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Segments
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Segments
Note 20. Segments
The Company has five reportable segments comprised of four individual operating subsidiaries, CNA, Diamond Offshore, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment.
The operations of Altium Packaging since the acquisition date are included in the Corporate segment. 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 coverage 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 certain property and casualty businesses in
run-off,
including CNA Re and A&EP.
 
Diamond Offshore provides contract drilling services to the energy industry around the world with a fleet of 15 offshore drilling rigs consisting of four drillships and 11 semisubmersible rigs
, t
wo
of which are cold stacked
.
Boardwalk Pipelines is engaged in the interstate transportation and storage of natural gas and NGLs. This segment consists of interstate natural gas pipeline systems located in the Gulf Coast region, Oklahoma, Arkansas and the midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, natural gas storage facilities in four states and NGL pipelines and storage facilities in Louisiana and Texas, with approximately 14,055 miles of pipeline.
Loews Hotels & Co operates a chain of 26 hotels, 24 of which are in the United States and two of which are in Canada.
The Corporate segment consists of investment income from the Parent Company’s cash and investments,
Parent Company
interest expense, other unallocated
Parent Company
expenses and the results of 
Altium Packaging
since the acquisition date. 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 Income and Total assets by segment are presented in the following tables.
                                                 
Year Ended December 31, 2019
 
CNA
Financial
 
  
Diamond
Offshore
 
  
Boardwalk
Pipelines
 
  
Loews
Hotels & Co
 
  
Corporate
 
  
Total
 
(In millions)
 
 
  
 
  
 
  
 
  
 
  
 
Revenues:
 
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
Insurance premiums
 
$
7,428
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
7,428
 
Net investment income
  
 
2,118
 
  
$
6
 
  
 
 
 
  
$
1
 
  
$
230
 
  
 
2,355
 
Investment
gains
  
 
49
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
49
 
Non-insurance
warranty revenue
 
 
1,161
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
1,161
 
Operating revenues and other
 
 
32
 
  
 
982
 
  
$
1,300
 
  
 
691
 
  
 
933
 
  
 
3,938
 
                                                 
Total
 
 
10,788
 
  
 
988
 
  
 
1,300
 
  
 
692
 
  
 
1,163
 
  
 
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
 
  
 
1,267
 
  
 
840
 
  
 
698
 
  
 
1,004
 
  
 
4,950
 
Interest
 
 
152
 
  
 
123
 
  
 
179
 
  
 
22
 
  
 
115
 
  
 
591
 
                                                 
Total
 
 
9,564
 
  
 
1,390
 
  
 
1,019
 
  
 
720
 
  
 
1,119
 
  
 
13,812
 
                                                 
Income (loss) before income tax
 
 
1,224
 
  
 
(402
)
 
  
 
281
 
  
 
(28
)
 
  
 
44
 
  
 
1,119
 
Income tax (expense) benefit
 
 
(224
)
 
  
 
60
 
  
 
(72
)
 
  
 
(3
)
 
  
 
(9
)
 
  
 
(248
)
 
                                                 
Net income (loss)
 
 
1,000
 
  
 
(342
)
 
  
 
209
 
  
 
(31
)
 
  
 
35
 
  
 
871
 
Amounts attributable to noncontrolling interests
 
 
(106
)
 
  
 
167
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
61
 
                                                 
Net income (loss) attributable to Loews Corporation
 
$
894
 
  
$
(175
)
 
  
$
209
 
  
$
(31
)
 
  
$
35
 
  
$
932
 
                                                 
                                     
December 31, 2019
 
 
  
 
  
 
  
 
  
 
  
 
Total assets
 
$
60,583
 
  
$
5,834
 
  
$
9,248
 
  
$
1,728
 
  
$
4,850
 
  
$
82,243
 
 
 
 
                                                 
Year Ended December 31, 2018
 
CNA
Financial
   
Diamond
Offshore
   
Boardwalk
Pipelines
   
Loews
Hotels & Co
   
Corporate
   
Total
 
(In millions)
 
 
  
 
  
 
  
 
  
 
  
 
Revenues:
   
     
     
     
     
     
 
Insurance premiums
  $
7,312
     
     
     
     
    $
7,312
 
Net investment income (loss)
   
1,817
    $
8
     
    $
2
    $
(10
 )    
1,817
 
Investment losses
   
(57
 )    
     
     
     
     
(57
 )
Non-insurance
warranty revenue
    
1,007
     
     
     
     
     
1,007
 
Operating revenues and other
   
55
     
1,085
    $
1,227
     
753
     
867
     
3,987
 
                                                 
Total
   
10,134
     
1,093
     
1,227
     
755
     
857
     
14,066
 
                                                 
Expenses:
   
     
     
     
     
     
 
Insurance claims and policyholders’ benefits
   
5,572
     
     
     
     
     
5,572
 
Amortization of deferred acquisition costs
   
1,335
     
     
     
     
     
1,335
 
Non-insurance
warranty expense
    
923
     
     
     
     
     
923
 
Operating expenses and other
   
1,203
     
1,196
     
820
     
653
     
956
     
4,828
 
Interest
   
138
     
123
     
176
     
29
     
108
     
574
 
                                                 
Total
   
9,171
     
1,319
     
996
     
682
     
1,064
     
13,232
 
                                                 
Income (loss) before income tax
   
963
     
(226
 )    
231
     
73
     
(207
 )    
834
 
Income tax (expense) benefit
   
(151
 )    
30
     
(28
 )    
(25
 )    
46
     
(128
 )
                                                 
Net income (loss)
   
812
     
(196
 )    
203
     
48
     
(161
 )    
706
 
Amounts attributable to noncontrolling interests
   
(86
 )    
84
     
(68
 )    
     
     
(70
 )
                                                 
Net income (loss) attributable to Loews Corporation
  $
726
    $
(112
 )   $
135
    $
48
    $
(161
 )   $
636
 
                                                 
                                     
December 31, 2018
 
 
  
 
  
 
  
 
  
 
  
 
Total assets
  $
57,123
    $
6,036
    $
9,131
    $
1,812
    $
4,214
    $
78,316
 
 
 
 
 
 
 
                                                 
Year Ended December 31, 2017
 
CNA
Financial
   
Diamond
Offshore
   
Boardwalk
Pipelines
   
Loews
Hotels & Co
   
Corporate
   
Total
 
(In millions)
 
 
  
 
  
 
  
 
  
 
  
 
Revenues:
   
     
     
     
     
     
 
Insurance premiums
  $
6,988
     
     
     
     
    $
6,988
 
Net investment income
   
2,034
    $
2
     
     
    $
146
     
2,182
 
Investment gains
   
122
     
     
     
     
     
122
 
Non-insurance
warranty revenue
    
390
     
     
     
     
     
390
 
Operating revenues and other
   
49
     
1,498
    $
1,325
    $
682
     
499
     
4,053
 
                                                 
Total
   
9,583
     
1,500
     
1,325
     
682
     
645
     
13,735
 
                                                 
Expenses:
   
     
     
     
     
     
 
Insurance claims and policyholders’ benefits
   
5,310
     
     
     
     
     
5,310
 
Amortization of deferred acquisition costs
   
1,233
     
     
     
     
     
1,233
 
Non-insurance
warranty expense
    
299
     
     
     
     
     
299
 
Operating expenses and other
   
1,224
     
1,373
     
861
     
589
     
618
     
4,665
 
Interest
   
203
     
149
     
171
     
28
     
95
     
646
 
                                                 
Total
   
8,269
     
1,522
     
1,032
     
617
     
713
     
12,153
 
                                                 
Income (loss) before income tax
   
1,314
     
(22
 )    
293
     
65
     
(68
 )    
1,582
 
Income tax (expense) benefit
   
(419
 )    
4
     
232
     
(1
 )    
14
     
(170
 )
                                                 
Net income (loss)
   
895
     
(18
 )    
525
     
64
     
(54
 )    
1,412
 
Amounts attributable to noncontrolling interests
   
(94
 )    
(9
 )    
(145
 )    
     
     
(248
 )
                                                 
Net income (loss) attributable to Loews Corporation
  $
801
    $
(27
 )   $
380
    $
64
    $
(54
 )   $
1,164