We have frozen defined benefit pension plans held in trust for certain employees which we funded. We also maintain certain unfunded defined benefit pension plans which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations.

We also have certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees, and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, we retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, we may fund the plans.

The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our pension plans consist of the following:

	December 31,
(in thousands)	2018			2017			2016
Net periodic benefit cost:
Service cost	$	64		$	64		$	98
Interest cost		780			803			1,032
Expected return on plan assets		(193	)		(176	)		(256	)
Recognized net actuarial loss		494			433			423
Net periodic benefit cost		1,145			1,124			1,297
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial loss (gain)		(76	)		114			1
Reversal of amortization item:
Net actuarial loss		(494	)		(433	)		(423	)
Total recognized in other comprehensive income (loss)		(570	)		(319	)		(422	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	575		$	805		$	875

The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our postretirement benefit plans consist of the following:

	December 31,
(in thousands)	2018			2017			2016
Net periodic benefit cost:
Service cost	$	80		$	92		$	99
Interest cost		449			413			573
Amortization of prior service credit		(205	)		(431	)		(503	)
Recognized net actuarial loss		405			164			295
Net periodic benefit cost		729			238			464
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial loss (gain)		170			237			(790	)
Prior service credit		—			816			73
Reversal of amortization item:
Net actuarial loss		(405	)		(164	)		(295	)
Prior service credit		205			431			503
Total recognized in other comprehensive income (loss)		(30	)		1,320			(509	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	699		$	1,558		$	(45	)

													Postretirement
	Funded Plans						Unfunded Plans						Benefit Plans
(in thousands)	2018			2017			2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation at beginning of year	$	15,440		$	15,027		$	9,857		$	9,825		$	13,807		$	13,619
Service cost		—			—			64			64			80			92
Interest cost		481			492			299			311			449			413
Actuarial adjustments		(887	)		618			(425	)		175			170			237
Plan amendments		—			—			—			—			—			816
Benefits paid		(799	)		(697	)		(524	)		(518	)		(1,052	)		(1,370	)
Benefit obligation at end of year		14,235			15,440			9,271			9,857			13,454			13,807
Change in plan assets:
Fair value of plan assets at beginning of year		11,590			10,416			—			—			—			—
Actual return on plan assets		(1,043	)		855			—			—			—			—
Company contributions		551			1,016			524			518			1,052			1,370
Benefits paid		(799	)		(697	)		(524	)		(518	)		(1,052	)		(1,370	)
Fair value of plan assets at end of year		10,299			11,590			—			—			—			—
Funded status at end of year	$	(3,936	)	$	(3,850	)	$	(9,271	)	$	(9,857	)	$	(13,454	)	$	(13,807	)

The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 are as follows:

									Postretirement
	Funded Plans				Unfunded Plans				Benefit Plans
(in thousands)	2018		2017		2018		2017		2018		2017
Other current liabilities	$	—	$	—	$	974	$	809	$	1,160	$	1,112
Non-current liabilities		3,936		3,850		8,297		9,048		12,294		12,695
Net amount recognized	$	3,936	$	3,850	$	9,271	$	9,857	$	13,454	$	13,807

													Postretirement
	Funded Plans						Unfunded Plans						Benefit Plans						Total			Total
(in thousands)	2018			2017			2018			2017			2018			2017			2018			2017
Net actuarial loss	$	8,643		$	8,681		$	2,055		$	2,587		$	2,549		$	2,784		$	13,247		$	14,052
Prior service credit		—			—			—			—			(146	)		(351	)		(146	)		(351	)
Subtotal		8,643			8,681			2,055			2,587			2,403			2,433			13,101			13,701
Less tax effect		(2,182	)		(3,292	)		(519	)		(981	)		(607	)		(923	)		(3,308	)		(5,196	)
Total	$	6,461		$	5,389		$	1,536		$	1,606		$	1,796		$	1,510		$	9,793		$	8,505

			Fair Value Measurements at December 31, 2018
			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Domestic pension plans:
Fixed income securities	$	5,355	$	5,355	$	—	$	—
Equity securities		4,611		4,611		—		—
Cash		140		140		—		—
Other		193		—		193		—
Total	$	10,299	$	10,106	$	193	$	—

			Fair Value Measurements at December 31, 2017
			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Domestic pension plans:
Fixed income securities	$	5,787	$	5,787	$	—	$	—
Equity securities		5,390		5,390		—		—
Cash		214		214		—		—
Other		199		—		199		—
Total	$	11,590	$	11,391	$	199	$	—

We employ a total return investment approach whereby a mix of equities and fixed income securities is used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across U.S. and non-U.S. stocks, as well as growth and value. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements.

We utilize a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also considers diversification and rebalancing. Peer data and historical returns are reviewed relative to our assumed rates for reasonableness and appropriateness.

The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

Certain of our foreign operations also maintain defined benefit pension plans held in trust for certain employees which are funded by the companies, and unfunded defined benefit pension plans providing supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) included the following:

	December 31,
(in thousands)	2018			2017			2016
Net periodic benefit cost:
Service cost	$	552		$	530		$	488
Interest cost		381			492			488
Expected return on plan assets		(505	)		(602	)		(558	)
Recognized net actuarial loss		139			155			162
Settlement		—			777			—
Net periodic benefit cost		567			1,352			580
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial loss		(238	)		(106	)		158
Reversal of amortization of net actuarial loss		(139	)		(155	)		(162	)
Total recognized in other comprehensive income (loss)		(377	)		(261	)		(4	)
Total recognized in net periodic benefit cost and other comprehensive income	$	190		$	1,091		$	576

The following table represents the funded status of the plans as of December 31:

	Funded Plans						Unfunded Plans
(in thousands)	2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation at beginning of year	$	9,521		$	10,488		$	2,582		$	2,486
Service cost		552			530			—			—
Interest cost		308			406			73			87
Actuarial adjustments		(809	)		658			(25	)		(54	)
Benefits paid		(732	)		(3,231	)		(184	)		(182	)
Translation adjustment		(706	)		670			(156	)		245
Benefit obligation at end of year		8,134			9,521			2,290			2,582
Change in plan assets:
Fair value of plan assets at beginning of year		9,493			10,576			—			—
Actual return on plan assets		(322	)		764			—			—
Company contributions		514			710			184			182
Benefits paid		(732	)		(3,231	)		(184	)		(182	)
Translation adjustment		(710	)		674			—			—
Fair value of plan assets at end of year		8,243			9,493			—			—
Funded status at end of year	$	109		$	(28	)	$	(2,290	)	$	(2,582	)

The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows:

Net actuarial losses for the foreign funded plans recognized in AOCI were $2.2 million ($1.6 million after-tax) as of December 31, 2018 and $2.5 million ($1.8 million after-tax) as of December 31, 2017. Net actuarial losses for the foreign unfunded plans recognized in AOCI were $0.6 million ($0.4 million after-tax) as of December 31, 2018 and $0.7 million ($0.5 million after-tax) as of December 31, 2017.

The fair value information related to the foreign pension plans’ assets is summarized in the following tables:

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2018		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	3,967	$	3,967	$	—	$	—
Equity securities		4,087		4,087		—		—
Other		189		189		—		—
Total	$	8,243	$	8,243	$	—	$	—

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2017		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	4,414	$	4,414	$	—	$	—
Equity securities		4,889		4,466		423		—
Other		190		190		—		—
Total	$	9,493	$	9,070	$	423	$	—

The following payments, which reflect expected future service, as appropriate, are expected to be paid:

Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

The accumulated benefit obligations in excess of plan assets as of December 31 were as follows:

In aggregate for both the domestic and foreign plans, we anticipate contributing $1.0 million to the funded pension plans, $1.2 million to the unfunded pension plans, and $1.2 million to the postretirement benefit plans in 2019.

Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:

	Domestic Plans
	Funded Plans						Unfunded Plans						Postretirement Benefit Plans						Foreign Plans
	2018			2017			2018			2017			2018			2017			2018			2017
Discount rate		4.30	%		3.63	%		4.21	%		3.55	%		4.29	%		3.59	%		3.58	%		3.15	%
Rate of compensation increase	N/A			N/A				3.00	%		3.00	%	N/A			N/A				2.24	%		2.26	%

Weighted-average assumptions used to determine net periodic benefit costs as of December 31 were as follows:

	Domestic Plans
	Funded Plans						Unfunded Plans						Postretirement Benefit Plans						Foreign Plans
	2018			2017			2018			2017			2018			2017			2018			2017
Discount rate		3.60	%		4.07	%		3.55	%		3.99	%		3.59	%		4.08	%		3.27	%		3.71	%
Expected return on plan assets		5.50	%		5.50	%	N/A			N/A				0.00	%		0.00	%		4.62	%		5.09	%
Rate of compensation increase	N/A			N/A				3.00	%		3.00	%	N/A			N/A				2.24	%		2.26	%

We contribute to various defined benefit pension plans under the terms of collective-bargaining agreements that cover our union-represented employees. The financial risks of participating in these multi-employer pension plans generally include the fact that the unfunded obligations of the plan may be borne by solvent participating employers. In addition, if we were to discontinue participating in some of our multi-employer pension plans, we could be required to pay a withdrawal liability amount based on the underfunded status of the plan. We are currently working with the Chicago Teamsters union leadership to finalize the terms of a new collective-bargaining agreement that includes a partial withdrawal from the Central States pension plan. Assuming the withdrawal takes place, it will trigger a partial withdrawal liability that is currently estimated at a net present value of approximately $14 million, payable over the next 20 years. At this time, we do not anticipate triggering any withdrawal from any other multi-employer pension plan to which we currently contribute. We also contribute to defined contribution plans pursuant to collective-bargaining agreements, which are generally not subject to the funding risks inherent in defined benefit pension plans. The overall level of contributions to our multi-employer plans may significantly vary from year to year based on the demand for union-represented labor to support our operations. We do not have any minimum contribution requirements for future periods pursuant to our collective-bargaining agreements for individually significant multi-employer plans.

Our participation in multi-employer pension plans for 2018 is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2018 and 2017 relates to the plan’s year end as of December 31, 2017 and 2016, respectively, and is based on information received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented.

		Plan		Pension Protection Act Zone Status		FIP/RP Status Pending/ Implemented	Viad Contributions						Surcharge Paid	Expiration Date of Collective- Bargaining Agreement(s)
(in thousands)	EIN	No.		2018	2017		2018		2017		2016
Pension Fund:
Western Conference of Teamsters Pension Plan	91-6145047		1	Green	Green	No	$	6,471	$	7,809	$	6,684	No	3/31/2020
Southern California Local 831—Employer Pension Fund⁽¹⁾	95-6376874		1	Green	Green	No		3,087		3,087		2,805	No	8/31/2021
Chicago Regional Council of Carpenters Pension Fund	36-6130207		1	Green	Green	Yes		2,876		2,390		2,532	No	5/31/2023
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan⁽¹⁾	36-1416355		11	Yellow	Red	Yes		1,328		719		1,203	Yes	6/30/2019
Central States, Southeast and Southwest Areas Pension Plan	36-6044243		1	Red	Red	Yes		1,177		1,060		1,151	No	12/31/2018
IBEW Local Union No 357 Pension Plan A	88-6023284		1	Green	Green	No		1,025		1,682		1,402	No	6/16/2021
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2	51-6030753		2	Green	Green	No		927		1,099		845	No	6/6/2021
Southern California IBEW-NECA Pension Fund	95-6392774		1	Yellow	Yellow	Yes		881		905		701	Yes	8/31/2019
Southwest Carpenters Pension Trust	95-6042875		1	Green	Green	No		789		883		791	No	7/31/2023
Sign Pictorial & Display Industry Pension Plan⁽¹⁾	94-6278490		1	Green	Green	No		778		654		526	No	3/31/2021
New England Teamsters & Trucking Industry Pension	04-6372430		1	Red	Red	Yes		423		772		552	No	3/31/2022
All other funds⁽²⁾								3,734		2,900		3,585
Total contributions to defined benefit plans								23,496		23,960		22,777
Total contributions to other plans								2,900		2,613		2,995
Total contributions to multi-employer plans							$	26,396	$	26,573	$	25,772

We match U.S. employee contributions to the 401(k) plan with shares of our common stock held in treasury up to 100% of the first 3% of a participant’s salary plus 50% of the next 2%. The expense associated with our match was $4.8 million for 2018, $4.2 million for 2017, and $3.9 million for 2016.