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Segments

9 Months Ended

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

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