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SEC Filings

8-K
GRAHAM HOLDINGS CO filed this Form 8-K on 02/23/2018
Entire Document
 


  
Twelve Months Ended December 31
 
2017
 
2016
(in thousands, except per share amounts)
Income before income taxes
 
Income Taxes
 
Net Income
 
Income before income taxes
 
Income Taxes
 
Net Income
Amounts attributable to Graham Holdings Company Common Stockholders
 
 
 
 
  
 
 
 
 
 
  
As reported
$
182,789

 
(119,700
)
 
$
302,489

 
$
250,658

 
$
81,200

 
$
169,458

Attributable to noncontrolling interests
 
 
 
 
(445
)
 
 
 
 
 
(868
)
Attributable to Graham Holdings Company Stockholders
 
 
 
 
$
302,044

 
 
 
 
 
$
168,590

Adjustments:
 
 
 
 
  
 
 
 
 
 
  

Restructuring charges
9,958

 
3,684

 
6,274

 
11,852

 
4,148

 
7,704

Impairment of goodwill and other long-lived assets
9,224

 
3,413

 
5,811

 

 

 

Settlement gain related to a bulk lump sum pension offering

 

 

 
(17,993
)
 
(7,197
)
 
(10,796
)
Net gain from the sales of land and marketable securities

 

 

 
(32,193
)
 
(12,233
)
 
(19,960
)
Gains from the sale of a business and the formation of a joint venture

 

 

 
(22,163
)
 
(8,582
)
 
(13,581
)
Write-downs of cost method and equity method investment

 

 

 
37,592

 
13,533

 
24,059

Foreign currency (gain) loss
(3,310
)
 
(1,225
)
 
(2,085
)
 
39,890

 
14,360

 
25,530

Net deferred tax benefits related to the enactment of the Tax Cuts and Jobs Act

 
177,532

 
(177,532
)
 

 

 

Tax benefit related to stock compensation

 
5,933

 
(5,933
)
 

 

 

Nonrecurring deferred tax benefit

 

 

 

 
8,286

 
(8,286
)
Favorable out of period deferred tax adjustment

 

 

 

 
5,631

 
(5,631
)
Net Income, adjusted (non-GAAP)
 
 
 
 
$
128,579

 
 
 
 
 
$
167,629

 
 
 
 
 
 
 
 
 
 
 
 
Per share information attributable to Graham Holdings Company Common Stockholders
 
 
 
 
  
 
 
 
 
 
  
Diluted income per common share, as reported
 
 
 
 
$
53.89

 
 
 
 
 
$
29.80

Adjustments:
 
 
 
 
  

 
 
 
 
 
  

Restructuring charges
 
 
 
 
1.12

 
 
 
 
 
1.36

Impairment of goodwill and other long-lived assets
 
 
 
 
1.03

 
 
 
 
 

Settlement gain related to a bulk lump sum pension offering
 
 
 
 

 
 
 
 
 
(1.92
)
Net gain from the sales of land and marketable securities
 
 
 
 

 
 
 
 
 
(3.52
)
Gains from the sale of a business and the formation of a joint venture
 
 
 
 

 
 
 
 
 
(2.37
)
Write-downs of cost method and equity method investment
 
 
 
 

 
 
 
 
 
4.27

Foreign currency (gain) loss
 
 
 
 
(0.37
)
 
 
 
 
 
4.51

Net deferred tax benefits related to the enactment of the Tax Cuts and Jobs Act
 
 
 
 
(31.68
)
 
 
 
 
 

Tax benefit related to stock compensation
 
 
 
 
(1.06
)
 
 
 
 
 

Nonrecurring deferred tax benefit
 
 
 
 

 
 
 
 
 
(1.47
)
Favorable out of period deferred tax adjustment
 
 
 
 

 
 
 
 
 
(1.00
)
Diluted income per common share, adjusted (non-GAAP)
 
 
 
 
$
22.93

 
 
 
 
 
$
29.66

 
 
 
 
 
 
 
 
 
 
 
 
The adjusted diluted per share amounts may not compute due to rounding.


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