NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

A summary of notes payable and lease obligations as of December 31 follows:

(In millions)	2019			2018
4.00% senior notes due February 2022 (1)		$	348		$	348
3.625% senior notes due June 2023		698			698
3.625% senior notes due November 2024		747			746
3.25% senior notes due March 2025		448			447
2.875% senior notes due October 2026		298			297
6.90% senior notes due December 2039		220			220
6.45% senior notes due August 2040		254			254
4.00% senior notes due October 2046		394			394
4.750% senior notes due January 2049		541			540
Yen-denominated senior notes and subordinated debentures:
.932% senior notes due January 2027 (principal amount ¥60.0 billion)		545			538
.500% senior notes due December 2029 (principal amount ¥12.6 billion)		114			0
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)		266			262
.843% senior notes due December 2031 (principal amount ¥9.3 billion)		84			0
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)		138			136
.934% senior notes due December 2034 (principal amount ¥9.8 billion)		88			0
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)		81			79
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)		57			0
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)		543			536
.963% subordinated bonds due April 2049 (principal amount ¥30.0 billion)		272			0
Yen-denominated loans:
Variable interest rate loan due September 2026 (.42% in 2019 and .32% in 2018, principal amount ¥5.0 billion)		45			45
Variable interest rate loan due September 2029 (.57% in 2019 and .47% in 2018, principal amount ¥25.0 billion)		227			225
Finance lease obligations payable through 2026		12			13
Operating lease obligations payable through 2049 (2)		149			0
Total notes payable and lease obligations		$	6,569		$	5,778

⁽¹⁾ Redeemed in January 2020

⁽²⁾ See Note 1 of the Notes to the Consolidated Financial Statements for the adoption of accounting guidance on January 1, 2019 related to leases.

Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.

Schedule of Maturities of Long Term Debt

The aggregate contractual maturities of notes payable during each of the years after December 31, 2019, are as follows:

(In millions)	Total Notes Payable
2020		$	0
2021		0
2022		350
2023		700
2024		750
Thereafter		4,658
Total		$	6,458

Schedule of Lease Maturities

The following table presents the contractual maturities and present value of lease liabilities as of December 31.

	2019
(In millions)	Operating Leases		Finance Leases		Total
2020	$	49	$	4	$	53
2021	37		3		40
2022	31		2		33
2023	10		2		12
2024	10		1		11
After 2024	22		0		22
Total lease payments	$	159	$	12	$	171
Less: Interest	10		0		10
Present value of lease liabilities	$	149	$	12	$	161

Lease, Cost

The following table presents the weighted average remaining lease term and weighted average discount rate for lease liabilities as of December 31.

	2019
Weighted average remaining lease term (years):
Operating leases	6.8
Finance leases	3.7
Weighted average discount rate:
Operating leases	2.1%
Finance leases	1.5%

Schedule of Line of Credit Facilities

A summary of the Company's lines of credit as of December 31, 2019 follows:

Borrower	Type	Original Term	Expiration Date	Capacity	Amount Outstanding	Interest Rate on Borrowed Amount	Maturity Period	Commitment Fee	Business Purpose
Aflac Incorporated and Aflac	uncommitted bilateral	364 days	December 18, 2020	$100 million	$0 million	The rate quoted by the bank and agreed upon at the time of borrowing	Up to 3 months	None	General corporate purposes
Aflac Incorporated	unsecured revolving	5 years	March 29, 2024, or the date commitments are terminated pursuant to an event of default	¥100.0 billion	¥0.0 billion	A rate per annum equal to (a) Tokyo interbank market rate (TIBOR) plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period	No later than March 29, 2024	.30% to .50%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	unsecured revolving	5 years	November 18, 2024, or the date commitments are terminated pursuant to an event of default	$1.0 billion	$0.0 billion	A rate per annum equal to, at the Company's option, either, (a) the rate for Eurocurrency for deposits in the London interbank market for a period of one, two, three or six months (LIBOR) or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest in effect for such day as publicly announced from time to time by Mizuho as its “prime rate”, and (3) the LIBOR for a one month interest period in effect on such day (or if such day is not a business day, the immediately preceding business day) plus 1.00%, and in each case an applicable margin	No later than November 18, 2024	.085% to .225%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	uncommitted bilateral	None specified	None specified	$50 million	$0 million	A rate per annum equal to, at the Parent Company's option, either (a) a eurocurrency rate determined by reference to the agent's LIBOR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the greater of (i) the prime rate as determined by the agent, and (ii) the sum of 0.50% and the federal funds rate for such day	Up to 3 months	None	General corporate purposes
Aflac(1)	uncommitted revolving	364 days	November 30, 2020	$250 million	$0 million	USD three-month LIBOR plus 75 basis points per annum	3 months	None	General corporate purposes
Aflac Incorporated(1)	uncommitted revolving	364 days	April 2, 2020	¥50.0 billion	¥0.0 billion	Three-month TIBOR plus 70 basis points per annum	3 months	None	General corporate purposes
Aflac Incorporated(1)	uncommitted revolving	364 days	November 25, 2020	¥50.0 billion	¥0.0 billion	Three-month TIBOR plus 70 basis points per annum	3 months	None	General corporate purposes

⁽¹⁾ Intercompany credit agreement