EMPLOYEE SAVINGS AND BENEFIT PLANS

12 Months Ended

Dec. 31, 2023

Deferred Compensation Plans

The Company provides certain of its employees and the Board of Directors with an opportunity to defer a portion of their compensation on a tax-favored basis. The obligations by the Company to pay these benefits under the deferred compensation plans represent unsecured general obligations that rank equally with the Company’s other unsecured indebtedness. Amounts deferred under these plans were included in other long-term liabilities in the consolidated balance sheets. Any change in the deferred compensation liability for each period is recorded to corporate general and administrative expenses and to station operating expenses in the statement of operations. Further contributions under these plans have been frozen.


	Years Ended December 31,
Benefit Plan Disclosures	2023		2022
	(amounts in thousands)
Deferred compensation
Beginning of period balance	$	24,123	$	32,730

Employee compensation deferrals	—		—
Employee compensation payments	(5,524)		(4,462)
Increase (decrease) in plan fair value	2,446		(4,145)
End of period balance	$	21,045	$	24,123

401(k) Savings Plan

The Company has a savings plan which is intended to be qualified under Section 401(k) of the Code. The plan is a defined contribution plan, available to all eligible employees, and allows participants to contribute up to the legal maximum of their eligible compensation, not to exceed the maximum tax-deferred amount allowed by the Internal Revenue Service. The Company’s discretionary matching contribution is subject to certain conditions. The Company’s contributions for 2023 and 2022 were $6.1 million and $6.8 million, respectively.

AUDACY, INC. 10-K