			June 30,		December 31,
(in millions)			2014		2013
Fair Value Method		$	2,387	$	4,345
Equity Method:
	The Weather Channel		331		333
	Hulu		187		187
	Other		486		469
			1,004		989
Cost Method:
	AirTouch		1,560		1,553
	Other		446		456
			2,006		2,009
Total investments			5,397		7,343
Less: Current investments			2,325		3,573
Noncurrent investments		$	3,072	$	3,770

Investment Income (Loss), Net
		Three Months Ended				Six Months Ended
		June 30				June 30
(in millions)		2014		2013		2014		2013
Gains on sales and exchanges of investments, net		$	90	$	3	$	173	$	38
Investment impairment losses			(19)		(4)		(24)		(13)
Unrealized gains (losses) on securities underlying prepaid
	forward sale agreements		85		247		(28)		852
Mark to market adjustments on derivative component of prepaid
	forward sale agreements and indexed debt instruments		(85)		(239)		32		(841)
Interest and dividend income			28		26		56		56
Other, net			21		(20)		24		(7)
Investment income (loss), net		$	120	$	13	$	233	$	85

Fair Value Method

As of June 30, 2014, the majority of our fair value method investments were equity securities held as collateral that were related to our obligations under prepaid forward sale agreements.

Prepaid Forward Sale Agreements
		June 30,		December 31,
(in millions)		2014		2013
Assets:
	Fair value equity securities held as collateral	$	2,250	$	3,959

Liabilities:
	Obligations under prepaid forward sale agreements	$	470	$	811
	Derivative component of prepaid forward sale agreements		1,586		2,800
Total liabilities		$	2,056	$	3,611

During the six months ended June 30, 2014, we settled $1.5 billion of obligations under certain of our prepaid forward sale agreements by delivering equity securities. As of June 30, 2014, our remaining prepaid forward sale obligations had an estimated fair value of $2.1 billion. The estimated fair value is 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.

Cost Method

AirTouch

We hold two series of preferred stock of AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of June 30, 2014, the estimated fair values of the AirTouch preferred stock and the associated liability related to the redeemable preferred shares issued by one of our consolidated subsidiaries were each $1.7 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.