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Segment Information
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment Information

Note 22. 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. 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.

Viad’s reportable segments with reconciliations to consolidated totals are as follows:

 

 

 

December 31,

 

(in thousands)

 

2015

 

 

2014

 

 

2013

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Marketing & Events Group:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Segment

 

$

720,882

 

 

$

710,835

 

 

$

628,856

 

International Segment

 

 

272,634

 

 

 

249,649

 

 

 

229,312

 

Intersegment eliminations

 

 

(16,638

)

 

 

(16,016

)

 

 

(13,264

)

Total Marketing & Events Group

 

 

976,878

 

 

 

944,468

 

 

 

844,904

 

Travel & Recreation Group

 

 

112,170

 

 

 

120,519

 

 

 

108,443

 

Total revenue

 

$

1,089,048

 

 

$

1,064,987

 

 

$

953,347

 

Segment operating income:

 

 

 

 

 

 

 

 

 

 

 

 

Marketing & Events Group:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Segment

 

$

14,563

 

 

$

21,400

 

 

$

11,024

 

International Segment

 

 

12,211

 

 

 

10,339

 

 

 

9,068

 

Total Marketing & Events Group

 

 

26,774

 

 

 

31,739

 

 

 

20,092

 

Travel & Recreation Group

 

 

27,810

 

 

 

28,127

 

 

 

21,819

 

Segment operating income

 

 

54,584

 

 

 

59,866

 

 

 

41,911

 

Corporate activities

 

 

(9,720

)

 

 

(14,348

)

 

 

(6,755

)

Operating income

 

 

44,864

 

 

 

45,518

 

 

 

35,156

 

Interest income

 

 

658

 

 

 

305

 

 

 

550

 

Interest expense

 

 

(4,535

)

 

 

(2,015

)

 

 

(1,234

)

Restructuring (charges) recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

Marketing & Events U.S. Segment

 

 

(541

)

 

 

278

 

 

 

409

 

Marketing & Events International Segment

 

 

(1,813

)

 

 

(1,808

)

 

 

(2,362

)

Travel & Recreation Group

 

 

(200

)

 

 

41

 

 

 

(809

)

Corporate

 

 

(402

)

 

 

(148

)

 

 

(1,031

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

Marketing & Events U.S. Segment

 

 

—

 

 

 

—

 

 

 

(658

)

Marketing & Events International Segment

 

 

—

 

 

 

(884

)

 

 

(294

)

Travel & Recreation Group

 

 

(96

)

 

 

—

 

 

 

(2,097

)

Income from continuing operations before income taxes

 

$

37,935

 

 

$

41,287

 

 

$

27,630

 

 

 

 

December 31,

 

(in thousands)

 

2015

 

 

2014

 

 

2013

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Marketing & Events Group:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

294,618

 

 

$

304,727

 

 

$

194,422

 

International

 

 

115,494

 

 

 

116,842

 

 

 

81,058

 

Travel & Recreation Group

 

 

195,527

 

 

 

199,986

 

 

 

209,611

 

Corporate and other

 

 

86,656

 

 

 

93,388

 

 

 

76,841

 

 

 

$

692,295

 

 

$

714,943

 

 

$

561,932

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

Marketing & Events Group:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

18,658

 

 

$

16,066

 

 

$

14,906

 

International

 

 

8,435

 

 

 

6,311

 

 

 

5,566

 

Travel & Recreation Group

 

 

7,974

 

 

 

8,232

 

 

 

7,319

 

Corporate and other

 

 

164

 

 

 

183

 

 

 

176

 

 

 

$

35,231

 

 

$

30,792

 

 

$

27,967

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

Marketing & Events Group:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

8,066

 

 

$

14,515

 

 

$

8,278

 

International

 

 

8,366

 

 

 

4,134

 

 

 

4,332

 

Travel & Recreation Group

 

 

13,107

 

 

 

10,740

 

 

 

23,108

 

Corporate and other

 

 

300

 

 

 

—

 

 

 

401

 

 

 

$

29,839

 

 

$

29,389

 

 

$

36,119

 

 

Geographic Areas. Viad’s foreign operations are located principally in Canada, the United Kingdom, Germany, the United Arab Emirates and the Netherlands. Marketing & Events Group revenue is designated as domestic or foreign based on the originating location of the product or service. Long-lived assets are attributed to domestic or foreign based principally on the physical location of the assets. Long-lived assets consist of “Property and equipment, net” and “Other investments and assets.” The table below presents the financial information by major geographic area:

 

 

 

December 31,

 

(in thousands)

 

2015

 

 

2014

 

 

2013

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

726,436

 

 

$

718,538

 

 

$

637,482

 

EMEA

 

 

220,046

 

 

 

192,674

 

 

 

166,931

 

Canada

 

 

142,566

 

 

 

153,775

 

 

 

148,934

 

Total revenue

 

$

1,089,048

 

 

$

1,064,987

 

 

$

953,347

 

Long-lived assets:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

141,051

 

 

$

130,401

 

 

$

132,315

 

EMEA

 

 

15,714

 

 

 

14,215

 

 

 

10,055

 

Canada

 

 

71,677

 

 

 

78,193

 

 

 

82,986

 

Total long-lived assets

 

$

228,442

 

 

$

222,809

 

 

$

225,356