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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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