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BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2020
Schedule of Net Funded Status
Information with respect to the Company's benefit plans' assets and obligations as of December 31 was as follows:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202020192020201920202019
Projected benefit obligation:
      Benefit obligation, beginning of year$436 $396 $1,058 $875 $39 $37 
      Service cost24 22 29 23 0 0 
      Interest cost5 7 34 20 1 1 
      Actuarial (gain) loss(6)17 106 163 6 4 
      Benefits and expenses paid(12)(11)(23)(23)(4)(3)
      Effect of foreign exchange
rate changes		26 5 0 0 0 0 
               Benefit obligation, end of year473 436 1,204 1,058 42 39 
Plan assets:
      Fair value of plan assets,
beginning of year		344 289 644 465 0 0 
      Actual return on plan assets21 24 96 98 0 0 
      Employer contributions41 38 107 104 4 3 
      Benefits and expenses paid(12)(11)(23)(23)(4)(3)
      Effect of foreign exchange
rate changes		22 4 0 0 0 0 
               Fair value of plan assets,
end of year		416 344 824 644 0 0 
Funded status of the plans(1)
$(57)$(92)$(380)$(414)$(42)$(39)
Amounts recognized in accumulated other
comprehensive income:
      Net actuarial (gain) loss$74 $92 $278 $259 $15 $12 
      Prior service (credit) cost(1)(2)(2)(4)0 0 
               Total included in accumulated
other comprehensive income		$73 $90 $276 $255 $15 $12 
Accumulated benefit obligation$425 $390 $1,017 $886   N/A
(2)
N/A
(2)
(1) Recognized in other liabilities in the consolidated balance sheets
(2) Not applicable
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Pension Benefits
JapanU.S.
(In millions)2020201920202019
Accumulated benefit obligation $425 $390 $1,017 $886 
Fair value of plan assets
416 344 824 644 
Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets
Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets
Pension Benefits
Japan (1)
U.S.(2)
(In millions)2020201920202019
Projected benefit obligation $473 $436 $1,204 $1,058 
Fair value of plan assets
416 344 824 644 
(1) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) Japan pension plan was $57 and $92 at December 31, 2020 and 2019, respectively, and was classified as liabilities on the statement of financial position.
(2) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $380 and $414 at December 31, 2020 and 2019, respectively, and was classified as liabilities on the statement of financial position.
Schedule of Assumptions Used
Pension BenefitsOther
JapanU.S.Postretirement Benefits
202020192018202020192018202020192018
Weighted-average
actuarial assumptions:		                    
Discount rate - net periodic benefit cost.75%1.25%1.25%3.25%4.25%3.75%3.25%4.25%3.75%
Discount rate - benefit
obligations		.75.751.252.683.254.25  2.683.254.25  
Expected long-term return
on plan assets		2.002.002.006.006.256.50N/A
(1)
N/A
(1)
N/A
(1)
Rate of compensation
increase		N/A
(1)
N/A
(1)
N/A
(1)
4.004.004.00N/A
(1)
N/A
(1)
N/A
(1)
Health care cost trend ratesN/A
(1)
N/A
(1)
N/A
(1)
N/A
(1)
N/A
(1)
N/A
(1)
6.30
(2)
7.50
(2)
7.40
(2)
(1) Not applicable
(2)For the years 2020, 2019 and 2018, the health care cost trend rates are expected to trend down to 3.7% in 53 years, 3.8% in 54 years, and 4.1% in 61 years, respectively.
Schedule of Net Benefit Costs Total net periodic benefit cost includes the following components:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202020192018202020192018202020192018
Service cost$24 $22 $19 $29 $23 $27 $0 $0 $0 
Interest cost5 7 7 34 20 31 1 1 1 
Expected return on plan assets(7)(6)(6)(35)(29)(26)0 0 0 
Amortization of net actuarial loss4 4 1 26 10 16 2 1 1 
Amortization of prior service cost(1)0 0 (2)00 0 0 0 
Net periodic (benefit) cost$25 $27 $21 $52 $24 $48 $3 $2 $2 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table summarizes the amounts recognized in other comprehensive loss (income) for the years ended December 31:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202020192018202020192018202020192018
Net actuarial loss (gain)$(14)$1 $52 $45 $95 $(13)$5 $4 $4 
Amortization of net actuarial loss(4)(4)(1)(26)(10)(16)(2)(1)(1)
Amortization of prior
service cost 		1 0 0 2 0 0 0 0 0 
     Total$(17)$(3)$51 $21 $85 $(29)$3 $3 $3 
Schedule of Expected Benefit Payments
The following table provides expected benefit payments, which reflect expected future service, as appropriate.
Pension BenefitsOther
(In millions)JapanU.S.Postretirement Benefits
2021$13 $30 $6 
202217 31 5 
202315 32 5 
202416 34 5 
202518 35 4 
2026-203087 223 13 
Schedule of Allocation of Plan Assets Asset allocation targets as of December 31, 2020 were as follows:
Japan PensionU.S. Pension
Domestic equities5 %40 %
International equities21 20 
Fixed income securities65 40 
Other9 0 
     Total100 %100 %
Plan Assets  
Fair Value, Assets Measured on Recurring Basis
The following table presents the fair value of Aflac Japan's pension plan assets that are measured at fair value on a recurring basis as of December 31. All of these assets are classified as Level 2 in the fair value hierarchy.
(In millions)20202019
Japan pension plan assets:
     Equities:
        Japanese equity securities$20 $17 
        International equity securities88 67 
     Fixed income securities:
        Japanese bonds23 20 
        International bonds249 207 
     Insurance contracts36 33 
        Total$416 $344 
The following table presents the fair value of Aflac U.S.'s pension plan assets that are measured at fair value on a recurring basis as of December 31. All of these assets are classified as Level 1 in the fair value hierarchy.
(In millions)20202019
U.S. pension plan assets:
     Mutual funds:
        Large cap equity funds$234 $179 
        Mid cap equity funds24 22 
        Real estate equity funds19 16 
        International equity funds136 112 
        Fixed income bond funds237 209 
     Aflac Incorporated common stock5 6 
     Cash and cash equivalents169 100 
        Total$824 $644