			September 30,		December 31,
(in millions)			2014		2013
Fair Value Method		$	588	$	4,345
Equity Method:
	The Weather Channel		333		333
	Hulu		188		187
	Other		503		469
			1,024		989
Cost Method:
	AirTouch		1,564		1,553
	Other		484		456
			2,048		2,009
Total investments			3,660		7,343
Less: Current investments			531		3,573
Noncurrent investments		$	3,129	$	3,770

Investment Income (Loss), Net
		Three Months Ended				Nine Months Ended
		September 30				September 30
(in millions)		2014		2013		2014		2013
Gains on sales and exchanges of investments, net		$	3	$	445	$	176	$	483
Investment impairment losses			(6)		(12)		(30)		(25)
Unrealized gains (losses) on securities underlying prepaid
	forward sale agreements		15		345		(13)		1,197
Mark to market adjustments on derivative component of prepaid
	forward sale agreements and indexed debt instruments		(13)		(348)		19		(1,189)
Interest and dividend income			29		28		85		84
Other, net			(7)		6		17		(1)
Investment income (loss), net		$	21	$	464	$	254	$	549

Fair Value Method

As of September 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
		September 30,		December 31,
(in millions)		2014		2013
Assets:
	Fair value equity securities held as collateral	$	444	$	3,959

Liabilities:
	Obligations under prepaid forward sale agreements	$	117	$	811
	Derivative component of prepaid forward sale agreements		277		2,800
Total liabilities		$	394	$	3,611

During the nine months ended September 30, 2014, we settled $3.2 billion of obligations under certain of our prepaid forward sale agreements by delivering equity securities. As of September 30, 2014, the carrying values of our remaining prepaid forward sale obligations approximated their fair values. The estimated fair values are based on Level 2 inputs that use 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 September 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 that useusing 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.