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Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost
Weighted average assumptions used to determine benefit obligations:

Pension BenefitsOther Postretirement Benefits
December 31202120202019202120202019
       
Discount rate2.6 %2.1 %3.0 %2.6 %2.2 %3.0 %
Interest crediting rate3.0 %3.0 %3.7 %  
Rate of compensation increase
0.0% to 3.0%
0.0% to 3.0%
3.0% to 5.5%
   

Weighted average assumptions used to determine net periodic benefit cost:

Pension BenefitsOther Postretirement Benefits
Year Ended December 31
202120202019202120202019
       
Discount rate2.1 %3.0 %4.0 %2.2 %2.9 %4.0 %
Expected long term rate of return on plan assets6.7 %7.2 %7.5 %2.8 %3.6 %3.6 %
Interest crediting rate3.0 %3.7 %3.7 %   
Rate of compensation increase
0.0% to 3.0%
0.0% to 3.0%
3.0% to 5.5%
   
Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates:

December 31202120202019
    
Health care cost trend rate assumed for next year
4.0% to 7.0%
4.0% to 7.5%
4.0% to 8.0%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)
4.0% to 5.0%
4.0% to 5.0%
4.0% to 5.0%
Year that the rate reaches the ultimate trend rate
2022-2026
2021-2026
2021-2026
Net Periodic (Benefit) Cost Components
Net periodic (benefit) cost components:

Pension Benefits
Other Postretirement Benefits
Year Ended December 31
202120202019202120202019
(In millions)      
       
Service cost$3 $3 $7 
Interest cost70 92 117 $1 $2 $2 
Expected return on plan assets(169)(173)(159)(3)(3)(3)
Amortization of unrecognized net loss49 48 45 (1)(1)
Settlements and curtailments3 10 1 (1)
Regulatory asset decrease3 
Net periodic (benefit) cost$(41)$(20)$11 $(2)$(3)$(2)
Reconciliation of Benefit Obligations and Plan Assets
The following provides a reconciliation of benefit obligations and plan assets:

Pension Benefits
Other Postretirement Benefits
 2021202020212020
(In millions)    
     
Change in benefit obligation:    
     
Benefit obligation at January 1$3,243 $3,137 $51 $52 
Deconsolidation(98)
Service cost3 3 
Interest cost70 92 1 2 
Plan participants’ contributions4 4 
Actuarial (gain) loss(89)236 (2)3 
Benefits paid from plan assets(193)(189)(10)(10)
Settlements and curtailments(19)(40)
Foreign exchange(1)4 
Benefit obligation at December 31
$2,916 $3,243 $44 $51 
Change in plan assets:
Fair value of plan assets at January 1$2,739 $2,576 $96 $90 
Deconsolidation(85)
Actual return on plan assets355 327 8 
Company contributions20 61 3 4 
Plan participants' contributions4 4 
Benefits paid from plan assets(193)(189)(10)(10)
Settlements(19)(40)
Foreign exchange(1)4 
Fair value of plan assets at December 31
$2,816 $2,739 $93 $96 
Funded status$(100)$(504)$49 $45 
Amounts Recognized in the Consolidated Balance Sheets
Pension Benefits
Other Postretirement Benefits
 2021202020212020
(In millions)    
     
Amounts recognized in the Consolidated Balance Sheets consist of:    
     
Other assets$90 $4 $62 $61 
Other liabilities(190)(508)(13)(16)
Net amount recognized$(100)$(504)$49 $45 
Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost:
Net actuarial loss$837 $1,169 $(5)$(5)
Net amount recognized$837 $1,169 $(5)$(5)
Information for plans with projected and accumulated benefit obligations in excess of plan assets: (a)
Projected benefit obligation$292 $3,103 
Accumulated benefit obligation286 3,096 $13 $16 
Fair value of plan assets104 2,596 

(a)Changes in the values in the table above are due to a plan’s assets exceeding the obligation in 2021.
Estimated Future Minimum Benefit Payments
The table below presents the estimated future minimum benefit payments at December 31, 2021.

Expected future benefit paymentsPension BenefitsOther Postretirement Benefits
(In millions)  
   
2022$223 $4 
2023209 4 
2024205 3 
2025204 3 
2026205 3 
2027 – 2031911 11 
Plan Assets Measured at Fair Value on Recurring Basis
Pension plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2021Level 1Level 2Level 3Total
(In millions)    
    
Plan assets at fair value:    
Fixed maturity securities:    
Corporate and other bonds$645 $8 $653 
States, municipalities and political subdivisions30 30 
Asset-backed110 110 
Total fixed maturities$— 785 8 793 
Equity securities801 141 942 
Short term investments47 47 
Fixed income mutual funds111 111 
Other assets2 8 10 
Total plan assets at fair value$961 $934 $8 $1,903 
Plan assets at net asset value: (a)
Equity securities20 
Limited partnerships893 
Total plan assets$961 $934 $8 $2,816 
December 31, 2020Level 1Level 2Level 3Total
(In millions)    
     
Plan assets at fair value:    
Fixed maturity securities:    
Corporate and other bonds$643 $9 $652 
States, municipalities and political subdivisions32 32 
Asset-backed98 98 
Total fixed maturities$— 773 9 782 
Equity securities785 137 922 
Short term investments37 38 75 
Fixed income mutual funds139 139 
Other assets8 8 
Total plan assets at fair value$961 $956 $9 $1,926 
Plan assets at net asset value: (a)
Limited partnerships813 
Total plan assets$961 $956 $9 $2,739 

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner. Limited partnerships comprising 66% and 75% of the carrying value as of December 31, 2021 and 2020 employ hedge fund strategies that generate returns through investing in marketable securities in the public fixed income and equity markets and the remainder were primarily invested in private debt and equity. Within hedge fund strategies, approximately 76% were equity related, 20% pursued a multi-strategy approach and 4% were focused on distressed investments at December 31, 2021.

For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short term investments, see Note 4.

Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2021Level 1Level 2Level 3Total
(In millions)   
    
Fixed maturity securities:   
Corporate and other bonds$31 $31 
States, municipalities and political subdivisions32 32 
Asset-backed7 7 
Total fixed maturities$— 70 $— $70 
Short term investments4 4 
Fixed income mutual funds19 19 
Total$23 $70 $— $93 
December 31, 2020Level 1Level 2Level 3Total
(In millions)   
Fixed maturity securities:   
Corporate and other bonds$24 $24 
States, municipalities and political subdivisions14 14 
Asset-backed33 33 
Total fixed maturities$— 71 $— $71 
Short term investments5 5 
Fixed income mutual funds20 20 
Total$25 $71 $— $96 

There were no Level 3 assets at December 31, 2021 and 2020.

Savings Plans – Several contributory savings plans are maintained which allow employees to make regular contributions based upon a percentage of their salaries. Matching contributions are made up to specified percentages of employees’ contributions. Employer contributions to these plans amounted to $83 million, $90 million and $102 million for the years ended December 31, 2021, 2020 and 2019.

Stock-based Compensation – In 2016, shareholders approved the Loews Corporation 2016 Incentive Compensation Plan (the “2016 Loews Plan”) which replaced a previously existing plan. The aggregate number of shares of Loews Corporation common stock authorized under the 2016 Loews Plan is 6,000,000 shares, plus up to 3,000,000 shares that may be forfeited under the prior plan. The maximum number of shares of Loews Corporation common stock with respect to which awards may be granted to any individual in any calendar year is 500,000 shares. In accordance with the 2016 Loews Plan and the prior equity plan, Loews Corporation stock-based compensation consists of the following:

SARs: SARs were granted under the prior equity plan. The exercise price per share may not be less than the fair market value of the common stock on the date of grant. Generally, SARs vest ratably over a four-year period and expire in ten years.

Time-based Restricted Stock Units: Time-based restricted stock units (“RSUs”) are granted under the 2016 Loews Plan and represent the right to receive one share of Loews Corporation common stock for each vested RSU. Generally, RSUs vest 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date.

Performance-based Restricted Stock Units: Performance-based RSUs (“PSUs”) are granted under the 2016 Loews Plan and represent the right to receive one share of Loews Corporation common stock for each vested PSU, subject to the achievement of specified performance goals by the Company. Generally, performance-based RSUs vest, if performance goals are satisfied, 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date.

In 2021, Loews Corporation granted an aggregate of 223,664 RSUs and PSUs at a weighted average grant-date fair value of $47.68 per unit. 16,528 RSUs were forfeited during the year. 1,364,502 SARs were outstanding at December 31, 2021 with a weighted average exercise price of $42.15.

The Company recognized compensation expense in connection with stock-based compensation that decreased net income by $33 million, $37 million and $37 million for the years ended December 31, 2021, 2020 and 2019. Several of Loews Corporation’s subsidiaries also maintain their own stock-based compensation plans. Such amounts include Loews Corporation’s share of expense related to these plans.