Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [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)	2021			2020			2019
Net periodic benefit cost:
Service cost	$	—		$	—		$	61
Interest cost		419			653			861
Expected return on plan assets		(47	)		(145	)		(99	)
Recognized net actuarial loss		623			526			403
Net periodic benefit cost		995			1,034			1,226
Other changes in plan assets and benefit obligations recognized in other    comprehensive income:
Net actuarial (gain) loss		(883	)		1,587			1,305
Reversal of amortization item:
Net actuarial loss		(623	)		(526	)		(403	)
Total recognized in other comprehensive income (loss)		(1,506	)		1,061			902
Total recognized in net periodic benefit cost and other    comprehensive income (loss)	$	(511	)	$	2,095		$	2,128

The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our postretirement benefit plans consist of the following:

	December 31,
(in thousands)	2021			2020			2019
Net periodic benefit cost:
Service cost	$	70		$	51		$	64
Interest cost		181			296			458
Amortization of prior service credit		(6	)		(146	)		(189	)
Recognized net actuarial loss		115			18			112
Net periodic benefit cost		360			219			445
Settlement income		(65	)		—			—
Total expenses		295			219			445
Other changes in plan assets and benefit obligations recognized in other    comprehensive income (loss):
Net actuarial (gain) loss		(642	)		688			(1,117	)
Prior service credit		—			—			—
Reversal of amortization items:
Net actuarial loss		(115	)		(18	)		(112	)
Prior service credit		6			146			189
Settlement income		65			—			—
Total recognized in other comprehensive income		(686	)		816			(1,040	)
Total recognized in net periodic benefit cost and other    comprehensive income (loss)	$	(391	)	$	1,035		$	(595	)

The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) included the following:

	December 31,
(in thousands)	2021			2020			2019
Net periodic benefit cost:
Service cost	$	457		$	444		$	405
Interest cost		339			365			397
Expected return on plan assets		(508	)		(530	)		(487	)
Recognized net actuarial loss		171			162			127
Settlement		—			—			—
Net periodic benefit cost		459			441			442
Other changes in plan assets and benefit obligations recognized in other    comprehensive income (loss):
Net actuarial (income) loss		(375	)		368			605
Reversal of amortization of net actuarial loss		(171	)		(162	)		(127	)
Total recognized in other comprehensive income (loss)		(546	)		206			478
Total recognized in net periodic benefit cost and other    comprehensive income (loss)	$	(87	)	$	647		$	920

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)	2021			2020			2021			2020			2021			2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	16,331		$	15,572		$	9,776		$	9,462		$	12,219		$	11,986
Service cost		—			—			—			—			70			51
Interest cost		266			406			153			247			180			296
Actuarial adjustments		(385	)		1,242			(109	)		784			(641	)		688
Benefits paid		(1,021	)		(889	)		(650	)		(717	)		(1,694	)		(802	)
Benefit obligation at end of year		15,191			16,331			9,170			9,776			10,134			12,219
Change in plan assets:
Fair value of plan assets at beginning of year		11,878			11,291			—			—			—			—
Actual return on plan assets		436			584			—			—			—			—
Company contributions		354			892			650			717			1,694			802
Benefits paid		(1,021	)		(889	)		(650	)		(717	)		(1,694	)		(802	)
Fair value of plan assets at end of year		11,647			11,878			—			—			—			—
Funded status at end of year	$	(3,544	)	$	(4,453	)	$	(9,170	)	$	(9,776	)	$	(10,134	)	$	(12,219	)

The following table represents the funded status of the plans as of December 31:

	Funded Plans						Unfunded Plans
(in thousands)	2021			2020			2021			2020
Change in benefit obligation:
Benefit obligation at beginning of year	$	10,916		$	9,990		$	2,449		$	2,331
Service cost		457			444			—			—
Interest cost		270			295			69			70
Actuarial adjustments		(475	)		686			208			111
Benefits paid		(462	)		(743	)		(185	)		(180	)
Translation adjustment		84			244			(71	)		117
Benefit obligation at end of year		10,790			10,916			2,470			2,449
Change in plan assets:
Fair value of plan assets at beginning of year		10,798			10,013			—			—
Actual return on plan assets		623			1,044			—			—
Company contributions		133			253			185			180
Benefits paid		(462	)		(743	)		(185	)		(180	)
Translation adjustment		79			231			—			—
Fair value of plan assets at end of year		11,171			10,798			—			—
Funded status at end of year	$	381		$	(118	)	$	(2,470	)	$	(2,449	)

Net Amount Recognized in Consolidated Balance Sheets

The net amounts recognized in the Consolidated Balance Sheets under the captions “Pension and postretirement benefits” and “Other Current Liabilities” as of December 31 are as follows:

									Postretirement
	Funded Plans				Unfunded Plans				Benefit Plans
(in thousands)	2021		2020		2021		2020		2021		2020
Other current liabilities	$	—	$	—	$	701	$	687	$	755	$	931
Non-current liabilities		3,544		4,453		8,469		9,089		9,379		11,288
Net amount recognized	$	3,544	$	4,453	$	9,170	$	9,776	$	10,134	$	12,219

The net amounts recognized in the Consolidated Balance Sheets under the captions “Pension and postretirement benefits” and “Other Current Liabilities” as of December 31 were as follows:

	Funded Plans						Unfunded Plans
(in thousands)	2021			2020			2021		2020
Non-current assets	$	(384	)	$	(31	)	$	—	$	—
Other current liabilities		—			—			181		187
Non-current liabilities		—			149			2,300		2,262
Net amount recognized	$	(384	)	$	118		$	2,481	$	2,449

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)	2021		2020		2021		2020		2021		2020		2021		2020
Net actuarial loss	$	8,025	$	9,252	$	3,129	$	3,409	$	1,299	$	1,990	$	12,453	$	14,651
Prior service credit		—		—		—		—		195		189		195		189
Subtotal		8,025		9,252		3,129		3,409		1,494		2,179		12,648		14,840
Less tax effect		—		—		—		—		—		—		—		—
Total	$	8,025	$	9,252	$	3,129	$	3,409	$	1,494	$	2,179	$	12,648	$	14,840

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, 2021
			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	$	5,935	$	5,935	$	—	$	—
Equity securities		5,297		5,297		—		—
Cash		230		230		—		—
Other		185		—		185		—
Total	$	11,647	$	11,462	$	185	$	—

			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	$	—

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, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	6,534	$	6,534	$	—	$	—
Equity securities		4,439		4,439		—		—
Other		198		198		—		—
Total	$	11,171	$	11,171	$	—	$	—

			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	$	—	$	—

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
2022	$	1,094	$	711	$	766
2023	$	1,036	$	694	$	763
2024	$	1,001	$	677	$	758
2025	$	1,068	$	659	$	732
2026	$	1,053	$	638	$	714
2027-2031	$	4,578	$	2,851	$	3,035

The following payments, which reflect expected future service, as appropriate, are expected to be paid:

(in thousands)	Funded Plans		Unfunded Plans
2022	$	1,872	$	182
2023	$	384	$	181
2024	$	384	$	181
2025	$	383	$	180
2026	$	381	$	179
2027-2031	$	1,922	$	875

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)	2021		2020		2021		2020
Projected benefit obligation	$	15,191	$	16,331	$	9,170	$	9,776
Accumulated benefit obligation	$	15,191	$	16,331	$	9,170	$	9,776
Fair value of plan assets	$	11,647	$	11,878	$	—	$	—

	Foreign Plans
	Funded Plans				Unfunded Plans
(in thousands)	2021		2020		2021		2020
Projected benefit obligation	$	10,790	$	10,916	$	2,470	$	2,449
Accumulated benefit obligation	$	10,150	$	10,447	$	2,470	$	2,449
Fair value of plan assets	$	11,171	$	10,798	$	—	$	—

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
	2021			2020			2021			2020			2021			2020			2021			2020
Discount rate		2.76	%		2.38	%		2.74	%		2.35	%		2.85	%		2.47	%		2.80	%		2.34	%
Rate of compensation increase	N/A			N/A				3.00	%		3.00	%	N/A			N/A				2.35	%		2.35	%

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
	2021			2020			2021			2020			2021			2020			2021			2020
Discount rate		2.32	%		3.12	%		2.35	%		3.13	%		2.47	%		3.19	%		2.34	%		2.93	%
Expected return on plan assets		4.75	%		5.50	%	N/A			N/A				0.00	%		0.00	%		3.76	%		4.39	%
Rate of compensation increase	N/A			N/A				3.00	%		3.00	%	N/A			N/A				2.35	%		2.35	%

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.		2021	2020		2021		2020		2019
Pension Fund:
Western Conference of Teamsters Pension Plan	91-6145047		1	Green	Green	No	$	2,571	$	2,898	$	6,754	No	Continuous
Chicago Regional Council of Carpenters Pension Fund	36-6130207		1	Green	Green	Yes		658		608		2,877	No	5/31/2024
IBEW Local Union No 357 Pension Plan A	88-6023284		1	Green	Green	No		628		843		1,074	No	Continuous
Southwest Carpenters Pension Trust	95-6042875		1	Green	Green	No		352		195		717	No	7/31/2023
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2	51-6030753		2	Green	Green	No		306		509		1,651	No	Continuous
Southern California Local 831—Employer Pension Fund(1)	95-6376874		1	Green	Green	No		302		943		3,427	No	Continuous
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1)	36-1416355		11	Yellow	Yellow	Yes		176		337		797	Yes	6/30/2024
New England Teamsters & Trucking Industry Pension	04-6372430		1	Red	Red	Yes		109		42		506	No	3/31/2022
Sign Pictorial & Display Industry Pension Plan(1)	94-6278490		1	Green	Green	No		76		92		768	No	Continuous
Central States, Southeast and Southwest Areas Pension Plan	36-6044243		1	Red	Red	Yes		12		7		872	No	3/31/2023
Southern California IBEW-NECA Pension Fund	95-6392774		1	Yellow	Yellow	Yes		7		89		799	Yes	Continuous
All other funds(2)								929		963		3,625
Total contributions to defined benefit plans								6,126		7,526		23,867
Total contributions to other plans								931		1,066		3,416
Total contributions to multi-employer plans							$	7,057	$	8,592	$	27,283

(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 27 pension funds during 2021.