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Overview and Basis of Presentation (Tables) | 9 Months Ended
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Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Corrections to Prior Period Adjustments and Previously Issued Financial Statements | The following tables present the effect of this correction on selected line items of our previously issued financial statements: Condensed Consolidated Balance Sheets
|  | September 30, 2022 |
(in thousands) |  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
Long-term debt and finance obligations |  | $ | 450,085 |  |  | $ | 5,380 |  |  | $ | 455,465 |
Other deferred items and liabilities |  | $ | 70,300 |  |  | $ | (992 | ) |  | $ | 69,308 |
Total liabilities |  | $ | 915,397 |  |  | $ | 4,388 |  |  | $ | 919,785 |
Accumulated deficit |  | $ | (324,587 | ) |  | $ | (2,024 | ) |  | $ | (326,611 | )
Accumulated other comprehensive loss |  | $ | (61,010 | ) |  | $ | (419 | ) |  | $ | (61,429 | )
Total Viad stockholders’ equity |  | $ | 7,759 |  |  | $ | (2,443 | ) |  | $ | 5,316 |
Non-redeemable noncontrolling interest |  | $ | 83,629 |  |  | $ | (1,945 | ) |  | $ | 81,684 |
Total stockholders’ equity |  | $ | 91,388 |  |  | $ | (4,388 | ) |  | $ | 87,000 |
Condensed Consolidated Statements of Operations
|  | Three Months Ended September 30, 2022 |
(in thousands, except per share data) |  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
Costs of services |  | $ | 246,472 |  |  | $ | 4,961 |  |  | $ | 251,433 |
Total costs and expenses |  | $ | 327,091 |  |  | $ | 4,961 |  |  | $ | 332,052 |
Income from continuing operations before income taxes |  | $ | 55,630 |  |  | $ | (4,961 | ) |  | $ | 50,669 |
Income tax expense |  | $ | 9,802 |  |  | $ | (992 | ) |  | $ | 8,810 |
Income from continuing operations |  | $ | 45,828 |  |  | $ | (3,969 | ) |  | $ | 41,859 |
Net income |  | $ | 45,786 |  |  | $ | (3,969 | ) |  | $ | 41,817 |
Net income attributable to non-redeemable noncontrolling interest |  | $ | (5,729 | ) |  | $ | 1,945 |  |  | $ | (3,784 | )
Net income attributable to Viad |  | $ | 40,145 |  |  | $ | (2,024 | ) |  | $ | 38,121 |
Diluted income per common share: |  |  |  |  |  |  |  |  |
Continuing operations attributable to Viad common stockholders |  | $ | 1.38 |  |  | $ | (0.09 | ) |  | $ | 1.29 |
Net income attributable to Viad common stockholders |  | $ | 1.38 |  |  | $ | (0.09 | ) |  | $ | 1.29 |
Basic income per common share: |  |  |  |  |  |  |  |  |
Continuing operations attributable to Viad common stockholders |  | $ | 1.40 |  |  | $ | (0.10 | ) |  | $ | 1.30 |
Net income attributable to Viad common stockholders |  | $ | 1.40 |  |  | $ | (0.10 | ) |  | $ | 1.30 |
Amounts attributable to Viad |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 40,187 |  |  | $ | (2,024 | ) |  | $ | 38,163 |
Net income |  | $ | 40,145 |  |  | $ | (2,024 | ) |  | $ | 38,121 |
|  | Nine Months Ended September 30, 2022 |
(in thousands, except per share data) |  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
Costs of services |  | $ | 641,603 |  |  | $ | 4,961 |  |  | $ | 646,564 |
Total costs and expenses |  | $ | 833,385 |  |  | $ | 4,961 |  |  | $ | 838,346 |
Income from continuing operations before income taxes |  | $ | 45,899 |  |  | $ | (4,961 | ) |  | $ | 40,938 |
Income tax expense |  | $ | 10,579 |  |  | $ | (992 | ) |  | $ | 9,587 |
Income from continuing operations |  | $ | 35,320 |  |  | $ | (3,969 | ) |  | $ | 31,351 |
Net income |  | $ | 35,605 |  |  | $ | (3,969 | ) |  | $ | 31,636 |
Net income attributable to non-redeemable noncontrolling interest |  | $ | (4,976 | ) |  | $ | 1,945 |  |  | $ | (3,031 | )
Net income attributable to Viad |  | $ | 30,983 |  |  | $ | (2,024 | ) |  | $ | 28,959 |
Diluted income per common share: |  |  |  |  |  |  |  |  |
Continuing operations attributable to Viad common stockholders |  | $ | 0.88 |  |  | $ | (0.10 | ) |  | $ | 0.78 |
Net income attributable to Viad common stockholders |  | $ | 0.89 |  |  | $ | (0.10 | ) |  | $ | 0.79 |
Basic income per common share: |  |  |  |  |  |  |  |  |
Continuing operations attributable to Viad common stockholders |  | $ | 0.88 |  |  | $ | (0.09 | ) |  | $ | 0.79 |
Net income attributable to Viad common stockholders |  | $ | 0.89 |  |  | $ | (0.09 | ) |  | $ | 0.80 |
Amounts attributable to Viad |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 30,698 |  |  | $ | (2,024 | ) |  | $ | 28,674 |
Net income |  | $ | 30,983 |  |  | $ | (2,024 | ) |  | $ | 28,959 |
Condensed Consolidated Statements of Comprehensive Income (Loss)
|  | Three Months Ended September 30, 2022 |
(in thousands) |  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
Net income |  | $ | 45,786 |  |  | $ | (3,969 | ) |  | $ | 41,817 |
Unrealized foreign currency translation adjustments |  | $ | (26,427 | ) |  | $ | (419 | ) |  | $ | (26,846 | )
Comprehensive income (loss) |  | $ | 19,870 |  |  | $ | (4,388 | ) |  | $ | 15,482 |
Comprehensive income attributable to non-redeemable noncontrolling interest |  | $ | (5,729 | ) |  | $ | 1,945 |  |  | $ | (3,784 | )
Comprehensive income (loss) attributable to Viad |  | $ | 9,173 |  |  | $ | (2,443 | ) |  | $ | 6,730 |
|  | Nine Months Ended September 30, 2022 |
(in thousands) |  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
Net income |  | $ | 35,605 |  |  | $ | (3,969 | ) |  | $ | 31,636 |
Unrealized foreign currency translation adjustments |  | $ | (34,558 | ) |  | $ | (419 | ) |  | $ | (34,977 | )
Comprehensive income (loss) |  | $ | 2,024 |  |  | $ | (4,388 | ) |  | $ | (2,364 | )
Comprehensive income attributable to non-redeemable noncontrolling interest |  | $ | (4,976 | ) |  | $ | 1,945 |  |  | $ | (3,031 | )
Comprehensive income (loss) attributable to Viad |  | $ | (8,931 | ) |  | $ | (2,443 | ) |  | $ | (11,374 | )
Condensed Consolidated Statements of Cash Flows
|  | September 30, 2022 |
(in thousands) |  | As Previously Reported |  |  | Adjustments |  |  | As Restated |
Net income |  | $ | 35,605 |  |  | $ | (3,969 | ) |  | $ | 31,636 |
Deferred income taxes |  | $ | 346 |  |  | $ | (992 | ) |  | $ | (646 | )
Other non-cash items, net |  | $ | 6,933 |  |  | $ | 4,961 |  |  | $ | 11,894 |
Schedule of Description of Recent Accounting Pronouncements | The following table provides a brief description of recent accounting pronouncements:
Standard |  | Description |  | Date of adoption |  | Effect on the financial statements
Standards Not Yet Adopted
Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805) Accounting for Contract Assets and Contract Liabilities from Contracts with Customers |  | Amendment relates to the application of Topic 805, Business Combinations, to contracts with a customer acquired in a business combination after the acquirer has adopted Topic 606. ASU 2021-08 requires contract assets and contract liabilities to be accounted for as if they (the acquirer) entered into the original contract at the same time and same date as the acquiree. |  | 1/1/2023 |  | We are currently evaluating the potential impact of the adoption of this new guidance on our consolidated financial statements. We do not expect this new guidance will have a material impact on our consolidated financial statements.
ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations |  | Amendment requires that a buyer in a supplier finance program disclose key terms about the program in connection with the purchase of goods and services along with information about their obligations under these programs, including a rollforward of those obligations. |  | 1/1/2023 |  | This new guidance will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. It does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. We do not expect this new standard to have a material impact on our related disclosures.
Standard |  | Description |  | Date of adoption |  | Effect on the financial statements
Standards Recently Adopted
ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity |  | The amendment simplified the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments and convertible preferred stock. The amendment also required expanded disclosures about the terms and features of convertible instruments. |  | 1/1/2022 |  | The adoption of this new standard on January 1, 2022 did not have a material impact on our consolidated financial statements.
ASU 2021-10, Government Assistance (Topic 832) Disclosures by Business Entities about Government Assistance |  | Amendment improves the transparency of disclosures about government assistance received by business entities by requiring annual disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. |  | 1/1/2022 |  | We adopted this new standard on a prospective basis. This new guidance will be effective for our Annual Report on Form 10-K for the year ending December 31, 2022, whereby we will expand our disclosures within the scope of this new standard that are reflected in the financial statements as of the adoption date. We do not expect this new standard to have a material impact our consolidated financial statements or related disclosures.
Schedule of Cash and Cash Equivalents and Restricted Cash Balances | Cash, cash equivalents, and restricted cash balances presented in the Condensed Consolidated Statements of Cash Flows consisted of the following:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Cash and cash equivalents |  | $ | 79,151 |  |  | $ | 61,600 |
Restricted cash included in other current assets |  |  | 5,049 |  |  |  | 2,703 |
Cash, cash equivalents, and restricted cash shown in the statement of cash flows |  | $ | 84,200 |  |  | $ | 64,303 |

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