Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:

	As of March 31, 2014
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments (1)	$	—	$	460,928	$	460,928
Marketable equity securities (2)	510,697		—		510,697
Commercial paper (3)	99,893		—		99,893
Other current investments (4)	11,692		23,312		35,004
Total Financial Assets	$	622,282	$	484,240	$	1,106,522
Liabilities
Deferred compensation plan liabilities (5)	$	—	$	64,614	$	64,614
7.25% unsecured notes (6)	—		469,012		469,012
AUD revolving credit borrowing (6)	—		46,231		46,231
Interest rate swap (7)	—		875		875
Total Financial Liabilities	$	—	$	580,732	$	580,732

	As of December 31, 2013
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments (1)	$	—	$	431,836	$	431,836
Marketable equity securities (2)	487,156		—		487,156
Other current investments (4)	11,826		23,336		35,162
Total Financial Assets	$	498,982	$	455,172	$	954,154
Liabilities
Deferred compensation plan liabilities (5)	$	—	$	67,603	$	67,603
7.25% unsecured notes (6)	—		475,224		475,224
AUD revolving credit borrowing (6)	—		44,625		44,625
Interest rate swap (7)	—		1,047		1,047
Total Financial Liabilities	$	—	$	588,499	$	588,499

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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) The Company's commercial paper investments have original maturities greater than 90 days, but less than 180 days.

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

(5) Includes Graham Holdings Company's Deferred Compensation Plan and supplemental savings plan benefits under the Graham Holdings Company's Supplemental Executive Retirement Plan, which are included in accrued compensation and related benefits.

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

(7) Included in Other liabilities. 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.