Investments in equity securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of investments in equity securities

Investments in equity securities are summarized as follows (in millions).

	Cost Basis		Net Unrealized Gains		Fair Value
September 30, 2024*
Banks, insurance and finance	$	21,165	$	71,383	$	92,548
Consumer products		11,341		90,651		101,992
Commercial, industrial and other		45,606		31,504		77,110
	$	78,112	$	193,538	$	271,650

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* Approximately 70% of the aggregate fair value was concentrated in five companies (American Express Company – $41.1 billion; Apple Inc. – $69.9 billion; Bank of America Corporation – $31.7 billion; The Coca-Cola Company – $28.7 billion and Chevron Corporation – $17.5 billion).

	Cost Basis		Net Unrealized Gains		Fair Value
December 31, 2023*
Banks, insurance and finance	$	27,136	$	51,176	$	78,312
Consumer products		34,248		166,895		201,143
Commercial, industrial and other		48,032		26,355		74,387
	$	109,416	$	244,426	$	353,842

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* Approximately 79% of the aggregate fair value was concentrated in five companies (American Express Company – $28.4 billion; Apple Inc. – $174.3 billion; Bank of America Corporation – $34.8 billion; The Coca-Cola Company – $23.6 billion and Chevron Corporation – $18.8 billion).