Investments

6 Months Ended

Jun. 30, 2022

Schedule of Investments [Abstract]

Investments

4.  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 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:

	June 30,		December 31,
	2022		2021
	(in millions)
Assets
Investments:
Equity securities:
Communications	$	357	$	352
Consumer, cyclical		831		1,281
Energy		1,387		3,184
Utilities		1,173		992
Healthcare		392		1,009
Technology		736		931
Materials		179		194
Industrial		628		895
		5,683		8,838
Corporate debt securities		37		114
	$	5,720	$	8,952
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, cyclical	$	401	$	848
Energy		1,901		2,028
Utilities		852		659
Healthcare		400		1,049
Materials		254		365
Industrial		254		391
	$	4,062	$	5,340

The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(894) million and $491 million for the three months ended June 30, 2022 and 2021, respectively, and $(694) million and $1,593 million for the six months ended June 30, 2022 and 2021.

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:

	June 30,		December 31,
	2022		2021
	(in millions)
Equity method investments	$	77	$	79
Other investments measured at fair value		15		120
	$	92	$	199

The portion of unrealized gains that relates to equity securities still held by our other segments and Holding Company was $3 million and zero for each of the three months ended June 30, 2022 and 2021, respectively, and $61 million and $44 million for the six months ended June 30, 2022 and 2021, respectively.