Investments in equity securities as of June 30, 2015 and December 31, 2014 are summarized based on the primary industry of the investee in the table below (in millions).


	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
June 30, 2015 *
Banks, insurance and finance	$	23,388	$	31,312	$	(2	)	$	54,698
Consumer products		6,908		16,710		(2	)		23,616
Commercial, industrial and other		31,536		8,846		(974	)		39,408

	$	61,832	$	56,868	$	(978	)	$	117,722

*	Approximately 58% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company – $11.8 billion; Wells Fargo & Company – $27.6 billion; International Business Machines Corporation – $12.9 billion; and The Coca-Cola Company – $15.7 billion).


	Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
December 31, 2014 *
Banks, insurance and finance	$	22,495	$	33,170	$	—		$	55,665
Consumer products		6,951		18,389		(1	)		25,339
Commercial, industrial and other		28,924		8,578		(1,036	)		36,466

	$	58,370	$	60,137	$	(1,037	)	$	117,470

*	Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company – $14.1 billion; Wells Fargo & Company – $26.5 billion; International Business Machines Corporation – $12.3 billion; and The Coca-Cola Company – $16.9 billion).

As of June 30, 2015 and December 31, 2014, 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 market prices will increase to and exceed our cost. As of June 30, 2015 and December 31, 2014, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $128 million and $65 million, respectively.

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


	June 30, 2015		December 31, 2014
Insurance and other	$	110,776	$	115,529
Railroad, utilities and energy *		1,351		881
Finance and financial products		5,595		1,060

	$	117,722	$	117,470

*	Included in other assets.