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Segments | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Segments | 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. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021. 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 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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.
Three Months Ended September 30, 2022 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 2,221 |  |  |  |  |  |  |  |  |  |  | $ | 2,221 |
Net investment income (loss) | 422 |  |  | $ | 1 |  |  |  |  | $ | (19) |  |  |  |  | 404 |
Investment losses | (96) |  |  |  |  |  |  |  |  |  |  | (96) |
Non-insurance warranty revenue | 399 |  |  |  |  |  |  |  |  |  |  | 399 |
Operating revenues and other | 11 |  |  | 338 |  |  | $ | 180 |  |  | 4 |  |  |  |  | 533 |
Total | 2,957 |  |  | 339 |  |  | 180 |  |  | (15) |  |  |  |  | 3,461 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 1,665 |  |  |  |  |  |  |  |  |  |  | 1,665 |
Amortization of deferred acquisition costs | 383 |  |  |  |  |  |  |  |  |  |  | 383 |
Non-insurance warranty expense | 371 |  |  |  |  |  |  |  |  |  |  | 371 |
Operating expenses and other | 346 |  |  | 250 |  |  | 147 |  |  | 17 |  |  |  |  | 760 |
Interest | 28 |  |  | 42 |  |  | (1) |  |  | 23 |  |  |  |  | 92 |
Total | 2,793 |  |  | 292 |  |  | 146 |  |  | 40 |  |  |  |  | 3,271 |
Income (loss) before income tax | 164 |  |  | 47 |  |  | 34 |  |  | (55) |  |  |  |  | 190 |
Income tax (expense) benefit | (36) |  |  | (13) |  |  | (9) |  |  | 11 |  |  |  |  | (47) |
Net income (loss) | 128 |  |  | 34 |  |  | 25 |  |  | (44) |  |  |  |  | 143 |
Amounts attributable to noncontrolling interests | (13) |  |  |  |  |  |  |  |  |  |  | (13) |
Net income (loss) attributable to Loews Corporation | $ | 115 |  |  | $ | 34 |  |  | $ | 25 |  |  | $ | (44) |  |  |  |  | $ | 130 |
Three Months Ended September 30, 2021 | CNA Financial |  | Boardwalk Pipelines |  | Loews 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 |
Nine Months Ended September 30, 2022 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 6,435 |  |  |  |  |  |  |  |  |  |  | $ | 6,435 |
Net investment income (loss) | 1,302 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | (100) |  |  |  |  | 1,202 |
Investment losses | (166) |  |  |  |  |  |  |  |  |  |  | (166) |
Non-insurance warranty revenue | 1,173 |  |  |  |  |  |  |  |  |  |  | 1,173 |
Operating revenues and other | 24 |  |  | 1,044 |  |  | 533 |  |  | 6 |  |  |  |  | 1,607 |
Total | 8,768 |  |  | 1,045 |  |  | 532 |  |  | (94) |  |  |  |  | 10,251 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 4,703 |  |  |  |  |  |  |  |  |  |  | 4,703 |
Amortization of deferred acquisition costs | 1,101 |  |  |  |  |  |  |  |  |  |  | 1,101 |
Non-insurance warranty expense | 1,092 |  |  |  |  |  |  |  |  |  |  | 1,092 |
Operating expenses and other | 1,001 |  |  | 698 |  |  | 405 |  |  | 62 |  |  |  |  | 2,166 |
Interest | 84 |  |  | 126 |  |  | 7 |  |  | 67 |  |  |  |  | 284 |
Total | 7,981 |  |  | 824 |  |  | 412 |  |  | 129 |  |  |  |  | 9,346 |
Income (loss) before income tax | 787 |  |  | 221 |  |  | 120 |  |  | (223) |  |  |  |  | 905 |
Income tax (expense) benefit | (141) |  |  | (57) |  |  | (36) |  |  | 44 |  |  |  |  | (190) |
Net income (loss) | 646 |  |  | 164 |  |  | 84 |  |  | (179) |  |  |  |  | 715 |
Amounts attributable to noncontrolling interests | (67) |  |  |  |  |  |  |  |  |  |  | (67) |
Net income (loss) attributable to Loews Corporation | $ | 579 |  |  | $ | 164 |  |  | $ | 84 |  |  | $ | (179) |  |  |  |  | $ | 648 |
Nine Months Ended September 30, 2021 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate (a) |  |  |  | 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 |
(a) | Amounts include the consolidated results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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