SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2015

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 three-month periods ended March 31.

(In thousands of shares)	2015		2014
Common stock - issued:
Balance, beginning of period	668,132		667,046
Exercise of stock options and issuance of restricted shares	722		574
Balance, end of period	668,854		667,620
Treasury stock:
Balance, beginning of period	225,687		207,633
Purchases of treasury stock:
Open market	9,827		6,535
Other	162		110
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(295	)	(284	)
Exercise of stock options	(192	)	(281	)
Other	(106	)	(121	)
Balance, end of period	235,083		213,592
Shares outstanding, end of period	433,771		454,028

Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic earnings per share (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 for the following periods.

	Three Months Ended March 31,
(In thousands)	2015		2014
Anti-dilutive share-based awards		1,878		492

Share Repurchase Program

During the first three months of 2015, we repurchased 9.8 million shares of our common stock in the open market for $600 million as part of our share repurchase program. During the first three months of 2014, we repurchased 6.5 million shares of our common stock in the open market for $415 million as part of our share repurchase program. As of March 31, 2015, a remaining balance of 19.7 million shares of our common stock was available for purchase under share repurchase authorizations by our board of directors.

Reclassifications from Accumulated Other Comprehensive Income

The tables below are reconciliations of accumulated other comprehensive income by component for the following periods.

Changes in Accumulated Other Comprehensive Income

Three Months Ended March 31, 2015
(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		$	(2,541	)		$	4,672			$	(26	)		$	(126	)		$	1,979
Other comprehensive income before reclassification		1				386				(2		)		0				385
Amounts reclassified from accumulated other comprehensive income		0				(32		)		0				0				(32		)
Net current-period other comprehensive income		1				354				(2		)		0				353
Balance, end of period		$	(2,540	)		$	5,026			$	(28	)		$	(126	)		$	2,332

All amounts in the table above are net of tax.

Three Months Ended March 31, 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		(14		)		910				(1		)		(1		)		894
Amounts reclassified from accumulated other comprehensive income		(23		)		(1		)		0				0				(24		)
Net current-period other comprehensive income		(37		)		909				(1		)		(1		)		870
Balance, end of period		$	(1,542	)		$	1,944			$	(13	)		$	(82	)		$	307

All amounts in the table above are net of tax.

The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income based on source for the following periods.

Reclassifications Out of Accumulated Other Comprehensive Income

(In millions)	Three Months Ended March 31, 2015
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		$	56		Sales and redemptions
		(6		)	Other-than-temporary impairment losses realized
		50			Total before tax
		(18		)	Tax (expense) or benefit(1)
		$	32		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(4	)	Acquisition and operating expenses(2)
Prior service (cost) credit		4			Acquisition and operating expenses(2)
		0			Tax (expense) or benefit(1)
		$	0		Net of tax
Total reclassifications for the period		$	32		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 10 for additional details).    

(In millions)	Three Months Ended March 31, 2014
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)		$	36		Sales and redemptions
		(13		)	Tax (expense) or benefit(1)
		$	23		Net of tax
Unrealized gains (losses) on available-for-sale securities		$	5		Sales and redemptions
		(3		)	Other-than-temporary impairment losses realized
		2			Total before tax
		(1		)	Tax (expense) or benefit(1)
		$	1		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(4	)	Acquisition and operating expenses(2)
Prior service (cost) credit		4			Acquisition and operating expenses(2)
		0			Tax (expense) or benefit(1)
		$	0		Net of tax
Total reclassifications for the period		$	24		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 10 for additional details).