XML 40 R30.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

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)	2022	2021
Common stock - issued:
Balance, beginning of period	1,352,739	1,351,018
Exercise of stock options and issuance of restricted shares	1,132	1,374
Balance, end of period	1,353,871	1,352,392
Treasury stock:
Balance, beginning of period	700,607	658,564
Purchases of treasury stock:
Share repurchase program	19,192	22,614
Other	351	381
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(528)	(717)
Exercise of stock options	(62)	(223)
Other	(215)	(217)
Balance, end of period	719,345	680,402
Shares outstanding, end of period	634,526	671,990

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the approximate number of share-based awards to purchase shares, on a weighted-average basis, that were considered to be anti-dilutive and were excluded from the calculation of diluted EPS for the following periods.


	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2022		2021		2022		2021
Anti-dilutive share-based awards		171		0		210		1

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, 2022
(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, 2022		$	(2,482)		$	5,787		$	(29)		$	(163)		$	3,113
Other comprehensive income (loss) before reclassification		(807)			(2,767)			(1)			(1)			(3,576)
Amounts reclassified from accumulated other comprehensive income (loss)		0			(90)			1			4			(85)
Net current-period other comprehensive income (loss)		(807)			(2,857)			0			3			(3,661)
Balance at June 30, 2022		$	(3,289)		$	2,930		$	(29)		$	(160)		$	(548)

All amounts in the table above are net of tax.


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.


Six Months Ended June 30, 2022
(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, 2021		$	(2,013)		$	9,602		$	(30)		$	(166)		$	7,393


Other comprehensive income (loss) before reclassification		(1,276)			(6,520)			0			(3)			(7,799)
Amounts reclassified from accumulated other comprehensive income (loss)		0			(152)			1			9			(142)
Net current-period other comprehensive income (loss)		(1,276)			(6,672)			1			6			(7,941)
Balance at June 30, 2022		$	(3,289)		$	2,930		$	(29)		$	(160)		$	(548)

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.

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, 2022
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		$	114	Net investment gains (losses)
		(24)		Tax (expense) or benefit(1)
		$	90	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)		$	(5)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		1		Tax (expense) or benefit(1)
		$	(4)	Net of tax
Total reclassifications for the period		$	85	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, 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)	Six Months Ended June 30, 2022
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		$	192	Net investment gains (losses)
		(40)		Tax (expense) or benefit(1)
		$	152	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)		$	(11)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		2		Tax (expense) or benefit(1)
		$	(9)	Net of tax
Total reclassifications for the period		$	142	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, 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).