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Employee Benefit Plans
 12 Months Ended
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