UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 11-K
 
☒	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
For the fiscal year ended December 31, 2020
or
☐	TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934	
For the transition period from ______________ to ______________
	 	
Commission File Number: 001-11015
 
A.	Full title of the plan and the address of the plan, if different from that of the issuer named below:	
 
VIAD CORP CAPITAL ACCUMULATION PLAN
 
B.	Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:	
 
Viad Corp
1850 North Central Avenue, Suite 1900
Phoenix, AZ 85004-4565

 

SIGNATURES
 
The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

VIAD CORP CAPITAL ACCUMULATION PLAN

	
By:  /s/ Leslie S. Striedel	
Leslie S. Striedel	
Chief Accounting Officer	
On behalf of the administrator	
DATE:June 28, 2021

 
INDEX
 
VIAD CORP CAPITAL ACCUMULATION PLAN	
 	Page	
Report of Independent Registered Public Accounting Firm	2		
Financial Statements:	3		
Statements of Net Assets Available for Benefits as of December 31, 2020 and 2019	3		
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2020	4		
Notes to Financial Statements	5		
Supplemental Schedules	12		
Schedule of Assets (Held at End of Year) - Form 5500, Schedule H, Part IV, Line 4i	12		
Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2020 - Form 5500, Schedule H, Part IV, Line 4a	13		
Exhibit - Consent of Independent Registered Public Accounting Firm	 		
 
NOTE: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable
 
In this report, for periods presented, “we,” “us,” “our,” “the Company,” and “Viad Corp” refer to Viad Corp.
 
1

 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Plan Participants and Plan Administrator of Viad Corp Capital Accumulation Plan
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Viad Corp Capital Accumulation Plan (the “Plan”) as of December 31, 2020 and 2019, the related statement of changes in net assets available for benefits for the year ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2020 and 2019, and the changes in net assets available for benefits for the year ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Report on Supplemental Schedules
The supplemental schedules of assets (held at end of year) as of December 31, 2020, and delinquent participant contributions for the year ended December 31, 2020, have been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedules are the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in compliance with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.
 
/s/ DELOITTE & TOUCHE LLP
 
Phoenix, Arizona
June 28, 2021
 
We have served as the auditor of the Plan since 1985.

2

 
VIAD CORP CAPITAL ACCUMULATION PLAN
 
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
 
 	 	December 31,	 	
 	 	2020	 	 	2019	 	
Assets	 	 	 	 	 	 	 	 	
Cash	 	$	—	 	 	$	2,930	 	
Participant-directed investments, at fair value:	 	 	 	 	 	 	 	 	
Mutual funds	 	 	202,539,838	 	 	 	216,422,319	 	
Viad Corp common stock	 	 	19,096,153	 	 	 	48,612,252	 	
Common collective trusts	 	 	20,436,217	 	 	 	16,176,306	 	
Total investments, at fair value	 	 	242,072,208	 	 	 	281,210,877	 	
 	 	 	 	 	 	 	 	 	
Receivables:	 	 	 	 	 	 	 	 	
Notes receivable from participants	 	 	2,152,892	 	 	 	2,796,022	 	
Participant contributions receivable	 	 	119,634	 	 	 	59,205	 	
Employer contributions receivable	 	 	48,427	 	 	 	—	 	
Dividends	 	 	—	 	 	 	71,894	 	
Total receivables	 	 	2,320,953	 	 	 	2,927,121	 	
Total assets	 	 	244,393,161	 	 	 	284,140,928	 	
 	 	 	 	 	 	 	 	 	
Liabilities	 	 	 	 	 	 	 	 	
Participant withdrawal payable	 	 	—	 	 	 	5,222	 	
Total liabilities	 	 	—	 	 	 	5,222	 	
 	 	 	 	 	 	 	 	 	
Net assets available for benefits	 	$	244,393,161	 	 	$	284,135,706	 	

 
Refer to Notes to Financial Statements.
3

VIAD CORP CAPITAL ACCUMULATION PLAN
 
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
 
	 	Year Ended
December 31, 2020	 	
Additions	 	 	 	 	
Contributions:	 	 	 	 	
Participant contributions	 	$	6,216,316	 	
Employer contributions	 	 	1,899,808	 	
Total contributions	 	 	8,116,124	 	
 	 	 	 	 	
Investment income:	 	 	 	 	
Net appreciation in fair value of investments	 	 	3,359,563	 	
Dividends	 	 	9,770,433	 	
Interest	 	 	339,380	 	
Other income	 	 	327,789	 	
Total investment income	 	 	13,797,165	 	
Interest income on notes receivable from participants	 	 	78,271	 	
Total additions	 	 	21,991,560	 	
 	 	 	 	 	
Deductions	 	 	 	 	
Benefits paid to participants	 	 	61,612,763	 	
Administrative fees	 	 	121,342	 	
Total deductions	 	 	61,734,105	 	
 	 	 	 	 	
Decrease in net assets available for benefits	 	 	(39,742,545	)	
 	 	 	 	 	
Net assets available for benefits, beginning of year	 	 	284,135,706	 	
 	 	 	 	 	
Net assets available for benefits, end of year	 	$	244,393,161	 	

 
Refer to Notes to Financial Statements.
4

VIAD CORP CAPITAL ACCUMULATION PLAN
 
NOTES TO FINANCIAL STATEMENTS
 
Note 1.  Description of the Plan
The following description of the Viad Corp Capital Accumulation Plan (the “Plan”) is provided for general information purposes only. Participants should refer to the Plan document for more complete information.
General
The Plan, commonly known as “Toward Retirement Income Management” or “TRIM,” is a defined contribution plan which was established on January 1, 1985 and has been amended periodically. The Plan is administered by Viad Corp, which has specifically delegated power and responsibility for daily administration to the Plan committee (the “Committee”), consisting of at least three persons appointed by Viad’s Chief Executive Officer. The trustee of the Plan is T. Rowe Price Trust Company and the record-keeper of the Plan is T. Rowe Price Retirement Plan Services, Inc. (collectively, “T. Rowe Price”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.
Impact of COVID-19
On March 11, 2020, the World Health Organization declared COVID-19 a “pandemic.” COVID-19 has spread rapidly, with a high concentration of confirmed cases in the U.S. and other countries. The COVID-19 pandemic has had, and is expected to continue to have, a substantial negative impact on businesses around the world and on global, regional, and national economies. The value of the Plan assets, including investments held in Viad Corp common stock, have been negatively affected due to the deteriorating macroeconomic environment in the global markets. In April 2020, the employer matching contributions were suspended and were not made under the Plan. The employer match was reinstated in October 2020.
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was enacted and signed into law in the wake of the COVID-19 pandemic. Certain provisions of the CARES Act allow eligible participants the following:
 	•	Penalty-free distribution of up to $100,000 until December 28, 2020 with payment of taxes on the distribution to be spread out over a three-year period.	
 	•	Loan repayments due were temporarily suspended until December 31, 2020. Interest continued to accrue during this period. Loan payments resumed in January 2021 and the loan(s) were re-amortized to account for the suspension.	
 	•	Loans were allowed to be taken up to the lesser of $100,000 (reduced by the highest outstanding loan balance during the prior 12 months) or 50% of a participant’s vested account balance. This increased loan amount was available for loans taken by September 17, 2020. Plan limitations on the number of outstanding loans permitted and other requirements still applied.	
Eligible participants included those who were diagnosed with COVID-19 by a test approved by the Centers for Disease Control and Prevention (“CDC”); participant’s spouse or dependents who were diagnosed with COVID-19 by a test approved by the CDC; or participants who experienced adverse financial consequences from quarantine, furlough, layoffs, reduced work hours, inability to work due to lack of child care, or the closing or reduced hours of a business owned or operated by the participant on account of COVID-19.
Eligibility
Each of our employees and the employees of certain of our subsidiaries are eligible to participate in the Plan, provided any such employee works in the United States, provides at least 1,000 hours of service during a consecutive 12-month period, and is paid a regular fixed compensation. Employees under collective bargaining agreements (unless the collective bargaining agreement specifically provides for participation in the Plan) or leased employees are not eligible to participate in the Plan. Eligible participants may enroll in the Plan at any time.
5

Contributions
Participants may contribute to the Plan on a pre-tax basis, Roth deferral basis, or a combination of both, up to 50% of their eligible compensation, as defined in the Plan document, subject to regulatory limitations. Participants reaching age 50 or older by the end of the Plan year may elect to contribute additional “catch-up” contributions to the Plan, subject to regulatory limitations.
We make matching contributions on a pay-period basis equal to 100% of each participant’s pre-tax and Roth deferral contributions up to 3% of eligible compensation, and an additional matching contribution of 50% on the next 2% of participant contributions for an overall maximum matching contribution of 4% of eligible compensation, subject to regulatory limitations. The matching contributions are invested directly in Viad Corp common stock. All matching contributions are 100% vested and are non-forfeitable. As noted above, due to the impact of the COVID-19 pandemic, the employer matching contributions were suspended in April 2020 and were reinstated in October 2020.
At any time, participant contributions are invested by T. Rowe Price into any investment offered by the Plan at the participant’s election. As of December 31, 2020, the Plan had various investment options, including 25 mutual funds and two common/collective trusts. Company matching contributions are held and managed by T. Rowe Price, which invests cash received and dividend income and makes distributions to participants. Participants may exchange matching contributions held in Viad Corp common stock into any investment option available in the Plan and may change investments and transfer amounts between funds at any time, subject to excessive trading guidelines.
Our Board of Directors may also provide discretionary profit-sharing allocations of additional shares of Viad Corp common stock. These profit-sharing allocations would be made pro rata based on participant compensation and would be 100% vested once made. No such discretionary profit-sharing allocations were made in either 2020 or 2019.
Rollovers
Participants may elect to make rollover contributions to the Plan from other qualified plans. Rollover contributions of $276,272 are included in “Participant contributions” in the Statement of Changes in Net Assets Available for Benefits.
Voting Rights
Participants are entitled to exercise voting rights attributable to the shares allocated in their account and are notified prior to the time that such rights are to be exercised. Shares of allocated stock, for which no instructions are received, are voted upon by the Committee as a single block based on instructions received on the majority of such shares for which instruction is received.
Participant Accounts
T. Rowe Price maintains individual accounts for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contributions, rollover contributions, if any, Plan earnings, and Company discretionary contributions, if any. Participant accounts are also charged with expenses, plan losses, and withdrawals, if any, made from the Plan. The benefit to which a participant is entitled is the total of the participant’s vested account less any outstanding participant loans.
Distributions to Participants
Benefits are payable to participants upon termination of employment from the Company, disability, retirement, or death. A participant who terminates employment may leave his or her account balance with the Plan, subject to the rules for required distributions. Terminated participants may also roll over or cash out their existing balances. Distributions of allocated Viad Corp shares are made in cash or, if the participant elects, in the form of Viad Corp common stock plus cash, for any fractional share. Qualified distributions from the Roth component of the Plan, including any earnings received thereon, are tax-free to the participant if taken at least five years after the year of the first Roth contribution, upon reaching the age of 59½, total disability, or death. If the distribution is not qualified, withdrawals from the account are subject to certain tax penalties. Refer to “Impact of COVID-19” above for a description of certain provisions allowed by the CARES Act to eligible participants who took a distribution during 2020.
6

Notes Receivable from Participants and Hardship Withdrawals
Participants may borrow from their Plan account balances a minimum of $1,000 up to the lesser of (i) 50% of a participant’s account balance, or (ii) $50,000, reduced by the participant’s highest outstanding loan balance during the last 12 months. Participants may borrow from their pre-tax contributions, non-Roth after-tax deposits, catch-up contributions, and any earnings on them, but may not borrow from the employer matching contributions or Roth deferral contributions. The interest rate for loans is the prime rate at the beginning of the month in which the loan originated, plus 1%. Loans are repaid in equal installments (ratably through payroll deductions) over a period of up to five years, except for loans that are used to purchase a home, which can be repaid over a maximum of 15 years. As of December 31, 2020, participant loans had maturities through 2035 and interest rates ranging from 4.25% to 6.5%.
Withdrawals of deferred contributions and rollovers may be made by the participant in the event of a qualified financial hardship, as defined in the Plan, subject to certain tax penalties. Such withdrawals will only be considered necessary to satisfy a financial hardship if all non-taxable loans available under the Plan have already been obtained. Participants are limited to one hardship withdrawal per calendar month. Refer to “Impact of COVID-19” above for a description of certain provisions allowed by the CARES Act to eligible participants who were making loan payments or who borrowed from the Plan during 2020.
Plan Termination and Amendments
While it is our intention to continue the Plan, we have the right to terminate the Plan, subject to the provisions of ERISA, provided we have paid all required contributions at the termination date. We also have the right to amend the Plan from time to time. Effective as of December 31, 2014, the Plan was amended and restated to incorporate Plan amendments approved subsequent to the last Plan restatement, and for legal compliance with applicable federal laws and modifications required by the Internal Revenue Service (“IRS”) in connection with the IRS’ review of the Plan’s application for a determination letter.
Note 2.  Summary of Significant Accounting Policies
Basis of Accounting
The accompanying Plan financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of additions and deductions during the reporting period. Actual results could differ from those estimates.
Risks and Uncertainties
The Plan provides various investment options to the participants, including mutual funds, common stock, and common/collective trusts. Investment securities, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the value of the participants’ account balances and the amounts reported in the financial statements.
Included in investments as of December 31, 2020 and 2019, are shares of Viad Corp common stock valued at $19,096,153 and $48,612,252, respectively. This investment represents 8% and 17% percent of total investments as of December 31, 2020 and 2019, respectively. A significant decline in the market value of the sponsor’s stock did significantly affect the net assets available for benefits during 2020 and could in the future.
7

Investment Valuation and Income Recognition
The Plan’s investments are stated at fair value. The fair value of a financial instrument is 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. Refer to Note 3 - Fair Value Measurements for further discussion.
Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date, and interest income is recorded on an accrual basis. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year.
Notes Receivable from Participants
Notes receivable from participants are measured at their unpaid principal balance, plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.
Administrative Expenses
During 2020, neither the Plan nor its participants paid a direct fee for recordkeeping and related services provided by T. Rowe Price. Such costs were paid for through revenue sharing built into the expense ratio of the investments. As a result of revenue sharing, participants were not charged loan processing fees or for the cost of legal review of qualified domestic relations orders. Expenses incidental to the operation of the Plan may be paid by the Plan or directly by the Company. During 2020, all Plan-related expenses were paid through revenue sharing. The Plan held undistributed administrative revenue of $604,980 as of December 31, 2020 and $529,323 as of December 31, 2019. Future plan expenses can be paid from any excess remaining revenue sharing amounts.
As indicated above, the Plan’s investment options charge management fees and operating expenses that are built into the operating cost of the investment and referred to as an “expense ratio” or “total annual operating expenses,” which are deducted periodically from the investment. Consequently, these costs are not separately reflected as expenses to the Plan but as a reduction of investment income.
Payment of Benefits
Benefit payments to participants are recorded upon distribution. During 2020, one participant elected to withdraw from the Plan and received a payment of $3,330 subsequent to December 31, 2020. During 2019, two participants elected to withdraw from the Plan and received payments totaling $5,222 subsequent to December 31, 2019.
Note 3.  Fair Value Measurements
ASC 820, Fair Value Measurements and Disclosures, provides a framework for measuring fair value. Fair value of a financial instrument is 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. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value, as follows:
 	•	Level 1 - quoted prices in active markets for identical investments.	
 	•	Level 2 - observable inputs other than quoted prices included within Level 1 that are observable either directly or indirectly.	
 	•	Level 3 - unobservable inputs to the valuation methodology that are significant to the measurement of fair value.	
Asset Valuation Techniques - Valuation methodologies maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs. The following is a description of the valuation methodologies used for assets measured at fair value:
 	•	Common stock - Valued at the closing price reported on the New York Stock Exchange on the last business day of the Plan year.	
 	•	Mutual funds - Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-ended and are registered with the Securities and Exchange Commission. These mutual funds are required to publish	
8

 		their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.	
 	•	Common/Collective trust funds:	
 	o	Stable value common trust fund – Composed primarily of fully benefit-responsive investment contracts and is reported at fair value using NAV as a practical expedient. Measurement principles indicate that, in the determination of a stable value fund’s NAV, the relevant measurement is net assets, which include fully benefit-responsive investment contracts held by the fund at contract value. Contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the Plan and is equal to the original cost plus accrued income and deposits less withdrawals. This NAV represents the Plan’s fair value as this is the NAV at which the Plan transacts with the fund.	
 	o	U.S Bond Enhanced Index Trust – Valued at the NAV as a practical expedient. The NAV is based on the fair value of the underlying investments held by the fund, less its liabilities.	
Investments are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. A summary of the Plan’s investments at fair value as of December 31, 2020 and 2019 were as follows:

 	 	 	 	 	 	Fair Value Measurements at Reporting Date Using	 	
Description	 	December 31, 2020	 	 	Quoted Prices in Active Markets
(Level 1)	 	 	Significant Other Observable Inputs
(Level 2)	 	 	Significant Unobservable Inputs
(Level 3)	 	
Viad Corp common stock	 	$	19,096,153	 	 	$	19,096,153	 	 	$	—	 	 	$	—	 	
Mutual funds	 	 	202,539,838	 	 	 	202,539,838	 	 	 	—	 	 	 	—	 	
Total assets measured at fair value	 	$	221,635,991	 	 	$	221,635,991	 	 	$	—	 	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investments measured at net asset value - Common collective trusts (1)	 	 	20,436,217	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	242,072,208	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
 	 	 	 	 	 	Fair Value Measurements at Reporting Date Using	 	
Description	 	December 31, 2019	 	 	Quoted Prices in Active Markets
(Level 1)	 	 	Significant Other Observable Inputs
(Level 2)	 	 	Significant Unobservable Inputs
(Level 3)	 	
Viad Corp common stock	 	$	48,612,252	 	 	$	48,612,252	 	 	$	—	 	 	$	—	 	
Mutual funds	 	 	216,422,319	 	 	 	216,422,319	 	 	 	—	 	 	 	—	 	
Total assets measured at fair value	 	$	265,034,571	 	 	$	265,034,571	 	 	$	—	 	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Investments measured at net asset value - Common collective trusts (1)	 	 	16,176,306	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	$	281,210,877	 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)	Investments that are measured at NAV per unit have not been classified in the fair value hierarchy. The fair value amounts presented in the above table are intended to permit reconciliation of the fair value hierarchy to the statements of net assets available for benefits.	
9

Note 4.  Investments Measured at Net Asset Value
Investments measured at fair value using the NAV per share as a practical expedient as of December 31, 2020 and 2019 were as follows:
 	 	Fair Value	 	 	 	 	 	 	 	 	 	 	 	
Investment	 	December 31, 2020	 	 	December 31, 2019	 	 	Unfunded Commitment	 	 	Redemption Frequency	 	Other Redemption Restrictions	 	Redemption Notice Period	
T. Rowe Price Stable Value Common Trust Fund	 	$	15,937,593	 	 	$	11,698,519	 	 	$	—	 	 	Daily	 	None (1)	 	None	
T. Rowe Price U.S. Bond Enhanced Index Trust	 	 	4,498,624	 	 	 	4,477,787	 	 	 	—	 	 	On a valuation date	 	None (1)	 	30 days	
Total	 	$	20,436,217	 	 	$	16,176,306	 	 	$	—	 	 	 	 	 	 	 	
(1)	The trusts have the ability to implement redemption safeguards which could limit the Plan’s ability to transact in the trusts; these safeguards had no effect on participant redemptions at year-end, and are not expected to impact the abilities of participants to transact in the trusts.	
Stable Value Common Trust Fund. The Stable Value Common Trust Fund (“Stable Value Fund”) is a common/collective investment trust fund managed by T. Rowe Price which invests in a variety of investment contracts such as guaranteed investment contracts issued by insurance companies and other financial institutions and other investment products (separate account contracts and structured or synthetic investment contracts) and other similar investments that are intended to maintain a constant NAV while permitting participant-initiated, benefit-responsive withdrawals for certain events. Participants ordinarily may direct the withdrawal or transfer of all or a portion of their investment at contract value.
The existence of certain conditions can limit the Stable Value Fund’s ability to transact at contract value with the issuers of its investment contracts. Specifically, any event outside the normal operation of the Stable Value Fund that causes a withdrawal from an investment contract may result in a negative market value adjustment with respect to such withdrawal. Examples of such events include, but are not limited to, partial or complete legal termination of the Stable Value Fund or a unit holder, tax disqualification of the Stable Value Fund or a unit holder, and certain Stable Value Fund amendments if issuers’ consents are not obtained. According to the investment manager’s annual report, as of December 31, 2020, the occurrence of an event outside the normal operation of the Stable Value Fund, which would cause a withdrawal from an investment contract is not probable. To the extent a unit holder requests a redemption, under normal circumstances, it is anticipated that liquid assets would be available to satisfy the redemption of such unit holder’s interest in the Stable Value Fund without the need to access investment contracts. Plan management believes that the occurrence of events that would cause the Stable Value Fund to transact at less than contract value is not probable.
U.S Bond Enhanced Index Trust. The U.S. Bond Enhanced Index Trust (“Bond Index Trust”) normally invests substantially all of its assets in a broad range of income producing securities which attempt to correspond to the total return performance of debt securities in the Barclays Capital Aggregate Bond Index. The Bond Index Trust is valued on a daily basis.
10

Note 5.  Exempt Party-in-Interest Transactions
Plan investments include shares of mutual funds and common/collective trusts managed by T. Rowe Price. T. Rowe Price is the trustee, as defined by the Plan, thus transactions involving those shares qualify as exempt party-in-interest transactions. The Plan issues loans to participants, which are secured by the vested balance in the participants’ accounts. The Plan also holds shares of Viad Corp common stock, and any transaction involving those shares also qualifies as an exempt party-in-interest transaction. The Plan held 527,956 shares of Viad Corp Common Stock with a cost basis of $33,721,707 as of December 31, 2020 and 720,182 shares with a cost basis of $36,951,043 as of December 31, 2019. During the year ended December 31, 2020, the Plan recorded dividend income of $142,476.
Note 6.  Federal Income Tax Status
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2020 and 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions. There are currently no tax authority audits in progress, and the Plan administrator believes the Plan is no longer subject to federal income tax examinations for years prior to 2017.
The IRS has determined and informed us by a letter dated March 4, 2016 that the Plan and related trust were designed in accordance with the applicable regulations of the Internal Revenue Code (“IRC”). The Plan has been amended since receiving the determination letter. However, the Company and Plan management believe the Plan is currently designed and operated in compliance with the applicable requirements of the IRC, and the Plan and related trust continue to be tax-exempt. Accordingly, no provision for income taxes has been included in the Plan’s financial statements.
The Plan is currently under audit by the Department of Labor (“DOL”).
Note 7.  Nonexempt Party-In-Interest Transaction
During 2020, participant contributions of $1,893, related to 2020 and 2019, were remitted to the trustee after the time required by the DOL Regulation 2510.3‑102. The Company intends to file Form 5330 with the IRS and pay the required excise tax on the transaction. In addition, participant accounts were credited with the amount of investment income of $38 that would have been earned had the participant contribution been remitted on a timely basis.

11

 
VIAD CORP CAPITAL ACCUMULATION PLAN
Employer ID 36-1169950, Plan 002
Supplemental Schedule of Assets (Held at End of Year)
Form 5500, Schedule H, Part IV, Line 4i
As of December 31, 2020
 
 	 	Identity of Issue, Borrower, Lessor or Similar Party	 	Description of Investment	 	Shares	 	 	Current Value	 	
*	 	T. Rowe Price New Horizon Fund	 	Mutual Fund	 	 	385,842	 	 	$	31,747,106	 	
*	 	T. Rowe Price Blue Chip Growth Fund	 	Mutual Fund	 	 	174,122	 	 	 	28,820,747	 	
*	 	T. Rowe Price Equity Index 500 Fund	 	Mutual Fund	 	 	191,412	 	 	 	18,982,334	 	
*	 	T. Rowe Price Value Fund	 	Mutual Fund	 	 	455,232	 	 	 	18,632,650	 	
*	 	T. Rowe Price Retirement 2030 Fund	 	Mutual Fund	 	 	614,913	 	 	 	17,494,261	 	
*	 	T. Rowe Price Retirement 2035 Fund	 	Mutual Fund	 	 	773,077	 	 	 	16,420,146	 	
*	 	T. Rowe Price Stable Value Common Trust Fund	 	Common/Collective Trust	 	 	15,937,593	 	 	 	15,937,593	 	
*	 	T. Rowe Price Retirement 2025 Fund	 	Mutual Fund	 	 	700,270	 	 	 	13,564,236	 	
*	 	T. Rowe Price Retirement 2040 Fund	 	Mutual Fund	 	 	363,373	 	 	 	11,057,427	 	
*	 	T. Rowe Price Government Money Fund	 	Mutual Fund	 	 	8,608,606	 	 	 	8,608,606	 	
*	 	T. Rowe Price Retirement 2045 Fund	 	Mutual Fund	 	 	308,642	 	 	 	6,484,560	 	
*	 	T. Rowe Price Retirement 2020 Fund	 	Mutual Fund	 	 	277,924	 	 	 	6,322,772	 	
*	 	T. Rowe Price U.S. Bond Enhanced Index Trust	 	Common/Collective Trust	 	 	100,776	 	 	 	4,498,624	 	
*	 	T. Rowe Price Retirement 2050 Fund	 	Mutual Fund	 	 	227,435	 	 	 	4,043,800	 	
*	 	T. Rowe Price International Stock Fund	 	Mutual Fund	 	 	161,341	 	 	 	3,394,623	 	
 	 	Vanguard Mid- Cap Value Index Value Fund	 	Mutual Fund	 	 	12,041	 	 	 	3,087,405	 	
*	 	T. Rowe Price International Value Equity Fund	 	Mutual Fund	 	 	157,263	 	 	 	2,237,859	 	
*	 	T. Rowe Price Spectrum Income Fund	 	Mutual Fund	 	 	170,422	 	 	 	2,215,492	 	
 	 	PIMCO Total Return Fund	 	Mutual Fund	 	 	187,702	 	 	 	1,989,641	 	
 	 	Metropolitan West Total Return Bond Plan	 	Mutual Fund	 	 	185,848	 	 	 	1,949,541	 	
 	 	Vanguard Small Cap Value Ind Adm Fund	 	Mutual Fund	 	 	30,268	 	 	 	1,848,493	 	
*	 	T. Rowe Price Retirement 2055 Fund	 	Mutual Fund	 	 	95,261	 	 	 	1,735,647	 	
*	 	T. Rowe Price Retirement 2015 Fund	 	Mutual Fund	 	 	41,950	 	 	 	627,570	 	
*	 	T. Rowe Price Retirement Balance Fund	 	Mutual Fund	 	 	34,633	 	 	 	546,515	 	
*	 	T. Rowe Price Retirement 2060 Fund	 	Mutual Fund	 	 	30,830	 	 	 	452,899	 	
*	 	T. Rowe Price Retirement 2010 Fund	 	Mutual Fund	 	 	12,383	 	 	 	227,235	 	
*	 	T. Rowe Price Retirement 2005 Fund	 	Mutual Fund	 	 	3,441	 	 	 	48,273	 	
*	 	Viad Corp	 	Common Stock	 	 	527,956	 	 	 	19,096,153	 	
 	 	Total investments	 	 	 	 	 	 	 	$	242,072,208	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Notes receivable from participants	 	Interest rate  4.25% - 6.5%, maturing through 2035	 	 	 	2,152,892	 	
 	 	 	 	 	 	 	 	 	 	$	244,225,100	 	
 
* Party-in-interest as defined by ERISA
Cost information is not included in the above table because investments are participant directed.
See accompanying report of independent registered public accounting firm.

 
12

 
VIAD CORP CAPITAL ACCUMULATION PLAN
Supplemental Schedule of Delinquent Participant Contributions
Form 5500, Schedule H, Part IV, Line 4a
For the Year Ended December 31, 2020
 
Participant Contributions Transferred Late to the Plan*	 	 	Total That Constitute Nonexempt Prohibited Transactions	 	 	 	 	 	
Check here if late participant loan contributions are included [  ]	 	 	Contributions Not Corrected	 	 	Contributions Corrected Outside VFCP	 	 	Contributions Pending Correction in VFCP	 	 	Total Fully Corrected Under VFCP and PTE 2002-51	 	
$	1,893	 	 	$	—	 	 	$	—	 	 	$	—	 	 	$	1,893	 	
 
* During 2020, participant contributions of $1,893, related to 2020 and 2019, were remitted to the trustee after the time period prescribed by DOL Regulation 2510.3-102. We calculated the interest on the delinquent contributions and transmitted the lost earnings of $38 to the Plan during 2020. We intend to file Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, with the IRS.
 
See accompanying report of independent registered public accounting firm.

 
13

 
Exhibit 23
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No. 333-218682 and 333-145969 on Form S-8 of our report dated June 28, 2021, relating to the financial statements and supplemental schedules of the Viad Corp Capital Accumulation Plan appearing in this Annual Report on Form 11-K of the Viad Corp Capital Accumulation Plan for the year ended December 31, 2020.
/s/ DELOITTE & TOUCHE LLP
Phoenix, Arizona
June 28, 2021