VIAD CORP, 10-Q filed on 11/4/2022
Quarterly Report
v3.22.2.2
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2022
Nov. 01, 2022
Document Information [Line Items]    
Entity Registrant Name Viad Corp  
Entity Central Index Key 0000884219  
Document Type 10-Q  
Document Period End Date Sep. 30, 2022  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
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   20,670,196
Document Quarterly Report true  
Document Transition Report false  
Common Stock    
Document Information [Line Items]    
Trading Symbol VVI  
Title of 12(b) Security Common Stock, $1.50 Par Value  
Security Exchange Name NYSE  
Junior Participating Preferred Stock    
Document Information [Line Items]    
No Trading Symbol Flag true  
Title of 12(b) Security Preferred Stock Purchase Rights  
Security Exchange Name NYSE  
v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 79,151 $ 61,600
Accounts receivable, net of allowances for doubtful accounts of $3,248 and $1,808, respectively 150,281 91,966
Inventories 11,212 8,581
Current contract costs 25,114 11,105
Prepaid insurance 11,535 10,284
Other current assets 20,345 14,080
Total current assets 297,638 197,616
Property and equipment, net 543,498 549,108
Other investments and assets 16,606 16,718
Operating lease right-of-use assets 107,442 95,915
Deferred income taxes 866 1,006
Goodwill 119,416 112,078
Other intangible assets, net 59,167 65,189
Total Assets 1,144,633 1,037,630
Current liabilities    
Accounts payable 99,428 69,657
Contract liabilities 62,146 39,141
Accrued compensation 25,996 12,788
Operating lease obligations 13,958 12,451
Other current liabilities 48,249 28,289
Current portion of debt and finance lease obligations 16,614 12,800
Total current liabilities 266,391 175,126
Long-term debt and finance obligations 450,085 446,580
Pension and postretirement benefits 22,881 23,692
Long-term operating lease obligations 105,740 93,406
Other deferred items and liabilities 70,300 68,953
Total liabilities 915,397 807,757
Commitments and contingencies
Redeemable noncontrolling interest 5,257 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 570,913 566,741
Accumulated deficit (324,587) (349,720)
Accumulated other comprehensive loss (61,010) (27,429)
Common stock in treasury, at cost, 4,272,936 and 4,381,606 shares, respectively (214,959) (220,712)
Total Viad stockholders’ equity 7,759 6,282
Non-redeemable noncontrolling interest 83,629 85,556
Total stockholders’ equity 91,388 91,838
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity 1,144,633 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
v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Allowance for doubtful accounts $ 3,248 $ 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 4,272,936 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
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Total revenue $ 382,721 $ 233,599 $ 879,284 $ 323,767
Costs and expenses:        
Corporate activities 3,768 3,093 9,881 8,104
Interest expense, net 10,252 9,518 23,890 20,168
Other expense, net 280 466 1,530 1,563
Restructuring charges 1,387 2,186 3,467 5,799
Impairment charges 0 0 583 0
Total costs and expenses 327,091 208,743 833,385 392,466
Income (loss) from continuing operations before income taxes 55,630 24,856 45,899 (68,699)
Income tax expense 9,802 5,329 10,579 118
Income (loss) from continuing operations 45,828 19,527 35,320 (68,817)
Income (loss) from discontinued operations (42) 248 285 534
Net income (loss) 45,786 19,775 35,605 (68,283)
Net (income) loss attributable to non-redeemable noncontrolling interest (5,729) (5,004) (4,976) (3,049)
Net loss attributable to redeemable noncontrolling interest 88 296 354 1,221
Net income (loss) attributable to Viad $ 40,145 $ 15,067 $ 30,983 $ (70,111)
Diluted income (loss) per common share:        
Continuing operations attributable to Viad common stockholders $ 1.38 $ 0.45 $ 0.88 $ (3.80)
Discontinued operations attributable to Viad common stockholders 0 0.01 0.01 0.03
Net income (loss) attributable to Viad common stockholders [1] $ 1.38 $ 0.46 $ 0.89 $ (3.77)
Weighted-average outstanding and potentially dilutive common shares 20,889 20,742 20,781 20,396
Basic income (loss) per common share:        
Continuing operations attributable to Viad common stockholders $ 1.40 $ 0.45 $ 0.88 $ (3.80)
Discontinued operations attributable to Viad common stockholders 0 0.01 0.01 0.03
Net income (loss) attributable to Viad common stockholders $ 1.40 $ 0.46 $ 0.89 $ (3.77)
Weighted-average outstanding common shares 20,612 20,420 20,567 20,396
Amounts attributable to Viad        
Income (loss) from continuing operations $ 40,187 $ 14,819 $ 30,698 $ (70,645)
Income (loss) from discontinued operations (42) 248 285 534
Net income (loss) 40,145 15,067 30,983 (70,111)
Services        
Revenue:        
Total revenue 306,199 182,964 711,468 254,170
Costs and expenses:        
Costs and expenses 246,472 150,983 641,603 283,403
Products        
Revenue:        
Total revenue 76,522 50,635 167,816 69,597
Costs and expenses:        
Costs and expenses $ 64,932 $ 42,497 $ 152,431 $ 73,429
[1] Diluted loss per share amount cannot exceed basic loss per share.
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 45,786 $ 19,775 $ 35,605 $ (68,283)
Other comprehensive income (loss):        
Unrealized foreign currency translation adjustments (26,427) (8,634) (34,558) (980)
Change in net actuarial loss, net of tax [1] 444 83 910 261
Change in prior service cost, net of tax [1] 67 0 67 (56)
Comprehensive loss 19,870 11,224 2,024 (69,058)
Non-redeemable noncontrolling interest:        
Comprehensive Income attributable to non-redeemable noncontrolling interest (5,729) (5,004) (4,976) (3,049)
Unrealized foreign currency translation adjustments (5,056) (1,960) (6,333) (141)
Comprehensive loss attributable to redeemable noncontrolling interest 88 296 354 1,221
Comprehensive loss attributable to Viad $ 9,173 $ 4,556 $ (8,931) $ (71,027)
[1] The tax effect on other comprehensive income (loss) is not significant
v3.22.2.2
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] 261                  
Amortization of prior service cost, net of tax [1] (56)                  
Ending Balance at Sep. 30, 2021 112,259 37,402 567,051 (325,226) (31,416) (222,203) 25,608 86,651 5,251 132,591
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      
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
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) 20,071     15,067     15,067 5,004 (296)  
Dividends on convertible preferred stock (1,950)     (1,950)     (1,950)      
Capital contribution (distributions) to (from) noncontrolling interest (216)             (216) 16  
Payment of payroll taxes on stock-based compensation through shares withheld (29)         (29) (29)      
Employee benefit plans 199   (1,751)     1,950 199      
Share-based compensation - equity awards 2,163   2,163       2,163      
Unrealized foreign currency translation adjustment (10,594)       (8,634)   (8,634) (1,960) (282)  
Amortization of net actuarial loss, net of tax 83 [1]       83   83      
Amortization of prior service cost, net of tax [1] 0                  
Other, net (35)   (19)     (23) (42) 7 488  
Ending Balance at Sep. 30, 2021 112,259 37,402 567,051 (325,226) (31,416) (222,203) 25,608 86,651 5,251 132,591
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] 910                  
Amortization of prior service cost, net of tax [1] 67                  
Ending Balance at Sep. 30, 2022 91,388 37,402 570,913 (324,587) (61,010) (214,959) 7,759 83,629 5,257 132,591
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       59   59      
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
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) 45,874     40,145     40,145 5,729 (88)  
Dividends on convertible preferred stock (1,950)     (1,950)     (1,950)    
Employee benefit plans 576   (2,079)     2,655 576      
Share-based compensation - equity awards 2,492   2,492       2,492      
Unrealized foreign currency translation adjustment (31,483)       (26,427)   (26,427) (5,056) (478)  
Amortization of net actuarial loss, net of tax 444 [1]       444   444      
Amortization of prior service cost, net of tax 67 [1]       67   67      
Other, net 3   4     1 3      
Ending Balance at Sep. 30, 2022 $ 91,388 $ 37,402 $ 570,913 $ (324,587) $ (61,010) $ (214,959) $ 7,759 $ 83,629 $ 5,257 $ 132,591
[1] The tax effect on other comprehensive income (loss) is not significant
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income (loss) $ 35,605 $ (68,283)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 39,442 39,986
Deferred income taxes 346 (131)
Income from discontinued operations (285) (534)
Restructuring charges 3,467 5,799
Impairment charges 583 0
Gains on dispositions of property and other assets (209) (9,345)
Share-based compensation expense 7,998 5,960
Multi-employer pension plan withdrawal 0 57
Other non-cash items, net 6,933 4,642
Change in operating assets and liabilities:    
Receivables (62,503) (53,998)
Inventories (3,125) (68)
Current contract costs (15,333) (10,123)
Accounts payable 34,939 39,204
Restructuring liabilities (2,442) (4,413)
Accrued compensation 11,093 7,611
Contract liabilities 24,174 26,386
Income taxes payable 8,538 (181)
Other assets and liabilities, net 16,264 14,718
Net cash provided by (used in) financing activities 105,485 (2,713)
Cash flows from investing activities    
Capital expenditures (54,770) (45,187)
Cash paid for acquisitions, net (25,494) (7,704)
Proceeds from dispositions of property and other assets 237 14,292
Net cash used in investing activities (80,027) (38,599)
Cash flows from financing activities    
Proceeds from borrowings 94,849 451,350
Payments on debt and finance lease obligations (86,643) (335,665)
Dividends paid on preferred stock (5,850) (1,950)
Distributions to noncontrolling interest, net of contributions from noncontrolling interest (570) (798)
Payments of debt issuance costs (418) (1,767)
Payment of payroll taxes on stock-based compensation through shares withheld or repurchased (940) (1,119)
Net cash provided by financing activities 428 110,051
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (5,989) 2,551
Net change in cash, cash equivalents, and restricted cash 19,897 71,290
Cash, cash equivalents, and restricted cash, beginning of year 64,303 41,971
Cash, cash equivalents, and restricted cash, end of period $ 84,200 $ 113,261
v3.22.2.2
Overview and Basis of Presentation
 9 Months Ended
Sep. 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 meetings and events, exhibition and program management, environments and permanent installations, brand and product activations, and marketing and measurement.

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 and Macroeconomic Factors

The COVID-19 pandemic continues to impact the economies of countries in which we operate, including supply chain and labor challenges, and the ability of guests to travel from certain countries. However, during 2022 international tourism and live event activity have continued to improve and demand for our products and services remained strong. It is not currently possible to estimate the duration and severity of the COVID-19 pandemic or the adverse economic impact resulting from the preventative measures taken to contain or mitigate its outbreak, therefore no assurance can be given that an extended period of global economic disruption would not have a material adverse impact on our business, financial condition and results of operations in future periods.

During 2022, changes in macroeconomic facts and circumstances, particularly high inflation and the resulting rise in interest rates has increased our interest expense. The additional impacts of these macroeconomic developments on our operations cannot be predicted with certainty, but could have adverse effects on our business, financial condition, and results of operations in future periods.

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

Accounting Standards Update (“ASU”) 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.

ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations

 

Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations.

 

1/1/2023

 

This new guidance will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. It does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. We do not expect this new standard to have a material impact on our related disclosures.

 

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 Own Equity

 

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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

79,151

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,049

 

 

 

2,703

 

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

 

$

84,200

 

 

$

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 Interests – 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. Dividends paid-in-kind increase the redemption value of the preferred stock. 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.
v3.22.2.2
Revenue and Related Contract Costs and Contract Liabilities
 9 Months Ended
Sep. 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

 

 

134,090

 

Revenue recognized

 

 

(107,479

)

Foreign exchange translation adjustment

 

 

(3,093

)

Balance at September 30, 2022

 

$

63,180

 

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

 

 

51,930

 

Expenses

 

 

(36,448

)

Foreign exchange translation adjustment

 

 

(1,089

)

Balance at September 30, 2022

 

$

28,183

 

As of September 30, 2022, capitalized contract costs consisted of $0.3 million to obtain contracts and $27.9 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs during the three and nine months ended September 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

60,825

 

 

$

39,480

 

 

$

99,364

 

 

$

51,069

 

Rooms revenue

 

 

42,453

 

 

 

35,413

 

 

 

69,915

 

 

 

51,552

 

Transportation

 

 

6,251

 

 

 

3,453

 

 

 

11,185

 

 

 

4,913

 

Other

 

 

7,581

 

 

 

3,753

 

 

 

11,968

 

 

 

7,395

 

Total services revenue

 

 

117,110

 

 

 

82,099

 

 

 

192,432

 

 

 

114,929

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

25,105

 

 

 

18,029

 

 

 

41,369

 

 

 

25,152

 

Retail operations

 

 

21,581

 

 

 

17,427

 

 

 

31,378

 

 

 

23,577

 

Total products revenue

 

 

46,686

 

 

 

35,456

 

 

 

72,747

 

 

 

48,729

 

Total revenue

 

$

163,796

 

 

$

117,555

 

 

$

265,179

 

 

$

163,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

117,110

 

 

$

82,099

 

 

$

192,432

 

 

$

114,929

 

Products transferred at a point in time

 

 

46,686

 

 

 

35,456

 

 

 

72,747

 

 

 

48,729

 

Total revenue

 

$

163,796

 

 

$

117,555

 

 

$

265,179

 

 

$

163,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

$

80,829

 

 

$

52,602

 

 

$

134,121

 

 

$

71,720

 

Alaska Collection

 

 

25,591

 

 

 

25,932

 

 

 

39,407

 

 

 

37,279

 

Glacier Park Collection

 

 

41,080

 

 

 

32,081

 

 

 

55,670

 

 

 

43,627

 

FlyOver

 

 

8,276

 

 

 

2,296

 

 

 

18,285

 

 

 

3,494

 

Sky Lagoon

 

 

8,020

 

 

 

4,644

 

 

 

17,696

 

 

 

7,538

 

Total revenue

 

$

163,796

 

 

$

117,555

 

 

$

265,179

 

 

$

163,658

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service lines:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

$

73,277

 

 

$

37,866

 

 

$

205,518

 

 

$

61,869

 

GES Exhibitions

 

 

147,872

 

 

 

81,138

 

 

 

414,303

 

 

 

101,347

 

Intersegment eliminations

 

 

(2,224

)

 

 

(2,960

)

 

 

(5,716

)

 

 

(3,107

)

Total revenue

 

$

218,925

 

 

$

116,044

 

 

$

614,105

 

 

$

160,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

189,089

 

 

$

100,865

 

 

$

519,036

 

 

$

139,241

 

Products transferred over time(1)

 

 

11,231

 

 

 

6,509

 

 

 

35,194

 

 

 

7,659

 

Products transferred at a point in time

 

 

18,605

 

 

 

8,670

 

 

 

59,875

 

 

 

13,209

 

Total revenue

 

$

218,925

 

 

$

116,044

 

 

$

614,105

 

 

$

160,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

186,787

 

 

$

92,648

 

 

$

505,484

 

 

$

127,978

 

EMEA

 

 

43,088

 

 

 

24,084

 

 

 

127,435

 

 

 

34,061

 

Intersegment eliminations

 

 

(10,950

)

 

 

(688

)

 

 

(18,814

)

 

 

(1,930

)

Total revenue

 

$

218,925

 

 

$

116,044

 

 

$

614,105

 

 

$

160,109

 

 

(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.
v3.22.2.2
Share-Based Compensation
 9 Months Ended
Sep. 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 September 30, 2022, there were 1,187,392 shares available for future grant under the 2017 Plan.

The following table summarizes share-based compensation expense:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Performance-based restricted stock units

 

$

16

 

 

$

(118

)

 

$

735

 

 

$

488

 

Restricted stock awards and restricted stock units

 

 

1,705

 

 

 

1,284

 

 

 

5,054

 

 

 

3,964

 

Stock options

 

 

808

 

 

 

578

 

 

 

2,209

 

 

 

1,508

 

Share-based compensation expense before income tax

 

 

2,529

 

 

 

1,744

 

 

 

7,998

 

 

 

5,960

 

Income tax benefit(1)

 

 

(31

)

 

 

(21

)

 

 

(78

)

 

 

(76

)

Share-based compensation expense, net of income tax

 

$

2,498

 

 

$

1,723

 

 

$

7,920

 

 

$

5,884

 
(1)
The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.22.2.2
Acquisitions
 9 Months Ended
Sep. 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. 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

 

 

14 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.

v3.22.2.2
Inventories
 9 Months Ended
Sep. 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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Raw materials

 

$

1,487

 

 

$

2,350

 

Finished goods

 

 

9,725

 

 

 

6,231

 

Inventories

 

$

11,212

 

 

$

8,581

 
v3.22.2.2
Other Current Assets
 9 Months Ended
Sep. 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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Restricted cash

 

$

5,049

 

 

$

2,703

 

Prepaid software maintenance

 

 

4,390

 

 

 

4,154

 

Prepaid project deposit

 

 

3,543

 

 

 

—

 

Prepaid vendor payments

 

 

2,093

 

 

 

1,604

 

Prepaid taxes

 

 

846

 

 

 

456

 

Income tax receivable

 

 

521

 

 

 

1,901

 

Prepaid other

 

 

1,772

 

 

 

1,165

 

Other

 

 

2,131

 

 

 

2,097

 

Other current assets

 

$

20,345

 

 

$

14,080

 
v3.22.2.2
Property and Equipment
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 7. Property and Equipment

Property and equipment consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Land and land interests

 

$

31,579

 

 

$

30,532

 

Buildings and leasehold improvements

 

 

388,928

 

 

 

407,930

 

Equipment and other

 

 

443,317

 

 

 

413,684

 

Gross property and equipment

 

 

863,824

 

 

 

852,146

 

Accumulated depreciation

 

 

(377,542

)

 

 

(364,060

)

Property and equipment, net (excluding finance leases)

 

 

486,282

 

 

 

488,086

 

Finance lease ROU assets, net

 

 

57,216

 

 

 

61,022

 

Property and equipment, net

 

$

543,498

 

 

$

549,108

 

 

Depreciation expense was $10.5 million for the three months ended September 30, 2022 and $32.3 million for the nine months ended September 30, 2022. Depreciation expense was $10.8 million for the three months ended September 30, 2021 and $32.3 million for the nine months ended September 30, 2021.

Property and equipment purchased through accounts payable and accrued liabilities decreased $2.1 million during the nine months ended September 30, 2022 and decreased $0.3 million during the nine months ended September 30, 2021. Capitalized interest was $0.1 million for the three months ended September 30, 2022 and $2.7 million for the nine months ended September 30, 2022, which was primarily related to the development of Pursuit’s FlyOver attractions.

v3.22.2.2
Other Investments and Assets
 9 Months Ended
Sep. 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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Self-insured liability receivable

 

$

6,847

 

 

$

6,847

 

Other mutual funds

 

 

3,254

 

 

 

4,057

 

Contract costs

 

 

3,069

 

 

 

2,685

 

Other

 

 

3,436

 

 

 

3,129

 

Other investments and assets

 

$

16,606

 

 

$

16,718

 
v3.22.2.2
Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 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

 

 

(9,449

)

Balance at September 30, 2022

 

$

119,416

 

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.

In the third quarter of 2022, changes in macroeconomic facts and circumstances, particularly high inflation and the resulting rise in interest rates, has resulted in reduced expectations of fair value. We considered these circumstances and the potential long-term impact on our reporting units and determined that an indicator of possible impairment existed within our FlyOver reporting unit due to slower than anticipated visitation ramp up. Accordingly, we performed a quantitative impairment analysis to determine the fair value of this reporting unit as of September 30, 2022, resulting in a fair value that exceeded the carrying amount by approximately 10%. Accordingly, no impairment charge was recorded. The carrying amount of goodwill for the FlyOver reporting unit was $38.3 million as of September 30, 2022.

We will continue to closely monitor actual results versus expectations as well as whether and to what extent any significant changes in current events or conditions result in corresponding changes to our expectations about future estimated cash flows and discount rates. If our adjusted expectations of the operating results of FlyOver do not materialize, or the discount rate increases (based on increases in interest rates, market rates of return or market volatility), it is possible that we may be required to record goodwill impairment charges in the future, which may be material.

Other intangible assets consisted of the following:

 

 

 

 

 

September 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

 

$

36,879

 

 

$

(29,120

)

 

$

7,759

 

 

$

36,848

 

 

$

(28,372

)

 

$

8,476

 

Operating contracts and licenses

 

34.4

 

 

38,285

 

 

 

(3,250

)

 

 

35,035

 

 

 

40,927

 

 

 

(2,660

)

 

 

38,267

 

In-place lease

 

34.0

 

 

14,133

 

 

 

(1,283

)

 

 

12,850

 

 

 

15,464

 

 

 

(1,084

)

 

 

14,380

 

Tradenames

 

4.2

 

 

5,441

 

 

 

(3,085

)

 

 

2,356

 

 

 

5,626

 

 

 

(2,819

)

 

 

2,807

 

Other

 

5.4

 

 

754

 

 

 

(151

)

 

 

603

 

 

 

824

 

 

 

(139

)

 

 

685

 

Total amortized intangible assets

 

 

 

 

95,492

 

 

 

(36,889

)

 

 

58,603

 

 

 

99,689

 

 

 

(35,074

)

 

 

64,615

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

564

 

 

 

—

 

 

 

564

 

 

 

574

 

 

 

—

 

 

 

574

 

Other intangible assets, net

 

 

 

$

96,056

 

 

$

(36,889

)

 

$

59,167

 

 

$

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 September 30, 2022 and $4.0 million for the nine months ended September 30, 2022. Intangible assets amortization expense was $1.6 million for the three months ended September 30, 2021 and $4.4 million for the nine months ended September 30, 2021.

At September 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

 

$

1,177

 

2023

 

 

4,515

 

2024

 

 

3,576

 

2025

 

 

2,281

 

2026

 

 

2,248

 

Thereafter

 

 

44,806

 

Total

 

$

58,603

 

 
v3.22.2.2
Other Current Liabilities
 9 Months Ended
Sep. 30, 2022
Other Liabilities, Current [Abstract]  
Other Current Liabilities

Note 10. Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Foreign income taxes payable

 

$

9,452

 

 

$

965

 

Accrued sales and use taxes

 

 

8,871

 

 

 

3,428

 

Self-insured liability

 

 

4,696

 

 

 

4,815

 

Commissions payable

 

 

4,638

 

 

 

4,119

 

Accrued employee benefit costs

 

 

4,629

 

 

 

4,164

 

Accrued concession fees

 

 

4,567

 

 

 

964

 

Current portion of pension and postretirement liabilities

 

 

1,457

 

 

 

1,637

 

Accommodation service deposits

 

 

1,416

 

 

 

892

 

Accrued professional fees

 

 

1,227

 

 

 

1,671

 

Accrued restructuring

 

 

766

 

 

 

864

 

Accrued interest payable

 

 

270

 

 

 

228

 

Other taxes

 

 

1,431

 

 

 

1,042

 

Other

 

 

4,521

 

 

 

3,034

 

Total continuing operations

 

 

47,941

 

 

 

27,823

 

Discontinued operations:

 

 

 

 

 

 

Self-insured liability

 

 

168

 

 

 

312

 

Environmental remediation liabilities

 

 

46

 

 

 

60

 

Other

 

 

94

 

 

 

94

 

Total discontinued operations

 

 

308

 

 

 

466

 

Total other current liabilities

 

$

48,249

 

 

$

28,289

 
v3.22.2.2
Other Deferred Items and Liabilities
 9 Months Ended
Sep. 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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Foreign deferred tax liability

 

$

27,298

 

 

$

27,748

 

Multi-employer pension plan withdrawal liability

 

 

13,929

 

 

 

14,260

 

Self-insured excess liability

 

 

6,847

 

 

 

6,847

 

Self-insured liability

 

 

6,243

 

 

 

5,119

 

Accrued compensation

 

 

4,644

 

 

 

5,696

 

Accrued restructuring

 

 

3,320

 

 

 

2,571

 

Other

 

 

3,993

 

 

 

2,758

 

Total continuing operations

 

 

66,274

 

 

 

64,999

 

Discontinued operations:

 

 

 

 

 

 

Environmental remediation liabilities

 

 

2,178

 

 

 

2,168

 

Self-insured liability

 

 

1,598

 

 

 

1,535

 

Other

 

 

250

 

 

 

251

 

Total discontinued operations

 

 

4,026

 

 

 

3,954

 

Total other deferred items and liabilities

 

$

70,300

 

 

$

68,953

 
v3.22.2.2
Debt and Finance Lease Obligations
 9 Months Ended
Sep. 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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2022

 

 

2021

 

2021 Credit Facility - Term Loan B, 8.1% interest rate at September 30, 2022 and 5.5% at December 31, 2021, due through 2028(1)

 

$

397,000

 

 

$

399,000

 

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

 

 

10,020

 

 

 

—

 

FlyOver Iceland Credit Facility, 4.9% interest rate at September 30, 2022 and December 31, 2021, due through 2027(1)

 

 

4,772

 

 

 

5,566

 

FlyOver Iceland Term Loans, 9.5% weighted-average interest rate at September 30, 2022 and 3.8% at December 31, 2021, due through 2024(1)

 

 

607

 

 

 

689

 

Less unamortized debt issuance costs

 

 

(12,679

)

 

 

(14,804

)

Total debt

 

 

399,720

 

 

 

390,451

 

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

 

 

59,996

 

 

 

63,401

 

Financing arrangements

 

 

6,983

 

 

 

5,528

 

Total debt and finance obligations (2)(3)

 

 

466,699

 

 

 

459,380

 

Current portion

 

 

(16,614

)

 

 

(12,800

)

Long-term debt and finance obligations

 

$

450,085

 

 

$

446,580

 
(1)
Represents the weighted-average interest rate in effect as of the end of the respective period, 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 $322.2 million as of September 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 $23.7 million during the nine months ended September 30, 2022 and $14.9 million during the nine months ended September 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 (before and until this event, the “liquidity period” and after this event, the “leverage test period”, with liquidity defined as unrestricted cash and available capacity on our revolving credit facility;
•
Financial covenants (as first tested as of September 30, 2022) are 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 was 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%.

As of September 30, 2022, the net leverage ratio was 3.10 to 1.00 and the interest coverage ratio was 3.89 to 1.00, and we were in compliance with all covenants under the revolving credit facility.

As of September 30, 2022, capacity remaining under the Revolving Credit Facility was $86.6 million, reflecting $100.0 million total facility size, less $13.4 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 September 30, 2022, funds of $3.1 million Canadian dollars (approximately $2.3 million U.S. dollars) were available for borrowing under the facility. Construction of the Forest Park Hotel was 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 an original 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, which was further extended to September 1, 2027 by way of an option as permitted in the addendum, 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. We expect to be unable to meet our financial covenants under the FlyOver Iceland Credit Facility beginning with the first testing date as of December 31, 2022. Effective November 2, 2022, FlyOver Iceland received a waiver for the 2022 through 2023 financial covenants.

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 4.7%.
v3.22.2.2
Fair Value Measurements
 9 Months Ended
Sep. 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)

 

September 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)

 

 

3,254

 

 

 

3,254

 

 

 

—

 

 

 

—

 

Total assets at fair value on a recurring basis

 

$

3,254

 

 

$

3,254

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

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.
v3.22.2.2
Income (Loss) Per Share
 9 Months Ended
Sep. 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss) attributable to Viad

 

$

40,145

 

 

$

15,067

 

 

$

30,983

 

 

$

(70,111

)

Less: Allocation to participating securities

 

 

(9,368

)

 

 

(3,141

)

 

 

(5,991

)

 

 

—

 

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

(1,950

)

 

 

(5,850

)

 

 

(1,950

)

Convertible preferred stock dividends paid in kind

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,821

)

Adjustment to the redemption value of redeemable noncontrolling interest

 

 

—

 

 

 

(488

)

 

 

(763

)

 

 

(1,091

)

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

 

$

28,827

 

 

$

9,488

 

 

$

18,379

 

 

$

(76,973

)

Add: Allocation to participating securities

 

 

94

 

 

 

36

 

 

 

46

 

 

 

—

 

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

 

$

28,921

 

 

$

9,524

 

 

$

18,425

 

 

$

(76,973

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

20,612

 

 

 

20,420

 

 

 

20,567

 

 

 

20,396

 

Additional dilutive shares related to share-based compensation

 

 

277

 

 

 

322

 

 

 

214

 

 

 

—

 

Diluted weighted-average outstanding shares

 

 

20,889

 

 

 

20,742

 

 

 

20,781

 

 

 

20,396

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

1.40

 

 

$

0.46

 

 

$

0.89

 

 

$

(3.77

)

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

 

$

1.38

 

 

$

0.46

 

 

$

0.89

 

 

$

(3.77

)

 

(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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

2021

 

Convertible preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

6,584

 

Unvested restricted share-based awards

 

 

2

 

 

 

3

 

 

 

29

 

 

173

 

Unvested performance share-based awards

 

 

—

 

 

 

—

 

 

 

11

 

 

28

 

Stock options

 

 

138

 

 

 

138

 

 

 

216

 

 

219

 
v3.22.2.2
Common and Preferred Stock
 9 Months Ended
Sep. 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 September 30, 2022 and September 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 nine months ended September 30, 2022, $5.9 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 September 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.
v3.22.2.2
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 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 (loss) before reclassifications

 

 

(34,558

)

 

 

—

 

 

 

(34,558

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

977

 

 

 

977

 

Net other comprehensive income (loss)

 

 

(34,558

)

 

 

977

 

 

 

(33,581

)

Balance at September 30, 2022

 

$

(50,720

)

 

$

(10,290

)

 

$

(61,010

)

 

(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 income (loss) before reclassifications

 

 

(980

)

 

 

—

 

 

 

(980

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

205

 

 

 

205

 

Net other comprehensive income (loss)

 

 

(980

)

 

 

205

 

 

 

(775

)

Balance at September 30, 2021

 

$

(17,666

)

 

$

(13,750

)

 

$

(31,416

)

 

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.
v3.22.2.2
Income Taxes
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

Note 17. Income Taxes

The effective tax rate was 17.6% for the three months ended September 30, 2022 and 23.0% for the nine months ended September 30, 2022. The effective tax rate was 21.4% for the three months ended September 30, 2021 and a negative 0.2% for the nine months ended September 30, 2021.

The income tax provision for 2022 was computed based on our estimated Annualized Effective Tax Rate (“AETR”) and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. The amount and change of pre-tax income and loss recognized between jurisdictions impacted the reported effective tax rate for the three months and nine months ended September 30, 2022 as we do not recognize the tax benefit on losses or the tax expense on income earned in the United States, United Kingdom, and other European countries where we have a valuation allowance. The rate was lower than the 21% federal rate for the three months ended 2022 and was higher than 21% for the nine months ended September 30, 2022 due to the mix of income in jurisdictions without a valuation allowance.

During the three and nine months ended September 30, 2021, we did not use the AETR to compute the income tax benefit or expense. Instead, the income tax benefit or expense was computed using the actual year-to-date tax rate as the AETR became highly sensitive due to the amount of aggregate projected tax benefit on the projected losses in Canada, the United Arab Emirates, the Netherlands, and immaterial European operations were marginally positive. As the full year projected tax benefit was expected to be marginally positive in these operations, the actual effective tax rate was a better estimate of the quarter and year-to-date tax benefit than the amount computed using the AETR.

The effective rate of 21.4% for the three months ended September 30, 2021 was the result of the taxes on the pre-tax income earned in jurisdictions with no valuation allowance during the quarter with no benefit on the losses recognized in jurisdictions where we had a valuation allowance. The negative 0.2% effective rate for the nine months ended September 30, 2021 was due to the minimal pre-tax income earned in jurisdictions with no valuation allowance.

We received net cash refunds of $2.1 million during the three months ended September 30, 2022 and $1.3 million during the nine months ended September 30, 2022. We received cash refunds of $3.6 million during the three months ended September 30, 2021 and $3.2 million during the nine months ended September 30, 2021.
v3.22.2.2
Pension and Postretirement Benefits
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits

Note 18. Pension and Postretirement Benefits

The components of net periodic benefit cost (income) of our pension and postretirement benefit plans for the three months ended September 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

 

$

—

 

 

$

—

 

 

$

5

 

 

$

24

 

 

$

75

 

 

$

113

 

Interest cost

 

 

109

 

 

 

110

 

 

 

26

 

 

 

41

 

 

 

78

 

 

 

77

 

Expected return on plan assets

 

 

21

 

 

 

(20

)

 

 

—

 

 

 

—

 

 

 

(97

)

 

 

(127

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

23

 

 

 

(1

)

 

 

—

 

 

 

—

 

Recognized net actuarial loss (gain)

 

 

65

 

 

 

157

 

 

 

(160

)

 

 

(12

)

 

 

34

 

 

 

49

 

Net periodic benefit cost (income)

 

$

195

 

 

$

247

 

 

$

(106

)

 

$

52

 

 

$

90

 

 

$

112

 

The components of net periodic benefit cost of our pension and postretirement benefit plans for the nine months ended September 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

 

$

—

 

 

$

—

 

 

$

25

 

 

$

52

 

 

$

236

 

 

$

343

 

Interest cost

 

 

359

 

 

 

315

 

 

 

134

 

 

 

136

 

 

 

245

 

 

 

233

 

Expected return on plan assets

 

 

70

 

 

 

(35

)

 

 

—

 

 

 

—

 

 

 

(320

)

 

 

(382

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

67

 

 

 

(4

)

 

 

—

 

 

 

—

 

Recognized net actuarial loss (gain)

 

 

333

 

 

 

467

 

 

 

(114

)

 

 

86

 

 

 

105

 

 

 

148

 

Net periodic benefit cost

 

$

762

 

 

$

747

 

 

$

112

 

 

$

270

 

 

$

266

 

 

$

342

 

Settlement cost

 

 

115

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

533

 

 

 

—

 

Total expenses

 

$

877

 

 

$

747

 

 

$

112

 

 

$

270

 

 

$

799

 

 

$

342

 

 

We expect to contribute $0.8 million to our funded pension plans, $0.8 million to our unfunded pension plans, and $0.8 million to our postretirement benefit plans in 2022. During the nine months ended September 30, 2022, we contributed $0.6 million to our funded pension plans, $0.5 million to our unfunded pension plans, and $0.5 million to our postretirement benefit plans.
v3.22.2.2
Restructuring Charges
 9 Months Ended
Sep. 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. 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

 

 

463

 

 

 

2,974

 

 

 

30

 

 

 

3,467

 

Cash payments

 

 

(869

)

 

 

(689

)

 

 

(83

)

 

 

(1,641

)

Non-cash items(1)

 

 

—

 

 

 

(1,167

)

 

 

—

 

 

 

(1,167

)

Adjustment to liability

 

 

(3

)

 

 

(44

)

 

 

39

 

 

 

(8

)

Balance at September 30, 2022

 

$

1,567

 

 

$

2,507

 

 

$

12

 

 

$

4,086

 

 

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

As of September 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.
v3.22.2.2
Leases and Other
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases and Other

Note 20. Leases and Other

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

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

Classification on the Condensed Consolidated Balance Sheet

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease ROU assets

 

$

107,442

 

 

$

95,915

 

Finance lease assets

 

Property and equipment, net

 

 

57,216

 

 

 

61,022

 

Total lease assets

 

 

 

$

164,658

 

 

$

156,937

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Operating lease obligations

 

$

13,958

 

 

$

12,451

 

Finance lease obligations

 

Current portion of debt and finance obligations

 

 

3,206

 

 

 

2,928

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Long-term operating lease obligations

 

 

105,740

 

 

 

93,406

 

Finance lease obligations

 

Long-term debt and finance obligations

 

 

56,790

 

 

 

60,473

 

Total lease liabilities

 

 

 

$

179,694

 

 

$

169,258

 

 

 

The components of lease expense consisted of the following:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of ROU assets

 

$

1,060

 

 

$

1,093

 

 

$

3,156

 

 

$

3,231

 

Interest on lease liabilities

 

 

1,478

 

 

 

1,405

 

 

 

4,380

 

 

 

4,193

 

Operating lease cost

 

 

6,426

 

 

 

5,165

 

 

 

18,452

 

 

 

17,328

 

Short-term lease cost

 

 

968

 

 

 

394

 

 

 

2,081

 

 

 

853

 

Variable lease cost

 

 

1,420

 

 

 

1,059

 

 

 

3,966

 

 

 

3,093

 

Total lease cost, net

 

$

11,352

 

 

$

9,116

 

 

$

32,035

 

 

$

28,698

 

 

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

5,480

 

 

$

5,140

 

 

$

17,347

 

 

$

17,753

 

Operating cash flows from finance leases

 

$

1,551

 

 

$

4,748

 

 

$

4,517

 

 

$

5,955

 

Financing cash flows from finance leases

 

$

854

 

 

$

656

 

 

$

2,451

 

 

$

2,050

 

ROU assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

$

8,095

 

 

$

8,033

 

 

$

18,806

 

 

$

26,968

 

Finance leases

 

$

805

 

 

$

1,073

 

 

$

5,129

 

 

$

42,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

8.61

 

 

 

8.54

 

Finance leases

 

 

 

 

 

 

 

 

34.04

 

 

 

34.95

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

7.11

%

 

 

6.86

%

Finance leases

 

 

 

 

 

 

 

 

9.10

%

 

 

9.06

%

 

 

As of September 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

 

$

6,232

 

 

$

2,283

 

 

$

8,515

 

2023

 

 

23,507

 

 

 

8,684

 

 

 

32,191

 

2024

 

 

20,973

 

 

 

7,627

 

 

 

28,600

 

2025

 

 

19,792

 

 

 

6,802

 

 

 

26,594

 

2026

 

 

19,369

 

 

 

6,400

 

 

 

25,769

 

Thereafter

 

 

77,373

 

 

 

180,596

 

 

 

257,969

 

Total future lease payments

 

 

167,246

 

 

 

212,392

 

 

 

379,638

 

Less: Amount representing interest

 

 

(47,548

)

 

 

(152,396

)

 

 

(199,944

)

Present value of minimum lease payments

 

 

119,698

 

 

 

59,996

 

 

 

179,694

 

Current portion

 

 

13,958

 

 

 

3,206

 

 

 

17,164

 

Long-term portion

 

$

105,740

 

 

$

56,790

 

 

$

162,530

 

 

 

As of September 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

 

$

472

 

2023

 

 

1,455

 

2024

 

 

1,206

 

2025

 

 

984

 

2026

 

 

737

 

Thereafter

 

 

995

 

Total minimum rents

 

$

5,849

 

Lease Not Yet Commenced

As of September 30, 2022, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date to begin in early 2023 with a lease term of 20 years.
v3.22.2.2
Litigation, Claims, Contingencies and Other
 9 Months Ended
Sep. 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 September 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. 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 September 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 September 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 September 30, 2022 would be $90.8 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 $10.9 million as of September 30, 2022, which includes $6.0 million related to workers’ compensation liabilities, and

$4.9 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 September 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 September 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 $0.9 million for the three months ended September 30, 2022 and $3.5 million for the nine months ended September 30, 2022, and $1.0 million for the three months ended September 30, 2021 and $2.1 million for the nine months ended September 30, 2021.

In addition, as of September 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.”
v3.22.2.2
Noncontrolling Interest – Redeemable and Non-redeemable
 9 Months Ended
Sep. 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 September 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

 

 

(354

)

Adjustment to the redemption value

 

 

763

 

Foreign currency translation adjustment

 

 

(596

)

Balance at September 30, 2022

 

$

5,257

 

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 attributable to non-redeemable noncontrolling interest

 

2,092

 

 

 

2,329

 

 

 

555

 

 

 

4,976

 

Distributions to non-controlling interests

 

—

 

 

 

(570

)

 

 

—

 

 

 

(570

)

Foreign currency translation adjustments

 

(27

)

 

 

(5,128

)

 

 

(1,178

)

 

 

(6,333

)

Balance at September 30, 2022

$

17,380

 

 

$

55,232

 

 

$

11,017

 

 

$

83,629

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.22.2.2
Segment Information
 9 Months Ended
Sep. 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, and certain other corporate expenses (including multi-employer pension plan withdrawals) 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

163,796

 

 

$

117,555

 

 

$

265,179

 

 

$

163,658

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

73,277

 

 

 

37,866

 

 

 

205,518

 

 

 

61,869

 

GES Exhibitions

 

 

147,872

 

 

 

81,138

 

 

 

414,303

 

 

 

101,347

 

GES intersegment eliminations

 

 

(2,224

)

 

 

(2,960

)

 

 

(5,716

)

 

 

(3,107

)

Total GES

 

 

218,925

 

 

 

116,044

 

 

 

614,105

 

 

 

160,109

 

Total revenue

 

$

382,721

 

 

$

233,599

 

 

$

879,284

 

 

$

323,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

64,710

 

 

$

49,601

 

 

$

49,083

 

 

$

23,183

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

3,720

 

 

 

(399

)

 

 

18,328

 

 

 

(14,779

)

GES Exhibitions

 

 

2,870

 

 

 

(9,100

)

 

 

17,788

 

 

 

(41,521

)

Total GES

 

 

6,590

 

 

 

(9,499

)

 

 

36,116

 

 

 

(56,300

)

Segment operating income (loss)

 

 

71,300

 

 

 

40,102

 

 

 

85,199

 

 

 

(33,117

)

Corporate eliminations (1)

 

 

17

 

 

 

17

 

 

 

51

 

 

 

52

 

Corporate activities

 

 

(3,768

)

 

 

(3,093

)

 

 

(9,881

)

 

 

(8,104

)

Interest expense, net

 

 

(10,252

)

 

 

(9,518

)

 

 

(23,890

)

 

 

(20,168

)

Other expense, net

 

 

(280

)

 

 

(466

)

 

 

(1,530

)

 

 

(1,563

)

Restructuring charges:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

 

—

 

 

 

(32

)

 

 

—

 

 

 

(55

)

Spiro

 

 

(71

)

 

 

(422

)

 

 

(1,297

)

 

 

(598

)

GES Exhibitions

 

 

(1,316

)

 

 

(1,707

)

 

 

(2,140

)

 

 

(5,101

)

Corporate

 

 

—

 

 

 

(25

)

 

 

(30

)

 

 

(45

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

GES Exhibitions

 

 

—

 

 

 

—

 

 

 

(583

)

 

 

—

 

Income (loss) from continuing operations before income taxes

 

$

55,630

 

 

$

24,856

 

 

$

45,899

 

 

$

(68,699

)

 

(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

 

 

Nine Months Ended September 30,

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Depreciation:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

7,501

 

 

$

6,734

 

 

$

23,149

 

 

$

19,737

 

Spiro

 

 

912

 

 

 

1,158

 

 

 

2,693

 

 

 

3,687

 

GES Exhibitions

 

 

2,058

 

 

 

2,866

 

 

 

6,419

 

 

 

8,886

 

Corporate

 

 

9

 

 

 

6

 

 

 

27

 

 

 

30

 

 

 

$

10,480

 

 

$

10,764

 

 

$

32,288

 

 

$

32,340

 

Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

1,351

 

 

$

1,462

 

 

$

3,846

 

 

$

3,931

 

Spiro

 

 

57

 

 

 

131

 

 

 

160

 

 

 

383

 

GES Exhibitions

 

 

1,068

 

 

 

1,119

 

 

 

3,148

 

 

 

3,332

 

 

 

$

2,476

 

 

$

2,712

 

 

$

7,154

 

 

$

7,646

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

20,178

 

 

$

19,121

 

 

$

48,888

 

 

$

42,740

 

Spiro

 

 

1,042

 

 

 

107

 

 

 

1,628

 

 

 

401

 

GES Exhibitions

 

 

1,898

 

 

 

1,059

 

 

 

4,146

 

 

 

1,761

 

Corporate and other

 

 

13

 

 

 

137

 

 

 

108

 

 

 

285

 

 

 

$

23,131

 

 

$

20,424

 

 

$

54,770

 

 

$

45,187

 

No asset information has been provided for our reportable segments as our CODM does not review asset information by reportable segment.
v3.22.2.2
Overview and Basis of Presentation (Policies)
 9 Months Ended
Sep. 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.
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 meetings and events, exhibition and program management, environments and permanent installations, brand and product activations, and marketing and measurement.

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

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 and Macroeconomic Factors

Impact of COVID-19 and Macroeconomic Factors

The COVID-19 pandemic continues to impact the economies of countries in which we operate, including supply chain and labor challenges, and the ability of guests to travel from certain countries. However, during 2022 international tourism and live event activity have continued to improve and demand for our products and services remained strong. It is not currently possible to estimate the duration and severity of the COVID-19 pandemic or the adverse economic impact resulting from the preventative measures taken to contain or mitigate its outbreak, therefore no assurance can be given that an extended period of global economic disruption would not have a material adverse impact on our business, financial condition and results of operations in future periods.

During 2022, changes in macroeconomic facts and circumstances, particularly high inflation and the resulting rise in interest rates has increased our interest expense. The additional impacts of these macroeconomic developments on our operations cannot be predicted with certainty, but could have adverse effects on our business, financial condition, and results of operations in future periods.
Impact of Recent Accounting Pronouncements

Impact of Recent Accounting Pronouncements

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

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

Accounting Standards Update (“ASU”) 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.

ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations

 

Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations.

 

1/1/2023

 

This new guidance will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. It does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. We do not expect this new standard to have a material impact on our related disclosures.

 

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 Own Equity

 

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.
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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

79,151

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,049

 

 

 

2,703

 

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

 

$

84,200

 

 

$

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 Interests – 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. Dividends paid-in-kind increase the redemption value of the preferred stock. 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.
v3.22.2.2
Overview and Basis of Presentation (Tables)
 9 Months Ended
Sep. 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

Accounting Standards Update (“ASU”) 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.

ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations

 

Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations.

 

1/1/2023

 

This new guidance will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. It does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. We do not expect this new standard to have a material impact on our related disclosures.

 

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 Own Equity

 

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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

79,151

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,049

 

 

 

2,703

 

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

 

$

84,200

 

 

$

64,303

 
v3.22.2.2
Revenue and Related Contract Costs and Contract Liabilities (Tables)
 9 Months Ended
Sep. 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

 

 

134,090

 

Revenue recognized

 

 

(107,479

)

Foreign exchange translation adjustment

 

 

(3,093

)

Balance at September 30, 2022

 

$

63,180

 
Summary of Changes in Contract Costs

Changes to contract costs are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

13,790

 

Additions

 

 

51,930

 

Expenses

 

 

(36,448

)

Foreign exchange translation adjustment

 

 

(1,089

)

Balance at September 30, 2022

 

$

28,183

 
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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

60,825

 

 

$

39,480

 

 

$

99,364

 

 

$

51,069

 

Rooms revenue

 

 

42,453

 

 

 

35,413

 

 

 

69,915

 

 

 

51,552

 

Transportation

 

 

6,251

 

 

 

3,453

 

 

 

11,185

 

 

 

4,913

 

Other

 

 

7,581

 

 

 

3,753

 

 

 

11,968

 

 

 

7,395

 

Total services revenue

 

 

117,110

 

 

 

82,099

 

 

 

192,432

 

 

 

114,929

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

25,105

 

 

 

18,029

 

 

 

41,369

 

 

 

25,152

 

Retail operations

 

 

21,581

 

 

 

17,427

 

 

 

31,378

 

 

 

23,577

 

Total products revenue

 

 

46,686

 

 

 

35,456

 

 

 

72,747

 

 

 

48,729

 

Total revenue

 

$

163,796

 

 

$

117,555

 

 

$

265,179

 

 

$

163,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

117,110

 

 

$

82,099

 

 

$

192,432

 

 

$

114,929

 

Products transferred at a point in time

 

 

46,686

 

 

 

35,456

 

 

 

72,747

 

 

 

48,729

 

Total revenue

 

$

163,796

 

 

$

117,555

 

 

$

265,179

 

 

$

163,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

$

80,829

 

 

$

52,602

 

 

$

134,121

 

 

$

71,720

 

Alaska Collection

 

 

25,591

 

 

 

25,932

 

 

 

39,407

 

 

 

37,279

 

Glacier Park Collection

 

 

41,080

 

 

 

32,081

 

 

 

55,670

 

 

 

43,627

 

FlyOver

 

 

8,276

 

 

 

2,296

 

 

 

18,285

 

 

 

3,494

 

Sky Lagoon

 

 

8,020

 

 

 

4,644

 

 

 

17,696

 

 

 

7,538

 

Total revenue

 

$

163,796

 

 

$

117,555

 

 

$

265,179

 

 

$

163,658

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service lines:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

$

73,277

 

 

$

37,866

 

 

$

205,518

 

 

$

61,869

 

GES Exhibitions

 

 

147,872

 

 

 

81,138

 

 

 

414,303

 

 

 

101,347

 

Intersegment eliminations

 

 

(2,224

)

 

 

(2,960

)

 

 

(5,716

)

 

 

(3,107

)

Total revenue

 

$

218,925

 

 

$

116,044

 

 

$

614,105

 

 

$

160,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

189,089

 

 

$

100,865

 

 

$

519,036

 

 

$

139,241

 

Products transferred over time(1)

 

 

11,231

 

 

 

6,509

 

 

 

35,194

 

 

 

7,659

 

Products transferred at a point in time

 

 

18,605

 

 

 

8,670

 

 

 

59,875

 

 

 

13,209

 

Total revenue

 

$

218,925

 

 

$

116,044

 

 

$

614,105

 

 

$

160,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

186,787

 

 

$

92,648

 

 

$

505,484

 

 

$

127,978

 

EMEA

 

 

43,088

 

 

 

24,084

 

 

 

127,435

 

 

 

34,061

 

Intersegment eliminations

 

 

(10,950

)

 

 

(688

)

 

 

(18,814

)

 

 

(1,930

)

Total revenue

 

$

218,925

 

 

$

116,044

 

 

$

614,105

 

 

$

160,109

 

 

(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.
v3.22.2.2
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Performance-based restricted stock units

 

$

16

 

 

$

(118

)

 

$

735

 

 

$

488

 

Restricted stock awards and restricted stock units

 

 

1,705

 

 

 

1,284

 

 

 

5,054

 

 

 

3,964

 

Stock options

 

 

808

 

 

 

578

 

 

 

2,209

 

 

 

1,508

 

Share-based compensation expense before income tax

 

 

2,529

 

 

 

1,744

 

 

 

7,998

 

 

 

5,960

 

Income tax benefit(1)

 

 

(31

)

 

 

(21

)

 

 

(78

)

 

 

(76

)

Share-based compensation expense, net of income tax

 

$

2,498

 

 

$

1,723

 

 

$

7,920

 

 

$

5,884

 
(1)
The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.22.2.2
Acquisitions (Tables)
 9 Months Ended
Sep. 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

 

 

14 years
v3.22.2.2
Inventories (Tables)
 9 Months Ended
Sep. 30, 2022
Inventory Disclosure [Abstract]  
Components of Inventories

The components of inventories consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Raw materials

 

$

1,487

 

 

$

2,350

 

Finished goods

 

 

9,725

 

 

 

6,231

 

Inventories

 

$

11,212

 

 

$

8,581

 
v3.22.2.2
Other Current Assets (Tables)
 9 Months Ended
Sep. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets

Other current assets consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Restricted cash

 

$

5,049

 

 

$

2,703

 

Prepaid software maintenance

 

 

4,390

 

 

 

4,154

 

Prepaid project deposit

 

 

3,543

 

 

 

—

 

Prepaid vendor payments

 

 

2,093

 

 

 

1,604

 

Prepaid taxes

 

 

846

 

 

 

456

 

Income tax receivable

 

 

521

 

 

 

1,901

 

Prepaid other

 

 

1,772

 

 

 

1,165

 

Other

 

 

2,131

 

 

 

2,097

 

Other current assets

 

$

20,345

 

 

$

14,080

 
v3.22.2.2
Property and Equipment (Tables)
 9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Land and land interests

 

$

31,579

 

 

$

30,532

 

Buildings and leasehold improvements

 

 

388,928

 

 

 

407,930

 

Equipment and other

 

 

443,317

 

 

 

413,684

 

Gross property and equipment

 

 

863,824

 

 

 

852,146

 

Accumulated depreciation

 

 

(377,542

)

 

 

(364,060

)

Property and equipment, net (excluding finance leases)

 

 

486,282

 

 

 

488,086

 

Finance lease ROU assets, net

 

 

57,216

 

 

 

61,022

 

Property and equipment, net

 

$

543,498

 

 

$

549,108

 
v3.22.2.2
Other Investments and Assets (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, All Other Investments [Abstract]  
Summary of Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Self-insured liability receivable

 

$

6,847

 

 

$

6,847

 

Other mutual funds

 

 

3,254

 

 

 

4,057

 

Contract costs

 

 

3,069

 

 

 

2,685

 

Other

 

 

3,436

 

 

 

3,129

 

Other investments and assets

 

$

16,606

 

 

$

16,718

 
v3.22.2.2
Goodwill and Other Intangible Assets (Tables)
 9 Months Ended
Sep. 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

 

 

(9,449

)

Balance at September 30, 2022

 

$

119,416

 
Summary of Other Intangible Assets

Other intangible assets consisted of the following:

 

 

 

 

 

September 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

 

$

36,879

 

 

$

(29,120

)

 

$

7,759

 

 

$

36,848

 

 

$

(28,372

)

 

$

8,476

 

Operating contracts and licenses

 

34.4

 

 

38,285

 

 

 

(3,250

)

 

 

35,035

 

 

 

40,927

 

 

 

(2,660

)

 

 

38,267

 

In-place lease

 

34.0

 

 

14,133

 

 

 

(1,283

)

 

 

12,850

 

 

 

15,464

 

 

 

(1,084

)

 

 

14,380

 

Tradenames

 

4.2

 

 

5,441

 

 

 

(3,085

)

 

 

2,356

 

 

 

5,626

 

 

 

(2,819

)

 

 

2,807

 

Other

 

5.4

 

 

754

 

 

 

(151

)

 

 

603

 

 

 

824

 

 

 

(139

)

 

 

685

 

Total amortized intangible assets

 

 

 

 

95,492

 

 

 

(36,889

)

 

 

58,603

 

 

 

99,689

 

 

 

(35,074

)

 

 

64,615

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

564

 

 

 

—

 

 

 

564

 

 

 

574

 

 

 

—

 

 

 

574

 

Other intangible assets, net

 

 

 

$

96,056

 

 

$

(36,889

)

 

$

59,167

 

 

$

100,263

 

 

$

(35,074

)

 

$

65,189

 
Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization

At September 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

 

$

1,177

 

2023

 

 

4,515

 

2024

 

 

3,576

 

2025

 

 

2,281

 

2026

 

 

2,248

 

Thereafter

 

 

44,806

 

Total

 

$

58,603

 

 
v3.22.2.2
Other Current Liabilities (Tables)
 9 Months Ended
Sep. 30, 2022
Other Liabilities, Current [Abstract]  
Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Foreign income taxes payable

 

$

9,452

 

 

$

965

 

Accrued sales and use taxes

 

 

8,871

 

 

 

3,428

 

Self-insured liability

 

 

4,696

 

 

 

4,815

 

Commissions payable

 

 

4,638

 

 

 

4,119

 

Accrued employee benefit costs

 

 

4,629

 

 

 

4,164

 

Accrued concession fees

 

 

4,567

 

 

 

964

 

Current portion of pension and postretirement liabilities

 

 

1,457

 

 

 

1,637

 

Accommodation service deposits

 

 

1,416

 

 

 

892

 

Accrued professional fees

 

 

1,227

 

 

 

1,671

 

Accrued restructuring

 

 

766

 

 

 

864

 

Accrued interest payable

 

 

270

 

 

 

228

 

Other taxes

 

 

1,431

 

 

 

1,042

 

Other

 

 

4,521

 

 

 

3,034

 

Total continuing operations

 

 

47,941

 

 

 

27,823

 

Discontinued operations:

 

 

 

 

 

 

Self-insured liability

 

 

168

 

 

 

312

 

Environmental remediation liabilities

 

 

46

 

 

 

60

 

Other

 

 

94

 

 

 

94

 

Total discontinued operations

 

 

308

 

 

 

466

 

Total other current liabilities

 

$

48,249

 

 

$

28,289

 
v3.22.2.2
Other Deferred Items and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2022
Other Liabilities Disclosure [Abstract]  
Summary of Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Foreign deferred tax liability

 

$

27,298

 

 

$

27,748

 

Multi-employer pension plan withdrawal liability

 

 

13,929

 

 

 

14,260

 

Self-insured excess liability

 

 

6,847

 

 

 

6,847

 

Self-insured liability

 

 

6,243

 

 

 

5,119

 

Accrued compensation

 

 

4,644

 

 

 

5,696

 

Accrued restructuring

 

 

3,320

 

 

 

2,571

 

Other

 

 

3,993

 

 

 

2,758

 

Total continuing operations

 

 

66,274

 

 

 

64,999

 

Discontinued operations:

 

 

 

 

 

 

Environmental remediation liabilities

 

 

2,178

 

 

 

2,168

 

Self-insured liability

 

 

1,598

 

 

 

1,535

 

Other

 

 

250

 

 

 

251

 

Total discontinued operations

 

 

4,026

 

 

 

3,954

 

Total other deferred items and liabilities

 

$

70,300

 

 

$

68,953

 
v3.22.2.2
Debt and Finance Lease Obligations (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Debt and Finance Lease Obligations

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

 

 

 

September 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2022

 

 

2021

 

2021 Credit Facility - Term Loan B, 8.1% interest rate at September 30, 2022 and 5.5% at December 31, 2021, due through 2028(1)

 

$

397,000

 

 

$

399,000

 

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

 

 

10,020

 

 

 

—

 

FlyOver Iceland Credit Facility, 4.9% interest rate at September 30, 2022 and December 31, 2021, due through 2027(1)

 

 

4,772

 

 

 

5,566

 

FlyOver Iceland Term Loans, 9.5% weighted-average interest rate at September 30, 2022 and 3.8% at December 31, 2021, due through 2024(1)

 

 

607

 

 

 

689

 

Less unamortized debt issuance costs

 

 

(12,679

)

 

 

(14,804

)

Total debt

 

 

399,720

 

 

 

390,451

 

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

 

 

59,996

 

 

 

63,401

 

Financing arrangements

 

 

6,983

 

 

 

5,528

 

Total debt and finance obligations (2)(3)

 

 

466,699

 

 

 

459,380

 

Current portion

 

 

(16,614

)

 

 

(12,800

)

Long-term debt and finance obligations

 

$

450,085

 

 

$

446,580

 
(1)
Represents the weighted-average interest rate in effect as of the end of the respective period, 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 $322.2 million as of September 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 $23.7 million during the nine months ended September 30, 2022 and $14.9 million during the nine months ended September 30, 2021.
v3.22.2.2
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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)

 

September 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)

 

 

3,254

 

 

 

3,254

 

 

 

—

 

 

 

—

 

Total assets at fair value on a recurring basis

 

$

3,254

 

 

$

3,254

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

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.
v3.22.2.2
Income (Loss) Per Share (Tables)
 9 Months Ended
Sep. 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income (loss) attributable to Viad

 

$

40,145

 

 

$

15,067

 

 

$

30,983

 

 

$

(70,111

)

Less: Allocation to participating securities

 

 

(9,368

)

 

 

(3,141

)

 

 

(5,991

)

 

 

—

 

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

(1,950

)

 

 

(5,850

)

 

 

(1,950

)

Convertible preferred stock dividends paid in kind

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,821

)

Adjustment to the redemption value of redeemable noncontrolling interest

 

 

—

 

 

 

(488

)

 

 

(763

)

 

 

(1,091

)

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

 

$

28,827

 

 

$

9,488

 

 

$

18,379

 

 

$

(76,973

)

Add: Allocation to participating securities

 

 

94

 

 

 

36

 

 

 

46

 

 

 

—

 

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

 

$

28,921

 

 

$

9,524

 

 

$

18,425

 

 

$

(76,973

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

20,612

 

 

 

20,420

 

 

 

20,567

 

 

 

20,396

 

Additional dilutive shares related to share-based compensation

 

 

277

 

 

 

322

 

 

 

214

 

 

 

—

 

Diluted weighted-average outstanding shares

 

 

20,889

 

 

 

20,742

 

 

 

20,781

 

 

 

20,396

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

1.40

 

 

$

0.46

 

 

$

0.89

 

 

$

(3.77

)

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

 

$

1.38

 

 

$

0.46

 

 

$

0.89

 

 

$

(3.77

)
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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

2021

 

Convertible preferred stock

 

 

—

 

 

 

—

 

 

 

—

 

 

6,584

 

Unvested restricted share-based awards

 

 

2

 

 

 

3

 

 

 

29

 

 

173

 

Unvested performance share-based awards

 

 

—

 

 

 

—

 

 

 

11

 

 

28

 

Stock options

 

 

138

 

 

 

138

 

 

 

216

 

 

219

 
v3.22.2.2
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 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 (loss) before reclassifications

 

 

(34,558

)

 

 

—

 

 

 

(34,558

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

977

 

 

 

977

 

Net other comprehensive income (loss)

 

 

(34,558

)

 

 

977

 

 

 

(33,581

)

Balance at September 30, 2022

 

$

(50,720

)

 

$

(10,290

)

 

$

(61,010

)

 

(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 income (loss) before reclassifications

 

 

(980

)

 

 

—

 

 

 

(980

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

205

 

 

 

205

 

Net other comprehensive income (loss)

 

 

(980

)

 

 

205

 

 

 

(775

)

Balance at September 30, 2021

 

$

(17,666

)

 

$

(13,750

)

 

$

(31,416

)
v3.22.2.2
Pension and Postretirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2022
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans

The components of net periodic benefit cost (income) of our pension and postretirement benefit plans for the three months ended September 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

 

$

—

 

 

$

—

 

 

$

5

 

 

$

24

 

 

$

75

 

 

$

113

 

Interest cost

 

 

109

 

 

 

110

 

 

 

26

 

 

 

41

 

 

 

78

 

 

 

77

 

Expected return on plan assets

 

 

21

 

 

 

(20

)

 

 

—

 

 

 

—

 

 

 

(97

)

 

 

(127

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

23

 

 

 

(1

)

 

 

—

 

 

 

—

 

Recognized net actuarial loss (gain)

 

 

65

 

 

 

157

 

 

 

(160

)

 

 

(12

)

 

 

34

 

 

 

49

 

Net periodic benefit cost (income)

 

$

195

 

 

$

247

 

 

$

(106

)

 

$

52

 

 

$

90

 

 

$

112

 

The components of net periodic benefit cost of our pension and postretirement benefit plans for the nine months ended September 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

 

$

—

 

 

$

—

 

 

$

25

 

 

$

52

 

 

$

236

 

 

$

343

 

Interest cost

 

 

359

 

 

 

315

 

 

 

134

 

 

 

136

 

 

 

245

 

 

 

233

 

Expected return on plan assets

 

 

70

 

 

 

(35

)

 

 

—

 

 

 

—

 

 

 

(320

)

 

 

(382

)

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

67

 

 

 

(4

)

 

 

—

 

 

 

—

 

Recognized net actuarial loss (gain)

 

 

333

 

 

 

467

 

 

 

(114

)

 

 

86

 

 

 

105

 

 

 

148

 

Net periodic benefit cost

 

$

762

 

 

$

747

 

 

$

112

 

 

$

270

 

 

$

266

 

 

$

342

 

Settlement cost

 

 

115

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

533

 

 

 

—

 

Total expenses

 

$

877

 

 

$

747

 

 

$

112

 

 

$

270

 

 

$

799

 

 

$

342

 
v3.22.2.2
Restructuring Charges (Tables)
 9 Months Ended
Sep. 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

 

 

463

 

 

 

2,974

 

 

 

30

 

 

 

3,467

 

Cash payments

 

 

(869

)

 

 

(689

)

 

 

(83

)

 

 

(1,641

)

Non-cash items(1)

 

 

—

 

 

 

(1,167

)

 

 

—

 

 

 

(1,167

)

Adjustment to liability

 

 

(3

)

 

 

(44

)

 

 

39

 

 

 

(8

)

Balance at September 30, 2022

 

$

1,567

 

 

$

2,507

 

 

$

12

 

 

$

4,086

 

 

(1)
Represents non-cash adjustments related to a write-down of certain ROU assets and leasehold improvements as a result of vacating certain facilities prior to the lease term.
v3.22.2.2
Leases and Other (Tables)
 9 Months Ended
Sep. 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:

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

Classification on the Condensed Consolidated Balance Sheet

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease ROU assets

 

$

107,442

 

 

$

95,915

 

Finance lease assets

 

Property and equipment, net

 

 

57,216

 

 

 

61,022

 

Total lease assets

 

 

 

$

164,658

 

 

$

156,937

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Operating lease obligations

 

$

13,958

 

 

$

12,451

 

Finance lease obligations

 

Current portion of debt and finance obligations

 

 

3,206

 

 

 

2,928

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Long-term operating lease obligations

 

 

105,740

 

 

 

93,406

 

Finance lease obligations

 

Long-term debt and finance obligations

 

 

56,790

 

 

 

60,473

 

Total lease liabilities

 

 

 

$

179,694

 

 

$

169,258

 

 
Components of Lease Expense

The components of lease expense consisted of the following:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of ROU assets

 

$

1,060

 

 

$

1,093

 

 

$

3,156

 

 

$

3,231

 

Interest on lease liabilities

 

 

1,478

 

 

 

1,405

 

 

 

4,380

 

 

 

4,193

 

Operating lease cost

 

 

6,426

 

 

 

5,165

 

 

 

18,452

 

 

 

17,328

 

Short-term lease cost

 

 

968

 

 

 

394

 

 

 

2,081

 

 

 

853

 

Variable lease cost

 

 

1,420

 

 

 

1,059

 

 

 

3,966

 

 

 

3,093

 

Total lease cost, net

 

$

11,352

 

 

$

9,116

 

 

$

32,035

 

 

$

28,698

 
Schedule of Other Information Related to Operating and Finance Leases

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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

5,480

 

 

$

5,140

 

 

$

17,347

 

 

$

17,753

 

Operating cash flows from finance leases

 

$

1,551

 

 

$

4,748

 

 

$

4,517

 

 

$

5,955

 

Financing cash flows from finance leases

 

$

854

 

 

$

656

 

 

$

2,451

 

 

$

2,050

 

ROU assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

$

8,095

 

 

$

8,033

 

 

$

18,806

 

 

$

26,968

 

Finance leases

 

$

805

 

 

$

1,073

 

 

$

5,129

 

 

$

42,782

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

8.61

 

 

 

8.54

 

Finance leases

 

 

 

 

 

 

 

 

34.04

 

 

 

34.95

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

7.11

%

 

 

6.86

%

Finance leases

 

 

 

 

 

 

 

 

9.10

%

 

 

9.06

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

As of September 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

 

$

6,232

 

 

$

2,283

 

 

$

8,515

 

2023

 

 

23,507

 

 

 

8,684

 

 

 

32,191

 

2024

 

 

20,973

 

 

 

7,627

 

 

 

28,600

 

2025

 

 

19,792

 

 

 

6,802

 

 

 

26,594

 

2026

 

 

19,369

 

 

 

6,400

 

 

 

25,769

 

Thereafter

 

 

77,373

 

 

 

180,596

 

 

 

257,969

 

Total future lease payments

 

 

167,246

 

 

 

212,392

 

 

 

379,638

 

Less: Amount representing interest

 

 

(47,548

)

 

 

(152,396

)

 

 

(199,944

)

Present value of minimum lease payments

 

 

119,698

 

 

 

59,996

 

 

 

179,694

 

Current portion

 

 

13,958

 

 

 

3,206

 

 

 

17,164

 

Long-term portion

 

$

105,740

 

 

$

56,790

 

 

$

162,530

 

 
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of September 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

 

$

472

 

2023

 

 

1,455

 

2024

 

 

1,206

 

2025

 

 

984

 

2026

 

 

737

 

Thereafter

 

 

995

 

Total minimum rents

 

$

5,849

 

Lease Not Yet Commenced

As of September 30, 2022, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date to begin in early 2023 with a lease term of 20 years.
v3.22.2.2
Noncontrolling Interest – Redeemable and Non-redeemable (Tables)
 9 Months Ended
Sep. 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

 

 

(354

)

Adjustment to the redemption value

 

 

763

 

Foreign currency translation adjustment

 

 

(596

)

Balance at September 30, 2022

 

$

5,257

 

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 attributable to non-redeemable noncontrolling interest

 

2,092

 

 

 

2,329

 

 

 

555

 

 

 

4,976

 

Distributions to non-controlling interests

 

—

 

 

 

(570

)

 

 

—

 

 

 

(570

)

Foreign currency translation adjustments

 

(27

)

 

 

(5,128

)

 

 

(1,178

)

 

 

(6,333

)

Balance at September 30, 2022

$

17,380

 

 

$

55,232

 

 

$

11,017

 

 

$

83,629

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.22.2.2
Segment Information (Tables)
 9 Months Ended
Sep. 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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

163,796

 

 

$

117,555

 

 

$

265,179

 

 

$

163,658

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

73,277

 

 

 

37,866

 

 

 

205,518

 

 

 

61,869

 

GES Exhibitions

 

 

147,872

 

 

 

81,138

 

 

 

414,303

 

 

 

101,347

 

GES intersegment eliminations

 

 

(2,224

)

 

 

(2,960

)

 

 

(5,716

)

 

 

(3,107

)

Total GES

 

 

218,925

 

 

 

116,044

 

 

 

614,105

 

 

 

160,109

 

Total revenue

 

$

382,721

 

 

$

233,599

 

 

$

879,284

 

 

$

323,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

64,710

 

 

$

49,601

 

 

$

49,083

 

 

$

23,183

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

3,720

 

 

 

(399

)

 

 

18,328

 

 

 

(14,779

)

GES Exhibitions

 

 

2,870

 

 

 

(9,100

)

 

 

17,788

 

 

 

(41,521

)

Total GES

 

 

6,590

 

 

 

(9,499

)

 

 

36,116

 

 

 

(56,300

)

Segment operating income (loss)

 

 

71,300

 

 

 

40,102

 

 

 

85,199

 

 

 

(33,117

)

Corporate eliminations (1)

 

 

17

 

 

 

17

 

 

 

51

 

 

 

52

 

Corporate activities

 

 

(3,768

)

 

 

(3,093

)

 

 

(9,881

)

 

 

(8,104

)

Interest expense, net

 

 

(10,252

)

 

 

(9,518

)

 

 

(23,890

)

 

 

(20,168

)

Other expense, net

 

 

(280

)

 

 

(466

)

 

 

(1,530

)

 

 

(1,563

)

Restructuring charges:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

 

—

 

 

 

(32

)

 

 

—

 

 

 

(55

)

Spiro

 

 

(71

)

 

 

(422

)

 

 

(1,297

)

 

 

(598

)

GES Exhibitions

 

 

(1,316

)

 

 

(1,707

)

 

 

(2,140

)

 

 

(5,101

)

Corporate

 

 

—

 

 

 

(25

)

 

 

(30

)

 

 

(45

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

GES Exhibitions

 

 

—

 

 

 

—

 

 

 

(583

)

 

 

—

 

Income (loss) from continuing operations before income taxes

 

$

55,630

 

 

$

24,856

 

 

$

45,899

 

 

$

(68,699

)

 

(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

 

 

Nine Months Ended September 30,

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Depreciation:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

7,501

 

 

$

6,734

 

 

$

23,149

 

 

$

19,737

 

Spiro

 

 

912

 

 

 

1,158

 

 

 

2,693

 

 

 

3,687

 

GES Exhibitions

 

 

2,058

 

 

 

2,866

 

 

 

6,419

 

 

 

8,886

 

Corporate

 

 

9

 

 

 

6

 

 

 

27

 

 

 

30

 

 

 

$

10,480

 

 

$

10,764

 

 

$

32,288

 

 

$

32,340

 

Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

1,351

 

 

$

1,462

 

 

$

3,846

 

 

$

3,931

 

Spiro

 

 

57

 

 

 

131

 

 

 

160

 

 

 

383

 

GES Exhibitions

 

 

1,068

 

 

 

1,119

 

 

 

3,148

 

 

 

3,332

 

 

 

$

2,476

 

 

$

2,712

 

 

$

7,154

 

 

$

7,646

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

20,178

 

 

$

19,121

 

 

$

48,888

 

 

$

42,740

 

Spiro

 

 

1,042

 

 

 

107

 

 

 

1,628

 

 

 

401

 

GES Exhibitions

 

 

1,898

 

 

 

1,059

 

 

 

4,146

 

 

 

1,761

 

Corporate and other

 

 

13

 

 

 

137

 

 

 

108

 

 

 

285

 

 

 

$

23,131

 

 

$

20,424

 

 

$

54,770

 

 

$

45,187

 
v3.22.2.2
Overview and Basis of Presentation - Narrative (Details)
 9 Months Ended
Sep. 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
v3.22.2.2
Overview and Basis of Presentation - Schedule of Cash and Cash Equivalents and Restricted Cash Balances (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 79,151 $ 61,600    
Restricted cash included in other current assets $ 5,049 $ 2,703    
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible List] Cash, cash equivalents, and restricted cash shown in the statement of cash flows Cash, cash equivalents, and restricted cash shown in the statement of cash flows    
Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 84,200 $ 64,303 $ 113,261 $ 41,971
v3.22.2.2
Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 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 $ 300,000   $ 300,000  
Capitalized contract costs to fulfill contracts 27,900,000   27,900,000  
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.  
v3.22.2.2
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Revenue from Contract with Customer [Abstract]  
Balance at December 31, 2021 $ 39,662
Cash additions 134,090
Revenue recognized (107,479)
Foreign exchange translation adjustment (3,093)
Balance at September 30, 2022 $ 63,180
v3.22.2.2
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Revenue from Contract with Customer [Abstract]  
Balance at December 31, 2021 $ 13,790
Additions 51,930
Expenses (36,448)
Foreign exchange translation adjustment (1,089)
Balance at September 30, 2022 $ 28,183
v3.22.2.2
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 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Disaggregation Of Revenue [Line Items]        
Total revenue $ 382,721 $ 233,599 $ 879,284 $ 323,767
GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 218,925 116,044 614,105 160,109
GES | Intersegment Eliminations        
Disaggregation Of Revenue [Line Items]        
Total revenue (10,950) (688) (18,814) (1,930)
Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 163,796 117,555 265,179 163,658
Pursuit | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Total revenue 163,796 117,555 265,179 163,658
North America | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 186,787 92,648 505,484 127,978
EMEA | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 43,088 24,084 127,435 34,061
Services Transferred Over Time | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 189,089 100,865 519,036 139,241
Services Transferred Over Time | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 117,110 82,099 192,432 114,929
Products Transferred Over Time | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue [1] 11,231 6,509 35,194 7,659
Products Transferred at a Point in Time | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 18,605 8,670 59,875 13,209
Products Transferred at a Point in Time | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 46,686 35,456 72,747 48,729
Ticket revenue [Member] | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 60,825 39,480 99,364 51,069
Rooms revenue [Member] | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 42,453 35,413 69,915 51,552
Other | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 7,581 3,753 11,968 7,395
Transportation | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 6,251 3,453 11,185 4,913
Total Services | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 117,110 82,099 192,432 114,929
Food and Beverage | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 25,105 18,029 41,369 25,152
Retail Operations | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 21,581 17,427 31,378 23,577
Total Products Revenue        
Disaggregation Of Revenue [Line Items]        
Total revenue 76,522 50,635 167,816 69,597
Total Products Revenue | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 46,686 35,456 72,747 48,729
Banff Jasper Collection | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 80,829 52,602 134,121 71,720
Alaska Collection | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 25,591 25,932 39,407 37,279
Spiro | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 73,277 37,866 205,518 61,869
GES-Exhibitions | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 147,872 81,138 414,303 101,347
GES intersegment eliminations | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue (2,224) (2,960) (5,716) (3,107)
Glacier Park Collection | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 41,080 32,081 55,670 43,627
FlyOver | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 8,276 2,296 18,285 3,494
Sky Lagoon | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue $ 8,020 $ 4,644 $ 17,696 $ 7,538
[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.
v3.22.2.2
Share-Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 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 $ 940 $ 1,119  
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 1,187,392    
v3.22.2.2
Share-Based Compensation - Summary of Share-Based Compensation (income) expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Summary of share-based compensation expense        
Share-based compensation expense $ 2,529 $ 1,744 $ 7,998 $ 5,960
Share-based compensation expense before income tax 2,529 1,744 7,998 5,960
Income tax benefit [1] (31) (21) (78) (76)
Share-based compensation expense, net of income tax 2,498 1,723 7,920 5,884
Performance-based Restricted Stock Units        
Summary of share-based compensation expense        
Share-based compensation expense 16 (118) 735 488
Share-based compensation expense before income tax 16 (118) 735 488
Restricted Stock Awards And Restricted Stock Units        
Summary of share-based compensation expense        
Share-based compensation expense 1,705 1,284 5,054 3,964
Share-based compensation expense before income tax 1,705 1,284 5,054 3,964
Stock Options        
Summary of share-based compensation expense        
Share-based compensation expense 808 578 2,209 1,508
Share-based compensation expense before income tax $ 808 $ 578 $ 2,209 $ 1,508
[1] The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.22.2.2
Acquisitions - Narrative (Details)
$ in Thousands, $ in Millions
 9 Months Ended 12 Months Ended
Apr. 06, 2022
USD ($)
Logs
Mar. 18, 2021
USD ($)
Mar. 18, 2021
CAD ($)
Sep. 30, 2022
USD ($)
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    
v3.22.2.2
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Apr. 06, 2022
Sep. 30, 2022
Dec. 31, 2021
Mar. 18, 2021
Business Acquisition [Line Items]        
Property and equipment       $ 2,200
Goodwill   $ 119,416 $ 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      
v3.22.2.2
Acquisitions - Schedule of Purchase Price Allocated to Intangible Assets Acquired (Details) - Glacier Raft [Member]
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Business Acquisition [Line Items]  
Intangible assets $ 3,400
Weighted average life 14 years
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
v3.22.2.2
Inventories - Components of Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Components of Inventories    
Raw materials $ 1,487 $ 2,350
Finished goods 9,725 6,231
Inventories $ 11,212 $ 8,581
v3.22.2.2
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Restricted cash $ 5,049 $ 2,703
Prepaid software maintenance 4,390 4,154
Prepaid project deposit 3,543 0
Prepaid vendor payments 2,093 1,604
Prepaid taxes 846 456
Income tax receivable 521 1,901
Prepaid other 1,772 1,165
Other 2,131 2,097
Other current assets $ 20,345 $ 14,080
v3.22.2.2
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 863,824 $ 852,146
Accumulated depreciation (377,542) (364,060)
Property Plant and Equipment Net Excluding Finance Leased Assets, Total 486,282 488,086
Finance lease ROU assets, net 57,216 61,022
Property and equipment, net 543,498 549,108
Land and land interests    
Property Plant And Equipment [Line Items]    
Gross property and equipment 31,579 30,532
Buildings and leasehold improvements    
Property Plant And Equipment [Line Items]    
Gross property and equipment 388,928 407,930
Equipment and other    
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 443,317 $ 413,684
v3.22.2.2
Property and Equipment - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Property Plant And Equipment [Line Items]        
Depreciation expense $ 10,480 $ 10,764 $ 32,288 $ 32,340
Property and equipment purchased through accounts payable and accrued liabilities, increased or decreased amount     2,100 $ 300
Capitalized Software        
Property Plant And Equipment [Line Items]        
Interest Costs Capitalized $ 100   $ 2,700  
v3.22.2.2
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Investments, All Other Investments [Abstract]    
Self-insured liability receivable $ 6,847 $ 6,847
Other mutual funds 3,254 4,057
Contract costs 3,069 2,685
Other 3,436 3,129
Other investments and assets $ 16,606 $ 16,718
v3.22.2.2
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Goodwill [Line Items]  
Balance, beginning $ 112,078
Balance, ending 119,416
Pursuit  
Goodwill [Line Items]  
Balance, beginning 112,078
Business acquisition 16,787
Foreign currency translation adjustments (9,449)
Balance, ending $ 119,416
v3.22.2.2
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Gross Carrying Value $ 95,492 $ 99,689
Intangible assets subject to amortization, Accumulated Amortization (36,889) (35,074)
Intangible assets subject to amortization, Net Carrying Value 58,603 64,615
Other intangible assets net, Gross Carrying Value 96,056 100,263
Other intangible assets net, Net Carrying Value 59,167 65,189
Other intangible assets net, Accumulated Amortization $ (36,889) (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 $ 36,879 36,848
Intangible assets subject to amortization, Accumulated Amortization (29,120) (28,372)
Intangible assets subject to amortization, Net Carrying Value $ 7,759 8,476
Operating contracts and licenses    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 34 years 4 months 24 days  
Intangible assets subject to amortization, Gross Carrying Value $ 38,285 40,927
Intangible assets subject to amortization, Accumulated Amortization (3,250) (2,660)
Intangible assets subject to amortization, Net Carrying Value $ 35,035 38,267
In-place lease    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 34 years  
Intangible assets subject to amortization, Gross Carrying Value $ 14,133 15,464
Intangible assets subject to amortization, Accumulated Amortization (1,283) (1,084)
Intangible assets subject to amortization, Net Carrying Value $ 12,850 14,380
Tradenames    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 4 years 2 months 12 days  
Intangible assets subject to amortization, Gross Carrying Value $ 5,441 5,626
Intangible assets subject to amortization, Accumulated Amortization (3,085) (2,819)
Intangible assets subject to amortization, Net Carrying Value $ 2,356 2,807
Other    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 5 years 4 months 24 days  
Intangible assets subject to amortization, Gross Carrying Value $ 754 824
Intangible assets subject to amortization, Accumulated Amortization (151) (139)
Intangible assets subject to amortization, Net Carrying Value 603 685
Business licenses    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Net Carrying Value 564 574
Other intangible assets net, Net Carrying Value $ 564 $ 574
v3.22.2.2
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Segment Reporting Information [Line Items]          
Goodwill $ 119,416   $ 119,416   $ 112,078
FlyOver          
Segment Reporting Information [Line Items]          
Goodwill $ 38,300   $ 38,300    
Percentage of fair value in excess of carrying amount 10.00%   10.00%    
Services          
Segment Reporting Information [Line Items]          
Intangible asset amortization expense $ 1,400 $ 1,600 $ 4,000 $ 4,400  
v3.22.2.2
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Estimated amortization expense related to amortized intangible assets    
Remainder of 2022 $ 1,177  
2023 4,515  
2024 3,576  
2025 2,281  
2026 2,248  
Thereafter 44,806  
Intangible assets subject to amortization, Net Carrying Value $ 58,603 $ 64,615
v3.22.2.2
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Continuing operations:    
Foreign income taxes payable $ 9,452 $ 965
Accrued sales and use taxes 8,871 3,428
Self-insured liability 4,696 4,815
Commissions payable 4,638 4,119
Accrued employee benefit costs 4,629 4,164
Accrued concession fees 4,567 964
Current portion of pension and postretirement liabilities 1,457 1,637
Accommodation service deposits 1,416 892
Accrued professional fees 1,227 1,671
Accrued restructuring 766 864
Accrued interest payable 270 228
Other taxes 1,431 1,042
Other 4,521 3,034
Total continuing operations 47,941 27,823
Discontinued operations:    
Self-insured liability 168 312
Environmental remediation liabilities 46 60
Other 94 94
Total discontinued operations 308 466
Total other current liabilities $ 48,249 $ 28,289
v3.22.2.2
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Continuing operations:    
Foreign deferred tax liability $ 27,298 $ 27,748
Multi-employer pension plan withdrawal liability 13,929 14,260
Self-insured excess liability 6,847 6,847
Self-insured liability 6,243 5,119
Accrued compensation 4,644 5,696
Accrued restructuring 3,320 2,571
Other 3,993 2,758
Total continuing operations 66,274 64,999
Discontinued operations:    
Environmental remediation liabilities 2,178 2,168
Self-insured liability 1,598 1,535
Other 250 251
Total discontinued operations 4,026 3,954
Total other deferred items and liabilities $ 70,300 $ 68,953
v3.22.2.2
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Less unamortized debt issuance costs $ (12,679) $ (14,804)
Total debt 399,720 390,451
Finance lease obligations, [9.1%] weighted-average interest rate at June 30, 2022 and December 31, 2021, due through 2067 59,996 63,401
Financing arrangements 6,983 5,528
Total debt and finance lease obligations [1],[2] 466,699 459,380
Current portion (16,614) (12,800)
Long-term debt and finance lease obligations 450,085 446,580
Forest Park Hotel Construction Loan Facility    
Debt Instrument [Line Items]    
Credit facility [3] 10,020 0
Fly Over Iceland Term Loan    
Debt Instrument [Line Items]    
Credit facility [3] 607 689
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] $ 4,772 $ 5,566
[1] Cash paid for interest on debt was $23.7 million during the nine months ended September 30, 2022 and $14.9 million during the nine months ended September 30, 2021
[2] The estimated fair value of total debt and finance leases was $322.2 million as of September 30, 2022 and $328.9 million as of December 31, 2021. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements
[3] Represents the weighted-average interest rate in effect as of the end of the respective period, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees
v3.22.2.2
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Sep. 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 $ 322.2     $ 328.9
Cash paid for interest on debt $ 23.7 $ 14.9    
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 9.50%     3.80%
2021 Credit Facility | Term Loan B        
Debt Instrument [Line Items]        
Interest rate on credit facility 8.10%     5.50%
v3.22.2.2
Debt and Finance Lease Obligations - Narrative (Details)
$ in Thousands, € in Millions, kr in Millions, $ in Millions
 9 Months Ended 12 Months Ended
May 17, 2022
USD ($)
Dec. 01, 2021
Jul. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Dec. 31, 2020
USD ($)
Dec. 01, 2024
Sep. 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       $ 12,679             $ 14,804          
Premium Payment Due Term       12 months                        
Financial Arrangements Weighted Average Interest Rate         4.70%             4.70%        
Line Of Credit Facility Date Of First Required Payment       Dec. 01, 2021                        
Revolving Credit Facility                                
Line Of Credit Facility [Line Items]                                
Borrowing capacity on line of credit       $ 13,400                        
Remaining borrowing capacity on line of credit       86,600                        
Line of credit facility, borrowing       13,400                        
Line of credit facility maximum borrowing capacity     $ 450,000                          
Revolving Credit Facility | Borrowings                                
Line Of Credit Facility [Line Items]                                
Credit facility       $ 100,000                        
Revolving Credit Facility | Maximum                                
Line Of Credit Facility [Line Items]                                
Interest coverage ratio       1.00%                        
Leverage ratio       1.00%                        
Revolving Credit Facility | Minimum                                
Line Of Credit Facility [Line Items]                                
Interest coverage ratio       3.89%                        
Leverage ratio       3.10%                        
Forest Park Hotel Construction Loan Facility                                
Line Of Credit Facility [Line Items]                                
Maturity date May 17, 2027                              
Remaining borrowing capacity on line of credit       $ 2,300     $ 3.1                  
Credit facility [1]       $ 10,020             $ 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   Sep. 01, 2027   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
Maturity date   March 1, 2025                            
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]       $ 607             $ 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]       $ 4,772             $ 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                          
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 as of the end of the respective period, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees
v3.22.2.2
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Fair value information related to assets    
Assets $ 3,254 $ 15,060
Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets 3,254 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] 3,254 4,057
Other mutual funds | Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets [2] $ 3,254 $ 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.
v3.22.2.2
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details)
$ in Thousands
 9 Months Ended
Sep. 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
v3.22.2.2
Income (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Numerator:                
Net income (loss) attributable to Viad $ 40,145     $ 15,067     $ 30,983 $ (70,111)
Less: Allocation to participating securities (9,368)     (3,141)     (5,991) 0
Dividends on convertible preferred stock (1,950) $ (1,950) $ (1,950) (1,950) $ (1,923) $ (1,898)    
Adjustment to the redemption value of redeemable noncontrolling interest 0     (488)     (763) (1,091)
Net income (loss) allocated to Viad common stockholders (basic) 28,827     9,488     18,379 (76,973)
Add: Allocation to participating securities 94     36     46 0
Net loss allocated to Viad common stockholders (diluted) $ 28,921     $ 9,524     $ 18,425 $ (76,973)
Denominator:                
Basic weighted-average outstanding common shares 20,612     20,420     20,567 20,396
Additional dilutive shares related to share-based compensation 277     322     214 0
Diluted weighted-average outstanding shares 20,889     20,742     20,781 20,396
Basic income (loss) attributable to Viad common stockholders $ 1.40     $ 0.46     $ 0.89 $ (3.77)
Basic income (loss) attributable to Viad common stockholders [1] $ 1.38     $ 0.46     $ 0.89 $ (3.77)
Paid in Cash                
Numerator:                
Dividends on convertible preferred stock $ (1,950)     $ (1,950)     $ (5,850) $ (1,950)
Paid in Kind                
Numerator:                
Dividends on convertible preferred stock $ 0     $ 0     $ 0 $ (3,821)
[1] Diluted loss per share amount cannot exceed basic loss per share.
v3.22.2.2
Income (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 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 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 0 0 6,584
Unvested Restricted Share-Based Awards        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 2 3 29 173
Unvested Performance Share-based Awards        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 0 0 11 28
Stock Options        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 138 138 216 219
v3.22.2.2
Common and Preferred Stock - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 9 Months Ended
Aug. 05, 2020
Sep. 30, 2022
Sep. 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   $ 5.9    
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      
v3.22.2.2
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance $ 91,838 $ 174,099
Ending Balance 91,388 112,259
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 (34,558) (980)
Net other comprehensive income (loss) (34,558) (980)
Ending Balance (50,720) (17,666)
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 977 205
Net other comprehensive income (loss) 977 205
Ending Balance (10,290) (13,750)
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 (34,558) (980)
Amounts reclassified from AOCI, net of tax 977 205
Net other comprehensive income (loss) (33,581) (775)
Ending Balance $ (61,010) $ (31,416)
v3.22.2.2
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating Loss Carryforwards [Line Items]        
Effective income tax rate 17.60% 21.40% 23.00% 0.20%
Cash refunds received $ 2.1 $ 3.6 $ 1.3 $ 3.2
Pre-tax Income [Member]        
Operating Loss Carryforwards [Line Items]        
Effective income tax rate   21.40% 0.20%  
Minimum [Member]        
Operating Loss Carryforwards [Line Items]        
Federal statutory tax rate     21.00%  
Maximum [Member]        
Operating Loss Carryforwards [Line Items]        
Federal statutory tax rate 21.00%      
v3.22.2.2
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Pension Plans        
Net periodic benefit cost:        
Net periodic benefit cost     $ 877 $ 747
Total expenses     877 747
Postretirement Benefit Plans        
Net periodic benefit cost:        
Net periodic benefit cost     112 270
Total expenses     112 270
Domestic Plans | Pension Plans        
Net periodic benefit cost:        
Service cost $ 0 $ 0 0 0
Interest cost 109 110 359 315
Expected return on plan assets 21 (20) 70 (35)
Amortization of prior service credit 0 0 0 0
Recognized net actuarial loss 65 157 333 467
Net periodic benefit cost 195 247 762 747
Settlement cost     115 0
Total expenses 195 247 762 747
Domestic Plans | Postretirement Benefit Plans        
Net periodic benefit cost:        
Service cost 5 24 25 52
Interest cost 26 41 134 136
Expected return on plan assets 0 0 0 0
Amortization of prior service credit 23 (1) 67 (4)
Recognized net actuarial loss (160) (12) (114) 86
Net periodic benefit cost (106) 52 112 270
Settlement cost     0 0
Total expenses (106) 52 112 270
Foreign Pension Plans        
Net periodic benefit cost:        
Service cost 75 113 236 343
Interest cost 78 77 245 233
Expected return on plan assets (97) (127) (320) (382)
Amortization of prior service credit 0 0 0 0
Recognized net actuarial loss 34 49 105 148
Net periodic benefit cost 90 112 266 342
Settlement cost     533 0
Total expenses $ 90 $ 112 266 342
Foreign Pension Plans | Pension Plans        
Net periodic benefit cost:        
Net periodic benefit cost     799 342
Total expenses     $ 799 $ 342
v3.22.2.2
Pension and Postretirement Benefits - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 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 0.5
Funded Plans | Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in funded pension plans 0.8
Pension Contributions 0.6
Unfunded Pension Plans | Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in unfunded pension plans 0.8
Pension Contributions $ 0.5
v3.22.2.2
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Restructuring Cost And Reserve [Line Items]        
Beginning balance     $ 3,435  
Restructuring charges $ 1,387 $ 2,186 3,467 $ 5,799
Cash payments     (1,641)  
Non-cash items [1]     (1,167)  
Adjustment to liability     (8)  
Ending balance 4,086   4,086  
GES | Severance & Employee Benefits        
Restructuring Cost And Reserve [Line Items]        
Beginning balance     1,976  
Restructuring charges     463  
Cash payments     (869)  
Non-cash items [1]     0  
Adjustment to liability     (3)  
Ending balance 1,567   1,567  
GES | Facilities        
Restructuring Cost And Reserve [Line Items]        
Beginning balance     1,433  
Restructuring charges     2,974  
Cash payments     (689)  
Non-cash items [1]     (1,167)  
Adjustment to liability     (44)  
Ending balance 2,507   2,507  
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 prior to the lease term.
v3.22.2.2
Restructuring Charges - Narrative (Details)
$ in Millions
Sep. 30, 2022
USD ($)
Restructuring and Related Activities [Abstract]  
Payments of liabilities related to severance and employee benefits $ 1.5
v3.22.2.2
Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Lessee Lease Description [Line Items]    
Operating lease assets $ 107,442 $ 95,915
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Operating lease assets Operating lease assets
Finance lease assets $ 57,216 $ 61,022
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Total lease assets $ 164,658 $ 156,937
Operating lease obligations $ 13,958 $ 12,451
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Operating lease obligations Operating lease obligations
Finance lease obligations $ 3,206 $ 2,928
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Lease Obligation Long-Term Debt and Lease Obligation
Operating lease obligations $ 105,740 $ 93,406
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Operating lease obligations Operating lease obligations
Finance lease obligations $ 56,790 $ 60,473
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Lease Obligation Long-Term Debt and Lease Obligation
Total lease liabilities $ 179,694 $ 169,258
v3.22.2.2
Leases and Other - Components of Least Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Finance lease cost:        
Amortization of ROU assets $ 1,060 $ 1,093 $ 3,156 $ 3,231
Interest on lease liabilities 1,478 1,405 4,380 4,193
Operating lease cost 6,426 5,165 18,452 17,328
Short-term lease cost 968 394 2,081 853
Variable lease cost 1,420 1,059 3,966 3,093
Total lease cost, net $ 11,352 $ 9,116 $ 32,035 $ 28,698
v3.22.2.2
Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows from operating leases $ 5,480 $ 5,140 $ 17,347 $ 17,753  
Operating cash flows from finance leases 1,551 4,748 4,517 5,955  
Financing cash flows from finance leases 854 656 2,451 2,050  
ROU assets obtained in exchange for lease obligations:          
Operating leases 8,095 8,033 18,806 26,968  
Finance leases $ 805 $ 1,073 $ 5,129 $ 42,782  
Weighted-average remaining lease term (years):          
Operating leases 8 years 7 months 9 days   8 years 7 months 9 days   8 years 6 months 14 days
Finance leases 34 years 14 days   34 years 14 days   34 years 11 months 12 days
Weighted-average discount rate:          
Operating leases 7.11%   7.11%   6.86%
Finance leases 9.10%   9.10%   9.06%
v3.22.2.2
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
Sep. 30, 2022
Dec. 31, 2021
Leases [Abstract]    
Remainder of 2022 $ 6,232  
2023 23,507  
2024 20,973  
2025 19,792  
2026 19,369  
Thereafter 77,373  
Total future lease payments 167,246  
Less: Amount representing interest (47,548)  
Present value of minimum lease payments 119,698  
Current portion 13,958 $ 12,451
Long-term operating lease obligations 105,740 93,406
Remainder of 2022 2,283  
2023 8,684  
2024 7,627  
2025 6,802  
2026 6,400  
Thereafter 180,596  
Total future lease payments 212,392  
Less: Amount representing interest (152,396)  
Present value of minimum lease payments 59,996 63,401
Current portion 3,206 2,928
Long-term portion 56,790 60,473
Remainder of 2022 8,515  
2023 32,191  
2024 28,600  
2025 26,594  
2026 25,769  
Thereafter 257,969  
Total future lease payments 379,638  
Less: Amount representing interest (199,944)  
Total operating and finance lease liablities 179,694 $ 169,258
Current portion 17,164  
Long-term portion $ 162,530  
v3.22.2.2
Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Leases [Abstract]  
Remainder of 2022 $ 472
2023 1,455
2024 1,206
2025 984
2026 737
Thereafter 995
Total minimum rents $ 5,849
v3.22.2.2
Leases and Other - Narrative (Details) - New flyover Attraction [Member]
 9 Months Ended
Sep. 30, 2022
Lessee Lease Description [Line Items]  
Operating lease not yet commenced, description As of September 30, 2022, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date to begin in early 2023 with a lease term of 20 years.
Operating lease not yet commenced, term of contract 20 years
v3.22.2.2
Litigation, Claims, Contingencies and Other - Narrative (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Agreement
Sep. 30, 2021
USD ($)
Loss Contingencies [Line Items]        
Environmental remediation liability $ 2,200,000   $ 2,200,000  
Maximum potential amount of future payments 90,800,000   $ 90,800,000  
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 10,900,000   $ 10,900,000  
Workers' compensation liability 6,000,000.0   6,000,000.0  
Self insurance reserve for general and auto 4,900,000   4,900,000  
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 900,000 $ 1,000,000.0 3,500,000 $ 2,100,000
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  
v3.22.2.2
Redeemable Noncontrolling Interest - Narrative (Details) - EUR (€)
€ in Thousands
 9 Months Ended
Sep. 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  
v3.22.2.2
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Noncontrolling Interest [Abstract]        
Beginning balance     $ 5,444  
Net loss attributable to redeemable noncontrolling interest $ (88) $ (296) (354) $ (1,221)
Adjustment to the redemption value     763  
Foreign currency translation adjustment     (596)  
Ending balance $ 5,257   $ 5,257  
v3.22.2.2
Redeemable Noncontrolling Interest - Summary of Changes in Non Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Minority Interest [Line Items]          
Beginning Balance       $ 85,556  
Net income attributable to non-redeemable noncontrolling interest $ 5,729 $ 5,004   4,976 $ 3,049
Acquisitions     $ 6,759    
Distributions to non-controlling interests       (570)  
Foreign currency translation adjustments (5,056) $ (1,960)   (6,333) $ (141)
Ending Balance 83,629     83,629  
Glacier Park Inc          
Minority Interest [Line Items]          
Beginning Balance       15,315  
Net income attributable to non-redeemable noncontrolling interest       2,092  
Distributions to non-controlling interests       0  
Foreign currency translation adjustments       (27)  
Ending Balance 17,380     $ 17,380  
Equity ownership interest that we do not own       20.00%  
Brewster          
Minority Interest [Line Items]          
Beginning Balance [1]       $ 58,601  
Net income attributable to non-redeemable noncontrolling interest [1]       2,329  
Distributions to non-controlling interests [1]       (570)  
Foreign currency translation adjustments [1]       (5,128)  
Ending Balance [1] 55,232     $ 55,232  
Equity ownership interest that we do not own [1]       40.00%  
Sky Lagoon          
Minority Interest [Line Items]          
Beginning Balance       $ 11,640  
Net income attributable to non-redeemable noncontrolling interest       555  
Distributions to non-controlling interests       0  
Foreign currency translation adjustments       (1,178)  
Ending Balance $ 11,017     $ 11,017  
Equity ownership interest that we do not own       49.00%  
[1] Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.22.2.2
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Reportable segments reconciliations:        
Total revenue $ 382,721 $ 233,599 $ 879,284 $ 323,767
Interest expense, net (10,252) (9,518) (23,890) (20,168)
Corporate activities 3,768 3,093 9,881 8,104
Other expense, net (280) (466) (1,530) (1,563)
Depreciation and amortization     (39,442) (39,986)
Restructuring charges (1,387) (2,186) (3,467) (5,799)
Loss from continuing operations before income taxes 55,630 24,856 45,899 (68,699)
GES        
Reportable segments reconciliations:        
Total revenue 218,925 116,044 614,105 160,109
Pursuit        
Reportable segments reconciliations:        
Total revenue 163,796 117,555 265,179 163,658
Operating Segments        
Reportable segments reconciliations:        
Segment operating income (loss) 71,300 40,102 85,199 (33,117)
Operating Segments | GES        
Reportable segments reconciliations:        
Segment operating income (loss) 6,590 (9,499) 36,116 (56,300)
Operating Segments | Pursuit        
Reportable segments reconciliations:        
Total revenue 163,796 117,555 265,179 163,658
Segment operating income (loss) 64,710 49,601 49,083 23,183
Restructuring charges 0 (32) 0 (55)
Operating Segments | Spiro        
Reportable segments reconciliations:        
Total revenue 73,277 37,866 205,518 61,869
Segment operating income (loss) 3,720 (399) 18,328 (14,779)
Restructuring charges 71 422 1,297 598
Operating Segments | GES-Exhibitions        
Reportable segments reconciliations:        
Total revenue 147,872 81,138 414,303 101,347
Segment operating income (loss) 2,870 (9,100) 17,788 (41,521)
Restructuring charges (1,316) (1,707) (2,140) (5,101)
Impairment charges 0 0 (583) 0
Operating Segments | GES intersegment eliminations [Member]        
Reportable segments reconciliations:        
Total revenue (2,224) (2,960) (5,716) (3,107)
Corporate Eliminations        
Reportable segments reconciliations:        
Segment operating income (loss) [1] 17 17 51 52
Corporate        
Reportable segments reconciliations:        
Segment operating income (loss) (3,768) (3,093) (9,881) (8,104)
Restructuring charges $ 0 $ (25) $ (30) $ (45)
[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.
v3.22.2.2
Segment Information - Reconciliation of Assets from Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Segment Reporting Information [Line Items]        
Depreciation $ 10,480 $ 10,764 $ 32,288 $ 32,340
Amortization 2,476 2,712 7,154 7,646
Capital expenditures 23,131 20,424 54,770 45,187
Pursuit        
Segment Reporting Information [Line Items]        
Depreciation 7,501 6,734 23,149 19,737
Amortization 1,351 1,462 3,846 3,931
Capital expenditures 20,178 19,121 48,888 42,740
Spiro        
Segment Reporting Information [Line Items]        
Depreciation 912 1,158 2,693 3,687
Amortization 57 131 160 383
Capital expenditures 1,042 107 1,628 401
GES-Exhibitions        
Segment Reporting Information [Line Items]        
Depreciation 2,058 2,866 6,419 8,886
Amortization 1,898 1,059 4,146 1,761
Capital expenditures 1,068 1,119 3,148 3,332
Corporate And Other        
Segment Reporting Information [Line Items]        
Capital expenditures 13 137 108 285
Corporate        
Segment Reporting Information [Line Items]        
Depreciation $ 9 $ 6 $ 27 $ 30