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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | Income Taxes Income (loss) before income taxes includes the following components, based on country of domicile.
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
U.S. operations | $ | 1,711,849 |  |  | $ | (109,311) |  |  | $ | 2,263,748 |
Foreign operations | 941,857 |  |  | (42,255) |  |  | 866,080 |
Income (loss) before income taxes | $ | 2,653,706 |  |  | $ | (151,566) |  |  | $ | 3,129,828 |
Income tax expense (benefit) includes the following components, based on the taxing authority to which taxes are paid. The Company's most significant U.K. and Bermuda subsidiaries have elected to be taxed as domestic corporations for U.S. tax purposes. U.S. income tax also includes state income tax expense. U.S. income taxes have not been recognized on any undistributed earnings of the Company's foreign subsidiaries that are considered indefinitely reinvested, the amount of which is not material to the consolidated financial statements.
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
U.S. income tax | $ | 249,149 |  |  | $ | 222,074 |  |  | $ | 200,742 |
Foreign income tax | 69,669 |  |  | 12,042 |  |  | 29,811 |
Total current tax expense | 318,818 |  |  | 234,116 |  |  | 230,553 |
Deferred: |  |  |  |  |
U.S. income tax | 250,041 |  |  | (301,423) |  |  | 437,743 |
Foreign income tax | (16,243) |  |  | 19,098 |  |  | 15,665 |
Total deferred tax expense (benefit) | 233,798 |  |  | (282,325) |  |  | 453,408 |
Income tax expense (benefit) | $ | 552,616 |  |  | $ | (48,209) |  |  | $ | 683,961 |
The Company made net income tax payments of $280.7 million, $251.5 million and $204.9 million in 2023, 2022 and 2021, respectively. Income taxes payable were $29.4 million and $2.2 million at December 31, 2023 and 2022, respectively, and were included in other liabilities on the consolidated balance sheets. Income taxes receivable were $0.3 million and $9.9 million at December 31, 2023 and 2022, respectively, and were included in other assets on the consolidated balance sheets. The following table presents a reconciliation of the Company's income taxes using the U.S. corporate income tax rate to the Company's income tax expense (benefit).
| Years Ended December 31,
(dollars in thousands) | 2023 |  | 2022 |  | 2021
U.S. corporate tax rate | $ | 557,278 |  | 21.0 | % |  | $ | (31,829) |  | 21.0 | % |  | $ | 657,264 |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
State income taxes, net of U.S. federal income tax benefit | 27,007 |  | 1.0 |  | 3,369 |  | (2.2) |  | 12,689 |  | 0.4
Tax-exempt investment income | (15,328) |  | (0.6) |  | (16,063) |  | 10.6 |  | (16,109) |  | (0.5)
Foreign operations | 10,854 |  | 0.4 |  | 5,335 |  | (3.5) |  | 14,443 |  | 0.5
Impairment of goodwill | — |  | 0.0 |  | 16,800 |  | (11.1) |  | — |  | 0.0
Markel CATCo Re income not subject to tax | (15,013) |  | (0.6) |  | (18,871) |  | 12.5 |  | — |  | 0.0
Other | (12,182) |  | (0.4) |  | (6,950) |  | 4.5 |  | 15,674 |  | 0.5
Income tax expense (benefit) | $ | 552,616 |  | 20.8 | % |  | $ | (48,209) |  | 31.8 | % |  | $ | 683,961 |  | 21.9 | %
The following table presents the components of domestic and foreign deferred tax assets and liabilities.
| December 31,
(dollars in thousands) | 2023 |  | 2022
Assets: |  |  |
Unpaid losses and loss adjustment expenses | $ | 216,863 |  |  | $ | 170,518 |
Unearned premiums | 168,172 |  |  | 161,243 |
Lease liabilities | 161,350 |  |  | 132,735 |
Life and annuity benefits | 39,729 |  |  | 32,149 |
Accrued incentive compensation | 52,853 |  |  | 39,469 |
Net operating loss carryforwards | 43,439 |  |  | 25,305 |
Tax credit carryforwards | 25,396 |  |  | 18,264 |
Other differences between financial reporting and tax bases | 93,693 |  |  | 65,250 |
Total gross deferred tax assets | 801,495 |  |  | 644,933 |
Less valuation allowance | (13,916) |  |  | (16,943) |
Total gross deferred tax assets, net of allowance | 787,579 |  |  | 627,990 |
Liabilities: |  |  |
Investments | 1,196,717 |  |  | 761,421 |
Goodwill and other intangible assets | 175,767 |  |  | 180,186 |
Deferred policy acquisition costs | 176,382 |  |  | 161,220 |
Property, plant and equipment | 152,149 |  |  | 144,259 |
Right-of-use lease assets | 152,939 |  |  | 127,398 |
Other differences between financial reporting and tax bases | 104,024 |  |  | 113,065 |
Total gross deferred tax liabilities | 1,957,978 |  |  | 1,487,549 |
Net deferred tax liability | $ | 1,170,399 |  |  | $ | 859,559 |
Deferred tax assets and liabilities are recorded on the consolidated balance sheets on a net basis by taxing jurisdiction. As of December 31, 2023 and 2022, the Company's consolidated balance sheets included net deferred tax liabilities of $1.2 billion and $896.7 million, respectively, in other liabilities and net deferred tax assets of $23.5 million and $37.2 million, respectively, in other assets. At December 31, 2023, the Company had tax credit carryforwards of $25.4 million, substantially all of which related to foreign tax credits to be used against U.S. income tax. The Company expects to utilize all tax credit carryforwards before expiration. The earliest any of these credits will expire is 2033. At December 31, 2023, the Company had deferred tax assets of $32.9 million for U.S. state net operating loss carryforwards and $9.7 million for foreign net operating loss carryforwards, which are available to offset future taxable income in certain U.S. state and foreign jurisdictions, respectively. The Company's ability to benefit from the majority of these net operating loss carryforwards is not subject to expiration. As described below, the deferred tax assets related to losses at certain of the Company's subsidiaries and branches are offset by valuation allowances. At December 31, 2023, the Company had total gross deferred tax assets of $801.5 million. The Company has a valuation allowance of $13.9 million to offset gross deferred tax assets primarily attributable to cumulative net operating losses at certain of the Company's subsidiaries and branches. The Company believes that it is more likely than not that it will realize the remaining $787.6 million of gross deferred tax assets through generating taxable income or the reversal of existing temporary differences attributable to the gross deferred tax liabilities. Additionally, the Company's net deferred tax liability for investments includes deferred tax assets attributed to its unrealized losses on fixed maturity securities. The Company has the ability and intent to execute a tax planning strategy such that it is more likely than not that all of these deferred tax assets will be realized. At December 31, 2023, the Company did not have any material unrecognized tax benefits. The Company does not anticipate any changes in unrecognized tax benefits during 2024 that would have a material impact on the Company's income tax provision. The Company is subject to income tax in the U.S. and in foreign jurisdictions. The Internal Revenue Service is currently examining the Company's 2017 U.S. federal income tax return. The Company believes its income tax liabilities are adequate as of December 31, 2023, however, these liabilities could be adjusted as a result of this examination. With few exceptions, including the 2017 U.S. federal income tax return, the Company is no longer subject to income tax examination by tax authorities for years ended before January 1, 2020.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 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(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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