Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 111

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 111
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 thousands)2024202320242023Noncurrent asset$2,510,520 $2,113,638 $— $— Current liability— — (6,786)(6,652)Noncurrent liability— — (80,737)(83,224)Recognized Asset (Liability)$2,510,520 $2,113,638 $(87,523)$(89,876)Key assumptions utilized for determining the benefit obligation are as follows:Pension PlansSERPAs of December 31As of December 31 2024202320242023Discount rate5.8%5.2%5.6%5.1%Rate of compensation increase – age graded5.0%–1.0%5.0%–1.0%5.0%–1.0%5.0%–1.0%Cash balance interest crediting rate6.37% with phase in to 6.00% in 20264.28% with phase in to 5.20% in 2025——The Company made no contributions to its pension plans in 2024 and 2023, and the Company does not expect to make any contributions in 2025. The SERP is unfunded, therefore, the Company made actual benefit payments of $6.1 million and $6.3 million to beneficiaries for the years ended December 31, 2024 and 2023, respectively. At December 31, 2024, future estimated benefit payments, excluding charges for early retirement programs, are as follows:(in thousands)Pension PlansSERP2025$26,334 $6,973 202628,890 7,352 202731,859 7,495 202832,601 7,576 202936,138 7,598 2030–2034180,761 37,179 

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The total (benefit) cost arising from the Company’s defined benefit pension plans consists of the following components:Pension PlansYear Ended December 31(in thousands)202420232022Service cost$57,538 $33,787 $32,567 Interest cost40,095 46,211 30,504 Expected return on assets(165,487)(153,125)(167,485)Amortization of prior service (credit) cost(1,951)1,646 2,835