INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) applicable to pretax earnings for the years ended December 31 were as follows:

(In millions)	Foreign			U.S.			Total
2021:
Current		$	884		$	211		$	1,095
Deferred		251			(349)			(98)
Total income tax expense		$	1,135		$	(138)		$	997
2020:
Current		$	822		$	(28)		$	794
Deferred		(28)			(1,385)			(1,413)
Total income tax expense		$	794		$	(1,413)		$	(619)
2019:
Current		$	737		$	69		$	806
Deferred		183			152			335
Total income tax expense		$	920		$	221		$	1,141

Schedule of Effective Income Tax Rate Reconciliation

The principal reasons for the differences and the related tax effects for the years ended December 31 were as follows:

(In millions)	2021			2020			2019
Income taxes based on U.S. statutory rates		$	1,118		$	873		$	933
Foreign rate differential		0			0			229
Valuation allowance release		0			(1,411)			0
Other, net		(121)			(81)			(21)
Income tax expense		$	997		$	(619)		$	1,141

Schedule of Income Tax Expense Benefit Intraperiod Tax Allocation

Total income tax expense for the years ended December 31 was allocated as follows:

(In millions)	2021			2020			2019
Statements of earnings		$	997		$	(619)		$	1,141
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during   period		15			(3)			27
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity   securities during period		(194)			223			1,532
Reclassification adjustment for (gains) losses   on fixed maturity securities included in net earnings		(7)			33			5
Unrealized gains (losses) on derivatives during period		1			0			(3)
Pension liability adjustment during period		30			(2)			(18)
Total income tax expense (benefit) related to items of   other comprehensive income (loss)		(155)			251			1,543
Total income taxes		$	842		$	(368)		$	2,684

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of the temporary differences that gave rise to deferred income tax assets and liabilities as of December 31 were as follows:

(In millions)	2021			2020
Deferred income tax liabilities:
Deferred policy acquisition costs		$	3,262		$	3,663
Unrealized gains and other basis differences on investments		5,313			5,227
Foreign currency gain on Aflac Japan		0			70
Premiums receivable		66			112
Policy benefit reserves		3,578			3,834
Total deferred income tax liabilities		12,219			12,906
Deferred income tax assets:
Unfunded retirement benefits		7			9
Other accrued expenses		38			37
Policy and contract claims		794			868
Foreign currency loss on Aflac Japan		91			0
Deferred compensation		104			137
Capital loss carryforwards		0			12
Depreciation		230			202
Anticipatory foreign tax credit		5,883			5,972
Deferred foreign tax credit		701			647
Other		163			326
Total deferred income tax assets		8,011			8,210
Net deferred income tax liability		4,208			4,696
Current income tax (asset) liability		131			(35)
Total income tax liability		$	4,339		$	4,661

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31:

(In millions)	2021		2020
Balance, beginning of year	$	19	$	17
Additions for tax positions of prior years	1		2
Reductions for tax positions of prior years	(15)		0
Balance, end of year	$	5	$	19