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Shareholders' Equity
 12 Months Ended
Dec. 31, 2019
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, 2017, 2018 and 2019:
 
Net Unrealized
Gains (Losses)
on Investments
with OTTI
Losses
   
Net Other
Unrealized
Gains (Losses)
on Investments
    
Unrealized
Gains (Losses)
on Cash Flow
Hedges
    
Pension and
Postretirement
Benefits
   
Foreign
Currency
Translation
    
Total
Accumulated
Other
Comprehensive
Income (Loss)
 
(In millions)
 
 
  
 
  
 
  
 
  
 
  
 
Balance, January 1, 2017
 
$
 
27
   
$
 
576
   
$
 
(2
 )  
$
 
(646
 )  
$
 
(178
 )  
$
 
(223
 )
Other comprehensive income (loss) before reclassifications, after tax of $1, $(106), $(2), $4 and $0
   
(3
 )    
190
     
1
     
(18
 )    
100
     
270
 
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $38, $0, $(16) and $0
   
(2
 )    
(82
 )    
2
     
30
     
     
(52
 )
                                                 
Other comprehensive income (loss)
   
(5
 )    
108
     
3
     
12
     
100
     
218
 
Amounts attributable to noncontrolling interests
   
     
(11
 )    
(1
 )    
1
     
(10
 )    
(21
 )
                                                 
Balance, December 31, 2017
   
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
)
 
                                                 
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 OTTI losses
 
Investment gains (losses)
Net other unrealized gains (losses) on 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
Dividends of $0.25 per share on the Company’s common stock were declared and paid in 2019, 2018 and 2017.
There are no restrictions on the Company’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 the Company’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
The Company repurchased 21.5 million, 20.3 million and 4.8 million shares of its common stock at aggregate costs of $1.1 billion, $1.0 billion and $237 million during the years ended December 31, 2019, 2018 and 2017. As of December 31, 2019, 21.4 million shares were retired. The remaining shares will be retired in 2020. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings.