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BENEFIT PLANS | 6 Months Ended
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Jun. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
BENEFIT PLANS | BENEFIT PLANS The Company has funded defined benefit plans in Japan and the U.S.; however, future benefits under the U.S. plan were frozen effective January 1, 2024, which resulted in the Company recognizing a curtailment gain of $49 million in the second quarter of 2023. U.S. employees, including those that participated in the U.S. plan prior to the freeze, currently receive a nonelective 401(k) employer contribution. The Company also maintains non-qualified, unfunded supplemental retirement plans that provide defined pension benefits in excess of limits imposed by federal tax law for certain Japanese, U.S. and former employees. However, future benefits under the Company's Supplemental Executive Retirement Plan and Retirement Plan for Senior Officers were frozen effective January 1, 2024, provided that actively employed participants may continue to accrue service toward eligibility for early retirement benefits or delayed early retirement benefits. The Company provides certain health care benefits for eligible U.S. retired employees, their beneficiaries and covered dependents (other postretirement benefits). The health care plan is contributory and unfunded. Effective January 1, 2014, employees eligible for benefits included the following: (1) active employees whose age plus service, in years, equaled or exceeded 80 (rule of 80); (2) active employees who were age 55 or older and have met the 15 years of service requirement; (3) active employees who would meet the rule of 80 in the next five years; (4) active employees who were age 55 or older and who would meet the 15 years of service requirement within the next five years; and (5) current retirees. For certain employees and former employees, additional coverage is provided for all medical expenses for life. Pension and other postretirement benefit expenses are included in acquisition and operating expenses in the consolidated statements of earnings, which includes other components of net periodic pension cost and postretirement costs (other than service costs) of $2 million and $(45) million for the three-month periods and $4 million and $(43) million for the six-month periods ended June 30, 2024 and 2023, respectively. Total net periodic benefit cost includes the following components:
|  | Three Months Ended June 30,
|  | Pension Benefits |  | Other
|  | Japan |  | U.S. |  | Postretirement Benefits
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  |  | $ | 3 |  |  |  |  | $ | 3 |  |  |  |  | $ | 0 |  |  |  |  | $ | 3 |  |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |
Interest cost |  |  | 2 |  |  |  |  | 2 |  |  |  |  | 10 |  |  |  |  | 10 |  |  |  |  | 0 |  |  |  |  | 1 |  |
Expected return on plan assets |  |  | (1) |  |  |  |  | (1) |  |  |  |  | (8) |  |  |  |  | (9) |  |  |  |  | 0 |  |  |  |  | 0 |  |
Amortization of net actuarial loss |  |  | 0 |  |  |  |  | 0 |  |  |  |  | (1) |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 1 |  |
Curtailment (gain) loss |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | (49) |  |  |  |  | 0 |  |  |  |  | 0 |  |
Net periodic (benefit) cost |  |  | $ | 4 |  |  |  |  | $ | 4 |  |  |  |  | $ | 1 |  |  |  |  | $ | (45) |  |  |  |  | $ | 0 |  |  |  |  | $ | 2 |  |
|  | Six Months Ended June 30,
|  | Pension Benefits |  | Other
|  | Japan |  | U.S. |  | Postretirement Benefits
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  |  | $ | 7 |  |  |  |  | $ | 7 |  |  |  |  | $ | 0 |  |  |  |  | $ | 7 |  |  |  |  | $ | 0 |  |  |  |  | $ | 0 |  |
Interest cost |  |  | 4 |  |  |  |  | 4 |  |  |  |  | 19 |  |  |  |  | 21 |  |  |  |  | 0 |  |  |  |  | 1 |  |
Expected return on plan assets |  |  | (3) |  |  |  |  | (3) |  |  |  |  | (15) |  |  |  |  | (18) |  |  |  |  | 0 |  |  |  |  | 0 |  |
Amortization of net actuarial loss |  |  | 0 |  |  |  |  | 0 |  |  |  |  | (1) |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 1 |  |
Curtailment (gain) loss |  |  | 0 |  |  |  |  | 0 |  |  |  |  | 0 |  |  |  |  | (49) |  |  |  |  | 0 |  |  |  |  | 0 |  |
Net periodic (benefit) cost |  |  | $ | 8 |  |  |  |  | $ | 8 |  |  |  |  | $ | 3 |  |  |  |  | $ | (39) |  |  |  |  | $ | 0 |  |  |  |  | $ | 2 |  |
During the six months ended June 30, 2024, Aflac Japan contributed approximately $12 million (using the weighted-average yen/dollar exchange rate for the six-month period ended June 30, 2024) to the Japanese funded defined benefit plan, and Aflac U.S. did not make a contribution to the U.S. funded defined benefit plan. For additional information regarding the Company's Japanese and U.S. benefit plans, see Note 14 of the Notes to the Consolidated Financial Statements in the 2023 Annual Report.

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