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 2020-06-30 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 2020-08-03 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

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 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