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Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) of Viad's Postretirement Benefit 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)		2019				2018				2017
Net periodic benefit cost:
Service cost		$	61			$	64			$	64
Interest cost			861				780				803
Expected return on plan assets			(99	)			(193	)			(176	)
Recognized net actuarial loss			403				494				433
Net periodic benefit cost			1,226				1,145				1,124
Other changes in plan assets and benefit obligations recognized in other    comprehensive income (loss):
Net actuarial gain (loss)			1,305				(76	)			114
Reversal of amortization item:
Net actuarial loss			(403	)			(494	)			(433	)
Total recognized in other comprehensive income (loss)			902				(570	)			(319	)
Total recognized in net periodic benefit cost and other    comprehensive income (loss)		$	2,128			$	575			$	805

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)		2019				2018				2017
Net periodic benefit cost:
Service cost		$	64			$	80			$	92
Interest cost			458				449				413
Amortization of prior service credit			(189	)			(205	)			(431	)
Recognized net actuarial loss			112				405				164
Net periodic benefit cost			445				729				238
Other changes in plan assets and benefit obligations recognized in other    comprehensive income (loss):
Net actuarial gain (loss)			(1,117	)			170				237
Prior service credit			—				—				816
Reversal of amortization item:
Net actuarial loss			(112	)			(405	)			(164	)
Prior service credit			189				205				431
Total recognized in other comprehensive income (loss)			(1,040	)			(30	)			1,320
Total recognized in net periodic benefit cost and other    comprehensive income (loss)		$	(595	)		$	699			$	1,558

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

		December 31,
(in thousands)		2019				2018				2017
Net periodic benefit cost:
Service cost		$	405			$	552			$	530
Interest cost			397				381				492
Expected return on plan assets			(487	)			(505	)			(602	)
Recognized net actuarial loss			127				139				155
Settlement			—				—				777
Net periodic benefit cost			442				567				1,352
Other changes in plan assets and benefit obligations recognized in other    comprehensive income (loss):
Net actuarial loss			605				(238	)			(106	)
Reversal of amortization of net actuarial loss			(127	)			(139	)			(155	)
Total recognized in other comprehensive income (loss)			478				(377	)			(261	)
Total recognized in net periodic benefit cost and other    comprehensive income		$	920			$	190			$	1,091

Summary of Funded Status of the Plans

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

																		Postretirement
		Funded Plans								Unfunded Plans								Benefit Plans
(in thousands)		2019				2018				2019				2018				2019				2018
Change in benefit obligation:
Benefit obligation at beginning of year		$	14,235			$	15,440			$	9,271			$	9,857			$	13,454			$	13,807
Service cost			—				—				61				64				64				80
Interest cost			527				481				333				299				458				449
Actuarial adjustments			1,611				(887	)			753				(425	)			(1,117	)			170
Benefits paid			(801	)			(799	)			(956	)			(524	)			(873	)			(1,052	)
Benefit obligation at end of year			15,572				14,235				9,462				9,271				11,986				13,454
Change in plan assets:
Fair value of plan assets at beginning of year			10,299				11,590				—				—				—				—
Actual return on plan assets			1,157				(1,043	)			—				—				—				—
Company contributions			636				551				956				524				873				1,052
Benefits paid			(801	)			(799	)			(956	)			(524	)			(873	)			(1,052	)
Fair value of plan assets at end of year			11,291				10,299				—				—				—				—
Funded status at end of year		$	(4,281	)		$	(3,936	)		$	(9,462	)		$	(9,271	)		$	(11,986	)		$	(13,454	)

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

		Funded Plans								Unfunded Plans
(in thousands)		2019				2018				2019				2018
Change in benefit obligation:
Benefit obligation at beginning of year		$	8,134			$	9,521			$	2,290			$	2,582
Service cost			405				552				—				—
Interest cost			320				308				77				73
Actuarial adjustments			1,037				(809	)			106				(25	)
Benefits paid			(336	)			(732	)			(178	)			(184	)
Translation adjustment			430				(706	)			36				(156	)
Benefit obligation at end of year			9,990				8,134				2,331				2,290
Change in plan assets:
Fair value of plan assets at beginning of year			8,243				9,493				—				—
Actual return on plan assets			1,156				(322	)			—				—
Company contributions			515				514				178				184
Benefits paid			(336	)			(732	)			(178	)			(184	)
Translation adjustment			435				(710	)			—				—
Fair value of plan assets at end of year			10,013				8,243				—				—
Funded status at end of year		$	23			$	109			$	(2,331	)		$	(2,290	)

Net Amount Recognized in Consolidated Balance Sheets

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)		2019				2018				2019				2018				2019				2018
Other current liabilities		$	—			$	—			$	703			$	974			$	1,019			$	1,160
Non-current liabilities			4,281				3,936				8,759				8,297				10,967				12,294
Net amount recognized		$	4,281			$	3,936			$	9,462			$	9,271			$	11,986			$	13,454

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

		Funded Plans								Unfunded Plans
(in thousands)		2019				2018				2019				2018
Non-current assets		$	(43	)		$	(109	)		$	—			$	—
Other current liabilities			—				—				177				176
Non-current liabilities			20				—				2,154				2,114
Net amount recognized		$	(23	)		$	(109	)		$	2,331			$	2,290

Amounts Recognized in AOCI

Amounts recognized in AOCI as of December 31 are as follows:

																		Postretirement
		Funded Plans								Unfunded Plans								Benefit Plans								Total				Total
(in thousands)		2019				2018				2019				2018				2019				2018				2019				2018
Net actuarial loss		$	8,856			$	8,643			$	2,744			$	2,055			$	1,320			$	2,549			$	12,920			$	13,247
Prior service credit			—				—				—				—				43				(146	)			43				(146	)
Subtotal			8,856				8,643				2,744				2,055				1,363				2,403				12,963				13,101
Less tax effect			(2,236	)			(2,182	)			(693	)			(519	)			(344	)			(607	)			(3,273	)			(3,308	)
Total		$	6,620			$	6,461			$	2,051			$	1,536			$	1,019			$	1,796			$	9,690			$	9,793

Fair Value of Plans' Assets by Asset Class

The fair value of the domestic plans’ assets by asset class are as follows:

						Fair Value Measurements at December 31, 2019
						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		$	5,267			$	5,267			$	—			$	—
Equity securities			5,518				5,518				—				—
Cash			316				316				—				—
Other			190				—				190				—
Total		$	11,291			$	11,101			$	190			$	—

						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			$	—

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, 2019				Quoted Prices in Active Markets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities		$	5,194			$	5,194			$	—			$	—
Equity securities			4,669				4,669				—				—
Other			150				150				—				—
Total		$	10,013			$	10,013			$	—			$	—

						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			$	—			$	—

Payments and Receipts Reflecting Expected Future Service

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

(in thousands)		Funded Plans				Unfunded Plans				Postretirement Benefit Plans
2020		$	1,441			$	714			$	1,035
2021		$	928			$	702			$	985
2022		$	1,002			$	687			$	956
2023		$	996			$	672			$	928
2024		$	962			$	656			$	893
2025-2029		$	4,759			$	2,985			$	3,768

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

(in thousands)		Funded Plans				Unfunded Plans
2020		$	345			$	177
2021		$	355			$	177
2022		$	398			$	176
2023		$	438			$	176
2024		$	440			$	175
2025-2029		$	2,268			$	860

Accumulated Benefit Obligation in Excess of Plan Assets

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

		Domestic Plans
		Funded Plans								Unfunded Plans
(in thousands)		2019				2018				2019				2018
Projected benefit obligation		$	15,572			$	14,235			$	9,462			$	9,271
Accumulated benefit obligation		$	15,572			$	14,235			$	9,454			$	9,224
Fair value of plan assets		$	11,291			$	10,299			$	—			$	—

		Foreign Plans
		Funded Plans								Unfunded Plans
(in thousands)		2019				2018				2019				2018
Projected benefit obligation		$	9,990			$	8,134			$	2,331			$	2,290
Accumulated benefit obligation		$	9,347			$	7,581			$	2,331			$	2,290
Fair value of plan assets		$	10,013			$	8,243			$	—			$	—

Weighted-Average Assumptions Used to Determine Benefit Obligations

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
		2019				2018				2019				2018				2019				2018				2019				2018
Discount rate			3.15	%			4.30	%			3.13	%			4.21	%			3.17	%			4.29	%			2.92	%			3.58	%
Rate of compensation increase		N/A				N/A				N/A					3.00	%		N/A				N/A					2.34	%			2.24	%

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
		2019				2018				2019				2018				2019				2018				2019				2018
Discount rate			4.28	%			3.60	%			4.22	%			3.55	%			4.29	%			3.59	%			3.68	%			3.27	%
Expected return on plan assets			5.50	%			5.50	%		N/A				N/A					0.00	%			0.00	%			4.55	%			4.62	%
Rate of compensation increase		N/A				N/A					3.00	%			3.00	%		N/A				N/A					2.34	%			2.24	%

Multi-Employer Pension Plans

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.				2019		2018				2019				2018				2017
Pension Fund:
Western Conference of  Teamsters Pension Plan		91-6145047			1			Green		Green		No		$	6,754			$	6,471			$	7,809			No		3/31/2020
Southern California Local 831—Employer Pension Fund(1)		95-6376874			1			Green		Green		No			3,427				3,087				3,087			No		8/31/2021
Chicago Regional Council of Carpenters Pension Fund		36-6130207			1			Green		Green		Yes			2,877				2,876				2,390			No		5/31/2023
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2		51-6030753			2			Green		Green		No			1,651				927				1,099			No		6/6/2021
IBEW Local Union  No 357 Pension Plan A		88-6023284			1			Green		Green		No			1,074				1,025				1,682			No		6/16/2021
Central States, Southeast and Southwest Areas Pension Plan		36-6044243			1			Red		Red		Yes			872				1,177				1,060			No		3/31/2023
Southern California IBEW-NECA Pension Fund		95-6392774			1			Yellow		Yellow		Yes			799				881				905			Yes		8/31/2021
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1)		36-1416355			11			Yellow		Yellow		Yes			797				1,328				719			Yes		6/30/2024
Sign Pictorial & Display Industry Pension Plan(1)		94-6278490			1			Green		Green		No			768				778				654			No		3/31/2021
Southwest Carpenters Pension Trust		95-6042875			1			Green		Green		No			717				789				883			No		7/31/2023
New England Teamsters & Trucking Industry Pension		04-6372430			1			Red		Red		Yes			506				423				772			No		3/31/2022
All other funds(2)															3,625				3,734				2,900
Total contributions to defined benefit plans															23,867				23,496				23,960
Total contributions to other plans															3,416				2,900				2,613
Total contributions to multi-employer plans														$	27,283			$	26,396			$	26,573

⁽¹⁾ We contributed more than 5% of total plan contributions for the plan year detailed in the plans’ most recent Form 5500s.

⁽²⁾ Represents participation in 35 pension funds during 2019.

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