Investments

9 Months Ended

Sep. 30, 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. 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:

	September 30,		December 31,
	2021		2020
	(in millions)
Assets
Investments:
Equity securities:
Consumer, non-cyclical	$	786	$	1,548
Consumer, cyclical		1,732		2,073
Energy		3,153		2,654
Utilities		761		107
Healthcare		950		—
Technology		1,715		1,578
Materials		181		—
Industrial		259		158
		9,537		8,118
Corporate debt securities		116		121
	$	9,653	$	8,239
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	169	$	424
Consumer, cyclical		713		572
Energy		2,112		1,476
Utilities		588		49
Healthcare		969		—
Materials		321		—
Industrial		85		—
	$	4,957	$	2,521

The portion of unrealized (losses) gains that relates to securities still held by our Investment segment, primarily equity securities, was $(204) million and $(535) million for the three months ended September 30, 2021 and 2020, respectively, and $1,384 million and $(1,560) million for the nine months ended September 30, 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:

	September 30,		December 31,
	2021		2020
	(in millions)
Equity method investments	$	91	$	120
Held to maturity debt investments measured at amortized cost		—		20
Other investments measured at fair value		153		534
	$	244	$	674

The portion of unrealized gains (losses) that relates to equity securities still held by our other segments and Holding Company was $(86) million and $(93) million for the three months ended September 30, 2021 and 2020, respectively, and $(42) million and $(259) million for the nine months ended September 30, 2021 and 2020, respectively.