SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020			2019			2018
Impact on earnings from continuing operations		$	61		$	59		$	57
Impact on earnings before income taxes		61			59			57
Impact on net earnings		48			46			45
Impact on net earnings per share:
Basic		$	.07		$	.06		$	.06
Diluted		.07			.06			.06

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, 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)		27.28
Exercised in 2019		(1,584)		25.97
Outstanding at December 31, 2019		3,706		29.65
Granted in 2020		59		35.75
Canceled in 2020		(82)		26.31
Exercised in 2020		(638)		27.82
Outstanding at December 31, 2020		3,045		$	30.25

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

(In thousands of shares)	2020		2019		2018
Shares exercisable, end of year		2,986		3,553		3,917

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.

	2020			2019			2018
Expected term (years)		6.0			7.0			7.0
Expected volatility		24.4	%		18.0	%		22.0	%
Annual forfeiture rate		3.9			3.9			3.6
Risk-free interest rate		2.0			2.9			2.5
Dividend yield		3.3			2.2			2.4

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, 2020.

(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
	$	0.00	-	$	24.75		633		1.6		$	23.73		633		$	23.73
	24.75		-	28.97			640		3.6		28.84			640		28.84
	28.97		-	31.21			902		3.7		30.77			902		30.77
	31.21		-	36.21			721		5.7		34.42			662		34.30
	36.21		-	44.59			149		6.8		40.57			149		40.57
	$	0.00	-	$	44.59		3,045		3.9		$	30.25		2,986		$	30.14

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)	2020			2019			2018
Total intrinsic value of options exercised		$	11		$	38		$	34
Cash received from options exercised		18			40			48
Tax benefit realized as a result of options exercised and restricted stock releases		18			34			25

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

Key assumptions used to value PBRS granted during 2020 follows:

(In millions)	2020
Expected volatility (based on Aflac Inc. and peer group historical daily stock price)		16.13	%
Expected life from grant date (years)		2.9
Risk-free interest rate (based on U.S. Treasury yields at the date of grant)		1.42	%

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, 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)		1,070		49.68
Canceled in 2019 (1)		(39)		41.60
Vested in 2019 (1)		(1,723)		32.50
Restricted stock at December 31, 2019 (1)		2,715		43.74
Granted in 2020		1,544		45.88
Canceled in 2020		(119)		49.27
Vested in 2020		(1,560)		35.23
Restricted stock at December 31, 2020		2,580		$	48.57