Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 404

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 404
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 completed growth projects and the Bayou Ethane acquisition. 

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Interest expenses increased $28 million in 2024 as compared with 2023, primarily due to the pre-financing of Boardwalk Pipeline’s $600 million of debt that matured on December 15, 2024.

Income tax expense increased $2 million in 2024 as compared with 2023, and includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025.  

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA 

The following table reconciles net income attributable to Loews Corporation to EBITDA for the years ended December 31, 2024 and 2023:

Year Ended December 3120242023(In millions)Net income attributable to Loews Corporation$413 $283 Interest, net152 144 Income tax expense92 90 Depreciation and amortization429 412 EBITDA$1,086 $929 

Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the years ended December 31, 2024 and 2023 as presented in Note 20 of the Notes to Consolidated Financial Statements included under Item 8:

Year Ended December 3120242023(In millions)     Revenues:  Operating revenue$806 $678 Gain on acquisition of a joint venture 46 Revenues related to reimbursable expenses127 128 Total933 852 Expenses:Operating and other653 558 Asset impairments12 Reimbursable expenses127 128 Depreciation and amortization expense93 69 Equity income from joint ventures(86)(129)Interest51 14 Total838 652 Income before income tax95 200 Income tax expense(25)(53)Net income attributable to Loews Corporation$70 $147 

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2024 Compared with 2023

Net income attributable to Loews Corporation decreased by $77 million in 2024 as compared with 2023. Results for 2023 include a gain of $46 million ($36 million after tax) related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property. 

Operating revenues improved by $128 million and operating expenses increased by $95 million in 2024 as compared with