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BUSINESS SEGMENT AND FOREIGN INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Reconciliation of Revenue from Segments to Consolidated | Information regarding operations by reportable segment and Corporate and other for the years ended December 31 follows:
(In millions) | 2019 |  | 2018 |  | 2017
Revenues: |  |  |  |  |  |  |  |  |  |  |
Aflac Japan: |  |  |  |  |  |  |  |  |  |  |
Net earned premiums: |  |  |  |  |  |  |  |  |  |  |
Cancer |  | $ | 6,031 |  |  |  |  | $ | 5,849 |  |  |  |  | $ | 5,612 |  |
Medical and other health |  | 3,582 |  |  |  |  | 3,516 |  |  |  |  | 3,379 |  |
Life insurance |  | 3,159 |  |  |  |  | 3,397 |  |  |  |  | 3,761 |  |
Net investment income, less amortized hedge costs (1),(2) |  | 2,496 |  |  |  |  | 2,403 |  |  |  |  | 2,235 |  |
Other income |  | 45 |  |  |  |  | 41 |  |  |  |  | 41 |  |
Total Aflac Japan |  | 15,313 |  |  |  |  | 15,206 |  |  |  |  | 15,028 |  |
Aflac U.S.: |  |  |  |  |  |  |  |  |  |  |
Net earned premiums: |  |  |  |  |  |  |  |  |  |  |
Accident/disability |  | 2,665 |  |  |  |  | 2,611 |  |  |  |  | 2,537 |  |
Cancer |  | 1,309 |  |  |  |  | 1,311 |  |  |  |  | 1,308 |  |
Other health |  | 1,548 |  |  |  |  | 1,508 |  |  |  |  | 1,445 |  |
Life insurance |  | 286 |  |  |  |  | 278 |  |  |  |  | 273 |  |
Net investment income |  | 720 |  |  |  |  | 727 |  |  |  |  | 721 |  |
Other income |  | 22 |  |  |  |  | 8 |  |  |  |  | 5 |  |
Total Aflac U.S. |  | 6,550 |  |  |  |  | 6,443 |  |  |  |  | 6,289 |  |
Corporate and other (3) |  | 393 |  |  |  |  | 339 |  |  |  |  | 272 |  |
Total adjusted revenues |  | 22,256 |  |  |  |  | 21,988 |  |  |  |  | 21,589 |  |
Realized investment gains (losses) (1),(2),(3) |  | 51 |  |  |  |  | (230 | ) |  |  |  | 78 |  |
Total revenues |  | $ | 22,307 |  |  |  |  | $ | 21,758 |  |  |  |  | $ | 21,667 |  |
(1) Amortized hedge costs of $257, $236 and $228 in 2019, 2018 and 2017, respectively, related to certain foreign currency exposure management strategies have been reclassified from realized investment gains (losses) and reported as a deduction from net investment income when analyzing operations. (2) Net interest cash flows from derivatives associated with certain investment strategies of $(17) in 2019 and an immaterial amount in 2018 have been reclassified from realized investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $89 in 2019 and $36 in 2018 related to certain foreign currency exposure management strategies has been reclassified from realized investment gains (losses) and reported as an increase to net investment income when analyzing operations.
Reconciliation of Adjusted Profit (Loss) from Segments to Consolidated |
(In millions) | 2019 |  | 2018 |  | 2017
Pretax earnings: |  |  |  |  |  |  |  |  |  |  |
Aflac Japan (1),(2) |  | $ | 3,261 |  |  |  |  | $ | 3,208 |  |  |  |  | $ | 3,054 |  |
Aflac U.S. |  | 1,272 |  |  |  |  | 1,285 |  |  |  |  | 1,245 |  |
Corporate and other (3),(4) |  | (72 | ) |  |  |  | (139 | ) |  |  |  | (212 | ) |
Pretax adjusted earnings (5) |  | 4,461 |  |  |  |  | 4,354 |  |  |  |  | 4,087 |  |
Realized investment gains (losses) (1),(2),(3),(4) |  | (15 | ) |  |  |  | (297 | ) |  |  |  | 0 |  |
Other income (loss) (6) |  | (1 | ) |  |  |  | (74 | ) |  |  |  | (69 | ) |
Total earnings before income taxes |  | $ | 4,445 |  |  |  |  | $ | 3,983 |  |  |  |  | $ | 4,018 |  |
Income taxes applicable to pretax adjusted earnings |  | $ | 1,147 |  |  |  |  | $ | 1,129 |  |  |  |  | $ | 1,370 |  |
Effect of foreign currency translation on after-tax adjusted earnings |  | 15 |  |  |  |  | 28 |  |  |  |  | (41 | ) |
(1) Amortized hedge costs of $257, $236 and $228 in 2019, 2018 and 2017, respectively, related to certain foreign currency exposure management strategies have been reclassified from realized investment gains (losses) and reported as a deduction from net investment income when analyzing operations. (2) Net interest cash flows from derivatives associated with certain investment strategies of $(17) in 2019 and an immaterial amount in 2018 have been reclassified from realized investment gains (losses) and included in adjusted earnings as a component of net investment income. (3) Amortized hedge income of $89 in 2019 and $36 in 2018 related to certain foreign currency exposure management strategies has been reclassified from realized investment gains (losses) and reported as an increase to net investment income when analyzing operations. (4) A gain of $66 in 2019, $67 in 2018 and $77 in 2017, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable have been reclassified from realized investment gains (losses) and included in adjusted earnings when analyzing operations. (5) Includes $135, $122 and $122 of interest expense on debt in 2019, 2018 and 2017 (6) Includes expense of $13 in 2017 for the early extinguishment of debt
Reconciliation of Assets from Segment to Consolidated | Assets as of December 31 were as follows:
(In millions) | 2019 |  | 2018 |
Assets: |  |  |  |  |  |  |  |
Aflac Japan |  | $ | 127,523 |  |  |  |  | $ | 118,342 |  |  |
Aflac U.S. |  | 20,945 |  |  |  |  | 19,100 |  |  |
Corporate and other |  | 4,300 |  |  |  |  | 2,964 |  |  |
Total assets |  | $ | 152,768 |  |  |  |  | $ | 140,406 |  |  |
Foreign Currency Disclosure | Yen-Translation Effects:The following table shows the yen/dollar exchange rates used for or during the periods ended December 31. Exchange effects were calculated using the same yen/dollar exchange rate for the current year as for each respective prior year.
| 2019 |  | 2018 |  | 2017
Statements of Earnings: |  |  |  |  |  |  |  |  |  |  |
Weighted-average yen/dollar exchange rate (1) |  | 109.07 |  |  |  |  | 110.39 |  |  |  |  | 112.16 |  |
Yen percent strengthening (weakening) |  | 1.2 | % |  |  |  | 1.6 | % |  |  |  | (3.1 | )% |
Exchange effect on pretax adjusted earnings (in millions) |  | $ | 20 |  |  |  |  | $ | 38 |  |  |  |  | $ | (63 | ) |
| 2019 |  | 2018
Balance Sheets: |  |  |  |  |  |  |
Yen/dollar exchange rate at December 31(1) |  | 109.56 |  |  |  |  | 111.00 |  |
Yen percent strengthening (weakening) |  | 1.3 | % |  |  |  | 1.8 | % |
Exchange effect on total assets (in millions) |  | $ | 1,225 |  |  |  |  | $ | 1,362 |  |
Exchange effect on total liabilities (in millions) |  | 1,533 |  |  |  |  | 1,270 |  |
(1) Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM)
Schedule of Intercompany Transfers of Funds | Information on transfers for each of the years ended December 31 is shown below. See Note 13 for information concerning restrictions on transfers from Aflac Japan.
(In millions) | 2019 |  | 2018 |  | 2017
Management fees |  | $ | 75 |  |  |  |  | $ | 136 |  |  |  |  | $ | 93 |  |
Allocated expenses |  | 4 |  |  |  |  | 24 |  |  |  |  | 109 |  |
Profit remittances |  | 2,070 |  |  |  |  | 808 |  |  |  |  | 1,150 |  |
Total transfers from Aflac Japan |  | $ | 2,149 |  |  |  |  | $ | 968 |  |  |  |  | $ | 1,352 |  |
Property, Plant and Equipment | Classes of property and equipment as of December 31 were as follows:
(In millions) | 2019 |  | 2018
Property and equipment: |  |  |  |  |  |  |
Land |  | $ | 168 |  |  |  |  | $ | 168 |  |
Buildings |  | 473 |  |  |  |  | 456 |  |
Equipment and furniture |  | 549 |  |  |  |  | 400 |  |
Total property and equipment |  | 1,190 |  |  |  |  | 1,024 |  |
Less accumulated depreciation |  | 609 |  |  |  |  | 581 |  |
Net property and equipment |  | $ | 581 |  |  |  |  | $ | 443 |  |

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