Shareholders' Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Shareholders' Equity

10.  Shareholders’ Equity

Accumulated Other Comprehensive Income

The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the three and nine months ended September 30, 2013 and 2014:

													Total
			Unrealized										Accumulated
	OTTI		Gains								Foreign		Other
	Gains		(Losses) on		Discontinued		Cash Flow		Pension		Currency		Comprehensive
	(Losses)		Investments		Operations		Hedges		Liability		Translation		Income (Loss)
(In millions)
Balance, July 1, 2013	$	23	$	650	$	15	$	(7)	$	(721)	$	77	$	37
Other comprehensive income (loss) before reclassifications, after tax of $1, $36, $(3), $0, $0 and $0		(4)		(68)		8		1				56		(7)
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $2, $8, $(1), $(5) and $0		1		(2)		(16)		4		3				(10)
Other comprehensive income (loss)		(3)		(70)		(8)		5		3		56		(17)
Amounts attributable to noncontrolling interests		1		7				(2)				(6)		-
Balance, September 30, 2013	$	21	$	587	$	7	$	(4)	$	(718)	$	127	$	20
Balance, July 1, 2014	$	30	$	1,062	$	30	$	(3)	$	(478)	$	166	$	807
Other comprehensive income (loss) before reclassifications, after tax of $(1), $52, $2, $2, $1 and $0		1		(59)		(3)		(4)		(2)		(73)		(140)
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $12, $21, $0, $(2) and $0				(24)		(31)				4				(51)
Other comprehensive income (loss)		1		(83)		(34)		(4)		2		(73)		(191)
Amounts attributable to noncontrolling interests		1		8		4		2				7		22
Balance, September 30, 2014	$	32	$	987	$	-	$	(5)	$	(476)	$	100	$	638

													Total
			Unrealized										Accumulated
	OTTI		Gains								Foreign		Other
	Gains		(Losses) on		Discontinued		Cash Flow		Pension		Currency		Comprehensive
	(Losses)		Investments		Operations		Hedges		Liability		Translation		Income (Loss)
(In millions)
Balance, January 1, 2013	$	18	$	1,233	$	20	$	(4)	$	(732)	$	143	$	678
Other comprehensive income (loss) before reclassifications, after tax of $(2), $382, $(5), $3, $0 and $0		2		(706)		14		(3)				(18)		(711)
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $5, $14, $(1), $(10) and $0		1		(11)		(27)		2		12				(23)
Other comprehensive income (loss)		3		(717)		(13)		(1)		12		(18)		(734)
Issuance of equity securities by subsidiary										2				2
Amounts attributable to noncontrolling interests				71				1				2		74
Balance, September 30, 2013	$	21	$	587	$	7	$	(4)	$	(718)	$	127	$	20
Balance, January 1, 2014	$	23	$	622	$	(3)	$	(4)	$	(432)	$	133	$	339
Transfer to net assets of discontinued operations		(5)		(15)		20								-
Other comprehensive income (loss) before reclassifications, after tax $(8), $(229), $(3), $(1), $1 and $0		15		462		2		1		(2)		(37)		441
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $20, $16, $1, $24 and $0				(38)		(21)		(2)		(50)				(111)
Other comprehensive income (loss)		15		424		(19)		(1)		(52)		(37)		330
Amounts attributable to noncontrolling interests		(1)		(44)		2				8		4		(31)
Balance, September 30, 2014	$	32	$	987	$	-	$	(5)	$	(476)	$	100	$	638

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)
Unrealized gains (losses) and cash flow hedges related to discontinued operations	Discontinued operations, net
Cash flow hedges	Other revenues and Contract drilling expenses
Pension liability	Other operating expenses

Subsidiary Equity Transactions

Diamond Offshore repurchased 1.9 million shares of its common stock at an aggregate cost of $88 million during the nine months ended September 30, 2014. The Company’s percentage ownership interest in Diamond Offshore increased as a result of these repurchases, from 50.4% to 51.1%. The repurchase price of the shares exceeded the Company’s carrying value, resulting in a decrease to Additional paid-in capital of $8 million.

Treasury Stock

The Company repurchased 9.6 million and 4.9 million shares of Loews common stock at aggregate costs of $415 million and $218 million during the nine months ended September 30, 2014 and 2013.