Company Quick10K Filing
⚲
Loew's
Financials
Price51.51 EPS4
Shares306 P/E14
MCap15,748 P/FCF12
Net Debt10,953 EBIT1,743
TEV26,701 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-09-30 Filed 2020-11-02
10-Q 2020-06-30 Filed 2020-08-03
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-12
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-08-05
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-07-30
10-Q 2018-03-31 Filed 2018-04-30
10-K 2017-12-31 Filed 2018-02-15
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-16
10-Q 2016-09-30 Filed 2016-10-31
10-Q 2016-06-30 Filed 2016-08-01
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-09-30 Filed 2015-11-03
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-04-30
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-10-30
10-Q 2012-06-30 Filed 2012-07-31
10-Q 2012-03-31 Filed 2012-05-01
10-K 2011-12-31 Filed 2012-02-22
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-03
10-Q 2011-03-31 Filed 2011-05-03
10-K 2010-12-31 Filed 2011-02-23
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-04
10-K 2009-12-31 Filed 2010-02-24
Reports
8-K 2020-11-02
8-K 2020-08-03
8-K 2020-05-12
8-K 2020-05-06
8-K 2020-05-04
8-K 2020-04-26
8-K 2020-02-10
8-K 2019-10-28
8-K 2019-08-05
8-K 2019-05-14
8-K 2019-04-29
8-K 2019-02-11
8-K 2019-01-28
8-K 2018-11-05
8-K 2018-07-30
8-K 2018-06-29
8-K 2018-05-08
8-K 2018-04-30
8-K 2018-02-13
8-K 2018-02-12
8-K 2018-02-07

L 10Q Quarterly Report

Content
Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
Exhibits
EX-31.1 brhc10016476_ex31-1.htm
EX-31.2 brhc10016476_ex31-2.htm
EX-32.1 brhc10016476_ex32-1.htm
EX-32.2 brhc10016476_ex32-2.htm

Loew's Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
856851341702012201420172020
Assets, Equity
 3.93.12.21.40.5-0.32012201420172020
Rev, G Profit, Net Income
 1.40.70.1-0.6-1.2-1.92012201420172020
Ops, Inv, Fin
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
 OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to _____________

Commission File Number 1-6541

LOEWS CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
  
13-2646102
(State or other jurisdiction of incorporation or organization)
  
(I.R.S. Employer Identification No.)

667 Madison Avenue, New York, NY 10065-8087
(Address of principal executive offices) (Zip Code)

(212) 521-2000
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, par value $0.01 per share
L
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒
  
No ☐
    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒
  
No ☐
    
Not Applicable ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☒
Accelerated filer  ☐
Non-accelerated filer  ☐
Smaller reporting company  ☐

 
Emerging growth company  ☐
  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐
  
No  ☒
    

As of October 23, 2020, there were 274,872,872 shares of the registrant’s common stock outstanding.




INDEX
Page
No.
 
   
 
   
3
 
   
4
 
   
5
 
   
6
 
   
8
 
   
9
   
39
   
62
   
62
   
62
   
62
   
62
   
67
   
68

2


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)

  
September 30, 2020
    
December 31, 2019
  
(Dollar amounts in millions, except per share data)
            
             
Assets:
            
             
Investments:
            
Fixed maturities, amortized cost of $38,979 and $38,157, less allowance for credit loss of $47 and $0
  
$
43,917
    
$
42,240
  
Equity securities, cost of $1,391 and $1,244
    
1,368
      
1,306
  
Limited partnership investments
    
1,758
      
2,004
  
Other invested assets, primarily mortgage loans, less allowance for credit loss of $21 and $0
    
1,176
      
1,072
  
Short term investments
    
4,553
      
4,628
  
Total investments
    
52,772
      
51,250
  
Cash
    
886
      
336
  
Receivables
    
7,850
      
7,675
  
Property, plant and equipment
    
10,468
      
15,568
  
Goodwill
    
765
      
767
  
Deferred non-insurance warranty acquisition expenses
    
2,998
      
2,840
  
Deferred acquisition costs of insurance subsidiaries
    
697
      
662
  
Other assets
    
3,028
      
3,145
  
Total assets
  
$
79,464
    
$
82,243
  
                 
Liabilities and Equity:
                
                 
Insurance reserves:
                
Claim and claim adjustment expense
  
$
22,534
    
$
21,720
  
Future policy benefits
    
12,978
      
12,311
  
Unearned premiums
    
5,020
      
4,583
  
Total insurance reserves
    
40,532
      
38,614
  
Payable to brokers
    
466
      
108
  
Short term debt
    
35
      
77
  
Long term debt
    
10,373
      
11,456
  
Deferred income taxes
    
913
      
1,168
  
Deferred non-insurance warranty revenue
    
3,951
      
3,779
  
Other liabilities
    
4,574
      
5,111
  
Total liabilities
    
60,844
      
60,313
  
                 
Commitments and contingent liabilities
                
                 
Preferred stock, $0.10 par value:
                
Authorized – 100,000,000 shares
    
     
 
Common stock, $0.01 par value:
    
     
 
Authorized – 1,800,000,000 shares
                
Issued – 291,393,899 and 291,210,222 shares
    
3
      
3
  
Additional paid-in capital
    
3,379
      
3,374
  
Retained earnings
    
14,437
      
15,823
  
Accumulated other comprehensive income (loss)
    
238
      
(68
)
     
18,057
      
19,132
  
Less treasury stock, at cost (16,353,956 and 240,000 shares)
    
(685
)
    
(13
)
Total shareholders’ equity
    
17,372
      
19,119
  
Noncontrolling interests
    
1,248
      
2,811
  
Total equity
    
18,620
      
21,930
  
Total liabilities and equity
  
$
79,464
    
$
82,243
  

See accompanying Notes to Consolidated Condensed Financial Statements.

3


Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

  
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
   
2020
    
2019
    
2020
    
2019
  
(In millions, except per share data)
                        
                         
Revenues:
                        
Insurance premiums
  
$
1,953
    
$
1,890
    
$
5,672
    
$
5,517
  
Net investment income
    
540
      
525
      
1,347
      
1,733
  
Investment gains (losses) (Note 2)
    
46
      
8
      
(1,312
)
    
41
  
Non-insurance warranty revenue
    
317
      
292
      
926
      
858
  
Operating revenues and other
    
609
      
960
      
2,241
      
2,906
  
Total
    
3,465
      
3,675
      
8,874
      
11,055
  
                                 
Expenses:
                                
Insurance claims and policyholders’ benefits
    
1,616
      
1,614
      
4,683
      
4,323
  
Amortization of deferred acquisition costs
    
360
      
345
      
1,046
      
1,025
  
Non-insurance warranty expense
    
293
      
278
      
859
      
801
  
Operating expenses and other
    
876
      
1,234
      
3,894
      
3,614
  
Interest
    
137
      
144
      
404
      
449
  
Total
    
3,282
      
3,615
      
10,886
      
10,212
  
Income (loss) before income tax
    
183
      
60
      
(2,012
)
    
843
  
Income tax (expense) benefit
    
(21
)
    
(21
)
    
284
      
(183
)
Net income (loss)
    
162
      
39
      
(1,728
)
    
660
  
Amounts attributable to noncontrolling interests
    
(23
)
    
33
      
400
      
55
  
Net income (loss) attributable to Loews Corporation
  
$
139
    
$
72
    
$
(1,328
)
  
$
715
  
                                 
Basic and diluted net income (loss) per share
  
$
0.50
    
$
0.24
    
$
(4.70
)
  
$
2.34
  
                                 
Weighted average shares outstanding:
                                
Shares of common stock
    
279.40
      
301.65
      
282.63
      
305.08
  
Dilutive potential shares of common stock
    
0.09
      
0.70
              
0.65
  
Total weighted average shares outstanding assuming dilution
    
279.49
      
302.35
      
282.63
      
305.73
  

See accompanying Notes to Consolidated Condensed Financial Statements.

4

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

  
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
   
2020
    
2019
    
2020
    
2019
  
(In millions)
                        
                         
Net income (loss)
  
$
162
    
$
39
    
$
(1,728
)
  
$
660
  
                                 
Other comprehensive income (loss), after tax
                                
Changes in:
                                
Net unrealized gains (losses) on investments with an allowance for credit losses
    
6
              
(3
)
        
Net unrealized gains on other investments
    
207
      
41
      
354
      
1,007
  
Total unrealized gains on investments
    
213
      
41
      
351
      
1,007
  
Unrealized gains (losses) on cash flow hedges
    
1
      
(4
)
    
(18
)
    
(16
)
Pension and postretirement benefits
    
7
      
10
      
27
      
25
  
Foreign currency translation
    
38
      
(31
)
    
(17
)
    
(11
)
                                 
Other comprehensive income
    
259
      
16
      
343
      
1,005
  
                                 
Comprehensive income (loss)
    
421
      
55
      
(1,385
)
    
1,665
  
                                 
Amounts attributable to noncontrolling interests
    
(49
)
    
31
      
363
      
(53
)
                                 
Total comprehensive income (loss) attributable to Loews Corporation
  
$
372
    
$
86
    
$
(1,022
)
  
$
1,612
  

See accompanying Notes to Consolidated Condensed Financial Statements.

5

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

        
Loews Corporation Shareholders
        
   
Total
    
Common
Stock
    
Additional
Paid-in
Capital
    
Retained
Earnings
    
Accumulated
Other
Comprehensive
Income (Loss)
    
Common
Stock
Held in
Treasury
    
Noncontrolling
Interests
  
(In millions)
                                          
                                           
Balance, July 1, 2019
  
$
22,394
    
$
3
    
$
3,612
    
$
16,374
    
$
3
    
$
(478
)
  
$
2,880
  
Net income
    
39
                      
72
                      
(33
)
Other comprehensive income
    
16
                              
14
              
2
  
Dividends paid ($0.0625 per share)
    
(29
)
                    
(19
)
                    
(10
)
Purchases of Loews Corporation treasury stock
    
(169
)
                                    
(169
)
        
Purchases of subsidiary stock from noncontrolling interests
    
(2
)
                                            
(2
)
Stock-based compensation
    
9
              
8
                              
1
  
Balance, September 30, 2019
  
$
22,258
    
$
3
    
$
3,620
    
$
16,427
    
$
17
    
$
(647
)
  
$
2,838
  
                                                         
Balance, July 1, 2020
  
$
18,413
    
$
3
    
$
3,371
    
$
14,316
    
$
5
    
$
(491
)
  
$
1,209
  
Net income
    
162
                      
139
                      
23
  
Other comprehensive income
    
259
                              
233
              
26
  
Dividends paid ($0.0625 per share)
    
(27
)
                    
(17
)
                    
(10
)
Purchases of Loews Corporation treasury stock
    
(195
)
                                    
(195
)
        
Stock-based compensation
    
8
              
8
                                  
Other
    
-
                      
(1
)
            
1
          
Balance, September 30, 2020
  
$
18,620
    
$
3
    
$
3,379
    
$
14,437
    
$
238
    
$
(685
)
  
$
1,248
  

See accompanying Notes to Consolidated Condensed Financial Statements.

6

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

        
Loews Corporation Shareholders
        
   
Total
    
Common
Stock
    
Additional
Paid-in
Capital
    
Retained
Earnings
    
Accumulated
Other
Comprehensive
Income (Loss)
    
Common
Stock
Held in
Treasury
    
Noncontrolling
Interests
  
(In millions)
                                          
                                           
Balance, January 1, 2019
  
$
21,386
    
$
3
    
$
3,627
    
$
15,773
    
$
(880
)
  
$
(5
)
  
$
2,868
  
Net income
    
660
                      
715
                      
(55
)
Other comprehensive income
    
1,005
                              
897
              
108
  
Dividends paid ($0.1875 per share)
    
(145
)
                    
(57
)
                    
(88
)
Purchases of Loews Corporation treasury stock
    
(642
)
                                    
(642
)
        
Purchases of subsidiary stock from noncontrolling interests
    
(18
)
                                            
(18
)
Stock-based compensation
    
17
              
(5
)
                            
22
  
Other
    
(5
)
            
(2
)
    
(4
)
                    
1
  
Balance, September 30, 2019
  
$
22,258
    
$
3
    
$
3,620
    
$
16,427
    
$
17
    
$
(647
)
  
$
2,838
  
                                                         
Balance, December 31, 2019, as reported
  
$
21,930
    
$
3
    
$
3,374
    
$
15,823
    
$
(68
)
  
$
(13
)
  
$
2,811
  
Cumulative effect adjustment from change in accounting standards (Note 1)
    
(5
)
                    
(5
)
                        
Balance, January 1, 2020, as adjusted
    
21,925
      
3
      
3,374
      
15,818
      
(68
)
    
(13
)
    
2,811
  
Net loss
    
(1,728
)
                    
(1,328
)
                    
(400
)
Other comprehensive income
    
343
                              
306
              
37
  
Dividends paid ($0.1875 per share)
    
(141
)
                    
(53
)
                    
(88
)
Deconsolidation of Diamond Offshore
    
(1,087
)
                                            
(1,087
)
Purchases of Loews Corporation treasury stock
    
(673
)
                                    
(673
)
        
Purchases of subsidiary stock from noncontrolling interests
    
(37
)
            
5
                              
(42
)
Stock-based compensation
    
17
              
(1
)
                            
18
  
Other
    
1
              
1
                      
1
      
(1
)
Balance, September 30, 2020
  
$
18,620
    
$
3
    
$
3,379
    
$
14,437
    
$
238
    
$
(685
)
  
$
1,248
  

See accompanying Notes to Consolidated Condensed Financial Statements.

7


Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30,
  
2020
    
2019
  
(In millions)
            
             
Operating Activities:
            
             
Net income (loss)
  
$
(1,728
)
  
$
660
  
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities, net
    
2,503
      
747
  
Changes in operating assets and liabilities, net:
                
Receivables
    
(273
)
    
179
  
Deferred acquisition costs
    
(36
)
    
(37
)
Insurance reserves
    
1,479
      
337
  
Other assets
    
(411
)
    
(386
)
Other liabilities
    
238