Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 94

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 94
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.0 million federal tax benefit and a $2.3 million state tax benefit, net of $0.5 million federal tax expense, will reduce the effective tax rate in the future if the unrecognized tax benefits are recognized. The Company classifies interest and penalties related to uncertain tax positions as a component of interest and other expenses, respectively. As of December 31, 2024, the Company has accrued $0.5 million of interest related to the unrecognized tax benefits. The Company has not accrued any penalties related to the unrecognized tax benefits.In December 2021, the Organization for Economic Co-operation and Development (OECD) issued a set of rules known as “Pillar Two” with the intent to ensure that global companies pay a minimum corporate income tax of 15% in jurisdictions in which the global companies operate. Many non-U.S. countries (including the U.K. and European Union member countries) enacted legislation to adopt certain aspects of Pillar Two effective January 1, 2024, and additional elements are expected to be adopted in future years. While the U.S. has not adopted Pillar Two, rules implemented by participating countries apply to the Company’s worldwide operations in 2024. The Company does not have material operations in jurisdictions with tax rates lower than 15%. The amount of Pillar Two tax recorded as of December 31, 2024 is not material. As other countries enact legislation related to Pillar Two, the Company will continue to assess its impact.

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11.    DEBT

The Company’s borrowings consist of the following:As of December 31(in thousands)MaturitiesStated Interest RateEffective Interest Rate20242023Unsecured notes (1)20265.75%5.75%$398,985 $398,266 Term loan (2)20276.21% - 7.21%7.13%140,099 147,476 Revolving credit facility20276.08% - 8.88%6.64%62,836 97,879 Real estate term loan (3)20286.30% - 7.10%7.01%70,795 74,541 Capital term loan (4)20286.55% - 7.35%7.57%56,770 63,097 Other indebtedness2025 - 20320.00% - 8.00%18,707 30,574 Total Debt748