v2.4.0.6

Investments | 6 Months Ended
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Jun. 30, 2012
Investments |
Investments | Note 4: Investments
|  |  | June 30, |  | December 31,
(in millions) |  | 2012 |  | 2011
Fair value method | $ | 3,514 | $ | 3,028
Equity Method: |  |  |  |
| A&E Television Networks |  | 2,006 |  | 2,021
| SpectrumCo |  | 1,414 |  | 1,417
| The Weather Channel |  | 465 |  | 463
| MSNBC.com |  | 176 |  | 174
| Clearwire LLC |  | - |  | 69
| Other |  | 652 |  | 736
|  |  | 4,713 |  | 4,880
Cost Method: |  |  |  |
| AirTouch |  | 1,530 |  | 1,523
| Other |  | 492 |  | 477
|  |  | 2,022 |  | 2,000
Total investments |  | 10,249 |  | 9,908
Less: Current investments |  | 2,231 |  | 54
Noncurrent investments | $ | 8,018 | $ | 9,854
Fair Value Method As of June 30, 2012, we held as collateral $3.5 billion of fair value method equity securities related to our obligations under prepaid forward sale agreements. As of June 30, 2012, our prepaid forward sale obligations were recorded at $2.9 billion within other current and noncurrent liabilities in our condensed consolidated balance sheet and had an estimated fair value of approximately $3.0 billion. The estimated fair values are based on Level 2 inputs using pricing models whose inputs are derived primarily from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument. Equity Method On March 26, 2012, NBCUniversal exercised an option that require s require d A&E Television Networks LLC (“A&E Television Networks”) to redeem a substantial portion of NBCUniversal's equity interest in A&E Television Networks. On July 9, 2012, NBCUniversal entered into a redemption agreement with A&E Television Networks whereby A&E Television Networks agreed to redeem NBCUniversal's entire 15.8% equity interest for $3 billion. The redemption price will be paid solely in cash, although in certain limited circumstances, it would be paid in cash and in the form of a senior note issued by A&E Television Networks. Under the terms of the redemption agreement, NBCUniversal is no longer required to provide a last dollar guarantee of indebtedness that A&E Television Networks may incur to finance the purchase of NBCUniversal's equity interest. As of June 30, 2012, we have classified NBCUniversal's equity interest as a current investment in our condensed consolidated balance sheet. We expect the transaction to close during the second half of 2012, and we expect to recognize a pretax gain on the sale of NBCUniversal's equity interest of approximately $1 billion when the transaction closes. On July 13, 2012, NBCUniversal acquired the remaining 50% equity interest in MSNBC Interactive News, LLC (“MSNBC.com”) and other relat e d entities (“MSNBC.com”) that it did not already own. MSNBC.com is now a wholly owned consolidated subsidiary of NBCUniversal and its results of operations will be reported in our Cable Networks segment following the date of acquisition. Cost Method We hold two series of preferred stock of AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Vodafone, which are redeemable in April 2020. As of June 30, 2012, the estimated fair value of the AirTouch preferred stock and the associated liability related to redeemable preferred shares issued by one of our consolidated subsidiaries was approximately $1.9 billion. The estimated fair values are primarily based on Level 2 inputs using pricing models whose inputs are derived from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.
Components of Investment Income (Loss), Net
|  | Three Months Ended |  | Six Months Ended
|  | June 30 |  | June 30
(in millions) |  | 2012 |  | 2011 |  |  | 2012 |  | 2011
Gains on sales and exchanges of investments, net | $ | 20 | $ | 7 |  | $ | 27 | $ | 21
Investment impairment losses |  | (9) |  | (3) |  |  | (21) |  | (3)
Unrealized gains (losses) on securities underlying prepaid |  |  |  |  |  |  |  |  |
| forward sale agreements |  | (28) |  | 226 |  |  | 488 |  | 535
Mark to market adjustments on derivative component of prepaid forward sale |  |  |  |  |  |  |  |  |
| agreements and indexed debt instruments |  | 20 |  | (186) |  |  | (450) |  | (447)
Interest and dividend income |  | 28 |  | 26 |  |  | 57 |  | 52
Other, net |  | (23) |  | (9) |  |  | (1) |  | (8)
Investment income (loss), net | $ | 8 | $ | 61 |  | $ | 100 | $ | 150

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