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



	As of June 30, 2014
(in thousands)	Level 1		Level 2		Total
Assets
Money market investments (1)	$	—	$	136,751	$	136,751
Marketable equity securities (2)	117,536		—		117,536
Commercial paper (3)	124,927		—		124,927
Other current investments (4)	8,215		23,265		31,480
Total Financial Assets	$	250,678	$	160,016	$	410,694
Liabilities
Deferred compensation plan liabilities (5)	$	—	$	65,914	$	65,914
7.25% unsecured notes (6)	—		470,080		470,080
AUD revolving credit borrowing (6)	—		47,070		47,070
Interest rate swap (7)	—		636		636
Total Financial Liabilities	$	—	$	583,700	$	583,700

____________


(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 with original maturities of 90 days or less are included in cash and cash equivalents; commercial paper investments with original maturities greater than 90 days, but less than one year, are included in investments in marketable equity securities and other investments.


(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.



	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 (3)	11,826		23,336		35,162
Total Financial Assets	$	498,982	$	455,172	$	954,154
Liabilities
Deferred compensation plan liabilities (4)	$	—	$	67,603	$	67,603
7.25% unsecured notes (5)	—		475,224		475,224
AUD revolving credit borrowing (5)	—		44,625		44,625
Interest rate swap (6)	—		1,047		1,047
Total Financial Liabilities	$	—	$	588,499	$	588,499

____________


(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)	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.


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


(6)	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.

In the second quarter of 2014, the Company recorded an intangible asset impairment charge of $7.8 million (see Note 5). The remeasurement of the intangible assets is classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the determination of the fair value.