VIAD CORP, 10-Q filed on 5/9/2013
Quarterly Report
Document and Entity Information
3 Months Ended
Mar. 31, 2013
Apr. 30, 2013
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, 2013 
 
Amendment Flag
false 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q1 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
20,324,644 
Condensed Consolidated Balance Sheets (Unaudited) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Current assets:
 
 
Cash and cash equivalents
$ 95,727 
$ 114,171 
Accounts receivable, net of allowance for doubtful accounts of $1,467 and $1,150 respectively
84,927 
62,756 
Inventories
33,956 
35,656 
Deferred income taxes
22,043 
26,301 
Other current assets
18,813 
15,534 
Total current assets
255,466 
254,418 
Property and equipment, net
192,639 
197,298 
Other investments and assets
31,681 
32,416 
Deferred income taxes
27,157 
26,104 
Goodwill
135,411 
137,820 
Other intangible assets, net
5,274 
2,521 
Total Assets
647,628 
650,577 
Current liabilities:
 
 
Accounts payable
66,720 
57,995 
Other current liabilities
94,625 
107,684 
Current portion of long-term debt and capital lease obligations
1,410 
1,347 
Total current liabilities
162,755 
167,026 
Long-term debt and capital lease obligations
1,045 
879 
Pension and postretirement benefits
37,641 
37,812 
Other deferred items and liabilities
48,569 
47,828 
Total liabilities
250,010 
253,545 
Commitments and contingencies (Note 16)
 
   
Viad Corp stockholders' equity:
 
 
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued
37,402 
37,402 
Additional capital
588,061 
593,862 
Retained deficit
(7,003)
(13,034)
Unearned employee benefits and other
(1,050)
(1,301)
Accumulated other comprehensive income (loss):
 
 
Unrealized gains on investments
336 
275 
Cumulative foreign currency translation adjustments
36,030 
42,158 
Unrecognized net actuarial loss and prior service credit, net
(14,927)
(14,968)
Common stock in treasury, at cost, 4,607,279 and 4,694,468 shares, respectively
(249,927)
(256,333)
Total Viad Corp stockholders' equity
388,922 
388,061 
Noncontrolling interest
8,696 
8,971 
Total stockholders' equity
397,618 
397,032 
Total Liabilities and Stockholders' Equity
$ 647,628 
$ 650,577 
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) (USD $)
In Thousands, except Share data, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Condensed Consolidated Balance Sheets [Abstract]
 
 
Allowance for doubtful accounts
$ 1,467 
$ 1,150 
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 in treasury, shares
4,607,279 
4,694,468 
Condensed Consolidated Statements of Operations (Unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Revenues:
 
 
Exhibition and event services
$ 234,163 
$ 215,888 
Exhibits and environments
42,598 
46,156 
Travel and recreation services
8,402 
6,728 
Total revenues
285,163 
268,772 
Costs and expenses:
 
 
Costs of services
231,497 
222,109 
Costs of products sold
40,839 
41,130 
Corporate activities
806 
1,777 
Interest income
(138)
(169)
Interest expense
296 
358 
Restructuring charges
720 
2,225 
Total costs and expenses
274,020 
267,430 
Income before income taxes
11,143 
1,342 
Income tax expense
3,353 
527 
Net income
7,790 
815 
Net loss attributable to noncontrolling interest
275 
212 
Net income attributable to Viad
$ 8,065 
$ 1,027 
Diluted income per common share
 
 
Net income attributable to Viad common stockholders
$ 0.40 
$ 0.05 
Weighted-average outstanding and potentially dilutive common shares
20,193 
19,917 
Basic income per common share
 
 
Net income attributable to Viad common stockholders
$ 0.40 
$ 0.05 
Weighted-average outstanding common shares
19,790 
19,645 
Dividends declared per common share
$ 0.10 
$ 0.04 
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Condensed Consolidated Statements of Comprehensive Income [Abstract]
 
 
Net income
$ 7,790 
$ 815 
Other comprehensive income (loss):
 
 
Unrealized gains on investments, net of tax
61 
93 
Unrealized foreign currency translation adjustments, net of tax
(6,128)
4,386 
Amortization of net actuarial loss, net of tax
181 
175 
Amortization of prior service credit, net of tax
(140)
(172)
Total other comprehensive income (loss)
(6,026)
4,482 
Comprehensive income
1,764 
5,297 
Comprehensive loss attributable to noncontrolling interest
275 
212 
Comprehensive income attributable to Viad
$ 2,039 
$ 5,509 
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Cash flows from operating activities:
 
 
Net income
$ 7,790 
$ 815 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
 
 
Depreciation and amortization
7,015 
6,959 
Deferred income taxes
3,275 
5,558 
Restructuring charges
720 
2,225 
Gains on disposition of property and other assets
(152)
(3)
Share-based compensation expense
1,819 
1,217 
Excess tax benefit from share-based compensation arrangements
(378)
(269)
Other non-cash items, net
1,641 
1,375 
Change in operating assets and liabilities (excluding the impact of acquisitions):
 
 
Receivables
(22,612)
(16,313)
Inventories
1,700 
(2,151)
Accounts payable
12,368 
16,925 
Restructuring liabilities
(1,443)
(809)
Accrued compensation
(11,035)
(6,438)
Customer deposits
(8,414)
(5,405)
Income taxes payable
(84)
496 
Other assets and liabilities, net
2,215 
(1,397)
Net cash provided by (used in) operating activities
(5,575)
2,785 
Cash flows from investing activities:
 
 
Capital expenditures
(8,320)
(7,548)
Acquisition of businesses, net of cash acquired
(647)
(23,546)
Proceeds from dispositions of property and other assets
173 
Net cash used in investing activities
(8,794)
(31,085)
Cash flows from financing activities:
 
 
Payments on debt and capital lease obligations
(483)
(669)
Dividends paid on common stock
(2,034)
(813)
Common stock purchased for treasury
(1,187)
(1,000)
Excess tax benefit from share-based compensation arrangements
378 
269 
Proceeds from exercise of stock options
535 
89 
Net cash used in financing activities
(2,791)
(2,124)
Effect of exchange rate changes on cash and cash equivalents
(1,284)
1,655 
Net change in cash and cash equivalents
(18,444)
(28,769)
Cash and cash equivalents, beginning of year
114,171 
100,376 
Cash and cash equivalents, end of period
95,727 
71,607 
Supplemental disclosure of cash flow information
 
 
Cash paid for income taxes
2,181 
1,809 
Cash paid for interest
234 
286 
Equipment acquired under capital leases
$ 393 
$ 186 
Basis of Preparation and Principles of Consolidation
Basis of Preparation and Principles of Consolidation

Note 1. Basis of Preparation and Principles of Consolidation

The accompanying unaudited, condensed consolidated financial statements of Viad Corp (“Viad” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013.

For further information, refer to the consolidated financial statements and related footnotes for the year ended December 31, 2012, included in the Company’s Form 10-K (File No. 001-11015), filed with the Securities and Exchange Commission on March 11, 2013.

The condensed consolidated financial statements include the accounts of Viad and all of its subsidiaries. All significant intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation. Viad’s reporting segments consist of Marketing & Events U.S., Marketing & Events International and the Travel & Recreation Group.

The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), specializes in all aspects of the design, planning and production of face-to-face events, immersive environments and brand-based experiences for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group provides a variety of immersive, entertaining attractions and brand-based experiences, sponsored events, mobile marketing and other branded entertainment and face-to-face marketing solutions for clients and venues, including shopping malls, movie studios, museums and leading consumer brands.

The Travel & Recreation Group segment consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”). Brewster provides tourism services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, motorcoach services, charter and sightseeing services, tour boat operations, inbound package tour operations and hotel operations. Glacier Park operates five lodges, three motor inns and one four-season resort hotel and provides food and beverage operations, retail operations and tour and transportation services in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada. Glacier Park is an 80 percent owned subsidiary of Viad. Alaska Denali Travel operates Denali Backcountry Lodge and Denali Cabins. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve.

 

Share-Based Compensation
Share-Based Compensation

Note 2. Share-Based Compensation

The following table summarizes share-based compensation expense for the three months ended March 31:

 

                 
    2013     2012  
    (in thousands)  

Performance unit incentive plan (“PUP”)

  $ 863     $ 238  

Restricted stock

    773       747  

Stock options

    95       145  

Restricted stock units

    88       87  
   

 

 

   

 

 

 

Total share-based compensation before income tax benefit

    1,819       1,217  

Income tax benefit

    (654     (436
   

 

 

   

 

 

 

Total share-based compensation, net of income tax benefit

  $ 1,165     $ 781  
   

 

 

   

 

 

 

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

                                                 
    Restricted Stock     Restricted Stock Units     PUP Awards  
    Shares     Weighted-
Average
Grant Date
Fair Value
    Units     Weighted-
Average
Grant Date
Fair Value
    Units     Weighted-
Average
Grant Date
Fair Value
 

Balance at January 1, 2013

    516,351     $ 21.25       40,500     $ 20.82       210,600     $ 21.70  

Granted

    99,400       27.35       8,600       27.35       93,100       27.35  

Vested

    (145,506     20.71       (11,300     19.10       —         —     

Forfeited

    (636     20.53       —         —          —         —     
   

 

 

           

 

 

           

 

 

         

Balance at March 31, 2013

    469,609       22.71       37,800       22.82       303,700       23.43  
   

 

 

           

 

 

           

 

 

         

The unamortized cost of all outstanding restricted stock awards as of March 31, 2013 was $5.9 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 2.2 years. During the three months ended March 31, 2013 and 2012, the Company repurchased 44,606 shares for $1.2 million and 50,894 shares for $1.0 million, respectively, related to tax withholding requirements on vested share-based awards. As of March 31, 2013, there were 1,001,609 total shares available for future grant.

As of March 31, 2013 and December 31, 2012, Viad had liabilities recorded of $421,000 and $633,000, respectively, related to restricted stock unit liability awards. A portion of the 2009 performance-based restricted stock unit awards vested effective December 31, 2009 and cash payouts of $35,000 were distributed in January 2012. Similarly, portions of the 2009 and 2010 restricted stock unit awards vested in February 2013 and February 2012 and cash payouts of $300,000 and $257,000 were distributed in February 2013 and 2012, respectively.

As of March 31, 2013 and December 31, 2012, Viad had liabilities recorded of $4.6 million and $3.7 million, respectively, related to PUP awards. There were no PUP awards which vested during the three months ended March 31, 2013 or 2012. Furthermore, there were no cash settlements of PUP awards during the three months ended March 31, 2013 or 2012.

The following table summarizes stock option activity:

 

                         
          Weighted-        
          Average     Options  
    Shares     Exercise Price     Exercisable  

Options outstanding at January 1, 2013

    363,896     $ 22.03       276,009  

Exercised

    (47,343     19.48          

Forfeited or expired

    (27,086     28.28          
   

 

 

                 

Options outstanding at March 31, 2013

    289,467       21.87       287,467  
   

 

 

                 

The total unrecognized cost related to non-vested stock option awards was $10,000 as of March 31, 2013, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately less than one year. No stock options were granted during the three months ended March 31, 2013.

 

Acquisition of Businesses
Acquisition of Businesses

Note 3. Acquisition of Businesses

On February 19, 2013, Viad acquired the assets of Resource Creative Limited (“RCL”) for $647,000 in cash, subject to certain adjustments, plus a deferred payment of up to approximately $278,000, which is contingent upon RCL’s performance. RCL is a United Kingdom-based company specializing in providing creative graphic services to the exhibition, events and retail markets throughout the United Kingdom and continental Europe.

The preliminary amounts assigned to the assets of RCL as of the acquisition date included: property and equipment of $72,000, goodwill of $158,000 and other intangible assets of $695,000. In addition, a liability of $278,000 was recorded as of the acquisition date related to the contingent consideration. The primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities. The goodwill is deductible for tax purposes over a period of 15 years. The amounts assigned to other intangible assets included: $564,000 of customer relationships and $131,000 of noncompete agreements. The weighted-average amortization period related to the other intangible assets was 4.5 years. The transaction costs related to the acquisition were insignificant. The results of operations of RCL have been included in Viad’s consolidated financial statements from the date of acquisition.

On March 7, 2012, Viad acquired the Banff International Hotel and related assets for $23.6 million in cash. The Banff International Hotel is a 162-guest room hotel located in downtown Banff, Alberta, Canada and is operated by Brewster within the Travel & Recreation Group. The following information represents the final amounts assigned to the assets and liabilities of the Banff International Hotel as of the date of acquisition:

 

         
    (in thousands)  

Cash and cash equivalents

  $ 10  

Accounts receivable

    23  

Other current assets

    33  

Property and equipment

    20,408  

Goodwill

    1,890  

Other intangible assets

    1,323  
   

 

 

 

Total assets acquired

    23,687  
   

 

 

 

Customer deposits

    (64

Other current liabilities

    (67
   

 

 

 

Total liabilities acquired

    (131
   

 

 

 

Purchase price

  $ 23,556  
   

 

 

 

The goodwill recorded in connection with the transaction is included in the Travel & Recreation Group. The primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities. The goodwill is deductible for tax purposes pursuant to regulations in Canada. The amount assigned to other intangible assets relates to an operating contract and customer relationships. The weighted-average amortization period related to the other intangible assets was 7.7 years. The transaction costs related to the acquisition were insignificant. The results of operations of the Banff International Hotel have been included in Viad’s consolidated financial statements from the date of acquisition.

The following table summarizes the unaudited pro forma results of operations attributable to Viad for the three months ended March 31 assuming that the acquisitions above had each been completed at the beginning of each period:

 

                 
    2013     2012  
    (in thousands, except per share data)  

Revenue

  $ 285,410     $ 269,439  

Depreciation and amortization

    7,056       7,229  

Segment operating income

    12,841       5,389  

Net income attributable to Viad

    8,074       938  

Diluted net income per share

    0.40       0.05  

Basic net income per share

    0.40       0.05  

 

Inventories
Inventories

Note 4. Inventories

The components of inventories were as follows:

 

                 
    March 31,
2013
    December 31,
2012
 
    (in thousands)  

Raw materials

  $ 15,765     $ 16,422  

Work in process

    18,191       19,234  
   

 

 

   

 

 

 

Inventories

  $ 33,956     $ 35,656  
   

 

 

   

 

 

 
Property and Equipment
Property and Equipment

Note 5. Property and Equipment

Property and equipment consisted of the following:

 

                 
    March 31,
2013
    December 31,
2012
 
    (in thousands)  

Land and land interests

  $ 25,879     $ 26,124  

Buildings and leasehold improvements

    136,497       137,293  

Equipment and other

    307,800       310,448  
   

 

 

   

 

 

 
      470,176       473,865  

Accumulated depreciation

    (277,537     (276,567
   

 

 

   

 

 

 

Property and equipment, net

  $ 192,639     $ 197,298  
   

 

 

   

 

 

 

Depreciation expense for the three months ended March 31, 2013 and 2012 was $6.7 million and $6.8 million, respectively.

Other Investments and Assets
Other Investments and Assets

Note 6. Other Investments and Assets

Other investments and assets consisted of the following:

 

                 
    March 31,
2013
    December 31,
2012
 
    (in thousands)  

Cash surrender value of life insurance

  $ 19,183     $ 19,142  

Workers’ compensation insurance security deposits

    3,350       3,350  

Other

    9,148       9,924  
   

 

 

   

 

 

 

Total other investments and assets

  $ 31,681     $ 32,416  
   

 

 

   

 

 

 
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets

Note 7. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the three months ended March 31, 2013 were as follows:

 

                                 
          Marketing &              
    Marketing &     Events     Travel &        
    Events U.S.     International     Recreation Group     Total  
    (in thousands)  

Balance at January 1, 2013

  $  62,686     $ 23,054     $ 52,080     $ 137,820  

Business acquisition

    —         158       —         158  

Foreign currency translation adjustments

    —         (1,374     (1,193     (2,567
   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2013

  $ 62,686     $ 21,838     $ 50,887     $ 135,411  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

The following table summarizes goodwill by reporting unit and segment:

 

                 
    March 31,     December 31,  
    2013     2012  
    (in thousands)  

Marketing & Events Group:

               

Marketing & Events U.S.

  $ 62,686     $ 62,686  

Marketing & Events International:

               

GES United Kingdom

    12,890       13,894  

GES Canada

    8,948       9,160  
   

 

 

   

 

 

 

Total Marketing & Events Group

    84,524       85,740  
   

 

 

   

 

 

 

Travel & Recreation Group:

               

Brewster

    43,242       44,435  

Glacier Park

    4,461       4,461  

Alaska Denali Travel

    3,184       3,184  
   

 

 

   

 

 

 

Total Travel & Recreation Group

    50,887       52,080  
   

 

 

   

 

 

 

Total goodwill

  $ 135,411     $ 137,820  
   

 

 

   

 

 

 

A summary of other intangible assets as of March 31, 2013 is presented below:

 

                         
    Gross Carrying     Accumulated     Net Carrying  
    Value     Amortization     Value  
    (in thousands)  

Amortized intangible assets:

                       

Contracts and customer relationships

  $ 6,342     $ (2,582   $ 3,760  

Other

    1,192       (138     1,054  
   

 

 

   

 

 

   

 

 

 
      7,534       (2,720     4,814  

Unamortized intangible assets:

                       

Business licenses

    460       —         460  
   

 

 

   

 

 

   

 

 

 

Total

  $ 7,994     $ (2,720   $ 5,274  
   

 

 

   

 

 

   

 

 

 

A summary of other intangible assets as of December 31, 2012 is presented below:

 

                         
    Gross Carrying     Accumulated     Net Carrying  
    Value     Amortization     Value  
    (in thousands)  

Amortized intangible assets:

                       

Contracts and customer relationships

  $ 3,594     $ (2,384   $ 1,210  

Other

    959       (108     851  
   

 

 

   

 

 

   

 

 

 
      4,553       (2,492     2,061  

Unamortized intangible assets:

                       

Business licenses

    460       —         460  
   

 

 

   

 

 

   

 

 

 

Total

  $ 5,013     $ (2,492   $ 2,521  
   

 

 

   

 

 

   

 

 

 

During the three months ended March 31, 2013, Viad recorded a contract-related intangible asset of $2.1 million in connection with a preferred supplier agreement. Intangible asset amortization expense for the three months ended March 31, 2013 and 2012 was $292,000 and $135,000, respectively. Estimated amortization expense related to amortized intangible assets for future periods is expected to be as follows:

 

         
    (in thousands)  

2013

  $ 953  

2014

    963  

2015

    763  

2016

    644  

2017

    861  

Thereafter

    630  

 

Accrued Liabilities and Other
Accrued Liabilities and Other

Note 8. Accrued Liabilities and Other

Other current liabilities consisted of the following:

 

                 
    March 31,     December 31,  
    2013     2012  
    (in thousands)  

Continuing operations:

               

Customer deposits

  $ 41,758     $ 50,172  

Accrued compensation

    16,796       25,067  

Self-insured liability accrual

    7,716       8,501  

Accrued employee benefit costs

    5,093       3,132  

Accrued sales and use taxes

    3,218       3,179  

Accrued restructuring

    2,723       4,084  

Accrued dividends

    2,063       2,053  

Other

    13,868       10,026  
   

 

 

   

 

 

 
      93,235       106,214  
   

 

 

   

 

 

 

Discontinued operations:

               

Self-insured liability accrual

    696       527  

Environmental remediation liabilities

    499       571  

Other

    195       372  
   

 

 

   

 

 

 
      1,390       1,470  
   

 

 

   

 

 

 

Total other current liabilities

  $ 94,625     $ 107,684  
   

 

 

   

 

 

 

Other deferred items and liabilities consisted of the following:

 

                 
    March 31,     December 31,  
    2013     2012  
    (in thousands)  

Continuing operations:

               

Self-insured liability accrual

  $ 16,055     $ 15,579  

Accrued compensation

    6,248       8,061  

Accrued restructuring

    3,778       3,140  

Foreign deferred tax liability

    2,031       2,024  

Other

    8,143       6,734  
   

 

 

   

 

 

 
      36,255       35,538  
   

 

 

   

 

 

 

Discontinued operations:

               

Self-insured liability accrual

    5,036       5,188  

Environmental remediation liabilities

    4,762       4,745  

Accrued income taxes

    1,061       1,053  

Other

    1,455       1,304  
   

 

 

   

 

 

 
      12,314       12,290  
   

 

 

   

 

 

 

Total other deferred items and liabilities

  $ 48,569     $ 47,828  
   

 

 

   

 

 

 
Debt
Debt

Note 9. Debt

In May 2011, Viad entered into an amended and restated revolving credit agreement (the “Credit Facility”). The Credit Facility provides for a $130 million revolving line of credit, which may be increased up to an additional $50 million under certain circumstances. The term of the Credit Facility is five years (expiring on May 18, 2016) and borrowings are to be used for general corporate purposes (including permitted acquisitions) and to support up to $50 million of letters of credit. The lenders have a first perfected security interest in all of the personal property of Viad and GES, including 65 percent of the capital stock of top-tier foreign subsidiaries. As of March 31, 2013, Viad’s total debt of $2.5 million consisted entirely of capital lease obligations. As of March 31, 2013, Viad had $128.2 million of capacity remaining under the Credit Facility reflecting outstanding letters of credit of $1.8 million.

Borrowings under the Credit Facility (of which GES is a guarantor) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to Viad’s leverage ratio. Commitment fees and letters of credit fees are also tied to Viad’s leverage ratio. The fees on the unused portion of the Credit Facility are currently 0.35 percent annually.

The Credit Facility contains various affirmative and negative covenants that are customary for facilities of this type, including a fixed-charge coverage ratio, leverage ratio, minimum cash balance, dividend limits and share repurchase restrictions. Significant other covenants include limitations on: investments, additional indebtedness, sales/leases of assets, acquisitions, consolidations or mergers and liens on property. As of March 31, 2013, Viad was in compliance with all covenants.

 

Effective December 12, 2012, the Credit Facility was amended to remove the limitation on share repurchases of $10 million in the aggregate per calendar year pursuant to certain conditions. The amendment allows share repurchases unless the Company’s leverage ratio, as defined in the Credit Facility, is greater than 1.50 to 1.00 or a default or an unmatured default, as defined in the Credit Facility, exists. The amendment also allows dividends to be declared and paid in excess of $10 million in the aggregate per calendar year, as well as distributions on its capital stock, as defined in the Credit Facility, unless the Company’s leverage ratio, as defined in the Credit Facility, is greater than 1.50 to 1.00 or a default or an unmatured default, as defined in the Credit Facility, exists.

The estimated fair value of total debt was $2.4 million and $2.1 million as of March 31, 2013 and December 31, 2012, respectively. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity.

Stockholders' Equity
Stockholders' Equity

Note 10. Stockholders’ Equity

The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the three months ended March 31, 2013:

 

                         
    Total Viad           Total  
    Stockholders’     Noncontrolling     Stockholders’  
    Equity     Interest     Equity  
   

(in thousands)

 

Balance at January 1, 2013

  $ 388,061     $ 8,971     $ 397,032  

Net income (loss)

    8,065       (275     7,790  

Dividends on common stock

    (2,034     —         (2,034

Common stock purchased for treasury

    (1,187     —         (1,187

Employee benefit plans

    1,792       —         1,792  

Unrealized foreign currency translation adjustment

    (6,128     —         (6,128

Unrealized gain on investments

    61       —         61  

Prior service credit and net actuarial loss

    41       —         41  

ESOP allocation adjustment

    250       —         250  

Other

    1       —         1  
   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2013

  $ 388,922     $ 8,696     $ 397,618  
   

 

 

   

 

 

   

 

 

 

The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the three months ended March 31, 2012:

 

                         
    Total Viad           Total  
    Stockholders’     Noncontrolling     Stockholders’  
    Equity     Interest     Equity  
    (in thousands)  

Balance at January 1, 2012

  $ 377,894     $ 8,285     $ 386,179  

Net income (loss)

    1,027       (212     815  

Dividends on common stock

    (813     —         (813

Common stock purchased for treasury

    (1,000     —         (1,000

Employee benefit plans

    1,080       —         1,080  

Unrealized foreign currency translation adjustment

    4,386       —         4,386  

Unrealized gain on investments

    93       —         93  

Prior service credit and net actuarial loss

    3       —         3  

ESOP allocation adjustment

    250       —         250  

Other

    (2     (1     (3
   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2012

  $ 382,918     $ 8,072     $ 390,990  
   

 

 

   

 

 

   

 

 

 

In December 2012, Viad announced its intent to repurchase up to an additional one million shares of the Company’s common stock from time to time at prevailing market prices. At the time of the announcement, there were 30,438 shares available for repurchase pursuant to previously announced authorizations. Under these authorizations, no shares were repurchased during the three months ended March 31, 2013 or 2012. As of March 31, 2013, 1,030,438 shares remain available for repurchase. Additionally, during the three months ended March 31, 2013 and 2012, the Company repurchased 44,606 shares for $1.2 million and 50,894 shares for $1.0 million, respectively, related to tax withholding requirements on share-based awards.

 

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

 

                                 
    Unrealized
Gains on
Investments
    Cumulative
Foreign
Currency
Translation
Adjustments
    Unrecognized
Net Actuarial
Loss and Prior
Service Credit
    Accumulated
Other
Comprehensive
Income
 
    (in thousands)  

Balance at January 1, 2013

  $ 275     $ 42,158     $ (14,968   $ 27,465  

Other comprehensive income before reclassifications

    79       (6,128     —         (6,049

Amounts reclassified from AOCI, net of tax

    (18    
—  
 
    41       23  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net other comprehensive income (loss)

    61       (6,128     41       (6,026
   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2013

  $ 336     $ 36,030     $ (14,927   $ 21,439  
   

 

 

   

 

 

   

 

 

   

 

 

 

The following table presents information about reclassification adjustments out of AOCI for the three months ended March 31:

 

                     
    2013     2012    

Affected Line

Item in the
Statement Where Net
Income is Presented

    (in thousands)      

Unrealized gains on investments

  $ (27   $ (48  

Interest income

      9       18     Income tax expense
   

 

 

   

 

 

     
    $ (18   $ (30   Net of tax
   

 

 

   

 

 

     

Recognized net actuarial loss

  $ 290     $ 284     See (1) below

Amortization of prior service credit

    (225     (278   See (1) below
      (24     (3  

Income tax benefit

   

 

 

   

 

 

     
    $ 41     $ 3     Net of tax
   

 

 

   

 

 

     

 

  (1) Amount is included in pension expense. See Note 14 for additional information.
Fair Value Measurements
Fair Value Measurements

Note 11. 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.

Viad measures its money market mutual funds and certain other mutual fund investments at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following table:

 

                                 
          Fair Value Measurements at March 31, 2013 Using  

Description

  March 31,
2013
    Quoted Prices
in Active
Markets

(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobserved
Inputs

(Level 3)
 
    (in thousands)  

Money market funds

  $ 679     $ 679     $ —       $ —    

Other mutual funds

    1,289       1,289       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,968     $ 1,968     $ —       $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 

 

As of March 31, 2013 and December 31, 2012, Viad had investments in money market mutual funds of $679,000 and $10.2 million, respectively, which are included in the consolidated balance sheets under the caption “Cash and cash equivalents.” These investments were classified as available-for-sale and were recorded at fair value. There have been no realized or unrealized gains or losses related to these investments and the Company has not experienced any redemption restrictions with respect to any of the money market mutual funds.

As of March 31, 2013 and December 31, 2012, Viad had investments in other mutual funds of $1.3 million and $1.2 million, respectively, which are classified in the consolidated balance sheets under the caption “Other investments and assets.” These investments were classified as available-for-sale and were recorded at fair value. As of March 31, 2013 and December 31, 2012, there were unrealized gains on the investments of $550,000 ($336,000 after-tax) and $450,000 ($275,000 after-tax), respectively, which were included in the consolidated balance sheets under the caption “Accumulated other comprehensive income (loss).”

The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 9.

Income Per Share
Income Per Share

Note 12. Income Per Share

The following is a reconciliation of the numerators and denominators of basic and diluted per share computations for net income attributable to Viad for the three months ended March 31:

 

                 
    2013     2012  
    (in thousands, except per share data)  

Basic net income per share

               

Numerator:

               

Net income attributable to Viad

  $ 8,065     $ 1,027  

Less: Allocation to non-vested shares

    (198     (28
   

 

 

   

 

 

 

Net income allocated to Viad common stockholders

  $ 7,867     $ 999  
   

 

 

   

 

 

 

Denominator:

               

Weighted-average outstanding common shares

    19,790       19,645  
   

 

 

   

 

 

 

Net income attributable to Viad common stockholders

  $ 0.40     $ 0.05  
   

 

 

   

 

 

 

Diluted net income per share

               

Numerator:

               

Net income attributable to Viad

  $ 8,065     $ 1,027  
   

 

 

   

 

 

 

Denominator:

               

Weighted-average outstanding common shares

    19,790       19,645  

Additional dilutive shares related to share-based compensation

    403       272  
   

 

 

   

 

 

 

Weighted-average outstanding and potentially dilutive shares

    20,193       19,917  
   

 

 

   

 

 

 

Net income attributable to Viad common stockholders (1)

  $ 0.40     $ 0.05  
   

 

 

   

 

 

 

 

(1)

Diluted income per share cannot exceed basic income per share.

Options to purchase 54,000 and 267,000 shares of common stock were outstanding during the three months ended March 31, 2013 and 2012, respectively, but were not included in the computation of dilutive shares outstanding because the effect would be anti-dilutive. Additionally, 403,000 and 272,000 share-based compensation awards were considered dilutive and included in the computation of diluted income per share during the three months ended March 31, 2013 and 2012, respectively.

Income Taxes
Income Taxes

Note 13. Income Taxes

The effective tax rates for the three months ended March 31, 2013 and 2012 were 30.1 percent and 39.3 percent, respectively. The income tax provision for the three months ended March 31, 2013 was computed based on the Company’s estimated effective tax rate and forecasted income by jurisdiction expected to be applicable for the full fiscal year, including the impact of any unusual or infrequent items. The relatively low effective tax rate for the three months ended March 31, 2013 as compared to the federal statutory rate of 35 percent was primarily due to foreign income which is taxed at lower rates.

 

Viad is required to estimate and record provisions for income taxes in each of the jurisdictions in which the Company operates. Accordingly, the Company must estimate its actual current income tax liability and assess temporary differences arising from the treatment of items for tax purposes as compared to the treatment for accounting purposes. These differences result in deferred tax assets and liabilities which are included in Viad’s consolidated balance sheets. As of March 31, 2013 and December 31, 2012, Viad had gross deferred tax assets of $73.3 million and $77.2 million, respectively. These deferred tax assets reflect the expected future tax benefits to be realized upon reversal of deductible temporary differences and the utilization of net operating loss and tax credit carryforwards.

The Company considered all available positive and negative evidence regarding the future recoverability of its deferred tax assets, including the Company’s recent operating history, taxpaying history and future reversals of deferred tax liabilities. The Company also evaluated its ability to utilize its foreign tax credits, given its recent utilization history. These tax credits are subject to a 10-year carryforward period and begin to expire in 2019. Based on the Company’s assessment, it was determined during the fourth quarter of 2012 that the weight of the evidence indicated that certain deferred tax assets associated with foreign tax credit carryforwards no longer met the more-likely-than-not test regarding the realization of those assets. As of March 31, 2013 and December 31, 2012, Viad had a valuation allowance of $14.7 million and $14.6 million, respectively, related to certain federal, state and foreign deferred tax assets. With respect to all other deferred tax assets, management believes that recovery from future taxable income is more-likely-than-not.

As noted above, Viad uses considerable judgment in forming a conclusion regarding the recoverability of its deferred tax assets. As a result, there are inherent uncertainties regarding the ultimate realization of these assets, which is primarily dependent upon Viad’s ability to generate sufficient taxable income in future periods. In future periods, it is reasonably possible that the relative weight of positive and negative evidence regarding the recoverability of Viad’s deferred tax assets may change, which could result in a material increase in the Company’s valuation allowance. If such an increase in the valuation allowance were to occur, it would result in increased income tax expense in the period the assessment was made.

Viad had accrued gross liabilities associated with uncertain tax positions for discontinued operations of $636,000 as of both March 31, 2013 and December 31, 2012. In addition, as of March 31, 2013 and December 31, 2012, Viad had accrued interest and penalties related to uncertain tax positions for discontinued operations of $426,000 and $418,000, respectively. Future tax resolutions or settlements that may occur related to these uncertain tax positions would be recorded through discontinued operations (net of federal tax effects, if applicable). Viad does not expect any of the unrecognized tax benefits to be recognized during the next 12 months. As of both March 31, 2013 and December 31, 2012, liabilities associated with uncertain tax positions (including interest and penalties) of $1.1 million were classified as non-current liabilities.

Pension and Postretirement Benefits
Pension and Postretirement Benefits

Note 14. Pension and Postretirement Benefits

The net periodic benefit cost of Viad’s pension and postretirement benefit plans for the three months ended March 31 included the following components:

 

                                                 
    Domestic Plans              
    Pension Plans     Postretirement
Benefit Plans
    Foreign
Pension Plans
 
    2013     2012     2013     2012     2013     2012  
    (in thousands)  

Service cost

  $ 30     $ 27     $ 46     $ 37     $ 137     $ 122  

Interest cost

    261       297       173       197       181       184  

Expected return on plan assets

    (100     (151     —         (22     (180     (156

Amortization of prior service credit

    —         —         (225     (278     —         —    

Recognized net actuarial loss

    149       130       141       154       10       6  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

  $ 340     $ 303     $ 135     $ 88     $ 148     $ 156  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Viad expects to contribute $2.0 million to its funded pension plans, $1.1 million to its unfunded pension plans and $400,000 to its postretirement benefit plans in 2013. During the three months ended March 31, 2013, Viad contributed $721,000 to its funded pension plans and $227,000 to its unfunded pension plans. However, due to timing of the fundings, Viad made no contributions to its postretirement benefit plans during the three months ended March 31, 2013.

Restructuring Charges
Restructuring Charges

Note 15. Restructuring Charges

During the three months ended March 31, 2013, Viad recorded net restructuring charges of $720,000 primarily related to facility consolidations and the elimination of certain positions in the Marketing & Events Group. The amounts included in the restructuring liability as of March 31, 2013 related to future lease obligations which will be paid over the remaining lease terms, and severance and employee benefits that are expected to be paid by the end of 2013. The table below represents a reconciliation of Viad’s restructuring liability by major restructuring activity:

 

                                         
    Marketing & Events
Group Consolidation
    Other Restructurings        
    Severance &
Employee
Benefits
    Facilities     Severance &
Employee
Benefits
    Facilities     Total  
    (in thousands)  

Balance at January 1, 2013

  $ 720     $ 5,571     $ —       $ 933     $ 7,224  

Restructuring charges

    1,049       350       13       (692     720  

Cash payments

    (446     (743     (13     (241     (1,443
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2013

  $ 1,323     $ 5,178     $ —       $ —       $ 6,501  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Litigation, Claims, Contingencies and Other
Litigation, Claims, Contingencies and Other

Note 16. Litigation, Claims, Contingencies and Other

Viad and certain of its subsidiaries 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 Viad. Although the amount of liability as of March 31, 2013, with respect to certain of these matters is not ascertainable, Viad believes that any resulting liability, after taking into consideration amounts already provided for, including insurance coverage, will not have a material impact on the Company’s business, financial position or results of operations.

Viad is 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 Viad has or had operations. If the Company has failed to comply with these environmental laws and regulations, civil and criminal penalties could be imposed and Viad could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, Viad also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. Although it is a party to certain environmental disputes, Viad believes that any resulting liabilities, after taking into consideration amounts already provided for, including insurance coverage, will not have a material effect on the Company’s financial position or results of operations. As of March 31, 2013, there was a remaining environmental remediation liability of $5.3 million related to previously sold operations of which $499,000 was included in the consolidated balance sheets under the caption “Other current liabilities” and $4.8 million under the caption “Other deferred items and liabilities.”

As of March 31, 2013, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the consolidated financial statements and relate to leased facilities entered into by Viad’s subsidiary operations. The Company 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 Viad would be required to make under all guarantees existing as of March 31, 2013 would be $19.0 million. These guarantees relate to leased facilities expiring through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.

Viad’s businesses contribute to various multi-employer pension plans based on obligations arising under collective-bargaining agreements covering its union-represented employees. Based upon the information available to Viad from plan administrators, management believes 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 Viad, 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 Viad to make payments to such plan for its proportionate share of the plan’s unfunded vested liabilities. As of March 31, 2013, the amount of additional funding, if any, that Viad would be required to make related to multi-employer pension plans is not ascertainable.

 

Glacier Park operates the concession portion of its business under a concession contract with the U.S. National Park Service (the “Park Service”) for Glacier National Park. Glacier Park’s original 25-year concession contract with the Park Service that was to expire on December 31, 2005 has been extended for eight one-year periods and now expires on December 31, 2013. Glacier Park generated approximately 49 percent of its 2012 revenues through its concession contract for services provided within Glacier National Park.

On December 14, 2012, the Park Service issued a prospectus soliciting proposals from prospective bidders, including Glacier Park, for the award of a 16-year concession contract beginning on January 1, 2014. Glacier Park submitted its bid for the contract on April 16, 2013. Although Viad believes that Glacier Park is well-positioned to win the new contract, if the Park Service selects a new concessionaire, Glacier Park would be entitled to $25 million for its “possessory interest,” which generally means the value of the structures acquired or constructed, fixtures installed and improvements made to the concession property at Glacier National Park during the term of the concession contract, plus an additional estimated $5 million to $6 million for the personal property Glacier Park uses at the facilities covered by the concession contract.

If a new concessionaire is selected by the Park Service, Glacier Park would continue to generate revenue from the four properties it owns outside of Glacier National Park: Glacier Park Lodge in East Glacier, Montana; Grouse Mountain Lodge in Whitefish, Montana; St. Mary Lodge & Resort in St. Mary, Montana and the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, which Glacier Park owns and operates under a 42-year ground lease with the Canadian government running through January 31, 2052. Glacier Park generated 24 percent of the Travel & Recreation Group’s 2012 segment operating income.

Segment Information
Segment Information

Note 17. Segment Information

Viad measures profit and performance of its operations on the basis of segment operating income which excludes restructuring charges and recoveries and impairment charges and recoveries. For the purpose of discussing segment operations, Viad refers to segment operating income as calculated by subtracting segment direct expenses from segment revenues. Overhead and shared expenses, including share-based compensation costs, are not allocated to segment operations; they are reported in the caption “Corporate activities.” Similarly, references to operating margin regarding segment operations mean segment operating income divided by segment revenues. 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.

 

Disclosures regarding Viad’s reportable segments for the three months ended March 31 with reconciliations to consolidated totals are as follows:

 

                 
    2013     2012  
    (in thousands)  

Revenues:

               

Marketing & Events Group:

               

U.S.

  $ 218,341     $ 206,874  

International

    60,048       57,778  

Intersegment eliminations

    (1,628     (2,608
   

 

 

   

 

 

 
      276,761       262,044  

Travel & Recreation Group

    8,402       6,728  
   

 

 

   

 

 

 
    $ 285,163     $ 268,772  
   

 

 

   

 

 

 

Segment operating income (loss):

               

Marketing & Events Group:

               

U.S.

  $ 14,115     $ 7,248  

International

    4,392       3,857  
   

 

 

   

 

 

 
      18,507       11,105  

Travel & Recreation Group

    (5,680     (5,572
   

 

 

   

 

 

 
      12,827       5,533  

Corporate activities

    (806     (1,777
   

 

 

   

 

 

 
      12,021       3,756  

Interest income

    138       169  

Interest expense

    (296     (358

Restructuring charges:

               

Marketing & Events U.S.

    194       (2,003

Marketing & Events International

    (901     (222

Travel & Recreation Group

    (13     —    
   

 

 

   

 

 

 

Income before income taxes

  $ 11,143     $ 1,342  
   

 

 

   

 

 

 
     
    March 31,
2013
    December 31,
2012
 
    (in thousands)  

Assets:

               

Marketing & Events U.S.

  $ 210,242     $ 203,145  

Marketing & Events International

    111,085       100,387  

Travel & Recreation Group

    215,529       223,199  

Corporate and other

    110,772       123,846  
   

 

 

   

 

 

 
    $ 647,628     $ 650,577  
   

 

 

   

 

 

 
Impact of Recent Accounting Pronouncements
Impact of Recent Accounting Pronouncements

Note 18. Impact of Recent Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board issued new guidance related to the reporting of amounts reclassified out of accumulated other comprehensive income, which is codified in Accounting Standards Codification Topic 220. The new guidance requires entities to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, entities are required to present significant amounts reclassified out of other comprehensive income by the respective line items of net income in certain circumstances, or otherwise cross-reference amounts to other disclosures. The adoption of this new guidance did not have an impact on Viad’s financial condition or results of operations. See Note 10 for required disclosures.

Share-Based Compensation (Tables)
                 
    2013     2012  
    (in thousands)  

Performance unit incentive plan (“PUP”)

  $ 863     $ 238  

Restricted stock

    773       747  

Stock options

    95       145  

Restricted stock units

    88       87  
   

 

 

   

 

 

 

Total share-based compensation before income tax benefit

    1,819       1,217  

Income tax benefit

    (654     (436
   

 

 

   

 

 

 

Total share-based compensation, net of income tax benefit

  $ 1,165     $ 781  
   

 

 

   

 

 

 
                                                 
    Restricted Stock     Restricted Stock Units     PUP Awards  
    Shares     Weighted-
Average
Grant Date
Fair Value
    Units     Weighted-
Average
Grant Date
Fair Value
    Units     Weighted-
Average
Grant Date
Fair Value
 

Balance at January 1, 2013

    516,351     $ 21.25       40,500     $ 20.82       210,600     $ 21.70  

Granted

    99,400       27.35       8,600       27.35       93,100       27.35  

Vested

    (145,506     20.71       (11,300     19.10       —         —     

Forfeited

    (636     20.53       —         —          —         —     
   

 

 

           

 

 

           

 

 

         

Balance at March 31, 2013

    469,609       22.71       37,800       22.82       303,700       23.43  
   

 

 

           

 

 

           

 

 

         
                         
          Weighted-        
          Average     Options  
    Shares     Exercise Price     Exercisable  

Options outstanding at January 1, 2013

    363,896     $ 22.03       276,009  

Exercised

    (47,343     19.48          

Forfeited or expired

    (27,086     28.28          
   

 

 

                 

Options outstanding at March 31, 2013

    289,467       21.87       287,467  
   

 

 

                 
Acquisition of Businesses (Tables)
         
    (in thousands)  

Cash and cash equivalents

  $ 10  

Accounts receivable

    23  

Other current assets

    33  

Property and equipment

    20,408  

Goodwill

    1,890  

Other intangible assets

    1,323  
   

 

 

 

Total assets acquired

    23,687  
   

 

 

 

Customer deposits

    (64

Other current liabilities

    (67
   

 

 

 

Total liabilities acquired

    (131
   

 

 

 

Purchase price

  $ 23,556  
   

 

 

 
                 
    2013     2012  
    (in thousands, except per share data)  

Revenue

  $ 285,410     $ 269,439  

Depreciation and amortization

    7,056       7,229  

Segment operating income

    12,841       5,389  

Net income attributable to Viad

    8,074       938  

Diluted net income per share

    0.40       0.05  

Basic net income per share

    0.40       0.05  
Inventories (Tables)
Components of inventories
                 
    March 31,
2013
    December 31,
2012
 
    (in thousands)  

Raw materials

  $ 15,765     $ 16,422  

Work in process

    18,191       19,234  
   

 

 

   

 

 

 

Inventories

  $ 33,956     $ 35,656  
   

 

 

   

 

 

 
Property and Equipment (Tables)
Summary of property and equipment
                 
    March 31,
2013
    December 31,
2012
 
    (in thousands)  

Land and land interests

  $ 25,879     $ 26,124  

Buildings and leasehold improvements

    136,497       137,293  

Equipment and other

    307,800       310,448  
   

 

 

   

 

 

 
      470,176       473,865  

Accumulated depreciation

    (277,537     (276,567
   

 

 

   

 

 

 

Property and equipment, net

  $ 192,639     $ 197,298  
   

 

 

   

 

 

 
Other Investment and Assets (Tables)
Summary of other investments and assets
                 
    March 31,
2013
    December 31,
2012
 
    (in thousands)  

Cash surrender value of life insurance

  $ 19,183     $ 19,142  

Workers’ compensation insurance security deposits

    3,350       3,350  

Other

    9,148       9,924  
   

 

 

   

 

 

 

Total other investments and assets

  $ 31,681     $ 32,416  
   

 

 

   

 

 

 
Goodwill and Other Intangible Assets (Tables)
                                 
          Marketing &              
    Marketing &     Events     Travel &        
    Events U.S.     International     Recreation Group     Total  
    (in thousands)  

Balance at January 1, 2013

  $  62,686     $ 23,054     $ 52,080     $ 137,820  

Business acquisition

    —         158       —         158  

Foreign currency translation adjustments

    —         (1,374     (1,193     (2,567
   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2013

  $ 62,686     $ 21,838     $ 50,887     $ 135,411  
   

 

 

   

 

 

   

 

 

   

 

 

 
                 
    March 31,     December 31,  
    2013     2012  
    (in thousands)  

Marketing & Events Group:

               

Marketing & Events U.S.

  $ 62,686     $ 62,686  

Marketing & Events International:

               

GES United Kingdom

    12,890       13,894  

GES Canada

    8,948       9,160  
   

 

 

   

 

 

 

Total Marketing & Events Group

    84,524       85,740  
   

 

 

   

 

 

 

Travel & Recreation Group:

               

Brewster

    43,242       44,435  

Glacier Park

    4,461       4,461  

Alaska Denali Travel

    3,184       3,184  
   

 

 

   

 

 

 

Total Travel & Recreation Group

    50,887       52,080  
   

 

 

   

 

 

 

Total goodwill

  $ 135,411     $ 137,820  
   

 

 

   

 

 

 
                         
    Gross Carrying     Accumulated     Net Carrying  
    Value     Amortization     Value  
    (in thousands)  

Amortized intangible assets:

                       

Contracts and customer relationships

  $ 6,342     $ (2,582   $ 3,760  

Other

    1,192       (138     1,054  
   

 

 

   

 

 

   

 

 

 
      7,534       (2,720     4,814  

Unamortized intangible assets:

                       

Business licenses

    460       —         460  
   

 

 

   

 

 

   

 

 

 

Total

  $ 7,994     $ (2,720   $ 5,274  
   

 

 

   

 

 

   

 

 

 

A summary of other intangible assets as of December 31, 2012 is presented below:

 

                         
    Gross Carrying     Accumulated     Net Carrying  
    Value     Amortization     Value  
    (in thousands)  

Amortized intangible assets:

                       

Contracts and customer relationships

  $ 3,594     $ (2,384   $ 1,210  

Other

    959       (108     851  
   

 

 

   

 

 

   

 

 

 
      4,553       (2,492     2,061  

Unamortized intangible assets:

                       

Business licenses

    460       —         460  
   

 

 

   

 

 

   

 

 

 

Total

  $ 5,013     $ (2,492   $ 2,521  
   

 

 

   

 

 

   

 

 

 
         
    (in thousands)  

2013

  $ 953  

2014

    963  

2015

    763  

2016

    644  

2017

    861  

Thereafter

    630  
Accrued Liabilities and Other (Tables)
                 
    March 31,     December 31,  
    2013     2012  
    (in thousands)  

Continuing operations:

               

Customer deposits

  $ 41,758     $ 50,172  

Accrued compensation

    16,796       25,067  

Self-insured liability accrual

    7,716       8,501  

Accrued employee benefit costs

    5,093       3,132  

Accrued sales and use taxes

    3,218       3,179  

Accrued restructuring

    2,723       4,084  

Accrued dividends

    2,063       2,053  

Other

    13,868       10,026  
   

 

 

   

 

 

 
      93,235       106,214  
   

 

 

   

 

 

 

Discontinued operations:

               

Self-insured liability accrual

    696       527  

Environmental remediation liabilities

    499       571  

Other

    195       372  
   

 

 

   

 

 

 
      1,390       1,470  
   

 

 

   

 

 

 

Total other current liabilities

  $ 94,625     $ 107,684  
   

 

 

   

 

 

 
                 
    March 31,     December 31,  
    2013     2012  
    (in thousands)  

Continuing operations:

               

Self-insured liability accrual

  $ 16,055     $ 15,579  

Accrued compensation

    6,248       8,061  

Accrued restructuring

    3,778       3,140  

Foreign deferred tax liability

    2,031       2,024  

Other

    8,143       6,734  
   

 

 

   

 

 

 
      36,255       35,538  
   

 

 

   

 

 

 

Discontinued operations:

               

Self-insured liability accrual

    5,036       5,188  

Environmental remediation liabilities

    4,762       4,745  

Accrued income taxes

    1,061       1,053  

Other

    1,455       1,304  
   

 

 

   

 

 

 
      12,314       12,290  
   

 

 

   

 

 

 

Total other deferred items and liabilities

  $ 48,569     $ 47,828  
   

 

 

   

 

 

 
Stockholders' Equity (Tables)
                         
    Total Viad           Total  
    Stockholders’     Noncontrolling     Stockholders’  
    Equity     Interest     Equity  
   

(in thousands)

 

Balance at January 1, 2013

  $ 388,061     $ 8,971     $ 397,032  

Net income (loss)

    8,065       (275     7,790  

Dividends on common stock

    (2,034     —         (2,034

Common stock purchased for treasury

    (1,187     —         (1,187

Employee benefit plans

    1,792       —         1,792  

Unrealized foreign currency translation adjustment

    (6,128     —         (6,128

Unrealized gain on investments

    61       —         61  

Prior service credit and net actuarial loss

    41       —         41  

ESOP allocation adjustment

    250       —         250  

Other

    1       —         1  
   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2013

  $ 388,922     $ 8,696     $ 397,618  
   

 

 

   

 

 

   

 

 

 

The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the three months ended March 31, 2012:

 

                         
    Total Viad           Total  
    Stockholders’     Noncontrolling     Stockholders’  
    Equity     Interest     Equity  
    (in thousands)  

Balance at January 1, 2012

  $ 377,894     $ 8,285     $ 386,179  

Net income (loss)

    1,027       (212     815  

Dividends on common stock

    (813     —         (813

Common stock purchased for treasury

    (1,000     —         (1,000

Employee benefit plans

    1,080       —         1,080  

Unrealized foreign currency translation adjustment

    4,386       —         4,386  

Unrealized gain on investments

    93       —         93  

Prior service credit and net actuarial loss

    3       —         3  

ESOP allocation adjustment

    250       —         250  

Other

    (2     (1     (3
   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2012

  $ 382,918     $ 8,072     $ 390,990  
   

 

 

   

 

 

   

 

 

 
                                 
    Unrealized
Gains on
Investments
    Cumulative
Foreign
Currency
Translation
Adjustments
    Unrecognized
Net Actuarial
Loss and Prior
Service Credit
    Accumulated
Other
Comprehensive
Income
 
    (in thousands)  

Balance at January 1, 2013

  $ 275     $ 42,158     $ (14,968   $ 27,465  

Other comprehensive income before reclassifications

    79       (6,128     —         (6,049

Amounts reclassified from AOCI, net of tax

    (18    
—  
 
    41       23  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net other comprehensive income (loss)

    61       (6,128     41       (6,026
   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2013

  $ 336     $ 36,030     $ (14,927   $ 21,439  
   

 

 

   

 

 

   

 

 

   

 

 

 
                     
    2013     2012    

Affected Line

Item in the
Statement Where Net
Income is Presented

    (in thousands)      

Unrealized gains on investments

  $ (27   $ (48  

Interest income

      9       18     Income tax expense
   

 

 

   

 

 

     
    $ (18   $ (30   Net of tax
   

 

 

   

 

 

     

Recognized net actuarial loss

  $ 290     $ 284     See (1) below

Amortization of prior service credit

    (225     (278   See (1) below
      (24     (3  

Income tax benefit

   

 

 

   

 

 

     
    $ 41     $ 3     Net of tax
   

 

 

   

 

 

     

 

  (1) Amount is included in pension expense. See Note 14 for additional information.
Fair Value Measurements (Tables)
Fair value information related to assets
                                 
          Fair Value Measurements at March 31, 2013 Using  

Description

  March 31,
2013
    Quoted Prices
in Active
Markets

(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobserved
Inputs

(Level 3)
 
    (in thousands)  

Money market funds

  $ 679     $ 679     $ —       $ —    

Other mutual funds

    1,289       1,289       —         —    
   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 1,968     $ 1,968     $ —       $ —    
   

 

 

   

 

 

   

 

 

   

 

 

 
Income Per Share (Tables)
Reconciliation of the numerators and denominators of basic and diluted earnings per share computations
                 
    2013     2012  
    (in thousands, except per share data)  

Basic net income per share

               

Numerator:

               

Net income attributable to Viad

  $ 8,065     $ 1,027  

Less: Allocation to non-vested shares

    (198     (28
   

 

 

   

 

 

 

Net income allocated to Viad common stockholders

  $ 7,867     $ 999  
   

 

 

   

 

 

 

Denominator:

               

Weighted-average outstanding common shares

    19,790       19,645  
   

 

 

   

 

 

 

Net income attributable to Viad common stockholders

  $ 0.40     $ 0.05  
   

 

 

   

 

 

 

Diluted net income per share

               

Numerator:

               

Net income attributable to Viad

  $ 8,065     $ 1,027  
   

 

 

   

 

 

 

Denominator:

               

Weighted-average outstanding common shares

    19,790       19,645  

Additional dilutive shares related to share-based compensation

    403       272  
   

 

 

   

 

 

 

Weighted-average outstanding and potentially dilutive shares

    20,193       19,917  
   

 

 

   

 

 

 

Net income attributable to Viad common stockholders (1)

  $ 0.40     $ 0.05  
   

 

 

   

 

 

 

 

(1)

Diluted income per share cannot exceed basic income per share.

Pension and Postretirement Benefits (Tables) (Foreign Pension Plans [Member])
Components of net periodic benefit cost of Viad's pension and postretirement benefit plans
                                                 
    Domestic Plans              
    Pension Plans     Postretirement
Benefit Plans
    Foreign
Pension Plans
 
    2013     2012     2013     2012     2013     2012  
    (in thousands)  

Service cost

  $ 30     $ 27     $ 46     $ 37     $ 137     $ 122  

Interest cost

    261       297       173       197       181       184  

Expected return on plan assets

    (100     (151     —         (22     (180     (156

Amortization of prior service credit

    —         —         (225     (278     —         —    

Recognized net actuarial loss

    149       130       141       154       10       6  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

  $ 340     $ 303     $ 135     $ 88     $ 148     $ 156  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Restructuring Charges (Tables)
Reconciliation of beginning and ending liability balances by major restructuring activity
                                         
    Marketing & Events
Group Consolidation
    Other Restructurings        
    Severance &
Employee
Benefits
    Facilities     Severance &
Employee
Benefits
    Facilities     Total  
    (in thousands)  

Balance at January 1, 2013

  $ 720     $ 5,571     $ —       $ 933     $ 7,224  

Restructuring charges

    1,049       350       13       (692     720  

Cash payments

    (446     (743     (13     (241     (1,443
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at March 31, 2013

  $ 1,323     $ 5,178     $ —       $ —       $ 6,501  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Segment Information (Tables)
                 
    2013     2012  
    (in thousands)  

Revenues:

               

Marketing & Events Group:

               

U.S.

  $ 218,341     $ 206,874  

International

    60,048       57,778  

Intersegment eliminations

    (1,628     (2,608
   

 

 

   

 

 

 
      276,761       262,044  

Travel & Recreation Group

    8,402       6,728  
   

 

 

   

 

 

 
    $ 285,163     $ 268,772  
   

 

 

   

 

 

 

Segment operating income (loss):

               

Marketing & Events Group:

               

U.S.

  $ 14,115     $ 7,248  

International

    4,392       3,857  
   

 

 

   

 

 

 
      18,507       11,105  

Travel & Recreation Group

    (5,680     (5,572
   

 

 

   

 

 

 
      12,827       5,533  

Corporate activities

    (806     (1,777
   

 

 

   

 

 

 
      12,021       3,756  

Interest income

    138       169  

Interest expense

    (296     (358

Restructuring charges:

               

Marketing & Events U.S.

    194       (2,003

Marketing & Events International

    (901     (222

Travel & Recreation Group

    (13     —    
   

 

 

   

 

 

 

Income before income taxes

  $ 11,143     $ 1,342  
   

 

 

   

 

 

 
    March 31,
2013
    December 31,
2012
 
    (in thousands)  

Assets:

               

Marketing & Events U.S.

  $ 210,242     $ 203,145  

Marketing & Events International

    111,085       100,387  

Travel & Recreation Group

    215,529       223,199  

Corporate and other

    110,772       123,846  
   

 

 

   

 

 

 
    $ 647,628     $ 650,577  
   

 

 

   

 

 

 
Basis of Preparation and Principles of Consolidation (Details) (Glacier Park Inc [Member])
3 Months Ended
Mar. 31, 2013
Property
Vehicle
Lodges
Glacier Park Inc [Member]
 
Basis of Preparation and Principles of Consolidation (Textual) [Abstract]
 
Number of lodges
Number of motor inns
Number of hotel
Percentage of subsidiary's interest owned by Viad
80.00% 
Share-Based Compensation (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Summary of share-based compensation expense
 
 
Share-based compensation before income tax benefit
$ 1,819 
$ 1,217 
Income tax benefit
(654)
(436)
Total share-based compensation, net of income tax benefit
1,165 
781 
Performance unit incentive plan (PUP) [Member]
 
 
Summary of share-based compensation expense
 
 
Share-based compensation before income tax benefit
863 
238 
Restricted stock and performance based restricted stock [Member]
 
 
Summary of share-based compensation expense
 
 
Share-based compensation before income tax benefit
773 
747 
Stock options [Member]
 
 
Summary of share-based compensation expense
 
 
Share-based compensation before income tax benefit
95 
145 
Restricted stock units and performance based restricted stock units [Member]
 
 
Summary of share-based compensation expense
 
 
Share-based compensation before income tax benefit
$ 88 
$ 87 
Share-Based Compensation (Details 1) (USD $)
3 Months Ended
Mar. 31, 2013
Restricted Stock [Member]
 
Summary of restricted stock and PBRS activity
 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 21.25 
Beginning Balance, Shares
516,351 
Granted, Shares
99,400 
Granted, Weighted-Average Grant Date Fair Value
$ 27.35 
Vested, Shares
(145,506)
Vested, Weighted-Average Grant Date Fair Value
$ 20.71 
Forfeited, Shares
(636)
Forfeited, Weighted-Average Grant Date Fair Value
$ 20.53 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 22.71 
Ending Balance, Shares
496,609 
Restricted stock units [Member]
 
Summary of restricted stock and PBRS activity
 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 20.82 
Beginning Balance, Shares
40,500 
Granted, Shares
8,600 
Granted, Weighted-Average Grant Date Fair Value
$ 27.35 
Vested, Shares
(11,300)
Vested, Weighted-Average Grant Date Fair Value
$ 19.10 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 22.82 
Ending Balance, Shares
37,800 
PUP Awards [Member]
 
Summary of restricted stock and PBRS activity
 
Beginning Balance, Weighted-Average Grant Date Fair Value
$ 21.70 
Beginning Balance, Shares
210,600 
Granted, Shares
93,100 
Granted, Weighted-Average Grant Date Fair Value
$ 27.35 
Ending Balance, Weighted-Average Grant Date Fair Value
$ 23.43 
Ending Balance, Shares
303,700 
Share-Based Compensation (Details 2) (USD $)
3 Months Ended
Mar. 31, 2013
Summary of stock option activity
 
Options outstanding, Beginning Balance, Shares
363,896 
Options outstanding, Beginning Balance, Weighted Average Exercise Price
$ 22.03 
Options outstanding, Beginning Balance, Options Exercisable
276,009 
Exercised, Shares
(47,343)
Exercised, Weighted Average Exercise Price
$ 19.48 
Forfeited or Expired, Shares
(27,086)
Forfeited or Expired, Weighted Average Exercise Price
$ 28.28 
Options outstanding, Ending Balance, Shares
289,467 
Options outstanding, Ending Balance, Weighted Average Exercise Price
$ 21.87 
Options outstanding, Ending Balance, Options Exercisable
287,467 
Share-Based Compensation (Details Textual) (USD $)
3 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2012
Mar. 31, 2013
Performance unit incentive plan (PUP) [Member]
Mar. 31, 2012
Performance unit incentive plan (PUP) [Member]
Dec. 31, 2012
Performance unit incentive plan (PUP) [Member]
Mar. 31, 2013
Restricted stock units and performance based restricted stock units [Member]
Dec. 31, 2012
Restricted stock units and performance based restricted stock units [Member]
Mar. 31, 2013
Stock options [Member]
Feb. 28, 2013
Restricted Stock [Member]
Feb. 28, 2012
Restricted Stock [Member]
Mar. 31, 2013
Restricted Stock [Member]
Jan. 31, 2012
PBRS [Member]
Mar. 31, 2013
Restricted stock units [Member]
Share Based Compensation (Textual) [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unamortized cost
 
 
 
 
 
 
 
 
 
 
 
$ 5,900,000 
 
 
Recognition Period of Unrecognized cost
 
 
 
 
 
 
 
 
1 year 
 
 
2 years 2 months 12 days 
 
 
Repurchase of Common Stock for Employee Tax Withholding Obligations amount
1,200,000 
 
1,000,000 
 
 
 
 
 
 
 
 
 
 
 
Repurchased shares tax withholding
44,606 
 
50,894 
 
 
 
 
 
 
 
 
 
 
 
Shares Available for Grant
1,001,609 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities related to restricted stock
 
 
 
 
 
 
421,000 
633,000 
 
 
 
 
 
 
Payments To Employees
 
 
 
 
 
 
 
300,000 
257,000 
 
35,000 
 
PUP award vested
 
 
 
 
 
 
 
 
 
145,506 
 
11,300 
Total unrecognized cost related to non-vested stock option awards
10,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock options granted
 
 
 
 
 
 
 
 
 
 
 
 
 
Liability awards recorded
 
 
 
$ 4,600,000 
 
$ 3,700,000 
 
 
 
 
 
 
 
 
Acquisition of Businesses (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Mar. 7, 2012
Banff International Hotel [Member]
Feb. 19, 2013
Resource Creative Limited [Member]
Summary of preliminary and final amounts assigned to the assets and liabilities acquired
 
 
 
 
Cash and cash equivalents
 
 
$ 10 
 
Accounts receivable
 
 
23 
 
Other current assets
 
 
33 
 
Property and equipment
 
 
20,408 
72,000 
Goodwill
 
 
1,890 
158,000 
Other intangible assets
 
 
1,323 
695,000 
Total assets acquired
 
 
23,687 
 
Customer deposits
(41,758)
(50,172)
(64)
 
Other current liabilities
 
 
(67)
 
Total liabilities acquired
 
 
(131)
 
Purchase price
 
 
$ 23,556 
$ 647,000 
Acquisition of Businesses (Details 1) (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Summary of the unaudited pro forma results of operations of Viad
 
 
Revenue
$ 285,410 
$ 269,439 
Depreciation and amortization
7,056 
7,229 
Segment operating income
12,841 
5,389 
Net income attributable to Viad
$ 8,074 
$ 938 
Basic net income per share
$ 0.40 
$ 0.05 
Diluted net income per share
$ 0.40 
$ 0.05 
Acquisition of Businesses (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 1 Months Ended
Mar. 31, 2012
Banff International Hotel [Member]
Mar. 7, 2012
Banff International Hotel [Member]
Room
Feb. 28, 2013
Resource Creative Limited [Member]
Feb. 19, 2013
Resource Creative Limited [Member]
Feb. 19, 2013
Resource Creative Limited [Member]
Customer Relationships [Member]
Feb. 19, 2013
Resource Creative Limited [Member]
Noncompete Agreements [Member]
Business Acquisition (Textual) [Abstract]
 
 
 
 
 
 
Acquisition
 
$ 23,556 
 
$ 647,000 
 
 
Deferred payment
 
 
 
278,000 
 
 
Property and equipment included in preliminary expense
 
20,408 
 
72,000 
 
 
Goodwill
 
1,890 
 
158,000 
 
 
Other intangible assets
 
1,323 
 
695,000 
564,000 
131,000 
Goodwill deductible for tax purpose
 
 
15 years 
 
 
 
Liability recorded related to contingent consideration
 
 
 
$ 278,000 
 
 
Weighted-average amortization period related to the other intangible assets
7 years 8 months 12 days 
 
4 years 6 months 0 days 
 
 
 
Number of rooms in hotel
 
162 
 
 
 
 
Inventories (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Components of Inventories
 
 
Raw materials
$ 15,765 
$ 16,422 
Work in process
18,191 
19,234 
Inventories
$ 33,956 
$ 35,656 
Property and Equipment (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Property and Equipment
 
 
Total property and equipment
$ 470,176 
$ 473,865 
Accumulated depreciation
(277,537)
(276,567)
Property and equipment, net
192,639 
197,298 
Land and land interests [Member]
 
 
Property and Equipment
 
 
Total property and equipment
25,879 
26,124 
Building and leasehold improvements [Member]
 
 
Property and Equipment
 
 
Total property and equipment
136,497 
137,293 
Equipment and other [Member]
 
 
Property and Equipment
 
 
Total property and equipment
$ 307,800 
$ 310,448 
Property and Equipment (Details Textual) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Property and Equipment (Textual) [Abstract]
 
 
Depreciation expense
$ 6.7 
$ 6.8 
Other Investment and Assets (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Summary of other investments and assets
 
 
Cash surrender value of life insurance
$ 19,183 
$ 19,142 
Workers' compensation insurance security deposits
3,350 
3,350 
Other
9,148 
9,924 
Total other investments and assets
$ 31,681 
$ 32,416 
Goodwill and Other Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 3 Months Ended
Mar. 31, 2013
Mar. 31, 2013
Marketing & Events U.S [Member]
Dec. 31, 2012
Marketing & Events U.S [Member]
Mar. 31, 2013
Marketing & Events International [Member]
Mar. 31, 2013
Travel & Recreation Group [Member]
Changes in the carrying amount of goodwill
 
 
 
 
 
Goodwill, Beginning Balance
$ 137,820 
$ 62,686 
$ 62,686 
$ 23,054 
$ 52,080 
Business acquisition
158 
 
 
158 
 
Foreign currency translation adjustments
(2,567)
 
 
(1,374)
(1,193)
Goodwill, Ending balance
$ 135,411 
$ 62,686 
$ 62,686 
$ 21,838 
$ 50,887 
Goodwill and Other Intangible Assets (Details 1) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Goodwill by reporting unit and segment
 
 
Goodwill
$ 135,411 
$ 137,820 
Marketing and Events Group [Member]
 
 
Goodwill by reporting unit and segment
 
 
Goodwill
84,524 
85,740 
Marketing and Events Group [Member] |
Marketing & Events U.S [Member]
 
 
Goodwill by reporting unit and segment
 
 
Goodwill
62,686 
62,686 
Marketing & Events International [Member]
 
 
Goodwill by reporting unit and segment
 
 
Goodwill
21,838 
23,054 
Marketing & Events International [Member] |
GES United Kingdom [Member]
 
 
Goodwill by reporting unit and segment
 
 
Goodwill
12,890 
13,894 
Marketing & Events International [Member] |
GES Canada [Member]
 
 
Goodwill by reporting unit and segment
 
 
Goodwill
8,948 
9,160 
Travel & Recreation Group [Member]
 
 
Goodwill by reporting unit and segment
 
 
Goodwill
50,887 
52,080 
Travel & Recreation Group [Member] |
Brewster [Member]
 
 
Goodwill by reporting unit and segment
 
 
Goodwill
43,242 
44,435 
Travel & Recreation Group [Member] |
Glacier Park [Member]
 
 
Goodwill by reporting unit and segment
 
 
Goodwill
4,461 
4,461 
Travel & Recreation Group [Member] |
Alaska Denali Travel [Member]
 
 
Goodwill by reporting unit and segment
 
 
Goodwill
$ 3,184 
$ 3,184 
Goodwill and Other Intangible Assets (Details 2) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Summary of other intangible assets
 
 
Amortized intangible assets, Gross Carrying Value
$ 7,534 
$ 4,553 
Accumulated Amortization
(2,720)
(2,492)
Amortized intangible assets, Net Carrying Value
4,814 
2,061 
Intangible asset, Gross Carrying Value
7,994 
5,013 
Other intangible assets, net
5,274 
2,521 
Contracts and customer relationships [Member]
 
 
Summary of other intangible assets
 
 
Amortized intangible assets, Gross Carrying Value
6,342 
3,594 
Accumulated Amortization
(2,582)
(2,384)
Amortized intangible assets, Net Carrying Value
3,760 
1,210 
Other [Member]
 
 
Summary of other intangible assets
 
 
Amortized intangible assets, Gross Carrying Value
1,192 
959 
Accumulated Amortization
(138)
(108)
Amortized intangible assets, Net Carrying Value
1,054 
851 
Business licenses [Member]
 
 
Summary of other intangible assets
 
 
Unamortized intangible assets, Gross Carrying Value
$ 460 
$ 460 
Goodwill and Other Intangible Assets (Details 3) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Estimated amortization expense related to amortized intangible assets
 
2013
$ 953 
2014
963 
2015
763 
2016
644 
2017
861 
Thereafter
$ 630 
Goodwill and Other Intangible Assets (Details Textual) (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Goodwill and Other Intangible Assets (Textual) [Abstract]
 
 
Intangible asset amortization expense
$ 292,000 
$ 135,000 
Preferred Supplier Agreement [Member]
 
 
Finite-Lived Intangible Assets [Line Items]
 
 
Contract related intangible asset
$ 2,100,000 
 
Accrued Liabilities and Other (Details) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Continuing operations:
 
 
Customer deposits
$ 41,758 
$ 50,172 
Accrued compensation
16,796 
25,067 
Self-insured liability accrual
7,716 
8,501 
Accrued employee benefit costs
5,093 
3,132 
Accrued sales and use taxes
3,218 
3,179 
Accrued restructuring
2,723 
4,084 
Accrued dividends
2,063 
2,053 
Other
13,868 
10,026 
Total Continuing operations
93,235 
106,214 
Discontinued operations:
 
 
Self-insured liability accrual
696 
527 
Environmental remediation liabilities
499 
571 
Other
195 
372 
Total Discontinued operations
1,390 
1,470 
Total other current liabilities
$ 94,625 
$ 107,684 
Accrued Liabilities and Other (Details 1) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Continuing operations:
 
 
Self-insured liability accrual
$ 16,055 
$ 15,579 
Accrued compensation
6,248 
8,061 
Accrued restructuring
3,778 
3,140 
Foreign deferred tax liability
2,031 
2,024 
Other
8,143 
6,734 
Total Continuing operations
36,255 
35,538 
Discontinued operations:
 
 
Self-insured liability accrual
5,036 
5,188 
Environmental remediation liabilities
4,762 
4,745 
Accrued income taxes
1,061 
1,053 
Other
1,455 
1,304 
Total Discontinued operations
12,314 
12,290 
Total other deferred items and liabilities
$ 48,569 
$ 47,828 
Debt (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 3 Months Ended 1 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2013
Top Tier Foreign Subsidiaries [Member]
May 31, 2011
Revolving Credit Facility [Member]
Debt (Additional Textual) [Abstract]
 
 
 
 
Credit facility
 
 
 
$ 130 
Additional credit facility
 
 
 
50 
Credit facility, period
 
 
 
5 years 
Credit facility expiring
 
 
 
May 18, 2016 
Letters of credit
 
 
 
50 
Capital stock of top-tier foreign subsidiaries
 
 
65.00% 
 
Debt (Textual) [Abstract]
 
 
 
 
Capital lease obligations, total
2.5 
 
 
 
Outstanding letters of credit
1.8 
 
 
 
Remaining borrowing capacity
128.2 
 
 
 
The fees on the unused portion of the Credit Facility
0.35% 
 
 
 
Estimated fair value of total debt
2.4 
2.1 
 
 
Share repurchases
 
10 
 
 
Percentage of repurchases of shares
 
1.50 
 
 
Dividends declared and paid
 
$ 10 
 
 
Stockholders' Equity (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Reconciliation of the carrying amounts of stockholders' equity attributable to Viad and the noncontrolling interest
 
 
Total Viad shareholder's Equity, Beginning balance
$ 388,061 
 
Noncontrolling Interest, Beginning Balance
8,971 
 
Total shareholders' Equity, Beginning balance
397,032 
386,179 
Net income (loss)
8,065 
1,027 
Net income (loss)
(275)
(212)
Net income
7,790 
815 
Dividends on common stock
(2,034)
(813)
Common stock purchased for treasury
(1,187)
(1,000)
Employee benefit plans
1,792 
1,080 
Unrealized foreign currency translation adjustments, net of tax
(6,128)
4,386 
Unrealized gain on investments
61 
93 
Prior service credit and net actuarial loss
41 
ESOP allocation adjustment
250 
250 
Other
(3)
Total Viad shareholders' Equity, Ending balance
388,922 
 
Noncontrolling Interest, Ending Balance
8,696 
 
Total shareholders' Equity, Ending balance
397,618 
390,990 
Total Viad Shareholder's Equity [Member]
 
 
Reconciliation of the carrying amounts of stockholders' equity attributable to Viad and the noncontrolling interest
 
 
Total Viad shareholder's Equity, Beginning balance
388,061 
377,894 
Net income (loss)
8,065 
1,027 
Dividends on common stock
(2,034)
(813)
Common stock purchased for treasury
(1,187)
(1,000)
Employee benefit plans
1,792 
1,080 
Unrealized foreign currency translation adjustments, net of tax
(6,128)
4,386 
Unrealized gain on investments
61 
93 
Prior service credit and net actuarial loss
41 
ESOP allocation adjustment
250 
250 
Other
(2)
Total Viad shareholders' Equity, Ending balance
388,922 
382,918 
Noncontrolling Interest [Member]
 
 
Reconciliation of the carrying amounts of stockholders' equity attributable to Viad and the noncontrolling interest
 
 
Noncontrolling Interest, Beginning Balance
8,971 
8,285 
Net income (loss)
(275)
(212)
Other
 
(1)
Noncontrolling Interest, Ending Balance
$ 8,696 
$ 8,072 
Stockholders' Equity (Details 1) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Changes in accumulated other comprehensive income
 
 
Unrealized Gains on Investments, Beginning Balance
$ 275 
 
Cumulative Foreign Currency Translation Adjustments, Beginning Balance
42,158 
 
Unrecognized Net Actuarial loss and Prior Service Credit, Beginning Balance
(14,968)
 
Accumulated Other Comprehensive Income, Beginning Balance
27,465 
 
Other comprehensive income before reclassification, Unrealized gains on investments
79 
 
Other comprehensive income before reclassification, Cumulative Foreign Currency Translation Adjustments
(6,128)
4,386 
Other Comprehensive Income before reclassification, Accumulated Other Comprehensive Income
(6,049)
 
Amounts reclassified from AOCI, net of tax, Unrealized Gains on Investments
(18)
(30)
Amounts reclassified from AOCI, net of tax, Unrecognized Net Actuarial loss and Prior Service Credit
41 
Accumulated Other Comprehensive Income
23 
 
Net other comprehensive income (loss), Unrealized gains on investments
61 
 
Net other comprehensive income (loss), Cumulative Foreign Currency Translation Adjustments
(6,128)
 
Net other comprehensive income (loss), Unrecognized Net Actuarial loss and Prior Service Credit
41 
 
Net other comprehensive income (loss), Accumulated Other Comprehensive Income
(6,026)
4,482 
Unrealized Gains on Investments, Ending Balance
336 
 
Cumulative Foreign Currency Translation Adjustments, Ending Balance
36,030 
 
Unrecognized Net Actuarial Loss and Prior Service Credit, Ending Balance
(14,927)
 
Accumulated Other Comprehensive Income, Ending Balance
$ 21,439 
 
Stockholders' Equity (Details 2) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Schedule of reclassification adjustments
 
 
Unrealized gains on investments
$ (27)
$ (48)
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax
18 
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax
(18)
(30)
Recognized net actuarial loss
290 
284 
Amortization of prior service credit
(225)
(278)
Other Comprehensive Income Loss Pension and Other Postretirement Benefit Plans Prior Service Cost Recognized and Gain Loss Recognized In Net Periodic Benefit Cost Reclassification Adjustment Tax
(24)
(3)
Other comprehensive income loss pension and other postretirement benefit plans, cost reclassification adjustment net of tax, income tax expense
$ 41 
$ 3 
Stockholders' Equity (Details Textual) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Stockholders Equity (Textual) [Abstract]
 
 
 
Additional repurchased shares
 
 
1,000,000 
Shares remain available for repurchase from the announced authorization
1,030,438 
 
30,438 
Repurchased shares
 
Share repurchased relating to tax withholding requirements
$ 1.2 
$ 1.0 
 
Repurchased shares tax withholding
44,606 
50,894 
 
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Fair value information related to assets
 
Assets
$ 1,968 
Other mutual funds [Member]
 
Fair value information related to assets
 
Assets
1,289 
Money market funds [Member]
 
Fair value information related to assets
 
Assets
679 
Quoted Prices in Active Markets (Level 1) [Member]
 
Fair value information related to assets
 
Assets
1,968 
Quoted Prices in Active Markets (Level 1) [Member] |
Other mutual funds [Member]
 
Fair value information related to assets
 
Assets
1,289 
Quoted Prices in Active Markets (Level 1) [Member] |
Money market funds [Member]
 
Fair value information related to assets
 
Assets
679 
Significant Other Observable Inputs (Level 2) [Member]
 
Fair value information related to assets
 
Assets
   
Significant Other Observable Inputs (Level 2) [Member] |
Other mutual funds [Member]
 
Fair value information related to assets
 
Assets
   
Significant Other Observable Inputs (Level 2) [Member] |
Money market funds [Member]
 
Fair value information related to assets
 
Assets
   
Significant Unobserved Inputs (Level 3) [Member]
 
Fair value information related to assets
 
Assets
   
Significant Unobserved Inputs (Level 3) [Member] |
Other mutual funds [Member]
 
Fair value information related to assets
 
Assets
   
Significant Unobserved Inputs (Level 3) [Member] |
Money market funds [Member]
 
Fair value information related to assets
 
Assets
   
Fair Value Measurements (Details Textual) (USD $)
Mar. 31, 2013
Dec. 31, 2012
Fair Value Measurements (Textual) [Abstract]
 
 
Unrealized gains on the investments after-tax
$ 336,000 
$ 275,000 
Money market funds [Member]
 
 
Fair Value Measurements (Textual) [Abstract]
 
 
Investments
679,000 
10,200,000 
Unrealized gains on the investments
Other mutual funds [Member]
 
 
Fair Value Measurements (Textual) [Abstract]
 
 
Investments
1,300,000 
1,200,000 
Unrealized gains on the investments
550,000 
450,000 
Unrealized gains on the investments after-tax
$ 336,000 
$ 275,000 
Income Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Numerator:
 
 
Net income attributable to Viad
$ 8,065 
$ 1,027 
Less: Allocation to non-vested shares
(198)
(28)
Net income allocated to Viad common stockholders
7,867 
999 
Denominator:
 
 
Weighted-average outstanding common shares
19,790,000 
19,645,000 
Net income attributable to Viad common stockholders
$ 0.40 
$ 0.05 
Numerator:
 
 
Net income attributable to Viad
$ 8,065 
$ 1,027 
Denominator:
 
 
Weighted-average outstanding common shares
19,790,000 
19,645,000 
Additional dilutive shares related to share- based compensation
403,000 
272,000 
Weighted-average outstanding and potentially dilutive shares
20,193,000 
19,917,000 
Net income attributable to Viad common stockholders
$ 0.40 
$ 0.05 
Income Per Share (Details Textual)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Income Per Share (Textual) [Abstract]
 
 
Additional dilutive shares related to share- based compensation
403,000 
272,000 
Stock options [Member]
 
 
Income Per Share (Textual) [Abstract]
 
 
Common stock shares effect would be anti-dilutive
54,000 
267,000 
Income Taxes (Details) (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Income Taxes (Textual) [Abstract]
 
 
 
Effective income tax rate
30.10% 
39.30% 
 
Gross deferred tax assets
$ 73,300,000 
 
$ 77,200,000 
Valuation allowance related to the foreign tax credit carryforwards
14,700,000 
 
14,600,000 
Accrued gross liabilities
636,000 
 
636,000 
Accrued interest and penalties for discontinued operations
426,000 
 
418,000 
Period of unrecognized tax benefits not expected to be recognized
12 months 
 
 
Liabilities associated with uncertain tax positions
 
 
$ 1,100,000 
Foreign Tax Authority [Member]
 
 
 
Operating Loss Carryforwards [Line Items]
 
 
 
Period of tax credit
10 years 
 
 
Expiration period
2019 
 
 
Pension and Postretirement Benefits (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Pension Plans [Member]
 
 
Net periodic benefit cost of pension and post retirement benefit plans
 
 
Service cost
$ 30 
$ 27 
Interest cost
261 
297 
Expected return on plan assets
(100)
(151)
Recognized net actuarial loss
149 
130 
Net periodic benefit cost
340 
303 
Postretirement Benefit Plans [Member]
 
 
Net periodic benefit cost of pension and post retirement benefit plans
 
 
Service cost
46 
37 
Interest cost
173 
197 
Expected return on plan assets
 
(22)
Amortization of prior service credit
(225)
(278)
Recognized net actuarial loss
141 
154 
Net periodic benefit cost
135 
88 
Foreign Pension Plans [Member]
 
 
Net periodic benefit cost of pension and post retirement benefit plans
 
 
Service cost
137 
122 
Interest cost
181 
184 
Expected return on plan assets
(180)
(156)
Recognized net actuarial loss
10 
Net periodic benefit cost
$ 148 
$ 156 
Pension and Postretirement Benefits (Details Textual) (USD $)
3 Months Ended
Mar. 31, 2013
Funded Plans [Member]
 
Pension and Postretirement Benefits (Textual) [Abstract]
 
Amount expected to contribute in funded pension plans
$ 2,000,000 
Amount contributed in pension plans
721,000 
Unfunded Pension Plans [Member]
 
Pension and Postretirement Benefits (Textual) [Abstract]
 
Amount expected to contribute in unfunded pension plans
1,100,000 
Amount contributed in pension plans
227,000 
Postretirement Benefit Plans [Member]
 
Pension and Postretirement Benefits (Textual) [Abstract]
 
Amount expected to contribute in postretirement benefit plans
400,000 
Amount contributed in postretirement benefit plans
$ 0 
Restructuring Charges (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
Balance at January 1, 2013
$ 7,224 
 
Restructuring charges
720 
2,225 
Restructuring liabilities
(1,443)
(809)
Balance at March 31, 2013
6,501 
 
Marketing & Events Group [Member]
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
Restructuring charges
(194)
2,003 
Marketing & Events Group [Member] |
Severance & Employee Benefits [Member]
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
Balance at January 1, 2013
720 
 
Restructuring charges
1,049 
 
Restructuring liabilities
(446)
 
Balance at March 31, 2013
1,323 
 
Marketing & Events Group [Member] |
Facilities [Member]
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
Balance at January 1, 2013
5,571 
 
Restructuring charges
350 
 
Restructuring liabilities
(743)
 
Balance at March 31, 2013
5,178 
 
Other Restructurings [Member] |
Severance & Employee Benefits [Member]
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
Balance at January 1, 2013
   
 
Restructuring charges
13 
 
Restructuring liabilities
(13)
 
Balance at March 31, 2013
   
 
Other Restructurings [Member] |
Facilities [Member]
 
 
Reconciliation of beginning and ending liability balances by major restructuring activity
 
 
Balance at January 1, 2013
933 
 
Restructuring charges
(692)
 
Restructuring liabilities
(241)
 
Balance at March 31, 2013
   
 
Restructuring Charges (Details Textual) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Restructuring Charges (Textual) [Abstract]
 
 
Restructuring charges
$ 720 
$ 2,225 
Litigation, Claims, Contingencies and Other (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Loss Contingencies [Line Items]
 
 
Environment remediation liability included in other current liabilities
$ 499,000 
$ 571,000 
Environment remediation liability included in other deferred items and liabilities
4,762,000 
4,745,000 
Litigation Claims Contingencies and Other (Textual) [Abstract]
 
 
Environmental remediation liability
5,300,000 
 
Maximum potential amount of future payments
19,000,000 
 
Guarantees relate to leased facilities expiry date
October 2017 
 
Recourse provision to recover guarantees
 
Original new contract possible term
25 years 
 
Concession Contact expiration date range start
Dec. 31, 2005 
 
Extended period of concession contract
8 years 
 
Contract extension time period
1 year 
 
Concession contract expiration date range end
Dec. 31, 2013 
 
Revenue through concession contract
49.00% 
 
Concession contract period
 
16 years 
Concession contract beginning date
 
Jan. 01, 2014 
Possessory interest
25,000,000 
 
Operating lease term
42 years 
 
Ground lease end date
Jan. 31, 2052 
 
Segment operating income
24.00% 
 
Maximum [Member]
 
 
Loss Contingencies [Line Items]
 
 
Estimated amount for personal property
6,000,000 
 
Minimum [Member]
 
 
Loss Contingencies [Line Items]
 
 
Estimated amount for personal property
5,000,000 
 
Other current liabilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Environment remediation liability included in other current liabilities
499,000 
 
Other deferred items and liabilities [Member]
 
 
Loss Contingencies [Line Items]
 
 
Environment remediation liability included in other deferred items and liabilities
$ 4,800,000 
 
Segment Information (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Revenues:
 
 
Total revenues
$ 285,163 
$ 268,772 
Segment operating income (loss):
 
 
Corporate activities
(806)
(1,777)
Segment operating income (loss), Total
12,021 
3,756 
Interest income
138 
169 
Interest expense
(296)
(358)
Restructuring charges
(720)
(2,225)
Income before income taxes
11,143 
1,342 
U.S. [Member]
 
 
Revenues:
 
 
Total revenues
218,341 
206,874 
Segment operating income (loss):
 
 
Segment operating income (loss), Total
14,115 
7,248 
International [Member]
 
 
Revenues:
 
 
Total revenues
60,048 
57,778 
Segment operating income (loss):
 
 
Segment operating income (loss), Total
4,392 
3,857 
Intersegment eliminations [Member]
 
 
Revenues:
 
 
Total revenues
(1,628)
(2,608)
Marketing & Events Group [Member]
 
 
Revenues:
 
 
Total revenues
276,761 
262,044 
Segment operating income (loss):
 
 
Segment operating income (loss), Total
18,507 
11,105 
Restructuring charges
194 
(2,003)
Marketing & Events International [Member]
 
 
Segment operating income (loss):
 
 
Restructuring charges
(901)
(222)
Travel & Recreation Group [Member]
 
 
Revenues:
 
 
Total revenues
8,402 
6,728 
Segment operating income (loss):
 
 
Segment operating income (loss), Total
(5,680)
(5,572)
Restructuring charges
(13)
 
Other Segments [Member]
 
 
Segment operating income (loss):
 
 
Segment operating income (loss), Total
$ 12,827 
$ 5,533 
Segment Information (Details 1) (USD $)
In Thousands, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Reconciliation of assets from segment
 
 
Assets
$ 647,628 
$ 650,577 
Marketing & Events Group [Member] |
U.S. [Member]
 
 
Reconciliation of assets from segment
 
 
Assets
210,242 
203,145 
Marketing & Events Group [Member] |
International [Member]
 
 
Reconciliation of assets from segment
 
 
Assets
111,085 
100,387 
Travel & Recreation Group [Member]
 
 
Reconciliation of assets from segment
 
 
Assets
215,529 
223,199 
Corporate and Other [Member]
 
 
Reconciliation of assets from segment
 
 
Assets
$ 110,772 
$ 123,846