			March 31,		December 31,
(in millions)			2012		2011
Fair value method		$	3,544	$	3,028
Equity Method:
	A&E Television Networks		2,019		2,021
	SpectrumCo		1,414		1,417
	The Weather Channel		464		463
	MSNBC.com		175		174
	Clearwire LLC		25		69
	Other		736		736
			4,833		4,880
Cost Method:
	AirTouch		1,527		1,523
	Other		473		477
			2,000		2,000
Total investments			10,377		9,908
Less: Current investments^(a)			228		54
Noncurrent investments		$	10,149	$	9,854
(a) Current investments are included in other current assets in our condensed consolidated balance sheet.

As of March 31, 2012, we held as collateral $3.5 billion of fair value method equity securities related to our obligations under prepaid forward sale agreements. As of March 31, 2012, our prepaid forward sale obligations were recorded at $2.9 billion and had an estimated fair value of approximately $3.0 billion. The estimated fair values are based on Level 2 inputs using 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.

On March 26, 2012, NBCUniversal exercised an option that requires A&E Television Networks LLC (“A&E Television Networks”) to redeem a substantial portion of NBCUniversal's equity interest in A&E Television Networks. We expect the transaction to close during the second half of 2012, upon the agreement by all parties as to the value of NBCUniversal's equity interest. Under the terms of our existing shareholder agreement, NBCUniversal is required to provide a last dollar guarantee of indebtedness that A&E Television Networks may incur to finance the purchase of NBCUniversal's equity interest.

We hold two series of preferred stock of AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Vodafone, which are redeemable in April 2020. As of March 31, 2012, the estimated fair value of the AirTouch preferred stock and the associated liability related to redeemable preferred shares issued by one of our consolidated subsidiaries was approximately $1.8 billion. The estimated fair values are primarily based on Level 2 inputs using pricing models whose inputs are derived from or corroborated by observable market data through correlation or other means for substantially the full term of the financial instrument.

Components of Investment Income (Loss), Net
		Three Months Ended
		March 31
(in millions)			2012		2011
Gains on sales and exchanges of investments, net		$	7	$	14
Investment impairment losses			(12)		-
Unrealized gains (losses) on securities underlying prepaid forward sale agreements			516		309
Mark to market adjustments on derivative component of prepaid forward sale agreements and
	indexed debt instruments		(470)		(261)
Interest and dividend income			29		26
Other, net			22		1
Investment income (loss), net		$	92	$	89