Company Quick10K Filing
Loew's
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
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
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

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.
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