NOTES PAYABLE AND LEASE OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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

(In millions)	2020			2019
4.00% senior notes paid January 2020		$	0		$	348
3.625% senior notes due June 2023		698			698
3.625% senior notes due November 2024		747			747
3.25% senior notes due March 2025		448			448
2.875% senior notes due October 2026		298			298
3.60% senior notes due April 2030		990			0
6.90% senior notes due December 2039		221			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			541
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)		119			0
.932% senior notes due January 2027 (principal amount ¥60.0 billion)		578			545
.500% senior notes due December 2029 (principal amount ¥12.6 billion)		121			114
.550% senior notes due March 2030 (principal amount ¥13.3 billion)		127			0
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)		282			266
.843% senior notes due December 2031 (principal amount ¥9.3 billion)		90			84
.750% senior notes due March 2032 (principal amount ¥20.7 billion)		198			0
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)		146			138
.934% senior notes due December 2034 (principal amount ¥9.8 billion)		94			88
.830% senior notes due March 2035 (principal amount ¥10.6 billion)		101			0
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)		85			81
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)		61			57
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)		575			543
.963% subordinated bonds due April 2049 (principal amount ¥30.0 billion)		289			272
Yen-denominated loans:
Variable interest rate loan due September 2026 (.43% in 2020 and .42% in 2019,   principal amount ¥5.0 billion)		48			45
Variable interest rate loan due September 2029 (.58% in 2020 and .57% in 2019,   principal amount ¥25.0 billion)		240			227
Finance lease obligations payable through 2027		11			12
Operating lease obligations payable through 2049		143			149
Total notes payable and lease obligations		$	7,899		$	6,569

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, 2020, are as follows:

(In millions)	Total Notes Payable
2021		$	0
2022		0
2023		700
2024		750
2025		570
Thereafter		5,784
Total		$	7,804

Schedule of Lease Maturities

The following table presents the contractual maturities and present value of lease liabilities as of December 31, 2020.

(In millions)	Operating Leases		Finance Leases		Total
2021	$	52	$	4	$	56
2022	40		3		43
2023	11		2		13
2024	11		1		12
2025	10		1		11
Thereafter	28		0		28
Total lease payments	$	152	$	11	$	163
Less: Interest	9		0		9
Present value of lease liabilities	$	143	$	11	$	154

Lease, Cost

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

	2020	2019
Weighted average remaining lease term (years):
Operating leases	6.7	6.8
Finance leases	3.5	3.7
Weighted average discount rate:
Operating leases	2.0%	2.1%
Finance leases	1.5%	1.5%

Schedule of Line of Credit Facilities

A summary of the Company's lines of credit as of December 31, 2020 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 17, 2021	$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) LIBOR adjusted for certain costs 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 for such day announced by Mizuho Bank, Ltd. as its prime rate, or (3) the eurocurrency rate for an interest period of one month plus 1.00%, in each case plus 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, 2021	$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, 2021	¥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, 2021	¥50.0 billion	¥0.0 billion	Three-month TIBOR plus 70 basis points per annum	3 months	None	General corporate purposes
Aflac New York(1)	uncommitted revolving	364 days	April 7, 2021	$25 million	$0 million	USD three-month LIBOR plus 75 basis points per annum	3 months	None	General corporate purposes
CAIC(1)	uncommitted revolving	364 days	March 20, 2021	$15 million	$0 million	USD three-month LIBOR plus 75 basis points per annum	3 months	None	General corporate purposes
Tier One Insurance Company(1)	uncommitted revolving	364 days	March 20, 2021	$0.3 million	$0 million	USD three-month LIBOR plus 75 basis points per annum	3 months	None	General corporate purposes
AGV Management Services Japan K.K.(1)	uncommitted revolving	364 days	May 1, 2021	¥500 million	¥350 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than May 1, 2021	None	General corporate purposes

(1) Intercompany credit agreement