Company: GHC
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000104889-25-000032
Chunk: 22

Company: Graham Holdings Co
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 restricted stock12 18 The diluted earnings per share amounts for the three months ended March 31, 2025 excludes the effect of 1,000 contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition. The diluted earnings per share amounts for the three months ended March 31, 2024 exclude the effect of 105,000 stock options and contingently issuable shares outstanding as their inclusion would have been antidilutive due to a market condition.In the three months ended March 31, 2025 and 2024, the Company declared regular dividends totaling $3.60 and $3.44 per common share, respectively.

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11.    PENSION AND POSTRETIREMENT PLANS

Defined Benefit Plans.  The total benefit arising from the Company’s defined benefit pension plans consists of the following components:  Three Months Ended  March 31(in thousands)20252024Service cost$12,192 $14,034 Interest cost6,421 11,194 Expected return on assets(41,971)(41,690)Amortization of prior service credit(519)(494)Recognized actuarial gain— (12,518)Net Periodic Benefit(23,877)(29,474)Special separation benefit expense624 418 Total Benefit$(23,253)$(29,056)In the first quarter of 2025, the Company recorded $0.6 million in expenses related to a Separation Incentive Program (SIP) for certain WGB employees, which will be funded from the assets of the Company’s pension plans. In the first quarter of 2024, the Company recorded $0.4 million in expenses related to a SIP for certain Framebridge employees, which was funded from the assets of the Company’s pension plans. The total cost arising from the Company’s Supplemental Executive Retirement Plan (SERP) consists of the following components:  Three Months Ended  March 31(in thousands)20252024Service cost$239 $287 Interest cost1,197 1,128 Net Periodic Cost$1,436 $1,415 Defined Benefit Plan Assets.  The Company’s defined benefit pension obligations are funded by a portfolio made up of private investment funds and a relatively small number of stocks and high-quality fixed-income securities that are held by a third-party trustee. The assets of the Company’s pension plans were allocated as follows: