10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2015

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-11015

Viad Corp

(Exact name of registrant as specified in its charter)

Delaware	36-1169950
State or other jurisdiction of incorporation or organization	(I.R.S. Employer Identification No.)
1850 North Central Avenue, Suite 1900 Phoenix, Arizona	85004-4565
(Address of principal executive offices)	(Zip Code)

(602) 207-1000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files.)    Yes  ý    No  ¨

Indicate by check mark whether registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	ý
Non-accelerated filer	¨	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ¨    No  ý

As of July 31, 2015, there were 20,079,298 shares of Common Stock ($1.50 par value) outstanding.

INDEX

		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Consolidated Balance Sheets	1
	Consolidated Statements of Operations	2
	Consolidated Statements of Comprehensive Income	3
	Consolidated Statements of Cash Flows	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	37
Item 4.	Controls and Procedures	38
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40
SIGNATURES		40

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

VIAD CORP

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

	As of
(in thousands, except share data)	June 30, 2015			December 31, 2014
Assets
Current assets
Cash and cash equivalents	$	64,857		$	56,990
Accounts receivable, net of allowance for doubtful accounts of $2,157 and $1,258, respectively	120,491			78,121
Inventories	30,505			32,401
Deferred income taxes	23,042			22,943
Other current assets	19,551			17,440
Total current assets	258,446			207,895
Property and equipment, net	192,009			199,571
Other investments and assets	40,809			40,674
Deferred income taxes	28,638			29,639
Goodwill	190,035			194,197
Other intangible assets, net	37,374			42,967
Total Assets	$	747,311		$	714,943
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	84,207		$	61,789
Customer deposits	41,886			32,720
Accrued compensation	20,508			20,736
Other current liabilities	35,526			27,787
Current portion of debt and capital lease obligations	29,532			27,856
Total current liabilities	211,659			170,888
Long-term debt and capital lease obligations	103,732			113,164
Pension and postretirement benefits	32,951			33,427
Other deferred items and liabilities	47,392			49,762
Total liabilities	395,734			367,241
Commitments and contingencies
Stockholders’ equity
Viad stockholders’ equity:
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued	37,402			37,402
Additional capital	577,315			582,066
Retained deficit	(20,104		)	(36,427		)
Unearned employee benefits and other	23			23
Accumulated other comprehensive income (loss):
Unrealized gain on investments	605			471
Cumulative foreign currency translation adjustments	789			12,416
Unrecognized net actuarial loss and prior service credit, net	(13,311		)	(13,476		)
Common stock in treasury, at cost, 4,848,238 and 4,842,621 shares, respectively	(243,283		)	(247,088		)
Total Viad stockholders’ equity	339,436			335,387
Noncontrolling interest	12,141			12,315
Total stockholders’ equity	351,577			347,702
Total Liabilities and Stockholders’ Equity	$	747,311		$	714,943

Refer to Notes to Condensed Consolidated Financial Statements.

1

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands, except per share data)	2015			2014			2015			2014
Revenue:
Exhibition and event services	$	237,614		$	185,486		$	450,866		$	417,269
Exhibits and environments	48,955			41,100			92,631			87,140
Travel and recreation services	30,466			29,805			37,934			37,623
Total revenue	317,035			256,391			581,431			542,032
Costs and expenses:
Costs of services	236,868			200,635			462,129			430,217
Costs of products sold	43,881			41,620			84,141			84,318
Corporate activities	1,983			1,991			4,793			4,030
Interest income	(443		)	(54		)	(506		)	(119		)
Interest expense	1,103			309			2,254			607
Restructuring charges	1,069			1,365			1,285			1,576
Impairment charges	—			884			—			884
Total costs and expenses	284,461			246,750			554,096			521,513
Income from continuing operations before income taxes	32,574			9,641			27,335			20,519
Income tax expense	10,372			1,796			7,105			3,493
Income from continuing operations	22,202			7,845			20,230			17,026
Income (loss) from discontinued operations	78			(1,236		)	(70		)	14,002
Net income	22,280			6,609			20,160			31,028
Net loss (income) attributable to noncontrolling interest	109			133			173			(2,404		)
Net income attributable to Viad	$	22,389		$	6,742		$	20,333		$	28,624
Diluted income (loss) per common share:
Continuing operations attributable to Viad common stockholders	$	1.11		$	0.39		$	1.02		$	0.85
Discontinued operations attributable to Viad common stockholders	0.01			(0.06		)	(0.01		)	0.56
Net income attributable to Viad common stockholders	$	1.12		$	0.33		$	1.01		$	1.41
Weighted-average outstanding and potentially dilutive common shares	19,918			20,149			19,933			20,262
Basic income (loss) per common share:
Continuing operations attributable to Viad common stockholders	$	1.11		$	0.39		$	1.02		$	0.85
Discontinued operations attributable to Viad common stockholders	0.01			(0.06		)	(0.01		)	0.56
Net income attributable to Viad common stockholders	$	1.12		$	0.33		$	1.01		$	1.41
Weighted-average outstanding common shares	19,778			19,869			19,757			19,909
Dividends declared per common share	$	0.10		$	0.10		$	0.20		$	1.70
Amounts attributable to Viad common stockholders
Income from continuing operations	$	22,311		$	7,978		$	20,403		$	17,290
Income (loss) from discontinued operations	78			(1,236		)	(70		)	11,334
Net income	$	22,389		$	6,742		$	20,333		$	28,624

Refer to Notes to Condensed Consolidated Financial Statements.

2

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands)	2015			2014			2015			2014
Net income	$	22,280		$	6,609		$	20,160		$	31,028
Other comprehensive income:
Unrealized gains (losses) on investments, net of tax(1)	(26		)	41			133			50
Unrealized foreign currency translation adjustments, net of tax(1)	5,953			6,582			(11,626		)	(151		)
Amortization of net actuarial gain, net of tax(1)	168			127			336			255
Amortization of prior service credit, net of tax(1)	(85		)	(126		)	(171		)	(218		)
Comprehensive income	28,290			13,233			8,832			30,964
Comprehensive (income) loss attributable to noncontrolling interest	109			133			173			(2,404		)
Comprehensive income attributable to Viad	$	28,399		$	13,366		$	9,005		$	28,560

⁽¹⁾ The tax effect on other comprehensive income is not significant.

Refer to Notes to Condensed Consolidated Financial Statements.

3

VIAD CORP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Six Months Ended   June 30,
(in thousands)	2015			2014
Cash flows from operating activities
Net income	$	20,160		$	31,028
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,870			13,959
Deferred income taxes	(1,147		)	8,521
(Income) loss from discontinued operations	70			(14,002		)
Restructuring charges	1,285			1,576
Impairment charges	—			884
Gains on dispositions of property and other assets	(222		)	(391		)
Share-based compensation expense	2,106			1,503
Excess tax benefit from share-based compensation arrangements	(232		)	(41		)
Other non-cash items, net	3,493			3,271
Change in operating assets and liabilities (excluding the impact of acquisitions):
Receivables	(43,036		)	(32,150		)
Inventories	1,896			(12,025		)
Accounts payable	22,860			25,115
Restructuring liabilities	(1,669		)	(3,001		)
Accrued compensation	(1,128		)	1,971
Customer deposits	9,166			13,470
Income taxes payable	1,905			889
Other assets and liabilities, net	4,643			(12,412		)
Net cash provided by operating activities	38,020			28,165
Cash flows from investing activities
Capital expenditures	(13,150		)	(13,404		)
Cash paid for acquired business	(123		)	—
Proceeds from dispositions of property and other assets	751			417
Proceeds from possessory interest and personal property—discontinued operations	—			25,000
Net cash provided by (used in) investing activities	(12,522		)	12,013
Cash flows from financing activities
Proceeds from borrowings	30,000			25,000
Payments on debt and capital lease obligations	(38,100		)	(25,476		)
Dividends paid on common stock	(4,008		)	(34,534		)
Common stock purchased for treasury	(5,969		)	(11,610		)
Excess tax benefit from share-based compensation arrangements	232			41
Proceeds from exercise of stock options	2,135			1,155
Net cash used in financing activities	(15,710		)	(45,424		)
Effect of exchange rate changes on cash and cash equivalents	(1,921		)	(344		)
Net change in cash and cash equivalents	7,867			(5,590		)
Cash and cash equivalents, beginning of year	56,990			45,821
Cash and cash equivalents, end of period	$	64,857		$	40,231
Supplemental disclosure of cash flow information
Cash paid for income taxes	$	2,792		$	5,025
Cash paid for interest	$	1,659		$	501
Property and equipment acquired under capital leases	$	370		$	253
Property and equipment purchases in accounts payable and accrued liabilities	$	338		$	2,396

Refer to Notes to Condensed Consolidated Financial Statements.

4

VIAD CORP

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1. Basis of Presentation and Principles of Consolidation

The accompanying unaudited, condensed consolidated financial statements of Viad Corp (“Viad” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. The condensed consolidated financial statements of Viad include the accounts of Viad and all of its subsidiaries. All significant intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.

For further information, refer to the consolidated financial statements and related footnotes for the year ended December 31, 2014 included in the Company’s Form 10-K, filed with the Securities and Exchange Commission on March 13, 2015.

Nature of Business

Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International (collectively, “Marketing & Events Group”) and the Travel & Recreation Group.

Marketing & Events Group

The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), is a global full-service provider for live events that helps clients gain more awareness, more engagement and a greater return at their events. The Marketing & Events Group offers a complete range of services, from design and production of immersive environments and brand-based experiences, to material handling, rigging, electrical and other on-site services for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group offers clients a full suite of online tools and technologies that help them more easily manage the complexities of their events. Show organizers include for-profit and not-for-profit show owners as well as show management companies. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products and build business relationships. Viad’s retail shopping center customers include major developers, owners and management companies of shopping malls and leisure centers.

In 2014, the Company acquired: Blitz Communications Group Limited and its affiliates (collectively, “Blitz”) in September, onPeak LLC and Travel Planners, Inc. in October, with Travel Planners, Inc. merging into onPeak LLC (collectively, “onPeak”) in January 2015, and N200 Limited and its affiliates (collectively, “N200”) in November. For additional information on the Company’s 2014 acquisitions, refer to Note 3, Acquisition of Businesses.

Travel & Recreation Group

The Travel & Recreation Group consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”).

Brewster provides tourism products and experiential services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, Glacier Skywalk, Banff Lake Cruise, motorcoach services, charter and sightseeing services, inbound package tour operations and hotel operations.

Glacier Park, an 80 percent owned subsidiary of Viad, owns and operates seven lodges, with accommodation offerings varying from hikers’ cabins to hotel suites, including St. Mary Lodge, a full-service resort located outside the east entrance to Glacier National Park in St. Mary, Montana; Glacier Park Lodge, a historic lodge in East Glacier, Montana; Grouse Mountain Lodge, a full-season lodge offering golf, skiing, hiking and other seasonal recreational activities, located near Glacier National Park in Whitefish, Montana; the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada, which is situated on land for which the Company has a 42-year ground lease with the Canadian government running through January 31, 2052; the West Glacier Motel & Cabins in West Glacier, Montana; and Motel Lake McDonald and the Apgar Village Lodge, which are located inside Glacier National Park. Glacier Park also operates the food and beverage services with respect to those properties

5

and the retail shops located near Glacier National Park. For additional information on Glacier Park’s concession operations within Glacier National Park, refer to Note 20, Discontinued Operations.

In July 2014, the Company acquired the West Glacier Motel & Cabins, the Apgar Village Lodge and related land, food and beverage services and retail operations (collectively, the “West Glacier Properties”). For additional information, refer to Note 3, Acquisition of Businesses.

Alaska Denali Travel operates the Denali Backcountry Lodge and Denali Cabins. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve.

Impact of Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company may adopt the requirements of ASU No. 2014-09 using either of two acceptable methods: (1) retrospective adoption to each prior period presented with the option to elect certain practical expedients; or (2) adoption with the cumulative effect recognized at the date of initial application and providing certain disclosures. In July 2015, the FASB approved a one-year deferral of the effective date of the new standard, making it effective for our annual and interim reporting periods beginning January 1, 2018. The Company is currently evaluating the potential impact of the adoption of this new guidance on its financial position or results of operations, including the method of adoption to be used.

In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest Simplifying the Presentation of Debt Issuance Costs. The amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU No. 2015-03 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance is not expected to have a significant effect on our consolidated financial statements or financial covenants.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (topic 330) - Simplifying the Measurement of Inventory. The amendments in ASU No. 2015-11 apply to inventory measures using first-in, first-out (FIFO) or average cost and will require entities to measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal and transportation. Replacement cost and net realizable value less a normal profit margin will no longer be considered. ASU No. 2015-11 is effective for fiscal years beginning after December 15, 2016. The adoption of this guidance is not expected to have a significant effect on our consolidated financial statements.

Note 2. Share-Based Compensation

The following table summarizes share-based compensation expense:

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands)	2015			2014			2015			2014
Restricted stock	$	506		$	759		$	1,100		$	1,413
Performance unit incentive plan (“PUP”)	376			326			988			95
Restricted stock units	(7		)	27			18			(5		)
Share-based compensation before income tax benefit	875			1,112			2,106			1,503
Income tax benefit	(325		)	(417		)	(792		)	(569		)
Share-based compensation, net of income tax benefit	$	550		$	695		$	1,314		$	934

For the three and six months ended June 30, 2015, Viad recorded share-based compensation expense of approximately $56,000 and $0.1 million, respectively, through restructuring expense.

On January 24, 2014, Viad announced that its Board of Directors declared a special cash dividend of $1.50 per share, or $30.5 million in the aggregate, which was paid on February 14, 2014. In accordance with the mandatory provisions of the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”) and the 1997 Viad Corp Omnibus Incentive Plan, the Human Resources Committee of Viad’s Board of Directors approved equitable adjustments to the outstanding long-term incentive awards of stock options and PUP awards issued pursuant to those plans in order to prevent the special dividend from diluting the rights of

6

participants under those plans. The equitable adjustment to the outstanding stock options reduced the exercise price and increased the number of shares of common stock underlying such options. The equitable adjustment to the PUP awards reflects the effect of the special dividend, but will be paid only if certain performance goals are met at the end of the three-year performance period.

The following table summarizes the activity of the outstanding share-based compensation awards:

	Restricted Stock				PUP Awards				Restricted Stock Units
	Shares		Weighted-Average Grant Date Fair Value		Units		Weighted-Average Grant Date Fair Value		Units		Weighted-Average Grant Date Fair Value
Balance, December 31, 2014	328,602		$	23.30	267,120		$	23.51	25,370		$	23.17
Granted	80,500		27.33		91,100		27.31		4,800		27.35
Vested	(104,740	)	20.50		(103,555	)	20.60		(11,123	)	20.61
Forfeited	(24,130	)	24.37		(22,300	)	24.92		—		—
Balance, June 30, 2015	280,232		$	25.42	232,365		$	26.16	19,047		$	25.72

As of June 30, 2015, the unamortized cost of all outstanding restricted stock awards was $3.7 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.7 years. During the six months ended June 30, 2015 and 2014, the Company repurchased 34,184 shares for $0.9 million and 44,806 shares for $1.0 million, respectively, related to tax withholding requirements on vested share-based awards. As of June 30, 2015, there were 962,825 total shares available for future grant in accordance with the provisions of the 2007 Plan.

As of June 30, 2015 and December 31, 2014, Viad had liabilities recorded of $1.5 million and $3.5 million, respectively, related to PUP awards. In March 2015, the PUP units granted in 2012 vested and cash payouts totaling $2.4 million were distributed. In March 2014, the PUP units granted in 2011 vested and cash payouts totaling $2.9 million were distributed.

As of June 30, 2015 and December 31, 2014, Viad had aggregate liabilities recorded of $0.3 million and $0.5 million, respectively, related to restricted stock unit liability awards. In February 2015, portions of the 2010, 2011 and 2012 restricted stock unit awards vested and cash payouts totaling $0.3 million were distributed. Similarly, in February 2014 portions of the 2009, 2010, and 2011 restricted stock unit awards vested and cash payouts of $0.2 million were distributed.

The following table summarizes stock option activity:

	Shares		Weighted- Average Exercise Price		Options Exercisable
Options outstanding at December 31, 2014	247,590		$	17.82	247,590
Exercised	(47,029	)	$	16.62
Forfeited or expired	(129,741	)	$	18.91
Options outstanding at June 30, 2015	70,820		$	16.62	70,820

As of June 30, 2015, there were no unrecognized costs related to non-vested stock option awards.

Note 3. Acquisition of Businesses

2014 Acquisitions

West Glacier Properties

In July 2014, the Company acquired the West Glacier Properties. The purchase price was $16.5 million in cash with a working capital adjustment of $0.3 million, subject to certain adjustments. The working capital adjustment relates to the true- up of certain current assets and liabilities. As of June 30, 2015, there have been no changes in the fair values of the assets acquired and liabilities assumed as of the acquisition date compared to December 31, 2014. The results of operations of the West Glacier Properties have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

7

Blitz

In September 2014, the Company acquired Blitz, which has offices in the United Kingdom and is a leading audio-visual staging and creative services provider for the live events industry in the United Kingdom and continental Europe. The purchase price was £15 million (approximately $24.4 million) in cash, subject to certain adjustments.

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the three months ended March 31, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of approximately $0.1 million to property and equipment, net, $16,000 from intangible assets, $0.2 million to accrued lease obligations, $41,000 from deferred taxes and $0.2 million from goodwill. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, the balances in the table below as of June 30, 2015 remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price			$	24,416
Cash acquired			(190		)
Purchase price, net of cash acquired			24,226
Fair value of net assets acquired:
Accounts receivable, net	$	264
Inventory	433
Prepaid expenses	410
Property and equipment, net	5,951
Intangible assets	8,692
Total assets acquired	15,750
Accounts payable	1,232
Accrued liabilities	2,246
Customer deposits	199
Deferred tax liability	282
Revolving credit facility	488
Accrued dilapidations	417
Total liabilities acquired	4,864
Total fair value of net assets acquired			10,886
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	13,340

The goodwill is included in the Marketing & Events International segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature.

Identified intangible assets acquired in the Blitz acquisition totaled $8.7 million and consist of customer relationships, non-compete agreements and a trade name. The weighted-average amortization period related to the intangible assets is approximately 6.9 years. The results of operations of Blitz have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

8

onPeak LLC

In October 2014, the Company acquired onPeak LLC for a purchase price of $43.0 million in cash, subject to certain adjustments. Of the initial purchase price, $4.1 million was deposited at closing into escrow to secure post-closing purchase price adjustments, resolution of certain tax matters and other indemnity claims. onPeak LLC provides event accommodations services in North America to the live events industry.

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the three months ended March 31, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of approximately $0.2 million from intangible assets, $38,000 from deferred taxes and $0.2 million to goodwill. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, as of June 30, 2015, the balances in the table below remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price paid as:
Cash			$	42,950
Cash acquired			(4,064		)
Purchase price, net of cash acquired			38,886
Fair value of net assets acquired:
Accounts receivable, net	$	4,008
Prepaid expenses	640
Property and equipment, net	2,450
Other non-current assets	309
Intangible assets	14,100
Total assets acquired	21,507
Accounts payable	738
Accrued liabilities	3,341
Customer deposits	4,225
Deferred tax liability	1,576
Other liabilities	309
Total liabilities acquired	10,189
Total fair value of net assets acquired			11,318
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	27,568

The goodwill is included in the Marketing & Events U.S. segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. Goodwill of $9.3 million is expected to be deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature.

Identified intangible assets acquired in the onPeak LLC acquisition totaled $14.1 million and consist primarily of customer relationships and trade name. The weighted-average amortization period related to the definite lived intangible assets is 9.9 years. The results of operations of onPeak LLC have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

Travel Planners, Inc.

In October 2014, the Company acquired Travel Planners, Inc. for a purchase price of $33.7 million in cash less a working capital adjustment of $0.3 million, subject to certain adjustments. Of the purchase price, $8.8 million was deposited at closing into escrow to secure post-closing purchase price adjustments, resolution of certain tax matters and other indemnity claims. An

9

additional amount of $0.9 million is payable to Travel Planners, Inc. as a result of an election made by the Company to treat the purchase as an asset acquisition for tax purposes. Travel Planners, Inc. provides event accommodations services in North America to the live events industry. Travel Planners, Inc. was merged into onPeak LLC in January 2015.

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the six months ended June 30, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of $0.6 million from intangible assets, $0.4 million from additional purchase price payable upon tax election and $0.1 million from other accrued liabilities. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, the balances in the table below as of June 30, 2015 remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price paid as:
Cash			$	33,674
Additional purchase price payable for tax election			896
Working capital adjustment			(279		)
Cash acquired			(4,204		)
Purchase price, net of cash acquired			30,087
Fair value of net assets acquired:
Accounts receivable, net	$	1,450
Prepaid expenses	120
Property and equipment, net	93
Intangible assets	14,400
Total assets acquired	16,063
Accounts payable	488
Accrued liabilities	1,557
Customer deposits	4,525
Total liabilities acquired	6,570
Total fair value of net assets acquired			9,493
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	20,594

The goodwill is included in the Marketing & Events U.S. segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature.

Identified intangible assets acquired in the Travel Planners, Inc. acquisition totaled $14.4 million and consist primarily of customer relationships, favorable lease contracts and trade name. The weighted-average amortization period related to the definite lived intangible assets is 9.8 years. The results of operations of Travel Planners, Inc. have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

N200

In November 2014, the Company acquired N200 Limited and affiliates (collectively, “N200”) for €9.7 million (approximately $12.1 million) in cash, subject to certain adjustments, plus an earnout payment (the “Earnout”) of up to €1.0 million. The amount of the Earnout is based on N200’s achievement of established financial targets for the twelve-month period ending June 30, 2015. Such contingent payment, if any, will be determined during the third quarter of 2015. N200, which has offices in the United Kingdom and the Netherlands, is a leading event registration and data intelligence services provider for the live events industry in the United Kingdom and the Netherlands.

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The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the six months ended June 30, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of $0.1 million to contingent consideration, $0.5 million to working capital payable, $15,000 from accounts receivable, net, $0.1 million to intangible assets, $0.1 million to accrued liabilities, $20,000 to deferred taxes and $0.3 million to goodwill. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, the balances in the table below as of June 30, 2015 remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price paid as:
Cash			$	12,068
Working capital adjustment			458
Contingent consideration			1,145
Cash acquired			(943		)
Purchase price, net of cash acquired			12,728
Fair value of net assets acquired:
Accounts receivable, net	$	1,732
Inventory	46
Prepaid expenses	115
Property and equipment, net	1,280
Intangible assets	3,682
Total assets acquired	6,855
Accounts payable	421
Accrued liabilities	1,057
Customer deposits	569
Deferred tax liability	911
Other liabilities	106
Total liabilities acquired	3,064
Total fair value of net assets acquired			3,791
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	8,937

The goodwill is included in the Marketing & Events International segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature.

Identified intangible assets acquired in the N200 acquisition totaled $3.7 million and consist primarily of customer relationships. The weighted-average amortization period related to the definite lived intangible assets is 7.4 years. The results of operations of N200 have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

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Supplementary pro forma financial information

The following table summarizes the unaudited pro forma results of operations attributable to Viad as of June 30, 2014, assuming that the acquisitions above had each been completed on January 1, 2013:

	Three Months Ended		Six Months Ended
(in thousands, except per share data)	June 30, 2014
Revenue	$	275,748	$	576,599
Depreciation and amortization	$	9,666	$	19,024
Income from continuing operations	$	10,517	$	19,932
Net income attributable to Viad	$	9,251	$	31,548
Diluted net income per share	$	0.46	$	1.56
Basic net income per share	$	0.47	$	1.58

Note 4. Inventories

The components of inventories consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Raw materials	$	17,383	$	16,749
Work in process	13,122		15,652
Inventories	$	30,505	$	32,401

Note 5. Other Current Assets

Other current assets consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Prepaid software maintenance	$	4,173	$	1,934
Income tax receivable	3,182		1,869
Prepaid vendor payments	2,596		2,689
Prepaid rent	1,300		186
Prepaid taxes	1,213		1,416
Prepaid insurance	852		2,170
Prepaid other	4,344		4,427
Other	1,891		2,749
Other current assets	$	19,551	$	17,440

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Note 6. Property and Equipment, Net

Property and equipment consisted of the following as of the respective periods:

(in thousands)	June 30, 2015			December 31, 2014
Land and land interests	$	29,722		$	30,360
Buildings and leasehold improvements	135,225			138,104
Equipment and other	314,716			319,435
Gross property and equipment	479,663			487,899
Less: accumulated depreciation	(287,654		)	(288,328		)
Property and equipment, net	$	192,009		$	199,571

Depreciation expense for the three months ended June 30, 2015 and 2014 was $7.4 million and $6.9 million, respectively. Depreciation expense for the six months ended June 30, 2015 and 2014 was $14.1 million and $13.4 million, respectively.

Note 7. Other Investments and Assets

Other investments and assets consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Cash surrender value of life insurance	$	20,939	$	20,866
Self-insured liability receivable	7,728		7,728
Workers’ compensation insurance security deposits	4,250		4,250
Other mutual funds	2,371		2,536
Other	5,521		5,294
Other investments and assets	$	40,809	$	40,674

Note 8. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the six months ended June 30, 2015 were as follows:

(in thousands)	Marketing & Events U.S.		Marketing & Events International			Travel & Recreation Group			Total
Balance at December 31, 2014	$	110,618	$	42,221		$	41,358		$	194,197
Purchase price allocation adjustments	230		211			—			441
Foreign currency translation adjustments	—		(1,524		)	(3,079		)	(4,603		)
Balance at June 30, 2015	$	110,848	$	40,908		$	38,279		$	190,035

The original purchase price allocations were based on information available at the respective acquisition dates. During the six months ended June 30, 2015, we recorded measurement period adjustments to the original purchase price allocation for Blitz, onPeak LLC, Travel Planners, Inc. and N200, which increased goodwill by $0.4 million. The amount was not considered significant and therefore prior periods have not been retrospectively adjusted. For additional information, refer to Note 3, Acquisition of Businesses.

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A summary of other intangible assets is presented below:

	June 30, 2015					December 31, 2014
(in thousands)	Gross Carrying Value		Accumulated Amortization			Gross Carrying Value		Accumulated Amortization
Amortized intangible assets:
Customer contracts and relationships	$	38,943	$	(5,188	)	$	41,624	$	(2,961	)
Other	4,614		(1,455		)	4,576		(732		)
Total amortized intangible assets	43,557		(6,643		)	46,200		(3,693		)
Unamortized intangible assets:
Business licenses	460		—			460		—
Other intangible assets	$	44,017	$	(6,643	)	$	46,660	$	(3,693	)

The original purchase price allocations were based on information available at the respective acquisition dates. During the six months ended June 30, 2015, we recorded measurement period adjustments to the original purchase price allocation for Blitz, onPeak LLC, Travel Planners, Inc. and N200, which reduced other intangible assets by $0.7 million. The amount was not considered significant and therefore prior periods have not been retrospectively adjusted. For additional information, refer to Note 3, Acquisition of Businesses.

Intangible asset amortization expense for the three months ended June 30, 2015 and 2014 was $1.8 million and $0.3 million, respectively. Intangible asset amortization expense for the six months ended June 30, 2015 and 2014 was $3.8 million and $0.3 million, respectively. Estimated amortization expense related to amortized intangible assets for future years is expected to be as follows:

(in thousands)
Remainder of 2015	$	3,629
2016	$	6,444
2017	$	5,605
2018	$	4,613
2019	$	4,226
Thereafter	$	12,397

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Note 9. Other Current Liabilities

Other current liabilities consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Continuing operations:
Self-insured liability accrual	$	6,567	$	6,297
Accrued employee benefit costs	4,109		3,215
Accrued foreign income taxes	3,375		2,370
Accrued sales and use taxes	2,745		3,624
Accrued dividends	2,099		2,107
Current portion of pension liability	1,729		1,641
Deferred rent	1,689		783
Accrued professional fees	1,078		1,228
Accrued restructuring	956		1,154
Accrued rebates	928		1,600
Other	9,389		2,837
Total continuing operations	34,664		26,856
Discontinued operations:
Environmental remediation liabilities	272		350
Self-insured liability accrual	156		173
Other	434		408
Total discontinued operations	862		931
Other current liabilities	$	35,526	$	27,787

Note 10. Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Continuing operations:
Self-insured liability accrual	$	12,931	$	13,525
Self-insured excess liability	7,728		7,728
Accrued compensation	6,930		6,824
Deferred rent income	3,188		2,787
Foreign deferred tax liability	2,094		2,135
Accrued restructuring	460		555
Other	3,331		5,117
Total continuing operations	36,662		38,671
Discontinued operations:
Environmental remediation liabilities	4,365		4,395
Self-insured liability accrual	4,234		4,327
Accrued income taxes	997		1,119
Other	1,134		1,250
Total discontinued operations	10,730		11,091
Other deferred items and liabilities	$	47,392	$	49,762

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Note 11. Debt and Capital Lease Obligations

Long-term debt was as follows:

(in thousands)	June 30, 2015			December 31, 2014
Revolving Credit Facility and Term Loan, 2.3% and 2.4% weighted-average interest rate at June 30, 2015 and December 31, 2014, respectively, due through 2019	$	131,874		$	139,500
Capital lease obligations, 6.0% weighted-average interest at both June 30, 2015 and December 31, 2014, due through 2018	1,390			1,520
Total debt	133,264			141,020
Current portion	(29,532		)	(27,856		)
Long-term debt and capital lease obligations	$	103,732		$	113,164

Effective December 2014, Viad entered into a $300 million Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement amends and replaced in its entirety the Company’s $180 million revolving credit facility under the Amended and Restated Credit Agreement dated as of May 18, 2011. The Credit Agreement provides for a senior credit facility in the aggregate amount of $300 million, which consists of a $175 million revolving credit facility (the “Revolving Credit Facility”) and a $125 million term loan (the “Term Loan”). Loans under the Credit Agreement have a maturity date of December 22, 2019, and proceeds from the loans made under the Credit Agreement were used to refinance certain outstanding debt of the Company and will be used for the Company’s general corporate purposes in the ordinary course of its business. Under the Credit Agreement, the Revolving Credit Facility and/or the Term Loan may be increased up to an additional $100 million under certain circumstances. If such circumstances are met, the Company may obtain the additional borrowings under the Revolving Credit Facility, a Term Loan, or a combination of the two facilities. The Revolving Credit Facility has a $40 million sublimit for letters of credit. Borrowings and letters of credit can be denominated in U.S. dollars, Euros, Canadian dollars or British pounds.

Viad’s lenders have a first perfected security interest in all of the personal property of Viad, GES and GES Event Intelligence Services, Inc., including 65 percent of the capital stock of top-tier foreign subsidiaries. Financial covenants include a fixed charge coverage ratio of not less than 1.75 to 1.00, with a step-up to 2.00 to 1.00 for the fiscal quarter ending June 30, 2016. Viad must maintain a leverage ratio of not greater than 3.00 to 1.00, with a step-down to 2.75 to 1.00 for the fiscal quarter ending March 31, 2016 and a step-down to 2.50 to 1.00 for the fiscal quarter ending March 31, 2017. As of June 30, 2015 and December 31, 2014, the fixed charge coverage ratio was 2.48 to 1.00 and 2.61 to 1.00, respectively, and the leverage ratio was 1.62 to 1.00 and 1.73 to 1.00, respectively. The terms of the Credit Agreement allow Viad to pay dividends or purchase the Company’s common stock up to $20 million in the aggregate in any calendar year, with additional dividends, share repurchases or distributions of stock permitted if the Company’s leverage ratio is less than or equal to 2.00 to 1.00, and the Liquidity Amount (defined as cash in the U.S. and Canada plus available revolver borrowings on a pro forma basis) is not less than $100 million, and no default or unmatured default, as defined in the Credit Agreement, exists. Significant other covenants include limitations on investments, additional indebtedness, sales/leases of assets, acquisitions, consolidations or mergers and liens on property. As of June 30, 2015, Viad was in compliance with all covenants.

As of June 30, 2015, Viad’s total debt was $133.3 million, consisting of outstanding borrowings under the Term Loan and Revolving Credit Facility of $121.9 million and $10.0 million, respectively, and capital lease obligations of $1.4 million. As of December 31, 2014, Viad’s total debt was $141.0 million, consisting of outstanding borrowings under the Term Loan and Revolving Credit Facility of $125.0 million and $14.5 million, respectively, and capital lease obligations of $1.5 million. As of June 30, 2015, Viad had $162.4 million of capacity remaining under its Credit Facility reflecting outstanding letters of credit of $2.6 million and the outstanding balance under the Revolving Credit Facility of $10.0 million, respectively.

Borrowings under the Revolving Credit Facility (of which GES and GES Event Intelligence Services, Inc. are guarantors) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to Viad’s leverage ratio. Commitment fees and letters of credit fees are also tied to Viad’s leverage ratio. The fees on the unused portion of the Credit Facility are currently 0.40 percent annually.

As of June 30, 2015, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities entered into by the Company’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of

16

June 30, 2015 would be $3.6 million. These guarantees relate to leased facilities and expire through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.

The estimated fair value of total debt was $105.1 million and $123.0 million as of June 30, 2015 and December 31, 2014, respectively. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity.

Note 12. Fair Value Measurements

The fair value of an asset or liability is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value.

Viad measures its money market mutual funds and certain other mutual fund investments at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following tables:

				Fair Value Measurements at Reporting Date Using
(in thousands)	June 30, 2015			Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Money market funds	$	7,320		$	7,320	$	—	$	—
Other mutual funds	2,371			2,371		—		—
Total assets at fair value	$	9,691		$	9,691	$	—	$	—
Liabilities:
Earnout contingent consideration liability	(1,114		)	—		—		(1,114		)
Total liabilities at fair value on a recurring basis	$	(1,114	)	$	—	$	—	$	(1,114	)
				Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2014			Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Money market funds	$	8,518		$	8,518	$	—	$	—
Other mutual funds	2,536			2,536		—		—
Total assets at fair value	$	11,054		$	11,054	$	—	$	—
Liabilities:
Earnout contingent consideration liability	(1,210		)	—		—		(1,210		)
Total liabilities at fair value on a recurring basis	$	(1,210	)	$	—	$	—	$	(1,210	)

As of June 30, 2015 and December 31, 2014, Viad had investments in money market mutual funds of $7.3 million and $8.5 million, respectively, which are included in the consolidated balance sheets under the caption “Cash and cash equivalents.” These investments are classified as available-for-sale and were recorded at fair value. There have been no realized or unrealized gains or losses related to these investments and the Company has not experienced any redemption restrictions with respect to any of the money market mutual funds.

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As of June 30, 2015 and December 31, 2014, Viad had investments in other mutual funds of $2.4 million and $2.5 million, respectively, which are classified in the consolidated balance sheets under the caption “Other investments and assets.” These investments were classified as available-for-sale and were recorded at fair value. As of June 30, 2015 and December 31, 2014, there were unrealized gains of $1.0 million ($0.6 million after-tax) and $0.8 million ($0.5 million after-tax), respectively, which were included in the consolidated balance sheets under the caption “Accumulated other comprehensive income (loss).”

The fair value measurement of the earnout contingent consideration obligation relates to the acquisition of N200 in November 2014, and is included in accrued liabilities in the consolidated balance sheets. The fair value measurement is based upon significant inputs not observable in the market. Changes in the value of the obligation are recorded as income or expense in our consolidated statements of income. The contingent payment, if any, will be determined during the third quarter of 2015. During the six month period ended June 30, 2015, the estimated contingent payment increased $0.1 million, due primarily to an increase in the estimated attainment of earnout objectives.

The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 11, Debt and Capital Lease Obligations.

Note 13. Stockholders' Equity

The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the six months ended June 30, 2015 and 2014:

(in thousands)	Total Viad Stockholders’ Equity			Noncontrolling Interest			Total Stockholders’ Equity
Balance at December 31, 2014	$	335,387		$	12,315		$	347,702
Net income (loss)	20,333			(173		)	20,160
Dividends on common stock	(4,008		)	—			(4,008		)
Common stock purchased for treasury	(5,969		)	—			(5,969		)
Employee benefit plans	4,790			—			4,790
Unrealized foreign currency translation adjustment	(11,626		)	—			(11,626		)
Tax benefits from share-based compensation	232			—			232
Other changes to accumulated other comprehensive income	298			—			298
Other	(1		)	(1		)	(2		)
Balance at June 30, 2015	$	339,436		$	12,141		$	351,577

(in thousands)	Total Viad Stockholders’ Equity			Noncontrolling Interest		Total Stockholders’ Equity
Balance at December 31, 2013	$	347,441		$	9,102	$	356,543
Net income	28,624			2,404		31,028
Dividends on common stock	(34,534		)	—		(34,534		)
Common stock purchased for treasury	(11,610		)	—		(11,610		)
Employee benefit plans	4,004			—		4,004
Unrealized foreign currency translation adjustment	(151		)	—		(151		)
Unrealized gain on investments	50			—		50
ESOP allocation adjustment	44			—		44
Other	36			—		36
Balance at June 30, 2014	$	333,904		$	11,506	$	345,410

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Changes in accumulated other comprehensive income (“AOCI”) by component were as follows:

(in thousands)	Unrealized Gains on Investments			Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income
Balance at December 31, 2014	$	471		$	12,415		$	(13,280	)	$	(394	)
Other comprehensive income (loss) before reclassifications	168			(11,626		)	—			(11,458		)
Amounts reclassified from AOCI, net of tax	(34		)	—			(31		)	(65		)
Net other comprehensive income (loss)	134			(11,626		)	(31		)	(11,523		)
Balance at June 30, 2015	$	605		$	789		$	(13,311	)	$	(11,917	)

The following table presents information about reclassification adjustments out of AOCI for the six months ended June 30:

							Affected Line Item in the Statement Where Net Income is Presented
(in thousands)	2015			2014
Unrealized gains on investments	$	54		$	40		Interest income
Tax effect	(20		)	(15		)	Income taxes
	$	34		$	25
Recognized net actuarial loss(1)	$	(345	)	$	(413	)
Amortization of prior service credit(1)	275			353
Tax effect	101			23			Income taxes
	$	31		$	(37	)

⁽¹⁾ Amount included in pension expense. Refer to Note 16, Pension and Postretirement Benefits.

Note 14. Income Per Share

The following are the components of basic and diluted income per share:

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands, except per share data)	2015			2014			2015			2014
Net income attributable to Viad (diluted)	$	22,389		$	6,742		$	20,333		$	28,624
Less: Allocation to non-vested shares	(321		)	(124		)	(304		)	(546		)
Net income allocated to Viad common stockholders (basic)	$	22,068		$	6,618		$	20,029		$	28,078
Basic weighted-average outstanding common shares	19,778			19,869			19,757			19,909
Additional dilutive shares related to share-based compensation	140			280			176			353
Diluted weighted-average outstanding shares	19,918			20,149			19,933			20,262
Income per share:
Basic income attributable to Viad common stockholders	$	1.12		$	0.33		$	1.01		$	1.41
Diluted income attributable to Viad common stockholders(1)	$	1.12		$	0.33		$	1.01		$	1.41

⁽¹⁾Diluted income per share amount cannot exceed basic income per share.

As of the three and six months ended June 30, 2015, there were 140,000 and 176,000, respectively, share-based compensation awards considered dilutive and included in the computation of diluted income per share. As of the three and six months ended June 30, 2014, there were 280,000 and 353,000, respectively, share-based compensation awards considered dilutive and included in the computation of diluted income per share. Options to purchase 7,386 and 29,000 shares of common stock were outstanding during the six months ended June 30, 2015 and 2014, respectively, but were not included in the computation of dilutive shares outstanding because the effect would be anti-dilutive.

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Note 15. Income Taxes

The effective tax rates for the three months ended June 30, 2015 and 2014 were 31.8 percent and 18.6 percent, respectively. The effective tax rates for the six months ended June 30, 2015 and 2014 were 26.0 percent and 17.0 percent, respectively.

The income tax provisions were computed based on the Company’s estimated effective tax rate and forecasted income by jurisdiction expected to be applicable for the full fiscal year, including the impact of any unusual or infrequent items. The effective tax rate for the six months ended June 30, 2015 was less than the federal statutory rate of 35.0 percent primarily due to the recording of a non-cash tax benefit relating to certain foreign intangible deferred tax assets that were recorded during the six months ended June 30, 2015. The effective tax rate for the six months ended June 30, 2014 was lower than the federal statutory rate principally due to foreign income which is taxed at lower rates, and other deferred tax adjustments.

Viad is required to estimate and record provisions for income taxes in each of the jurisdictions in which the Company operates. Accordingly, the Company must estimate its actual current income tax liability, and assess temporary differences arising from the treatment of items for tax purposes, as compared to the treatment for accounting purposes. These differences result in deferred tax assets and liabilities which are included in Viad’s consolidated balance sheets. The Company must assess the likelihood that deferred tax assets will be recovered from future taxable income and to the extent that recovery is not likely, a valuation allowance must be established. The Company uses significant judgment in forming a conclusion regarding the recoverability of its deferred tax assets and evaluates the available positive and negative evidence to determine whether it is more likely than not that its deferred tax assets will be realized in the future. These deferred tax assets reflect the expected future tax benefits to be realized upon reversal of deductible temporary differences and the utilization of net operating loss and tax credit carryforwards.

The Company considered all available positive and negative evidence regarding the future recoverability of its deferred tax assets, including the Company’s recent operating history, taxpaying history and future reversals of deferred tax liabilities. The Company also evaluated its ability to utilize its foreign tax credits, given its recent utilization history and projected future domestic income. The foreign tax credits are subject to a 10-year carryforward period and begin to expire in 2020. As of December 31, 2014, $12.7 million of the $21.8 million in tax credit carryforwards were related to foreign tax credits. Based on the Company’s evaluation of all positive and negative evidence, it was determined to be more likely than not that the foreign tax credit carryforwards would be utilized before their expiration. Therefore, a valuation allowance against the foreign tax credit was not required. The positive evidence relied upon in making this assessment included the Company’s positive cumulative income position, the projected future utilization of foreign tax credit carryforwards, the history of utilizing all deferred tax assets including net operating losses, and future forecasts of domestic income.

As noted above, Viad uses considerable judgment in forming a conclusion regarding the recoverability of its deferred tax assets. As a result, there are inherent uncertainties regarding the ultimate realization of these assets, which is primarily dependent upon Viad’s ability to generate sufficient taxable income in future periods. In future periods, it is reasonably possible that the relative weight of positive and negative evidence regarding the recoverability of Viad’s deferred tax assets may change, which could result in a material increase or decrease in the Company’s valuation allowance. If such a change in the valuation allowance were to occur, it would result in a change to income tax expense in the period the assessment was made.

Viad had liabilities, including interest and penalties, associated with uncertain tax positions for continuing operations of $1.2 million as of June 30, 2015 and $1.3 million as of December 31, 2014. In addition, as of June 30, 2015 and December 31, 2014, Viad had liabilities, including interest and penalties, for uncertain tax positions relating to discontinued operations of $1.0 million and $1.1 million, respectively. Future tax resolutions or settlements that may occur related to these uncertain tax positions would be recorded through either continuing or discontinued operations (net of applicable federal tax benefit). The total liability associated with uncertain tax positions as of June 30, 2015 and December 31, 2014 was $2.2 million and $2.4 million, respectively, which was classified as both current and non-current liabilities. The Company does not expect a material amount of uncertain tax positions to be resolved or settled within the next twelve months.

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Note 16. Pension and Postretirement Benefits

The net periodic benefit cost of Viad’s pension and postretirement plans for the three months ended June 30, included the following components:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2015			2014			2015			2014			2015			2014
Service cost	$	26		$	22		$	44		$	60		$	131		$	105
Interest cost	275			266			139			201			131			160
Expected return on plan assets	(81		)	(117		)	—			—			(152		)	(162		)
Amortization of prior service credit	—			—			(185		)	(148		)	—			—
Recognized net actuarial loss	143			85			134			108			2			2
Net periodic benefit cost	$	363		$	256		$	132		$	221		$	112		$	105

The net periodic benefit cost of Viad’s pension and postretirement plans for the six months ended June 30, included the following components:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2015			2014			2015			2014			2015			2014
Service cost	$	51		$	45		$	87		$	94		$	259		$	209
Interest cost	526			546			316			377			260			320
Expected return on plan assets	(192		)	(220		)	—			—			(301		)	(323		)
Amortization of prior service credit	—			—			(276		)	(296		)	—			—
Recognized net actuarial loss	268			204			273			209			4			5
Net periodic benefit cost	$	653		$	575		$	400		$	384		$	222		$	211

Viad expects to contribute $0.8 million to its funded pension plans, $0.6 million to its unfunded pension plans and $1.1 million to its postretirement benefit plans in 2015. During the six months ended June 30, 2015, Viad contributed $0.3 million to its funded pension plans, $0.3 million to its unfunded pension plans and $0.7 million to its postretirement benefit plans.

Note 17. Restructuring Charges

The Company executed certain restructuring actions designed to reduce the Company’s cost structure primarily within the Marketing & Events U.S. segment, and to a lesser extent in the Marketing & Events International segment. As a result, it has recorded restructuring charges related to the consolidation and downsizing of facilities. Additionally, the Company has recorded restructuring charges in connection with certain reorganization activities. These charges consist of severance and related benefits due to headcount reductions.

The table below represents a reconciliation of beginning and ending liability balances by major restructuring activity:

	Marketing & Events Group Consolidation						Other Restructurings
(in thousands)	Severance & Employee Benefits			Facilities			Severance & Employee Benefits			Total
Balance at December 31, 2014	$	543		$	1,161		$	240		$	1,944
Restructuring charges	643			98			544			1,285
Cash payments	(891		)	(235		)	(543		)	(1,669		)
Adjustment to liability	—			—			(144		)	(144		)
Balance at June 30, 2015	$	295		$	1,024		$	97		$	1,416

As of June 30, 2015, the liabilities related to severance and employee benefits are expected to be paid by the end of 2015. Additionally, the liability of $1.0 million related to future lease payments will be paid over the remaining lease terms for the

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Marketing & Events Group. Refer to Note 19, Segment Information, for information regarding restructuring charges (recoveries) by segment.

Note 18. Litigation, Claims, Contingencies and Other

Viad and certain of its subsidiaries are plaintiffs or defendants to various actions, proceedings and pending claims, some of which involve, or may involve, compensatory, punitive or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings or claims could be decided against Viad. Although the amount of liability as of June 30, 2015 with respect to these matters is not ascertainable, Viad believes that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on Viad’s business, financial position or results of operations.

Viad is subject to various U.S. federal, state and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which Viad has or had operations. If the Company has failed to comply with these environmental laws and regulations, civil and criminal penalties could be imposed and Viad could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, Viad also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. Although it is a party to certain environmental disputes, Viad believes that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on the Company’s financial position or results of operations. As of June 30, 2015, Viad had recorded environmental remediation liabilities of $4.6 million related to previously sold operations.

As of June 30, 2015, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities entered into by Viad’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of June 30, 2015 would be $3.6 million. These guarantees relate to leased facilities expiring through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.

A significant portion of Viad’s employees are unionized and the Company is a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. If the Company was unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact the Company’s businesses and results of operations. Viad believes that relations with its employees are satisfactory and that collective-bargaining agreements expiring in 2015 will be renegotiated in the ordinary course of business without having a material adverse effect on Viad’s operations. The Company entered into new showsite and warehouse agreements with the Chicago Teamsters Local 727, effective January 1, 2014, and those agreements contain provisions that allow the parties to re-open negotiation of the agreements on pension-related issues. The Company is in informal discussions regarding those issues with all relevant parties and is working diligently to resolve those issues in a manner that will be reasonable and equitable to employees, customers and shareholders. Although the Company’s labor relations are currently stable, disruptions pending the outcome of the Chicago Teamsters Local 727 negotiations could occur, as they could with any collective-bargaining agreement negotiation, with the possibility of an adverse impact on the operating results of the Marketing & Events Group.

Viad’s businesses contribute to various multi-employer pension plans based on obligations arising under collective-bargaining agreements covering its union-represented employees. Based upon the information available to Viad from plan administrators, management believes that several of these multi-employer plans are underfunded. The Pension Protection Act of 2006 requires pension plans underfunded at certain levels to reduce, over defined time periods, the underfunded status. In addition, under current laws, the termination of a plan, or a voluntary withdrawal from a plan by Viad, or a shrinking contribution base to a plan as a result of the insolvency or withdrawal of other contributing employers to such plan, would require Viad to make payments to such plan for its proportionate share of the plan’s unfunded vested liabilities. As of June 30, 2015, the amount of additional funding, if any, that Viad would be required to make related to multi-employer pension plans is not ascertainable.

Viad is self-insured up to certain limits for workers’ compensation, employee health benefits, automobile, product and general liability and property loss claims. The aggregate amount of insurance liabilities (up to the Company’s retention limit) related to Viad’s continuing operations was $19.5 million as of June 30, 2015. Of this total, $12.3 million related to workers’ compensation liabilities and the remaining $7.2 million related to general/auto liability claims. Viad has also retained and provided for certain insurance liabilities in conjunction with previously sold businesses totaling $4.4 million as of June 30, 2015, related to workers’ compensation liabilities. Provisions for losses for claims incurred, including estimated claims incurred but not yet

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reported, are made based on Viad’s historical experience, claims frequency and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. Viad has purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. Viad does not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Viad’s net cash payments in connection with these insurance liabilities were $2.4 million for the six months ended June 30, 2015.

In addition, as of June 30, 2015, Viad had recorded insurance liabilities of $7.7 million related to continuing operations in excess of the self-insured levels for which Viad remains the primary obligor. Of this total, $4.6 million related to workers’ compensation liabilities and the remaining $3.1 million related to general/auto liability claims. The Company has recorded these amounts in other deferred items and liabilities in Viad’s Condensed Consolidated Balance Sheets with a corresponding receivable in other investments and assets.

Note 19. Segment Information

Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International (together the “Marketing & Events Group”) and the Travel & Recreation Group.

Viad measures profit and performance of its operations on the basis of segment operating income which excludes restructuring charges and recoveries and impairment charges and recoveries. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows:

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands)	2015			2014			2015			2014
Revenue:
Marketing & Events Group:
U.S.	$	208,749		$	168,839		$	401,692		$	390,234
International	85,723			63,379			150,959			122,097
Intersegment eliminations	(7,903		)	(5,632		)	(9,154		)	(7,922		)
Total Marketing & Events Group	286,569			226,586			543,497			504,409
Travel & Recreation Group	30,466			29,805			37,934			37,623
Total revenue	$	317,035		$	256,391		$	581,431		$	542,032
Segment operating income:
Marketing & Events Group:
U.S.	$	18,974		$	5,124		$	21,611		$	20,975
International	11,109			3,896			12,156			6,215
Total Marketing & Events Group	30,083			9,020			33,767			27,190
Travel & Recreation Group	6,203			5,116			1,394			307
Segment operating income	36,286			14,136			35,161			27,497
Corporate activities	(1,983		)	(1,991		)	(4,793		)	(4,030		)
Operating income	34,303			12,145			30,368			23,467
Interest income	443			54			506			119
Interest expense	(1,103		)	(309		)	(2,254		)	(607		)
Restructuring (charges) recoveries:
Marketing & Events U.S.	(383		)	(244		)	(471		)	(206		)
Marketing & Events International	(133		)	(990		)	(271		)	(1,520		)
Travel & Recreation Group	(148		)	(135		)	(142		)	71
Corporate	(405		)	4			(401		)	79
Impairment charges:
Marketing & Events International	—			(884		)	—			(884		)
Income from continuing operations before income taxes	$	32,574		$	9,641		$	27,335		$	20,519

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Note 20. Discontinued Operations

For the three and six months ended June 30, 2015, Viad recorded income from discontinued operations of $78,000 and a loss of $70,000, respectively, due to liability reserve adjustments and legal fees related to previously sold operations.

For the three and six months ended June 30, 2014, Viad recorded a loss from discontinued operations of $1.2 million and a gain of $14.0 million, respectively, due to the expiration of the Glacier National Park concession contract and additional reserves related to certain liabilities associated with previously sold operations.

On December 31, 2013, Glacier Park’s concession contract with the Park Service to operate lodging, tour and transportation and other hospitality services within Glacier National Park expired. Upon completion of the contract, the Company received cash payments in January 2014 totaling $25.0 million resulting in a pre-tax gain of $21.5 million for the Company’s possessory interest. The gain after-tax on the possessory interest as of June 30, 2014 was $14.3 million with $2.7 million attributable to the noncontrolling interest. These amounts are included in income (loss) from discontinued operations and net income attributable to noncontrolling interest in Viad’s Condensed Consolidated Statements of Operations, respectively.

The following summarizes Glacier Park’s expired concession contract operating results, which are presented in income (loss) from discontinued operations, net of tax, in Viad’s Condensed Consolidated Statements of Operations:

	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2014
Total revenue	$	—		$	—
Costs and expenses	(18		)	(86		)
Loss from discontinued operations, before income taxes	(18		)	(86		)
Income tax benefit	18			38
Loss from discontinued operations, net of tax	—			(48		)
Gain (loss) on sale of discontinued operations, net of tax	(964		)	14,322
Income (loss) from discontinued operations	(964		)	14,274
Income from discontinued operations attributable to noncontrolling interest	—			(2,668		)
Income (loss) from discontinued operations attributable to Viad	$	(964	)	$	11,606

The following is a reconciliation of net income attributable to the noncontrolling interest for the six months ended June 30:

(in thousands)	2015			2014
Loss from continuing operations	$	(173	)	$	(264	)
Income from discontinued operations	—			2,668
Net income (loss) attributable to noncontrolling interest	$	(173	)	$	2,404

Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion (this “MD&A”) should be read in conjunction with Viad Corp’s condensed consolidated financial statements and related notes. This discussion contains forward-looking statements that involve risks and uncertainties. Viad Corp’s actual results could differ materially from those anticipated due to various factors discussed under “Forward-Looking Statements” and elsewhere in this quarterly report.

Overview

Viad Corp (“Viad” or the “Company”) operates in three reportable business segments: Marketing & Events U.S., Marketing & Events International (together the “Marketing & Events Group”) and the Travel & Recreation Group.

Marketing & Events Group

The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), is a global full-service provider for live events that helps clients gain more awareness, more engagement and a greater return at their events.

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The Marketing & Events Group offers a complete range of services, from design and production of immersive environments and brand-based experiences, to material handling, rigging, electrical and other on-site services for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group offers clients a full suite of online tools and new technologies that help them more easily manage the complexities of their events. Show organizers include for-profit and not-for-profit show owners as well as show management companies. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products and build business relationships. Viad’s retail shopping center customers include major developers, owners and management companies of shopping malls and leisure centers.

The Marketing & Events Group recently expanded its service offerings with acquisitions that differentiate GES as the company with the most comprehensive suite of event services. GES extended its audio-visual services beyond North America with the September 2014 acquisition of United Kingdom-based Blitz Communications Group Limited and its affiliates (collectively, “Blitz”), a leading audio-visual staging and creative services provider for the live events industry in the United Kingdom and continental Europe. In November 2014, GES entered the event registration and data services market through the acquisition of N200 Limited and affiliates (collectively, “N200”), a leading event registration and data intelligence services provider for the live events industry in the United Kingdom and the Netherlands. In the United States, GES became the leading event accommodations provider through the October 2014 acquisitions of onPeak LLC and Travel Planners, Inc. Travel Planners, Inc. subsequently merged into onPeak LLC (collectively, “onPeak”) in January 2015.

For additional information regarding acquisitions in 2014, refer to Note 3, Acquisition of Businesses.

Travel & Recreation Group

The Travel & Recreation Group is an experiential leisure travel provider serving the needs of regional and long-haul visitors to iconic natural and cultural destinations in North America. The Travel & Recreation Group segment consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”).

Brewster provides tourism products and experiential services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, Glacier Skywalk, Banff Lake Cruise, motorcoach services, charter and sightseeing services, inbound package tour operations and hotel operations.

Glacier Park owns and operates seven properties, with accommodation offerings varying from hikers’ cabins to hotel suites, including St. Mary Lodge, a full-service resort located outside the east entrance to Glacier National Park in St. Mary, Montana; Glacier Park Lodge, a historic lodge in East Glacier, Montana; Grouse Mountain Lodge, a full-season lodge offering golf, skiing, hiking and other seasonal recreational activities, located near Glacier National Park in Whitefish, Montana; the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada, which is situated on land for which the Company has a 42-year ground lease with the Canadian government running through January 31, 2052; the West Glacier Motel & Cabins in West Glacier, Montana, and Motel Lake McDonald and the Apgar Village Lodge, which are located inside Glacier National Park. Glacier Park also operates the food and beverage services with respect to those properties and the retail shops located near Glacier National Park.

In July 2014, the Company acquired the West Glacier Motel & Cabins, the Apgar Village Lodge and related land, food and beverage services and retail operations (collectively, the “West Glacier Properties”). The West Glacier Motel & Cabins is a 32-room property situated on approximately 200 acres at the west entrance of Glacier National Park, and its full-service amenities include a restaurant, grocery store, gift shops, a gas station and employee housing. The Apgar Village Lodge is a 48-room property situated on a 3.8 acre private in-holding inside Glacier National Park with overnight accommodations, a gift shop and employee housing. For additional information, refer to Note 3, Acquisition of Businesses.

Alaska Denali Travel operates the Denali Backcountry Lodge and Denali Cabins. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve.

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Non-GAAP Measures:

In addition to disclosing financial results that are determined in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company also discloses the following non-GAAP financial measures:

• “Adjusted EBITDA,” which is defined by Viad as net income attributable to Viad before the Company’s portion of interest expense, income taxes, depreciation and amortization, impairment charges and recoveries, changes in accounting principles and the effects of discontinued operations. Adjusted EBITDA is utilized by management to measure the profit and performance of Viad’s operations and to facilitate period-to-period comparisons. Refer to the table below for a reconciliation of adjusted EBITDA to the most directly comparable GAAP measure, net income attributable to Viad.

• “Adjusted segment EBITDA,” which is defined by Viad as segment operating income before non-cash depreciation and amortization and integration costs, if any. “Segment operating income” is a GAAP measure defined as income from continuing operations before corporate activities, interest expense and interest income, income taxes, restructuring charges, impairment losses and recoveries and the reduction for income attributable to non-controlling interest. Adjusted segment EBITDA is utilized by management to measure the profit and performance of Viad’s operating segments and acquisitions to facilitate period-to-period comparisons. For a discussion of how this metric is used in connection with 2015 full year acquisition performance expectations, refer to the “Forward Looking Non-GAAP Financial Measures” section of this MD&A. Management believes that adjusted segment EBITDA for acquisitions enables investors to assess how effectively management is investing capital into major corporate development projects, both from a valuation and return perspective.

• “Organic revenue” and “organic segment operating income,” which are defined by Viad as revenue and segment operating income without the impact of exchange rate variances and acquisitions, if any, until such acquisitions are included in the entirety of both comparable periods. The impact of exchange rate variances is calculated as the difference between current period activity translated at the current period’s exchange rates and the comparable prior period’s exchange rates. Management believes that the presentation of “organic” results permits investors to better understand Viad’s performance without the effects of exchange rate variances or acquisitions. Refer to the “Results of Operations” section of this MD&A for reconciliations of organic revenue and organic segment operating income to the most directly comparable GAAP measures, revenue and segment operating income.

Management believes that the presentation of adjusted EBITDA, adjusted segment EBITDA, organic revenue and organic segment operating income provides useful information to investors regarding Viad’s results of operations for trending, analyzing and benchmarking the performance and value of Viad’s business. The presentation of adjusted EBITDA, adjusted segment EBITDA, and organic revenue and organic segment operating income are supplemental to results presented under GAAP and may not be comparable to similarly titled measures used by other companies. These non-GAAP measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP.

Adjusted EBITDA, adjusted segment EBITDA, organic revenue and organic segment operating income are considered useful operating metrics as potential variations arising from taxes, depreciation, amortization, debt service costs, impairment charges and recoveries, changes in accounting principles and the effects of discontinued operations are eliminated, thus resulting in an additional measure considered to be indicative of Viad’s ongoing operations and segment performance. Although adjusted EBITDA, adjusted segment EBITDA, organic revenue and organic segment operating income are used as financial measures to assess the performance of the business, the use of these measures is limited because these measures do not consider material costs, expenses and other items necessary to operate the business. These items include debt service costs, non-cash depreciation and amortization expense associated with long-lived assets, expenses related to U.S. federal, state, local and foreign income taxes, impairment charges or recoveries, and the effects of accounting changes and discontinued operations. Because adjusted EBITDA, adjusted segment EBITDA, organic revenue and organic segment operating income do not consider the above items, a user of Viad’s financial information should consider net income attributable to Viad and organic segment operating income as important measures of financial performance because both provide a more complete measure of the Company’s performance.

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A reconciliation of net income attributable to Viad to Adjusted EBITDA is as follows:

	Three Months Ended  June 30,						Six Months Ended  June 30,
(in thousands)	2015			2014			2015			2014
Net income attributable to Viad	$	22,389		$	6,742		$	20,333		$	28,624
Impairment charges	—			884			—			884
Interest expense	1,103			309			2,254			607
Income tax expense	10,372			1,796			7,105			3,493
Depreciation and amortization	9,162			7,142			17,870			13,959
(Income) loss from discontinued operations	(78		)	1,236			70			(14,002		)
Other noncontrolling interest	(46		)	(26		)	(62		)	2,668
Adjusted EBITDA	$	42,902		$	18,083		$	47,570		$	36,233

The increase in Adjusted EBITDA of $24.8 million for the three months ended June 30, 2015 compared to the three months ended June 30, 2014 was primarily due to an increase in segment operating income for the Marketing & Events segment. The increase in Adjusted EBITDA of $11.3 million for the six months ended June 30, 2015 compared to the six months ended June 30, 2014 was primarily due to a, increase in segment operating income for the Marketing & Events segment. Refer to the “Results of Operations” section of this MD&A below for a discussion of fluctuations.

Forward-Looking Non-GAAP Financial Measures

The Company has also provided adjusted segment EBITDA, formerly referred to as “segment EBITDA”, as a forward-looking non-GAAP financial measure within the “Results of Operations” section of this MD&A. The Company does not provide a reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure because, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible, not all of the information necessary for quantitative reconciliation of this forward-looking non-GAAP financial measure to the most directly comparable GAAP financial measure is available to the Company without unreasonable efforts. Consequently, any attempt to disclose such reconciliation would imply a degree of precision that could be confusing or misleading to investors. It is probable that the forward-looking non-GAAP financial measure provided without the directly comparable GAAP financial measure may be materially different from the corresponding non-GAAP financial measure.

Results of Operations:

Financial Highlights

The following are financial highlights of the second quarter of 2015:

• Total revenue was $317.0 million, as compared to $256.4 million in the second quarter of 2014. The increase in revenue was primarily due to incremental revenue from the acquisitions of onPeak, Blitz, and N200, positive show rotation, continued U.S. base same show revenue growth, and new business wins in the Marketing & Events Group as well as revenue growth in attractions and hospitality properties in the Travel & Recreation Group, partially offset by unfavorable foreign exchange rates.

• Total segment operating income was $36.3 million, as compared to segment operating income of $14.1 million for the second quarter of 2014. The increase in segment operating income was primarily driven by higher revenue with strong throughput.

• Diluted income per share from continuing operations attributable to Viad shareholders was $1.11, as compared to $0.39 in the second quarter of 2014.

• Diluted income per share from discontinued operations attributable to Viad shareholders was $0.01, as compared to a loss from discontinued operations of $0.06 in the second quarter of 2014.

• Net income attributable to Viad was $22.4 million, as compared to $6.7 million in the second quarter of 2014.

Foreign Exchange Rate Variances

Viad conducts its foreign operations primarily in Canada, the United Kingdom, Germany and to a lesser extent in certain other countries.

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During the three months ended June 30, 2015, foreign exchange rate variances resulted in a decrease in revenue and segment operating income of $13.2 million and $2.2 million, respectively, as compared to the three months ended June 30, 2014. The following table summarizes the effects of foreign exchange rate variances on revenue and segment operating results (or “FX Impact”) from Viad’s significant international operations for the three months ended June 30, excluding the effect of 2014 acquisitions:

	Revenue							Segment Operating Results
	Weighted-Average Exchange Rates				FX Impact (in thousands)			Weighted-Average Exchange Rates				FX Impact (in thousands)
	2015		2014					2015		2014
Marketing & Events Group:
Canada	$	0.81	$	0.92	$	(2,634	)	$	0.81	$	0.90	$	(361	)
United Kingdom	$	1.52	$	1.68	(5,958		)	$	1.54	$	1.69	(666		)
Germany	$	1.11	$	1.37	(1,194		)	$	1.11	$	1.40	(135		)
					$	(9,786	)					$	(1,162	)
Travel & Recreation Group:
Canada	$	0.81	$	0.92	$	(3,404	)	$	0.81	$	0.93	$	(1,069	)
					$	(13,190	)					$	(2,231	)

During the six months ended June 30, 2015, foreign exchange rate variances resulted in a decrease in revenue and segment operating income of $20.8 million and $2.0 million, as compared to the six months ended June 30, 2014. The following table summarizes the effects of foreign exchange rate variances on revenue and segment operating results (or “FX Impact”) from Viad’s significant international operations for the six months ended June 30, excluding the effect of 2014 acquisitions:

	Revenue							Segment Operating Results
	Weighted-Average Exchange Rates				FX Impact (in thousands)			Weighted-Average Exchange Rates				FX Impact (in thousands)
	2015		2014					2015		2014
Marketing & Events Group:
Canada	$	0.80	$	0.91	$	(4,875	)	$	0.80	$	0.90	$	(463	)
United Kingdom	$	1.52	$	1.67	(9,512		)	$	1.53	$	1.68	(792		)
Germany	$	1.11	$	1.37	(2,097		)	$	1.06	$	1.37	(100		)
					$	(16,484	)					$	(1,355	)
Travel & Recreation Group:
Canada	$	0.81	$	0.92	$	(4,281	)	$	0.81	$	0.94	$	(690	)
					$	(20,765	)					$	(2,045	)

Viad’s operating results were primarily impacted by the weakening of the British pound and Canadian dollar relative to the U.S. dollar. Future changes in the exchange rates may impact overall expected profitability and historical period-to-period comparisons when operating results are translated into U.S. dollars.

Analysis of Operating Results by Reportable Segment

Marketing & Events Group

The tables below provide a comparison of reported operating results to organic operating results for the three and six months ended June 30, 2015 and 2014 for the Marketing & Events Group to enable investors to better understand the underlying performance of the segment without the effects of exchange rate variances or acquisitions.

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	Three Months Ended   June 30, 2015											Three Months Ended   June 30, 2014								Change
(in thousands)	As Reported			Acquisitions(1)		FX Impact			Organic(2)			As Reported			Acquisitions(1)		Organic(2)			As Reported		Organic(2)
Revenue:
Marketing & Events Group:
U.S.	$	208,749		$	11,848	$	—		$	196,901		$	168,839		$	—	$	168,839		23.6	%	16.6	%
International	85,723			9,766		(9,787		)	85,744			63,379			—		63,379			35.3	%	35.3	%
Intersegment eliminations	(7,903		)	—		—			(7,903		)	(5,632		)	—		(5,632		)	40.3	%	40.3	%
Total Marketing & Events Group	$	286,569		$	21,614	$	(9,787	)	$	274,742		$	226,586		$	—	$	226,586		26.5	%	21.3	%
Segment operating income (loss):
Marketing & Events Group:
U.S.	$	18,974		$	5,695	$	—		$	13,279		$	5,124		$	—	$	5,124		**		**
International	11,109			1,365		(1,162		)	10,906			3,896			—		3,896			**		**
Total Marketing & Events Group	$	30,083		$	7,060	$	(1,162	)	$	24,185		$	9,020		$	—	$	9,020		**		**

** Change is greater than +/- 100 percent.

	Six Months Ended   June 30, 2015											Six Months Ended June 30, 2014								Change
(in thousands)	As Reported			Acquisitions(1)		FX Impact			Organic(2)			As Reported			Acquisitions(1)		Organic(2)			As Reported		Organic(2)
Revenue:
Marketing & Events Group:
U.S.	$	401,692		$	19,155	$	—		$	382,537		$	390,234		$	—	$	390,234		2.9	%	(2.0	)%
International	150,959			16,538		(16,484		)	150,905			122,097			—		122,097			23.6	%	23.6	%
Intersegment eliminations	(9,154		)	—		—			(9,154		)	(7,922		)	—		(7,922		)	15.6	%	(15.6	)%
Total Marketing & Events Group	$	286,569		$	35,693	$	(16,484	)	$	524,288		$	226,586		$	—	$	226,586		7.7	%	3.9	%
Segment operating income (loss):
Marketing & Events Group:
U.S.	$	21,611		$	7,046	$	—		$	14,565		$	20,975		$	—	$	20,975		3.0	%	(30.6	)%
International	12,156			1,010		(1,355		)	12,501			6,215			—		6,215			95.6	%	**
Total Marketing & Events Group	$	33,767		$	8,056	$	(1,355	)	$	27,066		$	27,190		$	—	$	27,190		24.2	%	(0.5	)%

** Change is greater than +/- 100 percent.

⁽¹⁾ Acquisitions include onPeak (acquired October 2014) for the Marketing & Events U.S. segment and Blitz (acquired September 2014) and N200 (acquired November 2014) for the Marketing & Events International segment.

⁽²⁾ Organic operating results are non-GAAP financial measures that adjust for the impacts of exchange rate variances and acquisitions, if any, until such acquisitions are included in the entirety of both comparable periods presented. For more information about organic operating results, see the "Non-GAAP Measures" section of this MD&A.

Seasonality. Exhibition and event activity can vary significantly from quarter to quarter and year to year, depending on the frequency and timing of shows (some shows are not held each year and some may shift between quarters). The rotation metric helps explain the show movement between quarters and years. Show rotation refers to shows that occur less frequently than annually, as well as annual shows that shift quarters from one year to the next.

U.S. Segment. Revenue for the Marketing & Events U.S. segment was $208.7 million for the second quarter of 2015, an increase of 23.6 percent as compared to $168.8 million in the second quarter of 2014. Revenue was primarily impacted by incremental revenue of $11.8 million from the acquisition of onPeak, new business wins, increased sales to corporate clients and base same-show revenue growth of 7.4 percent, partially offset by negative show rotation revenue of approximately $2 million. Management defines base same-show revenue as revenue derived from shows that the Company produced out of the same city during the same quarter in each year. For the second quarter of 2015, base same-shows represented approximately 38 percent of the Marketing & Events U.S. segment organic revenue, which excludes the impact of acquisitions. Segment operating income increased $13.9 million to $19.0 million in the second quarter of 2015, as compared to the second quarter

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of 2014. Segment operating income increased primarily due to higher revenue with strong throughput including incremental segment operating income from the onPeak acquisition of $5.7 million (which includes integration costs of $0.2 million).

For the first six months of 2015, revenue for the Marketing & Events U.S. segment was $401.7 million, an increase of 2.9 percent compared to $390.2 million in the first six months of 2014. The increase in revenue of $11.5 million was primarily driven by incremental revenue of $19.2 million from the acquisition of onPeak, base same show revenue growth of 7.4 percent, new business wins, and increased sales to corporate clients, partially offset by negative show rotation of approximately $44 million. Base same-shows represented approximately 47 percent of the Marketing & Events U.S. segment organic revenue, which excludes the impact of acquisitions. For the first six months of 2015, segment operating income increased $0.6 million to $21.6 million primarily due to incremental segment operating income of $7.0 million from the acquisition of onPeak (which includes integration costs of $0.3 million), partially offset by lower revenue from the negative show rotation.

International Segment. Revenue for the Marketing & Events International segment was $85.7 million for the second quarter of 2015, an increase of 35.3 percent as compared to $63.4 million in the second quarter of 2014. Segment operating income was $11.1 million, which increased $7.2 million compared to the second quarter of 2014. Results for the Marketing & Events International segment for the second quarter of 2015 were affected by exchange rate variances, which had an unfavorable impact on revenue and segment operating income of $9.8 million and $1.2 million, respectively, as compared to the second quarter of 2014. The acquisitions of Blitz and N200 contributed incremental revenue and segment operating income of $9.8 million and $1.4 million, respectively, which includes integration costs of $0.2 million. Organic revenue, which excludes the impact of exchange rate variances and acquisitions, increased by $22.4 million, or 35.3 percent, primarily driven by positive show rotation revenue of approximately $15 million, new business wins, and same-show growth. Organic segment operating income, which excludes the impact of exchange rate variances and acquisitions, increased $7.0 million primarily reflecting higher revenue with strong throughput, as well as a $1.3 million gain related to exiting a venue services agreement in the U.K.

For the first six months of 2015, revenue for the Marketing & Events International segment was $151.0 million, an increase of 23.6 percent as compared to the first six months of 2014. Segment operating income increased $5.9 million to $12.2 million in the first six months of 2015, as compared to the first six months of 2014. Results for the Marketing & Events International segment for the first six months of 2015 were affected by exchange rate variances, which had an unfavorable impact on revenue and segment operating income of $16.5 million and $1.4 million, respectively, as compared to the first six months of 2014. The acquisitions of Blitz and N200 contributed incremental revenue and segment operating income of $16.5 million and $1.0 million, respectively, which includes integration costs of $0.5 million. Organic revenue, which excludes the impact of exchange rate variances and acquisitions, increased by $28.8 million, or 23.6 percent, primarily driven by positive show rotation revenue of approximately $17 million, new business wins, and same-show growth. Organic segment operating income, which excludes the impact of exchange rate variances and acquisitions, increased $6.3 million primarily reflecting higher revenue as well as a $1.3 million gain related to exiting a venue services agreement in the U.K.

2015 Outlook. Although the Marketing & Events Group has a diversified revenue base and long-term contracts for future shows, its revenue is affected by general economic and industry-specific conditions. The prospects for individual shows tend to be driven by the success of the industry related to those shows. In general, the exhibition and event industry is experiencing modest growth.

For the 2015 full year, management expects the Marketing & Events Group’s revenue to be comparable to 2014 as growth in the underlying business and incremental revenue from acquisitions offset negative show rotation of approximately $70 million and unfavorable currency translation. Management anticipates that foreign currency exchange rate variances versus 2014 will have an unfavorable impact on the Marketing & Events Group’s 2015 full year revenue and segment operating income of approximately $27 million and $1 million, respectively. Management expects U.S. base same-show revenue to increase at a mid-single digit rate.

Management remains focused on improving the profitability of the Marketing & Events U.S. segment through continued efforts to more effectively manage labor costs by driving productivity gains through rigorous and strategic pre-show planning that reduces the ratio of labor costs to revenue. Improving this metric is a top priority of management and the Company continues to develop and enhance tools to support and systematize show site labor planning, measurement and benchmarking.

Additionally, management is executing a strategic growth plan to position the Marketing & Events Group as the preferred, global full-service provider to the live events market, which includes adding complementary and higher-margin service lines to its existing official services contracting business. In connection with this plan, the Company acquired Blitz, onPeak and N200 during 2014.

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In 2015, management expects the acquisitions of Blitz, onPeak, and N200 to collectively provide revenue of about $61 million to $66 million and adjusted segment EBITDA of about $16.5 million to $17.5 million, which excludes approximately $1.5 million in integration costs. Adjusted segment EBITDA is defined as segment operating income plus depreciation and amortization expense and integration costs, if any. For more information on this forward-looking non-GAAP financial measure, see the “Non-GAAP Measures” section of this MD&A. These acquisitions offer cross-selling opportunities across the Marketing & Events Group’s customer base, which is resulting in expanded business relationships with existing customers and creating new competitive advantages for the Marketing & Events Group as it increasingly becomes a full-service provider for live events.

Travel & Recreation Group

The tables below provide a comparison of reported operating results to organic operating results for the three and six months ended June 30, 2015 and 2014 for the Travel & Recreation Group to enable investors to better understand the underlying performance of the segment without the effects of exchange rate variances or acquisitions.

	Three Months Ended June 30, 2015											Three Months Ended   June 30, 2014								Change
(in thousands)	As Reported			Acquisitions(1)		FX Impact			Organic(2)			As Reported			Acquisitions(1)		Organic(2)			As Reported		Organic(2)
Revenue:
Travel & Recreation Group:
Hospitality	$	8,845		$	1,131	$	(436	)	$	8,150		$	7,334		$	—	$	7,334		20.6	%	11.1	%
Attractions	13,276			—		(1,900		)	15,176			12,313			—		12,313			7.8	%	23.3	%
Package Tours	4,518			—		(577		)	5,095			6,153			—		6,153			(26.6	)%	(17.2	)%
Transportation	4,217			—		(548		)	4,765			4,682			—		4,682			(9.9	)%	1.8	%
Intra-Segment Eliminations & Other	(390		)	—		57			(447		)	(677		)	—		(677		)	(42.4	)%	(34.0	)%
Total Travel & Recreation Group	$	30,466		$	1,131	$	(3,404	)	$	32,739		$	29,805		$	—	$	29,805		2.2	%	9.8	%
Segment operating income (loss):
Total Travel & Recreation Group	$	6,203		$	99	$	(1,069	)	$	7,173		$	5,116		$	—	$	5,116		21.2	%	40.2	%

	Six Months Ended June 30, 2015												Six Months Ended June 30, 2014
(in thousands)	As Reported			Acquisitions(1)			FX Impact			Organic(2)			As Reported			Acquisitions(1)		Organic(2)			As Reported		Organic(2)
Revenue:
Travel & Recreation Group:
Hospitality	$	11,715		$	1,135		$	(709	)	$	11,289		$	10,476		$	—	$	10,476		11.8	%	7.8	%
Attractions	15,133			—			(2,147		)	17,280			13,824			—		13,824			9.5	%	25.0	%
Package Tours	5,291			—			(673		)	5,964			6,805			—		6,805			(22.2	)%	(12.4	)%
Transportation	6,329			—			(826		)	7,155			7,346			—		7,346			(13.8	)%	(2.6	)%
Intra-Segment Eliminations & Other	(534		)	—			74			(608		)	(828		)	—		(828		)	(35.5	)%	(26.6	)%
Total Travel & Recreation Group	$	37,934		$	1,135		$	(4,281	)	$	41,080		$	37,623		$	—	$	37,623		0.8	%	9.2	%
Segment operating income (loss):
Total Travel & Recreation Group	$	1,394		$	(79	)	$	(690	)	$	2,163		$	307		$	—	$	307		**		**

** Change is greater than +/- 100 percent

⁽¹⁾ Acquisitions include the West Glacier Properties (acquired July 2014).

⁽²⁾ Organic operating results are non-GAAP financial measures that adjust for the impacts of exchange rate variances and acquisitions, if any, until such acquisitions are included in the entirety of both comparable periods presented. For more information about organic operating results, see the "Non-GAAP Measures" section of this MD&A.

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Seasonality. The Travel & Recreation Group segment experiences peak activity during the summer months. During 2014, 85 percent of its revenue was earned in the second and third quarters.

Revenue. Revenue for the Travel & Recreation Group segment was $30.5 million for the second quarter of 2015, an increase of $0.7 million as compared to $29.8 million in the second quarter of 2014. Revenue for the Travel & Recreation Group segment for the second quarter of 2015 was affected by exchange rate variances, which had an unfavorable impact of $3.4 million, as compared to the second quarter of 2014. The acquisition of the West Glacier properties contributed incremental revenue of $1.1 million. Organic revenue, which excludes the impact of exchange rate variances and acquisitions, increased by $2.9 million, or 9.8 percent, primarily driven by the attractions and hospitality properties.

For the first six months of 2015, revenue for the Travel & Recreation Group segment was $37.9 million, an increase of $0.3 million as compared to the first six months of 2014. Revenue for the Travel & Recreation Group segment for the first six months of 2015 was affected by exchange rate variances, which had an unfavorable impact of $4.3 million, as compared to the first six months of 2014. The acquisition of the West Glacier properties contributed incremental revenue of $1.1 million. Organic revenue, which excludes the impact of exchange rate variances and acquisitions, increased by $3.5 million, or 9.2 percent, driven by the attractions and hospitality properties.

For the three months and six months ended June 30, 2015, the improved revenue from attractions was primarily due to increased visitation to the Banff Gondola and the Glacier Adventure Tour from favorable weather conditions as well as higher effective rates resulting from yield management efforts. The increase in hospitality revenue was primarily driven by the incremental revenue from the acquisition of the West Glacier properties, RevPAR improvement at the Alaska Denali Travel properties, the Mount Royal Hotel, and the St. Mary Lodge, and growth in ancillary revenue from food and beverage and retail. The decrease in package tours revenue was primarily due to decreased business from an Australian tour operator.  Transportation revenue decreased compared to the prior year primarily due to the termination of a municipal transit contract.

Segment Operating Income. Segment operating income for the Travel & Recreation Group segment increased $1.1 million to $6.2 million, as compared to the second quarter of 2014. Segment operating income for the Travel & Recreation Group segment for the second quarter of 2015 was affected by exchange rate variances, which had an unfavorable impact of $1.1 million, as compared to the second quarter of 2014. The acquisition of the West Glacier properties contributed incremental segment operating income of $0.1 million. Organic segment operating income increased $2.1 million, or 40.2 percent.

For the first six months of 2015, segment operating income for the Travel & Recreation Group segment was $1.4 million, an increase of $1.1 million as compared to the first six months of 2014. Segment operating income for the Travel & Recreation Group segment for the first six months of 2015 was affected by exchange rate variances, which had an unfavorable impact of $0.7 million, as compared to the first six months of 2014. The acquisition of the West Glacier properties contributed an incremental segment operating loss of $0.1 million. Organic segment operating income increased by $1.9 million.

The increases in organic segment operating income for the three and six months ended June 30, 2015 were primarily due to the strong revenue growth from higher margin lines of business as well as cost management efforts to minimize expenses during the seasonally slower part of the year.

Performance Measures. Management uses the following key business metrics to evaluate the Travel & Recreation Group hospitality business: revenue per available room (“RevPAR”), average daily rate (“ADR”) and occupancy. These metrics are commonly used in the hospitality industry to measure performance.

Revenue per Available Room. RevPAR is calculated as total rooms revenue divided by the total number of room nights available for all comparable Travel & Recreation Group hospitality properties during the period. Total rooms revenue does not include non-rooms revenue, which consists of ancillary revenue generated by hospitality properties, such as food and beverage and retail revenue. RevPAR measures the period-over-period change in rooms revenue for comparable hospitality properties. RevPAR is affected by average daily rate and occupancy, which have different implications on profitability.

Average Daily Rate. ADR is calculated as total rooms revenue divided by the total number of room nights sold for all comparable Travel & Recreation Group hospitality properties during the period. ADR is used to assess the pricing levels that the hospitality properties are able to generate. Increases in ADR at hospitality properties lead to increases in rooms revenue with no substantial effect on variable costs, therefore having a greater impact on margins than increases in occupancy.

Occupancy. Occupancy is calculated as the total number of room nights sold divided by the total number of room nights available for all comparable Travel & Recreation Group hospitality properties during the period. Occupancy measures the utilization of the available capacity at the hospitality properties. Increases in occupancy result in increases in rooms revenue

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and additional variable operating costs (including housekeeping services, utilities and room amenity costs), as well as increased ancillary non-rooms revenue (including food and beverage and retail revenue).

Management evaluates the performance of the Travel & Recreation Group attractions business utilizing the number of passengers and total attractions revenue per passenger. The number of passengers allows management to assess the volume of visitor activity at each attraction during the period. Total attractions revenue per passenger is calculated as total attractions revenue divided by the total number of passengers at all Travel & Recreation Group attractions during the period. Total attractions revenue includes ticket sales and ancillary revenue generated by attractions, such as food and beverage and retail revenue. Total attractions revenue per passenger measures the total spend per visitor that attraction properties are able to capture, which is important to the profitability of the attractions business.

The following table provides Travel & Recreation Group same-store key performance indicators for the three and six months ended June 30, 2015 and 2014. The same-store metrics below indicate the performance of all Travel & Recreation Group properties and attractions that were owned by Viad and operating at full capacity, considering seasonal closures, for the entirety of both periods presented. For Travel & Recreation Group properties and attractions located in Canada, comparisons to the prior year are on a constant U.S. dollar basis, using the current year quarterly average exchange rates for previous periods, to eliminate the positive or negative effects that result from translating. Management believes that this same-store constant currency basis provides better comparability between reporting periods. The same-store key performance indicators presented below exclude the hospitality metrics for the West Glacier properties (acquired July 1, 2014) as they do not have comparable results for the same periods in 2014.    

	Three Months Ended   June 30,								Six Months Ended   June 30,
(in thousands)	2015			2014			% Change		2015			2014			% Change
Same-Store Key Performance Indicators
Hospitality:
Room Nights Available	56,261			55,350			1.6	%	95,951			94,950			1.1	%
RevPAR	$	80		$	76		5.3	%	$	64		$	63		1.6	%
ADR	$	132		$	123		7.3	%	$	114		$	106		7.5	%
Occupancy	60.5		%	62.2		%	(1.7	)%	56.2		%	59.1		%	(2.9	)%
Attractions:
Passengers	394,789			365,798			7.9	%	442,564			402,681			9.9	%
Revenue Per Passenger	$	34		$	29		17.2	%	$	34		$	30		13.3	%

Hospitality. Room nights available increased for the three and six months ended June 30, 2015 primarily due to the Denali Cabins opening ten days earlier than prior year as a result of management’s review of a variety of factors, including the weather conditions, opening dates of other properties in the area, and availability of seasonal employees.

The increases in RevPAR for the three and six months ended June 30, 2015 were primarily driven by the Alaska Denali Travel properties, the Mount Royal Hotel, and the St. Mary Lodge. The Denali Backcountry Lodge experienced a strong increase in occupancy as compared to the prior year, when the property was negatively affected by flooding at the end of June 2014. Both the Denali Cabins and the Denali Backcountry Lodge were able to realize higher ADR. The Mount Royal Hotel saw increases in occupancy and ADR primarily due to increased foreign visitation driven by the weakening of the Canadian dollar as well as redirected guests from the Banff International Hotel, which was undergoing planned room renovations. The St. Mary Lodge also had increased occupancy and ADR primarily due to the earlier opening of the Going-to-the-Sun Road on June 20th (opened on July 3rd in 2014). There was a slight decrease in occupancy for the first three and six months of the year primarily due to the Banff International Hotel and Glacier Park Lodge. Banff International Hotel occupancy declined due to the planned room renovation activity. Glacier Park Lodge occupancy decreased primarily as a result of fewer group events booked.

Attractions. The number of passengers increased for the three and six months ended June 30, 2015 at the Banff Gondola, the Glacier Adventure Tour, and the Banff Lake Cruise due to favorable weather conditions. The increases in revenue per passenger for the three and six months ended June 30, 2015 were primarily driven by an increase in effective ticket prices.

During 2014, approximately 75 percent of revenue and 90 percent of segment operating income generated in the Travel & Recreation Group segment were derived through its Canadian operations. These operations are largely affected by foreign customer visitation, and, accordingly, increases in the value of the Canadian dollar, as compared to other currencies, could

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adversely affect customer volumes, revenue and segment operating income for the Travel & Recreation Group. Additionally, the Travel & Recreation Group is affected by consumer discretionary spending on tourism activities.

2015 Outlook. For the 2015 full year, management expects the Travel & Recreation Group’s revenue to be comparable to 2014 driven by the growth of the underlying business, offset by unfavorable currency translation. Management anticipates that foreign currency exchange rate variances versus 2014 will have an unfavorable impact on the Travel & Recreation Group’s 2015 full year revenue and segment operating income of approximately $13 million and $4 million, respectively. Although a portion of Glacier National Park is currently being affected by forest fire activity, management does not expect this activity to have a material impact on the Travel & Recreation Group results for 2015.

Corporate Activities. Corporate activities expense was $2.0 million in the second quarter of 2015 and 2014. For the first six months of 2015, corporate activities expense was $4.8 million, as compared to $4.0 million for the same period of 2014. The increase in corporate activities expense for the first six months of 2015 was primarily related to consulting and other transaction-related costs associated with acquisitions and costs related to a shareholder nomination and settlement agreement.

Restructuring Charges. Viad recorded net restructuring charges of $1.1 million in the second quarter of 2015, as compared to $1.4 million in the second quarter of 2014. For the first six months of 2015, restructuring charges were $1.3 million, as compared to $1.6 million for the same period of 2014. Restructuring charges for the three and six months ended June 30, 2015 were primarily related to the elimination of certain positions and facility consolidations in the Marketing & Events Group, as well as the elimination of certain positions at the Corporate office and the Travel & Recreation Group. Restructuring charges for the three and six months ended June 30, 2014 were primarily related to severance arrangements within the Marketing & Events International segment.

Impairment Charges. In the second quarter of 2014, Viad recorded impairment charges of $0.9 million at the Marketing & Events Group related to the write-off of certain internally developed software.

Income Taxes. The effective tax rate for the second quarter of 2015 was 31.8 percent, as compared to 18.6 percent for the second quarter of 2014. For the first six months of 2015, the effective tax rate was 26.0 percent as compared to 17.0 percent for the same period of 2014. The first six months of 2015 included a $1.6 million non-cash tax benefit related to deferred taxes associated with certain foreign intangibles. This resulted in a $0.08 per share non-recurring tax benefit. The relatively low effective tax rates for the three and six months ended June 30, 2014 were primarily due to the projected release of a portion of the valuation allowance related to foreign tax credits and state net operating loss carryforwards and certain adjustments to deferred tax assets.

Discontinued Operations. On December 31, 2013, Glacier Park’s concession contract with the Park Service to operate lodging, tour and transportation and other hospitality services for Glacier National Park expired. Upon completion of the contract term, Viad received cash payments in January 2014 totaling $25.0 million for the Company’s possessory interest.This resulted in a pre-tax gain of $21.5 million and an after-tax gain of $14.3 million, as of June 30, 2014, which was recorded as income from discontinued operations. The loss from discontinued operations for the three months ended June 30, 2014 related to the allocation of taxes to the possessory interest gain and additional reserves related to certain liabilities associated with previously sold operations.

Liquidity and Capital Resources

Cash and cash equivalents were $64.9 million as of June 30, 2015, as compared to $57.0 million as of December 31, 2014. During the six months ended June 30, 2015, the Company generated net cash flow from operating activities of $38.0 million primarily from results of operations. Management believes that Viad’s existing sources of liquidity will be sufficient to fund operations and capital commitments for at least the next 12 months.

As of June 30, 2015, the Company had $45.9 million of its cash and cash equivalents held outside of the United States. Of the total amount, $31.7 million was held in Canada, $7.7 million in the United Kingdom, $3.8 million in the Netherlands, $1.6 million in the United Arab Emirates and $1.1 million in Germany. There are certain earnings related to the Company’s Canadian operations that have historically been deemed permanently reinvested. As of June 30, 2015, the incremental tax associated with these earnings if the cash balances were repatriated to the United States would approximate $0.6 million.

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Cash Flows

Operating Activities

	Six Months Ended   June 30,
(in thousands)	2015			2014
Net income	$	20,160		$	31,028
Depreciation and amortization	17,870			13,959
Deferred income taxes	(1,147		)	8,521
(Income) loss from discontinued operations	70			(14,002		)
Other non-cash items	6,430			6,802
Changes in assets and liabilities	(5,363		)	(18,143		)
Net cash provided by operating activities	$	38,020		$	28,165

Six Months EndedJune 30, 2015 - The unfavorable changes in assets and liabilities primarily consisted of an increase of $43.0 million in receivables, partially offset by increases in accounts payable and customer deposits of $22.9 million and $9.2 million, respectively. These changes reflect the volume and timing of revenue in the Marketing & Events Group during the first six months of 2015 as compared to activity occurring at the end of 2014.

Six Months EndedJune 30, 2014 - The unfavorable changes in assets and liabilities primarily consisted of increases in receivables of $32.2 million and $12.0 million in inventories, partially offset by increases in accounts payable and customer deposits of $25.1 million and $13.5 million, respectively. These changes reflect the timing of revenue in the Marketing & Events Group during the first six months of 2014 as compared to activity occurring at the end of 2013.

Investing Activities

	Six Months Ended   June 30,
(in thousands)	2015			2014
Capital expenditures	$	(13,150	)	$	(13,404	)
Proceeds from disposition of property and other assets	751			417
Cash paid for acquired business	(123		)	—
Proceeds from possessory interest and personal property - discontinued operations	—			25,000
Net cash provided by (used in) investing activities	$	(12,522	)	$	12,013

Six Months EndedJune 30, 2015 - Cash used in investing activities was driven by $13.2 million of capital expenditures primarily related to equipment and computer hardware at both the Marketing & Events Group and Travel & Recreation Group.

Six Months EndedJune 30, 2014 - Cash provided by investing activities was driven by $25.0 million received for the Company’s possessory interest at Glacier Park, partially offset by $13.4 million of capital expenditures primarily related to rental inventory, leasehold improvements and equipment and computer hardware for the Marketing & Events U.S. segment as well as computer software and leasehold improvements for the Travel & Recreation Group.

35

Financing Activities

	Six Months Ended   June 30,
(in thousands)	2015			2014
Proceeds from borrowings	$	30,000		$	25,000
Payments on debt and capital lease obligations	(38,100		)	(25,476		)
Dividends paid on common stock	(4,008		)	(34,534		)
Common stock purchased for treasury	(5,969		)	(11,610		)
Other	2,367			1,196
Net cash used in financing activities	$	(15,710	)	$	(45,424	)

Six Months EndedJune 30, 2015 - Cash used in financing activities primarily consisted of net debt payments of $8.1 million, $6.0 million for the repurchase of common stock for treasury and $4.0 million for quarterly dividend payments.

Six Months EndedJune 30, 2014 - Cash used in financing activities primarily consisted of $34.5 million used for payments of quarterly dividends and a special cash dividend on common stock and $11.6 million used for the repurchase of common stock for treasury. On January 24, 2014, Viad announced that its Board of Directors declared a special cash dividend of $1.50 per share, which was paid on February 14, 2014.

Debt and Capital Lease Obligations

Effective December 2014, Viad entered into a $300 million Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement provides for a senior credit facility in the aggregate amount of $300 million, which consists of a $175 million revolving credit facility (the “Revolving Credit Facility”) and a $125 million term loan (the “Term Loan”).

As of June 30, 2015, Viad’s total debt was $133.3 million, consisting of outstanding borrowings under the Term Loan and Revolving Credit Facility of $121.9 million and $10.0 million, respectively, and capital lease obligations of $1.4 million. As of December 31, 2014, Viad’s total debt was $141.0 million, consisting of outstanding borrowings under the Term Loan and Revolving Credit Facility of $125.0 million and $14.5 million, respectively, and capital lease obligations of $1.5 million. As of June 30, 2015, Viad had $162.4 million of capacity remaining under its Credit Facility reflecting outstanding letters of credit of $2.6 million and the outstanding balance under the Revolving Credit Facility of $10.0 million, respectively.

Borrowings under the Revolving Credit Facility (of which GES and GES Event Intelligence Services, Inc. are guarantors) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to Viad’s leverage ratio. Commitment fees and letters of credit fees are also tied to Viad’s leverage ratio. The fees on the unused portion of the Credit Facility are currently 0.40 percent annually.

As of June 30, 2015, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities entered into by the Company’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of June 30, 2015 would be $3.6 million. These guarantees relate to leased facilities and expire through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.

The estimated fair value of total debt was $105.1 million million and $123.0 million as of June 30, 2015 and December 31, 2014, respectively. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity.

36

Share Repurchases

Viad has announced the authorization of its Board of Directors to repurchase shares of the Company’s common stock from time to time at prevailing market prices. During the six months ended June 30, 2015 and 2014, the Company repurchased 141,462 shares and 448,436 shares on the open market at a total cost of $3.8 million and $10.6 million, respectively. As of June 30, 2015, 440,540 shares remained available for repurchase. The authorization of the Board of Directors does not have an expiration date. In addition, during the six months ended June 30, 2015 and 2014, the Company repurchased 34,184 shares for $0.9 million and 44,806 shares for $1.0 million, respectively, related to tax withholding requirements on vested share-based awards.

Critical Accounting Policies and Estimates

Refer to Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations of Viad’s Annual Report on Form 10-K for the year ended December 31, 2014, for a discussion of critical accounting policies and estimates.

Impact of Recent Accounting Pronouncements:

For a description of recently issued accounting pronouncements, including the expected dates of adoption and estimated effects, if any, on Viad’s condensed consolidated financial statements, refer to Note 1, Basis of Presentation and Principles of Consolidation, in Item 1, Financial Statements.

Forward-Looking Statements:

As provided by the safe harbor provision under the Private Securities Litigation Reform Act of 1995, Viad cautions readers that, in addition to historical information contained herein, this quarterly report includes certain information, assumptions and discussions that may constitute forward-looking statements. These forward-looking statements are not historical facts, but reflect current estimates, projections, expectations, or trends concerning future growth, operating cash flows, availability of short-term borrowings, consumer demand, new or renewal business, investment policies, productivity improvements, ongoing cost reduction efforts, efficiency, competitiveness, legal expenses, tax rates and other tax matters, foreign exchange rates and the realization of restructuring cost savings. Actual results could differ materially from those discussed in the forward-looking statements. Viad’s businesses can be affected by a host of risks and uncertainties. Among other things, natural disasters, gains and losses of customers, consumer demand patterns, labor relations, purchasing decisions related to customer demand for exhibition and event services, existing and new competition, industry alliances, consolidation and growth patterns within the industries in which Viad competes, acquisitions, capital allocations, adverse developments in liabilities associated with discontinued operations and any deterioration in the economy, may individually or in combination impact future results. In addition to factors mentioned elsewhere, economic, competitive, governmental, technological, capital marketplace and other factors, including terrorist activities or war, a pandemic health crisis and international conditions, could affect the forward-looking statements in this quarterly report. Additional information concerning business and other risk factors that could cause actual results to materially differ from those in the forward looking statements are discussed in “Risk Factors” in the risk factors sections included in Viad’s 2014 Annual Report.

Information about Viad obtained from sources other than the Company may be out-of-date or incorrect. Please rely only on Company press releases, SEC filings and other information provided by the Company, keeping in mind that forward-looking statements speak only as of the date made. Viad undertakes no obligation to update any forward-looking statements, including prior forward-looking statements, to reflect events or circumstances arising after the date as of which the forward-looking statements were made.

Item 3.Quantitative and Qualitative Disclosures About Market Risk.

Viad’s market risk exposures relate to fluctuations in foreign exchange rates, interest rates and certain commodity prices. Foreign exchange risk is the risk that fluctuating exchange rates will adversely affect Viad’s financial condition or results of operations. Interest rate risk is the risk that changing interest rates will adversely affect the earnings of Viad. Commodity risk is the risk that changing prices will adversely affect results of operations.

Viad conducts its foreign operations primarily in Canada, the United Kingdom, Germany and to a lesser extent in certain other countries. The functional currency of Viad’s foreign subsidiaries is their local currency. Accordingly, for purposes of consolidation, Viad translates the assets and liabilities of its foreign subsidiaries into U.S. dollars at the foreign exchange rates in effect at the balance sheet date. The unrealized gains or losses resulting from the translation of these foreign denominated assets and liabilities are included as a component of accumulated other comprehensive income in Viad’s consolidated balance sheets. As a result, significant fluctuations in foreign exchange rates relative to the U.S. dollar may result in material changes

37

to Viad’s net equity position reported in its consolidated balance sheets. Viad does not currently hedge its equity risk arising from the translation of foreign denominated assets and liabilities. Viad had cumulative unrealized foreign currency translation gains recorded in stockholders’ equity of $0.8 million as of June 30, 2015 and gains of $12.4 million as of December 31, 2014. During the three and six months ended June 30, 2015, unrealized foreign currency translation gains of $6.0 million and losses of $11.6 million, respectively, were recorded in other comprehensive income. During the three and six months ended June 30, 2014, unrealized foreign currency translation gains of $6.6 million and losses of $0.2 million, respectively, were recorded in other comprehensive income.

In addition, for purposes of consolidation, the revenue, expenses, gains and losses related to Viad’s foreign operations are translated into U.S. dollars at the average foreign exchange rates for the period. As a result, Viad’s consolidated results of operations are exposed to fluctuations in foreign exchange rates as the operating results of its foreign operations, when translated, may vary from period to period, even when the functional currency amounts have not changed. Such fluctuations may adversely impact overall expected profitability and historical period-to-period comparisons. Viad does not currently hedge its net earnings exposure arising from the translation of its foreign operating results.

The following table summarizes the effects of foreign exchange rate variances on segment operating results from Viad’s significant international operations for the three and six months ended June 30, excluding the effect of 2014 acquisitions:

	Weighted-Average Exchange Rates				Effect of Rate Variance (in thousands)			Weighted-Average Exchange Rates				Effect of Rate Variance (in thousands)
	Three Months Ended   June 30,							Six Months Ended   June 30,
	2015		2014					2015		2014
Marketing & Events Group:
Canada	$	0.81	$	0.90	$	(361	)	$	0.80	$	0.90	$	(463	)
United Kingdom	$	1.54	$	1.69	(666		)	$	1.53	$	1.68	(792		)
Germany	$	1.11	$	1.40	$	(135	)	$	1.06	$	1.37	(100		)
					$	(1,162	)					$	(1,355	)
Travel & Recreation Group
Canada	$	0.81	$	0.93	$	(1,069	)	$	0.81	$	0.94	$	(690	)
					$	(2,231	)					$	(2,045	)

Viad’s operating results were primarily impacted by the weakening of the British pound and Canadian dollar relative to the U.S. dollar. Future changes in the exchange rates may impact overall expected profitability and historical period-to-period comparisons when operating results are translated into U.S. dollars.

Item 4.Controls and Procedures.

Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of Viad, the effectiveness of the design and operation of disclosure controls and procedures has been evaluated as of June 30, 2015, and, based on that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that these disclosure controls and procedures were effective as of June 30, 2015. Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in such reports is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow for timely decisions regarding required disclosure.

There were no changes in the Company’s internal control over financial reporting during the second quarter of 2015 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

38

PART II - OTHER INFORMATION

Item 1.Legal Proceedings

Refer to Note 18, Litigation, Claims, Contingencies and Other, in Part I, Item 1, Financial Statements, for information regarding legal proceedings involving the Company.

Item 1A. Risk Factors

In addition to other information set forth in this report, careful consideration should be given to the factors discussed in Part I, Item 1A - Risk Factors and Part II, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations of Viad’s Annual Report on Form 10-K for the year ended December 31, 2014, which could materially affect the Company’s business, financial condition and/or future results.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

Set forth below is a table showing the total number of shares of Viad’s common stock that were repurchased during the second quarter of 2015 by Viad pursuant to publicly announced plans or programs, as well as from employees, former employees and non-employee directors surrendering previously owned Viad common stock (outstanding shares) to pay the taxes in connection with the vesting of restricted stock awards.

ISSUER PURCHASES OF EQUITY SECURITIES

Period	Total Number of Shares Purchased (#)	Average Price Paid Per Share ($)	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs(1)
April 2015	395	26.90	—	440,540
May 2015	734	27.17	—	440,540
June 2015	249	26.85	—	440,540
Total	1,378	27.03	—	440,540

⁽¹⁾Viad has announced the authorization of its Board of Directors to repurchase shares of the Company’s common stock from time to time at prevailing market prices. During the six months ended June 30, 2015, the Company repurchased 141,462 shares on the open market at a total cost of $3.8 million and as of June 30, 2015, 440,540 shares remain available for repurchase. The authorization of the Board of Directors does not have an expiration date. The terms of the Credit Agreement allow Viad to pay dividends or purchase the Company’s common stock up to $20 million in the aggregate in any calendar year, with additional dividends, share repurchases or distributions of stock permitted if the Company’s leverage ratio is less than or equal to 2.00 to 1.00, and the Liquidity Amount (defined as cash in the U.S. and Canada plus available revolver borrowings on a pro forma basis) is not less than $100 million, and no default or unmatured default, as defined in the Credit Agreement, exists.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5.Other Information

None.

39

Item 6. Exhibits

Exhibit #	Exhibit Description
31.1	Exhibit of Certification of Chief Executive Officer of Viad Corp pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Exhibit of Certification of Chief Financial Officer of Viad Corp pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Additional Exhibit of Certification of Chief Executive Officer of Viad Corp pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2	Additional Exhibit of Certification of Chief Financial Officer of Viad Corp pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS	XBRL Instance Document.*
101.SCH	XBRL Taxonomy Extension Schema Document.*
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.*
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.*
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.*

* Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VIAD CORP
	(Registrant)
August 7, 2015	By:	/s/ Leslie S. Striedel
(Date)		Leslie S. Striedel
		Chief Accounting Officer
		(Chief Accounting Officer and Authorized Officer)

40

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Steven W. Moster, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Viad Corp;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

    (a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

    (b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

    (c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

    (d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

    (a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

    (b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 7, 2015	By: /s/ Steven W. Moster
		Steven W. Moster
		President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Ellen M. Ingersoll, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Viad Corp;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

    (a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

    (b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

    (c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

    (d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

    (a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

    (b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	August 7, 2015	By: /s/ Ellen M. Ingersoll
		Ellen M. Ingersoll
		Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification Pursuant To

18 U.S.C. Section 1350,

As Adopted Pursuant To

Section 906 of the Sarbanes-Oxley Act of 2002

I, Steven W. Moster, Chief Executive Officer of Viad Corp, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.    the report on Form 10-Q of Viad Corp for the three months ended June 30, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78m or 78o(d)); and

2.    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Viad Corp.

Date:	August 7, 2015	By: /s/ Steven W. Moster
		Steven W. Moster
		President and Chief Executive Officer

EX-32.2

Exhibit 32.2

Certification Pursuant To

18 U.S.C. Section 1350,

As Adopted Pursuant To

Section 906 of the Sarbanes-Oxley Act of 2002

I, Ellen M. Ingersoll, Chief Financial Officer of Viad Corp, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.    the report on Form 10-Q of Viad Corp for the three months ended June 30, 2015 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78m or 78o(d)); and

2.    the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Viad Corp.

Date:	August 7, 2015	By: /s/ Ellen M. Ingersoll
		Ellen M. Ingersoll
		Chief Financial Officer

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Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Reconciliation of Stockholders' Equity to Noncontrolling Interests

The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the six months ended June 30, 2015 and 2014:

(in thousands)	Total Viad Stockholders’ Equity			Noncontrolling Interest			Total Stockholders’ Equity
Balance at December 31, 2014	$	335,387		$	12,315		$	347,702
Net income (loss)	20,333			(173		)	20,160
Dividends on common stock	(4,008		)	—			(4,008		)
Common stock purchased for treasury	(5,969		)	—			(5,969		)
Employee benefit plans	4,790			—			4,790
Unrealized foreign currency translation adjustment	(11,626		)	—			(11,626		)
Tax benefits from share-based compensation	232			—			232
Other changes to accumulated other comprehensive income	298			—			298
Other	(1		)	(1		)	(2		)
Balance at June 30, 2015	$	339,436		$	12,141		$	351,577

(in thousands)	Total Viad Stockholders’ Equity			Noncontrolling Interest		Total Stockholders’ Equity
Balance at December 31, 2013	$	347,441		$	9,102	$	356,543
Net income	28,624			2,404		31,028
Dividends on common stock	(34,534		)	—		(34,534		)
Common stock purchased for treasury	(11,610		)	—		(11,610		)
Employee benefit plans	4,004			—		4,004
Unrealized foreign currency translation adjustment	(151		)	—		(151		)
Unrealized gain on investments	50			—		50
ESOP allocation adjustment	44			—		44
Other	36			—		36
Balance at June 30, 2014	$	333,904		$	11,506	$	345,410

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in accumulated other comprehensive income (“AOCI”) by component were as follows:

(in thousands)	Unrealized Gains on Investments			Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income
Balance at December 31, 2014	$	471		$	12,415		$	(13,280	)	$	(394	)
Other comprehensive income (loss) before reclassifications	168			(11,626		)	—			(11,458		)
Amounts reclassified from AOCI, net of tax	(34		)	—			(31		)	(65		)
Net other comprehensive income (loss)	134			(11,626		)	(31		)	(11,523		)
Balance at June 30, 2015	$	605		$	789		$	(13,311	)	$	(11,917	)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents information about reclassification adjustments out of AOCI for the six months ended June 30:

							Affected Line Item in the Statement Where Net Income is Presented
(in thousands)	2015			2014
Unrealized gains on investments	$	54		$	40		Interest income
Tax effect	(20		)	(15		)	Income taxes
	$	34		$	25
Recognized net actuarial loss(1)	$	(345	)	$	(413	)
Amortization of prior service credit(1)	275			353
Tax effect	101			23			Income taxes
	$	31		$	(37	)

⁽¹⁾ Amount included in pension expense. Refer to Note 16, Pension and Postretirement Benefits.

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Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid software maintenance	$ 4,173	$ 1,934
Income tax receivable	3,182	1,869
Prepaid vendor payments	2,596	2,689
Prepaid rent	1,300	186
Prepaid taxes	1,213	1,416
Prepaid insurance	852	2,170
Prepaid other	4,344	4,427
Other	1,891	2,749
Other current assets	$ 19,551	$ 17,440

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Share-Based Compensation - Summary of Stock Option Activity (Details) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Summary of stock option activity
Options outstanding, Beginning Balance, Shares	247,590
Exercised, Shares	(47,029)
Forfeited or Expired, Shares	(129,741)
Options outstanding, Ending Balance, Shares	70,820
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding, Beginning Balance, Weighted Average Exercise Price	$ 17.82
Exercised, Weighted Average Exercise Price	16.62
Forfeited or Expired, Weighted Average Exercise Price	18.91
Options outstanding, Ending Balance, Weighted Average Exercise Price	$ 16.62
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, Beginning Balance, Options Exercisable	247,590
Options outstanding, Ending Balance, Options Exercisable	70,820

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Stockholders' Equity - Reclassification out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income Tax Expense (Benefit)	$ 10,372	$ 1,796	$ 7,105	$ 3,493
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			65
Unrealized Gains on Investments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax			54	40
Income Tax Expense (Benefit)			(20)	(15)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			34	25
Unrecognized Net Actuarial Loss and Prior Service Credit, Net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax			(345)	(413)
Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax			275	353
Income Tax Expense (Benefit)			101	23
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax			$ 31	$ (37)

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Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property and Equipment
Gross property and equipment	$ 479,663	$ 487,899
Less: accumulated depreciation	(287,654)	(288,328)
Property and equipment, net	192,009	199,571
Land and land interests
Property and Equipment
Gross property and equipment	29,722	30,360
Buildings and leasehold improvements
Property and Equipment
Gross property and equipment	135,225	138,104
Equipment and other
Property and Equipment
Gross property and equipment	$ 314,716	$ 319,435

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Segment Information - Reconciliation of Income Statement Items from Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reportable segments reconciliations:
Total revenues	$ 317,035	$ 256,391	$ 581,431	$ 542,032
Segment operating income (loss)	(34,303)	(12,145)	(30,368)	(23,467)
Interest income	443	54	506	119
Interest expense	(1,103)	(309)	(2,254)	(607)
Restructuring charges	(1,069)	(1,365)	(1,285)	(1,576)
Impairment charges			0	(884)
Income from continuing operations before income taxes	32,574	9,641	27,335	20,519
Marketing & Events Group
Reportable segments reconciliations:
Total revenues	286,569	226,586	543,497	504,409
Segment operating income (loss)	(30,083)	(9,020)	(33,767)	(27,190)
Restructuring charges	(383)	(244)	(471)	(206)
Marketing & Events International
Reportable segments reconciliations:
Restructuring charges	(133)	(990)	(271)	(1,520)
Impairment charges	0	(884)	0	(884)
Travel & Recreation Group
Reportable segments reconciliations:
Total revenues	30,466	29,805	37,934	37,623
Segment operating income (loss)	(6,203)	(5,116)	(1,394)	(307)
Restructuring charges	(148)	(135)	(142)	71
Other Segments
Reportable segments reconciliations:
Segment operating income (loss)	(36,286)	(14,136)	(35,161)	(27,497)
Corporate
Reportable segments reconciliations:
Segment operating income (loss)	(1,983)	(1,991)	(4,793)	(4,030)
Restructuring charges	(405)	4	(401)	79
Intersegment Eliminations | Marketing & Events Group
Reportable segments reconciliations:
Total revenues	(7,903)	(5,632)	(9,154)	(7,922)
U.S. | Marketing & Events Group
Reportable segments reconciliations:
Total revenues	208,749	168,839	401,692	390,234
Segment operating income (loss)	(18,974)	(5,124)	(21,611)	(20,975)
International | Marketing & Events Group
Reportable segments reconciliations:
Total revenues	85,723	63,379	150,959	122,097
Segment operating income (loss)	$ (11,109)	$ (3,896)	$ (12,156)	$ (6,215)

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Share-Based Compensation - Summary of Share-Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of share-based compensation expense
Share-based compensation before income tax benefit	$ 875	$ 1,112	$ 2,106	$ 1,503
Income tax benefit	(325)	(417)	(792)	(569)
Share-based compensation, net of income tax benefit	550	695	1,314	934
Restricted stock
Summary of share-based compensation expense
Share-based compensation before income tax benefit	506	759	1,100	1,413
Performance unit incentive plan (“PUP”)
Summary of share-based compensation expense
Share-based compensation before income tax benefit	376	326	988	95
Restricted stock units
Summary of share-based compensation expense
Share-based compensation before income tax benefit	$ (7)	$ 27	$ 18	$ (5)

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Other Investments and Assets (Tables)

6 Months Ended

Jun. 30, 2015

Investments, All Other Investments [Abstract]

Summary of other investments and assets

Other investments and assets consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Cash surrender value of life insurance	$	20,939	$	20,866
Self-insured liability receivable	7,728		7,728
Workers’ compensation insurance security deposits	4,250		4,250
Other mutual funds	2,371		2,536
Other	5,521		5,294
Other investments and assets	$	40,809	$	40,674

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Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from possessory interest and personal property—discontinued operations				$ 0	$ 25,000
(Income) loss from discontinued operations		$ (78)	$ 1,236	$ 70	(14,002)
Glacier Park
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from possessory interest and personal property—discontinued operations	$ 25,000
Gain on Possessory Interest, before Tax	21,500
Gain on Possessory Interest, Net of Tax, Attributable to Parent Only	14,300
Gain on Possessory Interest, Net of Tax, Attributable to Noncontrolling Interest	$ 2,700
(Income) loss from discontinued operations			$ 964		$ (14,274)

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Operating Loss Carryforwards [Line Items]
Effective income tax rate	31.80%	18.60%	26.00%	17.00%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			35.00%
Tax credit carryforward					$ 21.8
Liability for uncertain tax positions from continuing operations	$ 1.2		$ 1.2		1.3
Liability for uncertain tax positions from discontinued operations	1.0		1.0		1.1
Liability for uncertain tax positions	$ 2.2		$ 2.2		2.4
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Tax credit carryforward expiration period			10 years
Tax credit carryforward					$ 12.7

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Other Investments and Assets - Summary of Other Investments and Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Investments, All Other Investments [Abstract]
Cash surrender value of life insurance	$ 20,939	$ 20,866
Self-insured liability receivable	7,728	7,728
Workers’ compensation insurance security deposits	4,250	4,250
Other mutual funds	2,371	2,536
Other	5,521	5,294
Other investments and assets	$ 40,809	$ 40,674

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Restructuring Charges - Reconciliation of Beginning and Ending Liability Balances by Major Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of beginning and ending liability balances by major restructuring activity
Beginning Balance			$ 1,944
Restructuring charges	$ 1,069	$ 1,365	1,285	$ 1,576
Restructuring liabilities			(1,669)	(3,001)
Adjustment to liability			(144)
Closing Balance	1,416		1,416
Marketing & Events Group
Reconciliation of beginning and ending liability balances by major restructuring activity
Restructuring charges	383	$ 244	471	$ 206
Marketing & Events Group | Severance & Employee Benefits
Reconciliation of beginning and ending liability balances by major restructuring activity
Beginning Balance			543
Restructuring charges			643
Restructuring liabilities			(891)
Adjustment to liability			0
Closing Balance	295		295
Marketing & Events Group | Facilities
Reconciliation of beginning and ending liability balances by major restructuring activity
Beginning Balance			1,161
Restructuring charges			98
Restructuring liabilities			(235)
Adjustment to liability			0
Closing Balance	1,024		1,024
Other Restructuring | Severance & Employee Benefits
Reconciliation of beginning and ending liability balances by major restructuring activity
Beginning Balance			240
Restructuring charges			544
Restructuring liabilities			(543)
Adjustment to liability			(144)
Closing Balance	$ 97		$ 97

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Discontinued Operations - Reconciliation of Noncontrolling Interest, Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]
Loss from continuing operations			$ (173)	$ (264)
Income from discontinued operations			0	2,668
Net income (loss) attributable to noncontrolling interest	$ (109)	$ (133)	$ (173)	$ 2,404

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Litigation, Claims, Contingencies and Other (Details) - Jun. 30, 2015	USD ($) Agreement
Loss Contingencies [Line Items]
Environmental remediation liability	$ 4,600,000
Maximum potential amount of future payments	$ 3,600,000
Guarantees relate to leased facilities expiry date	October 2017
Recourse provision to recover guarantees	$ 0
Bargaining agreements | Agreement	100
Self insurance reserve	$ 19,500,000
Workers' compensation liability	12,300,000
Self insurance reserve for general and auto	7,200,000
Self insurance reserve on discontinued operations	4,400,000
Payments for self insurance	2,400,000
Self insurance reserve in which company is the primary obligor	7,700,000
Self insurance reserve in which company is the primary obligor for workers compensation	4,600,000
Self insurance reserve in which company is the primary obligor for general liability	3,100,000
Minimum
Loss Contingencies [Line Items]
General range on claims	200,000.0
Maximum
Loss Contingencies [Line Items]
General range on claims	$ 500,000.0

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Income (Loss) Per Share - Reconciliation of Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Numerator:
Net income attributable to Viad	$ 22,389	$ 6,742	$ 20,333		$ 28,624
Less: Allocation to non-vested shares	(321)	(124)	(304)		(546)
Net income allocated to Viad common stockholders	$ 22,068	$ 6,618	$ 20,029		$ 28,078
Denominator:
Weighted-average outstanding common shares	19,778	19,869	19,757		19,909
Additional dilutive shares related to share-based compensation	140	280	176		353
Weighted-average outstanding and potentially dilutive shares	19,918	20,149	19,933		20,262
Net income attributable to Viad common stockholders (USD per Share)	$ 1.12	$ 0.33	$ 1.01		$ 1.41
Net income attributable to Viad common stockholders (USD per share)	$ 1.12	$ 0.33	$ 1.01	[1]	$ 1.41	[1]

[1] Diluted income per share amount cannot exceed basic income per share.

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Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment Information

Segment Information

Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International (together the “Marketing & Events Group”) and the Travel & Recreation Group.

Viad measures profit and performance of its operations on the basis of segment operating income which excludes restructuring charges and recoveries and impairment charges and recoveries. Intersegment sales are eliminated in consolidation and intersegment transfers are not significant. Corporate activities include expenses not allocated to operations. Depreciation and amortization and share-based compensation expense are the only significant non-cash items for the reportable segments. Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows:

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands)	2015			2014			2015			2014
Revenue:
Marketing & Events Group:
U.S.	$	208,749		$	168,839		$	401,692		$	390,234
International	85,723			63,379			150,959			122,097
Intersegment eliminations	(7,903		)	(5,632		)	(9,154		)	(7,922		)
Total Marketing & Events Group	286,569			226,586			543,497			504,409
Travel & Recreation Group	30,466			29,805			37,934			37,623
Total revenue	$	317,035		$	256,391		$	581,431		$	542,032
Segment operating income:
Marketing & Events Group:
U.S.	$	18,974		$	5,124		$	21,611		$	20,975
International	11,109			3,896			12,156			6,215
Total Marketing & Events Group	30,083			9,020			33,767			27,190
Travel & Recreation Group	6,203			5,116			1,394			307
Segment operating income	36,286			14,136			35,161			27,497
Corporate activities	(1,983		)	(1,991		)	(4,793		)	(4,030		)
Operating income	34,303			12,145			30,368			23,467
Interest income	443			54			506			119
Interest expense	(1,103		)	(309		)	(2,254		)	(607		)
Restructuring (charges) recoveries:
Marketing & Events U.S.	(383		)	(244		)	(471		)	(206		)
Marketing & Events International	(133		)	(990		)	(271		)	(1,520		)
Travel & Recreation Group	(148		)	(135		)	(142		)	71
Corporate	(405		)	4			(401		)	79
Impairment charges:
Marketing & Events International	—			(884		)	—			(884		)
Income from continuing operations before income taxes	$	32,574		$	9,641		$	27,335		$	20,519

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Acquisition of Businesses - Schedule of Recognized Assets Acquired and Liabilities Assumed (Details) $ in Thousands, € in Millions, £ in Millions						6 Months Ended
	Nov. 24, 2014 EUR (€)	Nov. 24, 2014 USD ($)	Oct. 07, 2014 USD ($)	Sep. 16, 2014 GBP (£)	Sep. 16, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Business Acquisition [Line Items]
Purchase price, net of cash acquired						$ 123	$ 0
Excess purchase price over fair value of net assets acquired (“goodwill”)						$ 190,035		$ 194,197
Blitz Communication Group Limited
Business Acquisition [Line Items]
Purchase price				£ 15	$ 24,416
Cash acquired					(190)
Purchase price, net of cash acquired					24,226
Accounts receivable, net					264
Inventory					433
Prepaid expenses					410
Property and equipment, net					5,951
Intangible assets					8,692
Total assets acquired					15,750
Accounts payable					1,232
Accrued liabilities					2,246
Customer deposits					199
Deferred tax liability					282
Revolving credit facility					488
Accrued dilapidations					417
Total liabilities acquired					(4,864)
Total fair value of net assets acquired					10,886
Excess purchase price over fair value of net assets acquired (“goodwill”)					$ 13,340
onPeak LLC
Business Acquisition [Line Items]
Purchase price			$ 42,950
Cash acquired			(4,064)
Purchase price, net of cash acquired			38,886
Accounts receivable, net			4,008
Prepaid expenses			640
Property and equipment, net			2,450
Other non-current assets			309
Intangible assets			14,100
Total assets acquired			21,507
Accounts payable			738
Accrued liabilities			3,341
Customer deposits			4,225
Deferred tax liability			1,576
Other liabilities			(309)
Total liabilities acquired			(10,189)
Total fair value of net assets acquired			11,318
Excess purchase price over fair value of net assets acquired (“goodwill”)			27,568
Travel Planners, Inc
Business Acquisition [Line Items]
Purchase price			33,674
Additional purchase price payable for tax election			896
Cash acquired			(4,204)
Working capital adjustment			(279)
Purchase price, net of cash acquired			30,087
Accounts receivable, net			1,450
Prepaid expenses			120
Property and equipment, net			93
Intangible assets			14,400
Total assets acquired			16,063
Accounts payable			488
Accrued liabilities			1,557
Customer deposits			4,525
Total liabilities acquired			(6,570)
Total fair value of net assets acquired			9,493
Excess purchase price over fair value of net assets acquired (“goodwill”)			$ 20,594
N200 Limited and Affiliates
Business Acquisition [Line Items]
Purchase price	€ 9.7	$ 12,068
Cash acquired		(943)
Working capital adjustment		458
Contingent consideration		1,145
Purchase price, net of cash acquired		12,728
Accounts receivable, net		1,732
Inventory		46
Prepaid expenses		115
Property and equipment, net		1,280
Intangible assets		3,682
Total assets acquired		6,855
Accounts payable		421
Accrued liabilities		1,057
Customer deposits		569
Deferred tax liability		911
Other liabilities		(106)
Total liabilities acquired		(3,064)
Total fair value of net assets acquired		3,791
Excess purchase price over fair value of net assets acquired (“goodwill”)		$ 8,937

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Restructuring Charges (Tables)

6 Months Ended

Jun. 30, 2015

Restructuring and Related Activities [Abstract]

Reconciliation of beginning and ending liability balances by major restructuring activity

The table below represents a reconciliation of beginning and ending liability balances by major restructuring activity:

	Marketing & Events Group Consolidation						Other Restructurings
(in thousands)	Severance & Employee Benefits			Facilities			Severance & Employee Benefits			Total
Balance at December 31, 2014	$	543		$	1,161		$	240		$	1,944
Restructuring charges	643			98			544			1,285
Cash payments	(891		)	(235		)	(543		)	(1,669		)
Adjustment to liability	—			—			(144		)	(144		)
Balance at June 30, 2015	$	295		$	1,024		$	97		$	1,416

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Pension and Postretirement Benefits - Narrative (Details) - Jun. 30, 2015 - USD ($) $ in Millions	Total
Pension Plans | Funded Plan
Defined Benefit Plan Disclosure [Line Items]
Amount expected to contribute in funded pension plans	$ 0.8
Pension Contributions	0.3
Pension Plans | Unfunded Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Amount expected to contribute in unfunded pension plans	0.6
Pension Contributions	0.3
US Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Amount expected to contribute in postretirement benefit plans	1.1
Pension and Other Postretirement Benefit Contributions	$ 0.7

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Debt and Capital Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Schedule of Debt

Long-term debt was as follows:

(in thousands)	June 30, 2015			December 31, 2014
Revolving Credit Facility and Term Loan, 2.3% and 2.4% weighted-average interest rate at June 30, 2015 and December 31, 2014, respectively, due through 2019	$	131,874		$	139,500
Capital lease obligations, 6.0% weighted-average interest at both June 30, 2015 and December 31, 2014, due through 2018	1,390			1,520
Total debt	133,264			141,020
Current portion	(29,532		)	(27,856		)
Long-term debt and capital lease obligations	$	103,732		$	113,164

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Acquisition of Businesses - Narrative (Details) € in Millions, £ in Millions							6 Months Ended
	Nov. 24, 2014 EUR (€)	Nov. 24, 2014 USD ($)	Oct. 07, 2014 USD ($)	Sep. 16, 2014 GBP (£)	Sep. 16, 2014 USD ($)	Jul. 01, 2014 USD ($)	Jun. 30, 2015 USD ($)	Nov. 24, 2014 USD ($)	Jul. 31, 2014 USD ($)
Business Acquisition [Line Items]
Acquisition adjustment for intangibles							$ 700,000
Acquisition adjustment for goodwill							(400,000)
West Glacier, Apgar Village, and other operations
Business Acquisition [Line Items]
Purchase price						$ 16,500,000
Liability for working capital adjustment									$ 300,000
Acquisition adjustment for assets acquired and liabilities assumed							0
Blitz Communication Group Limited
Business Acquisition [Line Items]
Purchase price				£ 15	$ 24,416,000
Acquisition adjustment for property, plant, and equipment							100,000
Acquisition adjustment for intangibles							16,000
Acquisition adjustment for accrued dilapidations							200,000
Acquisition adjustment for deferred taxes							41,000
Acquisition adjustment for goodwill							200,000
Goodwill expected to be tax deductible, term of recognition				15 years	15 years
Intangible assets					$ 8,692,000
Weighted average useful life of intangibles				6 years 10 months 24 days	6 years 10 months 24 days
onPeak LLC
Business Acquisition [Line Items]
Purchase price			$ 42,950,000
Acquisition adjustment for intangibles							200,000
Acquisition adjustment for deferred taxes							38,000
Acquisition adjustment for goodwill							(200,000)
Goodwill expected to be tax deductible, term of recognition			15 years
Intangible assets			$ 14,100,000
Weighted average useful life of intangibles			9 years 10 months 24 days
Escrow deposit			$ 4,100,000
Goodwill deductible			9,300,000
Travel Planners, Inc
Business Acquisition [Line Items]
Purchase price			$ 33,674,000
Acquisition adjustment for intangibles							600,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Payable Due to Tax Election							400,000
Goodwill expected to be tax deductible, term of recognition			15 years
Intangible assets			$ 14,400,000
Weighted average useful life of intangibles			9 years 9 months 18 days
Escrow deposit			$ 8,800,000
Working capital adjustment			(279,000)
Contingent liability			$ 900,000
Acquisition adjustment for accrued liabilities							100,000
N200 Limited and Affiliates
Business Acquisition [Line Items]
Purchase price	€ 9.7	$ 12,068,000
Acquisition adjustment for intangibles							(100,000)
Acquisition adjustment for deferred taxes							(20,000)
Acquisition adjustment for goodwill							(300,000)
Goodwill expected to be tax deductible, term of recognition	15 years	15 years
Intangible assets								$ 3,682,000
Weighted average useful life of intangibles				7 years 4 months 24 days	7 years 4 months 24 days
Working capital adjustment		$ 458,000
Contingent liability | €	€ 1.0
Acquisition adjustment for contingent consideration							100,000
Acquisition adjustment for working capital payable							500,000
Acquisition adjustment for accounts payable							15,000
Acquisition adjustment for accrued liabilities							$ 100,000

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Fair Value Measurements - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Cash and Cash Equivalents [Line Items]
Unrealized gains on the investments after-tax	$ 605,000	$ 471,000
Money market funds
Cash and Cash Equivalents [Line Items]
Unrealized gains on the investments	0
Other mutual funds
Cash and Cash Equivalents [Line Items]
Unrealized gains on the investments	1,000,000	800,000
Fair Value, Measurements, Recurring
Cash and Cash Equivalents [Line Items]
Assets, Fair Value Disclosure	9,691,000	11,054,000
Fair Value, Measurements, Recurring | Money market funds
Cash and Cash Equivalents [Line Items]
Assets, Fair Value Disclosure	7,320,000	8,518,000
Fair Value, Measurements, Recurring | Other mutual funds
Cash and Cash Equivalents [Line Items]
Assets, Fair Value Disclosure	$ 2,371,000	$ 2,536,000

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Goodwill and Other Intangible Assets - Estimated Amortization Expense Related to Amortized Intangible Assets (Details) $ in Thousands	Jun. 30, 2015 USD ($)
Estimated amortization expense related to amortized intangible assets
Remainder of 2015	$ 3,629
2016	6,444
2017	5,605
2018	4,613
2019	4,226
Thereafter	$ 12,397

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Share-Based Compensation - Summary of Liability Based Award Activity (Details) - 6 months ended Jun. 30, 2015 - Liability Based Awards - $ / shares	Total
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance, Shares	328,602
Granted, Shares	80,500
Vested, Shares	(104,740)
Forfeited or Cancelled, Shares	(24,130)
Ending Balance, Shares	280,232
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Weighted-Average Grant Date Fair Value	$ 23.30
Granted, Weighted-Average Grant Date Fair Value	27.33
Vested, Weighted-Average Grant Date Fair Value	20.50
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value	24.37
Ending Balance, Weighted-Average Grant Date Fair Value	$ 25.42
Performance unit incentive plan (“PUP”)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance, Shares	267,120
Granted, Shares	91,100
Vested, Shares	(103,555)
Forfeited or Cancelled, Shares	(22,300)
Ending Balance, Shares	232,365
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Weighted-Average Grant Date Fair Value	$ 23.51
Granted, Weighted-Average Grant Date Fair Value	27.31
Vested, Weighted-Average Grant Date Fair Value	20.60
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value	24.92
Ending Balance, Weighted-Average Grant Date Fair Value	$ 26.16
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning Balance, Shares	25,370
Granted, Shares	4,800
Vested, Shares	(11,123)
Forfeited or Cancelled, Shares	0
Ending Balance, Shares	19,047
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning Balance, Weighted-Average Grant Date Fair Value	$ 23.17
Granted, Weighted-Average Grant Date Fair Value	27.35
Vested, Weighted-Average Grant Date Fair Value	20.61
Forfeited or Cancelled, Weighted-Average Grant Date Fair Value	0.00
Ending Balance, Weighted-Average Grant Date Fair Value	$ 25.72

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Acquisition of Businesses

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Acquisition of Businesses

Acquisition of Businesses

2014 Acquisitions

West Glacier Properties

In July 2014, the Company acquired the West Glacier Properties. The purchase price was $16.5 million in cash with a working capital adjustment of $0.3 million, subject to certain adjustments. The working capital adjustment relates to the true- up of certain current assets and liabilities. As of June 30, 2015, there have been no changes in the fair values of the assets acquired and liabilities assumed as of the acquisition date compared to December 31, 2014. The results of operations of the West Glacier Properties have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

Blitz

In September 2014, the Company acquired Blitz, which has offices in the United Kingdom and is a leading audio-visual staging and creative services provider for the live events industry in the United Kingdom and continental Europe. The purchase price was £15 million (approximately $24.4 million) in cash, subject to certain adjustments.

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the three months ended March 31, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of approximately $0.1 million to property and equipment, net, $16,000 from intangible assets, $0.2 million to accrued lease obligations, $41,000 from deferred taxes and $0.2 million from goodwill. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, the balances in the table below as of June 30, 2015 remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price			$	24,416
Cash acquired			(190		)
Purchase price, net of cash acquired			24,226
Fair value of net assets acquired:
Accounts receivable, net	$	264
Inventory	433
Prepaid expenses	410
Property and equipment, net	5,951
Intangible assets	8,692
Total assets acquired	15,750
Accounts payable	1,232
Accrued liabilities	2,246
Customer deposits	199
Deferred tax liability	282
Revolving credit facility	488
Accrued dilapidations	417
Total liabilities acquired	4,864
Total fair value of net assets acquired			10,886
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	13,340

The goodwill is included in the Marketing & Events International segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature.

Identified intangible assets acquired in the Blitz acquisition totaled $8.7 million and consist of customer relationships, non-compete agreements and a trade name. The weighted-average amortization period related to the intangible assets is approximately 6.9 years. The results of operations of Blitz have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

onPeak LLC

In October 2014, the Company acquired onPeak LLC for a purchase price of $43.0 million in cash, subject to certain adjustments. Of the initial purchase price, $4.1 million was deposited at closing into escrow to secure post-closing purchase price adjustments, resolution of certain tax matters and other indemnity claims. onPeak LLC provides event accommodations services in North America to the live events industry.

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the three months ended March 31, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of approximately $0.2 million from intangible assets, $38,000 from deferred taxes and $0.2 million to goodwill. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, as of June 30, 2015, the balances in the table below remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price paid as:
Cash			$	42,950
Cash acquired			(4,064		)
Purchase price, net of cash acquired			38,886
Fair value of net assets acquired:
Accounts receivable, net	$	4,008
Prepaid expenses	640
Property and equipment, net	2,450
Other non-current assets	309
Intangible assets	14,100
Total assets acquired	21,507
Accounts payable	738
Accrued liabilities	3,341
Customer deposits	4,225
Deferred tax liability	1,576
Other liabilities	309
Total liabilities acquired	10,189
Total fair value of net assets acquired			11,318
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	27,568

The goodwill is included in the Marketing & Events U.S. segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. Goodwill of $9.3 million is expected to be deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature.

Identified intangible assets acquired in the onPeak LLC acquisition totaled $14.1 million and consist primarily of customer relationships and trade name. The weighted-average amortization period related to the definite lived intangible assets is 9.9 years. The results of operations of onPeak LLC have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

Travel Planners, Inc.

In October 2014, the Company acquired Travel Planners, Inc. for a purchase price of $33.7 million in cash less a working capital adjustment of $0.3 million, subject to certain adjustments. Of the purchase price, $8.8 million was deposited at closing into escrow to secure post-closing purchase price adjustments, resolution of certain tax matters and other indemnity claims. An additional amount of $0.9 million is payable to Travel Planners, Inc. as a result of an election made by the Company to treat the purchase as an asset acquisition for tax purposes. Travel Planners, Inc. provides event accommodations services in North America to the live events industry. Travel Planners, Inc. was merged into onPeak LLC in January 2015.

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the six months ended June 30, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of $0.6 million from intangible assets, $0.4 million from additional purchase price payable upon tax election and $0.1 million from other accrued liabilities. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, the balances in the table below as of June 30, 2015 remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price paid as:
Cash			$	33,674
Additional purchase price payable for tax election			896
Working capital adjustment			(279		)
Cash acquired			(4,204		)
Purchase price, net of cash acquired			30,087
Fair value of net assets acquired:
Accounts receivable, net	$	1,450
Prepaid expenses	120
Property and equipment, net	93
Intangible assets	14,400
Total assets acquired	16,063
Accounts payable	488
Accrued liabilities	1,557
Customer deposits	4,525
Total liabilities acquired	6,570
Total fair value of net assets acquired			9,493
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	20,594

The goodwill is included in the Marketing & Events U.S. segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature.

Identified intangible assets acquired in the Travel Planners, Inc. acquisition totaled $14.4 million and consist primarily of customer relationships, favorable lease contracts and trade name. The weighted-average amortization period related to the definite lived intangible assets is 9.8 years. The results of operations of Travel Planners, Inc. have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

N200

In November 2014, the Company acquired N200 Limited and affiliates (collectively, “N200”) for €9.7 million (approximately $12.1 million) in cash, subject to certain adjustments, plus an earnout payment (the “Earnout”) of up to €1.0 million. The amount of the Earnout is based on N200’s achievement of established financial targets for the twelve-month period ending June 30, 2015. Such contingent payment, if any, will be determined during the third quarter of 2015. N200, which has offices in the United Kingdom and the Netherlands, is a leading event registration and data intelligence services provider for the live events industry in the United Kingdom and the Netherlands.

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the six months ended June 30, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of $0.1 million to contingent consideration, $0.5 million to working capital payable, $15,000 from accounts receivable, net, $0.1 million to intangible assets, $0.1 million to accrued liabilities, $20,000 to deferred taxes and $0.3 million to goodwill. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, the balances in the table below as of June 30, 2015 remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price paid as:
Cash			$	12,068
Working capital adjustment			458
Contingent consideration			1,145
Cash acquired			(943		)
Purchase price, net of cash acquired			12,728
Fair value of net assets acquired:
Accounts receivable, net	$	1,732
Inventory	46
Prepaid expenses	115
Property and equipment, net	1,280
Intangible assets	3,682
Total assets acquired	6,855
Accounts payable	421
Accrued liabilities	1,057
Customer deposits	569
Deferred tax liability	911
Other liabilities	106
Total liabilities acquired	3,064
Total fair value of net assets acquired			3,791
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	8,937

The goodwill is included in the Marketing & Events International segment and the primary factor that contributed to a purchase price resulting in the recognition of goodwill relates to future growth opportunities when combined with our other businesses. The goodwill is deductible for tax purposes over a period of 15 years. The estimated values of current assets and liabilities were based upon their historical costs on the date of acquisition due to their short-term nature.

Identified intangible assets acquired in the N200 acquisition totaled $3.7 million and consist primarily of customer relationships. The weighted-average amortization period related to the definite lived intangible assets is 7.4 years. The results of operations of N200 have been included in Viad’s condensed consolidated financial statements from the date of acquisition.

Supplementary pro forma financial information

The following table summarizes the unaudited pro forma results of operations attributable to Viad as of June 30, 2014, assuming that the acquisitions above had each been completed on January 1, 2013:

	Three Months Ended		Six Months Ended
(in thousands, except per share data)	June 30, 2014
Revenue	$	275,748	$	576,599
Depreciation and amortization	$	9,666	$	19,024
Income from continuing operations	$	10,517	$	19,932
Net income attributable to Viad	$	9,251	$	31,548
Diluted net income per share	$	0.46	$	1.56
Basic net income per share	$	0.47	$	1.58

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisition adjustment for goodwill			$ 0.4
Acquisition adjustment for intangibles			0.7
Intangible asset amortization expense	$ 1.8	$ 0.3	$ 3.8	$ 0.3

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Reconciliation of income statement items from reportable segments

Disclosures regarding Viad’s reportable segments with reconciliations to consolidated totals are as follows:

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands)	2015			2014			2015			2014
Revenue:
Marketing & Events Group:
U.S.	$	208,749		$	168,839		$	401,692		$	390,234
International	85,723			63,379			150,959			122,097
Intersegment eliminations	(7,903		)	(5,632		)	(9,154		)	(7,922		)
Total Marketing & Events Group	286,569			226,586			543,497			504,409
Travel & Recreation Group	30,466			29,805			37,934			37,623
Total revenue	$	317,035		$	256,391		$	581,431		$	542,032
Segment operating income:
Marketing & Events Group:
U.S.	$	18,974		$	5,124		$	21,611		$	20,975
International	11,109			3,896			12,156			6,215
Total Marketing & Events Group	30,083			9,020			33,767			27,190
Travel & Recreation Group	6,203			5,116			1,394			307
Segment operating income	36,286			14,136			35,161			27,497
Corporate activities	(1,983		)	(1,991		)	(4,793		)	(4,030		)
Operating income	34,303			12,145			30,368			23,467
Interest income	443			54			506			119
Interest expense	(1,103		)	(309		)	(2,254		)	(607		)
Restructuring (charges) recoveries:
Marketing & Events U.S.	(383		)	(244		)	(471		)	(206		)
Marketing & Events International	(133		)	(990		)	(271		)	(1,520		)
Travel & Recreation Group	(148		)	(135		)	(142		)	71
Corporate	(405		)	4			(401		)	79
Impairment charges:
Marketing & Events International	—			(884		)	—			(884		)
Income from continuing operations before income taxes	$	32,574		$	9,641		$	27,335		$	20,519

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Acquisition of Businesses (Tables)

6 Months Ended

Jun. 30, 2015

Business Combinations [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the three months ended March 31, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of approximately $0.1 million to property and equipment, net, $16,000 from intangible assets, $0.2 million to accrued lease obligations, $41,000 from deferred taxes and $0.2 million from goodwill. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, the balances in the table below as of June 30, 2015 remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price			$	24,416
Cash acquired			(190		)
Purchase price, net of cash acquired			24,226
Fair value of net assets acquired:
Accounts receivable, net	$	264
Inventory	433
Prepaid expenses	410
Property and equipment, net	5,951
Intangible assets	8,692
Total assets acquired	15,750
Accounts payable	1,232
Accrued liabilities	2,246
Customer deposits	199
Deferred tax liability	282
Revolving credit facility	488
Accrued dilapidations	417
Total liabilities acquired	4,864
Total fair value of net assets acquired			10,886
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	13,340

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the three months ended March 31, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of approximately $0.2 million from intangible assets, $38,000 from deferred taxes and $0.2 million to goodwill. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, as of June 30, 2015, the balances in the table below remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price paid as:
Cash			$	42,950
Cash acquired			(4,064		)
Purchase price, net of cash acquired			38,886
Fair value of net assets acquired:
Accounts receivable, net	$	4,008
Prepaid expenses	640
Property and equipment, net	2,450
Other non-current assets	309
Intangible assets	14,100
Total assets acquired	21,507
Accounts payable	738
Accrued liabilities	3,341
Customer deposits	4,225
Deferred tax liability	1,576
Other liabilities	309
Total liabilities acquired	10,189
Total fair value of net assets acquired			11,318
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	27,568

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the six months ended June 30, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of $0.1 million to contingent consideration, $0.5 million to working capital payable, $15,000 from accounts receivable, net, $0.1 million to intangible assets, $0.1 million to accrued liabilities, $20,000 to deferred taxes and $0.3 million to goodwill. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, the balances in the table below as of June 30, 2015 remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price paid as:
Cash			$	12,068
Working capital adjustment			458
Contingent consideration			1,145
Cash acquired			(943		)
Purchase price, net of cash acquired			12,728
Fair value of net assets acquired:
Accounts receivable, net	$	1,732
Inventory	46
Prepaid expenses	115
Property and equipment, net	1,280
Intangible assets	3,682
Total assets acquired	6,855
Accounts payable	421
Accrued liabilities	1,057
Customer deposits	569
Deferred tax liability	911
Other liabilities	106
Total liabilities acquired	3,064
Total fair value of net assets acquired			3,791
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	8,937

The following table summarizes the updated allocation of the aggregate purchase price paid and amounts of assets acquired and liabilities assumed based upon the estimated fair value at the date of acquisition. During the six months ended June 30, 2015, the Company made certain purchase accounting measurement period adjustments based on refinements to assumptions used in the preliminary valuation of $0.6 million from intangible assets, $0.4 million from additional purchase price payable upon tax election and $0.1 million from other accrued liabilities. These adjustments did not have a significant impact on the Company’s condensed consolidated statements of operations, balance sheet, or cash flows for all periods presented, and therefore, were not retrospectively adjusted in the 2014 financial statements. Other than the line items mentioned previously, the balances in the table below as of June 30, 2015 remain unchanged from the balances reflected in the Consolidated Balance Sheets in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The purchase price allocation remains open and may be adjusted as a result of the finalization of our purchase price allocation procedures related to certain tax amounts.

(in thousands)
Purchase price paid as:
Cash			$	33,674
Additional purchase price payable for tax election			896
Working capital adjustment			(279		)
Cash acquired			(4,204		)
Purchase price, net of cash acquired			30,087
Fair value of net assets acquired:
Accounts receivable, net	$	1,450
Prepaid expenses	120
Property and equipment, net	93
Intangible assets	14,400
Total assets acquired	16,063
Accounts payable	488
Accrued liabilities	1,557
Customer deposits	4,525
Total liabilities acquired	6,570
Total fair value of net assets acquired			9,493
Excess purchase price over fair value of net assets acquired (“goodwill”)			$	20,594

Unaudited pro forma results of operations attributable to Viad

The following table summarizes the unaudited pro forma results of operations attributable to Viad as of June 30, 2014, assuming that the acquisitions above had each been completed on January 1, 2013:

	Three Months Ended		Six Months Ended
(in thousands, except per share data)	June 30, 2014
Revenue	$	275,748	$	576,599
Depreciation and amortization	$	9,666	$	19,024
Income from continuing operations	$	10,517	$	19,932
Net income attributable to Viad	$	9,251	$	31,548
Diluted net income per share	$	0.46	$	1.56
Basic net income per share	$	0.47	$	1.58

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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of share-based compensation expense

The following table summarizes share-based compensation expense:

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands)	2015			2014			2015			2014
Restricted stock	$	506		$	759		$	1,100		$	1,413
Performance unit incentive plan (“PUP”)	376			326			988			95
Restricted stock units	(7		)	27			18			(5		)
Share-based compensation before income tax benefit	875			1,112			2,106			1,503
Income tax benefit	(325		)	(417		)	(792		)	(569		)
Share-based compensation, net of income tax benefit	$	550		$	695		$	1,314		$	934

Summary of liability based award activity

The following table summarizes the activity of the outstanding share-based compensation awards:

	Restricted Stock				PUP Awards				Restricted Stock Units
	Shares		Weighted-Average Grant Date Fair Value		Units		Weighted-Average Grant Date Fair Value		Units		Weighted-Average Grant Date Fair Value
Balance, December 31, 2014	328,602		$	23.30	267,120		$	23.51	25,370		$	23.17
Granted	80,500		27.33		91,100		27.31		4,800		27.35
Vested	(104,740	)	20.50		(103,555	)	20.60		(11,123	)	20.61
Forfeited	(24,130	)	24.37		(22,300	)	24.92		—		—
Balance, June 30, 2015	280,232		$	25.42	232,365		$	26.16	19,047		$	25.72

Summary of stock option activity

The following table summarizes stock option activity:

	Shares		Weighted- Average Exercise Price		Options Exercisable
Options outstanding at December 31, 2014	247,590		$	17.82	247,590
Exercised	(47,029	)	$	16.62
Forfeited or expired	(129,741	)	$	18.91
Options outstanding at June 30, 2015	70,820		$	16.62	70,820

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Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 7.4	$ 6.9	$ 14.1	$ 13.4

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Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The following summarizes Glacier Park’s expired concession contract operating results, which are presented in income (loss) from discontinued operations, net of tax, in Viad’s Condensed Consolidated Statements of Operations:

	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2014
Total revenue	$	—		$	—
Costs and expenses	(18		)	(86		)
Loss from discontinued operations, before income taxes	(18		)	(86		)
Income tax benefit	18			38
Loss from discontinued operations, net of tax	—			(48		)
Gain (loss) on sale of discontinued operations, net of tax	(964		)	14,322
Income (loss) from discontinued operations	(964		)	14,274
Income from discontinued operations attributable to noncontrolling interest	—			(2,668		)
Income (loss) from discontinued operations attributable to Viad	$	(964	)	$	11,606

Reconciliation of Noncontrolling Interest, Income Statement

The following is a reconciliation of net income attributable to the noncontrolling interest for the six months ended June 30:

(in thousands)	2015			2014
Loss from continuing operations	$	(173	)	$	(264	)
Income from discontinued operations	—			2,668
Net income (loss) attributable to noncontrolling interest	$	(173	)	$	2,404

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Inventories (Tables)

6 Months Ended

Jun. 30, 2015

Inventory Disclosure [Abstract]

Components of Inventories

The components of inventories consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Raw materials	$	17,383	$	16,749
Work in process	13,122		15,652
Inventories	$	30,505	$	32,401

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Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Current Assets

Other current assets consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Prepaid software maintenance	$	4,173	$	1,934
Income tax receivable	3,182		1,869
Prepaid vendor payments	2,596		2,689
Prepaid rent	1,300		186
Prepaid taxes	1,213		1,416
Prepaid insurance	852		2,170
Prepaid other	4,344		4,427
Other	1,891		2,749
Other current assets	$	19,551	$	17,440

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Share-Based Compensation

6 Months Ended

Jun. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

Share-Based Compensation

The following table summarizes share-based compensation expense:

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands)	2015			2014			2015			2014
Restricted stock	$	506		$	759		$	1,100		$	1,413
Performance unit incentive plan (“PUP”)	376			326			988			95
Restricted stock units	(7		)	27			18			(5		)
Share-based compensation before income tax benefit	875			1,112			2,106			1,503
Income tax benefit	(325		)	(417		)	(792		)	(569		)
Share-based compensation, net of income tax benefit	$	550		$	695		$	1,314		$	934

For the three and six months ended June 30, 2015, Viad recorded share-based compensation expense of approximately $56,000 and $0.1 million, respectively, through restructuring expense.

On January 24, 2014, Viad announced that its Board of Directors declared a special cash dividend of $1.50 per share, or $30.5 million in the aggregate, which was paid on February 14, 2014. In accordance with the mandatory provisions of the 2007 Viad Corp Omnibus Incentive Plan (the “2007 Plan”) and the 1997 Viad Corp Omnibus Incentive Plan, the Human Resources Committee of Viad’s Board of Directors approved equitable adjustments to the outstanding long-term incentive awards of stock options and PUP awards issued pursuant to those plans in order to prevent the special dividend from diluting the rights of participants under those plans. The equitable adjustment to the outstanding stock options reduced the exercise price and increased the number of shares of common stock underlying such options. The equitable adjustment to the PUP awards reflects the effect of the special dividend, but will be paid only if certain performance goals are met at the end of the three-year performance period.

The following table summarizes the activity of the outstanding share-based compensation awards:

	Restricted Stock				PUP Awards				Restricted Stock Units
	Shares		Weighted-Average Grant Date Fair Value		Units		Weighted-Average Grant Date Fair Value		Units		Weighted-Average Grant Date Fair Value
Balance, December 31, 2014	328,602		$	23.30	267,120		$	23.51	25,370		$	23.17
Granted	80,500		27.33		91,100		27.31		4,800		27.35
Vested	(104,740	)	20.50		(103,555	)	20.60		(11,123	)	20.61
Forfeited	(24,130	)	24.37		(22,300	)	24.92		—		—
Balance, June 30, 2015	280,232		$	25.42	232,365		$	26.16	19,047		$	25.72

As of June 30, 2015, the unamortized cost of all outstanding restricted stock awards was $3.7 million, which Viad expects to recognize in the consolidated financial statements over a weighted-average period of approximately 1.7 years. During the six months ended June 30, 2015 and 2014, the Company repurchased 34,184 shares for $0.9 million and 44,806 shares for $1.0 million, respectively, related to tax withholding requirements on vested share-based awards. As of June 30, 2015, there were 962,825 total shares available for future grant in accordance with the provisions of the 2007 Plan.

As of June 30, 2015 and December 31, 2014, Viad had liabilities recorded of $1.5 million and $3.5 million, respectively, related to PUP awards. In March 2015, the PUP units granted in 2012 vested and cash payouts totaling $2.4 million were distributed. In March 2014, the PUP units granted in 2011 vested and cash payouts totaling $2.9 million were distributed.

As of June 30, 2015 and December 31, 2014, Viad had aggregate liabilities recorded of $0.3 million and $0.5 million, respectively, related to restricted stock unit liability awards. In February 2015, portions of the 2010, 2011 and 2012 restricted stock unit awards vested and cash payouts totaling $0.3 million were distributed. Similarly, in February 2014 portions of the 2009, 2010, and 2011 restricted stock unit awards vested and cash payouts of $0.2 million were distributed.

The following table summarizes stock option activity:

	Shares		Weighted- Average Exercise Price		Options Exercisable
Options outstanding at December 31, 2014	247,590		$	17.82	247,590
Exercised	(47,029	)	$	16.62
Forfeited or expired	(129,741	)	$	18.91
Options outstanding at June 30, 2015	70,820		$	16.62	70,820

As of June 30, 2015, there were no unrecognized costs related to non-vested stock option awards.

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Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following as of the respective periods:

(in thousands)	June 30, 2015			December 31, 2014
Land and land interests	$	29,722		$	30,360
Buildings and leasehold improvements	135,225			138,104
Equipment and other	314,716			319,435
Gross property and equipment	479,663			487,899
Less: accumulated depreciation	(287,654		)	(288,328		)
Property and equipment, net	$	192,009		$	199,571

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Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Reconciliation of basic and diluted income per share

The following are the components of basic and diluted income per share:

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands, except per share data)	2015			2014			2015			2014
Net income attributable to Viad (diluted)	$	22,389		$	6,742		$	20,333		$	28,624
Less: Allocation to non-vested shares	(321		)	(124		)	(304		)	(546		)
Net income allocated to Viad common stockholders (basic)	$	22,068		$	6,618		$	20,029		$	28,078
Basic weighted-average outstanding common shares	19,778			19,869			19,757			19,909
Additional dilutive shares related to share-based compensation	140			280			176			353
Diluted weighted-average outstanding shares	19,918			20,149			19,933			20,262
Income per share:
Basic income attributable to Viad common stockholders	$	1.12		$	0.33		$	1.01		$	1.41
Diluted income attributable to Viad common stockholders(1)	$	1.12		$	0.33		$	1.01		$	1.41

⁽¹⁾Diluted income per share amount cannot exceed basic income per share.

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Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Components of Inventories
Raw materials	$ 17,383	$ 16,749
Work in process	13,122	15,652
Inventories	$ 30,505	$ 32,401

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Income (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Per Share (Textual) [Abstract]
Additional dilutive shares related to share-based compensation	140,000	280,000	176,000	353,000
Stock options
Income Per Share (Textual) [Abstract]
Common stock shares effect would be anti-dilutive			7,386	29,000

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Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 64,857	$ 56,990
Accounts receivable, net of allowance for doubtful accounts of $2,157 and $1,258, respectively	120,491	78,121
Inventories	30,505	32,401
Deferred income taxes	23,042	22,943
Other current assets	19,551	17,440
Total current assets	258,446	207,895
Property and equipment, net	192,009	199,571
Other investments and assets	40,809	40,674
Deferred income taxes	28,638	29,639
Goodwill	190,035	194,197
Other intangible assets, net	37,374	42,967
Total Assets	747,311	714,943
Current liabilities
Accounts payable	84,207	61,789
Customer deposits	41,886	32,720
Accrued compensation	20,508	20,736
Other current liabilities	35,526	27,787
Current portion of debt and capital lease obligations	29,532	27,856
Total current liabilities	211,659	170,888
Long-term debt and capital lease obligations	103,732	113,164
Pension and postretirement benefits	32,951	33,427
Other deferred items and liabilities	47,392	49,762
Total liabilities	$ 395,734	$ 367,241
Commitments and contingencies
Viad stockholders’ equity:
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued	$ 37,402	$ 37,402
Additional capital	577,315	582,066
Retained deficit	(20,104)	(36,427)
Unearned employee benefits and other	23	23
Accumulated other comprehensive income (loss):
Unrealized gain on investments	605	471
Cumulative foreign currency translation adjustments	789	12,416
Unrecognized net actuarial loss and prior service credit, net	(13,311)	(13,476)
Common stock in treasury, at cost, 4,848,238 and 4,842,621 shares, respectively	(243,283)	(247,088)
Total Viad stockholders’ equity	339,436	335,387
Noncontrolling interest	12,141	12,315
Total stockholders’ equity	351,577	347,702
Total Liabilities and Stockholders’ Equity	$ 747,311	$ 714,943

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Basis of Presentation and Principles of Consolidation - Narrative (Details) - Jun. 30, 2015 - Glacier Park Inc - Lodges	Total
Business Acquisition [Line Items]
Ownership percentage by parent	80.00%
Number of lodges	7
Lease term	42 years

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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income	$ 20,160	$ 31,028
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	17,870	13,959
Deferred income taxes	(1,147)	8,521
(Income) loss from discontinued operations	70	(14,002)
Restructuring charges	1,285	1,576
Impairment charges	0	884
Gains on dispositions of property and other assets	(222)	(391)
Share-based compensation expense	2,106	1,503
Excess tax benefit from share-based compensation arrangements	(232)	(41)
Other non-cash items, net	3,493	3,271
Change in operating assets and liabilities (excluding the impact of acquisitions):
Receivables	(43,036)	(32,150)
Inventories	1,896	(12,025)
Accounts payable	22,860	25,115
Restructuring liabilities	(1,669)	(3,001)
Accrued compensation	(1,128)	1,971
Customer deposits	9,166	13,470
Income taxes payable	1,905	889
Other assets and liabilities, net	4,643	(12,412)
Net cash provided by operating activities	38,020	28,165
Cash flows from investing activities
Capital expenditures	(13,150)	(13,404)
Cash paid for acquired business	(123)	0
Proceeds from dispositions of property and other assets	751	417
Proceeds from possessory interest and personal property—discontinued operations	0	25,000
Net cash provided by (used in) investing activities	(12,522)	12,013
Cash flows from financing activities
Proceeds from borrowings	30,000	25,000
Payments on debt and capital lease obligations	(38,100)	(25,476)
Dividends paid on common stock	(4,008)	(34,534)
Common stock purchased for treasury	(5,969)	(11,610)
Excess tax benefit from share-based compensation arrangements	232	41
Proceeds from exercise of stock options	2,135	1,155
Net cash used in financing activities	(15,710)	(45,424)
Effect of exchange rate changes on cash and cash equivalents	(1,921)	(344)
Net change in cash and cash equivalents	7,867	(5,590)
Cash and cash equivalents, beginning of year	56,990	45,821
Cash and cash equivalents, end of period	64,857	40,231
Supplemental disclosure of cash flow information
Cash paid for income taxes	2,792	5,025
Cash paid for interest	1,659	501
Property and equipment acquired under capital leases	370	253
Property and equipment purchases in accounts payable and accrued liabilities	$ 338	$ 2,396

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Goodwill and Other Intangible Assets - Summary of Goodwill Balances by Component and Segment (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2015 USD ($)
Changes in the carrying amount of goodwill
Balance at December 31, 2014	$ 194,197
Purchase price allocation adjustments	441
Foreign currency translation adjustments	(4,603)
Balance at June 30, 2015	190,035
Marketing & Events U.S.
Changes in the carrying amount of goodwill
Balance at December 31, 2014	110,618
Purchase price allocation adjustments	230
Foreign currency translation adjustments	0
Balance at June 30, 2015	110,848
Marketing & Events International
Changes in the carrying amount of goodwill
Balance at December 31, 2014	42,221
Purchase price allocation adjustments	211
Foreign currency translation adjustments	(1,524)
Balance at June 30, 2015	40,908
Travel & Recreation Group
Changes in the carrying amount of goodwill
Balance at December 31, 2014	41,358
Purchase price allocation adjustments	0
Foreign currency translation adjustments	(3,079)
Balance at June 30, 2015	$ 38,279

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of the goodwill balances by component and segment

The changes in the carrying amount of goodwill for the six months ended June 30, 2015 were as follows:

(in thousands)	Marketing & Events U.S.		Marketing & Events International			Travel & Recreation Group			Total
Balance at December 31, 2014	$	110,618	$	42,221		$	41,358		$	194,197
Purchase price allocation adjustments	230		211			—			441
Foreign currency translation adjustments	—		(1,524		)	(3,079		)	(4,603		)
Balance at June 30, 2015	$	110,848	$	40,908		$	38,279		$	190,035

Summary of other intangible assets

A summary of other intangible assets is presented below:

	June 30, 2015					December 31, 2014
(in thousands)	Gross Carrying Value		Accumulated Amortization			Gross Carrying Value		Accumulated Amortization
Amortized intangible assets:
Customer contracts and relationships	$	38,943	$	(5,188	)	$	41,624	$	(2,961	)
Other	4,614		(1,455		)	4,576		(732		)
Total amortized intangible assets	43,557		(6,643		)	46,200		(3,693		)
Unamortized intangible assets:
Business licenses	460		—			460		—
Other intangible assets	$	44,017	$	(6,643	)	$	46,660	$	(3,693	)

Estimated amortization expense related to amortized intangible assets

Estimated amortization expense related to amortized intangible assets for future years is expected to be as follows:

(in thousands)
Remainder of 2015	$	3,629
2016	$	6,444
2017	$	5,605
2018	$	4,613
2019	$	4,226
Thereafter	$	12,397

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Debt and Capital Lease Obligations - Narrative (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 22, 2014	Oct. 10, 2014
Line of Credit Facility [Line Items]
Interest rate on credit facility	2.30%	2.40%
Weighted interest rate on long term debt	6.00%	6.00%
Fixed charge coverage ratio	2.48	2.61
Leverage ratio	1.62	1.73
Balance of long term debt	$ 133,264,000	$ 141,020,000
Revolving Credit Facility and Term Loan, 2.3% and 2.4% weighted-average interest rate at June 30, 2015 and December 31, 2014, respectively, due through 2019	131,874,000	139,500,000
Capital lease obligations, 6.0% weighted-average interest at both June 30, 2015 and December 31, 2014, due through 2018	1,390,000	$ 1,520,000
Remaining borrowing capacity on line of credit	162,400,000
Letters of credit outstanding	2,600,000
Commitment fee percentage on line of credit		0.40%
Maximum potential amount of future payments	$ 3,600,000
Recourse provisions	There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees
Collateral on line of credit	Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.
Fair value of debt	$ 105,100,000	$ 123,000,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Revolving Credit Facility and Term Loan, 2.3% and 2.4% weighted-average interest rate at June 30, 2015 and December 31, 2014, respectively, due through 2019	10,000,000	14,500,000
Term Loan
Line of Credit Facility [Line Items]
Revolving Credit Facility and Term Loan, 2.3% and 2.4% weighted-average interest rate at June 30, 2015 and December 31, 2014, respectively, due through 2019	121,900,000	$ 125,000,000
Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Fixed charge coverage ratio		1.75
Leverage ratio		3.00
Annual share repurchase limit		$ 20,000,000
Leverage ratio required for dividend or share activity		2.00
Required level of restricted cash		$ 100,000,000
Amended and Restated Credit Agreement | Top Tier Foreign Subsidiaries
Line of Credit Facility [Line Items]
Percent of lenders security interest on capital stock foreign subsidiary		65.00%
Amended and Restated Credit Agreement | Senior Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity on line of credit			$ 300,000,000
Amended and Restated Credit Agreement | Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity on line of credit			175,000,000
Additional borrowing capacity on line of credit			100,000,000
Line of Credit borrowings used to support letter of credit			40,000,000
Amended and Restated Credit Agreement | Term Loan
Line of Credit Facility [Line Items]
Borrowing capacity on line of credit			$ 125,000,000
Amended and Restated Credit Agreement | First Debt Covenant Trigger
Line of Credit Facility [Line Items]
Fixed charge coverage ratio		2.00
Leverage ratio		2.75
Amended and Restated Credit Agreement | Second Debt Covenant Trigger
Line of Credit Facility [Line Items]
Leverage ratio		2.50
Amended 2014 Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Borrowing capacity on line of credit				$ 180,000,000
2011 Credit Facility
Line of Credit Facility [Line Items]
Balance of long term debt	$ 133,300,000

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Pension and Postretirement Benefits

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Pension and Postretirement Benefits

Pension and Postretirement Benefits

The net periodic benefit cost of Viad’s pension and postretirement plans for the three months ended June 30, included the following components:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2015			2014			2015			2014			2015			2014
Service cost	$	26		$	22		$	44		$	60		$	131		$	105
Interest cost	275			266			139			201			131			160
Expected return on plan assets	(81		)	(117		)	—			—			(152		)	(162		)
Amortization of prior service credit	—			—			(185		)	(148		)	—			—
Recognized net actuarial loss	143			85			134			108			2			2
Net periodic benefit cost	$	363		$	256		$	132		$	221		$	112		$	105

The net periodic benefit cost of Viad’s pension and postretirement plans for the six months ended June 30, included the following components:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2015			2014			2015			2014			2015			2014
Service cost	$	51		$	45		$	87		$	94		$	259		$	209
Interest cost	526			546			316			377			260			320
Expected return on plan assets	(192		)	(220		)	—			—			(301		)	(323		)
Amortization of prior service credit	—			—			(276		)	(296		)	—			—
Recognized net actuarial loss	268			204			273			209			4			5
Net periodic benefit cost	$	653		$	575		$	400		$	384		$	222		$	211

Viad expects to contribute $0.8 million to its funded pension plans, $0.6 million to its unfunded pension plans and $1.1 million to its postretirement benefit plans in 2015. During the six months ended June 30, 2015, Viad contributed $0.3 million to its funded pension plans, $0.3 million to its unfunded pension plans and $0.7 million to its postretirement benefit plans.

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Other Deferred Items Liabilities (Tables)

6 Months Ended

Jun. 30, 2015

Other Liabilities Disclosure [Abstract]

Other deferred items and liabilities

Other deferred items and liabilities consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Continuing operations:
Self-insured liability accrual	$	12,931	$	13,525
Self-insured excess liability	7,728		7,728
Accrued compensation	6,930		6,824
Deferred rent income	3,188		2,787
Foreign deferred tax liability	2,094		2,135
Accrued restructuring	460		555
Other	3,331		5,117
Total continuing operations	36,662		38,671
Discontinued operations:
Environmental remediation liabilities	4,365		4,395
Self-insured liability accrual	4,234		4,327
Accrued income taxes	997		1,119
Other	1,134		1,250
Total discontinued operations	10,730		11,091
Other deferred items and liabilities	$	47,392	$	49,762

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Litigation, Claims, Contingencies and Other

6 Months Ended

Jun. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Litigation, Claims, Contingencies and Other

Litigation, Claims, Contingencies and Other

Viad and certain of its subsidiaries are plaintiffs or defendants to various actions, proceedings and pending claims, some of which involve, or may involve, compensatory, punitive or other damages. Litigation is subject to many uncertainties and it is possible that some of the legal actions, proceedings or claims could be decided against Viad. Although the amount of liability as of June 30, 2015 with respect to these matters is not ascertainable, Viad believes that any resulting liability, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on Viad’s business, financial position or results of operations.

Viad is subject to various U.S. federal, state and foreign laws and regulations governing the prevention of pollution and the protection of the environment in the jurisdictions in which Viad has or had operations. If the Company has failed to comply with these environmental laws and regulations, civil and criminal penalties could be imposed and Viad could become subject to regulatory enforcement actions in the form of injunctions and cease and desist orders. As is the case with many companies, Viad also faces exposure to actual or potential claims and lawsuits involving environmental matters relating to its past operations. Although it is a party to certain environmental disputes, Viad believes that any resulting liabilities, after taking into consideration amounts already provided for and insurance coverage, will not have a material effect on the Company’s financial position or results of operations. As of June 30, 2015, Viad had recorded environmental remediation liabilities of $4.6 million related to previously sold operations.

As of June 30, 2015, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities entered into by Viad’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of June 30, 2015 would be $3.6 million. These guarantees relate to leased facilities expiring through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.

A significant portion of Viad’s employees are unionized and the Company is a party to approximately 100 collective-bargaining agreements, with approximately one-third requiring renegotiation each year. If the Company was unable to reach an agreement with a union during the collective-bargaining process, the union may call for a strike or work stoppage, which may, under certain circumstances, adversely impact the Company’s businesses and results of operations. Viad believes that relations with its employees are satisfactory and that collective-bargaining agreements expiring in 2015 will be renegotiated in the ordinary course of business without having a material adverse effect on Viad’s operations. The Company entered into new showsite and warehouse agreements with the Chicago Teamsters Local 727, effective January 1, 2014, and those agreements contain provisions that allow the parties to re-open negotiation of the agreements on pension-related issues. The Company is in informal discussions regarding those issues with all relevant parties and is working diligently to resolve those issues in a manner that will be reasonable and equitable to employees, customers and shareholders. Although the Company’s labor relations are currently stable, disruptions pending the outcome of the Chicago Teamsters Local 727 negotiations could occur, as they could with any collective-bargaining agreement negotiation, with the possibility of an adverse impact on the operating results of the Marketing & Events Group.

Viad’s businesses contribute to various multi-employer pension plans based on obligations arising under collective-bargaining agreements covering its union-represented employees. Based upon the information available to Viad from plan administrators, management believes that several of these multi-employer plans are underfunded. The Pension Protection Act of 2006 requires pension plans underfunded at certain levels to reduce, over defined time periods, the underfunded status. In addition, under current laws, the termination of a plan, or a voluntary withdrawal from a plan by Viad, or a shrinking contribution base to a plan as a result of the insolvency or withdrawal of other contributing employers to such plan, would require Viad to make payments to such plan for its proportionate share of the plan’s unfunded vested liabilities. As of June 30, 2015, the amount of additional funding, if any, that Viad would be required to make related to multi-employer pension plans is not ascertainable.

Viad is self-insured up to certain limits for workers’ compensation, employee health benefits, automobile, product and general liability and property loss claims. The aggregate amount of insurance liabilities (up to the Company’s retention limit) related to Viad’s continuing operations was $19.5 million as of June 30, 2015. Of this total, $12.3 million related to workers’ compensation liabilities and the remaining $7.2 million related to general/auto liability claims. Viad has also retained and provided for certain insurance liabilities in conjunction with previously sold businesses totaling $4.4 million as of June 30, 2015, related to workers’ compensation liabilities. Provisions for losses for claims incurred, including estimated claims incurred but not yet reported, are made based on Viad’s historical experience, claims frequency and other factors. A change in the assumptions used could result in an adjustment to recorded liabilities. Viad has purchased insurance for amounts in excess of the self-insured levels, which generally range from $0.2 million to $0.5 million on a per claim basis. Viad does not maintain a self-insured retention pool fund as claims are paid from current cash resources at the time of settlement. Viad’s net cash payments in connection with these insurance liabilities were $2.4 million for the six months ended June 30, 2015.

In addition, as of June 30, 2015, Viad had recorded insurance liabilities of $7.7 million related to continuing operations in excess of the self-insured levels for which Viad remains the primary obligor. Of this total, $4.6 million related to workers’ compensation liabilities and the remaining $3.1 million related to general/auto liability claims. The Company has recorded these amounts in other deferred items and liabilities in Viad’s Condensed Consolidated Balance Sheets with a corresponding receivable in other investments and assets.

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Stockholders' Equity - Reconciliation of Stockholders' Equity to Noncontrolling Interests (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Noncontrolling Interest [Line Items]
Net Income (Loss) Attributable to Parent		$ 22,389	$ 6,742	$ 20,333	$ 28,624
Beginning Balance				347,702	356,543
Net income		22,280	6,609	20,160	31,028
Dividends on common stock				(4,008)	(34,534)
Common stock purchased for treasury				(5,969)	(11,610)
Employee benefit plans				4,790	4,004
Unrealized foreign currency translation adjustments, net of tax(1)	[1]	5,953	6,582	(11,626)	(151)
Tax benefits from shared-based compensation				232
Other changes to accumulated other comprehensive income				298
Unrealized gains (losses) on investments, net of tax(1)	[1]	(26)	41	133	50
ESOP allocation adjustment					44
Other				(2)	36
Ending Balance		351,577	345,410	351,577	345,410
Total Viad Equity
Noncontrolling Interest [Line Items]
Net Income (Loss) Attributable to Parent				20,333
Beginning Balance				335,387	347,441
Net income					28,624
Dividends on common stock				(4,008)	(34,534)
Common stock purchased for treasury				(5,969)	(11,610)
Employee benefit plans				4,790	4,004
Unrealized foreign currency translation adjustments, net of tax(1)				(11,626)	(151)
Tax benefits from shared-based compensation				232
Other changes to accumulated other comprehensive income				298
Unrealized gains (losses) on investments, net of tax(1)					50
ESOP allocation adjustment					44
Other				(1)	36
Ending Balance		339,436	333,904	339,436	333,904
Non-Controlling Interest
Noncontrolling Interest [Line Items]
Beginning Balance				12,315	9,102
Net income				(173)	2,404
Dividends on common stock				0	0
Common stock purchased for treasury				0	0
Employee benefit plans				0	0
Unrealized foreign currency translation adjustments, net of tax(1)				0	0
Tax benefits from shared-based compensation				0
Other changes to accumulated other comprehensive income				0
Unrealized gains (losses) on investments, net of tax(1)					0
ESOP allocation adjustment					0
Other				(1)	0
Ending Balance		$ 12,141	$ 11,506	$ 12,141	$ 11,506

[1] The tax effect on other comprehensive income is not significant.

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Basis of Presentation and Principles of Consolidation

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying unaudited, condensed consolidated financial statements of Viad Corp (“Viad” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. The condensed consolidated financial statements of Viad include the accounts of Viad and all of its subsidiaries. All significant intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.

For further information, refer to the consolidated financial statements and related footnotes for the year ended December 31, 2014 included in the Company’s Form 10-K, filed with the Securities and Exchange Commission on March 13, 2015.

Nature of Business

Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International (collectively, “Marketing & Events Group”) and the Travel & Recreation Group.

Marketing & Events Group

The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), is a global full-service provider for live events that helps clients gain more awareness, more engagement and a greater return at their events. The Marketing & Events Group offers a complete range of services, from design and production of immersive environments and brand-based experiences, to material handling, rigging, electrical and other on-site services for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group offers clients a full suite of online tools and technologies that help them more easily manage the complexities of their events. Show organizers include for-profit and not-for-profit show owners as well as show management companies. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products and build business relationships. Viad’s retail shopping center customers include major developers, owners and management companies of shopping malls and leisure centers.

In 2014, the Company acquired: Blitz Communications Group Limited and its affiliates (collectively, “Blitz”) in September, onPeak LLC and Travel Planners, Inc. in October, with Travel Planners, Inc. merging into onPeak LLC (collectively, “onPeak”) in January 2015, and N200 Limited and its affiliates (collectively, “N200”) in November. For additional information on the Company’s 2014 acquisitions, refer to Note 3, Acquisition of Businesses.

Travel & Recreation Group

The Travel & Recreation Group consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”).

Brewster provides tourism products and experiential services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, Glacier Skywalk, Banff Lake Cruise, motorcoach services, charter and sightseeing services, inbound package tour operations and hotel operations.

Glacier Park, an 80 percent owned subsidiary of Viad, owns and operates seven lodges, with accommodation offerings varying from hikers’ cabins to hotel suites, including St. Mary Lodge, a full-service resort located outside the east entrance to Glacier National Park in St. Mary, Montana; Glacier Park Lodge, a historic lodge in East Glacier, Montana; Grouse Mountain Lodge, a full-season lodge offering golf, skiing, hiking and other seasonal recreational activities, located near Glacier National Park in Whitefish, Montana; the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada, which is situated on land for which the Company has a 42-year ground lease with the Canadian government running through January 31, 2052; the West Glacier Motel & Cabins in West Glacier, Montana; and Motel Lake McDonald and the Apgar Village Lodge, which are located inside Glacier National Park. Glacier Park also operates the food and beverage services with respect to those properties and the retail shops located near Glacier National Park. For additional information on Glacier Park’s concession operations within Glacier National Park, refer to Note 20, Discontinued Operations.

In July 2014, the Company acquired the West Glacier Motel & Cabins, the Apgar Village Lodge and related land, food and beverage services and retail operations (collectively, the “West Glacier Properties”). For additional information, refer to Note 3, Acquisition of Businesses.

Alaska Denali Travel operates the Denali Backcountry Lodge and Denali Cabins. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve.

Impact of Recent Accounting Pronouncements

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The standard establishes a new recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company may adopt the requirements of ASU No. 2014-09 using either of two acceptable methods: (1) retrospective adoption to each prior period presented with the option to elect certain practical expedients; or (2) adoption with the cumulative effect recognized at the date of initial application and providing certain disclosures. In July 2015, the FASB approved a one-year deferral of the effective date of the new standard, making it effective for our annual and interim reporting periods beginning January 1, 2018. The Company is currently evaluating the potential impact of the adoption of this new guidance on its financial position or results of operations, including the method of adoption to be used.

In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest Simplifying the Presentation of Debt Issuance Costs. The amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. ASU No. 2015-03 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance is not expected to have a significant effect on our consolidated financial statements or financial covenants.

In July 2015, the FASB issued ASU No. 2015-11, Inventory (topic 330) - Simplifying the Measurement of Inventory. The amendments in ASU No. 2015-11 apply to inventory measures using first-in, first-out (FIFO) or average cost and will require entities to measure inventory at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the normal course of business, minus the cost of completion, disposal and transportation. Replacement cost and net realizable value less a normal profit margin will no longer be considered. ASU No. 2015-11 is effective for fiscal years beginning after December 15, 2016. The adoption of this guidance is not expected to have a significant effect on our consolidated financial statements.

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,157	$ 1,258
Common stock, par value	$ 1.5	$ 1.50
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	24,934,981	24,934,981
Treasury stock, shares	4,848,238	4,842,621

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Debt and Capital Lease Obligations

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Debt and Capital Lease Obligations

Debt and Capital Lease Obligations

Long-term debt was as follows:

(in thousands)	June 30, 2015			December 31, 2014
Revolving Credit Facility and Term Loan, 2.3% and 2.4% weighted-average interest rate at June 30, 2015 and December 31, 2014, respectively, due through 2019	$	131,874		$	139,500
Capital lease obligations, 6.0% weighted-average interest at both June 30, 2015 and December 31, 2014, due through 2018	1,390			1,520
Total debt	133,264			141,020
Current portion	(29,532		)	(27,856		)
Long-term debt and capital lease obligations	$	103,732		$	113,164

Effective December 2014, Viad entered into a $300 million Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement amends and replaced in its entirety the Company’s $180 million revolving credit facility under the Amended and Restated Credit Agreement dated as of May 18, 2011. The Credit Agreement provides for a senior credit facility in the aggregate amount of $300 million, which consists of a $175 million revolving credit facility (the “Revolving Credit Facility”) and a $125 million term loan (the “Term Loan”). Loans under the Credit Agreement have a maturity date of December 22, 2019, and proceeds from the loans made under the Credit Agreement were used to refinance certain outstanding debt of the Company and will be used for the Company’s general corporate purposes in the ordinary course of its business. Under the Credit Agreement, the Revolving Credit Facility and/or the Term Loan may be increased up to an additional $100 million under certain circumstances. If such circumstances are met, the Company may obtain the additional borrowings under the Revolving Credit Facility, a Term Loan, or a combination of the two facilities. The Revolving Credit Facility has a $40 million sublimit for letters of credit. Borrowings and letters of credit can be denominated in U.S. dollars, Euros, Canadian dollars or British pounds.

Viad’s lenders have a first perfected security interest in all of the personal property of Viad, GES and GES Event Intelligence Services, Inc., including 65 percent of the capital stock of top-tier foreign subsidiaries. Financial covenants include a fixed charge coverage ratio of not less than 1.75 to 1.00, with a step-up to 2.00 to 1.00 for the fiscal quarter ending June 30, 2016. Viad must maintain a leverage ratio of not greater than 3.00 to 1.00, with a step-down to 2.75 to 1.00 for the fiscal quarter ending March 31, 2016 and a step-down to 2.50 to 1.00 for the fiscal quarter ending March 31, 2017. As of June 30, 2015 and December 31, 2014, the fixed charge coverage ratio was 2.48 to 1.00 and 2.61 to 1.00, respectively, and the leverage ratio was 1.62 to 1.00 and 1.73 to 1.00, respectively. The terms of the Credit Agreement allow Viad to pay dividends or purchase the Company’s common stock up to $20 million in the aggregate in any calendar year, with additional dividends, share repurchases or distributions of stock permitted if the Company’s leverage ratio is less than or equal to 2.00 to 1.00, and the Liquidity Amount (defined as cash in the U.S. and Canada plus available revolver borrowings on a pro forma basis) is not less than $100 million, and no default or unmatured default, as defined in the Credit Agreement, exists. Significant other covenants include limitations on investments, additional indebtedness, sales/leases of assets, acquisitions, consolidations or mergers and liens on property. As of June 30, 2015, Viad was in compliance with all covenants.

As of June 30, 2015, Viad’s total debt was $133.3 million, consisting of outstanding borrowings under the Term Loan and Revolving Credit Facility of $121.9 million and $10.0 million, respectively, and capital lease obligations of $1.4 million. As of December 31, 2014, Viad’s total debt was $141.0 million, consisting of outstanding borrowings under the Term Loan and Revolving Credit Facility of $125.0 million and $14.5 million, respectively, and capital lease obligations of $1.5 million. As of June 30, 2015, Viad had $162.4 million of capacity remaining under its Credit Facility reflecting outstanding letters of credit of $2.6 million and the outstanding balance under the Revolving Credit Facility of $10.0 million, respectively.

Borrowings under the Revolving Credit Facility (of which GES and GES Event Intelligence Services, Inc. are guarantors) are indexed to the prime rate or the London Interbank Offered Rate, plus appropriate spreads tied to Viad’s leverage ratio. Commitment fees and letters of credit fees are also tied to Viad’s leverage ratio. The fees on the unused portion of the Credit Facility are currently 0.40 percent annually.

As of June 30, 2015, Viad had certain obligations under guarantees to third parties on behalf of its subsidiaries. These guarantees are not subject to liability recognition in the condensed consolidated financial statements and relate to leased facilities entered into by the Company’s subsidiary operations. The Company would generally be required to make payments to the respective third parties under these guarantees in the event that the related subsidiary could not meet its own payment obligations. The maximum potential amount of future payments that Viad would be required to make under all guarantees existing as of June 30, 2015 would be $3.6 million. These guarantees relate to leased facilities and expire through October 2017. There are no recourse provisions that would enable Viad to recover from third parties any payments made under the guarantees. Furthermore, there are no collateral or similar arrangements whereby Viad could recover payments.

The estimated fair value of total debt was $105.1 million and $123.0 million as of June 30, 2015 and December 31, 2014, respectively. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity.

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Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	VIAD CORP
Entity Central Index Key	0000884219
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		20,079,298

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Fair Value Measurements

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The fair value of an asset or liability is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value guidance requires an entity to maximize the use of quoted prices and other observable inputs and minimize the use of unobservable inputs when measuring fair value, and also establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value as follows:

Level 1 - Quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs to the valuation methodology that are significant to the measurement of fair value.

Viad measures its money market mutual funds and certain other mutual fund investments at fair value on a recurring basis using Level 1 inputs. The fair value information related to these assets is summarized in the following tables:

				Fair Value Measurements at Reporting Date Using
(in thousands)	June 30, 2015			Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Money market funds	$	7,320		$	7,320	$	—	$	—
Other mutual funds	2,371			2,371		—		—
Total assets at fair value	$	9,691		$	9,691	$	—	$	—
Liabilities:
Earnout contingent consideration liability	(1,114		)	—		—		(1,114		)
Total liabilities at fair value on a recurring basis	$	(1,114	)	$	—	$	—	$	(1,114	)
				Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2014			Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Money market funds	$	8,518		$	8,518	$	—	$	—
Other mutual funds	2,536			2,536		—		—
Total assets at fair value	$	11,054		$	11,054	$	—	$	—
Liabilities:
Earnout contingent consideration liability	(1,210		)	—		—		(1,210		)
Total liabilities at fair value on a recurring basis	$	(1,210	)	$	—	$	—	$	(1,210	)

As of June 30, 2015 and December 31, 2014, Viad had investments in money market mutual funds of $7.3 million and $8.5 million, respectively, which are included in the consolidated balance sheets under the caption “Cash and cash equivalents.” These investments are classified as available-for-sale and were recorded at fair value. There have been no realized or unrealized gains or losses related to these investments and the Company has not experienced any redemption restrictions with respect to any of the money market mutual funds.

As of June 30, 2015 and December 31, 2014, Viad had investments in other mutual funds of $2.4 million and $2.5 million, respectively, which are classified in the consolidated balance sheets under the caption “Other investments and assets.” These investments were classified as available-for-sale and were recorded at fair value. As of June 30, 2015 and December 31, 2014, there were unrealized gains of $1.0 million ($0.6 million after-tax) and $0.8 million ($0.5 million after-tax), respectively, which were included in the consolidated balance sheets under the caption “Accumulated other comprehensive income (loss).”

The fair value measurement of the earnout contingent consideration obligation relates to the acquisition of N200 in November 2014, and is included in accrued liabilities in the consolidated balance sheets. The fair value measurement is based upon significant inputs not observable in the market. Changes in the value of the obligation are recorded as income or expense in our consolidated statements of income. The contingent payment, if any, will be determined during the third quarter of 2015. During the six month period ended June 30, 2015, the estimated contingent payment increased $0.1 million, due primarily to an increase in the estimated attainment of earnout objectives.

The carrying values of cash and cash equivalents, receivables and accounts payable approximate fair value due to the short-term maturities of these instruments. The estimated fair value of debt obligations is disclosed in Note 11, Debt and Capital Lease Obligations.

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Discontinued Operations - Schedule of Disconnected Operations, Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations	$ 78	$ (1,236)	$ (70)	$ 14,002
Income from discontinued operations attributable to noncontrolling interest			0	(2,668)
Income (loss) from discontinued operations attributable to Viad	$ 78	(1,236)	$ (70)	11,334
Glacier Park
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenue		0		0
Costs and expenses		(18)		(86)
Loss from discontinued operations, before income taxes		(18)		(86)
Income tax benefit		18		38
Loss from discontinued operations, net of tax		0		(48)
Gain (loss) on sale of discontinued operations, net of tax		(964)		14,322
Income (loss) from discontinued operations		(964)		14,274
Income from discontinued operations attributable to noncontrolling interest		0		(2,668)
Income (loss) from discontinued operations attributable to Viad		$ (964)		$ 11,606

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Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Revenue:
Exhibition and event services	$ 237,614	$ 185,486	$ 450,866		$ 417,269
Exhibits and environments	48,955	41,100	92,631		87,140
Travel and recreation services	30,466	29,805	37,934		37,623
Total revenue	317,035	256,391	581,431		542,032
Costs and expenses:
Costs of services	236,868	200,635	462,129		430,217
Costs of products sold	43,881	41,620	84,141		84,318
Corporate activities	1,983	1,991	4,793		4,030
Interest income	(443)	(54)	(506)		(119)
Interest expense	1,103	309	2,254		607
Restructuring charges	1,069	1,365	1,285		1,576
Impairment charges	0	884	0		884
Total costs and expenses	284,461	246,750	554,096		521,513
Income from continuing operations before income taxes	32,574	9,641	27,335		20,519
Income tax expense	10,372	1,796	7,105		3,493
Income from continuing operations	22,202	7,845	20,230		17,026
Income (loss) from discontinued operations	78	(1,236)	(70)		14,002
Net income	22,280	6,609	20,160		31,028
Net loss (income) attributable to noncontrolling interest	109	133	173		(2,404)
Net income attributable to Viad	$ 22,389	$ 6,742	$ 20,333		$ 28,624
Diluted income (loss) per common share:
Income from continuing operations attributable to Viad common stockholders (USD per share)	$ 1.11	$ 0.39	$ 1.02		$ 0.85
Income from discontinued operations attributable to Viad common stockholders (USD per share)	0.01	(0.06)	(0.01)		0.56
Net income attributable to Viad common stockholders (USD per share)	$ 1.12	$ 0.33	$ 1.01	[1]	$ 1.41	[1]
Weighted-average outstanding and potentially dilutive common shares	19,918	20,149	19,933		20,262
Basic income (loss) per common share:
Income from continuing operations attributable to Viad common stockholders (USD per share)	$ 1.11	$ 0.39	$ 1.02		$ 0.85
Income from discontinued operations attributable to Viad common stockholders (USD per share)	0.01	(0.06)	(0.01)		0.56
Net income attributable to Viad common stockholders (USD per share)	$ 1.12	$ 0.33	$ 1.01		$ 1.41
Weighted-average outstanding common shares	19,778	19,869	19,757		19,909
Dividends declared per common share	$ 0.1	$ 0.1	$ 0.2		$ 1.7
Amounts attributable to Viad common stockholders
Income from continuing operations	$ 22,311	$ 7,978	$ 20,403		$ 17,290
Income (loss) from discontinued operations	78	(1,236)	(70)		11,334
Net income attributable to Viad	$ 22,389	$ 6,742	$ 20,333		$ 28,624

[1] Diluted income per share amount cannot exceed basic income per share.

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Property and Equipment, Net

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

Property and equipment consisted of the following as of the respective periods:

(in thousands)	June 30, 2015			December 31, 2014
Land and land interests	$	29,722		$	30,360
Buildings and leasehold improvements	135,225			138,104
Equipment and other	314,716			319,435
Gross property and equipment	479,663			487,899
Less: accumulated depreciation	(287,654		)	(288,328		)
Property and equipment, net	$	192,009		$	199,571

Depreciation expense for the three months ended June 30, 2015 and 2014 was $7.4 million and $6.9 million, respectively. Depreciation expense for the six months ended June 30, 2015 and 2014 was $14.1 million and $13.4 million, respectively.

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Other Current Assets

6 Months Ended

Jun. 30, 2015

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current Assets

Other Current Assets

Other current assets consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Prepaid software maintenance	$	4,173	$	1,934
Income tax receivable	3,182		1,869
Prepaid vendor payments	2,596		2,689
Prepaid rent	1,300		186
Prepaid taxes	1,213		1,416
Prepaid insurance	852		2,170
Prepaid other	4,344		4,427
Other	1,891		2,749
Other current assets	$	19,551	$	17,440

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Restructuring Charges

6 Months Ended

Jun. 30, 2015

Restructuring and Related Activities [Abstract]

Restructuring Charges

Restructuring Charges

The Company executed certain restructuring actions designed to reduce the Company’s cost structure primarily within the Marketing & Events U.S. segment, and to a lesser extent in the Marketing & Events International segment. As a result, it has recorded restructuring charges related to the consolidation and downsizing of facilities. Additionally, the Company has recorded restructuring charges in connection with certain reorganization activities. These charges consist of severance and related benefits due to headcount reductions.

The table below represents a reconciliation of beginning and ending liability balances by major restructuring activity:

	Marketing & Events Group Consolidation						Other Restructurings
(in thousands)	Severance & Employee Benefits			Facilities			Severance & Employee Benefits			Total
Balance at December 31, 2014	$	543		$	1,161		$	240		$	1,944
Restructuring charges	643			98			544			1,285
Cash payments	(891		)	(235		)	(543		)	(1,669		)
Adjustment to liability	—			—			(144		)	(144		)
Balance at June 30, 2015	$	295		$	1,024		$	97		$	1,416

As of June 30, 2015, the liabilities related to severance and employee benefits are expected to be paid by the end of 2015. Additionally, the liability of $1.0 million related to future lease payments will be paid over the remaining lease terms for the Marketing & Events Group. Refer to Note 19, Segment Information, for information regarding restructuring charges (recoveries) by segment.

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Stockholders' Equity

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity

The following represents a reconciliation of the carrying amounts of stockholders’ equity attributable to Viad and the noncontrolling interest for the six months ended June 30, 2015 and 2014:

(in thousands)	Total Viad Stockholders’ Equity			Noncontrolling Interest			Total Stockholders’ Equity
Balance at December 31, 2014	$	335,387		$	12,315		$	347,702
Net income (loss)	20,333			(173		)	20,160
Dividends on common stock	(4,008		)	—			(4,008		)
Common stock purchased for treasury	(5,969		)	—			(5,969		)
Employee benefit plans	4,790			—			4,790
Unrealized foreign currency translation adjustment	(11,626		)	—			(11,626		)
Tax benefits from share-based compensation	232			—			232
Other changes to accumulated other comprehensive income	298			—			298
Other	(1		)	(1		)	(2		)
Balance at June 30, 2015	$	339,436		$	12,141		$	351,577

(in thousands)	Total Viad Stockholders’ Equity			Noncontrolling Interest		Total Stockholders’ Equity
Balance at December 31, 2013	$	347,441		$	9,102	$	356,543
Net income	28,624			2,404		31,028
Dividends on common stock	(34,534		)	—		(34,534		)
Common stock purchased for treasury	(11,610		)	—		(11,610		)
Employee benefit plans	4,004			—		4,004
Unrealized foreign currency translation adjustment	(151		)	—		(151		)
Unrealized gain on investments	50			—		50
ESOP allocation adjustment	44			—		44
Other	36			—		36
Balance at June 30, 2014	$	333,904		$	11,506	$	345,410

Changes in accumulated other comprehensive income (“AOCI”) by component were as follows:

(in thousands)	Unrealized Gains on Investments			Cumulative Foreign Currency Translation Adjustments			Unrecognized Net Actuarial Loss and Prior Service Credit, Net			Accumulated Other Comprehensive Income
Balance at December 31, 2014	$	471		$	12,415		$	(13,280	)	$	(394	)
Other comprehensive income (loss) before reclassifications	168			(11,626		)	—			(11,458		)
Amounts reclassified from AOCI, net of tax	(34		)	—			(31		)	(65		)
Net other comprehensive income (loss)	134			(11,626		)	(31		)	(11,523		)
Balance at June 30, 2015	$	605		$	789		$	(13,311	)	$	(11,917	)

The following table presents information about reclassification adjustments out of AOCI for the six months ended June 30:

							Affected Line Item in the Statement Where Net Income is Presented
(in thousands)	2015			2014
Unrealized gains on investments	$	54		$	40		Interest income
Tax effect	(20		)	(15		)	Income taxes
	$	34		$	25
Recognized net actuarial loss(1)	$	(345	)	$	(413	)
Amortization of prior service credit(1)	275			353
Tax effect	101			23			Income taxes
	$	31		$	(37	)

⁽¹⁾ Amount included in pension expense. Refer to Note 16, Pension and Postretirement Benefits.

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the six months ended June 30, 2015 were as follows:

(in thousands)	Marketing & Events U.S.		Marketing & Events International			Travel & Recreation Group			Total
Balance at December 31, 2014	$	110,618	$	42,221		$	41,358		$	194,197
Purchase price allocation adjustments	230		211			—			441
Foreign currency translation adjustments	—		(1,524		)	(3,079		)	(4,603		)
Balance at June 30, 2015	$	110,848	$	40,908		$	38,279		$	190,035

The original purchase price allocations were based on information available at the respective acquisition dates. During the six months ended June 30, 2015, we recorded measurement period adjustments to the original purchase price allocation for Blitz, onPeak LLC, Travel Planners, Inc. and N200, which increased goodwill by $0.4 million. The amount was not considered significant and therefore prior periods have not been retrospectively adjusted. For additional information, refer to Note 3, Acquisition of Businesses.

A summary of other intangible assets is presented below:

	June 30, 2015					December 31, 2014
(in thousands)	Gross Carrying Value		Accumulated Amortization			Gross Carrying Value		Accumulated Amortization
Amortized intangible assets:
Customer contracts and relationships	$	38,943	$	(5,188	)	$	41,624	$	(2,961	)
Other	4,614		(1,455		)	4,576		(732		)
Total amortized intangible assets	43,557		(6,643		)	46,200		(3,693		)
Unamortized intangible assets:
Business licenses	460		—			460		—
Other intangible assets	$	44,017	$	(6,643	)	$	46,660	$	(3,693	)

The original purchase price allocations were based on information available at the respective acquisition dates. During the six months ended June 30, 2015, we recorded measurement period adjustments to the original purchase price allocation for Blitz, onPeak LLC, Travel Planners, Inc. and N200, which reduced other intangible assets by $0.7 million. The amount was not considered significant and therefore prior periods have not been retrospectively adjusted. For additional information, refer to Note 3, Acquisition of Businesses.

Intangible asset amortization expense for the three months ended June 30, 2015 and 2014 was $1.8 million and $0.3 million, respectively. Intangible asset amortization expense for the six months ended June 30, 2015 and 2014 was $3.8 million and $0.3 million, respectively. Estimated amortization expense related to amortized intangible assets for future years is expected to be as follows:

(in thousands)
Remainder of 2015	$	3,629
2016	$	6,444
2017	$	5,605
2018	$	4,613
2019	$	4,226
Thereafter	$	12,397

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Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Net [Abstract]
Amortized intangible assets, Gross Carrying Value	$ 43,557	$ 46,200
Accumulated Amortization	(6,643)	(3,693)
Intangible Assets, Gross (Excluding Goodwill)	44,017	46,660
Customer contracts and relationships
Finite-Lived Intangible Assets, Net [Abstract]
Amortized intangible assets, Gross Carrying Value	38,943	41,624
Accumulated Amortization	(5,188)	(2,961)
Other
Finite-Lived Intangible Assets, Net [Abstract]
Amortized intangible assets, Gross Carrying Value	4,614	4,576
Accumulated Amortization	(1,455)	(732)
Business licenses
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	0	0
Unamortized intangible assets, Gross Carrying Value	$ 460	$ 460

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Other Investments and Assets

6 Months Ended

Jun. 30, 2015

Investments, All Other Investments [Abstract]

Other Investments and Assets

Other Investments and Assets

Other investments and assets consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Cash surrender value of life insurance	$	20,939	$	20,866
Self-insured liability receivable	7,728		7,728
Workers’ compensation insurance security deposits	4,250		4,250
Other mutual funds	2,371		2,536
Other	5,521		5,294
Other investments and assets	$	40,809	$	40,674

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Other Current Liabilities

6 Months Ended

Jun. 30, 2015

Other Liabilities, Current [Abstract]

Other Current Liabilities

Other Current Liabilities

Other current liabilities consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Continuing operations:
Self-insured liability accrual	$	6,567	$	6,297
Accrued employee benefit costs	4,109		3,215
Accrued foreign income taxes	3,375		2,370
Accrued sales and use taxes	2,745		3,624
Accrued dividends	2,099		2,107
Current portion of pension liability	1,729		1,641
Deferred rent	1,689		783
Accrued professional fees	1,078		1,228
Accrued restructuring	956		1,154
Accrued rebates	928		1,600
Other	9,389		2,837
Total continuing operations	34,664		26,856
Discontinued operations:
Environmental remediation liabilities	272		350
Self-insured liability accrual	156		173
Other	434		408
Total discontinued operations	862		931
Other current liabilities	$	35,526	$	27,787

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Other Deferred Items Liabilities

6 Months Ended

Jun. 30, 2015

Other Liabilities Disclosure [Abstract]

Other Deferred Items and Liabilities

Other Deferred Items and Liabilities

Other deferred items and liabilities consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Continuing operations:
Self-insured liability accrual	$	12,931	$	13,525
Self-insured excess liability	7,728		7,728
Accrued compensation	6,930		6,824
Deferred rent income	3,188		2,787
Foreign deferred tax liability	2,094		2,135
Accrued restructuring	460		555
Other	3,331		5,117
Total continuing operations	36,662		38,671
Discontinued operations:
Environmental remediation liabilities	4,365		4,395
Self-insured liability accrual	4,234		4,327
Accrued income taxes	997		1,119
Other	1,134		1,250
Total discontinued operations	10,730		11,091
Other deferred items and liabilities	$	47,392	$	49,762

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Debt and Capital Lease Obligations - Schedule of Long Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Revolving Credit Facility and Term Loan, 2.3% and 2.4% weighted-average interest rate at June 30, 2015 and December 31, 2014, respectively, due through 2019	$ 131,874	$ 139,500
Capital lease obligations, 6.0% weighted-average interest at both June 30, 2015 and December 31, 2014, due through 2018	1,390	1,520
Total debt	133,264	141,020
Current portion	(29,532)	(27,856)
Long-term debt and capital lease obligations	$ 103,732	$ 113,164

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Fair Value Measurements - Recurring and Nonrecurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair value information related to assets
Assets	$ 9,691	$ 11,054
Liabilities	(1,114)	(1,210)
Earnout contingent consideration liability
Fair value information related to assets
Liabilities	(1,114)	(1,210)
Quoted Prices in Active Markets (Level 1)
Fair value information related to assets
Assets	9,691	11,054
Liabilities	0	0
Quoted Prices in Active Markets (Level 1) | Earnout contingent consideration liability
Fair value information related to assets
Liabilities	0	0
Significant Other Observable Inputs (Level 2)
Fair value information related to assets
Assets	0	0
Liabilities	0	0
Significant Other Observable Inputs (Level 2) | Earnout contingent consideration liability
Fair value information related to assets
Liabilities	0	0
Significant Unobserved Inputs (Level 3)
Fair value information related to assets
Assets	0	0
Liabilities	(1,114)	(1,210)
Significant Unobserved Inputs (Level 3) | Earnout contingent consideration liability
Fair value information related to assets
Liabilities	(1,114)	(1,210)
Money market funds
Fair value information related to assets
Assets	7,320	8,518
Money market funds | Quoted Prices in Active Markets (Level 1)
Fair value information related to assets
Assets	7,320	8,518
Money market funds | Significant Other Observable Inputs (Level 2)
Fair value information related to assets
Assets	0	0
Money market funds | Significant Unobserved Inputs (Level 3)
Fair value information related to assets
Assets	0	0
Other mutual funds
Fair value information related to assets
Assets	2,371	2,536
Other mutual funds | Quoted Prices in Active Markets (Level 1)
Fair value information related to assets
Assets	2,371	2,536
Other mutual funds | Significant Other Observable Inputs (Level 2)
Fair value information related to assets
Assets	0	0
Other mutual funds | Significant Unobserved Inputs (Level 3)
Fair value information related to assets
Assets	$ 0	$ 0

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Other Deferred Items Liabilities - Schedule of Other Deferred Items and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Continuing operations:
Self-insured liability accrual	$ 12,931	$ 13,525
Self-insured excess liability	7,728	7,728
Accrued compensation	6,930	6,824
Deferred rent income	3,188	2,787
Foreign deferred tax liability	2,094	2,135
Accrued restructuring	460	555
Other	3,331	5,117
Total continuing operations	36,662	38,671
Discontinued operations:
Environmental remediation liabilities	4,365	4,395
Self-insured liability accrual	4,234	4,327
Accrued income taxes	997	1,119
Other	1,134	1,250
Total discontinued operations	10,730	11,091
Other deferred items and liabilities	$ 47,392	$ 49,762

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Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2015

Other Liabilities, Current [Abstract]

Other Current Liabilities

Other current liabilities consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Continuing operations:
Self-insured liability accrual	$	6,567	$	6,297
Accrued employee benefit costs	4,109		3,215
Accrued foreign income taxes	3,375		2,370
Accrued sales and use taxes	2,745		3,624
Accrued dividends	2,099		2,107
Current portion of pension liability	1,729		1,641
Deferred rent	1,689		783
Accrued professional fees	1,078		1,228
Accrued restructuring	956		1,154
Accrued rebates	928		1,600
Other	9,389		2,837
Total continuing operations	34,664		26,856
Discontinued operations:
Environmental remediation liabilities	272		350
Self-insured liability accrual	156		173
Other	434		408
Total discontinued operations	862		931
Other current liabilities	$	35,526	$	27,787

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Acquisition of Businesses - Unaudited Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Business Combinations [Abstract]
Revenue	$ 275,748	$ 576,599
Depreciation and amortization	9,666	19,024
Income from continuing operations	10,517	19,932
Net income attributable to Viad	$ 9,251	$ 31,548
Diluted net income (USD per share)	$ 0.46	$ 1.56
Basic net income (USD per share)	$ 0.47	$ 1.58

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Income Taxes

6 Months Ended

Jun. 30, 2015

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rates for the three months ended June 30, 2015 and 2014 were 31.8 percent and 18.6 percent, respectively. The effective tax rates for the six months ended June 30, 2015 and 2014 were 26.0 percent and 17.0 percent, respectively.

The income tax provisions were computed based on the Company’s estimated effective tax rate and forecasted income by jurisdiction expected to be applicable for the full fiscal year, including the impact of any unusual or infrequent items. The effective tax rate for the six months ended June 30, 2015 was less than the federal statutory rate of 35.0 percent primarily due to the recording of a non-cash tax benefit relating to certain foreign intangible deferred tax assets that were recorded during the six months ended June 30, 2015. The effective tax rate for the six months ended June 30, 2014 was lower than the federal statutory rate principally due to foreign income which is taxed at lower rates, and other deferred tax adjustments.

Viad is required to estimate and record provisions for income taxes in each of the jurisdictions in which the Company operates. Accordingly, the Company must estimate its actual current income tax liability, and assess temporary differences arising from the treatment of items for tax purposes, as compared to the treatment for accounting purposes. These differences result in deferred tax assets and liabilities which are included in Viad’s consolidated balance sheets. The Company must assess the likelihood that deferred tax assets will be recovered from future taxable income and to the extent that recovery is not likely, a valuation allowance must be established. The Company uses significant judgment in forming a conclusion regarding the recoverability of its deferred tax assets and evaluates the available positive and negative evidence to determine whether it is more likely than not that its deferred tax assets will be realized in the future. These deferred tax assets reflect the expected future tax benefits to be realized upon reversal of deductible temporary differences and the utilization of net operating loss and tax credit carryforwards.

The Company considered all available positive and negative evidence regarding the future recoverability of its deferred tax assets, including the Company’s recent operating history, taxpaying history and future reversals of deferred tax liabilities. The Company also evaluated its ability to utilize its foreign tax credits, given its recent utilization history and projected future domestic income. The foreign tax credits are subject to a 10-year carryforward period and begin to expire in 2020. As of December 31, 2014, $12.7 million of the $21.8 million in tax credit carryforwards were related to foreign tax credits. Based on the Company’s evaluation of all positive and negative evidence, it was determined to be more likely than not that the foreign tax credit carryforwards would be utilized before their expiration. Therefore, a valuation allowance against the foreign tax credit was not required. The positive evidence relied upon in making this assessment included the Company’s positive cumulative income position, the projected future utilization of foreign tax credit carryforwards, the history of utilizing all deferred tax assets including net operating losses, and future forecasts of domestic income.

As noted above, Viad uses considerable judgment in forming a conclusion regarding the recoverability of its deferred tax assets. As a result, there are inherent uncertainties regarding the ultimate realization of these assets, which is primarily dependent upon Viad’s ability to generate sufficient taxable income in future periods. In future periods, it is reasonably possible that the relative weight of positive and negative evidence regarding the recoverability of Viad’s deferred tax assets may change, which could result in a material increase or decrease in the Company’s valuation allowance. If such a change in the valuation allowance were to occur, it would result in a change to income tax expense in the period the assessment was made.

Viad had liabilities, including interest and penalties, associated with uncertain tax positions for continuing operations of $1.2 million as of June 30, 2015 and $1.3 million as of December 31, 2014. In addition, as of June 30, 2015 and December 31, 2014, Viad had liabilities, including interest and penalties, for uncertain tax positions relating to discontinued operations of $1.0 million and $1.1 million, respectively. Future tax resolutions or settlements that may occur related to these uncertain tax positions would be recorded through either continuing or discontinued operations (net of applicable federal tax benefit). The total liability associated with uncertain tax positions as of June 30, 2015 and December 31, 2014 was $2.2 million and $2.4 million, respectively, which was classified as both current and non-current liabilities. The Company does not expect a material amount of uncertain tax positions to be resolved or settled within the next twelve months.

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Discontinued Operations

6 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

For the three and six months ended June 30, 2015, Viad recorded income from discontinued operations of $78,000 and a loss of $70,000, respectively, due to liability reserve adjustments and legal fees related to previously sold operations.

For the three and six months ended June 30, 2014, Viad recorded a loss from discontinued operations of $1.2 million and a gain of $14.0 million, respectively, due to the expiration of the Glacier National Park concession contract and additional reserves related to certain liabilities associated with previously sold operations.

On December 31, 2013, Glacier Park’s concession contract with the Park Service to operate lodging, tour and transportation and other hospitality services within Glacier National Park expired. Upon completion of the contract, the Company received cash payments in January 2014 totaling $25.0 million resulting in a pre-tax gain of $21.5 million for the Company’s possessory interest. The gain after-tax on the possessory interest as of June 30, 2014 was $14.3 million with $2.7 million attributable to the noncontrolling interest. These amounts are included in income (loss) from discontinued operations and net income attributable to noncontrolling interest in Viad’s Condensed Consolidated Statements of Operations, respectively.

The following summarizes Glacier Park’s expired concession contract operating results, which are presented in income (loss) from discontinued operations, net of tax, in Viad’s Condensed Consolidated Statements of Operations:

	Three Months Ended			Six Months Ended
(in thousands)	June 30, 2014
Total revenue	$	—		$	—
Costs and expenses	(18		)	(86		)
Loss from discontinued operations, before income taxes	(18		)	(86		)
Income tax benefit	18			38
Loss from discontinued operations, net of tax	—			(48		)
Gain (loss) on sale of discontinued operations, net of tax	(964		)	14,322
Income (loss) from discontinued operations	(964		)	14,274
Income from discontinued operations attributable to noncontrolling interest	—			(2,668		)
Income (loss) from discontinued operations attributable to Viad	$	(964	)	$	11,606

The following is a reconciliation of net income attributable to the noncontrolling interest for the six months ended June 30:

(in thousands)	2015			2014
Loss from continuing operations	$	(173	)	$	(264	)
Income from discontinued operations	—			2,668
Net income (loss) attributable to noncontrolling interest	$	(173	)	$	2,404

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Share-Based Compensation - Narrative (Details) - USD ($)		1 Months Ended				3 Months Ended		6 Months Ended
	Jan. 24, 2014	Mar. 31, 2015	Feb. 28, 2015	Mar. 31, 2014	Feb. 28, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation before income tax benefit						$ (875,000)	$ (1,112,000)	$ (2,106,000)	$ (1,503,000)
Common Stock, Dividends, Per Share, Declared	$ 1.50					$ 0.1	$ 0.1	$ 0.2	$ 1.7
Dividends, Common Stock	$ 30,500,000
Repurchase of Common Stock for Employee Tax Withholding Obligations amount, shares								34,184	44,806
Repurchase of Common Stock for Employee Tax Withholding Obligations amount								$ 900,000	$ 1,000,000
Shares Available for Grant						962,825		962,825
Performance unit incentive plan (“PUP”)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation before income tax benefit						$ (376,000)	$ (326,000)	$ (988,000)	(95,000)
Award vesting period								3 years
Payments To Employees		$ 2,400,000		$ 2,900,000
Restricted stock units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation before income tax benefit						7,000	$ (27,000)	$ (18,000)	$ 5,000
Unamortized cost						3,700,000		$ 3,700,000
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Recognition Period of Unrecognized cost								1 year 8 months 12 days
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Payments To Employees			$ 300,000		$ 200,000
Liabilities related to restricted stock						300,000		$ 300,000		$ 500,000
Stock options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Unamortized cost						0		0
Performance unit incentive plan (“PUP”)
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Liability awards recorded						1,500,000		1,500,000		$ 3,500,000
Restructuring Charges
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation before income tax benefit						$ (56,000)		$ (100,000)

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Pension and Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2015

Compensation and Retirement Disclosure [Abstract]

Components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad's postretirement benefit plans

The net periodic benefit cost of Viad’s pension and postretirement plans for the three months ended June 30, included the following components:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2015			2014			2015			2014			2015			2014
Service cost	$	26		$	22		$	44		$	60		$	131		$	105
Interest cost	275			266			139			201			131			160
Expected return on plan assets	(81		)	(117		)	—			—			(152		)	(162		)
Amortization of prior service credit	—			—			(185		)	(148		)	—			—
Recognized net actuarial loss	143			85			134			108			2			2
Net periodic benefit cost	$	363		$	256		$	132		$	221		$	112		$	105

The net periodic benefit cost of Viad’s pension and postretirement plans for the six months ended June 30, included the following components:

	Domestic Plans
	Pension Plans						Postretirement Benefit Plans						Foreign Pension Plans
(in thousands)	2015			2014			2015			2014			2015			2014
Service cost	$	51		$	45		$	87		$	94		$	259		$	209
Interest cost	526			546			316			377			260			320
Expected return on plan assets	(192		)	(220		)	—			—			(301		)	(323		)
Amortization of prior service credit	—			—			(276		)	(296		)	—			—
Recognized net actuarial loss	268			204			273			209			4			5
Net periodic benefit cost	$	653		$	575		$	400		$	384		$	222		$	211

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Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income		$ 22,280	$ 6,609	$ 20,160	$ 31,028
Other comprehensive income:
Unrealized gains (losses) on investments, net of tax(1)	[1]	(26)	41	133	50
Unrealized foreign currency translation adjustments, net of tax(1)	[1]	5,953	6,582	(11,626)	(151)
Amortization of net actuarial gain, net of tax(1)	[1]	168	127	336	255
Amortization of prior service credit, net of tax(1)	[1]	(85)	(126)	(171)	(218)
Comprehensive income		28,290	13,233	8,832	30,964
Comprehensive (income) loss attributable to noncontrolling interest		109	133	173	(2,404)
Comprehensive income attributable to Viad		$ 28,399	$ 13,366	$ 9,005	$ 28,560

[1] The tax effect on other comprehensive income is not significant.

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Inventories

6 Months Ended

Jun. 30, 2015

Inventory Disclosure [Abstract]

Inventories

Inventories

The components of inventories consisted of the following as of the respective periods:

(in thousands)	June 30, 2015		December 31, 2014
Raw materials	$	17,383	$	16,749
Work in process	13,122		15,652
Inventories	$	30,505	$	32,401

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Other Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Continuing operations:
Self-insured liability accrual	$ 6,567	$ 6,297
Accrued employee benefit costs	4,109	3,215
Accrued foreign income taxes	3,375	2,370
Accrued sales and use taxes	2,745	3,624
Accrued dividends	2,099	2,107
Current portion of pension liability	1,729	1,641
Deferred rent	1,689	783
Accrued professional fees	1,078	1,228
Accrued restructuring	956	1,154
Accrued rebates	928	1,600
Other	9,389	2,837
Total continuing operations	34,664	26,856
Discontinued operations:
Environmental remediation liabilities	272	350
Self-insured liability accrual	156	173
Other	434	408
Total discontinued operations	862	931
Other current liabilities	$ 35,526	$ 27,787

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Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 31, 2014	$ (394)
Other comprehensive income (loss) before reclassifications	(11,458)
Amounts reclassified from AOCI, net of tax	(65)
Net other comprehensive income (loss)	(11,523)
Balance at June 30, 2015	(11,917)
Unrealized Gains on Investments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 31, 2014	471
Other comprehensive income (loss) before reclassifications	168
Amounts reclassified from AOCI, net of tax	(34)	$ (25)
Net other comprehensive income (loss)	134
Balance at June 30, 2015	605
Cumulative Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 31, 2014	12,415
Other comprehensive income (loss) before reclassifications	(11,626)
Amounts reclassified from AOCI, net of tax	0
Net other comprehensive income (loss)	(11,626)
Balance at June 30, 2015	789
Unrecognized Net Actuarial Loss and Prior Service Credit, Net
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Balance at December 31, 2014	(13,280)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from AOCI, net of tax	(31)	$ 37
Net other comprehensive income (loss)	(31)
Balance at June 30, 2015	$ (13,311)

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Basis of Presentation and Principles of Consolidation (Policies)

6 Months Ended

Jun. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation

The accompanying unaudited, condensed consolidated financial statements of Viad Corp (“Viad” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required for complete financial statements. The condensed consolidated financial statements of Viad include the accounts of Viad and all of its subsidiaries. All significant intercompany account balances and transactions between Viad and its subsidiaries have been eliminated in consolidation.

In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015.

For further information, refer to the consolidated financial statements and related footnotes for the year ended December 31, 2014 included in the Company’s Form 10-K, filed with the Securities and Exchange Commission on March 13, 2015.

Nature of Business

Nature of Business

Viad’s reportable segments consist of Marketing & Events U.S., Marketing & Events International (collectively, “Marketing & Events Group”) and the Travel & Recreation Group.

Marketing & Events Group

The Marketing & Events Group, comprised of Global Experience Specialists, Inc. and affiliates (“GES”), is a global full-service provider for live events that helps clients gain more awareness, more engagement and a greater return at their events. The Marketing & Events Group offers a complete range of services, from design and production of immersive environments and brand-based experiences, to material handling, rigging, electrical and other on-site services for clients, including show organizers, corporate brand marketers and retail shopping centers. In addition, the Marketing & Events Group offers clients a full suite of online tools and technologies that help them more easily manage the complexities of their events. Show organizers include for-profit and not-for-profit show owners as well as show management companies. Corporate brand marketers include exhibitors and domestic and international corporations that want to promote their brands, services and innovations, feature new products and build business relationships. Viad’s retail shopping center customers include major developers, owners and management companies of shopping malls and leisure centers.

In 2014, the Company acquired: Blitz Communications Group Limited and its affiliates (collectively, “Blitz”) in September, onPeak LLC and Travel Planners, Inc. in October, with Travel Planners, Inc. merging into onPeak LLC (collectively, “onPeak”) in January 2015, and N200 Limited and its affiliates (collectively, “N200”) in November. For additional information on the Company’s 2014 acquisitions, refer to Note 3, Acquisition of Businesses.

Travel & Recreation Group

The Travel & Recreation Group consists of Brewster Inc. (“Brewster”), Glacier Park, Inc. (“Glacier Park”) and Alaskan Park Properties, Inc. (“Alaska Denali Travel”).

Brewster provides tourism products and experiential services in the Canadian Rockies in Alberta and in other parts of Western Canada. Brewster’s operations include the Banff Gondola, Columbia Icefield Glacier Adventure, Glacier Skywalk, Banff Lake Cruise, motorcoach services, charter and sightseeing services, inbound package tour operations and hotel operations.

Glacier Park, an 80 percent owned subsidiary of Viad, owns and operates seven lodges, with accommodation offerings varying from hikers’ cabins to hotel suites, including St. Mary Lodge, a full-service resort located outside the east entrance to Glacier National Park in St. Mary, Montana; Glacier Park Lodge, a historic lodge in East Glacier, Montana; Grouse Mountain Lodge, a full-season lodge offering golf, skiing, hiking and other seasonal recreational activities, located near Glacier National Park in Whitefish, Montana; the Prince of Wales Hotel in Waterton Lakes National Park, Alberta, Canada, which is situated on land for which the Company has a 42-year ground lease with the Canadian government running through January 31, 2052; the West Glacier Motel & Cabins in West Glacier, Montana; and Motel Lake McDonald and the Apgar Village Lodge, which are located inside Glacier National Park. Glacier Park also operates the food and beverage services with respect to those properties and the retail shops located near Glacier National Park. For additional information on Glacier Park’s concession operations within Glacier National Park, refer to Note 20, Discontinued Operations.

In July 2014, the Company acquired the West Glacier Motel & Cabins, the Apgar Village Lodge and related land, food and beverage services and retail operations (collectively, the “West Glacier Properties”). For additional information, refer to Note 3, Acquisition of Businesses.

Alaska Denali Travel operates the Denali Backcountry Lodge and Denali Cabins. In addition to lodging, Alaska Denali Travel also provides food and beverage operations and package tour and transportation services in and around Denali National Park and Preserve.

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Pension and Postretirement Benefits - Components of net periodic benefit cost and other amounts recognized in other comprehensive income of Viad's postretirement benefit plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Plans
Net periodic benefit cost of pension and post retirement benefit plans
Service cost	$ 26	$ 22	$ 51	$ 45
Interest cost	275	266	526	546
Expected return on plan assets	(81)	(117)	(192)	(220)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	143	85	268	204
Net periodic benefit cost	363	256	653	575
US Postretirement Benefit Plans
Net periodic benefit cost of pension and post retirement benefit plans
Service cost	44	60	87	94
Interest cost	139	201	316	377
Expected return on plan assets	0	0	0	0
Amortization of prior service credit	(185)	(148)	(276)	(296)
Recognized net actuarial loss	134	108	273	209
Net periodic benefit cost	132	221	400	384
Foreign Pension Plans
Net periodic benefit cost of pension and post retirement benefit plans
Service cost	131	105	259	209
Interest cost	131	160	260	320
Expected return on plan assets	(152)	(162)	(301)	(323)
Amortization of prior service credit	0	0	0	0
Recognized net actuarial loss	2	2	4	5
Net periodic benefit cost	$ 112	$ 105	$ 222	$ 211

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The fair value information related to these assets is summarized in the following tables:

				Fair Value Measurements at Reporting Date Using
(in thousands)	June 30, 2015			Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Money market funds	$	7,320		$	7,320	$	—	$	—
Other mutual funds	2,371			2,371		—		—
Total assets at fair value	$	9,691		$	9,691	$	—	$	—
Liabilities:
Earnout contingent consideration liability	(1,114		)	—		—		(1,114		)
Total liabilities at fair value on a recurring basis	$	(1,114	)	$	—	$	—	$	(1,114	)
				Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2014			Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Money market funds	$	8,518		$	8,518	$	—	$	—
Other mutual funds	2,536			2,536		—		—
Total assets at fair value	$	11,054		$	11,054	$	—	$	—
Liabilities:
Earnout contingent consideration liability	(1,210		)	—		—		(1,210		)
Total liabilities at fair value on a recurring basis	$	(1,210	)	$	—	$	—	$	(1,210	)

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Income (Loss) Per Share

6 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

Income (Loss) Per Share

Income Per Share

The following are the components of basic and diluted income per share:

	Three Months Ended   June 30,						Six Months Ended   June 30,
(in thousands, except per share data)	2015			2014			2015			2014
Net income attributable to Viad (diluted)	$	22,389		$	6,742		$	20,333		$	28,624
Less: Allocation to non-vested shares	(321		)	(124		)	(304		)	(546		)
Net income allocated to Viad common stockholders (basic)	$	22,068		$	6,618		$	20,029		$	28,078
Basic weighted-average outstanding common shares	19,778			19,869			19,757			19,909
Additional dilutive shares related to share-based compensation	140			280			176			353
Diluted weighted-average outstanding shares	19,918			20,149			19,933			20,262
Income per share:
Basic income attributable to Viad common stockholders	$	1.12		$	0.33		$	1.01		$	1.41
Diluted income attributable to Viad common stockholders(1)	$	1.12		$	0.33		$	1.01		$	1.41

⁽¹⁾Diluted income per share amount cannot exceed basic income per share.

As of the three and six months ended June 30, 2015, there were 140,000 and 176,000, respectively, share-based compensation awards considered dilutive and included in the computation of diluted income per share. As of the three and six months ended June 30, 2014, there were 280,000 and 353,000, respectively, share-based compensation awards considered dilutive and included in the computation of diluted income per share. Options to purchase 7,386 and 29,000 shares of common stock were outstanding during the six months ended June 30, 2015 and 2014, respectively, but were not included in the computation of dilutive shares outstanding because the effect would be anti-dilutive.