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Segment Information
 12 Months Ended
Dec. 31, 2016
Segment Reporting [Abstract]  
Segment Information

Note 21. 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:

 

 

 

 

 

 

Year Ended December 31,

 

(in thousands)

 

2016

 

 

2015

 

 

2014

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

826,408

 

 

$

720,882

 

 

$

710,835

 

International

 

 

248,503

 

 

 

272,634

 

 

 

249,649

 

Intersegment eliminations

 

 

(20,172

)

 

 

(16,638

)

 

 

(16,016

)

Total GES

 

 

1,054,739

 

 

 

976,878

 

 

 

944,468

 

Pursuit

 

 

153,364

 

 

 

112,170

 

 

 

120,519

 

Corporate eliminations (1)

 

 

(3,133

)

 

 

—

 

 

 

—

 

Total revenue

 

$

1,204,970

 

 

$

1,089,048

 

 

$

1,064,987

 

Segment operating income:

 

 

 

 

 

 

 

 

 

 

 

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

40,524

 

 

$

14,563

 

 

$

21,400

 

International

 

 

9,699

 

 

 

12,211

 

 

 

10,339

 

Total GES

 

 

50,223

 

 

 

26,774

 

 

 

31,739

 

Pursuit

 

 

35,705

 

 

 

27,810

 

 

 

28,127

 

Segment operating income

 

 

85,928

 

 

 

54,584

 

 

 

59,866

 

Corporate eliminations (1)

 

 

(743

)

 

 

—

 

 

 

—

 

Corporate activities

 

 

(10,322

)

 

 

(9,720

)

 

 

(14,348

)

Operating income

 

 

74,863

 

 

 

44,864

 

 

 

45,518

 

Interest income

 

 

1,165

 

 

 

658

 

 

 

305

 

Interest expense

 

 

(5,898

)

 

 

(4,535

)

 

 

(2,015

)

Restructuring (charges) recoveries:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

(2,893

)

 

 

(541

)

 

 

278

 

International

 

 

(1,559

)

 

 

(1,813

)

 

 

(1,808

)

Pursuit

 

 

(171

)

 

 

(200

)

 

 

41

 

Corporate

 

 

(560

)

 

 

(402

)

 

 

(148

)

Impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

GES International

 

 

—

 

 

 

—

 

 

 

(884

)

Pursuit

 

 

(218

)

 

 

(96

)

 

 

—

 

Income from continuing operations before income taxes

 

$

64,729

 

 

$

37,935

 

 

$

41,287

 

(1)

Represents the elimination of intercompany revenue and profit realized by GES for work completed on renovations for Pursuit’s Banff Gondola.

 

 

 

December 31,

 

(in thousands)

 

2016

 

 

2015

 

 

2014

 

Assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

380,951

 

 

$

294,618

 

 

$

304,727

 

International

 

 

109,705

 

 

 

115,494

 

 

 

116,842

 

Pursuit

 

 

301,941

 

 

 

195,527

 

 

 

199,986

 

Corporate and other

 

 

77,219

 

 

 

85,084

 

 

 

91,424

 

 

 

$

869,816

 

 

$

690,723

 

 

$

712,979

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

21,473

 

 

$

18,658

 

 

$

16,066

 

International

 

 

8,092

 

 

 

8,435

 

 

 

6,311

 

Pursuit

 

 

12,967

 

 

 

7,974

 

 

 

8,232

 

Corporate and other

 

 

211

 

 

 

164

 

 

 

183

 

 

 

$

42,743

 

 

$

35,231

 

 

$

30,792

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

GES:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

14,291

 

 

$

8,066

 

 

$

14,515

 

International

 

 

5,033

 

 

 

8,366

 

 

 

4,134

 

Pursuit

 

 

31,861

 

 

 

13,107

 

 

 

10,740

 

Corporate and other(2)

 

 

(1,370

)

 

 

300

 

 

 

—

 

 

 

$

49,815

 

 

$

29,839

 

 

$

29,389

 

(1)

In accordance with ASU 2015-03, unamortized debt issuance costs are reflected as a direct deduction from the carrying amount of the related debt. The Company adopted the new guidance retrospectively to all prior periods presented in the consolidated financial statements. As a result, $1.6 million and $2.0 million of unamortized debt issuance costs were reclassified from other investments and assets to a reduction of long-term debt on the December 31, 2015 and 2014 consolidated balance sheets, respectively.

(2)

The 2016 amount includes an intercompany elimination for work completed by GES on renovations for Pursuit’s Banff Gondola.

Geographic Areas

Viad’s foreign operations are located principally in Canada, the United Kingdom, Germany, the United Arab Emirates and the Netherlands. GES 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)

 

2016

 

 

2015

 

 

2014

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

855,304

 

 

$

726,436

 

 

$

718,538

 

EMEA

 

 

205,028

 

 

 

220,046

 

 

 

192,674

 

Canada

 

 

144,638

 

 

 

142,566

 

 

 

153,775

 

Total revenue

 

$

1,204,970

 

 

$

1,089,048

 

 

$

1,064,987

 

Long-lived assets(1):

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

182,611

 

 

$

139,479

 

 

$

128,437

 

EMEA

 

 

37,083

 

 

 

15,714

 

 

 

14,215

 

Canada

 

 

104,461

 

 

 

71,677

 

 

 

78,193

 

Total long-lived assets

 

$

324,155

 

 

$

226,870

 

 

$

220,845

 

(1)

In accordance with ASU 2015-03, unamortized debt issuance costs are reflected as a direct deduction from the carrying amount of the related debt. The Company adopted the new guidance retrospectively to all prior periods presented in the consolidated financial statements. As a result, $1.6 million and $2.0 million of unamortized debt issuance costs were reclassified from other investments and assets to a reduction of long-term debt on the December 31, 2015 and 2014 consolidated balance sheets, respectively.