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Investments and Variable Interest Entities
 3 Months Ended
Mar. 31, 2025
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)20252024
Equity in net income (losses) of investees, net$(194)$158 
Realized and unrealized gains (losses) on equity securities, net
(24)(51)
Other income (loss), net102 191 
Investment and other income (loss), net$(116)$298 
The amount of unrealized gains (losses), net recognized in the three months ended March 31, 2025 and 2024 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period was $(30) million and $(70) million, respectively.
Investments
(in millions)March 31,
2025		December 31,
2024
Equity method$7,150 $7,252 
Marketable equity securities15 11 
Nonmarketable equity securities1,202 1,221 
Other investments184 184 
Total investments8,551 8,668 
Less: Current investments27 21 
Noncurrent investments$8,524 $8,647 
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 three months ended March 31, 2025 and 2024 was $27 million and $32 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 both the three months ended March 31, 2025 and 2024, we made cash capital contributions totaling $13 million. As of March 31, 2025 and December 31, 2024, our investment, inclusive of advances classified within other investments, was $4.9 billion and $5.1 billion, respectively. As of March 31, 2025, our remaining unfunded capital commitment was $1.4 billion.
Other Investments
Other investments also includes certain short-term instruments. We had no short-term instruments as of March 31, 2025 and December 31, 2024. There were no proceeds from or purchases of short-term instruments for the three months ended March 31, 2025. Proceeds from short-term instruments were $255 million and purchases of short-term instruments were $257 million for the three months ended March 31, 2024.
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, 2025, 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, 2024, Universal Beijing Resort had $3.4 billion of debt outstanding, including $3.0 billion principal amount of a term loan outstanding under the debt financing agreement.
As of both March 31, 2025 and December 31, 2024, our condensed consolidated balance sheets included assets and liabilities of Universal Beijing Resort totaling $7.3 billion and $7.0 billion, respectively. The assets and liabilities of Universal Beijing Resort primarily consist of property and equipment, operating lease assets and liabilities, and debt.