			June 30,		December 31,
(in millions)			2013		2012
Fair Value Method		$	5,809	$	4,493
Equity Method:
	The Weather Channel		328		471
	Other		754		693
			1,082		1,164
Cost Method:
	AirTouch		1,545		1,538
	Other		628		594
			2,173		2,132
Total investments			9,064		7,789
Less: Current investments			3,765		1,464
Noncurrent investments		$	5,299	$	6,325

Investment Income (Loss), Net
		Three Months Ended				Six Months Ended
		June 30				June 30
(in millions)		2013		2012		2013		2012
Gains on sales and exchanges of investments, net		$	3	$	20	$	38	$	27
Investment impairment losses			(4)		(9)		(13)		(21)
Unrealized gains (losses) on securities underlying prepaid
	forward sale agreements		247		(28)		852		488
Mark to market adjustments on derivative component of prepaid
	forward sale agreements and indexed debt instruments		(239)		20		(841)		(450)
Interest and dividend income			26		28		56		57
Other, net			(20)		(23)		(7)		(1)
Investment income (loss), net		$	13	$	8	$	85	$	100

As of June 30, 2013, the majority of our fair value method investments were equity securities held as collateral that were related to our obligations under prepaid forward sale agreements.

Prepaid Forward Sale Agreements
		June 30,		December 31,
(in millions)		2013		2012
Assets:
	Fair value equity securities held	$	4,787	$	4,143

Liabilities:
	Obligations under prepaid forward sale agreements	$	1,142	$	1,248
	Derivative component of prepaid forward sale agreements		3,133		2,302
Total liabilities		$	4,275	$	3,550

As of June 30, 2013, our prepaid forward sale obligations had an estimated fair value of $4.3 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.

In July 2013, in connection with Sprint's acquisition of Clearwire Corporation (“Clearwire”), Sprint acquired our investment of 89 million Class A shares of Clearwire for $443 million, which also represents the fair value of this investment as of June 30, 2013. The cumulative unrealized gain included in accumulated other comprehensive income as of June 30, 2013 associated with this investment was $443 million, and we expect to recognize this gain in our condensed consolidated statement of income in the third quarter of 2013.

In June 2013, NBCUniversal received a distribution from The Weather Channel Holding Corp. (“The Weather Channel”) of $152 million, of which $128 million was recorded as a return of its investment in The Weather Channel and included under the caption “return of capital from investees” in our condensed consolidated statement of cash flows.

We hold two series of preferred stock of AirTouch Communications, Inc. (“AirTouch”), a subsidiary of Vodafone, which are redeemable in April 2020. As of June 30, 2013, the estimated fair values of the AirTouch preferred stock and the associated liability related to redeemable preferred shares issued by one of our consolidated subsidiaries were $1.7 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 instruments.