			March 31,		December 31,
(in millions)			2015		2014
Fair Value Method		$	182	$	662
Equity Method:
	The Weather Channel		336		335
	Hulu		279		167
	Other		534		517
			1,149		1,019
Cost Method:
	AirTouch		1,572		1,568
	Other		490		488
			2,062		2,056
Total investments			3,393		3,737
Less: Current investments			158		602
Noncurrent investments		$	3,235	$	3,135

Investment Income (Loss), Net
		Three Months Ended
		March 31
(in millions)		2015		2014
Gains on sales and exchanges of investments, net		$	-	$	83
Investment impairment losses			(15)		(5)
Unrealized gains (losses) on securities underlying prepaid forward sale agreements			42		(113)
Mark to market adjustments on derivative component of prepaid forward sale
	agreements and indexed debt instruments		(38)		117
Interest and dividend income			28		28
Other, net			16		3
Investment income (loss), net		$	33	$	113

Fair Value Method

During the three months ended March 31, 2015, we settled $517 million of our obligations under prepaid forward sale agreements by delivering equity securities. As of March 31, 2015, we have no remaining liabilities related to obligations under prepaid forward sale agreements.

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 March 31, 2015, the estimated fair values of the AirTouch preferred stock and the associated liability related to the redeemable subsidiary 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 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.