SHAREHOLDERS’ EQUITY

The following table is a reconciliation of the number of shares of the Company's common stock for the nine-month periods ended September 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	1,377		921
Balance, end of period	669,509		667,967
Treasury stock:
Balance, beginning of period	225,687		207,633
Purchases of treasury stock:
Open market	17,421		11,070
Other	241		132
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(919	)	(930	)
Exercise of stock options	(375	)	(316	)
Other	(113	)	(121	)
Balance, end of period	241,942		217,468
Shares outstanding, end of period	427,567		450,499

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 September 30,				Nine Months Ended September 30,
(In thousands)	2015		2014		2015		2014
Anti-dilutive share-based awards		2,126		1,486		1,798		903

Share Repurchase Program

During the first nine months of 2015, we repurchased 17.4 million shares of our common stock in the open market for $1.1 billion as part of our share repurchase program. During the first nine months of 2014, we repurchased 11.1 million shares of our common stock in the open market for $690 million as part of our share repurchase program. In August 2015, our board of directors authorized the purchase of an additional 40 million shares of our common stock. As of September 30, 2015, a remaining balance of 52.1 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 September 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		$	(2,725	)		$	3,384			$	(27	)		$	(125	)		$	507
Other comprehensive income before reclassification		192				(260		)		(1		)		0				(69		)
Amounts reclassified from accumulated other comprehensive income		0				90				0				0				90
Net current-period other comprehensive income		192				(170		)		(1		)		0				21
Balance, end of period		$	(2,533	)		$	3,214			$	(28	)		$	(125	)		$	528

All amounts in the table above are net of tax.



Three Months Ended September 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		$	(1,216	)		$	2,915			$	(11	)		$	(82	)		$	1,606
Other comprehensive income before reclassification		(589		)		505				(6		)		1				(89		)
Amounts reclassified from accumulated other comprehensive income		0				(18		)		0				1				(17		)
Net current-period other comprehensive income		(589		)		487				(6		)		2				(106		)
Balance, end of period		$	(1,805	)		$	3,402			$	(17	)		$	(80	)		$	1,500

All amounts in the table above are net of tax.



Nine Months Ended September 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		8				(1,471		)		(2		)		0				(1,465		)
Amounts reclassified from accumulated other comprehensive income		0				13				0				1				14
Net current-period other comprehensive income		8				(1,458		)		(2		)		1				(1,451		)
Balance, end of period		$	(2,533	)		$	3,214			$	(28	)		$	(125	)		$	528

All amounts in the table above are net of tax.



Nine Months Ended September 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		(300		)		2,379				(5		)		2				2,076
Amounts reclassified from accumulated other comprehensive income		0				(12		)		0				(1		)		(13		)
Net current-period other comprehensive income		(300		)		2,367				(5		)		1				2,063
Balance, end of period		$	(1,805	)		$	3,402			$	(17	)		$	(80	)		$	1,500

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 September 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		$	(1	)	Sales and redemptions
		(137		)	Other-than-temporary impairment losses realized
		(138		)	Total before tax
		48			Tax (expense) or benefit⁽¹⁾
		$	(90	)	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		$	(90	)	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 September 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		$	27		Sales and redemptions
		0			Other-than-temporary impairment losses realized
		27			Total before tax
		(9		)	Tax (expense) or benefit⁽¹⁾
		$	18		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		$	17		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)	Nine Months Ended September 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		$	123		Sales and redemptions
		(143		)	Other-than-temporary impairment losses realized
		(20		)	Total before tax
		7			Tax (expense) or benefit⁽¹⁾
		$	(13	)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(13	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		12			Acquisition and operating expenses⁽²⁾
		0			Tax (expense) or benefit⁽¹⁾
		$	(1	)	Net of tax
Total reclassifications for the period		$	(14	)	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)	Nine Months Ended September 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		$	21		Sales and redemptions
		(3		)	Other-than-temporary impairment losses realized
		18			Total before tax
		(6		)	Tax (expense) or benefit⁽¹⁾
		$	12		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(11	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		13			Acquisition and operating expenses⁽²⁾
		(1		)	Tax (expense) or benefit⁽¹⁾
		$	1		Net of tax
Total reclassifications for the period		$	13		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).