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Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
December 3120232022
(In millions)  
   
Loews Corporation (Parent Company):  
Senior:  
2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $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 
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 
5.5% notes due 2033 (effective interest rate of 5.7%) (authorized, $500)
500 
Boardwalk Pipelines:
Senior:
Variable rate revolving credit facility due 2028 (effective interest rate of 6.7%)
25 
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 
3.6% notes due 2032 (effective interest rate of 3.7%) (authorized, $500)
500 500 
Finance lease obligation5 5 
Loews Hotels & Co:
Senior debt, principally mortgages (effective interest rates approximate 6.8% and 5.5%)
933 732 
 9,063 9,080 
Less unamortized discount and issuance costs60 61 
Debt$9,003 $9,019 
December 31, 2023PrincipalUnamortized Discount and Issuance CostsNetShort Term DebtLong Term Debt
(In millions)     
      
Loews Corporation$1,800 $18 $1,782 $1,782 
CNA Financial3,050 19 3,031 $550 2,481 
Boardwalk Pipelines3,280 17 3,263 1 3,262 
Loews Hotels & Co933 6 927 533 394 
Total$9,063 $60 $9,003 $1,084 $7,919 

At December 31, 2023, the aggregate long-term debt maturing in each of the next five years is approximately as follows: $1.7 billion in 2024, $0 in 2025, $1.8 billion in 2026, $1.1 billion in 2027, $83 million in 2028 and $4.4 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, 2023, giving it access to approximately $106 million of additional liquidity. As of December 31, 2023 and 2022, CNA had no outstanding borrowings from the FHLBC.

In 2023, 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, 2023, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants.

In 2023, CNA issued $500 million of 5.5% senior notes due June 15, 2033 and repaid at maturity the $243 million outstanding aggregate principal balance of its 7.3% debenture.

Boardwalk Pipelines has a revolving credit facility with available borrowing capacity of $1 billion through May 27, 2027 and a borrowing capacity of $912 million from May 28, 2027 to May 26, 2028. Interest rates are based on the term Secured Overnight Financing Rate (“SOFR”). As of December 31, 2023, Boardwalk Pipelines had $25 million of outstanding borrowings under its revolving credit facility. As of December 31, 2023, Boardwalk Pipelines was in compliance with its covenants under the credit agreement.

Boardwalk Pipelines’ $600 million of 5.0% senior notes due December 15, 2024 has been included as long-term debt as of December 31, 2023. Boardwalk Pipelines has the intent and ability to refinance the notes near or at their maturity through available capital resources, including borrowing under its revolving credit facility or publicly issuing debt securities.

In 2023, Loews Corporation retired at maturity with available cash the outstanding $500 million aggregate principal amount of its 2.6% senior notes.

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 contains a variety of financial and operational covenants. As of December 31, 2023, Loews Hotels & Co was in compliance with these covenants.