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



	As of June 30, 2016
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market investments ⁽¹⁾	$	—	$	354,846	$	—	$	354,846
Commercial paper ⁽²⁾	99,842		—		—		99,842
Marketable equity securities ⁽³⁾	340,633		—		—		340,633
Other current investments ⁽⁴⁾	12,795		14,156		—		26,951
Total Financial Assets	$	453,270	$	369,002	$	—	$	822,272
Liabilities
Deferred compensation plan liabilities ⁽⁵⁾	$	—	$	46,245	$	—	$	46,245
Mandatorily redeemable noncontrolling interest ⁽⁶⁾	—		—		9,897		9,897
Total Financial Liabilities	$	—	$	46,245	$	9,897	$	56,142



	As of December 31, 2015
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments ⁽¹⁾	$	—	$	433,040	$	433,040
Marketable equity securities ⁽³⁾	350,563		—		350,563
Other current investments ⁽⁴⁾	12,822		16,060		28,882
Total Financial Assets	$	363,385	$	449,100	$	812,485
Liabilities
Deferred compensation plan liabilities ⁽⁵⁾	$	—	$	48,055	$	48,055

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


(2)	The Company's commercial paper investments with original maturities of 90 days or less are included in cash and cash equivalents.


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


(4)	Includes U.S. Government Securities, corporate bonds, mutual funds and time deposits. These investments are valued using a market approach based on the quoted market prices of the security or inputs that include quoted market prices for similar instruments and are classified as either Level 1 or Level 2 in the valuation hierarchy.

(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. These plans measure the market value of a participant's balance in a notional investment account that is comprised primarily of mutual funds, which are based on observable market prices. However, since the deferred compensation obligations are not exchanged in an active market, they are classified as Level 2 in the fair value hierarchy. Realized and unrealized gains (losses) on deferred compensation are included in operating income.


(6)	The fair value of the mandatorily redeemable noncontrolling interest is based on an EBITDA multiple, adjusted for working capital and other items, computed annually.