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<SEC-DOCUMENT>0000950123-10-002279.txt : 20100415
<SEC-HEADER>0000950123-10-002279.hdr.sgml : 20100415
<ACCEPTANCE-DATETIME>20100113154538
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-002279
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20100113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VIAD CORP
		CENTRAL INDEX KEY:			0000884219
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				361169950
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1850 NORTH CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-4545
		BUSINESS PHONE:		(602) 207-4000

	MAIL ADDRESS:	
		STREET 1:		1850 NORTH CENTRAL AVE
		STREET 2:		SUITE 800
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85004-4545

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIAL CORP /DE/
		DATE OF NAME CHANGE:	19930823

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW DIAL CORP
		DATE OF NAME CHANGE:	19921106
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c94595p9459502.jpg" alt="(VIAD LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Viad Corp<BR>
1850 N. Central Avenue, Suite&nbsp;800<BR>
Phoenix, AZ 85004
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">January&nbsp;13, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">United States Securities and Exchange Commission<BR>
Mail Stop 3561<BR>
100 F Street N.E.<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Viad Corp<BR>
Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2008<BR>
Filed February&nbsp;27, 2009<BR>
Definitive Proxy Statement on Schedule&nbsp;14A<BR>
Filed April&nbsp;3, 2009<BR>
File No.&nbsp;001-11015</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On behalf of Viad Corp, a Delaware corporation (&#147;Viad&#148; or the &#147;Company&#148;), we transmit for
filing, pursuant to the Electronic Data Gathering, Analysis and Retrieval system, responses to the
comments of the staff (the &#147;Staff&#148;) of the Securities and Exchange Commission regarding the
above-referenced filings. The Staff&#146;s comments were set forth in a letter dated December&nbsp;29, 2009,
addressed to Paul B. Dykstra, Viad&#146;s Chairman, President and CEO, over the signature of H.
Christopher Owings. The text of the Staff&#146;s comments and Viad&#146;s responses thereto are set forth
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2008</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,
page 16</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Critical Accounting Policies and Estimates, page 24</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Goodwill and other intangible assets, page 24</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<I>We note your critical accounting policy and footnote disclosures regarding the company&#146;s
goodwill valuation. These disclosures should provide investors with sufficient information as well
as management&#146;s insights and assumptions with regard to the recoverability of goodwill. In light of
the impairment charges taken in fiscal year 2008 and during the first nine months of fiscal year
2009, for each reporting unit that is at risk of failing step one, tell us what consideration you
gave to providing the percentage by which the fair value exceeded the carrying value as of the date
of the most recent impairment test</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In response to the Staff&#146;s comment, the Company considers the overall trend in its step one
impairment testing results to be relevant for investors to evaluate the Company&#146;s susceptibility to
potential impairments. Accordingly, the Company disclosed that there had been a narrowing of the
margin between the estimated fair values of the reporting units and their related net book values.
For future filings, in order for investors to better appreciate and assess the Company&#146;s risks of
future goodwill impairment charges, the Company will disclose for each reporting unit that is at
risk of failing step one, if any, the percentage by which the fair value of any such reporting unit
exceeds its carrying value as of the most recent impairment test.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
2008 Form 10-K and 2009 Proxy Statement<BR>
January&nbsp;13, 2010<BR>
Page 2 of 4

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Item&nbsp;9A. Controls and Procedures, page 31</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<I>We note your disclosure that there was no change in your internal control over financial
reporting that materially affected, or is reasonably likely to materially affect, your internal
control over financial reporting &#147;&#091;e&#093;xcept for the preceding changes,&#148; referring to the
implementation of certain changes in connection with your acquisition of Becker Group. Where
changes to your internal controls are ongoing, you should indicate when you expect to complete
implementation. Also, rather than state that &#147;&#091;e&#093;xcept for the preceding changes, there were no
changes in the Company&#146;s internal control over financial reporting,&#148; please state definitively that
there were changes in your controls and procedures over financial reporting that occurred during
the evaluation period. The same comment applies to your </I><I>Form 10-Q</I><I> for the fiscal period ended
September&nbsp;30, 2009 wherein you discuss on page 38 the implementation of new financial software and
then state that &#147;&#091;e&#093;xcept for the preceding change, there were no changes in the Company&#146;s internal
control over financial reporting during the </I><FONT style="white-space: nowrap"><I>third quarter. . .&#148;</I></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In response to the Staff&#146;s comment, the Company will definitively state in future filings
whether or not there were changes in controls and procedures over financial reporting that occurred
during the evaluation period. Furthermore, where changes to internal controls are ongoing, the
Company will indicate when the implementation is expected to be complete.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Exhibit&nbsp;23</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<I>It appears that your auditor&#146;s consent is not signed. Please provide us on a supplemental
basis with a photocopy of the manually signed consent. Please also confirm that you will ensure
that a conformed signature will be provided in the future</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Viad has submitted on a supplemental basis a photocopy of the manually signed consent, which
is attached to this letter. Furthermore, Viad confirms that it will ensure that a conformed
signature will be provided in future filings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Definitive Proxy Statement on Schedule&nbsp;14A</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Executive Compensation, page 12</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">4.&nbsp;<I>We note your disclosure on page 13 that Hewitt Associates and your Human Resources
Department provide the company with analysis and accompanying compensation data from a peer group
of companies. Please identify the comparator companies. Refer to Item&nbsp;</I><I>402(b)(2)(xiv)</I><I> of Regulation
S-K and Question 118.05 of our Regulation&nbsp;S-K Compliance and Disclosure Interpretations, available
on our website at </I><U><I>http://www.sec.gov</I></U><I>.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Viad&#146;s unique and diverse mix of businesses &#151; from marketing and event services to travel and
recreation services &#151; makes it difficult to identify a peer group that has similar
characteristics. Consequently, Viad is unable to create a meaningful list of peers or comparators
against which we benchmark compensation. Rather, we use comparative data principally to determine
what the general market for executives in like positions at like-sized companies is paying for the
purpose of targeting the compensation of Viad&#146;s executives. This is consistent with our approach in
our Shareholder Return Performance Graph, which similarly does not include a group of peers, but
rather consists of comparisons against a number of broad-based indices. In the future, the
discussion will make it clearer that Viad does not use a set of identified comparator or peer
companies in connection with our executive compensation decision making process. Supplementally, we
advise the Staff that we review compensation data from general market surveys for companies that
have annual revenues roughly similar to Viad&#146;s annual revenues (recently, companies with annual
revenues in the range of $500&nbsp;million to $1&nbsp;billion), without regard to company name or the
industry in which the entity operates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">5.&nbsp;<I>We note your disclosure on page 14 that your annual incentive compensation features
&#147;targets for operating income (or income per share for the corporate level executives), operating
cash flow and revenue performance goals&#091;.&#093;&#148; Please disclose what these financial targets were for
the most recently completed fiscal year. The same comment applies to the discussion of your
long-term incentive compensation on pages 15-16. Refer to </I><I>Item 402(b)</I><I> (2)(v) of Regulation&nbsp;S-K.</I>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
2008 Form 10-K and 2009 Proxy Statement<BR>
January&nbsp;13, 2010<BR>
Page 3 of 4

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the future, the Company will delineate the incentive-based targets and the historical data
that disclose more clearly how often and to what extent the various target levels were reached.
Currently, we report this information in the narrative, but will present the information in a table
or chart form in the future. As discussed in the narrative of the Compensation Discussion &#038;
Analysis (&#147;CD&#038;A&#148;) in the 2009 Proxy Statement, payouts under the annual and long term
performance-based plans vary year-over-year and vary by organization within Viad (e.g., corporate
level and operating company level). As reported in the CD&#038;A in the 2009 Proxy Statement, our
incentive-based plans are entirely objective and include no subjective component. We do not believe
that disclosure of specific targets is material to an investor&#146;s understanding of the plans, the
Company&#146;s compensation policies and decisions, or the named executive officers&#146; compensation. We
believe that disclosure of the frequency of payouts at various levels (together with payout
amounts and percentage of achievement of target performance) is more indicative of the extent to which the plans actually serve a meaningful incentive
purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">6.&nbsp;<I>Please elaborate on the factors that were considered in arriving at Mr.&nbsp;Jastrem&#146;s
performance-based award. Some of the factors appear to be subjective while others, such as revenue
growth, appear to be objective. Please disclose what level of achievement of these goals was
necessary to achieve pay-out of the award and how each of these goals was weighed</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In 2008, Mr.&nbsp;Jastrem was granted a special, one-time turn-around incentive award to
incentivize improvements in the 2008 performance of Viad&#146;s operating company,
Exhibitgroup/Giltspur, above and beyond the performance goals established under Viad&#146;s 2008
Management Incentive Plan. There was no equivalent award for any executive officer in 2009. In the
future, if an award like this were granted to an executive officer, Viad will present a more
detailed explanation of the performance factors, their weighting, and the required achievement
levels for a payout. For Mr.&nbsp;Jastrem&#146;s 2008 award, achievement of operating income above the
maximum operating income target approved for Exhibitgroup/Giltspur under the 2008 Management Incentive
Plan was weighted at 50%, and achievement of the strategic goals component of the award was
weighted at 50%. As reported in the 2009 Proxy Statement, the strategic goals component included
three performance measures: revenue growth; client retention;
and employee retention. The revenue growth was weighted at 60%; client
retention at 25%; and employee retention at 15%. The aggregate weight of these three performance measures was equal to the overall weight of the strategic goal component
of the award (50%). The three performance measures were objective and included no subjective
component. Achievement of client retention was based on the level of
retention of 27 specific key clients. Similarly, achievement of employee retention
was based on the level of retaining 11 identified, key employees. None of the employees was an
executive officer of Viad. Each performance measure within the strategic goals component, as well
as operating income component, was assigned a goal that corresponded to five possible performance
levels. The weighted performance level rating for each component (operating income and strategic
goals) was combined to determine the overall performance level, which was then used to determine
the payout level. No payout for the strategic goals component would occur unless the operating
income goal was met at the threshold level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U>Potential Payment Upon Employment Termination or Change of Control, page 28</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">7.&nbsp;<I>While the Commission has not mandated tabular disclosure of potential post-employment
payments, we encourage you to present this information in future filings in a tabular format so
that investors may assess clearly the amount of compensation to be received under the various
scenarios that would lead to a named executive officer&#146;s termination or change in control of the
company. See section VI of SEC Release No.&nbsp;33-8732A</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In the future, we will use a tabular disclosure format for potential post-employment payments
in connection with termination or change in control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">As requested in the comment letter, the Company hereby acknowledges that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">(i)&nbsp;it is responsible for the adequacy and accuracy of the disclosure in the filings;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(ii)&nbsp;staff comments or changes to disclosure in response to staff comments do not foreclose
the Commission from taking any action with respect to the filings; and
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities and Exchange Commission<BR>
2008 Form 10-K and 2009 Proxy Statement<BR>
January&nbsp;13, 2010<BR>
Page 4 of 4

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">(iii)&nbsp;the Company may not assert staff comments as a defense in any proceeding initiated by
the Commission or any person under the federal securities laws of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The
Company believes the foregoing is responsive to the Staff&#146;s
comments and hopes that the
Company has resolved the comments to the Staff&#146;s satisfaction. Your prompt attention to this
response will be appreciated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If you have any questions regarding the foregoing responses or if any additional information
is needed, please contact the undersigned Scott Sayre at telephone number (602)&nbsp;207-5626 and fax
number (602)&nbsp;207-5602, or the undersigned Ellen Ingersoll at telephone number (602)&nbsp;207-1051 and
fax number (602)&nbsp;207-2832.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">/s/ Scott E. Sayre<BR>
Scott E. Sayre<BR>
Vice President-General Counsel &#038; Secretary

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">/s/ Ellen M. Ingersoll<BR>
Ellen M. Ingersoll<BR>
Chief Financial Officer

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Enclosure: Conformed Exhibit&nbsp;23 to 2008 10-K
</DIV>


<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Paul B. Dykstra<BR>
G. Michael Latta<BR>
Deborah J. DePaoli<BR>
Joseph P. Richardson, Squire, Sanders &#038; Dempsey L.L.P.<BR>
John C. Sizer, Deloitte &#038; Touche LLP</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We consent to the incorporation by reference in Registration Statement Nos. 33-54465, 33-3307, and
33-61092 on Form S-3 and Registration Statement Nos. 333-35231, 333-99239, 333-130175, and
333-145969 on Form S-8 of our report dated February&nbsp;27, 2009, relating to the financial statements
and financial statement schedule of Viad Corp and subsidiaries (the &#147;Company&#148;) (which report
expresses an unqualified opinion and includes an explanatory paragraph relating to a change in
accounting method for the adoption of Financial Accounting Standards Board (FASB)&nbsp;Interpretation
No.&nbsp;48, <I>Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No.&nbsp;109, </I>in
2007), and our report dated February&nbsp;27, 2009, relating to the effectiveness of the Company&#146;s
internal control over financial reporting, appearing in this Annual Report on Form 10-K of the
Company for the year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c94595p9459501.gif" alt="(-s- Deloitte & Touche LLP)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Phoenix, Arizona<br>
February&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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