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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 130,528 $ 61,999
Accounts receivable, net of allowances for doubtful accounts of $10,154 and $1,200, respectively 112,081 126,246
Inventories 17,528 17,269
Current contract costs 14,999 24,535
Other current assets 37,377 30,854
Total current assets 312,513 260,903
Property and equipment, net 481,622 500,901
Other investments and assets 45,544 45,119
Operating lease right-of-use assets 96,719 103,314
Deferred income taxes 37,228 26,163
Goodwill 204,613 287,983
Other intangible assets, net 69,222 94,308
Total Assets 1,247,461 1,318,691
Current liabilities    
Accounts payable 86,050 86,660
Contract liabilities 36,750 50,671
Accrued compensation 12,652 32,658
Operating lease obligations 20,708 22,180
Other current liabilities 46,750 39,824
Current portion of debt and finance lease obligations [1],[2] 420,830 5,330
Total current liabilities 623,740 237,323
Long-term debt and finance lease obligations 18,016 335,162
Pension and postretirement benefits 25,921 26,247
Long-term operating lease obligations 78,685 82,851
Other deferred items and liabilities 75,743 83,707
Total liabilities 822,105 765,290
Commitments and contingencies
Redeemable noncontrolling interest 4,908 6,172
Viad Corp stockholders’ equity:    
Common stock, $1.50 par value, 200,000,000 shares authorized, 24,934,981 shares issued and outstanding 37,402 37,402
Additional capital 570,859 574,473
Retained earnings 34,347 122,971
Accumulated other comprehensive loss (63,543) (35,699)
Common stock in treasury, at cost, 4,544,371 and 4,588,084 shares, respectively (229,770) (231,649)
Total Viad stockholders’ equity 349,295 467,498
Non-redeemable noncontrolling interest 71,153 79,731
Total stockholders’ equity 420,448 547,229
Total Liabilities and Stockholders’ Equity $ 1,247,461 $ 1,318,691
[1] As discussed below, in May 2020, we entered into an amendment to our 2018 Credit Agreement (as defined below), which waived our financial covenants for the quarter ending June 30, 2020. However, we expect to be unable to meet our financial covenants beginning with the quarter ending September 30, 2020, and as a result, the entire $412.6 million balance outstanding under the 2018 Credit Facility as of March 31, 2020 has been classified as a current liability. We are actively negotiating with our lenders to further amend our 2018 Credit Agreement; however, we cannot provide any assurance regarding our ability to obtain further amendments to the 2018 Credit Agreement in a timely manner, or on acceptable terms, if at all. If we are unable to obtain a waiver to our financial covenants, our lenders may exercise remedies against us, including the acceleration of our outstanding indebtedness We also expect to be unable to meet our financial covenants under our FlyOver Iceland Credit Facility beginning with the quarter ending September 30, 2020, and as a result, the $5.3 million balance outstanding as of March 31, 2020 has been classified as a current liability.
[2] Subsequent to the filing of our 2019 Form 10-K, we identified a correction related to the classification of the 2018 Credit Facility (as defined below) from current to long-term given that the 2018 Credit Facility’s contractual maturity is not within 12 months of the balance sheet date, and we were in compliance with all applicable covenants as of December 31, 2019. As a result, we corrected the classification of the debt on the accompanying condensed consolidated balance sheet and the disclosure related to classification of debt in the table above as of December 31, 2019 to present the 2018 Credit Facility as long-term. Except for this change, the correction had no impact upon this Quarterly Report on Form 10-Q. We determined that the error is not material to the previously issued financial statements.