EQUITY METHOD INVESTMENTS (Tables)
|12 Months Ended
Dec. 31, 2022
|Equity Method Investments and Joint Ventures [Abstract]
|Summary of financial information for equity method investees
A summary of financial information for our equity method investees in the aggregate is as follows (in millions):
1 The financial information represents the results of the equity method investees during the Company’s period of ownership.
|Equity Method Investments Fair Value and Carrying Value
The following table presents the difference between calculated fair value, based on quoted closing prices of publicly traded shares, and our Company’s carrying value in investments in publicly traded companies accounted for under the equity method (in millions):
1The carrying value of our investment in CCBJHI exceeded its fair value as of December 31, 2022 by $29 million. Based on the length of time and the extent to which the fair value has been less than our carrying value and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value, management determined that the decline in fair value was temporary in nature. Therefore, we did not record an impairment charge related to the investment.
The difference between calculated fair value, based on quoted closing prices of publicly traded shares, and our carrying value in investments in publicly traded companies accounted for under the equity method.
No definition available.
Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef