Investments

6 Months Ended

Jun. 30, 2024

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:

	June 30,		December 31,
	2024		2023
	(in millions)
Assets
Investments:
Equity securities:
Communications	$	20	$	—
Consumer, cyclical		304		260
Energy		62		708
Utilities		882		1,012
Healthcare		384		440
Technology		—		139
Materials		357		52
Industrial		158		—
		2,167		2,611
Debt securities:
Financials		—		158
Real Estate		29		44
Communications		—		85
		29		287
	$	2,196	$	2,898
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	—	$	41
Consumer, cyclical		—		3
Energy		1,216		2,146
Utilities		438		610
Materials		248		350
Industrial		163		138
		2,065		3,288
Debt securities:
Materials		63		185
	$	2,128	$	3,473

The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(86) million and $(69) million for the three months ended June 30, 2024 and 2023, respectively, and $(360) million and $(124) million for the six months ended June 30, 2024 and 2023, 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:

	June 30,		December 31,
	2024		2023
	(in millions)
Equity method investments	$	96	$	100
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	110	$	114

There were no unrealized gains and (losses) that relates to equity securities still held by our other segments and Holding Company for each of the three and six months ended June 30, 2024 and 2023.