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Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2020
Schedule I - Condensed Financial Information of Registrant [Abstract]  
Schedule I - Condensed Financial Information of Registrant
SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION
BALANCE SHEETS

ASSETS

December 31
  
2020
    
2019
  
(In millions)
            
             
Current assets, principally investment in short term instruments
  
$
2,766
    
$
2,550
  
Investments in securities
    
775
      
734
  
Investments in capital stocks of subsidiaries, at equity
    
16,861
      
18,123
  
Other assets
    
22
      
24
  
Total assets
  
$
20,424
    
$
21,431
  
                 
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY
  
                 
                 
Current liabilities
  
$
63
    
$
77
  
Long term debt
    
2,276
      
1,779
  
Deferred income tax and other
    
225
      
456
  
Total liabilities
    
2,564
      
2,312
  
Shareholders’ equity
    
17,860
      
19,119
  
Total liabilities and shareholders’ equity
  
$
20,424
    
$
21,431
  

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

Year Ended December 31
  
2020
    
2019
    
2018
  
(In millions)
                  
                   
Revenues:
                  
Equity in income of subsidiaries (a)
  
$
120
    
$
867
    
$
819
  
Net investment income (loss), interest and other
    
65
      
239
      
(11
)
Investment loss
    
(1,211
)
                
Total
    
(1,026
)
    
1,106
      
808
  
Expenses:
                        
Administrative
    
98
      
83
      
127
  
Interest
    
83
      
72
      
72
  
Total
    
181
      
155
      
199
  
Income (loss) before income tax
    
(1,207
)
    
951
      
609
  
Income tax (expense) benefit
    
276
      
(19
)
    
27
  
Net income (loss)
    
(931
)
    
932
      
636
  
Equity in other comprehensive income (loss) of subsidiaries
    
649
      
812
      
(797
)
Total comprehensive income (loss)
  
$
(282
)
  
$
1,744
    
$
(161
)


SCHEDULE I
(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION
STATEMENTS OF CASH FLOWS

Year Ended December 31
  
2020
    
2019
    
2018
  
(In millions)
                  
                   
Operating Activities:
                  
Net income (loss)
  
$
(931
)
  
$
932
    
$
636
  
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
                        
Equity method investees
    
834
      
36
      
401
  
Loss on deconsolidation
    
1,211
                  
Provision for deferred income taxes
    
(196
)
    
106
      
113
  
Changes in operating assets and liabilities, net:
                        
Receivables
            
1
      
3
  
Accounts payable and accrued liabilities
    
(38
)
    
(29
)
    
92
  
Trading securities
    
(566
)
    
(478
)
    
1,702
  
Other, net
    
44
      
36
      
19
  
     
358
      
604
      
2,966
  
                         
Investing Activities:
                        
Investments in and advances to subsidiaries
    
(169
)
    
183
      
(135
)
Change in investments, primarily short term
    
326
      
326
      
(187
)
Purchase of Boardwalk Pipelines common units
                    
(1,504
)
Other
                    
(2
)
     
157
      
509
      
(1,828
)
                         
Financing Activities:
                        
Dividends paid
    
(70
)
    
(76
)
    
(80
)
Purchases of treasury shares
    
(923
)
    
(1,051
)
    
(1,026
)
Issuance of debt
    
495
                  
Other
    
(5
)
    
(5
)
    
(3
)
     
(503
)
    
(1,132
)
    
(1,109
)
                         
Net change in cash
    
12
      
(19
)
    
29
  
Cash, beginning of year
    
10
      
29
          
Cash, end of year
  
$
22
    
$
10
    
$
29
  

(a)
Cash dividends paid to the Company by affiliates amounted to $947, $927 and $878 for the years ended December 31, 2020, 2019 and 2018.