Investments in equity securities as of March 31, 2013 and December 31, 2012 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, 2013
Banks, insurance and finance	$	19,360	$	18,216	$	—		$	37,576
Consumer products		7,374		17,458		—			24,832
Commercial, industrial and other		24,341		10,536		(122	)		34,755

	$	51,075	$	46,210	$	(122	)	$	97,163

December 31, 2012
Banks, insurance and finance	$	18,600	$	14,753	$	(2	)	$	33,351
Consumer products		7,546		14,917		—			22,463
Commercial, industrial and other		24,361		7,687		(200	)		31,848

	$	50,507	$	37,357	$	(202	)	$	87,662

As of March 31, 2013 and December 31, 2012, we concluded that there were no unrealized losses that were other-than-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. As of March 31, 2013 and December 31, 2012, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $83 million and $45 million, respectively.

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


	March 31,		December 31,
	2013		2012
Insurance and other	$	95,878	$	86,467
Railroad, utilities and energy *		717		675
Finance and financial products *		568		520

	$	97,163	$	87,662

*	Included in other assets.