LOEWS CORP
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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FY2023 · Filed Feb 6, 2024
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Goodwill and Other Intangible Assets
Note 7. Goodwill and Other Intangible Assets
A summary of the changes in the carrying amount of goodwill is as follows:
| CNA Financial · Boardwalk Pipelines · Total | ||||
|---|---|---|---|---|
| (In millions) | ||||
| Balance, December 31, 2021 | $112 | $237 | $349 | |
| Other adjustments | (3) | (3) | ||
| Balance, December 31, 2022 | 109 | 237 | 346 | |
| Other adjustments | 1 | 1 | ||
| Balance, December 31, 2023 | $110 | $237 | $347 | |
A summary of the net carrying amount of other intangible assets is as follows:
| December 31, 2023 · December 31, 2022 | |||||
|---|---|---|---|---|---|
| Gross Carrying Amount · Accumulated Amortization · Gross Carrying Amount · Accumulated Amortization | |||||
| (In millions) | |||||
| Finite-lived intangible assets: | |||||
| Customer relationships | $93 | $21 | $59 | $19 | |
| Other | 11 | 9 | 17 | 14 | |
| Total finite-lived intangible assets | 104 | 30 | 76 | 33 | |
| Indefinite-lived intangible assets | 77 | 68 | |||
| Total other intangible assets | $181 | $30 | $144 | $33 | |
Amortization expense for each of the years ended December 31, 2023, 2022 and 2021 of $3 million is reported in Operating expenses and other on the Consolidated Statements of Operations. At December 31, 2023, estimated amortization expense in each of the next five years is approximately $4 million.
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