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Investor Relations

SEC Filings

10-Q
GRAHAM HOLDINGS CO filed this Form 10-Q on 11/01/2017
Entire Document
 


of industry, foreign country and individual fund. At September 30, 2017 and December 31, 2016, the pension plan held investments in one common stock and one U.S. stock index fund that exceeded 10% of total plan assets. These investments were valued at $1,057.5 million and $978.8 million at September 30, 2017 and December 31, 2016, respectively, or approximately 47% and 48%, respectively, of total plan assets.
Other Postretirement Plans. The total cost arising from the Company’s other postretirement plans consists of the following components:
  
Three Months Ended September 30
 
Nine Months Ended September 30
(in thousands)
2017
 
2016
 
2017
 
2016
Service cost
$
257

 
$
346

 
$
771

 
$
1,039

Interest cost
195

 
308

 
584

 
923

Amortization of prior service credit
(38
)
 
(83
)
 
(112
)
 
(251
)
Recognized actuarial gain
(972
)
 
(376
)
 
(2,917
)
 
(1,127
)
Net Periodic (Benefit) Cost
$
(558
)
 
$
195

 
$
(1,674
)
 
$
584

9. OTHER NON-OPERATING INCOME (EXPENSE)
A summary of non-operating income (expense) is as follows:
 
Three Months Ended 
 September 30
 
Nine Months Ended 
 September 30
(in thousands)
2017
 
2016
 
2017
 
2016
Foreign currency gain (loss), net
$
1,414

 
$
(3,797
)
 
$
6,608

 
$
(33,324
)
(Loss) gain on sales of businesses

 

 
(342
)
 
18,931

Loss on write-downs of cost method investments
(200
)
 
(15,000
)
 
(200
)
 
(15,161
)
Gain on sale of land

 

 

 
34,072

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

 

 

 
6,256

Gain on the formation of a joint venture

 

 

 
3,232

Other, net
749

 
572

 
815

 
1,865

Total Other Non-Operating Income (Expense)
$
1,963

 
$
(18,225
)
 
$
6,881

 
$
15,871

In the third quarter of 2016, the Company recorded an impairment of $15.0 million to the preferred equity interest in a vocational school company.
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.

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