Company: GHC
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001628280-25-046925
Chunk: 171

Company: Graham Holdings Co
Filing Date: 2025-10-29
Form: 10-Q
Item: Part I, Item 2
Chunk 171
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 2025, respectively, compared to $30.5 million and $154.3 million in net gains on marketable equity securities in the third quarter and first nine months of 2024, respectively.

Other Non-Operating Income (Expense)

The Company recorded a nominal net other non-operating income amount for the third quarter of 2025, compared to other non-operating expense of $0.5 million for the third quarter of 2024. The 2025 amounts included $1.1 million in foreign currency gains and other items; partially offset by $1.5 million in impairments on cost method investments. The 2024 amounts included $4.6 million in foreign currency losses; partially offset by a gain of $3.8 million on the sale of certain businesses and websites, and other items.

The Company recorded total other non-operating expense, net, of $20.5 million for the first nine months of 2025, compared to income of $3.0 million for the first nine months of 2024. The 2025 amounts included $14.2 million in impairments on cost method investments and $7.7 million in foreign currency losses; partially offset by $0.4 million gain on sale of businesses and other items. The 2024 amounts included a gain of $7.2 million on the sale of certain businesses and websites; $0.9 million in gains related to the sale of businesses and contingent consideration, and other items; partially offset by $5.6 million in foreign currency losses and a $0.7 million impairment on cost method investments. 

Provision for Income Taxes

The Company’s effective tax rate for the first nine months of 2025 and 2024 was 30.6% and 32.2%, respectively. The Company’s effective tax rate for the first nine months of 2025 is based on the estimated full year 2025 effective tax rate, which includes the adverse impact of the permanent difference related to the interest expense recorded to adjust the fair value of the mandatorily redeemable noncontrolling interest at GHG. For the first nine months of 2024, the Company’s effective tax rate was based on the estimated full year 2024 effective tax rate, which includes the adverse impact of the permanent differences related to the interest expense recorded to adjust the fair value of the mandatorily redeemable noncontrolling interest at GHG and goodwill and intangible asset impairment charges. 

On July 4