| 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:
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OTTI
Gains
(Losses)
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Unrealized
Gains (Losses)
on Investments |
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Cash Flow
Hedges |
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Pension
Liability
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Foreign
Currency
Translation
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Total
Accumulated
Other
Comprehensive
Income (Loss) |
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| (In millions) |
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Balance, April 1, 2015
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$ 31 |
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$ 944 |
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$ (3) |
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$ (636) |
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$ (38) |
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$ 298 |
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Other comprehensive income (loss) before reclassifications, after
tax of $2, $186, $0, $(18) and $0
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(4) |
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(370) |
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37 |
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49 |
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(288) |
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Reclassification of losses from accumulated other comprehensive
income, after tax of $0, $(5), $0, $(4) and $0
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7 |
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1 |
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6 |
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14 |
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Other comprehensive income (loss)
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(4) |
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(363) |
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1 |
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43 |
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49 |
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(274) |
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Amounts attributable to noncontrolling interests
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1 |
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38 |
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(1) |
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(5) |
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(4) |
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29 |
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Balance, June 30, 2015
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$ 28 |
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$ 619 |
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$ (3) |
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$ (598) |
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$ 7 |
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$ 53 |
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Balance, April 1, 2016
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$ 29 |
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$ 554 |
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$ (2) |
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$ (643) |
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$ (64) |
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$ (126) |
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Other comprehensive income (loss) before reclassifications,
after tax of $1, $(164), $0, $0 and $0
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(1) |
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322 |
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(48) |
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273 |
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Reclassification of (gains) losses from accumulated other
comprehensive income, after tax of $0, $6, $0, $(4) and $0
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(1) |
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5 |
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4 |
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Other comprehensive income (loss)
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(1) |
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321 |
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- |
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5 |
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(48) |
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277 |
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Amounts attributable to noncontrolling interests
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(37) |
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(1) |
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6 |
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(32) |
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Balance, June 30, 2016
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$ 28 |
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$ 838 |
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$ (2) |
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$ (639) |
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$ (106) |
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$ 119 |
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OTTI
Gains
(Losses)
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Unrealized
Gains (Losses)
on Investments |
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Cash Flow
Hedges |
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Pension
Liability
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Foreign
Currency
Translation
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Total
Accumulated
Other
Comprehensive
Income (Loss) |
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| (In millions) |
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Balance, January 1, 2015
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$ 32 |
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$ 846 |
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$ (6) |
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$ (641) |
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$ 49 |
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$ 280 |
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Other comprehensive income (loss) before reclassifications, after
tax of $2, $124, $1, $(18) and $0
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(5) |
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(251) |
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(2) |
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37 |
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(47) |
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(268) |
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Reclassification of (gains) losses from accumulated other
comprehensive income, after tax of $0, $(5), $(2), $(7) and $0
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(2) |
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6 |
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10 |
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14 |
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Other comprehensive income (loss)
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(5) |
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(253) |
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4 |
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47 |
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(47) |
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(254) |
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Issuance of equity securities by subsidiary
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1 |
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1 |
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Amounts attributable to noncontrolling interests
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1 |
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26 |
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(1) |
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(5) |
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5 |
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26 |
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Balance, June 30, 2015
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$ 28 |
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$ 619 |
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$ (3) |
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$ (598) |
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$ 7 |
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$ 53 |
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Balance, January 1, 2016
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$ 24 |
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$ 347 |
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$ (3) |
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$ (649) |
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$ (76) |
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$ (357) |
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Other comprehensive income (loss) before reclassifications,
after tax of $(1), $(272), $0, $0 and $0
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2 |
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539 |
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(34) |
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507 |
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Reclassification of losses from accumulated other comprehensive
income, after tax of $(1), $(1), $0, $(7) and $0
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2 |
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10 |
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1 |
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13 |
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26 |
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Other comprehensive income (loss)
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4 |
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549 |
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1 |
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13 |
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(34) |
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533 |
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Amounts attributable to noncontrolling interests
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(58) |
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(3) |
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|
4 |
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(57) |
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Balance, June 30, 2016
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$ 28 |
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$ 838 |
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$ (2) |
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$ (639) |
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$ (106) |
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$ 119 |
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Amounts reclassified from AOCI shown above are
reported in Net income (loss) as follows:
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| Major Category of AOCI |
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Affected Line Item |
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| OTTI gains (losses) |
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Investment gains (losses) |
| Unrealized gains (losses) on investments |
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Investment gains (losses) |
| Cash flow hedges |
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Other revenues and Contract drilling expenses |
| Pension liability |
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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.
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