CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Current assets | ||||
Cash and cash equivalents | $ 56,452 | $ 61,999 | ||
Accounts receivable, net of allowances for doubtful accounts of $10,105 and $1,200, respectively | 21,154 | 126,246 | ||
Inventories | 16,296 | 17,269 | ||
Current contract costs | 7,649 | 24,535 | ||
Other current assets | 16,196 | 30,854 | ||
Total current assets | 117,747 | 260,903 | ||
Property and equipment, net | 477,445 | 500,901 | ||
Other investments and assets | 19,937 | 45,119 | ||
Operating lease right-of-use assets | 88,394 | 103,314 | ||
Deferred income taxes | 26,163 | |||
Goodwill | 96,931 | 287,983 | ||
Other intangible assets, net | 68,638 | 94,308 | ||
Total Assets | 869,092 | 1,318,691 | ||
Current liabilities | ||||
Accounts payable | 22,069 | 86,660 | ||
Contract liabilities | 17,153 | 50,671 | ||
Accrued compensation | 8,392 | 32,658 | ||
Operating lease obligations | 17,872 | 22,180 | ||
Other current liabilities | 30,127 | 39,824 | ||
Current portion of debt and finance lease obligations | [1] | 4,040 | 5,330 | |
Total current liabilities | 99,653 | 237,323 | ||
Long-term debt and finance lease obligations | 252,152 | 335,162 | ||
Pension and postretirement benefits | 25,789 | 26,247 | ||
Long-term operating lease obligations | 73,688 | 82,851 | ||
Other deferred items and liabilities | 75,174 | 83,707 | ||
Total liabilities | 526,456 | 765,290 | ||
Commitments and contingencies | ||||
Redeemable noncontrolling interest | 5,271 | 6,172 | ||
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 | 570,447 | 574,473 | ||
Retained earnings (deficit) | (202,691) | 122,971 | ||
Accumulated other comprehensive loss | (42,687) | (35,699) | ||
Common stock in treasury, at cost, 4,507,957 and 4,588,084 shares, respectively | (227,623) | (231,649) | ||
Total Viad stockholders’ equity | 134,848 | 467,498 | ||
Non-redeemable noncontrolling interest | 75,620 | 79,731 | ||
Total stockholders’ equity | 210,468 | 547,229 | ||
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity | 869,092 | $ 1,318,691 | ||
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 at September 30, 2020 | $ 126,897 | |||
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Allowance for doubtful accounts | $ 10,105 | $ 1,200 |
Common stock, par value | $ 1.50 | $ 1.50 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 24,934,981 | 24,934,981 |
Common stock, shares outstanding | 24,934,981 | 24,934,981 |
Treasury stock, shares | 4,507,957 | 4,588,084 |
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 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Statement Of Income And Comprehensive Income [Abstract] | ||||||
Net income (loss) | $ (28,729) | $ 34,466 | $ (325,280) | $ 30,148 | ||
Other comprehensive income (loss): | ||||||
Unrealized foreign currency translation adjustments | 11,032 | (5,229) | (7,342) | 3,868 | ||
Change in net actuarial loss, net of tax | [1] | 70 | 83 | 436 | 302 | |
Change in prior service cost, net of tax | [1] | (27) | (35) | (82) | (106) | |
Comprehensive income (loss) | (17,654) | 29,285 | (332,268) | 34,212 | ||
Non-redeemable noncontrolling interest: | ||||||
Net (income) loss attributable to non-redeemable noncontrolling interest | (2,331) | (3,418) | 636 | (3,329) | ||
Unrealized foreign currency translation adjustments | 1,837 | (682) | (1,949) | 94 | ||
Redeemable noncontrolling interest: | ||||||
Comprehensive loss attributable to redeemable noncontrolling interest | 302 | 368 | 1,023 | 644 | ||
Comprehensive income (loss) attributable to Viad | $ (17,846) | $ 25,553 | $ (332,558) | $ 31,621 | ||
|
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Mountain Park Lodges |
Common Stock |
Additional Capital |
Retained Earnings (Deficit) |
Accumulated Other Comprehensive Income (Loss) |
Common Stock in Treasury |
Total Viad Equity |
Non-Redeemable Non-Controlling Interest |
Non-Redeemable Non-Controlling Interest
Mountain Park Lodges
|
Mezzanine Equity Redeemable Non Controlling Interest |
Convertible Series A Preferred Stock |
Unearned Employee Benefits and Other |
|||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2018 | $ 450,555 | $ 37,402 | $ 575,339 | $ 109,032 | $ (47,975) | $ (237,790) | $ 436,207 | $ 14,348 | $ 5,909 | $ 199 | ||||||
Increase Decrease In Stockholders' Equity Roll Forward | ||||||||||||||||
Net income (loss) | (18,197) | (17,777) | (17,777) | (420) | (24) | |||||||||||
Dividends on common stock ($0.10 per share) | (2,028) | (2,028) | (2,028) | |||||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (2,905) | (2,905) | (2,905) | |||||||||||||
Employee benefit plans | 1,220 | (4,302) | 5,522 | 1,220 | ||||||||||||
Share-based compensation - equity awards | 780 | 780 | 780 | |||||||||||||
Unrealized foreign currency translation adjustment | 4,780 | 4,780 | 4,780 | (310) | ||||||||||||
Amortization of net actuarial loss, net of tax | 120 | 120 | 120 | |||||||||||||
Amortization of prior service cost, net of tax | (35) | (35) | (35) | |||||||||||||
Other, net | 41 | 16 | 1 | 41 | 87 | 24 | ||||||||||
Ending Balance at Mar. 31, 2019 | 434,331 | 37,402 | 571,833 | 89,227 | (43,110) | (235,172) | 420,403 | 13,928 | 5,662 | 223 | ||||||
Beginning Balance at Dec. 31, 2018 | 450,555 | 37,402 | 575,339 | 109,032 | (47,975) | (237,790) | 436,207 | 14,348 | 5,909 | 199 | ||||||
Increase Decrease In Stockholders' Equity Roll Forward | ||||||||||||||||
Amortization of net actuarial loss, net of tax | [1] | 302 | ||||||||||||||
Amortization of prior service cost, net of tax | [1] | (106) | ||||||||||||||
Ending Balance at Sep. 30, 2019 | 532,527 | 37,402 | 574,039 | 130,435 | (43,911) | (232,928) | 465,037 | 67,490 | 5,431 | |||||||
Beginning Balance at Mar. 31, 2019 | 434,331 | 37,402 | 571,833 | 89,227 | (43,110) | (235,172) | 420,403 | 13,928 | 5,662 | 223 | ||||||
Increase Decrease In Stockholders' Equity Roll Forward | ||||||||||||||||
Net income (loss) | 14,155 | 13,824 | 13,824 | 331 | (252) | |||||||||||
Dividends on common stock ($0.10 per share) | (2,006) | (2,006) | (2,006) | |||||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (89) | (89) | (89) | |||||||||||||
Employee benefit plans | 1,602 | 301 | 1,301 | 1,602 | ||||||||||||
Share-based compensation - equity awards | 781 | 781 | 781 | |||||||||||||
Unrealized foreign currency translation adjustment | 5,093 | 4,317 | 4,317 | 776 | (81) | |||||||||||
Amortization of net actuarial loss, net of tax | 99 | 99 | 99 | |||||||||||||
Amortization of prior service cost, net of tax | (36) | (36) | (36) | |||||||||||||
Acquisition | $ 49,711 | $ 49,711 | ||||||||||||||
Other, net | 14 | 16 | 221 | 14 | 179 | $ (223) | ||||||||||
Ending Balance at Jun. 30, 2019 | 503,655 | 37,402 | 572,931 | 101,045 | (38,730) | (233,739) | 438,909 | 64,746 | 5,508 | |||||||
Increase Decrease In Stockholders' Equity Roll Forward | ||||||||||||||||
Net income (loss) | 34,834 | 31,416 | 31,416 | 3,418 | (368) | |||||||||||
Dividends on common stock ($0.10 per share) | (2,026) | (2,026) | (2,026) | |||||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (25) | (25) | (25) | |||||||||||||
Employee benefit plans | 1,271 | 212 | 1,059 | 1,271 | ||||||||||||
Share-based compensation - equity awards | 938 | 938 | 938 | |||||||||||||
Unrealized foreign currency translation adjustment | (5,911) | (5,229) | (5,229) | (682) | 27 | |||||||||||
Amortization of net actuarial loss, net of tax | 83 | [1] | 83 | 83 | ||||||||||||
Amortization of prior service cost, net of tax | (35) | [1] | (35) | (35) | ||||||||||||
Acquisition | $ 8 | $ 8 | ||||||||||||||
Other, net | (265) | (42) | (223) | (265) | 264 | |||||||||||
Ending Balance at Sep. 30, 2019 | 532,527 | 37,402 | 574,039 | 130,435 | (43,911) | (232,928) | 465,037 | 67,490 | 5,431 | |||||||
Beginning Balance at Dec. 31, 2019 | 547,229 | 37,402 | 574,473 | 122,971 | (35,699) | (231,649) | 467,498 | 79,731 | 6,172 | |||||||
Increase Decrease In Stockholders' Equity Roll Forward | ||||||||||||||||
Net income (loss) | (87,918) | (86,585) | (86,585) | (1,333) | (517) | |||||||||||
Dividends on common stock ($0.10 per share) | (2,038) | (2,038) | (2,038) | |||||||||||||
Distributions to noncontrolling interest | (1,526) | (1,526) | ||||||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (1,059) | (1,059) | (1,059) | |||||||||||||
Common stock purchased for treasury | (2,785) | (2,785) | (2,785) | |||||||||||||
Employee benefit plans | 1,912 | (3,810) | 5,722 | 1,912 | ||||||||||||
Share-based compensation - equity awards | 276 | 276 | 276 | |||||||||||||
Unrealized foreign currency translation adjustment | (33,877) | (28,158) | (28,158) | (5,719) | (873) | |||||||||||
Amortization of net actuarial loss, net of tax | 341 | 341 | 341 | |||||||||||||
Amortization of prior service cost, net of tax | (27) | (27) | (27) | |||||||||||||
Other, net | (82) | (80) | (3) | 1 | (82) | 126 | ||||||||||
Ending Balance at Mar. 31, 2020 | 420,446 | 37,402 | 570,859 | 34,345 | (63,543) | (229,770) | 349,293 | 71,153 | 4,908 | |||||||
Beginning Balance at Dec. 31, 2019 | 547,229 | 37,402 | 574,473 | 122,971 | (35,699) | (231,649) | 467,498 | 79,731 | 6,172 | |||||||
Increase Decrease In Stockholders' Equity Roll Forward | ||||||||||||||||
Dividends on convertible preferred stock | (1,134) | |||||||||||||||
Amortization of net actuarial loss, net of tax | [1] | 436 | ||||||||||||||
Amortization of prior service cost, net of tax | [1] | (82) | ||||||||||||||
Ending Balance at Sep. 30, 2020 | 210,468 | 37,402 | 570,447 | (202,691) | (42,687) | (227,623) | 134,848 | 75,620 | 5,271 | $ 126,897 | ||||||
Beginning Balance at Mar. 31, 2020 | 420,446 | 37,402 | 570,859 | 34,345 | (63,543) | (229,770) | 349,293 | 71,153 | 4,908 | |||||||
Increase Decrease In Stockholders' Equity Roll Forward | ||||||||||||||||
Net income (loss) | (207,912) | (206,278) | (206,278) | (1,634) | (204) | |||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (3) | (3) | (3) | |||||||||||||
Employee benefit plans | 330 | 48 | 282 | 330 | ||||||||||||
Share-based compensation - equity awards | 602 | 602 | 602 | |||||||||||||
Unrealized foreign currency translation adjustment | 11,717 | 9,784 | 9,784 | 1,933 | 102 | |||||||||||
Amortization of net actuarial loss, net of tax | 25 | 25 | 25 | |||||||||||||
Amortization of prior service cost, net of tax | (28) | (28) | (28) | |||||||||||||
Other, net | 45 | 46 | (1) | 45 | 332 | |||||||||||
Ending Balance at Jun. 30, 2020 | 225,222 | 37,402 | 571,555 | (171,933) | (53,762) | (229,492) | 153,770 | 71,452 | 5,138 | |||||||
Increase Decrease In Stockholders' Equity Roll Forward | ||||||||||||||||
Net income (loss) | (28,427) | (30,758) | (30,758) | 2,331 | (302) | |||||||||||
Issuance of Series A convertible preferred stock | 125,763 | |||||||||||||||
Dividends on convertible preferred stock | (1,134) | (1,134) | (1,134) | 1,134 | ||||||||||||
Employee benefit plans | (253) | (2,123) | 1,870 | (253) | ||||||||||||
Share-based compensation - equity awards | 2,135 | 2,135 | 2,135 | |||||||||||||
Unrealized foreign currency translation adjustment | 12,869 | 11,032 | 11,032 | 1,837 | (33) | |||||||||||
Amortization of net actuarial loss, net of tax | 70 | [1] | 70 | 70 | ||||||||||||
Amortization of prior service cost, net of tax | (27) | [1] | (27) | (27) | ||||||||||||
Other, net | 13 | 14 | (1) | 13 | 468 | |||||||||||
Ending Balance at Sep. 30, 2020 | $ 210,468 | $ 37,402 | $ 570,447 | $ (202,691) | $ (42,687) | $ (227,623) | $ 134,848 | $ 75,620 | $ 5,271 | $ 126,897 | ||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Parenthetical) (Unaudited) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2020 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
|
Statement Of Stockholders Equity [Abstract] | ||||
Dividends on common stock per share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Cash flows from operating activities | |||||
Net income (loss) | $ (28,729) | $ 34,466 | $ (325,280) | $ 30,148 | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and amortization | 43,051 | 44,061 | |||
Deferred income taxes | 20,428 | 5,261 | |||
(Income) loss from discontinued operations | 989 | 141 | 1,822 | (32) | |
Restructuring charges | 11,259 | 1,702 | 12,370 | 6,845 | |
Legal settlement | 8,500 | ||||
Impairment charges | 203,076 | ||||
Gains on dispositions of property and other assets | (14,935) | (938) | |||
Share-based compensation expense | 1,937 | 1,831 | 649 | 6,448 | |
Multi-employer pension plan withdrawal | 462 | 15,508 | |||
Other non-cash items, net | 10,371 | 2,772 | |||
Change in operating assets and liabilities: | |||||
Receivables | 104,722 | (37,028) | |||
Inventories | 833 | 389 | |||
Current contract costs | 16,418 | (13,929) | |||
Accounts payable | (76,355) | 20,121 | |||
Restructuring liabilities | (4,606) | (5,012) | |||
Accrued compensation | (25,268) | 2,308 | |||
Contract liabilities | (32,650) | 29,177 | |||
Income taxes payable | 1,290 | 3,777 | |||
Other assets and liabilities, net | 17,696 | (17,236) | |||
Net cash (used in) provided by operating activities | (45,906) | 101,140 | |||
Cash flows from investing activities | |||||
Capital expenditures | (40,057) | (60,868) | |||
Cash surrender value of life insurance policies | 24,767 | ||||
Cash paid for acquisitions, net | (90,992) | ||||
Proceeds from dispositions of property and other assets | 21,788 | 1,022 | |||
Net cash provided by (used in) investing activities | 6,498 | (150,838) | |||
Cash flows from financing activities | |||||
Proceeds from borrowings | 191,733 | 170,459 | |||
Payments on debt and finance lease obligations | (273,663) | (99,340) | |||
Dividends paid on common stock | (4,064) | (6,060) | |||
Distributions to noncontrolling interest | (1,526) | ||||
Debt issuance costs | (1,585) | ||||
Payment of payroll taxes on stock-based compensation through shares withheld or repurchased | (1,062) | (3,019) | |||
Common stock purchased for treasury | (2,785) | ||||
Proceeds from issuance of Convertible Series A Preferred Stock, net of issuance costs | 125,763 | ||||
Proceeds from exercise of stock options | 2,077 | 92 | |||
Net cash provided by financing activities | 34,888 | 62,132 | |||
Effect of exchange rate changes on cash and cash equivalents | (1,027) | (689) | |||
Net change in cash and cash equivalents | (5,547) | 11,745 | |||
Cash and cash equivalents, beginning of year | 61,999 | 44,893 | $ 44,893 | ||
Cash and cash equivalents, end of period | $ 56,452 | $ 56,638 | $ 56,452 | $ 56,638 | $ 61,999 |
Overview and Basis of Presentation |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overview and Basis of Presentation |
Note 1. Overview and Basis of Presentation Nature of Business We are an international experiential services company with operations in the United States, Canada, the United Kingdom, continental Europe, the United Arab Emirates, and Iceland. We are committed to providing unforgettable experiences to our clients and guests. We operate through three reportable business segments: GES North America, GES EMEA (collectively, “GES”), and Pursuit. GES GES is a global, full-service live events company offering a comprehensive range of services to event organizers and corporate brand marketers. Event organizers schedule and run events from start to finish. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products, and build business relationships. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events. Pursuit Pursuit is a collection of inspiring and unforgettable travel experiences that include 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, and FlyOver. Impact of COVID-19 On March 11, 2020, the World Health Organization declared COVID-19 a “pandemic.” COVID-19 has spread rapidly, with a high concentration of confirmed cases in the U.S. and other countries in which we operate. The rapid spread has resulted in authorities around the world implementing numerous measures to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place orders, and business shutdowns. The COVID-19 pandemic and these containment measures have had, and are expected to continue to have, a substantial negative impact on businesses around the world and on global, regional, and national economies. The COVID-19 pandemic is having and will likely continue to have a significant and negative impact on our operations and financial performance, with live events largely shut down and tourism activity disruptions. In response to the COVID-19 pandemic, we implemented aggressive cost reduction measures to preserve cash, including furloughs, layoffs, mandatory unpaid time off, or salary reductions for all employees, and the elimination of discretionary spending. We continue to implement measures to successfully adapt for the long-term impact of COVID-19. During the third quarter of 2020, we secured additional capital to strengthen our liquidity position and amended our Second Amended and Restated Credit Agreement (the “2018 Credit Agreement”) to provide financial flexibility. Investment Agreement On August 5, 2020, we entered into an investment agreement with funds managed by private equity firm Crestview Partners (the “Investment Agreement”) who made an initial investment of $135 million, offset in part by $9.2 million in fees, in newly issued perpetual convertible preferred stock that carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option (the “Convertible Preferred Stock”). The Convertible Preferred Stock is convertible into shares of our common stock at a conversion price of $21.25 per share. The Investment Agreement also includes a delayed draw commitment of up to $45 million in additional Convertible Preferred Stock, which we may access during the 12 months following the August 5, 2020 closing date on the same terms and conditions as the initial investment. The proceeds from Crestview’s initial investment were used to repay a portion of our 2018 Credit Facility, will provide additional short-term liquidity, will fund capital expenditures, and will support general corporate purposes. Pursuant to the Investment Agreement, two Crestview Partners’ designees joined our Board of Directors, increasing the size of our board from seven to nine directors. Credit Agreement Amendment On August 5, 2020, we entered into an amendment to our 2018 Credit Agreement, which, among other things, (i) waives our financial covenants until September 30, 2022 (the “Covenant Waiver Period”) and (ii) requires us to maintain minimum liquidity of $125 million with a step down to $100 million at December 31, 2020. The interest rate on the borrowings is equal to the London Interbank Offered Rate (“LIBOR”) plus 350 basis points, with a LIBOR floor of one percent during the Covenant Waiver Period. The LIBOR floor continues until the end of the 2018 Credit Agreement. Viad pledged 100% of the capital stock of its wholly-owned domestic subsidiaries and its top-tier foreign subsidiaries (other than Esja Attractions ehf.). Fees related to the amendment were approximately $1.7 million. Management anticipates that the initial cash proceeds from Crestview Partners, existing cash and cash equivalents, and the amendment to waive financial covenants within the 2018 Credit Agreement until September 30, 2022 will be sufficient to fund operations for at least the next 12 months. Goodwill Impairment Due to the deteriorating macroeconomic environment, disruptions to our operations, and the sustained decline in our stock price caused by COVID-19, we determined an interim triggering event had occurred in the first and second quarters of 2020, which required us to assess the carrying values of goodwill and intangible assets in accordance with Accounting Standards Codification (“ASC”) No. 350, Intangibles – Goodwill and Other. Based on this assessment, we recorded non-cash goodwill impairment charges of $186.1 million during the first half of 2020, including a full impairment charge to the remaining GES goodwill balance of $113.1 million in the second quarter of 2020. Our remaining goodwill balance as of September 30, 2020 of $96.9 million pertains to our Pursuit business. The duration and impact of COVID-19 may result in additional future impairment charges as facts and circumstances evolve. Refer to Note 9 – Goodwill and Other Intangible Assets for additional information. Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or SEC rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 26, 2020 (“2019 Form 10-K”). Subsequent to the filing of the 2019 Form 10-K, we corrected the classification of debt as of December 31, 2019. Refer to Note 12 – Debt and Finance Lease Obligations. 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. Correction to Prior Period Financial Statements During the third quarter of 2020, we identified a prior period error related to the recognition of revenue of our GES’ Corporate Accounts’ third-party services. Revenue from these services should have been recorded on a net basis to reflect only the fees we receive from arranging these services. Previously, we recorded this revenue on a gross basis, thus overstating revenue and cost of services by the same amount. As a result, we corrected the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 related to this gross-to-net adjustment. We determined that the error is not material to the previously issued financial statements. Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 22 – Segment Information reflects this change.
Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements:
Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates. Revenue Recognition Revenue is measured based on a specified amount of consideration in a contract with a customer, net of commissions paid to customers and amounts collected on behalf of third parties. We recognize revenue when a performance obligation is satisfied by transferring control of a product or service to a customer. GES’ service revenue is primarily derived through its comprehensive range of services to event organizers and corporate brand marketers including Core Services, Event Technology, and Audio-Visual. GES’ service revenue is earned over time over the duration of the exhibition, conference, or corporate event, which generally lasts one to three days. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue is recognized at a point in time upon delivery of the product. Pursuit’s service revenue is derived through its admissions, accommodations, transportation, and travel planning services. Pursuit’s product revenue is derived through food and beverage and retail sales. Pursuit’s revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits. Pursuit’s product revenue is recognized at a point in time. Noncontrolling Interests – Non-redeemable and Redeemable Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the 20% equity ownership interest that we do not own in Glacier Park, Inc., the 40% equity interest that we do not own in the Mountain Park Lodges, and the 49% equity interest that we do not own in the new entity that will operate the Pursuit Sky Lagoon attraction. 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 54.5% 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 temporary equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to retained earnings and is included in our income per share. Refer to Note 21 – Redeemable Noncontrolling Interest for additional information. Convertible Preferred Stock We record shares of convertible preferred stock at fair value on the date of issuance, net of issuance costs. 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 temporary equity and is reported between liabilities and stockholders’ equity on 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. These facility leases generally have lease terms ranging up to 23 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our hotels or attractions are located and have lease terms ranging up to 47 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 we adjust to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants. Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country. We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities against lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases. |
Revenue and Related Contract Costs and Contract Liabilities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contract With Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue and Related Contract Costs and Contract Liabilities |
Note 2. Revenue and Related Contract Costs and Contract Liabilities 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 an exhibition, conference, or other event. GES’ revenue is earned over time over the duration of the event, but as a practical expedient we recognize revenue when we have a right to invoice at the close of the exhibition, conference, or corporate event, which typically lasts one to three days, or when a customer cancels a contract. We recognize revenue for consumer events over the duration of the 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, generally at the close of the exhibition, conference, or corporate event, or when a customer cancels a contract. If a customer cancels a contract, then GES is generally contractually able to invoice the customer for contract costs that have been incurred by GES in preparing for the exhibition, conference, or corporate event. Payment terms are generally within 30-60 days and contain no significant financing components. Pursuit’s performance obligations are short-term in nature. They include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, the fulfillment of travel planning itineraries, and/or the sale of food, beverage, or retail products. 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. Contract Liabilities GES and Pursuit typically receive customer deposits prior to transferring the related product or service to the customer. We record these deposits as a contract liability, which are recognized as revenue upon satisfaction of the related contract performance obligation(s). GES also provides customer rebates and volume discounts to certain event organizers that we recognize as a reduction of revenue. We include these amounts in the Condensed Consolidated Balance Sheets under the captions “Contract liabilities” and “Other deferred items and liabilities.” Changes to contract liabilities are as follows:
Contract Costs GES capitalizes certain incremental costs incurred in obtaining and fulfilling contracts. Capitalized costs principally relate to direct costs of materials and services incurred in fulfilling services of future exhibitions, conferences, and events, and also include up-front incentives and commissions incurred upon contract signing. 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 cost of services or cost of products, as applicable. We include the deferred incremental costs of obtaining and fulfilling contracts in the Condensed Consolidated Balance Sheets under the captions “Current contract costs” and “Other investments and assets.” Changes to contract costs are as follows:
As of September 30, 2020, capitalized contract costs consisted of $1.2 million to obtain contracts and $10.9 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs during the three and nine months ended September 30, 2020 or 2019. Disaggregation of Revenue The following tables disaggregate GES and Pursuit revenue by major product line, timing of revenue recognition, and markets served: GES
Pursuit
|
Share-Based Compensation |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation |
Note 3. Share-Based Compensation We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan (the “2017 Plan”). The 2017 Plan has a 10-year term and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. In June 2017, we registered 1,750,000 shares of common stock issuable under the 2017 Plan. As of September 30, 2020, there were 1,077,197 shares available for future grant under the 2017 Plan. The following table summarizes share-based compensation (income) expense:
PUP Awards PUP awards are performance-based restricted stock units that are tied to our stock price and the expected achievement of certain performance-based criteria. The vesting of PUP award shares is based upon the achievement of the performance-based criteria over a period. We account for PUP awards that will be settled in shares of our common stock as equity-based awards. We measure share-based compensation expense of equity-based awards at fair value on the grant date on a straight-line basis over the vesting period. The estimated number of shares to be achieved is updated each reporting period. We account for PUP awards that will be settled in cash as liability-based awards. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement. Forfeitures are accounted for as they occur.During the nine months ended September 30, 2020, we granted PUP awards with a grant date fair value of $4.8 million of which $1.8 million are payable in shares. Liabilities related to PUP awards were $0.4 million as of September 30, 2020 and $5.3 million as of December 31, 2019. During the nine months ended September 30, 2020, the value of the PUP awards decreased due to the reduction of our estimated performance achievement and the decline in our stock price as a result of the COVID-19 pandemic. In 2020, PUP awards granted in 2017 vested and we paid $2.6 million in cash. No PUP awards were paid in shares in 2020. In 2019, PUP awards granted in 2016 vested and we paid $5.6 million in cash and $3.4 million in shares. In 2019, we withheld 25,771 shares for $1.5 million related to tax withholding requirements on vested PUP awards paid in shares. The following table summarizes the activity of the outstanding PUP awards:
Restricted Stock Awards and Restricted Stock Units Restricted stock awards and restricted stock units are service-based awards. We account for restricted stock awards and restricted stock units that will be settled in shares of our common stock as equity-based awards. We measure share-based compensation expense of equity-based awards at fair value on the grant date on a straight-line basis over the vesting period. We account for restricted stock units that will be settled in cash as liability-based awards. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement. Forfeitures are accounted for as they occur. As of September 30, 2020, the unamortized cost of outstanding equity-based restricted stock awards and restricted stock units was $2.6 million, which we expect to recognize over a weighted-average period of approximately 1.2 years. We repurchased 17,961 shares for $1.1 million during the nine months ended September 30, 2020 and 24,586 shares for $1.4 million during the nine months ended September 30, 2019 related to tax withholding requirements on vested share-based awards. Aggregate liabilities related to liability-based restricted stock units were $0.8 million as of September 30, 2020 and $0.4 million as of December 31, 2019. During the nine months ended September 30, 2020, restricted stock units vested, and we paid $0.2 million in cash and $0.8 million in shares. During the nine months ended September 30, 2019, restricted stock units vested, and we paid $0.3 million in cash and $0.2 million in shares. The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:
Stock Options We grant non-qualified stock options that are performance-based, as well as non-qualified options that are service-based. The performance-based awards are recognized on a straight-line basis over the performance period ranging from , and the underlying shares expected to be settled are adjusted each reporting period based on estimated future achievement of the respective performance metrics. The service-based awards are recognized on a straight-line basis over the requisite service period on a graded-vesting schedule over three years.The following table summarizes stock option activity:
The following table summarizes stock options outstanding and exercisable as of September 30, 2020:
The fair value of stock options granted in 2020 was estimated on the date of grant using the Black-Scholes option pricing model. Following is additional information on stock options and the underlying assumptions used in assessing fair value:
As of September 30, 2020, the total unrecognized compensation cost related to non-vested stock option awards was $1.6 million. We expect to recognize such costs over a weighted-average period of approximately 2.5 years. No stock options were granted in 2019. |
Acquisitions |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions |
Note 4. Acquisitions 2019 Acquisitions Belton Chalet On May 16, 2019, we acquired the Belton Chalet in Glacier National Park for total cash consideration of $3.2 million. Transaction costs associated with the acquisition were $0.3 million during 2019, which are included in “Cost of services” in the Consolidated Statements of Operations. We included these assets in the consolidated financial statements from the date of acquisition. Mountain Park Lodges On June 8, 2019, we acquired a 60% equity interest in Mountain Park Lodges’ group of seven hotels and an undeveloped land parcel located in Jasper National Park for total consideration of $100.6 million Canadian dollars (approximately $76 million U.S. dollars). As the majority owner of these properties, we consolidate 100% of the results of operations in our consolidated financial statements and record the 40% owners’ share of the income or loss attributable to non-redeemable noncontrolling interest. Transaction costs associated with the Mountain Park Lodges were $0.9 million in 2019, which are included in “Corporate activities” in the Consolidated Statements of Operations. We included these assets and results of operations in the consolidated financial statements from the date of acquisition. During the three months ended September 30, 2020, revenue and operating income related to the Mountain Park Lodges were $8.9 million and $4.4 million, respectively. During the nine months ended September 30, 2020, revenue and operating income related to the Mountain Park Lodges were $12.9 million and $0.2 million, respectively. Identifiable intangible assets acquired in the Mountain Park Lodges acquisition were $20.2 million and consist primarily of in-place leases, customer relationships, and trade names. The weighted average amortization period related to the intangible assets was approximately 30.8 years. Sky Lagoon Attraction On July 25, 2019, we announced plans for a new geothermal lagoon attraction that will be located on an oceanfront lot just outside downtown Reykjavik, Iceland. We acquired a 51% controlling interest for $13.2 million in the new entity that will manage the Sky Lagoon attraction, which we will operate in partnership with Geothermal Lagoon ehf., the Icelandic entity that owns the lagoon assets. The noncontrolling interest’s carrying value was 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. The amortization of the resulting operating contract intangible is not deductible for tax purposes. We expect to open our new attraction in 2021. Supplementary pro forma financial information The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming the completion of the Mountain Park Lodges acquisition was on January 1, 2019. We do not consider the Sky Lagoon attraction or the Belton Chalet significant acquisitions and accordingly, they are not included in the following pro forma results of operations:
|
Inventories |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Other Current Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets |
Note 6. Other Current Assets Other current assets consisted of the following:
|
Property and Equipment |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment |
Note 7. Property and Equipment Property and equipment consisted of the following:
Depreciation expense was $11.5 million for the three months ended September 30, 2020 and $35.1 million for the nine months ended September 30, 2020. Depreciation expense was $12.7 million for the three months ended September 30, 2019 and $34.0 million for the nine months ended September 30, 2019. Amortization expense on finance lease assets was $0.9 million for the three months ended September 30, 2020 and $2.8 million for the nine months ended September 30, 2020. Amortization expense on finance lease assets was $0.7 million for the three months ended September 30, 2019 and $1.9 million for the nine months ended September 30, 2019. Property and equipment purchased through accounts payable and accrued liabilities decreased $6.3 million during the nine months ended September 30, 2020 and increased $2.0 million during the nine months ended September 30, 2019. We recorded fixed asset impairment charges primarily related to capitalized software of $0.7 million during the three months ended September 30, 2020. |
Other Investments and Assets |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments and Assets |
Note 8. Other Investments and Assets Other investments and assets consisted of the following:
|
Goodwill and Other Intangible Assets |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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) in order to estimate the fair value of our reporting units for purposes of goodwill impairment testing. In early March 2020, as a result of COVID-19 concerns, we began to see event postponements and cancellations at GES, as well as cancelled bookings at Pursuit. This quickly escalated into the shut-down of event activity and tourism as government mandated closures and stay-at-home orders went more broadly into effect around the world. As demand halted, we essentially placed our businesses into a state of hibernation to preserve cash. As government mandated closures and stay-at-home orders started to be lifted, we began to restart our business with enhanced health and safety protocols in place. We phased in most of Pursuit’s attractions and lodging operations starting in May and continuing into July. However, exhibition and event activity remain largely closed. For GES, we believe that as governments continue to lift restrictions, events in certain geographies will gradually increase. During the three months ended March 31, 2020, we determined that an interim triggering event had occurred due to the deteriorating macroeconomic environment, disruptions to our operations, and the sustained decline in our stock price caused by COVID-19. As such, we performed an interim evaluation of goodwill as of March 31, 2020. As a result, we recorded non-cash goodwill impairment charges of $41.9 million associated with GES U.S., $29.0 million associated with GES EMEA, and $1.8 million associated with Pursuit’s Glacier Park Collection. We recorded an income tax benefit of $12.4 million during the three months ended March 31, 2020 related to these goodwill impairment charges. This income tax benefit was reversed during the second quarter of 2020 due to the recording of a valuation allowance. Refer to Note 16 – Income Taxes. During the three months ended June 30, 2020, GES continued to experience event postponements and cancellations and we experienced further declines in our stock price. There had also been an increased spread of the COVID-19 virus throughout the United States, which resulted in further closures and government orders that we believed had increased the uncertainty regarding when the live event industry would re-commence and how long it would take to get back to similar pre-COVID-19 business levels. The uncertainty regarding the duration of the current domestic and global economic conditions and whether further deterioration in the macroeconomic environment would continue as a result of the COVID-19 pandemic was factored into our second quarter goodwill impairment analysis. As a result, we recorded a full impairment charge to the remaining GES goodwill balance of $113.1 million during the three months ended June 30, 2020. Our remaining goodwill balance as of September 30, 2020 of $96.9 million pertains to our Pursuit business. During the three months ended September 30, 2020, the travel and hospitality industry continued to be negatively impacted by the COVID-19 pandemic. Although Pursuit’s reporting units continued to operate at a loss due to travel restrictions, as there were no significant changes to our outlook for the future years and the risk profile of the reporting units had not changed, we did not record any additional impairment charges during the third quarter. Additionally, we experienced a slight increase in our stock price during the three months ended September 30, 2020. Given the evolving, uncertain nature of COVID-19, and the uncertain government and consumer reactions, the estimates and assumptions regarding expected future cash flows, discount rates, and terminal values used in our goodwill impairment analysis require considerable judgment and are based on our current estimates of market conditions, financial forecasts, and industry trends. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results including additional impairment charges in the future. Other intangible assets consisted of the following:
Intangible asset amortization expense was $1.5 million for the three months ended September 30, 2020 and $5.2 million for the nine months ended September 30, 2020. Intangible asset amortization expense was $2.9 million for the three months ended September 30, 2019 and $8.2 million for the nine months ended September 30, 2019. We recorded an impairment charge to intangible assets of $15.7 million during the nine months ended September 30, 2020 related to our U.S. audio-visual production business. The duration and impact of COVID-19 may result in additional future impairment charges as facts and circumstances evolve. At September 30, 2020, the estimated future amortization expense related to intangible assets subject to amortization is as follows:
|
Other Current Liabilities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities |
Note 10. Other Current Liabilities Other current liabilities consisted of the following:
|
Other Deferred Items and Liabilities |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Debt and Finance Lease Obligations |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Finance Lease Obligations |
Note 12. Debt and Finance Lease Obligations The components of long-term debt and finance lease obligations consisted of the following:
2018 Credit Agreement Effective October 24, 2018, we entered into a Second Amended and Restated Credit Agreement (the “2018 Credit Agreement”). The 2018 Credit Agreement has a maturity date of October 24, 2023 and provides for a $450 million revolving credit facility (“2018 Credit Facility”). Borrowings and letters of credit can be denominated in U.S. dollars, Euros, Canadian dollars, or British pounds. Under the 2018 Credit Agreement, our lenders have a first perfected security interest in all of our personal property. As of September 30, 2020, we were not in compliance with our financial covenants, however, we obtained financial covenant relief until September 30, 2022 pursuant to the amendment to the 2018 Credit Agreement described below. Effective August 5, 2020, we entered into an amendment to the 2018 Credit Agreement, which, among other things, (i) waives our financial covenants until September 30, 2022 (the “Covenant Waiver Period”) and (ii) requires us to maintain minimum liquidity of $125 million with a step down to $100 million at December 31, 2020. The Covenant Waiver Period will be in effect until the earlier of September 30, 2022 or the fiscal quarter when our leverage ratio is less than or equal to 4.00 to 1.00. Post Covenant Waiver Period, the maximum leverage ratio will be less than or equal to 4.50 to 1.00 at September 30, 2022 with a step down to less than or equal to 4.00 to 1.00 at December 31, 2022 and thereafter until the maturity date. The minimum interest coverage ratio will be greater than or equal to 2.00 to 1.00 post Covenant Waiver Period and until maturity of the facility. The interest rate on the borrowings is equal to LIBOR plus 350 basis points, with a LIBOR floor of one percent during the Covenant Waiver Period. The LIBOR floor continues until the end of the 2018 Credit Agreement. A revised pricing grid goes into effect after the Covenant Waiver Period ends. Additionally, we are precluded from paying cash dividends, from issuing unsecured debt, and from accessing the $250 million expansion feature during the Covenant Waiver Period. The amendment allows us to make acquisitions under certain conditions. Viad pledged 100% of the capital stock of its wholly-owned domestic subsidiaries and it top-tier foreign subsidiaries (other than Esja). Fees related to the amendment were approximately $1.7 million. Refer to Note 1 – Overview and Basis of Presentation (Impact of COVID-19) for additional information. During the three months ended September 30, 2020, we repaid approximately $217 million of principal on our outstanding 2018 Credit Facility. As of September 30, 2020, capacity remaining under the 2018 Credit Facility was $209.8 million, reflecting borrowings of $230.5 million and $9.7 million in outstanding letters of credit. We index borrowings under the 2018 Credit Facility to the prime rate or the LIBOR, plus appropriate spreads tied to our leverage ratio. As LIBOR will be phased out in 2021, our 2018 Credit Facility includes a method for determining an alternative or successor rate of interest that considers the new prevailing market convention. The vast majority of our borrowings under the 2018 Credit Facility are indexed to LIBOR. Commitment fees and letters of credit fees are also tied to our leverage ratio. The fees on the unused portion of the 2018 Credit Facility were 0.50% annually as of September 30, 2020. We index only our borrowings under the 2018 Credit Facility and the discount rates we use to account for some leases to LIBOR. We do not expect the alternative or successor rate to LIBOR to have a material impact on either our 2018 Credit Facility or the accounting for our leases. FlyOver Iceland Credit Facility Effective February 15, 2019, FlyOver Iceland ehf., a wholly-owned subsidiary of Esja, entered into a credit agreement with a €5.0 million (approximately $5.6 million U.S. dollars) credit facility (the “FlyOver Iceland Credit Facility”) with a maturity date of March 1, 2022. We used the loan proceeds to complete the development of the FlyOver Iceland attraction. In response to COVID-19, we entered into an addendum to the FlyOver Iceland Credit Facility effective May 14, 2020 wherein the principal and interest payments were deferred for six months beginning June 1, 2020, with the first payment due December 1, 2020. The addendum also extended the maturity date to September 1, 2022. There were no other changes to the terms of the FlyOver Iceland Credit Facility. Effective July 31, 2020, we obtained a waiver of certain covenants to the FlyOver Iceland Credit Facility through 2021. |
Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
Note 13. Fair Value Measurements The fair value of an asset or liability is defined as the price that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value. Money market mutual funds and certain other mutual fund investments are measured at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following tables:
The carrying values of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term nature of these instruments. Refer to Note 12 – Debt and Finance Lease Obligations for the estimated fair value of debt obligations. |
Accumulated Other Comprehensive Income (Loss) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) |
Note 14. Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (“AOCI”) by component are as follows:
Amounts reclassified that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net losses recognized during each period presented. We recorded these costs as components of net periodic cost for each period presented. Refer to Note 17 – Pension and Postretirement Benefits for additional information. |
Income (Loss) Per Share |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Per Share |
Note 15. Income (Loss) Per Share The components of basic and diluted income per share are as follows:
The dilutive effect of the outstanding common shares, excluding the Convertible Series A Preferred Stock, is reflected in diluted loss per share by application of the treasury stock method. The dilutive effect of the Convertible Series A Preferred Stock is reflected in the diluted loss per share by application of the if-converted method. |
Income Taxes |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes |
Note 16. Income Taxes The effective tax rate was a negative 2.7% for the three months ended September 30, 2020 and 25.6% for the three months ended September 30, 2019. The effective tax rate was a negative 6.8% for the nine months ended September 30, 2020 and 26.5% for the nine months ended September 30, 2019. The negative effective tax rates for the three and nine months ended September 30, 2020 were due to no tax benefits being recorded on our U.S., United Kingdom, and other European jurisdictions as a result of recording a valuation allowance during the second quarter of 2020 against our net deferred tax assets in these jurisdictions due to our belief that it is more likely than not that we will not realize the tax benefits from the current year losses realized in these jurisdictions. In response to the COVID-19 pandemic, many governments have enacted or are contemplating measures to provide aid and economic stimulus. These measures may include deferring the due dates of tax payments or other changes to income and non-income-based tax laws. For the three and nine months ended September 30, 2020, there were no material tax impacts to our condensed consolidated financial statements as they relate to COVID-19 measures. We received $6.8 million and $14.7 million of tax refunds in excess of payments for the three and nine months ended September 30, 2020, respectively. Net cash paid for income taxes was $4.1 million and $12.1 million for the three and nine months ended September 30, 2019, respectively. |
Pension and Postretirement Benefits |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Postretirement Benefits |
Note 17. Pension and Postretirement Benefits The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended September 30, 2020 and 2019 consist of the following:
The components of net periodic benefit cost of our pension and postretirement benefit plans for the nine months ended September 30, 2020 and 2019 consist of the following:
We expect to contribute $1.3 million to our funded pension plans, $0.9 million to our unfunded pension plans, and $1.0 million to our postretirement benefit plans in 2020. During the nine months ended September 30, 2020, we contributed $0.2 million to our funded pension plans, $0.7 million to our unfunded pension plans, and $0.6 million to our postretirement benefit plans. |
Restructuring Charges |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges |
Note 18. Restructuring Charges GES As part of our efforts to drive efficiencies and simplify our business operations, we took certain restructuring actions designed to simplify and transform GES for greater profitability. In response to the COVID-19 pandemic in 2020, we accelerated our transformation and streamlining efforts at GES to significantly reduce costs and create a lower and more flexible cost structure focused on servicing our more profitable market segments. These initiatives included recording restructuring charges related to the elimination of positions and facility closures at GES, as well as charges related to the closure and liquidation of GES’ United Kingdom-based audio-visual services business. Other Restructurings We recorded restructuring charges in connection with the consolidation of certain support functions at our corporate headquarters. These charges primarily consist of severance and related benefits due to headcount reductions and charges related to the downsizing of facilities. Changes to the restructuring liability by major restructuring activity are as follows:
As of September 30, 2020, we expect to pay all but $1.5 million of the liabilities related to severance and employee benefits by the end of 2020. The liability related to future lease payments will be paid over the remaining lease terms. Refer to Note 22 – Segment Information, for information regarding restructuring charges by segment. |
Leases and Other |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and Other |
Note 19. Leases and Other The balance sheet presentation of our operating and finance leases is as follows:
The components of lease expense consisted of the following:
(1) Sublease income excludes rental income from owned assets, which is recorded in revenue.
Other information related to operating and finance leases are as follows:
As of September 30, 2020, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:
As of September 30, 2020, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own, are as follows:
Leases Not Yet Commenced As of September 30, 2020, we had executed certain facility and land leases for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and right-of-use assets on our Condensed Consolidated Balance Sheets. These leases include future planned attractions for Pursuit that are currently in the planning or development phase and that we expect the lease commencement dates to begin between fiscal years 2021 and 2022 with lease terms of 15 to 47 years.
|
Litigation, Claims, Contingencies and Other |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation, Claims, Contingencies and Other |
Note 20. Litigation, Claims, Contingencies, and Other We are plaintiffs or defendants to various actions, proceedings, and pending claims, some of which involve, or may involve, compensatory, punitive, or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings, or claims could be decided against us. During the three months ended March 31, 2019, we recorded an $8.5 million charge to resolve a legal dispute at GES involving a former industry contractor. Although the amount of liability as of September 30, 2020 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 enroute with 27 people to the Athabasca Glacier, resulting in three fatalities and multiple other serious injuries. We continue to support the victims and their families, and we are fully cooperating with the applicable regulatory authorities to investigate this accident. We immediately reported the accident to our relevant insurance carriers, who are also supporting the investigation. Subject to customary deductibles, we believe that our insurance coverage is sufficient to cover potential claims related to this accident. We are subject to various U.S. federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which we have or had operations. If we fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed, and we could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, we also face exposure to actual or potential claims and lawsuits involving environmental matters relating to our past operations. As of September 30, 2020, 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 September 30, 2020, 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 September 30, 2020 would be $75.5 million. These guarantees relate to our leased equipment and facilities through January 2040. There are no recourse provisions that would enable us to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements pursuant to which we could recover payments. A significant number of our employees are unionized and we are a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. If we are unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact our business and results of operations. We believe that relations with our employees are satisfactory and that collective-bargaining agreements expiring in 2020 will be renegotiated in the ordinary course of business. Although our labor relations are currently stable, disruptions could occur, with the possibility of an adverse impact on the operating results of GES. During the three months ended June 30, 2019, we finalized the terms of a new collective-bargaining agreement with the Teamsters Local 727 union. The terms included a withdrawal from the underfunded Central States Pension Plan. Accordingly, we recorded a charge of $15.5 million, which represents the estimated present value of future contributions we will be required to make to the plan as a result of this withdrawal and $0.2 million of other withdrawal costs. 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 $14.3 million as of September 30, 2020, which includes $9.8 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 $2.2 million as of September 30, 2020. 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 September 30, 2020. Provisions for losses for claims incurred, including actuarially derived estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $1.6 million for the three months ended September 30, 2020 and $4.4 million for the nine months ended September 30, 2020 and $2.0 million for the three months ended September 30, 2019 and $5.3 million for the nine months ended September 30, 2019. In addition, as of September 30, 2020, we have recorded insurance liabilities of $10.0 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, $6.5 million related to workers’ compensation liabilities and $3.5 million related to general/auto liability claims, which are recorded in other deferred items and liabilities in the Condensed Consolidated Balance Sheets with a corresponding receivable in other investments. |
Redeemable Noncontrolling Interest |
9 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest |
Note 21. Redeemable Noncontrolling Interest On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Through Esja and its wholly-owned subsidiary, we are operating a new FlyOver Iceland attraction. The minority Esja shareholders have the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date and the noncontrolling interest’s share of the subsequent net income or loss. This value is benchmarked against the redemption value of the sellers’ put option. The carrying value is adjusted to the redemption value, provided that it does not fall below the initial carrying value, as determined by the purchase price allocation. We have made a policy election to reflect any changes caused by such an adjustment to retained earnings, rather than to current earnings. Changes in the redeemable noncontrolling interest are as follows:
|
Segment Information |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information |
Note 22. Segment Information We measure the profit and performance of our operations on the basis of segment operating income (loss), which excludes restructuring charges and recoveries and impairment charges. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. Our reportable segments, with reconciliations to consolidated totals, are as follows:
|
Common and Preferred Stock |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Equity [Abstract] | |
Common and Preferred Stock |
Note 23. Common and Preferred Stock Convertible Series A Preferred Stock On August 5, 2020, we entered into an Investment Agreement with funds managed by private equity firm Crestview Partners, relating to the issuance of 135,000 shares of newly issued Convertible Series A Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $135 million or $1,000 per share. The $135 million issuance was offset in part by $9.2 million of expenses related to the capital raise. The Investment Agreement also includes a delayed draw commitment of up to $45 million in additional Convertible Series A Preferred Stock, which we may access during the 12 months following the August 5, 2020 closing date on the same terms and conditions as the initial investment. We have classified the convertible preferred stock as temporary equity in our 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. Upon the occurrence of a change in control event, the holders have a right to require Viad to repurchase such preferred stock. During the three months ended September 30, 2020, $1.1 million of dividends were deemed declared and paid in-kind. 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 We previously announced our Board of Directors’ authorization to repurchase shares of our common stock from time to time at prevailing market prices. Effective February 7, 2019, our Board of Directors authorized the repurchase of an additional 500,000 shares. During the nine months ended September 30, 2020, we repurchased 53,784 shares on the open market for $2.8 million. As of September 30, 2020, 546,283 shares remain available for repurchase. No shares were purchased on the open market during the nine months ended September 30, 2019. Additionally, we repurchase shares related to tax withholding requirements on vested restricted stock awards. Refer to Note 3 – Share-Based Compensation. In March 2020, our Board of Directors suspended our share repurchase program for the foreseeable future. Stockholder Rights Plan On March 29, 2020, our Board of Directors adopted a short-term stockholder rights plan and declared a dividend payable to stockholders of record on April 13, 2020 of one preferred stock purchase right per each outstanding share of Viad common stock to purchase one one-hundredth of a share of Viad’s Junior Participating Preferred Stock at an exercise price of $115.00. Our Board of Directors will be able to redeem the rights at $0.01 per right at any time before a person or group acquired 10% (20% in the case of a passive institutional investor) or more of the outstanding common stock. On August 5, 2020, the stockholder rights plan was amended, whereby Crestview and affiliated parties were designated as exempt persons, and as such the issuance of preferred stock to Crestview did not result in a triggering event. The rights otherwise expire on February 28, 2021, subject to our right to extend the date, unless we redeem, exchange, or terminate the rights earlier. Subject to limited exceptions, if a person or group acquires 10% (20% in the case of a passive institutional investor) or more of our common stock (including shares that are synthetically owned pursuant to derivative transactions or ownership of derivative securities) or announces a tender offer, and the consummation of that offer would result in such ownership (we refer to such a person or group as an “acquiring person”), each right will entitle its holder to purchase, at the right’s then-current exercise price, a number of shares of common stock having a market value at that time of twice the right’s exercise price. Rights held by the acquiring person will become void and will not be exercisable. If the Company is acquired in a merger or other business combination transaction that has not been approved by our Board of Directors after the rights become exercisable, each right will entitle its holder to purchase, at the right’s then-current exercise price, a number of shares of the acquiring company’s common stock having a market value at that time of twice the right’s exercise price. |
Overview and Basis of Presentation (Policies) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Business |
Nature of Business We are an international experiential services company with operations in the United States, Canada, the United Kingdom, continental Europe, the United Arab Emirates, and Iceland. We are committed to providing unforgettable experiences to our clients and guests. We operate through three reportable business segments: GES North America, GES EMEA (collectively, “GES”), and Pursuit. GES GES is a global, full-service live events company offering a comprehensive range of services to event organizers and corporate brand marketers. Event organizers schedule and run events from start to finish. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products, and build business relationships. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events. Pursuit Pursuit is a collection of inspiring and unforgettable travel experiences that include 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, and FlyOver. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of COVID-19 |
Impact of COVID-19 On March 11, 2020, the World Health Organization declared COVID-19 a “pandemic.” COVID-19 has spread rapidly, with a high concentration of confirmed cases in the U.S. and other countries in which we operate. The rapid spread has resulted in authorities around the world implementing numerous measures to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place orders, and business shutdowns. The COVID-19 pandemic and these containment measures have had, and are expected to continue to have, a substantial negative impact on businesses around the world and on global, regional, and national economies. The COVID-19 pandemic is having and will likely continue to have a significant and negative impact on our operations and financial performance, with live events largely shut down and tourism activity disruptions. In response to the COVID-19 pandemic, we implemented aggressive cost reduction measures to preserve cash, including furloughs, layoffs, mandatory unpaid time off, or salary reductions for all employees, and the elimination of discretionary spending. We continue to implement measures to successfully adapt for the long-term impact of COVID-19. During the third quarter of 2020, we secured additional capital to strengthen our liquidity position and amended our Second Amended and Restated Credit Agreement (the “2018 Credit Agreement”) to provide financial flexibility. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Agreement |
Investment Agreement On August 5, 2020, we entered into an investment agreement with funds managed by private equity firm Crestview Partners (the “Investment Agreement”) who made an initial investment of $135 million, offset in part by $9.2 million in fees, in newly issued perpetual convertible preferred stock that carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option (the “Convertible Preferred Stock”). The Convertible Preferred Stock is convertible into shares of our common stock at a conversion price of $21.25 per share. The Investment Agreement also includes a delayed draw commitment of up to $45 million in additional Convertible Preferred Stock, which we may access during the 12 months following the August 5, 2020 closing date on the same terms and conditions as the initial investment. The proceeds from Crestview’s initial investment were used to repay a portion of our 2018 Credit Facility, will provide additional short-term liquidity, will fund capital expenditures, and will support general corporate purposes. Pursuant to the Investment Agreement, two Crestview Partners’ designees joined our Board of Directors, increasing the size of our board from seven to nine directors. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Agreement Amendment |
Credit Agreement Amendment On August 5, 2020, we entered into an amendment to our 2018 Credit Agreement, which, among other things, (i) waives our financial covenants until September 30, 2022 (the “Covenant Waiver Period”) and (ii) requires us to maintain minimum liquidity of $125 million with a step down to $100 million at December 31, 2020. The interest rate on the borrowings is equal to the London Interbank Offered Rate (“LIBOR”) plus 350 basis points, with a LIBOR floor of one percent during the Covenant Waiver Period. The LIBOR floor continues until the end of the 2018 Credit Agreement. Viad pledged 100% of the capital stock of its wholly-owned domestic subsidiaries and its top-tier foreign subsidiaries (other than Esja Attractions ehf.). Fees related to the amendment were approximately $1.7 million. Management anticipates that the initial cash proceeds from Crestview Partners, existing cash and cash equivalents, and the amendment to waive financial covenants within the 2018 Credit Agreement until September 30, 2022 will be sufficient to fund operations for at least the next 12 months. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill Impairment |
Goodwill Impairment Due to the deteriorating macroeconomic environment, disruptions to our operations, and the sustained decline in our stock price caused by COVID-19, we determined an interim triggering event had occurred in the first and second quarters of 2020, which required us to assess the carrying values of goodwill and intangible assets in accordance with Accounting Standards Codification (“ASC”) No. 350, Intangibles – Goodwill and Other. Based on this assessment, we recorded non-cash goodwill impairment charges of $186.1 million during the first half of 2020, including a full impairment charge to the remaining GES goodwill balance of $113.1 million in the second quarter of 2020. Our remaining goodwill balance as of September 30, 2020 of $96.9 million pertains to our Pursuit business. The duration and impact of COVID-19 may result in additional future impairment charges as facts and circumstances evolve. Refer to Note 9 – Goodwill and Other Intangible Assets for additional information. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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, 2019, filed with the SEC on February 26, 2020 (“2019 Form 10-K”). Subsequent to the filing of the 2019 Form 10-K, we corrected the classification of debt as of December 31, 2019. Refer to Note 12 – Debt and Finance Lease Obligations. 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. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Correction to Prior Period Financial Statements |
Correction to Prior Period Financial Statements During the third quarter of 2020, we identified a prior period error related to the recognition of revenue of our GES’ Corporate Accounts’ third-party services. Revenue from these services should have been recorded on a net basis to reflect only the fees we receive from arranging these services. Previously, we recorded this revenue on a gross basis, thus overstating revenue and cost of services by the same amount. As a result, we corrected the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 related to this gross-to-net adjustment. We determined that the error is not material to the previously issued financial statements. Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 22 – Segment Information reflects this change.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of Recent Accounting Pronouncements |
Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates |
Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 service to a customer. GES’ service revenue is primarily derived through its comprehensive range of services to event organizers and corporate brand marketers including Core Services, Event Technology, and Audio-Visual. GES’ service revenue is earned over time over the duration of the exhibition, conference, or corporate event, which generally lasts one to three days. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue is recognized at a point in time upon delivery of the product. Pursuit’s service revenue is derived through its admissions, accommodations, transportation, and travel planning services. Pursuit’s product revenue is derived through food and beverage and retail sales. Pursuit’s revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits. Pursuit’s product revenue is recognized at a point in time. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests - Non-redeemable and Redeemable |
Noncontrolling Interests – Non-redeemable and Redeemable Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the 20% equity ownership interest that we do not own in Glacier Park, Inc., the 40% equity interest that we do not own in the Mountain Park Lodges, and the 49% equity interest that we do not own in the new entity that will operate the Pursuit Sky Lagoon attraction. 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 54.5% 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 temporary equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to retained earnings and is included in our income per share. Refer to Note 21 – Redeemable Noncontrolling Interest for additional information. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stock |
Convertible Preferred Stock We record shares of convertible preferred stock at fair value on the date of issuance, net of issuance costs. 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 temporary equity and is reported between liabilities and stockholders’ equity on 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. These facility leases generally have lease terms ranging up to 23 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our hotels or attractions are located and have lease terms ranging up to 47 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 we adjust to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants. Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country. We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities against lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments |
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. |
Overview and Basis of Presentation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Corrections to Prior Period Adjustments |
|
Revenue and Related Contract Costs and Contract Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contract With Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Contract Liabilities |
Changes to contract liabilities are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Contract Costs |
Changes to contract costs are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served |
The following tables disaggregate GES and Pursuit revenue by major product line, timing of revenue recognition, and markets served: GES
Pursuit
|
Share-Based Compensation (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Share-Based Compensation (income) expense |
The following table summarizes share-based compensation (income) expense:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity of the Outstanding PUP Awards |
The following table summarizes the activity of the outstanding PUP awards:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity |
The following table summarizes stock option activity:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Options Outstanding and Exercisable |
The following table summarizes stock options outstanding and exercisable as of September 30, 2020:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant |
The fair value of stock options granted in 2020 was estimated on the date of grant using the Black-Scholes option pricing model. Following is additional information on stock options and the underlying assumptions used in assessing fair value:
|
Acquisitions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Proforma Results of Operations |
The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming the completion of the Mountain Park Lodges acquisition was on January 1, 2019. We do not consider the Sky Lagoon attraction or the Belton Chalet significant acquisitions and accordingly, they are not included in the following pro forma results of operations:
|
Inventories (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories |
The components of inventories consisted of the following:
|
Other Current Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets |
Other current assets consisted of the following:
|
Property and Equipment (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment |
Property and equipment consisted of the following:
|
Other Investments and Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Investments and Assets |
Other investments and assets consisted of the following:
|
Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Intangible Assets |
Other intangible assets consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization | At September 30, 2020, the estimated future amortization expense related to intangible assets subject to amortization is as follows:
|
Other Current Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities |
Other current liabilities consisted of the following:
|
Other Deferred Items and Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Deferred Items and Liabilities |
Other deferred items and liabilities consisted of the following:
|
Debt and Finance Lease Obligations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt and Finance Lease Obligations |
The components of long-term debt and finance lease obligations consisted of the following:
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value Assets Measured on Recurring Basis | The fair value information related to these assets is summarized in the following tables:
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) |
Changes in accumulated other comprehensive income (“AOCI”) by component are as follows:
|
Income (Loss) Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Basic and Diluted Income Per Share |
The components of basic and diluted income per share are as follows:
|
Pension and Postretirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans |
The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended September 30, 2020 and 2019 consist of the following:
The components of net periodic benefit cost of our pension and postretirement benefit plans for the nine months ended September 30, 2020 and 2019 consist of the following:
|
Restructuring Charges (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Leases and Other (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense |
The components of lease expense consisted of the following:
(1) Sublease income excludes rental income from owned assets, which is recorded in revenue. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Information Related to Operating and Finance Leases |
Other information related to operating and finance leases are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components |
As of September 30, 2020, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases |
As of September 30, 2020, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own, are as follows:
|
Redeemable Noncontrolling Interest (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | |||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||
Summary of Changes in Redeemable Noncontrolling Interest |
Changes in the redeemable noncontrolling interest are as follows:
|
Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of income statement items from reportable segments |
Our reportable segments, with reconciliations to consolidated totals, are as follows:
|
Overview and Basis of Presentation - Narrative (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Aug. 05, 2020
USD ($)
$ / shares
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Sep. 30, 2020
USD ($)
Segment
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Number of reportable segments | Segment | 3 | |||||
Initial Investment | $ 135,000 | |||||
Fees | $ 9,200 | |||||
Cash Dividends Payable Percentage | 5.50% | |||||
Frequency of periodic payment of cumulative dividend | quarterly | |||||
Conversion price per share | $ / shares | $ 21.25 | |||||
Preferred stock redemption term | additional Convertible Preferred Stock, which we may access during the 12 months | |||||
Minimum liquidity requirement | $ 125,000 | |||||
Fees related to the amendment | $ 1,700 | |||||
Pledge percentage of capital stock | 100.00% | |||||
Non-cash goodwill impairment charge | $ 186,075 | |||||
Goodwill | $ 96,931 | $ 287,983 | ||||
Percentage of non equity ownership related redeemable noncontrolling interests | 54.50% | |||||
Glacier Park Inc | ||||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of non-equity ownership related to non-redeemable noncontrolling interests | 20.00% | |||||
Mountain Park Lodges | ||||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of non-equity ownership related to non-redeemable noncontrolling interests | 40.00% | |||||
Geothermal Lagoon Attraction | ||||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of non-equity ownership related to non-redeemable noncontrolling interests | 49.00% | |||||
GES | ||||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Non-cash goodwill impairment charge | $ 113,100 | $ 186,100 | ||||
Goodwill | $ 96,900 | |||||
Pursuit | ||||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Non-cash goodwill impairment charge | 1,757 | |||||
Goodwill | $ 96,931 | $ 101,878 | ||||
Scenario Forecast | ||||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Minimum liquidity requirement | $ 100,000 | |||||
LIBOR rate [Member] | ||||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Variable rate | 3.50% | |||||
Maximum | ||||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Proceeds from issuance of additional preferred stock | $ 45,000 | |||||
Lease expiration period | 23 years | |||||
Maximum | Land | ||||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||||
Lease expiration period | 47 years |
Overview and Basis of Presentation - Schedule of Corrections to Prior Period Adjustments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Total revenue | $ 63,072 | $ 353,743 | $ 389,863 | $ 1,009,686 |
Services | ||||
Total revenue | 43,702 | 291,701 | 335,383 | 858,071 |
Costs and expenses | 51,730 | 247,551 | 395,432 | 785,131 |
GES | ||||
Total revenue | $ 14,257 | 218,700 | $ 322,261 | 808,567 |
Previously Reported | Services | ||||
Total revenue | 300,446 | 898,746 | ||
Costs and expenses | 256,296 | 825,806 | ||
Revision Of Prior Period Error Correction Adjustment | GES | Services | North America | ||||
Total revenue | (6,859) | (32,081) | ||
Costs and expenses | (6,859) | (32,081) | ||
Revision Of Prior Period Error Correction Adjustment | GES | Services | EMEA | ||||
Total revenue | (1,886) | (8,594) | ||
Costs and expenses | $ (1,886) | $ (8,594) |
Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Disaggregation Of Revenue [Line Items] | ||||
Revenue recognition description of capitalized contract costs | Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in cost of services or cost of products, as applicable | |||
Capitalized contract costs to obtain contracts | $ 1,200,000 | $ 1,200,000 | ||
Capitalized contract costs to fulfill contracts | 10,900,000 | 10,900,000 | ||
Impairment loss on capitalized contract costs | $ 0 | $ 0 | $ 0 | $ 0 |
GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Performance obligation description of payment terms | Payment terms are generally within 30-60 days and contain no significant financing components | |||
GES | Minimum [Member] | ||||
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 | |||
Performance obligation payment terms | 30 days |
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Revenue From Contract With Customer [Abstract] | |
Balance at December 31, 2019 | $ 50,796 |
Cash additions | 130,018 |
Revenue recognized | (162,954) |
Foreign exchange translation adjustment | (84) |
Balance at September 30, 2020 | $ 17,776 |
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Revenue From Contract With Customer [Abstract] | |
Balance at December 31, 2019 | $ 28,496 |
Additions | 16,710 |
Expenses | (22,774) |
Cancelled | (9,840) |
Foreign exchange translation adjustment | (479) |
Balance at September 30, 2020 | $ 12,113 |
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 | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | $ 63,072 | $ 353,743 | $ 389,863 | $ 1,009,686 | ||||||||
GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 14,257 | 218,700 | 322,261 | 808,567 | ||||||||
GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 14,257 | 218,700 | 322,261 | 808,567 | ||||||||
GES | Intersegment Eliminations | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | (284) | (5,724) | (3,258) | (14,731) | ||||||||
Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 48,815 | 135,043 | 67,602 | 201,119 | ||||||||
Pursuit | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 48,815 | 135,043 | 67,602 | 201,119 | ||||||||
Pursuit | Intersegment Eliminations | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | (144) | (671) | (261) | (1,355) | ||||||||
North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 11,767 | 185,124 | 273,423 | 666,825 | ||||||||
EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 2,774 | 39,300 | 52,096 | 156,473 | ||||||||
Services Transferred Over Time | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 12,296 | 192,855 | 289,788 | 709,832 | ||||||||
Services Transferred Over Time | GES | Intersegment Eliminations | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | (284) | (5,724) | (3,258) | (14,731) | ||||||||
Services Transferred Over Time | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 31,406 | 98,846 | 45,595 | 148,239 | ||||||||
Services Transferred Over Time | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 10,203 | 172,224 | 252,021 | 616,176 | ||||||||
Services Transferred Over Time | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 2,377 | 26,355 | 41,025 | 108,387 | ||||||||
Products Transferred Over Time | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 247 | [1] | 12,863 | [2] | 13,442 | [1] | 44,196 | [2] | ||||
Products Transferred Over Time | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 232 | [1] | 10,558 | [2] | 11,035 | [1] | 33,601 | [2] | ||||
Products Transferred Over Time | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 15 | [1] | 2,305 | [2] | 2,407 | [1] | 10,595 | [2] | ||||
Products Transferred at a Point in Time | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,714 | 12,982 | 19,031 | 54,539 | ||||||||
Products Transferred at a Point in Time | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 17,409 | 36,197 | 22,007 | 52,880 | ||||||||
Products Transferred at a Point in Time | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,332 | 2,342 | 10,367 | 17,048 | ||||||||
Products Transferred at a Point in Time | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 382 | 10,640 | 8,664 | 37,491 | ||||||||
Core Services | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 9,990 | 169,261 | 258,764 | 618,200 | ||||||||
Core Services | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 7,987 | 148,722 | 225,414 | 531,485 | ||||||||
Core Services | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 2,003 | 20,539 | 33,350 | 86,715 | ||||||||
Audio Visual | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 893 | 23,144 | 22,210 | 76,494 | ||||||||
Audio Visual | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 933 | 18,742 | 18,661 | 61,323 | ||||||||
Audio Visual | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | (40) | 4,402 | 3,549 | 15,171 | ||||||||
Event Technology | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,697 | 6,174 | 12,072 | 29,869 | ||||||||
Event Technology | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,283 | 4,760 | 7,946 | 23,368 | ||||||||
Event Technology | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 414 | 1,414 | 4,126 | 6,501 | ||||||||
Total Services | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 12,296 | 192,855 | 289,788 | 709,832 | ||||||||
Total Services | GES | Intersegment Eliminations | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | (284) | (5,724) | (3,258) | (14,731) | ||||||||
Total Services | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 31,406 | 98,846 | 45,595 | 148,239 | ||||||||
Total Services | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 10,203 | 172,224 | 252,021 | 616,176 | ||||||||
Total Services | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 2,377 | 26,355 | 41,025 | 108,387 | ||||||||
Core Products | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,961 | 25,845 | 32,473 | 98,735 | ||||||||
Core Products | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,564 | 12,900 | 21,402 | 50,649 | ||||||||
Core Products | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 397 | 12,945 | 11,071 | 48,086 | ||||||||
Exhibitions | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 7,213 | 108,729 | 242,672 | 468,295 | ||||||||
Exhibitions | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 4,890 | 79,589 | 203,671 | 349,106 | ||||||||
Exhibitions | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 2,323 | 29,140 | 39,001 | 119,189 | ||||||||
Conferences | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,466 | 65,475 | 47,244 | 212,805 | ||||||||
Conferences | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,099 | 60,537 | 39,626 | 195,635 | ||||||||
Conferences | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 367 | 4,938 | 7,618 | 17,170 | ||||||||
Corporate Events | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 4,604 | 44,390 | 29,320 | 121,690 | ||||||||
Corporate Events | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 4,537 | 39,370 | 24,012 | 102,525 | ||||||||
Corporate Events | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 67 | 5,020 | 5,308 | 19,165 | ||||||||
Consumer Events | GES | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,258 | 5,830 | 6,283 | 20,508 | ||||||||
Consumer Events | North America | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 1,241 | 5,628 | 6,114 | 19,559 | ||||||||
Consumer Events | EMEA | GES | Operating Segments | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 17 | 202 | 169 | 949 | ||||||||
Accommodations | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 18,021 | 41,292 | 23,994 | 56,636 | ||||||||
Admissions | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 12,229 | 49,353 | 17,865 | 76,034 | ||||||||
Transportation | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 445 | 6,868 | 2,513 | 12,817 | ||||||||
Travel Planning | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 855 | 2,004 | 1,484 | 4,107 | ||||||||
Food and Beverage | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 6,783 | 19,333 | 9,047 | 28,903 | ||||||||
Retail Operations | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 10,626 | 16,864 | 12,960 | 23,977 | ||||||||
Products | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 19,370 | 62,042 | 54,480 | 151,615 | ||||||||
Products | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 17,409 | 36,197 | 22,007 | 52,880 | ||||||||
Banff Jasper Collection | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 26,395 | 75,337 | 39,234 | 116,433 | ||||||||
Alaska Collection | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 5,436 | 26,909 | 6,167 | 39,287 | ||||||||
Glacier Park Collection | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | 14,929 | 28,098 | 16,813 | 36,296 | ||||||||
FlyOver | Pursuit | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Total revenue | $ 2,055 | $ 4,699 | $ 5,388 | $ 9,103 | ||||||||
|
Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Repurchase of common stock for employee tax withholding obligations amount | $ 1,062 | $ 3,019 | |
Recognition period of unrecognized cost | 2 years 6 months | ||
Requisite service period | 3 years | ||
Total unrecognized compensation cost related to non-vested stock option awards | $ 1,600 | ||
Granted | 204,150 | 0 | |
Minimum | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share based compensation arrangement performance period | 1 year 4 months 24 days | ||
Maximum | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share based compensation arrangement performance period | 3 years 4 months 24 days | ||
2017 Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Useful Term of the plan | 10 years | ||
Common stock shares issuable | 1,750,000 | ||
Shares available for grant | 1,077,197 | ||
2007 Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Award vesting period | 3 years | ||
2007 Plan | Performance Unit Incentive Plan ("PUP") | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Shares available for grant | 0 | ||
Awards with grant date fair value during the period | $ 4,800 | ||
Stock value payable | 1,800 | ||
Liability awards recorded | 400 | $ 5,300 | |
Payments to employees | 2,600 | 5,600 | |
Paid to employees as shares | $ 3,400 | ||
Repurchase of common stock for employee tax withholding obligations amount, shares | 25,771 | ||
Repurchase of common stock for employee tax withholding obligations amount | $ 1,500 | ||
2007 Plan | Restricted Stock Awards And Restricted Stock Units | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Payments to employees | 200 | 300 | |
Paid to employees as shares | $ 800 | $ 200 | |
Repurchase of common stock for employee tax withholding obligations amount, shares | 17,961 | 24,586 | |
Repurchase of common stock for employee tax withholding obligations amount | $ 1,100 | $ 1,400 | |
Unamortized cost | $ 2,600 | ||
Recognition period of unrecognized cost | 1 year 2 months 12 days | ||
Liabilities related to restricted stock | $ 800 | $ 400 |
Share-Based Compensation - Summary of Share-Based Compensation (income) expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Summary of share-based compensation expense | ||||||
Share-based compensation expense before income tax | $ 1,937 | $ 1,831 | $ 649 | $ 6,448 | ||
Income tax benefit | [1] | (460) | (1,625) | |||
Share-based compensation expense, net of income tax | 1,937 | 1,371 | 649 | 4,823 | ||
Performance Unit Incentive Plan ("PUP") | ||||||
Summary of share-based compensation expense | ||||||
Share-based compensation expense before income tax | 149 | 1,033 | (2,596) | 4,013 | ||
Restricted Stock Awards And Restricted Stock Units | ||||||
Summary of share-based compensation expense | ||||||
Share-based compensation expense before income tax | 1,698 | $ 798 | 3,155 | $ 2,435 | ||
Stock Options | ||||||
Summary of share-based compensation expense | ||||||
Share-based compensation expense before income tax | $ 90 | $ 90 | ||||
|
Share-Based Compensation - Summary of Activity of the Outstanding PUP Awards (Details) - Performance Unit Incentive Plan ("PUP") |
9 Months Ended |
---|---|
Sep. 30, 2020
$ / shares
shares
| |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, shares | shares | 59,714 |
Granted, shares | shares | 32,367 |
Ending Balance, shares | shares | 92,081 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.10 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 56.23 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 55.49 |
Beginning Balance, shares | shares | 155,190 |
Granted, shares | shares | 52,531 |
Vested, shares | shares | (67,866) |
Forfeited, shares | shares | (18,370) |
Ending Balance, shares | shares | 121,485 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.53 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 56.10 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 47.43 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 56.40 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 55.08 |
Share-Based Compensation - Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
$ / shares
shares
| |
Restricted Stock Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Granted, shares | shares | 232,435 |
Vested, shares | shares | (38,982) |
Forfeited, shares | shares | (2,183) |
Ending Balance, shares | shares | 191,270 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | $ 19.44 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 19.30 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 19.30 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 19.47 |
Beginning Balance, shares | shares | 11,623 |
Granted, shares | shares | 3,952 |
Vested, shares | shares | (2,815) |
Forfeited, shares | shares | (1,634) |
Ending Balance, shares | shares | 11,126 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.17 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 50.43 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 47.45 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 56.59 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.10 |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, shares | shares | 136,123 |
Granted, shares | shares | 55,171 |
Vested, shares | shares | (64,684) |
Forfeited, shares | shares | (15,192) |
Ending Balance, shares | shares | 111,418 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.66 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 51.06 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 49.85 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 56.54 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.97 |
Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|||
Options outstanding and exercisable | ||||
Options outstanding and exercisable Beginning Balance, Shares | 41,143 | |||
Granted | 204,150 | 0 | ||
Exercised, Shares | (41,143) | |||
Options outstanding at September 30, 2020 | 204,150 | |||
Weighted-Average Exercise Price | ||||
Options outstanding and exercisable Beginning Balance, Weighted-Average Exercise Price | $ 16.62 | |||
Granted | $ 19.98 | |||
Exercised, Weighted-Average Exercise Price | 16.62 | |||
Options outstanding at September 30, 2020 | $ 19.98 | |||
Aggregate intrinsic value of options outstanding at September 30, 2020 | [1] | $ 229,500 | ||
|
Share Based Compensation - Summary of Options Outstanding and Exercisable (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020
$ / shares
shares
| |
Exercise Price Range One | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of exercise prices | $ 19.30 |
Shares | shares | 150,000 |
Weighted-Average Remaining Contractual Life (in years) | 8 years 3 months |
Weighted-Average Exercise Price | $ 19.30 |
Exercise Price Range Two | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of exercise prices | $ 21.85 |
Shares | shares | 54,150 |
Weighted-Average Remaining Contractual Life (in years) | 6 years 10 months 28 days |
Weighted-Average Exercise Price | $ 21.85 |
Exercise Price Range Three | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of exercise prices | 19.30 |
Range of exercise prices | $ 21.85 |
Shares | shares | 204,150 |
Weighted-Average Remaining Contractual Life (in years) | 7 years 10 months 20 days |
Weighted-Average Exercise Price | $ 19.98 |
Share Based Compensation - Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Risk-free interest rate, Minimum | 0.27% | |
Risk-free interest rate, Maximum | 0.31% | |
Expected volatility, Minimum | 46.90% | |
Expected volatility, Maximum | 52.20% | |
Weighted average grant-date fair value per share of options granted | $ 8.38 | |
Cash received from exercise of options (in thousands) | $ 2,077 | $ 92 |
Minimum | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Expected life | 4 years 3 months 18 days | |
Maximum | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Expected life | 5 years 4 months 24 days |
Acquisitions - Narrative (Details) $ in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 25, 2019
USD ($)
|
Jun. 08, 2019
USD ($)
Hotel
|
Jun. 08, 2019
CAD ($)
Hotel
|
May 16, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Business Acquisition [Line Items] | |||||||||
Operating loss | $ (9,410) | $ 52,142 | $ (71,803) | $ 82,374 | |||||
Total revenue | 63,072 | 353,743 | 389,863 | 1,009,686 | |||||
Pursuit | |||||||||
Business Acquisition [Line Items] | |||||||||
Total revenue | 48,815 | $ 135,043 | 67,602 | $ 201,119 | |||||
Belton Chalet | |||||||||
Business Acquisition [Line Items] | |||||||||
Purchase price | $ 3,200 | ||||||||
Acquisition related costs | $ 300 | ||||||||
Business acquisition date | May 16, 2019 | ||||||||
Mountain Park Lodges | |||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition related costs | $ 900 | ||||||||
Business acquisition date | Jun. 08, 2019 | Jun. 08, 2019 | |||||||
Percentage of controlling interest acquired | 60.00% | 60.00% | |||||||
Number of hotels acquired | Hotel | 7 | 7 | |||||||
Total consideration | $ 76,000 | $ 100.6 | |||||||
Percentage of operations results consolidated to financial statements | 100.00% | 100.00% | |||||||
Percentage of non-redeemable noncontrolling portion of income (loss) recorded in financial statements | 40.00% | 40.00% | |||||||
Operating loss | 4,400 | 200 | |||||||
Total revenue | $ 8,900 | $ 12,900 | |||||||
Identifiable intangible assets acquired | $ 20,200 | ||||||||
Weighted average amortization period | 30 years 9 months 18 days | 30 years 9 months 18 days | |||||||
New Sky Lagoon Attraction | Pursuit | Sky Lagoon Attraction | |||||||||
Business Acquisition [Line Items] | |||||||||
Percentage of controlling interest acquired | 51.00% | ||||||||
Payments to acquire controlling interest | $ 13,200 |
Acquisitions - Schedule of Proforma Results of Operations (Details) - Mountain Park Lodges - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
|
Business Acquisition [Line Items] | ||
Revenue | $ 362,488 | $ 1,058,622 |
Depreciation and amortization | 16,347 | 46,695 |
Income from continuing operations | 34,607 | 28,709 |
Net income attributable to Viad | $ 31,416 | $ 26,765 |
Diluted income per share | $ 1.53 | $ 1.29 |
Basic income per share | $ 1.53 | $ 1.29 |
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Components of Inventories | ||
Raw materials | $ 10,796 | $ 11,788 |
Finished goods | 5,500 | 5,481 |
Inventories | $ 16,296 | $ 17,269 |
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid software maintenance | $ 4,045 | $ 3,875 |
Prepaid insurance | 2,565 | 5,573 |
Prepaid vendor payments | 2,106 | 4,698 |
Prepaid taxes | 1,087 | 917 |
Income tax receivable | 162 | 13,250 |
Prepaid other | 2,097 | 1,904 |
Other | 4,134 | 637 |
Other current assets | $ 16,196 | $ 30,854 |
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 807,115 | $ 829,525 |
Accumulated depreciation | (352,456) | (353,974) |
Property and equipment, net (excluding finance leases) | 454,659 | 475,551 |
Finance lease right-of-use assets, net | 22,786 | 25,350 |
Property and equipment, net | 477,445 | 500,901 |
Land and land interests | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 32,481 | 34,532 |
Buildings and leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 374,549 | 377,754 |
Equipment and other | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 400,085 | $ 417,239 |
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 11,500 | $ 12,700 | $ 35,100 | $ 34,000 |
Amortization expense on finance lease assets | 926 | $ 697 | 2,767 | 1,895 |
Property and equipment purchased through accounts payable and accrued liabilities, decreased amount | $ 6,300 | $ 2,000 | ||
Capitalized Software | ||||
Property Plant And Equipment [Line Items] | ||||
Fixed asset impairment charges | $ 700 |
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Investments All Other Investments [Abstract] | ||
Self-insured liability receivable | $ 9,982 | $ 9,982 |
Contract costs | 4,464 | 3,961 |
Other mutual funds | 3,136 | 3,107 |
Cash surrender value of life insurance | 24,873 | |
Other | 2,355 | 3,196 |
Other investments and assets | $ 19,937 | $ 45,119 |
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Goodwill [Line Items] | |
Balance, beginning | $ 287,983 |
Goodwill impairment | (186,075) |
Foreign currency translation adjustments | (4,977) |
Balance, ending | 96,931 |
GES North America | |
Goodwill [Line Items] | |
Balance, beginning | 155,276 |
Goodwill impairment | (155,276) |
GES EMEA | |
Goodwill [Line Items] | |
Balance, beginning | 30,829 |
Goodwill impairment | (29,042) |
Foreign currency translation adjustments | (1,787) |
Pursuit | |
Goodwill [Line Items] | |
Balance, beginning | 101,878 |
Goodwill impairment | (1,757) |
Foreign currency translation adjustments | (3,190) |
Balance, ending | $ 96,931 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Segment Reporting Information [Line Items] | |||||||
Income tax benefit related to goodwill impairment charges | $ 12,400 | ||||||
Full Impairement Charges | $ 113,100 | ||||||
Remaining goodwill balance | $ 96,931 | $ 96,931 | $ 287,983 | ||||
Impairment charge to intangible assets | 15,700 | ||||||
Services | |||||||
Segment Reporting Information [Line Items] | |||||||
Intangible asset amortization expense | 1,500 | $ 2,900 | 5,200 | $ 8,200 | |||
G E S U S | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill impairment | 41,900 | ||||||
GES EMEA | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill impairment | 29,000 | ||||||
Remaining goodwill balance | 30,829 | ||||||
Pursuit Glacier Park Collection | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill impairment | $ 1,800 | ||||||
Pursuit | |||||||
Segment Reporting Information [Line Items] | |||||||
Remaining goodwill balance | $ 96,931 | $ 96,931 | $ 101,878 |
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Gross Carrying Value | $ 101,038 | $ 142,894 |
Intangible assets subject to amortization, Accumulated Amortization | (32,968) | (49,157) |
Intangible assets subject to amortization, Net Carrying Value | 68,070 | 93,737 |
Other intangible assets, Gross Carrying Value | 101,606 | 143,465 |
Other intangible assets, Net Carrying Value | $ 68,638 | 94,308 |
Customer contracts and relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 6 years 4 months 24 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 40,006 | 72,219 |
Intangible assets subject to amortization, Accumulated Amortization | (27,381) | (40,866) |
Intangible assets subject to amortization, Net Carrying Value | $ 12,625 | 31,353 |
Operating contracts and licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 36 years 9 months 18 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 39,156 | 43,329 |
Intangible assets subject to amortization, Accumulated Amortization | (2,258) | (1,881) |
Intangible assets subject to amortization, Net Carrying Value | $ 36,898 | 41,448 |
In-place lease | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 13 years 9 months 18 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 14,670 | 15,044 |
Intangible assets subject to amortization, Accumulated Amortization | (532) | (231) |
Intangible assets subject to amortization, Net Carrying Value | $ 14,138 | 14,813 |
Tradenames | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 5 years 6 months | |
Intangible assets subject to amortization, Gross Carrying Value | $ 5,687 | 9,423 |
Intangible assets subject to amortization, Accumulated Amortization | (2,155) | (4,338) |
Intangible assets subject to amortization, Net Carrying Value | $ 3,532 | 5,085 |
Non-compete agreements | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 1 year 3 months 18 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 736 | 2,077 |
Intangible assets subject to amortization, Accumulated Amortization | (552) | (1,775) |
Intangible assets subject to amortization, Net Carrying Value | $ 184 | 302 |
Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 7 years 4 months 24 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 783 | 802 |
Intangible assets subject to amortization, Accumulated Amortization | (90) | (66) |
Intangible assets subject to amortization, Net Carrying Value | 693 | 736 |
Business licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Indefinite-lived intangible assets, Gross Carrying Value | $ 568 | $ 571 |
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Estimated amortization expense related to amortized intangible assets | ||
Remainder of 2020 | $ 1,278 | |
2021 | 5,089 | |
2022 | 4,968 | |
2023 | 4,322 | |
2024 | 3,383 | |
Thereafter | 49,030 | |
Intangible assets subject to amortization, Net Carrying Value | $ 68,070 | $ 93,737 |
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Continuing operations: | ||
Self-insured liability | $ 6,227 | $ 5,668 |
Accrued restructuring | 4,574 | 2,130 |
Accrued sales and use taxes | 2,914 | 5,451 |
Commissions payable | 2,541 | 8,274 |
Accrued employee benefit costs | 2,108 | 3,564 |
Current portion of pension and postretirement liabilities | 1,722 | 1,899 |
Accrued professional fees | 1,137 | 1,248 |
Accrued legal settlement | 2,500 | |
Accrued dividends | 2,019 | |
Other taxes | 1,655 | 278 |
Accommodation services deposits | 506 | 959 |
Other | 6,204 | 5,187 |
Total continuing operations | 29,588 | 39,177 |
Discontinued operations: | ||
Self-insured liability | 422 | 260 |
Environmental remediation liabilities | 60 | 311 |
Other | 57 | 76 |
Total discontinued operations | 539 | 647 |
Total other current liabilities | $ 30,127 | $ 39,824 |
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Continuing operations: | ||
Foreign deferred tax liability | $ 25,127 | $ 32,570 |
Multi-employer pension plan withdrawal liability | 15,970 | 15,693 |
Self-insured excess liability | 9,982 | 9,982 |
Self-insured liability | 8,046 | 8,682 |
Accrued compensation | 4,806 | 7,485 |
Accrued restructuring | 2,447 | 2,383 |
Contract liabilities | 623 | 125 |
Other | 3,487 | 2,423 |
Total continuing operations | 70,488 | 79,343 |
Discontinued operations: | ||
Environmental remediation liabilities | 2,186 | 1,964 |
Self-insured liability | 1,824 | 2,018 |
Other | 676 | 382 |
Total discontinued operations | 4,686 | 4,364 |
Total other deferred items and liabilities | $ 75,174 | $ 83,707 |
Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||
Less unamortized debt issuance costs | $ (2,953) | $ (1,836) | ||||||||
Total debt | [1] | 233,174 | 315,235 | |||||||
Finance lease obligations, 7.9% weighted-average interest rate at September 30, 2020 and 7.7% at December 31, 2019, due through 2039 | 23,018 | 25,257 | ||||||||
Total debt and finance lease obligations | [2] | 256,192 | 340,492 | |||||||
Current portion | [3] | (4,040) | (5,330) | |||||||
Long-term debt and finance lease obligations | 252,152 | 335,162 | ||||||||
FlyOver Iceland Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility | [4] | 5,584 | 5,607 | |||||||
2018 Credit Agreement | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility | [4] | $ 230,543 | $ 311,464 | |||||||
|
Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | |||
Weighted average interest rate on long term debt | 7.90% | 7.70% | |
Fair value of debt | $ 222.0 | $ 339.4 | |
Cash paid for interest on debt | $ 12.1 | $ 8.8 | |
Current revolving credit facility maturity period | 12 months | 12 months | |
FlyOver Iceland Credit Facility | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate on long term debt | 4.90% | 4.90% | |
2018 Credit Agreement | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest rate on credit facility | 4.60% | 3.90% |
Debt and Finance Lease Obligations - Narrative (Details) $ in Thousands, € in Millions |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 05, 2020
USD ($)
|
May 14, 2020 |
Oct. 24, 2018
USD ($)
|
Sep. 30, 2020
USD ($)
|
Mar. 31, 2020 |
Sep. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
|
Mar. 17, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Feb. 15, 2019
USD ($)
|
Feb. 15, 2019
EUR (€)
|
|||
Line of Credit Facility [Line Items] | |||||||||||||
Minimum liquidity requirement | $ 125,000 | ||||||||||||
Pledge percentage of capital stock | 100.00% | ||||||||||||
Fees related to the amendment | $ 1,700 | ||||||||||||
Unsecured Debt | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Expansion feature - amount available as incremental revolver | $ 250,000 | ||||||||||||
Scenario Forecast | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Minimum liquidity requirement | $ 100,000 | ||||||||||||
LIBOR | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Variable rate | 3.50% | ||||||||||||
FlyOver Iceland Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Maturity date | Sep. 01, 2022 | Mar. 01, 2022 | |||||||||||
Revolving credit facility, balance outstanding | [1] | $ 5,584 | $ 5,584 | $ 5,607 | |||||||||
Maximum borrowing capacity on credit facility | $ 5,600 | € 5.0 | |||||||||||
Line of credit facility amendment description | an addendum to the FlyOver Iceland Credit Facility effective May 14, 2020 wherein the principal and interest payments were deferred for six months beginning June 1, 2020, with the first payment due December 1, 2020. The addendum also extended the maturity date to September 1, 2022. There were no other changes to the terms of the FlyOver Iceland Credit Facility. | ||||||||||||
Line of credit facility, date of first required payment | Dec. 01, 2020 | ||||||||||||
2018 Credit Agreement | Revolving Credit Facility | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Borrowing capacity on line of credit | $ 450,000 | ||||||||||||
Maturity date | Oct. 24, 2023 | ||||||||||||
Interest coverage ratio | 200.00% | ||||||||||||
Repayments of Lines of Credit | 217,000 | ||||||||||||
Commitment fee percentage on line of credit | 0.50% | ||||||||||||
Remaining borrowing capacity on line of credit | $ 209,800 | ||||||||||||
Revolving credit facility, balance outstanding | [1] | 230,543 | $ 230,543 | $ 311,464 | |||||||||
Letters of Credit Outstanding | $ 9,700 | $ 9,700 | |||||||||||
2018 Credit Agreement | Revolving Credit Facility | Maximum | |||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||
Leverage ratio during covenant waiver period | 400.00% | ||||||||||||
Leverage ratio, post covenant waiver period | 450.00% | ||||||||||||
Financial covenants leverage ratio step up | 400.00% | ||||||||||||
|
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
||||
---|---|---|---|---|---|---|
Fair value information related to assets | ||||||
Assets | $ 3,138 | $ 3,230 | ||||
Quoted Prices in Active Markets (Level 1) | ||||||
Fair value information related to assets | ||||||
Assets | 3,138 | 3,230 | ||||
Money market funds | ||||||
Fair value information related to assets | ||||||
Assets | [1] | 2 | 123 | |||
Money market funds | Quoted Prices in Active Markets (Level 1) | ||||||
Fair value information related to assets | ||||||
Assets | [1] | 2 | 123 | |||
Other mutual funds | ||||||
Fair value information related to assets | ||||||
Assets | [2] | 3,136 | 3,107 | |||
Other mutual funds | Quoted Prices in Active Markets (Level 1) | ||||||
Fair value information related to assets | ||||||
Assets | [2] | $ 3,136 | $ 3,107 | |||
|
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details) - Money market funds |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Realized gains on the investments | $ 0 |
Unrealized gains on the investments | $ 0 |
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | $ 547,229 | $ 450,555 |
Ending Balance | 210,468 | 532,527 |
Cumulative Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (23,799) | (36,332) |
Other comprehensive income (loss) before reclassifications | (7,342) | 3,868 |
Net other comprehensive income (loss) | (7,342) | 3,868 |
Ending Balance | (31,141) | (32,464) |
Unrecognized Net Actuarial Loss and Prior Service Credit, Net | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (11,900) | (11,643) |
Amounts reclassified from AOCI, net of tax | 354 | 196 |
Net other comprehensive income (loss) | 354 | 196 |
Ending Balance | (11,546) | (11,447) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (35,699) | (47,975) |
Other comprehensive income (loss) before reclassifications | (7,342) | 3,868 |
Amounts reclassified from AOCI, net of tax | 354 | 196 |
Net other comprehensive income (loss) | (6,988) | 4,064 |
Ending Balance | $ (42,687) | $ (43,911) |
Income (Loss) Per Share - Reconciliation of Basic and Diluted Income (loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Numerator: | ||||||
Net income (loss) attributable to Viad (diluted) | $ (30,758) | $ 31,416 | $ (323,621) | $ 27,463 | ||
Less: Allocation to non-vested shares | (226) | (196) | ||||
Dividends on convertible preferred stock | (1,134) | (1,134) | ||||
Adjustment to the redemption value of redeemable noncontrolling interest | (468) | (264) | (926) | (530) | ||
Net income (loss) allocated to Viad common stockholders (basic) | $ (32,360) | $ 30,926 | $ (325,681) | $ 26,737 | ||
Denominator: | ||||||
Weighted-average outstanding common shares | 20,293 | 20,168 | 20,263 | 20,129 | ||
Additional dilutive shares related to share-based compensation | 143 | 138 | ||||
Diluted weighted-average outstanding shares | 20,293 | 20,311 | 20,263 | 20,267 | ||
Basic income (loss) attributable to Viad common stockholders | $ (1.59) | $ 1.53 | $ (16.07) | $ 1.33 | ||
Diluted income (loss) attributable to Viad common stockholders(1) | [1] | $ (1.59) | $ 1.53 | $ (16.07) | $ 1.33 | |
|
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | (2.70%) | 25.60% | (6.80%) | 26.50% |
Income tax refunds | $ 6.8 | $ 14.7 | ||
Income taxes paid | $ 4.1 | $ 12.1 |
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
UNITED STATES | Pension Plans | ||||
Net periodic benefit cost: | ||||
Service cost | $ 15 | $ 46 | ||
Interest cost | $ 162 | 209 | $ 490 | 646 |
Expected return on plan assets | (74) | (35) | (109) | (74) |
Recognized net actuarial loss | 130 | 96 | 395 | 302 |
Net periodic benefit cost | 218 | 285 | 776 | 920 |
UNITED STATES | Postretirement Benefit Plans | ||||
Net periodic benefit cost: | ||||
Service cost | 7 | 13 | 38 | 48 |
Interest cost | 64 | 93 | 222 | 343 |
Amortization of prior service credit | (36) | (47) | (109) | (141) |
Recognized net actuarial loss | (26) | (43) | 13 | 84 |
Net periodic benefit cost | 9 | 16 | 164 | 334 |
Foreign Pension Plans | ||||
Net periodic benefit cost: | ||||
Service cost | 112 | 101 | 330 | 303 |
Interest cost | 87 | 92 | 254 | 281 |
Expected return on plan assets | (134) | (122) | (394) | (364) |
Recognized net actuarial loss | 48 | 37 | 138 | 111 |
Net periodic benefit cost | $ 113 | $ 108 | $ 328 | $ 331 |
Pension and Postretirement Benefits - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2020
USD ($)
| |
Postretirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in postretirement benefit plans | $ 1.0 |
Pension and Other Postretirement Benefit Contributions | 0.6 |
Funded Plans | Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in funded pension plans | 1.3 |
Pension Contributions | 0.2 |
Unfunded Pension Plans | Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in unfunded pension plans | 0.9 |
Pension Contributions | $ 0.7 |
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Beginning balance | $ 4,513 | |||||||
Restructuring charges | $ 11,259 | $ 1,702 | 12,370 | $ 6,845 | ||||
Cash payments | (4,027) | |||||||
Non-cash items | [1] | (5,152) | ||||||
Adjustment to liability | (683) | |||||||
Ending balance | 7,021 | 7,021 | ||||||
GES | Severance & Employee Benefits | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Beginning balance | 2,935 | |||||||
Restructuring charges | 5,332 | |||||||
Cash payments | (3,261) | |||||||
Adjustment to liability | (54) | |||||||
Ending balance | 4,952 | 4,952 | ||||||
GES | Facilities | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Beginning balance | 1,339 | |||||||
Restructuring charges | 6,039 | |||||||
Cash payments | (197) | |||||||
Non-cash items | [1] | (5,152) | ||||||
Adjustment to liability | (17) | |||||||
Ending balance | 2,012 | 2,012 | ||||||
Other Restructuring | Severance & Employee Benefits | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Beginning balance | 239 | |||||||
Restructuring charges | 999 | |||||||
Cash payments | (569) | |||||||
Adjustment to liability | (612) | |||||||
Ending balance | $ 57 | $ 57 | ||||||
|
Restructuring Charges - Narrative (Details) $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Restructuring And Related Activities [Abstract] | |
Payments of liabilities related to severance and employee benefits | $ 1.5 |
Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Lessee Lease Description [Line Items] | ||
Operating lease assets | $ 88,394 | $ 103,314 |
Finance lease assets | 22,786 | 25,350 |
Total lease assets | 111,180 | 128,664 |
Operating lease obligations | 17,872 | 22,180 |
Finance lease obligations | 2,895 | |
Operating lease obligations | 73,688 | 82,851 |
Finance lease obligations | 20,123 | |
Total lease liabilities | 114,578 | 130,288 |
Operating Lease Right-of-Use Assets | ||
Lessee Lease Description [Line Items] | ||
Operating lease assets | 88,394 | 103,314 |
Property and Equipment, Net | ||
Lessee Lease Description [Line Items] | ||
Finance lease assets | 22,786 | 25,350 |
Operating Lease Obligations | ||
Lessee Lease Description [Line Items] | ||
Operating lease obligations | 17,872 | 22,180 |
Current Portion of Debt and Finance Lease Obligations | ||
Lessee Lease Description [Line Items] | ||
Finance lease obligations | 2,895 | 3,386 |
Long-Term Operating Lease Obligations | ||
Lessee Lease Description [Line Items] | ||
Operating lease obligations | 73,688 | 82,851 |
Long-Term Debt and Finance Lease Obligations | ||
Lessee Lease Description [Line Items] | ||
Finance lease obligations | $ 20,123 | $ 21,871 |
Leases and Other - Components of Least Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Finance lease cost: | ||||||
Amortization of right-of-use assets | $ 926 | $ 697 | $ 2,767 | $ 1,895 | ||
Interest on lease liabilities | 429 | 130 | 1,258 | 379 | ||
Operating lease cost | 6,596 | 6,625 | 20,235 | 19,456 | ||
Short-term lease cost | 123 | 571 | 465 | 1,348 | ||
Variable lease cost | 1,557 | 1,478 | 4,615 | 4,695 | ||
Sublease income | [1] | 226 | ||||
Total lease cost, net | $ 9,631 | $ 9,727 | $ 29,340 | $ 27,773 | ||
|
Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash flows from operating leases | $ 5,644 | $ 7,250 | $ 18,268 | $ 20,853 | |
Operating cash flows from finance leases | 839 | 210 | 1,705 | 459 | |
Financing cash flows from finance leases | 665 | 525 | 2,235 | 1,537 | |
Right-of-use assets obtained in exchange for lease obligations: | |||||
Operating leases | (3,059) | 49,123 | 1,018 | 62,375 | |
Finance leases | $ 126 | $ 14,893 | $ 1,894 | $ 35,844 | |
Weighted-average remaining lease term (years): | |||||
Operating leases | 8 years 3 months 18 days | 8 years 3 months 18 days | 8 years 2 months 1 day | ||
Finance leases | 13 years 6 months 29 days | 13 years 6 months 29 days | 14 years 3 days | ||
Weighted-average discount rate: | |||||
Operating leases | 5.89% | 5.89% | 5.77% | ||
Finance leases | 7.91% | 7.91% | 7.73% |
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 |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
Remainder of 2020 | $ 6,188 | |
2021 | 20,043 | |
2022 | 15,844 | |
2023 | 13,407 | |
2024 | 10,265 | |
Thereafter | 54,410 | |
Total future lease payments | 120,157 | |
Less: Amount representing interest | (28,597) | |
Present value of minimum lease payments | 91,560 | |
Current portion | 17,872 | $ 22,180 |
Long-term portion | 73,688 | 82,851 |
Remainder of 2020 | 1,458 | |
2021 | 4,284 | |
2022 | 3,796 | |
2023 | 3,276 | |
2024 | 2,609 | |
Thereafter | 23,556 | |
Total future lease payments | 38,979 | |
Less: Amount representing interest | (15,961) | |
Present value of minimum lease payments | 23,018 | 25,257 |
Current portion | 2,895 | |
Long-term portion | 20,123 | |
Remainder of 2020 | 7,646 | |
2021 | 24,327 | |
2022 | 19,640 | |
2023 | 16,683 | |
2024 | 12,874 | |
Thereafter | 77,966 | |
Total future lease payments | 159,136 | |
Less: Amount representing interest | (44,558) | |
Total lease liabilities | 114,578 | $ 130,288 |
Current portion | 20,767 | |
Long-term portion | $ 93,811 |
Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details) $ in Thousands |
Sep. 30, 2020
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of 2020 | $ 431 |
2021 | 1,499 |
2022 | 1,046 |
2023 | 830 |
2024 | 612 |
Thereafter | 1,765 |
Total minimum rents | $ 6,183 |
Leases and Other - Narrative (Details) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Lessee Lease Description [Line Items] | |
Operating lease not yet commenced, description | we had executed certain facility and land leases for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and right-of-use assets on our Condensed Consolidated Balance Sheets. These leases include future planned attractions for Pursuit that are currently in the planning or development phase and that we expect the lease commencement dates to begin between fiscal years 2021 and 2022 with lease terms of 15 to 47 years |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease not yet commenced, term of contract | 15 years |
Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease not yet commenced, term of contract | 47 years |
Litigation, Claims, Contingencies and Other - Narrative (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
Sep. 30, 2020
USD ($)
Agreement
|
Sep. 30, 2019
USD ($)
|
|
Loss Contingencies [Line Items] | ||||
Legal settlement | $ 8,500,000 | |||
Environmental remediation liability | $ 2,200,000 | $ 2,200,000 | ||
Maximum potential amount of future payments | 75,500,000 | $ 75,500,000 | ||
Guarantees relate to facilities and equipment leased by the company | 2040-01 | |||
Recourse provision to recover guarantees | 0 | $ 0 | ||
Bargaining agreements | Agreement | 100 | |||
Multiemployer plans, withdrawal obligation | 15,500,000 | $ 15,500,000 | ||
Multiemployer plans other withdrawal obligation | 200,000 | 200,000 | ||
Self insurance reserve | 14,300,000 | 14,300,000 | ||
Workers' compensation liability | 9,800,000 | 9,800,000 | ||
Self insurance reserve for general and auto | 4,500,000 | 4,500,000 | ||
Self insurance reserve on discontinued operations | 2,200,000 | 2,200,000 | ||
Estimated employee health benefit claims incurred but not yet reported | 1,500,000 | 1,500,000 | ||
Payments for self insurance | 1,600,000 | $ 2,000,000.0 | 4,400,000 | $ 5,300,000 |
Self insurance reserve in which company is the primary obligor | 10,000,000.0 | 10,000,000.0 | ||
Self insurance reserve in which company is the primary obligor for workers compensation | 6,500,000 | 6,500,000 | ||
Self insurance reserve in which company is the primary obligor for general liability | 3,500,000 | 3,500,000 | ||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
General range on claims | 200,000 | 200,000 | ||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
General range on claims | $ 500,000 | 500,000 | ||
GES | ||||
Loss Contingencies [Line Items] | ||||
Legal settlement | $ 8,500,000 |
Redeemable Noncontrolling Interest - Narrative (Details) - Esja Attractions ehf. - EUR (€) |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Nov. 03, 2017 |
|
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of controlling interest acquired | 54.50% | |
EBITDA trailing period | 12 months | |
Put option right of exercisable period upon earnings | 36 months | |
Redeemable noncontrolling interest conditions | The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. | |
Put option exercisable period | 12 months | |
Put option additional exercisable period upon not meeting of conditions | 12 months | |
FlyOver Iceland | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Put option expiration period | 72 months | |
FlyOver Iceland | Minimum [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Unadjusted EBITDA | € 3,250,000 |
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Noncontrolling Interest [Abstract] | ||||
Beginning balance | $ 6,172 | |||
Net loss attributable to redeemable noncontrolling interest | $ (302) | $ (368) | (1,023) | $ (644) |
Adjustment to the redemption value | 926 | |||
Foreign currency translation adjustment | (804) | |||
Ending balance | $ 5,271 | $ 5,271 |
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Reportable segments reconciliations: | ||||||
Total revenue | $ 63,072 | $ 353,743 | $ 389,863 | $ 1,009,686 | ||
Segment operating income (loss) | (9,410) | 52,142 | (71,803) | 82,374 | ||
Interest income | 58 | 79 | 313 | 260 | ||
Interest expense | (5,508) | (3,740) | (14,712) | (9,612) | ||
Multi-employer pension plan withdrawal | (462) | (15,508) | ||||
Other expense | (210) | (281) | (894) | (1,192) | ||
Restructuring recoveries (charges) | (11,259) | (1,702) | (12,370) | (6,845) | ||
Impairment charges | 676 | 203,076 | ||||
Income (loss) from continuing operations before income taxes | (27,005) | 46,498 | (303,004) | 40,977 | ||
GES | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 14,257 | 218,700 | 322,261 | 808,567 | ||
Pursuit | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 48,815 | 135,043 | 67,602 | 201,119 | ||
Operating Segments | ||||||
Reportable segments reconciliations: | ||||||
Segment operating income (loss) | (6,781) | 54,806 | (65,949) | 90,120 | ||
Operating Segments | GES | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 14,257 | 218,700 | 322,261 | 808,567 | ||
Segment operating income (loss) | (18,248) | (11,586) | (39,450) | 25,410 | ||
Legal settlement | (8,500) | |||||
Operating Segments | Pursuit | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 48,815 | 135,043 | 67,602 | 201,119 | ||
Segment operating income (loss) | 11,467 | 66,392 | (26,499) | 64,710 | ||
Restructuring recoveries (charges) | 12 | (45) | ||||
Impairment charges | (1,757) | |||||
Intersegment Eliminations | GES | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | (284) | (5,724) | (3,258) | (14,731) | ||
Intersegment Eliminations | Pursuit | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | (144) | (671) | (261) | (1,355) | ||
Corporate Eliminations | ||||||
Reportable segments reconciliations: | ||||||
Segment operating income (loss) | [1] | 16 | 16 | 48 | 49 | |
Corporate | ||||||
Reportable segments reconciliations: | ||||||
Segment operating income (loss) | (2,645) | (2,680) | (5,902) | (7,795) | ||
Restructuring recoveries (charges) | (585) | (62) | (954) | (205) | ||
EMEA | Operating Segments | GES | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 2,774 | 39,300 | 52,096 | 156,473 | ||
Segment operating income (loss) | (7,262) | (3,024) | (11,256) | 2,775 | ||
Restructuring recoveries (charges) | (8,376) | (759) | (9,094) | (1,501) | ||
Impairment charges | (676) | (30,225) | ||||
North America | Operating Segments | GES | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 11,767 | 185,124 | 273,423 | 666,825 | ||
Segment operating income (loss) | (10,986) | (8,562) | (28,194) | 22,635 | ||
Restructuring recoveries (charges) | $ (2,310) | $ (881) | (2,277) | $ (5,139) | ||
Impairment charges | $ (171,094) | |||||
|
Common and Preferred Stock - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 05, 2020 |
Mar. 29, 2020 |
Sep. 30, 2020 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Feb. 07, 2019 |
|
Class Of Stock [Line Items] | ||||||
Preferred stock dividend rate percentage | 10.00% | |||||
Frequency of periodic payment of cumulative dividend | quarterly | |||||
Common Stock Repurchases (Textual) [Abstract] | ||||||
Authorized repurchase of additional shares | 500,000 | |||||
Repurchased shares | 53,784 | 0 | ||||
Shares remain available for repurchase | 546,283 | 546,283 | ||||
Common stock purchased for treasury | $ 2,800,000 | |||||
Dividends payable, date of record | Apr. 13, 2020 | |||||
Preferred stock, voting rights | one preferred stock purchase right per each outstanding share of Viad common stock to purchase one one-hundredth of a share | |||||
Preferred stock exercise price | $ 115,000.00 | |||||
Preferred stock, redemption price per share | $ 0.01 | |||||
Preferred stock, redemption date | Feb. 28, 2021 | |||||
Convertible Series A 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 kind | $ 1,100,000 | |||||
Crestview Partners | Convertible Series A Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 135,000 | |||||
Preferred Stock, Par value | $ 0.01 | |||||
Purchase price | $ 135,000,000 | |||||
Shares issued, price per share | $ 1,000 | |||||
Delayed draw commitment | $ 45,000,000 | |||||
Capital raising expense | $ 9,200,000 |