Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 366

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 366
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. Accrued interest related to unrecognized tax benefits and tax refund claims is recognized in Income tax expense on the Consolidated Statements of Operations. Penalties are recognized in Income tax expense on the Consolidated Statements of Operations. No interest expense and no penalties were recorded for the years ended December 31, 2024, 2023 and 2022.The following table summarizes deferred tax assets and liabilities:December 3120242023(In millions)     Deferred tax assets:  Insurance reserves:  Property and casualty claim and claim adjustment expense reserves$234 $202 Unearned premium reserves225 213 Policyholder reserves160 Deferred revenue85 70 Employee benefits79 86 Deferred retroactive reinsurance benefit89 88 Net operating loss carryforwards35 44 Net unrealized losses485 416 Other153 159 Total deferred tax assets1,385 1,438 Valuation allowance(19)(18)Net deferred tax assets1,366 1,420    Deferred tax liabilities:  Deferred acquisition costs(140)(126)Policyholder reserves(48)Property, plant and equipment(963)(938)Basis differential in investment in subsidiary(481)(502)Other liabilities(245)(198)Total deferred tax liabilities(1,877)(1,764) Net deferred tax liabilities (a)$(511)$(344)(a) Includes deferred tax assets reflected in Other assets on the Consolidated Balance Sheets at December 31, 2024 and 2023$39 $54  As of December 31, 2024, a U.S. foreign tax credit carryforward of $8 million expires in 2034. Net operating loss carryforwards in foreign tax jurisdictions of $138 million and tax credit carryforwards in such jurisdictions of $10 million have no expiration. Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized deferred tax assets will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. As of December 31, 2024, a valuation allowance of $19 million was recorded related to state net operating losses and disallowed business interest expense from joint ventures.

140

Note 12. Debt

December 3120242023(In millions)     Loews Corporation (Parent Company):  Senior:  3.8% notes due 202