Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 139

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 139
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 and nine months ended September 30, 2025 as compared with the comparable 2024 periods. The increase for the three-month period was primarily driven by growth in the overall average daily rate and an increase in the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened earlier in 2025. The decrease for the nine-month period was primarily due to higher expenses, including pre-opening costs, depreciation and interest expense, related to these new hotels, as well as a reduction in net distributions, which reduced earnings at a Universal Orlando Resort joint venture, to support property improvement costs.

Depreciation and amortization expense increased $3 million and $6 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. For the three-month period this increase was driven by accelerated depreciation of assets being replaced by renovations at certain properties. The increase for the nine-month period was also due to the Loews Arlington Hotel and Convention Center being open for the entirety of the 2025 period.

Interest expense increased $1 million and $15 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. For the nine-month period the increase is primarily due to lower capitalized interest on projects under development and higher interest rates on certain debt refinanced in 2024.

Corporate

Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company. Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company. Corporate also includes the equity method of accounting for Altium Packaging. 

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The following table summarizes the results of operations for Corporate for the three and nine months ended September 30, 2025 and 2024 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Revenues:  Net investment income$97 $139 $144 $202 Expenses:  Operating and other21 18 52 58 Equity method loss3 9 21 15 Interest18 18 54 56 Total42 45 127 129 Income before income tax55 94 17