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EQUITY
 3 Months Ended
Mar. 31, 2017
EQUITY  
EQUITY

12. Equity

Shares Outstanding

The following table presents a rollforward of outstanding shares:

Three Months Ended March 31, 2017CommonTreasuryCommon Stock
Stock IssuedStockOutstanding
Shares, beginning of year1,906,671,492(911,335,651)995,335,841
Shares issued-3,138,9333,138,933
Shares repurchased-(55,994,748)(55,994,748)
Shares, end of period1,906,671,492(964,191,466)942,480,026

Dividends

Payment of future dividends to our shareholders and repurchases of AIG Common Stock depends in part on the regulatory framework that we are currently subject to and that will ultimately be applicable to us, including as a nonbank systemically important financial institution under the Dodd-Frank Wall Street Reform and Consumer Protection Act and a global systemically important insurer. In addition, dividends are payable on AIG Common Stock only when, as and if declared by our Board of Directors in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant.

On March 29, 2017, we paid a dividend of $0.32 per share on AIG Common Stock to shareholders of record on March 15, 2017. On March 28, 2016, we paid a dividend of $0.32 per share on AIG Common Stock to shareholders of record on March 14, 2016.

See Note 19 to the Consolidated Financial Statements in the 2016 Annual Report for a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries.

Repurchase of AIG Common Stock

The following table presents repurchases of AIG Common Stock and warrants to purchase shares of AIG Common Stock:

Three Months Ended March 31,
(in millions)20172016
Aggregate repurchases of common stock$3,585$3,486
Total number of common shares repurchased5663
Aggregate repurchases of warrants$-$173
Total number of warrants repurchased-10

Our Board of Directors has authorized the repurchase of shares of AIG Common Stock through a series of actions. On February 14, 2017, our Board of Directors authorized an additional increase of $3.5 billion to its previous share repurchase authorization. As of March 31, 2017, approximately $2.4 billion remained under our share repurchase authorization. Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise (including through the purchase of warrants). Certain of our share repurchases have been and may from time to time be effected through Exchange Act Rule 10b5-1 repurchase plans.

The timing of any future repurchases will depend on market conditions, our financial condition, results of operations, liquidity and other factors.

Accumulated Other Comprehensive Income

The following table presents a rollforward of Accumulated other comprehensive income:

Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Other-Than- Temporary Credit Impairments Were Taken
Unrealized Appreciation (Depreciation) of All Other InvestmentsForeign Currency Translation AdjustmentsRetirement Plan Liabilities Adjustment
(in millions)Total
Balance, December 31, 2016, net of tax$426$6,405$(2,629)$(972)$3,230
Change in unrealized appreciation of investments143690--833
Change in deferred policy acquisition costs adjustment and other*3238--70
Change in future policy benefits-(86)--(86)
Change in foreign currency translation adjustments--(304)-(304)
Change in net actuarial loss---2525
Change in prior service cost---33
Change in deferred tax asset (liability)(61)5328(10)10
Total other comprehensive income (loss)114695(276)18551
Noncontrolling interests-----
Balance, March 31, 2017, net of tax$540$7,100$(2,905)$(954)$3,781
Balance, December 31, 2015, net of tax$696$5,566$(2,879)$(846)$2,537
Change in unrealized appreciation (depreciation) of investments(548)5,083--4,535
Change in deferred policy acquisition costs adjustment and other15(360)--(345)
Change in future policy benefits-(728)--(728)
Change in foreign currency translation adjustments--(132)-(132)
Change in net actuarial loss---1212
Change in prior service credit---(7)(7)
Change in deferred tax asset (liability)184(568)40(3)(347)
Total other comprehensive income (loss)(349)3,427(92)22,988
Noncontrolling interests-----
Balance, March 31, 2016, net of tax$347$8,993$(2,971)$(844)$5,525

* Includes net unrealized gains attributable to businesses held for sale.

The following table presents the other comprehensive income reclassification adjustments for the three-month periods ended March 31, 2017 and 2016, respectively:

Unrealized Appreciation
(Depreciation) of Fixed
Maturity InvestmentsUnrealized
on Which Other-Than-AppreciationForeignRetirement
Temporary Credit(Depreciation)CurrencyPlan
Impairments Wereof All OtherTranslationLiabilities
(in millions)RecognizedInvestmentsAdjustmentsAdjustmentTotal
March 31, 2017
Unrealized change arising during period$190$835$(304)$18$739
Less: Reclassification adjustments
included in net income15193-(10)198
Total other comprehensive income (loss),
before income tax expense (benefit)175642(304)28541
Less: Income tax expense (benefit)61(53)(28)10(10)
Total other comprehensive income (loss),
net of income tax expense (benefit)$114$695$(276)$18$551

March 31, 2016
Unrealized change arising during period$(458)$3,640$(132)$1$3,051
Less: Reclassification adjustments
included in net income75(355)-(4)(284)
Total other comprehensive income (loss),
before income tax expense (benefit)(533)3,995(132)53,335
Less: Income tax expense (benefit)(184)568(40)3347
Total other comprehensive income (loss),
net of income tax expense (benefit)$(349)$3,427$(92)$2$2,988

The following table presents the effect of the reclassification of significant items out of Accumulated other comprehensive income on the respective line items in the Condensed Consolidated Statements of Income:

Amount Reclassified
from Accumulated Other
Comprehensive Income
Three Months Ended March 31, Affected Line Item in the
(in millions) 20172016Condensed Consolidated Statements of Income
Unrealized appreciation (depreciation) of fixed maturity securities on which other-than-temporary credit impairments were recognized
Investments$15$75Other realized capital gains
Total1575
Unrealized appreciation (depreciation) of
all other investments
Investments140(413)Other realized capital gains
Deferred policy acquisition costs adjustment5358Amortization of deferred policy acquisition costs
Future policy benefits--Policyholder benefits and losses incurred
Total193(355)
Change in retirement plan liabilities adjustment
Prior-service costs-4 *
Actuarial losses(10)(8) *
Total(10)(4)
Total reclassifications for the period$198$(284)

* These Accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 14 to the Condensed Consolidated Financial Statements.