The following tables present the changes in each component of accumulated other comprehensive income and the effect of significant reclassifications out of AOCI on the respective line items in net income.

Changes in Accumulated Other Comprehensive Income by Component

First Quarter 2014



	Net Unrealized Gains (Losses) on Investments with no Other-Than-Temporary Impairment			Net Unrealized Gains (Losses) on Investments with Other-Than-Temporary Impairment			Cumulative Translation Adjustment			Cash Flow Hedge			Total Accumulated Other Comprehensive Income
	(in millions)
Balance, December 31, 2013	$	178		$	(24	)	$	(3	)	$	9		$	160
Other comprehensive income (loss) before reclassified	94			8			1			—			103
Amounts reclassified from AOCI to:
Other net realized investment gains (losses)	(2		)	5			—			—			3
Interest expense	—			—			—			0			0
Total before tax	(2		)	5			—			0			3
Tax (provision) benefit	1			(2		)	—			(1		)	(2		)
Total amount reclassified from AOCI, net of tax	(1		)	3			—			(1		)	1
Net current period other comprehensive income	93			11			1			(1		)	104
Balance, March 31, 2014	$	271		$	(13	)	$	(2	)	$	8		$	264

First Quarter 2013



	Net Unrealized Gains (Losses) on Investments with no Other-Than-Temporary Impairment			Net Unrealized Gains (Losses) on Investments with Other-Than-Temporary Impairment			Cumulative Translation Adjustment			Cash Flow Hedge		Total Accumulated Other Comprehensive Income
	(in millions)
Balance, December 31, 2012	$	517		$	(5	)	$	(6	)	$	9	$	515
Other comprehensive income (loss) before reclassified	(50		)	(16		)	(5		)	—		(71		)
Amounts reclassified from AOCI to:
Other net realized investment gains (losses)	(1		)	6			—			—		5
Interest expense	—			—			—			0		0
Total before tax	(1		)	6			—			0		5
Tax (provision) benefit	—			(2		)	—			0		(2		)
Total amount reclassified from AOCI, net of tax	(1		)	4			—			0		3
Net current period other comprehensive income	(51		)	(12		)	(5		)	0		(68		)
Balance, March 31, 2013	$	466		$	(17	)	$	(11	)	$	9	$	447

Share Repurchase

Under the $400 million share repurchase authorization approved in November 2013, the Company repurchased 1.4 million common shares in First Quarter 2014 for $35 million at an average price of $25.92 per share. On a year-to-date basis through May 7, 2014, the Company has repurchased a total of 3.0 million common shares for $75 million at an average price of $25.19 per share. In First Quarter 2013, the Company repurchased approximately 1.9 million common shares for $39 million at an average price of $20.46 per share.

Related Party

On March 19, 2014, funds associated with WL Ross & Co. LLC and its affiliates (collectively, the “WLR Funds”) and AGL director Wilbur L. Ross, Jr. sold an aggregate of 4,000,000 shares. The WLR Funds and Mr. Ross currently own approximately 6% of Assured Guaranty's total common shares outstanding.