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FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS 17. FAIR VALUE MEASUREMENTS:
 
Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels:
 
•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
 
The following table sets forth the face value and fair value of our financial assets and liabilities as of December 31, 2024 and 2023 (in millions):
 20242023
 Face ValueFair ValueFace ValueFair Value
Level 1:
Investments in equity securitiesN/A$19 N/A$6 
Money market fundsN/A$601 N/A$588 
Deferred compensation assetsN/A$47 N/A$45 
Deferred compensation liabilitiesN/A$46 N/A$44 
Level 2:    
Investments in equity securities (a)N/A$141 N/A$110 
Interest rate swap (b)N/A$1 N/A$1 
STG (c):
5.500% Senior Notes due 2030
$485 $328 $485 $362 
5.125% Senior Notes due 2027
$274 $249 $274 $248 
4.125% Senior Secured Notes due 2030
$737 $546 $737 $521 
Term Loan B-2, due September 30, 2026$1,175 $1,160 $1,215 $1,124 
Term Loan B-3, due April 1, 2028$714 $575 $722 $595 
Term Loan B-4, due April 21, 2029$731 $589 $739 $602 
Debt of variable interest entities (c)$7 $7 $7 $7 
Debt of non-media subsidiaries (c)$— $— $15 $15 
Level 3:
Investments in equity securities (d)N/A$68 N/A$46 
N/A - Not applicable
(a)Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price.
(b)The fair value of the interest rate swap was an asset as of both December 31, 2024 and December 31, 2023. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 6. Notes Payable and Commercial Bank Financing.
(c)Amounts are carried in our consolidated balance sheets net of debt discount and deferred financing costs, which are excluded in the above table, of $36 million and $46 million as of December 31, 2024 and 2023, respectively.
(d)Amounts primarily relate to warrants and options to acquire common equity in Bally’s. For the years ended December 31, 2024, 2023, and 2022, we recorded a fair value adjustment gain of $19 million, loss of $29 million, and loss of $112 million, respectively, related to these interests. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock and the exercise price of the options, which range from $30 to $45 per share.

The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy (in millions):
Options and Warrants
Fair Value at December 31, 2022$75 
Measurement adjustments(29)
Fair Value at December 31, 202346 
Measurement adjustments 22 
Fair Value at December 31, 2024$68