SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2016

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 nine-month periods ended September 30.

(In thousands of shares)	2016		2015
Common stock - issued:
Balance, beginning of period	669,723		668,132
Exercise of stock options and issuance of restricted shares	1,261		1,377
Balance, end of period	670,984		669,509
Treasury stock:
Balance, beginning of period	245,343		225,687
Purchases of treasury stock:
Open market	18,774		17,421
Other	329		241
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(822	)	(919	)
Exercise of stock options	(554	)	(375	)
Other	(107	)	(113	)
Balance, end of period	262,963		241,942
Shares outstanding, end of period	408,021		427,567

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)	2016		2015		2016		2015
Anti-dilutive share-based awards		109		2,126		1,162		1,798

Share Repurchase Program

During the first nine months of 2016, we repurchased 18.8 million shares of our common stock in the open market for $1.2 billion as part of our 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. As of September 30, 2016, a remaining balance of 29.6 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, 2016
(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		$	(847	)		$	6,441			$	(19	)		$	(143	)		$	5,432
Other comprehensive income (loss) before reclassification		253				(342		)		0				(1		)		(90		)
Amounts reclassified from accumulated other comprehensive income (loss)		0				21				0				1				22
Net current-period other comprehensive income (loss)		253				(321		)		0				0				(68		)
Balance, end of period		$	(594	)		$	6,120			$	(19	)		$	(143	)		$	5,364

All amounts in the table above are net of tax.

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 (loss) before reclassification		192				(260		)		(1		)		0				(69		)
Amounts reclassified from accumulated other comprehensive income (loss)		0				90				0				0				90
Net current-period other comprehensive income (loss)		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.

Nine Months Ended September 30, 2016
(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		$	(2,196	)		$	2,986			$	(26	)		$	(139	)		$	625
Other comprehensive income (loss) before reclassification		1,602				3,155				7				(7		)		4,757
Amounts reclassified from accumulated other comprehensive income (loss)		0				(21		)		0				3				(18		)
Net current-period other comprehensive income (loss)		1,602				3,134				7				(4		)		4,739
Balance, end of period		$	(594	)		$	6,120			$	(19	)		$	(143	)		$	5,364

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 (loss) before reclassification		8				(1,471		)		(2		)		0				(1,465		)
Amounts reclassified from accumulated other comprehensive income (loss)		0				13				0				1				14
Net current-period other comprehensive income (loss)		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.

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, 2016
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
		(22		)	Other-than-temporary impairment losses realized
		(33		)	Total before tax
		12			Tax (expense) or benefit(1)
		$	(21	)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(4	)	Acquisition and operating expenses(2)
Prior service (cost) credit		2			Acquisition and operating expenses(2)
		1			Tax (expense) or benefit(1)
		$	(1	)	Net of tax
Total reclassifications for the period		$	(22	)	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, 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)	Nine Months Ended September 30, 2016
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		$	102		Sales and redemptions
		(69		)	Other-than-temporary impairment losses realized
		33			Total before tax
		(12		)	Tax (expense) or benefit(1)
		$	21		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(12	)	Acquisition and operating expenses(2)
Prior service (cost) credit		8			Acquisition and operating expenses(2)
		1			Tax (expense) or benefit(1)
		$	(3	)	Net of tax
Total reclassifications for the period		$	18		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).