CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Allowance for doubtful accounts | $ 2,714 | $ 5,310 |
Common stock, par value | $ 1.50 | $ 1.50 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 24,934,981 | 24,934,981 |
Common stock, shares outstanding | 24,934,981 | 24,934,981 |
Treasury stock, shares | 4,411,560 | 4,475,489 |
Convertible Series A Preferred Stock | ||
Preferred Stock, Par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 180,000 | 180,000 |
Preferred Stock, Shares Issued | 135,000 | 135,000 |
Preferred Stock, Shares Outstanding | 135,000 | 135,000 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Statement Of Income And Comprehensive Income [Abstract] | ||||||
Net income (loss) | $ 19,775 | $ (28,729) | $ (68,283) | $ (325,280) | ||
Other comprehensive income (loss): | ||||||
Unrealized foreign currency translation adjustments | (8,634) | 11,032 | (980) | (7,342) | ||
Change in net actuarial loss, net of tax | [1] | 83 | 70 | 261 | 436 | |
Change in prior service cost, net of tax | [1] | (27) | (56) | (82) | ||
Comprehensive income (loss) | 11,224 | (17,654) | (69,058) | (332,268) | ||
Non-redeemable noncontrolling interest: | ||||||
Net (income) loss attributable to non-redeemable noncontrolling interest | (5,004) | (2,331) | (3,049) | 636 | ||
Unrealized foreign currency translation adjustments | (1,960) | 1,837 | (141) | (1,949) | ||
Redeemable noncontrolling interest: | ||||||
Comprehensive loss attributable to redeemable noncontrolling interest | 296 | 302 | 1,221 | 1,023 | ||
Comprehensive income (loss) attributable to Viad | $ 4,556 | $ (17,846) | $ (71,027) | $ (332,558) | ||
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Unaudited) - USD ($) |
Total |
Mountain Park Lodges |
Common Stock |
Additional Capital |
Retained earnings (Deflicit) |
Accumulated Other Comprehensive Income (Loss) |
Common Stock in Treasury |
Total Viad Equity |
Non-Redeemable Non-Controlling Interest |
Non-Redeemable Non-Controlling Interest
Mountain Park Lodges
|
Mezzanine Equity Redeemable Non Controlling Interest |
Convertible Series A Preferred Stock |
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---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2019 | $ 547,229,000 | $ 37,402,000 | $ 574,473,000 | $ 122,971,000 | $ (35,699,000) | $ (231,649,000) | $ 467,498,000 | $ 79,731,000 | $ 6,172,000 | ||||||
Increase Decrease In Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | (87,918,000) | (86,585,000) | (86,585,000) | (1,333,000) | (517,000) | ||||||||||
Dividends on common stock | (2,038,000) | (2,038,000) | (2,038,000) | ||||||||||||
Capital contribution (distributions) to (from) noncontrolling interest | 1,526,000 | 1,526,000 | |||||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (1,059,000) | (1,059,000) | (1,059,000) | ||||||||||||
Common stock purchased for treasury | (2,785,000) | (2,785,000) | (2,785,000) | ||||||||||||
Employee benefit plans | 1,912,000 | (3,810,000) | 5,722,000 | 1,912,000 | |||||||||||
Share-based compensation - equity awards | 276,000 | 276,000 | 276,000 | ||||||||||||
Unrealized foreign currency translation adjustment | (33,877,000) | (28,158,000) | (28,158,000) | (5,719,000) | (873,000) | ||||||||||
Amortization of net actuarial loss, net of tax | 341,000 | 341,000 | 341,000 | ||||||||||||
Amortization of prior service cost, net of tax | (27,000) | (27,000) | (27,000) | ||||||||||||
Other, net | (80,000) | (80,000) | 1,000 | (1,000) | (80,000) | (126,000) | |||||||||
Ending Balance at Mar. 31, 2020 | 420,448,000 | 37,402,000 | 570,859,000 | 34,347,000 | (63,543,000) | (229,770,000) | 349,295,000 | 71,153,000 | 4,908,000 | ||||||
Beginning Balance at Dec. 31, 2019 | 547,229,000 | 37,402,000 | 574,473,000 | 122,971,000 | (35,699,000) | (231,649,000) | 467,498,000 | 79,731,000 | 6,172,000 | ||||||
Increase Decrease In Stockholders' Equity [Roll Forward] | |||||||||||||||
Amortization of net actuarial loss, net of tax | [1] | 436,000 | |||||||||||||
Amortization of prior service cost, net of tax | [1] | (82,000) | |||||||||||||
Ending Balance at Sep. 30, 2020 | 210,468,000 | 37,402,000 | 570,447,000 | (202,691,000) | (42,687,000) | (227,623,000) | 134,848,000 | 75,620,000 | 5,271,000 | $ 126,897,000 | |||||
Beginning Balance at Mar. 31, 2020 | 420,448,000 | 37,402,000 | 570,859,000 | 34,347,000 | (63,543,000) | (229,770,000) | 349,295,000 | 71,153,000 | 4,908,000 | ||||||
Increase Decrease In Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | (207,912,000) | (206,278,000) | (206,278,000) | (1,634,000) | (204,000) | ||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (3,000) | (3,000) | (3,000) | ||||||||||||
Employee benefit plans | 330,000 | 48,000 | 282,000 | 330,000 | |||||||||||
Share-based compensation - equity awards | 602,000 | 602,000 | 602,000 | ||||||||||||
Unrealized foreign currency translation adjustment | 11,717,000 | 9,784,000 | 9,784,000 | 1,933,000 | 102,000 | ||||||||||
Amortization of net actuarial loss, net of tax | 25,000 | 25,000 | 25,000 | ||||||||||||
Amortization of prior service cost, net of tax | (28,000) | (28,000) | (28,000) | ||||||||||||
Other, net | 45,000 | 46,000 | (1,000) | 45,000 | 332,000 | ||||||||||
Ending Balance at Jun. 30, 2020 | 225,224,000 | 37,402,000 | 571,555,000 | (171,931,000) | (53,762,000) | (229,492,000) | 153,772,000 | 71,452,000 | 5,138,000 | ||||||
Increase Decrease In Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | (28,427,000) | (30,758,000) | (30,758,000) | 2,331,000 | (302,000) | ||||||||||
Issuance of Series A convertible preferred stock | 125,763,000 | ||||||||||||||
Dividends on convertible preferred stock | (1,134,000) | (1,134,000) | (1,134,000) | (1,134,000) | |||||||||||
Employee benefit plans | (253,000) | (2,123,000) | 1,870,000 | (253,000) | |||||||||||
Share-based compensation - equity awards | 2,135,000 | 2,135,000 | 2,135,000 | ||||||||||||
Unrealized foreign currency translation adjustment | 12,869,000 | 11,032,000 | 11,032,000 | 1,837,000 | 33,000 | ||||||||||
Amortization of net actuarial loss, net of tax | 70,000 | [1] | 70,000 | 70,000 | |||||||||||
Amortization of prior service cost, net of tax | (27,000) | [1] | (27,000) | (27,000) | |||||||||||
Other, net | 11,000 | 14,000 | (2,000) | (1,000) | 11,000 | (468,000) | |||||||||
Ending Balance at Sep. 30, 2020 | 210,468,000 | 37,402,000 | 570,447,000 | (202,691,000) | (42,687,000) | (227,623,000) | 134,848,000 | 75,620,000 | 5,271,000 | 126,897,000 | |||||
Beginning Balance at Dec. 31, 2020 | 174,099,000 | 37,402,000 | 568,100,000 | (253,164,000) | (30,641,000) | (225,742,000) | 95,955,000 | 78,144,000 | 5,225,000 | 128,769,000 | |||||
Increase Decrease In Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | (44,597,000) | (43,152,000) | (43,152,000) | (1,445,000) | (494,000) | ||||||||||
Dividends on convertible preferred stock | (1,898,000) | (1,898,000) | (1,898,000) | (1,898,000) | |||||||||||
Capital contribution (distributions) to (from) noncontrolling interest | (951,000) | (951,000) | 142,000 | ||||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (519,000) | (519,000) | (519,000) | ||||||||||||
Employee benefit plans | 380,000 | (1,198,000) | 1,578,000 | 380,000 | |||||||||||
Share-based compensation - equity awards | 1,626,000 | 1,626,000 | 1,626,000 | ||||||||||||
Unrealized foreign currency translation adjustment | 4,727,000 | 3,977,000 | 3,977,000 | 750,000 | 77,000 | ||||||||||
Amortization of net actuarial loss, net of tax | 177,000 | 177,000 | 177,000 | ||||||||||||
Amortization of prior service cost, net of tax | (56,000) | (56,000) | (56,000) | ||||||||||||
Acquisitions | $ 6,759,000 | $ 6,759,000 | |||||||||||||
Other, net | 12,000 | 13,000 | (1,000) | 12,000 | 56,000 | ||||||||||
Ending Balance at Mar. 31, 2021 | 139,759,000 | 37,402,000 | 566,643,000 | (296,317,000) | (26,543,000) | (224,683,000) | 56,502,000 | 83,257,000 | 5,006,000 | 130,667,000 | |||||
Beginning Balance at Dec. 31, 2020 | 174,099,000 | 37,402,000 | 568,100,000 | (253,164,000) | (30,641,000) | (225,742,000) | 95,955,000 | 78,144,000 | 5,225,000 | 128,769,000 | |||||
Increase Decrease In Stockholders' Equity [Roll Forward] | |||||||||||||||
Amortization of net actuarial loss, net of tax | [1] | 261,000 | |||||||||||||
Amortization of prior service cost, net of tax | [1] | (56,000) | |||||||||||||
Acquisitions | 6,759,000 | ||||||||||||||
Ending Balance at Sep. 30, 2021 | 112,259,000 | 37,402,000 | 567,051,000 | (325,226,000) | (31,416,000) | (222,203,000) | 25,608,000 | 86,651,000 | 5,251,000 | 132,591,000 | |||||
Beginning Balance at Mar. 31, 2021 | 139,759,000 | 37,402,000 | 566,643,000 | (296,317,000) | (26,543,000) | (224,683,000) | 56,502,000 | 83,257,000 | 5,006,000 | 130,667,000 | |||||
Increase Decrease In Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | (42,536,000) | (42,026,000) | (42,026,000) | (510,000) | (431,000) | ||||||||||
Dividends on convertible preferred stock | (1,923,000) | (1,923,000) | (1,923,000) | (1,923,000) | |||||||||||
Capital contribution (distributions) to (from) noncontrolling interest | 7,000 | 7,000 | 124,000 | ||||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (82,000) | (82,000) | (82,000) | ||||||||||||
Employee benefit plans | 498,000 | (143,000) | 641,000 | 498,000 | |||||||||||
Share-based compensation - equity awards | 2,071,000 | 2,071,000 | 2,071,000 | ||||||||||||
Unrealized foreign currency translation adjustment | 4,746,000 | 3,677,000 | 3,677,000 | 1,069,000 | 79,000 | ||||||||||
Amortization of net actuarial loss, net of tax | 1,000 | 1,000 | 1,000 | ||||||||||||
Other, net | 26,000 | (10,000) | 23,000 | 33,000 | (7,000) | 547,000 | 1,000 | ||||||||
Ending Balance at Jun. 30, 2021 | 102,567,000 | 37,402,000 | 566,658,000 | (338,343,000) | (22,865,000) | (224,101,000) | 18,751,000 | 83,816,000 | 5,325,000 | 132,591,000 | |||||
Increase Decrease In Stockholders' Equity [Roll Forward] | |||||||||||||||
Net Income (loss) | 20,071,000 | 15,067,000 | 15,067,000 | 5,004,000 | (296,000) | ||||||||||
Dividends on convertible preferred stock | (1,950,000) | (1,950,000) | (1,950,000) | ||||||||||||
Capital contribution (distributions) to (from) noncontrolling interest | (216,000) | (216,000) | (16,000) | ||||||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (29,000) | (29,000) | (29,000) | ||||||||||||
Employee benefit plans | 199,000 | (1,751,000) | 1,950,000 | 199,000 | |||||||||||
Share-based compensation - equity awards | 2,163,000 | 2,163,000 | 2,163,000 | ||||||||||||
Unrealized foreign currency translation adjustment | (10,594,000) | (8,634,000) | (8,634,000) | (1,960,000) | (282,000) | ||||||||||
Amortization of net actuarial loss, net of tax | 83,000 | [1] | 83,000 | 83,000 | |||||||||||
Other, net | (35,000) | (19,000) | 0 | (23,000) | 42,000 | 7,000 | 488,000 | ||||||||
Ending Balance at Sep. 30, 2021 | $ 112,259,000 | $ 37,402,000 | $ 567,051,000 | $ (325,226,000) | $ (31,416,000) | $ (222,203,000) | $ 25,608,000 | $ 86,651,000 | $ 5,251,000 | $ 132,591,000 | |||||
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Parenthetical) (Unaudited) |
3 Months Ended |
---|---|
Mar. 31, 2020
$ / shares
| |
Statement Of Stockholders Equity [Abstract] | |
Dividends on common stock per share | $ 0.10 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Cash flows from operating activities | ||
Net loss | $ (68,283) | $ (325,280) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 39,986 | 43,051 |
Deferred income taxes | (131) | 20,428 |
(Income) loss from discontinued operations | (534) | 1,822 |
Restructuring charges | 5,799 | 12,370 |
Impairment charges | 203,076 | |
Gains on dispositions of property and other assets | (9,345) | (14,935) |
Share-based compensation expense | 5,960 | 649 |
Multi-employer pension plan withdrawal | 57 | 462 |
Other non-cash items, net | 4,642 | 10,371 |
Change in operating assets and liabilities: | ||
Receivables | (53,998) | 104,722 |
Inventories | (68) | 833 |
Current contract costs | (10,123) | 16,418 |
Accounts payable | 39,204 | (76,355) |
Restructuring liabilities | (4,413) | (4,606) |
Accrued compensation | 7,611 | (25,268) |
Contract liabilities | 26,386 | (32,650) |
Income taxes payable | (181) | 1,290 |
Other assets and liabilities, net | 14,718 | 20,083 |
Net cash used in operating activities | (2,713) | (43,519) |
Cash flows from investing activities | ||
Capital expenditures | (45,187) | (40,057) |
Cash surrender value of life insurance policies | 24,767 | |
Cash paid for acquisitions, net | (7,704) | |
Proceeds from dispositions of property and other assets | 14,292 | 21,788 |
Net cash (used in) provided by investing activities | (38,599) | 6,498 |
Cash flows from financing activities | ||
Proceeds from borrowings | 451,350 | 191,733 |
Payments on debt and finance lease obligations | (335,665) | (273,663) |
Dividends paid on common stock | (4,064) | |
Dividends paid on preferred stock | (1,950) | |
Distributions to noncontrolling interest, net of contributions from noncontrolling interest | (798) | (1,526) |
Payments of debt issuance costs | (1,767) | (1,585) |
Payment of payroll taxes on stock-based compensation through shares withheld or repurchased | (1,119) | (1,062) |
Common stock purchased for treasury | (2,785) | |
Proceeds from issuance of Convertible Series A Preferred Stock, net of issuance costs | 125,763 | |
Proceeds from exercise of stock options | 2,077 | |
Net cash provided by financing activities | 110,051 | 34,888 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2,551 | (1,027) |
Net change in cash, cash equivalents, and restricted cash | 71,290 | (3,160) |
Cash, cash equivalents, and restricted cash, beginning of year | 41,971 | 62,004 |
Cash, cash equivalents, and restricted cash, end of period | $ 113,261 | $ 58,844 |
Overview and Basis of Presentation |
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Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Overview and Basis of Presentation | Note 1. Overview and Basis of Presentation Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or SEC rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 2, 2021 (“2020 Form 10-K”). The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation. Nature of Business We are a leading provider of experiential leisure travel and live events and marketing experiences with operations in the United States, Canada, the United Kingdom, continental Europe, the United Arab Emirates, and Iceland. We are committed to providing unforgettable experiences to our clients and guests. We operate through two reportable business segments: GES and Pursuit. GES GES is a global, full-service provider for live events that partners with show organizers, exhibitors, and brand marketers to create high-value, live events. GES offers a comprehensive range of live event services, from the design and production of compelling, immersive experiences that engage audiences and build brand awareness, to material handling, rigging, electrical, and other on-site event services. In addition, GES offers clients a full suite of audio-visual services from creative and technology to content and design, along with registration, data analytics, engagement, and online tools powered by next generation technologies that help clients easily manage the complexities of their event. Pursuit Pursuit is a collection of inspiring and unforgettable travel experiences that include recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services. Pursuit comprises the Banff Jasper Collection, the Alaska Collection, the Glacier Park Collection, FlyOver, and the Sky Lagoon. Impact of COVID-19 Starting in mid-March 2020, the COVID-19 pandemic had a significant and negative impact on our operations and financial performance, with severe disruptions in live event and tourism activity. In response, we implemented aggressive cost reduction measures in 2020 to preserve cash, including furloughs, layoffs, mandatory unpaid time off or salary reductions for all employees, and the reduction of discretionary spending. We also suspended future common stock dividend payments and share repurchases, and we availed ourselves of governmental assistance programs for wages and other expense relief. Additionally, in May and August 2020, we obtained waivers of the financial covenants under our then $450 million revolving credit facility (“the 2018 Credit Facility”), which we subsequently refinanced in July 2021 as discussed below, and we secured additional capital to strengthen our liquidity position by entering into an investment agreement with funds managed by private equity firm Crestview Partners who made an investment of $135 million, offset in part by $9.2 million in fees, in newly issued perpetual convertible preferred stock. Refer to Note 15 – Common and Preferred Stock for further information. During 2021, we continued to preserve cash and closely manage our costs as pandemic-related restrictions lessened. In connection with COVID-19 vaccination programs, we began to see signs of recovery in the travel and hospitality and live event sectors during early 2021 as people started to feel more comfortable traveling and gathering in larger groups. Pursuit’s operations in the United States experienced strong visitation primarily from domestic travelers, while tourism in Canada remained constrained by border closures. Canada reopened its border with the United States in early August 2021 to fully vaccinated travelers and to travelers from other countries beginning in September 2021, which accelerated short-term bookings from long-haul travelers to our Pursuit operations in Canada. The live event markets also began to re-open in 2021 with smaller scale live events starting to take place during the first half of the year. Toward the end of the second quarter and into the third quarter, we began to see an acceleration in the recovery of in-person trade shows as event organizers began to hold larger scale face-to-face live events. Effective July 30, 2021, we refinanced our 2018 Credit Facility, which was scheduled to mature on October 24, 2023, with a new $500 million senior secured credit facility (the “2021 Credit Facility”) to provide for financial flexibility to support our growth initiatives. The 2021 Credit Facility provides for a $400 million term loan with a maturity date of July 30, 2028 (“Term Loan B”) and a $100 million revolving credit facility with a maturity date of July 30, 2026. The loan proceeds of $400 million were offset in part by $14.8 million in fees. The proceeds from the Term Loan B were used to repay the 2018 Credit Facility and the remaining proceeds will be used to fund future acquisitions and growth initiatives and for general corporate purposes. Refer to Note 12 – Debt and Finance Lease Obligations for further information. Although we have seen a recent acceleration in demand and bookings and early signs of recovery for travel and in-person live events, we remain cautious as variants of COVID-19, including the predominant Delta variant, have caused an increase in infections and hospitalizations across the United States and globally. Due to the evolving and uncertain nature of COVID-19, and depending on the success of ongoing vaccination and other mitigation efforts as well as the scope and magnitude of infections and hospitalizations, we are not able at this time to fully estimate the effect of these factors on our business; however, the adverse impact on our business, results of operations, and, cash flows has been significant. We will continue to evaluate and implement additional actions necessary to mitigate the negative financial and operational impact of COVID-19 on our business. Reclassifications During the first quarter of 2021, we reorganized GES’ operating segments to represent the changes in how our chief operating decision maker (“CODM”) reviews the financial performance of GES and makes decisions regarding the allocation of resources. As a result, we changed the presentation of certain items in GES’ disaggregation of revenue and reportable segments. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 23 – Segment Information for additional information. We reclassified certain prior-year amounts to conform to current-period presentation. Such reclassifications had no impact on our results of operations or cash flows. Correction to Prior Period Financial Statements As previously disclosed in our 2020 Form 10-K, and subsequent to the issuance of the Condensed Consolidated Financial Statements for the quarter ended September 30, 2020, we identified prior period errors related to the recognition of revenue of GES’ third-party services. Revenue from these services should have been recorded on a net basis to reflect only the fees received for arranging these services, whereas previously, we recorded this revenue on a gross basis, thus overstating revenue and cost of services by the same amount. As a result, we corrected the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 related to this gross-to-net adjustment. We determined that these errors were not material to the previously issued financial statements. Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 23 – Segment Information reflect this correction.
Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements:
Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates. Cash, Cash Equivalents, and Restricted Cash Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less. Cash and cash equivalents consist of cash and bank demand deposits and money market funds. Investments in money market funds are classified as available-for-sale and carried at fair value. Restricted cash represents collateral required for surety bonds, bank guarantees, and letters of credit. Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:
Revenue Recognition Revenue is measured based on a specified amount of consideration in a contract with a customer, net of commissions paid to customers and amounts collected on behalf of third parties. We recognize revenue when a performance obligation is satisfied by transferring control of a product or delivering the service to a customer. GES’ service revenue is primarily derived through its comprehensive range of marketing, event production, and other related services to event organizers and corporate brand marketers. GES’ service revenue is earned over time over the duration of the live event, which generally lasts one to three days. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue is recognized at a point in time upon delivery of the product. Pursuit’s service revenue is derived through its admissions, accommodations, transportation, and travel planning services. Pursuit’s product revenue is derived through food and beverage and retail sales. Pursuit’s revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits. Pursuit’s product revenue is recognized at a point in time. Noncontrolling Interests – Non-redeemable and Redeemable Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations. We consider noncontrolling interests with redemption features that are not solely within our control to be redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 54.9% equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered mezzanine equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to accumulated deficit and is included in our income (loss) per share. Refer to Note 22 – Noncontrolling Interest – Redeemable and Non-redeemable for additional information. Convertible Preferred Stock We record shares of convertible preferred stock based on proceeds received net of costs on the date of issuance. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as mezzanine equity and is reported between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. Leases We recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet and classify leases as either finance or operating leases. The classification of the lease determines whether we recognize the lease expense on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term. Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards. These facility leases generally have lease terms ranging up to 24 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our hotels or attractions are located and have lease terms ranging up to 46 years. If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. We evaluate the reasonably certain threshold at lease commencement, and it is typically met if we identify substantial economic incentives or termination penalties. We do not include variable leases and variable non-lease components in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that we adjust to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants. Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country. We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities as an offset to lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases. |
Revenue and Related Contract Costs and Contract Liabilities |
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Revenue and Related Contract Costs and Contract Liabilities | Note 2. Revenue and Related Contract Costs and Contract Liabilities GES’ performance obligations consist of services or product(s) outlined in a contract. While we often sign multi-year contracts for recurring events, the obligations for each occurrence are well defined and conclude upon the occurrence of each event. The obligations are typically the provision of services and/or sale of a product in connection with a live event. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. We recognize revenue for services generally at the close of the live event. We recognize revenue for products either upon delivery to the customer’s location, upon delivery to an event that we are serving, or when we have the right to invoice. In circumstances where a customer cancels a contract, we generally have the right to bill the customer for costs incurred to date. Payment terms are generally within 30-60 days and contain no significant financing components. Pursuit’s performance obligations are short-term in nature. They include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, the fulfillment of travel planning itineraries, and/or the sale of food, beverage, or retail products. We recognize revenue when the service has been provided or the product has been delivered. When we extend credit, payment terms are generally within 30 days and contain no significant financing components. Contract Liabilities GES and Pursuit typically receive customer deposits prior to transferring the related product or service to the customer. We record these deposits as a contract liability, which are recognized as revenue upon satisfaction of the related contract performance obligation(s). GES also provides customer rebates and volume discounts to certain event organizers that we recognize as a reduction of revenue. We include these amounts in the Condensed Consolidated Balance Sheets under the captions “Contract liabilities” and “Other deferred items and liabilities.” Changes to contract liabilities are as follows:
Contract Costs GES capitalizes certain incremental costs incurred in obtaining and fulfilling contracts. Capitalized costs principally relate to direct costs of materials and services incurred in fulfilling services of future exhibitions, conferences, and events, and also include up-front incentives and commissions incurred upon contract signing. We expense costs associated with preliminary contract activities (i.e. proposal activities) as incurred. Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in costs of services or costs of products, as applicable. We include the deferred incremental costs of obtaining and fulfilling contracts in the Condensed Consolidated Balance Sheets under the captions “Current contract costs” and “Other investments and assets.” Changes to contract costs are as follows:
As of September 30, 2021, capitalized contract costs consisted of $0.6 million to obtain contracts and $19.9 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs during the three and nine months ended September 30, 2021 or 2020. Disaggregation of Revenue During the first quarter of 2021, we changed GES’ presentation of certain items in the following disaggregation of revenue table to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. All prior periods have been reclassified to conform to this new reporting structure. The following tables disaggregate GES and Pursuit revenue by major service and product lines, timing of revenue recognition, and markets served: GES
(1) GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.
Pursuit
(1) We opened Pursuit’s new Sky Lagoon attraction on April 30, 2021 in Reykjavik, Iceland. |
Share-Based Compensation |
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Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Note 3. Share-Based Compensation We grant share-based compensation awards to our officers, directors, and certain key employees pursuant to the 2017 Viad Corp Omnibus Incentive Plan (the “2017 Plan”). The 2017 Plan has a 10-year term and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock awards and restricted stock units; (c) performance units or performance shares; (d) stock appreciation rights; (e) cash-based awards; and (f) certain other stock-based awards. In June 2017, we registered 1,750,000 shares of common stock issuable under the 2017 Plan. As of September 30, 2021, there were 736,786 shares available for future grant under the 2017 Plan. The following table summarizes share-based compensation (income) expense:
(1) The 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. There was no income tax benefit associated with our employees in the United States and the United Kingdom due to a valuation allowance on our deferred tax assets within these jurisdictions. Refer to Note 17 – Income Taxes. Performance-based Restricted Stock Units Performance-based restricted stock units (“PRSU”) are tied to our stock price and the expected achievement of certain performance-based criteria. The vesting of PRSUs is based upon the achievement of the performance-based criteria over a to four-year period. We account for PRSUs that will be settled in shares of our common stock as equity-based awards. We measure share-based compensation expense of equity-based awards at fair value on the grant date on a straight-line basis over the vesting period. The estimated number of units to be achieved is updated each reporting period. We account for PRSUs that will be settled in cash as liability-based awards. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement. Forfeitures are recorded when they occur. During the nine months ended September 30, 2021, we granted PRSUs with a grant date fair value of $3.2 million, all of which are payable in shares. In 2021, PRSUs granted in 2018 vested; however, as performance metrics were not achieved, no awards were paid in cash or in shares. In 2020, PRSUs granted in 2017 vested and we paid $2.6 million in cash. No PRSUs were paid in shares in 2020. As of September 30, 2021, the unamortized cost of outstanding equity-based PRSUs was $2.7 million, which we expect to recognize over a weighted-average period of approximately 2.3 years. Liabilities related to liability-based PRSUs were $0.8 million as of September 30, 2021 and $0.8 million as of December 31, 2020. The following table summarizes the activity of the outstanding PRSUs:
Service-based Restricted Stock Awards and Restricted Stock Units Restricted stock awards and restricted stock units are service-based awards. We account for restricted stock awards and restricted stock units that will be settled in shares of our common stock as equity-based awards. We measure share-based compensation expense of equity-based awards at fair value on the grant date on a straight-line basis over the vesting period. We account for restricted stock units that will be settled in cash as liability-based awards. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement. Forfeitures are recorded when they occur. As of September 30, 2021, the unamortized cost of outstanding equity-based restricted stock awards and restricted stock units was $5.0 million, which we expect to recognize over a weighted-average period of approximately 1.2 years. We repurchased 25,856 shares for $1.1 million during the nine months ended September 30, 2021 and 17,961 shares for $1.1 million during the nine months ended September 30, 2020 related to tax withholding requirements on vested share-based awards. Aggregate liabilities related to liability-based restricted stock units were $0.2 million as of September 30, 2021 and $0.2 million as of December 31, 2020. During the nine months ended September 30, 2021, 3,174 restricted stock units vested, and we paid $0.1 million in cash. During the nine months ended September 30, 2020, 2,815 restricted stock units vested, and we paid $0.2 million in cash and $0.8 million in shares. The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:
Stock Options We grant non-qualified stock options that are performance-based, as well as non-qualified options that are service-based. The performance-based awards are recognized on a straight-line basis over the performance period ranging from 1.4 to 3.4 years, and the underlying shares expected to be settled are adjusted each reporting period based on estimated future achievement of the respective performance metrics. The service-based awards are recognized on a straight-line basis over the requisite service period on a graded-vesting schedule ranging from two to three years. The following table summarizes stock option activity:
(1) The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options. The following table summarizes stock options outstanding and exercisable as of September 30, 2021:
The fair value of stock options granted in 2021 was estimated on the date of grant using the Black-Scholes option pricing model. Following is additional information on stock options granted during the nine months ended September 30, 2021 and the underlying assumptions used in assessing fair value:
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Acquisitions |
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Sep. 30, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4. Acquisitions 2021 Acquisitions Golden Skybridge On March 18, 2021, we acquired a 60% controlling interest in the Golden Skybridge attraction for total cash consideration of $15 million Canadian dollars (approximately $12 million U.S. dollars), of which $6 million Canadian dollars (approximately $4.8 million U.S. dollars) were primarily used to fund additional experiences. The Golden Skybridge opened in June 2021. The fair value of net assets acquired as of the acquisition date included $2.2 million U.S. dollars in property and equipment and $6.8 million U.S. dollars in noncontrolling interest. Under the acquisition method of accounting, the purchase price is allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over the fair value of net assets acquired of $11.8 million U.S. dollars was recorded as “Goodwill.” Goodwill is included in the Pursuit business group. The primary factor that contributed to the purchase price resulting in the recognition of goodwill related to future growth opportunities when combined with our other businesses. Goodwill is not deductible for tax purposes. We included these assets in the Condensed Consolidated Balance Sheets from the date of acquisition. Transaction costs associated with the acquisition were $0.3 million U.S. dollars during 2021, which are included in “Costs of services” in the Condensed Consolidated Statements of Operations. |
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Inventories | Note 5. Inventories We state inventories, which consist primarily of exhibit design and construction materials and supplies, as well as retail inventory, at the lower of cost (first-in, first-out and specific identification methods) or net realizable value. The components of inventories consisted of the following:
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Other Current Assets |
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Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets | Note 6. Other Current Assets Other current assets consisted of the following:
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Property and Equipment |
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Property Plant And Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment | Note 7. Property and Equipment Property and equipment consisted of the following:
(1) The increase in finance lease ROU assets is primarily due to the commencement of Pursuit’s new Sky Lagoon attraction in Iceland during the first quarter of 2021.
Depreciation expense was $10.8 million for the three months ended September 30, 2021 and $32.3 million for the nine months ended September 30, 2021. Depreciation expense was $11.5 million for the three months ended September 30, 2020 and $35.1 million for the nine months ended September 30, 2020. Property and equipment purchased through accounts payable and accrued liabilities decreased $0.3 million during the nine months ended September 30, 2021 and decreased $6.3 million during the nine months ended September 30, 2020. |
Other Investments and Assets |
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Investments All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Investments and Assets | Note 8. Other Investments and Assets Other investments and assets consisted of the following:
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Goodwill and Other Intangible Assets |
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Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Note 9. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are as follows:
Goodwill is tested for impairment at the reporting unit level on an annual basis as of October 31, and between annual tests if an event occurs or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. We use a discounted expected future cash flow methodology (income approach) to estimate the fair value of our reporting units for purposes of goodwill impairment testing. We recorded non-cash goodwill impairment charges of $185.8 million during the nine months ended September 30, 2020 primarily related to the write-off of all of GES’ goodwill due to the deteriorating macroeconomic environment related to the COVID-19 pandemic. Our remaining goodwill balance as of September 30, 2021 of $111.7 million pertains to our Pursuit business. Although certain of Pursuit’s reporting units continue to operate at a loss due to travel restrictions as a result of the COVID-19 pandemic, we did not record any impairment charges during 2021 as there were no significant changes to our outlook for the future years and the risk profile of the reporting units had not changed. Given the evolving nature of COVID-19, and the uncertain government and consumer reactions, the estimates and assumptions regarding expected future cash flows, discount rates, and terminal values used in our goodwill impairment analysis require considerable judgment and are based on our current estimates of market conditions, financial forecasts, and industry trends. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results including impairment charges in the future. Other intangible assets consisted of the following:
Intangible asset amortization expense was $1.6 million for the three months ended September 30, 2021 and $4.4 million for the nine months ended September 30, 2021. Intangible asset amortization was $1.5 million for the three months ended September 30, 2020 and $5.2 million for the nine months ended September 30, 2020. We recorded a non-cash impairment charge to intangible assets of $15.7 million during the nine months ended September 30, 2020 related to our United States audio-visual production business. The duration and impact of COVID-19 may result in additional future impairment charges as facts and circumstances evolve. At September 30, 2021, the estimated future amortization expense related to intangible assets subject to amortization is as follows:
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Other Current Liabilities |
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Other Liabilities Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Note 10. Other Current Liabilities Other current liabilities consisted of the following:
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Other Deferred Items and Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Deferred Items and Liabilities | Note 11. Other Deferred Items and Liabilities Other deferred items and liabilities consisted of the following:
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Debt and Finance Lease Obligations |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt and Finance Lease Obligations | Note 12. Debt and Finance Lease Obligations The components of debt and finance lease obligations consisted of the following:
(1) Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. (2) The increase in finance lease obligations is primarily due to the commencement of Pursuit’s new Sky Lagoon attraction in Iceland during the first quarter of 2021, which has a 46-year lease term. (3) The estimated fair value of total debt and finance leases was $310.5 million as of September 30, 2021 and $254.0 million as of December 31, 2020. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements. (4) Cash paid for interest on debt was $14.9 million for the nine months ended September 30, 2021 and $12.1 million for the nine months ended September 30, 2020. 2021 Credit Facility Effective July 30, 2021, we refinanced the 2018 Credit Facility with the new $500 million 2021 Credit Facility to provide for financial flexibility to support our growth initiatives. The 2021 Credit Facility provides for a $400 million Term Loan B with a maturity date of July 30, 2028 and a $100 million revolving credit facility with a maturity date of July 30, 2026. The loan proceeds of $400 million were offset in part by $14.8 million in fees. The proceeds from the Term Loan B were used to repay the 2018 Credit Facility and the remaining proceeds will be used to fund future acquisitions and growth initiatives and for general corporate purposes. The following are significant terms under the revolving credit facility: Maintain minimum liquidity of $75 million through the earlier of (i) June 30, 2022 or (ii) the first fiscal quarter we are in compliance with the financial covenants; Financial covenants will first be tested as of September 30, 2022 as described below; Maintain an interest coverage ratio of not less than 2.00 to 1.00, with a step-up to 2.50 to 1.00 on or after December 31, 2022; Maintain a total net leverage ratio of not greater than 4.50 to 1.00 with a step-down to 4.00 to 1.00 on or after December 31, 2022 and a step-up of 0.5x for four quarters for any material acquisition; and Interest rate on the Term Loan B of London Interbank Offered Rate (“LIBOR”) plus 5.00%, with a LIBOR floor of 0.50%.
As a result of the refinance and the repayment of the 2018 Credit Facility, we recorded $2.1 million of interest expense related to the write-off of unamortized debt issuance costs during the three months ended September 30, 2021. As of September 30, 2021, capacity remaining under the 2021 Credit Facility was $78.2 million, reflecting borrowings of $400.0 million under the Term Loan B and $21.8 million in outstanding letters of credit. FlyOver Iceland Credit Facility Effective February 15, 2019, FlyOver Iceland ehf., (“FlyOver Iceland”) a wholly-owned subsidiary of Esja, entered into a credit agreement with a €5.0 million (approximately $5.6 million U.S. dollars) credit facility (the “FlyOver Iceland Credit Facility”) with a maturity date of March 1, 2022. The loan proceeds were used to complete the development of the FlyOver Iceland attraction. In response to the COVID-19 pandemic, we entered into an addendum to the FlyOver Iceland Credit Facility effective January 8, 2021 wherein the principal payments were deferred for twelve months beginning December 1, 2020, with the first payment due December 1, 2021. The addendum also extended the maturity date to September 1, 2023. There were no other changes to the terms of the FlyOver Iceland Credit Facility. During the first quarter of 2021, we obtained a waiver of certain covenants to the FlyOver Iceland Credit Facility through December 2021. We expect to be unable to meet our financial covenants under the FlyOver Iceland Credit Facility for the six months ending December 31, 2021. We have requested a waiver for our covenants. FlyOver Iceland Term Loans During 2020, FlyOver Iceland entered into three term loans totaling ISK 90.0 million (approximately $0.7 million U.S. dollars) (the “FlyOver Iceland Term Loans”). The first term loan for ISK 10.0 million was entered into effective October 15, 2020 with a maturity date of April 1, 2023 and bears interest on a seven-day term deposit at the Central Bank of Iceland. The second term loan for ISK 30.0 million was entered into effective October 15, 2020 with a maturity date of October 1, 2024 and bears interest on a seven-day term deposit at the Central Bank of Iceland plus 3.07%. The third term loan for ISK 50.0 million was entered into effective December 29, 2020 with a maturity date of February 1, 2023 and bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan. Loan proceeds were used to fund FlyOver Iceland operations. |
Fair Value Measurements |
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Fair Value Measurements | Note 13. Fair Value Measurements The fair value of an asset or liability is defined as the price that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value. Money market mutual funds and certain other mutual fund investments are measured at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following tables:
(1) We include money market funds in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. We classify these investments as available-for-sale and record them at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds. (2) We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets. The carrying values of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term nature of these instruments. Refer to Note 12 – Debt and Finance Lease Obligations for the estimated fair value of debt obligations. |
Income (Loss) Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (Loss) Per Share | Note 14. Income (Loss) Per Share The components of basic and diluted income (loss) per share are as follows:
(1) Diluted loss per share amount cannot exceed basic loss per share. Diluted loss per common share is calculated using the more dilutive of the two-class method or as-converted method. The two-class method uses net income (loss) available to common stockholders and assumes conversion of all potential shares other than the participating securities. The as-converted method uses net income (loss) available to common stockholders and assumes conversion of all potential shares including the participating securities. Dilutive potential common shares include outstanding stock options, unvested restricted share units and convertible preferred stock. We apply the two-class method in calculating loss per common share as unvested share-based payment awards that contain nonforfeitable rights to dividends and preferred stock are considered participating securities. Accordingly, such securities are included in the earnings allocation in calculating income (loss) per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income (loss) per common share. We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:
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Common and Preferred Stock |
9 Months Ended |
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Sep. 30, 2021 | |
Equity [Abstract] | |
Common and Preferred Stock | Note 15. Common and Preferred Stock Convertible Series A Preferred Stock On August 5, 2020, we entered into an Investment Agreement with funds managed by private equity firm Crestview Partners, relating to the issuance of 135,000 shares of newly issued Convertible Series A Preferred Stock, par value $0.01 per share, for an aggregate purchase price of $135 million or $ per share. The $135 million issuance was offset in part by $9.2 million of expenses related to the capital raise. We have classified the convertible preferred stock as mezzanine equity in the Condensed Consolidated Balance Sheet due to the existence of certain change in control provisions that are not solely within our control. The Convertible Series A Preferred Stock carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option and is convertible at the option of the holders into shares of our common stock at a conversion price of $21.25 per share. Upon the occurrence of a change in control event, the holders have a right to require Viad to repurchase such preferred stock. During the nine months ended September 30, 2021, $5.8 million of dividends were deemed declared of which $3.8 million was paid in-kind during the first and second quarters of 2021 and $2.0 million was paid in cash during the third quarter of 2021. We intend to pay preferred stock dividends in cash for the foreseeable future. Holders of the Convertible Series A Preferred Stock are entitled to vote with holders of Viad’s common stock on an as-converted basis. Common Stock Repurchases Our Board of Directors previously authorized us to repurchase shares of our common stock from time to time at prevailing market prices. Effective February 7, 2019, our Board of Directors authorized the repurchase of an additional 500,000 shares. In March 2020, our Board of Directors suspended our share repurchase program for the foreseeable future. Prior to the suspension, we had repurchased 53,784 shares on the open market for $2.8 million during the three months ended March 31, 2020. As of September 30, 2021, 546,283 shares remain available for repurchase. Additionally, we repurchase shares related to tax withholding requirements on vested restricted stock awards. Refer to Note 3 – Share-Based Compensation. |
Accumulated Other Comprehensive Income (Loss) |
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Accumulated Other Comprehensive Income Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Note 16. Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss) (“AOCI”) by component are as follows:
Amounts reclassified that relate to our defined benefit pension and postretirement plans include the amortization of prior service costs and actuarial net losses recognized during each period presented. We recorded these costs as components of net periodic cost for each period presented. Refer to Note 18 – Pension and Postretirement Benefits for additional information. |
Income Taxes |
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Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17. Income Taxes The effective tax rate was 21.4% for the three months ended September 30, 2021 and a negative 2.7% for the three months ended September 30, 2020. The effective tax rate was a negative 0.2% for the nine months ended September 30, 2021 and a negative 6.8% for the nine months ended September 30, 2020. During the three and nine months ended September 30, 2021, we did not use the annualized effective tax rate (“AETR”) to compute the income tax benefit or expense. Instead, the income tax benefit or expense was computed using the actual year-to-date tax rate as the AETR became highly sensitive due to the amount of aggregate projected tax benefit on the projected losses in Canada, the United Arab Emirates, the Netherlands, and immaterial European operations were marginally positive. As the full year projected tax benefit is expected to be marginally positive in these operations, the actual effective tax rate was a better estimate of the current quarter and year to date tax benefit than the amount computed using the AETR. The 21.4% effective tax rate for the three months ended September 30, 2021 was the result of the taxes on the pre-tax income earned in Canada during the third quarter while excluding the taxes associated with the pre-tax income earned in the United States and the United Kingdom during the quarter. The Company did not recognize any tax benefit or expense on the pre-tax year to date losses and quarter-to-date income earned in the United States and United Kingdom as a full valuation allowance has been continued to be recorded on the net deferred tax assets in the United States and United Kingdom. The negative effective tax rates for the three and nine months ended September 30, 2020 were due to the recording of a valuation allowance of $25.5 million in the second quarter of 2020 against our remaining United States, United Kingdom, and other European net deferred tax assets as of September 30, 2020, as well as no tax benefits on non-deductible goodwill impairments and losses recognized in those jurisdictions. We recorded the valuation allowance based upon the level of historical losses and the uncertainty and timing of future income. We received net cash refunds of $3.6 million during the three months ended September 30, 2021 and $3.2 million during the nine months ended September 30, 2021. We received tax refunds in excess of payments of $6.8 million during the three months ended September 30, 2020 and $14.7 million during the nine months ended September 30, 2020. |
Pension and Postretirement Benefits |
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Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Postretirement Benefits | Note 18. Pension and Postretirement Benefits The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended September 30, 2021 and 2020 consist of the following:
The components of net periodic benefit cost of our pension and postretirement benefit plans for the nine months ended September 30, 2021 and 2020 consist of the following:
We expect to contribute $0.8 million to our funded pension plans, $0.8 million to our unfunded pension plans, and $0.9 million to our postretirement benefit plans in 2021. During the nine months ended September 30, 2021, we contributed $0.6 million to our funded pension plans, $0.6 million to our unfunded pension plans, and $0.8 million to our postretirement benefit plans. |
Restructuring Charges |
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Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | Note 19. Restructuring Charges GES As part of our efforts to drive efficiencies and simplify our business operations, we took certain restructuring actions designed to simplify and transform GES for greater profitability. In response to the COVID-19 pandemic in 2020, we accelerated our transformation and streamlining efforts at GES to significantly reduce costs and create a lower and more flexible cost structure focused on servicing our more profitable market segments. These initiatives resulted in restructuring charges related to the elimination of certain positions and continuing to reduce our facility footprint at GES, as well as charges related to the closure and liquidation of GES’ United Kingdom-based audio-visual services business. During the fourth quarter of 2020, we entered into an agreement with a third-party to outsource the management, cleaning, and storage of the aisle carpeting that we use at live events, which resulted in restructuring charges in 2021 when we vacated a facility. Other Restructurings We recorded restructuring charges in connection with the consolidation of certain support functions at our corporate headquarters and certain reorganization activities within Pursuit. These charges primarily consist of severance and related benefits due to headcount reductions. Changes to the restructuring liability by major restructuring activity are as follows:
(1) Represents non-cash adjustments related to a write down of certain ROU assets as a result of vacating certain facilities prior to the lease term and the closure and liquidation of GES’ United Kingdom-based audio-visual services business.
As of September 30, 2021, $1.5 million of the liabilities related to severance and employee benefits will remain unpaid by the end of 2021. The liabilities related to facilities primarily include non-lease expenses that will be paid over the remaining lease terms. Refer to Note 23 – Segment Information for information regarding restructuring charges by segment. |
Leases and Other |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases and Other | Note 20. Leases and Other The balance sheet presentation of our operating and finance leases is as follows:
(1) The increase in finance lease assets and obligations is primarily due to the commencement of Pursuit’s new Sky Lagoon attraction in Iceland during the first quarter of 2021, which has a 46-year lease term. During the first quarter of 2021, we recorded a write down of certain ROU assets as a result of vacating certain facilities prior to the lease term. The components of lease expense consisted of the following:
Other information related to operating and finance leases are as follows:
(1) The increase in finance lease assets and obligations is primarily due to the commencement of Pursuit’s new Sky Lagoon attraction in Iceland during the first quarter of 2021, which has a 46-year lease term.
As of September 30, 2021, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:
As of September 30, 2021, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, is as follows:
Lease Not Yet Commenced As of September 30, 2021, we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on the Condensed Consolidated Balance Sheets. This lease is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date to begin in fiscal year 2022 with a lease term of 20 years. |
Litigation, Claims, Contingencies and Other |
9 Months Ended |
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Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Litigation, Claims, Contingencies and Other | Note 21. Litigation, Claims, Contingencies, and Other We are plaintiffs or defendants to various actions, proceedings, and pending claims, some of which involve, or may involve, compensatory, punitive, or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings, or claims could be decided against us. Although the amount of liability as of September 30, 2021 with respect to unresolved legal matters is not ascertainable, we believe that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our business, financial position, or results of operations. On July 18, 2020, an off-road Ice Explorer operated by our Pursuit business was involved in an accident while enroute to the Athabasca Glacier, resulting in three fatalities and multiple other serious injuries. We continue to support the victims and their families, and we are fully cooperating with the applicable regulatory authorities to investigate this accident. We immediately reported the accident to our relevant insurance carriers, who are also supporting the investigation and subsequent claims. Subject to customary deductibles, we believe that our insurance coverage is sufficient to cover potential claims related to this accident. We are subject to various U.S. federal, state, and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which we have or had operations. If we fail to comply with these environmental laws and regulations, civil and criminal penalties could be imposed, and we could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, we also face exposure to actual or potential claims and lawsuits involving environmental matters relating to our past operations. As of September 30, 2021, we had recorded environmental remediation liabilities of $2.3 million related to previously sold operations. Although we are a party to certain environmental disputes, we believe that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our financial position or results of operations. As of September 30, 2021, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities and equipment leases entered into by our subsidiary operations. We would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that we would be required to make under all guarantees existing as of September 30, 2021 would be $128.1 million. These guarantees relate to our leased equipment and facilities through January 2040. There are no recourse provisions that would enable us to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements pursuant to which we could recover payments. A significant number of our employees are unionized and we are a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. If we are unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact our business and results of operations. We believe that relations with our employees are satisfactory and that collective-bargaining agreements expiring in 2021 will be renegotiated in the ordinary course of business. Although our labor relations are currently stable, disruptions could occur, with the possibility of an adverse impact on the operating results of GES. We are self-insured up to certain limits for workers’ compensation and general liabilities, which includes automobile, product general liability, and client property loss claims. The aggregate amount of insurance liabilities (up to our retention limit) related to our continuing operations was $12.8 million as of September 30, 2021, which includes $7.9 million related to workers’ compensation liabilities, and $4.9 million related to general liability claims. We have also retained and provided for certain workers’ compensation insurance liabilities in conjunction with previously sold businesses of $1.9 million as of September 30, 2021. We are also self-insured for certain employee health benefits and the estimated employee health benefit claims incurred but not yet reported was $0.8 million as of September 30, 2021. Provisions for losses for claims incurred, including actuarially derived estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $1.0 million for the three months ended September 30, 2021, $2.1 million for the nine months ended September 30, 2021, $1.6 million for the three months ended September 30, 2020, and $4.4 million for the nine months ended September 30, 2020. In addition, as of September 30, 2021, we have recorded insurance liabilities of $6.4 million related to continuing operations, which represents the amount for which we remain the primary obligor after self-insured insurance limits, without taking into consideration the above-referenced insurance coverage. The $6.4 million is related to workers’ compensation liabilities, which is recorded in other deferred items and liabilities in the Condensed Consolidated Balance Sheets with a corresponding receivable in other investments and assets. |
Noncontrolling Interest – Redeemable and Non-redeemable |
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Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest – Redeemable and Non-redeemable | Note 22. Noncontrolling Interest – Redeemable and Non-redeemable Redeemable noncontrolling interest On November 3, 2017, we acquired the controlling interest (54.5% of the common stock) in Esja, a private corporation in Reykjavik, Iceland. Subsequent to additional capital contributions, our equity ownership increased to 54.9% as of September 30, 2021. Through Esja and its wholly-owned subsidiary, we are operating the FlyOver Iceland attraction. The minority Esja shareholders have the right to sell (or “put”) their Esja shares to us based on a multiple of 5.0x EBITDA as calculated on the trailing 12 months from the most recently completed quarter before the put option exercise. The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. The noncontrolling interest’s carrying value is determined by the fair value of the noncontrolling interest as of the acquisition date and the noncontrolling interest’s share of the subsequent net income or loss. This value is benchmarked against the redemption value of the sellers’ put option. The carrying value is adjusted to the redemption value, provided that it does not fall below the initial carrying value, as determined by the purchase price allocation. We have made a policy election to reflect any changes caused by such an adjustment to retained earnings (accumulated deficit), rather than to current earnings (loss). Changes in the redeemable noncontrolling interest are as follows:
Non-redeemable noncontrolling interest Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own. Changes in the non-redeemable noncontrolling interest are as follows:
(1) Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection. |
Segment Information |
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Note 23. Segment Information We measure the profit and performance of our operations on the basis of segment operating income or loss, which excludes restructuring charges and recoveries and impairment charges. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. During the first quarter of 2021, we reorganized GES’ operating segments to represent the changes in how our CODM reviews the financial performance of GES and makes decisions regarding the allocation of resources. Accordingly, GES is now a single reportable segment. We made no changes to the Pursuit reportable segment. Our reportable segments, with reconciliations to consolidated totals, are as follows:
(1) Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola. |
Overview and Basis of Presentation (Policies) |
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Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or SEC rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 2, 2021 (“2020 Form 10-K”). The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation. |
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Nature of Business | Nature of Business We are a leading provider of experiential leisure travel and live events and marketing experiences with operations in the United States, Canada, the United Kingdom, continental Europe, the United Arab Emirates, and Iceland. We are committed to providing unforgettable experiences to our clients and guests. We operate through two reportable business segments: GES and Pursuit. GES GES is a global, full-service provider for live events that partners with show organizers, exhibitors, and brand marketers to create high-value, live events. GES offers a comprehensive range of live event services, from the design and production of compelling, immersive experiences that engage audiences and build brand awareness, to material handling, rigging, electrical, and other on-site event services. In addition, GES offers clients a full suite of audio-visual services from creative and technology to content and design, along with registration, data analytics, engagement, and online tools powered by next generation technologies that help clients easily manage the complexities of their event. Pursuit Pursuit is a collection of inspiring and unforgettable travel experiences that include recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services. Pursuit comprises the Banff Jasper Collection, the Alaska Collection, the Glacier Park Collection, FlyOver, and the Sky Lagoon. |
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Impact of COVID-19 | Impact of COVID-19 Starting in mid-March 2020, the COVID-19 pandemic had a significant and negative impact on our operations and financial performance, with severe disruptions in live event and tourism activity. In response, we implemented aggressive cost reduction measures in 2020 to preserve cash, including furloughs, layoffs, mandatory unpaid time off or salary reductions for all employees, and the reduction of discretionary spending. We also suspended future common stock dividend payments and share repurchases, and we availed ourselves of governmental assistance programs for wages and other expense relief. Additionally, in May and August 2020, we obtained waivers of the financial covenants under our then $450 million revolving credit facility (“the 2018 Credit Facility”), which we subsequently refinanced in July 2021 as discussed below, and we secured additional capital to strengthen our liquidity position by entering into an investment agreement with funds managed by private equity firm Crestview Partners who made an investment of $135 million, offset in part by $9.2 million in fees, in newly issued perpetual convertible preferred stock. Refer to Note 15 – Common and Preferred Stock for further information. During 2021, we continued to preserve cash and closely manage our costs as pandemic-related restrictions lessened. In connection with COVID-19 vaccination programs, we began to see signs of recovery in the travel and hospitality and live event sectors during early 2021 as people started to feel more comfortable traveling and gathering in larger groups. Pursuit’s operations in the United States experienced strong visitation primarily from domestic travelers, while tourism in Canada remained constrained by border closures. Canada reopened its border with the United States in early August 2021 to fully vaccinated travelers and to travelers from other countries beginning in September 2021, which accelerated short-term bookings from long-haul travelers to our Pursuit operations in Canada. The live event markets also began to re-open in 2021 with smaller scale live events starting to take place during the first half of the year. Toward the end of the second quarter and into the third quarter, we began to see an acceleration in the recovery of in-person trade shows as event organizers began to hold larger scale face-to-face live events. Effective July 30, 2021, we refinanced our 2018 Credit Facility, which was scheduled to mature on October 24, 2023, with a new $500 million senior secured credit facility (the “2021 Credit Facility”) to provide for financial flexibility to support our growth initiatives. The 2021 Credit Facility provides for a $400 million term loan with a maturity date of July 30, 2028 (“Term Loan B”) and a $100 million revolving credit facility with a maturity date of July 30, 2026. The loan proceeds of $400 million were offset in part by $14.8 million in fees. The proceeds from the Term Loan B were used to repay the 2018 Credit Facility and the remaining proceeds will be used to fund future acquisitions and growth initiatives and for general corporate purposes. Refer to Note 12 – Debt and Finance Lease Obligations for further information. Although we have seen a recent acceleration in demand and bookings and early signs of recovery for travel and in-person live events, we remain cautious as variants of COVID-19, including the predominant Delta variant, have caused an increase in infections and hospitalizations across the United States and globally. Due to the evolving and uncertain nature of COVID-19, and depending on the success of ongoing vaccination and other mitigation efforts as well as the scope and magnitude of infections and hospitalizations, we are not able at this time to fully estimate the effect of these factors on our business; however, the adverse impact on our business, results of operations, and, cash flows has been significant. We will continue to evaluate and implement additional actions necessary to mitigate the negative financial and operational impact of COVID-19 on our business. |
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Reclassifications | Reclassifications During the first quarter of 2021, we reorganized GES’ operating segments to represent the changes in how our chief operating decision maker (“CODM”) reviews the financial performance of GES and makes decisions regarding the allocation of resources. As a result, we changed the presentation of certain items in GES’ disaggregation of revenue and reportable segments. Refer to Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 23 – Segment Information for additional information. We reclassified certain prior-year amounts to conform to current-period presentation. Such reclassifications had no impact on our results of operations or cash flows. Correction to Prior Period Financial Statements As previously disclosed in our 2020 Form 10-K, and subsequent to the issuance of the Condensed Consolidated Financial Statements for the quarter ended September 30, 2020, we identified prior period errors related to the recognition of revenue of GES’ third-party services. Revenue from these services should have been recorded on a net basis to reflect only the fees received for arranging these services, whereas previously, we recorded this revenue on a gross basis, thus overstating revenue and cost of services by the same amount. As a result, we corrected the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2020 related to this gross-to-net adjustment. We determined that these errors were not material to the previously issued financial statements. Note 2 – Revenue and Related Contract Costs and Contract Liabilities and Note 23 – Segment Information reflect this correction.
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Impact of Recent Accounting Pronouncements | Impact of Recent Accounting Pronouncements The following table provides a brief description of recent accounting pronouncements:
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Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things: impairment testing of recorded goodwill and intangible assets and long-lived assets; allowances for uncollectible accounts receivable; sales reserve allowances; provisions for income taxes, including uncertain tax positions; valuation allowances related to deferred tax assets; liabilities for losses related to self-insured liability claims; liabilities for losses related to environmental remediation obligations; sublease income associated with restructuring liabilities; pension and postretirement benefit costs and obligations; share-based compensation costs; the discount rates used to value lease obligations; the redemption value of redeemable noncontrolling interests; and the allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates. |
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Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash equivalents are highly-liquid investments with remaining maturities when purchased of three months or less. Cash and cash equivalents consist of cash and bank demand deposits and money market funds. Investments in money market funds are classified as available-for-sale and carried at fair value. Restricted cash represents collateral required for surety bonds, bank guarantees, and letters of credit. Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:
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Revenue Recognition | Revenue Recognition Revenue is measured based on a specified amount of consideration in a contract with a customer, net of commissions paid to customers and amounts collected on behalf of third parties. We recognize revenue when a performance obligation is satisfied by transferring control of a product or delivering the service to a customer. GES’ service revenue is primarily derived through its comprehensive range of marketing, event production, and other related services to event organizers and corporate brand marketers. GES’ service revenue is earned over time over the duration of the live event, which generally lasts one to three days. Revenue for goods and services provided for which we do not have control of the goods or services before that good or service is transferred to a customer is recorded on a net basis to reflect only the fees received for arranging these services. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue is recognized at a point in time upon delivery of the product. Pursuit’s service revenue is derived through its admissions, accommodations, transportation, and travel planning services. Pursuit’s product revenue is derived through food and beverage and retail sales. Pursuit’s revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits. Pursuit’s product revenue is recognized at a point in time |
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Noncontrolling Interests - Non-redeemable and Redeemable | Noncontrolling Interests – Non-redeemable and Redeemable Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations. We consider noncontrolling interests with redemption features that are not solely within our control to be redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 54.9% equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered mezzanine equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to accumulated deficit and is included in our income (loss) per share. Refer to Note 22 – Noncontrolling Interest – Redeemable and Non-redeemable for additional information. |
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Convertible Preferred Stock | Convertible Preferred Stock We record shares of convertible preferred stock based on proceeds received net of costs on the date of issuance. Redeemable preferred stock (including preferred stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as mezzanine equity and is reported between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. |
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Leases | Leases We recognize a right-of-use (“ROU”) asset and lease liability on the balance sheet and classify leases as either finance or operating leases. The classification of the lease determines whether we recognize the lease expense on an effective interest method basis (finance lease) or on a straight-line basis (operating lease) over the lease term. In determining whether an agreement contains a lease, we consider if we have a right to control the use of the underlying asset during the lease term in exchange for an obligation to make lease payments arising from the lease. We recognize ROU assets and lease liabilities at commencement date, which is when the underlying asset is available for use to a lessee, based on the present value of lease payments over the lease term. Our operating and finance leases are primarily facility, equipment, and land leases. Our facility leases comprise mainly manufacturing facilities, sales and design facilities, offices, storage and/or warehouses, and truck marshaling yards. These facility leases generally have lease terms ranging up to 24 years. Our equipment leases comprise mainly vehicles, hardware, and office equipment, each with various lease terms. Our land leases comprise mainly leases in Canada and Iceland on which our hotels or attractions are located and have lease terms ranging up to 46 years. If a lease contains a renewal option that is reasonably certain to be exercised, then the lease term includes the optional periods in measuring a ROU asset and lease liability. We evaluate the reasonably certain threshold at lease commencement, and it is typically met if we identify substantial economic incentives or termination penalties. We do not include variable leases and variable non-lease components in the calculation of the ROU asset and corresponding lease liability. For facility leases, variable lease costs include the costs of common area maintenance, taxes, and insurance for which we pay our lessors an estimate that we adjust to actual expense on a quarterly or annual basis depending on the underlying contract terms. We expense these variable lease payments as incurred. Our lease agreements do not contain any significant residual value guarantees or restrictive covenants. Substantially all of our lease agreements do not specify an implicit borrowing rate, and as such, we utilize an incremental borrowing rate based on lease term and country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a collateralized basis and is the expected rate at which we would borrow funds to satisfy the scheduled lease liability payment streams commensurate with the lease term and the country. We are also a lessor to third party tenants who either lease certain portions of facilities that we own or sublease certain portions of facilities that we lease. We record lease income from owned facilities as rental income and we record sublease income from leased facilities as an offset to lease expense in the Condensed Consolidated Statements of Operations. We classify all of our leases for which we are the lessor as operating leases. |
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Fair Value of Financial Instruments | The fair value of an asset or liability is defined as the price that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value. |
Overview and Basis of Presentation (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Corrections to Prior Period Adjustments |
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Schedule of Cash and Cash Equivalents and Restricted Cash Balances | Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:
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Revenue and Related Contract Costs and Contract Liabilities (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue From Contract With Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Contract Liabilities | Changes to contract liabilities are as follows:
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Summary of Changes in Contract Costs | Changes to contract costs are as follows:
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Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served | The following tables disaggregate GES and Pursuit revenue by major service and product lines, timing of revenue recognition, and markets served: GES
(1) GES’ graphics product revenue is earned over time over the duration of an event as it is considered a part of the single performance obligation satisfied over time.
Pursuit
(1)
We opened Pursuit’s new Sky Lagoon attraction on April 30, 2021 in Reykjavik, Iceland. |
Share-Based Compensation (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Share-Based Compensation (income) expense | The following table summarizes share-based compensation (income) expense:
(1)
The 2021 income tax benefit amount primarily reflects the tax benefit associated with our Canadian-based employees. There was no income tax benefit associated with our employees in the United States and the United Kingdom due to a valuation allowance on our deferred tax assets within these jurisdictions. Refer to Note 17 – Income Taxes. |
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Summary of Activity of the Outstanding PRSU Awards | The following table summarizes the activity of the outstanding PRSUs:
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Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units | The following table summarizes the activity of the outstanding restricted stock awards and restricted stock units:
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Summary of Stock Option Activity | The following table summarizes stock option activity:
(1)
The aggregate intrinsic value of stock options outstanding represents the difference between our closing stock price at the end of the reporting period and the exercise price, multiplied by the number of in-the-money stock options. |
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Summary of Options Outstanding and Exercisable | The following table summarizes stock options outstanding and exercisable as of September 30, 2021:
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Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant | Following is additional information on stock options granted during the nine months ended September 30, 2021 and the underlying assumptions used in assessing fair value:
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Inventories (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | The components of inventories consisted of the following:
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Other Current Assets (Tables) |
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Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Other current assets consisted of the following:
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Property and Equipment (Tables) |
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property and Equipment | Property and equipment consisted of the following:
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Other Investments and Assets (Tables) |
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Investments All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Investments and Assets | Other investments and assets consisted of the following:
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Goodwill and Other Intangible Assets (Tables) |
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Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the Goodwill Balances by Component and Segment | The changes in the carrying amount of goodwill are as follows:
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Summary of Other Intangible Assets | Other intangible assets consisted of the following:
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Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization | At September 30, 2021, the estimated future amortization expense related to intangible assets subject to amortization is as follows:
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Other Current Liabilities (Tables) |
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Other Liabilities Current [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other current liabilities consisted of the following:
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Other Deferred Items and Liabilities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Deferred Items and Liabilities | Other deferred items and liabilities consisted of the following:
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Debt and Finance Lease Obligations (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt and Finance Lease Obligations | The components of debt and finance lease obligations consisted of the following:
(1) Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. (2) The increase in finance lease obligations is primarily due to the commencement of Pursuit’s new Sky Lagoon attraction in Iceland during the first quarter of 2021, which has a 46-year lease term. (3) The estimated fair value of total debt and finance leases was $310.5 million as of September 30, 2021 and $254.0 million as of December 31, 2020. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements. (4)
Cash paid for interest on debt was $14.9 million for the nine months ended September 30, 2021 and $12.1 million for the nine months ended September 30, 2020. |
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value Assets Measured on Recurring Basis | The fair value information related to these assets is summarized in the following tables:
(1) We include money market funds in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. We classify these investments as available-for-sale and record them at fair value. There have been no realized gains or losses related to these investments and we have not experienced any redemption restrictions with respect to any of the money market mutual funds. (2)
We include other mutual funds in “Other investments and assets” in the Condensed Consolidated Balance Sheets. |
Income (Loss) Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Basic and Diluted Loss Per Share | The components of basic and diluted income (loss) per share are as follows:
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Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Income (Loss) Per Common Shares | We excluded the following weighted-average potential common shares from the calculations of diluted net income (loss) per common share during the applicable periods because their inclusion would have been anti-dilutive:
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Accumulated Other Comprehensive Income (Loss) (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss) (“AOCI”) by component are as follows:
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Pension and Postretirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans | The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended September 30, 2021 and 2020 consist of the following:
The components of net periodic benefit cost of our pension and postretirement benefit plans for the nine months ended September 30, 2021 and 2020 consist of the following:
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Restructuring Charges (Tables) |
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes to Restructuring Liability by Major Restructuring Activity | Changes to the restructuring liability by major restructuring activity are as follows:
(1)
Represents non-cash adjustments related to a write down of certain ROU assets as a result of vacating certain facilities prior to the lease term and the closure and liquidation of GES’ United Kingdom-based audio-visual services business. |
Leases and Other (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Balance Sheet Presentation of Operating and Finance Leases | The balance sheet presentation of our operating and finance leases is as follows:
The increase in finance lease assets and obligations is primarily due to the commencement of Pursuit’s new Sky Lagoon attraction in Iceland during the first quarter of 2021, which has a 46-year lease term. |
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Components of Lease Expense | The components of lease expense consisted of the following:
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Schedule of Other Information Related to Operating and Finance Leases | Other information related to operating and finance leases are as follows:
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Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components | As of September 30, 2021, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:
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Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases | As of September 30, 2021, the estimated future minimum rental income under non-cancellable leases, which includes rental income from facilities that we own, is as follows:
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Noncontrolling Interest – Redeemable and Non-redeemable (Tables) |
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Redeemable Noncontrolling Interest | Changes in the redeemable noncontrolling interest are as follows:
Non-redeemable noncontrolling interest Non-redeemable noncontrolling interest represents the portion of equity in a subsidiary that is not attributable, directly or indirectly, to us. Our non-redeemable noncontrolling interest relates to the equity ownership interest that we do not own. Changes in the non-redeemable noncontrolling interest are as follows:
(1)
Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection. |
Segment Information (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of income statement items from reportable segments | Our reportable segments, with reconciliations to consolidated totals, are as follows:
(1)
Corporate eliminations represent the elimination of depreciation expense recorded by Pursuit associated with previously eliminated intercompany profit realized by GES for renovations to Pursuit’s Banff Gondola. |
Overview and Basis of Presentation - Narrative (Details) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Jul. 30, 2021
USD ($)
|
Aug. 05, 2020
USD ($)
|
Sep. 30, 2021
Segment
|
Aug. 31, 2020
USD ($)
|
|
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | Segment | 2 | |||
Initial Investment | $ 135.0 | |||
Fees | $ 9.2 | |||
Percentage of non equity ownership related redeemable noncontrolling interests | 54.90% | |||
Remaining maturities of highly-liquid investments | three months or less | |||
Maximum | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease expiration period | 24 years | |||
Maximum | Land | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Lease expiration period | 46 years | |||
Revolving Credit Facility | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Borrowing capacity on line of credit | $ 450.0 | |||
2018 Credit Agreement | Revolving Credit Facility | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Maturity date | Oct. 24, 2023 | |||
2018 Credit Agreement | Term Loan B | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Fees | $ 14.8 | |||
Loans Proceeds Offset | 400.0 | |||
2021 Credit Facility | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Fees | 14.8 | |||
Line of credit facility maximum borrowing capacity | 500.0 | |||
Loans Proceeds Offset | 400.0 | |||
2021 Credit Facility | Revolving Credit Facility | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 100.0 | |||
Maturity date | July 30, 2026 | |||
2021 Credit Facility | Senior Secured Credit Facility | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 500.0 | |||
2021 Credit Facility | Term Loan B | ||||
Overview And Summary Of Significant Accounting Policies [Line Items] | ||||
Borrowing capacity on line of credit | 400.0 | |||
Line of credit facility maximum borrowing capacity | $ 400.0 | |||
Maturity date | July 30, 2028 |
Overview and Basis of Presentation - Schedule of Corrections to Prior Period Adjustments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Total revenue | $ 233,599 | $ 62,807 | $ 323,767 | $ 387,532 |
Services | ||||
Total revenue | 182,964 | 43,437 | 254,170 | 333,052 |
Costs and expenses | 150,983 | 51,465 | 283,403 | 393,101 |
Cost of Services | ||||
Costs and expenses | 51,465 | 393,101 | ||
GES | ||||
Total revenue | $ 116,044 | 13,992 | $ 160,109 | 319,930 |
Previously Reported | Services | ||||
Total revenue | 43,702 | 335,383 | ||
Previously Reported | Cost of Services | ||||
Costs and expenses | 51,730 | 395,432 | ||
Revision of Prior Period, Error Correction, Adjustment | GES | Services | ||||
Total revenue | (265) | (2,331) | ||
Revision of Prior Period, Error Correction, Adjustment | GES | Cost of Services | ||||
Costs and expenses | $ 265 | $ 2,331 |
Overview and Basis of Presentation - Schedule of Cash and Cash Equivalents and Restricted Cash Balances (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 110,756 | $ 39,545 | $ 110,756 | |
Restricted cash included in other current assets | $ 2,505 | $ 2,426 | ||
Restricted Cash and Cash Equivalents, Current, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherCurrentAssetsMember | us-gaap:OtherCurrentAssetsMember | ||
Cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 113,261 | $ 41,971 | $ 58,844 | $ 62,004 |
Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Disaggregation Of Revenue [Line Items] | ||||
Revenue recognition description of capitalized contract costs | Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in costs of services or costs of products, as applicable | |||
Capitalized contract costs to obtain contracts | $ 600,000 | $ 600,000 | ||
Capitalized contract costs to fulfill contracts | 19,900,000 | 19,900,000 | ||
Impairment loss on capitalized contract costs | $ 0 | $ 0 | $ 0 | $ 0 |
GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Performance obligation description of payment terms | Payment terms are generally within 30-60 days and contain no significant financing components. | |||
GES | Minimum | ||||
Disaggregation Of Revenue [Line Items] | ||||
Performance obligation payment terms | 30 days | |||
GES | Maximum | ||||
Disaggregation Of Revenue [Line Items] | ||||
Performance obligation payment terms | 60 days | |||
Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Performance obligation description of payment terms | When we extend credit, payment terms are generally within 30 days and contain no significant financing components. | |||
Performance obligation payment terms | 30 days |
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Revenue From Contract With Customer [Abstract] | |
Balance at December 31, 2020 | $ 18,618 |
Cash additions | 117,499 |
Revenue recognized | (90,638) |
Foreign exchange translation adjustment | (584) |
Balance at September 30, 2021 | $ 44,895 |
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Revenue From Contract With Customer [Abstract] | |
Balance at December 31, 2020 | $ 10,835 |
Additions | 24,514 |
Expenses | (14,061) |
Cancelled | (709) |
Foreign exchange translation adjustment | (57) |
Balance at September 30, 2021 | $ 20,522 |
Revenue and Related Contract Costs and Contract Liabilities - Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | $ 233,599 | $ 62,807 | $ 323,767 | $ 387,532 | ||||
GES | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 116,044 | 13,992 | 160,109 | 319,930 | ||||
GES | Operating Segments | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 116,044 | 13,992 | 160,109 | 319,930 | ||||
GES | Intersegment Eliminations | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | (688) | (284) | (1,930) | (3,258) | ||||
Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 117,555 | 48,815 | 163,658 | 67,602 | ||||
Pursuit | Operating Segments | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 117,555 | 48,815 | 163,658 | 67,602 | ||||
Pursuit | Intersegment Eliminations | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | (406) | (144) | (463) | (261) | ||||
North America | GES | Operating Segments | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 92,648 | 11,686 | 127,978 | 272,391 | ||||
EMEA | GES | Operating Segments | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 24,084 | 2,590 | 34,061 | 50,797 | ||||
Services Transferred Over Time | GES | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 100,865 | 12,031 | 139,241 | 287,457 | ||||
Services Transferred Over Time | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 82,099 | 31,406 | 114,929 | 45,595 | ||||
Products Transferred Over Time | GES | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | [1] | 6,509 | 247 | 7,659 | 13,442 | |||
Products Transferred at a Point in Time | GES | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 8,670 | 1,714 | 13,209 | 19,031 | ||||
Products Transferred at a Point in Time | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | (35,456) | 17,409 | 48,729 | 22,007 | ||||
Exhibitions And Conferences | GES | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 81,029 | 4,625 | 96,881 | 222,038 | ||||
Brand Experiences | GES | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 31,009 | 8,895 | 55,194 | 85,831 | ||||
Venue Services | GES | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 4,006 | 472 | 8,034 | 12,061 | ||||
Accommodations | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | (37,553) | 18,021 | 54,742 | 23,994 | ||||
Admissions | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | (39,480) | 12,229 | 51,069 | 17,865 | ||||
Transportation | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 3,453 | 445 | 4,913 | 2,513 | ||||
Travel Planning and Other | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 2,019 | 855 | 4,668 | 1,484 | ||||
Total Services | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 82,099 | 31,406 | 114,929 | 45,595 | ||||
Food and Beverage | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 18,029 | 6,783 | 25,152 | 9,047 | ||||
Retail Operations | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 17,427 | 10,626 | 23,577 | 12,960 | ||||
Products | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 50,635 | 19,370 | 69,597 | 54,480 | ||||
Products | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | 35,456 | 17,409 | 48,729 | 22,007 | ||||
Banff Jasper Collection | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | (52,602) | 26,395 | 71,720 | 39,234 | ||||
Alaska Collection | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | (25,932) | 5,436 | 37,279 | 6,167 | ||||
Glacier Park Collection | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | (32,081) | 14,929 | 43,627 | 16,813 | ||||
FlyOver | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | (2,296) | $ 2,055 | 3,494 | $ 5,388 | ||||
Sky Lagoon | Pursuit | ||||||||
Disaggregation Of Revenue [Line Items] | ||||||||
Total revenue | [2] | $ (4,644) | $ 7,538 | |||||
|
Share-Based Compensation - Narrative (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Repurchase of common stock for employee tax withholding obligations amount | $ 1,119 | $ 1,062 | |
Recognition period of unrecognized cost | 1 year 6 months | ||
Total unrecognized compensation cost related to non-vested stock option awards | $ 2,700 | ||
Minimum | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share based compensation arrangement performance period | 1 year 4 months 24 days | ||
Maximum | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share based compensation arrangement performance period | 3 years 4 months 24 days | ||
Requisite service period | 3 years | ||
2017 Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Useful Term of the plan | 10 years | ||
Common stock shares issuable | 1,750,000 | ||
Shares available for grant | 736,786 | ||
2007 Plan | Performance-based Restricted Stock Units ("PBRS") | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Shares available for grant | 0 | ||
Awards with grant date fair value during the period | $ 3,200 | ||
Liability based PRSU | 800 | $ 800 | |
Payments to employees | 0 | 2,600 | |
Unamortized cost | $ 2,700 | ||
Recognition period of unrecognized cost | 2 years 3 months 18 days | ||
2007 Plan | Restricted Stock Awards And Restricted Stock Units | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Payments to employees | $ 100 | 200 | |
Paid to employees as shares | $ 800 | ||
Repurchase of common stock for employee tax withholding obligations amount, shares | 25,856 | 17,961 | |
Repurchase of common stock for employee tax withholding obligations amount | $ 1,100 | $ 1,100 | |
Unamortized cost | $ 5,000 | ||
Recognition period of unrecognized cost | 1 year 2 months 12 days | ||
Liabilities related to restricted stock | $ 200 | $ 200 | |
Vested, shares | 3,174 | 2,815 | |
2007 Plan | Minimum | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Award vesting period | 3 years | ||
2007 Plan | Maximum | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Award vesting period | 4 years |
Share-Based Compensation - Summary of Share-Based Compensation (income) expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Summary of share-based compensation expense | ||||
Share-based compensation expense | $ 1,744 | $ 1,937 | $ 5,960 | $ 649 |
Share-based compensation expense before income tax | 1,744 | 1,937 | 5,960 | 649 |
Income tax benefit | (21) | (76) | ||
Share-based compensation expense, net of income tax | 1,723 | 1,937 | 5,884 | 649 |
Performance-based Restricted Stock Units ("PBRS") | ||||
Summary of share-based compensation expense | ||||
Share-based compensation expense | (118) | 149 | 488 | (2,596) |
Share-based compensation expense before income tax | (118) | 149 | 488 | (2,596) |
Restricted Stock Awards And Restricted Stock Units | ||||
Summary of share-based compensation expense | ||||
Share-based compensation expense | 1,284 | 1,698 | 3,964 | 3,155 |
Share-based compensation expense before income tax | 1,284 | 1,698 | 3,964 | 3,155 |
Stock Options | ||||
Summary of share-based compensation expense | ||||
Share-based compensation expense | 578 | 90 | 1,508 | 90 |
Share-based compensation expense before income tax | $ 578 | $ 90 | $ 1,508 | $ 90 |
Share-Based Compensation - Summary of Activity of the Outstanding PRSU Awards (Details) - Performance-based Restricted Stock Units ("PBRS") |
9 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
shares
| |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, shares | shares | 61,208 |
Granted, shares | shares | 101,785 |
Ending Balance, shares | shares | 162,993 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 57.18 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 31.28 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 41.01 |
Beginning Balance, shares | shares | 121,485 |
Vested, shares | shares | (42,698) |
Forfeited, shares | shares | (1,041) |
Ending Balance, shares | shares | 77,746 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 56.34 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 51.96 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 56.90 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 57.13 |
Share-Based Compensation - Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
shares
| |
Restricted Stock Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, shares | shares | 107,107 |
Granted, shares | shares | 22,560 |
Vested, shares | shares | (48,879) |
Forfeited, shares | shares | (2,279) |
Ending Balance, shares | shares | 78,509 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 53.23 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 44.77 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 49.92 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 56.63 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.77 |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, shares | shares | 151,261 |
Granted, shares | shares | 88,367 |
Vested, shares | shares | (34,998) |
Forfeited, shares | shares | (3,673) |
Ending Balance, shares | shares | 200,957 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 19.51 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 44.12 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 19.73 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 19.75 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 30.29 |
Beginning Balance, shares | shares | 10,459 |
Vested, shares | shares | (3,174) |
Ending Balance, shares | shares | 7,285 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 51.91 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 52.24 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 53.34 |
Share-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021
USD ($)
$ / shares
shares
| ||||
Options outstanding and exercisable | ||||
Options outstanding at December 31, 2020 | shares | 204,150 | |||
Granted, Shares | shares | 137,858 | |||
Options outstanding at September 30, 2021 | shares | 342,008 | |||
Options exerciseable at September 31, 2021 | shares | 27,075 | |||
Weighted-Average Exercise Price | ||||
Options outstanding at December 31, 2020 | $ / shares | $ 19.98 | |||
Granted, Weighted-Average Exercise Price | $ / shares | 44.80 | |||
Options outstanding at September 30, 2021 | $ / shares | 29.98 | |||
Options exercisable at September 30, 2021 | $ / shares | $ 21.85 | |||
Aggregate intrinsic value of options outstanding at September 30, 2021 | $ | $ 5,276,367 | [1] | ||
Aggregate intrinsic value of options exercisable at September, 2021 | $ | $ 637,887 | [1] | ||
|
Share Based Compensation - Summary of Options Outstanding and Exercisable (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
shares
| |
Exercise Price Range One | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of exercise prices | $ 19.30 |
Options Outstanding, Shares | shares | 150,000 |
Options Outstanding, Weighted-Average Exercise Price | $ 19.30 |
Weighted-Average Remaining Contractual Life (in years) | 7 years 3 months |
Exercise Price Range Two | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of exercise prices | $ 21.85 |
Options Outstanding, Shares | shares | 54,150 |
Options Outstanding, Weighted-Average Exercise Price | $ 21.85 |
Weighted-Average Remaining Contractual Life (in years) | 5 years 10 months 28 days |
Options Exercisable, Shares | shares | 27,075 |
Options Exercisable, Weighted-Average Exercise Price | $ 21.85 |
Exercise Price Range Three | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of exercise prices | $ 44.80 |
Options Outstanding, Shares | shares | 137,858 |
Options Outstanding, Weighted-Average Exercise Price | $ 44.80 |
Weighted-Average Remaining Contractual Life (in years) | 6 years 4 months 24 days |
Exercise Price Range Four | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of exercise prices | $ 19.30 |
Range of exercise prices | $ 44.80 |
Options Outstanding, Shares | shares | 342,008 |
Options Outstanding, Weighted-Average Exercise Price | $ 29.98 |
Weighted-Average Remaining Contractual Life (in years) | 6 years 8 months 12 days |
Options Exercisable, Shares | shares | 27,075 |
Options Exercisable, Weighted-Average Exercise Price | $ 21.85 |
Share Based Compensation - Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
$ / shares
| |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk-free interest rate | 0.50% |
Expected term (in years) | 4 years 6 months |
Expected volatility | 55.80% |
Weighted average grant-date fair value per share of options granted | $ 20.26 |
Acquisitions - Narrative (Details) $ in Millions, $ in Millions |
9 Months Ended | ||
---|---|---|---|
Mar. 18, 2021
CAD ($)
|
Mar. 18, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
|
Business Acquisition [Line Items] | |||
Business combination net assets property and equipment | $ 2.2 | ||
Business combination net assets noncontrolling interest | 6.8 | ||
Business combination net assets goodwill | $ 11.8 | ||
Golden Skybridge | |||
Business Acquisition [Line Items] | |||
Business acquisition date | Mar. 18, 2021 | Mar. 18, 2021 | |
Percentage of controlling interest acquired | 60.00% | ||
Purchase price | $ 15 | $ 12.0 | |
Business acquisition expected open period | 2021-06 | 2021-06 | |
Acquisition related costs | $ 0.3 | ||
Golden Skybridge | Development and Start Up Costs | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 6 | $ 4.8 |
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Components of Inventories | ||
Raw materials | $ 2,482 | $ 3,362 |
Finished goods | 6,269 | 5,365 |
Inventories | $ 8,751 | $ 8,727 |
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid software maintenance | $ 3,887 | $ 3,058 |
Income tax receivable | 4,333 | 337 |
Prepaid insurance | 2,824 | 4,297 |
Restricted cash | 2,505 | 2,426 |
Prepaid vendor payments | 2,188 | 1,835 |
Prepaid taxes | 1,131 | 345 |
Prepaid other | 1,954 | 1,296 |
Other | 1,558 | 3,631 |
Other current assets | $ 20,380 | $ 17,225 |
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Property Plant And Equipment [Line Items] | ||||
Gross property and equipment | $ 851,871 | $ 820,888 | ||
Accumulated depreciation | (367,854) | (352,100) | ||
Property and equipment, net (excluding finance leases) | 484,017 | 468,788 | ||
Finance lease ROU assets, net (1) | [1] | 61,263 | 23,366 | |
Property and equipment, net | 545,280 | 492,154 | ||
Land and land interests | ||||
Property Plant And Equipment [Line Items] | ||||
Gross property and equipment | 30,504 | 32,849 | ||
Buildings and leasehold improvements | ||||
Property Plant And Equipment [Line Items] | ||||
Gross property and equipment | 387,955 | 386,751 | ||
Equipment and other | ||||
Property Plant And Equipment [Line Items] | ||||
Gross property and equipment | $ 433,412 | $ 401,288 | ||
|
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 10.8 | $ 11.5 | $ 32.3 | $ 35.1 |
Property and equipment purchased through accounts payable and accrued liabilities, increased or decreased amount | $ 0.3 | $ 6.3 |
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments All Other Investments [Abstract] | ||
Self-insured liability receivable | $ 6,358 | $ 6,358 |
Other mutual funds | 3,903 | 3,457 |
Contract costs | 2,561 | 2,912 |
Other | 2,691 | 2,765 |
Other investments and assets | $ 15,513 | $ 15,492 |
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Goodwill [Line Items] | |
Balance, beginning | $ 99,847 |
Balance, ending | 111,703 |
Pursuit | |
Goodwill [Line Items] | |
Balance, beginning | 99,847 |
Business acquisition | 11,776 |
Foreign currency translation adjustments | 80 |
Balance, ending | $ 111,703 |
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Gross Carrying Value | $ 101,704 | $ 103,101 |
Intangible assets subject to amortization, Accumulated Amortization | (36,033) | (32,502) |
Intangible assets subject to amortization, Net Carrying Value | 65,671 | 70,599 |
Intangible Assets Net Excluding Goodwill | 66,244 | 71,172 |
Other intangible assets, Gross Carrying Value | 102,277 | 103,674 |
Other intangible assets, Net Carrying Value | $ 66,244 | 71,172 |
Customer contracts and relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 6 years 1 month 6 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 37,698 | 38,214 |
Intangible assets subject to amortization, Accumulated Amortization | (28,398) | (26,288) |
Intangible assets subject to amortization, Net Carrying Value | $ 9,300 | 11,926 |
Operating contracts and licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 36 years | |
Intangible assets subject to amortization, Gross Carrying Value | $ 41,391 | 42,012 |
Intangible assets subject to amortization, Accumulated Amortization | (3,160) | (2,405) |
Intangible assets subject to amortization, Net Carrying Value | $ 38,231 | 39,607 |
In-place lease | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 13 years 2 months 12 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 15,413 | 15,347 |
Intangible assets subject to amortization, Accumulated Amortization | (980) | (656) |
Intangible assets subject to amortization, Net Carrying Value | $ 14,433 | 14,691 |
Tradenames | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 4 years 7 months 6 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 5,607 | 5,940 |
Intangible assets subject to amortization, Accumulated Amortization | (2,631) | (2,435) |
Intangible assets subject to amortization, Net Carrying Value | $ 2,976 | 3,505 |
Non-compete agreements | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 3 months 18 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 773 | 770 |
Intangible assets subject to amortization, Accumulated Amortization | (734) | (616) |
Intangible assets subject to amortization, Net Carrying Value | $ 39 | 154 |
Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 6 years 4 months 24 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 822 | 818 |
Intangible assets subject to amortization, Accumulated Amortization | (130) | (102) |
Intangible assets subject to amortization, Net Carrying Value | 692 | 716 |
Business licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Indefinite-lived intangible assets, Gross Carrying Value | 573 | 573 |
Intangible Assets Net Excluding Goodwill | 573 | 573 |
Other intangible assets, Net Carrying Value | $ 573 | $ 573 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Segment Reporting Information [Line Items] | |||||
Impairment charge to intangible assets | $ 15,700 | ||||
Remaining goodwill balance | $ 111,703 | $ 111,703 | $ 99,847 | ||
G E S U S | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill impairment | $ 185,800 | 185,800 | |||
Pursuit | |||||
Segment Reporting Information [Line Items] | |||||
Remaining goodwill balance | 111,703 | 111,703 | $ 99,847 | ||
Services | |||||
Segment Reporting Information [Line Items] | |||||
Intangible asset amortization expense | $ 1,600 | $ 1,500 | $ 4,400 | $ 5,200 |
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Estimated amortization expense related to amortized intangible assets | ||
Remainder of 2021 | $ 1,353 | |
2022 | 5,109 | |
2023 | 4,451 | |
2024 | 3,495 | |
2025 | 2,200 | |
Thereafter | 49,063 | |
Intangible assets subject to amortization, Net Carrying Value | $ 65,671 | $ 70,599 |
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Continuing operations: | ||
Accrued sales and use taxes | $ 6,479 | $ 1,547 |
Self-insured liability | 5,066 | 5,715 |
Accrued employee benefit costs | 4,523 | 2,363 |
Commissions payable | 4,051 | 903 |
Accrued interest payable | 3,995 | 3,042 |
Accrued restructuring | 2,076 | 2,479 |
Current portion of pension and postretirement liabilities | 1,618 | 1,805 |
Accrued professional fees | 1,516 | 1,691 |
Other taxes | 2,187 | 1,872 |
Other | 4,898 | 5,123 |
Total continuing operations | 36,409 | 26,540 |
Discontinued operations: | ||
Self-insured liability | 296 | 347 |
Environmental remediation liabilities | 62 | 61 |
Other | 94 | 91 |
Total discontinued operations | 452 | 499 |
Total other current liabilities | $ 36,861 | $ 27,039 |
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Continuing operations: | ||
Foreign deferred tax liability | $ 29,482 | $ 21,336 |
Multi-employer pension plan withdrawal liability | 14,366 | 15,864 |
Self-insured liability | 7,754 | 6,662 |
Self-insured excess liability | 6,358 | 6,358 |
Accrued compensation | 5,656 | 5,821 |
Accrued restructuring | 2,640 | 2,751 |
Other | 1,590 | 1,479 |
Total continuing operations | 67,846 | 60,271 |
Discontinued operations: | ||
Environmental remediation liabilities | 2,191 | 2,179 |
Self-insured liability | 1,619 | 1,639 |
Other | 250 | 539 |
Total discontinued operations | 4,060 | 4,357 |
Total other deferred items and liabilities | $ 71,906 | $ 64,628 |
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
||||||||
---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | ||||||||||
Less unamortized debt issuance costs | $ (15,525) | $ (2,737) | ||||||||
Total debt | 390,783 | 270,550 | ||||||||
Finance lease obligations, [9.1%] weighted-average interest rate at September 30, 2021 and 8.0% at December 31, 2020, due through 2067 | [1] | 63,597 | 23,141 | |||||||
Total debt and finance lease obligations | [2],[3] | 454,380 | 293,691 | |||||||
Current portion | (8,218) | (8,335) | ||||||||
Long-term debt and finance lease obligations | 446,162 | 285,356 | ||||||||
FlyOver Iceland Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility | [4] | 5,619 | 5,820 | |||||||
Fly Over Iceland Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility | [4] | 689 | 705 | |||||||
2021 Credit Agreement | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility | [4] | 400,000 | ||||||||
2018 Credit Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Less unamortized debt issuance costs | $ (2,100) | |||||||||
2018 Credit Agreement | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Credit facility | $ 266,762 | |||||||||
|
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||||
Weighted average interest rate on long term debt | 9.10% | 8.00% | ||
Fair value of debt | $ 310.5 | $ 254.0 | ||
Cash paid for interest on debt | $ 14.9 | $ 12.1 | ||
New Sky lagoon Attraction [Member] | ||||
Debt Instrument [Line Items] | ||||
Lease term | 46 years | 46 years | ||
FlyOver Iceland Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate on long term debt | 4.90% | 4.90% | ||
Fly Over Iceland Term Loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate on credit facility | 3.80% | 3.80% | ||
2021 Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate on credit facility | 5.50% | |||
2018 Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate on credit facility | 4.50% |
Debt and Finance Lease Obligations - Narrative (Details) $ in Thousands, € in Millions, kr in Millions |
9 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 30, 2021
USD ($)
|
Jan. 08, 2021 |
Aug. 05, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2020
ISK (kr)
|
Dec. 29, 2020
ISK (kr)
|
Oct. 15, 2020
ISK (kr)
|
Aug. 31, 2020
USD ($)
|
Feb. 15, 2019
USD ($)
|
Feb. 15, 2019
EUR (€)
|
|||
Line Of Credit Facility [Line Items] | |||||||||||||
Write off unamortized debt | $ 15,525 | $ 2,737 | |||||||||||
Fees | $ 9,200 | ||||||||||||
Revolving Credit Facility | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Borrowing capacity on line of credit | $ 450,000 | ||||||||||||
FlyOver Iceland Credit Facility | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Maturity date | Sep. 01, 2023 | Mar. 01, 2022 | |||||||||||
Credit facility | [1] | $ 5,619 | 5,820 | ||||||||||
Line of credit facility maximum borrowing capacity | $ 5,600 | € 5.0 | |||||||||||
Line Of Credit Facility Amendment Description | an addendum to the FlyOver Iceland Credit Facility effective January 8, 2021 wherein the principal payments were deferred for twelve months beginning December 1, 2020, with the first payment due December 1, 2021. The addendum also extended the maturity date to September 1, 2023. There were no other changes to the terms of the FlyOver Iceland Credit Facility | ||||||||||||
Line Of Credit Facility Date Of First Required Payment | Dec. 01, 2021 | ||||||||||||
Fly Over Iceland Term Loan | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Credit facility | [1] | $ 689 | 705 | ||||||||||
Line of credit facility maximum borrowing capacity | 700 | kr 90.0 | |||||||||||
2018 Credit Agreement | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Write off unamortized debt | 2,100 | ||||||||||||
2018 Credit Agreement | Revolving Credit Facility | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Maturity date | Oct. 24, 2023 | ||||||||||||
Credit facility | $ 266,762 | ||||||||||||
2018 Credit Agreement | Term Loan B | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Loans Proceeds Offset | $ 400,000 | ||||||||||||
Fees | 14,800 | ||||||||||||
2021 Credit Facility | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Line of credit facility maximum borrowing capacity | 500,000 | ||||||||||||
Loans Proceeds Offset | 400,000 | ||||||||||||
Fees | $ 14,800 | ||||||||||||
2021 Credit Facility | London Interbank Offered Rate (LIBOR) | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Interest rate description | 5.00%, with a LIBOR floor of 0.50% | ||||||||||||
2021 Credit Facility | Revolving Credit Facility | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Minimum liquidity requirement | $ 75,000 | ||||||||||||
Remaining borrowing capacity on line of credit | 78,200 | ||||||||||||
Line of credit facility maximum borrowing capacity | $ 100,000 | ||||||||||||
Maturity date | July 30, 2026 | ||||||||||||
2021 Credit Facility | Revolving Credit Facility | Maximum | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Financial covenants leverage ratio step up | 400.00% | ||||||||||||
Leverage ratio | 450.00% | ||||||||||||
Debt covenant, interest coverage ratio | 250.00% | ||||||||||||
2021 Credit Facility | Revolving Credit Facility | Minimum | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Interest coverage ratio | 200.00% | ||||||||||||
2021 Credit Facility | Senior Secured Credit Facility | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Line of credit facility maximum borrowing capacity | $ 500,000 | ||||||||||||
2021 Credit Facility | Term Loan B | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Borrowing capacity on line of credit | 400,000 | ||||||||||||
Letters of Credit Outstanding | 21,800 | ||||||||||||
Line of credit facility maximum borrowing capacity | $ 400,000 | ||||||||||||
Maturity date | July 30, 2028 | ||||||||||||
2021 Credit Facility | Term Loan B | Borrowings | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Credit facility | $ 400,000 | ||||||||||||
First Term Loan | Fly Over Iceland Term Loan | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Maturity date | Apr. 01, 2023 | ||||||||||||
Line of credit facility maximum borrowing capacity | kr | kr 10.0 | ||||||||||||
Line Of Term Loan Amendment Description | bears interest on a seven-day term deposit at the Central Bank of Iceland | ||||||||||||
Second Term Loan | Fly Over Iceland Term Loan | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Maturity date | Oct. 01, 2024 | ||||||||||||
Line of credit facility maximum borrowing capacity | kr | kr 30.0 | ||||||||||||
Line Of Term Loan Amendment Description | bears interest on a seven-day term deposit at the Central Bank of Iceland plus 3.07% | ||||||||||||
Third Term Loan | Fly Over Iceland Term Loan | |||||||||||||
Line Of Credit Facility [Line Items] | |||||||||||||
Maturity date | Feb. 01, 2023 | ||||||||||||
Line of credit facility maximum borrowing capacity | kr | kr 50.0 | ||||||||||||
Line Of Term Loan Amendment Description | bears interest at one-month Reykjavik InterBank Offered Rate (“REIBOR”) plus 4.99%. The Icelandic State Treasury guarantees supplemental loans provided by credit institutions to companies impacted by the COVID-19 pandemic. Accordingly, the Icelandic State Treasury guaranteed the repayment of up to 85% of the principal and interest on the ISK 10.0 million and ISK 30.0 million term loans and 70% of the principal amount on the ISK 50.0 million term loan | ||||||||||||
|
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
|||||
---|---|---|---|---|---|---|---|
Fair value information related to assets | |||||||
Assets | $ 53,904 | ||||||
Fair Value, Measurements, Recurring | |||||||
Fair value information related to assets | |||||||
Assets | $ 3,459 | ||||||
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets (Level 1) | |||||||
Fair value information related to assets | |||||||
Assets | 53,904 | 3,459 | |||||
Fair Value, Measurements, Recurring | Money market funds | |||||||
Fair value information related to assets | |||||||
Assets | [1] | 50,001 | 2 | ||||
Fair Value, Measurements, Recurring | Money market funds | Quoted Prices in Active Markets (Level 1) | |||||||
Fair value information related to assets | |||||||
Assets | [1] | 50,001 | 2 | ||||
Fair Value, Measurements, Recurring | Other mutual funds | |||||||
Fair value information related to assets | |||||||
Assets | 3,903 | 3,457 | [2] | ||||
Fair Value, Measurements, Recurring | Other mutual funds | Quoted Prices in Active Markets (Level 1) | |||||||
Fair value information related to assets | |||||||
Assets | $ 3,903 | $ 3,457 | [2] | ||||
|
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details) - Money market funds $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Realized gains on the investments | $ 0 |
Unrealized gains on the investments | $ 0 |
Income (Loss) Per Share - Reconciliation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Numerator: | ||||||||
Net income (loss) attributable to Viad (diluted) | $ 15,067 | $ (30,758) | $ (70,111) | $ (323,621) | ||||
Allocation to participating securities | 3,141 | 0 | 0 | 0 | ||||
Dividends on convertible preferred stock | (1,950) | $ (1,923) | $ (1,898) | (1,134) | ||||
Adjustment to the redemption value of redeemable noncontrolling interest | (488) | (468) | (1,091) | (926) | ||||
Net income (loss) allocated to Viad common stockholders (basic) | 9,488 | (32,360) | (76,973) | (325,681) | ||||
Allocation to participating securities | 36 | |||||||
Net Income (Loss) Available to Common Stockholders, Diluted, Total | $ 9,524 | $ (32,360) | $ (76,973) | $ (325,681) | ||||
Denominator: | ||||||||
Basic weighted-average outstanding common shares | 20,420 | 20,293 | 20,396 | 20,263 | ||||
Additional dilutive shares related to share-based compensation | 322 | |||||||
Diluted weighted-average outstanding shares | 20,742 | 20,293 | 20,396 | 20,263 | ||||
Basic loss attributable to Viad common stockholders | $ 0.46 | $ (1.59) | $ (3.77) | $ (16.07) | ||||
Diluted loss attributable to Viad common stockholders | [1] | $ 0.46 | $ (1.59) | $ (3.77) | $ (16.07) | |||
Paid in Cash | ||||||||
Numerator: | ||||||||
Dividends on convertible preferred stock | $ (1,950) | $ 0 | $ (1,950) | $ 0 | ||||
Paid in Kind | ||||||||
Numerator: | ||||||||
Dividends on convertible preferred stock | $ (1,134) | $ (3,821) | $ (1,134) | |||||
|
Income (Loss) Per Share - Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Income (Loss) Per Common Shares (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock shares effect would be anti-dilutive | 3 | 135 | 173 | 105 |
Convertible Preferred Stock (as if Converted to Common Stock) | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock shares effect would be anti-dilutive | 0 | 6,353 | 6,584 | 6,353 |
Unvested Performance Share-based Awards [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock shares effect would be anti-dilutive | 28 | |||
Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Common stock shares effect would be anti-dilutive | 138 | 27 | 219 | 14 |
Common and Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Aug. 05, 2020 |
Sep. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2021 |
Sep. 30, 2021 |
Feb. 07, 2019 |
|
Common Stock Repurchases (Textual) [Abstract] | ||||||
Authorized repurchase of additional shares | 500,000 | |||||
Repurchased shares | 53,784 | |||||
Shares remain available for repurchase | 546,283 | 546,283 | ||||
Common stock purchased for treasury | $ 2.8 | |||||
Convertible Preferred Stock (as if Converted to Common Stock) | ||||||
Class Of Stock [Line Items] | ||||||
Preferred stock dividend rate percentage | 5.50% | |||||
Frequency of periodic payment of cumulative dividend | quarterly | |||||
Convertible preferred stock conversion price per share | $ 21.25 | |||||
Dividends paid in kind | $ 3.8 | $ 3.8 | $ 5.8 | |||
Dividends paid in cash | $ 2.0 | |||||
Crestview Partners | Convertible Preferred Stock (as if Converted to Common Stock) | ||||||
Class Of Stock [Line Items] | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 135,000 | |||||
Preferred Stock, Par value | $ 0.01 | |||||
Purchase price | $ 135.0 | |||||
Shares issued, price per share | $ 1.000 | |||||
Capital raising expense | $ 9.2 |
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | $ 174,099 | $ 547,229 |
Ending Balance | 112,259 | 210,468 |
Cumulative Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (16,686) | (23,799) |
Other comprehensive income (loss) before reclassifications | (980) | (7,342) |
Net other comprehensive income (loss) | (980) | (7,342) |
Ending Balance | (17,666) | (31,141) |
Unrecognized Net Actuarial Loss and Prior Service Credit, Net | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (13,955) | (11,900) |
Amounts reclassified from AOCI, net of tax | 205 | 354 |
Net other comprehensive income (loss) | 205 | 354 |
Ending Balance | (13,750) | (11,546) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (30,641) | (35,699) |
Other comprehensive income (loss) before reclassifications | (980) | (7,342) |
Amounts reclassified from AOCI, net of tax | 205 | 354 |
Net other comprehensive income (loss) | (775) | (6,988) |
Ending Balance | $ (31,416) | $ (42,687) |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Operating Loss Carryforwards [Line Items] | ||||
Effective income tax rate | 21.40% | (2.70%) | (0.20%) | (6.80%) |
Valuation allowance | $ 25.5 | $ 25.5 | ||
Goodwill impairment loss | 0.0 | |||
Net cash refunds from income taxes | $ 3.6 | $ 6.8 | $ 3.2 | $ 14.7 |
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Domestic Plans | Pension Plans | ||||
Net periodic benefit cost: | ||||
Service cost | $ 0 | |||
Interest cost | 110 | 162 | 315 | 490 |
Expected return on plan assets | (20) | (74) | (35) | (109) |
Amortization of prior service credit | 0 | |||
Recognized net actuarial (gain) loss | 157 | 130 | 467 | 395 |
Net periodic benefit cost | 247 | 218 | 747 | 776 |
Domestic Plans | Postretirement Benefit Plans | ||||
Net periodic benefit cost: | ||||
Service cost | 24 | 7 | 52 | 38 |
Interest cost | 41 | 64 | 136 | 222 |
Expected return on plan assets | 0 | |||
Amortization of prior service credit | (1) | (36) | (4) | (109) |
Recognized net actuarial (gain) loss | (12) | (26) | 86 | 13 |
Net periodic benefit cost | 52 | 9 | 270 | 164 |
Foreign Pension Plans | ||||
Net periodic benefit cost: | ||||
Service cost | 113 | 112 | 343 | 330 |
Interest cost | 77 | 87 | 233 | 254 |
Expected return on plan assets | (127) | (134) | (382) | (394) |
Amortization of prior service credit | 0 | |||
Recognized net actuarial (gain) loss | 49 | 48 | 148 | 138 |
Net periodic benefit cost | $ 112 | $ 113 | $ 342 | $ 328 |
Pension and Postretirement Benefits - Narrative (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Postretirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in postretirement benefit plans | $ 0.9 |
Pension and Other Postretirement Benefit Contributions | 0.8 |
Funded Plans | Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in funded pension plans | 0.8 |
Pension Contributions | 0.6 |
Unfunded Pension Plans | Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Amount expected to contribute in unfunded pension plans | 0.8 |
Pension Contributions | $ 0.6 |
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Restructuring Cost And Reserve [Line Items] | ||||||
Beginning balance | $ 5,230 | |||||
Restructuring charges | $ 2,186 | $ 11,259 | 5,799 | $ 12,370 | ||
Cash payments | (4,379) | |||||
Non-cash items | [1] | (1,890) | ||||
Adjustment to liability | (44) | |||||
Ending balance | 4,716 | 4,716 | ||||
GES | Severance & Employee Benefits | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Beginning balance | 2,440 | |||||
Restructuring charges | 1,640 | |||||
Cash payments | (992) | |||||
Adjustment to liability | (5) | |||||
Ending balance | 3,083 | 3,083 | ||||
GES | Facilities | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Beginning balance | 2,766 | |||||
Restructuring charges | 4,059 | |||||
Cash payments | (3,296) | |||||
Non-cash items | [1] | (1,890) | ||||
Adjustment to liability | (26) | |||||
Ending balance | 1,613 | 1,613 | ||||
Other Restructuring | Severance & Employee Benefits | ||||||
Restructuring Cost And Reserve [Line Items] | ||||||
Beginning balance | 24 | |||||
Restructuring charges | 100 | |||||
Cash payments | (91) | |||||
Adjustment to liability | (13) | |||||
Ending balance | $ 20 | $ 20 | ||||
|
Restructuring Charges - Narrative (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Restructuring And Related Activities [Abstract] | |
Payments of liabilities related to severance and employee benefits | $ 1.5 |
Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
||||
---|---|---|---|---|---|---|
Lessee Lease Description [Line Items] | ||||||
Operating lease assets | $ 87,935 | $ 82,739 | ||||
Finance lease assets | [1] | 61,263 | 23,366 | |||
Total lease assets | 149,198 | 106,105 | ||||
Operating lease obligations | 11,058 | 15,697 | ||||
Finance lease obligations | 3,085 | |||||
Operating lease obligations | 86,165 | 70,150 | ||||
Finance lease obligations | 60,512 | |||||
Total lease liabilities | 160,820 | 108,988 | ||||
Operating Lease Right-of-Use Assets | ||||||
Lessee Lease Description [Line Items] | ||||||
Operating lease assets | 87,935 | 82,739 | ||||
Property and Equipment, Net | ||||||
Lessee Lease Description [Line Items] | ||||||
Finance lease assets | [2] | 61,263 | 23,366 | |||
Operating Lease Obligations | ||||||
Lessee Lease Description [Line Items] | ||||||
Operating lease obligations | 11,058 | 15,697 | ||||
Current Portion of Debt and Finance Lease Obligations | ||||||
Lessee Lease Description [Line Items] | ||||||
Finance lease obligations | 3,085 | 2,514 | ||||
Long-Term Operating Lease Obligations | ||||||
Lessee Lease Description [Line Items] | ||||||
Operating lease obligations | 86,165 | 70,150 | ||||
Long-Term Debt and Finance Lease Obligations | ||||||
Lessee Lease Description [Line Items] | ||||||
Finance lease obligations | [2] | $ 60,512 | $ 20,627 | |||
|
Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (parenthetical) (Details) |
Sep. 30, 2021 |
Mar. 31, 2021 |
---|---|---|
New Sky lagoon Attraction [Member] | ||
Lessee Lease Description [Line Items] | ||
Lease term | 46 years | 46 years |
Leases and Other - Components of Least Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Finance lease cost: | ||||
Amortization of ROU assets | $ 1,093 | $ 926 | $ 3,231 | $ 2,767 |
Interest on lease liabilities | 1,405 | 429 | 4,193 | 1,258 |
Operating lease cost | 5,165 | 6,596 | 17,328 | 20,235 |
Short-term lease cost | 394 | 123 | 853 | 465 |
Variable lease cost | 1,059 | 1,557 | 3,093 | 4,615 |
Total lease cost, net | $ 9,116 | $ 9,631 | $ 28,698 | $ 29,340 |
Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||
Operating cash flows from operating leases | $ 5,140 | $ 5,644 | $ 17,753 | $ 18,268 | |||||
Operating cash flows from finance leases | 4,748 | 839 | 5,955 | 1,705 | |||||
Financing cash flows from finance leases | 656 | 665 | 2,050 | 2,235 | |||||
ROU assets obtained in exchange for lease obligations: | |||||||||
Operating leases | 8,033 | (3,059) | 26,968 | 1,018 | |||||
Finance leases | $ 1,073 | $ 126 | $ 42,782 | $ 1,894 | |||||
Weighted-average remaining lease term (years): | |||||||||
Operating leases | 8 years 3 months 29 days | 8 years 3 months 29 days | 8 years 4 months 20 days | ||||||
Finance leases | 35 years 1 month 9 days | [1] | 35 years 1 month 9 days | [1] | 13 years 11 months 19 days | ||||
Weighted-average discount rate: | |||||||||
Operating leases | 6.72% | 6.72% | 6.93% | ||||||
Finance leases | 9.05% | 9.05% | 7.99% | ||||||
|
Leases and Other - Schedule of Estimated Future Minimum Lease Payments Under Non-cancelable Leases Excluding Variable Leases and Variable Non-lease Components (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
||
---|---|---|---|---|
Leases [Abstract] | ||||
Remainder of 2021 | $ 5,571 | |||
2022 | 19,954 | |||
2023 | 17,858 | |||
2024 | 16,113 | |||
2025 | 14,832 | |||
Thereafter | 60,906 | |||
Total future lease payments | 135,234 | |||
Less: Amount representing interest | (38,011) | |||
Present value of minimum lease payments | 97,223 | |||
Current portion | 11,058 | $ 15,697 | ||
Long-term operating lease obligations | 86,165 | 70,150 | ||
Remainder of 2021 | 2,142 | |||
2022 | 8,269 | |||
2023 | 7,750 | |||
2024 | 6,699 | |||
2025 | 6,168 | |||
Thereafter | 188,955 | |||
Total future lease payments | 219,983 | |||
Less: Amount representing interest | (156,386) | |||
Present value of minimum lease payments | [1] | 63,597 | 23,141 | |
Current portion | 3,085 | |||
Long-term portion | 60,512 | |||
Remainder of 2021 | 7,713 | |||
2022 | 28,223 | |||
2023 | 25,608 | |||
2024 | 22,812 | |||
2025 | 21,000 | |||
Thereafter | 249,861 | |||
Total future lease payments | 355,217 | |||
Less: Amount representing interest | (194,397) | |||
Total lease liabilities | 160,820 | $ 108,988 | ||
Current portion | 14,143 | |||
Long-term portion | $ 146,677 | |||
|
Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details) $ in Thousands |
Sep. 30, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of 2021 | $ 411 |
2022 | 1,291 |
2023 | 1,071 |
2024 | 847 |
2025 | 694 |
Thereafter | 1,453 |
Total minimum rents | $ 5,767 |
Leases and Other - Narrative (Details) - New flyover Attraction [Member] |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Lessee Lease Description [Line Items] | |
Operating lease not yet commenced, description | we had executed a facility lease for which we did not have control of the underlying assets. Accordingly, we did not record the lease liability and ROU asset on the Condensed Consolidated Balance Sheets. This lease is for the new FlyOver attraction, FlyOver Canada Toronto. We expect the lease commencement date to begin in fiscal year 2022 with a lease term of 20 years. |
Operating lease not yet commenced, term of contract | 20 years |
Litigation, Claims, Contingencies and Other - Narrative (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
Agreement
|
Sep. 30, 2020
USD ($)
|
|
Loss Contingencies [Line Items] | ||||
Environmental remediation liability | $ 2,300,000 | $ 2,300,000 | ||
Maximum potential amount of future payments | 128,100,000 | $ 128,100,000 | ||
Guarantees relate to facilities and equipment leased by the company | 2040-01 | |||
Recourse provision to recover guarantees | 0 | $ 0 | ||
Bargaining agreements | Agreement | 100 | |||
Self insurance reserve | 12,800,000 | $ 12,800,000 | ||
Workers' compensation liability | 7,900,000 | 7,900,000 | ||
Self insurance reserve for general and auto | 4,900,000 | 4,900,000 | ||
Self insurance reserve on discontinued operations | 1,900,000 | 1,900,000 | ||
Estimated employee health benefit claims incurred but not yet reported | 800,000 | 800,000 | ||
Payments for self insurance | 1,000,000.0 | $ 1,600,000 | 2,100,000 | $ 4,400,000 |
Self insurance reserve in which company is the primary obligor | 6,400,000 | 6,400,000 | ||
Self insurance reserve in which company is the primary obligor for workers compensation | 6,400,000 | 6,400,000 | ||
Minimum [Member] | ||||
Loss Contingencies [Line Items] | ||||
General range on claims | 200,000 | 200,000 | ||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
General range on claims | $ 500,000 | $ 500,000 |
Redeemable Noncontrolling Interest - Narrative (Details) - EUR (€) € in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Nov. 03, 2017 |
|
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of non equity ownership related redeemable noncontrolling interests | 54.90% | |
Esja Attractions ehf. | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of controlling interest acquired | 54.50% | |
Percentage of non equity ownership related redeemable noncontrolling interests | 54.90% | |
EBITDA trailing period | 12 months | |
Put option right of exercisable period upon earnings | 36 months | |
Redeemable noncontrolling interest conditions | The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. | |
Put option exercisable period | 12 months | |
Put option additional exercisable period upon not meeting of conditions | 12 months | |
Esja Attractions ehf. | FlyOver Iceland | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Put option exercisable period | 72 months | |
Esja Attractions ehf. | FlyOver Iceland | Minimum | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Unadjusted EBITDA | € 3,250 |
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Noncontrolling Interest [Abstract] | ||||
Beginning balance | $ 5,225 | |||
Net loss attributable to redeemable noncontrolling interest | $ (296) | $ (302) | (1,221) | $ (1,023) |
Adjustment to the redemption value | 1,091 | |||
Capital contributions | 282 | |||
Foreign currency translation adjustment | (126) | |||
Ending balance | $ 5,251 | $ 5,251 |
Redeemable Noncontrolling Interest - Summary of Changes in Non Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Minority Interest [Line Items] | ||||
Balance at December 31, 2020 | $ 78,144 | |||
Net (income) loss attributable to non-redeemable noncontrolling interest | $ 5,004 | $ 2,331 | 3,049 | $ (636) |
Acquisitions | 6,759 | |||
Dividends | (1,160) | |||
Unrealized foreign currency translation adjustments | (1,960) | $ 1,837 | (141) | $ (1,949) |
Balance at September 30, 2021 | 86,651 | 86,651 | ||
Glacier Park Inc | ||||
Minority Interest [Line Items] | ||||
Balance at December 31, 2020 | 13,953 | |||
Net (income) loss attributable to non-redeemable noncontrolling interest | 1,893 | |||
Acquisitions | ||||
Dividends | ||||
Unrealized foreign currency translation adjustments | (1) | |||
Balance at September 30, 2021 | 15,847 | $ 15,847 | ||
Equity ownership interest that we do not own | 20.00% | |||
Brewster | ||||
Minority Interest [Line Items] | ||||
Balance at December 31, 2020 | $ 51,295 | |||
Net (income) loss attributable to non-redeemable noncontrolling interest | 1,976 | |||
Acquisitions | 6,759 | |||
Dividends | (1,160) | |||
Unrealized foreign currency translation adjustments | (117) | |||
Balance at September 30, 2021 | 58,987 | $ 58,987 | ||
Equity ownership interest that we do not own | 40.00% | |||
Sky Lagoon | ||||
Minority Interest [Line Items] | ||||
Balance at December 31, 2020 | $ 12,896 | |||
Net (income) loss attributable to non-redeemable noncontrolling interest | (820) | |||
Acquisitions | ||||
Dividends | ||||
Unrealized foreign currency translation adjustments | (259) | |||
Balance at September 30, 2021 | $ 11,817 | $ 11,817 | ||
Equity ownership interest that we do not own | 49.00% |
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Reportable segments reconciliations: | ||||||
Total revenue | $ 233,599 | $ 62,807 | $ 323,767 | $ 387,532 | ||
Interest expense, net | (9,518) | (5,450) | (20,168) | (14,399) | ||
Multi-employer pension plan withdrawal | (57) | (462) | ||||
Other expense, net | (466) | (210) | (1,506) | (894) | ||
Restructuring recoveries (charges) | (2,186) | (11,259) | (5,799) | (12,370) | ||
Impairment charges | 676 | 203,076 | ||||
Loss from continuing operations before income taxes | 24,856 | (27,005) | (68,699) | (303,004) | ||
GES | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 116,044 | 13,992 | 160,109 | 319,930 | ||
Pursuit | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 117,555 | 48,815 | 163,658 | 67,602 | ||
Operating Segments | ||||||
Reportable segments reconciliations: | ||||||
Segment operating income (loss) | 40,102 | (6,781) | (33,117) | (65,949) | ||
Operating Segments | GES | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 116,044 | 13,992 | 160,109 | 319,930 | ||
Segment operating income (loss) | (9,499) | (18,248) | (56,300) | (39,450) | ||
Restructuring recoveries (charges) | 2,129 | 10,686 | 5,699 | 11,371 | ||
Impairment charges | (676) | (201,319) | ||||
Operating Segments | Pursuit | ||||||
Reportable segments reconciliations: | ||||||
Total revenue | 117,555 | 48,815 | 163,658 | 67,602 | ||
Segment operating income (loss) | 49,601 | 11,467 | 23,183 | (26,499) | ||
Restructuring recoveries (charges) | 32 | (12) | 55 | 45 | ||
Impairment charges | (1,757) | |||||
Corporate Eliminations | ||||||
Reportable segments reconciliations: | ||||||
Segment operating income (loss) | [1] | 17 | 16 | 52 | 48 | |
Corporate | ||||||
Reportable segments reconciliations: | ||||||
Segment operating income (loss) | (3,093) | (2,645) | (8,104) | (5,902) | ||
Restructuring recoveries (charges) | $ 25 | $ 585 | $ 45 | $ 954 | ||
|
Subsequent Events - Additional Information (Details) - USD ($) $ in Millions |
Jul. 30, 2021 |
Aug. 31, 2020 |
---|---|---|
Revolving Credit Facility | ||
Subsequent Event [Line Items] | ||
Borrowing capacity on line of credit | $ 450 | |
2018 Credit Agreement | Revolving Credit Facility | ||
Subsequent Event [Line Items] | ||
Maturity date | Oct. 24, 2023 | |
2021 Credit Facility | ||
Subsequent Event [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 500 | |
2021 Credit Facility | London Interbank Offered Rate (LIBOR) | ||
Subsequent Event [Line Items] | ||
Interest rate description | 5.00%, with a LIBOR floor of 0.50% | |
2021 Credit Facility | Revolving Credit Facility | ||
Subsequent Event [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 100 | |
Maturity date | July 30, 2026 | |
Minimum liquidity requirement | $ 75 | |
2021 Credit Facility | Revolving Credit Facility | Minimum | ||
Subsequent Event [Line Items] | ||
Interest coverage ratio | 200.00% | |
2021 Credit Facility | Revolving Credit Facility | Maximum | ||
Subsequent Event [Line Items] | ||
Debt covenant, interest coverage ratio | 250.00% | |
Leverage ratio | 450.00% | |
Financial covenants leverage ratio step up | 400.00% | |
2021 Credit Facility | Senior Secured Credit Facility | ||
Subsequent Event [Line Items] | ||
Line of credit facility maximum borrowing capacity | $ 500 | |
2021 Credit Facility | Term Loan B | ||
Subsequent Event [Line Items] | ||
Borrowing capacity on line of credit | 400 | |
Line of credit facility maximum borrowing capacity | $ 400 | |
Maturity date | July 30, 2028 |