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).
|
|
|
|
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|
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).
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December 31, |
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| |
|
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) |
|
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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).
|
|
|
|
|
|
|
|
|
|
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|
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| |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Current
|
|
$ |
5,176 |
|
|
$ |
3,299 |
|
|
$ |
6,565 |
|
|
Deferred
|
|
|
(5,497) |
|
|
|
(24,814) |
|
|
|
2,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(321) |
|
|
$ |
(21,515) |
|
|
$ |
9,240 |
|
|
|
|
|
|
|
|
|
|
|
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| 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).
|
|
|
|
|
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|
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|
|
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| |
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2018 |
|
|
2017 |
|
|
2016 |
|
|
Earnings before income taxes
|
|
$ |
4,001 |
|
|
$ |
23,838 |
|
|
$ |
33,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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 |
|
|
|
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|
|
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