Investments

9 Months Ended

Sep. 30, 2022

Investments

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:

	September 30,		December 31,
	2022		2021
	(in millions)
Assets
Investments:
Equity securities:
Communications	$	317	$	352
Consumer, cyclical		666		1,281
Energy		1,067		3,184
Utilities		1,163		992
Healthcare		341		1,009
Technology		634		931
Materials		143		194
Industrial		418		895
		4,749		8,838
Corporate debt securities		37		114
	$	4,786	$	8,952
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	753	$	—
Consumer, cyclical		499		848
Energy		2,180		2,028
Utilities		818		659
Healthcare		319		1,049
Materials		372		365
Industrial		284		391
		5,225		5,340
Corporate debt securities		157		—
	$	5,382	$	5,340

The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(250) million and $(204) million for the three months ended September 30, 2022 and 2021, respectively, and $(1,172) million and $1,384 million for the nine months ended September 30, 2022 and 2021, 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,
	2022		2021
	(in millions)
Equity method investments	$	77	$	79
Other investments measured at fair value		14		120
	$	91	$	199

The portion of unrealized gains and (losses) that relates to equity securities still held by our other segments and Holding Company was zero and $(86) million for each of the three months ended September 30, 2022 and 2021, respectively, and $61 and $(42) million for the nine months ended September 30, 2022 and 2021, respectively.