v3.5.0.2

Investments | 6 Months Ended
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Jun. 30, 2016
Investments | Note 6: Investments
|  |  | June 30, |  | December 31,
(in millions) |  | 2016 |  | 2015
Fair Value Method | $ | 167 | $ | 167
Equity Method: |  |  |  |
| Atairos |  | 402 |  | -
| Hulu |  | 170 |  | 184
| Other |  | 527 |  | 494
|  |  | 1,099 |  | 678
Cost Method: |  |  |  |
| AirTouch |  | 1,591 |  | 1,583
| Other |  | 915 |  | 902
|  |  | 2,506 |  | 2,485
Total investments |  | 3,772 |  | 3,330
Less: Current investments |  | 93 |  | 106
Noncurrent investments | $ | 3,679 | $ | 3,224
Investment Income (Loss), Net
|  | Three Months Ended |  | Six Months Ended
|  | June 30 |  | June 30
(in millions) | 2016 | 2015 |  | 2016 | 2015
Gains on sales and exchanges of investments, net | $ | 13 | $ | 4 |  | $ | 15 | $ | 4
Investment impairment losses |  | (1) |  | (16) |  |  | (21) |  | (31)
Unrealized gains (losses) on securities underlying prepaid |  |  |  |  |  |  |  |  |
| forward sale agreements |  | - |  | - |  |  | - |  | 42
Mark to market adjustments on derivative component of prepaid |  |  |  |  |  |  |  |  |
| forward sale agreements and indexed debt instruments |  | 1 |  | 1 |  |  | 1 |  | (37)
Interest and dividend income |  | 31 |  | 28 |  |  | 60 |  | 56
Other, net |  | 14 |  | - |  |  | 33 |  | 16
Investment income (loss), net | $ | 58 | $ | 17 |  | $ | 88 | $ | 50
Equity Method The Weather Channel On January 29, 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain for the six months ended June 30, 2016 of $108 million in other income (expense), net. During the three months ended June 30, 2015, The Weather Channel recorded an impairment charge related to goodwill. We recorded an expense of $252 million that represents NBCUniversal’s proportionate share of this impairment charge in equity in net income (losses) of investees, net in our condensed consolidated statement of income. Atairos In 2015, we entered into an agreement to establish Atairos Group, Inc. (“Atairos”), a strategic company focused on investing in and operating companies in a range of industries and business sectors, both domestically and internationally. The agreement became effective as of January 1, 2016. Atairos has a term of up to 12 years and is controlled by management companies led by our former CFO through interests that carry all of the voting rights. We are the only investor other than our former CFO and the other management company employees. We have committed to fund up to $4 billion in the aggregate at any one time in Atairos, subject to certain offsets, and $40 million annually to fund a management fee, subject to certain adjustments, while the management company investors have committed to fund up to $100 million (with at least $40 million to be funded by our former CFO, subject to his continued role with Atairos). Our economic interests do not carry voting rights and obligate us to absorb approximately 99% of any losses and provide us the right to receive approximately 86.5% of any residual returns in Atairos, in either case on a cumulative basis. We have concluded that Atairos is a VIE, that we do not have the power to direct the activities that most significantly impact the economic performance of Atairos as we have no voting rights and only certain consent rights, and that we are not a related party with our former CFO or the management companies. We therefore do not consolidate Atairos and account for this investment as an equity method investment. There are no other liquidity arrangements, guarantees, or other financial commitments between Comcast and Atairos, and therefore our maximum risk of financial loss is our investment balance and remaining unfunded capital commitment. For the six months ended June 30, 2016, we made capital contributions totaling $429 million to Atairos. Hulu For the three and six months ended June 30, 2016, we recognized our proportionate share of losses of $40 million and $65 million, respectively, related to our investment in Hulu, LLC (“Hulu”). For the three and six months ended June 30, 2015, we recognized our proportionate share of losses of $13 million and $24 million, respectively, related to our investment in Hulu. Cost Method AirTouch 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 June 30, 2016, the estimated fair value of the AirTouch preferred stock and the estimated fair value of 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.
NBCUniversal Media LLC [Member] |
Investments | Note 6: Investments
|  |  | June 30, |  | December 31,
(in millions) |  | 2016 |  | 2015
Fair Value Method | $ | 7 | $ | 10
Equity Method: |  |  |  |
| Hulu |  | 170 |  | 184
| Other |  | 332 |  | 313
|  |  | 502 |  | 497
Cost Method |  | 470 |  | 458
Total investments | $ | 979 | $ | 965
Equity Method The Weather Channel On January 29, 2016, following a legal restructuring at The Weather Channel, we and the other investors sold the entity holding The Weather Channel’s product and technology businesses to IBM. Following the close of the transaction, we continue to hold an investment in The Weather Channel cable network through a new holding company. As a result of the sale of our investment, we recognized a pretax gain for the six months ended June 30, 2016 of $108 million in other income (expense), net. During the three months ended June 30, 2015, The Weather Channel recorded an impairment charge related to goodwill. We recorded an expense of $252 million that represents our proportionate share of this impairment charge in equity in net income (losses) of investees, net in our condensed consolidated statement of income. Hulu For the three and six months ended June 30, 2016, we recognized our proportionate share of losses of $40 million and $65 million, respectively, related to our investment in Hulu, LLC (“Hulu”). For the three and six months ended June 30, 2015, we recognized our proportionate share of losses of $13 million and $24 million, respectively, related to our investment in Hulu.

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