Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 22

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 to Operating revenues and other as reported in Note 11:Three Months Ended March 3120252024(In millions)     Non-insurance warranty – CNA Financial$397 $407  Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines$609 $501 Lodging and related services – Loews Hotels & Co237 209 Total revenues from contracts with customers846 710 Other revenues26 26 Operating revenues and other$872 $736 Receivables from contracts with customers – As of March 31, 2025 and December 31, 2024, receivables from contracts with customers were approximately $252 million and $240 million and are included within Receivables on the Consolidated Condensed Balance Sheets.Deferred revenue – As of March 31, 2025 and December 31, 2024, deferred revenue resulting from contracts with customers were approximately $4.6 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $413 million and $410 million of revenues recognized during the three months ended March 31, 2025 and 2024 were included in deferred revenue as of December 31, 2024 and 2023.Performance obligations – As of March 31, 2025, approximately $18.7 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $2.3 billion will be recognized during the remaining nine months of 2025, $2.4 billion in 2026 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

25

8. Benefit Plans

The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees.The following table presents the components of net periodic (benefit) cost for the defined benefit plans:Pension Benefits Other Postretirement Benefits Three Months Ended March 312025202420252024(In millions)Service cost$1 $1 Interest cost11 24 $1 $1 Expected return on plan assets(15)(29)(