Note 5. Investments in equity securities

Investments in equity securities as of March 31, 2017 and December 31, 2016 are summarized based on the primary industry of the investee in the table below (in millions).


	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
March 31, 2017 *
Banks, insurance and finance	$	20,431	$	31,725	$	—		$	52,156
Consumer products		19,320		21,020		—			40,340
Commercial, industrial and other		32,707		9,973		(156	)		42,524

	$	72,458	$	62,718	$	(156	)	$	135,020

Approximately 65% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $12.0 billion, Apple Inc. - $19.2 billion, The Coca-Cola Company - $17.0 billion, International Business Machines Corporation (“IBM”) - $11.2 billion and Wells Fargo & Company - $27.8 billion.


	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2016*
Banks, insurance and finance	$	19,852	$	30,572	$	—		$	50,424
Consumer products		10,657		16,760		(9	)		27,408
Commercial, industrial and other		35,868		9,033		(701	)		44,200

	$	66,377	$	56,365	$	(710	)	$	122,032

*	Approximately 62% of the aggregate fair value was concentrated in the equity securities of five companies: American Express Company - $11.2 billion, Apple Inc. - $7.1 billion, The Coca-Cola Company - $16.6 billion, IBM - $13.5 billion and Wells Fargo & Company - $27.6 billion.

As of March 31, 2017 and December 31, 2016, we concluded that the unrealized losses shown in the tables above were temporary. As of March 31, 2017 and December 31, 2016, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $39 million and $551 million, respectively.

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


	March 31, 2017		December 31, 2016
Insurance and other	$	133,393	$	120,471
Railroad, utilities and energy *		1,248		1,186
Finance and financial products		379		375

	$	135,020	$	122,032

*	Included in other assets.