Shareholders' Equity

12 Months Ended

Dec. 31, 2011

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 12. Shareholders' Equity

The components of Accumulated other comprehensive income (loss) are as follows:

	Unrealized Gains (Losses) on Investments			OTTI Losses			Cash Flow Hedges			Foreign Currency Translation			Pension Liability			Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, January 1, 2008	$	(3,092	)				$	(16	)	$	(28	)	$	(450	)	$	(3,586	)
Adjustment to initially apply accounting guidance for other-than-temporary impairment losses, after tax of $(31) and $(34)		(58	)	$	(64	)											(122	)
Unrealized holding gains (losses) on investments, after tax of $(1,756), $103 and $(26)		3,212			(190	)		49									3,071
Adjustment for items included in Net income, after tax of $(269), $(51) and $63		499			95			(116	)								478
Foreign currency translation adjustment											117						117
Pension liability adjustment, after tax of $(7)														6			6
Amounts attributable to noncontrolling interests		(388	)		15			2			(12	)					(383	)
Balance, December 31, 2009		173			(144	)		(81	)		77			(444	)		(419	)
Unrealized holding gains on investments, after tax of $(319), $(32) and $(30)		585			59			54									698
Adjustments for items included in Net income, after tax of $48, $(15) and $(4)		(89	)		27			7									(55	)
Foreign currency translation adjustment											49						49
Pension liability adjustment, after tax of $(15)														29			29
Amounts attributable to noncontrolling interests		(62	)		(7	)		2			(5	)					(72	)
Balance, December 31, 2010		607			(65	)		(18	)		121			(415	)		230
Acquisition of CNA Surety noncontrolling interests and disposition of FICOH ownership interest		2												8			10
Unrealized holding gains on investments, after tax of $(206), $23 and $(13)		368			(44	)		20									344
Adjustments for items included in Net income, after tax of $8, $(29) and $(10)		(15	)		54			19									58
Foreign currency translation adjustment											(14	)					(14	)
Pension liability adjustment, after tax of $126														(238	)		(238	)
Amounts attributable to noncontrolling interests		(42	)		(2	)		4			1			24			(15	)
Balance, December 31, 2011	$	920		$	(57	)	$	25		$	108		$	(621	)	$	375

Subsidiary Equity Transactions

In June of 2011, Boardwalk Pipeline sold 6 million common units at a price of $29.33 per unit in a public offering and received net proceeds of $174 million, including a $4 million contribution by the Company to maintain its 2% general partner interest. The Company's percentage ownership interest in Boardwalk Pipeline declined as a result of this transaction, from 66% to 64%. The issuance price of the common units exceeded the Company's carrying amount, resulting in an increase to additional paid-in capital of $28 million.

In the first quarter of 2012, Boardwalk Pipeline sold 9.2 million common units at a price of $27.55 per unit in a public offering and received net proceeds of $250 million, including a $5 million contribution by the Company to maintain its 2% general partner interest. The Company's percentage ownership interest in Boardwalk Pipeline declined as a result of this transaction, from 64% to 61%. The Company will record an increase to additional paid-in capital in the first quarter of 2012 of approximately $40 million.

Treasury Share Repurchases

The Company repurchased 18.2 million, 11.0 million and 10.5 million shares of Loews common stock at aggregate costs of $718 million, $405 million and $348 million during the years ended December 31, 2011, 2010 and 2009. Upon retirement, treasury stock is eliminated through a reduction to common stock, additional paid-in capital and retained earnings.