Segments

12 Months Ended

Dec. 31, 2021

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. In the first quarter of 2020, Diamond Offshore was a reportable segment; Diamond Offshore 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 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 Statements of Operations in the Corporate segment. For further information 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.

CNA’s business is the sale of property and casualty insurance products and services, including surety, primarily through a network of independent agents, brokers and managing general underwriters. CNA’s operations also include its long term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.

Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. Boardwalk Pipeline owns approximately 14,065 miles of natural gas and NGL pipelines and underground storage caverns. Boardwalk Pipelines’ natural gas pipeline systems are located in the Gulf Coast region, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGL pipelines and storage facilities are located in Louisiana and Texas.

Loews Hotels & Co operates a chain of 26 hotels, 25 of which are in the United States and one of which is in Canada.

The Corporate segment consists of investment income from the Parent Company’s cash and investments, Parent Company interest expense and other unallocated Parent Company expenses. Corporate also includes the operating results of Altium Packaging through March 31, 2021 and the equity method accounting for Altium Packaging beginning on April 1, 2021, as a result of the sale of 47% of Altium Packaging and the resulting deconsolidation. See Note 2 for further information. Purchase accounting adjustments have been pushed down to the appropriate subsidiary.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1.

In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance. These schedules present the reportable segments of the Company and their contribution to the consolidated financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

Statements of Operations and Total assets by segment are presented in the following tables.

Year Ended December 31, 2021	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate (a)		Total
(In millions)
Revenues:
Insurance premiums	$	8,175							$	8,175
Net investment income	2,159				$	1	$	99	2,259
Investment gains	120						540		660
Non-insurance warranty revenue	1,430								1,430
Operating revenues and other	24		$	1,349	479		281		2,133
Total	11,908		1,349		480		920		14,657
Expenses:
Insurance claims and policyholders’ benefits	6,349								6,349
Amortization of deferred acquisition costs	1,443								1,443
Non-insurance warranty expense	1,328								1,328
Operating expenses and other	1,191		885		456		399		2,931
Interest	113		161		36		114		424
Total	10,424		1,046		492		513		12,475
Income (loss) before income tax	1,484		303		(12)		407		2,182
Income tax expense	(282)		(68)		(2)		(127)		(479)
Net income (loss)	1,202		235		(14)		280		1,703
Amounts attributable to noncontrolling interests	(125)								(125)
Net income (loss) attributable to Loews Corporation	$	1,077	$	235	$	(14)	$	280	$	1,578
December 31, 2021
Total assets	$	66,588	$	9,418	$	1,671	$	3,949	$	81,626

(a) 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.

Year Ended December 31, 2020	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate (a)		Diamond Offshore (b)		Total
(In millions)
Revenues:
Insurance premiums	$	7,649									$	7,649
Net investment income	1,935				$	1	$	59			1,995
Investment losses	(35)						(1,211)				(1,246)
Non-insurance warranty revenue	1,252										1,252
Operating revenues and other	26		$	1,302	277		1,023		$	305	2,933
Total	10,827		1,302		278		(129)		305		12,583
Expenses:
Insurance claims and policyholders’ benefits	6,170										6,170
Amortization of deferred acquisition costs	1,410										1,410
Non-insurance warranty expense	1,159										1,159
Operating expenses and other	1,125		855		519		1,098		1,196		4,793
Interest	142		170		33		127		43		515
Total	10,006		1,025		552		1,225		1,239		14,047
Income (loss) before income tax	821		277		(274)		(1,354)		(934)		(1,464)
Income tax (expense) benefit	(131)		(71)		62		287		26		173
Net income (loss)	690		206		(212)		(1,067)		(908)		(1,291)
Amounts attributable to noncontrolling interests	(72)								432		360
Net income (loss) attributable to Loews Corporation	$	618	$	206	$	(212)	$	(1,067)	$	(476)	$	(931)
December 31, 2020
Total assets	$	63,976	$	9,353	$	1,637	$	5,270	$	—	$	80,236

(b) Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation.

	CNA		Boardwalk		Loews				Diamond
Year Ended December 31, 2019	Financial		Pipelines		Hotels & Co		Corporate (a)		Offshore (b)		Total
(In millions)
Revenues:
Insurance premiums	$	7,428									$	7,428
Net investment income	2,118				$	1	$	230	$	6	2,355
Investment gains	49										49
Non-insurance warranty revenue	1,161										1,161
Operating revenues and other	32		$	1,300	691		933		982		3,938
Total	10,788		1,300		692		1,163		988		14,931
Expenses:
Insurance claims and policyholders’ benefits	5,806										5,806
Amortization of deferred acquisition costs	1,383										1,383
Non-insurance warranty expense	1,082										1,082
Operating expenses and other	1,141		840		698		1,004		1,267		4,950
Interest	152		179		22		115		123		591
Total	9,564		1,019		720		1,119		1,390		13,812
Income (loss) before income tax	1,224		281		(28)		44		(402)		1,119
Income tax (expense) benefit	(224)		(72)		(3)		(9)		60		(248)
Net income (loss)	1,000		209		(31)		35		(342)		871
Amounts attributable to noncontrolling interests	(106)								167		61
Net income (loss) attributable to Loews Corporation	$	894	$	209	$	(31)	$	35	$	(175)	$	932