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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
NOTE 2—FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Marketable Securities
At September 30, 2025 and December 31, 2024, the Company has no investments in available-for-sale marketable debt securities.
Investment in MGM
 September 30, 2025December 31, 2024
 (In thousands)
Investment in MGM$2,243,320 $2,242,672 
At September 30, 2025, the Company owns 64.7 million common shares of MGM, which represents 23.8% of MGM's common shares outstanding. The Company accounts for its investment in MGM under the equity method of accounting and has elected to account for this investment pursuant to the fair value option. The fair value of the investment in MGM is remeasured each reporting period based upon MGM’s closing stock price on the New York Stock Exchange on the last trading day in the reporting period; any unrealized pre-tax gains or losses are included in the statement of operations. For the three and nine months ended September 30, 2025, the Company recorded unrealized pre-tax gains from its investment in MGM of $17.5 million and $0.6 million, respectively. For the three and nine months ended September 30, 2024, the Company recorded unrealized pre-tax losses from its investment in MGM of $346.3 million and $361.8 million, respectively. The cumulative unrealized net pre-tax gain through September 30, 2025 is $979.5 million. A $2.00 increase or decrease in the share price of MGM would result in an unrealized gain or loss, respectively, of $129.4 million.
The following table presents MGM’s summarized financial information for the nine months ended September 30, 2025 and 2024. As noted above, the Company has elected to account for its investment in MGM pursuant to the fair value option. By electing the fair value option, the Company’s investment in MGM is remeasured each reporting period with any changes recognized through income based on MGM’s closing stock price. As a result, the value of our investment and the financial impacts in any given period are not necessarily correlated with the income statement information presented below.
Nine Months Ended September 30,
20252024
(In thousands)
Revenues$12,932,416 $12,893,983 
Expenses$12,294,252 $11,643,773 
Net income$138,096 $826,692 
Net (loss) income attributable to MGM$(87,750)$589,126 
Long-term Investments
Long-term investments consist of:
September 30, 2025December 31, 2024
(In thousands)
Equity securities without readily determinable fair values$409,574 $438,534 
Total long-term investments$409,574 $438,534 
Equity Securities without Readily Determinable Fair Values
The following table presents a summary of unrealized pre-tax gains and losses recorded in “Other (expense) income, net” in the statement of operations as adjustments to the carrying value of equity securities without readily determinable fair values held at September 30, 2025 and 2024.
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Upward adjustments (gross unrealized pre-tax gains)$— $1,901 $— $1,901 
Downward adjustments including impairments (gross unrealized pre-tax losses)— (17,061)(28,945)(24,928)
Total$— $(15,160)$(28,945)$(23,027)
The cumulative upward and downward adjustments (including impairments) to the carrying value of equity securities without readily determinable fair values held at September 30, 2025 were $31.4 million and $170.9 million, respectively.
Realized and unrealized pre-tax gains and losses for the Company’s investments without readily determinable fair values for the three and nine months ended September 30, 2025 and 2024 are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(In thousands)
Realized pre-tax gains, net, for equity securities sold$— $3,361 $9,777 $7,777 
Unrealized pre-tax losses, net, on equity securities held— (15,160)(28,945)(23,027)
Total pre-tax losses, net recognized$— $(11,799)$(19,168)$(15,250)
All pre-tax gains and losses on equity securities without readily determinable fair values, realized and unrealized, are recognized in “Other (expense) income, net” in the statement of operations.
Fair Value Measurements
The Company categorizes its financial instruments measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are:
•Level 1: Observable inputs obtained from independent sources, such as quoted market prices for identical assets and liabilities in active markets.
•Level 2: Other inputs, which are observable directly or indirectly, such as quoted market prices for similar assets or liabilities in active markets, quoted market prices for identical or similar assets or liabilities in markets that are not active and inputs that are derived principally from or corroborated by observable market data. The fair values of the Company’s Level 2 financial assets are primarily obtained from observable market prices for identical underlying securities that may not be actively traded. Certain of these securities may have different market prices from multiple market data sources, in which case an average market price is used.
•Level 3: Unobservable inputs for which there is little or no market data and require the Company to develop its own assumptions, based on the best information available in the circumstances, about the assumptions market participants would use in pricing the assets or liabilities.
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
 September 30, 2025
 Level 1Level 2Level 3Total Fair Value
Measurements
 (In thousands)
Assets:
Cash equivalents:
Money market funds$823,912 $— $— $823,912 
Time deposits— 20,044 — 20,044 
Other current assets:
Retirement investment fund— 1,980 — 1,980 
Investment in MGM 2,243,320 — — 2,243,320 
Total$3,067,232 $22,024 $— $3,089,256 
Liabilities:
Other long-term liabilities:
Interest rate swaps(a)
$— $(1,917)$— $(1,917)
_____________________
(a)    Interest rate swaps relate to the $350 million notional amount which hedge the Term Loan B-2 and, prior to the effectiveness of the amendments to the Credit Agreement, the Term Loan B-1. See “Note 3—Long-term Debt” for additional information. The fair value of interest rate swaps was determined using discounted cash flows derived from observable market prices, including swap curves, which are Level 2 inputs.
 December 31, 2024
 Level 1Level 2Level 3Total Fair Value
Measurements
 (In thousands)
Assets: 
Cash equivalents: 
Money market funds$1,130,095 $— $— $1,130,095 
Time deposits— 18,098 — 18,098 
Other current assets:
Retirement investment fund— 13,763 — 13,763 
Investment in MGM2,242,672 — — 2,242,672 
Other non-current assets:
Interest rate swaps(a)
— 1,715 — 1,715 
Total$3,372,767 $33,576 $— $3,406,343 
Warrant
The Company owns preferred shares of Turo, a peer-to-peer car sharing marketplace, which are accounted for as an equity security without a readily determinable fair value, as the preferred shares are not common stock equivalents. As part of the Company’s original investment in Turo preferred shares, the Company received a warrant that was recorded at fair value each reporting period with any change in fair value included in “Other (expense) income, net” in the statement of operations. The warrant was measured using significant unobservable inputs and classified in the fair value hierarchy table as Level 3. The Company net settled its Turo warrant on July 23, 2024 (the warrant expiration date) for 4.5 million shares of Series E-2 preferred stock and the fair value of the warrant of $70.0 million was reclassified to equity securities without readily determinable fair values. The Company had measured this warrant at fair value at June 30, 2024 using the settlement value of the shares received pursuant to its net exercise on July 23, 2024.
The following tables present the change in the warrant for the three and nine months ended September 30, 2024, which was measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
 Three Months Ended September 30, 2024
 (In thousands)
Balance at April 1$70,024 
Settlements(70,024)
Balance at September 30$— 
 Nine Months Ended September 30, 2024
 (In thousands)
Balance at January 1$49,631 
Total net gains:
Fair value adjustments included in earnings20,393 
Settlements(70,024)
Balance at September 30$— 
Assets measured at fair value on a nonrecurring basis
The Company’s non-financial assets, such as goodwill, intangible assets, ROU assets, buildings, equipment, leasehold improvements and capitalized software, are adjusted to fair value only when an impairment is recognized. The Company's financial assets, comprising equity securities without readily determinable fair values, are adjusted to fair value when observable price changes for similar or identical securities are identified or an impairment is recognized. Such fair value measurements are based predominantly on Level 3 inputs.
The aggregate carrying value of goodwill for which the most recent estimate of the excess of fair value over carrying value is less than 20% is $490.9 million.
Financial instruments measured at fair value only for disclosure purposes
The total fair value of the outstanding long-term debt, including the current portion, is estimated using observable market prices or indices for similar liabilities, which are Level 2 inputs, and was approximately $1.44 billion and $1.49 billion at September 30, 2025 and December 31, 2024, respectively.