Revenue and Related Contract Costs and Contract Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Changes in Contract Liabilities

Changes to contract liabilities are as follows:

(in thousands)
Balance at January 1, 2018	$	31,981
Cash additions		179,238
Revenue recognized		(174,620	)
Foreign exchange translation adjustment		(999	)
Balance at December 31, 2018	$	35,600

Summary of Changes in Contract Costs

Changes to contract costs are as follows:

(in thousands)
Balance at January 1, 2018	$	16,878
Additions		65,147
Expenses		(59,601	)
Cancelled		(136	)
Foreign exchange translation adjustment		(810	)
Balance at December 31, 2018	$	21,478

Disaggregate GES and Pursuit Revenue by Major Product Line Timing of Revenue Recognition and Markets Served (Details)

The following tables disaggregate GES and Pursuit revenue by major product line, timing of revenue recognition, and markets served:

GES

	Year Ended December 31, 2018
(in thousands)	GES U.S.		GES International		Intersegment Eliminations			Total
Services:
Core services	$	675,368	$	178,758	$	—		$	854,126
Audio-visual		73,331		22,011		—			95,342
Event technology		30,208		10,658		—			40,866
Intersegment eliminations		—		—		(17,489	)		(17,489	)
Total services		778,907		211,427		(17,489	)		972,845
Products:
Core products		68,334		69,718		—			138,052
Total revenue	$	847,241	$	281,145	$	(17,489	)	$	1,110,897

Timing of revenue recognition:
Services transferred over time	$	778,908	$	211,427	$	(17,489	)	$	972,846
Products transferred over time⁽¹⁾		41,448		18,745		—			60,193
Products transferred at a point in time		26,885		50,973		—			77,858
Total revenue	$	847,241	$	281,145	$	(17,489	)	$	1,110,897

Markets:
Exhibitions	$	455,561	$	206,073	$	—		$	661,634
Conferences		241,494		37,613		—			279,107
Corporate events		121,552		33,360		—			154,912
Consumer events		28,634		4,099		—			32,733
Intersegment eliminations		—		—		(17,489	)		(17,489	)
Total revenue	$	847,241	$	281,145	$	(17,489	)	$	1,110,897

⁽¹⁾	GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.

Pursuit

	Year Ended
(in thousands)	December 31, 2018
Services:
Admissions	$	83,000
Accommodations		37,470
Transportation		13,956
Travel planning		4,529
Intersegment eliminations		(1,551	)
Total services revenue		137,404
Products:
Food and beverage		25,962
Retail operations		21,921
Total products revenue		47,883
Total revenue	$	185,287

Timing of revenue recognition:
Services transferred over time	$	137,404
Products transferred at a point in time		47,883
Total revenue	$	185,287

Markets:
Banff Jasper Collection	$	106,106
Alaska Collection		36,451
Glacier Park Collection		31,465
FlyOver		11,265
Total revenue	$	185,287

Accounting Standards Update 2014-09

Balance Sheet Reclassifications made to Separately Present Contract Costs and Contract Liabilities in Connection with Adoption of Topic 606

In connection with the adoption of Topic 606, effective January 1, 2018, we made the following reclassifications to separately present contract costs and contract liabilities on the Consolidated Balance Sheet as of December 31, 2017:

	December 31, 2017
(in thousands)	As Previously Reported		Reclassifications			As Adjusted
Cash and cash equivalents	$	53,723		—		$	53,723
Accounts receivable, net		104,811		—			104,811
Inventories ⁽¹⁾		30,372		(12,822	)		17,550
Current contract costs ⁽¹⁾		—		13,436			13,436
Other current assets ⁽¹⁾		21,030		(1,289	)		19,741
Property and equipment, net		305,571		—			305,571
Other investments and assets ⁽¹⁾		47,512		675			48,187
Deferred income taxes		23,548		—			23,548
Goodwill		270,551		—			270,551
Other intangible assets, net		62,781		—			62,781
Total assets	$	919,899		—		$	919,899
Accounts payable	$	77,380		—		$	77,380
Customer deposits ⁽²⁾		33,415		(33,415	)		—
Contract liabilities ⁽²⁾		—		31,981			31,981
Accrued compensation		30,614		—			30,614
Other current liabilities ⁽²⁾		38,720		1,434			40,154
Debt and capital lease obligations, current and long-term		209,192		—			209,192
Pension and postretirement benefits		28,135		—			28,135
Other deferred items and liabilities		52,858		—			52,858
Total liabilities		470,314		—			470,314
Redeemable noncontrolling interest		6,648		—			6,648
Total stockholders' equity ⁽³⁾		442,937		—			442,937
Total liabilities and stockholders' equity	$	919,899		—		$	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⁾	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.