Investments

3 Months Ended

Mar. 31, 2023

Investments

Investments

5.  Investments

Investments

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 7, “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,
	2023		2022
	(in millions)
Assets
Investments:
Equity securities:
Communications	$	132	$	199
Consumer, cyclical		590		692
Energy		903		909
Utilities		1,417		1,205
Healthcare		490		320
Technology		658		655
Materials		145		153
Industrial		26		486
		4,361		4,619
Debt Securities:
Financials		1,968		1,958
Real Estate		146		131
Communications		45		11
		2,159		2,100
	$	6,520	$	6,719
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	889	$	1,006
Consumer, cyclical		288		352
Energy		2,193		2,690
Utilities		788		813
Healthcare		417		387
Materials		736		598
Industrial		166		480
		5,477		6,326
Debt securities:
Materials		177		169
	$	5,654	$	6,495

The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(208) million and $403 million for the three months ended March 31, 2023 and 2022, 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,
	2023		2022
	(in millions)
Equity method investments	$	103	$	76
Other investments measured at fair value		14		14
	$	117	$	90

The portion of unrealized gains and (losses) that relates to equity securities still held by our other segments and Holding Company was zero and $58 million for each of the three months ended March 31, 2023 and 2022, respectively.