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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of income tax liability | Liabilities for income taxes reflected in our Consolidated Balance Sheets are as follows (in millions).
|  | December 31, |
|  | 2023 |  |  | 2022 |
Currently payable |  | $ | 185 |  |  | $ | 511 |
Deferred |  |  | 92,344 |  |  |  | 76,417 |
Other |  |  | 480 |  |  |  | 440 |
|  | $ | 93,009 |  |  | $ | 77,368 |
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 tax provision by jurisdiction category and classification | Income tax expense (benefit) reflected in our Consolidated Statements of Earnings for each of the three years ending December 31, 2023 was as follows (in millions).
|  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. Federal |  | $ | 20,764 |  |  | $ | (10,316 | ) |  | $ | 20,384 |
U.S. State |  |  | 763 |  |  |  | 762 |  |  |  | (527 | )
Foreign |  |  | 1,492 |  |  |  | 1,052 |  |  |  | 1,055 |
|  | $ | 23,019 |  |  | $ | (8,502 | ) |  | $ | 20,912 |
Current |  | $ | 7,642 |  |  | $ | 4,815 |  |  | $ | 5,326 |
Deferred |  |  | 15,377 |  |  |  | (13,317 | ) |  |  | 15,586 |
|  | $ | 23,019 |  |  | $ | (8,502 | ) |  | $ | 20,912 |
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.

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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