SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2024

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 six-month periods ended June 30.

(In thousands of shares)	2024	2023
Common stock - issued:
Balance, beginning of period	1,355,398	1,354,079
Exercise of stock options and issuance of restricted shares	1,220	1,148
Balance, end of period	1,356,618	1,355,227
Treasury stock:
Balance, beginning of period	776,919	738,823
Purchases of treasury stock:
Share repurchase program	18,564	20,809
Other	480	354
Dispositions of treasury stock:
Shares issued to AFL Stock Plan	(430)	(498)
Exercise of stock options	(98)	(52)
Other	(186)	(178)
Balance, end of period	795,249	759,258
Shares outstanding, end of period	561,369	595,969

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 June 30,				Six Months Ended June 30,
(In thousands)	2024		2023		2024		2023
Anti-dilutive share-based awards		0		39		35		102

Share Repurchase Program

During the first six months of 2024, the Company repurchased 18.6 million shares of its common stock for $1.6 billion as part of its share repurchase program. During the first six months of 2023, the Company repurchased 20.8 million shares of its common stock for $1.4 billion as part of its share repurchase program. As of June 30, 2024, a remaining balance of 59.2 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 June 30, 2024
(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 Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2024		$	(4,666)		$	1,092		$	(26)		$	(1,495)		$	(7)		$	(5,102)
Other comprehensive    income (loss) before    reclassification		(425)			(652)			3			2,920			3			1,849
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(39)			1			0			(1)			(39)
Net current-period other    comprehensive    income (loss)		(425)			(691)			4			2,920			2			1,810
Balance at June 30, 2024		$	(5,091)		$	401		$	(22)		$	1,425		$	(5)		$	(3,292)

All amounts in the table above are net of tax.

Three Months Ended June 30, 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 Assumptions			Pension Liability Adjustment			Total
Balance at March 31, 2023		$	(3,618)		$	1,289		$	(26)		$	(4,894)		$	(29)		$	(7,278)
Other comprehensive    income (loss) before    reclassification		(631)			710			0			(165)			45			(41)
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(21)			1			0			1			(19)
Net current-period other    comprehensive    income (loss)		(631)			689			1			(165)			46			(60)
Balance at June 30, 2023		$	(4,249)		$	1,978		$	(25)		$	(5,059)		$	17		$	(7,338)

All amounts in the table above are net of tax.

Six Months Ended June 30, 2024
(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 Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2023		$	(4,069)		$	1,139		$	(22)		$	(2,560)		$	(8)		$	(5,520)
Other comprehensive    income (loss) before    reclassification		(1,022)			(566)			(2)			3,985			4			2,399
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(172)			2			0			(1)			(171)
Net current-period other    comprehensive    income (loss)		(1,022)			(738)			0			3,985			3			2,228
Balance at June 30, 2024		$	(5,091)		$	401		$	(22)		$	1,425		$	(5)		$	(3,292)

All amounts in the table above are net of tax.

Six Months Ended June 30, 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 Assumptions			Pension Liability Adjustment			Total
Balance at December 31, 2022		$	(3,564)		$	(702)		$	(27)		$	(2,100)		$	(36)		$	(6,429)
Other comprehensive    income (loss) before    reclassification		(685)			2,746			1			(2,959)			52			(845)
Amounts reclassified from    accumulated other    comprehensive income   (loss)		0			(66)			1			0			1			(64)
Net current-period other    comprehensive    income (loss)		(685)			2,680			2			(2,959)			53			(909)
Balance at June 30, 2023		$	(4,249)		$	1,978		$	(25)		$	(5,059)		$	17		$	(7,338)

All amounts in the table above are net of tax.

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 June 30, 2024
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		$	50	Net investment gains (losses)
		(11)		Tax (expense) or benefit(1)
		$	39	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)		$	1	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	1	Net of tax
Total reclassifications for the period		$	39	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 June 30, 2023
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		$	27	Net investment gains (losses)
		(6)		Tax (expense) or benefit(1)
		$	21	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)		$	(1)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	19	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)	Six Months Ended June 30, 2024
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		$	218	Net investment gains (losses)
		(46)		Tax (expense) or benefit(1)
		$	172	Net of tax
Unrealized gains (losses) on derivatives		$	(2)	Net investment gains (losses)
		0		Tax (expense) or benefit(1)
		$	(2)	Net of tax
Amortization of defined benefit pension items:
Actuarial gains (losses)		$	1	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	1	Net of tax
Total reclassifications for the period		$	171	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)	Six Months Ended June 30, 2023
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		$	84	Net investment gains (losses)
		(18)		Tax (expense) or benefit(1)
		$	66	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)		$	(1)	Acquisition and operating expenses(2)
Prior service (cost) credit		0		Acquisition and operating expenses(2)
		0		Tax (expense) or benefit(1)
		$	(1)	Net of tax
Total reclassifications for the period		$	64	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).