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Pension Plans and Other Postretirement Benefit Plan | 3 Months Ended
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Mar. 31, 2026
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Pension Plans and Other Postretirement Benefit Plan | Pension Plans and Other Postretirement Benefit Plan The Company sponsors (i) both funded and unfunded and qualified and non-qualified pension plans, including the Networks 1212 Plan (as defined below), Networks Excess Cash Balance Plan, and the Networks Excess Retirement Plan (together, the “Networks Plans”), (ii) an excess savings plan and (iii) a postretirement benefit plan (the “Postretirement Plan”). In connection with the distribution of approximately 67% of the outstanding common stock of MSGE Spinco, Inc. (now known as Madison Square Garden Entertainment Corp. and referred to herein as “MSG Entertainment”) to the Company’s stockholders on April 20, 2023 (the “MSGE Distribution”), the Company established an unfunded non-contributory, non-qualified frozen excess cash balance plan (the “Sphere Excess Plan”) covering certain employees who participated in the pre-MSGE Distribution cash balance plan, which was transferred to MSG Entertainment in connection with the MSGE Distribution. The Networks Plans and Sphere Excess Plan are collectively referred to as the “Pension Plans.” Prior to the MSGE Distribution, the Company sponsored two contributory welfare plans which provided certain postretirement healthcare benefits to certain employees hired prior to January 1, 2001. The sponsorship of the Postretirement Plan covering Networks employees was retained by the Company while the postretirement plan covering MSG Entertainment employees was transferred to MSG Entertainment in connection with the MSGE Distribution. In addition, the liabilities associated with the postretirement plan for MSG Entertainment employees were transferred from the Company to MSG Entertainment in connection with the MSGE Distribution. See Note 15. Pension Plans and Other Postretirement Benefit Plan to the Audited Consolidated Financial Statements included in the Form 10-K for more information regarding these plans. Defined Benefit Pension Plans and Postretirement Benefit Plan The following tables present components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025. Service cost is recorded in Direct operating expenses and Selling, general and administrative expenses. All other components of net periodic benefit cost are recorded in Other expense, net.
|  | Pension Plans |  | Postretirement Plan
|  | Three Months Ended |  | Three Months Ended
|  | March 31, |  | March 31,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Service cost |  | $ | 47 |  |  | $ | 48 |  |  | $ | 4 |  |  | $ | 4 |
Interest cost |  | 486 |  |  | 494 |  |  | 22 |  |  | 24 |
Expected return on plan assets |  | (246) |  |  | (238) |  |  | — |  |  | — |
Recognized actuarial loss |  | 99 |  |  | 85 |  |  | 10 |  |  | — |
Net periodic benefit cost |  | $ | 386 |  |  | $ | 389 |  |  | $ | 36 |  |  | $ | 28 |
Contributions for Qualified Defined Benefit Plans The Company sponsors one non-contributory, qualified defined benefit pension plan covering certain of its union employees, the “Networks 1212 Plan.” During the three months ended March 31, 2026 and 2025, the Company did not contribute any amounts to the Networks 1212 Plan. Defined Contribution Plans The Company sponsors the MSGN Holdings, L.P. Excess Savings Plan and the Sphere Entertainment Excess Savings Plan, and participates in the Madison Square Garden 401(k) Savings Plan (collectively, the “Savings Plans”). Expenses related to the Savings Plans included in the accompanying condensed consolidated statements of operations were $1,614 and $1,596 for the three months ended March 31, 2026 and 2025, respectively. Executive Deferred Compensation See Note 15. Pension Plans and Other Postretirement Benefit Plan to the Company’s Audited Consolidated Financial Statements included in the Form 10-K for more information regarding the Company’s Executive Deferred Compensation Plan (the “Executive Deferred Compensation Plan”). The Company recorded compensation expense of $34 and $21 for the three months ended March 31, 2026 and 2025, respectively, within Selling, general and administrative expenses in the accompanying condensed consolidated statements of operations to reflect the remeasurement of the Executive Deferred Compensation Plan liability. In addition, the Company recorded a gain of $34 and $21 for the three months ended March 31, 2026 and 2025, respectively, within Other expense, net in the accompanying condensed consolidated statements of operations to reflect remeasurement of the fair value of assets under the Executive Deferred Compensation Plan. The following table summarizes amounts recognized related to the Executive Deferred Compensation Plan in the accompanying condensed consolidated balance sheets:
| As of |  |
| March 31, 2026 |  | December 31, 2025 |  |  |  |
Non-current assets (included in Investments) | $ | 3,749 |  |  | $ | 3,669 |  |  |  |  |
Non-current liabilities (included in Other non-current liabilities) | $ | (3,770) |  |  | $ | (3,680) |  |  |  |  |

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