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BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Schedule of Net Funded Status
Information with respect to the Company's benefit plans' assets and obligations as of December 31 was as follows:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202320222023202220232022
Projected benefit obligation:
      Benefit obligation, beginning of year$327 $432 $843 $1,186 $32 $36 
      Service cost14 19 7 26 0 0 
      Interest cost9 5 41 34 1 1 
      Actuarial (gain) loss7 (61)37 (374)(4)0 
      Benefits and expenses paid(13)(13)(58)(29)(4)(5)
      Curtailment (gain) loss0 0 (106)0 0 0 
      Effect of foreign exchange
         rate changes		(20)(55)0 0 0 0 
               Benefit obligation, end of year324 327 764 843 25 32 
Plan assets:
      Fair value of plan assets,
         beginning of year		335 415 659 885 0 0 
      Actual return on plan assets17 (46)39 (205)0 0 
      Employer contributions27 34 8 8 4 5 
      Benefits and expenses paid(13)(13)(58)(29)(4)(5)
      Effect of foreign exchange
         rate changes		(22)(55)0 0 0 0 
               Fair value of plan assets,
                  end of year		344 335 648 659 0 0 
Funded status of the plans(1)
$20 $8 $(116)$(184)$(25)$(32)
Amounts recognized in accumulated other
    comprehensive income:
      Net actuarial (gain) loss$30 $35 $(13)$10 $2 $8 
      Prior service (credit) cost0 0 (2)(2)0 0 
               Total included in accumulated
                  other comprehensive income		$30 $35 $(15)$8 $2 $8 
Accumulated benefit obligation$213 $215 $764 $741 N/AN/A
(1) Underfunded amounts are recognized in other liabilities in the consolidated balance sheets and overfunded amounts are recognized in other assets in the consolidated balance sheets
Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets
Pension Benefits
JapanU.S.
(In millions)2023202220232022
Accumulated benefit obligation $213 $215 $764 $741 
Fair value of plan assets344 335 648 659 
Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets
Information for Pension Plans with a Projected Benefit Obligation in Excess of Plan Assets
Pension Benefits
Japan (1)
U.S.(2)
(In millions)2023202220232022
Projected benefit obligation $324 $327 $764 $843 
Fair value of plan assets344 335 648 659 
(1) The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $20 and $8 at December 31, 2023 and 2022, respectively, and was classified as other assets on the statement of financial position.
(2) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $116 and $184 at December 31, 2023 and 2022, respectively, and was classified as liabilities on the statement of financial position.
Schedule of Assumptions Used
Pension BenefitsOther
JapanU.S.Postretirement Benefits
202320222021202320222021202320222021
Weighted-average
  actuarial assumptions:		                    
Discount rate - net periodic
  benefit cost		1.95 %.94 %.75 %5.24 %
(1)
2.94 %2.68 %5.28 %2.94 %2.68 %
Discount rate - benefit
  obligations		1.84 1.95 .94 5.04 5.28 2.94   5.04 5.28 2.94   
Expected long-term return
  on plan assets		2.00 2.00 2.00 4.75 5.50 5.75 N/AN/AN/A
Rate of compensation
  increase		N/AN/AN/A4.00 4.00 4.00 N/AN/AN/A
Health care cost trend ratesN/AN/AN/AN/AN/AN/A6.80 
(2)
6.50 
(2)
5.80 
(2)
(1) An interim valuation was required due to the U.S. pension plan curtailment. The rate shown is the rate used on the interim valuation date of June 12, 2023.
(2) For the years 2023, 2022 and 2021, the health care cost trend rates are expected to trend down to 3.7% in 50 years, 3.7% in 51 years, and 3.7% in 52 years, respectively.
Schedule of Net Benefit Costs Total net periodic benefit cost includes the following components:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202320222021202320222021202320222021
Service cost$14 $19 $23 $7 $26 $28 $0 $0 $0 
Interest cost9 5 6 41 34 32 1 1 1 
Expected return on plan
  assets		(7)(8)(8)(34)(42)(41)0 0 0 
Amortization of net actuarial
  loss		0 1 2 (2)21 30 2 2 3 
Curtailment (gain) loss0 0 0 (49)0 0 0 0 0 
Net periodic (benefit) cost$16 $17 $23 $(37)$39 $49 $3 $3 $4 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table summarizes the amounts recognized in other comprehensive loss (income) for the years ended December 31:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202320222021202320222021202320222021
Net actuarial loss (gain)$(5)$(14)$(22)$31 $(127)$(90)$(4)$0 $(2)
Amortization of net
  actuarial loss
0 (1)(2)2 (21)(30)(2)(2)(3)
Amortization of prior
  service cost 		0 0 1 0 0 0 0 0 0 
Curtailment (gain)
  loss		0 0 0 (57)0 0 0 0 0 
     Total$(5)$(15)$(23)$(24)$(148)$(120)$(6)$(2)$(5)
Schedule of Expected Benefit Payments
The following table provides expected benefit payments, which reflect expected future service, as appropriate.
Pension BenefitsOther
(In millions)JapanU.S.Postretirement Benefits
2024$10 $34 $4 
202516 35 4 
202612 37 4 
202712 44 3 
202813 44 2 
2029-203374 234 4 
Schedule of Allocation of Plan Assets Asset allocation targets as of December 31, 2023 were as follows:
Japan
Pension		U.S.
Pension
Domestic equities6 %0 %
International equities11 0 
Fixed income securities63 100 
Other20 0 
     Total100 %100 %
Plan Assets  
Fair Value, Assets Measured on Recurring Basis
The following tables present the fair value of Aflac Japan's pension plan assets that are measured at fair value on a recurring basis as of December 31.
  2023
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Japan pension plan assets:
Equities:
Japanese equity securities$0 $21 $0 $21 
International equity securities0 38 0 38 
Fixed income securities:
Japanese bonds0 22 0 22 
International bonds0 194 0 194 
Insurance contracts0 26 0 26 
Alternative investments0 0 16 16 
Cash and cash equivalents27 0 0 27 
Total $27 $301 $16 $344 
  2022
(In millions)Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
Fair
Value
Japan pension plan assets:
Equities:
Japanese equity securities$0 $20 $0 $20 
International equity securities0 57 0 57 
Fixed income securities:
Japanese bonds0 20 0 20 
International bonds0 210 0 210 
Insurance contracts0 28 0 28 
Total $0 $335 $0 $335 

The following table presents the fair value of Aflac U.S.'s pension plan assets that are measured at fair value on a recurring basis as of December 31. All of these assets are classified as Level 1 in the fair value hierarchy.
(In millions)20232022
U.S. pension plan assets:
Mutual funds:
Fixed income bond funds648 $641 
Cash and cash equivalents0 18 
Total$648 $659 
Aflac Japan | Plan Assets  
Schedule of Changes in Fair Value of Plan Assets
The following table presents the changes in fair value of Aflac Japan' pension plan assets that are classified as Level 3.
(In millions)Alternative Investments
Balance at December 31, 2022$0 
Actual return on plan assets:
Relating to assets still held at the reporting date0 
Relating to assets sold during the period0 
Purchases, sales and settlements16 
Transfers in and/or out of Level 30 
Balance at December 31, 2023$16