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Pension Plans and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Schedule of Net Funded Status The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded on the Company’s consolidated balance sheets as of June 30, 2022 and 2021, associated with the Pension Plans and Postretirement Plans based upon actuarial valuations as of those measurement dates.
  
Pension PlansPostretirement Plans
June 30,June 30,
  
2022202120222021
Change in benefit obligation:
Benefit obligation at beginning of period$221,007 $224,633 $5,013 $5,700 
Service cost491 500 59 81 
Interest cost4,756 4,412 73 78 
Actuarial loss (gain) (a)
(42,115)1,793 (745)(381)
Benefits paid(8,540)(6,286)(339)(399)
Curtailments— (91)— — 
Plan settlements paid— (3,777)— — 
Other— (177)— (66)
Benefit obligation at end of period175,599 221,007 4,061 5,013 
Change in plan assets:
Fair value of plan assets at beginning of period169,882 176,364 — — 
Actual return on plan assets(35,259)1,824 — — 
Employer contributions400 1,703 — — 
Benefits paid(7,289)(6,285)— — 
Plan settlements paid— (3,724)— — 
Fair value of plan assets at end of period127,734 169,882 — — 
Funded status at end of period$(47,865)$(51,125)$(4,061)$(5,013)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets as of June 30, 2022 and 2021 consist of:
  Pension PlansPostretirement Plans
June 30,June 30,
  
2022202120222021
Current liabilities (included in accrued employee related costs)
$(1,534)$(1,502)$(497)$(468)
Non-current liabilities (included in defined benefit and other postretirement obligations)
(46,331)(49,623)(3,564)(4,545)
$(47,865)$(51,125)$(4,061)$(5,013)
Schedule of Net Periodic Benefit Cost Not yet Recognized Accumulated other comprehensive loss, before income tax, as of June 30, 2022 and 2021 consists of the following amounts that have not yet been recognized in net periodic benefit cost:
  Pension PlansPostretirement Plans
  
June 30,June 30,
2022202120222021
Actuarial gain (loss)$(49,793)$(51,747)$312 $(439)
Schedule of Net Periodic Benefit Cost
The following table presents components of net periodic benefit cost for the Pension Plans and Postretirement Plans included in the accompanying consolidated and combined statements of operations for Fiscal Years 2022, 2021 and 2020. Service cost is recognized in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other income (expense), net.
Pension PlansPostretirement Plans
Years Ended June 30,Years Ended June 30,
202220212020202220212020
Service cost$491 $500 $579 $59 $81 $96 
Interest cost4,756 4,412 6,674 73 78 168 
Expected return on plan assets(6,874)(5,972)(6,295)— — — 
Recognized actuarial loss1,971 1,599 1,872 7 98 6 
Amortization of unrecognized prior service cost (credit)— — — — — (3)
Settlement loss recognized (a)
— 870 67 — — — 
Net periodic benefit cost$344 $1,409 $2,897 $139 $257 $267 
Contributory charge to Madison Square Garden Sports Corp. for participation in the Shared Plans and all allocation of costs related to the corporate employees— — (173)— — (26)
Net periodic benefit cost reported in the consolidated and combined statements of operations$344 $1,409 $2,724 $139 $257 $241 
_________________
(a)For Fiscal Years 2022, 2021 and 2020, lump-sum payments totaling $0, $52 and $551, respectively, were distributed to vested participants of the non-qualified excess cash balance plans, triggering the recognition of settlement losses in accordance with ASC Topic 715. Due to these pension settlements, the Company was required to remeasure its pension plan liability as of June 30,2021 and 2020 and for Fiscal Years 2021 and 2020, respectively. The weighted average discount rates used for the projected benefit obligation and interest cost were 2.49% and 1.30% as of June 30, 2022, respectively, 1.66% and 1.26% as of June 30, 2021, respectively, and 2.94% and 2.81% as of June 30, 2020, respectively. Additionally, settlement charges of $0, $870 and $67 were recognized in Other income (expense), net for Fiscal Years 2022, 2021 and 2020, respectively.
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Other pre-tax changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for Fiscal Years 2022, 2021 and 2020 are as follows:
  Pension PlansPostretirement Plans
Years Ended June 30,Years Ended June 30,
  202220212020202220212020
Actuarial gain (loss), net$12 $(5,953)$(1,712)$744 $381 $123 
Recognized actuarial loss1,971 1,599 1,872 7 98 6 
Recognized prior service credit
— — — — — (3)
Curtailments— 91 — — 65 — 
Settlement loss recognized
— 870 67 — — — 
Total recognized in other comprehensive income (loss)
$1,983 $(3,393)$227 $751 $544 $126 
Schedule of Assumptions Used
Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of June 30, 2022 and 2021 are as follows:
  
Pension PlansPostretirement Plans
June 30,June 30,
  
2022202120222021
Discount rate4.85 %2.84 %4.64 %2.21 %
Rate of compensation increase3.00 %3.00 %n/an/a
Interest crediting rate2.76 %2.32 %n/an/a
Healthcare cost trend rate assumed for next yearn/an/a6.00 %6.25 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
n/an/a5.00 %5.00 %
Year that the rate reaches the ultimate trend raten/an/a20272027

Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for Fiscal Years 2022, 2021 and 2020 are as follows:
  Pension PlansPostretirement Plans
Years Ended June 30,Years Ended June 30,
  202220212020202220212020
Discount rate - projected benefit obligation2.60 %2.80 %3.57 %2.20 %2.12 %3.20 %
Discount rate - service cost3.13 %3.08 %3.70 %2.64 %2.48 %3.44 %
Discount rate - interest cost1.98 %2.16 %3.20 %1.61 %1.63 %2.88 %
Expected long-term return on plan assets
4.79 %4.03 %5.38 %n/an/an/a
Rate of compensation increase
3.00 %3.00 %2.00 %n/an/an/a
Interest crediting rate2.32 %1.37 %3.28 %n/an/an/a
Healthcare cost trend rate assumed for next year
n/an/an/a6.25 %6.50 %6.75 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
n/an/an/a5.00 %5.00 %5.00 %
Year that the rate reaches the ultimate trend rate
n/an/an/a202720272027
Schedule of Allocation of Plan Assets
The weighted-average asset allocation of the Pension Plans’ assets at June 30, 2022 and 2021 was as follows:
June 30,
Asset Classes (a):
20222021
Fixed income securities81 %98 %
Equity securities12 %— %
Cash equivalents7 %2 %
100 %100 %
_____________________
(a)The Company’s target allocation for pension plan assets is 85% fixed income securities and 15% equity as of June 30, 2022.
Schedule of Changes in Fair Value of Plan Assets
The cumulative fair values of the individual plan assets at June 30, 2022 and 2021 by asset class are as follows:
Fair Value HierarchyJune 30,
20222021
Fixed income securities:
U.S. Treasury securities (a)
I$672 $— 
Money market fund (a)
I8,529 2,948 
U.S. corporate bonds (b)
II— 100,230 
Foreign issues (c)
II— 20,119 
Municipal bonds (c)
II— 3,880 
Mutual fund - equity (d)
II15,661 — 
Common collective trust (d)
II102,872 42,705 
Total investments measured at fair value$127,734 $169,882 
_____________________
(a)U.S. Treasury Securities and the money market fund are classified within Level I of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets.
(b)U.S. corporate bonds are classified within Level II of the fair value hierarchy as they are valued using quoted prices for similar assets in active markets, quoted prices for identical or similar assets in markets that are not active and evaluations based on various market and industry inputs.
(c)Foreign issued corporate bonds and municipal bonds are classified within Level II of the fair value hierarchy as they are valued at a price that is based on a compilation of primarily observable market information or a broker quote in a non-active over-the-counter market.
(d)Common collective trust (CCT) and the mutual fund, that are non-exchange traded funds, are classified within Level II of the fair value hierarchy at its net asset value (NAV) as reported by the Trustee and investment manager, respectively. The NAV is based on the fair value of the underlying investments held by the fund which are based on quoted market prices less its liabilities. Both CCT and the mutual fund publish its daily NAV and uses such value as the basis for current transactions.
Schedule of Expected Benefit Payments
The following table presents estimated future fiscal year benefit payments for the Pension Plans and Postretirement Plan:
Pension
Plans    		Postretirement
Plans  
Fiscal year ending June 30, 2023$13,760 $504 
Fiscal year ending June 30, 2024$10,916 $471 
Fiscal year ending June 30, 2025$10,742 $474 
Fiscal year ending June 30, 2026$11,525 $433 
Fiscal year ending June 30, 2027$11,764 $399 
Fiscal years ending June 30, 2028 – 2032$59,027 $1,763 
Schedule of Multiemployer Plans
The following table outlines the Company’s participation in multiemployer defined benefit pension plans for Fiscal Years 2022, 2021 and 2020, and summarizes the contributions that the Company has made during each period. The “EIN” and “Pension Plan Number” columns provide the Employer Identification Number and the three-digit plan number for each applicable plan. The most recent Pension Protection Act zone status available as of June 30, 2022 and 2021 relates to the plan’s two most recent years ended which are indicated. Among other factors, plans in the red zone are generally less than 65% funded, plans in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a funding improvement plan (“FIP”) for yellow/orange zone plans or a rehabilitation plan (“RP”) for red zone plans is either pending or has been implemented by the trustees of such plan. The zone status and any FIP or RP information is based on information that the Company received from the plan, and the zone status is as certified by the plan’s actuary. The last column lists the expiration date(s) or a range of expiration dates of the CBA to which the plans are subject. There are no other significant changes that affect such comparability.
PPA Zone StatusFIP/RP Status Pending / ImplementedCompany Contributions
As of June 30, Years Ended June 30,
Plan NameEINPension Plan Number20222021202220212020Surcharge ImposedExpiration Date of CBA
Pension Fund of Local No. 1 of I.A.T.S.E.136414973001
Green
as of
2021-12-31
Green
as of
2020-12-31
No$2,032 $194 $1,831 No
6/30/2021 - 5/1/2023
All Other Multiemployer Defined Benefit Pension Plans2,263 584 3,137 
$4,295 $778 $4,968 
Plans Providing More Than 5 Percent of Total Contributions
The Company was listed in the following plans’ Form 5500’s as providing more than 5% of the total contributions for the following plans and plan years:
Fund Name
Exceeded 5 Percent of Total ContributionsYear Contributions to Plan Exceeded
5 Percent of Total Contributions
(As of Plan’s Year-End)
Pension Fund of Local No. 1 of I.A.T.S.ETrueDecember 31, 2020, 2019 and 2018
32BJ/Broadway League Pension FundTrueDecember 31, 2020, 2019 and 2018
Treasurers and Ticket Sellers Local 751 Pension FundTrueAugust 31, 2021, 2020 and 2019