Note 5. Investments in equity securities

Investments in equity securities as of March 31, 2016 and December 31, 2015 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, 2016 *
Banks, insurance and finance	$	19,852	$	22,806	$	(150	)	$	42,508
Consumer products		4,709		18,323		—			23,032
Commercial, industrial and other		35,153		7,696		(1,969	)		40,880

	$	59,714	$	48,825	$	(2,119	)	$	106,420

*	Approximately 60% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company – $9.3 billion; Wells Fargo & Company – $24.2 billion; International Business Machines Corporation (“IBM”) – $12.3 billion; and The Coca-Cola Company – $18.6 billion).


	Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
December 31, 2015 *
Banks, insurance and finance	$	20,026	$	27,965	$	(21)	$	47,970
Consumer products		6,867		18,022		(1)		24,888
Commercial, industrial and other		35,417		6,785		(3,238)		38,964

	$	62,310	$	52,772	$	(3,260)	$	111,822

*	Approximately 59% of the aggregate fair value was concentrated in the equity securities of four companies (American Express Company – $10.5 billion; Wells Fargo & Company – $27.2 billion; International Business Machines Corporation – $11.2 billion; and The Coca-Cola Company – $17.2 billion).

As of March 31, 2016 and December 31, 2015, 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 the 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 March 31, 2016 and December 31, 2015, unrealized losses on equity securities in a continuous unrealized loss position for more than twelve consecutive months were $722 million and $989 million, respectively.

Unrealized losses at March 31, 2016 included approximately $1.5 billion related to our investment in IBM common stock, which represented 11% of our cost. IBM continues to be profitable and generate significant cash flows. We currently do not intend to dispose of our IBM common stock and we expect that the fair value of this investment will recover and ultimately exceed our cost.

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


	March 31, 2016		December 31, 2015
Insurance and other	$	104,798	$	110,212
Railroad, utilities and energy *		1,291		1,238
Finance and financial products		331		372

	$	106,420	$	111,822

*	Included in other assets.