Company: GHC
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000104889-25-000062
Chunk: 69

Company: Graham Holdings Co
Filing Date: 2025-07-30
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 prior service credit(521)(482)(1,040)(976)Recognized actuarial gain— (11,263)— (23,781)Net Periodic Benefit(23,747)(27,667)(47,624)(57,141)Special separation benefit expense6,015 16,410 6,639 16,828 Total Benefit$(17,732)$(11,257)$(40,985)$(40,313)In the second quarter of 2025, the Company recorded $6.0 million in expenses related to Separation Incentive Programs (SIPs) for certain Kaplan, Graham Media Group (GMG), WGB, Saatchi Art, Society6, Code3 and Decile employees. In the first quarter of 2025, the Company recorded $0.6 million in expenses related to a SIP for certain WGB employees. These SIPs were funded from the assets of the Company’s pension plans. In the second quarter of 2024, the Company recorded $14.8 million in expenses related to a Voluntary Retirement Incentive Program (VRIP) for certain GMG and Corporate employees. Also in the second quarter of 2024, the Company recorded $1.6 million in expenses related to SIPs for certain Framebridge and Code3 employees. In the first quarter of 2024, the Company recorded $0.4 million in expenses related to a SIP for certain Framebridge employees. These VRIPs and SIPs were 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  June 30Six Months Ended  June 30(in thousands)2025202420252024Service cost$238 $288 $477 $575 Interest cost1,197 1,129 2,394 2,257 Net Periodic Cost$1,435 $1,417 $2,871 $2,832 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:  As of  June 30,2025December 31,2024  U.S. equ