Note 5. Investments in equity securities

Investments in equity securities as of September 30, 2014 and December 31, 2013 are summarized based on the primary industry of the investee in the table below (in millions).


	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
September 30, 2014 *
Banks, insurance and finance	$	22,468	$	30,226	$	(2	)	$	52,692
Consumer products		7,005		18,620		(4	)		25,621
Commercial, industrial and other		31,172		9,600		(176	)		40,596

	$	60,645	$	58,446	$	(182	)	$	118,909

As of September 30, 2014, approximately 58% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company – $13.3 billion; Wells Fargo & Company – $25.1 billion; International Business Machines Corporation – $13.4 billion; and The Coca-Cola Company – $17.1 billion).


	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2013 *
Banks, insurance and finance	$	22,420	$	28,021	$	—		$	50,441
Consumer products		7,082		17,854		—			24,936
Commercial, industrial and other		29,949		12,322		(143	)		42,128

	$	59,451	$	58,197	$	(143	)	$	117,505

As of December 31, 2013, approximately 55% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company – $13.8 billion; Wells Fargo & Company – $21.9 billion; International Business Machines Corporation – $12.8 billion; and The Coca-Cola Company – $16.5 billion).

As of September 30, 2014 and December 31, 2013, we concluded that the unrealized losses shown in the tables above were temporary. Our conclusions were based on: (a) our ability and intent to hold the securities to recovery; (b) our assessment that the underlying business and financial condition of each of these issuers was favorable; (c) our opinion that the relative price declines were not significant; and (d) our belief that market prices will increase to and exceed our cost. As of September 30, 2014 and December 31, 2013, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $3 million and $52 million, respectively.

Investments in equity securities are reflected in our Consolidated Balance Sheets as follows (in millions).


	September 30, 2014		December 31, 2013
Insurance and other	$	116,432	$	115,464
Railroad, utilities and energy *		1,494		1,103
Finance and financial products		983		938

	$	118,909	$	117,505

*	Included in other assets.