Income taxes (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017			2016
Currently payable (receivable)	$	(129	)	$	500
Deferred		56,182			76,457
Other		554			485
	$	56,607		$	77,442

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,
	2017			2016
Deferred tax liabilities:
Investments – unrealized appreciation and cost basis differences	$	24,251		$	27,669
Deferred charges reinsurance assumed		3,226			2,876
Property, plant and equipment		26,671			39,345
Goodwill and other intangible assets		7,204			11,344
Other		3,216			5,550
		64,568			86,784
Deferred tax assets:
Unpaid losses and loss adjustment expenses		(1,231	)		(1,363	)
Unearned premiums		(345	)		(1,021	)
Accrued liabilities		(2,501	)		(3,821	)
Other		(4,309	)		(4,122	)
		(8,386	)		(10,327	)
Net deferred tax liability	$	56,182		$	76,457

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, 2017 is as follows (in millions).

	2017			2016		2015
Federal	$	(23,427	)	$	7,796	$	9,253
State		894			556		578
Foreign		1,018			888		701
	$	(21,515	)	$	9,240	$	10,532
Current	$	3,299		$	6,565	$	5,426
Deferred		(24,814	)		2,675		5,106
	$	(21,515	)	$	9,240	$	10,532

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, 2017 in the table below (in millions).

	2017			2016			2015
Earnings before income taxes	$	23,838		$	33,667		$	34,946
Hypothetical income tax expense computed at the U.S. federal statutory rate	$	8,343		$	11,783		$	12,231
Dividends received deduction and tax exempt interest		(905	)		(789	)		(1,146	)
State income taxes, less U.S. federal income tax benefit		465			361			374
Foreign tax rate differences		(339	)		(421	)		(459	)
U.S. income tax credits		(636	)		(518	)		(461	)
Non-taxable exchange of investments		—			(1,143	)		—
Net benefit from the enactment of the TCJA		(28,200	)		—			—
Other differences, net		(243	)		(33	)		(7	)
	$	(21,515	)	$	9,240		$	10,532