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PENSION AND POST-RETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
PENSION AND POST-RETIREMENT BENEFIT PLANS
NOTE 6—PENSION AND POST-RETIREMENT BENEFIT PLANS
The following tables present the components of net periodic benefit cost (credit) for the People Inc. pension and post-retirement benefit plans:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
PensionPost-RetirementPensionPost-Retirement
DomesticInternationalDomesticDomesticInternationalDomestic
(In thousands)
Service cost$— $— $— $50 $— $1 
Interest cost33 5,532 53 289 4,892 51 
Expected return on plan assets— (5,518)— (181)(4,891)— 
Actuarial loss (gain) recognition20 — — (4,353)— — 
Net periodic benefit cost (credit)$53 $14 $53 $(4,195)$1 $52 

Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
PensionPost-RetirementPensionPost-Retirement
DomesticInternationalDomesticDomesticInternationalDomestic
(In thousands)
Service cost$— $— $— $152 $— $1 
Interest cost107 16,140 159 1,760 14,438 154 
Expected return on plan assets— (16,102)— (1,293)(14,438)— 
Actuarial loss (gain) recognition60 — — (5,457)— — 
Net periodic benefit cost (credit)$167 $38 $159 $(4,838)$— $155 

People Inc. froze and terminated the domestic funded pension plan as of December 31, 2022 and the last of the required customary regulatory approvals for the termination were received in 2024. In connection with the termination of this plan, the liabilities were settled through a combination of (i) lump sum payments to eligible participants who elected to receive them and (ii) the purchase of annuity contracts for participants who either did not elect lump sums or were already receiving benefits. During the third quarter of 2024, the domestic funded pension plan’s remaining assets of $15.3 million were transferred to a suspense account in the trust for the IAC Inc. Retirement Savings Plan (the "IAC Plan"). In accordance with Internal Revenue Service ("IRS") requirements, assets in the suspense account are to be allocated to active People Inc. participants in the IAC Plan no less than ratably over a period not to exceed seven years, which may be accelerated. During the third quarter of 2024, People Inc. made its first asset allocation under the requirements and has made further allocations during 2025. See “Note 2—Financial Instruments and Fair Value Measurements” for additional information regarding this retirement investment fund.
The actuarial gain of $4.4 million and $5.5 million for the three and nine months ended September 30, 2024, respectively, primarily relates to the final annuity contract pricing and lump sum payments for the domestic funded pension plan, partially offset by investment performance and plan expenses.
The components of net periodic benefit cost (credit), other than the service cost component, are included in “Other (expense) income, net” in the statement of operations.