Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of income tax liability

Our liabilities for income taxes are as follows (in millions).

	December 31,
	2024		2023
Currently payable	$	1,806	$	185
Deferred		83,563		92,344
Other		501		480
	$	85,870	$	93,009

Schedule of deferred income tax assets and liabilities

Our deferred income tax assets and liabilities summarized by type of temporary difference are as follows (in millions).

	December 31,
	2024		2023
Deferred income tax liabilities:
Investments, including unrealized appreciation	$	47,158	$	56,766
Deferred charges retroactive reinsurance		1,847		1,994
Property, plant and equipment and equipment held for lease		33,590		32,991
Goodwill and other intangible assets		7,498		7,546
Other		5,043		4,452
		95,136		103,749
Deferred income tax assets:
Unpaid losses and loss adjustment expenses	$	1,226	$	1,255
Unearned premiums		1,284		1,285
Accrued liabilities		2,713		2,626
Regulatory liabilities		1,364		1,248
Deferred revenue		2,539		2,282
Other		2,447		2,709
		11,573		11,405
Net deferred income tax liability	$	83,563	$	92,344

Schedule of tax provision by jurisdiction category and classification

Income tax expense (benefit) for each of the three years ending December 31, 2024 is summarized as follows (in millions).

	2024			2023		2022
U.S. federal	$	18,481		$	20,764	$	(10,316	)
U.S. state		767			763		762
Foreign		1,567			1,492		1,052
	$	20,815		$	23,019	$	(8,502	)
Current	$	30,464		$	7,642	$	4,815
Deferred		(9,649	)		15,377		(13,317	)
	$	20,815		$	23,019	$	(8,502	)

Schedule of income tax reconciled to federal statutory amount

Income tax expense (benefit) is reconciled to hypothetical amounts computed at the U.S. federal statutory rate for each of the three years ending December 31, 2024 in the table below (dollars in millions).

	2024			2023			2022
Earnings (loss) before income taxes	$	110,376		$	120,166		$	(30,500	)
Hypothetical income tax expense (benefit) at the U.S. federal statutory rate	$	23,179		$	25,235		$	(6,405	)
Dividends received deduction		(491	)		(678	)		(512	)
State income taxes, less U.S. federal income tax effect		606			603			602
U.S. income tax credits*		(2,575	)		(2,186	)		(2,187	)
Other differences, net		96			45			—
	$	20,815		$	23,019		$	(8,502	)
Effective income tax rate		18.9	%		19.2	%		27.9	%

* U.S. income tax credits derive primarily from production tax credits associated with wind-energy generation of BHE and tax credits arising from affordable housing investments.