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Segments | 9 Months Ended
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Sep. 30, 2021
Segments [Abstract] |
Segments | 11. Segments Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. In the first quarter of 2020, Diamond Offshore was a reportable segment; it was deconsolidated during the second quarter of 2020. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and the operations of Altium Packaging through March 31, 2021. On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging and as a result, Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial results. Subsequent to deconsolidation, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with Equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations in the Corporate segment. For further discussion on the deconsolidations of Diamond Offshore and Altium Packaging see Note 2. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding the composition of Loews Corporation’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, 2020. The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. Statements of Operations by segment are presented in the following tables.
|  | CNA |  |  | Boardwalk |  |  | Loews |  |  |  |  |  |  |
Three Months Ended September 30, 2021 |  | Financial |  |  | Pipelines |  |  | Hotels & Co |  |  | Corporate |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 2,059 |  |  |  |  |  |  |  |  |  |  |  | $ | 2,059 |
Net investment income (loss) |  |  | 513 |  |  |  |  |  |  |  |  |  | $ | (30 | ) |  |  | 483 |
Investment gains |  |  | 22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22 |
Non-insurance warranty revenue |  |  | 357 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 357 |
Operating revenues and other |  |  | 8 |  |  | $ | 307 |  |  | $ | 134 |  |  |  | 1 |  |  |  | 450 |
Total |  |  | 2,959 |  |  |  | 307 |  |  |  | 134 |  |  |  | (29 | ) |  |  | 3,371 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 1,632 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,632 |
Amortization of deferred acquisition costs |  |  | 368 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 368 |
Non-insurance warranty expense |  |  | 330 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 330 |
Operating expenses and other |  |  | 287 |  |  |  | 215 |  |  |  | 109 |  |  |  | 27 |  |  |  | 638 |
Interest |  |  | 28 |  |  |  | 40 |  |  |  | 8 |  |  |  | 23 |  |  |  | 99 |
Total |  |  | 2,645 |  |  |  | 255 |  |  |  | 117 |  |  |  | 50 |  |  |  | 3,067 |
Income (loss) before income tax |  |  | 314 |  |  |  | 52 |  |  |  | 17 |  |  |  | (79 | ) |  |  | 304 |
Income tax (expense) benefit |  |  | (59 | ) |  |  | (14 | ) |  |  | (4 | ) |  |  | 19 |  |  |  | (58 | )
Net income (loss) |  |  | 255 |  |  |  | 38 |  |  |  | 13 |  |  |  | (60 | ) |  |  | 246 |
Amounts attributable to noncontrolling interests |  |  | (26 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (26 | )
Net income (loss) attributable to Loews Corporation |  | $ | 229 |  |  | $ | 38 |  |  | $ | 13 |  |  | $ | (60 | ) |  | $ | 220 |
|  | CNA |  |  | Boardwalk |  |  | Loews |  |  |  |  |  |  |
Three Months Ended September 30, 2020 |  | Financial |  |  | Pipelines |  |  | Hotels & Co |  |  | Corporate (a) |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 1,953 |  |  |  |  |  |  |  |  |  |  |  | $ | 1,953 |
Net investment income |  |  | 517 |  |  |  |  |  |  |  |  | $ | 23 |  |  |  | 540 |
Investment gains |  |  | 46 |  |  |  |  |  |  |  |  |  |  |  |  |  | 46 |
Non-insurance warranty revenue |  |  | 317 |  |  |  |  |  |  |  |  |  |  |  |  |  | 317 |
Operating revenues and other |  |  | 7 |  |  | $ | 289 |  |  | $ | 60 |  |  |  | 253 |  |  |  | 609 |
Total |  |  | 2,840 |  |  |  | 289 |  |  |  | 60 |  |  |  | 276 |  |  |  | 3,465 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 1,616 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,616 |
Amortization of deferred acquisition costs |  |  | 360 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 360 |
Non-insurance warranty expense |  |  | 293 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 293 |
Operating expenses and other |  |  | 268 |  |  |  | 219 |  |  |  | 114 |  |  |  | 275 |  |  |  | 876 |
Interest |  |  | 52 |  |  |  | 44 |  |  |  | 8 |  |  |  | 33 |  |  |  | 137 |
Total |  |  | 2,589 |  |  |  | 263 |  |  |  | 122 |  |  |  | 308 |  |  |  | 3,282 |
Income (loss) before income tax |  |  | 251 |  |  |  | 26 |  |  |  | (62 | ) |  |  | (32 | ) |  |  | 183 |
Income tax (expense) benefit |  |  | (36 | ) |  |  | (6 | ) |  |  | 15 |  |  |  | 6 |  |  |  | (21 | )
Net income (loss) |  |  | 215 |  |  |  | 20 |  |  |  | (47 | ) |  |  | (26 | ) |  |  | 162 |
Amounts attributable to noncontrolling interests |  |  | (23 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (23 | )
Net income (loss) attributable to Loews Corporation |  | $ | 192 |  |  | $ | 20 |  |  | $ | (47 | ) |  | $ | (26 | ) |  | $ | 139 |
(a) | Amounts presented for Corporate include the operating results of Altium Packaging prior to the deconsolidation.
|  | CNA |  |  | Boardwalk |  |  | Loews |  |  |  |  |  |  |
Nine Months Ended September 30, 2021 |  | Financial |  |  | Pipelines |  |  | Hotels & Co |  |  | Corporate (b) |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 6,056 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 6,056 |
Net investment income |  |  | 1,608 |  |  |  |  |  |  | $ | 1 |  |  | $ | 40 |  |  |  | 1,649 |
Investment gains |  |  | 117 |  |  |  |  |  |  |  |  |  |  |  | 540 |  |  |  | 657 |
Non-insurance warranty revenue |  |  | 1,054 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,054 |
Operating revenues and other |  |  | 19 |  |  | $ | 991 |  |  |  | 288 |  |  |  | 282 |  |  |  | 1,580 |
Total |  |  | 8,854 |  |  |  | 991 |  |  |  | 289 |  |  |  | 862 |  |  |  | 10,996 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 4,684 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,684 |
Amortization of deferred acquisition costs |  |  | 1,084 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,084 |
Non-insurance warranty expense |  |  | 973 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 973 |
Operating expenses and other |  |  | 874 |  |  |  | 641 |  |  |  | 328 |  |  |  | 365 |  |  |  | 2,208 |
Interest |  |  | 85 |  |  |  | 121 |  |  |  | 25 |  |  |  | 93 |  |  |  | 324 |
Total |  |  | 7,700 |  |  |  | 762 |  |  |  | 353 |  |  |  | 458 |  |  |  | 9,273 |
Income (loss) before income tax |  |  | 1,154 |  |  |  | 229 |  |  |  | (64 | ) |  |  | 404 |  |  |  | 1,723 |
Income tax (expense) benefit |  |  | (219 | ) |  |  | (59 | ) |  |  | 13 |  |  |  | (126 | ) |  |  | (391 | )
Net income (loss) |  |  | 935 |  |  |  | 170 |  |  |  | (51 | ) |  |  | 278 |  |  |  | 1,332 |
Amounts attributable to noncontrolling interests |  |  | (97 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (97 | )
Net income (loss) attributable to Loews Corporation |  | $ | 838 |  |  | $ | 170 |  |  | $ | (51 | ) |  | $ | 278 |  |  | $ | 1,235 |
(b) | Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.
|  | CNA |  |  | Boardwalk |  |  | Loews |  |  |  |  |  | Diamond |  |  |  |
Nine Months Ended September 30, 2020 |  | Financial |  |  | Pipelines |  |  | Hotels & Co |  |  | Corporate (a) |  |  | Offshore (c) |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 5,672 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,672 |
Net investment income (loss) |  |  | 1,380 |  |  |  |  |  |  |  |  | $ | (33 | ) |  |  |  |  |  | 1,347 |
Investment losses |  |  | (101 | ) |  |  |  |  |  |  |  |  | (1,211 | ) |  |  |  |  |  | (1,312 | )
Non-insurance warranty revenue |  |  | 926 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 926 |
Operating revenues and other |  |  | 20 |  |  | $ | 926 |  |  | $ | 236 |  |  |  | 754 |  |  | $ | 305 |  |  |  | 2,241 |
Total |  |  | 7,897 |  |  |  | 926 |  |  |  | 236 |  |  |  | (490 | ) |  |  | 305 |  |  |  | 8,874 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 4,683 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,683 |
Amortization of deferred acquisition costs |  |  | 1,046 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,046 |
Non-insurance warranty expense |  |  | 859 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 859 |
Operating expenses and other |  |  | 851 |  |  |  | 633 |  |  |  | 404 |  |  |  | 810 |  |  |  | 1,196 |  |  |  | 3,894 |
Interest |  |  | 114 |  |  |  | 127 |  |  |  | 24 |  |  |  | 96 |  |  |  | 43 |  |  |  | 404 |
Total |  |  | 7,553 |  |  |  | 760 |  |  |  | 428 |  |  |  | 906 |  |  |  | 1,239 |  |  |  | 10,886 |
Income (loss) before income tax |  |  | 344 |  |  |  | 166 |  |  |  | (192 | ) |  |  | (1,396 | ) |  |  | (934 | ) |  |  | (2,012 | )
Income tax (expense) benefit |  |  | (40 | ) |  |  | (43 | ) |  |  | 48 |  |  |  | 293 |  |  |  | 26 |  |  |  | 284 |
Net income (loss) |  |  | 304 |  |  |  | 123 |  |  |  | (144 | ) |  |  | (1,103 | ) |  |  | (908 | ) |  |  | (1,728 | )
Amounts attributable to noncontrolling interests |  |  | (32 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 432 |  |  |  | 400 |
Net income (loss) attributable to Loews Corporation |  | $ | 272 |  |  | $ | 123 |  |  | $ | (144 | ) |  | $ | (1,103 | ) |  | $ | (476 | ) |  | $ | (1,328 | )
(c) | Amounts presented for Diamond Offshore reflect the period prior to the deconsolidation.

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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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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