XML 69 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Segment Information
 9 Months Ended
Sep. 30, 2012
Segment Information [Abstract]  
Segment Information

Note 17. Segment Information

Viad measures profit and performance of its operations on the basis of segment operating income which excludes restructuring charges and recoveries and impairment charges and recoveries. For the purpose of discussing segment operations, Viad refers to segment operating income as calculated by subtracting segment direct expenses from segment revenues. Overhead and shared expenses, including share-based compensation costs, are not allocated to segment operations; they are reported in the caption “Corporate activities.” Similarly, references to operating margin regarding segment operations mean segment operating income divided by segment revenues. 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. Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows:

 

                                 
    Three months ended September 30,     Nine months ended September 30,  
    2012     2011     2012     2011  
    (in thousands)  

Revenues:

                                

Marketing & Events Group:

                                

U.S.

   $ 168,395     $ 116,826     $ 540,741     $ 498,691  

International

     67,780       38,516       180,217       159,443  

Intersegment eliminations

     (5,871 )      (3,645 )      (11,669 )      (7,364 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  
      230,304       151,697       709,289       650,770  

Travel & Recreation Group

     77,153       64,472       113,390       94,189  
   

 

 

    

 

 

    

 

 

    

 

 

  
    $ 307,457     $ 216,169     $ 822,679     $ 744,959  
   

 

 

    

 

 

    

 

 

    

 

 

  

Segment operating income (loss):

                                

Marketing & Events Group:

                                

U.S.

   $ (585 )    $ (17,078 )    $ 12,235     $ 1,061  

International

     3,432       (3,110 )      9,637       7,325  
   

 

 

    

 

 

    

 

 

    

 

 

  
      2,847       (20,188 )      21,872       8,386  

Travel & Recreation Group

     31,335       25,600       28,341       24,147  
   

 

 

    

 

 

    

 

 

    

 

 

  
      34,182       5,412       50,213       32,533  

Corporate activities

     (2,036 )      (2,356 )      (6,000 )      (5,203 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  
      32,146       3,056       44,213       27,330  

Interest income

     153       198       445       588  

Interest expense

     (331 )      (373 )      (991 )      (1,165 ) 

Restructuring charges:

                                

Marketing & Events U.S.

     (392 )      (75 )      (2,879 )      (1,550 ) 

Marketing & Events International

     (216 )      —         (619 )      —    

Corporate

     —         —         (13 )      —    
   

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

   $ 31,360     $ 2,806     $ 40,156     $ 25,203  
   

 

 

    

 

 

    

 

 

    

 

 

  

 

                 
    September 30,
2012		     December 31,
2011		  
    (in thousands)  

Assets:

                

Marketing & Events U.S.

   $ 225,127     $ 213,843  

Marketing & Events International

     108,124       96,996  

Travel & Recreation Group

     233,578       194,278  

Corporate and other

     133,811       112,711  
   

 

 

    

 

 

  
    $ 700,640     $ 617,828