XML 76 R55.htm IDEA: XBRL DOCUMENT v3.24.0.1
Pension and Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2023
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)

 

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 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

)

 

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)

 

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 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

)

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)

 

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

 

 

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

 

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)

 

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

 

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, 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

 

 

$

 

 

$

 

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

 

 

$

 

 

$

 

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

 

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

 

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

(in thousands)

 

Funded
Plans

 

 

Unfunded
Plans

 

2024

 

$

375

 

 

$

173

 

2025

 

$

374

 

 

$

172

 

2026

 

$

370

 

 

$

170

 

2027

 

$

370

 

 

$

168

 

2028

 

$

365

 

 

$

166

 

2029-2033

 

$

2,012

 

 

$

791

 

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

 

 

$

 

 

$

 

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

 

 

 

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

%

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.

 

 

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.