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BUSINESS SEGMENT AND FOREIGN INFORMATION
 12 Months Ended
Dec. 31, 2022
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 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)202220212020
Revenues:
Aflac Japan:
   Net earned premiums:
Cancer$4,791 $5,829 $6,119 
Medical and other health2,775 3,400 3,596 
Life insurance1,982 2,624 2,955 
   Adjusted net investment income (1),(2)
2,669 3,031 2,659 
   Other income35 41 42 
               Total adjusted revenue Aflac Japan12,252 14,925 15,371 
Aflac U.S.:
   Net earned premiums:
Accident1,314 1,362 1,449 
Disability1,171 1,162 1,165 
Critical care1,753 1,797 1,856 
Hospital indemnity722 730 747 
Dental/vision199 188 196 
Life insurance372 332 298 
Other39 43 47 
   Adjusted net investment income (3)
755 754 705 
   Other income161 121 102 
           Total adjusted revenue Aflac U.S.6,486 6,489 6,565 
Corporate and other (4), (5)
267 175 384 
           Total adjusted revenues19,005 21,589 22,320 
Net investment gains (losses) (1),(2),(3),(4)
497 517 (173)
           Total revenues$19,502 $22,106 $22,147 
(1) Amortized hedge costs of $112, $76 and $206 in 2022, 2021 and 2020, 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 $(86), $(33) and $9 in 2022, 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.
(3) Net interest cash flows from derivatives associated with certain investment strategies of $(4), $2 and $3 in 2022, 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 $68, $57 and $97 in 2022, 2021 and 2020, 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 $91 and $138 in 2022 and 2021, respectively, is included as a reduction to net investment income. Tax credits on these investments of $83 and $115 in 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.
(In millions)202220212020
Pretax earnings:
Aflac Japan (1),(2)
$3,056 $3,754 $3,263 
Aflac U.S. (3)
1,324 1,478 1,268 
Corporate and other (4),(5),(6)
(223)(298)(115)
    Pretax adjusted earnings (7)
4,157 4,934 4,416 
Net investment gains (losses) (1),(2),(3),(4),(5)
447 462 (229)
Other income (loss) 0 

(74)(28)

    Total earnings before income taxes$4,604 $5,322 $4,159 
Income taxes applicable to pretax adjusted earnings$760 $915 $864 
Effect of foreign currency translation on after-tax
  adjusted earnings		(215)(38)31 
(1) Amortized hedge costs of $112, $76 and $206 in 2022, 2021 and 2020, 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 $(86), $(33) and $9 in 2022, 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.
(3) Net interest cash flows from derivatives associated with certain investment strategies of $(4), $2 and $3 in 2022, 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 $68, $57 and $97 in 2022, 2021 and 2020, 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 $50, $55 and $56 in 2022, 2021 and 2020, 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 $91 and $138 in 2022 and 2021, respectively, is included as a reduction to net investment income. Tax credits on these investments of $83 and $115 in 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.
(7) Includes $167, $170 and $167 of interest expense on debt in 2022, 2021 and 2020, respectively.

Assets as of December 31 were as follows:
(In millions)20222021
Assets:
Aflac Japan$105,173 $128,536 
Aflac U.S.20,779 23,106 
Corporate and other5,065 5,900 
    Total assets$131,017 $157,542 

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.
202220212020
Statements of Earnings:
Weighted-average yen/dollar exchange rate (1)
130.17 109.79 106.86 
Yen percent strengthening (weakening)(15.7)%(2.7)%2.1 %
Exchange effect on pretax adjusted earnings (in millions)$(263)$(47)$38 
20222021
Balance Sheets:
Yen/dollar exchange rate at December 31(1)
132.70 115.02 
Yen percent strengthening (weakening)(13.3)%(10.0)%
Exchange effect on total assets (in millions)$(10,936)$(9,635)
Exchange effect on total liabilities (in millions)(9,589)(7,566)
(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 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)202220212020
Management fees$61 $59 $71 
Profit remittances2,412 2,138 1,215 
Total transfers from Aflac Japan$2,473 $2,197 $1,286 

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)20222021
Property and equipment:
Land$168 $168 
Buildings437 491 
Equipment and furniture587 542 
Total property and equipment1,192 1,201 
Less accumulated depreciation662 663 
Net property and equipment$530 $538 

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, 2022, $174 million, or 27.0% of total receivables, were related to Aflac Japan's operations, compared with $195 million, or 29.0%, at December 31, 2021.