Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 269

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 269
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 a settlement expense of $47 million in 2023 to recognize unrealized losses, which were included in AOCI, due to the termination of a defined benefit pension plan. For additional information see Note 16 of the Notes to Consolidated Financial Statements included under Item 8.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $3.3 billion at December 31, 2024 as compared to $2.6 billion at December 31, 2023. In 2024, we received $1.3 billion in cash dividends from our subsidiaries, including a special cash dividend of $497 million from CNA and distributions of $400 million from Boardwalk Pipelines. Cash outflows in 2024 included the payment of $608 million to fund treasury stock purchases and $55 million of cash dividends to our shareholders. In the first quarter of 2025, we expect to receive cash dividends of $611 million from CNA and $75 million from Boardwalk Pipelines. As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations. We also have an effective shelf registration statement on file with the Securities and Exchange Commission (“SEC”) under which we may publicly issue an unspecified amount of our debt, equity or hybrid securities from time to time. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

Depending on market and other conditions, we may purchase shares of our and our subsidiaries outstanding common stock in the open market, in privately negotiated transactions or otherwise. In 2024, we purchased 7.7 million shares of Loews Corporation common stock. As of February 7, 2025, we had purchased an additional 1.9 million shares of Loews Corporation common stock in 2025 at an additional aggregate cost of $164 million. As of February 7, 2025, there were 212,861,300 shares of Loews Corporation common stock outstanding.

Loews Corporation has a corporate credit and senior debt rating of A with a stable outlook from S&P Global Ratings (“S&P”) and a senior debt rating of A3 with a stable outlook from Moody’s Investors Service (“Moody’s”).

Future uses of our cash may include investing in our subsidiaries, new acquisitions, dividends and/or purchases of our and our subsidiaries’ outstanding common stock. The declaration and payment of future dividends to holders of our common stock