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Pension and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020			2019			2018
Net periodic benefit cost:
Service cost	$	—		$	61		$	64
Interest cost		653			861			780
Expected return on plan assets		(145	)		(99	)		(193	)
Recognized net actuarial loss		526			403			494
Net periodic benefit cost		1,034			1,226			1,145
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss		1,587			1,305			(76	)
Reversal of amortization item:
Net actuarial loss		(526	)		(403	)		(494	)
Total recognized in other comprehensive income		1,061			902			(570	)
Total recognized in net periodic benefit cost and other comprehensive income	$	2,095		$	2,128		$	575

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

	December 31,
(in thousands)	2020			2019			2018
Net periodic benefit cost:
Service cost	$	51		$	64		$	80
Interest cost		296			458			449
Amortization of prior service credit		(146	)		(189	)		(205	)
Recognized net actuarial loss		18			112			405
Net periodic benefit cost		219			445			729
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net actuarial (gain) loss		688			(1,117	)		170
Prior service credit		—			—			—
Reversal of amortization item:
Net actuarial loss		(18	)		(112	)		(405	)
Prior service credit		146			189			205
Total recognized in other comprehensive income		816			(1,040	)		(30	)
Total recognized in net periodic benefit cost and other comprehensive income	$	1,035		$	(595	)	$	699

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

	December 31,
(in thousands)	2020			2019			2018
Net periodic benefit cost:
Service cost	$	444		$	405		$	552
Interest cost		365			397			381
Expected return on plan assets		(530	)		(487	)		(505	)
Recognized net actuarial loss		162			127			139
Settlement		—			—			—
Net periodic benefit cost		441			442			567
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial loss		368			605			(238	)
Reversal of amortization of net actuarial loss		(162	)		(127	)		(139	)
Total recognized in other comprehensive income (loss)		206			478			(377	)
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	647		$	920		$	190

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)	2020			2019			2020			2019			2020			2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	15,572		$	14,235		$	9,462		$	9,271		$	11,986		$	13,454
Service cost		—			—			—			61			51			64
Interest cost		406			527			247			333			296			458
Actuarial adjustments		1,242			1,611			784			753			688			(1,117	)
Benefits paid		(889	)		(801	)		(717	)		(956	)		(802	)		(873	)
Benefit obligation at end of year		16,331			15,572			9,776			9,462			12,219			11,986
Change in plan assets:
Fair value of plan assets at beginning of year		11,291			10,299			—			—			—			—
Actual return on plan assets		584			1,157			—			—			—			—
Company contributions		892			636			717			956			802			873
Benefits paid		(889	)		(801	)		(717	)		(956	)		(802	)		(873	)
Fair value of plan assets at end of year		11,878			11,291			—			—			—			—
Funded status at end of year	$	(4,453	)	$	(4,281	)	$	(9,776	)	$	(9,462	)	$	(12,219	)	$	(11,986	)

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

	Funded Plans						Unfunded Plans
(in thousands)	2020			2019			2020			2019
Change in benefit obligation:
Benefit obligation at beginning of year	$	9,990		$	8,134		$	2,331		$	2,290
Service cost		444			405			—			—
Interest cost		295			320			70			77
Actuarial adjustments		686			1,037			111			106
Benefits paid		(743	)		(336	)		(180	)		(178	)
Translation adjustment		244			430			117			36
Benefit obligation at end of year		10,916			9,990			2,449			2,331
Change in plan assets:
Fair value of plan assets at beginning of year		10,013			8,243			—			—
Actual return on plan assets		1,044			1,156			—			—
Company contributions		253			515			180			178
Benefits paid		(743	)		(336	)		(180	)		(178	)
Translation adjustment		231			435			—			—
Fair value of plan assets at end of year		10,798			10,013			—			—
Funded status at end of year	$	(118	)	$	23		$	(2,449	)	$	(2,331	)

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)	2020		2019		2020		2019		2020		2019
Other current liabilities	$	—	$	—	$	687	$	703	$	931	$	1,019
Non-current liabilities		4,453		4,281		9,089		8,759		11,288		10,967
Net amount recognized	$	4,453	$	4,281	$	9,776	$	9,462	$	12,219	$	11,986

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)	2020			2019			2020		2019
Non-current assets	$	(31	)	$	(43	)	$	—	$	—
Other current liabilities		—			—			187		177
Non-current liabilities		149			20			2,262		2,154
Net amount recognized	$	118		$	(23	)	$	2,449	$	2,331

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)	2020		2019			2020		2019			2020		2019			2020		2019
Net actuarial loss	$	9,252	$	8,856		$	3,409	$	2,744		$	1,990	$	1,320		$	14,651	$	12,920
Prior service credit		—		—			—		—			189		43			189		43
Subtotal		9,252		8,856			3,409		2,744			2,179		1,363			14,840		12,963
Less tax effect		—		(2,236	)		—		(693	)		—		(344	)		—		(3,273	)
Total	$	9,252	$	6,620		$	3,409	$	2,051		$	2,179	$	1,019		$	14,840	$	9,690

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, 2020
			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	$	6,430	$	6,430	$	—	$	—
Equity securities		4,485		4,485		—		—
Cash		774		774		—		—
Other		189		—		189		—
Total	$	11,878	$	11,689	$	189	$	—

			Fair Value Measurements at December 31, 2019
			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	$	5,267	$	5,267	$	—	$	—
Equity securities		5,518		5,518		—		—
Cash		316		316		—		—
Other		190		—		190		—
Total	$	11,291	$	11,101	$	190	$	—

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, 2020		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	5,450	$	5,450	$	—	$	—
Equity securities		5,153		5,153		—		—
Other		195		195		—		—
Total	$	10,798	$	10,798	$	—	$	—

			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2019		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	5,194	$	5,194	$	—	$	—
Equity securities		4,669		4,669		—		—
Other		150		150		—		—
Total	$	10,013	$	10,013	$	—	$	—

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
2021	$	1,439	$	695	$	943
2022	$	1,020	$	699	$	925
2023	$	1,012	$	684	$	902
2024	$	975	$	666	$	875
2025	$	1,044	$	648	$	835
2026-2030	$	4,641	$	2,919	$	3,541

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

(in thousands)	Funded Plans		Unfunded Plans
2021	$	444	$	190
2022	$	402	$	189
2023	$	440	$	188
2024	$	442	$	188
2025	$	441	$	187
2026-2030	$	2,359	$	920

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)	2020		2019		2020		2019
Projected benefit obligation	$	16,331	$	15,572	$	9,776	$	9,462
Accumulated benefit obligation	$	16,331	$	15,572	$	9,776	$	9,454
Fair value of plan assets	$	11,878	$	11,291	$	—	$	—

	Foreign Plans
	Funded Plans				Unfunded Plans
(in thousands)	2020		2019		2020		2019
Projected benefit obligation	$	10,916	$	9,990	$	2,449	$	2,331
Accumulated benefit obligation	$	10,447	$	9,347	$	2,449	$	2,331
Fair value of plan assets	$	10,798	$	10,013	$	—	$	—

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
	2020			2019			2020			2019			2020			2019			2020			2019
Discount rate		2.38	%		3.15	%		2.35	%		3.13	%		2.47	%		3.17	%		2.34	%		2.92	%
Rate of compensation increase	N/A			N/A				3.00	%		3.00	%	N/A			N/A				2.35	%		2.34	%

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
	2020			2019			2020			2019			2020			2019			2020			2019
Discount rate		3.12	%		4.28	%		3.13	%		4.22	%		3.19	%		4.29	%		2.93	%		3.68	%
Expected return on plan assets		5.50	%		5.50	%	N/A			N/A				0.00	%		0.00	%		4.39	%		4.55	%
Rate of compensation increase	N/A			N/A				3.00	%		3.00	%	N/A			N/A				2.35	%		2.34	%

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.		2020	2019		2020		2019		2018
Pension Fund:
Western Conference of Teamsters Pension Plan	91-6145047		1	Green	Green	No	$	2,898	$	6,754	$	6,471	No	5/31/2021
Southern California Local 831—Employer Pension Fund⁽¹⁾	95-6376874		1	Green	Green	No		943		3,427		3,087	No	8/31/2021
IBEW Local Union No 357 Pension Plan A	88-6023284		1	Green	Green	No		843		1,074		1,025	No	6/16/2021
Chicago Regional Council of Carpenters Pension Fund	36-6130207		1	Green	Green	Yes		608		2,877		2,876	No	5/31/2024
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2	51-6030753		2	Green	Green	No		509		1,651		927	No	6/6/2021
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan⁽¹⁾	36-1416355		11	Yellow	Yellow	Yes		337		797		1,328	Yes	6/30/2024
Southwest Carpenters Pension Trust	95-6042875		1	Green	Green	No		195		717		789	No	7/31/2023
Sign Pictorial & Display Industry Pension Plan⁽¹⁾	94-6278490		1	Green	Green	No		92		768		778	No	3/31/2021
Southern California IBEW-NECA Pension Fund	95-6392774		1	Yellow	Yellow	Yes		89		799		881	Yes	8/31/2021
New England Teamsters & Trucking Industry Pension	04-6372430		1	Red	Red	Yes		42		506		423	No	3/31/2022
Central States, Southeast and Southwest Areas Pension Plan	36-6044243		1	Red	Red	Yes		7		872		1,177	No	3/31/2023
All other funds⁽²⁾								963		3,625		3,734
Total contributions to defined benefit plans								7,526		23,867		23,496
Total contributions to other plans								1,066		3,416		2,900
Total contributions to multi-employer plans							$	8,592	$	27,283	$	26,396

⁽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 31 pension funds during 2020.