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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 44,893 $ 53,723
Accounts receivable, net of allowances for doubtful accounts of $1,288 and $2,023, respectively 108,936 104,811
Inventories 16,629 17,550 [1]
Current contract costs 18,017 13,436 [1]
Other current assets 25,486 19,741 [1]
Total current assets 213,961 209,261
Property and equipment, net 333,847 305,571
Other investments and assets 42,910 48,187 [1]
Deferred income taxes 19,199 23,548
Goodwill 261,330 270,551
Other intangible assets, net 51,294 62,781
Total Assets 922,541 919,899
Current liabilities    
Accounts payable 71,927 77,380
Contract liabilities 33,476 31,981 [2]
Accrued compensation 22,668 30,614
Other current liabilities 32,258 40,154 [2]
Current portion of debt and capital lease obligations [3] 229,416 152,599
Total current liabilities 389,745 332,728
Long-term debt and capital lease obligations 705 56,593
Pension and postretirement benefits 26,636 28,135
Other deferred items and liabilities 48,991 52,858
Total liabilities 466,077 470,314
Commitments and contingencies
Redeemable noncontrolling interest 5,909 6,648
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 575,339 574,458
Retained earnings 109,032 65,836
Unearned employee benefits and other 199 218
Accumulated other comprehensive loss (47,975) (22,568)
Common stock in treasury, at cost, 4,741,638 and 4,518,099 shares, respectively (237,790) (226,215)
Total Viad stockholders’ equity 436,207 429,131
Non-redeemable noncontrolling interest 14,348 13,806
Total stockholders’ equity 450,555 442,937 [4]
Total Liabilities and Stockholders’ Equity $ 922,541 $ 919,899
[1] Contract costs primarily consist of deferred core services costs (including labor and vendor purchases) required to service future exhibitions, conferences and other events, and commission expenses incurred to obtain contracts. All such costs were previously included in “Inventories” and in certain other assets. As a result of the changes noted above, deferred core services costs related to exhibitions and events that are scheduled to occur longer than one year in the future are currently included in “Other investments and assets”. The impact of this change reduced total current assets at December 31, 2017 by $0.7 million. The amount of deferred core services costs included in “Other investments and assets” at December 31, 2018 was $3.5 million.
[2] In connection with the adoption of Topic 606, we elected to more prominently present contract liabilities on the Consolidated Balance Sheets. Consequently, customer deposits of $33.4 million as of December 31, 2017, have been reclassified to “Contract liabilities” and to other certain current liabilities to conform to the current period presentation.
[3] Borrowings under the revolving credit facilities are classified as current because all borrowed amounts are due within one year.
[4] We determined that the cumulative effect of initially applying Topic 606 as an adjustment to the opening balance of retained earnings was not material, and therefore we made no adjustment.