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Shareholders' Equity
 6 Months Ended
Jun. 30, 2015
Equity [Abstract]  
Shareholders' Equity
Shareholders' Equity

Other Comprehensive Income
 
The following tables present the changes in each component of AOCI 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
Second Quarter 2015

 
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, March 31, 2015
$
372

 
$
5

 
$
(15
)
 
$
8

 
$
370

Other comprehensive income (loss) before reclassifications
(136
)
 
(6
)
 
6

 
—

 
(136
)
Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
1

 
8

 
—

 
—

 
9

Interest expense
—

 
—

 
—

 
0

 
0

Total before tax
1

 
8

 
—

 
0

 
9

Tax (provision) benefit
(1
)
 
(3
)
 
—

 
0

 
(4
)
Total amount reclassified from AOCI, net of tax
0

 
5

 
—

 
0

 
5

Net current period other comprehensive income (loss)
(136
)
 
(1
)
 
6

 
0

 
(131
)
Balance, June 30, 2015
$
236

 
$
4

 
$
(9
)
 
$
8

 
$
239


Changes in Accumulated Other Comprehensive Income by Component
Second 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, March 31, 2014
$
271

 
$
(13
)
 
$
(2
)
 
$
8

 
$
264

Other comprehensive income (loss) before reclassifications
75

 
(17
)
 
3

 
—

 
61

Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
(2
)
 
12

 
—

 
—

 
10

Interest expense
—

 
—

 
—

 
0

 
0

Total before tax
(2
)
 
12

 
—

 
0

 
10

Tax (provision) benefit
1

 
(4
)
 
—

 
0

 
(3
)
Total amount reclassified from AOCI, net of tax
(1
)
 
8

 
—

 
0

 
7

Net current period other comprehensive income (loss)
74

 
(9
)
 
3

 
0

 
68

Balance, June 30, 2014
$
345

 
$
(22
)
 
$
1

 
$
8

 
$
332



Changes in Accumulated Other Comprehensive Income by Component
Six Months 2015

 
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, 2014
$
367

 
$
4

 
$
(10
)
 
$
9

 
$
370

Other comprehensive income (loss) before reclassifications
(118
)
 
(8
)
 
1

 
—

 
(125
)
Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 
 
Net realized investment gains (losses)
(19
)
 
12

 
—

 
—

 
(7
)
Interest expense
—

 
—

 
—

 
(1
)
 
(1
)
Total before tax
(19
)
 
12

 
—

 
(1
)
 
(8
)
Tax (provision) benefit
6

 
(4
)
 
—

 
0

 
2

Total amount reclassified from AOCI, net of tax
(13
)
 
8

 
—

 
(1
)
 
(6
)
Net current period other comprehensive income (loss)
(131
)
 
0

 
1

 
(1
)
 
(131
)
Balance, June 30, 2015
$
236

 
$
4

 
$
(9
)
 
$
8

 
$
239



Changes in Accumulated Other Comprehensive Income by Component
Six Months 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 reclassifications
169

 
(9
)
 
4

 
—

 
164

Amounts reclassified from AOCI to:
 
 
 
 
 
 
 
 


Net realized investment gains (losses)
(4
)
 
17

 
—

 
—

 
13

Interest expense
—

 
—

 
—

 
0

 
0

Total before tax
(4
)
 
17

 
—

 
0

 
13

Tax (provision) benefit
2

 
(6
)
 
—

 
(1
)
 
(5
)
Total amount reclassified from AOCI, net of tax
(2
)
 
11

 
—

 
(1
)
 
8

Net current period other comprehensive income (loss)
167

 
2

 
4

 
(1
)
 
172

Balance, June 30, 2014
$
345

 
$
(22
)
 
$
1

 
$
8

 
$
332




Share Repurchase

The following table presents share repurchases by quarter since January 2013.

Share Repurchases

Period
 
Number of Shares Repurchased
 
Total Payments(in millions)
 
Average Price Paid Per Share
2013
 
12,512,759

 
$
264

 
$
21.12

2014 (January 1 - March 31)
 
1,350,443

 
35

 
25.92

2014 (April 1 - June 30)
 
7,051,842

 
177

 
25.14

2014 (July 1 - September 30)
 
9,623,309

 
226

 
23.47

2014 (October 1 - December 31)
 
6,388,187

 
152

 
23.83

Total 2014
 
24,413,781

 
590

 
24.17

2015 (January 1 - March 31)
 
5,860,291

 
152

 
25.87

2015 (April 1 - June 30)
 
4,737,388

 
133

 
28.13

Total 2015 (through June 30)
 
10,597,679

 
285

 
26.88

2015 (June 30 though August 5)
 
1,817,605

 
45

 
24.76

Total 2015
 
12,415,284

 
330

 
26.57

Cumulative repurchases since the beginning of 2013
 
49,341,824

 
$
1,184

 
$
24.00



As of August 5, 2015, approximately $280 million of capacity remains from the May 6, 2015 $400 million share repurchase authorization.

The Company expects to repurchase shares from time to time in the open market or in privately negotiated transactions. The timing, form and amount of the share repurchases under the program are at the discretion of management and will depend on a variety of factors, including free funds available at the parent company, market conditions, the Company's capital position, legal requirements and other factors. The repurchase program may be modified, extended or terminated by the Board of Directors at any time. It does not have an expiration date.