XML 68 R58.htm IDEA: XBRL DOCUMENT v3.20.2
Fair Value Measurements (Details 1) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Dec. 31, 2019
Assets      
Money Market Investments $ 178,100 $ 178,100 $ 45,200
Marketable equity securities 491,172 491,172 585,080
Liabilities      
Non-cash accretion on contingent consideration 800 800  
Contingent Consideration settlement 5,700 5,700  
Fair Value, Recurring [Member]      
Assets      
Money Market Investments [1] 178,054 178,054 45,150
Marketable equity securities [2] 491,172 491,172 585,080
Other current investments [3] 15,074 15,074 14,887
Interest Rate Swap [4]     131
Total Financial Assets 684,300 684,300 645,248
Liabilities      
Deferred compensation plan liabilities [5] 28,484 28,484 34,674
Contingent consideration liabilities [6] 45,687 45,687  
Interest rate swap [7] 2,624 2,624 1,119
Foreign exchange swap [8]     273
Mandatorily redeemable noncontrolling interest [9] 768 768 829
Total Financial Liabilities 77,563 77,563 36,895
Fair Value, Recurring [Member] | Level 1      
Assets      
Money Market Investments [1] 0 0 0
Marketable equity securities [2] 491,172 491,172 585,080
Other current investments [3] 12,008 12,008 8,843
Interest Rate Swap [4]     0
Total Financial Assets 503,180 503,180 593,923
Liabilities      
Deferred compensation plan liabilities [5] 0 0 0
Contingent consideration liabilities [6] 0 0  
Interest rate swap [7] 0 0 0
Foreign exchange swap [8]     0
Mandatorily redeemable noncontrolling interest [9] 0 0 0
Total Financial Liabilities 0 0 0
Fair Value, Recurring [Member] | Level 2      
Assets      
Money Market Investments [1] 178,054 178,054 45,150
Marketable equity securities [2] 0 0 0
Other current investments [3] 3,066 3,066 6,044
Interest Rate Swap [4]     131
Total Financial Assets 181,120 181,120 51,325
Liabilities      
Deferred compensation plan liabilities [5] 28,484 28,484 34,674
Contingent consideration liabilities [6] 0 0  
Interest rate swap [7] 2,624 2,624 1,119
Foreign exchange swap [8]     273
Mandatorily redeemable noncontrolling interest [9] 0 0 0
Total Financial Liabilities 31,108 31,108 36,066
Fair Value, Recurring [Member] | Level 3      
Assets      
Money Market Investments [1] 0 0 0
Marketable equity securities [2] 0 0 0
Other current investments [3] 0 0 0
Interest Rate Swap [4]     0
Total Financial Assets 0 0 0
Liabilities      
Deferred compensation plan liabilities [5] 0 0 0
Contingent consideration liabilities [6] 45,687 45,687  
Interest rate swap [7] 0 0 0
Foreign exchange swap [8]     0
Mandatorily redeemable noncontrolling interest [9] 768 768 829
Total Financial Liabilities $ 46,455 $ 46,455 $ 829
[1] The Company’s money market investments are included in cash and cash equivalents and the value considers the liquidity of the counterparty.
[2] The Company’s investments in marketable equity securities are held in common shares of U.S. and Canadian corporations that are actively traded on U.S. and Canadian stock exchanges. Price quotes for these shares are readily available.
[3] 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 fair value hierarchy.
[4] Included in Other current 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 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] Included in Accounts payable and accrued liabilities and Other Liabilities. The Company determined the fair value of the contingent consideration using a Monte Carlo simulation as of the acquisition date, which included using estimated financial projections for the acquired business. The Company has subsequently recorded a $0.8 million non-cash accretion of the contingent consideration and settled $5.7 million of the liability in the three and nine months ended September 30, 2020.
[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.
[8] Included in Accounts payable and accrued liabilities, and valued based on a valuation model that calculates the differential between the contract price and the market-based forward rate.
[9] The fair value of the mandatorily redeemable noncontrolling interest is based on the fair value of the underlying subsidiaries owned by GHC One (see Note 2), after taking into account any debt and other noncontrolling interests of its subsidiary investments. The fair value of the owned subsidiaries is determined by reference to either a discounted cash flow or EBITDA multiple, which approximates fair value.