VIAD CORP, 10-K filed on 3/11/2013
Annual Report
Document and Entity Information (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Jan. 31, 2013
Jun. 30, 2012
Document and Entity Information [Abstract]
 
 
 
Entity Registrant Name
VIAD CORP 
 
 
Entity Central Index Key
0000884219 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2012 
 
 
Amendment Flag
false 
 
 
Document Fiscal Year Focus
2012 
 
 
Document Fiscal Period Focus
FY 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Filer Category
Accelerated Filer 
 
 
Entity Public Float
 
 
$ 391 
Entity Common Stock, Shares Outstanding
 
20,249,721 
 
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Current assets:
 
 
Cash and cash equivalents
$ 114,171 
$ 100,376 
Accounts receivable, net of allowance for doubtful accounts of $1,150 and $1,072, respectively
62,756 
63,583 
Inventories
35,656 
35,825 
Deferred income taxes
26,301 
24,200 
Other current assets
15,534 
14,647 
Total current assets
254,418 
238,631 
Property and equipment, net
197,298 
173,813 
Other investments and assets
32,416 
31,051 
Deferred income taxes
26,104 
38,755 
Goodwill
137,820 
133,694 
Other intangible assets, net
2,521 
1,884 
Total Assets
650,577 
617,828 
Current liabilities:
 
 
Accounts payable
57,995 
51,448 
Other current liabilities
107,684 
97,331 
Current portion of long-term capital lease obligations
1,347 
2,018 
Total current liabilities
167,026 
150,797 
Long-term capital lease obligations
879 
1,221 
Pension and postretirement benefits
37,812 
35,419 
Other deferred items and liabilities
47,828 
44,212 
Total liabilities
253,545 
231,649 
Commitments and contingencies (Notes 17 and 18)
   
   
Viad Corp stockholders' equity:
 
 
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued
37,402 
37,402 
Additional capital
593,862 
599,188 
Retained deficit
(13,034)
(13,256)
Unearned employee benefits and other
(1,301)
(2,951)
Accumulated other comprehensive income (loss):
 
 
Unrealized gain on investments, net
275 
222 
Cumulative foreign currency translation adjustments
42,158 
34,648 
Unrecognized net actuarial loss and prior service credit, net
(14,968)
(12,977)
Common stock in treasury, at cost, 4,694,468 and 4,790,920 shares, respectively
(256,333)
(264,382)
Total Viad Corp stockholders' equity
388,061 
377,894 
Noncontrolling interest
8,971 
8,285 
Total stockholders' equity
397,032 
386,179 
Total Liabilities and Stockholders' Equity
$ 650,577 
$ 617,828 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Consolidated Balance Sheets [Abstract]
 
 
Allowance for doubtful accounts
$ 1,150 
$ 1,072 
Common stock, par value
$ 1.50 
$ 1.50 
Common stock, shares authorized
200,000,000 
200,000,000 
Common stock, shares issued
24,934,981 
24,934,981 
Treasury stock, shares
4,694,468 
4,790,920 
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues:
 
 
 
Exhibition and event services
$ 726,429 
$ 670,054 
$ 590,444 
Exhibits and environments
175,611 
170,496 
166,040 
Travel and recreation services
123,191 
101,814 
88,277 
Total revenues
1,025,231 
942,364 
844,761 
Costs and expenses:
 
 
 
Costs of services
818,837 
752,679 
656,315 
Costs of products sold
164,532 
164,309 
173,690 
Corporate activities
9,408 
7,682 
6,422 
Interest income
(593)
(779)
(584)
Interest expense
1,303 
1,511 
1,835 
Restructuring charges
4,942 
3,782 
4,222 
Intangible asset impairment losses
   
 
185 
Other impairment losses
   
 
117 
Total costs and expenses
998,429 
929,184 
842,202 
Income from continuing operations before income taxes
26,802 
13,180 
2,559 
Income tax expense
20,843 
3,888 
1,742 
Income from continuing operations
5,959 
9,292 
817 
Income from discontinued operations
624 
451 
262 
Net income
6,583 
9,743 
1,079 
Net income attributable to noncontrolling interest
(686)
(533)
(636)
Net income attributable to Viad
5,897 
9,210 
443 
Diluted income per common share
 
 
 
Income from continuing operations attributable to Viad common stockholders
$ 0.26 
$ 0.43 
$ 0.01 
Income from discontinued operations attributable to Viad common stockholders
$ 0.03 
$ 0.02 
$ 0.01 
Net income attributable to Viad common stockholders
$ 0.29 
$ 0.45 
$ 0.02 
Weighted-average outstanding and potentially dilutive common shares
20,005 
20,055 
20,277 
Basic income per common share
 
 
 
Income from continuing operations attributable to Viad common stockholders
$ 0.26 
$ 0.43 
$ 0.01 
Income from discontinued operations attributable to Viad common stockholders
$ 0.03 
$ 0.02 
$ 0.01 
Net income attributable to Viad common stockholders
$ 0.29 
$ 0.45 
$ 0.02 
Weighted-average outstanding common shares
19,701 
19,719 
19,955 
Dividends declared per common share
$ 0.28 
$ 0.16 
$ 0.16 
Amounts attributable to Viad common stockholders
 
 
 
Income from continuing operations
5,273 
8,759 
181 
Income from discontinued operations
624 
451 
262 
Net income
$ 5,897 
$ 9,210 
$ 443 
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Consolidated Statements of Comprehensive Income [Abstract]
 
 
 
Net income
$ 6,583 
$ 9,743 
$ 1,079 
Other comprehensive income (loss):
 
 
 
Unrealized investment gains (losses) arising during the period, net of tax expense (benefit) of $33, $(36) and $82
53 
(60)
128 
Unrealized foreign currency translation adjustments, net of tax
7,510 
(4,331)
7,696 
Amortization of net actuarial loss, net of tax expense (benefit) of $(574), $(709) and $1,433
(1,311)
(1,777)
(2,109)
Amortization of prior service credit, net of tax expense (benefit) of $(433), $(487) and $17
(680)
(790)
84 
Total other comprehensive income (loss)
5,572 
(6,958)
5,799 
Comprehensive income
12,155 
2,785 
6,878 
Comprehensive income attributable to noncontrolling interest
(686)
(533)
(636)
Comprehensive income attributable to Viad
$ 11,469 
$ 2,252 
$ 6,242 
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Consolidated Statements of Comprehensive Income [Abstract]
 
 
 
Unrealized investment gains (losses) arising during the period, net of tax expense (benefit)
$ 33 
$ (36)
$ 82 
Amortization of net actuarial loss, net of tax expense (benefit)
(574)
(709)
1,433 
Amortization of prior service credit, net of tax
$ (433)
$ (487)
$ 17 
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities
 
 
 
Net income
$ 6,583 
$ 9,743 
$ 1,079 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
30,731 
29,126 
28,252 
Deferred income taxes
11,274 
(924)
744 
Income from discontinued operations
(624)
(451)
(262)
Restructuring charges
4,942 
3,782 
4,222 
Impairment charges
302 
Losses (gains) on dispositions of property and other assets
(206)
(42)
45 
Share-based compensation expense
7,232 
4,413 
3,518 
Excess tax benefit from share-based compensation arrangements
(293)
(54)
(27)
Other non-cash items, net
10,157 
4,659 
4,580 
Change in operating assets and liabilities (excluding the impact of acquisitions):
 
 
 
Receivables
142 
(18,092)
(3,042)
Inventories
195 
3,729 
6,148 
Accounts payable
4,310 
4,372 
4,637 
Restructuring liabilities
(4,694)
(3,888)
(6,718)
Accrued compensation
1,631 
4,563 
6,966 
Customer deposits
926 
4,950 
2,000 
Income taxes payable
467 
(2,694)
(1,264)
Other assets and liabilities, net
(3,587)
(8,456)
(7,897)
Net cash provided by operating activities
69,186 
34,736 
43,283 
Cash flows from investing activities
 
 
 
Capital expenditures
(27,675)
(21,538)
(17,040)
Acquisition of businesses, net of cash acquired
(23,546)
(41,105)
 
Proceeds from sale of land-discontinued operations
1,041 
 
 
Proceeds from dispositions of property and other assets
322 
440 
14,753 
Proceeds from sale of short-term investments
384 
 
 
Net cash used in investing activities
(49,474)
(62,203)
(2,287)
Cash flows from financing activities
 
 
 
Payments on debt and capital lease obligations
(2,685)
(7,375)
(4,900)
Dividends paid on common stock
(4,454)
(3,241)
(3,275)
Common stock purchased for treasury
(1,656)
(5,230)
(6,906)
Debt issuance costs
 
(1,001)
 
Excess tax benefit from share-based compensation arrangements
293 
54 
27 
Proceeds from exercise of stock options
248 
296 
593 
Net cash used in financing activities
(8,254)
(16,497)
(14,461)
Effect of exchange rate changes on cash and cash equivalents
2,337 
(1,501)
2,964 
Net change in cash and cash equivalents
13,795 
(45,465)
29,499 
Cash and cash equivalents, beginning of year
100,376 
145,841 
116,342 
Cash and cash equivalents, end of year
114,171 
100,376 
145,841 
Supplemental disclosure of cash flow information
 
 
 
Cash paid for income taxes
8,386 
10,213 
7,931 
Cash paid for interest
1,103 
1,088 
1,131 
Equipment acquired under capital leases
$ 1,011 
$ 1,327 
$ 963 
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
Common Stock in Treasury
Total Viad Equity
Non-Controlling Interest
Beginning Balance at Dec. 31, 2009
$ 384,631 
$ 37,402 
$ 606,038 
$ (16,405)
$ (5,954)
$ 23,052 
$ (266,618)
$ 377,515 
$ 7,116 
Net income
1,079 
 
 
443 
 
 
 
443 
636 
Dividends on common stock
(3,275)
 
 
(3,275)
 
 
 
(3,275)
 
Common stock purchased for treasury
(6,906)
 
 
 
 
 
(6,905)
(6,905)
 
Employee benefit plans
592 
 
(2,397)
 
 
 
2,989 
592 
 
ESOP allocation adjustment
1,518 
 
 
 
1,518 
 
 
1,518 
 
Share-based compensation-equity awards
3,785 
 
3,785 
 
 
 
 
3,785 
 
Tax deficiencies from share-based compensation
(524)
 
(524)
 
 
 
 
(524)
 
Unrealized foreign currency translation adjustment
7,696 
 
 
 
 
7,696 
 
7,696 
 
Unrealized gain (loss) on investments
128 
 
 
 
 
128 
 
128 
 
Amortization of net actuarial loss
(2,109)
 
 
 
 
(2,109)
 
(2,109)
 
Amortization of prior service credit
84 
 
 
 
 
84 
 
84 
 
Other, net
11 
 
 
 
 
11 
 
Ending Balance at Dec. 31, 2010
386,711 
37,402 
606,902 
(19,229)
(4,433)
28,851 
(270,534)
378,959 
7,752 
Net income
9,743 
 
 
9,210 
 
 
 
9,210 
533 
Dividends on common stock
(3,241)
 
 
(3,241)
 
 
 
(3,241)
 
Common stock purchased for treasury
(5,230)
 
 
 
 
 
(5,230)
(5,230)
 
Employee benefit plans
295 
 
(11,086)
 
 
 
11,381 
295 
 
ESOP allocation adjustment
1,490 
 
 
 
1,490 
 
 
1,490 
 
Share-based compensation-equity awards
3,688 
 
3,688 
 
 
 
 
3,688 
 
Tax deficiencies from share-based compensation
(325)
 
(325)
 
 
 
 
(325)
 
Unrealized foreign currency translation adjustment
(4,331)
 
 
 
 
(4,331)
 
(4,331)
 
Unrealized gain (loss) on investments
(60)
 
 
 
 
(60)
 
(60)
 
Amortization of net actuarial loss
(1,777)
 
 
 
 
(1,777)
 
(1,777)
 
Amortization of prior service credit
(790)
 
 
 
 
(790)
 
(790)
 
Other, net
 
(8)
 
 
Ending Balance at Dec. 31, 2011
386,179 
37,402 
599,188 
(13,256)
(2,951)
21,893 
(264,382)
377,894 
8,285 
Net income
6,583 
 
 
5,897 
 
 
 
5,897 
686 
Dividends on common stock
(5,674)
 
 
(5,674)
 
 
 
(5,674)
 
Common stock purchased for treasury
(1,656)
 
 
 
 
 
(1,656)
(1,656)
 
Employee benefit plans
248 
 
(9,456)
 
 
 
9,704 
248 
 
ESOP allocation adjustment
1,647 
 
 
 
1,647 
 
 
1,647 
 
Share-based compensation-equity awards
4,036 
 
4,036 
 
 
 
 
4,036 
 
Tax benefits from share-based compensation
96 
 
96 
 
 
 
 
96 
 
Tax deficiencies from share-based compensation
96 
 
 
 
 
 
 
 
 
Unrealized foreign currency translation adjustment
7,510 
 
 
 
 
7,510 
 
7,510 
 
Unrealized gain (loss) on investments
53 
 
 
 
 
53 
 
53 
 
Amortization of net actuarial loss
(1,311)
 
 
 
 
(1,311)
 
(1,311)
 
Amortization of prior service credit
(680)
 
 
 
 
(680)
 
(680)
 
Other, net
 
(2)
(1)
 
 
Ending Balance at Dec. 31, 2012
$ 397,032 
$ 37,402 
$ 593,862 
$ (13,034)
$ (1,301)
$ 27,465 
$ (256,333)
$ 388,061 
$ 8,971 
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies

Note 1. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of Viad Corp (“Viad” or the “Company”) are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and all of its subsidiaries. All intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation.

Nature of Business

Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International and Travel & Recreation Group.

Marketing & Events Group

The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), specializes in all aspects of the design, planning and production of face-to-face events, immersive environments and brand-based experiences for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group provides a variety of immersive, entertaining attractions and brand-based experiences, sponsored events, mobile marketing and other branded entertainment and face-to-face marketing solutions for clients and venues, including shopping malls, movie studios, museums and leading consumer brands.

Travel & Recreation Group

Travel and recreation services are provided by Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”).

Brewster provides tourism services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, motorcoach services, charter and sightseeing services, tour boat operations, inbound package tour operations and hotel operations, including the Banff International Hotel acquired on March 7, 2012. The Banff International Hotel is a 162-guest room hotel located in downtown Banff, Alberta, Canada.

Glacier Park operates five lodges, three motor inns and one four-season resort hotel and provides food and beverage operations, retail operations and tour and transportation services in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada. Glacier Park is an 80 percent owned subsidiary of Viad.

Alaska Denali Travel operates Denali Backcountry Lodge and Denali Cabins. Denali Backcountry Lodge is a 42-guest room lodge located within Denali National Park and Preserve in Alaska and the Denali Cabins are 46 guest cabins located near the entrance to Denali National Park and Preserve. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve.

Significant Accounting Policies

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to:

 

   

Estimated fair value of Viad’s reporting units used to perform annual impairment testing of recorded goodwill;

 

   

Estimated allowances for uncollectible accounts receivable;

 

   

Estimated provisions for income taxes, including uncertain tax positions;

 

   

Estimated valuation allowances related to deferred tax assets;

 

   

Estimated liabilities for losses related to self-insured liability claims;

 

   

Estimated liabilities for losses related to environmental remediation obligations;

 

   

Estimated sublease income associated with restructuring liabilities;

 

   

Assumptions used to measure pension and postretirement benefit costs and obligations;

 

   

Assumptions used to determine share-based compensation costs under the fair value method; and

 

   

Allocation of purchase price of acquired businesses.

Actual results could differ from these and other estimates.

 

Cash and Cash Equivalents. Viad considers all highly-liquid investments with remaining maturities when purchased of three months or less to be cash equivalents. Viad’s cash and cash equivalents consist of cash and bank demand deposits, bank time deposits and money market mutual funds. The Company’s investments in money market mutual funds are classified as available-for-sale and carried at fair value.

Inventories. Inventories, which consist primarily of exhibit design and construction materials and supplies used in providing convention show services, are stated at the lower of cost (first-in, first-out and specific identification methods) or market.

Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets: buildings, 15 to 40 years; equipment, 3 to 12 years; and leasehold improvements, over the shorter of the lease term or useful life. Property and equipment are tested for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable through undiscounted cash flows.

Capitalized Software. Viad capitalizes certain internal and external costs incurred in developing or obtaining internal use software. Capitalized costs principally relate to costs incurred to purchase software from third parties, external direct costs of materials and services, and certain payroll-related costs for employees directly associated with software projects once application development begins. Costs associated with preliminary project activities, training and other post-implementation activities are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful lives of the software, ranging from three to ten years. These costs are included in the consolidated balance sheets under the caption “Property and equipment, net.”

Goodwill. Goodwill is tested for impairment at the reporting unit level on an annual basis on October 31 of each year. Goodwill is also tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Viad uses a discounted expected future cash flow methodology (income approach) in order to estimate the fair value of its reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results.

Cash Surrender Value of Life Insurance. Viad has Company-owned life insurance contracts which are intended to fund the cost of certain employee compensation and benefit programs. These contracts are carried at cash surrender value, net of outstanding policy loans. The cash surrender value represents the amount of cash the Company could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, are included as a component of “Costs of Services” in the consolidated statements of operations.

Self-Insurance Liabilities. Viad is self-insured up to certain limits for workers’ compensation, automobile, product and general liability, property loss and medical claims. Viad has also retained certain liabilities related to workers’ compensation and general liability insurance claims in conjunction with previously sold operations. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on Viad’s prior historical experience, claims frequency and other factors. Viad has purchased insurance for amounts in excess of the self-insured levels.

Environmental Remediation Liabilities. Viad has retained certain liabilities representing the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized.

Fair Value of Financial Instruments. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 9.

Foreign Currency Translation. Viad conducts its foreign operations primarily in Canada, the United Kingdom, Germany and to a lesser extent in certain other countries. The functional currency of Viad’s foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, Viad translates the assets and liabilities of its foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income in Viad’s consolidated balance sheets. In addition, for purposes of consolidation, the revenues, expenses and gains and losses related to Viad’s foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period.

 

Revenue Recognition. Viad recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured. GES derives revenues primarily by providing show services to exhibitors participating in exhibitions and events and from the design, construction and refurbishment of exhibit booths and holiday themed environments. Service revenue is recognized at the time services are performed. Exhibits and environments revenue is accounted for using the completed-contract method as contracts are typically completed within three months of contract signing. The Travel & Recreation Group generates revenues through its attractions, hotels and transportation and sightseeing services. Revenues are recognized at the time services are performed.

Share-Based Compensation. Viad recognizes and measures compensation costs related to all share-based payment awards using the fair value method of accounting. These awards generally include restricted stock, performance-based restricted stock (“PBRS”), stock options and liability-based awards (including performance units, restricted stock units and performance-based restricted stock units).

The fair value of restricted stock and PBRS awards are based on Viad’s stock price on the date of grant. Viad issues restricted stock and PBRS awards from shares held in treasury. Future vesting of restricted stock and PBRS is generally subject to continued employment with Viad or its subsidiaries. Holders of restricted stock and PBRS have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge or otherwise encumber the stock, except to the extent restrictions have lapsed.

Restricted stock awards vest between three and five years from the date of grant. Share-based compensation expense related to restricted stock is recognized using the straight-line method over the requisite service period of approximately three years except for certain awards with a five-year vesting period whereby expense is recognized based on an accelerated multiple-award approach over a five-year period. For these awards, 40 percent of the shares vest on the third anniversary of the grant and the remaining shares vest in 30 percent increments over the subsequent two anniversary dates.

Share-based compensation expense related to PBRS awards is recognized based on an accelerated multiple-award approach over the requisite service period of approximately three years. PBRS vests when certain incentive performance targets established in the year of grant are achieved at target levels. PBRS is subject to a graded vesting schedule whereby one third of the earned shares vest after the first year and the remaining earned shares vest in one-third increments each year over the next two years on the first business day in January. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense related to stock option awards is recognized using the straight-line method over the requisite service period of approximately five years. The exercise price of stock options is based on the market value of Viad’s common stock at the date of grant. Stock options granted also contain certain forfeiture and non-compete provisions.

Liability-based awards (including grants of restricted stock units and PBRS units awarded to key employees at certain of the Company’s Canadian operations) are recorded at estimated fair value, based on the number of units expected to vest and the level of achievement of predefined performance goals (where applicable) and are remeasured on each balance sheet date based on Viad’s stock price until the time of settlement. To the extent earned, liability-based awards are settled in cash based on Viad’s stock price. Compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years.

Common Stock in Treasury. Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost.

Income Per Common Share. Viad applies the two-class method in calculating income per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share. Furthermore, Viad funds its matching contributions to employees’ 401(k) accounts through the Company’s leveraged Employee Stock Ownership Plan (“ESOP”) feature of the Company’s 401(k) defined contribution plan. ESOP shares are treated as outstanding for income per share calculations.

Impact of Recent Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance related to goodwill impairment testing, which is codified in Accounting Standards Codification (“ASC”) Topic 350. The new guidance simplifies how entities test goodwill for impairment and permits an entity to first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If, after performing the assessment, an entity determines that it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of this new guidance did not have a material impact on Viad’s financial condition or results of operations. The Company performs its annual goodwill impairment test as of October 31 of each year.

 

In February 2013, the FASB issued new guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income, which is codified in ASC Topic 220. The new guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present significant amounts reclassified out of other comprehensive income by the respective line items of net income in certain circumstances, or otherwise cross-reference amounts to other disclosures. The guidance is effective for reporting periods beginning after December 15, 2012, and will not have an impact on Viad’s financial condition or results of operations.

Share-Based Compensation
Share-Based Compensation

Note 2. Share-Based Compensation

Viad grants share-based compensation awards to officers, directors and certain key employees pursuant to the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”). The 2007 Plan has a 10-year life and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards and (f) certain other stock-based awards. The number of shares of common stock available for grant under the 2007 Plan is limited to 1,700,000 shares plus shares awarded under the 1997 Viad Corp Omnibus Incentive Plan (which terminated in May 2007) that subsequently cease for any reason to be subject to such awards (other than by reason of exercise or settlement of the awards to the extent the shares are exercised for, or settled in, vested and non-forfeited shares) up to an aggregate maximum of 1,500,000 shares. As of December 31, 2012, there were 1,071,632 total shares available for future grant.

The following table summarizes share-based compensation expense:

 

                         
    2012     2011     2010  
    (in thousands)  

Restricted stock/PBRS

  $ 3,267     $ 3,042     $ 2,821  

Performance unit incentive plan (“PUP”)

    2,922       714       (3

Stock options

    593       537       447  

Restricted stock units/PBRS units

    450       120       253  
   

 

 

   

 

 

   

 

 

 

Total share-based compensation before income tax benefit

    7,232       4,413       3,518  

Income tax benefit

    (2,574     (1,594     (1,225
   

 

 

   

 

 

   

 

 

 

Total share-based compensation, net of income tax benefit

  $ 4,658     $ 2,819     $ 2,293  
   

 

 

   

 

 

   

 

 

 

In addition, $253,000, $124,000 and $519,000 of costs associated with share-based compensation were included in restructuring expense in 2012, 2011 and 2010, respectively. Of the 2012 amount, $94,000 related to the PUP awards presented below. No share-based compensation costs were capitalized during 2012, 2011 or 2010.

Restricted Stock and PBRS. The following table summarizes restricted stock and PBRS activity:

 

                                 
    Restricted Stock     PBRS  
          Weighted-Average           Weighted-Average  
          Grant Date           Grant Date  
    Shares     Fair Value     Shares     Fair Value  

Balance at January 1, 2010

    390,810     $ 24.59       174,927     $ 20.77  

Granted

    157,900       19.30       —          —     

Vested

    (65,961     34.42       (29,547     35.31  

Cancelled

    —          —          (126,550     15.36  

Forfeited

    (4,250     22.55       —          —     
   

 

 

           

 

 

         

Balance at December 31, 2010

    478,499       21.51       18,830       33.02  

Granted

    191,850       22.70       —          —     

Vested

    (91,212     31.31       (18,414     33.42  

Forfeited

    (7,115     20.81       —          —     
   

 

 

           

 

 

         

Balance at December 31, 2011

    572,022       20.36       416       15.36  

Granted

    168,050       20.46       —          —     

Vested

    (219,571     18.26       (416     15.36  

Forfeited

    (4,150     24.80       —          —     
   

 

 

           

 

 

         

Balance at December 31, 2012

    516,351       21.25       —          —     
   

 

 

           

 

 

         

 

The grant date fair value of restricted stock which vested during 2012, 2011 and 2010 was $4.0 million, $2.9 million and $2.3 million, respectively. The grant date fair value of PBRS which vested during 2012, 2011 and 2010 was $6,000, $615,000 and $1.0 million, respectively. As of December 31, 2012, the unamortized cost of all outstanding stock awards was $4.0 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 2.0 years. During 2012, 2011 and 2010, the Company repurchased 56,885 shares for $1.1 million, 28,627 shares for $679,000 and 28,407 shares for $573,000, respectively, related to tax withholding requirements on vested share-based awards.

Liability-Based Awards. The following table summarizes the liability-based award activity:

 

                                                 
    Restricted Stock Units     PBRS Units     PUP Awards  
          Weighted-Average           Weighted-Average           Weighted-Average  
          Grant Date           Grant Date           Grant Date  
    Units     Fair Value     Units     Fair Value     Units     Fair Value  

Balance at January 1, 2010

    13,700     $ 15.36       13,900     $ 15.36       102,960     $ 33.81  

Granted

    12,350       19.20       —         —          —         —     

Vested

    —         —          (1,958     15.36       —         —     

Cancelled

    —         —          (8,028     15.36       —         —     
   

 

 

           

 

 

           

 

 

         

Balance at December 31, 2010

    26,050       17.18       3,914       15.36       102,960       33.81  

Granted

    12,550       23.01       —         —          95,500       23.02  

Vested

    —         —         (1,958     15.36       —         —     

Cancelled

    —         —         —         —         (102,960     33.81  
   

 

 

           

 

 

           

 

 

         

Balance at December 31, 2011

    38,600       19.07       1,956       15.36       95,500       23.02  

Granted

    15,850       20.57       —         —          115,100       20.60  

Vested

    (13,100     15.36       (1,956     15.36       —         —     

Cancelled

    (850     20.89       —         —          —         —     
   

 

 

           

 

 

           

 

 

         

Balance at December 31, 2012

    40,500       20.82       —         —          210,600       21.70  
   

 

 

           

 

 

           

 

 

         

As of December 31, 2012 and 2011, Viad had aggregate liabilities recorded of $633,000 and $475,000, respectively, related to restricted stock unit and PBRS unit liability awards. A portion of the 2009 PBRS unit awards vested effective December 31, 2009 and cash payouts of $35,000 and $52,000 were distributed in January 2012 and January 2011, respectively. Similarly, a portion of the 2009 restricted stock unit awards vested in February 2012 and cash payouts of $257,000 were distributed in February 2012.

As of December 31, 2012 and 2011, Viad had liabilities recorded of $3.7 million and $714,000, respectively, related to PUP awards. There were no PUP awards which vested or cancelled during 2012 or 2011. Furthermore, there were no cash settlements of PUP awards during 2012 or 2011. No PUP awards were granted in 2010 and no other PUP awards vested during 2012, 2011 or 2010.

Stock Options. The following table summarizes stock option activity:

 

                         
          Weighted-        
          Average     Options  
    Shares     Exercise Price     Exercisable  

Options outstanding at January 1, 2010

    541,718     $ 25.74       462,683  

Granted

    280,900       19.20          

Exercised

    (22,311     23.21          

Forfeited or expired

    (36,513     26.34          
   

 

 

                 

Options outstanding at December 31, 2010

    763,794       23.38       451,194  

Exercised

    (14,616     20.14          

Forfeited or expired

    (164,977     23.88          
   

 

 

                 

Options outstanding at December 31, 2011

    584,201       23.32       396,688  

Exercised

    (12,099     19.41          

Forfeited or expired

    (208,206     25.81          
   

 

 

                 

Options outstanding at December 31, 2012

    363,896       22.03       276,009  
   

 

 

                 

As of December 31, 2012, the total unrecognized cost related to non-vested stock option awards was $104,000. Viad expects to recognize such costs in the consolidated financial statements over a weighted-average period of less than one year. No stock options were granted in 2012 or 2011.

 

The following table summarizes information concerning stock options outstanding and exercisable as of December 31, 2012:

 

                                         
    Options Outstanding     Options Exercisable  
          Weighted-Average     Weighted-           Weighted-  
          Remaining     Average           Average  

Range of Exercise Prices

  Shares     Contractual Life     Exercise Price     Shares     Exercise Price  

$19.20

    247,867       7.0 years     $ 19.20       166,740     $ 19.20  

$19.57

    43,796       0.3 years       19.57       43,796       19.57  

$23.28 to $31.92

    29,433       1.1 years       29.43       27,433       29.76  

$33.81 to $38.44

    42,800       1.7 years       35.86       38,040       36.12  
   

 

 

                   

 

 

         

$19.20 to $38.44

    363,896       5.1 years       22.03       276,009       22.64  
   

 

 

                   

 

 

         

In addition to the above, Viad had stock options outstanding which were granted to employees of MoneyGram International, Inc. prior to the spin-off of that company. As of December 31, 2012, there were 2,267 of such options outstanding and exercisable, both with an exercise price of $19.57. The weighted-average remaining contractual life of these options outstanding was less than one year. During 2012, 135 options were exercised by employees of MoneyGram International, Inc. at an exercise price of $19.57.

Stock options granted in 2010 were for a term of 10 years and became exercisable one third after one year, another third after two years and the balance after three years from the date of grant. Stock options granted between 2004 and 2008 were for contractual terms of seven years and become exercisable, based on a graded vesting schedule, in annual increments of 20 percent beginning one year after the grant date and become fully exercisable after five years from the date of grant. Stock options granted in 2003 were for a term of 10 years and became exercisable one third after one year, another third after two years and the balance after three years from the date of grant. Stock options granted in calendar years 2002 and prior were for a contractual term of 10 years and became exercisable 50 percent after one year from the date of grant with the balance exercisable after two years from the date of grant.

The fair value of the 2010 stock option grant was estimated on the date of grant using the Black-Scholes option pricing model assuming Viad’s expected stock price volatility of 33.2 percent, a five year expected period of time the stock options will remain outstanding, an expected dividend yield on Viad common stock of 0.8 percent and a risk-free interest rate estimate of 2.44 percent. The expected dividend yield was based on Viad’s expectation of future dividend payouts. The volatility assumption was based on Viad’s daily historical stock price volatility during the time period that corresponds to the expected weighted-average life of the option. The expected life (estimated period of time outstanding) of stock options granted was estimated based on historical exercise activity. The risk-free interest rate assumption was based on the interest rate of a U.S. Treasury strip for a five-year term from the date the option was granted.

Additional information pertaining to stock options is provided in the table below:

 

                         
    2012     2011     2010  
    (in thousands)  

Total intrinsic value of stock options outstanding

  $ 2,329     $ —       $ 2,341  

Total intrinsic value of stock options exercised

  $ 296     $ 325     $ 544  

Fair value of stock options vested

  $ 539     $ 682     $ 404  

Cash received from the exercise of stock options

  $ 248     $ 296     $ 593  

Tax benefits (deficiencies) realized for tax deductions related to stock option exercises and performance-based awards

  $ 96     $ (325   $ (524

The aggregate intrinsic value of stock options outstanding in the table above represents the difference between Viad’s closing stock price on December 31 of each year and the exercise price, multiplied by the number of in-the-money options. The intrinsic value of stock options outstanding therefore changes based on changes in the fair market value of Viad’s common stock.

 

Acquisition of Businesses
Acquisition of Businesses

Note 3. Acquisition of Businesses

On March 7, 2012, Viad acquired the Banff International Hotel and related assets for $23.6 million in cash. The Banff International Hotel is a 162-guest room hotel located in downtown Banff, Alberta, Canada and is operated by Brewster within the Travel & Recreation Group. The following information represents the final amounts assigned to the assets and liabilities of the Banff International Hotel as of the date of acquisition:

 

         
    (in thousands)  

Cash and cash equivalents

  $ 10  

Accounts receivable

    23  

Other current assets

    33  

Property and equipment

    20,408  

Goodwill

    1,890  

Other intangible assets

    1,323  
   

 

 

 

Total assets acquired

    23,687  
   

 

 

 

Customer deposits

    (64

Other current liabilities

    (67
   

 

 

 

Total liabilities acquired

    (131
   

 

 

 

Purchase price

  $ 23,556  
   

 

 

 

The Company recorded $1.9 million of goodwill in connection with the transaction, which is included in the Travel & Recreation Group. The primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities. The goodwill is partially deductible for tax purposes pursuant to regulations in Canada. The amount assigned to other intangible assets of $1.3 million relates to an operating contract and customer relationships. The weighted-average amortization period related to the other intangible assets was 7.7 years. Included in the “Property and equipment” caption above are certain leasehold interests of $7.9 million for which the Company is considered to have perpetual use rights of the land related to the Banff International Hotel. These land interests are not subject to amortization. The transaction costs related to the acquisition were insignificant. The results of operations of the Banff International Hotel have been included in Viad’s consolidated financial statements from the date of acquisition.

On September 16, 2011, Viad acquired the Denali Backcountry Lodge and Denali Cabins for $15.3 million in cash. Denali Backcountry Lodge is a 42-guest room lodge located within Denali National Park and Preserve in Alaska and Denali Cabins consist of 46 guest cabins near the entrance to Denali National Park and Preserve. These properties are operated by Alaska Denali Travel within the Travel & Recreation Group. The Company recorded $3.2 million of goodwill in connection with the transaction. The amount assigned to other intangible assets of $626,000 relates to customer relationships.

On June 29, 2011, Viad acquired St. Mary Lodge & Resort (“St. Mary”) for $15.3 million in cash. St. Mary is a 115-guest room hotel located outside of Glacier National Park’s east entrance and is operated by Glacier Park within the Travel & Recreation Group. The Company recorded $3.1 million of goodwill in connection with the transaction. The amount assigned to other intangible assets of $60,000 relates to a non-amortized business license.

On January 5, 2011, Viad acquired Grouse Mountain Lodge for $10.5 million in cash. Grouse Mountain Lodge is located in Whitefish, Montana and is operated by Glacier Park within the Travel & Recreation Group. The Company recorded $1.3 million of goodwill in connection with the transaction. The amount assigned to other intangible assets of $400,000 relates to a non-amortized business license.

 

The following information represents the aggregate amounts assigned to the assets and liabilities of the acquisitions that occurred during 2011:

 

         
    (in thousands)  

Cash and cash equivalents

  $ 30  

Other current assets

    870  

Property and equipment

    32,905  

Goodwill

    7,645  

Other intangible assets

    1,086  
   

 

 

 

Total assets acquired

    42,536  
   

 

 

 

Customer deposits

    (821

Other current liabilities

    (198

Other long-term liabilities

    (382
   

 

 

 

Total liabilities acquired

    (1,401
   

 

 

 

Purchase price

  $ 41,135  
   

 

 

 

The primary factor that contributed to the recognition of goodwill for the 2011 acquisitions relates to future growth opportunities. The acquired goodwill is included in the Travel & Recreation Group and is deductible for tax purposes over a period of 15 years. The transaction costs related to the acquisitions were insignificant. The results of operations of the acquisitions have been included in Viad’s consolidated financial statements from the date of each acquisition.

The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming that the acquisitions had each been completed at the beginning of each year:

 

                 
    2012     2011  
    (in thousands, except per share data)  

Revenue

  $ 1,025,681     $ 954,766  

Depreciation and amortization

    30,935       30,619  

Segment operating income

    41,831       28,186  

Income from continuing operations

    5,251       10,379  

Net income attributable to Viad

    5,875       10,830  

Diluted net income per share

    0.29       0.53  

Basic net income per share

    0.29       0.53  
Inventories
Inventories

Note 4. Inventories

The components of inventories as of December 31 were as follows:

 

                 
    2012     2011  
    (in thousands)  

Raw materials

  $ 16,422     $ 18,297  

Work in process

    19,234       17,528  
   

 

 

   

 

 

 

Inventories

  $ 35,656     $ 35,825  
   

 

 

   

 

 

 
Property and Equipment
Property and Equipment

Note 5. Property and Equipment

Property and equipment as of December 31 consisted of the following:

 

                 
    2012     2011  
    (in thousands)  

Land and land interests

  $ 26,124     $ 18,134  

Buildings and leasehold improvements

    137,293       109,077  

Equipment and other

    310,448       310,186  
   

 

 

   

 

 

 
      473,865       437,397  

Accumulated depreciation

    (276,567     (263,584
   

 

 

   

 

 

 

Property and equipment, net

  $ 197,298     $ 173,813  
   

 

 

   

 

 

 

Included in the “Equipment and other” caption above are capitalized costs incurred in developing or obtaining internal use software. The net carrying amount of capitalized software was $14.2 million and $14.9 million as of December 31, 2012 and 2011, respectively.

 

Included in the “Land and land interests” caption above are certain leasehold interests in land within the Travel & Recreation Group for which the Company is considered to have perpetual use rights. The carrying amount of these leasehold interests was $10.6 million and $2.6 million at December 31, 2012 and 2011, respectively. These land interests are not subject to amortization.

Depreciation expense was $30.0 million, $28.4 million and $27.3 million for 2012, 2011 and 2010, respectively. During 2010, Viad recorded impairment losses of $117,000 at the Travel & Recreation Group related to a tour boat at the Travel & Recreation Group. No impairment losses were recorded during 2012 or 2011.

Other Investments and Assets
Other Investments and Assets

Note 6. Other Investments and Assets

As of December 31 other investments and assets consisted of the following:

 

                 
    2012     2011  
    (in thousands)  

Cash surrender value of life insurance

  $ 19,142     $ 18,812  

Workers’ compensation insurance security deposits

    3,350       4,658  

Other

    9,924       7,581  
   

 

 

   

 

 

 

Total other investments and assets

  $ 32,416     $ 31,051  
   

 

 

   

 

 

 
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets

Note 7. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill were as follows:

 

                                 
          Marketing &     Travel &        
    Marketing &     Events     Recreation        
    Events U.S.     International     Group     Total  
    (in thousands)  

Balance at January 1, 2011

  $ 62,686     $ 22,455     $ 42,300     $ 127,441  

Business acquisitions

    —          —         7,645       7,645  

Foreign currency translation adjustments

    —         (257     (1,135     (1,392
   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2011

    62,686       22,198       48,810       133,694  

Business acquisition

    —         —         1,890       1,890  

Foreign currency translation adjustments

    —         856       1,380       2,236  
   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2012

  $ 62,686     $ 23,054     $ 52,080     $ 137,820  
   

 

 

   

 

 

   

 

 

   

 

 

 

The following table summarizes goodwill by reporting unit and segment as of December 31:

 

                 
    2012     2011  
    (in thousands)  

Marketing & Events Group:

               

Marketing & Events U.S.

  $ 62,686     $ 62,686  

Marketing & Events International:

               

United Kingdom (Melville GES)

    13,894       13,291  

GES Canada

    9,160       8,907  
   

 

 

   

 

 

 

Total Marketing & Events Group

    85,740       84,884  
   

 

 

   

 

 

 

Travel & Recreation Group:

               

Brewster

    44,435       41,165  

Glacier Park

    4,461       4,461  

Alaska Denali Travel

    3,184       3,184  
   

 

 

   

 

 

 

Total Travel & Recreation Group

    52,080       48,810  
   

 

 

   

 

 

 

Total Goodwill

  $ 137,820     $ 133,694  
   

 

 

   

 

 

 

For impairment testing purposes, the goodwill related to the Marketing & Events U.S. segment is assigned to and tested at the operating segment level. Furthermore, the goodwill related to the Marketing & Events International segment is assigned to and tested based on the segment’s geographical operations. For the Marketing & Events International segment the reporting units are United Kingdom (Melville GES) and Canada. Brewster, Glacier Park and Alaska Denali Travel are considered reporting units for goodwill impairment testing purposes within the Travel & Recreation Group.

 

As a result of the Company’s most recent analysis performed in October 2012, the excess of the estimated fair values over the carrying values (expressed as a percentage of the carrying amounts) under step one of the impairment test was 126 percent, 67 percent and 34 percent for each of the Marketing & Events Group reporting units in the United States, the United Kingdom (Melville GES) and Canada, respectively. For the Brewster, Glacier Park and Alaska Denali Travel reporting units, the excess of the estimated fair value over the carrying value was 58 percent, 37 percent and 14 percent, respectively, as of the most recent impairment test. Significant reductions in the Company’s expected future revenues, operating income or cash flow forecasts and projections, or an increase in reporting unit cost of capital, could trigger additional impairment testing, which may result in impairment losses.

During 2010, Viad recorded impairment losses of $185,000 related to other intangible assets at the Travel & Recreation Group. As of December 31, 2012, Viad had cumulative goodwill impairment losses of $225.2 million since the adoption of the goodwill impairment testing provisions of ASC Topic 350.

A summary of other intangible assets as of December 31, 2012 is presented below:

 

                         
    Gross Carrying     Accumulated     Net Carrying  
    Value     Amortization     Value  
    (in thousands)  

Amortized intangible assets:

                       

Customer contracts and relationships

  $ 3,594     $ (2,384   $ 1,210  

Other

    959       (108     851  
   

 

 

   

 

 

   

 

 

 
      4,553       (2,492     2,061  

Unamortized intangible assets:

                       

Business licenses

    460       —         460  
   

 

 

   

 

 

   

 

 

 

Total

  $ 5,013     $ (2,492   $ 2,521  
   

 

 

   

 

 

   

 

 

 

A summary of other intangible assets as of December 31, 2011 is presented below:

 

                         
    Gross Carrying     Accumulated     Net Carrying  
    Value     Amortization     Value  
    (in thousands)  

Amortized intangible assets:

                       

Customer contracts and relationships

  $ 3,122     $ (1,736   $ 1,386  

Other

    68       (30     38  
   

 

 

   

 

 

   

 

 

 
      3,190       (1,766     1,424  

Unamortized intangible assets:

                       

Business licenses

    460       —         460  
   

 

 

   

 

 

   

 

 

 

Total

  $ 3,650     $ (1,766   $ 1,884  
   

 

 

   

 

 

   

 

 

 

Intangible asset amortization expense for 2012, 2011 and 2010 was $693,000, $772,000 and $954,000, respectively. The weighted-average amortization period of customer contracts and relationships and other amortizable intangible assets is approximately 3.7 years and 4.8 years, respectively. Estimated amortization expense related to amortized intangible assets for future years is expected to be as follows:

 

         
    (in thousands)  

2013

  $ 712  

2014

  $ 426  

2015

  $ 255  

2016

  $ 199  

2017

  $ 445  

Thereafter

  $ 24  

 

Accrued Liabilities and Other
Accrued Liabilities and Other

Note 8. Accrued Liabilities and Other

As of December 31 other current liabilities consisted of the following:

 

                 
    2012     2011  
    (in thousands)  

Continuing operations:

               

Customer deposits

  $ 50,172     $ 49,182  

Accrued compensation

    25,067       22,587  

Self-insured liability accrual

    8,501       6,697  

Accrued restructuring

    4,084       2,303  

Accrued employee benefit costs

    3,132       3,730  

Accrued dividends

    2,053       827  

Accrued sales and use taxes

    906       1,668  

Accrued foreign income taxes

    28       234  

Other

    12,271       8,185  
   

 

 

   

 

 

 
      106,214       95,413  
   

 

 

   

 

 

 

Discontinued operations:

               

Environmental remediation liabilities

    571       755  

Self-insured liability accrual

    527       639  

Other

    372       524  
   

 

 

   

 

 

 
      1,470       1,918  
   

 

 

   

 

 

 

Total other current liabilities

  $ 107,684     $ 97,331  
   

 

 

   

 

 

 

As of December 31 other deferred items and liabilities consisted of the following:

 

                 
    2012     2011  
    (in thousands)  

Continuing operations:

               

Self-insured liability accrual

  $ 15,579     $ 14,403  

Accrued compensation

    8,061       5,538  

Accrued restructuring

    3,140       4,647  

Foreign deferred tax liability

    2,024       1,219  

Other

    6,734       5,900  
   

 

 

   

 

 

 
      35,538       31,707  
   

 

 

   

 

 

 

Discontinued operations:

               

Self-insured liability accrual

    5,188       5,351  

Environmental remediation liabilities

    4,745       4,999  

Accrued income taxes

    1,053       1,022  

Other

    1,304       1,133  
   

 

 

   

 

 

 
      12,290       12,505  
   

 

 

   

 

 

 

Total other deferred items and liabilities

  $ 47,828     $ 44,212  
   

 

 

   

 

 

 
Debt
Debt

Note 9. Debt

Long-term capital lease obligations as of December 31 were as follows:

 

                 
    2012     2011  
    (in thousands)  

Capital lease obligations, 6.4% (2012) and 6.2% (2011) weighted-average interest rate at December 31, due to 2017

  $ 2,226     $ 3,239  

Current portion

    (1,347     (2,018
   

 

 

   

 

 

 

Long-term capital leases

  $ 879     $ 1,221  
   

 

 

   

 

 

 

Effective May 18, 2011, Viad entered into an amended and restated revolving credit agreement (the “Credit Facility”). The Credit Facility provides for a $130 million revolving line of credit, which may be increased up to an additional $50 million under certain circumstances. The term of the Credit Facility is five years (expiring on May 18, 2016) and borrowings are to be used for general corporate purposes (including permitted acquisitions) and to support up to $50 million of letters of credit. The lenders have a first perfected security interest in all of the personal property of Viad and GES, including 65 percent of the capital stock of top-tier foreign subsidiaries. In April 2011, Viad paid off its outstanding borrowing under the previous credit facility of $4.2 million and as of December 31, 2012, Viad’s total debt of $2.2 million consisted entirely of capital lease obligations. As of December 31, 2012, Viad had $128.2 million of capacity remaining under its Credit Facility reflecting outstanding letters of credit of $1.8 million.

 

Borrowings under the Credit Facility (of which GES is a guarantor) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to Viad’s leverage ratio. Commitment fees and letters of credit fees are also tied to Viad’s leverage ratio. The fees on the unused portion of the Credit Facility are currently 0.35 percent annually.

The Credit Facility contains various affirmative and negative covenants that are customary for facilities of this type, including a fixed-charge coverage ratio, leverage ratio, minimum cash balance, and dividend limits. Significant other covenants include limitations on: investments, additional indebtedness, sales/leases of assets, acquisitions, consolidations or mergers and liens on property. As of December 31, 2012, Viad was in compliance with all covenants.

Effective December 12, 2012, the Credit Facility was amended to remove the limitation on share repurchases of $10 million in the aggregate per calendar year pursuant to certain conditions. The amendment allows share repurchases unless the Company’s leverage ratio, as defined in the Credit Facility, is greater than 1.50 to 1.00 or a default or an unmatured default, as defined in the Credit Facility, exists. The amendment also allows dividends to be declared and paid in excess of $10 million in the aggregate per calendar year, as well as distributions on its capital stock, as defined in the Credit Facility, unless the Company’s leverage ratio, as defined in the Credit Facility, is greater than 1.50 to 1.00 or a default or an unmatured default, as defined in the Credit Facility, exists.

As of December 31, 2012, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the consolidated financial statements and relate to leased facilities entered into by the Company’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of December 31, 2012 would be $21.2 million. These guarantees relate to leased facilities and expire through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.

Aggregate annual maturities of capital lease obligations as of December 31, 2012 are as follows:

 

         
    (in thousands)  

2013

  $ 1,421  

2014

    594  

2015

    283  

2016

    34  

2017

    17  
   

 

 

 

Total

    2,349  

Less: Amount representing interest

    (123
   

 

 

 

Present value of minimum lease payments

  $ 2,226  
   

 

 

 

The gross amount of assets recorded under capital leases as of December 31, 2012 was $5.9 million and accumulated amortization was $2.9 million. As of December 31, 2011, the gross amount of assets recorded under capital leases and accumulated amortization was $6.6 million and $3.0 million, respectively. The amortization charges related to assets recorded under capital leases are included in depreciation expense. See Note 5.

The weighted-average interest rate on total debt was 8.5 percent, 7.8 percent and 12.0 percent, for 2012, 2011 and 2010, respectively. The weighted average interest rates include the effects of commitment fees and other costs of long-term bank credit.

The estimated fair value of total debt was $2.1 million and $3.0 million as of December 31, 2012 and 2011, respectively. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity.

 

Fair Value Measurements
Fair Value Measurements

Note 10. Fair Value Measurements

The fair value of an asset or liability is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value as follows:

 

Level 1 –  Quoted prices in active markets for identical assets or liabilities.

 

Level 2 –  Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

 

Level 3 –  Unobservable inputs to the valuation methodology that are significant to the measurement of fair value.

Viad measures its money market mutual funds and certain other mutual fund investments at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following tables:

 

                                 
          Fair Value Measurements at December 31, 2012 Using  

Description

  December 31,
2012
    Quoted Prices in
Active

Markets
(Level 1)
    Significant
Other

Observable
Inputs
(Level 2)
    Significant
Unobserved
Inputs

(Level 3)
 
    (in thousands)  

Money market funds

  $ 10,177     $ 10,177     $ —       $ —    

Other mutual funds

    1,239       1,239       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 11,416     $ 11,416     $ —       $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 
     
          Fair Value Measurements at December 31, 2011 Using  

Description

  December 31,
2011
    Quoted Prices
in Active
Markets
(Level 1)
    Significant
Other
Observable
Inputs

(Level 2)
    Significant
Unobserved
Inputs

(Level 3)
 
    (in thousands)  

Money market funds

  $ 20,862     $ 20,862     $ —       $ —    

Other mutual funds

    1,373       1,373       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 22,235     $ 22,235     $ —       $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

As of December 31, 2012 and 2011, Viad had investments in money market mutual funds of $10.2 million and $20.9 million, respectively, which are included in the consolidated balance sheets under the caption “Cash and cash equivalents.” These investments are classified as available-for-sale and were recorded at fair value. There have been no realized or unrealized gains or losses related to these investments and the Company has not experienced any redemption restrictions with respect to any of the money market mutual funds.

As of December 31, 2012 and 2011, Viad had investments in other mutual funds of $1.2 million and $1.4 million, respectively, which are classified in the consolidated balance sheets under the caption “Other investments and assets.” These investments were classified as available-for-sale and were recorded at fair value. As of December 31, 2012 and 2011, there were unrealized gains of $450,000 ($275,000 after-tax) and $366,000 ($222,000 after-tax), respectively, which were included in the consolidated balance sheets under the caption “Accumulated other comprehensive income (loss).”

 

The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 9.

 

Income Per Share
Income Per Share

Note 11. Income Per Share

The following is a reconciliation of the numerators and denominators of diluted and basic per share computations for net income attributable to Viad:

 

                         
    2012     2011     2010  
    (in thousands, except per share data)  

Basic net income per share

                       

Numerator:

                       

Net income attributable to Viad

  $ 5,897     $ 9,210     $ 443  

Less: Allocation to non-vested shares

    (157     (248     (11
   

 

 

   

 

 

   

 

 

 

Net income allocated to Viad common stockholders

  $ 5,740     $ 8,962     $ 432  
   

 

 

   

 

 

   

 

 

 

Denominator:

                       

Weighted-average outstanding common shares

    19,701       19,719       19,955  
   

 

 

   

 

 

   

 

 

 

Net income attributable to Viad common stockholders

  $ 0.29     $ 0.45     $ 0.02  
   

 

 

   

 

 

   

 

 

 

Diluted net income per share

                       

Numerator:

                       

Net income attributable to Viad

  $ 5,897     $ 9,210     $ 443  
   

 

 

   

 

 

   

 

 

 

Denominator:

                       

Weighted-average outstanding shares

    19,701       19,719       19,955  

Additional dilutive shares related to share-based compensation

    304       336       322  
   

 

 

   

 

 

   

 

 

 

Weighted-average outstanding and potentially dilutive shares

    20,005       20,055       20,277  
   

 

 

   

 

 

   

 

 

 

Net income attributable to Viad common stockholders(1)

  $ 0.29     $ 0.45     $ 0.02  
   

 

 

   

 

 

   

 

 

 

 

(1) 

Diluted income per share amount cannot exceed basic income per share.

Options to purchase 110,000, 304,000 and 474,000 shares of common stock were outstanding during 2012, 2011 and 2010, respectively, but were not included in the computation of dilutive shares outstanding because the effect would be anti-dilutive. Additionally, 304,000, 336,000 and 322,000 share-based compensation awards were considered dilutive and included in the computation of diluted income per share in 2012, 2011 and 2010, respectively.

Employee Stock Ownership Feature of 401 (k) Plan
Employee Stock Ownership Feature of 401(k) Plan

Note 12. Employee Stock Ownership Feature of 401(k) Plan

Viad funds its matching contributions to employees’ 401(k) accounts through the Company’s ESOP portion of the Viad Corp Capital Accumulation Plan (the “401(k) Plan”). All eligible employees of Viad and its participating affiliates, other than certain employees covered by collective-bargaining agreements that do not expressly provide for participation of such employees in an employee stock ownership plan, may participate in the employee stock ownership feature within the 401(k) Plan.

In 1989, the ESOP borrowed $40.0 million (guaranteed by Viad) to purchase treasury shares from the Company. In 2004, Viad borrowed $12.4 million under its revolving credit agreement to pay in full the outstanding ESOP loan and obtain release of Viad from its guarantee of the loan. In connection with the loan payoff, the ESOP entered into a $12.4 million loan with Viad maturing in June 2009 calling for minimum quarterly principal payments of $250,000 plus interest. The same amount, representing unearned employee benefits, was recorded as a reduction of stockholders’ equity. In 2007, the loan agreement between the ESOP and Viad was extended to December 31, 2016. As of December 31, 2012, the balance of the ESOP loan was $1.3 million and is included in the consolidated balance sheets under the caption “Unearned employee benefits and other.” The liability is reduced as the ESOP makes principal payments on the borrowing, and the amount offsetting stockholders’ equity is reduced as stock is allocated to employees and benefits are charged to expense. The 401(k) Plan repays the loan using Viad contributions and dividends received on the unallocated Viad shares held by the 401(k) Plan.

Information regarding ESOP transactions is as follows:

 

                         
    2012     2011     2010  
    (in thousands)  

Amounts paid by ESOP for:

                       

Debt repayment

  $ 1,647     $ 1,490     $ 1,518  

Interest

    5       8       12  

Amounts received from Viad as:

                       

Contributions

    1,604       1,435       1,444  

Dividends

    48       63       86  

 

Shares were released for allocation to participants based upon the ratio of the current year’s principal and interest payments to the sum of the total principal and interest payments expected over the remaining life of the loan. Viad recorded expense of $1.7 million, $1.6 million and $1.5 million in 2012, 2011 and 2010, respectively.

Unallocated shares held by the 401(k) Plan totaled 130,577 and 293,280 as of December 31, 2012 and 2011, respectively. Shares allocated during 2012 and 2011 totaled 162,703 and 147,089, respectively.

Preferred Stock Purchase Rights
Preferred Stock Purchase Rights

Note 13. Preferred Stock Purchase Rights

Viad had one Preferred Stock Purchase Right (“Right”) outstanding on each outstanding share of common stock pursuant to a shareholder rights plan (the “Rights Agreement”) adopted by the Board of Directors on February 28, 2002, as adjusted in connection with Viad’s one-for-four reverse stock split on July 1, 2004, and as amended on February 28, 2012. The Rights expired and the Rights Agreement terminated on February 28, 2013 on its own terms.

Viad has authorized five million and two million shares of Preferred Stock and Junior Participating Preferred Stock, respectively, none of which is outstanding.

Income Taxes
Income Taxes

Note 14. Income Taxes

The following represents a reconciliation of income tax expense and the amount that would be computed using the statutory federal income tax rates:

 

                                                 
    2012     2011     2010  
    (in thousands)  

Computed income tax expense at statutory federal income tax rate of 35%

  $ 9,381       35.0   $ 4,613       35.0   $ 896       35.0

State income taxes, net of federal provision

    470       1.8     (100     (0.8 %)      (172     (6.7 %) 

Foreign tax rate differentials

    (2,031     (7.6 %)      (1,679     (12.7 %)      (1,560     (61.0 %) 

U.S. tax on foreign earnings (net of foreign tax credits)

    (595     (2.2 %)      1,105       8.4     629       24.6

Tax resolutions, net

    —         0.0     (103     (0.8 %)      (514     (20.1 %) 

Change in enacted tax law

    —         0.0     —         0.0     1,279       50.0

Change in valuation allowance

    14,220       53.1     (55     (0.4 %)      249       9.7

Proceeds from life insurance

    (472     (1.8 %)      —         0.0     (460     (18.0 %) 

Other, net

    (130     (0.5 %)      107       0.8     1,395       54.6
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax expense

  $ 20,843       77.8   $ 3,888       29.5   $ 1,742       68.1
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

In March 2010, the Patient Protection and Affordable Care Act and a related measure, the Health Care and Education Reconciliation Act of 2010, were both enacted into law. As a result of this legislation, the tax deductions for the portion of the prescription drug costs for which Viad receives a Medicare Part D subsidy have been eliminated for tax years beginning after December 31, 2012. Accordingly, during 2010, Viad reduced its deferred tax asset related to its postretirement benefit plan liability to reflect the change in the tax law. The reduction in the deferred tax asset resulted in an increase to income tax expense of $1.3 million in 2010.

Viad is subject to regular and recurring audits by the taxing authorities in the jurisdictions in which the Company conducts or had previously conducted operations. These include U.S. federal and most state jurisdictions, and certain foreign jurisdictions including Canada, the United Kingdom and Germany.

Viad exercises judgment in determining its income tax provision due to transactions, credits and calculations where the ultimate tax determination is uncertain. As of December 31, 2012 and 2011, Viad did not have any accrued gross liabilities associated with uncertain tax positions for continuing operations. As of December 31, 2010, Viad had accrued interest and penalties related to uncertain tax positions for continuing operations of $146,000. Viad classifies interest and penalties related to income tax liabilities as a component of income tax expense. During 2011, Viad recorded tax-related interest expense credits of $146,000.

During 2011 and 2010, Viad recorded tax benefits related to the favorable resolution of tax matters in continuing operations of $103,000 and $514,000, respectively. These tax resolutions primarily represent the reversal of amounts accrued for tax and related interest and penalties in connection with uncertain tax positions which were effectively settled or for which there was a lapse of the applicable statute of limitations.

In addition to the above, Viad had accrued gross liabilities associated with uncertain tax positions for discontinued operations of $636,000 as of both December 31, 2012 and 2011. In addition, as of December 31, 2012 and 2011, Viad had accrued interest and penalties related to uncertain tax positions for discontinued operations of $418,000 and $386,000, respectively. Future tax resolutions or settlements that may occur related to these uncertain tax positions would be recorded through discontinued operations (net of federal tax effects, if applicable). Viad does not expect any of the unrecognized tax benefits to be recognized during the next 12 months.

 

The following represents a reconciliation of the total amounts of liabilities associated with uncertain tax positions (excluding interest and penalties):

 

                         
    Continuing     Discontinued        
    Operations     Operations     Total  
    (in thousands)  

Balance at January 1, 2010

  $ —       $ 636     $ 636  

Reductions for tax positions taken in prior years

    —          —          —     

Reductions for tax settlements

    —          —          —     

Reductions for lapse of applicable statutes

    —          —          —     
   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2010

    —          636       636  

Reductions for tax positions taken in prior years

    —          —          —     

Reductions for tax settlements

    —          —          —     

Reductions for lapse of applicable statutes

    —          —          —     
   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2011

    —          636       636  

Reductions for tax positions taken in prior years

    —          —          —     

Reductions for tax settlements

    —          —          —     

Reductions for lapse of applicable statutes

    —          —          —     
   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2012

  $ —       $ 636     $ 636  
   

 

 

   

 

 

   

 

 

 

Viad’s 2009 through 2012 U.S. federal tax years and various state tax years from 2008 through 2012 remain subject to income tax examinations by tax authorities. Additionally, 2005 through 2008 remain subject to examination due to net operating loss carryback claims. In addition, tax years from 2008 through 2012 related to Viad’s foreign taxing jurisdictions also remain subject to examination.

Viad classifies liabilities associated with uncertain tax positions as non-current liabilities in its consolidated balance sheets unless they are expected to be paid within the next year. As of December 31, 2012 and 2011, liabilities associated with uncertain tax positions (including interest and penalties) of $1.1 million and $1.0 million, respectively, were classified as non-current liabilities.

Deferred income tax assets and liabilities included in the consolidated balance sheets as of December 31 related to the following:

 

                 
    2012     2011  
    (in thousands)  

Deferred tax assets:

               

Pension, compensation and other employee benefits

  $ 26,790     $ 22,103  

Tax credit carryforwards

    25,290       25,219  

Provisions for losses

    15,229       16,038  

State income taxes

    2,813       2,400  

Net operating loss carryforward

    1,755       3,086  

Deferred income

    —          125  

Other deferred income tax assets

    5,331       1,745  
   

 

 

   

 

 

 

Total deferred tax assets

    77,208       70,716  

Foreign deferred tax assets included above

    (990     —     

Valuation allowance

    (14,576     (356
   

 

 

   

 

 

 

Net deferred tax assets

    61,642       70,360  
   

 

 

   

 

 

 

Deferred tax liabilities:

               

Property and equipment

    (8,801     (7,729

Goodwill and other intangible assets

    (1,306     (1,006

Unremitted foreign earnings

    (978     —    

Other deferred income tax liabilities

    (176     (287
   

 

 

   

 

 

 

Total deferred tax liabilities

    (11,261     (9,022
   

 

 

   

 

 

 

Foreign deferred tax liabilities included above

    2,024       1,617  
   

 

 

   

 

 

 

United States deferred tax assets

  $ 52,405     $ 62,955  
   

 

 

   

 

 

 

 

Viad is required to estimate and record provisions for income taxes in each of the jurisdictions in which the Company operates. Accordingly, the Company must estimate its actual current income tax liability, and assess temporary differences arising from the treatment of items for tax purposes, as compared to the treatment for accounting purposes. These differences result in deferred tax assets and liabilities which are included in Viad’s consolidated balance sheets. The Company must assess the likelihood that deferred tax assets will be recovered from future taxable income and to the extent that recovery is not likely, a valuation allowance must be established. The Company uses significant judgment in forming a conclusion regarding the recoverability of its deferred tax assets and evaluates the available positive and negative evidence to determine whether it is more-likely-than-not that its deferred tax assets will be realized in the future. As of December 31, 2012 and 2011, Viad had gross deferred tax assets of $77.2 million and $70.7 million, respectively. These deferred tax assets reflect the expected future tax benefits to be realized upon reversal of deductible temporary differences, and the utilization of net operating loss and tax credit carryforwards.

The Company considered all available positive and negative evidence regarding the future recoverability of its deferred tax assets, including the Company’s recent operating history, taxpaying history and future reversals of deferred tax liabilities. The Company also evaluated its ability to utilize its foreign tax credits, given its recent utilization history. These tax credits are subject to a 10-year carryforward period and begin to expire in 2019. Based on the Company’s assessment, it was determined during the fourth quarter of 2012 that the weight of the evidence indicated that certain deferred tax assets associated with foreign tax credit carryforwards no longer met the more-likely-than-not test regarding the realization of those assets. Accordingly, the Company recorded a valuation allowance related to all of its foreign tax credit carryforwards as of December 31, 2012, which resulted in a charge to income tax expense of $13.4 million. As of December 31, 2012 and 2011, Viad had state and foreign net operating loss carryforwards of $82.0 million and $91.9 million, respectively, for which the Company had deferred tax assets of $1.8 million and $2.1 million, respectively. The state and foreign net operating loss carryforwards expire on various dates from 2016 through 2032. During 2012, the Company increased its valuation allowance related to state and foreign net operating loss carryforwards by $805,000. As of December 31, 2012 and 2011, Viad had a valuation allowance of $1.2 million and $356,000, respectively, related to those state and foreign deferred tax assets. With respect to all other deferred tax assets, management believes that recovery from future taxable income is more-likely-than-not.

As noted above, Viad uses considerable judgment in forming a conclusion regarding the recoverability of its deferred tax assets. As a result, there are inherent uncertainties regarding the ultimate realization of these assets, which is primarily dependent on Viad’s ability to generate sufficient taxable income in future periods. In future periods, it is reasonably possible that the relative weight of positive and negative evidence regarding the recoverability of Viad’s deferred tax assets may change, which could result in a material increase in the Company’s valuation allowance. If such an increase in the valuation allowance were to occur, it would result in increased income tax expense in the period the assessment was made.

As of December 31, 2012, Viad had tax credit carryforwards related to alternative minimum tax of $11.4 million that may be carried forward indefinitely. Additionally, as of December 31, 2012, Viad had foreign tax credit carryforwards of $13.4 million, of which $268,000 expire in 2019, $8.3 million expire in 2020, $4.5 million expire in 2021 and $320,000 expire in 2022. As noted above, the Company recorded a valuation allowance of $13.4 million related to the foreign tax credit carryforwards. Viad also had general business credits of $519,000 as of December 31, 2012, which expire at various dates from 2028 to 2032.

Viad has not recorded deferred taxes on certain historical unremitted earnings of its Canadian subsidiaries as management intends to reinvest those earnings in its Canadian operations. As of December 31, 2012, the incremental unrecognized tax liability (net of estimated foreign tax credits) related to those undistributed earnings was approximately $711,000. To the extent that circumstances change and it becomes apparent that some or all of those undistributed earnings will be remitted to the U.S., Viad would accrue income taxes attributable to such remittance.

Income tax expense consisted of the following:

 

                         
    2012     2011     2010  
    (in thousands)  

Current:

                       

United States:

                       

Federal

  $ (272   $ (4,643   $ (9,286

State

    2,189       1,292       677  

Foreign

    7,652       8,163       9,607  
   

 

 

   

 

 

   

 

 

 
      9,569       4,812       998  
   

 

 

   

 

 

   

 

 

 

Deferred:

                       

United States:

                       

Federal

    11,127       992       3,212  

State

    40       (1,560     (939

Foreign

    107       (356     (1,529
   

 

 

   

 

 

   

 

 

 
      11,274       (924     744  
   

 

 

   

 

 

   

 

 

 

Income tax expense

  $ 20,843     $ 3,888     $ 1,742  
   

 

 

   

 

 

   

 

 

 

 

The aggregate tax benefit realized in connection with the vesting of restricted stock and PBRS and the exercise of stock options was $96,000 for 2012, which was recorded as a credit to stockholders’ equity. During 2011 and 2010, the Company recorded tax deficiencies of $325,000 and $524,000, respectively, related to the vesting of restricted stock and PBRS and the exercise of stock options, which were recorded as charges to stockholders’ equity.

Eligible subsidiaries (including sold and discontinued businesses up to their respective disposition dates) are included in the consolidated federal and other applicable income tax returns of Viad.

United States and foreign income from continuing operations before income taxes was as follows:

 

                         
    2012     2011     2010  
    (in thousands)  

United States

  $ (2,843   $ (16,227   $ (22,592

Foreign

    29,645       29,407       25,151  
   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

  $ 26,802     $ 13,180     $ 2,559  
   

 

 

   

 

 

   

 

 

 
Pension and Postretirement Benefits
Pension and Postretirement Benefits

Note 15. Pension and Postretirement Benefits

Domestic Plans. Viad has trusteed, frozen defined benefit pension plans that cover certain employees which are funded by the Company. Viad also maintains certain unfunded defined benefit pension plans which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations.

Viad also has certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, Viad retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, Viad may fund the plans.

The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s pension plans included the following:

 

                         
    2012     2011     2010  
    (in thousands)  

Net Periodic Benefit Cost

                       

Service cost

  $ 104     $ 121     $ 145  

Interest cost

    1,150       1,189       1,242  

Expected return on plan assets

    (406     (563     (588

Amortization of prior service cost

    —         —         41  

Recognized net actuarial loss

    491       457       572  
   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

    1,339       1,204       1,412  
   

 

 

   

 

 

   

 

 

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

                       

Net actuarial loss

    1,942       1,589       1,190  

Reversal of amortization item:

                       

Net actuarial loss

    (491     (457     (572

Prior service cost

    —          —          (41
   

 

 

   

 

 

   

 

 

 

Total recognized in other comprehensive income

    1,451       1,132       577  
   

 

 

   

 

 

   

 

 

 

Total recognized in net periodic benefit cost and other comprehensive income

  $ 2,790     $ 2,336     $ 1,989  
   

 

 

   

 

 

   

 

 

 

 

The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s postretirement benefit plans included the following:

 

                         
    2012     2011     2010  
    (in thousands)  

Net Periodic Benefit Cost

                       

Service cost

  $ 146     $ 128     $ 130  

Interest cost

    814       868       1,039  

Expected return on plan assets

    (74     (135     (160

Amortization of prior service credit

    (1,113     (1,277     (1,171

Recognized net actuarial loss

    547       533       608  
   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

    320       117       446  
   

 

 

   

 

 

   

 

 

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

                       

Net actuarial loss

    224       24       421  

Prior service credit

    —          —          (1,197

Reversal of amortization item:

                       

Net actuarial loss

    (547     (533     (608

Prior service credit

    1,113       1,277       1,171  
   

 

 

   

 

 

   

 

 

 

Total recognized in other comprehensive income (loss)

    790       768       (213
   

 

 

   

 

 

   

 

 

 

Total recognized in net periodic benefit cost and other comprehensive income

  $ 1,110     $ 885     $ 233  
   

 

 

   

 

 

   

 

 

 

The following table indicates the funded status of the plans as of December 31:

 

                                                 
                            Postretirement  
    Funded Plans     Unfunded Plans     Benefit Plans  
    2012     2011     2012     2011     2012     2011  
    (in thousands)  

Change in benefit obligation:

                                               

Benefit obligation at beginning of year

  $ 13,938     $ 12,853     $ 10,883     $ 10,352     $ 18,667     $ 18,987  

Service cost

    —          —          104       121       146       128  

Interest cost

    659       678       491       511       814       868  

Actuarial adjustments

    1,419       1,157       799       609       250       106  

Plan amendments

    —          —          —          —          —          —     

Benefits paid

    (668     (750     (707     (710     (1,176     (1,422
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Benefit obligation at end of year

    15,348       13,938       11,570       10,883       18,701       18,667  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in plan assets:

                                               

Fair value of plan assets at beginning of year

    9,846       8,858       —          —          2,118       2,678  

Actual return on plan assets

    683       741       —          —          100       217  

Company contributions

    763       997       707       710       355       645  

Benefits paid

    (668     (750     (707     (710     (1,176     (1,422
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fair value of plan assets at end of year

    10,624       9,846       —          —          1,397       2,118  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Funded status at end of year

  $ (4,724   $ (4,092   $ (11,570   $ (10,883   $ (17,304   $ (16,549
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The net amounts recognized in Viad’s consolidated balance sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows:

 

                                                 
                            Postretirement  
    Funded Plans     Unfunded Plans     Benefit Plans  
    2012     2011     2012     2011     2012     2011  
    (in thousands)  

Other current liabilities

  $ —        $ —        $ 816     $ 717     $ 392     $ 440  

Non-current liabilities

    4,724       4,092       10,754       10,166       16,912       16,109  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net amount recognized

  $ 4,724     $ 4,092     $ 11,570     $ 10,883     $ 17,304     $ 16,549  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Amounts recognized in accumulated other comprehensive income as of December 31, 2012 consisted of:

 

                                 
    Funded     Unfunded     Postretirement        
    Plans     Plans     Benefit Plans     Total  
    (in thousands)  

Net actuarial loss

  $ 9,052     $ 4,548     $ 6,706     $ 20,306  

Prior service credit

    —         —         (2,900     (2,900
   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

    9,052       4,548       3,806       17,406  

Less tax effect

    (3,433     (1,725     (1,443     (6,601
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 5,619     $ 2,823     $ 2,363     $ 10,805  
   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts recognized in accumulated other comprehensive income as of December 31, 2011 consisted of:

 

                                 
    Funded     Unfunded     Postretirement        
    Plans     Plans     Benefit Plans     Total  
    (in thousands)  

Net actuarial loss

  $ 8,238     $ 3,911     $ 7,029     $ 19,178  

Prior service credit

    —         —         (4,013     (4,013
   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

    8,238       3,911       3,016       15,165  

Less tax effect

    (3,146     (1,493     (1,153     (5,792
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 5,092     $ 2,418     $ 1,863     $ 9,373  
   

 

 

   

 

 

   

 

 

   

 

 

 

The estimated net actuarial loss for the pension plans that is expected to be amortized from accumulated other comprehensive income into net periodic pension cost in 2013 is approximately $597,000. The estimated net actuarial loss for the postretirement benefit plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit cost in 2013 is approximately $566,000. The estimated prior service credit for the postretirement benefit plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit credit in 2013 is approximately $901,000.

 

The fair value of the domestic plans’ assets by asset class was as follows:

 

                                 
          Fair Value Measurements at December 31, 2012  
                Significant        
          Quoted Prices     Other     Significant  
          in Active     Observable     Unobserved  
          Markets     Inputs     Inputs  

Description

  Total     (Level 1)     (Level 2)     (Level 3)  
    (in thousands)  

Domestic Pension Plans:

                               

Cash

  $ 10,401     $ 10,401     $  —       $  —    

Other

    223       —         223       —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 10,624     $ 10,401     $ 223     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Postretirement Benefit Plans:

                               

Cash

  $ 1,397     $ 1,397     $ —       $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
          Fair Value Measurements at December 31, 2011  
                Significant        
          Quoted Prices     Other     Significant  
          in Active     Observable     Unobserved  
          Markets     Inputs     Inputs  

Description

  Total     (Level 1)     (Level 2)     (Level 3)  
    (in thousands)  

Domestic Pension Plans:

                               

U.S. equity securities

  $ 2,849     $  —       $ 2,849     $  —    

International equity securities

    914       —         914       —    

Aggregate fixed income securities

    2,373       —         2,373       —    

Long-term fixed income securities

    3,412       —         3,412       —    

Cash

    72       72       —         —    

Other

    226       —         226       —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 9,846     $ 72     $ 9,774     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Postretirement Benefit Plans:

                               

U.S. equity securities

  $ 283     $ —       $ 283     $ —    

International equity securities

    89       —         89       —    

Aggregate fixed income securities

    1,034       —         1,034       —    

Long-term fixed income securities

    490       —         490       —    

Cash

    222       222       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 2,118     $ 222     $ 1,896     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

The significant amount of investments held in cash in the domestic pension and postretirement plans as of December 31, 2012 was due to a change in the investment custodian during December 2012. All securities held by the previous custodian were liquidated to cash and transferred to the new custodian on December 26, 2012. During January and February 2013, the new custodian invested the plans’ assets in a mix of equities and fixed income securities approximating the same mixes as on December 31, 2011.

Viad employs a total return investment approach whereby a mix of equities and fixed income securities is used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across U.S. and non-U.S. stocks, as well as growth and value. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements.

Viad utilizes a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also considers diversification and rebalancing. Peer data and historical returns are reviewed relative to Viad’s assumed rates for reasonableness and appropriateness.

 

The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid, as well as the Medicare Part D subsidy expected to be received:

 

                                 
                Postretirement     Medicare  
    Funded     Unfunded     Benefit     Part D Subsidy  
    Plans     Plans     Plans     Receipts  
    (in thousands)  

2013

  $ 784     $ 832     $ 1,768     $ 268  

2014

    762       810       1,760       272  

2015

    791       795       1,744       273  

2016

    737       771       1,719       273  

2017

    774       794       1,647       271  

2018-2022

    4,200       4,181       7,434       1,267  

Foreign Pension Plans. Certain of Viad’s foreign operations also maintain trusteed defined benefit pension plans covering certain employees which are funded by the companies, and unfunded defined benefit pension plans providing supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. The components of net periodic benefit cost and other amounts recognized in other comprehensive income included the following:

 

                         
    2012     2011     2010  
    (in thousands)  

Net Periodic Benefit Cost

                       

Service cost

  $ 491     $ 366     $ 304  

Interest cost

    737       729       780  

Expected return on plan assets

    (622     (665     (597

Recognized net actuarial loss

    201       73       54  
   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

    807       503       541  
   

 

 

   

 

 

   

 

 

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

                       

Net actuarial loss

    958       1,936       299  

Reversal of amortization of net actuarial loss

    (201     (73     (54
   

 

 

   

 

 

   

 

 

 

Total recognized in other comprehensive income

    757       1,863       245  
   

 

 

   

 

 

   

 

 

 

Total recognized in net periodic benefit cost and other comprehensive income

  $ 1,564     $ 2,366     $ 786  
   

 

 

   

 

 

   

 

 

 

 

The following table represents the funded status of the plans as of December 31:

 

                                 
    Funded Plans     Unfunded Plans  
    2012     2011     2012     2011  
    (in thousands)  

Change in benefit obligation:

                               

Benefit obligation at beginning of year

  $ 13,141     $ 11,453     $ 2,939     $ 2,929  

Service cost

    491       366       —         —    

Interest cost

    607       583       130       146  

Actuarial adjustments

    1,086       1,421       113       173  

Benefits paid

    (328     (351     (220     (231

Translation adjustment

    390       (331     70       (78
   

 

 

   

 

 

   

 

 

   

 

 

 

Benefit obligation at end of year

    15,387       13,141       3,032       2,939  
   

 

 

   

 

 

   

 

 

   

 

 

 

Change in plan assets:

                               

Fair value of plan assets at beginning of year

    11,028       10,834       —         —    

Actual return on plan assets

    860       100       —         —    

Company contributions

    1,111       709       220       231  

Benefits paid

    (328     (351     (220     (231

Translation adjustment

    326       (264     —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Fair value of plan assets at end of year

    12,997       11,028       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Funded status at end of year

  $ (2,390   $ (2,113   $ (3,032   $ (2,939
   

 

 

   

 

 

   

 

 

   

 

 

 

As of December 31, 2012 and 2011, the foreign funded plans had liabilities of $2.4 million and $2.1 million, respectively. The unfunded plans had liabilities of $3.0 million and $2.9 million at December 31, 2012 and 2011, respectively. These amounts are each included in the consolidated balance sheets under the caption “Pension and postretirement benefits.”

The net actuarial losses for the foreign funded plans as of December 31, 2012 and 2011 were $5.3 million ($3.9 million after-tax) and $4.6 million ($3.4 million after-tax), respectively. The net actuarial losses as of December 31, 2012 and 2011 for the foreign unfunded plans were $366,000 ($271,000 after-tax) and $269,000 ($199,000 after-tax), respectively.

The fair value of the foreign pension plans’ assets by asset category were as follows:

 

                                 
          Fair Value Measurements at December 31, 2012  

Description

  Total     Quoted Prices
in Active
Markets
(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobserved
Inputs
(Level 3)
 
    (in thousands)  

U.S. equity securities

  $ 1,185     $ 1,185     $ —       $ —    

International equity securities

    4,871       4,494       377       —    

Canadian fixed income securities

    6,744       6,744       —         —    

Other

    197       197       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 12,997     $ 12,620     $  377     $  —    
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
          Fair Value Measurements at December 31, 2011  

Description

  Total     Quoted Prices
in Active
Markets
(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobserved
Inputs
(Level 3)
 
    (in thousands)  

U.S. equity securities

  $ 977     $ 977     $  —       $  —    

International equity securities

    3,995       3,639       356       —    

Canadian fixed income securities

    5,975       5,975       —         —    

Other

    81       81       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 11,028     $ 10,672     $ 356     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

 

The following payments, which reflect expected future service, as appropriate, are expected to be paid:

 

                 
    Funded     Unfunded  
    Plans     Plans  
    (in thousands)  

2013

  $ 385     $ 219  

2014

    492       218  

2015

    612       218  

2016

    616       217  

2017

    619       216  

2018-2022

    3,707       1,066  

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  
    2012     2011     2012     2011  
    (in thousands)  

Projected benefit obligation

  $ 15,348     $ 13,938     $ 11,570     $ 10,883  

Accumulated benefit obligation

    15,348       13,938       11,322       10,589  

Fair value of plan assets

    10,624       9,846       —         —    

 

                                 
    Foreign Plans  
    Funded Plans     Unfunded Plans  
    2012     2011     2012     2011  
    (in thousands)  

Projected benefit obligation

  $ 15,387     $ 13,141     $ 3,032     $ 2,939  

Accumulated benefit obligation

    14,307       12,049       3,032       2,939  

Fair value of plan assets

    12,997       11,028       —          —     

Contributions. In aggregate for both the domestic and foreign plans, the Company anticipates contributing $1.7 million to the funded pension plans, $1.1 million to the unfunded pension plans and $400,000 to the postretirement benefit plans in 2013.

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  
    2012     2011     2012     2011     2012     2011     2012     2011  

Discount rate

    4.11     4.92     3.80     4.75     3.85     4.70     4.06     4.60

Rate of compensation increase

    N/A       N/A       4.50     4.50     N/A       N/A       3.00     3.00

 

Weighted-average assumptions used to determine net periodic benefit cost were as follows:

 

                                                                 
    Domestic Plans              
                            Postretirement              
    Funded Plans     Unfunded Plans     Benefit Plans     Foreign Plans  
    2012     2011     2012     2011     2012     2011     2012     2011  

Discount rate

    4.93     5.45     4.75     5.10     4.70     5.10     4.65     5.10

Expected return on plan assets

    4.20     6.35     N/A       N/A       4.65     6.10     5.45     5.50

Rate of compensation increase

    N/A       N/A       4.50     4.50     N/A       N/A       3.00     3.00

The assumed health care cost trend rate used in measuring the December 31, 2012 accumulated postretirement benefit obligation was 8.5 percent, declining one-half percent each year to the ultimate rate of five percent by the year 2019 and remaining at that level thereafter. The assumed health care cost trend rate used in measuring the December 31, 2011 accumulated postretirement benefit obligation was nine percent, declining one-half percent each year to the ultimate rate of five percent by the year 2019 and remaining at that level thereafter.

A one-percentage-point increase in the assumed health care cost trend rate for each year would increase the accumulated postretirement benefit obligation as of December 31, 2012 by approximately $1.8 million and the total of service and interest cost components by approximately $120,000. 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, 2012 by approximately $1.5 million and the total of service and interest cost components by approximately $97,000.

Multi-employer Plans. Viad contributes to defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The financial risks of participating in these multi-employer pension plans generally include the fact that assets contributed to the plan by one employer may be used to provide benefits to employees of other participating employers. Furthermore, if a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if Viad were to discontinue its participation in some of its multi-employer pension plans, the Company may be required to pay those plans a withdrawal liability amount based on the underfunded status of the plan. Viad also contributes to defined contribution plans pursuant to its collective-bargaining agreements, which are generally not subject to the funding risks inherent in defined benefit pension plans. The overall level of Viad’s contributions to its multi-employer plans may significantly vary from year to year based on the demand for union-represented labor to support the Company’s operations. Viad does not have any minimum contribution requirements for future periods pursuant to its collective-bargaining agreements for individually significant multi-employer plans.

 

Viad’s participation in multi-employer pension plans for the year ended December 31, 2012, is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2012 and 2011 relates to the plan’s year end as of December 31, 2011 and 2010, respectively, and is based on information received from the plan. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented.

 

                                                                         
           Plan     Pension
Protection Act
Zone Status
  FIP/RP
Status
Pending/
    Viad Contributions     Surcharge    

Expiration

Date of

Collective-
Bargaining

 

Pension Fund

  EIN     No.     2012   2011   Implemented     2012     2011     2010     Paid     Agreement(s)  
                                    (in thousands)                    

Western Conference of Teamsters Pension Plan

    91-6145047       001     Green   Green     No     $ 5,694     $ 5,720     $ 4,551       No       11/30/13 to 3/31/15  

Southern California Local 831—Employer Pension Fund (1)

    95-6376874       001     Green   Green     No       2,358       2,232       1,870       No       8/31/2014  

National Electrical Benefit Fund

    53-0181657       001     Green   Green     No       1,814       1,691       1,313       No       5/31/14 to 6/16/14  

Chicago Regional Council of Carpenters Pension Fund (2)

    36-6130207       001     Yellow   Yellow     Yes       1,749       1,411       1,018       No       5/31/13 to 5/31/14  

Southwest Carpenters Pension Trust

    95-6042875       001     Green   Green     No       944       1,031       867       No       6/30/2015  

Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan  (1) (2)

    36-1416355       001     Red   Red     Yes       930       386       710       No       6/30/2014  

Central States, Southeast and Southwest Areas Pension Plan

    36-6044243       001     Red   Red     Yes       874       725       717       No       3/31/13 to 7/31/15  

New England Teamsters & Trucking Industry Pension (3)

    04-6372430       001     Red   Red     Yes       334       339       290       No       3/31/2017  

Steelworkers Pension Trust

    23-6648508       499     Green   Green     No       326       422       425       No       3/31/13 to 2/28/15  

All other funds (4)

                                    3,645       3,752       2,119                  
                                   

 

 

   

 

 

   

 

 

                 

Total contributions to defined benefit plans

                                    18,668       17,709       13,880                  

Total contributions to other plans

                                    2,001       1,892       1,469                  
                                   

 

 

   

 

 

   

 

 

                 

Total contributions to multi-employer plans

                                  $  20,669     $  19,601     $  15,349                  
                                   

 

 

   

 

 

   

 

 

                 

 

(1) The Company contributed more than 5 percent of total plan contributions for the 2011 and 2010 plan years based on the plans’ Forms 5500.
(2) Zone status as of 6/30/11 and 6/30/10.
(3) Zone status as of 9/30/11 and 9/30/10.
(4) Represents participation in 39 pension funds during 2012.

Other Employee Benefits. Costs of the 401(k) Plan and other benefit plans totaled $1.7 million, $1.3 million and $1.6 million in 2012, 2011 and 2010, respectively.

Restructuring Charges
Restructuring Charges

Note 16. Restructuring Charges

Marketing & Events Group Consolidation

Beginning in 2009, Viad commenced certain restructuring actions designed to reduce the Company’s cost structure primarily within the Marketing & Events U.S. segment, and to a lesser extent in the Marketing & Events International segment. The Company implemented a strategic reorganization plan in order to consolidate the separate business units within the Marketing & Events U.S. segment. The Company also consolidated facilities and streamlined its operations in the United Kingdom and Germany. As a result, the Company recorded restructuring charges in 2011 and 2010, 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. During 2012, the Company recorded restructuring charges related to leased facility consolidations and optimization of the Marketing & Events U.S. segment’s service delivery network. The Company expects to incur additional restructuring charges during 2013 primarily related to facility consolidations.

 

Other Restructurings

The Company has recorded restructuring charges in connection with the consolidation of certain support functions at its corporate headquarters, and certain reorganization activities within the Travel & Recreation Group. These charges primarily consist of severance and related benefits due to headcount reductions. In addition, the Company had recorded significant restructuring charges in past years, primarily within the Marketing & Events U.S. segment. These legacy restructuring liabilities represent the remaining contractual lease obligations on certain facilities, and are subject to periodic adjustments as a result of changes in estimated sublease activity and other factors. These adjustments can result in reversals of previously recorded amounts, or additional charges in some cases.

The table below represents a reconciliation of beginning and ending liability balances by major restructuring activity:

 

                                         
    Marketing & Events
Group Consolidation
    Other Restructurings        
    Severance &           Severance &              
    Employee           Employee              
    Benefits     Facilities     Benefits     Facilities     Total  
    (in thousands)  

Balance at January 1, 2010

  $ 2,333     $ 6,295     $ —       $ 3,027     $ 11,655  

Restructuring charges (recoveries)

    2,637       1,180       542       (137     4,222  

Cash payments

    (3,387     (2,164     (292     (875     (6,718

Adjustment to liability

    (466     (258     (53     (373     (1,150

Foreign currency translation adjustment

    (11     (2     —         —         (13
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2010

    1,106       5,051       197       1,642       7,996  

Restructuring charges

    1,182       2,519       26       55       3,782  

Cash payments

    (1,175     (2,356     (199     (158     (3,888

Adjustment to liability

    (294     (397     —         (263     (954

Foreign currency translation adjustment

    12       2       —         —         14  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2011

    831       4,819       24       1,276       6,950  

Restructuring charges

    2,506       2,346       90       —         4,942  

Cash payments

    (2,670     (1,567     (114     (343     (4,694

Adjustment to liability

    51       (27     —         —         24  

Foreign currency translation adjustment

    2       —         —         —         2  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2012

  $ 720     $ 5,571     $  —       $ 933     $ 7,224  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As of December 31, 2012, the liability of $720,000 related to severance and employee benefits in the Marketing & Events Group consolidation is expected to be paid by the end of 2013. Additionally, as of December 31, 2012, the liability of $5.6 million and $933,000 related to facilities in the Marketing & Events Group consolidation and other restructurings, respectively, relates to future lease payment obligations to be made over the remaining lease terms. See Note 19 for information regarding restructuring charges by segment.

Leases and Other
Leases and Other

Note 17. Leases and Other

Viad has entered into operating leases for the use of certain of its offices, equipment and other facilities. These leases expire over periods up to 40 years. Leases which expire are generally renewed or replaced by similar leases. Some leases contain scheduled rental increases accounted for on a straight-line basis.

As of December 31, 2012, Viad’s future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year were as follows:

 

                 
    Rental     Receivable  
    Payments     Under Subleases  
    (in thousands)  

2013

  $ 17,793     $ 1,592  

2014

    16,320       990  

2015

    9,824       746  

2016

    6,842       494  

2017

    5,288       480  

Thereafter

    9,323       951  
   

 

 

   

 

 

 

Total

  $ 65,390     $ 5,253  
   

 

 

   

 

 

 

 

Net rent expense under operating leases consisted of the following:

 

                         
    2012     2011     2010  
    (in thousands)  

Minimum rentals

  $ 36,309     $ 30,860     $ 29,072  

Sublease rentals

    (6,501     (6,497     (5,704
   

 

 

   

 

 

   

 

 

 

Total rentals, net

  $ 29,808     $ 24,363     $ 23,368  
   

 

 

   

 

 

   

 

 

 

The aggregate annual maturities and the related amounts representing interest on capital lease obligations are included in Note 9.

In addition, as of December 31, 2012, the Company had aggregate purchase obligations of $32.8 million related to various licensing agreements, consulting and other contracted services.

Litigation, Claims, Contingencies and Other
Litigation, Claims, Contingencies and Other

Note 18. Litigation, Claims, Contingencies and Other

Viad and certain of its subsidiaries are plaintiffs or defendants to various actions, proceedings and pending claims, some of which involve, or may involve, compensatory, punitive or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings or claims could be decided against Viad. Although the amount of liability as of December 31, 2012 with respect to these matters is not ascertainable, Viad believes that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on Viad’s business, financial position or results of operations.

Viad is subject to various U.S. federal, state and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which Viad has or had operations. If the Company has failed to comply with these environmental laws and regulations, civil and criminal penalties could be imposed and Viad could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, Viad also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. Although it is a party to certain environmental disputes, Viad believes that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on the Company’s financial position or results of operations. As of December 31, 2012 and 2011, Viad had recorded environmental remediation liabilities of $5.3 million and $5.8 million, respectively, related to previously sold operations.

As of December 31, 2012, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the consolidated financial statements and relate to leased facilities entered into by Viad’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of December 31, 2012 would be $21.2 million. These guarantees relate to leased facilities expiring through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.

A significant portion of Viad’s employees are unionized and the Company is a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. As of December 31, 2012, approximately 34 percent of Viad’s regular full-time employees are covered by collective-bargaining agreements. If the Company were unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact the Company’s businesses and results of operations. Viad believes that relations with its employees are satisfactory and that collective-bargaining agreements expiring in 2013 will be renegotiated in the ordinary course of business without having a material adverse effect on Viad’s operations.

Viad’s businesses contribute to various multi-employer pension plans based on obligations arising under collective bargaining agreements covering its union-represented employees. Viad’s contributions to these plans in 2012, 2011 and 2010 totaled $20.7 million, $19.6 million and $15.3 million, respectively. Based upon the information available to Viad from plan administrators, management believes that several of these multi-employer plans are underfunded. The Pension Protection Act of 2006 requires pension plans underfunded at certain levels to reduce, over defined time periods, the underfunded status. In addition, under current laws, the termination of a plan, or a voluntary withdrawal from a plan by Viad, or a shrinking contribution base to a plan as a result of the insolvency or withdrawal of other contributing employers to such plan, would require Viad to make payments to such plan for its proportionate share of the plan’s unfunded vested liabilities. As of December 31, 2012, the amount of additional funding, if any, that Viad would be required to make related to multi-employer pension plans is not ascertainable.

 

Glacier Park operates the concession portion of its business under a concession contract with the U.S. National Park Service (the “Park Service”) for Glacier National Park. Glacier Park’s original 25-year concession contract with the Park Service that was to expire on December 31, 2005 has been extended for eight one-year periods and now expires on December 31, 2013. Glacier Park generated approximately 49 percent of its 2012 revenues through its concession contract for services provided within Glacier National Park.

On December 14, 2012, the Park Service issued a prospectus soliciting proposals from prospective bidders, including Glacier Park, for the award of a 16-year concession contract beginning on January 1, 2014. Glacier Park is currently preparing its bid for the contract, which is due on or before April 16, 2013. Although Viad believes that Glacier Park is well-positioned to win the new contract, if the Park Service selects a new concessionaire, Glacier Park would be entitled to $25 million for its “possessory interest,” which generally means the value of the structures acquired or constructed, fixtures installed and improvements made to the concession property at Glacier National Park during the term of the concession contract, plus an estimated $5 million for the personal property Glacier Park uses at the facilities covered by the concession contract.

If a new concessionaire is selected by the Park Service, Glacier Park would continue to generate revenue from the four properties it owns outside of Glacier National Park: Glacier Park Lodge in East Glacier, Montana; Grouse Mountain Lodge in Whitefish, Montana; St. Mary Lodge & Resort in St. Mary, Montana and the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, which Glacier Park owns and operates under a 42-year ground lease with the Canadian government running through January 31, 2052.

Segment Information
Segment Information

Note 19. Segment Information

Viad measures profit and performance of its operations on the basis of segment operating income which excludes restructuring charges and recoveries and impairment charges and recoveries. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. No reportable segment has a client comprising more than 5.2 percent of that segment’s revenues, and no client comprises more than 3.1 percent of Viad’s revenues. Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows:

 

                         
    2012     2011     2010  
    (in thousands)  

Revenues:

                       

Marketing & Events Group:

                       

U.S.

  $ 676,772     $ 631,360     $ 570,978  

International

    240,137       218,639       197,787  

Intersegment eliminations

    (14,869     (9,449     (12,281
   

 

 

   

 

 

   

 

 

 
      902,040       840,550       756,484  

Travel & Recreation Group

    123,191       101,814       88,277  
   

 

 

   

 

 

   

 

 

 
    $ 1,025,231     $ 942,364     $ 844,761  
   

 

 

   

 

 

   

 

 

 

Segment operating income (loss):

                       

Marketing & Events Group:

                       

U.S.

  $ 5,579     $ (6,269   $ (15,217

International

    12,321       11,449       10,088  
   

 

 

   

 

 

   

 

 

 
      17,900       5,180       (5,129

Travel & Recreation Group

    23,962       20,196       19,885  
   

 

 

   

 

 

   

 

 

 
      41,862       25,376       14,756  

Corporate activities

    (9,408     (7,682     (6,422
   

 

 

   

 

 

   

 

 

 
      32,454       17,694       8,334  

Interest income

    593       779       584  

Interest expense

    (1,303     (1,511     (1,835

Restructuring charges:

                       

Marketing & Events U.S.

    (3,479     (3,756     (3,232

Marketing & Events International

    (1,373     —         (448

Travel & Recreation Group

    (79     —         (235

Corporate

    (11     (26     (307

Impairment losses:

                       

Travel & Recreation Group

    —         —         (302
   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

  $ 26,802     $ 13,180     $ 2,559  
   

 

 

   

 

 

   

 

 

 

 

 

                         
    2012     2011     2010  
    (in thousands)  

Assets:

                       

Marketing & Events Group:

                       

U.S.

  $ 203,145     $ 213,843     $ 235,965  

International

    100,387       96,996       83,441  

Travel & Recreation Group

    223,199       194,278       157,562  

Corporate and other

    123,846       112,711       139,535  
   

 

 

   

 

 

   

 

 

 
    $ 650,577     $ 617,828     $ 616,503  
   

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

                       

Marketing & Events Group:

                       

U.S.

  $ 17,643     $ 17,247     $ 17,887  

International

    5,162       5,027       4,486  

Travel & Recreation Group

    7,781       6,674       5,648  

Corporate and other

    145       178       231  
   

 

 

   

 

 

   

 

 

 
    $ 30,731     $ 29,126     $ 28,252  
   

 

 

   

 

 

   

 

 

 

Capital expenditures:

                       

Marketing & Events Group:

                       

U.S.

  $ 7,525     $ 11,692     $ 9,050  

International

    4,913       5,635       4,776  

Travel & Recreation Group

    15,201       3,271       3,214  

Corporate and other

    36       940       —    
   

 

 

   

 

 

   

 

 

 
    $ 27,675     $ 21,538     $ 17,040  
   

 

 

   

 

 

   

 

 

 

Products and Services. Viad’s revenues for each group of products and services are presented in the following table:

 

                         
    2012     2011     2010  
    (in thousands)  

Revenues:

                       

Exhibition and event services

  $ 726,429     $ 670,054     $ 590,444  

Exhibits and environments

    175,611       170,496       166,040  

Travel and recreation services

    123,191       101,814       88,277  
   

 

 

   

 

 

   

 

 

 

Total revenues

  $ 1,025,231     $ 942,364     $ 844,761  
   

 

 

   

 

 

   

 

 

 

 

Geographic Areas. Viad’s foreign operations are located principally in Canada, the United Kingdom, Germany and the United Arab Emirates. Marketing & Events Group revenues are designated as domestic or foreign based on the originating location of the product or service. Long-lived assets are attributed to domestic or foreign based principally on the physical location of the assets. Long-lived assets consist of “Property and equipment, net” and “Other investments and assets.” The table below presents the financial information by major geographic area:

 

                         
    2012     2011     2010  
    (in thousands)  

Revenues:

                       

United States

  $ 700,414     $ 660,998     $ 590,163  

Canada

    151,070       140,374       136,066  

United Kingdom

    153,027       124,208       93,092  

Other international

    20,720       16,784       25,440  
   

 

 

   

 

 

   

 

 

 

Total revenues

  $ 1,025,231     $ 942,364     $ 844,761  
   

 

 

   

 

 

   

 

 

 

Long-lived assets:

                       

United States

  $ 141,727     $ 145,217     $ 117,751  

Canada

    76,067       47,624       51,182  

United Kingdom

    9,757       8,165       8,295  

Other international

    2,163       3,858       3,481  
   

 

 

   

 

 

   

 

 

 

Total long-lived assets

  $ 229,714     $ 204,864     $ 180,709  
   

 

 

   

 

 

   

 

 

 
Common Stock Repurchases
Common Stock Repurchases

Note 20. Common Stock Repurchases

In December 2012, Viad announced its intent to repurchase up to an additional one million shares of the Company’s common stock from time to time at prevailing market prices. At the time of the announcement, there were 30,438 shares available for repurchase pursuant to previously announced authorizations. During 2012, 2011 and 2010 Viad repurchased 23,183 shares for $526,000, 250,760 shares for $4.6 million and 356,300 shares for $6.3 million, respectively. As of December 31, 2012, 1,030,438 shares remain available for repurchase. Additionally, during 2012, 2011 and 2010, the Company repurchased 56,885 shares for $1.1 million, 28,627 shares for $679,000 and 28,407 shares for $573,000, respectively, related to tax withholding requirements on share-based awards.

Discontinued Operations
Discontinued Operations

Note 21. Discontinued Operations

In 2012, Viad recorded income from discontinued operations of $624,000 primarily related to the sale of land associated with previously sold operations. In 2011 and 2010, Viad recorded income from discontinued operations of $451,000 and $262,000, respectively, related to the reversal of certain liabilities associated with previously sold operations.

 

Condensed Consolidated Quarterly Results (Unaudited)
Condensed Consolidated Quarterly Results (Unaudited)

Note 22. Condensed Consolidated Quarterly Results (Unaudited)

The following quarterly financial information was derived from the Company’s interim financial statements and was prepared in a manner consistent with the annual financial statements and includes all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation.

 

                                 
    First     Second     Third     Fourth  
    Quarter     Quarter     Quarter     Quarter  
    (in thousands, except per share data)  

2012

       

Revenues:

  $ 268,772     $ 246,450     $ 307,457     $ 202,552  
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss):

                               

Ongoing operations (1)

  $ 5,533     $ 10,498     $ 34,182     $ (8,351

Corporate activities

    (1,777     (2,187     (2,036     (3,408

Restructuring charges

    (2,225     (678     (608     (1,431
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

  $ 1,531     $ 7,633     $ 31,538     $ (13,190
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations attributable to Viad (2)

  $ 1,027     $ 5,451     $ 19,976     $ (21,181

Net income (loss) attributable to Viad (2)

  $ 1,027     $ 6,090     $ 19,976     $ (21,196

Diluted income (loss) per common share (2)(3):

                               

Income (loss) from continuing operations attributable to Viad

  $ 0.05     $ 0.27     $ 0.99     $ (1.07

Net income (loss) attributable to Viad

  $ 0.05     $ 0.30     $ 0.99     $ (1.07

Basic income (loss) per common share (2)(3):

                               

Income (loss) from continuing operations attributable to Viad

  $ 0.05     $ 0.27     $ 0.99     $ (1.07

Net income (loss) attributable to Viad

  $ 0.05     $ 0.30     $ 0.99     $ (1.07

 

                                 
    First     Second     Third     Fourth  
    Quarter     Quarter     Quarter     Quarter  
    (in thousands, except per share data)  

2011

       

Revenues:

  $ 290,098     $ 238,692     $ 216,169     $ 197,405  
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss):

                               

Ongoing operations (1)

  $ 17,259     $ 9,862     $ 5,412     $ (7,157

Corporate activities

    (1,271     (1,576     (2,356     (2,479

Restructuring charges

    (269     (1,206     (75     (2,232
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

  $ 15,719     $ 7,080     $ 2,981     $ (11,868
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations attributable to Viad

  $ 9,787     $ 4,485     $ 1,245     $ (6,758

Net income (loss) attributable to Viad

  $ 9,787     $ 4,485     $ 1,245     $ (6,307

Diluted income (loss) per common share (3):

                               

Income (loss) from continuing operations attributable to Viad

  $ 0.48     $ 0.22     $ 0.06     $ (0.35

Net income (loss) attributable to Viad

  $ 0.48     $ 0.22     $ 0.06     $ (0.32

Basic income (loss) per common share (3):

                               

Income (loss) from continuing operations attributable to Viad

  $ 0.48     $ 0.22     $ 0.06     $ (0.35

Net income (loss) attributable to Viad

  $ 0.48     $ 0.22     $ 0.06     $ (0.32

 

(1) 

Represents revenues less costs of services and products sold.

(2) 

The fourth quarter of 2012 includes a tax charge of $13.4 million representing a valuation allowance for certain deferred tax assets associated with foreign tax credit carryforwards.

(3) 

The sum of quarterly income per share amounts may not equal annual income per share due to rounding.

 

Subsequent Event
Subsequent Event

Note 23. Subsequent Event

On February 19, 2013, Viad acquired the assets of Resource Creative Limited (“RCL”) for $647,000 (£420,000) in cash, subject to certain adjustments, plus a deferred payment of up to approximately $280,000 (£180,000). The deferred payment is subject to RCL’s achievement of certain net revenue targets between the acquisition date and December 31, 2014. RCL is a United Kingdom-based company specializing in providing creative graphic services to the exhibition, events and retail markets throughout the United Kingdom and continental Europe. RCL’s operations will be merged with Melville GES’ existing London-based operation and will relocate to a new unit on site at ExCeL London, where Melville GES was recently appointed to supply graphics to ExCeL London’s in-house advertising sales agency, InVision.

Schedule II - Valuation And Qualifying Accounts
VALUATION AND QUALIFYING ACCOUNTS
VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS

 

                                                 
          Additions     Deductions        
    Balance at           Charged to           Credited        
    Beginning     Charged to     Other           to Other     Balance at  

Description

  of Year     Expense     Accounts     Write Offs     Accounts     End of Year  
    (in thousands)  

Allowance for doubtful accounts:

                                               

December 31, 2010

  $ 3,892       615       —          (3,335     —        $ 1,172  

December 31, 2011

    1,172       1,696       —          (1,796     —          1,072  

December 31, 2012

    1,072       708       —          (630     —          1,150  

Deferred tax valuation allowance:

                                               

December 31, 2010

  $ 162       411       —          (162     —        $ 411  

December 31, 2011

    411       —          —          (55     —          356  

December 31, 2012

    356       14,220       —          —          —          14,576  
Summary of Significant Accounting Policies (Policies)

Basis of Presentation and Principles of Consolidation

The consolidated financial statements of Viad Corp (“Viad” or the “Company”) are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and all of its subsidiaries. All intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation.

Nature of Business

Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International and Travel & Recreation Group.

Marketing & Events Group

The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), specializes in all aspects of the design, planning and production of face-to-face events, immersive environments and brand-based experiences for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group provides a variety of immersive, entertaining attractions and brand-based experiences, sponsored events, mobile marketing and other branded entertainment and face-to-face marketing solutions for clients and venues, including shopping malls, movie studios, museums and leading consumer brands.

Travel & Recreation Group

Travel and recreation services are provided by Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”).

Brewster provides tourism services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, motorcoach services, charter and sightseeing services, tour boat operations, inbound package tour operations and hotel operations, including the Banff International Hotel acquired on March 7, 2012. The Banff International Hotel is a 162-guest room hotel located in downtown Banff, Alberta, Canada.

Glacier Park operates five lodges, three motor inns and one four-season resort hotel and provides food and beverage operations, retail operations and tour and transportation services in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada. Glacier Park is an 80 percent owned subsidiary of Viad.

Alaska Denali Travel operates Denali Backcountry Lodge and Denali Cabins. Denali Backcountry Lodge is a 42-guest room lodge located within Denali National Park and Preserve in Alaska and the Denali Cabins are 46 guest cabins located near the entrance to Denali National Park and Preserve. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve.

Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to:

 

   

Estimated fair value of Viad’s reporting units used to perform annual impairment testing of recorded goodwill;

 

   

Estimated allowances for uncollectible accounts receivable;

 

   

Estimated provisions for income taxes, including uncertain tax positions;

 

   

Estimated valuation allowances related to deferred tax assets;

 

   

Estimated liabilities for losses related to self-insured liability claims;

 

   

Estimated liabilities for losses related to environmental remediation obligations;

 

   

Estimated sublease income associated with restructuring liabilities;

 

   

Assumptions used to measure pension and postretirement benefit costs and obligations;

 

   

Assumptions used to determine share-based compensation costs under the fair value method; and

 

   

Allocation of purchase price of acquired businesses.

Actual results could differ from these and other estimates.

Cash and Cash Equivalents. Viad considers all highly-liquid investments with remaining maturities when purchased of three months or less to be cash equivalents. Viad’s cash and cash equivalents consist of cash and bank demand deposits, bank time deposits and money market mutual funds. The Company’s investments in money market mutual funds are classified as available-for-sale and carried at fair value.

Inventories. Inventories, which consist primarily of exhibit design and construction materials and supplies used in providing convention show services, are stated at the lower of cost (first-in, first-out and specific identification methods) or market.

Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets: buildings, 15 to 40 years; equipment, 3 to 12 years; and leasehold improvements, over the shorter of the lease term or useful life. Property and equipment are tested for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable through undiscounted cash flows.

Capitalized Software. Viad capitalizes certain internal and external costs incurred in developing or obtaining internal use software. Capitalized costs principally relate to costs incurred to purchase software from third parties, external direct costs of materials and services, and certain payroll-related costs for employees directly associated with software projects once application development begins. Costs associated with preliminary project activities, training and other post-implementation activities are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful lives of the software, ranging from three to ten years. These costs are included in the consolidated balance sheets under the caption “Property and equipment, net.”

Goodwill. Goodwill is tested for impairment at the reporting unit level on an annual basis on October 31 of each year. Goodwill is also tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Viad uses a discounted expected future cash flow methodology (income approach) in order to estimate the fair value of its reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results.

Cash Surrender Value of Life Insurance. Viad has Company-owned life insurance contracts which are intended to fund the cost of certain employee compensation and benefit programs. These contracts are carried at cash surrender value, net of outstanding policy loans. The cash surrender value represents the amount of cash the Company could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, are included as a component of “Costs of Services” in the consolidated statements of operations.

Self-Insurance Liabilities. Viad is self-insured up to certain limits for workers’ compensation, automobile, product and general liability, property loss and medical claims. Viad has also retained certain liabilities related to workers’ compensation and general liability insurance claims in conjunction with previously sold operations. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on Viad’s prior historical experience, claims frequency and other factors. Viad has purchased insurance for amounts in excess of the self-insured levels.

Environmental Remediation Liabilities. Viad has retained certain liabilities representing the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized.

Fair Value of Financial Instruments. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 9.

Foreign Currency Translation. Viad conducts its foreign operations primarily in Canada, the United Kingdom, Germany and to a lesser extent in certain other countries. The functional currency of Viad’s foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, Viad translates the assets and liabilities of its foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income in Viad’s consolidated balance sheets. In addition, for purposes of consolidation, the revenues, expenses and gains and losses related to Viad’s foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period.

Revenue Recognition. Viad recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured. GES derives revenues primarily by providing show services to exhibitors participating in exhibitions and events and from the design, construction and refurbishment of exhibit booths and holiday themed environments. Service revenue is recognized at the time services are performed. Exhibits and environments revenue is accounted for using the completed-contract method as contracts are typically completed within three months of contract signing. The Travel & Recreation Group generates revenues through its attractions, hotels and transportation and sightseeing services. Revenues are recognized at the time services are performed.

Share-Based Compensation. Viad recognizes and measures compensation costs related to all share-based payment awards using the fair value method of accounting. These awards generally include restricted stock, performance-based restricted stock (“PBRS”), stock options and liability-based awards (including performance units, restricted stock units and performance-based restricted stock units).

The fair value of restricted stock and PBRS awards are based on Viad’s stock price on the date of grant. Viad issues restricted stock and PBRS awards from shares held in treasury. Future vesting of restricted stock and PBRS is generally subject to continued employment with Viad or its subsidiaries. Holders of restricted stock and PBRS have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge or otherwise encumber the stock, except to the extent restrictions have lapsed.

Restricted stock awards vest between three and five years from the date of grant. Share-based compensation expense related to restricted stock is recognized using the straight-line method over the requisite service period of approximately three years except for certain awards with a five-year vesting period whereby expense is recognized based on an accelerated multiple-award approach over a five-year period. For these awards, 40 percent of the shares vest on the third anniversary of the grant and the remaining shares vest in 30 percent increments over the subsequent two anniversary dates.

Share-based compensation expense related to PBRS awards is recognized based on an accelerated multiple-award approach over the requisite service period of approximately three years. PBRS vests when certain incentive performance targets established in the year of grant are achieved at target levels. PBRS is subject to a graded vesting schedule whereby one third of the earned shares vest after the first year and the remaining earned shares vest in one-third increments each year over the next two years on the first business day in January. The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense related to stock option awards is recognized using the straight-line method over the requisite service period of approximately five years. The exercise price of stock options is based on the market value of Viad’s common stock at the date of grant. Stock options granted also contain certain forfeiture and non-compete provisions.

Liability-based awards (including grants of restricted stock units and PBRS units awarded to key employees at certain of the Company’s Canadian operations) are recorded at estimated fair value, based on the number of units expected to vest and the level of achievement of predefined performance goals (where applicable) and are remeasured on each balance sheet date based on Viad’s stock price until the time of settlement. To the extent earned, liability-based awards are settled in cash based on Viad’s stock price. Compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years.

Common Stock in Treasury. Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost.

Income Per Common Share. Viad applies the two-class method in calculating income per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share. Furthermore, Viad funds its matching contributions to employees’ 401(k) accounts through the Company’s leveraged Employee Stock Ownership Plan (“ESOP”) feature of the Company’s 401(k) defined contribution plan. ESOP shares are treated as outstanding for income per share calculations.

Impact of Recent Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance related to goodwill impairment testing, which is codified in Accounting Standards Codification (“ASC”) Topic 350. The new guidance simplifies how entities test goodwill for impairment and permits an entity to first assess qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If, after performing the assessment, an entity determines that it is not more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step impairment test is unnecessary. The guidance is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of this new guidance did not have a material impact on Viad’s financial condition or results of operations. The Company performs its annual goodwill impairment test as of October 31 of each year.

 

In February 2013, the FASB issued new guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income, which is codified in ASC Topic 220. The new guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present significant amounts reclassified out of other comprehensive income by the respective line items of net income in certain circumstances, or otherwise cross-reference amounts to other disclosures. The guidance is effective for reporting periods beginning after December 15, 2012, and will not have an impact on Viad’s financial condition or results of operations.

Share-Based Compensation (Tables)
                         
    2012     2011     2010  
    (in thousands)  

Restricted stock/PBRS

  $ 3,267     $ 3,042     $ 2,821  

Performance unit incentive plan (“PUP”)

    2,922       714       (3

Stock options

    593       537       447  

Restricted stock units/PBRS units

    450       120       253  
   

 

 

   

 

 

   

 

 

 

Total share-based compensation before income tax benefit

    7,232       4,413       3,518  

Income tax benefit

    (2,574     (1,594     (1,225
   

 

 

   

 

 

   

 

 

 

Total share-based compensation, net of income tax benefit

  $ 4,658     $ 2,819     $ 2,293  
   

 

 

   

 

 

   

 

 

 
                                 
    Restricted Stock     PBRS  
          Weighted-Average           Weighted-Average  
          Grant Date           Grant Date  
    Shares     Fair Value     Shares     Fair Value  

Balance at January 1, 2010

    390,810     $ 24.59       174,927     $ 20.77  

Granted

    157,900       19.30       —          —     

Vested

    (65,961     34.42       (29,547     35.31  

Cancelled

    —          —          (126,550     15.36  

Forfeited

    (4,250     22.55       —          —     
   

 

 

           

 

 

         

Balance at December 31, 2010

    478,499       21.51       18,830       33.02  

Granted

    191,850       22.70       —          —     

Vested

    (91,212     31.31       (18,414     33.42  

Forfeited

    (7,115     20.81       —          —     
   

 

 

           

 

 

         

Balance at December 31, 2011

    572,022       20.36       416       15.36  

Granted

    168,050       20.46       —          —     

Vested

    (219,571     18.26       (416     15.36  

Forfeited

    (4,150     24.80       —          —     
   

 

 

           

 

 

         

Balance at December 31, 2012

    516,351       21.25       —          —     
   

 

 

           

 

 

         
                                                 
    Restricted Stock Units     PBRS Units     PUP Awards  
          Weighted-Average           Weighted-Average           Weighted-Average  
          Grant Date           Grant Date           Grant Date  
    Units     Fair Value     Units     Fair Value     Units     Fair Value  

Balance at January 1, 2010

    13,700     $ 15.36       13,900     $ 15.36       102,960     $ 33.81  

Granted

    12,350       19.20       —         —          —         —     

Vested

    —         —          (1,958     15.36       —         —     

Cancelled

    —         —          (8,028     15.36       —         —     
   

 

 

           

 

 

           

 

 

         

Balance at December 31, 2010

    26,050       17.18       3,914       15.36       102,960       33.81  

Granted

    12,550       23.01       —         —          95,500       23.02  

Vested

    —         —         (1,958     15.36       —         —     

Cancelled

    —         —         —         —         (102,960     33.81  
   

 

 

           

 

 

           

 

 

         

Balance at December 31, 2011

    38,600       19.07       1,956       15.36       95,500       23.02  

Granted

    15,850       20.57       —         —          115,100       20.60  

Vested

    (13,100     15.36       (1,956     15.36       —         —     

Cancelled

    (850     20.89       —         —          —         —     
   

 

 

           

 

 

           

 

 

         

Balance at December 31, 2012

    40,500       20.82       —         —          210,600       21.70  
   

 

 

           

 

 

           

 

 

         
                         
          Weighted-        
          Average     Options  
    Shares     Exercise Price     Exercisable  

Options outstanding at January 1, 2010

    541,718     $ 25.74       462,683  

Granted

    280,900       19.20          

Exercised

    (22,311     23.21          

Forfeited or expired

    (36,513     26.34          
   

 

 

                 

Options outstanding at December 31, 2010

    763,794       23.38       451,194  

Exercised

    (14,616     20.14          

Forfeited or expired

    (164,977     23.88          
   

 

 

                 

Options outstanding at December 31, 2011

    584,201       23.32       396,688  

Exercised

    (12,099     19.41          

Forfeited or expired

    (208,206     25.81          
   

 

 

                 

Options outstanding at December 31, 2012

    363,896       22.03       276,009  
   

 

 

                 
                                         
    Options Outstanding     Options Exercisable  
          Weighted-Average     Weighted-           Weighted-  
          Remaining     Average           Average  

Range of Exercise Prices

  Shares     Contractual Life     Exercise Price     Shares     Exercise Price  

$19.20

    247,867       7.0 years     $ 19.20       166,740     $ 19.20  

$19.57

    43,796       0.3 years       19.57       43,796       19.57  

$23.28 to $31.92

    29,433       1.1 years       29.43       27,433       29.76  

$33.81 to $38.44

    42,800       1.7 years       35.86       38,040       36.12  
   

 

 

                   

 

 

         

$19.20 to $38.44

    363,896       5.1 years       22.03       276,009       22.64  
   

 

 

                   

 

 

         
                         
    2012     2011     2010  
    (in thousands)  

Total intrinsic value of stock options outstanding

  $ 2,329     $ —       $ 2,341  

Total intrinsic value of stock options exercised

  $ 296     $ 325     $ 544  

Fair value of stock options vested

  $ 539     $ 682     $ 404  

Cash received from the exercise of stock options

  $ 248     $ 296     $ 593  

Tax benefits (deficiencies) realized for tax deductions related to stock option exercises and performance-based awards

  $ 96     $ (325   $ (524
Acquisition of Businesses (Tables)
         
    (in thousands)  

Cash and cash equivalents

  $ 10  

Accounts receivable

    23  

Other current assets

    33  

Property and equipment

    20,408  

Goodwill

    1,890  

Other intangible assets

    1,323  
   

 

 

 

Total assets acquired

    23,687  
   

 

 

 

Customer deposits

    (64

Other current liabilities

    (67
   

 

 

 

Total liabilities acquired

    (131
   

 

 

 

Purchase price

  $ 23,556  
   

 

 

 
         
    (in thousands)  

Cash and cash equivalents

  $ 30  

Other current assets

    870  

Property and equipment

    32,905  

Goodwill

    7,645  

Other intangible assets

    1,086  
   

 

 

 

Total assets acquired

    42,536  
   

 

 

 

Customer deposits

    (821

Other current liabilities

    (198

Other long-term liabilities

    (382
   

 

 

 

Total liabilities acquired

    (1,401
   

 

 

 

Purchase price

  $ 41,135  
   

 

 

 
                 
    2012     2011  
    (in thousands, except per share data)  

Revenue

  $ 1,025,681     $ 954,766  

Depreciation and amortization

    30,935       30,619  

Segment operating income

    41,831       28,186  

Income from continuing operations

    5,251       10,379  

Net income attributable to Viad

    5,875       10,830  

Diluted net income per share

    0.29       0.53  

Basic net income per share

    0.29       0.53  
Inventories (Tables)
Components of Inventories
                 
    2012     2011  
    (in thousands)  

Raw materials

  $ 16,422     $ 18,297  

Work in process

    19,234       17,528  
   

 

 

   

 

 

 

Inventories

  $ 35,656     $ 35,825  
   

 

 

   

 

 

 
Property and Equipment (Tables)
Property and Equipment
                 
    2012     2011  
    (in thousands)  

Land and land interests

  $ 26,124     $ 18,134  

Buildings and leasehold improvements

    137,293       109,077  

Equipment and other

    310,448       310,186  
   

 

 

   

 

 

 
      473,865       437,397  

Accumulated depreciation

    (276,567     (263,584
   

 

 

   

 

 

 

Property and equipment, net

  $ 197,298     $ 173,813  
   

 

 

   

 

 

 
Other Investment and Assets (Tables)
Summary of other investments and assets
                 
    2012     2011  
    (in thousands)  

Cash surrender value of life insurance

  $ 19,142     $ 18,812  

Workers’ compensation insurance security deposits

    3,350       4,658  

Other

    9,924       7,581  
   

 

 

   

 

 

 

Total other investments and assets

  $ 32,416     $ 31,051  
   

 

 

   

 

 

 
Goodwill and Other Intangible Assets (Tables)
                                 
          Marketing &     Travel &        
    Marketing &     Events     Recreation        
    Events U.S.     International     Group     Total  
    (in thousands)  

Balance at January 1, 2011

  $ 62,686     $ 22,455     $ 42,300     $ 127,441  

Business acquisitions

    —          —         7,645       7,645  

Foreign currency translation adjustments

    —         (257     (1,135     (1,392
   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2011

    62,686       22,198       48,810       133,694  

Business acquisition

    —         —         1,890       1,890  

Foreign currency translation adjustments

    —         856       1,380       2,236  
   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2012

  $ 62,686     $ 23,054     $ 52,080     $ 137,820  
   

 

 

   

 

 

   

 

 

   

 

 

 
                 
    2012     2011  
    (in thousands)  

Marketing & Events Group:

               

Marketing & Events U.S.

  $ 62,686     $ 62,686  

Marketing & Events International:

               

United Kingdom (Melville GES)

    13,894       13,291  

GES Canada

    9,160       8,907  
   

 

 

   

 

 

 

Total Marketing & Events Group

    85,740       84,884  
   

 

 

   

 

 

 

Travel & Recreation Group:

               

Brewster

    44,435       41,165  

Glacier Park

    4,461       4,461  

Alaska Denali Travel

    3,184       3,184  
   

 

 

   

 

 

 

Total Travel & Recreation Group

    52,080       48,810  
   

 

 

   

 

 

 

Total Goodwill

  $ 137,820     $ 133,694  
   

 

 

   

 

 

 
                         
    Gross Carrying     Accumulated     Net Carrying  
    Value     Amortization     Value  
    (in thousands)  

Amortized intangible assets:

                       

Customer contracts and relationships

  $ 3,594     $ (2,384   $ 1,210  

Other

    959       (108     851  
   

 

 

   

 

 

   

 

 

 
      4,553       (2,492     2,061  

Unamortized intangible assets:

                       

Business licenses

    460       —         460  
   

 

 

   

 

 

   

 

 

 

Total

  $ 5,013     $ (2,492   $ 2,521  
   

 

 

   

 

 

   

 

 

 

A summary of other intangible assets as of December 31, 2011 is presented below:

 

                         
    Gross Carrying     Accumulated     Net Carrying  
    Value     Amortization     Value  
    (in thousands)  

Amortized intangible assets:

                       

Customer contracts and relationships

  $ 3,122     $ (1,736   $ 1,386  

Other

    68       (30     38  
   

 

 

   

 

 

   

 

 

 
      3,190       (1,766     1,424  

Unamortized intangible assets:

                       

Business licenses

    460       —         460  
   

 

 

   

 

 

   

 

 

 

Total

  $ 3,650     $ (1,766   $ 1,884  
   

 

 

   

 

 

   

 

 

 
         
    (in thousands)  

2013

  $ 712  

2014

  $ 426  

2015

  $ 255  

2016

  $ 199  

2017

  $ 445  

Thereafter

  $ 24  
Accrued Liabilities and Other (Tables)
                 
    2012     2011  
    (in thousands)  

Continuing operations:

               

Customer deposits

  $ 50,172     $ 49,182  

Accrued compensation

    25,067       22,587  

Self-insured liability accrual

    8,501       6,697  

Accrued restructuring

    4,084       2,303  

Accrued employee benefit costs

    3,132       3,730  

Accrued dividends

    2,053       827  

Accrued sales and use taxes

    906       1,668  

Accrued foreign income taxes

    28       234  

Other

    12,271       8,185  
   

 

 

   

 

 

 
      106,214       95,413  
   

 

 

   

 

 

 

Discontinued operations:

               

Environmental remediation liabilities

    571       755  

Self-insured liability accrual

    527       639  

Other

    372       524  
   

 

 

   

 

 

 
      1,470       1,918  
   

 

 

   

 

 

 

Total other current liabilities

  $ 107,684     $ 97,331  
   

 

 

   

 

 

 

As of December 31 other deferred items and liabilities consisted of the following:

 

                 
    2012     2011  
    (in thousands)  

Continuing operations:

               

Self-insured liability accrual

  $ 15,579     $ 14,403  

Accrued compensation

    8,061       5,538  

Accrued restructuring

    3,140       4,647  

Foreign deferred tax liability

    2,024       1,219  

Other

    6,734       5,900  
   

 

 

   

 

 

 
      35,538       31,707  
   

 

 

   

 

 

 

Discontinued operations:

               

Self-insured liability accrual

    5,188       5,351  

Environmental remediation liabilities

    4,745       4,999  

Accrued income taxes

    1,053       1,022  

Other

    1,304       1,133  
   

 

 

   

 

 

 
      12,290       12,505  
   

 

 

   

 

 

 

Total other deferred items and liabilities

  $ 47,828     $ 44,212  
   

 

 

   

 

 

 
Debt (Tables)
                 
    2012     2011  
    (in thousands)  

Capital lease obligations, 6.4% (2012) and 6.2% (2011) weighted-average interest rate at December 31, due to 2017

  $ 2,226     $ 3,239  

Current portion

    (1,347     (2,018
   

 

 

   

 

 

 

Long-term capital leases

  $ 879     $ 1,221  
   

 

 

   

 

 

 
         
    (in thousands)  

2013

  $ 1,421  

2014

    594  

2015

    283  

2016

    34  

2017

    17  
   

 

 

 

Total

    2,349  

Less: Amount representing interest

    (123
   

 

 

 

Present value of minimum lease payments

  $ 2,226  
   

 

 

 
Fair Value Measurements (Tables)
Fair value information related to assets
                                 
          Fair Value Measurements at December 31, 2012 Using  

Description

  December 31,
2012
    Quoted Prices in
Active

Markets
(Level 1)
    Significant
Other

Observable
Inputs
(Level 2)
    Significant
Unobserved
Inputs

(Level 3)
 
    (in thousands)  

Money market funds

  $ 10,177     $ 10,177     $ —       $ —    

Other mutual funds

    1,239       1,239       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 11,416     $ 11,416     $ —       $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 
     
          Fair Value Measurements at December 31, 2011 Using  

Description

  December 31,
2011
    Quoted Prices
in Active
Markets
(Level 1)
    Significant
Other
Observable
Inputs

(Level 2)
    Significant
Unobserved
Inputs

(Level 3)
 
    (in thousands)  

Money market funds

  $ 20,862     $ 20,862     $ —       $ —    

Other mutual funds

    1,373       1,373       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 22,235     $ 22,235     $ —       $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 
Income Per Share (Tables)
Reconciliation of the numerators and denominators of basic and diluted per share
                         
    2012     2011     2010  
    (in thousands, except per share data)  

Basic net income per share

                       

Numerator:

                       

Net income attributable to Viad

  $ 5,897     $ 9,210     $ 443  

Less: Allocation to non-vested shares

    (157     (248     (11
   

 

 

   

 

 

   

 

 

 

Net income allocated to Viad common stockholders

  $ 5,740     $ 8,962     $ 432  
   

 

 

   

 

 

   

 

 

 

Denominator:

                       

Weighted-average outstanding common shares

    19,701       19,719       19,955  
   

 

 

   

 

 

   

 

 

 

Net income attributable to Viad common stockholders

  $ 0.29     $ 0.45     $ 0.02  
   

 

 

   

 

 

   

 

 

 

Diluted net income per share

                       

Numerator:

                       

Net income attributable to Viad

  $ 5,897     $ 9,210     $ 443  
   

 

 

   

 

 

   

 

 

 

Denominator:

                       

Weighted-average outstanding shares

    19,701       19,719       19,955  

Additional dilutive shares related to share-based compensation

    304       336       322  
   

 

 

   

 

 

   

 

 

 

Weighted-average outstanding and potentially dilutive shares

    20,005       20,055       20,277  
   

 

 

   

 

 

   

 

 

 

Net income attributable to Viad common stockholders(1)

  $ 0.29     $ 0.45     $ 0.02  
   

 

 

   

 

 

   

 

 

 
Employee Stock Ownership Plan of 401 (k) Plan (Tables)
Employee Stock Ownership Plan
                         
    2012     2011     2010  
    (in thousands)  

Amounts paid by ESOP for:

                       

Debt repayment

  $ 1,647     $ 1,490     $ 1,518  

Interest

    5       8       12  

Amounts received from Viad as:

                       

Contributions

    1,604       1,435       1,444  

Dividends

    48       63       86  
Income Taxes (Tables)
                                                 
    2012     2011     2010  
    (in thousands)  

Computed income tax expense at statutory federal income tax rate of 35%

  $ 9,381       35.0   $ 4,613       35.0   $ 896       35.0

State income taxes, net of federal provision

    470       1.8     (100     (0.8 %)      (172     (6.7 %) 

Foreign tax rate differentials

    (2,031     (7.6 %)      (1,679     (12.7 %)      (1,560     (61.0 %) 

U.S. tax on foreign earnings (net of foreign tax credits)

    (595     (2.2 %)      1,105       8.4     629       24.6

Tax resolutions, net

    —         0.0     (103     (0.8 %)      (514     (20.1 %) 

Change in enacted tax law

    —         0.0     —         0.0     1,279       50.0

Change in valuation allowance

    14,220       53.1     (55     (0.4 %)      249       9.7

Proceeds from life insurance

    (472     (1.8 %)      —         0.0     (460     (18.0 %) 

Other, net

    (130     (0.5 %)      107       0.8     1,395       54.6
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax expense

  $ 20,843       77.8   $ 3,888       29.5   $ 1,742       68.1
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                         
    Continuing     Discontinued        
    Operations     Operations     Total  
    (in thousands)  

Balance at January 1, 2010

  $ —       $ 636     $ 636  

Reductions for tax positions taken in prior years

    —          —          —     

Reductions for tax settlements

    —          —          —     

Reductions for lapse of applicable statutes

    —          —          —     
   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2010

    —          636       636  

Reductions for tax positions taken in prior years

    —          —          —     

Reductions for tax settlements

    —          —          —     

Reductions for lapse of applicable statutes

    —          —          —     
   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2011

    —          636       636  

Reductions for tax positions taken in prior years

    —          —          —     

Reductions for tax settlements

    —          —          —     

Reductions for lapse of applicable statutes

    —          —          —     
   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2012

  $ —       $ 636     $ 636  
   

 

 

   

 

 

   

 

 

 
                 
    2012     2011  
    (in thousands)  

Deferred tax assets:

               

Pension, compensation and other employee benefits

  $ 26,790     $ 22,103  

Tax credit carryforwards

    25,290       25,219  

Provisions for losses

    15,229       16,038  

State income taxes

    2,813       2,400  

Net operating loss carryforward

    1,755       3,086  

Deferred income

    —          125  

Other deferred income tax assets

    5,331       1,745  
   

 

 

   

 

 

 

Total deferred tax assets

    77,208       70,716  

Foreign deferred tax assets included above

    (990     —     

Valuation allowance

    (14,576     (356
   

 

 

   

 

 

 

Net deferred tax assets

    61,642       70,360  
   

 

 

   

 

 

 

Deferred tax liabilities:

               

Property and equipment

    (8,801     (7,729

Goodwill and other intangible assets

    (1,306     (1,006

Unremitted foreign earnings

    (978     —    

Other deferred income tax liabilities

    (176     (287
   

 

 

   

 

 

 

Total deferred tax liabilities

    (11,261     (9,022
   

 

 

   

 

 

 

Foreign deferred tax liabilities included above

    2,024       1,617  
   

 

 

   

 

 

 

United States deferred tax assets

  $ 52,405     $ 62,955  
   

 

 

   

 

 

 
                         
    2012     2011     2010  
    (in thousands)  

Current:

                       

United States:

                       

Federal

  $ (272   $ (4,643   $ (9,286

State

    2,189       1,292       677  

Foreign

    7,652       8,163       9,607  
   

 

 

   

 

 

   

 

 

 
      9,569       4,812       998  
   

 

 

   

 

 

   

 

 

 

Deferred:

                       

United States:

                       

Federal

    11,127       992       3,212  

State

    40       (1,560     (939

Foreign

    107       (356     (1,529
   

 

 

   

 

 

   

 

 

 
      11,274       (924     744  
   

 

 

   

 

 

   

 

 

 

Income tax expense

  $ 20,843     $ 3,888     $ 1,742  
   

 

 

   

 

 

   

 

 

 
                         
    2012     2011     2010  
    (in thousands)  

United States

  $ (2,843   $ (16,227   $ (22,592

Foreign

    29,645       29,407       25,151  
   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

  $ 26,802     $ 13,180     $ 2,559  
   

 

 

   

 

 

   

 

 

 
Pension and Postretirement Benefits (Tables)
                         
    2012     2011     2010  
    (in thousands)  

Net Periodic Benefit Cost

                       

Service cost

  $ 104     $ 121     $ 145  

Interest cost

    1,150       1,189       1,242  

Expected return on plan assets

    (406     (563     (588

Amortization of prior service cost

    —         —         41  

Recognized net actuarial loss

    491       457       572  
   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

    1,339       1,204       1,412  
   

 

 

   

 

 

   

 

 

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

                       

Net actuarial loss

    1,942       1,589       1,190  

Reversal of amortization item:

                       

Net actuarial loss

    (491     (457     (572

Prior service cost

    —          —          (41
   

 

 

   

 

 

   

 

 

 

Total recognized in other comprehensive income

    1,451       1,132       577  
   

 

 

   

 

 

   

 

 

 

Total recognized in net periodic benefit cost and other comprehensive income

  $ 2,790     $ 2,336     $ 1,989  
   

 

 

   

 

 

   

 

 

 
                         
    2012     2011     2010  
    (in thousands)  

Net Periodic Benefit Cost

                       

Service cost

  $ 146     $ 128     $ 130  

Interest cost

    814       868       1,039  

Expected return on plan assets

    (74     (135     (160

Amortization of prior service credit

    (1,113     (1,277     (1,171

Recognized net actuarial loss

    547       533       608  
   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

    320       117       446  
   

 

 

   

 

 

   

 

 

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

                       

Net actuarial loss

    224       24       421  

Prior service credit

    —          —          (1,197

Reversal of amortization item:

                       

Net actuarial loss

    (547     (533     (608

Prior service credit

    1,113       1,277       1,171  
   

 

 

   

 

 

   

 

 

 

Total recognized in other comprehensive income (loss)

    790       768       (213
   

 

 

   

 

 

   

 

 

 

Total recognized in net periodic benefit cost and other comprehensive income

  $ 1,110     $ 885     $ 233  
   

 

 

   

 

 

   

 

 

 
                                                 
                            Postretirement  
    Funded Plans     Unfunded Plans     Benefit Plans  
    2012     2011     2012     2011     2012     2011  
    (in thousands)  

Change in benefit obligation:

                                               

Benefit obligation at beginning of year

  $ 13,938     $ 12,853     $ 10,883     $ 10,352     $ 18,667     $ 18,987  

Service cost

    —          —          104       121       146       128  

Interest cost

    659       678       491       511       814       868  

Actuarial adjustments

    1,419       1,157       799       609       250       106  

Plan amendments

    —          —          —          —          —          —     

Benefits paid

    (668     (750     (707     (710     (1,176     (1,422
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Benefit obligation at end of year

    15,348       13,938       11,570       10,883       18,701       18,667  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in plan assets:

                                               

Fair value of plan assets at beginning of year

    9,846       8,858       —          —          2,118       2,678  

Actual return on plan assets

    683       741       —          —          100       217  

Company contributions

    763       997       707       710       355       645  

Benefits paid

    (668     (750     (707     (710     (1,176     (1,422
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fair value of plan assets at end of year

    10,624       9,846       —          —          1,397       2,118  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Funded status at end of year

  $ (4,724   $ (4,092   $ (11,570   $ (10,883   $ (17,304   $ (16,549
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                                 
          Fair Value Measurements at December 31, 2012  
                Significant        
          Quoted Prices     Other     Significant  
          in Active     Observable     Unobserved  
          Markets     Inputs     Inputs  

Description

  Total     (Level 1)     (Level 2)     (Level 3)  
    (in thousands)  

Domestic Pension Plans:

                               

Cash

  $ 10,401     $ 10,401     $  —       $  —    

Other

    223       —         223       —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 10,624     $ 10,401     $ 223     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Postretirement Benefit Plans:

                               

Cash

  $ 1,397     $ 1,397     $ —       $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
          Fair Value Measurements at December 31, 2011  
                Significant        
          Quoted Prices     Other     Significant  
          in Active     Observable     Unobserved  
          Markets     Inputs     Inputs  

Description

  Total     (Level 1)     (Level 2)     (Level 3)  
    (in thousands)  

Domestic Pension Plans:

                               

U.S. equity securities

  $ 2,849     $  —       $ 2,849     $  —    

International equity securities

    914       —         914       —    

Aggregate fixed income securities

    2,373       —         2,373       —    

Long-term fixed income securities

    3,412       —         3,412       —    

Cash

    72       72       —         —    

Other

    226       —         226       —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 9,846     $ 72     $ 9,774     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Postretirement Benefit Plans:

                               

U.S. equity securities

  $ 283     $ —       $ 283     $ —    

International equity securities

    89       —         89       —    

Aggregate fixed income securities

    1,034       —         1,034       —    

Long-term fixed income securities

    490       —         490       —    

Cash

    222       222       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 2,118     $ 222     $ 1,896     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 
                 
    Funded     Unfunded  
    Plans     Plans  
    (in thousands)  

2013

  $ 385     $ 219  

2014

    492       218  

2015

    612       218  

2016

    616       217  

2017

    619       216  

2018-2022

    3,707       1,066  
                                 
    Funded     Unfunded     Postretirement        
    Plans     Plans     Benefit Plans     Total  
    (in thousands)  

Net actuarial loss

  $ 9,052     $ 4,548     $ 6,706     $ 20,306  

Prior service credit

    —         —         (2,900     (2,900
   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

    9,052       4,548       3,806       17,406  

Less tax effect

    (3,433     (1,725     (1,443     (6,601
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 5,619     $ 2,823     $ 2,363     $ 10,805  
   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts recognized in accumulated other comprehensive income as of December 31, 2011 consisted of:

 

                                 
    Funded     Unfunded     Postretirement        
    Plans     Plans     Benefit Plans     Total  
    (in thousands)  

Net actuarial loss

  $ 8,238     $ 3,911     $ 7,029     $ 19,178  

Prior service credit

    —         —         (4,013     (4,013
   

 

 

   

 

 

   

 

 

   

 

 

 

Subtotal

    8,238       3,911       3,016       15,165  

Less tax effect

    (3,146     (1,493     (1,153     (5,792
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 5,092     $ 2,418     $ 1,863     $ 9,373  
   

 

 

   

 

 

   

 

 

   

 

 

 
                                                 
                            Postretirement  
    Funded Plans     Unfunded Plans     Benefit Plans  
    2012     2011     2012     2011     2012     2011  
    (in thousands)  

Other current liabilities

  $ —        $ —        $ 816     $ 717     $ 392     $ 440  

Non-current liabilities

    4,724       4,092       10,754       10,166       16,912       16,109  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net amount recognized

  $ 4,724     $ 4,092     $ 11,570     $ 10,883     $ 17,304     $ 16,549  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                                 
    Domestic Plans  
    Funded Plans     Unfunded Plans  
    2012     2011     2012     2011  
    (in thousands)  

Projected benefit obligation

  $ 15,348     $ 13,938     $ 11,570     $ 10,883  

Accumulated benefit obligation

    15,348       13,938       11,322       10,589  

Fair value of plan assets

    10,624       9,846       —         —    

 

                                 
    Foreign Plans  
    Funded Plans     Unfunded Plans  
    2012     2011     2012     2011  
    (in thousands)  

Projected benefit obligation

  $ 15,387     $ 13,141     $ 3,032     $ 2,939  

Accumulated benefit obligation

    14,307       12,049       3,032       2,939  

Fair value of plan assets

    12,997       11,028       —          —     
                                                                 
    Domestic Plans              
    Funded Plans     Unfunded Plans     Postretirement
Benefit Plans
    Foreign Plans  
    2012     2011     2012     2011     2012     2011     2012     2011  

Discount rate

    4.11     4.92     3.80     4.75     3.85     4.70     4.06     4.60

Rate of compensation increase

    N/A       N/A       4.50     4.50     N/A       N/A       3.00     3.00
                                                                 
    Domestic Plans              
                            Postretirement              
    Funded Plans     Unfunded Plans     Benefit Plans     Foreign Plans  
    2012     2011     2012     2011     2012     2011     2012     2011  

Discount rate

    4.93     5.45     4.75     5.10     4.70     5.10     4.65     5.10

Expected return on plan assets

    4.20     6.35     N/A       N/A       4.65     6.10     5.45     5.50

Rate of compensation increase

    N/A       N/A       4.50     4.50     N/A       N/A       3.00     3.00
                                                                         
           Plan     Pension
Protection Act
Zone Status
  FIP/RP
Status
Pending/
    Viad Contributions     Surcharge    

Expiration

Date of

Collective-
Bargaining

 

Pension Fund

  EIN     No.     2012   2011   Implemented     2012     2011     2010     Paid     Agreement(s)  
                                    (in thousands)                    

Western Conference of Teamsters Pension Plan

    91-6145047       001     Green   Green     No     $ 5,694     $ 5,720     $ 4,551       No       11/30/13 to 3/31/15  

Southern California Local 831—Employer Pension Fund (1)

    95-6376874       001     Green   Green     No       2,358       2,232       1,870       No       8/31/2014  

National Electrical Benefit Fund

    53-0181657       001     Green   Green     No       1,814       1,691       1,313       No       5/31/14 to 6/16/14  

Chicago Regional Council of Carpenters Pension Fund (2)

    36-6130207       001     Yellow   Yellow     Yes       1,749       1,411       1,018       No       5/31/13 to 5/31/14  

Southwest Carpenters Pension Trust

    95-6042875       001     Green   Green     No       944       1,031       867       No       6/30/2015  

Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan  (1) (2)

    36-1416355       001     Red   Red     Yes       930       386       710       No       6/30/2014  

Central States, Southeast and Southwest Areas Pension Plan

    36-6044243       001     Red   Red     Yes       874       725       717       No       3/31/13 to 7/31/15  

New England Teamsters & Trucking Industry Pension (3)

    04-6372430       001     Red   Red     Yes       334       339       290       No       3/31/2017  

Steelworkers Pension Trust

    23-6648508       499     Green   Green     No       326       422       425       No       3/31/13 to 2/28/15  

All other funds (4)

                                    3,645       3,752       2,119                  
                                   

 

 

   

 

 

   

 

 

                 

Total contributions to defined benefit plans

                                    18,668       17,709       13,880                  

Total contributions to other plans

                                    2,001       1,892       1,469                  
                                   

 

 

   

 

 

   

 

 

                 

Total contributions to multi-employer plans

                                  $  20,669     $  19,601     $  15,349                  
                                   

 

 

   

 

 

   

 

 

                 
                         
    2012     2011     2010  
    (in thousands)  

Net Periodic Benefit Cost

                       

Service cost

  $ 491     $ 366     $ 304  

Interest cost

    737       729       780  

Expected return on plan assets

    (622     (665     (597

Recognized net actuarial loss

    201       73       54  
   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

    807       503       541  
   

 

 

   

 

 

   

 

 

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

                       

Net actuarial loss

    958       1,936       299  

Reversal of amortization of net actuarial loss

    (201     (73     (54
   

 

 

   

 

 

   

 

 

 

Total recognized in other comprehensive income

    757       1,863       245  
   

 

 

   

 

 

   

 

 

 

Total recognized in net periodic benefit cost and other comprehensive income

  $ 1,564     $ 2,366     $ 786  
   

 

 

   

 

 

   

 

 

 
                                 
    Funded Plans     Unfunded Plans  
    2012     2011     2012     2011  
    (in thousands)  

Change in benefit obligation:

                               

Benefit obligation at beginning of year

  $ 13,141     $ 11,453     $ 2,939     $ 2,929  

Service cost

    491       366       —         —    

Interest cost

    607       583       130       146  

Actuarial adjustments

    1,086       1,421       113       173  

Benefits paid

    (328     (351     (220     (231

Translation adjustment

    390       (331     70       (78
   

 

 

   

 

 

   

 

 

   

 

 

 

Benefit obligation at end of year

    15,387       13,141       3,032       2,939  
   

 

 

   

 

 

   

 

 

   

 

 

 

Change in plan assets:

                               

Fair value of plan assets at beginning of year

    11,028       10,834       —         —    

Actual return on plan assets

    860       100       —         —    

Company contributions

    1,111       709       220       231  

Benefits paid

    (328     (351     (220     (231

Translation adjustment

    326       (264     —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Fair value of plan assets at end of year

    12,997       11,028       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Funded status at end of year

  $ (2,390   $ (2,113   $ (3,032   $ (2,939
   

 

 

   

 

 

   

 

 

   

 

 

 
                                 
          Fair Value Measurements at December 31, 2012  

Description

  Total     Quoted Prices
in Active
Markets
(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobserved
Inputs
(Level 3)
 
    (in thousands)  

U.S. equity securities

  $ 1,185     $ 1,185     $ —       $ —    

International equity securities

    4,871       4,494       377       —    

Canadian fixed income securities

    6,744       6,744       —         —    

Other

    197       197       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 12,997     $ 12,620     $  377     $  —    
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
          Fair Value Measurements at December 31, 2011  

Description

  Total     Quoted Prices
in Active
Markets
(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobserved
Inputs
(Level 3)
 
    (in thousands)  

U.S. equity securities

  $ 977     $ 977     $  —       $  —    

International equity securities

    3,995       3,639       356       —    

Canadian fixed income securities

    5,975       5,975       —         —    

Other

    81       81       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 11,028     $ 10,672     $ 356     $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 
                                 
                Postretirement     Medicare  
    Funded     Unfunded     Benefit     Part D Subsidy  
    Plans     Plans     Plans     Receipts  
    (in thousands)  

2013

  $ 784     $ 832     $ 1,768     $ 268  

2014

    762       810       1,760       272  

2015

    791       795       1,744       273  

2016

    737       771       1,719       273  

2017

    774       794       1,647       271  

2018-2022

    4,200       4,181       7,434       1,267  
Restructuring Charges (Tables)
Reconciliation of beginning and ending liability balances by major restructuring activity
                                         
    Marketing & Events
Group Consolidation
    Other Restructurings        
    Severance &           Severance &              
    Employee           Employee              
    Benefits     Facilities     Benefits     Facilities     Total  
    (in thousands)  

Balance at January 1, 2010

  $ 2,333     $ 6,295     $ —       $ 3,027     $ 11,655  

Restructuring charges (recoveries)

    2,637       1,180       542       (137     4,222  

Cash payments

    (3,387     (2,164     (292     (875     (6,718

Adjustment to liability

    (466     (258     (53     (373     (1,150

Foreign currency translation adjustment

    (11     (2     —         —         (13
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2010

    1,106       5,051       197       1,642       7,996  

Restructuring charges

    1,182       2,519       26       55       3,782  

Cash payments

    (1,175     (2,356     (199     (158     (3,888

Adjustment to liability

    (294     (397     —         (263     (954

Foreign currency translation adjustment

    12       2       —         —         14  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2011

    831       4,819       24       1,276       6,950  

Restructuring charges

    2,506       2,346       90       —         4,942  

Cash payments

    (2,670     (1,567     (114     (343     (4,694

Adjustment to liability

    51       (27     —         —         24  

Foreign currency translation adjustment

    2       —         —         —         2  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2012

  $ 720     $ 5,571     $  —       $ 933     $ 7,224  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Leases and Other (Tables)
                 
    Rental     Receivable  
    Payments     Under Subleases  
    (in thousands)  

2013

  $ 17,793     $ 1,592  

2014

    16,320       990  

2015

    9,824       746  

2016

    6,842       494  

2017

    5,288       480  

Thereafter

    9,323       951  
   

 

 

   

 

 

 

Total

  $ 65,390     $ 5,253  
   

 

 

   

 

 

 
                         
    2012     2011     2010  
    (in thousands)  

Minimum rentals

  $ 36,309     $ 30,860     $ 29,072  

Sublease rentals

    (6,501     (6,497     (5,704
   

 

 

   

 

 

   

 

 

 

Total rentals, net

  $ 29,808     $ 24,363     $ 23,368  
   

 

 

   

 

 

   

 

 

 
Segment Information (Tables)
                         
    2012     2011     2010  
    (in thousands)  

Revenues:

                       

Marketing & Events Group:

                       

U.S.

  $ 676,772     $ 631,360     $ 570,978  

International

    240,137       218,639       197,787  

Intersegment eliminations

    (14,869     (9,449     (12,281
   

 

 

   

 

 

   

 

 

 
      902,040       840,550       756,484  

Travel & Recreation Group

    123,191       101,814       88,277  
   

 

 

   

 

 

   

 

 

 
    $ 1,025,231     $ 942,364     $ 844,761  
   

 

 

   

 

 

   

 

 

 

Segment operating income (loss):

                       

Marketing & Events Group:

                       

U.S.

  $ 5,579     $ (6,269   $ (15,217

International

    12,321       11,449       10,088  
   

 

 

   

 

 

   

 

 

 
      17,900       5,180       (5,129

Travel & Recreation Group

    23,962       20,196       19,885  
   

 

 

   

 

 

   

 

 

 
      41,862       25,376       14,756  

Corporate activities

    (9,408     (7,682     (6,422
   

 

 

   

 

 

   

 

 

 
      32,454       17,694       8,334  

Interest income

    593       779       584  

Interest expense

    (1,303     (1,511     (1,835

Restructuring charges:

                       

Marketing & Events U.S.

    (3,479     (3,756     (3,232

Marketing & Events International

    (1,373     —         (448

Travel & Recreation Group

    (79     —         (235

Corporate

    (11     (26     (307

Impairment losses:

                       

Travel & Recreation Group

    —         —         (302
   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

  $ 26,802     $ 13,180     $ 2,559  
   

 

 

   

 

 

   

 

 

 
                         
    2012     2011     2010  
    (in thousands)  

Assets:

                       

Marketing & Events Group:

                       

U.S.

  $ 203,145     $ 213,843     $ 235,965  

International

    100,387       96,996       83,441  

Travel & Recreation Group

    223,199       194,278       157,562  

Corporate and other

    123,846       112,711       139,535  
   

 

 

   

 

 

   

 

 

 
    $ 650,577     $ 617,828     $ 616,503  
   

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

                       

Marketing & Events Group:

                       

U.S.

  $ 17,643     $ 17,247     $ 17,887  

International

    5,162       5,027       4,486  

Travel & Recreation Group

    7,781       6,674       5,648  

Corporate and other

    145       178       231  
   

 

 

   

 

 

   

 

 

 
    $ 30,731     $ 29,126     $ 28,252  
   

 

 

   

 

 

   

 

 

 

Capital expenditures:

                       

Marketing & Events Group:

                       

U.S.

  $ 7,525     $ 11,692     $ 9,050  

International

    4,913       5,635       4,776  

Travel & Recreation Group

    15,201       3,271       3,214  

Corporate and other

    36       940       —    
   

 

 

   

 

 

   

 

 

 
    $ 27,675     $ 21,538     $ 17,040  
   

 

 

   

 

 

   

 

 

 
                         
    2012     2011     2010  
    (in thousands)  

Revenues:

                       

Exhibition and event services

  $ 726,429     $ 670,054     $ 590,444  

Exhibits and environments

    175,611       170,496       166,040  

Travel and recreation services

    123,191       101,814       88,277  
   

 

 

   

 

 

   

 

 

 

Total revenues

  $ 1,025,231     $ 942,364     $ 844,761  
   

 

 

   

 

 

   

 

 

 
                         
    2012     2011     2010  
    (in thousands)  

Revenues:

                       

United States

  $ 700,414     $ 660,998     $ 590,163  

Canada

    151,070       140,374       136,066  

United Kingdom

    153,027       124,208       93,092  

Other international

    20,720       16,784       25,440  
   

 

 

   

 

 

   

 

 

 

Total revenues

  $ 1,025,231     $ 942,364     $ 844,761  
   

 

 

   

 

 

   

 

 

 

Long-lived assets:

                       

United States

  $ 141,727     $ 145,217     $ 117,751  

Canada

    76,067       47,624       51,182  

United Kingdom

    9,757       8,165       8,295  

Other international

    2,163       3,858       3,481  
   

 

 

   

 

 

   

 

 

 

Total long-lived assets

  $ 229,714     $ 204,864     $ 180,709  
   

 

 

   

 

 

   

 

 

 
Condensed Consolidated Quarterly Results (Tables)
Quarterly financial information
                                 
    First     Second     Third     Fourth  
    Quarter     Quarter     Quarter     Quarter  
    (in thousands, except per share data)  

2012

       

Revenues:

  $ 268,772     $ 246,450     $ 307,457     $ 202,552  
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss):

                               

Ongoing operations (1)

  $ 5,533     $ 10,498     $ 34,182     $ (8,351

Corporate activities

    (1,777     (2,187     (2,036     (3,408

Restructuring charges

    (2,225     (678     (608     (1,431
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

  $ 1,531     $ 7,633     $ 31,538     $ (13,190
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations attributable to Viad (2)

  $ 1,027     $ 5,451     $ 19,976     $ (21,181

Net income (loss) attributable to Viad (2)

  $ 1,027     $ 6,090     $ 19,976     $ (21,196

Diluted income (loss) per common share (2)(3):

                               

Income (loss) from continuing operations attributable to Viad

  $ 0.05     $ 0.27     $ 0.99     $ (1.07

Net income (loss) attributable to Viad

  $ 0.05     $ 0.30     $ 0.99     $ (1.07

Basic income (loss) per common share (2)(3):

                               

Income (loss) from continuing operations attributable to Viad

  $ 0.05     $ 0.27     $ 0.99     $ (1.07

Net income (loss) attributable to Viad

  $ 0.05     $ 0.30     $ 0.99     $ (1.07

 

                                 
    First     Second     Third     Fourth  
    Quarter     Quarter     Quarter     Quarter  
    (in thousands, except per share data)  

2011

       

Revenues:

  $ 290,098     $ 238,692     $ 216,169     $ 197,405  
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss):

                               

Ongoing operations (1)

  $ 17,259     $ 9,862     $ 5,412     $ (7,157

Corporate activities

    (1,271     (1,576     (2,356     (2,479

Restructuring charges

    (269     (1,206     (75     (2,232
   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

  $ 15,719     $ 7,080     $ 2,981     $ (11,868
   

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations attributable to Viad

  $ 9,787     $ 4,485     $ 1,245     $ (6,758

Net income (loss) attributable to Viad

  $ 9,787     $ 4,485     $ 1,245     $ (6,307

Diluted income (loss) per common share (3):

                               

Income (loss) from continuing operations attributable to Viad

  $ 0.48     $ 0.22     $ 0.06     $ (0.35

Net income (loss) attributable to Viad

  $ 0.48     $ 0.22     $ 0.06     $ (0.32

Basic income (loss) per common share (3):

                               

Income (loss) from continuing operations attributable to Viad

  $ 0.48     $ 0.22     $ 0.06     $ (0.35

Net income (loss) attributable to Viad

  $ 0.48     $ 0.22     $ 0.06     $ (0.32
Summary of Significant Accounting Policies (Details)
12 Months Ended 12 Months Ended
Dec. 31, 2012
M
Dec. 31, 2012
Stock options [Member]
Dec. 31, 2012
Restricted Stock [Member]
Dec. 31, 2012
Performance Shares [Member]
Dec. 31, 2012
Liability Based Awards [Member]
Dec. 31, 2012
Maximum [Member]
Restricted Stock [Member]
Dec. 31, 2012
Minimum [Member]
Restricted Stock [Member]
Dec. 31, 2012
Alaskan Park Properties Inc [Member]
Rooms
GuestCabins
Mar. 7, 2012
Banff International Hotel [Member]
Rooms
Dec. 31, 2012
Glacier Park Inc [Member]
Property
Vehicle
Lodges
Dec. 31, 2012
Building [Member]
Maximum [Member]
Dec. 31, 2012
Building [Member]
Minimum [Member]
Dec. 31, 2012
Equipment [Member]
Maximum [Member]
Dec. 31, 2012
Equipment [Member]
Minimum [Member]
Dec. 31, 2012
Software [Member]
Maximum [Member]
Dec. 31, 2012
Software [Member]
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of lodges
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of motor inns
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Numbers of hotel
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of owned subsidiary of Viad
 
 
 
 
 
 
 
 
 
80.00% 
 
 
 
 
 
 
Number of guest rooms
 
 
 
 
 
 
 
42 
162 
 
 
 
 
 
 
 
Number of guest cabins
 
 
 
 
 
 
 
46 
 
 
 
 
 
 
 
 
Property, plant and equipment, useful life
 
 
 
 
 
 
 
 
 
 
40 years 
15 years 
12 years 
3 years 
10 years 
3 years 
Share based compensation arrangements vesting period
 
 
 
 
 
5 years 
3 years 
 
 
 
 
 
 
 
 
 
Share based compensation arrangements requisite service period
 
5 years 
3 years 
3 years 
3 years 
 
 
 
 
 
 
 
 
 
 
 
Summary of Significant Accounting Policies (Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturities of highly-liquid investments
three months or less 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contracts completion period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of shares vest on the third anniversary of the grant
40.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of increments over the subsequent two anniversary dates
30.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance Based Restricted Stock awards description and terms
PBRS is subject to a graded vesting schedule whereby one third of the earned shares vest after the first year and the remaining earned shares vest in one-third increments each year over the next two years on the first business day in January. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-Based Compensation (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
$ 7,232,000 
$ 4,413,000 
$ 3,518,000 
Income tax benefit
(2,574,000)
(1,594,000)
(1,225,000)
Total share-based compensation, net of income tax benefit
4,658,000 
2,819,000 
2,293,000 
Restricted stock/performance-based restricted stock (PBRS) [Member]
 
 
 
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
3,267,000 
3,042,000 
2,821,000 
Performance unit incentive plan (PUP) [Member]
 
 
 
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
2,922,000 
714,000 
(3,000)
Stock options [Member]
 
 
 
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
593,000 
537,000 
447,000 
Restricted Stock Units and Performance Based Restricted Stock Units [Member]
 
 
 
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
$ 450,000 
$ 120,000 
$ 253,000 
Share-Based Compensation (Details 1) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Restricted Stock [Member]
 
 
 
Summary of restricted stock and PBRS activity
 
 
 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 20.36 
$ 21.51 
$ 24.59 
Beginning Balance, Shares
572,022 
478,499 
390,810 
Granted, Shares
168,050 
191,850 
157,900 
Granted, Weighted-Average Grant Date Fair Value
$ 20.46 
$ 22.70 
$ 19.30 
Vested, Shares
(219,571)
(91,212)
(65,961)
Vested, Weighted-Average Grant Date Fair Value
$ 18.26 
$ 31.31 
$ 34.42 
Forfeited or Cancelled, Shares
(4,150)
(7,115)
(4,250)
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value
$ 24.80 
$ 20.81 
$ 22.55 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 21.25 
$ 20.36 
$ 21.51 
Ending Balance, Shares
516,351 
572,022 
478,499 
PBRS [Member]
 
 
 
Summary of restricted stock and PBRS activity
 
 
 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 15.36 
$ 33.02 
$ 20.77 
Beginning Balance, Shares
416 
18,830 
174,927 
Granted, Shares
 
 
29,547 
Granted, Weighted-Average Grant Date Fair Value
 
 
$ 35.31 
Vested, Shares
(416)
(18,414)
 
Vested, Weighted-Average Grant Date Fair Value
$ 15.36 
$ 33.42 
 
Forfeited or Cancelled, Shares
 
 
(126,550)
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value
 
 
$ 15.36 
Ending Balance, Weighted-Average Grant Date Fair Value
 
$ 15.36 
$ 33.02 
Ending Balance, Shares
 
416 
18,830 
Share-Based Compensation (Details 2) (USD $)
12 Months Ended
Dec. 31, 2012
Restricted Stock RSU [Member]
Liability Based Awards [Member]
Dec. 31, 2011
Restricted Stock RSU [Member]
Liability Based Awards [Member]
Dec. 31, 2010
Restricted Stock RSU [Member]
Liability Based Awards [Member]
Dec. 31, 2012
PBRS [Member]
Dec. 31, 2011
PBRS [Member]
Dec. 31, 2010
PBRS [Member]
Dec. 31, 2012
PBRS [Member]
Liability Based Awards [Member]
Dec. 31, 2011
PBRS [Member]
Liability Based Awards [Member]
Dec. 31, 2010
PBRS [Member]
Liability Based Awards [Member]
Dec. 31, 2012
PUP Awards [Member]
Liability Based Awards [Member]
Dec. 31, 2011
PUP Awards [Member]
Liability Based Awards [Member]
Dec. 31, 2009
PUP Awards [Member]
Liability Based Awards [Member]
Summary of liability-based award activity
 
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 19.07 
$ 17.18 
$ 15.36 
$ 15.36 
$ 33.02 
$ 20.77 
$ 15.36 
$ 15.36 
$ 15.36 
$ 23.02 
$ 33.81 
$ 33.81 
Beginning Balance, Shares
38,600 
26,050 
13,700 
416 
18,830 
174,927 
1,956 
3,914 
13,900 
95,500 
102,960 
102,960 
Granted, Shares
15,850 
12,550 
12,350 
 
 
29,547 
 
 
 
115,100 
95,500 
 
Granted, Weighted-Average Grant Date Fair Value
$ 20.57 
$ 23.01 
$ 19.20 
 
 
$ 35.31 
 
 
$ 15.36 
$ 20.60 
$ 23.02 
 
Vested, Shares
(13,100)
 
 
(416)
(18,414)
 
(1,956)
(1,958)
(1,958)
 
 
 
Vested, Weighted-Average Grant Date Fair Value
$ 15.36 
 
 
$ 15.36 
$ 33.42 
 
$ 15.36 
$ 15.36 
 
 
 
 
Forfeited or Cancelled, Shares
(850)
 
 
 
 
(126,550)
 
 
(8,028)
 
(102,960)
 
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value
$ 20.89 
 
 
 
 
$ 15.36 
 
 
$ 15.36 
 
$ 33.81 
 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 20.82 
$ 19.07 
$ 17.18 
 
$ 15.36 
$ 33.02 
 
$ 15.36 
$ 15.36 
$ 21.70 
$ 23.02 
$ 33.81 
Ending Balance, Shares
40,500 
38,600 
26,050 
 
416 
18,830 
 
1,956 
3,914 
210,600 
95,500 
102,960 
Share-Based Compensation (Details 3) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Summary of stock option activity
 
 
 
Options outstanding, Beginning Balance, Shares
584,201 
763,794 
541,718 
Options outstanding, Beginning Balance, Weighted Average Exercise Price
$ 23.32 
$ 23.38 
$ 25.74 
Options outstanding, Beginning Balance, Options Exercisable
396,688 
451,194 
462,683 
Granted, Shares
 
280,900 
Granted, Weighted Average Exercise Price
 
 
$ 19.20 
Exercised, Shares
(12,099)
(14,616)
(22,311)
Exercised, Weighted Average Exercise Price
$ 19.41 
$ 20.14 
$ 23.21 
Shares Forfeited or Expired
(208,206)
(164,977)
(36,513)
Weighted Average Exercise Price Forfeited
$ 25.81 
$ 23.88 
$ 26.34 
Options outstanding, Ending Balance, Shares
363,896 
584,201 
763,794 
Options outstanding, Ending Balance, Weighted Average Exercise Price
$ 22.03 
$ 23.32 
$ 23.38 
Options outstanding, Ending Balance, Options Exercisable
276,009 
396,688 
451,194 
Share-Based Compensation (Details 4) (USD $)
12 Months Ended
Dec. 31, 2012
Range One [Member]
 
Summary of information concerning stock options outstanding and exercisable
 
Range of Exercise Prices, upper limit
$ 19.20 
Options Outstanding, Shares
247,867 
Options Outstanding, Weighted-Average Remaining Contractual Life
7 years 
Options vested, shares
$ 19.20 
Options Exercisable, Shares
166,740 
Options Exercisable, Weighted-Average Exercise Price
$ 19.20 
Range Two [Member]
 
Summary of information concerning stock options outstanding and exercisable
 
Range of Exercise Prices, upper limit
$ 19.57 
Options Outstanding, Shares
43,796 
Options Outstanding, Weighted-Average Remaining Contractual Life
3 months 18 days 
Options vested, shares
$ 19.57 
Options Exercisable, Shares
43,796 
Options Exercisable, Weighted-Average Exercise Price
$ 19.57 
Range Three [Member]
 
Summary of information concerning stock options outstanding and exercisable
 
Range of Exercise Prices, lower limit
$ 23.28 
Range of Exercise Prices, upper limit
$ 31.92 
Options Outstanding, Shares
29,433 
Options Outstanding, Weighted-Average Remaining Contractual Life
1 year 1 month 6 days 
Options vested, shares
$ 29.43 
Options Exercisable, Shares
27,433 
Options Exercisable, Weighted-Average Exercise Price
$ 29.76 
Range Four [Member]
 
Summary of information concerning stock options outstanding and exercisable
 
Range of Exercise Prices, lower limit
$ 33.81 
Range of Exercise Prices, upper limit
$ 38.44 
Options Outstanding, Shares
42,800 
Options Outstanding, Weighted-Average Remaining Contractual Life
1 year 8 months 12 days 
Options vested, shares
$ 35.86 
Options Exercisable, Shares
38,040 
Options Exercisable, Weighted-Average Exercise Price
$ 36.12 
Range Five [Member]
 
Summary of information concerning stock options outstanding and exercisable
 
Range of Exercise Prices, lower limit
$ 19.20 
Range of Exercise Prices, upper limit
$ 38.44 
Options Outstanding, Shares
363,896 
Options Outstanding, Weighted-Average Remaining Contractual Life
5 years 1 month 6 days 
Options vested, shares
$ 22.03 
Options Exercisable, Shares
276,009 
Options Exercisable, Weighted-Average Exercise Price
$ 22.64 
Share Based Compensation (Details 5) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Summary of additional information pertaining to stock options
 
 
 
Total intrinsic value of stock options outstanding
$ 2,329 
 
$ 2,341 
Total intrinsic value of stock options exercised
296 
325 
544 
Fair value of stock options vested
539 
682 
404 
Cash received from the exercise of stock options
248 
296 
593 
Tax deficiencies from share-based compensation
$ 96 
$ (325)
$ (524)
Share-Based Compensation (Details Textual) (USD $)
12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2012
Minimum [Member]
Dec. 31, 2012
MoneyGram International Inc [Member]
Dec. 31, 2012
Performance unit incentive plan (PUP) [Member]
Dec. 31, 2011
Performance unit incentive plan (PUP) [Member]
Dec. 31, 2010
Performance unit incentive plan (PUP) [Member]
Dec. 31, 2012
PBRS Units [Member]
Feb. 28, 2012
Restricted Stock RSU [Member]
Dec. 31, 2012
Restricted Stock Units and Performance Based Restricted Stock Units [Member]
Dec. 31, 2011
Restricted Stock Units and Performance Based Restricted Stock Units [Member]
Dec. 31, 2010
Restricted Stock Units and Performance Based Restricted Stock Units [Member]
Dec. 31, 2012
Stock options [Member]
Dec. 31, 2011
Stock options [Member]
Dec. 31, 2010
Stock options [Member]
Dec. 31, 2012
Restricted Stock [Member]
Dec. 31, 2011
Restricted Stock [Member]
Dec. 31, 2010
Restricted Stock [Member]
Dec. 31, 2012
Restricted Stock [Member]
Minimum [Member]
Jan. 31, 2012
PBRS [Member]
Jan. 31, 2011
PBRS [Member]
Dec. 31, 2012
PBRS [Member]
Dec. 31, 2011
PBRS [Member]
Dec. 31, 2010
PBRS [Member]
Dec. 31, 2012
Performance Based Restricted Stock Shares [Member]
Dec. 31, 2011
Performance Based Restricted Stock Shares [Member]
Dec. 31, 2010
Performance Based Restricted Stock Shares [Member]
Dec. 31, 2012
Stock options granted 2010 [Member]
Dec. 31, 2012
Stock options granted 2004 and 2008 [Member]
Dec. 31, 2012
Stock options granted 2003 [Member]
Dec. 31, 2012
Stock options granted 2002 and prior [Member]
Dec. 31, 2012
Restructuring Charges [Member]
Dec. 31, 2011
Restructuring Charges [Member]
Dec. 31, 2010
Restructuring Charges [Member]
Share Based Compensation (Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Useful Life of the 2007 plan
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based compensation before income tax benefit
$ 7,232,000 
$ 4,413,000 
$ 3,518,000 
 
 
 
$ 94,000 
 
 
 
 
$ 450,000 
$ 120,000 
$ 253,000 
$ 593,000 
$ 537,000 
$ 447,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 253,000 
$ 124,000 
$ 519,000 
Unamortized cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recognition Period of Unrecognized cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 year 
 
 
2 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repurchase of Common Stock for Employee Tax Withholding Obligations amount
1,100,000 
679,000 
573,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repurchase of Common Stock for Employee Tax Withholding Obligations amount, shares
56,885 
28,627 
28,407 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum number of shares of common stock available for grant
1,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional number of shares of common stock available for grant
1,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares Available for Grant
1,071,632 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments To Employees
 
 
 
 
 
 
 
 
257,000 
 
 
 
 
 
 
 
 
 
 
35,000 
52,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities related to restricted stock
 
 
 
 
 
 
 
 
 
 
 
633,000 
475,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liability awards recorded
 
714,000 
 
 
 
 
3,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total unrecognized cost related to non-vested stock option awards
104,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
stock options granted
 
280,900 
 
 
2,267 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock options outstanding minimum
 
 
 
 
 
$ 19.57 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average remaining contractual life
 
 
 
 
 
1 year 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average exercised
$ 22.03 
$ 23.32 
$ 23.38 
$ 25.74 
$ 19.57 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective vesting date
 
 
 
 
 
 
 
 
 
Dec. 31, 2009 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUP award cancelled
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,150 
7,115 
4,250 
 
 
 
 
 
126,550 
 
 
 
 
 
 
 
 
 
 
PUP awards, Granted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
168,050 
191,850 
157,900 
 
 
 
 
 
29,547 
 
 
 
 
 
 
 
 
 
 
PUP award vested
 
 
 
 
 
 
 
 
 
 
 
 
 
 
219,571 
91,212 
65,961 
 
 
 
416 
18,414 
 
 
 
 
 
 
 
 
 
 
 
Options Exercised
12,099 
14,616 
22,311 
 
 
135 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Term of Stock options granted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 
 
 
 
 
 
 
 
 
10 years 
7 years 
10 years 
10 years 
 
 
 
Percentage of Stock options granted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20.00% 
 
50.00% 
 
 
 
Stock price, Expected Volatility Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,320.00% 
 
 
 
 
 
 
Stock price, Expected Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5 years 
 
 
 
 
 
 
Stock price, Expected Dividend Yield
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
80.00% 
 
 
 
 
 
 
Stock price, Risk free interest rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.44% 
 
 
 
 
 
 
Period of US Treasury strip
5 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized share-based compensation costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of restricted stock vested
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 20.46 
$ 22.70 
$ 19.30 
 
 
 
 
 
$ 35.31 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of restricted stock vested
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 4,000,000 
$ 2,900,000 
$ 2,300,000 
 
 
 
 
 
 
$ 6,000 
$ 615,000 
$ 1,000,000 
 
 
 
 
 
 
 
Acquisition of Businesses (Details) (USD $)
Mar. 7, 2012
Banff International Hotel [Member]
Dec. 31, 2011
Series of Individually Immaterial Business Acquisitions [Member]
Final amounts assigned to the assets and liabilities acquired
 
 
Cash and cash equivalents
$ 10,000 
$ 30,000 
Accounts receivable
23,000 
 
Other current assets
33,000 
870,000 
Property and equipment
20,408,000 
32,905,000 
Goodwill
1,890,000 
7,645,000 
Other intangible assets
1,323,000 
1,086,000 
Total assets acquired
23,687,000 
42,536,000 
Customer deposits
(64,000)
(821,000)
Other current liabilities
(67,000)
(198,000)
Other long-term liabilities
 
(382,000)
Total liabilities acquired
(131,000)
(1,401,000)
Purchase price
$ 23,556,000 
$ 41,135,000 
Acquisition of Businesses (Details 1) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Summary of the unaudited pro forma results of operations of Viad
 
 
 
Revenue
$ 1,025,681 
$ 954,766 
 
Depreciation and amortization
30,935 
30,619 
 
Segment operating income
41,831 
28,186 
 
Income from continuing operations
5,273 
8,759 
181 
Net income attributable to Viad
$ 5,875 
$ 10,830 
 
Basic net income per share
$ 0.29 
$ 0.53 
 
Diluted net income per share
$ 0.29 
$ 0.53 
 
Acquisition of Businesses (Details Textual) (USD $)
12 Months Ended 9 Months Ended 9 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
Denali [Member]
Sep. 16, 2011
Denali [Member]
GuestCabins
Room
Dec. 31, 2011
St. Mary [Member]
Jun. 29, 2011
St. Mary [Member]
Room
Dec. 31, 2011
Grouse Mountain Lodge [Member]
Jan. 5, 2011
Grouse Mountain Lodge [Member]
Sep. 30, 2012
Banff International Hotel [Member]
Mar. 7, 2012
Banff International Hotel [Member]
Room
Mar. 7, 2012
Banff International Hotel [Member]
Leasehold Land Interests [Member]
Sep. 30, 2012
Denali Grouse and St Marry [Member]
Business Acquisition (Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
Acquisition
 
 
 
 
$ 15,300,000 
 
$ 15,300,000 
 
$ 10,500,000 
 
$ 23,556,000 
 
 
Number of rooms in hotel
 
 
 
 
42 
 
115 
 
 
 
162 
 
 
Number of guest cabins
 
 
 
 
46 
 
 
 
 
 
 
 
 
Property and equipment including leasehold interest
 
 
 
 
 
 
 
 
 
 
 
7,900,000 
 
Goodwill
 
 
 
 
 
 
 
 
 
 
1,890,000 
 
 
Other intangible assets
 
 
 
 
 
 
 
 
 
 
1,323,000 
 
 
Goodwill deductible for tax purposes
 
 
 
 
 
 
 
 
 
 
 
 
15 years 
Weighted-average amortization period related to the other intangible assets
4 years 9 months 18 days 
 
 
 
 
 
 
 
 
7 years 8 months 12 days 
 
 
 
Goodwill
137,820,000 
133,694,000 
127,441,000 
3,200,000 
 
3,100,000 
 
1,300,000 
 
 
 
 
 
Other intangible assets, Business acquisition
 
 
 
$ 626,000,000 
 
$ 60,000,000 
 
$ 4,000,000,000 
 
 
 
 
 
Inventories (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Components of Inventories
 
 
Raw materials
$ 16,422 
$ 18,297 
Work in process
19,234 
17,528 
Inventories
$ 35,656 
$ 35,825 
Property and Equipment (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Property and Equipment
 
 
Total Property and Equipment
$ 473,865 
$ 437,397 
Accumulated depreciation
(276,567)
(263,584)
Property and equipment, net
197,298 
173,813 
Land and land interests [Member]
 
 
Property and Equipment
 
 
Total Property and Equipment
26,124 
18,134 
Building and leasehold improvements [Member]
 
 
Property and Equipment
 
 
Total Property and Equipment
137,293 
109,077 
Equipment and other [Member]
 
 
Property and Equipment
 
 
Total Property and Equipment
$ 310,448 
$ 310,186 
Property and Equipment (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Acquired Indefinite-lived Intangible Assets [Line Items]
 
 
 
Leasehold interests
$ 473,865,000 
$ 437,397,000 
 
Property and Equipment (Textual) [Abstract]
 
 
 
Net carrying amount of capitalized software
14,200,000 
14,900,000 
 
Depreciation expense
30,000,000 
28,400,000 
27,300,000 
Impairment losses related to property and equipment
   
 
117,000 
Impairment losses recorded
302,000 
Leasehold Land Interests [Member]
 
 
 
Acquired Indefinite-lived Intangible Assets [Line Items]
 
 
 
Leasehold interests
$ 10,600,000 
$ 2,600,000 
 
Other Investment and Assets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Other Investments and Assets [Abstract]
 
 
Cash surrender value of life insurance
$ 19,142 
$ 18,812 
Workers' compensation insurance security deposits
3,350 
4,658 
Other
9,924 
7,581 
Total other investment and assets
$ 32,416 
$ 31,051 
Goodwill and Other Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Marketing & Events U.S [Member]
Dec. 31, 2011
Marketing & Events U.S [Member]
Dec. 31, 2010
Marketing & Events U.S [Member]
Dec. 31, 2012
Marketing & Events International [Member]
Dec. 31, 2011
Marketing & Events International [Member]
Dec. 31, 2012
Travel & Recreation Group [Member]
Dec. 31, 2011
Travel & Recreation Group [Member]
Changes in the carrying amount of goodwill
 
 
 
 
 
 
 
 
 
Goodwill, Beginning Balance
$ 133,694 
$ 127,441 
$ 62,686 
$ 62,686 
$ 62,686 
$ 22,198 
$ 22,455 
$ 48,810 
$ 42,300 
Business acquisition
1,890 
7,645 
 
 
 
 
 
1,890 
7,645 
Foreign currency translation adjustments
2,236 
(1,392)
 
 
 
856 
(257)
1,380 
(1,135)
Goodwill Ending balance
$ 137,820 
$ 133,694 
$ 62,686 
$ 62,686 
$ 62,686 
$ 23,054 
$ 22,198 
$ 52,080 
$ 48,810 
Goodwill and Other Intangible Assets (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Goodwill by reporting unit and segment
 
 
 
Goodwill
$ 137,820 
$ 133,694 
$ 127,441 
Marketing & Events U.S [Member]
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
62,686 
62,686 
 
Marketing and Events Group [Member]
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
85,740 
84,884 
 
Marketing & Events International [Member]
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
23,054 
22,198 
22,455 
Marketing & Events International [Member] |
United Kingdom (Melville GES) [Member]
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
13,894 
13,291 
 
Marketing & Events International [Member] |
GES Canada [Member]
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
9,160 
8,907 
 
Travel & Recreation Group [Member]
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
52,080 
48,810 
42,300 
Travel & Recreation Group [Member] |
Brewster [Member]
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
44,435 
41,165 
 
Travel & Recreation Group [Member] |
Glacier Park [Member]
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
4,461 
4,461 
 
Travel & Recreation Group [Member] |
Alaska Denali Travel [Member]
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
$ 3,184 
$ 3,184 
 
Goodwill and Other Intangible Assets (Details 2) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Summary of other intangible assets
 
 
Amortized intangible assets, Gross Carrying Value
$ 4,553 
$ 3,190 
Accumulated Amortization
(2,492)
(1,766)
Amortized intangible assets, Net Carrying Value
2,061 
1,424 
Intangible asset, Gross Carrying Value
5,013 
3,650 
Total Other Intangible Assets, Net
2,521 
1,884 
Contracts and customer relationships [Member]
 
 
Summary of other intangible assets
 
 
Amortized intangible assets, Gross Carrying Value
3,594 
3,122 
Accumulated Amortization
(2,384)
(1,736)
Amortized intangible assets, Net Carrying Value
1,210 
1,386 
Other [Member]
 
 
Summary of other intangible assets
 
 
Amortized intangible assets, Gross Carrying Value
959 
68 
Accumulated Amortization
(108)
(30)
Amortized intangible assets, Net Carrying Value
851 
38 
Business licenses [Member]
 
 
Summary of other intangible assets
 
 
Unamortized intangible assets, Gross Carrying Value
$ 460 
$ 460 
Goodwill and Other Intangible Assets (Details 3) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Estimated amortization expense related to amortized intangible assets
 
2013
$ 712 
2014
426 
2015
255 
2016
199 
2017
445 
Thereafter
$ 24 
Goodwill and Other Intangible Assets (Details Textual) (USD $)
12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2012
Marketing & Events U.S [Member]
Dec. 31, 2012
United Kingdom (Melville GES) [Member]
Dec. 31, 2012
GES Canada [Member]
Dec. 31, 2012
Brewster [Member]
Dec. 31, 2012
Glacier Park [Member]
Dec. 31, 2012
Alaska Denali Travel [Member]
Dec. 31, 2012
Customer Contracts [Member]
Indefinite-lived Intangible Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
Finite-Lived Intangible Asset, Useful Life
4 years 9 months 18 days 
 
 
 
 
 
 
 
 
3 years 8 months 12 days 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
Percentage of estimated fair values
 
 
 
126.00% 
67.00% 
34.00% 
58.00% 
37.00% 
14.00% 
 
Goodwill and Other Intangible Assets (Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
Impairment losses
    
 
$ 185,000 
 
 
 
 
 
 
 
Intangible asset amortization expense
693,000 
772,000 
954,000 
 
 
 
 
 
 
 
Cumulative goodwill impairment losses
$ 225,200,000 
 
 
 
 
 
 
 
 
 
Accrued Liabilities and Other (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Continuing operations:
 
 
Customer deposits
$ 50,172 
$ 49,182 
Accrued compensation
25,067 
22,587 
Self-insured liability accrual
8,501 
6,697 
Accrued restructuring
4,084 
2,303 
Accrued sales and use taxes
3,179 
1,668 
Accrued employee benefit costs
3,132 
3,730 
Accrued dividends
2,053 
827 
Accrued foreign income taxes
28 
234 
Other
9,998 
8,185 
Total Continuing operations
106,214 
95,413 
Discontinued operations:
 
 
Environmental remediation liabilities
571 
755 
Self-insured liability accrual
527 
639 
Other
372 
524 
Total Discontinued operations
1,470 
1,918 
Total other current liabilities
$ 107,684 
$ 97,331 
Accrued Liabilities and Other (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Continuing operations:
 
 
Self-insured liability accrual
$ 15,579 
$ 14,403 
Accrued compensation
8,061 
5,538 
Accrued restructuring
3,140 
4,647 
Foreign deferred tax liability
2,024 
1,219 
Other
6,734 
5,900 
Total Continuing operations
35,538 
31,707 
Discontinued operations:
 
 
Self-insured liability accrual
5,188 
5,351 
Environmental remediation liabilities
4,745 
4,999 
Accrued income taxes
1,053 
1,022 
Other
1,304 
1,133 
Total Discontinued operations
12,290 
12,505 
Total other deferred items and liabilities
$ 47,828 
$ 44,212 
Debt (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Long-term capital lease obligation
 
 
Capital lease obligations, 6.4% (2012) and 6.2% (2011) weighted-average interest rate at December 31, due to 2017
$ 2,226 
$ 3,239 
Current portion
(1,347)
(2,018)
Long-term capital lease
$ 879 
$ 1,221 
Debt (Details 1) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Aggregate annual maturities of capital lease obligations
 
2013
$ 1,421 
2014
594 
2015
283 
2016
34 
2017
17 
Total
2,349 
Less: Amount representing interest
(123)
Present value of minimum lease payments
$ 2,226 
Debt (Details Textual) (USD $)
1 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended
Apr. 30, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2012
Top Tier Foreign Subsidiaries [Member]
May 31, 2011
Revolving Credit Facility [Member]
Dec. 31, 2012
Capital Leases [Member]
Dec. 31, 2011
Capital Leases [Member]
Debt (Additional Textual) [Abstract]
 
 
 
 
 
 
 
 
Credit facility
 
 
 
 
 
$ 130,000,000 
 
 
Additional credit facility
 
 
 
 
 
50,000,000 
 
 
Credit facility, period
 
 
 
 
 
5 years 
 
 
Credit facility expiring
 
 
 
 
 
May 18, 2016 
 
 
Letters of credit
 
 
 
 
 
50,000,000 
 
 
Capital stock of top-tier foreign subsidiaries
 
 
 
 
65.00% 
 
 
 
Gross amount of assets recorded under capital leases
 
 
 
 
 
 
5,900,000 
6,600,000 
Accumulated Amortization
 
2,492,000 
1,766,000 
 
 
 
2,900,000 
3,000,000 
Debt (Textual) [Abstract]
 
 
 
 
 
 
 
 
Weighted-average interest rate
 
6.40% 
6.20% 
 
 
 
 
 
Previous credit facility
4,200,000 
 
 
 
 
 
 
 
Capital lease obligations, total
 
2,226,000 
3,239,000 
 
 
 
 
 
Outstanding letters of credit
 
1,800,000 
 
 
 
 
 
 
Remaining borrowing capacity
 
128,200,000 
 
 
 
 
 
 
The fees on the unused portion of the credit facility
 
0.35% 
 
 
 
 
 
 
Estimated fair value of total debt
 
2,100,000 
3,000,000 
 
 
 
 
 
Maximum potential amount of future payments
 
21,200,000 
 
 
 
 
 
 
Recourse provisions
 
There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. 
 
 
 
 
 
 
Collateral arrangements
 
Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments. 
 
 
 
 
 
 
Debt, weighted average interest rate
 
8.50% 
7.80% 
12.00% 
 
 
 
 
Share repurchases
 
10,000,000 
 
 
 
 
 
 
Percentage of repurchases of shares
 
1.50% 
 
 
 
 
 
 
Dividends declared and paid
 
$ 10,000,000 
 
 
 
 
 
 
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Fair value information related to assets
 
 
Assets
$ 11,416 
$ 22,235 
Other mutual funds [Member]
 
 
Fair value information related to assets
 
 
Assets
1,239 
1,373 
Money market funds [Member]
 
 
Fair value information related to assets
 
 
Assets
10,177 
20,862 
Quoted Prices in Active Markets (Level 1) [Member]
 
 
Fair value information related to assets
 
 
Assets
11,416 
22,235 
Quoted Prices in Active Markets (Level 1) [Member] |
Other mutual funds [Member]
 
 
Fair value information related to assets
 
 
Assets
1,239 
1,373 
Quoted Prices in Active Markets (Level 1) [Member] |
Money market funds [Member]
 
 
Fair value information related to assets
 
 
Assets
10,177 
20,862 
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair value information related to assets
 
 
Assets
   
   
Significant Other Observable Inputs (Level 2) [Member] |
Other mutual funds [Member]
 
 
Fair value information related to assets
 
 
Assets
   
   
Significant Other Observable Inputs (Level 2) [Member] |
Money market funds [Member]
 
 
Fair value information related to assets
 
 
Assets
   
   
Significant Unobserved Inputs (Level 3) [Member]
 
 
Fair value information related to assets
 
 
Assets
   
   
Significant Unobserved Inputs (Level 3) [Member] |
Other mutual funds [Member]
 
 
Fair value information related to assets
 
 
Assets
   
   
Significant Unobserved Inputs (Level 3) [Member] |
Money market funds [Member]
 
 
Fair value information related to assets
 
 
Assets
   
   
Fair Value Measurements (Details Textual) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Fair Value Measurements (Textual) [Abstract]
 
 
Unrealized gains on the investments after-tax
$ 275,000 
$ 222,000 
Money market funds [Member]
 
 
Fair Value Measurements (Textual) [Abstract]
 
 
Investments
10,200,000 
20,900,000 
Unrealized gains on the investments
Other mutual funds [Member]
 
 
Fair Value Measurements (Textual) [Abstract]
 
 
Investments
1,200,000 
1,400,000 
Unrealized gains on the investments
450,000 
366,000 
Unrealized gains on the investments after-tax
$ 275,000 
$ 222,000 
Income Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Viad
$ (21,196)
$ 19,976 
$ 6,090 
$ 1,027 
$ (6,307)
$ 1,245 
$ 4,485 
$ 9,787 
$ 5,897 
$ 9,210 
$ 443 
Less: Allocation to non-vested shares
 
 
 
 
 
 
 
 
(157)
(248)
(11)
Net income allocated to Viad common stockholders
 
 
 
 
 
 
 
 
5,740 
8,962 
432 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted-average outstanding common shares
 
 
 
 
 
 
 
 
19,701 
19,719 
19,955 
Net income attributable to Viad common stockholders
$ (1.07)
$ 0.99 
$ 0.30 
$ 0.05 
$ (0.32)
$ 0.06 
$ 0.22 
$ 0.48 
$ 0.29 
$ 0.45 
$ 0.02 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Viad
$ (21,196)
$ 19,976 
$ 6,090 
$ 1,027 
$ (6,307)
$ 1,245 
$ 4,485 
$ 9,787 
$ 5,897 
$ 9,210 
$ 443 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted-average outstanding common shares
 
 
 
 
 
 
 
 
19,701 
19,719 
19,955 
Additional dilutive shares related to share- based compensation
 
 
 
 
 
 
 
 
304 
336 
322 
Weighted-average outstanding and potentially dilutive shares
 
 
 
 
 
 
 
 
20,005 
20,055 
20,277 
Net income attributable to Viad common stockholders
$ (1.07)
$ 0.99 
$ 0.30 
$ 0.05 
$ (0.32)
$ 0.06 
$ 0.22 
$ 0.48 
$ 0.29 
$ 0.45 
$ 0.02 
Income Per Share (Details Textual)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Income Per Share (Textual) [Abstract]
 
 
 
Additional dilutive shares related to share- based compensation
304,000 
336,000 
322,000 
Stock options [Member]
 
 
 
Income Per Share (Textual) [Abstract]
 
 
 
Common stock shares effect would be anti-dilutive
110,000 
304,000 
474,000 
Employee Stock Ownership Feature of 401 (k) Plan (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Amounts paid by ESOP for:
 
 
 
Debt repayment
$ 1,647 
$ 1,490 
$ 1,518 
Interest
12 
Amounts received from Viad as:
 
 
 
Contributions
1,604 
1,435 
1,444 
Dividends
$ 48 
$ 63 
$ 86 
Employee Stock Ownership Feature of 401 (k) Plan (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Jun. 30, 2009
Employee Stock Ownership Plan of 401 (k) (Textual) [Abstract]
 
 
 
 
ESOP borrowing to purchase treasury shares
$ 40,000,000 
 
 
 
Borrowings of Viad under its revolving credit agreement
12,400,000 
 
 
 
ESOP, Loan entered with Viad
1,300,000 
 
 
12,400,000 
Minimum quarterly principal payments
250,000 
 
 
 
Reduction of stockholders' equity
250,000 
 
 
 
Unearned employee benefits and other
1,300,000 
 
 
12,400,000 
Expense recorded by Viad
$ 1,700,000 
$ 1,600,000 
$ 1,500,000 
 
Unallocated shares
130,577 
293,280 
 
 
Shares allocated
162,703 
147,089 
 
 
Preferred Stock Purchase Rights (Details Textual)
In Millions, unless otherwise specified
Dec. 31, 2012
Preferred Stock Purchase Rights (Textual) [Abstract]
 
Outstanding common stock
28.00% 
Preferred Stock, Authorized
Junior participating preferred Stock, Authorized
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Reconciliation of income tax expense:
 
 
 
Computed income tax expense at statutory federal income tax rate of 35%
$ 9,381 
$ 4,613 
$ 896 
State income taxes, net of federal provision
470 
(100)
(172)
Foreign tax rate differentials
(2,031)
(1,679)
(1,560)
U.S. tax on foreign earnings U.S. tax on foreign earnings (net of foreign tax credits)
(595)
1,105 
629 
Tax resolutions, net
 
(103)
(514)
Change in enacted tax law
 
 
1,279 
Change in valuation allowance
14,220 
(55)
249 
Proceeds from life insurance
(472)
 
(460)
Other, net
(130)
107 
1,395 
Income tax expense
$ 20,843 
$ 3,888 
$ 1,742 
Computed income tax expense at statutory federal income tax rate of 35%, tax rate
35.00% 
35.00% 
35.00% 
State income taxes, net of federal provision, tax rate
1.80% 
(0.80%)
(6.70%)
Foreign tax differentials rate
(7.60%)
(12.70%)
(61.00%)
U.S. tax on foreign earnings rate
(2.20%)
8.40% 
24.60% 
Tax resolutions, net tax rate
0.00% 
(0.80%)
(20.10%)
Change in enacted tax law, tax rate
0.00% 
0.00% 
50.00% 
Change in valuation allowance, tax rate
53.10% 
(0.40%)
9.70% 
Proceeds from life insurance rate
(1.80%)
0.00% 
(18.00%)
Other, net, tax rate
(0.50%)
0.80% 
54.60% 
Income tax expense
77.80% 
29.50% 
68.10% 
Income Taxes (Details 1) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Income Tax Contingency [Line Items]
 
 
 
Unrecognized Tax Benefits, Beginning Balance
$ 636 
$ 636 
$ 636 
Reductions for tax positions taken in prior years
   
   
   
Reductions for tax settlements
   
   
   
Reductions for lapse of applicable statutes
   
   
   
Unrecognized Tax Benefits, Ending Balance
636 
636 
636 
Continuing Operations [Member]
 
 
 
Income Tax Contingency [Line Items]
 
 
 
Reductions for tax positions taken in prior years
   
   
   
Reductions for tax settlements
   
   
   
Reductions for lapse of applicable statutes
   
   
   
Discontinued Operations [Member]
 
 
 
Income Tax Contingency [Line Items]
 
 
 
Unrecognized Tax Benefits, Beginning Balance
636 
636 
636 
Reductions for tax positions taken in prior years
   
   
   
Reductions for tax settlements
   
   
   
Reductions for lapse of applicable statutes
   
   
   
Unrecognized Tax Benefits, Ending Balance
$ 636 
$ 636 
$ 636 
Income Taxes (Details 2) (USD $)
Dec. 31, 2012
Dec. 31, 2011
Deferred tax assets:
 
 
Pension, compensation and other employee benefits
$ 26,790,000 
$ 22,103,000 
Tax credit carryforwards
25,290,000 
25,219,000 
Provisions for losses
15,229,000 
16,038,000 
State income taxes
2,813,000 
2,400,000 
Net operating loss carryforward
1,755,000 
3,086,000 
Deferred income
 
125,000 
Other deferred income tax assets
5,331,000 
1,745,000 
Total deferred tax assets
77,208,000 
70,716,000 
Valuation allowance
(14,576,000,000)
(356)
Net deferred tax assets
61,642,000 
70,360,000 
Deferred tax liabilities:
 
 
Property and equipment
(8,801,000)
(7,729,000)
Goodwill and other intangible assets
(2,841,000)
(1,006,000)
Unremitted foreign earnings
(978,000)
 
Other deferred income tax liabilities
(176,000)
(287,000)
Total deferred tax liabilities
(11,261,000)
(9,022,000)
Foreign deferred tax liabilities included above
2,024,000 
1,617,000 
United States deferred tax assets
52,405,000 
62,955,000 
Foreign Tax Authority [Member]
 
 
Deferred tax assets:
 
 
Total deferred tax assets
$ (990,000)
 
Income Taxes (Details 3) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Current:
 
 
 
Federal
$ (272)
$ (4,643)
$ (9,286)
State
2,189 
1,292 
677 
Foreign
7,652 
8,163 
9,607 
Total current income tax expense (benefit)
9,569 
4,812 
998 
Deferred:
 
 
 
Federal
11,127 
992 
3,212 
State
40 
(1,560)
(939)
Foreign
107 
(356)
(1,529)
Total deferred income tax expense (benefit)
11,274 
(924)
744 
Income tax expense
$ 20,843 
$ 3,888 
$ 1,742 
Income Taxes (Details 4) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
 
 
 
United States
$ (2,843)
$ (16,227)
$ (22,592)
Foreign
29,645 
29,407 
25,151 
Income from continuing operations before income taxes
$ 26,802 
$ 13,180 
$ 2,559 
Income Taxes (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
 
 
 
Tax credit carryforwards
$ 11,400,000 
 
 
Gross deferred tax assets
77,208,000 
70,716,000 
 
Income Taxes (Textual) [Abstract]
 
 
 
Increase to income tax expense due to reduction in the deferred tax asset
 
 
1,300,000 
Accrued interest and penalties for discontinued operations
418,000 
386,000 
 
Accrued interest and penalties for continued operations
 
 
146,000 
Tax-related interest expense credits
 
146,000 
 
Accrued gross liabilities
636,000 
636,000 
 
Liabilities associated with uncertain tax positions
1,100,000 
1,000,000 
 
State net operating loss carry forwards
82,000,000 
91,900,000 
 
Deferred tax assets, State
1,800,000 
2,100,000 
 
Valuation allowance related to the foreign tax credit carryforwards
13,400,000 
 
 
Valuation allowance related to state net operating loss carryforwards
805,000 
 
 
Valuation allowance
(14,576,000,000)
(356)
 
Incremental unrecognized tax liability
4,500,000 
 
 
Tax deficiencies
(96,000)
325,000 
524,000 
General business credit
519,000 
 
 
Unrecognized tax liability for undistributed foreign earnings
711,000 
 
 
Aggregate tax benefit restricted stock and PBRS and the exercise of stock options vested
96,000 
 
 
State and Local [Member]
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
Tax benefits related to the favorable resolution of tax matters
 
103,000 
514,000 
Foreign Tax Authority [Member]
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
Foreign tax credit carryforward, expire on 2019
268,000 
 
 
Foreign tax credit carryforward, expire on 2020
8,300,000 
 
 
Foreign tax credit carryforward, expire on 2021
4,500,000 
 
 
Foreign tax credit carryforward, expire on 2022
320,000 
 
 
Tax credit carryforwards
13,400,000 
 
 
Valuation allowance related to the foreign tax credit carryforwards
13,400,000 
 
 
Period of tax credit
10 years 
 
 
Expiration period
2019 
 
 
Gross deferred tax assets
$ (990,000)
 
 
Pension and Postretirement Benefits (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Net periodic benefit cost of pension and post retirement benefit plans
 
 
 
Net periodic benefit cost
$ 597,000 
 
 
Pension Plans [Member]
 
 
 
Net periodic benefit cost of pension and post retirement benefit plans
 
 
 
Service cost
104,000 
121,000 
145,000 
Interest cost
1,150,000 
1,189,000 
1,242,000 
Expected return on plan assets
(406,000)
(563,000)
(588,000)
Amortization of prior service credit
 
 
41,000 
Recognized net actuarial loss
491,000 
457,000 
572,000 
Net periodic benefit cost
1,339,000 
1,204,000 
1,412,000 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive income
 
 
 
Net actuarial loss
1,942,000 
1,589,000 
1,190,000 
Reversal of amortization item
 
 
 
Net actuarial loss
(491,000)
(457,000)
(572,000)
Prior service cost
 
 
(41,000)
Total recognized in other comprehensive income
1,451,000 
1,132,000 
577,000 
Total recognized in net periodic benefit cost and other comprehensive income
2,790,000 
2,336,000 
1,989,000 
Postretirement Benefit Plans [Member]
 
 
 
Net periodic benefit cost of pension and post retirement benefit plans
 
 
 
Service cost
146,000 
128,000 
130,000 
Interest cost
814,000 
868,000 
1,039,000 
Expected return on plan assets
(74,000)
(135,000)
(160,000)
Amortization of prior service credit
(1,113,000)
(1,277,000)
(1,171,000)
Recognized net actuarial loss
547,000 
533,000 
608,000 
Net periodic benefit cost
320,000 
117,000 
446,000 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive income
 
 
 
Net actuarial loss
224,000 
24,000 
421,000 
Prior service credit
 
 
(1,197,000)
Reversal of amortization item
 
 
 
Net actuarial loss
(547,000)
(533,000)
(608,000)
Prior service cost
1,113,000 
1,277,000 
1,171,000 
Total recognized in other comprehensive income
790,000 
768,000 
(213,000)
Total recognized in net periodic benefit cost and other comprehensive income
1,110,000 
885,000 
233,000 
Foreign Pension Plans [Member]
 
 
 
Net periodic benefit cost of pension and post retirement benefit plans
 
 
 
Service cost
491,000 
366,000 
304,000 
Interest cost
737,000 
729,000 
780,000 
Expected return on plan assets
(622,000)
(665,000)
(597,000)
Recognized net actuarial loss
201,000 
73,000 
54,000 
Net periodic benefit cost
807,000 
503,000 
541,000 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive income
 
 
 
Net actuarial loss
(958,000)
(1,936,000)
(299,000)
Reversal of amortization of net actuarial loss
(201,000)
(73,000)
(54,000)
Reversal of amortization item
 
 
 
Total recognized in other comprehensive income
757,000 
1,863,000 
245,000 
Total recognized in net periodic benefit cost and other comprehensive income
$ 1,564,000 
$ 2,366,000 
$ 786,000 
Pension and Postretirement Benefits (Details 1) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2012
Funded Plans [Member]
Dec. 31, 2011
Funded Plans [Member]
Dec. 31, 2012
Unfunded Pension Plans [Member]
Dec. 31, 2011
Unfunded Pension Plans [Member]
Dec. 31, 2012
Postretirement Benefit Plans [Member]
Dec. 31, 2011
Postretirement Benefit Plans [Member]
Dec. 31, 2010
Postretirement Benefit Plans [Member]
Dec. 31, 2012
Foreign Pension Plans [Member]
Dec. 31, 2011
Foreign Pension Plans [Member]
Dec. 31, 2010
Foreign Pension Plans [Member]
Dec. 31, 2012
Foreign Pension Plans [Member]
Funded Plans [Member]
Dec. 31, 2011
Foreign Pension Plans [Member]
Funded Plans [Member]
May 31, 2011
Foreign Pension Plans [Member]
Funded Plans [Member]
Dec. 31, 2012
Foreign Pension Plans [Member]
Unfunded Pension Plans [Member]
Dec. 31, 2011
Foreign Pension Plans [Member]
Unfunded Pension Plans [Member]
May 31, 2011
Foreign Pension Plans [Member]
Unfunded Pension Plans [Member]
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$ 13,938,000 
$ 12,853,000 
$ 10,883,000 
$ 10,352,000 
$ 18,667,000 
$ 18,987,000 
 
 
 
 
$ 13,141,000 
$ 11,453,000 
 
$ 2,939,000 
$ 2,929,000 
 
Service cost
 
104,000 
121,000 
146,000 
128,000 
130,000 
491,000 
366,000 
304,000 
491,000 
366,000 
 
   
 
 
Interest cost
659,000 
678,000 
491,000 
511,000 
814,000 
868,000 
1,039,000 
737,000 
729,000 
780,000 
607,000 
583,000 
 
130,000 
146,000 
 
Recognized net actuarial loss
1,419,000 
1,157,000 
799,000 
609,000 
547,000 
533,000 
608,000 
201,000 
73,000 
54,000 
(1,086,000)
(1,421,000)
 
(113,000)
(173,000)
 
Plan amendments
 
 
 
 
 
 
 
 
 
 
 
 
 
Benefits paid
(668,000)
(750,000)
(707,000)
(710,000)
(1,176,000)
(1,422,000)
 
 
 
 
(328,000)
(351,000)
 
(220,000)
(231,000)
 
Translation adjustment
 
 
 
 
 
 
 
 
 
 
390,000 
(331,000)
 
70,000 
(78,000)
 
Benefit obligation at end of year
15,348,000 
13,938,000 
11,570,000 
10,883,000 
18,701,000 
18,667,000 
18,987,000 
 
 
 
15,387,000 
13,141,000 
 
3,032,000 
2,939,000 
 
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
9,846,000 
8,858,000 
   
 
2,118,000 
2,678,000 
 
11,028,000 
 
 
11,208,000 
10,834,000 
 
   
 
 
Actual return on plan assets
683,000 
741,000 
   
 
100,000 
217,000 
 
 
 
 
860,000 
100,000 
 
   
 
 
Company contributions
763,000 
997,000 
707,000 
710,000 
355,000 
645,000 
 
 
 
 
1,111,000 
709,000 
 
220,000 
231,000 
 
Benefits paid
(668,000)
(750,000)
(707,000)
(710,000)
(1,176,000)
(1,422,000)
 
 
 
 
(328,000)
(351,000)
 
(220,000)
(231,000)
 
Translation adjustment
 
 
 
 
 
 
 
 
 
 
326,000 
(264,000)
 
   
 
 
Fair value of plan assets at end of year
10,624,000 
9,846,000 
   
   
1,397,000 
2,118,000 
2,678,000 
12,997,000 
11,028,000 
 
12,997,000 
11,208,000 
 
   
   
 
Funded status at end of year
$ (4,724,000)
$ (4,092,000)
$ (11,570,000)
$ (10,883,000)
$ (17,304,000)
$ (16,549,000)
 
 
 
 
$ (2,390,000)
 
$ (2,113,000)
$ (3,032,000)
 
$ (2,939,000)
Pension and Postretirement Benefits (Details 2) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Funded Plans [Member]
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
$ 4,724 
$ 4,092 
Funded Plans [Member] |
Non Current Liabilities [Member]
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
4,724 
4,092 
Unfunded Pension Plans [Member]
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
11,570 
10,883 
Unfunded Pension Plans [Member] |
Other current liabilities [Member]
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
816 
717 
Unfunded Pension Plans [Member] |
Non Current Liabilities [Member]
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
10,754 
10,166 
Postretirement Benefit Plans [Member]
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
17,304 
16,549 
Postretirement Benefit Plans [Member] |
Other current liabilities [Member]
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
392 
440 
Postretirement Benefit Plans [Member] |
Non Current Liabilities [Member]
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
$ 16,912 
$ 16,109 
Pension and Postretirement Benefits (Details 3) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Amounts recognized in accumulated other comprehensive income
 
 
Net actuarial loss
$ 20,306 
$ 19,178 
Prior service credit
(2,900)
(4,013)
Subtotal
17,406 
15,165 
Less tax effect
(6,601)
(5,792)
Total
10,805 
9,373 
Postretirement Benefit Plans [Member]
 
 
Amounts recognized in accumulated other comprehensive income
 
 
Net actuarial loss
6,706 
7,029 
Prior service credit
(2,900)
(4,013)
Subtotal
3,806 
3,016 
Less tax effect
(1,443)
(1,153)
Total
2,363 
1,863 
Funded Plans [Member]
 
 
Amounts recognized in accumulated other comprehensive income
 
 
Net actuarial loss
9,052 
8,238 
Prior service credit
   
 
Subtotal
9,052 
8,238 
Less tax effect
(3,433)
(3,146)
Total
5,619 
5,092 
Unfunded Pension Plans [Member]
 
 
Amounts recognized in accumulated other comprehensive income
 
 
Net actuarial loss
4,548 
3,911 
Prior service credit
   
 
Subtotal
4,548 
3,911 
Less tax effect
(1,725)
(1,493)
Total
$ 2,823 
$ 2,418 
Pension and Postretirement Benefits (Details 4) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Domestic Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
$ 10,624 
$ 9,846 
 
Domestic Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
10,401 
72 
 
Domestic Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
223 
9,774 
 
Domestic Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Postretirement Benefit Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
1,397 
2,118 
2,678 
Postretirement Benefit Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
1,397 
222 
 
Postretirement Benefit Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
1,896 
 
Postretirement Benefit Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Foreign Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
12,997 
11,028 
 
Foreign Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
12,620 
10,672 
 
Foreign Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
377 
356 
 
Foreign Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
U.S. equity securities [Member] |
Domestic Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
2,849 
 
U.S. equity securities [Member] |
Domestic Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
U.S. equity securities [Member] |
Domestic Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
2,849 
 
U.S. equity securities [Member] |
Domestic Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
U.S. equity securities [Member] |
Postretirement Benefit Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
283 
 
U.S. equity securities [Member] |
Postretirement Benefit Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
U.S. equity securities [Member] |
Postretirement Benefit Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
283 
 
U.S. equity securities [Member] |
Postretirement Benefit Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
U.S. equity securities [Member] |
Foreign Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
1,185 
977 
 
U.S. equity securities [Member] |
Foreign Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
1,185 
977 
 
U.S. equity securities [Member] |
Foreign Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
U.S. equity securities [Member] |
Foreign Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
International equity securities [Member] |
Domestic Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
914 
 
International equity securities [Member] |
Domestic Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
International equity securities [Member] |
Domestic Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
914 
 
International equity securities [Member] |
Domestic Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
International equity securities [Member] |
Postretirement Benefit Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
89 
 
International equity securities [Member] |
Postretirement Benefit Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
International equity securities [Member] |
Postretirement Benefit Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
89 
 
International equity securities [Member] |
Postretirement Benefit Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
International equity securities [Member] |
Foreign Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
4,871 
3,995 
 
International equity securities [Member] |
Foreign Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
4,494 
3,639 
 
International equity securities [Member] |
Foreign Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
377 
356 
 
International equity securities [Member] |
Foreign Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Aggregate fixed income securities [Member] |
Domestic Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
2,373 
 
Aggregate fixed income securities [Member] |
Domestic Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Aggregate fixed income securities [Member] |
Domestic Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
2,373 
 
Aggregate fixed income securities [Member] |
Domestic Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Aggregate fixed income securities [Member] |
Postretirement Benefit Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
1,034 
 
Aggregate fixed income securities [Member] |
Postretirement Benefit Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Aggregate fixed income securities [Member] |
Postretirement Benefit Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
1,034 
 
Aggregate fixed income securities [Member] |
Postretirement Benefit Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Long-term fixed income securities [Member] |
Domestic Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
3,412 
 
Long-term fixed income securities [Member] |
Domestic Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Long-term fixed income securities [Member] |
Domestic Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
3,412 
 
Long-term fixed income securities [Member] |
Domestic Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Long-term fixed income securities [Member] |
Postretirement Benefit Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
490 
 
Long-term fixed income securities [Member] |
Postretirement Benefit Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Long-term fixed income securities [Member] |
Postretirement Benefit Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
490 
 
Long-term fixed income securities [Member] |
Postretirement Benefit Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Cash [Member] |
Domestic Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
10,401 
72 
 
Cash [Member] |
Domestic Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
10,401 
72 
 
Cash [Member] |
Domestic Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Cash [Member] |
Domestic Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Cash [Member] |
Postretirement Benefit Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
1,397 
222 
 
Cash [Member] |
Postretirement Benefit Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
222 
 
Cash [Member] |
Postretirement Benefit Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Cash [Member] |
Postretirement Benefit Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
 
   
 
Other[Member] |
Domestic Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
223 
226 
 
Other[Member] |
Domestic Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Other[Member] |
Domestic Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
223 
226 
 
Other[Member] |
Domestic Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Other[Member] |
Foreign Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
197 
81 
 
Other[Member] |
Foreign Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
197 
81 
 
Other[Member] |
Foreign Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Other[Member] |
Foreign Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Canadian Fixed Income Securities [Member] |
Foreign Pension Plans [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
6,744 
5,975 
 
Canadian Fixed Income Securities [Member] |
Foreign Pension Plans [Member] |
Quoted Prices in Active Markets (Level 1) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
6,744 
5,975 
 
Canadian Fixed Income Securities [Member] |
Foreign Pension Plans [Member] |
Significant Other Observable Inputs (Level 2) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Canadian Fixed Income Securities [Member] |
Foreign Pension Plans [Member] |
Significant Unobserved Inputs (Level 3) [Member]
 
 
 
Fair value of the domestic plans assets by asset class
 
 
 
Fair value measurement domestic pension plans
   
   
 
Pension and Postretirement Benefits (Details 5) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Expected future service expected to be paid
 
Medicare Part D Subsidy Receipts, 2013
$ 268 
Medicare Part D Subsidy Receipts, 2014
272 
Medicare Part D Subsidy Receipts, 2015
273 
Medicare Part D Subsidy Receipts, 2016
273 
Medicare Part D Subsidy Receipts, 2017
271 
Medicare Part D Subsidy Receipts, 2018-2022
1,267 
Funded Plans [Member]
 
Expected future service expected to be paid
 
2013
784 
2014
762 
2015
791 
2016
737 
2017
774 
2018-2022
4,200 
Unfunded Pension Plans [Member]
 
Expected future service expected to be paid
 
2013
832 
2014
810 
2015
795 
2016
771 
2017
794 
2018-2022
4,181 
Postretirement Benefit Plans [Member]
 
Expected future service expected to be paid
 
2013
1,768 
2014
1,760 
2015
1,744 
2016
1,719 
2017
1,647 
2018-2022
7,434 
Foreign Pension Plans [Member] |
Funded Plans [Member]
 
Expected future service expected to be paid
 
2013
385 
2014
492 
2015
612 
2016
616 
2017
619 
2018-2022
3,707 
Foreign Pension Plans [Member] |
Unfunded Pension Plans [Member]
 
Expected future service expected to be paid
 
2013
219 
2014
218 
2015
218 
2016
217 
2017
216 
2018-2022
$ 1,066 
Pension and Postretirement Benefits (Details 6) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Domestic Pension Plans [Member] |
Funded Plans [Member]
 
 
Accumulated benefit obligation in excess of plan assets
 
 
Projected Benefit obligation
$ 15,348 
$ 13,938 
Accumulated benefit obligation
15,348 
13,938 
Fair value of Plan assets
10,624 
9,846 
Domestic Pension Plans [Member] |
Unfunded Pension Plans [Member]
 
 
Accumulated benefit obligation in excess of plan assets
 
 
Projected Benefit obligation
11,570 
10,883 
Accumulated benefit obligation
11,322 
10,589 
Fair value of Plan assets
   
   
Foreign Plans [Member] |
Funded Plans [Member]
 
 
Accumulated benefit obligation in excess of plan assets
 
 
Projected Benefit obligation
15,387 
13,141 
Accumulated benefit obligation
14,307 
12,049 
Fair value of Plan assets
12,997 
11,028 
Foreign Plans [Member] |
Unfunded Pension Plans [Member]
 
 
Accumulated benefit obligation in excess of plan assets
 
 
Projected Benefit obligation
3,032 
2,939 
Accumulated benefit obligation
3,032 
2,939 
Fair value of Plan assets
   
   
Pension and Postretirement Benefits (Details 7)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Benefit Obligation [Member] |
Funded Plans [Member] |
Funded Plans [Member]
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
4.11% 
4.92% 
Rate of compensation increase
   
 
Benefit Obligation [Member] |
Funded Plans [Member] |
Unfunded Pension Plans [Member]
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
3.80% 
4.75% 
Rate of compensation increase
4.50% 
4.50% 
Benefit Obligation [Member] |
Postretirement Benefit Plans [Member]
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
3.85% 
4.70% 
Rate of compensation increase
   
 
Benefit Obligation [Member] |
Foreign Pension Plans [Member]
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
4.06% 
4.60% 
Rate of compensation increase
3.00% 
3.00% 
Net Periodic Benefit Cost [Member] |
Funded Plans [Member] |
Funded Plans [Member]
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
4.93% 
5.45% 
Rate of compensation increase
   
 
Expected return on plan assets
4.20% 
6.35% 
Net Periodic Benefit Cost [Member] |
Funded Plans [Member] |
Unfunded Pension Plans [Member]
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
4.75% 
5.10% 
Rate of compensation increase
4.50% 
4.50% 
Expected return on plan assets
   
 
Net Periodic Benefit Cost [Member] |
Postretirement Benefit Plans [Member]
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
4.70% 
5.10% 
Rate of compensation increase
   
 
Expected return on plan assets
4.65% 
6.10% 
Net Periodic Benefit Cost [Member] |
Foreign Pension Plans [Member]
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
4.65% 
5.10% 
Rate of compensation increase
3.00% 
3.00% 
Expected return on plan assets
5.45% 
5.50% 
Pension and Postretirement Benefits (Details 8) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Multi-employer pension plans
 
 
 
Viad Contribution
$ 20,669 
$ 19,601 
$ 15,349 
Western Conference of Teamsters Pension Plan [Member]
 
 
 
Multi-employer pension plans
 
 
 
EIN
916145047 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Green 
 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
5,694 
5,720 
4,551 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date, first
Nov. 30, 2013 
 
 
Collective bargaining agreements expiration date, last
Mar. 31, 2015 
 
 
Southern California Local 831 - Employer Pension Fund (1) [Member]
 
 
 
Multi-employer pension plans
 
 
 
EIN
956376874 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Green 
 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
2,358 
2,232 
1,870 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Aug. 31, 2014 
 
 
National Electrical Benefit Fund [Member]
 
 
 
Multi-employer pension plans
 
 
 
EIN
530181657 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Green 
 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
1,814 
1,691 
1,313 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date, first
May 31, 2014 
 
 
Collective bargaining agreements expiration date, last
Jun. 16, 2014 
 
 
Chicago Regional Council of Carpenters Pension Fund (2) [Member]
 
 
 
Multi-employer pension plans
 
 
 
EIN
366130207 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Yellow 
 
 
FIP/RP Status Pending/ Implemented
Implemented 
 
 
Viad Contribution
1,749 
1,411 
1,018 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date, first
May 31, 2013 
 
 
Collective bargaining agreements expiration date, last
May 31, 2014 
 
 
Southwest Carpenters Pension Trust [Member]
 
 
 
Multi-employer pension plans
 
 
 
EIN
956042875 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Green 
 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
944 
1,031 
867 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Jun. 30, 2015 
 
 
Machinery Movers Riggers & Mach Erectors Local 136 supplemental Retirement Plan [Member]
 
 
 
Multi-employer pension plans
 
 
 
EIN
361416355 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Red 
 
 
FIP/RP Status Pending/ Implemented
Implemented 
 
 
Viad Contribution
930 
386 
710 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Jun. 30, 2014 
 
 
Central States, Southeast and Southwest Areas Pension Plan [Member]
 
 
 
Multi-employer pension plans
 
 
 
EIN
366044243 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Red 
 
 
FIP/RP Status Pending/ Implemented
Implemented 
 
 
Viad Contribution
874 
725 
717 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date, first
Mar. 31, 2013 
 
 
Collective bargaining agreements expiration date, last
Jul. 31, 2015 
 
 
New England Teamsters & trucking Industry Pension [Member]
 
 
 
Multi-employer pension plans
 
 
 
EIN
046372430 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Red 
 
 
FIP/RP Status Pending/ Implemented
Implemented 
 
 
Viad Contribution
334 
339 
290 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Mar. 31, 2017 
 
 
Steelworkers Pension Trust [Member]
 
 
 
Multi-employer pension plans
 
 
 
EIN
236648508 
 
 
Plan No:
499 
 
 
Pension Protection Act Zone Status
Green 
 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
326 
422 
425 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date, first
Mar. 31, 2013 
 
 
Collective bargaining agreements expiration date, last
Feb. 28, 2015 
 
 
All other funds [Member]
 
 
 
Multi-employer pension plans
 
 
 
Viad Contribution
3,645 
3,752 
2,119 
Total contribution to defined benefit plans [Member]
 
 
 
Multi-employer pension plans
 
 
 
Viad Contribution
18,668 
17,709 
13,880 
Total contributions to other plans [Member]
 
 
 
Multi-employer pension plans
 
 
 
Viad Contribution
$ 2,001 
$ 1,892 
$ 1,469 
Pension and Postretirement Benefits (Details Textual) (USD $)
12 Months Ended 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2012
Funded Plans [Member]
Dec. 31, 2011
Funded Plans [Member]
Dec. 31, 2012
Unfunded Pension Plans [Member]
Dec. 31, 2011
Unfunded Pension Plans [Member]
Dec. 31, 2012
Foreign [Member]
Dec. 31, 2011
Foreign [Member]
Dec. 31, 2012
Postretirement Benefit Plans [Member]
Dec. 31, 2019
Scenario Forecast [Member]
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Estimated actuarial loss for postretirement benefit plans
 
 
 
$ (1,419,000)
$ (1,157,000)
$ (799,000)
$ (609,000)
 
 
$ 566,000 
 
Estimated prior service credit for postretirement benefit plans
 
 
 
 
 
 
 
 
 
901,000,000,000 
 
Liabilities of funded plans
 
 
 
 
 
 
 
2,400,000 
2,100,000 
 
 
Liabilities of unfunded plans
3,000,000 
2,900,000 
 
 
 
 
 
 
 
 
 
Net actuarial losses for the foreign funded plans (after tax)
 
 
 
 
 
 
 
3,900,000 
3,400,000 
 
 
Net actuarial losses for the foreign funded plans (before tax)
 
 
 
 
 
 
 
5,300,000 
4,600,000 
 
 
Net actuarial losses for the foreign unfunded plans (after tax)
 
 
 
 
 
 
 
271,000 
199,000 
 
 
Net actuarial losses for the foreign unfunded plans (before tax)
 
 
 
 
 
 
 
366,000 
269,000 
 
 
Amount expected to contribute in funded pension plans
 
 
 
1,700,000 
 
 
 
 
 
 
 
Amount expected to contribute in unfunded pension plans
 
 
 
 
 
1,100,000 
 
 
 
 
 
Amount expected to contribute in postretirement benefit plans
 
 
 
 
 
 
 
 
 
400,000 
 
Assumed health care cost trend rate
8.50% 
 
 
 
 
 
 
 
 
 
5.00% 
Pension and Postretirement Benefits (Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Net periodic pension cost
597,000 
 
 
 
 
 
 
 
 
 
 
Decrease in assumed health care cost trend rate
0.50% 
 
 
 
 
 
 
 
 
 
 
Effect of one percentage point increase on accumulated post retirement benefit obligation
1,800,000 
 
 
 
 
 
 
 
 
 
 
Effect of one percentage point increase in assumed health care cost trend rate on total service and interest cost components
120,000 
 
 
 
 
 
 
 
 
 
 
Effect of one percentage point decrease in assumed health care cost trend rate on accumulated post retirement benefit obligation
1,500,000 
 
 
 
 
 
 
 
 
 
 
Effect of one percentage point decrease in assumed health care cost trend rate on total service and interest cost components
97,000 
 
 
 
 
 
 
 
 
 
 
Maximum percentage of funding status of plans in yellow zone
80.00% 
 
 
 
 
 
 
 
 
 
 
Maximum percentage of funding status of plans in green zone
80.00% 
 
 
 
 
 
 
 
 
 
 
Maximum percentage of funding status of plans in red zone
65.00% 
 
 
 
 
 
 
 
 
 
 
Percentage of excess employer contributions to 2010 plans
5.00% 
 
 
 
 
 
 
 
 
 
 
Cost of other employee benefit plans
$ 1,700,000 
$ 1,300,000 
$ 1,600,000 
 
 
 
 
 
 
 
 
Restructuring Charges (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
$ 6,950 
 
 
 
$ 7,996 
$ 6,950 
$ 7,996 
$ 11,655 
Restructuring charges
1,431 
608 
678 
2,225 
2,232 
75 
1,206 
269 
4,942 
3,782 
4,222 
Restructuring liabilities
 
 
 
 
 
 
 
 
(4,694)
(3,888)
(6,718)
Adjustment to liability
 
 
 
 
 
 
 
 
24 
(954)
(1,150)
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
14 
(13)
Closing Balance
7,224 
 
 
 
6,950 
 
 
 
7,224 
6,950 
7,996 
Marketing & Events Group [Member]
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Restructuring charges
 
 
 
 
 
 
 
 
3,479 
3,756 
3,232 
Marketing & Events Group [Member] |
Severance & Employee Benefits [Member]
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
831 
 
 
 
1,106 
831 
1,106 
2,333 
Restructuring charges
 
 
 
 
 
 
 
 
2,506 
1,182 
2,637 
Restructuring liabilities
 
 
 
 
 
 
 
 
(2,670)
(1,175)
(3,387)
Adjustment to liability
 
 
 
 
 
 
 
 
51 
(294)
(466)
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
12 
(11)
Closing Balance
720 
 
 
 
831 
 
 
 
720 
831 
1,106 
Marketing & Events Group [Member] |
Facilities [Member]
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
4,819 
 
 
 
5,051 
4,819 
5,051 
6,295 
Restructuring charges
 
 
 
 
 
 
 
 
2,346 
2,519 
1,180 
Restructuring liabilities
 
 
 
 
 
 
 
 
(1,567)
(2,356)
(2,164)
Adjustment to liability
 
 
 
 
 
 
 
 
(27)
(397)
(258)
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
   
(2)
Closing Balance
5,571 
 
 
 
4,819 
 
 
 
5,571 
4,819 
5,051 
Other Restructuring [Member] |
Severance & Employee Benefits [Member]
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
24 
 
 
 
197 
24 
197 
   
Restructuring charges
 
 
 
 
 
 
 
 
90 
26 
542 
Restructuring liabilities
 
 
 
 
 
 
 
 
(114)
(199)
(292)
Adjustment to liability
 
 
 
 
 
 
 
 
   
 
(53)
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
   
 
 
Closing Balance
   
 
 
 
24 
 
 
 
   
24 
197 
Other Restructuring [Member] |
Facilities [Member]
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
1,276 
 
 
 
1,642 
1,276 
1,642 
3,027 
Restructuring charges
 
 
 
 
 
 
 
 
   
55 
(137)
Restructuring liabilities
 
 
 
 
 
 
 
 
(343)
(158)
(875)
Adjustment to liability
 
 
 
 
 
 
 
 
   
(263)
(373)
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
   
 
 
Closing Balance
$ 933 
 
 
 
$ 1,276 
 
 
 
$ 933 
$ 1,276 
$ 1,642 
Restructuring Charges (Details Textual) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Restructuring Charges (Textual) [Abstract]
 
 
 
 
Restructuring Reserve
$ 7,224 
$ 6,950 
$ 7,996 
$ 11,655 
Marketing & Events Group [Member] |
Severance & Employee Benefits [Member]
 
 
 
 
Restructuring Charges (Textual) [Abstract]
 
 
 
 
Restructuring Reserve
720 
831 
1,106 
2,333 
Marketing & Events Group [Member] |
Facilities [Member]
 
 
 
 
Restructuring Charges (Textual) [Abstract]
 
 
 
 
Restructuring Reserve
5,571 
4,819 
5,051 
6,295 
Other Restructuring [Member] |
Severance & Employee Benefits [Member]
 
 
 
 
Restructuring Charges (Textual) [Abstract]
 
 
 
 
Restructuring Reserve
   
24 
197 
   
Other Restructuring [Member] |
Facilities [Member]
 
 
 
 
Restructuring Charges (Textual) [Abstract]
 
 
 
 
Restructuring Reserve
$ 933 
$ 1,276 
$ 1,642 
$ 3,027 
Leases and Other (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2012
Future minimum rental payments and related sublease rentals receivable
 
Rental Payments, 2013
$ 17,793 
Rental Payments, 2014
16,320 
Rental Payments, 2015
9,824 
Rental Payments, 2016
6,842 
Rental Payments, 2017
5,288 
Rental Payments, Thereafter
9,323 
Rental Payments, Total
65,390 
Receivable Under Subleases, 2013
1,592 
Receivable Under Subleases, 2014
990 
Receivable Under Subleases, 2015
746 
Receivable Under Subleases, 2016
494 
Receivable Under Subleases, 2017
480 
Receivable Under Subleases, Thereafter
951 
Receivable Under Subleases, Total
$ 5,253 
Leases and Other (Details 1) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Net rent expense under operating leases
 
 
 
Minimum rentals
$ 36,309 
$ 30,860 
$ 29,072 
Sublease rentals
(6,501)
(6,497)
(5,704)
Total rentals, net
$ 29,808 
$ 24,363 
$ 23,368 
Leases and Other (Details Textual) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Leases and Other (Textual) [Abstract]
 
Lease expiration period
40 years 
Aggregate purchase obligation
$ 32.8 
Litigation, Claims, Contingencies and Other (Details Textual) (USD $)
12 Months Ended
Dec. 31, 2012
Agreement
Dec. 31, 2011
Dec. 31, 2010
Dec. 14, 2012
Litigation Claims Contingencies and Other (Textual) [Abstract]
 
 
 
 
Environmental remediation liability
$ 5,300,000 
$ 5,800,000 
 
 
Maximum potential amount of future payments
21,200,000 
 
 
 
Guarantees relate to leased facilities expiry date
October 2017 
 
 
 
Contract extension time period
1 year 
 
 
 
Bargaining agreements
100 
 
 
 
Percent of Viad's regular full-time employees are covered by collective-bargaining agreements
34.00% 
 
 
 
Recourse provision to recover guarantees
 
 
 
Collective bargaining agreements expiration date
2013 
 
 
 
Contribution to multi-employer pension plans
20,669,000 
19,601,000 
15,349,000 
 
Original new contract possible term
25 years 
 
 
 
Concession Contact expiration date range start
Dec. 31, 2005 
 
 
 
Extended period of concession contract
8 years 
 
 
 
Concession contract expiration date range end
Dec. 31, 2013 
 
 
 
Revenue through concession contract
49.00% 
 
 
 
Concession contract beginning period
16 years 
 
 
 
Possessory interest
 
 
 
25,000,000 
Estimated amount for personal property
 
 
 
$ 5,000,000 
Operating lease term
42 years 
 
 
 
Ground lease end date
Jan. 31, 2052 
 
 
 
Segment operating income
0.00% 
 
 
 
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
$ 202,552 
$ 307,457 
$ 246,450 
$ 268,772 
$ 197,405 
$ 216,169 
$ 238,692 
$ 290,098 
$ 1,025,231 
$ 942,364 
$ 844,761 
Segment operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Corporate activities
 
 
 
 
 
 
 
 
(9,408)
(7,682)
(6,422)
Segment operating income (loss), Total
(13,190)
31,538 
7,633 
1,531 
(11,868)
2,981 
7,080 
15,719 
32,454 
17,694 
8,334 
Interest income
 
 
 
 
 
 
 
 
593 
779 
584 
Interest expense
 
 
 
 
 
 
 
 
(1,303)
(1,511)
(1,835)
Restructuring charges
(1,431)
(608)
(678)
(2,225)
(2,232)
(75)
(1,206)
(269)
(4,942)
(3,782)
(4,222)
Impairment losses
 
 
 
 
 
 
 
 
(302)
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
26,802 
13,180 
2,559 
U.S. [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
676,772 
631,360 
570,978 
Segment operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
5,579 
(6,269)
(15,217)
International [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
240,137 
218,639 
197,787 
Segment operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
12,321 
11,449 
10,088 
Intersegment eliminations [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
(14,869)
(9,449)
(12,281)
Marketing & Events Group [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
902,040 
840,550 
756,484 
Segment operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
17,900 
5,180 
(5,129)
Restructuring charges
 
 
 
 
 
 
 
 
(3,479)
(3,756)
(3,232)
Marketing & Events International [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Restructuring charges
 
 
 
 
 
 
 
 
(1,373)
 
(448)
Travel & Recreation Group [Member]
 
 
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
123,191 
101,814 
88,277 
Segment operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
23,962 
20,196 
19,885 
Restructuring charges
 
 
 
 
 
 
 
 
(79)
 
(235)
Impairment losses
 
 
 
 
 
 
 
 
   
 
(302)
Other Segments [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
41,862 
25,376 
14,756 
Corporate [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Restructuring charges
 
 
 
 
 
 
 
 
$ (11)
$ (26)
$ (307)
Segment Information (Details 1) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Reconciliation of assets from segment
 
 
 
Total Assets
$ 650,577 
$ 617,828 
$ 616,503 
Total Depreciation and Amortization
30,731 
29,126 
28,252 
Capital expenditures
27,675 
21,538 
17,040 
Marketing & Events Group [Member] |
U.S. [Member]
 
 
 
Reconciliation of assets from segment
 
 
 
Total Assets
203,145 
213,843 
235,965 
Total Depreciation and Amortization
17,643 
17,247 
17,887 
Capital expenditures
7,525 
11,692 
9,050 
Marketing & Events Group [Member] |
International [Member]
 
 
 
Reconciliation of assets from segment
 
 
 
Total Assets
100,387 
96,996 
83,441 
Total Depreciation and Amortization
5,162 
5,027 
4,486 
Capital expenditures
4,913 
5,635 
4,776 
Travel & Recreation Group [Member]
 
 
 
Reconciliation of assets from segment
 
 
 
Total Assets
223,199 
194,278 
157,562 
Total Depreciation and Amortization
7,781 
6,674 
5,648 
Capital expenditures
15,201 
3,271 
3,214 
Corporate and other[Member]
 
 
 
Reconciliation of assets from segment
 
 
 
Total Assets
123,846 
112,711 
139,535 
Total Depreciation and Amortization
145 
178 
231 
Capital expenditures
$ 36 
$ 940 
 
Segment Information (Details 2) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues
 
 
 
Total revenues
$ 1,025,231 
$ 942,364 
$ 844,761 
Exhibition and event services [Member]
 
 
 
Revenues
 
 
 
Total revenues
726,429 
670,054 
590,444 
Exhibits and Environments [Member]
 
 
 
Revenues
 
 
 
Total revenues
175,611 
170,496 
166,040 
Travel and Recreation Services [Member]
 
 
 
Revenues
 
 
 
Total revenues
$ 123,191 
$ 101,814 
$ 88,277 
Segment Information (Details 3) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues:
 
 
 
Total revenues
$ 1,025,231 
$ 942,364 
$ 844,761 
Long-lived assets:
 
 
 
Total long-lived assets
229,714 
204,864 
180,709 
United States [Member]
 
 
 
Revenues:
 
 
 
Total revenues
700,414 
660,998 
590,163 
Long-lived assets:
 
 
 
Total long-lived assets
141,727 
145,217 
117,751 
Canada [Member]
 
 
 
Revenues:
 
 
 
Total revenues
151,070 
140,374 
136,066 
Long-lived assets:
 
 
 
Total long-lived assets
76,067 
47,624 
51,182 
United Kingdom [Member]
 
 
 
Revenues:
 
 
 
Total revenues
153,027 
124,208 
93,092 
Long-lived assets:
 
 
 
Total long-lived assets
9,757 
8,165 
8,295 
Other International [Member]
 
 
 
Revenues:
 
 
 
Total revenues
20,720 
16,784 
25,440 
Long-lived assets:
 
 
 
Total long-lived assets
$ 2,163 
$ 3,858 
$ 3,481 
Segment Information (Details Textual)
12 Months Ended
Dec. 31, 2012
Segment Information (Textual) [Abstract]
 
Percent of segment's revenues
5.20% 
Percent of Viad's revenues
3.10% 
Common Stock Repurchases (Details) (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Common Stock Repurchases (Textual) [Abstract]
 
 
 
Viad announcement of intent to repurchase an additional shares of the Company's common stock
1,000,000 
 
 
Shares previously authorized to repurchase
30,438 
 
 
Repurchased shares
23,183 
250,760 
356,300 
Common stock purchased for treasury
$ (1,656,000)
$ (5,230,000)
$ (6,906,000)
Shares remain available for repurchase
1,030,438 
 
 
Repurchased shares tax withholding
56,885 
28,627 
28,407 
Share repurchased relating to tax withholding requirements
$ 1,100,000 
$ 679,000 
$ 573,000 
Discontinued Operations (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Discontinued Operations (Textual) [Abstract]
 
 
 
Income from discontinued operations
$ 624 
$ 451 
$ 262 
Condensed Consolidated Quarterly Results (Unaudited) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2012
Sep. 30, 2012
Jun. 30, 2012
Mar. 31, 2012
Dec. 31, 2011
Sep. 30, 2011
Jun. 30, 2011
Mar. 31, 2011
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Revenues
$ 202,552 
$ 307,457 
$ 246,450 
$ 268,772 
$ 197,405 
$ 216,169 
$ 238,692 
$ 290,098 
$ 1,025,231 
$ 942,364 
$ 844,761 
Operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Ongoing operations
(8,351)
34,182 
10,498 
5,533 
(7,157)
5,412 
9,862 
17,259 
 
 
 
Corporate activities
(3,408)
(2,036)
(2,187)
(1,777)
(2,479)
(2,356)
(1,576)
(1,271)
 
 
 
Restructuring charges
(1,431)
(608)
(678)
(2,225)
(2,232)
(75)
(1,206)
(269)
(4,942)
(3,782)
(4,222)
Operating income (loss)
(13,190)
31,538 
7,633 
1,531 
(11,868)
2,981 
7,080 
15,719 
32,454 
17,694 
8,334 
Income from continuing operations
(21,181)
19,976 
5,451 
1,027 
(6,758)
1,245 
4,485 
9,787 
5,959 
9,292 
817 
Net income attributable to Viad
$ (21,196)
$ 19,976 
$ 6,090 
$ 1,027 
$ (6,307)
$ 1,245 
$ 4,485 
$ 9,787 
$ 5,897 
$ 9,210 
$ 443 
Diluted income per common share
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Viad
$ (1.07)
$ 0.99 
$ 0.27 
$ 0.05 
$ (0.35)
$ 0.06 
$ 0.22 
$ 0.48 
$ 0.26 
$ 0.43 
$ 0.01 
Net income (loss) attributable to Viad
$ (1.07)
$ 0.99 
$ 0.30 
$ 0.05 
$ (0.32)
$ 0.06 
$ 0.22 
$ 0.48 
$ 0.29 
$ 0.45 
$ 0.02 
Basic income per common share
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Viad
$ (1.07)
$ 0.99 
$ 0.27 
$ 0.05 
$ (0.35)
$ 0.06 
$ 0.22 
$ 0.48 
$ 0.26 
$ 0.43 
$ 0.01 
Net income (loss) attributable to Viad
$ (1.07)
$ 0.99 
$ 0.30 
$ 0.05 
$ (0.32)
$ 0.06 
$ 0.22 
$ 0.48 
$ 0.29 
$ 0.45 
$ 0.02 
Condensed Consolidated Quarterly Results (Unaudited) (Details Textual) (Foreign Tax Authority [Member], USD $)
In Millions, unless otherwise specified
Dec. 31, 2012
Foreign Tax Authority [Member]
 
Condensed Consolidated Quarterly Results Unaudited (Textual) [Abstract]
 
Valuation allowance related to the foreign tax credit carryforwards
$ 13.4 
Subsequent Event (Details) (Subsequent Event [Member], Resource Creative Limited [Member])
Feb. 19, 2013
USD ($)
Feb. 19, 2013
GBP (£)
Subsequent Event (Textual) [Abstract]
 
 
Acquisition of business of Resource Creative Ltd
$ 647,000 
£ 420,000 
Deferred payment
$ 280,000 
£ 180,000 
Schedule II - Valuation And Qualifying Accounts (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Allowance for doubtful accounts [Member]
 
 
 
VALUATION AND QUALIFYING ACCOUNTS
 
 
 
Balance at beginning of Year
$ 1,072 
$ 1,172 
$ 3,892 
Additions Charged to Expense
708 
1,696 
615 
Additions Charged to Other Accounts
   
   
   
Deductions Write Offs
(630)
(1,796)
(3,335)
Deductions Credited to Other Accounts
   
   
   
Balance at end of Year
1,150 
1,072 
1,172 
Deferred tax valuation allowance [Member]
 
 
 
VALUATION AND QUALIFYING ACCOUNTS
 
 
 
Balance at beginning of Year
356 
411 
162 
Additions Charged to Expense
14,220 
 
411 
Additions Charged to Other Accounts
   
   
   
Deductions Write Offs
 
(55)
(162)
Deductions Credited to Other Accounts
   
   
   
Balance at end of Year
$ 14,576 
$ 356 
$ 411