Company: GHC
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000104889-25-000062
Chunk: 28

Company: Graham Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 1
Chunk 28
---
 of the assets at the time of purchase in the stock of Berkshire Hathaway and no more than 15% of the assets it manages in specified international exchanges at the time the investment is made. Excluding the exceptions noted above, the investment managers cannot invest more than 10% of the assets in the securities of any other single issuer, except for obligations of the U.S. Government, without receiving prior approval from the Plan administrator.

18

In determining the expected rate of return on plan assets, the Company considers the relative weighting of plan assets, the historical performance of total plan assets and individual asset classes and economic and other indicators of future performance. In addition, the Company may consult with and consider the input of financial and other professionals in developing appropriate return benchmarks.The Company evaluated its defined benefit pension plan asset portfolio for the existence of significant concentrations (defined as greater than 10% of plan assets) of credit risk as of June 30, 2025. Types of concentrations that were evaluated include, but are not limited to, investment concentrations in a single entity, type of industry, foreign country and individual fund. At June 30, 2025, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $1,215.7 million, or approximately 37% of total plan assets. At December 31, 2024, the pension plan held investments in one common stock and one private investment fund that exceeded 10% of total plan assets, valued at $1,178.5 million, or approximately 40% of total plan assets. Assets also included $115.9 million and $100.1 million of Markel shares at June 30, 2025 and December 31, 2024, respectively.Other Postretirement Plans.  The total benefit arising from the Company’s other postretirement plans consists of the following components:  Three Months Ended  June 30Six Months Ended  June 30(in thousands)2025202420252024Interest cost$12 $14 $22 $28 Recognized actuarial gain(380)(470)(759)(939)Net Periodic Benefit$(368)$(456)$(737)$(911)

12.    OTHER NON-OPERATING (EXPENSE) INCOME

A summary of non-operating (expense) income is as follows:Three Months Ended  June 30Six Months Ended  June 30