VIAD CORP, 10-Q filed on 5/9/2018
Quarterly Report
v3.8.0.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2018
May 07, 2018
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
v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
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
[1] Contract costs primarily consist of deferred core services costs (including labor and vendor purchases) required to service future exhibitions, conferences and other events, and commission expenses incurred to obtain contracts. All such costs were previously included in “Inventories” and in other certain assets. As a result of the changes noted above, deferred core services costs related to exhibitions and events that are scheduled to occur longer than one year in the future are currently included in “Other investments and assets”. The impact of this change reduced total current assets at December 31, 2017 by $0.7 million. The amount of deferred core services costs included in “Other investments and assets” at March 31, 2018 was $4.6 million.
[2] In connection with the adoption of Topic 606, we elected to more prominently present contract liabilities on the Consolidated Balance Sheets. Consequently, customer deposits of $33.4 million as of December 31, 2017, have been reclassified to “Contract liabilities” and to other certain current liabilities to conform to the current period presentation.
[3] Borrowings under the revolving credit facilities are classified as current because all borrowed amounts are due within one year.
[4] The cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of retained earnings was determined to be immaterial and therefore no adjustment was made.
v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2018
Dec. 31, 2017
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
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ 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
Costs and expenses:    
Costs of services 257,295 280,638
Costs of products 31,122 32,102
Business interruption gain (190) (53)
Corporate activities 2,217 2,541
Interest income (84) (58)
Interest expense 2,069 2,105
Other expense [1] 238 452
Restructuring charges 162 394
Impairment recoveries   (2,384)
Total costs and expenses 292,829 315,737
Income (loss) from continuing operations before income taxes (15,401) 10,070
Income tax expense (benefit) (4,638) 2,741
Income (loss) from continuing operations (10,763) 7,329
Income (loss) from discontinued operations 928 (816)
Net income (loss) (9,835) 6,513
Net loss attributable to non-redeemable noncontrolling interest 364 264
Net loss attributable to redeemable noncontrolling interest 84  
Net income (loss) attributable to Viad $ (9,387) $ 6,777
Diluted income (loss) per common share:    
Continuing operations attributable to Viad common stockholders $ (0.51) $ 0.37
Discontinued operations attributable to Viad common stockholders 0.04 (0.04)
Net income (loss) attributable to Viad common stockholders [2] $ (0.47) $ 0.33
Weighted-average outstanding and potentially dilutive common shares 20,207 20,346
Basic income (loss) per common share:    
Continuing operations attributable to Viad common stockholders $ (0.51) $ 0.37
Discontinued operations attributable to Viad common stockholders 0.04 (0.04)
Net income (loss) attributable to Viad common stockholders $ (0.47) $ 0.33
Weighted-average outstanding common shares 20,207 20,083
Dividends declared per common share $ 0.10 $ 0.10
Amounts attributable to Viad common stockholders    
Income (loss) from continuing operations $ (10,315) $ 7,593
Loss from discontinued operations 928 (816)
Net income (loss) attributable to Viad $ (9,387) $ 6,777
[1] We adopted ASU 2017-07 on January 1, 2018, which requires retrospective adoption. As a result, we recorded the nonservice cost component of net periodic benefit cost within other expense for the three months ended March 31, 2018, and we reclassified $0.5 million from operating expenses to other expense for the three months ended March 31, 2017 to conform with current period presentation. Refer to Note 1 – Overview and Basis of Presentation for additional details on the impact of this adoption on our Condensed Consolidated Statements of Operations.
[2] Diluted income (loss) per share amount cannot exceed basic income (loss) per share.
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
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
[1] The tax effect on other comprehensive income (loss) is not significant.
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
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
v3.8.0.1
Overview and Basis of Presentation
3 Months Ended
Mar. 31, 2018
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:

 

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

 

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

 

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

 

Markets Served

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

 

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

 

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

 

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

 

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

Pursuit

Pursuit is a collection of 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:

 

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

 

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

 

Glacier Park Collection. The Glacier Park Collection is an operator of seven lodging properties, 12 retail shops, and 11 dining outlets in and around Glacier National Park in Montana, and Waterton Lakes National Park in Alberta, Canada, with a leading share of rooms in that market.

 

FlyOver.  

 

o

FlyOver Canada, located in Vancouver, British Columbia, is a recreational attraction that provides a virtual flight ride experience that combines motion seating, spectacular media, and visual effects including wind, scents, and mist to give the unforgettable experience of flying across Canada.

 

o

FlyOver Iceland is a recreational attraction under construction in Reykjavik, Iceland that will provide a virtual flight ride experience over some of Iceland’s most spectacular scenery and natural wonders with the same effects as FlyOver Canada. The new attraction is expected to open in 2019.

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:

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

ASU 2016-02, Leases (Topic 842)

 

The amendment requires lessees to recognize on their balance sheet a right-of-use asset and a lease liability for leases with lease terms greater than one year. The amendment requires additional disclosures about leasing arrangements, and requires a modified retrospective approach to adoption. Early adoption is permitted.

 

January 1, 2019

 

We are currently evaluating the potential impact the adoption of this new guidance will have on our financial position or results of operations including analyzing our existing operating leases. Based on our current assessment, the adoption of this standard will have a material impact on our Consolidated Balance Sheets as we will be required to record right-of-use assets and lease liabilities for our leases. Our Consolidated Statement of Operations is not expected to be materially impacted. We expect the most significant impact will relate to facility and equipment leases, which are currently recorded as operating leases. We are continuing our assessment, which may identify other impacts. We will adopt the standard on January 1, 2019.

ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

 

The amendment addresses the effect of the Tax Cuts and Jobs Act (the “Tax Act”) on items within accumulated other comprehensive income (“AOCI”). Under current GAAP, the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in AOCI are adjusted, certain tax effects become stranded in AOCI. This amendment allows a reclassification from AOCI to retained earnings for stranded tax effects. Early adoption is permitted.

 

January 1, 2019

 

We are currently evaluating the impact of the adoption of this new guidance on our consolidated financial statements and related disclosures. Refer to Note 16 – Income Taxes for additional information.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

 

The standard established a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services.

 

January 1, 2018

 

We adopted ASU 2014-09 and its related amendments (collectively, “Topic 606”) on January 1, 2018 using the modified retrospective transition method. The cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings was determined to be immaterial (less than $0.2 million) and, therefore, no adjustment was made.

 

The adoption of this standard did not have a material impact on our consolidated financial statements. The impact primarily related to the deferral of certain commissions which were previously expensed as incurred but are now capitalized and amortized over the period of contract performance, and the deferral of certain costs incurred in connection with trade shows which were previously expensed as incurred but are now capitalized and expensed upon the completion of the show. The new guidance resulted in expanded disclosures and processes to identify performance obligations. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities for additional transition disclosures.

ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities

 

The amendment includes a requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income.

 

January 1, 2018

 

We adopted this guidance prospectively in the first quarter of 2018 and recorded a cumulative-effect adjustment of $0.6 million to beginning retained earnings.

ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment

 

The amendment eliminates the requirement to estimate the implied fair value of goodwill if it is determined that the carrying amount of a reporting unit exceeds its fair value. Goodwill impairment will now be recognized by the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The amendment should be applied prospectively and is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.

 

January 1, 2018

 

We early adopted this new guidance on January 1, 2018 on a prospective basis. As a result, we expect the adoption to reduce the complexity surrounding the analysis of goodwill impairment during our annual goodwill impairment tests as of October 31, 2018, or if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value.

ASU 2017-07, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension

Cost and Net Periodic Postretirement Benefit Cost

 

The amendment requires an employer to disaggregate the service cost components from the other components of net benefit cost. The service cost components are required to be presented in operating income and the other components of net benefit cost are required to be presented outside of operating income.

 

January 1, 2018

 

We adopted this new standard retrospectively. As a result, we recorded the nonservice cost component of net periodic benefit cost within other expense and $0.5 million was reclassified from operating expenses to other expense for the three months ended March 31, 2017, to conform to current period presentation. See below for additional details on the impact of this adoption on our results of operations.

ASU 2018-05, Income Taxes (Topic 740)—Amendments to SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 118

 

This amends ASC 740 to incorporate the requirements of SEC Staff Accounting Bulletin No. 118, which provides guidance on accounting for the tax effects of the Tax Act for SEC registrants who do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act.

 

Upon issuance

 

We recognized the provisional tax impacts of the Tax Act in the fourth quarter of 2017. During the first quarter of 2018, we did not receive any additional information regarding these provisional calculations. As a result, we continue to anticipate finalizing our analysis in connection with the completion of our tax return for 2017 to be filed in 2018. Refer to Note 16 – Income Taxes for additional information.

 

 

Prior to January 1, 2018, we presented revenue in our Condensed Consolidated Statements of Operations in three separate line items as follows:

 

 

 

Three Months Ended

 

(in thousands)

 

March 31, 2017

 

Revenue:

 

 

 

 

Exhibition and event services

 

$

275,948

 

Exhibits and environments

 

 

41,923

 

Pursuit services

 

 

7,936

 

Total revenue

 

$

325,807

 

 

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:

 

 

 

Three Months Ended

 

(in thousands)

 

March 31, 2017

 

Revenue:

 

 

 

 

Services

 

$

290,643

 

Products

 

 

35,164

 

Total revenue

 

$

325,807

 

 

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:

 

 

 

Three Months Ended March 31, 2017

 

(in thousands)

 

As Previously

Reported

 

 

Reclassifications to Conform with Revenue Presentation

 

 

ASU 2017-07

 

 

As Newly Reported

 

Cost of services

 

$

273,609

 

 

$

7,412

 

 

$

(383

)

 

$

280,638

 

Cost of products

 

$

39,514

 

 

$

(7,412

)

 

$

 

 

$

32,102

 

Corporate activities

 

$

2,610

 

 

$

 

 

$

(69

)

 

$

2,541

 

Other expense

 

$

 

 

$

 

 

$

452

 

 

$

452

 

 

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:

 

 

 

Three Months Ended March 31, 2018

 

(in thousands)

 

Balances without Adoption of

Topic 606

 

 

Effect of Change

 

 

As Reported

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

GES services

 

$

237,793

 

 

$

-

 

 

$

237,793

 

GES products

 

$

29,913

 

 

$

-

 

 

$

29,913

 

Pursuit services

 

$

7,755

 

 

$

-

 

 

$

7,755

 

Pursuit products

 

$

1,967

 

 

$

-

 

 

$

1,967

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services

 

$

258,142

 

 

$

(847

)

 

$

257,295

 

Costs of products

 

$

31,122

 

 

$

-

 

 

$

31,122

 

Income tax benefit

 

$

(4,852

)

 

$

214

 

 

$

(4,638

)

Net loss

 

$

(10,468

)

 

$

(633

)

 

$

(9,835

)

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.

v3.8.0.1
Revenue and Related Contract Costs and Contract Liabilities
3 Months Ended
Mar. 31, 2018
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:

 

(in thousands)

 

 

 

 

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

 

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

 

 

 

Three Months Ended March 31, 2018

 

(in thousands)

 

GES U.S.

 

 

GES International

 

 

Intersegment Eliminations

 

 

Total

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core services

 

$

163,367

 

 

$

46,213

 

 

$

 

 

$

209,580

 

Audio-visual

 

 

17,084

 

 

 

3,168

 

 

 

 

 

 

20,252

 

Event technology

 

 

8,035

 

 

 

3,274

 

 

 

 

 

 

11,309

 

Intersegment eliminations

 

 

 

 

 

 

 

 

(3,348

)

 

 

(3,348

)

Total services

 

 

188,486

 

 

 

52,655

 

 

 

(3,348

)

 

 

237,793

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core products

 

 

15,382

 

 

 

14,531

 

 

 

 

 

 

29,913

 

Total revenue

 

$

203,868

 

 

$

67,186

 

 

$

(3,348

)

 

$

267,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

188,486

 

 

$

52,654

 

 

$

 

 

$

241,140

 

Products transferred over time

 

 

10,592

 

 

 

4,107

 

 

 

 

 

 

14,699

 

Products transferred at a point in time

 

 

4,790

 

 

 

10,425

 

 

 

 

 

 

15,215

 

Intersegment eliminations

 

 

 

 

 

 

 

 

(3,348

)

 

 

(3,348

)

Total revenue

 

$

203,868

 

 

$

67,186

 

 

$

(3,348

)

 

$

267,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibitions

 

$

130,494

 

 

$

55,330

 

 

$

 

 

$

185,824

 

Conferences

 

 

37,816

 

 

 

6,661

 

 

 

 

 

 

44,477

 

Corporate events

 

 

29,444

 

 

 

4,860

 

 

 

 

 

 

34,304

 

Consumer events

 

 

6,114

 

 

 

335

 

 

 

 

 

 

6,449

 

Intersegment eliminations

 

 

 

 

 

 

 

 

(3,348

)

 

 

(3,348

)

Total revenue

 

$

203,868

 

 

$

67,186

 

 

$

(3,348

)

 

$

267,706

 

 

Pursuit

 

 

 

Three Months Ended

 

(in thousands)

 

March 31, 2018

 

Services:

 

 

 

 

Accommodations

 

$

1,705

 

Admissions

 

 

3,579

 

Transportation

 

 

2,369

 

Travel planning

 

 

308

 

Intersegment eliminations

 

 

(206

)

Total services revenue

 

 

7,755

 

Products:

 

 

 

 

Food and beverage

 

 

1,219

 

Retail operations

 

 

748

 

Total products revenue

 

 

1,967

 

Total revenue

 

$

9,722

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

Services transferred over time

 

$

7,755

 

Products transferred at a point in time

 

 

1,967

 

Total revenue

 

$

9,722

 

 

 

 

 

 

Markets:

 

 

 

 

Banff Jasper Collection

 

$

7,089

 

Alaska Collection

 

 

213

 

Glacier Park Collection

 

 

626

 

FlyOver

 

 

1,794

 

Total revenue

 

$

9,722

 

 

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:

 

 

 

December 31, 2017

 

(in thousands)

 

As Previously Reported

 

 

Reclassifications

 

 

As Adjusted

 

Cash and cash equivalents

 

$

53,723

 

 

 

 

 

$

53,723

 

Accounts receivable, net

 

 

104,811

 

 

 

 

 

 

104,811

 

Inventories (1)

 

 

30,372

 

 

 

(12,822

)

 

 

17,550

 

Current contract costs (1)

 

 

 

 

 

13,436

 

 

 

13,436

 

Other current assets (1)

 

 

21,030

 

 

 

(1,289

)

 

 

19,741

 

Property and equipment, net

 

 

305,571

 

 

 

 

 

 

305,571

 

Other investments and assets (1)

 

 

47,512

 

 

 

675

 

 

 

48,187

 

Deferred income taxes

 

 

23,548

 

 

 

 

 

 

23,548

 

Goodwill

 

 

270,551

 

 

 

 

 

 

270,551

 

Other intangible assets, net

 

 

62,781

 

 

 

 

 

 

62,781

 

Total assets

 

$

919,899

 

 

 

 

 

$

919,899

 

Accounts payable

 

$

77,380

 

 

 

 

 

$

77,380

 

Customer deposits (2)

 

 

33,415

 

 

 

(33,415

)

 

 

 

Contract liabilities (2)

 

 

 

 

 

31,981

 

 

 

31,981

 

Accrued compensation

 

 

30,614

 

 

 

 

 

 

30,614

 

Other current liabilities (2)

 

 

38,720

 

 

 

1,434

 

 

 

40,154

 

Debt and capital lease obligations, current and long-term

 

 

209,192

 

 

 

 

 

 

209,192

 

Pension and postretirement benefits

 

 

28,135

 

 

 

 

 

 

28,135

 

Other deferred items and liabilities

 

 

52,858

 

 

 

 

 

 

52,858

 

Total liabilities

 

 

470,314

 

 

 

 

 

 

470,314

 

Redeemable noncontrolling interest

 

 

6,648

 

 

 

 

 

 

6,648

 

Total stockholders' equity (3)

 

 

442,937

 

 

 

 

 

 

442,937

 

Total liabilities and stockholders' equity

 

$

919,899

 

 

 

 

 

$

919,899

 

 

(1)

Contract costs primarily consist of deferred core services costs (including labor and vendor purchases) required to service future exhibitions, conferences and other events, and commission expenses incurred to obtain contracts. All such costs were previously included in “Inventories” and in other certain assets. As a result of the changes noted above, deferred core services costs related to exhibitions and events that are scheduled to occur longer than one year in the future are currently included in “Other investments and assets”. The impact of this change reduced total current assets at December 31, 2017 by $0.7 million. The amount of deferred core services costs included in “Other investments and assets” at March 31, 2018 was $4.6 million.

(2)

In connection with the adoption of Topic 606, we elected to more prominently present contract liabilities on the Consolidated Balance Sheets. Consequently, customer deposits of $33.4 million as of December 31, 2017, have been reclassified to “Contract liabilities” and to other certain current liabilities to conform to the current period presentation.

(3)

The cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of retained earnings was determined to be immaterial and therefore no adjustment was made.

v3.8.0.1
Share-Based Compensation
3 Months Ended
Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Share-Based Compensation

Note 3. Share-Based Compensation

The following table summarizes share-based compensation expense:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2018

 

 

2017

 

Performance unit incentive plan (“PUP”)

 

$

194

 

 

$

1,316

 

Restricted stock

 

 

503

 

 

 

623

 

Restricted stock units

 

 

20

 

 

 

60

 

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

 

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:

 

 

 

PUP Awards

 

 

Restricted Stock

 

 

Restricted Stock Units

 

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

Balance at December 31, 2017

 

 

239,338

 

 

$

32.80

 

 

 

206,899

 

 

$

33.16

 

 

 

12,750

 

 

$

30.94

 

Granted

 

 

71,625

 

 

$

52.15

 

 

 

41,457

 

 

$

52.15

 

 

 

3,669

 

 

$

52.28

 

Vested

 

 

(75,761

)

 

$

27.29

 

 

 

(54,458

)

 

$

27.35

 

 

 

(4,300

)

 

$

27.35

 

Forfeited

 

 

 

 

$

 

 

 

(1,156

)

 

$

36.37

 

 

 

(258

)

 

$

37.69

 

Balance at March 31, 2018

 

 

235,202

 

 

$

40.46

 

 

 

192,742

 

 

$

38.87

 

 

 

11,861

 

 

$

38.70

 

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:

 

 

 

Shares

 

 

Weighted-Average

Exercise Price

 

Options outstanding and exercisable at December 31, 2017

 

 

63,773

 

 

$

16.62

 

Exercised

 

 

(5,084

)

 

$

16.62

 

Options outstanding and exercisable at March 31, 2018

 

 

58,689

 

 

$

16.62

 

 

v3.8.0.1
Acquisition of Business
3 Months Ended
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.

 

v3.8.0.1
Inventories
3 Months Ended
Mar. 31, 2018
Inventory Disclosure [Abstract]  
Inventories

Note 5. Inventories

The components of inventories consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

2017

 

Raw materials

 

$

17,514

 

 

$

17,550

 

Work in process (1)

 

 

 

 

 

 

Inventories

 

$

17,514

 

 

$

17,550

 

 

(1)

Upon the adoption of Topic 606, the deferred incremental costs of obtaining and fulfilling contracts that were previously reported in Inventories under “Work in process” are currently reported under “Current contract costs” and “Other investments and assets.” Refer to Note 2 Revenue and Related Contract Costs and Contract Liabilities for additional information.

 

v3.8.0.1
Other Current Assets
3 Months Ended
Mar. 31, 2018
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Other Current Assets

Note 6. Other Current Assets

Other current assets consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

2017

 

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

 

 

v3.8.0.1
Property and Equipment
3 Months Ended
Mar. 31, 2018
Property Plant And Equipment [Abstract]  
Property and Equipment

Note 7. Property and Equipment

Property and equipment consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

2017

 

Land and land interests

 

$

32,333

 

 

$

32,544

 

Buildings and leasehold improvements

 

 

233,069

 

 

 

222,118

 

Equipment and other

 

 

359,911

 

 

 

351,676

 

Gross property and equipment

 

 

625,313

 

 

 

606,338

 

Accumulated depreciation

 

 

(308,434

)

 

 

(300,767

)

Property and equipment, net

 

$

316,879

 

 

$

305,571

 

 

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.

v3.8.0.1
Other Investments and Assets
3 Months Ended
Mar. 31, 2018
Investments All Other Investments [Abstract]  
Other Investments and Assets

Note 8. Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

2017

 

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

 

 

(1)

Upon the adoption of Topic 606, the deferred incremental costs of obtaining and fulfilling contracts that were previously reported in Inventories under “Work in process” are currently reported under “Current contract costs” and “Other investments and assets.” Refer to Note 2 Revenue and Related Contract Costs and Contract Liabilities for additional information.

 

v3.8.0.1
Goodwill and Other Intangible Assets
3 Months Ended
Mar. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 9. Goodwill and Other Intangible Assets

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

 

(in thousands)

 

GES U.S.

 

 

GES International

 

 

Pursuit

 

 

Total

 

Balance at December 31, 2017

 

$

148,277

 

 

$

38,840

 

 

$

83,434

 

 

$

270,551

 

Foreign currency translation adjustments

 

 

 

 

 

931

 

 

 

(1,688

)

 

 

(757

)

Balance at March 31, 2018

 

$

148,277

 

 

$

39,771

 

 

$

81,746

 

 

$

269,794

 

Other intangible assets consisted of the following:

 

 

 

March 31, 2018

 

 

December 31, 2017

 

(in thousands)

 

Gross Carrying

Value

 

 

Accumulated

Amortization

 

 

Net Carrying Value

 

 

Gross Carrying

Value

 

 

Accumulated

Amortization

 

 

Net Carrying Value

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

$

69,074

 

 

$

(25,930

)

 

$

43,144

 

 

$

68,798

 

 

$

(23,696

)

 

$

45,102

 

Operating contracts and licenses

 

 

9,702

 

 

 

(1,086

)

 

 

8,616

 

 

 

9,951

 

 

 

(1,094

)

 

 

8,857

 

Tradenames

 

 

8,656

 

 

 

(3,137

)

 

 

5,519

 

 

 

8,633

 

 

 

(2,873

)

 

 

5,760

 

Non-compete agreements

 

 

5,395

 

 

 

(3,356

)

 

 

2,039

 

 

 

5,363

 

 

 

(3,007

)

 

 

2,356

 

Other

 

 

1,699

 

 

 

(682

)

 

 

1,017

 

 

 

896

 

 

 

(650

)

 

 

246

 

Total amortized intangible assets

 

 

94,526

 

 

 

(34,191

)

 

 

60,335

 

 

 

93,641

 

 

 

(31,320

)

 

 

62,321

 

Unamortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

460

 

 

 

 

 

 

460

 

 

 

460

 

 

 

 

 

 

460

 

Other intangible assets

 

$

94,986

 

 

$

(34,191

)

 

$

60,795

 

 

$

94,101

 

 

$

(31,320

)

 

$

62,781

 

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:

 

(in thousands)

 

 

 

 

Year ending December 31,

 

 

 

 

Remainder of 2018

 

$

8,450

 

2019

 

 

10,042

 

2020

 

 

8,537

 

2021

 

 

7,537

 

2022

 

 

5,986

 

Thereafter

 

 

19,783

 

Total

 

$

60,335

 

 

v3.8.0.1
Other Current Liabilities
3 Months Ended
Mar. 31, 2018
Other Liabilities Current [Abstract]  
Other Current Liabilities

Note 10. Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

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

 

Accrued rebates (2)

 

 

 

 

 

 

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

 

 

(1)

Upon the adoption of Topic 606, we present customer deposits as “Contract liabilities” as they are received prior to transferring the related product or service to the customer. We recognize revenue upon satisfaction of the related contract performance obligation(s). Deposits received from GES’ events accommodation services are not classified as contract liabilities as they are deposits from hotel guests that are passed on to the hotels. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities for additional information.

(2)

Upon the adoption of Topic 606, we reclassified $1.1 million of accrued rebates to “Contract liabilities” on the December 31, 2017 Condensed Consolidated Balance Sheet as they represent future performance obligations. Refer to Note 2 Revenue and Related Contract Costs and Contract Liabilities for additional information.

v3.8.0.1
Other Deferred Items and Liabilities
3 Months Ended
Mar. 31, 2018
Other Liabilities Disclosure [Abstract]  
Other Deferred Items and Liabilities

Note 11. Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

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

 

 

v3.8.0.1
Debt and Capital Lease Obligations
3 Months Ended
Mar. 31, 2018
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:

 

 

 

March 31,

 

 

December 31,

 

(in thousands, except interest rates)

 

2018

 

 

2017

 

Revolving credit facility and term loan 3.4% weighted-average interest rate at

   March 31, 2018 and 3.1% at December 31, 2017, due through 2019 (1)

 

$

212,831

 

 

$

207,322

 

Brewster Inc. revolving credit facility 3.0% weighted-average interest rate at

   March 31, 2018 (1)

 

 

15,498

 

 

 

 

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

 

(1)

Represents the weighted-average interest rate in effect at the respective periods for the revolving credit facilities and term loan borrowings, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.

(2)

Borrowings under the revolving credit facilities are classified as current because all borrowed amounts are due within one year.

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.

v3.8.0.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 13. Fair Value Measurements

The fair value of an asset or liability is defined as the price that would be received 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:

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

March 31, 2018

 

 

Quoted Prices in

Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

119

 

 

$

119

 

 

$

 

 

$

 

Other mutual funds(2)

 

 

2,823

 

 

 

2,823

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

2,942

 

 

$

2,942

 

 

$

 

 

$

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2017

 

 

Quoted Prices

in Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

119

 

 

$

119

 

 

$

 

 

$

 

Other mutual funds(2)

 

 

2,637

 

 

 

2,637

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

2,756

 

 

$

2,756

 

 

$

 

 

$

 

(1)

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

(2)

Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. Unrealized gains of $1.0 million ($0.6 million after tax) as of December 31, 2017 are included in “Accumulated other comprehensive income (loss)” (“AOCI”) in the Condensed Consolidated Balance Sheets. Upon the adoption of ASU 2016-01, unrealized gains on equity securities classified as available-for-sale are recognized in net income rather than AOCI. We adopted this guidance prospectively, and recognized a cumulative-effect adjustment of $0.6 million to beginning retained earnings. Refer to Note 14 – Stockholders’ Equity for additional information.

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.

v3.8.0.1
Stockholders' Equity
3 Months Ended
Mar. 31, 2018
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:

 

(in thousands)

 

Total Viad

Stockholders’

Equity

 

 

Non-redeemable

Noncontrolling

Interest

 

 

Total

Stockholders’

Equity

 

Balance at December 31, 2017

 

$

429,131

 

 

$

13,806

 

 

$

442,937

 

Net loss

 

 

(9,387

)

 

 

(364

)

 

 

(9,751

)

Dividends on common stock ($0.10 per share)

 

 

(2,046

)

 

 

 

 

 

(2,046

)

Common stock purchased for treasury

 

 

(868

)

 

 

 

 

 

(868

)

Employee benefit plans

 

 

1,938

 

 

 

 

 

 

1,938

 

Unrealized foreign currency translation adjustment

 

 

(3,109

)

 

 

 

 

 

(3,109

)

Other changes to AOCI

 

 

445

 

 

 

 

 

 

445

 

Other

 

 

(67

)

 

 

 

 

 

(67

)

Balance at March 31, 2018

 

$

416,037

 

 

$

13,442

 

 

$

429,479

 

 

(in thousands)

 

Total Viad

Stockholders’

Equity

 

 

Non-redeemable

Noncontrolling

Interest

 

 

Total

Stockholders’

Equity

 

Balance at December 31, 2016

 

$

357,355

 

 

$

13,283

 

 

$

370,638

 

Net income (loss)

 

 

6,777

 

 

 

(264

)

 

 

6,513

 

Dividends on common stock ($0.10 per share)

 

 

(2,038

)

 

 

 

 

 

(2,038

)

Common stock purchased for treasury

 

 

(1,204

)

 

 

 

 

 

(1,204

)

Employee benefit plans

 

 

1,779

 

 

 

 

 

 

1,779

 

Unrealized foreign currency translation adjustment

 

 

2,345

 

 

 

 

 

 

2,345

 

Other changes to AOCI

 

 

95

 

 

 

 

 

 

95

 

Other

 

 

(92

)

 

 

 

 

 

(92

)

Balance at March 31, 2017

 

$

365,017

 

 

$

13,019

 

 

$

378,036

 

 

Changes in AOCI by component are as follows:

 

(in thousands)

 

Unrealized Gains

on Investments

 

 

Cumulative

Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

Balance at December 31, 2017

 

$

616

 

 

$

(12,026

)

 

$

(11,158

)

 

$

(22,568

)

Adoption of ASU 2016-01 (1)

 

 

(616

)

 

 

 

 

 

 

 

 

(616

)

Other comprehensive income before reclassifications

 

 

 

 

 

(3,109

)

 

 

 

 

 

(3,109

)

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

 

 

 

445

 

 

 

445

 

Net other comprehensive income (loss)

 

 

(616

)

 

 

(3,109

)

 

 

445

 

 

 

(3,280

)

Balance at March 31, 2018

 

$

 

 

$

(15,135

)

 

$

(10,713

)

 

$

(25,848

)

 

(1)

Upon the adoption of ASU 2016-01, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.

Amounts reclassified that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net losses recognized during 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.

 

v3.8.0.1
Income Per Share
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Income Per Share

Note 15. Income Per Share

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

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share data)

 

2018

 

 

2017

 

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

 

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

 

Income (loss) per share:

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

(0.47

)

 

$

0.33

 

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

 

$

(0.47

)

 

$

0.33

 

 

(1)

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

v3.8.0.1
Income Taxes
3 Months Ended
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.

v3.8.0.1
Pension and Postretirement Benefits
3 Months Ended
Mar. 31, 2018
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:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Service cost

 

$

2

 

 

$

9

 

 

$

24

 

 

$

30

 

 

$

142

 

 

$

130

 

Interest cost

 

 

187

 

 

 

229

 

 

 

94

 

 

 

126

 

 

 

92

 

 

 

114

 

Expected return on plan assets

 

 

(35

)

 

 

(39

)

 

 

 

 

 

 

 

 

(129

)

 

 

(148

)

Amortization of prior service credit

 

 

 

 

 

 

 

 

(84

)

 

 

(111

)

 

 

 

 

 

 

Recognized net actuarial loss

 

 

122

 

 

 

136

 

 

 

52

 

 

 

100

 

 

 

41

 

 

 

45

 

Net periodic benefit cost

 

$

276

 

 

$

335

 

 

$

86

 

 

$

145

 

 

$

146

 

 

$

141

 

 

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.

v3.8.0.1
Restructuring Charges
3 Months Ended
Mar. 31, 2018
Restructuring And Related Activities [Abstract]  
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:

 

 

 

GES

 

 

Other Restructurings

 

 

 

 

 

(in thousands)

 

Severance &

Employee

Benefits

 

 

Facilities

 

 

Severance &

Employee

Benefits

 

 

Total

 

Balance at December 31, 2017

 

$

1,551

 

 

$

807

 

 

$

191

 

 

$

2,549

 

Restructuring charges

 

 

32

 

 

 

 

 

 

130

 

 

 

162

 

Cash payments

 

 

(167

)

 

 

(20

)

 

 

(295

)

 

 

(482

)

Adjustment to liability

 

 

451

 

 

 

(451

)

 

 

(14

)

 

 

(14

)

Balance at March 31, 2018

 

$

1,867

 

 

$

336

 

 

$

12

 

 

$

2,215

 

 

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.

v3.8.0.1
Litigation, Claims, Contingencies and Other
3 Months Ended
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.

v3.8.0.1
Redeemable Noncontrolling Interest
3 Months Ended
Mar. 31, 2018
Noncontrolling Interest [Abstract]  
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:

 

(in thousands)

 

 

 

 

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

 

 

v3.8.0.1
Segment Information
3 Months Ended
Mar. 31, 2018
Segment Reporting [Abstract]  
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:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2018

 

 

2017

 

Revenue:

 

 

 

 

 

 

 

 

GES:

 

 

 

 

 

 

 

 

U.S.

 

$

203,868

 

 

$

257,211

 

International

 

 

67,186

 

 

 

63,899

 

Intersegment eliminations

 

 

(3,348

)

 

 

(3,239

)

Total GES

 

 

267,706

 

 

 

317,871

 

Pursuit

 

 

9,722

 

 

 

7,936

 

Total revenue

 

$

277,428

 

 

$

325,807

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

GES:

 

 

 

 

 

 

 

 

U.S.

 

$

(1,556

)

 

$

21,346

 

International

 

 

2,136

 

 

 

2,033

 

Total GES

 

 

580

 

 

 

23,379

 

Pursuit

 

 

(11,395

)

 

 

(10,275

)

Segment operating income (loss)

 

 

(10,815

)

 

 

13,104

 

Corporate eliminations (1)

 

 

16

 

 

 

16

 

Corporate activities

 

 

(2,217

)

 

 

(2,541

)

Operating income (loss)

 

 

(13,016

)

 

 

10,579

 

Interest income

 

 

84

 

 

 

58

 

Interest expense

 

 

(2,069

)

 

 

(2,105

)

Other expense (2)

 

 

(238

)

 

 

(452

)

Restructuring recoveries (charges):

 

 

 

 

 

 

 

 

GES U.S.

 

 

 

 

 

(24

)

GES International

 

 

(32

)

 

 

(233

)

Pursuit

 

 

(140

)

 

 

 

Corporate

 

 

10

 

 

 

(137

)

Impairment recoveries:

 

 

 

 

 

 

 

 

Pursuit

 

 

 

 

 

2,384

 

Income (loss) from continuing operations before income taxes

 

$

(15,401

)

 

$

10,070

 

(1)

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

(2)

We adopted ASU 2017-07 on January 1, 2018, which requires retrospective adoption. As a result, we recorded the nonservice cost component of net periodic benefit cost within other expense for the three months ended March 31, 2018, and we reclassified $0.5 million from operating expenses to other expense for the three months ended March 31, 2017 to conform with current period presentation. Refer to Note 1 – Overview and Basis of Presentation for additional details on the impact of this adoption on our Condensed Consolidated Statements of Operations.

v3.8.0.1
Overview and Basis of Presentation (Policies)
3 Months Ended
Mar. 31, 2018
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:

 

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

 

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

 

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

 

Markets Served

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

 

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

 

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

 

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

 

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

Pursuit

Pursuit is a collection of 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:

 

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

 

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

 

Glacier Park Collection. The Glacier Park Collection is an operator of seven lodging properties, 12 retail shops, and 11 dining outlets in and around Glacier National Park in Montana, and Waterton Lakes National Park in Alberta, Canada, with a leading share of rooms in that market.

 

FlyOver.  

 

o

FlyOver Canada, located in Vancouver, British Columbia, is a recreational attraction that provides a virtual flight ride experience that combines motion seating, spectacular media, and visual effects including wind, scents, and mist to give the unforgettable experience of flying across Canada.

 

o

FlyOver Iceland is a recreational attraction under construction in Reykjavik, Iceland that will provide a virtual flight ride experience over some of Iceland’s most spectacular scenery and natural wonders with the same effects as FlyOver Canada. The new attraction is expected to open in 2019.

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.

Impact of Recent Accounting Pronouncements

Impact of Recent Accounting Pronouncements

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

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

ASU 2016-02, Leases (Topic 842)

 

The amendment requires lessees to recognize on their balance sheet a right-of-use asset and a lease liability for leases with lease terms greater than one year. The amendment requires additional disclosures about leasing arrangements, and requires a modified retrospective approach to adoption. Early adoption is permitted.

 

January 1, 2019

 

We are currently evaluating the potential impact the adoption of this new guidance will have on our financial position or results of operations including analyzing our existing operating leases. Based on our current assessment, the adoption of this standard will have a material impact on our Consolidated Balance Sheets as we will be required to record right-of-use assets and lease liabilities for our leases. Our Consolidated Statement of Operations is not expected to be materially impacted. We expect the most significant impact will relate to facility and equipment leases, which are currently recorded as operating leases. We are continuing our assessment, which may identify other impacts. We will adopt the standard on January 1, 2019.

ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income

 

The amendment addresses the effect of the Tax Cuts and Jobs Act (the “Tax Act”) on items within accumulated other comprehensive income (“AOCI”). Under current GAAP, the effects of changes in tax rates and laws on deferred tax balances are recorded as a component of income tax expense in the period in which the law was enacted. When deferred tax balances related to items originally recorded in AOCI are adjusted, certain tax effects become stranded in AOCI. This amendment allows a reclassification from AOCI to retained earnings for stranded tax effects. Early adoption is permitted.

 

January 1, 2019

 

We are currently evaluating the impact of the adoption of this new guidance on our consolidated financial statements and related disclosures. Refer to Note 16 – Income Taxes for additional information.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2014-09, Revenue from Contracts with Customers (Topic 606)

 

The standard established a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services.

 

January 1, 2018

 

We adopted ASU 2014-09 and its related amendments (collectively, “Topic 606”) on January 1, 2018 using the modified retrospective transition method. The cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings was determined to be immaterial (less than $0.2 million) and, therefore, no adjustment was made.

 

The adoption of this standard did not have a material impact on our consolidated financial statements. The impact primarily related to the deferral of certain commissions which were previously expensed as incurred but are now capitalized and amortized over the period of contract performance, and the deferral of certain costs incurred in connection with trade shows which were previously expensed as incurred but are now capitalized and expensed upon the completion of the show. The new guidance resulted in expanded disclosures and processes to identify performance obligations. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities for additional transition disclosures.

ASU 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities

 

The amendment includes a requirement for equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income.

 

January 1, 2018

 

We adopted this guidance prospectively in the first quarter of 2018 and recorded a cumulative-effect adjustment of $0.6 million to beginning retained earnings.

ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment

 

The amendment eliminates the requirement to estimate the implied fair value of goodwill if it is determined that the carrying amount of a reporting unit exceeds its fair value. Goodwill impairment will now be recognized by the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The amendment should be applied prospectively and is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.

 

January 1, 2018

 

We early adopted this new guidance on January 1, 2018 on a prospective basis. As a result, we expect the adoption to reduce the complexity surrounding the analysis of goodwill impairment during our annual goodwill impairment tests as of October 31, 2018, or if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value.

ASU 2017-07, Compensation - Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension

Cost and Net Periodic Postretirement Benefit Cost

 

The amendment requires an employer to disaggregate the service cost components from the other components of net benefit cost. The service cost components are required to be presented in operating income and the other components of net benefit cost are required to be presented outside of operating income.

 

January 1, 2018

 

We adopted this new standard retrospectively. As a result, we recorded the nonservice cost component of net periodic benefit cost within other expense and $0.5 million was reclassified from operating expenses to other expense for the three months ended March 31, 2017, to conform to current period presentation. See below for additional details on the impact of this adoption on our results of operations.

ASU 2018-05, Income Taxes (Topic 740)—Amendments to SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 118

 

This amends ASC 740 to incorporate the requirements of SEC Staff Accounting Bulletin No. 118, which provides guidance on accounting for the tax effects of the Tax Act for SEC registrants who do not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act.

 

Upon issuance

 

We recognized the provisional tax impacts of the Tax Act in the fourth quarter of 2017. During the first quarter of 2018, we did not receive any additional information regarding these provisional calculations. As a result, we continue to anticipate finalizing our analysis in connection with the completion of our tax return for 2017 to be filed in 2018. Refer to Note 16 – Income Taxes for additional information.

 

 

Prior to January 1, 2018, we presented revenue in our Condensed Consolidated Statements of Operations in three separate line items as follows:

 

 

 

Three Months Ended

 

(in thousands)

 

March 31, 2017

 

Revenue:

 

 

 

 

Exhibition and event services

 

$

275,948

 

Exhibits and environments

 

 

41,923

 

Pursuit services

 

 

7,936

 

Total revenue

 

$

325,807

 

 

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:

 

 

 

Three Months Ended

 

(in thousands)

 

March 31, 2017

 

Revenue:

 

 

 

 

Services

 

$

290,643

 

Products

 

 

35,164

 

Total revenue

 

$

325,807

 

 

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:

 

 

 

Three Months Ended March 31, 2017

 

(in thousands)

 

As Previously

Reported

 

 

Reclassifications to Conform with Revenue Presentation

 

 

ASU 2017-07

 

 

As Newly Reported

 

Cost of services

 

$

273,609

 

 

$

7,412

 

 

$

(383

)

 

$

280,638

 

Cost of products

 

$

39,514

 

 

$

(7,412

)

 

$

 

 

$

32,102

 

Corporate activities

 

$

2,610

 

 

$

 

 

$

(69

)

 

$

2,541

 

Other expense

 

$

 

 

$

 

 

$

452

 

 

$

452

 

 

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.

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:

 

 

 

Three Months Ended March 31, 2018

 

(in thousands)

 

Balances without Adoption of

Topic 606

 

 

Effect of Change

 

 

As Reported

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

GES services

 

$

237,793

 

 

$

-

 

 

$

237,793

 

GES products

 

$

29,913

 

 

$

-

 

 

$

29,913

 

Pursuit services

 

$

7,755

 

 

$

-

 

 

$

7,755

 

Pursuit products

 

$

1,967

 

 

$

-

 

 

$

1,967

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services

 

$

258,142

 

 

$

(847

)

 

$

257,295

 

Costs of products

 

$

31,122

 

 

$

-

 

 

$

31,122

 

Income tax benefit

 

$

(4,852

)

 

$

214

 

 

$

(4,638

)

Net loss

 

$

(10,468

)

 

$

(633

)

 

$

(9,835

)

 

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.

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.

v3.8.0.1
Overview and Basis of Presentation (Tables)
3 Months Ended
Mar. 31, 2018
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:

 

 

 

Three Months Ended

 

(in thousands)

 

March 31, 2017

 

Revenue:

 

 

 

 

Exhibition and event services

 

$

275,948

 

Exhibits and environments

 

 

41,923

 

Pursuit services

 

 

7,936

 

Total revenue

 

$

325,807

 

 

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:

 

 

 

Three Months Ended

 

(in thousands)

 

March 31, 2017

 

Revenue:

 

 

 

 

Services

 

$

290,643

 

Products

 

 

35,164

 

Total revenue

 

$

325,807

 

 

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:

 

 

 

Three Months Ended March 31, 2017

 

(in thousands)

 

As Previously

Reported

 

 

Reclassifications to Conform with Revenue Presentation

 

 

ASU 2017-07

 

 

As Newly Reported

 

Cost of services

 

$

273,609

 

 

$

7,412

 

 

$

(383

)

 

$

280,638

 

Cost of products

 

$

39,514

 

 

$

(7,412

)

 

$

 

 

$

32,102

 

Corporate activities

 

$

2,610

 

 

$

 

 

$

(69

)

 

$

2,541

 

Other expense

 

$

 

 

$

 

 

$

452

 

 

$

452

 

 

Accounting Standards Update 2014-09  
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]  
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:

 

 

 

Three Months Ended March 31, 2018

 

(in thousands)

 

Balances without Adoption of

Topic 606

 

 

Effect of Change

 

 

As Reported

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

GES services

 

$

237,793

 

 

$

-

 

 

$

237,793

 

GES products

 

$

29,913

 

 

$

-

 

 

$

29,913

 

Pursuit services

 

$

7,755

 

 

$

-

 

 

$

7,755

 

Pursuit products

 

$

1,967

 

 

$

-

 

 

$

1,967

 

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Costs of services

 

$

258,142

 

 

$

(847

)

 

$

257,295

 

Costs of products

 

$

31,122

 

 

$

-

 

 

$

31,122

 

Income tax benefit

 

$

(4,852

)

 

$

214

 

 

$

(4,638

)

Net loss

 

$

(10,468

)

 

$

(633

)

 

$

(9,835

)

 

v3.8.0.1
Revenue and Related Contract Costs and Contract Liabilities (Tables)
3 Months Ended
Mar. 31, 2018
Summary of Changes in Contract Liabilities

Changes to contract liabilities are as follows:

 

(in thousands)

 

 

 

 

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

 

 

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

 

 

 

Three Months Ended March 31, 2018

 

(in thousands)

 

GES U.S.

 

 

GES International

 

 

Intersegment Eliminations

 

 

Total

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core services

 

$

163,367

 

 

$

46,213

 

 

$

 

 

$

209,580

 

Audio-visual

 

 

17,084

 

 

 

3,168

 

 

 

 

 

 

20,252

 

Event technology

 

 

8,035

 

 

 

3,274

 

 

 

 

 

 

11,309

 

Intersegment eliminations

 

 

 

 

 

 

 

 

(3,348

)

 

 

(3,348

)

Total services

 

 

188,486

 

 

 

52,655

 

 

 

(3,348

)

 

 

237,793

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core products

 

 

15,382

 

 

 

14,531

 

 

 

 

 

 

29,913

 

Total revenue

 

$

203,868

 

 

$

67,186

 

 

$

(3,348

)

 

$

267,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

188,486

 

 

$

52,654

 

 

$

 

 

$

241,140

 

Products transferred over time

 

 

10,592

 

 

 

4,107

 

 

 

 

 

 

14,699

 

Products transferred at a point in time

 

 

4,790

 

 

 

10,425

 

 

 

 

 

 

15,215

 

Intersegment eliminations

 

 

 

 

 

 

 

 

(3,348

)

 

 

(3,348

)

Total revenue

 

$

203,868

 

 

$

67,186

 

 

$

(3,348

)

 

$

267,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibitions

 

$

130,494

 

 

$

55,330

 

 

$

 

 

$

185,824

 

Conferences

 

 

37,816

 

 

 

6,661

 

 

 

 

 

 

44,477

 

Corporate events

 

 

29,444

 

 

 

4,860

 

 

 

 

 

 

34,304

 

Consumer events

 

 

6,114

 

 

 

335

 

 

 

 

 

 

6,449

 

Intersegment eliminations

 

 

 

 

 

 

 

 

(3,348

)

 

 

(3,348

)

Total revenue

 

$

203,868

 

 

$

67,186

 

 

$

(3,348

)

 

$

267,706

 

 

Pursuit

 

 

 

Three Months Ended

 

(in thousands)

 

March 31, 2018

 

Services:

 

 

 

 

Accommodations

 

$

1,705

 

Admissions

 

 

3,579

 

Transportation

 

 

2,369

 

Travel planning

 

 

308

 

Intersegment eliminations

 

 

(206

)

Total services revenue

 

 

7,755

 

Products:

 

 

 

 

Food and beverage

 

 

1,219

 

Retail operations

 

 

748

 

Total products revenue

 

 

1,967

 

Total revenue

 

$

9,722

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

Services transferred over time

 

$

7,755

 

Products transferred at a point in time

 

 

1,967

 

Total revenue

 

$

9,722

 

 

 

 

 

 

Markets:

 

 

 

 

Banff Jasper Collection

 

$

7,089

 

Alaska Collection

 

 

213

 

Glacier Park Collection

 

 

626

 

FlyOver

 

 

1,794

 

Total revenue

 

$

9,722

 

 

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:

 

 

 

December 31, 2017

 

(in thousands)

 

As Previously Reported

 

 

Reclassifications

 

 

As Adjusted

 

Cash and cash equivalents

 

$

53,723

 

 

 

 

 

$

53,723

 

Accounts receivable, net

 

 

104,811

 

 

 

 

 

 

104,811

 

Inventories (1)

 

 

30,372

 

 

 

(12,822

)

 

 

17,550

 

Current contract costs (1)

 

 

 

 

 

13,436

 

 

 

13,436

 

Other current assets (1)

 

 

21,030

 

 

 

(1,289

)

 

 

19,741

 

Property and equipment, net

 

 

305,571

 

 

 

 

 

 

305,571

 

Other investments and assets (1)

 

 

47,512

 

 

 

675

 

 

 

48,187

 

Deferred income taxes

 

 

23,548

 

 

 

 

 

 

23,548

 

Goodwill

 

 

270,551

 

 

 

 

 

 

270,551

 

Other intangible assets, net

 

 

62,781

 

 

 

 

 

 

62,781

 

Total assets

 

$

919,899

 

 

 

 

 

$

919,899

 

Accounts payable

 

$

77,380

 

 

 

 

 

$

77,380

 

Customer deposits (2)

 

 

33,415

 

 

 

(33,415

)

 

 

 

Contract liabilities (2)

 

 

 

 

 

31,981

 

 

 

31,981

 

Accrued compensation

 

 

30,614

 

 

 

 

 

 

30,614

 

Other current liabilities (2)

 

 

38,720

 

 

 

1,434

 

 

 

40,154

 

Debt and capital lease obligations, current and long-term

 

 

209,192

 

 

 

 

 

 

209,192

 

Pension and postretirement benefits

 

 

28,135

 

 

 

 

 

 

28,135

 

Other deferred items and liabilities

 

 

52,858

 

 

 

 

 

 

52,858

 

Total liabilities

 

 

470,314

 

 

 

 

 

 

470,314

 

Redeemable noncontrolling interest

 

 

6,648

 

 

 

 

 

 

6,648

 

Total stockholders' equity (3)

 

 

442,937

 

 

 

 

 

 

442,937

 

Total liabilities and stockholders' equity

 

$

919,899

 

 

 

 

 

$

919,899

 

 

(1)

Contract costs primarily consist of deferred core services costs (including labor and vendor purchases) required to service future exhibitions, conferences and other events, and commission expenses incurred to obtain contracts. All such costs were previously included in “Inventories” and in other certain assets. As a result of the changes noted above, deferred core services costs related to exhibitions and events that are scheduled to occur longer than one year in the future are currently included in “Other investments and assets”. The impact of this change reduced total current assets at December 31, 2017 by $0.7 million. The amount of deferred core services costs included in “Other investments and assets” at March 31, 2018 was $4.6 million.

(2)

In connection with the adoption of Topic 606, we elected to more prominently present contract liabilities on the Consolidated Balance Sheets. Consequently, customer deposits of $33.4 million as of December 31, 2017, have been reclassified to “Contract liabilities” and to other certain current liabilities to conform to the current period presentation.

(3)

The cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of retained earnings was determined to be immaterial and therefore no adjustment was made.

v3.8.0.1
Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Share-Based Compensation Expense

The following table summarizes share-based compensation expense:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2018

 

 

2017

 

Performance unit incentive plan (“PUP”)

 

$

194

 

 

$

1,316

 

Restricted stock

 

 

503

 

 

 

623

 

Restricted stock units

 

 

20

 

 

 

60

 

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

 

 

Summary of Activity of the Outstanding Share-Based Compensation Awards

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

 

 

 

PUP Awards

 

 

Restricted Stock

 

 

Restricted Stock Units

 

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

 

Balance at December 31, 2017

 

 

239,338

 

 

$

32.80

 

 

 

206,899

 

 

$

33.16

 

 

 

12,750

 

 

$

30.94

 

Granted

 

 

71,625

 

 

$

52.15

 

 

 

41,457

 

 

$

52.15

 

 

 

3,669

 

 

$

52.28

 

Vested

 

 

(75,761

)

 

$

27.29

 

 

 

(54,458

)

 

$

27.35

 

 

 

(4,300

)

 

$

27.35

 

Forfeited

 

 

 

 

$

 

 

 

(1,156

)

 

$

36.37

 

 

 

(258

)

 

$

37.69

 

Balance at March 31, 2018

 

 

235,202

 

 

$

40.46

 

 

 

192,742

 

 

$

38.87

 

 

 

11,861

 

 

$

38.70

 

 

Summary of Stock Option Activity

Stock Options

The following table summarizes stock option activity:

 

 

 

Shares

 

 

Weighted-Average

Exercise Price

 

Options outstanding and exercisable at December 31, 2017

 

 

63,773

 

 

$

16.62

 

Exercised

 

 

(5,084

)

 

$

16.62

 

Options outstanding and exercisable at March 31, 2018

 

 

58,689

 

 

$

16.62

 

 

v3.8.0.1
Inventories (Tables)
3 Months Ended
Mar. 31, 2018
Inventory Disclosure [Abstract]  
Components of Inventories

The components of inventories consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

2017

 

Raw materials

 

$

17,514

 

 

$

17,550

 

Work in process (1)

 

 

 

 

 

 

Inventories

 

$

17,514

 

 

$

17,550

 

 

(1)

Upon the adoption of Topic 606, the deferred incremental costs of obtaining and fulfilling contracts that were previously reported in Inventories under “Work in process” are currently reported under “Current contract costs” and “Other investments and assets.” Refer to Note 2 Revenue and Related Contract Costs and Contract Liabilities for additional information.

v3.8.0.1
Other Current Assets (Tables)
3 Months Ended
Mar. 31, 2018
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets

Other current assets consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

2017

 

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

 

 

v3.8.0.1
Property and Equipment (Tables)
3 Months Ended
Mar. 31, 2018
Property Plant And Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

2017

 

Land and land interests

 

$

32,333

 

 

$

32,544

 

Buildings and leasehold improvements

 

 

233,069

 

 

 

222,118

 

Equipment and other

 

 

359,911

 

 

 

351,676

 

Gross property and equipment

 

 

625,313

 

 

 

606,338

 

Accumulated depreciation

 

 

(308,434

)

 

 

(300,767

)

Property and equipment, net

 

$

316,879

 

 

$

305,571

 

 

v3.8.0.1
Other Investments and Assets (Tables)
3 Months Ended
Mar. 31, 2018
Investments All Other Investments [Abstract]  
Summary of Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

2017

 

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

 

 

(1)

Upon the adoption of Topic 606, the deferred incremental costs of obtaining and fulfilling contracts that were previously reported in Inventories under “Work in process” are currently reported under “Current contract costs” and “Other investments and assets.” Refer to Note 2 Revenue and Related Contract Costs and Contract Liabilities for additional information.

 

v3.8.0.1
Goodwill and Other Intangible Assets (Tables)
3 Months Ended
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:

 

(in thousands)

 

GES U.S.

 

 

GES International

 

 

Pursuit

 

 

Total

 

Balance at December 31, 2017

 

$

148,277

 

 

$

38,840

 

 

$

83,434

 

 

$

270,551

 

Foreign currency translation adjustments

 

 

 

 

 

931

 

 

 

(1,688

)

 

 

(757

)

Balance at March 31, 2018

 

$

148,277

 

 

$

39,771

 

 

$

81,746

 

 

$

269,794

 

 

Summary of Other Intangible Assets

Other intangible assets consisted of the following:

 

 

 

March 31, 2018

 

 

December 31, 2017

 

(in thousands)

 

Gross Carrying

Value

 

 

Accumulated

Amortization

 

 

Net Carrying Value

 

 

Gross Carrying

Value

 

 

Accumulated

Amortization

 

 

Net Carrying Value

 

Amortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

$

69,074

 

 

$

(25,930

)

 

$

43,144

 

 

$

68,798

 

 

$

(23,696

)

 

$

45,102

 

Operating contracts and licenses

 

 

9,702

 

 

 

(1,086

)

 

 

8,616

 

 

 

9,951

 

 

 

(1,094

)

 

 

8,857

 

Tradenames

 

 

8,656

 

 

 

(3,137

)

 

 

5,519

 

 

 

8,633

 

 

 

(2,873

)

 

 

5,760

 

Non-compete agreements

 

 

5,395

 

 

 

(3,356

)

 

 

2,039

 

 

 

5,363

 

 

 

(3,007

)

 

 

2,356

 

Other

 

 

1,699

 

 

 

(682

)

 

 

1,017

 

 

 

896

 

 

 

(650

)

 

 

246

 

Total amortized intangible assets

 

 

94,526

 

 

 

(34,191

)

 

 

60,335

 

 

 

93,641

 

 

 

(31,320

)

 

 

62,321

 

Unamortized intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

460

 

 

 

 

 

 

460

 

 

 

460

 

 

 

 

 

 

460

 

Other intangible assets

 

$

94,986

 

 

$

(34,191

)

 

$

60,795

 

 

$

94,101

 

 

$

(31,320

)

 

$

62,781

 

 

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:

 

(in thousands)

 

 

 

 

Year ending December 31,

 

 

 

 

Remainder of 2018

 

$

8,450

 

2019

 

 

10,042

 

2020

 

 

8,537

 

2021

 

 

7,537

 

2022

 

 

5,986

 

Thereafter

 

 

19,783

 

Total

 

$

60,335

 

 

v3.8.0.1
Other Current Liabilities (Tables)
3 Months Ended
Mar. 31, 2018
Other Liabilities Current [Abstract]  
Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

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

 

Accrued rebates (2)

 

 

 

 

 

 

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

 

 

(1)

Upon the adoption of Topic 606, we present customer deposits as “Contract liabilities” as they are received prior to transferring the related product or service to the customer. We recognize revenue upon satisfaction of the related contract performance obligation(s). Deposits received from GES’ events accommodation services are not classified as contract liabilities as they are deposits from hotel guests that are passed on to the hotels. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities for additional information.

(2)

Upon the adoption of Topic 606, we reclassified $1.1 million of accrued rebates to “Contract liabilities” on the December 31, 2017 Condensed Consolidated Balance Sheet as they represent future performance obligations. Refer to Note 2 Revenue and Related Contract Costs and Contract Liabilities for additional information.

v3.8.0.1
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:

 

 

 

March 31,

 

 

December 31,

 

(in thousands)

 

2018

 

 

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

 

 

v3.8.0.1
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:

 

 

 

March 31,

 

 

December 31,

 

(in thousands, except interest rates)

 

2018

 

 

2017

 

Revolving credit facility and term loan 3.4% weighted-average interest rate at

   March 31, 2018 and 3.1% at December 31, 2017, due through 2019 (1)

 

$

212,831

 

 

$

207,322

 

Brewster Inc. revolving credit facility 3.0% weighted-average interest rate at

   March 31, 2018 (1)

 

 

15,498

 

 

 

 

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

 

(1)

Represents the weighted-average interest rate in effect at the respective periods for the revolving credit facilities and term loan borrowings, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.

(2)

Borrowings under the revolving credit facilities are classified as current because all borrowed amounts are due within one year.

v3.8.0.1
Fair Value Measurements (Tables)
3 Months Ended
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:

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

March 31, 2018

 

 

Quoted Prices in

Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

119

 

 

$

119

 

 

$

 

 

$

 

Other mutual funds(2)

 

 

2,823

 

 

 

2,823

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

2,942

 

 

$

2,942

 

 

$

 

 

$

 

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2017

 

 

Quoted Prices

in Active

Markets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

$

119

 

 

$

119

 

 

$

 

 

$

 

Other mutual funds(2)

 

 

2,637

 

 

 

2,637

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

2,756

 

 

$

2,756

 

 

$

 

 

$

 

(1)

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

(2)

Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. Unrealized gains of $1.0 million ($0.6 million after tax) as of December 31, 2017 are included in “Accumulated other comprehensive income (loss)” (“AOCI”) in the Condensed Consolidated Balance Sheets. Upon the adoption of ASU 2016-01, unrealized gains on equity securities classified as available-for-sale are recognized in net income rather than AOCI. We adopted this guidance prospectively, and recognized a cumulative-effect adjustment of $0.6 million to beginning retained earnings. Refer to Note 14 – Stockholders’ Equity for additional information.

v3.8.0.1
Stockholders' Equity (Tables)
3 Months Ended
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:

 

(in thousands)

 

Total Viad

Stockholders’

Equity

 

 

Non-redeemable

Noncontrolling

Interest

 

 

Total

Stockholders’

Equity

 

Balance at December 31, 2017

 

$

429,131

 

 

$

13,806

 

 

$

442,937

 

Net loss

 

 

(9,387

)

 

 

(364

)

 

 

(9,751

)

Dividends on common stock ($0.10 per share)

 

 

(2,046

)

 

 

 

 

 

(2,046

)

Common stock purchased for treasury

 

 

(868

)

 

 

 

 

 

(868

)

Employee benefit plans

 

 

1,938

 

 

 

 

 

 

1,938

 

Unrealized foreign currency translation adjustment

 

 

(3,109

)

 

 

 

 

 

(3,109

)

Other changes to AOCI

 

 

445

 

 

 

 

 

 

445

 

Other

 

 

(67

)

 

 

 

 

 

(67

)

Balance at March 31, 2018

 

$

416,037

 

 

$

13,442

 

 

$

429,479

 

 

(in thousands)

 

Total Viad

Stockholders’

Equity

 

 

Non-redeemable

Noncontrolling

Interest

 

 

Total

Stockholders’

Equity

 

Balance at December 31, 2016

 

$

357,355

 

 

$

13,283

 

 

$

370,638

 

Net income (loss)

 

 

6,777

 

 

 

(264

)

 

 

6,513

 

Dividends on common stock ($0.10 per share)

 

 

(2,038

)

 

 

 

 

 

(2,038

)

Common stock purchased for treasury

 

 

(1,204

)

 

 

 

 

 

(1,204

)

Employee benefit plans

 

 

1,779

 

 

 

 

 

 

1,779

 

Unrealized foreign currency translation adjustment

 

 

2,345

 

 

 

 

 

 

2,345

 

Other changes to AOCI

 

 

95

 

 

 

 

 

 

95

 

Other

 

 

(92

)

 

 

 

 

 

(92

)

Balance at March 31, 2017

 

$

365,017

 

 

$

13,019

 

 

$

378,036

 

 

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in AOCI by component are as follows:

 

(in thousands)

 

Unrealized Gains

on Investments

 

 

Cumulative

Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

Balance at December 31, 2017

 

$

616

 

 

$

(12,026

)

 

$

(11,158

)

 

$

(22,568

)

Adoption of ASU 2016-01 (1)

 

 

(616

)

 

 

 

 

 

 

 

 

(616

)

Other comprehensive income before reclassifications

 

 

 

 

 

(3,109

)

 

 

 

 

 

(3,109

)

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

 

 

 

445

 

 

 

445

 

Net other comprehensive income (loss)

 

 

(616

)

 

 

(3,109

)

 

 

445

 

 

 

(3,280

)

Balance at March 31, 2018

 

$

 

 

$

(15,135

)

 

$

(10,713

)

 

$

(25,848

)

 

(1)

Upon the adoption of ASU 2016-01, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.

v3.8.0.1
Income Per Share (Tables)
3 Months Ended
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:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands, except per share data)

 

2018

 

 

2017

 

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

 

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

 

Income (loss) per share:

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

(0.47

)

 

$

0.33

 

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

 

$

(0.47

)

 

$

0.33

 

 

(1)

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

v3.8.0.1
Pension and Postretirement Benefits (Tables)
3 Months Ended
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:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Service cost

 

$

2

 

 

$

9

 

 

$

24

 

 

$

30

 

 

$

142

 

 

$

130

 

Interest cost

 

 

187

 

 

 

229

 

 

 

94

 

 

 

126

 

 

 

92

 

 

 

114

 

Expected return on plan assets

 

 

(35

)

 

 

(39

)

 

 

 

 

 

 

 

 

(129

)

 

 

(148

)

Amortization of prior service credit

 

 

 

 

 

 

 

 

(84

)

 

 

(111

)

 

 

 

 

 

 

Recognized net actuarial loss

 

 

122

 

 

 

136

 

 

 

52

 

 

 

100

 

 

 

41

 

 

 

45

 

Net periodic benefit cost

 

$

276

 

 

$

335

 

 

$

86

 

 

$

145

 

 

$

146

 

 

$

141

 

 

v3.8.0.1
Restructuring Charges (Tables)
3 Months Ended
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:

 

 

 

GES

 

 

Other Restructurings

 

 

 

 

 

(in thousands)

 

Severance &

Employee

Benefits

 

 

Facilities

 

 

Severance &

Employee

Benefits

 

 

Total

 

Balance at December 31, 2017

 

$

1,551

 

 

$

807

 

 

$

191

 

 

$

2,549

 

Restructuring charges

 

 

32

 

 

 

 

 

 

130

 

 

 

162

 

Cash payments

 

 

(167

)

 

 

(20

)

 

 

(295

)

 

 

(482

)

Adjustment to liability

 

 

451

 

 

 

(451

)

 

 

(14

)

 

 

(14

)

Balance at March 31, 2018

 

$

1,867

 

 

$

336

 

 

$

12

 

 

$

2,215

 

 

v3.8.0.1
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:

 

(in thousands)

 

 

 

 

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

 

 

v3.8.0.1
Segment Information (Tables)
3 Months Ended
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:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2018

 

 

2017

 

Revenue:

 

 

 

 

 

 

 

 

GES:

 

 

 

 

 

 

 

 

U.S.

 

$

203,868

 

 

$

257,211

 

International

 

 

67,186

 

 

 

63,899

 

Intersegment eliminations

 

 

(3,348

)

 

 

(3,239

)

Total GES

 

 

267,706

 

 

 

317,871

 

Pursuit

 

 

9,722

 

 

 

7,936

 

Total revenue

 

$

277,428

 

 

$

325,807

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

GES:

 

 

 

 

 

 

 

 

U.S.

 

$

(1,556

)

 

$

21,346

 

International

 

 

2,136

 

 

 

2,033

 

Total GES

 

 

580

 

 

 

23,379

 

Pursuit

 

 

(11,395

)

 

 

(10,275

)

Segment operating income (loss)

 

 

(10,815

)

 

 

13,104

 

Corporate eliminations (1)

 

 

16

 

 

 

16

 

Corporate activities

 

 

(2,217

)

 

 

(2,541

)

Operating income (loss)

 

 

(13,016

)

 

 

10,579

 

Interest income

 

 

84

 

 

 

58

 

Interest expense

 

 

(2,069

)

 

 

(2,105

)

Other expense (2)

 

 

(238

)

 

 

(452

)

Restructuring recoveries (charges):

 

 

 

 

 

 

 

 

GES U.S.

 

 

 

 

 

(24

)

GES International

 

 

(32

)

 

 

(233

)

Pursuit

 

 

(140

)

 

 

 

Corporate

 

 

10

 

 

 

(137

)

Impairment recoveries:

 

 

 

 

 

 

 

 

Pursuit

 

 

 

 

 

2,384

 

Income (loss) from continuing operations before income taxes

 

$

(15,401

)

 

$

10,070

 

(1)

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

(2)

We adopted ASU 2017-07 on January 1, 2018, which requires retrospective adoption. As a result, we recorded the nonservice cost component of net periodic benefit cost within other expense for the three months ended March 31, 2018, and we reclassified $0.5 million from operating expenses to other expense for the three months ended March 31, 2017 to conform with current period presentation. Refer to Note 1 – Overview and Basis of Presentation for additional details on the impact of this adoption on our Condensed Consolidated Statements of Operations.

v3.8.0.1
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  
[1] We adopted ASU 2017-07 on January 1, 2018, which requires retrospective adoption. As a result, we recorded the nonservice cost component of net periodic benefit cost within other expense for the three months ended March 31, 2018, and we reclassified $0.5 million from operating expenses to other expense for the three months ended March 31, 2017 to conform with current period presentation. Refer to Note 1 – Overview and Basis of Presentation for additional details on the impact of this adoption on our Condensed Consolidated Statements of Operations.
v3.8.0.1
Overview and Basis of Presentation - Revenue in Condensed Consolidated Statement of Operations (Details) - USD ($)
$ 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
v3.8.0.1
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
v3.8.0.1
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
[1] We adopted ASU 2017-07 on January 1, 2018, which requires retrospective adoption. As a result, we recorded the nonservice cost component of net periodic benefit cost within other expense for the three months ended March 31, 2018, and we reclassified $0.5 million from operating expenses to other expense for the three months ended March 31, 2017 to conform with current period presentation. Refer to Note 1 – Overview and Basis of Presentation for additional details on the impact of this adoption on our Condensed Consolidated Statements of Operations.
v3.8.0.1
Overview and Basis of Presentation - Impact of Adopting Topic 606 on Condensed Consolidated Statement of Operations (Details) - USD ($)
$ 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)  
v3.8.0.1
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  
v3.8.0.1
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
v3.8.0.1
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  
v3.8.0.1
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    
[1] Contract costs primarily consist of deferred core services costs (including labor and vendor purchases) required to service future exhibitions, conferences and other events, and commission expenses incurred to obtain contracts. All such costs were previously included in “Inventories” and in other certain assets. As a result of the changes noted above, deferred core services costs related to exhibitions and events that are scheduled to occur longer than one year in the future are currently included in “Other investments and assets”. The impact of this change reduced total current assets at December 31, 2017 by $0.7 million. The amount of deferred core services costs included in “Other investments and assets” at March 31, 2018 was $4.6 million.
[2] In connection with the adoption of Topic 606, we elected to more prominently present contract liabilities on the Consolidated Balance Sheets. Consequently, customer deposits of $33.4 million as of December 31, 2017, have been reclassified to “Contract liabilities” and to other certain current liabilities to conform to the current period presentation.
[3] The cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of retained earnings was determined to be immaterial and therefore no adjustment was made.
v3.8.0.1
Revenue and Related Contract Costs and Contract Liabilities - Balance Sheet Reclassifications made to Separately Present Contract Costs and Contract Liabilities in Connection with Adoption of Topic 606 (Parenthetical) (Details) - USD ($)
$ 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  
[1] In connection with the adoption of Topic 606, we elected to more prominently present contract liabilities on the Consolidated Balance Sheets. Consequently, customer deposits of $33.4 million as of December 31, 2017, have been reclassified to “Contract liabilities” and to other certain current liabilities to conform to the current period presentation.
v3.8.0.1
Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($)
$ 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
v3.8.0.1
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    
v3.8.0.1
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
v3.8.0.1
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
v3.8.0.1
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
v3.8.0.1
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]
[1] Contract costs primarily consist of deferred core services costs (including labor and vendor purchases) required to service future exhibitions, conferences and other events, and commission expenses incurred to obtain contracts. All such costs were previously included in “Inventories” and in other certain assets. As a result of the changes noted above, deferred core services costs related to exhibitions and events that are scheduled to occur longer than one year in the future are currently included in “Other investments and assets”. The impact of this change reduced total current assets at December 31, 2017 by $0.7 million. The amount of deferred core services costs included in “Other investments and assets” at March 31, 2018 was $4.6 million.
v3.8.0.1
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($)
$ 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]
[1] Contract costs primarily consist of deferred core services costs (including labor and vendor purchases) required to service future exhibitions, conferences and other events, and commission expenses incurred to obtain contracts. All such costs were previously included in “Inventories” and in other certain assets. As a result of the changes noted above, deferred core services costs related to exhibitions and events that are scheduled to occur longer than one year in the future are currently included in “Other investments and assets”. The impact of this change reduced total current assets at December 31, 2017 by $0.7 million. The amount of deferred core services costs included in “Other investments and assets” at March 31, 2018 was $4.6 million.
v3.8.0.1
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
$ 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
v3.8.0.1
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
v3.8.0.1
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]
[1] Upon the adoption of Topic 606, the deferred incremental costs of obtaining and fulfilling contracts that were previously reported in Inventories under “Work in process” are currently reported under “Current contract costs” and “Other investments and assets.” Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities for additional information.
[2] Contract costs primarily consist of deferred core services costs (including labor and vendor purchases) required to service future exhibitions, conferences and other events, and commission expenses incurred to obtain contracts. All such costs were previously included in “Inventories” and in other certain assets. As a result of the changes noted above, deferred core services costs related to exhibitions and events that are scheduled to occur longer than one year in the future are currently included in “Other investments and assets”. The impact of this change reduced total current assets at December 31, 2017 by $0.7 million. The amount of deferred core services costs included in “Other investments and assets” at March 31, 2018 was $4.6 million.
v3.8.0.1
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
v3.8.0.1
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
v3.8.0.1
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  
v3.8.0.1
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
v3.8.0.1
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]
[1] Upon the adoption of Topic 606, we present customer deposits as “Contract liabilities” as they are received prior to transferring the related product or service to the customer. We recognize revenue upon satisfaction of the related contract performance obligation(s). Deposits received from GES’ events accommodation services are not classified as contract liabilities as they are deposits from hotel guests that are passed on to the hotels. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities for additional information.
[2] In connection with the adoption of Topic 606, we elected to more prominently present contract liabilities on the Consolidated Balance Sheets. Consequently, customer deposits of $33.4 million as of December 31, 2017, have been reclassified to “Contract liabilities” and to other certain current liabilities to conform to the current period presentation.
v3.8.0.1
Other Current Liabilities - Schedule of Other Current Liabilities (Parenthetical) (Details) - USD ($)
$ 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
[1] In connection with the adoption of Topic 606, we elected to more prominently present contract liabilities on the Consolidated Balance Sheets. Consequently, customer deposits of $33.4 million as of December 31, 2017, have been reclassified to “Contract liabilities” and to other certain current liabilities to conform to the current period presentation.
v3.8.0.1
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($)
$ 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
v3.8.0.1
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  
[1] Represents the weighted-average interest rate in effect at the respective periods for the revolving credit facilities and term loan borrowings, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.
[2] Borrowings under the revolving credit facilities are classified as current because all borrowed amounts are due within one year.
v3.8.0.1
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%  
v3.8.0.1
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%        
[1] Represents the weighted-average interest rate in effect at the respective periods for the revolving credit facilities and term loan borrowings, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.
v3.8.0.1
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
[1] Money market funds are included in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds.
[2] Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded at fair value. Unrealized gains of $1.0 million ($0.6 million after tax) as of December 31, 2017 are included in “Accumulated other comprehensive income (loss)” (“AOCI”) in the Condensed Consolidated Balance Sheets. Upon the adoption of ASU 2016-01, unrealized gains on equity securities classified as available-for-sale are recognized in net income rather than AOCI. We adopted this guidance prospectively, and recognized a cumulative-effect adjustment of $0.6 million to beginning retained earnings. Refer to Note 14 – Stockholders’ Equity for additional information.
v3.8.0.1
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details) - USD ($)
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
v3.8.0.1
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
[1] The cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of retained earnings was determined to be immaterial and therefore no adjustment was made.
[2] The tax effect on other comprehensive income (loss) is not significant.
v3.8.0.1
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
v3.8.0.1
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)
[1] The cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of retained earnings was determined to be immaterial and therefore no adjustment was made.
v3.8.0.1
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
v3.8.0.1
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
[1] Diluted income (loss) per share amount cannot exceed basic income (loss) per share.
v3.8.0.1
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
v3.8.0.1
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 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
v3.8.0.1
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
v3.8.0.1
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  
v3.8.0.1
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  
v3.8.0.1
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  
v3.8.0.1
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
v3.8.0.1
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)
[1] We adopted ASU 2017-07 on January 1, 2018, which requires retrospective adoption. As a result, we recorded the nonservice cost component of net periodic benefit cost within other expense for the three months ended March 31, 2018, and we reclassified $0.5 million from operating expenses to other expense for the three months ended March 31, 2017 to conform with current period presentation. Refer to Note 1 – Overview and Basis of Presentation for additional details on the impact of this adoption on our Condensed Consolidated Statements of Operations.
[2] Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola.
v3.8.0.1
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Parenthetical) (Details) - USD ($)
$ 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
[1] We adopted ASU 2017-07 on January 1, 2018, which requires retrospective adoption. As a result, we recorded the nonservice cost component of net periodic benefit cost within other expense for the three months ended March 31, 2018, and we reclassified $0.5 million from operating expenses to other expense for the three months ended March 31, 2017 to conform with current period presentation. Refer to Note 1 – Overview and Basis of Presentation for additional details on the impact of this adoption on our Condensed Consolidated Statements of Operations.