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SHAREHOLDERS' EQUITY
12 Months Ended
Dec. 31, 2017
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)
2017
 
2016
 
2015
Common stock - issued:
 
 
 
 
 
Balance, beginning of period
671,249
 
669,723
 
668,132
Exercise of stock options and issuance of restricted shares
1,632
 
1,526
 
1,591
Balance, end of period
672,881
 
671,249
 
669,723
Treasury stock:
 
 
 
 
 
Balance, beginning of period
265,439
 
245,343
 
225,687
Purchases of treasury stock:
 
 
 
 
 
Open market
17,755
 
21,618
 
21,179
Other
509
 
330
 
247
Dispositions of treasury stock:
 
 
 
 
 
Shares issued to AFL Stock Plan
(891)
 
(1,064)
 
(1,209)
Exercise of stock options
(367)
 
(683)
 
(465)
Other
(19)
 
(105)
 
(96)
Balance, end of period
282,426
 
265,439
 
245,343
Shares outstanding, end of period
390,455
 
405,810
 
424,380

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)
2017
 
2016
 
2015
Anti-dilutive share-based awards
 
255

 
 
 
911

 
 
 
1,862

 

The weighted-average shares used in calculating earnings per share for the years ended December 31 were as follows: 
(In thousands of shares)
2017
 
2016
 
2015
Weighted-average outstanding shares used for calculating basic EPS
396,021

 
411,471

 
430,654

Dilutive effect of share-based awards
2,909

 
2,450

 
2,518

Weighted-average outstanding shares used for calculating diluted EPS
398,930

 
413,921

 
433,172



Share Repurchase Program: During 2017, the Company repurchased 17.8 million shares of its common stock in the open market, compared with 21.6 million shares in 2016 and 21.2 million shares in 2015. In August 2017, the Company's board of directors authorized the purchase of an additional 40 million shares of its common stock. As of December 31, 2017, a remaining balance of 49.0 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its 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 tables below are reconciliations of accumulated other comprehensive income by component for the years ended December 31.

Changes in Accumulated Other Comprehensive Income
2017
(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
 
$
(1,983
)
 
 
 
$
4,805

 
 
 
$
(24
)
 
 
 
$
(168
)
 
 
 
$
2,630

 
Other comprehensive
income (loss) before
reclassification
 
233

 
 
 
1,158

 
 
 
1

 
 
 
(6
)
 
 
 
1,386

 
Amounts reclassified from
accumulated other
comprehensive income
(loss)
 
0

 
 
 
1

 
 
 
0

 
 
 
11

 
 
 
12

 
Net current-period other
comprehensive
income (loss)
 
233

 
 
 
1,159

 
 
 
1

 
 
 
5

 
 
 
1,398

 
Balance, end of period
 
$
(1,750
)
 
 
 
$
5,964

 
 
 
$
(23
)
 
 
 
$
(163
)
 
 
 
$
4,028

 
All amounts in the table above are net of tax.
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.
The tables below summarize 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)
2017
 
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
 
 
(29
)
 
Other-than-temporary impairment
losses realized
 
 
(2
)
 
Total before tax
 
 
1

 
Tax (expense) or benefit(1)
 
 
$
(1
)
 
Net of tax
Amortization of defined benefit pension items:
 
 
 
 
       Actuarial gains (losses)
 
$
(17
)
 
Acquisition and operating expenses(2)
Prior service (cost) credit
 
0

 
Acquisition and operating expenses(2)
 
 
6

 
Tax (expense) or benefit(1)
 
 
$
(11
)
 
Net of tax
Total reclassifications for the period
 
$
(12
)
 
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)
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).