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SHAREHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2019
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)
2019
 
2018
Common stock - issued:
 
 
 
Balance, beginning of period
1,347,540

 
1,345,762

Exercise of stock options and issuance of restricted shares
1,650

 
1,614

Balance, end of period
1,349,190

 
1,347,376

Treasury stock:
 
 
 
Balance, beginning of period
592,254

 
564,852

Purchases of treasury stock:
 
 
 
Share repurchase program
23,126

 
20,443

Other
589

 
361

Dispositions of treasury stock:
 
 
 
Shares issued to AFL Stock Plan
(1,232
)
 
(850
)
Exercise of stock options
(382
)
 
(430
)
Other
(295
)
 
(113
)
Balance, end of period
614,060

 
584,263

Shares outstanding, end of period
735,130

 
763,113



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)
2019
 
2018
2019
 
2018
Anti-dilutive share-based awards
 
1

 
 
 
46

 
 
8

 
 
 
34

 


Share Repurchase Program

During the first nine months of 2019, the Company repurchased 23.1 million shares of its common stock for $1.2 billion as part of its share repurchase program. During the first nine months of 2018, the Company repurchased 20.4 million shares of its common stock for $923 million as part of its share repurchase program. As of September 30, 2019, a remaining balance of 45.9 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its 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, 2019
(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
 
$
(1,455
)
 
 
 
$
8,055

 
 
 
$
(27
)
 
 
 
$
(209
)
 
 
 
$
6,364

 
Other comprehensive
income (loss) before
reclassification
 
(24
)
 
 
 
884

 
 
 
(6
)
 
 
 
(2
)
 
 
 
852

 
Amounts reclassified from
accumulated other
comprehensive income
(loss)
 
0

 
 
 
31

 
 
 
0

 
 
 
4

 
 
 
35

 
Net current-period other
comprehensive
income (loss)
 
(24
)
 
 
 
915

 
 
 
(6
)
 
 
 
2

 
 
 
887

 
Balance, end of period
 
$
(1,479
)
 
 
 
$
8,970

 
 
 
$
(33
)
 
 
 
$
(207
)
 
 
 
$
7,251

 

All amounts in the table above are net of tax.

Three Months Ended
September 30, 2018
(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
 
$
(1,766
)
 
 
 
$
4,836

 
 
 
$
(23
)
 
 
 
$
(195
)
 
 
 
$
2,852

 
Other comprehensive
income (loss) before
reclassification
 
(347
)
 
 
 
(569
)
 
 
 
(1
)
 
 
 
(2
)
 
 
 
(919
)
 
Amounts reclassified from
accumulated other
comprehensive income
(loss)
 
0

 
 
 
(27
)
 
 
 
0

 
 
 
3

 
 
 
(24
)
 
Net current-period other
comprehensive
income (loss)
 
(347
)
 
 
 
(596
)
 
 
 
(1
)
 
 
 
1

 
 
 
(943
)
 
Balance, end of period
 
$
(2,113
)
 
 
 
$
4,240

 
 
 
$
(24
)
 
 
 
$
(194
)
 
 
 
$
1,909

 
All amounts in the table above are net of tax.

Nine Months Ended
September 30, 2019
(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
 
$
(1,847
)
 
 
 
$
4,234

 
 
 
$
(24
)
 
 
 
$
(212
)
 
 
 
$
2,151

 
Other comprehensive
income (loss) before
reclassification
 
368

 
 
 
4,737

 
 
 
(9
)
 
 
 
(4
)
 
 
 
5,092

 
Amounts reclassified from
accumulated other
comprehensive income
(loss)
 
0

 
 
 
(1
)
 
 
 
0

 
 
 
9

 
 
 
8

 
Net current-period other
comprehensive
income (loss)
 
368

 
 
 
4,736

 
 
 
(9
)
 
 
 
5

 
 
 
5,100

 
Balance, end of period
 
$
(1,479
)
 
 
 
$
8,970

 
 
 
$
(33
)
 
 
 
$
(207
)
 
 
 
$
7,251

 

All amounts in the table above are net of tax.

Nine Months Ended
September 30, 2018
(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
 
$
(1,750
)
 
 
 
$
5,964

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

 
Cumulative effect of change
in accounting principle -
financial instruments
 
0

 
 
 
(148
)
 
 
 
0

 
 
 
0

 
 
 
(148
)
 
Cumulative effect of change
in accounting principle -
tax effects from tax reform
 
(325
)
 
 
 
734

 
 
 
(3
)
 
 
 
(32
)
 
 
 
374

 
Other comprehensive
income (loss) before
reclassification
 
(38
)
 
 
 
(2,302
)
 
 
 
2

 
 
 
(7
)
 
 
 
(2,345
)
 
Amounts reclassified from
accumulated other
comprehensive income
(loss)
 
0

 
 
 
(8
)
 
 
 
0

 
 
 
8

 
 
 
0

 
Net current-period other
comprehensive
income (loss)
 
(38
)
 
 
 
(2,310
)
 
 
 
2

 
 
 
1

 
 
 
(2,345
)
 
Balance, end of period
 
$
(2,113
)
 
 
 
$
4,240

 
 
 
$
(24
)
 
 
 
$
(194
)
 
 
 
$
1,909

 

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 into net earnings for the following periods.

Reclassifications Out of Accumulated Other Comprehensive Income
(In millions)
Three Months Ended
September 30, 2019
 
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
 
$
(14
)
 
Other-than-temporary impairment
losses realized
 
 
(27
)
 
Other gains (losses)
 
 
(41
)
 
Total before tax
 
 
10

 
Tax (expense) or benefit(1)
 
 
$
(31
)
 
Net of tax
Amortization of defined benefit pension items:
 
 
 
 
       Actuarial gains (losses)
 
$
(5
)
 
Acquisition and operating expenses(2)
       Prior service (cost) credit
 
0

 
Acquisition and operating expenses(2)
 
 
1

 
Tax (expense) or benefit(1)
 
 
$
(4
)
 
Net of tax
Total reclassifications for the period
 
$
(35
)
 
Net of tax

(1) Based on 25% blended tax rate
(2)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details).

(In millions)
Three Months Ended
September 30, 2018
 
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
 
$
0

 
Other-than-temporary impairment
losses realized
 
 
37

 
Other gains (losses)
 
 
37

 
Total before tax
 
 
(10
)
 
Tax (expense) or benefit(1)
 
 
$
27

 
Net of tax
Amortization of defined benefit pension items:
 
 
 
 
       Actuarial gains (losses)
 
$
(5
)
 
Acquisition and operating expenses(2)
       Prior service (cost) credit
 
0

 
Acquisition and operating expenses(2)
 
 
2

 
Tax (expense) or benefit(1)
 
 
$
(3
)
 
Net of tax
Total reclassifications for the period
 
$
24

 
Net of tax

(1) Based on 26% blended tax rate
(2)These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details).

(In millions)
Nine Months Ended
September 30, 2019
 
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
 
$
(13
)
 
Other-than-temporary impairment
losses realized
 
 
14

 
Other gains (losses)
 
 
1

 
Total before tax
 
 
0

 
Tax (expense) or benefit(1)
 
 
$
1

 
Net of tax
Amortization of defined benefit pension items:
 
 
 
 
       Actuarial gains (losses)
 
$
(12
)
 
Acquisition and operating expenses(2)
Prior service (cost) credit
 
0

 
Acquisition and operating expenses(2)
 
 
3

 
Tax (expense) or benefit(1)
 
 
$
(9
)
 
Net of tax
Total reclassifications for the period
 
$
(8
)
 
Net of tax

(1) Based on 26% blended tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details).

(In millions)
Nine Months Ended
September 30, 2018
 
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
 
$
(2
)
 
Other-than-temporary impairment
losses realized
 
 
13

 
Other gains (losses)
 
 
11

 
Total before tax
 
 
(3
)
 
Tax (expense) or benefit(1)
 
 
$
8

 
Net of tax
Amortization of defined benefit pension items:
 
 
 
 
       Actuarial gains (losses)
 
$
(13
)
 
Acquisition and operating expenses(2)
Prior service (cost) credit
 
0

 
Acquisition and operating expenses(2)
 
 
5

 
Tax (expense) or benefit(1)
 
 
$
(8
)
 
Net of tax
Total reclassifications for the period
 
$
0

 
Net of tax

(1) Based on 27% blended tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details).