Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.

The following table presents selected financial data. The table should be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Data of this Form 10-K.

Year Ended December 31	2020			2019		2018			2017 (a)			2016 (a)
(In millions, except per share data)

Results of Operations:

Revenues	$	12,583		$	14,931	$	14,066		$	13,735		$	13,105
Income (loss) before income tax	$	(1,464	)	$	1,119	$	834		$	1,582		$	936
Net income (loss)	$	(1,291	)	$	871	$	706		$	1,412		$	716
Amounts attributable to noncontrolling interests		360			61		(70	)		(248	)		(62	)
Net income (loss) attributable to Loews Corporation	$	(931	)	$	932	$	636		$	1,164		$	654

Diluted net income (loss) per share	$	(3.32	)	$	3.07	$	1.99		$	3.45		$	1.93

Financial Position:

Investments	$	53,844		$	51,250	$	48,186		$	52,226		$	50,711
Total assets		80,236			82,243		78,316			79,586			76,594
Debt		10,109			11,533		11,376			11,533			10,778
Shareholders’ equity		17,860			19,119		18,518			19,204			18,163
Cash dividends per share		0.25			0.25		0.25			0.25			0.25
Book value per share		66.34			65.71		59.34			57.83			53.96
Shares outstanding		269.21			290.97		312.07			332.09			336.62

(a)	On January 1, 2018, the Company adopted Accounting Standard Update (“ASU”) 2014-09, “Revenue from Contracts with Customers (Topic 606)” and ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities.” Prior period revenues were not adjusted for the adoption of either of these standards.

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