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Investments

6 Months Ended

Jun. 30, 2021

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:


	June 30,		December 31,
	2021		2020

	(in millions)
Assets
Investments:
Equity securities:
Consumer, non-cyclical	$	566	$	1,548
Consumer, cyclical		2,660		2,073
Energy		3,237		2,654
Utilities		706		107
Healthcare		1,025		—
Technology		1,848		1,578
Materials		187		—
Industrial		258		158
		10,487		8,118
Corporate debt securities		116		121
	$	10,603	$	8,239
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	202	$	424
Consumer, cyclical		607		572
Energy		2,143		1,476
Utilities		422		49
Healthcare		674		—
Materials		183		—
	$	4,231	$	2,521

The portion of unrealized gains (losses) that relates to securities still held by our Investment segment, primarily equity securities, was $491 million and $2,566 million for the three months ended June 30, 2021 and 2020, respectively, and $1,593 million and $(1,066) million for the six months ended June 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:


	June 30,		December 31,
	2021		2020

	(in millions)
Equity method investments	$	98	$	120
Held to maturity debt investments measured at amortized cost		20		20
Other investments measured at fair value		182		534
	$	300	$	674

The portion of unrealized gains (losses) that relates to equity securities still held by our other segments and Holding Company was zero and $146 million for the three months ended June 30, 2021 and 2020, respectively, and $44 million and $(166) million for the six months ended June 30, 2021 and 2020, respectively.