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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) applicable to pretax earnings for the years ended December 31 were as follows:
(In millions) | Foreign |  | U.S. |  | Total
2024: |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 1,196 |  |  |  |  | $ | 134 |  |  |  |  | $ | 1,330 |  |
Deferred |  | 159 |  |  |  |  | (515) |  |  |  |  | (356) |  |
Total income tax expense |  | $ | 1,355 |  |  |  |  | $ | (381) |  |  |  |  | $ | 974 |  |
2023: |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 1,275 |  |  |  |  | $ | 388 |  |  |  |  | $ | 1,663 |  |
Deferred |  | (160) |  |  |  |  | (900) |  |  |  |  | (1,060) |  |
Total income tax expense |  | $ | 1,115 |  |  |  |  | $ | (512) |  |  |  |  | $ | 603 |  |
2022: |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 913 |  |  |  |  | $ | 268 |  |  |  |  | $ | 1,181 |  |
Deferred |  | 200 |  |  |  |  | (930) |  |  |  |  | (730) |  |
Total income tax expense |  | $ | 1,113 |  |  |  |  | $ | (662) |  |  |  |  | $ | 451 |  |
Schedule of Effective Income Tax Rate Reconciliation | The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:
(In millions) | 2024 |  | 2023 |  | 2022
Income taxes based on U.S. statutory rates |  | $ | 1,348 |  |  |  |  | $ | 1,105 |  |  |  |  | $ | 1,023 |  |
DST functional currency change |  | (208) |  |  |  |  | (174) |  |  |  |  | (452) |  |
Solar and historic tax credits, net of amortization |  | (164) |  |  |  |  | (348) |  |  |  |  | (83) |  |
Other, net |  | (2) |  |  |  |  | 20 |  |  |  |  | (37) |  |
Income tax expense |  | $ | 974 |  |  |  |  | $ | 603 |  |  |  |  | $ | 451 |  |
Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation |
(In millions) | 2024 |  | 2023 |  | 2022
Statements of earnings |  | $ | 974 |  |  |  |  | $ | 603 |  |  |  |  | $ | 451 |  |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
Unrealized foreign currency translation gains (losses) during period |  | 160 |  |  |  |  | 140 |  |  |  |  | 547 |  |
Unrealized gains (losses) on fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains (losses) on fixed maturity securities during period |  | (265) |  |  |  |  | 520 |  |  |  |  | (2,657) |  |
Reclassification adjustment for (gains) losses on fixed maturity securities included in net earnings |  | (41) |  |  |  |  | (35) |  |  |  |  | (95) |  |
Unrealized gains (losses) on derivatives during period |  | 1 |  |  |  |  | 1 |  |  |  |  | 1 |  |
Effect of changes in discount rate assumptions during period |  | 1,214 |  |  |  |  | (122) |  |  |  |  | 3,650 |  |
Pension liability adjustment during period |  | 5 |  |  |  |  | 7 |  |  |  |  | 35 |  |
Total income tax expense (benefit) related to items of other comprehensive income (loss) |  | 1,074 |  |  |  |  | 511 |  |  |  |  | 1,481 |  |
Total income taxes |  | $ | 2,048 |  |  |  |  | $ | 1,114 |  |  |  |  | $ | 1,932 |  |
Schedule of Deferred Tax Assets and Liabilities | The income tax effects of the temporary differences that gave rise to deferred income tax assets and liabilities as of December 31 were as follows:
(In millions) | 2024 |  | 2023
Deferred income tax liabilities: |  |  |  |  |  |  |
Deferred policy acquisition costs |  | $ | 2,637 |  |  |  |  | $ | 2,883 |  |
Unrealized gains and other basis differences on investments |  | 615 |  |  |  |  | 988 |  |
Foreign currency gain on Aflac Japan |  | 1 |  |  |  |  | 2 |  |
Premiums receivable |  | 43 |  |  |  |  | 85 |  |
Policy benefit reserves |  | 2,509 |  |  |  |  | 110 |  |
Other |  | 54 |  |  |  |  | 0 |  |
Total deferred income tax liabilities |  | 5,859 |  |  |  |  | 4,068 |  |
Deferred income tax assets: |  |  |  |  |  |  |
Unfunded retirement benefits |  | 4 |  |  |  |  | 5 |  |
Other accrued expenses |  | 32 |  |  |  |  | 28 |  |
Policy and contract claims |  | 514 |  |  |  |  | 572 |  |
Deferred compensation |  | 31 |  |  |  |  | 45 |  |
Depreciation |  | 255 |  |  |  |  | 265 |  |
Anticipatory foreign tax credit |  | 3,262 |  |  |  |  | 2,210 |  |
Deferred foreign tax credit and carryforward |  | 1,428 |  |  |  |  | 1,077 |  |
Other |  | 0 |  |  |  |  | 135 |  |
Total deferred income tax assets |  | 5,526 |  |  |  |  | 4,337 |  |
Net deferred income tax (asset) liability |  | 333 |  |  |  |  | (269) |  |
Current income tax (asset) liability |  | 240 |  |  |  |  | 423 |  |
Total income tax liability |  | $ | 573 |  |  |  |  | $ | 154 |  |
Summary of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31:
(In millions) |  | 2024 |  |  | 2023 |
Balance, beginning of year |  | $ | 1 |  |  |  | $ | 5 |  |
Additions for tax positions of prior years |  | 0 |  |  |  | 0 |  |
Reductions for tax positions of prior years |  | (1) |  |  |  | (4) |  |
Balance, end of year |  | $ | 0 |  |  |  | $ | 1 |  |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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