We have frozen defined benefit pension plans held in trust for certain employees which we funded. We also maintain certain unfunded defined benefit pension plans, which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations.

We also have certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees, and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, we retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, we typically fund the 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)	2023			2022			2021
Net periodic benefit cost:
Interest cost	$	845		$	478		$	419
Expected return on plan assets		(126	)		93			(47	)
Amortization of prior service credit		(38	)		—			—
Recognized net actuarial loss		291			444			623
Net periodic benefit cost		972			1,015			995
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial (gain) loss		198			(3,409	)		(883	)
Reversal of amortization item:
Prior service credit (cost)		38			(518	)		—
Net actuarial loss		(291	)		(444	)		(623	)
Total recognized in other comprehensive income		(55	)		(4,371	)		(1,506	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	917		$	(3,356	)	$	(511	)

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)	2023			2022			2021
Net periodic benefit cost:
Service cost	$	21		$	34		$	70
Interest cost		347			179			181
Amortization of prior service cost (credit)		114			89			(6	)
Recognized net actuarial (gain) loss		(200	)		(152	)		115
Net periodic benefit cost		282			150			360
Settlement income		—			—			(65	)
Total expenses, net		282			150			295
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial (gain) loss		125			(2,540	)		(642	)
Prior service credit		—			509			—
Reversal of amortization items:
Net actuarial gain (loss)		200			152			(115	)
Prior service (cost) credit		(114	)		(89	)		6
Settlement income		—			—			65
Total recognized in other comprehensive income		211			(1,968	)		(686	)
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$	493		$	(1,818	)	$	(391	)

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


													Postretirement
	Funded Plans						Unfunded Plans						Benefit Plans
(in thousands)	2023			2022			2023			2022			2023			2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	11,454		$	15,191		$	5,966		$	9,170		$	7,723		$	10,134
Service cost		—			—			—			—			21			34
Interest cost		555			321			290			157			347			179
Plan amendments		—			(518	)		—			—			—			509
Actuarial adjustments		232			(2,621	)		163			(2,815	)		125			(2,540	)
Benefits paid		(821	)		(919	)		(585	)		(546	)		(517	)		(593	)
Benefit obligation at end of year		11,420			11,454			5,834			5,966			7,699			7,723
Change in plan assets:
Fair value of plan assets at beginning of year		9,110			11,647			—			—			—			—
Actual return on plan assets		323			(2,120	)		—			—			—			—
Company contributions		510			502			585			546			517			593
Benefits paid		(821	)		(919	)		(585	)		(546	)		(517	)		(593	)
Fair value of plan assets at end of year		9,122			9,110			—			—			—			—
Funded status at end of year	$	(2,298	)	$	(2,344	)	$	(5,834	)	$	(5,966	)	$	(7,699	)	$	(7,723	)

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)	2023		2022			2023		2022		2023		2022
Non-current assets	$	—	$	(205	)	$	—	$	—	$	—	$	—
Other current liabilities		—		—			566		570		659		687
Non-current liabilities		2,298		2,549			5,268		5,396		7,040		7,036
Net amount recognized	$	2,298	$	2,344		$	5,834	$	5,966	$	7,699	$	7,723

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


											Postretirement
	Funded Plans						Unfunded Plans				Benefit Plans						Total		Total
(in thousands)	2023			2022			2023		2022		2023			2022			2023		2022
Net actuarial loss (gain)	$	6,695		$	6,926		$	400	$	261	$	(764	)	$	(1,088	)	$	6,331	$	6,099
Prior service (credit) cost		(480	)		(518	)		—		—		500			613			20		95
Subtotal		6,215			6,408			400		261		(264	)		(475	)		6,351		6,194
Less tax effect		—			—			—		—		—			—			—		—
Total	$	6,215		$	6,408		$	400	$	261	$	(264	)	$	(475	)	$	6,351	$	6,194

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


			Fair Value Measurements at December 31, 2023
			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	$	5,205	$	5,205	$	—	$	—
Equity securities		3,094		3,094		—		—
Cash		823		823		—		—
Total	$	9,122	$	9,122	$	—	$	—


			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		—		—
Total	$	9,110	$	9,110	$	—	$	—

We employ a total return investment approach whereby a mix of equities and fixed income securities is used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across United States and non-United States stocks, as well as growth and value. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements.

We utilize a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also considers diversification and rebalancing. Peer data and historical returns are reviewed relative to our assumed rates for reasonableness and appropriateness.

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
2024	$	985	$	580	$	675
2025	$	1,035	$	563	$	688
2026	$	1,013	$	547	$	694
2027	$	957	$	528	$	675
2028	$	948	$	509	$	654
2029-2033	$	4,290	$	2,213	$	2,760

Certain of our foreign operations also maintain defined benefit pension plans held in trust for certain employees which are funded by the companies, and unfunded defined benefit pension plans providing supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) included the following:


	December 31,
(in thousands)	2023			2022			2021
Net periodic benefit cost:
Service cost	$	176		$	280		$	457
Interest cost		391			361			339
Expected return on plan assets		(345	)		(393	)		(508	)
Recognized net actuarial loss		105			105			171
Settlement		—			593			—
Net periodic benefit cost		327			946			459
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial (income) loss		11			(724	)		(375	)
Reversal of amortization of net actuarial loss		(105	)		(105	)		(171	)
Total recognized in other comprehensive income		(94	)		(829	)		(546	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	233		$	117		$	(87	)

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


	Funded Plans						Unfunded Plans
(in thousands)	2023			2022			2023			2022
Change in benefit obligation:
Benefit obligation at beginning of year	$	6,085		$	10,790		$	1,957		$	2,470
Service cost		176			280			—			—
Interest cost		303			283			88			78
Actuarial adjustments		382			(1,682	)		(98	)		(268	)
Benefits paid		(525	)		(392	)		(174	)		(176	)
Settlements		—			(2,616	)		—			—
Translation adjustment		66			(578	)		28			(147	)
Benefit obligation at end of year		6,487			6,085			1,801			1,957
Change in plan assets:
Fair value of plan assets at beginning of year		6,200			11,171			—			—
Actual return on plan assets		643			(1,597	)		—			—
Company contributions		(17	)		222			174			176
Benefits paid		(525	)		(392	)		(174	)		(176	)
Settlements		—			(2,616	)		—			—
Translation adjustment		66			(588	)		—			—
Fair value of plan assets at end of year		6,367			6,200			—			—
Funded status at end of year	$	(120	)	$	115		$	(1,801	)	$	(1,957	)

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)	2023			2022			2023		2022
Non-current assets	$	(101	)	$	(115	)	$	—	$	—
Other current liabilities		—			—			171		169
Non-current liabilities		221			—			1,630		1,788
Net amount recognized	$	120		$	(115	)	$	1,801	$	1,957

Net actuarial losses for the foreign funded plans recognized in AOCI were $1.5 million ($1.2 million after-tax) as of December 31, 2023 and $1.5 million ($1.2 million after-tax) as of December 31, 2022. Net actuarial losses for the foreign unfunded plans recognized in AOCI were $0.5 million ($0.5 million after-tax) as of December 31, 2023 and $0.6 million ($0.5 million after-tax) as of December 31, 2022.

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, 2023		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	5,051	$	5,051	$	—	$	—
Equity securities		1,268		1,268		—		—
Cash		48		48		—		—
Total	$	6,367	$	6,367	$	—	$	—


			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		—		—
Other		199		199		—		—
Total	$	6,200	$	6,200	$	—	$	—

Information for Pension Plans with an 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)	2023		2022		2023		2022
Projected benefit obligation	$	11,420	$	11,454	$	5,834	$	5,966
Accumulated benefit obligation	$	11,420	$	11,454	$	5,834	$	5,966
Fair value of plan assets	$	9,122	$	9,110	$	—	$	—


	Foreign Plans
	Funded Plans				Unfunded Plans
(in thousands)	2023		2022		2023		2022
Projected benefit obligation	$	6,487	$	6,085	$	1,801	$	1,957
Accumulated benefit obligation	$	6,079	$	5,727	$	1,801	$	1,957
Fair value of plan assets	$	6,367	$	6,200	$	—	$	—

In aggregate for both the domestic and foreign plans, we anticipate contributing $0.8 million to the funded pension plans, $0.8 million to the unfunded pension plans, and $0.7 million to the postretirement benefit plans in 2024.

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
	2023			2022			2023			2022			2023			2022			2023			2022
Discount rate		4.94	%		5.13	%		4.94	%		5.13	%		4.98	%		5.17	%		4.28	%		4.68	%
Rate of compensation increase	N/A			N/A			N/A			N/A			N/A			N/A				2.24	%		2.16	%

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
	2023			2022			2023			2022			2023			2022			2023			2022
Discount rate		5.13	%		2.73	%		5.13	%		2.73	%		5.17	%		2.85	%		4.67	%		4.71	%
Expected return on plan assets		5.55	%		3.75	%	N/A			N/A			N/A			N/A				4.01	%		4.47	%
Rate of compensation increase	N/A			N/A			N/A			N/A			N/A			N/A				2.24	%		2.16	%

We contribute to various defined benefit pension plans under the terms of collective bargaining agreements that cover our union-represented employees. The financial risks of participating in these multi-employer pension plans generally include the fact that the unfunded obligations of the plan may be borne by solvent participating employers. In addition, if we were to discontinue participating in some of our multi-employer pension plans, we could be required to pay a withdrawal liability amount based on the underfunded status of the plan. Currently, we do not anticipate triggering any withdrawal from any multi-employer pension plan to which we currently contribute. We also contribute to defined contribution plans pursuant to collective bargaining agreements, which are generally not subject to the funding risks inherent in defined benefit pension plans. The overall level of contributions to our multi-employer plans may significantly vary from year to year based on the demand for union-represented labor to support our operations. We do not have any minimum contribution requirements for future periods pursuant to our collective bargaining agreements for individually significant multi-employer plans.

Our participation in multi-employer pension plans for 2023 is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2023 and 2022 relates to the plan’s year end as of December 31, 2022 and 2021, respectively, and is based on information received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. 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.		2023	2022		2023		2022		2021
Pension Fund:
Western Conference of Teamsters Pension Plan	91-6145047		1	Green	Green	No	$	5,113	$	4,466	$	2,571	No	Continuous
Chicago Regional Council of Carpenters Pension Fund	36-6130207		1	Green	Green	No		2,257		2,255		658	No	5/31/2027
Southern California Local 831—Employer Pension Fund(1)	95-6376874		1	Green	Green	No		1,964		1,181		302	No	Continuous
IBEW Local Union No 357 Pension Plan A	88-6023284		1	Green	Green	No		1,061		912		628	No	Continuous
New England Teamsters & Trucking Industry Pension	04-6372430		1	Red	Red	Yes		966		477		109	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		902		384		306	No	Continuous
Southwest Carpenters Pension Trust	95-6042875		1	Green	Green	No		599		573		352	No	7/31/2028
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1)	36-1416355		11	Yellow	Yellow	Yes		462		900		176	Yes	6/30/2024
All other funds(2)								3,270		3,134		1,024
Total contributions to defined benefit plans								16,594		14,282		6,126
Total contributions to other plans								2,387		3,236		931
Total contributions to multi-employer plans							$	18,981	$	17,518	$	7,057

(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 28 pension funds during 2023.

We match United States employee contributions to the 401(k) Plan with shares of our common stock held in treasury up to 100% of the first 3% of a participant’s salary plus 50% of the next 2%. The expense associated with our match was $4.0 million for 2023, $3.5 million for 2022, and $2.2 million for 2021.