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Investments | 12 Months Ended
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Dec. 31, 2015
Investments | Note 7: Investments
December 31 (in millions) |  | 2015 |  | 2014
Fair Value Method | $ | 167 | $ | 662
Equity Method: |  |  |  |
| The Weather Channel |  | - |  | 335
| Hulu |  | 184 |  | 167
| Other |  | 494 |  | 517
|  |  | 678 |  | 1,019
Cost Method: |  |  |  |
| AirTouch |  | 1,583 |  | 1,568
| Other |  | 902 |  | 488
|  |  | 2,485 |  | 2,056
Total investments |  | 3,330 |  | 3,737
Less: Current investments |  | 106 |  | 602
Noncurrent investments | $ | 3,224 | $ | 3,135
Investment Income (Loss), Net |  |  |  |  |  |
Year ended December 31 (in millions) |  | 2015 |  | 2014 |  | 2013
Gains on sales and exchanges of investments, net | $ | 12 | $ | 192 | $ | 484
Investment impairment losses |  | (59) |  | (50) |  | (29)
Unrealized gains on securities underlying prepaid forward sale agreements |  | 42 |  | 66 |  | 1,601
Mark to market adjustments on derivative component of prepaid forward sale |  |  |  |  |  |
| agreements and indexed debt instruments |  | (42) |  | (56) |  | (1,604)
Interest and dividend income |  | 115 |  | 116 |  | 111
Other, net |  | 13 |  | 28 |  | 13
Investment income (loss), net | $ | 81 | $ | 296 | $ | 576
Fair Value Method We classify publicly traded investments that are not accounted for under the equity method as available-for-sale (“AFS”) or trading securities and record them at fair value. For AFS securities, we record unrealized gains or losses resulting from changes in fair value between measurement da tes as a component of other comprehensive income (loss), except when we consider declines in value to be other than temporary. For trading securities, we record unrealized gains or losses resulting from changes in fair value between measurement dates as a component of investment income (loss), net. We recognize realized gains and losses associated with our fair value method investments using the specific identification method. We classify the cash f lows related to purchases of and proceeds from the sale of trading securities based on the nature of the securities and the purpose for which they were acquired.
Prepaid Forward Sale Agreements
December 31 (in millions) |  | 2014
Assets: |  |
| Fair value equity securities held as collateral | $ | 523
Liabilities: |  |
| Obligations under prepaid forward sale agreements | $ | 119
| Derivative component of prepaid forward sale agreements |  | 356
Total liabilities | $ | 475
During 2015, we settled our remaining obligations under our prepaid forward sale agreements by delivering equity securities. As of December 31, 2015, we have no remaining liabilities related to these obligations. As of December 31, 2014, the majority of our fair value method investments were equity securities that we accounted for as trading securities and were held as collateral related to our obligations under prepaid forward sale agreements. As of December 31, 2014, the carrying value of our remaining prepaid forward sale obligations approximated their fair value. The estimated fair values were based on Level 2 inputs that use pricing models whose inputs were derived primarily from or corroborated by observable market data through correla tion or other means for substantially the full term of the financial instrument. The derivative component of the prepaid forward sale agreements were equity derivative financial instruments embedded in the related contracts, which we used to manage our exp osure to and benefits from price fluctuations in the common stock of the related investments. For these derivative financial instruments, we separated the derivative component from the host contract and recorded in each period the change in its value to in vestment income (loss), net. Li berty Media In October 2013, Liberty Media Corporation (“Liberty Media”) redeemed 6.3 million shares of Liberty Media Series A common stock (“Liberty stock”) that had been held by us as collateral under certain of our prepaid forward sale agreements in exchange for all of the equity of a subsidiary of Liberty Media. The fair value of the Liberty stock at the date of the close of the transaction was $937 million. The assets of the subsidiary of Liberty Media included cash of $4 17 million, Liberty Media’s interests in one of NBCUniversal’s contractual obligations and a wholly owned operating subsidiary, Leisure Arts, Inc. Following the close of this transaction, we now consolidate the subsidiary transferred to us, and the liabili ty associated with NBCUniversal’s contractual obligation is eliminated in consolidation. Clearwire LLC In July 2013, in connection with Sprint Communications, Inc.’s (“Sprint”) acquisition of Clearwire Corporation (“Clearwire”), Sprint acquired our investment of 89 million Class A shares of Clearwire for $443 million. As a result, we recognized a pretax gain of $443 million in our consolidated statement of income, which represented the recognition of cumulative unrealized gain s previously recorded in accumulated other comprehensive income (loss). Equity Method We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies or where we hold significant partnership or LLC interests. Equity method investments are recorded at cost and are adjusted to recognize (1) our proportionate share of the investee’s net income or loss after the date of investment, (2) amortization of the rec orded investment that exceeds our share of the book value of the investee’s net assets, (3) additional contributions made and dividends received, and (4) impairments resulting from other-than-temporary declines in fair value. For some investments, we recor d our share of the investee’s net income or loss one quarter in arrears due to the timing of our receipt of such information. Gains or losses on the sale of equity method investments are recorded to other income (expense), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss in our consolidated statement of income. The Weather Channel In June and December 2015, TWCC Holding Cor p. (“The Weather Channel”) recorded impairment charges related to goodwill. During 2015, we recorded expenses of $333 million that represent NBCUniversal’s proportionate share of these impairment charges, in equity in net income (losses) of investees, net in our consolidated statement of income. On January 29, 2016, IBM acquired The Weather Channel’s product and technology businesses. The Weather Channel cable network was not acquired and, following the close of the transaction, licenses weather forecast data and analytics from IBM. In June 2013, we received a distribution from The Weather Channel of $152 million, of which $128 million was recorded as a return of our investment in The Weather Channel and included in other investing activities in our consol idated statement of cash flows. Hulu In July 2013, we entered into an agreement to provide capital contributions totaling $247 million to Hulu, LLC (“Hulu”), which we had previously accounted for as a cost method investment. This represented an agree ment to provide our first capital contribution to Hulu since we acquired our interest in it as part of our acquisition of a controlling interest in NBCUniversal Holdings in 2011 (the “NBCUniversal transaction”); therefore, we began to apply the equity meth od of accounting for this investment. The change in the method of accounting for this investment required us to recognize our proportionate share of Hulu’s accumulated losses from the date of the NBCUniversal transaction through July 2013. In 2015, 2014 an d 2013, we recognized our proportionate share of losses of $106 million, $20 million and $142 million, respectively, related to our investment in Hulu. Cost Method We use the cost method to account for investments not accounted for under the fair value method or the equity method. Vox and BuzzFeed In September 2015, NBCUniversal made an additional investment in Vox Media, Inc. (“Vox Media”) and acquired an interest in BuzzFeed, Inc. (“BuzzFeed”) for $200 million each in cash. Vox Media is a digital media company comprised of eight distinct brands. BuzzFeed is a global media company that produces and distributes original news, entertainment and v ideos. AirT ouch We hold two series of preferred stock of Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Verizon Communications Inc., which are redeemable in April 2020. As of both December 31, 2015 and 2014, t he estimated fair value of the AirTouch preferred stock was $1.7 billion. The dividend and redemption activity of the AirTouch preferred stock determines the dividend and redemption payments associated with substantially a ll of the preferred shares issued by one of our consolidated subsidiaries, which is a VIE. The subsidiary has three series of preferred stock outstanding with an aggregate redemption value of $1.75 billion. Substantially all of the AirTo uch preferred stock is redeemable in April 2020 at a redemption value of $1.65 billion. As of both December 31, 2015 and 2014, the two series of redeemable subsidiary preferred shares were recorded at $1.6 bill ion, and those amounts are included in other noncurrent liabilities. As of both December 31, 2015 and 2014, the liability related to the redeemable subsidiary preferred shares had an aggregate estimated fair value of $1.7 billion. The estimated fair values of the AirTouch preferred stock and redeemable subsidiary preferred shares 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. The one nonredeemable series of subsidiary preferred shares was recorded at $100 million as of both December 31, 2015 and 2014, and those amounts are included in noncontrolling interests in our consolidated balance sheet. The carrying amount of the nonredeemable subsidiary preferred stock approximates its fair value. Impairment Testing of Investments We review our investment portf olio each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value that would be considered other than temporary. For our nonpublic investments, if there are no identified e vents or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. If an investment is deemed to have experienced an other-than-temporary decline below its cost basis, we reduce th e carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our AFS and cost method investments, we record the impairment to investment income (loss), net. For our equity method investments, we record the impairment to other income (expense), net. In 2013, we recorded $249 million of impairment charges to our equity method investments, which primarily related to a regional sports cable network based in Houston, Texas.
NBCUniversal Media LLC [Member] |
Investments | Note 7: Investments
December 31 (in millions) |  | 2015 |  | 2014
Fair Value Method | $ | 10 | $ | 10
Equity Method: |  |  |  |
| The Weather Channel |  | - |  | 335
| Hulu |  | 184 |  | 167
| Other |  | 313 |  | 338
|  |  | 497 |  | 840
Cost Method |  | 458 |  | 32
Total investments | $ | 965 | $ | 882
Equity Method We use the equity method to account for investments in which we have the ability to exercise significant influence over the investee’s operating and financial policies or where we hold significant partnership or LLC interests. Equity method investments are recorded at cost and are adjusted to recognize (1) our proportionate share of the investee’s net income or loss after the date of investment, (2) amortization of the recorded investment that exceeds our share of the book value of the invest ee’s net assets, (3) additional contributions made and dividends received, and (4) impairments resulting from other-than-temporary declines in fair value. Gains or losses on the sale of equity method investments are recorded to other income (expense), net. If an equity method investee were to issue additional securities that would change our proportionate share of the entity, we would recognize the change, if any, as a gain or loss in our consolidated statement of income. The Weather Channel In June and Dec ember 2015, TWCC Holding Corp. (“The Weather Channel”) recorded impairment charges related to goodwill. During 2015, we recorded expenses of $333 million that represent our proportionate share of these impairment charges in equity in net income (losses) of investees, net in our consolidated statement of income. On January 29, 2016, IBM acquired The Weather Channel’s product and technology b usinesses. The Weather Channel cable network was not acquired and, following the close of the transaction, licenses wea ther foreca st data and analytics from IBM. In June 2013, we received a distribution from The Weather Channel of $152 million, of which $128 million was recorded as a return of our investment in The Weather Channel and included in other investing activities in our consolidated statement of cash flows. Hulu In July 2013, we entered into an agreement to provide capital contributions totaling $247 million to Hulu, LLC (“Hulu”), which we had previously accounted for as a cost method investment. This represented an agreement to provide our first capital contribution to Hulu since Comcast acquired its interest in Hulu as part of the joint venture transaction; therefore, we began to apply the equity method of accounting for this investment. The change in the method of accounting for this investment required us to recognize our proportionate share of Hulu’s accumulated losses from the date of the j oint v enture transaction through July 2013. In 2015, 2014 and 2013, we rec ognized our proportionate share of losses of $106 million, $20 million and $142 million, respectively, related to our investment in Hulu. Summarized Financial Information The tables below present the summarized combined financial infor mation of our equity method investments.
December 31 (in millions) |  |  |  | 2015 |  | 2014
Current assets |  |  | $ | 1,904 | $ | 1,529
Noncurrent assets |  |  | $ | 3,584 | $ | 4,572
Current liabilities |  |  | $ | 1,225 | $ | 1,235
Noncurrent liabilities |  |  | $ | 4,879 | $ | 4,162
Year ended December 31 (in millions) |  | 2015 |  | 2014 |  | 2013
Revenue | $ | 3,944 | $ | 3,756 | $ | 3,360
Operating income (loss) | $ | (1,609) | $ | 483 | $ | 645
Net income (loss) | $ | (1,820) | $ | 243 | $ | 188
Cost Method We use the cost method to account for investments not accounted for under the fair value method or the equity method. In September 2015, we made an additional investment in Vox Media, Inc. (“Vox Media”) and acquired an interest in BuzzFeed, Inc. (“BuzzFeed”) for $200 million each in cash. Vox Media is a digital media company comprised of eight distinct brands. BuzzFeed is a global media company that produces and distributes original news, entertainment and videos. Impairment Testing of Inve stments We review our investment portfolio each reporting period to determine whether there are identified events or circumstances that would indicate there is a decline in the fair value that would be considered other than temporary. For our nonpublic inv estments, if there are no identified events or circumstances that would have a significant adverse effect on the fair value of the investment, then the fair value is not estimated. If an investment is deemed to have experienced an other-than-temporary decl ine below its cost basis, we reduce the carrying amount of the investment to its quoted or estimated fair value, as applicable, and establish a new cost basis for the investment. For our available-for-sale securities and cost method investments, we record the impairment to investme nt income (loss), net. For our equity method investments, we record the impairment to other income (expense), net. In 2013, we recorded $249 million of impairment charges to our equity method investments, which primarily related t o a regional sports cable network based in Houston, Texas.

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