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Investments and Variable Interest Entities | 3 Months Ended
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Mar. 31, 2024
Investments [Abstract] |
Investments and Variable Interest Entities | Investments and Variable Interest Entities Investment and Other Income (Loss), Net
|  |  | Three Months Ended March 31,
(in millions) |  |  |  |  | 2024 |  | 2023
Equity in net income (losses) of investees, net |  |  |  |  | $ | 158 |  |  | $ | 485 |
Realized and unrealized gains (losses) on equity securities, net |  |  |  |  | (51) |  |  | (6) |
Other income (loss), net |  |  |  |  | 191 |  |  | 128 |
Investment and other income (loss), net |  |  |  |  | $ | 298 |  |  | $ | 607 |
The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(70) million and $(24) million, respectively. Investments
(in millions) | March 31, 2024 |  | December 31, 2023 |  |  |  |
Equity method | $ | 7,850 |  |  | $ | 7,615 |  |  |  |  |
Marketable equity securities | 56 |  |  | 39 |  |  |  |  |
Nonmarketable equity securities | 1,410 |  |  | 1,482 |  |  |  |  |
Other investments | 562 |  |  | 559 |  |  |  |  |
Total investments | 9,878 |  |  | 9,694 |  |  |  |  |
Less: Current investments | 330 |  |  | 310 |  |  |  |  |
Noncurrent investments | $ | 9,548 |  |  | $ | 9,385 |  |  |  |  |
Equity Me thod Investments The amount of cash distributions received from equity method investments presented within operating activities in the condensed consolidated statements of cash flows in the three months ended March 31, 2024 and 2023 was $32 million and $20 million, respectively. Atairos Atairos is a variable interest entity (“VIE”) that follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the three months ended March 31, 2024 and 2023, we made cash capital contributions to Atairos totaling $13 million and $14 million, respectively. As of March 31, 2024 and December 31, 2023, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances withi n other investments, was $5.7 billion and $5.5 billion, respectively. As of March 31, 2024, our remaining unfunded capital commitment was $1.4 billion. Other Investments Other investments also includes investments in certain short-term instruments, which totaled $259 million and $254 million as of March 31, 2024 and December 31, 2023, respectively. The carrying amounts of these investments approximate their fair values, which are primarily based on Level 2 inputs that use interest rates for instruments with similar terms and remaining maturities. Proceeds from short-term instruments for the three months ended March 31, 2024 and 2023 were $255 million and $304 million, respectively. Purchases of short-term instruments for the three months ended March 31, 2024 were $257 million. There were no purchases of short-term instruments for the three months ended March 31, 2023. Consolidated Variable Interest Entity Universal Beijing Resort We own a 30% interest in a Universal theme park and resort in Beijing, China (“Universal Beijing Resort”). Universal Beijing Resort is a consolidated VIE with the remaining interest owned by a consortium of Chinese state-owned companies. The construction was funded through a combination of debt financing and equity contributions from the partners in accordance with their equity interests. As of March 31, 2024, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of December 31, 2023, Universal Beijing Resort had $3.5 billion of debt outstanding, including $3.1 billion principal amount of a term loan outstanding under the debt financing agreement. As of March 31, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.5 billion and $7.1 billion, respectively. As of December 31, 2023, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.8 billion and $7.2 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.

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- Definition The entire disclosure for investment. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//320/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 321 -Publisher FASB -URI https://asc.fasb.org//321/tableOfContent Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Topic 325 -Publisher FASB -URI https://asc.fasb.org//325/tableOfContent + Details
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