SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2020

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

The following table is a reconciliation of the number of shares of the Company's common stock for the three-month periods ended March 31.



(In thousands of shares)	2020		2019
Common stock - issued:
Balance, beginning of period	1,349,309		1,347,540
Exercise of stock options and issuance of restricted shares	1,341		1,060
Balance, end of period	1,350,650		1,348,600
Treasury stock:
Balance, beginning of period	622,516		592,254
Purchases of treasury stock:
Share repurchase program	9,984		10,237
Other	508		561
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(468	)	(430	)
Exercise of stock options	(45	)	(231	)
Other	(227	)	(278	)
Balance, end of period	632,268		602,113
Shares outstanding, end of period	718,382		746,487

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 March 31,
(In thousands)	2020		2019
Anti-dilutive share-based awards		744		22

Share Repurchase Program

During the first three months of 2020, the Company repurchased 10.0 million shares of its common stock for $449 million as part of its share repurchase program. During the first three months of 2019, the Company repurchased 10.2 million shares of its common stock for $490 million as part of its share repurchase program. As of March 31, 2020, a remaining balance of 27.1 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 March 31, 2020
(In millions)	Unrealized Foreign Currency Translation Gains (Losses)				Unrealized Gains (Losses) on Investment Securities				Unrealized Gains (Losses) on Derivatives				Pension Liability Adjustment				Total
Balance at December 31, 2019		$	(1,623	)		$	8,548			$	(33	)		$	(277	)		$	6,615
Cumulative effect of change in accounting principle - ASU 2019-04		0				848				0				0				848
Balance at January 1, 2020		$	(1,623	)		$	9,396			$	(33	)		$	(277	)		$	7,463
Other comprehensive income (loss) before reclassification		80				(3,359		)		(2		)		(6		)		(3,287		)
Amounts reclassified from accumulated other comprehensive income (loss)		0				6				0				6				12
Net current-period other comprehensive income (loss)		80				(3,353		)		(2		)		0				(3,275		)
Balance at March 31, 2020		$	(1,543	)		$	6,043			$	(35	)		$	(277	)		$	4,188

All amounts in the table above are net of tax.



Three Months Ended March 31, 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 at December 31, 2018		$	(1,847	)		$	4,234			$	(24	)		$	(212	)		$	2,151
Other comprehensive income (loss) before reclassification		(1		)		2,340				(2		)		3				2,340
Amounts reclassified from accumulated other comprehensive income (loss)		0				(13		)		0				3				(10		)
Net current-period other comprehensive income (loss)		(1		)		2,327				(2		)		6				2,330
Balance at March 31, 2019		$	(1,848	)		$	6,561			$	(26	)		$	(206	)		$	4,481

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 March 31, 2020
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		$	(7	)	Net investment gains (losses)
		1			Tax (expense) or benefit⁽¹⁾
		$	(6	)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(8	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		0			Acquisition and operating expenses⁽²⁾
		2			Tax (expense) or benefit⁽¹⁾
		$	(6	)	Net of tax
Total reclassifications for the period		$	(12	)	Net of tax

⁽¹⁾ Based on 21% blended tax rate

⁽²⁾These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 12 for additional details).



(In millions)	Three Months Ended March 31, 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		$	17		Net investment gains (losses)
		(4		)	Tax (expense) or benefit⁽¹⁾
		$	13		Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(4	)	Acquisition and operating expenses⁽²⁾
Prior service (cost) credit		0			Acquisition and operating expenses⁽²⁾
		1			Tax (expense) or benefit⁽¹⁾
		$	(3	)	Net of tax
Total reclassifications for the period		$	10		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 12 for additional details).