Income taxes (Tables)

12 Months Ended

Dec. 31, 2018

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,
	2018		2017
Currently payable (receivable)	$	323	$	(129)
Deferred		50,503		56,182
Other		549		554
	$	51,375	$	56,607

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,
	2018		2017
Deferred tax liabilities:
Investments – unrealized appreciation and cost basis differences	$	17,765	$	24,251
Deferred charges reinsurance assumed		2,970		3,226
Property, plant and equipment		28,279		26,671
Goodwill and other intangible assets		7,199		7,204
Other		3,187		3,216
		59,400		64,568
Deferred tax assets:
Unpaid losses and loss adjustment expenses		(1,238)		(1,231)
Unearned premiums		(767)		(345)
Accrued liabilities		(1,956)		(2,501)
Regulatory liabilities		(1,673)		(1,707)
Other		(3,263)		(2,602)
		(8,897)		(8,386)
Net deferred tax liability	$	50,503	$	56,182

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, 2018 is as follows (in millions).

	2018		2017		2016
Federal	$	(1,613)	$	(23,427)	$	7,796
State		175		894		556
Foreign		1,117		1,018		888
	$	(321)	$	(21,515)	$	9,240
Current	$	5,176	$	3,299	$	6,565
Deferred		(5,497)		(24,814)		2,675
	$	(321)	$	(21,515)	$	9,240

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, 2018 in the table below (in millions).

	2018		2017			2016
Earnings before income taxes	$	4,001	$	23,838		$	33,667
Hypothetical income tax expense computed at the U.S. federal statutory rate	$	840	$	8,343		$	11,783
Dividends received deduction and tax exempt interest		(393)		(905	)		(789	)
State income taxes, less U.S. federal income tax benefit		138		465			361
Foreign tax rate differences		271		(339	)		(421	)
U.S. income tax credits		(711)		(636	)		(518	)
Non-taxable exchange of investments		—		—			(1,143	)
Net benefit from the enactment of the TCJA		(302)		(28,200	)		—
Other differences, net		(164)		(243	)		(33	)
	$	(321)	$	(21,515	)	$	9,240