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SHAREHOLDERS' EQUITY (Tables)
 6 Months Ended
Jun. 30, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Common Stock Outstanding Roll Forward

The following table is a reconciliation of the number of shares of the Company's common stock for the six-month periods ended June 30.
(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
1,426

 
1,504

Balance, end of period
1,350,735

 
1,349,044

Treasury stock:
 
 
 
Balance, beginning of period
622,516

 
592,254

Purchases of treasury stock:
 
 
 
Share repurchase program
15,193

 
17,179

Other
521

 
574

Dispositions of treasury stock:
 
 
 
Shares issued to AFL Stock Plan
(1,116
)
 
(836
)
Exercise of stock options
(45
)
 
(305
)
Other
(242
)
 
(287
)
Balance, end of period
636,827

 
608,579

Shares outstanding, end of period
713,908

 
740,465
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share 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
June 30,
Six Months Ended
June 30,
 
(In thousands)
2020
 
2019
2020
 
2019
Anti-dilutive share-based awards
 
1,257

 
 
 
1

 
 
989

 
 
 
12

 
Changes in Accumulated Other Comprehensive Income (Loss)
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
June 30, 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 March 31, 2020
 
$
(1,543
)
 
 
 
$
6,043

 
 
 
$
(35
)
 
 
 
$
(277
)
 
 
 
$
4,188

 
Other comprehensive
income (loss) before
reclassification
 
74

 
 
 
2,433

 
 
 
(1
)
 
 
 
(5
)
 
 
 
2,501

 
Amounts reclassified from
accumulated other
comprehensive income
(loss)
 
0

 
 
 
56

 
 
 
0

 
 
 
5

 
 
 
61

 
Net current-period other
comprehensive
income (loss)
 
74

 
 
 
2,489

 
 
 
(1
)
 
 
 
0

 
 
 
2,562

 
Balance at June 30, 2020
 
$
(1,469
)
 
 
 
$
8,532

 
 
 
$
(36
)
 
 
 
$
(277
)
 
 
 
$
6,750

 

All amounts in the table above are net of tax.

Three Months Ended
June 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 at March 31, 2019
 
$
(1,848
)
 
 
 
$
6,561

 
 
 
$
(26
)
 
 
 
$
(206
)
 
 
 
$
4,481

 
Other comprehensive
income (loss) before
reclassification
 
393

 
 
 
1,512

 
 
 
(1
)
 
 
 
(5
)
 
 
 
1,899

 
Amounts reclassified from
accumulated other
comprehensive income
(loss)
 
0

 
 
 
(18
)
 
 
 
0

 
 
 
2

 
 
 
(16
)
 
Net current-period other
comprehensive
income (loss)
 
393

 
 
 
1,494

 
 
 
(1
)
 
 
 
(3
)
 
 
 
1,883

 
Balance at June 30, 2019
 
$
(1,455
)
 
 
 
$
8,055

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

 
All amounts in the table above are net of tax.

Six Months Ended
June 30, 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
 
154

 
 
 
(975
)
 
 
 
(3
)
 
 
 
(11
)
 
 
 
(835
)
 
Amounts reclassified from
accumulated other
comprehensive income
(loss)
 
0

 
 
 
111

 
 
 
0

 
 
 
11

 
 
 
122

 
Net current-period other
comprehensive
income (loss)
 
154

 
 
 
(864
)
 
 
 
(3
)
 
 
 
0

 
 
 
(713
)
 
Balance at June 30, 2020
 
$
(1,469
)
 
 
 
$
8,532

 
 
 
$
(36
)
 
 
 
$
(277
)
 
 
 
$
6,750

 

All amounts in the table above are net of tax.

Six Months Ended
June 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 at December 31, 2018
 
$
(1,847
)
 
 
 
$
4,234

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

 
Other comprehensive
income (loss) before
reclassification
 
392

 
 
 
3,853

 
 
 
(3
)
 
 
 
(2
)
 
 
 
4,240

 
Amounts reclassified from
accumulated other
comprehensive income
(loss)
 
0

 
 
 
(32
)
 
 
 
0

 
 
 
5

 
 
 
(27
)
 
Net current-period other
comprehensive
income (loss)
 
392

 
 
 
3,821

 
 
 
(3
)
 
 
 
3

 
 
 
4,213

 
Balance at June 30, 2019
 
$
(1,455
)
 
 
 
$
8,055

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

 
Reclassification Out Of Accumulated Other Comprehensive Income
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
June 30, 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
 
$
(75
)
 
Net investment gains (losses)
 
 
19

 
Tax (expense) or benefit(1)
 
 
$
(56
)
 
Net of tax
Amortization of defined benefit pension items:
 
 
 
 
       Actuarial gains (losses)
 
$
(7
)
 
Acquisition and operating expenses(2)
       Prior service (cost) credit
 
0

 
Acquisition and operating expenses(2)
 
 
2

 
Tax (expense) or benefit(1)
 
 
$
(5
)
 
Net of tax
Total reclassifications for the period
 
$
(61
)
 
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).

(In millions)
Three Months Ended
June 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
 
$
25

 
Net investment gains (losses)
 
 
(7
)
 
Tax (expense) or benefit(1)
 
 
$
18

 
Net of tax
Amortization of defined benefit pension items:
 
 
 
 
       Actuarial gains (losses)
 
$
(3
)
 
Acquisition and operating expenses(2)
       Prior service (cost) credit
 
0

 
Acquisition and operating expenses(2)
 
 
1

 
Tax (expense) or benefit(1)
 
 
$
(2
)
 
Net of tax
Total reclassifications for the period
 
$
16

 
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 12 for additional details).
(In millions)
Six Months Ended
June 30, 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
 
$
(145
)
 
Net investment gains (losses)
 
 
34

 
Tax (expense) or benefit(1)
 
 
$
(111
)
 
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
 
$
(122
)
 
Net of tax

(1) Based on 23% 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)
Six Months Ended
June 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
 
$
43

 
Net investment gains (losses)
 
 
(11
)
 
Tax (expense) or benefit(1)
 
 
$
32

 
Net of tax
Amortization of defined benefit pension items:
 
 
 
 
       Actuarial gains (losses)
 
$
(7
)
 
Acquisition and operating expenses(2)
Prior service (cost) credit
 
0

 
Acquisition and operating expenses(2)
 
 
2

 
Tax (expense) or benefit(1)
 
 
$
(5
)
 
Net of tax
Total reclassifications for the period
 
$
27

 
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 12 for additional details).