Pension Plans and Other Postretirement Benefit Plan

9 Months Ended

Mar. 31, 2020

Retirement Benefits [Abstract]

Pension Plans And Other Postretirement Benefit Plan

Pension Plans and Other Postretirement Benefit Plan

As more fully described in Note 12 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2019, the Company sponsors (i) a non-contributory, qualified defined benefit pension plan covering certain of its union employees, (ii) an unfunded non-contributory, non-qualified frozen excess cash balance plan covering certain employees who participated in an underlying qualified plan, and (iii) an unfunded non-contributory, non-qualified frozen defined benefit pension plan for the benefit of certain employees who participated in an underlying qualified plan (collectively the “Pension Plans”). The Company also sponsors a contributory welfare plan which provides certain postretirement healthcare benefits to certain employees hired prior to January 1, 2001 (the “Postretirement Plan”).

Components of net periodic benefit cost for the three and nine months ended March 31, 2020 and 2019 are as follows: 

	Pension Plans						Postretirement Plan
	Three Months Ended						Three Months Ended
	March 31,						March 31,
	2020			2019			2020			2019
Service cost	$	121		$	111		$	13		$	18
Other components of net periodic benefit cost:
Interest cost	354			402			15			38
Expected return on plan assets	(244		)	(144		)	—			—
Recognized actuarial loss (a)	134			119			—			—
Amortization of unrecognized prior service credit (a)	—			—			(1		)	(2		)
Net periodic benefit cost	$	365		$	488		$	27		$	54

	Pension Plans						Postretirement Plan
	Nine Months Ended						Nine Months Ended
	March 31,						March 31,
	2020			2019			2020			2019
Service cost	$	363		$	333		$	39		$	54
Other components of net periodic benefit cost:
Interest cost	1,062			1,206			45			114
Expected return on plan assets	(732		)	(432		)	—			—
Recognized actuarial loss (a)	402			357			—			—
Amortization of unrecognized prior service credit (a)	—			—			(3		)	(6		)
Settlement gain (a)	—			(8		)	—			—
Net periodic benefit cost	$	1,095		$	1,456		$	81		$	162

(a) Reflects amounts reclassified from accumulated other comprehensive loss to other components of net periodic benefit cost in the accompanying consolidated statements of operations.

In addition, as more fully described in Note 12 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2019, the Company sponsors the MSGN Holdings, L.P. Excess Savings Plan and participates in The Madison Square Garden 401(k) Savings Plan, formerly the MSG Holdings, L.P. 401(k) Savings Plan, a multiple employer plan (together, the “Savings Plans”). The Madison Square Garden 401(k) Savings Plan was sponsored by MSG until April 17, 2020 and thereafter by Madison Square Garden Entertainment Corp. See Note 14 for a discussion regarding the Madison Square Garden Entertainment Corp. distribution. Expenses related to the Savings Plans included in the accompanying consolidated statements of operations were $246 and $254 for the three months ended March 31, 2020 and 2019, respectively, and $775 and $762 for the nine months ended March 31, 2020 and 2019, respectively.