Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) of Viad's Postretirement Benefit Plans

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

	December 31,
(in thousands)	2022			2021			2020
Net periodic benefit cost:
Service cost	$	—		$	—		$	—
Interest cost		478			419			653
Expected return on plan assets		93			(47	)		(145	)
Recognized net actuarial loss		444			623			526
Net periodic benefit cost		1,015			995			1,034
Other changes in plan assets and benefit obligations recognized in other    comprehensive income (loss):
Net actuarial (gain) loss		(3,409	)		(883	)		1,587
Prior service credit		(518	)		—			—
Reversal of amortization item:
Net actuarial loss		(444	)		(623	)		(526	)
Total recognized in other comprehensive income		(4,371	)		(1,506	)		1,061
Total recognized in net periodic benefit cost and other    comprehensive income (loss)	$	(3,356	)	$	(511	)	$	2,095

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

	December 31,
(in thousands)	2022			2021			2020
Net periodic benefit cost:
Service cost	$	34		$	70		$	51
Interest cost		179			181			296
Amortization of prior service cost (credit)		89			(6	)		(146	)
Recognized net actuarial (gain) loss		(152	)		115			18
Net periodic benefit cost		150			360			219
Settlement income		—			(65	)		—
Total expenses, net		150			295			219
Other changes in plan assets and benefit obligations recognized in other    comprehensive income (loss):
Net actuarial (gain) loss		(2,540	)		(642	)		688
Prior service credit		509			—			—
Reversal of amortization items:
Net actuarial gain (loss)		152			(115	)		(18	)
Prior service (cost) credit		(89	)		6			146
Settlement income		—			65			—
Total recognized in other comprehensive income		(1,968	)		(686	)		816
Total recognized in net periodic benefit cost and other    comprehensive (loss) income	$	(1,818	)	$	(391	)	$	1,035

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

	December 31,
(in thousands)	2022			2021			2020
Net periodic benefit cost:
Service cost	$	280		$	457		$	444
Interest cost		361			339			365
Expected return on plan assets		(393	)		(508	)		(530	)
Recognized net actuarial loss		105			171			162
Settlement		593			—			—
Net periodic benefit cost		946			459			441
Other changes in plan assets and benefit obligations recognized in other    comprehensive income (loss):
Net actuarial (income) loss		(724	)		(375	)		368
Reversal of amortization of net actuarial loss		(105	)		(171	)		(162	)
Total recognized in other comprehensive income		(829	)		(546	)		206
Total recognized in net periodic benefit cost and other    comprehensive income (loss)	$	117		$	(87	)	$	647

Summary of Funded Status of the Plans

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

													Postretirement
	Funded Plans						Unfunded Plans						Benefit Plans
(in thousands)	2022			2021			2022			2021			2022			2021
Change in benefit obligation:
Benefit obligation at beginning of year	$	15,191		$	16,331		$	9,170		$	9,776		$	10,134		$	12,219
Service cost		—			—			—			—			34			70
Interest cost		321			266			157			153			179			180
Plan amendments		(518	)		—			—			—			509			—
Actuarial adjustments		(2,621	)		(385	)		(2,815	)		(109	)		(2,540	)		(641	)
Benefits paid		(919	)		(1,021	)		(546	)		(650	)		(593	)		(1,694	)
Benefit obligation at end of year		11,454			15,191			5,966			9,170			7,723			10,134
Change in plan assets:
Fair value of plan assets at beginning of year		11,647			11,878			—			—			—			—
Actual return on plan assets		(2,120	)		436			—			—			—			—
Company contributions		502			354			546			650			593			1,694
Benefits paid		(919	)		(1,021	)		(546	)		(650	)		(593	)		(1,694	)
Fair value of plan assets at end of year		9,110			11,647			—			—			—			—
Funded status at end of year	$	(2,344	)	$	(3,544	)	$	(5,966	)	$	(9,170	)	$	(7,723	)	$	(10,134	)

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

	Funded Plans						Unfunded Plans
(in thousands)	2022			2021			2022			2021
Change in benefit obligation:
Benefit obligation at beginning of year	$	10,790		$	10,916		$	2,470		$	2,449
Service cost		280			457			—			—
Interest cost		283			270			78			69
Actuarial adjustments		(1,682	)		(475	)		(268	)		208
Benefits paid		(392	)		(462	)		(176	)		(185	)
Settlements		(2,616	)		—			—			—
Translation adjustment		(578	)		84			(147	)		(71	)
Benefit obligation at end of year		6,085			10,790			1,957			2,470
Change in plan assets:
Fair value of plan assets at beginning of year		11,171			10,798			—			—
Actual return on plan assets		(1,597	)		623			—			—
Company contributions		222			133			176			185
Benefits paid		(392	)		(462	)		(176	)		(185	)
Settlements		(2,616	)		—			—			—
Translation adjustment		(588	)		79			—			—
Fair value of plan assets at end of year		6,200			11,171			—			—
Funded status at end of year	$	115		$	381		$	(1,957	)	$	(2,470	)

Net Amount Recognized in Consolidated Balance Sheets

The net amounts recognized in the Consolidated Balance Sheets under the captions “Pension and postretirement benefits” and “Other Current Liabilities” as of December 31 are as follows:

										Postretirement
	Funded Plans					Unfunded Plans				Benefit Plans
(in thousands)	2022			2021		2022		2021		2022		2021
Non-current assets	$	(205	)	$	—	$	—	$	—	$	—	$	—
Other current liabilities		—			—		570		701		687		755
Non-current liabilities		2,549			3,544		5,396		8,469		7,036		9,379
Net amount recognized	$	2,344		$	3,544	$	5,966	$	9,170	$	7,723	$	10,134

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

	Funded Plans						Unfunded Plans
(in thousands)	2022			2021			2022		2021
Non-current assets	$	(115	)	$	(384	)	$	—	$	—
Other current liabilities		—			—			169		181
Non-current liabilities		—			—			1,788		2,300
Net amount recognized	$	(115	)	$	(384	)	$	1,957	$	2,481

Amounts Recognized in AOCI

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

										Postretirement
	Funded Plans					Unfunded Plans				Benefit Plans					Total		Total
(in thousands)	2022			2021		2022		2021		2022			2021		2022		2021
Net actuarial loss (gain)	$	6,926		$	8,025	$	261	$	3,129	$	(1,088	)	$	1,299	$	6,099	$	12,453
Prior service (credit) cost		(518	)		—		—		—		613			195		95		195
Subtotal		6,408			8,025		261		3,129		(475	)		1,494		6,194		12,648
Less tax effect		—			—		—		—		—			—		—		—
Total	$	6,408		$	8,025	$	261	$	3,129	$	(475	)	$	1,494	$	6,194	$	12,648

Fair Value of Plans' Assets by Asset Class

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

			Fair Value Measurements at December 31, 2022
			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Domestic pension plans:
Fixed income securities	$	5,452	$	5,452	$	—	$	—
Equity securities		3,473		3,473		—		—
Cash		185		185		—		—
Other		—		—		—		—
Total	$	9,110	$	9,110	$	—	$	—

			Fair Value Measurements at December 31, 2021
			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Domestic pension plans:
Fixed income securities	$	5,935	$	5,935	$	—	$	—
Equity securities		5,297		5,297		—		—
Cash		230		230		—		—
Other		185		—		185		—
Total	$	11,647	$	11,462	$	185	$	—

The fair value information related to the foreign pension plans’ assets is summarized in the following tables:

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	3,965	$	3,965	$	—	$	—
Equity securities		2,036		2,036		—		—
Cash		199		199		—		—
Total	$	6,200	$	6,200	$	—	$	—

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	6,534	$	6,534	$	—	$	—
Equity securities		4,439		4,439		—		—
Other		198		198		—		—
Total	$	11,171	$	11,171	$	—	$	—

Payments and Receipts Reflecting Expected Future Service

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

(in thousands)	Funded Plans		Unfunded Plans		Postretirement Benefit Plans
2023	$	992	$	585	$	705
2024	$	968	$	571	$	719
2025	$	1,022	$	554	$	710
2026	$	1,009	$	538	$	696
2027	$	938	$	519	$	672
2028-2032	$	4,352	$	2,287	$	2,857

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

(in thousands)	Funded Plans		Unfunded Plans
2023	$	368	$	172
2024	$	380	$	171
2025	$	378	$	171
2026	$	375	$	170
2027	$	374	$	169
2028-2032	$	1,968	$	828

Accumulated Benefit Obligation in Excess of Plan Assets

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

	Domestic Plans
	Funded Plans				Unfunded Plans
(in thousands)	2022		2021		2022		2021
Projected benefit obligation	$	11,454	$	15,191	$	5,966	$	9,170
Accumulated benefit obligation	$	11,454	$	15,191	$	5,966	$	9,170
Fair value of plan assets	$	9,110	$	11,647	$	—	$	—

	Foreign Plans
	Funded Plans				Unfunded Plans
(in thousands)	2022		2021		2022		2021
Projected benefit obligation	$	6,085	$	10,790	$	1,957	$	2,470
Accumulated benefit obligation	$	5,727	$	10,150	$	1,957	$	2,470
Fair value of plan assets	$	6,200	$	11,171	$	—	$	—

Weighted-Average Assumptions Used to Determine Benefit Obligations

Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:

	Domestic Plans
	Funded Plans						Unfunded Plans						Postretirement Benefit Plans						Foreign Plans
	2022			2021			2022			2021			2022			2021			2022			2021
Discount rate		5.13	%		2.76	%		5.13	%		2.74	%		5.17	%		2.85	%		4.68	%		2.80	%
Rate of compensation increase	N/A			N/A			N/A				3.00	%	N/A			N/A				2.16	%		2.35	%

Weighted-average assumptions used to determine net periodic benefit costs as of December 31 were as follows:

	Domestic Plans
	Funded Plans						Unfunded Plans						Postretirement Benefit Plans						Foreign Plans
	2022			2021			2022			2021			2022			2021			2022			2021
Discount rate		2.73	%		2.32	%		2.73	%		2.35	%		2.85	%		2.47	%		4.71	%		2.34	%
Expected return on plan assets		3.75	%		4.75	%	N/A			N/A			N/A			N/A				4.47	%		3.76	%
Rate of compensation increase	N/A			N/A			N/A				3.00	%	N/A			N/A				2.16	%		2.35	%

Multi-Employer Pension Plans

The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented.

		Plan		Pension Protection Act Zone Status		FIP/RP Status Pending/ Implemented	Viad Contributions						Surcharge Paid	Expiration Date of Collective Bargaining Agreement(s)
(in thousands)	EIN	No.		2022	2021		2022		2021		2020
Pension Fund:
Western Conference of Teamsters Pension Plan	91-6145047		1	Green	Green	No	$	4,466	$	2,571	$	2,898	No	Continuous
Chicago Regional Council of Carpenters Pension Fund	36-6130207		1	Green	Green	Yes		2,255		658		608	No	5/31/2024
Southern California Local 831—Employer Pension Fund(1)	95-6376874		1	Green	Green	No		1,181		302		943	No	Continuous
IBEW Local Union No 357 Pension Plan A	88-6023284		1	Green	Green	No		912		628		843	No	Continuous
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1)	36-1416355		11	Green	Yellow	Yes		900		176		337	Yes	6/30/2024
Southwest Carpenters Pension Trust	95-6042875		1	Green	Green	No		573		352		195	No	7/31/2023
New England Teamsters & Trucking Industry Pension	04-6372430		1	Red	Red	Yes		477		109		42	No	3/31/2027
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2	51-6030753		2	Green	Green	No		384		306		509	No	Continuous
All other funds(2)								3,134		1,024		1,151
Total contributions to defined benefit plans								14,282		6,126		7,526
Total contributions to other plans								3,236		931		1,066
Total contributions to multi-employer plans							$	17,518	$	7,057	$	8,592

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

(2)Represents participation in 32 pension funds during 2022.