XML 62 R44.htm IDEA: XBRL DOCUMENT v3.25.4
BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Funded Status
Information with respect to the Company's benefit plans' assets and obligations as of December 31 follows:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202520242025202420252024
Projected benefit obligation:
      Benefit obligation, beginning of year$282 $324 $584 $764 $23 $25 
      Service cost13 14 0 0 0 0 
      Interest cost9 8 15 36 1 1 
      Actuarial (gain) loss(45)(18)8 (7)3 2 
      Benefits and expenses paid(15)(16)(15)(32)(5)(5)
      Settlement0 0 (420)(177)0 0 
      Effect of foreign exchange
         rate changes		5 (30)0 0 0 0 
               Benefit obligation, end of year249 282 172 584 22 23 
Plan assets:
      Fair value of plan assets,
         beginning of year		345 344 439 648 0 0 
      Actual return on plan assets23 27 0 (8)0 0 
      Employer contributions28 27 9 8 5 5 
      Benefits and expenses paid(15)(16)(15)(32)(5)(5)
      Settlement0 0 (420)(177)0 0 
      Effect of foreign exchange
         rate changes		2 (37)0 0 0 0 
               Fair value of plan assets,
                  end of year		383 345 13 439 0 0 
Funded status of the plans(1)
$134 $63 $(159)$(145)$(22)$(23)
Amounts recognized in accumulated other
    comprehensive income:
      Net actuarial (gain) loss$(68)$(10)$(40)$1 $6 $4 
      Prior service (credit) cost0 0 (1)(1)0 0 
               Total included in accumulated
                  other comprehensive income		$(68)$(10)$(41)$0 $6 $4 
Accumulated benefit obligation$162 $184 $172 $584 N/AN/A
(1) Underfunded amounts are included in other liabilities in the consolidated balance sheets and overfunded amounts are included 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)2025202420252024
Accumulated benefit obligation $162 $184 $172 $584 
Fair value of plan assets383 345 13 439 
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)2025202420252024
Projected benefit obligation $249 $282 $172 $584 
Fair value of plan assets383 345 13 439 
(1) The net amount of projected benefit obligation and plan assets for the overfunded Japan pension plan was $134 and $63 at December 31, 2025 and 2024, respectively, and was included in other assets in the consolidated balance sheets.
(2) The net amount of projected benefit obligation and plan assets for the underfunded (including unfunded) U.S. pension plan was $159 and $145 at December 31, 2025 and 2024, respectively, and was included in other liabilities in the consolidated balance sheets.
Schedule of Assumptions Used
Pension BenefitsOther
JapanU.S.Postretirement Benefits
202520242023202520242023202520242023
Weighted-average
  actuarial assumptions:		                    
Discount rate - net periodic
  benefit cost		2.31 %1.84 %1.95 %5.60 %5.33 %
(1)
5.24 %
(2)
5.60 %5.04 %5.28 %
Discount rate - benefit
  obligations		3.39 2.31 1.84 5.34 5.60 5.04   4.49 5.60 5.04   
Expected long-term return
  on plan assets		2.00 2.00 2.00 4.75 4.75 4.75 N/AN/AN/A
Rate of compensation
  increase		5.90 5.90 N/AN/AN/A4.00 N/AN/AN/A
Health care cost trend ratesN/AN/AN/AN/AN/AN/A6.50 
(3)
6.30 
(3)
6.80 
(3)
(1) An interim valuation was required due to the U.S. pension plan settlement. The rate shown is the rate used on the interim valuation date of November 1, 2024.
(2) 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.
(3) For the years 2025, 2024 and 2023, the health care cost trend rates are expected to trend down to 3.7% in 48 years, 3.7% in 49 years, and 3.7% in 50 years, respectively.
Schedule of Net Benefit Costs Total net periodic benefit cost includes the following components:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202520242023202520242023202520242023
Service cost$13 $14 $14 $0 $0 $7 $0 $0 $0 
Interest cost9 8 9 15 36 41 1 1 1 
Expected return on
  plan assets		(7)(7)(7)(5)(30)(34)0 0 0 
Amortization of net
  actuarial (gain) loss		0 0 0 (1)(1)(2)1 0 2 
Amortization of prior
  service cost (credit)		0 0 0 0 (1)0 0 0 0 
Curtailment (gain) loss0 0 0 0 0 (49)0 0 0 
Settlement (gain) loss0 0 0 55 18 0 0 0 0 
Net periodic benefit
  cost (credit)		$15 $15 $16 $64 $22 $(37)$2 $1 $3 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table summarizes the amounts recognized in other comprehensive loss (income) for the years ended December 31:
Pension BenefitsOther
JapanU.S.Postretirement Benefits
(In millions)202520242023202520242023202520242023
Net actuarial (gain) loss$(58)$(40)$(5)$13 $31 $31 $3 $2 $(4)
Amortization of net
  actuarial gain (loss)
0 0 0 1 1 2 (1)0 (2)
Amortization of prior
  service cost 		0 0 0 0 1 0 0 0 0 
Curtailment (gain) loss0 0 0 0 0 (57)0 0 0 
Settlement (gain) loss0 0 0 (55)(18)0 0 0 0 
Total$(58)$(40)$(5)$(41)$15 $(24)$2 $2 $(6)
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
2026$16 $10 $4 
202712 16 4 
202812 14 3 
202913 13 2 
203013 13 1 
2031-203580 64 4 
Schedule of Allocation of Plan Assets Asset allocation targets as of December 31, 2025 were as follows:
Japan
Pension		U.S.
Pension
Domestic equities9 %0 %
International equities11 0 
Fixed income securities46 0 
Other34 100 
     Total100 %100 %
Schedule of Changes in Fair Value of Plan Assets
The following tables present the changes in fair value of Aflac Japan's pension plan assets that are classified as Level 3 for the years ended December 31.
2025
(In millions)International
Bonds		Alternative InvestmentsTotal
Balance, beginning of period$0 $62 $62 
Actual return on plan assets:
Relating to assets still held at the reporting date0 3 3 
Relating to assets sold during the period0 0 0 
Purchases, sales and settlements29 0 29 
Transfers in and/or out of Level 30 0 0 
Balance, end of period$29 $65 $94 
2024
(In millions)Alternative InvestmentsTotal
Balance, beginning of period$16 $16 
Actual return on plan assets:
Relating to assets still held at the reporting date2 2 
Relating to assets sold during the period0 0 
Purchases, sales and settlements44 44 
Transfers in and/or out of Level 30 0 
Balance, end of period$62 $62 
Japan  
Defined Benefit Plan Disclosure [Line Items]  
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.
  2025
(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 $35 $0 $35 
International equity securities0 44 0 44 
Fixed income securities:
Japanese bonds0 17 0 17 
International bonds0 129 29 158 
Insurance contracts0 63 0 63 
Alternative investments0 0 65 65 
Cash and cash equivalents1 0 0 1 
Total $1 $288 $94 $383 
  2024
(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 $29 $0 $29 
International equity securities0 36 0 36 
Fixed income securities:
International bonds0 154 0 154 
Insurance contracts0 64 0 64 
Alternative investments0 0 62 62 
Total $0 $283 $62 $345 
U.S.  
Defined Benefit Plan Disclosure [Line Items]  
Fair Value, Assets Measured on Recurring Basis
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)20252024
U.S. pension plan assets:
Mutual funds:
Fixed income bond funds$0 $435 
Cash and cash equivalents13 4 
Total$13 $439