XML 60 R43.htm IDEA: XBRL DOCUMENT
v3.24.0.1

SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Expense Recognized in Connection with Share Based Awards | The following table presents the impact of the expense recognized in connection with share-based awards for the years ended December 31.
(In millions, except for per-share amounts) | 2023 |  | 2022 |  | 2021
Impact on earnings from continuing operations |  | $ | 79 |  |  |  |  | $ | 69 |  |  |  |  | $ | 65 |  |
Impact on earnings before income taxes |  | 79 |  |  |  |  | 69 |  |  |  |  | 65 |  |
Impact on net earnings |  | 62 |  |  |  |  | 55 |  |  |  |  | 51 |  |
Impact on net earnings per share: |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | .10 |  |  |  |  | $ | .09 |  |  |  |  | $ | .08 |  |
Diluted |  | .10 |  |  |  |  | .09 |  |  |  |  | .08 |  |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes stock option activity under the employee stock option plan.
(In thousands of shares) | Stock Option Shares |  | Weighted-Average Exercise Price Per Share
Outstanding at December 31, 2020 |  | 3,045 |  |  |  |  | $ | 30.25 |  |
Granted in 2021 |  | 0 |  |  |  |  | 0.00 |  |
Canceled in 2021 |  | (4) |  |  |  |  | 16.93 |  |
Exercised in 2021 |  | (896) |  |  |  |  | 28.45 |  |
Outstanding at December 31, 2021 |  | 2,145 |  |  |  |  | 31.02 |  |
Granted in 2022 |  | 0 |  |  |  |  | 0.00 |  |
Canceled in 2022 |  | (8) |  |  |  |  | 32.43 |  |
Exercised in 2022 |  | (560) |  |  |  |  | 28.11 |  |
Outstanding at December 31, 2022 |  | 1,577 |  |  |  |  | 32.05 |  |
Granted in 2023 |  | 0 |  |  |  |  | 0.00 |  |
Canceled in 2023 |  | 0 |  |  |  |  | 24.75 |  |
Exercised in 2023 |  | (526) |  |  |  |  | 30.35 |  |
Outstanding at December 31, 2023 |  | 1,051 |  |  |  |  | $ | 32.90 |  |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable |
(In thousands of shares) | 2023 |  | 2022 |  | 2021
Shares exercisable, end of year |  | 1,051 |  |  |  |  | 1,577 |  |  |  |  | 2,145 |  |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following table presents the assumptions used in valuing options granted, if applicable, during the years ended December 31.
| 2023 |  | 2022 |  | 2021
Expected term (years) |  | 8.0 |  |  |  | 7.8 |  |  |  | 7.9 |
Expected volatility |  | 26.7 |  | % |  |  | 25.8 |  | % |  |  | 25.6 |  | %
Annual forfeiture rate |  | 4.2 |  |  |  |  | 4.0 |  |  |  |  | 3.8 |  |
Risk-free interest rate |  | 3.0 |  |  |  |  | 1.6 |  |  |  |  | 1.0 |  |
Dividend yield |  | 2.3 |  |  |  |  | 2.7 |  |  |  |  | 3.0 |  |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | The following table summarizes information about stock options outstanding and exercisable at December 31, 2023.
(In thousands of shares) |  |  | Options Outstanding |  | Options Exercisable
| Range of Exercise Prices Per Share |  |  | Stock Option Shares Outstanding |  | Wgtd.-Avg. Remaining Contractual Life (Yrs.) |  | Wgtd.-Avg. Exercise Price Per Share |  | Stock Option Shares Exercisable |  | Wgtd.-Avg. Exercise Price Per Share
| $ | 0.00 |  | - | $ | 24.75 |  |  |  |  | 0 |  |  |  |  | 0.0 |  |  |  | $ | 0.00 |  |  |  |  | 0 |  |  |  |  | $ | 0.00 |  |
| 24.75 |  | - | 28.97 |  |  |  |  | 217 |  |  |  |  | 2.1 |  |  |  | 28.96 |  |  |  |  | 217 |  |  |  |  | 28.96 |  |
| 28.97 |  | - | 31.21 |  |  |  |  | 368 |  |  |  |  | 1.0 |  |  |  | 30.57 |  |  |  |  | 368 |  |  |  |  | 30.57 |  |
| 31.21 |  | - | 36.21 |  |  |  |  | 317 |  |  |  |  | 2.8 |  |  |  | 34.68 |  |  |  |  | 317 |  |  |  |  | 34.68 |  |
| 36.21 |  | - | 44.59 |  |  |  |  | 149 |  |  |  |  | 3.8 |  |  |  | 40.57 |  |  |  |  | 149 |  |  |  |  | 40.57 |  |
| $ | 0.00 |  | - | $ | 44.59 |  |  |  |  | 1,051 |  |  |  |  | 2.2 |  |  |  | $ | 32.90 |  |  |  |  | 1,051 |  |  |  |  | $ | 32.90 |  |
Schedule of Cash Proceeds Received from Share-based Payment Awards | The following table summarizes stock option activity during the years ended December 31.
(In millions) | 2023 |  | 2022 |  | 2021
Total intrinsic value of options exercised |  | $ | 22 |  |  |  |  | $ | 20 |  |  |  |  | $ | 21 |  |
Cash received from options exercised |  | 16 |  |  |  |  | 16 |  |  |  |  | 26 |  |
Tax benefit realized as a result of options exercised and restricted stock releases |  | 20 |  |  |  |  | 18 |  |  |  |  | 17 |  |
Schedule of Share-based Payment Award, Performance Based Restricted Stock, Valuation Assumptions | Key assumptions used to value PBRS granted during 2023 follows:
(In millions) | 2023
Expected volatility (based on Aflac Inc. and peer group historical daily stock price) |  | 32.3 |  | %
Expected life from grant date (years) |  | 2.9 |
Risk-free interest rate (based on U.S. Treasury yields at the date of grant) |  | 4.1 |  | %
Schedule of Nonvested Restricted Stock Units Activity | The value of restricted stock awards and restricted stock units is based on the fair market value of the Company's common stock at the date of grant. The following table summarizes restricted stock activity during the years ended December 31.
(In thousands of shares) | Shares |  | Weighted-Average Grant-Date Fair Value Per Share
Restricted stock at December 31, 2020 |  | 2,580 |  |  |  |  | $ | 48.57 |  |
Granted in 2021 |  | 1,496 |  |  |  |  | 47.87 |  |
Canceled in 2021 |  | (148) |  |  |  |  | 49.00 |  |
Vested in 2021 |  | (1,371) |  |  |  |  | 45.80 |  |
Restricted stock at December 31, 2021 |  | 2,557 |  |  |  |  | 49.38 |  |
Granted in 2022 |  | 1,119 |  |  |  |  | 66.72 |  |
Canceled in 2022 |  | (96) |  |  |  |  | 54.59 |  |
Vested in 2022 |  | (1,166) |  |  |  |  | 49.64 |  |
Restricted stock at December 31, 2022 |  | 2,414 |  |  |  |  | 56.21 |  |
Granted in 2023 |  | 1,171 |  |  |  |  | 70.74 |  |
Canceled in 2023 |  | (112) |  |  |  |  | 60.62 |  |
Vested in 2023 |  | (1,165) |  |  |  |  | 52.77 |  |
Restricted stock at December 31, 2023 |  | 2,308 |  |  |  |  | $ | 62.96 |  |

X
- Definition Schedule of Expense Recognized in Connection with Share Based Awards [Table Text Block] + References No definition available. + Details
Name: | afl_ScheduleOfExpenseRecognizedInConnectionWithShareBasedAwardsTableTextBlock
Namespace Prefix: | afl_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Share-based Payment Award, Performance Restricted Stock Awards, Valuation Assumptions [Table Text Block] + References No definition available. + Details
Name: | afl_ScheduleofSharebasedPaymentAwardPerformanceRestrictedStockAwardsValuationAssumptionsTableTextBlock
Namespace Prefix: | afl_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of cash received from exercise of stock options and similar instruments granted under share-based payment arrangements and tax benefit from exercise of stock options. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2A + Details
Name: | us-gaap_CashProceedsReceivedAndTaxBenefitFromShareBasedPaymentAwardsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for exercisable or convertible options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration