Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 101

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 101
---
3 and 2022, respectively. The remaining 21%, 21% and 19% of revenue was generated from non-U.S. sales.In 2024, 2023 and 2022, the Company recognized 54%, 54% and 58%, respectively, of its revenue over time as control of the services and goods transferred to the customer. The remaining 46%, 46% and 42%, respectively, of revenue was recognized at a point in time, when the customer obtained control of the promised goods.The determination of the method by which the Company measures its progress towards the satisfaction of its performance obligations requires judgment and is described in the Summary of Significant Accounting Policies (Note 2). Contract Assets.  As of December 31, 2024, the Company recognized a total contract asset of $36.6 million related to a contract at a Kaplan International business, of which $1.9 million is included in Other current assets and $34.7 million is included in Deferred Charges and Other Assets. The Company expects to recognize an additional $266.3 million related to the remaining performance obligation in the contract over the next five years. As of December 31, 2023, the contract asset was $39.8 million. Additional contract assets of $3.1 million are included in Other current assets on the Company’s Consolidated Balance Sheet as of December 31, 2024.

103

Deferred Revenue.  The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance which includes some payments that are refundable due to the contractual right of the customer to cancel the agreement. As of December 31, 2024 and 2023, 19% and 20%, respectively, of the Company’s deferred revenue consisted of prepaid amounts which are refundable. The following table presents the change in the Company’s deferred revenue balance during the year ended December 31, 2024:As of December 31(in thousands)20242023% ChangeDeferred revenue$397,435 $400,347 (1)In April 2020, GHG received $31.5 million under the expanded Medicare Accelerated and Advanced Payment Program modified by the CARES Act as a result of COVID-19. The Department of Health and Human Services began to recoup this advance 365 days after the payment was issued. The advance had been recouped in full as of December 31, 2022. For the year ended December 31