SHAREHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

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)	2019	2018	2017
Common stock - issued:
Balance, beginning of period	1,347,540	1,345,762	1,342,498
Exercise of stock options and issuance of restricted shares	1,769	1,778	3,264
Balance, end of period	1,349,309	1,347,540	1,345,762
Treasury stock:
Balance, beginning of period	592,254	564,852	530,877
Purchases of treasury stock:
Share repurchase program	31,994	28,949	35,510
Other	592	392	1,018
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(1,610)	(1,306)	(1,782)
Exercise of stock options	(418)	(519)	(734)
Other	(296)	(114)	(37)
Balance, end of period	622,516	592,254	564,852
Shares outstanding, end of period	726,793	755,286	780,910

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)	2019		2018		2017
Anti-dilutive share-based awards		6		44		510

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



(In thousands of shares)	2019	2018	2017
Weighted-average outstanding shares used for calculating basic EPS	742,414	769,588	792,042
Dilutive effect of share-based awards	4,016	5,062	5,819
Weighted-average outstanding shares used for calculating diluted EPS	746,430	774,650	797,861

Share Repurchase Program: During 2019, the Company repurchased 32.0 million shares of its common stock in the open market for $1.6 billion. The Company repurchased 28.9 million shares for $1.3 billion in 2018 and 35.5 million shares for $1.4 billion in 2017. As of December 31, 2019, a remaining balance of 37.1 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



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		224				4,327				(9		)		(76		)		4,466
Amounts reclassified from accumulated other comprehensive income (loss)		0				(13		)		0				11				(2		)
Net current-period other comprehensive income (loss)		224				4,314				(9		)		(65		)		4,464
Balance, end of period		$	(1,623	)		$	8,548			$	(33	)		$	(277	)		$	6,615

All amounts in the table above are net of tax.



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		228				(2,350		)		2				(30		)		(2,150		)
Amounts reclassified from accumulated other comprehensive income (loss)		0				34				0				13				47
Net current-period other comprehensive income (loss)		228				(2,316		)		2				(17		)		(2,103		)
Balance, end of period		$	(1,847	)		$	4,234			$	(24	)		$	(212	)		$	2,151

All amounts in the table above are net of tax.



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.

For the year ended December 31, 2018, see Note 1 for discussion of the amounts reclassified between AOCI and retained earnings upon the adoption of new accounting pronouncements.

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)	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
		31			Other gains (losses)
		18			Total before tax
		(5		)	Tax (expense) or benefit⁽¹⁾
		$	13		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(15	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		0			Acquisition and operating expenses⁽²⁾
		4			Tax (expense) or benefit⁽¹⁾
		$	(11	)	Net of tax
Total reclassifications for the period		$	2		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 14 for additional details).



(In millions)	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		$	(63	)	Other-than-temporary impairment losses realized
		17			Other gains (losses)
		(46		)	Total before tax
		12			Tax (expense) or benefit⁽¹⁾
		$	(34	)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(18	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		0			Acquisition and operating expenses⁽²⁾
		5			Tax (expense) or benefit⁽¹⁾
		$	(13	)	Net of tax
Total reclassifications for the period		$	(47	)	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 14 for additional details).



(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		$	(29	)	Other-than-temporary impairment losses realized
		27			Other gains (losses)
		(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).