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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Marketable Securities
At December 31, 2023 and 2022, the fair value of marketable securities are as follows:
December 31,
20232022
(In thousands)
Marketable equity securities$— $4,317 
Available for sale marketable debt securities148,998 235,056 
Total marketable securities$148,998 $239,373 
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, 2023December 31, 2022
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair ValueAmortized
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 
Schedule of Investment in MGM Resorts International
Investment in MGM Resorts International
 December 31,
 20232022
 (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 
Schedule of Long-term Investments
Long-term investments consist of:
 December 31,
 20232022
 (In thousands)
Equity securities without readily determinable fair values$404,848 $323,530 
Other6,368 2,191 
Total long-term investments$411,216 $325,721 
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,
20232022
(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,
202320222021
(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 
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 MGM2,891,851 — — 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 securities4,317 — — 4,317 
Treasury discount notes— 235,056 — 235,056 
Investment in MGM2,170,182 — — 2,170,182 
Other non-current assets:
Warrant— — 46,799 46,799 
Total$3,037,328 $388,293 $46,799 $3,472,420 
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,
 20232022
WarrantWarrantContingent
Consideration
Arrangements
 (In thousands)
Balance at January 1$46,799 $109,294 $(612)
Total net gains (losses):
Fair value adjustments included in earnings2,832 (62,495)612 
Balance at December 31$49,631 $46,799 $—