AFLAC INC
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 22, 2024
AFL$126.64+1.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| (In millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net earnings | $4,659 | $4,418 | $4,231 |
| Adjustments to reconcile net earnings to net cash provided (used) by operating activities: | |||
| Change in receivables and advance premiums | (133) | 5 | 72 |
| Capitalization of deferred policy acquisition costs | (1,086) | (1,054) | (1,063) |
| Amortization of deferred policy acquisition costs | 816 | 792 | 835 |
| Increase in policy liabilities | (552) | 726 | 774 |
| Change in income tax liabilities | (967) | (509) | 96 |
| Net investment (gains) losses | (590) | (363) | (468) |
| Other, net | 1,043 | (136) | 574 |
| Net cash provided (used) by operating activities | 3,190 | 3,879 | 5,051 |
| Cash flows from investing activities: | |||
| Proceeds from investments sold or matured: | |||
| Available-for-sale fixed maturity securities | 3,811 | 4,418 | 4,157 |
| Equity securities | 404 | 570 | 264 |
| Held-to-maturity fixed maturity securities | 3 | 3 | 4 |
| Commercial mortgage and other loans | 1,641 | 2,190 | 4,099 |
| Costs of investments acquired: | |||
| Available-for-sale fixed maturity securities | (2,801) | (3,514) | (5,813) |
| Equity securities | (357) | (461) | (492) |
| Commercial mortgage and other loans | (996) | (3,897) | (5,282) |
| Other investments, net | (417) | (227) | (1,066) |
| Settlement of derivatives, net | 79 | (61) | 199 |
| Cash received (pledged or returned) as collateral, net | (401) | (673) | 1,511 |
| Other, net | (149) | 112 | 41 |
| Net cash provided (used) by investing activities | 817 | (1,540) | (2,378) |
| Cash flows from financing activities: | |||
| Purchases of treasury stock | (2,801) | (2,401) | (2,301) |
| Proceeds from borrowings | 204 | 1,277 | 1,153 |
| Principal payments under debt obligations | 0 | (1,416) | (700) |
| Dividends paid to shareholders | (966) | (979) | (855) |
| Change in investment-type contracts, net | (160) | (83) | (36) |
| Treasury stock reissued | 17 | 17 | 26 |
| Other, net | (17) | 34 | (26) |
| Net cash provided (used) by financing activities | (3,723) | (3,551) | (2,739) |
| Effect of exchange rate changes on cash and cash equivalents | 79 | 104 | (24) |
| Net change in cash and cash equivalents | 363 | (1,108) | (90) |
| Cash and cash equivalents, beginning of period | 3,943 | 5,051 | 5,141 |
| Cash and cash equivalents, end of period | $4,306 | $3,943 | $5,051 |
| Supplemental disclosures of cash flow information: | |||
| Income taxes paid | $1,569 | $961 | $880 |
| Interest paid | 185 | 211 | 213 |
| Noncash interest | 10 | 14 | 24 |
| Noncash real estate acquired in satisfaction of debt | 217 | 0 | 0 |
| Noncash financing activities: | |||
| Lease obligations | 75 | 102 | 46 |
| Treasury stock issued for: | |||
| Associate stock bonus | 17 | 14 | 19 |
| Shareholder dividend reinvestment | 37 | 37 | 32 |
| Share-based compensation grants | 5 | 6 | 4 |
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