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NOTES PAYABLE AND LEASE OBLIGATIONS (Tables) | 3 Months Ended
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Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | A summary of notes payable and lease obligations follows:
(In millions) | March 31, 2024 |  | December 31, 2023
1.125% senior sustainability notes due March 2026 |  | $ | 398 |  |  |  |  | $ | 398 |  |
2.875% senior notes due October 2026 |  | 299 |  |  |  |  | 299 |  |
3.60% senior notes due April 2030 |  | 993 |  |  |  |  | 993 |  |
6.90% senior notes due December 2039 |  | 221 |  |  |  |  | 221 |  |
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 |  | 542 |  |  |  |  | 542 |  |
Yen-denominated senior notes and subordinated debentures: |  |  |  |  |  |  |
.300% senior notes due September 2025 (principal amount ¥12.4 billion) |  | 82 |  |  |  |  | 87 |  |
.932% senior notes due January 2027 (principal amount ¥60.0 billion) |  | 395 |  |  |  |  | 422 |  |
1.048% senior notes due March 2029 (principal amount ¥13.0 billion) |  | 86 |  |  |  |  | 0 |  |
1.075% senior notes due September 2029 (principal amount ¥33.4 billion) |  | 220 |  |  |  |  | 234 |  |
.500% senior notes due December 2029 (principal amount ¥12.6 billion) |  | 83 |  |  |  |  | 88 |  |
.550% senior notes due March 2030 (principal amount ¥13.3 billion) |  | 87 |  |  |  |  | 93 |  |
1.159% senior notes due October 2030 (principal amount ¥29.3 billion) |  | 192 |  |  |  |  | 206 |  |
1.412% senior notes due March 2031 (principal amount ¥27.9 billion) |  | 184 |  |  |  |  | 0 |  |
.633% senior notes due April 2031 (principal amount ¥30.0 billion) |  | 197 |  |  |  |  | 211 |  |
.843% senior notes due December 2031 (principal amount ¥9.3 billion) |  | 61 |  |  |  |  | 65 |  |
.750% senior notes due March 2032 (principal amount ¥20.7 billion) |  | 136 |  |  |  |  | 145 |  |
1.320% senior notes due December 2032 (principal amount ¥21.1 billion) |  | 139 |  |  |  |  | 148 |  |
.844% senior notes due April 2033 (principal amount ¥12.0 billion) |  | 79 |  |  |  |  | 84 |  |
1.488% senior notes due October 2033 (principal amount ¥15.2 billion) |  | 100 |  |  |  |  | 106 |  |
1.682% senior notes due March 2034 (principal amount ¥7.7 billion) |  | 51 |  |  |  |  | 0 |  |
1.600% senior notes due March 2034 (principal amount ¥18.3 billion) |  | 122 |  |  |  |  | 0 |  |
.934% senior notes due December 2034 (principal amount ¥9.8 billion) |  | 64 |  |  |  |  | 69 |  |
.830% senior notes due March 2035 (principal amount ¥10.6 billion) |  | 69 |  |  |  |  | 74 |  |
1.740% senior notes due March 2036 (principal amount ¥15.0 billion) |  | 100 |  |  |  |  | 0 |  |
1.039% senior notes due April 2036 (principal amount ¥10.0 billion) |  | 65 |  |  |  |  | 70 |  |
1.594% senior notes due September 2037 (principal amount ¥6.5 billion) |  | 43 |  |  |  |  | 45 |  |
1.750% senior notes due October 2038 (principal amount ¥8.9 billion) |  | 58 |  |  |  |  | 62 |  |
1.920% senior notes due March 2039 (principal amount ¥16.5 billion) |  | 110 |  |  |  |  | 0 |  |
1.122% senior notes due December 2039 (principal amount ¥6.3 billion) |  | 41 |  |  |  |  | 44 |  |
1.264% senior notes due April 2041 (principal amount ¥10.0 billion) |  | 65 |  |  |  |  | 70 |  |
2.160% senior notes due March 2044 (principal amount ¥5.7 billion) |  | 38 |  |  |  |  | 0 |  |
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion) |  | 392 |  |  |  |  | 419 |  |
.963% subordinated bonds due April 2049 (principal amount ¥30.0 billion) (1) |  | 198 |  |  |  |  | 211 |  |
1.560% senior notes due April 2051 (principal amount ¥20.0 billion) |  | 131 |  |  |  |  | 140 |  |
2.144% senior notes due September 2052 (principal amount ¥12.0 billion) |  | 79 |  |  |  |  | 84 |  |
1.958% subordinated bonds due December 2053 (principal amount ¥30.0 billion) |  | 197 |  |  |  |  | 210 |  |
2.400% senior notes due March 2054 (principal amount ¥19.5 billion) |  | 130 |  |  |  |  | 0 |  |
Yen-denominated loans: |  |  |  |  |  |  |
Variable interest rate loan due August 2027 (.38% in 2024 and .35% in 2023, principal amount ¥11.7 billion) |  | 77 |  |  |  |  | 82 |  |
Variable interest rate loan due August 2029 (.48% in 2024 and .45% in 2023, principal amount ¥25.3 billion) |  | 166 |  |  |  |  | 178 |  |
Variable interest rate loan due August 2032 (.63% in 2024 and .60% in 2023, principal amount ¥70.0 billion) |  | 461 |  |  |  |  | 492 |  |
Finance lease obligations payable through 2030 |  | 6 |  |  |  |  | 6 |  |
Operating lease obligations payable through 2049 |  | 107 |  |  |  |  | 118 |  |
Total notes payable and lease obligations |  | $ | 7,912 |  |  |  |  | $ | 7,364 |  |
(1) Redeemed in April 2024 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 Line of Credit Facilities | A summary of the Company's lines of credit as of March 31, 2024 follows:
Borrower(s) | Type | 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 6, 2024 | $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 | May 9, 2027, 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 May 10, 2027 | .28% to .45%, 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 15, 2027, 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) Secured Overnight Financing Rate (SOFR) for U.S. dollar denominated borrowings or TIBOR for Japanese yen denominated borrowings, in either case adjusted for certain costs, 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 for such day announced by the agent as its prime rate, or (3) SOFR for an interest period of one month plus 1.00%, in each case plus an applicable margin | No later than November 15, 2027 | .08% to .20%, 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 rate determined by reference to SOFR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the highest of (1) the lender's USD short-term commercial loan rate and (2) the federal funds rate plus 1/2 of 1% | Up to 3 months | None | General corporate purposes
Aflac(1) | uncommitted revolving | 364 days | December 2, 2024 | $250 million | $50 million | Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum | No later than December 3, 2024 | None | General corporate purposes
Aflac Incorporated(1) (Tranche 1) | uncommitted revolving | 364 days | November 25, 2024 | ¥50.0 billion | ¥0.0 billion | Three-month yen TIBOR plus 75 basis points per annum | No later than November 26, 2024 | None | General corporate purposes
Aflac Incorporated(1) (Tranche 2) | uncommitted revolving | 364 days | November 25, 2024 | ¥50.0 billion | ¥0.0 billion | Three-month yen TIBOR plus 75 basis points per annum | No later than November 26, 2024 | None | General corporate purposes
Aflac New York(1),(2) | uncommitted revolving | 364 days | April 8, 2024 | $25 million | $0 million | Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum | No later than April 9, 2024 | None | General corporate purposes
CAIC(1) | uncommitted revolving | 364 days | March 21, 2025 | $15 million | $0 million | Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum | No later than March 24, 2025 | None | General corporate purposes
(1) Intercompany credit agreement (2) Renewed in April 2024 with an expiration date of April 8, 2025 (continued)
Borrower(s) | Type | Term | Expiration Date | Capacity | Amount Outstanding | Interest Rate on Borrowed Amount | Maturity Period | Commitment Fee | Business Purpose
TOIC(1) | uncommitted revolving | 364 days | March 21, 2025 | $0.3 million | $0 million | Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum | No later than March 24, 2025 | None | General corporate purposes
Hatch Healthcare K.K.(1) | uncommitted revolving | 364 days | January 2, 2025 | ¥900 million | ¥0 million | A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period | No later than January 3, 2025 | None | General corporate purposes
Aflac Digital Services Co., Ltd.(1) | uncommitted revolving | 364 days | January 2, 2025 | ¥600 million | ¥0 million | A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period | No later than January 3, 2025 | None | General corporate purposes
Aflac GI Holdings LLC(1) | uncommitted revolving | 364 days | July 16, 2024 | $30 million | $0 million | Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annum | No later than July 17, 2024 | None | General corporate purposes
Aflac Incorporated(1) | uncommitted revolving | 364 days | January 2, 2025 | $400 million | $0 million | Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 97 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 97 basis points per annum for Japanese yen-denominated borrowings | No later than January 3, 2025 | None | General corporate purposes
Aflac Re(1) | uncommitted revolving | 364 days | January 2, 2025 | $400 million | $0 million | Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar-denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen-denominated borrowings | No later than January 3, 2025 | None | General corporate purposes
(1) Intercompany credit agreement

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