Comcast 2009 Annual Report Download - page 62

Table of Contents
53
Comcast 2009 Annual Report on Form 10-
K
Cost Method
AirTouch Communications, Inc.
We hold two series of preferred stock of AirTouch
Communications, Inc. (“AirTouch”), a subsidiary of Vodafone,
which are redeemable in April 2020. The estimated fair value
of the AirTouch preferred stock was $1.524 billion and $1.357
billion as of December 31, 2009 and 2008, respectively.
The dividend and redemption activity of the AirTouch
preferred stock determines the dividend and redemption
payments associated with substantially all 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 $1.750
billion. Substantially all of the preferred shares are
redeemable in April 2020 at a redemption value of $1.650
billion. As of December 31, 2009 and 2008, the two
redeemable series of subsidiary preferred shares were
recorded at $1.479 billion and $1.468 billion, respectively,
and those amounts are included in other noncurrent liabilities.
The one nonredeemable series of subsidiary preferred
shares was recorded at $100 million as of both December 31,
2009 and 2008 and those amounts are included in
noncontrolling interests on our consolidated balance sheet.
Investment Income (Loss), Net
Year ended December 31 (in
millions)
2009
2008
2007
Gains on sales and
exchanges of
investments, net
$
28
$
8
$
151
Investment impairment
losses
(44
)
(28
)
(4
)
Unrealized gains
(losses) on
securities
underlying prepaid
forward sale
agreements
997
(1,117
)
315
Mark to market
adjustments on
derivative
component of
prepaid forward
sale agreements
(815
)
1,120
(188
)
Mark to market
adjustments on
derivative
component of
ZONES
8
57
160
Interest and dividend
income
102
149
199
Other, net
6
(100
)
(32
)
Investment income
(loss), net
$
282
$
89
$
601