Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (USD $) | ||
In Millions | Sep. 30, 2009
| Dec. 31, 2008
|
Investments: | ||
Fixed maturities, amortized cost of $35,656 and $34,767 | $35,475 | $29,451 |
Equity securities, cost of $927 and $1,402 | 1,320 | 1,185 |
Limited partnership investments | 2,097 | 1,781 |
Short term investments | 6,369 | 6,033 |
Total investments | 45,261 | 38,450 |
Cash | 156 | 131 |
Receivables | 11,522 | 11,672 |
Property, plant and equipment | 13,200 | 12,892 |
Deferred income taxes | 993 | 2,928 |
Goodwill | 856 | 856 |
Other assets | 1,534 | 1,432 |
Deferred acquisition costs of insurance subsidiaries | 1,138 | 1,125 |
Separate account business | 452 | 384 |
Total assets | 75,112 | 69,870 |
Insurance reserves: | ||
Claim and claim adjustment expense | 26,906 | 27,593 |
Future policy benefits | 7,864 | 7,529 |
Unearned premiums | 3,392 | 3,405 |
Policyholders' funds | 200 | 243 |
Total insurance reserves | 38,362 | 38,770 |
Payable to brokers | 2,112 | 679 |
Short term debt | 9 | 71 |
Long term debt | 8,695 | 8,187 |
Reinsurance balances payable | 339 | 316 |
Other liabilities | 3,957 | 4,328 |
Separate account business | 452 | 384 |
Total liabilities | 53,926 | 52,735 |
Preferred stock, $0.10 par value: Authorized - 100,000,000 shares | 0 | 0 |
Common stock, $0.01 par value: Authorized - 1,800,000,000 shares Issued - 435,326,260 and 435,091,667 shares | 4 | 4 |
Additional paid-in capital | 3,931 | 3,340 |
Retained earnings | 13,563 | 13,375 |
Accumulated other comprehensive loss | (329) | (3,586) |
Subtotal | 17,169 | 13,133 |
Less treasury stock, at cost (4,712,100 shares) | (143) | 0 |
Total shareholders' equity | 17,026 | 13,133 |
Noncontrolling interests | 4,160 | 4,002 |
Total equity | 21,186 | 17,135 |
Total liabilities and equity | $75,112 | $69,870 |
1_Consolidated Condensed Balanc
Consolidated Condensed Balance Sheets (Parenthetical) (USD $) | ||
In Millions, except Share data | Sep. 30, 2009
| Dec. 31, 2008
|
Fixed maturities, amortized cost | $35,656 | $34,767 |
Equity securities, cost | $927 | $1,402 |
Preferred stock, par value | 0.1 | 0.1 |
Preferred stock, Authorized | 100,000,000 | 100,000,000 |
Common stock, par value | 0.01 | 0.01 |
Common stock, Authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, Issued | 435,326,260 | 435,091,667 |
Treasury stock, shares | 4,712,100 | 0 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (USD $) | ||||
In Millions | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Revenues: | ||||
Insurance premiums | $1,707 | $1,799 | $5,035 | $5,385 |
Net investment income | 726 | 355 | 1,908 | 1,531 |
Investment gains (losses): | ||||
Other-than-temporary impairment losses | (232) | (584) | (1,330) | (840) |
Portion of other-than-temporary impairment losses recognized in other comprehensive income | 84 | 0 | 173 | 0 |
Net impairment losses recognized in earnings | (148) | (584) | (1,157) | (840) |
Transactional realized investment gains (losses) | 48 | (66) | 229 | 28 |
Total investment losses | (100) | (650) | (928) | (812) |
Gain on issuance of subsidiary stock | 0 | 0 | 0 | 2 |
Contract drilling revenues | 885 | 882 | 2,664 | 2,589 |
Other | 520 | 584 | 1,616 | 1,809 |
Total | 3,738 | 2,970 | 10,295 | 10,504 |
Expenses: | ||||
Insurance claims and policyholders' benefits | 1,282 | 1,519 | 3,919 | 4,380 |
Amortization of deferred acquisition costs | 365 | 355 | 1,063 | 1,083 |
Contract drilling expenses | 307 | 314 | 907 | 872 |
Impairment of natural gas and oil properties | 0 | 0 | 1,036 | 0 |
Other operating expenses | 709 | 741 | 2,202 | 1,982 |
Interest | 117 | 82 | 321 | 259 |
Total | 2,780 | 3,011 | 9,448 | 8,576 |
Income (loss) before income tax | 958 | (41) | 847 | 1,928 |
Income tax (expense) benefit | (266) | 56 | (68) | (537) |
Income from continuing operations | 692 | 15 | 779 | 1,391 |
Discontinued operations, net: | ||||
Results of operations | (1) | 7 | (2) | 350 |
Gain on disposal | 0 | 0 | 0 | 4,362 |
Net income | 691 | 22 | 777 | 6,103 |
Amounts attributable to noncontrolling interests | (223) | (159) | (616) | (615) |
Net income/(loss) | 468 | (137) | 161 | 5,488 |
Net income (loss) attributable to: | ||||
Net income/(loss) | 468 | (137) | 161 | 5,488 |
Loews Common Stock | ||||
Discontinued operations, net: | ||||
Net income/(loss) | 468 | (137) | 161 | |
Net income (loss) attributable to: | ||||
Income (loss) from continuing operations | 469 | (144) | 163 | |
Discontinued operations, net | (1) | 7 | (2) | |
Net income/(loss) | 468 | (137) | 161 | |
Basic net income (loss) per share: | ||||
Income (loss) from continuing operations | 1.08 | -0.33 | 0.37 | |
Discontinued operations, net | $0 | 0.02 | $0 | |
Net income (loss) | 1.08 | -0.31 | 0.37 | |
Diluted net income (loss) per share: | ||||
Income (loss) from continuing operations | 1.08 | -0.33 | 0.37 | |
Discontinued operations, net | $0 | 0.02 | $0 | |
Net income (loss) | 1.08 | -0.31 | 0.37 | |
Basic and Diluted net income per share: | ||||
Basic weighted average number of shares outstanding | 432.75 | 436.32 | 434.3 | |
Diluted weighted average number of shares outstanding | 433.48 | 436.32 | 434.89 | |
Former Carolina Group Stock | ||||
Net income (loss) attributable to: | ||||
Discontinued operations, net | $0 | $0 | $0 | |
Basic and Diluted net income per share: | ||||
Discontinued operations, net | $0 | $0 | $0 | |
Basic weighted average number of shares outstanding | 0 | 0 | 0 | |
Diluted weighted average number of shares outstanding | 0 | 0 | 0 |
2_Consolidated Condensed Statem
Consolidated Condensed Statements of Comprehensive Income (Loss) (USD $) | ||||
In Millions | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Net income | $691 | $22 | $777 | $6,103 |
Changes in: | ||||
Net unrealized losses on investments with other-than-temporary impairments | (36) | 0 | (70) | 0 |
Net other unrealized gains (losses) on investments | 1,893 | (1,205) | 3,784 | (2,226) |
Total unrealized gains (losses) on available-for-sale investments | 1,857 | (1,205) | 3,714 | (2,226) |
Unrealized gains (losses) on cash flow hedges | (55) | 256 | (52) | 53 |
Foreign currency | 39 | (44) | 109 | (61) |
Pension liability | 3 | (4) | 3 | 21 |
Other comprehensive income (loss) | 1,844 | (997) | 3,774 | (2,213) |
Comprehensive income (loss) | 2,535 | (975) | 4,551 | 3,890 |
Amounts attributable to noncontrolling interests | (424) | (35) | (1,024) | (364) |
Total comprehensive income (loss) attributable to Loews Corporation | $2,111 | ($1,010) | $3,527 | $3,526 |
3_Consolidated Condensed Statem
Consolidated Condensed Statements of Equity (USD $) | ||
In Millions | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Beginning Balance | $17,122 | $21,489 |
Adjustment to initially apply updated guidance on accounting for convertible debt instruments that may be settled in cash upon conversion | 13 | 13 |
Restated Beginning Balance | 17,135 | 21,502 |
Adjustment to initially apply updated accounting guidance on reporting noncontrolling interests in Consolidated Financial Statements | 0 | |
Adjusted Beginning Balance | 17,135 | |
Adjustment to initially apply updated accounting guidance which amended the other-than-temporary impairment loss model for fixed maturity securities | 0 | |
Purchase of subsidiary shares from noncontrolling interests | (2) | (95) |
Issuance of equity securities by subsidiary | 180 | 243 |
Adjustments related to purchase of subsidiary Class B units | 105 | |
Net income | 777 | 6,103 |
Other comprehensive income (loss) | 3,774 | (2,213) |
Dividends paid | (563) | (547) |
Purchase of Loews treasury stock | (143) | (12) |
Issuance of Loews common stock | 5 | 4 |
Redemption of former Carolina Group stock | (542) | |
Exchange of Lorillard common stock for Loews common stock | (4,650) | |
Stock-based compensation | 15 | 20 |
Retirement of treasury stock | 0 | |
Other | 8 | 4 |
Ending Balance | 21,186 | 19,922 |
Additional Paid-in Capital | ||
Beginning Balance | 3,283 | 3,967 |
Adjustment to initially apply updated guidance on accounting for convertible debt instruments that may be settled in cash upon conversion | 57 | 57 |
Restated Beginning Balance | 3,340 | 4,024 |
Adjustment to initially apply updated accounting guidance on reporting noncontrolling interests in Consolidated Financial Statements | 536 | |
Adjusted Beginning Balance | 3,876 | |
Purchase of subsidiary shares from noncontrolling interests | 15 | |
Issuance of equity securities by subsidiary | 29 | |
Issuance of Loews common stock | 5 | 4 |
Stock-based compensation | 12 | 17 |
Retirement of treasury stock | (700) | |
Other | (6) | |
Ending Balance | 3,931 | 3,345 |
Retained Earnings | ||
Beginning Balance | 13,425 | 13,691 |
Adjustment to initially apply updated guidance on accounting for convertible debt instruments that may be settled in cash upon conversion | (50) | (50) |
Restated Beginning Balance | 13,375 | 13,641 |
Adjusted Beginning Balance | 13,375 | |
Adjustment to initially apply updated accounting guidance which amended the other-than-temporary impairment loss model for fixed maturity securities | 109 | |
Net income | 161 | 5,488 |
Dividends paid | (81) | (193) |
Redemption of former Carolina Group stock | (602) | |
Retirement of treasury stock | (3,949) | |
Other | (1) | |
Ending Balance | 13,563 | 14,385 |
Accumulated Other Comprehensive Income (Loss) | ||
Beginning Balance | (3,586) | (65) |
Restated Beginning Balance | (3,586) | (65) |
Adjusted Beginning Balance | (3,586) | |
Adjustment to initially apply updated accounting guidance which amended the other-than-temporary impairment loss model for fixed maturity securities | (109) | |
Other comprehensive income (loss) | 3,366 | (1,962) |
Redemption of former Carolina Group stock | 53 | |
Ending Balance | (329) | (1,974) |
Common Stock Held in Treasury | ||
Beginning Balance | 0 | (8) |
Restated Beginning Balance | 0 | (8) |
Adjusted Beginning Balance | 0 | |
Purchase of Loews treasury stock | (143) | (12) |
Redemption of former Carolina Group stock | 8 | |
Exchange of Lorillard common stock for Loews common stock | (4,650) | |
Retirement of treasury stock | 4,650 | |
Ending Balance | (143) | (12) |
Loews Common Stock | ||
Beginning Balance | 4 | 5 |
Restated Beginning Balance | 4 | 5 |
Retirement of treasury stock | (1) | |
Ending Balance | 4 | |
Former Carolina Group Stock | ||
Beginning Balance | 1 | |
Restated Beginning Balance | 1 | |
Redemption of former Carolina Group stock | (1) | |
Ending Balance | 0 | |
Noncontrolling Interests | ||
Beginning Balance | 3,996 | 3,898 |
Adjustment to initially apply updated guidance on accounting for convertible debt instruments that may be settled in cash upon conversion | 6 | 6 |
Restated Beginning Balance | 4,002 | 3,904 |
Adjustment to initially apply updated accounting guidance on reporting noncontrolling interests in Consolidated Financial Statements | (536) | |
Adjusted Beginning Balance | 3,466 | |
Purchase of subsidiary shares from noncontrolling interests | (17) | (95) |
Issuance of equity securities by subsidiary | 151 | 243 |
Adjustments related to purchase of subsidiary Class B units | 105 | |
Net income | 616 | 615 |
Other comprehensive income (loss) | 408 | (251) |
Dividends paid | (482) | (354) |
Stock-based compensation | 3 | 3 |
Other | 15 | 4 |
Ending Balance | $4,160 | $4,174 |
4_Consolidated Condensed Statem
Consolidated Condensed Statements of Cash Flows (USD $) | ||||
In Millions | 3 Months Ended
Sep. 30, 2009 | 3 Months Ended
Sep. 30, 2008 | 9 Months Ended
Sep. 30, 2009 | 9 Months Ended
Sep. 30, 2008 |
Operating Activities: | ||||
Net income | $691 | $22 | $777 | $6,103 |
Adjustments to reconcile net income to net cash provided (used) by operating activities, net | 2,183 | (3,356) | ||
Changes in operating assets and liabilities, net: | ||||
Reinsurance receivables | 760 | 691 | ||
Other receivables | (27) | (131) | ||
Federal income tax | (190) | (360) | ||
Deferred acquisition costs | (13) | 4 | ||
Insurance reserves | (488) | (238) | ||
Reinsurance balances payable | 23 | (34) | ||
Other liabilities | (207) | (172) | ||
Trading securities | 96 | (1,145) | ||
Other, net | (134) | (127) | ||
Net cash flow operating activities - continuing operations | 2,780 | 1,235 | ||
Net cash flow operating activities - discontinued operations | (16) | 142 | ||
Net cash flow operating activities - total | 2,764 | 1,377 | ||
Investing Activities: | ||||
Purchases of fixed maturities | (18,099) | (39,989) | ||
Proceeds from sales of fixed maturities | 15,507 | 36,545 | ||
Proceeds from maturities of fixed maturities | 2,568 | 3,374 | ||
Purchases of equity securities | (262) | (170) | ||
Proceeds from sales of equity securities | 511 | 177 | ||
Purchases of property, plant and equipment | (2,170) | (2,937) | ||
Change in collateral on loaned securities and derivatives | (4) | (57) | ||
Change in short term investments | (799) | 1,567 | ||
Other, net | 45 | (76) | ||
Net cash flow investing activities - continuing operations | (2,703) | (1,566) | ||
Net cash flow investing activities - discontinued operations, including proceeds from dispositions | 16 | 620 | ||
Net cash flow investing activities - total | (2,687) | (946) | ||
Financing Activities: | ||||
Dividends paid | (81) | (193) | ||
Dividends paid to noncontrolling interests | (482) | (354) | ||
Purchases of treasury shares | (143) | (12) | ||
Purchases of subsidiary treasury shares | (2) | (70) | ||
Issuance of common stock | 5 | 4 | ||
Proceeds from subsidiaries' equity issuances | 180 | 246 | ||
Principal payments on debt | (568) | (902) | ||
Issuance of debt | 1,014 | 1,320 | ||
Receipts of investment contract account balances | 3 | 3 | ||
Return of investment contract account balances | (10) | (421) | ||
Excess tax benefits from share-based payment arrangements | 0 | 4 | ||
Other | 24 | 26 | ||
Net cash flow financing activities - continuing operations | (60) | (349) | ||
Net cash flow financing activities - discontinued operations | 0 | 0 | ||
Net cash flow financing activities - total | (60) | (349) | ||
Effect of foreign exchange rate on cash - continuing operations | 8 | (6) | ||
Net change in cash | 25 | 76 | ||
Net cash transactions from: | ||||
Continuing operations to discontinued operations | 0 | 782 | ||
Discontinued operations to continuing operations | 0 | (782) | ||
Cash, beginning of period | 131 | 160 | ||
Cash, end of period | 156 | 236 | 156 | 236 |
Cash, end of period: | ||||
Continuing operations | 156 | 236 | 156 | 236 |
Discontinued operations | 0 | 0 | 0 | 0 |
Cash, end of period | $156 | $236 | $156 | $236 |
1. Basis of Presentation
1. Basis of Presentation | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
1. Basis of Presentation | 1. Basis of Presentation Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (CNA), a 90% owned subsidiary); the operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc. (Diamond Offshore), a 50.4% owned subsidiary); exploration, production and marketing of natural gas and natural gas liquids (HighMount Exploration Production LLC (HighMount), a wholly owned subsidiary); the operation of interstate natural gas transmission pipeline systems including integrated storage facilities (Boardwalk Pipeline Partners, LP (Boardwalk Pipeline), a 72% owned subsidiary); and the operation of hotels (Loews Hotels Holding Corporation (Loews Hotels), a wholly owned subsidiary). Unless the context otherwise requires, the terms Company, Loews and Registrant as used herein mean Loews Corporation excluding its subsidiaries and the term Net income (loss) -Loews as used herein means Net income (loss) attributable to Loews Corporation. In June of 2008, the Company disposed of its entire ownership interest in its wholly owned subsidiary, Lorillard, Inc. (Lorillard). Accordingly, amounts related to Lorillard have been reclassified and are reported as Discontinued Operations. See Note 14 and the Companys 2008 Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of September30, 2009 and December31, 2008 and the results of operations and comprehensive income (loss) for the three and nine months ended September30, 2009 and 2008 and changes in cash flows for the nine months ended September30, 2009 and 2008. The Companys management evaluated subsequent events through November 2, 2009. Net income (loss) for the third quarter and first nine months of each of the years is not necessarily indicative of net income (loss) for that entire year. Reference is made to the Notes to Consolidated Financial Statements in the 2008 Annual Report on Form 10-K which should be read in conjunction with these Consolidated Condensed Financial Statements. Supplementary cash flow information As discussed above, in June of 2008, the Company disposed of its entire ownership interest in Lorillard resulting in a non-cash gain on disposal of $4.3 billion. Investing activities includes previously net accrued capital expenditures of $206 million for the nine months ended September30, 2009. For the nine months ended September30, 2008, investing activities excludes $168 million of net accrued capital expenditures. Accounting standards update In December of 2007, the Financial Accounting Standards Board (FASB) issued updated accounting guidance on reporting of Noncontrolling Interests in Consolidated Financial Statements. The updated accounting guidance requires all entities to report noncontrolling (minority) interests in subsidiaries as a component of equity in the Consolidated Financial Statements. Therefore, the Noncontrolling interest in the e |
2. Investments
2. Investments | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
2. Investments | 2.Investments ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (In millions) Net investment income consisted of: Fixed maturity securities $ 496 $ 501 $ 1,458 $ 1,495 Short term investments 9 36 33 125 Limited partnerships 156 (77 ) 245 (70 ) Equity securities 11 18 39 62 Trading portfolio 65 (117 ) 163 (66 ) Other 2 6 6 27 Total investment income 739 367 1,944 1,573 Investment expenses (13 ) (12 ) (36 ) (42 ) Net investment income $ 726 $ 355 $ 1,908 $ 1,531 Investment gains (losses) are as follows: Fixed maturity securities $ (112 ) $ (315 ) $ (862 ) $ (475 ) Equity securities 19 (376 ) (133 ) (405 ) Derivative instruments (13 ) 35 51 47 Short term investments 2 5 11 12 Other 4 1 5 9 Investment losses (a) (100 ) (650 ) (928 ) (812 ) Gain on issuance of subsidiary stock 2 (100 ) (650 ) (928 ) (810 ) Income tax benefit 33 227 318 284 Amounts attributable to noncontrolling interests 6 44 61 54 Investment losses, net - Loews $ (61 ) $ (379 ) $ (549 ) $ (472 ) (a) Includes gross realized gains of $168, $85, $449 and $296 and gross realized losses of $261, $776, $1,444 and $1,176 on available-for-sale securities for the three and nine months ended September30, 2009 and 2008. The components of OTTI losses recognized in earnings by asset type are as follows: ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (In millions) Fixed maturity securities available-for-sale: Asset-backed securities: Residential mortgage-backed securities $ 108 $ 29 $ 376 $ 142 Commercial mortgage-backed securities 4 1 185 57 Other asset-backed securities 31 10 Total asset-backed securities 112 30 592 209 States, municipalities and political subdivisions-tax-exempt securities 12 1 27 1 Corporate and other taxable bonds 24 247 308 288 Redeemable preferred stock 9 Total fixed maturities available-for-sale 148 278 936 498 Equity securities available-for-sale: Common stock 51 4 79 Preferred stock 255 217 263 Total equity securities available-for-sale - 306 221 342 Net OTTI losses recognized in earnings $ 148 $ 584 $ 1,157 $ 840 A security is impaired |
3. Fair Value
3. Fair Value | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
3. Fair Value | 3.Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: Level 1 Quoted prices for identical instruments in active markets. Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 Valuations derived from valuation techniques in which one or more significant inputs are not observable. The Company attempts to establish fair value as an exit price in an orderly transaction consistent with normal settlement market conventions. The Company is responsible for the valuation process and seeks to obtain quoted market prices for all securities. When quoted market prices in active markets are not available, the Company uses a number of methodologies to establish fair value estimates, including discounted cash flow models, prices from recently executed transactions of similar securities or broker/dealer quotes, utilizing market observable information to the extent possible. In conjunction with modeling activities, the Company may use external data as inputs. The modeled inputs are consistent with observable market information, when available, or with the Companys assumptions as to what market participants would use to value the securities. The Company also uses pricing services as a significant source of data. The Company monitors all pricing inputs to determine if the markets from which the data is gathered are active. As further validation of the Companys valuation process, the Company samples its past fair value estimates and compares the valuations to actual transactions executed in the market on similar dates. The fair values of CNAs life settlement contracts investments are included in Other assets. The fair values of discontinued operations investments are included in Other liabilities. Assets and liabilities measured at fair value on a recurring basis are summarized in the tables below: September30, 2009 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: U.S. Treasury securities and obligations of government agencies $ 153 $ 96 $ 249 Asset-backed securities: Residential mortgage-backed securities 5,819 $ 737 6,556 Commercial mortgage-backed securities 388 211 599 Other asset-backed securities 384 288 672 Total asset-backed securities 6,591 1,236 7,827 States, municipalities and political subdivisions-tax-exempt securities 6,716 770 7,486 Corporate and other taxable bonds 139 17,599 752 18,490 Rede |
4. Derivative Financial Instrum
4. Derivative Financial Instruments | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
4. Derivative Financial Instruments | 4.Derivative Financial Instruments The Company invests in certain derivative instruments for a number of purposes, including: (i)asset and liability management activities, (ii)income enhancements for its portfolio management strategy, and (iii)to benefit from anticipated future movements in the underlying markets. If such movements do not occur as anticipated, then significant losses may occur. Monitoring procedures include senior management review of daily detailed reports of existing positions and valuation fluctuations to ensure that open positions are consistent with the Companys portfolio strategy. The Company does not believe that any of the derivative instruments utilized by it are unusually complex, nor do these instruments contain embedded leverage features which would expose the Company to a higher degree of risk. The Company uses derivatives in the normal course of business, primarily in an attempt to reduce its exposure to market risk (principally interest rate risk, equity stock price risk, commodity price risk and foreign currency risk) stemming from various assets and liabilities and credit risk (the ability of an obligor to make timely payment of principal and/or interest). The Companys principal objective under such risk strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment. CNAs use of derivatives is limited by statutes and regulations promulgated by the various regulatory bodies to which it is subject, and by its own derivative policy. The derivative policy limits the authorization to initiate derivative transactions to certain personnel. Derivatives entered into for hedging, regardless of the choice to designate hedge accounting, shall have a maturity that effectively correlates to the underlying hedged asset or liability. The policy prohibits the use of derivatives containing greater than one-to-one leverage with respect to changes in the underlying price, rate or index. The policy also prohibits the use of borrowed funds, including funds obtained through securities lending, to engage in derivative transactions. The Company has exposure to economic losses due to interest rate risk arising from changes in the level of, or volatility of, interest rates. The Company attempts to mitigate its exposure to interest rate risk in the normal course of portfolio management which includes rebalancing its existing portfolios of assets and liabilities. In addition, various derivative financial instruments are used to modify the interest rate risk exposures of certain assets and liabilities. These strategies include the use of interest rate swaps, interest rate caps and floors, options, futures, forwards and commitments to purchase securities. These instruments are generally used to lock interest rates or market values, to shorten or lengthen durations of fixed maturity securities or investment contracts, or to hedge (on an economic basis) interest rate risks associated with investments and variable rate debt. The Company infrequently designates these types of instruments as hedges against specific assets or liabilities. The Company is exposed t |
5. Earnings Per Share
5. Earnings Per Share | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
5. Earnings Per Share | 5.Earnings Per Share Companies with complex capital structures are required to present basic and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing net income (loss) attributable to each class of common stock by the weighted average number of common shares of each class of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Prior to the disposal of its entire ownership interest in Lorillard, the Company had two classes of common stock: former Carolina Group stock, a tracking stock intended to reflect the economic performance of a group of the Companys assets and liabilities, called the former Carolina Group, principally consisting of Lorillard, Inc. and Loews common stock, representing the economic performance of the Companys remaining assets, including the interest in the former Carolina Group not represented by former Carolina Group stock. The attribution of income (loss) to each class of common stock for the three and nine months ended September30, 2009 and 2008 was as follows: ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (In millions, except %) Loews common stock: Consolidated net income (loss) - Loews $ 468 $ (137 ) $ 161 $ 5,488 Less income attributable to former Carolina Group stock 211 Income (loss) $ 468 $ (137 ) $ 161 $ 5,277 Former Carolina Group stock: Income available to former Carolina Group stock $ 339 Weighted average economic interest of the former Carolina Group 62.4 % Income attributable to former Carolina Group stock $ - $ - $ - $ 211 The following is a reconciliation of basic weighted shares outstanding to diluted weighted shares: ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (In millions) Loews common stock: Weighted average shares outstanding-basic 432.75 436.32 434.30 491.19 Stock options and stock appreciation rights 0.73 0.59 1.21 Weighted average shares outstanding-diluted 433.48 436.32 434.89 492.40 Former Carolina Group stock: Weighted average shares outstanding-basic 108.47 Stock options and stock appreciation rights 0.13 Weighted average shares outstanding-diluted - - - 108.60 Certain options and SARs were not included in the diluted weighted shares amount due to the exercise price being greater than the average stock price for the respective periods. For the three months ended September30, 2008, as a result of the net loss, no potential shares attributable to exercises under stock-based employee compensation plans were included in the ca |
6. Receivables
6. Receivables | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
6. Receivables | 6.Receivables September30, 2009 December31, 2008 (In millions) Reinsurance $ 7,001 $ 7,761 Other insurance 1,931 2,039 Receivable from brokers 1,331 936 Accrued investment income 434 360 Federal income taxes 465 382 Other 984 844 Total 12,146 12,322 Less: allowance for doubtful accounts on reinsurance receivables 357 366 allowance for other doubtful accounts 267 284 Receivables $ 11,522 $ 11,672 |
7. Property, Plant and Equipmen
7. Property, Plant and Equipment | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
7. Property, Plant and Equipment | 7.Property, Plant and Equipment September30, 2009 December31, 2008 (In millions) Land $ 70 $ 70 Buildings and building equipment 646 635 Offshore drilling equipment 6,418 5,668 Machinery and equipment 1,233 1,375 Pipeline equipment 6,401 3,978 Natural gas and oil proved and unproved properties 3,482 3,345 Construction in process 748 2,210 Leaseholds and leasehold improvements 79 75 Total 19,077 17,356 Less accumulated depreciation, depletion and amortization 5,877 4,464 Property, plant and equipment $ 13,200 $ 12,892 Diamond Offshore During 2009, Diamond Offshore acquired the Ocean Courage and the Ocean Valor, two newbuild, semisubmersible drilling rigs for an aggregate cost of $950 million, exclusive of final commissioning and initial mobilization costs, drill string and other necessary capital spares. Final payment for the Ocean Valor was funded on September30, 2009 and the purchase of the rig was completed on October1, 2009. Therefore, the $490 million disbursed on September30, 2009 has been presented in Construction in process. HighMount Impairment of Natural Gas and Oil Properties At March31, 2009, HighMount recorded a non-cash ceiling test impairment charge of $1,036 million ($660 million after tax) related to its carrying value of natural gas and oil properties. The impairment was recorded as a credit to Accumulated depreciation, depletion and amortization. The write-down was the result of declines in commodity prices at March31, 2009. Had the effects of HighMounts cash flow hedges not been considered in calculating the ceiling limitation, the impairment would have been $1,230 million ($784 million after tax). Boardwalk Pipeline Expansion Projects In 2009, Boardwalk Pipeline placed in service its Gulf Crossing project and Fayetteville and Greenville Laterals and the remaining compression facilities associated with its Southeast Expansion project. Additionally, Boardwalk Pipeline placed into service the remaining portion of Phase III of the western Kentucky Storage expansion project. As a result, approximately $2.4 billion was transferred from Construction in process to Pipeline equipment. The assets will generally be depreciated over a term of 35 years. |
8. Claim and Claim Adjustment E
8. Claim and Claim Adjustment Expense Reserves | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
8. Claim and Claim Adjustment Expense Reserves | 8.Claim and Claim Adjustment Expense Reserves CNAs property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including claims that are incurred but not reported (IBNR) as of the reporting date. CNAs reserve projections are based primarily on detailed analysis of the facts in each case, CNAs experience with similar cases and various historical development patterns. Consideration is given to such historical patterns as field reserving trends and claims settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions, economic conditions and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can all affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as general liability and professional liability claims. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Companys results of operations and/or equity. CNA reported catastrophe losses, net of reinsurance, of $23 million and $79 million for the three and nine months ended September30, 2009 for events occurring in those periods. Catastrophe losses in 2009 related primarily to tornadoes, floods, hail and wind. CNA reported catastrophe losses, net of reinsurance, of $248 million and $348 million for the three and nine months ended September30, 2008 for events occurring in those periods. Catastrophe losses in 2008 related primarily to Hurricanes Gustav and Ike. There can be no assurance that CNAs ultimate cost for catastrophes will not exceed current estimates. The following provides discussion of CNAs asbestos and environmental pollution (AE) reserves. AE Reserves CNAs property and casualty insurance subsidiaries have actual and potential exposures related to AE claims. The following table provides data related to CNAs AE claim and claim adjustment expense reserves. September30, 2009 December31, 2008 Asbestos Environmental Pollution Asbestos Environmental Pollution (In millions) Gross reserves $ 1,912 $ 34 |
9. Debt
9. Debt | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
9. Debt | 9.Debt In May of 2009, Diamond Offshore issued $500 million aggregate principal amount of 5.9% senior notes due May1, 2019. In August of 2009, Boardwalk Pipeline issued $350 million aggregate principal amount of 5.8% senior notes due September15, 2019. In October of 2009, Diamond Offshore issued $500 million aggregate principal amount of 5.7% senior notes due October15, 2039. The net proceeds from the sales of these notes were used for general corporate purposes. |
10. Benefit Plans
10. Benefit Plans | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
10. Benefit Plans | 10.Benefit Plans Pension Plans The Company has several non-contributory defined benefit plans for eligible employees. Benefits for certain plans are determined annually based on a specified percentage of annual earnings (based on the participants age or years of service) and a specified interest rate (which is established annually for all participants) applied to accrued balances. The benefits for another plan which cover salaried employees are based on formulas which include, among others, years of service and average pay. The Companys funding policy is to make contributions in accordance with applicable governmental regulatory requirements. Other Postretirement Benefit Plans - The Company has several postretirement benefit plans covering eligible employees and retirees. Participants generally become eligible after reaching age 55 with required years of service. Actual requirements for coverage vary by plan. Benefits for retirees who were covered by bargaining units vary by each unit and contract. Benefits for certain retirees are in the form of a Company health care account. Benefits for retirees reaching age 65 are generally integrated with Medicare. Other retirees, based on plan provisions, must use Medicare as their primary coverage, with the Company reimbursing a portion of the unpaid amount; or are reimbursed for the Medicare Part B premium or have no Company coverage. The benefits provided by the Company are basically health and, for certain retirees, life insurance type benefits. The Company funds certain of these benefit plans and accrues postretirement benefits during the active service of those employees who would become eligible for such benefits when they retire. Net periodic benefit cost components: Pension Benefits ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (In millions) Service cost $ 6 $ 8 $ 19 $ 23 Interest cost 42 41 128 123 Expected return on plan assets (39 ) (49 ) (117 ) (145 ) Amortization of net loss 1 1 3 2 Actuarial loss 7 1 19 3 Net periodic benefit cost $ 17 $ 2 $ 52 $ 6 Other Postretirement Benefits ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (In millions) Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 4 3 10 9 Expected return on plan assets (1 ) (2 ) (3 ) (4 ) Amortization of prior service benefit (6 ) (5 ) (18 ) (17 ) Actuarial loss 1 1 Regulatory asset decrease 1 1 4 4 Net periodic benefit cost $ (1 ) $ (2 ) $ (4 ) $ (5 ) |
11. Business Segments
11. Business Segments | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
11. Business Segments | 11.Business Segments The Companys reportable segments are primarily based on its individual operating subsidiaries. Each principal operating subsidiary is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. Investment gains (losses) and the related income taxes, excluding those of CNA, are included in the Corporate and other segment. CNAs business primarily consists of commercial property and casualty insurance. Its reportable segments are Standard Lines, Specialty Lines, Life Group Non-Core, and Other Insurance. Diamond Offshores business primarily consists of 47 offshore drilling rigs that are chartered on a contract basis for fixed terms by companies engaged in exploration and production of hydrocarbons. Offshore rigs are mobile units that can be relocated based on market demand. On September30, 2009, these rigs were located offshore in 13 countries in addition to the United States. HighMounts business consists primarily of natural gas exploration and production operations located in the Permian Basin in Texas, the Antrim Shale in Michigan and the Black Warrior Basin in Alabama. Boardwalk Pipeline is engaged in the interstate transportation and storage of natural gas. This segment consists of three interstate natural gas pipeline systems originating in the Gulf Coast area and running north and east through Texas, Louisiana, Mississippi, Alabama, Florida, Arkansas, Tennessee, Kentucky, Indiana, Ohio, Illinois and Oklahoma. Loews Hotels owns and/or operates 18 hotels, 16 of which are in the United States and two of which are in Canada. The Corporate and other segment consists primarily of corporate investment income, corporate interest expenses and other corporate administrative costs. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. In addition, CNA does not maintain a distinct investment portfolio for each of its insurance segments, and accordingly, allocation of assets to each segment is not performed. Therefore, net investment income and investment gains (losses) are allocated based on each segments carried insurance reserves, as adjusted. The following tables set forth the Companys consolidated revenues, income (loss) before income tax and net income (loss) - Loews by business segment: ThreeMonthsEnded September30, Nine Months Ended September30, 2009 2008 2009 2008 (In millions) Revenues (a): CNA Financial: Standard Lines $ 889 $ 734 $ 2,321 $ 2,601 Specialty Lines 1,065 947 2,900 3,035 Life Group Non-Core 341 (11 ) 794 534 Other Insurance 45 (11 ) 59 92 Total CNA Financial 2,340 1,659 6,074 6,262 Diamond Offshore 919 868 2,762 2,630 HighMount 144 200 466 590 Boardwalk Pipeline 206 222 631 641 Loews Hotels 67 90 213 292 Co |
12. Legal Proceedings
12. Legal Proceedings | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
12. Legal Proceedings | 12.Legal Proceedings California Long Term Care Litigation Shaffer v. Continental Casualty Company, et al., U.S. District Court, Central District of California, CV06-2235 RGK, is a class action on behalf of certain California individual long term health care policyholders, alleging that CCC and CNA knowingly or negligently used unrealistic actuarial assumptions in pricing these policies. On January8, 2008, CCC, CNA and the plaintiffs entered into a binding agreement settling the case on a nationwide basis for the policy forms potentially affected by the allegations of the complaint. Following a fairness hearing, the Court entered an order approving the settlement. This order was appealed to the Ninth Circuit Court of Appeals. The appeal has been fully briefed. Oral argument has been scheduled for November 2009. CNA believes it has meritorious defenses to this appeal and intends to defend the appeal vigorously. The agreement did not have a material impact on the Companys results of operations, however it still remains subject to the favorable resolution of the appeal. Insurance Brokerage Antitrust Litigation On August1, 2005, CNA and several of its insurance subsidiaries were joined as defendants, along with other insurers and brokers, in multidistrict litigation pending in the United States District Court for the District of New Jersey, In re Insurance Brokerage Antitrust Litigation, Civil No.04-5184 (FSH). The plaintiffs allege bid rigging and improprieties in the payment of contingent commissions in connection with the sale of insurance that violated federal and state antitrust laws, the federal Racketeer Influenced and Corrupt Organizations (RICO) Act and state common law. After discovery, the District Court dismissed the federal antitrust claims and the RICO claims, and declined to exercise supplemental jurisdiction over the state law claims. The plaintiffs have appealed the dismissal of their complaint to the Third Circuit Court of Appeals. The parties have filed their briefs on the appeal. Oral argument was held on April21, 2009, and the Court took the matter under advisement. CNA believes it has meritorious defenses to this action and intends to defend the case vigorously. The extent of losses beyond any amounts that may be accrued are not readily determinable at this time. However, based on facts and circumstances presently known, in the opinion of management, an unfavorable outcome will not materially affect the equity of the Company, although results of operations may be adversely affected. AE Reserves CNA is also a party to litigation and claims related to AE cases arising in the ordinary course of business. See Note 8 for further discussion. TOBACCO RELATED The Company has been named as a defendant in the following four cases alleging substantial damages based on alleged health effects caused by smoking cigarettes, exposure to tobacco smoke or exposure to asbestos fibers incorporated into filter material used in one brand of cigarette that ceased manufacture more than 50 years ago, all of which also name a former subsidiary, Lorillard, Inc., or one of its subsidiaries, as a defendant. In Cypret vs. The American |
13. Commitments and Contingenci
13. Commitments and Contingencies | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
13. Commitments and Contingencies | 13.Commitments and Contingencies Guarantees In the course of selling business entities and assets to third parties, CNA has agreed to indemnify purchasers for losses arising out of breaches of representation and warranties with respect to the business entities or assets being sold, including, in certain cases, losses arising from undisclosed liabilities or certain named litigation. Such indemnification provisions generally survive for periods ranging from nine months following the applicable closing date to the expiration of the relevant statutes of limitation. As of September30, 2009, the aggregate amount of quantifiable indemnification agreements in effect for sales of business entities, assets and third party loans was $819 million. In addition, CNA has agreed to provide indemnification to third party purchasers for certain losses associated with sold business entities or assets that are not limited by a contractual monetary amount. As of September30, 2009, CNA had outstanding unlimited indemnifications in connection with the sales of certain of its business entities or assets that included tax liabilities arising prior to a purchasers ownership of an entity or asset, defects in title at the time of sale, employee claims arising prior to closing and in some cases losses arising from certain litigation and undisclosed liabilities. These indemnification agreements survive until the applicable statutes of limitation expire, or until the agreed upon contract terms expire. In connection with the issuance of preferred securities by CNA Surety Capital Trust I (Issuer Trust), CNA Surety, a 62% owned and consolidated subsidiary of CNA, has also guaranteed the dividend payments and redemption of the preferred securities issued by the Issuer Trust. The maximum amount of undiscounted future payments CNA could make under the guarantee is approximately $58 million, consisting of annual dividend payments of approximately $1 million through April 2034 and the redemption value of $30 million. Because payment under the guarantee would only be required if CNA does not fulfill its obligations under the debentures held by the Issuer Trust, CNA has not recorded any additional liabilities related to this guarantee. There has been no change in the underlying assets of the trust and CNA does not believe that a payment is likely under this guarantee. Boardwalk Pipeline Purchase Commitments Boardwalk Pipeline is engaged in several major expansion projects that will require the investment of significant capital resources. As of September30, 2009, Boardwalk Pipeline had purchase commitments of $145 million primarily related to its expansion projects. |
14. Discontinued Operations
14. Discontinued Operations | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
14. Discontinued Operations | 14.Discontinued Operations The results of discontinued operations are as follows: ThreeMonthsEnded September30, NineMonthsEnded September30, 2009 2008 2009 2008 (In millions) Revenues: Net investment income $ 1 $ 2 $ 4 $ 20 Manufactured products 1,750 Investment gains 1 1 1 3 Total (a) 2 3 5 1,773 Expenses: Insurance related expenses 3 3 7 8 Cost of manufactured products sold 1,039 Other operating expenses 173 Interest 2 Total 3 3 7 1,222 Income (loss) before income tax (1 ) - (2 ) 551 Income tax (expense) benefit 8 (200 ) Noncontrolling interest (1 ) (1 ) Results of discontinued operations (1 ) 7 (2 ) 350 Gain on disposal (after tax of $51) 4,362 Net income (loss) from discontinued operations - Loews $ (1 ) $ 7 $ (2 ) $ 4,712 (a) Lorillards revenues amounted to 99.5% of the total discontinued operations for the nine months ended September30, 2008. Lorillards pretax income amounted to 100.0% of total pretax income of discontinued operations for the nine months ended September30, 2008. Net liabilities of discontinued operations included in Other liabilities in the Consolidated Condensed Balance Sheets are as follows: September30, 2009 December31, 2008 (In millions) Assets: Investments $ 148 $ 157 Receivables 4 6 Other assets 2 1 Total assets 154 164 Liabilities: Insurance reserves 150 162 Other liabilities 6 8 Total liabilities 156 170 Net liabilities of discontinued operations (a) $ (2 ) $ (6 ) (a) The net liabilities of CNAs discontinued operations totaling $2 million and $6 million as of September30, 2009 and December31, 2008 are included in Other liabilities in the Consolidated Condensed Balance Sheets. At September30, 2009 and December31, 2008, the insurance reserves are net of discounts of $58 million and $75 million. Lorillard As discussed in Note 1, in June of 2008, the Company disposed of its entire ownership interest in Lorillard. See Note 2 of the Notes to Consolidated Financial Statements in the Companys 2008 Annual Report on Form 10-K. CNA CNA has discontinued operations, which consist of run-off insurance and reinsurance operations acquired in its merger with the Continental Corporation in 1995. The remaining run-off business is administered by Continental Reinsurance Corporation International, Ltd., a wholly owned Bermuda subsidiary. The business consists of facultative property and casualty, treaty excess casualty and treaty pro-rata reinsurance wi |
15. Consolidating Financial Inf
15. Consolidating Financial Information | |
9 Months Ended
Sep. 30, 2009 | |
Notes to Financial Statements [Abstract] | |
15. Consolidating Financial Information | 15.Consolidating Financial Information The following schedules present the Companys consolidating balance sheet information at September30, 2009 and December31, 2008, and consolidating statements of operations information for the nine months ended September30, 2009 and 2008. These schedules present the individual subsidiaries of the Company and their contribution to the consolidated condensed financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Companys subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. In addition, many of the Companys subsidiaries use a classified balance sheet which also leads to differences in amounts reported for certain line items. The Corporate and Other column primarily reflects the parent companys investment in its subsidiaries, invested cash portfolio, the discontinued operations of Lorillard and Bulova and corporate long term debt. The elimination adjustments are for intercompany assets and liabilities, interest and dividends, the parent companys investment in capital stocks of subsidiaries and various reclasses of debit or credit balances to the amounts in consolidation. Purchase accounting adjustments have been pushed down to the appropriate subsidiary. Loews Corporation Consolidating Balance Sheet Information September30, 2009 CNA Financial Diamond Offshore HighMount Boardwalk Pipeline Loews Hotels Corporate and Other Eliminations Total (In millions) Assets: Investments $ 41,660 $ 235 $ 55 $ 117 $ 61 $ 3,133 $ 45,261 Cash 128 16 2 7 2 1 156 Receivables 9,464 803 103 84 24 1,146 $ (102 ) 11,522 Property, plant and equipment 304 4,413 1,780 6,304 357 42 13,200 Deferred income taxes 1,419 657 (1,083 ) 993 Goodwill 86 20 584 163 3 856 Investments in capital stocks of subsidiaries 15,617 (15,617 ) - Other assets 865 246 54 337 25 7 1,534 Deferred acquisition costs of insurance subsidiaries 1,138 1,138 Separate account business 452 452 Total assets $ 55,516 $ 5,733 $ 3,235 $ 7,012 $ 472 $ 19,946 $ (16,802 ) $ 75,112 Liabilities and Equity: Insurance reserves $ 38,362 $ 38,362 Payable to brokers 514 $ 189 $ 1 $ 1,408 2,112 Short term debt $ 4 $ 5 9 Long term debt 2,056 994 1,635 3,024 219 867 $ (100 ) 8,695 Reinsurance balances payable 339 339 |
Document Information
Document Information | |
9 Months Ended
Sep. 30, 2009 | |
Document Information [Text Block] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | 2009-09-30 |
Entity Information
Entity Information (USD $) | ||
9 Months Ended
Sep. 30, 2009 | Oct. 28, 2009
| |
Entity [Text Block] | ||
Trading Symbol | L | |
Entity Registrant Name | LOEWS CORP | |
Entity Central Index Key | 0000060086 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 429,631,666 |