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Investor Relations

SEC Filings

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


At December 31, 2017, future estimated benefit payments are as follows:
(in thousands)
Postretirement
Plans
2018
$
1,920

2019
$
1,885

2020
$
2,054

2021
$
2,086

2022
$
2,153

2023–2027
$
10,178

The total (benefit) cost arising from the Company’s other postretirement plans consists of the following components:
 
Postretirement Plans
 
Year Ended December 31
(in thousands)
2017
 
2016
 
2015
Service cost
$
1,028

 
$
1,386

 
$
1,331

Interest cost
779

 
1,230

 
1,299

Amortization of prior service credit
(148
)
 
(335
)
 
(502
)
Recognized actuarial gain
(3,891
)
 
(1,502
)
 
(996
)
Total (Benefit) Cost for the Year
$
(2,232
)
 
$
779

 
$
1,132

Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
 
 
 
 
 
Current year actuarial gain
$
(2,830
)
 
$
(14,984
)
 
$
(5,296
)
Amortization of prior service credit
148

 
335

 
502

Recognized actuarial gain
3,891

 
1,502

 
996

Total Recognized in Other Comprehensive Income (Before Tax Effects)
$
1,209

 
$
(13,147
)
 
$
(3,798
)
Total Recognized in (Benefit) Cost and Other Comprehensive Income (Before Tax Effects)
$
(1,023
)
 
$
(12,368
)
 
$
(2,666
)
The costs for the Company’s postretirement plans are actuarially determined. The discount rates utilized to determine periodic cost for the years ended December 31, 2017, 2016 and 2015, were 3.31%, 3.45% and 3.25%, respectively. AOCI included the following components of unrecognized net periodic benefit for the postretirement plans:
 
As of December 31
(in thousands)
2017
 
2016
Unrecognized actuarial gain
$
(24,125
)
 
$
(25,186
)
Unrecognized prior service credit
(178
)
 
(326
)
Gross Amount
(24,303
)
 
(25,512
)
Deferred tax liability
6,561

 
10,205

Net Amount
$
(17,742
)
 
$
(15,307
)
During 2018, the Company expects to recognize the following amortization components of net periodic cost for the other postretirement plans:
(in thousands)
2018
Actuarial gain recognition
$
(3,686
)
Prior service credit recognition
$
(175
)
Multiemployer Pension Plans.  In 2017, 2016 and 2015, the Company contributed to one multiemployer defined benefit pension plan under the terms of a collective-bargaining agreement that covered certain union-represented employees. The Company’s total contributions to the multiemployer pension plan amounted to $0.1 million in each year for 2017, 2016 and 2015.
Savings Plans.  The Company recorded expense associated with retirement benefits provided under incentive savings plans (primarily 401(k) plans) of approximately $7.5 million in 2017 and 2016, and $7.6 million in 2015.

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