VIAD CORP, 10-Q filed on 8/5/2022
Quarterly Report
v3.22.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2022
Aug. 02, 2022
Document Information [Line Items]    
Entity Registrant Name Viad Corp  
Entity Central Index Key 0000884219  
Document Type 10-Q  
Document Period End Date Jun. 30, 2022  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Entity Incorporation, State or Country Code DE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity File Number 001-11015  
Entity Tax Identification Number 36-1169950  
Entity Address, Address Line One 7000 East 1st Avenue  
Entity Address, City or Town Scottsdale  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85251-4304  
City Area Code 602  
Local Phone Number 207-1000  
Entity Common Stock, Shares Outstanding   20,621,244
Document Quarterly Report true  
Document Transition Report false  
Common Stock    
Document Information [Line Items]    
Trading Symbol VVI  
Title of 12(b) Security Common Stock, $1.50 Par Value  
Security Exchange Name NYSE  
Junior Participating Preferred Stock    
Document Information [Line Items]    
No Trading Symbol Flag true  
Title of 12(b) Security Preferred Stock Purchase Rights  
Security Exchange Name NYSE  
v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 54,516 $ 61,600
Accounts receivable, net of allowances for doubtful accounts of $3,178 and $1,808, respectively 157,868 91,966
Inventories 14,940 8,581
Current contract costs 22,302 11,105
Prepaid insurance 5,625 10,284
Other current assets 18,802 14,080
Total current assets 274,053 197,616
Property and equipment, net 559,179 549,108
Other investments and assets 15,687 16,718
Operating lease right-of-use assets 99,644 95,915
Deferred income taxes 847 1,006
Goodwill 126,877 112,078
Other intangible assets, net 64,878 65,189
Total Assets 1,141,165 1,037,630
Current liabilities    
Accounts payable 100,978 69,657
Contract liabilities 66,522 39,141
Accrued compensation 27,605 12,788
Operating lease obligations 13,285 12,451
Other current liabilities 50,488 28,289
Current portion of debt and finance lease obligations 9,144 12,800
Total current liabilities 268,022 175,126
Long-term debt and finance obligations 469,289 446,580
Pension and postretirement benefits 23,995 23,692
Long-term operating lease obligations 97,277 93,406
Other deferred items and liabilities 68,803 68,953
Total liabilities 927,386 807,757
Commitments and contingencies
Redeemable noncontrolling interest 5,823 5,444
Viad Corp stockholders’ equity:    
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued and outstanding 37,402 37,402
Additional capital 570,496 566,741
Accumulated deficit (362,782) (349,720)
Accumulated other comprehensive loss (35,094) (27,429)
Common stock in treasury, at cost, 4,323,739 and 4,381,606 shares, respectively (217,613) (220,712)
Total Viad stockholders’ equity (7,591) 6,282
Non-redeemable noncontrolling interest 82,956 85,556
Total stockholders’ equity 75,365 91,838
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity 1,141,165 1,037,630
Convertible Series A Preferred Stock    
Current liabilities    
Convertible Series A Preferred Stock, $0.01 par value, 180,000 shares authorized, 135,000 shares issued and outstanding $ 132,591 $ 132,591
v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Allowance for doubtful accounts $ 3,178 $ 1,808
Common stock, par value $ 1.50 $ 1.50
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 24,934,981 24,934,981
Common stock, shares outstanding 24,934,981 24,934,981
Treasury stock, shares 4,323,757 4,381,606
Convertible Series A Preferred Stock    
Preferred Stock, Par value $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 180,000 180,000
Preferred Stock, Shares Issued 135,000 135,000
Preferred Stock, Shares Outstanding 135,000 135,000
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue:        
Total revenue $ 319,203 $ 61,233 $ 496,563 $ 90,168
Costs and expenses:        
Corporate activities 3,440 3,006 6,113 5,011
Interest expense, net 7,761 5,565 13,638 10,650
Multi-employer pension plan withdrawal 0 57 0 57
Other expense, net 612 680 1,250 1,040
Restructuring charges 1,426 787 2,080 3,613
Impairment charges 0 0 583 0
Total costs and expenses 295,734 106,304 506,294 183,723
Income (loss) from continuing operations before income taxes 23,469 (45,071) (9,731) (93,555)
Income tax expense (benefit) 3,359 (2,166) 777 (5,211)
Income (loss) from continuing operations 20,110 (42,905) (10,508) (88,344)
Income (loss) from discontinued operations 52 (62) 327 286
Net income (loss) 20,162 (42,967) (10,181) (88,058)
Net (income) loss attributable to non-redeemable noncontrolling interest (451) 510 753 1,955
Net loss attributable to redeemable noncontrolling interest 128 431 266 925
Net income (loss) attributable to Viad $ 19,839 $ (42,026) $ (9,162) $ (85,178)
Diluted income (loss) per common share:        
Continuing operations attributable to Viad common stockholders $ 0.64 $ (2.18) $ (0.69) $ (4.41)
Discontinued operations attributable to Viad common stockholders 0 0 0.02 0.01
Net income (loss) attributable to Viad common stockholders [1] $ 0.64 $ (2.18) $ (0.67) $ (4.40)
Weighted-average outstanding and potentially dilutive common shares 20,731 20,397 20,544 20,384
Basic income (loss) per common share:        
Continuing operations attributable to Viad common stockholders $ 0.64 $ (2.18) $ (0.69) $ (4.41)
Discontinued operations attributable to Viad common stockholders   0 0.02 0.01
Net income (loss) attributable to Viad common stockholders $ 0.64 $ (2.18) $ (0.67) $ (4.40)
Weighted-average outstanding common shares 20,571 20,397 20,544 20,384
Amounts attributable to Viad        
Income (loss) from continuing operations $ 19,787 $ (41,964) $ (9,489) $ (85,464)
Income (loss) from discontinued operations 52 (62) 327 286
Net income (loss) 19,839 (42,026) (9,162) (85,178)
Services        
Revenue:        
Total revenue 254,132 46,306 405,269 71,206
Costs and expenses:        
Costs and expenses 223,177 76,052 395,131 132,420
Products        
Revenue:        
Total revenue 65,071 14,927 91,294 18,962
Costs and expenses:        
Costs and expenses $ 59,318 $ 20,157 $ 87,499 $ 30,932
[1] Diluted loss per share amount cannot exceed basic loss per share.
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net loss $ 20,162 $ (42,967) $ (10,181) $ (88,058)
Other comprehensive income (loss):        
Unrealized foreign currency translation adjustments (11,543) 3,677 (8,131) 7,654
Change in net actuarial loss, net of tax [1] 59 1 466 178
Change in prior service cost, net of tax [1] 0 0 0 (56)
Comprehensive loss 8,678 (39,289) (17,846) (80,282)
Non-redeemable noncontrolling interest:        
Comprehensive income (loss) attributable to non-redeemable noncontrolling interest (451) 510 753 1,955
Unrealized foreign currency translation adjustments (2,014) 1,069 (1,277) 1,819
Comprehensive loss attributable to redeemable noncontrolling interest 128 431 266 925
Comprehensive loss attributable to Viad $ 6,341 $ (37,279) $ (18,104) $ (75,583)
[1] The tax effect on other comprehensive income (loss) is not significant
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Capital
Retained earnings (Deflicit)
Accumulated Other Comprehensive Income (Loss)
Common Stock in Treasury
Total Viad Equity
Non-Redeemable Non-Controlling Interest
Mezzanine Equity Redeemable Non Controlling Interest
Convertible Series A Preferred Stock
Beginning Balance at Dec. 31, 2020 $ 174,099 $ 37,402 $ 568,100 $ (253,164) $ (30,641) $ (225,742) $ 95,955 $ 78,144 $ 5,225 $ 128,769
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) (44,597)     (43,152)     (43,152) (1,445) (494)  
Dividends on convertible preferred stock (1,898)   (1,898)       (1,898)     1,898
Capital contribution (distributions) to (from) noncontrolling interest (951)             (951) 142  
Payment of payroll taxes on stock-based compensation through shares withheld (519)         (519) (519)      
Employee benefit plans 380   (1,198)     1,578 380      
Share-based compensation - equity awards 1,626   1,626       1,626      
Unrealized foreign currency translation adjustment 4,727       3,977   3,977 750 77  
Amortization of net actuarial loss, net of tax 177       177   177      
Amortization of prior service cost, net of tax (56)       (56)   (56)      
Acquisitions 6,759             6,759    
Other, net 12   (13) (1)     12   56  
Ending Balance at Mar. 31, 2021 139,759 37,402 566,643 (296,317) (26,543) (224,683) 56,502 83,257 5,006 130,667
Beginning Balance at Dec. 31, 2020 174,099 37,402 568,100 (253,164) (30,641) (225,742) 95,955 78,144 5,225 128,769
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Amortization of net actuarial loss, net of tax [1] 178                  
Amortization of prior service cost, net of tax [1] (56)                  
Ending Balance at Jun. 30, 2021 102,567 37,402 566,658 (338,343) (22,865) (224,101) 18,751 83,816 5,325 132,591
Beginning Balance at Mar. 31, 2021 139,759 37,402 566,643 (296,317) (26,543) (224,683) 56,502 83,257 5,006 130,667
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) (42,536)     (42,026)     (42,026) (510) (431)  
Dividends on convertible preferred stock (1,923)   (1,923)       (1,923)     1,923
Capital contribution (distributions) to (from) noncontrolling interest 7             7 124  
Payment of payroll taxes on stock-based compensation through shares withheld (82)         (82) (82)      
Employee benefit plans 498   (143)     641 498      
Share-based compensation - equity awards 2,071   2,071       2,071      
Unrealized foreign currency translation adjustment 4,746       3,677   3,677 1,069 79  
Amortization of net actuarial loss, net of tax 1 [1]       1   1      
Amortization of prior service cost, net of tax [1] 0                  
Other, net 26   10     23 33 (7) 547 1
Ending Balance at Jun. 30, 2021 102,567 37,402 566,658 (338,343) (22,865) (224,101) 18,751 83,816 5,325 132,591
Beginning Balance at Dec. 31, 2021 91,838 37,402 566,741 (349,720) (27,429) (220,712) 6,282 85,556 5,444 132,591
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) (30,205)     (29,001)     (29,001) (1,204) (138)  
Dividends on convertible preferred stock (1,950)     (1,950)     (1,950)      
Payment of payroll taxes on stock-based compensation through shares withheld (349)         (349) (349)      
Employee benefit plans 686   (1,286)     1,972 686      
Share-based compensation - equity awards 2,385   2,385       2,385      
Unrealized foreign currency translation adjustment 4,149       3,412   3,412 737 49  
Amortization of net actuarial loss, net of tax 407       407   407      
Other, net (41)   (41)       (41)   351  
Ending Balance at Mar. 31, 2022 66,920 37,402 567,799 (380,671) (23,610) (219,089) (18,169) 85,089 5,706 132,591
Beginning Balance at Dec. 31, 2021 91,838 37,402 566,741 (349,720) (27,429) (220,712) 6,282 85,556 5,444 132,591
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Amortization of net actuarial loss, net of tax [1] 466                  
Amortization of prior service cost, net of tax [1] 0                  
Ending Balance at Jun. 30, 2022 75,365 37,402 570,496 (362,782) (35,094) (217,613) (7,591) 82,956 5,823 132,591
Beginning Balance at Mar. 31, 2022 66,920 37,402 567,799 (380,671) (23,610) (219,089) (18,169) 85,089 5,706 132,591
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) 20,290     19,839     19,839 451 (128)  
Dividends on convertible preferred stock (1,950)     (1,950)     (1,950)      
Capital contribution (distributions) to (from) noncontrolling interest (570)             (570)    
Payment of payroll taxes on stock-based compensation through shares withheld (5)         (5) (5)      
Employee benefit plans 833   (648)     1,481 833      
Share-based compensation - equity awards 3,370   3,370       3,370      
Unrealized foreign currency translation adjustment (13,557)       (11,543)   (11,543) (2,014) (167)  
Amortization of net actuarial loss, net of tax 59 [1]       59   59      
Amortization of prior service cost, net of tax [1] 0                  
Other, net (25)   (25)       (25)   412  
Ending Balance at Jun. 30, 2022 $ 75,365 $ 37,402 $ 570,496 $ (362,782) $ (35,094) $ (217,613) $ (7,591) $ 82,956 $ 5,823 $ 132,591
[1] The tax effect on other comprehensive income (loss) is not significant
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net loss $ (10,181) $ (88,058)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 26,486 26,510
Deferred income taxes (962) (4,253)
Income from discontinued operations (327) (286)
Restructuring charges 2,080 3,613
Impairment charges 583 0
Gains on dispositions of property and other assets (154) (9,360)
Share-based compensation expense 5,469 4,216
Multi-employer pension plan withdrawal 0 57
Other non-cash items, net 5,384 (33)
Change in operating assets and liabilities:    
Receivables (67,166) (7,056)
Inventories (6,461) (2,602)
Current contract costs (11,946) (4,372)
Accounts payable 32,942 6,456
Restructuring liabilities (1,894) (3,106)
Accrued compensation 12,586 7,145
Contract liabilities 27,167 27,770
Income taxes payable (193) 160
Other assets and liabilities, net 30,605 3,650
Net cash provided by (used in) operating activities 44,018 (39,549)
Cash flows from investing activities    
Capital expenditures (31,639) (24,763)
Cash paid for acquisitions, net (25,494) (7,606)
Proceeds from dispositions of property and other assets 161 14,227
Net cash used in investing activities (56,972) (18,142)
Cash flows from financing activities    
Proceeds from borrowings 54,668 65,608
Payments on debt and finance lease obligations (38,728) (9,027)
Dividends paid on preferred stock (3,900) 0
Distributions to noncontrolling interest, net of contributions from noncontrolling interest (570) (678)
Payments of debt issuance costs (418) (128)
Payment of payroll taxes on stock-based compensation through shares withheld or repurchased (537) (601)
Net cash provided by financing activities 10,515 55,174
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (1,924) 538
Net change in cash, cash equivalents, and restricted cash (4,363) (1,979)
Cash, cash equivalents, and restricted cash, beginning of year 64,303 41,971
Cash, cash equivalents, and restricted cash, end of period $ 59,940 $ 39,992
v3.22.2
Overview and Basis of Presentation
 6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Overview and Basis of Presentation

Note 1. Overview and Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022 (“2021 Form 10-K”).

The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation.

Nature of Business

We are a leading global provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events. During the first quarter of 2022, we rebranded GES’ brand experiences business and introduced Spiro to the market to accelerate our growth by servicing the changing needs of today’s brand marketers across a broader spectrum of their experiential marketing needs.

We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions as further described below. The Spiro and GES Exhibitions reportable segments are both live event businesses, and are collectively referred to as “GES.”

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that includes recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services. Pursuit comprises the Banff Jasper Collection, the Alaska Collection, the Glacier Park Collection, FlyOver, and Sky Lagoon.

Spiro

Spiro is an experiential marketing agency that partners with leading brands around the world to manage and elevate their global experiential marketing activities. Spiro builds immersive experiences with its clients starting with the strategic plan, creating the content and design, and finishing with the delivery and execution. Spiro delivers a broad range of unique and impactful experiences for its clients, including strategic exhibition program management, corporate meetings and events, digital experiences, corporate customer centers, brand and sports activations, product launches, consumer pop-up events, on-site services, and audio visual/technology solutions.

GES Exhibitions

GES Exhibitions is a global exhibition services company with a legacy spanning over 90 years and teams throughout North America, Europe, and the Middle East. GES Exhibitions partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows, including strategy, creative & design, registration & engagement, accommodations, logistics & management, material handling, overhead sign hanging, graphics and other rental and labor services. GES Exhibitions also serves as an in-house or preferred provider of electrical and other event services within event venues, including convention centers and conference hotels.

Reclassifications

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our chief operating decision maker (“CODM”) reviews the financial performance of GES and makes decisions regarding the allocation of resources. As a result, we changed the presentation of certain items in GES’ disaggregation of revenue and reportable segments. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 23 – Segment Information for additional information. We also

reclassified certain prior-year amounts to conform to current-period presentation. Such reclassifications had no impact on our results of operations or cash flows.

Impact of COVID-19

Starting in mid-March 2020, the COVID-19 pandemic created severe disruptions in the live event and tourism industries, and those disruptions had a significant and negative impact on our operations and financial performance. We are not able to fully estimate the future impact of the pandemic on our business due to the evolving and uncertain nature of COVID-19, including the scope and magnitude of variants, infections and hospitalization rates, and any related government restrictions on travel or in-person events. We will continue to evaluate and implement additional actions necessary to mitigate the negative financial and operational impact of COVID-19 on our business.

Impact of Recent Accounting Pronouncements

The following table provides a brief description of recent accounting pronouncements:

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers

 

Amendment relates to the application of Topic 805, Business Combinations, to contracts with a customer acquired in a business combination after the acquirer has adopted Topic 606. ASU 2021-08 requires contract assets and contract liabilities to be accounted for as if they (the acquirer) entered into the original contract at the same time and same date as the acquiree.

 

1/1/2023

 

We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We do not expect this new guidance will have a material impact on our consolidated financial statements.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s

 

The amendment simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. The amendment also required expanded disclosures about the terms and features of convertible instruments.

 

1/1/2022

 

The adoption of this new standard on January 1, 2022 did not have a material impact on our consolidated financial statements.

ASU 2021-10, Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance

 

Amendment improves the transparency of disclosures about government assistance received by business entities by requiring annual disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements.

 

1/1/2022

 

We adopted this new standard on a prospective basis. This new guidance will be effective for our Annual Report on Form 10-K for the year ending December 31, 2022, whereby we will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. We do not expect this new standard to have a material impact our consolidated financial statements or related disclosures.

 

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates.

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less. Cash and cash equivalents consist of cash and bank demand deposits and money market funds. Investments in money market funds are classified as available-for-sale and carried at fair value. Restricted cash represents collateral required for surety bonds, bank guarantees, letters of credit, and corporate credit cards.

Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

54,516

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,424

 

 

 

2,703

 

Cash, cash equivalents, and restricted cash shown in the statement of cash flows

 

$

59,940

 

 

$

64,303

 

Revenue Recognition

Revenue is measured based on a specified amount of consideration in a contract with a customer, net of commissions paid to customers and amounts collected on behalf of third parties. We recognize revenue when a performance obligation is satisfied by transferring control of a product or delivering the service to a customer.

Pursuit’s service revenue is derived through its admissions, accommodations, and transportation services. Product revenue is derived through food and beverage and retail sales. Revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits, and product revenue is recognized at a point in time.

GES’ service revenue is primarily derived through its comprehensive range of marketing, event production, and other related services to event organizers and corporate brand marketers. GES’ service revenue is earned over time over the duration of the live event, which generally lasts one to three days. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. GES’ product revenue is derived from the build of exhibits, environments, and graphics and is recognized at a point in time upon delivery of the product.

Noncontrolling Interests – Non-redeemable and Redeemable

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.

We consider noncontrolling interests with redemption features that are not solely within our control to be redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 56.4% equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered mezzanine equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to accumulated deficit and is included in our income (loss) per share. Refer to Note 22 – Noncontrolling Interest – Redeemable and Non-redeemable for additional information.

Convertible Preferred Stock

We record shares of convertible preferred stock based on proceeds received net of costs on the date of issuance. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as mezzanine equity and is reported between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets.

Leases

We recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet and classify leases as either finance or operating leases. The classification of the lease determines whether we recognize the lease expense on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider

if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term.

Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards for our GES business. These facility leases have lease terms ranging up to 24 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our Pursuit hotels or attractions are located and have lease terms ranging up to 46 years.

If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. We evaluate the reasonably certain threshold at lease commencement, and it is typically met if we identify substantial economic incentives or termination penalties. We do not include variable leases and variable non-lease components in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.

Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country.

We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities as an offset to lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases.
v3.22.2
Revenue and Related Contract Costs and Contract Liabilities
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue and Related Contract Costs and Contract Liabilities

Note 2. Revenue and Related Contract Costs and Contract Liabilities

Pursuit’s performance obligations are short-term in nature. They include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, and/or the sale of food, beverage, or retail products. We recognize revenue when the service has been provided or the product has been delivered. When we extend credit, payment terms are generally within 30 days and contain no significant financing components.

GES’ performance obligations consist of services or product(s) outlined in a contract. While we often sign multi-year contracts for recurring events, the obligations for each occurrence are well defined and conclude upon the occurrence of each event. The obligations are typically the provision of services and/or sale of a product in connection with a live event. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. We recognize revenue for services generally at the close of the live event. We recognize revenue for products either upon delivery to the customer’s location, upon delivery to an event that we are serving, or when we have the right to invoice. In circumstances where a customer cancels a contract, we generally have the right to bill the customer for costs incurred to date. Payment terms are generally within 30-60 days and contain no significant financing components.

Contract Liabilities

Pursuit and GES typically receive customer deposits prior to transferring the related product or service to the customer. We record these deposits as a contract liability, which are recognized as revenue upon satisfaction of the related contract performance obligation(s). GES also provides customer rebates and volume discounts to certain event organizers that we recognize as a reduction of revenue. We include these amounts in “Contract liabilities” and “Other deferred items and liabilities” in the Condensed Consolidated Balance Sheets.

Changes to contract liabilities are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

39,662

 

Cash additions

 

 

93,013

 

Revenue recognized

 

 

(58,618

)

Foreign exchange translation adjustment

 

 

(7,121

)

Balance at June 30, 2022

 

$

66,936

 

 

Contract Costs

GES capitalizes certain incremental costs incurred in obtaining and fulfilling contracts. Capitalized costs principally relate to direct costs of materials and services incurred in fulfilling services of future live events, and also include up-front incentives and commissions incurred upon contract signing. We expense costs associated with preliminary contract activities (i.e. proposal activities) as incurred. Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in Costs of services or Costs of products, as applicable. We include the deferred incremental costs of obtaining and fulfilling contracts in “Current contract costs” and “Other investments and assets” in the Condensed Consolidated Balance Sheets.

Changes to contract costs are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

13,790

 

Additions

 

 

32,034

 

Expenses

 

 

(20,584

)

Foreign exchange translation adjustment

 

 

(485

)

Balance at June 30, 2022

 

$

24,755

 

As of June 30, 2022, capitalized contract costs consisted of $0.2 million to obtain contracts and $24.6 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs during the three and six months ended June 30, 2022 or 2021.

Disaggregation of Revenue

The following tables disaggregate Pursuit and GES revenue by major service and product lines, timing of revenue recognition, and markets served:

Pursuit

During the first quarter of 2022, we reallocated certain ancillary revenue presented in Pursuit’s services revenue to better align with how we analyze revenue and depict the nature of revenue. All prior periods have been reclassified to conform to this new presentation.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

29,337

 

 

$

10,105

 

 

$

38,539

 

 

$

11,589

 

Rooms revenue

 

 

20,559

 

 

 

11,370

 

 

 

27,462

 

 

 

16,139

 

Transportation

 

 

3,755

 

 

 

923

 

 

 

4,934

 

 

 

1,460

 

Other

 

 

3,017

 

 

 

2,547

 

 

 

4,387

 

 

 

3,642

 

Total services revenue

 

 

56,668

 

 

 

24,945

 

 

 

75,322

 

 

 

32,830

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

12,171

 

 

 

5,899

 

 

 

16,264

 

 

 

7,123

 

Retail operations

 

 

8,760

 

 

 

5,469

 

 

 

9,797

 

 

 

6,150

 

Total products revenue

 

 

20,931

 

 

 

11,368

 

 

 

26,061

 

 

 

13,273

 

Total revenue

 

$

77,599

 

 

$

36,313

 

 

$

101,383

 

 

$

46,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

56,668

 

 

$

24,945

 

 

$

75,322

 

 

$

32,830

 

Products transferred at a point in time

 

 

20,931

 

 

 

11,368

 

 

 

26,061

 

 

 

13,273

 

Total revenue

 

$

77,599

 

 

$

36,313

 

 

$

101,383

 

 

$

46,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

$

38,962

 

 

$

10,658

 

 

$

53,292

 

 

$

19,118

 

Alaska Collection

 

 

13,319

 

 

 

11,058

 

 

 

13,816

 

 

 

11,347

 

Glacier Park Collection

 

 

13,581

 

 

 

10,968

 

 

 

14,590

 

 

 

11,546

 

FlyOver

 

 

5,870

 

 

 

735

 

 

 

10,009

 

 

 

1,198

 

Sky Lagoon

 

 

5,867

 

 

 

2,894

 

 

 

9,676

 

 

 

2,894

 

Total revenue

 

$

77,599

 

 

$

36,313

 

 

$

101,383

 

 

$

46,103

 

 

GES

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our CODM reviews the financial performance of GES and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are Spiro and GES Exhibitions. As a result, we changed certain items in the following disaggregation of revenue table. All prior periods have been reclassified to conform to the new reporting structure.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service lines:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

$

89,425

 

 

$

11,944

 

 

$

132,241

 

 

$

24,003

 

GES Exhibitions

 

 

154,600

 

 

 

13,057

 

 

 

266,431

 

 

 

20,209

 

Intersegment eliminations

 

 

(2,421

)

 

 

(81

)

 

 

(3,492

)

 

 

(147

)

Total revenue

 

$

241,604

 

 

$

24,920

 

 

$

395,180

 

 

$

44,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

197,464

 

 

$

21,361

 

 

$

329,947

 

 

$

38,376

 

Products transferred over time(1)

 

 

16,025

 

 

 

733

 

 

 

23,963

 

 

 

1,150

 

Products transferred at a point in time

 

 

28,115

 

 

 

2,826

 

 

 

41,270

 

 

 

4,539

 

Total revenue

 

$

241,604

 

 

$

24,920

 

 

$

395,180

 

 

$

44,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

189,670

 

 

$

19,472

 

 

$

318,697

 

 

$

35,330

 

EMEA

 

 

58,534

 

 

 

6,074

 

 

 

84,347

 

 

 

9,977

 

Intersegment eliminations

 

 

(6,600

)

 

 

(626

)

 

 

(7,864

)

 

 

(1,242

)

Total revenue

 

$

241,604

 

 

$

24,920

 

 

$

395,180

 

 

$

44,065

 

 

(1)
GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.
v3.22.2
Share-Based Compensation
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation

Note 3. Share-Based Compensation

We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan, as amended, (the “2017 Plan”). The 2017 Plan has a 10-year term and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. In June 2017, we reserved 1,750,000 shares of common stock for issuance under the 2017 Plan. On May 24, 2022, we amended and restated the 2017 Plan, which among other things, increased the number of shares reserved for issuance under the 2017 Plan by 840,000 shares, thus bringing the total number of reserved shares to 2,590,000. As of June 30, 2022, there were 1,176,507 shares available for future grant under the 2017 Plan.

The following table summarizes share-based compensation expense:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Performance-based restricted stock units

 

$

705

 

 

$

466

 

 

$

719

 

 

$

606

 

Restricted stock awards and restricted stock units

 

 

1,787

 

 

 

1,436

 

 

 

3,349

 

 

 

2,680

 

Stock options

 

 

811

 

 

 

551

 

 

 

1,401

 

 

 

930

 

Share-based compensation expense before income tax

 

 

3,303

 

 

 

2,453

 

 

 

5,469

 

 

 

4,216

 

Income tax benefit(1)

 

 

(30

)

 

 

(28

)

 

 

(47

)

 

 

(55

)

Share-based compensation expense, net of income tax

 

$

3,273

 

 

$

2,425

 

 

$

5,422

 

 

$

4,161

 
(1)
The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.22.2
Acquisitions
 6 Months Ended
Jun. 30, 2022
Business Combinations [Abstract]  
Acquisitions

Note 4. Acquisitions

2022 Acquisition

Glacier Raft Company

On April 6, 2022, we acquired the Glacier Raft Company, which provides guided river rafting trips operating in Pursuit’s West Glacier, Montana operations. The Glacier Raft Company also owns 13 log cabins, a lodge, and a wedding venue located on 50 acres with views into Glacier National Park. The purchase price was $26.5 million in cash, subject to certain adjustments. This acquisition was funded via cash on hand of approximately $11.5 million and borrowings under our revolving credit facility of $15.0 million.

The following table summarizes the preliminary allocation of the fair value of the assets acquired and liabilities assumed at the date of acquisition. Due to the recent timing of the acquisition, the purchase price allocation is not yet finalized and is subject to change within the measurement period (up to one year from the acquisition date).

(in thousands)

 

 

 

Purchase price paid as:

 

 

 

Cash

 

$

26,507

 

Working capital adjustment

 

 

(961

)

Purchase price adjustment

 

 

125

 

Cash acquired

 

 

(177

)

Purchase price, net of cash acquired

 

 

25,494

 

 

 

 

 

Fair value of net assets acquired:

 

 

 

Inventory

 

 

370

 

Prepaid expenses and other

 

 

57

 

Property and equipment

 

 

6,487

 

Intangible assets

 

 

3,400

 

Total assets acquired

 

 

10,314

 

Customer deposits

 

 

1,575

 

Other current liabilities

 

 

32

 

Total liabilities assumed

 

 

1,607

 

Total fair value of net assets acquired

 

 

8,707

 

Excess purchase price over fair value of net assets acquired (“goodwill”)

 

$

16,787

 

Under the acquisition method of accounting, the purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over the fair value of net assets acquired was recorded as “Goodwill.” Goodwill is included in the Pursuit reportable segment. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to future growth opportunities when combined with our other businesses. Goodwill is deductible for tax purposes. We included these assets in the Condensed Consolidated Balance Sheets from the date of acquisition.

Following are details of the purchase price allocated to the intangible assets acquired for the Glacier Raft Company:

(in thousands)

 

Amount

 

 

Weighted Average Life

Customer relationships

 

$

1,800

 

 

12 years

Operating licenses

 

 

1,300

 

 

17 years

Trade name

 

 

300

 

 

8 years

Total

 

$

3,400

 

 

13.6 years

 

Transaction costs associated with the acquisition were $0.1 million during 2022, which are included in “Costs of services” in the Condensed Consolidated Statements of Operations.

2021 Acquisition

Golden Skybridge

On March 18, 2021, we acquired a 60% controlling interest in the Golden Skybridge attraction for total cash consideration of $15 million Canadian dollars (approximately $12 million U.S. dollars), of which $6 million Canadian dollars (approximately $4.8 million U.S. dollars) were primarily used to fund additional experiences. The Golden Skybridge opened in June 2021.

The fair value of net assets acquired as of the acquisition date included $2.2 million U.S. dollars in property and equipment and $6.8 million U.S. dollars in noncontrolling interest. Under the acquisition method of accounting, the purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over the fair value of net assets acquired of $11.8 million U.S. dollars was recorded as “Goodwill.” Goodwill is included in the Pursuit reportable segment. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to future growth opportunities when combined with our other businesses. Goodwill is not deductible for tax purposes. We included these assets in the Condensed Consolidated Balance Sheets from the date of acquisition.

Transaction costs associated with the acquisition were $0.4 million U.S. dollars during 2021, which are included in “Costs of services” in the Condensed Consolidated Statements of Operations.

v3.22.2
Inventories
 6 Months Ended
Jun. 30, 2022
Inventory Disclosure [Abstract]  
Inventories

Note 5. Inventories

We state inventories, which consist primarily of exhibit design and construction materials and supplies, as well as retail inventory, at the lower of cost (first-in, first-out and specific identification methods) or net realizable value.

The components of inventories consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Raw materials

 

$

1,595

 

 

$

2,350

 

Finished goods

 

 

13,345

 

 

 

6,231

 

Inventories

 

$

14,940

 

 

$

8,581

 
v3.22.2
Other Current Assets
 6 Months Ended
Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets

Note 6. Other Current Assets

Other current assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Restricted cash

 

$

5,424

 

 

$

2,703

 

Prepaid software maintenance

 

 

5,153

 

 

 

4,154

 

Income tax receivable

 

 

2,994

 

 

 

1,901

 

Prepaid vendor payments

 

 

1,705

 

 

 

1,604

 

Prepaid taxes

 

 

311

 

 

 

456

 

Prepaid other

 

 

1,698

 

 

 

1,165

 

Other

 

 

1,517

 

 

 

2,097

 

Other current assets

 

$

18,802

 

 

$

14,080

 
v3.22.2
Property and Equipment
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 7. Property and Equipment

Property and equipment consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Land and land interests

 

$

31,316

 

 

$

30,532

 

Buildings and leasehold improvements

 

 

408,114

 

 

 

407,930

 

Equipment and other

 

 

436,076

 

 

 

413,684

 

Gross property and equipment

 

 

875,506

 

 

 

852,146

 

Accumulated depreciation

 

 

(378,428

)

 

 

(364,060

)

Property and equipment, net (excluding finance leases)

 

 

497,078

 

 

 

488,086

 

Finance lease ROU assets, net

 

 

62,101

 

 

 

61,022

 

Property and equipment, net

 

$

559,179

 

 

$

549,108

 

 

Depreciation expense was $10.8 million for the three months ended June 30, 2022 and $21.8 million for the six months ended June 30, 2022. Depreciation expense was $10.7 million for the three months ended June 30, 2021 and $21.6 million for the six months ended June 30, 2021.

Property and equipment purchased through accounts payable and accrued liabilities decreased $0.4 million during the six months ended June 30, 2022 and increased $4.2 million during the six months ended June 30, 2021. Capitalized interest was $0.7 million for the three months ended June 30, 2022 and $2.6 million for the six months ended June 30, 2022, which was primarily related to the development of Pursuit’s FlyOver attractions.

v3.22.2
Other Investments and Assets
 6 Months Ended
Jun. 30, 2022
Investments, All Other Investments [Abstract]  
Other Investments and Assets

Note 8. Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Self-insured liability receivable

 

$

6,847

 

 

$

6,847

 

Other mutual funds

 

 

3,459

 

 

 

4,057

 

Contract costs

 

 

2,453

 

 

 

2,685

 

Other

 

 

2,928

 

 

 

3,129

 

Other investments and assets

 

$

15,687

 

 

$

16,718

 
v3.22.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 9. Goodwill and Other Intangible Assets

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

 

(in thousands)

 

Pursuit

 

Balance at December 31, 2021

 

$

112,078

 

Business acquisition

 

 

16,787

 

Foreign currency translation adjustments

 

 

(1,988

)

Balance at June 30, 2022

 

$

126,877

 

Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We use a discounted expected future cash flow methodology (income approach) to estimate the fair value of our reporting units for purposes of goodwill impairment testing.

Other intangible assets consisted of the following:

 

 

 

 

 

June 30, 2022

 

 

December 31, 2021

 

(in thousands)

 

Useful Life
(Years)

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

7.2

 

$

37,485

 

 

$

(28,764

)

 

$

8,721

 

 

$

36,848

 

 

$

(28,372

)

 

$

8,476

 

Operating contracts and licenses

 

34.6

 

 

41,444

 

 

 

(3,113

)

 

 

38,331

 

 

 

40,927

 

 

 

(2,660

)

 

 

38,267

 

In-place lease

 

34.3

 

 

15,183

 

 

 

(1,280

)

 

 

13,903

 

 

 

15,464

 

 

 

(1,084

)

 

 

14,380

 

Tradenames

 

4.3

 

 

5,823

 

 

 

(3,128

)

 

 

2,695

 

 

 

5,626

 

 

 

(2,819

)

 

 

2,807

 

Other

 

5.7

 

 

810

 

 

 

(154

)

 

 

656

 

 

 

824

 

 

 

(139

)

 

 

685

 

Total amortized intangible assets

 

 

 

 

100,745

 

 

 

(36,439

)

 

 

64,306

 

 

 

99,689

 

 

 

(35,074

)

 

 

64,615

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

572

 

 

 

—

 

 

 

572

 

 

 

574

 

 

 

—

 

 

 

574

 

Other intangible assets, net

 

 

 

$

101,317

 

 

$

(36,439

)

 

$

64,878

 

 

$

100,263

 

 

$

(35,074

)

 

$

65,189

 

 

Intangible asset amortization expense (excluding amortization expense of ROU assets) was $1.4 million for the three months ended June 30, 2022 and $2.6 million for the six months ended June 30, 2022. Intangible assets amortization expense was $1.6 million for the three months ended June 30, 2021 and $2.8 million for the six months ended June 30, 2021.

At June 30, 2022, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

 

(in thousands)

 

 

 

Year ending December 31,

 

 

 

Remainder of 2022

 

$

2,686

 

2023

 

 

4,710

 

2024

 

 

3,746

 

2025

 

 

2,439

 

2026

 

 

2,404

 

Thereafter

 

 

48,321

 

Total

 

$

64,306

 
v3.22.2
Other Current Liabilities
 6 Months Ended
Jun. 30, 2022
Other Liabilities, Current [Abstract]  
Other Current Liabilities

Note 10. Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Commissions payable

 

$

9,786

 

 

$

4,119

 

Accommodation service deposits

 

 

9,420

 

 

 

892

 

Accrued sales and use taxes

 

 

8,688

 

 

 

3,428

 

Self-insured liability

 

 

5,428

 

 

 

4,815

 

Accrued employee benefit costs

 

 

4,188

 

 

 

4,164

 

Accrued concession fees

 

 

3,089

 

 

 

964

 

Accrued professional fees

 

 

1,310

 

 

 

1,671

 

Current portion of pension and postretirement liabilities

 

 

1,457

 

 

 

1,637

 

Accrued restructuring

 

 

628

 

 

 

864

 

Accrued interest payable

 

 

233

 

 

 

228

 

Other taxes

 

 

1,252

 

 

 

1,042

 

Other

 

 

4,509

 

 

 

3,999

 

Total continuing operations

 

 

49,988

 

 

 

27,823

 

Discontinued operations:

 

 

 

 

 

 

Self-insured liability

 

 

354

 

 

 

312

 

Environmental remediation liabilities

 

 

52

 

 

 

60

 

Other

 

 

94

 

 

 

94

 

Total discontinued operations

 

 

500

 

 

 

466

 

Total other current liabilities

 

$

50,488

 

 

$

28,289

 
v3.22.2
Other Deferred Items and Liabilities
 6 Months Ended
Jun. 30, 2022
Other Liabilities Disclosure [Abstract]  
Other Deferred Items and Liabilities

Note 11. Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Foreign deferred tax liability

 

$

28,636

 

 

$

27,748

 

Multi-employer pension plan withdrawal liability

 

 

14,041

 

 

 

14,260

 

Self-insured excess liability

 

 

6,847

 

 

 

6,847

 

Self-insured liability

 

 

4,944

 

 

 

5,119

 

Accrued compensation

 

 

4,708

 

 

 

5,696

 

Accrued restructuring

 

 

2,629

 

 

 

2,571

 

Other

 

 

3,144

 

 

 

2,758

 

Total continuing operations

 

 

64,949

 

 

 

64,999

 

Discontinued operations:

 

 

 

 

 

 

Environmental remediation liabilities

 

 

2,176

 

 

 

2,168

 

Self-insured liability

 

 

1,428

 

 

 

1,535

 

Other

 

 

250

 

 

 

251

 

Total discontinued operations

 

 

3,854

 

 

 

3,954

 

Total other deferred items and liabilities

 

$

68,803

 

 

$

68,953

 
v3.22.2
Debt and Finance Lease Obligations
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Debt and Finance Lease Obligations

Note 12. Debt and Finance Obligations

The components of debt and finance obligations consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2022

 

 

2021

 

2021 Credit Facility - Term Loan B, 6.1% interest rate at June 30, 2022 and 5.5% at December 31, 2021, due through 2028(1)

 

$

397,000

 

 

$

399,000

 

2021 Credit Facility - Revolving Credit Facility, 7.3% weighted-average interest rate at June 30, 2022, due through 2026(1)

 

 

15,000

 

 

 

—

 

Forest Park Hotel Construction Loan Facility, 4.8% interest rate at June 30, 2022, due through 2027(1)

 

 

8,634

 

 

 

—

 

FlyOver Iceland Credit Facility, 4.9% interest rate at June 30, 2022 and December 31, 2021, due through 2025(1)

 

 

5,123

 

 

 

5,566

 

FlyOver Iceland Term Loans, 8.6% weighted-average interest rate at June 30, 2022 and 3.8% at December 31, 2021, due through 2024(1)

 

 

679

 

 

 

689

 

Less unamortized debt issuance costs

 

 

(13,864

)

 

 

(14,804

)

Total debt

 

 

412,572

 

 

 

390,451

 

Finance lease obligations, 9.1% weighted-average interest rate at June 30, 2022 and December 31, 2021, due through 2067

 

 

64,895

 

 

 

63,401

 

Financing arrangements

 

 

966

 

 

 

5,528

 

Total debt and finance obligations (2)(3)

 

 

478,433

 

 

 

459,380

 

Current portion

 

 

(9,144

)

 

 

(12,800

)

Long-term debt and finance obligations

 

$

469,289

 

 

$

446,580

 
(1)
Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.
(2)
The estimated fair value of total debt and finance leases was $340.8 million as of June 30, 2022 and $328.9 million as of December 31, 2021. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements.
(3)
Cash paid for interest on debt was $14.6 million during the six months ended June 30, 2022 and $10.3 million during the six months ended June 30, 2021.

2021 Credit Facility

Effective July 30, 2021, we entered into a new $500 million credit facility (the “2021 Credit Facility”). The 2021 Credit Facility provides for a $400 million Term Loan B with a maturity date of July 30, 2028 and a $100 million revolving credit facility with a maturity date of July 30, 2026. The proceeds will be used to provide for financial flexibility to fund future acquisitions and growth initiatives and for general corporate purposes.

On March 23, 2022, we entered into an amendment to the 2021 Credit Facility, which modified the revolving credit facility’s financial covenants as detailed below.

Term Loan B

The $400 million Term Loan B proceeds were offset in part by $14.8 million in related fees. The proceeds from the Term Loan B were used to repay the $327 million outstanding balance under our then outstanding $450 million revolving credit facility. The interest rate on the Term Loan B is London Interbank Offered Rate (“LIBOR”) plus 5.00%, with a LIBOR floor of 0.50%. There are no financial covenants under the Term Loan B.

Revolving Credit Facility

The following are significant terms under the revolving credit facility, as amended:

•
Maintain minimum liquidity of $75 million until the compliance certificate and financial statements for the quarter ended September 30, 2022 are received by the administrative agent, with liquidity defined as unrestricted cash and available capacity on our revolving credit facility;
•
Financial covenants will first be tested as of September 30, 2022 as described below:
o
Maintain a total net leverage ratio of not greater than 5.25 to 1.00 at September 30, 2022 with a step-down to 4.75 to 1.00 at December 31, 2022, 4.50 to 1.00 at March 31, 2023, and 4.00 to 1.00 at June 30, 2023 and thereafter; and
o
Maintain an interest coverage ratio of not less than 2.00 to 1.00 at September 30, 2022, with a step-up to 2.50 to 1.00 on December 31, 2022 and thereafter.
•
Interest rate during minimum liquidity period is LIBOR plus 3.50% and a 0.50% commitment fee; and
•
Interest rates during the leverage test period are based on the net leverage ratio and range from LIBOR plus 2.50% with an undrawn fee of 0.30% to LIBOR plus 3.50% with an undrawn fee of 0.50%.

On April 6, 2022, we borrowed $15.0 million from the revolving credit facility to partially fund the Glacier Raft Company acquisition. Refer to Note 4 – Acquisitions for additional information.

As of June 30, 2022, capacity remaining under the Revolving Credit Facility was $72.3 million, reflecting $100.0 million total facility size, less $15.0 million of borrowings and $12.7 million in outstanding letters of credit.

Forest Park Hotel Construction Loan Facility

Effective May 17, 2022, Pursuit, through a 60% owned subsidiary, entered into a construction loan facility for borrowings up to $17.0 million Canadian dollars (approximately $13.3 million U.S. dollars) for the development and construction of the Forest Park Hotel in Jasper National Park. The construction loan facility requires interest only payments through November 2023 at Canada Prime plus 2.35% per annum. After November 2023, the construction loan will be converted to a term loan and the interest rate will be at Canada Prime plus 1.50% per annum. The construction loan facility matures on May 17, 2027. As of June 30, 2022, funds of $5.9 million Canadian dollars (approximately $4.6 million U.S. dollars) were available. Construction of the Forest Park Hotel is expected to be completed in August 2022.

FlyOver Iceland Credit Facility

Effective February 15, 2019, FlyOver Iceland ehf., (“FlyOver Iceland”) a wholly-owned subsidiary of Esja, entered into a credit agreement with a €5.0 million (approximately $5.6 million U.S. dollars) credit facility (the “FlyOver Iceland Credit Facility”) with a maturity date of March 1, 2022. The loan proceeds were used to complete the development of the FlyOver Iceland attraction.

We entered into an addendum effective December 1, 2021 wherein the principal payments were deferred for twelve months beginning December 1, 2021, with the first payment due December 1, 2022. The addendum extended the maturity date to March 1, 2025 and provided for a semi-annual waiver of certain covenants through June 30, 2022 with the first testing date as of December 31, 2022. Conditions to the addendum included securing additional capital of ISK 75.0 million (approximately $0.6 million) in January 2022, which was completed, in order to strengthen FlyOver Iceland’s liquidity position. There were no other changes to the terms of the FlyOver Iceland Credit Facility.

FlyOver Iceland Term Loans

During 2020, FlyOver Iceland entered into three term loans totaling ISK 90.0 million (approximately $0.7 million U.S. dollars) (the “FlyOver Iceland Term Loans”). The first term loan for ISK 10.0 million was entered into effective October 15, 2020 with a maturity date of April 1, 2023 and bears interest on a seven-day term deposit at the Central Bank of Iceland. The second term loan for ISK 30.0 million was entered into effective October 15, 2020 with a maturity date of October 1, 2024 and bears interest on a seven-day term deposit at the Central Bank of Iceland plus 3.07%. The third term loan for ISK 50.0 million was entered into effective December 29, 2020 with a maturity date of February 1, 2023 and bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan. Loan proceeds were used to fund FlyOver Iceland operations.

Financing arrangements

We have insurance premium financing arrangements in order to finance certain of our insurance premium payments. The financing arrangements are payable within the next 12 months and bear a weighted average interest rate of 2.7%.
v3.22.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 13. Fair Value Measurements

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

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

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

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

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

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

June 30, 2022

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other mutual funds (2)

 

 

3,459

 

 

 

3,459

 

 

 

—

 

 

 

—

 

Total assets at fair value on a recurring basis

 

$

3,459

 

 

$

3,459

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2021

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,003

 

 

$

11,003

 

 

$

—

 

 

$

—

 

Other mutual funds (2)

 

 

4,057

 

 

 

4,057

 

 

 

—

 

 

 

—

 

Total assets at fair value on a recurring basis

 

$

15,060

 

 

$

15,060

 

 

$

—

 

 

$

—

 

 

(1)
We include money market funds in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. We classify these investments as available-for-sale and record them at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.
(2)
We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

The carrying values of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term nature of these instruments. Refer to Note 12 – Debt and Finance Obligations for the estimated fair value of debt obligations.
v3.22.2
Loss Per Share
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Income (Loss) Per Share

Note 14. Income (Loss) Per Share

The components of basic and diluted loss per share are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss) attributable to Viad

 

$

19,839

 

 

$

(42,026

)

 

$

(9,162

)

 

$

(85,178

)

Less: Allocation to participating securities

 

 

(4,293

)

 

 

—

 

 

 

—

 

 

 

—

 

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

—

 

 

 

(3,900

)

 

 

—

 

Convertible preferred stock dividends paid in kind

 

 

—

 

 

 

(1,923

)

 

 

—

 

 

 

(3,821

)

Adjustment to the redemption value of redeemable noncontrolling interest

 

 

(412

)

 

 

(547

)

 

 

(763

)

 

 

(603

)

Net income (loss) allocated to Viad common stockholders (basic)

 

$

13,184

 

 

$

(44,496

)

 

$

(13,825

)

 

$

(89,602

)

Add: Allocation to participating securities

 

 

25

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income (loss) allocated to Viad common stockholders (diluted)

 

$

13,209

 

 

$

(44,496

)

 

$

(13,825

)

 

$

(89,602

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

20,571

 

 

 

20,397

 

 

 

20,544

 

 

 

20,384

 

Additional dilutive shares related to share-based compensation

 

 

160

 

 

 

—

 

 

 

—

 

 

 

—

 

Diluted weighted-average outstanding shares

 

 

20,731

 

 

 

20,397

 

 

 

20,544

 

 

 

20,384

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

0.64

 

 

$

(2.18

)

 

$

(0.67

)

 

$

(4.40

)

Diluted income (loss) attributable to Viad common stockholders(1)

 

$

0.64

 

 

$

(2.18

)

 

$

(0.67

)

 

$

(4.40

)

 

(1)
Diluted loss per share amount cannot exceed basic loss per share.

Diluted loss per common share is calculated using the more dilutive of the two-class method or if-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income (loss) available to common stockholders and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. We apply the two-class method in calculating income (loss) per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends and preferred stock are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income (loss) per common share.

We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

2021

 

Convertible preferred stock

 

 

—

 

 

 

6,583

 

 

 

6,674

 

 

6,539

 

Unvested restricted share-based awards

 

 

17

 

 

 

161

 

 

 

168

 

 

172

 

Unvested performance share-based awards

 

 

33

 

 

 

34

 

 

 

51

 

 

23

 

Stock options

 

 

372

 

 

 

250

 

 

 

277

 

 

204

 
v3.22.2
Common and Preferred Stock
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Common and Preferred Stock

Note 15. Common and Preferred Stock

Convertible Series A Preferred Stock

On August 5, 2020, we entered into an investment agreement with funds managed by private equity firm Crestview Partners (the “Investment Agreement”), relating to the issuance of 135,000 shares of newly issued Convertible Series A Preferred Stock, par value $0.01 per share (the “Convertible Preferred Stock”), for an aggregate purchase price of $135 million or $1,000 per share. The $135 million issuance was offset in part by $9.2 million of expenses related to the capital raise. We have classified the Convertible Preferred Stock as mezzanine equity in the Condensed Consolidated Balance Sheet due to the existence of certain change in control provisions that are not solely within our control.

The Convertible Series A Preferred Stock carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option and is convertible at the option of the holders into shares of our common stock at a conversion price of $21.25 per share. Dividends paid-in-kind increase the redemption value of the preferred stock. The redemption value of the preferred stock was $141.8 million as of June 30, 2022 and June 30, 2021. Upon the occurrence of a change in control event, the holders have a right to require Viad to repurchase such preferred stock. During the six months ended June 30, 2022, $3.9 million of dividends were declared, all of which were paid in cash. We intend to pay preferred stock dividends in cash for the foreseeable future.

Holders of the Convertible Series A Preferred Stock are entitled to vote with holders of Viad’s common stock on an as-converted basis.

Common Stock Repurchases

Our Board of Directors previously authorized us to repurchase shares of our common stock from time to time at prevailing market prices. Effective February 7, 2019, our Board of Directors authorized the repurchase of an additional 500,000 shares. In March 2020, our Board of Directors suspended our share repurchase program. As of June 30, 2022, 546,283 shares remain available for repurchase. Additionally, we repurchase shares related to tax withholding requirements on vested restricted stock awards. Refer to Note 3 – Share-Based Compensation.
v3.22.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2022
Accumulated Other Comprehensive Income Loss [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 16. Accumulated Other Comprehensive Income (Loss)

 

Changes in accumulated other comprehensive income (loss) (“AOCI”) by component are as follows:

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2021

 

$

(16,162

)

 

$

(11,267

)

 

$

(27,429

)

Other comprehensive income before reclassifications

 

 

(8,131

)

 

 

—

 

 

 

(8,131

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

466

 

 

 

466

 

Net other comprehensive income (loss)

 

 

(8,131

)

 

 

466

 

 

 

(7,665

)

Balance at June 30, 2022

 

$

(24,293

)

 

$

(10,801

)

 

$

(35,094

)

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2020

 

$

(16,686

)

 

$

(13,955

)

 

$

(30,641

)

Other comprehensive loss before reclassifications

 

 

7,654

 

 

 

—

 

 

 

7,654

 

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

122

 

 

 

122

 

Net other comprehensive income

 

 

7,654

 

 

 

122

 

 

 

7,776

 

Balance at June 30, 2021

 

$

(9,032

)

 

$

(13,833

)

 

$

(22,865

)

 

Amounts reclassified that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net losses recognized during each period presented. We recorded these costs as components of net periodic cost for each period presented. Refer to Note 18 – Pension and Postretirement Benefits for additional information.
v3.22.2
Income Taxes
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

Note 17. Income Taxes

The effective tax rate was 14.3% for the three months ended June 30, 2022 and a negative 8.0% for the six months ended June 30, 2022. The effective tax rate was 4.8% for the three months ended June 30, 2021 and 5.6% for the six months ended June 30, 2021.

The income tax provision was computed based on our estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. The effective tax rates for the three and six months ended June 30, 2022 and 2021 were less than the federal statutory rate of 21% primarily as a result of excluding the tax benefits on losses recognized in the United States, United Kingdom, and other European countries where we have a valuation allowance. The six months ended June 30, 2022 was also impacted by a change in income or loss between jurisdictions.

We received net cash refunds of $0.6 million during the three months ended June 30, 2022 and made cash payments for income taxes of $0.8 million during the six months ended June 30, 2022. We received cash refunds of $0.3 million during the three months ended June 30, 2021 and made cash payments for income taxes of $0.4 million during the six months ended June 30, 2021.
v3.22.2
Pension and Postretirement Benefits
 6 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits

Note 18. Pension and Postretirement Benefits

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended June 30, 2022 and 2021 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

 

$

—

 

 

$

—

 

 

$

10

 

 

$

15

 

 

$

76

 

 

$

117

 

Interest cost

 

 

125

 

 

 

91

 

 

 

54

 

 

 

40

 

 

 

79

 

 

 

80

 

Expected return on plan assets

 

 

51

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

(98

)

 

 

(130

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

22

 

 

 

(2

)

 

 

—

 

 

 

—

 

Recognized net actuarial loss

 

 

134

 

 

 

159

 

 

 

23

 

 

 

42

 

 

 

36

 

 

 

50

 

Net periodic benefit cost

 

$

310

 

 

$

262

 

 

$

109

 

 

$

95

 

 

$

93

 

 

$

117

 

Settlement cost

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total expenses

 

$

310

 

 

$

262

 

 

$

109

 

 

$

95

 

 

$

93

 

 

$

117

 

The components of net periodic benefit cost of our pension and postretirement benefit plans for the six months ended June 30, 2022 and 2021 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

 

$

—

 

 

$

—

 

 

$

20

 

 

$

28

 

 

$

161

 

 

$

230

 

Interest cost

 

 

250

 

 

 

205

 

 

 

108

 

 

 

95

 

 

 

167

 

 

 

156

 

Expected return on plan assets

 

 

49

 

 

 

(15

)

 

 

—

 

 

 

—

 

 

 

(223

)

 

 

(255

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

44

 

 

 

(3

)

 

 

—

 

 

 

—

 

Recognized net actuarial loss

 

 

268

 

 

 

310

 

 

 

46

 

 

 

98

 

 

 

71

 

 

 

99

 

Net periodic benefit cost

 

$

567

 

 

$

500

 

 

$

218

 

 

$

218

 

 

$

176

 

 

$

230

 

Settlement cost

 

$

115

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

533

 

 

$

—

 

Total expenses

 

$

682

 

 

$

500

 

 

$

218

 

 

$

218

 

 

$

709

 

 

$

230

 

 

We expect to contribute $0.9 million to our funded pension plans, $0.9 million to our unfunded pension plans, and $0.8 million to our postretirement benefit plans in 2022. During the six months ended June 30, 2022, we contributed $0.4 million to our funded pension plans, $0.3 million to our unfunded pension plans, and $0.3 million to our postretirement benefit plans.
v3.22.2
Restructuring Charges
 6 Months Ended
Jun. 30, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Charges

Note 19. Restructuring Charges

GES

As part of our efforts to drive efficiencies and simplify our business operations, we took certain restructuring actions designed to simplify and transform GES for greater profitability. In response to the COVID-19 pandemic, in 2020, we accelerated our transformation and streamlining efforts at GES to significantly reduce costs and create a lower and more flexible cost structure focused on servicing our more profitable market segments. These initiatives resulted in restructuring charges related to the elimination of certain positions and continuing to reduce our facility footprint at GES.

Other Restructurings

We recorded restructuring charges in connection with the consolidation of certain support functions at our corporate headquarters and certain reorganization activities within Pursuit. These charges primarily consist of severance and related benefits due to headcount reductions.

Changes to the restructuring liability by major restructuring activity are as follows:

 

 

 

GES

 

 

Other Restructurings

 

 

 

 

(in thousands)

 

Severance &
Employee
Benefits

 

 

Facilities

 

 

Severance &
Employee
Benefits

 

 

Total

 

Balance at December 31, 2021

 

$

1,976

 

 

$

1,433

 

 

$

26

 

 

$

3,435

 

Restructuring charges

 

 

377

 

 

 

1,673

 

 

 

30

 

 

 

2,080

 

Cash payments

 

 

(316

)

 

 

(719

)

 

 

(83

)

 

 

(1,118

)

Non-cash items(1)

 

 

(355

)

 

 

(812

)

 

 

—

 

 

 

(1,167

)

Adjustment to liability

 

 

(2

)

 

 

(10

)

 

 

39

 

 

 

27

 

Balance at June 30, 2022

 

$

1,680

 

 

$

1,565

 

 

$

12

 

 

$

3,257

 

 

(1)
Represents non-cash adjustments related to a write-down of certain ROU assets and leasehold improvements as a result of vacating certain facilities during the first quarter of 2022 prior to the lease term.

As of June 30, 2022, $1.5 million of the liabilities related to severance and employee benefits will remain unpaid by the end of 2022. The liabilities related to facilities primarily include non-lease expenses that will be paid over the remaining lease terms. Refer to Note 23 – Segment Information for information regarding restructuring charges by segment.
v3.22.2
Litigation, Claims, Contingencies and Other
 6 Months Ended
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
Litigation, Claims, Contingencies and Other

Note 21. Litigation, Claims, Contingencies, and Other

We are plaintiffs or defendants in various actions, proceedings, and pending claims, some of which involve, or may involve, compensatory, punitive, or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings, or claims could be decided against us. Although the amount of liability as of June 30, 2022 with respect to unresolved legal matters is not ascertainable, we believe that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our business, financial position, or results of operations.

On July 18, 2020, an off-road Ice Explorer operated by our Pursuit business was involved in an accident while enroute to the Athabasca Glacier, resulting in three fatalities and multiple other serious injuries. We continue to support the victims and their families. We immediately reported the accident to our relevant insurance carriers, who are also supporting the investigation and subsequent claims. In May 2022, we received charges from the Canadian office of Occupational Health and Safety in relation to this accident. As we review these charges, we continue to cooperate fully with regulatory agencies regarding this accident. In addition, we believe that our reserves and, subject to customary deductibles, our insurance coverage is sufficient to cover potential claims and regulatory fines related to this accident.

We are subject to various United States federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which we have or had operations. If we fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed, and we could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, we also face exposure to actual or potential claims and lawsuits involving environmental matters relating to our past operations. As of June 30, 2022, we had recorded environmental remediation liabilities of $2.2 million related to previously sold operations. Although we are a party to certain environmental disputes, we believe that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our financial position or results of operations.

As of June 30, 2022, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities and equipment leases entered into by our subsidiary operations. We would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that we would be required to make under all guarantees existing as of June 30, 2022 would be $95.9 million. These guarantees relate to our leased equipment and facilities through January 2040. There are no recourse provisions that would enable us to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements pursuant to which we could recover payments.

A significant number of our employees are unionized and we are a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. If we are unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact our business and results of operations. We believe that relations with our employees are satisfactory and that collective-bargaining agreements expiring in 2022 will be renegotiated in the ordinary course of business. Although our labor relations are currently stable, disruptions could occur, with the possibility of an adverse impact on the operating results of GES.

We are self-insured up to certain limits for workers’ compensation and general liabilities, which includes automobile, product general liability, and client property loss claims. The aggregate amount of insurance liabilities (up to our retention limit) related to our continuing operations was $10.4 million as of June 30, 2022, which includes $5.9 million related to workers’ compensation liabilities, and $4.5 million related to general liability claims. We have also retained and provided for certain workers’ compensation insurance liabilities in conjunction with previously sold businesses of $1.8 million as of June 30, 2022. We are also self-insured for certain employee health benefits and the estimated employee health benefit claims incurred but not yet reported was $1.2 million as of June 30, 2022. Provisions for losses for claims incurred, including actuarially derived estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $1.0 million for the three months ended June 30, 2022 and $2.6 million for the six months ended June 30, 2022 and $0.9 million for the three months ended June 30, 2021 and $1.1 million for the six months ended June 30, 2021.

In addition, as of June 30, 2022, we have recorded insurance liabilities of $6.8 million related to continuing operations, which represents the amount for which we remain the primary obligor after self-insured insurance limits, without taking into consideration the above-referenced insurance coverage. Of this total, $6.7 million is related to workers’ compensation liabilities and $0.1 million is related to general/auto liability claims, which is recorded in “Other deferred items and liabilities” in the Condensed Consolidated Balance Sheets with a corresponding receivable in “Other investments and assets.”
v3.22.2
Noncontrolling Interest – Redeemable and Non-redeemable
 6 Months Ended
Jun. 30, 2022
Noncontrolling Interest [Abstract]  
Noncontrolling Interest – Redeemable and Non-redeemable

Note 22. Noncontrolling Interests – Redeemable and Non-redeemable

Redeemable noncontrolling interest

On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Subsequent to additional capital contributions, our equity ownership increased to 56.4% as of June 30, 2022. Through Esja and its wholly-owned subsidiary, we are operating the FlyOver Iceland attraction.

The minority Esja shareholders have the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option is only exercisable after August 2022 (the “Reference Date”), and in the event the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire.

The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date and the noncontrolling interest’s share of the subsequent net income or loss. This value is benchmarked against the redemption value of the sellers’ put option. The carrying value is adjusted to the redemption value, provided that it does not fall below the initial carrying value, as determined by the purchase price allocation. We have made a policy election to reflect any changes caused by such an adjustment to retained earnings (accumulated deficit), rather than to current earnings (loss).

Changes in the redeemable noncontrolling interest are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

5,444

 

Net loss attributable to redeemable noncontrolling interest

 

 

(266

)

Adjustment to the redemption value

 

 

763

 

Foreign currency translation adjustment

 

 

(118

)

Balance at June 30, 2022

 

$

5,823

 

Non-redeemable noncontrolling interest

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own.

Changes in the non-redeemable noncontrolling interest are as follows:

 

(in thousands)

Glacier Park Inc.

 

 

Brewster (1)

 

 

Sky Lagoon

 

 

Total

 

Balance at December 31, 2021

$

15,315

 

 

$

58,601

 

 

$

11,640

 

 

$

85,556

 

Net income (loss) attributable to non-redeemable noncontrolling interest

 

(721

)

 

 

68

 

 

 

(100

)

 

 

(753

)

Distributions to non-controlling interests

 

—

 

 

 

(570

)

 

 

—

 

 

 

(570

)

Foreign currency translation adjustments

 

(3

)

 

 

(1,050

)

 

 

(224

)

 

 

(1,277

)

Balance at June 30, 2022

$

14,591

 

 

$

57,049

 

 

$

11,316

 

 

$

82,956

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.22.2
Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Segment Information

Note 23. Segment Information

An operating segment is defined as a component of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the CODM in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer.

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our CODM reviews the financial performance of GES and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are Spiro and GES Exhibitions. We made no changes to the Pursuit reportable segment.

We measure the profit and performance of our operations on the basis of segment operating income (loss) which excludes restructuring charges, impairment charges, multi-employer pension plan withdrawal, and certain other corporate expenses that are not allocated to the reportable segments. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations.

Our reportable segments, with reconciliations to consolidated totals, are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

77,599

 

 

$

36,313

 

 

$

101,383

 

 

$

46,103

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

89,425

 

 

 

11,944

 

 

 

132,241

 

 

 

24,003

 

GES Exhibitions

 

 

154,600

 

 

 

13,057

 

 

 

266,431

 

 

 

20,209

 

GES intersegment eliminations

 

 

(2,421

)

 

 

(81

)

 

 

(3,492

)

 

 

(147

)

Total GES

 

 

241,604

 

 

 

24,920

 

 

 

395,180

 

 

 

44,065

 

Total revenue

 

$

319,203

 

 

$

61,233

 

 

$

496,563

 

 

$

90,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

5,571

 

 

$

(8,097

)

 

$

(15,627

)

 

$

(26,418

)

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

14,847

 

 

 

(7,211

)

 

 

14,608

 

 

 

(14,380

)

GES Exhibitions

 

 

16,273

 

 

 

(19,686

)

 

 

14,918

 

 

 

(32,421

)

Total GES

 

 

31,120

 

 

 

(26,897

)

 

 

29,526

 

 

 

(46,801

)

Segment operating income (loss)

 

 

36,691

 

 

 

(34,994

)

 

 

13,899

 

 

 

(73,219

)

Corporate eliminations (1)

 

 

17

 

 

 

18

 

 

 

34

 

 

 

35

 

Corporate activities

 

 

(3,440

)

 

 

(3,006

)

 

 

(6,113

)

 

 

(5,011

)

Interest expense, net

 

 

(7,761

)

 

 

(5,565

)

 

 

(13,638

)

 

 

(10,650

)

Multi-employer pension plan withdrawal

 

 

—

 

 

 

(57

)

 

 

—

 

 

 

(57

)

Other expense, net

 

 

(612

)

 

 

(680

)

 

 

(1,250

)

 

 

(1,040

)

Restructuring charges:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(23

)

Spiro

 

 

(808

)

 

 

(126

)

 

 

(1,226

)

 

 

(176

)

GES Exhibitions

 

 

(588

)

 

 

(661

)

 

 

(824

)

 

 

(3,394

)

Corporate

 

 

(30

)

 

 

—

 

 

 

(30

)

 

 

(20

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

GES Exhibitions

 

 

—

 

 

 

—

 

 

 

(583

)

 

 

—

 

Income (loss) from continuing operations before income taxes

 

$

23,469

 

 

$

(45,071

)

 

$

(9,731

)

 

$

(93,555

)

 

(1)
Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola.

Additional information of our reportable segments is as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended June 30,

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Depreciation:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

7,866

 

 

$

6,546

 

 

$

15,648

 

 

$

13,003

 

Spiro

 

 

852

 

 

 

1,032

 

 

 

1,781

 

 

 

2,529

 

GES Exhibitions

 

 

2,070

 

 

 

3,084

 

 

 

4,361

 

 

 

6,020

 

Corporate

 

 

14

 

 

 

12

 

 

 

18

 

 

 

24

 

 

 

$

10,802

 

 

$

10,674

 

 

$

21,808

 

 

$

21,576

 

Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

1,316

 

 

$

1,439

 

 

$

2,495

 

 

$

2,469

 

Spiro

 

 

51

 

 

 

122

 

 

 

103

 

 

 

252

 

GES Exhibitions

 

 

1,038

 

 

 

1,098

 

 

 

2,080

 

 

 

2,213

 

 

 

$

2,405

 

 

$

2,659

 

 

$

4,678

 

 

$

4,934

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

17,219

 

 

$

14,396

 

 

$

28,710

 

 

$

23,619

 

Spiro

 

 

442

 

 

 

146

 

 

 

586

 

 

 

294

 

GES Exhibitions

 

 

1,383

 

 

 

702

 

 

 

2,248

 

 

 

702

 

Corporate and other

 

 

25

 

 

 

148

 

 

 

95

 

 

 

148

 

 

 

$

19,069

 

 

$

15,392

 

 

$

31,639

 

 

$

24,763

 

No asset information has been provided for our reportable segments as our CODM no longer reviews asset information by reportable segment.
v3.22.2
Overview and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022 (“2021 Form 10-K”).

The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation.
Reclassifications

Reclassifications

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our chief operating decision maker (“CODM”) reviews the financial performance of GES and makes decisions regarding the allocation of resources. As a result, we changed the presentation of certain items in GES’ disaggregation of revenue and reportable segments. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 23 – Segment Information for additional information. We also

reclassified certain prior-year amounts to conform to current-period presentation. Such reclassifications had no impact on our results of operations or cash flows.
Nature of Business

Nature of Business

We are a leading global provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events. During the first quarter of 2022, we rebranded GES’ brand experiences business and introduced Spiro to the market to accelerate our growth by servicing the changing needs of today’s brand marketers across a broader spectrum of their experiential marketing needs.

We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions as further described below. The Spiro and GES Exhibitions reportable segments are both live event businesses, and are collectively referred to as “GES.”

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that includes recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services. Pursuit comprises the Banff Jasper Collection, the Alaska Collection, the Glacier Park Collection, FlyOver, and Sky Lagoon.

Spiro

Spiro is an experiential marketing agency that partners with leading brands around the world to manage and elevate their global experiential marketing activities. Spiro builds immersive experiences with its clients starting with the strategic plan, creating the content and design, and finishing with the delivery and execution. Spiro delivers a broad range of unique and impactful experiences for its clients, including strategic exhibition program management, corporate meetings and events, digital experiences, corporate customer centers, brand and sports activations, product launches, consumer pop-up events, on-site services, and audio visual/technology solutions.

GES Exhibitions

GES Exhibitions is a global exhibition services company with a legacy spanning over 90 years and teams throughout North America, Europe, and the Middle East. GES Exhibitions partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows, including strategy, creative & design, registration & engagement, accommodations, logistics & management, material handling, overhead sign hanging, graphics and other rental and labor services. GES Exhibitions also serves as an in-house or preferred provider of electrical and other event services within event venues, including convention centers and conference hotels.

Impact of COVID-19

Impact of COVID-19

Starting in mid-March 2020, the COVID-19 pandemic created severe disruptions in the live event and tourism industries, and those disruptions had a significant and negative impact on our operations and financial performance. We are not able to fully estimate the future impact of the pandemic on our business due to the evolving and uncertain nature of COVID-19, including the scope and magnitude of variants, infections and hospitalization rates, and any related government restrictions on travel or in-person events. We will continue to evaluate and implement additional actions necessary to mitigate the negative financial and operational impact of COVID-19 on our business.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates.
Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less. Cash and cash equivalents consist of cash and bank demand deposits and money market funds. Investments in money market funds are classified as available-for-sale and carried at fair value. Restricted cash represents collateral required for surety bonds, bank guarantees, letters of credit, and corporate credit cards.

Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

54,516

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,424

 

 

 

2,703

 

Cash, cash equivalents, and restricted cash shown in the statement of cash flows

 

$

59,940

 

 

$

64,303

 
Revenue Recognition

Revenue Recognition

Revenue is measured based on a specified amount of consideration in a contract with a customer, net of commissions paid to customers and amounts collected on behalf of third parties. We recognize revenue when a performance obligation is satisfied by transferring control of a product or delivering the service to a customer.

Pursuit’s service revenue is derived through its admissions, accommodations, and transportation services. Product revenue is derived through food and beverage and retail sales. Revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits, and product revenue is recognized at a point in time.

GES’ service revenue is primarily derived through its comprehensive range of marketing, event production, and other related services to event organizers and corporate brand marketers. GES’ service revenue is earned over time over the duration of the live event, which generally lasts one to three days. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. GES’ product revenue is derived from the build of exhibits, environments, and graphics and is recognized at a point in time upon delivery of the product.
Noncontrolling Interests - Non-redeemable and Redeemable

Noncontrolling Interests – Non-redeemable and Redeemable

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.

We consider noncontrolling interests with redemption features that are not solely within our control to be redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 56.4% equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered mezzanine equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to accumulated deficit and is included in our income (loss) per share. Refer to Note 22 – Noncontrolling Interest – Redeemable and Non-redeemable for additional information.
Convertible Preferred Stock

Convertible Preferred Stock

We record shares of convertible preferred stock based on proceeds received net of costs on the date of issuance. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as mezzanine equity and is reported between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets.
Leases

Leases

We recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet and classify leases as either finance or operating leases. The classification of the lease determines whether we recognize the lease expense on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider

if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term.

Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards for our GES business. These facility leases have lease terms ranging up to 24 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our Pursuit hotels or attractions are located and have lease terms ranging up to 46 years.

If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. We evaluate the reasonably certain threshold at lease commencement, and it is typically met if we identify substantial economic incentives or termination penalties. We do not include variable leases and variable non-lease components in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.

Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country.

We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities as an offset to lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases.
v3.22.2
Overview and Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Corrections to Prior Period Adjustments

The following table provides a brief description of recent accounting pronouncements:

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers

 

Amendment relates to the application of Topic 805, Business Combinations, to contracts with a customer acquired in a business combination after the acquirer has adopted Topic 606. ASU 2021-08 requires contract assets and contract liabilities to be accounted for as if they (the acquirer) entered into the original contract at the same time and same date as the acquiree.

 

1/1/2023

 

We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We do not expect this new guidance will have a material impact on our consolidated financial statements.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s

 

The amendment simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. The amendment also required expanded disclosures about the terms and features of convertible instruments.

 

1/1/2022

 

The adoption of this new standard on January 1, 2022 did not have a material impact on our consolidated financial statements.

ASU 2021-10, Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance

 

Amendment improves the transparency of disclosures about government assistance received by business entities by requiring annual disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements.

 

1/1/2022

 

We adopted this new standard on a prospective basis. This new guidance will be effective for our Annual Report on Form 10-K for the year ending December 31, 2022, whereby we will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. We do not expect this new standard to have a material impact our consolidated financial statements or related disclosures.
Schedule of Cash and Cash Equivalents and Restricted Cash Balances

Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

54,516

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,424

 

 

 

2,703

 

Cash, cash equivalents, and restricted cash shown in the statement of cash flows

 

$

59,940

 

 

$

64,303

 
v3.22.2
Revenue and Related Contract Costs and Contract Liabilities (Tables)
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Summary of Changes in Contract Liabilities

Changes to contract liabilities are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

39,662

 

Cash additions

 

 

93,013

 

Revenue recognized

 

 

(58,618

)

Foreign exchange translation adjustment

 

 

(7,121

)

Balance at June 30, 2022

 

$

66,936

 

 
Summary of Changes in Contract Costs

Changes to contract costs are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

13,790

 

Additions

 

 

32,034

 

Expenses

 

 

(20,584

)

Foreign exchange translation adjustment

 

 

(485

)

Balance at June 30, 2022

 

$

24,755

 
Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served

The following tables disaggregate Pursuit and GES revenue by major service and product lines, timing of revenue recognition, and markets served:

Pursuit

During the first quarter of 2022, we reallocated certain ancillary revenue presented in Pursuit’s services revenue to better align with how we analyze revenue and depict the nature of revenue. All prior periods have been reclassified to conform to this new presentation.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

29,337

 

 

$

10,105

 

 

$

38,539

 

 

$

11,589

 

Rooms revenue

 

 

20,559

 

 

 

11,370

 

 

 

27,462

 

 

 

16,139

 

Transportation

 

 

3,755

 

 

 

923

 

 

 

4,934

 

 

 

1,460

 

Other

 

 

3,017

 

 

 

2,547

 

 

 

4,387

 

 

 

3,642

 

Total services revenue

 

 

56,668

 

 

 

24,945

 

 

 

75,322

 

 

 

32,830

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

12,171

 

 

 

5,899

 

 

 

16,264

 

 

 

7,123

 

Retail operations

 

 

8,760

 

 

 

5,469

 

 

 

9,797

 

 

 

6,150

 

Total products revenue

 

 

20,931

 

 

 

11,368

 

 

 

26,061

 

 

 

13,273

 

Total revenue

 

$

77,599

 

 

$

36,313

 

 

$

101,383

 

 

$

46,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

56,668

 

 

$

24,945

 

 

$

75,322

 

 

$

32,830

 

Products transferred at a point in time

 

 

20,931

 

 

 

11,368

 

 

 

26,061

 

 

 

13,273

 

Total revenue

 

$

77,599

 

 

$

36,313

 

 

$

101,383

 

 

$

46,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

$

38,962

 

 

$

10,658

 

 

$

53,292

 

 

$

19,118

 

Alaska Collection

 

 

13,319

 

 

 

11,058

 

 

 

13,816

 

 

 

11,347

 

Glacier Park Collection

 

 

13,581

 

 

 

10,968

 

 

 

14,590

 

 

 

11,546

 

FlyOver

 

 

5,870

 

 

 

735

 

 

 

10,009

 

 

 

1,198

 

Sky Lagoon

 

 

5,867

 

 

 

2,894

 

 

 

9,676

 

 

 

2,894

 

Total revenue

 

$

77,599

 

 

$

36,313

 

 

$

101,383

 

 

$

46,103

 

 

GES

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our CODM reviews the financial performance of GES and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are Spiro and GES Exhibitions. As a result, we changed certain items in the following disaggregation of revenue table. All prior periods have been reclassified to conform to the new reporting structure.

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service lines:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

$

89,425

 

 

$

11,944

 

 

$

132,241

 

 

$

24,003

 

GES Exhibitions

 

 

154,600

 

 

 

13,057

 

 

 

266,431

 

 

 

20,209

 

Intersegment eliminations

 

 

(2,421

)

 

 

(81

)

 

 

(3,492

)

 

 

(147

)

Total revenue

 

$

241,604

 

 

$

24,920

 

 

$

395,180

 

 

$

44,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

197,464

 

 

$

21,361

 

 

$

329,947

 

 

$

38,376

 

Products transferred over time(1)

 

 

16,025

 

 

 

733

 

 

 

23,963

 

 

 

1,150

 

Products transferred at a point in time

 

 

28,115

 

 

 

2,826

 

 

 

41,270

 

 

 

4,539

 

Total revenue

 

$

241,604

 

 

$

24,920

 

 

$

395,180

 

 

$

44,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

189,670

 

 

$

19,472

 

 

$

318,697

 

 

$

35,330

 

EMEA

 

 

58,534

 

 

 

6,074

 

 

 

84,347

 

 

 

9,977

 

Intersegment eliminations

 

 

(6,600

)

 

 

(626

)

 

 

(7,864

)

 

 

(1,242

)

Total revenue

 

$

241,604

 

 

$

24,920

 

 

$

395,180

 

 

$

44,065

 

 

(1)
GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.
v3.22.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Share-Based Compensation (income) expense

The following table summarizes share-based compensation expense:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Performance-based restricted stock units

 

$

705

 

 

$

466

 

 

$

719

 

 

$

606

 

Restricted stock awards and restricted stock units

 

 

1,787

 

 

 

1,436

 

 

 

3,349

 

 

 

2,680

 

Stock options

 

 

811

 

 

 

551

 

 

 

1,401

 

 

 

930

 

Share-based compensation expense before income tax

 

 

3,303

 

 

 

2,453

 

 

 

5,469

 

 

 

4,216

 

Income tax benefit(1)

 

 

(30

)

 

 

(28

)

 

 

(47

)

 

 

(55

)

Share-based compensation expense, net of income tax

 

$

3,273

 

 

$

2,425

 

 

$

5,422

 

 

$

4,161

 
(1)
The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.22.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2022
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the fair value of the assets acquired and liabilities assumed at the date of acquisition. Due to the recent timing of the acquisition, the purchase price allocation is not yet finalized and is subject to change within the measurement period (up to one year from the acquisition date).

(in thousands)

 

 

 

Purchase price paid as:

 

 

 

Cash

 

$

26,507

 

Working capital adjustment

 

 

(961

)

Purchase price adjustment

 

 

125

 

Cash acquired

 

 

(177

)

Purchase price, net of cash acquired

 

 

25,494

 

 

 

 

 

Fair value of net assets acquired:

 

 

 

Inventory

 

 

370

 

Prepaid expenses and other

 

 

57

 

Property and equipment

 

 

6,487

 

Intangible assets

 

 

3,400

 

Total assets acquired

 

 

10,314

 

Customer deposits

 

 

1,575

 

Other current liabilities

 

 

32

 

Total liabilities assumed

 

 

1,607

 

Total fair value of net assets acquired

 

 

8,707

 

Excess purchase price over fair value of net assets acquired (“goodwill”)

 

$

16,787

 
Schedule of Purchase Price Allocated to Intangible Assets Acquired

Following are details of the purchase price allocated to the intangible assets acquired for the Glacier Raft Company:

(in thousands)

 

Amount

 

 

Weighted Average Life

Customer relationships

 

$

1,800

 

 

12 years

Operating licenses

 

 

1,300

 

 

17 years

Trade name

 

 

300

 

 

8 years

Total

 

$

3,400

 

 

13.6 years

 
v3.22.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2022
Inventory Disclosure [Abstract]  
Components of Inventories

The components of inventories consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Raw materials

 

$

1,595

 

 

$

2,350

 

Finished goods

 

 

13,345

 

 

 

6,231

 

Inventories

 

$

14,940

 

 

$

8,581

 
v3.22.2
Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets

Other current assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Restricted cash

 

$

5,424

 

 

$

2,703

 

Prepaid software maintenance

 

 

5,153

 

 

 

4,154

 

Income tax receivable

 

 

2,994

 

 

 

1,901

 

Prepaid vendor payments

 

 

1,705

 

 

 

1,604

 

Prepaid taxes

 

 

311

 

 

 

456

 

Prepaid other

 

 

1,698

 

 

 

1,165

 

Other

 

 

1,517

 

 

 

2,097

 

Other current assets

 

$

18,802

 

 

$

14,080

 
v3.22.2
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Land and land interests

 

$

31,316

 

 

$

30,532

 

Buildings and leasehold improvements

 

 

408,114

 

 

 

407,930

 

Equipment and other

 

 

436,076

 

 

 

413,684

 

Gross property and equipment

 

 

875,506

 

 

 

852,146

 

Accumulated depreciation

 

 

(378,428

)

 

 

(364,060

)

Property and equipment, net (excluding finance leases)

 

 

497,078

 

 

 

488,086

 

Finance lease ROU assets, net

 

 

62,101

 

 

 

61,022

 

Property and equipment, net

 

$

559,179

 

 

$

549,108

 
v3.22.2
Other Investments and Assets (Tables)
 6 Months Ended
Jun. 30, 2022
Investments, All Other Investments [Abstract]  
Summary of Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Self-insured liability receivable

 

$

6,847

 

 

$

6,847

 

Other mutual funds

 

 

3,459

 

 

 

4,057

 

Contract costs

 

 

2,453

 

 

 

2,685

 

Other

 

 

2,928

 

 

 

3,129

 

Other investments and assets

 

$

15,687

 

 

$

16,718

 
v3.22.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of the Goodwill Balances by Component and Segment

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

 

(in thousands)

 

Pursuit

 

Balance at December 31, 2021

 

$

112,078

 

Business acquisition

 

 

16,787

 

Foreign currency translation adjustments

 

 

(1,988

)

Balance at June 30, 2022

 

$

126,877

 
Summary of Other Intangible Assets

Other intangible assets consisted of the following:

 

 

 

 

 

June 30, 2022

 

 

December 31, 2021

 

(in thousands)

 

Useful Life
(Years)

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

7.2

 

$

37,485

 

 

$

(28,764

)

 

$

8,721

 

 

$

36,848

 

 

$

(28,372

)

 

$

8,476

 

Operating contracts and licenses

 

34.6

 

 

41,444

 

 

 

(3,113

)

 

 

38,331

 

 

 

40,927

 

 

 

(2,660

)

 

 

38,267

 

In-place lease

 

34.3

 

 

15,183

 

 

 

(1,280

)

 

 

13,903

 

 

 

15,464

 

 

 

(1,084

)

 

 

14,380

 

Tradenames

 

4.3

 

 

5,823

 

 

 

(3,128

)

 

 

2,695

 

 

 

5,626

 

 

 

(2,819

)

 

 

2,807

 

Other

 

5.7

 

 

810

 

 

 

(154

)

 

 

656

 

 

 

824

 

 

 

(139

)

 

 

685

 

Total amortized intangible assets

 

 

 

 

100,745

 

 

 

(36,439

)

 

 

64,306

 

 

 

99,689

 

 

 

(35,074

)

 

 

64,615

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

572

 

 

 

—

 

 

 

572

 

 

 

574

 

 

 

—

 

 

 

574

 

Other intangible assets, net

 

 

 

$

101,317

 

 

$

(36,439

)

 

$

64,878

 

 

$

100,263

 

 

$

(35,074

)

 

$

65,189

 
Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization

At June 30, 2022, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

 

(in thousands)

 

 

 

Year ending December 31,

 

 

 

Remainder of 2022

 

$

2,686

 

2023

 

 

4,710

 

2024

 

 

3,746

 

2025

 

 

2,439

 

2026

 

 

2,404

 

Thereafter

 

 

48,321

 

Total

 

$

64,306

 
v3.22.2
Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2022
Other Liabilities, Current [Abstract]  
Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Commissions payable

 

$

9,786

 

 

$

4,119

 

Accommodation service deposits

 

 

9,420

 

 

 

892

 

Accrued sales and use taxes

 

 

8,688

 

 

 

3,428

 

Self-insured liability

 

 

5,428

 

 

 

4,815

 

Accrued employee benefit costs

 

 

4,188

 

 

 

4,164

 

Accrued concession fees

 

 

3,089

 

 

 

964

 

Accrued professional fees

 

 

1,310

 

 

 

1,671

 

Current portion of pension and postretirement liabilities

 

 

1,457

 

 

 

1,637

 

Accrued restructuring

 

 

628

 

 

 

864

 

Accrued interest payable

 

 

233

 

 

 

228

 

Other taxes

 

 

1,252

 

 

 

1,042

 

Other

 

 

4,509

 

 

 

3,999

 

Total continuing operations

 

 

49,988

 

 

 

27,823

 

Discontinued operations:

 

 

 

 

 

 

Self-insured liability

 

 

354

 

 

 

312

 

Environmental remediation liabilities

 

 

52

 

 

 

60

 

Other

 

 

94

 

 

 

94

 

Total discontinued operations

 

 

500

 

 

 

466

 

Total other current liabilities

 

$

50,488

 

 

$

28,289

 
v3.22.2
Other Deferred Items and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2022
Other Liabilities Disclosure [Abstract]  
Summary of Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Foreign deferred tax liability

 

$

28,636

 

 

$

27,748

 

Multi-employer pension plan withdrawal liability

 

 

14,041

 

 

 

14,260

 

Self-insured excess liability

 

 

6,847

 

 

 

6,847

 

Self-insured liability

 

 

4,944

 

 

 

5,119

 

Accrued compensation

 

 

4,708

 

 

 

5,696

 

Accrued restructuring

 

 

2,629

 

 

 

2,571

 

Other

 

 

3,144

 

 

 

2,758

 

Total continuing operations

 

 

64,949

 

 

 

64,999

 

Discontinued operations:

 

 

 

 

 

 

Environmental remediation liabilities

 

 

2,176

 

 

 

2,168

 

Self-insured liability

 

 

1,428

 

 

 

1,535

 

Other

 

 

250

 

 

 

251

 

Total discontinued operations

 

 

3,854

 

 

 

3,954

 

Total other deferred items and liabilities

 

$

68,803

 

 

$

68,953

 
v3.22.2
Debt and Finance Lease Obligations (Tables)
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Debt and Finance Lease Obligations

The components of debt and finance obligations consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2022

 

 

2021

 

2021 Credit Facility - Term Loan B, 6.1% interest rate at June 30, 2022 and 5.5% at December 31, 2021, due through 2028(1)

 

$

397,000

 

 

$

399,000

 

2021 Credit Facility - Revolving Credit Facility, 7.3% weighted-average interest rate at June 30, 2022, due through 2026(1)

 

 

15,000

 

 

 

—

 

Forest Park Hotel Construction Loan Facility, 4.8% interest rate at June 30, 2022, due through 2027(1)

 

 

8,634

 

 

 

—

 

FlyOver Iceland Credit Facility, 4.9% interest rate at June 30, 2022 and December 31, 2021, due through 2025(1)

 

 

5,123

 

 

 

5,566

 

FlyOver Iceland Term Loans, 8.6% weighted-average interest rate at June 30, 2022 and 3.8% at December 31, 2021, due through 2024(1)

 

 

679

 

 

 

689

 

Less unamortized debt issuance costs

 

 

(13,864

)

 

 

(14,804

)

Total debt

 

 

412,572

 

 

 

390,451

 

Finance lease obligations, 9.1% weighted-average interest rate at June 30, 2022 and December 31, 2021, due through 2067

 

 

64,895

 

 

 

63,401

 

Financing arrangements

 

 

966

 

 

 

5,528

 

Total debt and finance obligations (2)(3)

 

 

478,433

 

 

 

459,380

 

Current portion

 

 

(9,144

)

 

 

(12,800

)

Long-term debt and finance obligations

 

$

469,289

 

 

$

446,580

 
(1)
Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.
(2)
The estimated fair value of total debt and finance leases was $340.8 million as of June 30, 2022 and $328.9 million as of December 31, 2021. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements.
(3)
Cash paid for interest on debt was $14.6 million during the six months ended June 30, 2022 and $10.3 million during the six months ended June 30, 2021.
v3.22.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
Summary of Fair Value Assets Measured on Recurring Basis The fair value information related to these assets is summarized in the following tables:

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

June 30, 2022

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other mutual funds (2)

 

 

3,459

 

 

 

3,459

 

 

 

—

 

 

 

—

 

Total assets at fair value on a recurring basis

 

$

3,459

 

 

$

3,459

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2021

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,003

 

 

$

11,003

 

 

$

—

 

 

$

—

 

Other mutual funds (2)

 

 

4,057

 

 

 

4,057

 

 

 

—

 

 

 

—

 

Total assets at fair value on a recurring basis

 

$

15,060

 

 

$

15,060

 

 

$

—

 

 

$

—

 

 

(1)
We include money market funds in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. We classify these investments as available-for-sale and record them at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.
(2)
We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets.
v3.22.2
Loss Per Share (Tables)
 6 Months Ended
Jun. 30, 2022
Earnings Per Share [Abstract]  
Reconciliation of Basic and Diluted Loss Per Share

The components of basic and diluted loss per share are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss) attributable to Viad

 

$

19,839

 

 

$

(42,026

)

 

$

(9,162

)

 

$

(85,178

)

Less: Allocation to participating securities

 

 

(4,293

)

 

 

—

 

 

 

—

 

 

 

—

 

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

—

 

 

 

(3,900

)

 

 

—

 

Convertible preferred stock dividends paid in kind

 

 

—

 

 

 

(1,923

)

 

 

—

 

 

 

(3,821

)

Adjustment to the redemption value of redeemable noncontrolling interest

 

 

(412

)

 

 

(547

)

 

 

(763

)

 

 

(603

)

Net income (loss) allocated to Viad common stockholders (basic)

 

$

13,184

 

 

$

(44,496

)

 

$

(13,825

)

 

$

(89,602

)

Add: Allocation to participating securities

 

 

25

 

 

 

—

 

 

 

—

 

 

 

—

 

Net income (loss) allocated to Viad common stockholders (diluted)

 

$

13,209

 

 

$

(44,496

)

 

$

(13,825

)

 

$

(89,602

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

20,571

 

 

 

20,397

 

 

 

20,544

 

 

 

20,384

 

Additional dilutive shares related to share-based compensation

 

 

160

 

 

 

—

 

 

 

—

 

 

 

—

 

Diluted weighted-average outstanding shares

 

 

20,731

 

 

 

20,397

 

 

 

20,544

 

 

 

20,384

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

0.64

 

 

$

(2.18

)

 

$

(0.67

)

 

$

(4.40

)

Diluted income (loss) attributable to Viad common stockholders(1)

 

$

0.64

 

 

$

(2.18

)

 

$

(0.67

)

 

$

(4.40

)
Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Income (Loss) Per Common Shares

We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

2021

 

Convertible preferred stock

 

 

—

 

 

 

6,583

 

 

 

6,674

 

 

6,539

 

Unvested restricted share-based awards

 

 

17

 

 

 

161

 

 

 

168

 

 

172

 

Unvested performance share-based awards

 

 

33

 

 

 

34

 

 

 

51

 

 

23

 

Stock options

 

 

372

 

 

 

250

 

 

 

277

 

 

204

 
v3.22.2
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2022
Accumulated Other Comprehensive Income Loss [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (loss) (“AOCI”) by component are as follows:

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2021

 

$

(16,162

)

 

$

(11,267

)

 

$

(27,429

)

Other comprehensive income before reclassifications

 

 

(8,131

)

 

 

—

 

 

 

(8,131

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

466

 

 

 

466

 

Net other comprehensive income (loss)

 

 

(8,131

)

 

 

466

 

 

 

(7,665

)

Balance at June 30, 2022

 

$

(24,293

)

 

$

(10,801

)

 

$

(35,094

)

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2020

 

$

(16,686

)

 

$

(13,955

)

 

$

(30,641

)

Other comprehensive loss before reclassifications

 

 

7,654

 

 

 

—

 

 

 

7,654

 

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

122

 

 

 

122

 

Net other comprehensive income

 

 

7,654

 

 

 

122

 

 

 

7,776

 

Balance at June 30, 2021

 

$

(9,032

)

 

$

(13,833

)

 

$

(22,865

)
v3.22.2
Pension and Postretirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended June 30, 2022 and 2021 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

 

$

—

 

 

$

—

 

 

$

10

 

 

$

15

 

 

$

76

 

 

$

117

 

Interest cost

 

 

125

 

 

 

91

 

 

 

54

 

 

 

40

 

 

 

79

 

 

 

80

 

Expected return on plan assets

 

 

51

 

 

 

12

 

 

 

—

 

 

 

—

 

 

 

(98

)

 

 

(130

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

22

 

 

 

(2

)

 

 

—

 

 

 

—

 

Recognized net actuarial loss

 

 

134

 

 

 

159

 

 

 

23

 

 

 

42

 

 

 

36

 

 

 

50

 

Net periodic benefit cost

 

$

310

 

 

$

262

 

 

$

109

 

 

$

95

 

 

$

93

 

 

$

117

 

Settlement cost

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total expenses

 

$

310

 

 

$

262

 

 

$

109

 

 

$

95

 

 

$

93

 

 

$

117

 

The components of net periodic benefit cost of our pension and postretirement benefit plans for the six months ended June 30, 2022 and 2021 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

 

$

—

 

 

$

—

 

 

$

20

 

 

$

28

 

 

$

161

 

 

$

230

 

Interest cost

 

 

250

 

 

 

205

 

 

 

108

 

 

 

95

 

 

 

167

 

 

 

156

 

Expected return on plan assets

 

 

49

 

 

 

(15

)

 

 

—

 

 

 

—

 

 

 

(223

)

 

 

(255

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

44

 

 

 

(3

)

 

 

—

 

 

 

—

 

Recognized net actuarial loss

 

 

268

 

 

 

310

 

 

 

46

 

 

 

98

 

 

 

71

 

 

 

99

 

Net periodic benefit cost

 

$

567

 

 

$

500

 

 

$

218

 

 

$

218

 

 

$

176

 

 

$

230

 

Settlement cost

 

$

115

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

533

 

 

$

—

 

Total expenses

 

$

682

 

 

$

500

 

 

$

218

 

 

$

218

 

 

$

709

 

 

$

230

 
v3.22.2
Restructuring Charges (Tables)
 6 Months Ended
Jun. 30, 2022
Restructuring and Related Activities [Abstract]  
Changes to Restructuring Liability by Major Restructuring Activity

Changes to the restructuring liability by major restructuring activity are as follows:

 

 

 

GES

 

 

Other Restructurings

 

 

 

 

(in thousands)

 

Severance &
Employee
Benefits

 

 

Facilities

 

 

Severance &
Employee
Benefits

 

 

Total

 

Balance at December 31, 2021

 

$

1,976

 

 

$

1,433

 

 

$

26

 

 

$

3,435

 

Restructuring charges

 

 

377

 

 

 

1,673

 

 

 

30

 

 

 

2,080

 

Cash payments

 

 

(316

)

 

 

(719

)

 

 

(83

)

 

 

(1,118

)

Non-cash items(1)

 

 

(355

)

 

 

(812

)

 

 

—

 

 

 

(1,167

)

Adjustment to liability

 

 

(2

)

 

 

(10

)

 

 

39

 

 

 

27

 

Balance at June 30, 2022

 

$

1,680

 

 

$

1,565

 

 

$

12

 

 

$

3,257

 

 

(1)
Represents non-cash adjustments related to a write-down of certain ROU assets and leasehold improvements as a result of vacating certain facilities during the first quarter of 2022 prior to the lease term.
v3.22.2
Leases and Other (Tables)
 6 Months Ended
Jun. 30, 2022
Leases [Abstract]  
Summary of Balance Sheet Presentation of Operating and Finance Leases

The balance sheet presentation of our operating and finance leases is as follows:

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

Classification on the Condensed Consolidated Balance Sheet

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease ROU assets

 

$

99,644

 

 

$

95,915

 

Finance lease assets

 

Property and equipment, net

 

 

62,101

 

 

 

61,022

 

Total lease assets

 

 

 

$

161,745

 

 

$

156,937

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Operating lease obligations

 

$

13,285

 

 

$

12,451

 

Finance lease obligations

 

Current portion of debt and finance obligations

 

 

2,899

 

 

 

2,928

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Long-term operating lease obligations

 

 

97,277

 

 

 

93,406

 

Finance lease obligations

 

Long-term debt and finance obligations

 

 

61,996

 

 

 

60,473

 

Total lease liabilities

 

 

 

$

175,457

 

 

$

169,258

 

 
Components of Lease Expense

The components of lease expense consisted of the following:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of ROU assets

 

$

1,045

 

 

$

1,068

 

 

$

2,096

 

 

$

2,138

 

Interest on lease liabilities

 

 

1,467

 

 

 

1,473

 

 

 

2,902

 

 

 

2,788

 

Operating lease cost

 

 

6,204

 

 

 

5,893

 

 

 

12,026

 

 

 

12,163

 

Short-term lease cost

 

 

749

 

 

 

198

 

 

 

1,113

 

 

 

459

 

Variable lease cost

 

 

1,532

 

 

 

1,092

 

 

 

2,546

 

 

 

2,034

 

Total lease cost, net

 

$

10,997

 

 

$

9,724

 

 

$

20,683

 

 

$

19,582

 
Schedule of Other Information Related to Operating and Finance Leases

Other information related to operating and finance leases are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

6,069

 

 

$

6,460

 

 

$

11,867

 

 

$

12,613

 

Operating cash flows from finance leases

 

$

1,499

 

 

$

933

 

 

$

2,966

 

 

$

1,207

 

Financing cash flows from finance leases

 

$

873

 

 

$

684

 

 

$

1,597

 

 

$

1,394

 

ROU assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

$

1,380

 

 

$

12,636

 

 

$

10,711

 

 

$

18,935

 

Finance leases

 

 

1,217

 

 

 

—

 

 

$

4,324

 

 

$

41,709

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

8.60

 

 

 

8.54

 

Finance leases

 

 

 

 

 

 

 

 

33.76

 

 

 

34.95

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

7.00

%

 

 

6.86

%

Finance leases

 

 

 

 

 

 

 

 

9.08

%

 

 

9.06

%
Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components

As of June 30, 2022, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:

 

(in thousands)

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

Remainder of 2022

 

$

11,029

 

 

$

4,759

 

 

$

15,788

 

2023

 

 

20,921

 

 

 

8,630

 

 

 

29,551

 

2024

 

 

18,894

 

 

 

7,554

 

 

 

26,448

 

2025

 

 

17,636

 

 

 

6,785

 

 

 

24,421

 

2026

 

 

17,266

 

 

 

6,527

 

 

 

23,793

 

Thereafter

 

 

69,123

 

 

 

185,673

 

 

 

254,796

 

Total future lease payments

 

 

154,869

 

 

 

219,928

 

 

 

374,797

 

Less: Amount representing interest

 

 

(44,307

)

 

 

(155,033

)

 

 

(199,340

)

Present value of minimum lease payments

 

 

110,562

 

 

 

64,895

 

 

 

175,457

 

Current portion

 

 

13,285

 

 

 

2,899

 

 

 

16,184

 

Long-term portion

 

$

97,277

 

 

$

61,996

 

 

$

159,273

 

 
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of June 30, 2022, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, are as follows:

 

(in thousands)

 

 

 

Remainder of 2022

 

$

748

 

2023

 

 

1,229

 

2024

 

 

990

 

2025

 

 

836

 

2026

 

 

682

 

Thereafter

 

 

936

 

Total minimum rents

 

$

5,421

 

Lease Not Yet Commenced

As of June 30, 2022, we had executed three facility leases for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and ROU assets on our Condensed Consolidated Balance Sheets. One of these leases is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date for FlyOver Canada Toronto to begin in early 2023 with a lease term of 20 years.
v3.22.2
Noncontrolling Interest – Redeemable and Non-redeemable (Tables)
 6 Months Ended
Jun. 30, 2022
Noncontrolling Interest [Abstract]  
Summary of Changes in Redeemable Noncontrolling Interest

Changes in the redeemable noncontrolling interest are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

5,444

 

Net loss attributable to redeemable noncontrolling interest

 

 

(266

)

Adjustment to the redemption value

 

 

763

 

Foreign currency translation adjustment

 

 

(118

)

Balance at June 30, 2022

 

$

5,823

 

Non-redeemable noncontrolling interest

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own.

Changes in the non-redeemable noncontrolling interest are as follows:

 

(in thousands)

Glacier Park Inc.

 

 

Brewster (1)

 

 

Sky Lagoon

 

 

Total

 

Balance at December 31, 2021

$

15,315

 

 

$

58,601

 

 

$

11,640

 

 

$

85,556

 

Net income (loss) attributable to non-redeemable noncontrolling interest

 

(721

)

 

 

68

 

 

 

(100

)

 

 

(753

)

Distributions to non-controlling interests

 

—

 

 

 

(570

)

 

 

—

 

 

 

(570

)

Foreign currency translation adjustments

 

(3

)

 

 

(1,050

)

 

 

(224

)

 

 

(1,277

)

Balance at June 30, 2022

$

14,591

 

 

$

57,049

 

 

$

11,316

 

 

$

82,956

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.22.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Reconciliation of income statement items from reportable segments

Our reportable segments, with reconciliations to consolidated totals, are as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

77,599

 

 

$

36,313

 

 

$

101,383

 

 

$

46,103

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

89,425

 

 

 

11,944

 

 

 

132,241

 

 

 

24,003

 

GES Exhibitions

 

 

154,600

 

 

 

13,057

 

 

 

266,431

 

 

 

20,209

 

GES intersegment eliminations

 

 

(2,421

)

 

 

(81

)

 

 

(3,492

)

 

 

(147

)

Total GES

 

 

241,604

 

 

 

24,920

 

 

 

395,180

 

 

 

44,065

 

Total revenue

 

$

319,203

 

 

$

61,233

 

 

$

496,563

 

 

$

90,168

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

5,571

 

 

$

(8,097

)

 

$

(15,627

)

 

$

(26,418

)

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

14,847

 

 

 

(7,211

)

 

 

14,608

 

 

 

(14,380

)

GES Exhibitions

 

 

16,273

 

 

 

(19,686

)

 

 

14,918

 

 

 

(32,421

)

Total GES

 

 

31,120

 

 

 

(26,897

)

 

 

29,526

 

 

 

(46,801

)

Segment operating income (loss)

 

 

36,691

 

 

 

(34,994

)

 

 

13,899

 

 

 

(73,219

)

Corporate eliminations (1)

 

 

17

 

 

 

18

 

 

 

34

 

 

 

35

 

Corporate activities

 

 

(3,440

)

 

 

(3,006

)

 

 

(6,113

)

 

 

(5,011

)

Interest expense, net

 

 

(7,761

)

 

 

(5,565

)

 

 

(13,638

)

 

 

(10,650

)

Multi-employer pension plan withdrawal

 

 

—

 

 

 

(57

)

 

 

—

 

 

 

(57

)

Other expense, net

 

 

(612

)

 

 

(680

)

 

 

(1,250

)

 

 

(1,040

)

Restructuring charges:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(23

)

Spiro

 

 

(808

)

 

 

(126

)

 

 

(1,226

)

 

 

(176

)

GES Exhibitions

 

 

(588

)

 

 

(661

)

 

 

(824

)

 

 

(3,394

)

Corporate

 

 

(30

)

 

 

—

 

 

 

(30

)

 

 

(20

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

GES Exhibitions

 

 

—

 

 

 

—

 

 

 

(583

)

 

 

—

 

Income (loss) from continuing operations before income taxes

 

$

23,469

 

 

$

(45,071

)

 

$

(9,731

)

 

$

(93,555

)

 

(1)
Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola.
Reconciliation of assets from reportable segments

Additional information of our reportable segments is as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended June 30,

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Depreciation:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

7,866

 

 

$

6,546

 

 

$

15,648

 

 

$

13,003

 

Spiro

 

 

852

 

 

 

1,032

 

 

 

1,781

 

 

 

2,529

 

GES Exhibitions

 

 

2,070

 

 

 

3,084

 

 

 

4,361

 

 

 

6,020

 

Corporate

 

 

14

 

 

 

12

 

 

 

18

 

 

 

24

 

 

 

$

10,802

 

 

$

10,674

 

 

$

21,808

 

 

$

21,576

 

Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

1,316

 

 

$

1,439

 

 

$

2,495

 

 

$

2,469

 

Spiro

 

 

51

 

 

 

122

 

 

 

103

 

 

 

252

 

GES Exhibitions

 

 

1,038

 

 

 

1,098

 

 

 

2,080

 

 

 

2,213

 

 

 

$

2,405

 

 

$

2,659

 

 

$

4,678

 

 

$

4,934

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

17,219

 

 

$

14,396

 

 

$

28,710

 

 

$

23,619

 

Spiro

 

 

442

 

 

 

146

 

 

 

586

 

 

 

294

 

GES Exhibitions

 

 

1,383

 

 

 

702

 

 

 

2,248

 

 

 

702

 

Corporate and other

 

 

25

 

 

 

148

 

 

 

95

 

 

 

148

 

 

 

$

19,069

 

 

$

15,392

 

 

$

31,639

 

 

$

24,763

 
v3.22.2
Overview and Basis of Presentation - Narrative (Details)
 6 Months Ended
Jun. 30, 2022
Segment
Overview And Summary Of Significant Accounting Policies [Line Items]  
Percentage of non equity ownership related redeemable noncontrolling interests 56.40%
Remaining maturities of highly-liquid investments three months or less
Number of reportable segments 3
Maximum  
Overview And Summary Of Significant Accounting Policies [Line Items]  
Lease expiration period 24 years
Maximum | Land  
Overview And Summary Of Significant Accounting Policies [Line Items]  
Lease expiration period 46 years
v3.22.2
Overview and Basis of Presentation - Schedule of Cash and Cash Equivalents and Restricted Cash Balances (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Jun. 30, 2021
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 54,516 $ 61,600    
Restricted cash included in other current assets $ 5,424 $ 2,703    
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible List] us-gaap:OtherCurrentAssetsMember us-gaap:OtherCurrentAssetsMember    
Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 59,940 $ 64,303 $ 39,992 $ 41,971
v3.22.2
Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Disaggregation Of Revenue [Line Items]        
Revenue recognition description of capitalized contract costs     Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in Costs of services or Costs of products, as applicable  
Capitalized contract costs to obtain contracts $ 200,000   $ 200,000  
Capitalized contract costs to fulfill contracts 24,600,000   24,600,000  
Impairment loss on capitalized contract costs $ 0 $ 0 $ 0 $ 0
GES        
Disaggregation Of Revenue [Line Items]        
Performance obligation description of payment terms     Payment terms are generally within 30-60 days and contain no significant financing components.  
GES | Minimum        
Disaggregation Of Revenue [Line Items]        
Performance obligation payment terms     30 days  
GES | Maximum        
Disaggregation Of Revenue [Line Items]        
Performance obligation payment terms     60 days  
Pursuit        
Disaggregation Of Revenue [Line Items]        
Performance obligation description of payment terms     When we extend credit, payment terms are generally within 30 days and contain no significant financing components.  
v3.22.2
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
USD ($)
Revenue from Contract with Customer [Abstract]  
Balance at December 31, 2021 $ 39,662
Cash additions 93,013
Revenue recognized (58,618)
Foreign exchange translation adjustment (7,121)
Balance at June 30, 2022 $ 66,936
v3.22.2
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
USD ($)
Revenue from Contract with Customer [Abstract]  
Balance at December 31, 2021 $ 13,790
Additions 32,034
Expenses (20,584)
Foreign exchange translation adjustment (485)
Balance at June 30, 2022 $ 24,755
v3.22.2
Revenue and Related Contract Costs and Contract Liabilities - Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Disaggregation Of Revenue [Line Items]        
Total revenue $ 319,203 $ 61,233 $ 496,563 $ 90,168
GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 241,604 24,920 395,180 44,065
GES | Intersegment Eliminations        
Disaggregation Of Revenue [Line Items]        
Total revenue (6,600) (626) (7,864) (1,242)
Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 77,599 36,313 101,383 46,103
Pursuit | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Total revenue 77,599 36,313 101,383 46,103
North America | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 189,670 19,472 318,697 35,330
EMEA | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 58,534 6,074 84,347 9,977
Services Transferred Over Time | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 197,464 21,361 329,947 38,376
Services Transferred Over Time | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 56,668 24,945 75,322 32,830
Products Transferred Over Time | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue [1] 16,025 733 23,963 1,150
Products Transferred at a Point in Time | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 28,115 2,826 41,270 4,539
Products Transferred at a Point in Time | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 20,931 11,368 26,061 13,273
Ticket revenue [Member] | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 29,337 10,105 38,539 11,589
Rooms revenue [Member] | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 20,559 11,370 27,462 16,139
Other | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 3,017 2,547 4,387 3,642
Transportation | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 3,755 923 4,934 1,460
Total Services | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 56,668 24,945 75,322 32,830
Food and Beverage | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 12,171 5,899 16,264 7,123
Retail Operations | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 8,760 5,469 9,797 6,150
Total Products Revenue        
Disaggregation Of Revenue [Line Items]        
Total revenue 65,071 14,927 91,294 18,962
Total Products Revenue | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 20,931 11,368 26,061 13,273
Banff Jasper Collection | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 38,962 10,658 53,292 19,118
Alaska Collection | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 13,319 11,058 13,816 11,347
Spiro | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 89,425 11,944 132,241 24,003
GES-Exhibitions | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 154,600 13,057 266,431 20,209
GES intersegment eliminations | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue (2,421) (81) (3,492) (147)
Glacier Park Collection | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 13,581 10,968 14,590 11,546
FlyOver | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 5,870 735 10,009 1,198
Sky Lagoon | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue $ 5,867 $ 2,894 $ 9,676 $ 2,894
[1] GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.
v3.22.2
Share-Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
May 24, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Repurchase of common stock for employee tax withholding obligations amount $ 537 $ 601  
2017 Plan      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Useful Term of the plan 10 years    
Common Stock, Capital Shares Reserved for Future Issuance     840,000
Registered Number of Shares     2,590,000
Common stock shares issuable 1,750,000    
Shares available for grant 1,176,507    
v3.22.2
Share-Based Compensation - Summary of Share-Based Compensation (income) expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Summary of share-based compensation expense        
Share-based compensation expense $ 3,303 $ 2,453 $ 5,469 $ 4,216
Share-based compensation expense before income tax 3,303 2,453 5,469 4,216
Income tax benefit [1] (30) (28) (47) (55)
Share-based compensation expense, net of income tax 3,273 2,425 5,422 4,161
Performance-based Restricted Stock Units        
Summary of share-based compensation expense        
Share-based compensation expense 705 466 719 606
Share-based compensation expense before income tax 705 466 719 606
Restricted Stock Awards And Restricted Stock Units        
Summary of share-based compensation expense        
Share-based compensation expense 1,787 1,436 3,349 2,680
Share-based compensation expense before income tax 1,787 1,436 3,349 2,680
Stock Options        
Summary of share-based compensation expense        
Share-based compensation expense 811 551 1,401 930
Share-based compensation expense before income tax $ 811 $ 551 $ 1,401 $ 930
[1] The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.22.2
Acquisitions - Narrative (Details)
$ in Thousands, $ in Millions
 6 Months Ended 12 Months Ended
Apr. 06, 2022
USD ($)
Logs
Mar. 18, 2021
USD ($)
Mar. 18, 2021
CAD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]          
Business combination net assets property and equipment   $ 2,200      
Business combination net assets noncontrolling interest   6,800      
Business combination net assets goodwill   $ 11,800      
Glacier Raft          
Business Acquisition [Line Items]          
Number of log cabins | Logs 13        
Business combination net assets property and equipment $ 6,487        
Purchase price 26,507        
Glacier Raft | Cash on hand          
Business Acquisition [Line Items]          
Purchase price 11,500        
Glacier Raft | Revolving Credit Facility          
Business Acquisition [Line Items]          
Purchase price $ 15,000        
Golden Skybridge          
Business Acquisition [Line Items]          
Business acquisition date   Mar. 18, 2021 Mar. 18, 2021    
Percentage of controlling interest acquired   60.00%      
Purchase price   $ 12,000 $ 15    
Business acquisition expected open period   2021-06 2021-06    
Acquisition related costs       $ 100 $ 400
Golden Skybridge | Development and Start Up Costs          
Business Acquisition [Line Items]          
Purchase price   $ 4,800 $ 6    
v3.22.2
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Apr. 06, 2022
Jun. 30, 2022
Dec. 31, 2021
Mar. 18, 2021
Business Acquisition [Line Items]        
Property and equipment       $ 2,200
Goodwill   $ 126,877 $ 112,078  
Glacier Raft [Member]        
Business Acquisition [Line Items]        
Purchase price $ 26,507      
Working capital adjustment (961)      
Purchase price adjustment 125      
Cash acquired (177)      
Purchase price, net of cash acquired 25,494      
Inventory 370      
Prepaid expenses and other 57      
Property and equipment 6,487      
Intangible assets 3,400      
Total assets acquired 10,314      
Customer deposits 1,575      
Other current liabilities 32      
Total liabilities assumed 1,607      
Total fair value of net assets acquired 8,707      
Goodwill $ 16,787      
v3.22.2
Acquisitions - Schedule of Purchase Price Allocated to Intangible Assets Acquired (Details) - Glacier Raft [Member]
$ in Thousands
 6 Months Ended
Jun. 30, 2022
USD ($)
Business Acquisition [Line Items]  
Intangible assets $ 3,400
Weighted average life 13 years 7 months 6 days
Customer Relationships  
Business Acquisition [Line Items]  
Intangible assets $ 1,800
Weighted average life 12 years
Operating Licenses  
Business Acquisition [Line Items]  
Intangible assets $ 1,300
Weighted average life 17 years
Tradenames  
Business Acquisition [Line Items]  
Intangible assets $ 300
Weighted average life 8 years
v3.22.2
Inventories - Components of Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Components of Inventories    
Raw materials $ 1,595 $ 2,350
Finished goods 13,345 6,231
Inventories $ 14,940 $ 8,581
v3.22.2
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Restricted cash $ 5,424 $ 2,703
Prepaid software maintenance 5,153 4,154
Income tax receivable 2,994 1,901
Prepaid vendor payments 1,705 1,604
Prepaid taxes 311 456
Prepaid other 1,698 1,165
Other 1,517 2,097
Other current assets $ 18,802 $ 14,080
v3.22.2
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 875,506 $ 852,146
Accumulated depreciation (378,428) (364,060)
Property Plant and Equipment Net Excluding Finance Leased Assets, Total 497,078 488,086
Finance lease ROU assets, net 62,101 61,022
Property and equipment, net 559,179 549,108
Land and land interests    
Property Plant And Equipment [Line Items]    
Gross property and equipment 31,316 30,532
Buildings and leasehold improvements    
Property Plant And Equipment [Line Items]    
Gross property and equipment 408,114 407,930
Equipment and other    
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 436,076 $ 413,684
v3.22.2
Property and Equipment - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Property Plant And Equipment [Line Items]        
Depreciation expense $ 10,802 $ 10,674 $ 21,808 $ 21,576
Property and equipment purchased through accounts payable and accrued liabilities, increased or decreased amount     400 $ 4,200
Capitalized Software        
Property Plant And Equipment [Line Items]        
Interest Costs Capitalized $ 700   $ 2,600  
v3.22.2
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Investments, All Other Investments [Abstract]    
Self-insured liability receivable $ 6,847 $ 6,847
Other mutual funds 3,459 4,057
Contract costs 2,453 2,685
Other 2,928 3,129
Other investments and assets $ 15,687 $ 16,718
v3.22.2
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
USD ($)
Goodwill [Line Items]  
Balance, beginning $ 112,078
Balance, ending 126,877
Pursuit  
Goodwill [Line Items]  
Balance, beginning 112,078
Business acquisition 16,787
Foreign currency translation adjustments (1,988)
Balance, ending $ 126,877
v3.22.2
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Gross Carrying Value $ 100,745 $ 99,689
Intangible assets subject to amortization, Accumulated Amortization (36,439) (35,074)
Intangible assets subject to amortization, Net Carrying Value 64,306 64,615
Other intangible assets net, Gross Carrying Value 101,317 100,263
Other intangible assets net, Net Carrying Value 64,878 65,189
Other intangible assets net, Accumulated Amortization $ (36,439) (35,074)
Customer contracts and relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 7 years 2 months 12 days  
Intangible assets subject to amortization, Gross Carrying Value $ 37,485 36,848
Intangible assets subject to amortization, Accumulated Amortization (28,764) (28,372)
Intangible assets subject to amortization, Net Carrying Value $ 8,721 8,476
Operating contracts and licenses    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 34 years 7 months 6 days  
Intangible assets subject to amortization, Gross Carrying Value $ 41,444 40,927
Intangible assets subject to amortization, Accumulated Amortization (3,113) (2,660)
Intangible assets subject to amortization, Net Carrying Value $ 38,331 38,267
In-place lease    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 34 years 3 months 18 days  
Intangible assets subject to amortization, Gross Carrying Value $ 15,183 15,464
Intangible assets subject to amortization, Accumulated Amortization (1,280) (1,084)
Intangible assets subject to amortization, Net Carrying Value $ 13,903 14,380
Tradenames    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 4 years 3 months 18 days  
Intangible assets subject to amortization, Gross Carrying Value $ 5,823 5,626
Intangible assets subject to amortization, Accumulated Amortization (3,128) (2,819)
Intangible assets subject to amortization, Net Carrying Value $ 2,695 2,807
Other    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 5 years 8 months 12 days  
Intangible assets subject to amortization, Gross Carrying Value $ 810 824
Intangible assets subject to amortization, Accumulated Amortization (154) (139)
Intangible assets subject to amortization, Net Carrying Value 656 685
Business licenses    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Net Carrying Value 572 574
Other intangible assets net, Net Carrying Value $ 572 $ 574
v3.22.2
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Services        
Segment Reporting Information [Line Items]        
Intangible asset amortization expense $ 1.4 $ 1.6 $ 2.6 $ 2.8
v3.22.2
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Estimated amortization expense related to amortized intangible assets    
Remainder of 2022 $ 2,686  
2023 4,710  
2024 3,746  
2025 2,439  
2026 2,404  
Thereafter 48,321  
Intangible assets subject to amortization, Net Carrying Value $ 64,306 $ 64,615
v3.22.2
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Continuing operations:    
Commissions payable $ 9,786 $ 4,119
Accommodation service deposits 9,420 892
Accrued sales and use taxes 8,688 3,428
Self-insured liability 5,428 4,815
Accrued employee benefit costs 4,188 4,164
Accrued concession fees 3,089 964
Accrued professional fees 1,310 1,671
Current portion of pension and postretirement liabilities 1,457 1,637
Accrued restructuring 628 864
Accrued interest payable 233 228
Other taxes 1,252 1,042
Other 4,509 3,999
Total continuing operations 49,988 27,823
Discontinued operations:    
Self-insured liability 354 312
Environmental remediation liabilities 52 60
Other 94 94
Total discontinued operations 500 466
Total other current liabilities $ 50,488 $ 28,289
v3.22.2
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Continuing operations:    
Foreign deferred tax liability $ 28,636 $ 27,748
Multi-employer pension plan withdrawal liability 14,041 14,260
Self-insured excess liability 6,847 6,847
Self-insured liability 4,944 5,119
Accrued compensation 4,708 5,696
Accrued restructuring 2,629 2,571
Other 3,144 2,758
Total continuing operations 64,949 64,999
Discontinued operations:    
Environmental remediation liabilities 2,176 2,168
Self-insured liability 1,428 1,535
Other 250 251
Total discontinued operations 3,854 3,954
Total other deferred items and liabilities $ 68,803 $ 68,953
v3.22.2
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Less unamortized debt issuance costs $ (13,864) $ (14,804)
Total debt 412,572 390,451
Finance lease obligations, [9.1%] weighted-average interest rate at June 30, 2022 and December 31, 2021, due through 2067 64,895 63,401
Financing arrangements 966 5,528
Total debt and finance lease obligations [1],[2] 478,433 459,380
Current portion (9,144) (12,800)
Long-term debt and finance lease obligations 469,289 446,580
Forest Park Hotel Construction Loan Facility    
Debt Instrument [Line Items]    
Credit facility [3] 8,634 0
Fly Over Iceland Term Loan    
Debt Instrument [Line Items]    
Credit facility [3] 679 689
2021 Credit Agreement | Revolving Credit Facility    
Debt Instrument [Line Items]    
Credit facility [3] 15,000 0
2021 Credit Agreement | Term Loan B    
Debt Instrument [Line Items]    
Credit facility [3] 397,000 399,000
2018 Credit Agreement | FlyOver Iceland Credit Facility    
Debt Instrument [Line Items]    
Credit facility [3] $ 5,123 $ 5,566
[1] Cash paid for interest on debt was $14.6 million during the six months ended June 30, 2022 and $10.3 million during the six months ended June 30, 2021
[2] The estimated fair value of total debt and finance leases was $340.8 million as of June 30, 2022 and $328.9 million as of December 31, 2021. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements
[3] Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees
v3.22.2
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
May 17, 2022
Dec. 31, 2021
Debt Instrument [Line Items]        
Weighted average interest rate on long term debt 9.10%     9.10%
Fair value of debt $ 340.8     $ 328.9
Cash paid for interest on debt $ 14.6 $ 10.3    
Forest Park Hotel Construction Loan Facility        
Debt Instrument [Line Items]        
Interest rate on credit facility 4.80%   2.35%  
FlyOver Iceland Credit Facility        
Debt Instrument [Line Items]        
Interest rate on credit facility 4.90%     4.90%
Fly Over Iceland Term Loan        
Debt Instrument [Line Items]        
Weighted average interest rate on long term debt 8.60%     3.80%
2021 Credit Facility | Revolving Credit Facility        
Debt Instrument [Line Items]        
Weighted average interest rate on long term debt 7.30%      
2021 Credit Facility | Term Loan B        
Debt Instrument [Line Items]        
Interest rate on credit facility 6.10%     5.50%
v3.22.2
Debt and Finance Lease Obligations - Narrative (Details)
$ in Thousands, € in Millions, kr in Millions, $ in Millions
 6 Months Ended 12 Months Ended
May 17, 2022
USD ($)
Apr. 06, 2022
USD ($)
Dec. 01, 2021
Jul. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
Dec. 31, 2020
USD ($)
Dec. 01, 2024
Jun. 30, 2022
CAD ($)
May 17, 2022
CAD ($)
Jan. 01, 2022
USD ($)
Jan. 01, 2022
ISK (kr)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
ISK (kr)
Dec. 29, 2020
ISK (kr)
Oct. 15, 2020
ISK (kr)
Feb. 15, 2019
USD ($)
Feb. 15, 2019
EUR (€)
Line Of Credit Facility [Line Items]                                  
Write off unamortized debt         $ 13,864             $ 14,804          
Proceeds from revolving credit facility   $ 15,000                              
Premium Payment Due Term         12 months                        
Financial Arrangements Weighted Average Interest Rate           2.70%             2.70%        
Revolving Credit Facility                                  
Line Of Credit Facility [Line Items]                                  
Borrowing capacity on line of credit         $ 15,000                        
Remaining borrowing capacity on line of credit         72,300                        
Line of credit facility, borrowing         15,000                        
Line of credit facility maximum borrowing capacity       $ 450,000                          
Revolving Credit Facility | Borrowings                                  
Line Of Credit Facility [Line Items]                                  
Credit facility         100,000                        
Forest Park Hotel Construction Loan Facility                                  
Line Of Credit Facility [Line Items]                                  
Maturity date May 17, 2027                                
Remaining borrowing capacity on line of credit         4,600     $ 5.9                  
Credit facility [1]         $ 8,634             $ 0          
Interest rate on credit facility 2.35%       4.80%     4.80% 2.35%                
Line of credit facility maximum borrowing capacity $ 13,300               $ 17.0                
Forest Park Hotel Construction Loan Facility | Subsequent Event                                  
Line Of Credit Facility [Line Items]                                  
Interest rate on credit facility             1.50%                    
FlyOver Iceland Credit Facility                                  
Line Of Credit Facility [Line Items]                                  
Maturity date     Mar. 01, 2025   Mar. 01, 2022                        
Debt Instrument, Annual Principal Payment                   $ 600 kr 75.0            
Interest rate on credit facility         4.90%     4.90%       4.90%          
Line of credit facility maximum borrowing capacity                               $ 5,600 € 5.0
Line Of Credit Facility Date Of First Required Payment     Dec. 01, 2022                            
Fly Over Iceland Term Loan                                  
Line Of Credit Facility [Line Items]                                  
Credit facility [1]         $ 679             $ 689          
Line of credit facility maximum borrowing capacity           $ 700             kr 90.0        
2018 Credit Agreement | FlyOver Iceland Credit Facility                                  
Line Of Credit Facility [Line Items]                                  
Credit facility [1]         5,123             $ 5,566          
2021 Credit Facility                                  
Line Of Credit Facility [Line Items]                                  
Commitment fee percentage on line of credit       0.50%                          
Line of credit facility maximum borrowing capacity       $ 500,000                          
Loans Proceeds Offset       400,000                          
Fees       $ 14,800                          
2021 Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)                                  
Line Of Credit Facility [Line Items]                                  
Interest rate description       LIBOR plus 3.50% with an undrawn fee of 0.50%                          
2021 Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)                                  
Line Of Credit Facility [Line Items]                                  
Interest rate description       LIBOR plus 2.50% with an undrawn fee of 0.30%                          
2021 Credit Facility | Revolving Credit Facility                                  
Line Of Credit Facility [Line Items]                                  
Maturity date       Jul. 30, 2026                          
Minimum liquidity requirement       $ 75,000                          
Letters of Credit Outstanding         $ 12,700                        
Line of credit facility maximum borrowing capacity       $ 100,000                          
2021 Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)                                  
Line Of Credit Facility [Line Items]                                  
Interest rate description       LIBOR plus 3.50%                          
2021 Credit Facility | Revolving Credit Facility | Maximum                                  
Line Of Credit Facility [Line Items]                                  
Financial covenants leverage ratio step up       4.75%                          
Leverage ratio       5.25%                          
Debt covenant, interest coverage ratio       2.50%                          
2021 Credit Facility | Revolving Credit Facility | Minimum                                  
Line Of Credit Facility [Line Items]                                  
Interest coverage ratio       2.00%                          
Leverage ratio       4.50%                          
Debt covenant, interest coverage ratio       4.00%                          
2021 Credit Facility | Term Loan B                                  
Line Of Credit Facility [Line Items]                                  
Borrowing capacity on line of credit       $ 400,000                          
Maturity date       Jul. 30, 2028                          
Interest coverage ratio       0.00%                          
Line of credit facility, borrowing       $ 400,000                          
Loans Proceeds Offset       $ 327,000                          
2021 Credit Facility | Term Loan B | London Interbank Offered Rate (LIBOR)                                  
Line Of Credit Facility [Line Items]                                  
Interest rate description       5.00%, with a LIBOR floor of 0.50%                          
First Term Loan | Fly Over Iceland Term Loan                                  
Line Of Credit Facility [Line Items]                                  
Maturity date           Apr. 01, 2023                      
Line of credit facility maximum borrowing capacity | kr                             kr 10.0    
Line Of Term Loan Amendment Description           bears interest on a seven-day term deposit at the Central Bank of Iceland                      
Second Term Loan | Fly Over Iceland Term Loan                                  
Line Of Credit Facility [Line Items]                                  
Maturity date           Oct. 01, 2024                      
Line of credit facility maximum borrowing capacity | kr                             kr 30.0    
Third Term Loan                                  
Line Of Credit Facility [Line Items]                                  
Line Of Term Loan Amendment Description           bears interest on a seven-day term deposit at the Central Bank of Iceland plus 3.07%. The third term loan for ISK 50.0 million was entered into effective December 29, 2020 with a maturity date of February 1, 2023 and bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan. Loan proceeds were used to fund FlyOver Iceland operations.                      
Third Term Loan | Fly Over Iceland Term Loan                                  
Line Of Credit Facility [Line Items]                                  
Maturity date           Feb. 01, 2023                      
Line of credit facility maximum borrowing capacity | kr                           kr 50.0      
Line Of Term Loan Amendment Description           bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan                      
[1] Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees
v3.22.2
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Fair value information related to assets    
Assets $ 3,459 $ 15,060
Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets 3,459 15,060
Money market funds    
Fair value information related to assets    
Assets [1] 0 11,003
Money market funds | Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets [1] 0 11,003
Other mutual funds    
Fair value information related to assets    
Assets [2] 3,459 4,057
Other mutual funds | Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets [2] $ 3,459 $ 4,057
[1] We include money market funds in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. We classify these investments as available-for-sale and record them at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.
[2] We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets.
v3.22.2
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
USD ($)
Money market funds  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Realized gains on the investments $ 0
v3.22.2
Loss Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Numerator:            
Net income (loss) attributable to Viad $ 19,839   $ (42,026)   $ (9,162) $ (85,178)
Less: Allocation to participating securities (4,293)   0   0 0
Dividends on convertible preferred stock (1,950) $ (1,950) (1,923) $ (1,898)    
Adjustment to the redemption value of redeemable noncontrolling interest (412)   (547)   (763) (603)
Net income (loss) allocated to Viad common stockholders (basic) 13,184   (44,496)   (13,825) (89,602)
Add: Allocation to participating securities 25   0   0 0
Net loss allocated to Viad common stockholders (diluted) $ 13,209   $ (44,496)   $ (13,825) $ (89,602)
Denominator:            
Basic weighted-average outstanding common shares 20,571   20,397   20,544 20,384
Additional dilutive shares related to share-based compensation 160   0   0 0
Diluted weighted-average outstanding shares 20,731   20,397   20,544 20,384
Basic income (loss) attributable to Viad common stockholders $ 0.64   $ (2.18)   $ (0.67) $ (4.40)
Basic income (loss) attributable to Viad common stockholders [1] $ 0.64   $ (2.18)   $ (0.67) $ (4.40)
Paid in Cash            
Numerator:            
Dividends on convertible preferred stock $ (1,950)   $ 0   $ (3,900) $ 0
Paid in Kind            
Numerator:            
Dividends on convertible preferred stock $ 0   $ (1,923)   $ 0 $ (3,821)
[1] Diluted loss per share amount cannot exceed basic loss per share.
v3.22.2
Loss Per Share - Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Income (Loss) Per Common Shares (Details) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Convertible Preferred Stock        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 0 6,583 6,674 6,539
Unvested Restricted Share-Based Awards        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 17 161 168 172
Unvested Performance Share-based Awards        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 33 34 51 23
Stock Options        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 372 250 277 204
v3.22.2
Common and Preferred Stock - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Aug. 05, 2020
Jun. 30, 2022
Jun. 30, 2021
Feb. 07, 2019
Class Of Stock [Line Items]        
Authorized repurchase of additional shares       500,000
Shares remain available for repurchase   546,283    
Convertible Preferred Stock        
Class Of Stock [Line Items]        
Preferred stock dividend rate percentage 5.50%      
Frequency of periodic payment of cumulative dividend quarterly      
Convertible preferred stock conversion price per share $ 21.25      
Dividends paid in cash   $ 3.9    
Redemption value of the preferred stock   $ 141.8 $ 141.8  
Crestview Partners | Convertible Preferred Stock        
Class Of Stock [Line Items]        
Convertible Preferred Stock, Shares Issued upon Conversion 135,000      
Preferred Stock, Par value $ 0.01      
Purchase price $ 135.0      
Shares issued, price per share $ 1,000      
Effect on future earnings offset amount $ 135.0      
Capital raising expense $ 9.2      
v3.22.2
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance $ 91,838 $ 174,099
Ending Balance 75,365 102,567
Cumulative Foreign Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance (16,162) (16,686)
Other comprehensive income loss before reclassifications (8,131) 7,654
Net other comprehensive income (loss) (8,131) 7,654
Ending Balance (24,293) (9,032)
Unrecognized Net Actuarial Loss and Prior Service Credit, Net    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance (11,267) (13,955)
Amounts reclassified from AOCI, net of tax 466 122
Net other comprehensive income (loss) 466 122
Ending Balance (10,801) (13,833)
Accumulated Other Comprehensive Income (Loss)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance (27,429) (30,641)
Other comprehensive income loss before reclassifications (8,131) 7,654
Amounts reclassified from AOCI, net of tax 466 122
Net other comprehensive income (loss) (7,665) 7,776
Ending Balance $ (35,094) $ (22,865)
v3.22.2
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating Loss Carryforwards [Line Items]        
Effective income tax rate 14.30% 4.80% 8.00% 5.60%
Federal statutory tax rate 21.00% 21.00% 21.00% 21.00%
Cash refunds received $ 0.6 $ 0.3    
Paid cash for income taxes     $ 0.8 $ 0.4
v3.22.2
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Pension Plans        
Net periodic benefit cost:        
Net periodic benefit cost $ 310 $ 262 $ 682 $ 500
Total expenses 310 262 682 500
Postretirement Benefit Plans        
Net periodic benefit cost:        
Net periodic benefit cost 109 95 218 218
Total expenses 109 95 218 218
Domestic Plans | Pension Plans        
Net periodic benefit cost:        
Service cost 0 0 0 0
Interest cost 125 91 250 205
Expected return on plan assets 51 12 49 (15)
Amortization of prior service credit 0 0 0 0
Recognized net actuarial loss 134 159 268 310
Net periodic benefit cost 310 262 567 500
Settlement cost 0 0 115 0
Total expenses 310 262 567 500
Domestic Plans | Postretirement Benefit Plans        
Net periodic benefit cost:        
Service cost 10 15 20 28
Interest cost 54 40 108 95
Expected return on plan assets 0 0 0 0
Amortization of prior service credit 22 (2) 44 (3)
Recognized net actuarial loss 23 42 46 98
Net periodic benefit cost 109 95 218 218
Settlement cost 0 0 0 0
Total expenses 109 95 218 218
Foreign Pension Plans        
Net periodic benefit cost:        
Service cost 76 117 161 230
Interest cost 79 80 167 156
Expected return on plan assets (98) (130) (223) (255)
Amortization of prior service credit 0 0 0 0
Recognized net actuarial loss 36 50 71 99
Net periodic benefit cost 93 117 176 230
Settlement cost 0 0 533 0
Total expenses 93 117 176 230
Foreign Pension Plans | Pension Plans        
Net periodic benefit cost:        
Net periodic benefit cost 93 117 709 230
Total expenses $ 93 $ 117 $ 709 $ 230
v3.22.2
Pension and Postretirement Benefits - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2022
USD ($)
Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in postretirement benefit plans $ 0.8
Pension and Other Postretirement Benefit Contributions 0.3
Funded Plans | Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in funded pension plans 0.9
Pension Contributions 0.4
Unfunded Pension Plans | Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in unfunded pension plans 0.9
Pension Contributions $ 0.3
v3.22.2
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Restructuring Cost And Reserve [Line Items]        
Beginning balance     $ 3,435  
Restructuring charges $ 1,426 $ 787 2,080 $ 3,613
Cash payments     (1,118)  
Non-cash items [1]     (1,167)  
Adjustment to liability     (27)  
Ending balance 3,257   3,257  
GES | Severance & Employee Benefits        
Restructuring Cost And Reserve [Line Items]        
Beginning balance     1,976  
Restructuring charges     377  
Cash payments     (316)  
Non-cash items [1]     (355)  
Adjustment to liability     (2)  
Ending balance 1,680   1,680  
GES | Facilities        
Restructuring Cost And Reserve [Line Items]        
Beginning balance     1,433  
Restructuring charges     1,673  
Cash payments     (719)  
Non-cash items [1]     812  
Adjustment to liability     (10)  
Ending balance 1,565   1,565  
Other Restructuring | Severance & Employee Benefits        
Restructuring Cost And Reserve [Line Items]        
Beginning balance     26  
Restructuring charges     30  
Cash payments     (83)  
Adjustment to liability     39  
Ending balance $ 12   $ 12  
[1] Represents non-cash adjustments related to a write-down of certain ROU assets and leasehold improvements as a result of vacating certain facilities during the first quarter of 2022 prior to the lease term.
v3.22.2
Restructuring Charges - Narrative (Details)
$ in Millions
Jun. 30, 2022
USD ($)
Restructuring and Related Activities [Abstract]  
Payments of liabilities related to severance and employee benefits $ 1.5
v3.22.2
Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Lessee Lease Description [Line Items]    
Operating lease assets $ 99,644 $ 95,915
Finance lease assets 62,101 61,022
Total lease assets 161,745 156,937
Operating lease obligations 13,285 12,451
Finance lease obligations 2,899  
Operating lease obligations 97,277 93,406
Finance lease obligations 61,996  
Total lease liabilities 175,457 169,258
Operating Lease Right-of-Use Assets    
Lessee Lease Description [Line Items]    
Operating lease assets 99,644 95,915
Property and Equipment, Net    
Lessee Lease Description [Line Items]    
Finance lease assets 62,101 61,022
Operating Lease Obligations    
Lessee Lease Description [Line Items]    
Operating lease obligations 13,285 12,451
Current Portion of Debt and Finance Lease Obligations    
Lessee Lease Description [Line Items]    
Finance lease obligations 2,899 2,928
Long-Term Operating Lease Obligations    
Lessee Lease Description [Line Items]    
Operating lease obligations 97,277 93,406
Long-Term Debt and Finance Lease Obligations    
Lessee Lease Description [Line Items]    
Finance lease obligations $ 61,996 $ 60,473
v3.22.2
Leases and Other - Components of Least Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Finance lease cost:        
Amortization of ROU assets $ 1,045 $ 1,068 $ 2,096 $ 2,138
Interest on lease liabilities 1,467 1,473 2,902 2,788
Operating lease cost 6,204 5,893 12,026 12,163
Short-term lease cost 749 198 1,113 459
Variable lease cost 1,532 1,092 2,546 2,034
Total lease cost, net $ 10,997 $ 9,724 $ 20,683 $ 19,582
v3.22.2
Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows from operating leases $ 6,069 $ 6,460 $ 11,867 $ 12,613  
Operating cash flows from finance leases 1,499 933 2,966 1,207  
Financing cash flows from finance leases 873 684 1,597 1,394  
ROU assets obtained in exchange for lease obligations:          
Operating leases 1,380 12,636 10,711 18,935  
Finance leases $ 1,217 $ 0 $ 4,324 $ 41,709  
Weighted-average remaining lease term (years):          
Operating leases 8 years 7 months 6 days   8 years 7 months 6 days   8 years 6 months 14 days
Finance leases 33 years 9 months 3 days   33 years 9 months 3 days   34 years 11 months 12 days
Weighted-average discount rate:          
Operating leases 7.00%   7.00%   6.86%
Finance leases 9.08%   9.08%   9.06%
v3.22.2
Leases and Other - Schedule of Estimated Future Minimum Lease Payments Under Non-cancelable Leases Excluding Variable Leases and Variable Non-lease Components (Details) - USD ($)
$ in Thousands
Jun. 30, 2022
Dec. 31, 2021
Leases [Abstract]    
Remainder of 2022 $ 11,029  
2023 20,921  
2024 18,894  
2025 17,636  
2026 17,266  
Thereafter 69,123  
Total future lease payments 154,869  
Less: Amount representing interest (44,307)  
Present value of minimum lease payments 110,562  
Current portion 13,285 $ 12,451
Long-term operating lease obligations 97,277 93,406
Remainder of 2022 4,759  
2023 8,630  
2024 7,554  
2025 6,785  
2026 6,527  
Thereafter 185,673  
Total future lease payments 219,928  
Less: Amount representing interest (155,033)  
Present value of minimum lease payments 64,895 63,401
Current portion 2,899  
Long-term portion 61,996  
Remainder of 2022 15,788  
2023 29,551  
2024 26,448  
2025 24,421  
2026 23,793  
Thereafter 254,796  
Total future lease payments 374,797  
Less: Amount representing interest (199,340)  
Total operating and finance lease liablities 175,457 $ 169,258
Current portion 16,184  
Long-term portion $ 159,273  
v3.22.2
Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details)
$ in Thousands
Jun. 30, 2022
USD ($)
Leases [Abstract]  
Remainder of 2022 $ 748
2023 1,229
2024 990
2025 836
2026 682
Thereafter 936
Total minimum rents $ 5,421
v3.22.2
Leases and Other - Narrative (Details) - New flyover Attraction [Member]
 6 Months Ended
Jun. 30, 2022
Lessee Lease Description [Line Items]  
Operating lease not yet commenced, description As of June 30, 2022, we had executed three facility leases for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and ROU assets on our Condensed Consolidated Balance Sheets. One of these leases is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date for FlyOver Canada Toronto to begin in early 2023 with a lease term of 20 years.
Operating lease not yet commenced, term of contract 20 years
v3.22.2
Litigation, Claims, Contingencies and Other - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2021
USD ($)
Jun. 30, 2022
USD ($)
Agreement
Jun. 30, 2021
USD ($)
Loss Contingencies [Line Items]        
Environmental remediation liability $ 2,200,000   $ 2,200,000  
Maximum potential amount of future payments 95,900,000   $ 95,900,000  
Guarantees relate to facilities and equipment leased by the company     2040-01  
Recourse provision to recover guarantees 0   $ 0  
Bargaining agreements | Agreement     100  
Self insurance reserve 10,400,000   $ 10,400,000  
Workers' compensation liability 5,900,000   5,900,000  
Self insurance reserve for general and auto 4,500,000   4,500,000  
Self insurance reserve on discontinued operations 1,800,000   1,800,000  
Estimated employee health benefit claims incurred but not yet reported 1,200,000   1,200,000  
Payments for self insurance 1,000,000.0 $ 900,000 2,600,000 $ 1,100,000
Other Employee-related Liabilities 100,000   100,000  
Self insurance reserve in which company is the primary obligor 6,800,000   6,800,000  
Self insurance reserve in which company is the primary obligor for workers compensation 6,700,000   6,700,000  
Minimum [Member]        
Loss Contingencies [Line Items]        
General range on claims 200,000   200,000  
Maximum        
Loss Contingencies [Line Items]        
General range on claims $ 500,000   $ 500,000  
v3.22.2
Redeemable Noncontrolling Interest - Narrative (Details) - EUR (€)
€ in Thousands
 6 Months Ended
Jun. 30, 2022
Nov. 03, 2017
Redeemable Noncontrolling Interest [Line Items]    
Percentage of non equity ownership related redeemable noncontrolling interests 56.40%  
Esja Attractions ehf.    
Redeemable Noncontrolling Interest [Line Items]    
Percentage of controlling interest acquired   54.50%
Percentage of non equity ownership related redeemable noncontrolling interests 56.40%  
EBITDA trailing period 12 months  
Redeemable noncontrolling interest conditions The put option is only exercisable after August 2022 (the “Reference Date”), and in the event the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire.  
Put option exercisable period 12 months  
Put option additional exercisable period upon not meeting of conditions 12 months  
Esja Attractions ehf. | FlyOver Iceland    
Redeemable Noncontrolling Interest [Line Items]    
Put option exercisable period 72 months  
Esja Attractions ehf. | FlyOver Iceland | Minimum    
Redeemable Noncontrolling Interest [Line Items]    
Unadjusted EBITDA € 3,250  
v3.22.2
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Noncontrolling Interest [Abstract]        
Beginning balance     $ 5,444  
Net loss attributable to redeemable noncontrolling interest $ (128) $ (431) (266) $ (925)
Adjustment to the redemption value     763  
Foreign currency translation adjustment     (118)  
Ending balance $ 5,823   $ 5,823  
v3.22.2
Redeemable Noncontrolling Interest - Summary of Changes in Non Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2022
Jun. 30, 2021
Minority Interest [Line Items]          
Beginning Balance       $ 85,556  
Net loss attributable to non-redeemable noncontrolling interest $ 451 $ (510)   (753) $ (1,955)
Acquisitions     $ 6,759    
Distributions to non-controlling interests       (570)  
Foreign currency translation adjustments (2,014) $ 1,069   (1,277) $ 1,819
Ending Balance 82,956     82,956  
Glacier Park Inc          
Minority Interest [Line Items]          
Beginning Balance       15,315  
Net loss attributable to non-redeemable noncontrolling interest       (721)  
Distributions to non-controlling interests       0  
Foreign currency translation adjustments       (3)  
Ending Balance 14,591     $ 14,591  
Equity ownership interest that we do not own       20.00%  
Brewster          
Minority Interest [Line Items]          
Beginning Balance [1]       $ 58,601  
Net loss attributable to non-redeemable noncontrolling interest [1]       68  
Distributions to non-controlling interests [1]       (570)  
Foreign currency translation adjustments [1]       (1,050)  
Ending Balance [1] 57,049     $ 57,049  
Equity ownership interest that we do not own [1]       40.00%  
Sky Lagoon          
Minority Interest [Line Items]          
Beginning Balance       $ 11,640  
Net loss attributable to non-redeemable noncontrolling interest       (100)  
Distributions to non-controlling interests       0  
Foreign currency translation adjustments       (224)  
Ending Balance $ 11,316     $ 11,316  
Equity ownership interest that we do not own       49.00%  
[1] Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.22.2
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Reportable segments reconciliations:        
Total revenue $ 319,203 $ 61,233 $ 496,563 $ 90,168
Interest expense, net (7,761) (5,565) (13,638) (10,650)
Corporate activities 3,440 3,006 6,113 5,011
Multi-employer pension plan withdrawal 0 (57) 0 (57)
Other expense, net (612) (680) (1,250) (1,040)
Depreciation and amortization     (26,486) (26,510)
Restructuring charges (1,426) (787) (2,080) (3,613)
Loss from continuing operations before income taxes 23,469 (45,071) (9,731) (93,555)
GES        
Reportable segments reconciliations:        
Total revenue 241,604 24,920 395,180 44,065
Pursuit        
Reportable segments reconciliations:        
Total revenue 77,599 36,313 101,383 46,103
Operating Segments        
Reportable segments reconciliations:        
Segment operating loss 36,691 (34,994) 13,899 (73,219)
Operating Segments | GES        
Reportable segments reconciliations:        
Segment operating loss 31,120 (26,897) 29,526 (46,801)
Operating Segments | Pursuit        
Reportable segments reconciliations:        
Total revenue 77,599 36,313 101,383 46,103
Segment operating loss 5,571 (8,097) (15,627) (26,418)
Restructuring charges 0 0 0 (23)
Operating Segments | Spiro        
Reportable segments reconciliations:        
Total revenue 89,425 11,944 132,241 24,003
Segment operating loss 14,847 (7,211) 14,608 (14,380)
Restructuring charges (808) (126) (1,226) (176)
Operating Segments | GES-Exhibitions        
Reportable segments reconciliations:        
Total revenue 154,600 13,057 266,431 20,209
Segment operating loss 16,273 (19,686) 14,918 (32,421)
Restructuring charges (588) (661) (824) (3,394)
Impairment charges (0) 0 (583) 0
Operating Segments | GES intersegment eliminations [Member]        
Reportable segments reconciliations:        
Total revenue (2,421) (81) (3,492) (147)
Corporate Eliminations        
Reportable segments reconciliations:        
Segment operating loss [1] 17 18 34 35
Corporate        
Reportable segments reconciliations:        
Segment operating loss (3,440) (3,006) (6,113) (5,011)
Restructuring charges $ (30) $ 0 $ (30) $ (20)
[1] Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola.
v3.22.2
Segment Information - Reconciliation of Assets from Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Segment Reporting Information [Line Items]        
Depreciation $ 10,802 $ 10,674 $ 21,808 $ 21,576
Amortization 2,405 2,659 4,678 4,934
Capital expenditures 19,069 15,392 31,639 24,763
Pursuit        
Segment Reporting Information [Line Items]        
Depreciation 7,866 6,546 15,648 13,003
Amortization 1,316 1,439 2,495 2,469
Capital expenditures 17,219 14,396 28,710 23,619
Spiro        
Segment Reporting Information [Line Items]        
Depreciation 852 1,032 1,781 2,529
Amortization 51 122 103 252
Capital expenditures 442 146 586 294
GES-Exhibitions        
Segment Reporting Information [Line Items]        
Depreciation 2,070 3,084 4,361 6,020
Amortization 1,038 1,098 2,080 2,213
Capital expenditures 1,383 702 2,248 702
Corporate And Other        
Segment Reporting Information [Line Items]        
Capital expenditures 25 148 95 148
Corporate        
Segment Reporting Information [Line Items]        
Depreciation $ 14 $ 12 $ 18 $ 24
v3.22.2
Subsequent Events - Additional Information (Details)
$ in Millions
Apr. 06, 2022
USD ($)
Subsequent Event [Line Items]  
Proceeds from revolving credit facility $ 15.0