Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments (Tables)
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9 Months Ended |
Sep. 30, 2025 |
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| Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments |
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| 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. |
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| 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 |
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| 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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