XML 70 R45.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
U.S. operations | $ | 2,428,694 |  |  | $ | 1,711,849 |  |  | $ | (109,311) |
Foreign operations | 1,209,006 |  |  | 941,857 |  |  | (42,255) |
Income (loss) before income taxes | $ | 3,637,700 |  |  | $ | 2,653,706 |  |  | $ | (151,566) |
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 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. U.S. income tax includes applicable state income tax expense.
| Years Ended December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
U.S. income tax | $ | 271,801 |  |  | $ | 249,149 |  |  | $ | 222,074 |
Foreign income tax | 123,933 |  |  | 69,669 |  |  | 12,042 |
Total current tax expense | 395,734 |  |  | 318,818 |  |  | 234,116 |
Deferred: |  |  |  |  |
U.S. income tax | 399,169 |  |  | 250,041 |  |  | (301,423) |
Foreign income tax | (4,609) |  |  | (16,243) |  |  | 19,098 |
Total deferred tax expense (benefit) | 394,560 |  |  | 233,798 |  |  | (282,325) |
Income tax expense (benefit) | $ | 790,294 |  |  | $ | 552,616 |  |  | $ | (48,209) |
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) | 2024 |  | 2023 |  | 2022
U.S. corporate tax rate | $ | 763,917 |  | 21.0 | % |  | $ | 557,278 |  | 21.0 | % |  | $ | (31,829) |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |
State income taxes, net of U.S. federal income tax benefit | 39,770 |  | 1.1 |  | 27,007 |  | 1.0 |  | 3,369 |  | (2.2)
Tax-exempt investment income | (14,830) |  | (0.4) |  | (15,328) |  | (0.6) |  | (16,063) |  | 10.6
Foreign operations | 12,985 |  | 0.3 |  | 10,854 |  | 0.4 |  | 5,335 |  | (3.5)
Impairment of goodwill | — |  | — |  | — |  | — |  | 16,800 |  | (11.1)
Markel CATCo Re income not subject to tax | (12,201) |  | (0.3) |  | (15,013) |  | (0.6) |  | (18,871) |  | 12.5
Other | 653 |  | 0.0 |  | (12,182) |  | (0.4) |  | (6,950) |  | 4.5
Income tax expense (benefit) | $ | 790,294 |  | 21.7 | % |  | $ | 552,616 |  | 20.8 | % |  | $ | (48,209) |  | 31.8 | %
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) | 2024 |  | 2023
Assets: |  |  |
Unpaid losses and loss adjustment expenses | $ | 233,583 |  |  | $ | 216,863 |
Lease liabilities | 172,131 |  |  | 161,350 |
Unearned premiums | 164,485 |  |  | 168,172 |
Accrued incentive compensation | 51,943 |  |  | 52,853 |
Tax credit carryforwards | 45,481 |  |  | 25,396 |
Net operating loss carryforwards | 37,168 |  |  | 43,439 |
Life and annuity benefits | 29,143 |  |  | 39,729 |
Other differences between financial reporting and tax bases | 106,667 |  |  | 93,693 |
Total gross deferred tax assets | 840,601 |  |  | 801,495 |
Less valuation allowance | (33,292) |  |  | (13,916) |
Total gross deferred tax assets, net of allowance | 807,309 |  |  | 787,579 |
Liabilities: |  |  |
Investments | 1,566,540 |  |  | 1,196,717 |
Deferred policy acquisition costs | 173,742 |  |  | 176,382 |
Goodwill and other intangible assets | 170,941 |  |  | 175,767 |
Right-of-use lease assets | 162,628 |  |  | 152,939 |
Property, plant and equipment | 160,615 |  |  | 152,149 |
Other differences between financial reporting and tax bases | 113,873 |  |  | 104,024 |
Total gross deferred tax liabilities | 2,348,339 |  |  | 1,957,978 |
Net deferred tax liability | $ | 1,541,030 |  |  | $ | 1,170,399 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration