FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Fair Value Disclosures [Abstract] |
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Schedule of Fair Value of Marketable Securities |
At December 31, 2023 and 2022, the fair value of marketable securities are as follows: | | | | | | | | | | | | | December 31, | | 2023 | | 2022 | | (In thousands) | Marketable equity securities | $ | — | | | $ | 4,317 | | Available for sale marketable debt securities | 148,998 | | | 235,056 | | Total marketable securities | $ | 148,998 | | | $ | 239,373 | |
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Schedule of Current Available-for-sale Marketable Securities |
At December 31, 2023 and 2022, current available-for-sale marketable debt securities are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | December 31, 2022 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value | | (In thousands) | Treasury discount notes | $ | 148,971 | | | $ | 27 | | | $ | — | | | $ | 148,998 | | | $ | 234,987 | | | $ | 75 | | | $ | (6) | | | $ | 235,056 | | Total available-for-sale marketable debt securities | $ | 148,971 | | | $ | 27 | | | $ | — | | | $ | 148,998 | | | $ | 234,987 | | | $ | 75 | | | $ | (6) | | | $ | 235,056 | |
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Schedule of Investment in MGM Resorts International |
Investment in MGM Resorts International | | | | | | | | | | | | | December 31, | | 2023 | | 2022 | | (In thousands) | Investment in MGM Resorts International | $ | 2,891,850 | | | $ | 2,170,182 | |
The following tables present MGM's summarized financial information as of December 31, 2023 and for the period October 1, 2023 through December 31, 2023, which is the period during which the Company determined that the equity method of accounting applies. As noted above, the Company has elected the fair value measurement alternative for its investment in MGM. As a result, the value of our investment and the financial impacts in any given period are not necessarily correlated with the balance sheet and income statement information presented below. | | | | | | | | | | | December 31, 2023 | | | | | | | | (In thousands) | | | Current assets | $ | 4,910,593 | | | | | | Non-current assets | $ | 37,457,955 | | | | | | Current liabilities | $ | 3,126,068 | | | | | | Non-current liabilities | $ | 34,874,979 | | | | | | Redeemable noncontrolling interests | $ | 33,356 | | | | | | Noncontrolling interests | $ | 522,975 | | | | | |
| | | | | | | October 1, 2023 through December 31, 2023 | | | | (In thousands) | Revenues | $ | 4,375,563 | | Expenses | $ | 3,962,796 | | Net income | $ | 379,612 | | Net income attributable to MGM | $ | 313,460 | |
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Schedule of Long-term Investments |
Long-term investments consist of: | | | | | | | | | | | | | December 31, | | 2023 | | 2022 | | (In thousands) | Equity securities without readily determinable fair values | $ | 404,848 | | | $ | 323,530 | | Other | 6,368 | | | 2,191 | | Total long-term investments | $ | 411,216 | | | $ | 325,721 | |
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Schedule of Realized and Unrealized Gains and Losses |
The following table presents a summary of unrealized pre-tax gains and losses recorded in "Other income (expense), net" in the statement of operations as adjustments to the carrying value of equity securities without readily determinable fair values held at December 31, 2023 and 2022. | | | | | | | | | | | | | Years Ended December 31, | | 2023 | | 2022 | | (In thousands) | Upward adjustments (gross unrealized pre-tax gains) | $ | 2,227 | | | $ | 8,245 | | Downward adjustments including impairments (gross unrealized pre-tax losses) | (22,463) | | | (97,382) | | Total | $ | (20,236) | | | $ | (89,137) | |
Realized and unrealized pre-tax gains and losses for the Company's investments without readily determinable fair values for the years ended December 31, 2023, 2022 and 2021 are as follows: | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2023 | | 2022 | | 2021 | | (In thousands) | Realized pre-tax gains, net, for equity securities sold | $ | 89 | | | $ | 12,434 | | | $ | 5,773 | | Unrealized pre-tax (losses) gains, net, on equity securities held | (20,236) | | | (89,137) | | | 8,892 | | Total pre-tax (losses) gains, net recognized | $ | (20,147) | | | $ | (76,703) | | | $ | 14,665 | |
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Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following tables present the Company's financial instruments that are measured at fair value on a recurring basis: | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value Measurements | | (In thousands) | Assets: | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 910,849 | | | $ | — | | | $ | — | | | $ | 910,849 | | Treasury discount notes | — | | | 87,251 | | | — | | | 87,251 | | Time deposits | — | | | 19,497 | | | — | | | 19,497 | | Marketable securities: | | | | | | | | | | | | | | | | Treasury discount notes | — | | | 148,998 | | | — | | | 148,998 | | Investment in MGM | 2,891,851 | | | — | | | — | | | 2,891,851 | | Other non-current assets: | | | | | | | | Warrant | — | | | — | | | 49,631 | | | 49,631 | | | | | | | | | | Total | $ | 3,802,700 | | | $ | 255,746 | | | $ | 49,631 | | | $ | 4,108,077 | | | | | | | | | | Liabilities: | | | | | | | | Interest rate swaps(a) | $ | — | | | $ | (907) | | | $ | — | | | $ | (907) | |
_____________________ (a) Interest rate swaps relate to the $350 million notional amount entered into to hedge Dotdash Meredith's Term Loan B and are included in "Other long-term liabilities" in the balance sheet. See “Note 2—Summary of Significant Accounting Policies” and "Note 7—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, 2022 | | Quoted Market Prices for Identical Assets in Active Markets (Level 1) | | Significant Other Observable Inputs (Level 2) | | Significant Unobservable Inputs (Level 3) | | Total Fair Value Measurements | | (In thousands) | Assets: | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 862,829 | | | $ | — | | | $ | — | | | $ | 862,829 | | Treasury discount notes | — | | | 137,219 | | | — | | | 137,219 | | Time deposits | — | | | 16,018 | | | — | | | 16,018 | | Marketable securities: | | | | | | | | Marketable equity securities | 4,317 | | | — | | | — | | | 4,317 | | Treasury discount notes | — | | | 235,056 | | | — | | | 235,056 | | Investment in MGM | 2,170,182 | | | — | | | — | | | 2,170,182 | | Other non-current assets: | | | | | | | | Warrant | — | | | — | | | 46,799 | | | 46,799 | | Total | $ | 3,037,328 | | | $ | 388,293 | | | $ | 46,799 | | | $ | 3,472,420 | | | | | | | | | | | | | | | | | | | | | | | | | |
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Schedule of Changes in Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) |
The following table presents the changes in the Company's financial instruments that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3): | | | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | 2023 | | 2022 | | Warrant | | | | Warrant | | Contingent Consideration Arrangements | | (In thousands) | Balance at January 1 | $ | 46,799 | | | | | $ | 109,294 | | | $ | (612) | | | | | | | | | | Total net gains (losses): | | | | | | | | Fair value adjustments included in earnings | 2,832 | | | | | (62,495) | | | 612 | | | | | | | | | | Balance at December 31 | $ | 49,631 | | | | | $ | 46,799 | | | $ | — | |
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