LOEWS CORPORATION REPORTS NET INCOME OF $187 MILLION FOR THE FOURTH QUARTER OF 2024 AND $1,414 MILLION FOR THE FULL YEAR
Loews (NYSE: L) reported Q4 2024 net income of $187 million ($0.86 per share), compared to $446 million ($1.99 per share) in Q4 2023. The results include a previously reported $265 million pension settlement charge for CNA. Full-year 2024 net income was $1,414 million ($6.41 per share).
Key highlights: CNA Financial's results decreased due to higher catastrophe losses and investment losses. Boardwalk Pipelines improved due to increased revenues from higher re-contracting rates. Loews Hotels saw decreased results primarily from higher depreciation and interest expenses related to the Arlington Hotel opening.
The company's book value per share excluding AOCI increased to $88.18 as of December 31, 2024. During 2024, Loews repurchased 7.7 million common shares for $611 million, with 4.2 million shares ($349 million) repurchased in Q4. The parent company held $3.3 billion in cash and investments with $1.8 billion in debt at year-end.
Loews (NYSE: L) ha registrato un reddito netto nel quarto trimestre del 2024 di 187 milioni di dollari (0,86 dollari per azione), rispetto a 446 milioni di dollari (1,99 dollari per azione) nel quarto trimestre del 2023. I risultati includono un onere di 265 milioni di dollari per una risoluzione pensionistica di CNA già comunicata. Il reddito netto dell'intero anno 2024 è stato di 1.414 milioni di dollari (6,41 dollari per azione).
Le principali evidenze: i risultati di CNA Financial sono diminuiti a causa di maggiori perdite per catastrofi e perdite sugli investimenti. Boardwalk Pipelines è migliorato grazie all'aumento dei ricavi provenienti da tassi di ri-contrattazione più elevati. Loews Hotels ha registrato risultati in calo principalmente a causa dell'aumento dell'ammortamento e delle spese per interessi legate all'apertura dell'Arlington Hotel.
Il valore contabile per azione dell'azienda, escluso l'AOCI, è aumentato a 88,18 dollari al 31 dicembre 2024. Durante il 2024, Loews ha riacquistato 7,7 milioni di azioni ordinarie per 611 milioni di dollari, con 4,2 milioni di azioni (349 milioni di dollari) riacquistate nel quarto trimestre. La società madre deteneva 3,3 miliardi di dollari in contante e investimenti con 1,8 miliardi di dollari in debito a fine anno.
Loews (NYSE: L) reportó un ingreso neto del cuarto trimestre de 2024 de 187 millones de dólares (0,86 dólares por acción), en comparación con 446 millones de dólares (1,99 dólares por acción) en el cuarto trimestre de 2023. Los resultados incluyen un cargo de 265 millones de dólares por un acuerdo de pensión de CNA ya informado. El ingreso neto del año completo de 2024 fue de 1,414 millones de dólares (6,41 dólares por acción).
Aspectos destacados: los resultados de CNA Financial disminuyeron debido a mayores pérdidas por catástrofes y pérdidas de inversiones. Boardwalk Pipelines mejoró debido al aumento de los ingresos por tasas de recontratación más altas. Loews Hotels vio resultados disminuidos principalmente por mayores gastos de depreciación e intereses relacionados con la apertura del Arlington Hotel.
El valor contable por acción de la compañía, excluyendo AOCI, aumentó a 88,18 dólares a partir del 31 de diciembre de 2024. Durante 2024, Loews recompró 7,7 millones de acciones ordinarias por 611 millones de dólares, con 4,2 millones de acciones (349 millones de dólares) recompradas en el cuarto trimestre. La empresa madre tenía 3,3 mil millones de dólares en efectivo e inversiones con 1,8 mil millones de dólares en deuda al final del año.
로우스 (NYSE: L)는 2024년 4분기 순이익이 1억 8700만 달러(주당 0.86 달러)로 2023년 4분기의 4억 4600만 달러(주당 1.99 달러)와 비교되었다고 보고했습니다. 이 결과에는 CNA의 연금 합의에 대한 2억 6500만 달러의 비용이 포함되어 있습니다. 2024년 전체 연간 순이익은 14억 1400만 달러(주당 6.41 달러)였습니다.
주요 하이라이트: CNA 파이낸셜의 결과는 더 높은 재난 손실과 투자 손실로 인해 감소했습니다. Boardwalk 파이프라인은 재계약 요금 인상으로 인해 수익이 증가하면서 개선되었습니다. Loews 호텔은 Arlington 호텔 개장과 관련된 더 높은 감가상각 및 이자 비용으로 인해 결과가 감소했습니다.
회사의 AOCI를 제외한 주당 장부 가치는 2024년 12월 31일 기준으로 88.18 달러로 증가했습니다. 2024년 동안 Loews는 6억 1100만 달러에 770만 주의 일반주를 재매입했으며, 4분기에는 420만 주(3억 4900만 달러)를 재매입했습니다. 모회사는 연말 기준으로 현금 및 투자로 33억 달러, 부채는 18억 달러를 보유하고 있었습니다.
Loews (NYSE: L) a annoncé un revenu net de 187 millions de dollars (0,86 dollar par action) pour le quatrième trimestre de 2024, contre 446 millions de dollars (1,99 dollar par action) au quatrième trimestre de 2023. Les résultats incluent une charge de 265 millions de dollars liée à un règlement de pension de la CNA déjà rapportée. Le revenu net pour l'exercice 2024 s'élevait à 1,414 milliard de dollars (6,41 dollars par action).
Principales faits saillants : les résultats de CNA Financial ont diminué en raison de pertes plus élevées liées aux catastrophes et de pertes d'investissement. Boardwalk Pipelines s'est amélioré grâce à l'augmentation des revenus provenant de taux de recontractation plus élevés. Loews Hotels a constaté une baisse de ses résultats, principalement en raison d'une augmentation des amortissements et des charges d'intérêts liés à l'ouverture de l'hôtel Arlington.
La valeur comptable par action de l'entreprise, excluant l'AOCI, a augmenté à 88,18 dollars au 31 décembre 2024. Au cours de l'année 2024, Loews a racheté 7,7 millions d'actions ordinaires pour 611 millions de dollars, dont 4,2 millions d'actions (349 millions de dollars) rachetées au 4e trimestre. La société mère détenait 3,3 milliards de dollars en liquidités et en investissements, avec 1,8 milliard de dollars de dettes à la fin de l'année.
Loews (NYSE: L) berichtete für das 4. Quartal 2024 ein Nettoergebnis von 187 Millionen Dollar (0,86 Dollar pro Aktie), verglichen mit 446 Millionen Dollar (1,99 Dollar pro Aktie) im 4. Quartal 2023. Die Ergebnisse enthalten bereits gemeldete Kosten in Höhe von 265 Millionen Dollar für eine Pensionsregelung von CNA. Das Nettoergebnis für das Gesamtjahr 2024 betrug 1,414 Millionen Dollar (6,41 Dollar pro Aktie).
Wesentliche Höhepunkte: Die Ergebnisse von CNA Financial sanken aufgrund höherer Katastrophenverluste und Investitionsverluste. Boardwalk Pipelines verbesserte sich aufgrund gestiegener Einnahmen aus höheren Neukontraktsätzen. Loews Hotels verzeichnete einen Rückgang der Ergebnisse, hauptsächlich bedingt durch höhere Abschreibungs- und Zinsaufwendungen im Zusammenhang mit der Eröffnung des Arlington Hotels.
Der Buchwert pro Aktie des Unternehmens ohne AOCI stieg zum 31. Dezember 2024 auf 88,18 Dollar. Im Jahr 2024 kaufte Loews 7,7 Millionen Stammaktien für 611 Millionen Dollar zurück, davon 4,2 Millionen Aktien (349 Millionen Dollar) im 4. Quartal. Das Mutterunternehmen hielt zum Jahresende 3,3 Milliarden Dollar in bar und Investitionen bei 1,8 Milliarden Dollar Schulden.
- Book value per share excluding AOCI increased from $81.92 to $88.18 year-over-year
- Boardwalk Pipelines' EBITDA increased 12% to $290 million in Q4
- CNA's net written premiums grew by 10% with strong retention
- Parent company holds strong liquidity with $3.3 billion in cash and investments
- Significant share repurchase program with 7.7 million shares bought for $611 million in 2024
- Q4 net income decreased 58% year-over-year to $187 million
- $265 million pension settlement charge impacting Q4 results
- CNA experienced higher catastrophe losses and investment losses
- Loews Hotels faced increased depreciation and interest expenses
- Property and Casualty combined ratio deteriorated to 93.1% from 92.1%
Insights
Loews 's Q4 2024 results reveal a nuanced picture of operational resilience despite headline pressure. The core business segments demonstrate robust fundamentals, even as reported earnings faced a one-time pension charge impact:
The standout performer was Boardwalk Pipelines, with net income surging to
Capital allocation remains shareholder-friendly, with 7.7 million shares repurchased for
CNA Financial's underlying performance remains solid with a
The parent company's strong liquidity position of
7.7 MILLION COMMON SHARES REPURCHASED IN 2024 FOR
Fourth Quarter 2024 highlights:
Loews Corporation reported net income of
- CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews excluding the pension charge decreased year-over-year due to higher catastrophe losses and investment losses in the fourth quarter of 2024 compared to investment gains in the prior year period, partially offset by higher net investment income.
- Boardwalk Pipelines' results improved year-over-year mainly due to increased revenues in the fourth quarter of 2024 from re-contracting at higher rates and recently completed growth projects.
- Loews Hotels' fourth quarter 2024 results decreased primarily due to higher depreciation and interest expense related to the opening of the Arlington Hotel and Convention Center in the first quarter of 2024.
- Parent company fourth quarter investment income improved year-over-year due to higher returns on equity securities.
- Book value per share, excluding AOCI, increased to
$88.18 $81.92 - The pension settlement charge had a de minimis impact on total book value per share as the unrealized loss was previously included in AOCI.
- On December 31, 2024, the parent company had
$3.3 billion $1.8 billion - Loews Corporation repurchased 4.2 million shares of its common stock for a total cost of
$349 million
Consolidated highlights: | ||||
December 31, | ||||
Three Months | Years Ended | |||
(In millions) | 2024 | 2023 | 2024 | 2023 |
Net Income (Loss) Attributable to Loews Corporation: | ||||
CNA Financial | $ 19 | $ 336 | $ 879 | $ 1,094 |
Boardwalk Pipelines | 145 | 92 | 413 | 283 |
Loews Hotels & Co | 27 | 32 | 70 | 147 |
Corporate | (4) | (14) | 52 | (90) |
Net income attributable to Loews Corporation | $ 187 | $ 446 | $ 1,414 | $ 1,434 |
Net income per share attributable to Loews Corporation | $ 0.86 | $ 1.99 | $ 6.41 | $ 6.29 |
December 31, 2024 | December 31, 2023 | |||
Book value per share | $ 79.49 | $ 70.69 | ||
Book value per share excluding AOCI | 88.18 | 81.92 | ||
Three months ended December 31, 2024 compared to 2023
CNA:
- Net income attributable to Loews Corporation was
$19 million $336 million - Net income for 2024 includes a pension settlement charge of
$265 million $284 million $336 million - Core income was
$342 million $362 million - Net investment income growth was primarily driven by higher returns from limited partnership and common stock investments. Income from fixed income securities also increased as a result of favorable reinvestment rates and a larger invested asset base.
- Net written premiums grew by
10% driven by strong retention and new business. Net earned premiums grew by9% . - Property and Casualty underwriting income decreased due to higher catastrophe losses, including Hurricane Milton.
- Property and Casualty combined ratio increased by one point to
93.1% compared to92.1% as a result of higher catastrophe losses. Property and Casualty underlying combined ratio was91.4% for both periods. - Investment losses were driven by impairment losses on fixed income securities and an unfavorable change in the fair value of non-redeemable preferred stock.
Boardwalk:
- Net income increased to
$145 million $92 million - Net income for 2024 includes a
$36 million - EBITDA increased
12% to$290 million $260 million - Net income and EBITDA improved due to increased transportation revenues from higher re-contracting rates and recently completed growth projects and increased storage and parking and lending revenues.
Loews Hotels:
- Net income of
$27 million $32 million - Results decreased primarily due to higher depreciation and interest expense related to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024.
- Adjusted EBITDA increased to
$84 million $83 million
Corporate & Other:
- Net loss of
$4 million $14 million - Results improved primarily due to higher investment income from parent company equity securities.
Year ended December 31, 2024 compared to 2023
Loews Corporation reported net income of
- CNA's net investment income increased due to higher returns from limited partnership and common stock investments, and higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates. Property and Casualty underwriting income decreased due to higher catastrophe losses, partially offset by strong underlying underwriting results.
- Boardwalk Pipelines' results improved due to increased transportation revenues from higher re-contracting rates and recently completed growth projects, increased storage and parking and lending revenues, and contribution from the Bayou Ethane acquisition.
- Corporate & Other's results improved due to higher investment income at the parent company due to higher returns on equity securities.
- These positives were partially offset by lower net income at Loews Hotels primarily due to higher depreciation and interest expense related to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024 and lower equity income from joint ventures. In addition, Loews Hotels' results for 2023 also included a gain of
$36 million
Share Purchases:
- On December 31, 2024, there were 214.7 million shares of Loews common stock outstanding.
- For the three months and year ended December 31, 2024, Loews Corporation repurchased 4.2 million and 7.7 million shares of its common stock for a total cost of
$349 million $611 million - Loews Corporation has repurchased an additional 1.9 million shares for
$164 million - Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market, in privately negotiated transactions or otherwise.
Reconciliation of GAAP Measures to Non-GAAP Measures
This news release contains financial measures that are not in accordance with accounting principles generally accepted in
Earnings Remarks
For Loews Corporation
– Today, February 10, 2025, earnings remarks will be available on the Investors section of our website at www.loews.com.
– Remarks will include commentary from Loews's president and chief executive officer and chief financial officer.
For CNA
– Today, February 10, 2025, earnings remarks will be available on the Investor Relations section of CNA's website at www.cna.com.
– Remarks will include commentary from CNA's president and chief executive officer and chief financial officer.
About Loews Corporation
Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.
Forward-Looking Statements
Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
Loews Corporation and Subsidiaries Selected Financial Information | ||||
December 31, | ||||
Three Months | Years Ended | |||
(In millions) | 2024 | 2023 | 2024 | 2023 |
Revenues: | ||||
CNA Financial (a) | $ 3,689 | $ 3,507 | $ 14,270 | $ 13,299 |
Boardwalk Pipelines | 577 | 511 | 2,065 | 1,636 |
Loews Hotels & Co (b) | 240 | 210 | 933 | 852 |
Corporate investment income, net | 40 | 30 | 242 | 114 |
Total | $ 4,546 | $ 4,258 | $ 17,510 | $ 15,901 |
Income (Loss) Before Income Tax: | ||||
CNA Financial (a) (c) | $ 21 | $ 460 | $ 1,211 | $ 1,518 |
Boardwalk Pipelines | 145 | 116 | 505 | 373 |
Loews Hotels & Co (b) (d) | 32 | 41 | 95 | 200 |
Corporate: | ||||
Investment income, net | 40 | 30 | 243 | 114 |
Other (e) | (50) | (34) | (180) | (209) |
Total | $ 188 | $ 613 | $ 1,874 | $ 1,996 |
Net Income (Loss) Attributable to Loews Corporation: | ||||
CNA Financial (a) (c) | $ 19 | $ 336 | $ 879 | $ 1,094 |
Boardwalk Pipelines (f) | 145 | 92 | 413 | 283 |
Loews Hotels & Co (b) (d) | 27 | 32 | 70 | 147 |
Corporate: | ||||
Investment income, net | 33 | 24 | 193 | 90 |
Other (e) | (37) | (38) | (141) | (180) |
Net income attributable to Loews Corporation | $ 187 | $ 446 | $ 1,414 | $ 1,434 |
(a) | The three months ended December 31, 2024 includes net investment losses of |
(b) | Includes a gain of |
(c) | Includes a pension settlement charge of |
(d) | Includes Loews Hotels & Co's portion of a joint venture property's impairment charge which reduced equity income from joint ventures by |
(e) | Consists of parent company interest expense, corporate expenses and the equity income (loss) of Altium Packaging. The year ended December 31, 2023 includes a charge of |
(f) | The three months and year ended December 31, 2024 include a |
Loews Corporation and Subsidiaries Consolidated Financial Review | ||||
December 31, | ||||
Three Months | Years Ended | |||
(In millions, except per share data) | 2024 | 2023 | 2024 | 2023 |
Revenues: | ||||
Insurance premiums | $ 2,679 | $ 2,479 | $ 10,211 | $ 9,480 |
Net investment income | 696 | 643 | 2,780 | 2,395 |
Investment gains (losses) | (39) | 6 | (81) | (53) |
Operating revenues and other | 1,210 | 1,130 | 4,600 | 4,079 |
Total | 4,546 | 4,258 | 17,510 | 15,901 |
Expenses: | ||||
Insurance claims and policyholders' benefits | 2,030 | 1,810 | 7,738 | 7,068 |
Operating expenses and other (a) | 2,328 | 1,835 | 7,898 | 6,837 |
Total | 4,358 | 3,645 | 15,636 | 13,905 |
Income before income tax | 188 | 613 | 1,874 | 1,996 |
Income tax (expense) benefit (b) | 1 | (136) | (380) | (451) |
Net income | 189 | 477 | 1,494 | 1,545 |
Amounts attributable to noncontrolling interests | (2) | (31) | (80) | (111) |
Net income attributable to Loews Corporation | $ 187 | $ 446 | $ 1,414 | $ 1,434 |
Net income per share attributable to Loews Corporation | $ 0.86 | $ 1.99 | $ 6.41 | $ 6.29 |
Weighted average number of shares | 217.83 | 223.80 | 220.53 | 227.81 |
(a) | Includes a pension settlement charge of |
(b) | The three months and year ended December 31, 2024 include a |
Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:
CNA Financial Corporation
Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA's primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA's defined benefit pension plans which are unrelated to its primary insurance operations.
The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income:
December 31, | ||||
Three Months | Years Ended | |||
(In millions) | 2024 | 2023 | 2024 | 2023 |
CNA net income attributable to Loews Corporation | $ 19 | $ 336 | $ 879 | $ 1,094 |
Investment losses (gains) | 31 | (5) | 64 | 79 |
Pension settlement losses | 290 | 293 | ||
Noncontrolling interests | 2 | 31 | 80 | 111 |
Core income | $ 342 | $ 362 | $ 1,316 | $ 1,284 |
In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA's underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.
The following table presents a reconciliation of CNA's loss ratio to underlying loss ratio and CNA's combined ratio to underlying combined ratio:
December 31, | ||||
Three Months | Years Ended | |||
2024 | 2023 | 2024 | 2023 | |
Loss ratio | 62.8 % | 60.6 % | 64.3 % | 62.5 % |
Expense ratio | 30.0 | 31.2 | 30.2 | 30.7 |
Dividend ratio | 0.3 | 0.3 | 0.4 | 0.3 |
Combined ratio | 93.1 % | 92.1 % | 94.9 % | 93.5 % |
Less: Effect of catastrophe impacts | 1.8 | 1.0 | 3.6 | 2.6 |
Less: Effect of development-related items | (0.1) | (0.3) | (0.2) | |
Underlying combined ratio | 91.4 % | 91.4 % | 91.5 % | 90.9 % |
Underlying loss ratio | 61.1 % | 59.9 % | 60.9 % | 59.9 % |
Boardwalk Pipelines
EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk net income attributable to Loews Corporation to its EBITDA:
December 31, | ||||
Three Months | Years Ended | |||
(In millions) | 2024 | 2023 | 2024 | 2023 |
Boardwalk net income attributable to Loews Corporation | $ 145 | $ 92 | $ 413 | $ 283 |
Interest, net | 37 | 38 | 152 | 144 |
Income tax expense | 24 | 92 | 90 | |
Depreciation and amortization | 108 | 106 | 429 | 412 |
EBITDA | $ 290 | $ 260 | $ 1,086 | $ 929 |
Loews Hotels & Co
Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of Adjusted EBITDA and excluding distributions in excess of basis.
The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:
December 31, | ||||
Three Months | Years Ended | |||
(In millions) | 2024 | 2023 | 2024 | 2023 |
Loews Hotels & Co net income attributable to Loews Corporation | $ 27 | $ 32 | $ 70 | $ 147 |
Interest, net | 12 | 4 | 42 | 9 |
Income tax expense | 5 | 9 | 25 | 53 |
Depreciation and amortization | 24 | 18 | 93 | 69 |
EBITDA | 68 | 63 | 230 | 278 |
Noncontrolling interest share of EBITDA adjustments | (1) | (2) | (6) | (5) |
Gain on asset acquisition | (46) | |||
Asset impairments | 3 | 12 | ||
Equity investment adjustments: | ||||
Loews Hotels & Co's equity method income | (27) | (31) | (86) | (129) |
Pro rata Adjusted EBITDA of equity method investments | 44 | 50 | 188 | 218 |
Adjusted EBITDA | $ 84 | $ 83 | $ 326 | $ 328 |
The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments:
December 31, | ||||
Three Months | Years Ended | |||
(In millions) | 2024 | 2023 | 2024 | 2023 |
Loews Hotels & Co's equity method income | $ 27 | $ 31 | $ 86 | $ 129 |
Pro rata share of equity method investments: | ||||
Interest, net | 10 | 10 | 40 | 43 |
Income tax expense | ||||
Depreciation and amortization | 12 | 12 | 47 | 49 |
Asset impairments | 19 | |||
Distributions in excess of basis | (5) | (3) | (4) | (3) |
Pro rata Adjusted EBITDA of equity method investments | $ 44 | $ 50 | $ 188 | $ 218 |
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SOURCE Loews Corporation
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