Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS

December 31		2015		2014
(In millions)
Current assets, principally investment in short term instruments	$	2,888	$	3,959
Investments in securities		1,487		1,439
Investments in capital stocks of subsidiaries, at equity		15,129		15,974
Other assets		99		585
Total assets	$	19,603	$	21,957
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	260	$	618
Short term debt		400
Long term debt		1,281		1,680
Deferred income tax and other		101		379
Total liabilities		2,042		2,677
Shareholders’ equity		17,561		19,280
Total liabilities and shareholders’ equity	$	19,603	$	21,957

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

Year Ended December 31		2015			2014			2013
(In millions)
Revenues:
Equity in income of subsidiaries (a)	$	302		$	1,034		$	1,218
Interest and other		74			92			83
Total		376			1,126			1,301
Expenses:
Administrative		108			97			91
Interest		74			74			62
Total		182			171			153
Income before income tax		194			955			1,148
Income tax benefit		66			7			1
Income from continuing operations		260			962			1,149
Discontinued operations, net					(371	)		(554)
Net income		260			591			595
Equity in other comprehensive loss of subsidiaries		(638	)		(59	)		(341)
Total comprehensive income (loss)	$	(378	)	$	532		$	254

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS

Year Ended December 31		2015			2014			2013
(In millions)
Operating Activities:
Net income	$	260		$	591		$	595
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Equity method investees		488			95			58
Provision for deferred income taxes		113			(62	)		(376)
Changes in operating assets and liabilities, net:
Receivables		(6	)		(2	)		(1)
Accounts payable and accrued liabilities		71			200			511
Trading securities		718			(269	)		(787)
Other, net		(8	)		(23	)		(59)
		1,636			530			(59)
Investing Activities:
Investments in and advances to subsidiaries		(285	)		130			(669)
Change in investments, primarily short term					7			111
Other		(4	)		(2	)		(3)
		(289	)		135			(561)
Financing Activities:
Dividends paid		(90	)		(95	)		(97)
Issuance of common stock		7			6			5
Purchases of treasury shares		(1,265	)		(622	)		(228)
Issuance of debt								983
Other		1			2			1
		(1,347	)		(709	)		664
Net change in cash		-			(44	)		44
Cash, beginning of year					44
Cash, end of year	$	-		$	-		$	44

(a) Cash dividends paid to the Company by affiliates amounted to $816, $782 and $736 for the years ended December 31, 2015, 2014 and 2013.