XML 65 R20.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Employee Benefit Plans
12 Months Ended
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