LOEWS CORP

Note 14. Revenue from Contracts with Customers

Disaggregation of revenues– Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 20:

Receivables from contracts with customers – As of December 31, 2024 and 2023, receivables from contracts with customers were approximately $240 million and $228 million and are included within Receivables on the Consolidated Balance Sheets.

Deferred revenue – As of December 31, 2024 and 2023, deferred revenue resulting from contracts with customers was approximately $4.6 billion and $4.8 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Balance Sheets. The decrease in the deferred revenue balance for the year ended December 31, 2024 was primarily driven by recognized revenue from prior periods outpacing new growth in CNA’s non-insurance warranty business. Approximately $1.5 billion and$1.4 billionof revenues recognized during each of the years ended December 31, 2024 and 2023 were included in deferred revenue as of January 1,2024 and 2023.

Contract costs – As of December 31, 2024 and 2023, the Company had approximately $3.5 billion and$3.7 billion of costs to obtain contracts with customers related to CNA for amounts paid to dealers and other agents to obtain non-insurance warranty contracts, which are reported as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. For the years ended December 31, 2024 and 2023, amortization expense of $1.2 billion is reported as Non-insurance warranty expense on the Consolidated Statement of Operations. There wereno adjustments to deferred costs recorded for the years ended December 31, 2024 and 2023.

Performance obligations– As of December 31, 2024, approximately $18.6 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 NGLs and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $2.9 billion will be recognized during 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.