OTHER ASSETS

6 Months Ended

Jun. 30, 2024

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

OTHER ASSETS

OTHER ASSETS:

Other assets as of June 30, 2024 and December 31, 2023 consisted of the following (in millions):

	As of June 30, 2024		As of December 31, 2023
Equity method investments	$	86	$	128
Other investments	328		387
Income tax receivable	141		131
Post-retirement plan assets	47		45
Other	78		51
Total other assets	$	680	$	742

Equity Method Investments

We have a portfolio of investments, including our investment in Diamond Sports Intermediate Holdings LLC ("DSIH"), and also a number of entities that are primarily focused on the development of real estate and other media and non-media businesses. During the six months ended June 30, 2024, we sold one of our other media investments which had a book value of $37 million as of December 31, 2023 for proceeds of $130 million and recognized a gain of $93 million. No investments were individually significant for the periods presented.

Diamond Sports Intermediate Holdings LLC. We account for our equity interest in DSIH under the equity method of accounting. For the three and six months ended June 30, 2024 and 2023, 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.

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 June 30, 2024 and December 31, 2023, we held $136 million and $162 million, respectively, in investments measured at fair value. As of June 30, 2024 and December 31, 2023, we held $154 million and $189 million, respectively, in investments measured at NAV. We recognized fair value adjustment losses of $45 million and $43 million for the three and six months ended June 30, 2024, respectively, and fair value adjustment losses of $47 million and $48 million for the three and six months ended June 30, 2023, respectively, associated with these investments, which are reflected in other expense, net in our consolidated statements of operations. As of June 30, 2024 and December 31, 2023, our unfunded commitments related to our investments valued using the NAV practical expedient totaled $66 million and $74 million, respectively.

Investments accounted for utilizing the measurement alternative were $38 million and $36 million as of June 30, 2024 and December 31, 2023, respectively. We recorded a $2 million impairment related to one investment for the three and six months ended June 30, 2024 and a $6 million impairment related to one investment for the three and six months ended June 30, 2023, which are reflected in other expense, net in our consolidated statements of operations.

Note Receivable

We were party to an Accounts Receivable Securitization Facility ("A/R Facility"), held by Diamond Sports Finance SPV, LLC ("DSPV"), an indirect wholly-owned subsidiary of DSIH. On May 10, 2023, DSPV paid the Company approximately $199 million, representing the aggregate outstanding principal amount of the loans under the A/R Facility, accrued interest, and outstanding fees and expenses. The A/R Facility was terminated on March 14, 2024.