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Shareholders' Equity
 12 Months Ended
Dec. 31, 2020
Shareholders' Equity [Abstract]  
Shareholders' Equity
Note 12.  Shareholders’ Equity

Accumulated other comprehensive income (loss)


The tables below present the changes in AOCI by component for the years ended December 31, 2018, 2019 and 2020:

  
Net Unrealized
                            
Total
  
   
Gains (Losses)
    
Net Other
    
Unrealized
                
Accumulated
  
   
on Investments
    
Unrealized
    
Gains (Losses)
    
Pension and
    
Foreign
    
Other
  
   
with OTTI
    
Gains (Losses)
    
on Cash Flow
    
Postretirement
    
Currency
    
Comprehensive
  
   
Losses
    
on Investments
    
Hedges
    
Benefits
    
Translation
    
Income (Loss)
  
(In millions)
                                    
                                     
Balance, January 1, 2018, as reported
  
$
22
    
$
673
    
$
-
    
$
(633
)
  
$
(88
)
  
$
(26
)
Cumulative effect adjustment from changes in accounting standards, after tax of $0, $8, $0, $0 and $0
    
4
      
98
              
(130
)
            
(28
)
Balance, January 1, 2018, as adjusted
    
26
      
771
      
-
      
(763
)
    
(88
)
    
(54
)
Other comprehensive income (loss) before reclassifications, after tax of $2, $213, $(2), $9 and $0
    
(7
)
    
(801
)
    
4
      
(34
)
    
(84
)
    
(922
)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $2, $(2), $0, $(6) and $0
    
(7
)
    
3
      
2
      
32
              
30
  
Other comprehensive income (loss)
    
(14
)
    
(798
)
    
6
      
(2
)
    
(84
)
    
(892
)
Amounts attributable to noncontrolling interests
    
2
      
84
                      
9
      
95
  
Purchase of Boardwalk Pipelines common units
                    
(1
)
    
(28
)
            
(29
)
Balance, December 31, 2018
    
14
      
57
      
5
      
(793
)
    
(163
)
    
(880
)
Other comprehensive income (loss) before reclassifications, after tax of $3, $(256), $5, $28 and $0
    
(13
)
    
957
      
(11
)
    
(102
)
    
42
      
873
  
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(3), $1, $0, $(9) and $0
    
12
      
(8
)
            
34
              
38
  
Other comprehensive income (loss)
    
(1
)
    
949
      
(11
)
    
(68
)
    
42
      
911
  
Amounts attributable to noncontrolling interests
            
(101
)
            
6
      
(4
)
    
(99
)
Balance, December 31, 2019
  
$
13
    
$
905
    
$
(6
)
  
$
(855
)
  
$
(125
)
  
$
(68
)

Balance, January 1, 2020 (a)
  
$
-
    
$
918
    
$
(6
)
  
$
(855
)
  
$
(125
)
  
$
(68
)
Other comprehensive income (loss) before reclassifications, after tax of $12, $(201), $8, $18 and $0
    
(43
)
    
763
      
(22
)
    
(66
)
    
48
      
680
  
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(12), $12, $(2), $(11) and $0
    
43
      
(43
)
    
5
      
42
              
47
  
Other comprehensive income (loss)
    
-
      
720
      
(17
)
    
(24
)
    
48
      
727
  
Amounts attributable to noncontrolling interests
            
(75
)
            
2
      
(5
)
    
(78
)
Balance, December 31, 2020
  
$
-
    
$
1,563
    
$
(23
)
  
$
(877
)
  
$
(82
)
  
$
581
  

(a)
On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Net Unrealized Gains (Losses) on Investments with OTTI Losses column that tracked the change in unrealized gains (losses) on investments with OTTI losses has been replaced with the Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses column. The balance as of January 1, 2020 in the Net Unrealized Gains (Losses) on Investments with OTTI Losses column is now reported in the Net Unrealized Gains (Losses) on Other Investments column. Prior period amounts were not adjusted for the adoption of this standard.


Amounts reclassified from AOCI shown above are reported in Net income as follows:

Major Category of AOCI
  
Affected Line Item
     
Net unrealized gains (losses) on investments with an allowance for credit losses, Net unrealized gains (losses) on investments with OTTI losses and Net unrealized gains (losses) on other investments
  
Investment gains (losses)
Unrealized gains (losses) on cash flow hedges
  
Operating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefits
  
Operating expenses and other

Common Stock Dividends


Loews Corporation declared and paid dividends of $0.25 per share in the aggregate on its common stock in 2020, 2019 and 2018.


There are no restrictions on Loews Corporation’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews Corporation relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of Loews Corporation’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective credit agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 14 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends.

Treasury Stock


Loews Corporation repurchased 22.0 million, 21.5 million and 20.3 million shares of its common stock at aggregate costs of $0.9 billion, $1.1 billion and $1.0 billion during the years ended December 31, 2020, 2019 and 2018. As of December 31, 2020, 22.0 million shares were retired. The remaining shares will be retired in 2021. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings.