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Shareholders' Equity
 9 Months Ended
Sep. 30, 2016
Equity [Abstract]  
Shareholders' Equity

8.  Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the three and nine months ended September 30, 2015 and 2016:

 

    

OTTI

Gains
(Losses)

      Unrealized
Gains (Losses)
on Investments		      Cash Flow
Hedges		      Pension
Liability		      Foreign
Currency
Translation		      Total
Accumulated
Other
Comprehensive
Income (Loss)		  

 

  
(In millions)                                          

Balance, July 1, 2015

      $        28                 $        619               $        (3)              $        (598)              $            7               $        53       

Other comprehensive income (loss) before reclassifications, after tax of $(1), $38, $0, $(1) and $0

      2                 (70)                 (1)              (53)              (122)      

Reclassification of losses from accumulated other comprehensive income, after tax of $0, $(17), $0, $(2) and $0

         31               1               5                  37       

 

  

Other comprehensive income (loss)

      2                 (39)              1               4               (53)              (85)      

Amounts attributable to noncontrolling interests

         4               (1)              1               5               9       

 

  

Balance, September 30, 2015

      $        30                 $        584               $        (3)              $        (593)              $        (41)              $      (23)      

 

  

Balance, July 1, 2016

      $        28                 $        838               $        (2)              $        (639)              $      (106)              $      119       

Other comprehensive income (loss) before reclassifications, after tax of $(4), $(32), $0, $0 and $0

      7                 69                     (24)              52       

Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $2, $13, $0, $(4) and $0

      (4)                (27)              1               7                  (23)      

 

  

Other comprehensive income (loss)

      3                 42               1               7               (24)              29       

Amounts attributable to noncontrolling interests

      (1)                (4)              (1)                 2               (4)      

 

  

Balance, September 30, 2016

      $        30                 $        876               $        (2)              $        (632)              $      (128)              $      144       

 

  

 

     OTTI Gains
(Losses)		      Unrealized
Gains (Losses)
on Investments		      Cash Flow
Hedges		      Pension
Liability		      Foreign
Currency
Translation		      Total
Accumulated
Other
Comprehensive
Income (Loss)		  

 

  
(In millions)                                          

Balance, January 1, 2015

      $        32               $        846               $        (6)              $        (641)              $            49               $        280         

Other comprehensive income (loss) before reclassifications, after tax of $1, $162, $1, $(19) and $0

      (3)              (321)              (2)              36               (100)              (390)        

Reclassification of losses from accumulated other comprehensive income, after tax of $0, $(22), $(2), $(9) and $0

         29               7               15                  51         

 

  

Other comprehensive income (loss)

      (3)              (292)              5               51               (100)              (339)        

Issuance of equity securities by subsidiary

               1                  1         

Amounts attributable to noncontrolling interests

      1               30               (2)              (4)              10               35         

 

  

Balance, September 30, 2015

      $        30               $        584               $        (3)              $        (593)              $         (41)              $        (23)        

 

  

Balance, January 1, 2016

      $        24               $        347               $        (3)              $        (649)              $         (76)              $      (357)        

Other comprehensive income (loss) before reclassifications, after tax of $(5), $(304), $0, $0 and $0

      9               608                     (58)              559         

Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $1, $12, $0, $(11) and $0

      (2)              (17)              2               20                  3         

 

  

Other comprehensive income (loss)

      7               591               2               20               (58)              562         

Amounts attributable to noncontrolling interests

      (1)              (62)              (1)              (3)              6               (61)        

 

  

Balance, September 30, 2016

      $        30               $        876               $        (2)              $        (632)              $       (128)              $        144         

 

  

Amounts reclassified from AOCI shown above are reported in Net income as follows:

 

Major Category of AOCI    Affected Line Item

 
OTTI gains (losses)    Investment gains (losses)
Unrealized gains (losses) on investments    Investment gains (losses)
Cash flow hedges    Other revenues and Contract drilling expenses
Pension liability    Other operating expenses

 

Subsidiary Equity Transactions

Loews purchased 0.3 million shares of CNA common stock at an aggregate cost of $8 million during the nine months ended September 30, 2016. The Company’s percentage ownership interest in CNA remained unchanged as a result of these transactions, at 90%. The Company’s purchase price of the shares was lower than the carrying value of its investment in CNA, resulting in an increase to Additional paid-in capital (“APIC”) of $3 million.

Treasury Stock

The Company repurchased 3.0 million and 16.3 million shares of Loews common stock at aggregate costs of $115 million and $633 million during the nine months ended September 30, 2016 and 2015.