Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Consolidating Balance Sheet Information

Loews Corporation

Consolidating Balance Sheet Information

December 31, 2014	CNA Financial		Diamond Offshore		Boardwalk Pipeline		Loews Hotels		Corporate and Other		Eliminations		Total
(In millions)
Assets:
Investments	$	46,262	$	234			$	75	$	5,461			$	52,032
Cash		190		16	$	8		9		141				364
Receivables		7,097		490		128		29		82	$	(56)		7,770
Property, plant and equipment		280		6,949		7,649		671		62				15,611
Deferred income taxes		222						2		374		(598)		-
Goodwill		117		20		237								374
Investments in capital stocks of subsidiaries										15,974		(15,974)		-
Other assets		778		307		304		206		7		14		1,616
Deferred acquisition costs of insurance subsidiaries		600												600
Total assets	$	55,546	$	8,016	$	8,326	$	992	$	22,101	$	(16,614)	$	78,367
Liabilities and Equity:
Insurance reserves	$	36,380											$	36,380
Payable to brokers		117	$	5					$	551				673
Short term debt				250			$	85						335
Long term debt		2,561		1,981	$	3,690		421		1,680				10,333
Deferred income taxes		11		514		732		36			$	(400)		893
Other liabilities		3,713		792		400		17		421		(240)		5,103
Total liabilities		42,782		3,542		4,822		559		2,652		(640)		53,717
Total shareholders’ equity		11,457		2,359		1,558		431		19,449		(15,974)		19,280
Noncontrolling interests		1,307		2,115		1,946		2						5,370
Total equity		12,764		4,474		3,504		433		19,449		(15,974)		24,650
Total liabilities and equity	$	55,546	$	8,016	$	8,326	$	992	$	22,101	$	(16,614)	$	78,367

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

Consolidating Statement of Income Information

Loews Corporation

Consolidating Statement of Income Information

Year Ended December 31, 2014	CNA Financial		Diamond Offshore			Boardwalk Pipeline		Loews Hotels			Corporate and Other		Eliminations		Total
(In millions)
Revenues:
Insurance premiums	$	7,212													$	7,212
Net investment income		2,067	$	1		$	1				$	94				2,163
Intercompany interest and dividends												782	$	(782)		-
Investment gains		54														54
Contract drilling revenues				2,737												2,737
Other revenues		359		87			1,235	$	475			3				2,159
Total		9,692		2,825			1,236		475			879		(782)		14,325
Expenses:
Insurance claims and policyholders’ benefits		5,591														5,591
Amortization of deferred acquisition costs		1,317														1,317
Contract drilling expenses				1,524												1,524
Other operating expenses		1,386		725			931		440			103				3,585
Interest		183		62			165		14			74				498
Total		8,477		2,311			1,096		454			177		-		12,515
Income before income tax		1,215		514			140		21			702		(782)		1,810
Income tax (expense) benefit		(322)		(142	)		(11)		(10	)		28				(457)
Income from continuing operations		893		372			129		11			730		(782)		1,353
Discontinued operations, net		(197)										(194)				(391)
Net income		696		372			129		11			536		(782)		962
Amounts attributable to noncontrolling interests		(71)		(189	)		(111)									(371)
Net income attributable to Loews Corporation	$	625	$	183		$	18	$	11		$	536	$	(782)	$	591

Loews Corporation

Consolidating Statement of Income Information

Year Ended December 31, 2013	CNA Financial		Diamond Offshore		Boardwalk Pipeline		Loews Hotels			Corporate and Other			Eliminations		Total
(In millions)
Revenues:
Insurance premiums	$	7,271													$	7,271
Net investment income		2,282	$	1	$	1				$	141					2,425
Intercompany interest and dividends											736		$	(736)		-
Investment gains		16														16
Contract drilling revenues				2,844												2,844
Other revenues		363		81		1,231	$	380			2					2,057
Total		9,932		2,926		1,232		380			879			(736)		14,613
Expenses:
Insurance claims and policyholders’ benefits		5,806														5,806
Amortization of deferred acquisition costs		1,362														1,362
Contract drilling expenses				1,573												1,573
Other operating expenses		1,315		554		828		375			98					3,170
Interest		166		25		163		9			62					425
Total		8,649		2,152		991		384			160			-		12,336
Income (loss) before income tax		1,283		774		241		(4	)		719			(736)		2,277
Income tax (expense) benefit		(363)		(245)		(56)		1			7					(656)
Income (loss) from continuing operations		920		529		185		(3	)		726			(736)		1,621
Discontinued operations, net		22									(574	)				(552)
Net income (loss)		942		529		185		(3	)		152			(736)		1,069
Amounts attributable to noncontrolling interests		(95)		(272)		(107)										(474)
Net income (loss) attributable to Loews Corporation	$	847	$	257	$	78	$	(3	)	$	152		$	(736)	$	595

Loews Corporation

Consolidating Statement of Income Information

Year Ended December 31, 2012	CNA Financial			Diamond Offshore		Boardwalk Pipeline			Loews Hotels			Corporate and Other			Eliminations		Total
(In millions)
Revenues:
Insurance premiums	$	6,881															$	6,881
Net investment income		2,110		$	5				$	1		$	61					2,177
Intercompany interest and dividends													683		$	(683)		-
Investment gains (losses)		51				$	(3)											48
Contract drilling revenues					2,936													2,936
Other revenues		322			131		1,187			396			1			(7)		2,030
Total		9,364			3,072		1,184			397			745			(690)		14,072
Expenses:
Insurance claims and policyholders’ benefits		5,729																5,729
Amortization of deferred acquisition costs		1,274																1,274
Contract drilling expenses					1,537													1,537
Other operating expenses		1,324			572		717			372			106			(7)		3,084
Interest		170			46		166			11			40			(7)		426
Total		8,497			2,155		883			383			146			(14)		12,050
Income before income tax		867			917		301			14			599			(676)		2,022
Income tax (expense) benefit		(242	)		(223)		(70	)		(7	)		29					(513)
Income from continuing operations		625			694		231			7			628			(676)		1,509
Discontinued operations, net		8											(407	)				(399)
Net income		633			694		231			7			221			(676)		1,110
Amounts attributable to noncontrolling interests		(63)			(357)		(122	)										(542)
Net income attributable to Loews Corporation	$	570		$	337	$	109		$	7		$	221		$	(676)	$	568