Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 66

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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6 million and $3.9 million, that are included in cash and cash equivalents. At September 30, 2025, the Company held approximately $108 million in cash and cash equivalents in businesses domiciled outside the U.S., of which approximately $6 million is not available for immediate use in operations or for distribution. Additionally, Kaplan’s business operations outside the U.S. retain cash balances to support ongoing working capital requirements, capital 

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expenditures, and regulatory requirements. As a result, the Company considers a significant portion of the cash and cash equivalents balance held outside the U.S. as not readily available for use in U.S. operations.

At September 30, 2025, the fair value of the Company’s investments in marketable equity securities was $998.8 million, which includes investments in the common stock of five publicly traded companies. During the first nine months of 2025, the Company purchased $29.8 million of marketable equity securities. There were no sales of marketable equity securities during the first nine months of 2025. At September 30, 2025, the net unrealized gain related to the Company’s investments totaled $741.9 million.

The Company had working capital of $549.3 million and $898.8 million at September 30, 2025 and December 31, 2024, respectively. The working capital at September 30, 2025 includes the Company’s $400 million senior unsecured fixed rate notes that are due on June 1, 2026, which the Company intends to refinance on or before the due date. The Company maintains working capital levels consistent with its underlying business requirements and consistently generates cash from operations in excess of required interest or principal payments.

At September 30, 2025 and December 31, 2024, the Company had borrowings outstanding of $731.9 million and $748.2 million, respectively. The Company’s borrowings at September 30, 2025 were mostly from $400.0 million of 5.75% unsecured notes due June 1, 2026, a term loan of $134.6 million, $67.2 million in outstanding borrowings under the Company’s revolving credit facility, and real estate and capital term loans of $120.0 million at the automotive subsidiary. The Company’s borrowings at December 31, 2024 were mostly from $400.0 million of 5.75% unsecured notes due