OTHER ASSETS

3 Months Ended

Mar. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

OTHER ASSETS:

Other assets as of March 31, 2023 and December 31, 2022 consisted of the following (in millions):

	As of March 31, 2023		As of December 31, 2022
Equity method investments	$	137	$	113
Other investments	445		442
Note receivable	193		193
Post-retirement plan assets	42		41
Other	173		175
Total other assets	$	990	$	964

Equity Method Investments

We have a portfolio of investments, including our investment in DSIH (subsequent to the Deconsolidation), and also a number of entities that are primarily focused on the development of real estate and other media and non-media businesses. No investments were individually significant for the periods presented.

Diamond Sports Intermediate Holdings LLC. Subsequent to the Deconsolidation, we began accounting for our equity interest in DSIH under the equity method of accounting. As of March 1, 2022, we reflected the investment in DSIH at fair value, which was determined to be nominal. For the three months ended March 31, 2023 and 2022, we recorded no equity method loss related to the investment because the carrying value of the investment is zero and we are not obligated to fund losses incurred by DSIH. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

YES Network Investment. Prior to the Deconsolidation, we accounted for our investment in the YES Network as an equity method investment. We recorded income of $10 million for the three months ended March 31, 2022 related to this investment, which is reflected in income from equity method investments in our consolidated statements of operations. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

Other Investments

We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value, less impairment. Additionally, certain investments are measured at net asset value ("NAV").

As of both March 31, 2023 and December 31, 2022, we held $234 million in investments measured at fair value. As of March 31, 2023 and December 31, 2022, we held $191 million and $190 million, respectively, in investments measured at NAV. We recognized a fair value adjustment loss of $1 million for the three months ended March 31, 2023 and a fair value adjustment loss of $56 million for the three months ended March 31, 2022 associated with these investments, which are reflected in other income (expense), net in our consolidated statements of operations. As of March 31, 2023 and December 31, 2022, our unfunded commitments related to our investments valued using the NAV practical expedient totaled $86 million and $88 million, respectively.

Investments accounted for utilizing the measurement alternative were $20 million, net of $7 million of cumulative impairments, as of March 31, 2023, and $18 million, net of $7 million of cumulative impairments, as of December 31, 2022. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for any of the three months ended March 31, 2023 or 2022.

Note Receivable

On November 5, 2021, we purchased and assumed the lenders’ and the administrative agent’s rights and obligations under the Accounts Receivable Securitization Facility ("A/R Facility"), held by Diamond Sports Finance SPV, LLC ("DSPV"), an indirect wholly-owned subsidiary of DSIH, by making a payment to the lenders equal to approximately $184 million, representing 101% of the aggregate outstanding principal amount of the loans under the A/R Facility, plus any accrued interest and outstanding fees and expenses. The maximum facility limit availability under the A/R Facility is $400 million and has a maturity date of September 23, 2024. Subsequent to the Deconsolidation, transactions related to the A/R Facility are no longer intercompany transactions and, therefore, are reflected in our consolidated financial statements. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies. As of both March 31, 2023 and December 31, 2022, the note receivable due to the Company was approximately $193 million, which is reflected in other assets in our consolidated balance sheets.