Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 66

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 66
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 Resort, in 2024 compared to 2023. Additionally, an impairment charge recorded at a joint venture property reduced Loews Hotels & Co’s equity income by $19 million in 2024. In addition, expenses at joint venture properties in 2024 increased as compared to 2023, largely due to increased staffing costs, as well as higher insurance expenses and property taxes.

In 2023, Loews Hotels & Co recorded impairment charges of $12 million to reduce the carrying value of certain assets to their estimated fair value.

Depreciation and amortization expense increased $24 million in 2024 as compared with 2023, mainly due to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024.

Interest expense for 2024 increased $37 million as compared with 2023 primarily due to placing the Loews Arlington Hotel and Convention Center into service during the first quarter of 2024, after which Loews Hotels & Co no longer capitalized interest on that project.

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.

The following table summarizes the results of operations for Corporate 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:  Net investment income$242 $114 Expenses:  Operating and other77 120 Equity method loss28 9 Interest74 80 Total179 209 Income (loss) before income tax63 (95)Income tax (expense) benefit(11)5 Net income (loss) attributable to Loews Corporation$52 $(90)

59

2024 Compared with 2023

Net income attributable to Loews Corporation increased $142 million in 2024 as compared with 2023 primarily due to the reasons discussed below.

Net investment income for the Parent Company increased $128 million in 2024 as compared with 2023 primarily due to higher returns on equity-based investments.

Operating and other expenses decreased $43 million in 2024 as compared with 2023, primarily due to