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Investments
 6 Months Ended
Jun. 30, 2021
Investments [Abstract]  
Investments Investments
Investment and Other Income (Loss), Net
 Three Months Ended
June 30,		Six Months Ended
June 30,
(in millions)2021202020212020
Equity in net income (losses) of investees, net$959 $300 $1,095 $(368)
Realized and unrealized gains (losses) on equity securities, net
189 5 426 (53)
Other income (loss), net69 115 87 125 
Investment and other income (loss), net$1,216 $420 $1,607 $(296)
The amount of unrealized gains (losses) recognized in the three months ended June 30, 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were gains of $153 million and losses of $79 million, respectively. The amount of unrealized gains (losses) recognized in the six months ended June 30, 2021 and 2020 that related to marketable and nonmarketable equity securities still held as of the end of each reporting period were gains of $264 million and losses of $120 million, respectively.
Investments
(in millions)June 30,
2021		December 31,
2020
Equity method$6,921 $6,006 
Marketable equity securities338 460 
Nonmarketable equity securities2,116 1,950 
Other investments131 143 
Total investments9,506 8,559 
Less: Current investments39 292 
Less: Investment securing collateralized obligation564 447 
Noncurrent investments$8,903 $7,820 
Equity Method
Atairos
Atairos follows investment company accounting and records its investments at their fair values each reporting period with the net gains or losses reflected in its statement of operations. We recognize our share of these gains and losses in equity in net income (losses) of investees, net. For the six months ended June 30, 2021 and 2020, we made cash capital contributions to Atairos totaling $24 million and $172 million, respectively. As of June 30, 2021 and December 31, 2020, our investment in Atairos was $4.8 billion and $3.9 billion, respectively.
Hulu and Collateralized Obligation
In 2019, we borrowed $5.2 billion under a term loan facility due March 2024 which is fully collateralized by the minimum guaranteed proceeds of the put/call option related to our investment in Hulu. As of June 30, 2021 and December 31, 2020, the
carrying value and fair value of our collateralized obligation were $5.2 billion. The estimated fair value was based on Level 2 inputs that use interest rates for debt with similar terms and remaining maturities. We present our investment in Hulu and the term loan separately in our condensed consolidated balance sheet in the captions “investment securing collateralized obligation” and “collateralized obligation,” respectively. The recorded value of our investment reflects our historical cost in applying the equity method, and as a result, is less than its fair value.
Other Investments
AirTouch
In April 2020, Verizon Americas, Inc., formerly known as AirTouch Communications, Inc. (“AirTouch”), redeemed the two series of preferred stock and we received cash payments totaling $1.7 billion. Subsequently, we redeemed and repurchased the three series of preferred shares issued by one of our consolidated subsidiaries and made cash payments totaling $1.8 billion.