XML 62 R40.htm IDEA: XBRL DOCUMENT

SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31.


(In thousands of shares)	2022	2021	2020
Common stock - issued:
Balance, beginning of period	1,352,739	1,351,018	1,349,309
Exercise of stock options and issuance of restricted shares	1,340	1,721	1,709
Balance, end of period	1,354,079	1,352,739	1,351,018
Treasury stock:
Balance, beginning of period	700,607	658,564	622,516
Purchases of treasury stock:
Share repurchase program	39,187	43,327	37,899
Other	370	437	542
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(1,009)	(1,216)	(2,021)
Exercise of stock options	(117)	(275)	(121)
Other	(215)	(230)	(251)
Balance, end of period	738,823	700,607	658,564
Shares outstanding, end of period	615,256	652,132	692,454

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 at December 31:


(In thousands)	2022		2021		2020
Anti-dilutive share-based awards		118		0		687

Schedule of Weighted Average Number of Shares

The weighted-average shares used in calculating EPS for the years ended December 31 were as follows:


(In thousands of shares)	2022	2021	2020
Weighted-average outstanding shares used for calculating basic EPS	634,816	673,617	713,702
Dilutive effect of share-based awards	2,839	3,112	2,490
Weighted-average outstanding shares used for calculating diluted EPS	637,655	676,729	716,192

Changes in Accumulated Other Comprehensive Income (Loss)

The tables below are reconciliations of accumulated other comprehensive income by component for the years ended December 31.

Changes in Accumulated Other Comprehensive Income


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		(1,627)			(9,946)			(1)			111			(11,463)
Amounts reclassified from accumulated other comprehensive income (loss)		0			(358)			4			19			(335)
Net current-period other comprehensive income (loss)		(1,627)			(10,304)			3			130			(11,798)
Balance at December 31, 2022		$	(3,640)		$	(702)		$	(27)		$	(36)		$	(4,405)

All amounts in the table above are net of tax.


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		(904)			(735)			(1)			90			(1,550)
Amounts reclassified from accumulated other comprehensive income (loss)		0			(24)			5			28			9
Net current-period other comprehensive income (loss)		(904)			(759)			4			118			(1,541)
Balance at December 31, 2021		$	(2,013)		$	9,602		$	(30)		$	(166)		$	7,393

All amounts in the table above are net of tax.


2020
(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, 2019		$	(1,623)		$	8,548		$	(33)		$	(277)		$	6,615
Cumulative effect of change in accounting principle - ASU 2019-04		0			848			0			0			848

Balance at January 1, 2020		$	(1,623)		$	9,396		$	(33)		$	(277)		$	7,463
Other comprehensive income (loss) before reclassification		514			839			(1)			(30)			1,322
Amounts reclassified from accumulated other comprehensive income (loss)		0			126			0			23			149
Net current-period other comprehensive income (loss)		514			965			(1)			(7)			1,471
Balance at December 31, 2020		$	(1,109)		$	10,361		$	(34)		$	(284)		$	8,934

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 years ended December 31.

Reclassifications Out of Accumulated Other Comprehensive Income


(In millions)	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		$	453	Net investment gains (losses)
		(95)		Tax (expense) or benefit(1)
		$	358	Net of tax
Unrealized gains (losses) on derivatives		$	(4)	Net investment gains (losses)
		(1)		Net investment income
		(5)		Total before tax
		1		Tax (expense) or benefit(1)
		$	(4)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(24)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		5		Tax (expense) or benefit(1)
		$	(19)	Net of tax
Total reclassifications for the period		$	335	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 14 for additional details).


(In millions)	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		$	31	Net investment gains (losses)
		(7)		Tax (expense) or benefit(1)
		$	24	Net of tax
Unrealized gains (losses) on derivatives		$	(5)	Net investment gains (losses)
		(1)		Net investment income
		(6)		Total before tax
		1		Tax (expense) or benefit(1)
		$	(5)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(35)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		7		Tax (expense) or benefit(1)
		$	(28)	Net of tax
Total reclassifications for the period		$	(9)	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 14 for additional details).


(In millions)	2020
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		$	(159)	Net investment gains (losses)
		33		Tax (expense) or benefit(1)
		$	(126)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	(32)	Acquisition and operating expenses(2)
Prior service (cost) credit		3		Acquisition and operating expenses(2)
		6		Tax (expense) or benefit(1)
		$	(23)	Net of tax
Total reclassifications for the period		$	(149)	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 14 for additional details).