Shareholders' Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below present the changes in AOCI by component for the years ended December 31, 2021, 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, January 1, 2021, as reported	$	—	$	1,563	$	—	$	(23)	$	(877)	$	(82)	$	581
Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $(691), $1,313, $0, $0 and $0			2,331		(4,428)								(2,097)
Balance, January 1, 2021, as adjusted	—		3,894		(4,428)		(23)		(877)		(82)		(1,516)
Other comprehensive income (loss) before reclassifications, after tax of $2, $242, $(250), $(2), $(59) and $0	(7)		(906)		941		13		220		(20)		241
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(1), $21, $0, $(1), $(12) and $0	5		(81)				4		46				(26)
Other comprehensive income (loss)	(2)		(987)		941		17		266		(20)		215
Amounts attributable to noncontrolling interests			102		(98)				(25)		2		(19)
Balance, December 31, 2021	$	(2)	$	3,009	$	(3,585)	$	(6)	$	(636)	$	(100)	$	(1,320)
Other comprehensive income (loss) before reclassifications, after tax of $0, $1,643, $(1,052), $(7), $1 and $0			(6,223)		3,959		20		(3)		(111)		(2,358)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $(21), $0, $0, $(5) and $0	(5)		126						18				139
Other comprehensive income (loss)	(5)		(6,097)		3,959		20		15		(111)		(2,219)
Amounts attributable to noncontrolling interests			619		(410)				(1)		11		219
Balance, December 31, 2022	$	(7)	$	(2,469)	$	(36)	$	14	$	(622)	$	(200)	$	(3,320)
Other comprehensive income (loss) before reclassifications, after tax of $6, $(290), $85, $2, $(10) and $0	(24)		1,072		(318)		(5)		41		60		826
Reclassification of losses from accumulated other comprehensive loss, after tax of $(5), $(14), $0, $0, $(18) and $0	19		53						63				135
Other comprehensive income (loss)	(5)		1,125		(318)		(5)		104		60		961
Amounts attributable to noncontrolling interests			(93)		26				(5)		(5)		(77)
Purchase of CNA shares			(46)		(1)				(10)		(4)		(61)
Balance, December 31, 2023	$	(12)	$	(1,483)	$	(329)	$	9	$	(533)	$	(149)	$	(2,497)

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

Common Stock Dividends

Loews Corporation declared and paid dividends of $0.25 per share in the aggregate on its common stock in each of 2023, 2022 and 2021.

There are no restrictions on Loews Corporation’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews Corporation relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of Loews Corporation’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective credit agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 15 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends.

Stock Purchases

Loews Corporation repurchased 14.0 million, 12.7 million and 21.1 million shares of its common stock at aggregate costs of $0.9 billion, $0.7 billion and $1.1 billion during the years ended December 31, 2023, 2022 and 2021. On December 31, 2023, 14.1 million shares of Loews Corporation common stock were retired. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings. Loews Corporation purchased 4.5 million shares of CNA’s common stock at an aggregate cost of $178 million in 2023.