Company: GHC
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0000104889-25-000053
Chunk: 12

Company: Graham Holdings Co
Filing Date: 2025-06-27
Form: 11-K
Chunk 12
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 a particular input to fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

Financial assets held in the Master Trust and the valuation techniques for measuring fair value are as follows:

#### Registered Investment Companies (Mutual Funds)
: Registered investment companies (mutual funds) are valued at their respective net asset values. The net asset values are typically determined by the fund at the close of regular trading. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds are considered actively traded.

#### Common/Collective Trusts
: Valued at the NAV of units of the collective trusts. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Were the Plan to initiate a full redemption of the collective trusts, the investment adviser reserves the right to temporarily delay withdrawal from the trusts in order to ensure that securities liquidations will be carried out in an orderly business manner.

#### Common Stock
: The Graham Holdings Company common stock in the Graham Holdings Company Stock Fund and Berkshire Hathaway common stock in the Berkshire Hathaway Stock Fund are valued at their year-end market value closing price.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan Sponsor believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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Financial assets held by the Master Trust measured at fair value on a recurring basis were as follows:

|                                      |     |            | As of December 31, 2024 |     |                                                               |             |     |            | As of December 31, 2023 |     |                                                               |             |
|:-------------------------------------|:----|:-----------|------------------------:|:----|:--------------------------------------------------------------|------------:|:----|:-----------|------------------------:|:----|:--------------------------------------------------------------|------------:|
|                                      |     | Fair Value |                         |     | Quoted Prices in Active Markets for Identical Items (Level 1) |             |     | Fair Value |                         |     | Qu