Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2016

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS

December 31	2016		2015
(In millions)
Current assets, principally investment in short term instruments	$	3,096	$	2,888
Investments in securities		1,931		1,487
Investments in capital stocks of subsidiaries, at equity		15,114		15,129
Other assets		389		97
Total assets	$	20,530	$	19,601

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities	$	140	$	260
Short term debt				400
Long term debt		1,775		1,279
Deferred income tax and other		452		101
Total liabilities		2,367		2,040
Shareholders’ equity		18,163		17,561
Total liabilities and shareholders’ equity	$	20,530	$	19,601

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)

Year Ended December 31	2016		2015			2014
(In millions)
Revenues:
Equity in income of subsidiaries (a)	$	655	$	302		$	1,034
Interest and other		165		74			92
Total		820		376			1,126
Expenses:
Administrative		127		108			97
Interest		72		74			74
Total		199		182			171
Income before income tax		621		194			955
Income tax benefit		33		66			7
Income from continuing operations		654		260			962
Discontinued operations, net							(371)
Net income		654		260			591
Equity in other comprehensive income (loss) of subsidiaries		134		(638	)		(59)
Total comprehensive income (loss)	$	788	$	(378	)	$	532

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS

Year Ended December 31	2016			2015			2014
(In millions)
Operating Activities:
Net income	$	654		$	260		$	591
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Equity method investees		115			488			95
Provision for deferred income taxes		10			113			(62	)
Changes in operating assets and liabilities, net:
Receivables		2			(6	)		(2	)
Accounts payable and accrued liabilities		52			71			200
Trading securities		(614	)		718			(269	)
Other, net		(15	)		(8	)		(23	)
		204			1,636			530
Investing Activities:
Investments in and advances to subsidiaries		50			(285	)		130
Change in investments, primarily short term		(127	)					7
Other		(2	)		(4	)		(2	)
		(79	)		(289	)		135
Financing Activities:
Dividends paid		(84	)		(90	)		(95	)
Issuance of common stock					7			6
Purchases of treasury shares		(134	)		(1,265	)		(622	)
Principal payments in debt		(400	)
Issuance of debt		495
Other		(2	)		1			2
		(125	)		(1,347	)		(709	)
Net change in cash		-			-			(44	)
Cash, beginning of year								44
Cash, end of year	$	-		$	-		$	-

(a) Cash dividends paid to the Company by affiliates amounted to $780, $816 and $782 for the years ended December 31, 2016, 2015 and 2014.