Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 81

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 81
---
 Charged to Costs and ExpensesDeductionsBalance at End of Period2024$24,667 $3,591 $(4,539)$23,719 202321,387 6,045 (2,765)24,667 202221,836 2,958 (3,407)21,387 Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:As of December 31(in thousands)20242023Accounts payable$160,384 $154,484 Vehicle floor plan payable147,884 148,300 Accrued compensation and related benefits172,915 154,580 Other accrued liabilities231,322 237,157  $712,505 $694,521 Cash overdrafts of $0.5 million are included in accounts payable at December 31, 2023.The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank and Toyota Motor Credit Corporation (Truist and Toyota floor plan facility) and Ford Motor Credit Company (Ford floor plan facility). On September 26, 2023, the Company entered into a credit agreement with Truist Bank (see Note 11) to, among other things, establish a new revolving floor plan credit facility with an aggregate capacity of $115.0 million. The Truist and Toyota floor plan facility bears interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) plus 1.25% per annum. In connection with the establishment of the Truist and Toyota floor plan facility, the previous Truist floor plan facility, dated July 5, 2022, was repaid and terminated. At December 31, 2024, the floor plan facilities bore interest at variable rates that are based on SOFR and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 6.7%, 6.2% and 3.2% for the years ended December 31, 2024, 2023 and 2022, respectively. The Company incurred floor plan interest expense of $11.5 million, $6.6 million and $1.6 million during 2024, 2023 and 2022, respectively, which is included in interest expense in the Consolidated Statements of Operations. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Consolid