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Investments | 12 Months Ended
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Dec. 31, 2024
Investments |
Investments | 5. 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 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​
Investments: |  | ​ |  |  | ​ |
Equity securities: |  | ​ |  |  | ​ |
Communications | ​ | $ | 129 | ​ | $ | —
Consumer, cyclical | ​ |  | 277 | ​ |  | 260
Energy | ​ |  | 57 | ​ |  | 708
Utilities | ​ |  | 792 | ​ |  | 1,012
Healthcare | ​ |  | 482 | ​ |  | 440
Technology | ​ |  | — | ​ |  | 139
Materials | ​ |  | 317 | ​ |  | 52
Industrial | ​ |  | 187 | ​ |  | —
​ | ​ |  | 2,241 | ​ |  | 2,611
Debt securities: | ​ | ​ | ​ | ​ | ​ | ​
Financials | ​ | ​ | — | ​ | ​ | 158
Real Estate | ​ | ​ | 31 | ​ | ​ | 44
Communications | ​ | ​ | — | ​ | ​ | 85
​ | ​ |  | 31 | ​ |  | 287
​ | ​ | $ | 2,272 | ​ | $ | 2,898
Liabilities | ​ |  |  | ​ |  |
Securities sold, not yet purchased, at fair value: | ​ |  |  | ​ |  |
Equity securities: | ​ |  |  | ​ |  |
Consumer, non-cyclical | ​ | $ | — | ​ | $ | 41
Consumer, cyclical | ​ |  | — | ​ |  | 3
Energy | ​ |  | 460 | ​ |  | 2,146
Utilities | ​ |  | 453 | ​ |  | 610
Materials | ​ |  | 133 | ​ |  | 350
Industrial | ​ | ​ | 107 | ​ | ​ | 138
​ | ​ | ​ | 1,153 | ​ | ​ | 3,288
Debt securities: | ​ | ​ | ​ | ​ | ​ | ​
Communications | ​ | ​ | 220 | ​ | ​ | ​
Materials | ​ | ​ | — | ​ | ​ | 185
​ | ​ |  | 220 | ​ |  | 185
​ | ​ | $ | 1,373 | ​ | $ | 3,473
​ | ​ | ​ | ​ | ​ | ​ | ​
​ The portions of unrealized losses that relate to securities still held by our Investment segment, primarily equity securities, were $187 million, $302 million and $1,544 million for the years ended December 31, 2024, 2023 and 2022, respectively. As discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” when certain investments become subject to the equity method of accounting, our Investment segment elects the fair value option to such investment. Investments become subject to the equity method of accounting when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when we possess more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. Conversely, there is a presumption that for investments in which we have less than 20% of the voting interests of the investee that we do not have the ability to exercise significant influence. However, such presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is present, such as when we have representation on the board of directors of such investee. After considering specific facts and circumstances, including the collective ownership in entities by the Investment Funds and affiliates of Mr. Icahn, as well as their collective representation on each of the boards of directors, we have determined that we had the ability to exercise significant influence over the operating and financial policies of certain investees of our Investment segment. During the third quarter of 2023, the Investment Funds sold their entire investment in Xerox. Prior to the sale of its investment in Xerox, the Investment Funds owned approximately 22.0% of the outstanding common stock of Xerox. Due to the nature of our Investment segment’s operations, the sale of Xerox was deemed to be in the ordinary course of business. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Voting | ​ | Fair Value of | ​ | Gains (Losses)
​ | ​ | Interests | ​ | Investment | ​ | Recognized in Other loss, net
​ | ​ | December 31, | ​ | December 31, | ​ | Year Ended December 31,
​ |  | 2024 | ​ | 2024 |  | 2023 | ​ | 2024 |  | 2023 |  | 2022
​ |  | ​ | ​ | (in millions)
Xerox Holding Corporation | ​ | 0.0% | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 60 |  | $ | (230)
​ | ​ | ​ | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 60 |  | $ | (230)
​ The following tables contain summarized financial information with respect to our investment in Xerox during the period (or partial periods) in which we possessed the ability to exercise significant influence over the operating and financial policies of the investee. ​
​ | ​ | ​ | ​
​ | Year Ended December 31,
​ | 2022
​ | Xerox
​ | (in millions)
Net sales/Other revenue from operations | $ | 7,107 | ​
Cost of goods sold/Other expenses from operations | ​ | 7,435 | ​
Net loss | ​ | (322) | ​
Net loss attributable to investee shareholders |  | (322) | ​
​ 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 consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (in millions)
Equity method investments | ​ | $ | 24 | ​ | $ | 100
Held to maturity debt investments measured at amortized cost | ​ | ​ | 11 | ​ | ​ | 11
Other investments measured at fair value | ​ |  | 3 | ​ |  | 3
​ | ​ | $ | 38 | ​ | $ | 114
​ There were no unrealized gains and (losses) that relate to equity securities still held by our other segments and our Holding Company for the years ended December 31, 2024 and 2023, and unrealized gains of $61 million for the year ended December 31, 2022. During the fourth quarter of 2024, our Energy segment sold an equity method investment for cash consideration of approximately $90 million, resulting in a gain of $24 million included within Other income, net.

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