Income taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of income tax liability |
Our liabilities for income taxes are summarized as follows (in millions).
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Currently payable |
|
$ |
902 |
|
|
$ |
1,806 |
|
Deferred |
|
|
85,597 |
|
|
|
83,563 |
|
Other |
|
|
456 |
|
|
|
501 |
|
|
|
$ |
86,955 |
|
|
$ |
85,870 |
|
|
| Schedule of deferred income tax assets and liabilities |
Our deferred income tax assets and liabilities are summarized by type of temporary difference as follows (in millions).
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Deferred income tax liabilities: |
|
|
|
|
|
|
Investments, including unrealized appreciation |
|
$ |
48,411 |
|
|
$ |
47,158 |
|
Deferred charges - retroactive reinsurance |
|
|
1,702 |
|
|
|
1,847 |
|
Property, plant and equipment and equipment held for lease |
|
|
34,834 |
|
|
|
33,590 |
|
Goodwill and other intangible assets |
|
|
7,399 |
|
|
|
7,498 |
|
Other |
|
|
4,528 |
|
|
|
5,043 |
|
|
|
|
96,874 |
|
|
|
95,136 |
|
Deferred income tax assets: |
|
|
|
|
|
|
Unpaid insurance losses and loss adjustment expenses |
|
|
1,270 |
|
|
|
1,226 |
|
Unearned insurance premiums |
|
|
1,323 |
|
|
|
1,284 |
|
Accrued liabilities |
|
|
2,535 |
|
|
|
2,713 |
|
Regulatory liabilities |
|
|
1,388 |
|
|
|
1,364 |
|
Deferred revenue |
|
|
2,916 |
|
|
|
2,539 |
|
Other |
|
|
1,845 |
|
|
|
2,447 |
|
|
|
|
11,277 |
|
|
|
11,573 |
|
Net deferred income tax liability |
|
$ |
85,597 |
|
|
$ |
83,563 |
|
|
| Schedule of tax provision by jurisdiction category and classification |
A summary of income tax expense (benefit) in each of the three years ending December 31, 2025 follows (in millions).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
U.S. federal |
|
$ |
13,044 |
|
|
$ |
18,481 |
|
|
$ |
20,764 |
|
U.S. state |
|
|
973 |
|
|
|
767 |
|
|
|
763 |
|
Foreign |
|
|
1,182 |
|
|
|
1,567 |
|
|
|
1,492 |
|
|
|
$ |
15,199 |
|
|
$ |
20,815 |
|
|
$ |
23,019 |
|
|
|
|
|
|
|
|
|
|
|
Current |
|
$ |
13,332 |
|
|
$ |
30,464 |
|
|
$ |
7,642 |
|
Deferred |
|
|
1,867 |
|
|
|
(9,649 |
) |
|
|
15,377 |
|
|
|
$ |
15,199 |
|
|
$ |
20,815 |
|
|
$ |
23,019 |
|
|
| Summary of income taxes paid |
A summary of income taxes paid in each of the three years ending December 31, 2025 follows (in millions). In each of the three years ending December 31, 2025, the U.S. was the only jurisdiction in which income taxes paid exceeded 5% of the total paid.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
U.S. federal |
|
$ |
11,753 |
|
|
$ |
26,482 |
|
|
$ |
5,639 |
|
U.S. state |
|
|
825 |
|
|
|
891 |
|
|
|
883 |
|
Foreign |
|
|
1,400 |
|
|
|
1,171 |
|
|
|
1,243 |
|
|
|
$ |
13,978 |
|
|
$ |
28,544 |
|
|
$ |
7,765 |
|
|
| Schedule of income tax reconciled to federal statutory amount |
Income tax expense (benefit) is reconciled to the U.S. federal statutory tax rate for each of the three years ending December 31, 2025 in the table below (dollars in millions).
|
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|
|
|
|
|
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|
|
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|
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|
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|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
|
Amount |
|
|
% |
|
Earnings before income taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic |
|
$ |
77,083 |
|
|
|
|
|
$ |
105,065 |
|
|
|
|
|
$ |
115,412 |
|
|
|
|
Foreign |
|
|
5,376 |
|
|
|
|
|
|
5,311 |
|
|
|
|
|
|
4,754 |
|
|
|
|
|
|
$ |
82,459 |
|
|
|
|
|
$ |
110,376 |
|
|
|
|
|
$ |
120,166 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. federal income tax at the statutory tax rate |
|
$ |
17,316 |
|
|
|
21.0 |
% |
|
$ |
23,179 |
|
|
|
21.0 |
% |
|
$ |
25,235 |
|
|
|
21.0 |
% |
State and local income taxes, net of U.S. federal
effect (1) |
|
|
769 |
|
|
|
0.9 |
|
|
|
606 |
|
|
|
0.5 |
|
|
|
603 |
|
|
|
0.5 |
|
U.S. federal income tax credits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy production tax credits |
|
|
(2,084 |
) |
|
|
(2.5 |
) |
|
|
(2,039 |
) |
|
|
(1.8 |
) |
|
|
(1,817 |
) |
|
|
(1.5 |
) |
Other |
|
|
(597 |
) |
|
|
(0.7 |
) |
|
|
(536 |
) |
|
|
(0.5 |
) |
|
|
(369 |
) |
|
|
(0.3 |
) |
U.S. federal nontaxable or nondeductible items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends received deduction |
|
|
(460 |
) |
|
|
(0.6 |
) |
|
|
(491 |
) |
|
|
(0.4 |
) |
|
|
(678 |
) |
|
|
(0.6 |
) |
Other |
|
|
257 |
|
|
|
0.3 |
|
|
|
(38 |
) |
|
|
— |
|
|
|
(260 |
) |
|
|
(0.2 |
) |
Other differences, net |
|
|
(2 |
) |
|
|
— |
|
|
|
134 |
|
|
|
0.1 |
|
|
|
305 |
|
|
|
0.3 |
|
|
|
$ |
15,199 |
|
|
|
18.4 |
% |
|
$ |
20,815 |
|
|
|
18.9 |
% |
|
$ |
23,019 |
|
|
|
19.2 |
% |
—————— (1) In each year, no fewer than five states, in the aggregate, represented the majority of state income taxes.
|