v3.25.3

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments |
Schedule of marketable investment securities, restricted cash and cash equivalents, and other investments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
​ | ​ | (In thousands)
Marketable investment securities: | ​ | ​ | ​ | ​ | ​ | ​
Current marketable investment securities: | ​ | ​ | ​ | ​ | ​ | ​
Strategic - available-for-sale | ​ | $ | 51 | ​ | $ | 51
Strategic - trading/equity | ​ | ​ | 52,472 | ​ | ​ | 26,454
Other | ​ | ​ | 1,430,305 | ​ | ​ | 1,215,531
Total current marketable investment securities | ​ | ​ | 1,482,828 | ​ | ​ | 1,242,036
Restricted marketable investment securities (1) | ​ | ​ | 65,840 | ​ | ​ | 32,114
Total marketable investment securities | ​ | ​ | 1,548,668 | ​ | ​ | 1,274,150
​ | ​ | ​ | ​ | ​ | ​ | ​
Restricted cash and cash equivalents (1) | ​ | ​ | 278,087 | ​ | ​ | 288,411
​ | ​ | ​ | ​ | ​ | ​ | ​
Other investments, net: | ​ | ​ | ​ | ​ | ​ | ​
Equity method investments | ​ | ​ | 83,357 | ​ | ​ | 83,423
Other investments | ​ | ​ | 109,915 | ​ | ​ | 118,904
Total other investments, net | ​ | ​ | 193,272 | ​ | ​ | 202,327
​ | ​ | ​ | ​ | ​ | ​ | ​
Total marketable investment securities, restricted cash and cash equivalents, and other investments, net | ​ | $ | 2,020,027 | ​ | $ | 1,764,888
(1) | Restricted marketable investment securities and restricted cash and cash equivalents are included in “Current restricted cash, cash equivalents and marketable investment securities” and “Restricted cash, cash equivalents and marketable investment securities” on our Condensed Consolidated Balance Sheets and discussed below.
Schedule of fair value measurements | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ | ​ | September 30, 2025 | ​ | December 31, 2024
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
​ | ​ | (In thousands)
Cash and cash equivalents (including restricted): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash | ​ | $ | 530,208 | ​ | $ | — | ​ | $ | — | ​ | $ | 530,208 | ​ | $ | 594,654 | ​ | $ | — | ​ | $ | — | ​ | $ | 594,654
Cash equivalents | ​ | ​ | 243,819 | ​ | ​ | 1,935,802 | ​ | ​ | — | ​ | ​ | 2,179,621 | ​ | ​ | 255,118 | ​ | ​ | 3,744,032 | ​ | ​ | — | ​ | ​ | 3,999,150
Total | ​ | $ | 774,027 | ​ | $ | 1,935,802 | ​ | $ | — | ​ | $ | 2,709,829 | ​ | $ | 849,772 | ​ | $ | 3,744,032 | ​ | $ | — | ​ | $ | 4,593,804
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt securities (including restricted): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury and agency securities | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 8,163 | ​ | $ | — | ​ | $ | — | ​ | $ | 8,163
Commercial paper | ​ | ​ | — | ​ | ​ | 503,343 | ​ | ​ | — | ​ | ​ | 503,343 | ​ | ​ | — | ​ | ​ | 596,568 | ​ | ​ | — | ​ | ​ | 596,568
Corporate securities | ​ | ​ | — | ​ | ​ | 976,181 | ​ | ​ | — | ​ | ​ | 976,181 | ​ | ​ | — | ​ | ​ | 629,115 | ​ | ​ | — | ​ | ​ | 629,115
Other | ​ | ​ | — | ​ | ​ | 16,621 | ​ | ​ | 51 | ​ | ​ | 16,672 | ​ | ​ | — | ​ | ​ | 13,799 | ​ | ​ | 51 | ​ | ​ | 13,850
Equity securities | ​ | ​ | 52,472 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 52,472 | ​ | ​ | 26,454 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 26,454
Total | ​ | $ | 52,472 | ​ | $ | 1,496,145 | ​ | $ | 51 | ​ | $ | 1,548,668 | ​ | $ | 34,617 | ​ | $ | 1,239,482 | ​ | $ | 51 | ​ | $ | 1,274,150
Schedule of gains and losses on sales and changes in carrying amounts of investments and other | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended | ​ | For the Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
Other, net: |  | 2025 |  | 2024 |  | 2025 |  | 2024
| ​ | (In thousands)
Realized and unrealized gains (losses) and impairments on investments and other | ​ | $ | 1,494 | ​ | $ | 7,383 | ​ | $ | 17,419 | ​ | $ | (41,929)
Gains (losses) related to early redemption of debt | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11,465 | ​ | ​ | —
Foreign currency transaction gains (losses) | ​ | ​ | 4,085 | ​ | ​ | 847 | ​ | ​ | 9,763 | ​ | ​ | (2,482)
Equity in earnings (losses) of affiliates | ​ | ​ | 726 | ​ | ​ | (5,276) | ​ | ​ | 4,909 | ​ | ​ | (74,459)
Asset sales and other gains (losses) (1) | ​ | ​ | 22,033 | ​ | ​ | 50,418 | ​ | ​ | 59,474 | ​ | ​ | 50,418
Other | ​ | ​ | 615 | ​ | ​ | (1,265) | ​ | ​ | 2,450 | ​ | ​ | 2,951
Total | ​ | $ | 28,953 | ​ | $ | 52,107 | ​ | $ | 105,480 | ​ | $ | (65,501)
(1) | Asset sales and other assets gains (losses) includes, among other things, gains and (losses) related to the Omega Transaction and sale of the Fiber business during 2025 and the Liberty Puerto Rico asset sale during 2024.

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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