| Equity Securities |
Table 8.1 provides a summary of our equity securities by business purpose and accounting method, including equity securities with readily determinable fair values (marketable) and those without readily determinable fair values (nonmarketable). Table 8.1: Equity Securities | | | | | | | | (in millions) | Sep 30,
2019 |
| | Dec 31,
2018 |
| Held for trading at fair value: | | | | Marketable equity securities | $ | 24,436 |
| | 19,449 |
| Not held for trading: | | | | Fair value: | | | | Marketable equity securities (1) | 6,639 |
| | 4,513 |
| Nonmarketable equity securities | 7,293 |
| | 5,594 |
| Total equity securities at fair value | 13,932 |
| | 10,107 |
| Equity method: | | | | Low-income housing tax credit investments | 11,068 |
| | 10,999 |
| Private equity | 3,425 |
| | 3,832 |
| Tax-advantaged renewable energy | 3,143 |
| | 3,073 |
| New market tax credit and other | 390 |
| | 311 |
| Total equity method | 18,026 |
|
| 18,215 |
| Other: | | | | Federal Reserve Bank stock and other at cost (2) | 5,021 |
| | 5,643 |
| Private equity (3) | 2,469 |
| | 1,734 |
| Total equity securities not held for trading | 39,448 |
| | 35,699 |
| Total equity securities | $ | 63,884 |
| | 55,148 |
|
| | (1) | Includes $3.5 billion and $3.2 billion at September 30, 2019, and December 31, 2018, respectively, related to securities held as economic hedges of our deferred compensation plan obligations. |
| | (2) | Includes $5.0 billion and $5.6 billion at September 30, 2019, and December 31, 2018, respectively, related to investments in Federal Reserve Bank and Federal Home Loan Bank stock. |
| | (3) | Represents nonmarketable equity securities accounted for under the measurement alternative. |
|
| Net Gains (Losses) from Equity Securities Not Held for Trading |
Table 8.2 provides a summary of the net gains and losses from equity securities not held for trading. Gains and losses for securities held for trading are reported in net gains from trading activities.
Table 8.2: Net Gains (Losses) from Equity Securities Not Held for Trading | | | | | | | | | | | | | | | Quarter ended September 30, | | | Nine months ended September 30, | | (in millions) | 2019 |
| | 2018 |
| | 2019 |
| | 2018 |
| Net gains (losses) from equity securities carried at fair value: | | | | | | | | Marketable equity securities | $ | 116 |
| | 103 |
| | 757 |
| | 139 |
| Nonmarketable equity securities | 1,477 |
| | 822 |
| | 3,145 |
| | 1,525 |
| Total equity securities carried at fair value | 1,593 |
| | 925 |
| | 3,902 |
| | 1,664 |
| Net gains (losses) from nonmarketable equity securities not carried at fair value: | | | | | | | | Impairment write-downs | (43 | ) | | (45 | ) | | (110 | ) | | (302 | ) | Net unrealized gains related to measurement alternative observable transactions | 158 |
| | 51 |
| | 489 |
| | 314 |
| Net realized gains on sale | 623 |
| | 204 |
| | 1,029 |
| | 1,101 |
| All other | — |
| | — |
| | — |
| | 34 |
| Total nonmarketable equity securities not carried at fair value | 738 |
| | 210 |
| | 1,408 |
| | 1,147 |
| Net losses from economic hedge derivatives (1) | (1,375 | ) | | (719 | ) | | (2,918 | ) | | (1,317 | ) | Total net gains from equity securities | $ | 956 |
| | 416 |
| | 2,392 |
| | 1,494 |
|
| | (1) | Includes net gains (losses) on derivatives not designated as hedging instruments. |
|
| Gains (Losses) from Measurement Alternative Equity Securities |
Table 8.3 provides additional information about the impairment write-downs and observable price adjustments related to nonmarketable equity securities accounted for under the measurement alternative. Gains and losses related to these adjustments are also included in Table 8.2. Table 8.3: Net Gains (Losses) from Measurement Alternative Equity Securities | | | | | | | | | | | | | | | Quarter ended September 30, | | | Nine months ended September 30, | | (in millions) | 2019 |
| | 2018 |
| | 2019 |
| | 2018 |
| Net gains (losses) recognized in earnings during the period: | | | | | | | | Gross unrealized gains due to observable price changes | $ | 158 |
| | 68 |
| | 500 |
| | 339 |
| Gross unrealized losses due to observable price changes | — |
| | (17 | ) | | (11 | ) | | (25 | ) | Impairment write-downs | (20 | ) | | (6 | ) | | (53 | ) | | (18 | ) | Realized net gains from sale | 36 |
| | 186 |
| | 161 |
| | 277 |
| Total net gains recognized during the period | $ | 174 |
| | 231 |
| | 597 |
| | 573 |
|
Table 8.4 presents cumulative carrying value adjustments to nonmarketable equity securities accounted for under the measurement alternative that were still held as of the balance sheet date.
Table 8.4: Measurement Alternative Cumulative Gains (Losses) | | | | | | | | (in millions) | Sep 30,
2019 |
| | Dec 31,
2018 |
| Cumulative gains (losses): | | | | Gross unrealized gains due to observable price changes | $ | 889 |
| | 415 |
| Gross unrealized losses due to observable price changes | (36 | ) | | (25 | ) | Impairment write-downs | (71 | ) | | (33 | ) |
|