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NOTES PAYABLE AND LEASE OBLIGATIONS
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
NOTES PAYABLE AND LEASE OBLIGATIONS NOTES PAYABLE AND LEASE OBLIGATIONS
A summary of notes payable and lease obligations follows:
(In millions)September 30,
2023		December 31,
2022
1.125% senior sustainability notes due March 2026
$398 $397 
2.875% senior notes due October 2026
299 298 
3.60% senior notes due April 2030
993 992 
6.90% senior notes due December 2039
221 221 
6.45% senior notes due August 2040
254 254 
4.00% senior notes due October 2046
394 394 
4.750% senior notes due January 2049
542 541 
Yen-denominated senior notes and subordinated debentures:
.300% senior notes due September 2025 (principal amount ¥12.4 billion)
83 93 
.932% senior notes due January 2027 (principal amount ¥60.0 billion)
400 450 
1.075% senior notes due September 2029 (principal amount ¥33.4 billion)
222 250 
.500% senior notes due December 2029 (principal amount ¥12.6 billion)
84 95 
.550% senior notes due March 2030 (principal amount ¥13.3 billion)
88 99 
1.159% senior notes due October 2030 (principal amount ¥29.3 billion)
195 220 
.633% senior notes due April 2031 (principal amount ¥30.0 billion)
200 225 
.843% senior notes due December 2031 (principal amount ¥9.3 billion)
62 70 
.750% senior notes due March 2032 (principal amount ¥20.7 billion)
137 155 
1.320% senior notes due December 2032 (principal amount ¥21.1 billion)
140 158 
.844% senior notes due April 2033 (principal amount ¥12.0 billion)
80 90 
1.488% senior notes due October 2033 (principal amount ¥15.2 billion)
101 114 
.934% senior notes due December 2034 (principal amount ¥9.8 billion)
65 73 
.830% senior notes due March 2035 (principal amount ¥10.6 billion)
70 79 
1.039% senior notes due April 2036 (principal amount ¥10.0 billion)
66 75 
1.594% senior notes due September 2037 (principal amount ¥6.5 billion)
42 49 
1.750% senior notes due October 2038 (principal amount ¥8.9 billion)
59 66 
1.122% senior notes due December 2039 (principal amount ¥6.3 billion)
42 47 
1.264% senior notes due April 2041 (principal amount ¥10.0 billion)
66 75 
2.108% subordinated debentures due October 2047 (principal amount ¥60.0 billion)
397 448 
.963% subordinated bonds due April 2049 (principal amount ¥30.0 billion)
200 226 
1.560% senior notes due April 2051 (principal amount ¥20.0 billion)
132 149
2.144% senior notes due September 2052 (principal amount ¥12.0 billion)
79 90
Yen-denominated loans:
Variable interest rate loan due August 2027 (.35% in 2023 and .33% in 2022,
  principal amount ¥11.7 billion)
78 88 
Variable interest rate loan due August 2029 (.45% in 2023 and .43% in 2022,
  principal amount ¥25.3 billion)
169 190 
Variable interest rate loan due August 2032 (.60% in 2023 and .58% in 2022,
  principal amount ¥70.0 billion)
466 524 
Finance lease obligations payable through 20307 8 
Operating lease obligations payable through 2049130 139 
Total notes payable and lease obligations$6,961 $7,442 
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.
A summary of the Company's lines of credit as of September 30, 2023 follows:
Borrower(s)TypeTermExpiration DateCapacityAmount OutstandingInterest Rate on Borrowed AmountMaturity PeriodCommitment FeeBusiness Purpose
Aflac Incorporated
and Aflac		uncommitted bilateral364 daysDecember 28, 2023
$100 million
$0 million
The rate quoted by the bank and agreed upon at the time of borrowing
Up to 3 months
NoneGeneral corporate purposes
Aflac Incorporatedunsecured revolving5 yearsMay 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) Tokyo Interbank Market Rate (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 periodNo 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 revolving5 yearsNovember 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 marginNo 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 bilateralNone specifiedNone 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 SOFR for the interest period relevant to such borrowing or (b) the base rate determined by reference to the highest of (1) the lender's USD short-term commercial loan rate and (2) the federal funds rate plus 1/2 of 1%
Up to 3 months
NoneGeneral corporate purposes
Aflac(1)
uncommitted revolving364 daysNovember 30, 2023
$250 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than December 1, 2023NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 1)
uncommitted revolving364 daysNovember 27, 2023
¥50.0 billion
¥0.0 billion
Three-month yen TIBOR plus 45 basis points per annumNo later than November 28, 2023NoneGeneral corporate purposes
Aflac Incorporated(1)
(Tranche 2)
uncommitted revolving364 daysNovember 27, 2023
¥50.0 billion
¥0.0 billion
Three-month yen TIBOR plus 45 basis points per annumNo later than November 28, 2023NoneGeneral corporate purposes
Aflac New York(1)
uncommitted revolving364 daysApril 8,
2024
$25 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than
April 9, 2024		NoneGeneral corporate purposes
CAIC(1)
uncommitted revolving364 daysMarch 21,
2024
$15 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than
March 22, 2024		NoneGeneral corporate purposes
(1) Intercompany credit agreement
(continued)
Borrower(s)TypeTermExpiration DateCapacityAmount OutstandingInterest Rate on Borrowed AmountMaturity PeriodCommitment FeeBusiness Purpose
Tier One Insurance Company(1)
uncommitted revolving364 daysMarch 21,
2024
$0.3 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than
March 22, 2024		NoneGeneral corporate purposes
Hatch Healthcare K.K.(1)
uncommitted revolving364 daysJanuary 3,
2024
¥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 periodNo later than January 4, 2024NoneGeneral corporate purposes
Aflac Digital Services Co., Ltd. (formerly known as Hatch Insight K.K.)(1)
uncommitted revolving364 daysJanuary 3,
2024
¥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 periodNo later than January 4, 2024NoneGeneral corporate purposes
Aflac GI Holdings LLC(1)
uncommitted revolving364 daysJuly 16,
2024
$30 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 75 basis points per annumNo later than
July 17, 2024		NoneGeneral corporate purposes
Aflac Incorporated(1)
uncommitted revolving364 daysJanuary 2,
2024
$400 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 97 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 97 basis points per annum for Japanese yen denominated borrowingsNo later than January 3, 2024NoneGeneral corporate purposes
Aflac Re Bermuda Ltd.(1)
uncommitted revolving364 daysJanuary 2,
2024
$400 million
$0 million
Three-month term SOFR plus a 10 basis point SOFR adjustment and an additional 68 basis points per annum for U.S. dollar denominated borrowings or three-month TIBOR plus 68 basis points per annum for Japanese yen denominated borrowingsNo later than January 3, 2024NoneGeneral corporate purposes
(1) Intercompany credit agreement

The Company was in compliance with all of the covenants of its notes payable and lines of credit at September 30, 2023. No events of default or defaults occurred during the nine-month period ended September 30, 2023.

For additional information, see Notes 4 and 9 of the Notes to the Consolidated Financial Statements in the 2022 Annual Report.