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(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Raw materials | $ | 16,091 | $ | 14,825 | |||
Work in process | 23,927 | 13,168 | |||||
Inventories | $ | 40,018 | $ | 27,993 |
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(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Income tax receivable | $ | 3,407 | $ | 2,035 | |||
Prepaid software maintenance | 3,027 | 1,946 | |||||
Prepaid vendor payments | 1,820 | 2,008 | |||||
Assets held for sale | 1,814 | — | |||||
Prepaid rent | 1,562 | 284 | |||||
Prepaid insurance | 794 | 2,260 | |||||
Prepaid other | 5,947 | 5,031 | |||||
Other | 2,418 | 3,578 | |||||
Other current assets | $ | 20,789 | $ | 17,142 |
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(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Land and land interests | $ | 23,599 | $ | 23,646 | |||
Buildings and leasehold improvements | 133,334 | 139,889 | |||||
Equipment and other | 298,114 | 294,409 | |||||
Gross property and equipment | 455,047 | 457,944 | |||||
Less: accumulated depreciation | (271,579 | ) | (267,614 | ) | |||
Property and equipment, net | $ | 183,468 | $ | 190,330 |
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(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Cash surrender value of life insurance | $ | 19,901 | $ | 19,690 | |||
Workers’ compensation insurance security deposits | 3,350 | 3,350 | |||||
Other | 11,767 | 11,986 | |||||
Other investments and assets | $ | 35,018 | $ | 35,026 |
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(in thousands) | Marketing & Events U.S. | Marketing & Events International | Travel & Recreation Group | Total | |||||||||||
Balance at December 31, 2013 | $ | 62,686 | $ | 22,611 | $ | 44,246 | $ | 129,543 | |||||||
Foreign currency translation adjustments | — | 426 | (221 | ) | 205 | ||||||||||
Balance at June 30, 2014 | $ | 62,686 | $ | 23,037 | $ | 44,025 | $ | 129,748 |
(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Marketing & Events Group: | |||||||
Marketing & Events U.S. | $ | 62,686 | $ | 62,686 | |||
Marketing & Events International: | |||||||
GES United Kingdom | 14,514 | 14,049 | |||||
GES Canada | 8,523 | 8,562 | |||||
Total Marketing & Events Group | 85,723 | 85,297 | |||||
Travel & Recreation Group: | |||||||
Brewster | 40,841 | 41,062 | |||||
Alaska Denali Travel | 3,184 | 3,184 | |||||
Total Travel & Recreation Group | 44,025 | 44,246 | |||||
Goodwill | $ | 129,748 | $ | 129,543 |
(in thousands) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||
Amortized intangible assets: | |||||||||||
Customer contracts and relationships | $ | 5,629 | $ | (3,028 | ) | $ | 2,601 | ||||
Other | 1,250 | (351 | ) | 899 | |||||||
Total amortized intangible assets | 6,879 | (3,379 | ) | 3,500 | |||||||
Unamortized intangible assets: | |||||||||||
Business licenses | 460 | — | 460 | ||||||||
Other intangible assets | $ | 7,339 | $ | (3,379 | ) | $ | 3,960 |
(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 | ||||||||
Other intangible assets | $ | 7,277 | $ | (2,797 | ) | $ | 4,480 |
(in thousands) | |||
2014 | $ | 446 | |
2015 | $ | 801 | |
2016 | $ | 675 | |
2017 | $ | 556 | |
2018 | $ | 435 | |
Thereafter | $ | 587 |
|
(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Continuing operations: | |||||||
Self-insured liability accrual | $ | 6,777 | $ | 7,603 | |||
Accrued employee benefit costs | 3,445 | 2,751 | |||||
Accrued restructuring | 2,781 | 3,877 | |||||
Accrued dividends | 2,127 | 2,192 | |||||
Accrued professional fees | 1,625 | 1,832 | |||||
Accrued sales and use taxes | 1,601 | 1,609 | |||||
Deferred rent | 1,295 | 1,558 | |||||
Other | 9,513 | 6,748 | |||||
Total continuing operations | 29,164 | 28,170 | |||||
Discontinued operations: | |||||||
Self-insured liability accrual | 416 | 469 | |||||
Environmental remediation liabilities | 348 | 353 | |||||
Other | 433 | 177 | |||||
Total discontinued operations | 1,197 | 999 | |||||
Other current liabilities | $ | 30,361 | $ | 29,169 |
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(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Continuing operations: | |||||||
Self-insured liability accrual | $ | 18,066 | $ | 17,316 | |||
Accrued compensation | 6,228 | 8,349 | |||||
Foreign deferred tax liability | 2,194 | 1,989 | |||||
Accrued restructuring | 1,645 | 1,919 | |||||
Other | 7,760 | 7,552 | |||||
Total continuing operations | 35,893 | 37,125 | |||||
Discontinued operations: | |||||||
Environmental remediation liabilities | 4,550 | 4,666 | |||||
Self-insured liability accrual | 4,477 | 4,489 | |||||
Accrued income taxes | 1,115 | 1,085 | |||||
Other | 1,363 | 1,254 | |||||
Total discontinued operations | 11,505 | 11,494 | |||||
Other deferred items and liabilities | $ | 47,398 | $ | 48,619 |
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|
Fair Value Measurements at Reporting Date Using | |||||||||||||||
(in thousands) | June 30, 2014 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobserved Inputs (Level 3) | |||||||||||
Assets: | |||||||||||||||
Money market funds | $ | 618 | $ | 618 | $ | — | $ | — | |||||||
Other mutual funds | 2,619 | 2,619 | — | — | |||||||||||
Total assets at fair value | $ | 3,237 | $ | 3,237 | $ | — | $ | — | |||||||
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 | $ | 2,141 | $ | 2,141 | $ | — | $ | — |
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(in thousands) | Total Viad Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||
Balance at December 31, 2013 | $ | 347,441 | $ | 9,102 | $ | 356,543 | ||||||
Net income | 28,624 | 2,404 | 31,028 | |||||||||
Dividends on common stock | (34,534 | ) | — | (34,534 | ) | |||||||
Common stock purchased for treasury | (11,610 | ) | — | (11,610 | ) | |||||||
Employee benefit plans | 4,004 | — | 4,004 | |||||||||
Unrealized foreign currency translation adjustment | (151 | ) | — | (151 | ) | |||||||
Unrealized gain on investments | 50 | — | 50 | |||||||||
ESOP allocation adjustment | 44 | — | 44 | |||||||||
Other | 36 | — | 36 | |||||||||
Balance at June 30, 2014 | $ | 333,904 | $ | 11,506 | $ | 345,410 |
(in thousands) | Total Viad Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||
Balance at December 31, 2012 | $ | 388,061 | $ | 8,971 | $ | 397,032 | ||||||
Net income (loss) | 14,318 | (468 | ) | $ | 13,850 | |||||||
Dividends on common stock | (4,066 | ) | — | $ | (4,066 | ) | ||||||
Common stock purchased for treasury | (1,252 | ) | — | $ | (1,252 | ) | ||||||
Employee benefit plans | 2,717 | — | $ | 2,717 | ||||||||
Unrealized foreign currency translation adjustment | (11,423 | ) | — | $ | (11,423 | ) | ||||||
Unrealized gain on investments | 55 | — | $ | 55 | ||||||||
Prior service credit and net actuarial loss | 81 | — | $ | 81 | ||||||||
ESOP allocation adjustment | 500 | — | $ | 500 | ||||||||
Other | (1 | ) | — | $ | (1 | ) | ||||||
Balance, June 30, 2013 | $ | 388,990 | $ | 8,503 | $ | 397,493 |
(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, 2013 | $ | 429 | $ | 30,847 | $ | (11,259 | ) | $ | 20,017 | |||||||
Other comprehensive income before reclassifications | 75 | (151 | ) | — | (76 | ) | ||||||||||
Amounts reclassified from AOCI, net of tax | (25 | ) | — | 37 | 12 | |||||||||||
Net other comprehensive income (loss) | 50 | (151 | ) | 37 | (64 | ) | ||||||||||
Balance at June 30, 2014 | $ | 479 | $ | 30,696 | $ | (11,222 | ) | $ | 19,953 |
Affected Line Item in the Statement Where Net Income is Presented | ||||||||||
(in thousands) | 2014 | 2013 | ||||||||
Unrealized gains on investments | $ | 40 | $ | 57 | Interest income | |||||
Tax effect | (15 | ) | (21 | ) | Income taxes | |||||
$ | 25 | $ | 36 | |||||||
Recognized net actuarial loss(1) | $ | (413 | ) | $ | (584 | ) | ||||
Amortization of prior service credit(1) | 353 | 453 | ||||||||
Tax effect | 23 | 50 | Income taxes | |||||||
$ | (37 | ) | $ | (81 | ) |
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Domestic Plans | ||||||||||||||||||||||||
Pension Plans | Postretirement Benefit Plans | Foreign Pension Plans | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 22 | $ | 30 | $ | 60 | $ | 46 | $ | 105 | $ | 134 | ||||||||||||
Interest cost | 266 | 261 | 201 | 173 | 160 | 175 | ||||||||||||||||||
Expected return on plan assets | (117 | ) | (100 | ) | — | — | (162 | ) | (175 | ) | ||||||||||||||
Amortization of prior service credit | — | — | (148 | ) | (225 | ) | — | — | ||||||||||||||||
Recognized net actuarial loss | 85 | 149 | 108 | 141 | 2 | 10 | ||||||||||||||||||
Net periodic benefit cost | $ | 256 | $ | 340 | $ | 221 | $ | 135 | $ | 105 | $ | 144 |
Domestic Plans | ||||||||||||||||||||||||
Pension Plans | Postretirement Benefit Plans | Foreign Pension Plans | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 45 | $ | 60 | $ | 94 | $ | 92 | $ | 209 | $ | 271 | ||||||||||||
Interest cost | 546 | 522 | 377 | 346 | 320 | 356 | ||||||||||||||||||
Expected return on plan assets | (220 | ) | (200 | ) | — | — | (323 | ) | (355 | ) | ||||||||||||||
Amortization of prior service credit | — | — | (296 | ) | (450 | ) | — | — | ||||||||||||||||
Recognized net actuarial loss | 204 | 298 | 209 | 282 | 5 | 20 | ||||||||||||||||||
Net periodic benefit cost | $ | 575 | $ | 680 | $ | 384 | $ | 270 | $ | 211 | $ | 292 |
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Marketing & Events Group Consolidation | Other Restructurings | ||||||||||||||
(in thousands) | Severance & Employee Benefits | Facilities | Severance & Employee Benefits | Total | |||||||||||
Balance at December 31, 2013 | $ | 1,240 | $ | 3,565 | $ | 991 | $ | 5,796 | |||||||
Restructuring charges (recoveries) | 1,726 | — | (150 | ) | 1,576 | ||||||||||
Cash payments | (1,655 | ) | (527 | ) | (819 | ) | (3,001 | ) | |||||||
Adjustment to liability | — | — | 55 | 55 | |||||||||||
Balance at June 30, 2014 | $ | 1,311 | $ | 3,038 | $ | 77 | $ | 4,426 |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenue: | |||||||||||||||
Marketing & Events Group: | |||||||||||||||
U.S. | $ | 168,839 | $ | 155,511 | $ | 390,234 | $ | 373,852 | |||||||
International | 63,379 | 68,591 | 122,097 | 128,639 | |||||||||||
Intersegment eliminations | (5,632 | ) | (4,289 | ) | (7,922 | ) | (5,917 | ) | |||||||
Total Marketing & Events Group | 226,586 | 219,813 | 504,409 | 496,574 | |||||||||||
Travel & Recreation Group | 29,805 | 26,367 | 37,623 | 34,765 | |||||||||||
Total revenue | $ | 256,391 | $ | 246,180 | $ | 542,032 | $ | 531,339 | |||||||
Segment operating income (loss): | |||||||||||||||
Marketing & Events Group: | |||||||||||||||
U.S. | $ | 5,124 | $ | 2,601 | $ | 20,975 | $ | 16,716 | |||||||
International | 3,896 | 5,588 | 6,215 | 9,980 | |||||||||||
Total Marketing & Events Group | 9,020 | 8,189 | 27,190 | 26,696 | |||||||||||
Travel & Recreation Group | 5,116 | 3,266 | 307 | (1,646 | ) | ||||||||||
Segment operating income | 14,136 | 11,455 | 27,497 | 25,050 | |||||||||||
Corporate activities | (1,991 | ) | (1,167 | ) | (4,030 | ) | (1,973 | ) | |||||||
Operating income | 12,145 | 10,288 | 23,467 | 23,077 | |||||||||||
Interest income | 54 | 137 | 119 | 275 | |||||||||||
Interest expense | (309 | ) | (323 | ) | (607 | ) | (619 | ) | |||||||
Restructuring (charges) recoveries: | |||||||||||||||
Marketing & Events U.S. | (244 | ) | (318 | ) | (206 | ) | (124 | ) | |||||||
Marketing & Events International | (990 | ) | (426 | ) | (1,520 | ) | (1,327 | ) | |||||||
Travel & Recreation Group | (135 | ) | — | 71 | (13 | ) | |||||||||
Corporate | 4 | (29 | ) | 79 | (29 | ) | |||||||||
Impairment charges: | |||||||||||||||
Marketing & Events International | (884 | ) | — | (884 | ) | — | |||||||||
Income from continuing operations before income taxes | $ | 9,641 | $ | 9,329 | $ | 20,519 | $ | 21,240 |
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Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Total revenue | $ | — | $ | 3,134 | $ | — | $ | 3,138 | ||||||||
Costs and expenses | (18 | ) | (3,708 | ) | (86 | ) | (4,480 | ) | ||||||||
Income (loss) from discontinued operations, before income taxes | (18 | ) | (574 | ) | (86 | ) | (1,342 | ) | ||||||||
Income tax benefit | 18 | 245 | 38 | 528 | ||||||||||||
Income (loss) from discontinued operations, net of tax | — | (329 | ) | (48 | ) | (814 | ) | |||||||||
Gain (loss) on sale of discontinued operations, net of tax | (964 | ) | — | 14,322 | — | |||||||||||
Income (loss) from discontinued operations | (964 | ) | (329 | ) | 14,274 | (814 | ) | |||||||||
(Income) loss from discontinued operations attributable to noncontrolling interest | — | 66 | (2,668 | ) | 163 | |||||||||||
Income (loss) from discontinued operations attributable to Viad | $ | (964 | ) | $ | (263 | ) | $ | 11,606 | $ | (651 | ) |
(in thousands) | 2014 | 2013 | ||||||
Loss from continuing operations | $ | (264 | ) | $ | (305 | ) | ||
Income (loss) from discontinued operations | 2,668 | (163 | ) | |||||
Net income (loss) attributable to noncontrolling interest | $ | 2,404 | $ | (468 | ) |
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(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Raw materials | $ | 16,091 | $ | 14,825 | |||
Work in process | 23,927 | 13,168 | |||||
Inventories | $ | 40,018 | $ | 27,993 |
|
(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Income tax receivable | $ | 3,407 | $ | 2,035 | |||
Prepaid software maintenance | 3,027 | 1,946 | |||||
Prepaid vendor payments | 1,820 | 2,008 | |||||
Assets held for sale | 1,814 | — | |||||
Prepaid rent | 1,562 | 284 | |||||
Prepaid insurance | 794 | 2,260 | |||||
Prepaid other | 5,947 | 5,031 | |||||
Other | 2,418 | 3,578 | |||||
Other current assets | $ | 20,789 | $ | 17,142 |
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(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Land and land interests | $ | 23,599 | $ | 23,646 | |||
Buildings and leasehold improvements | 133,334 | 139,889 | |||||
Equipment and other | 298,114 | 294,409 | |||||
Gross property and equipment | 455,047 | 457,944 | |||||
Less: accumulated depreciation | (271,579 | ) | (267,614 | ) | |||
Property and equipment, net | $ | 183,468 | $ | 190,330 |
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(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Cash surrender value of life insurance | $ | 19,901 | $ | 19,690 | |||
Workers’ compensation insurance security deposits | 3,350 | 3,350 | |||||
Other | 11,767 | 11,986 | |||||
Other investments and assets | $ | 35,018 | $ | 35,026 |
|
(in thousands) | Marketing & Events U.S. | Marketing & Events International | Travel & Recreation Group | Total | |||||||||||
Balance at December 31, 2013 | $ | 62,686 | $ | 22,611 | $ | 44,246 | $ | 129,543 | |||||||
Foreign currency translation adjustments | — | 426 | (221 | ) | 205 | ||||||||||
Balance at June 30, 2014 | $ | 62,686 | $ | 23,037 | $ | 44,025 | $ | 129,748 |
(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Marketing & Events Group: | |||||||
Marketing & Events U.S. | $ | 62,686 | $ | 62,686 | |||
Marketing & Events International: | |||||||
GES United Kingdom | 14,514 | 14,049 | |||||
GES Canada | 8,523 | 8,562 | |||||
Total Marketing & Events Group | 85,723 | 85,297 | |||||
Travel & Recreation Group: | |||||||
Brewster | 40,841 | 41,062 | |||||
Alaska Denali Travel | 3,184 | 3,184 | |||||
Total Travel & Recreation Group | 44,025 | 44,246 | |||||
Goodwill | $ | 129,748 | $ | 129,543 |
(in thousands) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||
Amortized intangible assets: | |||||||||||
Customer contracts and relationships | $ | 5,629 | $ | (3,028 | ) | $ | 2,601 | ||||
Other | 1,250 | (351 | ) | 899 | |||||||
Total amortized intangible assets | 6,879 | (3,379 | ) | 3,500 | |||||||
Unamortized intangible assets: | |||||||||||
Business licenses | 460 | — | 460 | ||||||||
Other intangible assets | $ | 7,339 | $ | (3,379 | ) | $ | 3,960 |
(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 | ||||||||
Other intangible assets | $ | 7,277 | $ | (2,797 | ) | $ | 4,480 |
(in thousands) | |||
2014 | $ | 446 | |
2015 | $ | 801 | |
2016 | $ | 675 | |
2017 | $ | 556 | |
2018 | $ | 435 | |
Thereafter | $ | 587 |
|
(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Continuing operations: | |||||||
Self-insured liability accrual | $ | 6,777 | $ | 7,603 | |||
Accrued employee benefit costs | 3,445 | 2,751 | |||||
Accrued restructuring | 2,781 | 3,877 | |||||
Accrued dividends | 2,127 | 2,192 | |||||
Accrued professional fees | 1,625 | 1,832 | |||||
Accrued sales and use taxes | 1,601 | 1,609 | |||||
Deferred rent | 1,295 | 1,558 | |||||
Other | 9,513 | 6,748 | |||||
Total continuing operations | 29,164 | 28,170 | |||||
Discontinued operations: | |||||||
Self-insured liability accrual | 416 | 469 | |||||
Environmental remediation liabilities | 348 | 353 | |||||
Other | 433 | 177 | |||||
Total discontinued operations | 1,197 | 999 | |||||
Other current liabilities | $ | 30,361 | $ | 29,169 |
|
(in thousands) | June 30, 2014 | December 31, 2013 | |||||
Continuing operations: | |||||||
Self-insured liability accrual | $ | 18,066 | $ | 17,316 | |||
Accrued compensation | 6,228 | 8,349 | |||||
Foreign deferred tax liability | 2,194 | 1,989 | |||||
Accrued restructuring | 1,645 | 1,919 | |||||
Other | 7,760 | 7,552 | |||||
Total continuing operations | 35,893 | 37,125 | |||||
Discontinued operations: | |||||||
Environmental remediation liabilities | 4,550 | 4,666 | |||||
Self-insured liability accrual | 4,477 | 4,489 | |||||
Accrued income taxes | 1,115 | 1,085 | |||||
Other | 1,363 | 1,254 | |||||
Total discontinued operations | 11,505 | 11,494 | |||||
Other deferred items and liabilities | $ | 47,398 | $ | 48,619 |
|
Fair Value Measurements at Reporting Date Using | |||||||||||||||
(in thousands) | June 30, 2014 | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobserved Inputs (Level 3) | |||||||||||
Assets: | |||||||||||||||
Money market funds | $ | 618 | $ | 618 | $ | — | $ | — | |||||||
Other mutual funds | 2,619 | 2,619 | — | — | |||||||||||
Total assets at fair value | $ | 3,237 | $ | 3,237 | $ | — | $ | — | |||||||
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 | $ | 2,141 | $ | 2,141 | $ | — | $ | — |
|
(in thousands) | Total Viad Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||
Balance at December 31, 2013 | $ | 347,441 | $ | 9,102 | $ | 356,543 | ||||||
Net income | 28,624 | 2,404 | 31,028 | |||||||||
Dividends on common stock | (34,534 | ) | — | (34,534 | ) | |||||||
Common stock purchased for treasury | (11,610 | ) | — | (11,610 | ) | |||||||
Employee benefit plans | 4,004 | — | 4,004 | |||||||||
Unrealized foreign currency translation adjustment | (151 | ) | — | (151 | ) | |||||||
Unrealized gain on investments | 50 | — | 50 | |||||||||
ESOP allocation adjustment | 44 | — | 44 | |||||||||
Other | 36 | — | 36 | |||||||||
Balance at June 30, 2014 | $ | 333,904 | $ | 11,506 | $ | 345,410 |
(in thousands) | Total Viad Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||
Balance at December 31, 2012 | $ | 388,061 | $ | 8,971 | $ | 397,032 | ||||||
Net income (loss) | 14,318 | (468 | ) | $ | 13,850 | |||||||
Dividends on common stock | (4,066 | ) | — | $ | (4,066 | ) | ||||||
Common stock purchased for treasury | (1,252 | ) | — | $ | (1,252 | ) | ||||||
Employee benefit plans | 2,717 | — | $ | 2,717 | ||||||||
Unrealized foreign currency translation adjustment | (11,423 | ) | — | $ | (11,423 | ) | ||||||
Unrealized gain on investments | 55 | — | $ | 55 | ||||||||
Prior service credit and net actuarial loss | 81 | — | $ | 81 | ||||||||
ESOP allocation adjustment | 500 | — | $ | 500 | ||||||||
Other | (1 | ) | — | $ | (1 | ) | ||||||
Balance, June 30, 2013 | $ | 388,990 | $ | 8,503 | $ | 397,493 |
(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, 2013 | $ | 429 | $ | 30,847 | $ | (11,259 | ) | $ | 20,017 | |||||||
Other comprehensive income before reclassifications | 75 | (151 | ) | — | (76 | ) | ||||||||||
Amounts reclassified from AOCI, net of tax | (25 | ) | — | 37 | 12 | |||||||||||
Net other comprehensive income (loss) | 50 | (151 | ) | 37 | (64 | ) | ||||||||||
Balance at June 30, 2014 | $ | 479 | $ | 30,696 | $ | (11,222 | ) | $ | 19,953 |
Affected Line Item in the Statement Where Net Income is Presented | ||||||||||
(in thousands) | 2014 | 2013 | ||||||||
Unrealized gains on investments | $ | 40 | $ | 57 | Interest income | |||||
Tax effect | (15 | ) | (21 | ) | Income taxes | |||||
$ | 25 | $ | 36 | |||||||
Recognized net actuarial loss(1) | $ | (413 | ) | $ | (584 | ) | ||||
Amortization of prior service credit(1) | 353 | 453 | ||||||||
Tax effect | 23 | 50 | Income taxes | |||||||
$ | (37 | ) | $ | (81 | ) |
|
Domestic Plans | ||||||||||||||||||||||||
Pension Plans | Postretirement Benefit Plans | Foreign Pension Plans | ||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Service cost | $ | 45 | $ | 60 | $ | 94 | $ | 92 | $ | 209 | $ | 271 | ||||||||||||
Interest cost | 546 | 522 | 377 | 346 | 320 | 356 | ||||||||||||||||||
Expected return on plan assets | (220 | ) | (200 | ) | — | — | (323 | ) | (355 | ) | ||||||||||||||
Amortization of prior service credit | — | — | (296 | ) | (450 | ) | — | — | ||||||||||||||||
Recognized net actuarial loss | 204 | 298 | 209 | 282 | 5 | 20 | ||||||||||||||||||
Net periodic benefit cost | $ | 575 | $ | 680 | $ | 384 | $ | 270 | $ | 211 | $ | 292 |
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Marketing & Events Group Consolidation | Other Restructurings | ||||||||||||||
(in thousands) | Severance & Employee Benefits | Facilities | Severance & Employee Benefits | Total | |||||||||||
Balance at December 31, 2013 | $ | 1,240 | $ | 3,565 | $ | 991 | $ | 5,796 | |||||||
Restructuring charges (recoveries) | 1,726 | — | (150 | ) | 1,576 | ||||||||||
Cash payments | (1,655 | ) | (527 | ) | (819 | ) | (3,001 | ) | |||||||
Adjustment to liability | — | — | 55 | 55 | |||||||||||
Balance at June 30, 2014 | $ | 1,311 | $ | 3,038 | $ | 77 | $ | 4,426 |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Revenue: | |||||||||||||||
Marketing & Events Group: | |||||||||||||||
U.S. | $ | 168,839 | $ | 155,511 | $ | 390,234 | $ | 373,852 | |||||||
International | 63,379 | 68,591 | 122,097 | 128,639 | |||||||||||
Intersegment eliminations | (5,632 | ) | (4,289 | ) | (7,922 | ) | (5,917 | ) | |||||||
Total Marketing & Events Group | 226,586 | 219,813 | 504,409 | 496,574 | |||||||||||
Travel & Recreation Group | 29,805 | 26,367 | 37,623 | 34,765 | |||||||||||
Total revenue | $ | 256,391 | $ | 246,180 | $ | 542,032 | $ | 531,339 | |||||||
Segment operating income (loss): | |||||||||||||||
Marketing & Events Group: | |||||||||||||||
U.S. | $ | 5,124 | $ | 2,601 | $ | 20,975 | $ | 16,716 | |||||||
International | 3,896 | 5,588 | 6,215 | 9,980 | |||||||||||
Total Marketing & Events Group | 9,020 | 8,189 | 27,190 | 26,696 | |||||||||||
Travel & Recreation Group | 5,116 | 3,266 | 307 | (1,646 | ) | ||||||||||
Segment operating income | 14,136 | 11,455 | 27,497 | 25,050 | |||||||||||
Corporate activities | (1,991 | ) | (1,167 | ) | (4,030 | ) | (1,973 | ) | |||||||
Operating income | 12,145 | 10,288 | 23,467 | 23,077 | |||||||||||
Interest income | 54 | 137 | 119 | 275 | |||||||||||
Interest expense | (309 | ) | (323 | ) | (607 | ) | (619 | ) | |||||||
Restructuring (charges) recoveries: | |||||||||||||||
Marketing & Events U.S. | (244 | ) | (318 | ) | (206 | ) | (124 | ) | |||||||
Marketing & Events International | (990 | ) | (426 | ) | (1,520 | ) | (1,327 | ) | |||||||
Travel & Recreation Group | (135 | ) | — | 71 | (13 | ) | |||||||||
Corporate | 4 | (29 | ) | 79 | (29 | ) | |||||||||
Impairment charges: | |||||||||||||||
Marketing & Events International | (884 | ) | — | (884 | ) | — | |||||||||
Income from continuing operations before income taxes | $ | 9,641 | $ | 9,329 | $ | 20,519 | $ | 21,240 |
|
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Total revenue | $ | — | $ | 3,134 | $ | — | $ | 3,138 | ||||||||
Costs and expenses | (18 | ) | (3,708 | ) | (86 | ) | (4,480 | ) | ||||||||
Income (loss) from discontinued operations, before income taxes | (18 | ) | (574 | ) | (86 | ) | (1,342 | ) | ||||||||
Income tax benefit | 18 | 245 | 38 | 528 | ||||||||||||
Income (loss) from discontinued operations, net of tax | — | (329 | ) | (48 | ) | (814 | ) | |||||||||
Gain (loss) on sale of discontinued operations, net of tax | (964 | ) | — | 14,322 | — | |||||||||||
Income (loss) from discontinued operations | (964 | ) | (329 | ) | 14,274 | (814 | ) | |||||||||
(Income) loss from discontinued operations attributable to noncontrolling interest | — | 66 | (2,668 | ) | 163 | |||||||||||
Income (loss) from discontinued operations attributable to Viad | $ | (964 | ) | $ | (263 | ) | $ | 11,606 | $ | (651 | ) |
(in thousands) | 2014 | 2013 | ||||||
Loss from continuing operations | $ | (264 | ) | $ | (305 | ) | ||
Income (loss) from discontinued operations | 2,668 | (163 | ) | |||||
Net income (loss) attributable to noncontrolling interest | $ | 2,404 | $ | (468 | ) |
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