Financial Analysis

Commitments and Contingencies CNA Guarantees CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of December 31, 2025, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.9 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. Boardwalk Pipelines Boardwalk Pipelines future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received. As of December 31, 2025, the commitments totaled approximately $355 million , which are expected to be settled through 2028. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt December 31 2025 2024 (In millions) Loews Corporation (Parent Company): Senior: 3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500) $ 500 $ 500 3.2% notes due 2030 (effective interest rate of 3.3%) (authorized, $500) 500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) 300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) 500 500 CNA Financial: Senior: 4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500) 500 3.5% notes due 2027 (effective interest rate of 3.5%) (authorized, $500) 500 500 3.9% notes due 2029 (effective interest rate of 3.9%) (authorized, $500) 500 500 2.1% notes due 2030 (effective interest rate of 2.1%) (authorized, $500) 500 500 5.5% notes due 2033 (effective interest rate of 5.7%) (authorized, $500) 500 500 5.1% notes due 2034 (effective interest rate of 5.3%) (authorized, $500) 500 500 5.2% notes due 2035 (effective interest rate of 5.2%) (authorized, $500) 500 Boardwalk Pipelines: Senior: 6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550) 550 550 4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500) 500 500 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) 100 100 4.8% notes due 2029 (effective interest rate of 4.9%) (authorized, $500) 500 500 3.4% notes due 2031 (effective interest rate of 3.5%) (authorized, $500) 500 500 3.6% notes due 2032 (effective interest rate of 3.7%) (authorized, …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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 19: Year Ended December 31 2025 2024 2023 (In millions) Non-insurance warranty CNA Financial $ 1,577 $ 1,609 $ 1,624 Transportation and storage of natural gas and NGLs and ethane supply and transportation services Boardwalk Pipelines $ 2,263 $ 1,987 $ 1,582 Lodging and related services Loews Hotels & Co 911 906 778 Total revenues from contracts with customers 3,174 2,893 2,360 Other revenues 105 98 95 Operating revenues and other $ 3,279 $ 2,991 $ 2,455 …

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Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: Level 1 Quoted prices for identical instruments in active markets. Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted. Control procedures are performed over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair v …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Loews Corporation and its eligible subsidiaries file a consolidated federal income tax return. Loews Corporation has entered into a separate tax allocation agreement with CNA. The agreement provides that Loews Corporation will: (i) pay to CNA the amount, if any, by which Loews Corporations consolidated federal income tax is reduced by virtue of inclusion of CNA in Loews Corporations return or (ii) be paid by CNA an amount, if any, equal to the federal income tax that would have been payable by CNA if it had filed a separate consolidated return. The agreement may be canceled by either of the parties upon thirty days written notice. For 2023 through 2025 , the Company participates in the Internal Revenue Service (IRS) Compliance Assurance Process (CAP), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. 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 inc …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Legal Proceedings Loews Hotels & Co On February 20, 2024, Jeanette Portillo and other plaintiffs filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington. On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. 1. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. On March 31, 2025, the court granted the defendants motion to dismiss in Segal , and granted plaintiff leave to amend the complaint. On April 28, 2025, Segal filed a third amended complaint alleging that Loews Hotels & Co and other defendants violated the Sherman Act. Defendants jointly filed a motion to dismiss the third amended complaint in Segal on June 12, 2025. The court has not ruled on the motion to dismiss the third amended complaint in Segal. On August 29, 2025, the court granted the defendants motion to dismiss in Portillo and granted plaintiffs leave to amend their complaint. On October 3, 2025, plaintiffs in Portillo filed an amended class action complaint alleging violations of the Sherman Act by Loews Hotels & Co and others. Defendants moved to dismiss the amended complaint in Por …

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Leases Lease agreements primarily cover office facilities and machinery and equipment and expire at various dates. Leases, predominantly operating leases, are included in Other assets and Other liabilities on the Consolidated Balance Sheets. The lease agreements do not contain significant residual value guarantees, restrictions or covenants. Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is typically the applicable secured borrowing rate, as most of the leases do not provide an implicit rate. The operating lease right of use asset was $301 million and $320 million and the operating lease liability was $375 million and $406 million at December 31, 2025 and 2024. Total lease expense was $77 million, $79 million and $87 million for the years ended December 31, 2025, 2024 and 2023 which includes operating lease expense of $53 million, $51 million and $58 million, variable lease expense of $20 million, $23 million and $24 million and short-term lease expense of $4 million, $5 million and $5 million. Cash paid for amounts included in operating lease liabilities was $59 million, $80 million and $60 million for years ended December 31, 2025, 2024 and 2023. Operating lease right of use assets obtained in exchange for lease obligations was $27 million, $73 million and $39 mill …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting changes In December of 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income. The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The update required a cumulative-effect adjustment to the opening balance at the date of adoption. The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $5 million . In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires expanded income tax disclosures, including disaggregation of the effective tax rate reconciliation and income tax es paid. The guidance is effective for fiscal years beginning after December 15, 2024. The guidance was adopted retrospectively, with comparative period income tax disclosures adjusted to reflect the change in accounting guidance. See Note 10 for additional information. Recently issued ASUs In November of 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Benefit Plans Pension Plans Several non-contributory defined benefit plans are maintained for eligible employees. For benefits in certain plans, the accrued pension balance is credited with interest based on specified annual interest rates (which are established annually for all participants). The benefits for another plan which covers salaried employees are based on formulas which include, among others, years of service and average pay. The funding policy is to make contributions in accordance with applicable governmental regulatory requirements. Other Postretirement Benefit Plans Several postretirement benefit plans cover eligible employees and retirees. Participants generally become eligible after reaching age 55 with required years of service. Actual requirements for coverage vary by plan. Benefits for retirees who were covered by bargaining agreements vary by each unit and contract. Benefits for certain retirees are in the form of a health care account. Benefits for retirees reaching age 65 are generally integrated with Medicare. Other retirees, based on plan provisions, must use Medicare as their primary coverage, with a portion of the unpaid amount being reimbursed by the employer; or are reimbursed for the Medicare Part B premium or have no employer coverage. The benefits provided are basically health and, for certain retirees, life insurance type benefits. Certain of these benefit plans are funded and postretirement benefits are accrued during the active service of t …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

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 19: Year Ended December 31 2025 2024 2023 (In millions) Non-insurance warranty CNA Financial $ 1,577 $ 1,609 $ 1,624 Transportation and storage of natural gas and NGLs and ethane supply and transportation services Boardwalk Pipelines $ 2,263 $ 1,987 $ 1,582 Lodging and related services Loews Hotels & Co 911 906 778 Total revenues from contracts with customers 3,174 2,893 2,360 Other revenues 105 98 95 Operating revenues and other $ 3,279 $ 2,991 $ 2,455 Receivables from contracts with customers As of December 31, 2025 and 2024, receivables from contracts with customers were approximately $252 million and $240 million and are included within Receivables on the Consolidated Balance Sheets. Deferred revenue As of December 31, 2025 and 2024, deferred revenue resulting from contracts with customers was approximately $4.2 billion and $4.6 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 fo …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segments Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is comprised of Loews Corporation, excluding its consolidated subsidiaries, and includes the equity method of accounting for Altium Packaging. Each of the consolidated operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. CNAs business is the sale of property and casualty insurance products and services, including surety, primarily through a network of independent agents, retail and wholesale brokers and managing general underwriters. CNAs operations also include its long-term care business that is in run-off, certain corporate expenses, including interest on CNAs corporate debt, and the results of certain property and casualty businesses in run-off, including A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves. Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. It also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas. Boardwalk Pipelines owns approximately 14,275 miles of natural gas and NGL pipelines and underground storage caverns. Boardwalk Pipel …

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Shareholders Equity Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the years ended December 31, 2023, 2024 and 2025: Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long duration contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, January 1, 2023 $ (7) $ (2,469) $ (36) $ 14 $ (622) $ (200) $ (3,320) Other comprehensive income (loss) before reclassifications, after tax of $6, $(290), $85, $2, $(10) and $0 (24) 1,072 (318) (5) 41 60 826 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(5), $(14), $0, $0, $(18) and $0 19 53 63 135 Other comprehensive income (loss) (5) 1,125 (318) (5) 104 60 961 Amounts attributable to noncontrolling interests (93) 26 (5) (5) (77) Purchase of CNA shares (46) (1) (10) (4) (61) Balance, December 31, 2023 $ (12) $ (1,483) $ (329) $ 9 $ (533) $ (149) $ (2,497) Other comprehensive income (loss) before reclassifications, after tax of $9, $81, $(189), $(1), $(6) and $1 (34) (309) 712 22 (102) 289 Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(9), $(13), $0, $0, $(86) and $0 33 47 318 398 Other comprehensive income (loss) …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies CNA Guarantees CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of September 30, 2025, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.9 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. Boardwalk Pipelines Boardwalk Pipelines future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received. As of September 30, 2025, the commitments totaled approximately $273 million, which are expected to be settled through 2028. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt In August of 2025 , CNA completed a public offering of $500 million aggregate principal amount of its 5.2% senior notes due August 15, 2035.

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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 12 : Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Non-insurance warranty CNA Financial $ 393 $ 401 $ 1,188 $ 1,212 Transportation and storage of natural gas and NGLs and ethane supply and transportation services Boardwalk Pipelines $ 530 $ 463 $ 1,662 $ 1,431 Lodging and related services Loews Hotels & Co 202 220 685 673 Total revenues from contracts with customers 732 683 2,347 2,104 Other revenues 27 23 79 74 Operating revenues and other $ 759 $ 706 $ 2,426 $ 2,178 …

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Fair Value Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2025 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 227 $ 24,780 $ 1,400 $ 26,407 States, municipalities and political subdivisions 8,332 44 8,376 Asset-backed 7,894 959 8,853 Fixed maturities available-for-sale 227 41,006 2,403 43,636 Fixed maturities trading 415 65 480 Total fixed maturities $ 642 $ 41,071 $ 2,403 $ 44,116 Equity securities $ 792 $ 493 $ 10 $ 1,295 Short-term and other 5,170 52 5,222 Receivables 1 1 Payable to brokers (34) (34) December 31, 2024 Fixed maturity securities: Corporate bonds and other $ 223 $ 24,340 $ 1,278 $ 25,841 States, municipalities and political subdivisions 6,762 42 6,804 Asset-backed 7,540 876 8,416 Fixed maturities available-for-sale 223 38,642 2,196 41,061 Fixed maturities trading 766 766 Total fixed maturities $ 989 $ 38,642 $ 2,196 $ 41,827 Equity securities $ 603 $ 441 $ 20 $ 1,064 Short-term and other 4,383 70 4,453 Receivables 5 5 Payable to brokers (88) (88) The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Legal Proceedings Loews Hotels & Co On February 20, 2024, Jeanette Portillo and other plaintiffs filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington. On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. 1. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. On March 31, 2025, the court granted the defendants motion to dismiss in Segal , and granted plaintiff leave to amend the complaint. On April 28, 2025, Segal filed a third amended complaint alleging that Loews Hotels & Co and other defendants violated the Sherman Act. Defendants jointly filed a motion to dismiss the third amended complaint in Segal on June 12, 2025. The court has not ruled on the motion to dismiss the third amended complaint in Segal. On August 29, 2025, the court granted the defendants motion to dismiss in Portillo , and granted plaintiffs leave to amend their complaint. On October 3, 2025, plaintiffs in Portillo filed an amended class action complaint alleging violations of the Sherman Act by Loews Hotels & Co and others. Defendants deadline to respond to the amended complain …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Accounting changes - In December of 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-08, Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income. The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The update required a cumulative-effect adjustment to the opening balance at the date of adoption. The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $5 million. Recently issued ASUs - In December of 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for the Companys Annual Report on Form 10-K for the year ended December 31, 2025. In November of 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The updated accounting guidance requires disaggregat …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Benefit Plans Several non-contributory defined benefit plans and postretirement benefit plans cover eligible employees and retirees. The following tables present the components of net periodic (benefit) cost for the defined benefit plans: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Service cost $ 1 $ 1 $ 2 Interest cost $ 12 23 34 72 Expected return on plan assets (16) (29) (46) (88) Amortization of unrecognized net loss 2 7 6 22 Settlements 4 1 4 Net periodic (benefit) cost $ (2) $ 6 $ (4) $ 12 Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Interest cost $ 1 $ 1 Expected return on plan assets $ (1) $ (1) (2) (2) Amortization of unrecognized net loss 1 1 Net periodic benefit $ (1) $ $ (1) $ …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

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 Condensed 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 12 : Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Non-insurance warranty CNA Financial $ 393 $ 401 $ 1,188 $ 1,212 Transportation and storage of natural gas and NGLs and ethane supply and transportation services Boardwalk Pipelines $ 530 $ 463 $ 1,662 $ 1,431 Lodging and related services Loews Hotels & Co 202 220 685 673 Total revenues from contracts with customers 732 683 2,347 2,104 Other revenues 27 23 79 74 Operating revenues and other $ 759 $ 706 $ 2,426 $ 2,178 Receivables from contracts with customers As of September 30, 2025 and December 31, 2024, receivables from contracts with customers were approximately $226 million and $240 million and are included within Receivables on the Consolidated Condensed Balance Sheets. Deferred revenue As of September 30, 2025 and December 31, 2024, deferred revenue resulting from contracts with customers were approximately $4.4 billion and $4.6 billion and are reported as Deferred non-insurance warranty re …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segments Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and the equity method of accounting for Altium Packaging. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding Loews Corporations segments, see Note 20 of the Consolidated Financial Statements in the Companys Annual Report on Form 10-K for the year ended December 31, 2024. The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. Statements of Operations by segment are presented in the following tables. Three Months Ended September 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,783 $ 2,783 Net investment income 638 $ 4 $ 4 $ 97 743 Investment losses (7) (7) Non-insurance warranty revenue 393 393 Operating revenues and other 10 542 207 759 Total 3,817 546 21 …

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Shareholders Equity Accumulated other comprehensive income (loss) The tables below present the changes in Accumulated other comprehensive income (loss) (AOCI) by component for the three and nine months ended September 30, 2024 and 2025 : Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long duration contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, July 1, 2024 $ (10) $ (1,903) $ 234 $ 10 $ (525) $ (189) $ (2,383) Other comprehensive income (loss) before reclassifications, after tax of $3, $(337), $165, $3, $0 and $0 (9) 1,253 (623) (7) 1 64 679 Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(3), $0, $0, $(3) and $0 6 11 8 25 Other comprehensive income (loss) (3) 1,264 (623) (7) 9 64 704 Amounts attributable to noncontrolling interests (105) 52 (1) (5) (59) Balance, September 30, 2024 $ (13) $ (744) $ (337) $ 3 $ (517) $ (130) $ (1,738) Balance, July 1, 2025 $ (15) $ (1,395) $ 217 $ 3 $ (222) $ (90) $ (1,502) Other comprehensive income (loss) before reclassifications, after tax of $1, $(148), $40, $2, $0 and $0 (1) 552 (150) (1) (39) 361 Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $0, $0, $0, $0 and $0 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing