LOEWS CORPL

LOEWS CORP Leases Disclosure

10-KFiled Feb 10, 20262 min read
Leases
Lease agreements primarily cover office facilities and machinery and equipment and expire at various dates. Leases, predominantly operating leases, are included in Other assets and Other liabilities on the Consolidated Balance Sheets. The lease agreements do not contain significant residual value guarantees, restrictions or covenants.

Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is typically the applicable secured borrowing rate, as most of the leases do not provide an implicit rate. The operating lease right of use asset was $301 million and $320 million and the operating lease liability was $375 million and $406 million at December 31, 2025 and 2024.

Total lease expense was $77 million, $79 million and $87 million for the years ended December 31, 2025, 2024 and 2023 which includes operating lease expense of $53 million, $51 million and $58 million, variable lease expense of $20 million, $23 million and $24 million and short-term lease expense of $4 million, $5 million and $5 million. Cash paid for amounts included in operating lease liabilities was $59 million, $80 million and $60 million for years ended December 31,
2025, 2024 and 2023. Operating lease right of use assets obtained in exchange for lease obligations was $27 million, $73 million and $39 million for the years ended December 31, 2025, 2024 and 2023.

The table below presents the maturities of lease liabilities:

Operating
As of December 31, 2025
Leases
(In millions) 
  
2026
$55 
2027
55 
2028
50 
2029
51 
2030
47 
Thereafter255 
Total513 
Less: discount138 
Total lease liabilities$375 

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, 2025
 
  
Weighted average remaining lease term10.1 years
Weighted average discount rate4.2%

Historical Timeline

Fiscal YearFiled
2025Feb 10, 2026Showing above
2024Feb 11, 2025
2023Feb 6, 2024
2022Feb 7, 2023
2021Feb 8, 2022
2020Feb 9, 2021
2019Feb 12, 2020
2018Feb 13, 2019
2017Feb 15, 2018
2016Feb 16, 2017
2015Feb 19, 2016

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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