SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Expense Recognized in Connection with Share Based Awards

The following table presents the impact of the expense recognized in connection with share-based awards for the periods ended December 31.

(In millions, except for per-share amounts)	2019			2018			2017
Impact on earnings from continuing operations		$	59		$	57		$	51
Impact on earnings before income taxes		59			57			51
Impact on net earnings		46			45			35
Impact on net earnings per share:
Basic		$	.06		$	.06		$	.05
Diluted		.06			.06			.05

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes stock option activity under the employee stock option plan.

(In thousands of shares)	Stock Option Shares			Weighted-Average Exercise Price Per Share
Outstanding at December 31, 2016		12,680			$	26.28
Granted in 2017		626			35.80
Canceled in 2017		(236	)		24.95
Exercised in 2017		(5,766	)		30.11
Outstanding at December 31, 2017		7,304			28.03
Granted in 2018		67			44.59
Canceled in 2018		(167	)		32.11
Exercised in 2018		(1,874	)		26.78
Outstanding at December 31, 2018		5,330			28.54
Granted in 2019		0			0.00
Canceled in 2019		(40	)		27.82
Exercised in 2019		(1,584	)		25.97
Outstanding at December 31, 2019		3,706			$	29.65

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable

(In thousands of shares)	2019		2018		2017
Shares exercisable, end of year		3,553		3,917		4,208

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table presents the assumptions used in valuing options granted during the years ended December 31.

	2019			2018			2017
Expected term (years)		7.0			7.0			5.9
Expected volatility		18.0	%		22.0	%		26.0	%
Annual forfeiture rate		3.9			3.6			3.4
Risk-free interest rate		2.9			2.5			2.5
Dividend yield		2.2			2.4			2.5

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes information about stock options outstanding and exercisable at December 31, 2019.

(In thousands of shares)						Options Outstanding							Options Exercisable
	Range of Exercise Prices Per Share					Stock Option Shares Outstanding		Wgtd.-Avg. Remaining Contractual Life (Yrs.)		Wgtd.-Avg. Exercise Price Per Share			Stock Option Shares Exercisable		Wgtd.-Avg. Exercise Price Per Share
	$	16.92	-	$	24.75		872		2.1		$	23.58		872		$	23.58
	24.79		-	28.97			919		3.8		28.49			919		28.49
	29.04		-	31.21			988		4.7		30.77			988		30.77
	31.22		-	36.21			778		6.5		34.31			626		34.02
	37.22		-	44.59			149		7.8		40.57			148		40.59
	$	16.92	-	$	44.59		3,706		4.4		$	29.65		3,553		$	29.40

Schedule of Cash Proceeds Received from Share-based Payment Awards

The following table summarizes stock option activity during the years ended December 31.

(In millions)	2019			2018			2017
Total intrinsic value of options exercised		$	38		$	34		$	87
Cash received from options exercised		40			48			58
Tax benefit realized as a result of options exercised and restricted stock releases		34			25			74

Schedule of Share-based Payment Award, Performance Based Restricted Stock, Valuation Assumptions

Key assumptions used to value PBRS granted during 2019 follows:

(In millions)	2019
Expected volatility (based on Aflac Inc. and peer group historical daily stock price)		15.82	%
Expected life from grant date (years)		2.9
Risk-free interest rate (based on U.S. Treasury yields at the date of grant)		2.51	%

Schedule of Nonvested Restricted Stock Units Activity

The value of restricted stock awards and restricted stock units is based on the fair market value of the Company's common stock at the date of grant. The following table summarizes restricted stock activity during the years ended December 31. 

(In thousands of shares)	Shares			Weighted-Average Grant-Date Fair Value Per  Share
Restricted stock at December 31, 2016		3,736			$	30.88
Granted in 2017		1,118			36.48
Canceled in 2017		(202	)		32.23
Vested in 2017		(1,018	)		31.09
Restricted stock at December 31, 2017		3,634			32.40
Granted in 2018		1,121			44.27
Canceled in 2018		(105	)		34.39
Vested in 2018		(1,243	)		31.64
Restricted stock at December 31, 2018		3,407			36.52
Granted in 2019		1,070			49.68
Canceled in 2019		(39	)		41.60
Vested in 2019		(1,865	)		32.73
Restricted stock at December 31, 2019		2,573			$	44.66