SHAREHOLDERS’ EQUITY

The following table is a reconciliation of the number of shares of the Company's common stock for the six-month periods ended June 30.



(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	934		750
Balance, end of period	669,066		667,796
Treasury stock:
Balance, beginning of period	225,687		207,633
Purchases of treasury stock:
Open market	13,534		8,142
Other	214		122
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(611	)	(626	)
Exercise of stock options	(265	)	(303	)
Other	(110	)	(122	)
Balance, end of period	238,449		214,846
Shares outstanding, end of period	430,617		452,950

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 June 30,				Six Months Ended June 30,
(In thousands)	2015		2014		2015		2014
Anti-dilutive share-based awards		1,390		733		1,634		612

Share Repurchase Program

During the first six months of 2015, we repurchased 13.5 million shares of our common stock in the open market for $833 million as part of our share repurchase program. During the first six months of 2014, we repurchased 8.1 million shares of our common stock in the open market for $515 million as part of our share repurchase program. As of June 30, 2015, a remaining balance of 16.0 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 June 30, 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		$	(2,540	)		$	5,026			$	(28	)		$	(126	)		$	2,332
Other comprehensive income before reclassification		(185		)		(1,598		)		1				0				(1,782		)
Amounts reclassified from accumulated other comprehensive income		0				(44		)		0				1				(43		)
Net current-period other comprehensive income		(185		)		(1,642		)		1				1				(1,825		)
Balance, end of period		$	(2,725	)		$	3,384			$	(27	)		$	(125	)		$	507

All amounts in the table above are net of tax.



Three Months Ended June 30, 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		$	(1,542	)		$	1,944		$	(13	)		$	(82	)		$	307
Other comprehensive income before reclassification		326				964			2				2				1,294
Amounts reclassified from accumulated other comprehensive income		0				7			0				(2		)		5
Net current-period other comprehensive income		326				971			2				0				1,299
Balance, end of period		$	(1,216	)		$	2,915		$	(11	)		$	(82	)		$	1,606

All amounts in the table above are net of tax.



Six Months Ended June 30, 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		(184		)		(1,211		)		(1		)		0				(1,396		)
Amounts reclassified from accumulated other comprehensive income		0				(77		)		0				1				(76		)
Net current-period other comprehensive income		(184		)		(1,288		)		(1		)		1				(1,472		)
Balance, end of period		$	(2,725	)		$	3,384			$	(27	)		$	(125	)		$	507

All amounts in the table above are net of tax.



Six Months Ended June 30, 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		289				1,874			1				1				2,165
Amounts reclassified from accumulated other comprehensive income		0				6			0				(2		)		4
Net current-period other comprehensive income		289				1,880			1				(1		)		2,169
Balance, end of period		$	(1,216	)		$	2,915		$	(11	)		$	(82	)		$	1,606

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 June 30, 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		$	68		Sales and redemptions
		0			Other-than-temporary impairment losses realized
		68			Total before tax
		(24		)	Tax (expense) or benefit⁽¹⁾
		$	44		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(5	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		4			Acquisition and operating expenses⁽²⁾
		0			Tax (expense) or benefit⁽¹⁾
		$	(1	)	Net of tax
Total reclassifications for the period		$	43		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 June 30, 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		$	(11	)	Sales and redemptions
		0			Other-than-temporary impairment losses realized
		(11		)	Total before tax
		4			Tax (expense) or benefit⁽¹⁾
		$	(7	)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(2	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		5			Acquisition and operating expenses⁽²⁾
		(1		)	Tax (expense) or benefit⁽¹⁾
		$	2		Net of tax
Total reclassifications for the period		$	(5	)	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)	Six Months Ended June 30, 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		$	124		Sales and redemptions
		(6		)	Other-than-temporary impairment losses realized
		118			Total before tax
		(41		)	Tax (expense) or benefit⁽¹⁾
		$	77		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(9	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		8			Acquisition and operating expenses⁽²⁾
		0			Tax (expense) or benefit⁽¹⁾
		$	(1	)	Net of tax
Total reclassifications for the period		$	76		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)	Six Months Ended June 30, 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		$	(6	)	Sales and redemptions
		(3		)	Other-than-temporary impairment losses realized
		(9		)	Total before tax
		3			Tax (expense) or benefit⁽¹⁾
		$	(6	)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(6	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		9			Acquisition and operating expenses⁽²⁾
		(1		)	Tax (expense) or benefit⁽¹⁾
		$	2		Net of tax
Total reclassifications for the period		$	(4	)	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).