Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 14, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'L | ' | ' |
Entity Registrant Name | 'LOEWS CORP | ' | ' |
Entity Central Index Key | '0000060086 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 387,403,380 | ' |
Entity Public Float | ' | ' | $13,578,000,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Fixed maturities, amortized cost of $39,426 and $38,324 | $41,320 | $42,765 |
Equity securities, cost of $881 and $893 | 871 | 898 |
Limited partnership investments | 3,420 | 3,090 |
Other invested assets, primarily mortgage loans | 562 | 460 |
Short term investments | 6,800 | 5,835 |
Total investments | 52,973 | 53,048 |
Cash | 295 | 228 |
Receivables | 9,361 | 9,366 |
Property, plant and equipment | 14,498 | 13,935 |
Goodwill | 357 | 996 |
Other assets | 1,650 | 1,538 |
Deferred acquisition costs of insurance subsidiaries | 624 | 598 |
Separate account business | 181 | 312 |
Total assets | 79,939 | 80,021 |
Liabilities and Equity: | ' | ' |
Claim and claim adjustment expense | 24,089 | 24,763 |
Future policy benefits | 10,471 | 11,475 |
Unearned premiums | 3,718 | 3,610 |
Policyholders' funds | 116 | 157 |
Total insurance reserves | 38,394 | 40,005 |
Payable to brokers | 143 | 205 |
Short term debt | 840 | 19 |
Long term debt | 10,006 | 9,191 |
Deferred incomes taxes | 716 | 840 |
Other liabilities | 4,753 | 4,773 |
Separate account business | 181 | 312 |
Total liabilities | 55,033 | 55,345 |
Commitments and contingent liabilities | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, $0.10 par value: Authorized - 100,000,000 shares | ' | ' |
Common stock, $0.01 par value: Authorized - 1,800,000,000 shares Issued - 387,210,096 and 392,054,766 shares | 4 | 4 |
Additional paid-in capital | 3,607 | 3,595 |
Retained earnings | 15,508 | 15,192 |
Accumulated other comprehensive income | 339 | 678 |
Shareholders Equity Before Treasury Stock, Total | 19,458 | 19,469 |
Less treasury stock, at cost (249,600 shares) | ' | -10 |
Total shareholders' equity | 19,458 | 19,459 |
Noncontrolling interests | 5,448 | 5,217 |
Total equity | 24,906 | 24,676 |
Total liabilities and equity | $79,939 | $80,021 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Fixed maturities, amortized cost | $39,426 | $38,324 |
Equity securities, cost | $881 | $893 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 387,210,096 | 392,054,766 |
Treasury stock, shares | 0 | 249,600 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Insurance premiums | $7,271 | $6,882 | $6,603 |
Net investment income | 2,593 | 2,349 | 2,063 |
Investment gains (losses): | ' | ' | ' |
Other-than-temporary impairment losses | -76 | -129 | -175 |
Portion of other-than-temporary impairment losses recognized in Other comprehensive income (loss) | -2 | -25 | -41 |
Net impairment losses recognized in earnings | -78 | -154 | -216 |
Other net investment gains | 104 | 211 | 164 |
Total investment gains (losses) | 26 | 57 | -52 |
Contract drilling revenues | 2,844 | 2,936 | 3,254 |
Other | 2,319 | 2,328 | 2,261 |
Total | 15,053 | 14,552 | 14,129 |
Expenses: | ' | ' | ' |
Insurance claims and policyholders' benefits | 5,947 | 5,896 | 5,489 |
Amortization of deferred acquisition costs | 1,362 | 1,274 | 1,176 |
Contract drilling expenses | 1,573 | 1,537 | 1,549 |
Other operating expenses (Note 7) | 3,664 | 4,006 | 3,167 |
Impairment of goodwill | 636 | ' | ' |
Interest | 442 | 440 | 522 |
Total | 13,624 | 13,153 | 11,903 |
Income before income tax | 1,429 | 1,399 | 2,226 |
Income tax expense | -360 | -289 | -532 |
Net income | 1,069 | 1,110 | 1,694 |
Amounts attributable to noncontrolling interests | -474 | -542 | -632 |
Net income attributable to Loews Corporation | $595 | $568 | $1,062 |
Basic net income per common share | $1.53 | $1.44 | $2.62 |
Diluted net income per common share | $1.53 | $1.43 | $2.62 |
Dividends per share | $0.25 | $0.25 | $0.25 |
Basic weighted average number of shares outstanding | 388.64 | 395.12 | 404.53 |
Diluted weighted average number of shares outstanding | 389.51 | 395.87 | 405.32 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ' | ' | ' |
Net income | $1,069 | $1,110 | $1,694 |
Other comprehensive income (loss), after tax Changes in: | ' | ' | ' |
Net unrealized gains on investments with other- than-temporary impairments | 6 | 84 | 10 |
Net other unrealized gains (losses) on investments | -679 | 339 | 362 |
Total unrealized gains (losses) on available-for-sale investments | -673 | 423 | 372 |
Unrealized gains (losses) on cash flow hedges | -23 | -8 | 39 |
Pension liability | 329 | -132 | -238 |
Foreign currency | -11 | 39 | -14 |
Other comprehensive income (loss) | -378 | 322 | 159 |
Comprehensive income | 691 | 1,432 | 1,853 |
Amounts attributable to noncontrolling interests | -437 | -575 | -648 |
Total comprehensive income attributable to Loews Corporation | $254 | $857 | $1,205 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Common Stock Held in Treasury [Member] | Noncontrolling Interests [Member] |
In Millions | |||||||
Beginning Balance at Dec. 31, 2010 | $23,028 | $4 | $3,667 | $14,500 | $230 | ($15) | $4,642 |
Net income | 1,694 | ' | ' | 1,062 | ' | ' | 632 |
Other comprehensive income (loss) | 159 | ' | ' | ' | 143 | ' | 16 |
Dividends paid | -500 | ' | ' | -101 | ' | ' | -399 |
Acquisition of CNA Surety noncontrolling interests | -475 | ' | -59 | ' | 17 | ' | -433 |
Disposition of FICOH ownership interest | -155 | ' | ' | ' | -7 | ' | -148 |
Issuance of equity securities by subsidiary | 152 | ' | 28 | ' | 1 | ' | 123 |
Purchase of Loews treasury stock | -718 | ' | ' | ' | ' | -718 | ' |
Retirement of treasury stock | ' | ' | -164 | -569 | ' | 733 | ' |
Issuance of Loews common stock | 4 | ' | 4 | ' | ' | ' | ' |
Stock-based compensation | 22 | ' | 19 | ' | ' | ' | 3 |
Other | -8 | ' | -1 | -2 | ' | ' | -5 |
Ending Balance at Dec. 31, 2011 | 23,203 | 4 | 3,494 | 14,890 | 384 | ' | 4,431 |
Net income | 1,110 | ' | ' | 568 | ' | ' | 542 |
Other comprehensive income (loss) | 322 | ' | ' | ' | 289 | ' | 33 |
Dividends paid | -549 | ' | ' | -99 | ' | ' | -450 |
Issuance of equity securities by subsidiary | 774 | ' | 115 | ' | 5 | ' | 654 |
Purchase of Loews treasury stock | -222 | ' | ' | ' | ' | -222 | ' |
Retirement of treasury stock | ' | ' | -47 | -165 | ' | 212 | ' |
Issuance of Loews common stock | 13 | ' | 13 | ' | ' | ' | ' |
Stock-based compensation | 23 | ' | 20 | ' | ' | ' | 3 |
Other | 2 | ' | ' | -2 | ' | ' | 4 |
Ending Balance at Dec. 31, 2012 | 24,676 | 4 | 3,595 | 15,192 | 678 | -10 | 5,217 |
Net income | 1,069 | ' | ' | 595 | ' | ' | 474 |
Other comprehensive income (loss) | -378 | ' | ' | ' | -341 | ' | -37 |
Dividends paid | -597 | ' | ' | -97 | ' | ' | -500 |
Issuance of equity securities by subsidiary | 337 | ' | 51 | ' | 2 | ' | 284 |
Purchase of Loews treasury stock | -218 | ' | ' | ' | ' | -218 | ' |
Retirement of treasury stock | ' | ' | -48 | -180 | ' | 228 | ' |
Issuance of Loews common stock | 5 | ' | 5 | ' | ' | ' | ' |
Stock-based compensation | 18 | ' | 3 | ' | ' | ' | 15 |
Other | -6 | ' | 1 | -2 | ' | ' | -5 |
Ending Balance at Dec. 31, 2013 | $24,906 | $4 | $3,607 | $15,508 | $339 | ' | $5,448 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net income | $1,069 | $1,110 | $1,694 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Investment (gains) losses | -26 | -57 | 52 |
Undistributed (earnings) losses | -380 | -103 | 74 |
Amortization of investments | -24 | -50 | -64 |
Depreciation, depletion and amortization | 871 | 905 | 833 |
Impairment of goodwill | 636 | ' | ' |
Impairment of natural gas and oil properties | 291 | 680 | ' |
Provision for deferred income taxes | 6 | -22 | 268 |
Other non-cash items | 83 | 55 | 52 |
Changes in operating assets and liabilities, net: | ' | ' | ' |
Receivables | 87 | 327 | 1,085 |
Deferred acquisition costs | 2 | -16 | -1 |
Insurance reserves | -68 | 430 | -237 |
Other assets | -19 | 74 | 181 |
Other liabilities | 470 | -73 | -326 |
Trading securities | -901 | -406 | 354 |
Net cash flow operating activities | 2,097 | 2,854 | 3,965 |
Investing Activities: | ' | ' | ' |
Purchases of fixed maturities | -11,197 | -10,299 | -12,168 |
Proceeds from sales of fixed maturities | 6,869 | 6,123 | 7,591 |
Proceeds from maturities of fixed maturities | 3,271 | 3,699 | 3,055 |
Purchases of equity securities | -77 | -54 | -72 |
Proceeds from sales of equity securities | 103 | 86 | 178 |
Purchases of limited partnership investments | -323 | -372 | -303 |
Proceeds from sales of limited partnership investments | 204 | 227 | 143 |
Purchases of property, plant and equipment | -1,737 | -1,405 | -1,335 |
Acquisitions | -235 | -987 | -548 |
Dispositions | 182 | 221 | 222 |
Change in short term investments | -101 | -192 | 1,461 |
Other, net | -257 | -142 | -127 |
Net cash flow investing activities | -3,298 | -3,095 | -1,903 |
Financing Activities: | ' | ' | ' |
Dividends paid | -97 | -99 | -101 |
Dividends paid to noncontrolling interests | -500 | -450 | -399 |
Acquisition of CNA Surety noncontrolling interests | ' | ' | -475 |
Purchases of treasury shares | -228 | -212 | -732 |
Issuance of common stock | 5 | 13 | 4 |
Proceeds from sale of subsidiary stock | 370 | 849 | 172 |
Principal payments on debt | -1,494 | -2,910 | -2,832 |
Issuance of debt | 3,255 | 3,152 | 2,321 |
Other, net | -40 | -7 | -11 |
Net cash flow financing activities | 1,271 | 336 | -2,053 |
Effect of foreign exchange rate on cash | -3 | 4 | ' |
Net change in cash | 67 | 99 | 9 |
Cash, beginning of year | 228 | 129 | 120 |
Cash, end of year | $295 | $228 | $129 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Note 1. Summary of Significant Accounting Policies | |||||||||||||
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); transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas (Boardwalk Pipeline Partners, LP (“Boardwalk Pipeline”), a 53% owned subsidiary); exploration, production and marketing of natural gas and oil (including condensate and natural gas liquids), (HighMount Exploration & Production LLC (“HighMount”), a wholly owned subsidiary); and the operation of a chain 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) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders. | |||||||||||||
Principles of consolidation – The Consolidated Financial Statements include all subsidiaries and intercompany accounts and transactions have been eliminated. The equity method of accounting is used for investments in associated companies in which the Company generally has an interest of 20% to 50%. | |||||||||||||
Accounting estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes. Actual results could differ from those estimates. | |||||||||||||
Investments – The Company classifies its fixed maturity securities and equity securities as either available-for-sale or trading, and as such, they are carried at fair value. Short term investments are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Income. Changes in fair value related to available-for-sale securities are reported as a component of Other comprehensive income. The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, which are included in Net investment income on the Consolidated Statements of Income. Losses may be recognized within the Consolidated Statements of Income when a decline in value is determined by the Company to be other-than-temporary. | |||||||||||||
To the extent that unrealized gains on fixed income securities supporting long term care products and payout annuity contracts would result in a premium deficiency if those gains were realized, a related decrease in Deferred acquisition costs and/or increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments decreased $880 million (after tax and noncontrolling interests) and increased $710 million (after tax and noncontrolling interests) for the years ended December 31, 2013 and 2012. At December 31, 2013 and 2012, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by $478 million and $1.4 billion (after tax and noncontrolling interests). | |||||||||||||
For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The amortized cost of high credit quality securities is adjusted to the amount that would have existed had the new effective yield been applied since the acquisition of the securities. Such adjustments are reflected in Net investment income on the Consolidated Statements of Income. Interest income on lower rated securities is determined using the prospective yield method. | |||||||||||||
The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the General Partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Income. | |||||||||||||
Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Income (loss) from trading portfolio, or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include, but are not limited to, the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative instruments (such as call options embedded in convertible bonds) must be split from the host instrument when the embedded derivative is not clearly and closely related to the host instrument. | |||||||||||||
A security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and previously recorded other-than-temporary impairment (“OTTI”) losses, otherwise defined as an unrealized loss. When a security is impaired, the impairment is evaluated to determine whether it is temporary or other-than-temporary. | |||||||||||||
Significant judgment is required in the determination of whether an OTTI loss has occurred for a security. CNA follows a consistent and systematic process for determining and recording an OTTI loss. CNA has established a committee responsible for the OTTI process. This committee, referred to as the Impairment Committee, is made up of three officers appointed by CNA’s Chief Financial Officer. The Impairment Committee is responsible for evaluating all securities in an unrealized loss position on at least a quarterly basis. | |||||||||||||
The Impairment Committee’s assessment of whether an OTTI loss has occurred incorporates both quantitative and qualitative information. Fixed maturity securities that CNA intends to sell, or it more likely than not will be required to sell before recovery of amortized cost, are considered to be other-than-temporarily impaired and the entire difference between the amortized cost basis and fair value of the security is recognized as an OTTI loss in earnings. The remaining fixed maturity securities in an unrealized loss position are evaluated to determine if a credit loss exists. The factors considered by the Impairment Committee include: (i) the financial condition and near term prospects of the issuer, (ii) whether the debtor is current on interest and principal payments, (iii) credit ratings of the securities and (iv) general market conditions and industry or sector specific outlook. CNA also considers results and analysis of cash flow modeling for asset-backed securities, and when appropriate, other fixed maturity securities. | |||||||||||||
The focus of the analysis for asset-backed securities is on assessing the sufficiency and quality of underlying collateral and timing of cash flows based on scenario tests. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss is judged to exist and the asset-backed security is deemed to be temporarily impaired. If the present value of the expected cash flows is less than amortized cost, the security is judged to be other-than-temporarily impaired for credit reasons and that shortfall, referred to as the credit component, is recognized as an OTTI loss in earnings. The difference between the adjusted amortized cost basis and fair value, referred to as the non-credit component, is recognized as OTTI in Other comprehensive income. In subsequent reporting periods, a change in intent to sell or further credit impairment on a security whose fair value has not deteriorated will cause the non-credit component originally recorded as OTTI in Other comprehensive income to be recognized as an OTTI loss in earnings. | |||||||||||||
CNA performs the discounted cash flow analysis using stressed scenarios to determine future expectations regarding recoverability. For asset-backed securities, significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. | |||||||||||||
CNA applies the same impairment model as described above for the majority of non-redeemable preferred stock securities on the basis that these securities possess characteristics similar to debt securities and that the issuers maintain their ability to pay dividends. For all other equity securities, in determining whether the security is other-than-temporarily impaired, the Impairment Committee considers a number of factors including, but not limited to: (i) the length of time and the extent to which the fair value has been less than amortized cost, (ii) the financial condition and near term prospects of the issuer, (iii) the intent and ability of CNA to retain its investment for a period of time sufficient to allow for an anticipated recovery in value and (iv) general market conditions and industry or sector specific outlook. | |||||||||||||
Joint venture investments – The Company has 20% to 50% interests in operating joint ventures related to the Bluegrass Project as discussed in Note 2 and hotel properties that are accounted for under the equity method. The Company’s investment in these entities was $242 million and $67 million for the years ended December 31, 2013 and 2012 and reported in Other assets on the Company’s Consolidated Balance Sheets. Equity income for these investments was $12 million, $24 million and $24 million for the years ended December 31, 2013, 2012 and 2011 and reported in Other operating expenses on the Company’s Consolidated Statements of Income. Some of these investments are variable interest entities (“VIE”) as defined in the accounting guidance because the entities will require additional funding from each equity owner throughout the development and construction phase and are accounted for under the equity method since the Company is not the primary beneficiary. The maximum exposure to loss for the VIE investments is $336 million, consisting of the amount of the investment and debt guarantees. | |||||||||||||
The following tables present summarized financial information for these joint ventures: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Total assets | $ 1,336 | $ 672 | |||||||||||
Total liabilities | 954 | 625 | |||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 349 | $ 294 | $ 284 | |||||||||
Net income | 7 | 32 | 29 | ||||||||||
Hedging – The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedging transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative for which hedge accounting has been designated is not (or ceases to be) highly effective, the Company discontinues hedge accounting prospectively. See Note 5 for additional information on the Company’s use of derivatives. | |||||||||||||
Securities lending activities – The Company lends securities for the purpose of enhancing income or to finance positions to unrelated parties who have been designated as primary dealers by the Federal Reserve Bank of New York. Borrowers of these securities must deposit and maintain collateral with the Company of no less than 100% of the fair value of the securities loaned. U.S. Government securities and cash are accepted as collateral. The Company maintains effective control over loaned securities and, therefore, continues to report such securities as investments on the Consolidated Balance Sheets. | |||||||||||||
Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2013 and 2012. | |||||||||||||
Revenue recognition – Premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured which principally are earned ratably over the duration of the policies. Premiums on long term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage. | |||||||||||||
Insurance receivables include balances due currently or in the future, including amounts due from insureds related to losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. Amounts are considered past due based on policy payment terms. That allowance is determined based on periodic evaluations of aged receivables, management’s experience and current economic conditions. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. | |||||||||||||
Property and casualty contracts that are retrospectively rated contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions and loss experience of the insured during the experience period. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the experience period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA adjusts such estimated ultimate premium amounts during the course of the experience period based on actual results to date. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. | |||||||||||||
Contract drilling revenue from dayrate drilling contracts is recognized as services are performed. In connection with such drilling contracts, Diamond Offshore may receive fees (either lump-sum or dayrate) for the mobilization of equipment. These fees are earned as services are performed over the initial term of the related drilling contracts. Absent a contract, mobilization costs are recognized currently. From time to time, Diamond Offshore may receive fees from its customers for capital improvements to their rigs. Diamond Offshore defers such fees received and recognizes these fees into revenue on a straight-line basis over the period of the related drilling contract. Diamond Offshore capitalizes the costs of such capital improvements and depreciates them over the estimated useful life of the improvement. | |||||||||||||
Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related transported and stored volumes. The majority of Boardwalk Pipeline’s operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and, accordingly, certain revenues collected may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. | |||||||||||||
HighMount’s natural gas and oil production revenue is recognized based on actual volumes of natural gas and oil sold to purchasers. Sales require delivery of the product to the purchaser, passage of title and probability of collection of purchaser amounts owed. Natural gas and oil production revenue is reported net of royalties. HighMount uses the sales method of accounting for gas imbalances. An imbalance is created when the volumes of gas sold by HighMount pertaining to a property do not equate to the volumes produced to which HighMount is entitled based on its interest in the property. An asset or liability is recognized to the extent that HighMount has an imbalance in excess of the remaining reserves on the underlying properties. | |||||||||||||
Claim and claim adjustment expense reserves – Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (“A&EP”), workers’ compensation lifetime claims, and accident and health claims are not discounted and are based on (i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; (ii) estimates of incurred but not reported losses; (iii) estimates of losses on assumed reinsurance; (iv) estimates of future expenses to be incurred in the settlement of claims; (v) estimates of salvage and subrogation recoveries and (vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past CNA and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Receivables on the Consolidated Balance Sheets. | |||||||||||||
Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.3 billion as of December 31, 2013 and 2012. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. | |||||||||||||
Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. Certain structured settlements are funded by annuities purchased from Continental Assurance Company (“CAC”), a wholly owned and consolidated subsidiary of CNA, for which the related annuity obligations are reported in Future policy benefits reserves. Obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and carried at present values determined using interest rates ranging from 7.1% to 9.7% at December 31, 2013 and 2012. At December 31, 2013 and 2012, the discounted reserves for unfunded structured settlements were $580 million and $602 million, net of discount of $969 million and $1.0 billion. | |||||||||||||
Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. Accident and health claim reserves are calculated using mortality and morbidity assumptions based on CNA and industry experience. Workers’ compensation lifetime claim reserves and accident and health claim reserves are discounted at interest rates ranging from 3.0% to 6.8% at December 31, 2013 and 3.0% to 6.5% at December 31, 2012. At December 31, 2013 and 2012, such discounted reserves totaled $2.4 billion and $2.2 billion, net of discount of $617 million and $837 million. | |||||||||||||
Future policy benefits reserves – Reserves for long term care products and payout annuity contracts are computed using the net level premium method, which incorporates actuarial assumptions as to morbidity, mortality, persistency, discount rate and expenses. Expense assumptions include the estimated effects of expenses to be incurred beyond the premium paying period. Actuarial assumptions generally vary by plan, age at issue and policy duration. The initial assumptions are determined at issuance, include a margin for adverse deviation, and are locked in throughout the life of the contract unless a premium deficiency develops. If a premium deficiency emerges, the assumptions are unlocked and deferred acquisition costs, if any, and the future policy benefit reserves are adjusted. Interest rates for long term care products range from 4.5% to 7.9% at December 31, 2013 and from 5.0% to 7.4% at December 31, 2012. Interest rates for payout annuity contracts range from 5.0% to 8.7% at December 31, 2013 and 2012. In 2012, CNA unlocked assumptions related to its payout annuity contracts due to anticipated adverse changes in discount rates, which reflected the then current low interest rate environment and its view of expected investment yields, resulting in loss recognition which increased insurance liabilities by $33 million. | |||||||||||||
Policyholders’ funds reserves – Policyholders’ funds reserves primarily include reserves for investment contracts without life contingencies. For these contracts, policyholder liabilities are generally equal to the accumulated policy account values, which consist of an accumulation of deposit payments plus credited interest, less withdrawals and amounts assessed through the end of the period. | |||||||||||||
Guaranty fund and other insurance-related assessments – Liabilities for guaranty fund and other insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated, and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for guaranty funds and other insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets. As of December 31, 2013 and 2012, the liability balances were $143 million. As of December 31, 2013 and 2012, included in Other assets on the Consolidated Balance Sheets were $1 million and $2 million of related assets for premium tax offsets. This asset is limited to the amount that is able to be offset against premium tax on future premium collections from business written or committed to be written. | |||||||||||||
Reinsurance – Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. | |||||||||||||
Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefits reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. | |||||||||||||
CNA has established an allowance for doubtful accounts on reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer solvency, management’s experience and current economic conditions. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. Because billed receivables generally approximate 5% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. | |||||||||||||
Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables related to paid losses from insolvent insurers are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. | |||||||||||||
Reinsurance contracts that do not effectively transfer the economic risk of loss on the underlying policies are recorded using the deposit method of accounting, which requires that premium paid or received by the ceding company or assuming company be accounted for as a deposit asset or liability. CNA had $3 million recorded as deposit assets at December 31, 2013 and 2012, and $130 million and $125 million recorded as deposit liabilities at December 31, 2013 and 2012. Income on reinsurance contracts accounted for under the deposit method is recognized using an effective yield based on the anticipated timing of payments and the remaining life of the contract. When the anticipated timing of payments changes, the effective yield is recalculated to reflect actual payments to date and the estimated timing of future payments. The deposit asset or liability is adjusted to the amount that would have existed had the new effective yield been applied since the inception of the contract. | |||||||||||||
Deferred acquisition costs – Acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions. Deferred acquisition costs related to long term care contracts issued prior to January 1, 2004 include costs which vary with and are primarily related to the acquisition of business. | |||||||||||||
Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. | |||||||||||||
Deferred acquisition costs related to long term care contracts are amortized over the premium-paying period of the related policies using assumptions consistent with those used for computing future policy benefit reserves for such contracts. Assumptions are made at the date of policy issuance or acquisition and are consistently applied during the lives of the contracts. Deviations from estimated experience are included in results of operations when they occur. For these contracts, the amortization period is typically the estimated life of the policy. At December 31, 2013 and 2012, deferred acquisition costs were presented net of Shadow Adjustments of $342 million and $369 million. | |||||||||||||
CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current results of operations. | |||||||||||||
Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs. Unamortized deferred acquisition costs relating to contracts that have been substantially changed by a modification in benefits, features, rights or coverages that were not anticipated in the original contract are not deferred and are included as a charge to operations in the period during which the contract modification occurred. | |||||||||||||
Investments in life settlement contracts and related revenue recognition – Prior to 2002, CNA purchased investments in life settlement contracts. A life settlement contract is a contract between the owner of a life insurance policy (the policy owner) and a third party investor (investor). Under a life settlement contract, CNA obtained the ownership and beneficiary rights of an underlying life insurance policy. | |||||||||||||
CNA accounts for its investments in life settlement contracts using the fair value method. Under the fair value method, each life settlement contract is carried at its fair value at the end of each reporting period. The change in fair value, life insurance proceeds received and periodic maintenance costs, such as premiums, necessary to keep the underlying policy in force, are recorded in Other revenues on the Consolidated Statements of Income. | |||||||||||||
The fair value of CNA’s investments in life settlement contracts were $88 million and $100 million at December 31, 2013 and 2012, and are included in Other assets on the Consolidated Balance Sheets. The cash receipts and payments related to life settlement contracts are included in Cash flows from operating activities on the Consolidated Statements of Cash Flows. | |||||||||||||
The following table details the values for life settlement contracts. The determination of fair value is discussed in Note 4. | |||||||||||||
Number of Life | Fair Value of Life | Face Amount of | |||||||||||
Settlement | Settlement | Life Insurance | |||||||||||
Contracts | Contracts | Policies | |||||||||||
(Dollar amounts in millions) | |||||||||||||
Estimated maturity during: | |||||||||||||
2014 | 60 | $ | 13 | $ | 39 | ||||||||
2015 | 60 | 11 | 35 | ||||||||||
2016 | 50 | 9 | 32 | ||||||||||
2017 | 50 | 8 | 29 | ||||||||||
2018 | 40 | 7 | 26 | ||||||||||
Thereafter | 364 | 40 | 217 | ||||||||||
Total | 624 | $ | 88 | $ | 378 | ||||||||
CNA uses an actuarial model to estimate the aggregate face amount of life insurance that is expected to mature in each future year and the corresponding fair value. This model projects the likelihood of the insured’s death for each inforce policy based upon CNA’s estimated mortality rates, which may vary due to the relatively small size of the portfolio of life settlement contracts. The number of life settlement contracts presented in the table above is based upon the average face amount of inforce policies estimated to mature in each future year. | |||||||||||||
The increase (decrease) in fair value recognized for the years ended December 31, 2013, 2012 and 2011 on contracts still being held was $(2) million, $11 million and $5 million. The gains recognized during the years ended December 31, 2013, 2012 and 2011 on contracts that settled were $15 million, $42 million and $28 million. | |||||||||||||
Separate Account Business – Separate account assets and liabilities represent contract holder funds related to investment and annuity products for which the policyholder assumes substantially all the risk and reward. The assets are segregated into accounts with specific underlying investment objectives and are legally segregated from CNA. All assets of the separate account business are carried at fair value with an equal amount recorded for separate account liabilities. Fee income accruing to CNA related to separate accounts is primarily included within Other revenues on the Consolidated Statements of Income. | |||||||||||||
A number of separate account pension deposit contracts guarantee principal and an annual minimum rate of interest. If aggregate contract value in the separate account exceeds the fair value of the related assets, an additional Policyholders’ funds liability is established. Certain of these contracts are subject to a fair value adjustment if terminated by the policyholder. | |||||||||||||
Goodwill – Goodwill represents the excess of purchase price over fair value of net assets of acquired entities. Goodwill is tested for impairment annually or when certain triggering events require additional tests. Subsequent reversal of a goodwill impairment charge is not permitted. See Note 8 for additional information on goodwill. | |||||||||||||
Property, plant and equipment – Property, plant and equipment is carried at cost less accumulated depreciation, depletion and amortization (“DD&A”). Depreciation is computed principally by the straight-line method over the estimated useful lives of the various classes of properties. Leaseholds and leasehold improvements are depreciated or amortized over the terms of the related leases (including optional renewal periods where appropriate) or the estimated lives of improvements, if less than the lease term. | |||||||||||||
The principal service lives used in computing provisions for depreciation are as follows: | |||||||||||||
Years | |||||||||||||
Pipeline equipment | 30 to 50 | ||||||||||||
Offshore drilling equipment | 15 to 30 | ||||||||||||
Other | 3 to 40 | ||||||||||||
HighMount follows the full cost method of accounting for natural gas and oil exploration and production activities. Under the full cost method, all direct costs of property acquisition, exploration and development activities are capitalized. These capitalized costs are subject to a quarterly ceiling test. Under the ceiling test, amounts capitalized are limited to the present value of estimated future net revenues to be derived from the anticipated production of proved natural gas and oil reserves, assuming an average price during the twelve month period adjusted for cash flow hedges in place, and limiting the classification of proved undeveloped reserves to locations scheduled to be drilled within five years. If net capitalized costs exceed the ceiling test at the end of any quarterly period, then a permanent write-down of the assets must be recognized in that period. A write-down may not be reversed in future periods, even though higher natural gas and oil prices may subsequently increase the ceiling. Approximately 4.9% (unaudited) of HighMount’s total proved reserves as of December 31, 2013 are hedged by qualifying cash flow hedges, for which hedge adjusted prices were used to calculate estimated future net revenue. Future cash flows associated with settling asset retirement obligations that have been accrued in the Consolidated Balance Sheets are excluded from HighMount’s calculations of discounted cash flows under the full cost ceiling test. | |||||||||||||
Depletion of natural gas and oil producing properties is computed using the units-of-production method. Under the full cost method, the base of costs subject to depletion also includes estimated future costs to be incurred in developing proved natural gas and oil reserves, as well as capitalized asset retirement costs, net of projected salvage values. The costs of investments in unproved properties including associated exploration-related costs are initially excluded from the depletable base. As the unproved properties are evaluated, a ratable portion of the capitalized costs is periodically reclassified to the depletable base, determined on a property by property basis, over the terms of underlying leases. Once a property has been completely evaluated, any remaining capitalized costs are then transferred to the depletable base. In addition, proceeds from the sale or other disposition of natural gas and oil properties are accounted for as reductions of capitalized cost, unless the sale would significantly alter the relationship between capitalized costs and proved reserves, in which case, a gain or loss is recognized. | |||||||||||||
Impairment of long-lived assets – The Company reviews its long-lived assets for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets and intangibles with finite lives, under certain circumstances, are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value less cost to sell. | |||||||||||||
Income taxes – The Company and its eligible subsidiaries file a consolidated tax return. Deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes may not be realized. | |||||||||||||
The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. See Note 11 for additional information on the provision for income taxes. | |||||||||||||
Pension and postretirement benefits – The Company recognizes the overfunded or underfunded status of its defined benefit plans in Other assets or Other liabilities in the Consolidated Balance Sheets. Changes in funded status related to prior service costs and credits and actuarial gains and losses are recognized in the year in which the changes occur through Accumulated other comprehensive income (loss). The Company measures its benefit plan assets and obligations at December 31. Annual service cost, interest cost, expected return on plan assets, amortization of prior service costs and credits and amortization of actuarial gains and losses are recognized in the Consolidated Statements of Income. | |||||||||||||
Stock based compensation – The Company records compensation expense upon issuance of share-based payment awards for all awards it grants, modifies or cancels primarily on a straight-line basis over the requisite service period, generally three to four years. The share-based payment awards are valued using the Black-Scholes option pricing model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the valuation of these awards. These assumptions include the term that the awards are expected to be outstanding, an estimate of the volatility of the underlying stock price, applicable risk-free interest rates and the dividend yield of the Company’s stock. | |||||||||||||
The Company recognized compensation expense that decreased net income by $11 million for the year ended December 31, 2013. For the years ended December 31, 2012 and 2011, the Company recognized compensation expense that decreased net income by $13 million and $12 million. Several of the Company’s subsidiaries also maintain their own stock option plans. The amounts reported above include the Company’s share of expense related to its subsidiaries’ plans. | |||||||||||||
Net income Per Share – Companies with complex capital structures are required to present basic and diluted net income per share. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income 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. | |||||||||||||
For each of the years ended December 31, 2013, 2012 and 2011, approximately 0.9 million, 0.8 million and 0.8 million potential shares attributable to exercises under the Loews Corporation Stock Option Plan were included in the calculation of diluted net income per share. For those same periods, approximately 1.5 million, 2.6 million and 2.0 million Stock Appreciation Rights (“SARs”) were not included in the calculation of diluted net income per share due to the exercise price being greater than the average stock price. | |||||||||||||
Foreign currency – Foreign currency translation gains and losses are reflected in Shareholders’ equity as a component of Accumulated other comprehensive income (loss). The Company’s foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each reporting date and income statement accounts are translated at the average exchange rates. Foreign currency transaction losses of $3 million, gains of $10 million and losses of $5 million for the years ended December 31, 2013, 2012 and 2011 were included in the Consolidated Statements of Income. | |||||||||||||
Regulatory accounting – The majority of Boardwalk Pipeline’s operating subsidiaries are regulated by FERC. GAAP for regulated entities requires Texas Gas Transmission, LLC (“Texas Gas”), a wholly owned subsidiary of Boardwalk Pipeline, to report certain assets and liabilities consistent with the economic effect of the manner in which independent third party regulators establish rates. Accordingly, certain costs and benefits are capitalized as regulatory assets and liabilities in order to provide for recovery from or refund to customers in future periods. Regulatory accounting is not applicable to Boardwalk Pipeline’s other FERC regulated entities. | |||||||||||||
Supplementary cash flow information – Cash payments made for interest on long term debt, net of capitalized interest, amounted to $415 million, $450 million and $526 million for the years ended December 31, 2013, 2012 and 2011. Cash payments for federal, foreign, state and local income taxes amounted to $183 million, $120 million and $322 million for the years ended December 31, 2013, 2012 and 2011. Investing activities exclude $43 million, $35 million and $14 million of accrued capital expenditures for the years ended December 31, 2013, 2012 and 2011. |
AcquisitionsDivestiture
Acquisitions/Divestiture | 12 Months Ended |
Dec. 31, 2013 | |
Text Block [Abstract] | ' |
Acquisitions/Divestiture | ' |
Note 2. Acquisitions/Divestiture | |
CNA Financial | |
On July 2, 2012, CNA acquired Hardy Underwriting Bermuda Limited (“Hardy”), a specialized Lloyd’s of London (“Lloyd’s”) underwriter. Through Lloyd’s Syndicate 382, Hardy underwrites primarily short-tail exposures in marine and aviation, non-marine property, specialty lines and property treaty reinsurance. Hardy has business operations in the United Kingdom, Bermuda, Bahrain, Guernsey and Singapore. For the year ended December 31, 2011, Hardy reported gross written premiums of $430 million. The purchase price for Hardy was $231 million and resulted in CNA recording $55 million of identifiable indefinite-lived intangible assets, $81 million of identifiable finite-lived intangible assets and $35 million of goodwill. | |
In November of 2011, CNA completed the sale of its 50% ownership interest in First Insurance Company of Hawaii (“FICOH”) and received $165 million in net proceeds. This sale did not have a significant impact on the Company’s results of operations. | |
On June 10, 2011, CNA completed the acquisition of all of the publicly traded shares of common stock of CNA Surety Corporation (“CNA Surety”) for $475 million. Prior to the acquisition, CNA owned approximately 61% of the outstanding common stock of CNA Surety. | |
Boardwalk Pipeline | |
In 2013, Boardwalk Pipeline executed a series of agreements with the Williams Companies, Inc. (“Williams”) to develop the Bluegrass Project, a joint venture project that would develop a pipeline to transport natural gas liquids from the Marcellus and Utica shale plays to the petrochemical and export complex in the Lake Charles, Louisiana area, and the construction of related fractionation, storage and liquefied petroleum gas terminal export facilities. In connection with the transaction, Boardwalk Pipeline and Boardwalk Pipelines Holding Corp. (“BPHC”), a wholly owned subsidiary of the Company, have entered into separate joint venture arrangements for purposes of funding the project. Boardwalk Pipeline and BPHC have contributed a total of $79 million to the project as of December 31, 2013. Approval and completion of the project is subject to, among other conditions, execution of customer contracts sufficient to support the project, acquisition of right-of-way along the pipeline route, and the parties’ receipt of all necessary approvals, including board approvals and regulatory approvals, such as antitrust clearance under the Hart-Scott-Rodino Antitrust Improvements Act and approvals by the FERC, among others. | |
On October 1, 2012, a joint venture between Boardwalk Pipeline and BPHC acquired Boardwalk Louisiana Midstream LLC, a company that provides salt dome storage, pipeline transportation, fractionation and brine supply services, from PL Logistics LLC for approximately $620 million. The acquisition was funded with proceeds from a $225 million five-year variable rate term loan and equity contributions by BPHC of $269 million for a 65% equity interest and of $148 million by Boardwalk Pipeline for a 35% equity interest. The joint venture recorded $25 million of identifiable finite-lived intangible assets and $52 million of goodwill. On October 15, 2012, Boardwalk Pipeline acquired BPHC’s 65% equity interest in the joint venture for $269 million, which did not result in any significant adjustments to the Consolidated Financial Statements. | |
In December of 2011, Petal Gas Storage, LLC (formerly referred to as Boardwalk HP Storage Company, LLC) (“Petal”) acquired seven salt dome natural gas storage caverns and associated assets in Mississippi for approximately $550 million. Petal funded the acquisition with proceeds from a $200 million five-year variable rate term loan and equity contributions from BPHC and Boardwalk Pipeline. BPHC contributed $280 million for an 80% interest in Petal and Boardwalk Pipeline contributed $70 million for a 20% interest. Petal recorded $52 million of goodwill and $14 million of identifiable finite-lived intangible assets. In February of 2012, Boardwalk Pipeline acquired BPHC’s 80% interest in Petal for $285 million, which did not result in any significant adjustments to the Consolidated Financial Statements. | |
HighMount | |
In the fourth quarter of 2011, HighMount acquired working interests in oil and gas properties located in Oklahoma. The purchase price was approximately $106 million in cash and was included primarily in the cost of unproved properties within Property, plant and equipment in the Consolidated Balance Sheets. |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Note 3. Investments | |||||||||||||||||||||||||
Net investment income is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities | $ | 1,998 | $ | 2,022 | $ | 2,011 | |||||||||||||||||||
Short term investments | 5 | 12 | 16 | ||||||||||||||||||||||
Limited partnership investments | 519 | 283 | 97 | ||||||||||||||||||||||
Equity securities | 12 | 12 | 20 | ||||||||||||||||||||||
Income (loss) from trading portfolio (a) | 90 | 52 | (39) | ||||||||||||||||||||||
Other | 25 | 24 | 16 | ||||||||||||||||||||||
Total investment income | 2,649 | 2,405 | 2,121 | ||||||||||||||||||||||
Investment expenses | -56 | -56 | (58) | ||||||||||||||||||||||
Net investment income | $ | 2,593 | $ | 2,349 | $ | 2,063 | |||||||||||||||||||
(a) | Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(2), $6 and $(58) for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
As of December 31, 2013, the Company held no non-income producing fixed maturity securities. As of December 31, 2012, the Company held nine non-income producing fixed maturity securities aggregating $1 million of fair value. As of December 31, 2013 and 2012, no investments in a single issuer exceeded 10% of shareholders’ equity other than investments in securities issued by the U.S. Treasury and obligations of government-sponsored enterprises. | |||||||||||||||||||||||||
Investment gains (losses) are as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities | $ | 55 | $ | 83 | $ | (22) | |||||||||||||||||||
Equity securities | -22 | -23 | (1) | ||||||||||||||||||||||
Derivative instruments | -10 | -5 | (34) | ||||||||||||||||||||||
Short term investments and other | 3 | 2 | 5 | ||||||||||||||||||||||
Investment gains (losses) (a) | $ | 26 | $ | 57 | $ | (52) | |||||||||||||||||||
(a) | Includes gross realized gains of $214, $251 and $299 and gross realized losses of $181, $191 and $322 on available-for-sale securities for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Net change in unrealized gains (losses) on available-for-sale investments is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities | $ | -2,541 | $ | 1,871 | $ | 1,442 | |||||||||||||||||||
Equity securities | -15 | 5 | (2) | ||||||||||||||||||||||
Other | -1 | (3) | |||||||||||||||||||||||
Total net change in unrealized gains on available-for-sale investments | $ | (2,556) | $ | 1,875 | $ | 1,437 | |||||||||||||||||||
The components of OTTI losses recognized in earnings by asset type are as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities available-for-sale: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 22 | $ | 27 | $ | 95 | |||||||||||||||||||
States, municipalities and political subdivisions | 34 | ||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 19 | 50 | 105 | ||||||||||||||||||||||
Other asset-backed | 2 | 6 | |||||||||||||||||||||||
Total asset-backed | 21 | 50 | 111 | ||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 1 | ||||||||||||||||||||||||
Total fixed maturities available-for-sale | 43 | 112 | 206 | ||||||||||||||||||||||
Equity securities available-for-sale: | |||||||||||||||||||||||||
Common stock | 8 | 6 | 8 | ||||||||||||||||||||||
Preferred stock | 26 | 36 | 1 | ||||||||||||||||||||||
Total equity securities available-for-sale | 34 | 42 | 9 | ||||||||||||||||||||||
Short term investments | 1 | 1 | |||||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 78 | $ | 154 | $ | 216 | |||||||||||||||||||
The amortized cost and fair values of securities are as follows: | |||||||||||||||||||||||||
December 31, 2013 | Cost or | Gross | Gross | Estimated | Unrealized | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | OTTI Losses | |||||||||||||||||||||
Cost | Gains | Losses | (Gains) | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 19,352 | $ | 1,645 | $ | 135 | $ | 20,862 | |||||||||||||||||
States, municipalities and political subdivisions | 11,281 | 548 | 272 | 11,557 | |||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 4,940 | 123 | 92 | 4,971 | $ | (37) | |||||||||||||||||||
Commercial mortgage-backed | 1,995 | 90 | 22 | 2,063 | (3) | ||||||||||||||||||||
Other asset-backed | 945 | 13 | 3 | 955 | |||||||||||||||||||||
Total asset-backed | 7,880 | 226 | 117 | 7,989 | (40) | ||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 139 | 6 | 1 | 144 | |||||||||||||||||||||
Foreign government | 531 | 15 | 3 | 543 | |||||||||||||||||||||
Redeemable preferred stock | 92 | 10 | 102 | ||||||||||||||||||||||
Fixed maturities available-for-sale | 39,275 | 2,450 | 528 | 41,197 | (40) | ||||||||||||||||||||
Fixed maturities, trading | 151 | 28 | 123 | ||||||||||||||||||||||
Total fixed maturities | 39,426 | 2,450 | 556 | 41,320 | (40) | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 36 | 9 | 45 | ||||||||||||||||||||||
Preferred stock | 143 | 1 | 4 | 140 | |||||||||||||||||||||
Equity securities available-for-sale | 179 | 10 | 4 | 185 | - | ||||||||||||||||||||
Equity securities, trading | 702 | 119 | 135 | 686 | |||||||||||||||||||||
Total equity securities | 881 | 129 | 139 | 871 | - | ||||||||||||||||||||
Total | $ | 40,307 | $ | 2,579 | $ | 695 | $ | 42,191 | $ | (40) | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 19,530 | $ | 2,698 | $ | 21 | $ | 22,207 | |||||||||||||||||
States, municipalities and political subdivisions | 9,372 | 1,455 | 44 | 10,783 | |||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 5,745 | 246 | 71 | 5,920 | $ | (28) | |||||||||||||||||||
Commercial mortgage-backed | 1,692 | 147 | 17 | 1,822 | (3) | ||||||||||||||||||||
Other asset-backed | 929 | 23 | 952 | ||||||||||||||||||||||
Total asset-backed | 8,366 | 416 | 88 | 8,694 | (31) | ||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 172 | 11 | 1 | 182 | |||||||||||||||||||||
Foreign government | 588 | 25 | 613 | ||||||||||||||||||||||
Redeemable preferred stock | 113 | 13 | 1 | 125 | |||||||||||||||||||||
Fixed maturities available-for-sale | 38,141 | 4,618 | 155 | 42,604 | (31) | ||||||||||||||||||||
Fixed maturities, trading | 183 | 22 | 161 | ||||||||||||||||||||||
Total fixed maturities | 38,324 | 4,618 | 177 | 42,765 | (31) | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 38 | 14 | 52 | ||||||||||||||||||||||
Preferred stock | 190 | 7 | 197 | ||||||||||||||||||||||
Equity securities available-for-sale | 228 | 21 | - | 249 | - | ||||||||||||||||||||
Equity securities, trading | 665 | 80 | 96 | 649 | |||||||||||||||||||||
Total equity securities | 893 | 101 | 96 | 898 | - | ||||||||||||||||||||
Total | $ | 39,217 | $ | 4,719 | $ | 273 | $ | 43,663 | $ | (31) | |||||||||||||||
The available-for-sale securities in a gross unrealized loss position are as follows: | |||||||||||||||||||||||||
Less than | 12 Months | Total | |||||||||||||||||||||||
12 Months | or Longer | ||||||||||||||||||||||||
December 31, 2013 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 3,592 | $ | 129 | $ | 72 | $ | 6 | $ | 3,664 | $ | 135 | |||||||||||||
States, municipalities and political subdivisions | 3,251 | 197 | 129 | 75 | 3,380 | 272 | |||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 1,293 | 29 | 343 | 63 | 1,636 | 92 | |||||||||||||||||||
Commercial mortgage-backed | 640 | 22 | 640 | 22 | |||||||||||||||||||||
Other asset-backed | 269 | 3 | 269 | 3 | |||||||||||||||||||||
Total asset-backed | 2,202 | 54 | 343 | 63 | 2,545 | 117 | |||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 13 | 1 | 13 | 1 | |||||||||||||||||||||
Foreign government | 111 | 3 | 111 | 3 | |||||||||||||||||||||
Total fixed maturity securities | 9,169 | 384 | 544 | 144 | 9,713 | 528 | |||||||||||||||||||
Preferred stock | 87 | 4 | 87 | 4 | |||||||||||||||||||||
Total | $ | 9,256 | $ | 388 | $ | 544 | $ | 144 | $ | 9,800 | $ | 532 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 846 | $ | 13 | $ | 108 | $ | 8 | $ | 954 | $ | 21 | |||||||||||||
States, municipalities and political subdivisions | 254 | 5 | 165 | 39 | 419 | 44 | |||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 583 | 5 | 452 | 66 | 1,035 | 71 | |||||||||||||||||||
Commercial mortgage-backed | 85 | 2 | 141 | 15 | 226 | 17 | |||||||||||||||||||
Total asset-backed | 668 | 7 | 593 | 81 | 1,261 | 88 | |||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 23 | 1 | 23 | 1 | |||||||||||||||||||||
Redeemable preferred stock | 28 | 1 | 28 | 1 | |||||||||||||||||||||
Total | $ | 1,819 | $ | 27 | $ | 866 | $ | 128 | $ | 2,685 | $ | 155 | |||||||||||||
Based on current facts and circumstances, the Company believes the unrealized losses presented in the table above are primarily attributable to broader economic conditions, changes in interest rates and credit spreads, market illiquidity and other market factors, but are not indicative of the ultimate collectibility of the current amortized cost of the securities. The investments with longer duration, primarily included within the states, municipalities and political subdivision asset category, were more significantly impacted by changes in market interest rates. The Company has no current intent to sell these securities, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional OTTI losses to be recorded at December 31, 2013. | |||||||||||||||||||||||||
The following table summarizes the activity for the years ended December 31, 2013, 2012 and 2011 related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at December 31, 2013, 2012 and 2011 for which a portion of an OTTI loss was recognized in Other comprehensive income. | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 95 | $ | 92 | $ | 141 | |||||||||||||||||||
Additional credit losses for securities for which an OTTI loss was previously recognized | 2 | 23 | 39 | ||||||||||||||||||||||
Credit losses for securities for which an OTTI loss was not previously recognized | 2 | 11 | |||||||||||||||||||||||
Reductions for securities sold during the period | -23 | -14 | (67) | ||||||||||||||||||||||
Reductions for securities the Company intends to sell or more likely than not will be required to sell | -8 | (32) | |||||||||||||||||||||||
Ending balance of credit losses on fixed maturity securities | $ | 74 | $ | 95 | $ | 92 | |||||||||||||||||||
Contractual Maturity | |||||||||||||||||||||||||
The following table summarizes available-for-sale fixed maturity securities by contractual maturity at December 31, 2013 and 2012. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid with or without call or prepayment penalties. Securities not due at a single date are allocated based on weighted average life. | |||||||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||||||
Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Due in one year or less | $ | 2,420 | $ | 2,455 | $ | 1,648 | $ | 1,665 | |||||||||||||||||
Due after one year through five years | 9,496 | 10,068 | 13,603 | 14,442 | |||||||||||||||||||||
Due after five years through ten years | 11,667 | 11,954 | 8,726 | 9,555 | |||||||||||||||||||||
Due after ten years | 15,692 | 16,720 | 14,164 | 16,942 | |||||||||||||||||||||
Total | $ | 39,275 | $ | 41,197 | $ | 38,141 | $ | 42,604 | |||||||||||||||||
Limited Partnerships | |||||||||||||||||||||||||
The carrying value of limited partnerships as of December 31, 2013 and 2012 was approximately $3.4 billion and $3.1 billion which includes undistributed earnings of $1.2 billion and $828 million. Limited partnerships comprising 73.6% of the total carrying value are reported on a current basis through December 31, 2013 with no reporting lag, 12.8% are reported on a one month lag and the remainder are reported on more than a one month lag. As of December 31, 2013 and 2012, the Company had 93 and 86 active limited partnership investments. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio. | |||||||||||||||||||||||||
Of the limited partnerships held, 79.2% and 84.1% at December 31, 2013 and 2012, employ hedge fund strategies that generate returns through investing in securities that are marketable while engaging in various management techniques primarily in public fixed income and equity markets. These hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. The hedge fund strategies may seek to generate gains from mispriced or undervalued securities, price differentials between securities, distressed investments, sector rotation or various arbitrage disciplines. Within hedge fund strategies, approximately 53.7% were equity related, 28.7% pursued a multi-strategy approach, 12.8% were focused on distressed investments and 4.8% were fixed income related at December 31, 2013. | |||||||||||||||||||||||||
Limited partnerships representing 17.8% and 13.0% at December 31, 2013 and 2012 were invested in private debt and equity. The remaining were invested in various other partnerships including real estate. The ten largest limited partnership positions held totaled $1.7 billion and $1.6 billion as of December 31, 2013 and 2012. Based on the most recent information available regarding the Company’s percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 4.1% of the aggregate partnership equity at December 31, 2013 and 2012, and the related income reflected on the Consolidated Statements of Income represents approximately 3.7%, 3.3% and 3.9% of the changes in total partnership equity for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||
While the Company generally does not invest in highly leveraged partnerships, there are risks which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies. | |||||||||||||||||||||||||
The Company’s limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year and in some cases do not permit withdrawals until the termination of the partnership. Typically, withdrawals require advance written notice of up to 90 days. | |||||||||||||||||||||||||
Investment Commitments | |||||||||||||||||||||||||
As of December 31, 2013, the Company had committed approximately $381 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. | |||||||||||||||||||||||||
The Company invests in various privately placed debt securities, including bank loans, as part of its overall investment strategy and has committed to additional future purchases, sales and funding. As of December 31, 2013, the Company had commitments to purchase or fund additional amounts of $151 million and sell $145 million under the terms of such securities. | |||||||||||||||||||||||||
Investments on Deposit | |||||||||||||||||||||||||
Securities with carrying values of approximately $3.3 billion and $3.6 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
Cash and securities with carrying values of approximately $353 million and $4 million were deposited with financial institutions as collateral for letters of credit as of December 31, 2013 and 2012. In addition, cash and securities were deposited in trusts with financial institutions to secure reinsurance and other obligations with various third parties. The carrying values of these deposits were approximately $294 million and $277 million as of December 31, 2013 and 2012. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||
Note 4. 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. | ||||||||||||||||||||||||||||||||||||||||
Prices may fall within Level 1, 2 or 3 depending upon the methodologies and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using methodologies and inputs the Company believes market participants would use to value the assets. Prices obtained from third party pricing services or brokers are not adjusted by the Company. | |||||||||||||||||||||||||||||||||||||||||
The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures include (i) the review of pricing service or broker pricing methodologies, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where changes in price, period-over-period, are reviewed and challenged with the pricing service or broker based on exception criteria, (iv) detailed analysis, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities and (v) pricing validation, where prices received are compared to prices independently estimated by the Company. | |||||||||||||||||||||||||||||||||||||||||
The fair values of CNA’s life settlement contracts are included in Other assets on the Consolidated Balance Sheets. Equity options purchased are included in Equity securities, and all other derivative assets are included in Receivables. Derivative liabilities are included in Payable to brokers. Assets and liabilities measured at fair value on a recurring basis are summarized in the tables below: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 33 | $ | 20,625 | $ | 204 | $ | 20,862 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,486 | 71 | 11,557 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,640 | 331 | 4,971 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 1,912 | 151 | 2,063 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 509 | 446 | 955 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,061 | 928 | 7,989 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 116 | 28 | 144 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 81 | 462 | 543 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 45 | 57 | 102 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 275 | 39,719 | 1,203 | 41,197 | |||||||||||||||||||||||||||||||||||||
Fixed maturities, trading | 43 | 80 | 123 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 275 | $ | 39,762 | $ | 1,283 | $ | 41,320 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 126 | $ | 48 | $ | 11 | $ | 185 | |||||||||||||||||||||||||||||||||
Equity securities, trading | 678 | 8 | 686 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 804 | $ | 48 | $ | 19 | $ | 871 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 6,162 | $ | 563 | $ | 6,725 | |||||||||||||||||||||||||||||||||||
Other invested assets | 54 | 54 | |||||||||||||||||||||||||||||||||||||||
Receivables | 5 | $ | 2 | 7 | |||||||||||||||||||||||||||||||||||||
Life settlement contracts | 88 | 88 | |||||||||||||||||||||||||||||||||||||||
Separate account business | 9 | 171 | 1 | 181 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | (40 | ) | (7 | ) | (5 | ) | (52) | ||||||||||||||||||||||||||||||||||
December 31, 2012 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 6 | $ | 21,982 | $ | 219 | $ | 22,207 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 10,687 | 96 | 10,783 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,507 | 413 | 5,920 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 1,693 | 129 | 1,822 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 584 | 368 | 952 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,784 | 910 | 8,694 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 158 | 24 | 182 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 140 | 473 | 613 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 40 | 59 | 26 | 125 | |||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 344 | 41,009 | 1,251 | 42,604 | |||||||||||||||||||||||||||||||||||||
Fixed maturities, trading | 72 | 89 | 161 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 344 | $ | 41,081 | $ | 1,340 | $ | 42,765 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 117 | $ | 98 | $ | 34 | $ | 249 | |||||||||||||||||||||||||||||||||
Equity securities, trading | 642 | 7 | 649 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 759 | $ | 98 | $ | 41 | $ | 898 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 4,990 | $ | 799 | $ | 6 | $ | 5,795 | |||||||||||||||||||||||||||||||||
Other invested assets | 58 | 1 | 59 | ||||||||||||||||||||||||||||||||||||||
Receivables | 32 | 11 | 43 | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 100 | 100 | |||||||||||||||||||||||||||||||||||||||
Separate account business | 4 | 306 | 2 | 312 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | (95 | ) | (11 | ) | (6 | ) | (112) | ||||||||||||||||||||||||||||||||||
The tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
2013 | Balance, | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | Unrealized | |||||||||||||||||||||||||||||||||
January 1 | into | out of | December 31 | Gains | |||||||||||||||||||||||||||||||||||||
Net Realized Gains | Level 3 | Level 3 | (Losses) | ||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Recognized in | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | Net Income | ||||||||||||||||||||||||||||||||||||||||
(Losses) | on Level | ||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Held at | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | December 31 | |||||||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 219 | $ | 3 | $ | 123 | $ | -97 | $ | (44) | $ | 51 | $ | (51) | $ | 204 | $ | (2) | |||||||||||||||||||||||
States, municipalities and political subdivisions | 96 | (2) | $ | 4 | 122 | -79 | (61) | 18 | (27) | 71 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 413 | 4 | (14) | 116 | -10 | (75) | 4 | (107) | 331 | (3) | |||||||||||||||||||||||||||||||
Commercial mortgage-backed | 129 | 11 | 107 | -3 | (11) | 21 | (103) | 151 | |||||||||||||||||||||||||||||||||
Other asset-backed | 368 | 5 | (4) | 314 | -197 | (35) | (5) | 446 | (2) | ||||||||||||||||||||||||||||||||
Total asset-backed | 910 | 9 | (7) | 537 | -210 | (121) | 25 | (215) | 928 | (5) | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 26 | (1) | (25) | - | |||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,251 | 9 | (3) | 782 | -386 | (251) | 94 | (293) | 1,203 | (7) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 89 | (4) | 19 | -24 | 80 | (4) | |||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,340 | $ | 5 | $ | (3) | $ | 801 | $ | (410) | $ | (251) | $ | 94 | $ | (293) | $ | 1,283 | $ | (11) | |||||||||||||||||||||
Equity securities available-for-sale | $ | 34 | $ | (27) | $ | 3 | $ | 2 | $ | (1) | $ | 11 | $ | (27) | |||||||||||||||||||||||||||
Equity securities, trading | 7 | (5) | 6 | 8 | (5) | ||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 41 | $ | (32) | $ | 3 | $ | 8 | $ | - | $ | - | $ | - | $ | (1) | $ | 19 | $ | (32) | |||||||||||||||||||||
Short term investments | $ | 6 | $ | -6 | $ | - | |||||||||||||||||||||||||||||||||||
Other invested assets | 1 | -1 | - | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 100 | $ | 13 | $ | (25) | 88 | $ | (2) | |||||||||||||||||||||||||||||||||
Separate account business | 2 | $ | 1 | -2 | 1 | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | 5 | 8 | $ | (9) | (2) | 1 | (6) | (3) | 1 | ||||||||||||||||||||||||||||||||
2012 | Balance, | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | Unrealized | |||||||||||||||||||||||||||||||||
January 1 | into | out of | December 31 | Gains | |||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | (Losses) | |||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Recognized in | ||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Net Income | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | on Level | ||||||||||||||||||||||||||||||||||||||||
(Losses) | 3 Assets and | ||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Held at | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | December 31 | |||||||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 482 | $ | 6 | $ | 4 | $ | 230 | $ | -135 | $ | (88) | $ | 45 | $ | (325) | $ | 219 | $ | (3) | |||||||||||||||||||||
States, municipalities and political subdivisions | 171 | 14 | (89) | 96 | |||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 452 | (14) | 2 | 97 | (40) | (84) | 413 | (18) | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 59 | 8 | 14 | 165 | -12 | (28) | 13 | (90) | 129 | ||||||||||||||||||||||||||||||||
Other asset-backed | 343 | 11 | 8 | 615 | -365 | (128) | (116) | 368 | |||||||||||||||||||||||||||||||||
Total asset-backed | 854 | 5 | 24 | 877 | -377 | (196) | 13 | (290) | 910 | (18) | |||||||||||||||||||||||||||||||
Redeemable preferred stock | - | (1) | 53 | -26 | 26 | ||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,507 | 11 | 27 | 1,174 | -538 | (373) | 58 | (615) | 1,251 | (21) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 101 | (6) | 1 | -7 | 89 | (6) | |||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,608 | $ | 5 | $ | 27 | $ | 1,175 | $ | (545) | $ | (373) | $ | 58 | $ | (615) | $ | 1,340 | $ | (27) | |||||||||||||||||||||
Equity securities available-for-sale | $ | 67 | $ | (36) | $ | 6 | $ | 27 | $ | -16 | $ | (14) | $ | 34 | $ | (38) | |||||||||||||||||||||||||
Equity securities, trading | 14 | (6) | -1 | 7 | (6) | ||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 81 | $ | (42) | $ | 6 | $ | 27 | $ | -17 | $ | - | $ | - | $ | (14) | $ | 41 | $ | (44) | |||||||||||||||||||||
Short term investments | $ | 27 | $ | 23 | $ | -4 | $ | (41) | $ | 1 | $ | 6 | |||||||||||||||||||||||||||||
Other invested assets | 11 | (10) | 1 | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 117 | $ | 53 | (70) | 100 | $ | 11 | ||||||||||||||||||||||||||||||||||
Separate account business | 23 | -21 | 2 | ||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | (15) | (4) | $ | 30 | -6 | 5 | (1) | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gains and losses are reported in Net income as follows: | |||||||||||||||||||||||||||||||||||||||||
Major Category of Assets and Liabilities | Consolidated Statements of Income Line Items | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available-for-sale | Investment gains (losses) | ||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities, trading | Net investment income | ||||||||||||||||||||||||||||||||||||||||
Equity securities available-for-sale | Investment gains (losses) | ||||||||||||||||||||||||||||||||||||||||
Equity securities, trading | Net investment income | ||||||||||||||||||||||||||||||||||||||||
Other invested assets | Investment gains (losses) and Net investment income | ||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments held in a trading portfolio | Net investment income | ||||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, other | Investment gains (losses) and Other revenues | ||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | Other revenues | ||||||||||||||||||||||||||||||||||||||||
Securities shown in the Level 3 tables may be transferred in or out of Level 3 based on the availability of observable market information used to determine the fair value of the security. The availability of observable market information varies based on market conditions and trading volume and may cause securities to move in and out of Level 3 from reporting period to reporting period. There were no transfers between Level 1 and Level 2 during the year ended December 31, 2013. There were $106 million of transfers from Level 2 to Level 1 and $72 million of transfers from Level 1 to Level 2 during the year ended December 31, 2012. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. | |||||||||||||||||||||||||||||||||||||||||
Valuation Methodologies and Inputs | |||||||||||||||||||||||||||||||||||||||||
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. | |||||||||||||||||||||||||||||||||||||||||
Fixed Maturity Securities | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities are valued using methodologies that model information generated by market transactions involving identical or comparable assets, as well as discounted cash flow methodologies. Common inputs include: prices from recently executed transactions of similar securities, broker/dealer quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. | |||||||||||||||||||||||||||||||||||||||||
Level 1 securities include exchange traded bonds, highly liquid U.S. and foreign government bonds, and redeemable preferred stock, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. Securities are generally assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include tax-exempt auction rate certificates and private placement debt securities. Fair value of auction rate securities is determined utilizing a pricing model with three primary inputs. The interest rate and spread inputs are observable from like instruments while the expected call date assumption is unobservable due to the uncertain nature of principal prepayments prior to maturity and the credit spread adjustment that is security specific. Fair value of certain private placement debt securities is determined using internal models with inputs that are not market observable. | |||||||||||||||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||||||||||||||
Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily non-redeemable preferred stocks and common stocks valued using pricing for similar securities, recently executed transactions, broker/dealer quotes and other pricing models utilizing market observable inputs. Level 3 securities are priced using internal models with inputs that are not market observable. | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | |||||||||||||||||||||||||||||||||||||||||
Exchange traded derivatives are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Level 2 derivatives primarily include currency forwards valued using observable market forward rates. Over-the-counter derivatives, principally interest rate swaps, total return swaps, commodity swaps, credit default swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace. | |||||||||||||||||||||||||||||||||||||||||
Short Term Investments | |||||||||||||||||||||||||||||||||||||||||
Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented in the Consolidated Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value. | |||||||||||||||||||||||||||||||||||||||||
Life Settlement Contracts | |||||||||||||||||||||||||||||||||||||||||
The fair values of life settlement contracts are determined as the present value of the anticipated death benefits less anticipated premium payments based on contract terms that are distinct for each insured, as well as CNA’s own assumptions for mortality, premium expense, and the rate of return that a buyer would require on the contracts, as no comparable market pricing data is available. | |||||||||||||||||||||||||||||||||||||||||
Separate Account Business | |||||||||||||||||||||||||||||||||||||||||
Separate account business includes fixed maturity securities, equities and short term investments. The valuation methodologies and inputs for these asset types have been described above. | |||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||
The table below presents quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the table below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | Fair Value | Valuation | Unobservable | Range | |||||||||||||||||||||||||||||||||||||
Technique(s) | Input(s) | (Weighted | |||||||||||||||||||||||||||||||||||||||
Average) | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 142 | Discounted cash flow | Credit spread | 1.74% – 19.90%(3.98%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 10 | Market approach | Private offering price | $360.12 – $4,267.66 per | |||||||||||||||||||||||||||||||||||||
share ($1,147.95 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 88 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 70% – 743%(191.6%) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 121 | Discounted cash flow | Expected call date | 3.3 – 5.3 years (4.3 years) | ||||||||||||||||||||||||||||||||||||
Credit spread adjustment | 0.02% – 0.48%(0.17%) | ||||||||||||||||||||||||||||||||||||||||
72 | Market approach | Private offering price | $42.39 – $102.32($100.11) | ||||||||||||||||||||||||||||||||||||||
Equity securities | 34 | Market approach | Private offering price | $4.54 – $3,842.00 per share | |||||||||||||||||||||||||||||||||||||
($571.17 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 100 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 69% – 883%(208.9%) | ||||||||||||||||||||||||||||||||||||||||
For fixed maturity securities, an increase to the expected call date and credit spread assumptions would result in a lower fair value measurement. For equity securities, an increase in the private offering price would result in a higher fair value measurement. For life settlement contracts, an increase in the discount rate risk premium or decrease in the mortality assumption would result in a lower fair value measurement. | |||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Not Measured at Fair Value | |||||||||||||||||||||||||||||||||||||||||
The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instrument assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are listed in the tables below. The carrying amounts and estimated fair values of short term debt and long term debt exclude capital lease obligations. The carrying amounts reported on the Consolidated Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | Carrying | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ 508 | $ 515 | $ 515 | ||||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts | 57 | 58 | 58 | ||||||||||||||||||||||||||||||||||||||
Short term debt | 838 | $ 852 | 20 | 872 | |||||||||||||||||||||||||||||||||||||
Long term debt | 9,995 | 10,387 | 182 | 10,569 | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ 401 | $ 418 | $ 418 | ||||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts | 100 | 104 | 104 | ||||||||||||||||||||||||||||||||||||||
Short term debt | 19 | $ 13 | 6 | 19 | |||||||||||||||||||||||||||||||||||||
Long term debt | 9,191 | 10,170 | 202 | 10,372 | |||||||||||||||||||||||||||||||||||||
The following methods and assumptions were used in estimating the fair value of these financial assets and liabilities. | |||||||||||||||||||||||||||||||||||||||||
The fair values of mortgage loans were based on the present value of the expected future cash flows discounted at the current interest rate for similar financial instruments, adjusted for specific loan risk. | |||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts were valued based on cash surrender values or estimated fair values of policyholder liabilities, net of amounts ceded related to sold business. | |||||||||||||||||||||||||||||||||||||||||
Fair value of debt was based on observable market prices when available. When observable market prices were not available, the fair value for debt was based on observable market prices of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or is estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||
Note 5. Derivative Financial Instruments | |||||||||||||||||||||||||||||||
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, credit risk, equity price risk, commodity price risk and foreign currency risk) stemming from various assets and liabilities. The Company’s principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment. | |||||||||||||||||||||||||||||||
The Company enters into interest rate swaps, futures and commitments to purchase securities to manage interest rate risk. Credit derivatives such as credit default swaps are entered into to modify the credit risk inherent in certain investments. Forward contracts, futures, swaps and options are used primarily to manage foreign currency and commodity price risk. | |||||||||||||||||||||||||||||||
In addition to the derivatives used for risk management purposes described above, the Company may also use derivatives for purposes of income enhancement. Income enhancement transactions include but are not limited to interest rate swaps, call options, put options, credit default swaps, index futures and foreign currency forwards. See Note 4 for information regarding the fair value of derivative instruments. | |||||||||||||||||||||||||||||||
A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under the agreements and may not be representative of the potential for gain or loss on these instruments. | |||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||||||||||||
Contractual/ | Contractual/ | ||||||||||||||||||||||||||||||
Notional | Estimated Fair Value | Notional | Estimated Fair Value | ||||||||||||||||||||||||||||
Amount | Asset | (Liability) | Amount | Asset | (Liability) | ||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
With hedge designation: | |||||||||||||||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ 300 | $ (4) | $ 300 | $ (6) | |||||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||||||||
Forwards – short | 191 | $ 5 | (4) | 288 | $ 39 | (3) | |||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||||||||
Currency forwards – short | 114 | 2 | (1) | 144 | 4 | ||||||||||||||||||||||||||
Without hedge designation: | |||||||||||||||||||||||||||||||
Equity markets: | |||||||||||||||||||||||||||||||
Options – purchased | 1,561 | 41 | 255 | 19 | |||||||||||||||||||||||||||
– written | 729 | (23) | 374 | (11) | |||||||||||||||||||||||||||
Equity swaps and warrants – long | 17 | 9 | 14 | 6 | |||||||||||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||||||||||
Credit default swaps | |||||||||||||||||||||||||||||||
– purchased protection | 50 | (3) | 78 | (2) | |||||||||||||||||||||||||||
– sold protection | 25 | 33 | (2) | ||||||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||||||||
Currency forwards – long | 55 | 404 | (2) | ||||||||||||||||||||||||||||
– short | 113 | 128 | |||||||||||||||||||||||||||||
Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Balance Sheets. There would be no significant difference in the balance included in such accounts if the estimated fair values were presented net for the periods ended December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||
For derivative financial instruments without hedge designation, changes in the fair value of derivatives not held in a trading portfolio are reported in Investment gains (losses) and changes in the fair value of derivatives held for trading purposes are reported in Net investment income on the Consolidated Statements of Income. Losses of $10 million, $5 million and $34 million were recorded in Investment gains (losses) for the years ended December 31, 2013, 2012 and 2011. Losses of $26 million, $19 million and $14 million were included in Net investment income for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||||||||
The Company’s derivative financial instruments with cash flow hedge designation hedge variable price risk associated with the purchase and sale of natural gas and other energy-related products, exposure to foreign currency losses on future foreign currency expenditures, as well as risks attributable to changes in interest rates on long term debt. Losses of $19 million and gains of $43 million and $33 million were recognized in OCI related to these cash flow hedges for the years ended December 31, 2013, 2012 and 2011. Gains of $19 million and $54 million and losses of $28 million were reclassified from AOCI into income for the years ended December 31, 2013, 2012 and 2011. As of December 31, 2013, the estimated amount of net unrealized losses associated with these cash flow hedges that will be reclassified from AOCI into earnings during the next twelve months was $6 million. For each of the years ended December 31, 2013, 2012 and 2011, the net amounts recognized due to ineffectiveness were less than $1 million. |
Receivables
Receivables | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
Note 6. Receivables | |||||||||
December 31 | 2013 | 2012 | |||||||
(In millions) | |||||||||
Reinsurance | $ | 6,088 | $ | 6,231 | |||||
Insurance | 2,063 | 1,983 | |||||||
Receivable from brokers | 239 | 159 | |||||||
Accrued investment income | 448 | 437 | |||||||
Federal income taxes | 34 | 51 | |||||||
Other, primarily customer accounts | 818 | 717 | |||||||
Total | 9,690 | 9,578 | |||||||
Less: allowance for doubtful accounts on reinsurance receivables | 71 | 73 | |||||||
allowance for other doubtful accounts | 258 | 139 | |||||||
Receivables | $ | 9,361 | $ | 9,366 | |||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||||||||||
Property, Plant and Equipment | ' | ||||||||||||||||||||||||
Note 7. Property, Plant and Equipment | |||||||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Pipeline equipment (net of accumulated DD&A of $1,404 and $1,168) | $ | 7,232 | $ | 7,148 | |||||||||||||||||||||
Offshore drilling equipment (net of accumulated DD&A of $3,727 and $3,347) | 3,750 | 3,824 | |||||||||||||||||||||||
Natural gas and oil proved and unproved properties (net of accumulated DD&A of $3,128 and $2,813) | 772 | 893 | |||||||||||||||||||||||
Other (net of accumulated DD&A of $825 and $874) | 812 | 815 | |||||||||||||||||||||||
Construction in process | 1,932 | 1,255 | |||||||||||||||||||||||
Property, plant and equipment, net | $ | 14,498 | $ | 13,935 | |||||||||||||||||||||
DD&A expense and capital expenditures are as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
DD&A | Capital | DD&A | Capital | DD&A | Capital | ||||||||||||||||||||
Expend. | Expend. | Expend. | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
CNA Financial | $ | 72 | $ | 90 | $ | 71 | $ | 98 | $ | 70 | $ | 85 | |||||||||||||
Diamond Offshore | 389 | 987 | 394 | 721 | 399 | 783 | |||||||||||||||||||
Boardwalk Pipeline | 275 | 305 | 256 | 247 | 231 | 142 | |||||||||||||||||||
HighMount | 75 | 270 | 101 | 346 | 94 | 324 | |||||||||||||||||||
Loews Hotels | 32 | 369 | 30 | 30 | 29 | 19 | |||||||||||||||||||
Corporate and other | 6 | 4 | 7 | 10 | 10 | 19 | |||||||||||||||||||
Total | $ | 849 | $ | 2,025 | $ | 859 | $ | 1,452 | $ | 833 | $ | 1,372 | |||||||||||||
Capitalized interest related to the construction and upgrade of qualifying assets amounted to approximately $99 million, $55 million and $31 million for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||
Offshore Drilling Equipment | |||||||||||||||||||||||||
Purchase of Assets | |||||||||||||||||||||||||
In 2013 and 2012, Diamond Offshore recorded $128 million and $251 million in Construction in process for four new ultra-deepwater drillships. In addition, Diamond Offshore recorded $354 million and $235 million in Construction in process for two new deepwater floaters in 2013 and 2012. The rigs are being constructed utilizing the hulls of two of Diamond Offshore’s mid-water floaters. In 2013, Diamond Offshore also recorded $195 million in Construction in process for the construction of a harsh environment semisubmersible drilling rig, with an expected completion date in the first quarter of 2016. | |||||||||||||||||||||||||
Sale of Assets | |||||||||||||||||||||||||
In 2012, Diamond Offshore sold six jack-up rigs for total proceeds of $132 million, resulting in a pretax gain of approximately $76 million, recorded in Other revenues. | |||||||||||||||||||||||||
Asset Impairment | |||||||||||||||||||||||||
In 2012, Diamond Offshore decided to actively market for sale three mid-water rigs and one jack-up rig. Diamond Offshore recorded an impairment charge of $62 million related to the three mid-water rigs. The fair value for each rig was measured using an expected present value technique that utilized significant unobservable inputs, representing a Level 3 fair value measurement, which included assumptions for estimated proceeds that may be received on disposition of the rig and estimated costs to sell. At December 31, 2013 and 2012, the carrying value of these rigs amounted to $8 million and $12 million. | |||||||||||||||||||||||||
Natural Gas and Oil Proved and Unproved Properties | |||||||||||||||||||||||||
Impairment of Natural Gas and Oil Properties | |||||||||||||||||||||||||
In 2013 and 2012, HighMount recorded ceiling test impairment charges of $291 million and $680 million ($186 million and $433 million after tax) related to the carrying value of its natural gas and oil properties. The impairments were recorded within Other operating expenses and as credits to Accumulated DD&A. The 2013 write-downs were primarily attributable to negative reserve revisions due to variability in well performance where HighMount is testing different horizontal target zones and hydraulic fracture designs and due to reduced average NGL prices used in the ceiling test calculations. The write-downs in 2012 were the result of significant declines in natural gas and NGL prices. Had the effects of HighMount’s cash flow hedges not been considered in calculating the ceiling limitation, the impairments would have been $301 million and $737 million ($192 million and $469 million after tax) for the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
Costs Not Being Amortized | |||||||||||||||||||||||||
HighMount excludes from amortization the cost of unproved properties, the cost of exploratory wells in progress and major development projects in progress. Natural gas and oil property and equipment costs not being amortized as of December 31, 2013, are as follows, by the year in which such costs were incurred: | |||||||||||||||||||||||||
Total | 2013 | 2012 | 2011 | Prior | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Acquisition costs | $ 148 | $ 8 | $ 1 | $ 28 | $ 111 | ||||||||||||||||||||
Exploration costs | 76 | 70 | 1 | 3 | 2 | ||||||||||||||||||||
Capitalized interest | 35 | 7 | 7 | 8 | 13 | ||||||||||||||||||||
Total excluded costs | $ 259 | $ 85 | $ 9 | $ 39 | $ 126 | ||||||||||||||||||||
Goodwill
Goodwill | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill | ' | ||||||||||||||||||||||||
Note 8. Goodwill | |||||||||||||||||||||||||
Total | CNA | Diamond | Boardwalk | HighMount | Loews | ||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Balance, December 31, 2011 | $ 908 | $ 86 | $ 20 | $ 215 | $ 584 | $ 3 | |||||||||||||||||||
Acquisitions | 91 | 35 | 56 | ||||||||||||||||||||||
Other adjustments | (3) | (3) | |||||||||||||||||||||||
Balance, December 31, 2012 | 996 | 118 | 20 | 271 | 584 | 3 | |||||||||||||||||||
Impairments | (636) | (52) | (584) | ||||||||||||||||||||||
Other adjustments | (3) | 1 | (4) | ||||||||||||||||||||||
Balance, December 31, 2013 | $ 357 | $ 119 | $ 20 | $ 215 | $ - | $ 3 | |||||||||||||||||||
Based upon the completion of its annual goodwill impairment testing in 2013, Boardwalk Pipeline determined in the first step of the two-step quantitative goodwill impairment analysis that the carrying value of its reporting unit which included goodwill associated with the Petal acquisition as discussed in Note 2, exceeded its fair value. The fair value of the reporting unit declined from the amount determined in 2012 primarily due to the recent narrowing of time period price spreads and reduced volatility which negatively affects the value of Boardwalk Pipeline’s storage and PAL services and the cumulative effect of reduced basis spreads on the value of Boardwalk Pipeline’s transportation services. The fair value measurement of the reporting unit was derived based on judgments and assumptions which Boardwalk Pipeline believes market participants would use in assessing the fair value of the reporting unit. These judgments and assumptions which utilized significant unobservable inputs, representing a Level 3 fair value measurement, included the valuation premise, use of a discounted cash flow model to estimate fair value and inputs to the valuation model. The inputs included, but were not limited to, forecasted operating results and the long term natural gas outlook for growth in demand. Due to the results of the first step, Boardwalk Pipeline performed the second step to compare the fair value of the reporting unit to the fair value of the reporting unit’s assets and liabilities. As a result, Boardwalk Pipeline recognized a goodwill impairment charge of $52 million ($16 million after tax and noncontrolling interests) for the year ended December 31, 2013, representing the carrying value of the goodwill for the reporting unit. | |||||||||||||||||||||||||
Recognition of a ceiling test impairment charge is considered a triggering event for purposes of assessing any potential impairment of goodwill at HighMount under a two-step process. The first step compares HighMount’s estimated fair value to its carrying value. Due to the continued low market prices for natural gas and NGLs, the recent history of quarterly ceiling test write-downs during 2012 and 2013 and potential for future impairments, and negative reserve revisions recognized during 2013, HighMount reassessed its goodwill impairment analysis. To determine fair value, HighMount used a market approach which required significant estimates and assumptions and utilized significant unobservable inputs, representing a Level 3 fair value measurement. These estimates and assumptions primarily included, but were not limited to, earnings before interest, tax, depreciation and amortization, production and reserves, control premium, discount rates and required capital expenditures. These valuation techniques were based on analysis of comparable public companies, adjusted for HighMount’s growth profile. In the first step, HighMount determined that its carrying value exceeded its fair value requiring HighMount to perform the second step and to estimate the fair value of its assets and liabilities. The carrying value of goodwill is limited to the amount that HighMount’s estimated fair value exceeds the fair value of assets and liabilities. As a result, HighMount recorded a goodwill impairment charge of $584 million ($382 million after tax) for the year ended December 31, 2013, consisting of all of its remaining goodwill. | |||||||||||||||||||||||||
Based on the results of the annual impairment tests for all other reporting units, the Company concluded that the fair values of all other reporting units significantly exceeded their carrying values, no other goodwill impairment existed at December 31, 2013. |
Claim_and_Claim_Adjustment_Exp
Claim and Claim Adjustment Expense Reserves | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Insurance [Abstract] | ' | ||||||||||||||||||||
Claim and Claim Adjustment Expense Reserves | ' | ||||||||||||||||||||
Note 9. Claim and Claim Adjustment Expense Reserves | |||||||||||||||||||||
CNA’s 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. CNA’s reserve projections are based primarily on detailed analysis of the facts in each case, CNA’s 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 including inflation 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 workers’ compensation, 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. There can be no assurance that CNA’s ultimate cost for insurance losses will not exceed current estimates. | |||||||||||||||||||||
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in CNA’s results of operations and/or equity. CNA reported catastrophe losses, net of reinsurance, of $169 million, $391 million and $222 million for the years ended December 31, 2013, 2012 and 2011. Catastrophe losses in 2012 included Storm Sandy. | |||||||||||||||||||||
The table below provides a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of the life company: | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Reserves, beginning of year: | |||||||||||||||||||||
Gross | $ | 24,763 | $ | 24,303 | $ 25,496 | ||||||||||||||||
Ceded | 5,126 | 5,020 | 6,122 | ||||||||||||||||||
Net reserves, beginning of year | 19,637 | 19,283 | 19,374 | ||||||||||||||||||
Change in net reserves due to acquisition (disposition) of subsidiaries | 291 | (277) | |||||||||||||||||||
Net incurred claim and claim adjustment expenses: | |||||||||||||||||||||
Provision for insured events of current year | 5,114 | 5,273 | 4,904 | ||||||||||||||||||
Decrease in provision for insured events of prior years | (115 | ) | (182 | ) | (429) | ||||||||||||||||
Amortization of discount | 154 | 145 | 135 | ||||||||||||||||||
Total net incurred (a) | 5,153 | 5,236 | 4,610 | ||||||||||||||||||
Net payments attributable to: | |||||||||||||||||||||
Current year events | (981 | ) | (988 | ) | (1,029) | ||||||||||||||||
Prior year events | (4,588 | ) | (4,280 | ) | (3,473) | ||||||||||||||||
Total net payments | (5,569 | ) | (5,268 | ) | (4,502) | ||||||||||||||||
Foreign currency translation adjustment and other | (104 | ) | 95 | 78 | |||||||||||||||||
Net reserves, end of year | 19,117 | 19,637 | 19,283 | ||||||||||||||||||
Ceded reserves, end of year | 4,972 | 5,126 | 5,020 | ||||||||||||||||||
Gross reserves, end of year | $ | 24,089 | $ | 24,763 | $ 24,303 | ||||||||||||||||
(a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected in the Consolidated Statements of Income due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables, and benefit expenses related to future policy benefits and policyholders’ funds, which are not reflected in the table above. | |||||||||||||||||||||
The changes in provision for insured events of prior years (net prior year claim and claim adjustment expense reserve development) were as follows: | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Property and casualty reserve development | $ | (115 | ) | $ | (180 | ) | $ (429) | ||||||||||||||
Life reserve development in life company | (2 | ) | |||||||||||||||||||
Total | $ | (115 | ) | $ | (182 | ) | $ (429) | ||||||||||||||
The following tables summarize the gross and net carried reserves: | |||||||||||||||||||||
December 31, 2013 | CNA | CNA | Life & | Other | Total | ||||||||||||||||
Specialty | Commercial | Group | |||||||||||||||||||
Non-Core | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Gross Case Reserves | $ 2,270 | $ 5,829 | $ 2,748 | $ 1,415 | $ 12,262 | ||||||||||||||||
Gross IBNR Reserves | 4,419 | 4,820 | 310 | 2,278 | 11,827 | ||||||||||||||||
Total Gross Carried Claim and Claim | |||||||||||||||||||||
Adjustment Expense Reserves | $ 6,689 | $ 10,649 | $ 3,058 | $ 3,693 | $ 24,089 | ||||||||||||||||
Net Case Reserves | $ 2,024 | $ 5,358 | $ 2,352 | $ 442 | $ 10,176 | ||||||||||||||||
Net IBNR Reserves | 4,142 | 4,269 | 271 | 259 | 8,941 | ||||||||||||||||
Total Net Carried Claim and Claim | |||||||||||||||||||||
Adjustment Expense Reserves | $ 6,166 | $ 9,627 | $ 2,623 | $ 701 | $ 19,117 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Gross Case Reserves | $ 2,292 | $ 6,146 | $ 2,690 | $ 1,540 | $ 12,668 | ||||||||||||||||
Gross IBNR Reserves | 4,456 | 5,180 | 316 | 2,143 | 12,095 | ||||||||||||||||
Total Gross Carried Claim and Claim | |||||||||||||||||||||
Adjustment Expense Reserves | $ 6,748 | $ 11,326 | $ 3,006 | $ 3,683 | $ 24,763 | ||||||||||||||||
Net Case Reserves | $ 2,008 | $ 5,611 | $ 2,253 | $ 484 | $ 10,356 | ||||||||||||||||
Net IBNR Reserves | 4,104 | 4,600 | 275 | 302 | 9,281 | ||||||||||||||||
Total Net Carried Claim and Claim | |||||||||||||||||||||
Adjustment Expense Reserves | $ 6,112 | $ 10,211 | $ 2,528 | $ 786 | $ 19,637 | ||||||||||||||||
Net Prior Year Development | |||||||||||||||||||||
Changes in estimates of claim and allocated claim adjustment expense reserves and premium accruals, net of reinsurance, for prior years are defined as net prior year development. These changes can be favorable or unfavorable. The following tables and discussion include the net prior year development recorded for CNA Specialty, CNA Commercial and Other segments for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Favorable net prior year development of $9 million, $11 million and $29 million was recorded in the Life & Group Non-Core segment for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||
Year Ended December 31, 2013 | CNA | CNA | Other | Total | |||||||||||||||||
Specialty | Commercial | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ (230) | $ 104 | $ 8 | $ (118) | |||||||||||||||||
Pretax (favorable) unfavorable premium development | (17) | (9) | -16 | (42) | |||||||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ (247) | $ 95 | $ (8) | $ (160) | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ (135) | $ (46) | $ (24) | $ (205) | |||||||||||||||||
Pretax (favorable) unfavorable premium development | (15) | (35) | 4 | (46) | |||||||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ (150) | $ (81) | $ (20) | $ (251) | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ (217) | $ (204) | $ (2) | $ (423) | |||||||||||||||||
Pretax (favorable) unfavorable premium development | (28) | 21 | -1 | (8) | |||||||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ (245) | $ (183) | $ (3) | $ (431) | |||||||||||||||||
For the year ended December 31, 2013, favorable premium development for Other is primarily due to a commutation recorded at Hardy. | |||||||||||||||||||||
For the year ended December 31, 2012, favorable premium development was recorded for CNA Commercial primarily due to premium adjustments on auditable policies arising from increased exposures. | |||||||||||||||||||||
For the year ended December 31, 2011, favorable premium development was recorded for CNA Specialty primarily due to changes in estimates of exposures in medical professional liability tail coverages. Unfavorable premium development for CNA Commercial was recorded due to a reduction of ultimate premium estimates relating to retrospectively rated policies, partially offset by premium adjustments on auditable policies due to increased exposures. | |||||||||||||||||||||
CNA Specialty | |||||||||||||||||||||
The following table and discussion provide further detail of the net prior year claim and allocated claim adjustment expense reserve development (“development”) recorded for the CNA Specialty segment: | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Medical professional liability | $ | (35 | ) | $ | (32 | ) | $ | (92) | |||||||||||||
Other professional liability and management liability | (101 | ) | (22 | ) | (78) | ||||||||||||||||
Surety | (74 | ) | (63 | ) | (47) | ||||||||||||||||
Warranty | (3 | ) | (5 | ) | (13) | ||||||||||||||||
Other | (17 | ) | (13 | ) | 13 | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (230 | ) | $ | (135 | ) | $ | (217) | |||||||||||||
2013 | |||||||||||||||||||||
Overall, favorable development for medical professional liability reflects favorable experience in accident years 2009 and prior. Unfavorable development was recorded for accident years 2010 and 2011 due to higher than expected large loss activity. | |||||||||||||||||||||
Overall, favorable development for other professional liability and management liability was related to better than expected loss emergence in accident years 2010 and prior. Unfavorable development was recorded in accident year 2011 related to an increase in severity in management liability. | |||||||||||||||||||||
Favorable development for surety coverages was primarily due to better than expected large loss emergence in accident years 2011 and prior. | |||||||||||||||||||||
Other includes standard property and casualty coverages provided to CNA Specialty customers. Favorable development for other coverages was primarily due to better than expected loss emergence in property coverages primarily in accident years 2010 and subsequent. | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Favorable development for medical professional liability was primarily due to better than expected loss emergence in accident years 2008 and prior. | |||||||||||||||||||||
Overall, favorable development for other professional liability and management liability was primarily due to better than expected loss emergence in accident years 2003 through 2007. Unfavorable development was recorded in CNA’s lawyer coverages in accident years 2010 and 2011 primarily due to increased frequency and severity. | |||||||||||||||||||||
Favorable development for surety coverages was primarily due to better than expected loss emergence in accident years 2010 and prior. | |||||||||||||||||||||
Overall, favorable development for other coverages was primarily due to favorable loss emergence in property and workers’ compensation coverages in accident years 2005 and subsequent. Unfavorable development was recorded in accident year 2009 primarily due to an unfavorable outcome on an individual general liability claim. | |||||||||||||||||||||
2011 | |||||||||||||||||||||
Favorable development for medical professional liability was primarily due to favorable case incurred emergence in nurses, physicians, excess institutions and primary institutions in accident years 2008 and prior. | |||||||||||||||||||||
Favorable development for other professional liability and management liability was driven by better than expected loss emergence in the life agents, accountants, and architects & engineers business in accident years 2008 and prior. In addition, favorable development in CNA’s European book of business was primarily due to favorable outcomes on several large losses in financial directors and officers and errors and omissions coverages in accident years 2003 and prior. | |||||||||||||||||||||
Favorable development for surety coverages was primarily due to a decrease in the estimated loss on a large national contractor in accident year 2005 and better than expected loss emergence in accident years 2009 and prior. | |||||||||||||||||||||
Favorable development in warranty was driven by favorable policy year experience on an aggregate stop loss policy covering CNA’s non-insurance warranty subsidiary. | |||||||||||||||||||||
Unfavorable development for other coverages was primarily due to increased frequency of large claims in auto and workers’ compensation coverages in accident years 2009 and 2010. | |||||||||||||||||||||
CNA Commercial | |||||||||||||||||||||
The following table and discussion provide further detail of the development recorded for the CNA Commercial segment: | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Commercial auto | $ | 15 | $ | 27 | $ | (98) | |||||||||||||||
General liability | 59 | (64 | ) | (39) | |||||||||||||||||
Workers’ compensation | 92 | 15 | 36 | ||||||||||||||||||
Property and other | (62 | ) | (24 | ) | (103) | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 104 | $ | (46 | ) | $ | (204) | ||||||||||||||
2013 | |||||||||||||||||||||
Unfavorable development for commercial auto coverages was primarily due to higher than expected frequency in accident years 2011 and 2012 and large loss emergence in accident years 2009 and 2010. | |||||||||||||||||||||
Unfavorable development for general liability coverages was primarily related to increased incurred loss severity in accident years 2010 through 2012. | |||||||||||||||||||||
Unfavorable development for workers’ compensation includes CNA’s response to legislation enacted during 2013 related to the New York Fund for Reopened Cases. The law change necessitated an increase in reserves as re-opened workers’ compensation claims can no longer be turned over to the state for handling and payment after December 31, 2013. Additional unfavorable development was recorded in accident year 2012 related to increased frequency and severity on claims related to Defense Base Act contractors and in accident year 2010 due to higher than expected large losses and increased severity in the state of California. | |||||||||||||||||||||
Favorable development for property and other coverages was primarily related to favorable outcomes on litigated catastrophe claims in accident years 2005 and 2010 as well as favorable loss emergence in non-catastrophe losses in accident years 2010 through 2012. | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Unfavorable development for commercial auto coverages was primarily due to higher than expected loss emergence in accident years 2007 and subsequent and higher than expected frequency in accident year 2011. | |||||||||||||||||||||
Overall, favorable development for general liability coverages was primarily due to better than expected loss emergence in accident years 2006 and subsequent related to umbrella business and 2003 and prior related to large account business. Unfavorable development was recorded in accident years 2009 through 2011 related to several large losses. | |||||||||||||||||||||
Overall, unfavorable development for workers’ compensation was primarily due to increased medical severity in accident years 2010 and 2011 and the recognition of losses related to favorable premium development in accident year 2011. Favorable development was recorded in accident years 2001 and prior reflecting favorable experience. | |||||||||||||||||||||
Overall, favorable development for property and other coverages was due to a favorable outcome on an individual claim in accident year 2005 and favorable loss emergence in non-catastrophe losses in accident years 2009 and 2010. Unfavorable development was recorded in accident year 2011 related to several large losses. | |||||||||||||||||||||
2011 | |||||||||||||||||||||
Favorable development for commercial auto coverages was due to lower than expected severity on bodily injury claims and favorable claim emergence on umbrella policies in accident years 2006 and prior. | |||||||||||||||||||||
Favorable development in the general liability coverages was primarily due to favorable claim emergence in accident years 2007 and prior related to both primary and umbrella liability coverages. | |||||||||||||||||||||
Unfavorable development for workers’ compensation was related to increased medical severity in accident year 2010. | |||||||||||||||||||||
Overall, favorable development for property and other coverages was due to decreased frequency of large losses in commercial multi-peril coverages primarily in accident year 2010, favorable loss emergence related to catastrophe claims in accident year 2008 and favorable loss emergence related to non-catastrophe claims in accident years 2010 and prior. This development amount also included unfavorable development related to unallocated claim adjustment expenses. | |||||||||||||||||||||
A&EP Reserves | |||||||||||||||||||||
In 2010, Continental Casualty Company (“CCC”) together with several of CNA’s insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of CNA’s legacy A&EP liabilities were ceded to NICO (“Loss Portfolio Transfer” or “LPT”). Under the terms of the NICO transaction, CNA ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. CNA paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion. | |||||||||||||||||||||
The following table displays the impact of the Loss Portfolio Transfer on the Consolidated Statements of Income. | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Net A&EP adverse development before consideration of LPT | $ | 363 | $ | 261 | $ | 84 | |||||||||||||||
Provision for uncollectible third party reinsurance on A&EP | 140 | ||||||||||||||||||||
Additional amounts ceded under LPT | 503 | 261 | 84 | ||||||||||||||||||
Retroactive reinsurance benefit recognized | (314 | ) | (261 | ) | (84) | ||||||||||||||||
Pretax impact of unrecognized deferred retroactive reinsurance benefit | $ | 189 | $ | - | $ | - | |||||||||||||||
During 2013, 2012 and 2011, unfavorable development was recorded for accident years 2000 and prior related to A&EP claims due to an increase in ultimate claim severity and higher than anticipated claim reporting, as well as increased defense costs. Additionally, in 2013 CNA recognized a provision for uncollectible third party reinsurance which increased the expected recovery from NICO. | |||||||||||||||||||||
The Loss Portfolio Transfer is a retroactive reinsurance contract. In the event that the cumulative claim and allocated claim adjustment expenses ceded under the Loss Portfolio Transfer exceed the consideration paid, the resulting gain from such excess is deferred. A portion of the deferred gain is cumulatively recognized in earnings in the period such excess arises as if the revised estimate was available at the inception date of the Loss Portfolio Transfer. | |||||||||||||||||||||
In the fourth quarter of 2013, the cumulative amounts ceded under the Loss Portfolio Transfer of $2.5 billion exceeded the $2.2 billion consideration paid, resulting in a $189 million deferred retroactive reinsurance gain in Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. This deferred benefit will be recognized in earnings in future periods in proportion to actual recoveries under the Loss Portfolio Transfer. Over the life of the contract, there is no economic impact as long as any additional losses are within the limit under the contract. | |||||||||||||||||||||
NICO established a collateral trust account as security for its obligations to CNA. The fair value of the collateral trust account at December 31, 2013 was $3.1 billion. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the full aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third party reinsurers related to CNA’s A&EP claims. |
Leases
Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Leases | ' | ||||||||
Note 10. Leases | |||||||||
Leases cover office facilities, machinery and computer equipment. The Company’s hotels in some instances are constructed on leased land. Rent expense amounted to $92 million, $96 million and $91 million for the years ended December 31, 2013, 2012 and 2011. The table below presents the future minimum lease payments to be made under non-cancelable operating leases along with lease and sublease minimum receipts to be received on owned and leased properties. | |||||||||
Future Minimum Lease | |||||||||
Year Ended December 31 | Payments | Receipts | |||||||
(In millions) | |||||||||
2014 | $ | 66 | $ | 2 | |||||
2015 | 60 | ||||||||
2016 | 53 | ||||||||
2017 | 42 | ||||||||
2018 | 35 | ||||||||
Thereafter | 127 | ||||||||
Total | $ | 383 | $ | 2 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 11. Income Taxes | |||||||||||||
The Company and its eligible subsidiaries file a consolidated federal income tax return. The Company has entered into a separate tax allocation agreement with CNA, a majority-owned subsidiary in which its ownership exceeds 80%. The agreement provides that the Company will: (i) pay to CNA the amount, if any, by which the Company’s consolidated federal income tax is reduced by virtue of inclusion of CNA in the Company’s return or (ii) be paid by CNA an amount, if any, equal to the federal income tax that would have been payable by CNA if it had filed a separate consolidated return. The agreement may be canceled by either of the parties upon thirty days written notice. | |||||||||||||
For 2011 through 2013, the Internal Revenue Service (“IRS”) has accepted the Company into the Compliance Assurance Process (“CAP”), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. The Company believes this approach should reduce tax-related uncertainties, if any. Although the outcome of tax audits is always uncertain, the Company believes that any adjustments resulting from audits will not have a material impact on its results of operations, financial position and cash flows. The Company and/or its subsidiaries also file income tax returns in various state, local and foreign jurisdictions. These returns, with few exceptions, are no longer subject to examination by the various taxing authorities before 2009. | |||||||||||||
Diamond Offshore, which is not included in the Company’s consolidated federal income tax return, files income tax returns in the U.S. federal, various state and foreign jurisdictions. The examination of Diamond Offshore’s 2010 federal income tax return was completed during 2013. Tax years that remain subject to examination by the various other jurisdictions include years 2003 to 2012. | |||||||||||||
The current and deferred components of income tax expense (benefit) are as follows: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Income tax expense (benefit): | |||||||||||||
Federal: | |||||||||||||
Current | $ | 171 | $ | 183 | $ | 127 | |||||||
Deferred | 15 | (18 | ) | 246 | |||||||||
State and city: | |||||||||||||
Current | 19 | 19 | 10 | ||||||||||
Deferred | (8 | ) | (5 | ) | 14 | ||||||||
Foreign | 163 | 110 | 135 | ||||||||||
Total | $ | 360 | $ | 289 | $ | 532 | |||||||
The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense is as follows: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Income before income tax: | |||||||||||||
U.S. | $ | 1,097 | $ | 911 | $ | 1,466 | |||||||
Foreign | 332 | 488 | 760 | ||||||||||
Total | $ | 1,429 | $ | 1,399 | $ | 2,226 | |||||||
Income tax expense at statutory rate | $ | 500 | $ | 490 | $ | 779 | |||||||
Increase (decrease) in income tax expense resulting from: | |||||||||||||
Exempt investment income | (99 | ) | (86 | ) | (76) | ||||||||
Foreign related tax differential | (117 | ) | (152 | ) | (203) | ||||||||
Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions | 31 | 31 | 30 | ||||||||||
Taxes related to domestic affiliate | 19 | 25 | 55 | ||||||||||
Partnership earnings not subject to taxes | (38 | ) | (43 | ) | (27) | ||||||||
Unrecognized tax benefit (expense) | 66 | 6 | (8) | ||||||||||
Other (a) | (2 | ) | 18 | (18) | |||||||||
Income tax expense | $ | 360 | $ | 289 | $ | 532 | |||||||
(a) | Includes state and local taxes, retroactive tax law changes, adjustments to prior year estimates and other non-deductible expenses. | ||||||||||||
Provision has been made for the expected U.S. federal income tax liabilities applicable to undistributed earnings of subsidiaries, except for certain subsidiaries for which the Company intends to invest the undistributed earnings indefinitely to finance foreign activities, or recover such undistributed earnings tax-free. The determination of the amount of the unrecognized deferred tax liability on approximately $2.4 billion of undistributed earnings related to foreign subsidiaries is not practicable. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Balance at January 1 | $ | 67 | $ | 63 | $ | 75 | |||||||
Additions based on tax positions related to the current year | 2 | 4 | 1 | ||||||||||
Additions for tax positions related to a prior year | 31 | 5 | |||||||||||
Reductions for tax positions related to a prior year | (7 | ) | (5 | ) | (5) | ||||||||
Lapse of statute of limitations | (2 | ) | (8) | ||||||||||
Balance at December 31 | $ | 91 | $ | 67 | $ | 63 | |||||||
At December 31, 2013, 2012 and 2011, $76 million, $48 million and $41 million of unrecognized tax benefits related to Diamond Offshore would affect the effective tax rate if recognized. | |||||||||||||
The Company recognizes interest accrued related to: (i) unrecognized tax benefits in Interest expense and (ii) tax refund claims in Other revenues on the Consolidated Statements of Income. The Company recognizes penalties in Income tax expense on the Consolidated Statements of Income. Interest amounts recorded by the Company were insignificant for the years ended December 31, 2013, 2012 and 2011. The Company recorded income tax expense of $38 million for the year ended December 31, 2013 and income tax benefit of $1 million and $3 million for the years ended December 31, 2012 and 2011 related to penalties. | |||||||||||||
During 2013, Diamond Offshore received a notification from the Egyptian tax authorities proposing a $1.2 billion increase in taxable income for the years 2006 to 2008. Diamond Offshore disagrees with the tax audit findings and intends to pursue all legal remedies available. A charge to income tax expense of $57 million, inclusive of $31 million of penalties, was recorded due to the inherent uncertainties associated with Egyptian income tax law. | |||||||||||||
The following table summarizes deferred tax assets and liabilities: | |||||||||||||
December 31 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Deferred tax assets: | |||||||||||||
Insurance reserves: | |||||||||||||
Property and casualty claim and claim adjustment expense reserves | $ | 289 | $ | 352 | |||||||||
Unearned premium reserves | 178 | 162 | |||||||||||
Receivables | 53 | 62 | |||||||||||
Employee benefits | 319 | 524 | |||||||||||
Life settlement contracts | 46 | 45 | |||||||||||
Deferred retroactive reinsurance benefit | 66 | ||||||||||||
Net loss and tax credits carried forward | 81 | 178 | |||||||||||
Basis differential in investment in subsidiary | 23 | 26 | |||||||||||
Goodwill | 221 | 33 | |||||||||||
Other | 186 | 172 | |||||||||||
Deferred tax assets | 1,462 | 1,554 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Deferred acquisition costs | (232 | ) | (238) | ||||||||||
Net unrealized gains | (359 | ) | (733) | ||||||||||
Property, plant and equipment | (786 | ) | (691) | ||||||||||
Basis differential in investment in subsidiary | (564 | ) | (565) | ||||||||||
Other liabilities | (198 | ) | (167) | ||||||||||
Deferred tax liabilities | (2,139 | ) | (2,394) | ||||||||||
Net deferred tax liability (a) | $ | (677 | ) | $ | (840) | ||||||||
(a) | Includes $39 million of deferred tax assets reflected in Other assets in our Consolidated Balance Sheet at December 31, 2013. | ||||||||||||
As of December 31, 2013, the Company has federal tax credit carryforwards of $42 million, which have an indefinite life and foreign operating loss carryforwards with a tax effect of approximately $18 million, of which $17 million have an indefinite life with the remaining benefits expiring between 2021 and 2023. | |||||||||||||
Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized deferred tax assets will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. | |||||||||||||
The American Taxpayer Relief Act of 2012 was signed into law on January 2, 2013. The act extends, through 2013, several expired or expiring temporary business provisions, commonly referred to as “extenders”, which are retroactively extended to the beginning of 2012. As required by GAAP, the effects of new legislation are recognized when signed into law. The Company reduced 2013 tax expense by $28 million as a result of recognizing the 2012 effect of the extenders. |
Debt
Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Debt | ' | ||||||||||||||||||||
Note 12. Debt | |||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Loews Corporation (Parent Company): | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
5.3% notes due 2016 (effective interest rate of 5.4%) (authorized, $400) | $ | 400 | $ | 400 | |||||||||||||||||
2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) | 500 | ||||||||||||||||||||
6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) | 300 | 300 | |||||||||||||||||||
4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) | 500 | ||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
5.9% notes due 2014 (effective interest rate of 6.0%) (authorized, $549) | 549 | 549 | |||||||||||||||||||
6.5% notes due 2016 (effective interest rate of 6.6%) (authorized, $350) | 350 | 350 | |||||||||||||||||||
7.0% notes due 2018 (effective interest rate of 7.1%) (authorized, $150) | 150 | 150 | |||||||||||||||||||
7.4% notes due 2019 (effective interest rate of 7.5%) (authorized, $350) | 350 | 350 | |||||||||||||||||||
5.9% notes due 2020 (effective interest rate of 6.0%) (authorized, $500) | 500 | 500 | |||||||||||||||||||
5.8% notes due 2021 (effective interest rate of 5.9%) (authorized, $400) | 400 | 400 | |||||||||||||||||||
7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) | 243 | 243 | |||||||||||||||||||
Variable rate note due 2036 (effective interest rate of 3.5% and 3.7%) | 30 | 30 | |||||||||||||||||||
Other senior debt (effective interest rates approximate 2.9%) | 13 | ||||||||||||||||||||
Diamond Offshore: | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
5.2% notes due 2014 (effective interest rate of 5.2%) (authorized, $250) | 250 | 250 | |||||||||||||||||||
4.9% notes due 2015 (effective interest rate of 5.0%) (authorized, $250) | 250 | 250 | |||||||||||||||||||
5.9% notes due 2019 (effective interest rate of 6.0%) (authorized, $500) | 500 | 500 | |||||||||||||||||||
3.5% notes due 2023 (effective interest rate of 3.6%) (authorized, $250) | 250 | ||||||||||||||||||||
5.7% notes due 2039 (effective interest rate of 5.8%) (authorized, $500) | 500 | 500 | |||||||||||||||||||
4.9% notes due 2043 (effective interest rate of 5.0%) (authorized, $750) | 750 | ||||||||||||||||||||
Boardwalk Pipeline: | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
Variable rate revolving credit facility due 2017 (effective interest rate of 1.3%) | 175 | 302 | |||||||||||||||||||
Variable rate term loan due 2017 (effective interest rate of 1.9% and 2.0%) | 225 | 225 | |||||||||||||||||||
4.6% notes due 2015 (effective interest rate of 5.1%) (authorized, $250) | 250 | 250 | |||||||||||||||||||
5.1% notes due 2015 (effective interest rate of 5.2%) (authorized, $275) | 275 | 275 | |||||||||||||||||||
5.9% notes due 2016 (effective interest rate of 6.0%) (authorized, $250) | 250 | 250 | |||||||||||||||||||
5.5% notes due 2017 (effective interest rate of 5.6%) (authorized, $300) | 300 | 300 | |||||||||||||||||||
6.3% notes due 2017 (effective interest rate of 6.4%) (authorized, $275) | 275 | 275 | |||||||||||||||||||
5.2% notes due 2018 (effective interest rate of 5.4%) (authorized, $185) | 185 | 185 | |||||||||||||||||||
5.8% notes due 2019 (effective interest rate of 5.9%) (authorized, $350) | 350 | 350 | |||||||||||||||||||
4.5% notes due 2021 (effective interest rate of 5.0%) (authorized, $440) | 440 | 440 | |||||||||||||||||||
4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) | 300 | 300 | |||||||||||||||||||
3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) | 300 | 300 | |||||||||||||||||||
7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) | 100 | 100 | |||||||||||||||||||
Capital lease obligation | 10 | ||||||||||||||||||||
HighMount: | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
Variable rate credit facility due 2016 (effective interest rate of 3.4%) | 500 | 710 | |||||||||||||||||||
Capital lease obligation | 2 | ||||||||||||||||||||
Loews Hotels: | |||||||||||||||||||||
Senior debt, principally mortgages (effective interest rates approximate 3.9%) | 202 | 209 | |||||||||||||||||||
10,911 | 9,256 | ||||||||||||||||||||
Less unamortized discount | 65 | 46 | |||||||||||||||||||
Debt | $ | 10,846 | $ | 9,210 | |||||||||||||||||
December 31, 2013 | Principal | Unamortized | Net | Short Term | Long Term | ||||||||||||||||
Discount | Debt | Debt | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Loews Corporation | $ | 1,700 | $ | 22 | $ | 1,678 | $ | 1,678 | |||||||||||||
CNA Financial | 2,572 | 12 | 2,560 | $ | 549 | 2,011 | |||||||||||||||
Diamond Offshore | 2,500 | 20 | 2,480 | 250 | 2,230 | ||||||||||||||||
Boardwalk Pipeline | 3,435 | 11 | 3,424 | 3,424 | |||||||||||||||||
HighMount | 502 | 502 | 21 | 481 | |||||||||||||||||
Loews Hotels | 202 | 202 | 20 | 182 | |||||||||||||||||
Total | $ | 10,911 | $ | 65 | $ | 10,846 | $ | 840 | $ | 10,006 | |||||||||||
At December 31, 2013, the aggregate of long term debt maturing in each of the next five years is approximately as follows: $840 million in 2014, $948 million in 2015, $1.5 billion in 2016, $977 million in 2017, $337 million in 2018 and $6.3 billion thereafter. Long term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of scheduled payments discounted at the specified treasury rate plus a margin. | |||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||
In May of 2013, the Company completed a public offering of $500 million aggregate principal amount of 2.6% senior notes due May 15, 2023 and $500 million aggregate principal amount of 4.1% senior notes due May 15, 2043. The Company received net proceeds of $983 million, after deducting the underwriters’ discounts and commissions and offering expenses of $17 million, which will be amortized over the life of the notes. The proceeds for this offering will be used for general corporate purposes. | |||||||||||||||||||||
CNA Financial | |||||||||||||||||||||
In 2013, CNA became a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA acquired $16 million of FHLBC stock giving it access to approximately $330 million of additional liquidity. As of December 31, 2013, CNA has no outstanding borrowings from the FHLBC. | |||||||||||||||||||||
CNA has a $250 million revolving credit agreement. The credit agreement, which matures on April 19, 2016, bears interest at London Interbank Offered Rate (“LIBOR”) plus an applicable margin. At CNA’s election the commitments under the unsecured credit facility may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to first and second anniversary of the closing. As of December 31, 2013, there were no borrowings under the credit facility and CNA was in compliance with all covenants. | |||||||||||||||||||||
Diamond Offshore | |||||||||||||||||||||
In November of 2013, Diamond Offshore completed a public offering of $250 million aggregate principal amount of 3.5% senior notes due November 1, 2023 and $750 million aggregate principal amount of 4.9% senior notes due November 1, 2043. Diamond Offshore intends to use the net proceeds of $988 million from this offering for general corporate purposes, including the redemption, repurchase or retirement of $250 million principal amount of its 5.2% senior notes due September 1, 2014 and $250 million principal amount of its 4.9% senior notes due July 1, 2015. | |||||||||||||||||||||
Diamond Offshore has a $750 million revolving credit agreement with a maturity date of September 28, 2018. The credit agreement bears interest at Diamond Offshore’s option on either an alternate base rate or Eurodollar rate, as defined in the credit agreement, plus an applicable margin. As of December 31, 2013, there were no borrowings under the credit facility and Diamond Offshore was in compliance with all covenants. | |||||||||||||||||||||
Boardwalk Pipeline | |||||||||||||||||||||
Boardwalk Pipeline has a revolving credit agreement with aggregate lending commitments of $1.0 billion. The credit agreement has a maturity date of April 27, 2017. As of December 31, 2013 and 2012, Boardwalk Pipeline had $175 million and $302 million of borrowings outstanding under the revolving credit facility with a weighted average interest rate on the borrowings of 1.3% and had no letters of credit issued. As of December 31, 2013, Boardwalk Pipeline was in compliance with all covenants under the credit facility and had available borrowing capacity of $825 million. | |||||||||||||||||||||
HighMount | |||||||||||||||||||||
HighMount has a credit agreement governing its term loan and a $250 million revolving credit facility. The credit agreement, which matures on December 1, 2016, bears interest at LIBOR plus an applicable margin. As of December 31, 2013, there were no borrowings under the revolving credit facility. HighMount’s credit agreement contains financial covenants typical for these agreements, including a maximum debt to capitalization ratio and a minimum ratio of the net present value of its projected future cash flows from its proved natural gas and oil reserves to total debt. Due to the decline in proved natural gas and oil reserves and the resulting limited capacity under the credit agreement, HighMount repaid $210 million of its debt in 2013. As of December 31, 2013, HighMount was in compliance with all covenants. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||||||||
Note 13. Shareholders’ Equity | |||||||||||||||||||||||||
Accumulated other comprehensive income | |||||||||||||||||||||||||
The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||||||||||
OTTI | Unrealized | Cash Flow | Pension | Foreign | Total | ||||||||||||||||||||
Gains | Gains (Losses) | Hedges | Liability | Currency | Accumulated | ||||||||||||||||||||
(Losses) | on Investments | Translation | Other | ||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Balance, January 1, 2011 | $ | -65 | $ | 607 | $ | -18 | $ (415) | $ | 121 | $ | 230 | ||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $23, $(211), $(13), $126 and $0 | -44 | 377 | 20 | -241 | (14 | ) | 98 | ||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $(29), $8, $(10), $0 and $0 | 54 | (15) | 19 | 3 | 61 | ||||||||||||||||||||
Other comprehensive income (loss) | 10 | 362 | 39 | -238 | (14 | ) | 159 | ||||||||||||||||||
Acquisition of CNA Surety noncontrolling interests and disposition of FICOH ownership interest | 2 | 8 | 10 | ||||||||||||||||||||||
Issuance of equity securities by subsidiary | 1 | 1 | |||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -2 | (42) | 4 | 23 | 1 | (16) | |||||||||||||||||||
Balance, December 31, 2011 | -57 | 929 | 25 | -621 | 108 | 384 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(54), $(151), $(17), $76 and $0 | 102 | 281 | 26 | -145 | 39 | 303 | |||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $10, $(31), $20, $(8) and $0 | -18 | 58 | -34 | 13 | 19 | ||||||||||||||||||||
Other comprehensive income (loss) | 84 | 339 | -8 | -132 | 39 | 322 | |||||||||||||||||||
Issuance of equity securities by subsidiary | 5 | 5 | |||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -9 | (35) | -1 | 16 | (4 | ) | (33) | ||||||||||||||||||
Balance, December 31, 2012 | 18 | 1,233 | 16 | -732 | 143 | 678 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(3), $354, $7, $(165) and $0 | 6 | (658) | -12 | 307 | (11 | ) | (368) | ||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $10, $8, $(12) and $0 | (21) | -11 | 22 | (10) | |||||||||||||||||||||
Other comprehensive income (loss) | 6 | (679) | -23 | 329 | (11 | ) | (378) | ||||||||||||||||||
Issuance of equity securities by subsidiary | 2 | 2 | |||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -1 | 68 | -31 | 1 | 37 | ||||||||||||||||||||
Balance, December 31, 2013 | $ | 23 | $ | 622 | $ | -7 | $ (432) | $ | 133 | $ | 339 | ||||||||||||||
Amounts reclassified from AOCI shown above are reported in Net income as follows: | |||||||||||||||||||||||||
Major Category of AOCI | Affected Line Item | ||||||||||||||||||||||||
OTTI gains (losses) | Investment gains (losses) | ||||||||||||||||||||||||
Unrealized gains (losses) on investments | Investment gains (losses) | ||||||||||||||||||||||||
Cash flow hedges | Interest expense, Other revenues and Contract drilling expenses | ||||||||||||||||||||||||
Pension liability | Other operating expenses | ||||||||||||||||||||||||
Common Stock Dividends | |||||||||||||||||||||||||
Dividends of $0.25 per share on the Company’s common stock were declared and paid in 2013, 2012 and 2011. | |||||||||||||||||||||||||
There are no restrictions on the Company’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of the Company’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective loan agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 14 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends. | |||||||||||||||||||||||||
Subsidiary Equity Transactions | |||||||||||||||||||||||||
In May of 2013, Boardwalk Pipeline sold 12.7 million common units in a public offering and received net proceeds of $377 million, including an $8 million contribution from the Company to maintain its 2% general partner interest. The Company’s percentage ownership interest in Boardwalk Pipeline declined as a result of this transaction, from 55% to 53%. The issuance price of the common units exceeded the Company’s carrying value, resulting in an increase to Additional paid-in capital (“APIC”) of $51 million and an increase to AOCI of $2 million. | |||||||||||||||||||||||||
Treasury Stock | |||||||||||||||||||||||||
The Company repurchased 4.9 million, 5.6 million and 18.2 million shares of Loews common stock at aggregate costs of $218 million, $222 million and $718 million during the years ended December 31, 2013, 2012 and 2011. Upon retirement, treasury stock is eliminated through a reduction to common stock, APIC and retained earnings. |
Statutory_Accounting_Practices
Statutory Accounting Practices | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Statutory Accounting Practices | ' | ||||||||||||||||
Note 14. Statutory Accounting Practices | |||||||||||||||||
CNA’s insurance subsidiaries are domiciled in various jurisdictions. These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions’ insurance regulators. Domestic prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and general administrative rules. These statutory accounting principles vary in certain respects from GAAP. In converting from statutory accounting principles to GAAP, the more significant adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in shareholders’ equity relating to certain fixed maturity securities. | |||||||||||||||||
The payment of dividends by CNA’s insurance subsidiaries without prior approval of the insurance department of each subsidiary’s domiciliary jurisdiction is generally limited by formula. Dividends in excess of these amounts are subject to prior approval by the respective insurance regulator. | |||||||||||||||||
Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Department, may be paid only from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2013, CCC is in a positive earned surplus position, enabling CCC to pay approximately $715 million of dividend payments during 2014 that would not be subject to the Department’s prior approval. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company. | |||||||||||||||||
Combined statutory capital and surplus and net income (loss), determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities for the Combined Continental Casualty Companies and the life company, were as follows: | |||||||||||||||||
Statutory Capital and Surplus | Statutory Net Income (Loss) | ||||||||||||||||
December 31 | Year Ended December 31 | ||||||||||||||||
2013 (b) | 2012 | 2013 (b) | 2012 | 2011 | |||||||||||||
(In millions) | |||||||||||||||||
Combined Continental Casualty Companies (a) | $ 11,137 | $ 9,998 | $ 913 | $ 391 | $ 954 | ||||||||||||
Life company | 597 | 556 | 48 | 44 | 29 | ||||||||||||
(a) | Represents the combined statutory surplus of CCC and its subsidiaries, including the life company. | ||||||||||||||||
(b) | Information derived from the statutory-basis financial statements to be filed with insurance regulators. | ||||||||||||||||
CNA’s domestic insurance subsidiaries are subject to risk-based capital (“RBC”) requirements. RBC is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company’s actual capital is evaluated by a comparison to the RBC results, as determined by the formula. Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action. | |||||||||||||||||
The statutory capital and surplus presented above for CCC was approximately 265% and 240% of company action level RBC at December 31, 2013 and 2012. Company action level RBC is the level of RBC which triggers a heightened level of regulatory supervision. The statutory capital and surplus of CCC’s foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements. | |||||||||||||||||
The Hardy insurance entities are not owned by CCC, therefore their regulatory capital is not included in the Statutory Capital and Surplus of the Combined Continental Casualty Companies presented in the table above. At December 31, 2013, Hardy’s capital requirement included $148 million of capital provided by CCC which is included in Combined Continental Casualty Companies’ Statutory Capital and Surplus above. |
Supplemental_Natural_Gas_and_O
Supplemental Natural Gas and Oil Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||
Supplemental Natural Gas and Oil Information | ' | ||||||||||||
Note 15. Supplemental Natural Gas and Oil Information (Unaudited) | |||||||||||||
Users of this information should be aware that the process of estimating quantities of proved natural gas, NGLs and crude oil reserves is very complex, requiring significant subjective decisions in the evaluation of all available geological, engineering and economic data for each reservoir. The data for a given reservoir may also change substantially over time as a result of numerous factors including, but not limited to, additional development activity, evolving production history and continual reassessment of the viability of production under varying economic conditions. As a result, revisions to existing reserve estimates may occur from time to time. Although every reasonable effort is made to ensure reserve estimates reported represent the most accurate assessments possible, the subjective decisions and variances in available data for various reservoirs make these estimates generally less precise than other estimates included in the financial statement disclosures. | |||||||||||||
Proved reserves represent quantities of natural gas, NGLs and oil which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be recoverable in the future from known reservoirs under existing economic conditions, operating methods and government regulations. Proved developed reserves are proved reserves which can be expected to be recovered through existing wells with existing equipment, infrastructure and operating methods. | |||||||||||||
Estimates of reserves as of December 31, 2013, 2012 and 2011 are based upon studies for each of HighMount’s properties prepared by HighMount staff engineers. Calculations were prepared using standard geological and engineering methods generally accepted by the petroleum industry and in accordance with SEC guidelines. HighMount’s reserve estimates for 2013 were audited by Netherland, Sewell & Associates, Inc., (“NSAI”). NSAI is an independent third party petroleum engineering consulting firm, and the audit was performed in accordance with the “Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information” promulgated by the Society of Petroleum Engineers. All proved reserves are located in the United States. | |||||||||||||
Reserves | |||||||||||||
Estimated net quantities of proved natural gas and oil (including condensate and NGLs) reserves at December 31, 2013, 2012 and 2011 and changes in the reserves during 2013, 2012 and 2011 are shown in the schedule below: | |||||||||||||
Proved Developed and Undeveloped Reserves | Natural | NGLs and | Natural Gas | ||||||||||
Gas | Oil | Equivalents | |||||||||||
(Bcf) | (thousands | (Bcfe) | |||||||||||
of barrels) | |||||||||||||
January 1, 2011 | 945 | 59,195 | 1,300 | ||||||||||
Changes in reserves: | |||||||||||||
Extensions, discoveries and other additions | 26 | 3,556 | 48 | ||||||||||
Revisions of previous estimates (a) | -107 | (7,540) | (152) | ||||||||||
Production | -45 | (2,976) | (63) | ||||||||||
Sales of reserves in place | (11) | ||||||||||||
Purchases of reserves in place | 167 | 1 | |||||||||||
December 31, 2011 | 819 | 52,391 | 1,134 | ||||||||||
Changes in reserves: | |||||||||||||
Extensions, discoveries and other additions (b) | 22 | 8,960 | 75 | ||||||||||
Revisions of previous estimates (c) | -244 | (13,902) | (328) | ||||||||||
Production | -39 | (2,858) | (56) | ||||||||||
Sales of reserves in place | |||||||||||||
Purchases of reserves in place | |||||||||||||
December 31, 2012 | 558 | 44,591 | 825 | ||||||||||
Changes in reserves: | |||||||||||||
Extensions, discoveries and other additions | 765 | 6 | |||||||||||
Revisions of previous estimates (d) | -11 | (8,643) | (63) | ||||||||||
Production | -33 | (2,566) | (48) | ||||||||||
Sales of reserves in place | (15) | (1) | |||||||||||
Purchases of reserves in place | |||||||||||||
December 31, 2013 | 514 | 34,132 | 719 | ||||||||||
Proved developed reserves at: | |||||||||||||
December 31, 2011 | 623 | 37,951 | 851 | ||||||||||
December 31, 2012 | 491 | 33,781 | 694 | ||||||||||
December 31, 2013 | 485 | 30,333 | 667 | ||||||||||
(a) | During 2011, HighMount reduced its proved developed and proved undeveloped reserves by 152 Bcfe as a result of recent higher decline rates of producing wells and economic factors such as lower gas prices and higher operating expenses. | ||||||||||||
(b) | During 2012, HighMount converted 27 Bcfe from probable reserves to proved developed and converted another 48 Bcfe from probable reserves to proved undeveloped as a result of new drilling activity. | ||||||||||||
(c) | During 2012, HighMount reclassified 199 Bcfe of proved undeveloped reserves to a non-proved category as a result of economic factors such as lower gas prices and higher operating expenses. Lower gas prices also resulted in an 80 Bcfe reduction in proved developed reserves due to wells reaching their economic limit sooner than previously anticipated. Additionally, HighMount reduced its proved developed reserves by 49 Bcfe as a result of higher production declines on its producing wells, partly due to the suspension of uneconomic maintenance and recompletion work. | ||||||||||||
(d) | During 2013, HighMount reclassified 79 Bcfe of proved undeveloped reserves to a non-proved category due to variability in well performance and reduction in drilling plans as a result of continued low natural gas and NGL prices. Additionally, HighMount reduced its proved developed reserves by 73 Bcfe primarily as a result of higher production declines on its gas-producing wells, partly due to the suspension of uneconomic maintenance and recompletion work. Higher gas prices resulted in an 89 Bcfe increase in proved developed reserves due to wells reaching their economic limit later than previously anticipated. | ||||||||||||
Capitalized Costs | |||||||||||||
The aggregate amounts of costs capitalized for natural gas and oil producing activities, and related aggregate amounts of accumulated depletion follow: | |||||||||||||
December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Subject to depletion | $ | 3,641 | $ | 3,497 | $ | 3,002 | |||||||
Costs excluded from depletion | 259 | 209 | 384 | ||||||||||
Gross natural gas, NGL and oil properties | 3,900 | 3,706 | 3,386 | ||||||||||
Less accumulated depletion | 3,128 | 2,813 | 2,056 | ||||||||||
Net natural gas, NGL and oil properties | $ | 772 | $ | 893 | $ | 1,330 | |||||||
The following costs were incurred in natural gas and oil producing activities: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Acquisition of properties: | |||||||||||||
Proved | $ | 12 | |||||||||||
Unproved | $ | 18 | $ | 16 | 128 | ||||||||
Subtotal | 18 | 16 | 140 | ||||||||||
Exploration costs | 16 | 6 | 11 | ||||||||||
Development costs (a) | 222 | 308 | 159 | ||||||||||
Total | $ | 256 | $ | 330 | $ | 310 | |||||||
(a) | Development costs incurred for proved undeveloped reserves were $17, $14 and $25 in 2013, 2012 and 2011. | ||||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Natural Gas and Oil Reserves | |||||||||||||
The following table represents a calculation of the standardized measure of discounted future net cash flows relating to proved natural gas and oil reserve quantities that HighMount owns: | |||||||||||||
December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Future cash inflows (a) (b) | $ | 2,819 | $ | 3,405 | $ 5,688 | ||||||||
Less: | |||||||||||||
Future production costs | 1,392 | 1,446 | 1,969 | ||||||||||
Future development costs | 131 | 359 | 636 | ||||||||||
Future income tax expense | 6 | 456 | |||||||||||
Future cash flows | 1,296 | 1,594 | 2,627 | ||||||||||
Less annual discount (10% a year) | 813 | 948 | 1,725 | ||||||||||
Standardized measure of discounted future net cash flows | $ | 483 | $ | 646 | $ 902 | ||||||||
(a) 2013, 2012 and 2011 amounts exclude the effect of derivative instruments designated as hedges of future sales of production at year end. | |||||||||||||
(b) The following prices were used in the determination of standardized measure: | |||||||||||||
December 31 | 2013 | 2012 | 2011 | ||||||||||
Gas (per million British thermal units) | $ | 3.67 | $ | 2.76 | $ 4.12 | ||||||||
NGL (per barrel) | 35.39 | 41.11 | 55.18 | ||||||||||
Oil (per barrel) | 96.94 | 94.71 | 96.19 | ||||||||||
In the foregoing determination of future cash inflows, sales prices for natural gas and oil represent average prices determined as an unweighted arithmetic average of the first-day-of-the-month price for each month, changed for contractual arrangements with customers. Future costs of developing and producing the proved natural gas and oil reserves reported at the end of each year shown were based on costs determined at each such year end, assuming the continuation of existing economic conditions. Future income taxes were computed by applying the appropriate year end or future statutory tax rate to future pretax net cash flows, less the tax basis of the properties involved, and giving effect to tax deductions, permanent differences and tax credits. | |||||||||||||
It is not intended that the FASB’s standardized measure of discounted future net cash flows represent the fair market value of HighMount’s proved reserves. HighMount cautions that the disclosures shown are based on estimates of proved reserve quantities and future production schedules which are inherently imprecise and subject to revision and the 10% discount rate. In addition, costs and prices as of the measurement date are used in the determinations, and no value was assigned to probable or possible reserves. | |||||||||||||
Changes in Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Natural Gas and Oil Reserves | |||||||||||||
The following table is a summary of changes between the total standardized measure of discounted future net cash flows at the beginning and end of each year: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Standardized measure, beginning of period | $ | 646 | $ | 902 | $ 957 | ||||||||
Changes in the year resulting from: | |||||||||||||
Sales and transfers of natural gas and oil produced during the year, less production costs | (169) | (213) | (291) | ||||||||||
Net changes in prices and development costs | 103 | -644 | 164 | ||||||||||
Extensions, discoveries and other additions, less production and development costs | 50 | 183 | 82 | ||||||||||
Previously estimated development costs incurred during the period | 17 | 14 | 25 | ||||||||||
Revisions of previous quantity estimates | -163 | 181 | (173) | ||||||||||
Net changes in purchases and sales of proved reserves in place | -32 | 3 | |||||||||||
Accretion of discount | 61 | 100 | 107 | ||||||||||
Income taxes | -37 | 131 | 20 | ||||||||||
Net changes in production rates and other | 7 | -8 | 8 | ||||||||||
Standardized measure, end of period | $ | 483 | $ | 646 | $ 902 | ||||||||
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Benefit Plans | ' | ||||||||||||||||||||||||
Note 16. 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 participant’s 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 covers salaried employees are based on formulas which include, among others, years of service and average pay. The Company’s 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. The Company uses December 31 as the measurement date for its plans. | |||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
31-Dec | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate | 4.40% | 3.60% | 4.50% | 4.2% | 3.5% | 4.3% | |||||||||||||||||||
Expected long term rate of return on plan assets | 7.50% | 7.5% to 7.8% | 7.5% to 8.0% | 5.30% | 5.30% | 5.3% | |||||||||||||||||||
Rate of compensation increase | 3.5% to 5.5% | 3.5% to 5.5% | 4.0% to 5.5% | ||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate | 3.90% | 4.50% | 5.30% | 3.5% | 4.4% | 5.0% | |||||||||||||||||||
Expected long term rate of return on plan assets | 7.5% to 7.8% | 7.5% to 8.0% | 7.5% to 8.0% | 5.30% | 5.30% | 4.6% | |||||||||||||||||||
Rate of compensation increase | 3.5% to 5.5% | 4.0% to 5.5% | 4.0% to 5.5% | ||||||||||||||||||||||
The expected long term rate of return for plan assets is determined based on widely-accepted capital market principles, long term return analysis for global fixed income and equity markets as well as the active total return oriented portfolio management style. Long term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies, in order to assess the capital market assumptions as applied to the plan. Consideration of diversification needs and rebalancing is maintained. | |||||||||||||||||||||||||
Assumed health care cost trend rates: | |||||||||||||||||||||||||
December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Health care cost trend rate assumed for next year | 4.0% to 8.5% | 4.0% to 8.5% | 4.0% to 8.5% | ||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.0% to 5.0% | 4.0% to 5.0% | 4.0% to 5.0% | ||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2014-2022 | 2013-2021 | 2012-2020 | ||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. An increase or decrease in the assumed health care cost trend rate of 1% in each year would not have a significant impact on the Company’s service and interest cost as of December 31, 2013. An increase of 1% in each year would increase the Company’s accumulated postretirement benefit obligation as of December 31, 2013 by $2 million and a decrease of 1% in each year would decrease the Company’s accumulated postretirement benefit obligation as of December 31, 2013 by $4 million. | |||||||||||||||||||||||||
Net periodic benefit cost components: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Service cost | $ | 22 | $ | 24 | $ | 24 | $ | 1 | $ | 1 | $ | 2 | |||||||||||||
Interest cost | 136 | 151 | 164 | 4 | 5 | 6 | |||||||||||||||||||
Expected return on plan assets | -198 | (188) | (188) | -5 | -4 | (3) | |||||||||||||||||||
Amortization of unrecognized net loss | 54 | 47 | 29 | 1 | 1 | ||||||||||||||||||||
Amortization of unrecognized prior service benefit | (25) | -25 | (27) | ||||||||||||||||||||||
Regulatory asset decrease | 4 | ||||||||||||||||||||||||
Settlement/Curtailment | 5 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | 19 | $ | 34 | $ | 29 | $ | (24) | $ | (23) | $ | (17) | |||||||||||||
The following provides a reconciliation of benefit obligations and plan assets: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 3,700 | $ | 3,393 | $ | 122 | $ | 118 | |||||||||||||||||
Service cost | 22 | 24 | 1 | 1 | |||||||||||||||||||||
Interest cost | 136 | 151 | 4 | 5 | |||||||||||||||||||||
Plan participants’ contributions | 6 | 6 | |||||||||||||||||||||||
Amendments/Curtailments | -13 | (2 | ) | ||||||||||||||||||||||
Actuarial (gain) loss | -313 | 303 | (13 | ) | 8 | ||||||||||||||||||||
Benefits paid from plan assets | -178 | -190 | (17 | ) | (16) | ||||||||||||||||||||
Settlements | -19 | ||||||||||||||||||||||||
Foreign exchange | 1 | 19 | |||||||||||||||||||||||
Benefit obligation at December 31 | 3,336 | 3,700 | 101 | 122 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | 2,672 | 2,435 | 87 | 82 | |||||||||||||||||||||
Actual return on plan assets | 340 | 269 | (2 | ) | 8 | ||||||||||||||||||||
Company contributions | 98 | 141 | 7 | 7 | |||||||||||||||||||||
Plan participants’ contributions | 6 | 6 | |||||||||||||||||||||||
Benefits paid from plan assets | -178 | -190 | (17 | ) | (16) | ||||||||||||||||||||
Settlements | -19 | ||||||||||||||||||||||||
Foreign exchange | 1 | 17 | |||||||||||||||||||||||
Fair value of plan assets at December 31 | 2,914 | 2,672 | 81 | 87 | |||||||||||||||||||||
Funded status | $ | -422 | $ | -1,028 | $ | (20 | ) | $ | (35) | ||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||
Other assets | $ | 9 | $ | 31 | $ | 27 | |||||||||||||||||||
Other liabilities | -431 | $ | -1,028 | (51 | ) | (62) | |||||||||||||||||||
Net amount recognized | $ | -422 | $ | -1,028 | $ | (20 | ) | $ | (35) | ||||||||||||||||
Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: | |||||||||||||||||||||||||
Prior service cost (credit) | $ | -6 | $ | 3 | $ | (117 | ) | $ | (140) | ||||||||||||||||
Net actuarial loss | 831 | 1,348 | 18 | 24 | |||||||||||||||||||||
Net amount recognized | $ | 825 | $ | 1,351 | $ | (99 | ) | $ | (116) | ||||||||||||||||
Information for plans with projected and accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 3,229 | $ | 3,700 | |||||||||||||||||||||
Accumulated benefit obligation | 3,160 | 3,509 | $ | 51 | $ | 62 | |||||||||||||||||||
Fair value of plan assets | 2,914 | 2,672 | |||||||||||||||||||||||
The accumulated benefit obligation for all defined benefit pension plans was $3.3 billion and $3.6 billion at December 31, 2013 and 2012. | |||||||||||||||||||||||||
The Company employs a total return approach whereby a mix of equity and fixed maturity securities are used to maximize the long term return of plan assets for a prudent level of risk and to manage cash flows according to plan requirements. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established after careful consideration of the plan liabilities, plan funded status and corporate financial conditions. The investment portfolio contains a diversified blend of fixed maturity, equity and short term securities. Alternative investments, including limited partnerships, are used to enhance risk adjusted long term returns while improving portfolio diversification. At December 31, 2013, the Company had committed $108 million to future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. Investment risk is monitored through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. | |||||||||||||||||||||||||
The table below presents the estimated amounts to be recognized from Accumulated other comprehensive income into net periodic cost (benefit) during 2014. | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Amortization of net actuarial loss | $ 30 | $ 1 | |||||||||||||||||||||||
Amortization of prior service credit | (1) | (26) | |||||||||||||||||||||||
Total estimated amounts to be recognized | $ 29 | $ (25) | |||||||||||||||||||||||
The table below presents the estimated future minimum benefit payments at December 31, 2013. | |||||||||||||||||||||||||
Expected future benefit payments | Pension | Other | |||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
2014 | $ 221 | $ 9 | |||||||||||||||||||||||
2015 | 218 | 9 | |||||||||||||||||||||||
2016 | 225 | 9 | |||||||||||||||||||||||
2017 | 231 | 9 | |||||||||||||||||||||||
2018 | 235 | 8 | |||||||||||||||||||||||
Thereafter | 1,181 | 35 | |||||||||||||||||||||||
$ 2,311 | $ 79 | ||||||||||||||||||||||||
In 2014, it is expected that contributions of approximately $59 million will be made to pension plans and $5 million to postretirement health care and life insurance benefit plans. | |||||||||||||||||||||||||
Pension plan assets measured at fair value on a recurring basis are summarized below. | |||||||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 505 | $ | 15 | $ | 520 | |||||||||||||||||||
States, municipalities and political subdivisions | 73 | 73 | |||||||||||||||||||||||
Asset-backed | 254 | 254 | |||||||||||||||||||||||
Total fixed maturities | $ | - | 832 | 15 | 847 | ||||||||||||||||||||
Equity securities | 527 | 117 | 8 | 652 | |||||||||||||||||||||
Short term investments | 49 | 49 | 98 | ||||||||||||||||||||||
Fixed income mutual funds | 100 | 100 | |||||||||||||||||||||||
Limited partnerships: | |||||||||||||||||||||||||
Hedge funds | 705 | 352 | 1,057 | ||||||||||||||||||||||
Private equity | 125 | 125 | |||||||||||||||||||||||
Total limited partnerships | - | 705 | 477 | 1,182 | |||||||||||||||||||||
Other assets | 35 | 35 | |||||||||||||||||||||||
Total | $ | 676 | $ | 1,738 | $ | 500 | $ | 2,914 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 436 | $ | 11 | $ | 447 | |||||||||||||||||||
States, municipalities and political subdivisions | 91 | 91 | |||||||||||||||||||||||
Asset-backed | 269 | 269 | |||||||||||||||||||||||
Total fixed maturities | $ | - | 796 | 11 | 807 | ||||||||||||||||||||
Equity securities | 424 | 102 | 5 | 531 | |||||||||||||||||||||
Short term investments | 41 | 82 | 123 | ||||||||||||||||||||||
Fixed income mutual funds | 110 | 110 | |||||||||||||||||||||||
Limited partnerships: | |||||||||||||||||||||||||
Hedge funds | 591 | 391 | 982 | ||||||||||||||||||||||
Private equity | 69 | 69 | |||||||||||||||||||||||
Total limited partnerships | - | 591 | 460 | 1,051 | |||||||||||||||||||||
Other assets | 40 | 40 | |||||||||||||||||||||||
Investment contracts with insurance company | 10 | 10 | |||||||||||||||||||||||
Total | $ | 575 | $ | 1,611 | $ | 486 | $ | 2,672 | |||||||||||||||||
The limited partnership investments are recorded at fair value, which represents the plans’ share of the net asset value of each partnership. The share of the net asset value of each partnership is determined by the General Partner and is based upon the fair value of the underlying investments, which are valued using varying market approaches. Level 2 includes limited partnership investments which can be redeemed at net asset value in 90 days or less. Level 3 includes limited partnership investments with withdrawal provisions greater than 90 days, or for which withdrawals are not permitted until the termination of the partnership. Within hedge fund strategies, approximately 58% are equity related, 36% pursue a multi-strategy approach and 6% are focused on distressed investments at December 31, 2013. | |||||||||||||||||||||||||
The fair value of the guaranteed investment contracts is an estimate of the amount that would be received in an orderly sale to a market participant at the measurement date. The amount the plan would receive from the contract holder if the contracts were terminated is the primary input and is unobservable. The guaranteed investment contracts are therefore classified as Level 3 investments. | |||||||||||||||||||||||||
For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short term investments, see Note 4. | |||||||||||||||||||||||||
The tables below present reconciliations for all pension plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||
Net | |||||||||||||||||||||||||
Actual Return on Assets | Purchases, | Net Transfers | |||||||||||||||||||||||
Balance at | Still Held at | Sold During | Sales, and | In (Out) of | Balance at | ||||||||||||||||||||
2013 | January 1, | December 31, | the Year | Settlements | Level 3 | December 31, | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 11 | $ | (1) | $ | 5 | $ | 15 | |||||||||||||||||
Equity securities | 5 | 3 | 8 | ||||||||||||||||||||||
Limited partnerships: | |||||||||||||||||||||||||
Hedge funds | 391 | 62 | (85) | $ | (16) | 352 | |||||||||||||||||||
Private equity | 69 | 2 | $ | (1) | 55 | 125 | |||||||||||||||||||
Total limited partnerships | 460 | 64 | (1) | (30) | (16) | 477 | |||||||||||||||||||
Investment contracts with insurance company | 10 | (10) | - | ||||||||||||||||||||||
Total | $ | 486 | $ | 66 | $ | (1) | $ | (35) | $ | (16) | $ | 500 | |||||||||||||
2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 10 | $ | 1 | $ | 11 | |||||||||||||||||||
Equity securities | 5 | 5 | |||||||||||||||||||||||
Limited partnerships: | |||||||||||||||||||||||||
Hedge funds | 355 | 45 | $ | 3 | $ | (12) | 391 | ||||||||||||||||||
Private equity | 73 | 8 | (12) | 69 | |||||||||||||||||||||
Total limited partnerships | 428 | 53 | 3 | (24) | $ | - | 460 | ||||||||||||||||||
Investment contracts with insurance company | 10 | 10 | |||||||||||||||||||||||
Total | $ | 453 | $ | 54 | $ | 3 | $ | (24) | $ | - | $ | 486 | |||||||||||||
Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. | |||||||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 17 | $ | 17 | |||||||||||||||||||||
States, municipalities and political subdivisions | 38 | 38 | |||||||||||||||||||||||
Asset-backed | 20 | 20 | |||||||||||||||||||||||
Total fixed maturities | $ | - | 75 | $ | - | 75 | |||||||||||||||||||
Short term investments | 3 | 3 | |||||||||||||||||||||||
Fixed income mutual funds | 3 | 3 | |||||||||||||||||||||||
Total | $ | 6 | $ | 75 | $ | - | $ | 81 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 20 | $ | 20 | |||||||||||||||||||||
States, municipalities and political subdivisions | 38 | 38 | |||||||||||||||||||||||
Asset-backed | 21 | 21 | |||||||||||||||||||||||
Total fixed maturities | $ | - | 79 | $ | - | 79 | |||||||||||||||||||
Short term investments | 4 | 4 | |||||||||||||||||||||||
Fixed income mutual funds | 4 | 4 | |||||||||||||||||||||||
Total | $ | 8 | $ | 79 | $ | - | $ | 87 | |||||||||||||||||
There were no Level 3 assets at December 31, 2013 and 2012. | |||||||||||||||||||||||||
Savings Plans – The Company and its subsidiaries have several contributory savings plans which allow employees to make regular contributions based upon a percentage of their salaries. Matching contributions are made up to specified percentages of employees’ contributions. The contributions by the Company and its subsidiaries to these plans amounted to $123 million, $117 million and $100 million for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||
Stock Option Plans – In 2012, shareholders approved the amended and restated Loews Corporation 2000 Stock Option Plan (the “Loews Plan”). The aggregate number of shares of Loews common stock for which options or SARs may be granted under the Loews Plan increased from 12,000,000 shares to 18,000,000 shares, and the maximum number of shares of Loews common stock with respect to which options or SARs may be granted to any individual in any calendar year is 1,200,000 shares. The exercise price per share may not be less than the fair market value of the common stock on the date of grant. Generally, options and SARs vest ratably over a four-year period and expire in ten years. | |||||||||||||||||||||||||
A summary of the stock option and SAR transactions for the Loews Plan follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||||||||||
Awards | Average | Awards | Average | ||||||||||||||||||||||
Exercise | Exercise | ||||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||
Awards outstanding, January 1 | 6,535,150 | $ | 36.963 | 6,624,609 | $ | 34.447 | |||||||||||||||||||
Granted | 903,975 | 44.408 | 970,800 | 39.605 | |||||||||||||||||||||
Exercised | -871,155 | 32.542 | -985,359 | 22.517 | |||||||||||||||||||||
Canceled | -91,579 | 43.975 | -74,900 | 38.701 | |||||||||||||||||||||
Awards outstanding, December 31 | 6,476,391 | 38.497 | 6,535,150 | 36.963 | |||||||||||||||||||||
Awards exercisable, December 31 | 4,496,245 | $ | 37.282 | 4,566,021 | $ | 36.521 | |||||||||||||||||||
The following table summarizes information about the Company’s stock options and SARs outstanding in connection with the Loews Plan at December 31, 2013: | |||||||||||||||||||||||||
Awards Outstanding | Awards Exercisable | ||||||||||||||||||||||||
Range of exercise prices | Number of | Weighted | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average | Average | Shares | Average | |||||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||||||
Life | |||||||||||||||||||||||||
$10.01-20.00 | 154,803 | 0.1 | $ | 18.865 | 154,803 | $ | 18.865 | ||||||||||||||||||
20.01-30.00 | 723,172 | 3.4 | 24.773 | 723,172 | 24.773 | ||||||||||||||||||||
30.01-40.00 | 2,761,766 | 5.6 | 36.796 | 1,924,554 | 36.224 | ||||||||||||||||||||
40.01-50.00 | 2,645,775 | 6.4 | 44.265 | 1,502,841 | 44.801 | ||||||||||||||||||||
50.01-60.00 | 190,875 | 3.1 | 51.08 | 190,875 | 51.080 | ||||||||||||||||||||
In 2013, the Company awarded SARs totaling 903,975 shares. In accordance with the Loews Plan, the Company has the ability to settle SARs in shares or cash and has the intention to settle in shares. The SARs balance at December 31, 2013 was 5,906,074 shares. There were 6,838,923 shares and 7,129,900 shares available for grant as of December 31, 2013 and 2012. | |||||||||||||||||||||||||
The weighted average remaining contractual terms of awards outstanding and exercisable as of December 31, 2013, were 5.5 years and 4.4 years. The aggregate intrinsic values of awards outstanding and exercisable at December 31, 2013 were $64 million and $50 million. The total intrinsic value of awards exercised was $11 million, $18 million and $6 million for the years ended 2013, 2012 and 2011. The total fair value of shares vested was $7 million, $11 million and $11 million for the years ended 2013, 2012 and 2011. | |||||||||||||||||||||||||
The Company recorded stock-based compensation expense of $7 million, $8 million and $10 million related to the Loews Plan for the years ended December 31, 2013, 2012 and 2011. The related income tax benefits recognized were $2 million, $3 million and $4 million. At December 31, 2013, the compensation cost related to nonvested awards not yet recognized was $9 million, and the weighted average period over which it is expected to be recognized is 2.3 years. | |||||||||||||||||||||||||
The fair value of granted options and SARs for the Loews Plan were estimated at the grant date using the Black-Scholes pricing model with the following assumptions and results: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Expected dividend yield | 0.6 | % | 0.6 | % | 0.6% | ||||||||||||||||||||
Expected volatility | 16.3 | % | 19 | % | 24.1% | ||||||||||||||||||||
Weighted average risk-free interest rate | 1.1 | % | 0.8 | % | 1.7% | ||||||||||||||||||||
Expected holding period (in years) | 5 | 5 | 5.0 | ||||||||||||||||||||||
Weighted average fair value of awards | $ | 6.75 | $ | 6.53 | $ | 8.92 | |||||||||||||||||||
Reinsurance
Reinsurance | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Insurance [Abstract] | ' | ||||||||||||||||||||
Reinsurance | ' | ||||||||||||||||||||
Note 17. Reinsurance | |||||||||||||||||||||
CNA cedes insurance to reinsurers to limit its maximum loss, provide greater diversification of risk, minimize exposures on larger risks and to exit certain lines of business. The ceding of insurance does not discharge the primary liability of CNA. A credit exposure exists with respect to property and casualty and life reinsurance ceded to the extent that any reinsurer is unable to meet its obligations or to the extent that the reinsurer disputes the liabilities assumed under reinsurance agreements. Property and casualty reinsurance coverages are tailored to the specific risk characteristics of each product line and CNA’s retained amount varies by type of coverage. Reinsurance contracts are purchased to protect specific lines of business such as property and workers’ compensation. Corporate catastrophe reinsurance is also purchased for property and workers’ compensation exposure. Currently most reinsurance contracts are purchased on an excess of loss basis. CNA also utilizes facultative reinsurance in certain lines. In addition, CNA assumes reinsurance, primarily through Hardy and as a member of various reinsurance pools and associations. | |||||||||||||||||||||
The following table summarizes the amounts receivable from reinsurers: | |||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Reinsurance receivables related to insurance reserves: | |||||||||||||||||||||
Ceded claim and claim adjustment expenses | $ | 4,972 | $ | 5,126 | |||||||||||||||||
Ceded future policy benefits | 733 | 759 | |||||||||||||||||||
Ceded policyholders’ funds | 35 | 35 | |||||||||||||||||||
Reinsurance receivables related to paid losses | 348 | 311 | |||||||||||||||||||
Reinsurance receivables | 6,088 | 6,231 | |||||||||||||||||||
Less allowance for doubtful accounts | 71 | 73 | |||||||||||||||||||
Reinsurance receivables, net of allowance for doubtful accounts | $ | 6,017 | $ | 6,158 | |||||||||||||||||
CNA has established an allowance for doubtful accounts on reinsurance receivables. CNA reviews the allowance quarterly and adjusts the allowance as necessary to reflect changes in estimates of uncollectible balances. The allowance may also be reduced related to write-offs of reinsurance receivable balances. | |||||||||||||||||||||
CNA attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining collateral. On a limited basis, CNA may enter into reinsurance agreements with reinsurers that are not rated, primarily captive reinsurers. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral was approximately $3.9 billion and $3.7 billion at December 31, 2013 and 2012. | |||||||||||||||||||||
CNA’s largest recoverables from a single reinsurer at December 31, 2013, including prepaid reinsurance premiums, were approximately $2.9 billion from subsidiaries of Berkshire Hathaway Group, $850 million from subsidiaries of Swiss Re Group and $350 million from subsidiaries of the Hartford Insurance Group. The recoverable from the Berkshire Hathaway Group includes amounts related to third party reinsurance for which NICO has assumed the credit risk under the terms of the Loss Portfolio Transfer as discussed in Note 9. | |||||||||||||||||||||
The effects of reinsurance on earned premiums are shown in the following table: | |||||||||||||||||||||
Assumed/ | |||||||||||||||||||||
Direct | Assumed | Ceded | Net | Net % | |||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Property and casualty | $ | 9,063 | $ | 258 | $ | 2,609 | $ | 6,712 | 3.80% | ||||||||||||
Accident and health | 512 | 48 | 1 | 559 | 8.6 | ||||||||||||||||
Life | 49 | 49 | |||||||||||||||||||
Earned premiums | $ | 9,624 | $ | 306 | $ | 2,659 | $ | 7,271 | 4.20% | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Property and casualty | $ | 8,354 | $ | 197 | $ | 2,229 | $ | 6,322 | 3.10% | ||||||||||||
Accident and health | 514 | 47 | 1 | 560 | 8.4 | ||||||||||||||||
Life | 51 | 51 | |||||||||||||||||||
Earned premiums | $ | 8,919 | $ | 244 | $ | 2,281 | $ | 6,882 | 3.50% | ||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Property and casualty | $ | 7,858 | $ | 95 | $ | 1,919 | $ | 6,034 | 1.60% | ||||||||||||
Accident and health | 521 | 50 | 2 | 569 | 8.8 | ||||||||||||||||
Life | 55 | 55 | |||||||||||||||||||
Earned premiums | $ | 8,434 | $ | 145 | $ | 1,976 | $ | 6,603 | 2.20% | ||||||||||||
Included in the direct and ceded earned premiums for the years ended December 31, 2013, 2012 and 2011 are $2.2 billion, $1.8 billion and $1.5 billion related to property business that is 100% reinsured under a significant third party captive program. The third party captives that participate in this program are affiliated with the non-insurance company policyholders, therefore this program provides a means for the policyholders to self-insure this property risk. CNA receives and retains a ceding commission. | |||||||||||||||||||||
Life and accident and health premiums are primarily from long duration contracts; property and casualty premiums are primarily from short duration contracts. | |||||||||||||||||||||
Insurance claims and policyholders’ benefits reported on the Consolidated Statements of Income are net of reinsurance recoveries of $1.5 billion, $1.5 billion and $1.3 billion for the years ended December 31, 2013, 2012 and 2011, including $712 million, $814 million and $790 million related to the significant third party captive program discussed above. | |||||||||||||||||||||
The impact of reinsurance on life insurance inforce is shown in the following table: | |||||||||||||||||||||
December 31 | Direct | Assumed | Ceded | Net | |||||||||||||||||
(In millions) | |||||||||||||||||||||
2013 | $ | 5,127 | - | $ | 5,118 | $ | 9 | ||||||||||||||
2012 | 5,713 | - | 5,702 | 11 | |||||||||||||||||
2011 | 6,528 | - | 6,515 | 13 | |||||||||||||||||
As of December 31, 2013 and 2012, CNA has ceded $1.1 billion of claim and claim adjustment expense reserves, future policy benefits and policyholders’ funds as a result of business operations sold in prior years. Subject to certain exceptions, the purchasers assumed the third party reinsurance credit risk of the sold business. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
Note 18. Quarterly Financial Data (Unaudited) | |||||||||||||||||
2013 Quarter Ended | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||||||||
(In millions, except per share data) | |||||||||||||||||
Total revenues | $ | 3,890 | $ | 3,704 | $ | 3,725 | $ | 3,734 | |||||||||
Net income (loss) (a) | (198 | ) | 282 | 269 | 242 | ||||||||||||
Per share-basic and diluted | (0.51 | ) | 0.73 | 0.69 | 0.62 | ||||||||||||
2012 Quarter Ended | |||||||||||||||||
Total revenues | $ | 3,705 | $ | 3,715 | $ | 3,388 | $ | 3,744 | |||||||||
Net income (loss) (b) | (32 | ) | 177 | 56 | 367 | ||||||||||||
Per share-basic | (0.08 | ) | 0.45 | 0.14 | 0.93 | ||||||||||||
Per share-diluted | (0.08 | ) | 0.45 | 0.14 | 0.92 | ||||||||||||
The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. | |||||||||||||||||
(a) | Net income (loss) for the fourth quarter of 2013 includes a ceiling test impairment charge of $52 million at HighMount related to the carrying value of its natural gas and oil properties, a $398 million goodwill impairment charge and the impact of a $111 million deferred gain under retroactive reinsurance accounting at CNA. | ||||||||||||||||
(b) | Net income (loss) for the fourth quarter of 2012 includes a ceiling test impairment charge of $97 million at HighMount related to the carrying value of its natural gas and oil properties and catastrophe impacts incurred, net of reinsurance and including reinstatement premiums of $171 million recorded at CNA related to Storm Sandy. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Legal Proceedings | ' |
Note 19. Legal Proceedings | |
The Company and its subsidiaries are parties to litigation arising in the ordinary course of business. The outcome of this litigation will not, in the opinion of management, materially affect the Company’s results of operations or equity. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 20. 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 agreements may include provisions that survive indefinitely. As of December 31, 2013, the aggregate amount of quantifiable indemnification agreements in effect for sales of business entities, assets and third party loans was $702 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 December 31, 2013, 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 purchaser’s 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. | |
Offshore Rig Purchase Obligations | |
Diamond Offshore is financially obligated under three turnkey construction contracts with Hyundai Heavy Industries, Co. Ltd. (“Hyundai”) for the construction of three dynamically positioned, ultra-deepwater drillships with expected delivery dates in the second and third quarters of 2014 and the first quarter of 2015. Diamond Offshore expects the aggregate cost of the construction of its drillships to be approximately $1.9 billion. The remaining contractual payments aggregating $1.2 billion due to Hyundai will be paid when the remaining drillships are delivered. | |
Diamond Offshore is also financially obligated under an agreement for the construction of a moored semisubmersible rig with an expected completion date in the third quarter of 2014. The aggregate cost of the rig, including commissioning, spares and project management costs, is estimated to be approximately $370 million. Remaining contractual payments of $54 million are payable during 2014 as construction milestones are met. | |
Diamond Offshore entered into a vessel modification agreement for enhancements to a mid-water floater that will enable the rig to work in the North Sea, with an expected completion date in the second quarter of 2014. The total cost of the project is estimated to be approximately $120 million, including shipyard costs, owner-furnished equipment and labor, commissioning and capital spares. Remaining contractual payments of $10 million are payable during 2014 as construction milestones are met. | |
Diamond Offshore entered into a construction contract with Hyundai for the construction of a dynamically positioned, ultra-deepwater harsh environment semisubmersible drilling rig, expected to be delivered in the first quarter of 2016. The total cost of the rig including capital spares, commissioning and shipyard supervision is estimated to be approximately $755 million. The remaining contractual payment of $440 million is due upon delivery of the rig. | |
Boardwalk Pipeline | |
Boardwalk Pipeline’s future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received and firm commitments under binding construction service agreements. The commitments as of December 31, 2013 were approximately $85 million, all of which are expected to be settled within the next twelve months. | |
Loews Hotels | |
Loews Hotels has commitments aggregating approximately $175 million for the development and renovation of hotel properties. |
Business_Segments
Business Segments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Business Segments | ' | ||||||||||||||||||||||||
Note 21. Business Segments | |||||||||||||||||||||||||
The Company’s reportable segments are primarily based on its individual operating subsidiaries. Each of the principal operating subsidiaries are 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. | |||||||||||||||||||||||||
CNA’s results are reported in four business segments: CNA Specialty, CNA Commercial, Life & Group Non-Core and Other. CNA Specialty provides a broad array of professional, financial and specialty property and casualty products and services, primarily through insurance brokers and managing general underwriters. CNA Commercial includes property and casualty coverages sold to small businesses and middle market entities and organizations primarily through an independent agency distribution system. CNA Commercial also includes commercial insurance and risk management products sold to large corporations primarily through insurance brokers. Life & Group Non-Core primarily includes the results of the life and group lines of business that are in run-off. Other includes the operations of Hardy since its acquisition date of July 2, 2012, corporate expenses, including interest on corporate debt, and the results of certain property and casualty business primarily in run-off, including CNA Re and A&EP. Hardy is a specialized Lloyd’s of London underwriter primarily of short-tail exposures in marine and aviation, non-marine property, specialty lines and property treaty reinsurance. | |||||||||||||||||||||||||
Diamond Offshore owns and operates 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. Diamond Offshore’s fleet consists of 45 drilling rigs, including four newbuild rigs which are under construction and one rig being constructed utilizing the hull of one of Diamond Offshore’s existing mid-water floaters. On December 31, 2013, Diamond Offshore’s drilling rigs were located offshore 12 countries in addition to the United States. | |||||||||||||||||||||||||
Boardwalk Pipeline is engaged in the interstate transportation and storage of natural gas and NGLs and gathering and processing of natural gas. This segment consists of interstate natural gas pipeline systems originating in the Gulf Coast region, Oklahoma and Arkansas, and extending north and east through the midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, natural gas storage facilities in four states and NGL pipelines and storage facilities in Louisiana, with approximately 14,450 miles of pipeline. | |||||||||||||||||||||||||
HighMount is engaged in the exploration, production and marketing of natural gas and oil (including condensate and NGLs), primarily located in the Permian Basin in West Texas as well as in the Mississippian Lime in Oklahoma. | |||||||||||||||||||||||||
Loews Hotels operates a chain of 18 hotels, 17 of which are in the United States and one is in Canada. | |||||||||||||||||||||||||
The Corporate and other segment consists primarily of corporate investment income, corporate interest expense and other unallocated expenses. | |||||||||||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1. In addition, CNA does not maintain a distinct investment portfolio for every insurance segment, and accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of net investment income and investment gains (losses) are allocated based on each segment’s carried insurance reserves, as adjusted. | |||||||||||||||||||||||||
The following tables set forth the Company’s consolidated revenues and income (loss) by business segment: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Revenues (a): | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | 3,915 | $ | 3,742 | $ | 3,512 | |||||||||||||||||||
CNA Commercial | 4,360 | 4,238 | 4,073 | ||||||||||||||||||||||
Life & Group Non-Core | 1,424 | 1,395 | 1,334 | ||||||||||||||||||||||
Other | 414 | 172 | 44 | ||||||||||||||||||||||
Total CNA Financial | 10,113 | 9,547 | 8,963 | ||||||||||||||||||||||
Diamond Offshore | 2,926 | 3,072 | 3,334 | ||||||||||||||||||||||
Boardwalk Pipeline | 1,232 | 1,187 | 1,144 | ||||||||||||||||||||||
HighMount | 260 | 297 | 390 | ||||||||||||||||||||||
Loews Hotels | 380 | 397 | 337 | ||||||||||||||||||||||
Corporate and other | 142 | 52 | (39) | ||||||||||||||||||||||
Total | $ | 15,053 | $ | 14,552 | $ | 14,129 | |||||||||||||||||||
Income (loss) before income tax and noncontrolling interests (a)(b): | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | 1,069 | $ | 788 | $ | 805 | |||||||||||||||||||
CNA Commercial | 705 | 451 | 591 | ||||||||||||||||||||||
Life & Group Non-Core | -152 | -222 | (386) | ||||||||||||||||||||||
Other | -302 | -137 | (131) | ||||||||||||||||||||||
Total CNA Financial | 1,320 | 880 | 879 | ||||||||||||||||||||||
Diamond Offshore | 774 | 917 | 1,177 | ||||||||||||||||||||||
Boardwalk Pipeline | 241 | 304 | 211 | ||||||||||||||||||||||
HighMount | -884 | -636 | 99 | ||||||||||||||||||||||
Loews Hotels | -4 | 14 | 17 | ||||||||||||||||||||||
Corporate and other | -18 | -80 | (157) | ||||||||||||||||||||||
Total | $ | 1,429 | $ | 1,399 | $ | 2,226 | |||||||||||||||||||
Net income (loss) (a)(b): | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | 634 | $ | 465 | $ | 462 | |||||||||||||||||||
CNA Commercial | 413 | 273 | 343 | ||||||||||||||||||||||
Life & Group Non-Core | -31 | -81 | (191) | ||||||||||||||||||||||
Other | -169 | -87 | (57) | ||||||||||||||||||||||
Total CNA Financial | 847 | 570 | 557 | ||||||||||||||||||||||
Diamond Offshore | 257 | 337 | 451 | ||||||||||||||||||||||
Boardwalk Pipeline | 78 | 111 | 77 | ||||||||||||||||||||||
HighMount | -573 | -407 | 62 | ||||||||||||||||||||||
Loews Hotels | -3 | 7 | 13 | ||||||||||||||||||||||
Corporate and other | -11 | -50 | (98) | ||||||||||||||||||||||
Total | $ | 595 | $ | 568 | $ | 1,062 | |||||||||||||||||||
(a) | Investment gains (losses) included in Revenues, Income (loss) before income tax and noncontrolling interests and Net income (loss) are as follows: | ||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Revenues and Income (loss) before income tax and noncontrolling interests: | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | -3 | $ | 22 | $ | (5) | |||||||||||||||||||
CNA Commercial | -13 | 39 | 14 | ||||||||||||||||||||||
Life & Group Non-Core | 37 | (8) | |||||||||||||||||||||||
Other | 6 | -1 | (20) | ||||||||||||||||||||||
Total CNA Financial | 27 | 60 | (19) | ||||||||||||||||||||||
Corporate and other | -1 | -3 | (33) | ||||||||||||||||||||||
Total | $ | 26 | $ | 57 | $ | (52) | |||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | -1 | $ | 12 | $ | (3) | |||||||||||||||||||
CNA Commercial | -8 | 23 | 10 | ||||||||||||||||||||||
Life & Group Non-Core | 21 | (4) | |||||||||||||||||||||||
Other | 4 | (13) | |||||||||||||||||||||||
Total CNA Financial | 16 | 35 | (10) | ||||||||||||||||||||||
Corporate and other | -1 | -2 | (21) | ||||||||||||||||||||||
Total | $ | 15 | $ | 33 | $ | (31) | |||||||||||||||||||
(b) | Income taxes and interest expense are as follows: | ||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Income | Interest | Income | Interest | Income | Interest | ||||||||||||||||||||
Taxes | Expense | Taxes | Expense | Taxes | Expense | ||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | 364 | $ | 271 | $ | 279 | $ | 1 | |||||||||||||||||
CNA Commercial | 245 | 148 | 206 | ||||||||||||||||||||||
Life & Group Non-Core | -118 | $ | 5 | -132 | $ | 23 | -173 | 23 | |||||||||||||||||
Other | -113 | 161 | -40 | 147 | -68 | 161 | |||||||||||||||||||
Total CNA Financial | 378 | 166 | 247 | 170 | 244 | 185 | |||||||||||||||||||
Diamond Offshore | 245 | 25 | 223 | 46 | 250 | 73 | |||||||||||||||||||
Boardwalk Pipeline | 56 | 163 | 70 | 166 | 57 | 173 | |||||||||||||||||||
HighMount | -311 | 17 | -229 | 14 | 36 | 46 | |||||||||||||||||||
Loews Hotels | -1 | 9 | 7 | 11 | 4 | 9 | |||||||||||||||||||
Corporate and other | -7 | 62 | -29 | 33 | -59 | 36 | |||||||||||||||||||
Total | $ | 360 | $ | 442 | $ | 289 | $ | 440 | $ | 532 | $ | 522 | |||||||||||||
Consolidating_Financial_Inform
Consolidating Financial Information | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Consolidating Financial Information | ' | ||||||||||||||||||||||||||||||||||||||||
Note 22. Consolidating Financial Information | |||||||||||||||||||||||||||||||||||||||||
The following schedules present the Company’s consolidating balance sheet information at December 31, 2013 and 2012, and consolidating statements of income information for the years ended December 31, 2013, 2012 and 2011. These schedules present the individual subsidiaries of the Company and their contribution to the consolidated financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. In addition, many of the Company’s 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 company’s investment in its subsidiaries, invested cash portfolio and corporate long term debt. The elimination adjustments are for intercompany assets and liabilities, interest and dividends, the parent company’s 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 | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Investments | $ | 46,107 | $ | 2,061 | $ | 28 | $ | 43 | $ | 4,734 | $ | 52,973 | |||||||||||||||||||||||||||||
Cash | 195 | 36 | $ | 29 | 1 | 10 | 24 | 295 | |||||||||||||||||||||||||||||||||
Receivables | 8,666 | 498 | 97 | 143 | 28 | 74 | $ | (145) | 9,361 | ||||||||||||||||||||||||||||||||
Property, plant and equipment | 282 | 5,472 | 7,296 | 974 | 430 | 44 | 14,498 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 244 | 517 | 3 | (764) | - | ||||||||||||||||||||||||||||||||||||
Goodwill | 119 | 20 | 215 | 3 | 357 | ||||||||||||||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 17,264 | (17,264) | - | ||||||||||||||||||||||||||||||||||||||
Other assets | 741 | 305 | 360 | 15 | 183 | 7 | 39 | 1,650 | |||||||||||||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 624 | 624 | |||||||||||||||||||||||||||||||||||||||
Separate account business | 181 | 181 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 57,159 | $ | 8,392 | $ | 7,997 | $ | 1,678 | $ | 700 | $ | 22,147 | $ | (18,134) | $ | 79,939 | |||||||||||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||||||||||||||
Insurance reserves | $ | 38,394 | $ | 38,394 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | 85 | $ | 1 | $ | 9 | $ | 48 | 143 | |||||||||||||||||||||||||||||||||
Short term debt | 549 | 250 | 21 | $ | 20 | 840 | |||||||||||||||||||||||||||||||||||
Long term debt | 2,011 | 2,230 | $ | 3,424 | 481 | 182 | 1,678 | 10,006 | |||||||||||||||||||||||||||||||||
Deferred income taxes | 516 | 689 | 41 | 195 | $ | (725) | 716 | ||||||||||||||||||||||||||||||||||
Other liabilities | 3,323 | 734 | 427 | 121 | 23 | 690 | (565) | 4,753 | |||||||||||||||||||||||||||||||||
Separate account business | 181 | 181 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 44,543 | 3,731 | 4,540 | 632 | 266 | 2,611 | (1,290) | 55,033 | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 11,354 | 2,362 | 1,570 | 1,046 | 434 | 19,536 | (16,844) | 19,458 | |||||||||||||||||||||||||||||||||
Noncontrolling interests | 1,262 | 2,299 | 1,887 | 5,448 | |||||||||||||||||||||||||||||||||||||
Total equity | 12,616 | 4,661 | 3,457 | 1,046 | 434 | 19,536 | (16,844) | 24,906 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 57,159 | $ | 8,392 | $ | 7,997 | $ | 1,678 | $ | 700 | $ | 22,147 | $ | (18,134) | $ | 79,939 | |||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Investments | $ | 47,636 | $ | 1,435 | $ | 1 | $ | 8 | $ | 33 | $ | 3,935 | $ | 53,048 | |||||||||||||||||||||||||||
Cash | 156 | 53 | 3 | 2 | 10 | 4 | 228 | ||||||||||||||||||||||||||||||||||
Receivables | 8,516 | 503 | 89 | 69 | 25 | 183 | $ | (19) | 9,366 | ||||||||||||||||||||||||||||||||
Property, plant and equipment | 297 | 4,870 | 7,252 | 1,136 | 333 | 47 | 13,935 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 119 | 734 | (853) | - | |||||||||||||||||||||||||||||||||||||
Goodwill | 118 | 20 | 271 | 584 | 3 | 996 | |||||||||||||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 16,936 | (16,936) | - | ||||||||||||||||||||||||||||||||||||||
Other assets | 730 | 366 | 330 | 22 | 84 | 4 | 2 | 1,538 | |||||||||||||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 598 | 598 | |||||||||||||||||||||||||||||||||||||||
Separate account business | 312 | 312 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 58,482 | $ | 7,247 | $ | 7,946 | $ | 2,555 | $ | 488 | $ | 21,109 | $ | (17,806) | $ | 80,021 | |||||||||||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||||||||||||||
Insurance reserves | $ | 40,005 | $ | 40,005 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | 61 | $ | 10 | $ | 134 | 205 | |||||||||||||||||||||||||||||||||||
Short term debt | 13 | $ | 6 | 19 | |||||||||||||||||||||||||||||||||||||
Long term debt | 2,557 | $ | 1,489 | $ | 3,539 | 710 | 203 | 693 | 9,191 | ||||||||||||||||||||||||||||||||
Deferred income taxes | 483 | 619 | 37 | 552 | $ | (851) | 840 | ||||||||||||||||||||||||||||||||||
Other liabilities | 3,260 | 675 | 432 | 120 | 42 | 263 | (19) | 4,773 | |||||||||||||||||||||||||||||||||
Separate account business | 312 | 312 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 46,208 | 2,647 | 4,590 | 840 | 288 | 1,642 | (870) | 55,345 | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 11,058 | 2,331 | 1,624 | 1,715 | 200 | 19,467 | (16,936) | 19,459 | |||||||||||||||||||||||||||||||||
Noncontrolling interests | 1,216 | 2,269 | 1,732 | 5,217 | |||||||||||||||||||||||||||||||||||||
Total equity | 12,274 | 4,600 | 3,356 | 1,715 | 200 | 19,467 | (16,936) | 24,676 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 58,482 | $ | 7,247 | $ | 7,946 | $ | 2,555 | $ | 488 | $ | 21,109 | $ | (17,806) | $ | 80,021 | |||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Insurance premiums | $ | 7,271 | $ | 7,271 | |||||||||||||||||||||||||||||||||||||
Net investment income | 2,450 | $ | 1 | $ | 1 | $ | 141 | 2,593 | |||||||||||||||||||||||||||||||||
Intercompany interest and dividends | 736 | $ | (736) | - | |||||||||||||||||||||||||||||||||||||
Investment gains (losses) | 27 | $ | -1 | 26 | |||||||||||||||||||||||||||||||||||||
Contract drilling revenues | 2,844 | 2,844 | |||||||||||||||||||||||||||||||||||||||
Other | 365 | 81 | 1,231 | 260 | $ | 380 | 2 | 2,319 | |||||||||||||||||||||||||||||||||
Total | 10,113 | 2,926 | 1,232 | 259 | 380 | 879 | (736) | 15,053 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 5,947 | 5,947 | |||||||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 1,362 | 1,362 | |||||||||||||||||||||||||||||||||||||||
Contract drilling expenses | 1,573 | 1,573 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | 1,318 | 554 | 776 | 543 | 375 | 98 | 3,664 | ||||||||||||||||||||||||||||||||||
Impairment of goodwill | 52 | 584 | 636 | ||||||||||||||||||||||||||||||||||||||
Interest | 166 | 25 | 163 | 17 | 9 | 62 | 442 | ||||||||||||||||||||||||||||||||||
Total | 8,793 | 2,152 | 991 | 1,144 | 384 | 160 | - | 13,624 | |||||||||||||||||||||||||||||||||
Income (loss) before income tax | 1,320 | 774 | 241 | -885 | (4 | ) | 719 | (736) | 1,429 | ||||||||||||||||||||||||||||||||
Income tax (expense) benefit | -378 | (245 | ) | -56 | 311 | 1 | 7 | (360) | |||||||||||||||||||||||||||||||||
Net income (loss) | 942 | 529 | 185 | -574 | (3 | ) | 726 | (736) | 1,069 | ||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -95 | (272 | ) | -107 | (474) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 847 | $ | 257 | $ | 78 | $ | -574 | $ | (3 | ) | $ | 726 | $ | (736) | $ | 595 | ||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Insurance premiums | $ | 6,882 | $ | 6,882 | |||||||||||||||||||||||||||||||||||||
Net investment income | 2,282 | $ | 5 | $ | 1 | $ | 61 | 2,349 | |||||||||||||||||||||||||||||||||
Intercompany interest and dividends | 683 | $ | (683) | - | |||||||||||||||||||||||||||||||||||||
Investment gains (losses) | 60 | $ | -3 | 57 | |||||||||||||||||||||||||||||||||||||
Contract drilling revenues | 2,936 | 2,936 | |||||||||||||||||||||||||||||||||||||||
Other | 323 | 131 | 1,187 | $ | 297 | 396 | 1 | (7) | 2,328 | ||||||||||||||||||||||||||||||||
Total | 9,547 | 3,072 | 1,184 | 297 | 397 | 745 | (690) | 14,552 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 5,896 | 5,896 | |||||||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 1,274 | 1,274 | |||||||||||||||||||||||||||||||||||||||
Contract drilling expenses | 1,537 | 1,537 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | 1,327 | 572 | 717 | 919 | 372 | 106 | (7) | 4,006 | |||||||||||||||||||||||||||||||||
Interest | 170 | 46 | 166 | 14 | 11 | 40 | (7) | 440 | |||||||||||||||||||||||||||||||||
Total | 8,667 | 2,155 | 883 | 933 | 383 | 146 | (14) | 13,153 | |||||||||||||||||||||||||||||||||
Income (loss) before income tax | 880 | 917 | 301 | (636 | ) | 14 | 599 | (676) | 1,399 | ||||||||||||||||||||||||||||||||
Income tax (expense) benefit | -247 | (223 | ) | (70 | ) | 229 | (7 | ) | 29 | (289) | |||||||||||||||||||||||||||||||
Net income (loss) | 633 | 694 | 231 | (407 | ) | 7 | 628 | (676) | 1,110 | ||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -63 | (357 | ) | (122 | ) | (542) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 570 | $ | 337 | $ | 109 | $ | (407 | ) | $ | 7 | $ | 628 | $ | (676) | $ | 568 | ||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Insurance premiums | $ | 6,603 | $ | 6,603 | |||||||||||||||||||||||||||||||||||||
Net investment income | 2,054 | $ | 7 | $ | 1 | $ | 1 | 2,063 | |||||||||||||||||||||||||||||||||
Intercompany interest and dividends | 624 | $ | (624) | - | |||||||||||||||||||||||||||||||||||||
Investment gains (losses) | (19 | ) | 1 | $ | -34 | (52) | |||||||||||||||||||||||||||||||||||
Contract drilling revenues | 3,254 | 3,254 | |||||||||||||||||||||||||||||||||||||||
Other | 325 | 73 | $ | 1,144 | 390 | 336 | (2 | ) | (5) | 2,261 | |||||||||||||||||||||||||||||||
Total | 8,963 | 3,335 | 1,144 | 356 | 337 | 623 | (629) | 14,129 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 5,489 | 5,489 | |||||||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 1,176 | 1,176 | |||||||||||||||||||||||||||||||||||||||
Contract drilling expenses | 1,549 | 1,549 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | 1,234 | 535 | 760 | 245 | 311 | 87 | (5) | 3,167 | |||||||||||||||||||||||||||||||||
Interest | 185 | 73 | 173 | 46 | 9 | 44 | (8) | 522 | |||||||||||||||||||||||||||||||||
Total | 8,084 | 2,157 | 933 | 291 | 320 | 131 | (13) | 11,903 | |||||||||||||||||||||||||||||||||
Income before income tax | 879 | 1,178 | 211 | 65 | 17 | 492 | (616) | 2,226 | |||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (244 | ) | (250 | ) | -57 | -24 | (4 | ) | 47 | (532) | |||||||||||||||||||||||||||||||
Net income | 635 | 928 | 154 | 41 | 13 | 539 | (616) | 1,694 | |||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (78 | ) | (477 | ) | -77 | (632) | |||||||||||||||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 557 | $ | 451 | $ | 77 | $ | 41 | $ | 13 | $ | 539 | $ | (616) | $ | 1,062 | |||||||||||||||||||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note 23. Subsequent Event | |
On February 10, 2014, CNA entered into a definitive agreement to sell the majority of its run-off annuity and pension deposit business through the sale of the common stock of CAC and a 100% coinsurance agreement on a separate small block of annuity business outside of CAC. | |
The business being sold is currently reported within Life & Group Non-Core. As of December 31, 2013, gross insurance reserves for this business were approximately $3.4 billion. Results for this business were net income (after noncontrolling interests) of approximately $28 million and $7 million for the years ended December 31, 2013 and 2012 and a net loss of approximately $111 million for the year ended December 31, 2011. | |
The sale is subject to regulatory approvals and other customary closing conditions and is expected to close in the first half of 2014. An impairment loss of approximately $200 million (after tax and noncontrolling interests) will be recorded in the first quarter of 2014. This business will be reported as discontinued operations in the first quarter of 2014. |
Schedule_I_Condensed_Financial
Schedule I - Condensed Financial Information of Registrant | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Schedule I - Condensed Financial Information of Registrant | ' | ||||||||||||
Condensed Financial Information of Registrant | |||||||||||||
LOEWS CORPORATION | |||||||||||||
BALANCE SHEETS | |||||||||||||
ASSETS | |||||||||||||
December 31 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Current assets, principally investment in short term instruments | $ | 3,350 | $ | 2,556 | |||||||||
Investments in securities | 1,330 | 1,332 | |||||||||||
Investments in capital stocks of subsidiaries, at equity | 17,264 | 16,936 | |||||||||||
Other assets | 33 | 34 | |||||||||||
Total assets | $ | 21,977 | $ | 20,858 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Current liabilities | $ | 91 | $ | 67 | |||||||||
Long term debt | 1,678 | 693 | |||||||||||
Deferred income tax and other | 750 | 639 | |||||||||||
Total liabilities | 2,519 | 1,399 | |||||||||||
Shareholders’ equity | 19,458 | 19,459 | |||||||||||
Total liabilities and shareholders’ equity | $ | 21,977 | $ | 20,858 | |||||||||
STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Revenues: | |||||||||||||
Equity in income of subsidiaries (a) | $ | 664 | $ | 653 | $ | 1,193 | |||||||
Interest and other | 83 | 51 | (17) | ||||||||||
Total | 747 | 704 | 1,176 | ||||||||||
Expenses: | |||||||||||||
Administrative | 91 | 101 | 81 | ||||||||||
Interest | 62 | 40 | 44 | ||||||||||
Total | 153 | 141 | 125 | ||||||||||
Income before income tax | 594 | 563 | 1,051 | ||||||||||
Income tax benefit | 1 | 5 | 11 | ||||||||||
Net income | 595 | 568 | 1,062 | ||||||||||
Equity in other comprehensive income (loss) of subsidiaries | -341 | 289 | 143 | ||||||||||
Total comprehensive income | $ | 254 | $ | 857 | $ | 1,205 | |||||||
Condensed Financial Information of Registrant | |||||||||||||
LOEWS CORPORATION | |||||||||||||
STATEMENTS OF CASH FLOWS | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Operating Activities: | |||||||||||||
Net income | $ | 595 | $ | 568 | $ | 1,062 | |||||||
Adjustments to reconcile net income to net cash provided (used) by operating activities: | |||||||||||||
Undistributed (earnings) losses of affiliates | 58 | 14 | (571) | ||||||||||
Provision for deferred income taxes | -376 | 67 | (21) | ||||||||||
Changes in operating assets and liabilities, net: | |||||||||||||
Receivables | -1 | 2 | (37) | ||||||||||
Accounts payable and accrued liabilities | 511 | -42 | (3) | ||||||||||
Trading securities | -787 | -396 | 420 | ||||||||||
Other, net | -59 | -13 | 16 | ||||||||||
-59 | 200 | 866 | |||||||||||
Investing Activities: | |||||||||||||
Investments in and advances to subsidiaries | -669 | 262 | (848) | ||||||||||
Change in investments, primarily short term | 111 | -158 | 1,003 | ||||||||||
Other | -3 | -10 | (18) | ||||||||||
-561 | 94 | 137 | |||||||||||
Financing Activities: | |||||||||||||
Dividends paid | -97 | -99 | (101) | ||||||||||
Issuance of common stock | 5 | 13 | 4 | ||||||||||
Purchases of treasury shares | -228 | -212 | (732) | ||||||||||
Principal payments on debt | (175) | ||||||||||||
Issuance of debt | 983 | ||||||||||||
Other | 1 | 4 | 1 | ||||||||||
664 | -294 | (1,003) | |||||||||||
Net change in cash | 44 | ||||||||||||
Cash, beginning of year | |||||||||||||
Cash, end of year | $ | 44 | $ | - | $ | - | |||||||
(a) | Cash dividends paid to the Company by affiliates amounted to $736, $676 and $616 for the years ended December 31, 2013, 2012 and 2011. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
LOEWS CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | |||||||||||||||||
Additions | |||||||||||||||||||||
Description | Balance at | Charged to | Charged | Deductions | Balance at | ||||||||||||||||
Beginning | Costs and | to Other | End of | ||||||||||||||||||
of Period | Expenses | Accounts | Period | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||
Deducted from assets: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 213 | $ | 23 | $ | 140 | $ | 47 | $ | 329 | |||||||||||
Total | $ | 213 | $ | 23 | $ | 140 | $ | 47 | $ | 329 | |||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||
Deducted from assets: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 241 | $ | 1 | $ | 9 | $ | 38 | $ | 213 | |||||||||||
Total | $ | 241 | $ | 1 | $ | 9 | $ | 38 | $ | 213 | |||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
Deducted from assets: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 404 | $ | 6 | $ | 69 | $ | 238 | $ | 241 | |||||||||||
Total | $ | 404 | $ | 6 | $ | 69 | $ | 238 | $ | 241 | |||||||||||
Schedule_V_Supplemental_Inform
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Information For Property Casualty Insurance Underwriters [Abstract] | ' | ||||||||||||
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations | ' | ||||||||||||
SCHEDULE V | |||||||||||||
LOEWS CORPORATION AND SUBSIDIARIES | |||||||||||||
Supplemental Information Concerning Property and Casualty Insurance Operations | |||||||||||||
Consolidated Property and Casualty Operations | |||||||||||||
December 31 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Deferred acquisition costs | $ | 624 | $ | 598 | |||||||||
Reserves for unpaid claim and claim adjustment expenses | 24,015 | 24,696 | |||||||||||
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.0% to 9.7%) | 1,586 | 1,850 | |||||||||||
Unearned premiums | 3,718 | 3,610 | |||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Net written premiums | $ | 7,348 | $ | 6,964 | $ | 6,798 | |||||||
Net earned premiums | 7,271 | 6,881 | 6,603 | ||||||||||
Net investment income | 2,240 | 2,074 | 1,845 | ||||||||||
Incurred claim and claim adjustment expenses related to current year | 5,113 | 5,266 | 4,901 | ||||||||||
Incurred claim and claim adjustment expenses related to prior years | -115 | -180 | (429) | ||||||||||
Amortization of deferred acquisition costs | 1,362 | 1,274 | 1,176 | ||||||||||
Paid claim and claim adjustment expenses | 5,566 | 5,257 | 4,499 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Basis of Presentation | ' | ||||||||||||
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); transportation and storage of natural gas and natural gas liquids and gathering and processing of natural gas (Boardwalk Pipeline Partners, LP (“Boardwalk Pipeline”), a 53% owned subsidiary); exploration, production and marketing of natural gas and oil (including condensate and natural gas liquids), (HighMount Exploration & Production LLC (“HighMount”), a wholly owned subsidiary); and the operation of a chain 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) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders. | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of consolidation – The Consolidated Financial Statements include all subsidiaries and intercompany accounts and transactions have been eliminated. The equity method of accounting is used for investments in associated companies in which the Company generally has an interest of 20% to 50%. | |||||||||||||
Accounting Estimates | ' | ||||||||||||
Accounting estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the related notes. Actual results could differ from those estimates. | |||||||||||||
Investments | ' | ||||||||||||
Investments – The Company classifies its fixed maturity securities and equity securities as either available-for-sale or trading, and as such, they are carried at fair value. Short term investments are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Income. Changes in fair value related to available-for-sale securities are reported as a component of Other comprehensive income. The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts to maturity, which are included in Net investment income on the Consolidated Statements of Income. Losses may be recognized within the Consolidated Statements of Income when a decline in value is determined by the Company to be other-than-temporary. | |||||||||||||
To the extent that unrealized gains on fixed income securities supporting long term care products and payout annuity contracts would result in a premium deficiency if those gains were realized, a related decrease in Deferred acquisition costs and/or increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (“Shadow Adjustments”). Shadow Adjustments decreased $880 million (after tax and noncontrolling interests) and increased $710 million (after tax and noncontrolling interests) for the years ended December 31, 2013 and 2012. At December 31, 2013 and 2012, net unrealized gains on investments included in Accumulated other comprehensive income (“AOCI”) were correspondingly reduced by $478 million and $1.4 billion (after tax and noncontrolling interests). | |||||||||||||
For asset-backed securities included in fixed maturity securities, the Company recognizes income using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments. The amortized cost of high credit quality securities is adjusted to the amount that would have existed had the new effective yield been applied since the acquisition of the securities. Such adjustments are reflected in Net investment income on the Consolidated Statements of Income. Interest income on lower rated securities is determined using the prospective yield method. | |||||||||||||
The Company’s carrying value of investments in limited partnerships is its share of the net asset value of each partnership, as determined by the General Partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Income. | |||||||||||||
Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Income (loss) from trading portfolio, or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include, but are not limited to, the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative instruments (such as call options embedded in convertible bonds) must be split from the host instrument when the embedded derivative is not clearly and closely related to the host instrument. | |||||||||||||
A security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and previously recorded other-than-temporary impairment (“OTTI”) losses, otherwise defined as an unrealized loss. When a security is impaired, the impairment is evaluated to determine whether it is temporary or other-than-temporary. | |||||||||||||
Significant judgment is required in the determination of whether an OTTI loss has occurred for a security. CNA follows a consistent and systematic process for determining and recording an OTTI loss. CNA has established a committee responsible for the OTTI process. This committee, referred to as the Impairment Committee, is made up of three officers appointed by CNA’s Chief Financial Officer. The Impairment Committee is responsible for evaluating all securities in an unrealized loss position on at least a quarterly basis. | |||||||||||||
The Impairment Committee’s assessment of whether an OTTI loss has occurred incorporates both quantitative and qualitative information. Fixed maturity securities that CNA intends to sell, or it more likely than not will be required to sell before recovery of amortized cost, are considered to be other-than-temporarily impaired and the entire difference between the amortized cost basis and fair value of the security is recognized as an OTTI loss in earnings. The remaining fixed maturity securities in an unrealized loss position are evaluated to determine if a credit loss exists. The factors considered by the Impairment Committee include: (i) the financial condition and near term prospects of the issuer, (ii) whether the debtor is current on interest and principal payments, (iii) credit ratings of the securities and (iv) general market conditions and industry or sector specific outlook. CNA also considers results and analysis of cash flow modeling for asset-backed securities, and when appropriate, other fixed maturity securities. | |||||||||||||
The focus of the analysis for asset-backed securities is on assessing the sufficiency and quality of underlying collateral and timing of cash flows based on scenario tests. If the present value of the modeled expected cash flows equals or exceeds the amortized cost of a security, no credit loss is judged to exist and the asset-backed security is deemed to be temporarily impaired. If the present value of the expected cash flows is less than amortized cost, the security is judged to be other-than-temporarily impaired for credit reasons and that shortfall, referred to as the credit component, is recognized as an OTTI loss in earnings. The difference between the adjusted amortized cost basis and fair value, referred to as the non-credit component, is recognized as OTTI in Other comprehensive income. In subsequent reporting periods, a change in intent to sell or further credit impairment on a security whose fair value has not deteriorated will cause the non-credit component originally recorded as OTTI in Other comprehensive income to be recognized as an OTTI loss in earnings. | |||||||||||||
CNA performs the discounted cash flow analysis using stressed scenarios to determine future expectations regarding recoverability. For asset-backed securities, significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. | |||||||||||||
CNA applies the same impairment model as described above for the majority of non-redeemable preferred stock securities on the basis that these securities possess characteristics similar to debt securities and that the issuers maintain their ability to pay dividends. For all other equity securities, in determining whether the security is other-than-temporarily impaired, the Impairment Committee considers a number of factors including, but not limited to: (i) the length of time and the extent to which the fair value has been less than amortized cost, (ii) the financial condition and near term prospects of the issuer, (iii) the intent and ability of CNA to retain its investment for a period of time sufficient to allow for an anticipated recovery in value and (iv) general market conditions and industry or sector specific outlook. | |||||||||||||
Joint Venture Investments | ' | ||||||||||||
Joint venture investments – The Company has 20% to 50% interests in operating joint ventures related to the Bluegrass Project as discussed in Note 2 and hotel properties that are accounted for under the equity method. The Company’s investment in these entities was $242 million and $67 million for the years ended December 31, 2013 and 2012 and reported in Other assets on the Company’s Consolidated Balance Sheets. Equity income for these investments was $12 million, $24 million and $24 million for the years ended December 31, 2013, 2012 and 2011 and reported in Other operating expenses on the Company’s Consolidated Statements of Income. Some of these investments are variable interest entities (“VIE”) as defined in the accounting guidance because the entities will require additional funding from each equity owner throughout the development and construction phase and are accounted for under the equity method since the Company is not the primary beneficiary. The maximum exposure to loss for the VIE investments is $336 million, consisting of the amount of the investment and debt guarantees. | |||||||||||||
The following tables present summarized financial information for these joint ventures: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Total assets | $ 1,336 | $ 672 | |||||||||||
Total liabilities | 954 | 625 | |||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 349 | $ 294 | $ 284 | |||||||||
Net income | 7 | 32 | 29 | ||||||||||
Hedging | ' | ||||||||||||
Hedging – The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedging transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative for which hedge accounting has been designated is not (or ceases to be) highly effective, the Company discontinues hedge accounting prospectively. See Note 5 for additional information on the Company’s use of derivatives. | |||||||||||||
Securities Lending Activities | ' | ||||||||||||
Securities lending activities – The Company lends securities for the purpose of enhancing income or to finance positions to unrelated parties who have been designated as primary dealers by the Federal Reserve Bank of New York. Borrowers of these securities must deposit and maintain collateral with the Company of no less than 100% of the fair value of the securities loaned. U.S. Government securities and cash are accepted as collateral. The Company maintains effective control over loaned securities and, therefore, continues to report such securities as investments on the Consolidated Balance Sheets. | |||||||||||||
Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2013 and 2012. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue recognition – Premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured which principally are earned ratably over the duration of the policies. Premiums on long term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage. | |||||||||||||
Insurance receivables include balances due currently or in the future, including amounts due from insureds related to losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. Amounts are considered past due based on policy payment terms. That allowance is determined based on periodic evaluations of aged receivables, management’s experience and current economic conditions. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached. | |||||||||||||
Property and casualty contracts that are retrospectively rated contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions and loss experience of the insured during the experience period. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the experience period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA adjusts such estimated ultimate premium amounts during the course of the experience period based on actual results to date. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period. | |||||||||||||
Contract drilling revenue from dayrate drilling contracts is recognized as services are performed. In connection with such drilling contracts, Diamond Offshore may receive fees (either lump-sum or dayrate) for the mobilization of equipment. These fees are earned as services are performed over the initial term of the related drilling contracts. Absent a contract, mobilization costs are recognized currently. From time to time, Diamond Offshore may receive fees from its customers for capital improvements to their rigs. Diamond Offshore defers such fees received and recognizes these fees into revenue on a straight-line basis over the period of the related drilling contract. Diamond Offshore capitalizes the costs of such capital improvements and depreciates them over the estimated useful life of the improvement. | |||||||||||||
Revenues from transportation and storage services are recognized in the period the service is provided based on contractual terms and the related transported and stored volumes. The majority of Boardwalk Pipeline’s operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and, accordingly, certain revenues collected may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. | |||||||||||||
HighMount’s natural gas and oil production revenue is recognized based on actual volumes of natural gas and oil sold to purchasers. Sales require delivery of the product to the purchaser, passage of title and probability of collection of purchaser amounts owed. Natural gas and oil production revenue is reported net of royalties. HighMount uses the sales method of accounting for gas imbalances. An imbalance is created when the volumes of gas sold by HighMount pertaining to a property do not equate to the volumes produced to which HighMount is entitled based on its interest in the property. An asset or liability is recognized to the extent that HighMount has an imbalance in excess of the remaining reserves on the underlying properties. | |||||||||||||
Claim and Claim Adjustment Expense Reserves | ' | ||||||||||||
Claim and claim adjustment expense reserves – Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (“A&EP”), workers’ compensation lifetime claims, and accident and health claims are not discounted and are based on (i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; (ii) estimates of incurred but not reported losses; (iii) estimates of losses on assumed reinsurance; (iv) estimates of future expenses to be incurred in the settlement of claims; (v) estimates of salvage and subrogation recoveries and (vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past CNA and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Receivables on the Consolidated Balance Sheets. | |||||||||||||
Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.3 billion as of December 31, 2013 and 2012. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets. | |||||||||||||
Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. Certain structured settlements are funded by annuities purchased from Continental Assurance Company (“CAC”), a wholly owned and consolidated subsidiary of CNA, for which the related annuity obligations are reported in Future policy benefits reserves. Obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and carried at present values determined using interest rates ranging from 7.1% to 9.7% at December 31, 2013 and 2012. At December 31, 2013 and 2012, the discounted reserves for unfunded structured settlements were $580 million and $602 million, net of discount of $969 million and $1.0 billion. | |||||||||||||
Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. Accident and health claim reserves are calculated using mortality and morbidity assumptions based on CNA and industry experience. Workers’ compensation lifetime claim reserves and accident and health claim reserves are discounted at interest rates ranging from 3.0% to 6.8% at December 31, 2013 and 3.0% to 6.5% at December 31, 2012. At December 31, 2013 and 2012, such discounted reserves totaled $2.4 billion and $2.2 billion, net of discount of $617 million and $837 million. | |||||||||||||
Future Policy Benefits Reserves | ' | ||||||||||||
Future policy benefits reserves – Reserves for long term care products and payout annuity contracts are computed using the net level premium method, which incorporates actuarial assumptions as to morbidity, mortality, persistency, discount rate and expenses. Expense assumptions include the estimated effects of expenses to be incurred beyond the premium paying period. Actuarial assumptions generally vary by plan, age at issue and policy duration. The initial assumptions are determined at issuance, include a margin for adverse deviation, and are locked in throughout the life of the contract unless a premium deficiency develops. If a premium deficiency emerges, the assumptions are unlocked and deferred acquisition costs, if any, and the future policy benefit reserves are adjusted. Interest rates for long term care products range from 4.5% to 7.9% at December 31, 2013 and from 5.0% to 7.4% at December 31, 2012. Interest rates for payout annuity contracts range from 5.0% to 8.7% at December 31, 2013 and 2012. In 2012, CNA unlocked assumptions related to its payout annuity contracts due to anticipated adverse changes in discount rates, which reflected the then current low interest rate environment and its view of expected investment yields, resulting in loss recognition which increased insurance liabilities by $33 million. | |||||||||||||
Policyholders' Funds Reserves | ' | ||||||||||||
Policyholders’ funds reserves – Policyholders’ funds reserves primarily include reserves for investment contracts without life contingencies. For these contracts, policyholder liabilities are generally equal to the accumulated policy account values, which consist of an accumulation of deposit payments plus credited interest, less withdrawals and amounts assessed through the end of the period. | |||||||||||||
Guaranty Fund and Other Insurance-Related Assessments | ' | ||||||||||||
Guaranty fund and other insurance-related assessments – Liabilities for guaranty fund and other insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated, and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for guaranty funds and other insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets. As of December 31, 2013 and 2012, the liability balances were $143 million. As of December 31, 2013 and 2012, included in Other assets on the Consolidated Balance Sheets were $1 million and $2 million of related assets for premium tax offsets. This asset is limited to the amount that is able to be offset against premium tax on future premium collections from business written or committed to be written. | |||||||||||||
Reinsurance | ' | ||||||||||||
Reinsurance – Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. | |||||||||||||
Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefits reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA. | |||||||||||||
CNA has established an allowance for doubtful accounts on reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer solvency, management’s experience and current economic conditions. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. Because billed receivables generally approximate 5% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. | |||||||||||||
Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables related to paid losses from insolvent insurers are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Income. | |||||||||||||
Reinsurance contracts that do not effectively transfer the economic risk of loss on the underlying policies are recorded using the deposit method of accounting, which requires that premium paid or received by the ceding company or assuming company be accounted for as a deposit asset or liability. CNA had $3 million recorded as deposit assets at December 31, 2013 and 2012, and $130 million and $125 million recorded as deposit liabilities at December 31, 2013 and 2012. Income on reinsurance contracts accounted for under the deposit method is recognized using an effective yield based on the anticipated timing of payments and the remaining life of the contract. When the anticipated timing of payments changes, the effective yield is recalculated to reflect actual payments to date and the estimated timing of future payments. The deposit asset or liability is adjusted to the amount that would have existed had the new effective yield been applied since the inception of the contract. | |||||||||||||
Deferred Acquisition Costs | ' | ||||||||||||
Deferred acquisition costs – Acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions. Deferred acquisition costs related to long term care contracts issued prior to January 1, 2004 include costs which vary with and are primarily related to the acquisition of business. | |||||||||||||
Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. | |||||||||||||
Deferred acquisition costs related to long term care contracts are amortized over the premium-paying period of the related policies using assumptions consistent with those used for computing future policy benefit reserves for such contracts. Assumptions are made at the date of policy issuance or acquisition and are consistently applied during the lives of the contracts. Deviations from estimated experience are included in results of operations when they occur. For these contracts, the amortization period is typically the estimated life of the policy. At December 31, 2013 and 2012, deferred acquisition costs were presented net of Shadow Adjustments of $342 million and $369 million. | |||||||||||||
CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current results of operations. | |||||||||||||
Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs. Unamortized deferred acquisition costs relating to contracts that have been substantially changed by a modification in benefits, features, rights or coverages that were not anticipated in the original contract are not deferred and are included as a charge to operations in the period during which the contract modification occurred. | |||||||||||||
Investments in Life Settlement Contracts and Related Revenue Recognition | ' | ||||||||||||
Investments in life settlement contracts and related revenue recognition – Prior to 2002, CNA purchased investments in life settlement contracts. A life settlement contract is a contract between the owner of a life insurance policy (the policy owner) and a third party investor (investor). Under a life settlement contract, CNA obtained the ownership and beneficiary rights of an underlying life insurance policy. | |||||||||||||
CNA accounts for its investments in life settlement contracts using the fair value method. Under the fair value method, each life settlement contract is carried at its fair value at the end of each reporting period. The change in fair value, life insurance proceeds received and periodic maintenance costs, such as premiums, necessary to keep the underlying policy in force, are recorded in Other revenues on the Consolidated Statements of Income. | |||||||||||||
The fair value of CNA’s investments in life settlement contracts were $88 million and $100 million at December 31, 2013 and 2012, and are included in Other assets on the Consolidated Balance Sheets. The cash receipts and payments related to life settlement contracts are included in Cash flows from operating activities on the Consolidated Statements of Cash Flows. | |||||||||||||
The following table details the values for life settlement contracts. The determination of fair value is discussed in Note 4. | |||||||||||||
Number of Life | Fair Value of Life | Face Amount of | |||||||||||
Settlement | Settlement | Life Insurance | |||||||||||
Contracts | Contracts | Policies | |||||||||||
(Dollar amounts in millions) | |||||||||||||
Estimated maturity during: | |||||||||||||
2014 | 60 | $ | 13 | $ | 39 | ||||||||
2015 | 60 | 11 | 35 | ||||||||||
2016 | 50 | 9 | 32 | ||||||||||
2017 | 50 | 8 | 29 | ||||||||||
2018 | 40 | 7 | 26 | ||||||||||
Thereafter | 364 | 40 | 217 | ||||||||||
Total | 624 | $ | 88 | $ | 378 | ||||||||
CNA uses an actuarial model to estimate the aggregate face amount of life insurance that is expected to mature in each future year and the corresponding fair value. This model projects the likelihood of the insured’s death for each inforce policy based upon CNA’s estimated mortality rates, which may vary due to the relatively small size of the portfolio of life settlement contracts. The number of life settlement contracts presented in the table above is based upon the average face amount of inforce policies estimated to mature in each future year. | |||||||||||||
The increase (decrease) in fair value recognized for the years ended December 31, 2013, 2012 and 2011 on contracts still being held was $(2) million, $11 million and $5 million. The gains recognized during the years ended December 31, 2013, 2012 and 2011 on contracts that settled were $15 million, $42 million and $28 million. | |||||||||||||
Separate Account Business | ' | ||||||||||||
Separate Account Business – Separate account assets and liabilities represent contract holder funds related to investment and annuity products for which the policyholder assumes substantially all the risk and reward. The assets are segregated into accounts with specific underlying investment objectives and are legally segregated from CNA. All assets of the separate account business are carried at fair value with an equal amount recorded for separate account liabilities. Fee income accruing to CNA related to separate accounts is primarily included within Other revenues on the Consolidated Statements of Income. | |||||||||||||
A number of separate account pension deposit contracts guarantee principal and an annual minimum rate of interest. If aggregate contract value in the separate account exceeds the fair value of the related assets, an additional Policyholders’ funds liability is established. Certain of these contracts are subject to a fair value adjustment if terminated by the policyholder. | |||||||||||||
Goodwill | ' | ||||||||||||
Goodwill – Goodwill represents the excess of purchase price over fair value of net assets of acquired entities. Goodwill is tested for impairment annually or when certain triggering events require additional tests. Subsequent reversal of a goodwill impairment charge is not permitted. See Note 8 for additional information on goodwill. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, plant and equipment – Property, plant and equipment is carried at cost less accumulated depreciation, depletion and amortization (“DD&A”). Depreciation is computed principally by the straight-line method over the estimated useful lives of the various classes of properties. Leaseholds and leasehold improvements are depreciated or amortized over the terms of the related leases (including optional renewal periods where appropriate) or the estimated lives of improvements, if less than the lease term. | |||||||||||||
The principal service lives used in computing provisions for depreciation are as follows: | |||||||||||||
Years | |||||||||||||
Pipeline equipment | 30 to 50 | ||||||||||||
Offshore drilling equipment | 15 to 30 | ||||||||||||
Other | 3 to 40 | ||||||||||||
HighMount follows the full cost method of accounting for natural gas and oil exploration and production activities. Under the full cost method, all direct costs of property acquisition, exploration and development activities are capitalized. These capitalized costs are subject to a quarterly ceiling test. Under the ceiling test, amounts capitalized are limited to the present value of estimated future net revenues to be derived from the anticipated production of proved natural gas and oil reserves, assuming an average price during the twelve month period adjusted for cash flow hedges in place, and limiting the classification of proved undeveloped reserves to locations scheduled to be drilled within five years. If net capitalized costs exceed the ceiling test at the end of any quarterly period, then a permanent write-down of the assets must be recognized in that period. A write-down may not be reversed in future periods, even though higher natural gas and oil prices may subsequently increase the ceiling. Approximately 4.9% (unaudited) of HighMount’s total proved reserves as of December 31, 2013 are hedged by qualifying cash flow hedges, for which hedge adjusted prices were used to calculate estimated future net revenue. Future cash flows associated with settling asset retirement obligations that have been accrued in the Consolidated Balance Sheets are excluded from HighMount’s calculations of discounted cash flows under the full cost ceiling test. | |||||||||||||
Depletion of natural gas and oil producing properties is computed using the units-of-production method. Under the full cost method, the base of costs subject to depletion also includes estimated future costs to be incurred in developing proved natural gas and oil reserves, as well as capitalized asset retirement costs, net of projected salvage values. The costs of investments in unproved properties including associated exploration-related costs are initially excluded from the depletable base. As the unproved properties are evaluated, a ratable portion of the capitalized costs is periodically reclassified to the depletable base, determined on a property by property basis, over the terms of underlying leases. Once a property has been completely evaluated, any remaining capitalized costs are then transferred to the depletable base. In addition, proceeds from the sale or other disposition of natural gas and oil properties are accounted for as reductions of capitalized cost, unless the sale would significantly alter the relationship between capitalized costs and proved reserves, in which case, a gain or loss is recognized. | |||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||
Impairment of long-lived assets – The Company reviews its long-lived assets for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets and intangibles with finite lives, under certain circumstances, are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential to the Company are recorded at the lower of carrying amount or fair value less cost to sell. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income taxes – The Company and its eligible subsidiaries file a consolidated tax return. Deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes may not be realized. | |||||||||||||
The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. See Note 11 for additional information on the provision for income taxes. | |||||||||||||
Pension and Postretirement Benefits | ' | ||||||||||||
Pension and postretirement benefits – The Company recognizes the overfunded or underfunded status of its defined benefit plans in Other assets or Other liabilities in the Consolidated Balance Sheets. Changes in funded status related to prior service costs and credits and actuarial gains and losses are recognized in the year in which the changes occur through Accumulated other comprehensive income (loss). The Company measures its benefit plan assets and obligations at December 31. Annual service cost, interest cost, expected return on plan assets, amortization of prior service costs and credits and amortization of actuarial gains and losses are recognized in the Consolidated Statements of Income. | |||||||||||||
Stock Based Compensation | ' | ||||||||||||
Stock based compensation – The Company records compensation expense upon issuance of share-based payment awards for all awards it grants, modifies or cancels primarily on a straight-line basis over the requisite service period, generally three to four years. The share-based payment awards are valued using the Black-Scholes option pricing model. The application of this valuation model involves assumptions that are judgmental and highly sensitive in the valuation of these awards. These assumptions include the term that the awards are expected to be outstanding, an estimate of the volatility of the underlying stock price, applicable risk-free interest rates and the dividend yield of the Company’s stock. | |||||||||||||
The Company recognized compensation expense that decreased net income by $11 million for the year ended December 31, 2013. For the years ended December 31, 2012 and 2011, the Company recognized compensation expense that decreased net income by $13 million and $12 million. Several of the Company’s subsidiaries also maintain their own stock option plans. The amounts reported above include the Company’s share of expense related to its subsidiaries’ plans. | |||||||||||||
Net Income Per Share | ' | ||||||||||||
Net income Per Share – Companies with complex capital structures are required to present basic and diluted net income per share. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income 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. | |||||||||||||
For each of the years ended December 31, 2013, 2012 and 2011, approximately 0.9 million, 0.8 million and 0.8 million potential shares attributable to exercises under the Loews Corporation Stock Option Plan were included in the calculation of diluted net income per share. For those same periods, approximately 1.5 million, 2.6 million and 2.0 million Stock Appreciation Rights (“SARs”) were not included in the calculation of diluted net income per share due to the exercise price being greater than the average stock price. | |||||||||||||
Foreign Currency | ' | ||||||||||||
Foreign currency – Foreign currency translation gains and losses are reflected in Shareholders’ equity as a component of Accumulated other comprehensive income (loss). The Company’s foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each reporting date and income statement accounts are translated at the average exchange rates. Foreign currency transaction losses of $3 million, gains of $10 million and losses of $5 million for the years ended December 31, 2013, 2012 and 2011 were included in the Consolidated Statements of Income. | |||||||||||||
Regulatory Accounting | ' | ||||||||||||
Regulatory accounting – The majority of Boardwalk Pipeline’s operating subsidiaries are regulated by FERC. GAAP for regulated entities requires Texas Gas Transmission, LLC (“Texas Gas”), a wholly owned subsidiary of Boardwalk Pipeline, to report certain assets and liabilities consistent with the economic effect of the manner in which independent third party regulators establish rates. Accordingly, certain costs and benefits are capitalized as regulatory assets and liabilities in order to provide for recovery from or refund to customers in future periods. Regulatory accounting is not applicable to Boardwalk Pipeline’s other FERC regulated entities. | |||||||||||||
Supplementary Cash Flow Information | ' | ||||||||||||
Supplementary cash flow information – Cash payments made for interest on long term debt, net of capitalized interest, amounted to $415 million, $450 million and $526 million for the years ended December 31, 2013, 2012 and 2011. Cash payments for federal, foreign, state and local income taxes amounted to $183 million, $120 million and $322 million for the years ended December 31, 2013, 2012 and 2011. Investing activities exclude $43 million, $35 million and $14 million of accrued capital expenditures for the years ended December 31, 2013, 2012 and 2011. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Financial Information for Joint Ventures | ' | ||||||||||||
The following tables present summarized financial information for these joint ventures: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Total assets | $ 1,336 | $ 672 | |||||||||||
Total liabilities | 954 | 625 | |||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 349 | $ 294 | $ 284 | |||||||||
Net income | 7 | 32 | 29 | ||||||||||
Schedule of Life Settlement Contracts Fair Value Method | ' | ||||||||||||
The following table details the values for life settlement contracts. The determination of fair value is discussed in Note 4. | |||||||||||||
Number of Life | Fair Value of Life | Face Amount of | |||||||||||
Settlement | Settlement | Life Insurance | |||||||||||
Contracts | Contracts | Policies | |||||||||||
(Dollar amounts in millions) | |||||||||||||
Estimated maturity during: | |||||||||||||
2014 | 60 | $ | 13 | $ | 39 | ||||||||
2015 | 60 | 11 | 35 | ||||||||||
2016 | 50 | 9 | 32 | ||||||||||
2017 | 50 | 8 | 29 | ||||||||||
2018 | 40 | 7 | 26 | ||||||||||
Thereafter | 364 | 40 | 217 | ||||||||||
Total | 624 | $ | 88 | $ | 378 | ||||||||
Principal Service Lives | ' | ||||||||||||
The principal service lives used in computing provisions for depreciation are as follows: | |||||||||||||
Years | |||||||||||||
Pipeline equipment | 30 to 50 | ||||||||||||
Offshore drilling equipment | 15 to 30 | ||||||||||||
Other | 3 to 40 | ||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Net Investment Income and Investment Gains (Losses) | ' | ||||||||||||||||||||||||
Net investment income is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities | $ | 1,998 | $ | 2,022 | $ | 2,011 | |||||||||||||||||||
Short term investments | 5 | 12 | 16 | ||||||||||||||||||||||
Limited partnership investments | 519 | 283 | 97 | ||||||||||||||||||||||
Equity securities | 12 | 12 | 20 | ||||||||||||||||||||||
Income (loss) from trading portfolio (a) | 90 | 52 | (39) | ||||||||||||||||||||||
Other | 25 | 24 | 16 | ||||||||||||||||||||||
Total investment income | 2,649 | 2,405 | 2,121 | ||||||||||||||||||||||
Investment expenses | -56 | -56 | (58) | ||||||||||||||||||||||
Net investment income | $ | 2,593 | $ | 2,349 | $ | 2,063 | |||||||||||||||||||
(a) | Includes net unrealized gains (losses) related to changes in fair value on trading securities still held of $(2), $6 and $(58) for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Investment gains (losses) are as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities | $ | 55 | $ | 83 | $ | (22) | |||||||||||||||||||
Equity securities | -22 | -23 | (1) | ||||||||||||||||||||||
Derivative instruments | -10 | -5 | (34) | ||||||||||||||||||||||
Short term investments and other | 3 | 2 | 5 | ||||||||||||||||||||||
Investment gains (losses) (a) | $ | 26 | $ | 57 | $ | (52) | |||||||||||||||||||
(a) | Includes gross realized gains of $214, $251 and $299 and gross realized losses of $181, $191 and $322 on available-for-sale securities for the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||
Schedule of Net Change in Unrealized Gains (Losses) Securities Available-for-Sale | ' | ||||||||||||||||||||||||
Net change in unrealized gains (losses) on available-for-sale investments is as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities | $ | -2,541 | $ | 1,871 | $ | 1,442 | |||||||||||||||||||
Equity securities | -15 | 5 | (2) | ||||||||||||||||||||||
Other | -1 | (3) | |||||||||||||||||||||||
Total net change in unrealized gains on available-for-sale investments | $ | (2,556) | $ | 1,875 | $ | 1,437 | |||||||||||||||||||
Components of OTTI Losses Recognized in Earnings by Asset Type | ' | ||||||||||||||||||||||||
The components of OTTI losses recognized in earnings by asset type are as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities available-for-sale: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 22 | $ | 27 | $ | 95 | |||||||||||||||||||
States, municipalities and political subdivisions | 34 | ||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 19 | 50 | 105 | ||||||||||||||||||||||
Other asset-backed | 2 | 6 | |||||||||||||||||||||||
Total asset-backed | 21 | 50 | 111 | ||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 1 | ||||||||||||||||||||||||
Total fixed maturities available-for-sale | 43 | 112 | 206 | ||||||||||||||||||||||
Equity securities available-for-sale: | |||||||||||||||||||||||||
Common stock | 8 | 6 | 8 | ||||||||||||||||||||||
Preferred stock | 26 | 36 | 1 | ||||||||||||||||||||||
Total equity securities available-for-sale | 34 | 42 | 9 | ||||||||||||||||||||||
Short term investments | 1 | 1 | |||||||||||||||||||||||
Net OTTI losses recognized in earnings | $ | 78 | $ | 154 | $ | 216 | |||||||||||||||||||
Amortized Cost and Fair Values of Securities | ' | ||||||||||||||||||||||||
The amortized cost and fair values of securities are as follows: | |||||||||||||||||||||||||
December 31, 2013 | Cost or | Gross | Gross | Estimated | Unrealized | ||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair Value | OTTI Losses | |||||||||||||||||||||
Cost | Gains | Losses | (Gains) | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 19,352 | $ | 1,645 | $ | 135 | $ | 20,862 | |||||||||||||||||
States, municipalities and political subdivisions | 11,281 | 548 | 272 | 11,557 | |||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 4,940 | 123 | 92 | 4,971 | $ | (37) | |||||||||||||||||||
Commercial mortgage-backed | 1,995 | 90 | 22 | 2,063 | (3) | ||||||||||||||||||||
Other asset-backed | 945 | 13 | 3 | 955 | |||||||||||||||||||||
Total asset-backed | 7,880 | 226 | 117 | 7,989 | (40) | ||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 139 | 6 | 1 | 144 | |||||||||||||||||||||
Foreign government | 531 | 15 | 3 | 543 | |||||||||||||||||||||
Redeemable preferred stock | 92 | 10 | 102 | ||||||||||||||||||||||
Fixed maturities available-for-sale | 39,275 | 2,450 | 528 | 41,197 | (40) | ||||||||||||||||||||
Fixed maturities, trading | 151 | 28 | 123 | ||||||||||||||||||||||
Total fixed maturities | 39,426 | 2,450 | 556 | 41,320 | (40) | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 36 | 9 | 45 | ||||||||||||||||||||||
Preferred stock | 143 | 1 | 4 | 140 | |||||||||||||||||||||
Equity securities available-for-sale | 179 | 10 | 4 | 185 | - | ||||||||||||||||||||
Equity securities, trading | 702 | 119 | 135 | 686 | |||||||||||||||||||||
Total equity securities | 881 | 129 | 139 | 871 | - | ||||||||||||||||||||
Total | $ | 40,307 | $ | 2,579 | $ | 695 | $ | 42,191 | $ | (40) | |||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 19,530 | $ | 2,698 | $ | 21 | $ | 22,207 | |||||||||||||||||
States, municipalities and political subdivisions | 9,372 | 1,455 | 44 | 10,783 | |||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 5,745 | 246 | 71 | 5,920 | $ | (28) | |||||||||||||||||||
Commercial mortgage-backed | 1,692 | 147 | 17 | 1,822 | (3) | ||||||||||||||||||||
Other asset-backed | 929 | 23 | 952 | ||||||||||||||||||||||
Total asset-backed | 8,366 | 416 | 88 | 8,694 | (31) | ||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 172 | 11 | 1 | 182 | |||||||||||||||||||||
Foreign government | 588 | 25 | 613 | ||||||||||||||||||||||
Redeemable preferred stock | 113 | 13 | 1 | 125 | |||||||||||||||||||||
Fixed maturities available-for-sale | 38,141 | 4,618 | 155 | 42,604 | (31) | ||||||||||||||||||||
Fixed maturities, trading | 183 | 22 | 161 | ||||||||||||||||||||||
Total fixed maturities | 38,324 | 4,618 | 177 | 42,765 | (31) | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Common stock | 38 | 14 | 52 | ||||||||||||||||||||||
Preferred stock | 190 | 7 | 197 | ||||||||||||||||||||||
Equity securities available-for-sale | 228 | 21 | - | 249 | - | ||||||||||||||||||||
Equity securities, trading | 665 | 80 | 96 | 649 | |||||||||||||||||||||
Total equity securities | 893 | 101 | 96 | 898 | - | ||||||||||||||||||||
Total | $ | 39,217 | $ | 4,719 | $ | 273 | $ | 43,663 | $ | (31) | |||||||||||||||
Securities Available-for-Sale in Gross Unrealized Loss Position | ' | ||||||||||||||||||||||||
The available-for-sale securities in a gross unrealized loss position are as follows: | |||||||||||||||||||||||||
Less than | 12 Months | Total | |||||||||||||||||||||||
12 Months | or Longer | ||||||||||||||||||||||||
December 31, 2013 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 3,592 | $ | 129 | $ | 72 | $ | 6 | $ | 3,664 | $ | 135 | |||||||||||||
States, municipalities and political subdivisions | 3,251 | 197 | 129 | 75 | 3,380 | 272 | |||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 1,293 | 29 | 343 | 63 | 1,636 | 92 | |||||||||||||||||||
Commercial mortgage-backed | 640 | 22 | 640 | 22 | |||||||||||||||||||||
Other asset-backed | 269 | 3 | 269 | 3 | |||||||||||||||||||||
Total asset-backed | 2,202 | 54 | 343 | 63 | 2,545 | 117 | |||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 13 | 1 | 13 | 1 | |||||||||||||||||||||
Foreign government | 111 | 3 | 111 | 3 | |||||||||||||||||||||
Total fixed maturity securities | 9,169 | 384 | 544 | 144 | 9,713 | 528 | |||||||||||||||||||
Preferred stock | 87 | 4 | 87 | 4 | |||||||||||||||||||||
Total | $ | 9,256 | $ | 388 | $ | 544 | $ | 144 | $ | 9,800 | $ | 532 | |||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 846 | $ | 13 | $ | 108 | $ | 8 | $ | 954 | $ | 21 | |||||||||||||
States, municipalities and political subdivisions | 254 | 5 | 165 | 39 | 419 | 44 | |||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||
Residential mortgage-backed | 583 | 5 | 452 | 66 | 1,035 | 71 | |||||||||||||||||||
Commercial mortgage-backed | 85 | 2 | 141 | 15 | 226 | 17 | |||||||||||||||||||
Total asset-backed | 668 | 7 | 593 | 81 | 1,261 | 88 | |||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 23 | 1 | 23 | 1 | |||||||||||||||||||||
Redeemable preferred stock | 28 | 1 | 28 | 1 | |||||||||||||||||||||
Total | $ | 1,819 | $ | 27 | $ | 866 | $ | 128 | $ | 2,685 | $ | 155 | |||||||||||||
Pretax Fixed Maturity Credit Loss Component Reflected within Retained Earnings | ' | ||||||||||||||||||||||||
The following table summarizes the activity for the years ended December 31, 2013, 2012 and 2011 related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held at December 31, 2013, 2012 and 2011 for which a portion of an OTTI loss was recognized in Other comprehensive income. | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Beginning balance of credit losses on fixed maturity securities | $ | 95 | $ | 92 | $ | 141 | |||||||||||||||||||
Additional credit losses for securities for which an OTTI loss was previously recognized | 2 | 23 | 39 | ||||||||||||||||||||||
Credit losses for securities for which an OTTI loss was not previously recognized | 2 | 11 | |||||||||||||||||||||||
Reductions for securities sold during the period | -23 | -14 | (67) | ||||||||||||||||||||||
Reductions for securities the Company intends to sell or more likely than not will be required to sell | -8 | (32) | |||||||||||||||||||||||
Ending balance of credit losses on fixed maturity securities | $ | 74 | $ | 95 | $ | 92 | |||||||||||||||||||
Available-for-Sale Fixed Maturity Securities by Contractual Maturity | ' | ||||||||||||||||||||||||
Contractual Maturity | |||||||||||||||||||||||||
The following table summarizes available-for-sale fixed maturity securities by contractual maturity at December 31, 2013 and 2012. Actual maturities may differ from contractual maturities because certain securities may be called or prepaid with or without call or prepayment penalties. Securities not due at a single date are allocated based on weighted average life. | |||||||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||||||
Cost or | Estimated | Cost or | Estimated | ||||||||||||||||||||||
Amortized | Fair Value | Amortized | Fair Value | ||||||||||||||||||||||
Cost | Cost | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Due in one year or less | $ | 2,420 | $ | 2,455 | $ | 1,648 | $ | 1,665 | |||||||||||||||||
Due after one year through five years | 9,496 | 10,068 | 13,603 | 14,442 | |||||||||||||||||||||
Due after five years through ten years | 11,667 | 11,954 | 8,726 | 9,555 | |||||||||||||||||||||
Due after ten years | 15,692 | 16,720 | 14,164 | 16,942 | |||||||||||||||||||||
Total | $ | 39,275 | $ | 41,197 | $ | 38,141 | $ | 42,604 | |||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized in the tables below: | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 33 | $ | 20,625 | $ | 204 | $ | 20,862 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 11,486 | 71 | 11,557 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 4,640 | 331 | 4,971 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 1,912 | 151 | 2,063 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 509 | 446 | 955 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,061 | 928 | 7,989 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 116 | 28 | 144 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 81 | 462 | 543 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 45 | 57 | 102 | ||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 275 | 39,719 | 1,203 | 41,197 | |||||||||||||||||||||||||||||||||||||
Fixed maturities, trading | 43 | 80 | 123 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 275 | $ | 39,762 | $ | 1,283 | $ | 41,320 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 126 | $ | 48 | $ | 11 | $ | 185 | |||||||||||||||||||||||||||||||||
Equity securities, trading | 678 | 8 | 686 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 804 | $ | 48 | $ | 19 | $ | 871 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 6,162 | $ | 563 | $ | 6,725 | |||||||||||||||||||||||||||||||||||
Other invested assets | 54 | 54 | |||||||||||||||||||||||||||||||||||||||
Receivables | 5 | $ | 2 | 7 | |||||||||||||||||||||||||||||||||||||
Life settlement contracts | 88 | 88 | |||||||||||||||||||||||||||||||||||||||
Separate account business | 9 | 171 | 1 | 181 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | (40 | ) | (7 | ) | (5 | ) | (52) | ||||||||||||||||||||||||||||||||||
December 31, 2012 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 6 | $ | 21,982 | $ | 219 | $ | 22,207 | |||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions | 10,687 | 96 | 10,783 | ||||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 5,507 | 413 | 5,920 | ||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 1,693 | 129 | 1,822 | ||||||||||||||||||||||||||||||||||||||
Other asset-backed | 584 | 368 | 952 | ||||||||||||||||||||||||||||||||||||||
Total asset-backed | 7,784 | 910 | 8,694 | ||||||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | 158 | 24 | 182 | ||||||||||||||||||||||||||||||||||||||
Foreign government | 140 | 473 | 613 | ||||||||||||||||||||||||||||||||||||||
Redeemable preferred stock | 40 | 59 | 26 | 125 | |||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 344 | 41,009 | 1,251 | 42,604 | |||||||||||||||||||||||||||||||||||||
Fixed maturities, trading | 72 | 89 | 161 | ||||||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 344 | $ | 41,081 | $ | 1,340 | $ | 42,765 | |||||||||||||||||||||||||||||||||
Equity securities available-for-sale | $ | 117 | $ | 98 | $ | 34 | $ | 249 | |||||||||||||||||||||||||||||||||
Equity securities, trading | 642 | 7 | 649 | ||||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 759 | $ | 98 | $ | 41 | $ | 898 | |||||||||||||||||||||||||||||||||
Short term investments | $ | 4,990 | $ | 799 | $ | 6 | $ | 5,795 | |||||||||||||||||||||||||||||||||
Other invested assets | 58 | 1 | 59 | ||||||||||||||||||||||||||||||||||||||
Receivables | 32 | 11 | 43 | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 100 | 100 | |||||||||||||||||||||||||||||||||||||||
Separate account business | 4 | 306 | 2 | 312 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | (95 | ) | (11 | ) | (6 | ) | (112) | ||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | ' | ||||||||||||||||||||||||||||||||||||||||
The tables below present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||||
2013 | Balance, | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | Unrealized | |||||||||||||||||||||||||||||||||
January 1 | into | out of | December 31 | Gains | |||||||||||||||||||||||||||||||||||||
Net Realized Gains | Level 3 | Level 3 | (Losses) | ||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Recognized in | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | Net Income | ||||||||||||||||||||||||||||||||||||||||
(Losses) | on Level | ||||||||||||||||||||||||||||||||||||||||
3 Assets and | |||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Held at | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | December 31 | |||||||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 219 | $ | 3 | $ | 123 | $ | -97 | $ | (44) | $ | 51 | $ | (51) | $ | 204 | $ | (2) | |||||||||||||||||||||||
States, municipalities and political subdivisions | 96 | (2) | $ | 4 | 122 | -79 | (61) | 18 | (27) | 71 | |||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 413 | 4 | (14) | 116 | -10 | (75) | 4 | (107) | 331 | (3) | |||||||||||||||||||||||||||||||
Commercial mortgage-backed | 129 | 11 | 107 | -3 | (11) | 21 | (103) | 151 | |||||||||||||||||||||||||||||||||
Other asset-backed | 368 | 5 | (4) | 314 | -197 | (35) | (5) | 446 | (2) | ||||||||||||||||||||||||||||||||
Total asset-backed | 910 | 9 | (7) | 537 | -210 | (121) | 25 | (215) | 928 | (5) | |||||||||||||||||||||||||||||||
Redeemable preferred stock | 26 | (1) | (25) | - | |||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,251 | 9 | (3) | 782 | -386 | (251) | 94 | (293) | 1,203 | (7) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 89 | (4) | 19 | -24 | 80 | (4) | |||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,340 | $ | 5 | $ | (3) | $ | 801 | $ | (410) | $ | (251) | $ | 94 | $ | (293) | $ | 1,283 | $ | (11) | |||||||||||||||||||||
Equity securities available-for-sale | $ | 34 | $ | (27) | $ | 3 | $ | 2 | $ | (1) | $ | 11 | $ | (27) | |||||||||||||||||||||||||||
Equity securities, trading | 7 | (5) | 6 | 8 | (5) | ||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 41 | $ | (32) | $ | 3 | $ | 8 | $ | - | $ | - | $ | - | $ | (1) | $ | 19 | $ | (32) | |||||||||||||||||||||
Short term investments | $ | 6 | $ | -6 | $ | - | |||||||||||||||||||||||||||||||||||
Other invested assets | 1 | -1 | - | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 100 | $ | 13 | $ | (25) | 88 | $ | (2) | |||||||||||||||||||||||||||||||||
Separate account business | 2 | $ | 1 | -2 | 1 | ||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | 5 | 8 | $ | (9) | (2) | 1 | (6) | (3) | 1 | ||||||||||||||||||||||||||||||||
2012 | Balance, | Purchases | Sales | Settlements | Transfers | Transfers | Balance, | Unrealized | |||||||||||||||||||||||||||||||||
January 1 | into | out of | December 31 | Gains | |||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | (Losses) | |||||||||||||||||||||||||||||||||||||||
Net Realized Gains | Recognized in | ||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change | Net Income | ||||||||||||||||||||||||||||||||||||||||
in Unrealized Gains | on Level | ||||||||||||||||||||||||||||||||||||||||
(Losses) | 3 Assets and | ||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Held at | |||||||||||||||||||||||||||||||||||||||||
Included in | Included in | December 31 | |||||||||||||||||||||||||||||||||||||||
Net Income | OCI | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | 482 | $ | 6 | $ | 4 | $ | 230 | $ | -135 | $ | (88) | $ | 45 | $ | (325) | $ | 219 | $ | (3) | |||||||||||||||||||||
States, municipalities and political subdivisions | 171 | 14 | (89) | 96 | |||||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 452 | (14) | 2 | 97 | (40) | (84) | 413 | (18) | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 59 | 8 | 14 | 165 | -12 | (28) | 13 | (90) | 129 | ||||||||||||||||||||||||||||||||
Other asset-backed | 343 | 11 | 8 | 615 | -365 | (128) | (116) | 368 | |||||||||||||||||||||||||||||||||
Total asset-backed | 854 | 5 | 24 | 877 | -377 | (196) | 13 | (290) | 910 | (18) | |||||||||||||||||||||||||||||||
Redeemable preferred stock | - | (1) | 53 | -26 | 26 | ||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | 1,507 | 11 | 27 | 1,174 | -538 | (373) | 58 | (615) | 1,251 | (21) | |||||||||||||||||||||||||||||||
Fixed maturities, trading | 101 | (6) | 1 | -7 | 89 | (6) | |||||||||||||||||||||||||||||||||||
Total fixed maturities | $ | 1,608 | $ | 5 | $ | 27 | $ | 1,175 | $ | (545) | $ | (373) | $ | 58 | $ | (615) | $ | 1,340 | $ | (27) | |||||||||||||||||||||
Equity securities available-for-sale | $ | 67 | $ | (36) | $ | 6 | $ | 27 | $ | -16 | $ | (14) | $ | 34 | $ | (38) | |||||||||||||||||||||||||
Equity securities, trading | 14 | (6) | -1 | 7 | (6) | ||||||||||||||||||||||||||||||||||||
Total equity securities | $ | 81 | $ | (42) | $ | 6 | $ | 27 | $ | -17 | $ | - | $ | - | $ | (14) | $ | 41 | $ | (44) | |||||||||||||||||||||
Short term investments | $ | 27 | $ | 23 | $ | -4 | $ | (41) | $ | 1 | $ | 6 | |||||||||||||||||||||||||||||
Other invested assets | 11 | (10) | 1 | ||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 117 | $ | 53 | (70) | 100 | $ | 11 | ||||||||||||||||||||||||||||||||||
Separate account business | 23 | -21 | 2 | ||||||||||||||||||||||||||||||||||||||
Derivative financial instruments, net | (15) | (4) | $ | 30 | -6 | 5 | (1) | ||||||||||||||||||||||||||||||||||
Quantitative Information about Significant Unobservable Inputs Utilized by Company Fair Value Measurements of Level 3 Assets | ' | ||||||||||||||||||||||||||||||||||||||||
The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available to the Company. | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | Fair Value | Valuation | Unobservable | Range | |||||||||||||||||||||||||||||||||||||
Technique(s) | Input(s) | (Weighted | |||||||||||||||||||||||||||||||||||||||
Average) | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 142 | Discounted cash flow | Credit spread | 1.74% – 19.90%(3.98%) | ||||||||||||||||||||||||||||||||||||
Equity securities | 10 | Market approach | Private offering price | $360.12 – $4,267.66 per | |||||||||||||||||||||||||||||||||||||
share ($1,147.95 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 88 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 70% – 743%(191.6%) | ||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | 121 | Discounted cash flow | Expected call date | 3.3 – 5.3 years (4.3 years) | ||||||||||||||||||||||||||||||||||||
Credit spread adjustment | 0.02% – 0.48%(0.17%) | ||||||||||||||||||||||||||||||||||||||||
72 | Market approach | Private offering price | $42.39 – $102.32($100.11) | ||||||||||||||||||||||||||||||||||||||
Equity securities | 34 | Market approach | Private offering price | $4.54 – $3,842.00 per share | |||||||||||||||||||||||||||||||||||||
($571.17 per share) | |||||||||||||||||||||||||||||||||||||||||
Life settlement contracts | 100 | Discounted cash flow | Discount rate risk premium | 9% | |||||||||||||||||||||||||||||||||||||
Mortality assumption | 69% – 883%(208.9%) | ||||||||||||||||||||||||||||||||||||||||
Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities Not Measured at Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||
The carrying amounts reported on the Consolidated Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | Carrying | Estimated Fair Value | |||||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ 508 | $ 515 | $ 515 | ||||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts | 57 | 58 | 58 | ||||||||||||||||||||||||||||||||||||||
Short term debt | 838 | $ 852 | 20 | 872 | |||||||||||||||||||||||||||||||||||||
Long term debt | 9,995 | 10,387 | 182 | 10,569 | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ 401 | $ 418 | $ 418 | ||||||||||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||||||||
Premium deposits and annuity contracts | 100 | 104 | 104 | ||||||||||||||||||||||||||||||||||||||
Short term debt | 19 | $ 13 | 6 | 19 | |||||||||||||||||||||||||||||||||||||
Long term debt | 9,191 | 10,170 | 202 | 10,372 | |||||||||||||||||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Summary of Aggregate Contractual or Notional Amounts and Gross Estimated Fair Values Related to Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||
A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under the agreements and may not be representative of the potential for gain or loss on these instruments. | |||||||||||||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||||||||||||
Contractual/ | Contractual/ | ||||||||||||||||||||||||||||||
Notional | Estimated Fair Value | Notional | Estimated Fair Value | ||||||||||||||||||||||||||||
Amount | Asset | (Liability) | Amount | Asset | (Liability) | ||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
With hedge designation: | |||||||||||||||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||||||||||
Interest rate swaps | $ 300 | $ (4) | $ 300 | $ (6) | |||||||||||||||||||||||||||
Commodities: | |||||||||||||||||||||||||||||||
Forwards – short | 191 | $ 5 | (4) | 288 | $ 39 | (3) | |||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||||||||
Currency forwards – short | 114 | 2 | (1) | 144 | 4 | ||||||||||||||||||||||||||
Without hedge designation: | |||||||||||||||||||||||||||||||
Equity markets: | |||||||||||||||||||||||||||||||
Options – purchased | 1,561 | 41 | 255 | 19 | |||||||||||||||||||||||||||
– written | 729 | (23) | 374 | (11) | |||||||||||||||||||||||||||
Equity swaps and warrants – long | 17 | 9 | 14 | 6 | |||||||||||||||||||||||||||
Interest rate risk: | |||||||||||||||||||||||||||||||
Credit default swaps | |||||||||||||||||||||||||||||||
– purchased protection | 50 | (3) | 78 | (2) | |||||||||||||||||||||||||||
– sold protection | 25 | 33 | (2) | ||||||||||||||||||||||||||||
Foreign exchange: | |||||||||||||||||||||||||||||||
Currency forwards – long | 55 | 404 | (2) | ||||||||||||||||||||||||||||
– short | 113 | 128 | |||||||||||||||||||||||||||||
Receivables_Tables
Receivables (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Receivables | ' | ||||||||
December 31 | 2013 | 2012 | |||||||
(In millions) | |||||||||
Reinsurance | $ | 6,088 | $ | 6,231 | |||||
Insurance | 2,063 | 1,983 | |||||||
Receivable from brokers | 239 | 159 | |||||||
Accrued investment income | 448 | 437 | |||||||
Federal income taxes | 34 | 51 | |||||||
Other, primarily customer accounts | 818 | 717 | |||||||
Total | 9,690 | 9,578 | |||||||
Less: allowance for doubtful accounts on reinsurance receivables | 71 | 73 | |||||||
allowance for other doubtful accounts | 258 | 139 | |||||||
Receivables | $ | 9,361 | $ | 9,366 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||||||||||
Components of Property, Plant and Equipment | ' | ||||||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Pipeline equipment (net of accumulated DD&A of $1,404 and $1,168) | $ | 7,232 | $ | 7,148 | |||||||||||||||||||||
Offshore drilling equipment (net of accumulated DD&A of $3,727 and $3,347) | 3,750 | 3,824 | |||||||||||||||||||||||
Natural gas and oil proved and unproved properties (net of accumulated DD&A of $3,128 and $2,813) | 772 | 893 | |||||||||||||||||||||||
Other (net of accumulated DD&A of $825 and $874) | 812 | 815 | |||||||||||||||||||||||
Construction in process | 1,932 | 1,255 | |||||||||||||||||||||||
Property, plant and equipment, net | $ | 14,498 | $ | 13,935 | |||||||||||||||||||||
DD&A Expense and Capital Expenditures | ' | ||||||||||||||||||||||||
DD&A expense and capital expenditures are as follows: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
DD&A | Capital | DD&A | Capital | DD&A | Capital | ||||||||||||||||||||
Expend. | Expend. | Expend. | |||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
CNA Financial | $ | 72 | $ | 90 | $ | 71 | $ | 98 | $ | 70 | $ | 85 | |||||||||||||
Diamond Offshore | 389 | 987 | 394 | 721 | 399 | 783 | |||||||||||||||||||
Boardwalk Pipeline | 275 | 305 | 256 | 247 | 231 | 142 | |||||||||||||||||||
HighMount | 75 | 270 | 101 | 346 | 94 | 324 | |||||||||||||||||||
Loews Hotels | 32 | 369 | 30 | 30 | 29 | 19 | |||||||||||||||||||
Corporate and other | 6 | 4 | 7 | 10 | 10 | 19 | |||||||||||||||||||
Total | $ | 849 | $ | 2,025 | $ | 859 | $ | 1,452 | $ | 833 | $ | 1,372 | |||||||||||||
Natural Gas and Oil Property and Equipment Costs Not Being Amortized | ' | ||||||||||||||||||||||||
Total | 2013 | 2012 | 2011 | Prior | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Acquisition costs | $ 148 | $ 8 | $ 1 | $ 28 | $ 111 | ||||||||||||||||||||
Exploration costs | 76 | 70 | 1 | 3 | 2 | ||||||||||||||||||||
Capitalized interest | 35 | 7 | 7 | 8 | 13 | ||||||||||||||||||||
Total excluded costs | $ 259 | $ 85 | $ 9 | $ 39 | $ 126 | ||||||||||||||||||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Changes in Goodwill | ' | ||||||||||||||||||||||||
Total | CNA | Diamond | Boardwalk | HighMount | Loews | ||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Balance, December 31, 2011 | $ 908 | $ 86 | $ 20 | $ 215 | $ 584 | $ 3 | |||||||||||||||||||
Acquisitions | 91 | 35 | 56 | ||||||||||||||||||||||
Other adjustments | (3) | (3) | |||||||||||||||||||||||
Balance, December 31, 2012 | 996 | 118 | 20 | 271 | 584 | 3 | |||||||||||||||||||
Impairments | (636) | (52) | (584) | ||||||||||||||||||||||
Other adjustments | (3) | 1 | (4) | ||||||||||||||||||||||
Balance, December 31, 2013 | $ 357 | $ 119 | $ 20 | $ 215 | $ - | $ 3 | |||||||||||||||||||
Claim_and_Claim_Adjustment_Exp1
Claim and Claim Adjustment Expense Reserves (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Reconciliation of Claim and Claim Adjustment Expense Reserves | ' | ||||||||||||||||||||
The table below provides a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of the life company: | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Reserves, beginning of year: | |||||||||||||||||||||
Gross | $ | 24,763 | $ | 24,303 | $ 25,496 | ||||||||||||||||
Ceded | 5,126 | 5,020 | 6,122 | ||||||||||||||||||
Net reserves, beginning of year | 19,637 | 19,283 | 19,374 | ||||||||||||||||||
Change in net reserves due to acquisition (disposition) of subsidiaries | 291 | (277) | |||||||||||||||||||
Net incurred claim and claim adjustment expenses: | |||||||||||||||||||||
Provision for insured events of current year | 5,114 | 5,273 | 4,904 | ||||||||||||||||||
Decrease in provision for insured events of prior years | (115 | ) | (182 | ) | (429) | ||||||||||||||||
Amortization of discount | 154 | 145 | 135 | ||||||||||||||||||
Total net incurred (a) | 5,153 | 5,236 | 4,610 | ||||||||||||||||||
Net payments attributable to: | |||||||||||||||||||||
Current year events | (981 | ) | (988 | ) | (1,029) | ||||||||||||||||
Prior year events | (4,588 | ) | (4,280 | ) | (3,473) | ||||||||||||||||
Total net payments | (5,569 | ) | (5,268 | ) | (4,502) | ||||||||||||||||
Foreign currency translation adjustment and other | (104 | ) | 95 | 78 | |||||||||||||||||
Net reserves, end of year | 19,117 | 19,637 | 19,283 | ||||||||||||||||||
Ceded reserves, end of year | 4,972 | 5,126 | 5,020 | ||||||||||||||||||
Gross reserves, end of year | $ | 24,089 | $ | 24,763 | $ 24,303 | ||||||||||||||||
(a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected in the Consolidated Statements of Income due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and loss deductible receivables, and benefit expenses related to future policy benefits and policyholders’ funds, which are not reflected in the table above. | |||||||||||||||||||||
Changes in Provision for Insured Events of Prior Years | ' | ||||||||||||||||||||
The changes in provision for insured events of prior years (net prior year claim and claim adjustment expense reserve development) were as follows: | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Property and casualty reserve development | $ | (115 | ) | $ | (180 | ) | $ (429) | ||||||||||||||
Life reserve development in life company | (2 | ) | |||||||||||||||||||
Total | $ | (115 | ) | $ | (182 | ) | $ (429) | ||||||||||||||
Summary of Gross and Net Carried Reserves | ' | ||||||||||||||||||||
The following tables summarize the gross and net carried reserves: | |||||||||||||||||||||
December 31, 2013 | CNA | CNA | Life & | Other | Total | ||||||||||||||||
Specialty | Commercial | Group | |||||||||||||||||||
Non-Core | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Gross Case Reserves | $ 2,270 | $ 5,829 | $ 2,748 | $ 1,415 | $ 12,262 | ||||||||||||||||
Gross IBNR Reserves | 4,419 | 4,820 | 310 | 2,278 | 11,827 | ||||||||||||||||
Total Gross Carried Claim and Claim | |||||||||||||||||||||
Adjustment Expense Reserves | $ 6,689 | $ 10,649 | $ 3,058 | $ 3,693 | $ 24,089 | ||||||||||||||||
Net Case Reserves | $ 2,024 | $ 5,358 | $ 2,352 | $ 442 | $ 10,176 | ||||||||||||||||
Net IBNR Reserves | 4,142 | 4,269 | 271 | 259 | 8,941 | ||||||||||||||||
Total Net Carried Claim and Claim | |||||||||||||||||||||
Adjustment Expense Reserves | $ 6,166 | $ 9,627 | $ 2,623 | $ 701 | $ 19,117 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Gross Case Reserves | $ 2,292 | $ 6,146 | $ 2,690 | $ 1,540 | $ 12,668 | ||||||||||||||||
Gross IBNR Reserves | 4,456 | 5,180 | 316 | 2,143 | 12,095 | ||||||||||||||||
Total Gross Carried Claim and Claim | |||||||||||||||||||||
Adjustment Expense Reserves | $ 6,748 | $ 11,326 | $ 3,006 | $ 3,683 | $ 24,763 | ||||||||||||||||
Net Case Reserves | $ 2,008 | $ 5,611 | $ 2,253 | $ 484 | $ 10,356 | ||||||||||||||||
Net IBNR Reserves | 4,104 | 4,600 | 275 | 302 | 9,281 | ||||||||||||||||
Total Net Carried Claim and Claim | |||||||||||||||||||||
Adjustment Expense Reserves | $ 6,112 | $ 10,211 | $ 2,528 | $ 786 | $ 19,637 | ||||||||||||||||
Net Prior Year Development | ' | ||||||||||||||||||||
Year Ended December 31, 2013 | CNA | CNA | Other | Total | |||||||||||||||||
Specialty | Commercial | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ (230) | $ 104 | $ 8 | $ (118) | |||||||||||||||||
Pretax (favorable) unfavorable premium development | (17) | (9) | -16 | (42) | |||||||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ (247) | $ 95 | $ (8) | $ (160) | |||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ (135) | $ (46) | $ (24) | $ (205) | |||||||||||||||||
Pretax (favorable) unfavorable premium development | (15) | (35) | 4 | (46) | |||||||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ (150) | $ (81) | $ (20) | $ (251) | |||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ (217) | $ (204) | $ (2) | $ (423) | |||||||||||||||||
Pretax (favorable) unfavorable premium development | (28) | 21 | -1 | (8) | |||||||||||||||||
Total pretax (favorable) unfavorable net prior year development | $ (245) | $ (183) | $ (3) | $ (431) | |||||||||||||||||
Impact of Loss Portfolio Transfer on Consolidated Statements of Income | ' | ||||||||||||||||||||
The following table displays the impact of the Loss Portfolio Transfer on the Consolidated Statements of Income. | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Net A&EP adverse development before consideration of LPT | $ | 363 | $ | 261 | $ | 84 | |||||||||||||||
Provision for uncollectible third party reinsurance on A&EP | 140 | ||||||||||||||||||||
Additional amounts ceded under LPT | 503 | 261 | 84 | ||||||||||||||||||
Retroactive reinsurance benefit recognized | (314 | ) | (261 | ) | (84) | ||||||||||||||||
Pretax impact of unrecognized deferred retroactive reinsurance benefit | $ | 189 | $ | - | $ | - | |||||||||||||||
CNA Commercial [Member] | ' | ||||||||||||||||||||
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | ' | ||||||||||||||||||||
The following table and discussion provide further detail of the development recorded for the CNA Commercial segment: | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Commercial auto | $ | 15 | $ | 27 | $ | (98) | |||||||||||||||
General liability | 59 | (64 | ) | (39) | |||||||||||||||||
Workers’ compensation | 92 | 15 | 36 | ||||||||||||||||||
Property and other | (62 | ) | (24 | ) | (103) | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | 104 | $ | (46 | ) | $ | (204) | ||||||||||||||
CNA Specialty [Member] | ' | ||||||||||||||||||||
Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development | ' | ||||||||||||||||||||
The following table and discussion provide further detail of the net prior year claim and allocated claim adjustment expense reserve development (“development”) recorded for the CNA Specialty segment: | |||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||
(In millions) | |||||||||||||||||||||
Medical professional liability | $ | (35 | ) | $ | (32 | ) | $ | (92) | |||||||||||||
Other professional liability and management liability | (101 | ) | (22 | ) | (78) | ||||||||||||||||
Surety | (74 | ) | (63 | ) | (47) | ||||||||||||||||
Warranty | (3 | ) | (5 | ) | (13) | ||||||||||||||||
Other | (17 | ) | (13 | ) | 13 | ||||||||||||||||
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $ | (230 | ) | $ | (135 | ) | $ | (217) | |||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Leases [Abstract] | ' | ||||||||
Future Minimum Lease Payments to be Made Under Non-Cancelable Operating Leases Along with Lease and Sublease Minimum Receipts to be Received on Owned and Leased Properties | ' | ||||||||
The table below presents the future minimum lease payments to be made under non-cancelable operating leases along with lease and sublease minimum receipts to be received on owned and leased properties. | |||||||||
Future Minimum Lease | |||||||||
Year Ended December 31 | Payments | Receipts | |||||||
(In millions) | |||||||||
2014 | $ | 66 | $ | 2 | |||||
2015 | 60 | ||||||||
2016 | 53 | ||||||||
2017 | 42 | ||||||||
2018 | 35 | ||||||||
Thereafter | 127 | ||||||||
Total | $ | 383 | $ | 2 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Current and Deferred Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The current and deferred components of income tax expense (benefit) are as follows: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Income tax expense (benefit): | |||||||||||||
Federal: | |||||||||||||
Current | $ | 171 | $ | 183 | $ | 127 | |||||||
Deferred | 15 | (18 | ) | 246 | |||||||||
State and city: | |||||||||||||
Current | 19 | 19 | 10 | ||||||||||
Deferred | (8 | ) | (5 | ) | 14 | ||||||||
Foreign | 163 | 110 | 135 | ||||||||||
Total | $ | 360 | $ | 289 | $ | 532 | |||||||
Components of U.S. and Foreign Income and Reconciliation Between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense | ' | ||||||||||||
The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense is as follows: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Income before income tax: | |||||||||||||
U.S. | $ | 1,097 | $ | 911 | $ | 1,466 | |||||||
Foreign | 332 | 488 | 760 | ||||||||||
Total | $ | 1,429 | $ | 1,399 | $ | 2,226 | |||||||
Income tax expense at statutory rate | $ | 500 | $ | 490 | $ | 779 | |||||||
Increase (decrease) in income tax expense resulting from: | |||||||||||||
Exempt investment income | (99 | ) | (86 | ) | (76) | ||||||||
Foreign related tax differential | (117 | ) | (152 | ) | (203) | ||||||||
Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions | 31 | 31 | 30 | ||||||||||
Taxes related to domestic affiliate | 19 | 25 | 55 | ||||||||||
Partnership earnings not subject to taxes | (38 | ) | (43 | ) | (27) | ||||||||
Unrecognized tax benefit (expense) | 66 | 6 | (8) | ||||||||||
Other (a) | (2 | ) | 18 | (18) | |||||||||
Income tax expense | $ | 360 | $ | 289 | $ | 532 | |||||||
(a) | Includes state and local taxes, retroactive tax law changes, adjustments to prior year estimates and other non-deductible expenses. | ||||||||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Tax Carryforwards and Interest and Penalties | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding tax carryforwards and interest and penalties, is as follows: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Balance at January 1 | $ | 67 | $ | 63 | $ | 75 | |||||||
Additions based on tax positions related to the current year | 2 | 4 | 1 | ||||||||||
Additions for tax positions related to a prior year | 31 | 5 | |||||||||||
Reductions for tax positions related to a prior year | (7 | ) | (5 | ) | (5) | ||||||||
Lapse of statute of limitations | (2 | ) | (8) | ||||||||||
Balance at December 31 | $ | 91 | $ | 67 | $ | 63 | |||||||
Summary of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The following table summarizes deferred tax assets and liabilities: | |||||||||||||
December 31 | 2013 | 2012 | |||||||||||
(In millions) | |||||||||||||
Deferred tax assets: | |||||||||||||
Insurance reserves: | |||||||||||||
Property and casualty claim and claim adjustment expense reserves | $ | 289 | $ | 352 | |||||||||
Unearned premium reserves | 178 | 162 | |||||||||||
Receivables | 53 | 62 | |||||||||||
Employee benefits | 319 | 524 | |||||||||||
Life settlement contracts | 46 | 45 | |||||||||||
Deferred retroactive reinsurance benefit | 66 | ||||||||||||
Net loss and tax credits carried forward | 81 | 178 | |||||||||||
Basis differential in investment in subsidiary | 23 | 26 | |||||||||||
Goodwill | 221 | 33 | |||||||||||
Other | 186 | 172 | |||||||||||
Deferred tax assets | 1,462 | 1,554 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Deferred acquisition costs | (232 | ) | (238) | ||||||||||
Net unrealized gains | (359 | ) | (733) | ||||||||||
Property, plant and equipment | (786 | ) | (691) | ||||||||||
Basis differential in investment in subsidiary | (564 | ) | (565) | ||||||||||
Other liabilities | (198 | ) | (167) | ||||||||||
Deferred tax liabilities | (2,139 | ) | (2,394) | ||||||||||
Net deferred tax liability (a) | $ | (677 | ) | $ | (840) | ||||||||
(a) | Includes $39 million of deferred tax assets reflected in Other assets in our Consolidated Balance Sheet at December 31, 2013. |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Long-Term Debt Instruments | ' | ||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Loews Corporation (Parent Company): | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
5.3% notes due 2016 (effective interest rate of 5.4%) (authorized, $400) | $ | 400 | $ | 400 | |||||||||||||||||
2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500) | 500 | ||||||||||||||||||||
6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300) | 300 | 300 | |||||||||||||||||||
4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500) | 500 | ||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
5.9% notes due 2014 (effective interest rate of 6.0%) (authorized, $549) | 549 | 549 | |||||||||||||||||||
6.5% notes due 2016 (effective interest rate of 6.6%) (authorized, $350) | 350 | 350 | |||||||||||||||||||
7.0% notes due 2018 (effective interest rate of 7.1%) (authorized, $150) | 150 | 150 | |||||||||||||||||||
7.4% notes due 2019 (effective interest rate of 7.5%) (authorized, $350) | 350 | 350 | |||||||||||||||||||
5.9% notes due 2020 (effective interest rate of 6.0%) (authorized, $500) | 500 | 500 | |||||||||||||||||||
5.8% notes due 2021 (effective interest rate of 5.9%) (authorized, $400) | 400 | 400 | |||||||||||||||||||
7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250) | 243 | 243 | |||||||||||||||||||
Variable rate note due 2036 (effective interest rate of 3.5% and 3.7%) | 30 | 30 | |||||||||||||||||||
Other senior debt (effective interest rates approximate 2.9%) | 13 | ||||||||||||||||||||
Diamond Offshore: | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
5.2% notes due 2014 (effective interest rate of 5.2%) (authorized, $250) | 250 | 250 | |||||||||||||||||||
4.9% notes due 2015 (effective interest rate of 5.0%) (authorized, $250) | 250 | 250 | |||||||||||||||||||
5.9% notes due 2019 (effective interest rate of 6.0%) (authorized, $500) | 500 | 500 | |||||||||||||||||||
3.5% notes due 2023 (effective interest rate of 3.6%) (authorized, $250) | 250 | ||||||||||||||||||||
5.7% notes due 2039 (effective interest rate of 5.8%) (authorized, $500) | 500 | 500 | |||||||||||||||||||
4.9% notes due 2043 (effective interest rate of 5.0%) (authorized, $750) | 750 | ||||||||||||||||||||
Boardwalk Pipeline: | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
Variable rate revolving credit facility due 2017 (effective interest rate of 1.3%) | 175 | 302 | |||||||||||||||||||
Variable rate term loan due 2017 (effective interest rate of 1.9% and 2.0%) | 225 | 225 | |||||||||||||||||||
4.6% notes due 2015 (effective interest rate of 5.1%) (authorized, $250) | 250 | 250 | |||||||||||||||||||
5.1% notes due 2015 (effective interest rate of 5.2%) (authorized, $275) | 275 | 275 | |||||||||||||||||||
5.9% notes due 2016 (effective interest rate of 6.0%) (authorized, $250) | 250 | 250 | |||||||||||||||||||
5.5% notes due 2017 (effective interest rate of 5.6%) (authorized, $300) | 300 | 300 | |||||||||||||||||||
6.3% notes due 2017 (effective interest rate of 6.4%) (authorized, $275) | 275 | 275 | |||||||||||||||||||
5.2% notes due 2018 (effective interest rate of 5.4%) (authorized, $185) | 185 | 185 | |||||||||||||||||||
5.8% notes due 2019 (effective interest rate of 5.9%) (authorized, $350) | 350 | 350 | |||||||||||||||||||
4.5% notes due 2021 (effective interest rate of 5.0%) (authorized, $440) | 440 | 440 | |||||||||||||||||||
4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300) | 300 | 300 | |||||||||||||||||||
3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300) | 300 | 300 | |||||||||||||||||||
7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100) | 100 | 100 | |||||||||||||||||||
Capital lease obligation | 10 | ||||||||||||||||||||
HighMount: | |||||||||||||||||||||
Senior: | |||||||||||||||||||||
Variable rate credit facility due 2016 (effective interest rate of 3.4%) | 500 | 710 | |||||||||||||||||||
Capital lease obligation | 2 | ||||||||||||||||||||
Loews Hotels: | |||||||||||||||||||||
Senior debt, principally mortgages (effective interest rates approximate 3.9%) | 202 | 209 | |||||||||||||||||||
10,911 | 9,256 | ||||||||||||||||||||
Less unamortized discount | 65 | 46 | |||||||||||||||||||
Debt | $ | 10,846 | $ | 9,210 | |||||||||||||||||
Schedule of Debt by Subsidiary | ' | ||||||||||||||||||||
December 31, 2013 | Principal | Unamortized | Net | Short Term | Long Term | ||||||||||||||||
Discount | Debt | Debt | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Loews Corporation | $ | 1,700 | $ | 22 | $ | 1,678 | $ | 1,678 | |||||||||||||
CNA Financial | 2,572 | 12 | 2,560 | $ | 549 | 2,011 | |||||||||||||||
Diamond Offshore | 2,500 | 20 | 2,480 | 250 | 2,230 | ||||||||||||||||
Boardwalk Pipeline | 3,435 | 11 | 3,424 | 3,424 | |||||||||||||||||
HighMount | 502 | 502 | 21 | 481 | |||||||||||||||||
Loews Hotels | 202 | 202 | 20 | 182 | |||||||||||||||||
Total | $ | 10,911 | $ | 65 | $ | 10,846 | $ | 840 | $ | 10,006 | |||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||
The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the years ended December 31, 2011, 2012 and 2013: | |||||||||||||||||||||||||
OTTI | Unrealized | Cash Flow | Pension | Foreign | Total | ||||||||||||||||||||
Gains | Gains (Losses) | Hedges | Liability | Currency | Accumulated | ||||||||||||||||||||
(Losses) | on Investments | Translation | Other | ||||||||||||||||||||||
Comprehensive | |||||||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Balance, January 1, 2011 | $ | -65 | $ | 607 | $ | -18 | $ (415) | $ | 121 | $ | 230 | ||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $23, $(211), $(13), $126 and $0 | -44 | 377 | 20 | -241 | (14 | ) | 98 | ||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $(29), $8, $(10), $0 and $0 | 54 | (15) | 19 | 3 | 61 | ||||||||||||||||||||
Other comprehensive income (loss) | 10 | 362 | 39 | -238 | (14 | ) | 159 | ||||||||||||||||||
Acquisition of CNA Surety noncontrolling interests and disposition of FICOH ownership interest | 2 | 8 | 10 | ||||||||||||||||||||||
Issuance of equity securities by subsidiary | 1 | 1 | |||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -2 | (42) | 4 | 23 | 1 | (16) | |||||||||||||||||||
Balance, December 31, 2011 | -57 | 929 | 25 | -621 | 108 | 384 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(54), $(151), $(17), $76 and $0 | 102 | 281 | 26 | -145 | 39 | 303 | |||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $10, $(31), $20, $(8) and $0 | -18 | 58 | -34 | 13 | 19 | ||||||||||||||||||||
Other comprehensive income (loss) | 84 | 339 | -8 | -132 | 39 | 322 | |||||||||||||||||||
Issuance of equity securities by subsidiary | 5 | 5 | |||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -9 | (35) | -1 | 16 | (4 | ) | (33) | ||||||||||||||||||
Balance, December 31, 2012 | 18 | 1,233 | 16 | -732 | 143 | 678 | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $(3), $354, $7, $(165) and $0 | 6 | (658) | -12 | 307 | (11 | ) | (368) | ||||||||||||||||||
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $10, $8, $(12) and $0 | (21) | -11 | 22 | (10) | |||||||||||||||||||||
Other comprehensive income (loss) | 6 | (679) | -23 | 329 | (11 | ) | (378) | ||||||||||||||||||
Issuance of equity securities by subsidiary | 2 | 2 | |||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -1 | 68 | -31 | 1 | 37 | ||||||||||||||||||||
Balance, December 31, 2013 | $ | 23 | $ | 622 | $ | -7 | $ (432) | $ | 133 | $ | 339 | ||||||||||||||
Statutory_Accounting_Practices1
Statutory Accounting Practices (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Combined Statutory Capital and Surplus and Net Income (Loss) | ' | ||||||||||||||||
Combined statutory capital and surplus and net income (loss), determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities for the Combined Continental Casualty Companies and the life company, were as follows: | |||||||||||||||||
Statutory Capital and Surplus | Statutory Net Income (Loss) | ||||||||||||||||
December 31 | Year Ended December 31 | ||||||||||||||||
2013 (b) | 2012 | 2013 (b) | 2012 | 2011 | |||||||||||||
(In millions) | |||||||||||||||||
Combined Continental Casualty Companies (a) | $ 11,137 | $ 9,998 | $ 913 | $ 391 | $ 954 | ||||||||||||
Life company | 597 | 556 | 48 | 44 | 29 | ||||||||||||
(a) | Represents the combined statutory surplus of CCC and its subsidiaries, including the life company. | ||||||||||||||||
(b) | Information derived from the statutory-basis financial statements to be filed with insurance regulators. |
Supplemental_Natural_Gas_and_O1
Supplemental Natural Gas and Oil Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Extractive Industries [Abstract] | ' | ||||||||||||
Estimated Net Quantities of Proved Natural Gas and Oil Reserves | ' | ||||||||||||
Estimated net quantities of proved natural gas and oil (including condensate and NGLs) reserves at December 31, 2013, 2012 and 2011 and changes in the reserves during 2013, 2012 and 2011 are shown in the schedule below: | |||||||||||||
Proved Developed and Undeveloped Reserves | Natural | NGLs and | Natural Gas | ||||||||||
Gas | Oil | Equivalents | |||||||||||
(Bcf) | (thousands | (Bcfe) | |||||||||||
of barrels) | |||||||||||||
January 1, 2011 | 945 | 59,195 | 1,300 | ||||||||||
Changes in reserves: | |||||||||||||
Extensions, discoveries and other additions | 26 | 3,556 | 48 | ||||||||||
Revisions of previous estimates (a) | -107 | (7,540) | (152) | ||||||||||
Production | -45 | (2,976) | (63) | ||||||||||
Sales of reserves in place | (11) | ||||||||||||
Purchases of reserves in place | 167 | 1 | |||||||||||
December 31, 2011 | 819 | 52,391 | 1,134 | ||||||||||
Changes in reserves: | |||||||||||||
Extensions, discoveries and other additions (b) | 22 | 8,960 | 75 | ||||||||||
Revisions of previous estimates (c) | -244 | (13,902) | (328) | ||||||||||
Production | -39 | (2,858) | (56) | ||||||||||
Sales of reserves in place | |||||||||||||
Purchases of reserves in place | |||||||||||||
December 31, 2012 | 558 | 44,591 | 825 | ||||||||||
Changes in reserves: | |||||||||||||
Extensions, discoveries and other additions | 765 | 6 | |||||||||||
Revisions of previous estimates (d) | -11 | (8,643) | (63) | ||||||||||
Production | -33 | (2,566) | (48) | ||||||||||
Sales of reserves in place | (15) | (1) | |||||||||||
Purchases of reserves in place | |||||||||||||
December 31, 2013 | 514 | 34,132 | 719 | ||||||||||
Proved developed reserves at: | |||||||||||||
December 31, 2011 | 623 | 37,951 | 851 | ||||||||||
December 31, 2012 | 491 | 33,781 | 694 | ||||||||||
December 31, 2013 | 485 | 30,333 | 667 | ||||||||||
(a) | During 2011, HighMount reduced its proved developed and proved undeveloped reserves by 152 Bcfe as a result of recent higher decline rates of producing wells and economic factors such as lower gas prices and higher operating expenses. | ||||||||||||
(b) | During 2012, HighMount converted 27 Bcfe from probable reserves to proved developed and converted another 48 Bcfe from probable reserves to proved undeveloped as a result of new drilling activity. | ||||||||||||
(c) | During 2012, HighMount reclassified 199 Bcfe of proved undeveloped reserves to a non-proved category as a result of economic factors such as lower gas prices and higher operating expenses. Lower gas prices also resulted in an 80 Bcfe reduction in proved developed reserves due to wells reaching their economic limit sooner than previously anticipated. Additionally, HighMount reduced its proved developed reserves by 49 Bcfe as a result of higher production declines on its producing wells, partly due to the suspension of uneconomic maintenance and recompletion work. | ||||||||||||
(d) | During 2013, HighMount reclassified 79 Bcfe of proved undeveloped reserves to a non-proved category due to variability in well performance and reduction in drilling plans as a result of continued low natural gas and NGL prices. Additionally, HighMount reduced its proved developed reserves by 73 Bcfe primarily as a result of higher production declines on its gas-producing wells, partly due to the suspension of uneconomic maintenance and recompletion work. Higher gas prices resulted in an 89 Bcfe increase in proved developed reserves due to wells reaching their economic limit later than previously anticipated. | ||||||||||||
Aggregate Amounts of Costs Capitalized for Natural Gas and Oil Producing Activities | ' | ||||||||||||
The aggregate amounts of costs capitalized for natural gas and oil producing activities, and related aggregate amounts of accumulated depletion follow: | |||||||||||||
December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Subject to depletion | $ | 3,641 | $ | 3,497 | $ | 3,002 | |||||||
Costs excluded from depletion | 259 | 209 | 384 | ||||||||||
Gross natural gas, NGL and oil properties | 3,900 | 3,706 | 3,386 | ||||||||||
Less accumulated depletion | 3,128 | 2,813 | 2,056 | ||||||||||
Net natural gas, NGL and oil properties | $ | 772 | $ | 893 | $ | 1,330 | |||||||
Costs Incurred in Natural Gas and Oil Producing Activities | ' | ||||||||||||
The following costs were incurred in natural gas and oil producing activities: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Acquisition of properties: | |||||||||||||
Proved | $ | 12 | |||||||||||
Unproved | $ | 18 | $ | 16 | 128 | ||||||||
Subtotal | 18 | 16 | 140 | ||||||||||
Exploration costs | 16 | 6 | 11 | ||||||||||
Development costs (a) | 222 | 308 | 159 | ||||||||||
Total | $ | 256 | $ | 330 | $ | 310 | |||||||
(a) | Development costs incurred for proved undeveloped reserves were $17, $14 and $25 in 2013, 2012 and 2011. | ||||||||||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Natural Gas and Oil Reserve Quantities | ' | ||||||||||||
The following table represents a calculation of the standardized measure of discounted future net cash flows relating to proved natural gas and oil reserve quantities that HighMount owns: | |||||||||||||
December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Future cash inflows (a) (b) | $ | 2,819 | $ | 3,405 | $ 5,688 | ||||||||
Less: | |||||||||||||
Future production costs | 1,392 | 1,446 | 1,969 | ||||||||||
Future development costs | 131 | 359 | 636 | ||||||||||
Future income tax expense | 6 | 456 | |||||||||||
Future cash flows | 1,296 | 1,594 | 2,627 | ||||||||||
Less annual discount (10% a year) | 813 | 948 | 1,725 | ||||||||||
Standardized measure of discounted future net cash flows | $ | 483 | $ | 646 | $ 902 | ||||||||
(a) 2013, 2012 and 2011 amounts exclude the effect of derivative instruments designated as hedges of future sales of production at year end. | |||||||||||||
(b) The following prices were used in the determination of standardized measure: | |||||||||||||
December 31 | 2013 | 2012 | 2011 | ||||||||||
Gas (per million British thermal units) | $ | 3.67 | $ | 2.76 | $ 4.12 | ||||||||
NGL (per barrel) | 35.39 | 41.11 | 55.18 | ||||||||||
Oil (per barrel) | 96.94 | 94.71 | 96.19 | ||||||||||
Changes Between Total Standardized Measure of Discounted Future Net Cash Flows | ' | ||||||||||||
The following table is a summary of changes between the total standardized measure of discounted future net cash flows at the beginning and end of each year: | |||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||
(In millions) | |||||||||||||
Standardized measure, beginning of period | $ | 646 | $ | 902 | $ 957 | ||||||||
Changes in the year resulting from: | |||||||||||||
Sales and transfers of natural gas and oil produced during the year, less production costs | (169) | (213) | (291) | ||||||||||
Net changes in prices and development costs | 103 | -644 | 164 | ||||||||||
Extensions, discoveries and other additions, less production and development costs | 50 | 183 | 82 | ||||||||||
Previously estimated development costs incurred during the period | 17 | 14 | 25 | ||||||||||
Revisions of previous quantity estimates | -163 | 181 | (173) | ||||||||||
Net changes in purchases and sales of proved reserves in place | -32 | 3 | |||||||||||
Accretion of discount | 61 | 100 | 107 | ||||||||||
Income taxes | -37 | 131 | 20 | ||||||||||
Net changes in production rates and other | 7 | -8 | 8 | ||||||||||
Standardized measure, end of period | $ | 483 | $ | 646 | $ 902 | ||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Benefit Obligations | ' | ||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
31-Dec | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate | 4.40% | 3.60% | 4.50% | 4.2% | 3.5% | 4.3% | |||||||||||||||||||
Expected long term rate of return on plan assets | 7.50% | 7.5% to 7.8% | 7.5% to 8.0% | 5.30% | 5.30% | 5.3% | |||||||||||||||||||
Rate of compensation increase | 3.5% to 5.5% | 3.5% to 5.5% | 4.0% to 5.5% | ||||||||||||||||||||||
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
Discount rate | 3.90% | 4.50% | 5.30% | 3.5% | 4.4% | 5.0% | |||||||||||||||||||
Expected long term rate of return on plan assets | 7.5% to 7.8% | 7.5% to 8.0% | 7.5% to 8.0% | 5.30% | 5.30% | 4.6% | |||||||||||||||||||
Rate of compensation increase | 3.5% to 5.5% | 4.0% to 5.5% | 4.0% to 5.5% | ||||||||||||||||||||||
Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
Assumed health care cost trend rates: | |||||||||||||||||||||||||
December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Health care cost trend rate assumed for next year | 4.0% to 8.5% | 4.0% to 8.5% | 4.0% to 8.5% | ||||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.0% to 5.0% | 4.0% to 5.0% | 4.0% to 5.0% | ||||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2014-2022 | 2013-2021 | 2012-2020 | ||||||||||||||||||||||
Components of Net Periodic Benefit Cost | ' | ||||||||||||||||||||||||
Net periodic benefit cost components: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Service cost | $ | 22 | $ | 24 | $ | 24 | $ | 1 | $ | 1 | $ | 2 | |||||||||||||
Interest cost | 136 | 151 | 164 | 4 | 5 | 6 | |||||||||||||||||||
Expected return on plan assets | -198 | (188) | (188) | -5 | -4 | (3) | |||||||||||||||||||
Amortization of unrecognized net loss | 54 | 47 | 29 | 1 | 1 | ||||||||||||||||||||
Amortization of unrecognized prior service benefit | (25) | -25 | (27) | ||||||||||||||||||||||
Regulatory asset decrease | 4 | ||||||||||||||||||||||||
Settlement/Curtailment | 5 | ||||||||||||||||||||||||
Net periodic benefit cost | $ | 19 | $ | 34 | $ | 29 | $ | (24) | $ | (23) | $ | (17) | |||||||||||||
Reconciliation of Benefit Obligations and Plan Assets | ' | ||||||||||||||||||||||||
The following provides a reconciliation of benefit obligations and plan assets: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at January 1 | $ | 3,700 | $ | 3,393 | $ | 122 | $ | 118 | |||||||||||||||||
Service cost | 22 | 24 | 1 | 1 | |||||||||||||||||||||
Interest cost | 136 | 151 | 4 | 5 | |||||||||||||||||||||
Plan participants’ contributions | 6 | 6 | |||||||||||||||||||||||
Amendments/Curtailments | -13 | (2 | ) | ||||||||||||||||||||||
Actuarial (gain) loss | -313 | 303 | (13 | ) | 8 | ||||||||||||||||||||
Benefits paid from plan assets | -178 | -190 | (17 | ) | (16) | ||||||||||||||||||||
Settlements | -19 | ||||||||||||||||||||||||
Foreign exchange | 1 | 19 | |||||||||||||||||||||||
Benefit obligation at December 31 | 3,336 | 3,700 | 101 | 122 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at January 1 | 2,672 | 2,435 | 87 | 82 | |||||||||||||||||||||
Actual return on plan assets | 340 | 269 | (2 | ) | 8 | ||||||||||||||||||||
Company contributions | 98 | 141 | 7 | 7 | |||||||||||||||||||||
Plan participants’ contributions | 6 | 6 | |||||||||||||||||||||||
Benefits paid from plan assets | -178 | -190 | (17 | ) | (16) | ||||||||||||||||||||
Settlements | -19 | ||||||||||||||||||||||||
Foreign exchange | 1 | 17 | |||||||||||||||||||||||
Fair value of plan assets at December 31 | 2,914 | 2,672 | 81 | 87 | |||||||||||||||||||||
Funded status | $ | -422 | $ | -1,028 | $ | (20 | ) | $ | (35) | ||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||
Other assets | $ | 9 | $ | 31 | $ | 27 | |||||||||||||||||||
Other liabilities | -431 | $ | -1,028 | (51 | ) | (62) | |||||||||||||||||||
Net amount recognized | $ | -422 | $ | -1,028 | $ | (20 | ) | $ | (35) | ||||||||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income (loss) Not Yet Recognized in Net Periodic (Benefit) Cost | ' | ||||||||||||||||||||||||
Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost: | |||||||||||||||||||||||||
Prior service cost (credit) | $ | -6 | $ | 3 | $ | (117 | ) | $ | (140) | ||||||||||||||||
Net actuarial loss | 831 | 1,348 | 18 | 24 | |||||||||||||||||||||
Net amount recognized | $ | 825 | $ | 1,351 | $ | (99 | ) | $ | (116) | ||||||||||||||||
Information for plans with projected and accumulated benefit obligations in excess of plan assets: | |||||||||||||||||||||||||
Projected benefit obligation | $ | 3,229 | $ | 3,700 | |||||||||||||||||||||
Accumulated benefit obligation | 3,160 | 3,509 | $ | 51 | $ | 62 | |||||||||||||||||||
Fair value of plan assets | 2,914 | 2,672 | |||||||||||||||||||||||
Estimated Amounts to Be Recognized from Accumulated Other Comprehensive Income into Net Periodic Cost (Benefit) | ' | ||||||||||||||||||||||||
The table below presents the estimated amounts to be recognized from Accumulated other comprehensive income into net periodic cost (benefit) during 2014. | |||||||||||||||||||||||||
Pension | Other | ||||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Amortization of net actuarial loss | $ 30 | $ 1 | |||||||||||||||||||||||
Amortization of prior service credit | (1) | (26) | |||||||||||||||||||||||
Total estimated amounts to be recognized | $ 29 | $ (25) | |||||||||||||||||||||||
Estimated Future Minimum Benefit Payments | ' | ||||||||||||||||||||||||
The table below presents the estimated future minimum benefit payments at December 31, 2013. | |||||||||||||||||||||||||
Expected future benefit payments | Pension | Other | |||||||||||||||||||||||
Benefits | Postretirement | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
2014 | $ 221 | $ 9 | |||||||||||||||||||||||
2015 | 218 | 9 | |||||||||||||||||||||||
2016 | 225 | 9 | |||||||||||||||||||||||
2017 | 231 | 9 | |||||||||||||||||||||||
2018 | 235 | 8 | |||||||||||||||||||||||
Thereafter | 1,181 | 35 | |||||||||||||||||||||||
$ 2,311 | $ 79 | ||||||||||||||||||||||||
Summary of Stock Option and SAR Transactions | ' | ||||||||||||||||||||||||
A summary of the stock option and SAR transactions for the Loews Plan follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||||||||||
Awards | Average | Awards | Average | ||||||||||||||||||||||
Exercise | Exercise | ||||||||||||||||||||||||
Price | Price | ||||||||||||||||||||||||
Awards outstanding, January 1 | 6,535,150 | $ | 36.963 | 6,624,609 | $ | 34.447 | |||||||||||||||||||
Granted | 903,975 | 44.408 | 970,800 | 39.605 | |||||||||||||||||||||
Exercised | -871,155 | 32.542 | -985,359 | 22.517 | |||||||||||||||||||||
Canceled | -91,579 | 43.975 | -74,900 | 38.701 | |||||||||||||||||||||
Awards outstanding, December 31 | 6,476,391 | 38.497 | 6,535,150 | 36.963 | |||||||||||||||||||||
Awards exercisable, December 31 | 4,496,245 | $ | 37.282 | 4,566,021 | $ | 36.521 | |||||||||||||||||||
Summary of Stock Options and SARs Outstanding by Exercise Price Range | ' | ||||||||||||||||||||||||
The following table summarizes information about the Company’s stock options and SARs outstanding in connection with the Loews Plan at December 31, 2013: | |||||||||||||||||||||||||
Awards Outstanding | Awards Exercisable | ||||||||||||||||||||||||
Range of exercise prices | Number of | Weighted | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average | Average | Shares | Average | |||||||||||||||||||||
Remaining | Exercise | Exercise | |||||||||||||||||||||||
Contractual | Price | Price | |||||||||||||||||||||||
Life | |||||||||||||||||||||||||
$10.01-20.00 | 154,803 | 0.1 | $ | 18.865 | 154,803 | $ | 18.865 | ||||||||||||||||||
20.01-30.00 | 723,172 | 3.4 | 24.773 | 723,172 | 24.773 | ||||||||||||||||||||
30.01-40.00 | 2,761,766 | 5.6 | 36.796 | 1,924,554 | 36.224 | ||||||||||||||||||||
40.01-50.00 | 2,645,775 | 6.4 | 44.265 | 1,502,841 | 44.801 | ||||||||||||||||||||
50.01-60.00 | 190,875 | 3.1 | 51.08 | 190,875 | 51.080 | ||||||||||||||||||||
Assumptions Used in Estimating Fair Value of Granted Options and SARs and Results | ' | ||||||||||||||||||||||||
The fair value of granted options and SARs for the Loews Plan were estimated at the grant date using the Black-Scholes pricing model with the following assumptions and results: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Expected dividend yield | 0.6 | % | 0.6 | % | 0.6% | ||||||||||||||||||||
Expected volatility | 16.3 | % | 19 | % | 24.1% | ||||||||||||||||||||
Weighted average risk-free interest rate | 1.1 | % | 0.8 | % | 1.7% | ||||||||||||||||||||
Expected holding period (in years) | 5 | 5 | 5.0 | ||||||||||||||||||||||
Weighted average fair value of awards | $ | 6.75 | $ | 6.53 | $ | 8.92 | |||||||||||||||||||
Other Postretirement Benefits [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis | ' | ||||||||||||||||||||||||
Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below. | |||||||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 17 | $ | 17 | |||||||||||||||||||||
States, municipalities and political subdivisions | 38 | 38 | |||||||||||||||||||||||
Asset-backed | 20 | 20 | |||||||||||||||||||||||
Total fixed maturities | $ | - | 75 | $ | - | 75 | |||||||||||||||||||
Short term investments | 3 | 3 | |||||||||||||||||||||||
Fixed income mutual funds | 3 | 3 | |||||||||||||||||||||||
Total | $ | 6 | $ | 75 | $ | - | $ | 81 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 20 | $ | 20 | |||||||||||||||||||||
States, municipalities and political subdivisions | 38 | 38 | |||||||||||||||||||||||
Asset-backed | 21 | 21 | |||||||||||||||||||||||
Total fixed maturities | $ | - | 79 | $ | - | 79 | |||||||||||||||||||
Short term investments | 4 | 4 | |||||||||||||||||||||||
Fixed income mutual funds | 4 | 4 | |||||||||||||||||||||||
Total | $ | 8 | $ | 79 | $ | - | $ | 87 | |||||||||||||||||
Pension Benefits [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan, Fair Value of Plan Assets Measured on Recurring Basis | ' | ||||||||||||||||||||||||
Pension plan assets measured at fair value on a recurring basis are summarized below. | |||||||||||||||||||||||||
December 31, 2013 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 505 | $ | 15 | $ | 520 | |||||||||||||||||||
States, municipalities and political subdivisions | 73 | 73 | |||||||||||||||||||||||
Asset-backed | 254 | 254 | |||||||||||||||||||||||
Total fixed maturities | $ | - | 832 | 15 | 847 | ||||||||||||||||||||
Equity securities | 527 | 117 | 8 | 652 | |||||||||||||||||||||
Short term investments | 49 | 49 | 98 | ||||||||||||||||||||||
Fixed income mutual funds | 100 | 100 | |||||||||||||||||||||||
Limited partnerships: | |||||||||||||||||||||||||
Hedge funds | 705 | 352 | 1,057 | ||||||||||||||||||||||
Private equity | 125 | 125 | |||||||||||||||||||||||
Total limited partnerships | - | 705 | 477 | 1,182 | |||||||||||||||||||||
Other assets | 35 | 35 | |||||||||||||||||||||||
Total | $ | 676 | $ | 1,738 | $ | 500 | $ | 2,914 | |||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 436 | $ | 11 | $ | 447 | |||||||||||||||||||
States, municipalities and political subdivisions | 91 | 91 | |||||||||||||||||||||||
Asset-backed | 269 | 269 | |||||||||||||||||||||||
Total fixed maturities | $ | - | 796 | 11 | 807 | ||||||||||||||||||||
Equity securities | 424 | 102 | 5 | 531 | |||||||||||||||||||||
Short term investments | 41 | 82 | 123 | ||||||||||||||||||||||
Fixed income mutual funds | 110 | 110 | |||||||||||||||||||||||
Limited partnerships: | |||||||||||||||||||||||||
Hedge funds | 591 | 391 | 982 | ||||||||||||||||||||||
Private equity | 69 | 69 | |||||||||||||||||||||||
Total limited partnerships | - | 591 | 460 | 1,051 | |||||||||||||||||||||
Other assets | 40 | 40 | |||||||||||||||||||||||
Investment contracts with insurance company | 10 | 10 | |||||||||||||||||||||||
Total | $ | 575 | $ | 1,611 | $ | 486 | $ | 2,672 | |||||||||||||||||
Plan Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) | ' | ||||||||||||||||||||||||
The tables below present reconciliations for all pension plan assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||
Net | |||||||||||||||||||||||||
Actual Return on Assets | Purchases, | Net Transfers | |||||||||||||||||||||||
Balance at | Still Held at | Sold During | Sales, and | In (Out) of | Balance at | ||||||||||||||||||||
2013 | January 1, | December 31, | the Year | Settlements | Level 3 | December 31, | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 11 | $ | (1) | $ | 5 | $ | 15 | |||||||||||||||||
Equity securities | 5 | 3 | 8 | ||||||||||||||||||||||
Limited partnerships: | |||||||||||||||||||||||||
Hedge funds | 391 | 62 | (85) | $ | (16) | 352 | |||||||||||||||||||
Private equity | 69 | 2 | $ | (1) | 55 | 125 | |||||||||||||||||||
Total limited partnerships | 460 | 64 | (1) | (30) | (16) | 477 | |||||||||||||||||||
Investment contracts with insurance company | 10 | (10) | - | ||||||||||||||||||||||
Total | $ | 486 | $ | 66 | $ | (1) | $ | (35) | $ | (16) | $ | 500 | |||||||||||||
2012 | |||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||
Corporate and other bonds | $ | 10 | $ | 1 | $ | 11 | |||||||||||||||||||
Equity securities | 5 | 5 | |||||||||||||||||||||||
Limited partnerships: | |||||||||||||||||||||||||
Hedge funds | 355 | 45 | $ | 3 | $ | (12) | 391 | ||||||||||||||||||
Private equity | 73 | 8 | (12) | 69 | |||||||||||||||||||||
Total limited partnerships | 428 | 53 | 3 | (24) | $ | - | 460 | ||||||||||||||||||
Investment contracts with insurance company | 10 | 10 | |||||||||||||||||||||||
Total | $ | 453 | $ | 54 | $ | 3 | $ | (24) | $ | - | $ | 486 |
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Insurance [Abstract] | ' | ||||||||||||||||||||
Summary of Amounts Receivable from Reinsurers | ' | ||||||||||||||||||||
The following table summarizes the amounts receivable from reinsurers: | |||||||||||||||||||||
December 31 | 2013 | 2012 | |||||||||||||||||||
(In millions) | |||||||||||||||||||||
Reinsurance receivables related to insurance reserves: | |||||||||||||||||||||
Ceded claim and claim adjustment expenses | $ | 4,972 | $ | 5,126 | |||||||||||||||||
Ceded future policy benefits | 733 | 759 | |||||||||||||||||||
Ceded policyholders’ funds | 35 | 35 | |||||||||||||||||||
Reinsurance receivables related to paid losses | 348 | 311 | |||||||||||||||||||
Reinsurance receivables | 6,088 | 6,231 | |||||||||||||||||||
Less allowance for doubtful accounts | 71 | 73 | |||||||||||||||||||
Reinsurance receivables, net of allowance for doubtful accounts | $ | 6,017 | $ | 6,158 | |||||||||||||||||
Summary of Effects of Reinsurance on Earned Premiums | ' | ||||||||||||||||||||
The effects of reinsurance on earned premiums are shown in the following table: | |||||||||||||||||||||
Assumed/ | |||||||||||||||||||||
Direct | Assumed | Ceded | Net | Net % | |||||||||||||||||
(In millions) | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
Property and casualty | $ | 9,063 | $ | 258 | $ | 2,609 | $ | 6,712 | 3.80% | ||||||||||||
Accident and health | 512 | 48 | 1 | 559 | 8.6 | ||||||||||||||||
Life | 49 | 49 | |||||||||||||||||||
Earned premiums | $ | 9,624 | $ | 306 | $ | 2,659 | $ | 7,271 | 4.20% | ||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
Property and casualty | $ | 8,354 | $ | 197 | $ | 2,229 | $ | 6,322 | 3.10% | ||||||||||||
Accident and health | 514 | 47 | 1 | 560 | 8.4 | ||||||||||||||||
Life | 51 | 51 | |||||||||||||||||||
Earned premiums | $ | 8,919 | $ | 244 | $ | 2,281 | $ | 6,882 | 3.50% | ||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
Property and casualty | $ | 7,858 | $ | 95 | $ | 1,919 | $ | 6,034 | 1.60% | ||||||||||||
Accident and health | 521 | 50 | 2 | 569 | 8.8 | ||||||||||||||||
Life | 55 | 55 | |||||||||||||||||||
Earned premiums | $ | 8,434 | $ | 145 | $ | 1,976 | $ | 6,603 | 2.20% | ||||||||||||
Summary of Impact of Reinsurance on Life Insurance Inforce | ' | ||||||||||||||||||||
The impact of reinsurance on life insurance inforce is shown in the following table: | |||||||||||||||||||||
December 31 | Direct | Assumed | Ceded | Net | |||||||||||||||||
(In millions) | |||||||||||||||||||||
2013 | $ | 5,127 | - | $ | 5,118 | $ | 9 | ||||||||||||||
2012 | 5,713 | - | 5,702 | 11 | |||||||||||||||||
2011 | 6,528 | - | 6,515 | 13 |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||
2013 Quarter Ended | Dec. 31 | Sept. 30 | June 30 | March 31 | |||||||||||||
(In millions, except per share data) | |||||||||||||||||
Total revenues | $ | 3,890 | $ | 3,704 | $ | 3,725 | $ | 3,734 | |||||||||
Net income (loss) (a) | (198 | ) | 282 | 269 | 242 | ||||||||||||
Per share-basic and diluted | (0.51 | ) | 0.73 | 0.69 | 0.62 | ||||||||||||
2012 Quarter Ended | |||||||||||||||||
Total revenues | $ | 3,705 | $ | 3,715 | $ | 3,388 | $ | 3,744 | |||||||||
Net income (loss) (b) | (32 | ) | 177 | 56 | 367 | ||||||||||||
Per share-basic | (0.08 | ) | 0.45 | 0.14 | 0.93 | ||||||||||||
Per share-diluted | (0.08 | ) | 0.45 | 0.14 | 0.92 | ||||||||||||
The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period. | |||||||||||||||||
(a) | Net income (loss) for the fourth quarter of 2013 includes a ceiling test impairment charge of $52 million at HighMount related to the carrying value of its natural gas and oil properties, a $398 million goodwill impairment charge and the impact of a $111 million deferred gain under retroactive reinsurance accounting at CNA. | ||||||||||||||||
(b) | Net income (loss) for the fourth quarter of 2012 includes a ceiling test impairment charge of $97 million at HighMount related to the carrying value of its natural gas and oil properties and catastrophe impacts incurred, net of reinsurance and including reinstatement premiums of $171 million recorded at CNA related to Storm Sandy. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Consolidated Revenues and Income (Loss) by Business Segment | ' | ||||||||||||||||||||||||
The following tables set forth the Company’s consolidated revenues and income (loss) by business segment: | |||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Revenues (a): | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | 3,915 | $ | 3,742 | $ | 3,512 | |||||||||||||||||||
CNA Commercial | 4,360 | 4,238 | 4,073 | ||||||||||||||||||||||
Life & Group Non-Core | 1,424 | 1,395 | 1,334 | ||||||||||||||||||||||
Other | 414 | 172 | 44 | ||||||||||||||||||||||
Total CNA Financial | 10,113 | 9,547 | 8,963 | ||||||||||||||||||||||
Diamond Offshore | 2,926 | 3,072 | 3,334 | ||||||||||||||||||||||
Boardwalk Pipeline | 1,232 | 1,187 | 1,144 | ||||||||||||||||||||||
HighMount | 260 | 297 | 390 | ||||||||||||||||||||||
Loews Hotels | 380 | 397 | 337 | ||||||||||||||||||||||
Corporate and other | 142 | 52 | (39) | ||||||||||||||||||||||
Total | $ | 15,053 | $ | 14,552 | $ | 14,129 | |||||||||||||||||||
Income (loss) before income tax and noncontrolling interests (a)(b): | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | 1,069 | $ | 788 | $ | 805 | |||||||||||||||||||
CNA Commercial | 705 | 451 | 591 | ||||||||||||||||||||||
Life & Group Non-Core | -152 | -222 | (386) | ||||||||||||||||||||||
Other | -302 | -137 | (131) | ||||||||||||||||||||||
Total CNA Financial | 1,320 | 880 | 879 | ||||||||||||||||||||||
Diamond Offshore | 774 | 917 | 1,177 | ||||||||||||||||||||||
Boardwalk Pipeline | 241 | 304 | 211 | ||||||||||||||||||||||
HighMount | -884 | -636 | 99 | ||||||||||||||||||||||
Loews Hotels | -4 | 14 | 17 | ||||||||||||||||||||||
Corporate and other | -18 | -80 | (157) | ||||||||||||||||||||||
Total | $ | 1,429 | $ | 1,399 | $ | 2,226 | |||||||||||||||||||
Net income (loss) (a)(b): | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | 634 | $ | 465 | $ | 462 | |||||||||||||||||||
CNA Commercial | 413 | 273 | 343 | ||||||||||||||||||||||
Life & Group Non-Core | -31 | -81 | (191) | ||||||||||||||||||||||
Other | -169 | -87 | (57) | ||||||||||||||||||||||
Total CNA Financial | 847 | 570 | 557 | ||||||||||||||||||||||
Diamond Offshore | 257 | 337 | 451 | ||||||||||||||||||||||
Boardwalk Pipeline | 78 | 111 | 77 | ||||||||||||||||||||||
HighMount | -573 | -407 | 62 | ||||||||||||||||||||||
Loews Hotels | -3 | 7 | 13 | ||||||||||||||||||||||
Corporate and other | -11 | -50 | (98) | ||||||||||||||||||||||
Total | $ | 595 | $ | 568 | $ | 1,062 | |||||||||||||||||||
(a) | Investment gains (losses) included in Revenues, Income (loss) before income tax and noncontrolling interests and Net income (loss) are as follows: | ||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Revenues and Income (loss) before income tax and noncontrolling interests: | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | -3 | $ | 22 | $ | (5) | |||||||||||||||||||
CNA Commercial | -13 | 39 | 14 | ||||||||||||||||||||||
Life & Group Non-Core | 37 | (8) | |||||||||||||||||||||||
Other | 6 | -1 | (20) | ||||||||||||||||||||||
Total CNA Financial | 27 | 60 | (19) | ||||||||||||||||||||||
Corporate and other | -1 | -3 | (33) | ||||||||||||||||||||||
Total | $ | 26 | $ | 57 | $ | (52) | |||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | -1 | $ | 12 | $ | (3) | |||||||||||||||||||
CNA Commercial | -8 | 23 | 10 | ||||||||||||||||||||||
Life & Group Non-Core | 21 | (4) | |||||||||||||||||||||||
Other | 4 | (13) | |||||||||||||||||||||||
Total CNA Financial | 16 | 35 | (10) | ||||||||||||||||||||||
Corporate and other | -1 | -2 | (21) | ||||||||||||||||||||||
Total | $ | 15 | $ | 33 | $ | (31) | |||||||||||||||||||
(b) | Income taxes and interest expense are as follows: | ||||||||||||||||||||||||
Year Ended December 31 | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Income | Interest | Income | Interest | Income | Interest | ||||||||||||||||||||
Taxes | Expense | Taxes | Expense | Taxes | Expense | ||||||||||||||||||||
CNA Financial: | |||||||||||||||||||||||||
CNA Specialty | $ | 364 | $ | 271 | $ | 279 | $ | 1 | |||||||||||||||||
CNA Commercial | 245 | 148 | 206 | ||||||||||||||||||||||
Life & Group Non-Core | -118 | $ | 5 | -132 | $ | 23 | -173 | 23 | |||||||||||||||||
Other | -113 | 161 | -40 | 147 | -68 | 161 | |||||||||||||||||||
Total CNA Financial | 378 | 166 | 247 | 170 | 244 | 185 | |||||||||||||||||||
Diamond Offshore | 245 | 25 | 223 | 46 | 250 | 73 | |||||||||||||||||||
Boardwalk Pipeline | 56 | 163 | 70 | 166 | 57 | 173 | |||||||||||||||||||
HighMount | -311 | 17 | -229 | 14 | 36 | 46 | |||||||||||||||||||
Loews Hotels | -1 | 9 | 7 | 11 | 4 | 9 | |||||||||||||||||||
Corporate and other | -7 | 62 | -29 | 33 | -59 | 36 | |||||||||||||||||||
Total | $ | 360 | $ | 442 | $ | 289 | $ | 440 | $ | 532 | $ | 522 |
Consolidating_Financial_Inform1
Consolidating Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | ' | ||||||||||||||||||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Investments | $ | 46,107 | $ | 2,061 | $ | 28 | $ | 43 | $ | 4,734 | $ | 52,973 | |||||||||||||||||||||||||||||
Cash | 195 | 36 | $ | 29 | 1 | 10 | 24 | 295 | |||||||||||||||||||||||||||||||||
Receivables | 8,666 | 498 | 97 | 143 | 28 | 74 | $ | (145) | 9,361 | ||||||||||||||||||||||||||||||||
Property, plant and equipment | 282 | 5,472 | 7,296 | 974 | 430 | 44 | 14,498 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 244 | 517 | 3 | (764) | - | ||||||||||||||||||||||||||||||||||||
Goodwill | 119 | 20 | 215 | 3 | 357 | ||||||||||||||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 17,264 | (17,264) | - | ||||||||||||||||||||||||||||||||||||||
Other assets | 741 | 305 | 360 | 15 | 183 | 7 | 39 | 1,650 | |||||||||||||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 624 | 624 | |||||||||||||||||||||||||||||||||||||||
Separate account business | 181 | 181 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 57,159 | $ | 8,392 | $ | 7,997 | $ | 1,678 | $ | 700 | $ | 22,147 | $ | (18,134) | $ | 79,939 | |||||||||||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||||||||||||||
Insurance reserves | $ | 38,394 | $ | 38,394 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | 85 | $ | 1 | $ | 9 | $ | 48 | 143 | |||||||||||||||||||||||||||||||||
Short term debt | 549 | 250 | 21 | $ | 20 | 840 | |||||||||||||||||||||||||||||||||||
Long term debt | 2,011 | 2,230 | $ | 3,424 | 481 | 182 | 1,678 | 10,006 | |||||||||||||||||||||||||||||||||
Deferred income taxes | 516 | 689 | 41 | 195 | $ | (725) | 716 | ||||||||||||||||||||||||||||||||||
Other liabilities | 3,323 | 734 | 427 | 121 | 23 | 690 | (565) | 4,753 | |||||||||||||||||||||||||||||||||
Separate account business | 181 | 181 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 44,543 | 3,731 | 4,540 | 632 | 266 | 2,611 | (1,290) | 55,033 | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 11,354 | 2,362 | 1,570 | 1,046 | 434 | 19,536 | (16,844) | 19,458 | |||||||||||||||||||||||||||||||||
Noncontrolling interests | 1,262 | 2,299 | 1,887 | 5,448 | |||||||||||||||||||||||||||||||||||||
Total equity | 12,616 | 4,661 | 3,457 | 1,046 | 434 | 19,536 | (16,844) | 24,906 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 57,159 | $ | 8,392 | $ | 7,997 | $ | 1,678 | $ | 700 | $ | 22,147 | $ | (18,134) | $ | 79,939 | |||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Investments | $ | 47,636 | $ | 1,435 | $ | 1 | $ | 8 | $ | 33 | $ | 3,935 | $ | 53,048 | |||||||||||||||||||||||||||
Cash | 156 | 53 | 3 | 2 | 10 | 4 | 228 | ||||||||||||||||||||||||||||||||||
Receivables | 8,516 | 503 | 89 | 69 | 25 | 183 | $ | (19) | 9,366 | ||||||||||||||||||||||||||||||||
Property, plant and equipment | 297 | 4,870 | 7,252 | 1,136 | 333 | 47 | 13,935 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | 119 | 734 | (853) | - | |||||||||||||||||||||||||||||||||||||
Goodwill | 118 | 20 | 271 | 584 | 3 | 996 | |||||||||||||||||||||||||||||||||||
Investments in capital stocks of subsidiaries | 16,936 | (16,936) | - | ||||||||||||||||||||||||||||||||||||||
Other assets | 730 | 366 | 330 | 22 | 84 | 4 | 2 | 1,538 | |||||||||||||||||||||||||||||||||
Deferred acquisition costs of insurance subsidiaries | 598 | 598 | |||||||||||||||||||||||||||||||||||||||
Separate account business | 312 | 312 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 58,482 | $ | 7,247 | $ | 7,946 | $ | 2,555 | $ | 488 | $ | 21,109 | $ | (17,806) | $ | 80,021 | |||||||||||||||||||||||||
Liabilities and Equity: | |||||||||||||||||||||||||||||||||||||||||
Insurance reserves | $ | 40,005 | $ | 40,005 | |||||||||||||||||||||||||||||||||||||
Payable to brokers | 61 | $ | 10 | $ | 134 | 205 | |||||||||||||||||||||||||||||||||||
Short term debt | 13 | $ | 6 | 19 | |||||||||||||||||||||||||||||||||||||
Long term debt | 2,557 | $ | 1,489 | $ | 3,539 | 710 | 203 | 693 | 9,191 | ||||||||||||||||||||||||||||||||
Deferred income taxes | 483 | 619 | 37 | 552 | $ | (851) | 840 | ||||||||||||||||||||||||||||||||||
Other liabilities | 3,260 | 675 | 432 | 120 | 42 | 263 | (19) | 4,773 | |||||||||||||||||||||||||||||||||
Separate account business | 312 | 312 | |||||||||||||||||||||||||||||||||||||||
Total liabilities | 46,208 | 2,647 | 4,590 | 840 | 288 | 1,642 | (870) | 55,345 | |||||||||||||||||||||||||||||||||
Total shareholders’ equity | 11,058 | 2,331 | 1,624 | 1,715 | 200 | 19,467 | (16,936) | 19,459 | |||||||||||||||||||||||||||||||||
Noncontrolling interests | 1,216 | 2,269 | 1,732 | 5,217 | |||||||||||||||||||||||||||||||||||||
Total equity | 12,274 | 4,600 | 3,356 | 1,715 | 200 | 19,467 | (16,936) | 24,676 | |||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 58,482 | $ | 7,247 | $ | 7,946 | $ | 2,555 | $ | 488 | $ | 21,109 | $ | (17,806) | $ | 80,021 | |||||||||||||||||||||||||
Consolidating Statement of Income Information | ' | ||||||||||||||||||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2013 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Insurance premiums | $ | 7,271 | $ | 7,271 | |||||||||||||||||||||||||||||||||||||
Net investment income | 2,450 | $ | 1 | $ | 1 | $ | 141 | 2,593 | |||||||||||||||||||||||||||||||||
Intercompany interest and dividends | 736 | $ | (736) | - | |||||||||||||||||||||||||||||||||||||
Investment gains (losses) | 27 | $ | -1 | 26 | |||||||||||||||||||||||||||||||||||||
Contract drilling revenues | 2,844 | 2,844 | |||||||||||||||||||||||||||||||||||||||
Other | 365 | 81 | 1,231 | 260 | $ | 380 | 2 | 2,319 | |||||||||||||||||||||||||||||||||
Total | 10,113 | 2,926 | 1,232 | 259 | 380 | 879 | (736) | 15,053 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 5,947 | 5,947 | |||||||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 1,362 | 1,362 | |||||||||||||||||||||||||||||||||||||||
Contract drilling expenses | 1,573 | 1,573 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | 1,318 | 554 | 776 | 543 | 375 | 98 | 3,664 | ||||||||||||||||||||||||||||||||||
Impairment of goodwill | 52 | 584 | 636 | ||||||||||||||||||||||||||||||||||||||
Interest | 166 | 25 | 163 | 17 | 9 | 62 | 442 | ||||||||||||||||||||||||||||||||||
Total | 8,793 | 2,152 | 991 | 1,144 | 384 | 160 | - | 13,624 | |||||||||||||||||||||||||||||||||
Income (loss) before income tax | 1,320 | 774 | 241 | -885 | (4 | ) | 719 | (736) | 1,429 | ||||||||||||||||||||||||||||||||
Income tax (expense) benefit | -378 | (245 | ) | -56 | 311 | 1 | 7 | (360) | |||||||||||||||||||||||||||||||||
Net income (loss) | 942 | 529 | 185 | -574 | (3 | ) | 726 | (736) | 1,069 | ||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -95 | (272 | ) | -107 | (474) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 847 | $ | 257 | $ | 78 | $ | -574 | $ | (3 | ) | $ | 726 | $ | (736) | $ | 595 | ||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2012 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Insurance premiums | $ | 6,882 | $ | 6,882 | |||||||||||||||||||||||||||||||||||||
Net investment income | 2,282 | $ | 5 | $ | 1 | $ | 61 | 2,349 | |||||||||||||||||||||||||||||||||
Intercompany interest and dividends | 683 | $ | (683) | - | |||||||||||||||||||||||||||||||||||||
Investment gains (losses) | 60 | $ | -3 | 57 | |||||||||||||||||||||||||||||||||||||
Contract drilling revenues | 2,936 | 2,936 | |||||||||||||||||||||||||||||||||||||||
Other | 323 | 131 | 1,187 | $ | 297 | 396 | 1 | (7) | 2,328 | ||||||||||||||||||||||||||||||||
Total | 9,547 | 3,072 | 1,184 | 297 | 397 | 745 | (690) | 14,552 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 5,896 | 5,896 | |||||||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 1,274 | 1,274 | |||||||||||||||||||||||||||||||||||||||
Contract drilling expenses | 1,537 | 1,537 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | 1,327 | 572 | 717 | 919 | 372 | 106 | (7) | 4,006 | |||||||||||||||||||||||||||||||||
Interest | 170 | 46 | 166 | 14 | 11 | 40 | (7) | 440 | |||||||||||||||||||||||||||||||||
Total | 8,667 | 2,155 | 883 | 933 | 383 | 146 | (14) | 13,153 | |||||||||||||||||||||||||||||||||
Income (loss) before income tax | 880 | 917 | 301 | (636 | ) | 14 | 599 | (676) | 1,399 | ||||||||||||||||||||||||||||||||
Income tax (expense) benefit | -247 | (223 | ) | (70 | ) | 229 | (7 | ) | 29 | (289) | |||||||||||||||||||||||||||||||
Net income (loss) | 633 | 694 | 231 | (407 | ) | 7 | 628 | (676) | 1,110 | ||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | -63 | (357 | ) | (122 | ) | (542) | |||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 570 | $ | 337 | $ | 109 | $ | (407 | ) | $ | 7 | $ | 628 | $ | (676) | $ | 568 | ||||||||||||||||||||||||
Loews Corporation | |||||||||||||||||||||||||||||||||||||||||
Consolidating Statement of Income Information | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2011 | CNA | Diamond | Boardwalk | HighMount | Loews | Corporate | Eliminations | Total | |||||||||||||||||||||||||||||||||
Financial | Offshore | Pipeline | Hotels | and Other | |||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||
Insurance premiums | $ | 6,603 | $ | 6,603 | |||||||||||||||||||||||||||||||||||||
Net investment income | 2,054 | $ | 7 | $ | 1 | $ | 1 | 2,063 | |||||||||||||||||||||||||||||||||
Intercompany interest and dividends | 624 | $ | (624) | - | |||||||||||||||||||||||||||||||||||||
Investment gains (losses) | (19 | ) | 1 | $ | -34 | (52) | |||||||||||||||||||||||||||||||||||
Contract drilling revenues | 3,254 | 3,254 | |||||||||||||||||||||||||||||||||||||||
Other | 325 | 73 | $ | 1,144 | 390 | 336 | (2 | ) | (5) | 2,261 | |||||||||||||||||||||||||||||||
Total | 8,963 | 3,335 | 1,144 | 356 | 337 | 623 | (629) | 14,129 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | 5,489 | 5,489 | |||||||||||||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | 1,176 | 1,176 | |||||||||||||||||||||||||||||||||||||||
Contract drilling expenses | 1,549 | 1,549 | |||||||||||||||||||||||||||||||||||||||
Other operating expenses | 1,234 | 535 | 760 | 245 | 311 | 87 | (5) | 3,167 | |||||||||||||||||||||||||||||||||
Interest | 185 | 73 | 173 | 46 | 9 | 44 | (8) | 522 | |||||||||||||||||||||||||||||||||
Total | 8,084 | 2,157 | 933 | 291 | 320 | 131 | (13) | 11,903 | |||||||||||||||||||||||||||||||||
Income before income tax | 879 | 1,178 | 211 | 65 | 17 | 492 | (616) | 2,226 | |||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (244 | ) | (250 | ) | -57 | -24 | (4 | ) | 47 | (532) | |||||||||||||||||||||||||||||||
Net income | 635 | 928 | 154 | 41 | 13 | 539 | (616) | 1,694 | |||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | (78 | ) | (477 | ) | -77 | (632) | |||||||||||||||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 557 | $ | 451 | $ | 77 | $ | 41 | $ | 13 | $ | 539 | $ | (616) | $ | 1,062 | |||||||||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Increase decrease in Shadow Adjustments | $880,000,000 | $710,000,000 | ' |
Net unrealized gains on investments included in "AOCI" | 478,000,000 | 1,400,000,000 | ' |
Investment in joint venture entities | 242,000,000 | 67,000,000 | ' |
Equity income (loss) for the investments | 12,000,000 | 24,000,000 | 24,000,000 |
Maximum exposure to loss for the VIE investments | 336,000,000 | ' | ' |
Initial collateral deposit as a percentage of the fair value of the securities loaned | 100.00% | ' | ' |
Minimum interest rate used to calculate reserves for long term care products | 4.50% | 5.00% | ' |
Maximum interest rate used to calculate reserves for long term care products | 7.90% | 7.40% | ' |
Interest rates for payout annuity contracts, minimum | 5.00% | 5.00% | ' |
Interest rates for payout annuity contracts, maximum | 8.70% | 8.70% | ' |
Increase in insurance reserves | ' | 33,000,000 | ' |
Liability balance for guaranty fund | 143,000,000 | 143,000,000 | ' |
Related assets for premium tax offsets | 1,000,000 | 2,000,000 | ' |
Billed receivables percentage of total reinsurance receivables | 5.00% | ' | ' |
Deferred acquisition costs | 342,000,000 | 369,000,000 | ' |
Investments in life settlement contracts | 88,000,000 | ' | ' |
Tax benefit of a qualifying position is the largest amount of tax benefit threshold | 50.00% | ' | ' |
Recognized compensation expense | 11,000,000 | 13,000,000 | 12,000,000 |
Potential shares attributable to exercises included in diluted EPS calculation | 0.9 | 0.8 | 0.8 |
Shares excluded from diluted EPS calculation | 1.5 | 2.6 | 2 |
Foreign currency transaction gain (loss) | 3,000,000 | 10,000,000 | -5,000,000 |
Cash payments made for interest on long term debt, net of capitalized interest | 415,000,000 | 450,000,000 | 526,000,000 |
Cash payments for federal, foreign, state and local income taxes amount | 183,000,000 | 120,000,000 | 322,000,000 |
Investing activities excluding capital expenditures | 43,000,000 | 35,000,000 | 14,000,000 |
CNA Financial Corporation [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Ownership percentage in subsidiary | 90.00% | ' | ' |
Anticipated amounts due from insureds related to losses under deductible policies | 1,300,000,000 | 1,300,000,000 | ' |
Minimum interest rate used in determining present value of obligations of structured settlements unfunded by annuities | 7.10% | 7.10% | ' |
Maximum interest rate used in determining present value of obligations of structured settlements unfunded by annuities | 9.70% | 9.70% | ' |
Discounted reserves for unfunded structured settlements | 580,000,000 | 602,000,000 | ' |
Discounted reserves for unfunded structured settlements, net of discount | 969,000,000 | 1,000,000,000 | ' |
Minimum interest rate used to discount workers' compensation lifetime claim reserves and accident and health claim reserves | 3.00% | 3.00% | ' |
Maximum interest rate used to discount workers' compensation lifetime claim reserves and accident and health claim reserves | 6.80% | 6.50% | ' |
Discounted reserves for workers' compensation lifetime claims and accident and health claims | 2,400,000,000 | 2,200,000,000 | ' |
Discounted reserves for workers' compensation lifetime claims and accident and health claims, net of discount | 617,000,000 | 837,000,000 | ' |
Deposit assets | 3,000,000 | 3,000,000 | ' |
Deposit liabilities | 130,000,000 | 125,000,000 | ' |
Investments in life settlement contracts | 88,000,000 | 100,000,000 | ' |
Increase (decrease) in fair value recognized on life settlement contracts | -2,000,000 | 11,000,000 | 5,000,000 |
Gain recognized on matured life settlement contracts | $15,000,000 | $42,000,000 | $28,000,000 |
Diamond Offshore Drilling, Inc. [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Ownership percentage in subsidiary | 50.40% | ' | ' |
Boardwalk Pipeline Partners, LP [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Ownership percentage in subsidiary | 53.00% | ' | ' |
HighMount Exploration & Production LLC [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of total proved reserves | 4.90% | ' | ' |
Minimum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage equity method investments in associated companies | 20.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage equity method investments in associated companies | 50.00% | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Financial Information for Joint Ventures (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' |
Total assets | $1,336 | $672 | ' |
Total liabilities | 954 | 625 | ' |
Revenues | 349 | 294 | 284 |
Net income | $7 | $32 | $29 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Life Settlement Contracts Fair Value Method (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | Contract |
Accounting Policies [Abstract] | ' |
Number of Life Settlement Contracts 2014 | 60 |
Number of Life Settlement Contracts 2015 | 60 |
Number of Life Settlement Contracts 2016 | 50 |
Number of Life Settlement Contracts 2017 | 50 |
Number of Life Settlement Contracts 2018 | 40 |
Number of Life Settlement Contracts Thereafter | 364 |
Number of Life Settlement Contracts Total | 624 |
Fair Value of Life Settlement Contracts 2014 | $13 |
Fair Value of Life Settlement Contracts 2015 | 11 |
Fair Value of Life Settlement Contracts 2016 | 9 |
Fair Value of Life Settlement Contracts 2017 | 8 |
Fair Value of Life Settlement Contracts 2018 | 7 |
Thereafter Fair Value of Life Settlement Contracts Thereafter | 40 |
Fair Value of Life Settlement Contracts Total | 88 |
Face Amount of Life Insurance Policies 2014 | 39 |
Face Amount of Life Insurance Policies 2015 | 35 |
Face Amount of Life Insurance Policies 2016 | 32 |
Face Amount of Life Insurance Policies 2017 | 29 |
Face Amount of Life Insurance Policies 2018 | 26 |
Face Amount of Life Insurance Policies Thereafter | 217 |
Face Amount of Life Insurance Policies Total | $378 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Principal Service Lives (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | Pipeline Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Principal service life | '30 years |
Minimum [Member] | Offshore Drilling Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Principal service life | '15 years |
Minimum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Principal service life | '3 years |
Maximum [Member] | Pipeline Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Principal service life | '50 years |
Maximum [Member] | Offshore Drilling Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Principal service life | '30 years |
Maximum [Member] | Other [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Principal service life | '40 years |
AcquisitionsDivestiture_Additi
Acquisitions/Divestiture - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 15, 2012 | Feb. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 |
HighMount [Member] | HighMount [Member] | HighMount [Member] | Boardwalk Pipeline and Boardwalk Pipelines Holding Corporation [Member] | Louisiana Midstream LLC [Member] | Boardwalk Pipelines Holding Corporation [Member] | Boardwalk Pipelines Holding Corporation [Member] | Boardwalk Pipeline [Member] | Boardwalk Pipeline [Member] | Boardwalk Pipeline [Member] | Boardwalk Pipeline [Member] | Boardwalk Pipeline [Member] | Petal Gas Storage, LLC [Member] | CNA Surety [Member] | CNA Acquired Hardy [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross written premiums reported | $2,063 | $1,983 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $430 |
Purchase price received | ' | ' | ' | ' | ' | ' | ' | 620 | ' | ' | ' | ' | ' | ' | ' | 550 | ' | 231 |
Identifiable indefinite-lived intangible assets recorded | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55 |
Identifiable finite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | 14 | ' | 81 |
Goodwill recorded | 357 | 996 | 908 | 584 | ' | 584 | ' | 52 | ' | ' | ' | ' | 271 | 215 | 215 | 52 | ' | 35 |
CNA's sale of ownership interest in "FICOH" | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of ownership interest in "FICOH" | ' | ' | 165 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 475 | ' |
Previous percentage of ownership in subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61.00% | ' |
Cash contributed to obtain equity interest in joint venture | ' | ' | ' | ' | ' | ' | 79 | ' | 269 | 280 | 269 | 285 | 148 | 70 | ' | ' | ' | ' |
Bank loan acquired to fund purchase | ' | ' | ' | ' | ' | ' | ' | 225 | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' |
Percentage of equity transferred to acquire equity funds | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | 80.00% | 65.00% | 80.00% | 35.00% | 20.00% | ' | ' | ' | ' |
Purchases of property, plant and equipment | $1,737 | $1,405 | $1,335 | $106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_Net_Investment_Inc
Investments - Net Investment Income and Investment Gains (Losses) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Investment Income [Line Items] | ' | ' | ' |
Total investment income | $2,649 | $2,405 | $2,121 |
Investment expenses | -56 | -56 | -58 |
Net investment income | 2,593 | 2,349 | 2,063 |
Investment gains | 26 | 57 | -52 |
Fixed Maturity Securities [Member] | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' |
Total investment income | 1,998 | 2,022 | 2,011 |
Investment gains | 55 | 83 | -22 |
Short Term Investments [Member] | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' |
Total investment income | 5 | 12 | 16 |
Investment gains | 3 | 2 | 5 |
Limited Partnership Investments [Member] | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' |
Total investment income | 519 | 283 | 97 |
Equity Securities [Member] | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' |
Total investment income | 12 | 12 | 20 |
Investment gains | -22 | -23 | -1 |
Income (Loss) from Trading Portfolio [Member] | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' |
Total investment income | 90 | 52 | -39 |
Other [Member] | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' |
Total investment income | 25 | 24 | 16 |
Derivative Instruments [Member] | ' | ' | ' |
Net Investment Income [Line Items] | ' | ' | ' |
Investment gains | ($10) | ($5) | ($34) |
Investments_Net_Investment_Inc1
Investments - Net Investment Income and Investment Gains (Losses) (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Schedule [Abstract] | ' | ' | ' |
Net unrealized gains (losses) on trading securities | ($2) | $6 | ($58) |
Gross realized gains on available-for-sale securities | 214 | 251 | 299 |
Gross realized losses on available-for-sale securities | $181 | $191 | $322 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment | PartnershipUnit | PartnershipUnit | ||
Investment | Investment | |||
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Number of Investments not exceeds 10% of shareholders equity | ' | ' | ' | ' |
Additional other than temporary impairment losses | $0 | ' | ' | ' |
Carrying value of limited partnerships | 3,400,000,000 | 3,400,000,000 | 3,100,000,000 | ' |
Undistributed earnings of limited partnerships | ' | 1,200,000,000 | 828,000,000 | ' |
Percentage of carrying value reported on a current basis | ' | 73.60% | ' | ' |
Percentage of carrying value reported on one month lag | ' | 12.80% | ' | ' |
Number of limited partnership investments held | ' | 93 | 86 | ' |
Percentage of limited partnerships held that employ hedge fund strategies | 79.20% | 79.20% | 84.10% | ' |
Percentage of limited partnerships employing hedge fund strategies focused on equity investments | 53.70% | 53.70% | ' | ' |
Percentage of limited partnerships employing hedge fund strategies with a multi-strategy approach | 28.70% | 28.70% | ' | ' |
Percentage of limited partnerships employing hedge fund strategies focused on distressed investments | 12.80% | 12.80% | ' | ' |
Percentage of limited partnerships employing hedge fund strategies focused on fixed income investments | 4.80% | 4.80% | ' | ' |
Percentage of limited partnerships invested in private debt and equity | 17.80% | 17.80% | 13.00% | ' |
Ownership percentage of aggregate partnership equity | 4.10% | 4.10% | 4.10% | ' |
Changes in ownership percentage of aggregate partnership equity | ' | 3.70% | 3.30% | 3.90% |
Future capital call commitments | 381,000,000 | 381,000,000 | ' | ' |
Commitments to purchase various privately placed debt securities, including bank loans | 151,000,000 | 151,000,000 | ' | ' |
Commitments to sell various privately placed debt securities, including bank loans | 145,000,000 | 145,000,000 | ' | ' |
Securities deposited | 3,300,000,000 | 3,300,000,000 | 3,600,000,000 | ' |
Cash and securities with carrying values deposited as collateral for letters of credit | 353,000,000 | 353,000,000 | 4,000,000 | ' |
Securities deposited as collateral for letters of credit | 294,000,000 | 294,000,000 | 277,000,000 | ' |
Fixed Maturity Securities [Member] | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Aggregate fair value | ' | ' | 1,000,000 | ' |
Number of non-income producing fixed maturity securities held | ' | ' | 9 | ' |
Ten Largest Limited Partnership Holdings [Member] | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Carrying value of limited partnerships | $1,700,000,000 | $1,700,000,000 | $1,600,000,000 | ' |
Investments_Schedule_of_Net_Ch
Investments - Schedule of Net Change in Unrealized Gains (Losses) Securities Available-for-Sale (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Total net change in unrealized gains on available-for-sale investments | ($2,556) | $1,875 | $1,437 |
Fixed Maturity Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Total net change in unrealized gains on available-for-sale investments | -2,541 | 1,871 | 1,442 |
Equity Securities [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Total net change in unrealized gains on available-for-sale investments | -15 | 5 | -2 |
Other [Member] | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' |
Total net change in unrealized gains on available-for-sale investments | ' | ($1) | ($3) |
Investments_Components_of_OTTI
Investments - Components of OTTI Losses Recognized in Earnings by Asset Type (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | $78 | $154 | $216 |
Corporate and Other Bonds [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | 22 | 27 | 95 |
States, Municipalities and Political Subdivisions [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | ' | 34 | ' |
Residential Mortgage-backed [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | 19 | 50 | 105 |
Other Asset-backed [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | 2 | ' | 6 |
Total Asset-backed [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | 21 | 50 | 111 |
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | ' | 1 | ' |
Total Fixed Maturities Available-for-sale [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | 43 | 112 | 206 |
Common Stock [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | 8 | 6 | 8 |
Preferred Stock [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | 26 | 36 | 1 |
Total Equity Securities Available-for-sale [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | 34 | 42 | 9 |
Short Term Investments [Member] | ' | ' | ' |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | ' | ' | ' |
Net OTTI losses recognized in earnings | $1 | ' | $1 |
Investments_Amortized_Cost_and
Investments - Amortized Cost and Fair Values of Securities (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | $40,307 | $39,217 |
Gross Unrealized Gains | 2,579 | 4,719 |
Gross Unrealized Losses | 695 | 273 |
Estimated Fair Value | 42,191 | 43,663 |
Unrealized OTTI Losses (Gains) | -40 | -31 |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 39,426 | 38,324 |
Gross Unrealized Gains | 2,450 | 4,618 |
Gross Unrealized Losses | 556 | 177 |
Estimated Fair Value | 41,320 | 42,765 |
Unrealized OTTI Losses (Gains) | -40 | -31 |
Corporate and Other Bonds [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 19,352 | 19,530 |
Gross Unrealized Gains | 1,645 | 2,698 |
Gross Unrealized Losses | 135 | 21 |
Estimated Fair Value | 20,862 | 22,207 |
States, Municipalities and Political Subdivisions [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 11,281 | 9,372 |
Gross Unrealized Gains | 548 | 1,455 |
Gross Unrealized Losses | 272 | 44 |
Estimated Fair Value | 11,557 | 10,783 |
Residential Mortgage-backed [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 4,940 | 5,745 |
Gross Unrealized Gains | 123 | 246 |
Gross Unrealized Losses | 92 | 71 |
Estimated Fair Value | 4,971 | 5,920 |
Unrealized OTTI Losses (Gains) | -37 | -28 |
Commercial Mortgage-backed [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 1,995 | 1,692 |
Gross Unrealized Gains | 90 | 147 |
Gross Unrealized Losses | 22 | 17 |
Estimated Fair Value | 2,063 | 1,822 |
Unrealized OTTI Losses (Gains) | -3 | -3 |
Other asset-backed [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 945 | 929 |
Gross Unrealized Gains | 13 | 23 |
Gross Unrealized Losses | 3 | ' |
Estimated Fair Value | 955 | 952 |
Total Asset-backed [Member] | Fixed Maturity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 7,880 | 8,366 |
Gross Unrealized Gains | 226 | 416 |
Gross Unrealized Losses | 117 | 88 |
Estimated Fair Value | 7,989 | 8,694 |
Unrealized OTTI Losses (Gains) | -40 | -31 |
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 139 | 172 |
Gross Unrealized Gains | 6 | 11 |
Gross Unrealized Losses | 1 | 1 |
Estimated Fair Value | 144 | 182 |
Foreign Government [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 531 | 588 |
Gross Unrealized Gains | 15 | 25 |
Gross Unrealized Losses | 3 | ' |
Estimated Fair Value | 543 | 613 |
Redeemable Preferred Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 92 | 113 |
Gross Unrealized Gains | 10 | 13 |
Gross Unrealized Losses | ' | 1 |
Estimated Fair Value | 102 | 125 |
Total Fixed Maturities Available-for-sale [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 39,275 | 38,141 |
Gross Unrealized Gains | 2,450 | 4,618 |
Gross Unrealized Losses | 528 | 155 |
Estimated Fair Value | 41,197 | 42,604 |
Unrealized OTTI Losses (Gains) | -40 | -31 |
Fixed Maturities, Trading [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 151 | 183 |
Gross Unrealized Losses | 28 | 22 |
Estimated Fair Value | 123 | 161 |
Common Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 36 | 38 |
Gross Unrealized Gains | 9 | 14 |
Estimated Fair Value | 45 | 52 |
Preferred Stock [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 143 | 190 |
Gross Unrealized Gains | 1 | 7 |
Gross Unrealized Losses | 4 | ' |
Estimated Fair Value | 140 | 197 |
Total Equity Securities Available-for-sale [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 179 | 228 |
Gross Unrealized Gains | 10 | 21 |
Gross Unrealized Losses | 4 | ' |
Estimated Fair Value | 185 | 249 |
Unrealized OTTI Losses (Gains) | ' | ' |
Equity Securities, Trading [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 702 | 665 |
Gross Unrealized Gains | 119 | 80 |
Gross Unrealized Losses | 135 | 96 |
Estimated Fair Value | 686 | 649 |
Equity Securities [Member] | ' | ' |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ' | ' |
Cost or Amortized Cost | 881 | 893 |
Gross Unrealized Gains | 129 | 101 |
Gross Unrealized Losses | 139 | 96 |
Estimated Fair Value | 871 | 898 |
Unrealized OTTI Losses (Gains) | ' | ' |
Investments_Securities_Availab
Investments - Securities Available-for-Sale in Gross Unrealized Loss Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Corporate and Other Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | $3,592 | $846 |
Gross Unrealized Losses, Less than 12 Months | 129 | 13 |
Estimated Fair Value, 12 Months or Longer | 72 | 108 |
Gross Unrealized Losses, 12 Months or Longer | 6 | 8 |
Total Estimated Fair Value | 3,664 | 954 |
Total Gross Unrealized Losses | 135 | 21 |
States, Municipalities and Political Subdivisions [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 3,251 | 254 |
Gross Unrealized Losses, Less than 12 Months | 197 | 5 |
Estimated Fair Value, 12 Months or Longer | 129 | 165 |
Gross Unrealized Losses, 12 Months or Longer | 75 | 39 |
Total Estimated Fair Value | 3,380 | 419 |
Total Gross Unrealized Losses | 272 | 44 |
Residential Mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 1,293 | 583 |
Gross Unrealized Losses, Less than 12 Months | 29 | 5 |
Estimated Fair Value, 12 Months or Longer | 343 | 452 |
Gross Unrealized Losses, 12 Months or Longer | 63 | 66 |
Total Estimated Fair Value | 1,636 | 1,035 |
Total Gross Unrealized Losses | 92 | 71 |
Commercial Mortgage-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 640 | 85 |
Gross Unrealized Losses, Less than 12 Months | 22 | 2 |
Estimated Fair Value, 12 Months or Longer | ' | 141 |
Gross Unrealized Losses, 12 Months or Longer | ' | 15 |
Total Estimated Fair Value | 640 | 226 |
Total Gross Unrealized Losses | 22 | 17 |
Other asset-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 269 | ' |
Gross Unrealized Losses, Less than 12 Months | 3 | ' |
Total Estimated Fair Value | 269 | ' |
Total Gross Unrealized Losses | 3 | ' |
Total Asset-backed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 2,202 | 668 |
Gross Unrealized Losses, Less than 12 Months | 54 | 7 |
Estimated Fair Value, 12 Months or Longer | 343 | 593 |
Gross Unrealized Losses, 12 Months or Longer | 63 | 81 |
Total Estimated Fair Value | 2,545 | 1,261 |
Total Gross Unrealized Losses | 117 | 88 |
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 13 | 23 |
Gross Unrealized Losses, Less than 12 Months | 1 | 1 |
Total Estimated Fair Value | 13 | 23 |
Total Gross Unrealized Losses | 1 | 1 |
Foreign Government [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 111 | ' |
Gross Unrealized Losses, Less than 12 Months | 3 | ' |
Total Estimated Fair Value | 111 | ' |
Total Gross Unrealized Losses | 3 | ' |
Total Fixed Maturities Available-for-sale [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 9,169 | ' |
Gross Unrealized Losses, Less than 12 Months | 384 | ' |
Estimated Fair Value, 12 Months or Longer | 544 | ' |
Gross Unrealized Losses, 12 Months or Longer | 144 | ' |
Total Estimated Fair Value | 9,713 | ' |
Total Gross Unrealized Losses | 528 | ' |
Preferred Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 87 | ' |
Gross Unrealized Losses, Less than 12 Months | 4 | ' |
Total Estimated Fair Value | 87 | ' |
Total Gross Unrealized Losses | 4 | ' |
Fixed Maturity Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | 9,256 | 1,819 |
Gross Unrealized Losses, Less than 12 Months | 388 | 27 |
Estimated Fair Value, 12 Months or Longer | 544 | 866 |
Gross Unrealized Losses, 12 Months or Longer | 144 | 128 |
Total Estimated Fair Value | 9,800 | 2,685 |
Total Gross Unrealized Losses | 532 | 155 |
Redeemable Preferred Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Estimated Fair Value, Less than 12 Months | ' | 28 |
Gross Unrealized Losses, Less than 12 Months | ' | 1 |
Total Estimated Fair Value | ' | 28 |
Total Gross Unrealized Losses | ' | $1 |
Investments_Pretax_Fixed_Matur
Investments - Pretax Fixed Maturity Credit Loss Component Reflected within Retained Earnings (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Beginning balance of credit losses on fixed maturity securities | $95 | $92 | $141 |
Additional credit losses for securities for which an OTTI loss was previously recognized | 2 | 23 | 39 |
Credit losses for securities for which an OTTI loss was not previously recognized | ' | 2 | 11 |
Reductions for securities sold during the period | -23 | -14 | -67 |
Reductions for securities the Company intends to sell or more likely than not will be required to sell | ' | -8 | -32 |
Ending balance of credit losses on fixed maturity securities | $74 | $95 | $92 |
Investments_AvailableforSale_F
Investments - Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Cost or Amortized Cost, Due in one year or less | $2,420 | $1,648 |
Cost or Amortized Cost, Due after one year through five years | 9,496 | 13,603 |
Cost or Amortized Cost, Due after five years through ten years | 11,667 | 8,726 |
Cost or Amortized Cost, Due after ten years | 15,692 | 14,164 |
Cost or Amortized Cost, Total | 39,275 | 38,141 |
Estimated Fair Value, Due in one year or less | 2,455 | 1,665 |
Estimated Fair Value, Due after one year through five years | 10,068 | 14,442 |
Estimated Fair Value, Due after five years through ten years | 11,954 | 9,555 |
Estimated Fair Value, Due after ten years | 16,720 | 16,942 |
Estimated Fair Value, Total | $41,197 | $42,604 |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Corporate and Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | $20,862 | $22,207 |
States, Municipalities and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 11,557 | 10,783 |
Residential Mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 4,971 | 5,920 |
Commercial Mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 2,063 | 1,822 |
Other asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 955 | 952 |
Total Asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 7,989 | 8,694 |
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 144 | 182 |
Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 543 | 613 |
Redeemable Preferred Stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 102 | 125 |
Total Fixed Maturities Available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 41,197 | 42,604 |
Fixed Maturities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 123 | 161 |
Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 41,320 | 42,765 |
Total Equity Securities Available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 185 | 249 |
Equity Securities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 686 | 649 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 871 | 898 |
Short Term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 6,725 | 5,795 |
Other Invested Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 54 | 59 |
Receivables [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 7 | 43 |
Life Settlement Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 88 | 100 |
Separate Account Business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 181 | 312 |
Payable to Brokers [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities, measured on a recurring basis | -52 | -112 |
Level 1 [Member] | Corporate and Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 33 | 6 |
Level 1 [Member] | U.S. Treasury and Obligations of Government-sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 116 | 158 |
Level 1 [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 81 | 140 |
Level 1 [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 45 | 40 |
Level 1 [Member] | Total Fixed Maturities Available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 275 | 344 |
Level 1 [Member] | Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 275 | 344 |
Level 1 [Member] | Total Equity Securities Available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 126 | 117 |
Level 1 [Member] | Equity Securities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 678 | 642 |
Level 1 [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 804 | 759 |
Level 1 [Member] | Short Term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 6,162 | 4,990 |
Level 1 [Member] | Separate Account Business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 9 | 4 |
Level 1 [Member] | Payable to Brokers [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities, measured on a recurring basis | -40 | -95 |
Level 2 [Member] | Corporate and Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 20,625 | 21,982 |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 11,486 | 10,687 |
Level 2 [Member] | Residential Mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 4,640 | 5,507 |
Level 2 [Member] | Commercial Mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,912 | 1,693 |
Level 2 [Member] | Other asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 509 | 584 |
Level 2 [Member] | Total Asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 7,061 | 7,784 |
Level 2 [Member] | U.S. Treasury and Obligations of Government-sponsored Enterprises [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 28 | 24 |
Level 2 [Member] | Foreign Government [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 462 | 473 |
Level 2 [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 57 | 59 |
Level 2 [Member] | Total Fixed Maturities Available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 39,719 | 41,009 |
Level 2 [Member] | Fixed Maturities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 43 | 72 |
Level 2 [Member] | Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 39,762 | 41,081 |
Level 2 [Member] | Total Equity Securities Available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 48 | 98 |
Level 2 [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 48 | 98 |
Level 2 [Member] | Short Term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 563 | 799 |
Level 2 [Member] | Other Invested Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 54 | 58 |
Level 2 [Member] | Receivables [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 5 | 32 |
Level 2 [Member] | Separate Account Business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 171 | 306 |
Level 2 [Member] | Payable to Brokers [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities, measured on a recurring basis | -7 | -11 |
Level 3 [Member] | Corporate and Other Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 204 | 219 |
Level 3 [Member] | States, Municipalities and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 71 | 96 |
Level 3 [Member] | Residential Mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 331 | 413 |
Level 3 [Member] | Commercial Mortgage-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 151 | 129 |
Level 3 [Member] | Other asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 446 | 368 |
Level 3 [Member] | Total Asset-backed [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 928 | 910 |
Level 3 [Member] | Redeemable Preferred Stock [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 26 |
Level 3 [Member] | Total Fixed Maturities Available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,203 | 1,251 |
Level 3 [Member] | Fixed Maturities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 80 | 89 |
Level 3 [Member] | Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1,283 | 1,340 |
Level 3 [Member] | Total Equity Securities Available-for-sale [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 11 | 34 |
Level 3 [Member] | Equity Securities, Trading [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 8 | 7 |
Level 3 [Member] | Equity Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 19 | 41 |
Level 3 [Member] | Short Term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 6 |
Level 3 [Member] | Other Invested Assets [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | ' | 1 |
Level 3 [Member] | Receivables [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 2 | 11 |
Level 3 [Member] | Life Settlement Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 88 | 100 |
Level 3 [Member] | Separate Account Business [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of assets, measured on a recurring basis | 1 | 2 |
Level 3 [Member] | Payable to Brokers [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Fair value of liabilities, measured on a recurring basis | ($5) | ($6) |
Fair_Value_Assets_and_Liabilit1
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Financial Instruments, Net [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $5 | ($15) |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses) Included in Net Income | 8 | -4 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses) Included in OCI | -9 | 30 |
Purchases | -2 | ' |
Sales | 1 | -6 |
Settlements | -6 | ' |
Transfers into Level 3 | ' | ' |
Transfers out of Level 3 | ' | ' |
Ending balance | -3 | 5 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | 1 | -1 |
Corporate and Other Bonds [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 219 | 482 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 3 | 6 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | ' | 4 |
Purchases | 123 | 230 |
Sales | -97 | -135 |
Settlements | -44 | -88 |
Transfers into Level 3 | 51 | 45 |
Transfers out of Level 3 | -51 | -325 |
Ending balance | 204 | 219 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -2 | -3 |
States, Municipalities and Political Subdivisions [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 96 | 171 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | -2 | ' |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 4 | ' |
Purchases | 122 | 14 |
Sales | -79 | ' |
Settlements | -61 | -89 |
Transfers into Level 3 | 18 | ' |
Transfers out of Level 3 | -27 | ' |
Ending balance | 71 | 96 |
Residential Mortgage-backed [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 413 | 452 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 4 | -14 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | -14 | 2 |
Purchases | 116 | 97 |
Sales | -10 | ' |
Settlements | -75 | -40 |
Transfers into Level 3 | 4 | ' |
Transfers out of Level 3 | -107 | -84 |
Ending balance | 331 | 413 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -3 | -18 |
Commercial Mortgage-backed [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 129 | 59 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | ' | 8 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 11 | 14 |
Purchases | 107 | 165 |
Sales | -3 | -12 |
Settlements | -11 | -28 |
Transfers into Level 3 | 21 | 13 |
Transfers out of Level 3 | -103 | -90 |
Ending balance | 151 | 129 |
Other asset-backed [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 368 | 343 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 5 | 11 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | -4 | 8 |
Purchases | 314 | 615 |
Sales | -197 | -365 |
Settlements | -35 | -128 |
Transfers out of Level 3 | -5 | -116 |
Ending balance | 446 | 368 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -2 | ' |
Total Asset-backed [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 910 | 854 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 9 | 5 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | -7 | 24 |
Purchases | 537 | 877 |
Sales | -210 | -377 |
Settlements | -121 | -196 |
Transfers into Level 3 | 25 | 13 |
Transfers out of Level 3 | -215 | -290 |
Ending balance | 928 | 910 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -5 | -18 |
Redeemable Preferred Stock [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 26 | ' |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | -1 | ' |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | ' | -1 |
Purchases | ' | 53 |
Sales | ' | -26 |
Settlements | -25 | ' |
Ending balance | ' | 26 |
Total Fixed Maturities Available-for-sale [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 1,251 | 1,507 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 9 | 11 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | -3 | 27 |
Purchases | 782 | 1,174 |
Sales | -386 | -538 |
Settlements | -251 | -373 |
Transfers into Level 3 | 94 | 58 |
Transfers out of Level 3 | -293 | -615 |
Ending balance | 1,203 | 1,251 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -7 | -21 |
Fixed Maturities, Trading [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 89 | 101 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | -4 | -6 |
Purchases | 19 | 1 |
Sales | -24 | -7 |
Ending balance | 80 | 89 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -4 | -6 |
Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 1,340 | 1,608 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 5 | 5 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | -3 | 27 |
Purchases | 801 | 1,175 |
Sales | -410 | -545 |
Settlements | -251 | -373 |
Transfers into Level 3 | 94 | 58 |
Transfers out of Level 3 | -293 | -615 |
Ending balance | 1,283 | 1,340 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -11 | -27 |
Total Equity Securities Available-for-sale [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 34 | 67 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | -27 | -36 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | 6 |
Purchases | 2 | 27 |
Sales | ' | -16 |
Transfers out of Level 3 | -1 | -14 |
Ending balance | 11 | 34 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -27 | -38 |
Equity Securities, Trading [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 7 | 14 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | -5 | -6 |
Purchases | 6 | ' |
Sales | ' | -1 |
Ending balance | 8 | 7 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -5 | -6 |
Equity Securities [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 41 | 81 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | -32 | -42 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in OCI | 3 | 6 |
Purchases | 8 | 27 |
Sales | ' | -17 |
Transfers out of Level 3 | -1 | -14 |
Ending balance | 19 | 41 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -32 | -44 |
Short Term Investments [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 6 | 27 |
Purchases | ' | 23 |
Sales | -6 | -4 |
Settlements | ' | -41 |
Transfers into Level 3 | ' | 1 |
Ending balance | ' | 6 |
Other Invested Assets [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 1 | 11 |
Sales | -1 | ' |
Settlements | ' | -10 |
Ending balance | ' | 1 |
Life Settlement Contracts [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 100 | 117 |
Net Realized Gains (Losses) and Net Change in Unrealized Gains (Losses), Included in Net Income | 13 | 53 |
Settlements | -25 | -70 |
Ending balance | 88 | 100 |
Unrealized Gains (Losses) Recognized in Net Income on Level 3 Assets and Liabilities Held at December 31 | -2 | 11 |
Separate Account Business [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | 2 | 23 |
Purchases | 1 | ' |
Sales | -2 | -21 |
Ending balance | $1 | $2 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Transfers out of Level 2 to Level 1, Assets | $0 | $106 |
Transfers out of Level 1 to Level 2, Assets | $0 | $72 |
Fair_Value_Quantitative_Inform
Fair Value - Quantitative Information about Significant Unobservable Inputs Utilized by Company Fair Value Measurements of Level 3 Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Y | ||
Fixed Maturity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Expected call date | ' | 4.3 |
Credit spread adjustment | 3.98% | 0.17% |
Private offering price | ' | $100.11 |
Fixed Maturity Securities [Member] | Minimum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Expected call date | ' | 3.3 |
Credit spread adjustment | 1.74% | 0.02% |
Private offering price | ' | $42.39 |
Fixed Maturity Securities [Member] | Maximum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Expected call date | ' | 5.3 |
Credit spread adjustment | 19.90% | 0.48% |
Private offering price | ' | $102.32 |
Fixed Maturity Securities [Member] | Discounted Cash Flow [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 142 | $121 |
Valuation Technique(s) | 'Discounted cash flow | 'Discounted cash flow |
Fixed Maturity Securities [Member] | Market approach [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | ' | 72 |
Valuation Technique(s) | ' | 'Market approach |
Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Private offering price | 1,147.95 | $571.17 |
Equity Securities [Member] | Minimum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Private offering price | 360.12 | $4.54 |
Equity Securities [Member] | Maximum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Private offering price | 4,267.66 | $3,842 |
Equity Securities [Member] | Market approach [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 10 | 34 |
Valuation Technique(s) | 'Market approach | 'Market approach |
Life Settlement Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Discount rate risk premium | 9.00% | 9.00% |
Mortality assumption | 191.60% | 208.90% |
Life Settlement Contracts [Member] | Minimum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortality assumption | 70.00% | 69.00% |
Life Settlement Contracts [Member] | Maximum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Mortality assumption | 743.00% | 883.00% |
Life Settlement Contracts [Member] | Discounted Cash Flow [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair Value Assets | 88 | $100 |
Valuation Technique(s) | 'Discounted cash flow | 'Discounted cash flow |
Fair_Value_Carrying_Amount_and
Fair Value - Carrying Amount and Estimated Fair Value of Financial Instrument Assets and Liabilities Not Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other invested assets, primarily mortgage loans | ' | ' |
Premium deposits and annuity contracts | ' | ' |
Short term debt | ' | ' |
Long term debt | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other invested assets, primarily mortgage loans | ' | ' |
Premium deposits and annuity contracts | ' | ' |
Short term debt | 852 | 13 |
Long term debt | 10,387 | 10,170 |
Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other invested assets, primarily mortgage loans | 515 | 418 |
Premium deposits and annuity contracts | 58 | 104 |
Short term debt | 20 | 6 |
Long term debt | 182 | 202 |
Estimate Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other invested assets, primarily mortgage loans | 515 | 418 |
Premium deposits and annuity contracts | 58 | 104 |
Short term debt | 872 | 19 |
Long term debt | 10,569 | 10,372 |
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other invested assets, primarily mortgage loans | 508 | 401 |
Premium deposits and annuity contracts | 57 | 100 |
Short term debt | 838 | 19 |
Long term debt | $9,995 | $9,191 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Summary of Aggregate Contractual or Notional Amounts and Gross Estimated Fair Values Related to Derivative Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
With Hedge Designation [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | $300 | $300 |
Estimated Fair Value, (Liability) | -4 | -6 |
With Hedge Designation [Member] | Commodities, Forwards - Short [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 191 | 288 |
Estimated Fair Value, Asset | 5 | 39 |
Estimated Fair Value, (Liability) | -4 | -3 |
With Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 114 | 144 |
Estimated Fair Value, Asset | 2 | 4 |
Estimated Fair Value, (Liability) | -1 | ' |
Without Hedge Designation [Member] | Equity Markets, Options - Purchased [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 1,561 | 255 |
Estimated Fair Value, Asset | 41 | 19 |
Without Hedge Designation [Member] | Equity Markets, Options - Written [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 729 | 374 |
Estimated Fair Value, (Liability) | -23 | -11 |
Without Hedge Designation [Member] | Equity Swaps and Warrants - Long [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 17 | 14 |
Estimated Fair Value, Asset | 9 | 6 |
Without Hedge Designation [Member] | Interest Rate Risk, Credit Default Swaps - Purchased Protection [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 50 | 78 |
Estimated Fair Value, (Liability) | -3 | -2 |
Without Hedge Designation [Member] | Interest Rate Risk, Credit Default Swaps - Sold Protection [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 25 | 33 |
Estimated Fair Value, (Liability) | ' | -2 |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Long [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | 55 | 404 |
Estimated Fair Value, (Liability) | ' | -2 |
Without Hedge Designation [Member] | Foreign Exchange, Currency Forwards - Short [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Contractual/Notional Amount | $113 | $128 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' | ' |
Gains (losses) from changes in fair value of derivatives included in Investment gains (losses) | ($10) | ($5) | ($34) |
Gains (losses) from changes in fair value of derivatives held for trading included in Net investment income | -26 | -19 | -14 |
Amount of gains (losses) recognized in OCI | -19 | 43 | 33 |
Amount of gains (losses) reclassified from AOCI into income | 19 | 54 | -28 |
Estimated amount of net unrealized losses associated with cash flow hedges that will be reclassified from AOCI into earnings during next twelve months | -6 | ' | ' |
Net amounts recognized due to ineffectiveness | $1 | $1 | $1 |
Receivables_Receivables_Detail
Receivables - Receivables (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Reinsurance | $6,088 | $6,231 |
Insurance | 2,063 | 1,983 |
Receivable from brokers | 239 | 159 |
Accrued investment income | 448 | 437 |
Federal income taxes | 34 | 51 |
Other, primarily customer accounts | 818 | 717 |
Total | 9,690 | 9,578 |
Less: allowance for doubtful accounts on reinsurance receivables | 71 | 73 |
allowance for other doubtful accounts | 258 | 139 |
Receivables | $9,361 | $9,366 |
Property_Plant_and_Equipment_C
Property, Plant and Equipment - Components of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | $14,498 | $13,935 |
Pipeline Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | 7,232 | 7,148 |
Offshore Drilling Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | 3,750 | 3,824 |
Natural Gas and Oil Proved and Unproved Properties [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | 772 | 893 |
Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | 812 | 815 |
Construction in Process [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, net | $1,932 | $1,255 |
Property_Plant_and_Equipment_C1
Property, Plant and Equipment - Components of Property, Plant and Equipment (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pipeline Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated DD&A | $1,404 | $1,168 |
Offshore Drilling Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated DD&A | 3,727 | 3,347 |
Natural Gas and Oil Proved and Unproved Properties [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated DD&A | 3,128 | 2,813 |
Other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Accumulated DD&A | $825 | $874 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment - DD&A Expense and Capital Expenditures (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
DD&A | $849 | $859 | $833 |
Capital Expend. | 2,025 | 1,452 | 1,372 |
CNA Financial [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
DD&A | 72 | 71 | 70 |
Capital Expend. | 90 | 98 | 85 |
Diamond Offshore [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
DD&A | 389 | 394 | 399 |
Capital Expend. | 987 | 721 | 783 |
Boardwalk Pipeline [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
DD&A | 275 | 256 | 231 |
Capital Expend. | 305 | 247 | 142 |
HighMount [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
DD&A | 75 | 101 | 94 |
Capital Expend. | 270 | 346 | 324 |
Loews Hotels [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
DD&A | 32 | 30 | 29 |
Capital Expend. | 369 | 30 | 19 |
Corporate and Other [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
DD&A | 6 | 7 | 10 |
Capital Expend. | $4 | $10 | $19 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Capitalized interest related to the construction and upgrade of qualifying assets | $99 | $55 | $31 |
Proceeds from sale | ' | 132 | ' |
Pretax gain on sale of rings | ' | 76 | ' |
Ceiling test impairment charges | 291 | 680 | ' |
Ceiling test impairment charges after tax | 186 | 433 | ' |
Ceiling test impairments charge excluding impact of cash flow hedges | 301 | 737 | ' |
Ceiling test impairments charge excluding impact of cash flow hedges, after tax | 192 | 469 | ' |
Diamond Offshore [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Number of deepwater drillships/floaters in construction | 2 | ' | ' |
Construction in process deepwater floaters | 354 | 235 | ' |
Construction in process of mid-water floaters | 195 | ' | ' |
Impairment charge related to three mid-water rigs which are expected to be disposed of in 2013 | ' | 62 | ' |
Carrying value of the rigs | 8 | 12 | ' |
Offshore Drilling Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Construction in process ultra-deepwater drillships | $128 | $251 | ' |
Number of deepwater drillships/floaters in construction | 4 | ' | ' |
Number of ultra-deepwater drillships/floaters delivered | 0 | ' | ' |
Property_Plant_and_Equipment_N
Property, Plant and Equipment - Natural Gas and Oil Property and Equipment Costs Not Being Amortized (Detail) (USD $) | 12 Months Ended | 48 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
Extractive Industries [Abstract] | ' | ' | ' | ' | ' |
Acquisition costs | $8 | $1 | $28 | $111 | $148 |
Exploration costs | 70 | 1 | 3 | 2 | 76 |
Capitalized interest | 7 | 7 | 8 | 13 | 35 |
Total excluded costs | $85 | $9 | $39 | $126 | $259 |
Goodwill_Schedule_of_Changes_i
Goodwill - Schedule of Changes in Goodwill (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | $996 | $908 |
Impairments | -636 | ' |
Acquisitions | ' | 91 |
Other adjustments | -3 | -3 |
Goodwill, ending balance | 357 | 996 |
CNA Financial [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 118 | 86 |
Impairments | ' | ' |
Acquisitions | ' | 35 |
Other adjustments | 1 | -3 |
Goodwill, ending balance | 119 | 118 |
Diamond Offshore [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 20 | 20 |
Impairments | ' | ' |
Acquisitions | ' | ' |
Other adjustments | ' | ' |
Goodwill, ending balance | 20 | 20 |
Boardwalk Pipeline [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 271 | 215 |
Impairments | -52 | ' |
Acquisitions | ' | 56 |
Other adjustments | -4 | ' |
Goodwill, ending balance | 215 | 271 |
HighMount [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 584 | 584 |
Impairments | -584 | ' |
Acquisitions | ' | ' |
Other adjustments | ' | ' |
Goodwill, ending balance | ' | 584 |
Loews Hotels [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, beginning balance | 3 | 3 |
Impairments | ' | ' |
Acquisitions | ' | ' |
Other adjustments | ' | ' |
Goodwill, ending balance | $3 | $3 |
Goodwill_Additional_Informatio
Goodwill - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill impairment charge | ' | $636 |
Goodwill impairment charge after tax | 398 | ' |
Boardwalk Pipeline [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill impairment charge | ' | 52 |
Goodwill impairment charge after tax | ' | 16 |
HighMount [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill impairment charge | ' | 584 |
Goodwill impairment charge after tax | ' | $382 |
Claim_and_Claim_Adjustment_Exp2
Claim and Claim Adjustment Expense Reserves - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 | |
Life & Group Non-Core [Member] | Life & Group Non-Core [Member] | Life & Group Non-Core [Member] | A&EP Reserves [Member] | A&EP Reserves [Member] | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Catastrophe losses, net of reinsurance | $169,000,000 | $391,000,000 | $222,000,000 | ' | ' | ' | ' | ' |
Favorable net prior year development | ' | ' | ' | 9,000,000 | 11,000,000 | 29,000,000 | ' | ' |
Net A&EP claim and allocated claim adjustment expense reserves | ' | ' | ' | ' | ' | ' | ' | 1,600,000,000 |
Aggregate limit under A&EP Loss Portfolio Transfer | ' | ' | ' | ' | ' | ' | ' | 4,000,000,000 |
Ceded A&EP claim and allocated claim adjustment expense reserves | ' | ' | ' | ' | ' | ' | ' | 1,200,000,000 |
Reinsurance premium paid to NICO under A&EP Loss Portfolio Transfer | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 |
Net reinsurance receivables transferred to NICO under A&EP Loss Portfolio Transfer | ' | ' | ' | ' | ' | ' | ' | 215,000,000 |
Total consideration | ' | ' | ' | ' | ' | ' | 2,200,000,000 | 2,200,000,000 |
Net ultimate losses ceded under the Loss Portfolio Transfer | ' | ' | ' | ' | ' | ' | 189,000,000 | ' |
Cumulative amounts ceded under the Loss Portfolio Transfer | ' | ' | ' | ' | ' | ' | 2,500,000,000 | ' |
Fair value of the collateral trust account | ' | ' | ' | ' | ' | ' | $3,100,000,000 | ' |
Claim_and_Claim_Adjustment_Exp3
Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Liability For Unpaid Claims And Claims Adjustment Expense Net [Abstract] | ' | ' | ' |
Gross reserves, beginning of year | $24,763 | $24,303 | $25,496 |
Ceded reserves, beginning of year | 5,126 | 5,020 | 6,122 |
Net reserves, beginning of year | 19,637 | 19,283 | 19,374 |
Change in net reserves due to acquisition (disposition) of subsidiaries | ' | 291 | -277 |
Net incurred claim and claim adjustment expenses: | ' | ' | ' |
Provision for insured events of current year | 5,114 | 5,273 | 4,904 |
Decrease in provision for insured events of prior years | -115 | -182 | -429 |
Amortization of discount | 154 | 145 | 135 |
Total net incurred | 5,153 | 5,236 | 4,610 |
Net payments attributable to: | ' | ' | ' |
Current year events | -981 | -988 | -1,029 |
Prior year events | -4,588 | -4,280 | -3,473 |
Total net payments | -5,569 | -5,268 | -4,502 |
Foreign currency translation adjustment and other | -104 | 95 | 78 |
Net reserves, end of year | 19,117 | 19,637 | 19,283 |
Ceded reserves, end of year | 4,972 | 5,126 | 5,020 |
Gross reserves, end of year | $24,089 | $24,763 | $24,303 |
Claim_and_Claim_Adjustment_Exp4
Claim and Claim Adjustment Expense Reserves - Changes in Provision for Insured Events of Prior Years (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Decrease in provision for insured events of prior years | ($115) | ($182) | ($429) |
Property and Casualty Reserve Development [Member] | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Decrease in provision for insured events of prior years | -115 | -180 | -429 |
Life Reserve Development in Life Company [Member] | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Decrease in provision for insured events of prior years | ' | ($2) | ' |
Claim_and_Claim_Adjustment_Exp5
Claim and Claim Adjustment Expense Reserves - Summary of Gross and Net Carried Reserves (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Gross Case Reserves | $12,262 | $12,668 | ' | ' |
Gross IBNR Reserves | 11,827 | 12,095 | ' | ' |
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 24,089 | 24,763 | 24,303 | 25,496 |
Net Case Reserves | 10,176 | 10,356 | ' | ' |
Net IBNR Reserves | 8,941 | 9,281 | ' | ' |
Total Net Carried Claim and Claim Adjustment Expense Reserves | 19,117 | 19,637 | 19,283 | 19,374 |
CNA Specialty [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Gross Case Reserves | 2,270 | 2,292 | ' | ' |
Gross IBNR Reserves | 4,419 | 4,456 | ' | ' |
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 6,689 | 6,748 | ' | ' |
Net Case Reserves | 2,024 | 2,008 | ' | ' |
Net IBNR Reserves | 4,142 | 4,104 | ' | ' |
Total Net Carried Claim and Claim Adjustment Expense Reserves | 6,166 | 6,112 | ' | ' |
CNA Commercial [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Gross Case Reserves | 5,829 | 6,146 | ' | ' |
Gross IBNR Reserves | 4,820 | 5,180 | ' | ' |
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 10,649 | 11,326 | ' | ' |
Net Case Reserves | 5,358 | 5,611 | ' | ' |
Net IBNR Reserves | 4,269 | 4,600 | ' | ' |
Total Net Carried Claim and Claim Adjustment Expense Reserves | 9,627 | 10,211 | ' | ' |
Life & Group Non-Core [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Gross Case Reserves | 2,748 | 2,690 | ' | ' |
Gross IBNR Reserves | 310 | 316 | ' | ' |
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 3,058 | 3,006 | ' | ' |
Net Case Reserves | 2,352 | 2,253 | ' | ' |
Net IBNR Reserves | 271 | 275 | ' | ' |
Total Net Carried Claim and Claim Adjustment Expense Reserves | 2,623 | 2,528 | ' | ' |
Other Insurance [Member] | ' | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' | ' |
Gross Case Reserves | 1,415 | 1,540 | ' | ' |
Gross IBNR Reserves | 2,278 | 2,143 | ' | ' |
Total Gross Carried Claim and Claim Adjustment Expense Reserves | 3,693 | 3,683 | ' | ' |
Net Case Reserves | 442 | 484 | ' | ' |
Net IBNR Reserves | 259 | 302 | ' | ' |
Total Net Carried Claim and Claim Adjustment Expense Reserves | $701 | $786 | ' | ' |
Claim_and_Claim_Adjustment_Exp6
Claim and Claim Adjustment Expense Reserves - Net Prior Year Development (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | ($118) | ($205) | ($423) |
Pretax (favorable) unfavorable premium development | -42 | -46 | -8 |
Total pretax (favorable) unfavorable net prior year development | -160 | -251 | -431 |
CNA Specialty [Member] | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | -230 | -135 | -217 |
Pretax (favorable) unfavorable premium development | -17 | -15 | -28 |
Total pretax (favorable) unfavorable net prior year development | -247 | -150 | -245 |
CNA Commercial [Member] | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | 104 | -46 | -204 |
Pretax (favorable) unfavorable premium development | -9 | -35 | 21 |
Total pretax (favorable) unfavorable net prior year development | 95 | -81 | -183 |
Other Insurance [Member] | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | 8 | -24 | -2 |
Pretax (favorable) unfavorable premium development | -16 | 4 | -1 |
Total pretax (favorable) unfavorable net prior year development | ($8) | ($20) | ($3) |
Claim_and_Claim_Adjustment_Exp7
Claim and Claim Adjustment Expense Reserves - Net Prior Year Claim and Allocated Claim Adjustment Expense Reserve Development (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CNA Specialty [Member] | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Medical professional liability | ($35) | ($32) | ($92) |
Other professional liability and management liability | -101 | -22 | -78 |
Surety | -74 | -63 | -47 |
Warranty | -3 | -5 | -13 |
Other | -17 | -13 | 13 |
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | -230 | -135 | -217 |
CNA Commercial [Member] | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ' | ' | ' |
Commercial auto | 15 | 27 | -98 |
General liability | 59 | -64 | -39 |
Workers' compensation | 92 | 15 | 36 |
Property and other | -62 | -24 | -103 |
Total pretax (favorable) unfavorable net prior year claim and allocated claim adjustment expense reserve development | $104 | ($46) | ($204) |
Claim_and_Claim_Adjustment_Exp8
Claim and Claim Adjustment Expense Reserves - Impact of Loss Portfolio Transfer on Consolidated Statements of Income (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Insurance [Abstract] | ' | ' | ' |
Net A&EP adverse development before consideration of LPT | $363 | $261 | $84 |
Provision for uncollectible third party reinsurance on A&EP | 140 | ' | ' |
Additional amounts ceded under LPT | 503 | 261 | 84 |
Retroactive reinsurance benefit recognized | -314 | -261 | -84 |
Pretax impact of unrecognized deferred retroactive reinsurance benefit | $189 | ' | ' |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rent expense | $92 | $96 | $91 |
Leases_Future_Minimum_Lease_Pa
Leases - Future Minimum Lease Payments to be Made Under Non-Cancelable Operating Leases Along with Lease and Sublease Minimum Receipts to be Received on Owned and Leased Properties (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Leases [Abstract] | ' |
Operating leases, Future Minimum Lease Payments, 2014 | $66 |
Operating leases, Future Minimum Lease Payments, 2015 | 60 |
Operating leases, Future Minimum Lease Payments, 2016 | 53 |
Operating leases, Future Minimum Lease Payments, 2017 | 42 |
Operating leases, Future Minimum Lease Payments, 2018 | 35 |
Operating leases, Future Minimum Lease Payments, Thereafter | 127 |
Operating leases, Future Minimum Lease Payments, Total | 383 |
Operating leases, Future Minimum Lease Receipts, 2014 | 2 |
Operating leases, Future Minimum Lease Receipts, 2015 | ' |
Operating leases, Future Minimum Lease Receipts, 2016 | ' |
Operating leases, Future Minimum Lease Receipts, 2017 | ' |
Operating leases, Future Minimum Lease Receipts, 2018 | ' |
Operating leases, Future Minimum Lease Receipts, Thereafter | ' |
Operating leases, Future Minimum Lease Receipts, Total | $2 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Equity ownership percentage | 80.00% | ' | ' |
Undistributed earning related to foreign subsidiaries | $2,400,000,000 | ' | ' |
Income tax expense related to penalties | 38,000,000 | ' | ' |
Income tax benefit related to penalties | ' | 1,000,000 | 3,000,000 |
Income tax expense | 360,000,000 | 289,000,000 | 532,000,000 |
Federal tax credit carryforwards | 42,000,000 | ' | ' |
Tax reduction in first quarter 2013 due to The American Taxpayer Relief Act | 28,000,000 | ' | ' |
Egyptian Tax Authorities [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Income tax expense related to penalties | 31,000,000 | ' | ' |
Increase in taxable income | 1,200,000,000 | ' | ' |
Income tax expense | 57,000,000 | ' | ' |
Diamond Offshore [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Amount of unrecognized tax benefits would affect the effective tax rate if recognized | 76,000,000 | 48,000,000 | 41,000,000 |
Portion of foreign tax credit carryforwards deemed to have an indefinite life | 18,000,000 | ' | ' |
Tax effect of foreign operating loss carryforwards | $17,000,000 | ' | ' |
Diamond Offshore [Member] | Foreign [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Operating loss carryforwards expiration period | 'Expiring between 2021 and 2023 | ' | ' |
Income_Taxes_Current_and_Defer
Income Taxes - Current and Deferred Components of Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income tax expense (benefit): | ' | ' | ' |
Federal income tax expense (benefit), Current | $171 | $183 | $127 |
Federal income tax expense (benefit), Deferred | 15 | -18 | 246 |
State and city income tax expense (benefit), Current | 19 | 19 | 10 |
State and city income tax expense (benefit), Deferred | -8 | -5 | 14 |
Foreign income tax expense (benefit) | 163 | 110 | 135 |
Income tax expense | $360 | $289 | $532 |
Income_Taxes_Components_of_US_
Income Taxes - Components of U.S. and Foreign Income and Reconciliation Between Federal Income Tax Expense at Statutory Rates and Actual Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income before income tax: | ' | ' | ' |
Income before income tax | $1,429 | $1,399 | $2,226 |
Income tax expense at statutory rate | 500 | 490 | 779 |
Increase (decrease) in income tax expense resulting from: | ' | ' | ' |
Exempt investment income | -99 | -86 | -76 |
Foreign related tax differential | -117 | -152 | -203 |
Amortization of deferred charges associated with intercompany rig sales to other tax jurisdictions | 31 | 31 | 30 |
Taxes related to domestic affiliate | 19 | 25 | 55 |
Partnership earnings not subject to taxes | -38 | -43 | -27 |
Unrecognized tax benefit (expense) | 66 | 6 | -8 |
Other | -2 | 18 | -18 |
Income tax expense | 360 | 289 | 532 |
U.S. [Member] | ' | ' | ' |
Income before income tax: | ' | ' | ' |
Income before income tax | 1,097 | 911 | 1,466 |
Foreign [Member] | ' | ' | ' |
Income before income tax: | ' | ' | ' |
Income before income tax | $332 | $488 | $760 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Tax Carryforwards and Interest and Penalties (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at January 1 | $67 | $63 | $75 |
Additions based on tax positions related to the current year | 2 | 4 | 1 |
Additions for tax positions related to a prior year | 31 | 5 | ' |
Reductions for tax positions related to a prior year | -7 | -5 | -5 |
Lapse of statute of limitations | -2 | ' | -8 |
Balance at December 31 | $91 | $67 | $63 |
Income_Taxes_Summary_of_Deferr
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Property and casualty claim and claim adjustment expense reserves | $289 | $352 |
Unearned premium reserves | 178 | 162 |
Receivables | 53 | 62 |
Employee benefits | 319 | 524 |
Life settlement contracts | 46 | 45 |
Deferred retroactive reinsurance benefit | 66 | ' |
Net loss and tax credits carried forward | 81 | 178 |
Basis differential in investment in subsidiary | 23 | 26 |
Goodwill | 221 | 33 |
Other | 186 | 172 |
Deferred tax assets | 1,462 | 1,554 |
Deferred tax liabilities: | ' | ' |
Deferred acquisition costs | -232 | -238 |
Net unrealized gains | -359 | -733 |
Property, plant and equipment | -786 | -691 |
Basis differential in investment in subsidiary | -564 | -565 |
Other liabilities | -198 | -167 |
Deferred tax liabilities | -2,139 | -2,394 |
Net deferred tax liability | ($677) | ($840) |
Income_Taxes_Summary_of_Deferr1
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred tax assets | $1,462 | $1,554 |
Other Assets [Member] | ' | ' |
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Deferred tax assets | $39 | ' |
Debt_Schedule_of_LongTerm_Debt
Debt - Schedule of Long-Term Debt Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | $10,911 | $9,256 |
Less unamortized discount | 65 | 46 |
Debt | 10,846 | 9,210 |
Loews Corporation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 1,700 | ' |
Less unamortized discount | 22 | ' |
CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 2,572 | ' |
Less unamortized discount | 12 | ' |
Diamond Offshore [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 2,500 | ' |
Less unamortized discount | 20 | ' |
Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 3,435 | ' |
Less unamortized discount | 11 | ' |
Capital lease obligation | 10 | ' |
HighMount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 502 | ' |
Capital lease obligation | 2 | ' |
Loews Hotels [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 202 | 209 |
5.3% Notes Due 2016 [Member] | Loews Corporation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 400 | 400 |
2.6% Notes Due 2023 [Member] | Loews Corporation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 500 | ' |
6.0% Notes Due 2035 [Member] | Loews Corporation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 300 | 300 |
4.1% Notes Due 2043 [Member] | Loews Corporation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 500 | ' |
5.9% Notes Due 2014 [Member] | CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 549 | 549 |
6.5% Notes Due 2016 [Member] | CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 350 | 350 |
7.0% Notes Due 2018 [Member] | CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 150 | 150 |
7.4% Notes Due 2019 [Member] | CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 350 | 350 |
5.9% Notes Due 2020 [Member] | CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 500 | 500 |
5.8% Notes Due 2021 [Member] | CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 400 | 400 |
7.3% Debentures Due 2023 [Member] | CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 243 | 243 |
Variable Rate Note Due 2036 [Member] | CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 30 | 30 |
Other Senior Debt [Member] | CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | ' | 13 |
5.2% Notes Due 2014 [Member] | Diamond Offshore [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 250 | 250 |
4.9% Notes Due 2015 [Member] | Diamond Offshore [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 250 | 250 |
5.9% Notes Due 2019 [Member] | Diamond Offshore [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 500 | 500 |
3.5% Senior Notes Due 2023 [Member] | Diamond Offshore [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 250 | ' |
5.7% Notes Due 2039 [Member] | Diamond Offshore [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 500 | 500 |
4.9% Notes Due 2043 [Member] | Diamond Offshore [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 750 | ' |
Variable Rate Revolving Credit Facility Due 2017 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 175 | 302 |
Variable Rate Term Loan Due 2017 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 225 | 225 |
4.6% Notes Due 2015 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 250 | 250 |
5.1% Notes Due 2015 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 275 | 275 |
5.9% Notes Due 2016 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 250 | 250 |
5.5% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 300 | 300 |
6.3% Notes Due 2017 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 275 | 275 |
5.2% Notes Due 2018 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 185 | 185 |
5.8% Notes Due 2019 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 350 | 350 |
4.5% Notes Due 2021 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 440 | 440 |
4.0% Notes Due 2022 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 300 | 300 |
3.4% Notes Due 2023 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 300 | 300 |
7.3% Debentures Due 2027 [Member] | Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | 100 | 100 |
Variable Rate Credit Facility Due 2016 [Member] | HighMount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt, Gross | $500 | $710 |
Debt_Schedule_of_LongTerm_Debt1
Debt - Schedule of Long-Term Debt Instruments (Parenthetical) (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Loews Corporation [Member] | 5.3% Notes Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.30% | ' |
Maturity year | '2016 | ' |
Effective interest rate | 5.40% | ' |
Debt authorized | 400 | ' |
Loews Corporation [Member] | 2.6% Notes Due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 2.60% | ' |
Maturity year | '2023 | ' |
Effective interest rate | 2.80% | ' |
Debt authorized | 500 | ' |
Loews Corporation [Member] | 6.0% Notes Due 2035 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 6.00% | ' |
Maturity year | '2035 | ' |
Effective interest rate | 6.20% | ' |
Debt authorized | 300 | ' |
Loews Corporation [Member] | 4.1% Notes Due 2043 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 4.10% | ' |
Maturity year | '2043 | ' |
Effective interest rate | 4.30% | ' |
Debt authorized | 500 | ' |
CNA Financial [Member] | 5.9% Notes Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.90% | ' |
Maturity year | '2014 | ' |
Effective interest rate | 6.00% | ' |
Debt authorized | 549 | ' |
CNA Financial [Member] | 6.5% Notes Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 6.50% | ' |
Maturity year | '2016 | ' |
Effective interest rate | 6.60% | ' |
Debt authorized | 350 | ' |
CNA Financial [Member] | 7.0% Notes Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 7.00% | ' |
Maturity year | '2018 | ' |
Effective interest rate | 7.10% | ' |
Debt authorized | 150 | ' |
CNA Financial [Member] | 7.4% Notes Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 7.40% | ' |
Maturity year | '2019 | ' |
Effective interest rate | 7.50% | ' |
Debt authorized | 350 | ' |
CNA Financial [Member] | 5.9% Notes Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.90% | ' |
Maturity year | '2020 | ' |
Effective interest rate | 6.00% | ' |
Debt authorized | 500 | ' |
CNA Financial [Member] | 5.8% Notes Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.80% | ' |
Maturity year | '2021 | ' |
Effective interest rate | 5.90% | ' |
Debt authorized | 400 | ' |
CNA Financial [Member] | 7.3% Debentures Due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 7.30% | ' |
Maturity year | '2023 | ' |
Effective interest rate | 7.30% | ' |
Debt authorized | 250 | ' |
CNA Financial [Member] | Variable Rate Note Due 2036 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity year | '2036 | ' |
Effective interest rate | 3.50% | 3.70% |
CNA Financial [Member] | Other Senior Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Effective interest rate | ' | 2.90% |
Diamond Offshore [Member] | 5.2% Notes Due 2014 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.20% | ' |
Maturity year | '2014 | ' |
Effective interest rate | 5.20% | ' |
Debt authorized | 250 | ' |
Diamond Offshore [Member] | 4.9% Notes Due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 4.90% | ' |
Maturity year | '2015 | ' |
Effective interest rate | 5.00% | ' |
Debt authorized | 250 | ' |
Diamond Offshore [Member] | 5.9% Notes Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.90% | ' |
Maturity year | '2019 | ' |
Effective interest rate | 6.00% | ' |
Debt authorized | 500 | ' |
Diamond Offshore [Member] | 3.5% Senior Notes Due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 3.50% | ' |
Maturity year | '2023 | ' |
Effective interest rate | 3.60% | ' |
Debt authorized | 250 | ' |
Diamond Offshore [Member] | 5.7% Notes Due 2039 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.70% | ' |
Maturity year | '2039 | ' |
Effective interest rate | 5.80% | ' |
Debt authorized | 500 | ' |
Diamond Offshore [Member] | 4.9% Notes Due 2043 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 4.90% | ' |
Maturity year | '2043 | ' |
Effective interest rate | 5.00% | ' |
Debt authorized | 750 | ' |
Boardwalk Pipeline [Member] | Variable Rate Revolving Credit Facility Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity year | '2017 | ' |
Effective interest rate | 1.30% | ' |
Boardwalk Pipeline [Member] | Variable Rate Term Loan Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity year | '2017 | ' |
Effective interest rate | 1.90% | 2.00% |
Boardwalk Pipeline [Member] | 4.6% Notes Due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 4.60% | ' |
Maturity year | '2015 | ' |
Effective interest rate | 5.10% | ' |
Debt authorized | 250 | ' |
Boardwalk Pipeline [Member] | 5.1% Notes Due 2015 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.10% | ' |
Maturity year | '2015 | ' |
Effective interest rate | 5.20% | ' |
Debt authorized | 275 | ' |
Boardwalk Pipeline [Member] | 5.9% Notes Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.90% | ' |
Maturity year | '2016 | ' |
Effective interest rate | 6.00% | ' |
Debt authorized | 250 | ' |
Boardwalk Pipeline [Member] | 5.5% Notes Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.50% | ' |
Maturity year | '2017 | ' |
Effective interest rate | 5.60% | ' |
Debt authorized | 300 | ' |
Boardwalk Pipeline [Member] | 6.3% Notes Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 6.30% | ' |
Maturity year | '2017 | ' |
Effective interest rate | 6.40% | ' |
Debt authorized | 275 | ' |
Boardwalk Pipeline [Member] | 5.2% Notes Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.20% | ' |
Maturity year | '2018 | ' |
Effective interest rate | 5.40% | ' |
Debt authorized | 185 | ' |
Boardwalk Pipeline [Member] | 5.8% Notes Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 5.80% | ' |
Maturity year | '2019 | ' |
Effective interest rate | 5.90% | ' |
Debt authorized | 350 | ' |
Boardwalk Pipeline [Member] | 4.5% Notes Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 4.50% | ' |
Maturity year | '2021 | ' |
Effective interest rate | 5.00% | ' |
Debt authorized | 440 | ' |
Boardwalk Pipeline [Member] | 4.0% Notes Due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 4.00% | ' |
Maturity year | '2022 | ' |
Effective interest rate | 4.40% | ' |
Debt authorized | 300 | ' |
Boardwalk Pipeline [Member] | 3.4% Notes Due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 3.40% | ' |
Maturity year | '2023 | ' |
Effective interest rate | 3.50% | ' |
Debt authorized | 300 | ' |
Boardwalk Pipeline [Member] | 7.3% Debentures Due 2027 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate | 7.30% | ' |
Maturity year | '2027 | ' |
Effective interest rate | 8.10% | ' |
Debt authorized | 100 | ' |
HighMount [Member] | Variable Rate Credit Facility Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity year | '2016 | ' |
Effective interest rate | 3.40% | ' |
Loews Hotels [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Effective interest rate | 3.90% | ' |
Debt_Schedule_of_Debt_by_Subsi
Debt - Schedule of Debt by Subsidiary (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Principal | $10,911 | $9,256 |
Unamortized Discount | 65 | 46 |
Net | 10,846 | ' |
Short term debt | 840 | 19 |
Long term debt | 10,006 | 9,191 |
Loews Corporation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 1,700 | ' |
Unamortized Discount | 22 | ' |
Net | 1,678 | ' |
Long term debt | 1,678 | ' |
CNA Financial [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 2,572 | ' |
Unamortized Discount | 12 | ' |
Net | 2,560 | ' |
Short term debt | 549 | ' |
Long term debt | 2,011 | ' |
Diamond Offshore [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 2,500 | ' |
Unamortized Discount | 20 | ' |
Net | 2,480 | ' |
Short term debt | 250 | ' |
Long term debt | 2,230 | ' |
Boardwalk Pipeline [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 3,435 | ' |
Unamortized Discount | 11 | ' |
Net | 3,424 | ' |
Long term debt | 3,424 | ' |
HighMount [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 502 | ' |
Net | 502 | ' |
Short term debt | 21 | ' |
Long term debt | 481 | ' |
Loews Hotels [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal | 202 | 209 |
Net | 202 | ' |
Short term debt | 20 | ' |
Long term debt | $182 | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||||
In Millions, unless otherwise specified | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | 31-May-13 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 | Nov. 30, 2013 |
CNA Financial [Member] | Revolving Credit Agreement [Member] | Diamond Offshore [Member] | Diamond Offshore [Member] | HighMount [Member] | HighMount [Member] | Boardwalk Pipeline [Member] | Boardwalk Pipeline [Member] | 2.6% Senior Notes Due 2023 [Member] | 4.1% Senior Notes Due 2043 [Member] | 3.5% Senior Notes Due 2023 [Member] | 4.9% Senior Notes Due 2043 [Member] | 5.2% Senior Notes Due 2014 [Member] | 4.9% Senior Notes Due 2015 [Member] | |||
CNA Financial [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Revolving Credit Agreement [Member] | Diamond Offshore [Member] | Diamond Offshore [Member] | Diamond Offshore [Member] | Diamond Offshore [Member] | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate of long term debt maturing, 2014 | ' | $840 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate of long term debt maturing, 2015 | ' | 948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate of long term debt maturing, 2016 | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate of long term debt maturing, 2017 | ' | 977 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate of long term debt maturing, 2018 | ' | 337 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate of long term debt maturing, Thereafter | ' | 6,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument principal amount | ' | ' | ' | ' | ' | ' | ' | ' | 175 | 302 | 500 | 500 | 250 | 750 | 250 | 250 |
Debt instrument interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | ' | 2.60% | 4.10% | 3.50% | 4.90% | 5.20% | 4.90% |
Debt maturity date | ' | ' | ' | 19-Apr-16 | ' | 28-Sep-18 | ' | 1-Dec-16 | 27-Apr-17 | ' | 15-May-23 | 15-May-43 | 1-Nov-23 | 1-Nov-43 | 1-Sep-14 | 1-Jul-15 |
Net proceeds from issuance of debt instruments | 983 | ' | ' | ' | 988 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Underwriters' discounts and commissions and offering expenses on debt | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of FHLBC stock | ' | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional liquidity | ' | ' | 330 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maximum borrowing capacity | ' | ' | ' | 250 | ' | 750 | ' | 250 | 1,000 | ' | ' | ' | ' | ' | ' | ' |
Additional available increase in borrowing capacity | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings under credit facility | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | 825 | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | ' | ' | ' | ' | ' | ' | $210 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Components
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | ' | $678 | $384 | $230 |
Other comprehensive income (loss) before reclassifications, after tax | ' | -368 | 303 | 98 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | ' | -10 | 19 | 61 |
Other comprehensive income (loss) | ' | -378 | 322 | 159 |
Acquisition of CNA Surety noncontrolling interests and disposition of FICOH ownership interest | ' | ' | ' | 10 |
Issuance of equity securities by subsidiary | 2 | 2 | 5 | 1 |
Amounts attributable to noncontrolling interests | ' | 37 | -33 | -16 |
Ending, balance | ' | 339 | 678 | 384 |
OTTI Gains (Losses) [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | ' | 18 | -57 | -65 |
Other comprehensive income (loss) before reclassifications, after tax | ' | 6 | 102 | -44 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | ' | ' | -18 | 54 |
Other comprehensive income (loss) | ' | 6 | 84 | 10 |
Amounts attributable to noncontrolling interests | ' | -1 | -9 | -2 |
Ending, balance | ' | 23 | 18 | -57 |
Unrealized Gains (Losses) on Investments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | ' | 1,233 | 929 | 607 |
Other comprehensive income (loss) before reclassifications, after tax | ' | -658 | 281 | 377 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | ' | -21 | 58 | -15 |
Other comprehensive income (loss) | ' | -679 | 339 | 362 |
Acquisition of CNA Surety noncontrolling interests and disposition of FICOH ownership interest | ' | ' | ' | 2 |
Amounts attributable to noncontrolling interests | ' | 68 | -35 | -42 |
Ending, balance | ' | 622 | 1,233 | 929 |
Cash Flow Hedges [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | ' | 16 | 25 | -18 |
Other comprehensive income (loss) before reclassifications, after tax | ' | -12 | 26 | 20 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | ' | -11 | -34 | 19 |
Other comprehensive income (loss) | ' | -23 | -8 | 39 |
Amounts attributable to noncontrolling interests | ' | ' | -1 | 4 |
Ending, balance | ' | -7 | 16 | 25 |
Pension Liability [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | ' | -732 | -621 | -415 |
Other comprehensive income (loss) before reclassifications, after tax | ' | 307 | -145 | -241 |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax | ' | 22 | 13 | 3 |
Other comprehensive income (loss) | ' | 329 | -132 | -238 |
Acquisition of CNA Surety noncontrolling interests and disposition of FICOH ownership interest | ' | ' | ' | 8 |
Issuance of equity securities by subsidiary | ' | 2 | 5 | 1 |
Amounts attributable to noncontrolling interests | ' | -31 | 16 | 23 |
Ending, balance | ' | -432 | -732 | -621 |
Foreign Currency Translation [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning, balance | ' | 143 | 108 | 121 |
Other comprehensive income (loss) before reclassifications, after tax | ' | -11 | 39 | -14 |
Other comprehensive income (loss) | ' | -11 | 39 | -14 |
Amounts attributable to noncontrolling interests | ' | 1 | -4 | 1 |
Ending, balance | ' | $133 | $143 | $108 |
Shareholders_Equity_Components1
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Tax on reclassification from accumulated other comprehensive income | $360 | $289 | $532 |
OTTI Gains (Losses) [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | -3 | -54 | 23 |
Tax on reclassification from accumulated other comprehensive income | 0 | 10 | -29 |
Unrealized Gains (Losses) on Investments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | 354 | -151 | -211 |
Tax on reclassification from accumulated other comprehensive income | 10 | -31 | 8 |
Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | 7 | -17 | -13 |
Tax on reclassification from accumulated other comprehensive income | 8 | 20 | -10 |
Pension Liability [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | -165 | 76 | 126 |
Tax on reclassification from accumulated other comprehensive income | -12 | -8 | 0 |
Foreign Currency Translation [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Tax on change in other comprehensive income (loss) before reclassifications | 0 | 0 | 0 |
Tax on reclassification from accumulated other comprehensive income | $0 | $0 | $0 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Common stock dividend declared | ' | $0.25 | $0.25 | $0.25 |
Common stock dividend paid | ' | $0.25 | $0.25 | $0.25 |
Common units, sold | ' | 387,210,096 | 392,054,766 | ' |
Increase in Additional paid-in capital | $51 | ' | ' | ' |
Increase in accumulated other comprehensive income | 2 | 2 | 5 | 1 |
Treasury stock repurchased, shares | ' | 4,900,000 | 5,600,000 | 18,200,000 |
Purchase of Loews treasury stock | ' | 218 | 222 | 718 |
Boardwalk Pipeline [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Proceeds from subsidiary public offering | 377 | ' | ' | ' |
General partner interest | 2.00% | ' | ' | ' |
Equity method investment ownership percentage, before transaction | 53.00% | 55.00% | ' | ' |
Boardwalk Pipeline [Member] | General Partner [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Contribution from the company | $8 | ' | ' | ' |
Public Offering [Member] | Boardwalk Pipeline [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Common units, sold | 12,700,000 | ' | ' | ' |
Statutory_Accounting_Practices2
Statutory Accounting Practices - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Statutory Accounting Practices [Line Items] | ' | ' |
Dividends payable without prior supervisory approval | $715 | ' |
Combined Continental Casualty Companies [Member] | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' |
Statutory capital and surplus percentage | 265.00% | 240.00% |
Hardy capital requirement | $148 | ' |
Statutory_Accounting_Practices3
Statutory Accounting Practices - Combined Statutory Capital and Surplus and Net Income (Loss) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Combined Continental Casualty Companies [Member] | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Statutory Capital and Surplus | $11,137 | $9,998 | ' |
Statutory Net Income (Loss) | 913 | 391 | 954 |
Life Company [Member] | ' | ' | ' |
Statutory Accounting Practices [Line Items] | ' | ' | ' |
Statutory Capital and Surplus | 597 | 556 | ' |
Statutory Net Income (Loss) | $48 | $44 | $29 |
Supplemental_Natural_Gas_and_O2
Supplemental Natural Gas and Oil Information - Estimated Net Quantities of Proved Natural Gas and Oil Reserves (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MMcf | MMcf | MMcf | |
Natural Gas (Bcf) [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Proved developed and undeveloped reserves, net, beginning balance | 558,000 | 819,000 | 945,000 |
Extensions, discoveries and other additions | 0 | 22,000 | 26,000 |
Revisions of previous estimates | -11,000 | -244,000 | -107,000 |
Production | -33,000 | -39,000 | -45,000 |
Sales of reserves in place | ' | ' | ' |
Purchases of reserves in place | ' | ' | ' |
Proved developed and undeveloped reserves, net, ending balance | 514,000 | 558,000 | 819,000 |
Proved developed reserves volume | 485,000 | 491,000 | 623,000 |
NGLs and Oil (thousands of barrels) [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Proved developed and undeveloped reserves, net, beginning balance | 44,591,000 | 52,391,000 | 59,195,000 |
Extensions, discoveries and other additions | 765,000 | 8,960,000 | 3,556,000 |
Revisions of previous estimates | -8,643,000 | -13,902,000 | -7,540,000 |
Production | -2,566,000 | -2,858,000 | -2,976,000 |
Sales of reserves in place | -15,000 | ' | -11,000 |
Purchases of reserves in place | ' | ' | 167,000 |
Proved developed and undeveloped reserves, net, ending balance | 34,132,000 | 44,591,000 | 52,391,000 |
Proved developed reserves volume | 30,333,000 | 33,781,000 | 37,951,000 |
Natural Gas Equivalents (Bcfe) [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Proved developed and undeveloped reserves, net, beginning balance | 825,000 | 1,134,000 | 1,300,000 |
Extensions, discoveries and other additions | 6,000 | 75,000 | 48,000 |
Revisions of previous estimates | -63,000 | -328,000 | -152,000 |
Production | -48,000 | -56,000 | -63,000 |
Sales of reserves in place | -1,000 | ' | ' |
Purchases of reserves in place | ' | ' | 1,000 |
Proved developed and undeveloped reserves, net, ending balance | 719,000 | 825,000 | 1,134,000 |
Proved developed reserves volume | 667,000 | 694,000 | 851,000 |
Supplemental_Natural_Gas_and_O3
Supplemental Natural Gas and Oil Information - Estimated Net Quantities of Proved Natural Gas and Oil Reserves (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
MMcf | MMcf | MMcf | |
Reserve Quantities [Line Items] | ' | ' | ' |
Proved undeveloped reserves reclassified to non-proved category | 79,000 | 199,000 | ' |
Proved undeveloped reserves reclassified to non-proved category due to lower gas prices | 73,000 | 80,000 | ' |
HighMount [Member] | ' | ' | ' |
Reserve Quantities [Line Items] | ' | ' | ' |
Proved undeveloped reserves reclassified to non-proved category | 89,000 | 49,000 | 152,000 |
Probable proved developed reserves | ' | 27,000 | ' |
Probable proved undeveloped reserves | ' | 48,000 | ' |
Supplemental_Natural_Gas_and_O4
Supplemental Natural Gas and Oil Information - Aggregate Amounts of Costs Capitalized for Natural Gas and Oil Producing Activities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Extractive Industries [Abstract] | ' | ' | ' |
Subject to depletion | $3,641 | $3,497 | $3,002 |
Costs excluded from depletion | 259 | 209 | 384 |
Gross natural gas, NGL and oil properties | 3,900 | 3,706 | 3,386 |
Less accumulated depletion | 3,128 | 2,813 | 2,056 |
Net natural gas, NGL and oil properties | $772 | $893 | $1,330 |
Supplemental_Natural_Gas_and_O5
Supplemental Natural Gas and Oil Information - Costs Incurred in Natural Gas and Oil Producing Activities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Proved | ' | ' | $12 |
Unproved | 18 | 16 | 128 |
Subtotal | 18 | 16 | 140 |
Exploration costs | 16 | 6 | 11 |
Development costs | 222 | 308 | 159 |
Total | $256 | $330 | $310 |
Supplemental_Natural_Gas_and_O6
Supplemental Natural Gas and Oil Information - Costs Incurred in Natural Gas and Oil Producing Activities (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Development costs for proved undeveloped reserves | $17 | $14 | $25 |
Supplemental_Natural_Gas_and_O7
Supplemental Natural Gas and Oil Information - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Natural Gas and Oil Reserve Quantities (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Future cash inflows | $2,819 | $3,405 | $5,688 |
Future production costs | 1,392 | 1,446 | 1,969 |
Future development costs | 131 | 359 | 636 |
Future income tax expense | ' | 6 | 456 |
Future cash flows | 1,296 | 1,594 | 2,627 |
Less annual discount (10% a year) | 813 | 948 | 1,725 |
Standardized measure of discounted future net cash flows | $483 | $646 | $902 |
Supplemental_Natural_Gas_and_O8
Supplemental Natural Gas and Oil Information - Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Natural Gas and Oil Reserve Quantities (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Annual discount rate | 10.00% | 10.00% | 10.00% |
Gas (per million British thermal units) [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Prices used in determination of standardized measure | 3.67 | 2.76 | 4.12 |
NGL (per barrel) [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Prices used in determination of standardized measure | 35.39 | 41.11 | 55.18 |
Oil (per barrel) [Member] | ' | ' | ' |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ' | ' | ' |
Prices used in determination of standardized measure | 96.94 | 94.71 | 96.19 |
Supplemental_Natural_Gas_and_O9
Supplemental Natural Gas and Oil Information - Additional Information (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' |
Annual discount rate | 10.00% | 10.00% | 10.00% |
HighMount [Member] | ' | ' | ' |
Costs Incurred, Oil and Gas Property Acquisition, Exploration, and Development Activities [Line Items] | ' | ' | ' |
Annual discount rate | 10.00% | ' | ' |
Recovered_Sheet1
Supplemental Natural Gas and Oil Information - Changes Between Total Standardized Measure of Discounted Future Net Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Extractive Industries [Abstract] | ' | ' | ' |
Standardized measure, beginning of period | $646 | $902 | $957 |
Sales and transfers of natural gas and oil produced during the year, less production costs | -169 | -213 | -291 |
Net changes in prices and development costs | 103 | -644 | 164 |
Extensions, discoveries and other additions, less production and development costs | 50 | 183 | 82 |
Previously estimated development costs incurred during the period | 17 | 14 | 25 |
Revisions of previous quantity estimates | -163 | 181 | -173 |
Net changes in purchases and sales of proved reserves in place | -32 | ' | 3 |
Accretion of discount | 61 | 100 | 107 |
Income taxes | -37 | 131 | 20 |
Net changes in production rates and other | 7 | -8 | 8 |
Standardized measure, end of period | $483 | $646 | $902 |
Benefit_Plans_Weighted_Average
Benefit Plans - Weighted Average Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.40% | 3.60% | 4.50% |
Expected long term rate of return on plan assets | 7.50% | ' | ' |
Expected long term rate of return on plan assets, minimum rate | ' | 7.50% | 7.50% |
Expected long term rate of return on plan assets, maximum rate | ' | 7.80% | 8.00% |
Rate of compensation increase, minimum rate | 3.50% | 3.50% | 4.00% |
Rate of compensation increase, maximum rate | 5.50% | 5.50% | 5.50% |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.20% | 3.50% | 4.30% |
Expected long term rate of return on plan assets | 5.30% | 5.30% | 5.30% |
Benefit_Plans_Weighted_Average1
Benefit Plans - Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 3.90% | 4.50% | 5.30% |
Expected long term rate of return on plan assets, minimum rate | 7.50% | 7.50% | 7.50% |
Expected long term rate of return on plan assets, maximum rate | 7.80% | 8.00% | 8.00% |
Rate of compensation increase, minimum rate | 3.50% | 4.00% | 4.00% |
Rate of compensation increase, maximum rate | 5.50% | 5.50% | 5.50% |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 3.50% | 4.40% | 5.00% |
Expected long term rate of return on plan assets | 5.30% | 5.30% | 4.60% |
Benefit_Plans_Assumed_Health_C
Benefit Plans - Assumed Health Care Cost Trend Rates (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 1.00% | ' | ' |
Minimum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend rate assumed for next year | 4.00% | 4.00% | 4.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.00% | 4.00% | 4.00% |
Year that the rate reaches the ultimate trend rate | '2014 | '2013 | '2012 |
Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Health care cost trend rate assumed for next year | 8.50% | 8.50% | 8.50% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2022 | '2021 | '2020 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Increase of 1% in each year would increase the Company's accumulated postretirement benefit obligation | ' | $2,000,000 | ' | ' |
Decrease of 0% in each year would decrease the Company's accumulated postretirement benefit obligation | ' | 4,000,000 | ' | ' |
Health care cost trend rate | ' | 1.00% | ' | ' |
Accumulated benefit obligation for all defined benefit pension plans | 3,300,000,000 | 3,300,000,000 | 3,600,000,000 | ' |
Future capital calls from various third party limited partnership investments | ' | 108,000,000 | ' | ' |
Amount contributed to the savings plans | ' | 123,000,000 | 117,000,000 | 100,000,000 |
Number of shares previously authorized under the stock option plan | ' | ' | 12,000,000 | ' |
Increased number of shares authorized under the stock option plan | ' | ' | 18,000,000 | ' |
Maximum number of shares per employee, per year | ' | ' | 1,200,000 | ' |
Options and "SAR's" vesting period, years | ' | ' | '4 years | ' |
Options and "SAR's" expire, years | ' | ' | '10 years | ' |
Total stock appreciation right | 903,975 | 903,975 | 970,800 | ' |
Awards Outstanding - Number of Shares | 6,476,391 | 6,476,391 | 6,535,150 | 6,624,609 |
"SAR's" available for grant | 6,838,923 | 6,838,923 | 7,129,900 | ' |
Weighted average remaining contractual term of options outstanding (years) | ' | '5 years 6 months | ' | ' |
Weighted average remaining contractual term of options exercisable (years) | ' | '4 years 4 months 24 days | ' | ' |
Aggregate intrinsic value of awards outstanding | 64,000,000 | 64,000,000 | ' | ' |
Aggregate intrinsic value of awards exercisable | 50,000,000 | 50,000,000 | ' | ' |
Total intrinsic value of awards | ' | 11,000,000 | 18,000,000 | 6,000,000 |
Total fair value of shares vested | ' | 7,000,000 | 11,000,000 | 11,000,000 |
Stock-based compensation expense | ' | 7,000,000 | 8,000,000 | 10,000,000 |
Tax benefits related to stock-based compensation | ' | 2,000,000 | 3,000,000 | 4,000,000 |
Compensation cost related to nonvested awards not yet recognized | 9,000,000 | 9,000,000 | ' | ' |
Compensation cost related to nonvested awards not yet recognized, expected recognition period (years) | ' | '2 years 3 months 18 days | ' | ' |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Expected contribution to plan(s), next fiscal year | ' | 59,000,000 | ' | ' |
Fair value of plan assets | 2,914,000,000 | 2,914,000,000 | 2,672,000,000 | 2,435,000,000 |
Pension Benefits [Member] | Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair value of plan assets | 1,738,000,000 | 1,738,000,000 | 1,611,000,000 | ' |
Pension Benefits [Member] | Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair value of plan assets | 500,000,000 | 500,000,000 | 486,000,000 | ' |
Postretirement Healthcare and Life Insurance Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Expected contribution to plan(s), next fiscal year | ' | 5,000,000 | ' | ' |
Equity Securities [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Percentage of hedge fund strategies | ' | 58.00% | ' | ' |
Multi-Strategy Approach [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Percentage of hedge fund strategies | ' | 36.00% | ' | ' |
Distressed Investments [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Percentage of hedge fund strategies | ' | 6.00% | ' | ' |
Fixed Income Mutual Funds [Member] | Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Limited partnership investments, redeemable period | ' | '90 days or less | ' | ' |
Fixed Income Mutual Funds [Member] | Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Limited partnership investments, redeemable period | ' | 'Greater than 90 days | ' | ' |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Awards Outstanding - Number of Shares | 5,906,074 | 5,906,074 | ' | ' |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair value of plan assets | 81,000,000 | 81,000,000 | 87,000,000 | 82,000,000 |
Other Postretirement Benefits [Member] | Level 2 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair value of plan assets | 75,000,000 | 75,000,000 | 79,000,000 | ' |
Other Postretirement Benefits [Member] | Level 3 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Fair value of plan assets | ' | ' | ' | ' |
Benefit_Plans_Components_of_Ne
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | $22 | $24 | $24 |
Interest cost | 136 | 151 | 164 |
Expected return on plan assets | -198 | -188 | -188 |
Amortization of unrecognized net loss | 54 | 47 | 29 |
Amortization of unrecognized prior service benefit | ' | ' | ' |
Regulatory asset decrease | ' | ' | ' |
Settlement/Curtailment | 5 | ' | ' |
Net periodic benefit cost | 19 | 34 | 29 |
Other Postretirement Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | 1 | 1 | 2 |
Interest cost | 4 | 5 | 6 |
Expected return on plan assets | -5 | -4 | -3 |
Amortization of unrecognized net loss | 1 | ' | 1 |
Amortization of unrecognized prior service benefit | -25 | -25 | -27 |
Regulatory asset decrease | ' | ' | 4 |
Settlement/Curtailment | ' | ' | ' |
Net periodic benefit cost | ($24) | ($23) | ($17) |
Benefit_Plans_Reconciliation_o
Benefit Plans - Reconciliation of Benefit Obligations and Plan Assets (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation, beginning balance | $3,700 | $3,393 | ' |
Service cost | 22 | 24 | 24 |
Interest cost | 136 | 151 | 164 |
Plan participants' contributions | ' | ' | ' |
Amendments/Curtailments | -13 | ' | ' |
Actuarial (gain) loss | -313 | 303 | ' |
Benefits paid from plan assets | -178 | -190 | ' |
Settlements | -19 | ' | ' |
Foreign exchange | 1 | 19 | ' |
Benefit obligation, ending balance | 3,336 | 3,700 | 3,393 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning balance | 2,672 | 2,435 | ' |
Actual return on plan assets | 340 | 269 | ' |
Company contributions | 98 | 141 | ' |
Plan participants' contributions | ' | ' | ' |
Benefits paid from plan assets | -178 | -190 | ' |
Settlements | -19 | ' | ' |
Foreign exchange | 1 | 17 | ' |
Fair value of plan assets, ending balance | 2,914 | 2,672 | 2,435 |
Funded status | -422 | -1,028 | ' |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' |
Other assets | 9 | ' | ' |
Other liabilities | -431 | -1,028 | ' |
Net amount recognized | -422 | -1,028 | ' |
Other Postretirement Benefits [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation, beginning balance | 122 | 118 | ' |
Service cost | 1 | 1 | 2 |
Interest cost | 4 | 5 | 6 |
Plan participants' contributions | 6 | 6 | ' |
Amendments/Curtailments | -2 | ' | ' |
Actuarial (gain) loss | -13 | 8 | ' |
Benefits paid from plan assets | -17 | -16 | ' |
Settlements | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Benefit obligation, ending balance | 101 | 122 | 118 |
Change in plan assets: | ' | ' | ' |
Fair value of plan assets, beginning balance | 87 | 82 | ' |
Actual return on plan assets | -2 | 8 | ' |
Company contributions | 7 | 7 | ' |
Plan participants' contributions | 6 | 6 | ' |
Benefits paid from plan assets | -17 | -16 | ' |
Settlements | ' | ' | ' |
Foreign exchange | ' | ' | ' |
Fair value of plan assets, ending balance | 81 | 87 | 82 |
Funded status | -20 | -35 | ' |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' | ' |
Other assets | 31 | 27 | ' |
Other liabilities | -51 | -62 | ' |
Net amount recognized | ($20) | ($35) | ' |
Benefit_Plans_Amounts_Recogniz
Benefit Plans - Amounts Recognized in Accumulated Other Comprehensive Income (loss) Not Yet Recognized in Net Periodic (Benefit) Cost (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost (credit) | ($6) | $3 |
Net actuarial loss | 831 | 1,348 |
Net amount recognized | 825 | 1,351 |
Projected benefit obligation | 3,229 | 3,700 |
Accumulated benefit obligation | 3,160 | 3,509 |
Fair value of plan assets | 2,914 | 2,672 |
Other Postretirement Benefits [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Prior service cost (credit) | -117 | -140 |
Net actuarial loss | 18 | 24 |
Net amount recognized | -99 | -116 |
Projected benefit obligation | ' | ' |
Accumulated benefit obligation | 51 | 62 |
Fair value of plan assets | ' | ' |
Benefit_Plans_Estimated_Amount
Benefit Plans - Estimated Amounts to Be Recognized from Accumulated Other Comprehensive Income into Net Periodic Cost (Benefit) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of net actuarial loss | $30 |
Amortization of prior service credit | -1 |
Total estimated amounts to be recognized | 29 |
Other Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Amortization of net actuarial loss | 1 |
Amortization of prior service credit | -26 |
Total estimated amounts to be recognized | ($25) |
Benefit_Plans_Estimated_Future
Benefit Plans - Estimated Future Minimum Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expected future benefit payments 2014 | $221 |
Expected future benefit payments 2015 | 218 |
Expected future benefit payments 2016 | 225 |
Expected future benefit payments 2017 | 231 |
Expected future benefit payments 2018 | 235 |
Expected future benefit payments Thereafter | 1,181 |
Expected future benefit payments Total | 2,311 |
Other Postretirement Benefits [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expected future benefit payments 2014 | 9 |
Expected future benefit payments 2015 | 9 |
Expected future benefit payments 2016 | 9 |
Expected future benefit payments 2017 | 9 |
Expected future benefit payments 2018 | 8 |
Expected future benefit payments Thereafter | 35 |
Expected future benefit payments Total | $79 |
Benefit_Plans_Pension_Plan_Ass
Benefit Plans - Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) (Pension Benefits [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $2,914 | $2,672 | $2,435 |
Corporate and Other Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 520 | 447 | ' |
States, Municipalities and Political Subdivisions [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 73 | 91 | ' |
Total Asset-backed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 254 | 269 | ' |
Total Fixed Maturities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 847 | 807 | ' |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 652 | 531 | ' |
Short Term Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 98 | 123 | ' |
Fixed Income Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 100 | 110 | ' |
Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,057 | 982 | ' |
Private Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 125 | 69 | ' |
Limited Partnership Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,182 | 1,051 | ' |
Other Assets [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 35 | 40 | ' |
Investment Contracts with Insurance Company [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | 10 | ' |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 676 | 575 | ' |
Level 1 [Member] | Total Fixed Maturities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 1 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 527 | 424 | ' |
Level 1 [Member] | Short Term Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 49 | 41 | ' |
Level 1 [Member] | Fixed Income Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 100 | 110 | ' |
Level 1 [Member] | Limited Partnership Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,738 | 1,611 | ' |
Level 2 [Member] | Corporate and Other Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 505 | 436 | ' |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 73 | 91 | ' |
Level 2 [Member] | Total Asset-backed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 254 | 269 | ' |
Level 2 [Member] | Total Fixed Maturities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 832 | 796 | ' |
Level 2 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 117 | 102 | ' |
Level 2 [Member] | Short Term Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 49 | 82 | ' |
Level 2 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 705 | 591 | ' |
Level 2 [Member] | Limited Partnership Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 705 | 591 | ' |
Level 2 [Member] | Other Assets [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 35 | 40 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 500 | 486 | ' |
Level 3 [Member] | Corporate and Other Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 15 | 11 | ' |
Level 3 [Member] | Total Fixed Maturities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 15 | 11 | ' |
Level 3 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 8 | 5 | ' |
Level 3 [Member] | Hedge Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 352 | 391 | ' |
Level 3 [Member] | Private Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 125 | 69 | ' |
Level 3 [Member] | Limited Partnership Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 477 | 460 | ' |
Level 3 [Member] | Investment Contracts with Insurance Company [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | $10 | ' |
Benefit_Plans_Plan_Assets_Meas
Benefit Plans - Plan Assets Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Detail) (Pension Benefits [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Balance at January 1 | $486 | $453 |
Actual Return on Assets Still Held at December 31 | 66 | 54 |
Actual Return on Assets Sold During the Year Ended December 31 | -1 | 3 |
Net Purchases, Sales, and Settlements | -35 | -24 |
Net Transfers In (Out) of Level 3 | -16 | ' |
Balance at December 31 | 500 | 486 |
Corporate and Other Bonds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Balance at January 1 | 11 | 10 |
Actual Return on Assets Still Held at December 31 | -1 | 1 |
Actual Return on Assets Sold During the Year Ended December 31 | ' | ' |
Net Purchases, Sales, and Settlements | 5 | ' |
Net Transfers In (Out) of Level 3 | ' | ' |
Balance at December 31 | 15 | 11 |
Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Balance at January 1 | 5 | 5 |
Actual Return on Assets Still Held at December 31 | 3 | ' |
Actual Return on Assets Sold During the Year Ended December 31 | ' | ' |
Net Purchases, Sales, and Settlements | ' | ' |
Net Transfers In (Out) of Level 3 | ' | ' |
Balance at December 31 | 8 | 5 |
Hedge Funds [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Balance at January 1 | 391 | 355 |
Actual Return on Assets Still Held at December 31 | 62 | 45 |
Actual Return on Assets Sold During the Year Ended December 31 | ' | 3 |
Net Purchases, Sales, and Settlements | -85 | -12 |
Net Transfers In (Out) of Level 3 | -16 | ' |
Balance at December 31 | 352 | 391 |
Private Equity [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Balance at January 1 | 69 | 73 |
Actual Return on Assets Still Held at December 31 | 2 | 8 |
Actual Return on Assets Sold During the Year Ended December 31 | -1 | ' |
Net Purchases, Sales, and Settlements | 55 | -12 |
Net Transfers In (Out) of Level 3 | ' | ' |
Balance at December 31 | 125 | 69 |
Limited Partnership Investments [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Balance at January 1 | 460 | 428 |
Actual Return on Assets Still Held at December 31 | 64 | 53 |
Actual Return on Assets Sold During the Year Ended December 31 | -1 | 3 |
Net Purchases, Sales, and Settlements | -30 | -24 |
Net Transfers In (Out) of Level 3 | -16 | ' |
Balance at December 31 | 477 | 460 |
Investment Contracts with Insurance Company [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Balance at January 1 | 10 | 10 |
Actual Return on Assets Still Held at December 31 | ' | ' |
Actual Return on Assets Sold During the Year Ended December 31 | ' | ' |
Net Purchases, Sales, and Settlements | -10 | ' |
Net Transfers In (Out) of Level 3 | ' | ' |
Balance at December 31 | ' | $10 |
Benefit_Plans_Other_Postretire
Benefit Plans - Other Postretirement Benefit Plan Assets Measured at Fair Value on Recurring Basis (Detail) (Other Postretirement Benefits [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $81 | $87 | $82 |
Corporate and Other Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 17 | 20 | ' |
States, Municipalities and Political Subdivisions [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 38 | 38 | ' |
Total Asset-backed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 20 | 21 | ' |
Total Fixed Maturities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 75 | 79 | ' |
Short Term Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3 | 4 | ' |
Fixed Income Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3 | 4 | ' |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 6 | 8 | ' |
Level 1 [Member] | Corporate and Other Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 1 [Member] | States, Municipalities and Political Subdivisions [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 1 [Member] | Total Asset-backed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 1 [Member] | Total Fixed Maturities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 1 [Member] | Short Term Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3 | 4 | ' |
Level 1 [Member] | Fixed Income Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3 | 4 | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 75 | 79 | ' |
Level 2 [Member] | Corporate and Other Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 17 | 20 | ' |
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 38 | 38 | ' |
Level 2 [Member] | Total Asset-backed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 20 | 21 | ' |
Level 2 [Member] | Total Fixed Maturities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 75 | 79 | ' |
Level 2 [Member] | Short Term Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 2 [Member] | Fixed Income Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 3 [Member] | Corporate and Other Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 3 [Member] | States, Municipalities and Political Subdivisions [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 3 [Member] | Total Asset-backed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 3 [Member] | Total Fixed Maturities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 3 [Member] | Short Term Investments [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Level 3 [Member] | Fixed Income Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | ' | ' | ' |
Benefit_Plans_Summary_of_Stock
Benefit Plans - Summary of Stock Option and SAR Transactions (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Awards Outstanding, January 1 | ' | 6,535,150 | 6,624,609 |
Number of Awards, Granted | 903,975 | 903,975 | 970,800 |
Number of Awards, Exercised | ' | -871,155 | -985,359 |
Number of Awards, Canceled | ' | -91,579 | -74,900 |
Number of Awards Outstanding, December 31 | 6,476,391 | 6,476,391 | 6,535,150 |
Awards exercisable, December 31 | 4,496,245 | 4,496,245 | 4,566,021 |
Weighted Average Exercise Price Awards outstanding, January 1 | ' | $36.96 | $34.45 |
Weighted Average Exercise Price, Granted | ' | $44.41 | $39.60 |
Weighted Average Exercise Price, Exercised | ' | $32.54 | $22.52 |
Weighted Average Exercise Price, Canceled | ' | $43.98 | $38.70 |
Weighted Average Exercise Price Awards outstanding, December 31 | $38.50 | $38.50 | $36.96 |
Weighted Average Exercise Price exercisable, December 31 | $37.28 | $37.28 | $36.52 |
Benefit_Plans_Summary_of_Stock1
Benefit Plans - Summary of Stock Options and SARs Outstanding by Exercise Price Range (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
10.01 - 20.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Awards Outstanding, Number of Shares | 154,803 |
Awards Outstanding, Weighted Average Remaining Contractual Life | '1 month 6 days |
Awards Outstanding, Weighted Average Exercise Price | $18.86 |
Awards Exercisable, Number of Shares | 154,803 |
Awards Exercisable, Weighted Average Exercise Price | $18.86 |
Range of exercise prices, lower range limit | $10.01 |
Range of exercise prices, upper range limit | $20 |
20.01 - 30.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Awards Outstanding, Number of Shares | 723,172 |
Awards Outstanding, Weighted Average Remaining Contractual Life | '3 years 4 months 24 days |
Awards Outstanding, Weighted Average Exercise Price | $24.77 |
Awards Exercisable, Number of Shares | 723,172 |
Awards Exercisable, Weighted Average Exercise Price | $24.77 |
Range of exercise prices, lower range limit | $20.01 |
Range of exercise prices, upper range limit | $30 |
30.01 - 40.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Awards Outstanding, Number of Shares | 2,761,766 |
Awards Outstanding, Weighted Average Remaining Contractual Life | '5 years 7 months 6 days |
Awards Outstanding, Weighted Average Exercise Price | $36.80 |
Awards Exercisable, Number of Shares | 1,924,554 |
Awards Exercisable, Weighted Average Exercise Price | $36.22 |
Range of exercise prices, lower range limit | $30.01 |
Range of exercise prices, upper range limit | $40 |
40.01 - 50.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Awards Outstanding, Number of Shares | 2,645,775 |
Awards Outstanding, Weighted Average Remaining Contractual Life | '6 years 4 months 24 days |
Awards Outstanding, Weighted Average Exercise Price | $44.27 |
Awards Exercisable, Number of Shares | 1,502,841 |
Awards Exercisable, Weighted Average Exercise Price | $44.80 |
Range of exercise prices, lower range limit | $40.01 |
Range of exercise prices, upper range limit | $50 |
50.01 - 60.00 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Awards Outstanding, Number of Shares | 190,875 |
Awards Outstanding, Weighted Average Remaining Contractual Life | '3 years 1 month 6 days |
Awards Outstanding, Weighted Average Exercise Price | $51.08 |
Awards Exercisable, Number of Shares | 190,875 |
Awards Exercisable, Weighted Average Exercise Price | $51.08 |
Range of exercise prices, lower range limit | $50.01 |
Range of exercise prices, upper range limit | $60 |
Benefit_Plans_Assumptions_Used
Benefit Plans - Assumptions Used in Estimating Fair Value of Granted Options and SARs and Results (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ' | ' | ' |
Expected dividend yield | 0.60% | 0.60% | 0.60% |
Expected volatility | 16.30% | 19.00% | 24.10% |
Weighted average risk-free interest rate | 1.10% | 0.80% | 1.70% |
Expected holding period (in years) | '5 years | '5 years | '5 years |
Weighted average fair value of awards | $6.75 | $6.53 | $8.92 |
Reinsurance_Summary_of_Amounts
Reinsurance - Summary of Amounts Receivable from Reinsurers (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Reinsurance receivables related to insurance reserves: | ' | ' |
Ceded claim and claim adjustment expenses | $4,972 | $5,126 |
Ceded future policy benefits | 733 | 759 |
Ceded policyholders' funds | 35 | 35 |
Reinsurance receivables related to paid losses | 348 | 311 |
Reinsurance receivables | 6,088 | 6,231 |
Less allowance for doubtful accounts | 71 | 73 |
Reinsurance receivables, net of allowance for doubtful accounts | $6,017 | $6,158 |
Reinsurance_Additional_Informa
Reinsurance - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effects of Reinsurance [Line Items] | ' | ' | ' |
Reinsurance collateral | $3,900,000,000 | $3,700,000,000 | ' |
Reinsurance recoveries | 1,500,000,000 | 1,500,000,000 | 1,300,000,000 |
Ceded claim and claim adjustment expense reserves, future policy benefits and policyholders' funds as a result of business operations sold in prior years | 1,100,000,000 | 1,100,000,000 | ' |
Berkshire Hathaway Group [Member] | ' | ' | ' |
Effects of Reinsurance [Line Items] | ' | ' | ' |
Largest recoverables from a single reinsurer | 2,900,000,000 | ' | ' |
Subsidiaries from Swiss Re Group [Member] | ' | ' | ' |
Effects of Reinsurance [Line Items] | ' | ' | ' |
Largest recoverables from a single reinsurer | 850,000,000 | ' | ' |
Subsidiaries from Hartford Insurance Group [Member] | ' | ' | ' |
Effects of Reinsurance [Line Items] | ' | ' | ' |
Largest recoverables from a single reinsurer | 350,000,000 | ' | ' |
Significant Captive Program [Member] | ' | ' | ' |
Effects of Reinsurance [Line Items] | ' | ' | ' |
Direct and ceded earned premiums | 2,200,000,000 | 1,800,000,000 | 1,500,000,000 |
Percentage reinsured of direct and ceded earned premiums | 100.00% | ' | ' |
Reinsurance recoveries | $712,000,000 | $814,000,000 | $790,000,000 |
Reinsurance_Summary_of_Effects
Reinsurance - Summary of Effects of Reinsurance on Earned Premiums (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Earned premiums, Direct | $9,624 | $8,919 | $8,434 |
Earned premiums, Assumed | 306 | 244 | 145 |
Earned premiums, Ceded | 2,659 | 2,281 | 1,976 |
Earned premiums, Net | 7,271 | 6,882 | 6,603 |
Percentage of amount assumed to net | 4.20% | 3.50% | 2.20% |
Property and Casualty [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Earned premiums, Direct | 9,063 | 8,354 | 7,858 |
Earned premiums, Assumed | 258 | 197 | 95 |
Earned premiums, Ceded | 2,609 | 2,229 | 1,919 |
Earned premiums, Net | 6,712 | 6,322 | 6,034 |
Percentage of amount assumed to net | 3.80% | 3.10% | 1.60% |
Accident and Health [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Earned premiums, Direct | 512 | 514 | 521 |
Earned premiums, Assumed | 48 | 47 | 50 |
Earned premiums, Ceded | 1 | 1 | 2 |
Earned premiums, Net | 559 | 560 | 569 |
Percentage of amount assumed to net | 8.60% | 8.40% | 8.80% |
Life [Member] | ' | ' | ' |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | ' | ' | ' |
Earned premiums, Direct | 49 | 51 | 55 |
Earned premiums, Assumed | ' | ' | ' |
Earned premiums, Ceded | 49 | 51 | 55 |
Earned premiums, Net | ' | ' | ' |
Reinsurance_Summary_of_Impact_
Reinsurance - Summary of Impact of Reinsurance on Life Insurance Inforce (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reinsurance Disclosures [Abstract] | ' | ' | ' |
Direct | $5,127 | $5,713 | $6,528 |
Assumed | ' | ' | ' |
Ceded | 5,118 | 5,702 | 6,515 |
Net | $9 | $11 | $13 |
Quarterly_Financial_Data_Sched
Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $3,890 | $3,704 | $3,725 | $3,734 | $3,705 | $3,715 | $3,388 | $3,744 | $15,053 | $14,552 | $14,129 |
Net income | ($198) | $282 | $269 | $242 | ($32) | $177 | $56 | $367 | $595 | $568 | $1,062 |
Per share-basic and diluted | ($0.51) | $0.73 | $0.69 | $0.62 | ' | ' | ' | ' | ' | ' | ' |
Per share-basic | ' | ' | ' | ' | ($0.08) | $0.45 | $0.14 | $0.93 | $1.53 | $1.44 | $2.62 |
Per share-diluted | ' | ' | ' | ' | ($0.08) | $0.45 | $0.14 | $0.92 | $1.53 | $1.43 | $2.62 |
Quarterly_Financial_Data_Sched1
Quarterly Financial Data - Schedule of Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Line Items] | ' | ' |
Impairment of natural gas and oil properties | $52 | $97 |
Impairment of goodwill | 398 | ' |
CNA Financial Corporation [Member] | ' | ' |
Quarterly Financial Data [Line Items] | ' | ' |
Impairment of goodwill | 111 | ' |
Catastrophe losses | ' | $171 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Contract | |
Drillship | |
Commitments [Line Items] | ' |
Aggregate amount of quantifiable indemnification agreements in effect for sales of business entities, assets and third party loans | $702,000,000 |
Other commitments | 85,000,000 |
Commitment for hotel acquisitions, development properties and renovations | 175,000,000 |
Dynamically Positioned, Ultra-deepwater Drillships [Member] | ' |
Commitments [Line Items] | ' |
Aggregate cost of the drillships | 1,900,000,000 |
Number of turnkey construction contracts | 3 |
Number of drillships | 3 |
Contractual aggregated amount expected to be paid | 1,200,000,000 |
Moored Semisubmersible Deepwater Rig [Member] | ' |
Commitments [Line Items] | ' |
Estimated cost of rig, commissioning, spares and project management | 370,000,000 |
Remaining contractual payments | 54,000,000 |
Mid-water Floater [Member] | ' |
Commitments [Line Items] | ' |
Remaining contractual payments | 10,000,000 |
Total cost of the project | 120,000,000 |
Harsh Environment Semisubmersible Drilling Rig [Member] | ' |
Commitments [Line Items] | ' |
Total cost of the project | 755,000,000 |
Remaining contractual payment is due upon delivery of rig | $440,000,000 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
mi | |
States | |
Hotel | |
Country | |
Rigs | |
Segment Reporting Information [Line Items] | ' |
Business acquisition effective date | 2-Jul-12 |
Number of offshore drilling rigs | 45 |
Number of countries where drilling rigs are located | 12 |
Number of rigs under construction | 4 |
Miles of natural gas and NGL pipeline | 14,450 |
Number of states having natural gas storage facilities | 4 |
Total number of hotels owned and/or operated | 18 |
United States [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of hotels | 17 |
Canada [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of hotels | 1 |
CNA Commercial [Member] | Core Operations [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of CNA segments | 4 |
Diamond Offshore [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of rigs under construction | 1 |
Business_Segments_Consolidated
Business Segments - Consolidated Revenues and Income (Loss) by Business Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $3,890 | $3,704 | $3,725 | $3,734 | $3,705 | $3,715 | $3,388 | $3,744 | $15,053 | $14,552 | $14,129 |
Investment gains included in revenues and income before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 26 | 57 | -52 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,429 | 1,399 | 2,226 |
Net income (loss) | -198 | 282 | 269 | 242 | -32 | 177 | 56 | 367 | 595 | 568 | 1,062 |
Investment gains included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 15 | 33 | -31 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 360 | 289 | 532 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 442 | 440 | 522 |
CNA Financial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,113 | 9,547 | 8,963 |
Investment gains included in revenues and income before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 60 | -19 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,320 | 880 | 879 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 847 | 570 | 557 |
Investment gains included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 35 | -10 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 378 | 247 | 244 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 166 | 170 | 185 |
CNA Financial [Member] | CNA Specialty [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,915 | 3,742 | 3,512 |
Investment gains included in revenues and income before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 22 | -5 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 1,069 | 788 | 805 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 634 | 465 | 462 |
Investment gains included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 12 | -3 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 364 | 271 | 279 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
CNA Financial [Member] | CNA Commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,360 | 4,238 | 4,073 |
Investment gains included in revenues and income before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -13 | 39 | 14 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 705 | 451 | 591 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 413 | 273 | 343 |
Investment gains included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -8 | 23 | 10 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 245 | 148 | 206 |
CNA Financial [Member] | Life & Group Non-Core [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,424 | 1,395 | 1,334 |
Investment gains included in revenues and income before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 37 | ' | -8 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -152 | -222 | -386 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -31 | -81 | -191 |
Investment gains included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 21 | ' | -4 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -118 | -132 | -173 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 23 | 23 |
CNA Financial [Member] | Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 414 | 172 | 44 |
Investment gains included in revenues and income before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 6 | -1 | -20 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -302 | -137 | -131 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -169 | -87 | -57 |
Investment gains included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | -13 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -113 | -40 | -68 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 161 | 147 | 161 |
Diamond Offshore [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,926 | 3,072 | 3,334 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 774 | 917 | 1,177 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 257 | 337 | 451 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 245 | 223 | 250 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 46 | 73 |
Boardwalk Pipeline [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,232 | 1,187 | 1,144 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 241 | 304 | 211 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 78 | 111 | 77 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | 56 | 70 | 57 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 163 | 166 | 173 |
HighMount [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 260 | 297 | 390 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -884 | -636 | 99 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -573 | -407 | 62 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -311 | -229 | 36 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 14 | 46 |
Loews Hotels [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 380 | 397 | 337 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -4 | 14 | 17 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -3 | 7 | 13 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -1 | 7 | 4 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 11 | 9 |
Corporate and Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 142 | 52 | -39 |
Investment gains included in revenues and income before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -3 | -33 |
Income (loss) before income tax and noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -18 | -80 | -157 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -11 | -50 | -98 |
Investment gains included in net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1 | -2 | -21 |
Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' | -7 | -29 | -59 |
Interest Expense | ' | ' | ' | ' | ' | ' | ' | ' | $62 | $33 | $36 |
Consolidating_Financial_Inform2
Consolidating Financial Information - Consolidating Balance Sheet Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | $52,973 | $53,048 | ' | ' |
Cash | 295 | 228 | 129 | 120 |
Receivables | 9,361 | 9,366 | ' | ' |
Property, plant and equipment | 14,498 | 13,935 | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Goodwill | 357 | 996 | 908 | ' |
Investments in capital stocks of subsidiaries | ' | ' | ' | ' |
Other assets | 1,650 | 1,538 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | 624 | 598 | ' | ' |
Separate account business | 181 | 312 | ' | ' |
Total assets | 79,939 | 80,021 | ' | ' |
Insurance reserves | 38,394 | 40,005 | ' | ' |
Payable to brokers | 143 | 205 | ' | ' |
Short term debt | 840 | 19 | ' | ' |
Long term debt | 10,006 | 9,191 | ' | ' |
Deferred income taxes | 716 | 840 | ' | ' |
Other liabilities | 4,753 | 4,773 | ' | ' |
Separate account business | 181 | 312 | ' | ' |
Total liabilities | 55,033 | 55,345 | ' | ' |
Total shareholders' equity | 19,458 | 19,459 | ' | ' |
Noncontrolling interests | 5,448 | 5,217 | ' | ' |
Total equity | 24,906 | 24,676 | 23,203 | 23,028 |
Total liabilities and equity | 79,939 | 80,021 | ' | ' |
Eliminations [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | ' | ' | ' | ' |
Cash | ' | ' | ' | ' |
Receivables | -145 | -19 | ' | ' |
Property, plant and equipment | ' | ' | ' | ' |
Deferred income taxes | -764 | -853 | ' | ' |
Goodwill | ' | ' | ' | ' |
Investments in capital stocks of subsidiaries | -17,264 | -16,936 | ' | ' |
Other assets | 39 | 2 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | ' | ' | ' | ' |
Separate account business | ' | ' | ' | ' |
Total assets | -18,134 | -17,806 | ' | ' |
Insurance reserves | ' | ' | ' | ' |
Payable to brokers | ' | ' | ' | ' |
Short term debt | ' | ' | ' | ' |
Long term debt | ' | ' | ' | ' |
Deferred income taxes | -725 | -851 | ' | ' |
Other liabilities | -565 | -19 | ' | ' |
Separate account business | ' | ' | ' | ' |
Total liabilities | -1,290 | -870 | ' | ' |
Total shareholders' equity | -16,844 | -16,936 | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Total equity | -16,844 | -16,936 | ' | ' |
Total liabilities and equity | -18,134 | -17,806 | ' | ' |
CNA Financial [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | 46,107 | 47,636 | ' | ' |
Cash | 195 | 156 | ' | ' |
Receivables | 8,666 | 8,516 | ' | ' |
Property, plant and equipment | 282 | 297 | ' | ' |
Deferred income taxes | 244 | 119 | ' | ' |
Goodwill | 119 | 118 | ' | ' |
Investments in capital stocks of subsidiaries | ' | ' | ' | ' |
Other assets | 741 | 730 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | 624 | 598 | ' | ' |
Separate account business | 181 | 312 | ' | ' |
Total assets | 57,159 | 58,482 | ' | ' |
Insurance reserves | 38,394 | 40,005 | ' | ' |
Payable to brokers | 85 | 61 | ' | ' |
Short term debt | 549 | 13 | ' | ' |
Long term debt | 2,011 | 2,557 | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Other liabilities | 3,323 | 3,260 | ' | ' |
Separate account business | 181 | 312 | ' | ' |
Total liabilities | 44,543 | 46,208 | ' | ' |
Total shareholders' equity | 11,354 | 11,058 | ' | ' |
Noncontrolling interests | 1,262 | 1,216 | ' | ' |
Total equity | 12,616 | 12,274 | ' | ' |
Total liabilities and equity | 57,159 | 58,482 | ' | ' |
Diamond Offshore [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | 2,061 | 1,435 | ' | ' |
Cash | 36 | 53 | ' | ' |
Receivables | 498 | 503 | ' | ' |
Property, plant and equipment | 5,472 | 4,870 | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Goodwill | 20 | 20 | ' | ' |
Investments in capital stocks of subsidiaries | ' | ' | ' | ' |
Other assets | 305 | 366 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | ' | ' | ' | ' |
Separate account business | ' | ' | ' | ' |
Total assets | 8,392 | 7,247 | ' | ' |
Insurance reserves | ' | ' | ' | ' |
Payable to brokers | 1 | ' | ' | ' |
Short term debt | 250 | ' | ' | ' |
Long term debt | 2,230 | 1,489 | ' | ' |
Deferred income taxes | 516 | 483 | ' | ' |
Other liabilities | 734 | 675 | ' | ' |
Separate account business | ' | ' | ' | ' |
Total liabilities | 3,731 | 2,647 | ' | ' |
Total shareholders' equity | 2,362 | 2,331 | ' | ' |
Noncontrolling interests | 2,299 | 2,269 | ' | ' |
Total equity | 4,661 | 4,600 | ' | ' |
Total liabilities and equity | 8,392 | 7,247 | ' | ' |
Boardwalk Pipeline [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | ' | 1 | ' | ' |
Cash | 29 | 3 | ' | ' |
Receivables | 97 | 89 | ' | ' |
Property, plant and equipment | 7,296 | 7,252 | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Goodwill | 215 | 271 | ' | ' |
Investments in capital stocks of subsidiaries | ' | ' | ' | ' |
Other assets | 360 | 330 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | ' | ' | ' | ' |
Separate account business | ' | ' | ' | ' |
Total assets | 7,997 | 7,946 | ' | ' |
Insurance reserves | ' | ' | ' | ' |
Payable to brokers | ' | ' | ' | ' |
Short term debt | ' | ' | ' | ' |
Long term debt | 3,424 | 3,539 | ' | ' |
Deferred income taxes | 689 | 619 | ' | ' |
Other liabilities | 427 | 432 | ' | ' |
Separate account business | ' | ' | ' | ' |
Total liabilities | 4,540 | 4,590 | ' | ' |
Total shareholders' equity | 1,570 | 1,624 | ' | ' |
Noncontrolling interests | 1,887 | 1,732 | ' | ' |
Total equity | 3,457 | 3,356 | ' | ' |
Total liabilities and equity | 7,997 | 7,946 | ' | ' |
HighMount [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | 28 | 8 | ' | ' |
Cash | 1 | 2 | ' | ' |
Receivables | 143 | 69 | ' | ' |
Property, plant and equipment | 974 | 1,136 | ' | ' |
Deferred income taxes | 517 | 734 | ' | ' |
Goodwill | ' | 584 | ' | ' |
Investments in capital stocks of subsidiaries | ' | ' | ' | ' |
Other assets | 15 | 22 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | ' | ' | ' | ' |
Separate account business | ' | ' | ' | ' |
Total assets | 1,678 | 2,555 | ' | ' |
Insurance reserves | ' | ' | ' | ' |
Payable to brokers | 9 | 10 | ' | ' |
Short term debt | 21 | ' | ' | ' |
Long term debt | 481 | 710 | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Other liabilities | 121 | 120 | ' | ' |
Separate account business | ' | ' | ' | ' |
Total liabilities | 632 | 840 | ' | ' |
Total shareholders' equity | 1,046 | 1,715 | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Total equity | 1,046 | 1,715 | ' | ' |
Total liabilities and equity | 1,678 | 2,555 | ' | ' |
Loews Hotels [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | 43 | 33 | ' | ' |
Cash | 10 | 10 | ' | ' |
Receivables | 28 | 25 | ' | ' |
Property, plant and equipment | 430 | 333 | ' | ' |
Deferred income taxes | 3 | ' | ' | ' |
Goodwill | 3 | 3 | ' | ' |
Investments in capital stocks of subsidiaries | ' | ' | ' | ' |
Other assets | 183 | 84 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | ' | ' | ' | ' |
Separate account business | ' | ' | ' | ' |
Total assets | 700 | 488 | ' | ' |
Insurance reserves | ' | ' | ' | ' |
Payable to brokers | ' | ' | ' | ' |
Short term debt | 20 | 6 | ' | ' |
Long term debt | 182 | 203 | ' | ' |
Deferred income taxes | 41 | 37 | ' | ' |
Other liabilities | 23 | 42 | ' | ' |
Separate account business | ' | ' | ' | ' |
Total liabilities | 266 | 288 | ' | ' |
Total shareholders' equity | 434 | 200 | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Total equity | 434 | 200 | ' | ' |
Total liabilities and equity | 700 | 488 | ' | ' |
Corporate and Other [Member] | Operating Segments [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Investments | 4,734 | 3,935 | ' | ' |
Cash | 24 | 4 | ' | ' |
Receivables | 74 | 183 | ' | ' |
Property, plant and equipment | 44 | 47 | ' | ' |
Deferred income taxes | ' | ' | ' | ' |
Goodwill | ' | ' | ' | ' |
Investments in capital stocks of subsidiaries | 17,264 | 16,936 | ' | ' |
Other assets | 7 | 4 | ' | ' |
Deferred acquisition costs of insurance subsidiaries | ' | ' | ' | ' |
Separate account business | ' | ' | ' | ' |
Total assets | 22,147 | 21,109 | ' | ' |
Insurance reserves | ' | ' | ' | ' |
Payable to brokers | 48 | 134 | ' | ' |
Short term debt | ' | ' | ' | ' |
Long term debt | 1,678 | 693 | ' | ' |
Deferred income taxes | 195 | 552 | ' | ' |
Other liabilities | 690 | 263 | ' | ' |
Separate account business | ' | ' | ' | ' |
Total liabilities | 2,611 | 1,642 | ' | ' |
Total shareholders' equity | 19,536 | 19,467 | ' | ' |
Noncontrolling interests | ' | ' | ' | ' |
Total equity | 19,536 | 19,467 | ' | ' |
Total liabilities and equity | $22,147 | $21,109 | ' | ' |
Consolidating_Financial_Inform3
Consolidating Financial Information - Consolidating Statement of Income Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Insurance premiums | $7,271 | $6,882 | $6,603 |
Net investment income | 2,593 | 2,349 | 2,063 |
Intercompany interest and dividends | ' | ' | ' |
Investment gains (losses) | 26 | 57 | -52 |
Contract drilling revenues | 2,844 | 2,936 | 3,254 |
Other | 2,319 | 2,328 | 2,261 |
Total | 15,053 | 14,552 | 14,129 |
Expenses: | ' | ' | ' |
Insurance claims and policyholders' benefits | 5,947 | 5,896 | 5,489 |
Amortization of deferred acquisition costs | 1,362 | 1,274 | 1,176 |
Contract drilling expenses | 1,573 | 1,537 | 1,549 |
Other operating expenses | 3,664 | 4,006 | 3,167 |
Impairment of goodwill | 636 | ' | ' |
Interest | 442 | 440 | 522 |
Total | 13,624 | 13,153 | 11,903 |
Income before income tax | 1,429 | 1,399 | 2,226 |
Income tax (expense) benefit | -360 | -289 | -532 |
Net income | 1,069 | 1,110 | 1,694 |
Amounts attributable to noncontrolling interests | -474 | -542 | -632 |
Net income (loss) attributable to Loews Corporation | 595 | 568 | 1,062 |
Eliminations [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Insurance premiums | ' | ' | ' |
Net investment income | ' | ' | ' |
Intercompany interest and dividends | -736 | -683 | -624 |
Investment gains (losses) | ' | ' | ' |
Contract drilling revenues | ' | ' | ' |
Other | ' | -7 | -5 |
Total | -736 | -690 | -629 |
Expenses: | ' | ' | ' |
Insurance claims and policyholders' benefits | ' | ' | ' |
Amortization of deferred acquisition costs | ' | ' | ' |
Contract drilling expenses | ' | ' | ' |
Other operating expenses | ' | -7 | -5 |
Impairment of goodwill | ' | ' | ' |
Interest | ' | -7 | -8 |
Total | ' | -14 | -13 |
Income before income tax | -736 | -676 | -616 |
Income tax (expense) benefit | ' | ' | ' |
Net income | -736 | -676 | -616 |
Amounts attributable to noncontrolling interests | ' | ' | ' |
Net income (loss) attributable to Loews Corporation | -736 | -676 | -616 |
CNA Financial [Member] | ' | ' | ' |
Expenses: | ' | ' | ' |
Interest | 166 | 170 | 185 |
Income tax (expense) benefit | -378 | -247 | -244 |
CNA Financial [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Insurance premiums | 7,271 | 6,882 | 6,603 |
Net investment income | 2,450 | 2,282 | 2,054 |
Intercompany interest and dividends | ' | ' | ' |
Investment gains (losses) | 27 | 60 | -19 |
Contract drilling revenues | ' | ' | ' |
Other | 365 | 323 | 325 |
Total | 10,113 | 9,547 | 8,963 |
Expenses: | ' | ' | ' |
Insurance claims and policyholders' benefits | 5,947 | 5,896 | 5,489 |
Amortization of deferred acquisition costs | 1,362 | 1,274 | 1,176 |
Contract drilling expenses | ' | ' | ' |
Other operating expenses | 1,318 | 1,327 | 1,234 |
Impairment of goodwill | ' | ' | ' |
Interest | 166 | 170 | 185 |
Total | 8,793 | 8,667 | 8,084 |
Income before income tax | 1,320 | 880 | 879 |
Income tax (expense) benefit | -378 | -247 | -244 |
Net income | 942 | 633 | 635 |
Amounts attributable to noncontrolling interests | -95 | -63 | -78 |
Net income (loss) attributable to Loews Corporation | 847 | 570 | 557 |
Diamond Offshore [Member] | ' | ' | ' |
Expenses: | ' | ' | ' |
Interest | 25 | 46 | 73 |
Income tax (expense) benefit | -245 | -223 | -250 |
Diamond Offshore [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Insurance premiums | ' | ' | ' |
Net investment income | 1 | 5 | 7 |
Intercompany interest and dividends | ' | ' | ' |
Investment gains (losses) | ' | ' | 1 |
Contract drilling revenues | 2,844 | 2,936 | 3,254 |
Other | 81 | 131 | 73 |
Total | 2,926 | 3,072 | 3,335 |
Expenses: | ' | ' | ' |
Insurance claims and policyholders' benefits | ' | ' | ' |
Amortization of deferred acquisition costs | ' | ' | ' |
Contract drilling expenses | 1,573 | 1,537 | 1,549 |
Other operating expenses | 554 | 572 | 535 |
Impairment of goodwill | ' | ' | ' |
Interest | 25 | 46 | 73 |
Total | 2,152 | 2,155 | 2,157 |
Income before income tax | 774 | 917 | 1,178 |
Income tax (expense) benefit | -245 | -223 | -250 |
Net income | 529 | 694 | 928 |
Amounts attributable to noncontrolling interests | -272 | -357 | -477 |
Net income (loss) attributable to Loews Corporation | 257 | 337 | 451 |
Boardwalk Pipeline [Member] | ' | ' | ' |
Expenses: | ' | ' | ' |
Interest | 163 | 166 | 173 |
Income tax (expense) benefit | -56 | -70 | -57 |
Boardwalk Pipeline [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Insurance premiums | ' | ' | ' |
Net investment income | 1 | ' | ' |
Intercompany interest and dividends | ' | ' | ' |
Investment gains (losses) | ' | -3 | ' |
Contract drilling revenues | ' | ' | ' |
Other | 1,231 | 1,187 | 1,144 |
Total | 1,232 | 1,184 | 1,144 |
Expenses: | ' | ' | ' |
Insurance claims and policyholders' benefits | ' | ' | ' |
Amortization of deferred acquisition costs | ' | ' | ' |
Contract drilling expenses | ' | ' | ' |
Other operating expenses | 776 | 717 | 760 |
Impairment of goodwill | 52 | ' | ' |
Interest | 163 | 166 | 173 |
Total | 991 | 883 | 933 |
Income before income tax | 241 | 301 | 211 |
Income tax (expense) benefit | -56 | -70 | -57 |
Net income | 185 | 231 | 154 |
Amounts attributable to noncontrolling interests | -107 | -122 | -77 |
Net income (loss) attributable to Loews Corporation | 78 | 109 | 77 |
HighMount [Member] | ' | ' | ' |
Expenses: | ' | ' | ' |
Interest | 17 | 14 | 46 |
Income tax (expense) benefit | 311 | 229 | -36 |
HighMount [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Insurance premiums | ' | ' | ' |
Net investment income | ' | ' | ' |
Intercompany interest and dividends | ' | ' | ' |
Investment gains (losses) | -1 | ' | -34 |
Contract drilling revenues | ' | ' | ' |
Other | 260 | 297 | 390 |
Total | 259 | 297 | 356 |
Expenses: | ' | ' | ' |
Insurance claims and policyholders' benefits | ' | ' | ' |
Amortization of deferred acquisition costs | ' | ' | ' |
Contract drilling expenses | ' | ' | ' |
Other operating expenses | 543 | 919 | 245 |
Impairment of goodwill | 584 | ' | ' |
Interest | 17 | 14 | 46 |
Total | 1,144 | 933 | 291 |
Income before income tax | -885 | -636 | 65 |
Income tax (expense) benefit | 311 | 229 | -24 |
Net income | -574 | -407 | 41 |
Amounts attributable to noncontrolling interests | ' | ' | ' |
Net income (loss) attributable to Loews Corporation | -574 | -407 | 41 |
Loews Hotels [Member] | ' | ' | ' |
Expenses: | ' | ' | ' |
Interest | 9 | 11 | 9 |
Income tax (expense) benefit | 1 | -7 | -4 |
Loews Hotels [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Insurance premiums | ' | ' | ' |
Net investment income | ' | 1 | 1 |
Intercompany interest and dividends | ' | ' | ' |
Investment gains (losses) | ' | ' | ' |
Contract drilling revenues | ' | ' | ' |
Other | 380 | 396 | 336 |
Total | 380 | 397 | 337 |
Expenses: | ' | ' | ' |
Insurance claims and policyholders' benefits | ' | ' | ' |
Amortization of deferred acquisition costs | ' | ' | ' |
Contract drilling expenses | ' | ' | ' |
Other operating expenses | 375 | 372 | 311 |
Impairment of goodwill | ' | ' | ' |
Interest | 9 | 11 | 9 |
Total | 384 | 383 | 320 |
Income before income tax | -4 | 14 | 17 |
Income tax (expense) benefit | 1 | -7 | -4 |
Net income | -3 | 7 | 13 |
Amounts attributable to noncontrolling interests | ' | ' | ' |
Net income (loss) attributable to Loews Corporation | -3 | 7 | 13 |
Corporate and Other [Member] | ' | ' | ' |
Expenses: | ' | ' | ' |
Income tax (expense) benefit | 7 | 29 | 59 |
Corporate and Other [Member] | Operating Segments [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Insurance premiums | ' | ' | ' |
Net investment income | 141 | 61 | 1 |
Intercompany interest and dividends | 736 | 683 | 624 |
Investment gains (losses) | ' | ' | ' |
Contract drilling revenues | ' | ' | ' |
Other | 2 | 1 | -2 |
Total | 879 | 745 | 623 |
Expenses: | ' | ' | ' |
Insurance claims and policyholders' benefits | ' | ' | ' |
Amortization of deferred acquisition costs | ' | ' | ' |
Contract drilling expenses | ' | ' | ' |
Other operating expenses | 98 | 106 | 87 |
Impairment of goodwill | ' | ' | ' |
Interest | 62 | 40 | 44 |
Total | 160 | 146 | 131 |
Income before income tax | 719 | 599 | 492 |
Income tax (expense) benefit | 7 | 29 | 47 |
Net income | 726 | 628 | 539 |
Amounts attributable to noncontrolling interests | ' | ' | ' |
Net income (loss) attributable to Loews Corporation | $726 | $628 | $539 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 10, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | Life & Group Non-Core [Member] | Life & Group Non-Core [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Life & Group Non-Core [Member] | Life & Group Non-Core [Member] | Life & Group Non-Core [Member] | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of coinsurance agreement | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' |
Gross insurance reserves | $24,089 | $24,763 | $24,303 | $25,496 | $3,058 | $3,006 | ' | ' | $3,400 | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 7 | -111 |
Impairment loss | ' | ' | ' | ' | ' | ' | $200 | ' | ' | ' | ' |
Schedule_I_Condensed_Financial1
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Other assets | $1,650 | $1,538 |
Total assets | 79,939 | 80,021 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Total liabilities | 55,033 | 55,345 |
Shareholders' equity | 19,458 | 19,459 |
Loews Corporation [Member] | ' | ' |
ASSETS | ' | ' |
Current assets, principally investment in short term instruments | 3,350 | 2,556 |
Investments in securities | 1,330 | 1,332 |
Investments in capital stocks of subsidiaries, at equity | 17,264 | 16,936 |
Other assets | 33 | 34 |
Total assets | 21,977 | 20,858 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Current liabilities | 91 | 67 |
Long term debt | 1,678 | 693 |
Deferred income tax and other | 750 | 639 |
Total liabilities | 2,519 | 1,399 |
Shareholders' equity | 19,458 | 19,459 |
Total liabilities and shareholders' equity | $21,977 | $20,858 |
Schedule_I_Condensed_Financial2
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statement of Income and Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | $12 | $24 | $24 |
Total | 3,890 | 3,704 | 3,725 | 3,734 | 3,705 | 3,715 | 3,388 | 3,744 | 15,053 | 14,552 | 14,129 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | 442 | 440 | 522 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 13,624 | 13,153 | 11,903 |
Income before income tax | ' | ' | ' | ' | ' | ' | ' | ' | 1,429 | 1,399 | 2,226 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | -360 | -289 | -532 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 1,069 | 1,110 | 1,694 |
Total comprehensive income attributable to Loews Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 254 | 857 | 1,205 |
Loews Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 664 | 653 | 1,193 |
Interest and other | ' | ' | ' | ' | ' | ' | ' | ' | 83 | 51 | -17 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 747 | 704 | 1,176 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Administrative | ' | ' | ' | ' | ' | ' | ' | ' | 91 | 101 | 81 |
Interest | ' | ' | ' | ' | ' | ' | ' | ' | 62 | 40 | 44 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | 153 | 141 | 125 |
Income before income tax | ' | ' | ' | ' | ' | ' | ' | ' | 594 | 563 | 1,051 |
Income tax (expense) benefit | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 5 | 11 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 595 | 568 | 1,062 |
Equity in other comprehensive income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -341 | 289 | 143 |
Total comprehensive income attributable to Loews Corporation | ' | ' | ' | ' | ' | ' | ' | ' | $254 | $857 | $1,205 |
Schedule_I_Condensed_Financial3
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net income | $1,069 | $1,110 | $1,694 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Undistributed (earnings) losses | -380 | -103 | 74 |
Provision for deferred income taxes | 6 | -22 | 268 |
Changes in operating assets and liabilities-net: | ' | ' | ' |
Trading securities | -901 | -406 | 354 |
Net cash flow operating activities | 2,097 | 2,854 | 3,965 |
Investing Activities: | ' | ' | ' |
Change in investments, primarily short term | -101 | -192 | 1,461 |
Other | -257 | -142 | -127 |
Net cash flow investing activities | -3,298 | -3,095 | -1,903 |
Financing Activities: | ' | ' | ' |
Dividends paid | -97 | -99 | -101 |
Issuance of common stock | 5 | 13 | 4 |
Purchases of treasury shares | -228 | -212 | -732 |
Other | -40 | -7 | -11 |
Net cash flow financing activities | 1,271 | 336 | -2,053 |
Net change in cash | 67 | 99 | 9 |
Cash, beginning of year | 228 | 129 | 120 |
Cash, end of year | 295 | 228 | 129 |
Loews Corporation [Member] | ' | ' | ' |
Operating Activities: | ' | ' | ' |
Net income | 595 | 568 | 1,062 |
Adjustments to reconcile net income to net cash provided (used) by operating activities: | ' | ' | ' |
Undistributed (earnings) losses | 58 | 14 | -571 |
Provision for deferred income taxes | -376 | 67 | -21 |
Changes in operating assets and liabilities-net: | ' | ' | ' |
Receivables | -1 | 2 | -37 |
Accounts payable and accrued liabilities | 511 | -42 | -3 |
Trading securities | -787 | -396 | 420 |
Other, net | -59 | -13 | 16 |
Net cash flow operating activities | -59 | 200 | 866 |
Investing Activities: | ' | ' | ' |
Investments and advances to subsidiaries | -669 | 262 | -848 |
Change in investments, primarily short term | 111 | -158 | 1,003 |
Other | -3 | -10 | -18 |
Net cash flow investing activities | -561 | 94 | 137 |
Financing Activities: | ' | ' | ' |
Dividends paid | -97 | -99 | -101 |
Issuance of common stock | 5 | 13 | 4 |
Purchases of treasury shares | -228 | -212 | -732 |
Principal payments on debt | ' | ' | -175 |
Issuance of debt | 983 | ' | ' |
Other | 1 | 4 | 1 |
Net cash flow financing activities | 664 | -294 | -1,003 |
Net change in cash | 44 | ' | ' |
Cash, beginning of year | ' | ' | ' |
Cash, end of year | $44 | ' | ' |
Schedule_I_Condensed_Financial4
Schedule I - Condensed Financial Information of Registrant - Parent Company Only, Statement of Cash Flows (Parenthetical) (Detail) (Loews Corporation [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loews Corporation [Member] | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Cash dividends paid to the Company by affiliates | $736 | $676 | $616 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $213 | $241 | $404 |
Charged to Costs and Expenses | 23 | 1 | 6 |
Charged to Other Accounts | 140 | 9 | 69 |
Deductions | 47 | 38 | 238 |
Balance at End of Period | 329 | 213 | 241 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 213 | 241 | 404 |
Charged to Costs and Expenses | 23 | 1 | 6 |
Charged to Other Accounts | 140 | 9 | 69 |
Deductions | 47 | 38 | 238 |
Balance at End of Period | $329 | $213 | $241 |
Schedule_V_Supplemental_Inform1
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Information For Property Casualty Insurance Underwriters [Abstract] | ' | ' | ' |
Deferred acquisition costs | $624 | $598 | ' |
Reserves for unpaid claim and claim adjustment expenses | 24,015 | 24,696 | ' |
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.0% to 9.7%) | 1,586 | 1,850 | ' |
Unearned premiums | 3,718 | 3,610 | ' |
Net written premiums | 7,348 | 6,964 | 6,798 |
Net earned premiums | 7,271 | 6,881 | 6,603 |
Net investment income | 2,240 | 2,074 | 1,845 |
Incurred claim and claim adjustment expenses related to current year | 5,113 | 5,266 | 4,901 |
Incurred claim and claim adjustment expenses related to prior years | -115 | -180 | -429 |
Amortization of deferred acquisition costs | 1,362 | 1,274 | 1,176 |
Paid claim and claim adjustment expenses | $5,566 | $5,257 | $4,499 |
Schedule_V_Supplemental_Inform2
Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations (Parenthetical) (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Information For Property Casualty Insurance Underwriters [Abstract] | ' | ' |
Discount deducted from claim and claim adjustment expense reserves interest rates, Minimum | 3.00% | 3.00% |
Discount deducted from claim and claim adjustment expense reserves interest rates, Maximum | 9.70% | 9.70% |