OTHER ASSETS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER ASSETS | 2. OTHER ASSETS: Other assets as of June 30, 2026 and December 31, 2025 consisted of the following (in millions):
Equity Method Investments We have a portfolio of investments in a number of entities that are primarily focused on the development of real estate and other media and non-media businesses. No investments were individually significant for the periods presented. Other Investments We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value, less impairment. Additionally, certain investments are measured at net asset value (“NAV”). As of June 30, 2026 and December 31, 2025, we held $181 million and $223 million, respectively, in investments measured at fair value. As of June 30, 2026 and December 31, 2025, we held $128 million and $150 million, respectively, in investments measured at NAV. We recognized a fair value adjustment gain of $44 million and loss of $42 million for the three and six months ended June 30, 2026, respectively, and fair value adjustment losses of $30 million and $103 million for the three and six months ended June 30, 2025, respectively, associated with these investments, which are reflected in other income (expense), net in our consolidated statements of operations. As of June 30, 2026 and December 31, 2025, our unfunded commitments related to our investments valued using the NAV practical expedient totaled $36 million and $42 million, respectively. Investments accounted for utilizing the measurement alternative were $31 million, net of $1 million of cumulative impairments, and $29 million as of June 30, 2026 and December 31, 2025, respectively. We recorded a $1 million loss related to one investment for the three and six months ended June 30, 2026. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for the three and six months ended June 30, 2025.
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