SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY

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)	2014	2013	2012
Common stock - issued:
Balance, beginning of period	667,046	665,239	663,639
Exercise of stock options and issuance of restricted shares	1,086	1,807	1,600
Balance, end of period	668,132	667,046	665,239
Treasury stock:
Balance, beginning of period	207,633	197,453	197,329
Purchases of treasury stock:
Open market	19,660	13,212	1,948
Other	157	222	360
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(1,251)	(1,365)	(1,670)
Exercise of stock options	(391)	(1,734)	(387)
Other	(121)	(155)	(127)
Balance, end of period	225,687	207,633	197,453
Shares outstanding, end of period	442,445	459,413	467,786

Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic EPS. 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 earnings per share at December 31:

(In thousands)	2014		2013		2012
Anti-dilutive share-based awards		1,215		2,198		5,880

The weighted-average shares used in calculating earnings per share for the years ended December 31 were as follows:

(In thousands of shares)	2014	2013	2012
Weighted-average outstanding shares used for calculating basic EPS	451,204	464,502	466,868
Dilutive effect of share-based awards	2,796	2,906	2,419
Weighted-average outstanding shares used for calculating diluted EPS	454,000	467,408	469,287

Share Repurchase Program:During 2014, we purchased 19.7 million shares of our common stock in the open market, compared with 13.2 million shares in 2013 and 1.9 million shares in 2012. As of December 31, 2014, a remaining balance of 29.6 millionshares of our common stock was available for purchase under share repurchase authorizations by our board of directors.

Voting Rights: In accordance with the Parent Company's articles of incorporation, shares of common stock are generally entitled to one vote per share until they have been held by the same beneficial owner for a continuous period of 48 months, at which time they become entitled to 10 votes per share.

Reclassifications from Accumulated Other Comprehensive Income

The table below is a reconciliation of accumulated other comprehensive income by component for the years ended December 31.

Changes in Accumulated Other Comprehensive Income

2014
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)				Unrealized Gains (Losses) on Investment Securities				Unrealized Gains (Losses) on Derivatives				Pension Liability Adjustment				Total
Balance, beginning of period		$	(1,505	)		$	1,035			$	(12	)		$	(81	)		$	(563	)
Other comprehensive income before reclassification		(1,036		)		3,672				(14		)		(44		)		2,578
Amounts reclassified from accumulated other comprehensive income		0				(35		)		0				(1		)		(36		)
Net current-period other comprehensive income		(1,036		)		3,637				(14		)		(45		)		2,542
Balance, end of period		$	(2,541	)		$	4,672			$	(26	)		$	(126	)		$	1,979

All amounts in the table above are net of tax.

2013
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)				Unrealized Gains (Losses) on Investment Securities				Unrealized Gains (Losses) on Derivatives				Pension Liability Adjustment				Total
Balance, beginning of period		$	333			$	2,570			$	(5	)		$	(183	)		$	2,715
Other comprehensive    income before    reclassification		(1,833		)		(1,499		)		(7		)		92				(3,247		)
Amounts reclassified from    accumulated other    comprehensive income		(5		)		(36		)		0				10				(31		)
Net current-period other    comprehensive    income		(1,838		)		(1,535		)		(7		)		102				(3,278		)
Balance, end of period		$	(1,505	)		$	1,035			$	(12	)		$	(81	)		$	(563	)

All amounts in the table above are net of tax.

The table below summarizes the amounts reclassified from each component of accumulated other comprehensive income based on source for the years ended December 31.

Reclassifications Out of Accumulated Other Comprehensive Income

(In millions)	2014
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		$	57		Sales and redemptions
		(3		)	Other-than-temporary impairment losses realized
		54			Total before tax
		(19		)	Tax (expense) or benefit(1)
		$	35		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(15	)	Acquisition and operating expenses(2)
Prior service (cost) credit		17			Acquisition and operating expenses(2)
		(1		)	Tax (expense) or benefit(1)
		$	1		Net of tax
Total reclassifications for the period		$	36		Net of tax

⁽¹⁾ Based on 35% tax rate

⁽²⁾ These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see

Note 14 for additional details).

(In millions)	2013
Details about Accumulated Other Comprehensive Income Components	Amount Reclassified from Accumulated Other Comprehensive Income				Affected Line Item in the Statements of Earnings
Unrealized foreign currency translation gains (losses)		$	7		Sales and redemptions
		(2		)	Tax (expense) or benefit(1)
		$	5		Net of tax
Unrealized gains (losses) on available-for-sale securities		$	255		Sales and redemptions
		(199		)	Other-than-temporary impairment losses realized
		56			Total before tax
		(20		)	Tax (expense) or benefit(1)
		$	36		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(19	)	Acquisition and operating expenses(2)
Prior service (cost) credit		4			Acquisition and operating expenses(2)
		5			Tax (expense) or benefit(1)
		$	(10	)	Net of tax
Total reclassifications for the period		$	31		Net of tax

⁽¹⁾ Based on 35% tax rate

⁽²⁾ These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see

Note 14 for additional details).