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DEFERRED POLICY ACQUISITION COSTS | 3 Months Ended
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Mar. 31, 2024
Insurance [Abstract] |
DEFERRED POLICY ACQUISITION COSTS | DEFERRED POLICY ACQUISITION COSTS The following tables present a rollforward of deferred policy acquisition costs by reporting segment and disaggregated by product type.
| March 31, 2024
| Aflac Japan |  | Aflac U.S. |  |
(In millions) | Cancer | Medical and Other Health | Life Insurance | Other |  | Accident | Disability | Critical Care | Hospital Indemnity | Dental/Vision | Life Insurance | Other |  | Total
Deferred policy acquisition costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2023 | $ | 2,971 |  | $ | 2,041 |  | $ | 491 |  | $ | 56 |  |  | $ | 917 |  | $ | 625 |  | $ | 1,336 |  | $ | 436 |  | $ | 86 |  | $ | 172 |  | $ | 1 |  |  | $ | 9,132 |
Capitalization | 72 |  | 29 |  | 9 |  | 0 |  |  | 32 |  | 29 |  | 39 |  | 19 |  | 4 |  | 19 |  | 2 |  |  | 254 |
Amortization expense | (49) |  | (25) |  | (8) |  | (1) |  |  | (36) |  | (29) |  | (38) |  | (18) |  | (4) |  | (7) |  | 0 |  |  | (215) |
Foreign currency translation and other | (189) |  | (129) |  | (32) |  | (2) |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  |  | (352) |
Balance at March 31, 2024 | $ | 2,805 |  | $ | 1,916 |  | $ | 460 |  | $ | 53 |  |  | $ | 913 |  | $ | 625 |  | $ | 1,337 |  | $ | 437 |  | $ | 86 |  | $ | 184 |  | $ | 3 |  |  | $ | 8,819 |
| December 31, 2023
| Aflac Japan |  | Aflac U.S. |  |
(In millions) | Cancer | Medical and Other Health | Life Insurance | Other |  | Accident | Disability | Critical Care | Hospital Indemnity | Dental/Vision | Life Insurance | Other |  | Total
Deferred policy acquisition costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2022 | $ | 3,035 |  | $ | 2,161 |  | $ | 525 |  | $ | 55 |  |  | $ | 904 |  | $ | 613 |  | $ | 1,304 |  | $ | 418 |  | $ | 88 |  | $ | 135 |  | $ | 1 |  |  | $ | 9,239 |
Capitalization | 317 |  | 123 |  | 33 |  | 8 |  |  | 151 |  | 125 |  | 173 |  | 84 |  | 10 |  | 61 |  | 1 |  |  | 1,086 |
Amortization expense | (184) |  | (105) |  | (34) |  | (3) |  |  | (138) |  | (113) |  | (141) |  | (66) |  | (12) |  | (24) |  | 4 |  |  | (816) |
Foreign currency translation and other | (197) |  | (138) |  | (33) |  | (4) |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | (5) |  |  | (377) |
Balance at December 31, 2023 | $ | 2,971 |  | $ | 2,041 |  | $ | 491 |  | $ | 56 |  |  | $ | 917 |  | $ | 625 |  | $ | 1,336 |  | $ | 436 |  | $ | 86 |  | $ | 172 |  | $ | 1 |  |  | $ | 9,132 |
The Company uses the following constant level bases to amortize deferred policy acquisition costs:
Policy Type |  | Constant-level Basis
Life Products (U.S.) |  | Face Amount
Health Products (U.S.) |  | Number of Policies in Force
Health & Life Products (Japan) |  | Units in Force
Face amount is the stated dollar amount that the policy’s beneficiaries receive upon the death of the insured. For life and health products issued in Japan, the constant-level basis used is units in force, which is a proxy for face amount and insurance in force, respectively. Future DAC amortization is impacted by persistency. There were no changes to the inputs, judgments, assumptions and methods used to determine amortization amounts during the three-month periods ended March 31, 2024 and 2023. For additional information on deferred policy acquisition costs, see Notes 1 and 6 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report.

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- Definition The entire disclosure for cost related directly to successful acquisition of new and renewal of insurance contract. Includes, but is not limited to, deferred policy acquisition cost, deferred sale inducement cost, and present value of future profit of insurance contract acquired in business combination. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479735/944-20-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479432/944-30-50-2A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//944-30/tableOfContent + Details
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