Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2018

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS


December 31	2018		2017
(In millions)

Current assets, principally investment in short term instruments	$	2,050	$	2,755
Investments in securities		1,112		2,144
Investments in capital stocks of subsidiaries, at equity		17,556		16,303
Other assets		402		506
Total assets	$	21,120	$	21,708

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	109	$	182
Long term debt		1,778		1,776
Deferred income tax and other		715		546
Total liabilities		2,602		2,504
Shareholders’ equity		18,518		19,204
Total liabilities and shareholders’ equity	$	21,120	$	21,708

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2018			2017		2016
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	819		$	1,199	$	655
Interest and other		(11	)		167		165
Total		808			1,366		820
Expenses:
Administrative		127			134		127
Interest		72			72		72
Total		199			206		199
Income before income tax		609			1,160		621
Income tax benefit		27			4		33
Net income		636			1,164		654
Equity in other comprehensive income (loss) of subsidiaries		(797	)		197		134
Total comprehensive income (loss)	$	(161	)	$	1,361	$	788

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2018			2017			2016
(In millions)

Operating Activities:
Net income	$	636		$	1,164		$	654
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Equity method investees		401			(405	)		115
Provision for deferred income taxes		113			77			10
Changes in operating assets and liabilities, net:
Receivables		3			4			2
Accounts payable and accrued liabilities		92			(20	)		52
Trading securities		1,702			100			(614)
Other, net		19			(41	)		(15)
		2,966			879			204

Investing Activities:
Investments in and advances to subsidiaries		(135	)		12			50
Change in investments, primarily short term		(187	)		30			(127)
Purchase of Boardwalk Pipeline common units		(1,504	)
Acquisition					(620	)
Other		(2	)		(1	)		(2)
		(1,828	)		(579	)		(79)

Financing Activities:
Dividends paid		(80	)		(84	)		(84)
Purchases of treasury shares		(1,026	)		(216	)		(134)
Principal payments in debt								(400)
Issuance of debt								495
Other		(3	)					(2)
		(1,109	)		(300	)		(125)

Net change in cash		29			-			-
Cash, beginning of year
Cash, end of year	$	29		$	-		$	-

(a)	Cash dividends paid to the Company by affiliates amounted to $878, $804 and $780 for the years ended December 31, 2018, 2017 and 2016.