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Segments (Tables) | 9 Months Ended
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Sep. 30, 2021
Segments [Abstract] |
Statements of Operations by Segment | 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 Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
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