Income taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015			2014
Currently payable (receivable)	$	(643	)	$	(1,346	)
Deferred		63,199			61,936
Other		570			645
	$	63,126		$	61,235

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,
	2015			2014
Deferred tax liabilities:
Investments—unrealized appreciation and cost basis differences	$	25,117		$	26,633
Deferred charges reinsurance assumed		2,798			2,721
Property, plant and equipment		36,770			34,618
Other		7,325			6,396
		72,010			70,368
Deferred tax assets:
Unpaid losses and loss adjustment expenses		(887	)		(933	)
Unearned premiums		(927	)		(773	)
Accrued liabilities		(3,487	)		(3,575	)
Other		(3,510	)		(3,151	)
		(8,811	)		(8,432	)
Net deferred tax liability	$	63,199		$	61,936

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, 2015 is as follows (in millions).

	2015		2014		2013
Federal	$	9,253	$	6,447	$	8,155
State		578		560		258
Foreign		701		928		538
	$	10,532	$	7,935	$	8,951
Current	$	5,426	$	3,302	$	5,168
Deferred		5,106		4,633		3,783
	$	10,532	$	7,935	$	8,951

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, 2015 in the table below (in millions).

	2015			2014			2013
Earnings before income taxes	$	34,946		$	28,105		$	28,796
Hypothetical income tax expense computed at the U.S. federal statutory rate	$	12,231		$	9,837		$	10,079
Dividends received deduction and tax exempt interest		(1,146	)		(820	)		(514	)
State income taxes, less U.S. federal income tax benefit		374			364			168
Foreign tax rate differences		(459	)		(252	)		(256	)
U.S. income tax credits		(461	)		(333	)		(457	)
Non-taxable exchange of investments		—			(679	)		—
Other differences, net		(7	)		(182	)		(69	)
	$	10,532		$	7,935		$	8,951