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Investments in equity securities | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments in equity securities | Note 4. Investments in equity securities Investments in equity securities are summarized as follows (in millions).
| Cost Basis |  |  | Net Unrealized Gains |  |  | Fair Value |
March 31, 2025 |  |  |  |  |  |  |  |
Banks, insurance and finance | $ | 14,268 |  |  | $ | 69,229 |  |  | $ | 83,497 |
Consumer products |  | 13,760 |  |  |  | 87,110 |  |  |  | 100,870 |
Commercial, industrial and other |  | 49,097 |  |  |  | 30,271 |  |  |  | 79,368 |
| $ | 77,125 |  |  | $ | 186,610 |  |  | $ | 263,735 |
December 31, 2024 |  |  |  |  |  |  |  |
Banks, insurance and finance | $ | 15,707 |  |  | $ | 75,936 |  |  | $ | 91,643 |
Consumer products |  | 12,658 |  |  |  | 92,091 |  |  |  | 104,749 |
Commercial, industrial and other |  | 47,141 |  |  |  | 28,055 |  |  |  | 75,196 |
| $ | 75,506 |  |  | $ | 196,082 |  |  | $ | 271,588 |
Notes to Consolidated Financial Statements Note 4. Investments in equity securities Our investments in equity securities over the years have been concentrated in relatively few companies. The fair value of our five largest holdings at March 31, 2025 and December 31, 2024 represented 69% and 71%, respectively, of the aggregate fair value of our equity securities shown in the preceding tables. The five largest holdings at each date were American Express Company, Apple Inc., Bank of America Corporation, The Coca-Cola Company and Chevron Corporation. Since 2019, we have also owned non-voting Cumulative Perpetual Preferred Stock of Occidental Petroleum Corporation (“Occidental”) and Occidental common stock warrants. Our investments in the Occidental preferred stock and Occidental common stock warrants are recorded at fair value and included as equity securities in our Consolidated Balance Sheets, as such investments are not in-substance common stock under GAAP. We account for our investment in Occidental common stock under the equity method. See Note 5. The Occidental preferred stock accrues dividends at 8% per annum and is redeemable at the option of Occidental commencing in 2029 at a redemption price equal to 105% of the liquidation value. As of March 31, 2025, our investment in Occidental preferred stock had an aggregate liquidation value of approximately $8.5 billion. To date, Occidental has been required to redeem approximately $1.5 billion of the aggregate liquidation value due to excess distributions by Occidental to its common stockholders, as defined under the terms of the Occidental preferred stock certificate of designations. The Occidental common stock warrants allow us to purchase up to 83.86 million shares of Occidental common stock at an exercise price of $59.62 per share. The warrants are exercisable in whole or in part until one year after the date the preferred stock is fully redeemed. As of March 31, 2025, we owned 151.6 million shares of American Express Company (“American Express”) common stock representing 21.6% of the outstanding common stock of American Express. Since 1995, we have been party to an agreement with American Express whereby we agreed to vote a significant portion of our shares in accordance with the recommendations of the American Express Board of Directors. We have also agreed to passivity commitments as requested by the Board of Governors of the Federal Reserve System, which collectively, in our judgment, restrict our ability to exercise significant influence over the operating and financial policies of American Express. Accordingly, we do not use the equity method with respect to our investment in American Express common stock, and we continue to record our investment at fair value.

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