Note 5. Investments in equity securities

Investments in equity securities as of September 30, 2012 and December 31, 2011 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, 2012
Banks, insurance and finance	$	18,025	$	14,360	$	(17	)	$	32,368
Consumer products		8,160		15,630		(3	)		23,787
Commercial, industrial and other		23,938		8,152		(218	)		31,872

	$	50,123	$	38,142	$	(238	)	$	88,027

December 31, 2011
Banks, insurance and finance	$	16,697	$	9,480	$	(1,269	)	$	24,908
Consumer products		12,390		14,320		—			26,710
Commercial, industrial and other		20,523		4,973		(123	)		25,373

	$	49,610	$	28,773	$	(1,392	)	$	76,991

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


	September 30, 2012		December 31, 2011
Insurance and other	$	87,088	$	76,063
Railroad, utilities and energy *		392		488
Finance and financial products *		547		440

	$	88,027	$	76,991

*	Included in other assets.

As of September 30, 2012, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $45 million. There were none as of December 31, 2011. As of September 30, 2012 and December 31, 2011, we concluded that the unrealized losses 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 it was reasonably possible that market prices will increase to and exceed our cost in a relatively short period of time.