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Investments and Variable Interest Entities
 9 Months Ended
Sep. 30, 2024
Investments [Abstract]  
Investments and Variable Interest Entities Investments and Variable Interest Entities
Investment and Other Income (Loss), Net
 Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2024202320242023
Equity in net income (losses) of investees, net$(152)$49 $(438)$454 
Realized and unrealized gains (losses) on equity securities, net
(22)(87)(163)(130)
Other income (loss), net171 88 461 349 
Investment and other income (loss), net$(3)$50 $(140)$672 
The amount of unrealized gains (losses), net recognized in the three months ended September 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(15) million and $(82) million, respectively. The amount of unrealized gains (losses), net recognized in the nine months ended September 30, 2024 and 2023 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(117) million and $(145) million, respectively.
Investments
(in millions)September 30,
2024		December 31,
2023
Equity method$7,516 $7,615 
Marketable equity securities21 39 
Nonmarketable equity securities1,380 1,482 
Other investments206 559 
Total investments9,122 9,694 
Less: Current investments101 310 
Noncurrent investments$9,021 $9,385 
Equity Method 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 nine months ended September 30, 2024 and 2023 was $244 million and $185 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 nine months ended September 30, 2024 and 2023, we made cash capital contributions to Atairos totaling $60 million and $132 million, respectively. As of September 30, 2024 and December 31, 2023, our investment in Atairos, inclusive of certain distributions retained by Atairos on our behalf and classified as advances within other investments, was $5.3 billion and $5.5 billion, respectively. As of September 30, 2024, our remaining unfunded capital commitment was $1.4 billion.
Other Investments
Other investments also includes certain short-term instruments, which totaled $70 million and $254 million as of September 30, 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 nine months ended September 30, 2024 and 2023 were $632 million and $339 million, respectively. Purchases of short-term instruments for the nine months ended September 30, 2024 and 2023 were $443 million and $286 million, respectively.
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 September 30, 2024, Universal Beijing Resort had $3.6 billion of debt outstanding, including $3.2 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 September 30, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.7 billion and $7.3 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.