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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components Of Income Before 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 |
Components Of Income Tax Expense (Benefit) | 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 |
Reconciliations Of United States Corporate Income Tax Rate To Effective Tax Rate On Income Before Income Taxes | 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 | %
Components Of Domestic And Foreign Deferred Tax Assets And Liabilities | 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 |

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