SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 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 years ended December 31.

(In thousands of shares)	2016	2015	2014
Common stock - issued:
Balance, beginning of period	669,723	668,132	667,046
Exercise of stock options and issuance of restricted shares	1,526	1,591	1,086
Balance, end of period	671,249	669,723	668,132
Treasury stock:
Balance, beginning of period	245,343	225,687	207,633
Purchases of treasury stock:
Open market	21,618	21,179	19,660
Other	330	247	157
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(1,064)	(1,209)	(1,251)
Exercise of stock options	(683)	(465)	(391)
Other	(105)	(96)	(121)
Balance, end of period	265,439	245,343	225,687
Shares outstanding, end of period	405,810	424,380	442,445

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)	2016		2015		2014
Anti-dilutive share-based awards		911		1,862		1,215

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

(In thousands of shares)	2016	2015	2014
Weighted-average outstanding shares used for calculating basic EPS	411,471	430,654	451,204
Dilutive effect of share-based awards	2,450	2,518	2,796
Weighted-average outstanding shares used for calculating diluted EPS	413,921	433,172	454,000

Share Repurchase Program: During 2016, we purchased 21.6 million shares of our common stock in the open market, compared with 21.2 million shares in 2015 and 19.7 million shares in 2014. As of December 31, 2016, a remaining balance of 26.8 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

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		213				1,854				2				(32		)		2,037
Amounts reclassified from accumulated other comprehensive income (loss)		0				(35		)		0				3				(32		)
Net current-period other comprehensive income (loss)		213				1,819				2				(29		)		2,005
Balance, end of period		$	(1,983	)		$	4,805			$	(24	)		$	(168	)		$	2,630

All amounts in the table above are net of tax.

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.

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)	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		$	136		Sales and redemptions
		(83		)	Other-than-temporary impairment losses realized
		53			Total before tax
		(18		)	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		11			Acquisition and operating expenses(2)
		1			Tax (expense) or benefit(1)
		$	(3	)	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 14 for additional details).

(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).