Business interruption gain

$ 402,279

$ 363,677

$ 687,873

$ 641,105

Costs and expenses:

(141)

(377)

(141)

(567)

Corporate activities

3,282

2,535

5,115

4,752

Interest income

(83)

(53)

(181)

(137)

Interest expense

2,957

2,354

5,872

4,423

Multi-employer pension plan withdrawal

15,508

Other expense

456

543

911

781

Restructuring charges

4,455

662

5,143

824

Legal settlement

8,500

Impairment recoveries

(35)

Total costs and expenses

382,271

330,904

693,394

623,733

Income (loss) from continuing operations before income taxes

20,008

32,773

(5,521)

17,372

Income tax expense (benefit)

6,565

9,114

(1,030)

4,476

Income (loss) from continuing operations

13,443

23,659

(4,491)

12,896

Income (loss) from discontinued operations

460

(279)

173

649

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

13,903

23,380

(4,318)

13,545

(331)

33

89

397

Net loss attributable to redeemable noncontrolling interest

252

77

276

161

Net income (loss) attributable to Viad

$ 13,824

$ 23,490

$ (3,953)

$ 14,103

Diluted income (loss) per common share:

Continuing operations attributable to Viad common stockholders

$ 0.65

$ 1.16

$ (0.22)

$ 0.65

Discontinued operations attributable to Viad common stockholders

0.02

(0.01)

0.01

0.04

Net income (loss) attributable to Viad common stockholders

^[1]

$ 0.67

$ 1.15

$ (0.21)

$ 0.69

Weighted-average outstanding and potentially dilutive common shares

20,266

20,436

20,110

20,446

Basic income (loss) per common share:

Continuing operations attributable to Viad common stockholders

$ 0.65

$ 1.16

$ (0.22)

$ 0.65

Discontinued operations attributable to Viad common stockholders

0.02

(0.01)

0.01

0.04

Net income (loss) attributable to Viad common stockholders

$ 0.67

$ 1.15

$ (0.21)

$ 0.69

Weighted-average outstanding common shares

20,143

20,209

20,110

20,208

Dividends declared per common share

$ 0.10

$ 0.20

Amounts attributable to Viad common stockholders

Income (loss) from continuing operations

$ 13,364

$ 23,769

$ (4,126)

$ 13,454

Income (loss) from discontinued operations

460

(279)

173

649

Net income (loss) attributable to Viad

13,824

23,490

(3,953)

14,103

Services

Revenue:

347,659

314,723

598,300

560,271

Costs and expenses:

Costs and expenses

306,154

280,842

569,510

538,137

Products

Revenue:

Statement Of Income And Comprehensive Income [Abstract]

54,620

48,954

89,573

80,834

Costs and expenses:

Costs and expenses

$ 49,683

$ 44,433

$ 83,157

$ 75,555

[1]	^{Diluted income (loss) per share amount cannot exceed basic income (loss) per share.}

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Unrealized foreign currency translation adjustments

$ 13,903

$ 23,380

$ (4,318)

$ 13,545

Other comprehensive income (loss):

4,317

(8,095)

9,097

(11,204)

Change in net actuarial loss, net of tax

^[1]

99

220

219

849

Change in prior service cost, net of tax

^[1]

(36)

4

(71)

(180)

Comprehensive income

18,283

15,509

4,927

3,010

Non-redeemable noncontrolling interest:

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

(331)

33

89

397

Unrealized foreign currency translation adjustments

776

Redeemable noncontrolling interest:

Comprehensive loss attributable to redeemable noncontrolling interest

252

77

276

161

Comprehensive income attributable to Viad

$ 18,728

$ 15,542

$ 5,792

$ 3,407

[1]	The tax effect on other comprehensive income (loss) is not significant.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands

Total

Mountain Park Lodges

Common Stock

Additional Capital

Retained Earnings

Unearned Employee Benefits and Other

Accumulated Other Comprehensive Income (Loss)

Common Stock in Treasury

Total Viad Equity

Non-Redeemable Non-Controlling Interest

Mountain Park Lodges

Beginning Balance at Dec. 31, 2017

$ 442,937

$ 37,402

$ 574,458

$ 65,836

$ 218

$ (22,568)

$ (226,215)

$ 429,131

$ 13,806

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(9,751)

(9,387)

(364)

Payment of payroll taxes on stock-based compensation through shares withheld

(2,046)

(868)

1,123

(2,014)

3,137

1,123

Unrealized foreign currency translation adjustment, net of tax

815

(3,109)

629

Adoption of ASU | ASU 2016-01

(184)

616

(616)

Ending Balance at Mar. 31, 2018

(67)

(36)

(19)

(11)

(1)

(67)

429,479

37,402

573,223

55,000

207

(25,848)

(223,947)

416,037

13,442

Beginning Balance at Dec. 31, 2017

442,937

37,402

574,458

65,836

218

(22,568)

(226,215)

429,131

13,806

Increase (Decrease) in Stockholders' Equity [Roll Forward]

^[1]

849

Adoption of ASU | ASU 2016-01

^[1]

(180)

^[2]

(616)

Ending Balance at Jun. 30, 2018

436,181

37,402

574,104

76,458

214

(33,719)

(231,687)

422,772

13,409

Beginning Balance at Mar. 31, 2018

429,479

37,402

573,223

55,000

207

(25,848)

(223,947)

416,037

13,442

Increase (Decrease) in Stockholders' Equity [Roll Forward]

23,457

23,490

(33)

Payment of payroll taxes on stock-based compensation through shares withheld

(2,049)

(156)

Common stock purchased for treasury

(9,061)

1,405

(71)

1,476

1,405

Unrealized foreign currency translation adjustment, net of tax

952

(8,095)

220

^[1]

220

4

^[1]

4

Ending Balance at Jun. 30, 2018

25

17

7

1

25

436,181

37,402

574,104

76,458

214

(33,719)

(231,687)

422,772

13,409

Beginning Balance at Dec. 31, 2018

450,555

37,402

575,339

109,032

199

(47,975)

(237,790)

436,207

14,348

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(18,197)

(17,777)

(420)

Payment of payroll taxes on stock-based compensation through shares withheld

(2,028)

(2,905)

1,220

(4,302)

5,522

1,220

Unrealized foreign currency translation adjustment, net of tax

780

4,780

120

(35)

Ending Balance at Mar. 31, 2019

41

16

24

1

41

434,331

37,402

571,833

89,227

223

(43,110)

(235,172)

420,403

13,928

Beginning Balance at Dec. 31, 2018

450,555

37,402

575,339

109,032

199

(47,975)

(237,790)

436,207

14,348

Increase (Decrease) in Stockholders' Equity [Roll Forward]

^[1]

219

Ending Balance at Jun. 30, 2019

^[1]

(71)

503,655

37,402

572,931

101,045

(38,730)

(233,739)

438,909

64,746

Beginning Balance at Mar. 31, 2019

434,331

37,402

571,833

89,227

223

(43,110)

(235,172)

420,403

13,928

Increase (Decrease) in Stockholders' Equity [Roll Forward]

14,155

13,824

331

Payment of payroll taxes on stock-based compensation through shares withheld

(2,006)

(89)

1,602

301

1,301

1,602

Unrealized foreign currency translation adjustment, net of tax

781

5,093

4,317

776

99

^[1]

99

Acquisition of Mountain Park Lodges

(36)

^[1]

(36)

$ 49,711

Ending Balance at Jun. 30, 2019

14

16

$ (223)

221

14

$ 503,655

$ 37,402

$ 572,931

$ 101,045

$ (38,730)

$ (233,739)

$ 438,909

$ 64,746

[1]	The tax effect on other comprehensive income (loss) is not significant.
[2]	^{Upon the adoption of ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.}

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (Unaudited) - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Stockholders Equity [Abstract]
Dividends on common stock per share	$ 0.10	$ 0.10	$ 0.10	$ 0.10

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities
Net income (loss)	$ (4,318)	$ 13,545
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	27,715	28,178
Deferred income taxes	6,215	2,727
Income from discontinued operations	(173)	(649)
Restructuring charges	5,143	824
Legal settlement	8,500
Impairment recoveries		(35)
Gains on dispositions of property and other assets	(731)	(113)
Share-based compensation expense	4,617	2,762
Multi-employer pension plan withdrawal	15,508
Other non-cash items, net	2,227	2,681
Change in operating assets and liabilities (excluding the impact of acquisitions):
Receivables	(51,293)	(37,594)
Inventories	(4,518)	(3,043)
Current contract costs	(2,000)	(8,637)
Accounts payable	31,303	20,140
Accrued compensation	3,647	(5,753)
Contract liabilities	17,259	20,266
Payments on operating lease obligations	(13,603)
Other assets and liabilities, net	(5,961)	(3,839)
Net cash provided by operating activities	39,537	31,460
Cash flows from investing activities
Capital expenditures	(46,517)	(43,429)
Cash paid for acquired businesses, net	(72,918)	(4,628)
Proceeds from dispositions of property and other assets	768	1,292
Net cash used in investing activities	(118,667)	(46,765)
Cash flows from financing activities
Proceeds from borrowings	133,827	80,051
Payments on debt and finance lease obligations	(47,862)	(51,607)
Dividends paid on common stock	(4,034)	(4,095)
Payment of payroll taxes on stock-based compensation through shares withheld or repurchased	(2,994)	(1,024)
Common stock purchased for treasury		(9,061)
Proceeds from exercise of stock options	92	84
Net cash provided by financing activities	79,029	14,348
Effect of exchange rate changes on cash and cash equivalents	786	(3,380)
Net change in cash and cash equivalents	685	(4,337)
Cash and cash equivalents, beginning of year	44,893	53,723
Cash and cash equivalents, end of period	$ 45,578	$ 49,386

Overview and Basis of Presentation

6 Months Ended

Jun. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Overview and Basis of Presentation

Note 1. Overview and Basis of Presentation

Nature of Business

We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. We are committed to providing unforgettable experiences to our clients and guests. We operate through three reportable business segments: GES North America, GES EMEA (collectively, “GES”), and Pursuit.

GES

GES is a global, full-service live events company offering a comprehensive range of services to the world’s leading brands and event organizers. GES’ clients include event organizers and corporate brand marketers. Event organizers schedule and run the event from start to finish. 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. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events.

Services and Products Offered

GES provides a full suite of services and products for event organizers and corporate brand marketers through the following lines of business:

•

Core Services. GES provides official contracting services and products, including the design and production of experiences, material handling, rigging, electrical, and other on-site event services.

•

Event Technology. GES offers a comprehensive range of event technology services, including event accommodation solutions, registration and data analytics, and event management tools.

•

Audio-Visual. GES offers a variety of high-impact multi-media services and technology, including video production, lighting design, digital studio services, entertainment services and talent coordination, projection mapping, and computer rental and support.

Markets Served

GES provides the above services and products across four live event markets: Exhibitions, Conferences, Corporate Events, and Consumer Events (collectively, “Live Events”).

•

Exhibitions facilitate business-to-business and business-to-consumer sales and marketing.

•

Conferences facilitate attendee education and may also include an expo or trade show to further facilitate attendee education and to facilitate business-to-business and business-to-consumer sales and marketing.

•

Corporate events facilitate attendee education of the sponsoring company’s products or product ecosystem.

•

Consumer events entertain, educate, or create an experience, typically around a specific genre.

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that include world-class recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services.

Services and Products Offered

Pursuit comprises four lines of business: Attractions, including food and beverage services and retail operations; Hospitality, including food and beverage services and retail operations; Transportation; and Travel Planning. Services offered by these lines of business (or a subset of these) include admissions, accommodations, transportation, and travel planning. Products offered include food and beverage and retail operations.

Markets Served

Pursuit provides the above services and products across the following geographic markets:

•

The Banff Jasper Collection is a leading travel and tourism provider in the Canadian Rockies in Alberta, Canada with two lodging properties in Banff National Park, eight lodging properties in Jasper National Park, including the recently acquired Mountain Park Lodges, five world-class recreational attractions, food and beverage services, retail operations, sightseeing and transportation services.

•

The Alaska Collection is a leading travel and tourism provider in Alaska with two lodging properties and a sightseeing excursion in Denali National Park and Preserve, a lodge in Talkeetna, Alaska’s top-rated wildlife and glacier cruise, and two lodging properties located near Kenai Fjords National Park. The Alaska Collection also provides food and beverage services and retail operations.

•

The Glacier Park Collection is an operator of nine lodging properties, food and beverage services, and retail operations in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada, with a leading share of rooms in the Glacier Park market.

•

FlyOver is a recreational attraction that provides a virtual flight ride experience that combines motion seating, spectacular audio-visual media, and special effects including wind, scents, and mist to provide a true flying experience for guests.

o

FlyOver Canada is located in Vancouver, British Columbia that provides an unforgettable experience of flying across Canada.

o

FlyOver Iceland is currently being built in Reykjavik, Iceland that will provide an experience of flying over some of Iceland’s most spectacular scenery and natural wonders. We are scheduled to open this new attraction in August 2019.

o

FlyOver Las Vegas is currently being built in Las Vegas, Nevada that will provide an experience of flying over some of the most spectacular scenery and natural wonders of the American Southwest. We expect to open this new attraction in 2021.

o

FlyOver Toronto is a newly announced expansion into Toronto, Canada. This new attraction will showcase Canada’s most awe-inspiring sights. It will be located in Toronto’s Entertainment District. We expect to open this new attraction in 2022. Refer to Note 24 – Subsequent Events for additional information.

•

Pursuit recently announced a plan for a new geothermal lagoon attraction in Iceland. It will be located on an oceanfront lot just outside downtown Reykjavik. We expect to open this new attraction in 2021. Refer to Note 24 – Subsequent Events for additional information.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or SEC rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019 (“2018 Form 10-K”).

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

Impact of Recent Accounting Pronouncements

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

Standard	Description	Date of adoption	Effect on the financial statements
Standards Not Yet Adopted
ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendment also requires an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. Early adoption is permitted and may be applied on either a retrospective or prospective basis.	January 1, 2020	We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements and related disclosures.
ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments	The amendment eliminates the incurred credit loss impairment methodology in current GAAP and replaces it with an expected credit loss concept based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequent to the issuance of ASU 2016-13, the FASB issued additional amendments which do not change the core principle of the guidance stated in ASU 2016-13. Rather, they are intended to clarify and improve understanding of certain topics included within the credit losses standard.	January 1, 2020	We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We will be required to use a forward-looking expected credit loss model for trade receivables. Adoption of this new standard will be applied using the modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date in an amount necessary to adjust our current credit loss methodology to equal the current estimate of expected losses on financial assets held at that date.

Standard

Description

Date of adoption

Effect on the financial statements

Standards Recently Adopted

ASU 2016-02, Leases (Topic 842)

The amendment increases transparency and comparability by requiring the recognition of a right-of-use asset and a lease liability on the balance sheet. The standard also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of cash flows arising from leases.

January 1, 2019

We adopted ASU 2016-02 and its related amendments (collectively, “Topic 842”) on January 1, 2019 using the optional transition method. Under this method, a cumulative adjustment to retained earnings is recorded, if any, and prior periods are not restated. We determined there was no cumulative effect adjustment to retained earnings on January 1, 2019.

The adoption of Topic 842 did not have a material impact on our Consolidated Statement of Operations. The most significant impact related to facility and equipment leases, which were previously recorded as operating leases. Upon adoption as of January 1, 2019, we recognized an additional right-of-use asset and lease liability of $59 million on the balance sheet. The existing deferred rent liabilities balance, resulting from historical straight-lining of operating leases, was reclassified upon adoption to reduce the measurement of leased assets. Refer to our Leases Significant Accounting Policy immediately following this table and Note 19 - Leases and Other for additional information.

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 reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things, the fair value of our 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; assumptions used to determine the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates.

Revenue Recognition

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

GES’ service revenue is primarily derived through its comprehensive range of services to event organizers and corporate brand marketers including Core Services, Event Technology, and Audio-Visual. GES’ service revenue is earned over time over the duration of the exhibition, conference, or corporate event, which generally lasts one to three days; however, we recognize service revenue at the close of the event when we have the right to invoice. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue is recognized at a point in time upon delivery of the product.

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

Noncontrolling Interests – Non-redeemable and Redeemable

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the 20% equity ownership interest that we do not own in Glacier Park, Inc. and the 40% equity interest that we do not own in the recently acquired Mountain Park Lodges. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.

Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 54.5% equity ownership interest in Esja Attractions ehf. (“Esja”). The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to retained earnings and is included in our income (loss) per share. Refer to Note 21 – Redeemable Noncontrolling Interest for additional information.

Leases

We adopted Topic 842 on January 1, 2019, which requires the recognition of a right-of-use (“ROU”) asset and lease liability on the balance sheet, and requires lessees to classify leases as either finance or operating leases. The classification of the lease determines whether the lease expense is recognized on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize

ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term.

Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards. These facility leases generally have lease terms ranging up to 25 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our hotels or attractions reside and have lease terms ranging up to 42 years.

We made the accounting policy election not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. We elected to apply the package of practical expedients permitted under Topic 842 transition guidance, which among other things, allows us to carry forward our historical lease classifications. We also elected the practical expedient to not separate non-lease components from lease components for all asset classes, and payments associated with fixed non-lease components are included in measuring the ROU asset and lease liability.

If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. Variable leases and variable non-lease components are not included in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. These variable lease payments are expensed as incurred. Upon the adoption of Topic 842, our accounting for finance leases, previously referred to as capital leases, remains substantially unchanged from prior guidance. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.

Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a secured basis, and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country. On January 1, 2019, the discount rate used on existing leases at adoption was extrapolated based on the remaining lease term and the country using available data as of that date. For new or renewed leases starting in 2019, the discount rate is determined using available data at lease commencement and based on the lease term and country including any reasonably certain renewal periods.

We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. Lease income from owned facilities is recorded as rental income and sublease income from leased facilities is recorded against lease expense in the Condensed Consolidated Statements of Operations. All of our leases for which we are the lessor are classified as operating leases under Topic 842.

Revenue and Related Contract Costs and Contract Liabilities

6 Months Ended

Jun. 30, 2019

Revenue From Contract With Customer [Abstract]

Note 2. Revenue and Related Contract Costs and Contract Liabilities

GES’ performance obligations consist of services or product(s) outlined in a contract. While multi-year contracts are often signed for recurring events, the obligations for each occurrence are well defined and conclude upon the occurrence of each event. The obligations are typically the provision of services and/or sale of a product in connection with an exhibition, conference, or other event. Revenue for services is recognized when we have a right to invoice at the close of the exhibition, conference, or corporate event, which typically lasts one to three days. Revenue for consumer events is recognized over the duration of the event. Revenue for products is recognized either upon delivery to the customer’s location, upon delivery to an event that we are serving, or when we have the right to invoice, generally at the close of the exhibition, conference, or corporate event. Payment terms are generally within 30-60 days and contain no significant financing components.

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

Contract Liabilities

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

Changes to contract liabilities are as follows:

(in thousands)
Balance at December 31, 2018	$	35,600
Cash additions		77,448
Revenue recognized		(62,147	)
Foreign exchange translation adjustment		87
Balance at June 30, 2019	$	50,988

Contract Costs

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

Changes to contract costs are as follows:

(in thousands)
Balance at December 31, 2018	$	21,478
Additions		35,627
Expenses		(32,721	)
Cancelled		(13	)
Foreign exchange translation adjustment		(137	)
Balance at June 30, 2019	$	24,234

As of June 30, 2019, capitalized contract costs consisted of $2.1 million to obtain contracts and $22.1 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs during the three and six months ended June 30, 2019 or 2018.

Disaggregation of Revenue

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

GES

	Three Months Ended June 30, 2019
(in thousands)	GES North America⁽¹⁾		GES EMEA⁽¹⁾		Intersegment Eliminations			Total
Services:
Core services	$	228,112	$	41,821	$	—		$	269,933
Audio-visual		24,175		6,881		—			31,056
Event technology		9,845		2,134		—			11,979
Intersegment eliminations		—		—		(6,317	)		(6,317	)
Total services		262,132		50,836		(6,317	)		306,651
Products:
Core products		21,550		18,669		—			40,219
Total revenue	$	283,682	$	69,505	$	(6,317	)	$	346,870

Timing of revenue recognition:
Services transferred over time	$	262,132	$	50,836	$	(6,317	)	$	306,651
Products transferred over time⁽²⁾		11,774		4,811		—			16,585
Products transferred at a point in time		9,776		13,858		—			23,634
Total revenue	$	283,682	$	69,505	$	(6,317	)	$	346,870

Markets:
Exhibitions	$	138,887	$	49,293	$	—		$	188,180
Conferences		105,455		10,870		—			116,325
Corporate events		29,868		8,772		—			38,640
Consumer events		9,472		570		—			10,042
Intersegment eliminations		—		—		(6,317	)		(6,317	)
Total revenue	$	283,682	$	69,505	$	(6,317	)	$	346,870

⁽¹⁾

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

	Six Months Ended June 30, 2019
(in thousands)	GES North America⁽¹⁾		GES EMEA⁽¹⁾		Intersegment Eliminations			Total
Services:
Core services	$	407,985	$	72,884	$	—		$	480,869
Audio-visual		42,581		10,769		—			53,350
Event technology		18,608		5,087		—			23,695
Intersegment eliminations		—		—		(9,007	)		(9,007	)
Total services		469,174		88,740		(9,007	)		548,907
Products:
Core products		37,749		35,141		—			72,890
Total revenue	$	506,923	$	123,881	$	(9,007	)	$	621,797

Timing of revenue recognition:
Services transferred over time	$	469,174	$	88,740	$	(9,007	)	$	548,907
Products transferred over time⁽²⁾		23,043		8,290		—			31,333
Products transferred at a point in time		14,706		26,851		—			41,557
Total revenue	$	506,923	$	123,881	$	(9,007	)	$	621,797

Markets:
Exhibitions	$	275,316	$	94,948	$	—		$	370,264
Conferences		153,317		13,852		—			167,169
Corporate events		62,655		14,317		—			76,972
Consumer events		15,635		764		—			16,399
Intersegment eliminations		—		—		(9,007	)		(9,007	)
Total revenue	$	506,923	$	123,881	$	(9,007	)	$	621,797

⁽¹⁾

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

	Three Months Ended June 30, 2018
(in thousands)	GES North America⁽¹⁾		GES EMEA⁽¹⁾		Intersegment Eliminations			Total
Services:
Core services	$	211,683	$	31,774	$	—		$	243,457
Audio-visual		20,741		6,553		—			27,294
Event technology		10,534		2,847		—			13,381
Intersegment eliminations		—		—		(6,231	)		(6,231	)
Total services		242,958		41,174		(6,231	)		277,901
Products:
Core products		17,933		19,488		—			37,421
Total revenue	$	260,891	$	60,662	$	(6,231	)	$	315,322

Timing of revenue recognition:
Services transferred over time	$	242,958	$	41,174	$	(6,231	)	$	277,901
Products transferred over time⁽²⁾		10,968		4,827		—			15,795
Products transferred at a point in time		6,965		14,661		—			21,626
Total revenue	$	260,891	$	60,662	$	(6,231	)	$	315,322

Markets:
Exhibitions	$	137,740	$	40,688	$	—		$	178,428
Conferences		89,768		12,057		—			101,825
Corporate events		27,339		7,040		—			34,379
Consumer events		6,044		877		—			6,921
Intersegment eliminations		—		—		(6,231	)		(6,231	)
Total revenue	$	260,891	$	60,662	$	(6,231	)	$	315,322

⁽¹⁾

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

	Six Months Ended June 30, 2018
(in thousands)	GES North America⁽¹⁾		GES EMEA⁽¹⁾		Intersegment Eliminations			Total
Services:
Core services	$	392,208	$	60,759	$	—		$	452,967
Audio-visual		37,825		9,721		—			47,546
Event technology		18,569		6,121		—			24,690
Intersegment eliminations		—		—		(9,509	)		(9,509	)
Total services		448,602		76,601		(9,509	)		515,694
Products:
Core products		34,353		32,981		—			67,334
Total revenue	$	482,955	$	109,582	$	(9,509	)	$	583,028

Timing of revenue recognition:
Services transferred over time	$	448,602	$	76,601	$	(9,509	)	$	515,694
Products transferred over time⁽²⁾		22,337		8,156		—			30,493
Products transferred at a point in time		12,016		24,825		—			36,841
Total revenue	$	482,955	$	109,582	$	(9,509	)	$	583,028

Markets:
Exhibitions	$	283,558	$	80,623	$	—		$	364,181
Conferences		128,857		17,445		—			146,302
Corporate events		58,242		10,442		—			68,684
Consumer events		12,298		1,072		—			13,370
Intersegment eliminations		—		—		(9,509	)		(9,509	)
Total revenue	$	482,955	$	109,582	$	(9,509	)	$	583,028

⁽¹⁾

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

Pursuit

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2019			2018			2019			2018
Services:
Admissions	$	23,156		$	23,480		$	26,681		$	27,059
Accommodations		12,926			9,030			15,344			10,735
Transportation		3,954			4,321			5,949			6,690
Travel planning		1,471			491			2,103			799
Intersegment eliminations		(499	)		(500	)		(684	)		(706	)
Total services revenue		41,008			36,822			49,393			44,577
Products:
Food and beverage		8,206			6,705			9,570			7,924
Retail operations		6,195			4,828			7,113			5,576
Total products revenue		14,401			11,533			16,683			13,500
Total revenue	$	55,409		$	48,355		$	66,076		$	58,077

Timing of revenue recognition:
Services transferred over time	$	41,008		$	36,822		$	49,393		$	44,577
Products transferred at a point in time		14,401			11,533			16,683			13,500
Total revenue	$	55,409		$	48,355		$	66,076		$	58,077

Markets:
Banff Jasper Collection	$	33,226		$	28,519		$	41,096		$	35,608
Alaska Collection		12,198			10,614			12,378			10,827
Glacier Park Collection		7,375			6,640			8,198			7,266
FlyOver		2,610			2,582			4,404			4,376
Total revenue	$	55,409		$	48,355		$	66,076		$	58,077

Share-Based Compensation

6 Months Ended

Jun. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

Note 3. Share-Based Compensation

The following table summarizes share-based compensation expense:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2019			2018			2019			2018
Performance unit incentive plan (“PUP”)	$	1,557		$	1,324		$	2,980		$	1,518
Restricted stock		783			667			1,476			1,170
Restricted stock units		71			54			161			74
Share-based compensation before income tax benefit		2,411			2,045			4,617			2,762
Income tax benefit		(607	)		(515	)		(1,165	)		(696	)
Share-based compensation, net of income tax benefit	$	1,804		$	1,530		$	3,452		$	2,066

We did not record any share-based compensation expense through restructuring charges during the three and six months ended June 30, 2019 or 2018.

The following table summarizes the activity of the outstanding share-based compensation awards:

	PUP Awards					Restricted Stock					Restricted Stock Units
	Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2018		239,809		$	40.65		176,769		$	40.87		12,090		$	39.04
Granted		73,020		$	58.25		55,042		$	57.82		5,025		$	56.81
Vested		(95,309	)	$	26.98		(81,320	)	$	31.79		(5,377	)	$	26.98
Forfeited		(488	)	$	54.70		(2,772	)	$	49.24		(115	)	$	52.15
Balance at June 30, 2019		217,032		$	52.54		147,719		$	52.02		11,623		$	52.17

Viad Corp Omnibus Incentive Plan

We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan (the “2017 Plan”). The 2017 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. In June 2017, we registered 1,750,000 shares of common stock issuable under the 2017 Plan. As of June 30, 2019, there were 1,581,743 shares available for future grant under the 2017 Plan.

PUP Awards

The vesting of PUP award shares is based upon achievement of certain performance-based criteria over a three-year period.

During the six months ended June 30, 2019, we granted PUP awards with a grant date fair value of $4.3 million of which $1.7 million are payable in shares. Liabilities related to PUP awards were $4.2 million as of June 30, 2019 and $7.0 million as of December 31, 2018. In 2019, PUP awards granted in 2016 vested and we paid $5.6 million in cash and $3.4 million in shares. In 2019, we withheld 25,771 shares for $1.5 million related to tax withholding requirements on vested PUP awards paid in shares. In 2018, PUP awards granted in 2015 vested and we distributed cash payouts of $5.9 million.

Restricted Stock

As of June 30, 2019, the unamortized cost of outstanding restricted stock awards was $4.1 million, which we expect to recognize over a weighted-average period of approximately 1.5 years. We repurchased 24,217 shares for $1.4 million during the six months ended June 30, 2019 and 19,237 shares for $1.0 million during the six months ended June 30, 2018 related to tax withholding requirements on vested share-based awards.

Restricted Stock Units

Aggregate liabilities related to restricted stock units were $0.3 million as of June 30, 2019 and $0.4 million as of December 31, 2018. During the six months ended June 30, 2019, restricted stock units vested and we paid $0.3 million in cash and $0.2 million in shares. During the six months ended June 30, 2018, the 2015 restricted stock units vested and we distributed $0.2 million in cash payouts.

Stock Options

The following table summarizes stock option activity:

	Shares			Weighted-Average Exercise Price
Options outstanding and exercisable at December 31, 2018		58,689		$	16.62
Exercised		(5,546	)	$	16.62
Options outstanding and exercisable at June 30, 2019		53,143		$	16.62

Acquisition of Businesses

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Acquisition of Businesses

Note 4. Acquisition of Businesses

2019 Acquisitions

Belton Chalet

On May 16, 2019, we acquired the Belton Chalet in Glacier National Park for total cash consideration of $3.2 million. Transaction costs associated with the acquisition were $0.3 million, which are included in “Cost of services” in the Condensed Consolidated Statements of Operations. These assets have been included in the consolidated financial statements from the date of acquisition.

Mountain Park Lodges

On June 8, 2019, we acquired a 60% equity interest in Mountain Park Lodges’ group of seven hotels and an undeveloped land parcel located in Jasper National Park for total consideration of $100.6 million Canadian dollars (approximately $76 million U.S. dollars).

The seven Mountain Park Lodges properties include: Sawridge Inn and Conference Centre (152 guest rooms); Pyramid Lake Resort (62 guest rooms); The Crimson Hotel (99 guest rooms); Chateau Jasper (119 guest rooms); Pocahontas Cabins (57 guest rooms); Marmot Lodge (107 guest rooms); and Lobstick Lodge (139 guest rooms).

As the majority owner of these properties we consolidate 100% of the results of operations in our consolidated financial statements and record the 40% owners’ share of the income or loss attributable to non-redeemable noncontrolling interest.

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

(in thousands)
Purchase price paid as:
Cash			$	70,975
Additional purchase price payable for tax liability				4,874
Net working capital adjustment				(6	)
Consideration transferred				75,843
Right to manage				(1,276	)
Purchase price, net				74,567

Fair value of net assets acquired:
Accounts receivable	$	369
Inventories		173
Prepaid expenses		324
Property and equipment		115,878
Intangible assets		9,218
Total assets acquired		125,962
Accounts payable		366
Advanced deposits payable		449
Deferred tax liability		11,463
Other liabilities		137
Total liabilities assumed		12,415

Noncontrolling interest equity		49,711
Total fair value of net assets acquired				63,836
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	10,731

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 value. The excess purchase price over the fair value of net assets acquired was recorded as “Goodwill.” Goodwill is included in the Pursuit business group. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to future growth opportunities when combined with our other businesses. Goodwill is not deductible for tax purposes. The estimated values of current assets and liabilities were based upon their historical costs on the acquisition date due to their short-term nature.

Transaction costs associated with the Mountain Park Lodges were $0.7 million in 2019 and $0.1 million in 2018, which are included in “Corporate activities” in the Condensed Consolidated Statements of Operations. These assets and results of operations have been included in the consolidated financial statements from the date of acquisition. During the three months ended June 30, 2019, revenue related to the Mountain Park Lodges was $2.8 million and operating income was $1.5 million.

Identifiable intangible assets acquired in the Mountain Park Lodges acquisition were $9.2 million and consist primarily of customer relationships and trade name. The weighted average amortization period related to the intangible assets is approximately 10 years.

Supplementary pro forma financial information

The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming the Mountain Park Lodges acquisition had been completed on January 1, 2018:

	Three Months Ended				Six Months Ended
(in thousands, except per share data)	June 30, 2019		June 30, 2018		June 30, 2019			June 30, 2018
Revenue	$	406,657	$	371,099	$	696,134		$	652,438
Depreciation and amortization	$	15,839	$	16,476	$	30,348		$	30,926
Income (loss) from continuing operations	$	12,862	$	24,104	$	(5,898	)	$	11,151
Net income (loss) attributable to Viad	$	13,578	$	23,718	$	(4,651	)	$	12,785
Diluted income (loss) per share	$	0.66	$	1.16	$	(0.24	)	$	0.62
Basic income (loss) per share	$	0.66	$	1.16	$	(0.24	)	$	0.62

2018 Acquisition

Maligne Canyon Restaurant

In March 2018, we acquired the Maligne Canyon Restaurant and Gift Shop for total cash consideration of $6.0 million Canadian dollars (approximately $4.6 million U.S. dollars). Transaction costs associated with the acquisition were $24 thousand in 2018, which are included in “Cost of services” in the Condensed Consolidated Statements of Operations. These assets have been included in the consolidated financial statements from the date of acquisition.

Inventories

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Inventories

Note 5. Inventories

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

The components of inventories consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Raw materials	$	12,594	$	12,368
Finished goods		8,710		4,261
Inventories	$	21,304	$	16,629

Other Current Assets

6 Months Ended

Jun. 30, 2019

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Current Assets

Note 6. Other Current Assets

Other current assets consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Income tax receivable	$	9,817	$	10,886
Prepaid software maintenance		5,729		4,010
Prepaid vendor payments		5,207		4,492
Prepaid taxes		1,093		591
Prepaid insurance		1,026		2,754
Prepaid other		3,388		1,755
Other		1,338		998
Other current assets	$	27,598	$	25,486

Property and Equipment

6 Months Ended

Jun. 30, 2019

Property Plant And Equipment [Abstract]

Property and Equipment

Note 7. Property and Equipment

Property and equipment consisted of the following:

	June 30,			December 31,
(in thousands)	2019			2018
Land and land interests	$	33,953		$	32,887
Buildings and leasehold improvements		350,538			238,995
Equipment and other		417,466			383,284
Gross property and equipment		801,957			655,166
Accumulated depreciation		(342,968	)		(321,319	)
Property and equipment, net (excluding finance leases)		458,989			333,847
Finance lease right-of-use assets, net		28,421			—
Property and equipment, net	$	487,410		$	333,847

Depreciation expense was $11.2 million for the three months ended June 30, 2019 and $21.3 million for the six months ended June 30, 2019. Depreciation expense was $12.3 million for the three months ended June 30, 2018 and $22.6 million for six months ended June 30, 2018.

Amortization expense on finance leases was $0.6 million for the three months ended June 30, 2019 and $1.2 million for the six months ended June 30, 2019.

Property and equipment purchased through accounts payable and accrued liabilities increased $3.2 million during the six months ended June 30, 2019 and $0.1 million for the six months ended June 30, 2018.

Other Investments and Assets

6 Months Ended

Jun. 30, 2019

Investments All Other Investments [Abstract]

Other Investments and Assets

Note 8. Other Investments and Assets

Other investments and assets consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Cash surrender value of life insurance	$	23,981	$	23,815
Self-insured liability receivable		9,176		9,176
Contract costs		4,376		3,461
Other mutual funds		3,055		2,517
Other		2,700		3,941
Other investments and assets	$	43,288	$	42,910

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 9. Goodwill and Other Intangible Assets

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

(in thousands)	GES North America		GES EMEA			Pursuit		Total
Balance at December 31, 2018	$	154,944	$	29,954		$	76,432	$	261,330
Business acquisitions		—		—			10,731		10,731
Foreign currency translation adjustments		280		(406	)		2,983		2,857
Other adjustment		—		—			1,245		1,245
Balance at June 30, 2019	$	155,224	$	29,548		$	91,391	$	276,163

Other intangible assets consisted of the following:

		June 30, 2019							December 31, 2018
(in thousands)	Useful Life (Years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets subject to amortization:
Customer contracts and relationships	7.7	$	75,255	$	(35,060	)	$	40,195	$	67,729	$	(31,201	)	$	36,528
Operating contracts and licenses	23.7		9,564		(1,593	)		7,971		9,180		(1,376	)		7,804
Tradenames	7.1		9,736		(3,524	)		6,212		7,705		(3,109	)		4,596
Non-compete agreements	1.9		5,198		(4,707	)		491		5,174		(4,080	)		1,094
Other	8.0		2,689		(659	)		2,030		1,365		(553	)		812
Total amortized intangible assets			102,442		(45,543	)		56,899		91,153		(40,319	)		50,834
Indefinite-lived intangible assets:
Business licenses			460		—			460		460		—			460
Other intangible assets		$	102,902	$	(45,543	)	$	57,359	$	91,613	$	(40,319	)	$	51,294

Intangible asset amortization expense was $2.8 million for the three months ended June 30, 2019 and $5.2 million for the six months ended June 30, 2019. Intangible asset amortization was $2.9 million for the three months ended June 30, 2018 and $5.5 million for the six months ended June 30, 2018.

At June 30, 2019, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

(in thousands)
Year ending December 31,
Remainder of 2019	$	5,248
2020		9,444
2021		8,458
2022		6,933
2023		5,759
Thereafter		21,057
Total	$	56,899

Other Current Liabilities

6 Months Ended

Jun. 30, 2019

Other Liabilities Current [Abstract]

Other Current Liabilities

Note 10. Other Current Liabilities

Other current liabilities consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Continuing operations:
Accommodation services deposits	$	10,600	$	1,541
Commissions payable		8,390		2,703
Self-insured liability		6,076		5,688
Accrued sales and use taxes		3,553		5,397
Accrued employee benefit costs		3,540		3,224
Accrued legal settlement		2,500		—
Current portion of pension and postretirement liabilities		2,134		2,310
Accrued dividends		2,013		2,012
Deferred rent ⁽¹⁾		—		1,659
Accrued restructuring		1,410		716
Accrued professional fees		1,126		886
Accrued income tax payable		797		—
Other taxes		1,801		695
Other		4,065		4,501
Total continuing operations		48,005		31,332
Discontinued operations:
Environmental remediation liabilities		510		555
Self-insured liability		217		295
Other		76		76
Total discontinued operations		803		926
Total other current liabilities	$	48,808	$	32,258

⁽¹⁾	^{Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.}

Other Deferred Items and Liabilities

6 Months Ended

Jun. 30, 2019

Other Liabilities Disclosure [Abstract]

Other Deferred Items and Liabilities

Note 11. Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Continuing operations:
Foreign deferred tax liability	$	21,306	$	9,768
Multi-employer pension plan withdrawal liability		15,508		—
Self-insured liability		9,885		10,681
Self-insured excess liability		9,176		9,176
Accrued compensation		6,395		6,664
Accrued restructuring		1,879		1,535
Contract liabilities		366		2,124
Deferred rent ⁽¹⁾		—		2,719
Other		2,302		1,868
Total continuing operations		66,817		44,535
Discontinued operations:
Self-insured liability		2,456		2,437
Environmental remediation liabilities		1,777		1,775
Other		345		244
Total discontinued operations		4,578		4,456
Total other deferred items and liabilities	$	71,395	$	48,991

⁽¹⁾	Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

Debt and Finance Lease Obligations

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt and Finance Lease Obligations

Note 12. Debt and Finance Lease Obligations

The components of our long-term debt and finance lease obligations consisted of the following:

	June 30,			December 31,
(in thousands, except interest rates)	2019			2018
2018 Credit Facility, 4.1% weighted-average interest rate at June 30, 2019 and 4.3% at December 31, 2018, due through 2023⁽¹⁾	$	311,244		$	227,792
FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at June 30, 2019, due through 2022⁽¹⁾		4,552			—
Less unamortized debt issuance costs		(2,053	)		(2,310	)
Total debt ⁽²⁾		313,743			225,482
Finance lease obligations, 5.2% weighted-average interest rate at June 30, 2019 and 4.5% at December 31, 2018, due through 2021		10,782			4,639
Total debt and finance lease obligations ⁽³⁾		324,525			230,121
Current portion ⁽⁴⁾		(313,937	)		(229,416	)
Long-term debt and finance lease obligations	$	10,588		$	705

⁽¹⁾	Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.

⁽²⁾

The estimated fair value of total debt was $316.6 million as of June 30, 2019 and $228.6 million as of December 31, 2018. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements.

⁽³⁾	Cash paid for interest on debt was $5.7 million for the six months ended June 30, 2019 and $4.1 million for the six months ended June 30, 2018.

⁽⁴⁾	Borrowings under the credit facilities are classified as current because all borrowed amounts are due within one year

2018 Credit Agreement

Effective October 24, 2018, we entered into a Second Amended and Restated Credit Agreement (the “2018 Credit Agreement”). The 2018 Credit Agreement has a maturity date of October 24, 2023 and provides for a $450 million revolving credit facility (“2018 Credit Facility”). Proceeds from the 2018 Credit Facility were used to refinance certain of our outstanding debt and provide us with additional funds for our operations, growth initiatives, acquisitions, and other general corporate purposes in the ordinary course of business. The 2018 Credit Facility may be increased up to an additional $250 million under certain circumstances. It has a $20 million sublimit for letters of credit. Borrowings and letters of credit can be denominated in U.S. dollars, Euros, Canadian dollars, or British pounds. Our lenders under the 2018 Credit Facility have a first perfected security interest in all of our personal property including GES, GES Event Intelligence Services, Inc., CATC Alaska Tourism Corporation (“CATC”), ON Event Services, LLC (“ON Services”), and 65% of the capital stock of our top-tier foreign subsidiaries (other than Esja). Financial covenants include an interest coverage ratio of not less than 3.00 to 1.00 and a leverage ratio of not greater than 3.50 to 1.00, with a step-up of 4.00 to 1.00 for four quarters for a material acquisition of $50 million or more. Dividends are permitted up to $15 million in any calendar year. In addition, we can declare and pay dividends or repurchase our common stock up to $20 million per calendar year. Dividends and repurchases above those thresholds are permitted as long as our pro forma leverage ratio is less than or equal to 2.75 to 1.00. Unsecured debt is allowed provided we are in compliance with the leverage ratio. In addition, the unsecured debt must mature after the expiration of the 2018 Credit Facility, cannot have scheduled principal payments while the 2018 Credit Facility is in place, and any covenants for unsecured debt cannot be more restrictive than the 2018 Credit Facility. Significant other covenants include limitations on investments, additional indebtedness, sales and dispositions of assets, and liens on property. As of June 30, 2019, the interest coverage ratio was 10.84 to 1.00, the leverage ratio was 2.24 to 1.00, and we were in compliance with all covenants under the 2018 Credit Agreement.

Effective July 23, 2019, we entered into an amendment (“Amendment No.1”) to the 2018 Credit Agreement. Amendment No.1 modified the terms related to the withdrawal limits of single and multi-employer ERISA plans. Refer to Note 24 – Subsequent Events.

Borrowings under the 2018 Credit Facility (of which GES, GES Event Intelligence Services, Inc., CATC, and ON Services are guarantors) are indexed to the prime rate or the London Interbank Offered Rate (“LIBOR”), plus appropriate spreads tied to our leverage ratio. We understand that LIBOR will be phased out in 2021 and our 2018 Credit Facility includes a method for determining an alternative or successor rate of interest that gives consideration to the new prevailing market convention. The vast majority of our borrowings under the 2018 Credit Facility are indexed to LIBOR. Commitment fees and letters of credit fees are also tied to our leverage ratio. The fees on the unused portion of the 2018 Credit Facility were 0.3% annually as of June 30, 2019. Only our

borrowings under the 2018 Credit Facility and the discount rates we use to account for some leases are indexed to LIBOR. We do not expect the alternative or successor rate to LIBOR to have a material impact on either our 2018 Credit Facility or the accounting for our leases.

As of June 30, 2019, capacity remaining under the 2018 Credit Facility was $135.2 million, reflecting borrowings of $311.2 million and $3.6 million in outstanding letters of credit.

FlyOver Iceland Credit Facility

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

As of June 30, 2019, capacity remaining under the FlyOver Iceland Credit Facility was approximately $1.0 million.

Fair Value Measurements

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 13. Fair Value Measurements

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

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

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

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

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

			Fair Value Measurements at Reporting Date Using
(in thousands)	June 30, 2019		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds ⁽¹⁾	$	122	$	122	$	—	$	—
Other mutual funds ⁽²⁾		3,055		3,055		—		—
Total assets at fair value on a recurring basis	$	3,177	$	3,177	$	—	$	—

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2018		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds ⁽¹⁾	$	121	$	121	$	—	$	—
Other mutual funds ⁽²⁾		2,517		2,517		—		—
Total assets at fair value on a recurring basis	$	2,638	$	2,638	$	—	$	—

(1)

Money market funds are included in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.

(2)	Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

The carrying values of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturities of these instruments. Refer to Note 12 – Debt and Finance Lease Obligations for the estimated fair value of debt obligations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2019

Accumulated Other Comprehensive Income Loss [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 14. Accumulated Other Comprehensive Income (Loss)

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

(in thousands)	Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2018	$	(36,332	)	$	(11,643	)	$	(47,975	)
Other comprehensive income before reclassifications		9,097			—			9,097
Amounts reclassified from AOCI, net of tax		—			148			148
Net other comprehensive income		9,097			148			9,245
Balance at June 30, 2019	$	(27,235	)	$	(11,495	)	$	(38,730	)

(in thousands)	Unrealized Gains on Investments			Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2017	$	616		$	(12,026	)	$	(11,158	)	$	(22,568	)
Other comprehensive loss before reclassifications		—			(11,204	)		—			(11,204	)
Amounts reclassified from AOCI, net of tax		—			—			669			669
Net other comprehensive loss		—			(11,204	)		669			(10,535	)
Adoption of ASU 2016-01⁽¹⁾		(616	)		—			—			(616	)
Balance at June 30, 2018	$	—		$	(23,230	)	$	(10,489	)	$	(33,719	)

⁽¹⁾	^{Upon the adoption of ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.}

Amounts reclassified that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net losses recognized during each period presented. These costs are recorded as components of net periodic cost for each period presented. Refer to Note 17 – Pension and Postretirement Benefits for additional information.

Income (Loss) Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Income (Loss) Per Share

Note 15. Income (Loss) Per Share

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands, except per share data)	2019			2018			2019			2018
Net income (loss) attributable to Viad (diluted)	$	13,824		$	23,490		$	(3,953	)	$	14,103
Less: Allocation to non-vested shares		(102	)		(222	)		—			(139	)
Adjustment to the redemption value of redeemable noncontrolling interest		(179	)		(52	)		(266	)		(90	)
Net income (loss) allocated to Viad common stockholders (basic)	$	13,543		$	23,216		$	(4,219	)	$	13,874
Basic weighted-average outstanding common shares		20,143			20,209			20,110			20,208
Additional dilutive shares related to share-based compensation		123			227			—			238
Diluted weighted-average outstanding shares		20,266			20,436			20,110			20,446
Income (loss) per share:
Basic income (loss) attributable to Viad common stockholders	$	0.67		$	1.15		$	(0.21	)	$	0.69
Diluted income (loss) attributable to Viad common stockholders⁽¹⁾	$	0.67		$	1.15		$	(0.21	)	$	0.69

⁽¹⁾	^{Diluted income (loss) per share amount cannot exceed basic income (loss) per share.}

Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 16. Income Taxes

The effective tax rate was 32.8% for the three months ended June 30, 2019 and 27.8% for the three months ended June 30, 2018. The effective tax rate was 18.7% for the six months ended June 30, 2019 and 25.8% for the six months ended June 30, 2018.

The income tax provision was based on our estimated annualized effective tax rate and the full-year forecasted income plus the tax impact of any unusual, infrequent, or nonrecurring items during the period. The effective tax rate for the six months ended June 30, 2019 was less than the federal statutory rate of 21% primarily due to the impact of non-deductible compensation expenses, global intangible low-taxed income (“GILTI”) tax and foreign income taxed at higher rates. The effective tax rate for the six months ended June 30, 2018 was greater than the federal statutory rate primarily due to foreign income tax at higher rates.

Cash paid for income taxes was $8.0 million for the six months ended June 30, 2019 and $16.8 million for the six months ended June 30, 2018.

Pension and Postretirement Benefits

6 Months Ended

Jun. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

Note 17. Pension and Postretirement Benefits

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended June 30, 2019 and 2018 consist of the following:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2019			2018			2019			2018			2019			2018
Service cost	$	16		$	33		$	15		$	32		$	101		$	138
Interest cost		223			200			126			114			93			91
Expected return on plan assets		(5	)		(45	)		—			—			(121	)		(126	)
Amortization of prior service credit		—			—			(47	)		(19	)		—			—
Recognized net actuarial loss		100			124			50			65			37			39
Net periodic benefit cost	$	334		$	312		$	144		$	192		$	110		$	142

The components of net periodic benefit cost of our pension and postretirement benefit plans for the six months ended June 30, 2019 and 2018 consist of the following:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2019			2018			2019			2018			2019			2018
Service cost	$	31		$	35		$	35		$	56		$	202		$	280
Interest cost		437			387			250			208			188			183
Expected return on plan assets		(39	)		(80	)		—			—			(243	)		(256	)
Amortization of prior service credit		—			—			(94	)		(103	)		—			—
Recognized net actuarial loss		206			246			127			117			73			80
Net periodic benefit cost	$	635		$	588		$	318		$	278		$	220		$	287

We expect to contribute $1.0 million to our funded pension plans, $1.2 million to our unfunded pension plans, and $1.2 million to our postretirement benefit plans in 2019. During the six months ended June 30, 2019, we contributed $0.5 million to our funded pension plans, $0.4 million to our unfunded pension plans, and $0.5 million to our postretirement benefit plans.

Restructuring Charges

6 Months Ended

Jun. 30, 2019

Restructuring And Related Activities [Abstract]

Restructuring Charges

Note 18. Restructuring Charges

GES

As part of our efforts to drive efficiencies and simplify our business operations, we have taken certain restructuring actions designed to reduce our cost structure primarily within GES. These actions include consolidating facilities and operations in the U.S., Canada, and the United Kingdom. During the second quarter of 2019, we completed some strategic simplification actions, including a facility consolidation in Las Vegas and other restructuring actions. As a result, we recorded restructuring charges 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

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

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

	GES						Other Restructurings
(in thousands)	Severance & Employee Benefits			Facilities			Severance & Employee Benefits			Total
Balance at December 31, 2018	$	2,039		$	200		$	12		$	2,251
Restructuring charges		3,916			1,084			143			5,143
Cash payments		(3,900	)		(174	)		(58	)		(4,132	)
Adjustment to liability		(33	)		53			7			27
Balance at June 30, 2019	$	2,022		$	1,163		$	104		$	3,289

As of June 30, 2019, we expect to pay the liabilities related to severance and employee benefits by the end of 2020. The liability related to future lease payments will be paid over the remaining lease terms. Refer to Note 22 – Segment Information, for information regarding restructuring charges by segment.

Leases and Other

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases and Other

Note 19. Leases and Other

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

		June 30,
(in thousands)	Classification on the Condensed Consolidated Balance Sheet	2019
Assets:
Operating lease assets	Operating lease right-of-use assets	$	59,123
Finance lease assets	Property and equipment, net		28,421
Total lease assets		$	87,544

Liabilities:
Current:
Operating lease obligations	Operating lease obligations	$	22,149
Finance lease obligations	Current portion of debt and finance lease obligations		2,422
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		39,607
Finance lease obligations	Long-term debt and finance lease obligations		8,360
Total lease liabilities		$	72,538

The components of lease expense consisted of the following:

	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2019			June 30, 2019
Finance lease cost:
Amortization of right-of-use assets	$	609		$	1,198
Interest on lease liabilities		182			249
Operating lease cost		6,839			12,831
Short-term lease cost		562			777
Variable lease cost		1,402			3,217
Sublease income⁽¹⁾		(54	)		(226	)
Total lease cost, net	$	9,540		$	18,046

⁽¹⁾ Sublease income excludes rental income from owned assets, which is recorded in revenue.

Leases Not Yet Commenced

As of June 30, 2019, we had certain facility and land leases that were executed but for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and right-of-use assets on our Condensed Consolidated Balance Sheets. These leases include future planned attractions for Pursuit that are currently in the planning or development phase and that we expect to commence between fiscal years 2019 and 2022 with lease terms of 15 to 20 years.

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

	Three Months Ended		Six Months Ended
(in thousands)	June 30, 2019		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,405	$	13,603
Operating cash flows from finance leases	$	182	$	249
Financing cash flows from finance leases	$	490	$	1,012
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	1,813	$	13,252
Finance leases	$	19,769	$	20,951

			June 30,
			2019
Weighted-average remaining lease term (years):
Operating leases				4.30
Finance leases				9.61
Weighted-average discount rate:
Operating leases				5.29	%
Finance leases				5.15	%

As of June 30, 2019, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:

(in thousands)	Operating Leases			Finance Leases			Total
Remainder of 2019	$	13,454		$	1,705		$	15,159
2020		23,205			2,687			25,892
2021		12,698			1,945			14,643
2022		8,037			1,494			9,531
2023		5,484			1,380			6,864
Thereafter		7,406			4,301			11,707
Total future lease payments		70,284			13,512			83,796
Less: Amount representing interest		(8,528	)		(2,730	)		(11,258	)
Present value of minimum lease payments		61,756			10,782			72,538
Current portion		22,149			2,422			24,571
Long-term portion	$	39,607		$	8,360		$	47,967

As of June 30, 2019, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own and sublease income from facilities that we lease, are as follows:

(in thousands)
Remainder of 2019	$	906
2020		1,695
2021		1,868
2022		1,530
2023		1,450
Thereafter		3,685
Total minimum sublease rents		11,134

As previously disclosed in our 2018 Form 10-K and under the previous lease accounting standard, our future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year would have been as follows as of December 31, 2018:

(in thousands)	Rental Payments		Receivable Under Subleases
2019	$	28,671	$	2,382
2020		22,919		1,582
2021		13,217		1,711
2022		8,280		1,370
2023		6,201		1,270
Thereafter		8,305		2,798
Total	$	87,593	$	11,113

Litigation, Claims, Contingencies and Other

6 Months Ended

Jun. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Litigation, Claims, Contingencies and Other

Note 20. Litigation, Claims, Contingencies, and Other

We 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 us. For the six months ended June 30, 2019, we recorded an $8.5 million charge to resolve a legal dispute at GES involving a former industry contractor. Although the amount of liability as of June 30, 2019 with respect to unresolved legal matters is not ascertainable, we believe that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our business, financial position, or results of operations.

We are 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 we have or had operations. If we fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed and we could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, we also face exposure to actual or potential claims and

lawsuits involving environmental matters relating to our past operations. As of June 30, 2019, we had recorded environmental remediation liabilities of $2.3 million related to previously sold operations. Although we are a party to certain environmental disputes, we believe that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our financial position or results of operations.

As of June 30, 2019, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities entered into by our subsidiary operations. We would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that we would be required to make under all guarantees existing as of June 30, 2019 would be $54.5 million. These guarantees relate to our leased facilities through August 2034. There are no recourse provisions that would enable us to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements pursuant to which we could recover payments.

A significant number of our employees are unionized and we are a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. If we are unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact our business and results of operations. We believe that relations with our employees are satisfactory and that collective-bargaining agreements expiring in 2019 will be renegotiated in the ordinary course of business. Although our labor relations are currently stable, disruptions could occur, with the possibility of an adverse impact on the operating results of GES. During the three months ended June 30, 2019, we finalized the terms of a new collective-bargaining agreement with the Teamsters Local 727 union. The terms included a withdrawal from the under-funded Central States Pension Plan. Accordingly, we recorded a charge of $15.5 million, which represents the estimated present value of future contributions we will be required to make to the plan as a result of this withdrawal of this union from the plan.

We are 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 our retention limit) related to our continuing operations was $16.0 million as of June 30, 2019, which includes $11.1 million related to workers’ compensation liabilities, and $4.9 million related to general/auto liability claims. We have also retained and provided for certain workers’ compensation insurance liabilities in conjunction with previously sold businesses of $2.7 million as of June 30, 2019. The estimated employee health benefit claims incurred but not yet reported was $1.5 million as of June 30, 2019. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $1.5 million for the three months ended June 30, 2019 and $3.3 million for the six months ended June 30, 2019 and $1.2 million for the three months ended June 30, 2018 and $2.7 million for the six months ended June 30, 2018.

In addition, as of June 30, 2019, we have recorded insurance liabilities of $9.2 million related to continuing operations, which represents the amount for which we remain the primary obligor after self-insured insurance limits, without taking into consideration the above-referenced insurance coverage. Of this total, $8.5 million related to workers’ compensation liabilities and $0.7 million related to general/auto liability claims, which are recorded in other deferred items and liabilities in the Condensed Consolidated Balance Sheets with a corresponding receivable in other investments.

Redeemable Noncontrolling Interest

6 Months Ended

Jun. 30, 2019

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Note 21. Redeemable Noncontrolling Interest

On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Through Esja and its wholly-owned subsidiary, we are developing and will operate a new FlyOver Iceland attraction.

The minority Esja shareholders have the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) and if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire.

The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date and the noncontrolling interest’s share of the subsequent net income or loss. This value is benchmarked against the redemption value of

the sellers’ put option. The carrying value is adjusted to the redemption value, provided that it does not fall below the initial carrying value, as determined by the purchase price allocation. We have made a policy election to reflect any changes caused by such an adjustment to retained earnings, rather than to current earnings.

Changes in the redeemable noncontrolling interest are as follows:

(in thousands)
Balance at December 31, 2018	$	5,909
Net loss attributable to redeemable noncontrolling interest		(276	)
Adjustment to the redemption value		266
Foreign currency translation adjustment		(391	)
Balance at June 30, 2019	$	5,508

Segment Information

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Information

Note 22. Segment Information

We measure the profit and performance of our operations on the basis of segment operating income (loss) which excludes restructuring 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.

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA. We made no changes to the Pursuit reportable segment.

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2019			2018			2019			2018
Revenue:
GES:
North America	$	283,682		$	260,891		$	506,923		$	482,955
EMEA		69,505			60,662			123,881			109,582
Intersegment eliminations		(6,317	)		(6,231	)		(9,007	)		(9,509	)
Total GES		346,870			315,322			621,797			583,028
Pursuit		55,409			48,355			66,076			58,077
Total revenue	$	402,279		$	363,677		$	687,873		$	641,105
Segment operating income (loss):
GES:
North America	$	30,589		$	23,767		$	31,197		$	23,688
EMEA		4,664			5,238			5,799			5,897
Total GES		35,253			29,005			36,996			29,585
Pursuit		11,313			9,757			(1,682	)		(1,638	)
Segment operating income		46,566			38,762			35,314			27,947
Corporate eliminations ⁽¹⁾		17			17			33			33
Corporate activities		(3,282	)		(2,535	)		(5,115	)		(4,752	)
Operating income		43,301			36,244			30,232			23,228
Interest income		83			53			181			137
Interest expense		(2,957	)		(2,354	)		(5,872	)		(4,423	)
Multi-employer pension plan withdrawal		(15,508	)		—			(15,508	)		—
Other expense		(456	)		(543	)		(911	)		(781	)
Restructuring recoveries (charges):
GES North America		(4,275	)		(240	)		(4,258	)		(240	)
GES EMEA		(80	)		(422	)		(742	)		(454	)
Pursuit		—			—			—			(140	)
Corporate		(100	)		—			(143	)		10
Impairment recoveries
Pursuit		—			35			—			35
Legal settlement:
GES		—			—			(8,500	)		—
Income (loss) from continuing operations before income taxes	$	20,008		$	32,773		$	(5,521	)	$	17,372

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

Common Stock Repurchases

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Common Stock Repurchases

Note 23. Common Stock Repurchases

We previously announced our Board of Directors’ authorization to repurchase shares of our common stock from time to time at prevailing market prices. Effective February 7, 2019, our Board of Directors authorized the repurchase of an additional 500,000 shares.

No shares were repurchased on the open market during the six months ended June 30, 2019. As of June 30, 2019, 600,067 shares remain available for repurchase. During the six months ended June 30, 2018, we repurchased 175,091 shares on the open market for $9.1 million. Additionally, we repurchased shares related to tax withholding requirements on vested restricted stock awards. Refer to Note 3 – Share-Based Compensation.

Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

Note 24. Subsequent Events

Credit Agreement Amendment

Effective July 23, 2019, we entered into an amendment (“Amendment No.1”) to the 2018 Credit Agreement. Amendment No.1 modified the terms related to the withdrawal limits of single and multi-employer ERISA plans.

FlyOver Toronto

On July 25, 2019, we announced plans for the expansion of our virtual flight ride theater concept into Toronto, Canada. We were awarded the right to construct the new attraction near the base of Canada’s CN Tower in the Entertainment District. This new attraction will provide guests an exhilarating virtual flight experience showcasing Canada’s most awe-inspiring sights. We expect construction to begin in 2020, and the new attraction to open in 2022.

Pursuit

On July 25, 2019, we announced plans for a new geothermal lagoon attraction that will be located on an oceanfront lot just outside downtown Reykjavik, Iceland. We acquired a 51% controlling interest in the new geothermal lagoon attraction for $13.2 million, which we will operate in partnership with Geothermal Lagoon ehf, the Icelandic entity that owns the lagoon assets. We expect to open our new attraction in 2021.

Overview and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Business

We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. We are committed to providing unforgettable experiences to our clients and guests. We operate through three reportable business segments: GES North America, GES EMEA (collectively, “GES”), and Pursuit.

GES

GES is a global, full-service live events company offering a comprehensive range of services to the world’s leading brands and event organizers. GES’ clients include event organizers and corporate brand marketers. Event organizers schedule and run the event from start to finish. 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. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events.

Services and Products Offered

GES provides a full suite of services and products for event organizers and corporate brand marketers through the following lines of business:

•

Core Services. GES provides official contracting services and products, including the design and production of experiences, material handling, rigging, electrical, and other on-site event services.

•

Event Technology. GES offers a comprehensive range of event technology services, including event accommodation solutions, registration and data analytics, and event management tools.

•

Audio-Visual. GES offers a variety of high-impact multi-media services and technology, including video production, lighting design, digital studio services, entertainment services and talent coordination, projection mapping, and computer rental and support.

Markets Served

GES provides the above services and products across four live event markets: Exhibitions, Conferences, Corporate Events, and Consumer Events (collectively, “Live Events”).

•

Exhibitions facilitate business-to-business and business-to-consumer sales and marketing.

•

Conferences facilitate attendee education and may also include an expo or trade show to further facilitate attendee education and to facilitate business-to-business and business-to-consumer sales and marketing.

•

Corporate events facilitate attendee education of the sponsoring company’s products or product ecosystem.

•

Consumer events entertain, educate, or create an experience, typically around a specific genre.

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that include world-class recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services.

Services and Products Offered

Pursuit comprises four lines of business: Attractions, including food and beverage services and retail operations; Hospitality, including food and beverage services and retail operations; Transportation; and Travel Planning. Services offered by these lines of business (or a subset of these) include admissions, accommodations, transportation, and travel planning. Products offered include food and beverage and retail operations.

Markets Served

Pursuit provides the above services and products across the following geographic markets:

•

The Banff Jasper Collection is a leading travel and tourism provider in the Canadian Rockies in Alberta, Canada with two lodging properties in Banff National Park, eight lodging properties in Jasper National Park, including the recently acquired Mountain Park Lodges, five world-class recreational attractions, food and beverage services, retail operations, sightseeing and transportation services.

•

The Alaska Collection is a leading travel and tourism provider in Alaska with two lodging properties and a sightseeing excursion in Denali National Park and Preserve, a lodge in Talkeetna, Alaska’s top-rated wildlife and glacier cruise, and two lodging properties located near Kenai Fjords National Park. The Alaska Collection also provides food and beverage services and retail operations.

•

The Glacier Park Collection is an operator of nine lodging properties, food and beverage services, and retail operations in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada, with a leading share of rooms in the Glacier Park market.

•

FlyOver is a recreational attraction that provides a virtual flight ride experience that combines motion seating, spectacular audio-visual media, and special effects including wind, scents, and mist to provide a true flying experience for guests.

o

FlyOver Canada is located in Vancouver, British Columbia that provides an unforgettable experience of flying across Canada.

o

FlyOver Iceland is currently being built in Reykjavik, Iceland that will provide an experience of flying over some of Iceland’s most spectacular scenery and natural wonders. We are scheduled to open this new attraction in August 2019.

o

FlyOver Las Vegas is currently being built in Las Vegas, Nevada that will provide an experience of flying over some of the most spectacular scenery and natural wonders of the American Southwest. We expect to open this new attraction in 2021.

o

FlyOver Toronto is a newly announced expansion into Toronto, Canada. This new attraction will showcase Canada’s most awe-inspiring sights. It will be located in Toronto’s Entertainment District. We expect to open this new attraction in 2022. Refer to Note 24 – Subsequent Events for additional information.

•

Pursuit recently announced a plan for a new geothermal lagoon attraction in Iceland. It will be located on an oceanfront lot just outside downtown Reykjavik. We expect to open this new attraction in 2021. Refer to Note 24 – Subsequent Events for additional information.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or SEC rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019 (“2018 Form 10-K”).

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

Impact of Recent Accounting Pronouncements

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

Standard	Description	Date of adoption	Effect on the financial statements
Standards Not Yet Adopted
ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendment also requires an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. Early adoption is permitted and may be applied on either a retrospective or prospective basis.	January 1, 2020	We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements and related disclosures.
ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments	The amendment eliminates the incurred credit loss impairment methodology in current GAAP and replaces it with an expected credit loss concept based on historical experience, current conditions, and reasonable and supportable forecasts. Subsequent to the issuance of ASU 2016-13, the FASB issued additional amendments which do not change the core principle of the guidance stated in ASU 2016-13. Rather, they are intended to clarify and improve understanding of certain topics included within the credit losses standard.	January 1, 2020	We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We will be required to use a forward-looking expected credit loss model for trade receivables. Adoption of this new standard will be applied using the modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the effective date in an amount necessary to adjust our current credit loss methodology to equal the current estimate of expected losses on financial assets held at that date.

Standard

Description

Date of adoption

Effect on the financial statements

Standards Recently Adopted

ASU 2016-02, Leases (Topic 842)

The amendment increases transparency and comparability by requiring the recognition of a right-of-use asset and a lease liability on the balance sheet. The standard also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of cash flows arising from leases.

January 1, 2019

We adopted ASU 2016-02 and its related amendments (collectively, “Topic 842”) on January 1, 2019 using the optional transition method. Under this method, a cumulative adjustment to retained earnings is recorded, if any, and prior periods are not restated. We determined there was no cumulative effect adjustment to retained earnings on January 1, 2019.

The adoption of Topic 842 did not have a material impact on our Consolidated Statement of Operations. The most significant impact related to facility and equipment leases, which were previously recorded as operating leases. Upon adoption as of January 1, 2019, we recognized an additional right-of-use asset and lease liability of $59 million on the balance sheet. The existing deferred rent liabilities balance, resulting from historical straight-lining of operating leases, was reclassified upon adoption to reduce the measurement of leased assets. Refer to our Leases Significant Accounting Policy immediately following this table and Note 19 - Leases and Other for additional information.

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 and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things, the fair value of our 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; assumptions used to determine the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates.

Revenue Recognition

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

GES’ service revenue is primarily derived through its comprehensive range of services to event organizers and corporate brand marketers including Core Services, Event Technology, and Audio-Visual. GES’ service revenue is earned over time over the duration of the exhibition, conference, or corporate event, which generally lasts one to three days; however, we recognize service revenue at the close of the event when we have the right to invoice. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue is recognized at a point in time upon delivery of the product.

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

Noncontrolling Interests - Non-redeemable and Redeemable

Noncontrolling Interests – Non-redeemable and Redeemable

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the 20% equity ownership interest that we do not own in Glacier Park, Inc. and the 40% equity interest that we do not own in the recently acquired Mountain Park Lodges. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.

Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 54.5% equity ownership interest in Esja Attractions ehf. (“Esja”). The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to retained earnings and is included in our income (loss) per share. Refer to Note 21 – Redeemable Noncontrolling Interest for additional information.

Leases

We adopted Topic 842 on January 1, 2019, which requires the recognition of a right-of-use (“ROU”) asset and lease liability on the balance sheet, and requires lessees to classify leases as either finance or operating leases. The classification of the lease determines whether the lease expense is recognized on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize

ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term.

Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards. These facility leases generally have lease terms ranging up to 25 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our hotels or attractions reside and have lease terms ranging up to 42 years.

We made the accounting policy election not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. We elected to apply the package of practical expedients permitted under Topic 842 transition guidance, which among other things, allows us to carry forward our historical lease classifications. We also elected the practical expedient to not separate non-lease components from lease components for all asset classes, and payments associated with fixed non-lease components are included in measuring the ROU asset and lease liability.

If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. Variable leases and variable non-lease components are not included in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. These variable lease payments are expensed as incurred. Upon the adoption of Topic 842, our accounting for finance leases, previously referred to as capital leases, remains substantially unchanged from prior guidance. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.

Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a secured basis, and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country. On January 1, 2019, the discount rate used on existing leases at adoption was extrapolated based on the remaining lease term and the country using available data as of that date. For new or renewed leases starting in 2019, the discount rate is determined using available data at lease commencement and based on the lease term and country including any reasonably certain renewal periods.

We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. Lease income from owned facilities is recorded as rental income and sublease income from leased facilities is recorded against lease expense in the Condensed Consolidated Statements of Operations. All of our leases for which we are the lessor are classified as operating leases under Topic 842.

Revenue and Related Contract Costs and Contract Liabilities (Tables)

6 Months Ended

Jun. 30, 2019

Revenue From Contract With Customer [Abstract]

Summary of Changes in Contract Liabilities

Changes to contract liabilities are as follows:

(in thousands)
Balance at December 31, 2018	$	35,600
Cash additions		77,448
Revenue recognized		(62,147	)
Foreign exchange translation adjustment		87
Balance at June 30, 2019	$	50,988

Summary of Changes in Contract Costs

Changes to contract costs are as follows:

(in thousands)
Balance at December 31, 2018	$	21,478
Additions		35,627
Expenses		(32,721	)
Cancelled		(13	)
Foreign exchange translation adjustment		(137	)
Balance at June 30, 2019	$	24,234

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

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

GES

	Three Months Ended June 30, 2019
(in thousands)	GES North America⁽¹⁾		GES EMEA⁽¹⁾		Intersegment Eliminations			Total
Services:
Core services	$	228,112	$	41,821	$	—		$	269,933
Audio-visual		24,175		6,881		—			31,056
Event technology		9,845		2,134		—			11,979
Intersegment eliminations		—		—		(6,317	)		(6,317	)
Total services		262,132		50,836		(6,317	)		306,651
Products:
Core products		21,550		18,669		—			40,219
Total revenue	$	283,682	$	69,505	$	(6,317	)	$	346,870

Timing of revenue recognition:
Services transferred over time	$	262,132	$	50,836	$	(6,317	)	$	306,651
Products transferred over time⁽²⁾		11,774		4,811		—			16,585
Products transferred at a point in time		9,776		13,858		—			23,634
Total revenue	$	283,682	$	69,505	$	(6,317	)	$	346,870

Markets:
Exhibitions	$	138,887	$	49,293	$	—		$	188,180
Conferences		105,455		10,870		—			116,325
Corporate events		29,868		8,772		—			38,640
Consumer events		9,472		570		—			10,042
Intersegment eliminations		—		—		(6,317	)		(6,317	)
Total revenue	$	283,682	$	69,505	$	(6,317	)	$	346,870

⁽¹⁾

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

	Six Months Ended June 30, 2019
(in thousands)	GES North America⁽¹⁾		GES EMEA⁽¹⁾		Intersegment Eliminations			Total
Services:
Core services	$	407,985	$	72,884	$	—		$	480,869
Audio-visual		42,581		10,769		—			53,350
Event technology		18,608		5,087		—			23,695
Intersegment eliminations		—		—		(9,007	)		(9,007	)
Total services		469,174		88,740		(9,007	)		548,907
Products:
Core products		37,749		35,141		—			72,890
Total revenue	$	506,923	$	123,881	$	(9,007	)	$	621,797

Timing of revenue recognition:
Services transferred over time	$	469,174	$	88,740	$	(9,007	)	$	548,907
Products transferred over time⁽²⁾		23,043		8,290		—			31,333
Products transferred at a point in time		14,706		26,851		—			41,557
Total revenue	$	506,923	$	123,881	$	(9,007	)	$	621,797

Markets:
Exhibitions	$	275,316	$	94,948	$	—		$	370,264
Conferences		153,317		13,852		—			167,169
Corporate events		62,655		14,317		—			76,972
Consumer events		15,635		764		—			16,399
Intersegment eliminations		—		—		(9,007	)		(9,007	)
Total revenue	$	506,923	$	123,881	$	(9,007	)	$	621,797

⁽¹⁾

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

	Three Months Ended June 30, 2018
(in thousands)	GES North America⁽¹⁾		GES EMEA⁽¹⁾		Intersegment Eliminations			Total
Services:
Core services	$	211,683	$	31,774	$	—		$	243,457
Audio-visual		20,741		6,553		—			27,294
Event technology		10,534		2,847		—			13,381
Intersegment eliminations		—		—		(6,231	)		(6,231	)
Total services		242,958		41,174		(6,231	)		277,901
Products:
Core products		17,933		19,488		—			37,421
Total revenue	$	260,891	$	60,662	$	(6,231	)	$	315,322

Timing of revenue recognition:
Services transferred over time	$	242,958	$	41,174	$	(6,231	)	$	277,901
Products transferred over time⁽²⁾		10,968		4,827		—			15,795
Products transferred at a point in time		6,965		14,661		—			21,626
Total revenue	$	260,891	$	60,662	$	(6,231	)	$	315,322

Markets:
Exhibitions	$	137,740	$	40,688	$	—		$	178,428
Conferences		89,768		12,057		—			101,825
Corporate events		27,339		7,040		—			34,379
Consumer events		6,044		877		—			6,921
Intersegment eliminations		—		—		(6,231	)		(6,231	)
Total revenue	$	260,891	$	60,662	$	(6,231	)	$	315,322

⁽¹⁾

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

	Six Months Ended June 30, 2018
(in thousands)	GES North America⁽¹⁾		GES EMEA⁽¹⁾		Intersegment Eliminations			Total
Services:
Core services	$	392,208	$	60,759	$	—		$	452,967
Audio-visual		37,825		9,721		—			47,546
Event technology		18,569		6,121		—			24,690
Intersegment eliminations		—		—		(9,509	)		(9,509	)
Total services		448,602		76,601		(9,509	)		515,694
Products:
Core products		34,353		32,981		—			67,334
Total revenue	$	482,955	$	109,582	$	(9,509	)	$	583,028

Timing of revenue recognition:
Services transferred over time	$	448,602	$	76,601	$	(9,509	)	$	515,694
Products transferred over time⁽²⁾		22,337		8,156		—			30,493
Products transferred at a point in time		12,016		24,825		—			36,841
Total revenue	$	482,955	$	109,582	$	(9,509	)	$	583,028

Markets:
Exhibitions	$	283,558	$	80,623	$	—		$	364,181
Conferences		128,857		17,445		—			146,302
Corporate events		58,242		10,442		—			68,684
Consumer events		12,298		1,072		—			13,370
Intersegment eliminations		—		—		(9,509	)		(9,509	)
Total revenue	$	482,955	$	109,582	$	(9,509	)	$	583,028

⁽¹⁾

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

Pursuit

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2019			2018			2019			2018
Services:
Admissions	$	23,156		$	23,480		$	26,681		$	27,059
Accommodations		12,926			9,030			15,344			10,735
Transportation		3,954			4,321			5,949			6,690
Travel planning		1,471			491			2,103			799
Intersegment eliminations		(499	)		(500	)		(684	)		(706	)
Total services revenue		41,008			36,822			49,393			44,577
Products:
Food and beverage		8,206			6,705			9,570			7,924
Retail operations		6,195			4,828			7,113			5,576
Total products revenue		14,401			11,533			16,683			13,500
Total revenue	$	55,409		$	48,355		$	66,076		$	58,077

Timing of revenue recognition:
Services transferred over time	$	41,008		$	36,822		$	49,393		$	44,577
Products transferred at a point in time		14,401			11,533			16,683			13,500
Total revenue	$	55,409		$	48,355		$	66,076		$	58,077

Markets:
Banff Jasper Collection	$	33,226		$	28,519		$	41,096		$	35,608
Alaska Collection		12,198			10,614			12,378			10,827
Glacier Park Collection		7,375			6,640			8,198			7,266
FlyOver		2,610			2,582			4,404			4,376
Total revenue	$	55,409		$	48,355		$	66,076		$	58,077

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Share-Based Compensation Expense

The following table summarizes share-based compensation expense:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2019			2018			2019			2018
Performance unit incentive plan (“PUP”)	$	1,557		$	1,324		$	2,980		$	1,518
Restricted stock		783			667			1,476			1,170
Restricted stock units		71			54			161			74
Share-based compensation before income tax benefit		2,411			2,045			4,617			2,762
Income tax benefit		(607	)		(515	)		(1,165	)		(696	)
Share-based compensation, net of income tax benefit	$	1,804		$	1,530		$	3,452		$	2,066

Summary of Activity of the Outstanding Share-Based Compensation Awards

The following table summarizes the activity of the outstanding share-based compensation awards:

	PUP Awards					Restricted Stock					Restricted Stock Units
	Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value		Shares			Weighted-Average Grant Date Fair Value
Balance at December 31, 2018		239,809		$	40.65		176,769		$	40.87		12,090		$	39.04
Granted		73,020		$	58.25		55,042		$	57.82		5,025		$	56.81
Vested		(95,309	)	$	26.98		(81,320	)	$	31.79		(5,377	)	$	26.98
Forfeited		(488	)	$	54.70		(2,772	)	$	49.24		(115	)	$	52.15
Balance at June 30, 2019		217,032		$	52.54		147,719		$	52.02		11,623		$	52.17

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares			Weighted-Average Exercise Price
Options outstanding and exercisable at December 31, 2018		58,689		$	16.62
Exercised		(5,546	)	$	16.62
Options outstanding and exercisable at June 30, 2019		53,143		$	16.62

Acquisition of Businesses (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

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

(in thousands)
Purchase price paid as:
Cash			$	70,975
Additional purchase price payable for tax liability				4,874
Net working capital adjustment				(6	)
Consideration transferred				75,843
Right to manage				(1,276	)
Purchase price, net				74,567

Fair value of net assets acquired:
Accounts receivable	$	369
Inventories		173
Prepaid expenses		324
Property and equipment		115,878
Intangible assets		9,218
Total assets acquired		125,962
Accounts payable		366
Advanced deposits payable		449
Deferred tax liability		11,463
Other liabilities		137
Total liabilities assumed		12,415

Noncontrolling interest equity		49,711
Total fair value of net assets acquired				63,836
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	10,731

Schedule of Proforma Results of Operations

The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming the Mountain Park Lodges acquisition had been completed on January 1, 2018:

	Three Months Ended				Six Months Ended
(in thousands, except per share data)	June 30, 2019		June 30, 2018		June 30, 2019			June 30, 2018
Revenue	$	406,657	$	371,099	$	696,134		$	652,438
Depreciation and amortization	$	15,839	$	16,476	$	30,348		$	30,926
Income (loss) from continuing operations	$	12,862	$	24,104	$	(5,898	)	$	11,151
Net income (loss) attributable to Viad	$	13,578	$	23,718	$	(4,651	)	$	12,785
Diluted income (loss) per share	$	0.66	$	1.16	$	(0.24	)	$	0.62
Basic income (loss) per share	$	0.66	$	1.16	$	(0.24	)	$	0.62

Inventories (Tables)

6 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Raw materials	$	12,594	$	12,368
Finished goods		8,710		4,261
Inventories	$	21,304	$	16,629

Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2019

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Income tax receivable	$	9,817	$	10,886
Prepaid software maintenance		5,729		4,010
Prepaid vendor payments		5,207		4,492
Prepaid taxes		1,093		591
Prepaid insurance		1,026		2,754
Prepaid other		3,388		1,755
Other		1,338		998
Other current assets	$	27,598	$	25,486

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2019

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:

	June 30,			December 31,
(in thousands)	2019			2018
Land and land interests	$	33,953		$	32,887
Buildings and leasehold improvements		350,538			238,995
Equipment and other		417,466			383,284
Gross property and equipment		801,957			655,166
Accumulated depreciation		(342,968	)		(321,319	)
Property and equipment, net (excluding finance leases)		458,989			333,847
Finance lease right-of-use assets, net		28,421			—
Property and equipment, net	$	487,410		$	333,847

Other Investments and Assets (Tables)

6 Months Ended

Jun. 30, 2019

Investments All Other Investments [Abstract]

Summary of Other Investments and Assets

Other investments and assets consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Cash surrender value of life insurance	$	23,981	$	23,815
Self-insured liability receivable		9,176		9,176
Contract costs		4,376		3,461
Other mutual funds		3,055		2,517
Other		2,700		3,941
Other investments and assets	$	43,288	$	42,910

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of the Goodwill Balances by Component and Segment

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

(in thousands)	GES North America		GES EMEA			Pursuit		Total
Balance at December 31, 2018	$	154,944	$	29,954		$	76,432	$	261,330
Business acquisitions		—		—			10,731		10,731
Foreign currency translation adjustments		280		(406	)		2,983		2,857
Other adjustment		—		—			1,245		1,245
Balance at June 30, 2019	$	155,224	$	29,548		$	91,391	$	276,163

Summary of Other Intangible Assets

Other intangible assets consisted of the following:

		June 30, 2019							December 31, 2018
(in thousands)	Useful Life (Years)	Gross Carrying Value		Accumulated Amortization			Net Carrying Value		Gross Carrying Value		Accumulated Amortization			Net Carrying Value
Intangible assets subject to amortization:
Customer contracts and relationships	7.7	$	75,255	$	(35,060	)	$	40,195	$	67,729	$	(31,201	)	$	36,528
Operating contracts and licenses	23.7		9,564		(1,593	)		7,971		9,180		(1,376	)		7,804
Tradenames	7.1		9,736		(3,524	)		6,212		7,705		(3,109	)		4,596
Non-compete agreements	1.9		5,198		(4,707	)		491		5,174		(4,080	)		1,094
Other	8.0		2,689		(659	)		2,030		1,365		(553	)		812
Total amortized intangible assets			102,442		(45,543	)		56,899		91,153		(40,319	)		50,834
Indefinite-lived intangible assets:
Business licenses			460		—			460		460		—			460
Other intangible assets		$	102,902	$	(45,543	)	$	57,359	$	91,613	$	(40,319	)	$	51,294

Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization

At June 30, 2019, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

(in thousands)
Year ending December 31,
Remainder of 2019	$	5,248
2020		9,444
2021		8,458
2022		6,933
2023		5,759
Thereafter		21,057
Total	$	56,899

Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2019

Other Liabilities Current [Abstract]

Other Current Liabilities

Other current liabilities consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Continuing operations:
Accommodation services deposits	$	10,600	$	1,541
Commissions payable		8,390		2,703
Self-insured liability		6,076		5,688
Accrued sales and use taxes		3,553		5,397
Accrued employee benefit costs		3,540		3,224
Accrued legal settlement		2,500		—
Current portion of pension and postretirement liabilities		2,134		2,310
Accrued dividends		2,013		2,012
Deferred rent ⁽¹⁾		—		1,659
Accrued restructuring		1,410		716
Accrued professional fees		1,126		886
Accrued income tax payable		797		—
Other taxes		1,801		695
Other		4,065		4,501
Total continuing operations		48,005		31,332
Discontinued operations:
Environmental remediation liabilities		510		555
Self-insured liability		217		295
Other		76		76
Total discontinued operations		803		926
Total other current liabilities	$	48,808	$	32,258

⁽¹⁾	^{Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.}

Other Deferred Items and Liabilities (Tables)

6 Months Ended

Jun. 30, 2019

Other Liabilities Disclosure [Abstract]

Summary of Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

	June 30,		December 31,
(in thousands)	2019		2018
Continuing operations:
Foreign deferred tax liability	$	21,306	$	9,768
Multi-employer pension plan withdrawal liability		15,508		—
Self-insured liability		9,885		10,681
Self-insured excess liability		9,176		9,176
Accrued compensation		6,395		6,664
Accrued restructuring		1,879		1,535
Contract liabilities		366		2,124
Deferred rent ⁽¹⁾		—		2,719
Other		2,302		1,868
Total continuing operations		66,817		44,535
Discontinued operations:
Self-insured liability		2,456		2,437
Environmental remediation liabilities		1,777		1,775
Other		345		244
Total discontinued operations		4,578		4,456
Total other deferred items and liabilities	$	71,395	$	48,991

⁽¹⁾	Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

Debt and Finance Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt and Finance Lease Obligations

The components of our long-term debt and finance lease obligations consisted of the following:

	June 30,			December 31,
(in thousands, except interest rates)	2019			2018
2018 Credit Facility, 4.1% weighted-average interest rate at June 30, 2019 and 4.3% at December 31, 2018, due through 2023⁽¹⁾	$	311,244		$	227,792
FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at June 30, 2019, due through 2022⁽¹⁾		4,552			—
Less unamortized debt issuance costs		(2,053	)		(2,310	)
Total debt ⁽²⁾		313,743			225,482
Finance lease obligations, 5.2% weighted-average interest rate at June 30, 2019 and 4.5% at December 31, 2018, due through 2021		10,782			4,639
Total debt and finance lease obligations ⁽³⁾		324,525			230,121
Current portion ⁽⁴⁾		(313,937	)		(229,416	)
Long-term debt and finance lease obligations	$	10,588		$	705

⁽¹⁾	Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.

⁽²⁾

The estimated fair value of total debt was $316.6 million as of June 30, 2019 and $228.6 million as of December 31, 2018. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements.

⁽³⁾	Cash paid for interest on debt was $5.7 million for the six months ended June 30, 2019 and $4.1 million for the six months ended June 30, 2018.

⁽⁴⁾	Borrowings under the credit facilities are classified as current because all borrowed amounts are due within one year

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Summary of Fair Value Assets Measured on Recurring Basis

The fair value information related to these assets is summarized in the following tables:

			Fair Value Measurements at Reporting Date Using
(in thousands)	June 30, 2019		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds ⁽¹⁾	$	122	$	122	$	—	$	—
Other mutual funds ⁽²⁾		3,055		3,055		—		—
Total assets at fair value on a recurring basis	$	3,177	$	3,177	$	—	$	—

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2018		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds ⁽¹⁾	$	121	$	121	$	—	$	—
Other mutual funds ⁽²⁾		2,517		2,517		—		—
Total assets at fair value on a recurring basis	$	2,638	$	2,638	$	—	$	—

(1)

Money market funds are included in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.

(2)	Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

Accumulated Other Comprehensive Income (Loss) (Tables)

6 Months Ended

Jun. 30, 2019

Accumulated Other Comprehensive Income Loss [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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

(in thousands)	Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2018	$	(36,332	)	$	(11,643	)	$	(47,975	)
Other comprehensive income before reclassifications		9,097			—			9,097
Amounts reclassified from AOCI, net of tax		—			148			148
Net other comprehensive income		9,097			148			9,245
Balance at June 30, 2019	$	(27,235	)	$	(11,495	)	$	(38,730	)

(in thousands)	Unrealized Gains on Investments			Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2017	$	616		$	(12,026	)	$	(11,158	)	$	(22,568	)
Other comprehensive loss before reclassifications		—			(11,204	)		—			(11,204	)
Amounts reclassified from AOCI, net of tax		—			—			669			669
Net other comprehensive loss		—			(11,204	)		669			(10,535	)
Adoption of ASU 2016-01⁽¹⁾		(616	)		—			—			(616	)
Balance at June 30, 2018	$	—		$	(23,230	)	$	(10,489	)	$	(33,719	)

⁽¹⁾	^{Upon the adoption of ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.}

Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Reconciliation of Basic and Diluted Income (loss) Per Share

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands, except per share data)	2019			2018			2019			2018
Net income (loss) attributable to Viad (diluted)	$	13,824		$	23,490		$	(3,953	)	$	14,103
Less: Allocation to non-vested shares		(102	)		(222	)		—			(139	)
Adjustment to the redemption value of redeemable noncontrolling interest		(179	)		(52	)		(266	)		(90	)
Net income (loss) allocated to Viad common stockholders (basic)	$	13,543		$	23,216		$	(4,219	)	$	13,874
Basic weighted-average outstanding common shares		20,143			20,209			20,110			20,208
Additional dilutive shares related to share-based compensation		123			227			—			238
Diluted weighted-average outstanding shares		20,266			20,436			20,110			20,446
Income (loss) per share:
Basic income (loss) attributable to Viad common stockholders	$	0.67		$	1.15		$	(0.21	)	$	0.69
Diluted income (loss) attributable to Viad common stockholders⁽¹⁾	$	0.67		$	1.15		$	(0.21	)	$	0.69

⁽¹⁾	^{Diluted income (loss) per share amount cannot exceed basic income (loss) per share.}

Pension and Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended June 30, 2019 and 2018 consist of the following:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2019			2018			2019			2018			2019			2018
Service cost	$	16		$	33		$	15		$	32		$	101		$	138
Interest cost		223			200			126			114			93			91
Expected return on plan assets		(5	)		(45	)		—			—			(121	)		(126	)
Amortization of prior service credit		—			—			(47	)		(19	)		—			—
Recognized net actuarial loss		100			124			50			65			37			39
Net periodic benefit cost	$	334		$	312		$	144		$	192		$	110		$	142

The components of net periodic benefit cost of our pension and postretirement benefit plans for the six months ended June 30, 2019 and 2018 consist of the following:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2019			2018			2019			2018			2019			2018
Service cost	$	31		$	35		$	35		$	56		$	202		$	280
Interest cost		437			387			250			208			188			183
Expected return on plan assets		(39	)		(80	)		—			—			(243	)		(256	)
Amortization of prior service credit		—			—			(94	)		(103	)		—			—
Recognized net actuarial loss		206			246			127			117			73			80
Net periodic benefit cost	$	635		$	588		$	318		$	278		$	220		$	287

Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2019

Restructuring And Related Activities [Abstract]

Changes to Restructuring Liability by Major Restructuring Activity

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

	GES						Other Restructurings
(in thousands)	Severance & Employee Benefits			Facilities			Severance & Employee Benefits			Total
Balance at December 31, 2018	$	2,039		$	200		$	12		$	2,251
Restructuring charges		3,916			1,084			143			5,143
Cash payments		(3,900	)		(174	)		(58	)		(4,132	)
Adjustment to liability		(33	)		53			7			27
Balance at June 30, 2019	$	2,022		$	1,163		$	104		$	3,289

Leases and Other (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Summary of Balance Sheet Presentation of Operating and Finance Leases

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

		June 30,
(in thousands)	Classification on the Condensed Consolidated Balance Sheet	2019
Assets:
Operating lease assets	Operating lease right-of-use assets	$	59,123
Finance lease assets	Property and equipment, net		28,421
Total lease assets		$	87,544

Liabilities:
Current:
Operating lease obligations	Operating lease obligations	$	22,149
Finance lease obligations	Current portion of debt and finance lease obligations		2,422
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		39,607
Finance lease obligations	Long-term debt and finance lease obligations		8,360
Total lease liabilities		$	72,538

Components of Lease Expense

The components of lease expense consisted of the following:

	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2019			June 30, 2019
Finance lease cost:
Amortization of right-of-use assets	$	609		$	1,198
Interest on lease liabilities		182			249
Operating lease cost		6,839			12,831
Short-term lease cost		562			777
Variable lease cost		1,402			3,217
Sublease income⁽¹⁾		(54	)		(226	)
Total lease cost, net	$	9,540		$	18,046

⁽¹⁾ Sublease income excludes rental income from owned assets, which is recorded in revenue.

Schedule of Other Information Related to Operating and Finance Leases

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

	Three Months Ended		Six Months Ended
(in thousands)	June 30, 2019		June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,405	$	13,603
Operating cash flows from finance leases	$	182	$	249
Financing cash flows from finance leases	$	490	$	1,012
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	1,813	$	13,252
Finance leases	$	19,769	$	20,951

			June 30,
			2019
Weighted-average remaining lease term (years):
Operating leases				4.30
Finance leases				9.61
Weighted-average discount rate:
Operating leases				5.29	%
Finance leases				5.15	%

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

As of June 30, 2019, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:

(in thousands)	Operating Leases			Finance Leases			Total
Remainder of 2019	$	13,454		$	1,705		$	15,159
2020		23,205			2,687			25,892
2021		12,698			1,945			14,643
2022		8,037			1,494			9,531
2023		5,484			1,380			6,864
Thereafter		7,406			4,301			11,707
Total future lease payments		70,284			13,512			83,796
Less: Amount representing interest		(8,528	)		(2,730	)		(11,258	)
Present value of minimum lease payments		61,756			10,782			72,538
Current portion		22,149			2,422			24,571
Long-term portion	$	39,607		$	8,360		$	47,967

Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of June 30, 2019, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own and sublease income from facilities that we lease, are as follows:

(in thousands)
Remainder of 2019	$	906
2020		1,695
2021		1,868
2022		1,530
2023		1,450
Thereafter		3,685
Total minimum sublease rents		11,134

Future minimum rental payments and related sublease rentals receivable

As previously disclosed in our 2018 Form 10-K and under the previous lease accounting standard, our future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year would have been as follows as of December 31, 2018:

(in thousands)	Rental Payments		Receivable Under Subleases
2019	$	28,671	$	2,382
2020		22,919		1,582
2021		13,217		1,711
2022		8,280		1,370
2023		6,201		1,270
Thereafter		8,305		2,798
Total	$	87,593	$	11,113

Redeemable Noncontrolling Interest (Tables)

6 Months Ended

Jun. 30, 2019

Noncontrolling Interest [Abstract]

Summary of Changes in Redeemable Noncontrolling Interest

Changes in the redeemable noncontrolling interest are as follows:

(in thousands)
Balance at December 31, 2018	$	5,909
Net loss attributable to redeemable noncontrolling interest		(276	)
Adjustment to the redemption value		266
Foreign currency translation adjustment		(391	)
Balance at June 30, 2019	$	5,508

Segment Information (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Reconciliation of income statement items from reportable segments

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2019			2018			2019			2018
Revenue:
GES:
North America	$	283,682		$	260,891		$	506,923		$	482,955
EMEA		69,505			60,662			123,881			109,582
Intersegment eliminations		(6,317	)		(6,231	)		(9,007	)		(9,509	)
Total GES		346,870			315,322			621,797			583,028
Pursuit		55,409			48,355			66,076			58,077
Total revenue	$	402,279		$	363,677		$	687,873		$	641,105
Segment operating income (loss):
GES:
North America	$	30,589		$	23,767		$	31,197		$	23,688
EMEA		4,664			5,238			5,799			5,897
Total GES		35,253			29,005			36,996			29,585
Pursuit		11,313			9,757			(1,682	)		(1,638	)
Segment operating income		46,566			38,762			35,314			27,947
Corporate eliminations ⁽¹⁾		17			17			33			33
Corporate activities		(3,282	)		(2,535	)		(5,115	)		(4,752	)
Operating income		43,301			36,244			30,232			23,228
Interest income		83			53			181			137
Interest expense		(2,957	)		(2,354	)		(5,872	)		(4,423	)
Multi-employer pension plan withdrawal		(15,508	)		—			(15,508	)		—
Other expense		(456	)		(543	)		(911	)		(781	)
Restructuring recoveries (charges):
GES North America		(4,275	)		(240	)		(4,258	)		(240	)
GES EMEA		(80	)		(422	)		(742	)		(454	)
Pursuit		—			—			—			(140	)
Corporate		(100	)		—			(143	)		10
Impairment recoveries
Pursuit		—			35			—			35
Legal settlement:
GES		—			—			(8,500	)		—
Income (loss) from continuing operations before income taxes	$	20,008		$	32,773		$	(5,521	)	$	17,372

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

Overview and Basis of Presentation - Narrative (Details)		6 Months Ended
	Jan. 01, 2019 USD ($)	Jun. 30, 2019 USD ($) Segment Lodge Recreational Excursion
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments \| Segment		3
Operating lease right-of-use assets \| $		$ 59,123,000
Operating lease, liability \| $		$ 61,756,000
Percentage of non equity ownership related redeemable noncontrolling interests		54.50%
Renewal lease starting period		2019
Maximum
Overview And Summary Of Significant Accounting Policies [Line Items]
Lease expiration period		25 years
Maximum \| Land
Overview And Summary Of Significant Accounting Policies [Line Items]
Lease expiration period		42 years
Glacier Park Inc
Overview And Summary Of Significant Accounting Policies [Line Items]
Percentage of non-equity ownership related to non-redeemable noncontrolling interests		20.00%
Mountain Park Lodges
Overview And Summary Of Significant Accounting Policies [Line Items]
Percentage of non-equity ownership related to non-redeemable noncontrolling interests		40.00%
Accounting Standards Update 2016-02
Overview And Summary Of Significant Accounting Policies [Line Items]
Cumulative effect adjustment to retained earnings \| $	$ 0
Operating lease right-of-use assets \| $	59,000,000
Operating lease, liability \| $	$ 59,000,000
GES
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of live event markets \| Segment		4
Pursuit
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of business lines \| Segment		4
Pursuit \| Banff Jasper Collection
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of recreational attractions \| Recreational		5
Pursuit \| Banff Jasper Collection \| Banff National Park
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		2
Pursuit \| Banff Jasper Collection \| Jasper National Park
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		8
Pursuit \| Alaska Collection \| Denali National Park and Preserve
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		2
Number of sightseeing excursion \| Excursion		1
Pursuit \| Alaska Collection \| Talkeetna
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		1
Pursuit \| Alaska Collection \| Kenai Fjords National Park
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		2
Pursuit \| Glacier Park Collection
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		9

Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation Of Revenue [Line Items]
Revenue recognition description of capitalized contract costs			Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in cost of services or cost of products, as applicable
Capitalized contract costs to obtain contracts	$ 2,100,000		$ 2,100,000
Capitalized contract costs to fulfill contracts	22,100,000		22,100,000
Impairment loss on capitalized contract costs	$ 0	$ 0	$ 0	$ 0
GES
Disaggregation Of Revenue [Line Items]
Performance obligation description of payment terms			Payment terms are generally within 30-60 days and contain no significant financing components
GES \| Minimum
Disaggregation Of Revenue [Line Items]
Performance obligation payment terms			30 days
GES \| Maximum
Disaggregation Of Revenue [Line Items]
Performance obligation payment terms			60 days
Pursuit
Disaggregation Of Revenue [Line Items]
Performance obligation description of payment terms			When credit is extended, payment terms are generally within 30 days and contain no significant financing components
Performance obligation payment terms			30 days

Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2018	$ 35,600
Cash additions	77,448
Revenue recognized	(62,147)
Foreign exchange translation adjustment	87
Balance at June 30, 2019	$ 50,988

Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2018	$ 21,478
Additions	35,627
Expenses	(32,721)
Cancelled	(13)
Foreign exchange translation adjustment	(137)
Balance at June 30, 2019	$ 24,234

Revenue and Related Contract Costs and Contract Liabilities - Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

$ 402,279

$ 363,677

$ 687,873

$ 641,105

GES

346,870

315,322

621,797

583,028

GES | Operating Segments

GES | Intersegment Eliminations

346,870

315,322

621,797

583,028

(6,317)

(6,231)

(9,007)

(9,509)

Pursuit

Pursuit | Operating Segments

55,409

48,355

66,076

58,077

Pursuit | Intersegment Eliminations

55,409

48,355

66,076

58,077

EMEA | GES | Operating Segments

(499)

(500)

(684)

(706)

EMEA | GES | Operating Segments

^[1]

283,682

260,891

506,923

482,955

Services Transferred Over Time | GES

^[1]

69,505

60,662

123,881

109,582

Services Transferred Over Time | GES | Intersegment Eliminations

306,651

277,901

548,907

515,694

Services Transferred Over Time | Pursuit

(6,317)

(6,231)

(9,007)

(9,509)

Services Transferred Over Time | EMEA | GES | Operating Segments

41,008

36,822

49,393

44,577

Services Transferred Over Time | EMEA | GES | Operating Segments

^[1]

262,132

242,958

469,174

448,602

Products Transferred Over Time | GES

^[1]

50,836

41,174

88,740

76,601

Products Transferred Over Time | EMEA | GES | Operating Segments

^[2]

16,585

15,795

31,333

30,493

Products Transferred Over Time | EMEA | GES | Operating Segments

^[1],[2]

11,774

10,968

23,043

22,337

Products Transferred at a Point in Time | GES

^[1],[2]

4,811

4,827

8,290

8,156

Products Transferred at a Point in Time | Pursuit

23,634

21,626

41,557

36,841

Products Transferred at a Point in Time | EMEA | GES | Operating Segments

14,401

11,533

16,683

13,500

Products Transferred at a Point in Time | EMEA | GES | Operating Segments

^[1]

9,776

6,965

14,706

12,016

^[1]

13,858

14,661

26,851

24,825

Core Services | GES

Core Services | EMEA | GES | Operating Segments

269,933

243,457

480,869

452,967

Core Services | EMEA | GES | Operating Segments

^[1]

228,112

211,683

407,985

392,208

^[1]

41,821

31,774

72,884

60,759

Audio Visual | GES

Audio Visual | EMEA | GES | Operating Segments

31,056

27,294

53,350

47,546

Audio Visual | EMEA | GES | Operating Segments

^[1]

24,175

20,741

42,581

37,825

^[1]

6,881

6,553

10,769

9,721

Event Technology | GES

Event Technology | EMEA | GES | Operating Segments

11,979

13,381

23,695

24,690

Event Technology | EMEA | GES | Operating Segments

^[1]

9,845

10,534

18,608

18,569

^[1]

2,134

2,847

5,087

6,121

Total Services | GES

Total Services | GES | Intersegment Eliminations

306,651

277,901

548,907

515,694

(6,317)

(6,231)

(9,007)

(9,509)

Total Services | Pursuit

Total Services | EMEA | GES | Operating Segments

41,008

36,822

49,393

44,577

Total Services | EMEA | GES | Operating Segments

^[1]

262,132

242,958

469,174

448,602

^[1]

50,836

41,174

88,740

76,601

Core Products | GES

Core Products | EMEA | GES | Operating Segments

40,219

37,421

72,890

67,334

Core Products | EMEA | GES | Operating Segments

^[1]

21,550

17,933

37,749

34,353

^[1]

18,669

19,488

35,141

32,981

Exhibitions | GES

Exhibitions | EMEA | GES | Operating Segments

188,180

178,428

370,264

364,181

Exhibitions | EMEA | GES | Operating Segments

^[1]

138,887

137,740

275,316

283,558

^[1]

49,293

40,688

94,948

80,623

Conferences | GES

Conferences | EMEA | GES | Operating Segments

116,325

101,825

167,169

146,302

Conferences | EMEA | GES | Operating Segments

^[1]

105,455

89,768

153,317

128,857

^[1]

10,870

12,057

13,852

17,445

Corporate Events | GES

Corporate Events | EMEA | GES | Operating Segments

38,640

34,379

76,972

68,684

Corporate Events | EMEA | GES | Operating Segments

^[1]

29,868

27,339

62,655

58,242

^[1]

8,772

7,040

14,317

10,442

Consumer Events | GES

Consumer Events | EMEA | GES | Operating Segments

10,042

6,921

16,399

13,370

Consumer Events | EMEA | GES | Operating Segments

^[1]

9,472

6,044

15,635

12,298

^[1]

570

877

764

1,072

Accommodations | Pursuit

12,926

9,030

15,344

10,735

Admissions | Pursuit

23,156

23,480

26,681

27,059

Transportation | Pursuit

Travel Planning | Pursuit

3,954

4,321

5,949

6,690

Food and Beverage | Pursuit

1,471

491

2,103

799

Retail Operations | Pursuit

8,206

6,705

9,570

7,924

6,195

4,828

7,113

5,576

Products

54,620

48,954

89,573

80,834

Products | Pursuit

Banff Jasper Collection | Pursuit

14,401

11,533

16,683

13,500

Alaska Collection | Pursuit

33,226

28,519

41,096

35,608

Glacier Park Collection | Pursuit

12,198

10,614

12,378

10,827

7,375

6,640

8,198

7,266

FlyOver | Pursuit

Accommodation services deposits

$ 2,610

$ 2,582

$ 4,404

$ 4,376

[1]	During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.
[2]	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Summary of share-based compensation expense
Share-based compensation before income tax benefit	$ 2,411	$ 2,045	$ 4,617	$ 2,762
Income tax benefit	(607)	(515)	(1,165)	(696)
Share-based compensation, net of income tax benefit	1,804	1,530	3,452	2,066
Performance Unit Incentive Plan (“PUP”)
Summary of share-based compensation expense
Share-based compensation before income tax benefit	1,557	1,324	2,980	1,518
Restricted stock
Summary of share-based compensation expense
Share-based compensation before income tax benefit	783	667	1,476	1,170
Restricted stock units
Summary of share-based compensation expense
Share-based compensation before income tax benefit	$ 71	$ 54	$ 161	$ 74

Share-Based Compensation - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Repurchase of common stock for employee tax withholding obligations amount			$ 2,994,000	$ 1,024,000
2017 Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Useful Life of the plan			10 years
Common stock shares issuable	1,750,000		1,750,000
Shares available for grant	1,581,743		1,581,743
2007 Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting period			3 years
2007 Plan \| Performance Unit Incentive Plan (“PUP”)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Awards with grant date fair value during the period			$ 4,300,000
Stock value payable			1,700,000
Liability awards recorded	$ 4,200,000		4,200,000		$ 7,000,000.0
Payments to employees			$ 5,600,000		5,900,000
Repurchase of common stock for employee tax withholding obligations amount, shares			25,771
Repurchase of common stock for employee tax withholding obligations amount			$ 1,500,000
Paid to employees as shares			$ 3,400,000
2007 Plan \| Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Repurchase of common stock for employee tax withholding obligations amount, shares			24,217	19,237
Repurchase of common stock for employee tax withholding obligations amount			$ 1,400,000	$ 1,000,000.0
Unamortized cost	4,100,000		$ 4,100,000
Recognition period of unrecognized cost			1 year 6 months
2007 Plan \| Restricted Stock Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Payments to employees			$ 300,000	200,000
Liabilities related to restricted stock	300,000		300,000		$ 400,000
Payments to employees in shares			200,000
Restructuring Charges
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation before income tax benefit	$ 0	$ 0	$ 0	$ 0

Share-Based Compensation - Summary of Activity of the Outstanding Share-Based Compensation Awards (Details)	6 Months Ended
	Jun. 30, 2019 $ / shares shares
Performance Unit Incentive Plan (“PUP”)
Summary of activity of the outstanding share-based compensation awards
Beginning Balance, Shares \| shares	239,809
Granted, Shares \| shares	73,020
Vested, Shares \| shares	(95,309)
Forfeited, Shares \| shares	(488)
Ending Balance, Shares \| shares	217,032
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 \| $ / shares	$ 40.65
Granted, Weighted-Average Grant Date Fair Value \| $ / shares	58.25
Vested, Weighted-Average Grant Date Fair Value \| $ / shares	26.98
Forfeited, Weighted-Average Grant Date Fair Value \| $ / shares	54.70
Ending Balance, Weighted-Average Grant Date Fair Value \| $ / shares	$ 52.54
Restricted Stock
Summary of activity of the outstanding share-based compensation awards
Beginning Balance, Shares \| shares	176,769
Granted, Shares \| shares	55,042
Vested, Shares \| shares	(81,320)
Forfeited, Shares \| shares	(2,772)
Ending Balance, Shares \| shares	147,719
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 \| $ / shares	$ 40.87
Granted, Weighted-Average Grant Date Fair Value \| $ / shares	57.82
Vested, Weighted-Average Grant Date Fair Value \| $ / shares	31.79
Forfeited, Weighted-Average Grant Date Fair Value \| $ / shares	49.24
Ending Balance, Weighted-Average Grant Date Fair Value \| $ / shares	$ 52.02
Restricted Stock Units
Summary of activity of the outstanding share-based compensation awards
Beginning Balance, Shares \| shares	12,090
Granted, Shares \| shares	5,025
Vested, Shares \| shares	(5,377)
Forfeited, Shares \| shares	(115)
Ending Balance, Shares \| shares	11,623
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 \| $ / shares	$ 39.04
Granted, Weighted-Average Grant Date Fair Value \| $ / shares	56.81
Vested, Weighted-Average Grant Date Fair Value \| $ / shares	26.98
Forfeited, Weighted-Average Grant Date Fair Value \| $ / shares	52.15
Ending Balance, Weighted-Average Grant Date Fair Value \| $ / shares	$ 52.17

Share-Based Compensation - Summary of Stock Option Activity (Details)	6 Months Ended
	Jun. 30, 2019 $ / shares shares
Options outstanding and exercisable
Options outstanding and exercisable Beginning Balance, Shares \| shares	58,689
Exercised, Shares \| shares	(5,546)
Option outstanding and exercisable Ending Balance, Shares \| shares	53,143
Weighted-Average Exercise Price
Options outstanding and exercisable Beginning Balance, Weighted-Average Exercise Price \| $ / shares	$ 16.62
Exercised, Weighted-Average Exercise Price \| $ / shares	16.62
Options outstanding and exercisable Ending Balance, Weighted-Average Exercise Price \| $ / shares	$ 16.62

Acquisition of Businesses - Narrative (Details) $ in Thousands, $ in Millions				1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 08, 2019 USD ($) Hotel Guest_Room	Jun. 08, 2019 CAD ($) Hotel Guest_Room	May 16, 2019 USD ($)	Mar. 31, 2018 USD ($)	Mar. 31, 2018 CAD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Operating Income						$ 43,301	$ 36,244	$ 30,232	$ 23,228
Total revenue						402,279	$ 363,677	687,873	641,105
Belton Chalet
Business Acquisition [Line Items]
Purchase price			$ 3,200
Acquisition related costs			$ 300
Business acquisition date			May 16, 2019
Mountain Park Lodges
Business Acquisition [Line Items]
Purchase price	$ 70,975
Acquisition related costs								$ 700	$ 100
Business acquisition date	Jun. 08, 2019	Jun. 08, 2019
Percentage of controlling interest acquired	60.00%	60.00%
Number of hotels acquired \| Hotel	7	7
Total consideration	$ 76,000	$ 100.6
Percentage of operations results consolidated to financial statements	100.00%	100.00%
Percentage of non-redeemable noncontrolling portion of income (loss) recorded in financial statements	40.00%	40.00%
Operating Income						1,500
Total revenue						$ 2,800
Identifiable intangible assets acquired	$ 9,200
Weighted average amortization period	10 years	10 years
Mountain Park Lodges \| Sawridge Inn and Conference Centre
Business Acquisition [Line Items]
Number of guest rooms \| Guest_Room	152	152
Mountain Park Lodges \| Pyramid Lake Resort
Business Acquisition [Line Items]
Number of guest rooms \| Guest_Room	62	62
Mountain Park Lodges \| Crimson Hotel
Business Acquisition [Line Items]
Number of guest rooms \| Guest_Room	99	99
Mountain Park Lodges \| Chateau Jasper
Business Acquisition [Line Items]
Number of guest rooms \| Guest_Room	119	119
Mountain Park Lodges \| Pocahontas Cabins
Business Acquisition [Line Items]
Number of guest rooms \| Guest_Room	57	57
Mountain Park Lodges \| Marmot Lodge
Business Acquisition [Line Items]
Number of guest rooms \| Guest_Room	107	107
Mountain Park Lodges \| Lobstick Lodge
Business Acquisition [Line Items]
Number of guest rooms \| Guest_Room	139	139
Maligne Canyon Restaurant
Business Acquisition [Line Items]
Purchase price				$ 4,600	$ 6.0
Acquisition related costs										$ 24
Business acquisition date				Mar. 31, 2018	Mar. 31, 2018

Acquisition of Businesses - Schedule of Recognized Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 08, 2019	Jun. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Excess purchase price over fair value of net assets acquired (“goodwill”)		$ 276,163	$ 261,330
Mountain Park Lodges
Business Acquisition [Line Items]
Purchase price	$ 70,975
Additional purchase price payable for tax liability	4,874
Net working capital adjustment	(6)
Consideration transferred	75,843
Right to manage	(1,276)
Purchase price, net	74,567
Accounts receivable	369
Inventories	173
Prepaid expenses	324
Property and equipment	115,878
Intangible assets	9,218
Total assets acquired	125,962
Accounts payable	366
Advanced deposits payable	449
Deferred tax liability	11,463
Other liabilities	137
Total liabilities assumed	12,415
Noncontrolling interest equity	49,711
Total fair value of net assets acquired	63,836
Excess purchase price over fair value of net assets acquired (“goodwill”)	$ 10,731

Acquisition of Businesses - Schedule of Proforma Results of Operations (Details) - Mountain Park Lodges - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Acquisition [Line Items]
Revenue	$ 406,657	$ 371,099	$ 696,134	$ 652,438
Depreciation and amortization	15,839	16,476	30,348	30,926
Income (loss) from continuing operations	12,862	24,104	(5,898)	11,151
Net income (loss) attributable to Viad	$ 13,578	$ 23,718	$ (4,651)	$ 12,785
Diluted income (loss) per share	$ 0.66	$ 1.16	$ (0.24)	$ 0.62
Basic income (loss) per share	$ 0.66	$ 1.16	$ (0.24)	$ 0.62

Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Components of Inventories
Raw materials	$ 12,594	$ 12,368
Finished goods	8,710	4,261
Inventories	$ 21,304	$ 16,629

Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Income tax receivable	$ 9,817	$ 10,886
Prepaid software maintenance	5,729	4,010
Prepaid vendor payments	5,207	4,492
Prepaid taxes	1,093	591
Prepaid insurance	1,026	2,754
Prepaid other	3,388	1,755
Other	1,338	998
Other current assets	$ 27,598	$ 25,486

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 801,957	$ 655,166
Accumulated depreciation	(342,968)	(321,319)
Property and equipment, net (excluding finance leases)	458,989	333,847
Finance lease right-of-use assets, net	28,421
Property and equipment, net	487,410	333,847
Land and land interests
Property Plant And Equipment [Line Items]
Gross property and equipment	33,953	32,887
Buildings and leasehold improvements
Property Plant And Equipment [Line Items]
Gross property and equipment	350,538	238,995
Equipment and other
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 417,466	$ 383,284

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 11,200	$ 12,300	$ 21,300	$ 22,600
Amortization expense on finance leases	$ 609		1,198
Property and equipment purchased through accounts payable and accrued liabilities, increased amount			$ 3,200	$ 100

Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments All Other Investments [Abstract]
Cash surrender value of life insurance	$ 23,981	$ 23,815
Self-insured liability receivable	9,176	9,176
Contract costs	4,376	3,461
Other mutual funds	3,055	2,517
Other	2,700	3,941
Other investments and assets	$ 43,288	$ 42,910

Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019 USD ($)
Goodwill [Line Items]
Balance, beginning	$ 261,330
Business acquisitions	10,731
Foreign currency translation adjustments	2,857
Other adjustment	1,245
Balance, ending	276,163
GES North America
Goodwill [Line Items]
Balance, beginning	154,944
Foreign currency translation adjustments	280
Balance, ending	155,224
GES EMEA
Goodwill [Line Items]
Balance, beginning	29,954
Foreign currency translation adjustments	(406)
Balance, ending	29,548
Pursuit
Goodwill [Line Items]
Balance, beginning	76,432
Business acquisitions	10,731
Foreign currency translation adjustments	2,983
Other adjustment	1,245
Balance, ending	$ 91,391

Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Gross Carrying Value	$ 102,442	$ 91,153
Intangible assets subject to amortization, Accumulated Amortization	(45,543)	(40,319)
Intangible assets subject to amortization, Net Carrying Value	56,899	50,834
Other intangible assets, Gross Carrying Value	102,902	91,613
Other intangible assets, Net Carrying Value	$ 57,359	51,294
Customer contracts and relationships
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	7 years 8 months 12 days
Intangible assets subject to amortization, Gross Carrying Value	$ 75,255	67,729
Intangible assets subject to amortization, Accumulated Amortization	(35,060)	(31,201)
Intangible assets subject to amortization, Net Carrying Value	$ 40,195	36,528
Operating contracts and licenses
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	23 years 8 months 12 days
Intangible assets subject to amortization, Gross Carrying Value	$ 9,564	9,180
Intangible assets subject to amortization, Accumulated Amortization	(1,593)	(1,376)
Intangible assets subject to amortization, Net Carrying Value	$ 7,971	7,804
Tradenames
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	7 years 1 month 6 days
Intangible assets subject to amortization, Gross Carrying Value	$ 9,736	7,705
Intangible assets subject to amortization, Accumulated Amortization	(3,524)	(3,109)
Intangible assets subject to amortization, Net Carrying Value	$ 6,212	4,596
Non-compete agreements
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	1 year 10 months 24 days
Intangible assets subject to amortization, Gross Carrying Value	$ 5,198	5,174
Intangible assets subject to amortization, Accumulated Amortization	(4,707)	(4,080)
Intangible assets subject to amortization, Net Carrying Value	$ 491	1,094
Other
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	8 years
Intangible assets subject to amortization, Gross Carrying Value	$ 2,689	1,365
Intangible assets subject to amortization, Accumulated Amortization	(659)	(553)
Intangible assets subject to amortization, Net Carrying Value	2,030	812
Business licenses
Finite-Lived Intangible Assets, Net [Abstract]
Indefinite-lived intangible assets, Gross Carrying Value	$ 460	$ 460

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Services
Segment Reporting Information [Line Items]
Intangible asset amortization expense	$ 2.8	$ 2.9	$ 5.2	$ 5.5

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Estimated amortization expense related to amortized intangible assets
Remainder of 2019	$ 5,248
2020	9,444
2021	8,458
2022	6,933
2023	5,759
Thereafter	21,057
Intangible assets subject to amortization, Net Carrying Value	$ 56,899	$ 50,834

Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2019

Dec. 31, 2018

Continuing operations:

$ 10,600

$ 1,541

Commissions payable

8,390

2,703

Accrued sales and use taxes

6,076

5,688

3,553

5,397

Accrued employee benefit costs

3,540

3,224

Accrued legal settlement

2,500

Current portion of pension and postretirement liabilities

2,134

2,310

Accrued dividends

2,013

2,012

Deferred rent

^[1]

1,659

Accrued restructuring

1,410

716

Accrued professional fees

1,126

886

Accrued income tax payable

797

Other taxes

1,801

695

Total continuing operations

4,065

4,501

48,005

31,332

Discontinued operations:

Environmental remediation liabilities

510

555

217

295

Total discontinued operations

76

803

926

Total other current liabilities

$ 48,808

$ 32,258

[1]	^{Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information}

Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2019

Dec. 31, 2018

Continuing operations:

Foreign deferred tax liability

$ 21,306

$ 9,768

Multi-employer pension plan withdrawal liability

15,508

Self-insured excess liability

9,885

10,681

9,176

Accrued compensation

6,395

6,664

Accrued restructuring

1,879

1,535

Contract liabilities

366

2,124

Deferred rent

^[1]

2,719

Total continuing operations

2,302

1,868

66,817

44,535

Discontinued operations:

Environmental remediation liabilities

2,456

2,437

1,777

1,775

Total discontinued operations

345

244

4,578

4,456

Total other deferred items and liabilities

$ 71,395

$ 48,991

[1]	Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Details) - USD ($)
$ in Thousands

Jun. 30, 2019

Dec. 31, 2018

Debt Instrument [Line Items]

Less unamortized debt issuance costs

$ (2,053)

$ (2,310)

Total debt

^[1]

313,743

225,482

Finance lease obligations, 5.2% weighted-average interest rate at June 30, 2019 and 4.5% at December 31, 2018, due through 2021

10,782

4,639

Total debt and finance lease obligations

^[2]

324,525

230,121

Current portion

^[3]

(313,937)

(229,416)

Long-term debt and finance lease obligations

10,588

705

FlyOver Iceland Credit Facility

Debt Instrument [Line Items]

Credit facility

^[4]

4,552

2018 Credit Agreement | Revolving Credit Facility

Debt Instrument [Line Items]

Credit facility

^[4]

$ 311,244

$ 227,792

[1]	The estimated fair value of total debt was $316.6 million as of June 30, 2019 and $228.6 million as of December 31, 2018. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements
[2]	Cash paid for interest on debt was $5.7 million for the six months ended June 30, 2019 and $4.1 million for the six months ended June 30, 2018.
[3]	Borrowings under the credit facilities are classified as current because all borrowed amounts are due within one year
[4]	Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.

Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted average interest rate on long term debt	5.20%		4.50%
Fair value of debt	$ 316.6		$ 228.6
Cash paid for interest on debt	$ 5.7	$ 4.1
Current revolving credit facility maturity period	1 year		1 year
FlyOver Iceland Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate on long term debt	4.90%
2018 Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate on credit facility	4.10%		4.30%

Debt and Finance Lease Obligations - Narrative (Details)
€ in Millions

6 Months Ended

Oct. 24, 2018

USD ($)

Jun. 30, 2019

USD ($)

Feb. 15, 2019

USD ($)

Feb. 15, 2019

EUR (€)

Dec. 31, 2018

USD ($)

FlyOver Iceland Credit Facility

Remaining borrowing capacity on line of credit

Maturity date

Mar. 01, 2022

$ 1,000,000.0

Revolving credit facility, balance outstanding

^[1]

$ 4,552,000

Maximum borrowing capacity on credit facility

$ 5,600,000

€ 5.0

2018 Credit Agreement | Revolving Credit Facility

Borrowing capacity on line of credit

$ 450,000,000

Additional borrowing capacity on line of credit

250,000,000

Line of Credit borrowings used to support letter of credit

$ 20,000,000

Maturity date

Oct. 24, 2023

Interest coverage ratio

1084.00%

Leverage ratio

224.00%

Financial covenants leverage ratio step up

400.00%

Minimum amount for material acquisition

$ 50,000,000

Annual share repurchase and dividends limit on leverage ratio basis

$ 20,000,000

Leverage ratio required for dividend or share activity

275.00%

Maximum additional dividends amount permitted to distribute

$ 15,000,000

Commitment fee percentage on line of credit

0.30%

Remaining borrowing capacity on line of credit

$ 135,200,000

Revolving credit facility, balance outstanding

^[1]

311,244,000

$ 227,792,000

Letters of credit outstanding

$ 3,600,000

2018 Credit Agreement | Revolving Credit Facility | Minimum

Top Tier Foreign Subsidiaries | 2018 Credit Agreement | Revolving Credit Facility

Interest coverage ratio

300.00%

Leverage ratio

350.00%

Percent of lenders security interest on capital stock foreign subsidiary

65.00%

[1]	Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.

Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands

Jun. 30, 2019

Dec. 31, 2018

Quoted Prices in Active Markets (Level 1)

$ 3,177

$ 2,638

3,177

2,638

Money market funds

Money market funds | Quoted Prices in Active Markets (Level 1)

^[1]

122

121

^[1]

122

121

Other mutual funds

Other mutual funds | Quoted Prices in Active Markets (Level 1)

^[2]

3,055

2,517

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

^[2]

$ 3,055

$ 2,517

[1]	Money market funds are included in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.
[2]	Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details) - Money market funds	6 Months Ended
	Jun. 30, 2019 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Realized gains on the investments	$ 0
Unrealized gains on the investments	$ 0

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Mar. 31, 2018

Jun. 30, 2019

Jun. 30, 2018

$ 442,937

$ 450,555

$ 442,937

Cumulative Foreign Currency Translation Adjustments

429,479

503,655

436,181

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

(12,026)

(36,332)

(12,026)

9,097

(11,204)

Net other comprehensive income (loss)

9,097

(11,204)

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

(27,235)

(23,230)

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Amounts reclassified from AOCI, net of tax

(11,158)

(11,643)

(11,158)

148

669

Net other comprehensive income (loss)

148

669

Accumulated Other Comprehensive Income (Loss)

(11,495)

(10,489)

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Other comprehensive income (loss) before reclassifications

(22,568)

(47,975)

(22,568)

9,097

(11,204)

Amounts reclassified from AOCI, net of tax

148

669

Net other comprehensive income (loss)

9,245

(10,535)

Accumulated Other Comprehensive Income (Loss) | ASU 2016-01

(25,848)

$ (38,730)

(33,719)

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Adoption of ASU

(616)

^[1]

Unrealized Gains on Investments

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Unrealized Gains on Investments | ASU 2016-01

$ 616

616

Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]

Adoption of ASU

^[1]

$ (616)

[1]	^{Upon the adoption of ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.}

Income (Loss) Per Share - Reconciliation of Basic and Diluted Income (loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

Numerator:

Net income (loss) attributable to Viad (diluted)

$ 13,824

$ 23,490

$ (3,953)

$ 14,103

Less: Allocation to non-vested shares

(102)

(222)

(139)

Adjustment to the redemption value of redeemable noncontrolling interest

(179)

(52)

(266)

(90)

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

$ 13,543

$ 23,216

$ (4,219)

$ 13,874

Denominator:

Basic weighted-average outstanding common shares

20,143

20,209

20,110

20,208

Additional dilutive shares related to share-based compensation

123

227

238

Diluted weighted-average outstanding shares

20,266

20,436

20,110

20,446

Basic income (loss) attributable to Viad common stockholders

$ 0.67

$ 1.15

$ (0.21)

$ 0.69

Diluted income (loss) attributable to Viad common stockholders

^[1]

$ 0.67

$ 1.15

$ (0.21)

$ 0.69

[1]	^{Diluted income (loss) per share amount cannot exceed basic income (loss) per share.}

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	32.80%	27.80%	18.70%	25.80%
Federal statutory tax rate			21.00%
Income taxes paid			$ 8.0	$ 16.8

Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Domestic Plans \| Pension Plans
Net periodic benefit cost:
Service cost	$ 16	$ 33	$ 31	$ 35
Interest cost	223	200	437	387
Expected return on plan assets	(5)	(45)	(39)	(80)
Recognized net actuarial loss	100	124	206	246
Net periodic benefit cost	334	312	635	588
Domestic Plans \| Postretirement Benefit Plans
Net periodic benefit cost:
Service cost	15	32	35	56
Interest cost	126	114	250	208
Amortization of prior service credit	(47)	(19)	(94)	(103)
Recognized net actuarial loss	50	65	127	117
Net periodic benefit cost	144	192	318	278
Foreign Pension Plans
Net periodic benefit cost:
Service cost	101	138	202	280
Interest cost	93	91	188	183
Expected return on plan assets	(121)	(126)	(243)	(256)
Recognized net actuarial loss	37	39	73	80
Net periodic benefit cost	$ 110	$ 142	$ 220	$ 287

Pension and Postretirement Benefits - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019 USD ($)
Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Amount expected to contribute in postretirement benefit plans	$ 1.2
Pension and Other Postretirement Benefit Contributions	0.5
Funded Plans \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Amount expected to contribute in funded pension plans	1.0
Pension Contributions	0.5
Unfunded Pension Plans \| Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Amount expected to contribute in unfunded pension plans	1.2
Pension Contributions	$ 0.4

Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Restructuring Cost And Reserve [Line Items]
Beginning balance			$ 2,251
Restructuring charges	$ 4,455	$ 662	5,143	$ 824
Cash payments			(4,132)
Adjustment to liability			27
Ending balance	3,289		3,289
GES \| Severance & Employee Benefits
Restructuring Cost And Reserve [Line Items]
Beginning balance			2,039
Restructuring charges			3,916
Cash payments			(3,900)
Adjustment to liability			(33)
Ending balance	2,022		2,022
GES \| Facilities
Restructuring Cost And Reserve [Line Items]
Beginning balance			200
Restructuring charges			1,084
Cash payments			(174)
Adjustment to liability			53
Ending balance	1,163		1,163
Other Restructuring \| Severance & Employee Benefits
Restructuring Cost And Reserve [Line Items]
Beginning balance			12
Restructuring charges			143
Cash payments			(58)
Adjustment to liability			7
Ending balance	$ 104		$ 104

Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Lessee Lease Description [Line Items]
Operating lease assets	$ 59,123
Finance lease assets	28,421
Total lease assets	87,544
Operating lease obligations	22,149
Finance lease obligations	2,422
Operating lease obligations	39,607
Finance lease obligations	8,360
Total lease liabilities	72,538
Operating Lease Right-of-Use Assets
Lessee Lease Description [Line Items]
Operating lease assets	59,123
Property and Equipment, Net
Lessee Lease Description [Line Items]
Finance lease assets	28,421
Operating Lease Obligations
Lessee Lease Description [Line Items]
Operating lease obligations	22,149
Current Portion of Debt and Finance Lease Obligations
Lessee Lease Description [Line Items]
Finance lease obligations	2,422
Long-Term Operating Lease Obligations
Lessee Lease Description [Line Items]
Operating lease obligations	39,607
Long-Term Debt and Finance Lease Obligations
Lessee Lease Description [Line Items]
Finance lease obligations	$ 8,360

Leases and Other - Components of Least Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Finance lease cost:

Amortization of right-of-use assets

$ 609

$ 1,198

Interest on lease liabilities

182

249

Operating lease cost

6,839

12,831

Short-term lease cost

562

777

Variable lease cost

1,402

3,217

Sublease income

^[1]

(54)

(226)

Total lease cost, net

$ 9,540

$ 18,046

[1]	Sublease income excludes rental income from owned assets, which is recorded in revenue.

Leases and Other - Narrative (Details)	6 Months Ended
Leases and Other - Narrative (Details)	Jun. 30, 2019
Lessee Lease Description [Line Items]
Operating lease not yet commenced, description	we had certain facility and land leases that were executed but for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and right-of-use assets on our Condensed Consolidated Balance Sheets. These leases include future planned attractions for Pursuit that are currently in the planning or development phase and that we expect to commence between fiscal years 2019 and 2022 with lease terms of 15 to 20 years
Minimum
Lessee Lease Description [Line Items]
Operating lease not yet commenced, term of contract	15 years
Maximum
Lessee Lease Description [Line Items]
Operating lease not yet commenced, term of contract	20 years

Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 7,405	$ 13,603
Operating cash flows from finance leases	182	249
Financing cash flows from finance leases	490	1,012
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	1,813	13,252
Finance leases	$ 19,769	$ 20,951
Weighted-average remaining lease term (years):
Operating leases	4 years 3 months 18 days	4 years 3 months 18 days
Finance leases	9 years 7 months 9 days	9 years 7 months 9 days
Weighted-average discount rate:
Operating leases	5.29%	5.29%
Finance leases	5.15%	5.15%

Leases and Other - Schedule of Estimated Future Minimum Lease Payments Under Non-cancelable Leases Excluding Variable Leases and Variable Non-lease Components (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Operating Leases
Remainder of 2019	$ 13,454
2020	23,205
2021	12,698
2022	8,037
2023	5,484
Thereafter	7,406
Total future lease payments	70,284
Less: Amount representing interest	(8,528)
Present value of minimum lease payments	61,756
Current portion	22,149
Long-term portion	39,607
Finance Leases
Remainder of 2019	1,705
2020	2,687
2021	1,945
2022	1,494
2023	1,380
Thereafter	4,301
Total future lease payments	13,512
Less: Amount representing interest	(2,730)
Present value of minimum lease payments	10,782	$ 4,639
Current portion	2,422
Long-term portion	8,360
Total
Remainder of 2019	15,159
2020	25,892
2021	14,643
2022	9,531
2023	6,864
Thereafter	11,707
Total future lease payments	83,796
Less: Amount representing interest	(11,258)
Total lease liabilities	72,538
Current portion	24,571
Long-term portion	$ 47,967

Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Future Minimum Sublease Rentals Under Non-cancellable Leases
Remainder of 2019	$ 906
2020	1,695
2021	1,868
2022	1,530
2023	1,450
Thereafter	3,685
Total minimum sublease rents	$ 11,134

Leases and Other - Schedule of Future Minimum Rental Payments and Related Sublease Rentals Receivable (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Future minimum rental payments and related sublease rentals receivable
Rental Payments, 2019	$ 28,671
Rental Payments, 2020	22,919
Rental Payments, 2021	13,217
Rental Payments, 2022	8,280
Rental Payments, 2023	6,201
Rental Payments, Thereafter	8,305
Rental Payments, Total	87,593
Receivable Under Subleases, 2019	2,382
Receivable Under Subleases, 2020	1,582
Receivable Under Subleases, 2021	1,711
Receivable Under Subleases, 2022	1,370
Receivable Under Subleases, 2023	1,270
Receivable Under Subleases, Thereafter	2,798
Receivable Under Subleases, Total	$ 11,113

Litigation, Claims, Contingencies and Other - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) Agreement	Jun. 30, 2018 USD ($)
Loss Contingencies [Line Items]
Legal settlement			$ 8,500,000
Environmental remediation liability	$ 2,300,000		2,300,000
Maximum potential amount of future payments	54,500,000		$ 54,500,000
Guarantees relate to facilities leased by the company			2034-08
Recourse provision to recover guarantees	0		$ 0
Bargaining agreements \| Agreement			100
Multiemployer plans, withdrawal obligation	15,500,000		$ 15,500,000
Self insurance reserve	16,000,000.0		16,000,000.0
Workers' compensation liability	11,100,000		11,100,000
Self insurance reserve for general and auto	4,900,000		4,900,000
Self insurance reserve on discontinued operations	2,700,000		2,700,000
Estimated employee health benefit claims incurred but not yet reported	1,500,000		1,500,000
Payments for self insurance	1,500,000	$ 1,200,000	3,300,000	$ 2,700,000
Self insurance reserve in which company is the primary obligor	9,200,000		9,200,000
Self insurance reserve in which company is the primary obligor for workers compensation	8,500,000		8,500,000
Self insurance reserve in which company is the primary obligor for general liability	700,000		700,000
Minimum
Loss Contingencies [Line Items]
General range on claims	200,000		200,000
Maximum
Loss Contingencies [Line Items]
General range on claims	$ 500,000		500,000
GES
Loss Contingencies [Line Items]
Legal settlement			$ 8,500,000

Redeemable Noncontrolling Interest - Narrative (Details) - Esja Attractions ehf. - EUR (€)	6 Months Ended
	Jun. 30, 2019	Nov. 03, 2017
Redeemable Noncontrolling Interest [Line Items]
Percentage of controlling interest acquired		54.50%
EBITDA trailing period	12 months
Put option right of exercisable period upon earnings	36 months
Redeemable noncontrolling interest conditions	The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) and if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire.
Put option exercisable period	12 months
Put option additional exercisable period upon not meeting of conditions	12 months
FlyOver Iceland
Redeemable Noncontrolling Interest [Line Items]
Put option expiration period	72 months
FlyOver Iceland \| Minimum
Redeemable Noncontrolling Interest [Line Items]
Unadjusted EBITDA	€ 3,250,000

Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Noncontrolling Interest [Abstract]
Beginning balance			$ 5,909
Net loss attributable to redeemable noncontrolling interest	$ (252)	$ (77)	(276)	$ (161)
Adjustment to the redemption value			266
Foreign currency translation adjustment			(391)
Ending balance	$ 5,508		$ 5,508

Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2019

Jun. 30, 2018

Jun. 30, 2019

Jun. 30, 2018

$ 402,279

$ 363,677

$ 687,873

$ 641,105

Multi-employer pension plan withdrawal

43,301

36,244

30,232

23,228

Interest income

83

53

181

137

Interest expense

(2,957)

(2,354)

(5,872)

(4,423)

(15,508)

Other expense

(456)

(543)

(911)

(781)

Income (loss) from continuing operations before income taxes

(4,455)

(662)

(5,143)

(824)

20,008

32,773

(5,521)

17,372

GES

346,870

315,322

621,797

583,028

Pursuit

55,409

48,355

66,076

58,077

Operating Segments

46,566

38,762

35,314

27,947

Operating Segments | GES

346,870

315,322

621,797

583,028

Operating Segments | Pursuit

35,253

29,005

36,996

29,585

Legal settlement

(8,500)

55,409

48,355

66,076

58,077

11,313

9,757

(1,682)

(1,638)

Intersegment Eliminations | GES

(140)

Impairment recoveries

35

Intersegment Eliminations | Pursuit

(6,317)

(6,231)

(9,007)

(9,509)

(499)

(500)

(684)

(706)

Corporate Eliminations

^[1]

17

33

Corporate

(3,282)

(2,535)

(5,115)

(4,752)

North America | Operating Segments | GES

(100)

(143)

10

^[2]

283,682

260,891

506,923

482,955

30,589

23,767

31,197

23,688

EMEA | Operating Segments | GES

(4,275)

(240)

(4,258)

(240)

^[2]

69,505

60,662

123,881

109,582

4,664

5,238

5,799

5,897