Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2014

Text Block [Abstract]

Consolidating Balance Sheet Information

Loews Corporation

Consolidating Balance Sheet Information

	CNA		Diamond		Boardwalk		Loews		Corporate
September 30, 2014	Financial		Offshore		Pipeline		Hotels		and Other		Eliminations		Total
(In millions)
Assets:
Investments	$	46,320	$	1,043			$	76	$	5,205			$	52,644
Cash		247		26	$	7		7		350				637
Receivables		7,313		543		84		39		294	$	(88)		8,185
Property, plant and equipment		271		6,076		7,391		611		62				14,411
Deferred income taxes								3		278		(281)		-
Goodwill		118		20		215								353
Investments in capital stocks of subsidiaries										16,779		(16,779)		-
Other assets		783		329		326		202		18		14		1,672
Deferred acquisition costs of insurance subsidiaries		627												627
Total assets	$	55,679	$	8,037	$	8,023	$	938	$	22,986	$	(17,134)	$	78,529
Liabilities and Equity:
Insurance reserves	$	36,095											$	36,095
Payable to brokers		135	$	4					$	524				663
Short term debt		549		250			$	51						850
Long term debt		2,559		1,981	$	3,410		422		1,679				10,051
Deferred income taxes		38		504		691		38			$	(241)		1,030
Other liabilities		3,300		803		418		32		285		(114)		4,724
Total liabilities		42,676		3,542		4,519		543		2,488		(355)		53,413
Total shareholders’ equity		11,673		2,309		1,561		395		20,498		(16,779)		19,657
Noncontrolling interests		1,330		2,186		1,943								5,459
Total equity		13,003		4,495		3,504		395		20,498		(16,779)		25,116
Total liabilities and equity	$	55,679	$	8,037	$	8,023	$	938	$	22,986	$	(17,134)	$	78,529

Loews Corporation

Consolidating Balance Sheet Information

	CNA		Diamond		Boardwalk		Loews		Corporate
December 31, 2013	Financial		Offshore		Pipeline		Hotels		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

Consolidating Statement of Income Information

Loews Corporation

Consolidating Statement of Income Information

	CNA		Diamond		Boardwalk		Loews		Corporate
Nine Months Ended September 30, 2014	Financial		Offshore		Pipeline		Hotels		and Other		Eliminations		Total
(In millions)
Revenues:
Insurance premiums	$	5,427											$	5,427
Net investment income		1,556	$	1					$	68				1,625
Intercompany interest and dividends										647	$	(647)		-
Investment gains		65												65
Contract drilling revenues				2,063										2,063
Other revenues		266		84	$	931	$	343						1,624
Total		7,314		2,148		931		343		715		(647)		10,804
Expenses:
Insurance claims and policyholders’ benefits		4,241												4,241
Amortization of deferred acquisition costs		996												996
Contract drilling expenses				1,165										1,165
Other operating expenses		978		575		705		320		56				2,634
Interest		138		46		121		9		55				369
Total		6,353		1,786		826		329		111		-		9,405
Income before income tax		961		362		105		14		604		(647)		1,399
Income tax (expense) benefit		(268)		(84)		(5)		(6)		16				(347)
Income from continuing operations		693		278		100		8		620		(647)		1,052
Discontinued operations, net		(197)								(187)				(384)
Net income		496		278		100		8		433		(647)		668
Amounts attributable to noncontrolling interests		(50)		(142)		(93)								(285)
Net income attributable to Loews Corporation	$	446	$	136	$	7	$	8	$	433		$    (647)	$	383

Loews Corporation

Consolidating Statement of Income Information

	CNA		Diamond		Boardwalk		Loews		Corporate
Nine Months Ended September 30, 2013	Financial		Offshore		Pipeline		Hotels		and Other		Eliminations		Total
(In millions)
Revenues:
Insurance premiums	$	5,389											$	5,389
Net investment income		1,680	$	1					$	58				1,739
Intercompany interest and dividends										547	$	(547)		-
Investment gains		7												7
Contract drilling revenues				2,136										2,136
Other revenues		287		61	$	921	$	290		1				1,560
Total		7,363		2,198		921		290		606		(547)		10,831
Expenses:
Insurance claims and policyholders’ benefits		4,259												4,259
Amortization of deferred acquisition costs		1,004												1,004
Contract drilling expenses				1,164										1,164
Other operating expenses		979		423		573		282		52				2,309
Interest		125		18		122		8		43				316
Total		6,367		1,605		695		290		95		-		9,052
Income before income tax		996		593		226		-		511		(547)		1,779
Income tax (expense) benefit		(290)		(154)		(49)		2		13				(478)
Income from continuing operations		706		439		177		2		524		(547)		1,301
Discontinued operations, net		14								(121)				(107)
Net income		720		439		177		2		403		(547)		1,194
Amounts attributable to noncontrolling interests		(72)		(226)		(103)								(401)
Net income attributable to Loews Corporation	$	648	$	213	$	74	$	2	$	403	$	(547)	$	793