VIAD CORP, 10-Q filed on 5/6/2022
Quarterly Report
v3.22.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2022
May 02, 2022
Document Information [Line Items]    
Entity Registrant Name Viad Corp  
Entity Central Index Key 0000884219  
Document Type 10-Q  
Document Period End Date Mar. 31, 2022  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Current Fiscal Year End Date --12-31  
Entity Incorporation, State or Country Code DE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity File Number 001-11015  
Entity Tax Identification Number 36-1169950  
Entity Address, Address Line One 7000 East 1st Avenue  
Entity Address, City or Town Scottsdale  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85251-4304  
City Area Code 602  
Local Phone Number 207-1000  
Entity Common Stock, Shares Outstanding   20,590,577
Document Quarterly Report true  
Document Transition Report false  
Common Stock    
Document Information [Line Items]    
Trading Symbol VVI  
Title of 12(b) Security Common Stock, $1.50 Par Value  
Security Exchange Name NYSE  
Junior Participating Preferred Stock    
Document Information [Line Items]    
No Trading Symbol Flag true  
Title of 12(b) Security Preferred Stock Purchase Rights  
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 57,902 $ 61,600
Accounts receivable, net of allowances for doubtful accounts of $2,299 and $1,808, respectively 94,570 91,966
Inventories 9,191 8,581
Current contract costs 20,386 11,105
Prepaid insurance 6,876 10,284
Other current assets 16,727 14,080
Total current assets 205,652 197,616
Property and equipment, net 553,986 549,108
Other investments and assets 16,678 16,718
Operating lease right-of-use assets 104,057 95,915
Deferred income taxes 1,360 1,006
Goodwill 113,233 112,078
Other intangible assets, net 64,582 65,189
Total Assets 1,059,548 1,037,630
Current liabilities    
Accounts payable 74,933 69,657
Contract liabilities 60,644 39,141
Accrued compensation 17,173 12,788
Operating lease obligations 13,602 12,451
Other current liabilities 36,712 28,289
Current portion of debt and finance lease obligations 11,270 12,800
Total current liabilities 214,334 175,126
Long-term debt and finance obligations 448,156 446,580
Pension and postretirement benefits 24,129 23,692
Long-term operating lease obligations 101,325 93,406
Other deferred items and liabilities 66,387 68,953
Total liabilities 854,331 807,757
Commitments and contingencies
Redeemable noncontrolling interest 5,706 5,444
Viad Corp stockholders’ equity:    
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued and outstanding 37,402 37,402
Additional capital 567,799 566,741
Accumulated deficit (380,671) (349,720)
Accumulated other comprehensive loss (23,610) (27,429)
Common stock in treasury, at cost, 4,352,864 and 4,381,606 shares, respectively (219,089) (220,712)
Total Viad stockholders’ equity (18,169) 6,282
Non-redeemable noncontrolling interest 85,089 85,556
Total stockholders’ equity 66,920 91,838
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity 1,059,548 1,037,630
Convertible Series A Preferred Stock    
Current liabilities    
Convertible Series A Preferred Stock, $0.01 par value, 180,000 shares authorized, 135,000 shares issued and outstanding $ 132,591 $ 132,591
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Allowance for doubtful accounts $ 2,299 $ 1,808
Common stock, par value $ 1.50 $ 1.50
Common stock, shares authorized 200,000,000 200,000,000
Common stock, shares issued 24,934,981 24,934,981
Common stock, shares outstanding 24,934,981 24,934,981
Treasury stock, shares 4,352,864 4,381,606
Convertible Series A Preferred Stock    
Preferred Stock, Par value $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 180,000 180,000
Preferred Stock, Shares Issued 135,000 135,000
Preferred Stock, Shares Outstanding 135,000 135,000
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenue:    
Total revenue $ 177,360 $ 28,935
Costs and expenses:    
Corporate activities 2,673 2,005
Interest expense, net 5,877 5,085
Other expense, net 638 360
Restructuring charges 654 2,826
Impairment charges 583 0
Total costs and expenses 210,560 77,419
Loss from continuing operations before income taxes (33,200) (48,484)
Income tax benefit (2,582) (3,045)
Loss from continuing operations (30,618) (45,439)
Income loss from discontinued operations 275 348
Net loss (30,343) (45,091)
Net loss attributable to non-redeemable noncontrolling interest 1,204 1,445
Net loss attributable to redeemable noncontrolling interest 138 494
Net loss attributable to Viad $ (29,001) $ (43,152)
Diluted income (loss) per common share:    
Continuing operations attributable to Viad common stockholders $ (1.54) $ (2.23)
Discontinued operations attributable to Viad common stockholders 0.01 0.02
Net loss attributable to Viad common stockholders [1] $ (1.53) $ (2.21)
Weighted-average outstanding and potentially dilutive common shares 20,518 20,370
Basic income (loss) per common share:    
Continuing operations attributable to Viad common stockholders $ (1.54) $ (2.23)
Discontinued operations attributable to Viad common stockholders 0.01 0.02
Net loss attributable to Viad common stockholders $ (1.53) $ (2.21)
Weighted-average outstanding common shares 20,518 20,370
Amounts attributable to Viad    
Loss from continuing operations $ (29,276) $ (43,500)
Income from discontinued operations 275 348
Net loss (29,001) (43,152)
Services    
Revenue:    
Total revenue 151,137 24,900
Costs and expenses:    
Costs and expenses 171,954 56,368
Products    
Revenue:    
Total revenue 26,223 4,035
Costs and expenses:    
Costs and expenses $ 28,181 $ 10,775
[1] Diluted loss per share amount cannot exceed basic loss per share
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Comprehensive Income [Abstract]    
Net loss $ (30,343) $ (45,091)
Other comprehensive income (loss):    
Unrealized foreign currency translation adjustments 3,412 3,977
Change in net actuarial loss, net of tax [1] 407 177
Change in prior service cost, net of tax [1] 0 (56)
Comprehensive loss (26,524) (40,993)
Non-redeemable noncontrolling interest:    
Comprehensive loss attributable to non-redeemable noncontrolling interest 1,204 1,445
Unrealized foreign currency translation adjustments 737 750
Redeemable noncontrolling interest:    
Comprehensive loss attributable to redeemable noncontrolling interest 138 494
Comprehensive loss attributable to Viad $ (24,445) $ (38,304)
[1] The tax effect on other comprehensive income (loss) is not significant
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Capital
Retained earnings (Deflicit)
Accumulated Other Comprehensive Income (Loss)
Common Stock in Treasury
Total Viad Equity
Non-Redeemable Non-Controlling Interest
Mezzanine Equity Redeemable Non Controlling Interest
Convertible Series A Preferred Stock
Beginning Balance at Dec. 31, 2020 $ 174,099 $ 37,402 $ 568,100 $ (253,164) $ (30,641) $ (225,742) $ 95,955 $ 78,144 $ 5,225 $ 128,769
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) (44,597)     (43,152)     (43,152) (1,445) (494)  
Dividends on convertible preferred stock (1,898)   (1,898)       (1,898)     1,898
Capital contribution (distributions) to (from) noncontrolling interest (951)             (951) 142  
Payment of payroll taxes on stock-based compensation through shares withheld (519)         (519) (519)      
Employee benefit plans 380   (1,198)     1,578 380      
Share-based compensation - equity awards 1,626   1,626       1,626      
Unrealized foreign currency translation adjustment 4,727       3,977   3,977 750 77  
Amortization of net actuarial loss, net of tax 177 [1]       177   177      
Amortization of prior service cost, net of tax (56) [1]       (56)   (56)      
Acquisitions 6,759             6,759    
Other, net 12   (13) (1)     12   56  
Ending Balance at Mar. 31, 2021 139,759 37,402 566,643 (296,317) (26,543) (224,683) 56,502 83,257 5,006 130,667
Beginning Balance at Dec. 31, 2021 91,838 37,402 566,741 (349,720) (27,429) (220,712) 6,282 85,556 5,444 132,591
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) (30,205)     (29,001)     (29,001) (1,204) (138)  
Dividends on convertible preferred stock (1,950)     1,950     1,950      
Payment of payroll taxes on stock-based compensation through shares withheld (349)         (349) (349)      
Employee benefit plans 686   (1,286)     1,972 686      
Share-based compensation - equity awards 2,385   2,385       2,385      
Unrealized foreign currency translation adjustment 4,149       3,412   3,412 737 49  
Amortization of net actuarial loss, net of tax 407 [1]       407   407      
Amortization of prior service cost, net of tax [1] 0                  
Other, net 41   41       (41)   351  
Ending Balance at Mar. 31, 2022 $ 66,920 $ 37,402 $ 567,799 $ (380,671) $ (23,610) $ (219,089) $ (18,169) $ 85,089 $ 5,706 $ 132,591
[1] The tax effect on other comprehensive income (loss) is not significant
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net loss $ (30,343) $ (45,091)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 13,279 13,177
Deferred income taxes (3,104) (3,019)
Income from discontinued operations (275) (348)
Restructuring charges 654 2,826
Impairment charges 583 0
Gains on dispositions of property and other assets (74) (9,250)
Share-based compensation expense 2,166 1,763
Other non-cash items, net 2,836 (171)
Change in operating assets and liabilities:    
Receivables (2,833) (1,284)
Inventories (919) 351
Current contract costs (9,408) (828)
Accounts payable 7,426 (8,440)
Restructuring liabilities (534) (2,250)
Accrued compensation 3,363 1,364
Contract liabilities 21,706 8,148
Income taxes payable (476) (19)
Other assets and liabilities, net 13,876 10,352
Net cash provided by (used in) operating activities 17,923 (32,719)
Cash flows from investing activities    
Capital expenditures (12,570) (9,371)
Cash paid for acquisitions, net 0 (7,415)
Proceeds from dispositions of property and other assets 76 14,106
Net cash used in investing activities (12,494) (2,680)
Cash flows from financing activities    
Proceeds from borrowings 1,013 40,860
Payments on debt and finance lease obligations (4,849) (8,310)
Dividends paid on preferred stock (1,950) 0
Distributions to noncontrolling interest, net of contributions from noncontrolling interest 0 (809)
Payments of debt issuance costs (313) 0
Payment of payroll taxes on stock-based compensation through shares withheld or repurchased (518) (519)
Net cash (used in) provided by financing activities (6,617) 31,222
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (178) 151
Net change in cash, cash equivalents, and restricted cash (1,366) (4,026)
Cash, cash equivalents, and restricted cash, beginning of year 64,303 41,971
Cash, cash equivalents, and restricted cash, end of period $ 62,937 $ 37,945
v3.22.1
Overview and Basis of Presentation
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Overview and Basis of Presentation

Note 1. Overview and Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022 (“2021 Form 10-K”).

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

Nature of Business

We are a leading global provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events. During the first quarter of 2022, we rebranded GES’ brand experiences business and introduced Spiro to the market to accelerate our growth by servicing the changing needs of today’s brand marketers across a broader spectrum of their experiential marketing needs.

We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions as further described below. The Spiro and GES Exhibitions reportable segments are both live event businesses, and are collectively referred to as “GES.”

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that includes recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services. Pursuit comprises the Banff Jasper Collection, the Alaska Collection, the Glacier Park Collection, FlyOver, and Sky Lagoon.

Spiro

Spiro is an experiential marketing agency that partners with leading brands around the world to manage and elevate their global experiential marketing activities. Spiro builds immersive experiences with its clients starting with the strategic plan, creating the content and design, and finishing with the delivery and execution. Spiro delivers a broad range of unique and impactful experiences for its clients, including strategic exhibition program management, corporate meetings and events, digital experiences, corporate customer centers, brand and sports activations, product launches, consumer pop-up events, on-site services, and audio visual/technology solutions.

GES Exhibitions

GES Exhibitions is a global exhibition services company with a legacy spanning over 90 years and teams throughout North America, Europe, and the Middle East. GES Exhibitions partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows, including strategy, creative & design, registration & engagement, accommodations, logistics & management, material handling, overhead sign hanging, graphics and other rental and labor services. GES Exhibitions also serves as an in-house or preferred provider of electrical and other event services within event venues, including convention centers and conference hotels.

Reclassifications

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our chief operating decision maker (“CODM”) reviews the financial performance of GES and makes decisions regarding the allocation of resources. As a result, we changed the presentation of certain items in GES’ disaggregation of revenue and reportable segments. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 23 – Segment Information for additional information. We also

reclassified certain prior-year amounts to conform to current-period presentation. Such reclassifications had no impact on our results of operations or cash flows.

Impact of COVID-19

Starting in mid-March 2020, the COVID-19 pandemic created severe disruptions in the live event and tourism industries and those disruptions had a significant and negative impact on our operations and financial performance. We are not able to fully estimate the future impact of the pandemic on our business due to the evolving and uncertain nature of COVID-19, including ongoing vaccination and other mitigation efforts as well as the scope and magnitude of variants, infections, and hospitalizations. We will continue to evaluate and implement additional actions necessary to mitigate the negative financial and operational impact of COVID-19 on our business.

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

2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers

 

Amendment relates to the application of Topic 805, Business Combinations, to contracts with a customer acquired in a business combination after the acquirer has adopted Topic 606. ASU 2021-08 requires contract assets and contract liabilities to be accounted for as if they (the acquirer) entered into the original contract at the same time and same date as the acquiree.

 

1/1/2023

 

We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We do not expect this new guidance will have a material impact on our consolidated financial statements.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s

 

The amendment simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. The amendment also required expanded disclosures about the terms and features of convertible instruments.

 

1/1/2022

 

The adoption of this new standard on January 1, 2022 did not have a material impact on our consolidated financial statements.

ASU 2021-10, Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance

 

Amendment improves the transparency of government assistance received by most business entities by requiring annual disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements.

 

1/1/2022

 

We adopted this new standard on a prospective basis. This new guidance will be effective for our Annual Report on Form 10-K for the year ending December 31, 2022, whereby we will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. We do not expect this new standard to have a material impact our consolidated financial statements or related disclosures.

 

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates.

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less. Cash and cash equivalents consist of cash and bank demand deposits and money market funds. Investments in money market funds are classified as available-for-sale and carried at fair value. Restricted cash represents collateral required for surety bonds, bank guarantees, letters of credit, and corporate credit cards.

Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

57,902

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,035

 

 

 

2,703

 

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

 

$

62,937

 

 

$

64,303

 

Revenue Recognition

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

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

GES’ service revenue is primarily derived through its comprehensive range of marketing, event production, and other related services to event organizers and corporate brand marketers. GES’ service revenue is earned over time over the duration of the live event, which generally lasts one to three days. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. GES’ product revenue is derived from the build of exhibits and environments and graphics and is recognized at a point in time upon delivery of the product.

Noncontrolling Interests – Non-redeemable and Redeemable

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.

We consider noncontrolling interests with redemption features that are not solely within our control to be redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 56.4% equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered mezzanine equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to accumulated deficit and is included in our income (loss) per share. Refer to Note 22 – Noncontrolling Interest – Redeemable and Non-redeemable for additional information.

Convertible Preferred Stock

We record shares of convertible preferred stock based on proceeds received net of costs on the date of issuance. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as mezzanine equity and is reported between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets.

Leases

We recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet and classify leases as either finance or operating leases. The classification of the lease determines whether we recognize the lease expense on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider

if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term.

Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards for our GES business. These facility leases generally have lease terms ranging up to 24 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our Pursuit hotels or attractions are located and have lease terms ranging up to 46 years.

If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. We evaluate the reasonably certain threshold at lease commencement, and it is typically met if we identify substantial economic incentives or termination penalties. We do not include variable leases and variable non-lease components in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.

Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country.

We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities as an offset to lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases.

v3.22.1
Revenue and Related Contract Costs and Contract Liabilities
3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue and Related Contract Costs and Contract Liabilities

Note 2. Revenue and Related Contract Costs and Contract Liabilities

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

GES’ performance obligations consist of services or product(s) outlined in a contract. While we often sign multi-year contracts for recurring events, the obligations for each occurrence are well defined and conclude upon the occurrence of each event. The obligations are typically the provision of services and/or sale of a product in connection with a live event. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. We recognize revenue for services generally at the close of the live event. We recognize revenue for products either upon delivery to the customer’s location, upon delivery to an event that we are serving, or when we have the right to invoice. In circumstances where a customer cancels a contract, we generally have the right to bill the customer for costs incurred to date. Payment terms are generally within 30-60 days and contain no significant financing components.

Contract Liabilities

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

Changes to contract liabilities are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

39,662

 

Cash additions

 

 

42,092

 

Revenue recognized

 

 

(19,037

)

Foreign exchange translation adjustment

 

 

(1,656

)

Balance at March 31, 2022

 

$

61,061

 

 

Contract Costs

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

Changes to contract costs are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

13,790

 

Additions

 

 

16,017

 

Expenses

 

 

(6,694

)

Foreign exchange translation adjustment

 

 

36

 

Balance at March 31, 2022

 

$

23,149

 

As of March 31, 2022, capitalized contract costs consisted of $0.2 million to obtain contracts and $22.9 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs during the three months ended March 31, 2022 or 2021.

Disaggregation of Revenue

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

Pursuit

During the first quarter of 2022, we reallocated certain ancillary revenue presented in Pursuit’s services revenue to better align with how we analyze revenue and depict the nature of revenue. All prior periods have been reclassified to conform to this new presentation.

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Services:

 

 

 

 

 

 

Ticket revenue

 

$

9,202

 

 

$

1,484

 

Rooms revenue

 

 

6,903

 

 

 

4,769

 

Transportation

 

 

1,179

 

 

 

537

 

Other

 

 

1,370

 

 

 

1,095

 

Total services revenue

 

 

18,654

 

 

 

7,885

 

Products:

 

 

 

 

 

 

Food and beverage

 

 

4,093

 

 

 

1,224

 

Retail operations

 

 

1,037

 

 

 

681

 

Total products revenue

 

 

5,130

 

 

 

1,905

 

Total revenue

 

$

23,784

 

 

$

9,790

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

Services transferred over time

 

$

18,654

 

 

$

7,885

 

Products transferred at a point in time

 

 

5,130

 

 

 

1,905

 

Total revenue

 

$

23,784

 

 

$

9,790

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

Banff Jasper Collection

 

$

14,330

 

 

$

8,460

 

Alaska Collection

 

 

497

 

 

 

289

 

Glacier Park Collection

 

 

1,009

 

 

 

578

 

FlyOver

 

 

4,139

 

 

 

463

 

Sky Lagoon(1)

 

 

3,809

 

 

 

 

Total revenue

 

$

23,784

 

 

$

9,790

 

(1)
We opened Pursuit’s Sky Lagoon attraction in Reykjavik, Iceland on April 30, 2021.

GES

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our CODM reviews the financial performance of GES and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are Spiro and GES Exhibitions. As a result, we changed certain items in the following disaggregation of revenue table. All prior periods have been reclassified to conform to the new reporting structure.

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Service lines:

 

 

 

 

 

 

Spiro

 

$

42,816

 

 

$

12,059

 

GES Exhibitions

 

 

111,831

 

 

 

7,152

 

Intersegment eliminations

 

 

(1,071

)

 

 

(66

)

Total revenue

 

$

153,576

 

 

$

19,145

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

Services transferred over time

 

$

132,483

 

 

$

17,015

 

Products transferred over time(1)

 

 

7,938

 

 

 

417

 

Products transferred at a point in time

 

 

13,155

 

 

 

1,713

 

Total revenue

 

$

153,576

 

 

$

19,145

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

North America

 

$

129,027

 

 

$

15,858

 

EMEA

 

 

25,813

 

 

 

3,903

 

Intersegment eliminations

 

 

(1,264

)

 

 

(616

)

Total revenue

 

$

153,576

 

 

$

19,145

 

 

(1)
GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.
v3.22.1
Share-Based Compensation
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Share-Based Compensation

Note 3. Share-Based Compensation

We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan (the “2017 Plan”). The 2017 Plan has a 10-year term and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. In June 2017, we registered 1,750,000 shares of common stock issuable under the 2017 Plan. As of March 31, 2022, there were 427,774 shares available for future grant under the 2017 Plan.

The following table summarizes share-based compensation expense:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Performance-based restricted stock units

 

$

14

 

 

$

140

 

Restricted stock awards and restricted stock units

 

 

1,562

 

 

 

1,244

 

Stock options

 

 

590

 

 

 

379

 

Share-based compensation expense before income tax

 

 

2,166

 

 

 

1,763

 

Income tax benefit(1)

 

 

(17

)

 

 

(27

)

Share-based compensation expense, net of income tax

 

$

2,149

 

 

$

1,736

 

(1)
The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.

Performance-based Restricted Stock Units

Performance-based restricted stock units (“PRSUs”) are tied to our stock price and the expected achievement of certain performance-based criteria. The vesting of PRSUs is based upon the achievement of the performance-based criteria over a three to four-year period. We account for PRSUs that will be settled in shares of our common stock as equity-based awards. We measure share-based compensation expense of equity-based awards at fair value on the grant date on a straight-line basis over the vesting period. The estimated number of units to be achieved is updated each reporting period.

We account for PRSUs that will be settled in cash as liability-based awards. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement. Forfeitures are recorded when they occur.

During the three months ended March 31, 2022, we granted PRSUs with a grant date fair value of $2.4 million, all of which are payable in shares.

In 2022, PRSUs granted in 2019 vested and we paid $0.4 million in cash. No PRSUs were paid in shares in 2022. In 2021, PRSUs granted in 2018 vested; however, as performance metrics were not achieved, no awards were paid in cash or in shares.

As of March 31, 2022, the unamortized cost of outstanding equity-based PRSUs was $4.6 million, which we expect to recognize over a weighted-average period of approximately 2.1 years. Liabilities related to liability-based PRSUs were $0.1 million as of March 31, 2022 and $0.7 million as of December 31, 2021.

The following table summarizes the activity of the outstanding PRSU awards:

 

 

 

Equity-Based
PRSUs

 

 

Liability-Based
PRSUs

 

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance at December 31, 2021

 

 

134,152

 

 

$

37.30

 

 

 

77,746

 

 

$

57.13

 

Granted

 

 

65,000

 

 

$

36.46

 

 

 

 

 

$

 

Vested

 

 

 

 

$

 

 

 

(36,758

)

 

$

58.31

 

Forfeited

 

 

 

 

$

 

 

 

(461

)

 

$

56.23

 

Balance at March 31, 2022

 

 

199,152

 

 

$

37.03

 

 

 

40,527

 

 

$

56.06

 

Service-based Restricted Stock Awards and Restricted Stock Units

Restricted stock awards and restricted stock units are service-based awards. We account for restricted stock awards and restricted stock units that will be settled in shares of our common stock as equity-based awards. We measure share-based compensation expense of equity-based awards at fair value on the grant date on a straight-line basis over the vesting period.

We account for restricted stock units that will be settled in cash as liability-based awards. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement. Forfeitures are recorded when they occur.

As of March 31, 2022, the unamortized cost of outstanding equity-based restricted stock awards and restricted stock units was $8.0 million, which we expect to recognize over a weighted-average period of approximately 1.4 years. We withheld 14,750 shares for $0.5 million during the three months ended March 31, 2022 and 12,055 shares for $0.5 million during the three months ended March 31, 2021 related to tax withholding requirements on vested share-based awards.

Aggregate liabilities related to liability-based restricted stock units were $0.1 million as of March 31, 2022 and $0.2 million as of December 31, 2021. During the three months ended March 31, 2022, 3,709 restricted stock units vested, and we paid $0.1 million in cash. During the three months ended March 31, 2021, 3,174 restricted stock units vested, and we paid $0.1 million in cash.

The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:

 

 

 

Equity-Based
Restricted Stock Awards

 

 

Equity-Based
Restricted Stock Units

 

 

Liability-Based
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, 2021

 

 

76,792

 

 

$

52.83

 

 

 

239,188

 

 

$

34.74

 

 

 

6,278

 

 

$

55.93

 

Granted

 

 

 

 

$

 

 

 

98,926

 

 

$

33.96

 

 

 

 

 

$

 

Vested

 

 

(51,331

)

 

$

52.05

 

 

 

(20,540

)

 

$

44.79

 

 

 

(3,709

)

 

$

56.66

 

Forfeited

 

 

(211

)

 

$

56.23

 

 

 

(2,811

)

 

$

36.87

 

 

 

(309

)

 

$

56.47

 

Balance at March 31, 2022

 

 

25,250

 

 

$

54.39

 

 

 

314,763

 

 

$

33.82

 

 

 

2,260

 

 

$

54.75

 

Stock Options

We grant non-qualified stock options that are performance-based, as well as non-qualified stock options that are service-based. The performance-based awards are recognized on a straight-line basis over the respective performance period, and the underlying shares expected to be settled are adjusted each reporting period based on estimated future achievement of the respective performance metrics. The service-based awards are recognized on a straight-line basis over the requisite service period on a graded-vesting schedule ranging from one to three years.

The following table summarizes stock option activity:

 

 

 

Shares

 

 

Weighted-Average
Exercise Price

 

 

Aggregate Intrinsic Value(1)

 

Options outstanding at December 31, 2021

 

 

312,008

 

 

$

31.01

 

 

 

 

Granted

 

 

233,970

 

 

$

33.96

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

Forfeited

 

 

(120,000

)

 

$

19.30

 

 

 

 

Options outstanding at March 31, 2022

 

 

425,978

 

 

$

35.93

 

 

$

1,139,798

 

Options exercisable at March 31, 2022

 

 

73,028

 

 

$

36.29

 

 

$

373,364

 

(1)
The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options.

The following table summarizes stock options outstanding and exercisable as of March 31, 2022:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of exercise prices

 

Shares

 

 

Weighted-Average
Remaining Contractual Life
(in years)

 

 

Weighted-Average
Exercise Price

 

 

Shares

 

 

Weighted-Average
Exercise Price

 

$21.85

 

 

54,150

 

 

 

5.41

 

 

$

21.85

 

 

 

27,075

 

 

$

21.85

 

$33.96

 

 

233,970

 

 

 

6.90

 

 

$

33.96

 

 

 

 

 

$

 

$44.80

 

 

137,858

 

 

 

5.90

 

 

$

44.80

 

 

 

45,953

 

 

$

44.80

 

$21.85 - $44.80

 

 

425,978

 

 

 

6.39

 

 

$

35.93

 

 

 

73,028

 

 

$

36.29

 

The fair value of stock options granted in 2022 was estimated on the date of grant using the Black-Scholes option pricing model.

Following is additional information on stock options granted during the three months ended March 31, 2022 and the underlying assumptions used in assessing fair value:

 

 

 

Three Months Ended

 

 

 

March 31, 2022

 

Assumptions used to estimate fair value of stock options granted:

 

 

 

Risk-free interest rate

 

 

1.86

%

Expected term (in years)

 

 

4.5

 

Expected volatility

 

 

58.3

%

Expected dividend yield

 

 

 

Weighted average grant-date fair value per share of options granted

 

$

16.50

 

As of March 31, 2022, the total unrecognized compensation cost related to non-vested stock option awards was $4.7 million. We expect to recognize such costs over a weighted-average period of approximately 1.7 years.

v3.22.1
Acquisitions
3 Months Ended
Mar. 31, 2022
Business Combinations [Abstract]  
Acquisitions

Note 4. Acquisitions

2021 Acquisition

Golden Skybridge

On March 18, 2021, we acquired a 60% controlling interest in the Golden Skybridge attraction for total cash consideration of $15 million Canadian dollars (approximately $12 million U.S. dollars), of which $6 million Canadian dollars (approximately $4.8 million U.S. dollars) were primarily used to fund additional experiences. The Golden Skybridge opened in June 2021.

The fair value of net assets acquired as of the acquisition date included $2.2 million U.S. dollars in property and equipment and $6.8 million U.S. dollars in noncontrolling interest. Under the acquisition method of accounting, the purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over the fair value of net assets acquired of $11.8 million U.S. dollars was recorded as “Goodwill.” Goodwill is included in the Pursuit reportable segment. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to future growth opportunities when combined with our other businesses. Goodwill is not deductible for tax purposes. We included these assets in the Condensed Consolidated Balance Sheets from the date of acquisition.

Transaction costs associated with the acquisition were $0.4 million U.S. dollars during 2021, which are included in “Costs of services” in the Condensed Consolidated Statements of Operations.
v3.22.1
Inventories
3 Months Ended
Mar. 31, 2022
Inventory Disclosure [Abstract]  
Inventories

Note 5. Inventories

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

The components of inventories consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Raw materials

 

$

1,882

 

 

$

2,350

 

Finished goods

 

 

7,309

 

 

 

6,231

 

Inventories

 

$

9,191

 

 

$

8,581

 

v3.22.1
Other Current Assets
3 Months Ended
Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets

Note 6. Other Current Assets

Other current assets consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Restricted cash

 

$

5,035

 

 

$

2,703

 

Prepaid software maintenance

 

 

4,105

 

 

 

4,154

 

Income tax receivable

 

 

2,350

 

 

 

1,901

 

Prepaid vendor payments

 

 

1,602

 

 

 

1,604

 

Prepaid taxes

 

 

106

 

 

 

456

 

Prepaid other

 

 

1,854

 

 

 

1,165

 

Other

 

 

1,675

 

 

 

2,097

 

Other current assets

 

$

16,727

 

 

$

14,080

 

v3.22.1
Property and Equipment
3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 7. Property and Equipment

Property and equipment consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Land and land interests

 

$

30,621

 

 

$

30,532

 

Buildings and leasehold improvements

 

 

411,581

 

 

 

407,930

 

Equipment and other

 

 

420,679

 

 

 

413,684

 

Gross property and equipment

 

 

862,881

 

 

 

852,146

 

Accumulated depreciation

 

 

(372,591

)

 

 

(364,060

)

Property and equipment, net (excluding finance leases)

 

 

490,290

 

 

 

488,086

 

Finance lease ROU assets, net

 

 

63,696

 

 

 

61,022

 

Property and equipment, net

 

$

553,986

 

 

$

549,108

 

 

Depreciation expense was $11.0 million for the three months ended March 31, 2022 and $10.9 million for the three months ended March 31, 2021.

Property and equipment purchased through accounts payable and accrued liabilities decreased $2.1 million during the three months ended March 31, 2022 and decreased $0.5 million during the three months ended March 31, 2021. Capitalized interest was $1.9 million for the three months ended March 31, 2022, which was primarily related to the development of Pursuit’s FlyOver attractions.

v3.22.1
Other Investments and Assets
3 Months Ended
Mar. 31, 2022
Investments, All Other Investments [Abstract]  
Other Investments and Assets

Note 8. Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Self-insured liability receivable

 

$

6,847

 

 

$

6,847

 

Other mutual funds

 

 

4,005

 

 

 

4,057

 

Contract costs

 

 

2,763

 

 

 

2,685

 

Other

 

 

3,063

 

 

 

3,129

 

Other investments and assets

 

$

16,678

 

 

$

16,718

 

v3.22.1
Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 9. Goodwill and Other Intangible Assets

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

 

(in thousands)

 

Pursuit

 

Balance at December 31, 2021

 

$

112,078

 

Foreign currency translation adjustments

 

 

1,155

 

Balance at March 31, 2022

 

$

113,233

 

 

Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We use a discounted expected future cash flow methodology (income approach) to estimate the fair value of our reporting units for purposes of goodwill impairment testing.

Other intangible assets consisted of the following:

 

 

 

 

 

March 31, 2022

 

 

December 31, 2021

 

(in thousands)

 

Useful Life
(Years)

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

6.1

 

$

36,048

 

 

$

(28,277

)

 

$

7,771

 

 

$

36,848

 

 

$

(28,372

)

 

$

8,476

 

Operating contracts and licenses

 

35.5

 

 

41,354

 

 

 

(2,877

)

 

 

38,477

 

 

 

40,927

 

 

 

(2,660

)

 

 

38,267

 

In-place lease

 

12.9

 

 

15,628

 

 

 

(1,206

)

 

 

14,422

 

 

 

15,464

 

 

 

(1,084

)

 

 

14,380

 

Tradenames

 

4.1

 

 

5,685

 

 

 

(3,032

)

 

 

2,653

 

 

 

5,626

 

 

 

(2,819

)

 

 

2,807

 

Other

 

5.9

 

 

833

 

 

 

(149

)

 

 

684

 

 

 

824

 

 

 

(139

)

 

 

685

 

Total amortized intangible assets

 

 

 

 

99,548

 

 

 

(35,541

)

 

 

64,007

 

 

 

99,689

 

 

 

(35,074

)

 

 

64,615

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

575

 

 

 

 

 

 

575

 

 

 

574

 

 

 

 

 

 

574

 

Other intangible assets

 

 

 

$

100,123

 

 

$

(35,541

)

 

$

64,582

 

 

$

100,263

 

 

$

(35,074

)

 

$

65,189

 

 

Intangible asset amortization expense was $1.2 million for both the three months ended March 31, 2022 and the three months ended March 31, 2021.

At March 31, 2022, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

 

(in thousands)

 

 

 

Year ending December 31,

 

 

 

Remainder of 2022

 

$

3,916

 

2023

 

 

4,491

 

2024

 

 

3,530

 

2025

 

 

2,233

 

2026

 

 

2,204

 

Thereafter

 

 

47,633

 

Total

 

$

64,007

 

v3.22.1
Other Current Liabilities
3 Months Ended
Mar. 31, 2022
Other Liabilities, Current [Abstract]  
Other Current Liabilities

Note 10. Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Commissions payable

 

$

8,862

 

 

$

4,119

 

Accrued sales and use taxes

 

 

6,138

 

 

 

3,428

 

Self-insured liability

 

 

4,977

 

 

 

4,815

 

Accrued employee benefit costs

 

 

4,617

 

 

 

4,164

 

Accrued professional fees

 

 

2,035

 

 

 

1,671

 

Current portion of pension and postretirement liabilities

 

 

1,457

 

 

 

1,637

 

Accommodation service deposits

 

 

780

 

 

 

892

 

Accrued restructuring

 

 

544

 

 

 

864

 

Accrued interest payable

 

 

207

 

 

 

228

 

Other taxes

 

 

1,091

 

 

 

1,042

 

Other

 

 

5,571

 

 

 

4,963

 

Total continuing operations

 

 

36,279

 

 

 

27,823

 

Discontinued operations:

 

 

 

 

 

 

Self-insured liability

 

 

287

 

 

 

312

 

Environmental remediation liabilities

 

 

52

 

 

 

60

 

Other

 

 

94

 

 

 

94

 

Total discontinued operations

 

 

433

 

 

 

466

 

Total other current liabilities

 

$

36,712

 

 

$

28,289

 

v3.22.1
Other Deferred Items and Liabilities
3 Months Ended
Mar. 31, 2022
Other Liabilities Disclosure [Abstract]  
Other Deferred Items and Liabilities

Note 11. Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Foreign deferred tax liability

 

$

25,620

 

 

$

27,748

 

Multi-employer pension plan withdrawal liability

 

 

14,151

 

 

 

14,260

 

Self-insured excess liability

 

 

6,847

 

 

 

6,847

 

Self-insured liability

 

 

5,238

 

 

 

5,119

 

Accrued compensation

 

 

5,095

 

 

 

5,696

 

Accrued restructuring

 

 

2,664

 

 

 

2,571

 

Other

 

 

2,839

 

 

 

2,758

 

Total continuing operations

 

 

62,454

 

 

 

64,999

 

Discontinued operations:

 

 

 

 

 

 

Environmental remediation liabilities

 

 

2,169

 

 

 

2,168

 

Self-insured liability

 

 

1,514

 

 

 

1,535

 

Other

 

 

250

 

 

 

251

 

Total discontinued operations

 

 

3,933

 

 

 

3,954

 

Total other deferred items and liabilities

 

$

66,387

 

 

$

68,953

 

v3.22.1
Debt and Finance Lease Obligations
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt and Finance Lease Obligations

Note 12. Debt and Finance Obligations

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

 

 

 

March 31,

 

 

December 31,

 

(in thousands, except interest rates)

 

2022

 

 

2021

 

2021 Credit Facility, 5.5% weighted-average interest rate at March 31, 2022 and December 31, 2021, due through 2028(1)

 

$

398,000

 

 

$

399,000

 

FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at March 31, 2022 and December 31, 2021, due through 2025(1)

 

 

5,397

 

 

 

5,566

 

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

 

 

712

 

 

 

689

 

Less unamortized debt issuance costs

 

 

(14,419

)

 

 

(14,804

)

Total debt

 

 

389,690

 

 

 

390,451

 

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

 

 

66,414

 

 

 

63,401

 

Financing arrangements

 

 

3,322

 

 

 

5,528

 

Total debt and finance obligations (2)(3)

 

 

459,426

 

 

 

459,380

 

Current portion

 

 

(11,270

)

 

 

(12,800

)

Long-term debt and finance obligations

 

$

448,156

 

 

$

446,580

 

(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 and finance leases was $330.6 million as of March 31, 2022 and $328.9 million as of December 31, 2021. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements.
(3)
Cash paid for interest on debt was $7.0 million during the three months ended March 31, 2022 and $5.7 million during the three months ended March 31, 2021.

2021 Credit Facility

Effective July 30, 2021, we entered into a new $500 million credit facility (the “2021 Credit Facility”). The 2021 Credit Facility provides for a $400 million Term Loan B with a maturity date of July 30, 2028 and a $100 million revolving credit facility with a maturity date of July 30, 2026. The proceeds will be used to provide for financial flexibility to fund future acquisitions and growth initiatives and for general corporate purposes.

On March 23, 2022, we entered into an amendment to the 2021 Credit Facility, which modified the revolving credit facility’s financial covenants as detailed below.

Term Loan B

The $400 million Term Loan B proceeds were offset in part by $14.8 million in related fees. The proceeds from the Term Loan B were used to repay the $327 million outstanding balance under our then outstanding $450 million revolving credit facility. The interest rate on the Term Loan B is London Interbank Offered Rate (“LIBOR”) plus 5.00%, with a LIBOR floor of 0.50%. There are no financial covenants under the Term Loan B.

Revolving Credit Facility

The following are significant terms under the revolving credit facility, as amended:

Maintain minimum liquidity of $75 million until the compliance certificate and financial statements for the quarter ended September 30, 2022 are received by the administrative agent, with liquidity defined as unrestricted cash and available capacity on our revolving credit facility;
Financial covenants will first be tested as of September 30, 2022 as described below:
o
Maintain a total net leverage ratio of not greater than 5.25 to 1.00 at September 30, 2022 with a step-down to 4.75 to 1.00 at December 31, 2022, 4.50 to 1.00 at March 31, 2023, and 4.00 to 1.00 at June 30, 2023 and thereafter;
o
Maintain an interest coverage ratio of not less than 2.00 to 1.00 at September 30, 2022, with a step-up to 2.50 to 1.00 on December 31, 2022 and thereafter; and
o
Consolidated EBITDA (as defined in the 2021 Credit Facility) for the period January 1, 2022 through June 30, 2022 shall not be less than negative $10.0 million.
Interest rate during minimum liquidity period is LIBOR plus 3.50% and a 0.50% commitment fee; and
Interest rates during the leverage test period are based on the net leverage ratio and range from LIBOR plus 2.50% with an undrawn fee of 0.30% to LIBOR plus 3.50% with an undrawn fee of 0.50%.

As of March 31, 2022, capacity remaining under the 2021 Credit Facility was $87.4 million, reflecting the $100 million revolving credit facility less $12.6 million in outstanding letters of credit.

FlyOver Iceland Credit Facility

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

We entered into an addendum effective December 1, 2021 wherein the principal payments were deferred for twelve months beginning December 1, 2021, with the first payment due December 1, 2022. The addendum extended the maturity date to March 1, 2025 and provided for a semi-annual waiver of certain covenants through June 30, 2022 with the first testing date as of December 31, 2022. Conditions to the addendum included securing additional capital of ISK 75.0 million (approximately $0.6 million) in January 2022, which was completed, in order to strengthen FlyOver Iceland’s liquidity position. There were no other changes to the terms of the FlyOver Iceland Credit Facility.

FlyOver Iceland Term Loans

During 2020, FlyOver Iceland entered into three term loans totaling ISK 90.0 million (approximately $0.7 million U.S. dollars) (the “FlyOver Iceland Term Loans”). The first term loan for ISK 10.0 million was entered into effective October 15, 2020 with a maturity date of April 1, 2023 and bears interest on a seven-day term deposit at the Central Bank of Iceland. The second term loan for ISK 30.0 million was entered into effective October 15, 2020 with a maturity date of October 1, 2024 and bears interest on a seven-day term deposit at the Central Bank of Iceland plus 3.07%. The third term loan for ISK 50.0 million was entered into effective December 29, 2020 with a maturity date of February 1, 2023 and bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan. Loan proceeds were used to fund FlyOver Iceland operations.

Financing arrangements

We have insurance premium financing arrangements in order to finance certain of our insurance premium payments. The financing arrangements are payable within the next 12 months and bear a weighted average interest rate of 2.11%.

v3.22.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 13. Fair Value Measurements

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

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

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

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

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

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

March 31, 2022

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

 

 

$

 

 

$

 

 

$

 

Other mutual funds (2)

 

 

4,005

 

 

 

4,005

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

4,005

 

 

$

4,005

 

 

$

 

 

$

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2021

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,003

 

 

$

11,003

 

 

$

 

 

$

 

Other mutual funds (2)

 

 

4,057

 

 

 

4,057

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

15,060

 

 

$

15,060

 

 

$

 

 

$

 

 

(1)
We include money market funds in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. We classify these investments as available-for-sale and record them at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.
(2)
We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

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

v3.22.1
Loss Per Share
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Income (Loss) Per Share

Note 14. Loss Per Share

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

Net loss attributable to Viad

 

$

(29,001

)

 

$

(43,152

)

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

 

Convertible preferred stock dividends paid in kind

 

 

 

 

 

(1,898

)

Adjustment to the redemption value of redeemable noncontrolling interest

 

 

(351

)

 

 

(56

)

Net loss allocated to Viad common stockholders (basic)

 

$

(31,302

)

 

$

(45,106

)

Add: Allocation to participating securities

 

 

 

 

 

 

Net loss allocated to Viad common stockholders (diluted)

 

$

(31,302

)

 

$

(45,106

)

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

20,518

 

 

 

20,370

 

Additional dilutive shares related to share-based compensation

 

 

 

 

 

 

Diluted weighted-average outstanding shares

 

 

20,518

 

 

 

20,370

 

Loss per share:

 

 

 

 

 

 

Basic loss attributable to Viad common stockholders

 

$

(1.53

)

 

$

(2.21

)

Diluted loss attributable to Viad common stockholders(1)

 

$

(1.53

)

 

$

(2.21

)

 

(1)
Diluted loss per share amount cannot exceed basic loss per share.

Diluted loss per common share is calculated using the more dilutive of the two-class method or as-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than the participating securities. The as-converted method uses net income (loss) available to common stockholders and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested

restricted share units and convertible preferred stock. We apply the two-class method in calculating income (loss) per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends and preferred stock are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income (loss) per common share.

We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

2021

 

Convertible preferred stock

 

 

6,674

 

 

6,494

 

Unvested restricted share-based awards

 

 

207

 

 

38

 

Unvested performance share-based awards

 

 

37

 

 

 

Stock options

 

 

166

 

 

57

 

v3.22.1
Common and Preferred Stock
3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
Common and Preferred Stock

Note 15. Common and Preferred Stock

Convertible Series A Preferred Stock

On August 5, 2020, we entered into an Investment Agreement with funds managed by private equity firm Crestview Partners, relating to the issuance of 135,000 shares of newly issued Convertible Series A Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $135 million or $1,000 per share. The $135 million issuance was offset in part by $9.2 million of expenses related to the capital raise. We have classified the convertible preferred stock as mezzanine equity in the Condensed Consolidated Balance Sheet due to the existence of certain change in control provisions that are not solely within our control.

The Convertible Series A Preferred Stock carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option and is convertible at the option of the holders into shares of our common stock at a conversion price of $21.25 per share. Dividends paid-in-kind increase the redemption value of the preferred stock. The redemption value of the preferred stock was $141.8 million as of March 31, 2022 and $139.9 million as of March 31, 2021. Upon the occurrence of a change in control event, the holders have a right to require Viad to repurchase such preferred stock. During the three months ended March 31, 2022, $2.0 million of dividends were declared all of which were paid in cash. We intend to pay preferred stock dividends in cash for the foreseeable future.

Holders of the Convertible Series A Preferred Stock are entitled to vote with holders of Viad’s common stock on an as-converted basis.

Common Stock Repurchases

Our Board of Directors previously authorized us to repurchase shares of our common stock from time to time at prevailing market prices. Effective February 7, 2019, our Board of Directors authorized the repurchase of an additional 500,000 shares. In March 2020, our Board of Directors suspended our share repurchase program for the foreseeable future. As of March 31, 2022, 546,283 shares remain available for repurchase. Additionally, we repurchase shares related to tax withholding requirements on vested restricted stock awards. Refer to Note 3 – Share-Based Compensation.

v3.22.1
Accumulated Other Comprehensive Income (Loss)
3 Months Ended
Mar. 31, 2022
Accumulated Other Comprehensive Income Loss [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 16. Accumulated Other Comprehensive Income (Loss)

 

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

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2021

 

$

(16,162

)

 

$

(11,267

)

 

$

(27,429

)

Other comprehensive income before reclassifications

 

 

3,412

 

 

 

 

 

 

3,412

 

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

407

 

 

 

407

 

Net other comprehensive income

 

 

3,412

 

 

 

407

 

 

 

3,819

 

Balance at March 31, 2022

 

$

(12,750

)

 

$

(10,860

)

 

$

(23,610

)

 

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2020

 

$

(16,686

)

 

$

(13,955

)

 

$

(30,641

)

Other comprehensive loss before reclassifications

 

 

3,977

 

 

 

 

 

 

3,977

 

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

121

 

 

 

121

 

Net other comprehensive income

 

 

3,977

 

 

 

121

 

 

 

4,098

 

Balance at March 31, 2021

 

$

(12,709

)

 

$

(13,834

)

 

$

(26,543

)

 

Amounts reclassified that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net losses recognized during each period presented. We recorded these costs as components of net periodic cost for each period presented. Refer to Note 18 – Pension and Postretirement Benefits for additional information.

v3.22.1
Income Taxes
3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

Note 17. Income Taxes

The effective tax rate was 7.8% for the three months ended March 31, 2022 and 6.3% for the three months ended March 31, 2021.

The income tax provision was computed based on our estimated annualized effective tax rate and the full-year forecasted income or loss plus the tax impact of unusual, infrequent, or nonrecurring significant items during the period. The effective tax rates for the three months ended March 31, 2022 and 2021 were less than the federal statutory rate of 21% primarily as a result of excluding the tax benefits on losses recognized in the United States, United Kingdom, and other European countries where we have a valuation allowance.

We paid cash for incomes taxes of $1.4 million during the three months ended March 31, 2022 and $0.7 million during the three months ended March 31, 2021.

v3.22.1
Pension and Postretirement Benefits
3 Months Ended
Mar. 31, 2022
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits

Note 18. Pension and Postretirement Benefits

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended March 31, 2022 and 2021 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

 

$

 

 

$

 

 

$

10

 

 

$

13

 

 

$

85

 

 

$

113

 

Interest cost

 

 

125

 

 

 

114

 

 

 

54

 

 

 

55

 

 

 

88

 

 

 

76

 

Expected return on plan assets

 

 

(2

)

 

 

(27

)

 

 

 

 

 

 

 

 

(125

)

 

 

(125

)

Amortization of prior service credit

 

 

 

 

 

 

 

 

22

 

 

 

(1

)

 

 

 

 

 

 

Recognized net actuarial loss

 

 

134

 

 

 

151

 

 

 

23

 

 

 

56

 

 

 

35

 

 

 

49

 

Net periodic benefit cost

 

$

257

 

 

$

238

 

 

$

109

 

 

$

123

 

 

$

83

 

 

$

113

 

Settlement cost

 

$

115

 

 

$

 

 

$

 

 

$

 

 

$

533

 

 

$

 

Total expenses

 

$

372

 

 

$

238

 

 

$

109

 

 

$

123

 

 

$

616

 

 

$

113

 

 

We expect to contribute $0.9 million to our funded pension plans, $0.9 million to our unfunded pension plans, and $0.8 million to our postretirement benefit plans in 2022. During the three months ended March 31, 2022, we contributed $0.2 million to our funded pension plans, $0.2 million to our unfunded pension plans, and $0.2 million to our postretirement benefit plans.

v3.22.1
Restructuring Charges
3 Months Ended
Mar. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Charges

Note 19. Restructuring Charges

GES

As part of our efforts to drive efficiencies and simplify our business operations, we took certain restructuring actions designed to simplify and transform GES for greater profitability. In response to the COVID-19 pandemic in 2020, we accelerated our transformation and streamlining efforts at GES to significantly reduce costs and create a lower and more flexible cost structure focused on servicing our more profitable market segments. These initiatives resulted in restructuring charges related to the elimination of certain positions and continuing to reduce our facility footprint at GES, as well as charges related to the closure and liquidation of GES’ United Kingdom-based audio-visual services business.

Other Restructurings

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

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

 

 

 

GES

 

 

Other Restructurings

 

 

 

 

(in thousands)

 

Severance &
Employee
Benefits

 

 

Facilities

 

 

Severance &
Employee
Benefits

 

 

Total

 

Balance at December 31, 2021

 

$

1,976

 

 

$

1,433

 

 

$

26

 

 

$

3,435

 

Restructuring charges

 

 

229

 

 

 

425

 

 

 

 

 

 

654

 

Cash payments

 

 

(82

)

 

 

(429

)

 

 

(53

)

 

 

(564

)

Non-cash items(1)

 

 

(355

)

 

 

 

 

 

 

 

 

(355

)

Adjustment to liability

 

 

(2

)

 

 

1

 

 

 

39

 

 

 

38

 

Balance at March 31, 2022

 

$

1,766

 

 

$

1,430

 

 

$

12

 

 

$

3,208

 

 

(1)
Represents non-cash adjustments related to a write-down of certain ROU assets as a result of vacating certain facilities prior to the lease term during the three months ended March 31, 2022.

As of March 31, 2022, $1.5 million of the liabilities related to severance and employee benefits will remain unpaid by the end of 2022. The liabilities related to facilities primarily include non-lease expenses that will be paid over the remaining lease terms. Refer to Note 23 Segment Information for information regarding restructuring charges by segment.

v3.22.1
Leases and Other
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases and Other

Note 20. Leases and Other

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

 

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

Classification on the Condensed Consolidated Balance Sheet

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease ROU assets

 

$

104,057

 

 

$

95,915

 

Finance lease assets

 

Property and equipment, net

 

 

63,696

 

 

 

61,022

 

Total lease assets

 

 

 

$

167,753

 

 

$

156,937

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Operating lease obligations

 

$

13,602

 

 

$

12,451

 

Finance lease obligations

 

Current portion of debt and finance obligations

 

 

2,902

 

 

 

2,928

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Long-term operating lease obligations

 

 

101,325

 

 

 

93,406

 

Finance lease obligations

 

Long-term debt and finance obligations

 

 

63,512

 

 

 

60,473

 

Total lease liabilities

 

 

 

$

181,341

 

 

$

169,258

 

 

 

The components of lease expense consisted of the following:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Finance lease cost:

 

 

 

 

 

 

Amortization of ROU assets

 

$

1,051

 

 

$

1,070

 

Interest on lease liabilities

 

 

1,435

 

 

 

1,315

 

Operating lease cost

 

 

5,822

 

 

 

6,270

 

Short-term lease cost

 

 

364

 

 

 

261

 

Variable lease cost

 

 

1,014

 

 

 

942

 

Total lease cost, net

 

$

9,686

 

 

$

9,858

 

 

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

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

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

5,798

 

 

$

6,153

 

Operating cash flows from finance leases

 

$

1,467

 

 

$

274

 

Financing cash flows from finance leases

 

$

724

 

 

$

710

 

ROU assets obtained in exchange for lease obligations:

 

 

 

 

 

 

Operating leases

 

$

5,560

 

 

$

6,299

 

Finance leases

 

$

3,107

 

 

$

42,907

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

8.62

 

 

 

8.54

 

Finance leases

 

 

34.11

 

 

 

34.95

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

6.97

%

 

 

6.86

%

Finance leases

 

 

9.08

%

 

 

9.06

%

 

 

As of March 31, 2022, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:

 

(in thousands)

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

Remainder of 2022

 

$

16,842

 

 

$

6,700

 

 

$

23,542

 

2023

 

 

20,952

 

 

 

8,383

 

 

 

29,335

 

2024

 

 

19,060

 

 

 

7,299

 

 

 

26,359

 

2025

 

 

17,697

 

 

 

6,620

 

 

 

24,317

 

2026

 

 

17,319

 

 

 

6,411

 

 

 

23,730

 

Thereafter

 

 

68,801

 

 

 

187,778

 

 

 

256,579

 

Total future lease payments

 

 

160,671

 

 

 

223,191

 

 

 

383,862

 

Less: Amount representing interest

 

 

(45,744

)

 

 

(156,777

)

 

 

(202,521

)

Present value of minimum lease payments

 

 

114,927

 

 

 

66,414

 

 

 

181,341

 

Current portion

 

 

13,602

 

 

 

2,902

 

 

 

16,504

 

Long-term portion

 

$

101,325

 

 

$

63,512

 

 

$

164,837

 

 

 

As of March 31, 2022, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, are as follows:

 

(in thousands)

 

 

 

Remainder of 2022

 

$

1,056

 

2023

 

 

1,162

 

2024

 

 

941

 

2025

 

 

784

 

2026

 

 

625

 

Thereafter

 

 

920

 

Total minimum rents

 

$

5,488

 

Leases Not Yet Commenced

As of March 31, 2022, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date to begin in fiscal year 2022 with a lease term of 20 years.

v3.22.1
Litigation, Claims, Contingencies and Other
3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Litigation, Claims, Contingencies and Other

Note 21. 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. Although the amount of liability as of March 31, 2022 with respect to unresolved legal matters is not ascertainable, we believe that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our business, financial position, or results of operations.

On July 18, 2020, an off-road Ice Explorer operated by our Pursuit business was involved in an accident while enroute to the Athabasca Glacier, resulting in three fatalities and multiple other serious injuries. We continue to support the victims and their families, and we are fully cooperating with the applicable regulatory authorities to investigate this accident. We immediately reported the accident to our relevant insurance carriers, who are also supporting the investigation and subsequent claims. Subject to customary deductibles, we believe that our insurance coverage is sufficient to cover potential claims related to this accident.

We are subject to various United States federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which we have or had operations. If we fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed, and we could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, we also face exposure to actual or potential claims and lawsuits involving environmental matters relating to our past operations. As of March 31, 2022, we had recorded environmental remediation liabilities of $2.2 million related to previously sold operations. Although we are a party to certain environmental disputes, we believe that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our financial position or results of operations.

As of March 31, 2022, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities and equipment leases entered into by our subsidiary operations. We would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that we would be required to make under all guarantees existing as of March 31, 2022 would be $99.8 million. These guarantees relate to our leased equipment and facilities through January 2040. There are no recourse provisions that would enable us to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements pursuant to which we could recover payments.

A significant number of our employees are unionized and we are a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. If we are unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact our business and results of operations. We believe that relations with our employees are satisfactory and that collective-bargaining agreements expiring in 2022 will be renegotiated in the ordinary course of business. Although our labor relations are currently stable, disruptions could occur, with the possibility of an adverse impact on the operating results of GES.

We are self-insured up to certain limits for workers’ compensation and general liabilities, which includes automobile, product general liability, and client property loss claims. The aggregate amount of insurance liabilities (up to our retention limit) related to our continuing operations was $10.2 million as of March 31, 2022, which includes $6.2 million related to workers’ compensation liabilities, and $4.0 million related to general liability claims. We have also retained and provided for certain workers’ compensation insurance liabilities in

conjunction with previously sold businesses of $1.8 million as of March 31, 2022. We are also self-insured for certain employee health benefits and the estimated employee health benefit claims incurred but not yet reported was $1.2 million as of March 31, 2022. Provisions for losses for claims incurred, including actuarially derived estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $1.6 million for the three months ended March 31, 2022 and $0.2 million for the three months ended March 31, 2021.

In addition, as of March 31, 2022, we have recorded insurance liabilities of $6.8 million related to continuing operations, which represents the amount for which we remain the primary obligor after self-insured insurance limits, without taking into consideration the above-referenced insurance coverage. Of this total, $6.7 million is related to workers’ compensation liabilities and $0.1 million related to general/auto liability claims, which is recorded in “Other deferred items and liabilities” in the Condensed Consolidated Balance Sheets with a corresponding receivable in “Other investments and assets.”

v3.22.1
Noncontrolling Interest – Redeemable and Non-redeemable
3 Months Ended
Mar. 31, 2022
Noncontrolling Interest [Abstract]  
Noncontrolling Interest – Redeemable and Non-redeemable

Note 22. Noncontrolling Interests – Redeemable and Non-redeemable

Redeemable noncontrolling interest

On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Subsequent to additional capital contributions, our equity ownership increased to 56.4% as of March 31, 2022. Through Esja and its wholly-owned subsidiary, we are operating the FlyOver Iceland attraction.

The minority Esja shareholders have the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option is only exercisable after 36 months of business operation, which will be August 2022 (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”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire.

The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date and the noncontrolling interest’s share of the subsequent net income or loss. This value is benchmarked against the redemption value of the sellers’ put option. The carrying value is adjusted to the redemption value, provided that it does not fall below the initial carrying value, as determined by the purchase price allocation. We have made a policy election to reflect any changes caused by such an adjustment to retained earnings (accumulated deficit), rather than to current earnings (loss).

Changes in the redeemable noncontrolling interest are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

5,444

 

Net loss attributable to redeemable noncontrolling interest

 

 

(138

)

Adjustment to the redemption value

 

 

351

 

Foreign currency translation adjustment

 

 

49

 

Balance at March 31, 2022

 

$

5,706

 

Non-redeemable noncontrolling interest

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own.

Changes in the non-redeemable noncontrolling interest are as follows:

 

(in thousands)

Glacier Park Inc.

 

 

Brewster (1)

 

 

Sky Lagoon

 

 

Total

 

Balance at December 31, 2021

$

15,315

 

 

$

58,601

 

 

$

11,640

 

 

$

85,556

 

Net loss attributable to non-redeemable noncontrolling interest

 

(735

)

 

 

(362

)

 

 

(107

)

 

 

(1,204

)

Foreign currency translation adjustments

 

3

 

 

 

614

 

 

 

120

 

 

 

737

 

Balance at March 31, 2022

$

14,583

 

 

$

58,853

 

 

$

11,653

 

 

$

85,089

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.22.1
Segment Information
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Information

Note 23. Segment Information

An operating segment is defined as a component of an enterprise that engages in business activities for which discrete financial information is available and regularly reviewed by the CODM in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer.

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our CODM reviews the financial performance of GES and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are Spiro and GES Exhibitions. We made no changes to the Pursuit reportable segment.

We measure the profit and performance of our operations on the basis of segment operating income (loss) which excludes restructuring charges and recoveries and impairment charges. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations.

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

Pursuit

 

$

23,784

 

 

$

9,790

 

GES:

 

 

 

 

 

 

Spiro

 

 

42,816

 

 

 

12,059

 

GES Exhibitions

 

 

111,831

 

 

 

7,152

 

GES intersegment eliminations

 

 

(1,071

)

 

 

(66

)

Total GES

 

 

153,576

 

 

 

19,145

 

Total revenue

 

$

177,360

 

 

$

28,935

 

 

 

 

 

 

 

 

Segment operating loss:

 

 

 

 

 

 

Pursuit

 

$

(21,198

)

 

$

(18,321

)

GES:

 

 

 

 

 

 

Spiro

 

 

(239

)

 

 

(7,169

)

GES Exhibitions

 

 

(1,355

)

 

 

(12,735

)

Total GES

 

 

(1,594

)

 

 

(19,904

)

Segment operating loss

 

 

(22,792

)

 

 

(38,225

)

Corporate eliminations (1)

 

 

17

 

 

 

17

 

Corporate activities

 

 

(2,673

)

 

 

(2,005

)

Interest expense, net

 

 

(5,877

)

 

 

(5,085

)

Other expense, net

 

 

(638

)

 

 

(360

)

Restructuring charges:

 

 

 

 

 

 

Pursuit

 

 

 

 

 

(23

)

Spiro

 

 

(418

)

 

 

(50

)

GES Exhibitions

 

 

(236

)

 

 

(2,733

)

Corporate

 

 

 

 

 

(20

)

Impairment charges:

 

 

 

 

 

 

GES Exhibitions

 

 

(583

)

 

 

 

Loss from continuing operations before income taxes

 

$

(33,200

)

 

$

(48,484

)

 

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

Additional information of our reportable segments is as follows:

 

 

 

Three Months Ended March 31,

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Depreciation:

 

 

 

 

 

 

Pursuit

 

$

7,782

 

 

$

6,457

 

Spiro

 

 

929

 

 

 

1,497

 

GES Exhibitions

 

 

2,291

 

 

 

2,936

 

Corporate

 

 

4

 

 

 

12

 

 

 

$

11,006

 

 

$

10,902

 

Amortization:

 

 

 

 

 

 

Pursuit

 

$

1,179

 

 

$

1,030

 

Spiro

 

 

52

 

 

 

130

 

GES Exhibitions

 

 

1,042

 

 

 

1,115

 

 

 

$

2,273

 

 

$

2,275

 

Capital expenditures:

 

 

 

 

 

 

Pursuit

 

$

11,491

 

 

$

9,223

 

Spiro

 

 

144

 

 

 

148

 

GES Exhibitions

 

 

865

 

 

 

 

Corporate and other

 

 

70

 

 

 

 

 

 

$

12,570

 

 

$

9,371

 

No asset information has been provided for our reportable segments as our CODM no longer reviews asset information by reportable segment.

v3.22.1
Subsequent Event
3 Months Ended
Mar. 31, 2022
Subsequent Events [Abstract]  
Subsequent Event

Note 24. Subsequent Event

On April 6, 2022, we completed the acquisition of Glacier Raft Company for $26.5 million, subject to working capital and other customary adjustments. This acquisition was funded via cash on hand of approximately $11.5 million and borrowing under our revolving credit facility of $15.0 million. The Glacier Raft Company provides guided river rafting trips operating in Pursuit’s West Glacier, Montana operations. In addition to its rafting adventures, Glacier Raft Company owns 13 log cabins, a lodge, and a wedding venue located on 50 acres with views into Glacier National Park.

v3.22.1
Overview and Basis of Presentation (Policies)
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or United States Securities and Exchange Commission (“SEC”) rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022 (“2021 Form 10-K”).

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

Reclassifications

Reclassifications

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our chief operating decision maker (“CODM”) reviews the financial performance of GES and makes decisions regarding the allocation of resources. As a result, we changed the presentation of certain items in GES’ disaggregation of revenue and reportable segments. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 23 – Segment Information for additional information. We also

reclassified certain prior-year amounts to conform to current-period presentation. Such reclassifications had no impact on our results of operations or cash flows.

Nature of Business

Nature of Business

We are a leading global provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events. During the first quarter of 2022, we rebranded GES’ brand experiences business and introduced Spiro to the market to accelerate our growth by servicing the changing needs of today’s brand marketers across a broader spectrum of their experiential marketing needs.

We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions as further described below. The Spiro and GES Exhibitions reportable segments are both live event businesses, and are collectively referred to as “GES.”

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that includes recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services. Pursuit comprises the Banff Jasper Collection, the Alaska Collection, the Glacier Park Collection, FlyOver, and Sky Lagoon.

Spiro

Spiro is an experiential marketing agency that partners with leading brands around the world to manage and elevate their global experiential marketing activities. Spiro builds immersive experiences with its clients starting with the strategic plan, creating the content and design, and finishing with the delivery and execution. Spiro delivers a broad range of unique and impactful experiences for its clients, including strategic exhibition program management, corporate meetings and events, digital experiences, corporate customer centers, brand and sports activations, product launches, consumer pop-up events, on-site services, and audio visual/technology solutions.

GES Exhibitions

GES Exhibitions is a global exhibition services company with a legacy spanning over 90 years and teams throughout North America, Europe, and the Middle East. GES Exhibitions partners with leading exhibition and conference organizers as a full-service provider of strategic and logistics solutions to manage the complexity of their shows, including strategy, creative & design, registration & engagement, accommodations, logistics & management, material handling, overhead sign hanging, graphics and other rental and labor services. GES Exhibitions also serves as an in-house or preferred provider of electrical and other event services within event venues, including convention centers and conference hotels.

Impact of COVID-19

Impact of COVID-19

Starting in mid-March 2020, the COVID-19 pandemic created severe disruptions in the live event and tourism industries and those disruptions had a significant and negative impact on our operations and financial performance. We are not able to fully estimate the future impact of the pandemic on our business due to the evolving and uncertain nature of COVID-19, including ongoing vaccination and other mitigation efforts as well as the scope and magnitude of variants, infections, and hospitalizations. We will continue to evaluate and implement additional actions necessary to mitigate the negative financial and operational impact of COVID-19 on our business.

Impact of Recent Accounting Pronouncements

Impact of Recent Accounting Pronouncements

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

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities
from Contracts with Customers

 

Amendment relates to the application of Topic 805, Business Combinations, to contracts with a customer acquired in a business combination after the acquirer has adopted Topic 606. ASU 2021-08 requires contract assets and contract liabilities to be accounted for as if they (the acquirer) entered into the original contract at the same time and same date as the acquiree.

 

1/1/2023

 

We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We do not expect this new guidance will have a material impact on our consolidated financial statements.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s

 

The amendment simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. The amendment also required expanded disclosures about the terms and features of convertible instruments.

 

1/1/2022

 

The adoption of this new standard on January 1, 2022 did not have a material impact on our consolidated financial statements.

ASU 2021-10, Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance

 

Amendment improves the transparency of government assistance received by most business entities by requiring annual disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements.

 

1/1/2022

 

We adopted this new standard on a prospective basis. This new guidance will be effective for our Annual Report on Form 10-K for the year ending December 31, 2022, whereby we will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. We do not expect this new standard to have a material impact our consolidated financial statements or related disclosures.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with United States GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates.

Cash, Cash Equivalents, and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less. Cash and cash equivalents consist of cash and bank demand deposits and money market funds. Investments in money market funds are classified as available-for-sale and carried at fair value. Restricted cash represents collateral required for surety bonds, bank guarantees, letters of credit, and corporate credit cards.

Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

57,902

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,035

 

 

 

2,703

 

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

 

$

62,937

 

 

$

64,303

 

Revenue Recognition

Revenue Recognition

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

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

GES’ service revenue is primarily derived through its comprehensive range of marketing, event production, and other related services to event organizers and corporate brand marketers. GES’ service revenue is earned over time over the duration of the live event, which generally lasts one to three days. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. GES’ product revenue is derived from the build of exhibits and environments and graphics and is recognized at a point in time upon delivery of the product.

Noncontrolling Interests - Non-redeemable and Redeemable

Noncontrolling Interests – Non-redeemable and Redeemable

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.

We consider noncontrolling interests with redemption features that are not solely within our control to be redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 56.4% equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered mezzanine equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to accumulated deficit and is included in our income (loss) per share. Refer to Note 22 – Noncontrolling Interest – Redeemable and Non-redeemable for additional information.

Convertible Preferred Stock

Convertible Preferred Stock

We record shares of convertible preferred stock based on proceeds received net of costs on the date of issuance. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as mezzanine equity and is reported between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets.

Leases

Leases

We recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet and classify leases as either finance or operating leases. The classification of the lease determines whether we recognize the lease expense on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider

if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term.

Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards for our GES business. These facility leases generally have lease terms ranging up to 24 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our Pursuit hotels or attractions are located and have lease terms ranging up to 46 years.

If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. We evaluate the reasonably certain threshold at lease commencement, and it is typically met if we identify substantial economic incentives or termination penalties. We do not include variable leases and variable non-lease components in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that is adjusted to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants.

Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country.

We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities as an offset to lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases.

v3.22.1
Overview and Basis of Presentation (Tables)
3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Cash and Cash Equivalents and Restricted Cash Balances

Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Cash and cash equivalents

 

$

57,902

 

 

$

61,600

 

Restricted cash included in other current assets

 

 

5,035

 

 

 

2,703

 

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

 

$

62,937

 

 

$

64,303

 

v3.22.1
Revenue and Related Contract Costs and Contract Liabilities (Tables)
3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Summary of Changes in Contract Liabilities

Changes to contract liabilities are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

39,662

 

Cash additions

 

 

42,092

 

Revenue recognized

 

 

(19,037

)

Foreign exchange translation adjustment

 

 

(1,656

)

Balance at March 31, 2022

 

$

61,061

 

 

Summary of Changes in Contract Costs

Changes to contract costs are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

13,790

 

Additions

 

 

16,017

 

Expenses

 

 

(6,694

)

Foreign exchange translation adjustment

 

 

36

 

Balance at March 31, 2022

 

$

23,149

 

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

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

Pursuit

During the first quarter of 2022, we reallocated certain ancillary revenue presented in Pursuit’s services revenue to better align with how we analyze revenue and depict the nature of revenue. All prior periods have been reclassified to conform to this new presentation.

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Services:

 

 

 

 

 

 

Ticket revenue

 

$

9,202

 

 

$

1,484

 

Rooms revenue

 

 

6,903

 

 

 

4,769

 

Transportation

 

 

1,179

 

 

 

537

 

Other

 

 

1,370

 

 

 

1,095

 

Total services revenue

 

 

18,654

 

 

 

7,885

 

Products:

 

 

 

 

 

 

Food and beverage

 

 

4,093

 

 

 

1,224

 

Retail operations

 

 

1,037

 

 

 

681

 

Total products revenue

 

 

5,130

 

 

 

1,905

 

Total revenue

 

$

23,784

 

 

$

9,790

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

Services transferred over time

 

$

18,654

 

 

$

7,885

 

Products transferred at a point in time

 

 

5,130

 

 

 

1,905

 

Total revenue

 

$

23,784

 

 

$

9,790

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

Banff Jasper Collection

 

$

14,330

 

 

$

8,460

 

Alaska Collection

 

 

497

 

 

 

289

 

Glacier Park Collection

 

 

1,009

 

 

 

578

 

FlyOver

 

 

4,139

 

 

 

463

 

Sky Lagoon(1)

 

 

3,809

 

 

 

 

Total revenue

 

$

23,784

 

 

$

9,790

 

(1)
We opened Pursuit’s Sky Lagoon attraction in Reykjavik, Iceland on April 30, 2021.

GES

During the first quarter of 2022, we changed our segment reporting as a result of operational changes and how our CODM reviews the financial performance of GES and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are Spiro and GES Exhibitions. As a result, we changed certain items in the following disaggregation of revenue table. All prior periods have been reclassified to conform to the new reporting structure.

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Service lines:

 

 

 

 

 

 

Spiro

 

$

42,816

 

 

$

12,059

 

GES Exhibitions

 

 

111,831

 

 

 

7,152

 

Intersegment eliminations

 

 

(1,071

)

 

 

(66

)

Total revenue

 

$

153,576

 

 

$

19,145

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

Services transferred over time

 

$

132,483

 

 

$

17,015

 

Products transferred over time(1)

 

 

7,938

 

 

 

417

 

Products transferred at a point in time

 

 

13,155

 

 

 

1,713

 

Total revenue

 

$

153,576

 

 

$

19,145

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

North America

 

$

129,027

 

 

$

15,858

 

EMEA

 

 

25,813

 

 

 

3,903

 

Intersegment eliminations

 

 

(1,264

)

 

 

(616

)

Total revenue

 

$

153,576

 

 

$

19,145

 

 

(1)
GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.
v3.22.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Summary of Share-Based Compensation (income) expense

The following table summarizes share-based compensation expense:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Performance-based restricted stock units

 

$

14

 

 

$

140

 

Restricted stock awards and restricted stock units

 

 

1,562

 

 

 

1,244

 

Stock options

 

 

590

 

 

 

379

 

Share-based compensation expense before income tax

 

 

2,166

 

 

 

1,763

 

Income tax benefit(1)

 

 

(17

)

 

 

(27

)

Share-based compensation expense, net of income tax

 

$

2,149

 

 

$

1,736

 

(1)
The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
Summary of Activity of the Outstanding PRSU Awards

The following table summarizes the activity of the outstanding PRSU awards:

 

 

 

Equity-Based
PRSUs

 

 

Liability-Based
PRSUs

 

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance at December 31, 2021

 

 

134,152

 

 

$

37.30

 

 

 

77,746

 

 

$

57.13

 

Granted

 

 

65,000

 

 

$

36.46

 

 

 

 

 

$

 

Vested

 

 

 

 

$

 

 

 

(36,758

)

 

$

58.31

 

Forfeited

 

 

 

 

$

 

 

 

(461

)

 

$

56.23

 

Balance at March 31, 2022

 

 

199,152

 

 

$

37.03

 

 

 

40,527

 

 

$

56.06

 

Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units

The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:

 

 

 

Equity-Based
Restricted Stock Awards

 

 

Equity-Based
Restricted Stock Units

 

 

Liability-Based
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, 2021

 

 

76,792

 

 

$

52.83

 

 

 

239,188

 

 

$

34.74

 

 

 

6,278

 

 

$

55.93

 

Granted

 

 

 

 

$

 

 

 

98,926

 

 

$

33.96

 

 

 

 

 

$

 

Vested

 

 

(51,331

)

 

$

52.05

 

 

 

(20,540

)

 

$

44.79

 

 

 

(3,709

)

 

$

56.66

 

Forfeited

 

 

(211

)

 

$

56.23

 

 

 

(2,811

)

 

$

36.87

 

 

 

(309

)

 

$

56.47

 

Balance at March 31, 2022

 

 

25,250

 

 

$

54.39

 

 

 

314,763

 

 

$

33.82

 

 

 

2,260

 

 

$

54.75

 

Summary of Stock Option Activity

The following table summarizes stock option activity:

 

 

 

Shares

 

 

Weighted-Average
Exercise Price

 

 

Aggregate Intrinsic Value(1)

 

Options outstanding at December 31, 2021

 

 

312,008

 

 

$

31.01

 

 

 

 

Granted

 

 

233,970

 

 

$

33.96

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

Forfeited

 

 

(120,000

)

 

$

19.30

 

 

 

 

Options outstanding at March 31, 2022

 

 

425,978

 

 

$

35.93

 

 

$

1,139,798

 

Options exercisable at March 31, 2022

 

 

73,028

 

 

$

36.29

 

 

$

373,364

 

(1)
The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options.
Summary of Options Outstanding and Exercisable

The following table summarizes stock options outstanding and exercisable as of March 31, 2022:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of exercise prices

 

Shares

 

 

Weighted-Average
Remaining Contractual Life
(in years)

 

 

Weighted-Average
Exercise Price

 

 

Shares

 

 

Weighted-Average
Exercise Price

 

$21.85

 

 

54,150

 

 

 

5.41

 

 

$

21.85

 

 

 

27,075

 

 

$

21.85

 

$33.96

 

 

233,970

 

 

 

6.90

 

 

$

33.96

 

 

 

 

 

$

 

$44.80

 

 

137,858

 

 

 

5.90

 

 

$

44.80

 

 

 

45,953

 

 

$

44.80

 

$21.85 - $44.80

 

 

425,978

 

 

 

6.39

 

 

$

35.93

 

 

 

73,028

 

 

$

36.29

 

Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant

Following is additional information on stock options granted during the three months ended March 31, 2022 and the underlying assumptions used in assessing fair value:

 

 

 

Three Months Ended

 

 

 

March 31, 2022

 

Assumptions used to estimate fair value of stock options granted:

 

 

 

Risk-free interest rate

 

 

1.86

%

Expected term (in years)

 

 

4.5

 

Expected volatility

 

 

58.3

%

Expected dividend yield

 

 

 

Weighted average grant-date fair value per share of options granted

 

$

16.50

 

v3.22.1
Inventories (Tables)
3 Months Ended
Mar. 31, 2022
Inventory Disclosure [Abstract]  
Components of Inventories

The components of inventories consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Raw materials

 

$

1,882

 

 

$

2,350

 

Finished goods

 

 

7,309

 

 

 

6,231

 

Inventories

 

$

9,191

 

 

$

8,581

 

v3.22.1
Other Current Assets (Tables)
3 Months Ended
Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets

Other current assets consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Restricted cash

 

$

5,035

 

 

$

2,703

 

Prepaid software maintenance

 

 

4,105

 

 

 

4,154

 

Income tax receivable

 

 

2,350

 

 

 

1,901

 

Prepaid vendor payments

 

 

1,602

 

 

 

1,604

 

Prepaid taxes

 

 

106

 

 

 

456

 

Prepaid other

 

 

1,854

 

 

 

1,165

 

Other

 

 

1,675

 

 

 

2,097

 

Other current assets

 

$

16,727

 

 

$

14,080

 

v3.22.1
Property and Equipment (Tables)
3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Land and land interests

 

$

30,621

 

 

$

30,532

 

Buildings and leasehold improvements

 

 

411,581

 

 

 

407,930

 

Equipment and other

 

 

420,679

 

 

 

413,684

 

Gross property and equipment

 

 

862,881

 

 

 

852,146

 

Accumulated depreciation

 

 

(372,591

)

 

 

(364,060

)

Property and equipment, net (excluding finance leases)

 

 

490,290

 

 

 

488,086

 

Finance lease ROU assets, net

 

 

63,696

 

 

 

61,022

 

Property and equipment, net

 

$

553,986

 

 

$

549,108

 

v3.22.1
Other Investments and Assets (Tables)
3 Months Ended
Mar. 31, 2022
Investments, All Other Investments [Abstract]  
Summary of Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Self-insured liability receivable

 

$

6,847

 

 

$

6,847

 

Other mutual funds

 

 

4,005

 

 

 

4,057

 

Contract costs

 

 

2,763

 

 

 

2,685

 

Other

 

 

3,063

 

 

 

3,129

 

Other investments and assets

 

$

16,678

 

 

$

16,718

 

v3.22.1
Goodwill and Other Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of the Goodwill Balances by Component and Segment

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

 

(in thousands)

 

Pursuit

 

Balance at December 31, 2021

 

$

112,078

 

Foreign currency translation adjustments

 

 

1,155

 

Balance at March 31, 2022

 

$

113,233

 

 

Summary of Other Intangible Assets

Other intangible assets consisted of the following:

 

 

 

 

 

March 31, 2022

 

 

December 31, 2021

 

(in thousands)

 

Useful Life
(Years)

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

6.1

 

$

36,048

 

 

$

(28,277

)

 

$

7,771

 

 

$

36,848

 

 

$

(28,372

)

 

$

8,476

 

Operating contracts and licenses

 

35.5

 

 

41,354

 

 

 

(2,877

)

 

 

38,477

 

 

 

40,927

 

 

 

(2,660

)

 

 

38,267

 

In-place lease

 

12.9

 

 

15,628

 

 

 

(1,206

)

 

 

14,422

 

 

 

15,464

 

 

 

(1,084

)

 

 

14,380

 

Tradenames

 

4.1

 

 

5,685

 

 

 

(3,032

)

 

 

2,653

 

 

 

5,626

 

 

 

(2,819

)

 

 

2,807

 

Other

 

5.9

 

 

833

 

 

 

(149

)

 

 

684

 

 

 

824

 

 

 

(139

)

 

 

685

 

Total amortized intangible assets

 

 

 

 

99,548

 

 

 

(35,541

)

 

 

64,007

 

 

 

99,689

 

 

 

(35,074

)

 

 

64,615

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

575

 

 

 

 

 

 

575

 

 

 

574

 

 

 

 

 

 

574

 

Other intangible assets

 

 

 

$

100,123

 

 

$

(35,541

)

 

$

64,582

 

 

$

100,263

 

 

$

(35,074

)

 

$

65,189

 

 

Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization

At March 31, 2022, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

 

(in thousands)

 

 

 

Year ending December 31,

 

 

 

Remainder of 2022

 

$

3,916

 

2023

 

 

4,491

 

2024

 

 

3,530

 

2025

 

 

2,233

 

2026

 

 

2,204

 

Thereafter

 

 

47,633

 

Total

 

$

64,007

 

v3.22.1
Other Current Liabilities (Tables)
3 Months Ended
Mar. 31, 2022
Other Liabilities, Current [Abstract]  
Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Commissions payable

 

$

8,862

 

 

$

4,119

 

Accrued sales and use taxes

 

 

6,138

 

 

 

3,428

 

Self-insured liability

 

 

4,977

 

 

 

4,815

 

Accrued employee benefit costs

 

 

4,617

 

 

 

4,164

 

Accrued professional fees

 

 

2,035

 

 

 

1,671

 

Current portion of pension and postretirement liabilities

 

 

1,457

 

 

 

1,637

 

Accommodation service deposits

 

 

780

 

 

 

892

 

Accrued restructuring

 

 

544

 

 

 

864

 

Accrued interest payable

 

 

207

 

 

 

228

 

Other taxes

 

 

1,091

 

 

 

1,042

 

Other

 

 

5,571

 

 

 

4,963

 

Total continuing operations

 

 

36,279

 

 

 

27,823

 

Discontinued operations:

 

 

 

 

 

 

Self-insured liability

 

 

287

 

 

 

312

 

Environmental remediation liabilities

 

 

52

 

 

 

60

 

Other

 

 

94

 

 

 

94

 

Total discontinued operations

 

 

433

 

 

 

466

 

Total other current liabilities

 

$

36,712

 

 

$

28,289

 

v3.22.1
Other Deferred Items and Liabilities (Tables)
3 Months Ended
Mar. 31, 2022
Other Liabilities Disclosure [Abstract]  
Summary of Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2022

 

 

2021

 

Continuing operations:

 

 

 

 

 

 

Foreign deferred tax liability

 

$

25,620

 

 

$

27,748

 

Multi-employer pension plan withdrawal liability

 

 

14,151

 

 

 

14,260

 

Self-insured excess liability

 

 

6,847

 

 

 

6,847

 

Self-insured liability

 

 

5,238

 

 

 

5,119

 

Accrued compensation

 

 

5,095

 

 

 

5,696

 

Accrued restructuring

 

 

2,664

 

 

 

2,571

 

Other

 

 

2,839

 

 

 

2,758

 

Total continuing operations

 

 

62,454

 

 

 

64,999

 

Discontinued operations:

 

 

 

 

 

 

Environmental remediation liabilities

 

 

2,169

 

 

 

2,168

 

Self-insured liability

 

 

1,514

 

 

 

1,535

 

Other

 

 

250

 

 

 

251

 

Total discontinued operations

 

 

3,933

 

 

 

3,954

 

Total other deferred items and liabilities

 

$

66,387

 

 

$

68,953

 

v3.22.1
Debt and Finance Lease Obligations (Tables)
3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt and Finance Lease Obligations

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

 

 

 

March 31,

 

 

December 31,

 

(in thousands, except interest rates)

 

2022

 

 

2021

 

2021 Credit Facility, 5.5% weighted-average interest rate at March 31, 2022 and December 31, 2021, due through 2028(1)

 

$

398,000

 

 

$

399,000

 

FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at March 31, 2022 and December 31, 2021, due through 2025(1)

 

 

5,397

 

 

 

5,566

 

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

 

 

712

 

 

 

689

 

Less unamortized debt issuance costs

 

 

(14,419

)

 

 

(14,804

)

Total debt

 

 

389,690

 

 

 

390,451

 

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

 

 

66,414

 

 

 

63,401

 

Financing arrangements

 

 

3,322

 

 

 

5,528

 

Total debt and finance obligations (2)(3)

 

 

459,426

 

 

 

459,380

 

Current portion

 

 

(11,270

)

 

 

(12,800

)

Long-term debt and finance obligations

 

$

448,156

 

 

$

446,580

 

(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 and finance leases was $330.6 million as of March 31, 2022 and $328.9 million as of December 31, 2021. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements.
(3)
Cash paid for interest on debt was $7.0 million during the three months ended March 31, 2022 and $5.7 million during the three months ended March 31, 2021.
v3.22.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Fair Value Assets Measured on Recurring Basis The fair value information related to these assets is summarized in the following tables:

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

March 31, 2022

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

 

 

$

 

 

$

 

 

$

 

Other mutual funds (2)

 

 

4,005

 

 

 

4,005

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

4,005

 

 

$

4,005

 

 

$

 

 

$

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2021

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

11,003

 

 

$

11,003

 

 

$

 

 

$

 

Other mutual funds (2)

 

 

4,057

 

 

 

4,057

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

15,060

 

 

$

15,060

 

 

$

 

 

$

 

 

(1)
We include money market funds in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. We classify these investments as available-for-sale and record them at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.
(2)
We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets.
v3.22.1
Loss Per Share (Tables)
3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Reconciliation of Basic and Diluted Loss Per Share

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share data)

 

2022

 

 

2021

 

Net loss attributable to Viad

 

$

(29,001

)

 

$

(43,152

)

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

 

Convertible preferred stock dividends paid in kind

 

 

 

 

 

(1,898

)

Adjustment to the redemption value of redeemable noncontrolling interest

 

 

(351

)

 

 

(56

)

Net loss allocated to Viad common stockholders (basic)

 

$

(31,302

)

 

$

(45,106

)

Add: Allocation to participating securities

 

 

 

 

 

 

Net loss allocated to Viad common stockholders (diluted)

 

$

(31,302

)

 

$

(45,106

)

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

20,518

 

 

 

20,370

 

Additional dilutive shares related to share-based compensation

 

 

 

 

 

 

Diluted weighted-average outstanding shares

 

 

20,518

 

 

 

20,370

 

Loss per share:

 

 

 

 

 

 

Basic loss attributable to Viad common stockholders

 

$

(1.53

)

 

$

(2.21

)

Diluted loss attributable to Viad common stockholders(1)

 

$

(1.53

)

 

$

(2.21

)

Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Income (Loss) Per Common Shares

We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

2021

 

Convertible preferred stock

 

 

6,674

 

 

6,494

 

Unvested restricted share-based awards

 

 

207

 

 

38

 

Unvested performance share-based awards

 

 

37

 

 

 

Stock options

 

 

166

 

 

57

 

v3.22.1
Accumulated Other Comprehensive Income (Loss) (Tables)
3 Months Ended
Mar. 31, 2022
Accumulated Other Comprehensive Income Loss [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)

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

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2021

 

$

(16,162

)

 

$

(11,267

)

 

$

(27,429

)

Other comprehensive income before reclassifications

 

 

3,412

 

 

 

 

 

 

3,412

 

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

407

 

 

 

407

 

Net other comprehensive income

 

 

3,412

 

 

 

407

 

 

 

3,819

 

Balance at March 31, 2022

 

$

(12,750

)

 

$

(10,860

)

 

$

(23,610

)

 

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2020

 

$

(16,686

)

 

$

(13,955

)

 

$

(30,641

)

Other comprehensive loss before reclassifications

 

 

3,977

 

 

 

 

 

 

3,977

 

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

121

 

 

 

121

 

Net other comprehensive income

 

 

3,977

 

 

 

121

 

 

 

4,098

 

Balance at March 31, 2021

 

$

(12,709

)

 

$

(13,834

)

 

$

(26,543

)

v3.22.1
Pension and Postretirement Benefits (Tables)
3 Months Ended
Mar. 31, 2022
Retirement Benefits [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 March 31, 2022 and 2021 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Service cost

 

$

 

 

$

 

 

$

10

 

 

$

13

 

 

$

85

 

 

$

113

 

Interest cost

 

 

125

 

 

 

114

 

 

 

54

 

 

 

55

 

 

 

88

 

 

 

76

 

Expected return on plan assets

 

 

(2

)

 

 

(27

)

 

 

 

 

 

 

 

 

(125

)

 

 

(125

)

Amortization of prior service credit

 

 

 

 

 

 

 

 

22

 

 

 

(1

)

 

 

 

 

 

 

Recognized net actuarial loss

 

 

134

 

 

 

151

 

 

 

23

 

 

 

56

 

 

 

35

 

 

 

49

 

Net periodic benefit cost

 

$

257

 

 

$

238

 

 

$

109

 

 

$

123

 

 

$

83

 

 

$

113

 

Settlement cost

 

$

115

 

 

$

 

 

$

 

 

$

 

 

$

533

 

 

$

 

Total expenses

 

$

372

 

 

$

238

 

 

$

109

 

 

$

123

 

 

$

616

 

 

$

113

 

v3.22.1
Restructuring Charges (Tables)
3 Months Ended
Mar. 31, 2022
Restructuring and Related Activities [Abstract]  
Changes to Restructuring Liability by Major Restructuring Activity

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

 

 

 

GES

 

 

Other Restructurings

 

 

 

 

(in thousands)

 

Severance &
Employee
Benefits

 

 

Facilities

 

 

Severance &
Employee
Benefits

 

 

Total

 

Balance at December 31, 2021

 

$

1,976

 

 

$

1,433

 

 

$

26

 

 

$

3,435

 

Restructuring charges

 

 

229

 

 

 

425

 

 

 

 

 

 

654

 

Cash payments

 

 

(82

)

 

 

(429

)

 

 

(53

)

 

 

(564

)

Non-cash items(1)

 

 

(355

)

 

 

 

 

 

 

 

 

(355

)

Adjustment to liability

 

 

(2

)

 

 

1

 

 

 

39

 

 

 

38

 

Balance at March 31, 2022

 

$

1,766

 

 

$

1,430

 

 

$

12

 

 

$

3,208

 

 

(1)
Represents non-cash adjustments related to a write-down of certain ROU assets as a result of vacating certain facilities prior to the lease term during the three months ended March 31, 2022.
v3.22.1
Leases and Other (Tables)
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Summary of Balance Sheet Presentation of Operating and Finance Leases

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

 

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

Classification on the Condensed Consolidated Balance Sheet

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease ROU assets

 

$

104,057

 

 

$

95,915

 

Finance lease assets

 

Property and equipment, net

 

 

63,696

 

 

 

61,022

 

Total lease assets

 

 

 

$

167,753

 

 

$

156,937

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Operating lease obligations

 

$

13,602

 

 

$

12,451

 

Finance lease obligations

 

Current portion of debt and finance obligations

 

 

2,902

 

 

 

2,928

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Long-term operating lease obligations

 

 

101,325

 

 

 

93,406

 

Finance lease obligations

 

Long-term debt and finance obligations

 

 

63,512

 

 

 

60,473

 

Total lease liabilities

 

 

 

$

181,341

 

 

$

169,258

 

 

Components of Lease Expense

The components of lease expense consisted of the following:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Finance lease cost:

 

 

 

 

 

 

Amortization of ROU assets

 

$

1,051

 

 

$

1,070

 

Interest on lease liabilities

 

 

1,435

 

 

 

1,315

 

Operating lease cost

 

 

5,822

 

 

 

6,270

 

Short-term lease cost

 

 

364

 

 

 

261

 

Variable lease cost

 

 

1,014

 

 

 

942

 

Total lease cost, net

 

$

9,686

 

 

$

9,858

 

Schedule of Other Information Related to Operating and Finance Leases

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

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

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

5,798

 

 

$

6,153

 

Operating cash flows from finance leases

 

$

1,467

 

 

$

274

 

Financing cash flows from finance leases

 

$

724

 

 

$

710

 

ROU assets obtained in exchange for lease obligations:

 

 

 

 

 

 

Operating leases

 

$

5,560

 

 

$

6,299

 

Finance leases

 

$

3,107

 

 

$

42,907

 

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

Operating leases

 

 

8.62

 

 

 

8.54

 

Finance leases

 

 

34.11

 

 

 

34.95

 

Weighted-average discount rate:

 

 

 

 

 

 

Operating leases

 

 

6.97

%

 

 

6.86

%

Finance leases

 

 

9.08

%

 

 

9.06

%

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

As of March 31, 2022, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:

 

(in thousands)

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

Remainder of 2022

 

$

16,842

 

 

$

6,700

 

 

$

23,542

 

2023

 

 

20,952

 

 

 

8,383

 

 

 

29,335

 

2024

 

 

19,060

 

 

 

7,299

 

 

 

26,359

 

2025

 

 

17,697

 

 

 

6,620

 

 

 

24,317

 

2026

 

 

17,319

 

 

 

6,411

 

 

 

23,730

 

Thereafter

 

 

68,801

 

 

 

187,778

 

 

 

256,579

 

Total future lease payments

 

 

160,671

 

 

 

223,191

 

 

 

383,862

 

Less: Amount representing interest

 

 

(45,744

)

 

 

(156,777

)

 

 

(202,521

)

Present value of minimum lease payments

 

 

114,927

 

 

 

66,414

 

 

 

181,341

 

Current portion

 

 

13,602

 

 

 

2,902

 

 

 

16,504

 

Long-term portion

 

$

101,325

 

 

$

63,512

 

 

$

164,837

 

 

Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of March 31, 2022, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, are as follows:

 

(in thousands)

 

 

 

Remainder of 2022

 

$

1,056

 

2023

 

 

1,162

 

2024

 

 

941

 

2025

 

 

784

 

2026

 

 

625

 

Thereafter

 

 

920

 

Total minimum rents

 

$

5,488

 

Leases Not Yet Commenced

As of March 31, 2022, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date to begin in fiscal year 2022 with a lease term of 20 years.

v3.22.1
Noncontrolling Interest – Redeemable and Non-redeemable (Tables)
3 Months Ended
Mar. 31, 2022
Noncontrolling Interest [Abstract]  
Summary of Changes in Redeemable Noncontrolling Interest

Changes in the redeemable noncontrolling interest are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2021

 

$

5,444

 

Net loss attributable to redeemable noncontrolling interest

 

 

(138

)

Adjustment to the redemption value

 

 

351

 

Foreign currency translation adjustment

 

 

49

 

Balance at March 31, 2022

 

$

5,706

 

Non-redeemable noncontrolling interest

Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own.

Changes in the non-redeemable noncontrolling interest are as follows:

 

(in thousands)

Glacier Park Inc.

 

 

Brewster (1)

 

 

Sky Lagoon

 

 

Total

 

Balance at December 31, 2021

$

15,315

 

 

$

58,601

 

 

$

11,640

 

 

$

85,556

 

Net loss attributable to non-redeemable noncontrolling interest

 

(735

)

 

 

(362

)

 

 

(107

)

 

 

(1,204

)

Foreign currency translation adjustments

 

3

 

 

 

614

 

 

 

120

 

 

 

737

 

Balance at March 31, 2022

$

14,583

 

 

$

58,853

 

 

$

11,653

 

 

$

85,089

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.22.1
Segment Information (Tables)
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Reconciliation of income statement items from reportable segments

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

Pursuit

 

$

23,784

 

 

$

9,790

 

GES:

 

 

 

 

 

 

Spiro

 

 

42,816

 

 

 

12,059

 

GES Exhibitions

 

 

111,831

 

 

 

7,152

 

GES intersegment eliminations

 

 

(1,071

)

 

 

(66

)

Total GES

 

 

153,576

 

 

 

19,145

 

Total revenue

 

$

177,360

 

 

$

28,935

 

 

 

 

 

 

 

 

Segment operating loss:

 

 

 

 

 

 

Pursuit

 

$

(21,198

)

 

$

(18,321

)

GES:

 

 

 

 

 

 

Spiro

 

 

(239

)

 

 

(7,169

)

GES Exhibitions

 

 

(1,355

)

 

 

(12,735

)

Total GES

 

 

(1,594

)

 

 

(19,904

)

Segment operating loss

 

 

(22,792

)

 

 

(38,225

)

Corporate eliminations (1)

 

 

17

 

 

 

17

 

Corporate activities

 

 

(2,673

)

 

 

(2,005

)

Interest expense, net

 

 

(5,877

)

 

 

(5,085

)

Other expense, net

 

 

(638

)

 

 

(360

)

Restructuring charges:

 

 

 

 

 

 

Pursuit

 

 

 

 

 

(23

)

Spiro

 

 

(418

)

 

 

(50

)

GES Exhibitions

 

 

(236

)

 

 

(2,733

)

Corporate

 

 

 

 

 

(20

)

Impairment charges:

 

 

 

 

 

 

GES Exhibitions

 

 

(583

)

 

 

 

Loss from continuing operations before income taxes

 

$

(33,200

)

 

$

(48,484

)

Reconciliation of assets from reportable segments

Additional information of our reportable segments is as follows:

 

 

 

Three Months Ended March 31,

 

 

 

March 31,

 

(in thousands)

 

2022

 

 

2021

 

Depreciation:

 

 

 

 

 

 

Pursuit

 

$

7,782

 

 

$

6,457

 

Spiro

 

 

929

 

 

 

1,497

 

GES Exhibitions

 

 

2,291

 

 

 

2,936

 

Corporate

 

 

4

 

 

 

12

 

 

 

$

11,006

 

 

$

10,902

 

Amortization:

 

 

 

 

 

 

Pursuit

 

$

1,179

 

 

$

1,030

 

Spiro

 

 

52

 

 

 

130

 

GES Exhibitions

 

 

1,042

 

 

 

1,115

 

 

 

$

2,273

 

 

$

2,275

 

Capital expenditures:

 

 

 

 

 

 

Pursuit

 

$

11,491

 

 

$

9,223

 

Spiro

 

 

144

 

 

 

148

 

GES Exhibitions

 

 

865

 

 

 

 

Corporate and other

 

 

70

 

 

 

 

 

 

$

12,570

 

 

$

9,371

 

v3.22.1
Overview and Basis of Presentation - Narrative (Details)
3 Months Ended
Mar. 31, 2022
Segment
Overview And Summary Of Significant Accounting Policies [Line Items]  
Percentage of non equity ownership related redeemable noncontrolling interests 56.40%
Remaining maturities of highly-liquid investments three months or less
Number of reportable segments 3
Maximum  
Overview And Summary Of Significant Accounting Policies [Line Items]  
Lease expiration period 24 years
Maximum | Land  
Overview And Summary Of Significant Accounting Policies [Line Items]  
Lease expiration period 46 years
v3.22.1
Overview and Basis of Presentation - Schedule of Cash and Cash Equivalents and Restricted Cash Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 57,902 $ 61,600    
Restricted cash included in other current assets $ 5,035 $ 2,703    
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible List] us-gaap:OtherCurrentAssetsMember us-gaap:OtherCurrentAssetsMember    
Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 62,937 $ 64,303 $ 37,945 $ 41,971
v3.22.1
Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation Of Revenue [Line Items]    
Revenue recognition description of capitalized contract costs Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in Costs of services or Costs of products, as applicable  
Capitalized contract costs to obtain contracts $ 200,000  
Capitalized contract costs to fulfill contracts 22,900,000  
Impairment loss on capitalized contract costs $ 0 $ 0
GES    
Disaggregation Of Revenue [Line Items]    
Performance obligation description of payment terms Payment terms are generally within 30-60 days and contain no significant financing components.  
GES | Minimum    
Disaggregation Of Revenue [Line Items]    
Performance obligation payment terms 30 days  
GES | Maximum    
Disaggregation Of Revenue [Line Items]    
Performance obligation payment terms 60 days  
Pursuit    
Disaggregation Of Revenue [Line Items]    
Performance obligation description of payment terms When we extend credit, payment terms are generally within 30 days and contain no significant financing components.  
v3.22.1
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2022
USD ($)
Revenue from Contract with Customer [Abstract]  
Balance at December 31, 2021 $ 39,662
Cash additions 42,092
Revenue recognized (19,037)
Foreign exchange translation adjustment (1,656)
Balance at March 31, 2022 $ 61,061
v3.22.1
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2022
USD ($)
Revenue from Contract with Customer [Abstract]  
Balance at December 31, 2021 $ 13,790
Additions 16,017
Expenses (6,694)
Foreign exchange translation adjustment 36
Balance at March 31, 2021 $ 23,149
v3.22.1
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
Mar. 31, 2022
Mar. 31, 2021
Disaggregation Of Revenue [Line Items]    
Total revenue $ 177,360 $ 28,935
GES    
Disaggregation Of Revenue [Line Items]    
Total revenue 153,576 19,145
GES | Intersegment Eliminations    
Disaggregation Of Revenue [Line Items]    
Total revenue (1,264) (616)
Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 23,784 9,790
Pursuit | Operating Segments    
Disaggregation Of Revenue [Line Items]    
Total revenue 23,784 9,790
North America | GES    
Disaggregation Of Revenue [Line Items]    
Total revenue 129,027 15,858
EMEA | GES    
Disaggregation Of Revenue [Line Items]    
Total revenue 25,813 3,903
Services Transferred Over Time | GES    
Disaggregation Of Revenue [Line Items]    
Total revenue 132,483 17,015
Services Transferred Over Time | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 18,654 7,885
Products Transferred Over Time | GES    
Disaggregation Of Revenue [Line Items]    
Total revenue [1] 7,938 417
Products Transferred at a Point in Time | GES    
Disaggregation Of Revenue [Line Items]    
Total revenue 13,155 1,713
Products Transferred at a Point in Time | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 5,130 1,905
Ticket revenue [Member] | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 9,202 1,484
Rooms revenue [Member] | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 6,903 4,769
Other | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,370 1,095
Transportation | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,179 537
Total Services | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 18,654 7,885
Food and Beverage | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 4,093 1,224
Retail Operations | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,037 681
Total Products Revenue    
Disaggregation Of Revenue [Line Items]    
Total revenue 26,223 4,035
Total Products Revenue | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 5,130 1,905
Banff Jasper Collection | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 14,330 8,460
Alaska Collection | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 497 289
Spiro | GES    
Disaggregation Of Revenue [Line Items]    
Total revenue 42,816 12,059
GES-Exhibitions | GES    
Disaggregation Of Revenue [Line Items]    
Total revenue 111,831 7,152
GES intersegment eliminations | GES    
Disaggregation Of Revenue [Line Items]    
Total revenue (1,071) (66)
Glacier Park Collection | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 1,009 578
FlyOver | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue 4,139 463
Sky Lagoon | Pursuit    
Disaggregation Of Revenue [Line Items]    
Total revenue [2] $ 3,809 $ 0
[1] GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.
[2] We opened Pursuit’s Sky Lagoon attraction in Reykjavik, Iceland on April 30, 2021
v3.22.1
Share-Based Compensation - Narrative (Details) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2019
Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Repurchase of common stock for employee tax withholding obligations amount $ 518,000 $ 519,000    
Total unrecognized compensation cost related to non-vested stock option awards $ 4,700,000      
Weighted-average period 1 year 8 months 12 days      
Performance-based Restricted Stock Units        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Vested, shares 0      
Minimum        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Requisite service period 1 year      
Maximum        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Requisite service period 3 years      
2017 Plan        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Useful Term of the plan 10 years      
Common stock shares issuable 1,750,000      
Shares available for grant 427,774      
2007 Plan | Performance-based Restricted Stock Units        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Awards with grant date fair value during the period $ 2,400,000      
Liability based PRSU 100,000     $ 700,000
Payments to employees 0   $ 400,000  
Unamortized cost $ 4,600,000      
Recognition period of unrecognized cost 2 years 1 month 6 days      
2007 Plan | Restricted Stock Awards And Restricted Stock Units        
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]        
Payments to employees $ 100,000 $ 100,000    
Repurchase of common stock for employee tax withholding obligations amount, shares 14,750 12,055    
Repurchase of common stock for employee tax withholding obligations amount $ 500,000 $ 500    
Unamortized cost $ 8,000,000.0      
Recognition period of unrecognized cost 1 year 4 months 24 days      
Liabilities related to restricted stock $ 100,000     $ 200,000
Vested, shares 3,709 3,174    
v3.22.1
Share-Based Compensation - Summary of Share-Based Compensation (income) expense (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Summary of share-based compensation expense    
Share-based compensation expense $ 2,166 $ 1,763
Share-based compensation expense before income tax 2,166 1,763
Income tax benefit [1] 17 (27)
Share-based compensation expense, net of income tax 2,149 1,736
Performance-based Restricted Stock Units    
Summary of share-based compensation expense    
Share-based compensation expense 14 140
Share-based compensation expense before income tax 14 140
Restricted Stock Awards And Restricted Stock Units    
Summary of share-based compensation expense    
Share-based compensation expense 1,562 1,244
Share-based compensation expense before income tax 1,562 1,244
Stock Options    
Summary of share-based compensation expense    
Share-based compensation expense 590 379
Share-based compensation expense before income tax $ 590 $ 379
[1] The 2022 and 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.22.1
Share-Based Compensation - Summary of Activity of the Outstanding PRSU Awards (Details) - Performance-based Restricted Stock Units
3 Months Ended
Mar. 31, 2022
$ / shares
shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Beginning Balance, shares | shares 134,152
Granted, shares | shares 65,000
Stock vested in period | shares 0
Forfeited, shares | shares 0
Ending Balance, shares | shares 199,152
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 37.30
Granted, Weighted-Average Grant Date Fair Value | $ / shares 36.46
Vested, Weighted-Average Grant Date Fair Value | $ / shares 0
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 0
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 37.03
Beginning Balance, shares | shares 77,746
Granted, shares | shares 0
Vested, shares | shares (36,758)
Forfeited, shares | shares (461)
Ending Balance, shares | shares 40,527
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 57.13
Granted, Weighted-Average Grant Date Fair Value | $ / shares 0
Vested, Weighted-Average Grant Date Fair Value | $ / shares 58.31
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 56.23
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 56.06
v3.22.1
Share-Based Compensation - Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units (Details)
3 Months Ended
Mar. 31, 2022
$ / shares
shares
Restricted Stock Awards  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Beginning Balance, shares | shares 76,792
Granted, shares | shares 0
Vested, shares | shares (51,331)
Forfeited, shares | shares (211)
Ending Balance, shares | shares 25,250
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 52.83
Granted, Weighted-Average Grant Date Fair Value | $ / shares 0
Vested, Weighted-Average Grant Date Fair Value | $ / shares 52.05
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 56.23
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 54.39
Restricted Stock Units  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Beginning Balance, shares | shares 239,188
Granted, shares | shares 98,926
Vested, shares | shares (20,540)
Forfeited, shares | shares (2,811)
Ending Balance, shares | shares 314,763
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 34.74
Granted, Weighted-Average Grant Date Fair Value | $ / shares 33.96
Vested, Weighted-Average Grant Date Fair Value | $ / shares 44.79
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 36.87
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 33.82
Beginning Balance, shares | shares 6,278
Granted, shares | shares 0
Vested, shares | shares (3,709)
Forfeited, shares | shares (309)
Ending Balance, shares | shares 2,260
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 55.93
Granted, Weighted-Average Grant Date Fair Value | $ / shares 0
Vested, Weighted-Average Grant Date Fair Value | $ / shares 56.66
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares 56.47
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares $ 54.75
v3.22.1
Share-Based Compensation - Summary of Stock Option Activity (Details)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2022
USD ($)
$ / shares
shares
Options outstanding and exercisable  
Options outstanding Beginning Balance, Shares | shares 312,008
Granted, Shares | shares 233,970
Exercised, Shares | shares 0
forfeited shares | shares (120,000)
Options outstanding March 31, 2022 | shares 425,978
Options exercisable at March 31, 2022 | shares 73,028
Weighted-Average Exercise Price  
Options outstanding and exercisable Beginning Balance, Weighted-Average Exercise Price | $ / shares $ 31.01
Granted, Weighted-Average Exercise Price | $ / shares 33.96
Exercised, Weighted-Average Exercise Price | $ / shares 0
Weighted-Average Exercise Price forfeited | $ / shares 19.30
Options outstanding and exercisable Ending Balance, Weighted-Average Exercise Price | $ / shares 35.93
Options exercisable at March 31 2022 Weighted-Average Exercise Price | $ / shares $ 36.29
Aggregate intrinsic value of options outstanding | $ $ 1,139,798 [1]
Aggregate intrinsic value of options exercisable | $ $ 373,364 [1]
[1] The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options.
v3.22.1
Share Based Compensation - Summary of Options Outstanding and Exercisable (Details)
3 Months Ended
Mar. 31, 2022
$ / shares
shares
Exercise Price Range One  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Range of exercise prices $ 21.85
Options Outstanding, Shares | shares 54,150
Options Outstanding, Weighted-Average Exercise Price $ 21.85
Weighted-Average Remaining Contractual Life (in years) 5 years 4 months 28 days
Options Exercisable, Shares | shares 27,075
Options Exercisable, Weighted-Average Exercise Price $ 21.85
Exercise Price Range Two  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Range of exercise prices $ 33.96
Options Outstanding, Shares | shares 233,970
Options Outstanding, Weighted-Average Exercise Price $ 33.96
Weighted-Average Remaining Contractual Life (in years) 6 years 10 months 24 days
Options Exercisable, Shares | shares 0
Options Exercisable, Weighted-Average Exercise Price $ 0
Exercise Price Range Three  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Range of exercise prices $ 44.80
Options Outstanding, Shares | shares 137,858
Options Outstanding, Weighted-Average Exercise Price $ 44.80
Weighted-Average Remaining Contractual Life (in years) 5 years 10 months 24 days
Options Exercisable, Shares | shares 45,953
Options Exercisable, Weighted-Average Exercise Price $ 44.80
Exercise Price Range Four  
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]  
Range of exercise prices 21.85
Range of exercise prices $ 44.80
Options Outstanding, Shares | shares 425,978
Options Outstanding, Weighted-Average Exercise Price $ 35.93
Weighted-Average Remaining Contractual Life (in years) 6 years 4 months 20 days
Options Exercisable, Shares | shares 73,028
Options Exercisable, Weighted-Average Exercise Price $ 36.29
v3.22.1
Share Based Compensation - Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant (Details)
3 Months Ended
Mar. 31, 2022
$ / shares
Share-based Payment Arrangement [Abstract]  
Risk-free interest rate 1.86%
Expected term (in years) 4 years 6 months
Expected volatility 58.30%
Expected dividend yield 0.00%
Weighted average grant-date fair value per share of options granted $ 16.50
v3.22.1
Acquisitions - Narrative (Details)
$ in Millions, $ in Millions
12 Months Ended
Mar. 18, 2021
CAD ($)
Mar. 18, 2021
USD ($)
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]      
Business combination net assets property and equipment   $ 2.2  
Business combination net assets noncontrolling interest   6.8  
Business combination net assets goodwill   $ 11.8  
Golden Skybridge      
Business Acquisition [Line Items]      
Business acquisition date Mar. 18, 2021 Mar. 18, 2021  
Percentage of controlling interest acquired   60.00%  
Purchase price $ 15 $ 12.0  
Business acquisition expected open period 2021-06 2021-06  
Acquisition related costs     $ 0.4
Golden Skybridge | Development and Start Up Costs      
Business Acquisition [Line Items]      
Purchase price $ 6 $ 4.8  
v3.22.1
Inventories - Components of Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Components of Inventories    
Raw materials $ 1,882 $ 2,350
Finished goods 7,309 6,231
Inventories $ 9,191 $ 8,581
v3.22.1
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Restricted cash $ 5,035 $ 2,703
Prepaid software maintenance 4,105 4,154
Income tax receivable 2,350 1,901
Prepaid vendor payments 1,602 1,604
Prepaid taxes 106 456
Prepaid other 1,854 1,165
Other 1,675 2,097
Other current assets $ 16,727 $ 14,080
v3.22.1
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 862,881 $ 852,146
Accumulated depreciation (372,591) (364,060)
Property and equipment, net (excluding finance leases) 490,290 488,086
Finance lease ROU assets, net (1) 63,696 61,022
Property and equipment, net 553,986 549,108
Land and land interests    
Property Plant And Equipment [Line Items]    
Gross property and equipment 30,621 30,532
Buildings and leasehold improvements    
Property Plant And Equipment [Line Items]    
Gross property and equipment 411,581 407,930
Equipment and other    
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 420,679 $ 413,684
v3.22.1
Property and Equipment - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Property Plant And Equipment [Line Items]    
Depreciation expense $ 11,006 $ 10,902
Property and equipment purchased through accounts payable and accrued liabilities, increased or decreased amount 2,100  
Capitalized Software    
Property Plant And Equipment [Line Items]    
Property and equipment purchased through accounts payable and accrued liabilities, increased or decreased amount $ 1,900 $ 500
v3.22.1
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Investments, All Other Investments [Abstract]    
Self-insured liability receivable $ 6,847 $ 6,847
Other mutual funds 4,005 4,057
Contract costs 2,763 2,685
Other 3,063 3,129
Other investments and assets $ 16,678 $ 16,718
v3.22.1
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2022
USD ($)
Goodwill [Line Items]  
Balance, beginning $ 112,078
Balance, ending 113,233
Pursuit  
Goodwill [Line Items]  
Balance, beginning 112,078
Foreign currency translation adjustments 1,155
Balance, ending $ 113,233
v3.22.1
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Gross Carrying Value $ 99,548 $ 99,689
Intangible assets subject to amortization, Accumulated Amortization (35,541) (35,074)
Intangible assets subject to amortization, Net Carrying Value 64,007 64,615
Intangible Assets, Net (Excluding Goodwill) 64,582 65,189
Other intangible assets, Gross Carrying Value 100,123 100,263
Other intangible assets, Net Carrying Value 64,582 65,189
Other intangible assets, Accumulated Amortization $ (35,541) (35,074)
Customer contracts and relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 6 years 1 month 6 days  
Intangible assets subject to amortization, Gross Carrying Value $ 36,048 36,848
Intangible assets subject to amortization, Accumulated Amortization (28,277) (28,372)
Intangible assets subject to amortization, Net Carrying Value $ 7,771 8,476
Operating contracts and licenses    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 35 years 6 months  
Intangible assets subject to amortization, Gross Carrying Value $ 41,354 40,927
Intangible assets subject to amortization, Accumulated Amortization (2,877) (2,660)
Intangible assets subject to amortization, Net Carrying Value $ 38,477 38,267
In-place lease    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 12 years 10 months 24 days  
Intangible assets subject to amortization, Gross Carrying Value $ 15,628 15,464
Intangible assets subject to amortization, Accumulated Amortization (1,206) (1,084)
Intangible assets subject to amortization, Net Carrying Value $ 14,422 14,380
Tradenames    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 4 years 1 month 6 days  
Intangible assets subject to amortization, Gross Carrying Value $ 5,685 5,626
Intangible assets subject to amortization, Accumulated Amortization (3,032) (2,819)
Intangible assets subject to amortization, Net Carrying Value $ 2,653 2,807
Other    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 5 years 10 months 24 days  
Intangible assets subject to amortization, Gross Carrying Value $ 833 824
Intangible assets subject to amortization, Accumulated Amortization (149) (139)
Intangible assets subject to amortization, Net Carrying Value 684 685
Business licenses    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Net Carrying Value 574  
Indefinite-lived intangible assets, Gross Carrying Value 575  
Intangible Assets, Net (Excluding Goodwill) 575 574
Other intangible assets, Net Carrying Value $ 575 $ 574
v3.22.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Remaining goodwill balance $ 113,233   $ 112,078
Pursuit      
Segment Reporting Information [Line Items]      
Remaining goodwill balance 113,233   $ 112,078
Services      
Segment Reporting Information [Line Items]      
Intangible asset amortization expense $ 1,200 $ 1,200  
v3.22.1
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Estimated amortization expense related to amortized intangible assets    
Remainder of 2022 $ 3,916  
2023 4,491  
2024 3,530  
2025 2,233  
2026 2,204  
Thereafter 47,633  
Intangible assets subject to amortization, Net Carrying Value $ 64,007 $ 64,615
v3.22.1
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Continuing operations:    
Commissions payable $ 8,862 $ 4,119
Accrued sales and use taxes 6,138 3,428
Self-insured liability 4,977 4,815
Accrued employee benefit costs 4,617 4,164
Accrued professional fees 2,035 1,671
Current portion of pension and postretirement liabilities 1,457 1,637
Accommodation service deposits 780 892
Accrued restructuring 544 864
Accrued interest payable 207 228
Other taxes 1,091 1,042
Other 5,571 4,963
Total continuing operations 36,279 27,823
Discontinued operations:    
Self-insured liability 287 312
Environmental remediation liabilities 52 60
Other 94 94
Total discontinued operations 433 466
Total other current liabilities $ 36,712 $ 28,289
v3.22.1
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Continuing operations:    
Foreign deferred tax liability $ 25,620 $ 27,748
Multi-employer pension plan withdrawal liability 14,151 14,260
Self-insured excess liability 6,847 6,847
Self-insured liability 5,238 5,119
Accrued compensation 5,095 5,696
Accrued restructuring 2,664 2,571
Other 2,839 2,758
Total continuing operations 62,454 64,999
Discontinued operations:    
Environmental remediation liabilities 2,169 2,168
Self-insured liability 1,514 1,535
Other 250 251
Total discontinued operations 3,933 3,954
Total other deferred items and liabilities $ 66,387 $ 68,953
v3.22.1
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Less unamortized debt issuance costs $ (14,419) $ (14,804)
Total debt 389,690 390,451
Finance lease obligations, [9.1%] weighted-average interest rate at March 31, 2022 and December 31, 2021, due through 2067 66,414 63,401
Financing arrangements 3,322 5,528
Total debt and finance lease obligations [1],[2] 459,426 459,380
Current portion (11,270) (12,800)
Long-term debt and finance lease obligations 448,156 446,580
Fly Over Iceland Term Loan    
Debt Instrument [Line Items]    
Credit facility [3] 712 689
2021 Credit Agreement | Revolving Credit Facility    
Debt Instrument [Line Items]    
Credit facility [3] 398,000 399,000
2018 Credit Agreement | FlyOver Iceland Credit Facility    
Debt Instrument [Line Items]    
Credit facility [3] $ 5,397 $ 5,566
[1] Cash paid for interest on debt was $7.0 million during the three months ended March 31, 2022 and $5.7 million during the three months ended March 31, 2021
[2] The estimated fair value of total debt and finance leases was $330.6 million as of March 31, 2022 and $328.9 million as of December 31, 2021. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements
[3] Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees
v3.22.1
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Debt Instrument [Line Items]      
Weighted average interest rate on long term debt 9.10%   9.10%
Fair value of debt $ 330.6   $ 328.9
Cash paid for interest on debt $ 7.0 $ 5.7  
FlyOver Iceland Credit Facility      
Debt Instrument [Line Items]      
Weighted average interest rate on long term debt 4.90%   4.90%
Fly Over Iceland Term Loan      
Debt Instrument [Line Items]      
Weighted average interest rate on long term debt 3.80%   3.80%
2021 Credit Facility | Revolving Credit Facility      
Debt Instrument [Line Items]      
Interest rate on credit facility 5.50%   5.50%
v3.22.1
Debt and Finance Lease Obligations - Narrative (Details)
$ in Thousands, € in Millions, kr in Millions
3 Months Ended 12 Months Ended
Dec. 01, 2021
Jul. 30, 2021
USD ($)
Mar. 31, 2022
USD ($)
Dec. 31, 2020
USD ($)
Jan. 01, 2022
USD ($)
Jan. 01, 2022
ISK (kr)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
ISK (kr)
Dec. 29, 2020
ISK (kr)
Oct. 15, 2020
ISK (kr)
Feb. 15, 2019
USD ($)
Feb. 15, 2019
EUR (€)
Line Of Credit Facility [Line Items]                        
Write off unamortized debt     $ 14,419       $ 14,804          
Premium Payment Due Term     12 months                  
Financial Arrangements Weighted Average Interest Rate       2.11%       2.11%        
Revolving Credit Facility                        
Line Of Credit Facility [Line Items]                        
Line of credit facility maximum borrowing capacity   $ 450,000                    
FlyOver Iceland Credit Facility                        
Line Of Credit Facility [Line Items]                        
Maturity date Mar. 01, 2025   Mar. 01, 2022                  
Debt Instrument, Annual Principal Payment         $ 600 kr 75.0            
Line of credit facility maximum borrowing capacity                     $ 5,600 € 5.0
Line Of Credit Facility Date Of First Required Payment Dec. 01, 2022                      
Fly Over Iceland Term Loan                        
Line Of Credit Facility [Line Items]                        
Credit facility [1]     $ 712       689          
Line of credit facility maximum borrowing capacity       $ 700       kr 90.0        
2018 Credit Agreement | FlyOver Iceland Credit Facility                        
Line Of Credit Facility [Line Items]                        
Credit facility [1]     5,397       $ 5,566          
2021 Credit Facility                        
Line Of Credit Facility [Line Items]                        
Commitment fee percentage on line of credit   0.50%                    
Additional borrowing capacity on line of credit     (10,000)                  
Line of credit facility maximum borrowing capacity   $ 500,000                    
Loans Proceeds Offset   400,000                    
Fees   $ 14,800                    
2021 Credit Facility | Maximum | London Interbank Offered Rate (LIBOR)                        
Line Of Credit Facility [Line Items]                        
Interest rate description   LIBOR plus 3.50% with an undrawn fee of 0.50%                    
2021 Credit Facility | Minimum | London Interbank Offered Rate (LIBOR)                        
Line Of Credit Facility [Line Items]                        
Interest rate description   LIBOR plus 2.50% with an undrawn fee of 0.30%                    
2021 Credit Facility | Revolving Credit Facility                        
Line Of Credit Facility [Line Items]                        
Maturity date   Jul. 30, 2026                    
Minimum liquidity requirement   $ 75,000                    
Remaining borrowing capacity on line of credit     87,400                  
Credit facility     100,000                  
Letters of Credit Outstanding     $ 12,600                  
Line of credit facility maximum borrowing capacity   $ 100,000                    
2021 Credit Facility | Revolving Credit Facility | London Interbank Offered Rate (LIBOR)                        
Line Of Credit Facility [Line Items]                        
Interest rate description   LIBOR plus 3.50%                    
2021 Credit Facility | Revolving Credit Facility | Maximum                        
Line Of Credit Facility [Line Items]                        
Financial covenants leverage ratio step up   4.75%                    
Leverage ratio   5.25%                    
Debt covenant, interest coverage ratio   2.50%                    
2021 Credit Facility | Revolving Credit Facility | Minimum                        
Line Of Credit Facility [Line Items]                        
Interest coverage ratio   2.00%                    
Leverage ratio   4.50%                    
Debt covenant, interest coverage ratio   4.00%                    
2021 Credit Facility | Term Loan B                        
Line Of Credit Facility [Line Items]                        
Borrowing capacity on line of credit   $ 400,000                    
Maturity date   Jul. 30, 2028                    
Interest coverage ratio   0.00%                    
Loans Proceeds Offset   $ 327,000                    
2021 Credit Facility | Term Loan B | London Interbank Offered Rate (LIBOR)                        
Line Of Credit Facility [Line Items]                        
Interest rate description   5.00%, with a LIBOR floor of 0.50%                    
First Term Loan | Fly Over Iceland Term Loan                        
Line Of Credit Facility [Line Items]                        
Maturity date       Apr. 01, 2023                
Line of credit facility maximum borrowing capacity | kr                   kr 10.0    
Line Of Term Loan Amendment Description       bears interest on a seven-day term deposit at the Central Bank of Iceland                
Second Term Loan | Fly Over Iceland Term Loan                        
Line Of Credit Facility [Line Items]                        
Maturity date       Oct. 01, 2024                
Line of credit facility maximum borrowing capacity | kr                   kr 30.0    
Third Term Loan                        
Line Of Credit Facility [Line Items]                        
Line Of Term Loan Amendment Description       bears interest on a seven-day term deposit at the Central Bank of Iceland plus 3.07%. The third term loan for ISK 50.0 million was entered into effective December 29, 2020 with a maturity date of February 1, 2023 and bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan. Loan proceeds were used to fund FlyOver Iceland operations.                
Third Term Loan | Fly Over Iceland Term Loan                        
Line Of Credit Facility [Line Items]                        
Maturity date       Feb. 01, 2023                
Line of credit facility maximum borrowing capacity | kr                 kr 50.0      
Line Of Term Loan Amendment Description       bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan                
[1] Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees
v3.22.1
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Fair value information related to assets    
Assets $ 4,005  
Fair Value, Measurements, Recurring    
Fair value information related to assets    
Assets   $ 15,060
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets 4,005 15,060
Fair Value, Measurements, Recurring | Money market funds    
Fair value information related to assets    
Assets [1] 0 11,003
Fair Value, Measurements, Recurring | Money market funds | Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets [1] 0 11,003
Fair Value, Measurements, Recurring | Other mutual funds    
Fair value information related to assets    
Assets [2] 4,005 4,057
Fair Value, Measurements, Recurring | Other mutual funds | Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets [2] $ 4,005 $ 4,057
[1] We include money market funds in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. We classify these investments as available-for-sale and record them at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.
[2] We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets.
v3.22.1
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2022
USD ($)
Money market funds  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]  
Realized gains on the investments $ 0
v3.22.1
Loss Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Numerator:    
Net loss attributable to Viad $ (29,001) $ (43,152)
Dividends on convertible preferred stock (1,950) (1,898)
Adjustment to the redemption value of redeemable noncontrolling interest (351) (56)
Net loss allocated to Viad common stockholders (basic) (31,302) (45,106)
Add: Allocation to participating securities 0 0
Net loss allocated to Viad common stockholders (diluted) $ (31,302) $ (45,106)
Denominator:    
Basic weighted-average outstanding common shares 20,518 20,370
Additional dilutive shares related to share-based compensation 0 0
Diluted weighted-average outstanding shares 20,518 20,370
Basic loss attributable to Viad common stockholders $ (1.53) $ (2.21)
Diluted loss attributable to Viad common stockholders [1] $ (1.53) $ (2.21)
Paid in Cash    
Numerator:    
Dividends on convertible preferred stock $ (1,950) $ 0
Paid in Kind    
Numerator:    
Dividends on convertible preferred stock $ 0 $ (1,898)
[1] Diluted loss per share amount cannot exceed basic loss per share
v3.22.1
Loss Per Share - Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Income (Loss) Per Common Shares (Details) - shares
shares in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Convertible Preferred Stock    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Common stock shares effect would be anti-dilutive 6,674 6,494
Unvested Restricted Share-Based Awards    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Common stock shares effect would be anti-dilutive 207 38
Unvested Performance Share-based Awards    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Common stock shares effect would be anti-dilutive 37 0
Stock Options    
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]    
Common stock shares effect would be anti-dilutive 166 57
v3.22.1
Common and Preferred Stock - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended
Aug. 05, 2020
Mar. 31, 2022
Mar. 31, 2021
Feb. 07, 2019
Class Of Stock [Line Items]        
Authorized repurchase of additional shares       500,000
Shares remain available for repurchase   546,283    
Convertible Preferred Stock        
Class Of Stock [Line Items]        
Preferred stock dividend rate percentage 5.50%      
Frequency of periodic payment of cumulative dividend quarterly      
Convertible preferred stock conversion price per share $ 21.25      
Dividends paid in cash   $ 2.0    
Redemption value of the preferred stock   $ 141.8 $ 139.9  
Crestview Partners | Convertible Preferred Stock        
Class Of Stock [Line Items]        
Convertible Preferred Stock, Shares Issued upon Conversion 135,000      
Preferred Stock, Par value $ 0.01      
Purchase price $ 135.0      
Shares issued, price per share $ 1,000      
Effect on future earnings offset amount $ 135.0      
Capital raising expense $ 9.2      
v3.22.1
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance $ 91,838 $ 174,099
Ending Balance 66,920 139,759
Cumulative Foreign Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance (16,162) (16,686)
Other comprehensive income loss before reclassifications 3,412 3,977
Net other comprehensive income 3,412 3,977
Ending Balance (12,750) (12,709)
Unrecognized Net Actuarial Loss and Prior Service Credit, Net    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance (11,267) (13,955)
Amounts reclassified from AOCI, net of tax 407 121
Net other comprehensive income 407 121
Ending Balance (10,860) (13,834)
Accumulated Other Comprehensive Income (Loss)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance (27,429) (30,641)
Other comprehensive income loss before reclassifications 3,412 3,977
Amounts reclassified from AOCI, net of tax 407 121
Net other comprehensive income 3,819 4,098
Ending Balance $ (23,610) $ (26,543)
v3.22.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Loss Carryforwards [Line Items]    
Effective income tax rate 7.80% 6.30%
Federal statutory tax rate 21.00% 21.00%
Paid cash for income taxes $ 1.4 $ 0.7
v3.22.1
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Pension Plans    
Net periodic benefit cost:    
Net periodic benefit cost $ 372 $ 238
Total expenses 372 238
Postretirement Benefit Plans    
Net periodic benefit cost:    
Net periodic benefit cost 109 123
Total expenses 109 123
Domestic Plans | Pension Plans    
Net periodic benefit cost:    
Service cost
Interest cost 125 114
Expected return on plan assets (2) (27)
Amortization of prior service credit
Recognized net actuarial (gain) loss 134 151
Net periodic benefit cost 257 238
Settlement cost 115
Total expenses 257 238
Domestic Plans | Postretirement Benefit Plans    
Net periodic benefit cost:    
Service cost 10 13
Interest cost 54 55
Expected return on plan assets
Amortization of prior service credit 22 (1)
Recognized net actuarial (gain) loss 23 56
Net periodic benefit cost 109 123
Settlement cost
Total expenses 109 123
Foreign Pension Plans    
Net periodic benefit cost:    
Service cost 85 113
Interest cost 88 76
Expected return on plan assets (125) (125)
Amortization of prior service credit
Recognized net actuarial (gain) loss 35 49
Net periodic benefit cost 83 113
Settlement cost 533
Total expenses 83 113
Foreign Pension Plans | Pension Plans    
Net periodic benefit cost:    
Net periodic benefit cost 616 113
Total expenses $ 616 $ 113
v3.22.1
Pension and Postretirement Benefits - Narrative (Details)
$ in Millions
3 Months Ended
Mar. 31, 2022
USD ($)
Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in postretirement benefit plans $ 0.8
Pension and Other Postretirement Benefit Contributions 0.2
Funded Plans | Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in funded pension plans 0.9
Pension Contributions 0.2
Unfunded Pension Plans | Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in unfunded pension plans 0.9
Pension Contributions $ 0.2
v3.22.1
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Restructuring Cost And Reserve [Line Items]    
Beginning balance $ 3,435  
Restructuring charges 654 $ 2,826
Cash payments (564)  
Non-cash items [1] (355)  
Adjustment to liability 38  
Ending balance 3,208  
GES | Severance & Employee Benefits    
Restructuring Cost And Reserve [Line Items]    
Beginning balance 1,976  
Restructuring charges 229  
Cash payments (82)  
Non-cash items [1] (355)  
Adjustment to liability (2)  
Ending balance 1,766  
GES | Facilities    
Restructuring Cost And Reserve [Line Items]    
Beginning balance 1,433  
Restructuring charges 425  
Cash payments (429)  
Adjustment to liability 1  
Ending balance 1,430  
Other Restructuring | Severance & Employee Benefits    
Restructuring Cost And Reserve [Line Items]    
Beginning balance 26  
Cash payments (53)  
Adjustment to liability 39  
Ending balance $ 12  
[1] Represents non-cash adjustments related to a write-down of certain ROU assets as a result of vacating certain facilities prior to the lease term during the three months ended March 31, 2022.
v3.22.1
Restructuring Charges - Narrative (Details)
$ in Millions
Mar. 31, 2022
USD ($)
Restructuring and Related Activities [Abstract]  
Payments of liabilities related to severance and employee benefits $ 1.5
v3.22.1
Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Lessee Lease Description [Line Items]    
Operating lease assets $ 104,057 $ 95,915
Finance lease assets 63,696 61,022
Total lease assets 167,753 156,937
Operating lease obligations 13,602 12,451
Finance lease obligations 2,902  
Operating lease obligations 101,325 93,406
Finance lease obligations 63,512  
Total lease liabilities 181,341 169,258
Operating Lease Right-of-Use Assets    
Lessee Lease Description [Line Items]    
Operating lease assets 104,057 95,915
Property and Equipment, Net    
Lessee Lease Description [Line Items]    
Finance lease assets 63,696 61,022
Operating Lease Obligations    
Lessee Lease Description [Line Items]    
Operating lease obligations 13,602 12,451
Current Portion of Debt and Finance Lease Obligations    
Lessee Lease Description [Line Items]    
Finance lease obligations 2,902 2,928
Long-Term Operating Lease Obligations    
Lessee Lease Description [Line Items]    
Operating lease obligations 101,325 93,406
Long-Term Debt and Finance Lease Obligations    
Lessee Lease Description [Line Items]    
Finance lease obligations $ 63,512 $ 60,473
v3.22.1
Leases and Other - Components of Least Expenses (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Finance lease cost:    
Amortization of ROU assets $ 1,051 $ 1,070
Interest on lease liabilities 1,435 1,315
Operating lease cost 5,822 6,270
Short-term lease cost 364 261
Variable lease cost 1,014 942
Total lease cost, net $ 9,686 $ 9,858
v3.22.1
Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:      
Operating cash flows from operating leases $ 5,798 $ 6,153  
Operating cash flows from finance leases 1,467 274  
Financing cash flows from finance leases 724 710  
ROU assets obtained in exchange for lease obligations:      
Operating leases 5,560 6,299  
Finance leases $ 3,107 $ 42,907  
Weighted-average remaining lease term (years):      
Operating leases 8 years 7 months 13 days   8 years 6 months 14 days
Finance leases 34 years 1 month 9 days   34 years 11 months 12 days
Weighted-average discount rate:      
Operating leases 6.97%   6.86%
Finance leases 9.08%   9.06%
v3.22.1
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
Mar. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Remainder of 2022 $ 16,842  
2023 20,952  
2024 19,060  
2025 17,697  
2026 17,319  
Thereafter 68,801  
Total future lease payments 160,671  
Less: Amount representing interest (45,744)  
Present value of minimum lease payments 114,927  
Current portion 13,602 $ 12,451
Long-term operating lease obligations 101,325 93,406
Remainder of 2022 6,700  
2023 8,383  
2024 7,299  
2025 6,620  
2026 6,411  
Thereafter 187,778  
Total future lease payments 223,191  
Less: Amount representing interest (156,777)  
Present value of minimum lease payments 66,414 63,401
Current portion 2,902  
Long-term portion 63,512  
Remainder of 2022 23,542  
2023 29,335  
2024 26,359  
2025 24,317  
2026 23,730  
Thereafter 256,579  
Total future lease payments 383,862  
Less: Amount representing interest (202,521)  
Total operating and finance lease liablities 181,341 $ 169,258
Current portion 16,504  
Long-term portion $ 164,837  
v3.22.1
Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details)
$ in Thousands
Mar. 31, 2022
USD ($)
Leases [Abstract]  
Remainder of 2022 $ 1,056
2023 1,162
2024 941
2025 784
2026 625
Thereafter 920
Total minimum rents $ 5,488
v3.22.1
Leases and Other - Narrative (Details) - New flyover Attraction [Member]
3 Months Ended
Mar. 31, 2022
Lessee Lease Description [Line Items]  
Operating lease not yet commenced, description As of March 31, 2022, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on our Condensed Consolidated Balance Sheets. This lease is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date to begin in fiscal year 2022 with a lease term of 20 years.
Operating lease not yet commenced, term of contract 20 years
v3.22.1
Litigation, Claims, Contingencies and Other - Narrative (Details)
3 Months Ended
Mar. 31, 2022
USD ($)
Agreement
Mar. 31, 2021
USD ($)
Loss Contingencies [Line Items]    
Environmental remediation liability $ 2,200,000  
Maximum potential amount of future payments $ 99,800,000  
Guarantees relate to facilities and equipment leased by the company 2040-01  
Recourse provision to recover guarantees $ 0  
Bargaining agreements | Agreement 100  
Self insurance reserve $ 10,200,000  
Workers' compensation liability 6,200,000  
Self insurance reserve for general and auto 4,000,000.0  
Self insurance reserve on discontinued operations 1,800,000  
Estimated employee health benefit claims incurred but not yet reported 1,200,000  
Payments for self insurance 1,600,000 $ 200,000
Other Employee-related Liabilities 100,000  
Self insurance reserve in which company is the primary obligor 6,800,000  
Self insurance reserve in which company is the primary obligor for workers compensation 6,700,000  
Minimum [Member]    
Loss Contingencies [Line Items]    
General range on claims 200,000  
Maximum    
Loss Contingencies [Line Items]    
General range on claims $ 500,000  
v3.22.1
Redeemable Noncontrolling Interest - Narrative (Details) - EUR (€)
€ in Thousands
3 Months Ended
Mar. 31, 2022
Nov. 03, 2017
Redeemable Noncontrolling Interest [Line Items]    
Percentage of non equity ownership related redeemable noncontrolling interests 56.40%  
Esja Attractions ehf.    
Redeemable Noncontrolling Interest [Line Items]    
Percentage of controlling interest acquired   54.50%
Percentage of non equity ownership related redeemable noncontrolling interests 56.40%  
EBITDA trailing period 12 months  
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, which will be August 2022 (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”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire.  
Put option exercisable period 12 months  
Put option additional exercisable period upon not meeting of conditions 12 months  
Esja Attractions ehf. | FlyOver Iceland    
Redeemable Noncontrolling Interest [Line Items]    
Put option exercisable period 72 months  
Esja Attractions ehf. | FlyOver Iceland | Minimum    
Redeemable Noncontrolling Interest [Line Items]    
Unadjusted EBITDA € 3,250  
v3.22.1
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Noncontrolling Interest [Abstract]    
Beginning balance $ 5,444  
Net loss attributable to redeemable noncontrolling interest (138) $ (494)
Adjustment to the redemption value 351  
Foreign currency translation adjustment 49  
Ending balance $ 5,706  
v3.22.1
Redeemable Noncontrolling Interest - Summary of Changes in Non Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Minority Interest [Line Items]    
Beginning Balance $ 85,556  
Net loss attributable to non-redeemable noncontrolling interest (1,204) $ (1,445)
Acquisitions   6,759
Unrealized foreign currency translation adjustments 737 $ 750
Ending Balance 85,089  
Glacier Park Inc    
Minority Interest [Line Items]    
Beginning Balance 15,315  
Net loss attributable to non-redeemable noncontrolling interest (735)  
Unrealized foreign currency translation adjustments 3  
Ending Balance $ 14,583  
Equity ownership interest that we do not own 20.00%  
Brewster    
Minority Interest [Line Items]    
Beginning Balance [1] $ 58,601  
Net loss attributable to non-redeemable noncontrolling interest [1] (362)  
Unrealized foreign currency translation adjustments [1] 614  
Ending Balance [1] $ 58,853  
Equity ownership interest that we do not own [1] 40.00%  
Sky Lagoon    
Minority Interest [Line Items]    
Beginning Balance $ 11,640  
Net loss attributable to non-redeemable noncontrolling interest (107)  
Unrealized foreign currency translation adjustments 120  
Ending Balance $ 11,653  
Equity ownership interest that we do not own 49.00%  
[1] Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.22.1
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Reportable segments reconciliations:    
Total revenue $ 177,360 $ 28,935
Interest expense, net (5,877) (5,085)
Corporate activities 2,673 2,005
Other expense, net (638) (360)
Depreciation and amortization (13,279) (13,177)
Restructuring charges (654) (2,826)
Loss from continuing operations before income taxes (33,200) (48,484)
GES    
Reportable segments reconciliations:    
Total revenue 153,576 19,145
Pursuit    
Reportable segments reconciliations:    
Total revenue 23,784 9,790
Operating Segments    
Reportable segments reconciliations:    
Segment operating loss (22,792) (38,225)
Operating Segments | GES    
Reportable segments reconciliations:    
Segment operating loss (1,594) (19,904)
Operating Segments | Pursuit    
Reportable segments reconciliations:    
Total revenue 23,784 9,790
Segment operating loss (21,198) (18,321)
Restructuring charges 0 (23)
Operating Segments | Spiro    
Reportable segments reconciliations:    
Total revenue 42,816 12,059
Segment operating loss (239) (7,169)
Restructuring charges (418) (50)
Operating Segments | GES-Exhibitions    
Reportable segments reconciliations:    
Total revenue 111,831 7,152
Segment operating loss (1,355) (12,735)
Restructuring charges (236) (2,733)
Impairment charges (583) 0
Operating Segments | GES intersegment eliminations [Member]    
Reportable segments reconciliations:    
Total revenue (1,071) (66)
Corporate Eliminations    
Reportable segments reconciliations:    
Segment operating loss [1] 17 17
Corporate    
Reportable segments reconciliations:    
Corporate activities (2,673) (2,005)
Restructuring charges $ 0 $ (20)
[1] Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola.
v3.22.1
Segment Information - Reconciliation of Assets from Reportable Segments (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Segment Reporting Information [Line Items]    
Depreciation $ 11,006 $ 10,902
Amortization 2,273 2,275
Capital expenditures 12,570 9,371
Pursuit    
Segment Reporting Information [Line Items]    
Depreciation 7,782 6,457
Amortization 1,179 1,030
Capital expenditures 11,491 9,223
Spiro    
Segment Reporting Information [Line Items]    
Depreciation 929 1,497
Amortization 52 130
Capital expenditures 144 148
GES-Exhibitions    
Segment Reporting Information [Line Items]    
Depreciation 2,291 2,936
Amortization 1,042 1,115
Capital expenditures 865 0
Corporate And Other    
Segment Reporting Information [Line Items]    
Capital expenditures 70 0
Corporate    
Segment Reporting Information [Line Items]    
Depreciation $ 4 $ 12
v3.22.1
Subsequent Events - Additional Information (Details) - Subsequent Event
$ in Millions
Apr. 06, 2022
USD ($)
Subsequent Event [Line Items]  
Proceeds from revolving credit facility $ 15.0
Glacier Raft [Member]  
Subsequent Event [Line Items]  
Business acquisition cost 26.5
Business acquisition consideration paid in cash $ 11.5
Description of additional assets acquired entity Glacier Raft Company owns 13 log cabins, a lodge, and a wedding venue located on 50 acres with views into Glacier National Park.