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Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Compensation And Retirement Disclosure [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 recognized in other comprehensive income (loss) of our pension plans consist of the following:

	December 31,
(in thousands)	2018			2017			2016
Net periodic benefit cost:
Service cost	$	64		$	64		$	98
Interest cost		780			803			1,032
Expected return on plan assets		(193	)		(176	)		(256	)
Recognized net actuarial loss		494			433			423
Net periodic benefit cost		1,145			1,124			1,297
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial loss (gain)		(76	)		114			1
Reversal of amortization item:
Net actuarial loss		(494	)		(433	)		(423	)
Total recognized in other comprehensive income (loss)		(570	)		(319	)		(422	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	575		$	805		$	875

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

	December 31,
(in thousands)	2018			2017			2016
Net periodic benefit cost:
Service cost	$	80		$	92		$	99
Interest cost		449			413			573
Amortization of prior service credit		(205	)		(431	)		(503	)
Recognized net actuarial loss		405			164			295
Net periodic benefit cost		729			238			464
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial loss (gain)		170			237			(790	)
Prior service credit		—			816			73
Reversal of amortization item:
Net actuarial loss		(405	)		(164	)		(295	)
Prior service credit		205			431			503
Total recognized in other comprehensive income (loss)		(30	)		1,320			(509	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	699		$	1,558		$	(45	)

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

	December 31,
(in thousands)	2018			2017			2016
Net periodic benefit cost:
Service cost	$	552		$	530		$	488
Interest cost		381			492			488
Expected return on plan assets		(505	)		(602	)		(558	)
Recognized net actuarial loss		139			155			162
Settlement		—			777			—
Net periodic benefit cost		567			1,352			580
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial loss		(238	)		(106	)		158
Reversal of amortization of net actuarial loss		(139	)		(155	)		(162	)
Total recognized in other comprehensive income (loss)		(377	)		(261	)		(4	)
Total recognized in net periodic benefit cost and other comprehensive income	$	190		$	1,091		$	576

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)	2018			2017			2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation at beginning of year	$	15,440		$	15,027		$	9,857		$	9,825		$	13,807		$	13,619
Service cost		—			—			64			64			80			92
Interest cost		481			492			299			311			449			413
Actuarial adjustments		(887	)		618			(425	)		175			170			237
Plan amendments		—			—			—			—			—			816
Benefits paid		(799	)		(697	)		(524	)		(518	)		(1,052	)		(1,370	)
Benefit obligation at end of year		14,235			15,440			9,271			9,857			13,454			13,807
Change in plan assets:
Fair value of plan assets at beginning of year		11,590			10,416			—			—			—			—
Actual return on plan assets		(1,043	)		855			—			—			—			—
Company contributions		551			1,016			524			518			1,052			1,370
Benefits paid		(799	)		(697	)		(524	)		(518	)		(1,052	)		(1,370	)
Fair value of plan assets at end of year		10,299			11,590			—			—			—			—
Funded status at end of year	$	(3,936	)	$	(3,850	)	$	(9,271	)	$	(9,857	)	$	(13,454	)	$	(13,807	)

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

	Funded Plans						Unfunded Plans
(in thousands)	2018			2017			2018			2017
Change in benefit obligation:
Benefit obligation at beginning of year	$	9,521		$	10,488		$	2,582		$	2,486
Service cost		552			530			—			—
Interest cost		308			406			73			87
Actuarial adjustments		(809	)		658			(25	)		(54	)
Benefits paid		(732	)		(3,231	)		(184	)		(182	)
Translation adjustment		(706	)		670			(156	)		245
Benefit obligation at end of year		8,134			9,521			2,290			2,582
Change in plan assets:
Fair value of plan assets at beginning of year		9,493			10,576			—			—
Actual return on plan assets		(322	)		764			—			—
Company contributions		514			710			184			182
Benefits paid		(732	)		(3,231	)		(184	)		(182	)
Translation adjustment		(710	)		674			—			—
Fair value of plan assets at end of year		8,243			9,493			—			—
Funded status at end of year	$	109		$	(28	)	$	(2,290	)	$	(2,582	)

Net Amount Recognized in Consolidated Balance Sheets

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

									Postretirement
	Funded Plans				Unfunded Plans				Benefit Plans
(in thousands)	2018		2017		2018		2017		2018		2017
Other current liabilities	$	—	$	—	$	974	$	809	$	1,160	$	1,112
Non-current liabilities		3,936		3,850		8,297		9,048		12,294		12,695
Net amount recognized	$	3,936	$	3,850	$	9,271	$	9,857	$	13,454	$	13,807

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

	Funded Plans						Unfunded Plans
(in thousands)	2018			2017			2018		2017
Non-current assets	$	(109	)	$	(15	)	$	—	$	—
Other current liabilities		—			—			176		188
Non-current liabilities		—			43			2,114		2,394
Net amount recognized	$	(109	)	$	28		$	2,290	$	2,582

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)	2018			2017			2018			2017			2018			2017			2018			2017
Net actuarial loss	$	8,643		$	8,681		$	2,055		$	2,587		$	2,549		$	2,784		$	13,247		$	14,052
Prior service credit		—			—			—			—			(146	)		(351	)		(146	)		(351	)
Subtotal		8,643			8,681			2,055			2,587			2,403			2,433			13,101			13,701
Less tax effect		(2,182	)		(3,292	)		(519	)		(981	)		(607	)		(923	)		(3,308	)		(5,196	)
Total	$	6,461		$	5,389		$	1,536		$	1,606		$	1,796		$	1,510		$	9,793		$	8,505

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, 2018
			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	$	5,355	$	5,355	$	—	$	—
Equity securities		4,611		4,611		—		—
Cash		140		140		—		—
Other		193		—		193		—
Total	$	10,299	$	10,106	$	193	$	—

			Fair Value Measurements at December 31, 2017
			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	$	5,787	$	5,787	$	—	$	—
Equity securities		5,390		5,390		—		—
Cash		214		214		—		—
Other		199		—		199		—
Total	$	11,590	$	11,391	$	199	$	—

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, 2018		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	3,967	$	3,967	$	—	$	—
Equity securities		4,087		4,087		—		—
Other		189		189		—		—
Total	$	8,243	$	8,243	$	—	$	—

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2017		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	4,414	$	4,414	$	—	$	—
Equity securities		4,889		4,466		423		—
Other		190		190		—		—
Total	$	9,493	$	9,070	$	423	$	—

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
2019	$	1,401	$	994	$	1,185
2020	$	994	$	767	$	1,196
2021	$	925	$	752	$	1,149
2022	$	993	$	735	$	1,122
2023	$	988	$	716	$	1,096
2024-2028	$	4,799	$	3,268	$	4,779

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

(in thousands)	Funded Plans		Unfunded Plans
2019	$	354	$	183
2020	$	360	$	183
2021	$	365	$	182
2022	$	404	$	182
2023	$	447	$	181
2024-2028	$	2,272	$	894

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)	2018		2017		2018		2017
Projected benefit obligation	$	14,235	$	15,440	$	9,271	$	9,857
Accumulated benefit obligation	$	14,235	$	15,440	$	9,224	$	9,826
Fair value of plan assets	$	10,299	$	11,590	$	—	$	—

	Foreign Plans
	Funded Plans				Unfunded Plans
(in thousands)	2018		2017		2018		2017
Projected benefit obligation	$	8,134	$	9,521	$	2,290	$	2,582
Accumulated benefit obligation	$	7,581	$	8,819	$	2,290	$	2,582
Fair value of plan assets	$	8,243	$	9,493	$	—	$	—

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
	2018			2017			2018			2017			2018			2017			2018			2017
Discount rate		4.30	%		3.63	%		4.21	%		3.55	%		4.29	%		3.59	%		3.58	%		3.15	%
Rate of compensation increase	N/A			N/A				3.00	%		3.00	%	N/A			N/A				2.24	%		2.26	%

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
	2018			2017			2018			2017			2018			2017			2018			2017
Discount rate		3.60	%		4.07	%		3.55	%		3.99	%		3.59	%		4.08	%		3.27	%		3.71	%
Expected return on plan assets		5.50	%		5.50	%	N/A			N/A				0.00	%		0.00	%		4.62	%		5.09	%
Rate of compensation increase	N/A			N/A				3.00	%		3.00	%	N/A			N/A				2.24	%		2.26	%

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.		2018	2017		2018		2017		2016
Pension Fund:
Western Conference of Teamsters Pension Plan	91-6145047		1	Green	Green	No	$	6,471	$	7,809	$	6,684	No	3/31/2020
Southern California Local 831—Employer Pension Fund⁽¹⁾	95-6376874		1	Green	Green	No		3,087		3,087		2,805	No	8/31/2021
Chicago Regional Council of Carpenters Pension Fund	36-6130207		1	Green	Green	Yes		2,876		2,390		2,532	No	5/31/2023
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan⁽¹⁾	36-1416355		11	Yellow	Red	Yes		1,328		719		1,203	Yes	6/30/2019
Central States, Southeast and Southwest Areas Pension Plan	36-6044243		1	Red	Red	Yes		1,177		1,060		1,151	No	12/31/2018
IBEW Local Union No 357 Pension Plan A	88-6023284		1	Green	Green	No		1,025		1,682		1,402	No	6/16/2021
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2	51-6030753		2	Green	Green	No		927		1,099		845	No	6/6/2021
Southern California IBEW-NECA Pension Fund	95-6392774		1	Yellow	Yellow	Yes		881		905		701	Yes	8/31/2019
Southwest Carpenters Pension Trust	95-6042875		1	Green	Green	No		789		883		791	No	7/31/2023
Sign Pictorial & Display Industry Pension Plan⁽¹⁾	94-6278490		1	Green	Green	No		778		654		526	No	3/31/2021
New England Teamsters & Trucking Industry Pension	04-6372430		1	Red	Red	Yes		423		772		552	No	3/31/2022
All other funds⁽²⁾								3,734		2,900		3,585
Total contributions to defined benefit plans								23,496		23,960		22,777
Total contributions to other plans								2,900		2,613		2,995
Total contributions to multi-employer plans							$	26,396	$	26,573	$	25,772

⁽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 39 pension funds during 2018.