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BUSINESS SEGMENT INFORMATION - Operations by Segment - Pretax Earnings (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]        
Pretax adjusted earnings [1] $ 1,134 $ 1,341 $ 2,276 $ 2,648
Net investment gains (losses) [2],[3],[4],[5],[6] 567 85 701 388
Other income (loss) 0 (53) 0 (59)
Earnings before income taxes 1,701 1,373 2,977 2,977
Income taxes applicable to pretax adjusted earnings 194 262 409 510
Effect of foreign currency translation on after tax adjusted earnings (57) (6) (94) 7
Interest expense on debt 41 45 82 89
Aflac Japan        
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]        
Pretax adjusted earnings [2],[5] 860 1,004 1,722 1,891
Hedge costs 30 17 55 36
Net interest cash flows from derivatives (2) (9) (12) (17)
Aflac U.S.        
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]        
Pretax adjusted earnings [6] 349 413 674 859
Net interest cash flows from derivatives 1   2  
Corporate and other        
Segment Reporting, Reconciling Item for Adjusted Profit (Loss) from Segment to Consolidated [Line Items]        
Pretax adjusted earnings [3],[4],[7] (75) (76) (120) (102)
Hedge income 14 16 25 33
Gain (loss) on change in fair value of derivative, interest rate component 12 14 25 27
Income (loss) from federal historic rehabilitation and solar tax credit investments (31) (30) (42) (30)
Federal historic rehabilitation and solar tax credits, amount $ 28 $ 12 $ 44 $ 25
[1] Includes $41 and $45 for the three-month periods and $82 and $89 for the six-month periods ended June 30, 2022, and 2021, respectively, of interest expense on debt.
[2] Amortized hedge costs of $30 and $17 for the three-month periods and $55 and $36 for the six-month periods ended June 30, 2022, and 2021, 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.
[3] A gain of $12 and $14 for the three-month periods and $25 and $27 for the six-month periods ended June 30, 2022, and 2021, 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.
[4] Amortized hedge income of $14 and $16 for the three-month periods and $25 and $33 for the six-month periods ended June 30, 2022, and 2021, respectively, related to certain foreign currency exposure management strategies has been reclassified from net investment gains (losses) and reported as an increase in net investment income when analyzing operations.
[5] Net interest cash flows from derivatives associated with certain investment strategies of $(2) and $(9) for the three-month periods and $(12) and $(17) for the six-month periods ended June 30, 2022 and 2021, respectively, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
[6] Net interest cash flows from derivatives associated with certain investment strategies of $1 for the three-month period and $2 for the six-month period ended June 30, 2022, have been reclassified from net investment gains (losses) and included in adjusted earnings as a component of net investment income when analyzing operations.
[7] The change in value of federal historic rehabilitation and solar investments in partnerships of $31 and $30 for the three-month periods and $42 and $30 for the six-month periods ended June 30, 2022, and 2021, respectively, is included as a reduction to net investment income. Tax credits on these investments of $28 and $12 for the three-month periods and $44 and $25 for the six-month periods ended June 30, 2022, and 2021, respectively, have 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.