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Schedule I - Condensed Financial Information of Registrant
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule I - Condensed Financial Information of Registrant
SCHEDULE I
Condensed Financial Information of Registrant
LOEWS CORPORATION
BALANCE SHEETS
ASSETS
December 31
 
2019
 
  
2018
 
(In millions)
 
 
  
 
Current assets, principally investment in short term instruments
 
$
2,550
             
 
   $
2,050
 
Investments in securities
 
 
734
 
    
1,112
 
Investments in capital stocks of subsidiaries, at equity
 
 
18,123
 
    
17,556
 
Other assets
 
 
24
 
    
402
 
                 
Total assets
 
$
21,431
 
   $
21,120
 
                 
   
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
  
Current liabilities
 
$
77
 
   $
109
 
Long term debt
 
 
1,779
 
    
1,778
 
Deferred income tax and other
 
 
456
 
    
715
 
                 
Total liabilities
 
 
2,312
 
    
2,602
 
Shareholders’ equity
 
 
19,119
 
    
18,518
 
                 
Total liabilities and shareholders’ equity
 
$
21,431
 
   $
21,120
 
                 
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
Year Ended December 31
 
2019
 
  
2018
   
2017
 
(In millions)
 
 
  
 
  
 
Revenues:
 
 
 
    
     
 
Equity in income of subsidiaries (a)
 
$
867
 
 
$
819
 
 
$
1,199
 
Net investment income (loss), interest and other
 
 
239
 
    
(11
 )    
167
 
                         
Total
 
 
1,106
 
    
808
     
1,366
 
                         
Expenses:
 
 
 
    
     
 
Administrative
 
 
83
 
    
127
     
134
 
Interest
 
 
72
 
    
72
     
72
 
                         
Total
 
 
155
 
    
199
     
206
 
                         
Income before income tax
 
 
951
 
    
609
     
1,160
 
Income tax (expense) benefit
  
 
(19
 )
 
    
27
     
4
 
                         
Net income
 
 
932
 
    
636
     
1,164
 
Equity in other comprehensive income (loss) of subsidiaries
 
 
812
 
    
(797
 )    
197
 
                         
Total comprehensive income (loss)
 
$
1,744
 
   $
(161
 )   $
1,361
 
                         
Condensed Financial Information of Registrant
LOEWS CORPORATION
STATEMENTS OF CASH FLOWS
Year Ended December 31
 
2019
 
  
2018
   
2017
 
(In millions)
 
 
  
 
  
 
Operating Activities:
 
 
 
    
     
 
Net income
 
$
932
             
 
   $
636
    $
1,164
 
Adjustments to reconcile net income to net cash provided (used) by operating activities:
 
 
 
    
     
 
Equity method investees
 
 
36
 
    
401
     
(405
 )
Provision for deferred income taxes
 
 
106
 
    
113
     
77
 
Changes in operating assets and liabilities, net:
 
 
 
    
     
 
Receivables
 
 
1
 
    
3
     
4
 
Accounts payable and accrued liabilities
 
 
(29
) 
    
92
     
(20
 )
Trading securities
 
 
(478
) 
    
1,702
     
100
 
Other, net
 
 
36
 
    
19
     
(41
 )
                         
  
 
604
 
    
2,966
     
879
 
                         
Investing Activities:
 
 
 
    
     
 
Investments in and advances to subsidiaries
 
 
183
 
    
(135
 )    
12
 
Change in investments, primarily short term
 
 
326
 
    
(187
 )    
30
 
Purchase of Boardwalk Pipelines common units
 
 
 
 
    
(1,504
 )    
 
Acquisition
 
 
 
 
    
     
(620
 )
Other
 
 
 
 
    
(2
 )    
(1
 )
                         
  
 
509
 
    
(1,828
 )    
(579
 )
                         
Financing Activities:
 
 
 
    
     
 
Dividends paid
 
 
(76
) 
    
(80
 )    
(84
 )
Purchases of treasury shares
 
 
(1,051
) 
    
(1,026
 )    
(216
 )
Other
 
 
(5
) 
    
(3
 )    
 
       
 
                
  
 
(1,132
) 
    
(1,109
 )    
(300
 )
                         
Net change in cash
 
 
(19
)
 
    
29
     
-
  
Cash, beginning of year
 
 
29
 
    
     
 
                         
Cash, end of year
 
$
10
 
   $
29
    $
-
  
                         
(a)
 
Cash dividends paid to the Company by affiliates amounted to $927, $878 and $804 for the years ended December 31, 2019, 2018 and 2017.