10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2019

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to

Commission file number: 001-11015

Viad Corp

(Exact name of registrant as specified in its charter)

Delaware	36-1169950
State or other jurisdiction of incorporation or organization	(I.R.S. Employer Identification No.)
1850 North Central Avenue, Suite 1900 Phoenix, Arizona	85004-4565
(Address of principal executive offices)	(Zip Code)

(602) 207-1000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address, and former fiscal year, if changed since last report)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $1.50 Par Value	VVI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)    Yes  ☒    No  ☐

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of April 26, 2019, there were 20,283,639 shares of Common Stock ($1.50 par value) outstanding.

INDEX

		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018	1
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2019 and 2018	2
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2019 and 2018	3
	Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2019 and 2018	4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018	5
	Notes to Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36
Item 4.	Controls and Procedures	37
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	38
Item 1A.	Risk Factors	38
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
Item 6.	Exhibits	39
Items 3-5	Not applicable
SIGNATURES		40

In this report, for periods presented, “we,” “us,” “our,” “the Company,” and “Viad Corp” refer to Viad Corp and its subsidiaries and affiliates.

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VIAD CORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31,			December 31,
(in thousands, except share data)	2019			2018
Assets
Current assets
Cash and cash equivalents	$	43,473		$	44,893
Accounts receivable, net of allowances for doubtful accounts of $1,366 and $1,288,    respectively		134,513			108,936
Inventories		17,601			16,629
Current contract costs		22,987			18,017
Other current assets		32,745			25,486
Total current assets		251,319			213,961
Property and equipment, net		348,723			333,847
Other investments and assets		43,888			42,910
Operating lease right-of-use assets		59,671			—
Deferred income taxes		28,934			19,199
Goodwill		262,912			261,330
Other intangible assets, net		49,161			51,294
Total Assets	$	1,044,608		$	922,541
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	83,635		$	71,927
Contract liabilities		66,094			33,476
Accrued compensation		17,224			22,668
Operating lease obligations		21,080			—
Other current liabilities		53,731			32,258
Current portion of debt and finance lease obligations		242,069			229,416
Total current liabilities		483,833			389,745
Long-term debt and finance lease obligations		6,795			705
Pension and postretirement benefits		26,528			26,636
Long-term operating lease obligations		42,098			—
Other deferred items and liabilities		45,361			48,991
Total liabilities		604,615			466,077
Commitments and contingencies
Redeemable noncontrolling interest		5,662			5,909
Stockholders’ equity
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		571,833			575,339
Retained earnings		89,227			109,032
Unearned employee benefits and other		223			199
Accumulated other comprehensive loss		(43,110	)		(47,975	)
Common stock in treasury, at cost, 4,657,471 and 4,741,638 shares, respectively		(235,172	)		(237,790	)
Total Viad stockholders’ equity		420,403			436,207
Non-redeemable noncontrolling interest		13,928			14,348
Total stockholders’ equity		434,331			450,555
Total Liabilities and Stockholders’ Equity	$	1,044,608		$	922,541

Refer to Notes to Condensed Consolidated Financial Statements.

1

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended
	March 31,
(in thousands, except per share data)	2019			2018
Revenue:
Services	$	250,641		$	245,548
Products		34,953			31,880
Total revenue		285,594			277,428
Costs and expenses:
Costs of services		263,356			257,295
Costs of products		33,474			31,122
Business interruption gain		—			(190	)
Corporate activities		1,833			2,217
Interest income		(98	)		(84	)
Interest expense		2,915			2,069
Other expense		455			238
Restructuring charges		688			162
Legal settlement		8,500			—
Total costs and expenses		311,123			292,829
Loss from continuing operations before income taxes		(25,529	)		(15,401	)
Income tax benefit		(7,595	)		(4,638	)
Loss from continuing operations		(17,934	)		(10,763	)
Income (loss) from discontinued operations		(287	)		928
Net loss		(18,221	)		(9,835	)
Net loss attributable to non-redeemable noncontrolling    interest		420			364
Net loss attributable to redeemable noncontrolling interest		24			84
Net loss attributable to Viad	$	(17,777	)	$	(9,387	)
Diluted loss per common share:
Continuing operations attributable to Viad common stockholders	$	(0.88	)	$	(0.51	)
Discontinued operations attributable to Viad common stockholders		(0.01	)		0.04
Net loss attributable to Viad common stockholders	$	(0.89	)	$	(0.47	)
Weighted-average outstanding and potentially dilutive common    shares		20,076			20,207
Basic loss per common share:
Continuing operations attributable to Viad common stockholders	$	(0.88	)	$	(0.51	)
Discontinued operations attributable to Viad common stockholders		(0.01	)		0.04
Net loss attributable to Viad common stockholders	$	(0.89	)	$	(0.47	)
Weighted-average outstanding common shares		20,076			20,207
Dividends declared per common share	$	0.10		$	0.10
Amounts attributable to Viad common stockholders
Loss from continuing operations	$	(17,490	)	$	(10,315	)
Income (loss) from discontinued operations		(287	)		928
Net loss	$	(17,777	)	$	(9,387	)

Refer to Notes to Condensed Consolidated Financial Statements.

2

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Net loss	$	(18,221	)	$	(9,835	)
Other comprehensive income (loss):
Unrealized foreign currency translation adjustments, net of    tax(1)		4,780			(3,109	)
Change in net actuarial loss, net of tax(1)		120			629
Change in prior service cost, net of tax(1)		(35	)		(184	)
Comprehensive loss		(13,356	)		(12,499	)
Comprehensive loss attributable to non-redeemable    noncontrolling interest		420			364
Comprehensive loss attributable to redeemable noncontrolling    interest		24			84
Comprehensive loss attributable to Viad	$	(12,912	)	$	(12,051	)

⁽¹⁾ The tax effect on other comprehensive income (loss) is not significant.

Refer to Notes to Condensed Consolidated Financial Statements.

3

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(in thousands)	Common Stock		Additional Capital			Retained Earnings			Unearned Employee Benefits andOther		Accumulated Other Comprehensive Income (Loss)			Common Stock in Treasury			Total Viad Equity			Non-Redeemable Non-Controlling Interest			Total Stockholders’ Equity
Balance, December 31, 2018	$	37,402	$	575,339		$	109,032		$	199	$	(47,975	)	$	(237,790	)	$	436,207		$	14,348		$	450,555
Net loss		—		—			(17,777	)		—		—			—			(17,777	)		(420	)		(18,197	)
Dividends on common stock ($0.10 per share)		—		—			(2,028	)		—		—			—			(2,028	)		—			(2,028	)
Payment of payroll taxes on stock-based compensation through shares withheld		—		—			—			—		—			(2,905	)		(2,905	)		—			(2,905	)
Employee benefit plans		—		(4,302	)		—			—		—			5,522			1,220			—			1,220
Share-based compensation - equity awards		—		780			—			—		—			—			780			—			780
Unrealized foreign currency translation adjustment, net of tax		—		—			—			—		4,780			—			4,780			—			4,780
Amortization of net actuarial loss, net of tax		—		—			—			—		120			—			120			—			120
Amortization of prior service cost, net of tax		—		—			—			—		(35	)		—			(35	)		—			(35	)
Other, net		—		16			—			24		—			1			41			—			41
Balance, March 31, 2019	$	37,402	$	571,833		$	89,227		$	223	$	(43,110	)	$	(235,172	)	$	420,403		$	13,928		$	434,331

(in thousands)	Common Stock		Additional Capital			Retained Earnings			Unearned Employee Benefits andOther			Accumulated Other Comprehensive Income (Loss)			Common Stock in Treasury			Total Viad Equity			Non-Redeemable Non-Controlling Interest			Total Stockholders’ Equity
Balance, December 31, 2017	$	37,402	$	574,458		$	65,836		$	218		$	(22,568	)	$	(226,215	)	$	429,131		$	13,806		$	442,937
Net loss		—		—			(9,387	)		—			—			—			(9,387	)		(364	)		(9,751	)
Dividends on common stock ($0.10 per share)		—		—			(2,046	)		—			—			—			(2,046	)		—			(2,046	)
Payment of payroll taxes on stock-based compensation through shares withheld		—		—			—			—			—			(868	)		(868	)		—			(868	)
Employee benefit plans		—		(2,014	)		—			—			—			3,137			1,123			—			1,123
Share-based compensation - equity awards		—		815			—			—			—			—			815			—			815
Unrealized foreign currency translation adjustment, net of tax		—		—			—			—			(3,109	)		—			(3,109	)		—			(3,109	)
Amortization of net actuarial loss, net of tax		—		—			—			—			629			—			629			—			629
Amortization of prior service cost, net of tax		—		—			—			—			(184	)		—			(184	)		—			(184	)
Adoption of ASU 2016-01		—		—			616			—			(616	)		—			—			—			—
Other, net		—		(36	)		(19	)		(11	)					(1	)		(67	)		—			(67	)
Balance, March 31, 2018	$	37,402	$	573,223		$	55,000		$	207		$	(25,848	)	$	(223,947	)	$	416,037		$	13,442		$	429,479

Refer to Notes to Condensed Consolidated Financial Statements.

4

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Cash flows from operating activities
Net loss	$	(18,221	)	$	(9,835	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		13,188			13,063
Deferred income taxes		(9,098	)		(4,507	)
(Income) loss from discontinued operations		287			(928	)
Restructuring charges		688			162
Legal settlement		8,500			—
Gains on dispositions of property and other assets		(551	)		(73	)
Share-based compensation expense		2,206			717
Other non-cash items, net		1,041			1,803
Change in operating assets and liabilities (excluding the impact of acquisitions):
Receivables		(25,545	)		(13,255	)
Inventories		(874	)		70
Current contract costs		(4,838	)		(9,211	)
Accounts payable		12,868			5,354
Restructuring liabilities		(714	)		(359	)
Accrued compensation		(7,490	)		(16,149	)
Contract liabilities		32,379			20,888
Income taxes payable		6			(7,475	)
Other assets and liabilities, net		4,188			16,316
Net cash provided by (used in) operating activities		8,020			(3,419	)
Cash flows from investing activities
Capital expenditures		(19,543	)		(26,586	)
Proceeds from dispositions of property and other assets		611			1,139
Net cash used in investing activities		(18,932	)		(25,447	)
Cash flows from financing activities
Proceeds from borrowings		28,347			36,038
Payments on debt and finance lease obligations		(14,376	)		(15,348	)
Dividends paid on common stock		(2,028	)		(2,046	)
Payment of payroll taxes on stock-based compensation through shares withheld		(2,905	)		(868	)
Proceeds from exercise of stock options		—			84
Net cash provided by financing activities		9,038			17,860
Effect of exchange rate changes on cash and cash equivalents		454			(377	)
Net change in cash and cash equivalents		(1,420	)		(11,383	)
Cash and cash equivalents, beginning of year		44,893			53,723
Cash and cash equivalents, end of period	$	43,473		$	42,340

Refer to Notes to Condensed Consolidated Financial Statements.

5

VIAD CORP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Overview and Basis of Presentation

Nature of Business

We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. 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 the world’s leading brands and event organizers. GES’ clients include event organizers and corporate brand marketers. Event organizers schedule and run the event 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.

Services and Products Offered

GES provides a full suite of services and products for event organizers and corporate brand marketers through the following lines of business:

• Core Services. GES provides official contracting services and products, including the design and production of experiences, material handling, rigging, electrical, and other on-site event services.

• Event Technology. GES offers a comprehensive range of event technology services, including event accommodation solutions, registration and data analytics, and event management tools.

• Audio-Visual. GES offers a variety of high-impact multi-media services and technology, including video production, lighting design, digital studio services, entertainment services and talent coordination, projection mapping, and computer rental and support.

Markets Served

GES provides the above services and products across four live event markets: Exhibitions, Conferences, Corporate Events, and Consumer Events (collectively, “Live Events”).

• Exhibitions facilitate business-to-business and business-to-consumer sales and marketing.

• Conferences facilitate attendee education and may also include an expo or trade show to further facilitate attendee education and to facilitate business-to-business and business-to-consumer sales and marketing.  

• Corporate events facilitate attendee education of the sponsoring company’s products or product ecosystem.

• Consumer events entertain, educate, or create an experience, typically around a specific genre.

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that include world-class recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services.

Services and Products Offered

Pursuit comprises four lines of business: Attractions, including food and beverage services and retail operations; Hospitality, including food and beverage services and retail operations; Transportation; and Travel Planning. Services offered by these lines of business (or a subset of these) include admissions, accommodations, transportation, and travel planning. Products offered include food and beverage and retail operations.

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Markets Served

Pursuit provides the above services and products across the following geographic markets:

• The Banff Jasper Collection is a leading travel and tourism provider in the Canadian Rockies in Alberta, Canada with two lodging properties in Banff National Park, one lodging property in Jasper National Park, five world-class recreational attractions, food and beverage services, retail operations, sightseeing and transportation services.

• The Alaska Collection is a leading travel and tourism provider in Alaska with two lodging properties and a sightseeing excursion in Denali National Park and Preserve, a lodge in Talkeetna, Alaska’s top-rated wildlife and glacier cruise, and two lodging properties located near Kenai Fjords National Park. The Alaska Collection also provides food and beverage services and retail operations.

• The Glacier Park Collection is an operator of seven lodging properties, 12 retail shops, and 11 dining outlets in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada, with a leading share of rooms in the Glacier Park market.

• FlyOver:  

o FlyOver Canada, located in Vancouver, British Columbia, is a recreational attraction that provides a virtual flight ride experience that combines motion seating, spectacular media, and visual effects including wind, scents, and mist to give the unforgettable experience of flying across Canada.

o FlyOver Iceland is a recreational attraction currently being built in Reykjavik, Iceland that will provide a virtual flight ride experience over some of Iceland’s most spectacular scenery and natural wonders with the same technology effects of wind, scents, and mist as FlyOver Canada. We are scheduled to open our new attraction in July 2019.

o FlyOver Las Vegas is a newly announced expansion of our virtual flight ride theater concept into Las Vegas, Nevada. This new attraction will provide guests an exhilarating virtual flight experience over some of the most spectacular scenery and natural wonders of the American Southwest. We expect to open our new attraction in 2021.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or SEC rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019 (“2018 Form 10-K”).

The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation.

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 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendment also requires an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. Early adoption is permitted and may be applied on either a retrospective or prospective basis.	January 1, 2020	We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements and related disclosures.

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Standard	Description	Date of adoption	Effect on the financial statements
Standards Recently Adopted
ASU 2016-02, Leases (Topic 842)	The amendment increases transparency and comparability by requiring the recognition of a right-of-use asset and a lease liability on the balance sheet. The standard also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of cash flows arising from leases.	January 1, 2019	We adopted ASU 2016-02 and its related amendments (collectively, “Topic 842”) on January 1, 2019 using the optional transition method. Under this method of adoption, a cumulative adjustment to retained earnings is recorded, if any, and prior periods are not restated. We determined there was no cumulative effect adjustment to retained earnings on January 1, 2019. The adoption of Topic 842 did not have a material impact to our Condensed Consolidated Statement of Operations. The most significant impact related to facility and equipment leases, which were previously recorded as operating leases. Upon adoption as of January 1, 2019, we recognized an additional right-of-use asset and lease liability of $59 million on the balance sheet. The existing deferred rent liabilities balance, resulting from historical straight-lining of operating leases, was reclassified upon adoption to reduce the measurement of leased assets. Refer to our Leases Significant Accounting Policy immediately following this table and Note 19 - Leases and Other for additional information.

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things, the fair value of our reporting units used to perform annual impairment testing of recorded goodwill; allowances for uncollectible accounts receivable; 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; assumptions used to measure pension and postretirement benefit costs and obligations; assumptions used to determine share-based compensation costs under the fair value method; assumptions used to determine the redemption value of redeemable noncontrolling interests; and allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates.

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. GES’ service revenue is earned over time over the duration of the exhibition, conference, or corporate event, which generally lasts one to three days; however, we recognize service revenue at the close of the event when we have the right to invoice. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue is recognized at a point in time upon delivery of the product.

Pursuit’s service revenue is derived through its admissions, accommodations, transportation, and travel planning services. Pursuit’s product revenue is derived through food and beverage and retail sales. Pursuit’s revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits. Pursuit’s product revenue is recognized at a point in time.

Noncontrolling Interests

Non-redeemable 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. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The

8

amount of consolidated net income attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.  

Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 54.5% equity ownership interest in Esja Attractions ehf. (“Esja”). The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to retained earnings and is included in our earnings (loss) per share. Refer to Note 21 – Redeemable Noncontrolling Interest for additional information.

Leases

We adopted Topic 842 on January 1, 2019, which requires the recognition of a right-of-use (“ROU”) asset and lease liability on the balance sheet, and requires lessees to 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 and equipment leases. Our facility leases are comprised mainly of 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 42 years. Our equipment leases are comprised mainly of vehicles, hardware, and office equipment, each with various lease terms.

We made the accounting policy election not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. We elected to apply the package of practical expedients permitted under Topic 842 transition guidance, which among other things, allowed us to carry forward our historical lease classifications. We also elected the practical expedient to not separate non-lease components from lease components, and payments associated with fixed non-lease components are included in measuring the ROU asset and lease liability.

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. Variable leases and variable non-lease components are not included 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. These variable lease payments are expensed as incurred. Upon the adoption of Topic 842, our accounting for finance leases, previously referred to as capital leases, remains substantially unchanged from prior guidance. 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 by country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a secured 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. On January 1, 2019, the discount rate used on existing leases at adoption was extrapolated based on the remaining lease term and the country using available data as of that date.  For new or renewed leases starting in 2019, the discount rate is determined using available data at lease commencement and based on the lease term and country including any reasonably certain renewal periods.

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. Lease income from owned facilities is recorded as rental income and sublease income from leased facilities is recorded against lease expense in the Condensed Consolidated Statements of Operations. All of our leases for which we are the lessor are classified as operating leases under Topic 842.

Note 2. Revenue and Related Contract Costs and Contract Liabilities

GES’ performance obligations consist of services or product(s) outlined in a contract. While multi-year contracts are often signed 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 services is recognized when we have a right to invoice at the close of the exhibition, conference, or corporate event, which

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typically lasts one to three days. Revenue for consumer events is recognized over the duration of the event. Revenue for products is recognized 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, generally at the close of the exhibition, conference, or corporate event. 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. These deposits are recorded as a contract liability and 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 are recorded as contract liabilities and are recognized as a reduction of revenue. These amounts are included in the Condensed Consolidated Balance Sheets under the captions “Contract liabilities” and “Other deferred items and liabilities.”

Changes to contract liabilities are as follows:

(in thousands)
Balance at December 31, 2018	$	35,600
Cash additions		45,450
Revenue recognized		(14,945	)
Foreign exchange translation adjustment		236
Balance at March 31, 2019	$	66,341

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. Costs associated with preliminary contract activities (i.e. proposal activities) are expensed 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. The deferred incremental costs of obtaining and fulfilling contracts are included in the Condensed Consolidated Balance Sheets under the captions “Current contract costs” and “Other investments and assets.”

Changes to contract costs are as follows:

(in thousands)
Balance at December 31, 2018	$	21,478
Additions		18,484
Expenses		(13,295	)
Cancelled		(3	)
Foreign exchange translation adjustment		92
Balance at March 31, 2019	$	26,756

As of March 31, 2019, capitalized contract costs consisted of $2.2 million to obtain contracts and $24.6 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs for the three months ended March 31, 2019 or 2018.

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Disaggregation of Revenue

The following tables disaggregate GES and Pursuit revenue by major product line, timing of revenue recognition, and markets served:

GES

	Three Months Ended March 31, 2019
(in thousands)	GES North America(1)		GES EMEA(1)		Intersegment Eliminations			Total
Services:
Core services	$	179,873	$	31,063	$	—		$	210,936
Audio-visual		18,406		3,888		—			22,294
Event technology		8,763		2,953		—			11,716
Intersegment eliminations		—		—		(2,690	)		(2,690	)
Total services		207,042		37,904		(2,690	)		242,256
Products:
Core products		16,199		16,472		—			32,671
Total revenue	$	223,241	$	54,376	$	(2,690	)	$	274,927
Timing of revenue recognition:
Services transferred over time	$	207,042	$	37,904	$	(2,690	)	$	242,256
Products transferred over time(2)		11,269		3,479		—			14,748
Products transferred at a point in time		4,930		12,993		—			17,923
Total revenue	$	223,241	$	54,376	$	(2,690	)	$	274,927
Markets:
Exhibitions	$	136,429	$	45,655	$	—		$	182,084
Conferences		47,862		2,982		—			50,844
Corporate events		32,787		5,545		—			38,332
Consumer events		6,163		194		—			6,357
Intersegment eliminations		—		—		(2,690	)		(2,690	)
Total revenue	$	223,241	$	54,376	$	(2,690	)	$	274,927

⁽¹⁾ During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾ GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

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	Three Months Ended March 31, 2018
(in thousands)	GES North America(1)		GES EMEA(1)		Intersegment Eliminations			Total
Services:
Core services	$	180,525	$	28,985	$	—		$	209,510
Audio-visual		17,084		3,168		—			20,252
Event technology		8,035		3,274		—			11,309
Intersegment eliminations		—		—		(3,278	)		(3,278	)
Total services		205,644		35,427		(3,278	)		237,793
Products:
Core products		16,420		13,493		—			29,913
Total revenue	$	222,064	$	48,920	$	(3,278	)	$	267,706
Timing of revenue recognition:
Services transferred over time	$	205,644	$	35,427	$	(3,278	)	$	237,793
Products transferred over time(2)		11,369		3,329		—			14,698
Products transferred at a point in time		5,051		10,164		—			15,215
Total revenue	$	222,064	$	48,920	$	(3,278	)	$	267,706
Markets:
Exhibitions	$	145,818	$	39,935	$	—		$	185,753
Conferences		39,089		5,388		—			44,477
Corporate events		30,903		3,402		—			34,305
Consumer events		6,254		195		—			6,449
Intersegment eliminations		—		—		(3,278	)		(3,278	)
Total revenue	$	222,064	$	48,920	$	(3,278	)	$	267,706

⁽¹⁾ During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾ GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

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Pursuit

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Services:
Admissions	$	3,525		$	3,579
Accommodations		2,418			1,705
Transportation		1,995			2,369
Travel planning		632			308
Intersegment eliminations		(185	)		(206	)
Total services revenue		8,385			7,755
Products:
Food and beverage		1,364			1,219
Retail operations		918			748
Total products revenue		2,282			1,967
Total revenue	$	10,667		$	9,722
Timing of revenue recognition:
Services transferred over time	$	8,385		$	7,755
Products transferred at a point in time		2,282			1,967
Total revenue	$	10,667		$	9,722
Markets:
Banff Jasper Collection	$	7,870		$	7,089
Alaska Collection		180			213
Glacier Park Collection		823			626
FlyOver		1,794			1,794
Total revenue	$	10,667		$	9,722

Note 3. Share-Based Compensation

The following table summarizes share-based compensation expense:

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Performance unit incentive plan (“PUP”)	$	1,423		$	194
Restricted stock		693			503
Restricted stock units		90			20
Share-based compensation before income tax benefit		2,206			717
Income tax benefit		(558	)		(181	)
Share-based compensation, net of income tax benefit	$	1,648		$	536

We did not record any share-based compensation expense through restructuring charges during the three months ended March 31, 2019 or 2018.

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

	PUP Awards					Restricted Stock					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, 2018		239,809		$	40.65		176,769		$	40.87		12,090		$	39.04
Granted		73,020		$	58.25		54,475		$	57.80		5,025		$	56.81
Vested		(95,309	)	$	26.98		(80,859	)	$	31.78		(5,377	)	$	26.98
Forfeited		—		$	—		(936	)	$	43.75		—		$	—
Balance at March 31, 2019		217,520		$	52.55		149,449		$	51.93		11,738		$	52.17

Viad Corp Omnibus Incentive Plan

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 life and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock 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 March 31, 2019, there were 1,580,999 shares available for future grant under the 2017 Plan.

PUP Awards

The vesting of PUP award shares is based upon achievement of certain performance-based criteria. The performance period of the shares is three years.

During the three months ended March 31, 2019, we granted PUP awards with a grant date fair value of $4.3 million of which $1.7 million are payable in shares. Liabilities related to PUP awards were $2.7 million as of March 31, 2019 and $7.0 million as of December 31, 2018. 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 distributed cash payouts of $5.9 million.

Restricted Stock

As of March 31, 2019, the unamortized cost of outstanding restricted stock awards was $4.9 million, which we expect to recognize over a weighted-average period of approximately 1.7 years. We repurchased 24,067 shares for $1.4 million during the three months ended March 31, 2019 and 16,362 shares for $0.9 million during the three months ended March 31, 2018 related to tax withholding requirements on vested share-based awards.

Restricted Stock Units

Aggregate liabilities related to restricted stock units were $0.2 million as of March 31, 2019 and $0.4 million as of December 31, 2018. In February 2019, the 2016 restricted stock units vested and we distributed $0.3 million in cash payouts. In February 2018, the 2015 restricted stock units vested and we distributed $0.2 million in cash payouts.

Stock Options

The following table summarizes stock option activity:

	Shares		Weighted-Average Exercise Price
Options outstanding and exercisable at December 31, 2018		58,689	$	16.62
Exercised		—	$	—
Options outstanding and exercisable at March 31, 2019		58,689	$	16.62

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Note 4. Acquisition of Business

2018 Acquisition

Maligne Canyon Restaurant

In March 2018, we acquired the Maligne Canyon Restaurant and Gift Shop for total cash consideration of $6.0 million Canadian dollars (approximately $4.6 million U.S. dollars).  Transaction costs associated with the acquisition were $24 thousand in 2018, which are included in “Cost of services” in the Condensed Consolidated Statements of Operations. These assets have been included in the consolidated financial statements from the date of acquisition.

Note 5. Inventories

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

The components of inventories consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Raw materials	$	12,784	$	12,368
Finished goods		4,817		4,261
Inventories	$	17,601	$	16,629

Note 6. Other Current Assets

Other current assets consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Income tax receivable	$	12,609	$	10,886
Prepaid vendor payments		4,910		4,492
Prepaid software maintenance		4,732		4,010
Prepaid insurance		2,609		2,754
Prepaid taxes		696		591
Prepaid other		6,181		1,755
Other		1,008		998
Other current assets	$	32,745	$	25,486

Note 7. Property and Equipment

Property and equipment consisted of the following:

	March 31,			December 31,
(in thousands)	2019			2018
Land and land interests	$	33,057		$	32,887
Buildings and leasehold improvements		241,798			238,995
Equipment and other		394,613			383,284
Gross property and equipment		669,468			655,166
Accumulated depreciation		(329,791	)		(321,319	)
Property and equipment, net (excluding finance leases)		339,677			333,847
Finance lease right-of-use assets, net		9,046			—
Property and equipment, net	$	348,723		$	333,847

Depreciation expense was $10.1 million for the three months ended March 31, 2019 and $10.4 million for three months ended March 31, 2018.

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Property and equipment purchased through accounts payable and accrued liabilities increased $1.5 million during the three months ended March 31, 2019 and $0.8 million for the three months ended March 31, 2018.

Note 8. Other Investments and Assets

Other investments and assets consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Cash surrender value of life insurance	$	23,892	$	23,815
Self-insured liability receivable		9,176		9,176
Contract costs		3,769		3,461
Other mutual funds		2,993		2,517
Other		4,058		3,941
Other investments and assets	$	43,888	$	42,910

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
Foreign currency translation adjustments		146		170		1,266		1,582
Balance at March 31, 2019	$	155,090	$	30,124	$	77,698	$	262,912

Other intangible assets consisted of the following:

		March 31, 2019							December 31, 2018
(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	7.4	$	67,948	$	(33,058	)	$	34,890	$	67,729	$	(31,201	)	$	36,528
Operating contracts and licenses	25.3		9,380		(1,424	)		7,956		9,180		(1,376	)		7,804
Tradenames	6.0		7,799		(3,395	)		4,404		7,705		(3,109	)		4,596
Non-compete agreements	1.8		5,215		(4,563	)		652		5,174		(4,080	)		1,094
Other	8.0		1,381		(582	)		799		1,365		(553	)		812
Total amortized intangible assets			91,723		(43,022	)		48,701		91,153		(40,319	)		50,834
Indefinite-lived intangible assets:
Business licenses			460		—			460		460		—			460
Other intangible assets		$	92,183	$	(43,022	)	$	49,161	$	91,613	$	(40,319	)	$	51,294

Intangible asset amortization expense was $2.5 million for the three months ended March 31, 2019 and $2.7 million for the three months ended March 31, 2018.

At March 31, 2019, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

(in thousands)
Year ending December 31,
Remainder of 2019	$	7,437
2020		8,419
2021		7,432
2022		5,908
2023		4,721
Thereafter		14,784
Total	$	48,701

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Note 10. Other Current Liabilities

Other current liabilities consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Continuing operations:
Commissions payable	$	13,212	$	2,703
Accrued legal settlement		7,250		—
Self-insured liability		5,873		5,688
Accrued sales and use taxes		5,649		5,397
Accrued employee benefit costs		4,629		3,224
Accommodation services deposits		3,912		1,541
Current portion of pension and postretirement liabilities		2,134		2,310
Accrued dividends		2,011		2,012
Deferred rent (1)		—		1,659
Accrued professional fees		957		886
Accrued restructuring		706		716
Other taxes		1,325		695
Other		5,148		4,501
Total continuing operations		52,806		31,332
Discontinued operations:
Environmental remediation liabilities		543		555
Self-insured liability		306		295
Other		76		76
Total discontinued operations		925		926
Total other current liabilities	$	53,731	$	32,258

⁽¹⁾ Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

Note 11. Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Continuing operations:
Self-insured liability	$	10,631	$	10,681
Foreign deferred tax liability		10,407		9,768
Self-insured excess liability		9,176		9,176
Accrued compensation		5,835		6,664
Accrued restructuring		1,535		1,535
Accrued legal settlement		1,250		—
Contract liabilities		247		2,124
Deferred rent (1)		—		2,719
Other		1,872		1,868
Total continuing operations		40,953		44,535
Discontinued operations:
Self-insured liability		2,411		2,437
Environmental remediation liabilities		1,746		1,775
Other		251		244
Total discontinued operations		4,408		4,456
Total other deferred items and liabilities	$	45,361	$	48,991

⁽¹⁾ Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

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Note 12. Debt and Finance Lease Obligations

The components of long-term debt and finance lease obligations consisted of the following:

	March 31,			December 31,
(in thousands, except interest rates)	2019			2018
2018 Credit Facility, 4.3% weighted-average interest rate at March 31, 2019 and 4.3% at December 31, 2018, due through 2023 (1)	$	239,938		$	227,792
FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at March 31, 2019, due through 2022(1)		2,284			—
Less unamortized debt issuance costs		(2,182	)		(2,310	)
Total debt		240,040			225,482
Finance lease obligations, 5.8% weighted-average interest rate at March 31, 2019 and 4.5% at December 31, 2018, due through 2021		8,824			4,639
Total debt and finance lease obligations		248,864			230,121
Current portion (2)		(242,069	)		(229,416	)
Long-term debt and finance lease obligations	$	6,795		$	705

⁽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⁾ Borrowings under the credit facility are classified as current because all borrowed amounts are due within one year.

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”). Proceeds from the 2018 Credit Facility were used to refinance certain of our outstanding debt and provide us with additional funds for our operations, growth initiatives, acquisitions, and other general corporate purposes in the ordinary course of business. The 2018 Credit Facility may be increased up to an additional $250 million under certain circumstances. It 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 Facility have a first perfected security interest in all of our personal property including GES, GES Event Intelligence Services, Inc., CATC Alaska Tourism Corporation (“CATC”), ON Event Services, LLC (“ON Services”), and 65% of the capital stock of our top-tier foreign subsidiaries (other than Esja). Financial covenants include an interest coverage ratio of not less than 3.00 to 1.00 and a leverage ratio of not greater than 3.50 to 1.00, with a step-up of 4.00 to 1.00 for four quarters for a material acquisition of $50 million or more. 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 March 31, 2019, the interest coverage ratio was 13.20 to 1.00, the leverage ratio was 1.92 to 1.00, and we were in compliance with all covenants under the 2018 Credit Agreement.

Borrowings under the 2018 Credit Facility (of which GES, GES Event Intelligence Services, Inc., CATC, and ON Services are guarantors) are indexed to the prime rate or the London Interbank Offered Rate (“LIBOR”), plus appropriate spreads tied to our leverage ratio. We understand that LIBOR will be phased out in 2021. The vast majority of our borrowings under the 2018 Credit Facility are indexed to the LIBOR. We do not expect the successor rate to have a material impact on our interest expense. 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 0.3% annually as of March 31, 2019.

As of March 31, 2019, capacity remaining under the 2018 Credit Facility was $206.5 million, reflecting borrowings of $239.9 million and $3.6 million in outstanding letters of credit.

FlyOver Iceland Credit Facility

Effective February 15, 2019, FlyOver Iceland ehf., a wholly-owned subsidiary of Esja, entered into a credit agreement with a €5.0 million (approximately $5.6 million) credit facility (the “FlyOver Iceland Credit Facility”) with a maturity date of March 1, 2022. The loan proceeds will be used to complete the development of the FlyOver Iceland attraction.

As of March 31, 2019, capacity remaining under the FlyOver Iceland Credit Facility was approximately $3.3 million.

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The estimated fair value of total debtwas $239.1 million as of March 31, 2019 and $228.6 million as of December 31, 2018. 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.

Cash paid for interest on debt was $2.7 million for the three months ended March 31, 2019 and $1.9 million for the three months ended March 31, 2018.

Note 13. Fair Value Measurements

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

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

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

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

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)	March 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)	$	122	$	122	$	—	$	—
Other mutual funds (2)		2,993		2,993		—		—
Total assets at fair value on a recurring basis	$	3,115	$	3,115	$	—	$	—

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2018		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	121	$	121	$	—	$	—
Other mutual funds (2)		2,517		2,517		—		—
Total assets at fair value on a recurring basis	$	2,638	$	2,638	$	—	$	—

⁽¹⁾ Money market funds are included in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded 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⁾ Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

The carrying values of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturities of these instruments. Refer to Note 12 – Debt and Finance Lease Obligations for the estimated fair value of debt obligations.

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Note 14. 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 before reclassifications		4,780			—			4,780
Amounts reclassified from AOCI, net of tax		—			85			85
Net other comprehensive income		4,780			85			4,865
Balance at March 31, 2019	$	(31,552	)	$	(11,558	)	$	(43,110	)

(in thousands)	Unrealized Gains on Investments			Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2017	$	616		$	(12,026	)	$	(11,158	)	$	(22,568	)
Other comprehensive loss before reclassifications		—			(3,109	)		—			(3,109	)
Amounts reclassified from AOCI, net of tax		—			—			445			445
Net other comprehensive loss		—			(3,109	)		445			(2,664	)
Adoption of ASU 2016-01(1)		(616	)		—			—			(616	)
Balance at March 31, 2018	$	—		$	(15,135	)	$	(10,713	)	$	(25,848	)

⁽¹⁾ Upon the adoption of ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.

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 17 – Pension and Postretirement Benefits for additional information.

Note 15. Income Per Share

The components of basic and diluted income per share are as follows:

	Three Months Ended
	March 31,
(in thousands, except per share data)	2019			2018
Net loss attributable to Viad (diluted)	$	(17,777	)	$	(9,387	)
Less: Allocation to non-vested shares		—			—
Adjustment to the redemption value of redeemable noncontrolling interest		(87	)		(38	)
Net loss allocated to Viad common stockholders (basic)	$	(17,864	)	$	(9,425	)
Basic weighted-average outstanding common shares		20,076			20,207
Additional dilutive shares related to share-based compensation		—			—
Diluted weighted-average outstanding shares		20,076			20,207
Loss per share:
Basic loss attributable to Viad common stockholders	$	(0.89	)	$	(0.47	)
Diluted loss attributable to Viad common stockholders(1)	$	(0.89	)	$	(0.47	)

⁽¹⁾ Diluted income (loss) per share amount cannot exceed basic income (loss) per share.

Note 16. Income Taxes

The effective tax rate was 29.8% for the three months ended March 31, 2019 and 30.1% for the three months ended March 31, 2018.

The income tax provision was computed based on our estimated annualized effective tax rate and the full-year forecasted income plus the tax impact of any unusual, infrequent, or nonrecurring items during the period. The effective tax rate for the three months ended

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March 31, 2019 was greater than the federal statutory rate of 21% primarily due to foreign income taxed at higher rates, equity compensation vesting during the quarter, and the tax benefit of a legal settlement that was treated as an unusual item and not included in the annualized tax rate calculation. The effective tax rate for the three months ended March 31, 2018 was greater than the federal statutory rate primarily due to foreign income tax at higher rates and the impact of U.S. tax reform.

Cash paid for income taxes was $3.4 million for the three months ended March 31, 2019 and $9.1 million for the three months ended March 31, 2018.

Note 17. Pension and Postretirement Benefits

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended March 31, 2019 and 2018 consist of the following:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2019			2018			2019			2018			2019			2018
Service cost	$	15		$	2		$	20		$	24		$	101		$	142
Interest cost		214			187			124			94			94			92
Expected return on plan assets		(34	)		(35	)		—			—			(122	)		(129	)
Amortization of prior service credit		—			—			(47	)		(84	)		—			—
Recognized net actuarial loss		106			122			77			52			38			41
Net periodic benefit cost	$	301		$	276		$	174		$	86		$	111		$	146

We expect to contribute $1.0 million to our funded pension plans, $1.2 million to our unfunded pension plans, and $1.2 million to our postretirement benefit plans in 2019. During the three months ended March 31, 2019, we contributed $0.2 million to our funded pension plans, $0.2 million to our unfunded pension plans, and $0.3 million to our postretirement benefit plans.

Note 18. Restructuring Charges

GES

As part of our efforts to drive efficiencies and simplify our business operations, we have taken certain restructuring actions designed to reduce our cost structure primarily within GES. These actions include combining separate business units within GES North America and consolidating facilities and operations in the U.S., Canada, and the United Kingdom. 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. These charges primarily consist of severance and related benefits due to headcount reductions.

Changes to the restructuring liability by major restructuring activity are as follows:

	GES						Other Restructurings
(in thousands)	Severance & Employee Benefits			Facilities			Severance & Employee Benefits			Total
Balance at December 31, 2018	$	2,039		$	200		$	12		$	2,251
Restructuring charges		426			219			43			688
Cash payments		(594	)		(62	)		(58	)		(714	)
Adjustment to liability		(41	)		51			6			16
Balance at March 31, 2019	$	1,830		$	408		$	3		$	2,241

As of March 31, 2019, we expect to pay the liabilities related to severance and employee benefits by the end of 2020. The liability related to future lease payments will be paid over the remaining lease terms. Refer to Note 22 – Segment Information, for information regarding restructuring charges by segment.

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Note 19. Leases and Other

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

		March 31,
(in thousands)	Classification on the Condensed Consolidated Balance Sheet	2019
Assets:
Operating lease assets	Operating lease right-of-use assets	$	59,671
Finance lease assets	Property and equipment, net		9,046
Total lease assets		$	68,717
Liabilities:
Current:
Operating lease obligations	Operating lease obligations	$	21,080
Finance lease obligations	Current portion of debt and finance lease obligations		2,023
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		42,098
Finance lease obligations	Long-term debt and finance lease obligations		6,801
Total lease liabilities		$	72,002

The components of lease expense consisted of the following:

	Three Months Ended
(in thousands)	March 31, 2019
Finance lease cost:
Amortization of right-of-use assets	$	589
Interest on lease liabilities		67
Operating lease cost		5,992
Short-term lease cost		215
Variable lease cost		1,815
Sublease income(1)		(172	)
Total lease cost, net	$	8,506

⁽¹⁾ Sublease income excludes rental income from owned assets, which is recorded in revenue.

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

	Three Months Ended
(in thousands)	March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating activities	$	6,198
Operating cash flows from finance activities	$	67
Financing cash flows from finance activities	$	522
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	11,439
Finance leases	$	1,182
	March 31,
	2019
Weighted-average remaining lease term (years):
Operating leases		4.32
Finance leases		8.48
Weighted-average discount rate:
Operating leases		5.18	%
Finance leases		5.76	%

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As of March 31, 2019, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:

(in thousands)	Operating Leases			Finance Leases			Total
Remainder of 2019	$	17,844		$	1,964		$	19,808
2020		20,827			2,108			22,935
2021		10,917			1,368			12,285
2022		6,918			997			7,915
2023		4,744			913			5,657
Thereafter		12,303			4,144			16,447
Total future lease payments		73,553			11,494			85,047
Less: Amount representing interest		(10,375	)		(2,670	)		(13,045	)
Present value of minimum lease payments		63,178			8,824			72,002
Current portion		21,080			2,023			23,103
Long-term portion	$	42,098		$	6,801		$	48,899

As of March 31, 2019, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own and sublease income from facilities that we lease, are as follows:

(in thousands)
Remainder of 2019	$	1,511
2020		1,674
2021		1,845
2022		1,512
2023		1,415
Thereafter		2,795
Total minimum sublease rents		10,752

As previously disclosed on our 2018 Form 10-K and under the previous lease accounting standard, our future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year would have been as follows as of December 31, 2018:

(in thousands)	Rental Payments		Receivable Under Subleases
2019	$	28,671	$	2,382
2020		22,919		1,582
2021		13,217		1,711
2022		8,280		1,370
2023		6,201		1,270
Thereafter		8,305		2,798
Total	$	87,593	$	11,113

Note 20. 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. For the three months ended March 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 March 31, 2019 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.

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

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lawsuits involving environmental matters relating to our past operations. As of March 31, 2019, we had recorded environmental remediation liabilities of $2.3 million related to previously sold operations. Although we are a party to certain environmental disputes, we believe that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our financial position or results of operations.

As of March 31, 2019, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities 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 March 31, 2019 would be $15.5 million. These guarantees relate to our leased facilities through October 2027. 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 2019 will be renegotiated in the ordinary course of business. Although our labor relations are currently stable, disruptions could occur, with the possibility of an adverse impact on the operating results of GES. We are continuing to work with union leadership and other industry participants to finalize the terms of a new collective-bargaining agreement that potentially includes a partial withdrawal from the Central States pension plan, which we would expect to result in a charge of approximately $14 million.

We are self-insured up to certain limits for workers’ compensation, employee health benefits, automobile, product and general liability, and property loss claims. The aggregate amount of insurance liabilities (up to our retention limit) related to our continuing operations was $16.5 million as of March 31, 2019, which includes $11.5 million related to workers’ compensation liabilities, and $5.0 million related to general/auto liability claims. We have also retained and provided for certain workers’ compensation insurance liabilities in conjunction with previously sold businesses of $2.7 million as of March 31, 2019. The estimated employee health benefit claims incurred but not yet reported was $1.5 million as of March 31, 2019. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $1.8 million for the three months ended March 31, 2019 and $1.5 million for the three months ended March 31, 2018.

In addition, as of March 31, 2019, we have recorded insurance liabilities of $9.2 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. Of this total, $8.5 million related to workers’ compensation liabilities and $0.7 million related to general/auto liability claims, which are recorded in other deferred items and liabilities in the Condensed Consolidated Balance Sheets with a corresponding receivable in other investments.

Note 21. 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 developing and will operate 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”) and 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

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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		(24	)
Adjustment to the redemption value		87
Foreign currency translation adjustment		(310	)
Balance at March 31, 2019	$	5,662

Note 22. 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. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments.

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA. We made no changes to the Pursuit reportable segment.

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

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Revenue:
GES:
North America	$	223,241		$	222,064
EMEA		54,376			48,920
Intersegment eliminations		(2,690	)		(3,278	)
Total GES		274,927			267,706
Pursuit		10,667			9,722
Total revenue	$	285,594		$	277,428
Segment operating income (loss):
GES:
North America	$	608		$	(79	)
EMEA		1,135			659
Total GES		1,743			580
Pursuit		(12,995	)		(11,395	)
Segment operating loss		(11,252	)		(10,815	)
Corporate eliminations (1)		16			16
Corporate activities		(1,833	)		(2,217	)
Operating loss		(13,069	)		(13,016	)
Interest income		98			84
Interest expense		(2,915	)		(2,069	)
Other expense		(455	)		(238	)
Restructuring recoveries (charges):
GES North America		17			—
GES EMEA		(662	)		(32	)
Pursuit		—			(140	)
Corporate		(43	)		10
Legal settlement:
GES		(8,500	)		—
Loss from continuing operations before income taxes	$	(25,529	)	$	(15,401	)

⁽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.

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Note 23. Common Stock Repurchases

We previously announced our Board of Directors’ authorization 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.

No shares were repurchased on the open market during the three months ended March 31, 2019. As of March 31, 2019, 600,067 shares remain available for repurchase. We repurchased 24,067 shares for $1.4 million during the three months ended March 31, 2019 and 16,362 shares for $0.9 million during the three months ended March 31, 2018 related to tax withholding requirements on vested share based awards.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Form 10-Q contains a number of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words, and variations of words, such as “will,” “may,” “expect,” “would,” “could,” “might,” “intend,” “plan,” “believe,” “estimate,” “anticipate,” “deliver,” “seek,” “aim,” “potential,” “target,” “outlook,” and similar expressions are intended to identify our forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, initiatives, intentions or goals also are forward-looking statements. These forward-looking statements are not historical facts, and are subject to a host of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those in the forward-looking statements.

Important factors that could cause actual results to differ materially from those described in our forward-looking statements include, but are not limited to, the following:

• our ability to successfully integrate and achieve established financial and strategic goals from acquisitions;

• fluctuations in general economic conditions;

• our dependence on large exhibition event clients;

• the importance of key members of our account teams to our business relationships;

• the competitive nature of the industries in which we operate;

• travel industry disruptions;

• unanticipated delays and cost overruns of our capital projects, and our ability to achieve established financial and strategic goals for such projects;

• seasonality of our businesses;

• transportation disruptions and increases in transportation costs;

• natural disasters and other catastrophic events;

• the impact of recent U.S. tax legislation;

• our multi-employer pension plan funding obligations;

• our exposure to labor cost increases and work stoppages related to unionized employees;

• liabilities relating to prior and discontinued operations;

• adverse effects of show rotation on our periodic results and operating margins;

• our exposure to currency exchange rate fluctuations;

• our exposure to cybersecurity attacks and threats;

• compliance with laws governing the storage, collection, handling, and transfer of personal data and our exposure to legal claims and fines for data breaches or improper handling of such data;

• the effects of the United Kingdom’s exit from the European Union; and

• the effects of changes in the U.S. trade policy.

For a more complete discussion of the risks and uncertainties that may affect our business or financial results, refer to Item 1A, “Risk Factors,” of our 2018 Form 10-K. We disclaim and do not undertake any obligation to update or revise any forward-looking statement except as required by applicable law or regulation.

The following Management’s Discussion and Analysis (“MD&A”) should be read in conjunction with our 2018 Form 10-K and the condensed consolidated financial statements and related notes included in this Form 10-Q. The MD&A is intended to assist in understanding our financial condition and results of operations.

Overview

We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. 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 that produces exhibitions, conferences, corporate events, and consumer events. GES offers a comprehensive range of live event services including a full suite of audio-visual services from creative and technology to content and design, along with registration, data analytics, engagement, and online tools powered by next generation technologies that help clients easily manage the complexities of their events.

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Seasonality

GES’ exhibition and event activity can vary significantly from quarter to quarter and year to year depending on the frequency and timing of shows: some shows are not held annually, and some shift between quarters. During 2018, GES reported its highest revenue during the second and fourth quarters.

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences. Pursuit offers guests distinctive and world renowned experiences through its collection of world-class recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services.

Seasonality

Pursuit experiences peak activity during the summer months. During 2018, 87% of Pursuit’s revenue was earned in the second and third quarters.

Results of Operations

Financial Highlights

	Three Months Ended
	March 31,
(in thousands, except per share data)	2019			2018			Percentage Change
Revenue	$	285,594		$	277,428			2.9	%
Net loss attributable to Viad	$	(17,777	)	$	(9,387	)		(89.4	)%
Segment operating loss (1)	$	(11,252	)	$	(10,815	)		(4.0	)%
Diluted loss per common share   from continuing operations attributable   to Viad common stockholders	$	(0.88	)	$	(0.51	)		(72.5	)%

• Total revenue increased $8.2 million or 2.9%, primarily due to GES U.S. base same-show revenue growth of 4.0%, new business wins at GES, and incremental revenue from Pursuit’s Mount Royal Hotel, offset in part by an unfavorable foreign exchange impact of $4.5 million.

• Net loss attributable to Viad increased $8.4 million, primarily due to a legal settlement charge of $8.5 million ($6.4 million, after tax), recorded during the three months ended March 31, 2019, as well as lower segment operating results.

• Total segment operating loss⁽¹⁾ increased $0.4 million, primarily driven by increased costs to support continued growth at Pursuit.

⁽¹⁾ Refer to Note 22 – Segment Information of the Notes to Condensed Consolidated Financial Statements for a reconciliation of the non-GAAP financial measure, segment operating income, to the most directly comparable GAAP measure.

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Foreign Exchange Rate Variances

We conduct our foreign operations primarily in Canada, the United Kingdom, the Netherlands, Germany, and to a lesser extent, in certain other countries.

The following table summarizes the foreign exchange rate variance effects (or “FX Impact”) on revenue and segment operating income (loss) from our significant international operations for the three months ended March 31, 2019 and 2018:

	Revenue							Segment Operating Income (Loss)
	Weighted-Average Exchange Rates				FX Impact			Weighted-Average Exchange Rates				FX Impact
	2019		2018		(inthousands)			2019		2018		(inthousands)
GES North America:
Canada (CAD)	$	0.75	$	0.78	$	(717	)	$	0.75	$	0.78	$	(28	)
GES EMEA:
United Kingdom (GBP)	$	1.31	$	1.39	$	(2,571	)	$	1.30	$	1.39	$	122
Europe (EUR)	$	1.13	$	1.23		(763	)	$	1.14	$	1.23		(69	)
						(3,334	)						53
Pursuit:
Canada (CAD)	$	0.75	$	0.79		(474	)	$	0.75	$	0.79		329
					$	(4,525	)					$	354

Revenue and segment operating income (loss) were primarily impacted by variances of the British pound, the Canadian dollar, and the Euro relative to the U.S. dollar. Future changes in exchange rates may impact overall expected profitability and historical period-to-period comparisons when revenue and segment operating income are translated into U.S. dollars.

Analysis of Revenue and Operating Results by Reportable Segment

GES

The following table presents a comparison of GES’ reported revenue and segment operating income to organic revenue⁽¹⁾ and organic segment operating income⁽¹⁾ for the three months ended March 31, 2019 and 2018.

	Three Months Ended											Three Months Ended
	March 31, 2019											March 31, 2018								Change
(in thousands)	As Reported			Acquisitions		FX Impact			Organic(1)			As Reported			Acquisitions		Organic(1)			As Reported			Organic(1)
Revenue:
GES:
North America	$	223,241		$	—	$	(717	)	$	223,958		$	222,064		$	—	$	222,064			0.5	%		0.9	%
EMEA		54,376			—		(3,334	)		57,710			48,920			—		48,920			11.2	%		18.0	%
Intersegment eliminations		(2,690	)		—		—			(2,690	)		(3,278	)		—		(3,278	)		17.9	%		17.9	%
Total GES	$	274,927		$	—	$	(4,051	)	$	278,978		$	267,706		$	—	$	267,706			2.7	%		4.2	%
Segment operating income(2):
GES:
North America	$	608		$	—	$	(28	)	$	636		$	(79	)	$	—	$	(79	)	**			**
EMEA		1,135			—		53			1,082			659			—		659			72.2	%		64.2	%
Total GES	$	1,743		$	—	$	25		$	1,718		$	580		$	—	$	580		**			**

** Change is greater than +/- 100%

⁽¹⁾ Organic revenue and organic segment operating income (loss) are non-GAAP financial measures that adjust for the impacts of exchange rate variances and acquisitions, if any, until such acquisitions are included in the entirety of both comparable periods presented. For more information about organic revenue and organic segment operating income, see the “Non-GAAP Measures” section of this MD&A.

⁽²⁾ Refer to Note 22 – Segment Information of the Notes to Condensed Consolidated Financial Statements for a reconciliation of the non-GAAP financial measure, segment operating income (loss), to the most directly comparable GAAP measure.

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GES North America

GES North America revenue increased $1.2 million or 0.5%, primarily due to U.S. base same-show revenue growth of 4.0% and growth in corporate clients, offset in part by negative show rotation of approximately $6 million and an unfavorable FX Impact of $0.7 million. Base same-show revenue represented 41.7% of GES North America’s organic revenue during the three months ended March 31, 2019. Organic revenue* increased $1.9 million or 0.9%.

GES North America operating income increased $0.7 million primarily due to the increase in revenue.

GES EMEA

GES EMEA revenue increased $5.5 million or 11.2%, primarily due to new business wins, underlying growth, and positive show rotation of approximately $4 million, offset in part by an unfavorable FX Impact of $3.3 million. Organic revenue* increased $8.8 million or 18.0%.

GES EMEA operating income increased $0.5 million or 72.2%, primarily due to the increase in revenue, offset in part by higher compensation expense, including performance-based incentives, as well as the timing of expenses. Organic operating income* increased $0.4 million or 64.2%.

* Refer to footnote (1) in the above table for more information about the non-GAAP financial measures of organic revenue and organic segment operating income.

2019 Outlook

Although GES has a diversified revenue base and long-term contracts for future shows, its revenue is affected by general economic and industry-specific conditions. The prospects for individual shows tend to be driven by the success of the industry related to those shows. In general, the exhibition and event industry is experiencing modest growth; however, we have experienced declines in certain retail-sector events and auto shows.

For 2019, we expect GES’ revenue to be up low-single digits from 2018. Show rotation is expected to have a net negative impact on GES’ revenue of approximately $25 million compared to 2018. We expect GES U.S. base same-show revenue to increase at a low single digit rate. We anticipate an unfavorable FX Impact of approximately $7.0 million on GES’ 2019 full year revenue and approximately $0.5 million on GES’ segment operating income. The expected FX Impact assumes that the U.S. dollar to the British pound exchange rate will be $1.30 and the U.S. dollar to the Canadian dollar exchange rate will be $0.76 during 2019. For more information about segment operating income, see the “Non-GAAP Measures” section of this MD&A.

We are continuing to work with union leadership and other industry participants to finalize the terms of a new collective-bargaining agreement that potentially includes a partial withdrawal from the Central States pension plan, which we would expect to result in a charge of approximately $14 million.

We are executing a strategic growth plan to position GES as the preferred global, full-service provider for Live Events. We are making selective investments in additional resources to capitalize on continued growth opportunities in the under-penetrated category of corporate events and in cross-selling new services. We continue to pursue additional opportunities to acquire businesses with proven products and services to create the most comprehensive suite of services for the Live Events industry.

Additionally, we remain focused on improving GES’ profitability through continued efforts to effectively manage labor costs by driving productivity gains through rigorous and strategic pre-show planning and on-site labor management. Improving labor productivity is a top priority as we continue to develop and enhance tools to support and systematize show site labor planning, measurement, and benchmarking.

We anticipate recording a restructuring charge of approximately $4 million during the second quarter of 2019 related to staffing reductions and facility consolidations, which should result in annual savings of approximately $8 million once fully implemented.

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Pursuit

The following table presents a comparison of Pursuit’s reported revenue and segment operating income (loss) to organic revenue⁽³⁾ and organic segment operating income (loss)⁽³⁾ for the three months ended March 31, 2019 and 2018.

	Three Months Ended											Three Months Ended
	March 31, 2019											March 31, 2018								Change
(in thousands)	As Reported			Acquisitions		FX Impact			Organic(2)			As Reported			Acquisitions		Organic(2)			As Reported			Organic(2)
Revenue(1):
Pursuit:
Attractions	$	4,668		$	—	$	(220	)	$	4,888		$	4,496		$	—	$	4,496			3.8	%		8.7	%
Hospitality		3,664			—		(135	)		3,799			2,755			—		2,755			33.0	%		37.9	%
Transportation		2,150			—		(109	)		2,259			2,369			—		2,369			(9.2	)%		(4.6	)%
Travel Planning		447			—		(19	)		466			308			—		308			45.1	%		51.3	%
Intra-Segment Eliminations & Other		(262	)		—		9			(271	)		(206	)		—		(206	)		(27.2	)%		(31.6	)%
Total Pursuit	$	10,667		$	—	$	(474	)	$	11,141		$	9,722		$	—	$	9,722			9.7	%		14.6	%
Segment operating loss(3):
Total Pursuit	$	(12,995	)	$	—	$	329		$	(13,324	)	$	(11,395	)	$	—	$	(11,395	)		(14.0	)%		(16.9	)%

⁽¹⁾ Revenue by line of business does not agree to Note 2 – Revenue and Related Contract Costs and Contract Liabilities in the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) as the amounts in the above table include product revenue from food and beverage and retail operations within each line of business.    

⁽²⁾ Organic revenue and organic segment operating income (loss) are non-GAAP financial measures that adjust for the impacts of exchange rate variances and acquisitions, if any, until such acquisitions are included in the entirety of both comparable periods presented. For more information about organic revenue and organic segment operating income, see the “Non-GAAP Measures” section of this MD&A.

⁽³⁾ Refer to Note 22 – Segment Information of the Notes to Condensed Consolidated Financial Statements for a reconciliation of the non-GAAP financial measure, segment operating loss, to the most directly comparable GAAP measure.

Pursuit revenue increased $0.9 million or 9.7%, primarily due to the re-opening of the Mount Royal Hotel, as well as continued focus on revenue management and refresh efforts to maximize revenue across Pursuit’s attractions and hospitality properties, offset in part by an unfavorable FX Impact of $0.5 million. Organic revenue* increased $1.4 million or 14.6%.

Pursuit operating loss increased $1.6 million or 14.0% primarily due to higher depreciation expense, as well as additional costs to support continued growth initiatives and the timing of certain other expenses, offset in part by a favorable FX impact of $0.3 million. Organic operating loss* increased $1.9 million or 16.9%.

* Refer to footnote (2) in the above tables for more information about the non-GAAP financial measures of organic revenue and organic segment operating loss.

Performance Measures

We use the following key business metrics to evaluate the performance of Pursuit’s attractions business:

• Number of visitors. The number of visitors allows us to assess the volume of tickets sold at each attraction during the period.

• Revenue per visitor. Total attractions revenue per visitor is calculated as total attractions revenue divided by the total number of visitors at all Pursuit attractions during the period. Total attractions revenue includes ticket sales and ancillary revenue generated by attractions, such as food and beverage and retail revenue. Total attractions revenue per visitor measures the total spend per visitor that attraction properties are able to capture, which is important to the profitability of the attractions business.

• Effective ticket price. Effective ticket price is calculated as revenue from the sale of attraction tickets divided by the total number of visitors at all comparable Pursuit attractions during the period.

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We use the following key business metrics, common in the hospitality industry, to evaluate Pursuit’s hospitality business:

• Revenue per Available Room. RevPAR is calculated as total rooms revenue divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Total rooms revenue does not include non-rooms revenue, which consists of ancillary revenue generated by hospitality properties, such as food and beverage and retail revenue. RevPAR measures the period-over-period change in rooms revenue per available room for comparable hospitality properties. RevPAR is affected by average daily rate and occupancy, which have different implications on profitability.

• Average Daily Rate. ADR is calculated as total rooms revenue divided by the total number of room nights sold for all comparable Pursuit hospitality properties during the period. ADR is used to assess the pricing levels that the hospitality properties are able to realize. Increases in ADR lead to increases in rooms revenue with no substantial effect on variable costs, therefore having a greater impact on margins than increases in occupancy.

• Occupancy. Occupancy is calculated as the total number of room nights sold divided by the total number of room nights available for all comparable Pursuit hospitality properties during the period. Occupancy measures the utilization of the available capacity at the hospitality properties. Increases in occupancy result in increases in rooms revenue and additional variable operating costs (including housekeeping services, utilities, and room amenity costs), as well as increases in ancillary non-rooms revenue (including food and beverage and retail revenue).

The following table provides Pursuit’s same-store key performance indicators for the three months ended March 31, 2019 and 2018. The same-store metrics indicate the performance of all Pursuit’s properties and attractions that we owned and operated at full capacity, considering seasonal closures, for the entirety of both periods presented. For Pursuit properties and attractions located in Canada, comparisons to the prior year are on a constant U.S. dollar basis, using the current year quarterly average exchange rates for previous periods, to eliminate the FX Impact. We believe this same-store constant currency basis provides better comparability between reporting periods.

	Three Months Ended
	March 31,
	2019			2018			% Change
Same-Store Key Performance Indicators (1)
Attractions:
Visitors		151,166			158,472			(4.6	)%
Revenue per visitor	$	31		$	27			14.8	%
Effective ticket price	$	23		$	21			9.5	%
Hospitality:
Room nights available		27,810			27,810			0.0	%
RevPAR	$	51		$	53			(3.8	)%
ADR	$	104		$	99			5.1	%
Occupancy		49.5	%		53.4	%		(3.9	)%

⁽¹⁾ Same-Store Key Performance Indicators exclude the Mount Royal Hotel hospitality property, which was closed from December 2016 through June 2018 due to fire damage.

Attractions. The decrease in the same-store visitors during the three months ended March 31, 2019 was driven by slower visitation at FlyOver Canada primarily due to market conditions in Vancouver. Revenue per visitor increased primarily due to higher effective ticket prices driven by our focus on revenue management, refreshing key assets to enhance the guest experience, and increased programming. Ancillary revenue increased primarily resulting from our recent renovations of the food and beverage and retail operations at the Banff Gondola. With the exception of the Kenai Fjords Tours, which opened during March 2019, all other attractions were seasonally closed during the first quarter.

Hospitality. Pursuit owns three year-round lodging properties: the Mount Royal Hotel, the Elk + Avenue Hotel, and Grouse Mountain Lodge. With the exception of the Talkeetna Alaska Lodge, which opened during March 2019, all other lodging properties were seasonally closed during the first quarter. The decrease in RevPAR was primarily due to lower occupancy at the Elk + Avenue Hotel due to a shortfall in group and travel trade room nights as well as a shift of consumer direct room nights with the reopening of the Mount Royal Hotel, offset in part by higher occupancy at the Grouse Mountain Lodge. ADR increased at the Elk + Avenue Hotel and Grouse Mountain Lodge driven by our revenue management efforts.

During 2018, Pursuit derived approximately 65% of its revenue and 87% of its segment operating income from its Canadian operations, which are largely dependent on foreign customer visitation. Accordingly, the strengthening or weakening of the Canadian dollar, relative to other currencies, could affect customer volumes and the results of operations.

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2019 Outlook

For 2019, we expect Pursuit’s revenue to increase 15% to 17%. We expect Pursuit’s growth to be fueled primarily by investments to support our Refresh-Build-Buy strategy, which we expect to contribute incremental revenue of approximately $15 million to $17 million during 2019. Additionally, we expect to realize mid- to high-single digit revenue growth across the rest of our attraction and hospitality assets driven by a combination of our revenue management efforts and strong visitation to our iconic destinations. We expect to incur start-up costs of approximately $1 million during the first six months of 2019 related to the development of our FlyOver Iceland attraction, which is scheduled to open in July 2019. We anticipate an unfavorable FX Impact of approximately $1.5 million on Pursuit’s 2019 revenue and a negligible impact to segment operating income.

Corporate Activities

	Three Months Ended
	March 31,
(in thousands)	2019		2018		Percentage Change 2019 vs. 2018
Corporate activities	$	1,833	$	2,217		(17.3	)%

The decrease in corporate activities during the three months ended March 31, 2019 was primarily due to a gain on sale of corporate fixed assets, offset in part by an increase in performance-based compensation expense.

Interest Expense

	Three Months Ended
	March 31,
(in thousands)	2019		2018		Percentage Change 2019 vs. 2018
Interest expense	$	2,915	$	2,069		40.9	%

The increase in interest expense was primarily due to higher debt balances and interest rates in 2019.

Restructuring Charges

	Three Months Ended
	March 31,
(in thousands)	2019		2018		Percentage Change 2019 vs. 2018
Restructuring charges	$	688	$	162	**

** Change is greater than +/- 100%

Restructuring charges during the three months ended March 31, 2019 were primarily related to the elimination of certain positions at GES. Restructuring charges during three months ended March 31, 2018 were primarily related to the elimination of certain positions at Pursuit.

Legal Settlement

	Three Months Ended
	March 31,
(in thousands)	2019		2018		Percentage Change 2019 vs. 2018
Legal settlement	$	8,500	$	—	**

** Change is greater than +/- 100%

During the three months ended March 31, 2019, we recorded a charge to resolve a legal dispute at GES involving a former industry contractor.

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Income Tax Benefit

	Three Months Ended
	March 31,
(in thousands)	2019			2018			Percentage Change 2019 vs. 2018
Income tax benefit	$	(7,595	)	$	(4,638	)		(63.8	)%

The effective tax rate was 29.8% for the three months ended March 31, 2019 and 30.1% for the three months ended March 31, 2018. 

Liquidity and Capital Resources

Cash and cash equivalents were $43.5 million as of March 31, 2019, as compared to $44.9 million as of December 31, 2018. During the three months ended March 31, 2019, we generated net cash from operating activities of $8.0 million. We believe that our existing sources of liquidity will be sufficient to fund operations and capital commitments for at least the next 12 months.

As of March 31, 2019, approximately $33.0 million of our cash and cash equivalents was held outside of the United States, consisting of $10.6 million in Canada, $9.1 million in the Netherlands, $5.8 million in the United Arab Emirates, $4.3 million in the United Kingdom, and $1.9 million in certain other countries. In addition, there was $1.3 million in Iceland related to our investment in Esja, which we will use to develop the FlyOver Iceland attraction.

Cash Flows

Operating Activities

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Net loss	$	(18,221	)	$	(9,835	)
Depreciation and amortization		13,188			13,063
Deferred income taxes		(9,098	)		(4,507	)
(Income) loss from discontinued operations		287			(928	)
Legal settlement		8,500			—
Other non-cash items		3,384			2,609
Changes in assets and liabilities		9,980			(3,821	)
Net cash provided by (used in) operating activities	$	8,020		$	(3,419	)

The change in cash provided by (used in) operating activities of $11.4 million was primarily due to a favorable change in working capital.

Investing Activities

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Capital expenditures	$	(19,543	)	$	(26,586	)
Proceeds from dispositions of property and other assets		611			1,139
Net cash used in investing activities	$	(18,932	)	$	(25,447	)

Net cash used in investing activities decreased $6.5 million primarily due to a decrease in capital expenditures in 2019.

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Financing Activities

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Proceeds from borrowings	$	28,347		$	36,038
Payments on debt and finance lease obligations		(14,376	)		(15,348	)
Dividends paid on common stock		(2,028	)		(2,046	)
Payment of payroll taxes on stock-based compensation through shares withheld		(2,905	)		(868	)
Proceeds from exercise of stock options		—			84
Net cash provided by financing activities	$	9,038		$	17,860

Net cash provided in financing activities decreased $8.8 million primarily due to net debt proceeds, including finance lease obligations, of $14.0 million during the three months ended March 31, 2019 compared to $20.7 million during the three months ended March 31, 2018 as well higher payments of payroll taxes on stock-based compensation related to the vesting of share-based awards.

Debt and Finance Lease Obligations

Refer to Note 12 – Debt and Finance Lease Obligations of the Notes to Condensed Consolidated Financial Statements for further discussion, all of which is incorporated by reference herein.

Share Repurchases

Our Board of Directors has 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 approved the repurchase of an additional 500,000 shares. No shares were repurchased on the open market during the three months ended March 31, 2019 or the three months ended March 31, 2018. As of March 31, 2019, 600,067 shares remained available for repurchase. The Board of Directors’ authorization does not have an expiration date.

We repurchased 24,067 shares for $1.4 million during the three months ended March 31, 2019 and 16,362 shares for $0.9 million during 2018 related to tax withholding requirements on vested share-based awards.

Off-Balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements with unconsolidated special-purpose or other entities that would materially affect our financial position, results of operations, liquidity, or capital resources. Furthermore, we do not have any relationships with special-purpose or other entities that provide off-balance sheet financing; liquidity, market risk, or credit risk support; or engage in leasing or other services that may expose us to liability or risks of loss that are not reflected in the condensed consolidated financial statements and related notes. Refer to Note 12 – Debt and Finance Lease Obligations and Note 20 – Litigation, Claims, Contingencies, and Other of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this quarterly report on Form 10-Q) for further information, which information is incorporated by reference herein.

Critical Accounting Policies and Estimates

Refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (Part II, Item 7) of our 2018 Form 10-K, for a discussion of our critical accounting policies and estimates.

Impact of Recent Accounting Pronouncements

Refer to Note 1 – Overview and Basis of Presentation of the Notes to Condensed Consolidated Financial Statements for further information.

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Non-GAAP Measures

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we also disclose the following non-GAAP financial measures: Segment operating income,  organic revenue, and organic segment operating income (collectively, the “Non-GAAP Measures”). Our use of Non-GAAP Measures is supplemental to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP. As not all companies use identical calculations, our Non-GAAP Measures may not be comparable to similarly titled measures used by other companies. We believe that our use of Non-GAAP Measures provides useful information to investors regarding our results of operations for trending, analyzing, and benchmarking our performance and the value of our business.

• “Segment operating income” is net income attributable to Viad before income (loss) from discontinued operations, corporate activities, interest expense and interest income, income taxes, restructuring charges, and the reduction for income attributable to noncontrolling interest. Segment operating income is used to measure the profit and performance of our operating segments to facilitate period-to-period comparisons. Refer to Note 22 – Segment Information of the Notes to Condensed Consolidated Financial Statements for a reconciliation of segment operating income (loss) to income (loss) from continuing operations before income taxes.

• “Organic revenue” and “organic segment operating income (loss)” are revenue and segment operating income (loss) (as defined above), respectively, without the impact of exchange rate variances and acquisitions, if any, until such acquisitions are included in the entirety of both comparable periods. The impact of exchange rate variances is calculated as the difference between current period activity translated at the current period’s exchange rates and the comparable prior period’s exchange rates. We believe the presentation of “organic” results permits investors to better understand our performance without the effects of exchange rate variances or acquisitions and to facilitate period-to-period comparisons and analysis of our operating performance. Refer to the “Results of Operations” section of this MD&A for reconciliations of organic revenue and organic segment operating income (loss) to the most directly comparable GAAP measures.

Non-GAAP Measures are considered useful operating metrics as they eliminate potential variations arising from taxes, debt service costs, and the effects of discontinued operations, resulting in additional measures considered to be indicative of our ongoing operations and segment performance. Although we use Non-GAAP Measures to assess the performance of our business, the use of these measures is limited because these measures do not consider material costs, expenses, and other items necessary to operate our business. These items include debt service costs, expenses related to U.S. federal, state, local and foreign income taxes, the effects of discontinued operations, as well as exchange rate variances. As the Non-GAAP Measures do not consider these items, you should consider net income attributable to Viad as an important measure of financial performance because it provides a more complete measure of our performance.

Forward-Looking Non-GAAP Financial Measure

We also provide segment operating income (loss) as a forward-looking Non-GAAP Measure within the “Results of Operations” section of this MD&A. We do not provide a reconciliation of this forward-looking Non-GAAP Measure to the most directly comparable GAAP financial measure because, due to variability and difficulty in developing accurate forecasts and projections or certain information not being ascertainable or accessible, not all of the information necessary for a quantitative reconciliation of this forward-looking Non-GAAP Measure to the most directly comparable GAAP financial measure is available without unreasonable efforts. Consequently, any attempt to disclose such reconciliation would imply a degree of precision that investors could find confusing or misleading. It is probable that this forward-looking Non-GAAP Measure may be materially different from the corresponding GAAP Measure.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our market risk exposure relates to fluctuations in foreign exchange rates and interest rates. Foreign exchange risk is the risk that fluctuating exchange rates will adversely affect our financial condition or results of operations. Interest rate risk is the risk that changing interest rates will adversely affect our financial position or results of operations.

Our foreign operations are primarily in Canada, the United Kingdom, 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 Condensed Consolidated Balance Sheets. As a result, significant fluctuations in foreign exchange rates relative to the U.S. dollar may result in material changes to our net equity position reported in the Condensed Consolidated Balance Sheets. We do not currently hedge our equity risk arising from the translation of foreign denominated assets and liabilities. We recorded cumulative unrealized foreign currency translation losses in stockholders’ equity of $31.6 million as of March 31, 2019 and $36.3 million as of December 31, 2018. We recorded unrealized foreign currency

36

translation gains in other comprehensive income of $4.8 million during the three months ended March 31, 2019 and unrealized foreign currency translation losses of $3.1 million during the three months ended March 31, 2018, in each case, net of tax.

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. As a result, our consolidated results of operations are exposed to fluctuations in foreign exchange rates as revenue and segment operating income (loss) of our foreign operations, when translated, may vary from period to period, even when the functional currency amounts have not changed. Such fluctuations may adversely impact overall expected profitability and historical period-to-period comparisons. We do not currently hedge our net earnings exposure arising from the translation of our foreign revenue and segment operating income. Refer to “Foreign Exchange Rate Variances” section of this MD&A.

We are exposed to foreign exchange transaction risk, as our foreign subsidiaries have certain revenue transactions denominated in currencies other than the functional currency of the respective subsidiary. From time to time, we utilize forward contracts to mitigate the impact on earnings related to these transactions due to fluctuations in foreign exchange rates. As of March 31, 2019 and December 31, 2018, we did not have any outstanding foreign currency forward contracts.

We are exposed to short-term and long-term interest rate risk on certain of our debt obligations. We do not currently use derivative financial instruments to hedge cash flows for such obligations.

Item 4. Controls and Procedures

We have established disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate to allow timely decisions regarding required disclosure. Management, together with our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2019. Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as of March 31, 2019.

There were no changes in our internal control over financial reporting during the three months ended March 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

Refer to Note 20 – Litigation, Claims, Contingencies, and Other of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for information regarding our legal proceedings that is incorporated by reference herein.

Item 1A. Risk Factors

In addition to other information set forth in this report, careful consideration should be given to the factors discussed in Part I, Item 1A – Risk Factors and Part II, Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of our 2018 Form 10-K, which could materially affect our business, financial condition, or future results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The following table summarizes the total number of shares of our common stock that were repurchased during the three months ended March 31, 2019 pursuant to publicly announced plans or programs, as well as certain previously owned shares of common stock that were surrendered by employees, former employees, and non-employee directors for tax withholding requirements on vested share-based awards.

ISSUER PURCHASES OF EQUITY SECURITIES

Period	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchasedas Part of Publicly Announced Plans or Programs		Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
January 1, 2019 - January 31, 2019		—	$	—		—		100,067
February 1, 2019 - February 28, 2019		24,067	$	58.31		—		600,067
March 1, 2019 - March 31, 2019		—	$	—		—		600,067
Total		24,067	$	58.31		—		600,067

Pursuant to previously announced authorizations, our Board of Directors has 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 approved an additional 500,000 shares to repurchase. No shares were purchased on the open market during the three months ended March 31, 2019. The Board’s authorization has no expiration date.

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Item 6. Exhibits

			Incorporated by Reference
Exhibit Number		Exhibit Description	Form	Period Ending	Exhibit	Filing Date
4.1		The Registrant agrees to furnish to the SEC upon request copies of any instruments defining the rights of holders of long-term debt of the Registrant and its consolidated subsidiaries that does not exceed 10% of the total assets of Registrant and its consolidated subsidiaries.
31.1	*	Certification of Chief Executive Officer of Viad Corp pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, for the period ended March 31, 2019.
31.2	*	Certification of Chief Financial Officer of Viad Corp pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, for the period ended March 31, 2019.
32.1	**	Certifications of Chief Executive Officer and Chief Financial Officer of Viad Corp pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, for the period ended March 31, 2019.
101.INS	*	XBRL Instance Document.
101.SCH	*	XBRL Taxonomy Extension Schema Document.
101.CAL	*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	*	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	*	XBRL Taxonomy Extension Presentation Linkbase Document.

* Filed herewith.

** Furnished herewith.

39

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	VIAD CORP
	(Registrant)
May 3, 2019	By:	/s/ Leslie S. Striedel
(Date)		Leslie S. Striedel
		Chief Accounting Officer (Duly Authorized Officer)

40

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Steven W. Moster, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Viad Corp;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2019	By: /s/ Steven W. Moster
	Steven W. Moster
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Ellen M. Ingersoll, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Viad Corp;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2019	By: /s/ Ellen M. Ingersoll
	Ellen M. Ingersoll
	Chief Financial Officer

EX-32.1

Exhibit 32.1

Certifications of

Chief Executive Officer and Chief Financial Officer

Pursuant To 18 U.S.C. Section 1350, As Adopted Pursuant To Section 906 of the

Sarbanes-Oxley Act of 2002

I, Steven W. Moster, Chief Executive Officer of Viad Corp, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that Viad Corp’s Quarterly Report on Form 10-Q for the three months ended March 31, 2019, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in Viad Corp’s Quarterly Report on Form 10-Q fairly presents, in all material respects, Viad Corp’s financial condition and results of operations.

Date:  May 3, 2019	By: /s/ Steven W. Moster
	Steven W. Moster
	President and Chief Executive Officer

I, Ellen M. Ingersoll, Chief Financial Officer of Viad Corp, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that Viad Corp’s Quarterly Report on Form 10-Q for the three months ended March 31, 2019, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in Viad Corp’s Quarterly Report on Form 10-Q fairly presents, in all material respects, Viad Corp’s financial condition and results of operations.

Date:  May 3, 2019	By: /s/ Ellen M. Ingersoll
	Ellen M. Ingersoll
	Chief Financial Officer

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	VIAD CORP
Entity Central Index Key	0000884219
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Trading Symbol	VVI
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		20,283,639

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents		$ 43,473	$ 44,893
Accounts receivable, net of allowances for doubtful accounts of $1,366 and $1,288, respectively		134,513	108,936
Inventories		17,601	16,629
Current contract costs		22,987	18,017
Other current assets		32,745	25,486
Total current assets		251,319	213,961
Property and equipment, net		348,723	333,847
Other investments and assets		43,888	42,910
Operating lease right-of-use assets		59,671
Deferred income taxes		28,934	19,199
Goodwill		262,912	261,330
Other intangible assets, net		49,161	51,294
Total Assets		1,044,608	922,541
Current liabilities
Accounts payable		83,635	71,927
Contract liabilities		66,094	33,476
Accrued compensation		17,224	22,668
Operating lease obligations		21,080
Other current liabilities		53,731	32,258
Current portion of debt and finance lease obligations	[1]	242,069	229,416
Total current liabilities		483,833	389,745
Long-term debt and finance lease obligations		6,795	705
Pension and postretirement benefits		26,528	26,636
Long-term operating lease obligations		42,098
Other deferred items and liabilities		45,361	48,991
Total liabilities		604,615	466,077
Commitments and contingencies
Redeemable noncontrolling interest		5,662	5,909
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		571,833	575,339
Retained earnings		89,227	109,032
Unearned employee benefits and other		223	199
Accumulated other comprehensive loss		(43,110)	(47,975)
Common stock in treasury, at cost, 4,657,471 and 4,741,638 shares, respectively		(235,172)	(237,790)
Total Viad stockholders’ equity		420,403	436,207
Non-redeemable noncontrolling interest		13,928	14,348
Total stockholders’ equity		434,331	450,555
Total Liabilities and Stockholders’ Equity		$ 1,044,608	$ 922,541

[1] Borrowings under the credit facility are classified as current because all borrowed amounts are due within one year.

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,366	$ 1,288
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	4,657,471	4,741,638

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Revenue:
Total revenue		$ 285,594	$ 277,428
Costs and expenses:
Business interruption gain			(190)
Corporate activities		1,833	2,217
Interest income		(98)	(84)
Interest expense		2,915	2,069
Other expense		455	238
Restructuring charges		688	162
Legal settlement		8,500
Total costs and expenses		311,123	292,829
Loss from continuing operations before income taxes		(25,529)	(15,401)
Income tax benefit		(7,595)	(4,638)
Loss from continuing operations		(17,934)	(10,763)
Income (loss) from discontinued operations		(287)	928
Net loss		(18,221)	(9,835)
Net loss attributable to non-redeemable noncontrolling interest		420	364
Net loss attributable to redeemable noncontrolling interest		24	84
Net loss attributable to Viad		$ (17,777)	$ (9,387)
Diluted loss per common share:
Continuing operations attributable to Viad common stockholders		$ (0.88)	$ (0.51)
Discontinued operations attributable to Viad common stockholders		(0.01)	0.04
Net loss attributable to Viad common stockholders	[1]	$ (0.89)	$ (0.47)
Weighted-average outstanding and potentially dilutive common shares		20,076	20,207
Basic loss per common share:
Continuing operations attributable to Viad common stockholders		$ (0.88)	$ (0.51)
Discontinued operations attributable to Viad common stockholders		(0.01)	0.04
Net loss attributable to Viad common stockholders		$ (0.89)	$ (0.47)
Weighted-average outstanding common shares		20,076	20,207
Dividends declared per common share		$ 0.10	$ 0.10
Amounts attributable to Viad common stockholders
Loss from continuing operations		$ (17,490)	$ (10,315)
Income (loss) from discontinued operations		(287)	928
Net loss attributable to Viad		(17,777)	(9,387)
Services
Revenue:
Total revenue		250,641	245,548
Costs and expenses:
Costs and expenses		263,356	257,295
Products
Revenue:
Total revenue		34,953	31,880
Costs and expenses:
Costs and expenses		$ 33,474	$ 31,122

[1] Diluted income (loss) per share amount cannot exceed basic income (loss) per share.

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net loss		$ (18,221)	$ (9,835)
Other comprehensive income (loss):
Unrealized foreign currency translation adjustments, net of tax	[1]	4,780	(3,109)
Change in net actuarial loss, net of tax	[1]	120	629
Change in prior service cost, net of tax	[1]	(35)	(184)
Comprehensive loss		(13,356)	(12,499)
Comprehensive loss attributable to non-redeemable noncontrolling interest		420	364
Comprehensive loss attributable to redeemable noncontrolling interest		24	84
Comprehensive loss attributable to Viad		$ (12,912)	$ (12,051)

[1] The tax effect on other comprehensive income (loss) is not significant.

XML

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total		Common Stock	Additional Capital	Retained Earnings	Unearned Employee Benefits and Other	Accumulated Other Comprehensive Income (Loss)		Common Stock in Treasury	Total Viad Equity	Non-Redeemable Non-Controlling Interest
Beginning Balance at Dec. 31, 2017	$ 442,937		$ 37,402	$ 574,458	$ 65,836	$ 218	$ (22,568)		$ (226,215)	$ 429,131	$ 13,806
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(9,751)				(9,387)					(9,387)	(364)
Dividends on common stock ($0.10 per share)	(2,046)				(2,046)					(2,046)
Payment of payroll taxes on stock-based compensation through shares withheld	(868)								(868)	(868)
Employee benefit plans	1,123			(2,014)					3,137	1,123
Share-based compensation - equity awards	815			815						815
Unrealized foreign currency translation adjustment, net of tax	(3,109)	[1]					(3,109)			(3,109)
Amortization of net actuarial loss, net of tax	629	[1]					629			629
Amortization of prior service cost, net of tax	(184)	[1]					(184)			(184)
Adoption of ASU | ASU 2016-01					616		(616)	[2]
Other, net	(67)			(36)	(19)	(11)			(1)	(67)
Ending Balance at Mar. 31, 2018	429,479		37,402	573,223	55,000	207	(25,848)		(223,947)	416,037	13,442
Beginning Balance at Dec. 31, 2018	450,555		37,402	575,339	109,032	199	(47,975)		(237,790)	436,207	14,348
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(18,197)				(17,777)					(17,777)	(420)
Dividends on common stock ($0.10 per share)	(2,028)				(2,028)					(2,028)
Payment of payroll taxes on stock-based compensation through shares withheld	(2,905)								(2,905)	(2,905)
Employee benefit plans	1,220			(4,302)					5,522	1,220
Share-based compensation - equity awards	780			780						780
Unrealized foreign currency translation adjustment, net of tax	4,780	[1]					4,780			4,780
Amortization of net actuarial loss, net of tax	120	[1]					120			120
Amortization of prior service cost, net of tax	(35)	[1]					(35)			(35)
Other, net	41			16		24			1	41
Ending Balance at Mar. 31, 2019	$ 434,331		$ 37,402	$ 571,833	$ 89,227	$ 223	$ (43,110)		$ (235,172)	$ 420,403	$ 13,928

[1] The tax effect on other comprehensive income (loss) is not significant.

[2] Upon the adoption of ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.

XML

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends on common stock per share	$ 0.10	$ 0.10

XML

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net loss	$ (18,221)	$ (9,835)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	13,188	13,063
Deferred income taxes	(9,098)	(4,507)
(Income) loss from discontinued operations	287	(928)
Restructuring charges	688	162
Legal settlement	8,500
Gains on dispositions of property and other assets	(551)	(73)
Share-based compensation expense	2,206	717
Other non-cash items, net	1,041	1,803
Change in operating assets and liabilities (excluding the impact of acquisitions):
Receivables	(25,545)	(13,255)
Inventories	(874)	70
Current contract costs	(4,838)	(9,211)
Accounts payable	12,868	5,354
Restructuring liabilities	(714)	(359)
Accrued compensation	(7,490)	(16,149)
Contract liabilities	32,379	20,888
Income taxes payable	6	(7,475)
Other assets and liabilities, net	4,188	16,316
Net cash provided by (used in) operating activities	8,020	(3,419)
Cash flows from investing activities
Capital expenditures	(19,543)	(26,586)
Proceeds from dispositions of property and other assets	611	1,139
Net cash used in investing activities	(18,932)	(25,447)
Cash flows from financing activities
Proceeds from borrowings	28,347	36,038
Payments on debt and finance lease obligations	(14,376)	(15,348)
Dividends paid on common stock	(2,028)	(2,046)
Payment of payroll taxes on stock-based compensation through shares withheld	(2,905)	(868)
Proceeds from exercise of stock options		84
Net cash provided by financing activities	9,038	17,860
Effect of exchange rate changes on cash and cash equivalents	454	(377)
Net change in cash and cash equivalents	(1,420)	(11,383)
Cash and cash equivalents, beginning of year	44,893	53,723
Cash and cash equivalents, end of period	$ 43,473	$ 42,340

XML

Overview and Basis of Presentation

3 Months Ended

Mar. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Overview and Basis of Presentation

Note 1. Overview and Basis of Presentation

Nature of Business

We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. 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 the world’s leading brands and event organizers. GES’ clients include event organizers and corporate brand marketers. Event organizers schedule and run the event 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.

Services and Products Offered

GES provides a full suite of services and products for event organizers and corporate brand marketers through the following lines of business:

• Core Services. GES provides official contracting services and products, including the design and production of experiences, material handling, rigging, electrical, and other on-site event services.

• Event Technology. GES offers a comprehensive range of event technology services, including event accommodation solutions, registration and data analytics, and event management tools.

• Audio-Visual. GES offers a variety of high-impact multi-media services and technology, including video production, lighting design, digital studio services, entertainment services and talent coordination, projection mapping, and computer rental and support.

Markets Served

GES provides the above services and products across four live event markets: Exhibitions, Conferences, Corporate Events, and Consumer Events (collectively, “Live Events”).

• Exhibitions facilitate business-to-business and business-to-consumer sales and marketing.

• Conferences facilitate attendee education and may also include an expo or trade show to further facilitate attendee education and to facilitate business-to-business and business-to-consumer sales and marketing.  

• Corporate events facilitate attendee education of the sponsoring company’s products or product ecosystem.  

• Consumer events entertain, educate, or create an experience, typically around a specific genre.

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that include world-class recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services.

Services and Products Offered

Pursuit comprises four lines of business: Attractions, including food and beverage services and retail operations; Hospitality, including food and beverage services and retail operations; Transportation; and Travel Planning. Services offered by these lines of business (or a subset of these) include admissions, accommodations, transportation, and travel planning. Products offered include food and beverage and retail operations.

Markets Served

Pursuit provides the above services and products across the following geographic markets:

• The Banff Jasper Collection is a leading travel and tourism provider in the Canadian Rockies in Alberta, Canada with two lodging properties in Banff National Park, one lodging property in Jasper National Park, five world-class recreational attractions, food and beverage services, retail operations, sightseeing and transportation services.

• The Alaska Collection is a leading travel and tourism provider in Alaska with two lodging properties and a sightseeing excursion in Denali National Park and Preserve, a lodge in Talkeetna, Alaska’s top-rated wildlife and glacier cruise, and two lodging properties located near Kenai Fjords National Park. The Alaska Collection also provides food and beverage services and retail operations.

• The Glacier Park Collection is an operator of seven lodging properties, 12 retail shops, and 11 dining outlets in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada, with a leading share of rooms in the Glacier Park market.

• FlyOver:  

o FlyOver Canada, located in Vancouver, British Columbia, is a recreational attraction that provides a virtual flight ride experience that combines motion seating, spectacular media, and visual effects including wind, scents, and mist to give the unforgettable experience of flying across Canada.

o FlyOver Iceland is a recreational attraction currently being built in Reykjavik, Iceland that will provide a virtual flight ride experience over some of Iceland’s most spectacular scenery and natural wonders with the same technology effects of wind, scents, and mist as FlyOver Canada. We are scheduled to open our new attraction in July 2019.

o FlyOver Las Vegas is a newly announced expansion of our virtual flight ride theater concept into Las Vegas, Nevada. This new attraction will provide guests an exhilarating virtual flight experience over some of the most spectacular scenery and natural wonders of the American Southwest. We expect to open our new attraction in 2021.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or SEC rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019 (“2018 Form 10-K”).

The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation.

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 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendment also requires an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. Early adoption is permitted and may be applied on either a retrospective or prospective basis.	January 1, 2020	We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements and related disclosures.

Standard	Description	Date of adoption	Effect on the financial statements
Standards Recently Adopted
ASU 2016-02, Leases (Topic 842)	The amendment increases transparency and comparability by requiring the recognition of a right-of-use asset and a lease liability on the balance sheet. The standard also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of cash flows arising from leases.	January 1, 2019	We adopted ASU 2016-02 and its related amendments (collectively, “Topic 842”) on January 1, 2019 using the optional transition method. Under this method of adoption, a cumulative adjustment to retained earnings is recorded, if any, and prior periods are not restated. We determined there was no cumulative effect adjustment to retained earnings on January 1, 2019. The adoption of Topic 842 did not have a material impact to our Condensed Consolidated Statement of Operations. The most significant impact related to facility and equipment leases, which were previously recorded as operating leases. Upon adoption as of January 1, 2019, we recognized an additional right-of-use asset and lease liability of $59 million on the balance sheet. The existing deferred rent liabilities balance, resulting from historical straight-lining of operating leases, was reclassified upon adoption to reduce the measurement of leased assets. Refer to our Leases Significant Accounting Policy immediately following this table and Note 19 - Leases and Other for additional information.

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things, the fair value of our reporting units used to perform annual impairment testing of recorded goodwill; allowances for uncollectible accounts receivable; 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; assumptions used to measure pension and postretirement benefit costs and obligations; assumptions used to determine share-based compensation costs under the fair value method; assumptions used to determine the redemption value of redeemable noncontrolling interests; and allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates.

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. GES’ service revenue is earned over time over the duration of the exhibition, conference, or corporate event, which generally lasts one to three days; however, we recognize service revenue at the close of the event when we have the right to invoice. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue is recognized at a point in time upon delivery of the product.

Pursuit’s service revenue is derived through its admissions, accommodations, transportation, and travel planning services. Pursuit’s product revenue is derived through food and beverage and retail sales. Pursuit’s revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits. Pursuit’s product revenue is recognized at a point in time.

Noncontrolling Interests

Non-redeemable 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. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.  

Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 54.5% equity ownership interest in Esja Attractions ehf. (“Esja”). The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to retained earnings and is included in our earnings (loss) per share. Refer to Note 21 – Redeemable Noncontrolling Interest for additional information.

Leases

We adopted Topic 842 on January 1, 2019, which requires the recognition of a right-of-use (“ROU”) asset and lease liability on the balance sheet, and requires lessees to 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 and equipment leases. Our facility leases are comprised mainly of 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 42 years. Our equipment leases are comprised mainly of vehicles, hardware, and office equipment, each with various lease terms.

We made the accounting policy election not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. We elected to apply the package of practical expedients permitted under Topic 842 transition guidance, which among other things, allowed us to carry forward our historical lease classifications. We also elected the practical expedient to not separate non-lease components from lease components, and payments associated with fixed non-lease components are included in measuring the ROU asset and lease liability.

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. Variable leases and variable non-lease components are not included 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. These variable lease payments are expensed as incurred. Upon the adoption of Topic 842, our accounting for finance leases, previously referred to as capital leases, remains substantially unchanged from prior guidance. 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 by country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a secured 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. On January 1, 2019, the discount rate used on existing leases at adoption was extrapolated based on the remaining lease term and the country using available data as of that date.  For new or renewed leases starting in 2019, the discount rate is determined using available data at lease commencement and based on the lease term and country including any reasonably certain renewal periods.

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. Lease income from owned facilities is recorded as rental income and sublease income from leased facilities is recorded against lease expense in the Condensed Consolidated Statements of Operations. All of our leases for which we are the lessor are classified as operating leases under Topic 842.

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Revenue and Related Contract Costs and Contract Liabilities

3 Months Ended

Mar. 31, 2019

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 multi-year contracts are often signed 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 services is recognized when we have a right to invoice at the close of the exhibition, conference, or corporate event, which typically lasts one to three days. Revenue for consumer events is recognized over the duration of the event. Revenue for products is recognized 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, generally at the close of the exhibition, conference, or corporate event. 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. These deposits are recorded as a contract liability and 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 are recorded as contract liabilities and are recognized as a reduction of revenue. These amounts are included in the Condensed Consolidated Balance Sheets under the captions “Contract liabilities” and “Other deferred items and liabilities.”

Changes to contract liabilities are as follows:

(in thousands)
Balance at December 31, 2018	$	35,600
Cash additions		45,450
Revenue recognized		(14,945	)
Foreign exchange translation adjustment		236
Balance at March 31, 2019	$	66,341

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. Costs associated with preliminary contract activities (i.e. proposal activities) are expensed 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. The deferred incremental costs of obtaining and fulfilling contracts are included in the Condensed Consolidated Balance Sheets under the captions “Current contract costs” and “Other investments and assets.”

Changes to contract costs are as follows:

(in thousands)
Balance at December 31, 2018	$	21,478
Additions		18,484
Expenses		(13,295	)
Cancelled		(3	)
Foreign exchange translation adjustment		92
Balance at March 31, 2019	$	26,756

As of March 31, 2019, capitalized contract costs consisted of $2.2 million to obtain contracts and $24.6 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs for the three months ended March 31, 2019 or 2018.

Disaggregation of Revenue

The following tables disaggregate GES and Pursuit revenue by major product line, timing of revenue recognition, and markets served:

GES

	Three Months Ended March 31, 2019
(in thousands)	GES North America(1)		GES EMEA(1)		Intersegment Eliminations			Total
Services:
Core services	$	179,873	$	31,063	$	—		$	210,936
Audio-visual		18,406		3,888		—			22,294
Event technology		8,763		2,953		—			11,716
Intersegment eliminations		—		—		(2,690	)		(2,690	)
Total services		207,042		37,904		(2,690	)		242,256
Products:
Core products		16,199		16,472		—			32,671
Total revenue	$	223,241	$	54,376	$	(2,690	)	$	274,927
Timing of revenue recognition:
Services transferred over time	$	207,042	$	37,904	$	(2,690	)	$	242,256
Products transferred over time(2)		11,269		3,479		—			14,748
Products transferred at a point in time		4,930		12,993		—			17,923
Total revenue	$	223,241	$	54,376	$	(2,690	)	$	274,927
Markets:
Exhibitions	$	136,429	$	45,655	$	—		$	182,084
Conferences		47,862		2,982		—			50,844
Corporate events		32,787		5,545		—			38,332
Consumer events		6,163		194		—			6,357
Intersegment eliminations		—		—		(2,690	)		(2,690	)
Total revenue	$	223,241	$	54,376	$	(2,690	)	$	274,927

⁽¹⁾ During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾ GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

	Three Months Ended March 31, 2018
(in thousands)	GES North America(1)		GES EMEA(1)		Intersegment Eliminations			Total
Services:
Core services	$	180,525	$	28,985	$	—		$	209,510
Audio-visual		17,084		3,168		—			20,252
Event technology		8,035		3,274		—			11,309
Intersegment eliminations		—		—		(3,278	)		(3,278	)
Total services		205,644		35,427		(3,278	)		237,793
Products:
Core products		16,420		13,493		—			29,913
Total revenue	$	222,064	$	48,920	$	(3,278	)	$	267,706
Timing of revenue recognition:
Services transferred over time	$	205,644	$	35,427	$	(3,278	)	$	237,793
Products transferred over time(2)		11,369		3,329		—			14,698
Products transferred at a point in time		5,051		10,164		—			15,215
Total revenue	$	222,064	$	48,920	$	(3,278	)	$	267,706
Markets:
Exhibitions	$	145,818	$	39,935	$	—		$	185,753
Conferences		39,089		5,388		—			44,477
Corporate events		30,903		3,402		—			34,305
Consumer events		6,254		195		—			6,449
Intersegment eliminations		—		—		(3,278	)		(3,278	)
Total revenue	$	222,064	$	48,920	$	(3,278	)	$	267,706

⁽¹⁾ During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾ GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

Pursuit

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Services:
Admissions	$	3,525		$	3,579
Accommodations		2,418			1,705
Transportation		1,995			2,369
Travel planning		632			308
Intersegment eliminations		(185	)		(206	)
Total services revenue		8,385			7,755
Products:
Food and beverage		1,364			1,219
Retail operations		918			748
Total products revenue		2,282			1,967
Total revenue	$	10,667		$	9,722
Timing of revenue recognition:
Services transferred over time	$	8,385		$	7,755
Products transferred at a point in time		2,282			1,967
Total revenue	$	10,667		$	9,722
Markets:
Banff Jasper Collection	$	7,870		$	7,089
Alaska Collection		180			213
Glacier Park Collection		823			626
FlyOver		1,794			1,794
Total revenue	$	10,667		$	9,722

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Share-Based Compensation

3 Months Ended

Mar. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

Note 3. Share-Based Compensation

The following table summarizes share-based compensation expense:

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Performance unit incentive plan (“PUP”)	$	1,423		$	194
Restricted stock		693			503
Restricted stock units		90			20
Share-based compensation before income tax benefit		2,206			717
Income tax benefit		(558	)		(181	)
Share-based compensation, net of income tax benefit	$	1,648		$	536

We did not record any share-based compensation expense through restructuring charges during the three months ended March 31, 2019 or 2018.

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

	PUP Awards					Restricted Stock					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, 2018		239,809		$	40.65		176,769		$	40.87		12,090		$	39.04
Granted		73,020		$	58.25		54,475		$	57.80		5,025		$	56.81
Vested		(95,309	)	$	26.98		(80,859	)	$	31.78		(5,377	)	$	26.98
Forfeited		—		$	—		(936	)	$	43.75		—		$	—
Balance at March 31, 2019		217,520		$	52.55		149,449		$	51.93		11,738		$	52.17

Viad Corp Omnibus Incentive Plan

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 life and provides for the following types of awards: (a) incentive and non-qualified stock options; (b) restricted stock 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 March 31, 2019, there were 1,580,999 shares available for future grant under the 2017 Plan.

PUP Awards

The vesting of PUP award shares is based upon achievement of certain performance-based criteria. The performance period of the shares is three years.

During the three months ended March 31, 2019, we granted PUP awards with a grant date fair value of $4.3 million of which $1.7 million are payable in shares. Liabilities related to PUP awards were $2.7 million as of March 31, 2019 and $7.0 million as of December 31, 2018. 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 distributed cash payouts of $5.9 million.

Restricted Stock

As of March 31, 2019, the unamortized cost of outstanding restricted stock awards was $4.9 million, which we expect to recognize over a weighted-average period of approximately 1.7 years. We repurchased 24,067 shares for $1.4 million during the three months ended March 31, 2019 and 16,362 shares for $0.9 million during the three months ended March 31, 2018 related to tax withholding requirements on vested share-based awards.

Restricted Stock Units

Aggregate liabilities related to restricted stock units were $0.2 million as of March 31, 2019 and $0.4 million as of December 31, 2018. In February 2019, the 2016 restricted stock units vested and we distributed $0.3 million in cash payouts. In February 2018, the 2015 restricted stock units vested and we distributed $0.2 million in cash payouts.

Stock Options

The following table summarizes stock option activity:

	Shares		Weighted-Average Exercise Price
Options outstanding and exercisable at December 31, 2018		58,689	$	16.62
Exercised		—	$	—
Options outstanding and exercisable at March 31, 2019		58,689	$	16.62

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Acquisition of Businesses

3 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Acquisition of Businesses

Note 4. Acquisition of Business

2018 Acquisition

Maligne Canyon Restaurant

In March 2018, we acquired the Maligne Canyon Restaurant and Gift Shop for total cash consideration of $6.0 million Canadian dollars (approximately $4.6 million U.S. dollars).  Transaction costs associated with the acquisition were $24 thousand in 2018, which are included in “Cost of services” in the Condensed Consolidated Statements of Operations. These assets have been included in the consolidated financial statements from the date of acquisition.

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Inventories

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Inventories

Note 5. Inventories

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

The components of inventories consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Raw materials	$	12,784	$	12,368
Finished goods		4,817		4,261
Inventories	$	17,601	$	16,629

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Other Current Assets

3 Months Ended

Mar. 31, 2019

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Current Assets

Note 6. Other Current Assets

Other current assets consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Income tax receivable	$	12,609	$	10,886
Prepaid vendor payments		4,910		4,492
Prepaid software maintenance		4,732		4,010
Prepaid insurance		2,609		2,754
Prepaid taxes		696		591
Prepaid other		6,181		1,755
Other		1,008		998
Other current assets	$	32,745	$	25,486

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Property and Equipment

3 Months Ended

Mar. 31, 2019

Property Plant And Equipment [Abstract]

Property and Equipment

Note 7. Property and Equipment

Property and equipment consisted of the following:

	March 31,			December 31,
(in thousands)	2019			2018
Land and land interests	$	33,057		$	32,887
Buildings and leasehold improvements		241,798			238,995
Equipment and other		394,613			383,284
Gross property and equipment		669,468			655,166
Accumulated depreciation		(329,791	)		(321,319	)
Property and equipment, net (excluding finance leases)		339,677			333,847
Finance lease right-of-use assets, net		9,046			—
Property and equipment, net	$	348,723		$	333,847

Depreciation expense was $10.1 million for the three months ended March 31, 2019 and $10.4 million for three months ended March 31, 2018.

Property and equipment purchased through accounts payable and accrued liabilities increased $1.5 million during the three months ended March 31, 2019 and $0.8 million for the three months ended March 31, 2018.

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Other Investments and Assets

3 Months Ended

Mar. 31, 2019

Investments All Other Investments [Abstract]

Other Investments and Assets

Note 8. Other Investments and Assets

Other investments and assets consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Cash surrender value of life insurance	$	23,892	$	23,815
Self-insured liability receivable		9,176		9,176
Contract costs		3,769		3,461
Other mutual funds		2,993		2,517
Other		4,058		3,941
Other investments and assets	$	43,888	$	42,910

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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2019

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
Foreign currency translation adjustments		146		170		1,266		1,582
Balance at March 31, 2019	$	155,090	$	30,124	$	77,698	$	262,912

Other intangible assets consisted of the following:

		March 31, 2019							December 31, 2018
(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	7.4	$	67,948	$	(33,058	)	$	34,890	$	67,729	$	(31,201	)	$	36,528
Operating contracts and licenses	25.3		9,380		(1,424	)		7,956		9,180		(1,376	)		7,804
Tradenames	6.0		7,799		(3,395	)		4,404		7,705		(3,109	)		4,596
Non-compete agreements	1.8		5,215		(4,563	)		652		5,174		(4,080	)		1,094
Other	8.0		1,381		(582	)		799		1,365		(553	)		812
Total amortized intangible assets			91,723		(43,022	)		48,701		91,153		(40,319	)		50,834
Indefinite-lived intangible assets:
Business licenses			460		—			460		460		—			460
Other intangible assets		$	92,183	$	(43,022	)	$	49,161	$	91,613	$	(40,319	)	$	51,294

Intangible asset amortization expense was $2.5 million for the three months ended March 31, 2019 and $2.7 million for the three months ended March 31, 2018.

At March 31, 2019, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

(in thousands)
Year ending December 31,
Remainder of 2019	$	7,437
2020		8,419
2021		7,432
2022		5,908
2023		4,721
Thereafter		14,784
Total	$	48,701

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Other Current Liabilities

3 Months Ended

Mar. 31, 2019

Other Liabilities Current [Abstract]

Other Current Liabilities

Note 10. Other Current Liabilities

Other current liabilities consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Continuing operations:
Commissions payable	$	13,212	$	2,703
Accrued legal settlement		7,250		—
Self-insured liability		5,873		5,688
Accrued sales and use taxes		5,649		5,397
Accrued employee benefit costs		4,629		3,224
Accommodation services deposits		3,912		1,541
Current portion of pension and postretirement liabilities		2,134		2,310
Accrued dividends		2,011		2,012
Deferred rent (1)		—		1,659
Accrued professional fees		957		886
Accrued restructuring		706		716
Other taxes		1,325		695
Other		5,148		4,501
Total continuing operations		52,806		31,332
Discontinued operations:
Environmental remediation liabilities		543		555
Self-insured liability		306		295
Other		76		76
Total discontinued operations		925		926
Total other current liabilities	$	53,731	$	32,258

⁽¹⁾ Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

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Other Deferred Items and Liabilities

3 Months Ended

Mar. 31, 2019

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:

	March 31,		December 31,
(in thousands)	2019		2018
Continuing operations:
Self-insured liability	$	10,631	$	10,681
Foreign deferred tax liability		10,407		9,768
Self-insured excess liability		9,176		9,176
Accrued compensation		5,835		6,664
Accrued restructuring		1,535		1,535
Accrued legal settlement		1,250		—
Contract liabilities		247		2,124
Deferred rent (1)		—		2,719
Other		1,872		1,868
Total continuing operations		40,953		44,535
Discontinued operations:
Self-insured liability		2,411		2,437
Environmental remediation liabilities		1,746		1,775
Other		251		244
Total discontinued operations		4,408		4,456
Total other deferred items and liabilities	$	45,361	$	48,991

⁽¹⁾ Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

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Debt and Finance Lease Obligations

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt and Finance Lease Obligations

Note 12. Debt and Finance Lease Obligations

The components of long-term debt and finance lease obligations consisted of the following:

	March 31,			December 31,
(in thousands, except interest rates)	2019			2018
2018 Credit Facility, 4.3% weighted-average interest rate at March 31, 2019 and 4.3% at December 31, 2018, due through 2023 (1)	$	239,938		$	227,792
FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at March 31, 2019, due through 2022(1)		2,284			—
Less unamortized debt issuance costs		(2,182	)		(2,310	)
Total debt		240,040			225,482
Finance lease obligations, 5.8% weighted-average interest rate at March 31, 2019 and 4.5% at December 31, 2018, due through 2021		8,824			4,639
Total debt and finance lease obligations		248,864			230,121
Current portion (2)		(242,069	)		(229,416	)
Long-term debt and finance lease obligations	$	6,795		$	705

⁽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⁾ Borrowings under the credit facility are classified as current because all borrowed amounts are due within one year.

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”). Proceeds from the 2018 Credit Facility were used to refinance certain of our outstanding debt and provide us with additional funds for our operations, growth initiatives, acquisitions, and other general corporate purposes in the ordinary course of business. The 2018 Credit Facility may be increased up to an additional $250 million under certain circumstances. It 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 Facility have a first perfected security interest in all of our personal property including GES, GES Event Intelligence Services, Inc., CATC Alaska Tourism Corporation (“CATC”), ON Event Services, LLC (“ON Services”), and 65% of the capital stock of our top-tier foreign subsidiaries (other than Esja). Financial covenants include an interest coverage ratio of not less than 3.00 to 1.00 and a leverage ratio of not greater than 3.50 to 1.00, with a step-up of 4.00 to 1.00 for four quarters for a material acquisition of $50 million or more. 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 March 31, 2019, the interest coverage ratio was 13.20 to 1.00, the leverage ratio was 1.92 to 1.00, and we were in compliance with all covenants under the 2018 Credit Agreement.

Borrowings under the 2018 Credit Facility (of which GES, GES Event Intelligence Services, Inc., CATC, and ON Services are guarantors) are indexed to the prime rate or the London Interbank Offered Rate (“LIBOR”), plus appropriate spreads tied to our leverage ratio. We understand that LIBOR will be phased out in 2021. The vast majority of our borrowings under the 2018 Credit Facility are indexed to the LIBOR. We do not expect the successor rate to have a material impact on our interest expense. 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 0.3% annually as of March 31, 2019.

As of March 31, 2019, capacity remaining under the 2018 Credit Facility was $206.5 million, reflecting borrowings of $239.9 million and $3.6 million in outstanding letters of credit.

FlyOver Iceland Credit Facility

Effective February 15, 2019, FlyOver Iceland ehf., a wholly-owned subsidiary of Esja, entered into a credit agreement with a €5.0 million (approximately $5.6 million) credit facility (the “FlyOver Iceland Credit Facility”) with a maturity date of March 1, 2022. The loan proceeds will be used to complete the development of the FlyOver Iceland attraction.

As of March 31, 2019, capacity remaining under the FlyOver Iceland Credit Facility was approximately $3.3 million.

The estimated fair value of total debt was $239.1 million as of March 31, 2019 and $228.6 million as of December 31, 2018. 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.

Cash paid for interest on debt was $2.7 million for the three months ended March 31, 2019 and $1.9 million for the three months ended March 31, 2018.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2019

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

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

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

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

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)	March 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)	$	122	$	122	$	—	$	—
Other mutual funds (2)		2,993		2,993		—		—
Total assets at fair value on a recurring basis	$	3,115	$	3,115	$	—	$	—

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2018		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	121	$	121	$	—	$	—
Other mutual funds (2)		2,517		2,517		—		—
Total assets at fair value on a recurring basis	$	2,638	$	2,638	$	—	$	—

⁽¹⁾ Money market funds are included in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded 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⁾ Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

The carrying values of cash and cash equivalents, receivables, and accounts payable approximate fair value due to the short-term maturities of these instruments. Refer to Note 12 – Debt and Finance Lease Obligations for the estimated fair value of debt obligations.

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Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2019

Accumulated Other Comprehensive Income Loss [Abstract]

Accumulated Other Comprehensive Income (Loss)

Note 14. 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 before reclassifications		4,780			—			4,780
Amounts reclassified from AOCI, net of tax		—			85			85
Net other comprehensive income		4,780			85			4,865
Balance at March 31, 2019	$	(31,552	)	$	(11,558	)	$	(43,110	)

(in thousands)	Unrealized Gains on Investments			Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2017	$	616		$	(12,026	)	$	(11,158	)	$	(22,568	)
Other comprehensive loss before reclassifications		—			(3,109	)		—			(3,109	)
Amounts reclassified from AOCI, net of tax		—			—			445			445
Net other comprehensive loss		—			(3,109	)		445			(2,664	)
Adoption of ASU 2016-01(1)		(616	)		—			—			(616	)
Balance at March 31, 2018	$	—		$	(15,135	)	$	(10,713	)	$	(25,848	)

⁽¹⁾ Upon the adoption of ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.

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 17 – Pension and Postretirement Benefits for additional information.

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Income Per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Income Per Share

Note 15. Income Per Share

The components of basic and diluted income per share are as follows:

	Three Months Ended
	March 31,
(in thousands, except per share data)	2019			2018
Net loss attributable to Viad (diluted)	$	(17,777	)	$	(9,387	)
Less: Allocation to non-vested shares		—			—
Adjustment to the redemption value of redeemable noncontrolling interest		(87	)		(38	)
Net loss allocated to Viad common stockholders (basic)	$	(17,864	)	$	(9,425	)
Basic weighted-average outstanding common shares		20,076			20,207
Additional dilutive shares related to share-based compensation		—			—
Diluted weighted-average outstanding shares		20,076			20,207
Loss per share:
Basic loss attributable to Viad common stockholders	$	(0.89	)	$	(0.47	)
Diluted loss attributable to Viad common stockholders(1)	$	(0.89	)	$	(0.47	)

⁽¹⁾ Diluted income (loss) per share amount cannot exceed basic income (loss) per share.

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Income Taxes

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 16. Income Taxes

The effective tax rate was 29.8% for the three months ended March 31, 2019 and 30.1% for the three months ended March 31, 2018.

The income tax provision was computed based on our estimated annualized effective tax rate and the full-year forecasted income plus the tax impact of any unusual, infrequent, or nonrecurring items during the period. The effective tax rate for the three months ended March 31, 2019 was greater than the federal statutory rate of 21% primarily due to foreign income taxed at higher rates, equity compensation vesting during the quarter, and the tax benefit of a legal settlement that was treated as an unusual item and not included in the annualized tax rate calculation. The effective tax rate for the three months ended March 31, 2018 was greater than the federal statutory rate primarily due to foreign income tax at higher rates and the impact of U.S. tax reform.

Cash paid for income taxes was $3.4 million for the three months ended March 31, 2019 and $9.1 million for the three months ended March 31, 2018.

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Pension and Postretirement Benefits

3 Months Ended

Mar. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

Note 17. Pension and Postretirement Benefits

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended March 31, 2019 and 2018 consist of the following:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2019			2018			2019			2018			2019			2018
Service cost	$	15		$	2		$	20		$	24		$	101		$	142
Interest cost		214			187			124			94			94			92
Expected return on plan assets		(34	)		(35	)		—			—			(122	)		(129	)
Amortization of prior service credit		—			—			(47	)		(84	)		—			—
Recognized net actuarial loss		106			122			77			52			38			41
Net periodic benefit cost	$	301		$	276		$	174		$	86		$	111		$	146

We expect to contribute $1.0 million to our funded pension plans, $1.2 million to our unfunded pension plans, and $1.2 million to our postretirement benefit plans in 2019. During the three months ended March 31, 2019, we contributed $0.2 million to our funded pension plans, $0.2 million to our unfunded pension plans, and $0.3 million to our postretirement benefit plans.

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Restructuring Charges

3 Months Ended

Mar. 31, 2019

Restructuring And Related Activities [Abstract]

Restructuring Charges

Note 18. Restructuring Charges

GES

As part of our efforts to drive efficiencies and simplify our business operations, we have taken certain restructuring actions designed to reduce our cost structure primarily within GES. These actions include combining separate business units within GES North America and consolidating facilities and operations in the U.S., Canada, and the United Kingdom. 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. These charges primarily consist of severance and related benefits due to headcount reductions.

Changes to the restructuring liability by major restructuring activity are as follows:

	GES						Other Restructurings
(in thousands)	Severance & Employee Benefits			Facilities			Severance & Employee Benefits			Total
Balance at December 31, 2018	$	2,039		$	200		$	12		$	2,251
Restructuring charges		426			219			43			688
Cash payments		(594	)		(62	)		(58	)		(714	)
Adjustment to liability		(41	)		51			6			16
Balance at March 31, 2019	$	1,830		$	408		$	3		$	2,241

As of March 31, 2019, we expect to pay the liabilities related to severance and employee benefits by the end of 2020. The liability related to future lease payments will be paid over the remaining lease terms. Refer to Note 22 – Segment Information, for information regarding restructuring charges by segment.

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Leases and Other

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Leases and Other

Note 19. Leases and Other

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

		March 31,
(in thousands)	Classification on the Condensed Consolidated Balance Sheet	2019
Assets:
Operating lease assets	Operating lease right-of-use assets	$	59,671
Finance lease assets	Property and equipment, net		9,046
Total lease assets		$	68,717
Liabilities:
Current:
Operating lease obligations	Operating lease obligations	$	21,080
Finance lease obligations	Current portion of debt and finance lease obligations		2,023
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		42,098
Finance lease obligations	Long-term debt and finance lease obligations		6,801
Total lease liabilities		$	72,002

The components of lease expense consisted of the following:

	Three Months Ended
(in thousands)	March 31, 2019
Finance lease cost:
Amortization of right-of-use assets	$	589
Interest on lease liabilities		67
Operating lease cost		5,992
Short-term lease cost		215
Variable lease cost		1,815
Sublease income(1)		(172	)
Total lease cost, net	$	8,506

⁽¹⁾ Sublease income excludes rental income from owned assets, which is recorded in revenue.

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

	Three Months Ended
(in thousands)	March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating activities	$	6,198
Operating cash flows from finance activities	$	67
Financing cash flows from finance activities	$	522
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	11,439
Finance leases	$	1,182
	March 31,
	2019
Weighted-average remaining lease term (years):
Operating leases		4.32
Finance leases		8.48
Weighted-average discount rate:
Operating leases		5.18	%
Finance leases		5.76	%

As of March 31, 2019, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:

(in thousands)	Operating Leases			Finance Leases			Total
Remainder of 2019	$	17,844		$	1,964		$	19,808
2020		20,827			2,108			22,935
2021		10,917			1,368			12,285
2022		6,918			997			7,915
2023		4,744			913			5,657
Thereafter		12,303			4,144			16,447
Total future lease payments		73,553			11,494			85,047
Less: Amount representing interest		(10,375	)		(2,670	)		(13,045	)
Present value of minimum lease payments		63,178			8,824			72,002
Current portion		21,080			2,023			23,103
Long-term portion	$	42,098		$	6,801		$	48,899

As of March 31, 2019, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own and sublease income from facilities that we lease, are as follows:

(in thousands)
Remainder of 2019	$	1,511
2020		1,674
2021		1,845
2022		1,512
2023		1,415
Thereafter		2,795
Total minimum sublease rents		10,752

As previously disclosed on our 2018 Form 10-K and under the previous lease accounting standard, our future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year would have been as follows as of December 31, 2018:

(in thousands)	Rental Payments		Receivable Under Subleases
2019	$	28,671	$	2,382
2020		22,919		1,582
2021		13,217		1,711
2022		8,280		1,370
2023		6,201		1,270
Thereafter		8,305		2,798
Total	$	87,593	$	11,113

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Litigation, Claims, Contingencies and Other

3 Months Ended

Mar. 31, 2019

Commitments And Contingencies Disclosure [Abstract]

Litigation, Claims, Contingencies and Other

Note 20. 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. For the three months ended March 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 March 31, 2019 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.

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 March 31, 2019, we had recorded environmental remediation liabilities of $2.3 million related to previously sold operations. Although we are a party to certain environmental disputes, we believe that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on our financial position or results of operations.

As of March 31, 2019, on behalf of our subsidiaries, we had certain obligations under guarantees to third parties. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities 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 March 31, 2019 would be $15.5 million. These guarantees relate to our leased facilities through October 2027. 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 2019 will be renegotiated in the ordinary course of business. Although our labor relations are currently stable, disruptions could occur, with the possibility of an adverse impact on the operating results of GES. We are continuing to work with union leadership and other industry participants to finalize the terms of a new collective-bargaining agreement that potentially includes a partial withdrawal from the Central States pension plan, which we would expect to result in a charge of approximately $14 million.

We are self-insured up to certain limits for workers’ compensation, employee health benefits, automobile, product and general liability, and property loss claims. The aggregate amount of insurance liabilities (up to our retention limit) related to our continuing operations was $16.5 million as of March 31, 2019, which includes $11.5 million related to workers’ compensation liabilities, and $5.0 million related to general/auto liability claims. We have also retained and provided for certain workers’ compensation insurance liabilities in conjunction with previously sold businesses of $2.7 million as of March 31, 2019. The estimated employee health benefit claims incurred but not yet reported was $1.5 million as of March 31, 2019. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on our historical experience, claims frequency, and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. We have purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. We do not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Our net cash payments in connection with these insurance liabilities were $1.8 million for the three months ended March 31, 2019 and $1.5 million for the three months ended March 31, 2018.

In addition, as of March 31, 2019, we have recorded insurance liabilities of $9.2 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. Of this total, $8.5 million related to workers’ compensation liabilities and $0.7 million related to general/auto liability claims, which are recorded in other deferred items and liabilities in the Condensed Consolidated Balance Sheets with a corresponding receivable in other investments.

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Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2019

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Note 21. 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 developing and will operate 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”) and 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		(24	)
Adjustment to the redemption value		87
Foreign currency translation adjustment		(310	)
Balance at March 31, 2019	$	5,662

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Segment Information

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Segment Information

Note 22. 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. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments.

During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA. We made no changes to the Pursuit reportable segment.

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

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Revenue:
GES:
North America	$	223,241		$	222,064
EMEA		54,376			48,920
Intersegment eliminations		(2,690	)		(3,278	)
Total GES		274,927			267,706
Pursuit		10,667			9,722
Total revenue	$	285,594		$	277,428
Segment operating income (loss):
GES:
North America	$	608		$	(79	)
EMEA		1,135			659
Total GES		1,743			580
Pursuit		(12,995	)		(11,395	)
Segment operating loss		(11,252	)		(10,815	)
Corporate eliminations (1)		16			16
Corporate activities		(1,833	)		(2,217	)
Operating loss		(13,069	)		(13,016	)
Interest income		98			84
Interest expense		(2,915	)		(2,069	)
Other expense		(455	)		(238	)
Restructuring recoveries (charges):
GES North America		17			—
GES EMEA		(662	)		(32	)
Pursuit		—			(140	)
Corporate		(43	)		10
Legal settlement:
GES		(8,500	)		—
Loss from continuing operations before income taxes	$	(25,529	)	$	(15,401	)

⁽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.

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Common Stock Repurchases

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Common Stock Repurchases

Note 23. Common Stock Repurchases

We previously announced our Board of Directors’ authorization 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.

No shares were repurchased on the open market during the three months ended March 31, 2019. As of March 31, 2019, 600,067 shares remain available for repurchase. We repurchased 24,067 shares for $1.4 million during the three months ended March 31, 2019 and 16,362 shares for $0.9 million during the three months ended March 31, 2018 related to tax withholding requirements on vested share based awards.

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Overview and Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of Business

Nature of Business

We are an international experiential services company with operations principally in the United States, Canada, the United Kingdom, continental Europe, and the United Arab Emirates. 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 the world’s leading brands and event organizers. GES’ clients include event organizers and corporate brand marketers. Event organizers schedule and run the event 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.

Services and Products Offered

GES provides a full suite of services and products for event organizers and corporate brand marketers through the following lines of business:

• Core Services. GES provides official contracting services and products, including the design and production of experiences, material handling, rigging, electrical, and other on-site event services.

• Event Technology. GES offers a comprehensive range of event technology services, including event accommodation solutions, registration and data analytics, and event management tools.

• Audio-Visual. GES offers a variety of high-impact multi-media services and technology, including video production, lighting design, digital studio services, entertainment services and talent coordination, projection mapping, and computer rental and support.

Markets Served

GES provides the above services and products across four live event markets: Exhibitions, Conferences, Corporate Events, and Consumer Events (collectively, “Live Events”).

• Exhibitions facilitate business-to-business and business-to-consumer sales and marketing.

• Conferences facilitate attendee education and may also include an expo or trade show to further facilitate attendee education and to facilitate business-to-business and business-to-consumer sales and marketing.  

• Corporate events facilitate attendee education of the sponsoring company’s products or product ecosystem.  

• Consumer events entertain, educate, or create an experience, typically around a specific genre.

Pursuit

Pursuit is a collection of inspiring and unforgettable travel experiences that include world-class recreational attractions, unique hotels and lodges, food and beverage, retail, sightseeing, and ground transportation services.

Services and Products Offered

Pursuit comprises four lines of business: Attractions, including food and beverage services and retail operations; Hospitality, including food and beverage services and retail operations; Transportation; and Travel Planning. Services offered by these lines of business (or a subset of these) include admissions, accommodations, transportation, and travel planning. Products offered include food and beverage and retail operations.

Markets Served

Pursuit provides the above services and products across the following geographic markets:

• The Banff Jasper Collection is a leading travel and tourism provider in the Canadian Rockies in Alberta, Canada with two lodging properties in Banff National Park, one lodging property in Jasper National Park, five world-class recreational attractions, food and beverage services, retail operations, sightseeing and transportation services.

• The Alaska Collection is a leading travel and tourism provider in Alaska with two lodging properties and a sightseeing excursion in Denali National Park and Preserve, a lodge in Talkeetna, Alaska’s top-rated wildlife and glacier cruise, and two lodging properties located near Kenai Fjords National Park. The Alaska Collection also provides food and beverage services and retail operations.

• The Glacier Park Collection is an operator of seven lodging properties, 12 retail shops, and 11 dining outlets in and around Glacier National Park in Montana and Waterton Lakes National Park in Alberta, Canada, with a leading share of rooms in the Glacier Park market.

• FlyOver:  

o FlyOver Canada, located in Vancouver, British Columbia, is a recreational attraction that provides a virtual flight ride experience that combines motion seating, spectacular media, and visual effects including wind, scents, and mist to give the unforgettable experience of flying across Canada.

o FlyOver Iceland is a recreational attraction currently being built in Reykjavik, Iceland that will provide a virtual flight ride experience over some of Iceland’s most spectacular scenery and natural wonders with the same technology effects of wind, scents, and mist as FlyOver Canada. We are scheduled to open our new attraction in July 2019.

o FlyOver Las Vegas is a newly announced expansion of our virtual flight ride theater concept into Las Vegas, Nevada. This new attraction will provide guests an exhilarating virtual flight experience over some of the most spectacular scenery and natural wonders of the American Southwest. We expect to open our new attraction in 2021.

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or SEC rules and regulations for complete financial statements. These financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 27, 2019 (“2018 Form 10-K”).

The condensed consolidated financial statements include the accounts of Viad and its subsidiaries. We have eliminated all significant intercompany account balances and transactions in consolidation.

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 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract	The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The amendment also requires an entity to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. Early adoption is permitted and may be applied on either a retrospective or prospective basis.	January 1, 2020	We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements and related disclosures.

Standard	Description	Date of adoption	Effect on the financial statements
Standards Recently Adopted
ASU 2016-02, Leases (Topic 842)	The amendment increases transparency and comparability by requiring the recognition of a right-of-use asset and a lease liability on the balance sheet. The standard also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of cash flows arising from leases.	January 1, 2019	We adopted ASU 2016-02 and its related amendments (collectively, “Topic 842”) on January 1, 2019 using the optional transition method. Under this method of adoption, a cumulative adjustment to retained earnings is recorded, if any, and prior periods are not restated. We determined there was no cumulative effect adjustment to retained earnings on January 1, 2019. The adoption of Topic 842 did not have a material impact to our Condensed Consolidated Statement of Operations. The most significant impact related to facility and equipment leases, which were previously recorded as operating leases. Upon adoption as of January 1, 2019, we recognized an additional right-of-use asset and lease liability of $59 million on the balance sheet. The existing deferred rent liabilities balance, resulting from historical straight-lining of operating leases, was reclassified upon adoption to reduce the measurement of leased assets. Refer to our Leases Significant Accounting Policy immediately following this table and Note 19 - Leases and Other for additional information.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Estimates and assumptions are used in accounting for, among other things, the fair value of our reporting units used to perform annual impairment testing of recorded goodwill; allowances for uncollectible accounts receivable; 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; assumptions used to measure pension and postretirement benefit costs and obligations; assumptions used to determine share-based compensation costs under the fair value method; assumptions used to determine the redemption value of redeemable noncontrolling interests; and allocation of purchase price of acquired businesses. Actual results could differ from these and other estimates.

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. GES’ service revenue is earned over time over the duration of the exhibition, conference, or corporate event, which generally lasts one to three days; however, we recognize service revenue at the close of the event when we have the right to invoice. GES’ product revenue is derived from the build of exhibits and environments and graphics. GES’ product revenue is recognized at a point in time upon delivery of the product.

Pursuit’s service revenue is derived through its admissions, accommodations, transportation, and travel planning services. Pursuit’s product revenue is derived through food and beverage and retail sales. Pursuit’s revenue is recognized at the time services are performed or upon delivery of the product. Pursuit’s service revenue is recognized over time as the customer simultaneously receives and consumes the benefits. Pursuit’s product revenue is recognized at a point in time.

Noncontrolling Interests

Noncontrolling Interests

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. We report non-redeemable noncontrolling interest within stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of consolidated net income attributable to Viad and the non-redeemable noncontrolling interest is presented in the Condensed Consolidated Statements of Operations.  

Noncontrolling interests with redemption features that are not solely within our control are considered redeemable noncontrolling interests. Our redeemable noncontrolling interest relates to our 54.5% equity ownership interest in Esja Attractions ehf. (“Esja”). The Esja shareholders agreement contains a put option that gives the minority Esja shareholders the right to sell (or “put”) their Esja shares to us based on a calculated formula within a predefined term. This redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders’ equity in the Condensed Consolidated Balance Sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the Condensed Consolidated Statements of Operations and the accretion of the redemption value is recorded as an adjustment to retained earnings and is included in our earnings (loss) per share. Refer to Note 21 – Redeemable Noncontrolling Interest for additional information.

Leases

Leases

We adopted Topic 842 on January 1, 2019, which requires the recognition of a right-of-use (“ROU”) asset and lease liability on the balance sheet, and requires lessees to 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 and equipment leases. Our facility leases are comprised mainly of 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 42 years. Our equipment leases are comprised mainly of vehicles, hardware, and office equipment, each with various lease terms.

We made the accounting policy election not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. We elected to apply the package of practical expedients permitted under Topic 842 transition guidance, which among other things, allowed us to carry forward our historical lease classifications. We also elected the practical expedient to not separate non-lease components from lease components, and payments associated with fixed non-lease components are included in measuring the ROU asset and lease liability.

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. Variable leases and variable non-lease components are not included 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. These variable lease payments are expensed as incurred. Upon the adoption of Topic 842, our accounting for finance leases, previously referred to as capital leases, remains substantially unchanged from prior guidance. 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 by country, in order to calculate the present value of our future lease payments. The discount rate represents a risk-adjusted rate on a secured 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. On January 1, 2019, the discount rate used on existing leases at adoption was extrapolated based on the remaining lease term and the country using available data as of that date.  For new or renewed leases starting in 2019, the discount rate is determined using available data at lease commencement and based on the lease term and country including any reasonably certain renewal periods.

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. Lease income from owned facilities is recorded as rental income and sublease income from leased facilities is recorded against lease expense in the Condensed Consolidated Statements of Operations. All of our leases for which we are the lessor are classified as operating leases under Topic 842.

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Revenue and Related Contract Costs and Contract Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Revenue From Contract With Customer [Abstract]

Summary of Changes in Contract Liabilities

Changes to contract liabilities are as follows:

(in thousands)
Balance at December 31, 2018	$	35,600
Cash additions		45,450
Revenue recognized		(14,945	)
Foreign exchange translation adjustment		236
Balance at March 31, 2019	$	66,341

Summary of Changes in Contract Costs

Changes to contract costs are as follows:

(in thousands)
Balance at December 31, 2018	$	21,478
Additions		18,484
Expenses		(13,295	)
Cancelled		(3	)
Foreign exchange translation adjustment		92
Balance at March 31, 2019	$	26,756

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

	Three Months Ended March 31, 2019
(in thousands)	GES North America(1)		GES EMEA(1)		Intersegment Eliminations			Total
Services:
Core services	$	179,873	$	31,063	$	—		$	210,936
Audio-visual		18,406		3,888		—			22,294
Event technology		8,763		2,953		—			11,716
Intersegment eliminations		—		—		(2,690	)		(2,690	)
Total services		207,042		37,904		(2,690	)		242,256
Products:
Core products		16,199		16,472		—			32,671
Total revenue	$	223,241	$	54,376	$	(2,690	)	$	274,927
Timing of revenue recognition:
Services transferred over time	$	207,042	$	37,904	$	(2,690	)	$	242,256
Products transferred over time(2)		11,269		3,479		—			14,748
Products transferred at a point in time		4,930		12,993		—			17,923
Total revenue	$	223,241	$	54,376	$	(2,690	)	$	274,927
Markets:
Exhibitions	$	136,429	$	45,655	$	—		$	182,084
Conferences		47,862		2,982		—			50,844
Corporate events		32,787		5,545		—			38,332
Consumer events		6,163		194		—			6,357
Intersegment eliminations		—		—		(2,690	)		(2,690	)
Total revenue	$	223,241	$	54,376	$	(2,690	)	$	274,927

⁽¹⁾ During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾ GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

	Three Months Ended March 31, 2018
(in thousands)	GES North America(1)		GES EMEA(1)		Intersegment Eliminations			Total
Services:
Core services	$	180,525	$	28,985	$	—		$	209,510
Audio-visual		17,084		3,168		—			20,252
Event technology		8,035		3,274		—			11,309
Intersegment eliminations		—		—		(3,278	)		(3,278	)
Total services		205,644		35,427		(3,278	)		237,793
Products:
Core products		16,420		13,493		—			29,913
Total revenue	$	222,064	$	48,920	$	(3,278	)	$	267,706
Timing of revenue recognition:
Services transferred over time	$	205,644	$	35,427	$	(3,278	)	$	237,793
Products transferred over time(2)		11,369		3,329		—			14,698
Products transferred at a point in time		5,051		10,164		—			15,215
Total revenue	$	222,064	$	48,920	$	(3,278	)	$	267,706
Markets:
Exhibitions	$	145,818	$	39,935	$	—		$	185,753
Conferences		39,089		5,388		—			44,477
Corporate events		30,903		3,402		—			34,305
Consumer events		6,254		195		—			6,449
Intersegment eliminations		—		—		(3,278	)		(3,278	)
Total revenue	$	222,064	$	48,920	$	(3,278	)	$	267,706

⁽¹⁾ During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

⁽²⁾ GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

Pursuit

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Services:
Admissions	$	3,525		$	3,579
Accommodations		2,418			1,705
Transportation		1,995			2,369
Travel planning		632			308
Intersegment eliminations		(185	)		(206	)
Total services revenue		8,385			7,755
Products:
Food and beverage		1,364			1,219
Retail operations		918			748
Total products revenue		2,282			1,967
Total revenue	$	10,667		$	9,722
Timing of revenue recognition:
Services transferred over time	$	8,385		$	7,755
Products transferred at a point in time		2,282			1,967
Total revenue	$	10,667		$	9,722
Markets:
Banff Jasper Collection	$	7,870		$	7,089
Alaska Collection		180			213
Glacier Park Collection		823			626
FlyOver		1,794			1,794
Total revenue	$	10,667		$	9,722

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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Share-Based Compensation Expense

The following table summarizes share-based compensation expense:

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Performance unit incentive plan (“PUP”)	$	1,423		$	194
Restricted stock		693			503
Restricted stock units		90			20
Share-based compensation before income tax benefit		2,206			717
Income tax benefit		(558	)		(181	)
Share-based compensation, net of income tax benefit	$	1,648		$	536

Summary of Activity of the Outstanding Share-Based Compensation Awards

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

	PUP Awards					Restricted Stock					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, 2018		239,809		$	40.65		176,769		$	40.87		12,090		$	39.04
Granted		73,020		$	58.25		54,475		$	57.80		5,025		$	56.81
Vested		(95,309	)	$	26.98		(80,859	)	$	31.78		(5,377	)	$	26.98
Forfeited		—		$	—		(936	)	$	43.75		—		$	—
Balance at March 31, 2019		217,520		$	52.55		149,449		$	51.93		11,738		$	52.17

Summary of Stock Option Activity

The following table summarizes stock option activity:

	Shares		Weighted-Average Exercise Price
Options outstanding and exercisable at December 31, 2018		58,689	$	16.62
Exercised		—	$	—
Options outstanding and exercisable at March 31, 2019		58,689	$	16.62

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Inventories (Tables)

3 Months Ended

Mar. 31, 2019

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Raw materials	$	12,784	$	12,368
Finished goods		4,817		4,261
Inventories	$	17,601	$	16,629

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Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2019

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Income tax receivable	$	12,609	$	10,886
Prepaid vendor payments		4,910		4,492
Prepaid software maintenance		4,732		4,010
Prepaid insurance		2,609		2,754
Prepaid taxes		696		591
Prepaid other		6,181		1,755
Other		1,008		998
Other current assets	$	32,745	$	25,486

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Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2019

Property Plant And Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:

	March 31,			December 31,
(in thousands)	2019			2018
Land and land interests	$	33,057		$	32,887
Buildings and leasehold improvements		241,798			238,995
Equipment and other		394,613			383,284
Gross property and equipment		669,468			655,166
Accumulated depreciation		(329,791	)		(321,319	)
Property and equipment, net (excluding finance leases)		339,677			333,847
Finance lease right-of-use assets, net		9,046			—
Property and equipment, net	$	348,723		$	333,847

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Other Investments and Assets (Tables)

3 Months Ended

Mar. 31, 2019

Investments All Other Investments [Abstract]

Summary of Other Investments and Assets

Other investments and assets consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Cash surrender value of life insurance	$	23,892	$	23,815
Self-insured liability receivable		9,176		9,176
Contract costs		3,769		3,461
Other mutual funds		2,993		2,517
Other		4,058		3,941
Other investments and assets	$	43,888	$	42,910

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Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2019

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
Foreign currency translation adjustments		146		170		1,266		1,582
Balance at March 31, 2019	$	155,090	$	30,124	$	77,698	$	262,912

Summary of Other Intangible Assets

Other intangible assets consisted of the following:

		March 31, 2019							December 31, 2018
(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	7.4	$	67,948	$	(33,058	)	$	34,890	$	67,729	$	(31,201	)	$	36,528
Operating contracts and licenses	25.3		9,380		(1,424	)		7,956		9,180		(1,376	)		7,804
Tradenames	6.0		7,799		(3,395	)		4,404		7,705		(3,109	)		4,596
Non-compete agreements	1.8		5,215		(4,563	)		652		5,174		(4,080	)		1,094
Other	8.0		1,381		(582	)		799		1,365		(553	)		812
Total amortized intangible assets			91,723		(43,022	)		48,701		91,153		(40,319	)		50,834
Indefinite-lived intangible assets:
Business licenses			460		—			460		460		—			460
Other intangible assets		$	92,183	$	(43,022	)	$	49,161	$	91,613	$	(40,319	)	$	51,294

Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization

At March 31, 2019, the estimated future amortization expense related to intangible assets subject to amortization is as follows:

(in thousands)
Year ending December 31,
Remainder of 2019	$	7,437
2020		8,419
2021		7,432
2022		5,908
2023		4,721
Thereafter		14,784
Total	$	48,701

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Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Other Liabilities Current [Abstract]

Other Current Liabilities

Other current liabilities consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Continuing operations:
Commissions payable	$	13,212	$	2,703
Accrued legal settlement		7,250		—
Self-insured liability		5,873		5,688
Accrued sales and use taxes		5,649		5,397
Accrued employee benefit costs		4,629		3,224
Accommodation services deposits		3,912		1,541
Current portion of pension and postretirement liabilities		2,134		2,310
Accrued dividends		2,011		2,012
Deferred rent (1)		—		1,659
Accrued professional fees		957		886
Accrued restructuring		706		716
Other taxes		1,325		695
Other		5,148		4,501
Total continuing operations		52,806		31,332
Discontinued operations:
Environmental remediation liabilities		543		555
Self-insured liability		306		295
Other		76		76
Total discontinued operations		925		926
Total other current liabilities	$	53,731	$	32,258

⁽¹⁾ Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

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Other Deferred Items and Liabilities (Tables)

3 Months Ended

Mar. 31, 2019

Other Liabilities Disclosure [Abstract]

Summary of Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following:

	March 31,		December 31,
(in thousands)	2019		2018
Continuing operations:
Self-insured liability	$	10,631	$	10,681
Foreign deferred tax liability		10,407		9,768
Self-insured excess liability		9,176		9,176
Accrued compensation		5,835		6,664
Accrued restructuring		1,535		1,535
Accrued legal settlement		1,250		—
Contract liabilities		247		2,124
Deferred rent (1)		—		2,719
Other		1,872		1,868
Total continuing operations		40,953		44,535
Discontinued operations:
Self-insured liability		2,411		2,437
Environmental remediation liabilities		1,746		1,775
Other		251		244
Total discontinued operations		4,408		4,456
Total other deferred items and liabilities	$	45,361	$	48,991

⁽¹⁾ Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

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Debt and Finance Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt and Finance Lease Obligations

The components of long-term debt and finance lease obligations consisted of the following:

	March 31,			December 31,
(in thousands, except interest rates)	2019			2018
2018 Credit Facility, 4.3% weighted-average interest rate at March 31, 2019 and 4.3% at December 31, 2018, due through 2023 (1)	$	239,938		$	227,792
FlyOver Iceland Credit Facility, 4.9% weighted-average interest rate at March 31, 2019, due through 2022(1)		2,284			—
Less unamortized debt issuance costs		(2,182	)		(2,310	)
Total debt		240,040			225,482
Finance lease obligations, 5.8% weighted-average interest rate at March 31, 2019 and 4.5% at December 31, 2018, due through 2021		8,824			4,639
Total debt and finance lease obligations		248,864			230,121
Current portion (2)		(242,069	)		(229,416	)
Long-term debt and finance lease obligations	$	6,795		$	705

⁽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⁾ Borrowings under the credit facility are classified as current because all borrowed amounts are due within one year.

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2019

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)	March 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)	$	122	$	122	$	—	$	—
Other mutual funds (2)		2,993		2,993		—		—
Total assets at fair value on a recurring basis	$	3,115	$	3,115	$	—	$	—

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2018		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Money market funds (1)	$	121	$	121	$	—	$	—
Other mutual funds (2)		2,517		2,517		—		—
Total assets at fair value on a recurring basis	$	2,638	$	2,638	$	—	$	—

⁽¹⁾ Money market funds are included in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded 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⁾ Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

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Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2019

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 before reclassifications		4,780			—			4,780
Amounts reclassified from AOCI, net of tax		—			85			85
Net other comprehensive income		4,780			85			4,865
Balance at March 31, 2019	$	(31,552	)	$	(11,558	)	$	(43,110	)

(in thousands)	Unrealized Gains on Investments			Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2017	$	616		$	(12,026	)	$	(11,158	)	$	(22,568	)
Other comprehensive loss before reclassifications		—			(3,109	)		—			(3,109	)
Amounts reclassified from AOCI, net of tax		—			—			445			445
Net other comprehensive loss		—			(3,109	)		445			(2,664	)
Adoption of ASU 2016-01(1)		(616	)		—			—			(616	)
Balance at March 31, 2018	$	—		$	(15,135	)	$	(10,713	)	$	(25,848	)

⁽¹⁾ Upon the adoption of ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.

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Income Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Reconciliation of Basic and Diluted Income Per Share

The components of basic and diluted income per share are as follows:

	Three Months Ended
	March 31,
(in thousands, except per share data)	2019			2018
Net loss attributable to Viad (diluted)	$	(17,777	)	$	(9,387	)
Less: Allocation to non-vested shares		—			—
Adjustment to the redemption value of redeemable noncontrolling interest		(87	)		(38	)
Net loss allocated to Viad common stockholders (basic)	$	(17,864	)	$	(9,425	)
Basic weighted-average outstanding common shares		20,076			20,207
Additional dilutive shares related to share-based compensation		—			—
Diluted weighted-average outstanding shares		20,076			20,207
Loss per share:
Basic loss attributable to Viad common stockholders	$	(0.89	)	$	(0.47	)
Diluted loss attributable to Viad common stockholders(1)	$	(0.89	)	$	(0.47	)

⁽¹⁾ Diluted income (loss) per share amount cannot exceed basic income (loss) per share.

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Pension and Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended March 31, 2019 and 2018 consist of the following:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2019			2018			2019			2018			2019			2018
Service cost	$	15		$	2		$	20		$	24		$	101		$	142
Interest cost		214			187			124			94			94			92
Expected return on plan assets		(34	)		(35	)		—			—			(122	)		(129	)
Amortization of prior service credit		—			—			(47	)		(84	)		—			—
Recognized net actuarial loss		106			122			77			52			38			41
Net periodic benefit cost	$	301		$	276		$	174		$	86		$	111		$	146

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Restructuring Charges (Tables)

3 Months Ended

Mar. 31, 2019

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, 2018	$	2,039		$	200		$	12		$	2,251
Restructuring charges		426			219			43			688
Cash payments		(594	)		(62	)		(58	)		(714	)
Adjustment to liability		(41	)		51			6			16
Balance at March 31, 2019	$	1,830		$	408		$	3		$	2,241

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Leases and Other (Tables)

3 Months Ended

Mar. 31, 2019

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:

		March 31,
(in thousands)	Classification on the Condensed Consolidated Balance Sheet	2019
Assets:
Operating lease assets	Operating lease right-of-use assets	$	59,671
Finance lease assets	Property and equipment, net		9,046
Total lease assets		$	68,717
Liabilities:
Current:
Operating lease obligations	Operating lease obligations	$	21,080
Finance lease obligations	Current portion of debt and finance lease obligations		2,023
Noncurrent:
Operating lease obligations	Long-term operating lease obligations		42,098
Finance lease obligations	Long-term debt and finance lease obligations		6,801
Total lease liabilities		$	72,002

Components of Lease Expense

The components of lease expense consisted of the following:

	Three Months Ended
(in thousands)	March 31, 2019
Finance lease cost:
Amortization of right-of-use assets	$	589
Interest on lease liabilities		67
Operating lease cost		5,992
Short-term lease cost		215
Variable lease cost		1,815
Sublease income(1)		(172	)
Total lease cost, net	$	8,506

⁽¹⁾ Sublease income excludes rental income from owned assets, which is recorded in revenue.

Schedule of Other Information Related to Operating and Finance Leases

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

	Three Months Ended
(in thousands)	March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating activities	$	6,198
Operating cash flows from finance activities	$	67
Financing cash flows from finance activities	$	522
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	11,439
Finance leases	$	1,182
	March 31,
	2019
Weighted-average remaining lease term (years):
Operating leases		4.32
Finance leases		8.48
Weighted-average discount rate:
Operating leases		5.18	%
Finance leases		5.76	%

Schedule of Estimated Future Minimum Lease Payments Under Non-cancelable Leases Excluding Variable Leases and Variable Non-lease Components

As of March 31, 2019, the estimated future minimum lease payments under non-cancellable leases, excluding variable leases and variable non-lease components, are as follows:

(in thousands)	Operating Leases			Finance Leases			Total
Remainder of 2019	$	17,844		$	1,964		$	19,808
2020		20,827			2,108			22,935
2021		10,917			1,368			12,285
2022		6,918			997			7,915
2023		4,744			913			5,657
Thereafter		12,303			4,144			16,447
Total future lease payments		73,553			11,494			85,047
Less: Amount representing interest		(10,375	)		(2,670	)		(13,045	)
Present value of minimum lease payments		63,178			8,824			72,002
Current portion		21,080			2,023			23,103
Long-term portion	$	42,098		$	6,801		$	48,899

Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases

As of March 31, 2019, the estimated future minimum rentals under non-cancellable leases, which includes rental income from facilities that we own and sublease income from facilities that we lease, are as follows:

(in thousands)
Remainder of 2019	$	1,511
2020		1,674
2021		1,845
2022		1,512
2023		1,415
Thereafter		2,795
Total minimum sublease rents		10,752

Future minimum rental payments and related sublease rentals receivable

As previously disclosed on our 2018 Form 10-K and under the previous lease accounting standard, our future minimum rental payments and related sublease rentals receivable with respect to non-cancelable operating leases with terms in excess of one year would have been as follows as of December 31, 2018:

(in thousands)	Rental Payments		Receivable Under Subleases
2019	$	28,671	$	2,382
2020		22,919		1,582
2021		13,217		1,711
2022		8,280		1,370
2023		6,201		1,270
Thereafter		8,305		2,798
Total	$	87,593	$	11,113

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Redeemable Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2019

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		(24	)
Adjustment to the redemption value		87
Foreign currency translation adjustment		(310	)
Balance at March 31, 2019	$	5,662

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2019

Segment Reporting [Abstract]

Reconciliation of income statement items from reportable segments

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

	Three Months Ended
	March 31,
(in thousands)	2019			2018
Revenue:
GES:
North America	$	223,241		$	222,064
EMEA		54,376			48,920
Intersegment eliminations		(2,690	)		(3,278	)
Total GES		274,927			267,706
Pursuit		10,667			9,722
Total revenue	$	285,594		$	277,428
Segment operating income (loss):
GES:
North America	$	608		$	(79	)
EMEA		1,135			659
Total GES		1,743			580
Pursuit		(12,995	)		(11,395	)
Segment operating loss		(11,252	)		(10,815	)
Corporate eliminations (1)		16			16
Corporate activities		(1,833	)		(2,217	)
Operating loss		(13,069	)		(13,016	)
Interest income		98			84
Interest expense		(2,915	)		(2,069	)
Other expense		(455	)		(238	)
Restructuring recoveries (charges):
GES North America		17			—
GES EMEA		(662	)		(32	)
Pursuit		—			(140	)
Corporate		(43	)		10
Legal settlement:
GES		(8,500	)		—
Loss from continuing operations before income taxes	$	(25,529	)	$	(15,401	)

⁽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.

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Overview and Basis of Presentation - Narrative (Details)		3 Months Ended
	Jan. 01, 2019 USD ($)	Mar. 31, 2019 USD ($) Segment Lodge Recreational Excursion RetailShop DiningOutlet
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of reportable segments | Segment		3
Operating lease right-of-use assets | $		$ 59,671,000
Operating lease, liability | $		$ 63,178,000
Percentage of non equity ownership related redeemable noncontrolling interests		54.50%
Renewal lease starting period		2019
Maximum
Overview And Summary Of Significant Accounting Policies [Line Items]
Lease expiration period		42 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%
Accounting Standards Update 2016-02
Overview And Summary Of Significant Accounting Policies [Line Items]
Cumulative effect adjustment to retained earnings | $	$ 0
Operating lease right-of-use assets | $	59,000,000
Operating lease, liability | $	$ 59,000,000
GES
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of live event markets | Segment		4
Pursuit
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of business lines | Segment		4
Pursuit | Banff Jasper Collection
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of world-class recreational attractions | Recreational		5
Pursuit | Banff Jasper Collection | Banff National Park
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		2
Pursuit | Banff Jasper Collection | Jasper National Park
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		1
Pursuit | Alaska Collection | Denali National Park and Preserve
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		2
Number of sightseeing excursion | Excursion		1
Pursuit | Alaska Collection | Talkeetna
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		1
Pursuit | Alaska Collection | Kenai Fjords National Park
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		2
Pursuit | Glacier Park Collection
Overview And Summary Of Significant Accounting Policies [Line Items]
Number of lodges		7
Number of retail shops | RetailShop		12
Number of dining outlets | DiningOutlet		11

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Revenue and Related Contract Costs and Contract Liabilities - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 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	$ 2,200,000
Capitalized contract costs to fulfill contracts	24,600,000
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
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

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Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2018	$ 35,600
Cash additions	45,450
Revenue recognized	(14,945)
Foreign exchange translation adjustment	236
Balance at March 31, 2019	$ 66,341

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Revenue and Related Contract Costs and Contract Liabilities - Summary of Changes in Contract Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Revenue From Contract With Customer [Abstract]
Balance at December 31, 2018	$ 21,478
Additions	18,484
Expenses	(13,295)
Cancelled	(3)
Foreign exchange translation adjustment	92
Balance at March 31, 2019	$ 26,756

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Revenue and Related Contract Costs and Contract Liabilities - Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Disaggregation Of Revenue [Line Items]
Total revenue		$ 285,594	$ 277,428
GES
Disaggregation Of Revenue [Line Items]
Total revenue		274,927	267,706
GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue		274,927	267,706
GES | Intersegment Eliminations
Disaggregation Of Revenue [Line Items]
Total revenue		(2,690)	(3,278)
Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		10,667	9,722
Pursuit | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue		10,667	9,722
Pursuit | Intersegment Eliminations
Disaggregation Of Revenue [Line Items]
Total revenue		(185)	(206)
North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	223,241	222,064
EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	54,376	48,920
Services Transferred Over Time | GES
Disaggregation Of Revenue [Line Items]
Total revenue		242,256	237,793
Services Transferred Over Time | GES | Intersegment Eliminations
Disaggregation Of Revenue [Line Items]
Total revenue		(2,690)	(3,278)
Services Transferred Over Time | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		8,385	7,755
Services Transferred Over Time | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	207,042	205,644
Services Transferred Over Time | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	37,904	35,427
Products Transferred Over Time | GES
Disaggregation Of Revenue [Line Items]
Total revenue	[2]	14,748	14,698
Products Transferred Over Time | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1],[2]	11,269	11,369
Products Transferred Over Time | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1],[2]	3,479	3,329
Products Transferred at a Point in Time | GES
Disaggregation Of Revenue [Line Items]
Total revenue		17,923	15,215
Products Transferred at a Point in Time | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		2,282	1,967
Products Transferred at a Point in Time | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	4,930	5,051
Products Transferred at a Point in Time | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	12,993	10,164
Core Services | GES
Disaggregation Of Revenue [Line Items]
Total revenue		210,936	209,510
Core Services | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	179,873	180,525
Core Services | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	31,063	28,985
Audio Visual | GES
Disaggregation Of Revenue [Line Items]
Total revenue		22,294	20,252
Audio Visual | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	18,406	17,084
Audio Visual | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	3,888	3,168
Event Technology | GES
Disaggregation Of Revenue [Line Items]
Total revenue		11,716	11,309
Event Technology | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	8,763	8,035
Event Technology | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	2,953	3,274
Total Services | GES
Disaggregation Of Revenue [Line Items]
Total revenue		242,256	237,793
Total Services | GES | Intersegment Eliminations
Disaggregation Of Revenue [Line Items]
Total revenue		(2,690)	(3,278)
Total Services | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		8,385	7,755
Total Services | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	207,042	205,644
Total Services | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	37,904	35,427
Core Products | GES
Disaggregation Of Revenue [Line Items]
Total revenue		32,671	29,913
Core Products | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	16,199	16,420
Core Products | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	16,472	13,493
Exhibitions | GES
Disaggregation Of Revenue [Line Items]
Total revenue		182,084	185,753
Exhibitions | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	136,429	145,818
Exhibitions | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	45,655	39,935
Conferences | GES
Disaggregation Of Revenue [Line Items]
Total revenue		50,844	44,477
Conferences | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	47,862	39,089
Conferences | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	2,982	5,388
Corporate Events | GES
Disaggregation Of Revenue [Line Items]
Total revenue		38,332	34,305
Corporate Events | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	32,787	30,903
Corporate Events | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	5,545	3,402
Consumer Events | GES
Disaggregation Of Revenue [Line Items]
Total revenue		6,357	6,449
Consumer Events | North America | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	6,163	6,254
Consumer Events | EMEA | GES | Operating Segments
Disaggregation Of Revenue [Line Items]
Total revenue	[1]	194	195
Accommodations | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		2,418	1,705
Admissions | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		3,525	3,579
Transportation | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		1,995	2,369
Travel Planning | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		632	308
Food and Beverage | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		1,364	1,219
Retail Operations | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		918	748
Products
Disaggregation Of Revenue [Line Items]
Total revenue		34,953	31,880
Products | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		2,282	1,967
Banff Jasper Collection | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		7,870	7,089
Alaska Collection | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		180	213
Glacier Park Collection | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		823	626
FlyOver | Pursuit
Disaggregation Of Revenue [Line Items]
Total revenue		$ 1,794	$ 1,794

[1] During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

[2] GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

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Share-Based Compensation - Summary of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Summary of share-based compensation expense
Share-based compensation before income tax benefit	$ 2,206	$ 717
Income tax benefit	(558)	(181)
Share-based compensation, net of income tax benefit	1,648	536
Performance Unit Incentive Plan (“PUP”)
Summary of share-based compensation expense
Share-based compensation before income tax benefit	1,423	194
Restricted stock
Summary of share-based compensation expense
Share-based compensation before income tax benefit	693	503
Restricted stock units
Summary of share-based compensation expense
Share-based compensation before income tax benefit	$ 90	$ 20

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Share-Based Compensation - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Repurchase of common stock for employee tax withholding obligations amount, shares			24,067	16,362
Repurchase of common stock for employee tax withholding obligations amount			$ 2,905,000	$ 868,000
2017 Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Useful Life of the plan			10 years
Common stock shares issuable			1,750,000
Shares available for grant			1,580,999
2007 Plan
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Award vesting period			3 years
2007 Plan | Performance Unit Incentive Plan (“PUP”)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Awards with grant date fair value during the period			$ 4,300,000
Stock value payable			1,700,000
Liability awards recorded			2,700,000		$ 7,000,000
Payments to employees			$ 5,600,000		5,900,000
Repurchase of common stock for employee tax withholding obligations amount, shares			25,771
Repurchase of common stock for employee tax withholding obligations amount			$ 1,500,000
Paid to employees as shares			$ 3,400,000
2007 Plan | Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Repurchase of common stock for employee tax withholding obligations amount, shares			24,067	16,362
Repurchase of common stock for employee tax withholding obligations amount			$ 1,400,000	$ 900,000
Unamortized cost			$ 4,900,000
Recognition period of unrecognized cost			1 year 8 months 12 days
2007 Plan | Restricted Stock Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Payments to employees	$ 300,000	$ 200,000
Liabilities related to restricted stock			$ 200,000		$ 400,000
Restructuring Charges
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation before income tax benefit			$ 0	$ 0

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Share-Based Compensation - Summary of Activity of the Outstanding Share-Based Compensation Awards (Details)	3 Months Ended
	Mar. 31, 2019 $ / shares shares
Performance Unit Incentive Plan (“PUP”)
Summary of activity of the outstanding share-based compensation awards
Beginning Balance, Shares | shares	239,809
Granted, Shares | shares	73,020
Vested, Shares | shares	(95,309)
Ending Balance, Shares | shares	217,520
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares	$ 40.65
Granted, Weighted-Average Grant Date Fair Value | $ / shares	58.25
Vested, Weighted-Average Grant Date Fair Value | $ / shares	26.98
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares	$ 52.55
Restricted Stock
Summary of activity of the outstanding share-based compensation awards
Beginning Balance, Shares | shares	176,769
Granted, Shares | shares	54,475
Vested, Shares | shares	(80,859)
Forfeited, Shares | shares	(936)
Ending Balance, Shares | shares	149,449
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares	$ 40.87
Granted, Weighted-Average Grant Date Fair Value | $ / shares	57.80
Vested, Weighted-Average Grant Date Fair Value | $ / shares	31.78
Forfeited, Weighted-Average Grant Date Fair Value | $ / shares	43.75
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares	$ 51.93
Restricted Stock Units
Summary of activity of the outstanding share-based compensation awards
Beginning Balance, Shares | shares	12,090
Granted, Shares | shares	5,025
Vested, Shares | shares	(5,377)
Ending Balance, Shares | shares	11,738
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Weighted-Average Grant Date Fair Value | $ / shares	$ 39.04
Granted, Weighted-Average Grant Date Fair Value | $ / shares	56.81
Vested, Weighted-Average Grant Date Fair Value | $ / shares	26.98
Ending Balance, Weighted-Average Grant Date Fair Value | $ / shares	$ 52.17

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Share-Based Compensation - Summary of Stock Option Activity (Details)	Mar. 31, 2019 $ / shares shares
Options outstanding and exercisable
Options outstanding and exercisable Beginning Balance, Shares | shares	58,689
Option outstanding and exercisable Ending Balance, Shares | shares	58,689
Weighted-Average Exercise Price
Options outstanding and exercisable Beginning Balance, Weighted-Average Exercise Price | $ / shares	$ 16.62
Options outstanding and exercisable Ending Balance, Weighted-Average Exercise Price | $ / shares	$ 16.62

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Acquisition of Business - Narrative (Details) - Maligne Canyon Restaurant $ in Thousands, $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2018 USD ($)	Mar. 31, 2018 CAD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Purchase price	$ 4,600	$ 6.0
Acquisition related costs			$ 24
Business acquisition date	Mar. 31, 2018	Mar. 31, 2018

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Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Components of Inventories
Raw materials	$ 12,784	$ 12,368
Finished goods	4,817	4,261
Inventories	$ 17,601	$ 16,629

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Other Current Assets - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Income tax receivable	$ 12,609	$ 10,886
Prepaid vendor payments	4,910	4,492
Prepaid software maintenance	4,732	4,010
Prepaid insurance	2,609	2,754
Prepaid taxes	696	591
Prepaid other	6,181	1,755
Other	1,008	998
Other current assets	$ 32,745	$ 25,486

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Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 669,468	$ 655,166
Accumulated depreciation	(329,791)	(321,319)
Property and equipment, net (excluding finance leases)	339,677	333,847
Finance lease right-of-use assets, net	9,046
Property and equipment, net	348,723	333,847
Land and land interests
Property Plant And Equipment [Line Items]
Gross property and equipment	33,057	32,887
Buildings and leasehold improvements
Property Plant And Equipment [Line Items]
Gross property and equipment	241,798	238,995
Equipment and other
Property Plant And Equipment [Line Items]
Gross property and equipment	$ 394,613	$ 383,284

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Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 10.1	$ 10.4
Property and equipment purchased through accounts payable and accrued liabilities, increased amount	$ 1.5	$ 0.8

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Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Investments All Other Investments [Abstract]
Cash surrender value of life insurance	$ 23,892	$ 23,815
Self-insured liability receivable	9,176	9,176
Contract costs	3,769	3,461
Other mutual funds	2,993	2,517
Other	4,058	3,941
Other investments and assets	$ 43,888	$ 42,910

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Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Goodwill [Line Items]
Balance, beginning	$ 261,330
Foreign currency translation adjustments	1,582
Balance, ending	262,912
GES North America
Goodwill [Line Items]
Balance, beginning	154,944
Foreign currency translation adjustments	146
Balance, ending	155,090
GES EMEA
Goodwill [Line Items]
Balance, beginning	29,954
Foreign currency translation adjustments	170
Balance, ending	30,124
Pursuit
Goodwill [Line Items]
Balance, beginning	76,432
Foreign currency translation adjustments	1,266
Balance, ending	$ 77,698

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Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Gross Carrying Value	$ 91,723	$ 91,153
Intangible assets subject to amortization, Accumulated Amortization	(43,022)	(40,319)
Intangible assets subject to amortization, Net Carrying Value	48,701	50,834
Other intangible assets, Gross Carrying Value	92,183	91,613
Other intangible assets, Net Carrying Value	$ 49,161	51,294
Customer contracts and relationships
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	7 years 4 months 24 days
Intangible assets subject to amortization, Gross Carrying Value	$ 67,948	67,729
Intangible assets subject to amortization, Accumulated Amortization	(33,058)	(31,201)
Intangible assets subject to amortization, Net Carrying Value	$ 34,890	36,528
Operating contracts and licenses
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	25 years 3 months 18 days
Intangible assets subject to amortization, Gross Carrying Value	$ 9,380	9,180
Intangible assets subject to amortization, Accumulated Amortization	(1,424)	(1,376)
Intangible assets subject to amortization, Net Carrying Value	$ 7,956	7,804
Tradenames
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	6 years
Intangible assets subject to amortization, Gross Carrying Value	$ 7,799	7,705
Intangible assets subject to amortization, Accumulated Amortization	(3,395)	(3,109)
Intangible assets subject to amortization, Net Carrying Value	$ 4,404	4,596
Non-compete agreements
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	1 year 9 months 18 days
Intangible assets subject to amortization, Gross Carrying Value	$ 5,215	5,174
Intangible assets subject to amortization, Accumulated Amortization	(4,563)	(4,080)
Intangible assets subject to amortization, Net Carrying Value	$ 652	1,094
Other
Finite-Lived Intangible Assets, Net [Abstract]
Intangible assets subject to amortization, Useful Life (Years)	8 years
Intangible assets subject to amortization, Gross Carrying Value	$ 1,381	1,365
Intangible assets subject to amortization, Accumulated Amortization	(582)	(553)
Intangible assets subject to amortization, Net Carrying Value	799	812
Business licenses
Finite-Lived Intangible Assets, Net [Abstract]
Indefinite-lived intangible assets, Gross Carrying Value	$ 460	$ 460

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Services
Segment Reporting Information [Line Items]
Intangible asset amortization expense	$ 2.5	$ 2.7

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Goodwill and Other Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Estimated amortization expense related to amortized intangible assets
Remainder of 2019	$ 7,437
2020	8,419
2021	7,432
2022	5,908
2023	4,721
Thereafter	14,784
Intangible assets subject to amortization, Net Carrying Value	$ 48,701	$ 50,834

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Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Continuing operations:
Commissions payable		$ 13,212	$ 2,703
Accrued legal settlement		7,250
Self-insured liability		5,873	5,688
Accrued sales and use taxes		5,649	5,397
Accrued employee benefit costs		4,629	3,224
Accommodation services deposits		3,912	1,541
Current portion of pension and postretirement liabilities		2,134	2,310
Accrued dividends		2,011	2,012
Deferred rent	[1]		1,659
Accrued professional fees		957	886
Accrued restructuring		706	716
Other taxes		1,325	695
Other		5,148	4,501
Total continuing operations		52,806	31,332
Discontinued operations:
Environmental remediation liabilities		543	555
Self-insured liability		306	295
Other		76	76
Total discontinued operations		925	926
Total other current liabilities		$ 53,731	$ 32,258

[1] Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information

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Other Deferred Items and Liabilities - Summary of Other Deferred Items and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Continuing operations:
Self-insured liability		$ 10,631	$ 10,681
Foreign deferred tax liability		10,407	9,768
Self-insured excess liability		9,176	9,176
Accrued compensation		5,835	6,664
Accrued restructuring		1,535	1,535
Accrued legal settlement		1,250
Contract liabilities		247	2,124
Deferred rent	[1]		2,719
Other		1,872	1,868
Total continuing operations		40,953	44,535
Discontinued operations:
Self-insured liability		2,411	2,437
Environmental remediation liabilities		1,746	1,775
Other		251	244
Total discontinued operations		4,408	4,456
Total other deferred items and liabilities		$ 45,361	$ 48,991

[1] Upon the adoption of Topic 842, we reclassified deferred rent to operating lease obligations. We did not recast prior year financial statements under the new standard. Refer to Note 19 – Leases and Other for additional information.

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Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Less unamortized debt issuance costs		$ (2,182)	$ (2,310)
Total debt		240,040	225,482
Finance lease obligations, 5.8% weighted-average interest rate at March 31, 2019 and 4.5% at December 31, 2018, due through 2021		8,824	4,639
Total debt and finance lease obligations		248,864	230,121
Current portion	[1]	(242,069)	(229,416)
Long-term debt and finance lease obligations		6,795	705
FlyOver Iceland Credit Facility
Debt Instrument [Line Items]
Credit facility	[2]	2,284
2018 Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	[2]	$ 239,938	$ 227,792

[1] Borrowings under the credit facility are classified as current because all borrowed amounts are due within one year.

[2] 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.

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Debt and Finance Lease Obligations - Schedule of Long-term Debt and Finance Lease Obligations (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Weighted average interest rate on long term debt	5.80%	4.50%
Current revolving credit facility maturity period	1 year	1 year
FlyOver Iceland Credit Facility
Debt Instrument [Line Items]
Weighted average interest rate on long term debt	4.90%
2018 Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate on credit facility	4.30%	4.30%

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Debt and Finance Lease Obligations - Narrative (Details) € in Millions			3 Months Ended
		Oct. 24, 2018 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Feb. 15, 2019 USD ($)	Feb. 15, 2019 EUR (€)	Dec. 31, 2018 USD ($)
Line of Credit Facility [Line Items]
Fair value of debt			$ 239,100,000	$ 228,600,000
Cash paid for interest on debt			$ 2,700,000	$ 1,900,000
FlyOver Iceland Credit Facility
Line of Credit Facility [Line Items]
Maturity date			Mar. 01, 2022
Remaining borrowing capacity on line of credit			$ 3,300,000
Revolving credit facility, balance outstanding	[1]		$ 2,284,000
Maximum borrowing capacity on credit facility					$ 5,600,000	€ 5.0
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
Interest coverage ratio			1320.00%
Leverage ratio			192.00%
Financial covenants leverage ratio step up		400.00%
Minimum amount for material acquisition		$ 50,000,000
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
Commitment fee percentage on line of credit			0.30%
Remaining borrowing capacity on line of credit			$ 206,500,000
Revolving credit facility, balance outstanding	[1]		239,938,000				$ 227,792,000
Letters of credit outstanding			$ 3,600,000
2018 Credit Agreement | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Interest coverage ratio		300.00%
Leverage ratio		350.00%
Top Tier Foreign Subsidiaries | 2018 Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Percent of lenders security interest on capital stock foreign subsidiary		65.00%

[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.

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Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Fair value information related to assets
Assets		$ 3,115	$ 2,638
Quoted Prices in Active Markets (Level 1)
Fair value information related to assets
Assets		3,115	2,638
Money market funds
Fair value information related to assets
Assets	[1]	122	121
Money market funds | Quoted Prices in Active Markets (Level 1)
Fair value information related to assets
Assets	[1]	122	121
Other mutual funds
Fair value information related to assets
Assets	[2]	2,993	2,517
Other mutual funds | Quoted Prices in Active Markets (Level 1)
Fair value information related to assets
Assets	[2]	$ 2,993	$ 2,517

[1] Money market funds are included in “Cash and cash equivalents” in the Condensed Consolidated Balance Sheets. These investments are classified as available-for-sale and are recorded 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. Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

[2] Other mutual funds are included in “Other investments and assets” in the Condensed Consolidated Balance Sheets.

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Fair Value Measurements - Summary of Fair Value Assets Measured on Recurring Basis (Parenthetical) (Details) - Money market funds	3 Months Ended
	Mar. 31, 2019 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Realized gains on the investments	$ 0
Unrealized gains on the investments	$ 0

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Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance		$ 450,555	$ 442,937
Ending Balance		434,331	429,479
Cumulative Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance		(36,332)	(12,026)
Other comprehensive income (loss) before reclassifications		4,780	(3,109)
Net other comprehensive income (loss)		4,780	(3,109)
Ending Balance		(31,552)	(15,135)
Unrecognized Net Actuarial Loss and Prior Service Credit, Net
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance		(11,643)	(11,158)
Amounts reclassified from AOCI, net of tax		85	445
Net other comprehensive income (loss)		85	445
Ending Balance		(11,558)	(10,713)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance		(47,975)	(22,568)
Other comprehensive income (loss) before reclassifications		4,780	(3,109)
Amounts reclassified from AOCI, net of tax		85	445
Net other comprehensive income (loss)		4,865	(2,664)
Ending Balance		$ (43,110)	(25,848)
Accumulated Other Comprehensive Income (Loss) | ASU 2016-01
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Adoption of ASU	[1]		(616)
Unrealized Gains on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning Balance			616
Unrealized Gains on Investments | ASU 2016-01
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Adoption of ASU	[1]		$ (616)

[1] Upon the adoption of ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, we recorded a cumulative-effect adjustment from unrealized gains on investments to beginning retained earnings.

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Income Per Share - Reconciliation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net loss attributable to Viad (diluted)		$ (17,777)	$ (9,387)
Adjustment to the redemption value of redeemable noncontrolling interest		(87)	(38)
Net loss allocated to Viad common stockholders (basic)		$ (17,864)	$ (9,425)
Denominator:
Basic weighted-average outstanding common shares		20,076	20,207
Diluted weighted-average outstanding shares		20,076	20,207
Basic loss attributable to Viad common stockholders		$ (0.89)	$ (0.47)
Diluted loss attributable to Viad common stockholders	[1]	$ (0.89)	$ (0.47)

[1] Diluted income (loss) per share amount cannot exceed basic income (loss) per share.

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	29.80%	30.10%
Federal statutory tax rate	21.00%
Income Taxes Paid	$ 3.4	$ 9.1

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Pension and Postretirement Benefits - Components of Net Periodic Benefit Cost of Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Domestic Plans | Pension Plans
Net periodic benefit cost:
Service cost	$ 15	$ 2
Interest cost	214	187
Expected return on plan assets	(34)	(35)
Recognized net actuarial loss	106	122
Net periodic benefit cost	301	276
Domestic Plans | Postretirement Benefit Plans
Net periodic benefit cost:
Service cost	20	24
Interest cost	124	94
Amortization of prior service credit	(47)	(84)
Recognized net actuarial loss	77	52
Net periodic benefit cost	174	86
Foreign Pension Plans
Net periodic benefit cost:
Service cost	101	142
Interest cost	94	92
Expected return on plan assets	(122)	(129)
Recognized net actuarial loss	38	41
Net periodic benefit cost	$ 111	$ 146

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Pension and Postretirement Benefits - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019 USD ($)
Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Amount expected to contribute in postretirement benefit plans	$ 1.2
Pension and Other Postretirement Benefit Contributions	0.3
Funded Plans | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Amount expected to contribute in funded pension plans	1.0
Pension Contributions	0.2
Unfunded Pension Plans | Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Amount expected to contribute in unfunded pension plans	1.2
Pension Contributions	$ 0.2

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Restructuring Charges - Changes to Restructuring Liability by Major Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Restructuring Cost And Reserve [Line Items]
Beginning balance	$ 2,251
Restructuring charges	688	$ 162
Cash payments	(714)
Adjustment to liability	16
Ending balance	2,241
GES | Severance & Employee Benefits
Restructuring Cost And Reserve [Line Items]
Beginning balance	2,039
Restructuring charges	426
Cash payments	(594)
Adjustment to liability	(41)
Ending balance	1,830
GES | Facilities
Restructuring Cost And Reserve [Line Items]
Beginning balance	200
Restructuring charges	219
Cash payments	(62)
Adjustment to liability	51
Ending balance	408
Other Restructuring | Severance & Employee Benefits
Restructuring Cost And Reserve [Line Items]
Beginning balance	12
Restructuring charges	43
Cash payments	(58)
Adjustment to liability	6
Ending balance	$ 3

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Leases and Other - Summary of Balance Sheet Presentation of Operating and Finance Leases (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Lessee Lease Description [Line Items]
Operating lease assets	$ 59,671
Finance lease assets	9,046
Total lease assets	68,717
Operating lease obligations	21,080
Finance lease obligations	2,023
Operating lease obligations	42,098
Finance lease obligations	6,801
Total lease liabilities	72,002
Operating Lease Right-of-Use Assets
Lessee Lease Description [Line Items]
Operating lease assets	59,671
Property and Equipment, Net
Lessee Lease Description [Line Items]
Finance lease assets	9,046
Operating Lease Obligations
Lessee Lease Description [Line Items]
Operating lease obligations	21,080
Current Portion of Debt and Finance Lease Obligations
Lessee Lease Description [Line Items]
Finance lease obligations	2,023
Long-Term Operating Lease Obligations
Lessee Lease Description [Line Items]
Operating lease obligations	42,098
Long-Term Debt and Finance Lease Obligations
Lessee Lease Description [Line Items]
Finance lease obligations	$ 6,801

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Leases and Other - Components of Least Expenses (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Finance lease cost:
Amortization of right-of-use assets	$ 589
Interest on lease liabilities	67
Operating lease cost	5,992
Short-term lease cost	215
Variable lease cost	1,815
Sublease income	(172)	[1]
Total lease cost, net	$ 8,506

[1] Sublease income excludes rental income from owned assets, which is recorded in revenue.

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Leases and Other - Schedule of Other Information Related to Operating and Finance Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating activities	$ 6,198
Operating cash flows from finance activities	67
Financing cash flows from finance activities	522
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	11,439
Finance leases	$ 1,182
Weighted-average remaining lease term (years):
Operating leases	4 years 3 months 25 days
Finance leases	8 years 5 months 23 days
Weighted-average discount rate:
Operating leases	5.18%
Finance leases	5.76%

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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	Mar. 31, 2019	Dec. 31, 2018
Operating Leases
Remainder of 2019	$ 17,844
2020	20,827
2021	10,917
2022	6,918
2023	4,744
Thereafter	12,303
Total future lease payments	73,553
Less: Amount representing interest	(10,375)
Present value of minimum lease payments	63,178
Current portion	21,080
Long-term portion	42,098
Finance Leases
Remainder of 2019	1,964
2020	2,108
2021	1,368
2022	997
2023	913
Thereafter	4,144
Total future lease payments	11,494
Less: Amount representing interest	(2,670)
Present value of minimum lease payments	8,824	$ 4,639
Current portion	2,023
Long-term portion	6,801
Total
Remainder of 2019	19,808
2020	22,935
2021	12,285
2022	7,915
2023	5,657
Thereafter	16,447
Total future lease payments	85,047
Less: Amount representing interest	(13,045)
Total lease liabilities	72,002
Current portion	23,103
Long-term portion	$ 48,899

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Leases and Other - Schedule of Estimated Future Minimum Rentals Under Non-cancellable Leases (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Future Minimum Sublease Rentals Under Non-cancellable Leases
Remainder of 2019	$ 1,511
2020	1,674
2021	1,845
2022	1,512
2023	1,415
Thereafter	2,795
Total minimum sublease rents	$ 10,752

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Leases and Other - Schedule of Future Minimum Rental Payments and Related Sublease Rentals Receivable (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Future minimum rental payments and related sublease rentals receivable
Rental Payments, 2019	$ 28,671
Rental Payments, 2020	22,919
Rental Payments, 2021	13,217
Rental Payments, 2022	8,280
Rental Payments, 2023	6,201
Rental Payments, Thereafter	8,305
Rental Payments, Total	87,593
Receivable Under Subleases, 2019	2,382
Receivable Under Subleases, 2020	1,582
Receivable Under Subleases, 2021	1,711
Receivable Under Subleases, 2022	1,370
Receivable Under Subleases, 2023	1,270
Receivable Under Subleases, Thereafter	2,798
Receivable Under Subleases, Total	$ 11,113

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Litigation, Claims, Contingencies and Other - Narrative (Details)	3 Months Ended
	Mar. 31, 2019 USD ($) Agreement	Mar. 31, 2018 USD ($)
Loss Contingencies [Line Items]
Legal settlement	$ 8,500,000
Environmental remediation liability	2,300,000
Maximum potential amount of future payments	$ 15,500,000
Guarantees relate to facilities leased by the company	2027-10
Recourse provision to recover guarantees	$ 0
Bargaining agreements | Agreement	100
Multiemployer plans, withdrawal obligation	$ 14,000,000
Self insurance reserve	16,500,000
Workers' compensation liability	11,500,000
Self insurance reserve for general and auto	5,000,000
Self insurance reserve on discontinued operations	2,700,000
Estimated employee health benefit claims incurred but not yet reported	1,500,000
Payments for self insurance	1,800,000	$ 1,500,000
Self insurance reserve in which company is the primary obligor	9,200,000
Self insurance reserve in which company is the primary obligor for workers compensation	8,500,000
Self insurance reserve in which company is the primary obligor for general liability	700,000
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

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Redeemable Noncontrolling Interest - Narrative (Details) - Esja Attractions ehf. - EUR (€)	3 Months Ended
	Mar. 31, 2019	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”) and 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
Redeemable Noncontrolling Interest [Line Items]
Unadjusted EBITDA	€ 3,250,000

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Redeemable Noncontrolling Interest - Summary of Changes in Redeemable Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Noncontrolling Interest [Abstract]
Beginning balance	$ 5,909
Net loss attributable to redeemable noncontrolling interest	(24)	$ (84)
Adjustment to the redemption value	87
Foreign currency translation adjustment	(310)
Ending balance	$ 5,662

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Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Reportable segments reconciliations:
Total revenue		$ 285,594	$ 277,428
Segment operating income (loss)		(13,069)	(13,016)
Interest income		98	84
Interest expense		(2,915)	(2,069)
Other expense		(455)	(238)
Restructuring recoveries (charges)		(688)	(162)
Loss from continuing operations before income taxes		(25,529)	(15,401)
GES
Reportable segments reconciliations:
Total revenue		274,927	267,706
Pursuit
Reportable segments reconciliations:
Total revenue		10,667	9,722
Operating Segments
Reportable segments reconciliations:
Segment operating income (loss)		(11,252)	(10,815)
Operating Segments | GES
Reportable segments reconciliations:
Total revenue		274,927	267,706
Segment operating income (loss)		1,743	580
Legal settlement		(8,500)
Operating Segments | Pursuit
Reportable segments reconciliations:
Total revenue		10,667	9,722
Segment operating income (loss)		(12,995)	(11,395)
Restructuring recoveries (charges)			(140)
Intersegment Eliminations | GES
Reportable segments reconciliations:
Total revenue		(2,690)	(3,278)
Intersegment Eliminations | Pursuit
Reportable segments reconciliations:
Total revenue		(185)	(206)
Corporate Eliminations
Reportable segments reconciliations:
Segment operating income (loss)	[1]	16	16
Corporate
Reportable segments reconciliations:
Segment operating income (loss)		(1,833)	(2,217)
Restructuring recoveries (charges)		(43)	10
North America | Operating Segments | GES
Reportable segments reconciliations:
Total revenue	[2]	223,241	222,064
Segment operating income (loss)		608	(79)
Restructuring recoveries (charges)		17
EMEA | Operating Segments | GES
Reportable segments reconciliations:
Total revenue	[2]	54,376	48,920
Segment operating income (loss)		1,135	659
Restructuring recoveries (charges)		$ (662)	$ (32)

[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.

[2] During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.

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Common Stock Repurchases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Feb. 07, 2019
Common Stock Repurchases (Textual) [Abstract]
Authorized repurchase of additional shares			500,000
Repurchased shares	0
Shares remain available for repurchase	600,067
Repurchase of common stock for employee tax withholding obligations amount, shares	24,067	16,362
Withholding Requirements on Vested Share Based Award
Common Stock Repurchases (Textual) [Abstract]
Repurchase of common stock, value	$ 1.4	$ 0.9