Shareholders' Equity

3 Months Ended

Mar. 31, 2015

Equity [Abstract]

Shareholders' Equity

8. Shareholders’ Equity

Accumulated other comprehensive income

The tables below display the changes in Accumulated other comprehensive income (“AOCI”) by component for the three months ended March 31, 2014 and 2015:

													Total
													Accumulated
	OTTI		Unrealized								Foreign		Other
	Gains		Gains (Losses)		Discontinued		Cash Flow		Pension		Currency		Comprehensive
	(Losses)		on Investments		Operations		Hedges		Liability		Translation		Income (Loss)
(In millions)
Balance, January 1, 2014	$	23	$	622	$	(3)	$	(4)	$	(432)	$	133	$	339
Transfer to net assets held for sale		(5)		(15)		20								-
Other comprehensive income (loss) before reclassifications, after tax of $(6), $(141), $(1), $(1), $0 and $0		12		264		2		2				(6)		274
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $14, $(3), $0, $(1) and $0				(27)		3		1		(1)				(24)
Other comprehensive income (loss)		12		237		5		3		(1)		(6)		250
Amounts attributable to noncontrolling interests		(1)		(24)		(1)		(1)		1				(26)
Balance, March 31, 2014	$	29	$	820	$	21	$	(2)	$	(432)	$	127	$	563
Balance, January 1, 2015	$	32	$	846	$	-	$	(6)	$	(641)	$	49	$	280
Other comprehensive income (loss) before reclassifications, after tax of $0, $(62), $0, $1, $0 and $0		(1)		119				(2)				(96)		20
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $0, $0, $(2), $(3) and $0				(9)				5		4				-
Other comprehensive income (loss)		(1)		110		-		3		4		(96)		20
Issuance of equity securities by subsidiary										1				1
Amounts attributable to noncontrolling interests				(12)								9		(3)
Balance, March 31, 2015	$	31	$	944	$	-	$	(3)	$	(636)	$	(38)	$	298

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

Loews purchased 0.9 million shares of Diamond Offshore common stock at an aggregate cost of $24 million during the first three months of 2015. The Company’s percentage ownership interest in Diamond Offshore increased as a result of these transactions, from 52.5% to 53.1%. The Company’s carrying value exceeded the purchase price of the shares, resulting in an increase to Additional paid-in capital (“APIC”) of $3 million.

In March of 2015, Boardwalk Pipeline sold 6.7 million common units under an equity distribution agreement with certain broker-dealers and received net proceeds of $109 million, including a $2 million contribution from 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 53% to 51%. The Company’s carrying value exceeded the issuance price of the common units, resulting in a decrease to APIC of $2 million and an increase to AOCI of $1 million.

Treasury Stock

The Company repurchased 1.8 million and 0.5 million shares of Loews common stock at aggregate costs of $71 million and $24 million during the three months ended March 31, 2015 and 2014.