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Tax Receivable Agreement | 6 Months Ended
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Jun. 30, 2018
Income Tax Disclosure [Abstract] |
Tax Receivable Agreement | Tax Receivable Agreement On January 26, 2018, the Company entered into an agreement to terminate all future payments payable under the Tax Receivable Agreement to the Apollo Funds in exchange for a payment of $34.0 million (the “Buyout”). Subsequent to the Buyout, the Company will retain a greater portion of the future cash tax savings subject to the Tax Receivable Agreement. The Buyout did not affect the portion of the rights under the Tax Receivable Agreement payable to Metropoulos Entities, including those previously assigned by the Apollo Funds. If the Company enters into a definitive agreement on or before January 26, 2019 and that agreement results in a change in control (as defined in the Tax Receivable Agreement), the Company will be required to make an additional payment of $10.0 million to the Apollo Funds. As of June 30, 2018, no amounts have been paid and there are no amounts reflected in the consolidated financial statements related to the change in control provision, based on management’s estimate of the fair value of the potential obligation. During the three and six months ended June 30, 2018, the Company recognized a gain on the remeasurement of the future expected payments under the Tax Receivable Agreement due to a change in the Company’s estimated state tax rate. As of June 30, 2018, the expected cash tax savings rate was 26.9%. The following table summarizes activity related to the Tax Receivable Agreement for the six months ended June 30, 2018:
(In thousands) |  |
Balance December 31, 2017 |  | $ | 124,360 |
Exchange of Class B units for Class A shares |  | 400 |
Reduction of future payments due to the Buyout |  | (46,371 | )
Remeasurement due to change in estimated state tax rate |  | (1,752 | )
Payments |  | (7,353 | )
Balance June 30, 2018 |  | $ | 69,284 |
As of June 30, 2018 the future expected payments under the Tax Receivable Agreement are as follows:
(In thousands) |
Remainder of 2018 | $ | 700 |
2019 | 4,300 |
2020 | 4,300 |
2021 | 4,200 |
2022 | 4,200 |
Thereafter | 51,584 |

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