Income taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of income tax liability

The liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions).

	December 31,
	2019		2018
Currently payable	$	24	$	323
Deferred		65,823		50,503
Other		952		549
	$	66,799	$	51,375

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are shown below (in millions).

	December 31,
	2019			2018
Deferred tax liabilities:
Investments – unrealized appreciation and cost basis differences	$	32,134		$	17,765
Deferred charges reinsurance assumed		2,890			2,970
Property, plant and equipment and equipment held for lease		29,388			28,279
Goodwill and other intangible assets		7,293			7,199
Other		3,144			3,187
		74,849			59,400
Deferred tax assets:
Unpaid losses and loss adjustment expenses		(1,086	)		(1,238	)
Unearned premiums		(853	)		(767	)
Accrued liabilities		(1,981	)		(1,956	)
Regulatory liabilities		(1,610	)		(1,673	)
Other		(3,496	)		(3,263	)
		(9,026	)		(8,897	)
Net deferred tax liability	$	65,823		$	50,503

Schedule of tax provision by jurisdiction category and classification

Income tax expense reflected in our Consolidated Statements of Earnings for each of the three years ending December 31, 2019 is as follows (in millions).

	2019		2018			2017
Federal	$	19,069	$	(1,613	)	$	(23,427	)
State		625		175			894
Foreign		1,210		1,117			1,018
	$	20,904	$	(321	)	$	(21,515	)
Current	$	5,818	$	5,176		$	3,299
Deferred		15,086		(5,497	)		(24,814	)
	$	20,904	$	(321	)	$	(21,515	)

Schedule of income tax reconciled to federal statutory amount

Income tax expense is reconciled to hypothetical amounts computed at the U.S. federal statutory rate for each of the three years ending December 31, 2019 in the table below (in millions).

	2019			2018			2017
Earnings before income taxes	$	102,696		$	4,001		$	23,838
Hypothetical income tax expense computed at the U.S. federal statutory rate	$	21,566		$	840		$	8,343
Dividends received deduction and tax-exempt interest		(433	)		(393	)		(905	)
State income taxes, less U.S. federal income tax benefit		494			138			465
Foreign tax rate differences		(6	)		271			(339	)
U.S. income tax credits		(942	)		(711	)		(636	)
Net benefit from the enactment of the TCJA		—			(302	)		(28,200	)
Other differences, net		225			(164	)		(243	)
	$	20,904		$	(321	)	$	(21,515	)