Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investment Securities (Tables)

9 Months Ended

Sep. 30, 2023

Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investment Securities

Schedule of marketable investment securities, restricted cash and cash equivalents, and other investment securities

	As of
	September 30,		December 31,
	2023		2022
	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Strategic - available-for-sale	$	144	$	144
Strategic - trading/equity		75		655
Other		182,597		835,184
Total current marketable investment securities		182,816		835,983
Restricted marketable investment securities (1)		23,232		41,689
Total marketable investment securities		206,048		877,672
Restricted cash and cash equivalents (1)		84,119		62,925
Other investment securities:
Other investment securities		180,333		168,200
Total other investment securities		180,333		168,200
Total marketable investment securities, restricted cash and cash equivalents, and other investment securities	$	470,500	$	1,108,797

(1) Restricted marketable investment securities and restricted cash and cash equivalents are included in “Restricted cash, cash equivalents and marketable investment securities” on our Condensed Consolidated Balance Sheets.

Schedule of fair value measurements

	As of
	September 30, 2023								December 31, 2022
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(In thousands)
Cash equivalents (including restricted)	$	745,774	$	54,839	$	690,935	$	—	$	1,620,458	$	174,050	$	1,446,408	$	—
Debt securities (including restricted):
U.S. Treasury and agency securities	$	5,076	$	5,076	$	—	$	—	$	22,824	$	22,824	$	—	$	—
Commercial paper		180,086		—		180,086		—		696,324		—		696,324		—
Corporate securities		17,901		—		17,901		—		156,380		—		156,380		—
Other		2,910		—		2,766		144		1,489		—		1,345		144
Equity securities		75		75		—		—		655		655		—		—
Total	$	206,048	$	5,151	$	200,753	$	144	$	877,672	$	23,479	$	854,049	$	144

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:	2023		2022		2023		2022
	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$	20	$	26,569	$	1,432	$	26,531
Derivative instruments - net realized and/or unrealized gains (losses) (1)		(155,133)		34,000		(192,107)		92,000
Gains (losses) related to early redemption of debt (2)		4,480		—		72,566		(1,149)
Equity in earnings (losses) of affiliates		(1,216)		(570)		(3,596)		687
Other		352		(2,058)		979		(3,805)
Total	$	(151,497)	$	57,941	$	(120,726)	$	114,264

(1) The change in the derivative’s carrying value was primarily driven by a decrease in our estimated probability of exercising the option to purchase certain of T-Mobile’s 800 MHz spectrum licenses. This decrease was partially offset by an increase in the estimated underlying asset value based on Level 3 current market data indicative pricing for similar assets.

(2) This change primarily resulted from repurchases of our Convertible Notes and 5 7/8% Senior Notes due 2024 during the three and nine months ended September 30, 2023. See Note 9 for further information.