VIAD CORP, 10-Q filed on 8/4/2023
Quarterly Report
v3.23.2
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2023
Aug. 02, 2023
Document Information [Line Items]    
Entity Registrant Name Viad Corp  
Entity Central Index Key 0000884219  
Document Type 10-Q  
Document Period End Date Jun. 30, 2023  
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Entity Incorporation, State or Country Code DE  
Trading Symbol VVI  
Title of 12(b) Security Common Stock, $1.50 Par Value  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity File Number 001-11015  
Entity Tax Identification Number 36-1169950  
Entity Address, Address Line One 7000 East 1st Avenue  
Entity Address, City or Town Scottsdale  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85251-4304  
City Area Code 602  
Local Phone Number 207-1000  
Entity Common Stock, Shares Outstanding   20,879,009
Document Quarterly Report true  
Document Transition Report false  
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 53,179 $ 59,719
Accounts receivable, net of allowances for doubtful accounts of $3,097 and $2,174, respectively 146,157 122,373
Inventories 15,844 10,785
Current contract costs 18,313 14,331
Prepaid insurance 8,641 13,370
Other current assets 27,058 18,977
Total current assets 269,192 239,555
Property and equipment, net 567,117 549,578
Other investments and assets 19,321 17,457
Operating lease right-of-use assets 112,263 102,777
Deferred income taxes 2,718 565
Goodwill 123,899 121,429
Other intangible assets, net 58,257 58,985
Total Assets 1,152,767 1,090,346
Current liabilities    
Accounts payable 106,059 73,020
Contract liabilities 67,020 43,950
Accrued compensation 22,750 25,839
Operating lease obligations 15,087 13,463
Other current liabilities 37,788 41,653
Current portion of debt and finance lease obligations 8,382 13,192
Total current liabilities 257,086 211,117
Long-term debt and finance obligations 459,482 456,752
Pension and postretirement benefits 16,399 16,769
Long-term operating lease obligations 109,143 101,297
Other deferred items and liabilities 73,363 70,024
Total liabilities 915,473 855,959
Commitments and contingencies
Redeemable noncontrolling interest 4,727 4,956
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 569,733 570,271
Accumulated deficit (348,109) (334,301)
Accumulated other comprehensive loss (38,770) (47,185)
Common stock in treasury, at cost, 4,068,448 and 4,216,044 shares, respectively (203,769) (211,657)
Total Viad stockholders’ equity 16,487 14,530
Non-redeemable noncontrolling interest 83,489 82,310
Total stockholders’ equity 99,976 96,840
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity 1,152,767 1,090,346
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
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Allowance for doubtful accounts $ 3,097 $ 2,174
Common stock, par value $ 1.5 $ 1.5
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 Common Shares 4,068,448 4,216,044
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
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue:        
Total revenue $ 320,311 $ 319,203 $ 581,102 $ 496,563
Costs and expenses:        
Corporate activities 3,511 3,440 6,676 6,113
ON Services sale purchase price adjustment 204 0 204 0
Interest expense, net 12,356 7,761 24,605 13,638
Other expense, net 448 612 979 1,250
Restructuring charges 192 1,426 645 2,080
Impairment charges 0 0 0 583
Total costs and expenses 303,562 295,734 586,263 506,294
Loss from continuing operations before income taxes 16,749 23,469 (5,161) (9,731)
Income tax expenses 5,028 3,359 4,450 777
Income (loss) from continuing operations 11,721 20,110 (9,611) (10,508)
Income (loss) from discontinued operations (143) 52 (201) 327
Net loss 11,578 20,162 (9,812) (10,181)
Net (income) loss attributable to non-redeemable noncontrolling interest (903) (451) (505) 753
Net loss attributable to redeemable noncontrolling interest 286 128 409 266
Net loss attributable to Viad $ 10,961 $ 19,839 $ (9,908) $ (9,162)
Diluted income (loss) per common share:        
Continuing operations attributable to Viad common stockholders $ 0.34 $ 0.64 $ (0.65) $ (0.69)
Discontinued operations attributable to Viad common stockholders (0.01) 0 (0.01) 0.02
Net loss attributable to Viad common stockholders [1] $ 0.33 $ 0.64 $ (0.66) $ (0.67)
Weighted-average outstanding and potentially dilutive common shares 20,975 20,731 20,796 20,544
Basic income (loss) per common share:        
Continuing operations attributable to Viad common stockholders $ 0.34 $ 0.64 $ (0.65) $ (0.69)
Discontinued operations attributable to Viad common stockholders (0.01) 0 (0.01) 0.02
Net loss attributable to Viad common stockholders $ 0.33 $ 0.64 $ (0.66) $ (0.67)
Weighted-average outstanding common shares 20,840 20,571 20,796 20,544
Amounts attributable to Viad        
Loss from continuing operations $ 11,104 $ 19,787 $ (9,707) $ (9,489)
Income (loss) from discontinued operations (143) 52 (201) 327
Net loss 10,961 19,839 (9,908) (9,162)
Services        
Revenue:        
Total revenue 262,339 254,132 480,479 405,269
Costs and expenses:        
Costs and expenses 232,412 223,177 458,615 395,131
Products        
Revenue:        
Total revenue 57,972 65,071 100,623 91,294
Costs and expenses:        
Costs and expenses $ 54,439 $ 59,318 $ 94,539 $ 87,499
[1] Diluted loss per share amount cannot exceed basic loss per share.
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net loss $ 11,578 $ 20,162 $ (9,812) $ (10,181)
Other comprehensive income (loss):        
Unrealized foreign currency translation adjustments 6,755 (11,543) 7,950 (8,131)
Change in fair value of interest rate cap 1,238 0 438 0
Change in net actuarial loss, net of tax [1] 33 59 (12) 466
Change in prior service cost, net of tax [1] 4 0 39 0
Comprehensive loss 19,608 8,678 (1,397) (17,846)
Non-redeemable noncontrolling interest:        
Net (income) loss attributable to non-redeemable noncontrolling interest (903) (451) (505) 753
Unrealized foreign currency translation adjustments 1,235 (2,014) 1,800 (1,277)
Comprehensive loss attributable to redeemable noncontrolling interest 286 128 409 266
Comprehensive loss attributable to Viad $ 20,226 $ 6,341 $ 307 $ (18,104)
[1] The tax effect on other comprehensive income (loss) is not significant
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Common Stock inTreasury
Total Viad Equity
Non-Redeemable Non-Controlling Interest
Mezzanine Equity Redeemable Non-Controlling Interest
Convertible Series A Preferred Stock
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       407   407      
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
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]                    
Amortization of net actuarial loss, net of tax [1] 466                  
Amortization of prior service cost, net of tax [1] 0                  
Ending Balance at Jun. 30, 2022 75,365 37,402 570,496 (362,782) (35,094) (217,613) (7,591) 82,956 5,823 132,591
Beginning 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
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) 20,290     19,839     19,839 451 (128)  
Dividends on convertible preferred stock (1,950)     (1,950)     (1,950)      
Distributions to non-controlling interests (570)             (570)    
Payment of payroll taxes on stock-based compensation through shares withheld (5)         (5) (5)      
Employee benefit plans 833   (648)     1,481 833      
Share-based compensation - equity awards 3,370   3,370       3,370      
Unrealized foreign currency translation adjustment (13,557)       (11,543)   (11,543) (2,014) (167)  
Amortization of net actuarial loss, net of tax 59 [1]       59   59      
Amortization of prior service cost, net of tax [1] 0                  
Other, net (25)   (25)       (25)   412  
Ending Balance at Jun. 30, 2022 75,365 37,402 570,496 (362,782) (35,094) (217,613) (7,591) 82,956 5,823 132,591
Beginning Balance at Dec. 31, 2022 96,840 37,402 570,271 (334,301) (47,185) (211,657) 14,530 82,310 4,956 132,591
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) (21,267)     (20,869)     (20,869) (398) (123)  
Dividends on convertible preferred stock (1,950)     (1,950)     (1,950)      
Change in fair value of interest rate cap (800)       (800)   (800)      
Payment of payroll taxes on stock-based compensation through shares withheld (204)         (204) (204)      
Employee benefit plans 791   (4,677)     5,468 791      
Share-based compensation - equity awards 3,064   3,064       3,064      
Unrealized foreign currency translation adjustment 1,760       1,195   1,195 565 142  
Amortization of net actuarial loss, net of tax (45)       (45)   (45)      
Amortization of prior service cost, net of tax 35       35   35      
Other, net 5   3     2 5      
Ending Balance at Mar. 31, 2023 78,229 37,402 568,661 (357,120) (46,800) (206,391) (4,248) 82,477 4,975 132,591
Beginning Balance at Dec. 31, 2022 96,840 37,402 570,271 (334,301) (47,185) (211,657) 14,530 82,310 4,956 132,591
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Distributions to non-controlling interests (1,126)                  
Amortization of net actuarial loss, net of tax [1] (12)                  
Amortization of prior service cost, net of tax [1] 39                  
Ending Balance at Jun. 30, 2023 99,976 37,402 569,733 (348,109) (38,770) (203,769) 16,487 83,489 4,727 132,591
Beginning Balance at Mar. 31, 2023 78,229 37,402 568,661 (357,120) (46,800) (206,391) (4,248) 82,477 4,975 132,591
Increase Decrease In Stockholders' Equity [Roll Forward]                    
Net Income (loss) 11,864     10,961     10,961 903 (286)  
Dividends on convertible preferred stock (1,950)     (1,950)     (1,950)      
Change in fair value of interest rate cap 1,238       1,238   1,238      
Distributions to non-controlling interests (1,126)             (1,126)    
Payment of payroll taxes on stock-based compensation through shares withheld (4)         (4) (4)      
Employee benefit plans 855   (1,773)     2,628 855      
Share-based compensation - equity awards 2,830   2,830       2,830      
Unrealized foreign currency translation adjustment 7,990       6,755   6,755 1,235 38  
Amortization of net actuarial loss, net of tax 33 [1]       33   33      
Amortization of prior service cost, net of tax 4 [1]       4   4      
Other, net 13   15 0   (2) 13      
Ending Balance at Jun. 30, 2023 $ 99,976 $ 37,402 $ 569,733 $ (348,109) $ (38,770) $ (203,769) $ 16,487 $ 83,489 $ 4,727 $ 132,591
[1] The tax effect on other comprehensive income (loss) is not significant
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (9,812) $ (10,181)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 25,279 26,486
Deferred income taxes (961) (962)
(Income) loss from discontinued operations 201 (327)
Restructuring charges 645 2,080
Impairment charges 0 583
Gains on dispositions of property and other assets (73) (154)
Share-based compensation expense 5,912 5,469
Other non-cash items, net 2,496 5,384
Change in operating assets and liabilities:    
Receivables (22,832) (67,166)
Inventories (4,883) (6,461)
Current contract costs (3,595) (11,946)
Accounts payable 33,627 32,942
Restructuring liabilities (798) (1,894)
Accrued compensation (4,518) 12,586
Contract liabilities 22,165 27,167
Income taxes payable (6,322) (193)
Other assets and liabilities, net 2,269 30,605
Net cash provided by operating activities 38,800 44,018
Cash flows from investing activities    
Capital expenditures (32,193) (31,639)
Cash paid for acquisitions, net (41) (25,494)
Proceeds from dispositions of property and other assets 82 161
Net cash used in investing activities (32,152) (56,972)
Cash flows from financing activities    
Proceeds from borrowings 21,806 54,668
Payments on debt and finance lease obligations (27,157) (38,728)
Dividends paid on preferred stock (3,900) (3,900)
Distributions to noncontrolling interest, net of contributions from noncontrolling interest (1,126) (570)
Payments of debt issuance costs (226) (418)
Payment of payroll taxes on stock-based compensation through shares withheld or repurchased (505) (537)
Net cash (used in) provided by financing activities (11,108) 10,515
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 956 (1,924)
Net change in cash, cash equivalents, and restricted cash (3,504) (4,363)
Cash, cash equivalents, and restricted cash, beginning of year 64,564 64,303
Cash, cash equivalents, and restricted cash, end of period $ 61,060 $ 59,940
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure        
Net Income (Loss) $ 10,961 $ 19,839 $ (9,908) $ (9,162)
v3.23.2
Insider Trading Arrangements
 6 Months Ended
Jun. 30, 2023
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

During the three months ended June 30, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted true
Non-Rule 10b5-1 Arrangement Adopted true
Rule 10b5-1 Arrangement Terminated true
Non-Rule 10b5-1 Arrangement Terminated true
v3.23.2
Overview and Basis of Presentation
 6 Months Ended
Jun. 30, 2023
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, 2022, filed with the SEC on February 28, 2023 (“2022 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.

We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions. Spiro and GES Exhibitions 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 meetings and events, exhibition and program management, environments and permanent installations, brand and product activations, and marketing and measurement.

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 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 Recently Adopted

Accounting Standards Update (“ASU”) 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

 

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

ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations

 

Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations.

 

1/1/2023

 

We provide disclosure about supplier finance programs in Note 12 - Debt and Finance Obligations under the heading “Financing arrangements.” The required rollforward requirement is effective in the first quarter of 2024. The adoption of this new standard on January 1, 2023 did not otherwise have a material impact on our related disclosures.

 

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: 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. These estimates and assumptions may change as a result of the impact of global economic conditions, global inflationary pressures, and volatility in foreign exchange rates. 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. 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:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Cash and cash equivalents

 

$

53,179

 

 

$

59,719

 

Restricted cash included in other current assets

 

 

7,881

 

 

 

4,845

 

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

 

$

61,060

 

 

$

64,564

 

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, 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 23 – Noncontrolling Interests – 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. Dividends paid-in-kind increase the redemption value of the preferred stock. 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 have lease terms ranging up to 29 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 incremental borrowing

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.
v3.23.2
Revenue and Related Contract Costs and Contract Liabilities
 6 Months Ended
Jun. 30, 2023
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 customer deposits 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, 2022

 

$

44,757

 

Cash additions

 

 

94,495

 

Revenue recognized

 

 

(65,082

)

Foreign exchange translation adjustment

 

 

(6,376

)

Balance at June 30, 2023

 

$

67,794

 

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, 2022

 

$

16,568

 

Additions

 

 

30,443

 

Expenses

 

 

(26,216

)

Foreign exchange translation adjustment

 

 

312

 

Balance at June 30, 2023

 

$

21,107

 

As of June 30, 2023, capitalized contract costs consisted of $0.1 million to obtain contracts and $21.0 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs during the three and six months ended June 30, 2023 or 2022.

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

36,543

 

 

$

29,337

 

 

$

50,804

 

 

$

38,539

 

Rooms revenue

 

 

22,106

 

 

 

20,559

 

 

 

29,696

 

 

 

27,462

 

Transportation

 

 

3,689

 

 

 

3,755

 

 

 

5,634

 

 

 

4,934

 

Other

 

 

3,333

 

 

 

3,017

 

 

 

4,700

 

 

 

4,387

 

Total services revenue

 

 

65,671

 

 

 

56,668

 

 

 

90,834

 

 

 

75,322

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

13,628

 

 

 

12,171

 

 

 

19,503

 

 

 

16,264

 

Retail operations

 

 

9,175

 

 

 

8,760

 

 

 

10,800

 

 

 

9,797

 

Total products revenue

 

 

22,803

 

 

 

20,931

 

 

 

30,303

 

 

 

26,061

 

Total revenue

 

$

88,474

 

 

$

77,599

 

 

$

121,137

 

 

$

101,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

65,671

 

 

$

56,668

 

 

$

90,834

 

 

$

75,322

 

Products transferred at a point in time

 

 

22,803

 

 

 

20,931

 

 

 

30,303

 

 

 

26,061

 

Total revenue

 

$

88,474

 

 

$

77,599

 

 

$

121,137

 

 

$

101,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

$

46,905

 

 

$

38,962

 

 

$

64,519

 

 

$

53,292

 

Alaska Collection

 

 

12,701

 

 

 

13,319

 

 

 

13,154

 

 

 

13,816

 

Glacier Park Collection

 

 

13,730

 

 

 

13,581

 

 

 

15,185

 

 

 

14,590

 

FlyOver

 

 

7,020

 

 

 

5,870

 

 

 

12,875

 

 

 

10,009

 

Sky Lagoon

 

 

8,118

 

 

 

5,867

 

 

 

15,404

 

 

 

9,676

 

Total revenue

 

$

88,474

 

 

$

77,599

 

 

$

121,137

 

 

$

101,383

 

GES

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service lines:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

$

80,368

 

 

$

89,425

 

 

$

140,730

 

 

$

132,241

 

GES Exhibitions

 

 

154,534

 

 

 

154,600

 

 

 

324,031

 

 

 

266,431

 

Intersegment eliminations

 

 

(3,065

)

 

 

(2,421

)

 

 

(4,796

)

 

 

(3,492

)

Total revenue

 

$

231,837

 

 

$

241,604

 

 

$

459,965

 

 

$

395,180

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

196,668

 

 

$

197,464

 

 

$

389,645

 

 

$

329,947

 

Products transferred over time(1)

 

 

16,038

 

 

 

16,025

 

 

 

28,979

 

 

 

23,963

 

Products transferred at a point in time

 

 

19,131

 

 

 

28,115

 

 

 

41,341

 

 

 

41,270

 

Total revenue

 

$

231,837

 

 

$

241,604

 

 

$

459,965

 

 

$

395,180

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

177,408

 

 

$

189,670

 

 

$

358,247

 

 

$

318,697

 

EMEA

 

 

62,644

 

 

 

58,534

 

 

 

112,181

 

 

 

84,347

 

Intersegment eliminations

 

 

(8,215

)

 

 

(6,600

)

 

 

(10,463

)

 

 

(7,864

)

Total revenue

 

$

231,837

 

 

$

241,604

 

 

$

459,965

 

 

$

395,180

 

 

 

(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.
v3.23.2
Share-Based Compensation
 6 Months Ended
Jun. 30, 2023
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, as amended (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 reserved 1,750,000 shares of common stock for issuance under the 2017 Plan. On May 24, 2022, we amended and restated the 2017 Plan, which among other things, increased the number of shares reserved for issuance under the 2017 Plan by 840,000 shares, bringing the total number of reserved shares to 2,590,000. As of June 30, 2023, there were 880,838 shares available for future grant under the 2017 Plan.

The following table summarizes share-based compensation expense:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Performance-based restricted stock units

 

$

819

 

 

$

705

 

 

$

1,641

 

 

$

719

 

Restricted stock awards and restricted stock units

 

 

1,681

 

 

 

1,787

 

 

 

3,324

 

 

 

3,349

 

Stock options

 

 

347

 

 

 

811

 

 

 

947

 

 

 

1,401

 

Share-based compensation expense before income tax

 

 

2,847

 

 

 

3,303

 

 

 

5,912

 

 

 

5,469

 

Income tax benefit(1)

 

 

(44

)

 

 

(30

)

 

 

(66

)

 

 

(47

)

Share-based compensation expense, net of income tax

 

$

2,803

 

 

$

3,273

 

 

$

5,846

 

 

$

5,422

 
(1)
The 2023 and 2022 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.23.2
Acquisitions and Disposition
 6 Months Ended
Jun. 30, 2023
Business Combinations [Abstract]  
Acquisitions and Disposition

Note 4. Acquisition and Disposition

2022 Acquisition

Glacier Raft Company

On April 6, 2022, we acquired the Glacier Raft Company, which provides guided river rafting trips operating in Pursuit’s West Glacier, Montana operations. The Glacier Raft Company also owns 13 log cabins, a lodge, and a wedding venue located on 50 acres with views into Glacier National Park. The purchase price was $26.5 million in cash. This acquisition was funded via cash on hand of approximately $11.5 million and borrowings under our revolving credit facility of $15.0 million.

The following table summarizes the final allocation of the aggregate purchase price and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the first quarter of 2023, we made a purchase accounting measurement period adjustment of approximately $41,000 to working capital based on refinements to assumptions used in the preliminary valuation.

(in thousands)

 

 

 

Purchase price paid as:

 

 

 

Cash

 

$

26,507

 

Working capital adjustment

 

 

(920

)

Purchase price adjustment

 

 

125

 

Cash acquired

 

 

(177

)

Purchase price, net of cash acquired

 

 

25,535

 

 

 

 

 

Fair value of net assets acquired:

 

 

 

Inventory

 

 

370

 

Prepaid expenses and other

 

 

57

 

Property and equipment

 

 

6,487

 

Intangible assets

 

 

3,400

 

Total assets acquired

 

 

10,314

 

Customer deposits

 

 

1,575

 

Other current liabilities

 

 

32

 

Total liabilities assumed

 

 

1,607

 

Total fair value of net assets acquired

 

 

8,707

 

Excess purchase price over fair value of net assets acquired (“goodwill”)

 

$

16,828

 

Under the acquisition method of accounting, the purchase price as shown in the table above is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over the fair value of net assets acquired was recorded as “Goodwill.” Goodwill relating to the Glacier Raft Company acquisition 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 deductible for tax purposes. We included these assets in the Condensed Consolidated Balance Sheets from the date of acquisition.

Following are details of the purchase price allocated to the intangible assets acquired for the Glacier Raft Company:

(in thousands)

 

Amount

 

 

Weighted Average Life

Customer relationships

 

$

1,800

 

 

12 years

Operating licenses

 

 

1,300

 

 

17 years

Trade name

 

 

300

 

 

8 years

Total

 

$

3,400

 

 

14 years

The results of operations of the Glacier Raft Company have been included in the consolidated financial statements from the date of acquisition.

2022 Disposition

ON Services

On December 15, 2022, we completed the sale of substantially all of the assets of GES’ United States audio-visual production business, ON Services – AV Specialists, Inc. (“ON Services”), for approximately $30.0 million, subject to customary working capital adjustments. We recognized a gain on sale of $19.6 million. During the second quarter of 2023, we made a sale purchase price adjustment of approximately $0.2 million. ON Services had a net carrying value of $10.4 million, which included $4.9 million of net working capital and net non-current assets of $5.5 million. Working capital consisted primarily of accounts receivable of $8.2 million and other current assets of $0.7 million, offset in part by current liabilities of $4.0 million. Net non-current assets consisted primarily of property and equipment of $6.0 million, offset in part by other liabilities of $0.5 million. The staging business of ON Services was included in the Spiro reportable segment and the venue services business in the United States was included in the GES Exhibitions reportable segment.

The ON Services sale did not represent a strategic shift that has or will have a major effect on our operations and financial results, and therefore was not classified as a discontinued operation for any of the periods presented.
v3.23.2
Inventories
 6 Months Ended
Jun. 30, 2023
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:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Raw materials

 

$

1,153

 

 

$

1,403

 

Finished goods

 

 

14,691

 

 

 

9,382

 

Inventories

 

$

15,844

 

 

$

10,785

 
v3.23.2
Other Current Assets
 6 Months Ended
Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current Assets

Note 6. Other Current Assets

Other current assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Restricted cash

 

$

7,881

 

 

$

4,845

 

Prepaid software maintenance

 

 

5,848

 

 

 

4,650

 

Prepaid project deposit

 

 

3,699

 

 

 

3,615

 

Prepaid vendor payments

 

 

2,805

 

 

 

2,084

 

Income tax receivable

 

 

1,498

 

 

 

322

 

Prepaid taxes

 

 

1,036

 

 

 

142

 

Prepaid other

 

 

2,055

 

 

 

1,836

 

Other

 

 

2,236

 

 

 

1,483

 

Other current assets

 

$

27,058

 

 

$

18,977

 
v3.23.2
Property and Equipment
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment

Note 7. Property and Equipment, Net

Property and equipment consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Land and land interests

 

$

31,083

 

 

$

30,902

 

Buildings and leasehold improvements

 

 

434,398

 

 

 

409,852

 

Equipment and other

 

 

429,987

 

 

 

413,485

 

Gross property and equipment

 

 

895,468

 

 

 

854,239

 

Accumulated depreciation

 

 

(386,083

)

 

 

(362,195

)

Property and equipment, net (excluding finance leases)

 

 

509,385

 

 

 

492,044

 

Finance lease ROU assets, net

 

 

57,732

 

 

 

57,534

 

Property and equipment, net

 

$

567,117

 

 

$

549,578

 

 

Depreciation expense was $10.5 million during the three months ended June 30, 2023 and $20.9 million during the six months ended June 30, 2023. Depreciation expense was $10.8 million during the three months ended June 30, 2022 and $21.8 million during the six months ended June 30, 2022.

Property and equipment purchased through accounts payable and accrued liabilities decreased $1.3 million during the six months ended June 30, 2023 and decreased $0.4 million during the six months ended June 30, 2022. Capitalized interest was $0.5 million during the three months ended June 30, 2023 and $0.7 million during the six months ended June 30, 2023. Capitalized interest was $0.7 million during the three months ended June 30, 2022 and $2.6 million during the six months ended June 30, 2022, which was primarily related to the development of Pursuit’s FlyOver attractions.

v3.23.2
Other Investments and Assets
 6 Months Ended
Jun. 30, 2023
Investments, All Other Investments [Abstract]  
Other Investments and Assets

Note 8. Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Self-insured liability receivable

 

$

8,211

 

 

$

8,211

 

Other mutual funds

 

 

4,049

 

 

 

3,490

 

Contract costs

 

 

2,794

 

 

 

2,237

 

Other

 

 

4,267

 

 

 

3,519

 

Other investments and assets

 

$

19,321

 

 

$

17,457

 
v3.23.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2023
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)

 

 

 

Balance at December 31, 2022

 

$

121,429

 

Foreign currency translation adjustments

 

 

2,429

 

Other(1)

 

 

41

 

Balance at June 30, 2023

 

$

123,899

 

 

(1)
Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition. Refer to Note 4 – Acquisition and Disposition for additional information.

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:

 

 

 

 

 

June 30, 2023

 

 

December 31, 2022

 

(in thousands)

 

Useful Life
(Years)

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

7.6

 

$

34,701

 

 

$

(28,798

)

 

$

5,903

 

 

$

37,194

 

 

$

(30,109

)

 

$

7,085

 

Operating contracts and licenses

 

33.8

 

 

40,285

 

 

 

(4,145

)

 

 

36,140

 

 

 

38,993

 

 

 

(3,504

)

 

 

35,489

 

In-place lease

 

33.3

 

 

14,755

 

 

 

(1,618

)

 

 

13,137

 

 

 

14,420

 

 

 

(1,404

)

 

 

13,016

 

Tradenames

 

3.6

 

 

5,667

 

 

 

(3,760

)

 

 

1,907

 

 

 

5,546

 

 

 

(3,324

)

 

 

2,222

 

Other

 

4.7

 

 

787

 

 

 

(186

)

 

 

601

 

 

 

770

 

 

 

(163

)

 

 

607

 

Total amortized intangible assets

 

 

 

 

96,195

 

 

 

(38,507

)

 

 

57,688

 

 

 

96,923

 

 

 

(38,504

)

 

 

58,419

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

569

 

 

 

—

 

 

 

569

 

 

 

566

 

 

 

—

 

 

 

566

 

Other intangible assets, net

 

 

 

$

96,764

 

 

$

(38,507

)

 

$

58,257

 

 

$

97,489

 

 

$

(38,504

)

 

$

58,985

 

 

 

Intangible asset amortization expense (excluding amortization expense of ROU assets) was $1.2 million during the three months ended June 30, 2023 and $2.3 million during the six months ended June 30, 2023. Intangible asset amortization expense was $1.4 million during the three months ended June 30, 2022 and $2.6 million during the six months ended June 30, 2022.

At June 30, 2023, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

 

(in thousands)

 

 

 

Year ending December 31,

 

 

 

Remainder of 2023

 

$

2,276

 

2024

 

 

3,679

 

2025

 

 

2,378

 

2026

 

 

2,344

 

2027

 

 

1,938

 

Thereafter

 

 

45,073

 

Total

 

$

57,688

 
v3.23.2
Other Current Liabilities
 6 Months Ended
Jun. 30, 2023
Other Liabilities, Current [Abstract]  
Other Current Liabilities

Note 10. Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Continuing operations:

 

 

 

 

 

 

Accrued sales and use taxes and personal property taxes

 

$

7,901

 

 

$

4,082

 

Commissions payable

 

 

4,978

 

 

 

5,059

 

Accrued employee benefit costs

 

 

4,779

 

 

 

4,920

 

Self-insured liability

 

 

4,572

 

 

 

4,909

 

Accrued concession fees

 

 

3,609

 

 

 

4,297

 

Foreign income taxes payable

 

 

2,143

 

 

 

8,354

 

Accommodation service deposits

 

 

1,502

 

 

 

2,208

 

Current portion of pension and postretirement liabilities

 

 

1,258

 

 

 

1,426

 

Accrued professional fees

 

 

1,201

 

 

 

898

 

Other

 

 

5,633

 

 

 

4,958

 

Total continuing operations

 

 

37,576

 

 

 

41,111

 

Discontinued operations:

 

 

 

 

 

 

Self-insured liability

 

 

149

 

 

 

458

 

Environmental remediation liabilities

 

 

25

 

 

 

46

 

Other

 

 

38

 

 

 

38

 

Total discontinued operations

 

 

212

 

 

 

542

 

Total other current liabilities

 

$

37,788

 

 

$

41,653

 
v3.23.2
Other Deferred Items and Liabilities
 6 Months Ended
Jun. 30, 2023
Other Liabilities Disclosure [Abstract]  
Other Deferred Items and Liabilities

Note 11. Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Continuing operations:

 

 

 

 

 

 

Foreign deferred tax liability

 

$

29,526

 

 

$

27,564

 

Multi-employer pension plan withdrawal liability

 

 

13,582

 

 

 

13,815

 

Self-insured excess liability

 

 

8,211

 

 

 

8,211

 

Self-insured liability

 

 

6,445

 

 

 

5,028

 

Accrued compensation

 

 

5,235

 

 

 

4,977

 

Accrued restructuring

 

 

2,985

 

 

 

3,245

 

Other

 

 

3,032

 

 

 

3,071

 

Total continuing operations

 

 

69,016

 

 

 

65,911

 

Discontinued operations:

 

 

 

 

 

 

Environmental remediation liabilities

 

 

2,165

 

 

 

2,177

 

Self-insured liability

 

 

1,877

 

 

 

1,631

 

Other

 

 

305

 

 

 

305

 

Total discontinued operations

 

 

4,347

 

 

 

4,113

 

Total other deferred items and liabilities

 

$

73,363

 

 

$

70,024

 
v3.23.2
Debt and Finance Lease Obligations
 6 Months Ended
Jun. 30, 2023
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:

 

 

 

June 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2023

 

 

2022

 

2021 Credit Facility - Term Loan B, 10.2% interest rate at June 30, 2023 and 9.4% at December 31, 2022, due through 2028(1)

 

$

393,000

 

 

$

395,000

 

Jasper Term Loan, 6.5% interest rate at June 30, 2023, due through 2028(1)

 

 

12,655

 

 

 

—

 

Jasper Revolving Credit Facility, 9.2% weighted-average interest rate at June 30, 2023, due through 2028(1)

 

 

3,020

 

 

 

—

 

Forest Park Hotel Construction Loan, 8.8% interest rate at December 31, 2022(1)

 

 

—

 

 

 

11,491

 

FlyOver Iceland Credit Facility, 8.4% interest rate at June 30, 2023 and 6.9% at December 31, 2022, due through 2027(1)

 

 

4,528

 

 

 

4,965

 

FlyOver Iceland Term Loans, 13.1% weighted-average interest rate at June 30, 2023 and 10.1% at December 31, 2022, due through 2024(1)

 

 

535

 

 

 

594

 

Less unamortized debt issuance costs

 

 

(10,012

)

 

 

(11,848

)

Total debt

 

 

403,726

 

 

 

400,202

 

Finance lease obligations, 9.1% weighted-average interest rate at June 30, 2023 and December 31, 2022, due through 2067

 

 

63,961

 

 

 

64,729

 

Financing arrangements

 

 

177

 

 

 

5,013

 

Total debt and finance obligations (2)(3)

 

 

467,864

 

 

 

469,944

 

Current portion

 

 

(8,382

)

 

 

(13,192

)

Long-term debt and finance obligations

 

$

459,482

 

 

$

456,752

 
(1)
Represents the weighted-average interest rate in effect as of the end of 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 $320.8 million as of June 30, 2023 and $301.8 million as of December 31, 2022. 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 14 – Fair Value Measurements for additional information.
(3)
Cash paid for interest on debt was $23.4 million during the six months ended June 30, 2023 and $14.6 million during the six months ended June 30, 2022.

2021 Credit Facility

Effective July 30, 2021, we entered into a $500 million credit facility (the “2021 Credit Facility”). The 2021 Credit Facility provides for a $400 million term loan (“Term Loan B”) and a $100 million revolving credit facility (“Revolving Credit Facility”). The proceeds of

the Term Loan B, net of $14.8 million in related fees, were used to repay the $327 million outstanding balance under our then $450 million revolving credit facility and to provide for financial flexibility to fund future acquisitions and growth initiatives and for general corporate purposes.

LIBOR Transition Amendment

On February 6, 2023, we entered into the LIBOR Transition Amendment to the 2021 Credit Facility to replace the London Interbank Offered Rate (“LIBOR”) with the Secured Overnight Financing Rate (“SOFR”). In accordance with the LIBOR replacement provisions outlined in the 2021 Credit Facility, additional credit spread adjustments apply to SOFR ranging from 0.11448% (for a one-month duration) up to 0.71513% (for a 12-month duration).

Term Loan B

The Term Loan B has a maturity date of July 30, 2028 and is subject to quarterly amortization of principal of $1.0 million. Interest rates are based on SOFR (plus additional credit spread adjustments as detailed above under “LIBOR Transition Amendment”) plus a 5.00% credit spread, with a SOFR floor of 0.50%. The Term Loan B carries no financial covenants.

As discussed in Note 13 – Derivative, we entered into an interest rate cap agreement that manages our exposure to interest rate increases on $300 million of borrowings under the Term Loan B and provides us with the right to receive payment if the one-month SOFR exceeds 5.0% (“strike rate”).

Revolving Credit Facility

The Revolving Credit Facility has a maturity date of July 30, 2026. As of June 30, 2023, capacity remaining under the Revolving Credit Facility was $95.0 million, reflecting $100.0 million total facility size, less $5.0 million in outstanding letters of credit.

In addition to borrowing based on one, three, six, or twelve month SOFR tenors (plus additional credit spread adjustments as detailed above under “LIBOR Transition Amendment”), we also have the option to borrow based on the “Base Rate”, which for any day is a fluctuating rate equal to the highest of the Fed Funds Rate plus 0.50%, Bank of America’s publicly announced “prime rate”, and SOFR plus 1.00%. Credit spreads for SOFR and Base Rate borrowings are based on Viad’s total net leverage ratio and range from 2.50% to 3.50% for SOFR borrowings and from 1.50% to 3.50% for Base Rate borrowings. Additionally, a 1.00% floor applies to the Bate Rate.

The Revolving Credit Facility includes an undrawn fee ranging from 0.30% to 0.50% that is based on Viad’s total net leverage ratio.

The Revolving Credit Facility carries financial covenants. On March 23, 2022, we entered into the First Amendment to the 2021 Credit Facility and on March 28, 2023, we entered into the Second Amendment to the 2021 Credit Facility. The amendments modified the financial covenants to the following:

•
Maintain a total net leverage ratio of not greater than 4.00 to 1.00 at June 30, 2023 and thereafter; and
•
Maintain an interest coverage ratio of not less than 2.00 to 1.00.

As of June 30, 2023, our total net leverage ratio was 2.91 to 1.00, the interest coverage ratio was 3.02 to 1.00, and we were in compliance with all covenants under the Revolving Credit Facility.

In addition to U.S. dollar borrowings, we may borrow funds on the Revolving Credit Facility in Canadian Dollars based on the Canadian Dollar Offered Rate, Pound Sterling based on the Sterling Overnight Index Average, and Euros based on the Euro Interbank Offered Rate, plus applicable credit spreads. No such borrowings had been made as of June 30, 2023.

Forest Park Hotel Construction Loan Facility

Effective May 17, 2022, Pursuit, through a 60% owned subsidiary, entered into a construction loan facility for borrowings up to $17.0 million Canadian dollars (approximately $13.3 million U.S. dollars) for the development and construction of the Forest Park Hotel in Jasper National Park. Construction of the hotel was completed in August 2022. During January 2023, we completed our final borrowing under the construction loan facility bringing the total amount borrowed to approximately $16.8 million Canadian dollars.

The construction loan facility required interest only payments at Canada Prime plus 2.35% through January 31, 2023, at which time it was converted to a 6.5% fixed rate term loan. On May 16, 2023, Pursuit entered into an amendment to the Forest Park Hotel Construction Loan Facility wherein the loan was converted into a $27.0 million Canadian dollars (approximately $20.0 million U.S. dollars) credit facility (the “Jasper Credit Facility”). See below for additional details.

Jasper Credit Facility

The Jasper Credit Facility provides for a $17.0 million Canadian dollars term loan (“Jasper Term Loan”) and a $10.0 million Canadian dollars revolving credit facility (“Jasper Revolving Credit Facility”). The Jasper Credit Facility matures on January 31, 2028.

The Jasper Revolving Credit Facility carries financial covenants as follows:

•
Maintain a pre-compensation fixed-charge coverage ratio of not less than 1.30 to 1.00 during all periods; and
•
Maintain a post-compensation fixed-charge coverage ratio of not less than 1.10 to 1.00 during all periods.

As of June 30, 2023, the pre-compensation and post-compensation fixed-charge coverage ratio was 1.94 to 1.00, and Pursuit was in compliance with all covenants under the Jasper Credit Facility.

Jasper Term Loan

The proceeds of the Jasper Term Loan reflect the outstanding balance of the Forest Park Construction Loan Facility at the time it was converted to the Jasper Term Loan of $16.8 million Canadian dollars. The Jasper Term Loan bears interest at a 6.5% fixed rate.

Jasper Revolving Credit Facility

The proceeds of the Jasper Revolving Credit Facility will be used to fund capital improvements. As of June 30, 2023, capacity remaining under the Jasper Revolving Credit Facility was $6.0 million Canadian dollars. The Jasper Revolving Credit Facility bears interest at the Canadian Prime Rate plus 2.25%.

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 an original maturity date of March 1, 2022. The loan proceeds were used to complete the development of the FlyOver Iceland attraction. The loan bears interest at the three month Euro Interbank Offered Rate plus 4.9%.

FlyOver Iceland 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, which was further extended to September 1, 2027 by way of an option as permitted in the addendum, 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. Effective November 2, 2022, FlyOver Iceland received a financial covenant waiver for the 2022 through 2023 testing periods.

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 and matured on April 1, 2023. It bore interest on a seven-day term deposit rate 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 an original maturity date of February 1, 2023 and bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. Effective November 23, 2022, FlyOver Iceland entered into an amendment to the ISK 50.0 million term loan wherein the maturity date was extended to February 1, 2024. 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 entered into insurance premium financing arrangements with two financial intermediaries 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 5.8%. The aggregate amount of premiums financed was $9.5 million with a remaining principal balance of $0.2 million as of June 30, 2023.
v3.23.2
Derivative
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

Note 13. Derivative

Interest Rate Cap

On January 4, 2023, we entered into an interest rate cap agreement with an effective date of January 31, 2023. The interest rate cap manages our exposure to interest rate increases on $300 million in borrowings under the Term Loan B and provides us with the right to receive payment if the one-month SOFR exceeds 5.0% (“strike rate”). Beginning on February 28, 2023, we pay a fixed monthly deferred premium based on an annual rate of 0.3335% for the interest rate cap, which matures on January 31, 2025.

We designated the interest rate cap as a cash flow hedge designed to hedge the variability of the SOFR-based interest payments on the Term Loan B. Changes in the fair value of the interest rate cap are recorded in “Accumulated other comprehensive income (loss)” (“AOCI”) in the Condensed Consolidated Balance Sheets. Amounts accumulated in AOCI are reclassified to “Interest expense, net” in the Condensed Consolidated Statements of Operations when the hedged item affects earnings. We recognized $1.2 million of unrealized gains in AOCI during the three months ended June 30, 2023 and unrealized gains of $0.4 million during the six months ended June 30, 2023, and approximately $0.2 million was reclassified to Interest expense, net, during the three and six months ended June 30, 2023. We estimate that $1.2 million will be reclassified to earnings within the next 12 months.

The fair value of the interest rate cap is as follows:

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

Classification

 

2023

 

 

2022

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

Interest rate cap - short-term

 

Other current assets

 

$

480

 

 

$

—

 

Interest rate cap - long-term

 

Other investments and assets

 

 

201

 

 

 

—

 

Total derivatives designated as hedging instruments

 

 

 

$

681

 

 

$

—

 

The fair value of the interest rate cap is determined using widely accepted valuation techniques and reflects the contractual terms of the interest rate cap including the period to maturity. While there are no quoted prices in active markets, our calculation uses observable market-based inputs, including interest rate curves. The interest rate cap is classified as Level 2 within the fair value hierarchy. Refer to Note 14 – Fair Value Measurements for related fair value disclosures.
v3.23.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 14. 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.

The fair value of assets and liabilities measured at fair value on a recurring basis are as follows:

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

June 30, 2023

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Other mutual funds (1)

 

$

4,049

 

 

$

4,049

 

 

$

—

 

 

$

—

 

Interest rate cap (2)

 

 

681

 

 

 

—

 

 

 

681

 

 

 

—

 

Total assets at fair value on a recurring basis

 

$

4,730

 

 

$

4,049

 

 

$

681

 

 

$

—

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2022

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Other mutual funds (1)

 

$

3,490

 

 

$

3,490

 

 

$

—

 

 

$

—

 

Total assets at fair value on a recurring basis

 

$

3,490

 

 

$

3,490

 

 

$

—

 

 

$

—

 

 

 

(1)
We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets.
(2)
Refer to Note 13 - Derivatives.

The carrying values of cash and cash equivalents, accounts 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.
v3.23.2
Income (Loss) Per Share
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Income (Loss) Per Share

Note 15. Income (Loss) Per Share

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands, except per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income (loss) attributable to Viad

 

$

10,961

 

 

$

19,839

 

 

$

(9,908

)

 

$

(9,162

)

Less: Allocation to participating securities

 

 

(2,186

)

 

 

(4,293

)

 

 

—

 

 

 

—

 

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

(1,950

)

 

 

(3,900

)

 

 

(3,900

)

Adjustment to the redemption value of redeemable noncontrolling interest

 

 

—

 

 

 

(412

)

 

 

—

 

 

 

(763

)

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

 

$

6,825

 

 

$

13,184

 

 

$

(13,808

)

 

$

(13,825

)

Add: Allocation to participating securities

 

 

11

 

 

 

25

 

 

 

—

 

 

 

—

 

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

 

$

6,836

 

 

$

13,209

 

 

$

(13,808

)

 

$

(13,825

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

20,840

 

 

 

20,571

 

 

 

20,796

 

 

 

20,544

 

Additional dilutive shares related to share-based compensation

 

 

135

 

 

 

160

 

 

 

—

 

 

 

—

 

Diluted weighted-average outstanding shares

 

 

20,975

 

 

 

20,731

 

 

 

20,796

 

 

 

20,544

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

0.33

 

 

$

0.64

 

 

$

(0.66

)

 

$

(0.67

)

Diluted income (loss) attributable to Viad common stockholders(1)

 

$

0.33

 

 

$

0.64

 

 

$

(0.66

)

 

$

(0.67

)

 

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

Diluted income (loss) per common share is calculated using the more dilutive of the two-class method or if-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 if-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 loss per common share during the applicable periods because their inclusion would have been anti-dilutive:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

2022

 

Convertible preferred stock

 

 

—

 

 

 

—

 

 

 

6,674

 

 

6,674

 

Unvested restricted share-based awards

 

 

17

 

 

 

17

 

 

 

163

 

 

168

 

Unvested performance share-based awards

 

 

159

 

 

 

33

 

 

 

155

 

 

51

 

Stock options

 

 

372

 

 

 

372

 

 

 

376

 

 

277

 
v3.23.2
Common and Preferred Stock
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Common and Preferred Stock

Note 16. 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 (the “Investment Agreement”), relating to the issuance of 135,000 shares of newly issued Convertible Series A Preferred Stock, par value $0.01 per share (the “Convertible Preferred Stock”), 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 June 30, 2023 and December 31, 2022. Upon the occurrence of a change in control event, the holders have a right to require Viad to repurchase such preferred stock. During the six months ended June 30, 2023, $3.9 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. As of June 30, 2023, 546,283 shares remain available for repurchase under all prior authorizations.

v3.23.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2023
Accumulated Other Comprehensive Income Loss [Abstract]  
Accumulated Other Comprehensive Income (Loss)

Note 17. Accumulated Other Comprehensive Income (Loss)

 

Changes in AOCI by component are as follows:

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Unrealized Gain on Interest Rate Cap

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2022

 

$

(42,983

)

 

$

(4,202

)

 

$

—

 

 

$

(47,185

)

Other comprehensive income before reclassifications

 

 

7,950

 

 

 

—

 

 

 

681

 

 

 

8,631

 

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

27

 

 

 

(243

)

 

 

(216

)

Net other comprehensive income

 

 

7,950

 

 

 

27

 

 

 

438

 

 

 

8,415

 

Balance at June 30, 2023

 

$

(35,033

)

 

$

(4,175

)

 

$

438

 

 

$

(38,770

)

 

(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 loss before reclassifications

 

 

(8,131

)

 

 

—

 

 

 

(8,131

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

466

 

 

 

466

 

Net other comprehensive income (loss)

 

 

(8,131

)

 

 

466

 

 

 

(7,665

)

Balance at June 30, 2022

 

$

(24,293

)

 

$

(10,801

)

 

$

(35,094

)

 

Amounts reclassified from AOCI 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 19 – Pension and Postretirement Benefits for additional information.
v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 18. Income Taxes

The effective tax rate was 30.0% for the three months ended June 30, 2023 and a negative 86.2% for the six months ended June 30, 2023. The effective tax rate was 14.3% for the three months ended June 30, 2022 and a negative 8.0% for the six months ended June 30, 2022.

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 rate was higher than the 21% federal rate for the three months ended June 30, 2023 as we did not recognize the tax benefits on losses recognized in the United States, United Kingdom, and other European Countries while recognizing a tax expense primarily in Canada and Iceland. The effective tax rate was lower for the six months ended June 30, 2023 and the three and six months ended June 30, 2022 due the amount of change in pre-tax income and loss recognized between those jurisdictions where we recognize a tax expense or benefit and those jurisdictions where there is a valuation allowance. The six month effective tax rate ended on June 30, 2023 was further impacted by the release of $2.1 million of our valuation allowance during the first quarter on the deferred tax assets recorded on certain US separate state filings.

We paid net cash for income taxes of $4.6 million during the three months ended June 30, 2023 and $12.7 million during the six months ended June 30, 2023, of which $9.6 million of the $12.7 million was paid to Canadian tax authorities. We received net cash refunds of $0.6 million during the three months ended June 30, 2022 and paid net cash for income taxes of $0.8 million during the six months ended June 30, 2022.
v3.23.2
Pension and Postretirement Benefits
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits

Note 19. Pension and Postretirement Benefits

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended June 30, 2023 and 2022 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

 

$

—

 

 

$

—

 

 

$

6

 

 

$

10

 

 

$

44

 

 

$

76

 

Interest cost

 

 

211

 

 

 

125

 

 

 

93

 

 

 

54

 

 

 

91

 

 

 

79

 

Expected return on plan assets

 

 

(40

)

 

 

51

 

 

 

—

 

 

 

—

 

 

 

(86

)

 

 

(98

)

Amortization of prior service credit

 

 

(8

)

 

 

—

 

 

 

29

 

 

 

22

 

 

 

—

 

 

 

—

 

Recognized net actuarial loss (gain)

 

 

71

 

 

 

134

 

 

 

(44

)

 

 

23

 

 

 

34

 

 

 

36

 

Net periodic benefit cost (income)

 

$

234

 

 

$

310

 

 

$

84

 

 

$

109

 

 

$

83

 

 

$

93

 

Settlement cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total expenses (income)

 

$

234

 

 

$

310

 

 

$

84

 

 

$

109

 

 

$

83

 

 

$

93

 

The components of net periodic benefit cost of our pension and postretirement benefit plans for the six months ended June 30, 2023 and 2022 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

 

$

—

 

 

$

—

 

 

$

12

 

 

$

20

 

 

$

88

 

 

$

161

 

Interest cost

 

 

422

 

 

 

250

 

 

 

186

 

 

 

108

 

 

 

183

 

 

 

167

 

Expected return on plan assets

 

 

(80

)

 

 

49

 

 

 

—

 

 

 

—

 

 

 

(172

)

 

 

(223

)

Amortization of prior service credit

 

 

(16

)

 

 

—

 

 

 

58

 

 

 

44

 

 

 

—

 

 

 

—

 

Recognized net actuarial (gain) loss

 

 

142

 

 

 

268

 

 

 

(88

)

 

 

46

 

 

 

67

 

 

 

71

 

Net periodic benefit cost

 

$

468

 

 

$

567

 

 

$

168

 

 

$

218

 

 

$

166

 

 

$

176

 

Settlement cost

 

 

—

 

 

 

115

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

533

 

Total expenses

 

$

468

 

 

$

682

 

 

$

168

 

 

$

218

 

 

$

166

 

 

$

709

 

 

We expect to contribute $0.6 million to our funded pension plans, $0.8 million to our unfunded pension plans, and $0.7 million to our postretirement benefit plans in 2023. During the six months ended June 30, 2023, we contributed $0.3 million to our funded pension plans, $0.4 million to our unfunded pension plans, and $0.3 million to our postretirement benefit plans.
v3.23.2
Restructuring Charges
 6 Months Ended
Jun. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Charges

Note 20. 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. These initiatives resulted in restructuring charges related to the elimination of certain positions and continuing to reduce our facility footprint at GES.

Other Restructurings

We recorded restructuring charges in connection with 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, 2022

 

$

1,609

 

 

$

1,818

 

 

$

12

 

 

$

3,439

 

Restructuring charges

 

 

227

 

 

 

409

 

 

 

9

 

 

 

645

 

Cash payments

 

 

(297

)

 

 

(481

)

 

 

(14

)

 

 

(792

)

Adjustment to liability

 

 

—

 

 

 

46

 

 

 

(7

)

 

 

39

 

Balance at June 30, 2023

 

$

1,539

 

 

$

1,792

 

 

$

—

 

 

$

3,331

 

 

As of June 30, 2023, $1.5 million of the liabilities related to severance and employee benefits and $1.5 million of liabilities related to facilities will remain unpaid by the end of 2023. The liabilities related to facilities primarily include dilapidations and non-lease expenses that will be paid over the remaining lease terms. Refer to Note 24 – Segment Information for information regarding restructuring charges by segment.
v3.23.2
Leases and Other
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Leases and Other

Note 21. Leases and Other

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

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

Classification on the Condensed Consolidated Balance Sheet

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

 

Operating lease ROU assets

 

Operating lease ROU assets

 

$

112,263

 

 

$

102,777

 

Finance lease ROU assets

 

Property and equipment, net

 

 

57,732

 

 

 

57,534

 

Total lease ROU assets

 

 

 

$

169,995

 

 

$

160,311

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Operating lease obligations

 

$

15,087

 

 

$

13,463

 

Finance lease obligations

 

Current portion of debt and finance obligations

 

 

2,650

 

 

 

2,978

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Long-term operating lease obligations

 

 

109,143

 

 

 

101,297

 

Finance lease obligations

 

Long-term debt and finance obligations

 

 

61,311

 

 

 

61,751

 

Total lease liabilities

 

 

 

$

188,191

 

 

$

179,489

 

 

 

The components of lease expense consisted of the following:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of ROU assets

 

$

1,048

 

 

$

1,045

 

 

$

2,104

 

 

$

2,096

 

Interest on lease liabilities

 

 

1,427

 

 

 

1,467

 

 

 

2,837

 

 

 

2,902

 

Operating lease cost

 

 

6,586

 

 

 

6,204

 

 

 

12,793

 

 

 

12,026

 

Short-term lease cost

 

 

950

 

 

 

749

 

 

 

1,385

 

 

 

1,113

 

Variable lease cost

 

 

1,510

 

 

 

1,532

 

 

 

2,738

 

 

 

2,546

 

Total lease cost, net

 

$

11,521

 

 

$

10,997

 

 

$

21,857

 

 

$

20,683

 

 

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

6,669

 

 

$

6,069

 

 

$

13,321

 

 

$

11,867

 

Operating cash flows from finance leases

 

$

1,535

 

 

$

1,499

 

 

$

3,052

 

 

$

2,966

 

Financing cash flows from finance leases

 

$

572

 

 

$

873

 

 

$

1,177

 

 

$

1,597

 

ROU assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

$

14,571

 

 

$

1,380

 

 

$

17,587

 

 

$

10,711

 

Finance leases(1)

 

$

376

 

 

$

1,217

 

 

$

363

 

 

$

4,324

 

 

(1)
Includes terminations of equipment finance leases that occurred during the first quarter of 2023.

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

 

 

 

 

2023

 

 

2022

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

7.98

 

 

 

8.51

 

Finance leases

 

 

 

 

 

 

33.83

 

 

 

34.07

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

7.78

%

 

 

7.25

%

Finance leases

 

 

 

 

 

 

9.14

%

 

 

9.12

%

 

As of June 30, 2023, 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 2023

 

$

10,511

 

 

$

4,163

 

 

$

14,674

 

2024

 

 

25,910

 

 

 

7,919

 

 

 

33,829

 

2025

 

 

23,878

 

 

 

7,090

 

 

 

30,968

 

2026

 

 

22,931

 

 

 

6,487

 

 

 

29,418

 

2027

 

 

19,367

 

 

 

6,277

 

 

 

25,644

 

Thereafter

 

 

69,059

 

 

 

180,986

 

 

 

250,045

 

Total future lease payments

 

 

171,656

 

 

 

212,922

 

 

 

384,578

 

Less: Amount representing interest

 

 

(47,426

)

 

 

(148,961

)

 

 

(196,387

)

Present value of minimum lease payments

 

 

124,230

 

 

 

63,961

 

 

 

188,191

 

Current portion

 

 

(15,087

)

 

 

(2,650

)

 

 

(17,737

)

Long-term portion

 

$

109,143

 

 

$

61,311

 

 

$

170,454

 

 

 

As of June 30, 2023, 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 2023

 

$

923

 

2024

 

 

1,591

 

2025

 

 

1,381

 

2026

 

 

1,136

 

2027

 

 

478

 

Thereafter

 

 

611

 

Total minimum rents

 

$

6,120

 

Lease Not Yet Commenced

As of June 30, 2023, 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 a new FlyOver attraction, FlyOver Canada Toronto. The lease commencement date was originally planned for 2023, however, it has been postponed due to permitting and other related delays. Upon commencement date, it will have a lease term of 20 years.
v3.23.2
Litigation, Claims, Contingencies and Other
 6 Months Ended
Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
Litigation, Claims, Contingencies and Other

Note 22. Litigation, Claims, Contingencies, and Other

We are plaintiffs or defendants in 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 June 30, 2023 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 immediately reported the accident to our relevant insurance carriers, who have supported our investigation and subsequent claims relating to the accident. In May 2023, we resolved charges from the Canadian office of Occupational Health and Safety in relation to this accident, resulting in fines and related payments in an aggregate amount of $0.5 million Canadian dollars (approximately $0.3 million U.S. dollars). We continue to manage our legal defense of various claims from the victims and their families. In addition, we believe that our reserves and, subject to customary deductibles, 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 June 30, 2023, 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 June 30, 2023, 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 June 30, 2023 would be approximately $89.0 million. These guarantees relate to our leased equipment and facilities through January 2044. 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 2023 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 $11.0 million as of June 30, 2023, which includes $6.5 million related to workers’ compensation liabilities, and $4.5 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 $2.0 million as of June 30, 2023. We are also self-insured for certain employee health benefits and the estimated employee health benefit claims incurred but not yet reported was $1.5 million as of June 30, 2023. 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 $0.7 million for the three months ended June 30, 2023 and $2.2 million for the six months ended June 30, 2023 and $1.0 million for the three months ended June 30, 2022 and $2.6 million for the six months ended June 30, 2022.

In addition, as of June 30, 2023, we have recorded insurance liabilities of $8.2 million related to continuing operations, which represents the amount for which we remain the primary obligor after self-insured insurance limits, without taking into consideration the above-referenced insurance coverage. Of this total, $6.4 million is related to workers’ compensation liabilities and $1.8 million is 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.”
v3.23.2
Noncontrolling Interest – Redeemable and Non-redeemable
 6 Months Ended
Jun. 30, 2023
Noncontrolling Interest [Abstract]  
Noncontrolling Interest – Redeemable and Non-redeemable

Note 23. 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 June 30, 2023. 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 August 2022 (the “Reference Date”), and in the event 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 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 Put Option Condition has not been met as of June 30, 2023. If the FlyOver Iceland attraction has not achieved the Put Option Condition by December 31, 2024, the put option expires.

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, 2022

 

$

4,956

 

Net loss attributable to redeemable noncontrolling interest

 

 

(409

)

Foreign currency translation adjustment

 

 

180

 

Balance at June 30, 2023

 

$

4,727

 

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, 2022

$

16,690

 

 

$

55,702

 

 

$

9,918

 

 

$

82,310

 

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

 

(783

)

 

 

(24

)

 

 

1,312

 

 

 

505

 

Distributions to non-controlling interests

 

—

 

 

 

—

 

 

 

(1,126

)

 

 

(1,126

)

Foreign currency translation adjustments

 

6

 

 

 

1,279

 

 

 

515

 

 

 

1,800

 

Balance at June 30, 2023

$

15,913

 

 

$

56,957

 

 

$

10,619

 

 

$

83,489

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.23.2
Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information

Note 24. 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 chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. Our CODM is our Chief Executive Officer.

We measure the profit and performance of our operations on the basis of segment operating income (loss) which excludes restructuring charges, impairment charges, and certain other corporate expenses that are not allocated to the reportable segments. 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

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

88,474

 

 

$

77,599

 

 

$

121,137

 

 

$

101,383

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

80,368

 

 

 

89,425

 

 

 

140,730

 

 

 

132,241

 

GES Exhibitions

 

 

154,534

 

 

 

154,600

 

 

 

324,031

 

 

 

266,431

 

GES intersegment eliminations

 

 

(3,065

)

 

 

(2,421

)

 

 

(4,796

)

 

 

(3,492

)

Total GES

 

 

231,837

 

 

 

241,604

 

 

 

459,965

 

 

 

395,180

 

Total revenue

 

$

320,311

 

 

$

319,203

 

 

$

581,102

 

 

$

496,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

9,811

 

 

$

5,571

 

 

$

(9,301

)

 

$

(15,627

)

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

8,279

 

 

 

14,847

 

 

 

11,453

 

 

 

14,608

 

GES Exhibitions

 

 

15,354

 

 

 

16,273

 

 

 

25,764

 

 

 

14,918

 

Total GES

 

 

23,633

 

 

 

31,120

 

 

 

37,217

 

 

 

29,526

 

Segment operating income

 

 

33,444

 

 

 

36,691

 

 

 

27,916

 

 

 

13,899

 

Corporate eliminations (1)

 

 

16

 

 

 

17

 

 

 

32

 

 

 

34

 

Corporate activities

 

 

(3,511

)

 

 

(3,440

)

 

 

(6,676

)

 

 

(6,113

)

ON Services sale purchase price adjustment

 

 

(204

)

 

 

—

 

 

 

(204

)

 

 

—

 

Interest expense, net

 

 

(12,356

)

 

 

(7,761

)

 

 

(24,605

)

 

 

(13,638

)

Other expense, net

 

 

(448

)

 

 

(612

)

 

 

(979

)

 

 

(1,250

)

Restructuring charges:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

 

(2

)

 

 

—

 

 

 

(9

)

 

 

—

 

Spiro

 

 

(39

)

 

 

(808

)

 

 

(176

)

 

 

(1,226

)

GES Exhibitions

 

 

(151

)

 

 

(588

)

 

 

(460

)

 

 

(824

)

Corporate

 

 

—

 

 

 

(30

)

 

 

—

 

 

 

(30

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

GES Exhibitions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(583

)

Income (loss) from continuing operations before income taxes

 

$

16,749

 

 

$

23,469

 

 

$

(5,161

)

 

$

(9,731

)

 

(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

 

 

Six Months Ended June 30,

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Depreciation:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

8,279

 

 

$

7,866

 

 

$

16,413

 

 

$

15,648

 

Spiro

 

 

600

 

 

 

852

 

 

 

1,100

 

 

 

1,781

 

GES Exhibitions

 

 

1,640

 

 

 

2,070

 

 

 

3,318

 

 

 

4,361

 

Corporate

 

 

19

 

 

 

14

 

 

 

39

 

 

 

18

 

 

 

$

10,538

 

 

$

10,802

 

 

$

20,870

 

 

$

21,808

 

Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

1,294

 

 

$

1,316

 

 

$

2,455

 

 

$

2,495

 

Spiro

 

 

62

 

 

 

51

 

 

 

125

 

 

 

103

 

GES Exhibitions

 

 

910

 

 

 

1,038

 

 

 

1,829

 

 

 

2,080

 

 

 

$

2,266

 

 

$

2,405

 

 

$

4,409

 

 

$

4,678

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

17,588

 

 

$

17,219

 

 

$

25,315

 

 

$

28,710

 

Spiro

 

 

618

 

 

 

442

 

 

 

1,265

 

 

 

586

 

GES Exhibitions

 

 

2,590

 

 

 

1,383

 

 

 

5,598

 

 

 

2,248

 

Corporate and other

 

 

13

 

 

 

25

 

 

 

15

 

 

 

95

 

 

 

$

20,809

 

 

$

19,069

 

 

$

32,193

 

 

$

31,639

 

We do not report total assets by segment because this is not a metric used to allocate resources or evaluate segment performance by our CODM.
v3.23.2
Overview and Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2023
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, 2022, filed with the SEC on February 28, 2023 (“2022 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

Nature of Business

We are a leading global provider of extraordinary experiences, including hospitality and leisure activities, experiential marketing, and live events.

We operate through three reportable segments: Pursuit, Spiro, and GES Exhibitions. Spiro and GES Exhibitions 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 meetings and events, exhibition and program management, environments and permanent installations, brand and product activations, and marketing and measurement.

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 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 Recently Adopted

Accounting Standards Update (“ASU”) 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

 

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

ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations

 

Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations.

 

1/1/2023

 

We provide disclosure about supplier finance programs in Note 12 - Debt and Finance Obligations under the heading “Financing arrangements.” The required rollforward requirement is effective in the first quarter of 2024. The adoption of this new standard on January 1, 2023 did not otherwise have a material impact on our related disclosures.
Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the 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. These estimates and assumptions may change as a result of the impact of global economic conditions, global inflationary pressures, and volatility in foreign exchange rates. 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. 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:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Cash and cash equivalents

 

$

53,179

 

 

$

59,719

 

Restricted cash included in other current assets

 

 

7,881

 

 

 

4,845

 

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

 

$

61,060

 

 

$

64,564

 
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, 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 23 – Noncontrolling Interests – 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. Dividends paid-in-kind increase the redemption value of the preferred stock. 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 have lease terms ranging up to 29 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 incremental borrowing

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.
v3.23.2
Overview and Basis of Presentation (Tables)
 6 Months Ended
Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Corrections to Prior Period Adjustments

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

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

Accounting Standards Update (“ASU”) 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

 

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

ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations

 

Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations.

 

1/1/2023

 

We provide disclosure about supplier finance programs in Note 12 - Debt and Finance Obligations under the heading “Financing arrangements.” The required rollforward requirement is effective in the first quarter of 2024. The adoption of this new standard on January 1, 2023 did not otherwise have a material impact on our related disclosures.
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:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Cash and cash equivalents

 

$

53,179

 

 

$

59,719

 

Restricted cash included in other current assets

 

 

7,881

 

 

 

4,845

 

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

 

$

61,060

 

 

$

64,564

 
v3.23.2
Revenue and Related Contract Costs and Contract Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2022

 

$

44,757

 

Cash additions

 

 

94,495

 

Revenue recognized

 

 

(65,082

)

Foreign exchange translation adjustment

 

 

(6,376

)

Balance at June 30, 2023

 

$

67,794

 
Summary of Changes in Contract Costs

Changes to contract costs are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2022

 

$

16,568

 

Additions

 

 

30,443

 

Expenses

 

 

(26,216

)

Foreign exchange translation adjustment

 

 

312

 

Balance at June 30, 2023

 

$

21,107

 
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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Ticket revenue

 

$

36,543

 

 

$

29,337

 

 

$

50,804

 

 

$

38,539

 

Rooms revenue

 

 

22,106

 

 

 

20,559

 

 

 

29,696

 

 

 

27,462

 

Transportation

 

 

3,689

 

 

 

3,755

 

 

 

5,634

 

 

 

4,934

 

Other

 

 

3,333

 

 

 

3,017

 

 

 

4,700

 

 

 

4,387

 

Total services revenue

 

 

65,671

 

 

 

56,668

 

 

 

90,834

 

 

 

75,322

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

13,628

 

 

 

12,171

 

 

 

19,503

 

 

 

16,264

 

Retail operations

 

 

9,175

 

 

 

8,760

 

 

 

10,800

 

 

 

9,797

 

Total products revenue

 

 

22,803

 

 

 

20,931

 

 

 

30,303

 

 

 

26,061

 

Total revenue

 

$

88,474

 

 

$

77,599

 

 

$

121,137

 

 

$

101,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

65,671

 

 

$

56,668

 

 

$

90,834

 

 

$

75,322

 

Products transferred at a point in time

 

 

22,803

 

 

 

20,931

 

 

 

30,303

 

 

 

26,061

 

Total revenue

 

$

88,474

 

 

$

77,599

 

 

$

121,137

 

 

$

101,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

$

46,905

 

 

$

38,962

 

 

$

64,519

 

 

$

53,292

 

Alaska Collection

 

 

12,701

 

 

 

13,319

 

 

 

13,154

 

 

 

13,816

 

Glacier Park Collection

 

 

13,730

 

 

 

13,581

 

 

 

15,185

 

 

 

14,590

 

FlyOver

 

 

7,020

 

 

 

5,870

 

 

 

12,875

 

 

 

10,009

 

Sky Lagoon

 

 

8,118

 

 

 

5,867

 

 

 

15,404

 

 

 

9,676

 

Total revenue

 

$

88,474

 

 

$

77,599

 

 

$

121,137

 

 

$

101,383

 

GES

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service lines:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

$

80,368

 

 

$

89,425

 

 

$

140,730

 

 

$

132,241

 

GES Exhibitions

 

 

154,534

 

 

 

154,600

 

 

 

324,031

 

 

 

266,431

 

Intersegment eliminations

 

 

(3,065

)

 

 

(2,421

)

 

 

(4,796

)

 

 

(3,492

)

Total revenue

 

$

231,837

 

 

$

241,604

 

 

$

459,965

 

 

$

395,180

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

196,668

 

 

$

197,464

 

 

$

389,645

 

 

$

329,947

 

Products transferred over time(1)

 

 

16,038

 

 

 

16,025

 

 

 

28,979

 

 

 

23,963

 

Products transferred at a point in time

 

 

19,131

 

 

 

28,115

 

 

 

41,341

 

 

 

41,270

 

Total revenue

 

$

231,837

 

 

$

241,604

 

 

$

459,965

 

 

$

395,180

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

177,408

 

 

$

189,670

 

 

$

358,247

 

 

$

318,697

 

EMEA

 

 

62,644

 

 

 

58,534

 

 

 

112,181

 

 

 

84,347

 

Intersegment eliminations

 

 

(8,215

)

 

 

(6,600

)

 

 

(10,463

)

 

 

(7,864

)

Total revenue

 

$

231,837

 

 

$

241,604

 

 

$

459,965

 

 

$

395,180

 

 

 

(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.
v3.23.2
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Share-Based Compensation (income) expense

The following table summarizes share-based compensation expense:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Performance-based restricted stock units

 

$

819

 

 

$

705

 

 

$

1,641

 

 

$

719

 

Restricted stock awards and restricted stock units

 

 

1,681

 

 

 

1,787

 

 

 

3,324

 

 

 

3,349

 

Stock options

 

 

347

 

 

 

811

 

 

 

947

 

 

 

1,401

 

Share-based compensation expense before income tax

 

 

2,847

 

 

 

3,303

 

 

 

5,912

 

 

 

5,469

 

Income tax benefit(1)

 

 

(44

)

 

 

(30

)

 

 

(66

)

 

 

(47

)

Share-based compensation expense, net of income tax

 

$

2,803

 

 

$

3,273

 

 

$

5,846

 

 

$

5,422

 
(1)
The 2023 and 2022 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.23.2
Acquisitions and Disposition (Tables)
 6 Months Ended
Jun. 30, 2023
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final allocation of the aggregate purchase price and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the first quarter of 2023, we made a purchase accounting measurement period adjustment of approximately $41,000 to working capital based on refinements to assumptions used in the preliminary valuation.

(in thousands)

 

 

 

Purchase price paid as:

 

 

 

Cash

 

$

26,507

 

Working capital adjustment

 

 

(920

)

Purchase price adjustment

 

 

125

 

Cash acquired

 

 

(177

)

Purchase price, net of cash acquired

 

 

25,535

 

 

 

 

 

Fair value of net assets acquired:

 

 

 

Inventory

 

 

370

 

Prepaid expenses and other

 

 

57

 

Property and equipment

 

 

6,487

 

Intangible assets

 

 

3,400

 

Total assets acquired

 

 

10,314

 

Customer deposits

 

 

1,575

 

Other current liabilities

 

 

32

 

Total liabilities assumed

 

 

1,607

 

Total fair value of net assets acquired

 

 

8,707

 

Excess purchase price over fair value of net assets acquired (“goodwill”)

 

$

16,828

 
Schedule of Allocation of Purchase Price

Following are details of the purchase price allocated to the intangible assets acquired for the Glacier Raft Company:

(in thousands)

 

Amount

 

 

Weighted Average Life

Customer relationships

 

$

1,800

 

 

12 years

Operating licenses

 

 

1,300

 

 

17 years

Trade name

 

 

300

 

 

8 years

Total

 

$

3,400

 

 

14 years
v3.23.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2023
Inventory Disclosure [Abstract]  
Components of Inventories

The components of inventories consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Raw materials

 

$

1,153

 

 

$

1,403

 

Finished goods

 

 

14,691

 

 

 

9,382

 

Inventories

 

$

15,844

 

 

$

10,785

 
v3.23.2
Other Current Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets

Other current assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Restricted cash

 

$

7,881

 

 

$

4,845

 

Prepaid software maintenance

 

 

5,848

 

 

 

4,650

 

Prepaid project deposit

 

 

3,699

 

 

 

3,615

 

Prepaid vendor payments

 

 

2,805

 

 

 

2,084

 

Income tax receivable

 

 

1,498

 

 

 

322

 

Prepaid taxes

 

 

1,036

 

 

 

142

 

Prepaid other

 

 

2,055

 

 

 

1,836

 

Other

 

 

2,236

 

 

 

1,483

 

Other current assets

 

$

27,058

 

 

$

18,977

 
v3.23.2
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Land and land interests

 

$

31,083

 

 

$

30,902

 

Buildings and leasehold improvements

 

 

434,398

 

 

 

409,852

 

Equipment and other

 

 

429,987

 

 

 

413,485

 

Gross property and equipment

 

 

895,468

 

 

 

854,239

 

Accumulated depreciation

 

 

(386,083

)

 

 

(362,195

)

Property and equipment, net (excluding finance leases)

 

 

509,385

 

 

 

492,044

 

Finance lease ROU assets, net

 

 

57,732

 

 

 

57,534

 

Property and equipment, net

 

$

567,117

 

 

$

549,578

 
v3.23.2
Other Investments and Assets (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, All Other Investments [Abstract]  
Summary of Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Self-insured liability receivable

 

$

8,211

 

 

$

8,211

 

Other mutual funds

 

 

4,049

 

 

 

3,490

 

Contract costs

 

 

2,794

 

 

 

2,237

 

Other

 

 

4,267

 

 

 

3,519

 

Other investments and assets

 

$

19,321

 

 

$

17,457

 
v3.23.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2023
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)

 

 

 

Balance at December 31, 2022

 

$

121,429

 

Foreign currency translation adjustments

 

 

2,429

 

Other(1)

 

 

41

 

Balance at June 30, 2023

 

$

123,899

 

 

(1)
Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition. Refer to Note 4 – Acquisition and Disposition for additional information.
Summary of Other Intangible Assets

Other intangible assets consisted of the following:

 

 

 

 

 

June 30, 2023

 

 

December 31, 2022

 

(in thousands)

 

Useful Life
(Years)

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

7.6

 

$

34,701

 

 

$

(28,798

)

 

$

5,903

 

 

$

37,194

 

 

$

(30,109

)

 

$

7,085

 

Operating contracts and licenses

 

33.8

 

 

40,285

 

 

 

(4,145

)

 

 

36,140

 

 

 

38,993

 

 

 

(3,504

)

 

 

35,489

 

In-place lease

 

33.3

 

 

14,755

 

 

 

(1,618

)

 

 

13,137

 

 

 

14,420

 

 

 

(1,404

)

 

 

13,016

 

Tradenames

 

3.6

 

 

5,667

 

 

 

(3,760

)

 

 

1,907

 

 

 

5,546

 

 

 

(3,324

)

 

 

2,222

 

Other

 

4.7

 

 

787

 

 

 

(186

)

 

 

601

 

 

 

770

 

 

 

(163

)

 

 

607

 

Total amortized intangible assets

 

 

 

 

96,195

 

 

 

(38,507

)

 

 

57,688

 

 

 

96,923

 

 

 

(38,504

)

 

 

58,419

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

569

 

 

 

—

 

 

 

569

 

 

 

566

 

 

 

—

 

 

 

566

 

Other intangible assets, net

 

 

 

$

96,764

 

 

$

(38,507

)

 

$

58,257

 

 

$

97,489

 

 

$

(38,504

)

 

$

58,985

 

 
Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization

At June 30, 2023, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

 

(in thousands)

 

 

 

Year ending December 31,

 

 

 

Remainder of 2023

 

$

2,276

 

2024

 

 

3,679

 

2025

 

 

2,378

 

2026

 

 

2,344

 

2027

 

 

1,938

 

Thereafter

 

 

45,073

 

Total

 

$

57,688

 
v3.23.2
Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Other Liabilities, Current [Abstract]  
Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Continuing operations:

 

 

 

 

 

 

Accrued sales and use taxes and personal property taxes

 

$

7,901

 

 

$

4,082

 

Commissions payable

 

 

4,978

 

 

 

5,059

 

Accrued employee benefit costs

 

 

4,779

 

 

 

4,920

 

Self-insured liability

 

 

4,572

 

 

 

4,909

 

Accrued concession fees

 

 

3,609

 

 

 

4,297

 

Foreign income taxes payable

 

 

2,143

 

 

 

8,354

 

Accommodation service deposits

 

 

1,502

 

 

 

2,208

 

Current portion of pension and postretirement liabilities

 

 

1,258

 

 

 

1,426

 

Accrued professional fees

 

 

1,201

 

 

 

898

 

Other

 

 

5,633

 

 

 

4,958

 

Total continuing operations

 

 

37,576

 

 

 

41,111

 

Discontinued operations:

 

 

 

 

 

 

Self-insured liability

 

 

149

 

 

 

458

 

Environmental remediation liabilities

 

 

25

 

 

 

46

 

Other

 

 

38

 

 

 

38

 

Total discontinued operations

 

 

212

 

 

 

542

 

Total other current liabilities

 

$

37,788

 

 

$

41,653

 
v3.23.2
Other Deferred Items and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2023
Other Liabilities Disclosure [Abstract]  
Summary of Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

2023

 

 

2022

 

Continuing operations:

 

 

 

 

 

 

Foreign deferred tax liability

 

$

29,526

 

 

$

27,564

 

Multi-employer pension plan withdrawal liability

 

 

13,582

 

 

 

13,815

 

Self-insured excess liability

 

 

8,211

 

 

 

8,211

 

Self-insured liability

 

 

6,445

 

 

 

5,028

 

Accrued compensation

 

 

5,235

 

 

 

4,977

 

Accrued restructuring

 

 

2,985

 

 

 

3,245

 

Other

 

 

3,032

 

 

 

3,071

 

Total continuing operations

 

 

69,016

 

 

 

65,911

 

Discontinued operations:

 

 

 

 

 

 

Environmental remediation liabilities

 

 

2,165

 

 

 

2,177

 

Self-insured liability

 

 

1,877

 

 

 

1,631

 

Other

 

 

305

 

 

 

305

 

Total discontinued operations

 

 

4,347

 

 

 

4,113

 

Total other deferred items and liabilities

 

$

73,363

 

 

$

70,024

 
v3.23.2
Debt and Finance Lease Obligations (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt and Finance Lease Obligations

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

 

 

 

June 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2023

 

 

2022

 

2021 Credit Facility - Term Loan B, 10.2% interest rate at June 30, 2023 and 9.4% at December 31, 2022, due through 2028(1)

 

$

393,000

 

 

$

395,000

 

Jasper Term Loan, 6.5% interest rate at June 30, 2023, due through 2028(1)

 

 

12,655

 

 

 

—

 

Jasper Revolving Credit Facility, 9.2% weighted-average interest rate at June 30, 2023, due through 2028(1)

 

 

3,020

 

 

 

—

 

Forest Park Hotel Construction Loan, 8.8% interest rate at December 31, 2022(1)

 

 

—

 

 

 

11,491

 

FlyOver Iceland Credit Facility, 8.4% interest rate at June 30, 2023 and 6.9% at December 31, 2022, due through 2027(1)

 

 

4,528

 

 

 

4,965

 

FlyOver Iceland Term Loans, 13.1% weighted-average interest rate at June 30, 2023 and 10.1% at December 31, 2022, due through 2024(1)

 

 

535

 

 

 

594

 

Less unamortized debt issuance costs

 

 

(10,012

)

 

 

(11,848

)

Total debt

 

 

403,726

 

 

 

400,202

 

Finance lease obligations, 9.1% weighted-average interest rate at June 30, 2023 and December 31, 2022, due through 2067

 

 

63,961

 

 

 

64,729

 

Financing arrangements

 

 

177

 

 

 

5,013

 

Total debt and finance obligations (2)(3)

 

 

467,864

 

 

 

469,944

 

Current portion

 

 

(8,382

)

 

 

(13,192

)

Long-term debt and finance obligations

 

$

459,482

 

 

$

456,752

 
(1)
Represents the weighted-average interest rate in effect as of the end of 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 $320.8 million as of June 30, 2023 and $301.8 million as of December 31, 2022. 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 14 – Fair Value Measurements for additional information.
(3)
Cash paid for interest on debt was $23.4 million during the six months ended June 30, 2023 and $14.6 million during the six months ended June 30, 2022.
v3.23.2
Derivative (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value Of Interest Rate Cap

The fair value of the interest rate cap is as follows:

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

Classification

 

2023

 

 

2022

 

Derivatives designated as hedging instruments

 

 

 

 

 

 

 

 

Interest rate cap - short-term

 

Other current assets

 

$

480

 

 

$

—

 

Interest rate cap - long-term

 

Other investments and assets

 

 

201

 

 

 

—

 

Total derivatives designated as hedging instruments

 

 

 

$

681

 

 

$

—

 
v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Summary of Fair Value Assets Measured on Recurring Basis

The fair value of assets and liabilities measured at fair value on a recurring basis are as follows:

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

June 30, 2023

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Other mutual funds (1)

 

$

4,049

 

 

$

4,049

 

 

$

—

 

 

$

—

 

Interest rate cap (2)

 

 

681

 

 

 

—

 

 

 

681

 

 

 

—

 

Total assets at fair value on a recurring basis

 

$

4,730

 

 

$

4,049

 

 

$

681

 

 

$

—

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2022

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Other mutual funds (1)

 

$

3,490

 

 

$

3,490

 

 

$

—

 

 

$

—

 

Total assets at fair value on a recurring basis

 

$

3,490

 

 

$

3,490

 

 

$

—

 

 

$

—

 

 

 

(1)
We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets.
(2)
Refer to Note 13 - Derivatives.
v3.23.2
Income (Loss) Per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Reconciliation of Basic and Diluted Loss Per Share

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands, except per share data)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income (loss) attributable to Viad

 

$

10,961

 

 

$

19,839

 

 

$

(9,908

)

 

$

(9,162

)

Less: Allocation to participating securities

 

 

(2,186

)

 

 

(4,293

)

 

 

—

 

 

 

—

 

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

(1,950

)

 

 

(3,900

)

 

 

(3,900

)

Adjustment to the redemption value of redeemable noncontrolling interest

 

 

—

 

 

 

(412

)

 

 

—

 

 

 

(763

)

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

 

$

6,825

 

 

$

13,184

 

 

$

(13,808

)

 

$

(13,825

)

Add: Allocation to participating securities

 

 

11

 

 

 

25

 

 

 

—

 

 

 

—

 

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

 

$

6,836

 

 

$

13,209

 

 

$

(13,808

)

 

$

(13,825

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average outstanding common shares

 

 

20,840

 

 

 

20,571

 

 

 

20,796

 

 

 

20,544

 

Additional dilutive shares related to share-based compensation

 

 

135

 

 

 

160

 

 

 

—

 

 

 

—

 

Diluted weighted-average outstanding shares

 

 

20,975

 

 

 

20,731

 

 

 

20,796

 

 

 

20,544

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

0.33

 

 

$

0.64

 

 

$

(0.66

)

 

$

(0.67

)

Diluted income (loss) attributable to Viad common stockholders(1)

 

$

0.33

 

 

$

0.64

 

 

$

(0.66

)

 

$

(0.67

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

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

2022

 

Convertible preferred stock

 

 

—

 

 

 

—

 

 

 

6,674

 

 

6,674

 

Unvested restricted share-based awards

 

 

17

 

 

 

17

 

 

 

163

 

 

168

 

Unvested performance share-based awards

 

 

159

 

 

 

33

 

 

 

155

 

 

51

 

Stock options

 

 

372

 

 

 

372

 

 

 

376

 

 

277

 
v3.23.2
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2023
Accumulated Other Comprehensive Income Loss [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCI by component are as follows:

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Unrealized Gain on Interest Rate Cap

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2022

 

$

(42,983

)

 

$

(4,202

)

 

$

—

 

 

$

(47,185

)

Other comprehensive income before reclassifications

 

 

7,950

 

 

 

—

 

 

 

681

 

 

 

8,631

 

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

27

 

 

 

(243

)

 

 

(216

)

Net other comprehensive income

 

 

7,950

 

 

 

27

 

 

 

438

 

 

 

8,415

 

Balance at June 30, 2023

 

$

(35,033

)

 

$

(4,175

)

 

$

438

 

 

$

(38,770

)

 

(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 loss before reclassifications

 

 

(8,131

)

 

 

—

 

 

 

(8,131

)

Amounts reclassified from AOCI, net of tax

 

 

—

 

 

 

466

 

 

 

466

 

Net other comprehensive income (loss)

 

 

(8,131

)

 

 

466

 

 

 

(7,665

)

Balance at June 30, 2022

 

$

(24,293

)

 

$

(10,801

)

 

$

(35,094

)
v3.23.2
Pension and Postretirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and 2022 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

 

$

—

 

 

$

—

 

 

$

6

 

 

$

10

 

 

$

44

 

 

$

76

 

Interest cost

 

 

211

 

 

 

125

 

 

 

93

 

 

 

54

 

 

 

91

 

 

 

79

 

Expected return on plan assets

 

 

(40

)

 

 

51

 

 

 

—

 

 

 

—

 

 

 

(86

)

 

 

(98

)

Amortization of prior service credit

 

 

(8

)

 

 

—

 

 

 

29

 

 

 

22

 

 

 

—

 

 

 

—

 

Recognized net actuarial loss (gain)

 

 

71

 

 

 

134

 

 

 

(44

)

 

 

23

 

 

 

34

 

 

 

36

 

Net periodic benefit cost (income)

 

$

234

 

 

$

310

 

 

$

84

 

 

$

109

 

 

$

83

 

 

$

93

 

Settlement cost

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total expenses (income)

 

$

234

 

 

$

310

 

 

$

84

 

 

$

109

 

 

$

83

 

 

$

93

 

The components of net periodic benefit cost of our pension and postretirement benefit plans for the six months ended June 30, 2023 and 2022 consist of the following:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Service cost

 

$

—

 

 

$

—

 

 

$

12

 

 

$

20

 

 

$

88

 

 

$

161

 

Interest cost

 

 

422

 

 

 

250

 

 

 

186

 

 

 

108

 

 

 

183

 

 

 

167

 

Expected return on plan assets

 

 

(80

)

 

 

49

 

 

 

—

 

 

 

—

 

 

 

(172

)

 

 

(223

)

Amortization of prior service credit

 

 

(16

)

 

 

—

 

 

 

58

 

 

 

44

 

 

 

—

 

 

 

—

 

Recognized net actuarial (gain) loss

 

 

142

 

 

 

268

 

 

 

(88

)

 

 

46

 

 

 

67

 

 

 

71

 

Net periodic benefit cost

 

$

468

 

 

$

567

 

 

$

168

 

 

$

218

 

 

$

166

 

 

$

176

 

Settlement cost

 

 

—

 

 

 

115

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

533

 

Total expenses

 

$

468

 

 

$

682

 

 

$

168

 

 

$

218

 

 

$

166

 

 

$

709

 

 
v3.23.2
Restructuring Charges (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2022

 

$

1,609

 

 

$

1,818

 

 

$

12

 

 

$

3,439

 

Restructuring charges

 

 

227

 

 

 

409

 

 

 

9

 

 

 

645

 

Cash payments

 

 

(297

)

 

 

(481

)

 

 

(14

)

 

 

(792

)

Adjustment to liability

 

 

—

 

 

 

46

 

 

 

(7

)

 

 

39

 

Balance at June 30, 2023

 

$

1,539

 

 

$

1,792

 

 

$

—

 

 

$

3,331

 

 
v3.23.2
Leases and Other (Tables)
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Summary of Balance Sheet Presentation of Operating and Finance Leases

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

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

Classification on the Condensed Consolidated Balance Sheet

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

 

 

Operating lease ROU assets

 

Operating lease ROU assets

 

$

112,263

 

 

$

102,777

 

Finance lease ROU assets

 

Property and equipment, net

 

 

57,732

 

 

 

57,534

 

Total lease ROU assets

 

 

 

$

169,995

 

 

$

160,311

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Operating lease obligations

 

$

15,087

 

 

$

13,463

 

Finance lease obligations

 

Current portion of debt and finance obligations

 

 

2,650

 

 

 

2,978

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Long-term operating lease obligations

 

 

109,143

 

 

 

101,297

 

Finance lease obligations

 

Long-term debt and finance obligations

 

 

61,311

 

 

 

61,751

 

Total lease liabilities

 

 

 

$

188,191

 

 

$

179,489

 

 
Components of Lease Expense

The components of lease expense consisted of the following:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Finance lease cost:

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of ROU assets

 

$

1,048

 

 

$

1,045

 

 

$

2,104

 

 

$

2,096

 

Interest on lease liabilities

 

 

1,427

 

 

 

1,467

 

 

 

2,837

 

 

 

2,902

 

Operating lease cost

 

 

6,586

 

 

 

6,204

 

 

 

12,793

 

 

 

12,026

 

Short-term lease cost

 

 

950

 

 

 

749

 

 

 

1,385

 

 

 

1,113

 

Variable lease cost

 

 

1,510

 

 

 

1,532

 

 

 

2,738

 

 

 

2,546

 

Total lease cost, net

 

$

11,521

 

 

$

10,997

 

 

$

21,857

 

 

$

20,683

 
Schedule of Other Information Related to Operating and Finance Leases

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

6,669

 

 

$

6,069

 

 

$

13,321

 

 

$

11,867

 

Operating cash flows from finance leases

 

$

1,535

 

 

$

1,499

 

 

$

3,052

 

 

$

2,966

 

Financing cash flows from finance leases

 

$

572

 

 

$

873

 

 

$

1,177

 

 

$

1,597

 

ROU assets obtained in exchange for lease obligations:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

$

14,571

 

 

$

1,380

 

 

$

17,587

 

 

$

10,711

 

Finance leases(1)

 

$

376

 

 

$

1,217

 

 

$

363

 

 

$

4,324

 

 

(1)
Includes terminations of equipment finance leases that occurred during the first quarter of 2023.

 

 

 

 

 

 

 

June 30,

 

 

December 31,

 

 

 

 

 

 

 

2023

 

 

2022

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

7.98

 

 

 

8.51

 

Finance leases

 

 

 

 

 

 

33.83

 

 

 

34.07

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

7.78

%

 

 

7.25

%

Finance leases

 

 

 

 

 

 

9.14

%

 

 

9.12

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

As of June 30, 2023, 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 2023

 

$

10,511

 

 

$

4,163

 

 

$

14,674

 

2024

 

 

25,910

 

 

 

7,919

 

 

 

33,829

 

2025

 

 

23,878

 

 

 

7,090

 

 

 

30,968

 

2026

 

 

22,931

 

 

 

6,487

 

 

 

29,418

 

2027

 

 

19,367

 

 

 

6,277

 

 

 

25,644

 

Thereafter

 

 

69,059

 

 

 

180,986

 

 

 

250,045

 

Total future lease payments

 

 

171,656

 

 

 

212,922

 

 

 

384,578

 

Less: Amount representing interest

 

 

(47,426

)

 

 

(148,961

)

 

 

(196,387

)

Present value of minimum lease payments

 

 

124,230

 

 

 

63,961

 

 

 

188,191

 

Current portion

 

 

(15,087

)

 

 

(2,650

)

 

 

(17,737

)

Long-term portion

 

$

109,143

 

 

$

61,311

 

 

$

170,454

 

 
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of June 30, 2023, 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 2023

 

$

923

 

2024

 

 

1,591

 

2025

 

 

1,381

 

2026

 

 

1,136

 

2027

 

 

478

 

Thereafter

 

 

611

 

Total minimum rents

 

$

6,120

 

Lease Not Yet Commenced

As of June 30, 2023, 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 a new FlyOver attraction, FlyOver Canada Toronto. The lease commencement date was originally planned for 2023, however, it has been postponed due to permitting and other related delays. Upon commencement date, it will have a lease term of 20 years.
v3.23.2
Noncontrolling Interest – Redeemable and Non-redeemable (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2022

 

$

4,956

 

Net loss attributable to redeemable noncontrolling interest

 

 

(409

)

Foreign currency translation adjustment

 

 

180

 

Balance at June 30, 2023

 

$

4,727

 

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, 2022

$

16,690

 

 

$

55,702

 

 

$

9,918

 

 

$

82,310

 

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

 

(783

)

 

 

(24

)

 

 

1,312

 

 

 

505

 

Distributions to non-controlling interests

 

—

 

 

 

—

 

 

 

(1,126

)

 

 

(1,126

)

Foreign currency translation adjustments

 

6

 

 

 

1,279

 

 

 

515

 

 

 

1,800

 

Balance at June 30, 2023

$

15,913

 

 

$

56,957

 

 

$

10,619

 

 

$

83,489

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.23.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Reconciliation of income statement items from reportable segments

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

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

88,474

 

 

$

77,599

 

 

$

121,137

 

 

$

101,383

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

80,368

 

 

 

89,425

 

 

 

140,730

 

 

 

132,241

 

GES Exhibitions

 

 

154,534

 

 

 

154,600

 

 

 

324,031

 

 

 

266,431

 

GES intersegment eliminations

 

 

(3,065

)

 

 

(2,421

)

 

 

(4,796

)

 

 

(3,492

)

Total GES

 

 

231,837

 

 

 

241,604

 

 

 

459,965

 

 

 

395,180

 

Total revenue

 

$

320,311

 

 

$

319,203

 

 

$

581,102

 

 

$

496,563

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

9,811

 

 

$

5,571

 

 

$

(9,301

)

 

$

(15,627

)

GES:

 

 

 

 

 

 

 

 

 

 

 

 

Spiro

 

 

8,279

 

 

 

14,847

 

 

 

11,453

 

 

 

14,608

 

GES Exhibitions

 

 

15,354

 

 

 

16,273

 

 

 

25,764

 

 

 

14,918

 

Total GES

 

 

23,633

 

 

 

31,120

 

 

 

37,217

 

 

 

29,526

 

Segment operating income

 

 

33,444

 

 

 

36,691

 

 

 

27,916

 

 

 

13,899

 

Corporate eliminations (1)

 

 

16

 

 

 

17

 

 

 

32

 

 

 

34

 

Corporate activities

 

 

(3,511

)

 

 

(3,440

)

 

 

(6,676

)

 

 

(6,113

)

ON Services sale purchase price adjustment

 

 

(204

)

 

 

—

 

 

 

(204

)

 

 

—

 

Interest expense, net

 

 

(12,356

)

 

 

(7,761

)

 

 

(24,605

)

 

 

(13,638

)

Other expense, net

 

 

(448

)

 

 

(612

)

 

 

(979

)

 

 

(1,250

)

Restructuring charges:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

 

(2

)

 

 

—

 

 

 

(9

)

 

 

—

 

Spiro

 

 

(39

)

 

 

(808

)

 

 

(176

)

 

 

(1,226

)

GES Exhibitions

 

 

(151

)

 

 

(588

)

 

 

(460

)

 

 

(824

)

Corporate

 

 

—

 

 

 

(30

)

 

 

—

 

 

 

(30

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

GES Exhibitions

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(583

)

Income (loss) from continuing operations before income taxes

 

$

16,749

 

 

$

23,469

 

 

$

(5,161

)

 

$

(9,731

)

 

(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.
Reconciliation of assets from reportable segments

Additional information of our reportable segments is as follows:

 

 

 

Three Months Ended

 

 

Six Months Ended June 30,

 

 

 

June 30,

 

 

June 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Depreciation:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

8,279

 

 

$

7,866

 

 

$

16,413

 

 

$

15,648

 

Spiro

 

 

600

 

 

 

852

 

 

 

1,100

 

 

 

1,781

 

GES Exhibitions

 

 

1,640

 

 

 

2,070

 

 

 

3,318

 

 

 

4,361

 

Corporate

 

 

19

 

 

 

14

 

 

 

39

 

 

 

18

 

 

 

$

10,538

 

 

$

10,802

 

 

$

20,870

 

 

$

21,808

 

Amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

1,294

 

 

$

1,316

 

 

$

2,455

 

 

$

2,495

 

Spiro

 

 

62

 

 

 

51

 

 

 

125

 

 

 

103

 

GES Exhibitions

 

 

910

 

 

 

1,038

 

 

 

1,829

 

 

 

2,080

 

 

 

$

2,266

 

 

$

2,405

 

 

$

4,409

 

 

$

4,678

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Pursuit

 

$

17,588

 

 

$

17,219

 

 

$

25,315

 

 

$

28,710

 

Spiro

 

 

618

 

 

 

442

 

 

 

1,265

 

 

 

586

 

GES Exhibitions

 

 

2,590

 

 

 

1,383

 

 

 

5,598

 

 

 

2,248

 

Corporate and other

 

 

13

 

 

 

25

 

 

 

15

 

 

 

95

 

 

 

$

20,809

 

 

$

19,069

 

 

$

32,193

 

 

$

31,639

 
We do not report total
v3.23.2
Overview and Basis of Presentation - Narrative (Details)
 6 Months Ended
Jun. 30, 2023
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 29 years
Maximum | Land  
Overview And Summary Of Significant Accounting Policies [Line Items]  
Lease expiration period 46 years
v3.23.2
Overview and Basis of Presentation - Schedule of Cash and Cash Equivalents and Restricted Cash Balances (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 53,179 $ 59,719    
Restricted cash included in other current assets $ 7,881 $ 4,845    
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible List] Cash, cash equivalents, and restricted cash shown in the statement of cash flows Cash, cash equivalents, and restricted cash shown in the statement of cash flows    
Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 61,060 $ 64,564 $ 59,940 $ 64,303
v3.23.2
Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2023
USD ($)
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 $ 100,000 $ 100,000
Capitalized contract costs to fulfill contracts 21,000,000 21,000,000
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.
v3.23.2
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Revenue from Contract with Customer [Abstract]  
Balance at December 31, 2022 $ 44,757
Cash additions 94,495
Revenue recognized (65,082)
Foreign exchange translation adjustment (6,376)
Balance at March 31, 2023 $ 67,794
v3.23.2
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Revenue from Contract with Customer [Abstract]  
Balance at December 31, 2022 $ 16,568
Additions 30,443
Expenses (26,216)
Foreign exchange translation adjustment 312
Balance at March 31, 2023 $ 21,107
v3.23.2
Revenue and Related Contract Costs and Contract Liabilities - Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Disaggregation Of Revenue [Line Items]        
Total revenue $ 320,311 $ 319,203 $ 581,102 $ 496,563
GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 231,837 241,604 459,965 395,180
GES | Intersegment Eliminations        
Disaggregation Of Revenue [Line Items]        
Total revenue (3,065) (2,421) (4,796) (3,492)
Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 88,474 77,599 121,137 101,383
Pursuit | Operating Segments        
Disaggregation Of Revenue [Line Items]        
Total revenue 88,474 77,599 121,137 101,383
North America | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 177,408 189,670 358,247 318,697
EMEA | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 62,644 58,534 112,181 84,347
Services Transferred Over Time | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 196,668 197,464 389,645 329,947
Services Transferred Over Time | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 65,671 56,668 90,834 75,322
Products Transferred Over Time | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue [1] 16,038 16,025 28,979 23,963
Products Transferred at a Point in Time | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 19,131 28,115 41,341 41,270
Products Transferred at a Point in Time | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 22,803 20,931 30,303 26,061
Ticket revenue [Member] | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 36,543 29,337 50,804 38,539
Rooms revenue [Member] | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 22,106 20,559 29,696 27,462
Other | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 3,333 3,017 4,700 4,387
Transportation | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 3,689 3,755 5,634 4,934
Total Services | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 65,671 56,668 90,834 75,322
Food and Beverage | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 13,628 12,171 19,503 16,264
Retail Operations | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 9,175 8,760 10,800 9,797
Total Products Revenue        
Disaggregation Of Revenue [Line Items]        
Total revenue 57,972 65,071 100,623 91,294
Total Products Revenue | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 22,803 20,931 30,303 26,061
Banff Jasper Collection | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 46,905 38,962 64,519 53,292
Alaska Collection | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 12,701 13,319 13,154 13,816
Spiro | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 80,368 89,425 140,730 132,241
GES-Exhibitions | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue 154,534 154,600 324,031 266,431
GES intersegment eliminations | GES        
Disaggregation Of Revenue [Line Items]        
Total revenue (8,215) (6,600) (10,463) (7,864)
Glacier Park Collection | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 13,730 13,581 15,185 14,590
FlyOver | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue 7,020 5,870 12,875 10,009
Sky Lagoon | Pursuit        
Disaggregation Of Revenue [Line Items]        
Total revenue $ 8,118 $ 5,867 $ 15,404 $ 9,676
[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.
v3.23.2
Share-Based Compensation - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
May 24, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Repurchase of common stock for employee tax withholding obligations amount $ 505 $ 537  
2017 Plan      
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]      
Useful Term of the plan 10 years    
Common Stock, Capital Shares Reserved for Future Issuance     840,000
Registered Number of Shares 2,590,000    
Common stock shares issuable 1,750,000    
Shares available for grant 880,838    
v3.23.2
Share-Based Compensation - Summary of Share-Based Compensation (income) expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Summary of share-based compensation expense        
Share-based compensation expense before income tax $ 2,847 $ 3,303 $ 5,912 $ 5,469
Income tax benefit [1] (44) (30) (66) (47)
Share-based compensation expense, net of income tax 2,803 3,273 5,846 5,422
Performance-based Restricted Stock Units        
Summary of share-based compensation expense        
Share-based compensation expense before income tax 819 705 1,641 719
Restricted Stock Awards And Restricted Stock Units        
Summary of share-based compensation expense        
Share-based compensation expense before income tax 1,681 1,787 3,324 3,349
Stock Options        
Summary of share-based compensation expense        
Share-based compensation expense before income tax $ 347 $ 811 $ 947 $ 1,401
[1] The 2023 and 2022 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees.
v3.23.2
Acquisitions and Disposition - Narrative (Details)
$ in Thousands
 6 Months Ended
Dec. 15, 2022
USD ($)
Apr. 06, 2022
USD ($)
Logs
Jun. 30, 2023
USD ($)
Business Acquisition and Disposition [Line Items]      
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets     $ 41,000
Glacier Raft      
Business Acquisition and Disposition [Line Items]      
Number of log cabins | Logs   13  
Purchase price   $ 26,507  
Glacier Raft | Cash on hand      
Business Acquisition and Disposition [Line Items]      
Purchase price   11,500  
Glacier Raft | Revolving Credit Facility      
Business Acquisition and Disposition [Line Items]      
Purchase price   $ 15,000  
ON Services [Member]      
Business Acquisition and Disposition [Line Items]      
Business disposition net assets property and equipment $ 6,000    
Total consideration 30,000    
Gain on disposition of ON Services (19,600)    
Sale Purchase Price 200    
Total assets sold 10,400    
Net Working Capital 4,900    
Non-current assets 5,500    
Business Disposition Recognized Identifiable Assets Sold And Liabilities Assumed Current Assets Receivables 8,200    
Business Disposition, Recognized Identifiable Assets Sold and Liabilities Assumed, Current Assets, Other 700    
Other current liabilities 4,000    
Other liability $ 500    
v3.23.2
Acquisitions and Disposition - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
Apr. 06, 2022
Jun. 30, 2023
Dec. 31, 2022
Business Acquisition [Line Items]      
Excess purchase price over fair value of net assets acquired (''goodwill'')   $ 123,899 $ 121,429
Glacier Raft [Member]      
Business Acquisition [Line Items]      
Purchase price $ 26,507    
Working capital adjustment (920)    
Purchase price adjustment 125    
Cash acquired (177)    
Purchase price, net of cash acquired 25,535    
Inventory 370    
Prepaid expenses and other 57    
Property and equipment 6,487    
Intangible assets 3,400    
Total assets acquired 10,314    
Customer deposits 1,575    
Other current liabilities 32    
Total liabilities assumed 1,607    
Total fair value of net assets acquired 8,707    
Excess purchase price over fair value of net assets acquired (''goodwill'') $ 16,828    
v3.23.2
Acquisitions and Disposition - Schedule of Purchase Price Allocated to Intangible Assets Acquired (Details) - Glacier Raft [Member]
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Business Acquisition [Line Items]  
Intangible assets $ 3,400
Weighted average life 14 years
Customer Relationships  
Business Acquisition [Line Items]  
Intangible assets $ 1,800
Weighted average life 12 years
Operating Licenses  
Business Acquisition [Line Items]  
Intangible assets $ 1,300
Weighted average life 17 years
Tradenames  
Business Acquisition [Line Items]  
Intangible assets $ 300
Weighted average life 8 years
v3.23.2
Inventories - Components of Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Components of Inventories    
Raw materials $ 1,153 $ 1,403
Finished goods 14,691 9,382
Inventories $ 15,844 $ 10,785
v3.23.2
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Restricted cash $ 7,881 $ 4,845
Prepaid software maintenance 5,848 4,650
Prepaid project deposit 3,699 3,615
Prepaid vendor payments 2,805 2,084
Income tax receivable 1,498 322
Prepaid taxes 1,036 142
Prepaid other 2,055 1,836
Other 2,236 1,483
Other current assets $ 27,058 $ 18,977
v3.23.2
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 895,468 $ 854,239
Accumulated depreciation (386,083) (362,195)
Property Plant and Equipment Net Excluding Finance Leased Assets, Total 509,385 492,044
Finance lease ROU assets, net 57,732 57,534
Property and equipment, net 567,117 549,578
Land and land interests    
Property Plant And Equipment [Line Items]    
Gross property and equipment 31,083 30,902
Buildings and leasehold improvements    
Property Plant And Equipment [Line Items]    
Gross property and equipment 434,398 409,852
Equipment and other    
Property Plant And Equipment [Line Items]    
Gross property and equipment $ 429,987 $ 413,485
v3.23.2
Property and Equipment - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Property Plant And Equipment [Line Items]        
Depreciation expense $ 10,538 $ 10,802 $ 20,870 $ 21,808
Property and equipment purchased through accounts payable and accrued liabilities, increased or decreased amount     1,300 400
Capitalized Software        
Property Plant And Equipment [Line Items]        
Property and equipment purchased through accounts payable and accrued liabilities, increased or decreased amount $ 500 $ 700 $ 700 $ 2,600
v3.23.2
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Investments, All Other Investments [Abstract]    
Self-insured liability receivable $ 8,211 $ 8,211
Other mutual funds 4,049 3,490
Contract costs 2,794 2,237
Other 4,267 3,519
Other investments and assets $ 19,321 $ 17,457
v3.23.2
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Goodwill [Line Items]  
Balance, beginning $ 121,429
Balance, ending 123,899
Pursuit  
Goodwill [Line Items]  
Balance, beginning 121,429
Foreign currency translation adjustments 2,429
Other 41 [1]
Balance, ending $ 123,899
[1] Represents a purchase accounting measurement period adjustment related to the Glacier Raft Company acquisition.
v3.23.2
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Gross Carrying Value $ 96,195 $ 96,923
Intangible assets subject to amortization, Accumulated Amortization (38,507) (38,504)
Total 57,688 58,419
Other intangible assets net, Gross Carrying Value 96,764 97,489
Other intangible assets net, Net Carrying Value 58,257 58,985
Other intangible assets net, Accumulated Amortization $ (38,507) (38,504)
Customer contracts and relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 7 years 7 months 6 days  
Intangible assets subject to amortization, Gross Carrying Value $ 34,701 37,194
Intangible assets subject to amortization, Accumulated Amortization (28,798) (30,109)
Total $ 5,903 7,085
Operating contracts and licenses    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 33 years 9 months 18 days  
Intangible assets subject to amortization, Gross Carrying Value $ 40,285 38,993
Intangible assets subject to amortization, Accumulated Amortization (4,145) (3,504)
Total $ 36,140 35,489
In-place lease    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 33 years 3 months 18 days  
Intangible assets subject to amortization, Gross Carrying Value $ 14,755 14,420
Intangible assets subject to amortization, Accumulated Amortization (1,618) (1,404)
Total $ 13,137 13,016
Tradenames    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 3 years 7 months 6 days  
Intangible assets subject to amortization, Gross Carrying Value $ 5,667 5,546
Intangible assets subject to amortization, Accumulated Amortization (3,760) (3,324)
Total $ 1,907 2,222
Other    
Finite-Lived Intangible Assets, Net [Abstract]    
Intangible assets subject to amortization, Useful Life (Years) 4 years 8 months 12 days  
Intangible assets subject to amortization, Gross Carrying Value $ 787 770
Intangible assets subject to amortization, Accumulated Amortization (186) (163)
Total 601 607
Business licenses    
Finite-Lived Intangible Assets, Net [Abstract]    
Total 569 566
Other intangible assets net, Net Carrying Value $ 569 $ 566
v3.23.2
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Goodwill $ 123,899   $ 123,899   $ 121,429
Services          
Segment Reporting Information [Line Items]          
Intangible asset amortization expense $ 1,200 $ 1,400 $ 2,300 $ 2,600  
v3.23.2
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Estimated amortization expense related to amortized intangible assets    
Remainder of 2023 $ 2,276  
2024 3,679  
2025 2,378  
2026 2,344  
2027 1,938  
Thereafter 45,073  
Total $ 57,688 $ 58,419
v3.23.2
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Continuing operations:    
Accrued sales and use taxes and personal property taxes $ 7,901 $ 4,082
Commissions payable 4,978 5,059
Accrued employee benefit costs 4,779 4,920
Self-insured liability 4,572 4,909
Accrued concession fees 3,609 4,297
Foreign income taxes payable 2,143 8,354
Accommodation service deposits 1,502 2,208
Current portion of pension and postretirement liabilities 1,258 1,426
Accrued professional fees 1,201 898
Other 5,633 4,958
Total continuing operations 37,576 41,111
Discontinued operations:    
Self-insured liability 149 458
Environmental remediation liabilities 25 46
Other 38 38
Total discontinued operations 212 542
Total other current liabilities $ 37,788 $ 41,653
v3.23.2
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Continuing operations:    
Foreign deferred tax liability $ 29,526 $ 27,564
Multi-employer pension plan withdrawal liability 13,582 13,815
Self-insured excess liability 8,211 8,211
Self-insured liability 6,445 5,028
Accrued compensation 5,235 4,977
Accrued restructuring 2,985 3,245
Other 3,032 3,071
Total continuing operations 69,016 65,911
Discontinued operations:    
Environmental remediation liabilities 2,165 2,177
Self-insured liability 1,877 1,631
Other 305 305
Total discontinued operations 4,347 4,113
Total other deferred items and liabilities $ 73,363 $ 70,024
v3.23.2
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Less unamortized debt issuance costs $ (10,012) $ (11,848)
Total debt 403,726 400,202
Finance lease obligations, [9.1%] weighted-average interest rate at June 30, 2022 and December 31, 2021, due through 2067 63,961 64,729
Financing arrangements 177 5,013
Total debt and finance lease obligations [1],[2] 467,864 469,944
Current portion (8,382) (13,192)
Long-term debt and finance lease obligations 459,482 456,752
Jasper Credit Facility [Member]    
Debt Instrument [Line Items]    
Credit facility [3] 3,020 0
Forest Park Hotel Construction Loan Facility    
Debt Instrument [Line Items]    
Credit facility [3] 0 11,491
Fly Over Iceland Term Loan    
Debt Instrument [Line Items]    
Credit facility [3] 535 594
Senior Secured Credit Facility | Jasper Term Loan [Member]    
Debt Instrument [Line Items]    
Credit facility [3] 12,655 0
Senior Secured Credit Facility | Term Loan B    
Debt Instrument [Line Items]    
Credit facility [3] 393,000 395,000
Second Amended And Restated Credit Agreement | FlyOver Iceland Credit Facility    
Debt Instrument [Line Items]    
Credit facility [3] $ 4,528 $ 4,965
[1] Cash paid for interest on debt was $23.4 million during the six months ended June 30, 2023 and $14.6 million during the six months ended June 30, 2022.
[2] The estimated fair value of total debt and finance leases was $320.8 million as of June 30, 2023 and $301.8 million as of December 31, 2022. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 14 – Fair Value Measurements for additional information.
[3] Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.
v3.23.2
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
May 17, 2022
Feb. 15, 2019
Debt Instrument [Line Items]          
Weighted average interest rate on long term debt 9.10%   9.10%    
Fair value of debt $ 320.8   $ 301.8    
Cash paid for interest on debt $ 23.4 $ 14.6      
Forest Park Hotel Construction Loan Facility          
Debt Instrument [Line Items]          
Interest rate on credit facility     8.80% 2.35%  
Jasper Term Loan [Member]          
Debt Instrument [Line Items]          
Interest rate on credit facility 6.50%        
Jasper Credit Facility [Member]          
Debt Instrument [Line Items]          
Weighted average interest rate on long term debt 9.20%        
FlyOver Iceland Credit Facility          
Debt Instrument [Line Items]          
Interest rate on credit facility 8.40%   6.90%   4.90%
Fly Over Iceland Term Loan          
Debt Instrument [Line Items]          
Weighted average interest rate on long term debt 13.10%   10.10%    
Third Amended And Restated Credit Agreement | Term Loan B          
Debt Instrument [Line Items]          
Interest rate on credit facility 10.20%   9.40%    
v3.23.2
Debt and Finance Lease Obligations - Narrative (Details)
€ in Millions, kr in Millions, $ in Millions
 6 Months Ended 12 Months Ended
Dec. 01, 2021
Jul. 30, 2021
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2023
CAD ($)
Dec. 31, 2020
USD ($)
Jun. 30, 2023
CAD ($)
Feb. 06, 2023
Dec. 31, 2022
USD ($)
May 17, 2022
USD ($)
May 17, 2022
CAD ($)
Jan. 01, 2022
USD ($)
Jan. 01, 2022
ISK (kr)
Dec. 31, 2020
ISK (kr)
Dec. 29, 2020
ISK (kr)
Oct. 15, 2020
ISK (kr)
Feb. 15, 2019
USD ($)
Feb. 15, 2019
EUR (€)
Line Of Credit Facility [Line Items]                                  
Line Of Credit Facility Date Of First Required Payment     Dec. 01, 2021 Dec. 01, 2021                          
Interest Rate Cap Agreement                                  
Line Of Credit Facility [Line Items]                                  
Interest rate on credit facility   5.00%                              
Finaancing Arrangements                                  
Line Of Credit Facility [Line Items]                                  
Debt Current     $ 200,000                            
Premium Payment Due Term     12 months 12 months                          
Financial Arrangements Weighted Average Interest Rate     5.80%     5.80%                      
Aggregate amount of premiums financed     $ 9,500,000                            
Maximum | LIBOR [Member]                                  
Line Of Credit Facility [Line Items]                                  
Secured overnight financing rate             0.71513%                    
Minimum | LIBOR [Member]                                  
Line Of Credit Facility [Line Items]                                  
Secured overnight financing rate             0.11448%                    
Revolving Credit Facility                                  
Line Of Credit Facility [Line Items]                                  
Borrowing capacity on line of credit     5,000,000                            
Remaining borrowing capacity on line of credit     95,000,000                            
Line of credit facility, borrowing     $ 5,000,000                            
Line of credit facility maximum borrowing capacity   $ 450,000,000                              
Revolving Credit Facility | LIBOR [Member]                                  
Line Of Credit Facility [Line Items]                                  
Prime rate     1.00% 1.00%                          
Floor rate     1.00% 1.00%                          
Revolving Credit Facility | Borrowings                                  
Line Of Credit Facility [Line Items]                                  
Credit facility     $ 100,000,000                            
Revolving Credit Facility | Bank Of America                                  
Line Of Credit Facility [Line Items]                                  
Fed funds rate     0.50% 0.50%                          
Revolving Credit Facility | Maximum                                  
Line Of Credit Facility [Line Items]                                  
Interest coverage ratio     1.00% 1.00%                          
Leverage ratio     1.00% 1.00%                          
Revolving Credit Facility | Maximum | LIBOR [Member]                                  
Line Of Credit Facility [Line Items]                                  
Base Rate borrowings     3.50% 3.50%                          
Leverage ratio     3.50% 3.50%                          
Revolving Credit Facility | Minimum                                  
Line Of Credit Facility [Line Items]                                  
Interest coverage ratio     3.02% 3.02%                          
Leverage ratio     2.91% 2.91%                          
Revolving Credit Facility | Minimum | LIBOR [Member]                                  
Line Of Credit Facility [Line Items]                                  
Base Rate borrowings     1.50% 1.50%                          
Leverage ratio     2.50% 2.50%                          
Jasper Credit Facility [Member]                                  
Line Of Credit Facility [Line Items]                                  
Remaining borrowing capacity on line of credit           $ 6.0                      
Credit facility [1]     $ 3,020,000         $ 0                  
Jasper Credit Facility [Member] | Maximum                                  
Line Of Credit Facility [Line Items]                                  
Interest coverage ratio     1.00% 1.00%                          
Jasper Credit Facility [Member] | Minimum                                  
Line Of Credit Facility [Line Items]                                  
Interest coverage ratio     1.94% 1.94%                          
Jasper Term Loan [Member]                                  
Line Of Credit Facility [Line Items]                                  
Remaining borrowing capacity on line of credit     $ 16,800                            
Interest rate on credit facility     6.50%     6.50%                      
Fixed rate term loan     6.50%     6.50%                      
Term Loan B | Interest Rate Cap Agreement                                  
Line Of Credit Facility [Line Items]                                  
Interest rate increases   300,000,000                              
Forest Park Hotel Construction Loan Facility                                  
Line Of Credit Facility [Line Items]                                  
Financing Receivable, Revolving, Converted to Term Loan During Period     $ 20,000,000 $ 27.0                          
Remaining borrowing capacity on line of credit     16,800,000                            
Credit facility [1]     $ 0         $ 11,491,000                  
Interest rate on credit facility               8.80% 2.35% 2.35%              
Fixed rate term loan                 6.50% 6.50%              
Line of credit facility maximum borrowing capacity                 $ 13,300,000 $ 17.0              
FlyOver Iceland Credit Facility                                  
Line Of Credit Facility [Line Items]                                  
Maturity date Sep. 01, 2027   Mar. 01, 2022 Mar. 01, 2022                          
Debt Instrument, Annual Principal Payment                     $ 600,000 kr 75.0          
Interest rate on credit facility     8.40%     8.40%   6.90%               4.90% 4.90%
Line of credit facility maximum borrowing capacity                               $ 5,600,000 € 5.0
Maturity date March 1, 2025                                
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]     $ 535,000         $ 594,000                  
Line of credit facility maximum borrowing capacity         $ 700,000               kr 90.0        
2021 Credit Facility                                  
Line Of Credit Facility [Line Items]                                  
Line of credit facility maximum borrowing capacity   500,000,000                              
Fees   $ 14,800,000                              
2021 Credit Facility | Maximum                                  
Line Of Credit Facility [Line Items]                                  
Interest rate description   0.50                              
2021 Credit Facility | Minimum                                  
Line Of Credit Facility [Line Items]                                  
Interest rate description   0.30                              
2021 Credit Facility | Revolving Credit Facility                                  
Line Of Credit Facility [Line Items]                                  
Maturity date   Jul. 30, 2026                              
Line of credit facility maximum borrowing capacity   $ 100,000,000                              
2021 Credit Facility | Revolving Credit Facility | Maximum                                  
Line Of Credit Facility [Line Items]                                  
Leverage ratio     4.00% 4.00%                          
2021 Credit Facility | Revolving Credit Facility | Minimum                                  
Line Of Credit Facility [Line Items]                                  
Leverage ratio     2.00% 2.00%                          
2021 Credit Facility | Jasper Credit Facility [Member]                                  
Line Of Credit Facility [Line Items]                                  
Line of credit facility maximum borrowing capacity           $ 17.0                      
2021 Credit Facility | Jasper Credit Facility [Member] | Maximum                                  
Line Of Credit Facility [Line Items]                                  
Interest coverage ratio     1.30% 1.30%                          
2021 Credit Facility | Jasper Credit Facility [Member] | Minimum                                  
Line Of Credit Facility [Line Items]                                  
Interest coverage ratio     1.10% 1.10%                          
2021 Credit Facility | Jasper Term Loan [Member]                                  
Line Of Credit Facility [Line Items]                                  
Line of credit facility maximum borrowing capacity           $ 10.0                      
2021 Credit Facility | Term Loan B                                  
Line Of Credit Facility [Line Items]                                  
Borrowing capacity on line of credit   $ 400,000,000                              
Maturity date   Jul. 30, 2028                              
Line of credit facility, borrowing   $ 400,000,000                              
Loans Proceeds Offset   $ 327,000,000                              
2021 Credit Facility | Term Loan B | LIBOR [Member]                                  
Line Of Credit Facility [Line Items]                                  
Interest rate description   5.00% credit spread, with a SOFR 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         interest on a seven-day term deposit rate at the Central Bank of Iceland.                        
Second Term Loan | Fly Over Iceland Term Loan                                  
Line Of Credit Facility [Line Items]                                  
Line of credit facility maximum borrowing capacity | kr                             kr 30.0    
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 an original maturity date of February 1, 2023 and bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. Effective November 23, 2022, FlyOver Iceland entered into an amendment to the ISK 50.0 million term loan wherein the maturity date was extended to February 1, 2024. 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                        
Third Term Loan | Fly Over Iceland Term Loan                                  
Line Of Credit Facility [Line Items]                                  
Line of credit facility maximum borrowing capacity | kr                           kr 50.0      
[1] Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.
v3.23.2
Derivative (Additional Information) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Feb. 28, 2023
Jun. 30, 2023
Jun. 30, 2023
Jan. 04, 2023
Derivative [Line Items]        
Unrealized gains   $ 1.2 $ 0.4  
Reclassified to earnings     1.2  
Approximately reclassified to earnings   $ 0.2 $ 0.2  
Interest Rate Cap Agreement [Member]        
Derivative [Line Items]        
Derivative, notional amount       $ 300.0
Derivative, fixed interest rate       5.00%
Interest Rate Cap Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]        
Derivative [Line Items]        
Interest rate cap premium rate 0.3335%      
Derivative maturity dates Jan. 31, 2025      
v3.23.2
Derivative - Schedule Of Fair Value Of Intetest Rate Cap (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Derivative [Line Items]    
Total derivatives designated as hedging instruments $ 681 $ 0
Short Term Interest Rate Cap    
Derivative [Line Items]    
Derivatives designated as hedging instruments, Derivative liablity, current $ 480 0
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Other Assets, Current  
Long Term Interest Rate Cap    
Derivative [Line Items]    
Derivatives designated as hedging instruments, Derivative liablity, non current $ 201 $ 0
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Deferred Credits and Other Liabilities  
v3.23.2
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Fair value information related to assets    
Assets $ 4,730 $ 3,490
Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets 4,049 3,490
Significant Other Observable Inputs (Level 2)    
Fair value information related to assets    
Assets 681  
Other mutual funds    
Fair value information related to assets    
Assets [1] 4,049 3,490
Other mutual funds | Quoted Prices in Active Markets (Level 1)    
Fair value information related to assets    
Assets [1] 4,049 $ 3,490
Interest rate cap    
Fair value information related to assets    
Assets 681  
Interest rate cap | Significant Other Observable Inputs (Level 2)    
Fair value information related to assets    
Assets $ 681  
[1] We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets.
v3.23.2
Income (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Numerator:            
Net Income (Loss) $ 10,961   $ 19,839   $ (9,908) $ (9,162)
Less: Allocation to participating securities (2,186)   (4,293)   0 0
Dividends on convertible preferred stock (1,950) $ (1,950) (1,950) $ (1,950)    
Adjustment to the redemption value of redeemable noncontrolling interest 0   (412)   0 (763)
Net income (loss) allocated to Viad common stockholders (basic) 6,825   13,184   (13,808) (13,825)
Add: Allocation to participating securities 11   25   0 0
Net income (loss) allocated to Viad common stockholders (diluted) $ 6,836   $ 13,209   $ (13,808) $ (13,825)
Denominator:            
Basic weighted-average outstanding common shares 20,840   20,571   20,796 20,544
Additional dilutive shares related to share-based compensation 135   160   0 0
Diluted weighted-average outstanding shares 20,975   20,731   20,796 20,544
Basic income (loss) attributable to Viad common stockholders $ 0.33   $ 0.64   $ (0.66) $ (0.67)
Diluted income (loss) attributable to Viad common stockholders [1] $ 0.33   $ 0.64   $ (0.66) $ (0.67)
Paid in Cash            
Numerator:            
Dividends on convertible preferred stock $ (1,950)   $ (1,950)   $ (3,900) $ (3,900)
[1] Diluted loss per share amount cannot exceed basic loss per share.
v3.23.2
Income (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 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Convertible Preferred Stock        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 0 0 6,674 6,674
Unvested Restricted Share-Based Awards        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 17 17 163 168
Unvested Performance Share-based Awards        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 159 33 155 51
Employee Stock Option        
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]        
Common stock shares effect would be anti-dilutive 372 372 376 277
v3.23.2
Common and Preferred Stock - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended
Aug. 05, 2020
Jun. 30, 2023
Dec. 31, 2022
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   $ 3.9    
Redemption value of the preferred stock   $ 141.8 $ 141.8  
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      
v3.23.2
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance $ 96,840 $ 91,838
Ending Balance 99,976 75,365
Cumulative Foreign Currency Translation Adjustments    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance (42,983) (16,162)
Other comprehensive income (loss) before reclassifications 7,950 (8,131)
Amounts reclassified from AOCI, net of tax 0 0
Net other comprehensive income (loss) 7,950 (8,131)
Ending Balance (35,033) (24,293)
Unrecognized Net Actuarial Loss and Prior Service Credit, Net    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance (4,202) (11,267)
Other comprehensive income (loss) before reclassifications 0 0
Amounts reclassified from AOCI, net of tax 27 466
Net other comprehensive income (loss) 27 466
Ending Balance (4,175) (10,801)
Unrealized Loss on Interest Rate Cap    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance 0  
Other comprehensive income (loss) before reclassifications 681  
Amounts reclassified from AOCI, net of tax (243)  
Net other comprehensive income (loss) 438  
Ending Balance 438  
Accumulated Other Comprehensive Income (Loss)    
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]    
Beginning Balance (47,185) (27,429)
Other comprehensive income (loss) before reclassifications 8,631 (8,131)
Amounts reclassified from AOCI, net of tax (216) 466
Net other comprehensive income (loss) 8,415 (7,665)
Ending Balance $ (38,770) $ (35,094)
v3.23.2
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating Loss Carryforwards [Line Items]        
Effective income tax rate 30.00% 14.30% 86.20% 8.00%
Federal statutory tax rate 21.00%      
Cash refunds received   $ 0.6   $ 0.8
Paid cash for income taxes $ 4.6   $ 12.7  
Payment to Canadian taxing authorities 9.6   12.7  
Valuation allowance $ 2.1   $ 2.1  
v3.23.2
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pension Plans        
Net periodic benefit cost:        
Net periodic benefit cost $ 234 $ 310 $ 468 $ 682
Total expenses 234 310 468 682
Postretirement Benefit Plans        
Net periodic benefit cost:        
Net periodic benefit cost 84 109 168 218
Total expenses 84 109 168 218
Domestic Plans | Pension Plans        
Net periodic benefit cost:        
Service cost 0 0 0 0
Interest cost 211 125 422 250
Expected return on plan assets (40) (51) (80) 49
Amortization of prior service credit (8) 0 (16) 0
Recognized net actuarial loss 71 134 142 268
Net periodic benefit cost 234 310 468 567
Settlement cost 0 0 0 115
Total expenses 234 310 468 567
Domestic Plans | Postretirement Benefit Plans        
Net periodic benefit cost:        
Service cost 6 10 12 20
Interest cost 93 54 186 108
Expected return on plan assets 0 0 0 0
Amortization of prior service credit 29 22 58 44
Recognized net actuarial loss (44) 23 (88) 46
Net periodic benefit cost 84 109 168 218
Settlement cost 0 0 0 0
Total expenses 84 109 168 218
Foreign Pension Plans        
Net periodic benefit cost:        
Service cost 44 76 88 161
Interest cost 91 79 183 167
Expected return on plan assets (86) (98) (172) (223)
Amortization of prior service credit 0 0 0 0
Recognized net actuarial loss 34 36 67 71
Net periodic benefit cost 83 93 166 176
Settlement cost 0 0 0 533
Total expenses 83 93 166 176
Foreign Pension Plans | Pension Plans        
Net periodic benefit cost:        
Net periodic benefit cost 83 93 166 709
Total expenses $ 83 $ 93 $ 166 $ 709
v3.23.2
Pension and Postretirement Benefits - Narrative (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Postretirement Benefit Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in postretirement benefit plans $ 700
Pension and Other Postretirement Benefit Contributions 300
Funded Plans | Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in funded pension plans 600
Pension Contributions 300
Unfunded Pension Plans | Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Amount expected to contribute in unfunded pension plans 800
Pension Contributions $ 400
v3.23.2
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Restructuring Cost And Reserve [Line Items]        
Beginning balance     $ 3,439  
Restructuring charges $ 192 $ 1,426 645 $ 2,080
Cash payments     (792)  
Adjustment to liability     39  
Ending balance 3,331   3,331  
GES | Severance & Employee Benefits        
Restructuring Cost And Reserve [Line Items]        
Beginning balance     1,609  
Restructuring charges     227  
Cash payments     (297)  
Adjustment to liability     0  
Ending balance 1,539   1,539  
GES | Facilities        
Restructuring Cost And Reserve [Line Items]        
Beginning balance     1,818  
Restructuring charges     409  
Cash payments     (481)  
Adjustment to liability     46  
Ending balance 1,792   1,792  
Other Restructuring | Severance & Employee Benefits        
Restructuring Cost And Reserve [Line Items]        
Beginning balance     12  
Restructuring charges     9  
Cash payments     (14)  
Adjustment to liability     (7)  
Ending balance $ 0   $ 0  
v3.23.2
Restructuring Charges - Narrative (Details)
$ in Millions
Jun. 30, 2023
USD ($)
Restructuring and Related Activities [Abstract]  
Payments of liabilities related to severance and employee benefits $ 1.5
liabilities related to facilities $ 1.5
v3.23.2
Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Lessee Lease Description [Line Items]    
Operating lease assets $ 112,263 $ 102,777
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Operating lease assets Operating lease assets
Finance lease assets $ 57,732 $ 57,534
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Total lease assets $ 169,995 $ 160,311
Operating lease obligations $ 15,087 $ 13,463
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Operating lease obligations Operating lease obligations
Finance lease obligations $ 2,650 $ 2,978
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Lease Obligation Long-Term Debt and Lease Obligation
Operating lease obligations $ 109,143 $ 101,297
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Operating lease obligations Operating lease obligations
Finance lease obligations $ 61,311 $ 61,751
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Long-Term Debt and Lease Obligation Long-Term Debt and Lease Obligation
Total lease liabilities $ 188,191 $ 179,489
v3.23.2
Leases and Other - Components of Least Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Finance lease cost:        
Amortization of ROU assets $ 1,048 $ 1,045 $ 2,104 $ 2,096
Interest on lease liabilities 1,427 1,467 2,837 2,902
Operating lease cost 6,586 6,204 12,793 12,026
Short-term lease cost 950 749 1,385 1,113
Variable lease cost 1,510 1,532 2,738 2,546
Total lease cost, net $ 11,521 $ 10,997 $ 21,857 $ 20,683
v3.23.2
Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:          
Operating cash flows from operating leases $ 6,669 $ 6,069 $ 13,321 $ 11,867  
Operating cash flows from finance leases 1,535 1,499 3,052 2,966  
Financing cash flows from finance leases 572 873 1,177 1,597  
ROU assets obtained in exchange for lease obligations:          
Operating leases 14,571 1,380 17,587 10,711  
Finance leases [1] $ 376 $ 1,217 $ 363 $ 4,324  
Weighted-average remaining lease term (years):          
Operating leases 7 years 11 months 23 days   7 years 11 months 23 days   8 years 6 months 3 days
Finance leases 33 years 9 months 29 days   33 years 9 months 29 days   34 years 25 days
Weighted-average discount rate:          
Operating leases 7.78%   7.78%   7.25%
Finance leases 9.14%   9.14%   9.12%
[1] Includes terminations of equipment finance leases that occurred during the first quarter of 2023.
v3.23.2
Leases and Other - Schedule of Estimated Future Minimum Lease Payments Under Non-cancelable Leases Excluding Variable Leases and Variable Non-lease Components (Details) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Leases [Abstract]    
Remainder of 2023 $ 10,511  
2024 25,910  
2025 23,878  
2026 22,931  
2027 19,367  
Thereafter 69,059  
Total future lease payments 171,656  
Less: Amount representing interest (47,426)  
Present value of minimum lease payments 124,230  
Current portion (15,087) $ (13,463)
Long-term operating lease obligations 109,143 101,297
Remainder of 2023 4,163  
2024 7,919  
2025 7,090  
2026 6,487  
2027 6,277  
Thereafter 180,986  
Total future lease payments 212,922  
Less: Amount representing interest (148,961)  
Present value of minimum lease payments 63,961 64,729
Current portion (2,650) (2,978)
Long-term portion 61,311 61,751
Remainder of 2023 14,674  
2024 33,829  
2025 30,968  
2026 29,418  
2027 25,644  
Thereafter 250,045  
Total future lease payments 384,578  
Less: Amount representing interest (196,387)  
Total operating and finance lease liablities 188,191 $ 179,489
Current portion (17,737)  
Long-term portion $ 170,454  
v3.23.2
Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details)
$ in Thousands
Jun. 30, 2023
USD ($)
Leases [Abstract]  
Remainder of 2023 $ 923
2024 1,381
2025 1,591
2026 1,136
2027 478
Thereafter 611
Total minimum rents $ 6,120
v3.23.2
Leases and Other - Narrative (Details) - New flyover Attraction [Member]
 6 Months Ended
Jun. 30, 2023
Lessee Lease Description [Line Items]  
Operating lease not yet commenced, description As of June 30, 2023, 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 a new FlyOver attraction, FlyOver Canada Toronto. The lease commencement date was originally planned for 2023, however, it has been postponed due to permitting and other related delays. Upon commencement date, it will have a lease term of 20 years.
Operating lease not yet commenced, term of contract 20 years
v3.23.2
Litigation, Claims, Contingencies and Other - Narrative (Details)
$ in Thousands, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2023
CAD ($)
May 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
Mar. 31, 2023
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
Agreement
Jun. 30, 2022
USD ($)
Loss Contingencies [Line Items]              
Litigation Settlement, Amount Awarded to Other Party $ 0.5 $ 300          
Environmental remediation liability     $ 2,200     $ 2,200  
Maximum potential amount of future payments     89,000     89,000  
Guarantees relate to facilities and equipment leased by the company       2044-01      
Recourse provision to recover guarantees     0     $ 0  
Bargaining agreements | Agreement           100  
Self insurance reserve     11,000     $ 11,000  
Workers' compensation liability     6,500     6,500  
Self insurance reserve for general and auto     4,500     4,500  
Self insurance reserve on discontinued operations     2,000     2,000  
Estimated employee health benefit claims incurred but not yet reported     1,500     1,500  
Payments for self insurance     700   $ 1,000 2,200 $ 2,600
General/auto liability claim     1,800     1,800  
Self insurance reserve in which company is the primary obligor     8,200     8,200  
Self insurance reserve in which company is the primary obligor for workers compensation     6,400     6,400  
Minimum [Member]              
Loss Contingencies [Line Items]              
General range on claims     200     200  
Maximum              
Loss Contingencies [Line Items]              
General range on claims     $ 500     $ 500  
v3.23.2
Redeemable Noncontrolling Interest - Narrative (Details) - EUR (€)
€ in Thousands
 6 Months Ended
Jun. 30, 2023
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  
Redeemable noncontrolling interest conditions The put option is only exercisable after August 2022 (the “Reference Date”), and in the event 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 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 Put Option Condition has not been met as of June 30, 2023. If the FlyOver Iceland attraction has not achieved the Put Option Condition by December 31, 2024, the put option expires.  
Put option exercisable period 12 months  
Put option additional exercisable period upon not meeting of conditions 12 months  
Esja Attractions ehf. | FlyOver Iceland | Minimum    
Redeemable Noncontrolling Interest [Line Items]    
Unadjusted EBITDA € 3,250  
v3.23.2
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Noncontrolling Interest [Abstract]        
Beginning balance     $ 4,956  
Net loss attributable to redeemable noncontrolling interest $ (286) $ (128) (409) $ (266)
Foreign currency translation adjustment     180  
Ending balance $ 4,727   $ 4,727  
v3.23.2
Redeemable Noncontrolling Interest - Summary of Changes in Non Redeemable Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Minority Interest [Line Items]        
Beginning Balance     $ 82,310  
Net income attributable to non-redeemable noncontrolling interest $ 903 $ 451 505 $ (753)
Distributions to non-controlling interests (1,126) (570) (1,126)  
Foreign currency translation adjustments 1,235 $ (2,014) 1,800 $ (1,277)
Ending Balance 83,489   83,489  
Glacier Park Inc        
Minority Interest [Line Items]        
Beginning Balance     16,690  
Net income attributable to non-redeemable noncontrolling interest     (783)  
Distributions to non-controlling interests     0  
Foreign currency translation adjustments     (6)  
Ending Balance 15,913   $ 15,913  
Equity ownership interest that we do not own     20.00%  
Brewster        
Minority Interest [Line Items]        
Beginning Balance [1]     $ 55,702  
Net income attributable to non-redeemable noncontrolling interest [1]     (24)  
Distributions to non-controlling interests [1]     0  
Foreign currency translation adjustments [1]     1,279  
Ending Balance [1] 56,957   $ 56,957  
Equity ownership interest that we do not own [1]     40.00%  
Sky Lagoon        
Minority Interest [Line Items]        
Beginning Balance     $ 9,918  
Net income attributable to non-redeemable noncontrolling interest     1,312  
Distributions to non-controlling interests     (1,126)  
Ending Balance $ 10,619   $ 10,619  
Equity ownership interest that we do not own     49.00%  
[1] Includes Mountain Park Lodges and the Golden Skybridge at Brewster, part of the Banff Jasper Collection.
v3.23.2
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Reportable segments reconciliations:        
Total revenue $ 320,311 $ 319,203 $ 581,102 $ 496,563
ON Services sale purchase price adjustment (204) 0 (204) 0
Interest expense, net (12,356) (7,761) (24,605) (13,638)
Other expense, net (448) (612) (979) (1,250)
Restructuring charges (192) (1,426) (645) (2,080)
Income (loss) from continuing operations before income taxes 16,749 23,469 (5,161) (9,731)
GES        
Reportable segments reconciliations:        
Total revenue 231,837 241,604 459,965 395,180
Pursuit        
Reportable segments reconciliations:        
Total revenue 88,474 77,599 121,137 101,383
Operating Segments        
Reportable segments reconciliations:        
Segment operating income (loss) 33,444 36,691 27,916 13,899
Operating Segments | GES        
Reportable segments reconciliations:        
Segment operating income (loss) 23,633 31,120 37,217 29,526
Operating Segments | Pursuit        
Reportable segments reconciliations:        
Total revenue 88,474 77,599 121,137 101,383
Segment operating income (loss) 9,811 5,571 (9,301) (15,627)
Restructuring charges (2) 0 (9) 0
Operating Segments | Spiro        
Reportable segments reconciliations:        
Total revenue 80,368 89,425 140,730 132,241
Segment operating income (loss) 8,279 14,847 11,453 14,608
Restructuring charges (39) (808) (176) (1,226)
Operating Segments | GES-Exhibitions        
Reportable segments reconciliations:        
Total revenue 154,534 154,600 324,031 266,431
Segment operating income (loss) 15,354 16,273 25,764 14,918
Restructuring charges (151) (588) (460) (824)
Impairment charges 0 0 0 (583)
Operating Segments | Corporate        
Reportable segments reconciliations:        
Restructuring charges 0 (30) 0 (30)
Operating Segments | GES intersegment eliminations [Member]        
Reportable segments reconciliations:        
Total revenue (3,065) (2,421) (4,796) (3,492)
Corporate Eliminations        
Reportable segments reconciliations:        
Segment operating income (loss) [1] 16 17 32 34
Corporate        
Reportable segments reconciliations:        
Segment operating income (loss) $ (3,511) $ (3,440) $ (6,676) $ (6,113)
[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.
v3.23.2
Segment Information - Reconciliation of Assets from Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Depreciation $ 10,538 $ 10,802 $ 20,870 $ 21,808
Amortization 2,266 2,405 4,409 4,678
Capital expenditures 20,809 19,069 32,193 31,639
Pursuit        
Segment Reporting Information [Line Items]        
Depreciation 8,279 7,866 16,413 15,648
Amortization 1,294 1,316 2,455 2,495
Capital expenditures 17,588 17,219 25,315 28,710
Spiro        
Segment Reporting Information [Line Items]        
Depreciation 600 852 1,100 1,781
Amortization 62 51 125 103
Capital expenditures 618 442 1,265 586
GES-Exhibitions        
Segment Reporting Information [Line Items]        
Depreciation 1,640 2,070 3,318 4,361
Amortization 910 1,038 1,829 2,080
Capital expenditures 2,590 1,383 5,598 2,248
Corporate And Other        
Segment Reporting Information [Line Items]        
Capital expenditures 13 25 15 95
Corporate        
Segment Reporting Information [Line Items]        
Depreciation $ 19 $ 14 $ 39 $ 18