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v3.19.3.a.u2

NOTES PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | A summary of notes payable and lease obligations as of December 31 follows:
(In millions) | 2019 |  | 2018
4.00% senior notes due February 2022 (1) |  | $ | 348 |  |  |  |  | $ | 348 |  |
3.625% senior notes due June 2023 |  | 698 |  |  |  |  | 698 |  |
3.625% senior notes due November 2024 |  | 747 |  |  |  |  | 746 |  |
3.25% senior notes due March 2025 |  | 448 |  |  |  |  | 447 |  |
2.875% senior notes due October 2026 |  | 298 |  |  |  |  | 297 |  |
6.90% senior notes due December 2039 |  | 220 |  |  |  |  | 220 |  |
6.45% senior notes due August 2040 |  | 254 |  |  |  |  | 254 |  |
4.00% senior notes due October 2046 |  | 394 |  |  |  |  | 394 |  |
4.750% senior notes due January 2049 |  | 541 |  |  |  |  | 540 |  |
Yen-denominated senior notes and subordinated debentures: |  |  |  |  |  |  |
.932% senior notes due January 2027 (principal amount ¥60.0 billion) |  | 545 |  |  |  |  | 538 |  |
.500% senior notes due December 2029 (principal amount ¥12.6 billion) |  | 114 |  |  |  |  | 0 |  |
1.159% senior notes due October 2030 (principal amount ¥29.3 billion) |  | 266 |  |  |  |  | 262 |  |
.843% senior notes due December 2031 (principal amount ¥9.3 billion) |  | 84 |  |  |  |  | 0 |  |
1.488% senior notes due October 2033 (principal amount ¥15.2 billion) |  | 138 |  |  |  |  | 136 |  |
.934% senior notes due December 2034 (principal amount ¥9.8 billion) |  | 88 |  |  |  |  | 0 |  |
1.750% senior notes due October 2038 (principal amount ¥8.9 billion) |  | 81 |  |  |  |  | 79 |  |
1.122% senior notes due December 2039 (principal amount ¥6.3 billion) |  | 57 |  |  |  |  | 0 |  |
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion) |  | 543 |  |  |  |  | 536 |  |
.963% subordinated bonds due April 2049 (principal amount ¥30.0 billion) |  | 272 |  |  |  |  | 0 |  |
Yen-denominated loans: |  |  |  |  |  |  |
Variable interest rate loan due September 2026 (.42% in 2019 and .32% in 2018, principal amount ¥5.0 billion) |  | 45 |  |  |  |  | 45 |  |
Variable interest rate loan due September 2029 (.57% in 2019 and .47% in 2018, principal amount ¥25.0 billion) |  | 227 |  |  |  |  | 225 |  |
Finance lease obligations payable through 2026 |  | 12 |  |  |  |  | 13 |  |
Operating lease obligations payable through 2049 (2) |  | 149 |  |  |  |  | 0 |  |
Total notes payable and lease obligations |  | $ | 6,569 |  |  |  |  | $ | 5,778 |  |
(1) Redeemed in January 2020 (2) See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2019 related to leases. Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.
Schedule of Maturities of Long Term Debt | The aggregate contractual maturities of notes payable during each of the years after December 31, 2019, are as follows:
(In millions) | Total Notes Payable
2020 |  | $ | 0 |  |
2021 |  | 0 |  |
2022 |  | 350 |  |
2023 |  | 700 |  |
2024 |  | 750 |  |
Thereafter |  | 4,658 |  |
Total |  | $ | 6,458 |  |
Schedule of Lease Maturities | The following table presents the contractual maturities and present value of lease liabilities as of December 31.
| 2019
(In millions) | Operating Leases |  | Finance Leases |  | Total
2020 | $ | 49 |  |  | $ | 4 |  |  | $ | 53 |
2021 | 37 |  |  | 3 |  |  | 40 |
2022 | 31 |  |  | 2 |  |  | 33 |
2023 | 10 |  |  | 2 |  |  | 12 |
2024 | 10 |  |  | 1 |  |  | 11 |
After 2024 | 22 |  |  | 0 |  |  | 22 |
Total lease payments | $ | 159 |  |  | $ | 12 |  |  | $ | 171 |
Less: Interest | 10 |  |  | 0 |  |  | 10 |
Present value of lease liabilities | $ | 149 |  |  | $ | 12 |  |  | $ | 161 |
Lease, Cost | The following table presents the weighted average remaining lease term and weighted average discount rate for lease liabilities as of December 31.
| 2019
Weighted average remaining lease term (years): |
Operating leases | 6.8
Finance leases | 3.7
Weighted average discount rate: |
Operating leases | 2.1%
Finance leases | 1.5%
Schedule of Line of Credit Facilities | A summary of the Company's lines of credit as of December 31, 2019 follows:
Borrower | Type | Original Term | Expiration Date | Capacity | Amount Outstanding | Interest Rate on Borrowed Amount | Maturity Period | Commitment Fee | Business Purpose
Aflac Incorporated and Aflac | uncommitted bilateral | 364 days | December 18, 2020 | $100 million | $0 million | The rate quoted by the bank and agreed upon at the time of borrowing | Up to 3 months | None | General corporate purposes
Aflac Incorporated | unsecured revolving | 5 years | March 29, 2024, or the date commitments are terminated pursuant to an event of default | ¥100.0 billion | ¥0.0 billion | A rate per annum equal to (a) Tokyo interbank market rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period | No later than March 29, 2024 | .30% to .50%, depending on the Parent Company's debt ratings as of the date of determination | General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac | unsecured revolving | 5 years | November 18, 2024, or the date commitments are terminated pursuant to an event of default | $1.0 billion | $0.0 billion | A rate per annum equal to, at the Company's option, either, (a) the rate for Eurocurrency for deposits in the London interbank market for a period of one, two, three or six months (LIBOR) or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest in effect for such day as publicly announced from time to time by Mizuho as its “prime rate”, and (3) the LIBOR for a one month interest period in effect on such day (or if such day is not a business day, the immediately preceding business day) plus 1.00%, and in each case an applicable margin | No later than November 18, 2024 | .085% to .225%, depending on the Parent Company's debt ratings as of the date of determination | General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac | uncommitted bilateral | None specified | None specified | $50 million | $0 million | A rate per annum equal to, at the Parent Company's option, either (a) a eurocurrency rate determined by reference to the agent's LIBOR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the greater of (i) the prime rate as determined by the agent, and (ii) the sum of 0.50% and the federal funds rate for such day | Up to 3 months | None | General corporate purposes
Aflac(1) | uncommitted revolving | 364 days | November 30, 2020 | $250 million | $0 million | USD three-month LIBOR plus 75 basis points per annum | 3 months | None | General corporate purposes
Aflac Incorporated(1) | uncommitted revolving | 364 days | April 2, 2020 | ¥50.0 billion | ¥0.0 billion | Three-month TIBOR plus 70 basis points per annum | 3 months | None | General corporate purposes
Aflac Incorporated(1) | uncommitted revolving | 364 days | November 25, 2020 | ¥50.0 billion | ¥0.0 billion | Three-month TIBOR plus 70 basis points per annum | 3 months | None | General corporate purposes
(1) Intercompany credit agreement

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