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Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
December 3120212020
(In millions)  
   
Loews Corporation (Parent Company):  
Senior:  
2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500)
$500 $500 
3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500)
500 500 
3.2% notes due 2030 (effective interest rate of 3.3%) (authorized, $500)
500 500 
6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300)
300 300 
4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500)
500 500 
CNA Financial:
Senior:
7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250)
243 243 
4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550)
550 550 
4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500)
500 500 
3.5% notes due 2027 (effective interest rate of 3.5%) (authorized, $500)
500 500 
3.9% notes due 2029 (effective interest rate of 3.9%) (authorized, $500)
500 500 
2.1% notes due 2030 (effective interest rate of 2.1%) (authorized, $500)
500 500 
Boardwalk Pipelines:
Senior:
Variable rate revolving credit facility due 2026 (effective interest rate of 1.4%)
130 
4.0% notes due 2022 (effective interest rate of 4.4%) (authorized, $300)
300 300 
3.4% notes due 2023 (effective interest rate of 3.5%) (authorized, $300)
300 300 
5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600)
600 600 
6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550)
550 550 
4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500)
500 500 
7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100)
100 100 
4.8% notes due 2029 (effective interest rate of 4.9%) (authorized, $500)
500 500 
3.4% notes due 2031 (effective interest rate of 3.5%) (authorized, $500)
500 500 
Finance lease obligation6 7 
Loews Hotels & Co:
Senior debt, principally mortgages (effective interest rates approximate 4.6% and 4.7%)
692 750 
Altium Packaging (a):
Senior:
Variable rate asset based lending facility due 2022 (effective interest rate of 3.5%)
10 
Variable rate term loan due 2024 (effective interest rate of 4.7%)
585 
Variable rate term loan due 2026 (effective interest rate of 4.1%)
246 
Finance lease obligation26 
 9,141 10,197 
Less unamortized discount and issuance costs62 88 
Debt$9,079 $10,109 

(a) Amounts presented for Altium Packaging reflect the period prior to the deconsolidation.
December 31, 2021PrincipalUnamortized Discount and Issuance CostsNetShort Term DebtLong Term Debt
(In millions)     
      
Loews Corporation$2,300 $22 $2,278 $2,278 
CNA Financial2,793 14 2,779 2,779 
Boardwalk Pipelines3,356 21 3,335 3,335 
Loews Hotels & Co692 5 687 $93 594 
Total$9,141 $62 $9,079 $93 $8,986 

At December 31, 2021, the aggregate long term debt maturing in each of the next five years is approximately as follows: $394 million in 2022, $1.2 billion in 2023, $1.5 billion in 2024, $2 million in 2025, $1.5 billion in 2026 and $4.5 billion thereafter. Long term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of remaining scheduled payments discounted at the specified treasury rate plus a margin.

CNA is a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA held $5 million of FHLBC stock as of December 31, 2021, giving it access to approximately $106 million of additional liquidity. As of December 31, 2021 and 2020, CNA had no outstanding borrowings from the FHLBC.

In 2019, CNA amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At CNA’s election, the commitments under the amended and restated credit agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. As of December 31, 2021, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants.

In May of 2021, Boardwalk Pipelines entered into an amended revolving credit agreement. The revolving credit facility provided under the credit agreement has a borrowing capacity of $1.0 billion through May 27, 2026, with two one-year extensions at Boardwalk Pipelines’ election. As of December 31, 2021 and February 4, 2022, Boardwalk Pipelines had no outstanding borrowings and all of the $1.0 billion available borrowing capacity under the revolving credit facility. As of December 31, 2021, Boardwalk Pipelines was in compliance with all covenants under the credit agreement.

Certain of the hotels wholly or partially owned by Loews Hotels & Co are financed by debt facilities, with a number of different lenders. Each of the loan agreements underlying these facilities contain a variety of financial and operational covenants. As of December 31, 2021, Loews Hotels & Co was in compliance with these covenants.