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Revenue and Related Contract Costs and Contract Liabilities | 3 Months Ended
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Mar. 31, 2019
Revenue From Contract With Customer [Abstract] |
Revenue and Related Contract Costs and Contract Liabilities | Note 2. Revenue and Related Contract Costs and Contract Liabilities GES’ performance obligations consist of services or product(s) outlined in a contract. While multi-year contracts are often signed for recurring events, the obligations for each occurrence are well defined and conclude upon the occurrence of each event. The obligations are typically the provision of services and/or sale of a product in connection with an exhibition, conference, or other event. Revenue for services is recognized when we have a right to invoice at the close of the exhibition, conference, or corporate event, which typically lasts one to three days. Revenue for consumer events is recognized over the duration of the event. Revenue for products is recognized either upon delivery to the customer’s location, upon delivery to an event that we are serving, or when we have the right to invoice, generally at the close of the exhibition, conference, or corporate event. Payment terms are generally within 30-60 days and contain no significant financing components. Pursuit’s performance obligations are short-term in nature. They include the provision of a hotel room, an attraction admission, a chartered or ticketed bus or van ride, the fulfillment of travel planning itineraries, and/or the sale of food, beverage, or retail products. Revenue is recognized when the service has been provided or the product has been delivered. When credit is extended, payment terms are generally within 30 days and contain no significant financing components. Contract Liabilities GES and Pursuit typically receive customer deposits prior to transferring the related product or service to the customer. These deposits are recorded as a contract liability and recognized as revenue upon satisfaction of the related contract performance obligation(s). GES also provides customer rebates and volume discounts to certain event organizers that are recorded as contract liabilities and are recognized as a reduction of revenue. These amounts are included in the Condensed Consolidated Balance Sheets under the captions “Contract liabilities” and “Other deferred items and liabilities.” Changes to contract liabilities are as follows:
(in thousands) |  |  |  |
Balance at December 31, 2018 |  | $ | 35,600 |
Cash additions |  |  | 45,450 |
Revenue recognized |  |  | (14,945 | )
Foreign exchange translation adjustment |  |  | 236 |
Balance at March 31, 2019 |  | $ | 66,341 |
Contract Costs GES capitalizes certain incremental costs incurred in obtaining and fulfilling contracts. Capitalized costs principally relate to direct costs of materials and services incurred in fulfilling services of future exhibitions, conferences, and events, and also include up-front incentives and commissions incurred upon contract signing. Costs associated with preliminary contract activities (i.e. proposal activities) are expensed as incurred. Capitalized contract costs are expensed upon the transfer of the related goods or services and are included in cost of services or cost of products, as applicable. The deferred incremental costs of obtaining and fulfilling contracts are included in the Condensed Consolidated Balance Sheets under the captions “Current contract costs” and “Other investments and assets.” Changes to contract costs are as follows:
(in thousands) |  |  |  |
Balance at December 31, 2018 |  | $ | 21,478 |
Additions |  |  | 18,484 |
Expenses |  |  | (13,295 | )
Cancelled |  |  | (3 | )
Foreign exchange translation adjustment |  |  | 92 |
Balance at March 31, 2019 |  | $ | 26,756 |
As of March 31, 2019, capitalized contract costs consisted of $2.2 million to obtain contracts and $24.6 million to fulfill contracts. We did not recognize an impairment loss with respect to capitalized contract costs for the three months ended March 31, 2019 or 2018. Disaggregation of Revenue The following tables disaggregate GES and Pursuit revenue by major product line, timing of revenue recognition, and markets served: GES
|  | Three Months Ended March 31, 2019 |
(in thousands) |  | GES North America(1) |  |  | GES EMEA(1) |  |  | Intersegment Eliminations |  |  | Total |
Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core services |  | $ | 179,873 |  |  | $ | 31,063 |  |  | $ | — |  |  | $ | 210,936 |
Audio-visual |  |  | 18,406 |  |  |  | 3,888 |  |  |  | — |  |  |  | 22,294 |
Event technology |  |  | 8,763 |  |  |  | 2,953 |  |  |  | — |  |  |  | 11,716 |
Intersegment eliminations |  |  | — |  |  |  | — |  |  |  | (2,690 | ) |  |  | (2,690 | )
Total services |  |  | 207,042 |  |  |  | 37,904 |  |  |  | (2,690 | ) |  |  | 242,256 |
Products: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core products |  |  | 16,199 |  |  |  | 16,472 |  |  |  | — |  |  |  | 32,671 |
Total revenue |  | $ | 223,241 |  |  | $ | 54,376 |  |  | $ | (2,690 | ) |  | $ | 274,927 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time |  | $ | 207,042 |  |  | $ | 37,904 |  |  | $ | (2,690 | ) |  | $ | 242,256 |
Products transferred over time(2) |  |  | 11,269 |  |  |  | 3,479 |  |  |  | — |  |  |  | 14,748 |
Products transferred at a point in time |  |  | 4,930 |  |  |  | 12,993 |  |  |  | — |  |  |  | 17,923 |
Total revenue |  | $ | 223,241 |  |  | $ | 54,376 |  |  | $ | (2,690 | ) |  | $ | 274,927 |
Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exhibitions |  | $ | 136,429 |  |  | $ | 45,655 |  |  | $ | — |  |  | $ | 182,084 |
Conferences |  |  | 47,862 |  |  |  | 2,982 |  |  |  | — |  |  |  | 50,844 |
Corporate events |  |  | 32,787 |  |  |  | 5,545 |  |  |  | — |  |  |  | 38,332 |
Consumer events |  |  | 6,163 |  |  |  | 194 |  |  |  | — |  |  |  | 6,357 |
Intersegment eliminations |  |  | — |  |  |  | — |  |  |  | (2,690 | ) |  |  | (2,690 | )
Total revenue |  | $ | 223,241 |  |  | $ | 54,376 |  |  | $ | (2,690 | ) |  | $ | 274,927 |
(1) | During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.
(2) | GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.
|  | Three Months Ended March 31, 2018 |
(in thousands) |  | GES North America(1) |  |  | GES EMEA(1) |  |  | Intersegment Eliminations |  |  | Total |
Services: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core services |  | $ | 180,525 |  |  | $ | 28,985 |  |  | $ | — |  |  | $ | 209,510 |
Audio-visual |  |  | 17,084 |  |  |  | 3,168 |  |  |  | — |  |  |  | 20,252 |
Event technology |  |  | 8,035 |  |  |  | 3,274 |  |  |  | — |  |  |  | 11,309 |
Intersegment eliminations |  |  | — |  |  |  | — |  |  |  | (3,278 | ) |  |  | (3,278 | )
Total services |  |  | 205,644 |  |  |  | 35,427 |  |  |  | (3,278 | ) |  |  | 237,793 |
Products: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core products |  |  | 16,420 |  |  |  | 13,493 |  |  |  | — |  |  |  | 29,913 |
Total revenue |  | $ | 222,064 |  |  | $ | 48,920 |  |  | $ | (3,278 | ) |  | $ | 267,706 |
Timing of revenue recognition: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time |  | $ | 205,644 |  |  | $ | 35,427 |  |  | $ | (3,278 | ) |  | $ | 237,793 |
Products transferred over time(2) |  |  | 11,369 |  |  |  | 3,329 |  |  |  | — |  |  |  | 14,698 |
Products transferred at a point in time |  |  | 5,051 |  |  |  | 10,164 |  |  |  | — |  |  |  | 15,215 |
Total revenue |  | $ | 222,064 |  |  | $ | 48,920 |  |  | $ | (3,278 | ) |  | $ | 267,706 |
Markets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exhibitions |  | $ | 145,818 |  |  | $ | 39,935 |  |  | $ | — |  |  | $ | 185,753 |
Conferences |  |  | 39,089 |  |  |  | 5,388 |  |  |  | — |  |  |  | 44,477 |
Corporate events |  |  | 30,903 |  |  |  | 3,402 |  |  |  | — |  |  |  | 34,305 |
Consumer events |  |  | 6,254 |  |  |  | 195 |  |  |  | — |  |  |  | 6,449 |
Intersegment eliminations |  |  | — |  |  |  | — |  |  |  | (3,278 | ) |  |  | (3,278 | )
Total revenue |  | $ | 222,064 |  |  | $ | 48,920 |  |  | $ | (3,278 | ) |  | $ | 267,706 |
(1) | During the first quarter of 2019, we realigned GES’ organizational structure. As a result, we changed GES’ reportable segments to reflect how our chief operating decision maker regularly reviews and makes decisions regarding the allocation of resources. Accordingly, GES’ new reportable segments are GES North America and GES EMEA.
(2) | GES’ graphics product revenue is recognized over time as it is considered a part of the single performance obligation satisfied over time.
Pursuit
|  | Three Months Ended |
|  | March 31, |
(in thousands) |  | 2019 |  |  | 2018 |
Services: |  |  |  |  |  |  |  |
Admissions |  | $ | 3,525 |  |  | $ | 3,579 |
Accommodations |  |  | 2,418 |  |  |  | 1,705 |
Transportation |  |  | 1,995 |  |  |  | 2,369 |
Travel planning |  |  | 632 |  |  |  | 308 |
Intersegment eliminations |  |  | (185 | ) |  |  | (206 | )
Total services revenue |  |  | 8,385 |  |  |  | 7,755 |
Products: |  |  |  |  |  |  |  |
Food and beverage |  |  | 1,364 |  |  |  | 1,219 |
Retail operations |  |  | 918 |  |  |  | 748 |
Total products revenue |  |  | 2,282 |  |  |  | 1,967 |
Total revenue |  | $ | 10,667 |  |  | $ | 9,722 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Services transferred over time |  | $ | 8,385 |  |  | $ | 7,755 |
Products transferred at a point in time |  |  | 2,282 |  |  |  | 1,967 |
Total revenue |  | $ | 10,667 |  |  | $ | 9,722 |
Markets: |  |  |  |  |  |  |  |
Banff Jasper Collection |  | $ | 7,870 |  |  | $ | 7,089 |
Alaska Collection |  |  | 180 |  |  |  | 213 |
Glacier Park Collection |  |  | 823 |  |  |  | 626 |
FlyOver |  |  | 1,794 |  |  |  | 1,794 |
Total revenue |  | $ | 10,667 |  |  | $ | 9,722 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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