NOTES PAYABLE AND LEASE OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

A summary of notes payable and lease obligations as of December 31 follows:

(In millions)	2022			2021
3.625% senior notes paid September 2022		0			748
3.25% senior notes paid October 2022		0			448
1.125% senior sustainability notes due March 2026		397			397
2.875% senior notes due October 2026		298			298
3.60% senior notes due April 2030		992			991
6.90% senior notes due December 2039		221			221
6.45% senior notes due August 2040		254			255
4.00% senior notes due October 2046		394			394
4.750% senior notes due January 2049		541			541
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)		93			107
.932% senior notes due January 2027 (principal amount ¥60.0 billion)		450			520
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)		250			0
.500% senior notes due December 2029 (principal amount ¥12.6 billion)		95			109
.550% senior notes due March 2030 (principal amount ¥13.3 billion)		99			115
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)		220			254
.633% senior notes due April 2031 (principal amount ¥30.0 billion)		225			259
.843% senior notes due December 2031 (principal amount ¥9.3 billion)		70			81
.750% senior notes due March 2032 (principal amount ¥20.7 billion)		155			179
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)		158			0
.844% senior notes due April 2033 (principal amount ¥12.0 billion)		90			104
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)		114			131
.934% senior notes due December 2034 (principal amount ¥9.8 billion)		73			85
.830% senior notes due March 2035 (principal amount ¥10.6 billion)		79			91
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)		75			86
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)		49			0
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)		66			77
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)		47			54
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)		75			86
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)		448			517
.963% subordinated bonds due April 2049 (principal amount ¥30.0 billion)		226			260
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)		149			172
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)		90			0
Yen-denominated loans:
Variable interest rate loan due August 2027 (.33% in 2022, principal amount ¥11.7 billion)		88			0
Variable interest rate loan due August 2029 (.43% in 2022 and .41% in 2021,   principal amount ¥25.3 billion in 2022 and ¥5.0 billion in 2021)		190			43
Variable interest rate loan due August 2032 (.58% in 2022 and .56% in 2021,   principal amount ¥70.0 billion in 2022 and ¥25.0 billion in 2021)		524			216
Finance lease obligations payable through 2028		8			12
Operating lease obligations payable through 2049		139			105
Total notes payable and lease obligations		$	7,442		$	7,956

Amounts in the table above are reported net of debt issuance costs and issuance premiums or discounts, if applicable, that are being amortized over the life of the notes.

Schedule of Maturities of Long Term Debt

The aggregate contractual maturities of notes payable during each of the years after December 31, 2022, are as follows:

(In millions)	Total Notes Payable
2023		$	0
2024		0
2025		93
2026		700
2027		540
Thereafter		6,021
Total		$	7,354

Schedule of Line of Credit Facilities

A summary of the Company's lines of credit as of December 31, 2022 follows:

Borrower(s)	Type	Term	Expiration Date	Capacity	Amount Outstanding	Interest Rate on Borrowed Amount	Maturity Period	Commitment Fee	Business Purpose
Aflac Incorporated and Aflac	uncommitted bilateral	364 days	December 28, 2023	$100 million	$0 million	The rate quoted by the bank and agreed upon at the time of borrowing	Up to 3 months	None	General corporate purposes
Aflac Incorporated	unsecured revolving	5 years	May 9, 2027, or the date commitments are terminated pursuant to an event of default	¥100.0 billion	¥0.0 billion	A rate per annum equal to (a) TIBOR plus, the alternative applicable TIBOR margin during the availability period from the closing date to the commitment termination date or (b) the TIBOR rate offered by the agent to major banks in yen for the applicable period plus, the applicable alternative TIBOR margin during the term out period	No later than May 10, 2027	.28% to .45%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	unsecured revolving	5 years	November 15, 2027, or the date commitments are terminated pursuant to an event of default	$1.0 billion	$0.0 billion	A rate per annum equal to, at the Company's option, either, (a) Secured Overnight Financing Rate (SOFR) for U.S. dollar denominated borrowings or TIBOR for Japanese yen denominated borrowings, in either case adjusted for certain costs, or (b) a base rate determined by reference to the highest of (1) the federal funds rate plus 1/2 of 1%, (2) the rate of interest for such day announced by the agent as its prime rate, or (3) SOFR for an interest period of one month plus 1.00%, in each case plus an applicable margin	No later than November 15, 2027	.08% to .20%, depending on the Parent Company's debt ratings as of the date of determination	General corporate purposes, including a capital contingency plan for the operations of the Parent Company
Aflac Incorporated and Aflac	uncommitted bilateral	None specified	None specified	$50 million	$0 million	A rate per annum equal to, at the Parent Company's option, either (a) a rate determined by reference to USD LIBOR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the highest of (a) the lender's USD short-term commercial loan rate, (b) the federal funds rate plus 1/2 of 1% and (c) USD one-month LIBOR plus 1%. USD LIBOR is subject to replacement with SOFR under certain circumstances	Up to 3 months	None	General corporate purposes
Aflac(1)	uncommitted revolving	364 days	November 30, 2023	$250 million	$0 million	USD three-month LIBOR plus 75 basis points per annum	No later than December 1, 2023	None	General corporate purposes
Aflac Incorporated(1) (Tranche 1)	uncommitted revolving	364 days	November 27, 2023	¥50.0 billion	¥0.0 billion	Three-month TIBOR plus 45 basis points per annum	No later than November 28, 2023	None	General corporate purposes
Aflac Incorporated(1) (Tranche 2)	uncommitted revolving	364 days	November 27, 2023	¥50.0 billion	¥0.0 billion	Three-month TIBOR plus 45 basis points per annum	No later than November 28, 2023	None	General corporate purposes
Aflac New York(1)	uncommitted revolving	364 days	April 10, 2023	$25 million	$0 million	USD three-month LIBOR plus 75 basis points per annum	No later than April 11, 2023	None	General corporate purposes
CAIC(1)	uncommitted revolving	364 days	March 21, 2023	$15 million	$0 million	USD three-month LIBOR plus 75 basis points per annum	No later than March 22, 2023	None	General corporate purposes

(1) Intercompany credit agreement

(continued)

Borrower(s)	Type	Term	Expiration Date	Capacity	Amount Outstanding	Interest Rate on Borrowed Amount	Maturity Period	Commitment Fee	Business Purpose
Tier One Insurance Company(1)	uncommitted revolving	364 days	March 21, 2023	$0.3 million	$0 million	USD three-month LIBOR plus 75 basis points per annum	No later than March 22, 2023	None	General corporate purposes
Aflac Ventures Japan K.K.(1)	uncommitted revolving	364 days	May 2, 2023	¥500 million	¥350 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than May 3, 2023	None	General corporate purposes
Hatch Healthcare K.K.(1)	uncommitted revolving	364 days	January 3, 2023 (2)	¥900 million	¥0 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than January 4, 2023	None	General corporate purposes
Hatch Insight K.K.(1)	uncommitted revolving	364 days	January 3, 2023 (2)	¥600 million	¥0 million	A rate per annum equal to the short-term prime lending rates of banks appearing on the website for the Bank of Japan on the first day of the applicable period	No later than January 4, 2023	None	General corporate purposes
Aflac GI Holdings LLC(1)	uncommitted revolving	364 days	July 17, 2023	$30 million	$0 million	USD three-month LIBOR plus 75 basis points per annum	No later than July 18, 2023	None	General corporate purposes

(1) Intercompany credit agreement

(2) Renewed in January 2023 with an expiration date of January 3, 2024

The Company was in compliance with all of the covenants of its notes payable and lines of credit at December 31, 2022. No events of default or defaults occurred during 2022 and 2021.