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Supplemental Quarterly Information (Unaudited)
 12 Months Ended
Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]  
Supplemental Quarterly Information (Unaudited) Supplemental Quarterly Information (Unaudited)
The following table presents the effect of adoption of ASU 2018-12 on selected 2022 financial data.
2022
Q1Q2Q3Q4Full Year
(In millions, except per share data)
Components of Income (Loss)
Net income (loss) attributable to Loews Corporation
As reported$338 $180 $130 $364 $1,012 
Effect of adoption(16)(13)(152)(9)(190)
As adjusted$322 $167 $(22)$355 $822 
Other comprehensive income (loss)
As reported$(1,605)$(1,405)$(1,425)$577 $(3,858)
Effect of adoption603 627 586 (177)1,639 
As adjusted$(1,002)$(778)$(839)$400 $(2,219)
Diluted Net Income (Loss) Per Share
Net income (loss) attributable to Loews Corporation
As reported$1.36 $0.73 $0.54 $1.53 $4.16 
Effect of adoption(0.07)(0.05)(0.63)(0.04)(0.78)
As adjusted$1.29 $0.68 $(0.09)$1.49 $3.38 

The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period.

As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1.

Net income (loss) attributable to Loews Corporation for 2022 decreased from what was previously reported under legacy accounting guidance generally driven by the cumulative effect of assumption differences and differences in reserving methodologies between legacy accounting guidance and ASU 2018-12.

Net income (loss) attributable to Loews Corporation for the third quarter of 2022 decreased $152 million from what was previously reported under legacy accounting guidance, primarily related to CNA’s third quarter 2022 annual review of cash flow reserving assumptions. Under legacy accounting guidance, the third quarter 2022 gross premium valuation assessment indicated a pretax margin of $125 million and no unlocking event occurred. Under ASU 2018-12 favorable changes to the upper-medium grade fixed income instrument discount rate were recorded through AOCI, while the net unfavorable impact of increased cost of care inflation offset by favorable premium rate action assumptions was recorded in income.

Other comprehensive income (loss) for 2022 decreased from what was previously reported under legacy accounting guidance driven by increases in the upper-medium grade fixed income instrument yield, which was used as the discount rate to re-measure the LFPB.