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SEC Filings

10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 08/02/2017
Entire Document
 


9. OTHER NON-OPERATING INCOME
A summary of non-operating income is as follows:
 
Three Months Ended 
 June 30
 
Six Months Ended 
 June 30
(in thousands)
2017
 
2016
 
2017
 
2016
Foreign currency gain (loss), net
$
3,466

 
$
(24,084
)
 
$
5,194

 
$
(29,527
)
(Loss) gain on sales of businesses

 

 
(342
)
 
18,931

Gain on sale of land

 
34,072

 

 
34,072

Gain on sales of marketable equity securities (see Note 2)

 
4,502

 

 
6,256

Gain on the formation of a joint venture

 
3,232

 

 
3,232

Other, net
603

 
1,278

 
66

 
1,132

Total Other Non-Operating Income
$
4,069

 
$
19,000

 
$
4,918

 
$
34,096

In the second quarter of 2016, the Company sold the remaining portion of the Robinson Terminal real estate retained from the sale of the Publishing Subsidiaries, for a gain of $34.1 million.
In June 2016, Residential contributed assets to a joint venture entered into with a Michigan hospital in exchange for a 40% equity interest and other assets, resulting in a $3.2 million gain (see Note 3). The Company used an income and market approach to value the equity interest. The measurement of the equity interest in the joint venture is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value.
In the first quarter of 2016, Kaplan sold Colloquy, which was a part of Kaplan corporate and other, for a gain of $18.9 million.
10. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The other comprehensive income (loss) consists of the following components:
 
Three Months Ended June 30
  
2017
 
2016
  
Before-Tax
 
Income
 
After-Tax
 
Before-Tax
 
Income
 
After-Tax
(in thousands)
Amount
 
Tax
 
Amount
 
Amount
 
Tax
 
Amount
Foreign currency translation adjustments:
  
 
  
 
  
 
  
 
  
 
  
Translation adjustments arising during the period
$
9,638

 
$

 
$
9,638

 
$
(5,121
)
 
$

 
$
(5,121
)
Unrealized gains (losses) on available-for-sale securities:
 
 
  
 
  
 
  
 
  
 
  
Unrealized gains (losses) for the period, net
13,976

 
(5,591
)
 
8,385

 
(5,307
)
 
2,123

 
(3,184
)
Reclassification of realized gain on sale of available-for-sale securities included in net income

 

 

 
(4,502
)
 
1,801

 
(2,701
)
  
13,976

 
(5,591
)
 
8,385

 
(9,809
)
 
3,924

 
(5,885
)
Pension and other postretirement plans:
  
 
  
 
  
 
  
 
  
 
  
Amortization of net prior service cost included in net income
120

 
(48
)
 
72

 
105

 
(43
)
 
62

Amortization of net actuarial (gain) loss included in net income
(1,568
)
 
627

 
(941
)
 
289

 
(115
)
 
174

 
(1,448
)
 
579

 
(869
)
 
394

 
(158
)
 
236

Cash flow hedge:
  
 
  
 
  
 
  
 
  
 
  
Loss for the period
(19
)
 
4

 
(15
)
 

 

 

Other Comprehensive Income (Loss)
$
22,147

 
$
(5,008
)
 
$
17,139

 
$
(14,536
)
 
$
3,766

 
$
(10,770
)

16