Investments

3 Months Ended

Mar. 31, 2021

Schedule of Investments [Abstract]

Investments

4.  Investments

Investment

Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our condensed consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, “Financial Instruments.” The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:

	March 31,		December 31,
	2021		2020
	(in millions)
Assets
Investments:
Equity securities:
Consumer, non-cyclical	$	2,079	$	1,548
Consumer, cyclical		2,572		2,073
Energy		3,703		2,654
Utilities		658		107
Technology		1,589		1,578
Industrial		194		158
		10,795		8,118
Corporate debt securities		131		121
	$	10,926	$	8,239
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	971	$	424
Consumer, cyclical		405		572
Energy		3,091		1,476
Utilities		396		49
	$	4,863	$	2,521

The portion of unrealized gains (losses) that relates to securities still held by our Investment segment, primarily equity securities, was $1,122 million and $(4,170) million for the three months ended March 31, 2021 and 2020, respectively.

Other Segments and Holding Company

With the exception of certain equity method investments at our operating subsidiaries and our Holding Company disclosed in the table below, our investments are measured at fair value in our condensed consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following:

	March 31,		December 31,
	2021		2020
	(in millions)
Equity method investments	$	108	$	120
Held to maturity debt investments measured at amortized cost		20		20
Other investments measured at fair value		426		534
	$	554	$	674

The portion of unrealized gains (losses) that relates to equity securities still held by our other segments and Holding Company was $58 million and $(312) million for the three months ended March 31, 2021 and 2020, respectively.