Shareholders' Equity

6 Months Ended

Jun. 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 six months ended June 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, April 1, 2015		$        31		$        944		$        (3)		$        (636)		$            (38)		$        298
Other comprehensive income (loss) before reclassifications, after tax of $2, $186, $0, $(18) and $0		(4)		(370)				37		49		(288)
Reclassification of losses from accumulated other comprehensive income, after tax of $0, $(5), $0, $(4) and $0				7		1		6				14
Other comprehensive income (loss)		(4)		(363)		1		43		49		(274)
Amounts attributable to noncontrolling interests		1		38		(1)		(5)		(4)		29
Balance, June 30, 2015		$        28		$        619		$        (3)		$        (598)		$              7		$          53
Balance, April 1, 2016		$        29		$        554		$        (2)		$        (643)		$          (64)		$      (126)
Other comprehensive income (loss) before reclassifications, after tax of $1, $(164), $0, $0 and $0		(1)		322						(48)		273
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $6, $0, $(4) and $0				(1)				5				4
Other comprehensive income (loss)		(1)		321		-		5		(48)		277
Amounts attributable to noncontrolling interests				(37)				(1)		6		(32)
Balance, June 30, 2016		$        28		$        838		$        (2)		$        (639)		$        (106)		$        119

	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 $2, $124, $1, $(18) and $0		(5)		(251)		(2)		37		(47)		(268)
Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $(5), $(2), $(7) and $0				(2)		6		10				14
Other comprehensive income (loss)		(5)		(253)		4		47		(47)		(254)
Issuance of equity securities by subsidiary								1				1
Amounts attributable to noncontrolling interests		1		26		(1)		(5)		5		26
Balance, June 30, 2015		$        28		$        619		$        (3)		$        (598)		$              7		$          53
Balance, January 1, 2016		$        24		$        347		$        (3)		$        (649)		$          (76)		$      (357)
Other comprehensive income (loss) before reclassifications, after tax of $(1), $(272), $0, $0 and $0		2		539						(34)		507
Reclassification of losses from accumulated other comprehensive income, after tax of $(1), $(1), $0, $(7) and $0		2		10		1		13				26
Other comprehensive income (loss)		4		549		1		13		(34)		533
Amounts attributable to noncontrolling interests				(58)				(3)		4		(57)
Balance, June 30, 2016		$        28		$        838		$        (2)		$        (639)		$        (106)		$        119

Amounts reclassified from AOCI shown above are reported in Net income (loss) 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 six months ended June 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 2.6 million and 7.6 million shares of Loews common stock at aggregate costs of $98 million and $305 million during the six months ended June 30, 2016 and 2015.