INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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
2022:
Current		$	913		$	268		$	1,181
Deferred		200			(978)			(778)
Total income tax expense		$	1,113		$	(710)		$	403
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)

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)	2022			2021			2020
Income taxes based on U.S. statutory rates		$	967		$	1,118		$	873
Valuation allowance release		0			0			(1,411)
DST functional currency change		(452)			0			0
Other, net		(112)			(121)			(81)
Income tax expense		$	403		$	997		$	(619)

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)	2022			2021			2020
Statements of earnings		$	403		$	997		$	(619)
Other comprehensive income (loss):
Unrealized foreign currency translation gains (losses) during   period		547			15			(3)
Unrealized gains (losses) on fixed maturity securities:
Unrealized holding gains (losses) on fixed maturity   securities during period		(2,752)			(194)			223
Reclassification adjustment for (gains) losses   on fixed maturity securities included in net earnings		0			(7)			33
Unrealized gains (losses) on derivatives during period		1			1			0
Pension liability adjustment during period		35			30			(2)
Total income tax expense (benefit) related to items of   other comprehensive income (loss)		(2,169)			(155)			251
Total income taxes		$	(1,766)		$	842		$	(368)

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)	2022			2021
Deferred income tax liabilities:
Deferred policy acquisition costs		$	2,803		$	3,262
Unrealized gains and other basis differences on investments		0			5,313
Foreign currency gain on Aflac Japan		147			0
Premiums receivable		59			66
Policy benefit reserves		3,173			3,578
Total deferred income tax liabilities		6,182			12,219
Deferred income tax assets:
Unfunded retirement benefits		7			7
Other accrued expenses		27			38
Policy and contract claims		722			794
Foreign currency loss on Aflac Japan		0			91
Deferred compensation		65			104
Depreciation		248			230
Anticipatory foreign tax credit		3,069			5,883
Deferred foreign tax credit		822			701
Other basis differences in investments		101			0
Other		147			163
Total deferred income tax assets		5,208			8,011
Net deferred income tax liability		974			4,208
Current income tax (asset) liability		322			131
Total income tax liability		$	1,296		$	4,339

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)	2022		2021
Balance, beginning of year	$	5	$	19
Additions for tax positions of prior years	0		1
Reductions for tax positions of prior years	0		(15)
Balance, end of year	$	5	$	5