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

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 10
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GRAHAM HOLDINGS COMPANY

 Management’s Discussion and Analysis of Results of Operations and Financial Condition (Unaudited)53 Financial Statements: Report of Independent Registered Public Accounting Firm (PCAOB ID 238)70Consolidated Statements of Operations for the Three Years Ended December 31, 202472Consolidated Statements of Comprehensive Income (Loss) for the Three Years Ended December 31, 202473Consolidated Balance Sheets at December 31, 2024 and 202374Consolidated Statements of Cash Flows for the Three Years Ended December 31, 202475Consolidated Statements of Changes in Common Stockholders’ Equity for the Three Years Ended December 31, 202476Notes to Consolidated Financial Statements77Organization and Nature of Operations77Summary of Significant Accounting Policies77Acquisitions and Dispositions of Businesses86Investments88Accounts Receivable, Accounts Payable, Vehicle Floor Plan Payable and Accrued Liabilities90Inventories and Contracts in Progress91Property, Plant and Equipment91Leases91Goodwill and Other Intangible Assets93Income Taxes95Debt100Fair Value Measurements102Revenue From Contracts With Customers103Capital Stock, Stock Awards and Stock Options104Pensions and Other Postretirement Plans107Other Non-Operating Income115Accumulated Other Comprehensive Income (Loss)115Contingencies and Other Commitments117Business Segments118

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All schedules have been omitted either because they are not applicable or because the required information is included in the Consolidated Financial Statements or the notes thereto referred to above.

52

MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

This analysis should be read in conjunction with the Consolidated Financial Statements and the notes thereto. Refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Graham Holdings Company’s 2023 Annual Report on Form 10-K for management’s discussion and analysis of financial condition and results of operations for the year ended December 31, 2023 compared to the year ended December 31, 2022.

OVERVIEW

Graham Holdings Company (the Company) is a diversified holding company whose operations include educational services, television broadcasting, manufacturing, healthcare and automotive dealerships. The Company has seven reportable segments and a group of companies that make up Other Businesses. The Company’s business units are diverse and subject to different trends and risks.

Education is the largest operating division of the Company,