Company: GHC
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000104889-25-000022
Chunk: 109

Company: Graham Holdings Co
Filing Date: 2025-02-26
Form: 10-K
Item: Item 16
Chunk 109
---
 Voluntary Retirement Incentive Program (VRIP) for certain GMG and Corporate employees. Also in the second quarter of 2024, the Company recorded $1.6 million in expenses related to SIPs for certain Framebridge and Code3 employees. In the third quarter of 2024, the Company recorded $3.7 million in expenses related to SIPs for certain Kaplan, Dekko, WGB, Saatchi Art, Society6, Slate and Decile employees. In the fourth quarter of 2024, the Company recorded $0.5 million in expenses related to SIPs for certain Kaplan, Dekko, WGB and Decile employees. These SIPs and VRIP were funded from the assets of the Company’s pension plan.In the first quarter of 2023, the Company recorded $4.1 million in expenses related to SIPs for certain Leaf and Code3 employees. In the second quarter of 2023, the Company recorded $5.5 million in expenses related to SIPs for certain Kaplan, GMG, Leaf, Code3 and Pinna employees. In the fourth quarter of 2023, the Company recorded $0.2 million in expenses related to a SIP for certain GMG employees. These SIPs were funded from the assets of the Company’s pension plan.In January 2022, a pension credit retention program was implemented by the Company for certain GHG employees; the program offers a pension credit up to $50,000 per employee, cliff vested after three years of continuous employment for certain existing employees and new employees. Effective April 1, 2024, this program is no longer being offered to new employees. The Company recorded $18.6 million, $13.5 million and $10.5 million in pension service cost expense in 2024, 2023 and 2022, respectively, related to this program.In the fourth quarter of 2022, the Company recorded $3.6 million in expenses related to a SIP for certain Kaplan employees, which was funded from the assets of the Company’s pension plan. The following table sets forth obligation, asset and funding information for the Company’s defined benefit pension plans:Pension PlansAs of December 31(in thousands)20242023Change in Benefit ObligationBenefit obligation at beginning of year$892,049 $870,298 Service cost57,538 33,787 Interest cost40,095 46,211 Amendments(734)(