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SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Schedule of Common Stock Outstanding Roll Forward | The following table is a reconciliation of the number of shares of the Company's common stock for the years ended December 31.
(In thousands of shares) | 2023 |  | 2022 |  | 2021
Common stock - issued: |  |  |  |  |
Balance, beginning of period | 1,354,079 |  | 1,352,739 |  | 1,351,018
Exercise of stock options and issuance of restricted shares | 1,319 |  | 1,340 |  | 1,721
Balance, end of period | 1,355,398 |  | 1,354,079 |  | 1,352,739
Treasury stock: |  |  |  |  |
Balance, beginning of period | 738,823 |  | 700,607 |  | 658,564
Purchases of treasury stock: |  |  |  |  |
Share repurchase program | 38,896 |  | 39,187 |  | 43,327
Other | 364 |  | 370 |  | 437
Dispositions of treasury stock: |  |  |  |  |
Shares issued to AFL Stock Plan | (897) |  | (1,009) |  | (1,216)
Exercise of stock options | (88) |  | (117) |  | (275)
Other | (179) |  | (215) |  | (230)
Balance, end of period | 776,919 |  | 738,823 |  | 700,607
Shares outstanding, end of period | 578,479 |  | 615,256 |  | 652,132
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS at December 31:
(In thousands) | 2023 |  | 2022 |  | 2021
Anti-dilutive share-based awards |  | 51 |  |  |  |  | 118 |  |  |  |  | 0 |  |
Schedule of Weighted Average Number of Shares | The weighted-average shares used in calculating EPS for the years ended December 31 were as follows:
(In thousands of shares) | 2023 |  | 2022 |  | 2021
Weighted-average outstanding shares used for calculating basic EPS | 596,173 |  |  | 634,816 |  |  | 673,617 |
Dilutive effect of share-based awards | 2,572 |  |  | 2,839 |  |  | 3,112 |
Weighted-average outstanding shares used for calculating diluted EPS | 598,745 |  |  | 637,655 |  |  | 676,729 |
Changes in Accumulated Other Comprehensive Income (Loss) | The tables below are reconciliations of accumulated other comprehensive income by component for the years ended December 31. Changes in Accumulated Other Comprehensive Income
2023
(In millions) | Unrealized Foreign Currency Translation Gains (Losses) |  | Unrealized Gains (Losses) on Fixed Maturity Securities |  | Unrealized Gains (Losses) on Derivatives |  | Effect of Changes in Discount Rate Assumptions |  | Pension Liability Adjustment |  | Total
Balance at December 31, 2022 |  | $ | (3,564) |  |  |  |  | $ | (702) |  |  |  |  | $ | (27) |  |  |  |  | $ | (2,100) |  |  |  |  | $ | (36) |  |  |  |  | $ | (6,429) |  |
Other comprehensive income (loss) before reclassification |  | (505) |  |  |  |  | 1,972 |  |  |  |  | 1 |  |  |  |  | (460) |  |  |  |  | 28 |  |  |  |  | 1,036 |  |
Amounts reclassified from accumulated other comprehensive income (loss) |  | 0 |  |  |  |  | (131) |  |  |  |  | 4 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | (127) |  |
Net current-period other comprehensive income (loss) |  | (505) |  |  |  |  | 1,841 |  |  |  |  | 5 |  |  |  |  | (460) |  |  |  |  | 28 |  |  |  |  | 909 |  |
Balance at December 31, 2023 |  | $ | (4,069) |  |  |  |  | $ | 1,139 |  |  |  |  | $ | (22) |  |  |  |  | $ | (2,560) |  |  |  |  | $ | (8) |  |  |  |  | $ | (5,520) |  |
All amounts in the table above are net of tax. Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
2022
(In millions) | Unrealized Foreign Currency Translation Gains (Losses) |  | Unrealized Gains (Losses) on Fixed Maturity Securities |  | Unrealized Gains (Losses) on Derivatives |  | Effect of Changes in Discount Rate Assumptions |  | Pension Liability Adjustment |  | Total
Balance at December 31, 2021 |  | $ | (1,985) |  |  |  |  | $ | 9,602 |  |  |  |  | $ | (30) |  |  |  |  | $ | (15,832) |  |  |  |  | $ | (166) |  |  |  |  | $ | (8,411) |  |
Other comprehensive income (loss) before reclassification |  | (1,579) |  |  |  |  | (9,946) |  |  |  |  | (1) |  |  |  |  | 13,732 |  |  |  |  | 111 |  |  |  |  | 2,317 |  |
Amounts reclassified from accumulated other comprehensive income (loss) |  | 0 |  |  |  |  | (358) |  |  |  |  | 4 |  |  |  |  | 0 |  |  |  |  | 19 |  |  |  |  | (335) |  |
Net current-period other comprehensive income (loss) |  | (1,579) |  |  |  |  | (10,304) |  |  |  |  | 3 |  |  |  |  | 13,732 |  |  |  |  | 130 |  |  |  |  | 1,982 |  |
Balance at December 31, 2022 |  | $ | (3,564) |  |  |  |  | $ | (702) |  |  |  |  | $ | (27) |  |  |  |  | $ | (2,100) |  |  |  |  | $ | (36) |  |  |  |  | $ | (6,429) |  |
All amounts in the table above are net of tax. Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
2021
(In millions) | Unrealized Foreign Currency Translation Gains (Losses) |  | Unrealized Gains (Losses) on Fixed Maturity Securities |  | Unrealized Gains (Losses) on Derivatives |  | Effect of Changes in Discount Rate Assumptions |  | Pension Liability Adjustment |  | Total
Balance at December 31, 2020 |  | $ | (1,109) |  |  |  |  | $ | 10,361 |  |  |  |  | $ | (34) |  |  |  |  | $ | 0 |  |  |  |  | $ | (284) |  |  |  |  | $ | 8,934 |  |
Cumulative effect of change in accounting principle - ASU 2018-12 |  | 0 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | (18,570) |  |  |  |  | 0 |  |  |  |  | (18,570) |  |
Balance at January 1, 2021 |  | $ | (1,109) |  |  |  |  | $ | 10,361 |  |  |  |  | $ | (34) |  |  |  |  | $ | (18,570) |  |  |  |  | $ | (284) |  |  |  |  | $ | (9,636) |  |
Other comprehensive income (loss) before reclassification |  | (876) |  |  |  |  | (735) |  |  |  |  | (1) |  |  |  |  | 2,738 |  |  |  |  | 90 |  |  |  |  | 1,216 |  |
Amounts reclassified from accumulated other comprehensive income (loss) |  | 0 |  |  |  |  | (24) |  |  |  |  | 5 |  |  |  |  | 0 |  |  |  |  | 28 |  |  |  |  | 9 |  |
Net current-period other comprehensive income (loss) |  | (876) |  |  |  |  | (759) |  |  |  |  | 4 |  |  |  |  | 2,738 |  |  |  |  | 118 |  |  |  |  | 1,225 |  |
Balance at December 31, 2021 |  | $ | (1,985) |  |  |  |  | $ | 9,602 |  |  |  |  | $ | (30) |  |  |  |  | $ | (15,832) |  |  |  |  | $ | (166) |  |  |  |  | $ | (8,411) |  |
All amounts in the table above are net of tax. Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
Reclassification out of Accumulated Other Comprehensive Income | The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the years ended December 31. Reclassifications Out of Accumulated Other Comprehensive Income
(In millions) | 2023 |
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities |  | $ | 166 |  |  | Net investment gains (losses)
|  | (35) |  |  | Tax (expense) or benefit(1)
|  | $ | 131 |  |  | Net of tax
Unrealized gains (losses) on derivatives |  | $ | (4) |  |  | Net investment gains (losses)
|  | (1) |  |  | Net investment income
|  | (5) |  |  | Total before tax
|  | 1 |  |  | Tax (expense) or benefit(1)
|  | $ | (4) |  |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |
Actuarial gains (losses) |  | $ | 0 |  |  | Acquisition and operating expenses(2)
Prior service (cost) credit |  | 0 |  |  | Acquisition and operating expenses(2)
|  | 0 |  |  | Tax (expense) or benefit(1)
|  | $ | 0 |  |  | Net of tax
Total reclassifications for the period |  | $ | 127 |  |  | Net of tax
(1) Based on 21% tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).
(In millions) | 2022 |
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities |  | $ | 453 |  |  | Net investment gains (losses)
|  | (95) |  |  | Tax (expense) or benefit(1)
|  | $ | 358 |  |  | Net of tax
Unrealized gains (losses) on derivatives |  | $ | (4) |  |  | Net investment gains (losses)
|  | (1) |  |  | Net investment income
|  | (5) |  |  | Total before tax
|  | 1 |  |  | Tax (expense) or benefit(1)
|  | $ | (4) |  |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |
Actuarial gains (losses) |  | $ | (24) |  |  | Acquisition and operating expenses(2)
Prior service (cost) credit |  | 0 |  |  | Acquisition and operating expenses(2)
|  | 5 |  |  | Tax (expense) or benefit(1)
|  | $ | (19) |  |  | Net of tax
Total reclassifications for the period |  | $ | 335 |  |  | Net of tax
(1) Based on 21% tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).
(In millions) | 2021 |
Details about Accumulated Other Comprehensive Income Components | Amount Reclassified from Accumulated Other Comprehensive Income | Affected Line Item in the Statements of Earnings
Unrealized gains (losses) on available-for-sale securities |  | $ | 31 |  |  | Net investment gains (losses)
|  | (7) |  |  | Tax (expense) or benefit(1)
|  | $ | 24 |  |  | Net of tax
Unrealized gains (losses) on derivatives |  | $ | (5) |  |  | Net investment gains (losses)
|  | (1) |  |  | Net investment income
|  | (6) |  |  | Total before tax
|  | 1 |  |  | Tax (expense) or benefit(1)
|  | $ | (5) |  |  | Net of tax
Amortization of defined benefit pension items: |  |  |  |
Actuarial gains (losses) |  | $ | (35) |  |  | Acquisition and operating expenses(2)
Prior service (cost) credit |  | 0 |  |  | Acquisition and operating expenses(2)
|  | 7 |  |  | Tax (expense) or benefit(1)
|  | $ | (28) |  |  | Net of tax
Total reclassifications for the period |  | $ | (9) |  |  | Net of tax
(1) Based on 21% tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 14 for additional details).

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