Consolidating Financial Information

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Consolidating Financial Information

15. Consolidating Financial Information

The following schedules present the Company’s consolidating balance sheet information at June 30, 2014 and December 31, 2013, and consolidating statements of income information for the three and six months ended June 30, 2014 and 2013. These schedules present the individual subsidiaries of the Company and their contribution to the Consolidated Condensed Financial Statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. In addition, many of the Company’s subsidiaries use a classified balance sheet which also leads to differences in amounts reported for certain line items.

The Corporate and Other column primarily reflects the parent company’s investment in its subsidiaries, invested cash portfolio, corporate long term debt and assets and liabilities of discontinued operations of HighMount. The elimination adjustments are for intercompany assets and liabilities, interest and dividends, the parent company’s investment in capital stocks of subsidiaries, and various reclasses of debit or credit balances to the amounts in consolidation. Purchase accounting adjustments have been pushed down to the appropriate subsidiary.

Loews Corporation

Consolidating Balance Sheet Information

	CNA		Diamond		Boardwalk		Loews		Corporate
June 30, 2014	Financial		Offshore		Pipeline		Hotels		and Other		Eliminations		Total
(In millions)
Assets:
Investments	$	46,080	$	1,315			$	107	$	5,449			$	52,951
Cash		204		16	$	44		2		11				277
Receivables		7,674		575		84		35		95	$	(22)		8,441
Property, plant and equipment		271		6,060		7,319		442		41				14,133
Deferred income taxes		22						3				(25)		-
Goodwill		120		20		215								355
Assets of discontinued operations		3,593								1,381		(568)		4,406
Investments in capital stocks of subsidiaries										17,483		(17,483)		-
Other assets		791		376		288		192		21		13		1,681
Deferred acquisition costs of insurance subsidiaries		650												650
Total assets	$	59,405	$	8,362	$	7,950	$	781	$	24,481	$	(18,085)	$	82,894
Liabilities and Equity:
Insurance reserves	$	36,570											$	36,570
Payable to brokers		214							$	601				815
Short term debt		549	$	250			$	175						974
Long term debt		2,558		2,230	$	3,350		11		1,679				9,828
Deferred income taxes		94		525		695		43		219	$	(580)		996
Liabilities of discontinued operations		3,343								603				3,946
Other liabilities		3,035		787		408		10		669		(499)		4,410
Total liabilities		46,363		3,792		4,453		239		3,771		(1,079)		57,539
Total shareholders’ equity		11,708		2,347		1,556		542		20,710		(17,006)		19,857
Noncontrolling interests		1,334		2,223		1,941								5,498
Total equity		13,042		4,570		3,497		542		20,710		(17,006)		25,355
Total liabilities and equity	$	59,405	$	8,362	$	7,950	$	781	$	24,481	$	(18,085)	$	82,894

Loews Corporation

Consolidating Balance Sheet Information

December 31, 2013	CNA Financial		Diamond Offshore		Boardwalk Pipeline		Loews Hotels		Corporate and Other		Eliminations		Total
(In millions)
Assets:
Investments	$	46,107	$	2,061			$	43	$	4,734			$	52,945
Cash		195		36	$	29		10		24				294
Receivables		8,666		498		97		28		74	$	(25)		9,338
Property, plant and equipment		282		5,472		7,296		430		44				13,524
Deferred income taxes		244						3				(247)		-
Goodwill		119		20		215		3						357
Assets of discontinued operations										1,678		(637)		1,041
Investments in capital stocks of subsidiaries										17,264		(17,264)		-
Other assets		741		305		360		183		7		39		1,635
Deferred acquisition costs of insurance subsidiaries		624												624
Separate account business		181												181
Total assets	$	57,159	$	8,392	$	7,997	$	700	$	23,825	$	(18,134)	$	79,939
Liabilities and Equity:
Insurance reserves	$	38,394											$	38,394
Payable to brokers		85	$	1					$	48				134
Short term debt		549		250			$	20						819
Long term debt		2,011		2,230	$	3,424		182		1,678				9,525
Deferred income taxes				516		689		41		195	$	(725)		716
Liabilities of discontinued operations										632				632
Other liabilities		3,323		734		427		23		690		(565)		4,632
Separate account business		181												181
Total liabilities		44,543		3,731		4,540		266		3,243		(1,290)		55,033
Total shareholders’ equity		11,354		2,362		1,570		434		20,582		(16,844)		19,458
Noncontrolling interests		1,262		2,299		1,887								5,448
Total equity		12,616		4,661		3,457		434		20,582		(16,844)		24,906
Total liabilities and equity	$	57,159	$	8,392	$	7,997	$	700	$	23,825	$	(18,134)	$	79,939

Loews Corporation

Consolidating Statement of Income Information

Six Months Ended June 30, 2014	CNA Financial		Diamond Offshore		Boardwalk Pipeline		Loews Hotels		Corporate and Other		Eliminations		Total
(In millions)
Revenues:
Insurance premiums	$	3,617											$	3,617
Net investment income		1,076	$	1					$	97				1,174
Intercompany interest and dividends										512	$	(512)		-
Investment gains		28												28
Contract drilling revenues				1,335										1,335
Other		182		75	$	652	$	217		1				1,127
Total		4,903		1,411		652		217		610		(512)		7,281
Expenses:
Insurance claims and policyholders’ benefits		2,887												2,887
Amortization of deferred acquisition costs		664												664
Contract drilling expenses				765										765
Other operating expenses		596		329		494		200		38				1,657
Interest		90		37		81		3		37				248
Total		4,237		1,131		575		203		75		-		6,221
Income before income tax		666		280		77		14		535		(512)		1,060
Income tax (expense) benefit		(182)		(53)		1		(6)		(8)				(248)
Income from continuing operations		484		227		78		8		527		(512)		812
Discontinued operations, net		(201)								(212)				(413)
Net income		283		227		78		8		315		(512)		399
Amounts attributable to noncontrolling interests		(29)		(116)		(79)								(224)
Net income (loss) attributable to Loews Corporation	$	254	$	111	$	(1)	$	8	$	315	$	(512)	$	175

Loews Corporation

Consolidating Statement of Income Information

Six Months Ended June 30, 2013	CNA Financial		Diamond Offshore		Boardwalk Pipeline		Loews Hotels		Corporate and Other		Eliminations		Total
(In millions)
Revenues:
Insurance premiums	$	3,564											$	3,564
Net investment income		1,125	$	1					$	8				1,134
Intercompany interest and dividends										364	$	(364)		-
Investment gains		5												5
Contract drilling revenues				1,445										1,445
Other		211		46	$	633	$	195		1				1,086
Total		4,905		1,492		633		195		373		(364)		7,234
Expenses:
Insurance claims and policyholders’ benefits		2,881												2,881
Amortization of deferred acquisition costs		663												663
Contract drilling expenses				744										744
Other operating expenses		656		270		386		187		33				1,532
Interest		83		16		81		6		25				211
Total		4,283		1,030		467		193		58		-		6,031
Income before income tax		622		462		166		2		315		(364)		1,203
Income tax (expense) benefit		(189)		(114)		(36)		(1)		17				(323)
Income from continuing operations		433		348		130		1		332		(364)		880
Discontinued operations, net		13								(83)				(70)
Net income		446		348		130		1		249		(364)		810
Amounts attributable to noncontrolling interests		(45)		(179)		(75)								(299)
Net income attributable to Loews Corporation	$	401	$	169	$	55	$	1	$	249	$	(364)	$	511