Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 341

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 341
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 revenue generated by the property, including food and beverage sales and ancillary services, as well as property specific revenue sources, (iii) operating expenses, including management and marketing fees and (iv) expenditures for repairs and refurbishments to maintain the asset’s value. When necessary, scenarios are developed using multiple assumptions of expected future events which Loews Hotels & Co assigns a probability of occurrence based on management’s expectations. This initial analysis results in a projected probability-weighted cash flow of the property, which is compared to the carrying value of the asset to assess recoverability. If the long-lived asset’s carrying value exceeds the undiscounted cash flows, Loews Hotels & Co compares the long-lived asset’s carrying value to fair value, estimating the fair value of the asset by discounting future cash flows using market participant assumptions or third-party indicators of fair value such as a recent independent appraisal. These calculations, at times, utilize significant unobservable inputs, including estimating the growth in the asset’s revenue and cost structure and are therefore considered Level 3 fair value measurements.

Note 7. Goodwill and Other Intangible Assets

A summary of the changes in the carrying amount of goodwill is as follows: CNA FinancialBoardwalk PipelinesTotal(In millions)       Balance, December 31, 2022$109 $237 $346 Other adjustments1 1 Balance, December 31, 2023 and 2024110 237 347 A summary of the net carrying amount of other intangible assets is as follows:December 31, 2024December 31, 2023 Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization(In millions)         Finite-lived intangible assets:    Customer relationships$93 $24 $93 $21 Other10 8 11 9 Total finite-lived intangible assets103 32 104 30  Indefinite-lived intangible assets76 77 Total other intangible assets$179 $32 $181 $30 Amortization expense for each of the years ended December 31, 2024, 2023 and 2022 of $4 million, $3 million, and $3 million is reported in Operating expenses and other on the Consolidated Statements of Operations. At December 31, 2024, estimated amortization expense in each of the next five years is approximately $4 million.

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