XML 29 R18.htm IDEA: XBRL DOCUMENT v3.23.1
SHAREHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY SHAREHOLDERS’ EQUITY
The following table is a reconciliation of the number of shares of the Company's common stock for the three-month periods ended March 31.
(In thousands of shares)20232022
Common stock - issued:
Balance, beginning of period1,354,079 1,352,739 
Exercise of stock options and issuance of restricted shares933 1,041 
Balance, end of period1,355,012 1,353,780 
Treasury stock:
Balance, beginning of period738,823 700,607 
Purchases of treasury stock:
Share repurchase program10,348 8,007 
Other347 343 
Dispositions of treasury stock:
Shares issued to AFL Stock Plan(239)(259)
Exercise of stock options(48)(58)
Other(171)(209)
Balance, end of period749,060 708,431 
Shares outstanding, end of period605,952 645,349 

Outstanding share-based awards are excluded from the calculation of weighted-average shares used in the computation of basic earnings per share (EPS). 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 for the following periods.
Three Months Ended March 31,
(In thousands)20232022
Anti-dilutive share-based awards164 249 

Share Repurchase Program

During the first three months of 2023, the Company repurchased 10.3 million shares of its common stock for $700 million as part of its share repurchase program. During the first three months of 2022, the Company repurchased 8.0 million shares of its common stock for $500 million as part of its share repurchase program. As of March 31, 2023, a remaining balance of 106.3 million shares of the Company's common stock was available for purchase under share repurchase authorizations by its board of directors.
Reclassifications from Accumulated Other Comprehensive Income

The tables below are reconciliations of accumulated other comprehensive income by component for the following periods.

Changes in Accumulated Other Comprehensive Income
Three Months Ended
March 31, 2023
(In millions)Unrealized Foreign
Currency Translation
Gains (Losses)		Unrealized
Gains (Losses)
on Fixed Maturity Securities		Unrealized
Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate AssumptionsPension
Liability
Adjustment		Total
Balance at December 31, 2022$(3,564)$(702)$(27)$(2,100)$(36)$(6,429)
Other comprehensive
   income (loss) before
   reclassification 		(54)2,036 0 (2,794)7 (805)
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (45)1 0 0 (44)
Net current-period other
   comprehensive
   income (loss)		(54)1,991 1 (2,794)7 (849)
Balance at March 31, 2023$(3,618)$1,289 $(26)$(4,894)$(29)$(7,278)
All amounts in the table above are net of tax.
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.

Three Months Ended
March 31, 2022
(In millions)Unrealized Foreign
Currency Translation
Gains (Losses)		Unrealized
Gains (Losses)
on Fixed Maturity Securities		Unrealized
Gains (Losses)
on Derivatives		Effect of Changes in Discount Rate AssumptionsPension Liability AdjustmentTotal
Balance at December 31, 2021$(1,985)$9,602 $(30)$(15,832)$(166)$(8,411)
Other comprehensive
   income (loss) before
   reclassification 		(453)(3,754)0 4,224 (2)15 
Amounts reclassified from
   accumulated other
   comprehensive income
  (loss)		0 (61)1 0 5 (55)
Net current-period other
   comprehensive
   income (loss)		(453)(3,815)1 4,224 3 (40)
Balance at March 31, 2022$(2,438)$5,787 $(29)$(11,608)$(163)$(8,451)
All amounts in the table above are net of tax.
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2023 related to accounting for long-duration insurance contracts.
The tables below summarize the amounts reclassified from each component of accumulated other comprehensive income into net earnings for the following periods.

Reclassifications Out of Accumulated Other Comprehensive Income
(In millions)
Three Months Ended
March 31, 2023
Details about Accumulated Other Comprehensive Income ComponentsAmount Reclassified from Accumulated Other Comprehensive IncomeAffected Line Item in the
Statements of Earnings
Unrealized gains (losses) on available-for-sale
   securities		$57 Net investment gains (losses)
(12)
Tax (expense) or benefit(1)
$45 Net of tax
Unrealized gains (losses) on derivatives$(1)Net investment gains (losses)
0 
Tax (expense) or benefit(1)
$(1)Net of tax
Amortization of defined benefit pension items:
       Actuarial gains (losses)$0 
Acquisition and operating expenses(2)
Prior service (cost) credit0 
Acquisition and operating expenses(2)
0 
Tax (expense) or benefit(1)
$0 Net of tax
Total reclassifications for the period$44 Net of tax
(1) Based on 21% tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).

(In millions)
Three Months Ended
March 31, 2022
Details about Accumulated Other Comprehensive Income ComponentsAmount Reclassified from Accumulated Other Comprehensive IncomeAffected Line Item in the
Statements of Earnings
Unrealized gains (losses) on available-for-sale
   securities		$77 Net investment gains (losses)
(16)
Tax (expense) or benefit(1)
$61 Net of tax
Unrealized gains (losses) on derivatives$(1)Net investment gains (losses)
0 
Tax (expense) or benefit(1)
$(1)Net of tax
Amortization of defined benefit pension items:
       Actuarial gains (losses)$(6)
Acquisition and operating expenses(2)
Prior service (cost) credit0 
Acquisition and operating expenses(2)
1 
Tax (expense) or benefit(1)
$(5)Net of tax
Total reclassifications for the period$55 Net of tax
(1) Based on 21% tax rate
(2) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost (see Note 12 for additional details).