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10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 02/23/2018
Entire Document
 


The Company made no contributions to its pension plans in 2017 and 2016, and the Company does not expect to make any contributions in 2018. The Company made contributions to its SERP of $5.6 million and $5.0 million for the years ended December 31, 2017 and 2016, respectively. As the plan is unfunded, the Company makes contributions to the SERP based on actual benefit payments.
At December 31, 2017, future estimated benefit payments, excluding charges for early retirement programs, are as follows:
(in thousands)
Pension Plans
 
SERP
2018
$
73,418

 
$
5,943

2019
$
74,433

 
$
6,320

2020
$
74,572

 
$
6,454

2021
$
75,661

 
$
6,591

2022
$
73,921

 
$
6,719

2023–2027
$
371,073

 
$
34,165

The total (benefit) cost arising from the Company’s defined benefit pension plans, including the portion included in discontinued operations, consists of the following components:
 
Pension Plans
 
Year Ended December 31
(in thousands)
2017
 
2016
 
2015
Service cost
$
18,687

 
$
20,461

 
$
26,294

Interest cost
47,925

 
51,608

 
52,613

Expected return on assets
(121,411
)
 
(121,470
)
 
(130,571
)
Amortization of prior service cost
170

 
297

 
320

Recognized actuarial gain
(4,410
)
 

 
(11,925
)
Net Periodic Benefit for the Year
(59,039
)
 
(49,104
)
 
(63,269
)
Curtailment

 

 
(3,267
)
Settlement

 
(17,993
)
 

Early retirement programs and special separation benefit expense
1,825

 

 
4,606

Total Benefit for the Year
$
(57,214
)
 
$
(67,097
)
 
$
(61,930
)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
 
 
 
 
 
Current year actuarial (gain) loss
$
(180,885
)
 
$
147,779

 
$
222,894

Current year prior service cost
75

 

 

Amortization of prior service cost
(170
)
 
(297
)
 
(320
)
Recognized net actuarial gain
4,410

 

 
11,925

Curtailment and settlement

 
17,993

 
(51
)
Total Recognized in Other Comprehensive Income (Before Tax Effects)
$
(176,570
)
 
$
165,475

 
$
234,448

Total Recognized in Total Benefit and Other Comprehensive Income (Before Tax Effects)
$
(233,784
)
 
$
98,378

 
$
172,518

 
SERP
 
Year Ended December 31
(in thousands)
2017
 
2016
 
2015
Service cost
$
858

 
$
985

 
$
1,946

Interest cost
4,233

 
4,384

 
4,550

Amortization of prior service cost
455

 
457

 
457

Recognized actuarial loss
1,774

 
2,659

 
3,015

Total Cost for the Year
$
7,320

 
$
8,485

 
$
9,968

Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
 
 
 
 
 
Current year actuarial loss (gain)
$
4,041

 
$
1,120

 
$
(6,544
)
Amortization of prior service cost
(455
)
 
(457
)
 
(457
)
Recognized net actuarial loss
(1,774
)
 
(2,659
)
 
(3,015
)
Curtailment and settlement

 

 
(834
)
Total Recognized in Other Comprehensive Income (Before Tax Effects)
$
1,812

 
$
(1,996
)
 
$
(10,850
)
Total Recognized in Total Cost and Other Comprehensive Income (Before Tax Effects)
$
9,132

 
$
6,489

 
$
(882
)
The net periodic benefit for the Company’s pension plans, as reported above, includes pension cost of $1.9 million reported in discontinued operations for 2015. The net periodic cost for the Company’s SERP, as reported above,

105