SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 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 years ended December 31.

(In thousands of shares)	2015	2014	2013
Common stock - issued:
Balance, beginning of period	668,132	667,046	665,239
Exercise of stock options and issuance of restricted shares	1,591	1,086	1,807
Balance, end of period	669,723	668,132	667,046
Treasury stock:
Balance, beginning of period	225,687	207,633	197,453
Purchases of treasury stock:
Open market	21,179	19,660	13,212
Other	247	157	222
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(1,209)	(1,251)	(1,365)
Exercise of stock options	(465)	(391)	(1,734)
Other	(96)	(121)	(155)
Balance, end of period	245,343	225,687	207,633
Shares outstanding, end of period	424,380	442,445	459,413

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)	2015		2014		2013
Anti-dilutive share-based awards		1,862		1,215		2,198

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

(In thousands of shares)	2015	2014	2013
Weighted-average outstanding shares used for calculating basic EPS	430,654	451,204	464,502
Dilutive effect of share-based awards	2,518	2,796	2,906
Weighted-average outstanding shares used for calculating diluted EPS	433,172	454,000	467,408

Share Repurchase Program: During 2015, we purchased 21.2 million shares of our common stock in the open market, compared with 19.7 million shares in 2014 and 13.2 million shares in 2013. In August 2015, our board of directors authorized the purchase of an additional 40.0 million shares of our common stock. As of December 31, 2015, a remaining balance of 48.4 million shares 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

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 (loss) before reclassification		345				(1,646		)		0				(13		)		(1,314		)
Amounts reclassified from accumulated other comprehensive income (loss)		0				(40		)		0				0				(40		)
Net current-period other comprehensive income (loss)		345				(1,686		)		0				(13		)		(1,354		)
Balance, end of period		$	(2,196	)		$	2,986			$	(26	)		$	(139	)		$	625

All amounts in the table above are net of tax.

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 (loss) before reclassification		(1,036		)		3,672				(14		)		(44		)		2,578
Amounts reclassified from accumulated other comprehensive income (loss)		0				(35		)		0				(1		)		(36		)
Net current-period other comprehensive income (loss)		(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 (loss) before reclassification		(1,833		)		(1,499		)		(7		)		92				(3,247		)
Amounts reclassified from accumulated other comprehensive income (loss)		(5		)		(36		)		0				10				(31		)
Net current-period other comprehensive income (loss)		(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)	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		$	214		Sales and redemptions
		(153		)	Other-than-temporary impairment losses realized
		61			Total before tax
		(21		)	Tax (expense) or benefit(1)
		$	40		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(17	)	Acquisition and operating expenses(2)
Prior service (cost) credit		17			Acquisition and operating expenses(2)
		0			Tax (expense) or benefit(1)
		$	0		Net of tax
Total reclassifications for the period		$	40		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)	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).