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Shareholders' Equity | 6 Months Ended
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Jun. 30, 2023
Equity [Abstract] |
Shareholders' Equity | Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the three and six months ended June 30, 2022 and 2023:
| Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses |  | Net Unrealized Gains (Losses) on Other Investments |  | Cumulative impact of changes in discount rates used to measure long duration contracts |  | Unrealized Gains (Losses) on Cash Flow Hedges |  | Pension and Postretirement Benefits |  | Foreign Currency Translation |  | Total Accumulated Other Comprehensive Income (Loss)
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, April 1, 2022, as reported | $ | (6) |  |  | $ | (513) |  |  | $ | — |  |  | $ | 12 |  |  | $ | (630) |  |  | $ | (114) |  |  | $ | (1,251) |
Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $270, $(497), $0, $0 and $0 |  |  | 1,154 |  |  | (2,119) |  |  |  |  |  |  |  |  | (965) |
Balance, April 1, 2022, as adjusted | (6) |  |  | 641 |  |  | (2,119) |  |  | 12 |  |  | (630) |  |  | (114) |  |  | (2,216) |
Other comprehensive income (loss) before reclassifications, after tax of $(1), $593, $(400), $5, $2, and $0 | (1) |  |  | (2,240) |  |  | 1,507 |  |  | 6 |  |  | (2) |  |  | (68) |  |  | (798) |
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $1, $(3), $0, $2, $(1) and $0 | (1) |  |  | 14 |  |  |  |  |  |  | 7 |  |  |  |  | 20 |
Other comprehensive income (loss) | (2) |  |  | (2,226) |  |  | 1,507 |  |  | 6 |  |  | 5 |  |  | (68) |  |  | (778) |
Amounts attributable to noncontrolling interests | 1 |  |  | 229 |  |  | (156) |  |  |  |  |  |  | 7 |  |  | 81 |
Balance, June 30, 2022 | $ | (7) |  |  | $ | (1,356) |  |  | $ | (768) |  |  | $ | 18 |  |  | $ | (625) |  |  | $ | (175) |  |  | $ | (2,913) |
Balance, April 1, 2023 | $ | (14) |  |  | $ | (1,867) |  |  | $ | (393) |  |  | $ | 12 |  |  | $ | (614) |  |  | $ | (186) |  |  | $ | (3,062) |
Other comprehensive income (loss) before reclassifications, after tax of $2, $116, $(68), $0, $0 and $0 | (8) |  |  | (427) |  |  | 256 |  |  | 8 |  |  |  |  | 35 |  |  | (136) |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(2), $(4), $0, $0, $(2) and $0 | 7 |  |  | 14 |  |  |  |  |  |  |  | 6 |  |  |  |  | 27 |
Other comprehensive income (loss) | (1) |  |  | (413) |  |  | 256 |  |  | 8 |  |  | 6 |  |  | 35 |  |  | (109) |
Amounts attributable to noncontrolling interests | (1) |  |  | 42 |  |  | (26) |  |  |  |  |  | (1) |  |  | (3) |  |  | 11 |
Balance, June 30, 2023 | $ | (16) |  |  | $ | (2,238) |  |  | $ | (163) |  |  | $ | 20 |  |  | $ | (609) |  |  | $ | (154) |  |  | $ | (3,160) |
| Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses |  | Net Unrealized Gains (Losses) on Other Investments |  | Cumulative impact of changes in discount rates used to measure long duration contracts |  | Unrealized Gains (Losses) on Cash Flow Hedges |  | Pension and Postretirement Benefits |  | Foreign Currency Translation |  | Total Accumulated Other Comprehensive Income (Loss)
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, January 1, 2022, as reported | $ | (2) |  |  | $ | 930 |  |  | $ | — |  |  | $ | (6) |  |  | $ | (636) |  |  | $ | (100) |  |  | $ | 186 |
Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $617, $(1,063), $0, $0 and $0 |  |  | 2,079 |  |  | (3,585) |  |  |  |  |  |  |  |  | (1,506) |
Balance, January 1, 2022, as adjusted | (2) |  |  | 3,009 |  |  | (3,585) |  |  | (6) |  |  | (636) |  |  | (100) |  |  | (1,320) |
Other comprehensive income (loss) before reclassifications, after tax of $0, $1,292, $(835), $3, $0 and $0 | (5) |  |  | (4,884) |  |  | 3,142 |  |  | 21 |  |  |  |  | (83) |  |  | (1,809) |
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $(4), $0, $1, $(3) and $0 | (1) |  |  | 15 |  |  |  |  | 3 |  |  | 12 |  |  |  |  | 29 |
Other comprehensive income (loss) | (6) |  |  | (4,869) |  |  | 3,142 |  |  | 24 |  |  | 12 |  |  | (83) |  |  | (1,780) |
Amounts attributable to noncontrolling interests | 1 |  |  | 504 |  |  | (325) |  |  |  |  | (1) |  |  | 8 |  |  | 187 |
Balance, June 30, 2022 | $ | (7) |  |  | $ | (1,356) |  |  | $ | (768) |  |  | $ | 18 |  |  | $ | (625) |  |  | $ | (175) |  |  | $ | (2,913) |
Balance, January 1, 2023, as reported | $ | (7) |  |  | $ | (2,469) |  |  | $ | — |  |  | $ | 14 |  |  | $ | (622) |  |  | $ | (200) |  |  | $ | (3,284) |
Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $0, $11, $0, $0 and $0 |  |  |  |  | (36) |  |  |  |  |  |  |  |  | (36) |
Balance, January 1, 2023, as adjusted | (7) |  |  | (2,469) |  |  | (36) |  |  | 14 |  |  | (622) |  |  | (200) |  |  | (3,320) |
Other comprehensive income (loss) before reclassifications, after tax of $4, $(60), $37, $1, $0 and $0 | (16) |  |  | 225 |  |  | (140) |  |  | 6 |  |  |  |  |  | 51 |  |  | 126 |
Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(8), $0, $0, $(4) and $0 | 7 |  |  | 32 |  |  |  |  |  |  |  |  | 15 |  |  |  |  |  | 54 |
Other comprehensive income (loss) | (9) |  |  | 257 |  |  | (140) |  |  | 6 |  |  | 15 |  |  | 51 |  |  | 180 |
Amounts attributable to noncontrolling interests | — |  |  | (26) |  |  | 13 |  |  |  |  |  | (2) |  |  | (5) |  |  | (20) |
Balance, June 30, 2023 | $ | (16) |  |  | $ | (2,238) |  |  | $ | (163) |  |  | $ | 20 |  |  | $ | (609) |  |  | $ | (154) |  |  | $ | (3,160) |
Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:
Major Category of AOCI | Affected Line Item
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments | Investment gains (losses)
Unrealized gains (losses) on cash flow hedges | Operating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefits | Operating expenses and other
Treasury Stock Loews Corporation repurchased 10.0 million and 6.3 million shares of its common stock at aggregate costs of $593 million and $384 million during the six months ended June 30, 2023 and 2022. Loews Corporation purchased 0.1 million shares of CNA’s common stock at an aggregate cost of $3 million during the six months ended June 30, 2023.

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