Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 364

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 364
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2024 and 2023.Total lease expense was $79 million, $87 million and $89 million for the years ended December 31, 2024, 2023 and 2022 which includes operating lease expense of $51 million, $58 million and $60 million, variable lease expense of $23 million, $24 million and $26 million and short-term lease expense of $5 million, $5 million and $3 million. Cash paid for amounts included in operating lease liabilities was $80 million, $60 million and $64 million for year ended December 31, 

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2024, 2023 and 2022. Operating lease right of use assets obtained in exchange for lease obligations was $73 million, $39 million and $118 million for the years ended December 31, 2024, 2023 and 2022.The table below presents the maturities of lease liabilities:OperatingAs of December 31, 2024Leases(In millions)   2025$64 202655 202753 202848 202949 Thereafter291 Total560 Less: discount154 Total lease liabilities$406 The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating the operating lease asset and liability.As of December 31, 2024   Weighted average remaining lease term10.5 yearsWeighted average discount rate3.9 %

Note 11. Income Taxes

Loews Corporation and its eligible subsidiaries file a consolidated federal income tax return. Loews Corporation has entered into a separate tax allocation agreement with CNA, a majority-owned subsidiary in which its ownership exceeds 80%. The agreement provides that Loews Corporation will: (i) pay to CNA the amount, if any, by which Loews Corporation’s consolidated federal income tax is reduced by virtue of inclusion of CNA in Loews Corporation’s return or (ii) be paid by CNA an amount, if any, equal to the federal income tax that would have been payable by CNA if it had filed a separate consolidated return. The agreement may be canceled by either of the parties upon thirty days written notice.For 2022 through 2024, the Company participates in the Internal Revenue Service (“IRS”) Compliance Assurance Process (“CAP”), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return.