costs as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans Postretirement Benefit Plans Foreign Plans 2017 2016 2017 2016 2017 2016 2017 2016 Discount rate 4.07 % 4.33 % 3.99 % 4.25 % 4.08 % 4.30 % 3.71 % 3.77 % Expected return on plan assets 5.50 % 2.25 % N/A N/A 0.00 % 0.00 % 5.09 % 4.53 % Rate of compensation increase N/A N/A 3.00 % 3.00 % N/A N/A 2.26 % 2.34 % The assumed health care cost trend rate used in measuring the December 31, 2017 accumulated postretirement benefit obligation was 7.5%, declining one-third percent each year to the ultimate rate of 4.5% by the year 2026 and remaining at that level thereafter. The assumed health care cost trend rate used in measuring the December 31, 2016 accumulated postretirement benefit obligation was 7.0%, declining one-quarter percent each year to the ultimate rate of 4.5% by the year 2026 and remaining at that level thereafter. A one-percentage-point increase in the assumed health care cost trend rate for each year would increase the accumulated postretirement benefit obligation as of December 31, 2017 by approximately $1.4 million and the total of service and interest cost components by approximately $0.1 million. A one-percentage-point decrease in the assumed health care cost trend rate for each year would decrease the accumulated postretirement benefit obligation as of December 31, 2017 by approximately $1.1 million and the total of service and interest cost components by approximately $0.1 million. Multi-employer Plans We contribute to defined benefit pension plans under the terms of collective-bargaining agreements that cover our union-represented employees. The financial risks of participating in these multi-employer pension plans generally include the fact that assets contributed to the plan by one employer may be used to provide benefits to employees of other participating employers. Furthermore, if a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if we were to discontinue participating in some of our multi-employer pension plans, we may be required to pay those plans a withdrawal liability amount based on the underfunded status of the plan. We also contribute to defined contribution plans pursuant to collective-bargaining agreements, which are generally not subject to the funding risks inherent in defined benefit pension plans. The overall level of contributions to our multi-employer plans may significantly vary from year to year based on the demand for union-represented labor to support our operations. We do not have any minimum contribution requirements for future periods pursuant to our collective-bargaining agreements for individually significant multi-employer plans. Our participation in multi-employer pension plans for 2017 is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2017 and 2016 relates to the plan’s year end as of December 31, 2016 and 2015, respectively, and is based on information received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. Plan Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Viad Contributions Surcharge Paid Expiration Date of Collective- Bargaining Agreement(s) (in thousands) EIN No. 2017 2016 2017 2016 2015 Pension Fund: Western Conference of Teamsters Pension Plan 91-6145047 1 Green Green No $ 7,809 $ 6,684 $ 5,632 No 3/31/2020 Southern California Local 831—Employer Pension Fund (1) 95-6376874 1 Green Green No 3,087 2,805 2,485 No 8/31/2019 Chicago Regional Council of Carpenters Pension Fund 36-6130207 1 Green Yellow Yes 2,390 2,532 1,887 No 5/31/2019 IBEW Local Union No 357 Pension Plan A 88-6023284 1 Green Green No 1,682 1,402 1,150 No 6/16/2018 Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2 51-6030753 2 Green Green No 1,099 845 1,190 No 6/6/2021 Central States, Southeast and Southwest Areas Pension Plan 36-6044243 1 Red Red Yes 1,060 1,151 948 No 12/31/2018 Southern California IBEW-NECA Pension Fund 95-6392774 1 Yellow Yellow Yes 905 701 835 Yes continuous Southwest Carpenters Pension Trust 95-6042875 1 Green Green No 883 791 750 No 6/30/2018 New England Teamsters & Trucking Industry Pension 04-6372430 1 Red Red Yes 772 552 381 No 3/31/2022 Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan (1) 36-1416355 11 Red Red Yes 719 1,203 502 Yes 6/30/2019 Sign Pictorial & Display Industry Pension Plan (1) 94-6278490 1 Green Green No 654 526 541 No 3/31/2018 All other funds (2) 2,900 3,585 4,259 Total contributions to defined benefit plans 23,960 22,777 20,560 Total contributions to other plans 2,613 2,995 1,428 Total contributions to multi-employer plans $ 26,573 $ 25,772 $ 21,988 (1) We contributed more than 5% of total plan contributions for the 2016 and 2015 plan years based on the plans’ Form 5500s. (2) Represents participation in 35 pension funds during 2017. Other Employee Benefits We match U.S. employee contributions to the 401(k) plan with shares of our common stock held in treasury up to 100% of the first 3% of a participant’s salary plus 50% of the next 2%. The expense associated with our match was $4.2 million for 2017, $3.9 million for 2016, and $3.7 million for 2015. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | Note 18. Restructuring Charges GES Consolidation We have taken certain restructuring actions designed to reduce our cost structure primarily within GES, as well as the elimination of certain positions at the corporate office. We implemented a strategic reorganization plan in order to consolidate the separate business units within GES U.S. We also consolidated facilities and streamlined our operations in the U.S., the United Kingdom, and Germany. As a result, we recorded restructuring charges in 2017, 2016, and 2015, primarily consisting of severance and related benefits as a result of workforce reductions and charges related to the consolidation and downsizing of facilities representing the remaining operating lease obligations (net of estimated sublease income) and related costs. Other Restructurings We recorded restructuring charges in connection with the consolidation of certain support functions at our corporate headquarters and certain reorganization activities within Pursuit. These charges primarily consist of severance and related benefits due to headcount reductions and charges related to the downsizing of facilities. Changes to the restructuring liability by major restructuring activity are as follows: GES Consolidation Other Restructurings (in thousands) Severance & Employee Benefits Facilities Severance & Employee Benefits Total Balance at December 31, 2014 $ 543 $ 1,161 $ 240 $ 1,944 Restructuring charges 1,767 587 602 2,956 Cash payments (1,514 ) (457 ) (601 ) (2,572 ) Adjustment to liability (45 ) — (7 ) (52 ) Balance at December 31, 2015 751 1,291 234 2,276 Restructuring charges 3,693 759 731 5,183 Cash payments (2,170 ) (1,150 ) (546 ) (3,866 ) Adjustment to liability — 192 (3 ) 189 Balance at December 31, 2016 2,274 1,092 416 3,782 Restructuring charges 442 265 297 1,004 Cash payments (1,165 ) (550 ) (538 ) (2,253 ) Adjustment to liability — — 16 16 Balance at December 31, 2017 $ 1,551 $ 807 $ 191 $ 2,549 As of December 31, 2017, the liabilities related to severance and employee benefits are expected to be paid by the end of 2018. Additionally, the liability related to future lease payments will be paid over the remaining lease terms for GES. Refer to Note 22 – Segment Information, for information regarding restructuring charges by segment. |
Leases and Other
Leases and Other | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Leases and Other | Note 19. Leases and Other We entered into operating leases for the use of certain of our offices, equipment, and other facilities. These leases expire over periods up to 40 years. Leases which expire are generally renewed or replaced by similar leases. Some leases contain scheduled rental increases accounted for on a straight-line basis. As of December 31, 2017, our future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year were as follows: (in thousands) Rental Payments Receivable Under Subleases 2018 $ 23,503 $ 2,627 2019 20,299 2,384 2020 17,265 2,209 2021 8,812 2,267 2022 5,555 2,195 Thereafter 81,135 3,657 Total $ 156,569 $ 15,339 Net rent expense under operating leases consisted of the following: December 31, (in thousands) 2017 2016 2015 Minimum rentals $ 56,575 $ 48,465 $ 41,564 Sublease rentals (1,525 ) (2,831 ) (3,457 ) Total rentals, net $ 55,050 $ 45,634 $ 38,107 The aggregate annual maturities and the related amounts representing interest on capital lease obligations are included in Note 11 – Debt and Capital Lease Obligations. As of December 31, 2017, we had aggregate purchase obligations of $38.1 million related to various licensing agreements, consulting and other contracted services. |
Litigation, Claims, Contingenci
Litigation, Claims, Contingencies and Other | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation, Claims, Contingencies and Other | Note 20. Litigation, Claims, Contingencies, and Other We 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 us. Although the amount of liability as of December 31, 2017 with respect to these matters is not ascertainable, we believe that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our business, financial position, or results of operations. We are 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 we have or had operations. If we fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed and we could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, we also face exposure to actual or potential claims and lawsuits involving environmental matters relating to our past operations. As of December 31, 2017, we had recorded environmental remediation liabilities of $2.4 million related to previously sold operations. Although we are a party to certain environmental disputes, we believe that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our financial position or results of operations. As of December 31, 2017, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the consolidated financial statements and relate to leased facilities entered into by our subsidiary operations. We 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 we would be required to make under all guarantees existing as of December 31, 2017 would be $19.3 million. These guarantees relate to our leased facilities through October 2027. There are no recourse provisions that would enable us to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby we could recover payments. A significant number of our employees are unionized and we are a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. If we are unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact our business and results of operations. We believe that relations with our employees are satisfactory and that collective-bargaining agreements expiring in 2018 will be renegotiated in the ordinary course of business without having a material adverse effect on our operations. We entered into showsite and warehouse agreements with the Chicago Teamsters Local 727, effective January 1, 2014, and those agreements contain provisions that allow the parties to re-open negotiation of the agreements on pension-related issues. We are in informal discussions regarding those issues with all relevant parties to resolve those issues in a manner that will be reasonable and equitable to employees, customers, and shareholders. Although our labor relations are currently stable, disruptions pending the outcome of the Chicago Teamsters Local 727 negotiations could occur, as they could with any collective-bargaining agreement negotiation, with the possibility of an adverse impact on the operating results of GES. Our business contributes to various multi-employer pension plans based on obligations arising under collective-bargaining agreements covering our union-represented employees. Based upon the information available from plan administrators, we believe 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 us, 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 us to make payments to such plan for our proportionate share of the plan’s unfunded vested liabilities. As of December 31, 2017, the amount of additional funding, if any, that we would be required to make related to multi-employer pension plans is not ascertainable. We are self-insured up to certain limits for workers’ compensation, employee health benefits, automobile, product and general liability, and property loss claims. The aggregate amount of insurance liabilities (up to our retention limit) related to our continuing operations was $19.1 million as of December 31, 2017 which includes $13.8 million related to workers’ compensation liabilities, and $5.3 million related to general/auto liability claims. We have also retained and provided for certain insurance liabilities in conjunction with previously sold businesses of $2.9 million as of December 31, 2017, related to workers’ compensation liabilities. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $5.5 million for 2017, $5.0 million for 2016, and $5.6 million for 2015. In addition, as of December 31, 2017, we have recorded insurance liabilities of $10.4 million related to continuing operations, which represents the amount for which we remain the primary obligor after self-insured insurance limits, without taking into consideration the above-referenced insurance coverage. Of this total, $6.9 million related to workers’ compensation liabilities and $3.5 million related to general/auto liability claims which are recorded in other deferred items and liabilities in the Consolidated Balance Sheets with a corresponding receivable in other investments. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | Note 21. Redeemable Noncontrolling Interest On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland, which is developing and will operate a new FlyOver Iceland attraction. The Esja acquisition contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) and if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. The noncontrolling interests’ carrying value is determined by the fair market value at acquisition and the subsequent noncontrolling interests’ share of net income or loss. This value is benchmarked against the redemption value of the sellers’ put option. The carrying value is adjusted to the latter, provided that it does not fall below the initial carrying values, as determined by the purchase price allocation. We have made a policy election to reflect any changes caused by such an adjustment in retained earnings, rather than in current earnings. Changes in redeemable noncontrolling interests are as follows: (in thousands) Balance at December 31, 2016 $ — Redeemable noncontrolling interest related to 2017 acquisition 6,735 Adjustment to the redemption value (30 ) Foreign currency translation adjustment (57 ) Balance at December 31, 2017 $ 6,648 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 22. Segment Information We measure the profit and performance of our operations on the basis of segment operating income which excludes restructuring charges and impairment charges and recoveries. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. Our reportable segments, with reconciliations to consolidated totals, are as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Revenue: GES: U.S. $ 872,154 $ 826,408 $ 720,882 International 282,712 248,503 272,634 Intersegment eliminations (21,769 ) (20,172 ) (16,638 ) Total GES 1,133,097 1,054,739 976,878 Pursuit 173,868 153,364 112,170 Corporate eliminations (1) — (3,133 ) — Total revenue $ 1,306,965 $ 1,204,970 $ 1,089,048 Segment operating income: GES: U.S. $ 34,494 $ 40,524 $ 14,563 International 15,475 9,699 12,211 Total GES 49,969 50,223 26,774 Pursuit 47,082 35,705 27,810 Segment operating income 97,051 85,928 54,584 Corporate eliminations (1) 67 (743 ) — Corporate activities (12,877 ) (10,322 ) (9,720 ) Operating income 84,241 74,863 44,864 Interest income 319 1,165 658 Interest expense (8,304 ) (5,898 ) (4,535 ) Restructuring recoveries (charges): GES U.S. 354 (2,893 ) (541 ) GES International (1,061 ) (1,559 ) (1,813 ) Pursuit (86 ) (171 ) (200 ) Corporate (211 ) (560 ) (402 ) Impairment recoveries (charges): Pursuit 29,098 (218 ) (96 ) Income from continuing operations before income taxes $ 104,350 $ 64,729 $ 37,935 (1) December 31, (in thousands) 2017 2016 2015 Assets: GES: U.S. $ 380,909 $ 380,951 $ 294,618 International 135,917 109,705 115,494 Pursuit 350,256 301,941 195,527 Corporate and other 52,817 77,219 85,084 $ 919,899 $ 869,816 $ 690,723 Depreciation and amortization: GES: U.S. $ 29,088 $ 21,473 $ 18,658 International 8,176 8,092 8,435 Pursuit 17,653 12,967 7,974 Corporate and other 197 211 164 $ 55,114 $ 42,743 $ 35,231 Capital expenditures: GES: U.S. $ 17,337 $ 14,291 $ 8,066 International 8,084 5,033 8,366 Pursuit 30,786 31,861 13,107 Corporate and other (1) 414 (1,370 ) 300 $ 56,621 $ 49,815 $ 29,839 (1) The 2016 amount includes an intercompany elimination for work completed by GES on renovations to Pursuit’s Banff Gondola. Geographic Areas Our foreign operations are located principally in Canada, the United Kingdom, Germany, the United Arab Emirates and the Netherlands. GES revenue is designated as domestic or foreign based on the originating location of the product or service. Long-lived assets are attributed to domestic or foreign based principally on the physical location of the assets. Long-lived assets consist of “Property and equipment, net” and “Other investments and assets.” The table below presents the financial information by major geographic area: December 31, (in thousands) 2017 2016 2015 Revenue: United States $ 913,210 $ 855,304 $ 726,436 EMEA 209,824 205,028 220,046 Canada 183,931 144,638 142,566 Total revenue $ 1,306,965 $ 1,204,970 $ 1,089,048 Long-lived assets: United States $ 180,345 $ 182,611 $ 139,479 EMEA 43,630 37,083 15,714 Canada 129,108 104,461 71,677 Total long-lived assets $ 353,083 $ 324,155 $ 226,870 |
Common Stock Repurchases
Common Stock Repurchases | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Common Stock Repurchases | Note 23. Common Stock Repurchases We previously announced our Board of Directors’ authorization to repurchase shares of our common stock from time to time at prevailing market prices. No open market repurchases were made during 2017 or 2016. During 2015, we repurchased 141,462 shares on the open market for $3.8 million. As of December 31, 2017, 440,540 shares remain available for repurchase. We repurchased 41,532 shares for $2.1 million in 2017, 25,432 shares for $0.7 million in 2016, and 35,649 shares for $1.0 million in 2015 related to tax withholding requirements on vested share-based awards. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Condensed Consolidated Quarterly Results (Unaudited) | Note 24. Selected Quarterly Financial Information (Unaudited) The following table sets forth selected unaudited consolidated quarterly financial information: 2017 2016 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Revenue: $ 325,807 $ 364,774 $ 339,099 $ 277,285 $ 241,362 $ 324,747 $ 382,465 $ 256,396 Operating income (loss): Ongoing operations (1) $ 12,684 $ 39,402 $ 47,066 $ (4,726 ) $ (6,280 ) $ 34,014 $ 58,917 $ (1,466 ) Corporate activities (2,610 ) (3,008 ) (4,474 ) (2,785 ) (1,911 ) (2,707 ) (2,772 ) (2,932 ) Restructuring charges (394 ) (168 ) (255 ) (187 ) (992 ) (975 ) (1,697 ) (1,519 ) Impairment recoveries (charges) 2,384 2,247 24,467 — — — (120 ) (98 ) Operating income (loss) $ 12,064 $ 38,473 $ 66,804 $ (7,698 ) $ (9,183 ) $ 30,332 $ 54,328 $ (6,015 ) Income (loss) from continuing operations attributable to Viad $ 7,593 $ 27,438 $ 44,758 $ (21,814 ) $ (6,797 ) $ 19,873 $ 34,013 $ (4,136 ) Net income (loss) attributable to Viad $ 6,777 $ 27,947 $ 44,657 $ (21,674 ) $ (6,983 ) $ 19,509 $ 33,792 $ (4,049 ) Basic and Diluted income (loss) per common share: (2) Continuing operations attributable to Viad $ 0.37 $ 1.35 $ 2.19 $ (1.08 ) $ (0.34 ) $ 0.98 $ 1.68 $ (0.21 ) Net income (loss) attributable to Viad common stockholders $ 0.33 $ 1.37 $ 2.19 $ (1.07 ) $ (0.35 ) $ 0.96 $ 1.67 $ (0.20 ) (1) Represents revenue less costs of services and cost of products sold. (2) The sum of quarterly income per share amounts may not equal annual income per share due to rounding. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | VIAD CORP SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Additions Deductions (in thousands) Balance at Beginning of Year Charged to Expense Charged to Other Accounts Write-Offs Other (1) Balance at End of Year Allowances for doubtful accounts: December 31, 2015 1,258 955 574 (1,162 ) (32 ) 1,593 December 31, 2016 1,593 1,355 41 (1,602 ) (45 ) 1,342 December 31, 2017 1,342 2,470 49 (1,529 ) (309 ) 2,023 Deferred tax valuation allowance: December 31, 2015 3,295 — 402 (860 ) — 2,837 December 31, 2016 2,837 1,406 — (176 ) (69 ) 3,998 December 31, 2017 3,998 1,385 — (1,595 ) 222 4,010 (1) “Other” primarily includes foreign exchange translation adjustments. |
Overview and Summary of Signi35
Overview and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements of Viad have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and its subsidiaries. All significant intercompany account balances and transactions have been eliminated in consolidation. |
Nature of Business | Nature of Business We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, the United Arab Emirates, and Hong Kong. We are committed to providing unforgettable experiences to our clients and guests. We operate through three reportable business segments: GES U.S., GES International, (collectively, “GES”), and Pursuit. GES GES is a global, full-service provider for live events that produces exhibitions, conferences, corporate events, and consumer events. GES offers a comprehensive range of live event services and a full suite of audio-visual services from creative and technology to content and design, along with online tools powered by next generation technologies that help clients easily manage the complexities of their events. GES’ clients include event organizers and corporate brand marketers. Event organizers schedule and run the event from start to finish. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products, and build business relationships. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events. Pursuit Pursuit is a collection of iconic natural and cultural destination travel experiences that enjoy perennial demand. Pursuit is comprised of four lines of business: Hospitality, Attractions, Transportation, and Travel Planning. These four lines of business work together, driving economies of scope and meaningful scale in and around the iconic destinations of Banff, Jasper, and Waterton Lakes National Parks and Vancouver in Canada, and Glacier, Denali, and Kenai Fjords National Parks in the United States. Pursuit is comprised of Brewster Travel Canada, which is marketed as the Banff Jasper Collection; the Alaska Collection; Glacier Park, Inc., which is marketed as the Glacier Park Collection, and FlyOver. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things, the fair value of our reporting units used to perform annual impairment testing of recorded goodwill; allowances for uncollectible accounts receivable; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; assumptions used to measure pension and postretirement benefit costs and obligations; assumptions used to determine share-based compensation costs under the fair value method; assumptions in the redemption value of redeemable noncontrolling interests; and allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less. Cash and cash equivalents consist of cash and bank demand deposits and money market mutual funds. Investments in money market mutual funds are classified as available-for-sale and carried at fair value. |
Allowances for Doubtful Accounts | Allowances for Doubtful Accounts Allowances for doubtful accounts reflect the best estimate of probable losses inherent in the accounts receivable balance. The allowances for doubtful accounts, including a sales allowance for discounts at the time of sale, are based upon an evaluation of the aging of receivables, historical trends, and the current economic environment. |
Inventories | Inventories Inventories, which consist primarily of exhibit design and construction materials and supplies, as well as deferred show costs, including labor, show purchases, and commissions used in providing convention show services, are stated at the lower of cost (first-in, first-out and specific identification methods) or net realizable value. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets: buildings, 15 to 40 years; equipment, 3 to 12 years; and leasehold improvements, over the shorter of the lease term or useful life. Property and equipment are tested for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable through undiscounted cash flows. |
Capitalized Software | Capitalized Software Certain internal and external costs incurred in developing or obtaining internal use software are capitalized. Capitalized costs principally relate to costs incurred to purchase software from third parties, external direct costs of materials and services, and certain payroll-related costs for employees directly associated with software projects once application development begins. Costs associated with preliminary project activities, training, and other post-implementation activities are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful lives of the software, ranging from three to ten years. These costs are included in the Consolidated Balance Sheets under the caption “Property and equipment, net.” |
Goodwill | Goodwill Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We use a discounted expected future cash flow methodology (income approach) in order to estimate the fair value of our reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates, and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends, and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results. |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance We have Company-owned life insurance contracts which are intended to fund the cost of certain employee compensation and benefit programs. These contracts are carried at cash surrender value, net of outstanding policy loans. The cash surrender value represents the amount of cash we could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, are included as a component of “Costs of Services” in the Consolidated Statements of Operations. |
Self-Insurance Liabilities | Self-Insurance Liabilities We are self-insured up to certain limits for workers’ compensation, automobile, product and general liability, property loss, and medical claims. We retained certain liabilities related to workers’ compensation and general liability insurance claims in conjunction with previously sold operations. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on historical experience, claims frequency, insurance coverage, and other factors. We purchased insurance for amounts in excess of the self-insured levels. |
Environmental Remediation Liabilities | Environmental Remediation Liabilities Environmental remediation liabilities represent the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized. Environmental insurance is maintained that provides coverage for new and undiscovered pre-existing conditions at both our continuing and discontinued operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturities of these instruments. Refer to Note 11 – Debt and Capital Lease Obligations for the estimated fair value of debt obligations. |
Non-redeemable Noncontrolling Interest and Redeemable Noncontrolling Interest | Non-redeemable Noncontrolling Interest and Redeemable Noncontrolling Interest Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership that we do not own in Glacier Park, Inc. of 20%. We report non-redeemable noncontrolling interest within stockholders’ equity in the Consolidated Balance Sheets. The amount of consolidated net income attributable to Viad and the non-redeemable noncontrolling interest is presented in the Consolidated Statements of Operations. Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. The Esja purchase agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders’ equity in the Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded to retained earnings and is included in our earnings per share. Refer to Note 21 – Redeemable Noncontrolling Interest for additional information. |
Foreign Currency Translation | Foreign Currency Translation Our foreign operations are primarily in Canada, the United Kingdom, the Netherlands, Germany, and to a lesser extent, in certain other countries. The functional currency of our foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, we translate the assets and liabilities of our foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. For purposes of consolidation, revenue, expenses, gains, and losses related to our foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. |
Revenue Recognition | Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable, and collectability is reasonably assured. GES derives revenue primarily by providing core services, event technology services, and audio-visual services to event organizers and exhibitors participating in live events. GES derives revenue from consumer events by charging visitors to view the touring exhibitions. Exhibition and event service’s revenue is recognized when services are completed, net of commissions. Exhibits and environments revenue is accounted for using the completed-contract method. Pursuit generates revenue through its hospitality, attractions, transportation, and travel planning services. Pursuit’s revenue is recognized at the time services are performed. |
Insurance Recoveries | Insurance Recoveries Receipts from insurance up to the amount of the recognized losses are considered recoveries and are accounted for when they are probable of receipt. Anticipated proceeds in excess of the recognized loss are considered a gain contingency. A contingency gain for anticipated insurance proceeds in excess of losses already recognized is not recognized until all contingencies relating to the insurance claim have been resolved. Insurance proceeds allocated to business interruption gains are reported as cash flows from operating activities, and proceeds allocated to impairment recoveries are reported as cash flows from investing activities. Insurance proceeds used for capitalizable costs are classified as cash flows from investing activities, and proceeds used for non-capitalizable costs are classified as operating activities. On December 29, 2016, the Mount Royal Hotel was damaged by a fire and closed. During the fourth quarter of 2016, we recorded an asset impairment loss of $2.2 million and an offsetting impairment recovery (and related insurance receivable) as the losses related to the fire were covered by our property and business interruption insurance. During July 2017, we resolved our property and business interruption insurance claims for a total of $36.3 million. We allocated $2.2 million to an insurance receivable, $29.3 million was recorded as an impairment recovery (partially offset by impairment charges of $0.2 million) related to construction costs to re-open the hotel, $2.5 million was recorded as a business interruption gain for the recovery of lost profits, $1.3 million was recorded as contra-expense to offset non-capitalizable costs incurred, and the remaining $1.0 million was recorded as deferred revenue, which will be recognized over the periods when the business interruption losses are actually incurred. |
Share-Based Compensation | Share-Based Compensation Share-based compensation costs, related to all share-based payment awards, are recognized and measured using the fair value method of accounting. These awards generally include restricted stock, liability-based awards (including performance units and restricted stock units), and stock options, and contain forfeiture and non-compete provisions. The fair value of restricted stock awards is based on our closing stock price on the date of grant. We issue restricted stock awards from shares held in treasury. Future vesting of restricted stock is generally subject to continued employment. Holders of restricted stock have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge, or otherwise encumber the stock, except to the extent restrictions have lapsed and in accordance with our stock trading policy. Restricted stock awards vest between three and five years from the date of grant. Share-based compensation expense related to restricted stock is recognized using the straight-line method over the requisite service period of approximately three years. For awards with a five-year vesting period, expense is recognized based on an accelerated multiple-award approach over a five-year period. For these awards, 40% of the shares vest on the third anniversary of the grant and the remaining shares vest in 30% increments over the subsequent two anniversary dates. Liability-based awards (including performance units and restricted stock units) are recorded at estimated fair value, based on the number of units expected to vest and where applicable, the level of achievement of predefined performance goals. These awards are remeasured on each balance sheet date based on our stock price, and the Monte Carlo simulation model, until the time of settlement. A Monte Carlo simulation requires the use of a number of assumptions, including historical volatility and correlation of our stock price and the price of the common shares of a comparator group, a risk-free rate of return, and an expected term. To the extent earned, liability-based awards are settled in cash based on our stock price. Compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years. Equity-based awards (including performance units) are recorded at estimated fair value, based on the number of units expected to vest and the level of achievement of predefined performance goals, until the time of settlement. To the extent earned, equity-based awards are settled in our common stock. Compensation expense related to equity-based awards is recognized ratably over the requisite service period of approximately three years. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense related to stock option awards is recognized using the straight-line method over the requisite service period of approximately five years. The exercise price of stock options is based on the market value of our common stock at the date of grant. We have not granted stock options since 2010. |
Common Stock in Treasury | Common Stock in Treasury Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost. |
Income Per Common Share | Income Per Common Share We apply the two-class method in calculating income per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income per common share. |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements: Standard Description Date of adoption Effect on the financial statements Standards Not Yet Adopted ASU 2014-09 , Revenue from Contracts with Customers (Topic 606) The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. We may adopt either retrospectively to each prior period presented with the option to elect certain practical expedients or with the cumulative effect recognized at the date of initial application and providing certain disclosures. Subsequent to the issuance of ASU 2014-09, the FASB issued several amendments in 2016 which do not change the core principle of the guidance stated in ASU 2014-09. Rather, they are intended to clarify and improve understanding of certain topics included within the revenue standard. January 1, 2018 We assigned internal resources and engaged a third-party service provider to assist in evaluating the impact on our accounting policies, processes, and system requirements. Based on our assessment, the adoption of this standard will not have a material impact on our consolidated financial statements. The impact primarily relates to the deferral of certain commissions which were previously expensed as incurred but will generally be capitalized and amortized over the period of contract performance, and the deferral of certain costs incurred in connection with trade shows which were previously expensed as incurred but will generally be capitalized and expensed upon the completion of the show. We adopted the standard on January 1, 2018 and will be using the modified retrospective transition method. Additionally, the new guidance requires enhanced disclosures, including revenue recognition policies to identify performance obligations to customers and significant judgments in measurement and recognition. ASU 2016-02 , Leases (Topic 842) The amendment requires lessees to recognize on their balance sheet a right-of-use asset and a lease liability for leases with lease terms greater than one year. The amendment requires additional disclosures about leasing arrangements, and requires a modified retrospective approach to adoption. Early adoption is permitted. January 1, 2019 We are currently evaluating the potential impact the adoption of this new guidance will have on our financial position or results of operations including analyzing our existing operating leases. Based on our current assessment, the adoption of this standard will have a material impact on our Consolidated Balance Sheets, however the income statement is not expected to be materially impacted. We expect the most significant impact will relate to facility and equipment leases, which are currently recorded as operating leases. We are continuing our assessment, which may identify other impacts. We will adopt the standard on January 1, 2019. ASU 2017-04 , Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment The amendment eliminates the requirement to estimate the implied fair value of goodwill if it was determined that the carrying amount of a reporting unit exceeded its fair value. Goodwill impairment will now be recognized by the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The amendment should be applied prospectively and is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. January 1, 2020 The adoption of this new guidance is not expected to have a significant effect on our consolidated financial statements and we expect the adoption to reduce the complexity surrounding the analysis of goodwill impairment. Standard Description Date of adoption Effect on the financial statements Standards Recently Adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting The amendment identifies areas for simplification involving several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. January 1, 2017 The adoption of this new guidance resulted in a decrease in tax expense of $1.1 million, or a 1.1% decrease in our effective tax rate, as compared to 2016. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share-Based Compensation Expense | The following table summarizes share-based compensation expense: Year Ended December 31, (in thousands) 2017 2016 2015 Performance unit incentive plan (“PUP”) $ 8,088 $ 5,703 $ 1,692 Restricted stock 2,594 2,073 2,111 Restricted stock units 287 262 45 Share-based compensation before income tax benefit 10,969 8,038 3,848 Income tax benefit (4,079 ) (2,988 ) (1,454 ) Share-based compensation, net of income tax benefit $ 6,890 $ 5,050 $ 2,394 |
Summary of Activity of the Outstanding Share-Based Compensation Awards | The following table summarizes the activity of the outstanding share-based compensation awards: PUP Awards Restricted Stock Restricted Stock Units Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Balance at December 31, 2016 255,505 $ 26.11 267,051 $ 25.96 15,982 $ 25.58 Granted 73,557 $ 47.44 67,029 $ 46.99 2,950 $ 47.45 Vested (76,082 ) $ 24.07 (112,548 ) $ 24.04 (6,182 ) $ 24.97 Forfeited (13,642 ) $ 34.99 (14,633 ) $ 35.31 — $ — Balance at December 31, 2017 239,338 $ 32.80 206,899 $ 33.16 12,750 $ 30.94 |
Summary of Additional Stock Option Information | The following table provides additional stock option information: December 31, (in thousands) 2017 2016 2015 Total intrinsic value of stock options outstanding (1) $ 2,473 $ 1,753 $ 740 Total intrinsic value of stock options exercised $ — $ — $ 1,474 Cash received from the exercise of stock options $ — $ — $ 898 Tax benefits realized for tax deductions related to stock option exercises $ — $ — $ 104 (1) The intrinsic value of stock options outstanding represents the difference between our closing stock price on December 31 of each year and the exercise price, multiplied by the number of in-the-money stock options. |
Acquisition of Businesses (Tabl
Acquisition of Businesses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisitions. The balances in the table below remain unchanged from the balances reflected in the Consolidated Balance Sheets in our Annual Report on Form 10-K for the year ended December 31, 2016. Maligne Lake Tours CATC ON Services FlyOver Canada (in thousands) Purchase price paid as: Cash $ 14,962 $ 45,000 $ 87,000 $ 50,920 Working capital adjustment — (35 ) 344 — Contingent consideration — — 540 — Cash acquired — (2,196 ) — (6 ) Total purchase price, net of cash acquired 14,962 42,769 87,884 50,914 Fair value of net assets acquired: Accounts receivable — 8 4,643 — Inventories 246 921 256 11 Prepaid expenses 2 82 872 37 Property and equipment 4,133 43,470 14,827 10,867 Intangible assets 9,244 980 33,990 6,028 Total assets acquired 13,625 45,461 54,588 16,943 Accounts payable — 306 992 — Accrued liabilities — 434 564 118 Customer deposits 15 1,952 851 — Other liabilities 240 — 274 — Total liabilities acquired 255 2,692 2,681 118 Total fair value of net assets acquired 13,370 42,769 51,907 16,825 Excess purchase price over fair value of net assets acquired (“goodwill”) $ 1,592 $ — $ 35,977 $ 34,089 |
Schedule of Purchase Price Allocated to Intangible Assets Acquired | Following are the details of the purchase price allocated to the intangible assets acquired for the 2016 Acquisitions: (in thousands, except weighted average life) Maligne Lake Tours CATC ON Services FlyOver Canada Customer relationships $ 788 $ 780 $ 27,620 $ 1,592 Operating licenses 8,313 — — — Trade name 143 200 3,190 3,710 Non-compete agreements — — 3,180 726 Fair value of intangible assets acquired $ 9,244 $ 980 $ 33,990 $ 6,028 Weighted average life 26.7 years (1) 5.8 years 10.5 years 9.4 years (1) Largely attributable to operating licenses amortized over the remaining Parks Canada lease of 29 years. |
Unaudited Pro Forma Results of Operations | The following table summarizes our unaudited pro forma results of operations assuming the 2016 Acquisitions had each been completed on January 1, 2015: Year Ended December 31, (in thousands, except per share data) 2016 2015 Revenue $ 1,250,290 $ 1,183,656 Depreciation and amortization $ 52,074 $ 52,631 Income from continuing operations $ 43,727 $ 27,881 Net income attributable to Viad $ 42,517 $ 27,045 Diluted income per share $ 2.10 $ 1.35 Basic income per share $ 2.10 $ 1.35 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consisted of the following: December 31, (in thousands) 2017 2016 Raw materials $ 17,550 $ 16,846 Work in process 12,822 14,574 Inventories $ 30,372 $ 31,420 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following: December 31, (in thousands) 2017 2016 Prepaid vendor payments $ 5,048 $ 3,633 Income tax receivable 4,237 3,614 Prepaid software maintenance 3,386 2,804 Prepaid insurance 2,610 2,479 Prepaid taxes 912 850 Prepaid rent 730 327 Prepaid other 2,172 731 Other 1,935 4,011 Other current assets $ 21,030 $ 18,449 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following: December 31, (in thousands) 2017 2016 Land and land interests (1) $ 32,544 $ 31,670 Buildings and leasehold improvements 222,118 185,987 Equipment and other (2) 351,676 326,868 Gross property and equipment 606,338 544,525 Accumulated depreciation (300,767 ) (264,667 ) Property and equipment, net $ 305,571 $ 279,858 |
Other Investments and Assets (T
Other Investments and Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments All Other Investments [Abstract] | |
Summary of Other Investments and Assets | Other investments and assets consisted of the following: December 31, (in thousands) 2017 2016 Cash surrender value of life insurance $ 23,947 $ 23,197 Self-insured liability receivable 10,442 10,463 Workers’ compensation insurance security deposits 3,550 4,050 Other mutual funds 2,637 2,062 Other 6,936 4,525 Other investments and assets $ 47,512 $ 44,297 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of the Goodwill Balances by Component and Segment | The changes in the carrying amount of goodwill are as follows: (in thousands) GES U.S. GES International Pursuit Total Balance at December 31, 2015 $ 112,300 $ 38,635 $ 34,288 $ 185,223 Business acquisitions 35,977 — 35,681 71,658 Foreign currency translation adjustments — (4,175 ) 1,316 (2,859 ) Balance at December 31, 2016 148,277 34,460 71,285 254,022 Business acquisitions — 1,060 7,094 8,154 Foreign currency translation adjustments — 3,320 5,055 8,375 Balance at December 31, 2017 $ 148,277 $ 38,840 $ 83,434 $ 270,551 |
Goodwill by reporting unit and segment | The following table summarizes goodwill by reporting unit and segment: December 31, (in thousands) 2017 2016 GES: U.S. $ 148,277 $ 148,277 International: GES EMEA 31,612 27,694 GES Canada 7,228 6,766 Total GES 187,117 182,737 Pursuit: Banff Jasper Collection 35,305 32,587 Alaska Collection 3,184 3,184 Glacier Park Collection 1,268 1,268 FlyOver 43,677 34,246 Total Pursuit 83,434 71,285 Total Goodwill $ 270,551 $ 254,022 |
Summary of Other Intangible Assets | Other intangible assets consisted of the following: December 31, 2017 December 31, 2016 (in thousands) Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value Amortized intangible assets: Customer contracts and relationships $ 68,798 $ (23,696 ) $ 45,102 $ 67,762 $ (14,345 ) $ 53,417 Operating contracts and licenses 9,951 (1,094 ) 8,857 9,315 (652 ) 8,663 Tradenames 8,633 (2,873 ) 5,760 8,324 (1,440 ) 6,884 Non-compete agreements 5,363 (3,007 ) 2,356 5,190 (1,369 ) 3,821 Other 896 (650 ) 246 886 (458 ) 428 Total amortized intangible assets 93,641 (31,320 ) 62,321 91,477 (18,264 ) 73,213 Unamortized intangible assets: Business licenses 460 — 460 460 — 460 Other intangible assets $ 94,101 $ (31,320 ) $ 62,781 $ 91,937 $ (18,264 ) $ 73,673 |
Estimated Amortization Expense Related to Amortized Intangible Assets | The estimated future amortization expense related to amortized intangible assets held at December 31, 2017 is as follows: (in thousands) Year ending December 31, 2018 $ 11,013 2019 9,945 2020 8,444 2021 7,447 2022 5,895 Thereafter 19,577 Total $ 62,321 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Current [Abstract] | |
Other Current Liabilities | Other current liabilities consisted of the following: December 31, (in thousands) 2017 2016 Continuing operations: Accrued income tax payable $ 7,518 $ 758 Self-insured liability accrual 6,208 5,941 Commissions payable 3,235 639 Accrued employee benefit costs 2,915 2,624 Accrued sales and use taxes 2,431 4,279 Accrued dividends 2,094 2,119 Current portion of pension and postretirement liabilities 2,109 1,963 Deferred rent 1,679 1,535 Accrued rebates 1,106 1,078 Accrued professional fees 1,020 794 Accrued restructuring 722 1,924 Other taxes 2,750 4,210 Other 3,852 1,774 Total continuing operations 37,639 29,638 Discontinued operations: Environmental remediation liabilities 648 492 Self-insured liability accrual 337 162 Other 96 98 Total discontinued operations 1,081 752 Total other current liabilities $ 38,720 $ 30,390 |
Other Deferred Items and Liab44
Other Deferred Items and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Deferred Items and Liabilities | Other deferred items and liabilities consisted of the following: December 31, (in thousands) 2017 2016 Continuing operations: Self-insured liability $ 12,918 $ 12,981 Self-insured excess liability 10,442 10,463 Accrued compensation 9,740 8,514 Foreign deferred tax liability 8,267 2,264 Deferred rent 3,855 5,271 Accrued restructuring 1,827 1,858 Other 1,305 1,300 Total continuing operations 48,354 42,651 Discontinued operations: Self-insured liability 2,557 3,748 Environmental remediation liabilities 1,728 3,091 Accrued income taxes — 1,045 Other 219 199 Total discontinued operations 4,504 8,083 Total other deferred items and liabilities $ 52,858 $ 50,734 |
Debt and Capital Lease Obliga45
Debt and Capital Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt and Capital Lease Obligations | The components of long-term debt and capital lease obligations consisted of the following: December 31, (in thousands, except interest rates) 2017 2016 Revolving credit facility and term loan, 3.1% weighted-average interest rate at December 31, 2017 and 2.6% at December 31, 2016, due through 2019 (1) $ 207,322 $ 212,750 Brewster Inc. revolving credit facility, 2.7% weighted-average interest rate at December 31, 2016 (1) — 36,456 Less unamortized debt issuance costs (984 ) (1,464 ) Total debt 206,338 247,742 Capital lease obligations, 3.8% weighted-average interest rate at December 31, 2017 and 4.9% at December 31, 2016, due through 2021 2,854 1,469 Total debt and capital lease obligations 209,192 249,211 Current portion (2) (152,599 ) (174,968 ) Long-term debt and capital lease obligations $ 56,593 $ 74,243 (1) Represents the weighted-average interest rate in effect at the respective periods for the revolving credit facilities and term loan borrowings, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. (2) Borrowings under the revolving credit facilities are classified as current because all borrowed amounts are due within one year. |
Schedule of Aggregate Annual Maturities of Long-term Debt and Capital Lease Obligations | Aggregate annual maturities of long-term debt and capital lease obligations as of December 31, 2017 are as follows: (in thousands) Revolving Credit Agreement Capital Lease Obligations Year ending December 31, 2018 $ 151,072 $ 1,601 2019 56,250 899 2020 — 454 2021 — 17 2022 — — Total $ 207,322 $ 2,971 Less: Amount representing interest (117 ) Present value of minimum lease payments $ 2,854 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Assets Measured on Recurring Basis | The fair value information related to these assets is summarized in the following tables: Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds (1) $ 119 $ 119 $ — $ — Other mutual funds (2) 2,637 2,637 — — Total assets at fair value on a recurring basis $ 2,756 $ 2,756 $ — $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds (1) $ 118 $ 118 $ — $ — Other mutual funds (2) 2,062 2,062 — — Total assets at fair value on a recurring basis $ 2,180 $ 2,180 $ — $ — (1) Money market funds are included in “Cash and cash equivalents” in the Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds. (2) Other mutual funds are included in “Other investments and assets” in the Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. Unrealized gains of $1.0 million ($0.6 million after-tax) as of December 31, 2017 and $0.7 million ($0.4 million after tax) as of December 31, 2016 are included in “Accumulated other comprehensive income (loss)” (“AOCI”) in the Consolidated Balance Sheets. |
Income Per Share (Tables)
Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Income Per Share | The components of basic and diluted income per share are as follows: Year Ended December 31, (in thousands, except per share data) 2017 2016 2015 Net income attributable to Viad (diluted) $ 57,707 $ 42,269 $ 26,606 Less: Allocation to non-vested shares (700 ) (571 ) (385 ) Adjustment to carrying value of redeemable noncontrolling interest — — — Net income allocated to Viad common stockholders (basic) $ 57,007 $ 41,698 $ 26,221 Basic weighted-average outstanding common shares 20,146 19,990 19,797 Additional dilutive shares related to share-based compensation 259 187 184 Diluted weighted-average outstanding shares 20,405 20,177 19,981 Income per share: Basic income attributable to Viad common stockholders $ 2.83 $ 2.09 $ 1.32 Diluted income attributable to Viad common stockholders $ 2.83 $ 2.09 $ 1.32 |
Accumulated Other Comprehensi48
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCI by component are as follows: (in thousands) Unrealized Gains on Investments Cumulative Foreign Currency Translation Adjustments Unrecognized Net Actuarial Loss and Prior Service Credit, Net Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2015 $ 346 $ (23,257 ) $ (11,265 ) $ (34,176 ) Other comprehensive income (loss) before reclassifications 135 (5,827 ) — (5,692 ) Amounts reclassified from AOCI, net of tax (60 ) — 537 477 Net other comprehensive income (loss) 75 (5,827 ) 537 (5,215 ) Balance at December 31, 2016 $ 421 $ (29,084 ) $ (10,728 ) $ (39,391 ) Other comprehensive income before reclassifications 257 17,058 — 17,315 Amounts reclassified from AOCI, net of tax (62 ) — (430 ) (492 ) Net other comprehensive income (loss) 195 17,058 (430 ) 16,823 Balance at December 31, 2017 $ 616 $ (12,026 ) $ (11,158 ) $ (22,568 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents information about reclassification adjustments out of AOCI: Year Ended December 31, Affected Line Item in the Statement Where Net Income is Presented (in thousands) 2017 2016 Unrealized gains on investments $ (100 ) $ (97 ) Interest income Tax effect 38 37 Income taxes $ (62 ) $ (60 ) Recognized net actuarial loss (gains) (1) $ 507 $ 1,440 Amortization of prior service credit (1) (1,247 ) (575 ) Tax effect 310 (328 ) Income taxes $ (430 ) $ 537 (1) Amount included in pension expense. Refer to Note 17 – Pension and Postretirement Benefits. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of Income from Continuing Operations before Income Taxes | Income from continuing operations before income taxes consisted of the following: Year Ended December 31, (in thousands) 2017 2016 2015 Foreign $ 82,919 $ 33,611 $ 35,571 United States 21,431 31,118 2,364 Income from continuing operations before income taxes $ 104,350 $ 64,729 $ 37,935 |
Summary of Significant Components of the Income Tax Provision From Continuing Operations | Significant components of the income tax provision from continuing operations are as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Current: United States: Federal $ 1,693 $ 3,685 $ (876 ) State 2,573 1,716 1,558 Foreign 15,583 8,177 9,342 Total current 19,849 13,578 10,024 Deferred: United States: Federal 19,893 8,427 1,854 State 1,761 (598 ) (164 ) Foreign 4,395 (157 ) (1,221 ) Total deferred 26,049 7,672 469 Income tax expense $ 45,898 $ 21,250 $ 10,493 |
Reconciliation of Income Tax Expense | Year Ended December 31, (in thousands) 2017 2016 2015 Computed income tax expense at statutory federal income tax rate of 35% $ 36,522 35.0 % $ 22,655 35.0 % $ 13,277 35.0 % State income taxes, net of federal benefit 1,160 1.1 % 292 0.5 % 1,713 4.5 % Deemed mandatory repatriation state tax 1,206 1.2 % — — — — Deemed mandatory repatriation federal tax, net of foreign tax credit 6,936 6.6 % — — — — Remeasurement of deferred taxes due to reduction in U.S. tax rate * 8,000 7.7 % — — — — Foreign tax rate differential (5,031 ) (4.8 )% (882 ) (1.4 )% (1,181 ) (3.1 )% U.S. tax on current year foreign earnings, net of foreign tax credits (2,726 ) (2.6 )% (373 ) (0.6 )% (948 ) (2.5 )% Change in valuation allowance (796 ) (0.8 )% 1,230 1.9 % (944 ) (2.5 )% Other adjustments, net 627 0.6 % (1,672 ) (2.6 )% (1,424 ) (3.7 )% Income tax expense $ 45,898 44.0 % $ 21,250 32.8 % $ 10,493 27.7 % * Includes $0.6 million increase to the valuation allowance related to the remeasurement of deferred taxes due to the reduction in U.S. tax rate. |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income tax assets and liabilities included in the Consolidated Balance Sheets are as follows: December 31, (in thousands) 2017 2016 Deferred tax assets: Tax credit carryforwards $ 6,654 $ 11,380 Pension, compensation, and other employee benefits 15,173 22,868 Provisions for losses 5,826 10,235 Net operating loss carryforward 5,195 5,023 State income taxes 2,502 3,790 Other deferred income tax assets 2,796 5,020 Total deferred tax assets 38,146 58,316 Valuation allowance (4,010 ) (3,998 ) Foreign deferred tax assets included above (2,396 ) (1,972 ) Net deferred tax assets 31,740 52,346 Deferred tax liabilities: Property and equipment (10,530 ) (3,299 ) Deferred tax related to life insurance (3,556 ) (5,642 ) Goodwill and other intangible assets (4,299 ) (4,535 ) Other deferred income tax liabilities (463 ) (557 ) Total deferred tax liabilities (18,848 ) (14,033 ) Foreign deferred tax liabilities included above 7,869 2,852 United States net deferred tax assets $ 20,761 $ 41,165 |
Schedule of Unrecognized Tax Benefits | (in thousands) Continuing Operations Discontinued Operations Total Balance at December 31, 2014 $ 1,283 $ 636 $ 1,919 Additions for tax positions taken in prior years 43 — 43 Reductions for tax positions taken in prior years (666 ) — (666 ) Reductions for lapse of applicable statutes (353 ) — (353 ) Balance at December 31, 2015 307 636 943 Additions for tax positions taken in prior years 1,295 — 1,295 Reductions for lapse of applicable statutes (43 ) — (43 ) Balance at December 31, 2016 1,559 636 2,195 Additions for tax positions taken in prior years 43 — 43 Reductions for lapse of applicable statutes (177 ) (636 ) (813 ) Balance at December 31, 2017 $ 1,425 $ — $ 1,425 |
Pension and Postretirement Be50
Pension and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) of Viad's Postretirement Benefit Plans | The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our pension plans consist of the following: December 31, (in thousands) 2017 2016 2015 Net periodic benefit cost: Service cost $ 64 $ 98 $ 101 Interest cost 803 1,032 1,018 Expected return on plan assets (176 ) (256 ) (380 ) Recognized net actuarial loss 433 423 492 Net periodic benefit cost 1,124 1,297 1,231 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss (gain) 114 1 (963 ) Reversal of amortization item: Net actuarial loss (433 ) (423 ) (492 ) Total recognized in other comprehensive income (loss) (319 ) (422 ) (1,455 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 805 $ 875 $ (224 ) The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our postretirement benefit plans consist of the following: December 31, (in thousands) 2017 2016 2015 Net periodic benefit cost: Service cost $ 92 $ 99 $ 152 Interest cost 413 573 619 Amortization of prior service credit (431 ) (503 ) (552 ) Recognized net actuarial loss 164 295 528 Net periodic benefit cost 238 464 747 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss (gain) 237 (790 ) (1,248 ) Prior service credit 816 73 3 Reversal of amortization item: Net actuarial loss (164 ) (295 ) (528 ) Prior service credit 431 503 552 Total recognized in other comprehensive income (loss) 1,320 (509 ) (1,221 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 1,558 $ (45 ) $ (474 ) The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) included the following: December 31, (in thousands) 2017 2016 2015 Net periodic benefit cost: Service cost $ 530 $ 488 $ 503 Interest cost 492 488 505 Expected return on plan assets (602 ) (558 ) (583 ) Recognized net actuarial loss 155 162 160 Settlement 777 — — Net periodic benefit cost 1,352 580 585 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss (106 ) 158 182 Reversal of amortization of net actuarial loss (155 ) (162 ) (160 ) Total recognized in other comprehensive income (loss) (261 ) (4 ) 22 Total recognized in net periodic benefit cost and other comprehensive income $ 1,091 $ 576 $ 607 |
Summary of Funded Status of the Plans | The following table indicates the funded status of the plans as of December 31: Postretirement Funded Plans Unfunded Plans Benefit Plans (in thousands) 2017 2016 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 15,027 $ 14,906 $ 9,825 $ 10,049 $ 13,619 $ 14,573 Service cost — — 64 97 92 99 Interest cost 492 629 311 403 413 573 Actuarial adjustments 618 240 175 (221 ) 237 (790 ) Plan amendments — — — — 816 73 Benefits paid (697 ) (748 ) (518 ) (503 ) (1,370 ) (909 ) Benefit obligation at end of year 15,440 15,027 9,857 9,825 13,807 13,619 Change in plan assets: Fair value of plan assets at beginning of year 10,416 10,479 — — — — Actual return on plan assets 855 273 — — — — Company contributions 1,016 412 518 503 1,370 909 Benefits paid (697 ) (748 ) (518 ) (503 ) (1,370 ) (909 ) Fair value of plan assets at end of year 11,590 10,416 — — — — Funded status at end of year $ (3,850 ) $ (4,611 ) $ (9,857 ) $ (9,825 ) $ (13,807 ) $ (13,619 ) The following table represents the funded status of the plans as of December 31: Funded Plans Unfunded Plans (in thousands) 2017 2016 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 10,488 $ 9,744 $ 2,486 $ 2,470 Service cost 530 488 — — Interest cost 406 400 87 87 Actuarial adjustments 658 395 (54 ) 105 Benefits paid (3,231 ) (818 ) (182 ) (177 ) Translation adjustment 670 279 245 1 Benefit obligation at end of year 9,521 10,488 2,582 2,486 Change in plan assets: Fair value of plan assets at beginning of year 10,576 9,705 — — Actual return on plan assets 764 617 — — Company contributions 710 795 182 177 Benefits paid (3,231 ) (818 ) (182 ) (177 ) Translation adjustment 674 277 — — Fair value of plan assets at end of year 9,493 10,576 — — Funded status at end of year $ (28 ) $ 88 $ (2,582 ) $ (2,486 ) |
Net Amount Recognized in Consolidated Balance Sheets | The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 are as follows: Postretirement Funded Plans Unfunded Plans Benefit Plans (in thousands) 2017 2016 2017 2016 2017 2016 Other current liabilities $ — $ — $ 809 $ 699 $ 1,112 $ 1,094 Non-current liabilities 3,850 4,611 9,048 9,126 12,695 12,525 Net amount recognized $ 3,850 $ 4,611 $ 9,857 $ 9,825 $ 13,807 $ 13,619 The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows: Funded Plans Unfunded Plans (in thousands) 2017 2016 2017 2016 Non-current assets $ (15 ) $ (88 ) $ — $ — Other current liabilities — — 188 170 Non-current liabilities 43 — 2,394 2,316 Net amount recognized $ 28 $ (88 ) $ 2,582 $ 2,486 |
Amounts Recognized in AOCI | Amounts recognized in AOCI as of December 31 are as follows: Postretirement Funded Plans Unfunded Plans Benefit Plans Total Total (in thousands) 2017 2016 2017 2016 2017 2016 2017 2016 Net actuarial loss $ 8,681 $ 9,090 $ 2,587 $ 2,496 $ 2,784 $ 2,710 $ 14,052 $ 14,296 Prior service credit — — — — (351 ) (1,598 ) (351 ) (1,598 ) Subtotal 8,681 9,090 2,587 2,496 2,433 1,112 13,701 12,698 Less tax effect (3,292 ) (3,447 ) (981 ) (947 ) (923 ) (422 ) (5,196 ) (4,816 ) Total $ 5,389 $ 5,643 $ 1,606 $ 1,549 $ 1,510 $ 690 $ 8,505 $ 7,882 |
Fair Value of Plans' Assets by Asset Class | The fair value of the domestic plans’ assets by asset class are as follows: Fair Value Measurements at December 31, 2017 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) Domestic pension plans: Fixed income securities $ 5,787 $ 5,787 $ — $ — Equity securities 5,390 5,390 — — Cash 214 214 — — Other 199 — 199 — Total $ 11,590 $ 11,391 $ 199 $ — Fair Value Measurements at December 31, 2016 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) Domestic pension plans: Fixed income securities $ 5,352 $ 5,352 $ — $ — Equity securities 4,580 4,580 — — Cash 280 280 — — Other 204 — 204 — Total $ 10,416 $ 10,212 $ 204 $ — The fair value information related to the foreign pension plans’ assets is summarized in the following tables: Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2017 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobserved Inputs (Level 3) Assets: Fixed income securities $ 4,414 $ 4,414 $ — $ — Equity securities 4,889 4,466 423 — Other 190 190 — — Total $ 9,493 $ 9,070 $ 423 $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2016 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobserved Inputs (Level 3) Assets: Fixed income securities $ 4,082 $ 4,082 $ — $ — Equity securities 4,518 4,130 388 — Other 1,976 1,976 — — Total $ 10,576 $ 10,188 $ 388 $ — |
Payments and Receipts Reflecting Expected Future Service | The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (in thousands) Funded Plans Unfunded Plans Postretirement Benefit Plans 2018 $ 1,434 $ 823 $ 1,132 2019 $ 927 $ 738 $ 1,127 2020 $ 997 $ 740 $ 1,100 2021 $ 921 $ 725 $ 1,066 2022 $ 990 $ 709 $ 1,039 2023-2027 $ 4,859 $ 3,259 $ 4,685 The following payments, which reflect expected future service, as appropriate, are expected to be paid: (in thousands) Funded Plans Unfunded Plans 2018 $ 365 $ 191 2019 $ 376 $ 190 2020 $ 378 $ 190 2021 $ 396 $ 190 2022 $ 496 $ 189 2023-2027 $ 2,499 $ 935 |
Accumulated Benefit Obligation in Excess of Plan Assets | The accumulated benefit obligations in excess of plan assets as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans (in thousands) 2017 2016 2017 2016 Projected benefit obligation $ 15,440 $ 15,027 $ 9,857 $ 9,825 Accumulated benefit obligation $ 15,440 $ 15,027 $ 9,826 $ 9,737 Fair value of plan assets $ 11,590 $ 10,416 $ — $ — Foreign Plans Funded Plans Unfunded Plans (in thousands) 2017 2016 2017 2016 Projected benefit obligation $ 9,521 $ 10,488 $ 2,582 $ 2,486 Accumulated benefit obligation $ 8,819 $ 9,906 $ 2,582 $ 2,486 Fair value of plan assets $ 9,493 $ 10,576 $ — $ — |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans Postretirement Benefit Plans Foreign Plans 2017 2016 2017 2016 2017 2016 2017 2016 Discount rate 3.63 % 4.12 % 3.55 % 3.99 % 3.59 % 4.08 % 3.15 % 3.52 % Rate of compensation increase N/A N/A 3.00 % 3.00 % N/A N/A 2.26 % 2.34 % Weighted-average assumptions used to determine net periodic benefit costs as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans Postretirement Benefit Plans Foreign Plans 2017 2016 2017 2016 2017 2016 2017 2016 Discount rate 4.07 % 4.33 % 3.99 % 4.25 % 4.08 % 4.30 % 3.71 % 3.77 % Expected return on plan assets 5.50 % 2.25 % N/A N/A 0.00 % 0.00 % 5.09 % 4.53 % Rate of compensation increase N/A N/A 3.00 % 3.00 % N/A N/A 2.26 % 2.34 % |
Multi-Employer Pension Plans | The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. Plan Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Viad Contributions Surcharge Paid Expiration Date of Collective- Bargaining Agreement(s) (in thousands) EIN No. 2017 2016 2017 2016 2015 Pension Fund: Western Conference of Teamsters Pension Plan 91-6145047 1 Green Green No $ 7,809 $ 6,684 $ 5,632 No 3/31/2020 Southern California Local 831—Employer Pension Fund (1) 95-6376874 1 Green Green No 3,087 2,805 2,485 No 8/31/2019 Chicago Regional Council of Carpenters Pension Fund 36-6130207 1 Green Yellow Yes 2,390 2,532 1,887 No 5/31/2019 IBEW Local Union No 357 Pension Plan A 88-6023284 1 Green Green No 1,682 1,402 1,150 No 6/16/2018 Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2 51-6030753 2 Green Green No 1,099 845 1,190 No 6/6/2021 Central States, Southeast and Southwest Areas Pension Plan 36-6044243 1 Red Red Yes 1,060 1,151 948 No 12/31/2018 Southern California IBEW-NECA Pension Fund 95-6392774 1 Yellow Yellow Yes 905 701 835 Yes continuous Southwest Carpenters Pension Trust 95-6042875 1 Green Green No 883 791 750 No 6/30/2018 New England Teamsters & Trucking Industry Pension 04-6372430 1 Red Red Yes 772 552 381 No 3/31/2022 Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan (1) 36-1416355 11 Red Red Yes 719 1,203 502 Yes 6/30/2019 Sign Pictorial & Display Industry Pension Plan (1) 94-6278490 1 Green Green No 654 526 541 No 3/31/2018 All other funds (2) 2,900 3,585 4,259 Total contributions to defined benefit plans 23,960 22,777 20,560 Total contributions to other plans 2,613 2,995 1,428 Total contributions to multi-employer plans $ 26,573 $ 25,772 $ 21,988 (1) We contributed more than 5% of total plan contributions for the 2016 and 2015 plan years based on the plans’ Form 5500s. (2) Represents participation in 35 pension funds during 2017. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Changes to Restructuring Liability by Major Restructuring Activity | Changes to the restructuring liability by major restructuring activity are as follows: GES Consolidation Other Restructurings (in thousands) Severance & Employee Benefits Facilities Severance & Employee Benefits Total Balance at December 31, 2014 $ 543 $ 1,161 $ 240 $ 1,944 Restructuring charges 1,767 587 602 2,956 Cash payments (1,514 ) (457 ) (601 ) (2,572 ) Adjustment to liability (45 ) — (7 ) (52 ) Balance at December 31, 2015 751 1,291 234 2,276 Restructuring charges 3,693 759 731 5,183 Cash payments (2,170 ) (1,150 ) (546 ) (3,866 ) Adjustment to liability — 192 (3 ) 189 Balance at December 31, 2016 2,274 1,092 416 3,782 Restructuring charges 442 265 297 1,004 Cash payments (1,165 ) (550 ) (538 ) (2,253 ) Adjustment to liability — — 16 16 Balance at December 31, 2017 $ 1,551 $ 807 $ 191 $ 2,549 |
Leases and Other (Tables)
Leases and Other (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Future minimum rental payments and related sublease rentals receivable | As of December 31, 2017, our future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year were as follows: (in thousands) Rental Payments Receivable Under Subleases 2018 $ 23,503 $ 2,627 2019 20,299 2,384 2020 17,265 2,209 2021 8,812 2,267 2022 5,555 2,195 Thereafter 81,135 3,657 Total $ 156,569 $ 15,339 |
Net rent expense under operating leases | Net rent expense under operating leases consisted of the following: December 31, (in thousands) 2017 2016 2015 Minimum rentals $ 56,575 $ 48,465 $ 41,564 Sublease rentals (1,525 ) (2,831 ) (3,457 ) Total rentals, net $ 55,050 $ 45,634 $ 38,107 |
Redeemable Noncontrolling Int53
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Summary of Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests are as follows: (in thousands) Balance at December 31, 2016 $ — Redeemable noncontrolling interest related to 2017 acquisition 6,735 Adjustment to the redemption value (30 ) Foreign currency translation adjustment (57 ) Balance at December 31, 2017 $ 6,648 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Reconciliation of income statement items from reportable segments | Our reportable segments, with reconciliations to consolidated totals, are as follows: Year Ended December 31, (in thousands) 2017 2016 2015 Revenue: GES: U.S. $ 872,154 $ 826,408 $ 720,882 International 282,712 248,503 272,634 Intersegment eliminations (21,769 ) (20,172 ) (16,638 ) Total GES 1,133,097 1,054,739 976,878 Pursuit 173,868 153,364 112,170 Corporate eliminations (1) — (3,133 ) — Total revenue $ 1,306,965 $ 1,204,970 $ 1,089,048 Segment operating income: GES: U.S. $ 34,494 $ 40,524 $ 14,563 International 15,475 9,699 12,211 Total GES 49,969 50,223 26,774 Pursuit 47,082 35,705 27,810 Segment operating income 97,051 85,928 54,584 Corporate eliminations (1) 67 (743 ) — Corporate activities (12,877 ) (10,322 ) (9,720 ) Operating income 84,241 74,863 44,864 Interest income 319 1,165 658 Interest expense (8,304 ) (5,898 ) (4,535 ) Restructuring recoveries (charges): GES U.S. 354 (2,893 ) (541 ) GES International (1,061 ) (1,559 ) (1,813 ) Pursuit (86 ) (171 ) (200 ) Corporate (211 ) (560 ) (402 ) Impairment recoveries (charges): Pursuit 29,098 (218 ) (96 ) Income from continuing operations before income taxes $ 104,350 $ 64,729 $ 37,935 (1) |
Reconciliation of assets from reportable segments | December 31, (in thousands) 2017 2016 2015 Assets: GES: U.S. $ 380,909 $ 380,951 $ 294,618 International 135,917 109,705 115,494 Pursuit 350,256 301,941 195,527 Corporate and other 52,817 77,219 85,084 $ 919,899 $ 869,816 $ 690,723 Depreciation and amortization: GES: U.S. $ 29,088 $ 21,473 $ 18,658 International 8,176 8,092 8,435 Pursuit 17,653 12,967 7,974 Corporate and other 197 211 164 $ 55,114 $ 42,743 $ 35,231 Capital expenditures: GES: U.S. $ 17,337 $ 14,291 $ 8,066 International 8,084 5,033 8,366 Pursuit 30,786 31,861 13,107 Corporate and other (1) 414 (1,370 ) 300 $ 56,621 $ 49,815 $ 29,839 (1) The 2016 amount includes an intercompany elimination for work completed by GES on renovations to Pursuit’s Banff Gondola. |
Financial information by major geographic area | The table below presents the financial information by major geographic area: December 31, (in thousands) 2017 2016 2015 Revenue: United States $ 913,210 $ 855,304 $ 726,436 EMEA 209,824 205,028 220,046 Canada 183,931 144,638 142,566 Total revenue $ 1,306,965 $ 1,204,970 $ 1,089,048 Long-lived assets: United States $ 180,345 $ 182,611 $ 139,479 EMEA 43,630 37,083 15,714 Canada 129,108 104,461 71,677 Total long-lived assets $ 353,083 $ 324,155 $ 226,870 |
Selected Quarterly Financial 55
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly financial information | The following table sets forth selected unaudited consolidated quarterly financial information: 2017 2016 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Revenue: $ 325,807 $ 364,774 $ 339,099 $ 277,285 $ 241,362 $ 324,747 $ 382,465 $ 256,396 Operating income (loss): Ongoing operations (1) $ 12,684 $ 39,402 $ 47,066 $ (4,726 ) $ (6,280 ) $ 34,014 $ 58,917 $ (1,466 ) Corporate activities (2,610 ) (3,008 ) (4,474 ) (2,785 ) (1,911 ) (2,707 ) (2,772 ) (2,932 ) Restructuring charges (394 ) (168 ) (255 ) (187 ) (992 ) (975 ) (1,697 ) (1,519 ) Impairment recoveries (charges) 2,384 2,247 24,467 — — — (120 ) (98 ) Operating income (loss) $ 12,064 $ 38,473 $ 66,804 $ (7,698 ) $ (9,183 ) $ 30,332 $ 54,328 $ (6,015 ) Income (loss) from continuing operations attributable to Viad $ 7,593 $ 27,438 $ 44,758 $ (21,814 ) $ (6,797 ) $ 19,873 $ 34,013 $ (4,136 ) Net income (loss) attributable to Viad $ 6,777 $ 27,947 $ 44,657 $ (21,674 ) $ (6,983 ) $ 19,509 $ 33,792 $ (4,049 ) Basic and Diluted income (loss) per common share: (2) Continuing operations attributable to Viad $ 0.37 $ 1.35 $ 2.19 $ (1.08 ) $ (0.34 ) $ 0.98 $ 1.68 $ (0.21 ) Net income (loss) attributable to Viad common stockholders $ 0.33 $ 1.37 $ 2.19 $ (1.07 ) $ (0.35 ) $ 0.96 $ 1.67 $ (0.20 ) (1) Represents revenue less costs of services and cost of products sold. (2) The sum of quarterly income per share amounts may not equal annual income per share due to rounding. |
Overview and Summary of Signi56
Overview and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | Dec. 29, 2016USD ($) | Jul. 31, 2017USD ($) | Dec. 31, 2017USD ($)Segmentshares | |
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | Segment | 3 | |||
Remaining maturities of highly-liquid investments | three months or less | |||
Business interruption gain | $ 2,692 | |||
Share based compensation arrangements requisite service period | 3 years | |||
Percent of shares vest on the third anniversary of the grant | 40.00% | |||
Percent of increments over the subsequent two anniversary dates | 30.00% | |||
Decrease in tax expense | [1] | $ 8,000 | ||
Decrease in tax percentage | [1] | 7.70% | ||
ASU 2016-09 | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Decrease in tax expense | $ 1,100 | |||
Decrease in tax percentage | 1.10% | |||
Liability Based Awards | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Share based compensation arrangements requisite service period | 3 years | |||
Equity Based Awards | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Share based compensation arrangements requisite service period | 3 years | |||
Other Restricted Stock | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Share based compensation arrangements requisite service period | 5 years | |||
Stock Options | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Share based compensation arrangements requisite service period | 5 years | |||
Stock options granted | shares | 0 | |||
Glacier Park Inc | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Percentage of non-equity ownership related to non-redeemable noncontrolling interests | 20.00% | |||
Minimum | Restricted Stock | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Share based compensation arrangements vesting period | 3 years | |||
Maximum | Restricted Stock | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Share based compensation arrangements vesting period | 5 years | |||
Building | Minimum | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 15 years | |||
Building | Maximum | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 40 years | |||
Equipment | Minimum | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
Equipment | Maximum | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 12 years | |||
Computer Software, Development Costs | Minimum | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
Computer Software, Development Costs | Maximum | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, useful life | 10 years | |||
Mount Royal Hotel | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Asset impairment loss | $ 2,200 | $ 200 | ||
Property and business interruption insurance claims total | $ 36,300 | |||
Insurance proceeds allocated to insurance receivable | 2,200 | |||
Impairment recoveries | 29,300 | |||
Business interruption gain | 2,500 | |||
Insurance settlements to offset non capitalized costs | 1,300 | |||
Deferred revenue | $ 1,000 | |||
Pursuit | ||||
Overview and Summary of Significant Accounting Policies [Line Items] | ||||
Number of business lines | Segment | 4 | |||
[1] | Includes $0.6 million increase to the valuation allowance related to the remeasurement of deferred taxes due to the reduction in U.S. tax rate. |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of share-based compensation expense | |||
Share-based compensation before income tax benefit | $ 10,969 | $ 8,038 | $ 3,848 |
Income tax benefit | (4,079) | (2,988) | (1,454) |
Share-based compensation, net of income tax benefit | 6,890 | 5,050 | 2,394 |
Performance unit incentive plan (“PUP”) | |||
Summary of share-based compensation expense | |||
Share-based compensation before income tax benefit | 8,088 | 5,703 | 1,692 |
Restricted stock | |||
Summary of share-based compensation expense | |||
Share-based compensation before income tax benefit | 2,594 | 2,073 | 2,111 |
Restricted stock units | |||
Summary of share-based compensation expense | |||
Share-based compensation before income tax benefit | $ 287 | $ 262 | $ 45 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2017 | Feb. 28, 2017 | Mar. 31, 2016 | Feb. 29, 2016 | Mar. 31, 2015 | Feb. 28, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||||
Capitalized share-based compensation costs | $ 0 | $ 0 | $ 0 | |||||||
Repurchase of common stock for employee tax withholding obligations amount, shares | 41,532 | 25,432 | 35,649 | |||||||
Repurchased shares | 0 | 0 | 141,462 | |||||||
Common stock purchased for treasury | $ 3,800,000 | |||||||||
2017 Plan | ||||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||||
Useful Life of the plan | 10 years | |||||||||
Common stock shares issuable | 1,750,000 | |||||||||
Shares available for grant | 1,744,546 | |||||||||
2007 Plan | ||||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||||
Award vesting period | 3 years | |||||||||
Performance Unit Incentive Plan (“PUP”) | 2007 Plan | ||||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||||
Awards granted during the period | $ 3,500,000 | |||||||||
Stock value payable | 1,400,000 | |||||||||
Liability awards recorded | 11,000,000 | $ 7,600,000 | ||||||||
Payments to employees | $ 3,700,000 | $ 200,000 | $ 2,400,000 | |||||||
Restricted Stock | 2007 Plan | ||||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||||
Grant date fair value of restricted stock vested | 2,700,000 | $ 2,000,000 | $ 2,200,000 | |||||||
Unamortized cost | $ 2,500,000 | |||||||||
Recognition period of unrecognized cost | 1 year 2 months 12 days | |||||||||
Repurchase of common stock for employee tax withholding obligations amount, shares | 41,532 | 25,432 | 35,649 | |||||||
Repurchase of common stock for employee tax withholding obligations amount | $ 2,100,000 | $ 700,000 | $ 1,000,000 | |||||||
Repurchased shares | 141,462 | |||||||||
Common stock purchased for treasury | $ 3,800,000 | |||||||||
Restricted Stock Units | 2007 Plan | ||||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||||
Payments to employees | $ 300,000 | $ 200,000 | $ 300,000 | |||||||
Liabilities related to restricted stock | 500,000 | $ 400,000 | ||||||||
Stock Options | 2007 Plan | ||||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||||
Unamortized cost | $ 0 | |||||||||
Exercised | 0 | |||||||||
Forfeited or expired | 0 | |||||||||
Exercisable | 63,773 | 63,773 | ||||||||
Outstanding | 63,773 | 63,773 | ||||||||
Weighted-average exercise price | $ 16.62 | $ 16.62 | ||||||||
Weighted average remaining contractual life | 2 years | 2 years | ||||||||
Restructuring Charges | Performance Unit Incentive Plan (“PUP”) | ||||||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||||||
Share-based compensation before income tax benefit | $ 100,000 | $ 200,000 | $ 45,000 |
Share-Based Compensation - Su59
Share-Based Compensation - Summary of Activity of the Outstanding Share-Based Compensation Awards (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Performance Unit Incentive Plan (“PUP”) | |
Summary of activity of the outstanding share-based compensation awards | |
Beginning Balance, Shares | shares | 255,505 |
Granted, Shares | shares | 73,557 |
Vested, Shares | shares | (76,082) |
Forfeited, Shares | shares | (13,642) |
Ending Balance, Shares | shares | 239,338 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 26.11 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 47.44 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 24.07 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 34.99 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 32.80 |
Restricted Stock | |
Summary of activity of the outstanding share-based compensation awards | |
Beginning Balance, Shares | shares | 267,051 |
Granted, Shares | shares | 67,029 |
Vested, Shares | shares | (112,548) |
Forfeited, Shares | shares | (14,633) |
Ending Balance, Shares | shares | 206,899 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 25.96 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 46.99 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 24.04 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 35.31 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 33.16 |
Restricted Stock Units | |
Summary of activity of the outstanding share-based compensation awards | |
Beginning Balance, Shares | shares | 15,982 |
Granted, Shares | shares | 2,950 |
Vested, Shares | shares | (6,182) |
Forfeited, Shares | shares | 0 |
Ending Balance, Shares | shares | 12,750 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 25.58 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 47.45 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 24.97 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 0 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 30.94 |
Share-Based Compensation - Su60
Share-Based Compensation - Summary of Additional Stock Option Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Total intrinsic value of stock options outstanding | [1] | $ 2,473 | $ 1,753 | $ 740 |
Total intrinsic value of stock options exercised | 0 | 0 | 1,474 | |
Cash received from the exercise of stock options | 0 | 0 | 898 | |
Tax benefits realized for tax deductions related to stock option exercises | $ 0 | $ 0 | $ 104 | |
[1] | The intrinsic value of stock options outstanding represents the difference between our closing stock price on December 31 of each year and the exercise price, multiplied by the number of in-the-money stock options. |
Acquisition of Businesses - Nar
Acquisition of Businesses - Narrative (Details) € in Millions, CAD in Millions | Nov. 03, 2017USD ($) | Nov. 03, 2017EUR (€) | Dec. 29, 2016USD ($) | Dec. 29, 2016CAD | Aug. 11, 2016USD ($) | Mar. 11, 2016USD ($) | Jan. 04, 2016USD ($) | Jan. 04, 2016CAD | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Poken Event Engagement Technology | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 1,700,000 | |||||||||||
Acquisition related costs | $ 300,000 | |||||||||||
Esja Attractions ehf. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 9,500,000 | € 8.2 | ||||||||||
Acquisition related costs | $ 100,000 | |||||||||||
Business acquisition date | Nov. 3, 2017 | |||||||||||
Percentage of controlling interest acquired | 54.50% | |||||||||||
Estimated fair value of non-controlling interest | $ 6,700,000 | |||||||||||
Operating income (losses) | $ (100,000) | |||||||||||
Maligne Tours Ltd | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 14,962,000 | CAD 20.9 | ||||||||||
Acquisition related costs | $ 100,000 | $ 100,000 | $ 200,000 | |||||||||
Business acquisition date | Jan. 4, 2016 | |||||||||||
CATC Alaska Tourism Corporation | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 45,000,000 | |||||||||||
Acquisition related costs | $ 100,000 | 100,000 | $ 600,000 | |||||||||
Business acquisition date | Mar. 11, 2016 | |||||||||||
Percentage of controlling interest acquired | 100.00% | |||||||||||
ON Event Services LLC | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 87,000,000 | |||||||||||
Acquisition related costs | $ 100,000 | 900,000 | ||||||||||
Business acquisition date | Aug. 11, 2016 | |||||||||||
Estimated fair value of Earnout | $ 540,000 | |||||||||||
Goodwill expected to be tax deductible, term of recognition | 15 years | |||||||||||
ON Event Services LLC | Maximum | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Aggregate purchase price | $ 92,500,000 | |||||||||||
Contingent liability | $ 5,500,000 | |||||||||||
FlyOver Canada | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Purchase price | $ 50,920,000 | CAD 68.8 | ||||||||||
Acquisition related costs | $ 100,000 | $ 500,000 | ||||||||||
Business acquisition date | Dec. 29, 2016 |
Acquisition of Businesses - Sch
Acquisition of Businesses - Schedule of Recognized Assets Acquired and Liabilities Assumed (Details) CAD in Millions | Dec. 29, 2016USD ($) | Dec. 29, 2016CAD | Aug. 11, 2016USD ($) | Mar. 11, 2016USD ($) | Jan. 04, 2016USD ($) | Jan. 04, 2016CAD | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||
Total purchase price, net of cash acquired | $ 1,501,000 | $ 195,989,000 | $ 430,000 | ||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ 270,551,000 | $ 254,022,000 | $ 185,223,000 | ||||||
Maligne Tours Ltd | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 14,962,000 | CAD 20.9 | |||||||
Total purchase price, net of cash acquired | 14,962,000 | ||||||||
Inventories | 246,000 | ||||||||
Prepaid expenses | 2,000 | ||||||||
Property and equipment | 4,133,000 | ||||||||
Intangible assets | 9,244,000 | ||||||||
Total assets acquired | 13,625,000 | ||||||||
Customer deposits | 15,000 | ||||||||
Other liabilities | 240,000 | ||||||||
Total liabilities acquired | 255,000 | ||||||||
Total fair value of net assets acquired | 13,370,000 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ 1,592,000 | ||||||||
CATC Alaska Tourism Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 45,000,000 | ||||||||
Working capital adjustment | (35,000) | ||||||||
Cash acquired | (2,196,000) | ||||||||
Total purchase price, net of cash acquired | 42,769,000 | ||||||||
Accounts receivable | 8,000 | ||||||||
Inventories | 921,000 | ||||||||
Prepaid expenses | 82,000 | ||||||||
Property and equipment | 43,470,000 | ||||||||
Intangible assets | 980,000 | ||||||||
Total assets acquired | 45,461,000 | ||||||||
Accounts payable | 306,000 | ||||||||
Accrued liabilities | 434,000 | ||||||||
Customer deposits | 1,952,000 | ||||||||
Total liabilities acquired | 2,692,000 | ||||||||
Total fair value of net assets acquired | $ 42,769,000 | ||||||||
ON Event Services LLC | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 87,000,000 | ||||||||
Working capital adjustment | 344,000 | ||||||||
Contingent consideration | 540,000 | ||||||||
Total purchase price, net of cash acquired | 87,884,000 | ||||||||
Accounts receivable | 4,643,000 | ||||||||
Inventories | 256,000 | ||||||||
Prepaid expenses | 872,000 | ||||||||
Property and equipment | 14,827,000 | ||||||||
Intangible assets | 33,990,000 | ||||||||
Total assets acquired | 54,588,000 | ||||||||
Accounts payable | 992,000 | ||||||||
Accrued liabilities | 564,000 | ||||||||
Customer deposits | 851,000 | ||||||||
Other liabilities | 274,000 | ||||||||
Total liabilities acquired | 2,681,000 | ||||||||
Total fair value of net assets acquired | 51,907,000 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ 35,977,000 | ||||||||
FlyOver Canada | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 50,920,000 | CAD 68.8 | |||||||
Cash acquired | (6,000) | ||||||||
Total purchase price, net of cash acquired | 50,914,000 | ||||||||
Inventories | 11,000 | ||||||||
Prepaid expenses | 37,000 | ||||||||
Property and equipment | 10,867,000 | ||||||||
Intangible assets | 6,028,000 | ||||||||
Total assets acquired | 16,943,000 | ||||||||
Accrued liabilities | 118,000 | ||||||||
Total liabilities acquired | 118,000 | ||||||||
Total fair value of net assets acquired | 16,825,000 | ||||||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ 34,089,000 |
Acquisition of Businesses - S63
Acquisition of Businesses - Schedule of Purchase Price Allocated to Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 29, 2016 | Aug. 11, 2016 | Mar. 11, 2016 | Jan. 04, 2016 | |
Maligne Tours Ltd | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 9,244 | ||||
Weighted average life | [1] | 26 years 8 months 12 days | |||
Maligne Tours Ltd | Customer relationships | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 788 | ||||
Maligne Tours Ltd | Operating licenses | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | 8,313 | ||||
Maligne Tours Ltd | Trade name | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 143 | ||||
CATC Alaska Tourism Corporation | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 980 | ||||
Weighted average life | 5 years 9 months 18 days | ||||
CATC Alaska Tourism Corporation | Customer relationships | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 780 | ||||
CATC Alaska Tourism Corporation | Trade name | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 200 | ||||
ON Event Services LLC | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 33,990 | ||||
Weighted average life | 10 years 6 months | ||||
ON Event Services LLC | Customer relationships | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 27,620 | ||||
ON Event Services LLC | Trade name | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | 3,190 | ||||
ON Event Services LLC | Non-compete agreements | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 3,180 | ||||
FlyOver Canada | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 6,028 | ||||
Weighted average life | 9 years 4 months 24 days | ||||
FlyOver Canada | Customer relationships | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 1,592 | ||||
FlyOver Canada | Trade name | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | 3,710 | ||||
FlyOver Canada | Non-compete agreements | |||||
Finite Lived Intangible Assets [Line Items] | |||||
Fair value of intangible assets acquired | $ 726 | ||||
[1] | Largely attributable to operating licenses amortized over the remaining Parks Canada lease of 29 years. |
Acquisition of Businesses - S64
Acquisition of Businesses - Schedule of Purchase Price Allocated to Intangible Assets (Parenthetical) (Details) | Jan. 04, 2016 |
Maligne Tours Ltd | Parks Canada | |
Finite Lived Intangible Assets [Line Items] | |
Operating licenses amortized period | 29 years |
Acquisition of Businesses - Una
Acquisition of Businesses - Unaudited Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Revenue | $ 1,250,290 | $ 1,183,656 |
Depreciation and amortization | 52,074 | 52,631 |
Income from continuing operations | 43,727 | 27,881 |
Net income attributable to Viad | $ 42,517 | $ 27,045 |
Diluted income per share | $ 2.10 | $ 1.35 |
Basic income per share | $ 2.10 | $ 1.35 |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Components of Inventories | ||
Raw materials | $ 17,550 | $ 16,846 |
Work in process | 12,822 | 14,574 |
Inventories | $ 30,372 | $ 31,420 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid vendor payments | $ 5,048 | $ 3,633 |
Income tax receivable | 4,237 | 3,614 |
Prepaid software maintenance | 3,386 | 2,804 |
Prepaid insurance | 2,610 | 2,479 |
Prepaid taxes | 912 | 850 |
Prepaid rent | 730 | 327 |
Prepaid other | 2,172 | 731 |
Other | 1,935 | 4,011 |
Other current assets | $ 21,030 | $ 18,449 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Line Items] | |||
Gross property and equipment | $ 606,338 | $ 544,525 | |
Accumulated depreciation | (300,767) | (264,667) | |
Property and equipment, net | 305,571 | 279,858 | |
Land and land interests | |||
Property Plant And Equipment [Line Items] | |||
Gross property and equipment | [1] | 32,544 | 31,670 |
Buildings and leasehold improvements | |||
Property Plant And Equipment [Line Items] | |||
Gross property and equipment | 222,118 | 185,987 | |
Equipment and other | |||
Property Plant And Equipment [Line Items] | |||
Gross property and equipment | [2] | $ 351,676 | $ 326,868 |
[1] | Land and land interests include certain leasehold interests in land within Pursuit for which we are considered to have perpetual use rights. The carrying amount of these leasehold interests was $8.4 million as of December 31, 2017 and $7.9 million as of December 31, 2016. These land interests are not subject to amortization. | ||
[2] | Equipment and other includes capitalized costs incurred in developing or obtaining internal and external use software. The net carrying amount of capitalized software was $10.1 million as of December 31, 2017 and $11.9 million as of December 31, 2016. |
Property and Equipment - Sche69
Property and Equipment - Schedule of Property and Equipment (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Line Items] | ||
Leasehold interests | $ 606,338 | $ 544,525 |
Net carrying amount of capitalized software | 10,100 | 11,900 |
Leasehold Land Interests | Pursuit | ||
Property Plant And Equipment [Line Items] | ||
Leasehold interests | $ 8,400 | $ 7,900 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands | Dec. 29, 2016 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Line Items] | |||||||||
Depreciation expense | $ 42,700 | $ 33,600 | $ 28,100 | ||||||
Non-cash increases property and equipment acquired under capital leases | 2,500 | 1,200 | 1,000 | ||||||
Non-cash increases property and equipment purchases in accounts payable and accrued liabilities | 2,300 | 900 | 2,300 | ||||||
Impairment charges (recoveries) | $ (24,467) | $ (2,247) | $ (2,384) | $ 98 | $ 120 | (29,098) | 218 | 96 | |
Mount Royal Hotel | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Asset impairment loss | $ 2,200 | 200 | |||||||
Mount Royal Hotel | Canada | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Insurance claims | 36,300 | ||||||||
Impairment recoveries | 29,300 | ||||||||
Asset impairment loss | $ 2,200 | $ 200 | |||||||
Pursuit | |||||||||
Property Plant And Equipment [Line Items] | |||||||||
Impairment charges (recoveries) | $ 200 | $ 100 |
Other Investments and Assets -
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments All Other Investments [Abstract] | ||
Cash surrender value of life insurance | $ 23,947 | $ 23,197 |
Self-insured liability receivable | 10,442 | 10,463 |
Workers’ compensation insurance security deposits | 3,550 | 4,050 |
Other mutual funds | 2,637 | 2,062 |
Other | 6,936 | 4,525 |
Other investments and assets | $ 47,512 | $ 44,297 |
Goodwill and Other Intangible72
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Balance, beginning | $ 254,022 | $ 185,223 |
Business acquisitions | 8,154 | 71,658 |
Foreign currency translation adjustments | 8,375 | (2,859) |
Balance, ending | 270,551 | 254,022 |
GES U.S. | ||
Goodwill [Line Items] | ||
Balance, beginning | 148,277 | 112,300 |
Business acquisitions | 35,977 | |
Balance, ending | 148,277 | 148,277 |
GES International | ||
Goodwill [Line Items] | ||
Balance, beginning | 34,460 | 38,635 |
Business acquisitions | 1,060 | |
Foreign currency translation adjustments | 3,320 | (4,175) |
Balance, ending | 38,840 | 34,460 |
Pursuit | ||
Goodwill [Line Items] | ||
Balance, beginning | 71,285 | 34,288 |
Business acquisitions | 7,094 | 35,681 |
Foreign currency translation adjustments | 5,055 | 1,316 |
Balance, ending | $ 83,434 | $ 71,285 |
Goodwill and Other Intangible73
Goodwill and Other Intangible Assets - Goodwill by Reporting Unit and Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 29, 2016 | Dec. 31, 2015 |
Goodwill by reporting unit and segment | ||||
Goodwill | $ 270,551 | $ 254,022 | $ 185,223 | |
GES U.S. | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | 148,277 | 148,277 | 112,300 | |
GES International | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | 38,840 | 34,460 | 38,635 | |
GES International | GES EMEA | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | 31,612 | 27,694 | ||
GES International | GES Canada | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | 7,228 | 6,766 | ||
GES | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | 187,117 | 182,737 | ||
Pursuit | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | 83,434 | 71,285 | $ 34,288 | |
Pursuit | Banff Jasper Collection | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | 35,305 | 32,587 | ||
Pursuit | Alaska Collection | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | 3,184 | 3,184 | ||
Pursuit | Glacier Park Collection | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | 1,268 | 1,268 | ||
FlyOver Canada | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | $ 34,089 | |||
FlyOver Canada | Pursuit | ||||
Goodwill by reporting unit and segment | ||||
Goodwill | $ 43,677 | $ 34,246 |
Goodwill and Other Intangible74
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Accumulated Impairment Loss on Goodwill | $ 229.7 | $ 229.7 | |
Intangible asset amortization expense | $ 12.4 | $ 9.2 | $ 7.2 |
Customer contracts and relationships | |||
Segment Reporting Information [Line Items] | |||
Weighted-average amortization period of intangible assets | 8 years 6 months | ||
Tradenames | |||
Segment Reporting Information [Line Items] | |||
Weighted-average amortization period of intangible assets | 7 years | ||
Operating contracts and licenses | |||
Segment Reporting Information [Line Items] | |||
Weighted-average amortization period of intangible assets | 26 years 3 months 18 days | ||
Other | |||
Segment Reporting Information [Line Items] | |||
Weighted-average amortization period of intangible assets | 2 years 2 months 12 days | ||
Non-compete agreements | |||
Segment Reporting Information [Line Items] | |||
Weighted-average amortization period of intangible assets | 2 years 2 months 12 days | ||
GES U.S. | |||
Segment Reporting Information [Line Items] | |||
Percentage of estimated fair values | 134.00% | ||
FlyOver Canada | |||
Segment Reporting Information [Line Items] | |||
Percentage of estimated fair values | 29.00% | ||
GES EMEA | GES International | |||
Segment Reporting Information [Line Items] | |||
Percentage of estimated fair values | 214.00% | ||
GES Canada | GES International | |||
Segment Reporting Information [Line Items] | |||
Percentage of estimated fair values | 164.00% | ||
Banff Jasper Collection | Pursuit | |||
Segment Reporting Information [Line Items] | |||
Percentage of estimated fair values | 147.00% | ||
Alaska Collection | Pursuit | |||
Segment Reporting Information [Line Items] | |||
Percentage of estimated fair values | 99.00% | ||
Glacier Park Collection | Pursuit | |||
Segment Reporting Information [Line Items] | |||
Percentage of estimated fair values | 16.00% |
Goodwill and Other Intangible75
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | $ 93,641 | $ 91,477 |
Accumulated Amortization | (31,320) | (18,264) |
Amortized intangible assets, Net Carrying Value | 62,321 | 73,213 |
Intangible Assets, Gross (Excluding Goodwill) | 94,101 | 91,937 |
Other intangible assets, net | 62,781 | 73,673 |
Customer contracts and relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 68,798 | 67,762 |
Accumulated Amortization | (23,696) | (14,345) |
Amortized intangible assets, Net Carrying Value | 45,102 | 53,417 |
Operating contracts and licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 9,951 | 9,315 |
Accumulated Amortization | (1,094) | (652) |
Amortized intangible assets, Net Carrying Value | 8,857 | 8,663 |
Tradenames | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 8,633 | 8,324 |
Accumulated Amortization | (2,873) | (1,440) |
Amortized intangible assets, Net Carrying Value | 5,760 | 6,884 |
Non-compete agreements | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 5,363 | 5,190 |
Accumulated Amortization | (3,007) | (1,369) |
Amortized intangible assets, Net Carrying Value | 2,356 | 3,821 |
Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 896 | 886 |
Accumulated Amortization | (650) | (458) |
Amortized intangible assets, Net Carrying Value | 246 | 428 |
Business licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Unamortized intangible assets, Gross Carrying Value | $ 460 | $ 460 |
Goodwill and Other Intangible76
Goodwill and Other Intangible Assets - Estimated Amortization Expense Related to Amortized Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Estimated amortization expense related to amortized intangible assets | ||
2,018 | $ 11,013 | |
2,019 | 9,945 | |
2,020 | 8,444 | |
2,021 | 7,447 | |
2,022 | 5,895 | |
Thereafter | 19,577 | |
Amortized intangible assets, Net Carrying Value | $ 62,321 | $ 73,213 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Continuing operations: | ||
Accrued income tax payable | $ 7,518 | $ 758 |
Self-insured liability accrual | 6,208 | 5,941 |
Commissions payable | 3,235 | 639 |
Accrued employee benefit costs | 2,915 | 2,624 |
Accrued sales and use taxes | 2,431 | 4,279 |
Accrued dividends | 2,094 | 2,119 |
Current portion of pension and postretirement liabilities | 2,109 | 1,963 |
Deferred rent | 1,679 | 1,535 |
Accrued rebates | 1,106 | 1,078 |
Accrued professional fees | 1,020 | 794 |
Accrued restructuring | 722 | 1,924 |
Other taxes | 2,750 | 4,210 |
Other | 3,852 | 1,774 |
Total continuing operations | 37,639 | 29,638 |
Discontinued operations: | ||
Environmental remediation liabilities | 648 | 492 |
Self-insured liability accrual | 337 | 162 |
Other | 96 | 98 |
Total discontinued operations | 1,081 | 752 |
Total other current liabilities | $ 38,720 | $ 30,390 |
Other Deferred Items and Liab78
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Continuing operations: | ||
Self-insured liability | $ 12,918 | $ 12,981 |
Self-insured excess liability | 10,442 | 10,463 |
Accrued compensation | 9,740 | 8,514 |
Foreign deferred tax liability | 8,267 | 2,264 |
Deferred rent | 3,855 | 5,271 |
Accrued restructuring | 1,827 | 1,858 |
Other | 1,305 | 1,300 |
Total continuing operations | 48,354 | 42,651 |
Discontinued operations: | ||
Self-insured liability | 2,557 | 3,748 |
Environmental remediation liabilities | 1,728 | 3,091 |
Accrued income taxes | 1,045 | |
Other | 219 | 199 |
Total discontinued operations | 4,504 | 8,083 |
Total other deferred items and liabilities | $ 52,858 | $ 50,734 |
Debt and Capital Lease Obliga79
Debt and Capital Lease Obligations - Schedule of Long-term Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Revolving credit facility and term loan gross | [1] | $ 207,322 | $ 212,750 |
Less unamortized debt issuance costs | (984) | (1,464) | |
Total debt | 206,338 | 247,742 | |
Capital lease obligations, 3.8% weighted-average interest rate at December 31, 2017 and 4.9% at December 31, 2016, due through 2021 | 2,854 | 1,469 | |
Total debt and capital lease obligations | 209,192 | 249,211 | |
Current portion | [2] | (152,599) | (174,968) |
Long-term debt and capital lease obligations | $ 56,593 | 74,243 | |
Brewster Inc. Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility and term loan gross | [1] | $ 36,456 | |
[1] | Represents the weighted-average interest rate in effect at the respective periods for the revolving credit facilities and term loan borrowings, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. | ||
[2] | Borrowings under the revolving credit facilities are classified as current because all borrowed amounts are due within one year. |
Debt and Capital Lease Obliga80
Debt and Capital Lease Obligations - Schedule of Long-term Debt and Capital Lease Obligations (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Interest rate on credit facility | 3.10% | 2.60% |
Weighted interest rate on long term debt | 3.80% | 4.90% |
Current revolving credit facility maturity period | 1 year | 1 year |
Brewster Inc. Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest rate on credit facility | 2.70% |
Debt and Capital Lease Obliga81
Debt and Capital Lease Obligations - Narrative (Details) - USD ($) $ in Thousands | Dec. 06, 2017 | Dec. 22, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2016 | |
Line of Credit Facility [Line Items] | |||||||
Leverage ratio | 145.00% | ||||||
Fixed charge coverage ratio | 310.00% | ||||||
Total debt and capital lease obligations | $ 209,192 | $ 249,211 | |||||
Revolving Credit Facility, Balance Outstanding | [1] | 207,322 | 212,750 | ||||
Capital lease obligations, total | 2,854 | 1,469 | |||||
Remaining borrowing capacity on line of credit | 41,400 | ||||||
Letters of credit outstanding | 1,300 | ||||||
Unamortized debt issuance cost | 984 | 1,464 | |||||
Maximum potential amount of future payments | $ 19,300 | ||||||
Guarantees relate to facilities leased by the company | 2027-10 | ||||||
Recourse provisions | There are no recourse provisions that would enable us to recover from third parties any payments made under the guarantees | ||||||
Accumulated Amortization | $ 31,320 | $ 18,264 | |||||
Debt, Weighted Average Interest Rate | 3.70% | 3.10% | 3.20% | ||||
Fair value of debt | $ 203,200 | $ 252,800 | |||||
Cash paid for interest on debt | $ 7,700 | 5,500 | $ 4,200 | ||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Commitment fee percentage on line of credit | 0.30% | ||||||
Revolving Credit Facility, Balance Outstanding | $ 132,300 | ||||||
Collateral on line of credit | Furthermore, there are no collateral or similar arrangements whereby we could recover payments | ||||||
Term Loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Revolving Credit Facility, Balance Outstanding | $ 75,000 | ||||||
Brewster Revolver | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity on line of credit | $ 20,000 | $ 38,000 | |||||
Maturity date | Dec. 28, 2018 | ||||||
Commitment fee percentage on line of credit | 0.20% | ||||||
Revolving Credit Facility, Balance Outstanding | [1] | 36,456 | |||||
Remaining borrowing capacity on line of credit | $ 20,000 | ||||||
Capital Leases | |||||||
Line of Credit Facility [Line Items] | |||||||
Gross amount of assets recorded under capital leases | 4,800 | 3,300 | |||||
Accumulated Amortization | $ 2,000 | $ 1,700 | |||||
Amended and Restated Credit Agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Maturity date | Dec. 22, 2019 | ||||||
Amended and Restated Credit Agreement | Senior Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity on line of credit | $ 300,000 | ||||||
Amended and Restated Credit Agreement | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity on line of credit | 175,000 | ||||||
Additional borrowing capacity on line of credit | 100,000 | ||||||
Line of Credit borrowings used to support letter of credit | 40,000 | ||||||
Amended and Restated Credit Agreement | Term Loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing capacity on line of credit | $ 125,000 | ||||||
Amendment No. 1 | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum leverage ratio for acquisition | 300.00% | ||||||
Leverage ratio required for dividend or share activity | 250.00% | ||||||
Maximum leverage ratio for unsecured debt | 300.00% | ||||||
Annual share repurchase limit on leverage ratio basis | $ 20,000 | ||||||
Amendment No. 1 | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Leverage ratio | 350.00% | ||||||
Amendment No. 1 | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Fixed charge coverage ratio | 175.00% | ||||||
Top Tier Foreign Subsidiaries | Amended and Restated Credit Agreement | |||||||
Line of Credit Facility [Line Items] | |||||||
Percent of lenders security interest on capital stock foreign subsidiary | 65.00% | ||||||
[1] | Represents the weighted-average interest rate in effect at the respective periods for the revolving credit facilities and term loan borrowings, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. |
Debt and Capital Lease Obliga82
Debt and Capital Lease Obligations - Schedule of Aggregate Annual Maturities of Long-term Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Revolving Credit, Maturity, Total | [1] | $ 207,322 | $ 212,750 |
Capital Leases, Future Minimum Payments Due, 2018 | 1,601 | ||
Capital Leases, Future Minimum Payments Due, 2019 | 899 | ||
Capital Leases, Future Minimum Payments Due, 2020 | 454 | ||
Capital Leases, Future Minimum Payments Due, 2021 | 17 | ||
Capital Leases, Future Minimum Payments Due, Total | 2,971 | ||
Capital Leases, Interest Included in Payments | (117) | ||
Capital Leases, Present Value of Net Minimum Payments | 2,854 | ||
Revolving Credit Agreement | |||
Debt Instrument [Line Items] | |||
Revolving Credit, Maturity, 2018 | 151,072 | ||
Revolving Credit, Maturity, 2019 | 56,250 | ||
Revolving Credit, Maturity, Total | $ 207,322 | ||
[1] | Represents the weighted-average interest rate in effect at the respective periods for the revolving credit facilities and term loan borrowings, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair value information related to assets | |||
Assets | $ 2,756 | $ 2,180 | |
Quoted Prices in Active Markets (Level 1) | |||
Fair value information related to assets | |||
Assets | 2,756 | 2,180 | |
Money market funds | |||
Fair value information related to assets | |||
Assets | [1] | 119 | 118 |
Money market funds | Quoted Prices in Active Markets (Level 1) | |||
Fair value information related to assets | |||
Assets | [1] | 119 | 118 |
Other mutual funds | |||
Fair value information related to assets | |||
Assets | [2] | 2,637 | 2,062 |
Other mutual funds | Quoted Prices in Active Markets (Level 1) | |||
Fair value information related to assets | |||
Assets | [2] | $ 2,637 | $ 2,062 |
[1] | Money market funds are included in “Cash and cash equivalents” in the Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds. | ||
[2] | Other mutual funds are included in “Other investments and assets” in the Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. Unrealized gains of $1.0 million ($0.6 million after-tax) as of December 31, 2017 and $0.7 million ($0.4 million after tax) as of December 31, 2016 are included in “Accumulated other comprehensive income (loss)” (“AOCI”) in the Consolidated Balance Sheets. |
Fair Value Measurements - Sum84
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Money market funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Realized gains on the investments | $ 0 | |
Unrealized gains on the investments | 0 | |
Other mutual funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unrealized gains on the investments | 1,000,000 | $ 700,000 |
Unrealized gains on the investments after-tax | $ 600,000 | $ 400,000 |
Income Per Share - Reconciliati
Income Per Share - Reconciliation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net income attributable to Viad (diluted) | $ (21,674) | $ 44,657 | $ 27,947 | $ 6,777 | $ (4,049) | $ 33,792 | $ 19,509 | $ (6,983) | $ 57,707 | $ 42,269 | $ 26,606 |
Less: Allocation to non-vested shares | (700) | (571) | (385) | ||||||||
Net income allocated to Viad common stockholders (basic) | $ 57,007 | $ 41,698 | $ 26,221 | ||||||||
Denominator: | |||||||||||
Basic weighted-average outstanding common shares | 20,146 | 19,990 | 19,797 | ||||||||
Additional dilutive shares related to share-based compensation | 259 | 187 | 184 | ||||||||
Diluted weighted-average outstanding shares | 20,405 | 20,177 | 19,981 | ||||||||
Basic income attributable to Viad common stockholders | $ 2.83 | $ 2.09 | $ 1.32 | ||||||||
Diluted income attributable to Viad common stockholders | $ 2.83 | $ 2.09 | $ 1.32 |
Income Per Share - Narrative (D
Income Per Share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Common stock shares effect would be anti-dilutive | 8,000 | 500 | 4,000 |
Preferred Stock Purchase Righ87
Preferred Stock Purchase Rights - Narrative (Details) | Dec. 31, 2017shares |
Equity [Abstract] | |
Preferred Stock, Authorized | 5,000,000 |
Junior participating preferred Stock, Authorized | 2,000,000 |
Preferred Stock, Shares Outstanding | 0 |
Junior Preferred Stock, Shares Outstanding | 0 |
Accumulated Other Comprehensi88
Accumulated Other Comprehensive Income (Loss) - Schedules of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | $ 370,638 | $ 335,338 |
Ending Balance | 442,937 | 370,638 |
Scenario, Previously Reported | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (34,176) | |
Unrealized Gains on Investments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | 421 | 346 |
Other comprehensive income (loss) before reclassifications | 257 | 135 |
Amounts reclassified from AOCI, net of tax | (62) | (60) |
Net other comprehensive income (loss) | 195 | 75 |
Ending Balance | 616 | 421 |
Cumulative Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (29,084) | (23,257) |
Other comprehensive income (loss) before reclassifications | 17,058 | (5,827) |
Amounts reclassified from AOCI, net of tax | 0 | 0 |
Net other comprehensive income (loss) | 17,058 | (5,827) |
Ending Balance | (12,026) | (29,084) |
Unrecognized Net Actuarial Loss and Prior Service Credit, Net | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (10,728) | (11,265) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified from AOCI, net of tax | (430) | 537 |
Net other comprehensive income (loss) | (430) | 537 |
Ending Balance | (11,158) | (10,728) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (39,391) | (34,176) |
Other comprehensive income (loss) before reclassifications | 17,315 | (5,692) |
Amounts reclassified from AOCI, net of tax | (492) | 477 |
Net other comprehensive income (loss) | 16,823 | (5,215) |
Ending Balance | $ (22,568) | $ (39,391) |
Accumulated Other Comprehensi89
Accumulated Other Comprehensive Income (Loss) - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Unrealized gains on investments | $ 319 | $ 1,165 | $ 658 | |||||||||
Tax effect | (45,898) | (21,250) | (10,493) | |||||||||
Income from continuing operations | $ (21,814) | $ 44,758 | $ 27,438 | $ 7,593 | $ (4,136) | $ 34,013 | $ 19,873 | $ (6,797) | 58,452 | 43,479 | $ 27,442 | |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains on Investments | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Unrealized gains on investments | (100) | (97) | ||||||||||
Tax effect | 38 | 37 | ||||||||||
Income from continuing operations | (62) | (60) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Net Actuarial Loss and Prior Service Credit, Net | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Recognized net actuarial (gain) loss | [1] | 507 | 1,440 | |||||||||
Amortization of prior service credit | [1] | (1,247) | (575) | |||||||||
Tax effect | 310 | (328) | ||||||||||
Income from continuing operations | $ (430) | $ 537 | ||||||||||
[1] | Amount included in pension expense. Refer to Note 17 – Pension and Postretirement Benefits |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Operating Loss Carryforwards [Line Items] | ||||||
U.S. federal corporate tax rate | 35.00% | 35.00% | 35.00% | |||
Tax cuts and jobs act of 2017 incomplete accounting change in tax rate income tax expense | $ 8,000,000 | |||||
Tax cuts and jobs act of 2017 incomplete accounting undistributed foreign E&P subject to the deemed mandatory repatriation and recognized | $ 174,000,000 | |||||
Tax cuts and jobs act of 2017 incomplete accounting current income tax expense | 8,100,000 | |||||
Deferred Tax Assets, Gross | 38,146,000 | 38,146,000 | $ 58,316,000 | |||
Deferred Tax Assets, Tax Credit Carryforwards | 6,654,000 | 6,654,000 | 11,380,000 | |||
Deferred Tax, Operating Loss Carryforwards | 5,195,000 | 5,195,000 | 5,023,000 | |||
Valuation allowance | 4,010,000 | 4,010,000 | 3,998,000 | |||
Decrease in tax expense | [1] | 8,000,000 | ||||
Liability for uncertain tax positions | 1,700,000 | 1,700,000 | 2,700,000 | |||
Increase (Decrease) in Uncertain Tax Liability | 100,000 | |||||
Accrued Interest And Penalties Related To Continued Operations | 100,000 | 100,000 | ||||
Accrued Interest and Penalties for Discontinued Operations | 400,000 | 400,000 | ||||
Liabilities associated with discontinued operations uncertain tax positions | 0 | 0 | 1,000,000 | |||
Income Taxes Paid | 14,600,000 | 14,100,000 | $ 10,100,000 | |||
Continuing Operations | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Expected tax position to be resolved or settled | 1,300,000 | |||||
Discontinued Operations | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Liability for uncertain tax positions | 1,000,000 | 1,000,000 | ||||
U.S | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Valuation allowance | 4,000,000 | 4,000,000 | 4,000,000 | |||
Decrease in tax expense | 600,000 | |||||
U.S | Foreign Exchange | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Increase in foreign exchange | 200,000 | |||||
Foreign Tax Authority | German | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Valuation Allowance Operating Loss Carryforwards Change In Amount | (1,600,000) | |||||
State and Foreign | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Operating Loss Carryforwards | 68,400,000 | 68,400,000 | 63,000,000 | |||
Deferred Tax, Operating Loss Carryforwards | 5,200,000 | 5,200,000 | $ 5,000,000 | |||
State | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Increase in net operating loss | (500,000) | |||||
Foreign Income Tax Credit | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Tax Credit Carryforwards | 400,000 | 400,000 | ||||
Foreign Income Tax Credit | U.S | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Tax Credit Carryforwards | 100,000 | $ 100,000 | ||||
Tax credit carryforward expiration period | 10 years | |||||
Tax credit carryforward expiration year | 2,021 | |||||
Foreign Income Tax Credit | Foreign Tax Authority | United Kingdom | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Deferred Tax Assets, Tax Credit Carryforwards | 300,000 | $ 300,000 | ||||
Valuation Allowance Operating Loss Carryforwards Change In Amount | 300,000 | |||||
Alternative Minimum Tax Credit Carryforward | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Tax credit carryforward | $ 6,200,000 | $ 6,200,000 | ||||
Scenario, Forecast | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
U.S. federal corporate tax rate | 21.00% | |||||
[1] | Includes $0.6 million increase to the valuation allowance related to the remeasurement of deferred taxes due to the reduction in U.S. tax rate. |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Foreign | $ 82,919 | $ 33,611 | $ 35,571 |
United States | 21,431 | 31,118 | 2,364 |
Income from continuing operations before income taxes | $ 104,350 | $ 64,729 | $ 37,935 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of the Income Tax Provision From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 1,693 | $ 3,685 | $ (876) |
State | 2,573 | 1,716 | 1,558 |
Foreign | 15,583 | 8,177 | 9,342 |
Total current | 19,849 | 13,578 | 10,024 |
Deferred: | |||
Federal | 19,893 | 8,427 | 1,854 |
State | 1,761 | (598) | (164) |
Foreign | 4,395 | (157) | (1,221) |
Total deferred | 26,049 | 7,672 | 469 |
Income tax expense | $ 45,898 | $ 21,250 | $ 10,493 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
Computed income tax expense at statutory federal income tax rate of 35% | $ 36,522 | $ 22,655 | $ 13,277 | |
State income taxes, net of federal benefit | 1,160 | 292 | 1,713 | |
Deemed mandatory repatriation state tax | 1,206 | |||
Deemed mandatory repatriation federal tax, net of foreign tax credit | 6,936 | |||
Decrease in tax expense | [1] | 8,000 | ||
Foreign tax rate differential | (5,031) | (882) | (1,181) | |
U.S. tax on current year foreign earnings, net of foreign tax credits | (2,726) | (373) | (948) | |
Change in valuation allowance | (796) | 1,230 | (944) | |
Other adjustments, net | 627 | (1,672) | (1,424) | |
Income tax expense | $ 45,898 | $ 21,250 | $ 10,493 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
Computed income tax expense at statutory federal income tax rate of 35%, tax rate | 35.00% | 35.00% | 35.00% | |
State income taxes, net of federal benefit, tax rate | 1.10% | 0.50% | 4.50% | |
Deemed mandatory repatriation state tax rate | 1.20% | |||
Deemed mandatory repatriation federal tax, net of foreign tax credit, tax rate | 6.60% | |||
Decrease in tax percentage | [1] | 7.70% | ||
Foreign tax differentials rate | (4.80%) | (1.40%) | (3.10%) | |
U.S. tax on current year foreign earnings, net of foreign tax credits, tax rate | (2.60%) | (0.60%) | (2.50%) | |
Change in valuation allowance, tax rate | (0.80%) | 1.90% | (2.50%) | |
Other adjustments, net, tax rate | 0.60% | (2.60%) | (3.70%) | |
Income tax expense | 44.00% | 32.80% | 27.70% | |
[1] | Includes $0.6 million increase to the valuation allowance related to the remeasurement of deferred taxes due to the reduction in U.S. tax rate. |
Income Taxes - Reconciliation94
Income Taxes - Reconciliation of Income Tax Expense (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance [Line Items] | |||
Computed income tax expense at statutory federal income tax rate of 35%, tax rate | 35.00% | 35.00% | 35.00% |
Increase to valuation allowance related to remeasurement of deferred taxes due to reduction in U.S. tax rate | $ (796) | $ 1,230 | $ (944) |
U.S | |||
Valuation Allowance [Line Items] | |||
Increase to valuation allowance related to remeasurement of deferred taxes due to reduction in U.S. tax rate | $ 600 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Tax credit carryforwards | $ 6,654 | $ 11,380 |
Pension, compensation, and other employee benefits | 15,173 | 22,868 |
Provisions for losses | 5,826 | 10,235 |
Net operating loss carryforward | 5,195 | 5,023 |
State income taxes | 2,502 | 3,790 |
Other deferred income tax assets | 2,796 | 5,020 |
Total deferred tax assets | 38,146 | 58,316 |
Valuation allowance | (4,010) | (3,998) |
Foreign deferred tax assets included above | (2,396) | (1,972) |
Net deferred tax assets | 31,740 | 52,346 |
Deferred tax liabilities: | ||
Property and equipment | (10,530) | (3,299) |
Deferred tax related to life insurance | (3,556) | (5,642) |
Goodwill and other intangible assets | (4,299) | (4,535) |
Other deferred income tax liabilities | (463) | (557) |
Total deferred tax liabilities | (18,848) | (14,033) |
Foreign deferred tax liabilities included above | 7,869 | 2,852 |
United States net deferred tax assets | $ 20,761 | $ 41,165 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 2,195 | $ 943 | $ 1,919 |
Additions for tax positions taken in prior years | 43 | 1,295 | 43 |
Reductions for tax positions taken in prior years | (666) | ||
Reductions for lapse of applicable statutes | (813) | (43) | (353) |
Unrecognized Tax Benefits, Ending Balance | 1,425 | 2,195 | 943 |
Continuing Operations | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | 1,559 | 307 | 1,283 |
Additions for tax positions taken in prior years | 43 | 1,295 | 43 |
Reductions for tax positions taken in prior years | (666) | ||
Reductions for lapse of applicable statutes | (177) | (43) | (353) |
Unrecognized Tax Benefits, Ending Balance | 1,425 | 1,559 | 307 |
Discontinued Operations | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | 636 | 636 | 636 |
Additions for tax positions taken in prior years | 0 | 0 | 0 |
Reductions for tax positions taken in prior years | 0 | ||
Reductions for lapse of applicable statutes | (636) | 0 | 0 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 636 | $ 636 |
Pension and Postretirement Be97
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) of Viad's Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Pension Plans | |||
Net periodic benefit cost: | |||
Service cost | $ 530 | $ 488 | $ 503 |
Interest cost | 492 | 488 | 505 |
Expected return on plan assets | (602) | (558) | (583) |
Recognized net actuarial loss | 155 | 162 | 160 |
Settlement | 777 | ||
Net periodic benefit cost | 1,352 | 580 | 585 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net actuarial loss (gain) | (106) | 158 | 182 |
Reversal of amortization item: | |||
Net actuarial loss | (155) | (162) | (160) |
Total recognized in other comprehensive income (loss) | (261) | (4) | 22 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 1,091 | 576 | 607 |
Pension Plans | Domestic Plans | |||
Net periodic benefit cost: | |||
Service cost | 64 | 98 | 101 |
Interest cost | 803 | 1,032 | 1,018 |
Expected return on plan assets | (176) | (256) | (380) |
Recognized net actuarial loss | 433 | 423 | 492 |
Net periodic benefit cost | 1,124 | 1,297 | 1,231 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net actuarial loss (gain) | 114 | 1 | (963) |
Reversal of amortization item: | |||
Net actuarial loss | (433) | (423) | (492) |
Total recognized in other comprehensive income (loss) | (319) | (422) | (1,455) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | 805 | 875 | (224) |
Postretirement Benefit Plans | Domestic Plans | |||
Net periodic benefit cost: | |||
Service cost | 92 | 99 | 152 |
Interest cost | 413 | 573 | 619 |
Amortization of prior service credit | (431) | (503) | (552) |
Recognized net actuarial loss | 164 | 295 | 528 |
Net periodic benefit cost | 238 | 464 | 747 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | |||
Net actuarial loss (gain) | 237 | (790) | (1,248) |
Prior service credit | 816 | 73 | 3 |
Reversal of amortization item: | |||
Net actuarial loss | (164) | (295) | (528) |
Prior service credit | 431 | 503 | 552 |
Total recognized in other comprehensive income (loss) | 1,320 | (509) | (1,221) |
Total recognized in net periodic benefit cost and other comprehensive income (loss) | $ 1,558 | $ (45) | $ (474) |
Pension and Postretirement Be98
Pension and Postretirement Benefits - Summary of Funded Status of the Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Domestic Plans | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 10,416 | ||
Fair value of plan assets at end of year | 11,590 | $ 10,416 | |
Foreign Pension Plans | |||
Change in benefit obligation: | |||
Service cost | 530 | 488 | $ 503 |
Interest cost | 492 | 488 | 505 |
Actuarial adjustments | (106) | 158 | 182 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 10,576 | ||
Fair value of plan assets at end of year | 9,493 | 10,576 | |
Foreign Pension Plans | Funded Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 10,488 | 9,744 | |
Service cost | 530 | 488 | |
Interest cost | 406 | 400 | |
Actuarial adjustments | 658 | 395 | |
Benefits paid | (3,231) | (818) | |
Translation adjustment | 670 | 279 | |
Benefit obligation at end of year | 9,521 | 10,488 | 9,744 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 10,576 | 9,705 | |
Actual return on plan assets | 764 | 617 | |
Company contributions | 710 | 795 | |
Benefits paid | (3,231) | (818) | |
Translation adjustment | 674 | 277 | |
Fair value of plan assets at end of year | 9,493 | 10,576 | 9,705 |
Funded status at end of year | (28) | 88 | |
Foreign Pension Plans | Unfunded Pension Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,486 | 2,470 | |
Interest cost | 87 | 87 | |
Actuarial adjustments | (54) | 105 | |
Benefits paid | (182) | (177) | |
Translation adjustment | 245 | 1 | |
Benefit obligation at end of year | 2,582 | 2,486 | 2,470 |
Change in plan assets: | |||
Company contributions | 182 | 177 | |
Benefits paid | (182) | (177) | |
Funded status at end of year | (2,582) | (2,486) | |
Pension Plans | Domestic Plans | |||
Change in benefit obligation: | |||
Service cost | 64 | 98 | 101 |
Interest cost | 803 | 1,032 | 1,018 |
Actuarial adjustments | 114 | 1 | (963) |
Pension Plans | Domestic Plans | Funded Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 15,027 | 14,906 | |
Interest cost | 492 | 629 | |
Actuarial adjustments | 618 | 240 | |
Benefits paid | (697) | (748) | |
Benefit obligation at end of year | 15,440 | 15,027 | 14,906 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 10,416 | 10,479 | |
Actual return on plan assets | 855 | 273 | |
Company contributions | 1,016 | 412 | |
Benefits paid | (697) | (748) | |
Fair value of plan assets at end of year | 11,590 | 10,416 | 10,479 |
Funded status at end of year | (3,850) | (4,611) | |
Pension Plans | Domestic Plans | Unfunded Pension Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 9,825 | 10,049 | |
Service cost | 64 | 97 | |
Interest cost | 311 | 403 | |
Actuarial adjustments | 175 | (221) | |
Benefits paid | (518) | (503) | |
Benefit obligation at end of year | 9,857 | 9,825 | 10,049 |
Change in plan assets: | |||
Company contributions | 518 | 503 | |
Benefits paid | (518) | (503) | |
Funded status at end of year | (9,857) | (9,825) | |
Postretirement Benefit Plans | Domestic Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 13,619 | 14,573 | |
Service cost | 92 | 99 | 152 |
Interest cost | 413 | 573 | 619 |
Actuarial adjustments | 237 | (790) | (1,248) |
Plan amendments | 816 | 73 | |
Benefits paid | (1,370) | (909) | |
Benefit obligation at end of year | 13,807 | 13,619 | $ 14,573 |
Change in plan assets: | |||
Company contributions | 1,370 | 909 | |
Benefits paid | (1,370) | (909) | |
Funded status at end of year | $ (13,807) | $ (13,619) |
Pension and Postretirement Be99
Pension and Postretirement Benefits - Net Amount Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Domestic Plans | Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | $ 3,850 | $ 4,611 |
Domestic Plans | Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 9,857 | 9,825 |
Domestic Plans | Postretirement Benefit Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 13,807 | 13,619 |
Foreign Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 28 | (88) |
Foreign Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 2,582 | 2,486 |
Non Current Assets | Foreign Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | (15) | (88) |
Other current liabilities | Domestic Plans | Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 809 | 699 |
Other current liabilities | Domestic Plans | Postretirement Benefit Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 1,112 | 1,094 |
Other current liabilities | Foreign Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 188 | 170 |
Non Current Liabilities | Domestic Plans | Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 3,850 | 4,611 |
Non Current Liabilities | Domestic Plans | Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 9,048 | 9,126 |
Non Current Liabilities | Domestic Plans | Postretirement Benefit Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 12,695 | 12,525 |
Non Current Liabilities | Foreign Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 43 | |
Non Current Liabilities | Foreign Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | $ 2,394 | $ 2,316 |
Pension and Postretirement B100
Pension and Postretirement Benefits - Amounts Recognized in AOCI (Details) - Domestic Plans - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plans | Funded Plans | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 8,681 | $ 9,090 |
Subtotal | 8,681 | 9,090 |
Less tax effect | (3,292) | (3,447) |
Total | 5,389 | 5,643 |
Pension Plans | Unfunded Pension Plans | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 2,587 | 2,496 |
Subtotal | 2,587 | 2,496 |
Less tax effect | (981) | (947) |
Total | 1,606 | 1,549 |
Postretirement Benefit Plans | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 2,784 | 2,710 |
Prior service credit | (351) | (1,598) |
Subtotal | 2,433 | 1,112 |
Less tax effect | (923) | (422) |
Total | 1,510 | 690 |
US Postretirement and Pension Plan | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 14,052 | 14,296 |
Prior service credit | (351) | (1,598) |
Subtotal | 13,701 | 12,698 |
Less tax effect | (5,196) | (4,816) |
Total | $ 8,505 | $ 7,882 |
Pension and Postretirement B101
Pension and Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Assumed health care cost trend rate | 7.50% | 7.00% | |
Decrease in assumed health care cost trend rate | 4.50% | 4.50% | |
Effect of one percentage point increase on accumulated post retirement benefit obligation | $ 1.4 | ||
Effect of one percentage point increase in assumed health care cost trend rate on total service and interest cost components | 0.1 | ||
Effect of one percentage point decrease in assumed health care cost trend rate on accumulated post retirement benefit obligation | 1.1 | ||
Effect of one percentage point decrease in assumed health care cost trend rate on total service and interest cost components | $ 0.1 | ||
Maximum percentage of funding status of plans in red zone | 65.00% | ||
Maximum percentage of funding status of plans in yellow zone | 80.00% | ||
Maximum percentage of funding status of plans in green zone | 80.00% | ||
401(k) plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of employer matching contribution with employee gross pay | 100.00% | ||
Percentage of employer matching contribution match with 100 percent | 3.00% | ||
Percentage of employer matching contribution | 50.00% | ||
Percentage of employer matching contribution match with 50 percent | 2.00% | ||
Expense associated with other employee benefit plans | $ 4.2 | $ 3.9 | $ 3.7 |
Domestic Plans | Unfunded Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated net actuarial loss for pension plans that is expected to be amortized | 0.1 | ||
Domestic Plans | Funded Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated net actuarial loss for pension plans that is expected to be amortized | 0.4 | ||
Foreign Pension Plans | Funded Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial losses for the foreign funded plans recognized in AOCI (before tax) | (2.5) | (3.3) | |
Net actuarial losses for the foreign funded plans recognized in AOCI (after tax) | (1.8) | (2.5) | |
Foreign Pension Plans | Unfunded Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial losses for the foreign unfunded plans recognized in AOCI (before tax) | (0.7) | (0.4) | |
Net actuarial losses for the foreign unfunded plans recognized in AOCI (after tax) | (0.5) | $ (0.3) | |
Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount expected to contribute in postretirement benefit plans | 1.1 | ||
Postretirement Benefit Plans | Domestic Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated net actuarial loss for pension plans that is expected to be amortized | 0.2 | ||
Estimated prior service credit for postretirement benefit plans | 0.2 | ||
Pension Plans | Unfunded Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount expected to contribute in unfunded pension plans | 1 | ||
Pension Plans | Funded Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount expected to contribute in funded pension plans | $ 1.1 |
Pension and Postretirement B102
Pension and Postretirement Benefits - Fair Value of the Plans' Assets by Asset Class (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Domestic Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | $ 11,590 | $ 10,416 |
Domestic Plans | Aggregate fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 5,787 | 5,352 |
Domestic Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 5,390 | 4,580 |
Domestic Plans | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 214 | 280 |
Domestic Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 199 | 204 |
Foreign Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 9,493 | 10,576 |
Foreign Pension Plans | Aggregate fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 4,414 | 4,082 |
Foreign Pension Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 4,889 | 4,518 |
Foreign Pension Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 190 | 1,976 |
Quoted Prices in Active Markets (Level 1) | Domestic Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 11,391 | 10,212 |
Quoted Prices in Active Markets (Level 1) | Domestic Plans | Aggregate fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 5,787 | 5,352 |
Quoted Prices in Active Markets (Level 1) | Domestic Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 5,390 | 4,580 |
Quoted Prices in Active Markets (Level 1) | Domestic Plans | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 214 | 280 |
Quoted Prices in Active Markets (Level 1) | Foreign Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 9,070 | 10,188 |
Quoted Prices in Active Markets (Level 1) | Foreign Pension Plans | Aggregate fixed income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 4,414 | 4,082 |
Quoted Prices in Active Markets (Level 1) | Foreign Pension Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 4,466 | 4,130 |
Quoted Prices in Active Markets (Level 1) | Foreign Pension Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 190 | 1,976 |
Significant Other Observable Inputs (Level 2) | Domestic Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 199 | 204 |
Significant Other Observable Inputs (Level 2) | Domestic Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 199 | 204 |
Significant Other Observable Inputs (Level 2) | Foreign Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 423 | 388 |
Significant Other Observable Inputs (Level 2) | Foreign Pension Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | $ 423 | $ 388 |
Pension and Postretirement B103
Pension and Postretirement Benefits - Payments and Receipts Reflecting Expected Future Service (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Foreign Pension Plans | Funded Plans | |
Expected future service expected to be paid | |
2,018 | $ 365 |
2,019 | 376 |
2,020 | 378 |
2,021 | 396 |
2,022 | 496 |
2023-2027 | 2,499 |
Foreign Pension Plans | Unfunded Pension Plans | |
Expected future service expected to be paid | |
2,018 | 191 |
2,019 | 190 |
2,020 | 190 |
2,021 | 190 |
2,022 | 189 |
2023-2027 | 935 |
Pension Plans | Domestic Plans | Funded Plans | |
Expected future service expected to be paid | |
2,018 | 1,434 |
2,019 | 927 |
2,020 | 997 |
2,021 | 921 |
2,022 | 990 |
2023-2027 | 4,859 |
Pension Plans | Domestic Plans | Unfunded Pension Plans | |
Expected future service expected to be paid | |
2,018 | 823 |
2,019 | 738 |
2,020 | 740 |
2,021 | 725 |
2,022 | 709 |
2023-2027 | 3,259 |
Postretirement Benefit Plans | Domestic Plans | |
Expected future service expected to be paid | |
2,018 | 1,132 |
2,019 | 1,127 |
2,020 | 1,100 |
2,021 | 1,066 |
2,022 | 1,039 |
2023-2027 | $ 4,685 |
Pension and Postretirement B104
Pension and Postretirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Domestic Plans | Funded Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | $ 15,440 | $ 15,027 |
Accumulated benefit obligation | 15,440 | 15,027 |
Fair value of plan assets | 11,590 | 10,416 |
Domestic Plans | Unfunded Pension Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 9,857 | 9,825 |
Accumulated benefit obligation | 9,826 | 9,737 |
Foreign Pension Plans | Funded Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 9,521 | 10,488 |
Accumulated benefit obligation | 8,819 | 9,906 |
Fair value of plan assets | 9,493 | 10,576 |
Foreign Pension Plans | Unfunded Pension Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 2,582 | 2,486 |
Accumulated benefit obligation | $ 2,582 | $ 2,486 |
Pension and Postretirement B105
Pension and Postretirement Benefits - Weighted-Average Assumptions Used to Determine Benefit Obligations (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign Pension Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 3.15% | 3.52% |
Rate of compensation increase | 2.26% | 2.34% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.71% | 3.77% |
Expected return on plan assets | 5.09% | 4.53% |
Rate of compensation increase | 2.26% | 2.34% |
Pension Plans | Domestic Plans | Funded Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 3.63% | 4.12% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.07% | 4.33% |
Expected return on plan assets | 5.50% | 2.25% |
Pension Plans | Domestic Plans | Unfunded Pension Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 3.55% | 3.99% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.99% | 4.25% |
Rate of compensation increase | 3.00% | 3.00% |
Postretirement Benefit Plans | Domestic Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 3.59% | 4.08% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.08% | 4.30% |
Expected return on plan assets | 0.00% | 0.00% |
Pension and Postretirement B106
Pension and Postretirement Benefits - Multi-Employer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Multi-employer pension plans | ||||
Viad Contributions | $ 26,573 | $ 25,772 | $ 21,988 | |
Western Conference of Teamsters Pension Plan | ||||
Multi-employer pension plans | ||||
EIN | 916,145,047 | |||
Plan No: | 1 | |||
Pension Protection Act Zone Status | Green | Green | ||
FIP/RP Status Pending/ Implemented | No | |||
Viad Contributions | $ 7,809 | $ 6,684 | 5,632 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Mar. 31, 2020 | |||
Southern California Local 831—Employer Pension Fund | ||||
Multi-employer pension plans | ||||
EIN | [1] | 956,376,874 | ||
Plan No: | [1] | 1 | ||
Pension Protection Act Zone Status | [1] | Green | Green | |
FIP/RP Status Pending/ Implemented | [1] | No | ||
Viad Contributions | [1] | $ 3,087 | $ 2,805 | 2,485 |
Surcharge Paid | [1] | No | ||
Collective bargaining agreements expiration date | [1] | Aug. 31, 2019 | ||
Chicago Regional Council of Carpenters Pension Fund | ||||
Multi-employer pension plans | ||||
EIN | 366,130,207 | |||
Plan No: | 1 | |||
Pension Protection Act Zone Status | Green | Yellow | ||
FIP/RP Status Pending/ Implemented | Implemented | |||
Viad Contributions | $ 2,390 | $ 2,532 | 1,887 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | May 31, 2019 | |||
IBEW Local Union No 357 Pension Plan A | ||||
Multi-employer pension plans | ||||
EIN | 886,023,284 | |||
Plan No: | 1 | |||
Pension Protection Act Zone Status | Green | Green | ||
FIP/RP Status Pending/ Implemented | No | |||
Viad Contributions | $ 1,682 | $ 1,402 | 1,150 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Jun. 16, 2018 | |||
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1), | ||||
Multi-employer pension plans | ||||
EIN | [1] | 361,416,355 | ||
Plan No: | [1] | 11 | ||
Pension Protection Act Zone Status | [1] | Red | Red | |
FIP/RP Status Pending/ Implemented | [1] | Implemented | ||
Viad Contributions | [1] | $ 719 | $ 1,203 | 502 |
Surcharge Paid | [1] | Yes | ||
Collective bargaining agreements expiration date | [1] | Jun. 30, 2019 | ||
Central States, Southeast and Southwest Areas Pension Plan | ||||
Multi-employer pension plans | ||||
EIN | 366,044,243 | |||
Plan No: | 1 | |||
Pension Protection Act Zone Status | Red | Red | ||
FIP/RP Status Pending/ Implemented | Implemented | |||
Viad Contributions | $ 1,060 | $ 1,151 | 948 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Dec. 31, 2018 | |||
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan 2 | ||||
Multi-employer pension plans | ||||
EIN | 516,030,753 | |||
Plan No: | 2 | |||
Pension Protection Act Zone Status | Green | Green | ||
FIP/RP Status Pending/ Implemented | No | |||
Viad Contributions | $ 1,099 | $ 845 | 1,190 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Jun. 6, 2021 | |||
Southwest Carpenters Pension Trust | ||||
Multi-employer pension plans | ||||
EIN | 956,042,875 | |||
Plan No: | 1 | |||
Pension Protection Act Zone Status | Green | Green | ||
FIP/RP Status Pending/ Implemented | No | |||
Viad Contributions | $ 883 | $ 791 | 750 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Jun. 30, 2018 | |||
Southern California IBEW-NECA Pension Fund | ||||
Multi-employer pension plans | ||||
EIN | 956,392,774 | |||
Plan No: | 1 | |||
Pension Protection Act Zone Status | Yellow | Yellow | ||
FIP/RP Status Pending/ Implemented | Implemented | |||
Viad Contributions | $ 905 | $ 701 | 835 | |
Surcharge Paid | Yes | |||
New England Teamsters & Trucking Industry Pension | ||||
Multi-employer pension plans | ||||
EIN | 46,372,430 | |||
Plan No: | 1 | |||
Pension Protection Act Zone Status | Red | Red | ||
FIP/RP Status Pending/ Implemented | Implemented | |||
Viad Contributions | $ 772 | $ 552 | 381 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Mar. 31, 2022 | |||
Sign Pictorial & Display Industry Pension Plan | ||||
Multi-employer pension plans | ||||
EIN | [1] | 946,278,490 | ||
Plan No: | [1] | 1 | ||
Pension Protection Act Zone Status | [1] | Green | Green | |
FIP/RP Status Pending/ Implemented | [1] | No | ||
Viad Contributions | [1] | $ 654 | $ 526 | 541 |
Surcharge Paid | [1] | No | ||
Collective bargaining agreements expiration date | [1] | Mar. 31, 2018 | ||
All other funds | ||||
Multi-employer pension plans | ||||
Viad Contributions | [2] | $ 2,900 | 3,585 | 4,259 |
Pension Plans | ||||
Multi-employer pension plans | ||||
Viad Contributions | 23,960 | 22,777 | 20,560 | |
Total contributions to other plans | ||||
Multi-employer pension plans | ||||
Viad Contributions | $ 2,613 | $ 2,995 | $ 1,428 | |
[1] | We contributed more than 5% of total plan contributions for the 2016 and 2015 plan years based on the plans’ Form 5500s. | |||
[2] | Represents participation in 35 pension funds during 2017. |
Pension and Postretirement B107
Pension and Postretirement Benefits - Multi-Employer Pension Plans (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2017PensionFund | |
Compensation And Retirement Disclosure [Abstract] | |
Percentage of excess employer contributions | 5.00% |
Aggregate number of funds | 35 |
Restructuring Charges - Changes
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost And Reserve [Line Items] | |||||||||||
Beginning balance | $ 3,782 | $ 2,276 | $ 3,782 | $ 2,276 | $ 1,944 | ||||||
Restructuring charges | $ 187 | $ 255 | $ 168 | 394 | $ 1,519 | $ 1,697 | $ 975 | 992 | 1,004 | 5,183 | 2,956 |
Cash payments | (2,253) | (3,866) | (2,572) | ||||||||
Adjustment to liability | 16 | 189 | (52) | ||||||||
Ending balance | 2,549 | 3,782 | 2,549 | 3,782 | 2,276 | ||||||
GES Consolidation | Severance & Employee Benefits | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Beginning balance | 2,274 | 751 | 2,274 | 751 | 543 | ||||||
Restructuring charges | 442 | 3,693 | 1,767 | ||||||||
Cash payments | (1,165) | (2,170) | (1,514) | ||||||||
Adjustment to liability | (45) | ||||||||||
Ending balance | 1,551 | 2,274 | 1,551 | 2,274 | 751 | ||||||
GES Consolidation | Facilities | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Beginning balance | 1,092 | 1,291 | 1,092 | 1,291 | 1,161 | ||||||
Restructuring charges | 265 | 759 | 587 | ||||||||
Cash payments | (550) | (1,150) | (457) | ||||||||
Adjustment to liability | 192 | ||||||||||
Ending balance | 807 | 1,092 | 807 | 1,092 | 1,291 | ||||||
Other Restructuring | Severance & Employee Benefits | |||||||||||
Restructuring Cost And Reserve [Line Items] | |||||||||||
Beginning balance | $ 416 | $ 234 | 416 | 234 | 240 | ||||||
Restructuring charges | 297 | 731 | 602 | ||||||||
Cash payments | (538) | (546) | (601) | ||||||||
Adjustment to liability | 16 | (3) | (7) | ||||||||
Ending balance | $ 191 | $ 416 | $ 191 | $ 416 | $ 234 |
Leases and Other - Narrative (D
Leases and Other - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Leases and Other (Textual) [Abstract] | |
Lease expiration period | 40 years |
Aggregate purchase obligation | $ 38.1 |
Leases and Other - Schedule of
Leases and Other - Schedule of Future Minimum Rental Payments and Related Sublease Rentals Receivable (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Future minimum rental payments and related sublease rentals receivable | |
Rental Payments, 2018 | $ 23,503 |
Rental Payments, 2019 | 20,299 |
Rental Payments, 2020 | 17,265 |
Rental Payments, 2021 | 8,812 |
Rental Payments, 2022 | 5,555 |
Rental Payments, Thereafter | 81,135 |
Rental Payments, Total | 156,569 |
Receivable Under Subleases, 2018 | 2,627 |
Receivable Under Subleases, 2019 | 2,384 |
Receivable Under Subleases, 2020 | 2,209 |
Receivable Under Subleases, 2021 | 2,267 |
Receivable Under Subleases, 2022 | 2,195 |
Receivable Under Subleases, Thereafter | 3,657 |
Receivable Under Subleases, Total | $ 15,339 |
Leases and Other - Net Rent Exp
Leases and Other - Net Rent Expense Under Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net rent expense under operating leases | |||
Minimum rentals | $ 56,575 | $ 48,465 | $ 41,564 |
Sublease rentals | (1,525) | (2,831) | (3,457) |
Total rentals, net | $ 55,050 | $ 45,634 | $ 38,107 |
Litigation, Claims, Continge112
Litigation, Claims, Contingencies and Other - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Agreement | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||
Environmental remediation liability | $ 2,400,000 | ||
Maximum potential amount of future payments | $ 19,300,000 | ||
Guarantees relate to facilities leased by the company | 2027-10 | ||
Recourse provision to recover guarantees | $ 0 | ||
Bargaining agreements | Agreement | 100 | ||
Self insurance reserve | $ 19,100,000 | ||
Workers' compensation liability | 13,800,000 | ||
Self insurance reserve for general and auto | 5,300,000 | ||
Self insurance reserve on discontinued operations | 2,900,000 | ||
Payments for self insurance | 5,500,000 | $ 5,000,000 | $ 5,600,000 |
Self insurance reserve in which company is the primary obligor | 10,400,000 | ||
Self insurance reserve in which company is the primary obligor for workers compensation | 6,900,000 | ||
Self insurance reserve in which company is the primary obligor for general liability | 3,500,000 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
General range on claims | 200,000 | ||
Maximum | |||
Loss Contingencies [Line Items] | |||
General range on claims | $ 500,000 |
Redeemable Noncontrolling In113
Redeemable Noncontrolling Interest - Narrative (Details) - Esja Attractions ehf. - EUR (€) | 12 Months Ended | |
Dec. 31, 2017 | Nov. 03, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of controlling interest acquired | 54.50% | |
EBITDA trailing period | 12 months | |
Put option right of exercisable period upon earnings | 36 months | |
Redeemable noncontrolling interest conditions | The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) and if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. | |
Put option exercisable period | 12 months | |
Put option additional exercisable period upon not meeting of conditions | 12 months | |
FlyOver Iceland | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Put option expiration period | 72 months | |
FlyOver Iceland | Minimum | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Unadjusted EBITDA | € 3,250,000 |
Redeemable Noncontrolling In114
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interests (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Noncontrolling Interest [Abstract] | |
Redeemable noncontrolling interest related to 2017 acquisition | $ 6,735 |
Adjustment to the redemption value | (30) |
Foreign currency translation adjustment | (57) |
Balance at December 31, 2017 | $ 6,648 |
Segment Information - Reconcili
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reportable segments reconciliations: | ||||||||||||
Total revenue | $ 277,285 | $ 339,099 | $ 364,774 | $ 325,807 | $ 256,396 | $ 382,465 | $ 324,747 | $ 241,362 | $ 1,306,965 | $ 1,204,970 | $ 1,089,048 | |
Segment operating income | $ (7,698) | 66,804 | 38,473 | 12,064 | (6,015) | 54,328 | $ 30,332 | $ (9,183) | 84,241 | 74,863 | 44,864 | |
Interest income | 319 | 1,165 | 658 | |||||||||
Interest expense | (8,304) | (5,898) | (4,535) | |||||||||
Impairment recoveries (charges) | $ 24,467 | $ 2,247 | $ 2,384 | $ (98) | $ (120) | 29,098 | (218) | (96) | ||||
Income from continuing operations before income taxes | 104,350 | 64,729 | 37,935 | |||||||||
Pursuit | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Impairment recoveries (charges) | (200) | (100) | ||||||||||
Operating Segments | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Segment operating income | 97,051 | 85,928 | 54,584 | |||||||||
Operating Segments | GES | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 1,133,097 | 1,054,739 | 976,878 | |||||||||
Segment operating income | 49,969 | 50,223 | 26,774 | |||||||||
Operating Segments | Pursuit | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 173,868 | 153,364 | 112,170 | |||||||||
Segment operating income | 47,082 | 35,705 | 27,810 | |||||||||
Restructuring recoveries (charges) | (86) | (171) | (200) | |||||||||
Impairment recoveries (charges) | 29,098 | (218) | (96) | |||||||||
Intersegment Eliminations | GES | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | (21,769) | (20,172) | (16,638) | |||||||||
Corporate Eliminations | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | [1] | (3,133) | ||||||||||
Segment operating income | [1] | 67 | (743) | |||||||||
Corporate | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Segment operating income | (12,877) | (10,322) | (9,720) | |||||||||
Restructuring recoveries (charges) | (211) | (560) | (402) | |||||||||
U.S. | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 913,210 | 855,304 | 726,436 | |||||||||
U.S. | Operating Segments | GES | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 872,154 | 826,408 | 720,882 | |||||||||
Segment operating income | 34,494 | 40,524 | 14,563 | |||||||||
Restructuring recoveries (charges) | 354 | (2,893) | (541) | |||||||||
International | Operating Segments | GES | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 282,712 | 248,503 | 272,634 | |||||||||
Segment operating income | 15,475 | 9,699 | 12,211 | |||||||||
Restructuring recoveries (charges) | $ (1,061) | $ (1,559) | $ (1,813) | |||||||||
[1] | Corporate eliminations during 2017 represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola. Corporate eliminations recorded during 2016 represent the elimination of intercompany revenue and profit realized by GES for work completed on renovations to Pursuit’s Banff Gondola. |
Segment Information - Reconc116
Segment Information - Reconciliation of Assets from Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Reconciliation of assets from segment | ||||
Total Assets | $ 919,899 | $ 869,816 | $ 690,723 | |
Total Depreciation and Amortization | 55,114 | 42,743 | 35,231 | |
Capital expenditures | 56,621 | 49,815 | 29,839 | |
GES | U.S. | ||||
Reconciliation of assets from segment | ||||
Total Assets | 380,909 | 380,951 | 294,618 | |
Total Depreciation and Amortization | 29,088 | 21,473 | 18,658 | |
Capital expenditures | 17,337 | 14,291 | 8,066 | |
GES | International | ||||
Reconciliation of assets from segment | ||||
Total Assets | 135,917 | 109,705 | 115,494 | |
Total Depreciation and Amortization | 8,176 | 8,092 | 8,435 | |
Capital expenditures | 8,084 | 5,033 | 8,366 | |
Pursuit | ||||
Reconciliation of assets from segment | ||||
Total Assets | 350,256 | 301,941 | 195,527 | |
Total Depreciation and Amortization | 17,653 | 12,967 | 7,974 | |
Capital expenditures | 30,786 | 31,861 | 13,107 | |
Corporate and other | ||||
Reconciliation of assets from segment | ||||
Total Assets | 52,817 | 77,219 | 85,084 | |
Total Depreciation and Amortization | 197 | 211 | 164 | |
Capital expenditures | [1] | $ 414 | $ (1,370) | $ 300 |
[1] | The 2016 amount includes an intercompany elimination for work completed by GES on renovations to Pursuit’s Banff Gondola. |
Segment Information - Financial
Segment Information - Financial Information by Major Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||||||||||
Total revenue | $ 277,285 | $ 339,099 | $ 364,774 | $ 325,807 | $ 256,396 | $ 382,465 | $ 324,747 | $ 241,362 | $ 1,306,965 | $ 1,204,970 | $ 1,089,048 |
Long-lived assets: | |||||||||||
Total long-lived assets | 353,083 | 324,155 | 353,083 | 324,155 | 226,870 | ||||||
United States | |||||||||||
Revenue: | |||||||||||
Total revenue | 913,210 | 855,304 | 726,436 | ||||||||
Long-lived assets: | |||||||||||
Total long-lived assets | 180,345 | 182,611 | 180,345 | 182,611 | 139,479 | ||||||
EMEA | |||||||||||
Revenue: | |||||||||||
Total revenue | 209,824 | 205,028 | 220,046 | ||||||||
Long-lived assets: | |||||||||||
Total long-lived assets | 43,630 | 37,083 | 43,630 | 37,083 | 15,714 | ||||||
Canada | |||||||||||
Revenue: | |||||||||||
Total revenue | 183,931 | 144,638 | 142,566 | ||||||||
Long-lived assets: | |||||||||||
Total long-lived assets | $ 129,108 | $ 104,461 | $ 129,108 | $ 104,461 | $ 71,677 |
Common Stock Repurchases - Narr
Common Stock Repurchases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common Stock Repurchases (Textual) [Abstract] | |||
Repurchased shares | 0 | 0 | 141,462 |
Common stock purchased for treasury | $ 3.8 | ||
Shares remain available for repurchase | 440,540 | ||
Repurchased shares tax withholding | 41,532 | 25,432 | 35,649 |
Share repurchased relating to tax withholding requirements | $ 2.1 | $ 0.7 | $ 1 |
Selected Quarterly Financial119
Selected Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenue: | $ 277,285 | $ 339,099 | $ 364,774 | $ 325,807 | $ 256,396 | $ 382,465 | $ 324,747 | $ 241,362 | $ 1,306,965 | $ 1,204,970 | $ 1,089,048 | |
Operating income (loss): | ||||||||||||
Ongoing operations | [1] | (4,726) | 47,066 | 39,402 | 12,684 | (1,466) | 58,917 | 34,014 | (6,280) | |||
Corporate activities | (2,785) | (4,474) | (3,008) | (2,610) | (2,932) | (2,772) | (2,707) | (1,911) | ||||
Restructuring charges | (187) | (255) | (168) | (394) | (1,519) | (1,697) | (975) | (992) | (1,004) | (5,183) | (2,956) | |
Impairment recoveries (charges) | 24,467 | 2,247 | 2,384 | (98) | (120) | 29,098 | (218) | (96) | ||||
Operating income (loss) | (7,698) | 66,804 | 38,473 | 12,064 | (6,015) | 54,328 | 30,332 | (9,183) | 84,241 | 74,863 | 44,864 | |
Income (loss) from continuing operations attributable to Viad | (21,814) | 44,758 | 27,438 | 7,593 | (4,136) | 34,013 | 19,873 | (6,797) | 58,452 | 43,479 | 27,442 | |
Net income (loss) attributable to Viad | $ (21,674) | $ 44,657 | $ 27,947 | $ 6,777 | $ (4,049) | $ 33,792 | $ 19,509 | $ (6,983) | $ 57,707 | $ 42,269 | $ 26,606 | |
Basic and Diluted income (loss) per common share: | ||||||||||||
Continuing operations attributable to Viad | [2] | $ (1.08) | $ 2.19 | $ 1.35 | $ 0.37 | $ (0.21) | $ 1.68 | $ 0.98 | $ (0.34) | |||
Net income (loss) attributable to Viad common stockholders | [2] | $ (1.07) | $ 2.19 | $ 1.37 | $ 0.33 | $ (0.20) | $ 1.67 | $ 0.96 | $ (0.35) | |||
[1] | Represents revenue less costs of services and cost of products sold. | |||||||||||
[2] | The sum of quarterly income per share amounts may not equal annual income per share due to rounding. |
Schedule II - Valuation And 120
Schedule II - Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Allowances for doubtful accounts | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of Year | $ 1,342 | $ 1,593 | $ 1,258 | |
Additions Charged to Expense | 2,470 | 1,355 | 955 | |
Additions Charged to Other Accounts | 49 | 41 | 574 | |
Write Offs | (1,529) | (1,602) | (1,162) | |
Other | [1] | (309) | (45) | (32) |
Balance at end of Year | 2,023 | 1,342 | 1,593 | |
Deferred tax valuation allowance | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of Year | 3,998 | 2,837 | 3,295 | |
Additions Charged to Expense | 1,385 | 1,406 | ||
Additions Charged to Other Accounts | 402 | |||
Write Offs | (1,595) | (176) | (860) | |
Other | [1] | 222 | (69) | |
Balance at end of Year | $ 4,010 | $ 3,998 | $ 2,837 | |
[1] | “Other” primarily includes foreign exchange translation adjustments. |