Schedule of deferred income tax assets and liabilities

The tax effects of temporary differences that pertain to our deferred income tax assets and liabilities are shown below (in millions).


	December 31,
	2023			2022
Deferred income tax liabilities:
Investments, including unrealized appreciation	$	56,766		$	41,150
Deferred charges reinsurance assumed		1,994			2,073
Property, plant and equipment and equipment held for lease		32,991			32,080
Goodwill and other intangible assets		7,546			7,010
Other		4,452			5,162
		103,749			87,475
Deferred income tax assets:
Unpaid losses and loss adjustment expenses		(1,255	)		(1,290	)
Unearned premiums		(1,285	)		(1,196	)
Accrued liabilities		(2,626	)		(1,790	)
Regulatory liabilities		(1,248	)		(1,323	)
Deferred revenue		(2,282	)		(1,880	)
Other		(2,709	)		(3,579	)
		(11,405	)		(11,058	)
Net deferred income tax liability	$	92,344		$	76,417

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, 2023 in the table below (dollars in millions).


	2023			2022			2021
Earnings (loss) before income taxes	$	120,166		$	(30,500	)	$	111,861

Hypothetical income tax expense (benefit) at the U.S. federal statutory rate	$	25,235		$	(6,405	)	$	23,491
Dividends received deduction and tax-exempt interest		(678	)		(512	)		(457	)
State income taxes, less U.S. federal income tax effect		603			602			(417	)
U.S. income tax credits*		(2,186	)		(2,187	)		(1,860	)
Other differences, net		45			—			155
	$	23,019		$	(8,502	)	$	20,912
Effective income tax rate		19.2	%		27.9	%		18.7	%

* 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.