Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principal Service Lives

The principal service lives used in computing provisions for depreciation are as follows:

	Years
Pipeline equipment	30	to	50
Hotel properties and other	3	to	40

Schedule of Accounting Standards Update

The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021:

(In millions)
Balance as of December 31, 2020, as reported	$	13,318
Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (a)	2,844
De-recognition of shadow reserves	(3,293)
Re-measurement using an upper-medium grade fixed income instrument yield discount rate	6,255
Other adjustments	8
Balance as of January 1, 2021, as adjusted	$	19,132

(a) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

The following table presents after tax adjustments to the opening balance of Shareholders’ equity and Noncontrolling interests resulting from adoption of ASU 2018-12:

	Accumulated other comprehensive income (loss)		Retained earnings		Noncontrolling interests
(In millions)
Balance as of December 31, 2020, as reported	$	581	$	14,150	$	1,321
De-recognition of shadow reserves	2,331				270
Re-measurement of LFPB using an upper-medium grade fixed    income instrument yield discount rate	(4,428)				(513)
Other adjustments			(5)		(1)
Balance as of January 1, 2021, as adjusted	$	(1,516)	$	14,145	$	1,077

The effects of adoption of ASU 2018-12 on the Consolidated Statement of Operations were as follows:

Year Ended December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)	$	6,386	$	267	$	6,653
Income before income tax	1,381		(267)		1,114
Income tax expense	(278)		55		(223)
Net income	1,103		(212)		891
Amounts attributable to noncontrolling interests	(91)		22		(69)
Net income attributable to Loews Corporation	1,012		(190)		822
Basic net income per share	4.17		(0.78)		3.39
Diluted net income per share	4.16		(0.78)		3.38

(a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $(214), which is presented parenthetically on the Consolidated Statement of Operations.

Year Ended December 31, 2021	As Reported		Effect of Adoption		As Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)	$	6,349	$	22	$	6,371
Income before income tax	2,182		(22)		2,160
Income tax expense	(479)		4		(475)
Net income	1,703		(18)		1,685
Amounts attributable to noncontrolling interests	(125)		2		(123)
Net income attributable to Loews Corporation	1,578		(16)		1,562
Basic net income per share	6.08		(0.06)		6.02
Diluted net income per share	6.07		(0.07)		6.00

(a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $(8), which is presented parenthetically on the Consolidated Statement of Operations.

The effects of adoption of ASU 2018-12 on the Consolidated Balance Sheet were as follows:

December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)
Other assets	$	3,941	$	73	$	4,014
Total assets	75,494		73		75,567
Claim and claim adjustment expenses (a)	25,099		(2,979)		22,120
Future policy benefits (a)	10,151		3,329		13,480
Total liabilities	60,016		350		60,366
Retained earnings	15,144		(213)		14,931
Accumulated other comprehensive loss	(3,284)		(36)		(3,320)
Noncontrolling interests	880		(28)		852
Total equity	15,478		(277)		15,201

(a) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Income (Loss) were as follows:

Year Ended December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)
Changes in: Net unrealized losses on other investments	$	(3,777)	$	(2,320)	$	(6,097)
Total unrealized losses on investments	(3,782)		(2,320)		(6,102)
Impact of changes in discount rates used to measure long-duration    contract liabilities			3,959		3,959
Other comprehensive loss	(3,858)		1,639		(2,219)
Comprehensive loss	(2,755)		1,427		(1,328)
Amounts attributable to noncontrolling interests	297		(147)		150
Total comprehensive loss attributable to Loews Corporation	(2,458)		1,280		(1,178)

Year Ended December 31, 2021	As Reported		Effect of Adoption		As Adjusted
(In millions)
Changes in: Net unrealized losses on other investments	$	(706)	$	(281)	$	(987)
Total unrealized losses on investments	(708)		(281)		(989)
Impact of changes in discount rates used to measure long-duration    contract liabilities			941		941
Other comprehensive income (loss)	(445)		660		215
Comprehensive income	1,258		642		1,900
Amounts attributable to noncontrolling interests	(75)		(67)		(142)
Total comprehensive income attributable to Loews Corporation	1,183		575		1,758

The effects of adoption of ASU 2018-12 on the Consolidated Statements of Cash Flows were as follows:

Year Ended December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)
Net income	$	1,103	$	(212)	$	891
Provision for deferred income taxes	5		(55)		(50)
Changes in: Insurance reserves	1,791		267		2,058

Year Ended December 31, 2021	As Reported		Effect of Adoption		As Adjusted
(In millions)
Net income	$	1,703	$	(18)	$	1,685
Provision for deferred income taxes	213		(4)		209
Changes in: Insurance reserves	2,463		22		2,485

The effects of adoption of ASU 2018-12 on segment results of operations of CNA were as follows:

Year Ended December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)	$	6,386	$	267	$	6,653
Income before income tax	1,081		(267)		814
Income tax expense	(188)		55		(133)
Net income	893		(212)		681
Amounts attributable to noncontrolling interests	(91)		22		(69)
Net income attributable to Loews Corporation	802		(190)		612

(a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $(214), which is presented parenthetically on the Consolidated Statement of Operations.

Year Ended December 31, 2021	As Reported		Effect of Adoption		As Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)	$	6,349	$	22	$	6,371
Income before income tax	1,484		(22)		1,462
Income tax expense	(282)		4		(278)
Net income	1,202		(18)		1,184
Amounts attributable to noncontrolling interests	(125)		2		(123)
Net income attributable to Loews Corporation	1,077		(16)		1,061

(a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $(8), which is presented parenthetically on the Consolidated Statement of Operations.