Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2018 |
May 07, 2018 |
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Document And Entity Information [Abstract] | ||
Entity Registrant Name | VIAD CORP | |
Entity Central Index Key | 0000884219 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2018 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Trading Symbol | VVI | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,479,453 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
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Current assets | |||||||||||
Cash and cash equivalents | $ 42,340 | $ 53,723 | |||||||||
Accounts receivable, net of allowances for doubtful accounts of $1,953 and $2,023, respectively | 118,284 | 104,811 | |||||||||
Inventories | 17,514 | 17,550 | [1] | ||||||||
Current contract costs | 22,620 | 13,436 | [1] | ||||||||
Other current assets | 23,077 | 19,741 | [1] | ||||||||
Total current assets | 223,835 | 209,261 | |||||||||
Property and equipment, net | 316,879 | 305,571 | |||||||||
Other investments and assets | 48,789 | 48,187 | [1] | ||||||||
Deferred income taxes | 28,055 | 23,548 | |||||||||
Goodwill | 269,794 | 270,551 | |||||||||
Other intangible assets, net | 60,795 | 62,781 | |||||||||
Total Assets | 948,147 | 919,899 | |||||||||
Current liabilities | |||||||||||
Accounts payable | 82,019 | 77,380 | |||||||||
Contract liabilities | 51,891 | 31,981 | [2] | ||||||||
Accrued compensation | 18,734 | 30,614 | |||||||||
Other current liabilities | 50,817 | 40,154 | [2] | ||||||||
Current portion of debt and capital lease obligations | [3] | 178,252 | 152,599 | ||||||||
Total current liabilities | 381,713 | 332,728 | |||||||||
Long-term debt and capital lease obligations | 53,066 | 56,593 | |||||||||
Pension and postretirement benefits | 28,153 | 28,135 | |||||||||
Other deferred items and liabilities | 48,786 | 52,858 | |||||||||
Total liabilities | 511,718 | 470,314 | |||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest | 6,950 | 6,648 | |||||||||
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 | 573,223 | 574,458 | |||||||||
Retained earnings | 55,000 | 65,836 | |||||||||
Unearned employee benefits and other | 207 | 218 | |||||||||
Accumulated other comprehensive loss | (25,848) | (22,568) | |||||||||
Common stock in treasury, at cost, 4,468,334 and 4,518,099 shares, respectively | (223,947) | (226,215) | |||||||||
Total Viad stockholders’ equity | 416,037 | 429,131 | |||||||||
Non-redeemable noncontrolling interest | 13,442 | 13,806 | |||||||||
Total stockholders’ equity | 429,479 | 442,937 | [4] | ||||||||
Total Liabilities and Stockholders’ Equity | $ 948,147 | $ 919,899 | |||||||||
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
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Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 1,953 | $ 2,023 |
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 | 4,468,334 | 4,518,099 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | ||||
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Mar. 31, 2018 |
Mar. 31, 2017 |
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Statement Of Income And Comprehensive Income [Abstract] | |||||
Net income (loss) | $ (9,835) | $ 6,513 | |||
Other comprehensive income (loss): | |||||
Unrealized gains (losses) on investments, net of tax | [1] | 62 | |||
Unrealized foreign currency translation adjustments, net of tax | [1] | (3,109) | 2,345 | ||
Change in net actuarial gain, net of tax | [1] | 629 | 111 | ||
Change in prior service cost, net of tax | [1] | (184) | (78) | ||
Adoption of ASU 2016-01 | (616) | ||||
Comprehensive income (loss) | (13,115) | 8,953 | |||
Comprehensive loss attributable to non-redeemable noncontrolling interest | 364 | 264 | |||
Comprehensive loss attributable to redeemable noncontrolling interest | 84 | ||||
Comprehensive income (loss) attributable to Viad | $ (12,667) | $ 9,217 | |||
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2018 |
Mar. 31, 2017 |
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Cash flows from operating activities | ||
Net income (loss) | $ (9,835) | $ 6,513 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 13,063 | 12,144 |
Deferred income taxes | (4,507) | 374 |
Loss (income) from discontinued operations | (928) | 816 |
Restructuring charges | 162 | 394 |
Impairment recoveries | (2,384) | |
Gains on dispositions of property and other assets | (73) | (50) |
Share-based compensation expense | 717 | 1,999 |
Other non-cash items, net | 1,803 | 1,287 |
Change in operating assets and liabilities (excluding the impact of acquisitions): | ||
Receivables | (13,255) | (26,219) |
Inventories | 70 | (770) |
Current contract costs | (9,211) | (3,739) |
Accounts payable | 5,354 | 29,437 |
Restructuring liabilities | (359) | (1,137) |
Accrued compensation | (16,149) | (16,027) |
Contract liabilities | 20,888 | 13,505 |
Income taxes payable | (7,475) | (3,206) |
Other assets and liabilities, net | 16,316 | 19,301 |
Net cash provided by (used in) operating activities | (3,419) | 32,238 |
Cash flows from investing activities | ||
Capital expenditures | (26,586) | (14,662) |
Proceeds from insurance | 4,583 | |
Cash paid for acquired businesses, net | (1,661) | |
Proceeds from dispositions of property and other assets | 1,139 | 550 |
Net cash used in investing activities | (25,447) | (11,190) |
Cash flows from financing activities | ||
Proceeds from borrowings | 36,038 | 17,574 |
Payments on debt and capital lease obligations | (15,348) | (30,985) |
Dividends paid on common stock | (2,046) | (2,038) |
Common stock purchased for treasury | (868) | (1,204) |
Proceeds from exercise of stock options | 84 | |
Net cash provided by (used in) financing activities | 17,860 | (16,653) |
Effect of exchange rate changes on cash and cash equivalents | (377) | 139 |
Net change in cash and cash equivalents | (11,383) | 4,534 |
Cash and cash equivalents, beginning of year | 53,723 | 20,900 |
Cash and cash equivalents, end of period | $ 42,340 | $ 25,434 |
Overview and Basis of Presentation |
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Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overview and Basis of Presentation | Note 1. Overview and Basis of Presentation Nature of Business We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. We are committed to providing unforgettable experiences to our clients and guests. We operate through three reportable business segments: GES U.S., GES International (collectively, “GES”), and Pursuit. GES GES is a global, full-service provider for live events. GES’ clients include event organizers and corporate brand marketers. Event organizers schedule and run the event from start to finish. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products, and build business relationships. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events. Services and Products Offered GES offers a full suite of services and products for event organizers and corporate brand marketers through three main lines of business:
Markets Served GES provides the above services and products across four live event markets: Exhibitions, Conferences, Corporate Events, and Consumer Events (collectively, “Live Events”).
Pursuit Pursuit is a collection of iconic natural and cultural destination travel experiences that enjoy perennial demand. Pursuit offers guests distinctive and world renowned experiences through its collection of unique hotels, lodges, recreational attractions, and transportation services. Services and Products Offered Pursuit is comprised of four lines of business: Hospitality, including food and beverage services and retail operations; Attractions, including food and beverage services and retail operations; Transportation, and Travel Planning. Services offered to these lines of business (or a subset of these) include accommodations, admissions, transportation, and travel planning. Products offered include food and beverage and retail. Markets Served Pursuit provides the above services and products across the following geographic markets:
Basis of Presentation Viad’s accompanying unaudited condensed consolidated financial statements have been 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. We have recast certain prior period amounts to conform to the current period presentation due to the adoption of new accounting standards. 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, 2017, filed with the SEC on February 28, 2018 (“2017 Form 10-K”). The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. All significant intercompany account balances and transactions have been eliminated in consolidation. Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements:
Prior to January 1, 2018, we presented revenue in our Condensed Consolidated Statements of Operations in three separate line items as follows:
In connection with the adoption of Topic 606, we changed the presentation of revenue in our Condensed Consolidated Statements of Operations and now present total services revenue and total products revenue. As a result, we changed the prior reporting period to conform to the current period presentation as follows:
As a result of the change in presentation of revenue in the Condensed Consolidated Statements of Operations, we also made the following conforming changes to the presentation of cost of services and cost of products. The following table also summarizes the impact of adopting ASU 2017-07 on our Condensed Consolidated Statements of Operations:
Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things, the fair value of our reporting units used to perform annual impairment testing of recorded goodwill; allowances for uncollectible accounts receivable; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; assumptions used to measure pension and postretirement benefit costs and obligations; assumptions used to determine share-based compensation costs under the fair value method; assumptions in the redemption value of redeemable noncontrolling interests; and allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates. Revenue Recognition Beginning January 1, 2018, 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, Audio-Visual, and Event Technology. GES’ service revenue is recognized when we have a right to invoice, net of commissions paid to customers, at the close of the event. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue from the build of exhibits is recognized upon delivery of the product while graphics is recognized at the close of the event when we have the right to invoice. GES’ service revenue and graphics product revenue are recognized over time as they are considered part of a single performance obligation satisfied over time. GES’ product revenue from the build of exhibits is recognized at a point in time. Pursuit’s service revenue is derived through its accommodations, admissions, 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. The following table summarizes the impact of adopting Topic 606 on our unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2018:
Noncontrolling Interests 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. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations. Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. The Esja Attractions ehf. (“Esja”) purchase 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 earnings (loss) per share. Refer to Note 20 – Redeemable Noncontrolling Interest for additional information. Insurance Recoveries Receipts from insurance up to the amount of the recognized losses are considered recoveries and are accounted for when they are probable of receipt. Anticipated proceeds in excess of the recognized loss are considered a gain contingency. A contingency gain for anticipated insurance proceeds in excess of losses already recognized is not recognized until all contingencies relating to the insurance claim have been resolved. Insurance proceeds allocated to business interruption gains are reported as cash flows from operating activities, and proceeds allocated to impairment recoveries are reported as cash flows from investing activities. Insurance proceeds used for capitalizable costs are classified as cash flows from investing activities, and proceeds used for non-capitalizable costs are classified as operating activities. |
Revenue and Related Contract Costs and Contract Liabilities |
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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 multi-year contracts are often signed for recurring events, the obligations for each occurrence are well defined and conclude upon the occurrence of each event. The obligations are typically the provision of services or sale of a product in connection with an exhibition, conference or other event. Revenue for services is recognized when we have a right to invoice, generally at the close of the exhibition, conference, or corporate event, which typically lasts one to three days. Revenue for consumer events is recognized over the duration of the event. Revenue for products is recognized upon delivery or when we have the right to invoice, generally at the close of the exhibition, conference, or corporate event. Payment terms are generally within 30-60 days and contain no significant financing components. Pursuit’s performance obligations are short-term in nature. They include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, the fulfillment of travel planning itineraries, and/or the sale of food, beverage or retail products. Revenue is recognized when the service has been provided or the product has been delivered. When credit is extended, payment terms are generally within 30 days and contain no significant financing components. Customer deposits are typically received by GES and Pursuit prior to transferring the related product or service to the customer. These deposits are recorded as a contract liability and recognized as revenue upon satisfaction of the related contract performance obligation(s). GES also provides customer rebates and volume discounts to certain event organizers that are recorded as contract liabilities and are recognized as a reduction of revenue. These amounts are included in the Condensed Consolidated Balance Sheets under the caption “Contract liabilities”. 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 incentives and commissions incurred upon contract signing. Costs associated with preliminary contract activities (i.e. proposal activities) are expensed as incurred. Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in cost of services or cost of products sold, as applicable. The deferred incremental costs of obtaining and fulfilling contracts are included in the Condensed Consolidated Balance Sheets under the captions “Current contract costs” and “Other investments and assets.” These amounts were previously reported in inventories under “Work in process.” We elected to apply the following practical expedients related to performance obligations: Not to disclose the amount of consideration allocated to the remaining performance obligations or an explanation of when we expect to recognize that amount as revenue as of December 31, 2017 and not to disclose the value of unsatisfied performance obligations for contracts with an original duration of one year or less because the vast majority of our contract liabilities relate to future exhibitions and events that will occur within the next 12 months. Contract Liabilities Changes to contract liabilities are as follows:
Contract Costs Capitalized contract costs were $27.2 million as of March 31, 2018 and $16.9 million as of December 31, 2017. The contract costs as of March 31, 2018 consisted of $3.7 million to obtain contracts and $23.5 million to fulfill contracts. During the three months ended March 31, 2018, $8.6 million of the December 31, 2017 balance was recognized in cost of services or products and $18.6 million of costs remained deferred. We did not recognize an impairment loss with respect to capitalized contract costs. Disaggregation of Revenue The following tables disaggregate revenue of GES and Pursuit by major product line, timing of revenue recognition, and markets served: GES
Pursuit
Balance Sheet Reclassifications In connection with the adoption of Topic 606, we made the following reclassifications to separately present contract costs and contract liabilities on the Condensed Consolidated Balance Sheet as of December 31, 2017:
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Share-Based Compensation |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Note 3. Share-Based Compensation The following table summarizes share-based compensation expense:
We did not record any share-based compensation expense through restructuring expense during the three months ended March 31, 2018 or 2017. The following table summarizes the activity of the outstanding share-based compensation awards:
Viad Corp Omnibus Incentive Plan We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan (the “2017 Plan”). The 2017 Plan has a 10-year life and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. In June 2017, we registered 1,750,000 shares of common stock issuable under the 2017 Plan. As of March 31, 2018, there were 1,672,566 shares available for future grant under the 2017 Plan. PUP Awards The vesting of PUP award shares is based upon achievement of certain performance-based criteria. The performance period of the shares is three years. During the three months ended March 31, 2018, we granted $3.7 million PUP awards of which $1.6 million are payable in shares. Liabilities related to PUP awards were $5.1 million as of March 31, 2018 and $11.0 million as of December 31, 2017. In March 2018, PUP awards granted in 2015 vested and we distributed cash payouts of $5.9 million. In March 2017, PUP awards granted in 2014 vested and we distributed cash payouts of $3.7 million. Restricted Stock As of March 31, 2018, the unamortized cost of outstanding restricted stock awards was $4.1 million, which we expect to recognize over a weighted-average period of approximately 1.5 years. We repurchased 16,362 shares for $0.9 million during the three months ended March 31, 2018 and 25,642 shares for $1.2 million during the three months ended March 31, 2017 related to tax withholding requirements on vested share-based awards. Restricted Stock Units Aggregate liabilities related to restricted stock units were $0.3 million as of March 31, 2018 and $0.5 million as of December 31, 2017. In February 2018, the 2015 restricted stock units vested and we distributed cash payouts of $0.2 million. In February 2017, portions of the 2012 and 2014 restricted stock units vested and we distributed cash payouts of $0.3 million. Stock Options The following table summarizes stock option activity:
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Acquisition of Business |
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Mar. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Business | Note 4. Acquisition of Business Esja On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Esja is developing and will operate a new FlyOver Iceland attraction, which is expected to open in 2019. The purchase price was €8.2 million (approximately $9.5 million) in cash, which included 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. The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date, the noncontrolling interest’s share of the subsequent net income or loss, and the accretion of the redemption value of the put option. As of the transaction date, the fair value of the noncontrolling interest was estimated to be $6.7 million. The fair value of the noncontrolling interest was finalized as of March 31, 2018 with no adjustments. Refer to Note 20 – Redeemable Noncontrolling Interest for additional information. Under the acquisition method of accounting, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over fair value of net assets acquired is recorded as goodwill. Goodwill is included in the Pursuit business group and the primary factor that contributed to the purchase price resulting in the recognition of goodwill relates to future income from operations after opening in 2019. Goodwill is deductible for tax purposes. Transaction costs associated with the acquisition of Esja were $0.1 million in 2018 and 2017, which are included in corporate activities in the Condensed Consolidated Statements of Operations. The Esja results of operations have been included in the condensed consolidated financial statements from the date of acquisition. During the three months ended March 31, 2018, Esja had an operating loss of $0.2 million, representing start-up costs.
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Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Note 5. Inventories The components of inventories consisted of the following:
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Other Current Assets |
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Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets | Note 6. Other Current Assets Other current assets consisted of the following:
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Property and Equipment |
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Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Note 7. Property and Equipment Property and equipment consisted of the following:
Depreciation expense was $10.4 million for the three months ended March 31, 2018 and $9.1 million for three months ended March 31, 2017. Non-cash increases to property and equipment related to assets acquired under capital leases were $0.5 million for the three months ended March 31, 2018 and $0.4 million for the three months ended March 31, 2017. Non-cash increases to property and equipment purchases in accounts payable and accrued liabilities were $0.8 million for the three months ended March 31, 2018 and $1.5 million for the three months ended March 31, 2017. |
Other Investments and Assets |
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Investments All Other Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments and Assets | Note 8. Other Investments and Assets Other investments and assets consisted of the following:
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Goodwill and Other Intangible Assets |
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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:
Other intangible assets consisted of the following:
Intangible asset amortization expense was $2.7 million for the three months ended March 31, 2018 and $3.1 million for the three months ended March 31, 2017. The weighted-average amortization period of customer contracts and relationships is approximately 8.3 years, operating contracts and licenses is approximately 26.1 years, tradenames is approximately 6.8 years, non-compete agreements is approximately 2.0 years, and other amortizable intangible assets is approximately 8.3 years. The estimated future amortization expense related to amortized intangible assets held at March 31, 2018 is as follows:
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Other Current Liabilities |
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Other Liabilities Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Note 10. Other Current Liabilities Other current liabilities consisted of the following:
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Other Deferred Items and Liabilities |
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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:
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Debt and Capital Lease Obligations |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Capital Lease Obligations | Note 12. Debt and Capital Lease Obligations The components of long-term debt and capital lease obligations consisted of the following:
Effective December 22, 2014, we entered into a $300 million Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement provides for a senior credit facility in the aggregate amount of $300 million, which consists of a $175 million revolving credit facility (the “Revolving Credit Facility”) and a $125 million term loan (the “Term Loan”). The Credit Agreement has a maturity date of December 22, 2019. Proceeds from the loans made under the Credit Agreement were used to refinance certain of our outstanding debt and will be used for general corporate purposes in the ordinary course of business. Under the Credit Agreement, either or both of the Revolving Credit Facility and the Term Loan may be increased up to an additional $100 million under certain circumstances. If such circumstances are met, we may obtain the additional borrowings under the Revolving Credit Facility, the Term Loan, or a combination of the two. The Revolving Credit Facility has a $40 million sublimit for letters of credit. Borrowings and letters of credit can be denominated in U.S. dollars, Euros, Canadian dollars, or British pounds. Our lenders under the Credit Agreement have a first perfected security interest in all of our personal property including GES, GES Event Intelligence Services, Inc., CATC Alaska Tourism Corporation (“CATC”), and ON Event Services, LLC (“ON Services”), and 65% of the capital stock of our top-tier foreign subsidiaries. Effective February 24, 2016, we executed an amendment (“Amendment No. 1”) to the Credit Agreement. Amendment No. 1 modified the terms of the financial covenants and the negative covenants related to acquisitions, restricted payments, and indebtedness. The overall maximum leverage ratio and minimum fixed charge coverage ratio are 3.50 to 1.00 and 1.75 to 1.00, respectively, and will remain at those levels for the entire remaining term of the Credit Agreement. Acquisitions in substantially the same or related lines of business are permitted under Amendment No. 1, as long as the pro forma leverage ratio is less than or equal to 3.00 to 1.00. We can make dividends, distributions, and repurchases of our common stock up to $20 million per calendar year. Stock dividends, distributions, and repurchases above the $20 million limit are not subject to a liquidity covenant, and are permitted as long as our pro forma leverage ratio is less than or equal to 2.50 to 1.00 and no default or unmatured default, as defined in the Credit Agreement, exists. Unsecured debt is allowed as long as our pro forma leverage ratio is less than or equal to 3.00 to 1.00. Significant other covenants under the Credit Agreement that were not affected by Amendment No. 1 include limitations on investments, sales/leases of assets, consolidations or mergers, and liens on property. As of March 31, 2018, the fixed charge coverage ratio was 2.69 to 1.00, the leverage ratio was 1.89 to 1.00, and we were in compliance with all covenants under the Credit Agreement. Effective December 28, 2016, Brewster Inc., part of Pursuit, entered into a credit agreement (the “Brewster Credit Agreement”) with a $38 million revolving credit facility (the “Brewster Revolver”). The Brewster Credit Agreement was used in connection with the FlyOver Canada acquisition in December 2016. Effective December 6, 2017, we amended the Brewster Revolver to reduce the amount to $20 million and extend the maturity date to December 28, 2018. Additional loan proceeds will be used for potential future acquisitions in Canada and other general corporate purposes of Brewster Inc. The lender under the Brewster Revolver has a first perfected security interest in all of Brewster Inc.’s personal property and a guaranty from Brewster Inc.’s immediate parent, Brewster Travel Canada Inc. (secured by its present and future personal property), Viad, and all of its current or future subsidiaries that are required to be guarantors under Viad’s Credit Agreement. The fees on the unused portion of the Brewster Revolver are currently 0.2% annually. As of March 31, 2018, our total debt and capital lease obligations were $231.3 million, consisting of outstanding borrowings under the Term Loan of $70.3 million, the Revolving Credit Facility of $142.5 million, the Brewster Revolver of $15.5 million, and capital lease obligations of $3.8 million, offset in part by unamortized debt issuance costs of $0.9 million. As of March 31, 2018, capacity remaining under the Revolving Credit Facility was $31.2 million, reflecting borrowings of $142.5 million and $1.3 million in outstanding letters of credit. As of March 31, 2018, Brewster Inc. had $4.5 million of capacity remaining under the Brewster Revolver. Borrowings under the Revolving Credit Facility (of which GES, GES Event Intelligence Services, Inc., CATC, and ON Services are guarantors) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to our leverage ratio. Commitment fees and letters of credit fees are also tied to our leverage ratio. The fees on the unused portion of the Revolving Credit Facility are currently 0.3% annually. The estimated fair value of total debt was $225.1 million as of March 31, 2018 and $203.2 million as of December 31, 2017. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity. Cash paid for interest on debt was $1.9 million for the three months ended March 31, 2018 and $1.5 million for the three months ended March 31, 2017. |
Fair Value Measurements |
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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 to sell an asset or paid 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 maturities of these instruments. Refer to Note 12 – Debt and Capital Lease Obligations for the estimated fair value of debt obligations. |
Stockholders' Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Note 14. Stockholders’ Equity The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the non-redeemable noncontrolling interest for the three months ended March 31, 2018 and 2017:
Changes in 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 the three months ended March 31, 2018 and 2017. These costs are recorded as components of net periodic cost for each period presented. Refer to Note 17 – Pension and Postretirement Benefits for additional information. Amounts reclassified that relate to unrealized gains on equity securities classified as available-for-sale include $1.0 million ($0.6 million after tax) as of December 31, 2017. Upon the adoption of ASU 2016-01, unrealized gains on equity securities are recognized in net income. Refer to Note 13 – Fair Value Measurements for additional information. Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. Redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. Refer to Note 20 – Redeemable Noncontrolling Interest for additional information.
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Income Per Share |
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Income Per Share | Note 15. Income Per Share The components of basic and diluted income per share are as follows:
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Income Taxes |
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Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16. Income Taxes The effective tax rate was 30.1% for the three months ended March 31, 2018 and 27.2% for the three months ended March 31, 2017. The income tax provision was computed based on the estimated annualized effective tax rate on the full-year forecasted income plus the tax impact of any unusual, infrequent, or non-recurring items during the period. The effective tax rate for the three months ended March 31, 2018 was greater than the federal statutory rate of 21% primarily due to foreign income taxed at higher rates and the impact of U.S. tax reform, specifically the global intangible low-taxed income (“GILTI”) tax on global income, certain non-deductible business expenses and the increase in the effective state tax rate. The effective tax rate for the three months ended March 31, 2017 was less than the federal statutory rate of 35% primarily due to the excess tax benefit on share-based compensation. As of March 31, 2018, we have not updated any provisional estimates included in the financial statements as of December 31, 2017 for the impact of the Tax Act, but expect to complete the analysis and record any adjustments within the one year period provided under SEC Staff Accounting Bulletin 118. We updated our current year estimate of the GILTI tax and have included the GILTI tax that cannot be fully offset by foreign tax credits generated in our annualized effective tax rate. The guidance and interpretation of the GILTI tax has not been finalized and it is possible that our estimate will change. Cash paid for income taxes was $9.1 million for the three months ended March 31, 2018 and $2.5 million for the three months ended March 31, 2017. |
Pension and Postretirement Benefits |
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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 March 31, 2018 and 2017 consist of the following:
We expect to contribute $1.1 million to our funded pension plans, $1.0 million to our unfunded pension plans, and $1.1 million to our postretirement benefit plans in 2018. During the three months ended March 31, 2018, we contributed $0.2 million to our funded pension plans, $0.2 million to our unfunded pension plans, and $0.3 million to our postretirement benefit plans. |
Restructuring Charges |
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Restructuring Charges | Note 18. Restructuring Charges GES We have taken certain restructuring actions designed to reduce our cost structure primarily within GES. We implemented a strategic reorganization plan in order to consolidate the separate business units within GES U.S. We also consolidated facilities and streamlined our operations in the U.S., Canada, and the United Kingdom. As a result, we recorded restructuring charges primarily consisting of severance and related benefits as a result of workforce reductions and charges related to the consolidation and downsizing of facilities representing the remaining operating lease obligations (net of estimated sublease income) and related costs. Other Restructurings We recorded restructuring charges in connection with certain reorganization activities within Pursuit. These charges primarily consist of severance and related benefits due to headcount reductions. Changes to the restructuring liability by major restructuring activity are as follows:
As of March 31, 2018, the liabilities related to severance and employee benefits are expected to be paid by the end of 2020. Additionally, the liability related to future lease payments will be paid over the remaining lease terms for GES. Refer to Note 21 – Segment Information, for information regarding restructuring charges by segment. |
Litigation, Claims, Contingencies and Other |
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Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation, Claims, Contingencies and Other | Note 19. Litigation, Claims, Contingencies, and Other We are plaintiffs or defendants to various actions, proceedings, and pending claims, some of which involve, or may involve, compensatory, punitive, or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings, or claims could be decided against us. Although the amount of liability as of March 31, 2018 with respect to these matters is not ascertainable, we believe that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our business, financial position, or results of operations. We are subject to various U.S. federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which we have or had operations. If we fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed and we could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, we also face exposure to actual or potential claims and lawsuits involving environmental matters relating to our past operations. As of March 31, 2018, we had recorded environmental remediation liabilities of $2.3 million related to previously sold operations. Although we are a party to certain environmental disputes, we believe that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our financial position or results of operations. As of March 31, 2018, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities entered into by our subsidiary operations. We would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that we would be required to make under all guarantees existing as of March 31, 2018 would be $19.1 million. These guarantees relate to our leased facilities through October 2027. 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 whereby 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 2018 will be renegotiated in the ordinary course of business without having a material adverse effect on our operations. We entered into showsite and warehouse agreements with the Chicago Teamsters Local 727, effective January 1, 2014, and those agreements contain provisions that allow the parties to re-open negotiation of the agreements on pension-related issues. We are in informal discussions regarding those issues with all relevant parties to resolve those issues in a manner that will be reasonable and equitable to employees, customers, and shareholders. Although our labor relations are currently stable, disruptions pending the outcome of the Chicago Teamsters Local 727 negotiations could occur, as they could with any collective-bargaining agreement negotiation, with the possibility of an adverse impact on the operating results of GES. Our business contributes to various multi-employer pension plans based on obligations arising under collective-bargaining agreements covering our union-represented employees. Based upon the information available from plan administrators, we believe that several of these multi-employer plans are underfunded. The Pension Protection Act of 2006 requires pension plans underfunded at certain levels to reduce, over defined time periods, the underfunded status. In addition, under current laws, the termination of a plan, or a voluntary withdrawal from a plan by us, or a shrinking contribution base to a plan as a result of the insolvency or withdrawal of other contributing employers to such plan, would require us to make payments to such plan for our proportionate share of the plan’s unfunded vested liabilities. As of March 31, 2018, the amount of additional funding, if any, that we would be required to make related to multi-employer pension plans is not ascertainable. We are self-insured up to certain limits for workers’ compensation, employee health benefits, automobile, product and general liability, and property loss claims. The aggregate amount of insurance liabilities (up to our retention limit) related to our continuing operations was $19.0 million as of March 31, 2018 which includes $13.6 million related to workers’ compensation liabilities, and $5.4 million related to general/auto liability claims. We have also retained and provided for certain insurance liabilities in conjunction with previously sold businesses of $2.8 million as of March 31, 2018, related to workers’ compensation liabilities. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $1.5 million for the three months ended March 31, 2018 and $1.3 million for the three months ended March 31, 2017. In addition, as of March 31, 2018, we have recorded insurance liabilities of $10.4 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, $6.9 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 |
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Redeemable Noncontrolling Interest | Note 20. 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, which is developing and will operate a new FlyOver Iceland attraction. The Esja acquisition contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) and if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date, 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 latter, 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 is as follows:
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Segment Information |
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Segment Information | Note 21. 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 and recoveries. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. Our reportable segments, with reconciliations to consolidated totals, are as follows:
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Overview and Basis of Presentation (Policies) |
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Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Business | Nature of Business We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. We are committed to providing unforgettable experiences to our clients and guests. We operate through three reportable business segments: GES U.S., GES International (collectively, “GES”), and Pursuit. GES GES is a global, full-service provider for live events. GES’ clients include event organizers and corporate brand marketers. Event organizers schedule and run the event from start to finish. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products, and build business relationships. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events. Services and Products Offered GES offers a full suite of services and products for event organizers and corporate brand marketers through three main lines of business:
Markets Served GES provides the above services and products across four live event markets: Exhibitions, Conferences, Corporate Events, and Consumer Events (collectively, “Live Events”).
Pursuit Pursuit is a collection of iconic natural and cultural destination travel experiences that enjoy perennial demand. Pursuit offers guests distinctive and world renowned experiences through its collection of unique hotels, lodges, recreational attractions, and transportation services. Services and Products Offered Pursuit is comprised of four lines of business: Hospitality, including food and beverage services and retail operations; Attractions, including food and beverage services and retail operations; Transportation, and Travel Planning. Services offered to these lines of business (or a subset of these) include accommodations, admissions, transportation, and travel planning. Products offered include food and beverage and retail. Markets Served Pursuit provides the above services and products across the following geographic markets:
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Basis of Presentation | Basis of Presentation Viad’s accompanying unaudited condensed consolidated financial statements have been 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. We have recast certain prior period amounts to conform to the current period presentation due to the adoption of new accounting standards. 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, 2017, filed with the SEC on February 28, 2018 (“2017 Form 10-K”). The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. All significant intercompany account balances and transactions have been eliminated in consolidation. |
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Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements:
Prior to January 1, 2018, we presented revenue in our Condensed Consolidated Statements of Operations in three separate line items as follows:
In connection with the adoption of Topic 606, we changed the presentation of revenue in our Condensed Consolidated Statements of Operations and now present total services revenue and total products revenue. As a result, we changed the prior reporting period to conform to the current period presentation as follows:
As a result of the change in presentation of revenue in the Condensed Consolidated Statements of Operations, we also made the following conforming changes to the presentation of cost of services and cost of products. The following table also summarizes the impact of adopting ASU 2017-07 on our Condensed Consolidated Statements of Operations:
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things, the fair value of our reporting units used to perform annual impairment testing of recorded goodwill; allowances for uncollectible accounts receivable; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; assumptions used to measure pension and postretirement benefit costs and obligations; assumptions used to determine share-based compensation costs under the fair value method; assumptions in the redemption value of redeemable noncontrolling interests; and allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates. |
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Revenue Recognition | Revenue Recognition Beginning January 1, 2018, 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, Audio-Visual, and Event Technology. GES’ service revenue is recognized when we have a right to invoice, net of commissions paid to customers, at the close of the event. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue from the build of exhibits is recognized upon delivery of the product while graphics is recognized at the close of the event when we have the right to invoice. GES’ service revenue and graphics product revenue are recognized over time as they are considered part of a single performance obligation satisfied over time. GES’ product revenue from the build of exhibits is recognized at a point in time. Pursuit’s service revenue is derived through its accommodations, admissions, 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. The following table summarizes the impact of adopting Topic 606 on our unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2018:
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Noncontrolling Interests | Noncontrolling Interests 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. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations. Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. The Esja Attractions ehf. (“Esja”) purchase 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 earnings (loss) per share. Refer to Note 20 – Redeemable Noncontrolling Interest for additional information. |
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Insurance Recoveries | Insurance Recoveries Receipts from insurance up to the amount of the recognized losses are considered recoveries and are accounted for when they are probable of receipt. Anticipated proceeds in excess of the recognized loss are considered a gain contingency. A contingency gain for anticipated insurance proceeds in excess of losses already recognized is not recognized until all contingencies relating to the insurance claim have been resolved. Insurance proceeds allocated to business interruption gains are reported as cash flows from operating activities, and proceeds allocated to impairment recoveries are reported as cash flows from investing activities. Insurance proceeds used for capitalizable costs are classified as cash flows from investing activities, and proceeds used for non-capitalizable costs are classified as operating activities. |
Overview and Basis of Presentation (Tables) |
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New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue in Condensed Consolidated Statement of Operations | Prior to January 1, 2018, we presented revenue in our Condensed Consolidated Statements of Operations in three separate line items as follows:
In connection with the adoption of Topic 606, we changed the presentation of revenue in our Condensed Consolidated Statements of Operations and now present total services revenue and total products revenue. As a result, we changed the prior reporting period to conform to the current period presentation as follows:
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ASU 2017-07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impact of Recent Accounting Pronouncements on Condensed Consolidated Statement of Operations | The following table also summarizes the impact of adopting ASU 2017-07 on our Condensed Consolidated Statements of Operations:
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Accounting Standards Update 2014-09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Impact of Recent Accounting Pronouncements on Condensed Consolidated Statement of Operations | The following table summarizes the impact of adopting Topic 606 on our unaudited Condensed Consolidated Statement of Operations for the three months ended March 31, 2018:
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Revenue and Related Contract Costs and Contract Liabilities (Tables) |
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Summary of Changes in Contract Liabilities | Changes to contract liabilities are as follows:
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Disaggregate Revenue of GES and Pursuit by Major Product Line Timing of Revenue Recognition and Markets Served | The following tables disaggregate revenue of GES and Pursuit by major product line, timing of revenue recognition, and markets served: GES
Pursuit
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Accounting Standards Update 2014-09 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Reclassifications made to Separately Present Contract Costs and Contract Liabilities in Connection with Adoption of Topic 606 | In connection with the adoption of Topic 606, we made the following reclassifications to separately present contract costs and contract liabilities on the Condensed Consolidated Balance Sheet as of December 31, 2017:
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Share-Based Compensation (Tables) |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Share-Based Compensation Expense | The following table summarizes share-based compensation expense:
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Summary of Activity of the Outstanding Share-Based Compensation Awards | The following table summarizes the activity of the outstanding share-based compensation awards:
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Summary of Stock Option Activity | Stock Options The following table summarizes stock option activity:
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | The components of inventories consisted of the following:
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Other Current Assets (Tables) |
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Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Other current assets consisted of the following:
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Property and Equipment (Tables) |
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Property Plant And Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property and equipment consisted of the following:
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Other Investments and Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Amortization Expense Related to Amortized Intangible Assets | The estimated future amortization expense related to amortized intangible assets held at March 31, 2018 is as follows:
|
Other Current Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other current liabilities consisted of the following:
|
Other Deferred Items and Liabilities (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Deferred Items and Liabilities | Other deferred items and liabilities consisted of the following:
|
Debt and Capital Lease Obligations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt and Capital Lease Obligations | The components of long-term debt and capital lease obligations consisted of the following:
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Stockholders' Equity to Noncontrolling Interests | The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the non-redeemable noncontrolling interest for the three months ended March 31, 2018 and 2017:
|
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Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in AOCI by component are as follows:
|
Income Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 March 31, 2018 and 2017 consist of the following:
|
Restructuring Charges (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Redeemable Noncontrolling Interest (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 | |||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||
Summary of Changes in Redeemable Noncontrolling Interest | Changes in the redeemable noncontrolling interest is as follows:
|
Segment Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2018
USD ($)
Segment
Lodge
Recreational
Excursion
RetailShop
DiningOutlet
|
Mar. 31, 2017
USD ($)
|
|||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | Segment | 3 | |||
Amount reclassified from operating expenses to other expense, with retrospective effect | $ | [1] | $ 238 | $ 452 | |
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% | |||
ASU 2017-07 | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative-effect adjustment beginning retained earnings | $ | $ 600 | |||
Amount reclassified from operating expenses to other expense, with retrospective effect | $ | $ 452 | |||
GES | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of product lines | Segment | 3 | |||
Number of live event markets | Segment | 4 | |||
Pursuit | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of business lines | Segment | 4 | |||
Pursuit | Banff Jasper Collection | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of world-class recreational attractions | Recreational | 5 | |||
Pursuit | Banff Jasper Collection | Banff National Park | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of lodges | 2 | |||
Pursuit | Banff Jasper Collection | Jasper National Park | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of lodges | 1 | |||
Pursuit | Alaska Collection | Denali National Park and Preserve | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of lodges | 2 | |||
Number of sightseeing excursion | Excursion | 1 | |||
Pursuit | Alaska Collection | Talkeetna | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of lodges | 1 | |||
Pursuit | Alaska Collection | Kenai Fjords National Park | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of lodges | 2 | |||
Pursuit | Glacier Park Collection | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of lodges | 7 | |||
Number of retail shops | RetailShop | 12 | |||
Number of dining outlets | DiningOutlet | 11 | |||
|
Overview and Basis of Presentation - Revenue in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Revenue: | ||
Total revenue | $ 277,428 | $ 325,807 |
Calculated under Revenue Guidance in Effect before Topic 606 | ||
Revenue: | ||
Total revenue | 325,807 | |
Exhibition and Event Services [Member] | Calculated under Revenue Guidance in Effect before Topic 606 | ||
Revenue: | ||
Total revenue | 275,948 | |
Exhibits and Environments [Member] | Calculated under Revenue Guidance in Effect before Topic 606 | ||
Revenue: | ||
Total revenue | 41,923 | |
Pursuit Services [Member] | Calculated under Revenue Guidance in Effect before Topic 606 | ||
Revenue: | ||
Total revenue | $ 7,936 |
Overview and Basis of Presentation - Revenue in Condensed Consolidated Statement of Operations in Connection with Adoption of Topic 606 (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Revenue: | ||
Services | $ 245,548 | $ 290,643 |
Products | 31,880 | 35,164 |
Total revenue | $ 277,428 | $ 325,807 |
Overview and Basis of Presentation - Impact of Adopting ASU 2017-07 on Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Costs of services | $ 257,295 | $ 280,638 | ||
Costs of products | 31,122 | 32,102 | ||
Corporate activities | 2,217 | 2,541 | ||
Other expense | [1] | $ 238 | 452 | |
Reclassifications to Conform with Revenue Presentation | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Costs of services | 7,412 | |||
Costs of products | (7,412) | |||
As Previously Reported | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Costs of services | 273,609 | |||
Costs of products | 39,514 | |||
Corporate activities | 2,610 | |||
ASU 2017-07 | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Costs of services | (383) | |||
Corporate activities | (69) | |||
Other expense | $ 452 | |||
|
Overview and Basis of Presentation - Impact of Adopting Topic 606 on Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Revenue: | ||
GES services | $ 237,793 | |
GES products | 29,913 | |
Pursuit services | 7,755 | |
Pursuit products | 1,967 | |
Costs and expenses: | ||
Costs of services | 257,295 | $ 280,638 |
Costs of products | 31,122 | 32,102 |
Income tax expense (benefit) | (4,638) | 2,741 |
Net loss | (9,835) | $ 6,513 |
Calculated under Revenue Guidance in Effect before Topic 606 | Accounting Standards Update 2014-09 | ||
Revenue: | ||
GES services | 237,793 | |
GES products | 29,913 | |
Pursuit services | 7,755 | |
Pursuit products | 1,967 | |
Costs and expenses: | ||
Costs of services | 258,142 | |
Costs of products | 31,122 | |
Income tax expense (benefit) | (4,852) | |
Net loss | (10,468) | |
Effect of Change | Accounting Standards Update 2014-09 | ||
Costs and expenses: | ||
Costs of services | (847) | |
Income tax expense (benefit) | 214 | |
Net loss | $ (633) |
Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
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 sold, as applicable | |
Capitalized contract Costs | $ 27,200,000 | $ 16,900,000 |
Contract costs to obtain contracts | 3,700,000 | |
Contract costs to fulfill contracts | 23,500,000 | |
Contract costs recognized | 8,600,000 | |
Impairment loss on capitalized contract costs | $ 0 | |
Services or Product [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Deferred contract costs | $ 18,600,000 | |
Maximum | ||
Disaggregation Of Revenue [Line Items] | ||
Unsatisfied performance obligations period | 1 year | |
GES | ||
Disaggregation Of Revenue [Line Items] | ||
Performance obligation description of payment terms | Payment terms are generally within 30-60 days and contain no significant financing components | |
GES | Minimum | ||
Disaggregation Of Revenue [Line Items] | ||
Performance obligation payment terms | 30 days | |
GES | Maximum | ||
Disaggregation Of Revenue [Line Items] | ||
Performance obligation payment terms | 60 days | |
Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Performance obligation description of payment terms | When credit is extended, payment terms are generally within 30 days and contain no significant financing components | |
Performance obligation payment terms | 30 days |
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Revenue From Contract With Customer [Abstract] | |
Balance at January 1, 2018 | $ 31,981 |
Cash additions | 38,241 |
Revenue recognized | (18,526) |
Foreign exchange translation adjustment | 195 |
Balance at March 31, 2018 | $ 51,891 |
Revenue and Related Contract Costs and Contract Liabilities - Disaggregate Revenue of GES and Pursuit by Major Product Line Timing of Revenue Recognition and Markets Served (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | $ 267,706 | |
Total services revenue | 245,548 | $ 290,643 |
Total products revenue | 31,880 | 35,164 |
Total revenue | 277,428 | $ 325,807 |
Intersegment Eliminations | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | (3,348) | |
GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 203,868 | |
GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 67,186 | |
Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total services revenue | 7,755 | |
Total products revenue | 1,967 | |
Total revenue | 9,722 | |
Pursuit | Intersegment Eliminations | ||
Disaggregation Of Revenue [Line Items] | ||
Total services revenue | (206) | |
Services Transferred Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 241,140 | |
Services Transferred Over Time | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 188,486 | |
Services Transferred Over Time | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 52,654 | |
Services Transferred Over Time | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total services revenue | 7,755 | |
Products Transferred Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 14,699 | |
Products Transferred Over Time | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 10,592 | |
Products Transferred Over Time | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 4,107 | |
Products Transferred at a Point in Time | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 15,215 | |
Products Transferred at a Point in Time | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 4,790 | |
Products Transferred at a Point in Time | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 10,425 | |
Products Transferred at a Point in Time | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total products revenue | 1,967 | |
Core Services | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 209,580 | |
Core Services | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 163,367 | |
Core Services | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 46,213 | |
Audio Visual | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 20,252 | |
Audio Visual | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 17,084 | |
Audio Visual | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 3,168 | |
Event Technology | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 11,309 | |
Event Technology | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 8,035 | |
Event Technology | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 3,274 | |
Total Services | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 237,793 | |
Total Services | Intersegment Eliminations | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | (3,348) | |
Total Services | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 188,486 | |
Total Services | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 52,655 | |
Core Products | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 29,913 | |
Core Products | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 15,382 | |
Core Products | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 14,531 | |
Exhibitions | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 185,824 | |
Exhibitions | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 130,494 | |
Exhibitions | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 55,330 | |
Conferences | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 44,477 | |
Conferences | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 37,816 | |
Conferences | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 6,661 | |
Corporate Events | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 34,304 | |
Corporate Events | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 29,444 | |
Corporate Events | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 4,860 | |
Consumer Events | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 6,449 | |
Consumer Events | GES U.S. | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 6,114 | |
Consumer Events | GES International | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregate revenue | 335 | |
Accommodations | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total services revenue | 1,705 | |
Admissions | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total services revenue | 3,579 | |
Transportation | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total services revenue | 2,369 | |
Travel Planning | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total services revenue | 308 | |
Food and Beverage | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total products revenue | 1,219 | |
Retail Operations | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total products revenue | 748 | |
Banff Jasper Collection | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 7,089 | |
Alaska Collection | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 213 | |
Glacier Park Collection | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 626 | |
FlyOver | Pursuit | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 1,794 |
Revenue and Related Contract Costs and Contract Liabilities - Balance Sheet Reclassifications made to Separately Present Contract Costs and Contract Liabilities in Connection with Adoption of Topic 606 (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2017 |
Dec. 31, 2016 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Disaggregation Of Revenue [Line Items] | ||||||||||||
Cash and cash equivalents | $ 42,340 | $ 53,723 | $ 25,434 | $ 20,900 | ||||||||
Accounts receivable, net | 118,284 | 104,811 | ||||||||||
Inventories | 17,514 | 17,550 | [1] | |||||||||
Current contract costs | 22,620 | 13,436 | [1] | |||||||||
Other current assets | 23,077 | 19,741 | [1] | |||||||||
Property and equipment, net | 316,879 | 305,571 | ||||||||||
Other investments and assets | 48,789 | 48,187 | [1] | |||||||||
Deferred income taxes | 28,055 | 23,548 | ||||||||||
Goodwill | 269,794 | 270,551 | ||||||||||
Other intangible assets, net | 60,795 | 62,781 | ||||||||||
Total Assets | 948,147 | 919,899 | ||||||||||
Accounts payable | 82,019 | 77,380 | ||||||||||
Contract liabilities | 51,891 | 31,981 | [2] | |||||||||
Accrued compensation | 18,734 | 30,614 | ||||||||||
Other current liabilities | 50,817 | 40,154 | [2] | |||||||||
Debt and capital lease obligations, current and long-term | 231,318 | 209,192 | ||||||||||
Pension and postretirement benefits | 28,153 | 28,135 | ||||||||||
Other deferred items and liabilities | 48,786 | 52,858 | ||||||||||
Total liabilities | 511,718 | 470,314 | ||||||||||
Redeemable noncontrolling interest | 6,950 | 6,648 | ||||||||||
Total stockholders' equity | 429,479 | 442,937 | [3] | $ 378,036 | $ 370,638 | |||||||
Total Liabilities and Stockholders’ Equity | $ 948,147 | 919,899 | ||||||||||
Accounting Standards Update 2014-09 | As Previously Reported | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Cash and cash equivalents | 53,723 | |||||||||||
Accounts receivable, net | 104,811 | |||||||||||
Inventories | [1] | 30,372 | ||||||||||
Other current assets | [1] | 21,030 | ||||||||||
Property and equipment, net | 305,571 | |||||||||||
Other investments and assets | [1] | 47,512 | ||||||||||
Deferred income taxes | 23,548 | |||||||||||
Goodwill | 270,551 | |||||||||||
Other intangible assets, net | 62,781 | |||||||||||
Total Assets | 919,899 | |||||||||||
Accounts payable | 77,380 | |||||||||||
Customer deposits | [2] | 33,415 | ||||||||||
Accrued compensation | 30,614 | |||||||||||
Other current liabilities | [2] | 38,720 | ||||||||||
Debt and capital lease obligations, current and long-term | 209,192 | |||||||||||
Pension and postretirement benefits | 28,135 | |||||||||||
Other deferred items and liabilities | 52,858 | |||||||||||
Total liabilities | 470,314 | |||||||||||
Redeemable noncontrolling interest | 6,648 | |||||||||||
Total stockholders' equity | [3] | 442,937 | ||||||||||
Total Liabilities and Stockholders’ Equity | 919,899 | |||||||||||
Accounting Standards Update 2014-09 | Effect of Change | ||||||||||||
Disaggregation Of Revenue [Line Items] | ||||||||||||
Inventories | [1] | (12,822) | ||||||||||
Current contract costs | [1] | 13,436 | ||||||||||
Other current assets | [1] | (1,289) | ||||||||||
Other investments and assets | [1] | 675 | ||||||||||
Customer deposits | [2] | (33,415) | ||||||||||
Contract liabilities | [2] | 31,981 | ||||||||||
Other current liabilities | [2] | $ 1,434 | ||||||||||
|
Revenue and Related Contract Costs and Contract Liabilities - Balance Sheet Reclassifications made to Separately Present Contract Costs and Contract Liabilities in Connection with Adoption of Topic 606 (Parenthetical) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Disaggregation Of Revenue [Line Items] | |||||
Reclassification of customer deposits to contract liabilities | $ 51,891 | $ 31,981 | [1] | ||
Accounting Standards Update 2014-09 | |||||
Disaggregation Of Revenue [Line Items] | |||||
Reduction in total current assets | 700 | ||||
Accounting Standards Update 2014-09 | Reclassification of Customer Deposits to Contract Liabilities | |||||
Disaggregation Of Revenue [Line Items] | |||||
Reclassification of customer deposits to contract liabilities | $ 33,400 | ||||
Accounting Standards Update 2014-09 | Core Services | |||||
Disaggregation Of Revenue [Line Items] | |||||
Deferred costs included in other investments and assets | $ 4,600 | ||||
|
Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Summary of share-based compensation expense | ||
Share-based compensation before income tax benefit | $ 717 | $ 1,999 |
Income tax benefit | (181) | (744) |
Share-based compensation, net of income tax benefit | 536 | 1,255 |
Performance unit incentive plan (“PUP”) | ||
Summary of share-based compensation expense | ||
Share-based compensation before income tax benefit | 194 | 1,316 |
Restricted stock | ||
Summary of share-based compensation expense | ||
Share-based compensation before income tax benefit | 503 | 623 |
Restricted stock units | ||
Summary of share-based compensation expense | ||
Share-based compensation before income tax benefit | $ 20 | $ 60 |
Share-Based Compensation - Narrative (Details) - USD ($) |
1 Months Ended | 3 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Feb. 28, 2018 |
Mar. 31, 2017 |
Feb. 28, 2017 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
Jun. 30, 2017 |
|
2017 Plan | ||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||
Useful Life of the plan | 10 years | |||||||
Common stock shares issuable | 1,750,000 | |||||||
Shares available for grant | 1,672,566 | 1,672,566 | ||||||
2007 Plan | ||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||
Award vesting period | 3 years | |||||||
2007 Plan | Performance Unit Incentive Plan (“PUP”) | ||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||
Awards granted during the period | $ 3,700,000 | |||||||
Stock value payable | 1,600,000 | |||||||
Liability awards recorded | $ 5,100,000 | 5,100,000 | $ 11,000,000 | |||||
Payments to employees | 5,900,000 | $ 3,700,000 | ||||||
2007 Plan | Restricted Stock | ||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||
Unamortized cost | 4,100,000 | $ 4,100,000 | ||||||
Recognition period of unrecognized cost | 1 year 6 months | |||||||
Repurchase of common stock for employee tax withholding obligations amount, shares | 16,362 | 25,642 | ||||||
Repurchase of common stock for employee tax withholding obligations amount | $ 900,000 | $ 1,200,000 | ||||||
2007 Plan | Restricted Stock Units | ||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||
Payments to employees | $ 200,000 | $ 300,000 | ||||||
Liabilities related to restricted stock | $ 300,000 | 300,000 | $ 500,000 | |||||
Restructuring Charges | ||||||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||||||
Share-based compensation before income tax benefit | $ 0 | $ 0 |
Share-Based Compensation - Summary of Activity of the Outstanding Share-Based Compensation Awards (Details) |
3 Months Ended |
---|---|
Mar. 31, 2018
$ / shares
shares
| |
Performance Unit Incentive Plan (“PUP”) | |
Summary of activity of the outstanding share-based compensation awards | |
Beginning Balance, Shares | shares | 239,338 |
Granted, Shares | shares | 71,625 |
Vested, Shares | shares | (75,761) |
Forfeited, Shares | shares | 0 |
Ending Balance, Shares | shares | 235,202 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 32.80 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 52.15 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 27.29 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 0 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 40.46 |
Restricted Stock | |
Summary of activity of the outstanding share-based compensation awards | |
Beginning Balance, Shares | shares | 206,899 |
Granted, Shares | shares | 41,457 |
Vested, Shares | shares | (54,458) |
Forfeited, Shares | shares | (1,156) |
Ending Balance, Shares | shares | 192,742 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 33.16 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 52.15 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 27.35 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 36.37 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 38.87 |
Restricted Stock Units | |
Summary of activity of the outstanding share-based compensation awards | |
Beginning Balance, Shares | shares | 12,750 |
Granted, Shares | shares | 3,669 |
Vested, Shares | shares | (4,300) |
Forfeited, Shares | shares | (258) |
Ending Balance, Shares | shares | 11,861 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 30.94 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 52.28 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 27.35 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 37.69 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 38.70 |
Share-Based Compensation - Summary of Stock Option Activity (Details) |
3 Months Ended |
---|---|
Mar. 31, 2018
$ / shares
shares
| |
Options outstanding and exercisable | |
Options outstanding and exercisable Beginning Balance, Shares | shares | 63,773 |
Exercised, Shares | shares | (5,084) |
Option outstanding and exercisable Ending Balance, Shares | shares | 58,689 |
Weighted-Average Exercise Price | |
Options outstanding and exercisable Beginning Balance, Weighted-Average Exercise Price | $ / shares | $ 16.62 |
Exercised, Weighted-Average Exercise Price | $ / shares | 16.62 |
Options outstanding and exercisable Ending Balance, Weighted-Average Exercise Price | $ / shares | $ 16.62 |
Acquisition of Business - Narrative (Details) - Esja Attractions ehf. € in Millions |
3 Months Ended | |||
---|---|---|---|---|
Nov. 03, 2017
USD ($)
|
Nov. 03, 2017
EUR (€)
|
Mar. 31, 2018
USD ($)
|
Mar. 31, 2017
USD ($)
|
|
Business Acquisition [Line Items] | ||||
Business acquisition date | Nov. 03, 2017 | Nov. 03, 2017 | ||
Percentage of controlling interest acquired | 54.50% | |||
Purchase price | $ 8,200,000 | € 9.5 | ||
Estimated fair value of non-controlling interest | $ 6,700,000 | |||
Fair value of noncontrolling interest, adjustments | $ 0 | |||
Start-up Costs | ||||
Business Acquisition [Line Items] | ||||
Operating income (losses) | (200,000) | |||
Corporate Activities | ||||
Business Acquisition [Line Items] | ||||
Acquisition related costs | $ 100,000 | $ 100,000 |
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Components of Inventories | |||||
Raw materials | $ 17,514 | $ 17,550 | |||
Inventories | $ 17,514 | $ 17,550 | [1] | ||
|
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |||||
Income tax receivable | $ 5,882 | $ 4,237 | |||
Prepaid vendor payments | 5,298 | 5,048 | |||
Prepaid software maintenance | 4,096 | 3,386 | |||
Prepaid insurance | 2,260 | 2,610 | |||
Prepaid taxes | 786 | 912 | |||
Prepaid rent | 788 | 730 | |||
Prepaid other | 3,919 | 2,172 | |||
Other | 48 | 646 | |||
Other current assets | $ 23,077 | $ 19,741 | [1] | ||
|
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 625,313 | $ 606,338 |
Accumulated depreciation | (308,434) | (300,767) |
Property and equipment, net | 316,879 | 305,571 |
Land and land interests | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 32,333 | 32,544 |
Buildings and leasehold improvements | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | 233,069 | 222,118 |
Equipment and other | ||
Property Plant And Equipment [Line Items] | ||
Gross property and equipment | $ 359,911 | $ 351,676 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 10.4 | $ 9.1 |
Non-cash increases property and equipment acquired under capital leases | 0.5 | 0.4 |
Non-cash increases property and equipment purchases in accounts payable and accrued liabilities | $ 0.8 | $ 1.5 |
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Investments All Other Investments [Abstract] | |||||||
Cash surrender value of life insurance | $ 24,026 | $ 23,947 | |||||
Self-insured liability receivable | 10,442 | 10,442 | |||||
Contract costs | [1] | 4,588 | 3,442 | ||||
Workers’ compensation insurance security deposits | 3,550 | 3,550 | |||||
Other mutual funds | 2,823 | 2,637 | |||||
Other | 3,360 | 4,169 | |||||
Other investments and assets | $ 48,789 | $ 48,187 | [2] | ||||
|
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Goodwill [Line Items] | |
Balance, beginning | $ 270,551 |
Foreign currency translation adjustments | (757) |
Balance, ending | 269,794 |
GES U.S. | |
Goodwill [Line Items] | |
Balance, beginning | 148,277 |
Balance, ending | 148,277 |
GES International | |
Goodwill [Line Items] | |
Balance, beginning | 38,840 |
Foreign currency translation adjustments | 931 |
Balance, ending | 39,771 |
Pursuit | |
Goodwill [Line Items] | |
Balance, beginning | 83,434 |
Foreign currency translation adjustments | (1,688) |
Balance, ending | $ 81,746 |
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | $ 94,526 | $ 93,641 |
Accumulated Amortization | (34,191) | (31,320) |
Amortized intangible assets, Net Carrying Value | 60,335 | 62,321 |
Intangible Assets, Gross (Excluding Goodwill) | 94,986 | 94,101 |
Other intangible assets, net | 60,795 | 62,781 |
Customer contracts and relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 69,074 | 68,798 |
Accumulated Amortization | (25,930) | (23,696) |
Amortized intangible assets, Net Carrying Value | 43,144 | 45,102 |
Operating contracts and licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 9,702 | 9,951 |
Accumulated Amortization | (1,086) | (1,094) |
Amortized intangible assets, Net Carrying Value | 8,616 | 8,857 |
Tradenames | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 8,656 | 8,633 |
Accumulated Amortization | (3,137) | (2,873) |
Amortized intangible assets, Net Carrying Value | 5,519 | 5,760 |
Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 1,699 | 896 |
Accumulated Amortization | (682) | (650) |
Amortized intangible assets, Net Carrying Value | 1,017 | 246 |
Non-compete agreements | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Amortized intangible assets, Gross Carrying Value | 5,395 | 5,363 |
Accumulated Amortization | (3,356) | (3,007) |
Amortized intangible assets, Net Carrying Value | 2,039 | 2,356 |
Business licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Unamortized intangible assets, Gross Carrying Value | $ 460 | $ 460 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Segment Reporting Information [Line Items] | ||
Intangible asset amortization expense | $ 2.7 | $ 3.1 |
Customer contracts and relationships | ||
Segment Reporting Information [Line Items] | ||
Weighted-average amortization period of intangible assets | 8 years 3 months 18 days | |
Operating contracts and licenses | ||
Segment Reporting Information [Line Items] | ||
Weighted-average amortization period of intangible assets | 26 years 1 month 6 days | |
Tradenames | ||
Segment Reporting Information [Line Items] | ||
Weighted-average amortization period of intangible assets | 6 years 9 months 18 days | |
Non-compete agreements | ||
Segment Reporting Information [Line Items] | ||
Weighted-average amortization period of intangible assets | 2 years | |
Other | ||
Segment Reporting Information [Line Items] | ||
Weighted-average amortization period of intangible assets | 8 years 3 months 18 days |
Goodwill and Other Intangible Assets - Estimated Amortization Expense Related to Amortized Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Estimated amortization expense related to amortized intangible assets | ||
Remainder of 2018 | $ 8,450 | |
2019 | 10,042 | |
2020 | 8,537 | |
2021 | 7,537 | |
2022 | 5,986 | |
Thereafter | 19,783 | |
Amortized intangible assets, Net Carrying Value | $ 60,335 | $ 62,321 |
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Continuing operations: | |||||||
Commissions payable | $ 10,569 | $ 3,235 | |||||
Self-insured liability | 5,894 | 6,208 | |||||
Accrued employee benefit costs | 5,442 | 2,915 | |||||
Accommodation services deposits | [1] | 5,090 | 2,540 | ||||
Accrued sales and use taxes | 4,298 | 2,431 | |||||
Accrued dividends | 2,095 | 2,094 | |||||
Current portion of pension and postretirement liabilities | 1,921 | 2,109 | |||||
Deferred rent | 1,691 | 1,679 | |||||
Accrued professional fees | 1,328 | 1,020 | |||||
Accrued restructuring | 461 | 722 | |||||
Accrued income tax payable | 113 | 7,518 | |||||
Other taxes | 2,570 | 2,750 | |||||
Other | 8,234 | 3,852 | |||||
Total continuing operations | 49,706 | 39,073 | |||||
Discontinued operations: | |||||||
Environmental remediation liabilities | 675 | 648 | |||||
Self-insured liability | 346 | 337 | |||||
Other | 90 | 96 | |||||
Total discontinued operations | 1,111 | 1,081 | |||||
Total other current liabilities | $ 50,817 | $ 40,154 | [2] | ||||
|
Other Current Liabilities - Schedule of Other Current Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Other Liabilities Current [Line Items] | |||||
Reclassification of accrued rebates to contract liabilities | $ 51,891 | $ 31,981 | [1] | ||
Adopting Topic 606 | Reclassification of Accrued Rebates to Contract Liabilities | |||||
Other Liabilities Current [Line Items] | |||||
Reclassification of accrued rebates to contract liabilities | $ 1,100 | ||||
|
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Continuing operations: | ||
Self-insured liability | $ 13,139 | $ 12,918 |
Self-insured excess liability | 10,442 | 10,442 |
Foreign deferred tax liability | 8,267 | 8,267 |
Accrued compensation | 5,628 | 9,740 |
Deferred rent | 3,744 | 3,855 |
Accrued restructuring | 1,754 | 1,827 |
Other | 1,439 | 1,305 |
Total continuing operations | 44,413 | 48,354 |
Discontinued operations: | ||
Self-insured liability | 2,471 | 2,557 |
Environmental remediation liabilities | 1,669 | 1,728 |
Other | 233 | 219 |
Total discontinued operations | 4,373 | 4,504 |
Total other deferred items and liabilities | $ 48,786 | $ 52,858 |
Debt and Capital Lease Obligations - Schedule of Long-term Debt and Capital Lease Obligations (Details) - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||
Revolving credit facility and term loan gross | [1] | $ 212,831 | $ 207,322 | ||||
Less unamortized debt issuance costs | (850) | (984) | |||||
Total debt | 227,479 | 206,338 | |||||
Capital lease obligations 4.1% weighted-average interest rate at March 31, 2018 and 3.8% at December 31, 2017, due through 2021 | 3,839 | 2,854 | |||||
Total debt and capital lease obligations | 231,318 | 209,192 | |||||
Current portion | [2] | (178,252) | (152,599) | ||||
Long-term debt and capital lease obligations | 53,066 | $ 56,593 | |||||
Brewster Inc. Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility and term loan gross | [1] | $ 15,498 | |||||
|
Debt and Capital Lease Obligations - Schedule of Long-term Debt and Capital Lease Obligations (Parenthetical) (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | ||
Interest rate on credit facility | 3.40% | 3.10% |
Weighted interest rate on long term debt | 4.10% | 3.80% |
Current revolving credit facility maturity period | 1 year | 1 year |
Brewster Inc. Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest rate on credit facility | 3.00% |
Debt and Capital Lease Obligations - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 06, 2016 |
Dec. 22, 2014 |
Mar. 31, 2018 |
Mar. 31, 2017 |
Dec. 31, 2017 |
Dec. 28, 2016 |
||||
Line of Credit Facility [Line Items] | |||||||||
Leverage ratio | 189.00% | ||||||||
Fixed charge coverage ratio | 269.00% | ||||||||
Total debt and capital lease obligations | $ 231,318 | $ 209,192 | |||||||
Revolving credit facility, balance outstanding | [1] | 212,831 | 207,322 | ||||||
Capital lease obligations, total | 3,839 | 2,854 | |||||||
Remaining borrowing capacity on line of credit | 31,200 | ||||||||
Letters of credit outstanding | 1,300 | ||||||||
Unamortized debt issuance cost | 850 | 984 | |||||||
Fair value of debt | 225,100 | $ 203,200 | |||||||
Cash paid for interest on debt | $ 1,900 | $ 1,500 | |||||||
Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Commitment fee percentage on line of credit | 0.30% | ||||||||
Revolving credit facility, balance outstanding | $ 142,500 | ||||||||
Term Loan | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Revolving credit facility, balance outstanding | $ 70,300 | ||||||||
Brewster Revolver | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowing capacity on line of credit | $ 20,000 | $ 38,000 | |||||||
Maturity date | Dec. 28, 2018 | ||||||||
Commitment fee percentage on line of credit | 0.20% | ||||||||
Revolving credit facility, balance outstanding | [1] | $ 15,498 | |||||||
Remaining borrowing capacity on line of credit | $ 4,500 | ||||||||
Amended and Restated Credit Agreement | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maturity date | Dec. 22, 2019 | ||||||||
Amended and Restated Credit Agreement | Senior Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowing capacity on line of credit | $ 300,000 | ||||||||
Amended and Restated Credit Agreement | Revolving Credit Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowing capacity on line of credit | 175,000 | ||||||||
Additional borrowing capacity on line of credit | 100,000 | ||||||||
Line of Credit borrowings used to support letter of credit | 40,000 | ||||||||
Amended and Restated Credit Agreement | Term Loan | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Borrowing capacity on line of credit | $ 125,000 | ||||||||
Amendment No. 1 | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Maximum leverage ratio for acquisition | 300.00% | ||||||||
Leverage ratio required for dividend or share activity | 250.00% | ||||||||
Maximum leverage ratio for unsecured debt | 300.00% | ||||||||
Annual share repurchase limit on leverage ratio basis | $ 20,000 | ||||||||
Amendment No. 1 | Maximum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Leverage ratio | 350.00% | ||||||||
Amendment No. 1 | Minimum | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Fixed charge coverage ratio | 175.00% | ||||||||
Top Tier Foreign Subsidiaries | Amended and Restated Credit Agreement | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Percent of lenders security interest on capital stock foreign subsidiary | 65.00% | ||||||||
|
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Mar. 31, 2018 |
Dec. 31, 2017 |
|||||
---|---|---|---|---|---|---|---|
Fair value information related to assets | |||||||
Assets | $ 2,942 | $ 2,756 | |||||
Quoted Prices in Active Markets (Level 1) | |||||||
Fair value information related to assets | |||||||
Assets | 2,942 | 2,756 | |||||
Money market funds | |||||||
Fair value information related to assets | |||||||
Assets | [1] | 119 | 119 | ||||
Money market funds | Quoted Prices in Active Markets (Level 1) | |||||||
Fair value information related to assets | |||||||
Assets | [1] | 119 | 119 | ||||
Other mutual funds | |||||||
Fair value information related to assets | |||||||
Assets | [2] | 2,823 | 2,637 | ||||
Other mutual funds | Quoted Prices in Active Markets (Level 1) | |||||||
Fair value information related to assets | |||||||
Assets | [2] | $ 2,823 | $ 2,637 | ||||
|
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unrealized gains on the investments | $ 1,000,000 | |
Unrealized gains on the investments after-tax | 600,000 | |
Unrealized Gains on Equity Securities Classified as Available-for-sale | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cumulative-effect adjustment recognized to beginning retained earnings | $ (616,000) | |
Unrealized Gains on Equity Securities Classified as Available-for-sale | Adoption of ASU 2016-01 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cumulative-effect adjustment recognized to beginning retained earnings | 600,000 | |
Money market funds | ||
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 | |
Other mutual funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Unrealized gains on the investments | 1,000,000 | |
Unrealized gains on the investments after-tax | $ 600,000 |
Stockholders' Equity - Reconciliation of Stockholders' Equity to Noncontrolling Interests (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
||||||
Noncontrolling Interest [Line Items] | |||||||
Beginning Balance | $ 442,937 | [1] | $ 370,638 | ||||
Net income (loss) attributable to Viad | (9,387) | 6,777 | |||||
Net loss attributable to non-redeemable noncontrolling interest | (364) | (264) | |||||
Net income (loss) | (9,751) | 6,513 | |||||
Dividends on common stock | (2,046) | (2,038) | |||||
Common stock purchased for treasury | (868) | (1,204) | |||||
Employee benefit plans | 1,938 | 1,779 | |||||
Unrealized foreign currency translation adjustment | [2] | (3,109) | 2,345 | ||||
Other changes to AOCI | 445 | 95 | |||||
Other | (67) | (92) | |||||
Ending Balance | 429,479 | 378,036 | |||||
Non-Redeemable Non-Controlling Interest | |||||||
Noncontrolling Interest [Line Items] | |||||||
Beginning Balance | 13,806 | 13,283 | |||||
Net loss attributable to non-redeemable noncontrolling interest | (364) | (264) | |||||
Ending Balance | 13,442 | 13,019 | |||||
Total Viad Equity | |||||||
Noncontrolling Interest [Line Items] | |||||||
Beginning Balance | 429,131 | 357,355 | |||||
Net income (loss) attributable to Viad | (9,387) | 6,777 | |||||
Dividends on common stock | (2,046) | (2,038) | |||||
Common stock purchased for treasury | (868) | (1,204) | |||||
Employee benefit plans | 1,938 | 1,779 | |||||
Unrealized foreign currency translation adjustment | (3,109) | 2,345 | |||||
Other changes to AOCI | 445 | 95 | |||||
Other | (67) | (92) | |||||
Ending Balance | $ 416,037 | $ 365,017 | |||||
|
Stockholders' Equity - Reconciliation of Stockholders' Equity to Noncontrolling Interests (Parenthetical) (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Equity [Abstract] | ||
Dividends declared per common share | $ 0.10 | $ 0.10 |
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2018
USD ($)
| ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 442,937 | [1] | ||
Ending Balance | 429,479 | |||
Unrealized Gains on Investments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | 616 | |||
Net other comprehensive income (loss) | (616) | |||
Adoption of ASU 2016-01 | (616) | |||
Cumulative Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (12,026) | |||
Other comprehensive income before reclassifications | (3,109) | |||
Net other comprehensive income (loss) | (3,109) | |||
Ending Balance | (15,135) | |||
Unrecognized Net Actuarial Loss and Prior Service Credit, Net | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (11,158) | |||
Amounts reclassified from AOCI, net of tax | 445 | |||
Net other comprehensive income (loss) | 445 | |||
Ending Balance | (10,713) | |||
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning Balance | (22,568) | |||
Other comprehensive income before reclassifications | (3,109) | |||
Amounts reclassified from AOCI, net of tax | 445 | |||
Net other comprehensive income (loss) | (3,280) | |||
Ending Balance | (25,848) | |||
Adoption of ASU 2016-01 | $ (616) | |||
|
Stockholders' Equity - Additional Infomation (Details) $ in Millions |
Dec. 31, 2017
USD ($)
|
---|---|
Equity [Abstract] | |
Unrealized gains on the investments | $ 1.0 |
Unrealized gains on the investments after-tax | $ 0.6 |
Income Per Share - Reconciliation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|||
Numerator: | ||||
Net income (loss) attributable to Viad (diluted) | $ (9,387) | $ 6,777 | ||
Less: Allocation to non-vested shares | (89) | |||
Adjustment to the redemption value of redeemable noncontrolling interest | (38) | |||
Net income (loss) allocated to Viad common stockholders (basic) | $ (9,425) | $ 6,688 | ||
Denominator: | ||||
Basic weighted-average outstanding common shares | 20,207 | 20,083 | ||
Additional dilutive shares related to share-based compensation | 263 | |||
Diluted weighted-average outstanding shares | 20,207 | 20,346 | ||
Basic income (loss) attributable to Viad common stockholders | $ (0.47) | $ 0.33 | ||
Diluted income (loss) attributable to Viad common stockholders(1) | [1] | $ (0.47) | $ 0.33 | |
|
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 30.10% | 27.20% |
Federal statutory tax rate | 21.00% | 35.00% |
Income Taxes Paid | $ 9.1 | $ 2.5 |
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Domestic Plans | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 2 | $ 9 |
Interest cost | 187 | 229 |
Expected return on plan assets | (35) | (39) |
Recognized net actuarial loss | 122 | 136 |
Net periodic benefit cost | 276 | 335 |
Domestic Plans | Postretirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 24 | 30 |
Interest cost | 94 | 126 |
Amortization of prior service credit | (84) | (111) |
Recognized net actuarial loss | 52 | 100 |
Net periodic benefit cost | 86 | 145 |
Foreign Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 142 | 130 |
Interest cost | 92 | 114 |
Expected return on plan assets | (129) | (148) |
Recognized net actuarial loss | 41 | 45 |
Net periodic benefit cost | $ 146 | $ 141 |
Pension and Postretirement Benefits - Narrative (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Postretirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in postretirement benefit plans | $ 1.1 |
Pension and Other Postretirement Benefit Contributions | 0.3 |
Funded Plans | Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in funded pension plans | 1.1 |
Pension Contributions | 0.2 |
Unfunded Pension Plans | Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in unfunded pension plans | 1.0 |
Pension Contributions | $ 0.2 |
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | $ 2,549 | |
Restructuring charges | 162 | $ 394 |
Cash payments | (482) | |
Adjustment to liability | (14) | |
Ending balance | 2,215 | |
GES | Severance & Employee Benefits | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 1,551 | |
Restructuring charges | 32 | |
Cash payments | (167) | |
Adjustment to liability | 451 | |
Ending balance | 1,867 | |
GES | Facilities | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 807 | |
Cash payments | (20) | |
Adjustment to liability | (451) | |
Ending balance | 336 | |
Other Restructuring | Severance & Employee Benefits | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 191 | |
Restructuring charges | 130 | |
Cash payments | (295) | |
Adjustment to liability | (14) | |
Ending balance | $ 12 |
Litigation, Claims, Contingencies and Other - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018
USD ($)
Agreement
|
Mar. 31, 2017
USD ($)
|
|
Loss Contingencies [Line Items] | ||
Environmental remediation liability | $ 2,300,000 | |
Maximum potential amount of future payments | $ 19,100,000 | |
Guarantees relate to facilities leased by the company | 2027-10 | |
Recourse provision to recover guarantees | $ 0 | |
Bargaining agreements | Agreement | 100 | |
Self insurance reserve | $ 19,000,000 | |
Workers' compensation liability | 13,600,000 | |
Self insurance reserve for general and auto | 5,400,000 | |
Self insurance reserve on discontinued operations | 2,800,000 | |
Payments for self insurance | 1,500,000 | $ 1,300,000 |
Self insurance reserve in which company is the primary obligor | 10,400,000 | |
Self insurance reserve in which company is the primary obligor for workers compensation | 6,900,000 | |
Self insurance reserve in which company is the primary obligor for general liability | 3,500,000 | |
Minimum | ||
Loss Contingencies [Line Items] | ||
General range on claims | 200,000 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
General range on claims | $ 500,000 |
Redeemable Noncontrolling Interest - Narrative (Details) - Esja Attractions ehf. - EUR (€) |
3 Months Ended | |
---|---|---|
Mar. 31, 2018 |
Nov. 03, 2017 |
|
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of controlling interest acquired | 54.50% | |
EBITDA trailing period | 12 months | |
Put option right of exercisable period upon earnings | 36 months | |
Redeemable noncontrolling interest conditions | The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) and if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. | |
Put option exercisable period | 12 months | |
Put option additional exercisable period upon not meeting of conditions | 12 months | |
FlyOver Iceland | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Put option expiration period | 72 months | |
FlyOver Iceland | Minimum | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Unadjusted EBITDA | € 3,250,000 |
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2018
USD ($)
| |
Noncontrolling Interest [Abstract] | |
Balance at December 31, 2017 | $ 6,648 |
Net loss attributable to redeemable noncontrolling interest | (84) |
Adjustment to the redemption value | 38 |
Foreign currency translation adjustment | 348 |
Balance at March 31, 2018 | $ 6,950 |
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
||||||
Reportable segments reconciliations: | |||||||
Total revenue | $ 277,428 | $ 325,807 | |||||
Segment operating income (loss) | (13,016) | 10,579 | |||||
Interest income | 84 | 58 | |||||
Interest expense | (2,069) | (2,105) | |||||
Other expense | [1] | (238) | (452) | ||||
Restructuring recoveries (charges) | (162) | (394) | |||||
Impairment recoveries | 2,384 | ||||||
Income (loss) from continuing operations before income taxes | (15,401) | 10,070 | |||||
Pursuit | |||||||
Reportable segments reconciliations: | |||||||
Total revenue | 9,722 | ||||||
Operating Segments | |||||||
Reportable segments reconciliations: | |||||||
Segment operating income (loss) | (10,815) | 13,104 | |||||
Operating Segments | GES | |||||||
Reportable segments reconciliations: | |||||||
Total revenue | 267,706 | 317,871 | |||||
Segment operating income (loss) | 580 | 23,379 | |||||
Operating Segments | Pursuit | |||||||
Reportable segments reconciliations: | |||||||
Total revenue | 9,722 | 7,936 | |||||
Segment operating income (loss) | (11,395) | (10,275) | |||||
Restructuring recoveries (charges) | (140) | ||||||
Impairment recoveries | 2,384 | ||||||
Intersegment Eliminations | GES | |||||||
Reportable segments reconciliations: | |||||||
Total revenue | (3,348) | (3,239) | |||||
Corporate Eliminations | |||||||
Reportable segments reconciliations: | |||||||
Segment operating income (loss) | [2] | 16 | 16 | ||||
Corporate | |||||||
Reportable segments reconciliations: | |||||||
Segment operating income (loss) | (2,217) | (2,541) | |||||
Restructuring recoveries (charges) | 10 | (137) | |||||
U.S. | Operating Segments | GES | |||||||
Reportable segments reconciliations: | |||||||
Total revenue | 203,868 | 257,211 | |||||
Segment operating income (loss) | (1,556) | 21,346 | |||||
Restructuring recoveries (charges) | (24) | ||||||
International | Operating Segments | GES | |||||||
Reportable segments reconciliations: | |||||||
Total revenue | 67,186 | 63,899 | |||||
Segment operating income (loss) | 2,136 | 2,033 | |||||
Restructuring recoveries (charges) | $ (32) | $ (233) | |||||
|
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Parenthetical) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2018 |
Mar. 31, 2017 |
|||
Segment Reporting Information [Line Items] | ||||
Other expense | [1] | $ 238 | $ 452 | |
ASU 2017-07 | ||||
Segment Reporting Information [Line Items] | ||||
Other expense | $ 452 | |||
|