Investments in equity securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of investments in equity securities

Investments in equity securities as of June 30, 2023 and December 31, 2022 are summarized as follows (in millions).

	Cost Basis		Net Unrealized Gains		Fair Value
June 30, 2023*
Banks, insurance and finance	$	23,547	$	43,056	$	66,603
Consumer products		36,550		169,760		206,310
Commercial, industrial and other		55,560		24,936		80,496
	$	115,657	$	237,752	$	353,409

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* Approximately 78% of the aggregate fair value was concentrated in five companies (American Express Company – $26.4 billion; Apple Inc. – $177.6 billion; Bank of America Corporation – $29.6 billion; The Coca-Cola Company – $24.1 billion and Chevron Corporation – $19.4 billion).

	Cost Basis		Net Unrealized Gains		Fair Value
December 31, 2022*
Banks, insurance and finance	$	25,893	$	43,663	$	69,556
Consumer products		40,508		112,384		152,892
Commercial, industrial and other		65,209		21,136		86,345
	$	131,610	$	177,183	$	308,793

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* Approximately 75% of the aggregate fair value was concentrated in five companies (American Express Company – $22.4 billion; Apple Inc. – $119.0 billion; Bank of America Corporation – $34.2 billion; The Coca-Cola Company – $25.4 billion and Chevron Corporation – $30.0 billion).