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BUSINESS SEGMENT AND FOREIGN INFORMATION
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT AND FOREIGN INFORMATION
The Company consists of two reportable insurance business segments: Aflac Japan and Aflac U.S., both of which sell supplemental health and life insurance. In addition, the Parent Company, other operating business units that are not individually reportable and business activities, including reinsurance retrocession activities, not included in Aflac Japan or Aflac U.S. are included in Corporate and other.

The Company does not allocate corporate overhead expenses to business segments. Consistent with U.S. GAAP accounting guidance for segment reporting, the Company evaluates and manages its business segments using a financial performance measure called pretax adjusted earnings. Adjusted earnings are adjusted revenues less benefits and adjusted expenses. The adjustments to both revenues and expenses account for certain items that cannot be predicted or that are outside management’s control. Adjusted revenues are U.S. GAAP total revenues excluding net investment gains and losses, except for amortized hedge costs/income related to foreign currency exposure management strategies and net interest cash flows from derivatives associated with certain investment strategies. Adjusted expenses are U.S. GAAP total acquisition and operating expenses including the impact of interest cash flows from derivatives associated with notes payable but excluding any nonrecurring or other items not associated with the normal course of the Company’s insurance
operations and that do not reflect the Company’s underlying business performance. The Company excludes income taxes related to operations to arrive at pretax adjusted earnings. Information regarding operations by reportable segment and Corporate and other for the years ended December 31 follows:
(In millions)202120202019
Revenues:
Aflac Japan:
   Net earned premiums:
             Cancer$5,829 $6,119 $6,031 
             Medical and other health3,400 3,596 3,582 
             Life insurance2,624 2,955 3,159 
   Adjusted net investment income (1),(2)
3,031 2,659 2,496 
   Other income41 42 45 
               Total adjusted revenue Aflac Japan14,925 15,371 15,313 
Aflac U.S.:
   Net earned premiums:
             Accident/disability2,524 2,614 2,665 
             Cancer1,216 1,275 1,309 
             Other health1,542 1,571 1,548 
             Life insurance332 298 286 
   Adjusted net investment income (3)
754 705 720 
   Other income121 102 22 
           Total adjusted revenue Aflac U.S.6,489 6,565 6,550 
Corporate and other (4), (5)
175 384 393 
           Total adjusted revenues21,589 22,320 22,256 
Net investment gains (losses) (1),(2),(3),(4)
517 (173)51 
           Total revenues$22,106 $22,147 $22,307 
(1) Amortized hedge costs of $76, $206 and $257 in 2021, 2020 and 2019, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.
(2) Net interest cash flows from derivatives associated with certain investment strategies of $(33), $9, and $(17) in 2021, 2020, and 2019, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
(3) Net interest cash flows from derivatives associated with certain investment strategies of $2 and $3 in 2021 and 2020, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
(4) Amortized hedge income of $57, $97 and $89 in 2021, 2020 and 2019, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase to net investment income when analyzing operations.
(5) The change in value of federal historic rehabilitation and solar investments in partnerships of $138 in 2021 is included as a reduction to net investment income. Tax credits on these investments of $115 in 2021 has been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.
(In millions)202120202019
Pretax earnings:
Aflac Japan (1),(2)
$3,754 $3,263 $3,261 
Aflac U.S. (3)
1,478 1,268 1,272 
Corporate and other (4),(5),(6)
(298)(115)(72)
    Pretax adjusted earnings (7)
4,934 4,416 4,461 
Net investment gains (losses) (1),(2),(3),(4),(5)
462 (229)(15)
Other income (loss) (74)

(28)(1)

    Total earnings before income taxes$5,322 $4,159 $4,445 
Income taxes applicable to pretax adjusted earnings$915 $864 $1,147 
Effect of foreign currency translation on after-tax
  adjusted earnings		(38)31 15 
(1) Amortized hedge costs of $76, $206 and $257 in 2021, 2020 and 2019, respectively, related to certain foreign currency exposure management strategies have been reclassified from net investment gains (losses) and reported as a deduction from net investment income when analyzing operations.
(2) Net interest cash flows from derivatives associated with certain investment strategies of $(33), $9, and $(17) in 2021, 2020, and 2019, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
(3) Net interest cash flows from derivatives associated with certain investment strategies of $2 and $3 in 2021 and 2020, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
(4) Amortized hedge income of $57, $97 and $89 in 2021, 2020 and 2019, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase to net investment income when analyzing operations.
(5) A gain of $55, $56 and $66 in 2021, 2020 and 2019, respectively, related to the interest rate component of the change in fair value of foreign currency swaps on notes payable has been reclassified from net investment gains (losses) and included in adjusted earnings when analyzing operations.
(6) The change in value of federal historic rehabilitation and solar investments in partnerships of $138 in 2021 is included as a reduction to net investment income. Tax credits on these investments of $115 in 2021 has been recorded as an income tax benefit in the consolidated statement of earnings. See Note 3 of the Notes to the Consolidated Financial Statements for additional information on these investments.
(7) Includes $170, $167 and $135 of interest expense on debt in 2021, 2020 and 2019, respectively.

Assets as of December 31 were as follows:
(In millions)20212020
Assets:
Aflac Japan$128,536 $137,271 
Aflac U.S.23,106 22,864 
Corporate and other5,900 4,951 
    Total assets$157,542 $165,086 

Yen-Translation Effects: The following table shows the yen/dollar exchange rates used for or during the periods ended December 31. Exchange effects were calculated using the same yen/dollar exchange rate for the current year as for each respective prior year.
202120202019
Statements of Earnings:
Weighted-average yen/dollar exchange rate (1)
109.79 106.86 109.07 
Yen percent strengthening (weakening)(2.7)%2.1 %1.2 %
Exchange effect on pretax adjusted earnings (in millions)$(47)$38 $20 
20212020
Balance Sheets:
Yen/dollar exchange rate at December 31(1)
115.02 103.50 
Yen percent strengthening (weakening)(10.0)%5.9 %
Exchange effect on total assets (in millions)$(9,635)$7,970 
Exchange effect on total liabilities (in millions)(7,566)7,870 
(1) Rates are based on the published MUFG Bank, Ltd. telegraphic transfer middle rate (TTM)

Transfers of funds from Aflac Japan: Aflac Japan makes payments to the Parent Company for management fees, allocated expenses and remittances of earnings. Information on transfers for each of the years ended December 31 is shown below. See Note 13 for information concerning restrictions on transfers from Aflac Japan.
(In millions)202120202019
Management fees$59 $71 $75 
Allocated expenses0 0 4 
Profit remittances2,138 1,215 2,070 
Total transfers from Aflac Japan$2,197 $1,286 $2,149 

Property and Equipment: The costs of buildings, furniture and equipment are depreciated principally on a straight-line basis over their estimated useful lives (maximum of 50 years for buildings and 20 years for furniture and equipment). Expenditures for maintenance and repairs are expensed as incurred; expenditures for betterments are capitalized and depreciated. Classes of property and equipment as of December 31 were as follows:
(In millions)20212020
Property and equipment:
Land$168 $168 
Buildings491 523 
Equipment and furniture542 566 
Total property and equipment1,201 1,257 
Less accumulated depreciation663 656 
Net property and equipment$538 $601 

Receivables: Receivables consist primarily of monthly insurance premiums due from individual policyholders or their employers for payroll deduction of premiums, net of current expected credit losses. At December 31, 2021, $195 million, or 28.1% of total receivables, were related to Aflac Japan's operations, compared with $201 million, or 25.2%, at December 31, 2020.