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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) applicable to pretax earnings for the years ended December 31 were as follows:
(In millions) | Foreign |  | U.S. |  | Total
2023: |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 1,275 |  |  |  |  | $ | 388 |  |  |  |  | $ | 1,663 |  |
Deferred |  | (160) |  |  |  |  | (900) |  |  |  |  | (1,060) |  |
Total income tax expense |  | $ | 1,115 |  |  |  |  | $ | (512) |  |  |  |  | $ | 603 |  |
2022: |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 913 |  |  |  |  | $ | 268 |  |  |  |  | $ | 1,181 |  |
Deferred |  | 200 |  |  |  |  | (930) |  |  |  |  | (730) |  |
Total income tax expense |  | $ | 1,113 |  |  |  |  | $ | (662) |  |  |  |  | $ | 451 |  |
2021: |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 884 |  |  |  |  | $ | 211 |  |  |  |  | $ | 1,095 |  |
Deferred |  | 251 |  |  |  |  | (369) |  |  |  |  | (118) |  |
Total income tax expense |  | $ | 1,135 |  |  |  |  | $ | (158) |  |  |  |  | $ | 977 |  |
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Schedule of Effective Income Tax Rate Reconciliation | The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:
(In millions) | 2023 |  | 2022 |  | 2021
Income taxes based on U.S. statutory rates |  | $ | 1,105 |  |  |  |  | $ | 1,023 |  |  |  |  | $ | 1,094 |  |
DST functional currency change |  | (174) |  |  |  |  | (452) |  |  |  |  | 0 |  |
Solar and historic tax credits, net of amortization |  | (348) |  |  |  |  | (83) |  |  |  |  | (115) |  |
Other, net |  | 20 |  |  |  |  | (37) |  |  |  |  | (2) |  |
Income tax expense |  | $ | 603 |  |  |  |  | $ | 451 |  |  |  |  | $ | 977 |  |
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation | Total income tax expense for the years ended December 31 was allocated as follows:
(In millions) | 2023 |  | 2022 |  | 2021
Statements of earnings |  | $ | 603 |  |  |  |  | $ | 451 |  |  |  |  | $ | 977 |  |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Unrealized foreign currency translation gains (losses) during period |  | 140 |  |  |  |  | 547 |  |  |  |  | 15 |  |
Unrealized gains (losses) on fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on fixed maturity securities during period |  | 520 |  |  |  |  | (2,657) |  |  |  |  | (194) |  |
Reclassification adjustment for (gains) losses on fixed maturity securities included in net earnings |  | (35) |  |  |  |  | (95) |  |  |  |  | (7) |  |
Unrealized gains (losses) on derivatives during period |  | 1 |  |  |  |  | 1 |  |  |  |  | 1 |  |
Effect of changes in discount rate assumptions during period |  | (122) |  |  |  |  | 3,650 |  |  |  |  | 728 |  |
Pension liability adjustment during period |  | 7 |  |  |  |  | 35 |  |  |  |  | 30 |  |
Total income tax expense (benefit) related to items of other comprehensive income (loss) |  | 511 |  |  |  |  | 1,481 |  |  |  |  | 573 |  |
Total income taxes |  | $ | 1,114 |  |  |  |  | $ | 1,932 |  |  |  |  | $ | 1,550 |  |
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Schedule of Deferred Tax Assets and Liabilities | The income tax effects of the temporary differences that gave rise to deferred income tax assets and liabilities as of December 31 were as follows:
(In millions) | 2023 |  | 2022
Deferred income tax liabilities: |  |  |  |  |  |  |
Deferred policy acquisition costs |  | $ | 2,883 |  |  |  |  | $ | 3,056 |  |
Unrealized gains and other basis differences on investments |  | 988 |  |  |  |  | 0 |  |
Foreign currency gain on Aflac Japan |  | 2 |  |  |  |  | 147 |  |
Premiums receivable |  | 85 |  |  |  |  | 59 |  |
Policy benefit reserves |  | 110 |  |  |  |  | 1,137 |  |
Total deferred income tax liabilities |  | 4,068 |  |  |  |  | 4,399 |  |
Deferred income tax assets: |  |  |  |  |  |  |
Unfunded retirement benefits |  | 5 |  |  |  |  | 7 |  |
Other accrued expenses |  | 28 |  |  |  |  | 27 |  |
Policy and contract claims |  | 572 |  |  |  |  | 671 |  |
Foreign currency loss on Aflac Japan |  | 0 |  |  |  |  | 0 |  |
Deferred compensation |  | 45 |  |  |  |  | 65 |  |
Depreciation |  | 265 |  |  |  |  | 248 |  |
Anticipatory foreign tax credit |  | 2,210 |  |  |  |  | 1,992 |  |
Deferred foreign tax credit |  | 1,077 |  |  |  |  | 822 |  |
Other basis differences in investments |  | 0 |  |  |  |  | 85 |  |
Other |  | 135 |  |  |  |  | 106 |  |
Total deferred income tax assets |  | 4,337 |  |  |  |  | 4,023 |  |
Net deferred income tax liability |  | (269) |  |  |  |  | 376 |  |
Current income tax (asset) liability |  | 423 |  |  |  |  | 322 |  |
Total income tax liability |  | $ | 154 |  |  |  |  | $ | 698 |  |
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Summary of Income Tax Contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31:
(In millions) |  | 2023 |  |  | 2022 |
Balance, beginning of year |  | $ | 5 |  |  |  | $ | 5 |  |
Additions for tax positions of prior years |  | 0 |  |  |  | 0 |  |
Reductions for tax positions of prior years |  | (4) |  |  |  | 0 |  |
Balance, end of year |  | $ | 1 |  |  |  | $ | 5 |  |

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