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) | 2021 | | 2020 | Common stock - issued: | | | | Balance, beginning of period | 1,351,018 | | | 1,349,309 | | Exercise of stock options and issuance of restricted shares | 1,374 | | | 1,426 | | Balance, end of period | 1,352,392 | | | 1,350,735 | | Treasury stock: | | | | Balance, beginning of period | 658,564 | | | 622,516 | | Purchases of treasury stock: | | | | Share repurchase program | 22,614 | | | 15,193 | | Other | 381 | | | 521 | | Dispositions of treasury stock: | | | | Shares issued to AFL Stock Plan | (717) | | | (1,116) | | Exercise of stock options | (223) | | | (45) | | Other | (217) | | | (242) | | Balance, end of period | 680,402 | | | 636,827 | | Shares outstanding, end of period | 671,990 | | | 713,908 | |
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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, 2021 | (In millions) | Unrealized Foreign Currency Translation Gains (Losses) | | Unrealized Gains (Losses) on Fixed Maturity Securities | | Unrealized Gains (Losses) on Derivatives | | Pension Liability Adjustment | | Total | Balance at March 31, 2021 | | $ | (1,674) | | | | | $ | 8,794 | | | | | $ | (33) | | | | | $ | (280) | | | | | $ | 6,807 | | | Other comprehensive income (loss) before reclassification | | 13 | | | | | 1,202 | | | | | (1) | | | | | (6) | | | | | 1,208 | | | Amounts reclassified from accumulated other comprehensive income (loss) | | 0 | | | | | (4) | | | | | 1 | | | | | 7 | | | | | 4 | | | Net current-period other comprehensive income (loss) | | 13 | | | | | 1,198 | | | | | 0 | | | | | 1 | | | | | 1,212 | | | Balance at June 30, 2021 | | $ | (1,661) | | | | | $ | 9,992 | | | | | $ | (33) | | | | | $ | (279) | | | | | $ | 8,019 | | |
All amounts in the table above are net of tax.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2020 | (In millions) | Unrealized Foreign Currency Translation Gains (Losses) | | Unrealized Gains (Losses) on Fixed Maturity 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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2021 | (In millions) | Unrealized Foreign Currency Translation Gains (Losses) | | Unrealized Gains (Losses) on Fixed Maturity Securities | | Unrealized Gains (Losses) on Derivatives | | Pension Liability Adjustment | | Total | Balance at December 31, 2020 | | $ | (1,109) | | | | | $ | 10,361 | | | | | $ | (34) | | | | | $ | (284) | | | | | $ | 8,934 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income (loss) before reclassification | | (552) | | | | | (381) | | | | | (1) | | | | | (10) | | | | | (944) | | | Amounts reclassified from accumulated other comprehensive income (loss) | | 0 | | | | | 12 | | | | | 2 | | | | | 15 | | | | | 29 | | | Net current-period other comprehensive income (loss) | | (552) | | | | | (369) | | | | | 1 | | | | | 5 | | | | | (915) | | | Balance at June 30, 2021 | | $ | (1,661) | | | | | $ | 9,992 | | | | | $ | (33) | | | | | $ | (279) | | | | | $ | 8,019 | | |
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 Fixed Maturity 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.
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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, 2021 | | 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 | | $ | 5 | | | Net investment gains (losses) | | | (1) | | | Tax (expense) or benefit(1) | | | $ | 4 | | | Net of tax | Unrealized gains (losses) on derivatives | | $ | (1) | | | Net investment gains (losses) | | | 0 | | | Tax (expense) or benefit(1) | | | $ | (1) | | | Net of tax | Amortization of defined benefit pension items: | | | | | Actuarial gains (losses) | | $ | (9) | | | Acquisition and operating expenses(2) | Prior service (cost) credit | | 0 | | | Acquisition and operating expenses(2) | | | 2 | | | Tax (expense) or benefit(1) | | | $ | (7) | | | Net of tax | Total reclassifications for the period | | $ | (4) | | | Net of tax |
(1) Based on 21% tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 for additional details).
| | | | | | | | | | | | | | | | (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 11 for additional details). | | | | | | | | | | | | | | | (In millions) | Six Months Ended June 30, 2021 | | 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 | | $ | (15) | | | Net investment gains (losses) | | | 3 | | | Tax (expense) or benefit(1) | | | $ | (12) | | | Net of tax | Unrealized gains (losses) on derivatives | | $ | (2) | | | Net investment gains (losses) | | | 0 | | | Tax (expense) or benefit(1) | | | $ | (2) | | | Net of tax | Amortization of defined benefit pension items: | | | | | Actuarial gains (losses) | | $ | (19) | | | Acquisition and operating expenses(2) | Prior service (cost) credit | | 0 | | | Acquisition and operating expenses(2) | | | 4 | | | Tax (expense) or benefit(1) | | | $ | (15) | | | Net of tax | Total reclassifications for the period | | $ | (29) | | | Net of tax |
(1) Based on 21% tax rate (2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 11 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 11 for additional details).
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