VIAD CORP, 10-Q filed on 11/5/2021
Quarterly Report
v3.21.2
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2021
Nov. 02, 2021
Document Information [Line Items]    
Entity Registrant Name Viad Corp  
Entity Central Index Key 0000884219  
Document Type 10-Q  
Document Period End Date Sep. 30, 2021  
Amendment Flag false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Entity Incorporation, State or Country Code DE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity File Number 001-11015  
Entity Tax Identification Number 36-1169950  
Entity Address, Address Line One 7000 East 1st Avenue  
Entity Address, City or Town Scottsdale  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85251-4304  
City Area Code 602  
Local Phone Number 207-1000  
Entity Common Stock, Shares Outstanding   20,530,294
Document Quarterly Report true  
Document Transition Report false  
Common Stock    
Document Information [Line Items]    
Trading Symbol VVI  
Title of 12(b) Security Common Stock, $1.50 Par Value  
Security Exchange Name NYSE  
Junior Participating Preferred Stock    
Document Information [Line Items]    
No Trading Symbol Flag true  
Title of 12(b) Security Preferred Stock Purchase Rights  
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 110,756 $ 39,545
Accounts receivable, net of allowances for doubtful accounts of $2,714 and $5,310, respectively 72,005 17,837
Inventories 8,751 8,727
Current contract costs 17,961 7,923
Other current assets 20,380 17,225
Total current assets 229,853 91,257
Property and equipment, net 545,280 492,154
Other investments and assets 15,513 15,492
Operating lease right-of-use assets 87,935 82,739
Deferred income taxes 1,035 563
Goodwill 111,703 99,847
Other intangible assets, net 66,244 71,172
Total Assets 1,057,563 853,224
Current liabilities    
Accounts payable 59,543 21,037
Contract liabilities 44,646 18,595
Accrued compensation 16,203 7,030
Operating lease obligations 11,058 15,697
Other current liabilities 36,861 27,039
Current portion of debt and finance lease obligations 8,218 8,335
Total current liabilities 176,529 97,733
Long-term debt and finance lease obligations 446,162 285,356
Pension and postretirement benefits 26,700 27,264
Long-term operating lease obligations 86,165 70,150
Other deferred items and liabilities 71,906 64,628
Total liabilities 807,462 545,131
Commitments and contingencies
Redeemable noncontrolling interest 5,251 5,225
Viad Corp stockholders’ equity:    
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued and outstanding 37,402 37,402
Additional capital 567,051 568,100
Accumulated deficit (325,226) (253,164)
Accumulated other comprehensive loss (31,416) (30,641)
Common stock in treasury, at cost, 4,411,560 and 4,475,489 shares, respectively (222,203) (225,742)
Total Viad stockholders’ equity 25,608 95,955
Non-redeemable noncontrolling interest 86,651 78,144
Total stockholders’ equity 112,259 174,099
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity 1,057,563 853,224
Convertible Series A Preferred Stock    
Current liabilities    
Convertible Series A Preferred Stock, $0.01 par value, 180,000 shares authorized, 135,000 shares issued and outstanding $ 132,591 $ 128,769
v3.21.2
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
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue:        
Total revenue $ 233,599 $ 62,807 $ 323,767 $ 387,532
Costs and expenses:        
Corporate activities 3,093 2,645 8,104 5,902
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 charges 2,186 11,259 5,799 12,370
Impairment charges   676   203,076
Total costs and expenses 208,743 89,812 392,466 690,536
Income (loss) from continuing operations before income taxes 24,856 (27,005) (68,699) (303,004)
Income tax expense 5,329 735 118 20,454
Income (loss) from continuing operations 19,527 (27,740) (68,817) (323,458)
Income (loss) from discontinued operations 248 (989) 534 (1,822)
Net income (loss) 19,775 (28,729) (68,283) (325,280)
Net (income) loss attributable to non-redeemable noncontrolling interest (5,004) (2,331) (3,049) 636
Net loss attributable to redeemable noncontrolling interest 296 302 1,221 1,023
Net income (loss) attributable to Viad $ 15,067 $ (30,758) $ (70,111) $ (323,621)
Diluted income (loss) per common share:        
Continuing operations attributable to Viad common stockholders $ 0.45 $ (1.54) $ (3.80) $ (15.98)
Discontinued operations attributable to Viad common stockholders 0.01 (0.05) 0.03 (0.09)
Net income (loss) attributable to Viad common stockholders [1] $ 0.46 $ (1.59) $ (3.77) $ (16.07)
Weighted-average outstanding and potentially dilutive common shares 20,742 20,293 20,396 20,263
Basic income (loss) per common share:        
Continuing operations attributable to Viad common stockholders $ 0.45 $ (1.54) $ (3.80) $ (15.98)
Discontinued operations attributable to Viad common stockholders 0.01 (0.05) 0.03 (0.09)
Net income (loss) attributable to Viad common stockholders $ 0.46 $ (1.59) $ (3.77) $ (16.07)
Weighted-average outstanding common shares 20,420 20,293 20,396 20,263
Dividends declared per common share $ 0.10
Amounts attributable to Viad        
Income (loss) from continuing operations $ 14,819 $ (29,769) $ (70,645) $ (321,799)
Income (loss) from discontinued operations 248 (989) 534 (1,822)
Services        
Revenue:        
Total revenue 182,964 43,437 254,170 333,052
Costs and expenses:        
Costs and expenses 150,983 51,465 283,403 393,101
Products        
Revenue:        
Total revenue 50,635 19,370 69,597 54,480
Costs and expenses:        
Costs and expenses $ 42,497 $ 18,107 $ 73,429 $ 60,332
[1] Diluted loss per share amount cannot exceed basic loss per share
v3.21.2
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
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)
[1] The tax effect on other comprehensive income (loss) is not significant
v3.21.2
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
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
[1] The tax effect on other comprehensive income (loss) is not significant
v3.21.2
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
v3.21.2
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
v3.21.2
Overview and Basis of Presentation
9 Months Ended
Sep. 30, 2021
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.

 

 

 

Three Months Ended September 30, 2020

 

 

Nine Months Ended September 30, 2020

 

(in thousands)

 

Services Revenue

 

 

Cost of Services

 

 

Services Revenue

 

 

Cost of Services

 

As previously reported

 

$

43,702

 

 

$

51,730

 

 

$

335,383

 

 

$

395,432

 

Gross to net correction for GES

 

 

(265

)

 

 

(265

)

 

 

(2,331

)

 

 

(2,331

)

Total as corrected

 

$

43,437

 

 

$

51,465

 

 

$

333,052

 

 

$

393,101

 

 

Impact of Recent Accounting Pronouncements

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

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)

 

The amendment simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. The amendment also requires expanded disclosures about the terms and features of convertible instruments.

 

1/1/2022

 

We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We do not expect this new guidance will have a material impact on our consolidated financial statements.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes

 

The amendment enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as ownership changes in investments, and interim-period accounting for enacted changes in tax law.

 

1/1/2021

 

The adoption of this new standard on January 1, 2021 did not have a material impact on our consolidated financial statements.

 

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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Cash and cash equivalents

 

$

110,756

 

 

$

39,545

 

Restricted cash included in other current assets

 

 

2,505

 

 

 

2,426

 

Cash, cash equivalents, and restricted cash shown in the statement of cash flows

 

$

113,261

 

 

$

41,971

 

 

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. 

v3.21.2
Revenue and Related Contract Costs and Contract Liabilities
9 Months Ended
Sep. 30, 2021
Revenue From Contract With Customer [Abstract]  
Revenue and Related Contract Costs and Contract Liabilities

Note 2. Revenue and Related Contract Costs and Contract Liabilities

GES’ performance obligations consist of services or product(s) outlined in a contract. While we often sign multi-year contracts for recurring events, the obligations for each occurrence are well defined and conclude upon the occurrence of each event. The obligations are typically the provision of services and/or sale of a product in connection with 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:

 

(in thousands)

 

 

 

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

 

 

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:

 

(in thousands)

 

 

 

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

 

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service lines:

 

 

 

 

 

 

 

 

 

 

 

 

Exhibitions and Conferences

 

$

81,029

 

 

$

4,625

 

 

$

96,881

 

 

$

222,038

 

Brand experiences

 

 

31,009

 

 

 

8,895

 

 

 

55,194

 

 

 

85,831

 

Venue services

 

 

4,006

 

 

 

472

 

 

 

8,034

 

 

 

12,061

 

Total revenue

 

$

116,044

 

 

$

13,992

 

 

$

160,109

 

 

$

319,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

100,865

 

 

$

12,031

 

 

$

139,241

 

 

$

287,457

 

Products transferred over time(1)

 

 

6,509

 

 

 

247

 

 

 

7,659

 

 

 

13,442

 

Products transferred at a point in time

 

 

8,670

 

 

 

1,714

 

 

 

13,209

 

 

 

19,031

 

Total revenue

 

$

116,044

 

 

$

13,992

 

 

$

160,109

 

 

$

319,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

92,648

 

 

$

11,686

 

 

$

127,978

 

 

$

272,391

 

EMEA

 

 

24,084

 

 

 

2,590

 

 

 

34,061

 

 

 

50,797

 

Intersegment eliminations

 

 

(688

)

 

 

(284

)

 

 

(1,930

)

 

 

(3,258

)

Total revenue

 

$

116,044

 

 

$

13,992

 

 

$

160,109

 

 

$

319,930

 

 

(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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

39,480

 

 

$

12,229

 

 

$

51,069

 

 

$

17,865

 

Accommodations

 

 

37,553

 

 

 

18,021

 

 

 

54,742

 

 

 

23,994

 

Transportation

 

 

3,453

 

 

 

445

 

 

 

4,913

 

 

 

2,513

 

Travel planning and other

 

 

2,019

 

 

 

855

 

 

 

4,668

 

 

 

1,484

 

Intersegment eliminations

 

 

(406

)

 

 

(144

)

 

 

(463

)

 

 

(261

)

Total services revenue

 

 

82,099

 

 

 

31,406

 

 

 

114,929

 

 

 

45,595

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

18,029

 

 

 

6,783

 

 

 

25,152

 

 

 

9,047

 

Retail operations

 

 

17,427

 

 

 

10,626

 

 

 

23,577

 

 

 

12,960

 

Total products revenue

 

 

35,456

 

 

 

17,409

 

 

 

48,729

 

 

 

22,007

 

Total revenue

 

$

117,555

 

 

$

48,815

 

 

$

163,658

 

 

$

67,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

82,099

 

 

$

31,406

 

 

$

114,929

 

 

$

45,595

 

Products transferred at a point in time

 

 

35,456

 

 

 

17,409

 

 

 

48,729

 

 

 

22,007

 

Total revenue

 

$

117,555

 

 

$

48,815

 

 

$

163,658

 

 

$

67,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

$

52,602

 

 

$

26,395

 

 

$

71,720

 

 

$

39,234

 

Alaska Collection

 

 

25,932

 

 

 

5,436

 

 

 

37,279

 

 

 

6,167

 

Glacier Park Collection

 

 

32,081

 

 

 

14,929

 

 

 

43,627

 

 

 

16,813

 

FlyOver

 

 

2,296

 

 

 

2,055

 

 

 

3,494

 

 

 

5,388

 

Sky Lagoon(1)

 

 

4,644

 

 

 

 

 

 

7,538

 

 

 

 

Total revenue

 

$

117,555

 

 

$

48,815

 

 

$

163,658

 

 

$

67,602

 

(1)
We opened Pursuit’s new Sky Lagoon attraction on April 30, 2021 in Reykjavik, Iceland.
v3.21.2
Share-Based Compensation
9 Months Ended
Sep. 30, 2021
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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Performance-based restricted stock units

 

$

(118

)

 

$

149

 

 

$

488

 

 

$

(2,596

)

Restricted stock awards and restricted stock units

 

 

1,284

 

 

 

1,698

 

 

 

3,964

 

 

 

3,155

 

Stock options

 

 

578

 

 

 

90

 

 

 

1,508

 

 

 

90

 

Share-based compensation expense before income tax

 

 

1,744

 

 

 

1,937

 

 

 

5,960

 

 

 

649

 

Income tax benefit(1)

 

 

(21

)

 

 

 

 

 

(76

)

 

 

 

Share-based compensation expense, net of income tax

 

$

1,723

 

 

$

1,937

 

 

$

5,884

 

 

$

649

 

(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 three 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:

 

 

 

Equity-Based
PRSUs

 

 

Liability-Based
PRSUs

 

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance at December 31, 2020

 

 

61,208

 

 

$

57.18

 

 

 

121,485

 

 

$

56.34

 

Granted

 

 

101,785

 

 

$

31.28

 

 

 

 

 

$

 

Vested

 

 

 

 

$

 

 

 

(42,698

)

 

$

51.96

 

Forfeited

 

 

 

 

$

 

 

 

(1,041

)

 

$

56.90

 

Balance at September 30, 2021

 

 

162,993

 

 

$

41.01

 

 

 

77,746

 

 

$

57.13

 

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:

 

 

 

Equity-Based
Restricted Stock Awards

 

 

Equity-Based
Restricted Stock Units

 

 

Liability-Based
Restricted Stock Units

 

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance at December 31, 2020

 

 

107,107

 

 

$

53.23

 

 

 

151,261

 

 

$

19.51

 

 

 

10,459

 

 

$

51.91

 

Granted

 

 

22,560

 

 

$

44.77

 

 

 

88,367

 

 

$

44.12

 

 

 

 

 

$

 

Vested

 

 

(48,879

)

 

$

49.92

 

 

 

(34,998

)

 

$

19.73

 

 

 

(3,174

)

 

$

52.24

 

Forfeited

 

 

(2,279

)

 

$

56.63

 

 

 

(3,673

)

 

$

19.75

 

 

 

 

 

$

 

Balance at September 30, 2021

 

 

78,509

 

 

$

52.77

 

 

 

200,957

 

 

$

30.29

 

 

 

7,285

 

 

$

53.34

 

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:

 

 

 

Shares

 

 

Weighted-Average
Exercise Price

 

 

Aggregate Intrinsic Value(1)

 

Options outstanding at December 31, 2020

 

 

204,150

 

 

$

19.98

 

 

 

 

Granted

 

 

137,858

 

 

$

44.80

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

Options outstanding at September 30, 2021

 

 

342,008

 

 

$

29.98

 

 

$

5,276,367

 

Options exercisable at September 30, 2021

 

 

27,075

 

 

$

21.85

 

 

$

637,887

 

(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:

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

 

Range of exercise prices

 

Shares

 

 

Weighted-Average
Remaining Contractual Life
(in years)

 

 

Weighted-Average
Exercise Price

 

 

Shares

 

 

Weighted-Average
Exercise Price

 

$

19.30

 

 

150,000

 

 

 

7.25

 

 

$

19.30

 

 

 

 

 

$

 

$

21.85

 

 

54,150

 

 

 

5.91

 

 

$

21.85

 

 

 

27,075

 

 

$

21.85

 

$

44.80

 

 

137,858

 

 

 

6.40

 

 

$

44.80

 

 

 

 

 

$

 

$

19.30-$44.80

 

 

342,008

 

 

 

6.70

 

 

$

29.98

 

 

 

27,075

 

 

$

21.85

 

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:

 

 

 

Nine Months Ended

 

 

 

September 30, 2021

 

Assumptions used to estimate fair value of stock options granted:

 

 

 

Risk-free interest rate

 

0.50%

 

Expected term (in years)

 

 

4.5

 

Expected volatility

 

55.8%

 

Expected dividend yield

 

 

 

Weighted average grant-date fair value per share of options granted

 

$

20.26

 

 

As of September 30, 2021, the total unrecognized compensation cost related to non-vested stock option awards was $2.7 million. We expect to recognize such costs over a weighted-average period of approximately 1.5 years.
v3.21.2
Acquisitions
9 Months Ended
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.
v3.21.2
Inventories
9 Months Ended
Sep. 30, 2021
Inventory Disclosure [Abstract]  
Inventories

Note 5. Inventories

We state inventories, which consist primarily of exhibit design and construction materials and supplies, as well as retail inventory, at the lower of cost (first-in, first-out and specific identification methods) or net realizable value.

The components of inventories consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Raw materials

 

$

2,482

 

 

$

3,362

 

Finished goods

 

 

6,269

 

 

 

5,365

 

Inventories

 

$

8,751

 

 

$

8,727

 

v3.21.2
Other Current Assets
9 Months Ended
Sep. 30, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Other Current Assets

Note 6. Other Current Assets

Other current assets consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

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

 

v3.21.2
Property and Equipment
9 Months Ended
Sep. 30, 2021
Property Plant And Equipment [Abstract]  
Property and Equipment

Note 7. Property and Equipment

Property and equipment consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Land and land interests

 

$

30,504

 

 

$

32,849

 

Buildings and leasehold improvements

 

 

387,955

 

 

 

386,751

 

Equipment and other

 

 

433,412

 

 

 

401,288

 

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)

 

 

61,263

 

 

 

23,366

 

Property and equipment, net

 

$

545,280

 

 

$

492,154

 

 

(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.

v3.21.2
Other Investments and Assets
9 Months Ended
Sep. 30, 2021
Investments All Other Investments [Abstract]  
Other Investments and Assets

Note 8. Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

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

 

v3.21.2
Goodwill and Other Intangible Assets
9 Months Ended
Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

Note 9. Goodwill and Other Intangible Assets

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

 

(in thousands)

 

Pursuit

 

Balance at December 31, 2020

 

$

99,847

 

Business acquisition

 

 

11,776

 

Foreign currency translation adjustments

 

 

80

 

Balance at September 30, 2021

 

$

111,703

 

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:

 

 

 

 

 

September 30, 2021

 

 

December 31, 2020

 

(in thousands)

 

Useful Life
(Years)

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

6.1

 

$

37,698

 

 

$

(28,398

)

 

$

9,300

 

 

$

38,214

 

 

$

(26,288

)

 

$

11,926

 

Operating contracts and licenses

 

36.0

 

 

41,391

 

 

 

(3,160

)

 

 

38,231

 

 

 

42,012

 

 

 

(2,405

)

 

 

39,607

 

In-place lease

 

13.2

 

 

15,413

 

 

 

(980

)

 

 

14,433

 

 

 

15,347

 

 

 

(656

)

 

 

14,691

 

Tradenames

 

4.6

 

 

5,607

 

 

 

(2,631

)

 

 

2,976

 

 

 

5,940

 

 

 

(2,435

)

 

 

3,505

 

Non-compete agreements

 

0.3

 

 

773

 

 

 

(734

)

 

 

39

 

 

 

770

 

 

 

(616

)

 

 

154

 

Other

 

6.4

 

 

822

 

 

 

(130

)

 

 

692

 

 

 

818

 

 

 

(102

)

 

 

716

 

Total amortized intangible assets

 

 

 

 

101,704

 

 

 

(36,033

)

 

 

65,671

 

 

 

103,101

 

 

 

(32,502

)

 

 

70,599

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

573

 

 

 

 

 

 

573

 

 

 

573

 

 

 

 

 

 

573

 

Other intangible assets

 

 

 

$

102,277

 

 

$

(36,033

)

 

$

66,244

 

 

$

103,674

 

 

$

(32,502

)

 

$

71,172

 

 

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:

 

(in thousands)

 

 

 

Year ending December 31,

 

 

 

Remainder of 2021

 

$

1,353

 

2022

 

 

5,109

 

2023

 

 

4,451

 

2024

 

 

3,495

 

2025

 

 

2,200

 

Thereafter

 

 

49,063

 

Total

 

$

65,671

 

v3.21.2
Other Current Liabilities
9 Months Ended
Sep. 30, 2021
Other Liabilities Current [Abstract]  
Other Current Liabilities

Note 10. Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

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

 

v3.21.2
Other Deferred Items and Liabilities
9 Months Ended
Sep. 30, 2021
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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

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

 

v3.21.2
Debt and Finance Lease Obligations
9 Months Ended
Sep. 30, 2021
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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2021

 

 

2020

 

2021 Credit Facility, 5.5% weighted-average interest rate at September 30, 2021, due through 2028(1)

 

$

400,000

 

 

$

 

2018 Credit Facility, 4.5% weighted-average interest rate at December 31, 2020

 

 

 

 

 

266,762

 

FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at September 30, 2021 and December 31, 2020, due through 2023(1)

 

 

5,619

 

 

 

5,820

 

FlyOver Iceland Term Loans, 3.8% weighted-average interest rate at September 30, 2021 and December 31, 2020, due through 2024(1)

 

 

689

 

 

 

705

 

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(2)

 

 

63,597

 

 

 

23,141

 

Total debt and finance lease obligations (3)(4)

 

 

454,380

 

 

 

293,691

 

Current portion

 

 

(8,218

)

 

 

(8,335

)

Long-term debt and finance lease obligations

 

$

446,162

 

 

$

285,356

 

(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.

v3.21.2
Fair Value Measurements
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 13. Fair Value Measurements

The fair value of an asset or liability is defined as the price that would be received by selling an asset or paying to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value.

Money market mutual funds and certain other mutual fund investments are measured at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following tables:

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

September 30, 2021

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

50,001

 

 

$

50,001

 

 

$

 

 

$

 

Other mutual funds (2)

 

 

3,903

 

 

 

3,903

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

53,904

 

 

$

53,904

 

 

$

 

 

$

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2020

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

2

 

 

$

2

 

 

$

 

 

$

 

Other mutual funds (2)

 

 

3,457

 

 

 

3,457

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

3,459

 

 

$

3,459

 

 

$

 

 

$

 

 

 

(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.

v3.21.2
Income (Loss) Per Share
9 Months Ended
Sep. 30, 2021
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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands, except per share data)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss) attributable to Viad (diluted)

 

$

15,067

 

 

$

(30,758

)

 

$

(70,111

)

 

$

(323,621

)

Less: Allocation to participating securities

 

 

(3,141

)

 

 

 

 

 

 

 

 

 

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

 

 

 

(1,950

)

 

 

 

Convertible preferred stock dividends paid in kind

 

 

 

 

 

(1,134

)

 

 

(3,821

)

 

 

(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

)

Add: Allocation to participating securities

 

 

36

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocated to Viad common stockholders (diluted)

 

$

9,524

 

 

$

(32,360

)

 

$

(76,973

)

 

$

(325,681

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

0.46

 

 

$

(1.59

)

 

$

(3.77

)

 

$

(16.07

)

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

 

$

0.46

 

 

$

(1.59

)

 

$

(3.77

)

 

$

(16.07

)

 

(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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

2020

 

Convertible preferred stock

 

 

 

 

 

6,353

 

 

 

6,584

 

 

6,353

 

Unvested restricted share-based awards

 

 

3

 

 

 

135

 

 

 

173

 

 

105

 

Unvested performance share-based awards

 

 

 

 

 

 

 

 

28

 

 

 

Stock options

 

 

138

 

 

 

27

 

 

 

219

 

 

14

 

v3.21.2
Common and Preferred Stock
9 Months Ended
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 $1,000 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.

v3.21.2
Accumulated Other Comprehensive Income (Loss)
9 Months Ended
Sep. 30, 2021
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:

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2020

 

$

(16,686

)

 

$

(13,955

)

 

$

(30,641

)

Other comprehensive income before reclassifications

 

 

(980

)

 

 

 

 

 

(980

)

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

205

 

 

 

205

 

Net other comprehensive income (loss)

 

 

(980

)

 

 

205

 

 

 

(775

)

Balance at September 30, 2021

 

$

(17,666

)

 

$

(13,750

)

 

$

(31,416

)

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2019

 

$

(23,799

)

 

$

(11,900

)

 

$

(35,699

)

Other comprehensive loss before reclassifications

 

 

(7,342

)

 

 

 

 

 

(7,342

)

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

354

 

 

 

354

 

Net other comprehensive income (loss)

 

 

(7,342

)

 

 

354

 

 

 

(6,988

)

Balance at September 30, 2020

 

$

(31,141

)

 

$

(11,546

)

 

$

(42,687

)

 

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.

v3.21.2
Income Taxes
9 Months Ended
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.

v3.21.2
Pension and Postretirement Benefits
9 Months Ended
Sep. 30, 2021
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:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service cost

 

$

 

 

$

 

 

$

24

 

 

$

7

 

 

$

113

 

 

$

112

 

Interest cost

 

 

110

 

 

 

162

 

 

 

41

 

 

 

64

 

 

 

77

 

 

 

87

 

Expected return on plan assets

 

 

(20

)

 

 

(74

)

 

 

 

 

 

 

 

 

(127

)

 

 

(134

)

Amortization of prior service credit

 

 

 

 

 

 

 

 

(1

)

 

 

(36

)

 

 

 

 

 

 

Recognized net actuarial (gain) loss

 

 

157

 

 

 

130

 

 

 

(12

)

 

 

(26

)

 

 

49

 

 

 

48

 

Net periodic benefit cost

 

$

247

 

 

$

218

 

 

$

52

 

 

$

9

 

 

$

112

 

 

$

113

 

 

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:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service cost

 

$

 

 

$

 

 

$

52

 

 

$

38

 

 

$

343

 

 

$

330

 

Interest cost

 

 

315

 

 

 

490

 

 

 

136

 

 

 

222

 

 

 

233

 

 

 

254

 

Expected return on plan assets

 

 

(35

)

 

 

(109

)

 

 

 

 

 

 

 

 

(382

)

 

 

(394

)

Amortization of prior service credit

 

 

 

 

 

 

 

 

(4

)

 

 

(109

)

 

 

 

 

 

 

Recognized net actuarial loss

 

 

467

 

 

 

395

 

 

 

86

 

 

 

13

 

 

 

148

 

 

 

138

 

Net periodic benefit cost

 

$

747

 

 

$

776

 

 

$

270

 

 

$

164

 

 

$

342

 

 

$

328

 

 

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.

v3.21.2
Restructuring Charges
9 Months Ended
Sep. 30, 2021
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:

 

 

 

GES

 

 

Other Restructurings

 

 

 

 

(in thousands)

 

Severance &
Employee
Benefits

 

 

Facilities

 

 

Severance &
Employee
Benefits

 

 

Total

 

Balance at December 31, 2020

 

$

2,440

 

 

$

2,766

 

 

$

24

 

 

$

5,230

 

Restructuring charges

 

 

1,640

 

 

 

4,059

 

 

 

100

 

 

 

5,799

 

Cash payments

 

 

(992

)

 

 

(3,296

)

 

 

(91

)

 

 

(4,379

)

Non-cash items(1)

 

 

 

 

 

(1,890

)

 

 

 

 

 

(1,890

)

Adjustment to liability

 

 

(5

)

 

 

(26

)

 

 

(13

)

 

 

(44

)

Balance at September 30, 2021

 

$

3,083

 

 

$

1,613

 

 

$

20

 

 

$

4,716

 

 

(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.

v3.21.2
Leases and Other
9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases and Other

Note 20. Leases and Other

The balance sheet presentation of our operating and finance leases is as follows:

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

Classification on the Condensed Consolidated Balance Sheet

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease ROU assets

 

$

87,935

 

 

$

82,739

 

Finance lease assets (1)

 

Property and equipment, net

 

 

61,263

 

 

 

23,366

 

Total lease assets

 

 

 

$

149,198

 

 

$

106,105

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Operating lease obligations

 

$

11,058

 

 

$

15,697

 

Finance lease obligations

 

Current portion of debt and finance lease obligations

 

 

3,085

 

 

 

2,514

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Long-term operating lease obligations

 

 

86,165

 

 

 

70,150

 

Finance lease obligations (1)

 

Long-term debt and finance lease obligations

 

 

60,512

 

 

 

20,627

 

Total lease liabilities

 

 

 

$

160,820

 

 

$

108,988

 

 

(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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

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

 

 

Other information related to operating and finance leases are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

8.33

 

 

 

8.39

 

Finance leases

 

 

 

 

 

 

 

35.11(1)

 

 

 

13.97

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

6.72

%

 

 

6.93

%

Finance leases

 

 

 

 

 

 

 

 

9.05

%

 

 

7.99

%

 

(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:

 

(in thousands)

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

Remainder of 2021

 

$

5,571

 

 

$

2,142

 

 

$

7,713

 

2022

 

 

19,954

 

 

 

8,269

 

 

 

28,223

 

2023

 

 

17,858

 

 

 

7,750

 

 

 

25,608

 

2024

 

 

16,113

 

 

 

6,699

 

 

 

22,812

 

2025

 

 

14,832

 

 

 

6,168

 

 

 

21,000

 

Thereafter

 

 

60,906

 

 

 

188,955

 

 

 

249,861

 

Total future lease payments

 

 

135,234

 

 

 

219,983

 

 

 

355,217

 

Less: Amount representing interest

 

 

(38,011

)

 

 

(156,386

)

 

 

(194,397

)

Present value of minimum lease payments

 

 

97,223

 

 

 

63,597

 

 

 

160,820

 

Current portion

 

 

11,058

 

 

 

3,085

 

 

 

14,143

 

Long-term portion

 

$

86,165

 

 

$

60,512

 

 

$

146,677

 

 

 

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:

 

(in thousands)

 

 

 

Remainder of 2021

 

$

411

 

2022

 

 

1,291

 

2023

 

 

1,071

 

2024

 

 

847

 

2025

 

 

694

 

Thereafter

 

 

1,453

 

Total minimum rents

 

$

5,767

 

 

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.

v3.21.2
Litigation, Claims, Contingencies and Other
9 Months Ended
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.

v3.21.2
Noncontrolling Interest – Redeemable and Non-redeemable
9 Months Ended
Sep. 30, 2021
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:

 

(in thousands)

 

 

 

Balance at December 31, 2020

 

$

5,225

 

Net loss attributable to redeemable noncontrolling interest

 

 

(1,221

)

Adjustment to the redemption value

 

 

1,091

 

Capital contributions

 

 

282

 

Foreign currency translation adjustment

 

 

(126

)

Balance at September 30, 2021

 

$

5,251

 

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:

 

(in thousands)

Glacier Park Inc.

 

 

Brewster (1)

 

 

Sky Lagoon

 

 

Total

 

Balance at December 31, 2020

$

13,953

 

 

$

51,295

 

 

$

12,896

 

 

$

78,144

 

Net (income) loss attributable to non-redeemable noncontrolling interest

 

1,893

 

 

 

1,976

 

 

 

(820

)

 

 

3,049

 

Acquisitions

 

 

 

 

6,759

 

 

 

 

 

 

6,759

 

Dividends

 

 

 

 

(1,160

)

 

 

 

 

 

(1,160

)

Foreign currency translation adjustments

 

1

 

 

 

117

 

 

 

(259

)

 

 

(141

)

Balance at September 30, 2021

$

15,847

 

 

$

58,987

 

 

$

11,817

 

 

$

86,651

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection. 
v3.21.2
Segment Information
9 Months Ended
Sep. 30, 2021
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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

GES

 

$

116,044

 

 

$

13,992

 

 

$

160,109

 

 

$

319,930

 

Pursuit

 

 

117,555

 

 

 

48,815

 

 

 

163,658

 

 

 

67,602

 

Total revenue

 

$

233,599

 

 

$

62,807

 

 

$

323,767

 

 

$

387,532

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

GES

 

$

(9,499

)

 

$

(18,248

)

 

$

(56,300

)

 

$

(39,450

)

Pursuit

 

 

49,601

 

 

 

11,467

 

 

 

23,183

 

 

 

(26,499

)

Segment operating income (loss)

 

 

40,102

 

 

 

(6,781

)

 

 

(33,117

)

 

 

(65,949

)

Corporate eliminations (1)

 

 

17

 

 

 

16

 

 

 

52

 

 

 

48

 

Corporate activities

 

 

(3,093

)

 

 

(2,645

)

 

 

(8,104

)

 

 

(5,902

)

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 (charges) recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

GES

 

 

(2,129

)

 

 

(10,686

)

 

 

(5,699

)

 

 

(11,371

)

Pursuit

 

 

(32

)

 

 

12

 

 

 

(55

)

 

 

(45

)

Corporate

 

 

(25

)

 

 

(585

)

 

 

(45

)

 

 

(954

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

GES

 

 

 

 

 

(676

)

 

 

 

 

 

(201,319

)

Pursuit

 

 

 

 

 

 

 

 

 

 

 

(1,757

)

Income (loss) from continuing operations before income taxes

 

$

24,856

 

 

$

(27,005

)

 

$

(68,699

)

 

$

(303,004

)

(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.
v3.21.2
Overview and Basis of Presentation (Policies)
9 Months Ended
Sep. 30, 2021
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.

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.

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.

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.

 

 

 

Three Months Ended September 30, 2020

 

 

Nine Months Ended September 30, 2020

 

(in thousands)

 

Services Revenue

 

 

Cost of Services

 

 

Services Revenue

 

 

Cost of Services

 

As previously reported

 

$

43,702

 

 

$

51,730

 

 

$

335,383

 

 

$

395,432

 

Gross to net correction for GES

 

 

(265

)

 

 

(265

)

 

 

(2,331

)

 

 

(2,331

)

Total as corrected

 

$

43,437

 

 

$

51,465

 

 

$

333,052

 

 

$

393,101

 

Impact of Recent Accounting Pronouncements

Impact of Recent Accounting Pronouncements

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

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Not Yet Adopted

ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)

 

The amendment simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. The amendment also requires expanded disclosures about the terms and features of convertible instruments.

 

1/1/2022

 

We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We do not expect this new guidance will have a material impact on our consolidated financial statements.

 

Standard

 

Description

 

Date of adoption

 

Effect on the financial statements

Standards Recently Adopted

ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes

 

The amendment enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as ownership changes in investments, and interim-period accounting for enacted changes in tax law.

 

1/1/2021

 

The adoption of this new standard on January 1, 2021 did not have a material impact on our consolidated financial statements.

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.

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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Cash and cash equivalents

 

$

110,756

 

 

$

39,545

 

Restricted cash included in other current assets

 

 

2,505

 

 

 

2,426

 

Cash, cash equivalents, and restricted cash shown in the statement of cash flows

 

$

113,261

 

 

$

41,971

 

 

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
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.

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.

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. 

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.

v3.21.2
Overview and Basis of Presentation (Tables)
9 Months Ended
Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Schedule of Corrections to Prior Period Adjustments

 

 

 

Three Months Ended September 30, 2020

 

 

Nine Months Ended September 30, 2020

 

(in thousands)

 

Services Revenue

 

 

Cost of Services

 

 

Services Revenue

 

 

Cost of Services

 

As previously reported

 

$

43,702

 

 

$

51,730

 

 

$

335,383

 

 

$

395,432

 

Gross to net correction for GES

 

 

(265

)

 

 

(265

)

 

 

(2,331

)

 

 

(2,331

)

Total as corrected

 

$

43,437

 

 

$

51,465

 

 

$

333,052

 

 

$

393,101

 

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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Cash and cash equivalents

 

$

110,756

 

 

$

39,545

 

Restricted cash included in other current assets

 

 

2,505

 

 

 

2,426

 

Cash, cash equivalents, and restricted cash shown in the statement of cash flows

 

$

113,261

 

 

$

41,971

 

 

v3.21.2
Revenue and Related Contract Costs and Contract Liabilities (Tables)
9 Months Ended
Sep. 30, 2021
Revenue From Contract With Customer [Abstract]  
Summary of Changes in Contract Liabilities

Changes to contract liabilities are as follows:

 

(in thousands)

 

 

 

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

 

Summary of Changes in Contract Costs

Changes to contract costs are as follows:

 

(in thousands)

 

 

 

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

 

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

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service lines:

 

 

 

 

 

 

 

 

 

 

 

 

Exhibitions and Conferences

 

$

81,029

 

 

$

4,625

 

 

$

96,881

 

 

$

222,038

 

Brand experiences

 

 

31,009

 

 

 

8,895

 

 

 

55,194

 

 

 

85,831

 

Venue services

 

 

4,006

 

 

 

472

 

 

 

8,034

 

 

 

12,061

 

Total revenue

 

$

116,044

 

 

$

13,992

 

 

$

160,109

 

 

$

319,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

100,865

 

 

$

12,031

 

 

$

139,241

 

 

$

287,457

 

Products transferred over time(1)

 

 

6,509

 

 

 

247

 

 

 

7,659

 

 

 

13,442

 

Products transferred at a point in time

 

 

8,670

 

 

 

1,714

 

 

 

13,209

 

 

 

19,031

 

Total revenue

 

$

116,044

 

 

$

13,992

 

 

$

160,109

 

 

$

319,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Geographical markets:

 

 

 

 

 

 

 

 

 

 

 

 

North America

 

$

92,648

 

 

$

11,686

 

 

$

127,978

 

 

$

272,391

 

EMEA

 

 

24,084

 

 

 

2,590

 

 

 

34,061

 

 

 

50,797

 

Intersegment eliminations

 

 

(688

)

 

 

(284

)

 

 

(1,930

)

 

 

(3,258

)

Total revenue

 

$

116,044

 

 

$

13,992

 

 

$

160,109

 

 

$

319,930

 

 

(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

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Services:

 

 

 

 

 

 

 

 

 

 

 

 

Admissions

 

$

39,480

 

 

$

12,229

 

 

$

51,069

 

 

$

17,865

 

Accommodations

 

 

37,553

 

 

 

18,021

 

 

 

54,742

 

 

 

23,994

 

Transportation

 

 

3,453

 

 

 

445

 

 

 

4,913

 

 

 

2,513

 

Travel planning and other

 

 

2,019

 

 

 

855

 

 

 

4,668

 

 

 

1,484

 

Intersegment eliminations

 

 

(406

)

 

 

(144

)

 

 

(463

)

 

 

(261

)

Total services revenue

 

 

82,099

 

 

 

31,406

 

 

 

114,929

 

 

 

45,595

 

Products:

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage

 

 

18,029

 

 

 

6,783

 

 

 

25,152

 

 

 

9,047

 

Retail operations

 

 

17,427

 

 

 

10,626

 

 

 

23,577

 

 

 

12,960

 

Total products revenue

 

 

35,456

 

 

 

17,409

 

 

 

48,729

 

 

 

22,007

 

Total revenue

 

$

117,555

 

 

$

48,815

 

 

$

163,658

 

 

$

67,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Services transferred over time

 

$

82,099

 

 

$

31,406

 

 

$

114,929

 

 

$

45,595

 

Products transferred at a point in time

 

 

35,456

 

 

 

17,409

 

 

 

48,729

 

 

 

22,007

 

Total revenue

 

$

117,555

 

 

$

48,815

 

 

$

163,658

 

 

$

67,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Markets:

 

 

 

 

 

 

 

 

 

 

 

 

Banff Jasper Collection

 

$

52,602

 

 

$

26,395

 

 

$

71,720

 

 

$

39,234

 

Alaska Collection

 

 

25,932

 

 

 

5,436

 

 

 

37,279

 

 

 

6,167

 

Glacier Park Collection

 

 

32,081

 

 

 

14,929

 

 

 

43,627

 

 

 

16,813

 

FlyOver

 

 

2,296

 

 

 

2,055

 

 

 

3,494

 

 

 

5,388

 

Sky Lagoon(1)

 

 

4,644

 

 

 

 

 

 

7,538

 

 

 

 

Total revenue

 

$

117,555

 

 

$

48,815

 

 

$

163,658

 

 

$

67,602

 

(1)
We opened Pursuit’s new Sky Lagoon attraction on April 30, 2021 in Reykjavik, Iceland.
v3.21.2
Share-Based Compensation (Tables)
9 Months Ended
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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Performance-based restricted stock units

 

$

(118

)

 

$

149

 

 

$

488

 

 

$

(2,596

)

Restricted stock awards and restricted stock units

 

 

1,284

 

 

 

1,698

 

 

 

3,964

 

 

 

3,155

 

Stock options

 

 

578

 

 

 

90

 

 

 

1,508

 

 

 

90

 

Share-based compensation expense before income tax

 

 

1,744

 

 

 

1,937

 

 

 

5,960

 

 

 

649

 

Income tax benefit(1)

 

 

(21

)

 

 

 

 

 

(76

)

 

 

 

Share-based compensation expense, net of income tax

 

$

1,723

 

 

$

1,937

 

 

$

5,884

 

 

$

649

 

(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.
Summary of Activity of the Outstanding PRSU Awards

The following table summarizes the activity of the outstanding PRSUs:

 

 

 

Equity-Based
PRSUs

 

 

Liability-Based
PRSUs

 

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance at December 31, 2020

 

 

61,208

 

 

$

57.18

 

 

 

121,485

 

 

$

56.34

 

Granted

 

 

101,785

 

 

$

31.28

 

 

 

 

 

$

 

Vested

 

 

 

 

$

 

 

 

(42,698

)

 

$

51.96

 

Forfeited

 

 

 

 

$

 

 

 

(1,041

)

 

$

56.90

 

Balance at September 30, 2021

 

 

162,993

 

 

$

41.01

 

 

 

77,746

 

 

$

57.13

 

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:

 

 

 

Equity-Based
Restricted Stock Awards

 

 

Equity-Based
Restricted Stock Units

 

 

Liability-Based
Restricted Stock Units

 

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

 

Shares

 

 

Weighted-Average
Grant Date
Fair Value

 

Balance at December 31, 2020

 

 

107,107

 

 

$

53.23

 

 

 

151,261

 

 

$

19.51

 

 

 

10,459

 

 

$

51.91

 

Granted

 

 

22,560

 

 

$

44.77

 

 

 

88,367

 

 

$

44.12

 

 

 

 

 

$

 

Vested

 

 

(48,879

)

 

$

49.92

 

 

 

(34,998

)

 

$

19.73

 

 

 

(3,174

)

 

$

52.24

 

Forfeited

 

 

(2,279

)

 

$

56.63

 

 

 

(3,673

)

 

$

19.75

 

 

 

 

 

$

 

Balance at September 30, 2021

 

 

78,509

 

 

$

52.77

 

 

 

200,957

 

 

$

30.29

 

 

 

7,285

 

 

$

53.34

 

Summary of Stock Option Activity

The following table summarizes stock option activity:

 

 

 

Shares

 

 

Weighted-Average
Exercise Price

 

 

Aggregate Intrinsic Value(1)

 

Options outstanding at December 31, 2020

 

 

204,150

 

 

$

19.98

 

 

 

 

Granted

 

 

137,858

 

 

$

44.80

 

 

 

 

Exercised

 

 

 

 

$

 

 

 

 

Options outstanding at September 30, 2021

 

 

342,008

 

 

$

29.98

 

 

$

5,276,367

 

Options exercisable at September 30, 2021

 

 

27,075

 

 

$

21.85

 

 

$

637,887

 

(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.
Summary of Options Outstanding and Exercisable

The following table summarizes stock options outstanding and exercisable as of September 30, 2021:

 

 

 

 

Options Outstanding

 

 

Options Exercisable

 

 

Range of exercise prices

 

Shares

 

 

Weighted-Average
Remaining Contractual Life
(in years)

 

 

Weighted-Average
Exercise Price

 

 

Shares

 

 

Weighted-Average
Exercise Price

 

$

19.30

 

 

150,000

 

 

 

7.25

 

 

$

19.30

 

 

 

 

 

$

 

$

21.85

 

 

54,150

 

 

 

5.91

 

 

$

21.85

 

 

 

27,075

 

 

$

21.85

 

$

44.80

 

 

137,858

 

 

 

6.40

 

 

$

44.80

 

 

 

 

 

$

 

$

19.30-$44.80

 

 

342,008

 

 

 

6.70

 

 

$

29.98

 

 

 

27,075

 

 

$

21.85

 

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:

 

 

 

Nine Months Ended

 

 

 

September 30, 2021

 

Assumptions used to estimate fair value of stock options granted:

 

 

 

Risk-free interest rate

 

0.50%

 

Expected term (in years)

 

 

4.5

 

Expected volatility

 

55.8%

 

Expected dividend yield

 

 

 

Weighted average grant-date fair value per share of options granted

 

$

20.26

 

 

v3.21.2
Inventories (Tables)
9 Months Ended
Sep. 30, 2021
Inventory Disclosure [Abstract]  
Components of Inventories

The components of inventories consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Raw materials

 

$

2,482

 

 

$

3,362

 

Finished goods

 

 

6,269

 

 

 

5,365

 

Inventories

 

$

8,751

 

 

$

8,727

 

v3.21.2
Other Current Assets (Tables)
9 Months Ended
Sep. 30, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets

Other current assets consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

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

 

v3.21.2
Property and Equipment (Tables)
9 Months Ended
Sep. 30, 2021
Property Plant And Equipment [Abstract]  
Schedule of Property and Equipment

Property and equipment consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

Land and land interests

 

$

30,504

 

 

$

32,849

 

Buildings and leasehold improvements

 

 

387,955

 

 

 

386,751

 

Equipment and other

 

 

433,412

 

 

 

401,288

 

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)

 

 

61,263

 

 

 

23,366

 

Property and equipment, net

 

$

545,280

 

 

$

492,154

 

v3.21.2
Other Investments and Assets (Tables)
9 Months Ended
Sep. 30, 2021
Investments All Other Investments [Abstract]  
Summary of Other Investments and Assets

Other investments and assets consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

2020

 

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

 

v3.21.2
Goodwill and Other Intangible Assets (Tables)
9 Months Ended
Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of the Goodwill Balances by Component and Segment

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

 

(in thousands)

 

Pursuit

 

Balance at December 31, 2020

 

$

99,847

 

Business acquisition

 

 

11,776

 

Foreign currency translation adjustments

 

 

80

 

Balance at September 30, 2021

 

$

111,703

 

Summary of Other Intangible Assets

Other intangible assets consisted of the following:

 

 

 

 

 

September 30, 2021

 

 

December 31, 2020

 

(in thousands)

 

Useful Life
(Years)

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

 

Gross
Carrying
Value

 

 

Accumulated
Amortization

 

 

Net
Carrying
Value

 

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer contracts and relationships

 

6.1

 

$

37,698

 

 

$

(28,398

)

 

$

9,300

 

 

$

38,214

 

 

$

(26,288

)

 

$

11,926

 

Operating contracts and licenses

 

36.0

 

 

41,391

 

 

 

(3,160

)

 

 

38,231

 

 

 

42,012

 

 

 

(2,405

)

 

 

39,607

 

In-place lease

 

13.2

 

 

15,413

 

 

 

(980

)

 

 

14,433

 

 

 

15,347

 

 

 

(656

)

 

 

14,691

 

Tradenames

 

4.6

 

 

5,607

 

 

 

(2,631

)

 

 

2,976

 

 

 

5,940

 

 

 

(2,435

)

 

 

3,505

 

Non-compete agreements

 

0.3

 

 

773

 

 

 

(734

)

 

 

39

 

 

 

770

 

 

 

(616

)

 

 

154

 

Other

 

6.4

 

 

822

 

 

 

(130

)

 

 

692

 

 

 

818

 

 

 

(102

)

 

 

716

 

Total amortized intangible assets

 

 

 

 

101,704

 

 

 

(36,033

)

 

 

65,671

 

 

 

103,101

 

 

 

(32,502

)

 

 

70,599

 

Indefinite-lived intangible assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business licenses

 

 

 

 

573

 

 

 

 

 

 

573

 

 

 

573

 

 

 

 

 

 

573

 

Other intangible assets

 

 

 

$

102,277

 

 

$

(36,033

)

 

$

66,244

 

 

$

103,674

 

 

$

(32,502

)

 

$

71,172

 

 

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:

 

(in thousands)

 

 

 

Year ending December 31,

 

 

 

Remainder of 2021

 

$

1,353

 

2022

 

 

5,109

 

2023

 

 

4,451

 

2024

 

 

3,495

 

2025

 

 

2,200

 

Thereafter

 

 

49,063

 

Total

 

$

65,671

 

v3.21.2
Other Current Liabilities (Tables)
9 Months Ended
Sep. 30, 2021
Other Liabilities Current [Abstract]  
Other Current Liabilities

Other current liabilities consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

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

 

v3.21.2
Other Deferred Items and Liabilities (Tables)
9 Months Ended
Sep. 30, 2021
Other Liabilities Disclosure [Abstract]  
Summary of Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

2021

 

 

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

 

v3.21.2
Debt and Finance Lease Obligations (Tables)
9 Months Ended
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:

 

 

 

September 30,

 

 

December 31,

 

(in thousands, except interest rates)

 

2021

 

 

2020

 

2021 Credit Facility, 5.5% weighted-average interest rate at September 30, 2021, due through 2028(1)

 

$

400,000

 

 

$

 

2018 Credit Facility, 4.5% weighted-average interest rate at December 31, 2020

 

 

 

 

 

266,762

 

FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at September 30, 2021 and December 31, 2020, due through 2023(1)

 

 

5,619

 

 

 

5,820

 

FlyOver Iceland Term Loans, 3.8% weighted-average interest rate at September 30, 2021 and December 31, 2020, due through 2024(1)

 

 

689

 

 

 

705

 

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(2)

 

 

63,597

 

 

 

23,141

 

Total debt and finance lease obligations (3)(4)

 

 

454,380

 

 

 

293,691

 

Current portion

 

 

(8,218

)

 

 

(8,335

)

Long-term debt and finance lease obligations

 

$

446,162

 

 

$

285,356

 

(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.
v3.21.2
Fair Value Measurements (Tables)
9 Months Ended
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:

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

September 30, 2021

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

50,001

 

 

$

50,001

 

 

$

 

 

$

 

Other mutual funds (2)

 

 

3,903

 

 

 

3,903

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

53,904

 

 

$

53,904

 

 

$

 

 

$

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date Using

 

(in thousands)

 

December 31, 2020

 

 

Quoted Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds (1)

 

$

2

 

 

$

2

 

 

$

 

 

$

 

Other mutual funds (2)

 

 

3,457

 

 

 

3,457

 

 

 

 

 

 

 

Total assets at fair value on a recurring basis

 

$

3,459

 

 

$

3,459

 

 

$

 

 

$

 

 

 

(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.
v3.21.2
Income (Loss) Per Share (Tables)
9 Months Ended
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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands, except per share data)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income (loss) attributable to Viad (diluted)

 

$

15,067

 

 

$

(30,758

)

 

$

(70,111

)

 

$

(323,621

)

Less: Allocation to participating securities

 

 

(3,141

)

 

 

 

 

 

 

 

 

 

Convertible preferred stock dividends paid in cash

 

 

(1,950

)

 

 

 

 

 

(1,950

)

 

 

 

Convertible preferred stock dividends paid in kind

 

 

 

 

 

(1,134

)

 

 

(3,821

)

 

 

(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

)

Add: Allocation to participating securities

 

 

36

 

 

 

 

 

 

 

 

 

 

Net income (loss) allocated to Viad common stockholders (diluted)

 

$

9,524

 

 

$

(32,360

)

 

$

(76,973

)

 

$

(325,681

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) attributable to Viad common stockholders

 

$

0.46

 

 

$

(1.59

)

 

$

(3.77

)

 

$

(16.07

)

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

 

$

0.46

 

 

$

(1.59

)

 

$

(3.77

)

 

$

(16.07

)

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:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

2020

 

Convertible preferred stock

 

 

 

 

 

6,353

 

 

 

6,584

 

 

6,353

 

Unvested restricted share-based awards

 

 

3

 

 

 

135

 

 

 

173

 

 

105

 

Unvested performance share-based awards

 

 

 

 

 

 

 

 

28

 

 

 

Stock options

 

 

138

 

 

 

27

 

 

 

219

 

 

14

 

v3.21.2
Accumulated Other Comprehensive Income (Loss) (Tables)
9 Months Ended
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:

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2020

 

$

(16,686

)

 

$

(13,955

)

 

$

(30,641

)

Other comprehensive income before reclassifications

 

 

(980

)

 

 

 

 

 

(980

)

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

205

 

 

 

205

 

Net other comprehensive income (loss)

 

 

(980

)

 

 

205

 

 

 

(775

)

Balance at September 30, 2021

 

$

(17,666

)

 

$

(13,750

)

 

$

(31,416

)

 

(in thousands)

 

Cumulative
Foreign Currency Translation Adjustments

 

 

Unrecognized Net Actuarial Loss and Prior Service Credit, Net

 

 

Accumulated
Other
Comprehensive
Income (Loss)

 

Balance at December 31, 2019

 

$

(23,799

)

 

$

(11,900

)

 

$

(35,699

)

Other comprehensive loss before reclassifications

 

 

(7,342

)

 

 

 

 

 

(7,342

)

Amounts reclassified from AOCI, net of tax

 

 

 

 

 

354

 

 

 

354

 

Net other comprehensive income (loss)

 

 

(7,342

)

 

 

354

 

 

 

(6,988

)

Balance at September 30, 2020

 

$

(31,141

)

 

$

(11,546

)

 

$

(42,687

)

v3.21.2
Pension and Postretirement Benefits (Tables)
9 Months Ended
Sep. 30, 2021
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:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service cost

 

$

 

 

$

 

 

$

24

 

 

$

7

 

 

$

113

 

 

$

112

 

Interest cost

 

 

110

 

 

 

162

 

 

 

41

 

 

 

64

 

 

 

77

 

 

 

87

 

Expected return on plan assets

 

 

(20

)

 

 

(74

)

 

 

 

 

 

 

 

 

(127

)

 

 

(134

)

Amortization of prior service credit

 

 

 

 

 

 

 

 

(1

)

 

 

(36

)

 

 

 

 

 

 

Recognized net actuarial (gain) loss

 

 

157

 

 

 

130

 

 

 

(12

)

 

 

(26

)

 

 

49

 

 

 

48

 

Net periodic benefit cost

 

$

247

 

 

$

218

 

 

$

52

 

 

$

9

 

 

$

112

 

 

$

113

 

 

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:

 

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Service cost

 

$

 

 

$

 

 

$

52

 

 

$

38

 

 

$

343

 

 

$

330

 

Interest cost

 

 

315

 

 

 

490

 

 

 

136

 

 

 

222

 

 

 

233

 

 

 

254

 

Expected return on plan assets

 

 

(35

)

 

 

(109

)

 

 

 

 

 

 

 

 

(382

)

 

 

(394

)

Amortization of prior service credit

 

 

 

 

 

 

 

 

(4

)

 

 

(109

)

 

 

 

 

 

 

Recognized net actuarial loss

 

 

467

 

 

 

395

 

 

 

86

 

 

 

13

 

 

 

148

 

 

 

138

 

Net periodic benefit cost

 

$

747

 

 

$

776

 

 

$

270

 

 

$

164

 

 

$

342

 

 

$

328

 

v3.21.2
Restructuring Charges (Tables)
9 Months Ended
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:

 

 

 

GES

 

 

Other Restructurings

 

 

 

 

(in thousands)

 

Severance &
Employee
Benefits

 

 

Facilities

 

 

Severance &
Employee
Benefits

 

 

Total

 

Balance at December 31, 2020

 

$

2,440

 

 

$

2,766

 

 

$

24

 

 

$

5,230

 

Restructuring charges

 

 

1,640

 

 

 

4,059

 

 

 

100

 

 

 

5,799

 

Cash payments

 

 

(992

)

 

 

(3,296

)

 

 

(91

)

 

 

(4,379

)

Non-cash items(1)

 

 

 

 

 

(1,890

)

 

 

 

 

 

(1,890

)

Adjustment to liability

 

 

(5

)

 

 

(26

)

 

 

(13

)

 

 

(44

)

Balance at September 30, 2021

 

$

3,083

 

 

$

1,613

 

 

$

20

 

 

$

4,716

 

 

(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.
v3.21.2
Leases and Other (Tables)
9 Months Ended
Sep. 30, 2021
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:

 

 

 

 

September 30,

 

 

December 31,

 

(in thousands)

 

Classification on the Condensed Consolidated Balance Sheet

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

 

 

Operating lease assets

 

Operating lease ROU assets

 

$

87,935

 

 

$

82,739

 

Finance lease assets (1)

 

Property and equipment, net

 

 

61,263

 

 

 

23,366

 

Total lease assets

 

 

 

$

149,198

 

 

$

106,105

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Current:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Operating lease obligations

 

$

11,058

 

 

$

15,697

 

Finance lease obligations

 

Current portion of debt and finance lease obligations

 

 

3,085

 

 

 

2,514

 

Noncurrent:

 

 

 

 

 

 

 

 

Operating lease obligations

 

Long-term operating lease obligations

 

 

86,165

 

 

 

70,150

 

Finance lease obligations (1)

 

Long-term debt and finance lease obligations

 

 

60,512

 

 

 

20,627

 

Total lease liabilities

 

 

 

$

160,820

 

 

$

108,988

 

 

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.
Components of Lease Expense

The components of lease expense consisted of the following:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

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

 

Schedule of Other Information Related to Operating and Finance Leases

Other information related to operating and finance leases are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

 

December 31,

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

Weighted-average remaining lease term (years):

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

8.33

 

 

 

8.39

 

Finance leases

 

 

 

 

 

 

 

35.11(1)

 

 

 

13.97

 

Weighted-average discount rate:

 

 

 

 

 

 

 

 

 

 

 

 

Operating leases

 

 

 

 

 

 

 

 

6.72

%

 

 

6.93

%

Finance leases

 

 

 

 

 

 

 

 

9.05

%

 

 

7.99

%

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:

 

(in thousands)

 

Operating Leases

 

 

Finance Leases

 

 

Total

 

Remainder of 2021

 

$

5,571

 

 

$

2,142

 

 

$

7,713

 

2022

 

 

19,954

 

 

 

8,269

 

 

 

28,223

 

2023

 

 

17,858

 

 

 

7,750

 

 

 

25,608

 

2024

 

 

16,113

 

 

 

6,699

 

 

 

22,812

 

2025

 

 

14,832

 

 

 

6,168

 

 

 

21,000

 

Thereafter

 

 

60,906

 

 

 

188,955

 

 

 

249,861

 

Total future lease payments

 

 

135,234

 

 

 

219,983

 

 

 

355,217

 

Less: Amount representing interest

 

 

(38,011

)

 

 

(156,386

)

 

 

(194,397

)

Present value of minimum lease payments

 

 

97,223

 

 

 

63,597

 

 

 

160,820

 

Current portion

 

 

11,058

 

 

 

3,085

 

 

 

14,143

 

Long-term portion

 

$

86,165

 

 

$

60,512

 

 

$

146,677

 

 

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:

 

(in thousands)

 

 

 

Remainder of 2021

 

$

411

 

2022

 

 

1,291

 

2023

 

 

1,071

 

2024

 

 

847

 

2025

 

 

694

 

Thereafter

 

 

1,453

 

Total minimum rents

 

$

5,767

 

v3.21.2
Noncontrolling Interest – Redeemable and Non-redeemable (Tables)
9 Months Ended
Sep. 30, 2021
Noncontrolling Interest [Abstract]  
Summary of Changes in Redeemable Noncontrolling Interest

Changes in the redeemable noncontrolling interest are as follows:

 

(in thousands)

 

 

 

Balance at December 31, 2020

 

$

5,225

 

Net loss attributable to redeemable noncontrolling interest

 

 

(1,221

)

Adjustment to the redemption value

 

 

1,091

 

Capital contributions

 

 

282

 

Foreign currency translation adjustment

 

 

(126

)

Balance at September 30, 2021

 

$

5,251

 

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:

 

(in thousands)

Glacier Park Inc.

 

 

Brewster (1)

 

 

Sky Lagoon

 

 

Total

 

Balance at December 31, 2020

$

13,953

 

 

$

51,295

 

 

$

12,896

 

 

$

78,144

 

Net (income) loss attributable to non-redeemable noncontrolling interest

 

1,893

 

 

 

1,976

 

 

 

(820

)

 

 

3,049

 

Acquisitions

 

 

 

 

6,759

 

 

 

 

 

 

6,759

 

Dividends

 

 

 

 

(1,160

)

 

 

 

 

 

(1,160

)

Foreign currency translation adjustments

 

1

 

 

 

117

 

 

 

(259

)

 

 

(141

)

Balance at September 30, 2021

$

15,847

 

 

$

58,987

 

 

$

11,817

 

 

$

86,651

 

Equity ownership interest that we do not own

 

20

%

 

 

40

%

 

 

49

%

 

 

 

 

(1)
Includes Mountain Park Lodges and our recently acquired Golden Skybridge at Brewster, part of the Banff Jasper Collection. 
v3.21.2
Segment Information (Tables)
9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Reconciliation of income statement items from reportable segments

Our reportable segments, with reconciliations to consolidated totals, are as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(in thousands)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

GES

 

$

116,044

 

 

$

13,992

 

 

$

160,109

 

 

$

319,930

 

Pursuit

 

 

117,555

 

 

 

48,815

 

 

 

163,658

 

 

 

67,602

 

Total revenue

 

$

233,599

 

 

$

62,807

 

 

$

323,767

 

 

$

387,532

 

Segment operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

GES

 

$

(9,499

)

 

$

(18,248

)

 

$

(56,300

)

 

$

(39,450

)

Pursuit

 

 

49,601

 

 

 

11,467

 

 

 

23,183

 

 

 

(26,499

)

Segment operating income (loss)

 

 

40,102

 

 

 

(6,781

)

 

 

(33,117

)

 

 

(65,949

)

Corporate eliminations (1)

 

 

17

 

 

 

16

 

 

 

52

 

 

 

48

 

Corporate activities

 

 

(3,093

)

 

 

(2,645

)

 

 

(8,104

)

 

 

(5,902

)

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 (charges) recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

GES

 

 

(2,129

)

 

 

(10,686

)

 

 

(5,699

)

 

 

(11,371

)

Pursuit

 

 

(32

)

 

 

12

 

 

 

(55

)

 

 

(45

)

Corporate

 

 

(25

)

 

 

(585

)

 

 

(45

)

 

 

(954

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

GES

 

 

 

 

 

(676

)

 

 

 

 

 

(201,319

)

Pursuit

 

 

 

 

 

 

 

 

 

 

 

(1,757

)

Income (loss) from continuing operations before income taxes

 

$

24,856

 

 

$

(27,005

)

 

$

(68,699

)

 

$

(303,004

)

(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.
v3.21.2
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      
v3.21.2
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
v3.21.2
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
v3.21.2
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  
v3.21.2
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
v3.21.2
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
v3.21.2
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  
[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.
[2] We opened Pursuit’s new Sky Lagoon attraction on April 30, 2021 in Reykjavik, Iceland.
v3.21.2
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    
v3.21.2
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
v3.21.2
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
v3.21.2
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
v3.21.2
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]
[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.
v3.21.2
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
v3.21.2
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
v3.21.2
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  
v3.21.2
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
v3.21.2
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
v3.21.2
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
[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.
v3.21.2
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
v3.21.2
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
v3.21.2
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
v3.21.2
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
v3.21.2
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  
v3.21.2
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
v3.21.2
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
v3.21.2
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
v3.21.2
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
[1] 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.
[2] 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
[3] The estimated fair value of total debt and finance leases was $310.5 million as of September 30, 2021 and $254.0 million as of December 31, 2020. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements.
[4] Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees.
v3.21.2
Debt and Finance Lease Obligations - Schedule of Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($)
$ 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%
v3.21.2
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            
[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.
v3.21.2
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]
[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.
v3.21.2
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
v3.21.2
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)
[1] Diluted loss per share amount cannot exceed basic loss per share
v3.21.2
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
v3.21.2
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          
v3.21.2
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)
v3.21.2
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
v3.21.2
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
v3.21.2
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
v3.21.2
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  
[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.
v3.21.2
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
v3.21.2
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
[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.
[2] 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.
v3.21.2
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
v3.21.2
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
v3.21.2
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%
[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.
v3.21.2
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  
[1] 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.
v3.21.2
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
v3.21.2
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
v3.21.2
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  
v3.21.2
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  
v3.21.2
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  
v3.21.2
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%  
v3.21.2
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
[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.
v3.21.2
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