Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements [Text Block]

17. FAIR VALUE MEASUREMENTS

Fair value measurements are determined based on the assumptions that a market participant would use in pricing an asset or liability based on a three-tiered hierarchy that draws a distinction between market participant assumptions based on (i) observable inputs, such as quoted prices in active markets (Level 1); (ii) inputs other than quoted prices in active markets that are observable either directly or indirectly (Level 2); and (iii) unobservable inputs that require the Company to use present value and other valuation techniques in the determination of fair value (Level 3). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measure. The Company's assessment of the significance of a particular input to the fair value measurements requires judgment and may affect the valuation of the assets and liabilities being measured and their placement within the fair value hierarchy.

The Company's financial assets and liabilities measured at fair value on a recurring basiswere as follows:

(in thousands)		Level 1		Level 2		Total
At December 31, 2011
Assets:
Money market investments(1)		$	―	$	180,136	$	180,136
Marketable equity securities(2)			303,201		―		303,201
Other current investments(3)			15,223		20,250		35,473
Interest rate swap(4)			―		14		14
	Total financial assets	$	318,424	$	200,400	$	518,824
Liabilities:
Deferred compensation plan liabilities(5)		$	―	$	63,403	$	63,403
7.25% unsecured notes(6)			―		460,500		460,500
AUD 50M borrowing(6)			―		51,012		51,012
	Total financial liabilities	$	―	$	574,915	$	574,915

At January 2, 2011
Assets:
Money market investments(1)		$	―	$	308,927	$	308,927
Marketable equity securities(2)			340,910		―		340,910
Other current investments(3)			11,835		21,005		32,840
	Total financial assets	$	352,745	$	329,932	$	682,677
Liabilities:
Deferred compensation plan liabilities(5)		$	―	$	69,226	$	69,226
7.25% unsecured notes(6)			―		457,200		457,200
	Total financial liabilities	$	―	$	526,426	$	526,426

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(1)       The Company's money market investments are included in cash, cash equivalents and restricted cash.

(2)       The Company's investments in marketable equity securities are classified as available-for-sale.

(3)       Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits (with original maturities greater than 90 days, but less than one year).

(4)       Included in deferred charges and other assets. The Company utilized a market approach model using the notional amount of the interest rate swap multiplied by the observable inputs of time to maturity and market interest rates.

(5)       Includes The Washington Post Company Deferred Compensation Plan and supplemental savings plan benefits under The Washington Post Company Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits.

(6)       See Note 10 for carrying amount of these notes and borrowing.

For assets that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held, without consideration of transaction costs. Assets and liabilities that are measured using significant other observable inputs are primarily valued by reference to quoted prices of similar assets or liabilities in active markets, adjusted for any terms specific to that asset or liability.