Investments (Notes)

12 Months Ended

Dec. 31, 2024

Investments are accounted for under the equity method of accounting or as equity securities, all of which are recorded in other noncurrent assets in the consolidated balance sheets as of December 31, 2024 and 2023. The Company applies the equity method to investments when it has the ability to exercise significant influence over the operating and financial policies of the investee. The Company’s share of the investee’s earnings (losses) is included in other expense, net in the consolidated statements of operations. The Company monitors its investments for indicators that a decrease in investment value has occurred that is other-than-temporary. If it has been determined that an investment has sustained an other-than-temporary decline in value, the investment is written down to fair value with a charge to earnings. Investments acquired are measured at fair value utilizing the acquisition method of accounting. The difference between the fair value and the amount of underlying equity in net assets for most equity method investments is due to unrecognized intangible assets at the investee. These amounts are amortized as a component of equity earnings (losses), recorded within other income (expense), net over the estimated useful life of the asset.

Investments consisted of the following as of December 31, 2024 and 2023:


	December 31,
	2024		2023
Equity method investments	$	376	$	684
Other investments	142		149
Total investments	$	518	$	833

Equity method investments primarily includes the Company's 50/50 joint venture with Comcast Corporation ("Comcast") in Xumo Services, LLC ("Xumo"), a next generation streaming platform.

The Company's equity method investments balances reflected in the table above includes differences between the acquisition date fair value of certain investments acquired and the underlying equity in the net assets of the investee, referred to as a basis difference. This basis difference is amortized as a component of equity earnings. The remaining unamortized basis difference was $240 million and $340 million as of December 31, 2024 and 2023, respectively.

For the years ended December 31, 2024, 2023 and 2022, net losses from investments were $331 million, $343 million and $100 million, respectively, which were recorded in other income (expense), net in the consolidated statements of operations. Losses on equity investments, net for years ended December 31, 2024 and 2023 are primarily related to our joint venture in Xumo.