Consolidating Financial Information

3 Months Ended

Mar. 31, 2015

Text Block [Abstract]

Consolidating Financial Information

14. Consolidating Financial Information

The following schedules present the Company’s consolidating balance sheet information at March 31, 2015 and December 31, 2014, and consolidating statements of income information for the three months ended March 31, 2015 and 2014. 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 and corporate long term debt. 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
March 31, 2015	Financial		Offshore		Pipeline		Hotels		and Other		Eliminations		Total
(In millions)
Assets:
Investments	$	45,932	$	191			$	48	$	6,021			$	52,192
Cash		201		7	$	30		6		27				271
Receivables		7,404		469		158		42		116	$	(32)		8,157
Property, plant and equipment		284		6,578		7,626		838		50				15,376
Deferred income taxes		86						2		186		(274)		-
Goodwill		114		20		237								371
Investments in capital stocks of subsidiaries										15,702		(15,702)		-
Other assets		808		266		305		240		10		11		1,640
Deferred acquisition costs of insurance subsidiaries		616												616
Total assets	$	55,445	$	7,531	$	8,356	$	1,176	$	22,112	$	(15,997)	$	78,623
Liabilities and Equity:
Insurance reserves	$	36,705											$	36,705
Payable to brokers		257	$	3					$	666				926
Short term debt		1		250			$	36		400				687
Long term debt		2,563		1,981	$	3,568		471		1,280				9,863
Deferred income taxes		9		397		751		36			$	(263)		930
Other liabilities		3,503		697		385		22		307		(32)		4,882
Total liabilities		43,038		3,328		4,704		565		2,653		(295)		53,993
Total shareholders’ equity		11,125		2,245		1,572		609		19,459		(15,702)		19,308
Noncontrolling interests		1,282		1,958		2,080		2						5,322
Total equity		12,407		4,203		3,652		611		19,459		(15,702)		24,630
Total liabilities and equity	$	55,445	$	7,531	$	8,356	$	1,176	$	22,112	$	(15,997)	$	78,623

Loews Corporation

Consolidating Balance Sheet Information

	CNA		Diamond		Boardwalk		Loews		Corporate
December 31, 2014	Financial		Offshore		Pipeline		Hotels		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 Statement of Income Information

	CNA		Diamond		Boardwalk		Loews		Corporate
Three Months Ended March 31, 2015	Financial		Offshore		Pipeline		Hotels		and Other		Eliminations		Total
(In millions)
Revenues:
Insurance premiums	$	1,687											$	1,687
Net investment income		558	$	1					$	29				588
Intercompany interest and dividends										567	$	(567)		-
Investment gains		10												10
Contract drilling revenues				600										600
Other revenues		97		26	$	330	$	139		1				593
Total		2,352		627		330		139		597		(567)		3,478
Expenses:
Insurance claims and policyholders’ benefits		1,339												1,339
Amortization of deferred acquisition costs		303												303
Contract drilling expenses				351										351
Other operating expenses		357		539		208		124		21				1,249
Interest		39		24		45		5		18				131
Total		2,038		914		253		129		39		-		3,373
Income (loss) before income tax		314		(287)		77		10		558		(567)		105
Income tax (expense) benefit		(80)		41		(16)		(5)		4				(56)
Net income (loss)		234		(246)		61		5		562		(567)		49
Amounts attributable to noncontrolling interests		(24)		120		(36)								60
Net income (loss) attributable to Loews Corporation	$	210	$	(126)	$	25	$	5	$	562	$	(567)	$	109

Loews Corporation

Consolidating Statement of Income Information

	CNA		Diamond		Boardwalk		Loews		Corporate
Three Months Ended March 31, 2014	Financial		Offshore		Pipeline		Hotels		and Other		Eliminations		Total
(In millions)
Revenues:
Insurance premiums	$	1,806											$	1,806
Net investment income		526							$	51				577
Intercompany interest and dividends										377	$	(377)		-
Investment gains		42												42
Contract drilling revenues			$	685										685
Other revenues		89		25	$	357	$	105		2				578
Total		2,463		710		357		105		430		(377)		3,688
Expenses:
Insurance claims and policyholders’ benefits		1,446												1,446
Amortization of deferred acquisition costs		329												329
Contract drilling expenses				370										370
Other operating expenses		343		154		293		99		18				907
Interest		44		18		41		1		18				122
Total		2,162		542		334		100		36		-		3,174
Income (loss) before income tax		301		168		23		5		394		(377)		514
Income tax (expense) benefit		(79)		(27)		11		(2)		(6)				(103)
Income (loss) from continuing operations		222		141		34		3		388		(377)		411
Discontinued operations, net		(207)								(20)				(227)
Net income (loss)		15		141		34		3		368		(377)		184
Amounts attributable to noncontrolling interests		(1)		(72)		(52)								(125)
Net income (loss) attributable to Loews Corporation	$	14	$	69	$	(18)	$	3	$	368	$	(377)	$	59