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 2020-06-30 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 2020-08-03 Earnings, Exhibits
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 brhc10014003_ex31-1.htm
EX-31.2 brhc10014003_ex31-2.htm
EX-32.1 brhc10014003_ex32-1.htm
EX-32.2 brhc10014003_ex32-2.htm

Loew's Earnings 2020-06-30

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 June 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 July 24, 2020, there were 280,444,197 shares of the registrant’s common stock outstanding.




INDEX

Page
No.
 
   
 
   
3
 
   
4
 
   
5
 
   
6
 
   
8
 
   
9
   
37
   
58
   
58
   
58
   
58
   
59
   
64
   
64

2



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)

 
June 30, 2020
   
December 31, 2019
 
(Dollar amounts in millions, except per share data)
           
             
Assets:
           
             
Investments:
           
Fixed maturities, amortized cost of $38,414 and $38,157, less allowance for credit loss of $51 and $0
 
$
42,799
   
$
42,240
 
Equity securities, cost of $1,349 and $1,244
   
1,305
     
1,306
 
Limited partnership investments
   
1,742
     
2,004
 
Other invested assets, primarily mortgage loans, less allowance for credit loss of $20 and $0
   
1,125
     
1,072
 
Short term investments
   
4,515
     
4,628
 
Total investments
   
51,486
     
51,250
 
Cash
   
668
     
336
 
Receivables
   
8,431
     
7,675
 
Property, plant and equipment
   
10,475
     
15,568
 
Goodwill
   
764
     
767
 
Deferred non-insurance warranty acquisition expenses
   
2,916
     
2,840
 
Deferred acquisition costs of insurance subsidiaries
   
699
     
662
 
Other assets
   
3,000
     
3,145
 
Total assets
 
$
78,439
   
$
82,243
 
                 
Liabilities and Equity:
               
                 
Insurance reserves:
               
Claim and claim adjustment expense
 
$
22,270
   
$
21,720
 
Future policy benefits
   
12,596
     
12,311
 
Unearned premiums
   
4,996
     
4,583
 
Total insurance reserves
   
39,862
     
38,614
 
Payable to brokers
   
985
     
108
 
Short term debt
   
47
     
77
 
Long term debt
   
9,958
     
11,456
 
Deferred income taxes
   
875
     
1,168
 
Deferred non-insurance warranty revenue
   
3,852
     
3,779
 
Other liabilities
   
4,447
     
5,111
 
Total liabilities
   
60,026
     
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
   
3,371
     
3,374
 
Retained earnings
   
14,316
     
15,823
 
Accumulated other comprehensive income (loss)
   
5
     
(68
)
     
17,695
     
19,132
 
Less treasury stock, at cost (10,949,702 and 240,000 shares)
   
(491
)
   
(13
)
Total shareholders’ equity
   
17,204
     
19,119
 
Noncontrolling interests
   
1,209
     
2,811
 
Total equity
   
18,413
     
21,930
 
Total liabilities and equity
 
$
78,439
   
$
82,243
 

See accompanying Notes to Consolidated Condensed Financial Statements.

3



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

 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2020
   
2019
   
2020
   
2019
 
(In millions, except per share data)
                       
                         
Revenues:
                       
Insurance premiums
 
$
1,850
   
$
1,824
   
$
3,719
   
$
3,627
 
Net investment income
   
644
     
551
     
807
     
1,208
 
Investment gains (losses) (Note 2)
   
(1,142
)
   
2
     
(1,358
)
   
33
 
Non-insurance warranty revenue
   
308
     
285
     
609
     
566
 
Operating revenues and other
   
650
     
961
     
1,632
     
1,946
 
Total
   
2,310
     
3,623
     
5,409
     
7,380
 
                                 
Expenses:
                               
Insurance claims and policyholders’ benefits
   
1,642
     
1,352
     
3,067
     
2,709
 
Amortization of deferred acquisition costs
   
342
     
338
     
686
     
680
 
Non-insurance warranty expense
   
285
     
263
     
566
     
523
 
Operating expenses and other
   
992
     
1,231
     
3,018
     
2,380
 
Interest
   
123
     
164
     
267
     
305
 
Total
   
3,384
     
3,348
     
7,604
     
6,597
 
Income (loss) before income tax
   
(1,074
)
   
275
     
(2,195
)
   
783
 
Income tax (expense) benefit
   
228
     
(50
)
   
305
     
(162
)
Net income (loss)
   
(846
)
   
225
     
(1,890
)
   
621
 
Amounts attributable to noncontrolling interests
   
11
     
24
     
423
     
22
 
Net income (loss) attributable to Loews Corporation
 
$
(835
)
 
$
249
   
$
(1,467
)
 
$
643
 
                                 
Basic net income (loss) per share
 
$
(2.96
)
 
$
0.82
   
$
(5.16
)
 
$
2.10
 
                                 
Diluted net income (loss) per share
 
$
(2.96
)
 
$
0.82
   
$
(5.16
)
 
$
2.09
 
                                 
Weighted average shares outstanding:
                               
Shares of common stock
   
281.48
     
303.84
     
284.26
     
306.82
 
Dilutive potential shares of common stock
           
0.70
             
0.62
 
Total weighted average shares outstanding assuming dilution
   
281.48
     
304.54
     
284.26
     
307.44
 

See accompanying Notes to Consolidated Condensed Financial Statements.

4


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

 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
   
2020
   
2019
   
2020
   
2019
 
(In millions)
                       
                         
Net income (loss)
 
$
(846
)
 
$
225
   
$
(1,890
)
 
$
621
 
                                 
Other comprehensive income (loss), after tax
                               
Changes in:
                               
Net unrealized gains (losses) on investments with an allowance for credit losses
   
2
             
(9
)
       
Net unrealized gains on other investments
   
1,191
     
436
     
147
     
966
 
Total unrealized gains on investments
   
1,193
     
436
     
138
     
966
 
Unrealized losses on cash flow hedges
           
(6
)
   
(19
)
   
(12
)
Pension and postretirement benefits
   
6
     
7
     
20
     
15
 
Foreign currency translation
   
29
     
3
     
(55
)
   
20
 
                                 
Other comprehensive income
   
1,228
     
440
     
84
     
989
 
                                 
Comprehensive income (loss)
   
382
     
665
     
(1,806
)
   
1,610
 
                                 
Amounts attributable to noncontrolling interests
   
(119
)
   
(23
)
   
412
     
(84
)
                                 
Total comprehensive income (loss) attributable to Loews Corporation
 
$
263
   
$
642
   
$
(1,394
)
 
$
1,526
 

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, April 1, 2019
 
$
21,902
   
$
3
   
$
3,607
   
$
16,144
   
$
(390
)
 
$
(327
)
 
$
2,865
 
Net income
   
225
                     
249
                     
(24
)
Other comprehensive income
   
440
                             
393
             
47
 
Dividends paid ($0.0625 per share)
   
(29
)
                   
(19
)
                   
(10
)
Purchases of Loews Corporation treasury stock
   
(151
)
                                   
(151
)
       
Purchases of subsidiary stock from noncontrolling interests
   
(2
)
                                           
(2
)
Stock-based compensation
   
7
             
6
                             
1
 
Other
   
2
             
(1
)
                           
3
 
Balance, June 30, 2019
 
$
22,394
   
$
3
   
$
3,612
   
$
16,374
   
$
3
   
$
(478
)
 
$
2,880
 
                                                         
Balance, April 1, 2020
 
$
19,178
   
$
3
   
$
3,347
   
$
15,167
   
$
(1,093
)
 
$
(458
)
 
$
2,212
 
Net loss
   
(846
)
                   
(835
)
                   
(11
)
Other comprehensive income
   
1,228
                             
1,098
             
130
 
Dividends paid ($0.0625 per share)
   
(27
)
                   
(18
)
                   
(9
)
Deconsolidation of Diamond Offshore
   
(1,087
)
                                           
(1,087
)
Purchases of Loews Corporation treasury stock
   
(33
)
                                   
(33
)
       
Purchases of subsidiary stock from noncontrolling interests
   
(19
)
           
5
                             
(24
)
Stock-based compensation
   
13
             
13
                                 
Other
   
6
             
6
     
2
                     
(2
)
Balance, June 30, 2020
 
$
18,413
   
$
3
   
$
3,371
   
$
14,316
   
$
5
   
$
(491
)
 
$
1,209
 

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
   
621
                     
643
                     
(22
)
Other comprehensive income
   
989
                             
883
             
106
 
Dividends paid ($0.125 per share)
   
(116
)
                   
(38
)
                   
(78
)
Purchases of Loews Corporation treasury stock
   
(473
)
                                   
(473
)
       
Purchases of subsidiary stock from noncontrolling interests
   
(16
)
                                           
(16
)
Stock-based compensation
   
8
             
(13
)
                           
21
 
Other
   
(5
)
           
(2
)
   
(4
)
                   
1
 
Balance, June 30, 2019
 
$
22,394
   
$
3
   
$
3,612
   
$
16,374
   
$
3
   
$
(478
)
 
$
2,880
 
                                                         
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
   
(1,890
)
                   
(1,467
)
                   
(423
)
Other comprehensive income
   
84
                             
73
             
11
 
Dividends paid ($0.125 per share)
   
(114
)
                   
(36
)
                   
(78
)
Deconsolidation of Diamond Offshore
   
(1,087
)
                                           
(1,087
)
Purchases of Loews Corporation treasury stock
   
(478
)
                                   
(478
)
       
Purchases of subsidiary stock from noncontrolling interests
   
(37
)
           
5
                             
(42
)
Stock-based compensation
   
9
             
(9
)
                           
18
 
Other
   
1
             
1
     
1