Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 15, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Registrant Name | Viad Corp | ||
Entity Central Index Key | 0000884219 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 381 | ||
Entity Common Stock, Shares Outstanding | 20,464,515 | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Entity Tax Identification Number | 36-1169950 | ||
Entity File Number | 001-11015 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 1850 North Central Avenue | ||
Entity Address, Address Line Two | Suite 1900 | ||
Entity Address, City or Town | Phoenix | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85004-4565 | ||
City Area Code | 602 | ||
Local Phone Number | 207-1000 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference [Text Block] | A portion of the Proxy Statement for the Viad Corp Annual Meeting of Shareholders scheduled for May 14, 2021, is incorporated by reference into Part III of this Annual Report. | ||
Common Stock | |||
Document Information [Line Items] | |||
Trading Symbol | VVI | ||
Title of 12(b) Security | Common Stock, $1.50 Par Value | ||
Security Exchange Name | NYSE | ||
Junior Participating Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Preferred Stock Purchase Rights | ||
No Trading Symbol Flag | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Current assets | |||
Cash and cash equivalents | $ 39,545 | $ 61,999 | |
Accounts receivable, net of allowances for doubtful accounts of $5,310 and $1,200, respectively | 17,837 | 126,246 | |
Inventories | 8,727 | 17,269 | |
Current contract costs | 7,923 | 24,535 | |
Other current assets | 17,225 | 30,854 | |
Total current assets | 91,257 | 260,903 | |
Property and equipment, net | 492,154 | 500,901 | |
Other investments and assets | 15,492 | 45,119 | |
Operating lease right-of-use assets | 82,739 | 103,314 | |
Deferred income taxes | 563 | 26,163 | |
Goodwill | 99,847 | 287,983 | |
Other intangible assets, net | 71,172 | 94,308 | |
Total Assets | 853,224 | 1,318,691 | |
Current liabilities | |||
Accounts payable | 21,037 | 86,660 | |
Contract liabilities | 18,595 | 50,671 | |
Accrued compensation | 7,030 | 32,658 | |
Operating lease obligations | 15,697 | 22,180 | |
Other current liabilities | 27,039 | 39,824 | |
Current portion of debt and finance lease obligations | [1] | 8,335 | 5,330 |
Total current liabilities | 97,733 | 237,323 | |
Long-term debt and finance lease obligations | 285,356 | 335,162 | |
Pension and postretirement benefits | 27,264 | 26,247 | |
Long-term operating lease obligations | 70,150 | 82,851 | |
Other deferred items and liabilities | 64,628 | 83,707 | |
Total liabilities | 545,131 | 765,290 | |
Commitments and contingencies | |||
Redeemable noncontrolling interest | 5,225 | 6,172 | |
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 | 568,100 | 574,473 | |
Retained earnings (deficit) | (253,164) | 122,971 | |
Accumulated other comprehensive loss | (30,641) | (35,699) | |
Common stock in treasury, at cost, 4,475,489 and 4,588,084 shares, respectively | (225,742) | (231,649) | |
Total Viad stockholders’ equity | 95,955 | 467,498 | |
Non-redeemable noncontrolling interest | 78,144 | 79,731 | |
Total stockholders’ equity | 174,099 | 547,229 | |
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity | 853,224 | $ 1,318,691 | |
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 at December 31, 2020 | $ 128,769 | ||
[1] | Subsequent to the filing of our 2019 Form 10-K, we identified a correction related to the classification of the 2018 Credit Facility (as defined below) from current to long-term given that the 2018 Credit Facility’s contractual maturity was not within 12 months |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts | $ 5,310 | $ 1,200 |
Preferred Stock, Shares Authorized | 5,000,000 | |
Preferred Stock, Shares Outstanding | 135,000 | |
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 | 4,475,489 | 4,588,084 |
Convertible Series A Preferred Stock | ||
Preferred Stock, Par value | $ 0.01 | |
Preferred Stock, Shares Authorized | 180,000 | |
Preferred Stock, Shares Issued | 135,000 | |
Preferred Stock, Shares Outstanding | 135,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenue: | ||||
Total revenue | $ 415,435 | $ 1,302,736 | $ 1,237,324 | |
Costs and expenses: | ||||
Business interruption gain | (141) | (602) | ||
Corporate activities | 8,687 | 10,865 | 10,993 | |
Interest income | (377) | (369) | (354) | |
Interest expense | 18,264 | 14,199 | 9,640 | |
Multi-employer pension plan withdrawal | 462 | 15,693 | ||
Other expense, net | 1,132 | 1,586 | 1,744 | |
Restructuring charges | 13,440 | 8,380 | 1,587 | |
Legal settlement | 8,500 | |||
Impairment charges (recoveries) | 203,076 | 5,346 | (35) | |
Total costs and expenses | 776,294 | 1,276,626 | 1,172,315 | |
Income (loss) from continuing operations before income taxes | (360,859) | 26,110 | 65,009 | |
Income tax expense | 14,246 | 2,506 | 17,095 | |
Income (loss) from continuing operations | (375,105) | 23,604 | 47,914 | |
Income (loss) from discontinued operations | (1,847) | (81) | 1,481 | |
Net income (loss) | (376,952) | 23,523 | 49,395 | |
Net (income) loss attributable to non-redeemable noncontrolling interest | 1,376 | (2,309) | (542) | |
Net loss attributable to redeemable noncontrolling interest | 1,482 | 821 | 317 | |
Net income (loss) attributable to Viad | $ (374,094) | $ 22,035 | $ 49,170 | |
Diluted income (loss) per common share: | ||||
Continuing operations attributable to Viad common stockholders | $ (18.55) | $ 1.02 | $ 2.33 | |
Discontinued operations attributable to Viad common stockholders | (0.09) | 0.07 | ||
Net income (loss) attributable to Viad common stockholders | [1] | $ (18.64) | $ 1.02 | $ 2.40 |
Weighted-average outstanding and potentially dilutive common shares | 20,279 | 20,284 | 20,404 | |
Basic income (loss) per common share: | ||||
Continuing operations attributable to Viad common stockholders | $ (18.55) | $ 1.02 | $ 2.33 | |
Discontinued operations attributable to Viad common stockholders | (0.09) | 0.07 | ||
Net income (loss) attributable to Viad common stockholders | $ (18.64) | $ 1.02 | $ 2.40 | |
Weighted-average outstanding common shares | 20,279 | 20,146 | 20,168 | |
Dividends declared per common share | $ 0.10 | $ 0.40 | $ 0.40 | |
Amounts attributable to Viad common stockholders | ||||
Income (loss) from continuing operations | $ (372,247) | $ 22,116 | $ 47,689 | |
Income (loss) from discontinued operations | (1,847) | (81) | 1,481 | |
Net income (loss) attributable to Viad | (374,094) | 22,035 | 49,170 | |
Services | ||||
Revenue: | ||||
Total revenue | 351,528 | 1,101,534 | 1,051,389 | |
Costs and expenses: | ||||
Costs and expenses | 457,827 | 1,031,187 | 980,543 | |
Products | ||||
Revenue: | ||||
Total revenue | 63,907 | 201,202 | 185,935 | |
Costs and expenses: | ||||
Costs and expenses | $ 73,783 | $ 181,380 | $ 168,799 | |
[1] | Diluted loss per share amount cannot exceed basic loss per share. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (376,952) | $ 23,523 | $ 49,395 |
Other comprehensive income (loss): | |||
Unrealized foreign currency translation adjustments | 7,113 | 12,533 | (24,306) |
Change in net actuarial loss, net of tax effects of $(55), $(44), and $305 | (1,955) | (116) | 1,236 |
Change in prior service cost, net of tax effects of $(46), $(48), and $(52) | (100) | (141) | (153) |
Comprehensive income (loss) | (371,894) | 35,799 | 26,172 |
Non-redeemable noncontrolling interest: | |||
Net (income) loss attributable to non-redeemable noncontrolling interest | 1,376 | (2,309) | (542) |
Unrealized foreign currency translation adjustments | 1,315 | 1,080 | |
Redeemable noncontrolling interest: | |||
Comprehensive loss attributable to redeemable noncontrolling interest | 1,482 | 821 | 317 |
Comprehensive income (loss) attributable to Viad | $ (367,721) | $ 35,391 | $ 25,947 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Amortization of net actuarial loss, tax effects | $ (55) | $ (44) | $ 305 |
Amortization of prior service cost, tax effects | $ (46) | $ (48) | $ (52) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY - USD ($) $ in Thousands | Total | Common Stock | Additional Capital | Retained Earnings (Deficit) | Unearned Employee Benefits and Other | Accumulated Other Comprehensive Income (Loss) | Common Stock in Treasury | Total Viad Equity | Non-Redeemable Non-Controlling Interest | Mezzanine Equity Redeemable Non Controlling Interest | Convertible Series A Preferred Stock |
Beginning Balance at Dec. 31, 2017 | $ 442,937 | $ 37,402 | $ 574,458 | $ 65,836 | $ 218 | $ (22,568) | $ (226,215) | $ 429,131 | $ 13,806 | $ 6,648 | |
Increase Decrease In Stockholders' Equity Roll Forward | |||||||||||
Net income (loss) | 49,712 | 49,170 | 49,170 | 542 | (317) | ||||||
Dividends on common stock | (8,154) | (8,154) | (8,154) | ||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (1,209) | (1,209) | (1,209) | ||||||||
Common stock purchased for treasury | (17,174) | (17,174) | (17,174) | ||||||||
Employee benefit plans | 4,902 | (1,905) | 6,807 | 4,902 | |||||||
Share-based compensation - equity awards | 2,849 | 2,849 | 2,849 | ||||||||
Unrealized foreign currency translation adjustment | (24,306) | (24,306) | (24,306) | (673) | |||||||
Amortization of net actuarial gain (loss), net of tax | 1,236 | 1,236 | 1,236 | ||||||||
Amortization of prior service cost, net of tax | (153) | (153) | (153) | ||||||||
Adoption of ASU | ASU 2016-01 | 616 | (616) | |||||||||
Adoption of ASU | Accounting Standards Update 2018-02 [Member] | 1,568 | (1,568) | |||||||||
Other, net | (85) | (63) | (4) | (19) | 1 | (85) | 251 | ||||
Ending Balance at Dec. 31, 2018 | 450,555 | 37,402 | 575,339 | 109,032 | 199 | (47,975) | (237,790) | 436,207 | 14,348 | 5,909 | |
Increase Decrease In Stockholders' Equity Roll Forward | |||||||||||
Net income (loss) | 24,344 | 22,035 | 22,035 | 2,309 | (821) | ||||||
Dividends on common stock | (8,094) | (8,094) | (8,094) | ||||||||
Distributions to noncontrolling interest | (407) | (407) | |||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (3,046) | (3,046) | (3,046) | ||||||||
Employee benefit plans | 5,530 | (3,659) | 9,189 | 5,530 | |||||||
Share-based compensation - equity awards | 2,755 | 2,755 | 2,755 | ||||||||
Unrealized foreign currency translation adjustment | 13,613 | 12,533 | 12,533 | 1,080 | (234) | ||||||
Amortization of net actuarial gain (loss), net of tax | (116) | (116) | (116) | ||||||||
Amortization of prior service cost, net of tax | (141) | (141) | (141) | ||||||||
Acquisitions | 62,401 | 62,401 | |||||||||
Other, net | (165) | 38 | (2) | $ (199) | (2) | (165) | 1,318 | ||||
Ending Balance at Dec. 31, 2019 | 547,229 | 37,402 | 574,473 | 122,971 | (35,699) | (231,649) | 467,498 | 79,731 | 6,172 | ||
Increase Decrease In Stockholders' Equity Roll Forward | |||||||||||
Net income (loss) | (375,470) | (374,094) | (374,094) | (1,376) | (1,482) | ||||||
Dividends on common stock | (2,038) | (2,038) | (2,038) | ||||||||
Issuance of Series A convertible preferred stock | $ 125,763 | ||||||||||
Dividends on convertible preferred stock | (3,006) | (3,006) | (3,006) | 3,006 | |||||||
Distributions to noncontrolling interest | (1,526) | (1,526) | |||||||||
Payment of payroll taxes on stock-based compensation through shares withheld | (1,688) | (1,688) | (1,688) | ||||||||
Common stock purchased for treasury | (2,785) | (2,785) | (2,785) | ||||||||
Employee benefit plans | 2,479 | (7,901) | 10,380 | 2,479 | |||||||
Share-based compensation - equity awards | 4,444 | 4,444 | 4,444 | ||||||||
Unrealized foreign currency translation adjustment | 8,428 | 7,113 | 7,113 | 1,315 | (390) | ||||||
Amortization of net actuarial gain (loss), net of tax | (1,955) | (1,955) | (1,955) | ||||||||
Amortization of prior service cost, net of tax | (100) | (100) | (100) | ||||||||
Other, net | 87 | 90 | (3) | 87 | 925 | ||||||
Ending Balance at Dec. 31, 2020 | $ 174,099 | $ 37,402 | $ 568,100 | $ (253,164) | $ (30,641) | $ (225,742) | $ 95,955 | $ 78,144 | $ 5,225 | $ 128,769 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND MEZZANINE EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends on common stock per share | $ 0.10 | $ 0.40 | $ 0.40 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net income (loss) | $ (376,952) | $ 23,523 | $ 49,395 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 56,565 | 58,964 | 56,842 |
Deferred income taxes | 15,097 | (10,398) | 5,350 |
(Income) loss from discontinued operations | 1,847 | 81 | (1,481) |
Restructuring charges | 13,440 | 8,380 | 1,587 |
Legal settlement | 8,500 | ||
Impairment charges (recoveries) | 203,076 | 5,346 | (35) |
(Gains) losses on dispositions of property and other assets | (14,935) | (1,475) | 473 |
Share-based compensation expense | 2,653 | 7,190 | 4,870 |
Multi-employer pension plan withdrawal | 462 | 15,693 | |
Other non-cash items, net | 8,056 | 3,791 | 4,306 |
Change in operating assets and liabilities (excluding the impact of acquisitions): | |||
Receivables | 106,082 | (16,959) | (6,200) |
Inventories | 8,644 | (328) | (1,573) |
Current contract costs | 16,279 | (6,333) | (4,976) |
Accounts payable | (88,251) | 9,726 | (1,645) |
Restructuring liabilities | (7,427) | (6,047) | (1,716) |
Accrued compensation | (26,375) | 6,853 | (12,818) |
Contract liabilities | (31,585) | 16,796 | 3,677 |
Income taxes payable | 770 | 195 | (7,696) |
Other assets and liabilities, net | 32,306 | (15,359) | 2,235 |
Net cash (used in) provided by operating activities | (80,248) | 108,139 | 90,595 |
Cash flows from investing activities | |||
Capital expenditures | (53,567) | (76,147) | (83,345) |
Cash surrender value of life insurance policies | 24,767 | ||
Cash paid for acquisitions, net | (90,992) | (4,628) | |
Proceeds from dispositions of property and other assets | 22,027 | 1,583 | 925 |
Net cash used in investing activities | (6,773) | (165,556) | (87,048) |
Cash flows from financing activities | |||
Proceeds from borrowings | 225,422 | 200,473 | 146,580 |
Payments on debt and finance lease obligations | (275,327) | (115,708) | (128,211) |
Dividends paid on common stock | (4,064) | (8,094) | (8,154) |
Distributions to noncontrolling interest | (1,526) | (407) | |
Payments of debt issuance costs | (1,585) | (39) | (1,823) |
Payment of payroll taxes on stock-based compensation through shares withheld or repurchased | (1,688) | (3,046) | (1,209) |
Common stock purchased for treasury | (2,785) | (17,174) | |
Proceeds from issuance of Convertible Series A Preferred Stock, net of issuance costs | 125,763 | ||
Proceeds from exercise of stock options | 2,077 | 293 | 84 |
Net cash provided by (used in) financing activities | 66,287 | 73,472 | (9,907) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 701 | 1,050 | (2,470) |
Net change in cash, cash equivalents, and restricted cash | (20,033) | 17,105 | (8,830) |
Cash, cash equivalents, and restricted cash, beginning of year | 62,004 | 44,899 | 53,729 |
Cash, cash equivalents, and restricted cash, end of year | $ 41,971 | $ 62,004 | $ 44,899 |
Overview and Summary of Signifi
Overview and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Overview and Summary of Significant Accounting Policies | Note 1. Overview and Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and its subsidiaries. All significant intercompany account balances and transactions have been eliminated in consolidation. Nature of Business We are a leading provider of experiential leisure travel and face-to-face events and marketing experiences company with operations in the U.S., 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 three reportable business segments: GES North America, GES EMEA (collectively, “GES”), and Pursuit. GES GES is a global, full-service live events company offering a comprehensive range of services to event organizers and corporate brand marketers. Event organizers schedule and run events from start to finish. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products, and build business relationships. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events. Pursuit Pursuit is a collection of inspiring and unforgettable travel experiences that includes 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, and FlyOver. Impact of COVID-19 On March 11, 2020, the World Health Organization declared COVID-19 a “pandemic.” COVID-19 has spread rapidly, with a high concentration of confirmed cases in the U.S. and other countries in which we operate. The rapid spread has resulted in authorities around the world implementing numerous measures to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place orders, and business shutdowns. The COVID-19 pandemic and these containment measures have had, and are expected to continue to have, a substantial negative impact on businesses around the world and on global, regional, and national economies. The COVID-19 pandemic is having and will likely continue to have a significant and negative impact on our operations and financial performance, with live events largely shut down and severe tourism activity disruptions. In response to the COVID-19 pandemic, we implemented aggressive cost reduction measures to preserve cash, including furloughs, layoffs, mandatory unpaid time off, or salary reductions for all employees, and the reduction of discretionary spending. We continue to implement measures to successfully adapt for the long-term impact of COVID-19. During 2020, we secured additional capital to strengthen our liquidity position and amended our Second Amended and Restated Credit Agreement (the “2018 Credit Agreement”) to provide financial covenant relief and financial flexibility. Investment Agreement On August 5, 2020, we entered into an investment agreement with funds managed by private equity firm Crestview Partners (the “Investment Agreement”) who made an initial investment of $135 million, offset in part by $9.2 million in fees, in newly issued perpetual convertible preferred stock that carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option (the “Convertible Preferred Stock”). The Convertible Preferred Stock is convertible into shares of our common stock at a conversion price of $21.25 per share. The Investment Agreement also includes a delayed draw commitment of up to $45 million in additional Convertible Preferred Stock, which we may access during the 12 months following the August 5, 2020 closing date on the same terms and conditions as the initial investment. The proceeds from Crestview’s initial investment were used to repay a portion of our 2018 Credit Facility, will provide additional short-term liquidity, will fund capital expenditures, and will support general corporate purposes. Pursuant to the Investment Agreement, two Crestview Partners’ designees joined our Board of Directors, increasing the size of our board from seven to nine directors. Credit Agreement Amendment On August 5, 2020, we entered into an amendment to our 2018 Credit Agreement, which, among other things, (i) waives our financial covenants until September 30, 2022 (the “Covenant Waiver Period”) and (ii) requires us to maintain minimum liquidity of $100 million, with liquidity defined as unrestricted cash and available capacity on our 2018 Credit Facility. The interest rate on the borrowings is equal to the London Inter-bank Offered Rate (“LIBOR”) plus 350 basis points, with a LIBOR floor of one percent during the Covenant Waiver Period. The LIBOR floor continues until the end of the 2018 Credit Agreement. Viad pledged 100% of the capital stock of its wholly-owned domestic subsidiaries and its top-tier foreign subsidiaries (other than Esja Attractions ehf.). Management anticipates that the initial cash proceeds from Crestview Partners, existing cash and cash equivalents, and the amendment to waive financial covenants within the 2018 Credit Agreement until September 30, 2022 will be sufficient to fund operations for at least the next 12 months. Goodwill and Other Intangible Assets Impairments Due to the deteriorating macroeconomic environment related to the COVID-19 pandemic, resulting in disruptions to our operations and the decline in our stock price, we determined interim triggering events had occurred in the first and second quarters of 2020, which required us to assess the carrying values of goodwill and intangible assets in accordance with Accounting Standards Codification (“ASC”) No. 350, Intangibles – Goodwill and Other Correction to Prior Period Financial Statements Subsequent to the issuance of the December 31, 2019 consolidated financial statements, we identified prior period errors related to the recognition of revenue of GES’ Corporate Accounts’ 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 Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 related to this gross-to-net adjustment. We determined that the error is not material to the previously issued financial statements. Note 2 – Revenue and Related Contract Costs and Contract Liabilities, Note 23 – Segment Information, and Note 24 – Selected Quarterly Financial Information reflect this correction. Year Ended December 31, 2019 2018 (in thousands) Services Revenue Cost of Services Services Revenue Cost of Services As previously reported $ 1,170,493 $ 1,100,146 $ 1,110,249 $ 1,039,403 Gross to net correction for GES North America (51,927 ) (51,927 ) (43,603 ) (43,603 ) Gross to net correction for GES EMEA (17,032 ) (17,032 ) (15,257 ) (15,257 ) Total as corrected $ 1,101,534 $ 1,031,187 $ 1,051,389 $ 980,543 Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. 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 and letters of credit. Cash, cash equivalents, and restricted cash balances presented in the Consolidated Statements of Cash Flows consisted of the following: December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 39,545 $ 61,999 Restricted cash included in other current assets 2,426 5 Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 41,971 $ 62,004 Allowances for Doubtful Accounts Allowances for doubtful accounts reflect the best estimate of probable losses inherent in the accounts receivable balance. The allowances for doubtful accounts, including a sales allowance for discounts at the time of sale, are based upon an evaluation of the aging of receivables, historical trends, and the current economic environment. 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. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets: buildings, 15 to 40 years; equipment, 3 to 12 years; and leasehold improvements, over the shorter of the lease term or useful life. Property and equipment are tested for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the long-lived asset may not be recoverable through undiscounted cash flows. 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 the lease expense is recognized 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 23 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 47 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. The reasonably certain threshold is evaluated at lease commencement and 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 is adjusted 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 against lease expense in the Consolidated Statements of Operations. We classify a ll of our leases for which we are the lessor as operating leases. Goodwill 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) in order to estimate the fair value of our reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates, and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends, and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results. Cash Surrender Value of Life Insurance We had Company-owned life insurance contracts that were intended to fund the cost of certain employee compensation and benefit programs. These contracts were carried at cash surrender value, net of outstanding policy loans. The cash surrender value represented the amount of cash we could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, were included as a component of “Costs of services” in the Consolidated Statements of Operations. In 2020, we terminated the life insurance policies and received cash proceeds of $24.8 million. Self-Insurance Liabilities 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. We have also retained and provided for certain workers’ compensation insurance liabilities in conjunction with previously sold operations. We are also self-insured for certain employee health benefits. Provisions for losses for claims incurred, including actuarially derived estimated claims incurred but not yet reported, are made based on historical experience, claims frequency, and other factors. We have purchased insurance for amounts in excess of the self-insured levels. Environmental Remediation Liabilities Environmental remediation liabilities represent the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized. Environmental insurance is maintained that provides coverage for new and undiscovered pre-existing conditions at both our continuing and discontinued operations. Fair Value of Financial Instruments The carrying value of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturities of these instruments. Refer to Note 12 – Debt and Finance Lease Obligations for the estimated fair value of debt obligations. 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 temporary equity and is reported between liabilities and stockholders’ equity in the Consolidated Balance Sheets. 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. Our non-redeemable noncontrolling interest relates to the 20% equity ownership interest that we do not own in Glacier Park, Inc., the 40% equity interest that we do not own in the Mountain Park Lodges, and the 49% equity interest that we do not own in the new entity that will operate the Pursuit Sky Lagoon attraction. We report non-redeemable noncontrolling interest within stockholders’ equity in the Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the 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 54.5% equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. Operations and the accretion of the redemption value is recorded as an adjustment to retained earnings (deficit) and is included in our income (loss) per share. Refer to Note 22 – Redeemable Noncontrolling Interest for additional information. Foreign Currency Translation Our foreign operations are primarily in Canada, the United Kingdom, Iceland, the Netherlands, Germany, and to a lesser extent, in certain other countries. The functional currency of our foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, we translate the assets and liabilities of our foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. For purposes of consolidation, revenue, expenses, gains, and losses related to our foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. 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 service to a customer. GES’ service revenue is primarily derived through its comprehensive range of services to event organizers and corporate brand marketers including Core Services, Event Technology, and Audio-visual . 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. Share-Based Compensation Share-based compensation costs related to all share-based payment awards are recognized and measured using the fair value method of accounting. These awards generally include restricted stock awards, restricted stock units, performance units, and stock options, and contain forfeiture and non-compete provisions. We issue share-based payment awards from shares held in treasury. Future vesting is generally subject to continued employment. Holders of share-based awards have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge, or otherwise encumber the stock, except to the extent restrictions have lapsed and in accordance with our stock trading policy. We account for share-based payment awards that will be settled in cash as liability-based awards, which includes performance units and restricted stock units. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement based on the number of units expected to vest and, where applicable, the level of achievement of predefined performance goals. These awards are remeasured on each reporting date based on our stock price and the Monte Carlo simulation model. A Monte Carlo simulation requires the use of several assumptions, including historical volatility and correlation between our stock price and the price of the common shares of a comparator group, a risk-free rate of return, and an expected term. Share-based compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years. We account for share-based awards that will be settled in shares of our common stock as equity-based awards, which include performance units, restricted stock units, and restricted stock 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 shares to be achieved is updated each reporting period based on the number of units expected to vest and, where applicable, the level of achievement of predefined performance goals, until the date of settlement. Share-based compensation expense related to equity-based awards is recognized ratably over the requisite service period ranging from three months to three years. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes stock option pricing model. We grant non-qualified stock options that are performance-based and service-based. The performance-based awards are recognized on a straight-line basis over the performance period ranging up 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 Common Stock in Treasury Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost. Income (Loss) Per Common Share Diluted income 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 available to common stockholders and assumes conversion of all potential shares other than the participating securities. The as-converted method uses net income 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 income 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 per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income per common share. 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. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. 1/1/2022 We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements and if there are applicable provisions that will simplify our accounting or reporting we will likely pursue early adoption. Standard Description Date of adoption Effect on the financial statements Standards Recently Adopted ASU 2016-13 , Financial Instruments – Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments The amendment eliminates the incurred credit loss impairment methodology and replaces it with an expected credit loss concept based on historical experience, current conditions, and reasonable and supportable forecasts. 1/1/2020 We adopted this new standard on a modified retrospective basis. The adoption of this new standard on January 1, 2020 did not have a material impact on our consolidated financial statements. ASU 2020-04 , Reference Rate Reform (Topic 848) The amendment provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. Topic 848 provides optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met. 3/12/2020 Topic 848 was effective beginning on March 12, 2020, and we will apply the amendments prospectively through December 31, 2022. There was no impact to our consolidated financial statements as a result of adopting this amendment. 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. |
Revenue and Related Contract Co
Revenue and Related Contract Costs and Contract Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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 an exhibition, conference, or other 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 exhibition, conference, or corporate 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. Revenue is recognized when the service has been provided or the product has been delivered. When credit is extended, payment terms are generally within 30 days and contain no significant financing components. 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 Consolidated Balance Sheets under the captions “Contract liabilities” and “Other deferred items and liabilities.” The decrease in contract liabilities for the year ended December 31, 2020 was primarily due to the reduction of planned shows in the first half of 2021 due to the COVID-19 pandemic. Changes to contract liabilities are as follows: (in thousands) Balance at January 1, 2019 $ 35,600 Cash additions 210,871 Revenue recognized (196,158 ) Foreign exchange translation adjustment 483 Balance at December 31, 2019 50,796 Cash additions 154,057 Revenue recognized (186,518 ) Foreign exchange translation adjustment 283 Balance at December 31, 2020 $ 18,618 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 cost of services or cost of products, as applicable. We include the deferred incremental costs of obtaining and fulfilling contracts in the 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 January 1, 2019 $ 21,478 Additions 74,274 Expenses (67,425 ) Cancelled (68 ) Foreign exchange translation adjustment 237 Balance at December 31, 2019 28,496 Additions 19,517 Expenses (25,381 ) Cancelled (11,482 ) Foreign exchange translation adjustment (315 ) Balance at December 31, 2020 $ 10,835 As of December 31, 2020, capitalized contract costs consisted of $0.9 million to obtain contracts and $9.9 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs during the years ended December 31, 2020 or 2019. Disaggregation of Revenue The following tables disaggregate GES and Pursuit revenue by major product line, timing of revenue recognition, and markets served: GES Year Ended December 31, 2020 (in thousands) GES North America GES EMEA Intersegment Eliminations Total Services: Core services $ 231,666 $ 33,556 $ — $ 265,222 Audio-visual 20,148 4,126 — 24,274 Event technology 9,150 3,979 — 13,129 Intersegment eliminations — — (3,680 ) (3,680 ) Total services 260,964 41,661 (3,680 ) 298,945 Products: Core products 27,957 11,723 — 39,680 Total revenue $ 288,921 $ 53,384 $ (3,680 ) $ 338,625 Timing of revenue recognition: Services transferred over time $ 260,964 $ 41,661 $ (3,680 ) $ 298,945 Products transferred over time ( 1) 13,068 2,449 — 15,517 Products transferred at a point in time 14,889 9,274 — 24,163 Total revenue $ 288,921 $ 53,384 $ (3,680 ) $ 338,625 Markets: Exhibitions $ 211,953 $ 40,077 $ — $ 252,030 Conferences 41,371 7,789 — 49,160 Corporate events 24,521 5,353 — 29,874 Consumer events 11,076 165 — 11,241 Intersegment eliminations — — (3,680 ) (3,680 ) Total revenue $ 288,921 $ 53,384 $ (3,680 ) $ 338,625 (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. Year Ended December 31, 2019 (in thousands) GES North America GES EMEA Intersegment Eliminations Total Services: Core services $ 701,721 $ 113,900 $ — $ 815,621 Audio-visual 78,178 24,197 — 102,375 Event technology 29,600 9,749 — 39,349 Intersegment eliminations — — (20,741 ) (20,741 ) Total services 809,499 147,846 (20,741 ) 936,604 Products: Core products 74,606 68,713 — 143,319 Total revenue $ 884,105 $ 216,559 $ (20,741 ) $ 1,079,923 Timing of revenue recognition: Services transferred over time $ 809,499 $ 147,846 $ (20,741 ) $ 936,604 Products transferred over time ( 1) 45,597 16,071 — 61,668 Products transferred at a point in time 29,009 52,642 — 81,651 Total revenue $ 884,105 $ 216,559 $ (20,741 ) $ 1,079,923 Markets: Exhibitions $ 463,653 $ 159,397 $ — $ 623,050 Conferences 253,511 24,499 — 278,010 Corporate events 139,935 31,627 — 171,562 Consumer events 27,006 1,036 — 28,042 Intersegment eliminations — — (20,741 ) (20,741 ) Total revenue $ 884,105 $ 216,559 $ (20,741 ) $ 1,079,923 (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. Year Ended December 31, 2018 (in thousands) GES North America GES EMEA Intersegment Eliminations Total Services: Core services $ 689,804 $ 105,114 $ — $ 794,918 Audio-visual 73,331 22,011 — 95,342 Event technology 30,208 10,658 — 40,866 Intersegment eliminations — — (17,140 ) (17,140 ) Total services 793,343 137,783 (17,140 ) 913,986 Products: Core products 72,844 65,207 — 138,051 Total revenue $ 866,187 $ 202,990 $ (17,140 ) $ 1,052,037 Timing of revenue recognition: Services transferred over time $ 793,343 $ 137,783 $ (17,140 ) $ 913,986 Products transferred over time ( 1) 44,109 16,084 — 60,193 Products transferred at a point in time 28,735 49,123 — 77,858 Total revenue $ 866,187 $ 202,990 $ (17,140 ) $ 1,052,037 Markets: Exhibitions $ 486,400 $ 149,338 $ — $ 635,738 Conferences 223,096 24,209 — 247,305 Corporate events 126,084 27,413 — 153,497 Consumer events 30,607 2,030 — 32,637 Intersegment eliminations — — (17,140 ) (17,140 ) Total revenue $ 866,187 $ 202,990 $ (17,140 ) $ 1,052,037 (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 Year Ended December 31, (in thousands) 2020 2019 2018 Services: Admissions $ 19,939 $ 85,371 $ 83,000 Accommodations 29,800 60,672 37,470 Transportation 2,694 14,594 13,956 Travel planning 467 5,979 4,529 Intersegment eliminations (317 ) (1,686 ) (1,551 ) Total services revenue 52,583 164,930 137,404 Products: Food and beverage 10,295 31,838 25,962 Retail operations 13,932 26,045 21,921 Total products revenue 24,227 57,883 47,883 Total revenue $ 76,810 $ 222,813 $ 185,287 Timing of revenue recognition: Services transferred over time $ 52,583 $ 164,930 $ 137,404 Products transferred at a point in time 24,227 57,883 47,883 Total revenue $ 76,810 $ 222,813 $ 185,287 Markets: Banff Jasper Collection $ 46,913 $ 133,229 $ 106,106 Alaska Collection 6,282 39,406 36,451 Glacier Park Collection 17,596 37,121 31,465 FlyOver 6,019 13,057 11,265 Total revenue $ 76,810 $ 222,813 $ 185,287 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020, there were 1,081,404 shares available for future grant under the 2017 Plan. The following table summarizes share-based compensation (income) expense: Year Ended December 31, (in thousands) 2020 2019 2018 Performance unit incentive plan (“PUP”) $ (2,187 ) $ 3,990 $ 2,260 Restricted stock awards and restricted stock units 4,523 3,200 2,610 Stock options 317 — — Share-based compensation expense before income tax 2,653 7,190 4,870 Income tax benefit ( 1) — (2,241 ) (1,227 ) Share-based compensation expense, net of income tax $ 2,653 $ 4,949 $ 3,643 (1) There was no income tax benefit for the year ended 2020 due to the valuation allowance on our deferred tax assets. Refer to Note 17 – Income Taxes. We recorded no share-based compensation expense through restructuring charges in 2020, $0.1 million in 2019, and none in 2018. No share-based compensation costs were capitalized during 2020, 2019, or 2018. PUP Awards PUP awards are performance-based restricted stock units that are tied to our stock price and the expected achievement of certain performance-based criteria. The vesting of PUP award shares is based upon the achievement of the performance-based criteria over a three-year During the year ended December 31, 2020, we granted PUP awards with a grant date fair value of $4.8 million of which $1.8 million are payable in shares. Liabilities related to PUP awards were $0.8 million as of December 31, 2020 and $5.3 million as of December 31, 2019. During the year ended December 31, 2020, the value of the PUP awards decreased due to the reduction of our estimated performance achievement and the decline in our stock price as a result of the COVID-19 pandemic. In 2020, PUP awards granted in 2017 vested and we paid $2.6 million in cash. No PUP awards were paid in shares in 2020. In 2019, PUP awards granted in 2016 vested and we paid $5.6 million in cash and $3.4 million in shares. In 2019, we withheld 25,771 shares for $1.5 million related to tax withholding requirements on vested PUP awards paid in shares. In 2018, PUP awards granted in 2015 vested and we paid $5.9 million in cash. No PUP awards were paid in shares in 2018. The following table summarizes the activity of the outstanding PUP awards: Equity-Based PUP Awards Liability-Based PUP Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Balance at December 31, 2019 59,714 $ 55.10 155,190 $ 52.53 Granted 32,367 $ 56.23 52,531 $ 56.10 Vested — $ — (67,866 ) $ 47.43 Forfeited (30,873 ) $ 52.15 (18,370 ) $ 56.40 Balance at December 31, 2020 61,208 $ 57.18 121,485 $ 56.34 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 December 31, 2020, the unamortized cost of outstanding equity-based restricted stock awards and restricted stock units was $4.2 million, which we expect to recognize over a weighted-average period of approximately 1.3 years. We repurchased 42,185 shares for $1.7 million during 2020, 24,995 shares for $1.5 million in 2019, and 22,358 shares for $1.2 million in 2018 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 December 31, 2020 and $0.4 million as of December 31, 2019. In 2020, restricted stock units vested, and we paid $0.2 million in cash and $2.0 million in shares. In 2019, restricted stock units vested, and we paid $0.6 million in cash and $0.2 million in shares. In 2018, the 2015 restricted stock units vested and we paid $0.2 million in cash. 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, 2019 136,123 $ 52.66 — $ — 11,623 $ 52.17 Granted 55,171 $ 51.06 232,435 $ 19.44 3,952 $ 50.43 Vested (66,054 ) $ 49.99 (77,725 ) $ 19.30 (2,815 ) $ 47.45 Forfeited (18,133 ) $ 54.11 (3,449 ) $ 19.47 (2,301 ) $ 56.13 Balance at December 31, 2020 107,107 $ 53.23 151,261 $ 19.51 10,459 $ 51.91 Stock Options We grant non-qualified stock options that are performance-based, as well as non-qualified stock options that are service-based. The performance-based awards are recognized on a straight-line basis over the performance period ranging from 1.0 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 over two years. The following table summarizes stock option activity: Shares Weighted-Average Exercise Price Aggregate Intrinsic Value ( 1) Options outstanding and exercisable at December 31, 2019 41,143 $ 16.62 Granted 204,150 $ 19.98 Exercised (41,143 ) $ 16.62 Options outstanding at December 31, 2020 204,150 $ 19.98 $ 3,305,928 Options exercisable at December 31, 2020 — $ — $ — (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 December 31, 2020: 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 8.00 $ 19.30 — $ — $ 21.85 54,150 6.65 $ 21.85 — $ — $19.30 - $21.85 204,150 7.64 $ 19.98 — $ — The fair value of stock options granted in 2020 was estimated on the date of grant using the Black-Scholes stock option pricing model. Following is additional information on stock options and the underlying assumptions used in assessing fair value: Year Ended December 31, 2020 Assumptions used to estimate fair value of stock options granted: Risk-free interest rate 0.27% - 0.31% Expected life 4.3 - 5.4 years Expected volatility 46.9% - 52.2% Expected dividend yield — Weighted average grant-date fair value per share of options granted $ 8.38 Cash received from exercise of options (in thousands) $ 2,077 As of December 31, 2020, the total unrecognized compensation cost related to non-vested stock option awards was $1.4 million. We expect to recognize such costs over a weighted-average period of approximately 2.1 years. No stock options were granted in 2019 or 2018. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4. Acquisitions 2019 Acquisitions Belton Chalet On May 16, 2019, we acquired the Belton Chalet in Glacier National Park for total cash consideration of $3.2 million. Transaction costs associated with the acquisition were $0.3 million during 2019, which are included in “Cost of services” in the Consolidated Statements of Operations. We included these assets in the consolidated financial statements from the date of acquisition. Mountain Park Lodges On June 8, 2019, we acquired a 60% equity interest in Mountain Park Lodges’ group of seven hotels and an undeveloped land parcel located in Jasper National Park for total consideration of $100.6 million Canadian dollars (approximately $76 million U.S. dollars). As the majority owner of these properties, we consolidate 100% of the results of operations in our consolidated financial statements and record the 40% owners’ share of the net income or loss attributable to non-redeemable noncontrolling interest. The following table summarizes the final allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. (in thousands) Purchase price paid as: Cash $ 75,837 Net working capital adjustment 18 Consideration transferred 75,855 Right to manage (1,276 ) Purchase price, net 74,579 Fair value of net assets acquired: Accounts receivable $ 333 Inventories 152 Prepaid expenses 276 Property and equipment 103,642 Intangible assets 20,180 Total assets acquired 124,583 Accounts payable 329 Advanced deposits payable 400 Deferred tax liability 19,734 Other liabilities 16 Total liabilities assumed 20,479 Noncontrolling interest equity 49,719 Total fair value of net assets acquired 54,385 Excess purchase price over fair value of net assets acquired (“goodwill”) $ 20,194 Under the acquisition method of accounting, the purchase price as shown in the table above 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 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. The estimated values of current assets and liabilities were based upon their historical costs on the acquisition date due to their short-term nature. Transaction costs associated with the Mountain Park Lodges were $0.9 million in 2019 and $0.1 million in 2018, which are included in “Corporate activities” in the Consolidated Statements of Operations. The results of operations of Mountain Park Lodges have been included in the consolidated financial statements from the date of acquisition. Identifiable intangible assets acquired in the Mountain Park Lodges acquisition were $ million and consist primarily of in-place leases, customer relationships, and trade names. The weighted average amortization period related to the intangible assets was approximately 30.8 years . Sky Lagoon Attraction On July 25, 2019, we announced plans for a new geothermal lagoon attraction that is located on an oceanfront lot just outside downtown Reykjavik, Iceland. We acquired a 51% controlling interest for $13.2 million in the new entity that will manage the Sky Lagoon attraction, which we will operate in partnership with Geothermal Lagoon ehf., the Icelandic entity that owns the lagoon assets. The noncontrolling interest’s carrying value was 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. The amortization of the resulting operating contract intangible is not deductible for tax purposes. We expect to open our new attraction in the second quarter of 2021. Supplementary pro forma financial information The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming the completion of the Mountain Park Lodges acquisition was on January 1, 2018. We do not consider the Sky Lagoon attraction or the Belton Chalet significant acquisitions and accordingly, they are not included in the following pro forma results of operations: (in thousands, except per share data) Year Ended December 31, 2019 Year Ended December 31, 2018 Revenue $ 1,310,997 $ 1,264,664 Depreciation and amortization $ 61,597 $ 62,261 Income from continuing operations $ 22,195 $ 48,312 Net income attributable to Viad $ 21,337 $ 49,070 Diluted income per share $ 0.99 $ 2.39 Basic income per share $ 0.99 $ 2.40 2018 Acquisition Maligne Canyon Restaurant In March 2018 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories The components of inventories consisted of the following: December 31, (in thousands) 2020 2019 Raw materials $ 3,362 $ 11,788 Finished goods 5,365 5,481 Inventories $ 8,727 $ 17,269 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Current Assets | Note 6. Other Current Assets Other current assets consisted of the following: December 31, (in thousands) 2020 2019 Prepaid insurance $ 4,297 $ 5,573 Prepaid software maintenance 3,058 3,875 Restricted cash 2,426 5 Prepaid vendor payments 1,835 4,698 Prepaid taxes 345 917 Income tax receivable 337 13,250 Prepaid other 1,296 1,904 Other 3,631 632 Other current assets $ 17,225 $ 30,854 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 7. Property and Equipment Property and equipment consisted of the following: December 31, (in thousands) 2020 2019 Land and land interests ( 1) $ 32,849 $ 34,532 Buildings and leasehold improvements 386,751 377,754 Equipment and other 401,288 417,239 Gross property and equipment 820,888 829,525 Accumulated depreciation (352,100 ) (353,974 ) Property and equipment, net (excluding finance leases) 468,788 475,551 Finance lease ROU assets, net 23,366 25,350 Property and equipment, net $ 492,154 $ 500,901 (1) Land and land interests include certain leasehold interests in land within Pursuit for which we are considered to have perpetual use rights. The carrying amount of these leasehold interests was $8.3 million as of December 31, 2020 and $8.2 million as of December 31, 2019. These land interests are not subject to amortization. Depreciation expense was $46.5 million during 2020, $45.6 million during 2019, and $45.8 million during 2018. Property and equipment purchased through accounts payable and accrued liabilities decreased $6.9 million during 2020, increased $4.2 million during 2019, and decreased $1.9 million during 2018. We recorded fixed asset impairment charges of $1.6 million during 2020 primarily related to capitalized software and $3.8 million to equipment during 2019 primarily related to our audio-visual production business in the United Kingdom. |
Other Investments and Assets
Other Investments and Assets | 12 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Other Investments and Assets | Note 8. Other Investments and Assets Other investments and assets consisted of the following: December 31, (in thousands) 2020 2019 Self-insured liability receivable $ 6,358 $ 9,982 Other mutual funds 3,457 3,107 Contract costs 2,912 3,961 Cash surrender value of life insurance — 24,873 Other 2,765 3,196 Other investments and assets $ 15,492 $ 45,119 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 9. Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill are as follows: (in thousands) GES North America GES EMEA Pursuit Total Balance at December 31, 2018 $ 154,944 $ 29,954 $ 76,432 $ 261,330 Business acquisitions — — 20,684 20,684 Foreign currency translation adjustments 332 875 4,762 5,969 Balance at December 31, 2019 155,276 30,829 101,878 287,983 Goodwill impairment (154,989 ) (29,042 ) (1,758 ) (185,789 ) Foreign currency translation adjustments (287 ) (1,787 ) 1,659 (415 ) Other — — (1,932 ) (1,932 ) Balance at December 31, 2020 $ — $ — $ 99,847 $ 99,847 The following table summarizes goodwill by reporting unit and segment: December 31, (in thousands) 2020 2019 GES: GES North America: U.S. $ — $ 148,277 Canada — 6,999 GES EMEA — 30,829 Total GES — 186,105 Pursuit: Banff Jasper Collection 54,856 55,524 Alaska Collection 3,184 3,184 Glacier Park Collection — 1,758 FlyOver 41,807 41,412 Total Pursuit 99,847 101,878 Total Goodwill $ 99,847 $ 287,983 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. In early March 2020, as a result of COVID-19 concerns, we began to see event postponements and cancellations at GES, as well as cancelled bookings at Pursuit. This quickly escalated into the shut-down of event activity and tourism as government mandated closures and stay-at-home orders went more broadly into effect around the world. As demand halted, we essentially placed our businesses into a state of hibernation to preserve cash. As government mandated closures and stay-at-home orders started to be lifted, we began to restart our business with enhanced health and safety protocols in place. We phased in most of Pursuit’s attractions and lodging operations starting in May 2020. However, exhibition and event activity remain largely dormant. For GES, we believe that as governments continue to lift restrictions, events in certain geographies will gradually increase. During the first quarter of 2020, we determined that an interim triggering event had occurred due to the deteriorating macroeconomic environment related to the COVID-19 pandemic, resulting in disruptions to our operations and the decline in our stock price. As such, we performed an interim evaluation of goodwill as of March 31, 2020. As a result, we recorded non-cash goodwill impairment charges of $41.9 million associated with GES U.S., $29.0 million associated with GES EMEA, and $1.8 million associated with Pursuit’s Glacier Park Collection. We recorded an income tax benefit of $12.4 million during the three months ended March 31, 2020 related to these goodwill impairment charges. This income tax benefit was reversed during the second quarter of 2020 due to the recording of a valuation allowance. Refer to Note 17 – Income Taxes. During the second quarter of 2020, GES continued to experience event postponements and cancellations and we experienced further declines in our stock price. There was also an increased spread of the COVID-19 virus throughout the United States, which resulted in further closures and government orders that we believed had increased the uncertainty regarding when the live event industry would re-commence and how long it would take to get back to similar pre-COVID-19 business levels. The uncertainty regarding the duration of the current domestic and global economic conditions and whether further deterioration in the macroeconomic environment would continue as a result of the COVID-19 pandemic was factored into our second quarter goodwill impairment analysis. As a result, we recorded a full impairment charge to the remaining GES goodwill balance of $ 113.1 million during the second quarter of 2020 . Our remaining goodwill balance as of December 3 1 , 2020 of $ million pertains to our Pursuit business. Although Pursuit’s reporting units continued to operate at a loss due to travel restrictions, we did not record any additional impairment charges during the third or fourth quarter of 2020 as there were no significant changes to our outlook for the future years and the risk profile of the reporting units had not changed. Additionally, we experienced a slight increase in our stock price during the third and fourth quarters of 2020 once news of a vaccine was announced and the vaccine was rolled out. 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 additional impairment charges in the future. Our accumulated goodwill impairment was $415.5 million as of December 31, 2020 and $229.7 million as of December 31, 2019. Other intangible assets consisted of the following: December 31, 2020 December 31, 2019 (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 6.4 $ 38,214 $ (26,288 ) $ 11,926 $ 72,219 $ (40,866 ) $ 31,353 Operating contracts and licenses 36.7 42,012 (2,405 ) 39,607 43,329 (1,881 ) 41,448 In-place lease 13.3 15,347 (656 ) 14,691 15,044 (231 ) 14,813 Tradenames 5.3 5,940 (2,435 ) 3,505 9,423 (4,338 ) 5,085 Non-compete agreements 1.0 770 (616 ) 154 2,077 (1,775 ) 302 Other 7.2 818 (102 ) 716 802 (66 ) 736 Total amortized intangible assets 103,101 (32,502 ) 70,599 142,894 (49,157 ) 93,737 Indefinite-lived intangible assets: Business licenses 573 — 573 571 — 571 Other intangible assets $ 103,674 $ (32,502 ) $ 71,172 $ 143,465 $ (49,157 ) $ 94,308 Intangible asset amortization expense was $6.4 million during 2020, $10.6 million during 2019, and $11.0 million during 2018. We recorded a non-cash impairment charge to intangible assets of $15.7 million during 2020 related our U.S audio-visual production business and $1.5 million during 2019 related to our United Kingdom audio-visual production business. The duration and impact of COVID-19 may result in additional future impairment charges as facts and circumstances evolve. At December 31, 2020, the estimated future amortization expense related to intangible assets subject to amortization is as follows: (in thousands) Year ending December 31, 2021 $ 5,216 2022 5,129 2023 4,466 2024 3,510 2025 2,218 Thereafter 50,060 Total $ 70,599 |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Current [Abstract] | |
Other Current Liabilities | Note 10. Other Current Liabilities Other current liabilities consisted of the following: December 31, (in thousands) 2020 2019 Continuing operations: Self-insured liability $ 5,715 $ 5,668 Accrued interest payable 3,042 399 Accrued restructuring 2,479 2,130 Accrued employee benefit costs 2,363 3,564 Current portion of pension and postretirement liabilities 1,805 1,899 Accrued professional fees 1,691 1,248 Accrued sales and use taxes 1,547 5,451 Commissions payable 903 8,274 Accommodation services deposits 304 959 Accrued legal settlement — 2,500 Accrued dividends — 2,019 Other taxes 1,872 278 Other 4,819 4,788 Total continuing operations 26,540 39,177 Discontinued operations: Environmental remediation liabilities 61 311 Self-insured liability 347 260 Other 91 76 Total discontinued operations 499 647 Total other current liabilities $ 27,039 $ 39,824 |
Other Deferred Items and Liabil
Other Deferred Items and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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: December 31, (in thousands) 2020 2019 Continuing operations: Foreign deferred tax liability $ 21,336 $ 32,570 Multi-employer pension plan withdrawal liability 15,864 15,693 Self-insured liability 6,662 8,682 Self-insured excess liability 6,358 9,982 Accrued compensation 5,821 7,485 Accrued restructuring 2,751 2,383 Contract liabilities 23 125 Other 1,456 2,423 Total continuing operations 60,271 79,343 Discontinued operations: Environmental remediation liabilities 2,179 1,964 Self-insured liability 1,639 2,018 Other 539 382 Total discontinued operations 4,357 4,364 Total other deferred items and liabilities $ 64,628 $ 83,707 |
Debt and Finance Lease Obligati
Debt and Finance Lease Obligations | 12 Months Ended |
Dec. 31, 2020 | |
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: December 31, (in thousands, except interest rates) 2020 2019 2018 Credit Facility, 4.5% weighted-average interest rate at December 31, 2020 and 3.9% at December 31, 2019, due through 2023 (1) $ 266,762 $ 311,464 FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at December 31, 2020 and 2019, due through 2023 (1) 5,820 5,607 FlyOver Iceland Term Loans, 3.8% weighted-average interest rate at December 31, 2020, due through 2024 (1) 705 — Less unamortized debt issuance costs (2,737 ) (1,836 ) Total debt (2) 270,550 315,235 Finance lease obligations, 8.0% weighted-average interest rate at December 31, 2020 and 7.7% at December 31, 2019, due through 2039 23,141 25,257 Total debt and finance lease obligations (3) 293,691 340,492 Current portion (4) (8,335 ) (5,330 ) Long-term debt and finance lease obligations $ 285,356 $ 335,162 (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 weighted-average interest rate on total debt (including unamortized debt issuance costs and commitment fees) was 4.6% for 2020, 4.2% for 2019 and 4.3% for 2018. The estimated fair value of total debt and finance leases was $254.0 million as of December 31, 2020 and $304.0 million as of December 31, 2019. 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. (3) Cash paid for interest on debt was $14.0 million during 2020, $11.9 million during 2019, and $8.5 million during 2018. (4) Subsequent to the filing of our 2019 Form 10-K, we identified a correction related to the classification of the 2018 Credit Facility (as defined below) from current to long-term given that the 2018 Credit Facility’s contractual maturity was not within 12 months 2018 Credit Agreement Effective October 24, 2018, we entered into a Second Amended and Restated Credit Agreement (the “2018 Credit Agreement”). The 2018 Credit Agreement has a maturity date of October 24, 2023 and provides for a $450 million revolving credit facility (“2018 Credit Facility”). The 2018 Credit Facility may be increased up to an additional $250 million under certain circumstances and has a $20 million sublimit for letters of credit. Borrowings and letters of credit can be denominated in U.S. dollars, Euros, Canadian dollars, or British pounds. Our lenders under the 2018 Credit Agreement have a first perfected security interest in all of our personal property. Dividends are permitted up to $15 million in any calendar year. In addition, we can declare and pay dividends or repurchase our common stock up to $20 million per calendar year. Dividends and repurchases above those thresholds are permitted as long as our pro forma leverage ratio is less than or equal to 2.75 to 1.00. Unsecured debt is allowed provided we are in compliance with the leverage ratio. In addition, the unsecured debt must mature after the expiration of the 2018 Credit Facility, cannot have scheduled principal payments while the 2018 Credit Facility is in place, and any covenants for unsecured debt cannot be more restrictive than the 2018 Credit Facility. Significant other covenants include limitations on investments, additional indebtedness, sales and dispositions of assets, and liens on property. As of December 31, 2020, we were not in compliance with our financial covenants, however, we obtained financial covenant relief until September 30, 2022 pursuant to the amendment to the 2018 Credit Agreement described below. Effective August 5, 2020, we entered into an amendment to the 2018 Credit Agreement, which, among other things, (i) waives our financial covenants until September 30, 2022 (the “Covenant Waiver Period”) and (ii) requires us to maintain minimum liquidity of $100 million, with liquidity defined as unrestricted cash and available capacity on our 2018 Credit Facility. The Covenant Waiver Period will be in effect until the earlier of September 30, 2022 or the fiscal quarter when our leverage ratio is less than or equal to 4.00 to 1.00. Post Covenant Waiver Period, the maximum leverage ratio will be less than or equal to 4.50 to 1.00 at September 30, 2022 with a step down to less than or equal to 4.00 to 1.00 at December 31, 2022 and thereafter until the maturity date. The minimum interest coverage ratio will be greater than or equal to 2.00 to 1.00 post Covenant Waiver Period and until maturity of the facility. The interest rate on the borrowings is equal to LIBOR plus 350 basis points, with a LIBOR floor of one percent, during the Covenant Waiver Period. The LIBOR floor continues until the end of the 2018 Credit Agreement. A revised pricing grid goes into effect after the Covenant Waiver Period ends. Additionally, we are precluded from paying cash dividends, from issuing unsecured debt, and from accessing the $ 250 million expansion feature during the Covenant Waiver Period. The amendment allows us to make acquisitions under certain conditions. In connection with the amendment, Viad pledged 100 % of the capital stock of its wholly-owned domestic subsidiaries and it s top-tier foreign subsidiaries (other than Esja). Fees related to the amendment were approximately $ 1.7 million. Refer to Note 1 – Overview and Summary of Significant Accounting Policies (Impact of COVID-19) for additional information. As of December 31, 2020, capacity remaining under the 2018 Credit Facility was $173.5 million, reflecting borrowings of $266.8 million and $9.7 million in outstanding letters of credit. We index borrowings under the 2018 Credit Facility to the prime rate or the London Inter-bank Offered Rate (“LIBOR”), plus appropriate spreads tied to our leverage ratio. As LIBOR will begin to be phased out in 2021, our 2018 Credit Facility includes a method for determining an alternative or successor rate of interest that gives consideration to the new prevailing market convention. The vast majority of our borrowings under the 2018 Credit Facility are indexed to LIBOR. Commitment fees and letters of credit fees are also tied to our leverage ratio. The fees on the unused portion of the 2018 Credit Facility were 0.50% annually as of December 31, 2020. Only our borrowings under the 2018 Credit Facility and the discount rates we use to account for some leases are indexed to LIBOR. We do not expect the alternative or successor rate to LIBOR to have a material impact on either our 2018 Credit Facility or the accounting for our leases . 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. We obtained a waiver of certain covenants to the FlyOver Iceland Credit Facility through December 2020. We expect to be unable to meet our financial covenants under the FlyOver Iceland Credit Facility beginning with the six months ending June 30, 2021, and as a result, the €4.8 million (approximately $5.8 million U.S. dollars) balance outstanding as of December 31, 2020 has been classified as a current liability. We intend to seek a waiver for the June 30, 2021 financial 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 will be used to fund operations. Aggregate annual maturities of long-term debt (excluding finance leases) as of December 31, 2020 are as follows: (in thousands) Credit Facilities Year ending December 31, 2021 $ 5,820 2022 53 2023 267,306 2024 108 2025 — Thereafter — Total $ 273,287 The aggregate annual maturities and the related amounts representing interest on finance lease obligations are included in Note 20 – Leases and Other. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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) 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 $ — $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds ( 1) $ 123 $ 123 $ — $ — Other mutual funds ( 2) 3,107 3,107 — — Total assets at fair value on a recurring basis $ 3,230 $ 3,230 $ — $ — (1) We include money market funds in “Cash and cash equivalents” in the Consolidated Balance Sheets. We classify these investments as available-for-sale and recorded 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 Consolidated Balance Sheets. The carrying values of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term nature of these instruments. Refer to Note 12 – Debt and Finance Lease Obligations for the estimated fair value of debt obligations. |
Income (Loss) Per Share
Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Share | Note 14. Income (Loss) Per Share The components of basic and diluted income per share are as follows: Year Ended December 31, (in thousands, except per share data) 2020 2019 2018 Net income (loss) attributable to Viad (diluted) $ (374,094 ) $ 22,035 $ 49,170 Less: Allocation to non-vested shares — (147 ) (458 ) Convertible preferred stock dividends (3,006 ) — — Adjustment to the redemption value of redeemable noncontrolling interest (926 ) (1,318 ) (251 ) Net income (loss) allocated to Viad common stockholders (basic) $ (378,026 ) $ 20,570 $ 48,461 Basic weighted-average outstanding common shares 20,279 20,146 20,168 Additional dilutive shares related to share-based compensation — 138 236 Diluted weighted-average outstanding shares 20,279 20,284 20,404 Income (loss) per share: Basic income (loss) attributable to Viad common stockholders $ (18.64 ) $ 1.02 $ 2.40 Diluted income (loss) attributable to Viad common stockholders (1) $ (18.64 ) $ 1.02 $ 2.40 (1) Diluted loss per share amount cannot exceed basic loss per 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: Year Ended December 31, 2020 2019 2018 Convertible preferred stock (as converted to common stock) 6,406,324 — — Unvested restricted share-based awards 115,089 8,000 500 Stock options 24,205 — — |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common and Preferred Stock | Note 15. Common and Preferred Stock Preferred Stock We authorized two million shares of Junior Participating Preferred Stock, none of which was outstanding on December 31, 2020 and five million shares of Preferred Stock of which 135,000 shares are outstanding 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. The Investment Agreement also includes a delayed draw commitment of up to $45 million in additional Convertible Series A Preferred Stock, which we may access during the 12 months following the August 5, 2020 closing date on the same terms and conditions as the initial investment. We have classified the convertible preferred stock as temporary equity in our 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 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 repurchased 53,784 shares on the open market for $2.8 million in 2020. No shares were repurchased on the open market during 2019. During 2018, we repurchased 340,473 shares on the open market for $17.2 million. As of December 31, 2020, 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. Stockholder Rights Plan On March 29, 2020, our Board of Directors adopted a short-term stockholder rights plan and declared a dividend payable to stockholders of record on April 13, 2020 of one preferred stock purchase right per each outstanding share of Viad common stock to purchase one one-hundredth of a share of Viad’s Junior Participating Preferred Stock at an exercise price of $115. Our Board of Directors will be able to redeem the rights at $0.01 per right at any time before a person or group acquired 10% (20% in the case of a passive institutional investor) or more of the outstanding common stock. On August 5, 2020, the stockholder rights plan was amended, whereby Crestview and affiliated parties were designated as exempt persons, and as such, the issuance of preferred stock to Crestview did not result in a triggering event. The rights expired on February 28, 2021 in accordance with its original terms. Subject to limited exceptions, if a person or group acquired 10% (20% in the case of a passive institutional investor) or more of our common stock (including shares that were synthetically owned pursuant to derivative transactions or ownership of derivative securities) or announced a tender offer, and the consummation of that offer would have resulted in such ownership (we refer to such a person or group as an “acquiring person”), each right entitled its holder to purchase, at the right’s then-current exercise price, a number of shares of common stock having a market value at that time of twice the right’s exercise price. Rights held by the acquiring person would have become void and would not be exercisable. If the Company had been acquired in a merger or other business combination transaction that had not been approved by our Board of Directors after the rights would have become exercisable, each right would have entitled its holder to purchase, at the right’s then-current exercise price, a number of shares of the acquiring company’s common stock having a market value at that time of twice the right’s exercise price. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 16. Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (“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, 2018 $ (36,332 ) $ (11,643 ) $ (47,975 ) Other comprehensive income (loss) before reclassifications 12,533 (10 ) 12,523 Amounts reclassified from AOCI, net of tax — (247 ) (247 ) Net other comprehensive income (loss) 12,533 (257 ) 12,276 Balance at December 31, 2019 $ (23,799 ) $ (11,900 ) $ (35,699 ) Other comprehensive income (loss) before reclassifications 7,113 (27 ) 7,086 Amounts reclassified from AOCI, net of tax — (2,028 ) (2,028 ) Net other comprehensive income (loss) 7,113 (2,055 ) 5,058 Balance at December 31, 2020 $ (16,686 ) $ (13,955 ) $ (30,641 ) 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. These costs are recorded as components of net periodic cost for each period presented. Refer to Note 18 – Pension and Postretirement Benefits for additional information. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17. Income Taxes We record current income tax expense for the amounts that we expect to report and pay on our income tax returns and deferred income tax expense for the change in the deferred tax assets and liabilities. On December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act (the “Tax Act”) that significantly changed U.S. tax law. One part of this Tax Act required the Company to pay a deemed repatriation tax of $5.2 million on its cumulative foreign E&P. After application of tax payments and credits, $1.0 million of the liability remains outstanding as of December 31, 2020 and is due in 2024. Income from continuing operations before income taxes consisted of the following: Year Ended December 31, (in thousands) 2020 2019 2018 Foreign $ (95,919 ) $ 49,171 $ 54,753 United States (264,940 ) (23,061 ) 10,256 Income (loss) from continuing operations before income taxes $ (360,859 ) $ 26,110 $ 65,009 Significant components of the income tax provision from continuing operations are as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Current: United States: Federal $ (128 ) $ (2,260 ) $ 41 State 674 1,400 (335 ) Foreign (1,397 ) 13,764 12,039 Total current (851 ) 12,904 11,745 Deferred: United States: Federal 17,171 (3,355 ) 1,860 State 2,896 (1,619 ) 860 Foreign (4,970 ) (5,424 ) 2,630 Total deferred 15,097 (10,398 ) 5,350 Income tax expense $ 14,246 $ 2,506 $ 17,095 We are subject to income tax in jurisdictions in which we operate. A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Computed income tax (benefit) expense at statutory federal income tax rate $ (75,780 ) 21.0 % $ 5,483 21.0 % $ 13,665 21.0 % State income tax (benefit), net of federal benefit (4,138 ) 1.1 % (173 ) (0.2 )% 3,489 5.4 % Deemed mandatory repatriation state tax — 0.0 % — 0.0 % (909 ) (1.4 )% Deemed mandatory repatriation federal tax, net of foreign tax credit — 0.0 % — 0.0 % (1,690 ) (2.6 )% Remeasurement of deferred taxes due to change in tax rates — 0.0 % (4,517 ) (17.3 )% (510 ) (0.8 )% Foreign tax rate differential (401 ) 0.1 % 3,122 12.0 % 4,138 6.4 % U.S. tax (benefit) on current year foreign earnings, net of foreign tax credits — 0.0 % (1,792 ) (6.9 )% (223 ) (0.3 )% Goodwill impairment 16,471 (4.6 )% — 0.0 % — 0.0 % Change in valuation allowance 77,369 (21.3 )% 920 1.8 % (653 ) (1.0 )% Other adjustments, net 725 (0.2 )% (537 ) (0.8 )% (212 ) (0.3 )% Income tax expense $ 14,246 (3.9 )% $ 2,506 9.6 % $ 17,095 26.4 % The components of deferred income tax assets and liabilities included in the Consolidated Balance Sheets are as follows: December 31, (in thousands) 2020 2019 Deferred tax assets: Tax credit carryforwards $ 5,326 $ 7,879 Pension, compensation, and other employee benefits 11,991 17,231 Provisions for losses 4,623 4,778 Net operating loss carryforwards 44,358 5,371 State income taxes — 3,089 Leases 660 — Goodwill and other intangible assets 18,055 — Other deferred income tax assets 14,175 2,177 Total deferred tax assets 99,188 40,525 Valuation allowance (81,795 ) (4,276 ) Foreign deferred tax assets included above (7,717 ) (2,351 ) United States net deferred tax assets 9,676 33,898 Deferred tax liabilities: Property and equipment (24,017 ) (20,681 ) Goodwill and other intangible assets (8,846 ) (16,172 ) Leases (857 ) — Life insurance — (3,945 ) Other deferred income tax liabilities (4,485 ) (1,858 ) Total deferred tax liabilities (38,205 ) (42,656 ) Foreign deferred tax liabilities included above 28,490 31,192 United States net deferred tax assets (liabilities) $ (39 ) $ 22,434 We use significant judgment in forming conclusions regarding the recoverability of our deferred tax assets and evaluate all available positive and negative evidence to determine if it is more-likely-than-not that the deferred tax assets will be realized. To the extent recovery does not appear likely, a valuation allowance must be recorded. In determining the recoverability of our deferred assets, we considered our cumulative loss incurred over the four-year The valuation allowance was $ 81.8 million at December 31, 2020 and $ 4.3 million at December 31, 2019. The increase was primarily due to an increase for net operating losses, credit carryforwards, and deferred tax assets that do not meet the more likely-than-not threshold for recognition. As of December 31, 2020, foreign tax credit carryforwards were $4.5 million, of which $3.8 million are foreign tax credits against U.S. income tax, which will begin to expire in 2022 and $0.7 million are creditable against United Kingdom taxes, which can be carried forward indefinitely. As of December 31, 2020, we had $0.7 million of U.S. research and development credit carryforwards. We had gross federal, state, and foreign net operating loss carryforwards of $371.2 million as of December 31, 2020 and $55.2 million as of December 31, 2019, for which we had deferred tax assets of $44.4 million as of December 31, 2020 and $5.4 million as of December 31, 2019. Certain state net operating loss carryforwards of $181.5 million expire from 2020 through 2039, although many states now have unlimited carryforwards. We recorded a valuation allowance on all net operating losses except losses generated in Canada, the Netherlands, Iceland, and Poland. The Canadian net operating loss carryforwards of $28.4 million may be carried back three years and carried forward 20 years. The net operating losses of Iceland and Poland of $8.8 million will expire between five and ten years. The remaining amount of foreign net operating losses of $25.6 million may be carried forward indefinitely. We have not recorded deferred taxes for withholding taxes on current unremitted earnings of our subsidiaries located in Canada, the United Kingdom, and the Netherlands as we expect to reinvest those earnings in operations outside of the U.S. We exercise judgment in determining the income tax provision for positions taken on prior returns when the ultimate tax determination is uncertain. We classify liabilities associated with uncertain tax positions as “Other deferred items and liabilities” in the Consolidated Balance Sheets unless expected to be paid or released within one year. We had liabilities associated with uncertain tax positions of $0.3 million as of December 31, 2020 and $0.2 million as of December 31, 2019. As of December 31, 2020, these amounts do not include any accrual of interest nor penalties as none would be owed on these amounts. We elected that all uncertain tax positions, including interest and penalties, are classified as a component of income tax expense. A reconciliation of the liabilities associated with uncertain tax positions (excluding interest and penalties) is as follows: (in thousands) Balance at December 31, 2017 $ 1,425 Additions for tax positions taken in prior years 31 Reductions for lapse of applicable statutes (1,086 ) Balance at December 31, 2018 370 Additions for tax positions taken in prior years 151 Reductions for lapse of applicable statutes (296 ) Balance at December 31, 2019 225 Additions for tax positions taken in prior years 25 Reductions for lapse of applicable statutes — Balance at December 31, 2020 $ 250 Our 2017 through 2019 U.S. federal tax years and various state tax years from 2015 through 2019 remain subject to income tax examinations by tax authorities. The tax years 2016 through 2019 remain subject to examination by various foreign taxing jurisdictions. We received cash refunds from income taxes of $14.9 million during 2020 and paid cash for income taxes of $17.2 million during 2019 and $27.3 million during 2018. |
Pension and Postretirement Bene
Pension and Postretirement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Pension and Postretirement Benefits | Note 18. Pension and Postretirement Benefits Domestic Plans We have frozen defined benefit pension plans held in trust for certain employees which we funded. We also maintain certain unfunded defined benefit pension plans, which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. We also have certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees, and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, we retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, we may fund the plans. The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our pension plans consist of the following: December 31, (in thousands) 2020 2019 2018 Net periodic benefit cost: Service cost $ — $ 61 $ 64 Interest cost 653 861 780 Expected return on plan assets (145 ) (99 ) (193 ) Recognized net actuarial loss 526 403 494 Net periodic benefit cost 1,034 1,226 1,145 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net actuarial (gain) loss 1,587 1,305 (76 ) Reversal of amortization item: Net actuarial loss (526 ) (403 ) (494 ) Total recognized in other comprehensive income 1,061 902 (570 ) Total recognized in net periodic benefit cost and other comprehensive income $ 2,095 $ 2,128 $ 575 The components of net periodic benefit cost and other amounts recognized in other comprehensive income of our postretirement benefit plans consist of the following: December 31, (in thousands) 2020 2019 2018 Net periodic benefit cost: Service cost $ 51 $ 64 $ 80 Interest cost 296 458 449 Amortization of prior service credit (146 ) (189 ) (205 ) Recognized net actuarial loss 18 112 405 Net periodic benefit cost 219 445 729 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net actuarial (gain) loss 688 (1,117 ) 170 Prior service credit — — — Reversal of amortization item: Net actuarial loss (18 ) (112 ) (405 ) Prior service credit 146 189 205 Total recognized in other comprehensive income 816 (1,040 ) (30 ) Total recognized in net periodic benefit cost and other comprehensive income $ 1,035 $ (595 ) $ 699 The following table indicates the funded status of the plans as of December 31: Postretirement Funded Plans Unfunded Plans Benefit Plans (in thousands) 2020 2019 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 15,572 $ 14,235 $ 9,462 $ 9,271 $ 11,986 $ 13,454 Service cost — — — 61 51 64 Interest cost 406 527 247 333 296 458 Actuarial adjustments 1,242 1,611 784 753 688 (1,117 ) Benefits paid (889 ) (801 ) (717 ) (956 ) (802 ) (873 ) Benefit obligation at end of year 16,331 15,572 9,776 9,462 12,219 11,986 Change in plan assets: Fair value of plan assets at beginning of year 11,291 10,299 — — — — Actual return on plan assets 584 1,157 — — — — Company contributions 892 636 717 956 802 873 Benefits paid (889 ) (801 ) (717 ) (956 ) (802 ) (873 ) Fair value of plan assets at end of year 11,878 11,291 — — — — Funded status at end of year $ (4,453 ) $ (4,281 ) $ (9,776 ) $ (9,462 ) $ (12,219 ) $ (11,986 ) The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 are as follows: Postretirement Funded Plans Unfunded Plans Benefit Plans (in thousands) 2020 2019 2020 2019 2020 2019 Other current liabilities $ — $ — $ 687 $ 703 $ 931 $ 1,019 Non-current liabilities 4,453 4,281 9,089 8,759 11,288 10,967 Net amount recognized $ 4,453 $ 4,281 $ 9,776 $ 9,462 $ 12,219 $ 11,986 Amounts recognized in AOCI as of December 31 are as follows: Postretirement Funded Plans Unfunded Plans Benefit Plans Total Total (in thousands) 2020 2019 2020 2019 2020 2019 2020 2019 Net actuarial loss $ 9,252 $ 8,856 $ 3,409 $ 2,744 $ 1,990 $ 1,320 $ 14,651 $ 12,920 Prior service credit — — — — 189 43 189 43 Subtotal 9,252 8,856 3,409 2,744 2,179 1,363 14,840 12,963 Less tax effect — (2,236 ) — (693 ) — (344 ) — (3,273 ) Total $ 9,252 $ 6,620 $ 3,409 $ 2,051 $ 2,179 $ 1,019 $ 14,840 $ 9,690 The fair value of the domestic plans’ assets by asset class are as follows: Fair Value Measurements at December 31, 2020 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) Domestic pension plans: Fixed income securities $ 6,430 $ 6,430 $ — $ — Equity securities 4,485 4,485 — — Cash 774 774 — — Other 189 — 189 — Total $ 11,878 $ 11,689 $ 189 $ — Fair Value Measurements at December 31, 2019 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) Domestic pension plans: Fixed income securities $ 5,267 $ 5,267 $ — $ — Equity securities 5,518 5,518 — — Cash 316 316 — — Other 190 — 190 — Total $ 11,291 $ 11,101 $ 190 $ — We employ a total return investment approach whereby a mix of equities and fixed income securities is used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across U.S. and non-U.S. stocks, as well as growth and value. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements. We utilize a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also considers diversification and rebalancing. Peer data and historical returns are reviewed relative to our assumed rates for reasonableness and appropriateness. The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (in thousands) Funded Plans Unfunded Plans Postretirement Benefit Plans 2021 $ 1,439 $ 695 $ 943 2022 $ 1,020 $ 699 $ 925 2023 $ 1,012 $ 684 $ 902 2024 $ 975 $ 666 $ 875 2025 $ 1,044 $ 648 $ 835 2026-2030 $ 4,641 $ 2,919 $ 3,541 Foreign Pension Plans Certain of our foreign operations also maintain defined benefit pension plans held in trust for certain employees which are funded by the companies, and unfunded defined benefit pension plans providing supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) included the following: December 31, (in thousands) 2020 2019 2018 Net periodic benefit cost: Service cost $ 444 $ 405 $ 552 Interest cost 365 397 381 Expected return on plan assets (530 ) (487 ) (505 ) Recognized net actuarial loss 162 127 139 Settlement — — — Net periodic benefit cost 441 442 567 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss 368 605 (238 ) Reversal of amortization of net actuarial loss (162 ) (127 ) (139 ) Total recognized in other comprehensive income (loss) 206 478 (377 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 647 $ 920 $ 190 The following table represents the funded status of the plans as of December 31: Funded Plans Unfunded Plans (in thousands) 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 9,990 $ 8,134 $ 2,331 $ 2,290 Service cost 444 405 — — Interest cost 295 320 70 77 Actuarial adjustments 686 1,037 111 106 Benefits paid (743 ) (336 ) (180 ) (178 ) Translation adjustment 244 430 117 36 Benefit obligation at end of year 10,916 9,990 2,449 2,331 Change in plan assets: Fair value of plan assets at beginning of year 10,013 8,243 — — Actual return on plan assets 1,044 1,156 — — Company contributions 253 515 180 178 Benefits paid (743 ) (336 ) (180 ) (178 ) Translation adjustment 231 435 — — Fair value of plan assets at end of year 10,798 10,013 — — Funded status at end of year $ (118 ) $ 23 $ (2,449 ) $ (2,331 ) The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows: Funded Plans Unfunded Plans (in thousands) 2020 2019 2020 2019 Non-current assets $ (31 ) $ (43 ) $ — $ — Other current liabilities — — 187 177 Non-current liabilities 149 20 2,262 2,154 Net amount recognized $ 118 $ (23 ) $ 2,449 $ 2,331 Net actuarial losses for the foreign funded plans recognized in AOCI were $2.7 million ($2.0 million after-tax) as of December 31, 2020 and $2.6 million ($1.9 million after-tax) as of December 31, 2019. Net actuarial losses for the foreign unfunded plans recognized in AOCI were $0.8 million ($0.6 million after-tax) as of December 31, 2020 and $0.7 million ($0.5 million after-tax) as of December 31, 2019. The fair value information related to the foreign pension plans’ assets is summarized in the following tables: 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 Unobserved Inputs (Level 3) Assets: Fixed income securities $ 5,450 $ 5,450 $ — $ — Equity securities 5,153 5,153 — — Other 195 195 — — Total $ 10,798 $ 10,798 $ — $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobserved Inputs (Level 3) Assets: Fixed income securities $ 5,194 $ 5,194 $ — $ — Equity securities 4,669 4,669 — — Other 150 150 — — Total $ 10,013 $ 10,013 $ — $ — The following payments, which reflect expected future service, as appropriate, are expected to be paid: (in thousands) Funded Plans Unfunded Plans 2021 $ 444 $ 190 2022 $ 402 $ 189 2023 $ 440 $ 188 2024 $ 442 $ 188 2025 $ 441 $ 187 2026-2030 $ 2,359 $ 920 Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets The accumulated benefit obligations in excess of plan assets as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans (in thousands) 2020 2019 2020 2019 Projected benefit obligation $ 16,331 $ 15,572 $ 9,776 $ 9,462 Accumulated benefit obligation $ 16,331 $ 15,572 $ 9,776 $ 9,454 Fair value of plan assets $ 11,878 $ 11,291 $ — $ — Foreign Plans Funded Plans Unfunded Plans (in thousands) 2020 2019 2020 2019 Projected benefit obligation $ 10,916 $ 9,990 $ 2,449 $ 2,331 Accumulated benefit obligation $ 10,447 $ 9,347 $ 2,449 $ 2,331 Fair value of plan assets $ 10,798 $ 10,013 $ — $ — Contributions In aggregate for both the domestic and foreign plans, we anticipate contributing $0.8 million to the funded pension plans, $0.9 million to the unfunded pension plans, and $0.9 million to the postretirement benefit plans in 2021. Weighted-Average Assumptions Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans Postretirement Benefit Plans Foreign Plans 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate 2.38 % 3.15 % 2.35 % 3.13 % 2.47 % 3.17 % 2.34 % 2.92 % Rate of compensation increase N/A N/A 3.00 % 3.00 % N/A N/A 2.35 % 2.34 % Weighted-average assumptions used to determine net periodic benefit costs as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans Postretirement Benefit Plans Foreign Plans 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate 3.12 % 4.28 % 3.13 % 4.22 % 3.19 % 4.29 % 2.93 % 3.68 % Expected return on plan assets 5.50 % 5.50 % N/A N/A 0.00 % 0.00 % 4.39 % 4.55 % Rate of compensation increase N/A N/A 3.00 % 3.00 % N/A N/A 2.35 % 2.34 % Multi-employer Plans We contribute to various defined benefit pension plans under the terms of collective bargaining agreements that cover our union-represented employees. The financial risks of participating in these multi-employer pension plans generally include the fact that the unfunded obligations of the plan may be borne by solvent participating employers. In addition, if we were to discontinue participating in some of our multi-employer pension plans, we could be required to pay a withdrawal liability amount based on the underfunded status of the plan. During the year ended December 31, 2019, we finalized the terms of the new collective bargaining agreement with the Teamsters 727 union. The terms included a withdrawal from the underfunded Central States pension plan. Accordingly, for the year ended December 31, 2019, we recorded a charge of $15.5 million, which represents the estimated present value of future contributions we will be required to make to the plan as a result of this withdrawal and $0.2 million of other withdrawal costs. Currently, we do not anticipate triggering any withdrawal from any other multi-employer pension plan to which we currently contribute. We also contribute to defined contribution plans pursuant to collective bargaining agreements, which are generally not subject to the funding risks inherent in defined benefit pension plans. The overall level of contributions to our multi-employer plans may significantly vary from year to year based on the demand for union-represented labor to support our operations. We do not have any minimum contribution requirements for future periods pursuant to our collective bargaining agreements for individually significant multi-employer plans. Our participation in multi-employer pension plans for 2020 is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2020 and 2019 relates to the plan’s year end as of December 31, 2019 and 2018, respectively, and is based on information received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. Plan Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Viad Contributions Surcharge Paid Expiration Date of Collective Bargaining Agreement(s) (in thousands) EIN No. 2020 2019 2020 2019 2018 Pension Fund: Western Conference of Teamsters Pension Plan 91-6145047 1 Green Green No $ 2,898 $ 6,754 $ 6,471 No 5/31/2021 Southern California Local 831—Employer Pension Fund (1) 95-6376874 1 Green Green No 943 3,427 3,087 No 8/31/2021 IBEW Local Union No 357 Pension Plan A 88-6023284 1 Green Green No 843 1,074 1,025 No 6/16/2021 Chicago Regional Council of Carpenters Pension Fund 36-6130207 1 Green Green Yes 608 2,877 2,876 No 5/31/2024 Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2 51-6030753 2 Green Green No 509 1,651 927 No 6/6/2021 Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan (1) 36-1416355 11 Yellow Yellow Yes 337 797 1,328 Yes 6/30/2024 Southwest Carpenters Pension Trust 95-6042875 1 Green Green No 195 717 789 No 7/31/2023 Sign Pictorial & Display Industry Pension Plan (1) 94-6278490 1 Green Green No 92 768 778 No 3/31/2021 Southern California IBEW-NECA Pension Fund 95-6392774 1 Yellow Yellow Yes 89 799 881 Yes 8/31/2021 New England Teamsters & Trucking Industry Pension 04-6372430 1 Red Red Yes 42 506 423 No 3/31/2022 Central States, Southeast and Southwest Areas Pension Plan 36-6044243 1 Red Red Yes 7 872 1,177 No 3/31/2023 All other funds (2) 963 3,625 3,734 Total contributions to defined benefit plans 7,526 23,867 23,496 Total contributions to other plans 1,066 3,416 2,900 Total contributions to multi-employer plans $ 8,592 $ 27,283 $ 26,396 (1) We contributed more than 5% of total plan contributions for the plan year detailed in the plans’ most recent Form 5500s. (2) Represents participation in 31 pension funds during 2020. Other Employee Benefits We match U.S. employee contributions to the 401(k) Plan with shares of our common stock held in treasury up to 100% of the first 3% of a participant’s salary plus 50% of the next 2%. The expense associated with our match was $1.7 million for 2020, $5.0 million for 2019, and $4.8 million for 2018. In April 2020, we suspended our 401(k) Plan employer match contributions. The employer match was reinstated in October 2020. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Dec. 31, 2020 | |
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 included recording restructuring charges related to the elimination of certain positions and facility closures at GES, as well as charges related to the closure and liquidation of GES’ United Kingdom-based audio-visual services business. During 2019, we completed some strategic simplification actions, including a facility consolidation in Las Vegas and other restructuring actions. As a result, we recorded restructuring charges primarily consisting of severance and related benefits as a result of workforce reductions and charges related to the consolidation and downsizing of facilities representing the remaining operating lease obligations (net of estimated sublease income) and related costs. Other Restructurings We recorded restructuring charges in connection with 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 and charges related to the downsizing of facilities. Changes to the restructuring liability by major restructuring activity are as follows: GES Other Restructurings (in thousands) Severance & Employee Benefits Facilities Severance & Employee Benefits Total Balance at December 31, 2017 $ 1,551 $ 807 $ 191 $ 2,549 Restructuring charges 1,457 — 130 1,587 Cash payments (1,379 ) (156 ) (181 ) (1,716 ) Adjustment to liability 410 (451 ) (128 ) (169 ) Balance at December 31, 2018 2,039 200 12 2,251 Restructuring charges 6,071 1,817 492 8,380 Cash payments (5,169 ) (752 ) (272 ) (6,193 ) Adjustment to liability (6 ) 74 7 75 Balance at December 31, 2019 2,935 1,339 239 4,513 Restructuring charges 6,563 5,784 1,093 13,440 Cash payments (7,051 ) (2,573 ) (1,201 ) (10,825 ) Non-cash items (1) — (1,789 ) — (1,789 ) Adjustment to liability (7 ) 5 (107 ) (109 ) Balance at December 31, 2020 $ 2,440 $ 2,766 $ 24 $ 5,230 (1) Represents the impact related to the closure and liquidation of GES’ United Kingdom-based audio-visual services business during the year ended December 31, 2020. As of December 31, 2020 , we expect to pay all but $ million of the liabilities related to severance and employee benefits by the end of 202 1 . T he liability related to future lease payments will be paid over the remaining lease terms. Refer to Note 23 – Segment Information, for information regarding restructuring charges by segment . |
Leases and Other
Leases and Other | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases and Other | Note 20. Leases and Other The balance sheet presentation of our operating and finance leases is as follows: December 31, (in thousands) Classification on the Consolidated Balance Sheet 2020 2019 Assets: Operating lease assets Operating lease right-of-use assets $ 82,739 $ 103,314 Finance lease assets Property and equipment, net 23,366 25,350 Total lease assets $ 106,105 $ 128,664 Liabilities: Current: Operating lease obligations Operating lease obligations $ 15,697 $ 22,180 Finance lease obligations Current portion of debt and finance lease obligations 2,514 3,386 Noncurrent: Operating lease obligations Long-term operating lease obligations 70,150 82,851 Finance lease obligations Long-term debt and finance lease obligations 20,627 21,871 Total lease liabilities $ 108,988 $ 130,288 The components of lease expense consisted of the following: Year Ended December 31, (in thousands) 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 3,662 $ 2,780 Interest on lease liabilities 1,668 924 Operating lease cost 27,259 26,511 Short-term lease cost 701 1,932 Variable lease cost 5,672 6,271 Total lease cost, net $ 38,962 $ 38,418 Other information related to operating and finance leases are as follows: Year Ended December 31, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 26,250 $ 28,146 Operating cash flows from finance leases $ 1,948 $ 502 Financing cash flows from finance leases $ 3,543 $ 2,698 ROU assets obtained in exchange for lease obligations: Operating leases $ 659 $ 125,755 Finance leases $ 2,141 $ 18,822 December 31, 2020 2019 Weighted-average remaining lease term (years): Operating leases 8.39 8.17 Finance leases 13.97 14.01 Weighted-average discount rate: Operating leases 6.93 % 5.77 % Finance leases 7.99 % 7.73 % As of December 31, 2020, 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 2021 $ 22,046 $ 4,405 $ 26,451 2022 16,567 3,917 20,484 2023 13,489 3,397 16,886 2024 10,314 2,724 13,038 2025 8,994 2,193 11,187 Thereafter 45,101 22,973 68,074 Total future lease payments 116,511 39,609 156,120 Less: Amount representing interest (30,664 ) (16,468 ) (47,132 ) Present value of minimum lease payments 85,847 23,141 108,988 Current portion 15,697 2,514 18,211 Long-term portion $ 70,150 $ 20,627 $ 90,777 As of December 31, 2020, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own, are as follows: (in thousands) 2021 $ 1,612 2022 1,089 2023 869 2024 646 2025 493 Thereafter 1,332 Total minimum sublease rents $ 6,041 Leases Not Yet Commenced As of December 31, 2020, we had executed certain facility and land leases for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and ROU assets on our Consolidated Balance Sheets. These leases include future planned attractions for Pursuit that are currently in the planning or development phase and that we expect the lease commencement dates to begin between fiscal years 2021 and 2023 with lease terms of 23 to 47 years. |
Litigation, Claims, Contingenci
Litigation, Claims, Contingencies, and Other | 12 Months Ended |
Dec. 31, 2020 | |
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. During the year ended December 31, 2019, we recorded an $8.5 million charge to resolve a legal dispute at GES involving a former industry contractor. Although the amount of liability as of December 31, 2020 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 December 31, 2020, we had recorded environmental remediation liabilities of $2.2 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 December 31, 2020, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the 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 December 31, 2020 would be $91.7 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. During 2019, we finalized the terms of a new collective bargaining agreement with the Teamsters Local 727 union. The terms included a withdrawal from the underfunded Central States Pension Plan. Accordingly, during 2019 we recorded a charge of $15.5 million, which represents the estimated present value of future contributions we will be required to make to the plan as a result of this withdrawal. Refer to Note 18 – Pension and Postretirement Benefits for additional information on specific union-related pension issues. 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 $12.4 million as of December 31, 2020, which includes $7.8 million related to workers’ compensation liabilities, and $4.6 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 $2.0 million as of December 31, 2020. 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 December 31, 2020. 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 $5.0 million for 2020, $6.9 million for 2019, and $5.4 million for 2018. In addition, as of December 31, 2020, 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 Consolidated Balance Sheets with a corresponding receivable in other investments. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interest | Note 22. 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. Through Esja and its wholly-owned subsidiary, we are operating a new 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, rather than to current earnings. Changes in the redeemable noncontrolling interest are as follows: (in thousands) Balance at December 31, 2018 $ 5,909 Net loss attributable to redeemable noncontrolling interest (821 ) Adjustment to the redemption value 1,318 Foreign currency translation adjustment (234 ) Balance at December 31, 2019 6,172 Net loss attributable to redeemable noncontrolling interest (1,482 ) Adjustment to the redemption value 926 Foreign currency translation adjustment (391 ) Balance at December 31, 2020 $ 5,225 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
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 (loss) which excludes restructuring charges and recoveries and impairment charges and recoveries. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. Our reportable segments, with reconciliations to consolidated totals, are as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Revenue: GES: GES North America $ 288,921 $ 884,105 $ 866,187 GES EMEA 53,384 216,559 202,990 Intersegment eliminations (3,680 ) (20,741 ) (17,140 ) Total GES 338,625 1,079,923 1,052,037 Pursuit 76,810 222,813 185,287 Total revenue $ 415,435 $ 1,302,736 $ 1,237,324 Segment operating income (loss): GES: GES North America $ (56,446 ) $ 27,659 $ 29,981 GES EMEA (17,451 ) 8,274 9,621 Total GES (73,897 ) 35,933 39,602 Pursuit (42,343 ) 54,310 48,915 Segment operating income (loss) (116,240 ) 90,243 88,517 Corporate eliminations (1) 65 67 67 Corporate activities (8,687 ) (10,865 ) (10,993 ) Operating income (loss) (124,862 ) 79,445 77,591 Interest income 377 369 354 Interest expense (18,264 ) (14,199 ) (9,640 ) Multi-employer pension plan withdrawal (462 ) (15,693 ) — Other expense (1,132 ) (1,586 ) (1,744 ) Restructuring (charges) recoveries: GES North America (3,825 ) (6,157 ) (408 ) GES EMEA (8,522 ) (1,731 ) (1,049 ) Pursuit (132 ) (52 ) (140 ) Corporate (961 ) (440 ) 10 Impairment (charges) recoveries: GES North America (171,095 ) (5,346 ) — GES EMEA (30,223 ) — — Pursuit (1,758 ) — 35 Legal settlement: GES — (8,500 ) — Income (loss) from continuing operations before income taxes $ (360,859 ) $ 26,110 $ 65,009 (1) December 31, (in thousands) 2020 2019 2018 Assets: GES: GES North America $ 134,162 $ 475,279 $ 406,484 GES EMEA 50,644 132,975 111,798 Pursuit 620,413 589,205 357,630 Corporate and other 48,005 121,232 46,629 $ 853,224 $ 1,318,691 $ 922,541 Depreciation and amortization: GES: GES North America $ 24,022 $ 29,321 $ 30,855 GES EMEA 4,053 6,260 7,071 Pursuit 28,393 23,154 18,690 Corporate and other 97 229 226 $ 56,565 $ 58,964 $ 56,842 Capital expenditures: GES: GES North America $ 9,003 $ 19,099 $ 19,263 GES EMEA 1,388 7,098 7,065 Pursuit 43,176 49,934 56,865 Corporate and other — 16 152 $ 53,567 $ 76,147 $ 83,345 Geographic Areas Our foreign operations are primarily in Canada, the United Kingdom, Iceland, the Netherlands, Germany, and to a lesser extent, in certain other countries. GES revenue is designated as domestic or foreign based on the originating location of the product or service. Long-lived assets are attributed to domestic or foreign based principally on the physical location of the assets. Long-lived assets consist of “Property and equipment, net” and “Other investments and assets.” The table below presents the financial information by major geographic area: December 31, (in thousands) 2020 2019 2018 Revenue: United States $ 290,541 $ 873,213 $ 850,839 EMEA 56,656 218,404 202,990 Canada 68,238 211,119 183,495 Total revenue $ 415,435 $ 1,302,736 $ 1,237,324 Long-lived assets: United States $ 173,790 $ 205,399 $ 182,140 EMEA 56,996 63,582 48,553 Canada 276,860 277,039 146,064 Total long-lived assets $ 507,646 $ 546,020 $ 376,757 |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Condensed Consolidated Quarterly Results (Unaudited) | Note 24. Selected Quarterly Financial Information (Unaudited) The following table sets forth selected unaudited consolidated quarterly financial information: 2020 2020 2019 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Revenue as previously reported $ 306,008 $ 30,863 $ 63,072 $ 285,594 $ 402,279 $ 353,743 $ 321,334 Gross to net correction ( 1) (11,350 ) (796 ) (265 ) (12,572 ) (25,815 ) (1,234 ) (20,593 ) Revenue as corrected $ 294,658 $ 30,067 $ 62,807 $ 27,903 $ 273,022 $ 376,464 $ 352,509 $ 300,741 Operating income (loss): Ongoing operations ( 2) $ (9,400 ) $ (49,736 ) $ (6,765 ) $ (50,274 ) $ (11,236 ) $ 46,442 $ 54,822 $ 141 Business interruption gain — — — — — 141 — — Corporate activities (789 ) (2,468 ) (2,645 ) (2,785 ) (1,833 ) (3,282 ) (2,680 ) (3,070 ) Interest income 79 176 58 64 98 83 79 109 Interest expense (4,018 ) (5,186 ) (5,508 ) (3,552 ) (2,915 ) (2,957 ) (3,740 ) (4,587 ) Multi-employer pension plan withdrawal — (462 ) — — — (15,508 ) — (185 ) Other expense, net (419 ) (265 ) (210 ) (238 ) (455 ) (456 ) (281 ) (394 ) Restructuring charges (851 ) (260 ) (11,259 ) (1,070 ) (688 ) (4,455 ) (1,702 ) (1,535 ) Legal settlement — — — — (8,500 ) — — — Impairment charges (88,380 ) (114,020 ) (676 ) — — — — (5,346 ) Income (loss) from continuing operations before income taxes $ (103,778 ) $ (172,221 ) $ (27,005 ) $ (57,855 ) $ (25,529 ) $ 20,008 $ 46,498 $ (14,867 ) Income (loss) from continuing operations attributable to Viad $ (86,131 ) $ (205,899 ) $ (29,769 ) $ (50,448 ) $ (17,490 ) $ 13,364 $ 31,557 $ (5,315 ) Net income (loss) attributable to Viad $ (86,585 ) $ (206,278 ) $ (30,758 ) $ (50,473 ) $ (17,777 ) $ 13,824 $ 31,416 $ (5,428 ) Diluted income (loss) per common share: (3) Income (loss) from continuing operations attributable to Viad common stockholders $ (4.27 ) $ (10.17 ) $ (1.54 ) $ (2.57 ) $ (0.88 ) $ 0.65 $ 1.54 $ (0.30 ) Net income (loss) attributable to Viad common stockholders $ (4.29 ) $ (10.19 ) $ (1.59 ) $ (2.58 ) $ (0.89 ) $ 0.67 $ 1.53 $ (0.31 ) (1) The quarterly financial data for the four quarters of 2019 and the first three quarters of 2020 were adjusted for immaterial errors related to the recognition of revenue of GES’ Corporate Accounts’ third-party services. Refer to Note 1 – Overview and Summary of Significant Accounting Policies for additional information. The Company intends to correct for these errors prospectively in subsequent quarterly filings. (2) Represents revenue less costs of services and cost of products sold. (3) The sum of quarterly income per share amounts may not equal annual income per share due to rounding. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 25. Subsequent Event Sale of Orlando warehouse On January 25, 2021, we sold a GES warehouse in Orlando and received cash proceeds of approximately $14 million. |
Schedule II - Valuation And Qua
Schedule II - Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | VIAD CORP SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS Additions Deductions (in thousands) Balance at Beginning of Year Charged to Expense Charged to Other Accounts Write-Offs Other ( 1) Balance at End of Year Allowances for doubtful accounts: December 31, 2018 2,023 414 39 (1,170 ) (18 ) 1,288 December 31, 2019 1,288 1,050 45 (1,182 ) (1 ) 1,200 December 31, 2020 1,200 6,712 17 (2,628 ) 9 5,310 Deferred tax valuation allowance: December 31, 2018 4,010 1,230 — (1,851 ) (33 ) 3,356 December 31, 2019 3,356 884 — — 36 4,276 December 31, 2020 4,276 77,369 — — 150 81,795 (1) “Other” primarily includes foreign exchange translation adjustments. |
Overview and Summary of Signi_2
Overview and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Viad and its subsidiaries. All significant intercompany account balances and transactions have been eliminated in consolidation. |
Nature of Business | Nature of Business We are a leading provider of experiential leisure travel and face-to-face events and marketing experiences company with operations in the U.S., 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 three reportable business segments: GES North America, GES EMEA (collectively, “GES”), and Pursuit. GES GES is a global, full-service live events company offering a comprehensive range of services to event organizers and corporate brand marketers. Event organizers schedule and run events from start to finish. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products, and build business relationships. GES serves corporate brand marketers when they exhibit at shows and when GES is engaged to manage their global exhibit program or produce their proprietary corporate events. Pursuit Pursuit is a collection of inspiring and unforgettable travel experiences that includes 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, and FlyOver. |
Impact of COVID-19 | Impact of COVID-19 On March 11, 2020, the World Health Organization declared COVID-19 a “pandemic.” COVID-19 has spread rapidly, with a high concentration of confirmed cases in the U.S. and other countries in which we operate. The rapid spread has resulted in authorities around the world implementing numerous measures to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place orders, and business shutdowns. The COVID-19 pandemic and these containment measures have had, and are expected to continue to have, a substantial negative impact on businesses around the world and on global, regional, and national economies. The COVID-19 pandemic is having and will likely continue to have a significant and negative impact on our operations and financial performance, with live events largely shut down and severe tourism activity disruptions. In response to the COVID-19 pandemic, we implemented aggressive cost reduction measures to preserve cash, including furloughs, layoffs, mandatory unpaid time off, or salary reductions for all employees, and the reduction of discretionary spending. We continue to implement measures to successfully adapt for the long-term impact of COVID-19. During 2020, we secured additional capital to strengthen our liquidity position and amended our Second Amended and Restated Credit Agreement (the “2018 Credit Agreement”) to provide financial covenant relief and financial flexibility. |
Investment Agreement | Investment Agreement On August 5, 2020, we entered into an investment agreement with funds managed by private equity firm Crestview Partners (the “Investment Agreement”) who made an initial investment of $135 million, offset in part by $9.2 million in fees, in newly issued perpetual convertible preferred stock that carries a 5.5% cumulative quarterly dividend, which is payable in cash or in-kind at Viad’s option (the “Convertible Preferred Stock”). The Convertible Preferred Stock is convertible into shares of our common stock at a conversion price of $21.25 per share. The Investment Agreement also includes a delayed draw commitment of up to $45 million in additional Convertible Preferred Stock, which we may access during the 12 months following the August 5, 2020 closing date on the same terms and conditions as the initial investment. The proceeds from Crestview’s initial investment were used to repay a portion of our 2018 Credit Facility, will provide additional short-term liquidity, will fund capital expenditures, and will support general corporate purposes. Pursuant to the Investment Agreement, two Crestview Partners’ designees joined our Board of Directors, increasing the size of our board from seven to nine directors. |
Credit Agreement Amendment | Credit Agreement Amendment On August 5, 2020, we entered into an amendment to our 2018 Credit Agreement, which, among other things, (i) waives our financial covenants until September 30, 2022 (the “Covenant Waiver Period”) and (ii) requires us to maintain minimum liquidity of $100 million, with liquidity defined as unrestricted cash and available capacity on our 2018 Credit Facility. The interest rate on the borrowings is equal to the London Inter-bank Offered Rate (“LIBOR”) plus 350 basis points, with a LIBOR floor of one percent during the Covenant Waiver Period. The LIBOR floor continues until the end of the 2018 Credit Agreement. Viad pledged 100% of the capital stock of its wholly-owned domestic subsidiaries and its top-tier foreign subsidiaries (other than Esja Attractions ehf.). Management anticipates that the initial cash proceeds from Crestview Partners, existing cash and cash equivalents, and the amendment to waive financial covenants within the 2018 Credit Agreement until September 30, 2022 will be sufficient to fund operations for at least the next 12 months. |
Goodwill and Other Intangible Assets Impairments | Goodwill and Other Intangible Assets Impairments Due to the deteriorating macroeconomic environment related to the COVID-19 pandemic, resulting in disruptions to our operations and the decline in our stock price, we determined interim triggering events had occurred in the first and second quarters of 2020, which required us to assess the carrying values of goodwill and intangible assets in accordance with Accounting Standards Codification (“ASC”) No. 350, Intangibles – Goodwill and Other |
Correction to Prior Period Financial Statements | Correction to Prior Period Financial Statements Subsequent to the issuance of the December 31, 2019 consolidated financial statements, we identified prior period errors related to the recognition of revenue of GES’ Corporate Accounts’ 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 Consolidated Statements of Operations for the years ended December 31, 2019 and 2018 related to this gross-to-net adjustment. We determined that the error is not material to the previously issued financial statements. Note 2 – Revenue and Related Contract Costs and Contract Liabilities, Note 23 – Segment Information, and Note 24 – Selected Quarterly Financial Information reflect this correction. Year Ended December 31, 2019 2018 (in thousands) Services Revenue Cost of Services Services Revenue Cost of Services As previously reported $ 1,170,493 $ 1,100,146 $ 1,110,249 $ 1,039,403 Gross to net correction for GES North America (51,927 ) (51,927 ) (43,603 ) (43,603 ) Gross to net correction for GES EMEA (17,032 ) (17,032 ) (15,257 ) (15,257 ) Total as corrected $ 1,101,534 $ 1,031,187 $ 1,051,389 $ 980,543 |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. 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 and letters of credit. Cash, cash equivalents, and restricted cash balances presented in the Consolidated Statements of Cash Flows consisted of the following: December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 39,545 $ 61,999 Restricted cash included in other current assets 2,426 5 Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 41,971 $ 62,004 |
Allowances for Doubtful Accounts | Allowances for Doubtful Accounts Allowances for doubtful accounts reflect the best estimate of probable losses inherent in the accounts receivable balance. The allowances for doubtful accounts, including a sales allowance for discounts at the time of sale, are based upon an evaluation of the aging of receivables, historical trends, and the current economic environment. |
Inventories | 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. |
Property and Equipment | Property and Equipment |
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 the lease expense is recognized 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 23 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 47 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. The reasonably certain threshold is evaluated at lease commencement and 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 is adjusted 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 against lease expense in the Consolidated Statements of Operations. We classify a ll of our leases for which we are the lessor as operating leases. |
Goodwill | Goodwill 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) in order to estimate the fair value of our reporting units for purposes of goodwill impairment testing. The estimates and assumptions regarding expected future cash flows, discount rates, and terminal values require considerable judgment and are based on market conditions, financial forecasts, industry trends, and historical experience. These estimates, however, have inherent uncertainties and different assumptions could lead to materially different results. |
Cash Surrender Value of Life Insurance | Cash Surrender Value of Life Insurance We had Company-owned life insurance contracts that were intended to fund the cost of certain employee compensation and benefit programs. These contracts were carried at cash surrender value, net of outstanding policy loans. The cash surrender value represented the amount of cash we could receive if the policies were discontinued before maturity. The changes in the cash surrender value of the policies, net of insurance premiums, were included as a component of “Costs of services” in the Consolidated Statements of Operations. In 2020, we terminated the life insurance policies and received cash proceeds of $24.8 million. |
Self-Insurance Liabilities | Self-Insurance Liabilities 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. We have also retained and provided for certain workers’ compensation insurance liabilities in conjunction with previously sold operations. We are also self-insured for certain employee health benefits. Provisions for losses for claims incurred, including actuarially derived estimated claims incurred but not yet reported, are made based on historical experience, claims frequency, and other factors. We have purchased insurance for amounts in excess of the self-insured levels. |
Environmental Remediation Liabilities | Environmental Remediation Liabilities Environmental remediation liabilities represent the estimated cost of environmental remediation obligations primarily associated with previously sold operations. The amounts accrued primarily consist of the estimated direct incremental costs, on an undiscounted basis, for contractor and other services related to remedial actions and post-remediation site monitoring. Environmental remediation liabilities are recorded when the specific obligation is considered probable and the costs are reasonably estimable. Subsequent recoveries from third parties, if any, are recorded through discontinued operations when realized. Environmental insurance is maintained that provides coverage for new and undiscovered pre-existing conditions at both our continuing and discontinued operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturities of these instruments. Refer to Note 12 – Debt and Finance Lease Obligations for the estimated fair value of debt obligations. 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. |
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 temporary equity and is reported between liabilities and stockholders’ equity in the Consolidated Balance Sheets. |
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. Our non-redeemable noncontrolling interest relates to the 20% equity ownership interest that we do not own in Glacier Park, Inc., the 40% equity interest that we do not own in the Mountain Park Lodges, and the 49% equity interest that we do not own in the new entity that will operate the Pursuit Sky Lagoon attraction. We report non-redeemable noncontrolling interest within stockholders’ equity in the Consolidated Balance Sheets. The amount of consolidated net income or loss attributable to Viad and the non-redeemable noncontrolling interest is presented in the 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 54.5% equity ownership interest in Esja Attractions ehf. (“Esja”), which owns the FlyOver Iceland attraction. Operations and the accretion of the redemption value is recorded as an adjustment to retained earnings (deficit) and is included in our income (loss) per share. Refer to Note 22 – Redeemable Noncontrolling Interest for additional information. |
Foreign Currency Translation | Foreign Currency Translation Our foreign operations are primarily in Canada, the United Kingdom, Iceland, the Netherlands, Germany, and to a lesser extent, in certain other countries. The functional currency of our foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, we translate the assets and liabilities of our foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. For purposes of consolidation, revenue, expenses, gains, and losses related to our foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. |
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 service to a customer. GES’ service revenue is primarily derived through its comprehensive range of services to event organizers and corporate brand marketers including Core Services, Event Technology, and Audio-visual . 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. |
Share-Based Compensation | Share-Based Compensation Share-based compensation costs related to all share-based payment awards are recognized and measured using the fair value method of accounting. These awards generally include restricted stock awards, restricted stock units, performance units, and stock options, and contain forfeiture and non-compete provisions. We issue share-based payment awards from shares held in treasury. Future vesting is generally subject to continued employment. Holders of share-based awards have the right to receive dividends and vote the shares, but may not sell, assign, transfer, pledge, or otherwise encumber the stock, except to the extent restrictions have lapsed and in accordance with our stock trading policy. We account for share-based payment awards that will be settled in cash as liability-based awards, which includes performance units and restricted stock units. We measure share-based compensation expense of liability-based awards at fair value at each reporting date until the date of settlement based on the number of units expected to vest and, where applicable, the level of achievement of predefined performance goals. These awards are remeasured on each reporting date based on our stock price and the Monte Carlo simulation model. A Monte Carlo simulation requires the use of several assumptions, including historical volatility and correlation between our stock price and the price of the common shares of a comparator group, a risk-free rate of return, and an expected term. Share-based compensation expense related to liability-based awards is recognized ratably over the requisite service period of approximately three years. We account for share-based awards that will be settled in shares of our common stock as equity-based awards, which include performance units, restricted stock units, and restricted stock 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 shares to be achieved is updated each reporting period based on the number of units expected to vest and, where applicable, the level of achievement of predefined performance goals, until the date of settlement. Share-based compensation expense related to equity-based awards is recognized ratably over the requisite service period ranging from three months to three years. The fair value of stock option grants is estimated on the date of grant using the Black-Scholes stock option pricing model. We grant non-qualified stock options that are performance-based and service-based. The performance-based awards are recognized on a straight-line basis over the performance period ranging up 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 |
Common Stock in Treasury | Common Stock in Treasury Common stock purchased for treasury is recorded at historical cost. Subsequent share reissuances are primarily related to share-based compensation programs and recorded at weighted-average cost. |
Income Per Common Share | Income (Loss) Per Common Share Diluted income 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 available to common stockholders and assumes conversion of all potential shares other than the participating securities. The as-converted method uses net income 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 income 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 per share. The adjustment to the carrying value of the redeemable noncontrolling interest is reflected in income per common share. |
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. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. 1/1/2022 We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements and if there are applicable provisions that will simplify our accounting or reporting we will likely pursue early adoption. Standard Description Date of adoption Effect on the financial statements Standards Recently Adopted ASU 2016-13 , Financial Instruments – Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments The amendment eliminates the incurred credit loss impairment methodology and replaces it with an expected credit loss concept based on historical experience, current conditions, and reasonable and supportable forecasts. 1/1/2020 We adopted this new standard on a modified retrospective basis. The adoption of this new standard on January 1, 2020 did not have a material impact on our consolidated financial statements. ASU 2020-04 , Reference Rate Reform (Topic 848) The amendment provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. Topic 848 provides optional expedients and exceptions for applying U.S. GAAP to transactions affected by reference rate reform if certain criteria are met. 3/12/2020 Topic 848 was effective beginning on March 12, 2020, and we will apply the amendments prospectively through December 31, 2022. There was no impact to our consolidated financial statements as a result of adopting this amendment. 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. |
Overview and Summary of Signi_3
Overview and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Corrections to Prior Period Adjustments | We determined that the error is not material to the previously issued financial statements. Note 2 – Revenue and Related Contract Costs and Contract Liabilities, Note 23 – Segment Information, and Note 24 – Selected Quarterly Financial Information reflect this correction. Year Ended December 31, 2019 2018 (in thousands) Services Revenue Cost of Services Services Revenue Cost of Services As previously reported $ 1,170,493 $ 1,100,146 $ 1,110,249 $ 1,039,403 Gross to net correction for GES North America (51,927 ) (51,927 ) (43,603 ) (43,603 ) Gross to net correction for GES EMEA (17,032 ) (17,032 ) (15,257 ) (15,257 ) Total as corrected $ 1,101,534 $ 1,031,187 $ 1,051,389 $ 980,543 |
Schedule of Cash and Cash Equivalents and Restricted Cash Balances | Cash, cash equivalents, and restricted cash balances presented in the Consolidated Statements of Cash Flows consisted of the following: December 31, (in thousands) 2020 2019 Cash and cash equivalents $ 39,545 $ 61,999 Restricted cash included in other current assets 2,426 5 Cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 41,971 $ 62,004 |
Revenue and Related Contract _2
Revenue and Related Contract Costs and Contract Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Changes in Contract Liabilities | Changes to contract liabilities are as follows: (in thousands) Balance at January 1, 2019 $ 35,600 Cash additions 210,871 Revenue recognized (196,158 ) Foreign exchange translation adjustment 483 Balance at December 31, 2019 50,796 Cash additions 154,057 Revenue recognized (186,518 ) Foreign exchange translation adjustment 283 Balance at December 31, 2020 $ 18,618 |
Summary of Changes in Contract Costs | Changes to contract costs are as follows: (in thousands) Balance at January 1, 2019 $ 21,478 Additions 74,274 Expenses (67,425 ) Cancelled (68 ) Foreign exchange translation adjustment 237 Balance at December 31, 2019 28,496 Additions 19,517 Expenses (25,381 ) Cancelled (11,482 ) Foreign exchange translation adjustment (315 ) Balance at December 31, 2020 $ 10,835 |
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 product line, timing of revenue recognition, and markets served: GES Year Ended December 31, 2020 (in thousands) GES North America GES EMEA Intersegment Eliminations Total Services: Core services $ 231,666 $ 33,556 $ — $ 265,222 Audio-visual 20,148 4,126 — 24,274 Event technology 9,150 3,979 — 13,129 Intersegment eliminations — — (3,680 ) (3,680 ) Total services 260,964 41,661 (3,680 ) 298,945 Products: Core products 27,957 11,723 — 39,680 Total revenue $ 288,921 $ 53,384 $ (3,680 ) $ 338,625 Timing of revenue recognition: Services transferred over time $ 260,964 $ 41,661 $ (3,680 ) $ 298,945 Products transferred over time ( 1) 13,068 2,449 — 15,517 Products transferred at a point in time 14,889 9,274 — 24,163 Total revenue $ 288,921 $ 53,384 $ (3,680 ) $ 338,625 Markets: Exhibitions $ 211,953 $ 40,077 $ — $ 252,030 Conferences 41,371 7,789 — 49,160 Corporate events 24,521 5,353 — 29,874 Consumer events 11,076 165 — 11,241 Intersegment eliminations — — (3,680 ) (3,680 ) Total revenue $ 288,921 $ 53,384 $ (3,680 ) $ 338,625 (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. Year Ended December 31, 2019 (in thousands) GES North America GES EMEA Intersegment Eliminations Total Services: Core services $ 701,721 $ 113,900 $ — $ 815,621 Audio-visual 78,178 24,197 — 102,375 Event technology 29,600 9,749 — 39,349 Intersegment eliminations — — (20,741 ) (20,741 ) Total services 809,499 147,846 (20,741 ) 936,604 Products: Core products 74,606 68,713 — 143,319 Total revenue $ 884,105 $ 216,559 $ (20,741 ) $ 1,079,923 Timing of revenue recognition: Services transferred over time $ 809,499 $ 147,846 $ (20,741 ) $ 936,604 Products transferred over time ( 1) 45,597 16,071 — 61,668 Products transferred at a point in time 29,009 52,642 — 81,651 Total revenue $ 884,105 $ 216,559 $ (20,741 ) $ 1,079,923 Markets: Exhibitions $ 463,653 $ 159,397 $ — $ 623,050 Conferences 253,511 24,499 — 278,010 Corporate events 139,935 31,627 — 171,562 Consumer events 27,006 1,036 — 28,042 Intersegment eliminations — — (20,741 ) (20,741 ) Total revenue $ 884,105 $ 216,559 $ (20,741 ) $ 1,079,923 (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. Year Ended December 31, 2018 (in thousands) GES North America GES EMEA Intersegment Eliminations Total Services: Core services $ 689,804 $ 105,114 $ — $ 794,918 Audio-visual 73,331 22,011 — 95,342 Event technology 30,208 10,658 — 40,866 Intersegment eliminations — — (17,140 ) (17,140 ) Total services 793,343 137,783 (17,140 ) 913,986 Products: Core products 72,844 65,207 — 138,051 Total revenue $ 866,187 $ 202,990 $ (17,140 ) $ 1,052,037 Timing of revenue recognition: Services transferred over time $ 793,343 $ 137,783 $ (17,140 ) $ 913,986 Products transferred over time ( 1) 44,109 16,084 — 60,193 Products transferred at a point in time 28,735 49,123 — 77,858 Total revenue $ 866,187 $ 202,990 $ (17,140 ) $ 1,052,037 Markets: Exhibitions $ 486,400 $ 149,338 $ — $ 635,738 Conferences 223,096 24,209 — 247,305 Corporate events 126,084 27,413 — 153,497 Consumer events 30,607 2,030 — 32,637 Intersegment eliminations — — (17,140 ) (17,140 ) Total revenue $ 866,187 $ 202,990 $ (17,140 ) $ 1,052,037 (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 Year Ended December 31, (in thousands) 2020 2019 2018 Services: Admissions $ 19,939 $ 85,371 $ 83,000 Accommodations 29,800 60,672 37,470 Transportation 2,694 14,594 13,956 Travel planning 467 5,979 4,529 Intersegment eliminations (317 ) (1,686 ) (1,551 ) Total services revenue 52,583 164,930 137,404 Products: Food and beverage 10,295 31,838 25,962 Retail operations 13,932 26,045 21,921 Total products revenue 24,227 57,883 47,883 Total revenue $ 76,810 $ 222,813 $ 185,287 Timing of revenue recognition: Services transferred over time $ 52,583 $ 164,930 $ 137,404 Products transferred at a point in time 24,227 57,883 47,883 Total revenue $ 76,810 $ 222,813 $ 185,287 Markets: Banff Jasper Collection $ 46,913 $ 133,229 $ 106,106 Alaska Collection 6,282 39,406 36,451 Glacier Park Collection 17,596 37,121 31,465 FlyOver 6,019 13,057 11,265 Total revenue $ 76,810 $ 222,813 $ 185,287 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share-Based Compensation (income) expense | The following table summarizes share-based compensation (income) expense: Year Ended December 31, (in thousands) 2020 2019 2018 Performance unit incentive plan (“PUP”) $ (2,187 ) $ 3,990 $ 2,260 Restricted stock awards and restricted stock units 4,523 3,200 2,610 Stock options 317 — — Share-based compensation expense before income tax 2,653 7,190 4,870 Income tax benefit ( 1) — (2,241 ) (1,227 ) Share-based compensation expense, net of income tax $ 2,653 $ 4,949 $ 3,643 (1) There was no income tax benefit for the year ended 2020 due to the valuation allowance on our deferred tax assets. Refer to Note 17 – Income Taxes. |
Summary of Activity of the Outstanding PUP Awards | The following table summarizes the activity of the outstanding PUP awards: Equity-Based PUP Awards Liability-Based PUP Awards Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Balance at December 31, 2019 59,714 $ 55.10 155,190 $ 52.53 Granted 32,367 $ 56.23 52,531 $ 56.10 Vested — $ — (67,866 ) $ 47.43 Forfeited (30,873 ) $ 52.15 (18,370 ) $ 56.40 Balance at December 31, 2020 61,208 $ 57.18 121,485 $ 56.34 |
Summary of Stock Option Activity | The following table summarizes stock option activity: Shares Weighted-Average Exercise Price Aggregate Intrinsic Value ( 1) Options outstanding and exercisable at December 31, 2019 41,143 $ 16.62 Granted 204,150 $ 19.98 Exercised (41,143 ) $ 16.62 Options outstanding at December 31, 2020 204,150 $ 19.98 $ 3,305,928 Options exercisable at December 31, 2020 — $ — $ — (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 December 31, 2020: 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 8.00 $ 19.30 — $ — $ 21.85 54,150 6.65 $ 21.85 — $ — $19.30 - $21.85 204,150 7.64 $ 19.98 — $ — |
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 and the underlying assumptions used in assessing fair value: Year Ended December 31, 2020 Assumptions used to estimate fair value of stock options granted: Risk-free interest rate 0.27% - 0.31% Expected life 4.3 - 5.4 years Expected volatility 46.9% - 52.2% Expected dividend yield — Weighted average grant-date fair value per share of options granted $ 8.38 Cash received from exercise of options (in thousands) $ 2,077 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. (in thousands) Purchase price paid as: Cash $ 75,837 Net working capital adjustment 18 Consideration transferred 75,855 Right to manage (1,276 ) Purchase price, net 74,579 Fair value of net assets acquired: Accounts receivable $ 333 Inventories 152 Prepaid expenses 276 Property and equipment 103,642 Intangible assets 20,180 Total assets acquired 124,583 Accounts payable 329 Advanced deposits payable 400 Deferred tax liability 19,734 Other liabilities 16 Total liabilities assumed 20,479 Noncontrolling interest equity 49,719 Total fair value of net assets acquired 54,385 Excess purchase price over fair value of net assets acquired (“goodwill”) $ 20,194 |
Schedule of Proforma Results of Operations | The following table summarizes the unaudited pro forma results of operations attributable to Viad, assuming the completion of the Mountain Park Lodges acquisition was on January 1, 2018. We do not consider the Sky Lagoon attraction or the Belton Chalet significant acquisitions and accordingly, they are not included in the following pro forma results of operations: (in thousands, except per share data) Year Ended December 31, 2019 Year Ended December 31, 2018 Revenue $ 1,310,997 $ 1,264,664 Depreciation and amortization $ 61,597 $ 62,261 Income from continuing operations $ 22,195 $ 48,312 Net income attributable to Viad $ 21,337 $ 49,070 Diluted income per share $ 0.99 $ 2.39 Basic income per share $ 0.99 $ 2.40 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories consisted of the following: December 31, (in thousands) 2020 2019 Raw materials $ 3,362 $ 11,788 Finished goods 5,365 5,481 Inventories $ 8,727 $ 17,269 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following: December 31, (in thousands) 2020 2019 Prepaid insurance $ 4,297 $ 5,573 Prepaid software maintenance 3,058 3,875 Restricted cash 2,426 5 Prepaid vendor payments 1,835 4,698 Prepaid taxes 345 917 Income tax receivable 337 13,250 Prepaid other 1,296 1,904 Other 3,631 632 Other current assets $ 17,225 $ 30,854 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following: December 31, (in thousands) 2020 2019 Land and land interests ( 1) $ 32,849 $ 34,532 Buildings and leasehold improvements 386,751 377,754 Equipment and other 401,288 417,239 Gross property and equipment 820,888 829,525 Accumulated depreciation (352,100 ) (353,974 ) Property and equipment, net (excluding finance leases) 468,788 475,551 Finance lease ROU assets, net 23,366 25,350 Property and equipment, net $ 492,154 $ 500,901 (1) Land and land interests include certain leasehold interests in land within Pursuit for which we are considered to have perpetual use rights. The carrying amount of these leasehold interests was $8.3 million as of December 31, 2020 and $8.2 million as of December 31, 2019. These land interests are not subject to amortization. |
Other Investments and Assets (T
Other Investments and Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Summary of Other Investments and Assets | Other investments and assets consisted of the following: December 31, (in thousands) 2020 2019 Self-insured liability receivable $ 6,358 $ 9,982 Other mutual funds 3,457 3,107 Contract costs 2,912 3,961 Cash surrender value of life insurance — 24,873 Other 2,765 3,196 Other investments and assets $ 15,492 $ 45,119 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of the Goodwill Balances by Component and Segment | The changes in the carrying amount of goodwill are as follows: (in thousands) GES North America GES EMEA Pursuit Total Balance at December 31, 2018 $ 154,944 $ 29,954 $ 76,432 $ 261,330 Business acquisitions — — 20,684 20,684 Foreign currency translation adjustments 332 875 4,762 5,969 Balance at December 31, 2019 155,276 30,829 101,878 287,983 Goodwill impairment (154,989 ) (29,042 ) (1,758 ) (185,789 ) Foreign currency translation adjustments (287 ) (1,787 ) 1,659 (415 ) Other — — (1,932 ) (1,932 ) Balance at December 31, 2020 $ — $ — $ 99,847 $ 99,847 |
Goodwill by reporting unit and segment | The following table summarizes goodwill by reporting unit and segment: December 31, (in thousands) 2020 2019 GES: GES North America: U.S. $ — $ 148,277 Canada — 6,999 GES EMEA — 30,829 Total GES — 186,105 Pursuit: Banff Jasper Collection 54,856 55,524 Alaska Collection 3,184 3,184 Glacier Park Collection — 1,758 FlyOver 41,807 41,412 Total Pursuit 99,847 101,878 Total Goodwill $ 99,847 $ 287,983 |
Summary of Other Intangible Assets | Other intangible assets consisted of the following: December 31, 2020 December 31, 2019 (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 6.4 $ 38,214 $ (26,288 ) $ 11,926 $ 72,219 $ (40,866 ) $ 31,353 Operating contracts and licenses 36.7 42,012 (2,405 ) 39,607 43,329 (1,881 ) 41,448 In-place lease 13.3 15,347 (656 ) 14,691 15,044 (231 ) 14,813 Tradenames 5.3 5,940 (2,435 ) 3,505 9,423 (4,338 ) 5,085 Non-compete agreements 1.0 770 (616 ) 154 2,077 (1,775 ) 302 Other 7.2 818 (102 ) 716 802 (66 ) 736 Total amortized intangible assets 103,101 (32,502 ) 70,599 142,894 (49,157 ) 93,737 Indefinite-lived intangible assets: Business licenses 573 — 573 571 — 571 Other intangible assets $ 103,674 $ (32,502 ) $ 71,172 $ 143,465 $ (49,157 ) $ 94,308 |
Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization | At December 31, 2020, the estimated future amortization expense related to intangible assets subject to amortization is as follows: (in thousands) Year ending December 31, 2021 $ 5,216 2022 5,129 2023 4,466 2024 3,510 2025 2,218 Thereafter 50,060 Total $ 70,599 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Current [Abstract] | |
Other Current Liabilities | Other current liabilities consisted of the following: December 31, (in thousands) 2020 2019 Continuing operations: Self-insured liability $ 5,715 $ 5,668 Accrued interest payable 3,042 399 Accrued restructuring 2,479 2,130 Accrued employee benefit costs 2,363 3,564 Current portion of pension and postretirement liabilities 1,805 1,899 Accrued professional fees 1,691 1,248 Accrued sales and use taxes 1,547 5,451 Commissions payable 903 8,274 Accommodation services deposits 304 959 Accrued legal settlement — 2,500 Accrued dividends — 2,019 Other taxes 1,872 278 Other 4,819 4,788 Total continuing operations 26,540 39,177 Discontinued operations: Environmental remediation liabilities 61 311 Self-insured liability 347 260 Other 91 76 Total discontinued operations 499 647 Total other current liabilities $ 27,039 $ 39,824 |
Other Deferred Items and Liab_2
Other Deferred Items and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Deferred Items and Liabilities | Other deferred items and liabilities consisted of the following: December 31, (in thousands) 2020 2019 Continuing operations: Foreign deferred tax liability $ 21,336 $ 32,570 Multi-employer pension plan withdrawal liability 15,864 15,693 Self-insured liability 6,662 8,682 Self-insured excess liability 6,358 9,982 Accrued compensation 5,821 7,485 Accrued restructuring 2,751 2,383 Contract liabilities 23 125 Other 1,456 2,423 Total continuing operations 60,271 79,343 Discontinued operations: Environmental remediation liabilities 2,179 1,964 Self-insured liability 1,639 2,018 Other 539 382 Total discontinued operations 4,357 4,364 Total other deferred items and liabilities $ 64,628 $ 83,707 |
Debt and Finance Lease Obliga_2
Debt and Finance Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt and Finance Lease Obligations | The components of debt and finance lease obligations consisted of the following: December 31, (in thousands, except interest rates) 2020 2019 2018 Credit Facility, 4.5% weighted-average interest rate at December 31, 2020 and 3.9% at December 31, 2019, due through 2023 (1) $ 266,762 $ 311,464 FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at December 31, 2020 and 2019, due through 2023 (1) 5,820 5,607 FlyOver Iceland Term Loans, 3.8% weighted-average interest rate at December 31, 2020, due through 2024 (1) 705 — Less unamortized debt issuance costs (2,737 ) (1,836 ) Total debt (2) 270,550 315,235 Finance lease obligations, 8.0% weighted-average interest rate at December 31, 2020 and 7.7% at December 31, 2019, due through 2039 23,141 25,257 Total debt and finance lease obligations (3) 293,691 340,492 Current portion (4) (8,335 ) (5,330 ) Long-term debt and finance lease obligations $ 285,356 $ 335,162 (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 weighted-average interest rate on total debt (including unamortized debt issuance costs and commitment fees) was 4.6% for 2020, 4.2% for 2019 and 4.3% for 2018. The estimated fair value of total debt and finance leases was $254.0 million as of December 31, 2020 and $304.0 million as of December 31, 2019. 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. (3) Cash paid for interest on debt was $14.0 million during 2020, $11.9 million during 2019, and $8.5 million during 2018. (4) Subsequent to the filing of our 2019 Form 10-K, we identified a correction related to the classification of the 2018 Credit Facility (as defined below) from current to long-term given that the 2018 Credit Facility’s contractual maturity was not within 12 months |
Schedule of Aggregate Annual Maturities of Long-term Debt | Aggregate annual maturities of long-term debt (excluding finance leases) as of December 31, 2020 are as follows: (in thousands) Credit Facilities Year ending December 31, 2021 $ 5,820 2022 53 2023 267,306 2024 108 2025 — Thereafter — Total $ 273,287 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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) 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 $ — $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds ( 1) $ 123 $ 123 $ — $ — Other mutual funds ( 2) 3,107 3,107 — — Total assets at fair value on a recurring basis $ 3,230 $ 3,230 $ — $ — (1) We include money market funds in “Cash and cash equivalents” in the Consolidated Balance Sheets. We classify these investments as available-for-sale and recorded 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 Consolidated Balance Sheets. |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Income Per Share | The components of basic and diluted income per share are as follows: Year Ended December 31, (in thousands, except per share data) 2020 2019 2018 Net income (loss) attributable to Viad (diluted) $ (374,094 ) $ 22,035 $ 49,170 Less: Allocation to non-vested shares — (147 ) (458 ) Convertible preferred stock dividends (3,006 ) — — Adjustment to the redemption value of redeemable noncontrolling interest (926 ) (1,318 ) (251 ) Net income (loss) allocated to Viad common stockholders (basic) $ (378,026 ) $ 20,570 $ 48,461 Basic weighted-average outstanding common shares 20,279 20,146 20,168 Additional dilutive shares related to share-based compensation — 138 236 Diluted weighted-average outstanding shares 20,279 20,284 20,404 Income (loss) per share: Basic income (loss) attributable to Viad common stockholders $ (18.64 ) $ 1.02 $ 2.40 Diluted income (loss) attributable to Viad common stockholders (1) $ (18.64 ) $ 1.02 $ 2.40 (1) Diluted loss per share amount cannot exceed basic loss per share. |
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: Year Ended December 31, 2020 2019 2018 Convertible preferred stock (as converted to common stock) 6,406,324 — — Unvested restricted share-based awards 115,089 8,000 500 Stock options 24,205 — — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (“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, 2018 $ (36,332 ) $ (11,643 ) $ (47,975 ) Other comprehensive income (loss) before reclassifications 12,533 (10 ) 12,523 Amounts reclassified from AOCI, net of tax — (247 ) (247 ) Net other comprehensive income (loss) 12,533 (257 ) 12,276 Balance at December 31, 2019 $ (23,799 ) $ (11,900 ) $ (35,699 ) Other comprehensive income (loss) before reclassifications 7,113 (27 ) 7,086 Amounts reclassified from AOCI, net of tax — (2,028 ) (2,028 ) Net other comprehensive income (loss) 7,113 (2,055 ) 5,058 Balance at December 31, 2020 $ (16,686 ) $ (13,955 ) $ (30,641 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Income from Continuing Operations before Income Taxes | Income from continuing operations before income taxes consisted of the following: Year Ended December 31, (in thousands) 2020 2019 2018 Foreign $ (95,919 ) $ 49,171 $ 54,753 United States (264,940 ) (23,061 ) 10,256 Income (loss) from continuing operations before income taxes $ (360,859 ) $ 26,110 $ 65,009 |
Summary of Significant Components of the Income Tax Provision From Continuing Operations | Significant components of the income tax provision from continuing operations are as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Current: United States: Federal $ (128 ) $ (2,260 ) $ 41 State 674 1,400 (335 ) Foreign (1,397 ) 13,764 12,039 Total current (851 ) 12,904 11,745 Deferred: United States: Federal 17,171 (3,355 ) 1,860 State 2,896 (1,619 ) 860 Foreign (4,970 ) (5,424 ) 2,630 Total deferred 15,097 (10,398 ) 5,350 Income tax expense $ 14,246 $ 2,506 $ 17,095 |
Reconciliation of Income Tax Expense | Year Ended December 31, (in thousands) 2020 2019 2018 Computed income tax (benefit) expense at statutory federal income tax rate $ (75,780 ) 21.0 % $ 5,483 21.0 % $ 13,665 21.0 % State income tax (benefit), net of federal benefit (4,138 ) 1.1 % (173 ) (0.2 )% 3,489 5.4 % Deemed mandatory repatriation state tax — 0.0 % — 0.0 % (909 ) (1.4 )% Deemed mandatory repatriation federal tax, net of foreign tax credit — 0.0 % — 0.0 % (1,690 ) (2.6 )% Remeasurement of deferred taxes due to change in tax rates — 0.0 % (4,517 ) (17.3 )% (510 ) (0.8 )% Foreign tax rate differential (401 ) 0.1 % 3,122 12.0 % 4,138 6.4 % U.S. tax (benefit) on current year foreign earnings, net of foreign tax credits — 0.0 % (1,792 ) (6.9 )% (223 ) (0.3 )% Goodwill impairment 16,471 (4.6 )% — 0.0 % — 0.0 % Change in valuation allowance 77,369 (21.3 )% 920 1.8 % (653 ) (1.0 )% Other adjustments, net 725 (0.2 )% (537 ) (0.8 )% (212 ) (0.3 )% Income tax expense $ 14,246 (3.9 )% $ 2,506 9.6 % $ 17,095 26.4 % |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred income tax assets and liabilities included in the Consolidated Balance Sheets are as follows: December 31, (in thousands) 2020 2019 Deferred tax assets: Tax credit carryforwards $ 5,326 $ 7,879 Pension, compensation, and other employee benefits 11,991 17,231 Provisions for losses 4,623 4,778 Net operating loss carryforwards 44,358 5,371 State income taxes — 3,089 Leases 660 — Goodwill and other intangible assets 18,055 — Other deferred income tax assets 14,175 2,177 Total deferred tax assets 99,188 40,525 Valuation allowance (81,795 ) (4,276 ) Foreign deferred tax assets included above (7,717 ) (2,351 ) United States net deferred tax assets 9,676 33,898 Deferred tax liabilities: Property and equipment (24,017 ) (20,681 ) Goodwill and other intangible assets (8,846 ) (16,172 ) Leases (857 ) — Life insurance — (3,945 ) Other deferred income tax liabilities (4,485 ) (1,858 ) Total deferred tax liabilities (38,205 ) (42,656 ) Foreign deferred tax liabilities included above 28,490 31,192 United States net deferred tax assets (liabilities) $ (39 ) $ 22,434 |
Schedule of Unrecognized Tax Benefits | (in thousands) Balance at December 31, 2017 $ 1,425 Additions for tax positions taken in prior years 31 Reductions for lapse of applicable statutes (1,086 ) Balance at December 31, 2018 370 Additions for tax positions taken in prior years 151 Reductions for lapse of applicable statutes (296 ) Balance at December 31, 2019 225 Additions for tax positions taken in prior years 25 Reductions for lapse of applicable statutes — Balance at December 31, 2020 $ 250 |
Pension and Postretirement Be_2
Pension and Postretirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) of Viad's Postretirement Benefit Plans | The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our pension plans consist of the following: December 31, (in thousands) 2020 2019 2018 Net periodic benefit cost: Service cost $ — $ 61 $ 64 Interest cost 653 861 780 Expected return on plan assets (145 ) (99 ) (193 ) Recognized net actuarial loss 526 403 494 Net periodic benefit cost 1,034 1,226 1,145 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net actuarial (gain) loss 1,587 1,305 (76 ) Reversal of amortization item: Net actuarial loss (526 ) (403 ) (494 ) Total recognized in other comprehensive income 1,061 902 (570 ) Total recognized in net periodic benefit cost and other comprehensive income $ 2,095 $ 2,128 $ 575 The components of net periodic benefit cost and other amounts recognized in other comprehensive income of our postretirement benefit plans consist of the following: December 31, (in thousands) 2020 2019 2018 Net periodic benefit cost: Service cost $ 51 $ 64 $ 80 Interest cost 296 458 449 Amortization of prior service credit (146 ) (189 ) (205 ) Recognized net actuarial loss 18 112 405 Net periodic benefit cost 219 445 729 Other changes in plan assets and benefit obligations recognized in other comprehensive income: Net actuarial (gain) loss 688 (1,117 ) 170 Prior service credit — — — Reversal of amortization item: Net actuarial loss (18 ) (112 ) (405 ) Prior service credit 146 189 205 Total recognized in other comprehensive income 816 (1,040 ) (30 ) Total recognized in net periodic benefit cost and other comprehensive income $ 1,035 $ (595 ) $ 699 December 31, (in thousands) 2020 2019 2018 Net periodic benefit cost: Service cost $ 444 $ 405 $ 552 Interest cost 365 397 381 Expected return on plan assets (530 ) (487 ) (505 ) Recognized net actuarial loss 162 127 139 Settlement — — — Net periodic benefit cost 441 442 567 Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): Net actuarial loss 368 605 (238 ) Reversal of amortization of net actuarial loss (162 ) (127 ) (139 ) Total recognized in other comprehensive income (loss) 206 478 (377 ) Total recognized in net periodic benefit cost and other comprehensive income (loss) $ 647 $ 920 $ 190 |
Summary of Funded Status of the Plans | The following table indicates the funded status of the plans as of December 31: Postretirement Funded Plans Unfunded Plans Benefit Plans (in thousands) 2020 2019 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 15,572 $ 14,235 $ 9,462 $ 9,271 $ 11,986 $ 13,454 Service cost — — — 61 51 64 Interest cost 406 527 247 333 296 458 Actuarial adjustments 1,242 1,611 784 753 688 (1,117 ) Benefits paid (889 ) (801 ) (717 ) (956 ) (802 ) (873 ) Benefit obligation at end of year 16,331 15,572 9,776 9,462 12,219 11,986 Change in plan assets: Fair value of plan assets at beginning of year 11,291 10,299 — — — — Actual return on plan assets 584 1,157 — — — — Company contributions 892 636 717 956 802 873 Benefits paid (889 ) (801 ) (717 ) (956 ) (802 ) (873 ) Fair value of plan assets at end of year 11,878 11,291 — — — — Funded status at end of year $ (4,453 ) $ (4,281 ) $ (9,776 ) $ (9,462 ) $ (12,219 ) $ (11,986 ) The following table represents the funded status of the plans as of December 31: Funded Plans Unfunded Plans (in thousands) 2020 2019 2020 2019 Change in benefit obligation: Benefit obligation at beginning of year $ 9,990 $ 8,134 $ 2,331 $ 2,290 Service cost 444 405 — — Interest cost 295 320 70 77 Actuarial adjustments 686 1,037 111 106 Benefits paid (743 ) (336 ) (180 ) (178 ) Translation adjustment 244 430 117 36 Benefit obligation at end of year 10,916 9,990 2,449 2,331 Change in plan assets: Fair value of plan assets at beginning of year 10,013 8,243 — — Actual return on plan assets 1,044 1,156 — — Company contributions 253 515 180 178 Benefits paid (743 ) (336 ) (180 ) (178 ) Translation adjustment 231 435 — — Fair value of plan assets at end of year 10,798 10,013 — — Funded status at end of year $ (118 ) $ 23 $ (2,449 ) $ (2,331 ) |
Net Amount Recognized in Consolidated Balance Sheets | The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 are as follows: Postretirement Funded Plans Unfunded Plans Benefit Plans (in thousands) 2020 2019 2020 2019 2020 2019 Other current liabilities $ — $ — $ 687 $ 703 $ 931 $ 1,019 Non-current liabilities 4,453 4,281 9,089 8,759 11,288 10,967 Net amount recognized $ 4,453 $ 4,281 $ 9,776 $ 9,462 $ 12,219 $ 11,986 The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows: Funded Plans Unfunded Plans (in thousands) 2020 2019 2020 2019 Non-current assets $ (31 ) $ (43 ) $ — $ — Other current liabilities — — 187 177 Non-current liabilities 149 20 2,262 2,154 Net amount recognized $ 118 $ (23 ) $ 2,449 $ 2,331 |
Amounts Recognized in AOCI | Amounts recognized in AOCI as of December 31 are as follows: Postretirement Funded Plans Unfunded Plans Benefit Plans Total Total (in thousands) 2020 2019 2020 2019 2020 2019 2020 2019 Net actuarial loss $ 9,252 $ 8,856 $ 3,409 $ 2,744 $ 1,990 $ 1,320 $ 14,651 $ 12,920 Prior service credit — — — — 189 43 189 43 Subtotal 9,252 8,856 3,409 2,744 2,179 1,363 14,840 12,963 Less tax effect — (2,236 ) — (693 ) — (344 ) — (3,273 ) Total $ 9,252 $ 6,620 $ 3,409 $ 2,051 $ 2,179 $ 1,019 $ 14,840 $ 9,690 |
Fair Value of Plans' Assets by Asset Class | The fair value of the domestic plans’ assets by asset class are as follows: Fair Value Measurements at December 31, 2020 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) Domestic pension plans: Fixed income securities $ 6,430 $ 6,430 $ — $ — Equity securities 4,485 4,485 — — Cash 774 774 — — Other 189 — 189 — Total $ 11,878 $ 11,689 $ 189 $ — Fair Value Measurements at December 31, 2019 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) Domestic pension plans: Fixed income securities $ 5,267 $ 5,267 $ — $ — Equity securities 5,518 5,518 — — Cash 316 316 — — Other 190 — 190 — Total $ 11,291 $ 11,101 $ 190 $ — The fair value information related to the foreign pension plans’ assets is summarized in the following tables: 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 Unobserved Inputs (Level 3) Assets: Fixed income securities $ 5,450 $ 5,450 $ — $ — Equity securities 5,153 5,153 — — Other 195 195 — — Total $ 10,798 $ 10,798 $ — $ — Fair Value Measurements at Reporting Date Using (in thousands) December 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobserved Inputs (Level 3) Assets: Fixed income securities $ 5,194 $ 5,194 $ — $ — Equity securities 4,669 4,669 — — Other 150 150 — — Total $ 10,013 $ 10,013 $ — $ — |
Payments and Receipts Reflecting Expected Future Service | The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid: (in thousands) Funded Plans Unfunded Plans Postretirement Benefit Plans 2021 $ 1,439 $ 695 $ 943 2022 $ 1,020 $ 699 $ 925 2023 $ 1,012 $ 684 $ 902 2024 $ 975 $ 666 $ 875 2025 $ 1,044 $ 648 $ 835 2026-2030 $ 4,641 $ 2,919 $ 3,541 The following payments, which reflect expected future service, as appropriate, are expected to be paid: (in thousands) Funded Plans Unfunded Plans 2021 $ 444 $ 190 2022 $ 402 $ 189 2023 $ 440 $ 188 2024 $ 442 $ 188 2025 $ 441 $ 187 2026-2030 $ 2,359 $ 920 |
Accumulated Benefit Obligation in Excess of Plan Assets | The accumulated benefit obligations in excess of plan assets as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans (in thousands) 2020 2019 2020 2019 Projected benefit obligation $ 16,331 $ 15,572 $ 9,776 $ 9,462 Accumulated benefit obligation $ 16,331 $ 15,572 $ 9,776 $ 9,454 Fair value of plan assets $ 11,878 $ 11,291 $ — $ — Foreign Plans Funded Plans Unfunded Plans (in thousands) 2020 2019 2020 2019 Projected benefit obligation $ 10,916 $ 9,990 $ 2,449 $ 2,331 Accumulated benefit obligation $ 10,447 $ 9,347 $ 2,449 $ 2,331 Fair value of plan assets $ 10,798 $ 10,013 $ — $ — |
Weighted-Average Assumptions Used to Determine Benefit Obligations | Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans Postretirement Benefit Plans Foreign Plans 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate 2.38 % 3.15 % 2.35 % 3.13 % 2.47 % 3.17 % 2.34 % 2.92 % Rate of compensation increase N/A N/A 3.00 % 3.00 % N/A N/A 2.35 % 2.34 % Weighted-average assumptions used to determine net periodic benefit costs as of December 31 were as follows: Domestic Plans Funded Plans Unfunded Plans Postretirement Benefit Plans Foreign Plans 2020 2019 2020 2019 2020 2019 2020 2019 Discount rate 3.12 % 4.28 % 3.13 % 4.22 % 3.19 % 4.29 % 2.93 % 3.68 % Expected return on plan assets 5.50 % 5.50 % N/A N/A 0.00 % 0.00 % 4.39 % 4.55 % Rate of compensation increase N/A N/A 3.00 % 3.00 % N/A N/A 2.35 % 2.34 % |
Multi-Employer Pension Plans | The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented. Plan Pension Protection Act Zone Status FIP/RP Status Pending/ Implemented Viad Contributions Surcharge Paid Expiration Date of Collective Bargaining Agreement(s) (in thousands) EIN No. 2020 2019 2020 2019 2018 Pension Fund: Western Conference of Teamsters Pension Plan 91-6145047 1 Green Green No $ 2,898 $ 6,754 $ 6,471 No 5/31/2021 Southern California Local 831—Employer Pension Fund (1) 95-6376874 1 Green Green No 943 3,427 3,087 No 8/31/2021 IBEW Local Union No 357 Pension Plan A 88-6023284 1 Green Green No 843 1,074 1,025 No 6/16/2021 Chicago Regional Council of Carpenters Pension Fund 36-6130207 1 Green Green Yes 608 2,877 2,876 No 5/31/2024 Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2 51-6030753 2 Green Green No 509 1,651 927 No 6/6/2021 Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan (1) 36-1416355 11 Yellow Yellow Yes 337 797 1,328 Yes 6/30/2024 Southwest Carpenters Pension Trust 95-6042875 1 Green Green No 195 717 789 No 7/31/2023 Sign Pictorial & Display Industry Pension Plan (1) 94-6278490 1 Green Green No 92 768 778 No 3/31/2021 Southern California IBEW-NECA Pension Fund 95-6392774 1 Yellow Yellow Yes 89 799 881 Yes 8/31/2021 New England Teamsters & Trucking Industry Pension 04-6372430 1 Red Red Yes 42 506 423 No 3/31/2022 Central States, Southeast and Southwest Areas Pension Plan 36-6044243 1 Red Red Yes 7 872 1,177 No 3/31/2023 All other funds (2) 963 3,625 3,734 Total contributions to defined benefit plans 7,526 23,867 23,496 Total contributions to other plans 1,066 3,416 2,900 Total contributions to multi-employer plans $ 8,592 $ 27,283 $ 26,396 (1) We contributed more than 5% of total plan contributions for the plan year detailed in the plans’ most recent Form 5500s. (2) Represents participation in 31 pension funds during 2020. |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring And Related Activities [Abstract] | |
Changes to Restructuring Liability by Major Restructuring Activity | Changes to the restructuring liability by major restructuring activity are as follows: GES Other Restructurings (in thousands) Severance & Employee Benefits Facilities Severance & Employee Benefits Total Balance at December 31, 2017 $ 1,551 $ 807 $ 191 $ 2,549 Restructuring charges 1,457 — 130 1,587 Cash payments (1,379 ) (156 ) (181 ) (1,716 ) Adjustment to liability 410 (451 ) (128 ) (169 ) Balance at December 31, 2018 2,039 200 12 2,251 Restructuring charges 6,071 1,817 492 8,380 Cash payments (5,169 ) (752 ) (272 ) (6,193 ) Adjustment to liability (6 ) 74 7 75 Balance at December 31, 2019 2,935 1,339 239 4,513 Restructuring charges 6,563 5,784 1,093 13,440 Cash payments (7,051 ) (2,573 ) (1,201 ) (10,825 ) Non-cash items (1) — (1,789 ) — (1,789 ) Adjustment to liability (7 ) 5 (107 ) (109 ) Balance at December 31, 2020 $ 2,440 $ 2,766 $ 24 $ 5,230 (1) Represents the impact related to the closure and liquidation of GES’ United Kingdom-based audio-visual services business during the year ended December 31, 2020. |
Leases and Other (Tables)
Leases and Other (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: December 31, (in thousands) Classification on the Consolidated Balance Sheet 2020 2019 Assets: Operating lease assets Operating lease right-of-use assets $ 82,739 $ 103,314 Finance lease assets Property and equipment, net 23,366 25,350 Total lease assets $ 106,105 $ 128,664 Liabilities: Current: Operating lease obligations Operating lease obligations $ 15,697 $ 22,180 Finance lease obligations Current portion of debt and finance lease obligations 2,514 3,386 Noncurrent: Operating lease obligations Long-term operating lease obligations 70,150 82,851 Finance lease obligations Long-term debt and finance lease obligations 20,627 21,871 Total lease liabilities $ 108,988 $ 130,288 |
Components of Lease Expense | The components of lease expense consisted of the following: Year Ended December 31, (in thousands) 2020 2019 Finance lease cost: Amortization of right-of-use assets $ 3,662 $ 2,780 Interest on lease liabilities 1,668 924 Operating lease cost 27,259 26,511 Short-term lease cost 701 1,932 Variable lease cost 5,672 6,271 Total lease cost, net $ 38,962 $ 38,418 |
Schedule of Other Information Related to Operating and Finance Leases | Other information related to operating and finance leases are as follows: Year Ended December 31, (in thousands) 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 26,250 $ 28,146 Operating cash flows from finance leases $ 1,948 $ 502 Financing cash flows from finance leases $ 3,543 $ 2,698 ROU assets obtained in exchange for lease obligations: Operating leases $ 659 $ 125,755 Finance leases $ 2,141 $ 18,822 December 31, 2020 2019 Weighted-average remaining lease term (years): Operating leases 8.39 8.17 Finance leases 13.97 14.01 Weighted-average discount rate: Operating leases 6.93 % 5.77 % Finance leases 7.99 % 7.73 % |
Schedule of Estimated Future Minimum Lease Payments Under Non-cancellable Leases Excluding Variable Leases and Variable Non-lease Components | As of December 31, 2020, 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 2021 $ 22,046 $ 4,405 $ 26,451 2022 16,567 3,917 20,484 2023 13,489 3,397 16,886 2024 10,314 2,724 13,038 2025 8,994 2,193 11,187 Thereafter 45,101 22,973 68,074 Total future lease payments 116,511 39,609 156,120 Less: Amount representing interest (30,664 ) (16,468 ) (47,132 ) Present value of minimum lease payments 85,847 23,141 108,988 Current portion 15,697 2,514 18,211 Long-term portion $ 70,150 $ 20,627 $ 90,777 |
Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases | As of December 31, 2020, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own, are as follows: (in thousands) 2021 $ 1,612 2022 1,089 2023 869 2024 646 2025 493 Thereafter 1,332 Total minimum sublease rents $ 6,041 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2018 $ 5,909 Net loss attributable to redeemable noncontrolling interest (821 ) Adjustment to the redemption value 1,318 Foreign currency translation adjustment (234 ) Balance at December 31, 2019 6,172 Net loss attributable to redeemable noncontrolling interest (1,482 ) Adjustment to the redemption value 926 Foreign currency translation adjustment (391 ) Balance at December 31, 2020 $ 5,225 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Reconciliation of income statement items from reportable segments | Our reportable segments, with reconciliations to consolidated totals, are as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Revenue: GES: GES North America $ 288,921 $ 884,105 $ 866,187 GES EMEA 53,384 216,559 202,990 Intersegment eliminations (3,680 ) (20,741 ) (17,140 ) Total GES 338,625 1,079,923 1,052,037 Pursuit 76,810 222,813 185,287 Total revenue $ 415,435 $ 1,302,736 $ 1,237,324 Segment operating income (loss): GES: GES North America $ (56,446 ) $ 27,659 $ 29,981 GES EMEA (17,451 ) 8,274 9,621 Total GES (73,897 ) 35,933 39,602 Pursuit (42,343 ) 54,310 48,915 Segment operating income (loss) (116,240 ) 90,243 88,517 Corporate eliminations (1) 65 67 67 Corporate activities (8,687 ) (10,865 ) (10,993 ) Operating income (loss) (124,862 ) 79,445 77,591 Interest income 377 369 354 Interest expense (18,264 ) (14,199 ) (9,640 ) Multi-employer pension plan withdrawal (462 ) (15,693 ) — Other expense (1,132 ) (1,586 ) (1,744 ) Restructuring (charges) recoveries: GES North America (3,825 ) (6,157 ) (408 ) GES EMEA (8,522 ) (1,731 ) (1,049 ) Pursuit (132 ) (52 ) (140 ) Corporate (961 ) (440 ) 10 Impairment (charges) recoveries: GES North America (171,095 ) (5,346 ) — GES EMEA (30,223 ) — — Pursuit (1,758 ) — 35 Legal settlement: GES — (8,500 ) — Income (loss) from continuing operations before income taxes $ (360,859 ) $ 26,110 $ 65,009 (1) |
Reconciliation of assets from reportable segments | December 31, (in thousands) 2020 2019 2018 Assets: GES: GES North America $ 134,162 $ 475,279 $ 406,484 GES EMEA 50,644 132,975 111,798 Pursuit 620,413 589,205 357,630 Corporate and other 48,005 121,232 46,629 $ 853,224 $ 1,318,691 $ 922,541 Depreciation and amortization: GES: GES North America $ 24,022 $ 29,321 $ 30,855 GES EMEA 4,053 6,260 7,071 Pursuit 28,393 23,154 18,690 Corporate and other 97 229 226 $ 56,565 $ 58,964 $ 56,842 Capital expenditures: GES: GES North America $ 9,003 $ 19,099 $ 19,263 GES EMEA 1,388 7,098 7,065 Pursuit 43,176 49,934 56,865 Corporate and other — 16 152 $ 53,567 $ 76,147 $ 83,345 |
Financial information by major geographic area | The table below presents the financial information by major geographic area: December 31, (in thousands) 2020 2019 2018 Revenue: United States $ 290,541 $ 873,213 $ 850,839 EMEA 56,656 218,404 202,990 Canada 68,238 211,119 183,495 Total revenue $ 415,435 $ 1,302,736 $ 1,237,324 Long-lived assets: United States $ 173,790 $ 205,399 $ 182,140 EMEA 56,996 63,582 48,553 Canada 276,860 277,039 146,064 Total long-lived assets $ 507,646 $ 546,020 $ 376,757 |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly financial information | The following table sets forth selected unaudited consolidated quarterly financial information: 2020 2020 2019 (in thousands, except per share data) First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Revenue as previously reported $ 306,008 $ 30,863 $ 63,072 $ 285,594 $ 402,279 $ 353,743 $ 321,334 Gross to net correction ( 1) (11,350 ) (796 ) (265 ) (12,572 ) (25,815 ) (1,234 ) (20,593 ) Revenue as corrected $ 294,658 $ 30,067 $ 62,807 $ 27,903 $ 273,022 $ 376,464 $ 352,509 $ 300,741 Operating income (loss): Ongoing operations ( 2) $ (9,400 ) $ (49,736 ) $ (6,765 ) $ (50,274 ) $ (11,236 ) $ 46,442 $ 54,822 $ 141 Business interruption gain — — — — — 141 — — Corporate activities (789 ) (2,468 ) (2,645 ) (2,785 ) (1,833 ) (3,282 ) (2,680 ) (3,070 ) Interest income 79 176 58 64 98 83 79 109 Interest expense (4,018 ) (5,186 ) (5,508 ) (3,552 ) (2,915 ) (2,957 ) (3,740 ) (4,587 ) Multi-employer pension plan withdrawal — (462 ) — — — (15,508 ) — (185 ) Other expense, net (419 ) (265 ) (210 ) (238 ) (455 ) (456 ) (281 ) (394 ) Restructuring charges (851 ) (260 ) (11,259 ) (1,070 ) (688 ) (4,455 ) (1,702 ) (1,535 ) Legal settlement — — — — (8,500 ) — — — Impairment charges (88,380 ) (114,020 ) (676 ) — — — — (5,346 ) Income (loss) from continuing operations before income taxes $ (103,778 ) $ (172,221 ) $ (27,005 ) $ (57,855 ) $ (25,529 ) $ 20,008 $ 46,498 $ (14,867 ) Income (loss) from continuing operations attributable to Viad $ (86,131 ) $ (205,899 ) $ (29,769 ) $ (50,448 ) $ (17,490 ) $ 13,364 $ 31,557 $ (5,315 ) Net income (loss) attributable to Viad $ (86,585 ) $ (206,278 ) $ (30,758 ) $ (50,473 ) $ (17,777 ) $ 13,824 $ 31,416 $ (5,428 ) Diluted income (loss) per common share: (3) Income (loss) from continuing operations attributable to Viad common stockholders $ (4.27 ) $ (10.17 ) $ (1.54 ) $ (2.57 ) $ (0.88 ) $ 0.65 $ 1.54 $ (0.30 ) Net income (loss) attributable to Viad common stockholders $ (4.29 ) $ (10.19 ) $ (1.59 ) $ (2.58 ) $ (0.89 ) $ 0.67 $ 1.53 $ (0.31 ) (1) The quarterly financial data for the four quarters of 2019 and the first three quarters of 2020 were adjusted for immaterial errors related to the recognition of revenue of GES’ Corporate Accounts’ third-party services. Refer to Note 1 – Overview and Summary of Significant Accounting Policies for additional information. The Company intends to correct for these errors prospectively in subsequent quarterly filings. (2) Represents revenue less costs of services and cost of products sold. (3) The sum of quarterly income per share amounts may not equal annual income per share due to rounding. |
Overview and Summary of Signi_4
Overview and Summary of Significant Accounting Policies - Narrative (Details) | Aug. 05, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Jun. 08, 2019USD ($) | Dec. 31, 2018USD ($) |
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Number of reportable segments | Segment | 3 | ||||
Initial Investment | $ 135,000,000 | ||||
Fees | $ 9,200,000 | ||||
Cash Dividends Payable Percentage | 5.50% | ||||
Frequency of periodic payment of cumulative dividend | quarterly | ||||
Conversion price per share | $ / shares | $ 21.25 | ||||
Preferred stock redemption term | additional Convertible Preferred Stock, which we may access during the 12 months | ||||
Minimum liquidity requirement | $ 100,000,000 | ||||
Fees related to the amendment | $ 1,700,000 | ||||
Pledge percentage of capital stock | 100.00% | ||||
Non-cash goodwill impairment charge | 185,789,000 | ||||
Goodwill | $ 99,847,000 | $ 287,983,000 | $ 261,330,000 | ||
Remaining maturities of highly-liquid investments | three months or less | ||||
Proceeds from life insurance policy | $ 24,800,000 | ||||
Percentage of non equity ownership related redeemable noncontrolling interests | 54.50% | ||||
Share based compensation arrangements requisite service period | 2 years | ||||
Stock Options | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Share based compensation arrangements requisite service period | 2 years | ||||
Liability Based Awards | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Share based compensation arrangements requisite service period | 3 years | ||||
Glacier Park Inc | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Percentage of non-equity ownership related to non-redeemable noncontrolling interests | 20.00% | ||||
Mountain Park Lodges | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Goodwill | $ 20,194,000 | ||||
Percentage of non-equity ownership related to non-redeemable noncontrolling interests | 40.00% | ||||
Geothermal Lagoon Attraction | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Percentage of non-equity ownership related to non-redeemable noncontrolling interests | 49.00% | ||||
GES | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Non-cash goodwill impairment charge | $ 185,800,000 | ||||
Goodwill | 99,800,000 | $ 186,105,000 | |||
U.S Audio Visual Production Business | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Non-cash impairment charge to intangible assets | $ 15,700 | ||||
LIBOR rate [Member] | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Variable rate | 3.50% | ||||
Maximum | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Proceeds from issuance of additional preferred stock | $ 45,000,000 | ||||
Lease expiration period | 23 years | ||||
Share based compensation arrangement performance period | 3 years 4 months 24 days | ||||
Maximum | Equity Based Awards | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Share based compensation arrangements requisite service period | 3 years | ||||
Maximum | Building | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 40 years | ||||
Maximum | Equipment | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 12 years | ||||
Maximum | Land | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Lease expiration period | 47 years | ||||
Minimum [Member] | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Share based compensation arrangement performance period | 1 year | ||||
Minimum [Member] | Equity Based Awards | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Share based compensation arrangements requisite service period | 3 months | ||||
Minimum [Member] | Building | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 15 years | ||||
Minimum [Member] | Equipment | |||||
Overview and Summary of Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 3 years |
Overview and Summary of Signi_5
Overview and Summary of Significant Accounting Policies - Schedule of Corrections to Prior Period Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenue | $ 415,435 | $ 1,302,736 | $ 1,237,324 | |||||||
Services | ||||||||||
Total revenue | 351,528 | 1,101,534 | 1,051,389 | |||||||
Costs and expenses | 457,827 | 1,031,187 | 980,543 | |||||||
Cost of Services | ||||||||||
Costs and expenses | 1,031,187 | 980,543 | ||||||||
GES | ||||||||||
Total revenue | $ 338,625 | 1,079,923 | 1,052,037 | |||||||
Previously Reported | ||||||||||
Total revenue | $ 63,072 | $ 30,863 | $ 306,008 | $ 321,334 | $ 353,743 | $ 402,279 | $ 285,594 | |||
Previously Reported | Services | ||||||||||
Total revenue | 1,170,493 | 1,110,249 | ||||||||
Previously Reported | Cost of Services | ||||||||||
Costs and expenses | 1,100,146 | 1,039,403 | ||||||||
Revision Of Prior Period Error Correction Adjustment | GES | North America | Services | ||||||||||
Total revenue | (51,927) | (43,603) | ||||||||
Revision Of Prior Period Error Correction Adjustment | GES | North America | Cost of Services | ||||||||||
Costs and expenses | (51,927) | (43,603) | ||||||||
Revision Of Prior Period Error Correction Adjustment | GES | EMEA | Services | ||||||||||
Total revenue | (17,032) | (15,257) | ||||||||
Revision Of Prior Period Error Correction Adjustment | GES | EMEA | Cost of Services | ||||||||||
Costs and expenses | $ (17,032) | $ (15,257) |
Overview and Summary of Signi_6
Overview and Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 39,545 | $ 61,999 | ||
Restricted cash included in other current assets | $ 2,426 | $ 5 | ||
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 | $ 41,971 | $ 62,004 | $ 44,899 | $ 53,729 |
Revenue and Related Contract _3
Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue recognition description of capitalized contract costs | Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in cost of services or cost of products, as applicable | ||
Capitalized contract costs to obtain contracts | $ 900,000 | ||
Capitalized contract costs to fulfill contracts | $ 9,900,000 | ||
Impairment loss on capitalized contract costs | $ 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 [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Performance obligation payment terms | 30 days | ||
GES | Maximum | |||
Disaggregation Of Revenue [Line Items] | |||
Performance obligation payment terms | 60 days | ||
Pursuit | |||
Disaggregation Of Revenue [Line Items] | |||
Performance obligation description of payment terms | When credit is extended, payment terms are generally within 30 days and contain no significant financing components | ||
Performance obligation payment terms | 30 days |
Revenue and Related Contract _4
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Balance at January 1 | $ 50,796 | $ 35,600 |
Cash additions | 154,057 | 210,871 |
Revenue recognized | (186,518) | (196,158) |
Foreign exchange translation adjustment | 283 | 483 |
Balance at December 31 | $ 18,618 | $ 50,796 |
Revenue and Related Contract _5
Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Balance at January 1 | $ 28,496 | $ 21,478 |
Additions | 19,517 | 74,274 |
Expenses | (25,381) | (67,425) |
Cancelled | (11,482) | (68) |
Foreign exchange translation adjustment | (315) | 237 |
Balance at December 31 | $ 10,835 | $ 28,496 |
Revenue and Related Contract _6
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 | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 415,435 | $ 1,302,736 | $ 1,237,324 | |
GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 338,625 | 1,079,923 | 1,052,037 | |
GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 338,625 | 1,079,923 | 1,052,037 | |
GES | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | (3,680) | (20,741) | (17,140) | |
Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 76,810 | 222,813 | 185,287 | |
Pursuit | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 76,810 | 222,813 | 185,287 | |
Pursuit | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | (317) | (1,686) | (1,551) | |
North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 288,921 | 884,105 | 866,187 | |
EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 53,384 | 216,559 | 202,990 | |
Services Transferred Over Time | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 298,945 | 936,604 | 913,986 | |
Services Transferred Over Time | GES | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | (3,680) | (20,741) | (17,140) | |
Services Transferred Over Time | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 52,583 | 164,930 | 137,404 | |
Services Transferred Over Time | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 260,964 | 809,499 | 793,343 | |
Services Transferred Over Time | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 41,661 | 147,846 | 137,783 | |
Products Transferred Over Time | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | [1] | 15,517 | 61,668 | 60,193 |
Products Transferred Over Time | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | [1] | 13,068 | 45,597 | 44,109 |
Products Transferred Over Time | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | [1] | 2,449 | 16,071 | 16,084 |
Products Transferred at a Point in Time | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 24,163 | 81,651 | 77,858 | |
Products Transferred at a Point in Time | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 24,227 | 57,883 | 47,883 | |
Products Transferred at a Point in Time | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 14,889 | 29,009 | 28,735 | |
Products Transferred at a Point in Time | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 9,274 | 52,642 | 49,123 | |
Core Services | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 265,222 | 815,621 | 794,918 | |
Core Services | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 231,666 | 701,721 | 689,804 | |
Core Services | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 33,556 | 113,900 | 105,114 | |
Audio Visual | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 24,274 | 102,375 | 95,342 | |
Audio Visual | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 20,148 | 78,178 | 73,331 | |
Audio Visual | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 4,126 | 24,197 | 22,011 | |
Event Technology | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 13,129 | 39,349 | 40,866 | |
Event Technology | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 9,150 | 29,600 | 30,208 | |
Event Technology | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 3,979 | 9,749 | 10,658 | |
Total Services | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 298,945 | 936,604 | 913,986 | |
Total Services | GES | Intersegment Eliminations | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | (3,680) | (20,741) | (17,140) | |
Total Services | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 52,583 | 164,930 | 137,404 | |
Total Services | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 260,964 | 809,499 | 793,343 | |
Total Services | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 41,661 | 147,846 | 137,783 | |
Core Products | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 39,680 | 143,319 | 138,051 | |
Core Products | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 27,957 | 74,606 | 72,844 | |
Core Products | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 11,723 | 68,713 | 65,207 | |
Exhibitions | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 252,030 | 623,050 | 635,738 | |
Exhibitions | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 211,953 | 463,653 | 486,400 | |
Exhibitions | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 40,077 | 159,397 | 149,338 | |
Conferences | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 49,160 | 278,010 | 247,305 | |
Conferences | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 41,371 | 253,511 | 223,096 | |
Conferences | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 7,789 | 24,499 | 24,209 | |
Corporate Events | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 29,874 | 171,562 | 153,497 | |
Corporate Events | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 24,521 | 139,935 | 126,084 | |
Corporate Events | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 5,353 | 31,627 | 27,413 | |
Consumer Events | GES | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 11,241 | 28,042 | 32,637 | |
Consumer Events | North America | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 11,076 | 27,006 | 30,607 | |
Consumer Events | EMEA | GES | Operating Segments | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 165 | 1,036 | 2,030 | |
Admissions | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 19,939 | 85,371 | 83,000 | |
Accommodations | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 29,800 | 60,672 | 37,470 | |
Transportation | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,694 | 14,594 | 13,956 | |
Travel Planning | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 467 | 5,979 | 4,529 | |
Food and Beverage | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 10,295 | 31,838 | 25,962 | |
Retail Operations | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 13,932 | 26,045 | 21,921 | |
Products | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 63,907 | 201,202 | 185,935 | |
Products | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 24,227 | 57,883 | 47,883 | |
Banff Jasper Collection | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 46,913 | 133,229 | 106,106 | |
Alaska Collection | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 6,282 | 39,406 | 36,451 | |
Glacier Park Collection | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 17,596 | 37,121 | 31,465 | |
FlyOver | Pursuit | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | $ 6,019 | $ 13,057 | $ 11,265 | |
[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. |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Capitalized share-based compensation costs | $ 0 | $ 0 | $ 0 |
Repurchase of common stock for employee tax withholding obligations amount | $ 1,688,000 | $ 3,046,000 | $ 1,209,000 |
Recognition period of unrecognized cost | 2 years 1 month 6 days | ||
Requisite service period | 2 years | ||
Total unrecognized compensation cost related to non-vested stock option awards | $ 1,400,000 | ||
Granted, Shares | 204,150 | 0 | 0 |
Minimum [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share based compensation arrangement performance period | 1 year | ||
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 | ||
Performance Unit Incentive Plan ("PUP") | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Shares available for grant | 0 | 3,400,000 | 0 |
Awards with grant date fair value during the period | $ 4,800,000 | ||
Stock value payable | 1,800,000 | ||
Liability awards recorded | 800,000 | $ 5,300,000 | |
Payments to employees | 2,600,000 | 5,600,000 | $ 5,900,000 |
Repurchase of common stock for employee tax withholding obligations amount | $ 1,500,000 | ||
Repurchase of common stock for employee tax withholding obligations amount, shares | 25,771 | ||
Restricted Stock Awards And Restricted Stock Units | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Payments to employees | 200,000 | $ 600,000 | 200,000 |
Liabilities related to restricted stock | 200,000 | 400,000 | |
Paid to employees as shares | 2,000,000 | 200,000 | |
Restructuring Charges | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation before income tax benefit | $ 0 | 100,000 | 0 |
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 | 1,750,000,000 | ||
Shares available for grant | 1,081,404,000 | ||
2007 Plan | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Award vesting period | 3 years | ||
2007 Plan | Restricted Stock Awards And Restricted Stock Units | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Repurchase of common stock for employee tax withholding obligations amount | $ 1,700,000 | $ 1,500,000 | $ 1,200,000 |
Repurchase of common stock for employee tax withholding obligations amount, shares | 42,185,000 | 24,995,000 | 22,358,000 |
Unamortized cost | $ 4,200,000 | ||
Recognition period of unrecognized cost | 1 year 3 months 18 days |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-Based Compensation (income) expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Summary of share-based compensation expense | ||||
Share-based compensation expense before income tax | $ 2,653 | $ 7,190 | $ 4,870 | |
Income tax benefit | [1] | (2,241) | (1,227) | |
Share-based compensation expense, net of income tax | 2,653 | 4,949 | 3,643 | |
Performance Unit Incentive Plan ("PUP") | ||||
Summary of share-based compensation expense | ||||
Share-based compensation expense before income tax | (2,187) | 3,990 | 2,260 | |
Restricted Stock Awards And Restricted Stock Units | ||||
Summary of share-based compensation expense | ||||
Share-based compensation expense before income tax | 4,523 | $ 3,200 | $ 2,610 | |
Stock Options | ||||
Summary of share-based compensation expense | ||||
Share-based compensation expense before income tax | $ 317 | |||
[1] | There was no income tax benefit for the year ended 2020 due to the valuation allowance on our deferred tax assets. Refer to Note 17 – Income Taxes. |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Activity of the Outstanding PUP Awards (Details) - Performance Unit Incentive Plan ("PUP") | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, shares | shares | 59,714 |
Granted, shares | shares | 32,367 |
Forfeited, shares | shares | (30,873) |
Ending Balance, shares | shares | 61,208 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 55.10 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 56.23 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 52.15 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 57.18 |
Beginning Balance, shares | shares | 155,190 |
Granted, shares | shares | 52,531 |
Vested, shares | shares | (67,866) |
Forfeited, shares | shares | (18,370) |
Ending Balance, shares | shares | 121,485 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.53 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 56.10 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 47.43 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 56.40 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 56.34 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Activity of the Outstanding Restricted Stock Awards And Restricted Stock Units (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, shares | shares | 136,123 |
Granted, shares | shares | 55,171 |
Vested, shares | shares | (66,054) |
Forfeited, shares | shares | (18,133) |
Ending Balance, shares | shares | 107,107 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.66 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 51.06 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 49.99 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 54.11 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 53.23 |
Restricted Stock Awards | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Granted, shares | shares | 232,435 |
Vested, shares | shares | (77,725) |
Forfeited, shares | shares | (3,449) |
Ending Balance, shares | shares | 151,261 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | $ 19.44 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 19.30 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 19.47 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 19.51 |
Beginning Balance, shares | shares | 11,623 |
Granted, shares | shares | 3,952 |
Vested, shares | shares | (2,815) |
Forfeited, shares | shares | (2,301) |
Ending Balance, shares | shares | 10,459 |
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 52.17 |
Granted, Weighted-Average Grant Date Fair Value | $ / shares | 50.43 |
Vested, Weighted-Average Grant Date Fair Value | $ / shares | 47.45 |
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares | 56.13 |
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares | $ 51.91 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Options outstanding and exercisable | ||||
Options outstanding and exercisable Beginning Balance, Shares | 41,143,000 | |||
Granted, Shares | 204,150 | 0 | 0 | |
Exercised, Shares | (41,143) | |||
Options outstanding at December 31, 2020 | 204,150 | |||
Weighted-Average Exercise Price | ||||
Options outstanding and exercisable Beginning Balance, Weighted-Average Exercise Price | $ 16.62 | |||
Granted | 19.98 | |||
Exercised, Weighted-Average Exercise Price | 16.62 | |||
Options outstanding at December 31, 2020 | $ 19.98 | |||
Aggregate intrinsic value of options outstanding at December 31, 2020 | [1] | $ 3,305,928 | ||
[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. |
Share Based Compensation - Summ
Share Based Compensation - Summary of Options Outstanding and Exercisable (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Exercise Price Range One | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of exercise prices | $ 19.30 |
Shares | shares | 150,000 |
Weighted-Average Remaining Contractual Life (in years) | 8 years |
Weighted-Average Exercise Price | $ 19.30 |
Exercise Price Range Two | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of exercise prices | $ 21.85 |
Shares | shares | 54,150 |
Weighted-Average Remaining Contractual Life (in years) | 6 years 7 months 24 days |
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 | 19.30 |
Range of exercise prices | $ 21.85 |
Shares | shares | 204,150 |
Weighted-Average Remaining Contractual Life (in years) | 7 years 7 months 21 days |
Weighted-Average Exercise Price | $ 19.98 |
Share Based Compensation - Assu
Share Based Compensation - Assumptions Used in the Black-Scholes Option Pricing Model to Estimate the Fair Value of Each Stock Option Grant (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||
Risk-free interest rate, Minimum | 0.27% | ||
Risk-free interest rate, Maximum | 0.31% | ||
Expected volatility, Minimum | 46.90% | ||
Expected volatility, Maximum | 52.20% | ||
Weighted average grant-date fair value per share of options granted | $ 8.38 | ||
Cash received from exercise of options (in thousands) | $ 2,077 | $ 293 | $ 84 |
Minimum [Member] | |||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||
Expected life | 4 years 3 months 18 days | ||
Maximum | |||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |||
Expected life | 5 years 4 months 24 days |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Thousands, $ in Millions | Jul. 25, 2019USD ($) | Jun. 08, 2019USD ($)Hotel | Jun. 08, 2019CAD ($)Hotel | May 16, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Belton Chalet | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price | $ 3,200 | |||||||
Acquisition related costs | $ 300 | |||||||
Business acquisition date | May 16, 2019 | |||||||
Purchase price | $ 3,200 | |||||||
Mountain Park Lodges | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price | $ 75,837 | |||||||
Acquisition related costs | $ 900 | $ 100 | ||||||
Business acquisition date | Jun. 8, 2019 | Jun. 8, 2019 | ||||||
Percentage of controlling interest acquired | 60.00% | 60.00% | ||||||
Number of hotels acquired | Hotel | 7 | 7 | ||||||
Total consideration | $ 76,000 | $ 100.6 | ||||||
Percentage of operations results consolidated to financial statements | 100.00% | 100.00% | ||||||
Percentage of non-redeemable noncontrolling portion of income (loss) recorded in financial statements | 40.00% | 40.00% | ||||||
Identifiable intangible assets acquired | $ 20,200 | |||||||
Weighted average amortization period | 30 years 9 months 18 days | 30 years 9 months 18 days | ||||||
Purchase price | $ 75,837 | |||||||
New Sky Lagoon Attraction | Pursuit | Sky Lagoon Attraction | ||||||||
Business Acquisition [Line Items] | ||||||||
Percentage of controlling interest acquired | 51.00% | |||||||
Payments to acquire controlling interest | $ 13,200 | |||||||
Maligne Canyon Restaurant | ||||||||
Business Acquisition [Line Items] | ||||||||
Purchase price | $ 4,600 | $ 6 | ||||||
Acquisition related costs | $ 24 | |||||||
Business acquisition date | Mar. 31, 2018 | Mar. 31, 2018 | ||||||
Purchase price | $ 4,600 | $ 6 |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jun. 08, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ 99,847 | $ 287,983 | $ 261,330 | |
Mountain Park Lodges | ||||
Business Acquisition [Line Items] | ||||
Purchase price | $ 75,837 | |||
Net working capital adjustment | 18 | |||
Consideration transferred | 75,855 | |||
Right to manage | (1,276) | |||
Purchase price, net | 74,579 | |||
Accounts receivable | 333 | |||
Inventories | 152 | |||
Prepaid expenses | 276 | |||
Property and equipment | 103,642 | |||
Intangible assets | 20,180 | |||
Total assets acquired | 124,583 | |||
Accounts payable | 329 | |||
Advanced deposits payable | 400 | |||
Deferred tax liability | 19,734 | |||
Other liabilities | 16 | |||
Total liabilities assumed | 20,479 | |||
Noncontrolling interest equity | 49,719 | |||
Total fair value of net assets acquired | 54,385 | |||
Excess purchase price over fair value of net assets acquired (“goodwill”) | $ 20,194 |
Acquisitions - Schedule of Prof
Acquisitions - Schedule of Proforma Results of Operations (Details) - Mountain Park Lodges - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Revenue | $ 1,310,997 | $ 1,264,664 |
Depreciation and amortization | 61,597 | 62,261 |
Income from continuing operations | 22,195 | 48,312 |
Net income attributable to Viad | $ 21,337 | $ 49,070 |
Diluted income per share | $ 0.99 | $ 2.39 |
Basic income per share | $ 0.99 | $ 2.40 |
Inventories - Components of Inv
Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Components of Inventories | ||
Raw materials | $ 3,362 | $ 11,788 |
Finished goods | 5,365 | 5,481 |
Inventories | $ 8,727 | $ 17,269 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Prepaid insurance | $ 4,297 | $ 5,573 |
Prepaid software maintenance | 3,058 | 3,875 |
Restricted cash | 2,426 | 5 |
Prepaid vendor payments | 1,835 | 4,698 |
Prepaid taxes | 345 | 917 |
Income tax receivable | 337 | 13,250 |
Prepaid other | 1,296 | 1,904 |
Other | 3,631 | 632 |
Other current assets | $ 17,225 | $ 30,854 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Line Items] | |||
Gross property and equipment | $ 820,888 | $ 829,525 | |
Accumulated depreciation | (352,100) | (353,974) | |
Property and equipment, net (excluding finance leases) | 468,788 | 475,551 | |
Finance lease ROU assets, net | 23,366 | 25,350 | |
Property and equipment, net | 492,154 | 500,901 | |
Land and land interests | |||
Property Plant And Equipment [Line Items] | |||
Gross property and equipment | [1] | 32,849 | 34,532 |
Buildings and leasehold improvements | |||
Property Plant And Equipment [Line Items] | |||
Gross property and equipment | 386,751 | 377,754 | |
Equipment and other | |||
Property Plant And Equipment [Line Items] | |||
Gross property and equipment | $ 401,288 | $ 417,239 | |
[1] | Land and land interests include certain leasehold interests in land within Pursuit for which we are considered to have perpetual use rights. The carrying amount of these leasehold interests was $8.3 million as of December 31, 2020 and $8.2 million as of December 31, 2019. These land interests are not subject to amortization. |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Property and Equipment (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Leasehold interests | $ 820,888 | $ 829,525 |
Leasehold Land Interests | Pursuit | ||
Property Plant And Equipment [Line Items] | ||
Leasehold interests | $ 8,300 | $ 8,200 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | |||||||
Depreciation expense | $ 46,500 | $ 45,600 | $ 45,800 | ||||
Property and equipment purchased through accounts payable and accrued liabilities, increased/decreased amount | 6,900 | 4,200 | 1,900 | ||||
Impairment charges (recoveries) | $ 676 | $ 114,020 | $ 88,380 | $ 5,346 | 203,076 | $ 5,346 | $ (35) |
Capitalized Software | |||||||
Property Plant And Equipment [Line Items] | |||||||
Impairment charges (recoveries) | $ 1,600 | ||||||
Audio Visual | |||||||
Property Plant And Equipment [Line Items] | |||||||
Impairment charges (recoveries) | $ 3,800 |
Other Investments and Assets -
Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments All Other Investments [Abstract] | ||
Self-insured liability receivable | $ 6,358 | $ 9,982 |
Other mutual funds | 3,457 | 3,107 |
Contract costs | 2,912 | 3,961 |
Cash surrender value of life insurance | 24,873 | |
Other | 2,765 | 3,196 |
Other investments and assets | $ 15,492 | $ 45,119 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||
Balance, beginning | $ 287,983 | $ 261,330 |
Business acquisitions | 20,684 | |
Goodwill impairment | (185,789) | |
Foreign currency translation adjustments | (415) | 5,969 |
Other | (1,932) | |
Balance, ending | 99,847 | 287,983 |
GES North America | ||
Goodwill [Line Items] | ||
Balance, beginning | 155,276 | 154,944 |
Goodwill impairment | (154,989) | |
Foreign currency translation adjustments | (287) | 332 |
Balance, ending | 155,276 | |
GES EMEA | ||
Goodwill [Line Items] | ||
Balance, beginning | 30,829 | 29,954 |
Goodwill impairment | (29,042) | |
Foreign currency translation adjustments | (1,787) | 875 |
Balance, ending | 30,829 | |
Pursuit | ||
Goodwill [Line Items] | ||
Balance, beginning | 101,878 | 76,432 |
Business acquisitions | 20,684 | |
Goodwill impairment | (1,758) | |
Foreign currency translation adjustments | 1,659 | 4,762 |
Other | (1,932) | |
Balance, ending | $ 99,847 | $ 101,878 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Goodwill by Reporting Unit and Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill by reporting unit and segment | |||
Goodwill | $ 99,847 | $ 287,983 | $ 261,330 |
GES North America | |||
Goodwill by reporting unit and segment | |||
Goodwill | 155,276 | 154,944 | |
GES North America | G E S U S | |||
Goodwill by reporting unit and segment | |||
Goodwill | 148,277 | ||
GES North America | GES Canada | |||
Goodwill by reporting unit and segment | |||
Goodwill | 6,999 | ||
GES EMEA | |||
Goodwill by reporting unit and segment | |||
Goodwill | 30,829 | 29,954 | |
GES | |||
Goodwill by reporting unit and segment | |||
Goodwill | 99,800 | 186,105 | |
Pursuit | |||
Goodwill by reporting unit and segment | |||
Goodwill | 99,847 | 101,878 | $ 76,432 |
Pursuit | Banff Jasper Collection | |||
Goodwill by reporting unit and segment | |||
Goodwill | 54,856 | 55,524 | |
Pursuit | Alaska Collection | |||
Goodwill by reporting unit and segment | |||
Goodwill | 3,184 | 3,184 | |
Pursuit | Glacier Park Collection | |||
Goodwill by reporting unit and segment | |||
Goodwill | 1,758 | ||
FlyOver Canada | Pursuit | |||
Goodwill by reporting unit and segment | |||
Goodwill | $ 41,807 | $ 41,412 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Goodwill impairment | $ 415,500 | $ 229,700 | |||
Income tax benefit related to goodwill impairment charges | $ 12,400 | ||||
Full Impairement Charges | $ 113,100 | ||||
Remaining goodwill balance | 99,847 | 287,983 | $ 261,330 | ||
Impairment charge to intangible assets | 15,700 | 1,500 | |||
Services | |||||
Segment Reporting Information [Line Items] | |||||
Intangible asset amortization expense | 6,400 | 10,600 | 11,000 | ||
G E S U S | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill impairment | 41,900 | ||||
GES EMEA | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill impairment | 29,000 | ||||
Remaining goodwill balance | 30,829 | 29,954 | |||
Pursuit Glacier Park Collection | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill impairment | $ 1,800 | ||||
Pursuit | |||||
Segment Reporting Information [Line Items] | |||||
Remaining goodwill balance | $ 99,847 | $ 101,878 | $ 76,432 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Gross Carrying Value | $ 103,101 | $ 142,894 |
Intangible assets subject to amortization, Accumulated Amortization | (32,502) | (49,157) |
Intangible assets subject to amortization, Net Carrying Value | 70,599 | 93,737 |
Other intangible assets, Gross Carrying Value | 103,674 | 143,465 |
Other intangible assets, Net Carrying Value | $ 71,172 | 94,308 |
Customer contracts and relationships | ||
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 | $ 38,214 | 72,219 |
Intangible assets subject to amortization, Accumulated Amortization | (26,288) | (40,866) |
Intangible assets subject to amortization, Net Carrying Value | $ 11,926 | 31,353 |
Operating contracts and licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 36 years 8 months 12 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 42,012 | 43,329 |
Intangible assets subject to amortization, Accumulated Amortization | (2,405) | (1,881) |
Intangible assets subject to amortization, Net Carrying Value | $ 39,607 | 41,448 |
In-place lease | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 13 years 3 months 18 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 15,347 | 15,044 |
Intangible assets subject to amortization, Accumulated Amortization | (656) | (231) |
Intangible assets subject to amortization, Net Carrying Value | $ 14,691 | 14,813 |
Tradenames | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 5 years 3 months 18 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 5,940 | 9,423 |
Intangible assets subject to amortization, Accumulated Amortization | (2,435) | (4,338) |
Intangible assets subject to amortization, Net Carrying Value | $ 3,505 | 5,085 |
Non-compete agreements | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 1 year | |
Intangible assets subject to amortization, Gross Carrying Value | $ 770 | 2,077 |
Intangible assets subject to amortization, Accumulated Amortization | (616) | (1,775) |
Intangible assets subject to amortization, Net Carrying Value | $ 154 | 302 |
Other | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Intangible assets subject to amortization, Useful Life (Years) | 7 years 2 months 12 days | |
Intangible assets subject to amortization, Gross Carrying Value | $ 818 | 802 |
Intangible assets subject to amortization, Accumulated Amortization | (102) | (66) |
Intangible assets subject to amortization, Net Carrying Value | 716 | 736 |
Business licenses | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Indefinite-lived intangible assets, Gross Carrying Value | $ 573 | $ 571 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Estimated amortization expense related to amortized intangible assets | ||
2021 | $ 5,216 | |
2022 | 5,129 | |
2023 | 4,466 | |
2024 | 3,510 | |
2025 | 2,218 | |
Thereafter | 50,060 | |
Intangible assets subject to amortization, Net Carrying Value | $ 70,599 | $ 93,737 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Continuing operations: | ||
Self-insured liability | $ 5,715 | $ 5,668 |
Accrued interest payable | 3,042 | 399 |
Accrued restructuring | 2,479 | 2,130 |
Accrued employee benefit costs | 2,363 | 3,564 |
Current portion of pension and postretirement liabilities | 1,805 | 1,899 |
Accrued professional fees | 1,691 | 1,248 |
Accrued sales and use taxes | 1,547 | 5,451 |
Commissions payable | 903 | 8,274 |
Accommodation services deposits | 304 | 959 |
Accrued legal settlement | 2,500 | |
Accrued dividends | 2,019 | |
Other taxes | 1,872 | 278 |
Other | 4,819 | 4,788 |
Total continuing operations | 26,540 | 39,177 |
Discontinued operations: | ||
Environmental remediation liabilities | 61 | 311 |
Self-insured liability | 347 | 260 |
Other | 91 | 76 |
Total discontinued operations | 499 | 647 |
Total other current liabilities | $ 27,039 | $ 39,824 |
Other Deferred Items and Liab_3
Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Continuing operations: | ||
Foreign deferred tax liability | $ 21,336 | $ 32,570 |
Multi-employer pension plan withdrawal liability | 15,864 | 15,693 |
Self-insured liability | 6,662 | 8,682 |
Self-insured excess liability | 6,358 | 9,982 |
Accrued compensation | 5,821 | 7,485 |
Accrued restructuring | 2,751 | 2,383 |
Contract liabilities | 23 | 125 |
Other | 1,456 | 2,423 |
Total continuing operations | 60,271 | 79,343 |
Discontinued operations: | ||
Environmental remediation liabilities | 2,179 | 1,964 |
Self-insured liability | 1,639 | 2,018 |
Other | 539 | 382 |
Total discontinued operations | 4,357 | 4,364 |
Total other deferred items and liabilities | $ 64,628 | $ 83,707 |
Debt and Finance Lease Obliga_3
Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Less unamortized debt issuance costs | $ (2,737) | $ (1,836) | |
Total debt | [1] | 270,550 | 315,235 |
Finance lease obligations, 8.0% weighted-average interest rate at December 31, 2020 and 7.7% at December 31, 2019, due through 2039 | 23,141 | 25,257 | |
Total debt and finance lease obligations | [2] | 293,691 | 340,492 |
Current portion | [3] | (8,335) | (5,330) |
Long-term debt and finance lease obligations | 285,356 | 335,162 | |
FlyOver Iceland Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility | [4] | 5,820 | 5,607 |
Fly Over Iceland Term Loan | |||
Debt Instrument [Line Items] | |||
Credit facility | [4] | 705 | |
2018 Credit Agreement | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility | [4] | $ 266,762 | $ 311,464 |
[1] | The weighted-average interest rate on total debt (including unamortized debt issuance costs and commitment fees) was 4.6% for 2020, 4.2% for 2019 and 4.3% for 2018. The estimated fair value of total debt and finance leases was $254.0 million as of December 31, 2020 and $304.0 million as of December 31, 2019. 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. | ||
[2] | Cash paid for interest on debt was $14.0 million during 2020, $11.9 million during 2019, and $8.5 million during 2018. | ||
[3] | Subsequent to the filing of our 2019 Form 10-K, we identified a correction related to the classification of the 2018 Credit Facility (as defined below) from current to long-term given that the 2018 Credit Facility’s contractual maturity was not within 12 months | ||
[4] | Represents the weighted-average interest rate in effect at the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs or commitment fees. |
Debt and Finance Lease Obliga_4
Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Weighted average interest rate on long term debt | 4.60% | 4.20% | 4.30% |
Fair value of debt | $ 254 | $ 304 | |
Cash paid for interest on debt | $ 14 | $ 11.9 | $ 8.5 |
Current revolving credit facility maturity period | 12 months | 12 months | |
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% | ||
2018 Credit Agreement | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest rate on credit facility | 4.50% | 3.90% |
Debt and Finance Lease Obliga_5
Debt and Finance Lease Obligations - Narrative (Details) € in Millions, kr in Millions | Jan. 08, 2021 | Aug. 05, 2020USD ($) | Oct. 24, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020ISK (kr) | Dec. 29, 2020ISK (kr) | Oct. 15, 2020ISK (kr) | Dec. 31, 2019USD ($) | Feb. 15, 2019USD ($) | Feb. 15, 2019EUR (€) | |
Line Of Credit Facility [Line Items] | ||||||||||||
Minimum liquidity requirement | $ 100,000,000 | |||||||||||
Pledge percentage of capital stock | 100.00% | |||||||||||
Fees related to the amendment | $ 1,700,000 | |||||||||||
Liabilities Current | $ 97,733,000 | $ 237,323,000 | ||||||||||
LIBOR rate [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Variable rate | 3.50% | |||||||||||
Revolving Credit Facility | Maximum | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Leverage ratio during covenant waiver period | 400.00% | |||||||||||
FlyOver Iceland Credit Facility | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Maturity date | Sep. 1, 2023 | Mar. 1, 2022 | ||||||||||
Revolving credit facility, balance outstanding | [1] | $ 5,820,000 | 5,607,000 | |||||||||
Maximum borrowing capacity on credit facility | $ 5,600,000 | € 5 | ||||||||||
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 Payment1 | Dec. 1, 2020 | |||||||||||
Liabilities Current | $ 5,800,000 | € 4.8 | ||||||||||
Fly Over Iceland Term Loan | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Revolving credit facility, balance outstanding | [1] | 705,000 | ||||||||||
Maximum borrowing capacity on credit facility | 700,000 | kr 90 | ||||||||||
2018 Credit Agreement | Revolving Credit Facility | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Borrowing capacity on line of credit | $ 450,000,000 | |||||||||||
Additional borrowing capacity on line of credit | 250,000,000 | |||||||||||
Line of Credit borrowings used to support letter of credit | $ 20,000,000 | |||||||||||
Maturity date | Oct. 24, 2023 | |||||||||||
Annual share repurchase and dividends limit on leverage ratio basis | $ 20,000,000 | |||||||||||
Leverage ratio required for dividend or share activity | 275.00% | |||||||||||
Maximum additional dividends amount permitted to distribute | $ 15,000,000 | |||||||||||
Interest coverage ratio | 200.00% | |||||||||||
Remaining borrowing capacity on line of credit | 173,500,000 | |||||||||||
Revolving credit facility, balance outstanding | [1] | 266,762,000 | $ 311,464,000 | |||||||||
Letters of Credit Outstanding | $ 9,700,000 | |||||||||||
Commitment fee percentage on line of credit | 0.50% | |||||||||||
2018 Credit Agreement | Revolving Credit Facility | Maximum | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Leverage ratio, post covenant waiver period | 450.00% | |||||||||||
Financial covenants leverage ratio step up | 400.00% | |||||||||||
Amendment Three Credit Agreement [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Minimum liquidity requirement | $ 100,000,000 | |||||||||||
Pledge percentage of capital stock | 100.00% | |||||||||||
Fees related to the amendment | $ 1,700,000 | |||||||||||
Amendment Three Credit Agreement [Member] | Unsecured Debt [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Credit Facility Expansion Feature | $ 250,000,000 | |||||||||||
Amendment Three Credit Agreement [Member] | LIBOR rate [Member] | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Variable rate | 3.50% | |||||||||||
First Term Loan [Member] | Fly Over Iceland Term Loan | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Maturity date | Apr. 1, 2023 | |||||||||||
Maximum borrowing capacity on credit facility | kr | kr 10 | |||||||||||
Line Of Term Loan Amendment Description | bears interest on a seven-day term deposit at the Central Bank of Iceland. | |||||||||||
Second Term Loan [Member] | Fly Over Iceland Term Loan | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Maturity date | Oct. 1, 2024 | |||||||||||
Maximum borrowing capacity on credit facility | kr | kr 30 | |||||||||||
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 [Member] | Fly Over Iceland Term Loan | ||||||||||||
Line Of Credit Facility [Line Items] | ||||||||||||
Maturity date | Feb. 1, 2023 | |||||||||||
Maximum borrowing capacity on credit facility | kr | kr 50 | |||||||||||
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. |
Debt and Finance Lease Obliga_6
Debt and Finance Lease Obligations - Schedule of Aggregate Annual Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Total debt | [1] | $ 270,550 | $ 315,235 |
Credit Facilities | |||
Debt Instrument [Line Items] | |||
2021 | 5,820 | ||
2022 | 53 | ||
2023 | 267,306 | ||
2024 | 108 | ||
2025 | |||
Thereafter | |||
Total debt | $ 273,287 | ||
[1] | The weighted-average interest rate on total debt (including unamortized debt issuance costs and commitment fees) was 4.6% for 2020, 4.2% for 2019 and 4.3% for 2018. The estimated fair value of total debt and finance leases was $254.0 million as of December 31, 2020 and $304.0 million as of December 31, 2019. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 13 – Fair Value Measurements. |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair value information related to assets | |||
Assets | $ 3,459 | $ 3,230 | |
Quoted Prices in Active Markets (Level 1) | |||
Fair value information related to assets | |||
Assets | 3,459 | 3,230 | |
Money market funds | |||
Fair value information related to assets | |||
Assets | [1] | 2 | 123 |
Money market funds | Quoted Prices in Active Markets (Level 1) | |||
Fair value information related to assets | |||
Assets | [1] | 2 | 123 |
Other mutual funds | |||
Fair value information related to assets | |||
Assets | [2] | 3,457 | 3,107 |
Other mutual funds | Quoted Prices in Active Markets (Level 1) | |||
Fair value information related to assets | |||
Assets | [2] | $ 3,457 | $ 3,107 |
[1] | We include money market funds in “Cash and cash equivalents” in the Consolidated Balance Sheets. We classify these investments as available-for-sale and recorded 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 Consolidated Balance Sheets |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details) - Money market funds | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Realized gains on the investments | $ 0 |
Unrealized gains on the investments | $ 0 |
Income (Loss) Per Share - Recon
Income (Loss) Per Share - Reconciliation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||||
Numerator: | ||||||||||||||||||||||
Net income (loss) attributable to Viad (diluted) | $ (50,473) | $ (30,758) | $ (206,278) | $ (86,585) | $ (5,428) | $ 31,416 | $ 13,824 | $ (17,777) | $ (374,094) | $ 22,035 | $ 49,170 | |||||||||||
Less: Allocation to non-vested shares | (147) | (458) | ||||||||||||||||||||
Dividends on convertible preferred stock | (3,006) | |||||||||||||||||||||
Adjustment to the redemption value of redeemable noncontrolling interest | (926) | (1,318) | (251) | |||||||||||||||||||
Net income (loss) allocated to Viad common stockholders (basic) | $ (378,026) | $ 20,570 | $ 48,461 | |||||||||||||||||||
Denominator: | ||||||||||||||||||||||
Weighted-average outstanding common shares | 20,279 | 20,146 | 20,168 | |||||||||||||||||||
Additional dilutive shares related to share-based compensation | 138 | 236 | ||||||||||||||||||||
Diluted weighted-average outstanding shares | 20,279 | 20,284 | 20,404 | |||||||||||||||||||
Basic income (loss) attributable to Viad common stockholders | $ (18.64) | $ 1.02 | $ 2.40 | |||||||||||||||||||
Diluted income (loss) attributable to Viad common stockholders | $ (2.58) | [1] | $ (1.59) | [1] | $ (10.19) | [1] | $ (4.29) | [1] | $ (0.31) | [1] | $ 1.53 | [1] | $ 0.67 | [1] | $ (0.89) | [1] | $ (18.64) | [2] | $ 1.02 | [2] | $ 2.40 | [2] |
[1] | The sum of quarterly income per share amounts may not equal annual income per share due to rounding. | |||||||||||||||||||||
[2] | Diluted loss per share amount cannot exceed basic loss per share. |
Income (Loss) Per Share - Sched
Income (Loss) Per Share - Schedule of Excluded Weighted-Average Potential Common Shares from Calculations of Diluted Net Income (Loss) Per Common Shares (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Convertible Preferred Stock (as Converted to Common Stock) | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Common stock shares effect would be anti-dilutive | 6,406,324 | ||
Unvested Restricted Share-Based Awards | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Common stock shares effect would be anti-dilutive | 115,089 | 8,000 | 500 |
Stock Options | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Common stock shares effect would be anti-dilutive | 24,205 |
Common and Preferred Stock - Na
Common and Preferred Stock - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 05, 2020 | Mar. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 07, 2019 |
Class Of Stock [Line Items] | ||||||
Junior participating preferred Stock, Authorized | 2,000,000 | |||||
Junior participating preferred Stock, Outstanding | 0 | |||||
Preferred Stock, Shares Authorized | 5,000,000 | |||||
Preferred Stock, Shares Outstanding | 135,000 | |||||
Preferred stock dividend rate percentage | 10.00% | |||||
Frequency of periodic payment of cumulative dividend | quarterly | |||||
Common Stock Repurchases (Textual) [Abstract] | ||||||
Authorized repurchase of additional shares | 500,000 | |||||
Repurchased shares | 53,784 | 0 | 340,473 | |||
Shares remain available for repurchase | 546,283 | |||||
Common stock purchased for treasury | $ 2,800 | $ 17,200 | ||||
Dividends payable, date of record | Apr. 13, 2020 | |||||
Preferred stock, voting rights | one preferred stock purchase right per each outstanding share of Viad common stock to purchase one one-hundredth of a share | |||||
Preferred stock exercise price | $ 115 | |||||
Preferred stock, redemption price per share | $ 0.01 | |||||
Preferred stock, redemption date | Feb. 28, 2021 | |||||
Convertible Series A Preferred 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 | $ 3,000 | |||||
Crestview Partners | Convertible Series A Preferred Stock | ||||||
Class Of Stock [Line Items] | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 135,000 | |||||
Preferred Stock, Par value | $ 0.01 | |||||
Purchase price | $ 135,000 | |||||
Shares issued, price per share | $ 1,000 | |||||
Delayed draw commitment | $ 45,000 | |||||
Capital raising expense | $ 9,200 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | $ 547,229 | $ 450,555 |
Ending Balance | 174,099 | 547,229 |
Cumulative Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (23,799) | (36,332) |
Other comprehensive income (loss) before reclassifications | 7,113 | 12,533 |
Net other comprehensive income (loss) | 7,113 | 12,533 |
Ending Balance | (16,686) | (23,799) |
Unrecognized Net Actuarial Loss and Prior Service Credit, Net | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (11,900) | (11,643) |
Other comprehensive income (loss) before reclassifications | (27) | (10) |
Amounts reclassified from AOCI, net of tax | (2,028) | (247) |
Net other comprehensive income (loss) | (2,055) | (257) |
Ending Balance | (13,955) | (11,900) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (35,699) | (47,975) |
Other comprehensive income (loss) before reclassifications | 7,086 | 12,523 |
Amounts reclassified from AOCI, net of tax | (2,028) | (247) |
Net other comprehensive income (loss) | 5,058 | 12,276 |
Ending Balance | $ (30,641) | $ (35,699) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | |||
Tax cuts and jobs act of 2017 complete accounting deemed repatriation federal tax | $ 5,200 | ||
Tax cuts and jobs act of 2017 complete accounting estimated payments of liability | 1,000 | ||
Deferred Tax Assets, Gross | 99,188 | $ 40,525 | |
Deferred Tax Assets, Valuation Allowance | $ 81,795 | 4,276 | |
Cumulative loss incurred over the period | 4 years | ||
Deferred Tax Assets, Tax Credit Carryforwards | $ 5,326 | 7,879 | |
Operating Loss Carryforwards | 25,600 | ||
Deferred Tax, Operating Loss Carryforwards | 44,358 | 5,371 | |
Liability for uncertain tax positions | 300 | 200 | |
Cash Refunds from Income Taxes | 14,900 | ||
Paid Cash for Income Taxes | 17,200 | $ 27,300 | |
Foreign Income Tax Credit | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards | 4,500 | ||
U.S | |||
Operating Loss Carryforwards [Line Items] | |||
Research and development credit carryforwards | 700 | ||
U.S | Foreign Income Tax Credit | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards | $ 3,800 | ||
Tax credit carryforward expiration year | 2022 | ||
Foreign Tax Authority | CA | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 28,400 | ||
Foreign Tax Authority | Iceland And Poland | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 8,800 | ||
Foreign Tax Authority | Iceland And Poland | Minimum [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carry forwards expire period | 5 years | ||
Foreign Tax Authority | Iceland And Poland | Maximum | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carry forwards expire period | 10 years | ||
Foreign Tax Authority | CA | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carry back period | 3 years | ||
Operating loss carryforwards period | 20 years | ||
Foreign Tax Authority | Foreign Income Tax Credit | United Kingdom | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Tax Credit Carryforwards | $ 700 | ||
State and Foreign | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 371,200 | 55,200 | |
Deferred Tax, Operating Loss Carryforwards | 44,400 | $ 5,400 | |
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 181,500 | ||
State and Local Jurisdiction | Latest Tax Year | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward expiration year | 2020 | ||
State and Local Jurisdiction | Earliest Tax Year | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward expiration year | 2039 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income from Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||||||||||
Foreign | $ (95,919) | $ 49,171 | $ 54,753 | ||||||||
United States | (264,940) | (23,061) | 10,256 | ||||||||
Income (loss) from continuing operations before income taxes | $ (57,855) | $ (27,005) | $ (172,221) | $ (103,778) | $ (14,867) | $ 46,498 | $ 20,008 | $ (25,529) | $ (360,859) | $ 26,110 | $ 65,009 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of the Income Tax Provision From Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ (128) | $ (2,260) | $ 41 |
State | 674 | 1,400 | (335) |
Foreign | (1,397) | 13,764 | 12,039 |
Total current | (851) | 12,904 | 11,745 |
Deferred: | |||
Federal | 17,171 | (3,355) | 1,860 |
State | 2,896 | (1,619) | 860 |
Foreign | (4,970) | (5,424) | 2,630 |
Total deferred | 15,097 | (10,398) | 5,350 |
Income tax expense | $ 14,246 | $ 2,506 | $ 17,095 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Computed income tax (benefit) expense at statutory federal income tax rate | $ (75,780) | $ 5,483 | $ 13,665 |
State income tax (benefit), net of federal benefit | (4,138) | (173) | 3,489 |
Deemed mandatory repatriation state tax | (909) | ||
Deemed mandatory repatriation federal tax, net of foreign tax credit | (1,690) | ||
Remeasurement of deferred taxes due to change in tax rates | (4,517) | (510) | |
Foreign tax rate differential | (401) | 3,122 | 4,138 |
U.S. tax (benefit) on current year foreign earnings, net of foreign tax credits | (1,792) | (223) | |
Goodwill impairment | 16,471 | ||
Change in valuation allowance | 77,369 | 920 | (653) |
Other adjustments, net | 725 | (537) | (212) |
Income tax expense | $ 14,246 | $ 2,506 | $ 17,095 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Computed income tax (benefit) expense at statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
State income tax (benefit), net of federal benefit | 1.10% | (0.20%) | 5.40% |
Deemed mandatory repatriation state tax rate | 0.00% | 0.00% | (1.40%) |
Deemed mandatory repatriation federal tax, net of foreign tax credit, tax rate | 0.00% | 0.00% | (2.60%) |
Remeasurement of deferred taxes due to change in tax rates, tax rate | 0.00% | (17.30%) | (0.80%) |
Foreign tax differentials rate | 0.10% | 12.00% | 6.40% |
U.S. tax (benefit) on current year foreign earnings, net of foreign tax credits | (0.00%) | (6.90%) | (0.30%) |
Goodwill impairment | (4.60%) | 0.00% | 0.00% |
Change in valuation allowance, tax rate | (21.30%) | 1.80% | (1.00%) |
Other adjustments, net, tax rate | (0.20%) | (0.80%) | (0.30%) |
Income tax expense | (3.90%) | 9.60% | 26.40% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Tax credit carryforwards | $ 5,326 | $ 7,879 |
Pension, compensation, and other employee benefits | 11,991 | 17,231 |
Provisions for losses | 4,623 | 4,778 |
Net operating loss carryforwards | 44,358 | 5,371 |
State income taxes | 3,089 | |
Leases | 660 | |
Goodwill and other intangible assets | 18,055 | |
Other deferred income tax assets | 14,175 | 2,177 |
Total deferred tax assets | 99,188 | 40,525 |
Valuation allowance | (81,795) | (4,276) |
Foreign deferred tax assets included above | (7,717) | (2,351) |
United States net deferred tax assets | 9,676 | 33,898 |
Deferred tax liabilities: | ||
Property and equipment | (24,017) | (20,681) |
Goodwill and other intangible assets | (8,846) | (16,172) |
Leases | (857) | |
Life insurance | (3,945) | |
Other deferred income tax liabilities | (4,485) | (1,858) |
Total deferred tax liabilities | (38,205) | (42,656) |
Foreign deferred tax liabilities included above | 28,490 | 31,192 |
United States net deferred tax assets (liabilities) | $ (39) | |
United States net deferred tax assets | $ 22,434 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized Tax Benefits, Beginning Balance | $ 225 | $ 370 | $ 1,425 |
Additions for tax positions taken in prior years | 25 | 151 | 31 |
Reductions for lapse of applicable statutes | 0 | (296) | (1,086) |
Unrecognized Tax Benefits, Ending Balance | $ 250 | $ 225 | $ 370 |
Pension and Postretirement Be_3
Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) of Viad's Postretirement Benefit Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Postretirement Benefit Plans | |||
Net periodic benefit cost: | |||
Service cost | $ 51 | $ 64 | |
Interest cost | 296 | 458 | |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial (gain) loss | 688 | (1,117) | |
Domestic Plans | Pension Plans | |||
Net periodic benefit cost: | |||
Service cost | 61 | $ 64 | |
Interest cost | 653 | 861 | 780 |
Expected return on plan assets | (145) | (99) | (193) |
Recognized net actuarial loss | 526 | 403 | 494 |
Net periodic benefit cost | 1,034 | 1,226 | 1,145 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial (gain) loss | 1,587 | 1,305 | (76) |
Reversal of amortization item: | |||
Net actuarial loss | (526) | (403) | (494) |
Total recognized in other comprehensive income | 1,061 | 902 | (570) |
Total recognized in net periodic benefit cost and other comprehensive income | 2,095 | 2,128 | 575 |
Domestic Plans | Postretirement Benefit Plans | |||
Net periodic benefit cost: | |||
Service cost | 51 | 64 | 80 |
Interest cost | 296 | 458 | 449 |
Amortization of prior service credit | (146) | (189) | (205) |
Recognized net actuarial loss | 18 | 112 | 405 |
Net periodic benefit cost | 219 | 445 | 729 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial (gain) loss | 688 | (1,117) | 170 |
Reversal of amortization item: | |||
Net actuarial loss | (18) | (112) | (405) |
Prior service credit | 146 | 189 | 205 |
Total recognized in other comprehensive income | 816 | (1,040) | (30) |
Total recognized in net periodic benefit cost and other comprehensive income | 1,035 | (595) | 699 |
Foreign Pension Plans | |||
Net periodic benefit cost: | |||
Service cost | 444 | 405 | 552 |
Interest cost | 365 | 397 | 381 |
Expected return on plan assets | (530) | (487) | (505) |
Recognized net actuarial loss | 162 | 127 | 139 |
Net periodic benefit cost | 441 | 442 | 567 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||
Net actuarial (gain) loss | 368 | 605 | (238) |
Reversal of amortization item: | |||
Net actuarial loss | (162) | (127) | (139) |
Total recognized in other comprehensive income | 206 | 478 | (377) |
Total recognized in net periodic benefit cost and other comprehensive income | $ 647 | $ 920 | $ 190 |
Pension and Postretirement Be_4
Pension and Postretirement Benefits - Summary of Funded Status of the Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Domestic Plans | |||
Change in plan assets: | |||
Fair value of plan assets at beginning of year | $ 11,291 | ||
Fair value of plan assets at end of year | 11,878 | $ 11,291 | |
Foreign Pension Plans | |||
Change in benefit obligation: | |||
Service cost | 444 | 405 | $ 552 |
Interest cost | 365 | 397 | 381 |
Actuarial adjustments | 368 | 605 | (238) |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 10,013 | ||
Fair value of plan assets at end of year | 10,798 | 10,013 | |
Foreign Pension Plans | Funded Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 9,990 | 8,134 | |
Service cost | 444 | 405 | |
Interest cost | 295 | 320 | |
Actuarial adjustments | 686 | 1,037 | |
Benefits paid | (743) | (336) | |
Translation adjustment | 244 | 430 | |
Benefit obligation at end of year | 10,916 | 9,990 | 8,134 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 10,013 | 8,243 | |
Actual return on plan assets | 1,044 | 1,156 | |
Company contributions | 253 | 515 | |
Benefits paid | (743) | (336) | |
Translation adjustment | 231 | 435 | |
Fair value of plan assets at end of year | 10,798 | 10,013 | 8,243 |
Funded status at end of year | (118) | 23 | |
Foreign Pension Plans | Unfunded Pension Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 2,331 | 2,290 | |
Interest cost | 70 | 77 | |
Actuarial adjustments | 111 | 106 | |
Benefits paid | (180) | (178) | |
Translation adjustment | 117 | 36 | |
Benefit obligation at end of year | 2,449 | 2,331 | 2,290 |
Change in plan assets: | |||
Company contributions | 180 | 178 | |
Benefits paid | (180) | (178) | |
Funded status at end of year | (2,449) | (2,331) | |
Pension Plans | Domestic Plans | |||
Change in benefit obligation: | |||
Service cost | 61 | 64 | |
Interest cost | 653 | 861 | 780 |
Actuarial adjustments | 1,587 | 1,305 | (76) |
Pension Plans | Domestic Plans | Funded Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 15,572 | 14,235 | |
Interest cost | 406 | 527 | |
Actuarial adjustments | 1,242 | 1,611 | |
Benefits paid | (889) | (801) | |
Benefit obligation at end of year | 16,331 | 15,572 | 14,235 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 11,291 | 10,299 | |
Actual return on plan assets | 584 | 1,157 | |
Company contributions | 892 | 636 | |
Benefits paid | (889) | (801) | |
Fair value of plan assets at end of year | 11,878 | 11,291 | 10,299 |
Funded status at end of year | (4,453) | (4,281) | |
Pension Plans | Domestic Plans | Unfunded Pension Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 9,462 | 9,271 | |
Service cost | 61 | ||
Interest cost | 247 | 333 | |
Actuarial adjustments | 784 | 753 | |
Benefits paid | (717) | (956) | |
Benefit obligation at end of year | 9,776 | 9,462 | 9,271 |
Change in plan assets: | |||
Company contributions | 717 | 956 | |
Benefits paid | (717) | (956) | |
Funded status at end of year | (9,776) | (9,462) | |
Postretirement Benefit Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 11,986 | 13,454 | |
Service cost | 51 | 64 | |
Interest cost | 296 | 458 | |
Actuarial adjustments | 688 | (1,117) | |
Benefits paid | (802) | (873) | |
Benefit obligation at end of year | 12,219 | 11,986 | 13,454 |
Change in plan assets: | |||
Company contributions | 802 | 873 | |
Benefits paid | (802) | (873) | |
Funded status at end of year | (12,219) | (11,986) | |
Postretirement Benefit Plans | Domestic Plans | |||
Change in benefit obligation: | |||
Service cost | 51 | 64 | 80 |
Interest cost | 296 | 458 | 449 |
Actuarial adjustments | $ 688 | $ (1,117) | $ 170 |
Pension and Postretirement Be_5
Pension and Postretirement Benefits - Net Amount Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Domestic Plans | Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | $ 4,453 | $ 4,281 |
Domestic Plans | Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 9,776 | 9,462 |
Domestic Plans | Postretirement Benefit Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 12,219 | 11,986 |
Foreign Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 118 | (23) |
Foreign Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 2,449 | 2,331 |
Non Current Assets | Foreign Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | (31) | (43) |
Other current liabilities | Domestic Plans | Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 687 | 703 |
Other current liabilities | Domestic Plans | Postretirement Benefit Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 931 | 1,019 |
Other current liabilities | Foreign Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 187 | 177 |
Non Current Liabilities | Domestic Plans | Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 4,453 | 4,281 |
Non Current Liabilities | Domestic Plans | Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 9,089 | 8,759 |
Non Current Liabilities | Domestic Plans | Postretirement Benefit Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 11,288 | 10,967 |
Non Current Liabilities | Foreign Pension Plans | Funded Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | 149 | 20 |
Non Current Liabilities | Foreign Pension Plans | Unfunded Pension Plans | ||
Net amounts recognized in Viad's consolidated balance sheets under the caption Pension and postretirement benefits | ||
Net amount recognized | $ 2,262 | $ 2,154 |
Pension and Postretirement Be_6
Pension and Postretirement Benefits - Amounts Recognized in AOCI (Details) - Domestic Plans - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plans | Funded Plans | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 9,252 | $ 8,856 |
Subtotal | 9,252 | 8,856 |
Less tax effect | (2,236) | |
Total | 9,252 | 6,620 |
Pension Plans | Unfunded Pension Plans | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 3,409 | 2,744 |
Subtotal | 3,409 | 2,744 |
Less tax effect | (693) | |
Total | 3,409 | 2,051 |
Postretirement Benefit Plans | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 1,990 | 1,320 |
Prior service credit | 189 | 43 |
Subtotal | 2,179 | 1,363 |
Less tax effect | (344) | |
Total | 2,179 | 1,019 |
US Postretirement and Pension Plan | ||
Amounts recognized in accumulated other comprehensive income | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 14,651 | 12,920 |
Prior service credit | 189 | 43 |
Subtotal | 14,840 | 12,963 |
Less tax effect | (3,273) | |
Total | $ 14,840 | $ 9,690 |
Pension and Postretirement Be_7
Pension and Postretirement Benefits - Fair Value of the Plans' Assets by Asset Class (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Domestic Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | $ 11,878 | $ 11,291 |
Domestic Plans | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 6,430 | 5,267 |
Domestic Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 4,485 | 5,518 |
Domestic Plans | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 774 | 316 |
Domestic Plans | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 189 | 190 |
Foreign Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 10,798 | 10,013 |
Foreign Pension Plans | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 5,450 | 5,194 |
Foreign Pension Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 5,153 | 4,669 |
Foreign Pension Plans | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 195 | 150 |
Quoted Prices in Active Markets (Level 1) | Domestic Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 11,689 | 11,101 |
Quoted Prices in Active Markets (Level 1) | Domestic Plans | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 6,430 | 5,267 |
Quoted Prices in Active Markets (Level 1) | Domestic Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 4,485 | 5,518 |
Quoted Prices in Active Markets (Level 1) | Domestic Plans | Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 774 | 316 |
Quoted Prices in Active Markets (Level 1) | Foreign Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 10,798 | 10,013 |
Quoted Prices in Active Markets (Level 1) | Foreign Pension Plans | Fixed Income Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 5,450 | 5,194 |
Quoted Prices in Active Markets (Level 1) | Foreign Pension Plans | Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 5,153 | 4,669 |
Quoted Prices in Active Markets (Level 1) | Foreign Pension Plans | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 195 | 150 |
Significant Other Observable Inputs (Level 2) | Domestic Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | 189 | 190 |
Significant Other Observable Inputs (Level 2) | Domestic Plans | Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value measurement domestic pension plans | $ 189 | $ 190 |
Pension and Postretirement Be_8
Pension and Postretirement Benefits - Payments and Receipts Reflecting Expected Future Service (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Foreign Pension Plans | Funded Plans | |
Expected future service expected to be paid | |
2021 | $ 444 |
2022 | 402 |
2023 | 440 |
2024 | 442 |
2025 | 441 |
2026-2030 | 2,359 |
Foreign Pension Plans | Unfunded Pension Plans | |
Expected future service expected to be paid | |
2021 | 190 |
2022 | 189 |
2023 | 188 |
2024 | 188 |
2025 | 187 |
2026-2030 | 920 |
Pension Plans | Domestic Plans | Funded Plans | |
Expected future service expected to be paid | |
2021 | 1,439 |
2022 | 1,020 |
2023 | 1,012 |
2024 | 975 |
2025 | 1,044 |
2026-2030 | 4,641 |
Pension Plans | Domestic Plans | Unfunded Pension Plans | |
Expected future service expected to be paid | |
2021 | 695 |
2022 | 699 |
2023 | 684 |
2024 | 666 |
2025 | 648 |
2026-2030 | 2,919 |
Postretirement Benefit Plans | Domestic Plans | |
Expected future service expected to be paid | |
2021 | 943 |
2022 | 925 |
2023 | 902 |
2024 | 875 |
2025 | 835 |
2026-2030 | $ 3,541 |
Pension and Postretirement Be_9
Pension and Postretirement Benefits - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer plans, withdrawal obligation | $ 15.5 | ||
Multiemployer plans, plan contributions | 0.2 | ||
Maximum percentage of funding status of plans in red zone | 65.00% | ||
Maximum percentage of funding status of plans in yellow zone | 80.00% | ||
Maximum percentage of funding status of plans in green zone | 80.00% | ||
401(k) plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of employer matching contribution with employee gross pay | 100.00% | ||
Percentage of employer matching contribution match with 100 percent | 3.00% | ||
Percentage of employer matching contribution | 50.00% | ||
Percentage of employer matching contribution match with 50 percent | 2.00% | ||
Expense associated with other employee benefit plans | $ 1.7 | 5 | $ 4.8 |
Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount expected to contribute in postretirement benefit plans | 0.9 | ||
Funded Plans | Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount expected to contribute in funded pension plans | 0.8 | ||
Unfunded Pension Plans | Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount expected to contribute in unfunded pension plans | 0.9 | ||
Foreign Pension Plans | Funded Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial losses for the foreign funded plans recognized in AOCI (before tax) | (2.7) | (2.6) | |
Net actuarial losses for the foreign funded plans recognized in AOCI (after tax) | (2) | (1.9) | |
Foreign Pension Plans | Unfunded Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial losses for the foreign unfunded plans recognized in AOCI (before tax) | (0.8) | (0.7) | |
Net actuarial losses for the foreign unfunded plans recognized in AOCI (after tax) | $ (0.6) | $ (0.5) |
Pension and Postretirement B_10
Pension and Postretirement Benefits - Accumulated Benefit Obligation in Excess of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Domestic Plans | Funded Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | $ 16,331 | $ 15,572 |
Accumulated benefit obligation | 16,331 | 15,572 |
Fair value of plan assets | 11,878 | 11,291 |
Domestic Plans | Unfunded Pension Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 9,776 | 9,462 |
Accumulated benefit obligation | 9,776 | 9,454 |
Foreign Pension Plans | Funded Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 10,916 | 9,990 |
Accumulated benefit obligation | 10,447 | 9,347 |
Fair value of plan assets | 10,798 | 10,013 |
Foreign Pension Plans | Unfunded Pension Plans | ||
Accumulated benefit obligation in excess of plan assets | ||
Projected benefit obligation | 2,449 | 2,331 |
Accumulated benefit obligation | $ 2,449 | $ 2,331 |
Pension and Postretirement B_11
Pension and Postretirement Benefits - Weighted-Average Assumptions Used to Determine Benefit Obligations (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Foreign Pension Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 2.34% | 2.92% |
Rate of compensation increase | 2.35% | 2.34% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 2.93% | 3.68% |
Expected return on plan assets | 4.39% | 4.55% |
Rate of compensation increase | 2.35% | 2.34% |
Pension Plans | Domestic Plans | Funded Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 2.38% | 3.15% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.12% | 4.28% |
Expected return on plan assets | 5.50% | 5.50% |
Pension Plans | Domestic Plans | Unfunded Pension Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 2.35% | 3.13% |
Rate of compensation increase | 3.00% | 3.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.13% | 4.22% |
Rate of compensation increase | 3.00% | 3.00% |
Postretirement Benefit Plans | Domestic Plans | ||
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 2.47% | 3.17% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 4.29% | |
Expected return on plan assets | 0.00% | |
Postretirement Benefit Plans | Domestic Plans | Unfunded Pension Plans | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 3.19% | |
Expected return on plan assets | 0.00% |
Pension and Postretirement B_12
Pension and Postretirement Benefits - Multi-Employer Pension Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 36-1169950 | |||
Viad Contributions | $ 8,592 | $ 27,283 | $ 26,396 | |
Western Conference of Teamsters Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 91-6145047 | |||
Plan No: | 001 | |||
Pension Protection Act Zone Status | Green | Green | ||
FIP/RP Status Pending/ Implemented | No | |||
Viad Contributions | $ 2,898 | $ 6,754 | 6,471 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | May 31, 2021 | |||
Southern California Local 831-Employer Pension Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | [1] | 95-6376874 | ||
Plan No: | [1] | 001 | ||
Pension Protection Act Zone Status | [1] | Green | Green | |
FIP/RP Status Pending/ Implemented | [1] | No | ||
Viad Contributions | [1] | $ 943 | $ 3,427 | 3,087 |
Surcharge Paid | [1] | No | ||
Collective bargaining agreements expiration date | [1] | Aug. 31, 2021 | ||
Chicago Regional Council of Carpenters Pension Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 36-6130207 | |||
Plan No: | 001 | |||
Pension Protection Act Zone Status | Green | Green | ||
FIP/RP Status Pending/ Implemented | Implemented | |||
Viad Contributions | $ 608 | $ 2,877 | 2,876 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | May 31, 2024 | |||
IBEW Local Union No 357 Pension Plan A | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 88-6023284 | |||
Plan No: | 001 | |||
Pension Protection Act Zone Status | Green | Green | ||
FIP/RP Status Pending/ Implemented | No | |||
Viad Contributions | $ 843 | $ 1,074 | 1,025 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Jun. 16, 2021 | |||
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1), | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | [1] | 36-1416355 | ||
Plan No: | [1] | 011 | ||
Pension Protection Act Zone Status | [1] | Yellow | Yellow | |
FIP/RP Status Pending/ Implemented | [1] | Implemented | ||
Viad Contributions | [1] | $ 337 | $ 797 | 1,328 |
Surcharge Paid | [1] | Yes | ||
Collective bargaining agreements expiration date | [1] | Jun. 30, 2024 | ||
Central States, Southeast and Southwest Areas Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 36-6044243 | |||
Plan No: | 001 | |||
Pension Protection Act Zone Status | Red | Red | ||
FIP/RP Status Pending/ Implemented | Implemented | |||
Viad Contributions | $ 7 | $ 872 | 1,177 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Mar. 31, 2023 | |||
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | [2] | 51-6030753 | ||
Plan No: | [2] | 002 | ||
Pension Protection Act Zone Status | [2] | Green | Green | |
FIP/RP Status Pending/ Implemented | [2] | No | ||
Viad Contributions | [2] | $ 509 | $ 1,651 | 927 |
Surcharge Paid | [2] | No | ||
Collective bargaining agreements expiration date | [2] | Jun. 6, 2021 | ||
Southwest Carpenters Pension Trust | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 95-6042875 | |||
Plan No: | 001 | |||
Pension Protection Act Zone Status | Green | Green | ||
FIP/RP Status Pending/ Implemented | No | |||
Viad Contributions | $ 195 | $ 717 | 789 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Jul. 31, 2023 | |||
Southern California IBEW-NECA Pension Fund | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 95-6392774 | |||
Plan No: | 001 | |||
Pension Protection Act Zone Status | Yellow | Yellow | ||
FIP/RP Status Pending/ Implemented | Implemented | |||
Viad Contributions | $ 89 | $ 799 | 881 | |
Surcharge Paid | Yes | |||
Collective bargaining agreements expiration date | Aug. 31, 2021 | |||
New England Teamsters & Trucking Industry Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | 04-6372430 | |||
Plan No: | 001 | |||
Pension Protection Act Zone Status | Red | Red | ||
FIP/RP Status Pending/ Implemented | Implemented | |||
Viad Contributions | $ 42 | $ 506 | 423 | |
Surcharge Paid | No | |||
Collective bargaining agreements expiration date | Mar. 31, 2022 | |||
Sign Pictorial & Display Industry Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Entity Tax Identification Number | [1] | 94-6278490 | ||
Plan No: | [1] | 001 | ||
Pension Protection Act Zone Status | [1] | Green | Green | |
FIP/RP Status Pending/ Implemented | [1] | No | ||
Viad Contributions | [1] | $ 92 | $ 768 | 778 |
Surcharge Paid | [1] | No | ||
Collective bargaining agreements expiration date | [1] | Mar. 31, 2021 | ||
All other funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Viad Contributions | [2] | $ 963 | 3,625 | 3,734 |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Viad Contributions | 7,526 | 23,867 | 23,496 | |
Total contributions to other plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Viad Contributions | $ 1,066 | $ 3,416 | $ 2,900 | |
[1] | We contributed more than 5% of total plan contributions for the plan year detailed in the plans’ most recent Form 5500s. | |||
[2] | Represents participation in 31 pension funds during 2020. |
Pension and Postretirement B_13
Pension and Postretirement Benefits - Multi-Employer Pension Plans (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2020PensionFund | |
Compensation And Retirement Disclosure [Abstract] | |
Percentage of excess employer contributions | 5.00% |
Aggregate number of funds | 31 |
Restructuring Charges - Changes
Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Beginning balance | $ 4,513 | $ 2,251 | $ 4,513 | $ 2,251 | $ 2,549 | |||||||
Restructuring charges | $ 1,070 | $ 11,259 | $ 260 | 851 | $ 1,535 | $ 1,702 | $ 4,455 | 688 | 13,440 | 8,380 | 1,587 | |
Cash payments | (10,825) | (6,193) | (1,716) | |||||||||
Non-cash items | [1] | (1,789) | ||||||||||
Adjustment to liability | (109) | 75 | (169) | |||||||||
Ending balance | 5,230 | 4,513 | 5,230 | 4,513 | 2,251 | |||||||
GES | Severance & Employee Benefits | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Beginning balance | 2,935 | 2,039 | 2,935 | 2,039 | 1,551 | |||||||
Restructuring charges | 6,563 | 6,071 | 1,457 | |||||||||
Cash payments | (7,051) | (5,169) | (1,379) | |||||||||
Adjustment to liability | (7) | (6) | 410 | |||||||||
Ending balance | 2,440 | 2,935 | 2,440 | 2,935 | 2,039 | |||||||
GES | Facilities | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Beginning balance | 1,339 | 200 | 1,339 | 200 | 807 | |||||||
Restructuring charges | 5,784 | 1,817 | ||||||||||
Cash payments | (2,573) | (752) | (156) | |||||||||
Non-cash items | [1] | (1,789) | ||||||||||
Adjustment to liability | 5 | 74 | (451) | |||||||||
Ending balance | 2,766 | 1,339 | 2,766 | 1,339 | 200 | |||||||
Other Restructuring | Severance & Employee Benefits | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Beginning balance | $ 239 | $ 12 | 239 | 12 | 191 | |||||||
Restructuring charges | 1,093 | 492 | 130 | |||||||||
Cash payments | (1,201) | (272) | (181) | |||||||||
Adjustment to liability | (107) | 7 | (128) | |||||||||
Ending balance | $ 24 | $ 239 | $ 24 | $ 239 | $ 12 | |||||||
[1] | Represents the impact related to the closure and liquidation of GES’ United Kingdom-based audio-visual services business during the year ended December 31, 2020. |
Restructuring Charges - Narrati
Restructuring Charges - Narrative (Details) $ in Millions | Dec. 31, 2020USD ($) |
Restructuring And Related Activities [Abstract] | |
Payments of liabilities related to severance and employee benefits | $ 1.6 |
Leases and Other - Summary of B
Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee Lease Description [Line Items] | ||
Operating lease assets | $ 82,739 | $ 103,314 |
Finance lease assets | 23,366 | 25,350 |
Total lease assets | 106,105 | 128,664 |
Operating lease obligations | 15,697 | 22,180 |
Finance lease obligations | 2,514 | |
Operating lease obligations | 70,150 | 82,851 |
Finance lease obligations | 20,627 | |
Total lease liabilities | 108,988 | 130,288 |
Operating Lease Right-of-Use Assets | ||
Lessee Lease Description [Line Items] | ||
Operating lease assets | 82,739 | 103,314 |
Property and Equipment, Net | ||
Lessee Lease Description [Line Items] | ||
Finance lease assets | 23,366 | 25,350 |
Operating Lease Obligations | ||
Lessee Lease Description [Line Items] | ||
Operating lease obligations | 15,697 | 22,180 |
Current Portion of Debt and Finance Lease Obligations | ||
Lessee Lease Description [Line Items] | ||
Finance lease obligations | 2,514 | 3,386 |
Long-Term Operating Lease Obligations | ||
Lessee Lease Description [Line Items] | ||
Operating lease obligations | 70,150 | 82,851 |
Long-Term Debt and Finance Lease Obligations | ||
Lessee Lease Description [Line Items] | ||
Finance lease obligations | $ 20,627 | $ 21,871 |
Leases and Other - Components o
Leases and Other - Components of Least Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 3,662 | $ 2,780 |
Interest on lease liabilities | 1,668 | 924 |
Operating lease cost | 27,259 | 26,511 |
Short-term lease cost | 701 | 1,932 |
Variable lease cost | 5,672 | 6,271 |
Total lease cost, net | $ 38,962 | $ 38,418 |
Leases and Other - Schedule of
Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 26,250 | $ 28,146 |
Operating cash flows from finance leases | 1,948 | 502 |
Financing cash flows from finance leases | 3,543 | 2,698 |
ROU assets obtained in exchange for lease obligations: | ||
Operating leases | 659 | 125,755 |
Finance leases | $ 2,141 | $ 18,822 |
Weighted-average remaining lease term (years): | ||
Operating leases | 8 years 4 months 20 days | 8 years 2 months 1 day |
Finance leases | 13 years 11 months 19 days | 14 years 3 days |
Weighted-average discount rate: | ||
Operating leases | 6.93% | 5.77% |
Finance leases | 7.99% | 7.73% |
Leases and Other - Schedule o_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 | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 22,046 | |
2022 | 16,567 | |
2023 | 13,489 | |
2024 | 10,314 | |
2025 | 8,994 | |
Thereafter | 45,101 | |
Total future lease payments | 116,511 | |
Less: Amount representing interest | (30,664) | |
Present value of minimum lease payments | 85,847 | |
Current portion | 15,697 | $ 22,180 |
Long-term portion | 70,150 | 82,851 |
2021 | 4,405 | |
2022 | 3,917 | |
2023 | 3,397 | |
2024 | 2,724 | |
2025 | 2,193 | |
Thereafter | 22,973 | |
Total future lease payments | 39,609 | |
Less: Amount representing interest | (16,468) | |
Present value of minimum lease payments | 23,141 | 25,257 |
Current portion | 2,514 | |
Long-term portion | 20,627 | |
2021 | 26,451 | |
2022 | 20,484 | |
2023 | 16,886 | |
2024 | 13,038 | |
2025 | 11,187 | |
Thereafter | 68,074 | |
Total future lease payments | 156,120 | |
Less: Amount representing interest | (47,132) | |
Total lease liabilities | 108,988 | $ 130,288 |
Current portion | 18,211 | |
Long-term portion | $ 90,777 |
Leases and Other - Schedule o_3
Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 1,612 |
2022 | 1,089 |
2023 | 869 |
2024 | 646 |
2025 | 493 |
Thereafter | 1,332 |
Total minimum sublease rents | $ 6,041 |
Leases and Other - Narrative (D
Leases and Other - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Lessee Lease Description [Line Items] | |
Operating lease not yet commenced, description | we had executed certain facility and land leases for which we did not have control of the underlying assets. Accordingly, we did not record the lease liabilities and ROU assets on our Consolidated Balance Sheets. These leases include future planned attractions for Pursuit that are currently in the planning or development phase and that we expect the lease commencement dates to begin between fiscal years 2021 and 2023 with lease terms of 23 to 47 years. |
Minimum [Member] | |
Lessee Lease Description [Line Items] | |
Operating lease not yet commenced, term of contract | 23 years |
Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease not yet commenced, term of contract | 47 years |
Litigation, Claims, Contingen_2
Litigation, Claims, Contingencies, and Other - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Agreement | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Loss Contingencies [Line Items] | ||||
Legal settlement | $ 8,500,000 | $ 8,500,000 | ||
Environmental remediation liability | $ 2,200,000 | |||
Maximum potential amount of future payments | $ 91,700,000 | |||
Guarantees relate to facilities and equipment leased by the company | 2040-01 | |||
Recourse provision to recover guarantees | $ 0 | |||
Bargaining agreements | Agreement | 100 | |||
Multiemployer plans, withdrawal obligation | 15,500,000 | |||
Self insurance reserve | $ 12,400,000 | |||
Workers' compensation liability | 7,800,000 | |||
Self insurance reserve for general and auto | 4,600,000 | |||
Self insurance reserve on discontinued operations | 2,000,000 | |||
Payments for self insurance | 5,000,000 | 6,900,000 | $ 5,400,000 | |
Estimated employee health benefit claims incurred but not yet reported | 800,000 | |||
Self insurance reserve in which company is the primary obligor | 6,400,000 | |||
Self insurance reserve in which company is the primary obligor for workers compensation | 6,400,000 | |||
Minimum | ||||
Loss Contingencies [Line Items] | ||||
General range on claims | 200,000 | |||
Maximum | ||||
Loss Contingencies [Line Items] | ||||
General range on claims | $ 500,000 | |||
GES | ||||
Loss Contingencies [Line Items] | ||||
Legal settlement | $ 8,500,000 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest - Narrative (Details) - Esja Attractions ehf. - EUR (€) | 12 Months Ended | |
Dec. 31, 2020 | Nov. 03, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Percentage of controlling interest acquired | 54.50% | |
EBITDA trailing period | 12 months | |
Put option right of exercisable period upon earnings | 36 months | |
Redeemable noncontrolling interest conditions | The put option is only exercisable after 36 months of business operation (the “Reference Date”) and if the FlyOver Iceland attraction has earned a minimum of €3.25 million in unadjusted EBITDA during the most recent fiscal year and during the trailing 12-month period prior to exercise (the “Put Option Condition”). The put option is exercisable during a period of 12 months following the Reference Date (the “Option Period”) if the Put Option Condition has been met. If the Put Option Condition has not been met during the first Option Period, the Reference Date will be extended for an additional 12 months up to three times. If after 72 months, the FlyOver Iceland attraction has not achieved the Put Option Condition, the put option expires. If the Put Option Condition is met during any of the Option Periods, yet the shares are not exercised prior to the end of the 12-month Option Period, the put option will expire. | |
Put option exercisable period | 12 months | |
Put option additional exercisable period upon not meeting of conditions | 12 months | |
FlyOver Iceland | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Put option expiration period | 72 months | |
FlyOver Iceland | Minimum [Member] | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Unadjusted EBITDA | € 3,250,000 |
Redeemable Noncontrolling Int_4
Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | |||
Beginning balance | $ 6,172 | $ 5,909 | |
Net loss attributable to redeemable noncontrolling interest | (1,482) | (821) | $ (317) |
Adjustment to the redemption value | 926 | 1,318 | |
Foreign currency translation adjustment | (391) | (234) | |
Ending balance | $ 5,225 | $ 6,172 | $ 5,909 |
Segment Information - Reconcili
Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Reportable segments reconciliations: | ||||||||||||
Total revenue | $ 415,435 | $ 1,302,736 | $ 1,237,324 | |||||||||
Segment operating income | (124,862) | 79,445 | 77,591 | |||||||||
Interest income | $ 64 | $ 58 | $ 176 | $ 79 | $ 109 | $ 79 | $ 83 | $ 98 | 377 | 369 | 354 | |
Interest expense | (3,552) | (5,508) | (5,186) | (4,018) | (4,587) | (3,740) | (2,957) | (2,915) | (18,264) | (14,199) | (9,640) | |
Multi-employer pension plan withdrawal | (462) | (185) | (15,508) | (462) | (15,693) | |||||||
Other expense | (238) | (210) | (265) | (419) | (394) | (281) | (456) | (455) | (1,132) | (1,586) | (1,744) | |
Restructuring (charges) recoveries | (1,070) | (11,259) | (260) | (851) | (1,535) | (1,702) | (4,455) | (688) | (13,440) | (8,380) | (1,587) | |
Impairment charges (recoveries) | 676 | 114,020 | 88,380 | 5,346 | 203,076 | 5,346 | (35) | |||||
Income (loss) from continuing operations before income taxes | $ (57,855) | $ (27,005) | $ (172,221) | $ (103,778) | $ (14,867) | $ 46,498 | $ 20,008 | $ (25,529) | (360,859) | 26,110 | 65,009 | |
GES | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 338,625 | 1,079,923 | 1,052,037 | |||||||||
Pursuit | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 76,810 | 222,813 | 185,287 | |||||||||
Operating Segments | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Segment operating income | (116,240) | 90,243 | 88,517 | |||||||||
Operating Segments | GES | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 338,625 | 1,079,923 | 1,052,037 | |||||||||
Segment operating income | (73,897) | 35,933 | 39,602 | |||||||||
Legal settlement | (8,500) | |||||||||||
Operating Segments | Pursuit | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 76,810 | 222,813 | 185,287 | |||||||||
Segment operating income | (42,343) | 54,310 | 48,915 | |||||||||
Restructuring (charges) recoveries | (132) | (52) | (140) | |||||||||
Impairment charges (recoveries) | (1,758) | 35 | ||||||||||
Intersegment Eliminations | GES | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | (3,680) | (20,741) | (17,140) | |||||||||
Intersegment Eliminations | Pursuit | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | (317) | (1,686) | (1,551) | |||||||||
Corporate Eliminations | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Segment operating income | [1] | 65 | 67 | 67 | ||||||||
Corporate | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Segment operating income | (8,687) | (10,865) | (10,993) | |||||||||
Restructuring (charges) recoveries | (961) | (440) | 10 | |||||||||
North America | Operating Segments | GES | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 288,921 | 884,105 | 866,187 | |||||||||
Segment operating income | (56,446) | 27,659 | 29,981 | |||||||||
Restructuring (charges) recoveries | (3,825) | (6,157) | (408) | |||||||||
Impairment charges (recoveries) | (171,095) | (5,346) | ||||||||||
EMEA | Operating Segments | GES | ||||||||||||
Reportable segments reconciliations: | ||||||||||||
Total revenue | 53,384 | 216,559 | 202,990 | |||||||||
Segment operating income | (17,451) | 8,274 | 9,621 | |||||||||
Restructuring (charges) recoveries | (8,522) | $ (1,731) | $ (1,049) | |||||||||
Impairment charges (recoveries) | $ (30,223) | |||||||||||
[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. |
Segment Information - Reconci_2
Segment Information - Reconciliation of Assets from Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of assets from segment | |||
Total Assets | $ 853,224 | $ 1,318,691 | $ 922,541 |
Total Depreciation and Amortization | 56,565 | 58,964 | 56,842 |
Capital expenditures | 53,567 | 76,147 | 83,345 |
GES | North America | |||
Reconciliation of assets from segment | |||
Total Assets | 134,162 | 475,279 | 406,484 |
Total Depreciation and Amortization | 24,022 | 29,321 | 30,855 |
Capital expenditures | 9,003 | 19,099 | 19,263 |
GES | EMEA | |||
Reconciliation of assets from segment | |||
Total Assets | 50,644 | 132,975 | 111,798 |
Total Depreciation and Amortization | 4,053 | 6,260 | 7,071 |
Capital expenditures | 1,388 | 7,098 | 7,065 |
Pursuit | |||
Reconciliation of assets from segment | |||
Total Assets | 620,413 | 589,205 | 357,630 |
Total Depreciation and Amortization | 28,393 | 23,154 | 18,690 |
Capital expenditures | 43,176 | 49,934 | 56,865 |
Corporate and other | |||
Reconciliation of assets from segment | |||
Total Assets | 48,005 | 121,232 | 46,629 |
Total Depreciation and Amortization | $ 97 | 229 | 226 |
Capital expenditures | $ 16 | $ 152 |
Segment Information - Financial
Segment Information - Financial Information by Major Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue: | |||
Total revenue | $ 415,435 | $ 1,302,736 | $ 1,237,324 |
Long-lived assets: | |||
Total long-lived assets | 507,646 | 546,020 | 376,757 |
Domestic Plans | |||
Revenue: | |||
Total revenue | 290,541 | 873,213 | 850,839 |
Long-lived assets: | |||
Total long-lived assets | 173,790 | 205,399 | 182,140 |
EMEA | |||
Revenue: | |||
Total revenue | 56,656 | 218,404 | 202,990 |
Long-lived assets: | |||
Total long-lived assets | 56,996 | 63,582 | 48,553 |
CA | |||
Revenue: | |||
Total revenue | 68,238 | 211,119 | 183,495 |
Long-lived assets: | |||
Total long-lived assets | $ 276,860 | $ 277,039 | $ 146,064 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||||||
Total revenue | $ 415,435 | $ 1,302,736 | $ 1,237,324 | ||||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||
Ongoing operations | [1] | $ (50,274) | $ (6,765) | $ (49,736) | $ (9,400) | $ 141 | $ 54,822 | $ 46,442 | $ (11,236) | ||||||||||||||
Business interruption gain | 141 | 141 | 602 | ||||||||||||||||||||
Legal settlement | (8,500) | (8,500) | |||||||||||||||||||||
Business interruption gain | 141 | 141 | 602 | ||||||||||||||||||||
Corporate activities | (2,785) | (2,645) | (2,468) | (789) | (3,070) | (2,680) | (3,282) | (1,833) | |||||||||||||||
Interest income | 64 | 58 | 176 | 79 | 109 | 79 | 83 | 98 | 377 | 369 | 354 | ||||||||||||
Interest expense | (3,552) | (5,508) | (5,186) | (4,018) | (4,587) | (3,740) | (2,957) | (2,915) | (18,264) | (14,199) | (9,640) | ||||||||||||
Multi-employer pension plan withdrawal | (462) | (185) | (15,508) | (462) | (15,693) | ||||||||||||||||||
Other expense | (238) | (210) | (265) | (419) | (394) | (281) | (456) | (455) | (1,132) | (1,586) | (1,744) | ||||||||||||
Restructuring (charges) recoveries | (1,070) | (11,259) | (260) | (851) | (1,535) | (1,702) | (4,455) | (688) | (13,440) | (8,380) | (1,587) | ||||||||||||
Legal settlement | (8,500) | (8,500) | |||||||||||||||||||||
Impairment charges | (676) | (114,020) | (88,380) | (5,346) | (203,076) | (5,346) | 35 | ||||||||||||||||
Income (loss) from continuing operations before income taxes | (57,855) | (27,005) | (172,221) | (103,778) | (14,867) | 46,498 | 20,008 | (25,529) | (360,859) | 26,110 | 65,009 | ||||||||||||
Income (loss) from continuing operations | (50,448) | (29,769) | (205,899) | (86,131) | (5,315) | 31,557 | 13,364 | (17,490) | (372,247) | 22,116 | 47,689 | ||||||||||||
Net income (loss) attributable to Viad (diluted) | $ (50,473) | $ (30,758) | $ (206,278) | $ (86,585) | $ (5,428) | $ 31,416 | $ 13,824 | $ (17,777) | $ (374,094) | $ 22,035 | $ 49,170 | ||||||||||||
Diluted income (loss) per common share: | |||||||||||||||||||||||
Continuing operations attributable to Viad common stockholders | $ (2.57) | [2] | $ (1.54) | [2] | $ (10.17) | [2] | $ (4.27) | [2] | $ (0.30) | [2] | $ 1.54 | [2] | $ 0.65 | [2] | $ (0.88) | [2] | $ (18.55) | $ 1.02 | $ 2.33 | ||||
Diluted income (loss) attributable to Viad common stockholders | $ (2.58) | [2] | $ (1.59) | [2] | $ (10.19) | [2] | $ (4.29) | [2] | $ (0.31) | [2] | $ 1.53 | [2] | $ 0.67 | [2] | $ (0.89) | [2] | $ (18.64) | [3] | $ 1.02 | [3] | $ 2.40 | [3] | |
Previously Reported | |||||||||||||||||||||||
Total revenue | $ 63,072 | $ 30,863 | $ 306,008 | $ 321,334 | $ 353,743 | $ 402,279 | $ 285,594 | ||||||||||||||||
Gross to net correction | |||||||||||||||||||||||
Total revenue | [4] | (265) | (796) | (11,350) | (20,593) | (1,234) | (25,815) | (12,572) | |||||||||||||||
As Corrected | |||||||||||||||||||||||
Total revenue | $ 27,903 | $ 62,807 | $ 30,067 | $ 294,658 | $ 300,741 | $ 352,509 | $ 376,464 | $ 273,022 | |||||||||||||||
[1] | Represents revenue less costs of services and cost of products sold. | ||||||||||||||||||||||
[2] | The sum of quarterly income per share amounts may not equal annual income per share due to rounding. | ||||||||||||||||||||||
[3] | Diluted loss per share amount cannot exceed basic loss per share. | ||||||||||||||||||||||
[4] | The quarterly financial data for the four quarters of 2019 and the first three quarters of 2020 were adjusted for immaterial errors related to the recognition of revenue of GES’ Corporate Accounts’ third-party services. Refer to Note 1 – Overview and Summary of Significant Accounting Policies for additional information. The Company intends to correct for these errors prospectively in subsequent quarterly filings. |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) $ in Millions | Jan. 25, 2021USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Proceeds from sale of warehouse | $ 14 |
Schedule II - Valuation And Q_2
Schedule II - Valuation And Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Allowances for doubtful accounts | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of Year | $ 1,200 | $ 1,288 | $ 2,023 | |
Additions Charged to Expense | 6,712 | 1,050 | 414 | |
Additions Charged to Other Accounts | 17 | 45 | 39 | |
Write Offs | (2,628) | (1,182) | (1,170) | |
Other | [1] | 9 | (1) | (18) |
Balance at end of Year | 5,310 | 1,200 | 1,288 | |
Deferred tax valuation allowance | ||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||
Balance at beginning of Year | 4,276 | 3,356 | 4,010 | |
Additions Charged to Expense | 77,369 | 884 | 1,230 | |
Write Offs | (1,851) | |||
Other | [1] | 150 | 36 | (33) |
Balance at end of Year | $ 81,795 | $ 4,276 | $ 3,356 | |
[1] | “Other” primarily includes foreign exchange translation adjustments. |