L Loews Corporation

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to _____________

Commission File Number 1-06541

LOEWS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware			13-2646102
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

667 Madison Avenue, New York, NY 10065-8087

(Address of principal executive offices) (Zip Code)

(212) 521-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes			☒			No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes			☐			No			☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

No

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

No

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes			☐			No			☒

The aggregate market value of common stock held by non-affiliates of the registrant as of June 30, 2021, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $11,876,000,000.

As of February 4, 2022, there were 248,202,443 shares of the registrant’s common stock outstanding.

Documents Incorporated by Reference:

Portions of the registrant’s definitive proxy statement for the 2022 annual meeting of shareholders intended to be filed by the registrant with the Commission not later than 120 days after the close of its fiscal year are incorporated by reference into Part III of this Report.

LOEWS CORPORATION

INDEX TO ANNUAL REPORT ON

FORM 10-K FILED WITH THE

SECURITIES AND EXCHANGE COMMISSION

For the Year Ended December 31, 2021

Item No.						Page No.
			PART I
1			Business
			CNA Financial Corporation			5
			Boardwalk Pipeline Partners, LP			8
			Loews Hotels Holding Corporation			13
			Altium Packaging LLC			14
			Human Capital			14
			Information about Our Executive Officers			15
			Available Information			15
1A			Risk Factors			15
1B			Unresolved Staff Comments			40
2			Properties			40
3			Legal Proceedings			40
4			Mine Safety Disclosures			40
			PART II
5			Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			41
6			[Reserved]			42
7			Management’s Discussion and Analysis of Financial Condition and Results of Operations			43
7A			Quantitative and Qualitative Disclosures about Market Risk			70
8			Financial Statements and Supplementary Data			74
9			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			153
9A			Controls and Procedures			153
9B			Other Information			153
9C			Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			153
			PART III
10			Directors, Executive Officers and Corporate Governance			154
11			Executive Compensation			154
12			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			154
13			Certain Relationships and Related Transactions, and Director Independence			154
14			Principal Accounting Fees and Services			154
			PART IV
15			Exhibits and Financial Statement Schedules			155
16			Form 10-K Summary			158

FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this Report as well as in other filings with the Securities and Exchange Commission (“SEC”) and periodic press releases made by us and our subsidiaries and certain oral statements made by us and our subsidiaries and our and their officers during presentations may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include any statement that does not directly relate to any historical or current fact. Forward-looking statements may project, indicate or imply future results, events, performance or achievements, and such statements may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our or our subsidiaries’ control, that could cause actual results to differ materially from those anticipated or projected.

Developments in any of the risks or uncertainties facing us or our subsidiaries, including those summarized under the heading “Risk Factors Summary” below and described more fully under Item 1A, Risk Factors of this Report and in our and our subsidiaries’ other filings with the SEC, could cause our and our subsidiaries’ results to differ materially from results that have been or may be anticipated or projected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made and we and our subsidiaries expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.

Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms as used herein mean Loews Corporation excluding its subsidiaries and the term “subsidiaries” means our consolidated subsidiaries.

RISK FACTORS SUMMARY

Our business and the businesses of our subsidiaries face many risks and uncertainties. These risks and uncertainties could lead to events or circumstances that have a material adverse effect on our business, results of operations, cash flows, financial condition or equity and/or the business, results of operations, cash flows, financial condition or equity of one or more of our subsidiaries. You should carefully review and consider the full discussion of our risk factors described under Item 1A, Risk Factors of this Report, before investing in any security issued by us. Principal risks facing us and our subsidiaries include those relating to:

Risks Related to Us and Our Subsidiary, CNA Financial Corporation (“CNA”)

•CNA may need to increase its insurance reserves if it determines that its recorded reserves are insufficient;

•CNA’s actual experience could vary from the key assumptions used to determine active life reserves for its long term care policies;

•CNA’s vulnerability to material losses from natural and man-made disasters or other catastrophes;

•The impact of the coronavirus disease (“COVID-19”) on CNA;

•CNA’s exposure related to asbestos and environmental pollution (“A&EP”) claims;

•CNA’s exposure to mass tort product liability claims, changes to the social and legal environment, issues related to altered interpretation of coverage and other new and emerging claim theories;

•Intense competition in CNA’s industry; the cyclical nature of the property and casualty business and the evolving landscape of its distribution network;

•Risks relating to CNA’s reliance on reinsurance, including risks related to its ability to obtain sufficient reinsurance at a cost or on terms and conditions it deems acceptable, reinsurance counterparty risk and ineffective reinsurance coverage;

•Technological changes or disruptions in the insurance marketplace;

•Potential significant realized and unrealized investment losses and volatility in net investment income;

•CNA’s use of analytical models in key areas such as pricing, reserving catastrophe risks and capital modeling;

•Any significant interruption in the operation of CNA’s business functions, facilities and systems or its vendors’ facilities and systems could result in a material adverse effect on its operations;

•Any significant breach in CNA’s data security infrastructure or its vendors’ facilities and systems could disrupt business, cause financial losses and damage its reputation, and insurance coverage may not be available for claims related to a breach;

•CNA’s potential inability to detect and prevent significant employee or service provider misconduct, inadvertent errors and omissions, or exposure relating to functions performed on CNA’s behalf;

•Capital adequacy requirements that CNA is subject to;

•Regulatory limitations on CNA’s insurance subsidiaries ability to pay dividends to CNA;

•Potential downgrades of CNA’s ratings by rating agencies; and

•Extensive state, local, federal and foreign governmental regulations to which CNA is subject.

Risks Related to Us and Our Subsidiary, Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”)

•Extensive regulation by the Federal Energy Regulatory Commission (“FERC”) of Boardwalk Pipelines’ natural gas transportation and storage operations;

•Boardwalk Pipelines’ and its customers’ operations are subject to a series of risks regarding climate change;

•Climatic conditions could adversely impact Boardwalk Pipelines’ operations, pipelines and facilities, or those of its customers or suppliers;

•Legislative and regulatory initiatives relating to pipeline safety;

•Actual results from Boardwalk Pipelines’ construction and growth projects not meeting its forecasts;

•Opposition to the operation of Boardwalk Pipelines’ pipelines and facilities or construction or expansion of new pipeline projects;

•The price differentials between natural gas supplies and market demand and the potentially resulting reduction in the transportation rates that Boardwalk Pipelines can charge on certain of its pipeline systems;

•Changes in energy commodity prices and their impact on the supply of and demand for those commodities;

•Boardwalk Pipelines’ exposure to credit risk relating to default or bankruptcy by its customers;

•Operating and financial covenants in Boardwalk Pipelines’ revolving credit facility;

•Boardwalk Pipelines’ substantial indebtedness;

•Limited access to the debt markets and increases in interest rates;

•The impact of COVID-19 on Boardwalk Pipelines;

•Boardwalk Pipelines does not own all of the land on which its pipelines and facilities are located;

•Boardwalk Pipelines may be unsuccessful in executing its strategy to grow and diversify its business;

•The impact of market conditions on Boardwalk Pipelines’ ability to replace expiring storage contracts at attractive rates or on a long-term basis and to sell short-term services at attractive rates or at all; and

•Boardwalk Pipelines’ operations are subject to catastrophic losses, operational hazards and unforeseen interruptions for which it may not be adequately insured.

Risks Related to Us and Our Subsidiary, Loews Hotels Holding Corporation (“Loews Hotels & Co”)

•The impact of COVID-19 on Loews Hotels & Co;

•Operating risks common to the hospitality industry, including competition, availability of labor, supply chain disruptions, excess supply of rooms in a given market, and dependence on travel and tourism;

•Loews Hotels & Co’s exposure to risks resulting from significant investments in owned and leased real estate;

•Seasonal and cyclical volatility in the hospitality industry;

•The high level of competition in the hospitality industry, both for customers and for acquisitions and developments of new properties;

•The risk of deterioration in the quality or reputation of Loews Hotels & Co’s brands;

•The potential for delays or increased costs in connection with developing and renovating properties;

•Co-investments in properties, which could decrease Loews Hotels & Co’s ability to manage risk;

•The geographic concentration of Loews Hotels & Co’s properties;

•The growth and use of alternative reservation channels;

•The adequacy of Loews Hotels & Co’s insurance coverage;

•Potential labor shortages; and

•Portions of Loews Hotels & Co’s labor force are covered by collective bargaining agreements.

Risks Related to Us and Our Subsidiary, Altium Packaging LLC (“Altium Packaging”)

•The impact of COVID-19 on Altium Packaging;

•Altium Packaging’s substantial indebtedness;

•Altium Packaging’s exposure to changes in consumer preferences;

•Fluctuations in raw material prices and raw material availability; and

•Self-manufacturing by Altium Packaging’s customers.

Risks Related to Us and Our Subsidiaries Generally

•The impact of COVID-19 on the way we and our subsidiaries operate;

•Failures or interruptions in or breaches to our or our subsidiaries’ computer systems;

•Litigation to which we and our subsidiaries may be subject from time to time;

•Acts of terrorism;

•Compliance with environmental laws;

•Potential loss of key vendor relationships or issues relating to the transitioning of vendor relationships;

•Impairment charges related to the carrying value of long-lived assets and goodwill of our subsidiaries;

•We are a holding company and derive substantially all of our income and cash flow from our subsidiaries;

•Competition for senior executives and qualified specialized talent; and

•Increasing scrutiny and changing expectations from stakeholders with respect to environmental, social and governance practices may impose additional costs on us and our subsidiaries or expose us and our subsidiaries to new or additional risks.