Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 17

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 and $1.1 million for the three months ended September 30, 2025 and 2024, respectively. Credit loss expense was $2.9 million and $2.7 million for the nine months ended September 30, 2025 and 2024, respectively.Accounts payable, vehicle floor plan payable and accrued liabilities consist of the following:As ofSeptember 30,2025December 31,2024(in thousands)Accounts payable$176,512 $160,384 Vehicle floor plan payable119,987 147,884 Accrued compensation and related benefits182,045 172,915 Other accrued liabilities268,942 231,322 $747,486 $712,505 Cash overdrafts of $1.4 million are included in accounts payable as of September 30, 2025.The Company finances new, used and service loaner vehicle inventory through standardized floor plan facilities with Truist Bank and Toyota Motor Credit Corporation and Ford Motor Credit Company. At September 30, 2025, the floor plan facilities bore interest at variable rates that are based on Secured Overnight Financing Rate (SOFR) and prime-based interest rates. The weighted average interest rate for the floor plan facilities was 6.2% and 6.8% for the three months ended September 30, 2025 and 2024, respectively. The weighted average interest rate for the floor plan facilities was 6.3% and 6.8% for the nine months ended September 30, 2025 and 2024, respectively. The Company incurred floor plan interest expense of $1.7 million and $2.9 million for the three months ended September 30, 2025 and 2024, respectively, which is included in interest expense in the Condensed Consolidated Statements of Operations. The Company incurred floor plan interest expense of $5.8 million and $8.9 million for the nine months ended September 30, 2025 and 2024, respectively. Changes in the vehicle floor plan payable are reported as cash flows from financing activities in the Condensed Consolidated Statements of Cash Flows.The floor plan facilities are collateralized by vehicle inventory and other assets of the relevant dealership subsidiary, and contain a number of covenants, including, among others, covenants restricting the dealership subsidiary with 

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respect to the creation of liens and changes in ownership, officers and key management personnel. The