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Senior Long-Term Debt And Other Debt | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Senior Long-Term Debt And Other Debt | Senior Long-Term Debt and Other Debt The following table summarizes the Company's senior long-term debt and other debt.
| December 31,
(dollars in thousands) | 2023 |  | 2022
3.625% unsecured senior notes, due March 30, 2023, interest payable semi-annually, net of unamortized discount of $50 in 2022 | — |  |  | 249,940 |
3.50% unsecured senior notes, due November 1, 2027, interest payable semi-annually, net of unamortized discount of $876 in 2023 and $1,161 in 2022 | 298,869 |  |  | 298,502 |
3.35% unsecured senior notes, due September 17, 2029, interest payable semi-annually, net of unamortized discount of $1,421 in 2023 and $1,668 in 2022 | 298,294 |  |  | 297,997 |
7.35% unsecured senior notes, due August 15, 2034, interest payable semi-annually, net of unamortized discount of $731 in 2023 and $800 in 2022 | 129,076 |  |  | 129,004 |
5.0% unsecured senior notes, due March 30, 2043, interest payable semi-annually, net of unamortized discount of $4,311 in 2023 and $4,535 in 2022 | 245,451 |  |  | 245,214 |
5.0% unsecured senior notes, due April 5, 2046, interest payable semi-annually, net of unamortized discount of $5,445 in 2023 and $5,689 in 2022 | 493,860 |  |  | 493,585 |
4.30% unsecured senior notes, due November 1, 2047, interest payable semi-annually, net of unamortized discount of $3,516 in 2023 and $3,669 in 2022 | 295,870 |  |  | 295,691 |
5.0% unsecured senior notes, due May 20, 2049, interest payable semi-annually, net of unamortized discount of $6,639 in 2023 and $6,900 in 2022 | 592,233 |  |  | 591,927 |
4.15% unsecured senior notes, due September 17, 2050, interest payable semi-annually, net of unamortized discount of $4,740 in 2023 and $4,917 in 2022 | 494,546 |  |  | 494,342 |
3.45% unsecured senior notes, due May 7, 2052, interest payable semi-annually, net of unamortized discount of $7,904 in 2023 and $8,182 in 2022 | 591,000 |  |  | 590,689 |
Other debt, with a weighted average interest rate of 5.0% in 2023 and 3.4% in 2022 | 340,597 |  |  | 416,738 |
Senior long-term debt and other debt | $ | 3,779,796 |  |  | $ | 4,103,629 |
In March 2023, the Company retired its 3.625% unsecured senior notes due March 30, 2023 ($249.9 million aggregate principal outstanding at December 31, 2022). The Company's 7.35% unsecured senior notes due August 15, 2034 are not redeemable. The Company's other unsecured senior notes are redeemable by the Company at any time, subject to payment of a make-whole premium to the noteholders. None of the Company's senior long-term debt is subject to any sinking fund requirements. The Company's other debt is primarily comprised of debt associated with its Markel Ventures subsidiaries. As of December 31, 2023 and 2022, debt at the Company's Markel Ventures subsidiaries was $339.0 million and $414.1 million, respectively, which includes amounts outstanding on their respective credit facilities. The Markel Ventures debt is non-recourse to the holding company and generally is secured by the assets of those subsidiaries. Various of the Company's Markel Ventures subsidiaries maintain revolving credit facilities or lines of credit, which provide up to $680 million of aggregate capacity for working capital and other general operational purposes. A portion of the capacity on certain of these credit facilities may be used as security for letters of credit and other obligations. At December 31, 2023 and 2022, $169.5 million and $238.1 million, respectively, of borrowings were outstanding under these credit facilities. As of December 31, 2023, all of the Company's subsidiaries were in compliance with all covenants contained in their respective credit facilities. The estimated fair value of the Company's senior long-term debt and other debt was $3.4 billion and $3.5 billion at December 31, 2023 and 2022, respectively. The following table summarizes the future principal payments due at maturity on senior long-term debt and other debt as of December 31, 2023.
(dollars in thousands) | Senior long-term debt |  | Other debt |  | Total
Years Ending December 31, |  |
2024 | $ | — |  |  | $ | 76,150 |  |  | $ | 76,150 |
2025 | — |  |  | 28,944 |  |  | 28,944 |
2026 | — |  |  | 28,567 |  |  | 28,567 |
2027 | 300,000 |  |  | 154,386 |  |  | 454,386 |
2028 | — |  |  | 16,178 |  |  | 16,178 |
2029 and thereafter | 3,179,846 |  |  | 39,638 |  |  | 3,219,484 |
Total principal payments | 3,479,846 |  |  | 343,863 |  |  | 3,823,709 |
Net unamortized discount | (35,585) |  |  | — |  |  | (35,585) |
Net unamortized debt issuance costs | (5,062) |  |  | (3,266) |  |  | (8,328) |
Total | $ | 3,439,199 |  |  | $ | 340,597 |  |  | $ | 3,779,796 |
In June 2023, Markel Group and certain insurance subsidiaries entered into an amended and restated credit agreement for its corporate revolving credit facility, which provides up to $300 million of capacity for future acquisitions, investments and stock repurchases, and for other working capital and general corporate purposes. At the Company's discretion, up to $200 million of the total capacity may be used for letters of credit. The Company may increase the capacity of the facility by up to $200 million subject to obtaining commitments for the increase and certain other terms and conditions. The Company pays interest on balances outstanding under the facility and a utilization fee for letters of credit issued under the facility. The Company also pays a commitment fee (0.20% at December 31, 2023) on the unused portion of the facility based on the Company's leverage ratio as calculated under the credit agreement. The credit agreement includes financial covenants that require that the Company not exceed a maximum debt to capitalization (leverage) ratio and maintain a minimum amount of consolidated net worth, as well as other customary covenants and events of default. Markel Group guaranteed the obligations under the facility of the insurance subsidiaries that are also parties to the credit agreement. This facility expires in June 2028. The credit agreement for this revolving credit facility amended and restated the credit agreement for the Company's previous $300 million revolving credit facility. At December 31, 2023 and 2022, the Company had no borrowings outstanding under this revolving credit facility. As of December 31, 2023, the Company was in compliance with all covenants contained in its corporate revolving credit facility. To the extent that Markel Group or any of its subsidiaries are not in compliance with the covenants under their respective credit facilities, access to such credit facilities could be restricted. The Company paid $187.8 million, $197.3 million and $178.6 million in interest on its senior long-term debt and other debt during the years ended December 31, 2023, 2022 and 2021, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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