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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2018
Postemployment Benefits [Abstract] |
Employee Benefit Plans | (10) Employee Benefit Plans Defined Contribution Plan The Company has a defined contribution plan that conforms to Section 401(k) of the Internal Revenue Code. Under this plan, employees may contribute a minimum of 1% of their compensation (no maximum) to the Plan. However, the Internal Revenue Code limited contributions to $18,000 and $ 18,500 (or $24,000 and $24,500 if aged 50 years or older) in 2017 and 2018, respectively. No employer matching contributions have been made to the defined contribution plan in 2017 and 2018. Supplemental Employee Retirement Plan The benefit obligations related to the frozen Greater Media supplemental employee retirement plan (“SERP”) of $9.6 million and $9.0 million are reported in other long-term liabilities in the balance sheet as of December 31, 2017 and 2018, respectively. The discount rate is based on matching the projected cash flows of the plan to the Citigroup Pension Discount Curve. The mortality assumptions are based on the RP-2014 Mortality Tables with the MP-2017 and MP-2018 Mortality Improvement Scales for 2017 and 2018, respectively. The Company contributed $ 0.3 million and $ 0.4 million to the SERP in 2017 and 2018, respectively. Defined Benefit Plan Effective May 31, 2017 , the Company terminated the Greater Media, Inc. Pension Plan (the “Pension Plan”). In December 2017, lump sum payments were made from the trust to participants who elected to receive a lump sum payment. No contributions were made to the Pension Plan in 2017. In January 2018, a payment of $52.0 million was made from the trust to an insurance company to purchase annuities for the remaining participants who elected to receive annuity payments. As a result of the termination, the Company recognized a $ 1.0 million gain that was recorded in corporate general and administrative expenses for the year ended December 31, 2018. This completed the recognition in earnings of the amount related to the Pension Plan that remained in accumulated other comprehensive income as of December 31, 2017. The Company contributed $0.2 million to the Pension Plan in 2018. Postretirement Medical and Life Insurance Benefits Effective May 31, 2017, the Company terminated the postretirement medical and life insurance benefits plan and reversed the accrued liability of $1.8 million which is reported on a separate line in the consolidated statements of comprehensive income for the year ended December 31, 2017. The following tables summarize the Pension Plan and SERP as of and for the year ended December 31, 2018:
|  | Pension Plan |  |  | SERP |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 52,197,520 |  |  | $ | 9,616,702 |
Interest cost |  |  | 28,282 |  |  |  | 319,143 |
Actuarial (gain) loss |  |  | 77,121 |  |  |  | (540,666 | )
Settlements |  |  | (52,057,333 | ) |  |  | — |
Benefits paid |  |  | (245,590 | ) |  |  | (356,354 | )
Benefit obligation at end of year |  | $ | — |  |  | $ | 9,038,825 |
|  | Pension Plan |  |  | SERP |
Change in Plan Assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 52,203,372 |  |  | $ | — |
Actual return on plan assets |  |  | (113,981 | ) |  |  | — |
Employer contribution |  |  | 213,532 |  |  |  | 356,354 |
Settlements |  |  | (52,057,333 | ) |  |  | — |
Benefits paid |  |  | (245,590 | ) |  |  | (356,354 | )
Fair value of plan assets at end of year |  | $ | — |  |  | $ | — |
Funded status |  | $ | — |  |  | $ | (9,038,825 | )
Unrecognized net actuarial (gain) loss |  |  | — |  |  |  | (119,402 | )
Cumulative employer contributions in excess of the net periodic pension cost |  | $ | — |  |  | $ | (9,158,227 | )
|  | Pension Plan |  |  | SERP |
Amounts Recognized in the Statement of Financial Position |  |  |  |  |
Current liabilities |  | $ | — |  |  |  | (512,786 | )
Noncurrent liabilities |  |  | — |  |  |  | (8,526,039 | )
Net amount recognized |  | $ | — |  |  | $ | (9,038,825 | )
|  | Pension Plan |  |  | SERP |
Amounts Recognized in Accumulated Other Comprehensive Income |  |  |  |  |
Net actuarial loss (gain) |  | $ | — |  |  | $ | (119,402 | )
Total (before tax effects) |  | $ | — |  |  | $ | (119,402 | )
|  | Pension Plan |  |  | SERP |
Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | — |  |  | $ | 9,038,825 |
Accumulated benefit obligation |  | $ | — |  |  | $ | 9,038,825 |
|  | Pension Plan |  |  | SERP |
Weighted-average assumptions for Disclosure |  |  |  |  |  |  |  |
Discount rate |  |  | N/A |  |  |  | 4.00% |
|  | Pension Plan |  |  | SERP |
Net periodic benefit cost |  |  |  |  |  |  |  |
Interest cost |  | $ | 28,282 |  |  | $ | 319,143 |
Recognized actuarial (gain) loss due to settlements |  |  | (801,622 | ) |  |  | — |
Net periodic benefit cost |  | $ | (773,340 | ) |  | $ | 319,143 |
|  | Pension Plan |  |  | SERP |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | 191,102 |  |  | $ | (540,666 | )
Recognized actuarial (gain) loss due to settlements |  |  | 801,622 |  |  |  | — |
Total recognized in other comprehensive income (before tax effects) |  | $ | 992,724 |  |  | $ | (540,666 | )
Total recognized in net benefit cost and other comprehensive income (before tax effects) |  | $ | 219,384 |  |  | $ | (221,523 | )
|  | Pension Plan |  |  | SERP |
Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year |  |  |  |  |  |  |  |
(Gain) loss recognition |  |  | N/A |  |  | $ | — |
Prior service cost recognition |  |  | N/A |  |  | $ | — |
Net initial obligation (asset) recognition |  |  | N/A |  |  | $ | — |
|  | Pension Plan |  | SERP
Weighted-average assumptions used to determine Net Periodic Benefit Cost |  |  |  |  |  |  |  |
Discount rate |  |  | 1.80 | % |  |  | 3.35 | %
Expected return on plan assets |  |  | 0.00 | % |  |  | N/A |
Corridor |  |  | 10.00 | % |  |  | 10.00 | %
Estimated Future Benefit Payments |  |  |  |  |  |  |  |
2019 |  |  | N/A |  |  | $ | 512,786 |
2020 |  |  | N/A |  |  | $ | 509,653 |
2021 |  |  | N/A |  |  | $ | 536,643 |
2022 |  |  | N/A |  |  | $ | 535,013 |
2023 |  |  | N/A |  |  | $ | 545,087 |
2024-2028 |  |  | N/A |  |  | $ | 2,905,547 |
|  | Pension Plan |  |  | SERP |
Contributions |  |  |  |  |  |  |  |
Estimated contributions for 2019 |  |  | N/A |  |  | $ | 512,786 |
The following tables summarize the Pension Plan, SERP and Postretirement Benefits as of December 31, 2017:
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Change in Projected Benefit Obligation |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 87,861,806 |  |  | $ | 8,751,848 |  |  | $ | 1,756,423 |
Service cost |  |  | — |  |  |  | — |  |  |  | 11,860 |
Interest cost |  |  | 2,958,903 |  |  |  | 340,262 |  |  |  | 26,269 |
Amendments |  |  | — |  |  |  | — |  |  |  | (1,678,920 | )
Actuarial (gain) loss |  |  | (2,426,328 | ) |  |  | 836,680 |  |  |  | (67,772 | )
Settlements |  |  | (33,447,301 | ) |  |  | — |  |  |  | — |
Benefits paid |  |  | (2,749,560 | ) |  |  | (312,088 | ) |  |  | (47,860 | )
Benefit obligation at end of year |  | $ | 52,197,520 |  |  | $ | 9,616,702 |  |  | $ | — |
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Change in Plan Assets |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 83,868,508 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets |  |  | 4,531,725 |  |  |  | — |  |  |  | — |
Employer contribution |  |  | — |  |  |  | 312,088 |  |  |  | 47,860 |
Settlements |  |  | (33,447,301 | ) |  |  | — |  |  |  | — |
Benefits paid |  |  | (2,749,560 | ) |  |  | (312,088 | ) |  |  | (47,860 | )
Fair value of plan assets at end of year |  | $ | 52,203,372 |  |  | $ | — |  |  | $ | — |
Funded status |  | $ | 5,852 |  |  | $ | (9,616,702 | ) |  | $ | — |
Unrecognized net actuarial (gain) loss |  |  | (992,724 | ) |  |  | 421,264 |  |  |  | — |
Cumulative employer contributions in excess of the net periodic pension cost |  | $ | (986,872 | ) |  | $ | (9,195,438 | ) |  | $ | — |
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Amounts Recognized in the Statement of Financial Position |  |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | 5,852 |  |  | $ | — |  |  | $ | — |
Current liabilities |  |  | — |  |  |  | (505,169 | ) |  |  | — |
Noncurrent liabilities |  |  | — |  |  |  | (9,111,533 | ) |  |  | — |
Net amount recognized |  | $ | 5,852 |  |  | $ | (9,616,702 | ) |  | $ | — |
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Amounts Recognized in Accumulated Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss (gain) |  | $ | (992,724 | ) |  | $ | 421,264 |  |  | $ | — |
Total (before tax effects) |  | $ | (992,724 | ) |  | $ | 421,264 |  |  | $ | — |
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 52,197,520 |  |  | $ | 9,616,702 |  |  | $ | — |
Accumulated benefit obligation |  | $ | 52,197,520 |  |  | $ | 9,616,702 |  |  | $ | — |
Fair value of plan assets |  | $ | 52,203,372 |  |  | $ | — |  |  | $ | — |
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Weighted-average assumptions for Disclosure |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1.80 | % |  |  | 3.35 | % |  |  | 3.75 | %
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income |
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Net periodic benefit cost |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 11,860 |
Interest cost |  |  | 2,958,903 |  |  |  | 340,262 |  |  |  | 26,269 |
Expected return on plan assets |  |  | (3,562,150 | ) |  |  | — |  |  |  | — |
Recognized actuarial (gain) loss |  |  | — |  |  |  | — |  |  |  | (2,079 | )
Curtailment charge (credit) |  |  | — |  |  |  | — |  |  |  | (1,678,920 | )
Recognized actuarial (gain) loss due to settlements |  |  | (636,121 | ) |  |  | — |  |  |  | (169,089 | )
Net periodic benefit cost |  | $ | (1,239,368 | ) |  | $ | 340,262 |  |  | $ | (1,811,959 | )
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss |  | $ | (3,395,903 | ) |  | $ | 836,680 |  |  | $ | (67,772 | )
Recognized actuarial (gain) loss |  |  | — |  |  |  | — |  |  |  | 2,079 |
Prior service cost (credit) |  |  | — |  |  |  | — |  |  |  | (1,678,920 | )
Prior service cost (credit) due to curtailment |  |  | — |  |  |  | — |  |  |  | 1,678,920 |
Recognized actuarial (gain) loss due to settlements |  |  | 636,121 |  |  |  | — |  |  |  | 169,089 |
Total recognized in other comprehensive income (before tax effects) |  | $ | (2,759,782 | ) |  | $ | 836,680 |  |  | $ | 103,396 |
Total recognized in net benefit cost and other comprehensive income (before tax effects) |  | $ | (3,999,150 | ) |  | $ | 1,176,942 |  |  | $ | (1,708,563 | )
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year |  |  |  |  |  |  |  |  |  |  |  |
(Gain) loss recognition |  | $ | (992,724 | ) |  | $ | — |  |  | $ | — |
Prior service cost recognition |  | $ | — |  |  | $ | — |  |  | $ | — |
Net initial obligation (asset) recognition |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Weighted-average assumptions used to determine Net Periodic Benefit Cost |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 3.59 | % |  |  | 3.80 | % |  |  | 4.00 | %
Expected return on plan assets |  |  | 7.00 | % |  |  | N/A |  |  |  | N/A |
Corridor |  |  | 10.00 | % |  |  | 10.00 | % |  |  | 10.00 | %
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Weighted-Average Assets Allocation |  |  |  |  |  |  |  |  |  |  |  |
Fixed income |  |  | 65.40 | % |  |  | N/A |  |  |  | N/A |
Cash equivalents |  |  | 34.60 | % |  |  | N/A |  |  |  | N/A |
Total |  |  | 100.00 | % |  |  | N/A |  |  |  | N/A |
|  | Pension Plan |  |  | SERP |  |  | Postretirement Benefits |
Asset Category (all Level 1) |  |  |  |  |  |  |  |  |  |  |  |
Fixed income funds |  |  | 34,141,339 |  |  |  | N/A |  |  |  | N/A |
Money market funds |  |  | 18,062,033 |  |  |  | N/A |  |  |  | N/A |
Total |  |  | 52,203,372 |  |  |  | N/A |  |  |  | N/A |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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