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Segments | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Segments |
12. Segments |
The Company has five reportable segments comprised of four individual operating subsidiaries, CNA, Diamond Offshore, Boardwalk Pipeline and Loews Hotels & Co; and the Corporate segment. Each of the 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. The operations of Consolidated Container since the acquisition date are included in the Corporate segment. For additional disclosures regarding the composition of the Company’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The following tables present the reportable segments of the Company and their contribution to the Consolidated Condensed Statements of Income. 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. Statements of Income by segment are presented in the following tables.
Three Months Ended September 30, 2017 |  | CNA Financial |  | Diamond Offshore |  | Boardwalk Pipeline |  | Loews Hotels & Co |  | Corporate |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 1,806 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,806 |
Net investment income |  |  | 509 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 48 |  |  |  | 557 |
Investment gains |  |  | 16 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16 |
Contract drilling revenues |  |  |  |  |  | $ | 357 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 357 |
Other revenues |  |  | 110 |  |  |  | 11 |  |  | $ | 301 |  |  | $ | 162 |  |  |  | 201 |  |  |  | 785 |
Total |  |  | 2,441 |  |  |  | 368 |  |  |  | 301 |  |  |  | 162 |  |  |  | 249 |  |  |  | 3,521 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 1,480 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,480 |
Amortization of deferred acquisition costs |  |  | 309 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 309 |
Contract drilling expenses |  |  |  |  |  |  | 198 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 198 |
Other operating expenses |  |  | 379 |  |  |  | 109 |  |  |  | 191 |  |  |  | 147 |  |  |  | 221 |  |  |  | 1,047 |
Interest |  |  | 83 |  |  |  | 64 |  |  |  | 41 |  |  |  | 7 |  |  |  | 28 |  |  |  | 223 |
Total |  |  | 2,251 |  |  |  | 371 |  |  |  | 232 |  |  |  | 154 |  |  |  | 249 |  |  |  | 3,257 |
Income (loss) before income tax |  |  | 190 |  |  |  | (3 | ) |  |  | 69 |  |  |  | 8 |  |  |  | - |  |  |  | 264 |
Income tax (expense) benefit |  |  | (44 | ) |  |  | 14 |  |  |  | (18 | ) |  |  | (4 | ) |  |  |  |  |  |  | (52) |
Net income |  |  | 146 |  |  |  | 11 |  |  |  | 51 |  |  |  | 4 |  |  |  | - |  |  |  | 212 |
Amounts attributable to noncontrolling interests |  |  | (16 | ) |  |  | (5 | ) |  |  | (34 | ) |  |  |  |  |  |  |  |  |  |  | (55) |
Net income attributable to Loews Corporation |  | $ | 130 |  |  | $ | 6 |  |  | $ | 17 |  |  | $ | 4 |  |  | $ | - |  |  | $ | 157 |
Three Months Ended September 30, 2016 |  | CNA Financial |  | Diamond Offshore |  | Boardwalk Pipeline |  | Loews Hotels & Co |  | Corporate |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 1,767 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,767 |
Net investment income |  |  | 524 |  |  | $ | 1 |  |  |  |  |  |  |  |  |  |  | $ | 36 |  |  |  | 561 |
Investment gains |  |  | 45 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 45 |
Contract drilling revenues |  |  |  |  |  |  | 340 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 340 |
Other revenues |  |  | 97 |  |  |  | 9 |  |  | $ | 306 |  |  | $ | 161 |  |  |  | 1 |  |  |  | 574 |
Total |  |  | 2,433 |  |  |  | 350 |  |  |  | 306 |  |  |  | 161 |  |  |  | 37 |  |  |  | 3,287 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 1,202 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,202 |
Amortization of deferred acquisition costs |  |  | 314 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 314 |
Contract drilling expenses |  |  |  |  |  |  | 187 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 187 |
Other operating expenses |  |  | 402 |  |  |  | 108 |  |  |  | 212 |  |  |  | 151 |  |  |  | 25 |  |  |  | 898 |
Interest |  |  | 39 |  |  |  | 19 |  |  |  | 48 |  |  |  | 6 |  |  |  | 18 |  |  |  | 130 |
Total |  |  | 1,957 |  |  |  | 314 |  |  |  | 260 |  |  |  | 157 |  |  |  | 43 |  |  |  | 2,731 |
Income (loss) before income tax |  |  | 476 |  |  |  | 36 |  |  |  | 46 |  |  |  | 4 |  |  |  | (6 | ) |  |  | 556 |
Income tax (expense) benefit |  |  | (132 | ) |  |  | (22 | ) |  |  | (9 | ) |  |  | (1 | ) |  |  | 1 |  |  |  | (163) |
Net income (loss) |  |  | 344 |  |  |  | 14 |  |  |  | 37 |  |  |  | 3 |  |  |  | (5 | ) |  |  | 393 |
Amounts attributable to noncontrolling interests |  |  | (36 | ) |  |  | (7 | ) |  |  | (23 | ) |  |  |  |  |  |  |  |  |  |  | (66) |
Net income (loss) attributable to Loews Corporation |  | $ | 308 |  |  | $ | 7 |  |  | $ | 14 |  |  | $ | 3 |  |  | $ | (5 | ) |  | $ | 327 |
Nine Months Ended September 30, 2017 |  | CNA Financial |  | Diamond Offshore |  | Boardwalk Pipeline |  | Loews Hotels & Co |  | Corporate |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 5,185 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,185 |
Net investment income |  |  | 1,529 |  |  | $ | 1 |  |  |  |  |  |  |  |  |  |  | $ | 109 |  |  |  | 1,639 |
Investment gains |  |  | 93 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 93 |
Contract drilling revenues |  |  |  |  |  |  | 1,113 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,113 |
Other revenues |  |  | 329 |  |  |  | 30 |  |  | $ | 987 |  |  | $ | 510 |  |  |  | 294 |  |  |  | 2,150 |
Total |  |  | 7,136 |  |  |  | 1,144 |  |  |  | 987 |  |  |  | 510 |  |  |  | 403 |  |  |  | 10,180 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 4,053 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,053 |
Amortization of deferred acquisition costs |  |  | 926 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 926 |
Contract drilling expenses |  |  |  |  |  |  | 598 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 598 |
Other operating expenses |  |  | 1,086 |  |  |  | 414 |  |  |  | 646 |  |  |  | 443 |  |  |  | 389 |  |  |  | 2,978 |
Interest |  |  | 166 |  |  |  | 119 |  |  |  | 131 |  |  |  | 20 |  |  |  | 68 |  |  |  | 504 |
Total |  |  | 6,231 |  |  |  | 1,131 |  |  |  | 777 |  |  |  | 463 |  |  |  | 457 |  |  |  | 9,059 |
Income (loss) before income tax |  |  | 905 |  |  |  | 13 |  |  |  | 210 |  |  |  | 47 |  |  |  | (54 | ) |  |  | 1,121 |
Income tax (expense) benefit |  |  | (226 | ) |  |  | 35 |  |  |  | (46 | ) |  |  | (23 | ) |  |  | 20 |  |  |  | (240) |
Net income (loss) |  |  | 679 |  |  |  | 48 |  |  |  | 164 |  |  |  | 24 |  |  |  | (34 | ) |  |  | 881 |
Amounts attributable to noncontrolling interests |  |  | (71 | ) |  |  | (23 | ) |  |  | (104 | ) |  |  |  |  |  |  |  |  |  |  | (198) |
Net income (loss) attributable to Loews Corporation |  | $ | 608 |  |  | $ | 25 |  |  | $ | 60 |  |  | $ | 24 |  |  | $ | (34) |  |  | $ | 683 |
Nine Months Ended September 30, 2016 |  | CNA Financial |  | Diamond Offshore |  | Boardwalk Pipeline |  | Loews Hotels & Co |  | Corporate |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 5,196 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,196 |
Net investment income |  |  | 1,461 |  |  | $ | 1 |  |  |  |  |  |  |  |  |  |  | $ | 108 |  |  |  | 1,570 |
Investment gains (losses) |  |  | 30 |  |  |  | (12 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 18 |
Contract drilling revenues |  |  |  |  |  |  | 1,141 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,141 |
Other revenues |  |  | 297 |  |  |  | 69 |  |  | $ | 961 |  |  | $ | 513 |  |  |  | 2 |  |  |  | 1,842 |
Total |  |  | 6,984 |  |  |  | 1,199 |  |  |  | 961 |  |  |  | 513 |  |  |  | 110 |  |  |  | 9,767 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 3,949 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,949 |
Amortization of deferred acquisition costs |  |  | 926 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 926 |
Contract drilling expenses |  |  |  |  |  |  | 598 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 598 |
Other operating expenses |  |  | 1,158 |  |  |  | 1,082 |  |  |  | 615 |  |  |  | 479 |  |  |  | 82 |  |  |  | 3,416 |
Interest |  |  | 127 |  |  |  | 69 |  |  |  | 136 |  |  |  | 17 |  |  |  | 54 |  |  |  | 403 |
Total |  |  | 6,160 |  |  |  | 1,749 |  |  |  | 751 |  |  |  | 496 |  |  |  | 136 |  |  |  | 9,292 |
Income (loss) before income tax |  |  | 824 |  |  |  | (550 | ) |  |  | 210 |  |  |  | 17 |  |  |  | (26 | ) |  |  | 475 |
Income tax (expense) benefit |  |  | (203 | ) |  |  | 78 |  |  |  | (44 | ) |  |  | (10 | ) |  |  | 8 |  |  |  | (171) |
Net income (loss) |  |  | 621 |  |  |  | (472 | ) |  |  | 166 |  |  |  | 7 |  |  |  | (18 | ) |  |  | 304 |
Amounts attributable to noncontrolling interests |  |  | (64 | ) |  |  | 228 |  |  |  | (104 | ) |  |  |  |  |  |  |  |  |  |  | 60 |
Net income (loss) attributable to Loews Corporation |  | $ | 557 |  |  | $ | (244) |  |  | $ | 62 |  |  | $ | 7 |  |  | $ | (18) |  |  | $ | 364 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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