Washington Post 2015 Annual Report Download - page 132

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In January 2015, Celtic contributed assets to a joint venture entered into with AHN in exchange for a 40% equity
interest, resulting in the Company recording a $6.0 million gain (see Note 7). The Company used an income and
market approach to value the equity interest. The measurement of the equity interest in the joint venture is
classified as a Level 3 fair value assessment due to the significance of unobservable inputs developed in the
determination of the fair value.
On October 1, 2014, the Company and the remaining partners completed the sale of their entire stakes in
Classified Ventures. Total proceeds to the Company, net of transaction costs, were $408.5 million, of which
$16.5 million was held in escrow until October 1, 2015. The Company recorded a pre-tax gain of $396.6 million
on the sale of its interest in Classified Ventures in the fourth quarter of 2014.
On June 30, 2014, the Company completed a transaction with Berkshire Hathaway, as described in Note 7, that
included the exchange of 2,107 Class A Berkshire shares and 1,278 Class B Berkshire shares owned by the
Company; a $266.7 million gain was recorded.
On March 27, 2014, the Company completed the sale of its headquarters building for $158 million. In connection
with the sale, the Company recorded a $127.7 million pre-tax gain.
16. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The other comprehensive (loss) income consists of the following components:
Year Ended December 31, 2015
(in thousands)
Before-Tax
Amount
Income
Tax
After-Tax
Amount
Foreign currency translation adjustments:
Translation adjustments arising during the year .................... $ (18,898) $ – $ (18,898)
Adjustment for sales of businesses with foreign operations ........... 5,501 – 5,501
(13,397) – (13,397)
Unrealized gains on available-for-sale securities:
Unrealized gains for the year ................................... 10,620 (4,248) 6,372
Reclassification adjustment for realization of gain on sale of available-
for-sale securities included in net income ....................... (4) 2 (2)
10,616 (4,246) 6,370
Pension and other postretirement plans:
Actuarial loss ............................................... (211,054) 84,421 (126,633)
Amortization of net actuarial gain included in net income ............ (9,906) 3,962 (5,944)
Amortization of net prior service cost included in net income ......... 275 (110) 165
Curtailments and settlements included in net income ................ 51 (21) 30
Curtailments and settlements included in distribution to Cable ONE .... 834 (333) 501
(219,800) 87,919 (131,881)
Cash flow hedge:
Gain for the year ............................................ 179 (71) 108
Other Comprehensive Loss ....................................... $(222,402) $83,602 $(138,800)
117 GRAHAM HOLDINGS COMPANY