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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2019
Postemployment Benefits [Abstract] |
Employee Benefit Plans |
(12) | 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 $18,500 and $19,000 (or $24,500 and $25,000 if aged 50 years or older) in 2018 and 2019, respectively. No employer matching contributions have been made to the defined contribution plan in 2018 and 2019. Supplemental Employee Retirement Plan The benefit obligations related to the frozen SERP of $9.0 million and $9.7 million are reported in other long-term liabilities in the consolidated balance sheets as of December 31, 2018 and 2019, respectively. The Company contributed $0.4 million to the SERP in both 2018 and 2019. Defined Benefit Plan Effective May 31, 2017 , the Company terminated the Greater Media, Inc. Pension Plan (the “Pension Plan”). 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 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 in the prior year. The Company contributed $0.2 million to the Pension Plan in 2018. The following tables summarize the SERP as of and for the year ended December 31, 2019:
Change in Projected Benefit Obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 9,038,825 |
Interest cost |  |  | 340,302 |
Actuarial (gain) loss |  |  | 712,728 |
Benefits paid |  |  | (367,989 | )
Benefit obligation at end of year |  | $ | 9,723,866 |
Change in Plan Assets |  |  |  |
Fair value of plan assets at beginning of year |  | $ | — |
Employer contribution |  |  | 367,989 |
Benefits paid |  |  | (367,989 | )
Fair value of plan assets at end of year |  | $ | — |
Funded status |  | $ | (9,723,866 | )
Unrecognized net actuarial (gain) loss |  |  | 593,326 |
Cumulative employer contributions in excess of the net periodic pension cost |  | $ | (9,130,540 | )
Amounts Recognized in the Statement of Financial Position |
Current liabilities |  |  | (493,735 | )
Noncurrent liabilities |  |  | (9,230,131 | )
Net amount recognized |  | $ | (9,723,866 | )
Amounts Recognized in Accumulated Other Comprehensive Income |
Net actuarial loss (gain) |  | $ | 593,326 |
Total (before tax effects) |  | $ | 593,326 |
Information for Pension Plans about Benefit Obligation and Plan Assets |
Projected benefit obligation |  | $ | 9,723,866 |
Accumulated benefit obligation |  | $ | 9,723,866 |
Weighted-average assumptions for Disclosure |  |  |  |
Discount rate |  |  | 2.95 | %
Mortality table |  |  | Pri-2012 |
Mortality improvement scale |  |  | MP-2019 |
Net periodic benefit cost |  |  |  |
Interest cost |  | $ | 340,302 |
Net periodic benefit cost |  | $ | 340,302 |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |
Net actuarial (gain) loss |  | $ | 712,728 |
Total recognized in other comprehensive income (before tax effects) |  | $ | 712,728 |
Total recognized in net cost and other comprehensive income (before tax effects) |  | $ | 1,053,030 |
Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year |
(Gain) loss recognition |  | $ | — |
Prior service cost recognition |  | $ | — |
Net initial obligation (asset) recognition |  | $ | — |
Weighted-average assumptions used to determine Net Periodic Benefit Cost |
Discount rate |  |  | 4.00 | %
Corridor |  |  | 10.00 | %
Average future working lifetime |  |  | 6.46 |
Mortality table |  |  | RP-2014 |
Mortality improvement scale |  |  | MP-2018 |
Estimated Future Benefit Payments |  |  |  |
2020 |  | $ | 493,735 |
2021 |  | $ | 526,686 |
2022 |  | $ | 525,699 |
2023 |  | $ | 536,247 |
2024 |  | $ | 558,823 |
2025-2029 |  | $ | 2,871,799 |
Contributions |  |  |  |
Estimated contributions for 2020 |  | $ | 493,735 |
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 | %

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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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