Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 365

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 365
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 For 2023, the Company was selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance did not support use of IRS resources. The Company believes that participation in CAP should reduce tax-related uncertainties, if any. Although the outcome of tax audits is always uncertain, the Company believes that any adjustments resulting from audits will not have a material impact on its results of operations, financial position or cash flows. The Company and/or its subsidiaries also file income tax returns in various state, local and foreign jurisdictions. These returns, with few exceptions, are no longer subject to examination by the various taxing authorities before 2020.

138

The current and deferred components of income tax expense are as follows:Year Ended December 31202420232022(In millions)       Income tax expense (benefit):   Federal:   Current$320 $267 $241 Deferred(10)81 (60)State and city:Current47 20 25 Deferred(40)31 15 Foreign63 52 2 Total$380 $451 $223 The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense is as follows:Year Ended December 31202420232022(In millions)       Income before income tax:   U.S.$1,672 $1,798 $973 Foreign202 198 141 Total$1,874 $1,996 $1,114  Income tax expense at statutory rate$393 $419 $235 Increase (decrease) in income tax expense resulting from:Exempt investment income(22)(28)(38)Foreign related tax differential(5)1 (15)Valuation allowance1 2 1 State taxes8 48 36 Other5 9 4 Income tax expense$380 $451 $223 For the year ended December 31, 2024, income tax expense includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025 resulting from legislation enacted during the fourth quarter of 2024.As of December 31, 2024, no deferred taxes are required on the undistributed earnings of subsidiaries subject to tax.

139

As of December 31, 2024, 2023 and 2022, there were no unrecognized tax benefits