VIAD CORP, 10-K filed on 3/13/2015
Annual Report
Document and Entity Information (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Jan. 31, 2015
Jun. 30, 2014
Document and Entity Information [Abstract]
 
 
 
Entity Registrant Name
VIAD CORP 
 
 
Entity Central Index Key
0000884219 
 
 
Document Type
10-K 
 
 
Document Period End Date
Dec. 31, 2014 
 
 
Amendment Flag
false 
 
 
Document Fiscal Year Focus
2014 
 
 
Document Fiscal Period Focus
FY 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Filer Category
Accelerated Filer 
 
 
Entity Public Float
 
 
$ 477 
Entity Common Stock, Shares Outstanding
 
20,098,781 
 
Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Current assets
 
 
Cash and cash equivalents
$ 56,990 
$ 45,821 
Accounts receivable, net of allowance for doubtful accounts of $1,258 and $877, respectively
78,121 
61,197 
Inventories
32,401 
27,993 
Deferred income taxes
22,943 
20,577 
Other current assets
17,440 
17,142 
Total current assets
207,895 
172,730 
Property and equipment, net
199,571 
190,330 
Other investments and assets
40,674 
35,026 
Deferred income taxes
29,639 
29,823 
Goodwill
194,197 
129,543 
Other intangible assets, net
42,967 
4,480 
Total Assets
714,943 
561,932 
Current liabilities
 
 
Accounts payable
61,789 
40,941 
Customer deposits
32,720 
29,207 
Accrued compensation
20,736 
15,113 
Other current liabilities
27,787 
29,169 
Current portion of long-term debt and capital lease obligations
27,856 
10,903 
Total current liabilities
170,888 
125,333 
Long-term debt and capital lease obligations
113,164 
765 
Pension and postretirement benefits
33,427 
30,672 
Other deferred items and liabilities
49,762 
48,619 
Total liabilities
367,241 
205,389 
Commitments and contingencies
   
   
Viad Corp stockholders’ equity:
 
 
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued
37,402 
37,402 
Additional capital
582,066 
590,862 
Retained deficit
(36,427)
(50,393)
Unearned employee benefits and other
23 
(21)
Accumulated other comprehensive income (loss):
 
 
Unrealized gain on investments
471 
429 
Cumulative foreign currency translation adjustments
12,416 
30,847 
Unrecognized net actuarial loss and prior service credit, net
(13,476)
(11,259)
Common stock in treasury, at cost, 4,842,621 and 4,618,433 shares, respectively
(247,088)
(250,426)
Total Viad Corp stockholders’ equity
335,387 
347,441 
Noncontrolling interest
12,315 
9,102 
Total stockholders’ equity
347,702 
356,543 
Total Liabilities and Stockholders’ Equity
$ 714,943 
$ 561,932 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Statement of Financial Position [Abstract]
 
 
Allowance for doubtful accounts
$ 1,258 
$ 877 
Common stock, par value
$ 1.50 
$ 1.50 
Common stock, shares authorized
200,000,000 
200,000,000 
Common stock, shares issued
24,934,981 
24,934,981 
Treasury stock, shares
4,842,621 
4,694,468 
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues:
 
 
 
Exhibition and event services
$ 772,770 
$ 685,350 
$ 726,429 
Exhibits and environments
171,698 
159,554 
175,611 
Travel and recreation services
120,519 
108,443 
104,604 
Total revenues
1,064,987 
953,347 
1,006,644 
Costs and expenses:
 
 
 
Costs of services
843,652 
758,466 
803,921 
Costs of products sold
161,469 
157,745 
164,532 
Gain on sale of facility and related land
0 
(4,775)
0 
Corporate activities
14,348 
6,755 
9,408 
Interest income
(305)
(550)
(593)
Interest expense
2,015 
1,234 
1,303 
Restructuring charges
1,637 
3,793 
4,942 
Goodwill impairment charge
0 
2,097 
0 
Other impairment charges
884 
952 
0 
Total costs and expenses
1,023,700 
925,717 
983,513 
Income from continuing operations before income taxes
41,287 
27,630 
23,131 
Income tax expense
109 
8,310 
19,578 
Income from continuing operations
41,178 
19,320 
3,553 
Income from discontinued operations
14,389 
2,366 
3,030 
Net income
55,567 
21,686 
6,583 
Net income attributable to noncontrolling interest
(3,213)
(131)
(686)
Net income attributable to Viad
52,354 
21,555 
5,897 
Diluted income per common share:
 
 
 
Income from continuing operations attributable to Viad common stockholders (USD per share)
$ 2.02 
$ 0.96 
$ 0.17 
Income from discontinued operations attributable to Viad common stockholders (USD per share)
$ 0.57 
$ 0.10 
$ 0.12 
Net income attributable to Viad common stockholders (USD per share)
$ 2.59 
$ 1.06 
$ 0.29 
Weighted-average outstanding and potentially dilutive common shares
20,133 
20,265 
20,005 
Basic income per common share:
 
 
 
Income from continuing operations attributable to Viad common stockholders (USD per share)
$ 2.02 
$ 0.96 
$ 0.17 
Income from discontinued operations attributable to Viad common stockholders (USD per share)
$ 0.57 
$ 0.10 
$ 0.12 
Net income attributable to Viad common stockholders (USD per share)
$ 2.59 
$ 1.06 
$ 0.29 
Weighted-average outstanding common shares
19,804 
19,850 
19,701 
Dividends declared per common share (USD per share)
$ 1.90 
$ 2.90 
$ 0.28 
Amounts attributable to Viad common stockholders
 
 
 
Income from continuing operations
40,790 
19,437 
3,348 
Income from discontinued operations
11,564 
2,118 
2,549 
Net income
$ 52,354 
$ 21,555 
$ 5,897 
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
 
 
 
Net income
$ 55,567 
$ 21,686 
$ 6,583 
Other comprehensive income:
 
 
 
Unrealized gains on investments, net of tax expense (benefit) of $26, $96 and $33
42 
154 
53 
Unrealized foreign currency translation adjustments, net of tax
(18,431)
(11,311)
7,510 
Amortization of net actuarial gain (loss), net of tax expense (benefit) of $(1,538), $2,380 and $(574)
(2,568)
4,244 
(1,311)
Amortization of prior service credit (cost), net of tax expense (benefit) of $339, $(327) and $(433)
351 
(535)
(680)
Comprehensive income
34,961 
14,238 
12,155 
Comprehensive income attributable to noncontrolling interest
(3,213)
(131)
(686)
Comprehensive income attributable to Viad
$ 31,748 
$ 14,107 
$ 11,469 
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
 
 
 
Unrealized investment gains (losses) arising during the period, net of tax expense (benefit)
$ 26 
$ 96 
$ 33 
Amortization of net actuarial loss, net of tax expense (benefit)
1,538 
2,380 
(574)
Amortization of prior service credit, net of tax
$ (339)
$ (327)
$ (433)
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities
 
 
 
Net income
$ 55,567 
$ 21,686 
$ 6,583 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
30,792 
27,967 
30,133 
Deferred income taxes
(9,731)
2,298 
11,274 
Income from discontinued operations
(14,389)
(2,366)
(3,030)
Restructuring charges
1,637 
3,793 
4,942 
Impairment charges
884 
3,049 
0 
Gain on sale of facility and related land
0 
(4,775)
0 
Gains on dispositions of property and other assets
(958)
(265)
(206)
Share-based compensation expense
2,930 
5,221 
7,232 
Excess tax benefit from share-based compensation arrangements
(114)
(422)
(293)
Other non-cash items, net
5,386 
4,870 
10,157 
Change in operating assets and liabilities (excluding the impact of acquisitions):
 
 
 
Receivables
(10,441)
1,246 
142 
Inventories
(2,555)
7,663 
195 
Accounts payable
18,128 
(15,436)
4,310 
Restructuring liabilities
(5,276)
(4,841)
(4,694)
Accrued compensation
3,663 
(11,707)
1,631 
Customer deposits
(6,406)
(20,965)
926 
Income taxes payable
1,543 
218 
467 
Other assets and liabilities, net
(12,570)
(11,179)
(583)
Net cash provided by operating activities
58,090 
6,055 
69,186 
Cash flows from investing activities
 
 
 
Proceeds from possessory interest and personal property - discontinued operations
28,000 
0 
0 
Proceeds from dispositions of property and other assets
1,109 
464 
322 
Capital expenditures
(29,389)
(36,119)
(27,675)
Acquisition of businesses, net of cash acquired
(120,251)
(647)
(23,546)
Proceeds from sale of facility and related land
0 
12,696 
0 
Proceeds from sale of land—discontinued operations
0 
1,645 
1,041 
Proceeds from sale of short-term investments
0 
0 
384 
Net cash used in investing activities
(120,531)
(21,961)
(49,474)
Cash flows from financing activities
 
 
 
Proceeds from borrowings
189,512 
20,000 
0 
Payments on debt and capital lease obligations
(61,461)
(11,362)
(2,685)
Dividends paid on common stock
(38,387)
(58,914)
(4,454)
Common stock purchased for treasury
(12,321)
(1,328)
(1,656)
Debt issuance costs
(1,671)
0 
0 
Excess tax benefit from share-based compensation arrangements
114 
422 
293 
Proceeds from exercise of stock options
1,155 
777 
248 
Net cash provided by (used in) financing activities
76,941 
(50,405)
(8,254)
Effect of exchange rate changes on cash and cash equivalents
(3,331)
(2,039)
2,337 
Net change in cash and cash equivalents
11,169 
(68,350)
13,795 
Cash and cash equivalents, beginning of year
45,821 
114,171 
100,376 
Cash and cash equivalents, end of year
56,990 
45,821 
114,171 
Supplemental disclosure of cash flow information
 
 
 
Cash paid for income taxes
8,389 
8,498 
8,386 
Cash paid for interest
1,703 
1,006 
1,103 
Property and equipment acquired under capital leases
881 
832 
1,011 
Property and equipment purchases in accounts payable and accrued liabilities
$ 780 
$ 3,204 
$ 4,822 
Consolidated Statements of Stockholders' Equity (USD $)
In Thousands, unless otherwise specified
Total
Common Stock
Additional Capital
Retained Deficit
Unearned Employee Benefits and Other
Accumulated Other Comprehensive Income
Common Stock in Treasury
Total Viad Equity
Non-Controlling Interest
Beginning Balance at Dec. 31, 2011
$ 386,179 
$ 37,402 
$ 599,188 
$ (13,256)
$ (2,951)
$ 21,893 
$ (264,382)
$ 377,894 
$ 8,285 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
Net income
6,583 
 
 
5,897 
 
 
 
5,897 
686 
Dividends on common stock
(5,674)
 
 
(5,674)
 
 
 
(5,674)
 
Common stock purchased for treasury
(1,656)
 
 
 
 
 
(1,656)
(1,656)
 
Employee benefit plans
248 
 
(9,456)
 
 
 
9,704 
248 
 
ESOP allocation adjustment
1,647 
 
 
 
1,647 
 
 
1,647 
 
Share-based compensation-equity awards
4,036 
 
4,036 
 
 
 
 
4,036 
 
Tax deficiencies from share-based compensation
96 
 
96 
 
 
 
 
96 
 
Unrealized foreign currency translation adjustment
7,510 
 
 
 
 
7,510 
 
7,510 
 
Unrealized gain (loss) on investments
53 
 
 
 
 
53 
 
53 
 
Amortization of net actuarial loss
(1,311)
 
 
 
 
(1,311)
 
(1,311)
 
Amortization of prior service credit
(680)
 
 
 
 
(680)
 
(680)
 
Other, net
1 
 
(2)
(1)
3 
 
1 
1 
 
Ending Balance at Dec. 31, 2012
397,032 
37,402 
593,862 
(13,034)
(1,301)
27,465 
(256,333)
388,061 
8,971 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
Net income
21,686 
 
 
21,555 
 
 
 
21,555 
131 
Dividends on common stock
(58,914)
 
 
(58,914)
 
 
 
(58,914)
 
Common stock purchased for treasury
(1,328)
 
 
 
 
 
(1,328)
(1,328)
 
Employee benefit plans
778 
 
(6,456)
 
 
 
7,234 
778 
 
ESOP allocation adjustment
1,280 
 
 
 
1,280 
 
 
1,280 
 
Share-based compensation-equity awards
3,053 
 
3,053 
 
 
 
 
3,053 
 
Tax deficiencies from share-based compensation
404 
 
404 
 
 
 
 
404 
 
Unrealized foreign currency translation adjustment
(11,311)
 
 
 
 
(11,311)
 
(11,311)
 
Unrealized gain (loss) on investments
154 
 
 
 
 
154 
 
154 
 
Amortization of net actuarial loss
4,244 
 
 
 
 
4,244 
 
4,244 
 
Amortization of prior service credit
(535)
 
 
 
 
(535)
 
(535)
 
Other, net
0 
 
(1)
0 
   
 
1 
0 
 
Ending Balance at Dec. 31, 2013
356,543 
37,402 
590,862 
(50,393)
(21)
20,017 
(250,426)
347,441 
9,102 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
Net income
55,567 
 
 
52,354 
 
 
 
52,354 
3,213 
Dividends on common stock
(38,387)
 
 
(38,387)
 
 
 
(38,387)
 
Common stock purchased for treasury
(12,321)
 
 
 
 
 
(12,321)
(12,321)
 
Employee benefit plans
4,324 
 
(11,334)
 
 
 
15,658 
4,324 
 
ESOP allocation adjustment
44 
 
 
 
44 
 
 
44 
 
Share-based compensation-equity awards
2,319 
 
2,319 
 
 
 
 
2,319 
 
Tax benefits from share-based compensation
217 
 
217 
 
 
 
 
217 
 
Tax deficiencies from share-based compensation
461 
 
 
 
 
 
 
 
 
Unrealized foreign currency translation adjustment
(18,431)
 
 
 
 
(18,431)
 
(18,431)
 
Unrealized gain (loss) on investments
42 
 
 
 
 
42 
 
42 
 
Amortization of net actuarial loss
(2,568)
 
 
 
 
 
 
(2,568)
 
Amortization of prior service credit
351 
 
 
 
 
 
 
351 
 
Other, net
2 
 
2 
(1)
   
 
1 
2 
 
Ending Balance at Dec. 31, 2014
$ 347,702 
$ 37,402 
$ 582,066 
$ (36,427)
$ 23 
$ (589)
$ (247,088)
$ 335,387 
$ 12,315 
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation
The consolidated financial statements of Viad Corp (“Viad” or the “Company”) are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and all of its subsidiaries. All intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation.
Nature of Business
Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International and Travel & Recreation Group.
Marketing & Events Group
The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), is a global event marketing company that helps clients gain more awareness, more involvement and more value from their trade show programs and other live events. The Marketing & Events Group specializes in all aspects of the design, planning and production of face-to-face events, immersive environments and brand-based experiences for clients, including show organizers, corporate brand marketers and retail shopping centers. The mission of the Marketing & Events Group is to create the world’s most meaningful and memorable experiences for show organizers, brand marketers, event attendees and retail shopping centers. Show organizers include for-profit and not-for-profit show owners as well as show management companies. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products and build business relationships. Viad’s retail shopping center customers include major developers, owners and management companies of shopping malls and leisure centers.
On September 16, 2014, the Company acquired Blitz Communications Group Limited and affiliates (collectively, “Blitz”), which has offices in the United Kingdom and is a leading audio-visual staging and creative services provider for the live events industry in the United Kingdom and continental Europe. The purchase price was £15 million (approximately $24.4 million) in cash, subject to certain adjustments.
On October 7, 2014, the Company acquired onPeak LLC and Travel Planners, Inc. (collectively, “onPeak”) for a purchase price of $43.0 million and $33.7 million, respectively, in cash, subject to certain adjustments. Both acquired companies provide event accommodations services in North America to the live events industry.
On November 24, 2014, the Company acquired N200 Limited and affiliates (collectively, “N200”) for €9.7 million (approximately $12.1 million) in cash, subject to certain adjustments, plus an earnout payment (the “Earnout”) of up to €1.0 million. The amount of the Earnout is based on N200’s achievement of established financial targets for fiscal 2015 (ending June 30). N200, which has offices in the United Kingdom and the Netherlands, is a leading event registration and data intelligence services provider for the live events industry in the United Kingdom and the Netherlands.

For additional information, refer to Note 3, Acquisition of Businesses.
Travel & Recreation Group
The Travel & Recreation Group is an experiential leisure travel provider serving the needs of regional and long-haul visitors to iconic natural and cultural destinations in North America. The Travel & Recreation Group consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”). Brewster provides tourism products and experiential services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, Glacier Skywalk (opened May 2014), Banff Lake Cruise, motorcoach services, charter and sightseeing services, inbound package tour operations and hotel operations.
Glacier Park, an 80 percent owned subsidiary of Viad, owns and operates seven lodges, with accommodation offerings varying from hikers’ cabins to hotel suites, including St. Mary Lodge, a 115-room, full-service resort lodge located outside the east entrance to Glacier National Park in St. Mary, Montana; Glacier Park Lodge, a historic lodge in East Glacier, Montana; Grouse Mountain Lodge, a full-season lodge offering golf, skiing in the winter, hiking in the summer and other seasonal recreational activities, located near Glacier National Park in Whitefish, Montana; the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada, which is situated on land for which the Company has a 42-year ground lease with the Canadian government running through January 31, 2052; the West Glacier Motel & Cabins in West Glacier, Montana, and Motel Lake McDonald and the Apgar Village Lodge, which are located inside Glacier National Park. Glacier Park also operates the food and beverage services with respect to those properties and the retail shops located near Glacier National Park. With regard to Glacier Park’s concession operations within Glacier National Park, refer to Note 24, Discontinued Operations.

On July 1, 2014, the Company acquired the West Glacier Motel & Cabins, the Apgar Village Lodge and related land, food and beverage services and retail operations (collectively, the “West Glacier Properties”). The West Glacier Motel & Cabins is a 32-room property situated on approximately 200 acres at the west entrance of Glacier National Park, and its full-service amenities include a restaurant, grocery store, gift shops, a gas station and employee accommodations. The Apgar Village Lodge is a 48-room property situated on a 3.8 acre private in-holding inside Glacier National Park with overnight accommodations, a gift shop and employee accommodations. The purchase price was $16.5 million in cash with a working capital adjustment of $0.3 million, subject to certain adjustments. For additional information, refer to Note 3, Acquisition of Businesses.
Alaska Denali Travel operates the Denali Backcountry Lodge and Denali Cabins. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve.
Significant Accounting Policies
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to:
•
Fair value of Viad’s reporting units used to perform annual impairment testing of recorded goodwill;
•
Allowances for uncollectible accounts receivable;
•
Provisions for income taxes, including uncertain tax positions;
•
Valuation allowances related to deferred tax assets;
•
Liabilities for losses related to self-insured liability claims;
•
Liabilities for losses related to environmental remediation obligations;
•
Sublease income associated with restructuring liabilities;
•
Assumptions used to measure pension and postretirement benefit costs and obligations;
•
Assumptions used to determine share-based compensation costs under the fair value method and
•
Allocation of purchase price of acquired businesses.
Actual results could differ from these and other estimates.
Cash and Cash Equivalents. Viad considers all highly-liquid investments with remaining maturities when purchased of three months or less to be cash equivalents. Viad’s cash and cash equivalents consist of cash and bank demand deposits, bank time deposits and money market mutual funds. The Company’s investments in money market mutual funds are classified as available-for-sale and carried at fair value.
Inventories. Inventories, which consist primarily of exhibit design and construction materials and supplies used in providing convention show services, are stated at the lower of cost (first-in, first-out and specific identification methods) or market.
Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets: buildings, 15 to 40 years; equipment, 3 to 12 years; and leasehold improvements, over the shorter of the lease term or useful life. Property and equipment are tested for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable through undiscounted cash flows.
Capitalized Software. Viad capitalizes certain internal and external costs incurred in developing or obtaining internal use software. Capitalized costs principally relate to costs incurred to purchase software from third parties, external direct costs of materials and services, and certain payroll-related costs for employees directly associated with software projects once application development begins. Costs associated with preliminary project activities, training and other post-implementation activities are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful lives of the software, ranging from three to ten years. These costs are included in the consolidated balance sheets under the caption “Property and equipment, net.”
Goodwill. Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31 of each year. Goodwill is also tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Viad uses a discounted expected future cash flow methodology (income approach) in order to estimate the fair value of its reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results.
Cash Surrender Value of Life Insurance. Viad has Company-owned life insurance contracts which are intended to fund the cost of certain employee compensation and benefit programs. These contracts are carried at cash surrender value, net of outstanding policy loans. The cash surrender value represents the amount of cash the Company could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, are included as a component of “Costs of Services” in the consolidated statements of operations.
Self-Insurance Liabilities. Viad is self-insured up to certain limits for workers’ compensation, automobile, product and general liability, property loss and medical claims. Viad has also retained certain liabilities related to workers’ compensation and general liability insurance claims in conjunction with previously sold operations. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on Viad’s prior historical experience, claims frequency and other factors. Viad has purchased insurance for amounts in excess of the self-insured levels.
Environmental Remediation Liabilities. Viad has retained certain liabilities representing the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized.
Fair Value of Financial Instruments. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 11, Debt.
Foreign Currency Translation. Viad conducts its foreign operations primarily in Canada, the United Kingdom, Germany and to a lesser extent in certain other countries. The functional currency of Viad’s foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, Viad translates the assets and liabilities of its foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income in Viad’s consolidated balance sheets. In addition, for purposes of consolidation, the revenues, expenses and gains and losses related to Viad’s foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period.
Revenue Recognition. Viad recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured. GES derives revenues primarily by providing show services to exhibitors participating in exhibitions and events and from the design, construction and refurbishment of exhibit booths and holiday themed environments. Service revenue is recognized at the time services are completed. Service revenue from event accommodations services is recorded when services are completed and is net of commissions. Exhibits and environments revenue is accounted for using the completed-contract method. The Travel & Recreation Group generates revenues through its attractions, hotels and transportation and sightseeing services. Revenues are recognized at the time services are performed.
Share-Based Compensation. Viad recognizes and measures compensation costs related to all share-based payment awards using the fair value method of accounting. These awards generally include restricted stock, performance-based restricted stock (“PBRS”), stock options and liability-based awards (including performance units, restricted stock units and performance-based restricted stock units). These awards contain forfeiture and non-compete provisions.
The fair value of restricted stock and PBRS awards are based on Viad’s stock price on the date of grant. Viad issues restricted stock and PBRS awards from shares held in treasury. Future vesting of restricted stock and PBRS is generally subject to continued employment with Viad or its subsidiaries. Holders of restricted stock and PBRS have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge or otherwise encumber the stock, except to the extent restrictions have lapsed.
Restricted stock awards vest between three and five years from the date of grant. Share-based compensation expense related to restricted stock is recognized using the straight-line method over the requisite service period of approximately three years except for certain awards with a five-year vesting period whereby expense is recognized based on an accelerated multiple-award approach over a five-year period. For these awards, 40 percent of the shares vest on the third anniversary of the grant and the remaining shares vest in 30 percent increments over the subsequent two anniversary dates.
Liability-based awards (including performance units, restricted stock units and PBRS units awarded to key employees at certain of the Company’s Canadian operations) are recorded at estimated fair value, based on the number of units expected to vest and the level of achievement of predefined performance goals (where applicable) and are remeasured on each balance sheet date based on Viad’s stock price or the Monte Carlo simulation method until the time of settlement. The fair value of performance-based awards based on a market condition is determined using a Monte Carlo simulation. A Monte Carlo simulation requires the use of a number of assumptions, including historical volatility and correlation of the price of Viad’s stock and the price of the common shares of a comparator group, a risk-free rate of return and an expected term. To the extent earned, liability-based awards are settled in cash based on Viad’s stock price. Compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years.
Share-based compensation expense related to PBRS awards is recognized based on an accelerated multiple-award approach over the requisite service period of approximately three years. PBRS vests when certain incentive performance targets established in the year of grant are achieved at target levels. PBRS is subject to a graded vesting schedule whereby one third of the earned shares vest after the first year and the remaining earned shares vest in one-third increments each year over the next two years on the first business day in January.
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense related to stock option awards is recognized using the straight-line method over the requisite service period of approximately five years. The exercise price of stock options is based on the market value of Viad’s common stock at the date of grant.
Common Stock in Treasury. Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost.
Income Per Common Share. Viad applies the two-class method in calculating income per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share. Historically, Viad has funded its matching contributions to employees’ 401(k) accounts through the Company’s leveraged Employee Stock Ownership Plan (“ESOP”) feature of the Company’s 401(k) defined contribution plan. ESOP shares are treated as outstanding for income per share calculations. During 2014, the Company depleted these shares and matching contributions are now funded from shares of Viad common stock held in treasury.
Impact of Recent Accounting Pronouncements
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The new guidance changes the criteria for reporting discontinued operations while enhancing disclosures. Under the standard, only disposals representing a strategic shift in operations, such as a disposal of a major geographic area, a major line of business or a major equity method investment, may be presented as discontinued operations. This guidance is effective for interim and annual periods beginning after December 15, 2014 and is not expected to have a material impact on Viad’s financial condition or results of operations.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The guidance is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. The Company has not yet determined if the adoption of this new guidance will have a material impact on its financial position or results of operations.

In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period. The new guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for our fiscal year beginning January 1, 2016 and early adoption is permitted. The adoption of this new guidance is not expected to have a material impact on Viad’s financial condition or results of operations.
Share-Based Compensation
Share-Based Compensation
Share-Based Compensation
Viad grants share-based compensation awards to officers, directors and certain key employees pursuant to the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”). The 2007 Plan has a 10-year life and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards and (f) certain other stock-based awards. The number of shares of common stock available for grant under the 2007 Plan is limited to 1.7 million shares plus shares awarded under the 1997 Viad Corp Omnibus Incentive Plan (which terminated in May 2007) (the “1997 Plan”) that subsequently cease for any reason to be subject to such awards (other than by reason of exercise or settlement of the awards to the extent the shares are exercised for, or settled in, vested and non-forfeited shares) up to an aggregate maximum of 1.5 million shares. As of December 31, 2014, there were 889,254 total shares available for future grant.
The following table summarizes share-based compensation expense:
(in thousands)
2014
 
2013
 
2012
Restricted stock/PBRS
$
2,495

 
$
3,073

 
$
3,267

Performance unit incentive plan (“PUP”)
359

 
1,864

 
2,922

Restricted stock units/PBRS units
76

 
177

 
450

Stock options
—

 
107

 
593

Total share-based compensation before income tax benefit
2,930

 
5,221

 
7,232

Income tax benefit
(1,102
)
 
(1,936
)
 
(2,574
)
Total share-based compensation, net of income tax benefit
$
1,828

 
$
3,285

 
$
4,658


In addition, $0.1 million of benefits and $0.7 million and $0.3 million of costs associated with share-based compensation were included in restructuring expense in 2014, 2013 and 2012, respectively. The 2014 amount of $0.1 million related to reversal of expense of PUP awards. Of the 2013 amount, $0.3 million related to the restricted stock units and PUP awards presented below. Similarly, of the 2012 amount, $0.1 million related to PUP awards. No share-based compensation costs were capitalized during 2014, 2013 or 2012.
On January 24, 2014 and October 25, 2013, Viad announced that its Board of Directors declared special cash dividends of $1.50 and $2.50 per share, respectively, to shareholders of record at the close of business on February 7, 2014 and November 7, 2013, respectively. In accordance with the mandatory provisions of the 2007 Plan and the 1997 Plan, the Human Resources Committee of Viad’s Board of Directors approved equitable adjustments to outstanding long-term incentive awards of stock options and PUP awards issued pursuant to those plans in order to prevent the special dividends from diluting the rights of participants under those plans. The equitable adjustments to the outstanding stock options reduced the exercise price and increased the number of shares of common stock underlying such options. The equitable adjustment to the PUP awards reflects the effect of the special dividends, but would be paid only if certain performance goals are met at the end of the 3-year performance period.
Restricted Stock and PBRS. The following table summarizes restricted stock and PBRS activity:
 
Restricted Stock
 
PBRS
 
Shares
 
Weighted-Average
Grant Date
Fair Value
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Balance at December 31, 2011
572,022

 
$
20.36

 
416

 
$
15.36

Granted
168,050

 
20.46

 
—

 
—

Vested
(219,571
)
 
18.26

 
(416
)
 
15.36

Forfeited
(4,150
)
 
24.80

 
—

 
—

Balance, December 31, 2012
516,351

 
21.25

 
—

 


Granted
101,300

 
27.27

 
—

 
—

Vested
(166,320
)
 
20.83

 
—

 


Forfeited
(20,432
)
 
22.13

 
—

 
—

Balance, December 31, 2013
430,899

 
22.78

 
—

 
—

Granted
128,700

 
23.79

 
—

 
—

Vested
(197,671
)
 
22.51

 
—

 
—

Forfeited
(33,326
)
 
23.13

 
—

 
—

Balance, December 31, 2014
328,602

 
23.30

 
—

 
—


The grant date fair value of restricted stock which vested during 2014, 2013 and 2012 was $4.5 million, $3.5 million and $4.0 million, respectively. The grant date fair value of PBRS which vested during 2012 was approximately $6,000. No PBRS vested during 2013 and 2014. As of December 31, 2014, the unamortized cost of all outstanding stock awards was $3.1 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.2 years. During 2014, 2013 and 2012, the Company withheld 72,996 shares at a cost of $1.8 million, 50,156 shares at a cost of $1.3 million and 56,885 shares at a cost of $1.1 million, respectively, related to tax withholding requirements on vested share-based awards.
Liability-Based Awards. The following table summarizes the liability-based award activity:
 
PUP Awards
 
Restricted Stock Units
 
PBRS Units
 
Units
 
Weighted-Average
Grant Date
Fair Value
 
Units
 
Weighted-Average
Grant Date
Fair Value
 
Units
 
Weighted-Average
Grant Date
Fair Value
Balance at December 31, 2011
95,500

 
$
23.02

 
38,600

 
$
19.07

 
1,956

 
$
15.36

Granted
115,100

 
20.60

 
15,850

 
20.57

 
—

 
—

Vested
—

 
—

 
(13,100
)
 
15.36

 
(1,956
)
 
15.36

Forfeited
—

 
—

 
(850
)
 
20.89

 
—

 
—

Balance, December 31, 2012
210,600

 
21.70

 
40,500

 
20.82

 
—

 


Granted
93,100

 
27.35

 
8,600

 
27.35

 
—

 
—

Vested
—

 
—

 
(11,300
)
 
19.10

 
—

 
—

Forfeited
(3,932
)
 
21.15

 
(9,240
)
 
22.55

 
—

 
—

Balance, December 31, 2013
299,768

 
23.46

 
28,560

 
22.91

 
—

 
—

Granted
123,300

 
23.71

 
7,200

 
24.87

 
—

 
—

Vested
(94,600
)
 
23.01

 
(9,890
)
 
23.45

 
—

 
—

Forfeited
(61,348
)
 
24.43

 
(500
)
 
27.32

 
—

 
—

Balance, December 31, 2014
267,120

 
23.51

 
25,370

 
23.17

 
—

 
—


As of December 31, 2014 and 2013, Viad had liabilities recorded of $3.5 million and $5.9 million, respectively, related to PUP awards. In March 2014, the PUP units granted in 2011 vested and cash payouts totaling $2.9 million were distributed. There were no cash settlements of PUP awards during 2013 or 2012. As of December 31, 2014 and 2013, Viad had aggregate liabilities recorded of $0.5 million and $0.7 million, respectively, related to restricted stock unit liability awards. In February 2014, portions of the 2009, 2010 and 2011 restricted stock unit awards vested and cash payouts totaling $0.2 million were distributed. Similarly, in February 2013 and 2012, portions of the 2009 and 2010 restricted stock unit awards vested and cash payouts of $0.3 million and $0.3 million were distributed, respectively. A portion of the 2009 PBRS unit awards vested effective December 31, 2009 and a cash payout of $35,000 was distributed in January 2012. As previously discussed above, the equitable adjustment to the PUP awards reflects the effect of the special dividends, but would be paid only if certain performance goals are met at the end of the 3-year performance period. This adjustment to the PUP awards did not impact the compensation expense recognized by the Company for the years ended December 31, 2014 and 2013, or the unrecognized cost.
Stock Options. The following table summarizes stock option activity:
 
Shares
 
Weighted-
Average
Exercise Price
 
Options
Exercisable
Options outstanding at December 31, 2011
584,201

 
23.32

 
396,688

Exercised
(12,099
)
 
19.41

 
 
Forfeited or expired
(208,206
)
 
25.81

 
 
Options outstanding at December 31, 2012
363,896

 
22.03

 
276,009

Exercised
(59,543
)
 
19.42

 
 
Forfeited or expired(1)
(15,853
)
 
40.45

 
 
Award modification
25,823

 
N/A

 
 
Options outstanding at December 31, 2013
314,323

 
19.79

 
314,323

Exercised
(66,076
)
 
18.53

 
 
Forfeited or expired
(18,522
)
 
35.28

 
 
Award modification
17,865

 
N/A

 
 
Options outstanding at December 31, 2014
247,590

 
17.82

 
247,590


(1) This includes the reversal of previously canceled stock options.
As of December 31, 2014, there were no unrecognized costs related to non-vested stock option awards. No stock options were granted in 2014, 2013 or 2012. As previously discussed above, the equitable adjustments to the outstanding stock options resulting from the special cash dividends paid on February 14, 2014 and November 14, 2013 reduced the exercise price and increased the number of shares of common stock underlying such options. This adjustment to the exercise price and the number of shares did not impact the compensation expense recognized by the Company for the years ended December 31, 2014 and 2013, or the unrecognized cost.
The following table summarizes information concerning stock options outstanding and exercisable as of December 31, 2014:
 
Options Outstanding
 
Options Exercisable
 
 
 
Weighted-Average
Remaining Contractual Life (in years)
 
Weighted-
Average Exercise Price
 
 
 
Weighted-
Average Exercise Price
Range of Exercise Prices:
Shares
 
 
 
Shares
 
$16.62
224,137

 
3.8
 
$
16.62

 
224,137

 
$
16.62

$29.27
23,453

 
0.2
 
29.27

 
23,453

 
29.27

$16.62 to $29.27
247,590

 
3.5
 
17.82

 
247,590

 
17.82


Additional information pertaining to stock options is provided in the table below:
(in thousands)
2014
 
2013
 
2012
Total intrinsic value of stock options outstanding
$
2,251

 
$
2,723

 
$
2,329

Total intrinsic value of stock options exercised
$
1,616

 
$
1,611

 
$
296

Fair value of stock options vested
$
—

 
$
532

 
$
539

Cash received from the exercise of stock options
$
1,155

 
$
777

 
$
248

Tax benefits realized for tax deductions related to stock option exercises and performance-based awards
$
461

 
$
404

 
$
96


The aggregate intrinsic value of stock options outstanding in the table above represents the difference between Viad’s closing stock price on December 31 of each year and the exercise price, multiplied by the number of in-the-money options. The intrinsic value of stock options outstanding therefore changes based on changes in the fair market value of Viad’s common stock.
Acquisition of Businesses
Acquisition of Businesses
Acquisition of Businesses
West Glacier Properties
On July 1, 2014, the Company acquired the West Glacier Properties. The West Glacier Motel & Cabins is a 32-room property situated on approximately 200 acres at the west entrance of Glacier National Park, and its full-service amenities include a restaurant, grocery store, gift shops, a gas station and employee accommodations. The Apgar Village Lodge is a 48-room property situated on a 3.8 acre private in-holding inside Glacier National Park with overnight accommodations, a gift shop and employee accommodations. The purchase price was $16.5 million in cash plus a working capital adjustment of $0.3 million, subject to certain adjustments. The working capital adjustment relates to the true up of certain current assets and liabilities.

The following table summarizes the recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. These amounts are subject to change within the measurement period as our working capital adjustments are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
16,544

Working capital adjustment payable
 
 
 
320

Total purchase price
 
 
 
16,864

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Prepaid expenses
 
$
24

 
 
Inventory
 
1,374

 
 
Property and equipment, net
 
14,510

 
 
Intangible assets
 
189

 
 
Total assets acquired
 
16,097

 
 
Accrued liabilities
 
35

 
 
Customer deposits
 
402

 
 
Other liabilities
 
64

 
 
Total liabilities acquired
 
501

 
 
Total fair value of net assets acquired
 
 
 
15,596

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
1,268


Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Travel & Recreation Group and the primary factor that contributed to the purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of the West Glacier Properties were $0.2 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations.
Identified intangible assets acquired in the the West Glacier Properties acquisition totaled $0.2 million and consist primarily of favorable lease contracts. The weighted-average amortization period related to the definite lived intangible assets is 3.5 years.
The results of operations of the West Glacier Properties have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $4.6 million and operating income of $1.5 million related to the West Glacier Properties have been included in Viad’s Condensed Consolidated Statements of Operations.
Blitz
On September 16, 2014, the Company acquired Blitz, which has offices in the United Kingdom and is a leading audio-visual staging and creative services provider for the live events industry in the United Kingdom and continental Europe. The purchase price was £15 million (approximately $24.4 million) in cash, subject to certain adjustments.

The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
24,416

Cash acquired
 
 
 
(190
)
Purchase price, net of cash acquired
 
 
 
$
24,226

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Accounts receivable, net
 
$
264

 
 
Inventory
 
433

 
 
Prepaid expenses
 
410

 
 
Property and equipment, net
 
5,902

 
 
Intangible assets
 
8,708

 
 
Total assets acquired
 
15,717

 
 
Accounts payable
 
1,232

 
 
Accrued liabilities
 
2,246

 
 
Customer deposits
 
199

 
 
Deferred tax liability
 
241

 
 
Revolving credit facility
 
488

 
 
Accrued dilapidations
 
589

 
 
Total liabilities acquired
 
4,995

 
 
Total fair value of net assets acquired
 
 
 
10,722

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
13,504


Under the acquisition method of accounting, the preliminary purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Marketing & Events International segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of Blitz were $0.8 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations.
Identified intangible assets acquired in the Blitz acquisition totaled $8.7 million and consist of customer relationships, non-compete agreements and trade name. The weighted-average amortization period related to the intangible assets is approximately 6.9 years.
The results of operations of Blitz have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $10.1 million and operating income of $0.4 million related to Blitz have been included in Viad’s Condensed Consolidated Statements of Operations.

onPeak LLC
On October 7, 2014, the Company acquired onPeak LLC for a purchase price of $43.0 million in cash, subject to certain adjustments. Of the initial purchase price, $4.1 million was deposited at closing into escrow to secure post-closing purchase price adjustments, resolution of certain tax matters and other indemnity claims. onPeak LLC provides event accommodations services in North America to the live events industry.

The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
42,950

Cash acquired
 
 
 
(4,064
)
Purchase price, net of cash acquired
 
 
 
$
38,886

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Accounts receivable, net
 
$
4,008

 
 
Prepaid expenses
 
640

 
 
Property and equipment, net
 
2,450

 
 
Other non-current assets
 
309

 
 
Intangible assets
 
14,300

 
 
Total assets acquired
 
21,707

 
 
Accounts payable
 
738

 
 
Accrued liabilities
 
3,341

 
 
Customer deposits
 
4,225

 
 
Deferred tax liability
 
1,614

 
 
Other liabilities
 
309

 
 
Total liabilities acquired
 
10,227

 
 
Total fair value of net assets acquired
 
 
 
11,480

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
27,406


Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Marketing & Events U.S. segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. Goodwill of $9.3 million is expected to be deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of onPeak were $0.5 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations.
Identified intangible assets acquired in the onPeak acquisition totaled $14.3 million and consist primarily of customer relationships and trade name. The weighted-average amortization period related to the definite lived intangible assets is 9.9 years.
The results of operations of onPeak have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $2.7 million and an operating loss of $0.7 million related to onPeak have been included in Viad’s Condensed Consolidated Statements of Operations.
Travel Planners, Inc.
On October 7, 2014, the Company acquired Travel Planners, Inc. for a purchase price of $33.7 million in cash less a working capital adjustment of $0.3 million, subject to certain adjustments. Of the purchase price, $8.8 million was deposited at closing into escrow to secure post-closing purchase price adjustments, resolution of certain tax matters and other indemnity claims. An additional estimated amount of $1.3 million would be payable to Travel Planners, Inc. upon election by the Company to treat the purchase as an asset acquisition for tax purposes. The Company assumes the acquisition will be treated as an asset acquisition for tax purposes, but has not yet finalized determination of the election. Travel Planners, Inc. provides event accommodations services in North America to the live events industry.

The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
33,674

Additional purchase price payable upon tax election
 
 
 
1,300

Working capital receivable
 
 
 
(279
)
Cash acquired
 
 
 
(4,204
)
Purchase price, net of cash acquired
 
 
 
$
30,491

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Accounts receivable, net
 
$
1,450

 
 
Prepaid expenses
 
120

 
 
Property and equipment, net
 
93

 
 
Intangible assets
 
15,000

 
 
Total assets acquired
 
16,663

 
 
Accounts payable
 
488

 
 
Accrued liabilities
 
1,557

 
 
Customer deposits
 
4,525

 
 
Other liabilities
 
128

 
 
Total liabilities acquired
 
6,698

 
 
Total fair value of net assets acquired
 
 
 
9,965

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
20,526


Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Marketing & Events U.S. segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of Travel Planners, Inc. were $0.5 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations.
Identified intangible assets acquired in the Travel Planners, Inc. acquisition totaled $15.0 million and consist primarily of customer relationships, favorable lease contracts and trade name. The weighted-average amortization period related to the definite lived intangible assets is 10.1 years.
The results of operations of Travel Planners, Inc. have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $3.4 million and operating income of $0.5 million related to Travel Planners, Inc. have been included in Viad’s Condensed Consolidated Statements of Operations.
N200
On November 24, 2014, the Company acquired N200 Limited and affiliates (collectively, “N200”) for €9.7 million (approximately $12.1 million) in cash, subject to certain adjustments, plus an earnout payment (the “Earnout”) of up to €1.0 million. The amount of the Earnout is based on N200’s achievement of established financial targets for fiscal 2015 (ending June 30). Such contingent payment, if any, will be paid during the third quarter of 2015. N200, which has offices in the United Kingdom and the Netherlands, is a leading event registration and data intelligence services provider for the live events industry in the United Kingdom and the Netherlands.

The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets, contingent consideration, working capital and certain tax amounts are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
12,068

Contingent consideration
 
 
 
1,244

Cash acquired
 
 
 
(943
)
Purchase price, net of cash acquired
 
 
 
$
12,369

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Accounts receivable, net
 
$
1,747

 
 
Inventory
 
46

 
 
Prepaid expenses
 
115

 
 
Property and equipment, net
 
1,280

 
 
Intangible assets
 
3,595

 
 
Total assets acquired
 
6,783

 
 
Accounts payable
 
421

 
 
Accrued liabilities
 
990

 
 
Customer deposits
 
569

 
 
Deferred tax liability
 
891

 
 
Other liabilities
 
106

 
 
Total liabilities acquired
 
2,977

 
 
Total fair value of net assets acquired
 
 
 
3,806

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
8,563


Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired was recorded as goodwill. The goodwill is included in the Marketing & Events International segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature. Transaction costs associated with the acquisition of N200 were $1.0 million and are included in corporate activities in Viad’s Condensed Consolidated Statements of Operations.
Identified intangible assets acquired in the N200 acquisition totaled $3.6 million and consist primarily of customer relationships. The weighted-average amortization period related to the definite lived intangible assets is 7.6 years.
The results of operations of N200 have been included in Viad’s condensed consolidated financial statements from the date of acquisition. During 2014, revenues of $0.4 million and an operating loss of $0.2 million related to N200 have been included in Viad’s Condensed Consolidated Statements of Operations.

Resource Creative Limited
In February 2013, Viad acquired the assets of Resource Creative Limited (“RCL”) for $0.6 million in cash. RCL is a United Kingdom-based company specializing in providing creative graphic services to the exhibition, events and retail markets throughout the United Kingdom and continental Europe. The purchase price was subject to certain adjustments, plus a deferred payment of up to approximately £0.2 million, which was contingent upon RCL’s achievement of certain net revenue targets between the acquisition date and December 31, 2014. RCL exceeded the net revenue targets for the period ended December 31, 2014 and 2013 and, consequently, deferred payment installments in the amount of $0.1 million (£0.1 million) and $0.2 million (£0.1 million), respectively, were paid in January 2015 and March 2014, respectively.

Supplementary pro forma financial information

The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming that the acquisitions above had each been completed on January 1, 2013:
(in thousands, except per share data)
 
2014
 
2013
Revenue
 
$
1,109,629

 
$
1,015,275

Depreciation and amortization
 
38,452

 
38,981

Income from continuing operations
 
44,360

 
15,317

Net income attributable to Viad
 
55,557

 
17,510

Diluted net income per share
 
2.76

 
0.86

Basic net income per share
 
2.76

 
0.86


Pro forma net income for the year ended December 31, 2014 was adjusted to exclude transaction costs associated with the acquisitions of Blitz, West, onPeak, Travel Planners and N200, which totaled $3.0 million. These costs were included in the pro forma net income for the year ended December 31, 2013.
Inventories
Inventories
Inventories
The components of inventories as of December 31 were as follows:
(in thousands)
2014
 
2013
Raw materials
$
16,749

 
$
14,825

Work in process
15,652

 
13,168

Inventories
$
32,401

 
$
27,993

Other Current Assets
Other Current Assets
Other Current Assets
Other current assets as of December 31 were as follows:
(in thousands)
2014
 
2013
Prepaid vendor payments
$
2,689

 
$
2,008

Prepaid insurance
2,170

 
2,260

Prepaid software maintenance
1,934

 
1,946

Income tax receivable
1,869

 
2,035

Prepaid taxes
1,416

 
752

Prepaid other
4,427

 
4,563

Other
2,935

 
3,578

Other current assets
$
17,440

 
$
17,142

Property and Equipment
Property and Equipment
Property and Equipment
Property and equipment as of December 31 consisted of the following:
(in thousands)
2014
 
2013
Land and land interests
$
30,360

 
$
23,646

Buildings and leasehold improvements
138,104

 
139,889

Equipment and other
319,435

 
294,409

Gross property and equipment
487,899

 
457,944

Accumulated depreciation
(288,328
)
 
(267,614
)
Property and equipment, net
$
199,571

 
$
190,330


Included in the “Equipment and other” caption above are capitalized costs incurred in developing or obtaining internal use software. The net carrying amount of capitalized software was $17.0 million and $13.9 million as of December 31, 2014 and 2013, respectively.
Included in the “Land and land interests” caption above are certain leasehold interests in land within the Travel & Recreation Group for which the Company is considered to have perpetual use rights. The carrying amount of these leasehold interests was $9.1 million and $10.0 million at December 31, 2014 and 2013, respectively. These land interests are not subject to amortization.
Depreciation expense was $28.1 million, $27.4 million and $30.0 million for 2014, 2013 and 2012, respectively.
During 2014 and 2013, Viad recorded impairment charges of $0.9 million and $1.0 million at the Marketing & Events Group primarily related to the write off of certain internally developed software. These impairment losses are included in the consolidated statements of operations under the caption “Other impairment charges.”
Other Investments and Assets
Other Investments and Assets
Other Investments and Assets
As of December 31 other investments and assets consisted of the following:
(in thousands)
2014
 
2013
Cash surrender value of life insurance
$
20,866

 
$
19,690

Self-insured liability receivable
7,728

 
5,009

Workers’ compensation insurance security deposits
4,250

 
3,350

Other
7,830

 
6,977

Total other investments and assets
$
40,674

 
$
35,026

Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill were as follows:
(in thousands)
Marketing &
Events U.S.
 
Marketing &
Events
International
 
Travel &
Recreation
Group
 
Total
Balance at December 31, 2012
$
62,686

 
$
23,054

 
$
52,080

 
$
137,820

Goodwill impairment charge
—

 
—

 
(4,461
)
 
(4,461
)
Business acquisitions
—

 
158

 
—

 
158

Foreign currency translation adjustments
—

 
(601
)
 
(3,373
)
 
(3,974
)
Balance at December 31, 2013
62,686

 
22,611

 
44,246

 
129,543

Acquisition of Blitz
—

 
13,504

 
—

 
13,504

Acquisition of the West Glacier Properties
—

 
—

 
1,268

 
1,268

Acquisition of onPeak LLC
27,406

 
—

 
—

 
27,406

Acquisition of Travel Planners, Inc.
20,526

 
—

 
—

 
20,526

Acquisition of N200
—

 
8,563

 
—

 
8,563

Foreign currency translation adjustments
—

 
(2,457
)
 
(4,156
)
 
(6,613
)
Balance at December 31, 2014
$
110,618

 
$
42,221

 
$
41,358

 
$
194,197


The following table summarizes goodwill by reporting unit and segment as of December 31:
(in thousands)
2014
 
2013
Marketing & Events Group:
 
 
 
Marketing & Events U.S.
$
110,618

 
$
62,686

Marketing & Events International:
 
 
 
GES United Kingdom
34,396

 
14,049

GES Canada
7,825

 
8,562

Total Marketing & Events Group
152,839

 
85,297

Travel & Recreation Group:
 
 
 
Brewster
36,906

 
41,062

Alaska Denali Travel
3,184

 
3,184

Glacier Park
1,268

 
—

Total Travel & Recreation Group
41,358

 
44,246

Total Goodwill
$
194,197

 
$
129,543


Goodwill is reviewed for impairment annually in the fourth quarter, or more frequently if impairment indicators arise. Goodwill is required to be tested for impairment between the 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.
For impairment testing purposes, the goodwill related to the Marketing & Events U.S. segment is assigned to and tested at the operating segment level. Furthermore, the goodwill related to the Marketing & Events International segment is assigned to and tested based on the segment’s geographical operations. For the Marketing & Events International segment the reporting units are GES United Kingdom and GES Canada. Brewster, Glacier Park and Alaska Denali Travel are considered reporting units for goodwill impairment testing purposes within the Travel & Recreation Group.
As a result of the Company’s most recent impairment analysis performed as of October 31, 2014, the excess of the estimated fair value over the carrying value (expressed as a percentage of the carrying amounts) under step one of the impairment test was 142 percent, 48 percent and 52 percent for each of the Marketing & Events Group reporting units in the United States, the United Kingdom and Canada, respectively. For the Brewster, Glacier Park and Alaska Denali Travel reporting units, the excess of the estimated fair value over the carrying value was 167 percent, 16 percent and 14 percent, respectively, as of the most recent impairment test.
As of December 31, 2014, Viad had cumulative goodwill impairment charges of $229.7 million since the adoption of the goodwill impairment testing provisions of ASC Topic 350.
A summary of other intangible assets as of December 31, 2014 is presented below:
(in thousands)
Gross Carrying
Value
 
Accumulated
Amortization
 
Net Carrying
Value
Amortized intangible assets:
 
 
 
 
 
Customer contracts and relationships
$
41,624

 
$
(2,961
)
 
$
38,663

Other
4,576

 
(732
)
 
3,844

Total amortized intangible assets
46,200

 
(3,693
)
 
42,507

Unamortized intangible assets:
 
 
 
 
 
Business licenses
460

 
—

 
460

Total
$
46,660

 
$
(3,693
)
 
$
42,967


A summary of other intangible assets as of December 31, 2013 is presented below:
(in thousands)
Gross Carrying
Value
 
Accumulated
Amortization
 
Net Carrying
Value
Amortized intangible assets:
 
 
 
 
 
Customer contracts and relationships
$
5,537

 
$
(2,521
)
 
$
3,016

Other
1,280

 
(276
)
 
1,004

Total amortized intangible assets
6,817

 
(2,797
)
 
4,020

Unamortized intangible assets:
 
 
 
 
 
Business licenses
460

 
—

 
460

Total
$
7,277

 
$
(2,797
)
 
$
4,480


Intangible asset amortization expense for 2014, 2013 and 2012 was $2.7 million, $1.3 million and $0.7 million, respectively. The weighted-average amortization period of customer contracts and relationships and other amortizable intangible assets is approximately 9.0 years and 3.8 years, respectively. Estimated amortization expense related to amortized intangible assets for future years is expected to be as follows:
(in thousands)
 
2015
$
7,585

2016
$
6,765

2017
$
5,915

2018
$
4,942

2019
$
4,546

Thereafter
$
12,754

Other Current Liabilities
Other Current LIabilities
Other Current Liabilities
As of December 31 other current liabilities consisted of the following:
(in thousands)
2014
 
2013
Continuing operations:
 
 
 
Self-insured liability
$
6,297

 
$
7,603

Accrued sales and use taxes
3,624

 
1,609

Accrued employee benefit costs
3,215

 
2,751

Accrued dividends
2,107

 
2,192

Accrued foreign income taxes
2,370

 
565

Accrued professional fees
1,228

 
1,832

Accrued restructuring
1,154

 
3,877

Other
6,861

 
7,741

Total continuing operations
26,856

 
28,170

Discontinued operations:
 
 
 
Self-insured liability
173

 
469

Environmental remediation liabilities
350

 
353

Other
408

 
177

Total discontinued operations
931

 
999

Total other current liabilities
$
27,787

 
$
29,169

Other Deferred Liabilities
Other Deferred Liabilities
Other Deferred Liabilities
As of December 31 other deferred items and liabilities consisted of the following:
(in thousands)
2014
 
2013
Continuing operations:
 
 
 
Self-insured liability
$
13,525

 
$
12,307

Self-insured excess liability
7,728

 
5,009

Accrued compensation
6,824

 
8,349

Foreign deferred tax liability
2,135

 
1,989

Accrued restructuring
555

 
1,919

Other
7,904

 
7,552

Total continuing operations
38,671

 
37,125

Discontinued operations:
 
 
 
Environmental remediation liabilities
4,395

 
4,666

Self-insured liability
4,327

 
4,489

Accrued income taxes
1,119

 
1,085

Other
1,250

 
1,254

Total discontinued operations
11,091

 
11,494

Total other deferred items and liabilities
$
49,762

 
$
48,619

Debt
Debt
Debt
Long-term debt as of December 31 was as follows:
(in thousands, except interest rates)
2014
 
2013
Revolving credit agreement, 2.4% (2014) and 2.2% (2013) weighted-average interest rate at December 31

$
139,500

 
$
10,000

Capital lease obligations, 6.0% (2014) and 6.9% (2013) weighted-average interest rate at December 31, due through 2018
1,520

 
1,668

Total debt
141,020

 
11,668

Current portion
(27,856
)
 
(10,903
)
Long-term debt and capital lease obligations
$
113,164

 
$
765



Effective December 22, 2014, Viad entered into a $300 million Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement amends and replaces in its entirety the Company’s $180 million revolving credit facility under the Amended and Restated Credit Agreement dated as of May 18, 2011. The Credit Agreement provides for a senior credit facility in the aggregate amount of $300 million, which consists of a $175 million revolving credit facility (the “Revolving Credit Facility”) and a $125 million term loan (the “Term Loan”). Loans under the Credit Agreement have a maturity date of December 22, 2019, and proceeds from the loans made under the Credit Agreement were used to refinance certain outstanding debt of the Company and will be used for the Company’s general corporate purposes in the ordinary course of its business. Under the Credit Agreement, the Revolving Credit Facility and/or the Term Loan may be increased up to an additional $100 million under certain circumstances. If such circumstances are met, the Company may obtain the additional borrowings under the Revolving Credit Facility, the Term Loan, or a combination of the two facilities. The Revolving Credit Facility has a $40 million sublimit for letters of credit. Borrowings and letters of credit can be denominated in U.S. dollars, Euros, Canadian dollars or British pounds.

Viad’s lenders have a first perfected security interest in all of the personal property of Viad, GES and GES Event Intelligence Services, Inc., including 65 percent of the capital stock of top-tier foreign subsidiaries. Financial covenants include a fixed charge coverage ratio of not less than 1.75 to 1.00, with a step-up to 2.00 to 1.00 for the fiscal quarter ending June 30, 2016. Viad must maintain a leverage ratio of not greater than 3.00 to 1.00, with a step-down to 2.75 to 1.00 for the fiscal quarter ending March 31, 2016 and a step-down to 2.50 to 1.00 for the fiscal quarter ending March 31, 2017. As of December 31, 2014, the fixed charge coverage ratio was 2.61 to 1.00, and the leverage ratio was 1.73 to 1.00. The terms of the Credit Agreement allow Viad to pay dividends or purchase the Company’s common stock up to $20 million in the aggregate in any calendar year, with additional dividends, share repurchases or distributions of stock permitted if the Company’s leverage ratio is less than or equal to 2.00 to 1.00, and the Liquidity Amount (defined as cash in the U.S. and Canada plus available revolver borrowings on a pro forma basis) is not less than $100 million, and no default or unmatured default, as defined in the Credit Agreement, exists. Significant other covenants include limitations on investments, additional indebtedness, sales/leases of assets, acquisitions, consolidations or mergers and liens on property. As of December 31, 2014, Viad was in compliance with all covenants.
As of December 31, 2014, Viad’s total debt of $141.0 million consisted of outstanding borrowings under the Term Loan and Revolving Credit Facility of $125 million and $14.5 million, respectively, and capital lease obligations of $1.5 million. As of December 31, 2014, Viad had $159.4 million of capacity remaining under its Credit Facility reflecting outstanding letters of credit of $1.1 million and the outstanding balance under the Revolving Credit Facility of $14.5 million.
Borrowings under the Revolving Credit Facility (of which GES and GES Event Intelligence Services, Inc. are guarantors) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to Viad’s leverage ratio. Commitment fees and letters of credit fees are also tied to Viad’s leverage ratio. The fees on the unused portion of the Credit Facility are currently 0.35 percent annually.
As of December 31, 2014, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the consolidated financial statements and relate to leased facilities entered into by the Company’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of December 31, 2014 would be $5.9 million. These guarantees relate to leased facilities and expire through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.
Aggregate annual maturities of long-term debt and capital lease obligations as of December 31, 2014 are as follows:
(in thousands)
Revolving Credit Agreement
 
Capital Lease Obligations
2015
$
27,000

 
$
937

2016
18,750

 
507

2017
18,750

 
211

2018
18,750

 
3

2019
56,250

 
—

Total
$
139,500

 
1,658

Less: Amount representing interest
 
 
(138
)
Present value of minimum lease payments
 
 
$
1,520


The gross amount of assets recorded under capital leases as of December 31, 2014 was $3.5 million and accumulated amortization was $2.1 million. As of December 31, 2013, the gross amount of assets recorded under capital leases and accumulated amortization was $3.9 million and $2.1 million, respectively. The amortization charges related to assets recorded under capital leases are included in depreciation expense. Refer to Note 6, Property and Equipment.
The weighted-average interest rate on total debt was 4.0 percent, 4.2 percent and 8.5 percent for 2014, 2013 and 2012, respectively. The estimated fair value of total debt was $123.0 million and $11.5 million as of December 31, 2014 and 2013, respectively. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity.
Fair Value Measurements
Fair Value Measurements
The fair value of an asset or liability is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value as follows:
Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value.
Viad measures its money market mutual funds and certain other mutual fund investments at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following tables:
 
 
 
Fair Value Measurements at Reporting Date Using
(in thousands)
December 31, 2014
 
Quoted Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobserved
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Money market funds
$
8,518

 
$
8,518

 
$
—

 
$
—

Other mutual funds
2,536

 
2,536

 
—

 
—

Total assets at fair value on a recurring basis
$
11,054

 
$
11,054

 
$
—

 
$
—

Liabilities:
 
 
 
 
 
 
 
Earnout contingent consideration liability
(1,210
)
 
—

 
—

 
(1,210
)
Total liabilities at fair value on a recurring basis
$
(1,210
)
 
$
—

 
$
—

 
$
(1,210
)
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements at Reporting Date Using
(in thousands)
December 31, 2013
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobserved
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Money market funds
$
118

 
$
118

 
$
—

 
$
—

Other mutual funds
2,023

 
2,023

 
—

 
—

Total assets at fair value on a recurring basis
$
2,141

 
$
2,141

 
$
—

 
$
—


As of December 31, 2014 and 2013, Viad had investments in money market mutual funds of $8.5 million and $0.1 million, respectively, which are included in the consolidated balance sheets under the caption “Cash and cash equivalents.” These investments are classified as available-for-sale and were recorded at fair value. There have been no realized or unrealized gains or losses related to these investments and the Company has not experienced any redemption restrictions with respect to any of the money market mutual funds.
As of December 31, 2014 and 2013, Viad had investments in other mutual funds of $2.5 million and $2.0 million, respectively, which are classified in the consolidated balance sheets under the caption “Other investments and assets.” These investments were classified as available-for-sale and were recorded at fair value. As of December 31, 2014 and 2013, there were unrealized gains of $0.8 million ($0.5 million after-tax) and $0.7 million ($0.4 million after-tax), respectively, which were included in the consolidated balance sheets under the caption “Accumulated other comprehensive income (loss).”

The fair value measurement of the earn-out contingent consideration obligation relates to the acquisition of N200 in November, and is included in accrued liabilities in the consolidated balance sheets. The fair value measurement is based upon significant inputs not observable in the market. Changes in the value of the obligation are recorded as income or expense in our consolidated statements of income. We estimated the original fair value of the contingent consideration as the present value of the expected contingent payment, determined using the weighted probabilities of the possible payments. We are required to reassess the fair value of the contingent payments on a contingent basis. Significant increases (decreases) in any of those probabilities in isolation may result in a higher (lower) fair value measurement. The significant inputs used in these estimates include numerous possible scenarios for the payments based on the contractual terms of the contingent consideration, for which probabilities are assigned to each scenario, which are then discounted using an appropriate discount rate commensurate with the individual risk analysis of the respective liabilities. Although we believe our assumptions are reasonable, different assumptions or changes in the future may result in different estimated amounts. The contingent payment, if any, will be paid during the third quarter of 2015. A one percentage point change in the discount rates used would not have significantly impacted the current liability as of December 31, 2014.
The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 11, Debt.
Income Per Share
Income Per Share
Income Per Share
The following are the components of basic and diluted income per share as of December 31:
(in thousands, except per share data)
2014
 
2013
 
2012
Net income attributable to Viad (diluted)
$
52,354

 
$
21,555

 
$
5,897

Less: Allocation to non-vested shares
(970
)
 
(485
)
 
(157
)
Net income allocated to Viad common stockholders (basic)
$
51,384

 
$
21,070

 
$
5,740

Basic weighted-average outstanding common shares
19,804

 
19,850

 
19,701

Additional dilutive shares related to share-based compensation
329

 
415

 
304

Diluted weighted-average outstanding shares
20,133

 
20,265

 
20,005

Income per share:
 
 
 
 
 
Basic income attributable to Viad common stockholders
$
2.59

 
$
1.06

 
$
0.29

Diluted income attributable to Viad common stockholders(1)
$
2.59

 
$
1.06

 
$
0.29

(1) Diluted income per share amount cannot exceed basic income per share.
Options to purchase 26,000, 47,000 and 110,000 shares of common stock were outstanding during 2014, 2013 and 2012, respectively, but were not included in the computation of dilutive shares outstanding because the effect would be anti-dilutive. Additionally, 329,000, 415,000 and 304,000 share-based compensation awards were considered dilutive and included in the computation of diluted income per share in 2014, 2013 and 2012, respectively.
Employee Stock Ownership Feature of 401Plan
Employee Stock Ownership Feature of 401(k) Plan
Employee Stock Ownership Feature of 401(k) Plan
Viad has historically funded its matching contributions to employees’ 401(k) accounts through the Company’s ESOP portion of the Viad Corp Capital Accumulation Plan (the “401(k) Plan”). During 2014, the Company depleted these shares and matching contributions are now funded from shares of Viad common stock held in treasury. All eligible employees of Viad and its participating affiliates, other than certain employees covered by collective-bargaining agreements that do not expressly provide for participation of such employees in an employee stock ownership plan, may participate in the employee stock ownership feature within the 401(k) Plan.
In 1989, the ESOP borrowed $40.0 million (guaranteed by Viad) to purchase treasury shares from the Company. In 2004, Viad borrowed $12.2 million under its revolving credit agreement to pay in full the outstanding ESOP loan and obtain release of Viad from its guarantee of the loan. In connection with the loan payoff, the ESOP entered into a $12.4 million loan with Viad maturing in June 2009 calling for minimum quarterly principal payments of $250,000 plus interest. The same amount, representing unearned employee benefits, was recorded as a reduction of stockholders’ equity. In 2007, the loan agreement between the ESOP and Viad was extended to December 31, 2016. As of December 31, 2014, the Company has fully paid off the ESOP loan. For prior years, the loan liability is included in the consolidated balance sheets under the caption “Unearned employee benefits and other.” The liability was reduced as the ESOP made principal payments on the borrowing, and the amount offsetting stockholders’ equity was reduced as stock was allocated to employees and benefits were charged to expense. The 401(k) Plan repaid the loan using Viad contributions and dividends received on the unallocated Viad shares held by the 401(k) Plan.
Information regarding ESOP transactions is as follows:
(in thousands)
2014
 
2013
 
2012
Amounts paid by ESOP for:
 
 
 
 
 
Debt repayment
$
44

 
$
1,280

 
$
1,647

Interest
—

 
1

 
5

Amounts received from Viad as:
 
 
 
 
 
Contributions
44

 
1,202

 
1,604

Dividends
—

 
79

 
48


Shares were released for allocation to participants based upon the ratio of the current year’s principal and interest payments to the sum of the total principal and interest payments expected over the remaining life of the loan. Viad recorded expense of less than $0.1 million in 2014, and $1.3 million and $1.7 million in 2013 and 2012, respectively.
There were no unallocated shares held by the 401(k) Plan as of December 31, 2014 and unallocated shares held by the 401(k) Plan totaled 4,361 as of December 31, 2013. In January 2014, the 4,361 shares remaining in the ESOP as of December 31, 2013 were fully exhausted. Matching contributions on employee deferrals for the remainder of 2014 were made from shares held in treasury. Shares allocated during 2013 totaled 126,216.
Preferred Stock Purchase Rights
Preferred Stock Purchase Rights
Preferred Stock Purchase Rights
Viad has authorized five million and two million shares of Preferred Stock and Junior Participating Preferred Stock, respectively, none of which was outstanding on December 31, 2014.
On February 28, 2013, Viad’s shareholder rights plan (the “Rights Agreement”), as adjusted in connection with Viad’s one-for-four reverse stock split on July 1, 2004, and as amended on February 28, 2012, terminated on its own terms and the Preferred Stock Purchase Rights issued pursuant to the Rights Agreement expired.
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income (“AOCI”) by component were as follows:
(in thousands)
 
Unrealized Gains on Investments
 
Cumulative Foreign Currency Translation Adjustments
 
Unrecognized Net Actuarial Loss and Service Credit
 
Accumulated Other Comprehensive Income
Balance at December 31, 2012
 
$
275

 
$
42,158

 
$
(14,968
)
 
$
27,465

Other comprehensive income before reclassifications
 
215

 
(11,311
)
 
3,421

 
(7,675
)
Amounts reclassified from AOCI, net of tax
 
(61
)
 
—

 
288

 
227

Net other comprehensive income (loss)
 
154

 
(11,311
)
 
3,709

 
(7,448
)
Balance at December 31, 2013
 
$
429

 
$
30,847

 
$
(11,259
)
 
$
20,017

Other comprehensive income before reclassifications
 
98

 
(18,432
)
 
—

 
(18,334
)
Amounts reclassified from AOCI, net of tax
 
(56
)
 
—

 
(2,021
)
 
(2,077
)
Net other comprehensive income (loss)
 
42

 
(18,432
)
 
(2,021
)
 
(20,411
)
Balance at December 31, 2014
 
$
471

 
$
12,415

 
$
(13,280
)
 
$
(394
)

The following table presents information about reclassification adjustments out of AOCI as of December 31:
(in thousands)
 
2014
 
2013
 
Affected Line Item in the Statement Where Net Income is Presented
Unrealized gains on investments
 
$
90

 
$
99

 
Interest income
Tax effect
 
(34
)
 
(38
)
 
Income taxes
 
 
$
56

 
$
61

 
 
 
 
 
 
 
 
 
Recognized net actuarial loss
 
$
(3,821
)
 
$
(1,349
)
 
 
Amortization of prior service credit
 
565

 
902

 
 
Tax effect
 
1,235

 
159

 
Income taxes
 
 
$
(2,021
)
 
$
(288
)
 
 
Pension and Postretirement Benefits
Pension and Postretirement Benefits
Pension and Postretirement Benefits
Domestic Plans. Viad has trusteed, frozen defined benefit pension plans that cover certain employees which are funded by the Company. Viad also maintains certain unfunded defined benefit pension plans which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations.
Viad also has certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, Viad retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, Viad may fund the plans.
The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s pension plans included the following as of December 31:
(in thousands)
2014
 
2013
 
2012
Net periodic benefit cost:
 
 
 
 
 
Service cost
$
87

 
$
66

 
$
104

Interest cost
1,079

 
1,030

 
1,150

Expected return on plan assets
(436
)
 
(400
)
 
(406
)
Recognized net actuarial loss
407

 
583

 
491

Net periodic benefit cost
1,137

 
1,279

 
1,339

Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
Net actuarial loss (gain)
3,418

 
(2,565
)
 
1,942

Reversal of amortization item:
 
 
 
 
 
Net actuarial loss
(407
)
 
(583
)
 
(491
)
Total recognized in other comprehensive income (loss)
3,011

 
(3,148
)
 
1,451

Total recognized in net periodic benefit cost and other comprehensive income (loss)
$
4,148

 
$
(1,869
)
 
$
2,790


The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s postretirement benefit plans included the following:
(in thousands)
2014
 
2013
 
2012
Net periodic benefit cost:
 
 
 
 
 
Service cost
$
129

 
$
156

 
$
146

Interest cost
640

 
663

 
814

Expected return on plan assets
—

 
—

 
(74
)
Amortization of prior service credit
(593
)
 
(902
)
 
(1,113
)
Recognized net actuarial loss
166

 
518

 
547

Net periodic benefit cost
342

 
435

 
320

Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
Net actuarial loss (gain)
1,045

 
(1,496
)
 
224

Prior service credit
(1,283
)
 
(40
)
 
—

Reversal of amortization item:
 
 
 
 
 
Net actuarial loss
(166
)
 
(518
)
 
(547
)
Prior service credit
593

 
902

 
1,113

Total recognized in other comprehensive income (loss)
189

 
(1,152
)
 
790

Total recognized in net periodic benefit cost and other comprehensive income (loss)
$
531

 
$
(717
)
 
$
1,110


The following table indicates the funded status of the plans as of December 31:
 
 
 
 
 
 
 
 
 
Postretirement
Benefit Plans
 
Funded Plans
 
Unfunded Plans
 
(in thousands)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
13,435

 
$
15,348

 
$
10,536

 
$
11,570

 
$
16,919

 
$
18,701

Service cost
—

 
—

 
87

 
66

 
129

 
156

Interest cost
644

 
608

 
435

 
422

 
640

 
663

Actuarial adjustments
2,700

 
(1,530
)
 
649

 
(856
)
 
1,011

 
(1,631
)
Plan amendments
—

 
—

 
—

 
—

 
(1,283
)
 
(40
)
Benefits paid
(767
)
 
(991
)
 
(580
)
 
(666
)
 
(1,181
)
 
(930
)
Benefit obligation at end of year
16,012

 
13,435

 
11,127

 
10,536

 
16,235

 
16,919

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
10,872

 
10,624

 
—

 
—

 
520

 
1,397

Actual return on plan assets
364

 
580

 
—

 
—

 
(34
)
 
(135
)
Company contributions
729

 
659

 
580

 
666

 
695

 
188

Benefits paid
(767
)
 
(991
)
 
(580
)
 
(666
)
 
(1,181
)
 
(930
)
Fair value of plan assets at end of year
11,198

 
10,872

 
—

 
—

 
—

 
520

Funded status at end of year
$
(4,814
)
 
$
(2,563
)
 
$
(11,127
)
 
$
(10,536
)
 
$
(16,235
)
 
$
(16,399
)

The net amounts recognized in Viad’s consolidated balance sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows:
 
 
 
 
 
 
 
 
 
Postretirement
Benefit Plans
 
Funded Plans
 
Unfunded Plans
 
(in thousands)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Other current liabilities
$
—

 
$
—

 
$
635

 
$
713

 
$
1,094

 
$
928

Non-current liabilities
4,814

 
2,563

 
10,492

 
9,823

 
15,141

 
15,471

Net amount recognized
$
4,814

 
$
2,563

 
$
11,127

 
$
10,536

 
$
16,235

 
$
16,399



Amounts recognized in accumulated other comprehensive income as of December 31, 2014 consisted of:
(in thousands)
Funded
Plans
 
Unfunded
Plans
 
Postretirement
Benefit Plans
 
Total
Net actuarial loss
$
9,442

 
$
4,020

 
$
5,571

 
$
19,033

Prior service credit
—

 
—

 
(2,729
)
 
(2,729
)
Subtotal
9,442

 
4,020

 
2,842

 
16,304

Less tax effect
(3,581
)
 
(1,525
)
 
(1,078
)
 
(6,184
)
Total
$
5,861

 
$
2,495

 
$
1,764

 
$
10,120

Amounts recognized in accumulated other comprehensive income as of December 31, 2013 consisted of:
(in thousands)
Funded
Plans
 
Unfunded
Plans
 
Postretirement
Benefit Plans
 
Total
Net actuarial loss
$
6,972

 
$
3,480

 
$
4,692

 
$
15,144

Prior service credit
—

 
—

 
(2,038
)
 
(2,038
)
Subtotal
6,972

 
3,480

 
2,654

 
13,106

Less tax effect
(2,644
)
 
(1,320
)
 
(1,006
)
 
(4,970
)
Total
$
4,328

 
$
2,160

 
$
1,648

 
$
8,136


The estimated net actuarial loss for the postretirement benefit plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit cost in 2015 is approximately $0.5 million. The estimated prior service credit for the postretirement benefit plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit credit in 2015 is approximately $0.6 million.
The fair value of the domestic plans’ assets by asset class was as follows:
 
 
 
Fair Value Measurements at December 31, 2014
 
 
 
Quoted Prices
in Active
Markets
 
Significant
Other
Observable
Inputs
 
Significant
Unobserved
Inputs
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Domestic pension plans:
 
 
 
 
 
 
 
Fixed income securities
$
6,534

 
$
6,534

 
$
—

 
$
—

U.S. equity securities
3,855

 
3,855

 
—

 
—

Cash
552

 
552

 
—

 
—

Other
257

 
—

 
257

 
—

Total
$
11,198

 
$
10,941

 
$
257

 
$
—


 
 
 
Fair Value Measurements at December 31, 2013
 
 
 
Quoted Prices
in Active
Markets
 
Significant
Other
Observable
Inputs
 
Significant
Unobserved
Inputs
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Domestic pension plans:
 
 
 
 
 
 
 
Fixed income securities
$
5,966

 
$
5,966

 
$
—

 
$
—

U.S. equity securities
4,542

 
4,542

 
—

 
—

Cash
147

 
147

 
—

 
—

Other
217

 
—

 
217

 
—

Total
$
10,872

 
$
10,655

 
$
217

 
$
—

Postretirement benefit plans:
 
 
 
 
 
 
 
Fixed income securities
$
407

 
$
407

 
$
—

 
$
—

U.S. equity securities
109

 
109

 
—

 
—

Cash
4

 
4

 
—

 
—

Total
$
520

 
$
520

 
$
—

 
$
—


The Viad Corp Medical Plan maintained a trust account for plan assets invested in various securities.  In June 2014, the trust account was closed after all plan assets were liquidated to reimburse Viad Corp for net postretirement medical claims paid.
Viad employs a total return investment approach whereby a mix of equities and fixed income securities is used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across U.S. and non-U.S. stocks, as well as growth and value. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements.
Viad utilizes a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also considers diversification and rebalancing. Peer data and historical returns are reviewed relative to Viad’s assumed rates for reasonableness and appropriateness.
The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
(in thousands)
Funded
Plans
 
Unfunded
Plans
 
Postretirement
Benefit
Plans
2015
$
872

 
$
647

 
$
1,116

2016
845

 
745

 
1,159

2017
888

 
781

 
1,175

2018
908

 
802

 
1,185

2019
889

 
812

 
1,161

2020-2024
5,046

 
3,869

 
5,441


Foreign Pension Plans. Certain of Viad’s foreign operations also maintain trusteed defined benefit pension plans covering certain employees which are funded by the companies, and unfunded defined benefit pension plans providing supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. The components of net periodic benefit cost and other amounts recognized in other comprehensive income included the following:
(in thousands)
2014
 
2013
 
2012
Net periodic benefit cost:
 
 
 
 
 
Service cost
$
413

 
$
534

 
$
491

Interest cost
631

 
702

 
737

Expected return on plan assets
(640
)
 
(698
)
 
(622
)
Recognized net actuarial loss
145

 
248

 
201

Net periodic benefit cost
549

 
786

 
807

Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
Net actuarial loss (gain)
361

 
(1,214
)
 
958

Reversal of amortization of net actuarial loss
145

 
(248
)
 
(201
)
Total recognized in other comprehensive income (loss)
506

 
(1,462
)
 
757

Total recognized in net periodic benefit cost and other comprehensive income (loss)
$
1,055

 
$
(676
)
 
$
1,564



The following table represents the funded status of the plans as of December 31:
 
Funded Plans
 
Unfunded Plans
(in thousands)
2014
 
2013
 
2014
 
2013
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
11,460

 
$
15,387

 
$
2,911

 
$
3,032

Service cost
413

 
534

 
—

 
—

Interest cost
507

 
582

 
124

 
120

Actuarial adjustments
1,042

 
(473
)
 
234

 
44

Benefits paid
(344
)
 
(3,644
)
 
(211
)
 
(219
)
Translation adjustment
(1,062
)
 
(926
)
 
(302
)
 
(66
)
Benefit obligation at end of year
12,016

 
11,460

 
2,756

 
2,911

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
11,560

 
12,997

 
—

 
—

Actual return on plan assets
983

 
1,148

 


 
—

Company contributions
604

 
1,892

 
211

 
219

Benefits paid
(344
)
 
(3,644
)
 
(211
)
 
(219
)
Translation adjustment
(1,056
)
 
(833
)
 


 
—

Fair value of plan assets at end of year
11,747

 
11,560

 
—

 
—

Funded status at end of year
$
(269
)
 
$
100

 
$
(2,756
)
 
$
(2,911
)

As of December 31, 2014 and 2013, the foreign funded plans had net liabilities of $0.3 million and net assets of $0.1 million, respectively. The unfunded plans had liabilities of $2.8 million and $2.9 million at December 31, 2014 and 2013, respectively. These amounts are each included in the consolidated balance sheets under the caption “Pension and postretirement benefits.”
The net actuarial losses for the foreign funded plans as of December 31, 2014 and 2013 were $4.0 million ($3.1 million after-tax) and $3.8 million ($2.8 million after-tax), respectively. The net actuarial losses as of December 31, 2014 and 2013 for the foreign unfunded plans were $407,000 ($213,000 after-tax) and $367,000 ($275,000 after-tax), respectively.
The fair value of the foreign pension plans’ assets by asset category were as follows:
 
 
 
Fair Value Measurements at December 31, 2014
(in thousands)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobserved
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Canadian fixed income securities
$
5,367

 
$
5,367

 


 
$
—

International equity securities
4,693

 
4,273

 
420

 
—

U.S. equity securities
1,236

 
1,236

 


 
—

Other
451

 
451

 


 
—

Total
$
11,747

 
$
11,327

 
$
420

 
$
—

 
 
 
Fair Value Measurements at December 31, 2013
(in thousands)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobserved
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Canadian fixed income securities
$
5,174

 
$
5,174

 
$
—

 
$
—

International equity securities
4,781

 
4,386

 
395

 
—

U.S. equity securities
1,269

 
1,269

 
—

 
—

Other
336

33.0

336

 
—

 
—

Total
$
11,560

 
$
11,165

 
$
395

 
$
—




The following payments, which reflect expected future service, as appropriate, are expected to be paid:
(in thousands)
Funded
Plans
 
Unfunded
Plans
2015
$
357

 
$
187

2016
431

 
187

2017
434

 
186

2018
456

 
186

2019
517

 
186

2020-2024
3,055

 
918


Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets. The accumulated benefit obligations in excess of plan assets as of December 31 were as follows:
 
Domestic Plans
 
Funded Plans
 
Unfunded Plans
(in thousands)
2014
 
2013
 
2014
 
2013
Projected benefit obligation
$
16,012

 
$
13,435

 
$
11,127

 
$
10,536

Accumulated benefit obligation
16,012

 
13,435

 
11,014

 
10,227

Fair value of plan assets
11,200

 
10,872

 
—

 
—

 
 
Foreign Plans
 
Funded Plans
 
Unfunded Plans
(in thousands)
2014
 
2013
 
2014
 
2013
Projected benefit obligation
$
12,016

 
$
11,460

 
$
2,756

 
$
2,911

Accumulated benefit obligation
11,268

 
10,823

 
2,656

 
2,911

Fair value of plan assets
11,747

 
11,560

 
—

 
—


Contributions. In aggregate for both the domestic and foreign plans, the Company anticipates contributing $1.4 million to the funded pension plans, $0.8 million to the unfunded pension plans and $1.1 million to the postretirement benefit plans in 2015.
Weighted-Average Assumptions. Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:
 
Domestic Plans
 
 
 
 
 
Funded Plans
 
Unfunded Plans
 
Postretirement
Benefit Plans
 
Foreign Plans
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Discount rate
4.01
%
 
4.89
%
 
3.90
%
 
4.60
%
 
4.00
%
 
4.65
%
 
3.85
%
 
4.67
%
Rate of compensation increase
N/A

 
N/A

 
3.00
%
 
3.00
%
 
N/A

 
N/A

 
3.00
%
 
3.00
%
Weighted-average assumptions used to determine net periodic benefit cost were as follows:
 
Domestic Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
Postretirement
Benefit Plans
 
 
 
 
 
Funded Plans
 
Unfunded Plans
 
 
Foreign Plans
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Discount rate
4.90
%
 
4.09
%
 
4.60
%
 
3.80
%
 
4.65
%
 
3.85
%
 
4.67
%
 
4.03
%
Expected return on plan assets
4.15
%
 
3.90
%
 
N/A

 
N/A

 
0.00
%
 
0.00
%
 
5.69
%
 
5.44
%
Rate of compensation increase
N/A

 
N/A

 
3.00
%
 
4.50
%
 
N/A

 
N/A

 
3.00
%
 
3.00
%

The assumed health care cost trend rate used in measuring the December 31, 2014 accumulated postretirement benefit obligation was 7.5 percent, declining one-quarter percent each year to the ultimate rate of 5.0 percent by the year 2024 and remaining at that level thereafter. The assumed health care cost trend rate used in measuring the December 31, 2013 accumulated postretirement benefit obligation was 8.0 percent, declining one-half percent each year to the ultimate rate of 5.0 percent by the year 2019 and remaining at that level thereafter.
A one-percentage-point increase in the assumed health care cost trend rate for each year would increase the accumulated postretirement benefit obligation as of December 31, 2014 by approximately $1.8 million and the total of service and interest cost components by approximately $0.1 million. A one-percentage-point decrease in the assumed health care cost trend rate for each year would decrease the accumulated postretirement benefit obligation as of December 31, 2014 by approximately $1.5 million and the total of service and interest cost components by approximately $0.1 million.
Multi-employer Plans. Viad contributes to defined benefit pension plans under the terms of collective-bargaining agreements that cover its union-represented employees. The financial risks of participating in these multi-employer pension plans generally include the fact that assets contributed to the plan by one employer may be used to provide benefits to employees of other participating employers. Furthermore, if a participating employer ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. In addition, if Viad were to discontinue its participation in some of its multi-employer pension plans, the Company may be required to pay those plans a withdrawal liability amount based on the underfunded status of the plan. Viad also contributes to defined contribution plans pursuant to its collective-bargaining agreements, which are generally not subject to the funding risks inherent in defined benefit pension plans. The overall level of Viad’s contributions to its multi-employer plans may significantly vary from year to year based on the demand for union-represented labor to support the Company’s operations. Viad does not have any minimum contribution requirements for future periods pursuant to its collective-bargaining agreements for individually significant multi-employer plans.
Viad’s participation in multi-employer pension plans for 2014 is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2014 and 2013 relates to the plan’s year end as of December 31, 2013 and 2012, respectively, and is based on information received from the plan. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented.



  
 
 
Plan
 
Pension
Protection Act
Zone Status
 
FIP/RP
Status
Pending/ Implemented
 
Viad Contributions
 
Surcharge Paid
 
Expiration
Date of
Collective-
Bargaining Agreement(s)
(in thousands)
EIN
 
No.
 
2014
 
2013
 
 
2014
 
2013
 
2012
 
 
Pension Fund:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Western Conference of Teamsters Pension Plan
91-6145047
 
1

 
Green
 
Green
 
No
 
$
6,369

 
$
5,524

 
$
5,694

 
No
 
5/31/2015

Southern California Local 831—Employer Pension Fund(1)
95-6376874
 
1

 
Green
 
Green
 
No
 
2,481

 
2,244

 
2,358

 
No
 
8/31/17
Chicago Regional Council of Carpenters Pension Fund
36-6130207
 
1

 
Yellow
 
Yellow
 
Yes
 
1,946

 
1,614

 
1,749

 
No
 
5/31/18
National Electrical Benefit Fund
53-0181657
 
1

 
Green
 
Green
 
No
 
1,457

 
1,631

 
1,814

 
No
 
6/16/15
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2
51-6030753
 
2

 
Green
 
Green
 
No
 
1,081

 
957

 
108

 
No
 
6/3/17
Central States, Southeast and Southwest Areas Pension Plan
36-6044243
 
1

 
Red
 
Red
 
Yes
 
1,018

 
836

 
874

 
No
 
7/31/15
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1),
36-1416355
 
1

 
Red
 
Red
 
Yes
 
993

 
430

 
930

 
No
 
6/30/19
Southwest Carpenters Pension Trust
95-6042875
 
1

 
Green
 
Green
 
No
 
885

 
812

 
944

 
No
 
6/30/15
Southern California IBEW-NECA Pension Fund
95-6392774
 
1

 
Yellow
 
Yellow
 
Yes
 
768

 
184

 
62

 
No
 
continuous
All other funds(2)
 
 
 
 
 
 
 
 
 
 
4,097

 
2,592

 
2,468

 
 
 
 
Total contributions to defined benefit plans
 
 
 
 
 
 
 
 
 
 
21,095

 
16,824

 
17,001

 
 
 
 
Total contributions to other plans
 
 
 
 
 
 
 
 
 
 
2,057

 
3,489

 
3,668

 
 
 
 
Total contributions to multi-employer plans
 
 
 
 
 
 
 
 
 
 
$
23,152

 
$
20,313

 
$
20,669

 
 
 
 
(1) The Company contributed more than 5 percent of total plan contributions for the 2013 and 2012 plan years based on the plans’ Form 5500s.
(2) Represents participation in 41 pension funds during 2014.
Other Employee Benefits. Costs of the 401(k) Plan and other benefit plans totaled less than $0.1 million for 2014, and $1.3 million and $1.7 million in 2013 and 2012, respectively.
Income Taxes
Income Taxes
Income Taxes
Earnings before income taxes from continuing operations consist of the following for the years ended December 31:
(in thousands)
2014
 
2013
 
2012
Foreign
$
33,349

 
$
25,010

 
$
29,645

United States
7,938

 
2,620

 
(6,514
)
Income from continuing operations before income taxes
$
41,287

 
$
27,630

 
$
23,131


Significant components of the income tax provision from continuing operations are as follows:
(in thousands)
2014
 
2013
 
2012
Current:
 
 
 
 
 
United States:
 
 
 
 
 
Federal
$
—

 
$
(3,308
)
 
$
(1,537
)
State
16

 
(286
)
 
2,189

Foreign
9,824

 
9,606

 
7,652

Total current
9,840

 
6,012

 
8,304

Deferred:
 
 
 
 
 
United States:
 
 
 
 
 
Federal
(9,486
)
 
2,007

 
11,127

State
(125
)
 
651

 
40

Foreign
(120
)
 
(360
)
 
107

Total deferred
(9,731
)
 
2,298

 
11,274

Income tax expense
$
109

 
$
8,310

 
$
19,578



The Company is subject to income tax in jurisdictions in which it operates. A reconciliation of the statutory federal income tax rate to the effective tax rate of the Company for the years 2012 - 2014 is as follows:
(in thousands)
2014
 
2013
 
2012
Computed income tax expense at statutory federal income tax rate of 35%
$
14,450

 
35.0
 %
 
$
9,670

 
35.0
 %
 
$
8,096

 
35.0
 %
State income taxes, net of federal provision
227

 
0.5
 %
 
345

 
1.2
 %
 
470

 
2.0
 %
Foreign tax rate differentials
(1,262
)
 
(3.1
)%
 
77

 
0.3
 %
 
(2,031
)
 
(8.8
)%
U.S. tax on foreign earnings (net of foreign tax credits)
(2,168
)
 
(5.3
)%
 
(1,831
)
 
(6.6
)%
 
(595
)
 
(2.6
)%
Change in valuation allowance
(11,650
)
 
(28.2
)%
 
(2,184
)
 
(7.9
)%
 
14,220

 
61.5
 %
Proceeds from life insurance
(133
)
 
(0.3
)%
 
(196
)
 
(0.7
)%
 
(472
)
 
(2.0
)%
Return to provision and other adjustments
(1,401
)
 
(3.4
)%
 
1,664

 
6.0
 %
 
(371
)
 
(1.6
)%
Other, net
2,046

 
5.0
 %
 
765

 
2.8
 %
 
261

 
1.1
 %
Income tax expense
$
109

 
0.2
 %
 
$
8,310

 
30.1
 %
 
$
19,578

 
84.6
 %



The components of deferred income tax assets and liabilities included in the consolidated balance sheets as of December 31 are as follows:
(in thousands)
2014
 
2013
Deferred tax assets:
 
 
 
Tax credit carryforwards
$
21,783

 
$
26,945

Pension, compensation and other employee benefits
23,501

 
23,835

Provisions for losses
12,127

 
13,674

Net operating loss carryforward
4,886

 
4,794

State income taxes
2,979

 
2,170

Other deferred income tax assets
3,927

 
5,552

Total deferred tax assets
69,203

 
76,970

Valuation allowance
(3,781
)
 
(12,393
)
Foreign deferred tax assets included above
(1,536
)
 
(1,713
)
Net deferred tax assets
63,886

 
62,864

Deferred tax liabilities:
 
 
 
Property and equipment
(5,856
)
 
(7,861
)
Deferred tax related to life insurance
(4,962
)
 
(4,842
)
Goodwill and other intangible assets
(2,705
)
 
(959
)
Unremitted foreign earnings
—

 
(398
)
Other deferred income tax liabilities
(1,452
)
 
(393
)
Total deferred tax liabilities
(14,975
)
 
(14,453
)
Foreign deferred tax liabilities included above
3,671

 
1,989

United States deferred tax assets
$
52,582

 
$
50,400



The Company uses significant judgment in forming conclusions regarding the recoverability of its deferred tax assets and evaluates all available positive and negative evidence to determine if it is more-likely-than-not that the deferred tax assets will be realized. To the extent recovery does not appear likely, a valuation allowance must be recorded. As of December 31, 2014 and 2013, Viad had gross deferred tax assets of $69.2 million and $77.0 million, respectively. These deferred tax assets reflect the expected future tax benefits to be realized upon reversal of deductible temporary differences, and the utilization of net operating loss and tax credit carryforwards.
During the year ended 2014, the Company determined it was more likely than not based upon all positive and negative evidence that its foreign tax credits would be fully utilized before expiration. Accordingly, a $11.4 million valuation allowance was released. At the end of 2014, the Company has $12.7 million in foreign tax credit carryforwards that are subject to a 10-year carryforward period and will begin to expire in 2020.
As of December 31, 2014 and 2013, Viad had gross federal, state and foreign net operating loss carryforwards of $75.8 million and $96.0 million, respectively, for which the Company had deferred tax assets of $4.9 million and $4.8 million. The state and foreign net operating loss carryforwards expire on various dates from 2015 through 2034. During 2014, the Company decreased its valuation allowance related to state net operating loss carryforwards by $0.6 million. As of December 31, 2014 and 2013, Viad had a valuation allowance of $3.8 million and $1.5 million, respectively, related to state and foreign deferred tax assets.
As of December 31, 2014, Viad had tax credit carryforwards related to alternative minimum tax of $8.8 million that may be carried forward indefinitely. Additionally, Viad had foreign tax credit carryforwards of $12.7 million, of which $4.7 million expire in 2020, $5.5 million expire in 2021, $0.6 million expire in 2022 and $1.9 million expire in 2023.
While management believes that the deferred tax assets, net of existing valuation allowances will be utilized in future periods, there are inherent uncertainties regarding the ultimate realization of these assets. It is possible that the relative weight of positive and negative evidence regarding the realization of deferred tax assets may change, which could result in a material increase or decrease in the Company’s valuation allowance. Such a change could result in a material increase or decrease to income tax expense in the period the assessment was made.
Viad has not recorded deferred taxes on certain historical unremitted earnings of its Canadian subsidiaries as management intends to reinvest those earnings in its Canadian operations. As of December 31, 2014, the incremental unrecognized tax liability (net of estimated foreign tax credits) related to those undistributed earnings was approximately $350,000. To the extent that circumstances change and it becomes apparent that some or all of those undistributed earnings will be remitted to the U.S., Viad would accrue income taxes attributable to such remittance.
Viad exercises judgment in determining its income tax provision when the ultimate tax determination is uncertain. Viad classifies liabilities associated with uncertain tax positions as non-current liabilities in its consolidated balance sheets unless they are expected to be paid within the next year. As of December 31, 2014 and 2013, the Company had liabilities associated with uncertain tax positions (including interest and penalties) of $2.4 million and $1.8 million, respectively, which were classified as non-current liabilities.
As of December 31, 2014, the Company recognized a net increase in the liability for uncertain tax positions for continuing operations of approximately $0.2 million. As of December 31, 2014, Viad had accrued interest and penalties related to uncertain tax positions for continuing operations of $0.1 million which are classified as a component of income tax expense. The tax expense impact of the uncertain tax positions was $0.4 million due to tax credit carryforwards that were available to offset the expense. The Company expects that positions approximating $0.3 million will be resolved or settled during 2015.
The Company had accrued liabilities for uncertain tax positions for discontinued operations of $0.6 million as of December 31, 2014 and 2013. In addition, as of both December 31, 2014 and 2013, Viad had accrued interest and penalties related to uncertain tax positions for discontinued operations of $0.5 million. Future tax resolutions or settlements that may occur related to these uncertain tax positions would be recorded through discontinued operations (net of federal tax effect, if applicable). The Company does not expect a material amount of uncertain tax positions to be resolved or settled within the next twelve months.
A reconciliation of the liabilities associated with uncertain tax positions (excluding interest and penalties) is as follows:
(in thousands)
Continuing
Operations
 
Discontinued
Operations
 
Total
Balance, December 31, 2011
$
—

 
$
636

 
$
636

Net additions and reductions
—

 
—

 
—

Balance at December 31, 2012
—

 
636

 
636

Additions for tax positions taken in prior years
736

 
—

 
736

Balance at December 31, 2013
736

 
636

 
1,372

Additions for tax positions taken in prior years
1,019

 
—

 
1,019

Reductions for lapse of applicable statutes
(472
)
 
—

 
(472
)
Balance at December 31, 2014
$
1,283

 
$
636

 
$
1,919


Viad is subject to regular and recurring audits by taxing authorities in jurisdictions in which the Company currently operates or has operated in the past. This includes the United States, Canada, United Kingdom, Germany, and the Netherlands.
Viad’s 2008 through 2014 U.S. federal tax years and various state tax years from 2010 through 2014 remain subject to income tax examinations by tax authorities. The 2006 Federal tax year remains subject to examination due to a federal net operating loss carryback claim. Tax years 2011 through 2014 remain subject to examination by various foreign taxing jurisdictions.
Restructuring Charges
Restructuring Charges
Restructuring Charges
Marketing & Events Group Consolidation
Beginning in 2009, Viad commenced certain restructuring actions designed to reduce the Company’s cost structure primarily within the Marketing & Events U.S. segment, and to a lesser extent in the Marketing & Events International segment. The Company implemented a strategic reorganization plan in order to consolidate the separate business units within the Marketing & Events U.S. segment. The Company also consolidated facilities and streamlined its operations in the United Kingdom and Germany. As a result, the Company recorded restructuring charges in 2014, 2013 and 2012, primarily consisting of severance and related benefits as a result of workforce reductions and charges related to the consolidation and downsizing of facilities representing the remaining operating lease obligations (net of estimated sublease income) and related costs.
Other Restructurings
The Company has recorded restructuring charges in connection with the consolidation of certain support functions at its corporate headquarters, and certain reorganization activities within the Travel & Recreation Group. These charges primarily consist of severance and related benefits due to headcount reductions.
The table below represents a reconciliation of beginning and ending liability balances by major restructuring activity:
 
Marketing & Events
Group Consolidation
 
Other Restructurings
 
 
(in thousands)
Severance &
Employee
Benefits
 
Facilities
 
Severance &
Employee
Benefits
 
Facilities
 
Total
Balance at December 31, 2011
$
831

 
$
4,819

 
$
24

 
$
1,276

 
$
6,950

Restructuring charges
2,506

 
2,346

 
90

 
—

 
4,942

Cash payments
(2,670
)
 
(1,567
)
 
(114
)
 
(343
)
 
(4,694
)
Adjustment to liability
51

 
(27
)
 
—

 
—

 
24

Foreign currency translation adjustment
2

 
—

 
—

 
—

 
2

Balance at December 31, 2012
720

 
5,571

 
—

 
933

 
7,224

Restructuring charges (recoveries)
2,931

 
(315
)
 
1,869

 
(692
)
 
3,793

Cash payments
(2,411
)
 
(1,691
)
 
(498
)
 
(241
)
 
(4,841
)
Adjustment to liability
—

 
—

 
(478
)
 
—

 
(478
)
Balance at December 31, 2013
1,240

 
3,565

 
893

 
—

 
5,698

Restructuring charges (recoveries)
2,358

 
(828
)
 
107

 
—

 
1,637

Cash payments
(3,055
)
 
(1,376
)
 
(845
)
 
—

 
(5,276
)
Adjustment to liability
—

 
(200
)
 
85

 
—

 
(115
)
Balance at December 31, 2014
$
543

 
$
1,161

 
$
240

 
$
—

 
$
1,944


As of December 31, 2014, the liabilities related to severance and employee benefits are expected to be paid by the end of 2015. Refer to Note 22, Segment Information for information regarding restructuring charges by segment.
Leases and Other
Leases and Other
Leases and Other
Viad has entered into operating leases for the use of certain of its offices, equipment and other facilities. These leases expire over periods up to 40 years. Leases which expire are generally renewed or replaced by similar leases. Some leases contain scheduled rental increases accounted for on a straight-line basis.
As of December 31, 2014, Viad’s future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year were as follows:
(in thousands)
Rental
Payments
 
Receivable
Under Subleases
2015
$
16,343

 
$
1,372

2016
14,115

 
1,232

2017
12,709

 
1,021

2018
10,888

 
1,023

2019
7,739

 
622

Thereafter
9,755

 
926

Total
$
71,549

 
$
6,196


Net rent expense under operating leases consisted of the following as of December 31:
(in thousands)
2014
 
2013
 
2012
Minimum rentals
$
37,707

 
$
34,201

 
$
36,309

Sublease rentals
(6,884
)
 
(6,815
)
 
(6,501
)
Total rentals, net
$
30,823

 
$
27,386

 
$
29,808


The aggregate annual maturities and the related amounts representing interest on capital lease obligations are included in Note 11.
In addition, as of December 31, 2014, the Company had aggregate purchase obligations of $28.2 million related to various licensing agreements, consulting and other contracted services.
Litigation, Claims, Contingencies and Other
Litigation, Claims, Contingencies and Other
Litigation, Claims, Contingencies and Other
Viad and certain of its subsidiaries are plaintiffs or defendants to various actions, proceedings and pending claims, some of which involve, or may involve, compensatory, punitive or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings or claims could be decided against Viad. Although the amount of liability as of December 31, 2014 with respect to these matters is not ascertainable, Viad believes that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on Viad’s business, financial position or results of operations.
Viad is subject to various U.S. federal, state and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which Viad has or had operations. If the Company has failed to comply with these environmental laws and regulations, civil and criminal penalties could be imposed and Viad could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, Viad also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. Although it is a party to certain environmental disputes, Viad believes that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on the Company’s financial position or results of operations. As of December 31, 2014 and 2013, Viad had recorded environmental remediation liabilities of $4.7 million and $5.0 million related to previously sold operations, respectively.
As of December 31, 2014, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the consolidated financial statements and relate to leased facilities entered into by Viad’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of December 31, 2014 would be $5.9 million. These guarantees relate to leased facilities expiring through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.
A significant portion of Viad’s employees are unionized and the Company is a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. As of December 31, 2014, approximately 30 percent of Viad’s regular full-time employees are covered by collective-bargaining agreements. If the Company were unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact the Company’s businesses and results of operations. Viad believes that relations with its employees are satisfactory and that collective-bargaining agreements expiring in 2015 will be renegotiated in the ordinary course of business without having a material adverse effect on Viad’s operations. The Company entered into new showsite and warehouse agreements with the Chicago Teamsters Local 727, effective January 1, 2014, and those agreements contain provisions that allow the parties to re-open negotiation of the agreements on pension-related issues. The Company is in informal discussions regarding those issues with all relevant parties and is working diligently to resolve those issues in a manner that will be reasonable and equitable to employees, customers and shareholders. Although the Company’s labor relations are currently stable, disruptions pending the outcome of the Chicago Teamsters Local 727 negotiations could occur, as they could with any collective-bargaining agreement negotiation, with the possibility of an adverse impact on the operating results of the Marketing & Events Group.
Viad’s businesses contribute to various multi-employer pension plans based on obligations arising under collective bargaining agreements covering its union-represented employees. Viad’s contributions to these plans in 2014, 2013 and 2012 totaled $23.2 million, $20.3 million and $20.7 million, respectively. Based upon the information available to Viad from plan administrators, management believes that several of these multi-employer plans are underfunded. The Pension Protection Act of 2006 requires pension plans underfunded at certain levels to reduce, over defined time periods, the underfunded status. In addition, under current laws, the termination of a plan, or a voluntary withdrawal from a plan by Viad, or a shrinking contribution base to a plan as a result of the insolvency or withdrawal of other contributing employers to such plan, would require Viad to make payments to such plan for its proportionate share of the plan’s unfunded vested liabilities. As of December 31, 2014, the amount of additional funding, if any, that Viad would be required to make related to multi-employer pension plans is not ascertainable.
Viad is self-insured up to certain limits for workers’ compensation, employee health benefits, automobile, product and general liability and property loss claims. The aggregate amount of insurance liabilities (up to the Company’s retention limit) related to Viad’s continuing operations was approximately $19.9 million as of December 31, 2014. Of this total, $12.4 million related to workers’ compensation liabilities and the remaining $7.5 million related to general/auto liability claims. Viad has also retained and provided for certain insurance liabilities in conjunction with previously sold businesses totaling $4.5 million as of December 31, 2014, related to workers’ compensation liabilities. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on Viad’s historical experience, claims frequency and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. Viad has purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.4 million on a per claim basis. Viad does not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Viad’s net cash payments in connection with these insurance liabilities were $4.8 million, $6.6 million and $5.6 million in 2014, 2013 and 2012, respectively.
In addition, as of December 31, 2014 Viad had recorded insurance liabilities of $7.7 million related to continuing operations in excess of the self-insured levels for which Viad remains the primary obligor. Of this total, $3.1 million related to workers’ compensation liabilities and the remaining $4.6 million related to general/auto liability claims. The Company has recorded those amounts in other deferred items and liabilities in Viad’s Condensed Consolidated Balance Sheets with a corresponding receivable in other investments and assets.
Segment Information
Segment Information
Segment Information
Viad measures profit and performance of its operations on the basis of segment operating income which excludes restructuring charges and recoveries and impairment charges and recoveries. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. No reportable segment has a single client comprising more than 6.3 percent of that segment’s revenues, and no single client comprises more than 4.2 percent of Viad’s revenues. Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows:
(in thousands)
2014
 
2013
 
2012
Revenues:
 
 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
710,835

 
$
628,856

 
$
676,772

International
249,649

 
229,312

 
240,137

Intersegment eliminations
(16,016
)
 
(13,264
)
 
(14,869
)
Total Marketing & Events Group
944,468

 
844,904

 
902,040

Travel & Recreation Group
120,519

 
108,443

 
104,604

Total revenue
$
1,064,987

 
$
953,347

 
$
1,006,644

Segment operating income:

 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
21,400

 
$
11,024

 
$
5,579

International
10,339

 
9,068

 
12,321

Total Marketing & Events Group
31,739


20,092

 
17,900

Travel & Recreation Group
28,127

 
21,819

 
20,291

Segment operating income
59,866

 
41,911

 
38,191

Corporate activities
(14,348
)
 
(6,755
)
 
(9,408
)
Operating income
45,518


35,156

 
28,783

Interest income
305

 
550

 
593

Interest expense
(2,015
)
 
(1,234
)
 
(1,303
)
Restructuring recoveries (charges):
 
 
 
 
 
Marketing & Events U.S.
278

 
409

 
(3,479
)
Marketing & Events International
(1,808
)
 
(2,362
)
 
(1,373
)
Travel & Recreation Group
41

 
(809
)
 
(79
)
Corporate
(148
)
 
(1,031
)
 
(11
)
Impairment charges:
 
 
 
 
 
Marketing & Events U.S.
—

 
(658
)
 
—

Marketing & Events International
(884
)
 
(294
)
 
—

Travel & Recreation Group
—

 
(2,097
)
 
—

Income from continuing operations before income taxes
$
41,287

 
$
27,630

 
$
23,131


(in thousands)
2014
 
2013
 
2012
Assets:
 
 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
304,727

 
$
194,422

 
$
203,145

International
116,842

 
81,058

 
100,387

Travel & Recreation Group
199,986

 
209,611

 
223,199

Corporate and other
93,388

 
76,841

 
123,846

 
$
714,943


$
561,932

 
$
650,577

Depreciation and amortization:
 
 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
16,066

 
$
14,906

 
$
17,643

International
6,311

 
5,566

 
5,162

Travel & Recreation Group
8,232

 
7,319

 
7,183

Corporate and other
183

 
176

 
145

 
$
30,792


$
27,967

 
$
30,133

Capital expenditures:
 
 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
14,515

 
$
8,278

 
$
7,525

International
4,134

 
4,332

 
4,913

Travel & Recreation Group
10,740

 
23,108

 
15,201

Corporate and other
—

 
401

 
36

 
$
29,389


$
36,119

 
$
27,675


Geographic Areas. Viad’s foreign operations are located principally in Canada, the United Kingdom, Germany, the United Arab Emirates and the Netherlands. Marketing & Events Group revenues are designated as domestic or foreign based on the originating location of the product or service. Long-lived assets are attributed to domestic or foreign based principally on the physical location of the assets. Long-lived assets consist of “Property and equipment, net” and “Other investments and assets.” The table below presents the financial information by major geographic area:
(in thousands)
2014
 
2013
 
2012
Revenues:
 
 
 
 
 
United States
$
718,538

 
$
637,482

 
$
681,827

United Kingdom
174,127

 
151,217

 
153,027

Canada
153,775

 
148,934

 
151,070

Other international
18,547

 
15,714

 
20,720

Total revenues
$
1,064,987

 
$
953,347

 
$
1,006,644

Long-lived assets:
 
 
 
 
 
United States
$
130,401

 
$
132,315

 
$
141,727

Canada
78,193

 
82,986

 
76,067

United Kingdom
13,973

 
9,631

 
9,757

Other international
242

 
424

 
2,163

Total long-lived assets
$
222,809

 
$
225,356

 
$
229,714

Common Stock Repurchases
Common Stock Repurchases
Common Stock Repurchases
In December 2012, Viad announced the authorization of its Board of Directors to repurchase shares of the Company’s common stock from time to time at prevailing market prices. During 2014, Viad repurchased 448,436 shares on the open market for $10.6 million. No shares were repurchased on the open market during 2013. As of December 31, 2014, 582,002 shares remain available for repurchase. Additionally, during 2014, 2013 and 2012, the Company withheld 72,996 shares at a cost of $1.8 million, 50,156 shares at a cost of $1.3 million and 56,885 shares at a cost of $1.1 million, respectively, related to tax withholding requirements on share-based awards.

As part of the Company’s share repurchase program, in February 2015, the Company repurchased141,462 shares on the open market at a total cost of approximately $3.8 million. Refer to Note 26, Subsequent Event.
Discontinued Operations
Discontinued Operations
Discontinued Operations
In 2014, Viad recorded income from discontinued operations of $13.3 million primarily related to the gain on the possessory interest and personal property at Glacier Park. The Company’s 2013 and 2012 results related to the operations of Glacier Park’s concession contract business have been reclassified as discontinued operations in Viad’s Condensed Consolidated Statements of Operations. For the years ended 2013 and 2012, Viad recorded income from discontinued operations of $1.2 million and $2.4 million related to Glacier Park income.
On December 31, 2013, Glacier Park’s concession contract with the Park Service to operate lodging, tour and transportation and other hospitality services within Glacier National Park expired. Upon completion of the contract, the Company received cash payments in January 2014 totaling $25.0 million resulting in a pre-tax gain of $21.5 million for the Company’s possessory interest. The gain after-tax on the possessory interest was $13.5 million with $2.7 million attributable to the noncontrolling interest. These amounts are included in income (loss) from discontinued operations and net income attributable to noncontrolling interest in Viad’s Condensed Consolidated Statements of Operations, respectively. In September 2014, the Company received $3.0 million in cash for the sale of the remaining personal property assets held for sale at Glacier Park. This resulted in a gain of approximately $0.7 million, net of tax.
The following summarizes Glacier Park’s expired concession contract operating results, which are presented in income (loss) from discontinued operations, net of tax, in Viad’s Condensed Consolidated Statements of Operations as of December 31:
(in thousands)
 
2014
 
2013
 
2012
Total revenue
 

 
$
19,445

 
$
18,587

Costs (recoveries) and expenses
 
(93
)
 
(15,462
)
 
(14,916
)
Impairment charges
 
—

 
(2,364
)
 
—

Restructuring charges
 
—

 
(98
)
 
—

Income from discontinued operations, before income taxes
 
(93
)
 
1,521

 
3,671

Income tax (expense) benefit
 
45

 
(280
)
 
(1,265
)
Income from discontinued operations, net of tax
 
(48
)
 
1,241

 
2,406

Gain on sale of discontinued operations, net of tax
 
13,343

 
—

 
—

Income from discontinued operations
 
13,295

 
1,241

 
2,406

Income from discontinued operations attributable to noncontrolling interest
 
(2,825
)
 
(248
)
 
(481
)
Income from discontinued operations attributable to Viad
 
$
10,470

 
$
993

 
$
1,925


For the year ended December 31, 2013, the Company recorded a non-cash impairment charge of $4.5 million representing all goodwill at the Glacier Park reporting unit, of which $2.1 million related to continuing operations and $2.4 million related to discontinued operations. Additionally, for the year ended December 31, 2013, the Company recorded other asset impairment charges of $1.0 million at the Marketing & Events Group related to the write-off of certain assets within the Marketing & Events Group.
For the year ended December 31, 2014, Viad also recorded income from discontinued operations, net of tax, of $1.1 million primarily due to additional reserves related to certain liabilities associated with previously sold operations and an insurance recovery. For the year ended December 31, 2013, Viad recorded income from discontinued operations, net of tax, of $1.1 million primarily related to the sale of land associated with previously sold operations. In 2012, Viad recorded income from discontinued operations of $0.6 million related to the reversal of certain liabilities associated with previously sold operations.
The following is a reconciliation of net income attributable to the noncontrolling interest for the year ended December 31:
(in thousands)
 
2014
 
2013
 
2012
Income (loss) from continuing operations
 
$
388

 
$
(117
)
 
$
205

Income from discontinued operations
 
2,825

 
248

 
481

Net income attributable to noncontrolling interest
 
$
3,213

 
$
131

 
$
686

Condensed Consolidated Quarterly Results (Unaudited)
Condensed Consolidated Quarterly Results (Unaudited)
Condensed Consolidated Quarterly Results (Unaudited)
The following quarterly financial information was derived from the Company’s interim financial statements and was prepared in a manner consistent with the annual financial statements and includes all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation.
 
2014
 
2013
(in thousands, except per share data)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Revenues:
$
285,641

 
$
256,391

 
$
299,802

 
$
223,155

 
$
285,159

 
$
246,180

 
$
220,167

 
$
201,842

Operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ongoing operations(1)
$
13,361

 
$
14,136

 
$
33,013

 
$
(644
)
 
$
13,595

 
$
11,455

 
$
18,723

 
$
(1,862
)
Corporate activities
(2,039
)
 
(1,991
)
 
(3,468
)
 
(6,850
)
 
(806
)
 
(1,167
)
 
(2,034
)
 
(2,748
)
Restructuring (charges) recoveries
(211
)
 
(1,369
)
 
(234
)
 
177

 
(720
)
 
(773
)
 
(639
)
 
(1,661
)
Impairment charges
—

 
(884
)
 
—

 
—

 
—

 
—

 
(3,049
)
 
—

Operating income (loss)
$
11,111

 
$
9,892

 
$
29,311

 
$
(7,317
)
 
$
12,069

 
$
9,515

 
$
13,001

 
$
(6,271
)
Income (loss) from continuing operations attributable to Viad(2)
$
9,312

 
$
7,978

 
$
30,755

 
$
(7,255
)
 
$
8,453

 
$
6,516

 
$
8,871

 
$
(4,403
)
Net income (loss) attributable to Viad(2)
$
21,882

 
$
6,742

 
$
29,620

 
$
(5,889
)
 
$
8,065

 
$
6,253

 
$
11,855

 
$
(4,618
)
Income (loss) per common share-Diluted(2),(3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Viad
$
0.46

 
$
0.39

 
$
1.53

 
$
(0.37
)
 
$
0.42

 
$
0.32

 
$
0.44

 
$
(0.22
)
Net income (loss) attributable to Viad
$
1.08

 
$
0.33

 
$
1.48

 
$
(0.30
)
 
$
0.40

 
$
0.31

 
$
0.58

 
$
(0.23
)
Income (loss) per common share-Basic(2),(3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Viad
$
0.46

 
$
0.39

 
$
1.53

 
$
(0.37
)
 
$
0.42

 
$
0.32

 
$
0.44

 
$
(0.22
)
Net income (loss) attributable to Viad
$
1.08

 
$
0.33

 
$
1.48

 
$
(0.30
)
 
$
0.40

 
$
0.31

 
$
0.58

 
$
(0.23
)
(1) Represents revenues less costs of services and products sold.
(2) Includes $10.9 million benefit associated with the 2014 third quarter release of the valuation allowance relating to foreign income tax credits.
(3) The sum of quarterly income per share amounts may not equal annual income per share due to rounding.
Subsequent Event
Subsequent Events
Subsequent Event

As part of the Company’s share repurchase program, in February 2015, the Company repurchased 141,462 shares on the open market at a total cost of approximately $3.8 million.
Schedule II - Valuation And Qualifying Accounts
Schedule II - Valuation and Qualifying Accounts
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS


 
 
 
Additions
 
Deductions
 
 
 
Balance at
Beginning
 
Charged to
 
Charged to
Other
 
 
 
Credited
to Other
 
Balance at
(in thousands)
of Year
 
Expense
 
Accounts
 
Write Offs
 
Accounts
 
End of Year
Allowance for doubtful accounts:
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
$
1,072

 
708

 
—

 
(630
)
 
—

 
$
1,150

December 31, 2013
1,150

 
313

 
—

 
(586
)
 
—

 
877

December 31, 2014
877

 
821

 
—

 
(440
)
 
—

 
1,258

Deferred tax valuation allowance:
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
$
356

 
14,220

 
—

 
—

 
—

 
$
14,576

December 31, 2013
14,576

 
1,917

 
—

 
(4,100
)
 
—

 
12,393

December 31, 2014
12,393

 
95

 
2,589

 
(11,782
)
 
—

 
3,295

Summary of Significant Accounting Policies (Policies)
Basis of Presentation and Principles of Consolidation 
Basis of Presentation and Principles of Consolidation
The consolidated financial statements of Viad Corp (“Viad” or the “Company”) are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and all of its subsidiaries. All intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation.
Segments 
Nature of Business
Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International and Travel & Recreation Group.
Marketing & Events Group
The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), is a global event marketing company that helps clients gain more awareness, more involvement and more value from their trade show programs and other live events. The Marketing & Events Group specializes in all aspects of the design, planning and production of face-to-face events, immersive environments and brand-based experiences for clients, including show organizers, corporate brand marketers and retail shopping centers. The mission of the Marketing & Events Group is to create the world’s most meaningful and memorable experiences for show organizers, brand marketers, event attendees and retail shopping centers. Show organizers include for-profit and not-for-profit show owners as well as show management companies. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products and build business relationships. Viad’s retail shopping center customers include major developers, owners and management companies of shopping malls and leisure centers.
On September 16, 2014, the Company acquired Blitz Communications Group Limited and affiliates (collectively, “Blitz”), which has offices in the United Kingdom and is a leading audio-visual staging and creative services provider for the live events industry in the United Kingdom and continental Europe. The purchase price was £15 million (approximately $24.4 million) in cash, subject to certain adjustments.
On October 7, 2014, the Company acquired onPeak LLC and Travel Planners, Inc. (collectively, “onPeak”) for a purchase price of $43.0 million and $33.7 million, respectively, in cash, subject to certain adjustments. Both acquired companies provide event accommodations services in North America to the live events industry.
On November 24, 2014, the Company acquired N200 Limited and affiliates (collectively, “N200”) for €9.7 million (approximately $12.1 million) in cash, subject to certain adjustments, plus an earnout payment (the “Earnout”) of up to €1.0 million. The amount of the Earnout is based on N200’s achievement of established financial targets for fiscal 2015 (ending June 30). N200, which has offices in the United Kingdom and the Netherlands, is a leading event registration and data intelligence services provider for the live events industry in the United Kingdom and the Netherlands.

For additional information, refer to Note 3, Acquisition of Businesses.
Travel & Recreation Group
The Travel & Recreation Group is an experiential leisure travel provider serving the needs of regional and long-haul visitors to iconic natural and cultural destinations in North America. The Travel & Recreation Group consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”). Brewster provides tourism products and experiential services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, Glacier Skywalk (opened May 2014), Banff Lake Cruise, motorcoach services, charter and sightseeing services, inbound package tour operations and hotel operations.
Glacier Park, an 80 percent owned subsidiary of Viad, owns and operates seven lodges, with accommodation offerings varying from hikers’ cabins to hotel suites, including St. Mary Lodge, a 115-room, full-service resort lodge located outside the east entrance to Glacier National Park in St. Mary, Montana; Glacier Park Lodge, a historic lodge in East Glacier, Montana; Grouse Mountain Lodge, a full-season lodge offering golf, skiing in the winter, hiking in the summer and other seasonal recreational activities, located near Glacier National Park in Whitefish, Montana; the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada, which is situated on land for which the Company has a 42-year ground lease with the Canadian government running through January 31, 2052; the West Glacier Motel & Cabins in West Glacier, Montana, and Motel Lake McDonald and the Apgar Village Lodge, which are located inside Glacier National Park. Glacier Park also operates the food and beverage services with respect to those properties and the retail shops located near Glacier National Park. With regard to Glacier Park’s concession operations within Glacier National Park, refer to Note 24, Discontinued Operations.

On July 1, 2014, the Company acquired the West Glacier Motel & Cabins, the Apgar Village Lodge and related land, food and beverage services and retail operations (collectively, the “West Glacier Properties”). The West Glacier Motel & Cabins is a 32-room property situated on approximately 200 acres at the west entrance of Glacier National Park, and its full-service amenities include a restaurant, grocery store, gift shops, a gas station and employee accommodations. The Apgar Village Lodge is a 48-room property situated on a 3.8 acre private in-holding inside Glacier National Park with overnight accommodations, a gift shop and employee accommodations. The purchase price was $16.5 million in cash with a working capital adjustment of $0.3 million, subject to certain adjustments. For additional information, refer to Note 3, Acquisition of Businesses.
Alaska Denali Travel operates the Denali Backcountry Lodge and Denali Cabins. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve.
Use of Estimates 
Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to:
•
Fair value of Viad’s reporting units used to perform annual impairment testing of recorded goodwill;
•
Allowances for uncollectible accounts receivable;
•
Provisions for income taxes, including uncertain tax positions;
•
Valuation allowances related to deferred tax assets;
•
Liabilities for losses related to self-insured liability claims;
•
Liabilities for losses related to environmental remediation obligations;
•
Sublease income associated with restructuring liabilities;
•
Assumptions used to measure pension and postretirement benefit costs and obligations;
•
Assumptions used to determine share-based compensation costs under the fair value method and
•
Allocation of purchase price of acquired businesses.
Actual results could differ from these and other estimates.
Cash and Cash Equivalents 
Cash and Cash Equivalents. Viad considers all highly-liquid investments with remaining maturities when purchased of three months or less to be cash equivalents. Viad’s cash and cash equivalents consist of cash and bank demand deposits, bank time deposits and money market mutual funds. The Company’s investments in money market mutual funds are classified as available-for-sale and carried at fair value.
Inventories 
Inventories. Inventories, which consist primarily of exhibit design and construction materials and supplies used in providing convention show services, are stated at the lower of cost (first-in, first-out and specific identification methods) or market.
Property and Equipment 
Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets: buildings, 15 to 40 years; equipment, 3 to 12 years; and leasehold improvements, over the shorter of the lease term or useful life. Property and equipment are tested for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable through undiscounted cash flows.
Capitalized Software 
Capitalized Software. Viad capitalizes certain internal and external costs incurred in developing or obtaining internal use software. Capitalized costs principally relate to costs incurred to purchase software from third parties, external direct costs of materials and services, and certain payroll-related costs for employees directly associated with software projects once application development begins. Costs associated with preliminary project activities, training and other post-implementation activities are expensed as incurred. Capitalized software costs are amortized using the straight-line method over the estimated useful lives of the software, ranging from three to ten years. These costs are included in the consolidated balance sheets under the caption “Property and equipment, net.”
Goodwill 
Goodwill. Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31 of each year. Goodwill is also tested for impairment between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount. Viad uses a discounted expected future cash flow methodology (income approach) in order to estimate the fair value of its reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results.
Cash Surrender Value of Life Insurance 
Cash Surrender Value of Life Insurance. Viad has Company-owned life insurance contracts which are intended to fund the cost of certain employee compensation and benefit programs. These contracts are carried at cash surrender value, net of outstanding policy loans. The cash surrender value represents the amount of cash the Company could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, are included as a component of “Costs of Services” in the consolidated statements of operations.
Self-Insurance Liabilities 
Self-Insurance Liabilities. Viad is self-insured up to certain limits for workers’ compensation, automobile, product and general liability, property loss and medical claims. Viad has also retained certain liabilities related to workers’ compensation and general liability insurance claims in conjunction with previously sold operations. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on Viad’s prior historical experience, claims frequency and other factors. Viad has purchased insurance for amounts in excess of the self-insured levels.
Environmental Remediation Liabilities 
Environmental Remediation Liabilities. Viad has retained certain liabilities representing the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized.
Fair Value of Financial Instruments 
Fair Value of Financial Instruments. The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments.
Foreign Currency Translation 
Foreign Currency Translation. Viad conducts its foreign operations primarily in Canada, the United Kingdom, Germany and to a lesser extent in certain other countries. The functional currency of Viad’s foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, Viad translates the assets and liabilities of its foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income in Viad’s consolidated balance sheets. In addition, for purposes of consolidation, the revenues, expenses and gains and losses related to Viad’s foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period.
Revenue Recognition 
Revenue Recognition. Viad recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the sales price is fixed or determinable and collectability is reasonably assured. GES derives revenues primarily by providing show services to exhibitors participating in exhibitions and events and from the design, construction and refurbishment of exhibit booths and holiday themed environments. Service revenue is recognized at the time services are completed. Service revenue from event accommodations services is recorded when services are completed and is net of commissions. Exhibits and environments revenue is accounted for using the completed-contract method. The Travel & Recreation Group generates revenues through its attractions, hotels and transportation and sightseeing services. Revenues are recognized at the time services are performed.
Share-Based Compensation 
Share-Based Compensation. Viad recognizes and measures compensation costs related to all share-based payment awards using the fair value method of accounting. These awards generally include restricted stock, performance-based restricted stock (“PBRS”), stock options and liability-based awards (including performance units, restricted stock units and performance-based restricted stock units). These awards contain forfeiture and non-compete provisions.
The fair value of restricted stock and PBRS awards are based on Viad’s stock price on the date of grant. Viad issues restricted stock and PBRS awards from shares held in treasury. Future vesting of restricted stock and PBRS is generally subject to continued employment with Viad or its subsidiaries. Holders of restricted stock and PBRS have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge or otherwise encumber the stock, except to the extent restrictions have lapsed.
Restricted stock awards vest between three and five years from the date of grant. Share-based compensation expense related to restricted stock is recognized using the straight-line method over the requisite service period of approximately three years except for certain awards with a five-year vesting period whereby expense is recognized based on an accelerated multiple-award approach over a five-year period. For these awards, 40 percent of the shares vest on the third anniversary of the grant and the remaining shares vest in 30 percent increments over the subsequent two anniversary dates.
Liability-based awards (including performance units, restricted stock units and PBRS units awarded to key employees at certain of the Company’s Canadian operations) are recorded at estimated fair value, based on the number of units expected to vest and the level of achievement of predefined performance goals (where applicable) and are remeasured on each balance sheet date based on Viad’s stock price or the Monte Carlo simulation method until the time of settlement. The fair value of performance-based awards based on a market condition is determined using a Monte Carlo simulation. A Monte Carlo simulation requires the use of a number of assumptions, including historical volatility and correlation of the price of Viad’s stock and the price of the common shares of a comparator group, a risk-free rate of return and an expected term. To the extent earned, liability-based awards are settled in cash based on Viad’s stock price. Compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years.
Share-based compensation expense related to PBRS awards is recognized based on an accelerated multiple-award approach over the requisite service period of approximately three years. PBRS vests when certain incentive performance targets established in the year of grant are achieved at target levels. PBRS is subject to a graded vesting schedule whereby one third of the earned shares vest after the first year and the remaining earned shares vest in one-third increments each year over the next two years on the first business day in January.
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense related to stock option awards is recognized using the straight-line method over the requisite service period of approximately five years. The exercise price of stock options is based on the market value of Viad’s common stock at the date of grant.
Common Stock in Treasury 
Common Stock in Treasury. Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost.
Income Per Common Share 
Income Per Common Share. Viad applies the two-class method in calculating income per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income per share. Historically, Viad has funded its matching contributions to employees’ 401(k) accounts through the Company’s leveraged Employee Stock Ownership Plan (“ESOP”) feature of the Company’s 401(k) defined contribution plan. ESOP shares are treated as outstanding for income per share calculations. During 2014, the Company depleted these shares and matching contributions are now funded from shares of Viad common stock held in treasury.
Impact of Recent Accounting Pronouncements 
Impact of Recent Accounting Pronouncements
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The new guidance changes the criteria for reporting discontinued operations while enhancing disclosures. Under the standard, only disposals representing a strategic shift in operations, such as a disposal of a major geographic area, a major line of business or a major equity method investment, may be presented as discontinued operations. This guidance is effective for interim and annual periods beginning after December 15, 2014 and is not expected to have a material impact on Viad’s financial condition or results of operations.

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The guidance is effective for fiscal years beginning after December 15, 2016, and early adoption is not permitted. The Company has not yet determined if the adoption of this new guidance will have a material impact on its financial position or results of operations.

In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period. The new guidance requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant date fair value of the award. This update is effective for our fiscal year beginning January 1, 2016 and early adoption is permitted. The adoption of this new guidance is not expected to have a material impact on Viad’s financial condition or results of operations.
Share-Based Compensation (Tables)
Summary of share-based compensation expense 
The following table summarizes share-based compensation expense:
(in thousands)
2014
 
2013
 
2012
Restricted stock/PBRS
$
2,495

 
$
3,073

 
$
3,267

Performance unit incentive plan (“PUP”)
359

 
1,864

 
2,922

Restricted stock units/PBRS units
76

 
177

 
450

Stock options
—

 
107

 
593

Total share-based compensation before income tax benefit
2,930

 
5,221

 
7,232

Income tax benefit
(1,102
)
 
(1,936
)
 
(2,574
)
Total share-based compensation, net of income tax benefit
$
1,828

 
$
3,285

 
$
4,658

Summary of restricted stock and PBRS activity 
Restricted Stock and PBRS. The following table summarizes restricted stock and PBRS activity:
 
Restricted Stock
 
PBRS
 
Shares
 
Weighted-Average
Grant Date
Fair Value
 
Shares
 
Weighted-Average
Grant Date
Fair Value
Balance at December 31, 2011
572,022

 
$
20.36

 
416

 
$
15.36

Granted
168,050

 
20.46

 
—

 
—

Vested
(219,571
)
 
18.26

 
(416
)
 
15.36

Forfeited
(4,150
)
 
24.80

 
—

 
—

Balance, December 31, 2012
516,351

 
21.25

 
—

 


Granted
101,300

 
27.27

 
—

 
—

Vested
(166,320
)
 
20.83

 
—

 


Forfeited
(20,432
)
 
22.13

 
—

 
—

Balance, December 31, 2013
430,899

 
22.78

 
—

 
—

Granted
128,700

 
23.79

 
—

 
—

Vested
(197,671
)
 
22.51

 
—

 
—

Forfeited
(33,326
)
 
23.13

 
—

 
—

Balance, December 31, 2014
328,602

 
23.30

 
—

 
—

Summary of liability based award activity 
Liability-Based Awards. The following table summarizes the liability-based award activity:
 
PUP Awards
 
Restricted Stock Units
 
PBRS Units
 
Units
 
Weighted-Average
Grant Date
Fair Value
 
Units
 
Weighted-Average
Grant Date
Fair Value
 
Units
 
Weighted-Average
Grant Date
Fair Value
Balance at December 31, 2011
95,500

 
$
23.02

 
38,600

 
$
19.07

 
1,956

 
$
15.36

Granted
115,100

 
20.60

 
15,850

 
20.57

 
—

 
—

Vested
—

 
—

 
(13,100
)
 
15.36

 
(1,956
)
 
15.36

Forfeited
—

 
—

 
(850
)
 
20.89

 
—

 
—

Balance, December 31, 2012
210,600

 
21.70

 
40,500

 
20.82

 
—

 


Granted
93,100

 
27.35

 
8,600

 
27.35

 
—

 
—

Vested
—

 
—

 
(11,300
)
 
19.10

 
—

 
—

Forfeited
(3,932
)
 
21.15

 
(9,240
)
 
22.55

 
—

 
—

Balance, December 31, 2013
299,768

 
23.46

 
28,560

 
22.91

 
—

 
—

Granted
123,300

 
23.71

 
7,200

 
24.87

 
—

 
—

Vested
(94,600
)
 
23.01

 
(9,890
)
 
23.45

 
—

 
—

Forfeited
(61,348
)
 
24.43

 
(500
)
 
27.32

 
—

 
—

Balance, December 31, 2014
267,120

 
23.51

 
25,370

 
23.17

 
—

 
—

Summary of stock option activity 
Stock Options. The following table summarizes stock option activity:
 
Shares
 
Weighted-
Average
Exercise Price
 
Options
Exercisable
Options outstanding at December 31, 2011
584,201

 
23.32

 
396,688

Exercised
(12,099
)
 
19.41

 
 
Forfeited or expired
(208,206
)
 
25.81

 
 
Options outstanding at December 31, 2012
363,896

 
22.03

 
276,009

Exercised
(59,543
)
 
19.42

 
 
Forfeited or expired(1)
(15,853
)
 
40.45

 
 
Award modification
25,823

 
N/A

 
 
Options outstanding at December 31, 2013
314,323

 
19.79

 
314,323

Exercised
(66,076
)
 
18.53

 
 
Forfeited or expired
(18,522
)
 
35.28

 
 
Award modification
17,865

 
N/A

 
 
Options outstanding at December 31, 2014
247,590

 
17.82

 
247,590

Summary of information on stock options outstanding and exercisable 
The following table summarizes information concerning stock options outstanding and exercisable as of December 31, 2014:
 
Options Outstanding
 
Options Exercisable
 
 
 
Weighted-Average
Remaining Contractual Life (in years)
 
Weighted-
Average Exercise Price
 
 
 
Weighted-
Average Exercise Price
Range of Exercise Prices:
Shares
 
 
 
Shares
 
$16.62
224,137

 
3.8
 
$
16.62

 
224,137

 
$
16.62

$29.27
23,453

 
0.2
 
29.27

 
23,453

 
29.27

$16.62 to $29.27
247,590

 
3.5
 
17.82

 
247,590

 
17.82

Summary of additional information on stock options 
Additional information pertaining to stock options is provided in the table below:
(in thousands)
2014
 
2013
 
2012
Total intrinsic value of stock options outstanding
$
2,251

 
$
2,723

 
$
2,329

Total intrinsic value of stock options exercised
$
1,616

 
$
1,611

 
$
296

Fair value of stock options vested
$
—

 
$
532

 
$
539

Cash received from the exercise of stock options
$
1,155

 
$
777

 
$
248

Tax benefits realized for tax deductions related to stock option exercises and performance-based awards
$
461

 
$
404

 
$
96

Acquisition of Businesses (Tables)
Schedule of recognized identified assets acquired and liabilities assumed 
The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets, contingent consideration, working capital and certain tax amounts are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
12,068

Contingent consideration
 
 
 
1,244

Cash acquired
 
 
 
(943
)
Purchase price, net of cash acquired
 
 
 
$
12,369

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Accounts receivable, net
 
$
1,747

 
 
Inventory
 
46

 
 
Prepaid expenses
 
115

 
 
Property and equipment, net
 
1,280

 
 
Intangible assets
 
3,595

 
 
Total assets acquired
 
6,783

 
 
Accounts payable
 
421

 
 
Accrued liabilities
 
990

 
 
Customer deposits
 
569

 
 
Deferred tax liability
 
891

 
 
Other liabilities
 
106

 
 
Total liabilities acquired
 
2,977

 
 
Total fair value of net assets acquired
 
 
 
3,806

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
8,563

The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
24,416

Cash acquired
 
 
 
(190
)
Purchase price, net of cash acquired
 
 
 
$
24,226

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Accounts receivable, net
 
$
264

 
 
Inventory
 
433

 
 
Prepaid expenses
 
410

 
 
Property and equipment, net
 
5,902

 
 
Intangible assets
 
8,708

 
 
Total assets acquired
 
15,717

 
 
Accounts payable
 
1,232

 
 
Accrued liabilities
 
2,246

 
 
Customer deposits
 
199

 
 
Deferred tax liability
 
241

 
 
Revolving credit facility
 
488

 
 
Accrued dilapidations
 
589

 
 
Total liabilities acquired
 
4,995

 
 
Total fair value of net assets acquired
 
 
 
10,722

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
13,504

The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
42,950

Cash acquired
 
 
 
(4,064
)
Purchase price, net of cash acquired
 
 
 
$
38,886

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Accounts receivable, net
 
$
4,008

 
 
Prepaid expenses
 
640

 
 
Property and equipment, net
 
2,450

 
 
Other non-current assets
 
309

 
 
Intangible assets
 
14,300

 
 
Total assets acquired
 
21,707

 
 
Accounts payable
 
738

 
 
Accrued liabilities
 
3,341

 
 
Customer deposits
 
4,225

 
 
Deferred tax liability
 
1,614

 
 
Other liabilities
 
309

 
 
Total liabilities acquired
 
10,227

 
 
Total fair value of net assets acquired
 
 
 
11,480

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
27,406

The following table summarizes the preliminary recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. Due to the recent timing of the acquisition, we have not yet finalized our purchase price allocation. These amounts are subject to change within the measurement period as assessment of intangible assets and certain tax amounts are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
33,674

Additional purchase price payable upon tax election
 
 
 
1,300

Working capital receivable
 
 
 
(279
)
Cash acquired
 
 
 
(4,204
)
Purchase price, net of cash acquired
 
 
 
$
30,491

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Accounts receivable, net
 
$
1,450

 
 
Prepaid expenses
 
120

 
 
Property and equipment, net
 
93

 
 
Intangible assets
 
15,000

 
 
Total assets acquired
 
16,663

 
 
Accounts payable
 
488

 
 
Accrued liabilities
 
1,557

 
 
Customer deposits
 
4,525

 
 
Other liabilities
 
128

 
 
Total liabilities acquired
 
6,698

 
 
Total fair value of net assets acquired
 
 
 
9,965

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
20,526

The following table summarizes the recording of the fair values of the assets acquired and liabilities assumed as of the acquisition date. These amounts are subject to change within the measurement period as our working capital adjustments are finalized.
(in thousands)
 
 
 
 
Purchase price paid as:
 
 
 
 
Cash
 
 
 
$
16,544

Working capital adjustment payable
 
 
 
320

Total purchase price
 
 
 
16,864

 
 
 
 
 
Fair value of net assets acquired:
 
 
 
 
Prepaid expenses
 
$
24

 
 
Inventory
 
1,374

 
 
Property and equipment, net
 
14,510

 
 
Intangible assets
 
189

 
 
Total assets acquired
 
16,097

 
 
Accrued liabilities
 
35

 
 
Customer deposits
 
402

 
 
Other liabilities
 
64

 
 
Total liabilities acquired
 
501

 
 
Total fair value of net assets acquired
 
 
 
15,596

Excess purchase price over fair value of net assets acquired (“goodwill”)
 
 
 
$
1,268

Unaudited pro forma results of operations attributable to Viad 
The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming that the acquisitions above had each been completed on January 1, 2013:
(in thousands, except per share data)
 
2014
 
2013
Revenue
 
$
1,109,629

 
$
1,015,275

Depreciation and amortization
 
38,452

 
38,981

Income from continuing operations
 
44,360

 
15,317

Net income attributable to Viad
 
55,557

 
17,510

Diluted net income per share
 
2.76

 
0.86

Basic net income per share
 
2.76

 
0.86

Inventories (Tables)
Components of Inventories
The components of inventories as of December 31 were as follows:
(in thousands)
2014
 
2013
Raw materials
$
16,749

 
$
14,825

Work in process
15,652

 
13,168

Inventories
$
32,401

 
$
27,993

Other Current Assets (Tables)
Schedule of Other Current Assets
Other current assets as of December 31 were as follows:
(in thousands)
2014
 
2013
Prepaid vendor payments
$
2,689

 
$
2,008

Prepaid insurance
2,170

 
2,260

Prepaid software maintenance
1,934

 
1,946

Income tax receivable
1,869

 
2,035

Prepaid taxes
1,416

 
752

Prepaid other
4,427

 
4,563

Other
2,935

 
3,578

Other current assets
$
17,440

 
$
17,142

Property and Equipment (Tables)
Schedule of Property and Equipment
Property and equipment as of December 31 consisted of the following:
(in thousands)
2014
 
2013
Land and land interests
$
30,360

 
$
23,646

Buildings and leasehold improvements
138,104

 
139,889

Equipment and other
319,435

 
294,409

Gross property and equipment
487,899

 
457,944

Accumulated depreciation
(288,328
)
 
(267,614
)
Property and equipment, net
$
199,571

 
$
190,330

Other Investments and Assets (Tables)
Summary of other investments and assets
As of December 31 other investments and assets consisted of the following:
(in thousands)
2014
 
2013
Cash surrender value of life insurance
$
20,866

 
$
19,690

Self-insured liability receivable
7,728

 
5,009

Workers’ compensation insurance security deposits
4,250

 
3,350

Other
7,830

 
6,977

Total other investments and assets
$
40,674

 
$
35,026

Goodwill and Other Intangible Assets (Tables)
Summary of the goodwill balances by component and segment 
The changes in the carrying amount of goodwill were as follows:
(in thousands)
Marketing &
Events U.S.
 
Marketing &
Events
International
 
Travel &
Recreation
Group
 
Total
Balance at December 31, 2012
$
62,686

 
$
23,054

 
$
52,080

 
$
137,820

Goodwill impairment charge
—

 
—

 
(4,461
)
 
(4,461
)
Business acquisitions
—

 
158

 
—

 
158

Foreign currency translation adjustments
—

 
(601
)
 
(3,373
)
 
(3,974
)
Balance at December 31, 2013
62,686

 
22,611

 
44,246

 
129,543

Acquisition of Blitz
—

 
13,504

 
—

 
13,504

Acquisition of the West Glacier Properties
—

 
—

 
1,268

 
1,268

Acquisition of onPeak LLC
27,406

 
—

 
—

 
27,406

Acquisition of Travel Planners, Inc.
20,526

 
—

 
—

 
20,526

Acquisition of N200
—

 
8,563

 
—

 
8,563

Foreign currency translation adjustments
—

 
(2,457
)
 
(4,156
)
 
(6,613
)
Balance at December 31, 2014
$
110,618

 
$
42,221

 
$
41,358

 
$
194,197

Goodwill by reporting unit and segment 
The following table summarizes goodwill by reporting unit and segment as of December 31:
(in thousands)
2014
 
2013
Marketing & Events Group:
 
 
 
Marketing & Events U.S.
$
110,618

 
$
62,686

Marketing & Events International:
 
 
 
GES United Kingdom
34,396

 
14,049

GES Canada
7,825

 
8,562

Total Marketing & Events Group
152,839

 
85,297

Travel & Recreation Group:
 
 
 
Brewster
36,906

 
41,062

Alaska Denali Travel
3,184

 
3,184

Glacier Park
1,268

 
—

Total Travel & Recreation Group
41,358

 
44,246

Total Goodwill
$
194,197

 
$
129,543

Summary of other intangible assets 
A summary of other intangible assets as of December 31, 2014 is presented below:
(in thousands)
Gross Carrying
Value
 
Accumulated
Amortization
 
Net Carrying
Value
Amortized intangible assets:
 
 
 
 
 
Customer contracts and relationships
$
41,624

 
$
(2,961
)
 
$
38,663

Other
4,576

 
(732
)
 
3,844

Total amortized intangible assets
46,200

 
(3,693
)
 
42,507

Unamortized intangible assets:
 
 
 
 
 
Business licenses
460

 
—

 
460

Total
$
46,660

 
$
(3,693
)
 
$
42,967


A summary of other intangible assets as of December 31, 2013 is presented below:
(in thousands)
Gross Carrying
Value
 
Accumulated
Amortization
 
Net Carrying
Value
Amortized intangible assets:
 
 
 
 
 
Customer contracts and relationships
$
5,537

 
$
(2,521
)
 
$
3,016

Other
1,280

 
(276
)
 
1,004

Total amortized intangible assets
6,817

 
(2,797
)
 
4,020

Unamortized intangible assets:
 
 
 
 
 
Business licenses
460

 
—

 
460

Total
$
7,277

 
$
(2,797
)
 
$
4,480

Estimated amortization expense related to amortized intangible assets 
Estimated amortization expense related to amortized intangible assets for future years is expected to be as follows:
(in thousands)
 
2015
$
7,585

2016
$
6,765

2017
$
5,915

2018
$
4,942

2019
$
4,546

Thereafter
$
12,754

Other Current Liabilities (Tables)
Other current liabilities
As of December 31 other current liabilities consisted of the following:
(in thousands)
2014
 
2013
Continuing operations:
 
 
 
Self-insured liability
$
6,297

 
$
7,603

Accrued sales and use taxes
3,624

 
1,609

Accrued employee benefit costs
3,215

 
2,751

Accrued dividends
2,107

 
2,192

Accrued foreign income taxes
2,370

 
565

Accrued professional fees
1,228

 
1,832

Accrued restructuring
1,154

 
3,877

Other
6,861

 
7,741

Total continuing operations
26,856

 
28,170

Discontinued operations:
 
 
 
Self-insured liability
173

 
469

Environmental remediation liabilities
350

 
353

Other
408

 
177

Total discontinued operations
931

 
999

Total other current liabilities
$
27,787

 
$
29,169

Other Deferred Liabilities (Tables)
Summary of Other Deferred Items and Liabilities
As of December 31 other deferred items and liabilities consisted of the following:
(in thousands)
2014
 
2013
Continuing operations:
 
 
 
Self-insured liability
$
13,525

 
$
12,307

Self-insured excess liability
7,728

 
5,009

Accrued compensation
6,824

 
8,349

Foreign deferred tax liability
2,135

 
1,989

Accrued restructuring
555

 
1,919

Other
7,904

 
7,552

Total continuing operations
38,671

 
37,125

Discontinued operations:
 
 
 
Environmental remediation liabilities
4,395

 
4,666

Self-insured liability
4,327

 
4,489

Accrued income taxes
1,119

 
1,085

Other
1,250

 
1,254

Total discontinued operations
11,091

 
11,494

Total other deferred items and liabilities
$
49,762

 
$
48,619

Debt (Tables)
Long-term capital lease obligation 
Long-term debt as of December 31 was as follows:
(in thousands, except interest rates)
2014
 
2013
Revolving credit agreement, 2.4% (2014) and 2.2% (2013) weighted-average interest rate at December 31

$
139,500

 
$
10,000

Capital lease obligations, 6.0% (2014) and 6.9% (2013) weighted-average interest rate at December 31, due through 2018
1,520

 
1,668

Total debt
141,020

 
11,668

Current portion
(27,856
)
 
(10,903
)
Long-term debt and capital lease obligations
$
113,164

 
$
765

Aggregate annual maturities of capital lease obligations 
Aggregate annual maturities of long-term debt and capital lease obligations as of December 31, 2014 are as follows:
(in thousands)
Revolving Credit Agreement
 
Capital Lease Obligations
2015
$
27,000

 
$
937

2016
18,750

 
507

2017
18,750

 
211

2018
18,750

 
3

2019
56,250

 
—

Total
$
139,500

 
1,658

Less: Amount representing interest
 
 
(138
)
Present value of minimum lease payments
 
 
$
1,520

Fair Value Measurements (Tables)
Fair Value, Assets Measured on Recurring Basis
The fair value information related to these assets is summarized in the following tables:
 
 
 
Fair Value Measurements at Reporting Date Using
(in thousands)
December 31, 2014
 
Quoted Prices in
Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobserved
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Money market funds
$
8,518

 
$
8,518

 
$
—

 
$
—

Other mutual funds
2,536

 
2,536

 
—

 
—

Total assets at fair value on a recurring basis
$
11,054

 
$
11,054

 
$
—

 
$
—

Liabilities:
 
 
 
 
 
 
 
Earnout contingent consideration liability
(1,210
)
 
—

 
—

 
(1,210
)
Total liabilities at fair value on a recurring basis
$
(1,210
)
 
$
—

 
$
—

 
$
(1,210
)
 
 
 
 
 
 
 
 
 
 
 
Fair Value Measurements at Reporting Date Using
(in thousands)
December 31, 2013
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobserved
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Money market funds
$
118

 
$
118

 
$
—

 
$
—

Other mutual funds
2,023

 
2,023

 
—

 
—

Total assets at fair value on a recurring basis
$
2,141

 
$
2,141

 
$
—

 
$
—

Income Per Share (Tables)
Reconciliation of basic and diluted income per share
The following are the components of basic and diluted income per share as of December 31:
(in thousands, except per share data)
2014
 
2013
 
2012
Net income attributable to Viad (diluted)
$
52,354

 
$
21,555

 
$
5,897

Less: Allocation to non-vested shares
(970
)
 
(485
)
 
(157
)
Net income allocated to Viad common stockholders (basic)
$
51,384

 
$
21,070

 
$
5,740

Basic weighted-average outstanding common shares
19,804

 
19,850

 
19,701

Additional dilutive shares related to share-based compensation
329

 
415

 
304

Diluted weighted-average outstanding shares
20,133

 
20,265

 
20,005

Income per share:
 
 
 
 
 
Basic income attributable to Viad common stockholders
$
2.59

 
$
1.06

 
$
0.29

Diluted income attributable to Viad common stockholders(1)
$
2.59

 
$
1.06

 
$
0.29

(1) Diluted income per share amount cannot exceed basic income per share.
Employee Stock Ownership Feature of 401Plan (Tables)
Employee Stock Ownership Plan
Information regarding ESOP transactions is as follows:
(in thousands)
2014
 
2013
 
2012
Amounts paid by ESOP for:
 
 
 
 
 
Debt repayment
$
44

 
$
1,280

 
$
1,647

Interest
—

 
1

 
5

Amounts received from Viad as:
 
 
 
 
 
Contributions
44

 
1,202

 
1,604

Dividends
—

 
79

 
48

Accumulated Other Comprehensive Income (Tables)
Schedule of Accumulated Other Comprehensive Income (Loss) 
Changes in accumulated other comprehensive income (“AOCI”) by component were as follows:
(in thousands)
 
Unrealized Gains on Investments
 
Cumulative Foreign Currency Translation Adjustments
 
Unrecognized Net Actuarial Loss and Service Credit
 
Accumulated Other Comprehensive Income
Balance at December 31, 2012
 
$
275

 
$
42,158

 
$
(14,968
)
 
$
27,465

Other comprehensive income before reclassifications
 
215

 
(11,311
)
 
3,421

 
(7,675
)
Amounts reclassified from AOCI, net of tax
 
(61
)
 
—

 
288

 
227

Net other comprehensive income (loss)
 
154

 
(11,311
)
 
3,709

 
(7,448
)
Balance at December 31, 2013
 
$
429

 
$
30,847

 
$
(11,259
)
 
$
20,017

Other comprehensive income before reclassifications
 
98

 
(18,432
)
 
—

 
(18,334
)
Amounts reclassified from AOCI, net of tax
 
(56
)
 
—

 
(2,021
)
 
(2,077
)
Net other comprehensive income (loss)
 
42

 
(18,432
)
 
(2,021
)
 
(20,411
)
Balance at December 31, 2014
 
$
471

 
$
12,415

 
$
(13,280
)
 
$
(394
)
Reclassification out of Accumulated Other Comprehensive Income 
The following table presents information about reclassification adjustments out of AOCI as of December 31:
(in thousands)
 
2014
 
2013
 
Affected Line Item in the Statement Where Net Income is Presented
Unrealized gains on investments
 
$
90

 
$
99

 
Interest income
Tax effect
 
(34
)
 
(38
)
 
Income taxes
 
 
$
56

 
$
61

 
 
 
 
 
 
 
 
 
Recognized net actuarial loss
 
$
(3,821
)
 
$
(1,349
)
 
 
Amortization of prior service credit
 
565

 
902

 
 
Tax effect
 
1,235

 
159

 
Income taxes
 
 
$
(2,021
)
 
$
(288
)
 
 
Pension and Postretirement Benefits (Tables)
Components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad's postretirement benefit plans 
The components of net periodic benefit cost and other amounts recognized in other comprehensive income included the following:
(in thousands)
2014
 
2013
 
2012
Net periodic benefit cost:
 
 
 
 
 
Service cost
$
413

 
$
534

 
$
491

Interest cost
631

 
702

 
737

Expected return on plan assets
(640
)
 
(698
)
 
(622
)
Recognized net actuarial loss
145

 
248

 
201

Net periodic benefit cost
549

 
786

 
807

Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
Net actuarial loss (gain)
361

 
(1,214
)
 
958

Reversal of amortization of net actuarial loss
145

 
(248
)
 
(201
)
Total recognized in other comprehensive income (loss)
506

 
(1,462
)
 
757

Total recognized in net periodic benefit cost and other comprehensive income (loss)
$
1,055

 
$
(676
)
 
$
1,564

The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s pension plans included the following as of December 31:
(in thousands)
2014
 
2013
 
2012
Net periodic benefit cost:
 
 
 
 
 
Service cost
$
87

 
$
66

 
$
104

Interest cost
1,079

 
1,030

 
1,150

Expected return on plan assets
(436
)
 
(400
)
 
(406
)
Recognized net actuarial loss
407

 
583

 
491

Net periodic benefit cost
1,137

 
1,279

 
1,339

Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
Net actuarial loss (gain)
3,418

 
(2,565
)
 
1,942

Reversal of amortization item:
 
 
 
 
 
Net actuarial loss
(407
)
 
(583
)
 
(491
)
Total recognized in other comprehensive income (loss)
3,011

 
(3,148
)
 
1,451

Total recognized in net periodic benefit cost and other comprehensive income (loss)
$
4,148

 
$
(1,869
)
 
$
2,790


The components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad’s postretirement benefit plans included the following:
(in thousands)
2014
 
2013
 
2012
Net periodic benefit cost:
 
 
 
 
 
Service cost
$
129

 
$
156

 
$
146

Interest cost
640

 
663

 
814

Expected return on plan assets
—

 
—

 
(74
)
Amortization of prior service credit
(593
)
 
(902
)
 
(1,113
)
Recognized net actuarial loss
166

 
518

 
547

Net periodic benefit cost
342

 
435

 
320

Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
 
 
 
 
Net actuarial loss (gain)
1,045

 
(1,496
)
 
224

Prior service credit
(1,283
)
 
(40
)
 
—

Reversal of amortization item:
 
 
 
 
 
Net actuarial loss
(166
)
 
(518
)
 
(547
)
Prior service credit
593

 
902

 
1,113

Total recognized in other comprehensive income (loss)
189

 
(1,152
)
 
790

Total recognized in net periodic benefit cost and other comprehensive income (loss)
$
531

 
$
(717
)
 
$
1,110

Summary of funded status of the plans 
The following table represents the funded status of the plans as of December 31:
 
Funded Plans
 
Unfunded Plans
(in thousands)
2014
 
2013
 
2014
 
2013
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
11,460

 
$
15,387

 
$
2,911

 
$
3,032

Service cost
413

 
534

 
—

 
—

Interest cost
507

 
582

 
124

 
120

Actuarial adjustments
1,042

 
(473
)
 
234

 
44

Benefits paid
(344
)
 
(3,644
)
 
(211
)
 
(219
)
Translation adjustment
(1,062
)
 
(926
)
 
(302
)
 
(66
)
Benefit obligation at end of year
12,016

 
11,460

 
2,756

 
2,911

Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
11,560

 
12,997

 
—

 
—

Actual return on plan assets
983

 
1,148

 


 
—

Company contributions
604

 
1,892

 
211

 
219

Benefits paid
(344
)
 
(3,644
)
 
(211
)
 
(219
)
Translation adjustment
(1,056
)
 
(833
)
 


 
—

Fair value of plan assets at end of year
11,747

 
11,560

 
—

 
—

Funded status at end of year
$
(269
)
 
$
100

 
$
(2,756
)
 
$
(2,911
)
The following table indicates the funded status of the plans as of December 31:
 
 
 
 
 
 
 
 
 
Postretirement
Benefit Plans
 
Funded Plans
 
Unfunded Plans
 
(in thousands)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
13,435

 
$
15,348

 
$
10,536

 
$
11,570

 
$
16,919

 
$
18,701

Service cost
—

 
—

 
87

 
66

 
129

 
156

Interest cost
644

 
608

 
435

 
422

 
640

 
663

Actuarial adjustments
2,700

 
(1,530
)
 
649

 
(856
)
 
1,011

 
(1,631
)
Plan amendments
—

 
—

 
—

 
—

 
(1,283
)
 
(40
)
Benefits paid
(767
)
 
(991
)
 
(580
)
 
(666
)
 
(1,181
)
 
(930
)
Benefit obligation at end of year
16,012

 
13,435

 
11,127

 
10,536

 
16,235

 
16,919

Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
10,872

 
10,624

 
—

 
—

 
520

 
1,397

Actual return on plan assets
364

 
580

 
—

 
—

 
(34
)
 
(135
)
Company contributions
729

 
659

 
580

 
666

 
695

 
188

Benefits paid
(767
)
 
(991
)
 
(580
)
 
(666
)
 
(1,181
)
 
(930
)
Fair value of plan assets at end of year
11,198

 
10,872

 
—

 
—

 
—

 
520

Funded status at end of year
$
(4,814
)
 
$
(2,563
)
 
$
(11,127
)
 
$
(10,536
)
 
$
(16,235
)
 
$
(16,399
)
Net amount recognized in Viad's consolidated balance sheets 
The net amounts recognized in Viad’s consolidated balance sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows:
 
 
 
 
 
 
 
 
 
Postretirement
Benefit Plans
 
Funded Plans
 
Unfunded Plans
 
(in thousands)
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Other current liabilities
$
—

 
$
—

 
$
635

 
$
713

 
$
1,094

 
$
928

Non-current liabilities
4,814

 
2,563

 
10,492

 
9,823

 
15,141

 
15,471

Net amount recognized
$
4,814

 
$
2,563

 
$
11,127

 
$
10,536

 
$
16,235

 
$
16,399

Amounts recognized in accumulated other comprehensive income 
Amounts recognized in accumulated other comprehensive income as of December 31, 2014 consisted of:
(in thousands)
Funded
Plans
 
Unfunded
Plans
 
Postretirement
Benefit Plans
 
Total
Net actuarial loss
$
9,442

 
$
4,020

 
$
5,571

 
$
19,033

Prior service credit
—

 
—

 
(2,729
)
 
(2,729
)
Subtotal
9,442

 
4,020

 
2,842

 
16,304

Less tax effect
(3,581
)
 
(1,525
)
 
(1,078
)
 
(6,184
)
Total
$
5,861

 
$
2,495

 
$
1,764

 
$
10,120

Amounts recognized in accumulated other comprehensive income as of December 31, 2013 consisted of:
(in thousands)
Funded
Plans
 
Unfunded
Plans
 
Postretirement
Benefit Plans
 
Total
Net actuarial loss
$
6,972

 
$
3,480

 
$
4,692

 
$
15,144

Prior service credit
—

 
—

 
(2,038
)
 
(2,038
)
Subtotal
6,972

 
3,480

 
2,654

 
13,106

Less tax effect
(2,644
)
 
(1,320
)
 
(1,006
)
 
(4,970
)
Total
$
4,328

 
$
2,160

 
$
1,648

 
$
8,136

Fair value of plans' assets by asset class 
The fair value of the domestic plans’ assets by asset class was as follows:
 
 
 
Fair Value Measurements at December 31, 2014
 
 
 
Quoted Prices
in Active
Markets
 
Significant
Other
Observable
Inputs
 
Significant
Unobserved
Inputs
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Domestic pension plans:
 
 
 
 
 
 
 
Fixed income securities
$
6,534

 
$
6,534

 
$
—

 
$
—

U.S. equity securities
3,855

 
3,855

 
—

 
—

Cash
552

 
552

 
—

 
—

Other
257

 
—

 
257

 
—

Total
$
11,198

 
$
10,941

 
$
257

 
$
—


 
 
 
Fair Value Measurements at December 31, 2013
 
 
 
Quoted Prices
in Active
Markets
 
Significant
Other
Observable
Inputs
 
Significant
Unobserved
Inputs
(in thousands)
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Domestic pension plans:
 
 
 
 
 
 
 
Fixed income securities
$
5,966

 
$
5,966

 
$
—

 
$
—

U.S. equity securities
4,542

 
4,542

 
—

 
—

Cash
147

 
147

 
—

 
—

Other
217

 
—

 
217

 
—

Total
$
10,872

 
$
10,655

 
$
217

 
$
—

Postretirement benefit plans:
 
 
 
 
 
 
 
Fixed income securities
$
407

 
$
407

 
$
—

 
$
—

U.S. equity securities
109

 
109

 
—

 
—

Cash
4

 
4

 
—

 
—

Total
$
520

 
$
520

 
$
—

 
$
—

The fair value of the foreign pension plans’ assets by asset category were as follows:
 
 
 
Fair Value Measurements at December 31, 2014
(in thousands)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobserved
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Canadian fixed income securities
$
5,367

 
$
5,367

 


 
$
—

International equity securities
4,693

 
4,273

 
420

 
—

U.S. equity securities
1,236

 
1,236

 


 
—

Other
451

 
451

 


 
—

Total
$
11,747

 
$
11,327

 
$
420

 
$
—

 
 
 
Fair Value Measurements at December 31, 2013
(in thousands)
Total
 
Quoted Prices
in Active
Markets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobserved
Inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
Canadian fixed income securities
$
5,174

 
$
5,174

 
$
—

 
$
—

International equity securities
4,781

 
4,386

 
395

 
—

U.S. equity securities
1,269

 
1,269

 
—

 
—

Other
336

33.0

336

 
—

 
—

Total
$
11,560

 
$
11,165

 
$
395

 
$
—

Payments and receipts reflecting expected future service 
The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
(in thousands)
Funded
Plans
 
Unfunded
Plans
 
Postretirement
Benefit
Plans
2015
$
872

 
$
647

 
$
1,116

2016
845

 
745

 
1,159

2017
888

 
781

 
1,175

2018
908

 
802

 
1,185

2019
889

 
812

 
1,161

2020-2024
5,046

 
3,869

 
5,441

The following payments, which reflect expected future service, as appropriate, are expected to be paid:
(in thousands)
Funded
Plans
 
Unfunded
Plans
2015
$
357

 
$
187

2016
431

 
187

2017
434

 
186

2018
456

 
186

2019
517

 
186

2020-2024
3,055

 
918

Accumulated benefit obligation in excess of plan assets 
The accumulated benefit obligations in excess of plan assets as of December 31 were as follows:
 
Domestic Plans
 
Funded Plans
 
Unfunded Plans
(in thousands)
2014
 
2013
 
2014
 
2013
Projected benefit obligation
$
16,012

 
$
13,435

 
$
11,127

 
$
10,536

Accumulated benefit obligation
16,012

 
13,435

 
11,014

 
10,227

Fair value of plan assets
11,200

 
10,872

 
—

 
—

 
 
Foreign Plans
 
Funded Plans
 
Unfunded Plans
(in thousands)
2014
 
2013
 
2014
 
2013
Projected benefit obligation
$
12,016

 
$
11,460

 
$
2,756

 
$
2,911

Accumulated benefit obligation
11,268

 
10,823

 
2,656

 
2,911

Fair value of plan assets
11,747

 
11,560

 
—

 
—

Weighted-average assumptions used to determine benefit obligations 
Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:
 
Domestic Plans
 
 
 
 
 
Funded Plans
 
Unfunded Plans
 
Postretirement
Benefit Plans
 
Foreign Plans
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Discount rate
4.01
%
 
4.89
%
 
3.90
%
 
4.60
%
 
4.00
%
 
4.65
%
 
3.85
%
 
4.67
%
Rate of compensation increase
N/A

 
N/A

 
3.00
%
 
3.00
%
 
N/A

 
N/A

 
3.00
%
 
3.00
%
Weighted-average assumptions used to determine net periodic benefit cost were as follows:
 
Domestic Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
Postretirement
Benefit Plans
 
 
 
 
 
Funded Plans
 
Unfunded Plans
 
 
Foreign Plans
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Discount rate
4.90
%
 
4.09
%
 
4.60
%
 
3.80
%
 
4.65
%
 
3.85
%
 
4.67
%
 
4.03
%
Expected return on plan assets
4.15
%
 
3.90
%
 
N/A

 
N/A

 
0.00
%
 
0.00
%
 
5.69
%
 
5.44
%
Rate of compensation increase
N/A

 
N/A

 
3.00
%
 
4.50
%
 
N/A

 
N/A

 
3.00
%
 
3.00
%
Multi-employer pension plans 
The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented.



  
 
 
Plan
 
Pension
Protection Act
Zone Status
 
FIP/RP
Status
Pending/ Implemented
 
Viad Contributions
 
Surcharge Paid
 
Expiration
Date of
Collective-
Bargaining Agreement(s)
(in thousands)
EIN
 
No.
 
2014
 
2013
 
 
2014
 
2013
 
2012
 
 
Pension Fund:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Western Conference of Teamsters Pension Plan
91-6145047
 
1

 
Green
 
Green
 
No
 
$
6,369

 
$
5,524

 
$
5,694

 
No
 
5/31/2015

Southern California Local 831—Employer Pension Fund(1)
95-6376874
 
1

 
Green
 
Green
 
No
 
2,481

 
2,244

 
2,358

 
No
 
8/31/17
Chicago Regional Council of Carpenters Pension Fund
36-6130207
 
1

 
Yellow
 
Yellow
 
Yes
 
1,946

 
1,614

 
1,749

 
No
 
5/31/18
National Electrical Benefit Fund
53-0181657
 
1

 
Green
 
Green
 
No
 
1,457

 
1,631

 
1,814

 
No
 
6/16/15
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2
51-6030753
 
2

 
Green
 
Green
 
No
 
1,081

 
957

 
108

 
No
 
6/3/17
Central States, Southeast and Southwest Areas Pension Plan
36-6044243
 
1

 
Red
 
Red
 
Yes
 
1,018

 
836

 
874

 
No
 
7/31/15
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1),
36-1416355
 
1

 
Red
 
Red
 
Yes
 
993

 
430

 
930

 
No
 
6/30/19
Southwest Carpenters Pension Trust
95-6042875
 
1

 
Green
 
Green
 
No
 
885

 
812

 
944

 
No
 
6/30/15
Southern California IBEW-NECA Pension Fund
95-6392774
 
1

 
Yellow
 
Yellow
 
Yes
 
768

 
184

 
62

 
No
 
continuous
All other funds(2)
 
 
 
 
 
 
 
 
 
 
4,097

 
2,592

 
2,468

 
 
 
 
Total contributions to defined benefit plans
 
 
 
 
 
 
 
 
 
 
21,095

 
16,824

 
17,001

 
 
 
 
Total contributions to other plans
 
 
 
 
 
 
 
 
 
 
2,057

 
3,489

 
3,668

 
 
 
 
Total contributions to multi-employer plans
 
 
 
 
 
 
 
 
 
 
$
23,152

 
$
20,313

 
$
20,669

 
 
 
 
(1) The Company contributed more than 5 percent of total plan contributions for the 2013 and 2012 plan years based on the plans’ Form 5500s.
(2) Represents participation in 41 pension funds during 2014.
Income Taxes (Tables)
Reconciliation of Income Tax Expense 
:
(in thousands)
2014
 
2013
 
2012
Computed income tax expense at statutory federal income tax rate of 35%
$
14,450

 
35.0
 %
 
$
9,670

 
35.0
 %
 
$
8,096

 
35.0
 %
State income taxes, net of federal provision
227

 
0.5
 %
 
345

 
1.2
 %
 
470

 
2.0
 %
Foreign tax rate differentials
(1,262
)
 
(3.1
)%
 
77

 
0.3
 %
 
(2,031
)
 
(8.8
)%
U.S. tax on foreign earnings (net of foreign tax credits)
(2,168
)
 
(5.3
)%
 
(1,831
)
 
(6.6
)%
 
(595
)
 
(2.6
)%
Change in valuation allowance
(11,650
)
 
(28.2
)%
 
(2,184
)
 
(7.9
)%
 
14,220

 
61.5
 %
Proceeds from life insurance
(133
)
 
(0.3
)%
 
(196
)
 
(0.7
)%
 
(472
)
 
(2.0
)%
Return to provision and other adjustments
(1,401
)
 
(3.4
)%
 
1,664

 
6.0
 %
 
(371
)
 
(1.6
)%
Other, net
2,046

 
5.0
 %
 
765

 
2.8
 %
 
261

 
1.1
 %
Income tax expense
$
109

 
0.2
 %
 
$
8,310

 
30.1
 %
 
$
19,578

 
84.6
 %
Schedule of Unrecognized Tax Benefits 
(in thousands)
Continuing
Operations
 
Discontinued
Operations
 
Total
Balance, December 31, 2011
$
—

 
$
636

 
$
636

Net additions and reductions
—

 
—

 
—

Balance at December 31, 2012
—

 
636

 
636

Additions for tax positions taken in prior years
736

 
—

 
736

Balance at December 31, 2013
736

 
636

 
1,372

Additions for tax positions taken in prior years
1,019

 
—

 
1,019

Reductions for lapse of applicable statutes
(472
)
 
—

 
(472
)
Balance at December 31, 2014
$
1,283

 
$
636

 
$
1,919

Schedule of Deferred Tax Assets and Liabilities 
The components of deferred income tax assets and liabilities included in the consolidated balance sheets as of December 31 are as follows:
(in thousands)
2014
 
2013
Deferred tax assets:
 
 
 
Tax credit carryforwards
$
21,783

 
$
26,945

Pension, compensation and other employee benefits
23,501

 
23,835

Provisions for losses
12,127

 
13,674

Net operating loss carryforward
4,886

 
4,794

State income taxes
2,979

 
2,170

Other deferred income tax assets
3,927

 
5,552

Total deferred tax assets
69,203

 
76,970

Valuation allowance
(3,781
)
 
(12,393
)
Foreign deferred tax assets included above
(1,536
)
 
(1,713
)
Net deferred tax assets
63,886

 
62,864

Deferred tax liabilities:
 
 
 
Property and equipment
(5,856
)
 
(7,861
)
Deferred tax related to life insurance
(4,962
)
 
(4,842
)
Goodwill and other intangible assets
(2,705
)
 
(959
)
Unremitted foreign earnings
—

 
(398
)
Other deferred income tax liabilities
(1,452
)
 
(393
)
Total deferred tax liabilities
(14,975
)
 
(14,453
)
Foreign deferred tax liabilities included above
3,671

 
1,989

United States deferred tax assets
$
52,582

 
$
50,400

Schedule of Income Tax Expense 
Significant components of the income tax provision from continuing operations are as follows:
(in thousands)
2014
 
2013
 
2012
Current:
 
 
 
 
 
United States:
 
 
 
 
 
Federal
$
—

 
$
(3,308
)
 
$
(1,537
)
State
16

 
(286
)
 
2,189

Foreign
9,824

 
9,606

 
7,652

Total current
9,840

 
6,012

 
8,304

Deferred:
 
 
 
 
 
United States:
 
 
 
 
 
Federal
(9,486
)
 
2,007

 
11,127

State
(125
)
 
651

 
40

Foreign
(120
)
 
(360
)
 
107

Total deferred
(9,731
)
 
2,298

 
11,274

Income tax expense
$
109

 
$
8,310

 
$
19,578

Schedule of Domestic and Foreign Income Before Income Tax 
Earnings before income taxes from continuing operations consist of the following for the years ended December 31:
(in thousands)
2014
 
2013
 
2012
Foreign
$
33,349

 
$
25,010

 
$
29,645

United States
7,938

 
2,620

 
(6,514
)
Income from continuing operations before income taxes
$
41,287

 
$
27,630

 
$
23,131

Restructuring Charges (Tables)
Reconciliation of beginning and ending liability balances by major restructuring activity
The table below represents a reconciliation of beginning and ending liability balances by major restructuring activity:
 
Marketing & Events
Group Consolidation
 
Other Restructurings
 
 
(in thousands)
Severance &
Employee
Benefits
 
Facilities
 
Severance &
Employee
Benefits
 
Facilities
 
Total
Balance at December 31, 2011
$
831

 
$
4,819

 
$
24

 
$
1,276

 
$
6,950

Restructuring charges
2,506

 
2,346

 
90

 
—

 
4,942

Cash payments
(2,670
)
 
(1,567
)
 
(114
)
 
(343
)
 
(4,694
)
Adjustment to liability
51

 
(27
)
 
—

 
—

 
24

Foreign currency translation adjustment
2

 
—

 
—

 
—

 
2

Balance at December 31, 2012
720

 
5,571

 
—

 
933

 
7,224

Restructuring charges (recoveries)
2,931

 
(315
)
 
1,869

 
(692
)
 
3,793

Cash payments
(2,411
)
 
(1,691
)
 
(498
)
 
(241
)
 
(4,841
)
Adjustment to liability
—

 
—

 
(478
)
 
—

 
(478
)
Balance at December 31, 2013
1,240

 
3,565

 
893

 
—

 
5,698

Restructuring charges (recoveries)
2,358

 
(828
)
 
107

 
—

 
1,637

Cash payments
(3,055
)
 
(1,376
)
 
(845
)
 
—

 
(5,276
)
Adjustment to liability
—

 
(200
)
 
85

 
—

 
(115
)
Balance at December 31, 2014
$
543

 
$
1,161

 
$
240

 
$
—

 
$
1,944

Leases and Other (Tables)
Future minimum rental payments and related sublease rentals receivable 
As of December 31, 2014, Viad’s future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year were as follows:
(in thousands)
Rental
Payments
 
Receivable
Under Subleases
2015
$
16,343

 
$
1,372

2016
14,115

 
1,232

2017
12,709

 
1,021

2018
10,888

 
1,023

2019
7,739

 
622

Thereafter
9,755

 
926

Total
$
71,549

 
$
6,196

Net rent expense under operating leases 
Net rent expense under operating leases consisted of the following as of December 31:
(in thousands)
2014
 
2013
 
2012
Minimum rentals
$
37,707

 
$
34,201

 
$
36,309

Sublease rentals
(6,884
)
 
(6,815
)
 
(6,501
)
Total rentals, net
$
30,823

 
$
27,386

 
$
29,808

Segment Information (Tables)
Reconciliation of income statement items from reportable segments 
Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows:
(in thousands)
2014
 
2013
 
2012
Revenues:
 
 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
710,835

 
$
628,856

 
$
676,772

International
249,649

 
229,312

 
240,137

Intersegment eliminations
(16,016
)
 
(13,264
)
 
(14,869
)
Total Marketing & Events Group
944,468

 
844,904

 
902,040

Travel & Recreation Group
120,519

 
108,443

 
104,604

Total revenue
$
1,064,987

 
$
953,347

 
$
1,006,644

Segment operating income:

 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
21,400

 
$
11,024

 
$
5,579

International
10,339

 
9,068

 
12,321

Total Marketing & Events Group
31,739


20,092

 
17,900

Travel & Recreation Group
28,127

 
21,819

 
20,291

Segment operating income
59,866

 
41,911

 
38,191

Corporate activities
(14,348
)
 
(6,755
)
 
(9,408
)
Operating income
45,518


35,156

 
28,783

Interest income
305

 
550

 
593

Interest expense
(2,015
)
 
(1,234
)
 
(1,303
)
Restructuring recoveries (charges):
 
 
 
 
 
Marketing & Events U.S.
278

 
409

 
(3,479
)
Marketing & Events International
(1,808
)
 
(2,362
)
 
(1,373
)
Travel & Recreation Group
41

 
(809
)
 
(79
)
Corporate
(148
)
 
(1,031
)
 
(11
)
Impairment charges:
 
 
 
 
 
Marketing & Events U.S.
—

 
(658
)
 
—

Marketing & Events International
(884
)
 
(294
)
 
—

Travel & Recreation Group
—

 
(2,097
)
 
—

Income from continuing operations before income taxes
$
41,287

 
$
27,630

 
$
23,131

Reconciliation of assets from reportable segments 
(in thousands)
2014
 
2013
 
2012
Assets:
 
 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
304,727

 
$
194,422

 
$
203,145

International
116,842

 
81,058

 
100,387

Travel & Recreation Group
199,986

 
209,611

 
223,199

Corporate and other
93,388

 
76,841

 
123,846

 
$
714,943


$
561,932

 
$
650,577

Depreciation and amortization:
 
 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
16,066

 
$
14,906

 
$
17,643

International
6,311

 
5,566

 
5,162

Travel & Recreation Group
8,232

 
7,319

 
7,183

Corporate and other
183

 
176

 
145

 
$
30,792


$
27,967

 
$
30,133

Capital expenditures:
 
 
 
 
 
Marketing & Events Group:
 
 
 
 
 
U.S.
$
14,515

 
$
8,278

 
$
7,525

International
4,134

 
4,332

 
4,913

Travel & Recreation Group
10,740

 
23,108

 
15,201

Corporate and other
—

 
401

 
36

 
$
29,389


$
36,119

 
$
27,675

Financial information by major geographic area 
The table below presents the financial information by major geographic area:
(in thousands)
2014
 
2013
 
2012
Revenues:
 
 
 
 
 
United States
$
718,538

 
$
637,482

 
$
681,827

United Kingdom
174,127

 
151,217

 
153,027

Canada
153,775

 
148,934

 
151,070

Other international
18,547

 
15,714

 
20,720

Total revenues
$
1,064,987

 
$
953,347

 
$
1,006,644

Long-lived assets:
 
 
 
 
 
United States
$
130,401

 
$
132,315

 
$
141,727

Canada
78,193

 
82,986

 
76,067

United Kingdom
13,973

 
9,631

 
9,757

Other international
242

 
424

 
2,163

Total long-lived assets
$
222,809

 
$
225,356

 
$
229,714

Discontinued Operations (Tables)
Schedule of Disposal Groups Details 
The following summarizes Glacier Park’s expired concession contract operating results, which are presented in income (loss) from discontinued operations, net of tax, in Viad’s Condensed Consolidated Statements of Operations as of December 31:
(in thousands)
 
2014
 
2013
 
2012
Total revenue
 

 
$
19,445

 
$
18,587

Costs (recoveries) and expenses
 
(93
)
 
(15,462
)
 
(14,916
)
Impairment charges
 
—

 
(2,364
)
 
—

Restructuring charges
 
—

 
(98
)
 
—

Income from discontinued operations, before income taxes
 
(93
)
 
1,521

 
3,671

Income tax (expense) benefit
 
45

 
(280
)
 
(1,265
)
Income from discontinued operations, net of tax
 
(48
)
 
1,241

 
2,406

Gain on sale of discontinued operations, net of tax
 
13,343

 
—

 
—

Income from discontinued operations
 
13,295

 
1,241

 
2,406

Income from discontinued operations attributable to noncontrolling interest
 
(2,825
)
 
(248
)
 
(481
)
Income from discontinued operations attributable to Viad
 
$
10,470

 
$
993

 
$
1,925

Reconciliation of Noncontrolling Interest, Income Statement 
The following is a reconciliation of net income attributable to the noncontrolling interest for the year ended December 31:
(in thousands)
 
2014
 
2013
 
2012
Income (loss) from continuing operations
 
$
388

 
$
(117
)
 
$
205

Income from discontinued operations
 
2,825

 
248

 
481

Net income attributable to noncontrolling interest
 
$
3,213

 
$
131

 
$
686

Condensed Consolidated Quarterly Results (Unaudited) (Tables)
Quarterly financial information
The following quarterly financial information was derived from the Company’s interim financial statements and was prepared in a manner consistent with the annual financial statements and includes all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation.
 
2014
 
2013
(in thousands, except per share data)
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
Revenues:
$
285,641

 
$
256,391

 
$
299,802

 
$
223,155

 
$
285,159

 
$
246,180

 
$
220,167

 
$
201,842

Operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ongoing operations(1)
$
13,361

 
$
14,136

 
$
33,013

 
$
(644
)
 
$
13,595

 
$
11,455

 
$
18,723

 
$
(1,862
)
Corporate activities
(2,039
)
 
(1,991
)
 
(3,468
)
 
(6,850
)
 
(806
)
 
(1,167
)
 
(2,034
)
 
(2,748
)
Restructuring (charges) recoveries
(211
)
 
(1,369
)
 
(234
)
 
177

 
(720
)
 
(773
)
 
(639
)
 
(1,661
)
Impairment charges
—

 
(884
)
 
—

 
—

 
—

 
—

 
(3,049
)
 
—

Operating income (loss)
$
11,111

 
$
9,892

 
$
29,311

 
$
(7,317
)
 
$
12,069

 
$
9,515

 
$
13,001

 
$
(6,271
)
Income (loss) from continuing operations attributable to Viad(2)
$
9,312

 
$
7,978

 
$
30,755

 
$
(7,255
)
 
$
8,453

 
$
6,516

 
$
8,871

 
$
(4,403
)
Net income (loss) attributable to Viad(2)
$
21,882

 
$
6,742

 
$
29,620

 
$
(5,889
)
 
$
8,065

 
$
6,253

 
$
11,855

 
$
(4,618
)
Income (loss) per common share-Diluted(2),(3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Viad
$
0.46

 
$
0.39

 
$
1.53

 
$
(0.37
)
 
$
0.42

 
$
0.32

 
$
0.44

 
$
(0.22
)
Net income (loss) attributable to Viad
$
1.08

 
$
0.33

 
$
1.48

 
$
(0.30
)
 
$
0.40

 
$
0.31

 
$
0.58

 
$
(0.23
)
Income (loss) per common share-Basic(2),(3):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations attributable to Viad
$
0.46

 
$
0.39

 
$
1.53

 
$
(0.37
)
 
$
0.42

 
$
0.32

 
$
0.44

 
$
(0.22
)
Net income (loss) attributable to Viad
$
1.08

 
$
0.33

 
$
1.48

 
$
(0.30
)
 
$
0.40

 
$
0.31

 
$
0.58

 
$
(0.23
)
(1) Represents revenues less costs of services and products sold.
(2) Includes $10.9 million benefit associated with the 2014 third quarter release of the valuation allowance relating to foreign income tax credits.
(3) The sum of quarterly income per share amounts may not equal annual income per share due to rounding.
Summary of Significant Accounting Policies (Details)
12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2014
Restricted Stock
Dec. 31, 2014
Other Restricted Stock
Dec. 31, 2014
Liability Based Awards
Dec. 31, 2014
Performance Shares
Dec. 31, 2014
Stock options
Sep. 16, 2014
Blitz Communication Group Limited
USD ($)
Sep. 16, 2014
Blitz Communication Group Limited
GBP (£)
Oct. 7, 2014
onPeak LLC
USD ($)
Oct. 7, 2014
Travel Planners, Inc
USD ($)
Nov. 24, 2014
N200 Limited and Affiliates
USD ($)
Nov. 24, 2014
N200 Limited and Affiliates
EUR (€)
Sep. 16, 2014
N200 Limited and Affiliates
USD ($)
Sep. 16, 2014
N200 Limited and Affiliates
GBP (£)
Jul. 1, 2014
West Glacier Motel and Cabins
acre
Room
Jul. 1, 2014
Apgar Village Lodge
Room
acre
Jul. 1, 2014
West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations
USD ($)
Dec. 31, 2014
Glacier Park Inc
Property
Room
Dec. 31, 2014
Minimum
Restricted Stock
Dec. 31, 2014
Maximum
Restricted Stock
Dec. 31, 2014
Building
Minimum
Dec. 31, 2014
Building
Maximum
Dec. 31, 2014
Equipment
Minimum
Dec. 31, 2014
Equipment
Maximum
Dec. 31, 2014
Computer Software, Intangible Asset
Minimum
Dec. 31, 2014
Computer Software, Intangible Asset
Maximum
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, useful life
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15 years 
40 years 
3 years 
12 years 
3 years 
10 years 
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
 
 
 
 
 
$ 24,416,000 
£ 15,000,000 
$ 42,950,000 
$ 33,674,000 
$ 12,068,000 
€ 9,700,000 
$ 12,100,000 
£ 9,700,000 
 
 
$ 16,544,000 
 
 
 
 
 
 
 
 
 
Contingent Consideration, Liability
 
 
 
 
 
 
 
 
 
1,300,000 
 
1,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Noncontrolling Interest, Ownership Percentage by Parent
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
80.00% 
 
 
 
 
 
 
 
 
Numbers of hotel
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7 
 
 
 
 
 
 
 
 
Rooms acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
32 
48 
 
115 
 
 
 
 
 
 
 
 
Lessee Leasing Arrangements, Operating Leases, Term of Contract
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42 years 
 
 
 
 
 
 
 
 
Land acquired
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200 
3.8 
 
 
 
 
 
 
 
 
 
 
Working capital adjustment
 
 
 
 
 
 
 
 
 
$ (279,000)
$ 1,244,000 
 
 
 
 
 
$ 320,000 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share based compensation arrangements vesting period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 
5 years 
 
 
 
 
 
 
Share based compensation arrangements requisite service period
 
3 years 
5 years 
3 years 
3 years 
5 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of shares vest on the third anniversary of the grant
40.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent of increments over the subsequent two anniversary dates
30.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Performance Based Restricted Stock awards description and terms
PBRS is subject to a graded vesting schedule whereby one third of the earned shares vest after the first year and the remaining earned shares vest in one-third increments each year over the next two years on the first business day in January 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary of Significant Accounting Policies (Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining maturities of highly-liquid investments
three months or less 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-Based Compensation - Summary of Share-Based Compensation Expenses (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
$ 2,930 
$ 5,221 
$ 7,232 
Income tax benefit
(1,102)
(1,936)
(2,574)
Total share-based compensation, net of income tax benefit
1,828 
3,285 
4,658 
Restricted stock/performance-based restricted stock (PBRS)
 
 
 
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
2,495 
3,073 
3,267 
Performance unit incentive plan (PUP)
 
 
 
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
359 
1,864 
2,922 
Restricted Stock Units and Performance Based Restricted Stock Units
 
 
 
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
76 
177 
450 
Stock options
 
 
 
Summary of share-based compensation expense
 
 
 
Share-based compensation before income tax benefit
$ 0 
$ 107 
$ 593 
Share-Based Compensation - Summary of Restricted Stock and PBRS Activity (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Restricted Stock
 
 
 
Summary of restricted stock and PBRS activity
 
 
 
Beginning Balance, Shares
430,899 
516,351 
572,022 
Granted, Shares
128,700 
101,300 
168,050 
Vested, Shares
(197,671)
(166,320)
(219,571)
Forfeited or Cancelled, Shares
(33,326)
(20,432)
(4,150)
Ending Balance, Shares
328,602 
430,899 
516,351 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
 
 
 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 22.78 
$ 21.25 
$ 20.36 
Granted, Weighted-Average Grant Date Fair Value
$ 23.79 
$ 27.27 
$ 20.46 
Vested, Weighted-Average Grant Date Fair Value
$ 22.51 
$ 20.83 
$ 18.26 
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value
$ 23.13 
$ 22.13 
$ 24.80 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 23.30 
$ 22.78 
$ 21.25 
PBRS
 
 
 
Summary of restricted stock and PBRS activity
 
 
 
Beginning Balance, Shares
0 
0 
416 
Granted, Shares
0 
0 
0 
Vested, Shares
0 
0 
(416)
Forfeited or Cancelled, Shares
0 
0 
0 
Ending Balance, Shares
0 
0 
0 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
 
 
 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 0.00 
   
$ 15.36 
Granted, Weighted-Average Grant Date Fair Value
$ 0.00 
$ 0.00 
$ 0.00 
Vested, Weighted-Average Grant Date Fair Value
$ 0.00 
   
$ 15.36 
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value
$ 0.00 
$ 0.00 
$ 0.00 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 0.00 
$ 0.00 
    
Share-Based Compensation - Summary of Liability Based Award Activity (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Restricted Stock (RSU)
 
 
 
Summary of Liability-Based Award Activity [Roll Forward]
 
 
 
Granted, Weighted-Average Grant Date Fair Value
$ 24.87 
 
 
Liability Based Awards |
Performance unit incentive plan (PUP)
 
 
 
Summary of Liability-Based Award Activity [Roll Forward]
 
 
 
Beginning Balance, Shares
299,768 
210,600 
95,500 
Granted, Shares
123,300 
93,100 
115,100 
Vested, Shares
(94,600)
0 
0 
Forfeited or Cancelled, Shares
(61,348)
(3,932)
0 
Ending Balance, Shares
267,120 
299,768 
210,600 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 23.46 
$ 21.70 
$ 23.02 
Granted, Weighted-Average Grant Date Fair Value
$ 23.71 
$ 27.35 
$ 20.60 
Vested, Weighted-Average Grant Date Fair Value
$ 23.01 
$ 0.00 
$ 0.00 
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value
$ 24.43 
$ 21.15 
$ 0.00 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 23.51 
$ 23.46 
$ 21.70 
Liability Based Awards |
Restricted Stock (RSU)
 
 
 
Summary of Liability-Based Award Activity [Roll Forward]
 
 
 
Beginning Balance, Shares
28,560 
40,500 
38,600 
Granted, Shares
7,200 
8,600 
15,850 
Vested, Shares
(9,890)
(11,300)
(13,100)
Forfeited or Cancelled, Shares
(500)
(9,240)
(850)
Ending Balance, Shares
25,370 
28,560 
40,500 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 22.91 
$ 20.82 
$ 19.07 
Granted, Weighted-Average Grant Date Fair Value
 
$ 27.35 
$ 20.57 
Vested, Weighted-Average Grant Date Fair Value
$ 23.45 
$ 19.10 
$ 15.36 
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value
$ 27.32 
$ 22.55 
$ 20.89 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 23.17 
$ 22.91 
$ 20.82 
Liability Based Awards |
Performance Based Restricted Stock Shares (PBRSU)
 
 
 
Summary of Liability-Based Award Activity [Roll Forward]
 
 
 
Beginning Balance, Shares
0 
0 
1,956 
Granted, Shares
0 
0 
0 
Vested, Shares
0 
0 
(1,956)
Forfeited or Cancelled, Shares
0 
0 
0 
Ending Balance, Shares
0 
0 
0 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 0.00 
   
$ 15.36 
Granted, Weighted-Average Grant Date Fair Value
$ 0.00 
$ 0.00 
$ 0.00 
Vested, Weighted-Average Grant Date Fair Value
$ 0.00 
$ 0.00 
$ 15.36 
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value
$ 0.00 
$ 0.00 
$ 0.00 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 0.00 
$ 0.00 
    
Share-Based Compensation - Summary of Stock Option Activity (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Summary of stock option activity
 
 
 
Options outstanding, Beginning Balance, Shares
314,323 
363,896 
584,201 
Options outstanding, Beginning Balance, Weighted Average Exercise Price
$ 19.79 
$ 22.03 
$ 23.32 
Options outstanding, Beginning Balance, Options Exercisable
314,323 
276,009 
396,688 
Exercised, Shares
(66,076)
(59,543)
(12,099)
Exercised, Weighted Average Exercise Price
$ 18.53 
$ 19.42 
$ 19.41 
Shares Forfeited or Expired
(18,522)
(15,853)
(208,206)
Weighted Average Exercise Price Forfeited
$ 35.28 
$ 40.45 
$ 25.81 
Options outstanding, Ending Balance, Shares
247,590 
314,323 
363,896 
Options outstanding, Ending Balance, Weighted Average Exercise Price
$ 17.82 
$ 19.79 
$ 22.03 
Options outstanding, Ending Balance, Options Exercisable
247,590 
314,323 
276,009 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross
0 
0 
0 
Additional Shares Granted from Special Dividend
17,865 
25,823 
 
Share-Based Compensation - Summary of Information on Stock Options Outstanding and Exercisable (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Summary of information concerning stock options outstanding and exercisable
 
Options Outstanding, Shares
247,590 
Options Outstanding, Weighted-Average Remaining Contractual Life
3 years 6 months 
Options Outstanding, Weighted-Average Exercise Price
$ 17.82 
Options Exercisable, Shares
247,590 
Options Exercisable, Weighted-Average Exercise Price
$ 17.82 
Range One
 
Summary of information concerning stock options outstanding and exercisable
 
Range of Exercise Prices, upper limit
$ 16.62 
Options Outstanding, Shares
224,137 
Options Outstanding, Weighted-Average Remaining Contractual Life
3 years 9 months 18 days 
Options Outstanding, Weighted-Average Exercise Price
$ 16.62 
Options Exercisable, Shares
224,137 
Options Exercisable, Weighted-Average Exercise Price
$ 16.62 
Range Two
 
Summary of information concerning stock options outstanding and exercisable
 
Range of Exercise Prices, upper limit
$ 29.27 
Options Outstanding, Shares
23,453 
Options Outstanding, Weighted-Average Remaining Contractual Life
2 months 12 days 
Options Outstanding, Weighted-Average Exercise Price
$ 29.27 
Options Exercisable, Shares
23,453 
Options Exercisable, Weighted-Average Exercise Price
$ 29.27 
Share-Based Compensation - Summary of Additional Information on Stock Options (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Summary of additional information pertaining to stock options
 
 
 
Total intrinsic value of stock options outstanding
$ 2,251 
$ 2,723 
$ 2,329 
Total intrinsic value of stock options exercised
1,616 
1,611 
296 
Fair value of stock options vested
0 
532 
539 
Cash received from the exercise of stock options
1,155 
777 
248 
Tax deficiencies from share-based compensation
$ 461 
$ 404 
$ 96 
Share-Based Compensation - Narrative (Details Textual) (USD $)
0 Months Ended 12 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended 9 Months Ended 12 Months Ended 12 Months Ended
Jan. 24, 2014
Oct. 25, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2014
Stock options
Dec. 31, 2013
Stock options
Dec. 31, 2012
Stock options
Feb. 28, 2014
Restricted Stock (RSU)
Feb. 28, 2013
Restricted Stock (RSU)
Feb. 28, 2012
Restricted Stock (RSU)
Dec. 31, 2014
Restricted Stock (RSU)
Jan. 31, 2012
PBRS
Dec. 31, 2014
PBRS
Dec. 31, 2013
PBRS
Dec. 31, 2012
PBRS
Dec. 31, 2011
PBRS
Mar. 31, 2014
Performance unit incentive plan (PUP)
Sep. 30, 2014
Performance unit incentive plan (PUP)
Dec. 31, 2014
Performance unit incentive plan (PUP)
Dec. 31, 2013
Performance unit incentive plan (PUP)
Dec. 31, 2012
Performance unit incentive plan (PUP)
Dec. 31, 2014
Restricted Stock
Dec. 31, 2013
Restricted Stock
Dec. 31, 2012
Restricted Stock
Dec. 31, 2011
Restricted Stock
Dec. 31, 2014
Restricted Stock
Minimum
Dec. 31, 2014
Restricted Stock Units and Performance Based Restricted Stock Units
Dec. 31, 2013
Restricted Stock Units and Performance Based Restricted Stock Units
Dec. 31, 2012
Restricted Stock Units and Performance Based Restricted Stock Units
Dec. 31, 2014
Restructuring Charges
Dec. 31, 2013
Restructuring Charges
Dec. 31, 2012
Restructuring Charges
Dec. 31, 2014
Restructuring Charges
Performance unit incentive plan (PUP)
Dec. 31, 2013
Restructuring Charges
Performance unit incentive plan (PUP)
Dec. 31, 2012
Restructuring Charges
Performance unit incentive plan (PUP)
Dec. 31, 2014
Performance unit incentive plan (PUP)
Dec. 31, 2013
Performance unit incentive plan (PUP)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Useful Life of the 2007 plan
 
 
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
0 
416 
 
 
 
 
 
328,602 
430,899 
516,351 
572,022 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.00 
$ 0.00 
    
$ 15.36 
 
 
 
 
 
$ 23.30 
$ 22.78 
$ 21.25 
$ 20.36 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum number of shares of common stock available for grant
 
 
1,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Additional number of shares of common stock available for grant
 
 
1,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares Available for Grant
 
 
889,254 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based compensation before income tax benefit
 
 
$ 2,930,000 
$ 5,221,000 
$ 7,232,000 
 
$ 0 
$ 107,000 
$ 593,000 
 
 
 
 
 
 
 
 
 
 
 
$ 359,000 
$ 1,864,000 
$ 2,922,000 
 
 
 
 
 
$ 76,000 
$ 177,000 
$ 450,000 
$ (137,000)
$ 676,000 
$ 253,000 
$ 100,000 
$ 329,000 
$ 94,000 
 
 
Grant date fair value of restricted stock vested
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,000 
 
 
 
 
 
 
 
4,500,000 
3,500,000 
4,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unamortized cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recognition Period of Unrecognized cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 year 2 months 12 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repurchase of Common Stock for Employee Tax Withholding Obligations amount, shares
 
 
72,996 
50,156 
56,885 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Repurchase of Common Stock for Employee Tax Withholding Obligations amount
 
 
1,800,000 
1,300,000 
1,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities related to restricted stock
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
540,000 
664,000 
 
 
 
 
 
 
 
 
 
Payments To Employees
 
 
 
 
 
 
 
 
 
200,000 
300,000 
300,000 
 
35,000 
 
 
 
 
2,900,000 
 
 
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross
 
 
0 
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liability awards recorded
 
 
 
5,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,500,000 
 
Weighted-average exercised
 
 
$ 17.82 
$ 19.79 
$ 22.03 
$ 23.32 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUP award cancelled
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
0 
 
 
 
 
 
 
33,326 
20,432 
4,150 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUP awards, Granted
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
0 
 
 
 
 
 
 
128,700 
101,300 
168,050 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUP award vested
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
416 
 
 
 
 
 
 
197,671 
166,320 
219,571 
 
 
 
 
 
 
 
 
 
 
 
0 
0 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.00 
   
$ 15.36 
 
 
 
 
 
 
$ 22.51 
$ 20.83 
$ 18.26 
 
 
 
 
 
 
 
 
 
 
 
 
 
Options Exercised
 
 
66,076 
59,543 
12,099 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized share-based compensation costs
 
 
$ 0 
$ 0 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Grant date fair value of restricted stock vested
 
 
 
 
 
 
 
 
 
 
 
 
$ 24.87 
 
$ 0.00 
$ 0.00 
$ 0.00 
 
 
 
 
 
 
$ 23.79 
$ 27.27 
$ 20.46 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0.00 
$ 0.00 
$ 0.00 
 
 
 
 
 
 
$ 23.13 
$ 22.13 
$ 24.80 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared per common share (USD per share)
$ 1.50 
$ 2.50 
$ 1.90 
$ 2.90 
$ 0.28 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 
 
 
 
 
 
 
 
3 years 
 
 
 
 
 
 
 
 
 
 
 
Acquisition of Businesses - Schedule of Recognized Assets Acquired and Liabilities Assumed (Details)
In Thousands, unless otherwise specified
12 Months Ended 0 Months Ended 0 Months Ended
Dec. 31, 2014
USD ($)
Dec. 31, 2013
USD ($)
Dec. 31, 2012
USD ($)
Nov. 24, 2014
N200 Limited and Affiliates
USD ($)
Nov. 24, 2014
N200 Limited and Affiliates
EUR (€)
Sep. 16, 2014
N200 Limited and Affiliates
USD ($)
Sep. 16, 2014
N200 Limited and Affiliates
GBP (£)
Oct. 7, 2014
Travel Planners, Inc
USD ($)
Oct. 7, 2014
onPeak LLC
USD ($)
Jul. 1, 2014
West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations
USD ($)
Jul. 2, 2014
West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations
USD ($)
Sep. 16, 2014
Blitz Communication Group Limited
USD ($)
Sep. 16, 2014
Blitz Communication Group Limited
GBP (£)
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash
 
 
 
$ 12,068 
€ 9,700 
$ 12,100 
£ 9,700 
$ 33,674 
$ 42,950 
$ 16,544 
 
$ 24,416 
£ 15,000 
Additional purchase price payable upon tax election
 
 
 
 
 
 
 
1,300 
 
 
 
 
 
Cash acquired
 
 
 
(943)
 
 
 
(4,204)
(4,064)
 
 
(190)
 
Working capital adjustment
 
 
 
1,244 
 
 
 
(279)
 
320 
 
 
 
Total purchase price
120,251 
647 
23,546 
12,369 
 
 
 
30,491 
38,886 
16,864 
 
24,226 
 
Accounts receivable, net
 
 
 
1,747 
 
 
 
1,450 
4,008 
 
 
264 
 
Inventory
 
 
 
46 
 
 
 
 
 
 
1,374 
433 
 
Prepaid expenses
 
 
 
115 
 
 
 
120 
640 
 
24 
410 
 
Property and equipment, net
 
 
 
1,280 
 
 
 
93 
2,450 
 
14,510 
5,902 
 
Other non-current assets
 
 
 
 
 
 
 
 
309 
 
 
 
 
Intangible assets
 
 
 
3,595 
 
 
 
15,000 
14,300 
 
189 
8,708 
 
Total assets acquired
 
 
 
6,783 
 
 
 
16,663 
21,707 
 
16,097 
15,717 
 
Accounts payable
 
 
 
421 
 
 
 
488 
738 
 
 
1,232 
 
Accrued liabilities
 
 
 
990 
 
 
 
1,557 
3,341 
 
35 
2,246 
 
Customer deposits
 
 
 
569 
 
 
 
4,525 
4,225 
 
402 
199 
 
Deferred tax liability
 
 
 
891 
 
 
 
 
1,614 
 
 
241 
 
Revolving credit facility
 
 
 
 
 
 
 
 
 
 
 
488 
 
Accrued dilapidations
 
 
 
 
 
 
 
 
 
 
 
589 
 
Other liabilities
 
 
 
(106)
 
 
 
(128)
(309)
 
(64)
 
 
Total liabilities acquired
 
 
 
(2,977)
 
 
 
(6,698)
(10,227)
 
(501)
(4,995)
 
Total fair value of net assets acquired
 
 
 
3,806 
 
 
 
9,965 
11,480 
 
15,596 
10,722 
 
Excess purchase price over fair value of net assets acquired (“goodwill”)
$ 194,197 
$ 129,543 
$ 137,820 
$ 8,563 
 
 
 
$ 20,526 
$ 27,406 
 
$ 1,268 
$ 13,504 
 
Acquisition of Businesses - Unaudited Pro Forma (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Business Combinations [Abstract]
 
 
Revenue
$ 1,109,629 
$ 1,015,275 
Depreciation and amortization
38,452 
38,981 
Income from continuing operations
44,360 
15,317 
Net income attributable to Viad
$ 55,557 
$ 17,510 
Diluted net income (USD per share)
$ 2.76 
$ 0.86 
Basic net income (USD per share)
$ 2.76 
$ 0.86 
Acquisition of Businesses - Narrative (Details)
0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Jul. 1, 2014
West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations
USD ($)
Dec. 31, 2014
West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations
USD ($)
Sep. 30, 2014
West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations
USD ($)
Jul. 2, 2014
West Glacier Motel and Cabins, Apgar Village Lodge, and Other Operations
USD ($)
Jul. 1, 2014
West Glacier Motel and Cabins
Room
acre
Jul. 1, 2014
Apgar Village Lodge
Room
acre
Sep. 16, 2014
Blitz Communication Group Limited
USD ($)
Sep. 16, 2014
Blitz Communication Group Limited
GBP (£)
Dec. 31, 2014
Blitz Communication Group Limited
USD ($)
Oct. 7, 2014
onPeak LLC
USD ($)
Dec. 31, 2014
onPeak LLC
USD ($)
Oct. 7, 2014
Travel Planners, Inc
USD ($)
Dec. 31, 2014
Travel Planners, Inc
USD ($)
Nov. 24, 2014
N200 Limited and Affiliates
USD ($)
Nov. 24, 2014
N200 Limited and Affiliates
EUR (€)
Sep. 16, 2014
N200 Limited and Affiliates
USD ($)
Sep. 16, 2014
N200 Limited and Affiliates
GBP (£)
Dec. 31, 2014
N200 Limited and Affiliates
USD ($)
Mar. 31, 2014
Resource Creative Limited
USD ($)
Mar. 31, 2014
Resource Creative Limited
GBP (£)
Feb. 28, 2013
Resource Creative Limited
USD ($)
Feb. 28, 2013
Resource Creative Limited
GBP (£)
Dec. 31, 2014
Blitz Communication, West Glacier, onPeak LLC, Travel Planners Inc, and N200 Limited and Affiliates [Member]
USD ($)
Jan. 31, 2015
Subsequent Event
Resource Creative Limited
USD ($)
Jan. 31, 2015
Subsequent Event
Resource Creative Limited
GBP (£)
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rooms acquired
 
 
 
 
32 
48 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land acquired
 
 
 
 
200 
3.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash paid for business
$ 16,544,000 
 
 
 
 
 
$ 24,416,000 
£ 15,000,000 
 
$ 42,950,000 
 
$ 33,674,000 
 
$ 12,068,000 
€ 9,700,000 
$ 12,100,000 
£ 9,700,000 
 
 
 
$ 600,000 
 
 
 
 
Working capital adjustment
320,000 
 
 
 
 
 
 
 
 
 
 
(279,000)
 
1,244,000 
 
 
 
 
 
 
 
 
 
 
 
Escrow Deposit
 
 
 
 
 
 
 
 
 
4,100,000 
 
8,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liability for Payment of Working Capital Adjustment
 
 
300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill expected to be tax deductible, term of recognition
15 years 
 
 
 
 
 
15 years 
15 years 
 
15 years 
 
15 years 
 
15 years 
15 years 
 
 
 
 
 
 
 
 
 
 
Acquisition Related Costs
200,000 
 
 
 
 
 
800,000 
 
 
500,000 
 
500,000 
 
1,000,000 
 
 
 
 
 
 
 
 
3,000,000 
 
 
Intangible assets
 
 
 
189,000 
 
 
8,708,000 
 
 
14,300,000 
 
15,000,000 
 
3,595,000 
 
 
 
 
 
 
 
 
 
 
 
Weighted Average Useful Life
3 years 6 months 0 days 
 
 
 
 
 
6 years 10 months 24 days 
6 years 10 months 24 days 
 
9 years 10 months 24 days 
 
10 years 1 month 6 days 
 
7 years 7 months 6 days 
7 years 7 months 6 days 
 
 
 
 
 
 
 
 
 
 
Revenue of Acquiree since Acquisition Date, Actual
 
5,000,000 
 
 
 
 
 
 
10,100,000 
 
2,700,000 
 
3,400,000 
 
 
 
 
400,000 
 
 
 
 
 
 
 
Earnings or Loss of Acquiree since Acquisition Date, Actual
 
1,500,000 
 
 
 
 
 
 
400,000 
 
700,000 
 
500,000 
 
 
 
 
200,000 
 
 
 
 
 
 
 
Contingent Consideration, Liability
 
 
 
 
 
 
 
 
 
 
 
1,300,000 
 
 
1,000,000 
 
 
 
 
 
 
200,000 
 
 
 
Goodwill, Expected Tax Deductible Amount
 
 
 
 
 
 
 
 
 
9,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Contingent Consideration, Payment of Liability
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 200,000 
£ 100,000 
 
 
 
$ 100,000 
£ 100,000 
Inventories - Components of Inventories (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Components of Inventories
 
 
Raw materials
$ 16,749 
$ 14,825 
Work in process
15,652 
13,168 
Inventories
$ 32,401 
$ 27,993 
Other Current Assets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
 
 
Prepaid vendor payments
$ 2,689 
$ 2,008 
Prepaid insurance
2,170 
2,260 
Prepaid software maintenance
1,934 
1,946 
Prepaid taxes
1,416 
752 
Prepaid other
4,427 
4,563 
Other
2,935 
3,578 
Other current assets
$ 17,440 
$ 17,142 
Property and Equipment - Schedule of Property and Equipment (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Property and Equipment
 
 
Total Property and Equipment
$ 487,899 
$ 457,944 
Accumulated depreciation
(288,328)
(267,614)
Property and equipment, net
199,571 
190,330 
Land and land interests
 
 
Property and Equipment
 
 
Total Property and Equipment
30,360 
23,646 
Building and leasehold improvements
 
 
Property and Equipment
 
 
Total Property and Equipment
138,104 
139,889 
Equipment and other
 
 
Property and Equipment
 
 
Total Property and Equipment
$ 319,435 
$ 294,409 
Property and Equipment - Additional Information (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Acquired Indefinite-lived Intangible Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sale of facility and related land
 
 
 
 
 
 
 
 
$ 0 
$ 12,696,000 
$ 0 
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property
 
 
 
 
 
 
 
 
0 
4,775,000 
0 
Net carrying amount of capitalized software
17,000,000 
 
 
 
13,900,000 
 
 
 
17,000,000 
13,900,000 
 
Leasehold interests
487,899,000 
 
 
 
457,944,000 
 
 
 
487,899,000 
457,944,000 
 
Depreciation expense
 
 
 
 
 
 
 
 
28,100,000 
27,400,000 
30,000,000 
Asset Impairment Charges
0 
0 
884,000 
0 
0 
3,049,000 
0 
0 
884,000 
3,049,000 
0 
Leasehold Land Interests
 
 
 
 
 
 
 
 
 
 
 
Acquired Indefinite-lived Intangible Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Leasehold interests
9,100,000 
 
 
 
10,000,000 
 
 
 
9,100,000 
10,000,000 
 
Marketing and Events Group
 
 
 
 
 
 
 
 
 
 
 
Acquired Indefinite-lived Intangible Assets [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Asset Impairment Charges
 
 
 
 
 
 
 
 
$ 900,000 
$ 952,000 
 
Other Investments and Assets - Summary of Other Investments and Assets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Investments, All Other Investments [Abstract]
 
 
Cash surrender value of life insurance
$ 20,866 
$ 19,690 
Self-insured liability receivable
7,728 
5,009 
Workers’ compensation insurance security deposits
4,250 
3,350 
Other
7,830 
6,977 
Total other investments and assets
$ 40,674 
$ 35,026 
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2014
Marketing & Events U.S.
Dec. 31, 2013
Marketing & Events U.S.
Dec. 31, 2014
Marketing & Events International
Dec. 31, 2013
Marketing & Events International
Dec. 31, 2014
Travel & Recreation Group
Dec. 31, 2013
Travel & Recreation Group
Dec. 31, 2014
Blitz Communication Group Limited
Sep. 16, 2014
Blitz Communication Group Limited
Dec. 31, 2014
Blitz Communication Group Limited
Marketing & Events U.S.
Dec. 31, 2014
Blitz Communication Group Limited
Marketing & Events International
Dec. 31, 2014
Blitz Communication Group Limited
Travel & Recreation Group
Dec. 31, 2014
West Glacier Motel and Cabins
Dec. 31, 2014
West Glacier Motel and Cabins
Marketing & Events U.S.
Dec. 31, 2014
West Glacier Motel and Cabins
Marketing & Events International
Dec. 31, 2014
West Glacier Motel and Cabins
Travel & Recreation Group
Dec. 31, 2014
onPeak LLC
Oct. 7, 2014
onPeak LLC
Dec. 31, 2014
onPeak LLC
Marketing & Events U.S.
Dec. 31, 2014
onPeak LLC
Marketing & Events International
Dec. 31, 2014
onPeak LLC
Travel & Recreation Group
Dec. 31, 2014
Travel Planners, Inc
Oct. 7, 2014
Travel Planners, Inc
Dec. 31, 2014
Travel Planners, Inc
Marketing & Events U.S.
Dec. 31, 2014
Travel Planners, Inc
Marketing & Events International
Dec. 31, 2014
Travel Planners, Inc
Travel & Recreation Group
Dec. 31, 2014
N200 Limited and Affiliates
Nov. 24, 2014
N200 Limited and Affiliates
Dec. 31, 2014
N200 Limited and Affiliates
Marketing & Events U.S.
Dec. 31, 2014
N200 Limited and Affiliates
Marketing & Events International
Dec. 31, 2014
N200 Limited and Affiliates
Travel & Recreation Group
Changes in the carrying amount of goodwill
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill, Beginning Balance
$ 129,543 
$ 137,820 
$ 62,686 
$ 62,686 
$ 22,611 
$ 23,054 
$ 44,246 
$ 52,080 
 
$ 13,504 
 
 
 
 
 
 
 
 
$ 27,406 
 
 
 
 
$ 20,526 
 
 
 
 
$ 8,563 
 
 
 
Goodwill impairment charge
 
(4,461)
 
0 
 
0 
 
(4,461)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Business acquisitions
 
158 
 
0 
 
158 
 
0 
13,504 
 
0 
13,504 
0 
1,268 
0 
0 
1,268 
27,406 
 
27,406 
0 
0 
20,526 
 
20,526 
0 
0 
8,563 
 
0 
8,563 
0 
Foreign currency translation adjustments
(6,613)
(3,974)
0 
0 
(2,457)
(601)
(4,156)
(3,373)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill Ending balance
$ 194,197 
$ 129,543 
$ 110,618 
$ 62,686 
$ 42,221 
$ 22,611 
$ 41,358 
$ 44,246 
 
$ 13,504 
 
 
 
 
 
 
 
 
$ 27,406 
 
 
 
 
$ 20,526 
 
 
 
 
$ 8,563 
 
 
 
Goodwill and Other Intangible Assets - Goodwill by Reporting Unit and Segment (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Goodwill by reporting unit and segment
 
 
 
Goodwill
$ 194,197 
$ 129,543 
$ 137,820 
Marketing & Events U.S.
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
110,618 
62,686 
 
Marketing & Events International
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
42,221 
22,611 
23,054 
Marketing & Events International |
United Kingdom (Melville GES)
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
34,396 
14,049 
 
Marketing & Events International |
GES Canada
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
7,825 
8,562 
 
Marketing and Events Group
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
152,839 
85,297 
 
Travel & Recreation Group
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
41,358 
44,246 
52,080 
Travel & Recreation Group |
Brewster
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
36,906 
41,062 
 
Travel & Recreation Group |
Glacier Park
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
1,268 
0 
 
Travel & Recreation Group |
Alaska Denali Travel
 
 
 
Goodwill by reporting unit and segment
 
 
 
Goodwill
$ 3,184 
$ 3,184 
 
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Finite-Lived Intangible Assets, Net [Abstract]
 
 
Amortized intangible assets, Gross Carrying Value
$ 46,200 
$ 6,817 
Accumulated Amortization
(3,693)
(2,797)
Amortized intangible assets, Net Carrying Value
42,507 
4,020 
Intangible Assets, Gross (Excluding Goodwill)
46,660 
7,277 
Total Other Intangible Assets, Net
42,967 
4,480 
Customer contracts and relationships
 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
Amortized intangible assets, Gross Carrying Value
41,624 
5,537 
Accumulated Amortization
(2,961)
(2,521)
Amortized intangible assets, Net Carrying Value
38,663 
3,016 
Other
 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
Amortized intangible assets, Gross Carrying Value
4,576 
1,280 
Accumulated Amortization
(732)
(276)
Amortized intangible assets, Net Carrying Value
3,844 
1,004 
Business licenses
 
 
Finite-Lived Intangible Assets, Net [Abstract]
 
 
Unamortized intangible assets, Gross Carrying Value
$ 460 
$ 460 
Goodwill and Other Intangible Assets - Estimated Amortization Expense Related to Amortized Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Estimated amortization expense related to amortized intangible assets
 
2015
$ 7,585 
2016
6,765 
2017
5,915 
2018
4,942 
2019
4,546 
Thereafter
$ 12,754 
Goodwill and Other Intangible Assets - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Marketing & Events U.S.
Dec. 31, 2014
United Kingdom (Melville GES)
Dec. 31, 2014
GES Canada
Dec. 31, 2014
Brewster
Dec. 31, 2014
Glacier Park
Dec. 31, 2014
Alaska Denali Travel
Dec. 31, 2014
Customer Contracts
Dec. 31, 2014
Other
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Percentage of estimated fair values
 
 
 
142.00% 
48.00% 
52.00% 
167.00% 
16.00% 
14.00% 
 
 
Intangible asset amortization expense
$ 2.7 
$ 1.3 
$ 0.7 
 
 
 
 
 
 
 
 
Finite-Lived Intangible Asset, Useful Life
 
 
 
 
 
 
 
 
 
9 years 0 months 0 days 
3 years 9 months 18 days 
Accumulated Impairment Loss on Goodwill
$ 229.7 
 
 
 
 
 
 
 
 
 
 
Other Current Liabilities - Schedule of Other Current Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Continuing operations:
 
 
Self-insured liability
$ 6,297 
$ 7,603 
Accrued sales and use taxes
3,624 
1,609 
Accrued employee benefit costs
3,215 
2,751 
Accrued dividends
2,107 
2,192 
Accrued foreign income taxes
2,370 
565 
Accrued professional fees
1,228 
1,832 
Accrued restructuring
1,154 
3,877 
Other
6,861 
7,741 
Total continuing operations
26,856 
28,170 
Discontinued operations:
 
 
Self-insured liability
173 
469 
Environmental remediation liabilities
350 
353 
Other
408 
177 
Total discontinued operations
931 
999 
Total other current liabilities
$ 27,787 
$ 29,169 
Other Deferred Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Other Liabilities Disclosure [Abstract]
 
 
Self-insured liability
$ 13,525 
$ 12,307 
Self-insured excess liability
7,728 
5,009 
Accrued compensation
6,824 
8,349 
Foreign deferred tax liability
2,135 
1,989 
Accrued restructuring
555 
1,919 
Other
7,904 
7,552 
Total continuing operations
38,671 
37,125 
Environmental remediation liabilities
4,395 
4,666 
Self-insured liability
4,327 
4,489 
Accrued income taxes
1,119 
1,085 
Other
1,250 
1,254 
Total discontinued operations
11,091 
11,494 
Total other deferred items and liabilities
$ 49,762 
$ 48,619 
Debt - Schedule of Long-Term Capital Lease Obligation (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Long-term capital lease obligation
 
 
Revolving credit agreement, 2.4% (2014) and 2.2% (2013) weighted-average interest rate at December 31
$ 139,500 
$ 10,000 
Capital lease obligations, 6.0% (2014) and 6.9% (2013) weighted-average interest rate at December 31, due through 2018
1,520 
1,668 
Long-term Debt, Excluding Current Maturities
141,020 
11,668 
Current portion
(27,856)
(10,903)
Long-term debt and capital lease obligations
$ 113,164 
$ 765 
Debt - Schedule of Aggregate Annual Maturities of Capital Lease Obligations (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Debt Instrument [Line Items]
 
 
Revolving Credit, Maturity, Total
$ 113,164 
$ 765 
Capital Leases, Future Minimum Payments Due, 2015
937 
 
Capital Leases, Future Minimum Payments Due, 2016
507 
 
Capital Leases, Future Minimum Payments Due, 2017
211 
 
Capital Leases, Future Minimum Payments Due, 2018
3 
 
Capital Leases, Future Minimum Payments Due, 2019
0 
 
Capital Leases, Future Minimum Payments Due, Total
1,658 
 
Capital Leases, Interest Included in Payments
(138)
 
Capital Leases, Present Value of Net Minimum Payments
1,520 
 
Revolving Credit Agreement
 
 
Debt Instrument [Line Items]
 
 
Revolving Credit, Maturity, 2015
27,000 
 
Revolving Credit, Maturity, 2016
18,750 
 
Revolving Credit, Maturity, 2017
18,750 
 
Revolving Credit, Maturity, 2018
18,750 
 
Revolving Credit, Maturity, 2019
56,250 
 
Revolving Credit, Maturity, Total
$ 139,500 
 
Debt - Additional Information (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Revolving Credit Facility
Dec. 31, 2014
Term Loan
Dec. 31, 2014
Capital Leases
Dec. 31, 2013
Capital Leases
Oct. 10, 2014
Amended 2014 Credit Facility
Revolving Credit Facility
Maximum
Dec. 31, 2014
Amended and Restated Credit Agreement
Dec. 31, 2014
Amended and Restated Credit Agreement
Top Tier Foreign Subsidiaries
Dec. 22, 2014
Amended and Restated Credit Agreement
Revolving Credit Facility
Maximum
Dec. 22, 2014
Amended and Restated Credit Agreement
Senior Credit Facility
Maximum
Dec. 22, 2014
Amended and Restated Credit Agreement
Term Loan
Maximum
Dec. 31, 2014
First Debt Covenant Trigger
Amended and Restated Credit Agreement
Dec. 31, 2014
Second Debt Covenant Trigger
Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit facility
 
 
 
 
 
 
 
$ 180,000,000 
 
 
$ 175,000,000 
$ 300,000,000 
$ 125,000,000 
 
 
Line of Credit Facility, Additional Borrowing Capacity
 
 
 
 
 
 
 
 
 
 
100,000,000 
 
100,000,000 
 
 
Letters of credit
 
 
 
 
 
 
 
 
 
 
40,000,000 
 
 
 
 
Capital stock of top-tier foreign subsidiaries
 
 
 
 
 
 
 
 
 
65.00% 
 
 
 
 
 
Debt Covenant, Fixed Charge Coverage Ratio
2.61 
 
 
 
 
 
 
 
1.75 
 
 
 
 
2.00 
 
Percentage of repurchases of shares
1.73 
 
 
 
 
 
 
 
3.00 
 
 
 
 
2.75 
2.50 
Share repurchases
 
 
 
 
 
 
 
 
20,000,000 
 
 
 
 
 
 
Debt Covenant, Leverage Ratio Required for Dividend or Share Activity, Maximum
 
 
 
 
 
 
 
 
2.00 
 
 
 
 
 
 
Debt Instrument, Covenant, Required Level of Unrestricted Cash and Cash Equivalents
 
 
 
 
 
 
 
 
100,000,000 
 
 
 
 
 
 
Long-term Debt, Excluding Current Maturities
141,020,000 
11,668,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility, Balance Outstanding
139,500,000 
10,000,000 
 
14,500,000 
125,000,000 
 
 
 
 
 
 
 
 
 
 
Capital lease obligations, total
1,520,000 
1,668,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Remaining borrowing capacity
159,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding letters of credit
1,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The fees on the unused portion of the credit facility
0.35% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum potential amount of future payments
5,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recourse provisions
There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateral arrangements
Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross amount of assets recorded under capital leases
 
 
 
 
 
3,500,000 
3,900,000 
 
 
 
 
 
 
 
 
Accumulated Amortization
3,693,000 
2,797,000 
 
 
 
2,100,000 
2,100,000 
 
 
 
 
 
 
 
 
Debt, Weighted Average Interest Rate
4.00% 
4.20% 
8.50% 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated fair value of total debt
123,000,000 
11,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Interest Rate During Period
2.40% 
2.20% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average interest rate
6.00% 
6.90% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dividends declared and paid
 
 
 
 
 
 
 
 
$ 20,000,000 
 
 
 
 
 
 
Fair Value Measurements - Recurring and Nonrecurring Basis (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Money market funds
 
 
Fair value information related to assets
 
 
Assets
$ 8,500 
$ 100 
Other mutual funds
 
 
Fair value information related to assets
 
 
Assets
2,500 
2,000 
Fair Value, Measurements, Recurring
 
 
Fair value information related to assets
 
 
Assets
11,054 
2,141 
Liabilities, Fair Value Disclosure, Recurring
(1,210)
 
Fair Value, Measurements, Recurring |
Money market funds
 
 
Fair value information related to assets
 
 
Assets
8,518 
118 
Fair Value, Measurements, Recurring |
Other mutual funds
 
 
Fair value information related to assets
 
 
Assets
2,536 
2,023 
Fair Value, Measurements, Recurring |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value information related to assets
 
 
Assets
11,054 
2,141 
Liabilities, Fair Value Disclosure, Recurring
0 
 
Fair Value, Measurements, Recurring |
Quoted Prices in Active Markets (Level 1) |
Money market funds
 
 
Fair value information related to assets
 
 
Assets
8,518 
118 
Fair Value, Measurements, Recurring |
Quoted Prices in Active Markets (Level 1) |
Other mutual funds
 
 
Fair value information related to assets
 
 
Assets
2,536 
2,023 
Fair Value, Measurements, Recurring |
Significant Other Observable Inputs (Level 2)
 
 
Fair value information related to assets
 
 
Assets
0 
0 
Liabilities, Fair Value Disclosure, Recurring
0 
 
Fair Value, Measurements, Recurring |
Significant Other Observable Inputs (Level 2) |
Money market funds
 
 
Fair value information related to assets
 
 
Assets
0 
0 
Fair Value, Measurements, Recurring |
Significant Other Observable Inputs (Level 2) |
Other mutual funds
 
 
Fair value information related to assets
 
 
Assets
0 
0 
Fair Value, Measurements, Recurring |
Significant Unobserved Inputs (Level 3)
 
 
Fair value information related to assets
 
 
Assets
0 
0 
Liabilities, Fair Value Disclosure, Recurring
(1,210)
 
Fair Value, Measurements, Recurring |
Significant Unobserved Inputs (Level 3) |
Money market funds
 
 
Fair value information related to assets
 
 
Assets
0 
0 
Fair Value, Measurements, Recurring |
Significant Unobserved Inputs (Level 3) |
Other mutual funds
 
 
Fair value information related to assets
 
 
Assets
0 
0 
Earnout Contingent Consideration
 
 
Fair value information related to assets
 
 
Liabilities, Fair Value Disclosure, Recurring
(1,210)
 
Earnout Contingent Consideration |
Fair Value, Measurements, Recurring |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value information related to assets
 
 
Liabilities, Fair Value Disclosure, Recurring
0 
 
Earnout Contingent Consideration |
Fair Value, Measurements, Recurring |
Significant Other Observable Inputs (Level 2)
 
 
Fair value information related to assets
 
 
Liabilities, Fair Value Disclosure, Recurring
0 
 
Earnout Contingent Consideration |
Fair Value, Measurements, Recurring |
Significant Unobserved Inputs (Level 3)
 
 
Fair value information related to assets
 
 
Liabilities, Fair Value Disclosure, Recurring
$ (1,210)
 
Fair Value Measurements - Additional Information (Details) (USD $)
Dec. 31, 2014
Dec. 31, 2013
Cash and Cash Equivalents [Line Items]
 
 
Unrealized gains on the investments after-tax
$ 471,000 
$ 429,000 
Money market funds
 
 
Cash and Cash Equivalents [Line Items]
 
 
Assets, Fair Value Disclosure
8,500,000 
100,000 
Accumulated Gross Unrealized Gain
0 
0 
Other mutual funds
 
 
Cash and Cash Equivalents [Line Items]
 
 
Assets, Fair Value Disclosure
2,500,000 
2,000,000 
Accumulated Gross Unrealized Gain
800,000 
700,000 
Unrealized gains on the investments after-tax
$ 500,000 
$ 400,000 
Income Per Share - Reconciliation of Basic and Diluted Income Per Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Viad
$ (5,889)
$ 29,620 
$ 6,742 
$ 21,882 
$ (4,618)
$ 11,855 
$ 6,253 
$ 8,065 
$ 52,354 
$ 21,555 
$ 5,897 
Less: Allocation to non-vested shares
 
 
 
 
 
 
 
 
(970)
(485)
(157)
Net income allocated to Viad common stockholders
 
 
 
 
 
 
 
 
51,384 
21,070 
5,740 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted-average outstanding common shares
 
 
 
 
 
 
 
 
19,804 
19,850 
19,701 
Net income attributable to Viad common stockholders (USD per share)
$ (0.30)
$ 1.48 
$ 0.33 
$ 1.08 
$ (0.23)
$ 0.58 
$ 0.31 
$ 0.40 
$ 2.59 
$ 1.06 
$ 0.29 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Viad
$ (5,889)
$ 29,620 
$ 6,742 
$ 21,882 
$ (4,618)
$ 11,855 
$ 6,253 
$ 8,065 
$ 52,354 
$ 21,555 
$ 5,897 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
Weighted-average outstanding common shares
 
 
 
 
 
 
 
 
19,804 
19,850 
19,701 
Additional dilutive shares related to share-based compensation
 
 
 
 
 
 
 
 
329 
415 
304 
Weighted-average outstanding and potentially dilutive shares
 
 
 
 
 
 
 
 
20,133 
20,265 
20,005 
Net income attributable to Viad common stockholders (USD per share)
$ (0.30)
$ 1.48 
$ 0.33 
$ 1.08 
$ (0.23)
$ 0.58 
$ 0.31 
$ 0.40 
$ 2.59 
$ 1.06 
$ 0.29 
Income Per Share - Additional Information (Details)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Per Share (Textual) [Abstract]
 
 
 
Additional dilutive shares related to share-based compensation
329 
415 
304 
Stock options
 
 
 
Income Per Share (Textual) [Abstract]
 
 
 
Common stock shares effect would be anti-dilutive
26 
47 
110 
Employee Stock Ownership Feature of 401Plan - Employee Stock Ownership Plan (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Amounts paid by ESOP for:
 
 
 
Debt repayment
$ 44 
$ 1,280 
$ 1,647 
Interest
0 
1 
5 
Amounts received from Viad as:
 
 
 
Contributions
44 
1,202 
1,604 
Dividends
$ 0 
$ 79 
$ 48 
Employee Stock Ownership Feature of 401Plan - Additional Information (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2004
Dec. 31, 1989
Compensation and Retirement Disclosure [Abstract]
 
 
 
 
 
ESOP borrowing to purchase treasury shares
 
 
 
 
$ 40,000,000 
Borrowings of Viad under its revolving credit agreement
 
 
 
12,200,000 
 
ESOP, Loan entered with Viad
 
 
 
12,400,000 
 
Minimum quarterly principal payments
 
 
 
250,000 
 
Reduction of stockholders' equity
 
 
 
250,000 
 
Expense recorded by Viad
$ 100,000 
$ 1,300,000 
$ 1,700,000 
 
 
Unallocated shares
0 
4,361 
 
 
 
Shares allocated
 
126,216 
 
 
 
Preferred Stock Purchase Rights (Details)
0 Months Ended
Jul. 1, 2014
Dec. 31, 2014
Equity [Abstract]
 
 
Preferred Stock, Authorized
 
5,000,000 
Junior participating preferred Stock, Authorized
 
2,000,000 
Preferred Stock, Shares Outstanding
 
0 
Junior Preferred Stock, Shares Outstanding
 
0 
Stockholders' Equity Note, Stock Split, Conversion Ratio
0.25 
 
Accumulated Other Comprehensive Income - Schedules of Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
Beginning of Period
$ 20,017 
$ 27,465 
Other comprehensive income before reclassifications
(18,334)
(7,675)
Amounts reclassified from AOCI, net of tax
(2,077)
227 
Total other comprehensive income (loss)
(20,411)
(7,448)
Ending of Period
(394)
20,017 
Unrealized Gains on Investments
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
Beginning of Period
429 
275 
Other comprehensive income before reclassifications
98 
215 
Amounts reclassified from AOCI, net of tax
(56)
(61)
Total other comprehensive income (loss)
42 
154 
Ending of Period
471 
429 
Cumulative Foreign Currency Translation Adjustments
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
Beginning of Period
30,847 
42,158 
Other comprehensive income before reclassifications
(18,432)
(11,311)
Amounts reclassified from AOCI, net of tax
0 
0 
Total other comprehensive income (loss)
(18,432)
(11,311)
Ending of Period
12,415 
30,847 
Unrecognized Net Actuarial Loss and Service Credit
 
 
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
 
 
Beginning of Period
(11,259)
(14,968)
Other comprehensive income before reclassifications
0 
3,421 
Amounts reclassified from AOCI, net of tax
(2,021)
288 
Total other comprehensive income (loss)
(2,021)
3,709 
Ending of Period
$ (13,280)
$ (11,259)
Accumulated Other Comprehensive Income - Reclassification Out of Accumulated Other Comprehensive Income (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains on investments
 
 
 
 
 
 
 
 
$ 305 
$ 550 
$ 593 
Tax effect
 
 
 
 
 
 
 
 
(109)
(8,310)
(19,578)
Amounts reclassified from AOCI, net of tax
(7,255)
30,755 
7,978 
9,312 
(4,403)
8,871 
6,516 
8,453 
41,178 
19,320 
3,553 
Reclassification out of Accumulated Other Comprehensive Income |
Unrealized Gains on Investments
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Unrealized gains on investments
 
 
 
 
 
 
 
 
90 
99 
 
Tax effect
 
 
 
 
 
 
 
 
(34)
(38)
 
Amounts reclassified from AOCI, net of tax
 
 
 
 
 
 
 
 
56 
61 
 
Reclassification out of Accumulated Other Comprehensive Income |
Unrecognized Net Actuarial Loss and Service Credit
 
 
 
 
 
 
 
 
 
 
 
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Tax effect
 
 
 
 
 
 
 
 
(1,235)
(159)
 
Recognized net actuarial loss
 
 
 
 
 
 
 
 
(3,821)
(1,349)
 
Amortization of prior service credit
 
 
 
 
 
 
 
 
565 
902 
 
Amounts reclassified from AOCI, net of tax
 
 
 
 
 
 
 
 
$ (2,021)
$ (288)
 
Pension and Postretirement Benefits - Components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad's postretirement benefit plans (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Pension Plans
 
 
 
Net periodic benefit cost of pension and post retirement benefit plans
 
 
 
Service cost
$ 87 
$ 66 
$ 104 
Interest cost
1,079 
1,030 
1,150 
Expected return on plan assets
(436)
(400)
(406)
Recognized net actuarial loss
407 
583 
491 
Net periodic benefit cost
1,137 
1,279 
1,339 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive income
 
 
 
Net actuarial loss
(3,418)
2,565 
(1,942)
Reversal of amortization item
 
 
 
Net actuarial loss
(407)
(583)
(491)
Total recognized in other comprehensive income
3,011 
(3,148)
1,451 
Total recognized in net periodic benefit cost and other comprehensive income
4,148 
(1,869)
2,790 
US Postretirement Benefit Plans
 
 
 
Net periodic benefit cost of pension and post retirement benefit plans
 
 
 
Service cost
129 
156 
146 
Interest cost
640 
663 
814 
Expected return on plan assets
0 
0 
(74)
Amortization of prior service credit
(593)
(902)
(1,113)
Recognized net actuarial loss
166 
518 
547 
Net periodic benefit cost
342 
435 
320 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive income
 
 
 
Net actuarial loss
(1,045)
1,496 
(224)
Prior service credit
(1,283)
(40)
0 
Reversal of amortization item
 
 
 
Net actuarial loss
(166)
(518)
(547)
Prior service cost
(593)
(902)
(1,113)
Total recognized in other comprehensive income
189 
(1,152)
790 
Total recognized in net periodic benefit cost and other comprehensive income
531 
(717)
1,110 
Foreign Pension Plans
 
 
 
Net periodic benefit cost of pension and post retirement benefit plans
 
 
 
Service cost
413 
534 
491 
Interest cost
631 
702 
737 
Expected return on plan assets
(640)
(698)
(622)
Recognized net actuarial loss
145 
248 
201 
Net periodic benefit cost
549 
786 
807 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive income
 
 
 
Net actuarial loss
(361)
1,214 
(958)
Reversal of amortization of net actuarial loss
145 
(248)
(201)
Reversal of amortization item
 
 
 
Total recognized in other comprehensive income
506 
(1,462)
757 
Total recognized in net periodic benefit cost and other comprehensive income
$ 1,055 
$ (676)
$ 1,564 
Pension and Postretirement Benefits - Summary of funded status of the plans (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Funded Plans
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
$ 13,435 
$ 15,348 
 
Service cost
0 
0 
 
Interest cost
644 
608 
 
Recognized net actuarial loss
2,700 
(1,530)
 
Plan amendments
0 
0 
 
Benefits paid
(767)
(991)
 
Benefit obligation at end of year
16,012 
13,435 
 
Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
10,872 
10,624 
 
Actual return on plan assets
364 
580 
 
Company contributions
729 
659 
 
Benefits paid
(767)
(991)
 
Fair value of plan assets at end of year
11,198 
10,872 
 
Funded status at end of year
(4,814)
(2,563)
 
Unfunded Pension Plans
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
10,536 
11,570 
 
Service cost
87 
66 
 
Interest cost
435 
422 
 
Recognized net actuarial loss
649 
(856)
 
Plan amendments
0 
0 
 
Benefits paid
(580)
(666)
 
Benefit obligation at end of year
11,127 
10,536 
 
Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
0 
0 
 
Actual return on plan assets
0 
0 
 
Company contributions
580 
666 
 
Benefits paid
(580)
(666)
 
Fair value of plan assets at end of year
0 
0 
 
Funded status at end of year
(11,127)
(10,536)
 
Postretirement Benefit Plans
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
16,919 
18,701 
 
Service cost
129 
156 
 
Interest cost
640 
663 
 
Recognized net actuarial loss
1,011 
(1,631)
 
Plan amendments
(1,283)
(40)
 
Benefits paid
(1,181)
(930)
 
Benefit obligation at end of year
16,235 
16,919 
 
Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
520 
1,397 
 
Actual return on plan assets
(34)
(135)
 
Company contributions
695 
188 
 
Benefits paid
(1,181)
(930)
 
Fair value of plan assets at end of year
0 
520 
 
Funded status at end of year
(16,235)
(16,399)
 
US Postretirement Benefit Plans
 
 
 
Change in benefit obligation:
 
 
 
Service cost
129 
156 
146 
Interest cost
640 
663 
814 
Recognized net actuarial loss
166 
518 
547 
Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
520 
 
 
Fair value of plan assets at end of year
 
520 
 
Foreign Pension Plans
 
 
 
Change in benefit obligation:
 
 
 
Service cost
413 
534 
491 
Interest cost
631 
702 
737 
Recognized net actuarial loss
145 
248 
201 
Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
11,560 
 
 
Fair value of plan assets at end of year
11,747 
11,560 
 
Foreign Pension Plans |
Funded Plans
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
11,460 
15,387 
 
Service cost
413 
534 
 
Interest cost
507 
582 
 
Recognized net actuarial loss
(1,042)
473 
 
Benefits paid
(344)
(3,644)
 
Translation adjustment
(1,062)
(926)
 
Benefit obligation at end of year
12,016 
11,460 
 
Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
11,560 
12,997 
 
Actual return on plan assets
983 
1,148 
 
Company contributions
604 
1,892 
 
Benefits paid
(344)
(3,644)
 
Translation adjustment
(1,056)
(833)
 
Fair value of plan assets at end of year
11,747 
11,560 
 
Funded status at end of year
(269)
100 
 
Foreign Pension Plans |
Unfunded Pension Plans
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
2,911 
3,032 
 
Service cost
0 
0 
 
Interest cost
124 
120 
 
Recognized net actuarial loss
(234)
(44)
 
Benefits paid
(211)
(219)
 
Translation adjustment
(302)
(66)
 
Benefit obligation at end of year
2,756 
2,911 
 
Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
0 
0 
 
Actual return on plan assets
   
0 
 
Company contributions
211 
219 
 
Benefits paid
(211)
(219)
 
Translation adjustment
   
0 
 
Fair value of plan assets at end of year
0 
0 
 
Funded status at end of year
$ (2,756)
$ (2,911)
 
Pension and Postretirement Benefits - Net amount recognized in Viad's consolidated balance sheets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Funded Plans
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
$ 4,814 
$ 2,563 
Funded Plans |
Other current liabilities
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
0 
0 
Funded Plans |
Non Current Liabilities
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
4,814 
2,563 
Unfunded Pension Plans
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
11,127 
10,536 
Unfunded Pension Plans |
Other current liabilities
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
635 
713 
Unfunded Pension Plans |
Non Current Liabilities
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
10,492 
9,823 
US Postretirement Benefit Plans
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
16,235 
16,399 
US Postretirement Benefit Plans |
Other current liabilities
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
1,094 
928 
US Postretirement Benefit Plans |
Non Current Liabilities
 
 
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits
 
 
Net amount recognized
$ 15,141 
$ 15,471 
Pension and Postretirement Benefits - Amounts recognized in accumulated other comprehensive income (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Amounts recognized in accumulated other comprehensive income
 
 
Total
$ 13,476 
$ 11,259 
US Postretirement Benefit Plans
 
 
Amounts recognized in accumulated other comprehensive income
 
 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax
5,571 
4,692 
Prior service credit
(2,729)
(2,038)
Subtotal
2,842 
2,654 
Less tax effect
(1,078)
(1,006)
Total
1,764 
1,648 
Pension Plans |
Funded Plans
 
 
Amounts recognized in accumulated other comprehensive income
 
 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax
9,442 
6,972 
Prior service credit
0 
0 
Subtotal
9,442 
6,972 
Less tax effect
(3,581)
(2,644)
Total
5,861 
4,328 
Pension Plans |
Unfunded Pension Plans
 
 
Amounts recognized in accumulated other comprehensive income
 
 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax
4,020 
3,480 
Prior service credit
0 
0 
Subtotal
4,020 
3,480 
Less tax effect
(1,525)
(1,320)
Total
2,495 
2,160 
US Postretirement and Pension Plan
 
 
Amounts recognized in accumulated other comprehensive income
 
 
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax
19,033 
15,144 
Prior service credit
(2,729)
(2,038)
Subtotal
16,304 
13,106 
Less tax effect
(6,184)
(4,970)
Total
$ 10,120 
$ 8,136 
Pension and Postretirement Benefits - Fair value of the plans' assets by asset class (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
$ 11,198 
$ 10,872 
Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
10,941 
10,655 
Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
257 
217 
Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
0 
US Postretirement Benefit Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
520 
US Postretirement Benefit Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
520 
US Postretirement Benefit Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
0 
US Postretirement Benefit Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
0 
Foreign Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
11,747 
11,560 
Foreign Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
11,327 
11,165 
Foreign Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
420 
395 
Foreign Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
 
Aggregate fixed income securities |
Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
6,534 
5,966 
Aggregate fixed income securities |
Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
6,534 
5,966 
Aggregate fixed income securities |
Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
0 
Aggregate fixed income securities |
Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
0 
Aggregate fixed income securities |
US Postretirement Benefit Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
407 
Aggregate fixed income securities |
US Postretirement Benefit Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
407 
Aggregate fixed income securities |
US Postretirement Benefit Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
0 
Aggregate fixed income securities |
US Postretirement Benefit Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
0 
U.S. equity securities |
Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
3,855 
4,542 
U.S. equity securities |
Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
3,855 
4,542 
U.S. equity securities |
Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
0 
U.S. equity securities |
Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
0 
U.S. equity securities |
US Postretirement Benefit Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
109 
U.S. equity securities |
US Postretirement Benefit Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
109 
U.S. equity securities |
US Postretirement Benefit Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
0 
U.S. equity securities |
US Postretirement Benefit Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
0 
U.S. equity securities |
Foreign Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
1,236 
1,269 
U.S. equity securities |
Foreign Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
1,236 
1,269 
U.S. equity securities |
Foreign Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
   
0 
U.S. equity securities |
Foreign Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
 
Cash |
Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
552 
147 
Cash |
Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
552 
147 
Cash |
Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
0 
Cash |
Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
0 
Cash |
US Postretirement Benefit Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
4 
Cash |
US Postretirement Benefit Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
4 
Cash |
US Postretirement Benefit Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
0 
Cash |
US Postretirement Benefit Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
 
0 
Equity Securities |
Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
257 
217 
Equity Securities |
Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
0 
Equity Securities |
Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
257 
217 
Equity Securities |
Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
0 
Equity Securities |
Foreign Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
451 
336 
Equity Securities |
Foreign Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
451 
336 
Equity Securities |
Foreign Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
   
0 
Equity Securities |
Foreign Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
 
Canadian Fixed Income Securities |
Foreign Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
5,367 
5,174 
Canadian Fixed Income Securities |
Foreign Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
5,367 
5,174 
Canadian Fixed Income Securities |
Foreign Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
   
0 
Canadian Fixed Income Securities |
Foreign Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
0 
 
International equity securities |
Foreign Pension Plans
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
4,693 
4,781 
International equity securities |
Foreign Pension Plans |
Quoted Prices in Active Markets (Level 1)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
4,273 
4,386 
International equity securities |
Foreign Pension Plans |
Significant Other Observable Inputs (Level 2)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
420 
395 
International equity securities |
Foreign Pension Plans |
Significant Unobserved Inputs (Level 3)
 
 
Fair value of the domestic plans assets by asset class
 
 
Fair value measurement domestic pension plans
$ 0 
 
Pension and Postretirement Benefits - Payments and receipts reflecting expected future service (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Funded Plans
 
Expected future service expected to be paid
 
2015
$ 872 
2016
845 
2017
888 
2018
908 
2019
889 
2020-2023
5,046 
Unfunded Pension Plans
 
Expected future service expected to be paid
 
2015
647 
2016
745 
2017
781 
2018
802 
2019
812 
2020-2023
3,869 
US Postretirement Benefit Plans
 
Expected future service expected to be paid
 
2015
1,116 
2016
1,159 
2017
1,175 
2018
1,185 
2019
1,161 
2020-2023
5,441 
Foreign Pension Plans |
Funded Plans
 
Expected future service expected to be paid
 
2015
357 
2016
431 
2017
434 
2018
456 
2019
517 
2020-2023
3,055 
Foreign Pension Plans |
Unfunded Pension Plans
 
Expected future service expected to be paid
 
2015
187 
2016
187 
2017
186 
2018
186 
2019
186 
2020-2023
$ 918 
Pension and Postretirement Benefits - Accumulated benefit obligation in excess of plan assets (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Domestic Pension Plans |
Funded Plans
 
 
Accumulated benefit obligation in excess of plan assets
 
 
Projected Benefit obligation
$ 16,012 
$ 13,435 
Accumulated benefit obligation
16,012 
13,435 
Fair value of Plan assets
11,200 
10,872 
Domestic Pension Plans |
Unfunded Pension Plans
 
 
Accumulated benefit obligation in excess of plan assets
 
 
Projected Benefit obligation
11,127 
10,536 
Accumulated benefit obligation
11,014 
10,227 
Fair value of Plan assets
0 
0 
Foreign Plans |
Funded Plans
 
 
Accumulated benefit obligation in excess of plan assets
 
 
Projected Benefit obligation
12,016 
11,460 
Accumulated benefit obligation
11,268 
10,823 
Fair value of Plan assets
11,747 
11,560 
Foreign Plans |
Unfunded Pension Plans
 
 
Accumulated benefit obligation in excess of plan assets
 
 
Projected Benefit obligation
2,756 
2,911 
Accumulated benefit obligation
2,656 
2,911 
Fair value of Plan assets
$ 0 
$ 0 
Pension and Postretirement Benefits - Weighted-average assumptions used to determine benefit obligations (Details)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Pension Plans |
Funded Plans
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
4.01% 
4.89% 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
 
 
Discount rate
4.90% 
4.09% 
Expected return on plan assets
4.15% 
3.90% 
Pension Plans |
Unfunded Pension Plans
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
3.90% 
4.60% 
Rate of compensation increase
3.00% 
3.00% 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
 
 
Discount rate
4.60% 
3.80% 
Rate of compensation increase
3.00% 
4.50% 
US Postretirement Benefit Plans
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
4.00% 
4.65% 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
 
 
Discount rate
4.65% 
3.85% 
Expected return on plan assets
0.00% 
0.00% 
Foreign Pension Plans
 
 
Weighted-average assumptions used to determine benefit obligations
 
 
Discount rate
3.85% 
4.67% 
Rate of compensation increase
3.00% 
3.00% 
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
 
 
Discount rate
4.67% 
4.03% 
Expected return on plan assets
5.69% 
5.44% 
Rate of compensation increase
3.00% 
3.00% 
Pension and Postretirement Benefits - Multi-employer pension plans (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Multi-employer pension plans
 
 
 
Viad Contribution
$ 23,152 
$ 20,313 
$ 20,669 
Western Conference of Teamsters Pension Plan
 
 
 
Multi-employer pension plans
 
 
 
EIN
916145047 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Green 
Green 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
6,369 
5,524 
5,694 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
May 31, 2015 
 
 
Southern California Local 831—Employer Pension Fund(1)
 
 
 
Multi-employer pension plans
 
 
 
EIN
956376874 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Green 
Green 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
2,481 
2,244 
2,358 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Aug. 31, 2017 
 
 
Chicago Regional Council of Carpenters Pension Fund
 
 
 
Multi-employer pension plans
 
 
 
EIN
366130207 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Yellow 
Yellow 
 
FIP/RP Status Pending/ Implemented
Implemented 
 
 
Viad Contribution
1,946 
1,614 
1,749 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
May 31, 2018 
 
 
National Electrical Benefit Fund
 
 
 
Multi-employer pension plans
 
 
 
EIN
530181657 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Green 
Green 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
1,457 
1,631 
1,814 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Jun. 16, 2015 
 
 
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan 2
 
 
 
Multi-employer pension plans
 
 
 
EIN
516030753 
 
 
Plan No:
002 
 
 
Pension Protection Act Zone Status
Green 
Green 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
1,081 
957 
108 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Jun. 03, 2017 
 
 
Central States, Southeast and Southwest Areas Pension Plan
 
 
 
Multi-employer pension plans
 
 
 
EIN
366044243 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Red 
Red 
 
FIP/RP Status Pending/ Implemented
Implemented 
 
 
Viad Contribution
1,018 
836 
874 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Jul. 31, 2015 
 
 
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1),
 
 
 
Multi-employer pension plans
 
 
 
EIN
361416355 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Red 
Red 
 
FIP/RP Status Pending/ Implemented
Implemented 
 
 
Viad Contribution
993 
430 
930 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Jun. 30, 2019 
 
 
Southwest Carpenters Pension Trust
 
 
 
Multi-employer pension plans
 
 
 
EIN
956042875 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Green 
Green 
 
FIP/RP Status Pending/ Implemented
No 
 
 
Viad Contribution
885 
812 
944 
Surcharge Paid
No 
 
 
Collective bargaining agreements expiration date
Jun. 30, 2015 
 
 
Southern California IBEW-NECA Pension Fund
 
 
 
Multi-employer pension plans
 
 
 
EIN
956392774 
 
 
Plan No:
001 
 
 
Pension Protection Act Zone Status
Yellow 
Yellow 
 
FIP/RP Status Pending/ Implemented
Implemented 
 
 
Viad Contribution
768 
184 
62 
Surcharge Paid
No 
 
 
All other funds(2)
 
 
 
Multi-employer pension plans
 
 
 
Viad Contribution
4,097 
2,592 
2,468 
Pension Plans
 
 
 
Multi-employer pension plans
 
 
 
Viad Contribution
21,095 
16,824 
17,001 
Total contributions to other plans
 
 
 
Multi-employer pension plans
 
 
 
Viad Contribution
$ 2,057 
$ 3,489 
$ 3,668 
Pension and Postretirement Benefits - Narrative (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2014
PensionFunds
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Funded Plans
Dec. 31, 2013
Funded Plans
Dec. 31, 2014
Unfunded Pension Plans
Dec. 31, 2013
Unfunded Pension Plans
Dec. 31, 2014
Foreign Pension Plans
Dec. 31, 2013
Foreign Pension Plans
Dec. 31, 2012
Foreign Pension Plans
Dec. 31, 2014
Foreign Pension Plans
Funded Plans
Dec. 31, 2013
Foreign Pension Plans
Funded Plans
Dec. 31, 2014
Foreign Pension Plans
Unfunded Pension Plans
Dec. 31, 2013
Foreign Pension Plans
Unfunded Pension Plans
Dec. 31, 2014
Postretirement Benefit Plans
Dec. 31, 2019
Scenario Forecast
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated net actuarial loss for pension plans that is expected to be amortized
 
 
 
 
 
 
 
$ 145,000 
$ (248,000)
$ (201,000)
 
 
 
 
$ 500,000 
 
Estimated prior service credit for postretirement benefit plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
600,000 
 
Funded status
 
 
 
(4,814,000)
(2,563,000)
(11,127,000)
(10,536,000)
 
 
 
(269,000)
100,000 
(2,756,000)
(2,911,000)
 
 
Liabilities of funded plans
 
 
 
 
 
 
 
 
 
 
 
100,000 
 
 
 
 
Liabilities of unfunded plans
 
 
 
 
 
 
 
 
 
 
 
 
(2,800,000)
(2,900,000)
 
 
Net actuarial losses for the foreign funded plans (before tax)
 
 
 
 
 
 
 
4,000,000 
3,800,000 
 
 
 
 
 
 
 
Net actuarial losses for the foreign funded plans (after tax)
 
 
 
 
 
 
 
3,100,000 
2,800,000 
 
 
 
 
 
 
 
Net actuarial losses for the foreign unfunded plans (before tax)
 
 
 
 
 
 
 
407,000 
367,000 
 
 
 
 
 
 
 
Net actuarial losses for the foreign unfunded plans (after tax)
 
 
 
 
 
 
 
213,000 
275,000 
 
 
 
 
 
 
 
Amount expected to contribute in postretirement benefit plans
 
 
 
1,400,000 
 
800,000 
 
 
 
 
 
 
 
 
1,100,000 
 
Assumed health care cost trend rate
7.50% 
8.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
500.00% 
Decrease in assumed health care cost trend rate
0.50% 
0.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of one percentage point increase on accumulated post retirement benefit obligation
1,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of one percentage point increase in assumed health care cost trend rate on total service and interest cost components
100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of one percentage point decrease in assumed health care cost trend rate on accumulated post retirement benefit obligation
1,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of one percentage point decrease in assumed health care cost trend rate on total service and interest cost components
100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum percentage of funding status of plans in red zone
65.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum percentage of funding status of plans in yellow zone
80.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum percentage of funding status of plans in green zone
80.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of excess employer contributions
5.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aggregate number of funds
41 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of other employee benefit plans
$ 100,000 
$ 1,300,000 
$ 1,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes - Schedule of Domestic and Foreign Income Before Income Tax (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
 
 
 
Foreign
$ 33,349 
$ 25,010 
$ 29,645 
United States
7,938 
2,620 
(6,514)
Income from continuing operations before income taxes
$ 41,287 
$ 27,630 
$ 23,131 
Income Taxes - Schedule of Income Tax Expense (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Current:
 
 
 
Federal
$ 0 
$ (3,308)
$ (1,537)
State
16 
(286)
2,189 
Foreign
9,824 
9,606 
7,652 
Total current income tax expense (benefit)
9,840 
6,012 
8,304 
Deferred
 
 
 
Federal
(9,486)
2,007 
11,127 
State
(125)
651 
40 
Foreign
(120)
(360)
107 
Total deferred income tax expense (benefit)
(9,731)
2,298 
11,274 
Income tax expense
$ 109 
$ 8,310 
$ 19,578 
Income Taxes - Reconciliation of Income Tax Expense (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Effective Income Tax Rate Reconciliation, Amount [Abstract]
 
 
 
Computed income tax expense at statutory federal income tax rate of 35%
$ 14,450 
$ 9,670 
$ 8,096 
State income taxes, net of federal provision
227 
345 
470 
Foreign tax rate differentials
(1,262)
77 
(2,031)
U.S. tax on foreign earnings U.S. tax on foreign earnings (net of foreign tax credits)
(2,168)
(1,831)
(595)
Change in valuation allowance
(11,650)
(2,184)
14,220 
Proceeds from life insurance
(133)
(196)
(472)
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Amount
(1,401)
1,664 
(371)
Other, net
2,046 
765 
261 
Income tax expense
$ 109 
$ 8,310 
$ 19,578 
Effective Income Tax Rate Reconciliation, Percent [Abstract]
 
 
 
Computed income tax expense at statutory federal income tax rate of 35%, tax rate
35.00% 
35.00% 
35.00% 
State income taxes, net of federal provision, tax rate
0.50% 
1.20% 
2.00% 
Foreign tax differentials rate
(3.10%)
0.30% 
(8.80%)
U.S. tax on foreign earnings rate
(5.30%)
(6.60%)
(2.60%)
Change in valuation allowance, tax rate
(28.20%)
(7.90%)
61.50% 
Proceeds from life insurance rate
(0.30%)
(0.70%)
(2.00%)
Effective Income Tax Rate Reconciliation, Prior Year Income Taxes, Percent
(3.40%)
6.00% 
(1.60%)
Other, net, tax rate
5.00% 
2.80% 
1.10% 
Income tax expense
0.20% 
30.10% 
84.60% 
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Deferred tax assets:
 
 
Tax credit carryforwards
$ 21,783 
$ 26,945 
Pension, compensation and other employee benefits
23,501 
23,835 
Provisions for losses
12,127 
13,674 
Net operating loss carryforward
4,886 
4,794 
State income taxes
2,979 
2,170 
Other deferred income tax assets
3,927 
5,552 
Total deferred tax assets
(69,203)
(76,970)
Valuation allowance
(3,781)
(12,393)
Net deferred tax assets
63,886 
62,864 
Deferred tax liabilities:
 
 
Property and equipment
(5,856)
(7,861)
Deferred tax related to life insurance
(4,962)
(4,842)
Goodwill and other intangible assets
(2,705)
(959)
Unremitted foreign earnings
0 
(398)
Other deferred income tax liabilities
(1,452)
(393)
Total deferred tax liabilities
(14,975)
(14,453)
Foreign deferred tax liabilities included above
3,671 
1,989 
United States deferred tax assets
52,582 
50,400 
Foreign Tax Authority
 
 
Deferred tax assets:
 
 
Total deferred tax assets
$ 1,536 
$ 1,713 
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Unrecognized Tax Benefits, Beginning Balance
$ 1,372 
$ 636 
$ 636 
Net additions and reductions
 
 
0 
Additions for tax positions taken in the current year
 
736 
 
Additions for tax positions taken in prior years
1,019 
 
 
Reductions for lapse of applicable statutes
(472)
 
 
Unrecognized Tax Benefits, Ending Balance
1,919 
1,372 
636 
Continuing Operations
 
 
 
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Unrecognized Tax Benefits, Beginning Balance
736 
0 
0 
Net additions and reductions
 
 
0 
Additions for tax positions taken in the current year
 
736 
 
Additions for tax positions taken in prior years
1,019 
 
 
Reductions for lapse of applicable statutes
(472)
 
 
Unrecognized Tax Benefits, Ending Balance
1,283 
736 
0 
Discontinued Operations
 
 
 
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Unrecognized Tax Benefits, Beginning Balance
636 
636 
636 
Net additions and reductions
 
 
0 
Additions for tax positions taken in the current year
 
0 
 
Additions for tax positions taken in prior years
0 
 
 
Reductions for lapse of applicable statutes
0 
 
 
Unrecognized Tax Benefits, Ending Balance
$ 636 
$ 636 
$ 636 
Income Taxes - Additional Information (Details) (USD $)
3 Months Ended 12 Months Ended
Sep. 30, 2014
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Operating Loss Carryforwards [Line Items]
 
 
 
 
Deferred Tax Asset Valuation Allowance, Change in Amount
$ 10,900,000 
 
 
 
Tax deficiencies from share-based compensation
 
(461,000)
(404,000)
(96,000)
Deferred Tax Assets, Gross
 
69,203,000 
76,970,000 
 
Deferred Tax Assets, Tax Credit Carryforwards
 
21,783,000 
26,945,000 
 
Deferred Tax, Operating Loss Carryforwards
 
4,886,000 
4,794,000 
 
Valuation Allowance Operating Loss Carryforwards Change In Amount
 
622,000 
 
 
Valuation Allowance
 
3,781,000 
12,393,000 
 
Deferred Tax Assets, Foreign Tax Credits
 
12,700,000 
 
 
Foreign Tax Credit Carryforward Expire On 2020
 
4,700,000 
 
 
Foreign Tax Credit Carryforward Expire On 2021
 
5,500,000 
 
 
Foreign Tax Credit Carryforward Expire On 2022
 
600,000 
 
 
Foreign Tax Credit Carryforward Expire On 2023
 
1,900,000 
 
 
Unrecognized Tax Liability For Undistributed Foreign Earnings
 
350,000 
 
 
Liability for Uncertain Tax Positions, Noncurrent
 
2,400,000 
1,800,000 
 
Increase (Decrease) in Uncertain Tax Liability
 
238,000 
 
 
Accrued Interest And Penalties For Continued Operations
 
53,000 
 
 
Income Tax Penalties and Interest Expense
 
400,000 
 
 
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit
 
300,000 
 
 
Accrued Income Taxes Payable
 
636,000 
636,000 
 
Accrued Interest and Penalties for Discontinued Operations
 
483,000 
 
 
Foreign Tax Authority
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Deferred Tax Asset Valuation Allowance, Change in Amount
 
(1,900,000)
 
 
Deferred Tax Assets, Gross
 
(1,536,000)
(1,713,000)
 
Federal, State, Foreign
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Operating Loss Carryforwards
 
75,800,000 
96,000,000 
 
Deferred Tax, Operating Loss Carryforwards
 
4,900,000 
4,800,000 
 
State and Foreign
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Valuation Allowance
 
3,800,000 
1,500,000 
 
Foreign Income Tax Credit
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Deferred Tax Asset Valuation Allowance, Change in Amount
11,400,000 
 
 
 
Foreign Income Tax Credit |
Foreign Tax Authority
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Deferred Tax Assets, Tax Credit Carryforwards
 
12,700,000 
 
 
Tax Credit Carryforward, Expiration Period
 
10 years 
 
 
Alternative Minimum Tax Credit Carryforward
 
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
 
Tax Credit Carryforward, Amount
 
$ 8,800,000 
 
 
Restructuring Charges - Reconciliation of Beginning and Ending Liability Balances by Major Restructuring Activity (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
$ 5,698 
 
 
 
$ 7,224 
$ 5,698 
$ 7,224 
$ 6,950 
Restructuring charges
(177)
234 
1,369 
211 
1,661 
639 
773 
720 
1,637 
3,793 
4,942 
Restructuring liabilities
 
 
 
 
 
 
 
 
(5,276)
(4,841)
(4,694)
Adjustment to liability
 
 
 
 
 
 
 
 
(115)
(478)
24 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
 
 
2 
Closing Balance
1,944 
 
 
 
5,698 
 
 
 
1,944 
5,698 
7,224 
Marketing & Events Group
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Restructuring charges
 
 
 
 
 
 
 
 
(278)
(409)
3,479 
Marketing & Events Group |
Severance & Employee Benefits
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
1,240 
 
 
 
720 
1,240 
720 
831 
Restructuring charges
 
 
 
 
 
 
 
 
2,358 
2,931 
2,506 
Restructuring liabilities
 
 
 
 
 
 
 
 
(3,055)
(2,411)
(2,670)
Adjustment to liability
 
 
 
 
 
 
 
 
0 
0 
51 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
 
 
2 
Closing Balance
543 
 
 
 
1,240 
 
 
 
543 
1,240 
720 
Marketing & Events Group |
Facilities
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
3,565 
 
 
 
5,571 
3,565 
5,571 
4,819 
Restructuring charges
 
 
 
 
 
 
 
 
(828)
(315)
2,346 
Restructuring liabilities
 
 
 
 
 
 
 
 
(1,376)
(1,691)
(1,567)
Adjustment to liability
 
 
 
 
 
 
 
 
(200)
0 
(27)
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
 
 
0 
Closing Balance
1,161 
 
 
 
3,565 
 
 
 
1,161 
3,565 
5,571 
Other Restructuring |
Severance & Employee Benefits
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
893 
 
 
 
0 
893 
0 
24 
Restructuring charges
 
 
 
 
 
 
 
 
107 
1,869 
90 
Restructuring liabilities
 
 
 
 
 
 
 
 
(845)
(498)
(114)
Adjustment to liability
 
 
 
 
 
 
 
 
85 
(478)
0 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
 
 
0 
Closing Balance
240 
 
 
 
893 
 
 
 
240 
893 
0 
Other Restructuring |
Facilities
 
 
 
 
 
 
 
 
 
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
 
 
 
 
 
 
 
 
 
Beginning Balance
 
 
 
0 
 
 
 
933 
0 
933 
1,276 
Restructuring charges
 
 
 
 
 
 
 
 
0 
(692)
0 
Restructuring liabilities
 
 
 
 
 
 
 
 
0 
(241)
(343)
Adjustment to liability
 
 
 
 
 
 
 
 
0 
0 
0 
Foreign currency translation adjustment
 
 
 
 
 
 
 
 
 
 
0 
Closing Balance
$ 0 
 
 
 
$ 0 
 
 
 
$ 0 
$ 0 
$ 933 
Leases and Other - Schedule of Future Minimum Rental Payments and Related Sublease Rentals Receivable (Details) (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2014
Future minimum rental payments and related sublease rentals receivable
 
Rental Payments, 2015
$ 16,343 
Rental Payments, 2016
14,115 
Rental Payments, 2017
12,709 
Rental Payments, 2018
10,888 
Rental Payments, 2019
7,739 
Rental Payments, Thereafter
9,755 
Rental Payments, Total
71,549 
Receivable Under Subleases, 2015
1,372 
Receivable Under Subleases, 2016
1,232 
Receivable Under Subleases, 2017
1,021 
Receivable Under Subleases, 2018
1,023 
Receivable Under Subleases, 2019
622 
Receivable Under Subleases, Thereafter
926 
Receivable Under Subleases, Total
$ 6,196 
Leases and Other - Net Rent Expense Under Operating Leases (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Net rent expense under operating leases
 
 
 
Minimum rentals
$ 37,707 
$ 34,201 
$ 36,309 
Sublease rentals
(6,884)
(6,815)
(6,501)
Total rentals, net
$ 30,823 
$ 27,386 
$ 29,808 
Leases and Other - Additional Information (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Leases and Other (Textual) [Abstract]
 
Lease expiration period
40 years 
Aggregate purchase obligation
$ 28.2 
Litigation, Claims, Contingencies and Other - Narrative (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Agreement
Dec. 31, 2013
Dec. 31, 2012
Commitments and Contingencies Disclosure [Abstract]
 
 
 
Environmental remediation liability
$ 4,700,000 
$ 5,000,000 
 
Maximum potential amount of future payments
5,900,000 
 
 
Guarantees relate to leased facilities expiry date
October 2017 
 
 
Recourse provision to recover guarantees
0 
 
 
Bargaining agreements
100 
 
 
Percent of Viad's regular full-time employees are covered by collective-bargaining agreements
30.00% 
 
 
Contribution to multi-employer pension plans
23,152,000 
20,313,000 
20,669,000 
Self Insurance Reserve, General Liability
4,600,000 
 
 
Loss Contingencies [Line Items]
 
 
 
Self Insurance Reserve
19,900,000 
 
 
Workers' Compensation Liability
12,400,000 
 
 
Self Insurance Reserve, General and Auto Insurance
7,500,000 
 
 
Self Insurance Reserve
4,500,000 
 
 
Payments for Self Insurance Claims, Net
4,800,000 
6,600,000 
5,600,000 
Self-insured excess liability
7,728,000 
5,009,000 
 
Self Insurance Reserve, Workers Compensation
3,100,000 
 
 
Maximum
 
 
 
Loss Contingencies [Line Items]
 
 
 
Insurance Liability, Per Claim, General Range
400,000.0 
 
 
Minimum
 
 
 
Loss Contingencies [Line Items]
 
 
 
Insurance Liability, Per Claim, General Range
$ 200,000.0 
 
 
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Reportable segments reconciliations:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
$ 223,155 
$ 299,802 
$ 256,391 
$ 285,641 
$ 201,842 
$ 220,167 
$ 246,180 
$ 285,159 
$ 1,064,987 
$ 953,347 
$ 1,006,644 
Segment operating income (loss), Total
(7,317)
29,311 
9,892 
11,111 
(6,271)
13,001 
9,515 
12,069 
45,518 
35,156 
28,783 
Interest income
 
 
 
 
 
 
 
 
305 
550 
593 
Interest expense
 
 
 
 
 
 
 
 
(2,015)
(1,234)
(1,303)
Restructuring (charges) recoveries
177 
(234)
(1,369)
(211)
(1,661)
(639)
(773)
(720)
(1,637)
(3,793)
(4,942)
Impairment losses
0 
0 
(884)
0 
0 
(3,049)
0 
0 
(884)
(3,049)
0 
Income from continuing operations before income taxes
 
 
 
 
 
 
 
 
41,287 
27,630 
23,131 
Marketing & Events Group
 
 
 
 
 
 
 
 
 
 
 
Reportable segments reconciliations:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
944,468 
844,904 
902,040 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
31,739 
20,092 
17,900 
Restructuring (charges) recoveries
 
 
 
 
 
 
 
 
278 
409 
(3,479)
Impairment losses
 
 
 
 
 
 
 
 
0 
(658)
0 
Marketing & Events International
 
 
 
 
 
 
 
 
 
 
 
Reportable segments reconciliations:
 
 
 
 
 
 
 
 
 
 
 
Restructuring (charges) recoveries
 
 
 
 
 
 
 
 
(1,808)
(2,362)
(1,373)
Impairment losses
 
 
 
 
 
 
 
 
(884)
(294)
0 
Travel & Recreation Group
 
 
 
 
 
 
 
 
 
 
 
Reportable segments reconciliations:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
120,519 
108,443 
104,604 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
28,127 
21,819 
20,291 
Restructuring (charges) recoveries
 
 
 
 
 
 
 
 
41 
(809)
(79)
Impairment losses
 
 
 
 
 
 
 
 
0 
(2,097)
0 
Other Segments
 
 
 
 
 
 
 
 
 
 
 
Reportable segments reconciliations:
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
59,866 
41,911 
38,191 
Corporate
 
 
 
 
 
 
 
 
 
 
 
Reportable segments reconciliations:
 
 
 
 
 
 
 
 
 
 
 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
(14,348)
(6,755)
(9,408)
Restructuring (charges) recoveries
 
 
 
 
 
 
 
 
(148)
(1,031)
(11)
Intersegment Eliminations |
Marketing & Events Group
 
 
 
 
 
 
 
 
 
 
 
Reportable segments reconciliations:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
(16,016)
(13,264)
(14,869)
U.S. |
Marketing & Events Group
 
 
 
 
 
 
 
 
 
 
 
Reportable segments reconciliations:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
710,835 
628,856 
676,772 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
21,400 
11,024 
5,579 
International |
Marketing & Events Group
 
 
 
 
 
 
 
 
 
 
 
Reportable segments reconciliations:
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
249,649 
229,312 
240,137 
Segment operating income (loss), Total
 
 
 
 
 
 
 
 
$ 10,339 
$ 9,068 
$ 12,321 
Segment Information - Reconciliation of Assets from Reportable Segments (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Reconciliation of assets from segment
 
 
 
Total Assets
$ 714,943 
$ 561,932 
$ 650,577 
Total Depreciation and Amortization
30,792 
27,967 
30,133 
Capital expenditures
29,389 
36,119 
27,675 
Marketing & Events Group |
U.S.
 
 
 
Reconciliation of assets from segment
 
 
 
Total Assets
304,727 
194,422 
203,145 
Total Depreciation and Amortization
16,066 
14,906 
17,643 
Capital expenditures
14,515 
8,278 
7,525 
Marketing & Events Group |
International
 
 
 
Reconciliation of assets from segment
 
 
 
Total Assets
116,842 
81,058 
100,387 
Total Depreciation and Amortization
6,311 
5,566 
5,162 
Capital expenditures
4,134 
4,332 
4,913 
Travel & Recreation Group
 
 
 
Reconciliation of assets from segment
 
 
 
Total Assets
199,986 
209,611 
223,199 
Total Depreciation and Amortization
8,232 
7,319 
7,183 
Capital expenditures
10,740 
23,108 
15,201 
Corporate and other
 
 
 
Reconciliation of assets from segment
 
 
 
Total Assets
93,388 
76,841 
123,846 
Total Depreciation and Amortization
183 
176 
145 
Capital expenditures
$ 0 
$ 401 
$ 36 
Segment Information - Financial Information by Major Geographic Area (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues:
 
 
 
Total revenues
$ 1,064,987 
$ 953,347 
$ 1,006,644 
Long-lived assets:
 
 
 
Total long-lived assets
222,809 
225,356 
229,714 
United States
 
 
 
Revenues:
 
 
 
Total revenues
718,538 
637,482 
681,827 
Long-lived assets:
 
 
 
Total long-lived assets
130,401 
132,315 
141,727 
United Kingdom
 
 
 
Revenues:
 
 
 
Total revenues
174,127 
151,217 
153,027 
Long-lived assets:
 
 
 
Total long-lived assets
13,973 
9,631 
9,757 
Canada
 
 
 
Revenues:
 
 
 
Total revenues
153,775 
148,934 
151,070 
Long-lived assets:
 
 
 
Total long-lived assets
78,193 
82,986 
76,067 
Other International
 
 
 
Revenues:
 
 
 
Total revenues
18,547 
15,714 
20,720 
Long-lived assets:
 
 
 
Total long-lived assets
$ 242 
$ 424 
$ 2,163 
Segment Information (Details Textual)
12 Months Ended
Dec. 31, 2014
Segment Information (Textual) [Abstract]
 
Percent of segment's revenues
6.30% 
Percent of Viad's revenues
4.20% 
Common Stock Repurchases - Narrative (Details) (USD $)
12 Months Ended 1 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Feb. 28, 2015
Subsequent Event
Common Stock Repurchases (Textual) [Abstract]
 
 
 
 
Repurchased shares
448,436 
0 
 
 
Common stock purchased for treasury
$ 10,600,000 
 
 
 
Shares remain available for repurchase
582,002 
 
 
 
Repurchased shares tax withholding
72,996 
50,156 
56,885 
 
Share repurchased relating to tax withholding requirements
1,800,000 
1,300,000 
1,100,000 
 
Stock Repurchased
 
 
 
141,462 
Payments for Repurchase of Common Stock
$ 12,321,000 
$ 1,328,000 
$ 1,656,000 
$ 3,800,000 
Discontinued Operations - Narrative (Details) (USD $)
1 Months Ended 12 Months Ended
Sep. 30, 2014
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Income from discontinued operations
 
$ 14,389,000 
$ 2,366,000 
$ 3,030,000 
Proceeds from Sale of Property, Plant, and Equipment
 
1,109,000 
464,000 
322,000 
Gain (Loss) on Disposition of Property Plant Equipment
 
958,000 
265,000 
206,000 
Goodwill, Impairment Loss
 
 
4,461,000 
 
Other Asset Impairment Charges
 
884,000 
952,000 
0 
Amount of Adjustment to Prior Period Gain (Loss) on Disposal
 
1,100,000 
1,100,000 
600,000 
Glacier Park
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
Income from discontinued operations
 
13,295,000 
1,241,000 
2,406,000 
Proceeds from Possessory Interest
 
25,000,000 
 
 
Gain on Possessory Interest, before Tax
 
21,500,000 
 
 
Gain on Possessory Interest, Net of Tax, Attributable to Parent
 
13,500,000 
 
 
Gain on Possessory Interest, Net of Tax, Attributable to Noncontrolling Interest
 
2,700,000 
 
 
Proceeds from Sale of Property, Plant, and Equipment
3,000,000 
 
 
 
Gain (Loss) on Disposition of Property Plant Equipment
700,000 
 
 
 
Impairment Charge, Including Disposal Group and Discontinued Operations
 
 
4,500,000 
 
Goodwill, Impairment Loss
 
 
2,097,000 
 
Disposal Group, Including Discontinued Operation, Impairment Charges
 
$ 0 
$ 2,364,000 
$ 0 
Discontinued Operations - Schedule of Income (Loss) from Discontinued Operations (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Income from discontinued operations
$ 14,389 
$ 2,366 
$ 3,030 
Income from discontinued operations attributable to noncontrolling interest
(2,825)
(248)
(481)
Income from discontinued operations attributable to Viad
11,564 
2,118 
2,549 
Glacier Park
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
Total revenue
   
19,445 
18,587 
Costs (recoveries) and expenses
(93)
(15,462)
(14,916)
Impairment charges
0 
(2,364)
0 
Restructuring charges
0 
(98)
0 
Income from discontinued operations, before income taxes
(93)
1,521 
3,671 
Income tax (expense) benefit
45 
(280)
(1,265)
Income from discontinued operations, net of tax
(48)
1,241 
2,406 
Gain on sale of discontinued operations, net of tax
13,343 
0 
0 
Income from discontinued operations
13,295 
1,241 
2,406 
Income from discontinued operations attributable to noncontrolling interest
(2,825)
(248)
(481)
Income from discontinued operations attributable to Viad
$ 10,470 
$ 993 
$ 1,925 
Discontinued Operations - Reconciliation of Discontinued Operations (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Discontinued Operations and Disposal Groups [Abstract]
 
 
 
Income (loss) from continuing operations
$ 388 
$ (117)
$ 205 
Income from discontinued operations
2,825 
248 
481 
Net income attributable to noncontrolling interest
$ 3,213 
$ 131 
$ 686 
Condensed Consolidated Quarterly Results (Unaudited) - Schedule of Quarterly Financial Information (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Revenues:
$ 223,155,000 
$ 299,802,000 
$ 256,391,000 
$ 285,641,000 
$ 201,842,000 
$ 220,167,000 
$ 246,180,000 
$ 285,159,000 
$ 1,064,987,000 
$ 953,347,000 
$ 1,006,644,000 
Operating income (loss):
 
 
 
 
 
 
 
 
 
 
 
Ongoing operations
(644,000)
33,013,000 
14,136,000 
13,361,000 
(1,862,000)
18,723,000 
11,455,000 
13,595,000 
 
 
 
Corporate activities
(6,850,000)
(3,468,000)
(1,991,000)
(2,039,000)
(2,748,000)
(2,034,000)
(1,167,000)
(806,000)
 
 
 
Restructuring (charges) recoveries
177,000 
(234,000)
(1,369,000)
(211,000)
(1,661,000)
(639,000)
(773,000)
(720,000)
(1,637,000)
(3,793,000)
(4,942,000)
Impairment charges
0 
0 
(884,000)
0 
0 
(3,049,000)
0 
0 
(884,000)
(3,049,000)
0 
Operating income (loss)
(7,317,000)
29,311,000 
9,892,000 
11,111,000 
(6,271,000)
13,001,000 
9,515,000 
12,069,000 
45,518,000 
35,156,000 
28,783,000 
Amounts reclassified from AOCI, net of tax
(7,255,000)
30,755,000 
7,978,000 
9,312,000 
(4,403,000)
8,871,000 
6,516,000 
8,453,000 
41,178,000 
19,320,000 
3,553,000 
Net income
(5,889,000)
29,620,000 
6,742,000 
21,882,000 
(4,618,000)
11,855,000 
6,253,000 
8,065,000 
52,354,000 
21,555,000 
5,897,000 
Diluted income per common share:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations attributable to Viad common stockholders (USD per share)
$ (0.37)
$ 1.53 
$ 0.39 
$ 0.46 
$ (0.22)
$ 0.44 
$ 0.32 
$ 0.42 
$ 2.02 
$ 0.96 
$ 0.17 
Net income attributable to Viad common stockholders (USD per share)
$ (0.30)
$ 1.48 
$ 0.33 
$ 1.08 
$ (0.23)
$ 0.58 
$ 0.31 
$ 0.40 
$ 2.59 
$ 1.06 
$ 0.29 
Basic income per common share:
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations attributable to Viad common stockholders (USD per share)
$ (0.37)
$ 1.53 
$ 0.39 
$ 0.46 
$ (0.22)
$ 0.44 
$ 0.32 
$ 0.42 
$ 2.02 
$ 0.96 
$ 0.17 
Net income attributable to Viad common stockholders (USD per share)
$ (0.30)
$ 1.48 
$ 0.33 
$ 1.08 
$ (0.23)
$ 0.58 
$ 0.31 
$ 0.40 
$ 2.59 
$ 1.06 
$ 0.29 
Deferred Tax Asset Valuation Allowance, Change in Amount
 
$ 10,900,000 
 
 
 
 
 
 
 
 
 
Subsequent Event (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended 1 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Feb. 28, 2015
Subsequent Event
Subsequent Event [Line Items]
 
 
 
 
Stock Repurchased
 
 
 
141,462 
Payments for Repurchase of Common Stock
$ 12,321 
$ 1,328 
$ 1,656 
$ 3,800 
Schedule II - Valuation And Qualifying Accounts (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Allowance for doubtful accounts
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Balance at beginning of Year
$ 877 
$ 1,150 
$ 1,072 
Additions Charged to Expense
821 
313 
708 
Additions Charged to Other Accounts
0 
0 
0 
Write Offs
(440)
(586)
(630)
Deductions Credited to Other Accounts
0 
0 
0 
Balance at end of Year
1,258 
877 
1,150 
Deferred tax valuation allowance
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Balance at beginning of Year
12,393 
14,576 
356 
Additions Charged to Expense
95 
1,917 
14,220 
Additions Charged to Other Accounts
2,589 
0 
0 
Write Offs
(11,782)
(4,100)
0 
Deductions Credited to Other Accounts
0 
0 
0 
Balance at end of Year
$ 3,295 
$ 12,393 
$ 14,576