Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Weighted-Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations:

	Pension Benefits						Other Postretirement Benefits
December 31	2015		2014		2013		2015		2014		2013
Discount rate		4.0%		3.7%		4.4%		3.7%		3.4%		4.2%
Expected long term rate of return on plan assets		7.5%		7.5%		7.5%		5.3%		5.3%		5.3%
Rate of compensation increase		3.5% to 5.5%		3.5% to 5.5%		3.5% to 5.5%

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted average assumptions used to determine net periodic benefit cost:

	Pension Benefits						Other Postretirement Benefits
Year Ended December 31	2015		2014		2013		2015		2014		2013
Discount rate		3.8%		4.4%		3.9%		3.4%		4.0%		3.5%
Expected long term rate of return on plan assets		7.5%		7.5%		7.5% to 7.8%		5.3%		5.3%		5.3%
Rate of compensation increase		3.5% to 5.5%		3.5% to 5.5%		3.5% to 5.5%

Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates:

December 31	2015		2014		2013
Health care cost trend rate assumed for next year		4.0% to 7.5%		4.0% to 8.0%		4.0% to 8.5%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		4.0% to 5.0%		4.0% to 5.0%		4.0% to 5.0%
Year that the rate reaches the ultimate trend rate		2016-2021		2015-2021		2014-2022

Components of Net Periodic Benefit Cost

Net periodic benefit cost components:

	Pension Benefits												Other Postretirement Benefits
Year Ended December 31	2015				2014				2013				2015				2014				2013
(In millions)
Service cost		$	12			$	16			$	22			$	1			$	1			$	1
Interest cost			127				149				136				3				4				4
Expected return on plan assets			(193	)			(209	)			(198	)			(5	)			(4	)			(5	)
Amortization of unrecognized net loss			42				30				54				1				1				1
Amortization of unrecognized prior service benefit			(1	)			(1	)							(10	)			(18	)			(25	)
Settlement/Curtailment			3				86				5								(86	)
Net periodic benefit cost		$	(10	)		$	71			$	19			$	(10	)		$	(102	)		$	(24	)

Reconciliation of Benefit Obligations and Plan Assets

The following provides a reconciliation of benefit obligations and plan assets:

	Pension Benefits								Other Postretirement Benefits
	2015				2014				2015				2014
(In millions)
Change in benefit obligation:
Benefit obligation at January 1		$	3,446			$	3,336			$	97			$	101
Service cost			12				16				1				1
Interest cost			127				149				3				4
Plan participants’ contributions											5				6
Amendments/curtailments			(55	)			(4	)							(7	)
Actuarial (gain) loss			(96	)			402				(11	)			7
Benefits paid from plan assets			(187	)			(178	)			(13	)			(15	)
Settlements			(12	)			(268	)
Foreign exchange			(8	)			(7	)
Benefit obligation at December 31			3,227				3,446				82				97
Change in plan assets:
Fair value of plan assets at January 1			2,713				2,914				87				81
Actual return on plan assets			(21	)			233				2				9
Company contributions			15				19				5				6
Plan participants’ contributions											5				6
Benefits paid from plan assets			(187	)			(178	)			(13	)			(15	)
Settlements			(12	)			(268	)
Foreign exchange			(8	)			(7	)
Fair value of plan assets at December 31			2,500				2,713				86				87
Funded status		$	(727	)		$	(733	)		$	4			$	(10	)
Amounts recognized in the Consolidated Balance Sheets consist of:
Other assets		$	11			$	9			$	38			$	32
Other liabilities			(738	)			(742	)			(34	)			(42	)
Net amount recognized		$	(727	)		$	(733	)		$	4			$	(10	)

Amounts Recognized in Accumulated Other Comprehensive Income (Loss) Not Yet Recognized in Net Periodic (Benefit) Cost

Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost:
Prior service credit	$	(5	)	$	(5	)	$	(9	)	$	(19	)
Net actuarial loss		1,106			1,090			8			18
Net amount recognized	$	1,101		$	1,085		$	(1	)	$	(1	)
Information for plans with projected and accumulated benefit obligations in excess of plan assets:
Projected benefit obligation	$	3,129		$	3,336
Accumulated benefit obligation		3,114			3,262		$	34		$	42
Fair value of plan assets		2,391			2,713

Estimated Amounts to be Recognized from AOCI into Net Periodic Cost (Benefit)

The table below presents the estimated amounts to be recognized from AOCI into net periodic cost (benefit) during 2016.

	Pension Benefits				Other         Postretirement          Benefits
(In millions)
Amortization of net actuarial loss		$	46			$	-
Amortization of prior service credit			(1	)			(3	)
Total estimated amounts to be recognized		$	45			$	(3	)

Estimated Future Minimum Benefit Payments

The table below presents the estimated future minimum benefit payments at December 31, 2015.

Expected future benefit payments	Pension Benefits			Other         Postretirement          Benefits
(In millions)
2016		$	218		$	8
2017			217			8
2018			216			7
2019			217			7
2020			219			7
2021 – 2025			1,076			25

Summary of Stock Option and SAR Transactions

A summary of the stock option and SAR transactions for the Loews Plan follows:

	2015						2014
	Number of Awards			Weighted Average Exercise Price			Number of Awards			Weighted Average Exercise Price
Awards outstanding, January 1		6,908,778			$	39.905		6,476,391			$	38.497
Granted		924,000				38.715		910,375				43.839
Exercised		(390,856	)			28.586		(392,519	)			24.670
Canceled		(80,564	)			45.505		(85,469	)			45.117
Awards outstanding, December 31		7,361,358				40.295		6,908,778				39.905
Awards exercisable, December 31		5,341,685			$	39.851		4,924,249			$	38.742

Summary of Stock Options and SARs Outstanding by Exercise Price Range

The following table summarizes information about the Company’s stock options and SARs outstanding in connection with the Loews Plan at December 31, 2015:

	Awards Outstanding							Awards Exercisable
Range of exercise prices	Number of Shares		Weighted Average Remaining     Contractual     Life		Weighted     Average Exercise Price			Number of     Shares		Weighted     Average Exercise Price
$20.01-30.00		377,758		3.06		$	25.472		377,758		$	25.472
30.01-40.00		2,969,582		4.82			37.168		2,410,992			37.084
40.01-50.00		3,844,443		5.85			43.691		2,383,360			44.131
50.01-60.00		169,575		1.06			51.080		169,575			51.080

Assumptions Used in Estimating Fair Value of Granted Options and SARs and Results

The fair value of granted options and SARs for the Loews Plan were estimated at the grant date using the Black-Scholes pricing model with the following assumptions and results:

Year Ended December 31	2015			2014			2013
Expected dividend yield		0.7	%		0.6	%		0.6	%
Expected volatility		19.1	%		16.9	%		16.3	%
Weighted average risk-free interest rate		1.5	%		1.7	%		1.1	%
Expected holding period (in years)		5.0			5.0			5.0
Weighted average fair value of awards	$	6.94		$	7.41		$	6.75

Pension Benefits [Member]

Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis

Pension plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2015	Level 1			Level 2			Level 3			Total
(In millions)
Fixed maturity securities:
Corporate and other bonds					$	455		$	10		$	465
States, municipalities and political subdivisions						106						106
Asset-backed						219						219
Total fixed maturities		$	-			780			10			790
Equity securities			373			107						480
Short term investments			30			28						58
Fixed income mutual funds			95									95
Limited partnerships:
Hedge funds						565			327			892
Private equity									133			133
Total limited partnerships			-			565			460			1,025
Other assets						52						52
Total		$	498		$	1,532		$	470		$	2,500
December 31, 2014
Fixed maturity securities:
Corporate and other bonds					$	463		$	15		$	478
States, municipalities and political subdivisions						80						80
Asset-backed						216						216
U.S. Treasury and obligations of government- sponsored enterprises		$	25									25
Total fixed maturities			25			759			15			799
Equity securities			432			118						550
Short term investments			58			101						159
Fixed income mutual funds			99									99
Limited partnerships:
Hedge funds						619			333			952
Private equity									123			123
Total limited partnerships			-			619			456			1,075
Other assets			1			30						31
Total		$	615		$	1,627		$	471		$	2,713

Plan Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)

The tables below present reconciliations for all pension plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2015 and 2014:

											Net
				Actual Return on Assets							Purchases,				Net Transfers
	Balance at			Still Held at			Sold During				Sales, and				In (Out) of				Balance at
2015	January 1,			December 31,			the Year				Settlements				Level 3				December 31,
(In millions)
Fixed maturity securities:
Corporate and other bonds		$	15													$	(5	)		$	10
Limited partnerships:
Hedge funds			333		$	19						$	(25	)							327
Private equity			123			10		$	(1	)			1								133
Total limited partnerships			456			29			(1	)			(24	)			-				460
Total		$	471		$	29		$	(1	)		$	(24	)		$	(5	)		$	470
2014
Fixed maturity securities:
Corporate and other bonds		$	15																	$	15
Equity securities			8									$	(8	)
Limited partnerships:
Hedge funds			352		$	21							(40	)							333
Private equity			125			19		$	1				(22	)							123
Total limited partnerships			477			40			1				(62	)		$	-				456
Total		$	500		$	40		$	1			$	(70	)		$	-			$	471

Other Postretirement Benefits [Member]

Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis

Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2015	Level 1			Level 2			Level 3			Total
(In millions)
Fixed maturity securities:
Corporate and other bonds					$	17					$	17
States, municipalities and political subdivisions						42						42
Asset-backed						19						19
Total fixed maturities		$	-			78		$	-			78
Short term investments			3									3
Fixed income mutual funds			5									5
Total		$	8		$	78		$	-		$	86
December 31, 2014
Fixed maturity securities:
Corporate and other bonds					$	18					$	18
States, municipalities and political subdivisions						43						43
Asset-backed						20						20
Total fixed maturities		$	-			81		$	-			81
Short term investments			3									3
Fixed income mutual funds			3									3
Total		$	6		$	81		$	-		$	87