Pension Plans and Other Postretirement Benefit Plan

6 Months Ended

Jun. 30, 2025

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

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 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-KT for more information regarding these plans.

Defined Benefit Pension Plans and Postretirement Benefit Plan

The following table presents 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 and six months ended June 30, 2025 and 2024. 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
	June 30,				June 30,
	2025		2024		2025		2024
Service cost	$	48	$	60	$	4	$	3
Interest cost	494		693		24		38
Expected return on plan assets	(238)		(623)		—		—
Recognized actuarial loss (gain)	85		345		—		28


Net periodic benefit cost	$	389	$	475	$	28	$	69


	Pension Plans				Postretirement Plan
	Six Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Service cost	$	96	$	121	$	8	$	8
Interest cost	988		1,127		48		55
Expected return on plan assets	(476)		(836)		—		—
Recognized actuarial loss (gain)	170		439		—		11


Net periodic benefit cost	$	778	$	851	$	56	$	74

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 and six months ended June 30, 2025 and 2024 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, “Savings Plans”). Expenses related to the Savings Plans included in the accompanying condensed consolidated statements of operations were $2,417 and $4,012 for the three and six months ended June 30, 2025, respectively, and $1,420 and $3,163 for the three and six months ended June 30, 2024, 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-KT, for more information regarding the Company’s Executive Deferred Compensation Plan (the “Executive Deferred Compensation Plan”). The Company recorded compensation expense of $220 and $240 for the three and six months ended June 30, 2025, respectively, and $43 and $169 for the three and six months ended June 30, 2024, 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 $220 and $240 for the three and six months ended June 30, 2025, respectively, and $43 and $169 for the three and six months ended June 30, 2024, 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
	June 30, 2025		December 31, 2024
Non-current assets (included in Investments)	$	3,721	$	3,580
Non-current liabilities (included in Other non-current liabilities)	$	(3,721)	$	(3,580)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Sphere Entertainment Co. 10-Q