Aflac incorporated (AFL)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08Dec'07
Cash flows from operating activities:
Net earnings

3,304

2,920

4,604

2,659

2,533

2,951

3,158

2,866

1,937

2,328

1,497

1,254

1,634

Adjustments to reconcile net earnings to net cash provided by operating activities:
Change in receivables and advance premiums

32

55

91

-42

-147

7

8

199

-25

-1,078

-406

10

176

Capitalization of deferred policy acquisition costs

1,452

1,504

1,468

1,447

1,307

-

-

-

-

-

-

-

-

Amortization of deferred policy acquisition costs

1,282

1,245

1,132

1,141

1,066

-

-

-

-

-

-

-

-

Increase in deferred policy acquisition costs

-

-

-

-

-

225

404

643

505

327

358

462

454

Increase in policy liabilities

2,104

2,343

2,890

3,331

3,524

3,614

6,806

12,005

7,402

3,448

3,019

3,235

3,194

Change in income tax liabilities

-244

64

-1,240

-93

-36

123

993

712

266

137

139

-271

421

Gain (Loss) on Investments

-135

-430

-151

-14

106

215

399

-349

-1,552

-422

-1,212

-1,007

28

Other, net

-358

-571

-150

-340

-955

-309

-401

138

-165

97

-246

212

65

Net cash provided (used) by operating activities

5,455

6,014

6,128

5,987

6,776

6,550

10,547

14,952

10,842

6,989

6,161

4,965

4,656

Cash flows from investing activities:
Proceeds from investments sold or matured:
Available-for-sale fixed maturity securities

5,284

7,888

4,680

6,723

-

-

-

-

-

-

-

-

-

Equity securities

650

429

902

350

1

0

0

-

-

328

2

0

0

Fixed maturity securities sold

-

-

-

-

3,224

4,178

9,631

7,385

14,385

2,724

4,798

897

1,261

Fixed maturity securities matured or called

-

-

-

-

1,132

1,001

2,907

1,959

170

1,243

1,976

1,496

1,552

Perpetual securities sold

-

-

-

-

-

-

264

1,599

690

700

595

484

194

Perpetual securities matured or called

-

-

-

-

647

203

256

376

0

0

-

-

140

Held-to-maturity fixed maturity securities

622

1,670

2,212

1,399

766

8,475

6,515

1,859

728

196

212

-

-

Commercial mortgage and other loans

1,814

936

303

90

-

-

-

-

-

-

-

-

-

Costs of investments acquired:
Fixed maturities matured or called

-

-

-

-

-

-

-

-

-

-

-

247

45

Available for sale fixed maturity securities

6,934

9,086

9,867

10,890

6,507

10,978

22,967

19,533

8,392

9,943

7,521

4,042

3,848

Equity securities

347

440

446

1,079

454

5

0

0

-

330

2

0

0

Commercial mortgage and other loans

4,401

4,848

2,115

1,110

-

-

-

-

-

-

-

-

-

Other investments, net

653

414

206

98

70

-272

319

6

-

-

-

-

-

Held to maturity fixed maturities acquired

-

-

-

-

-

3,564

6,756

16,550

18,995

2,010

4,167

3,973

2,920

Purchase of subsidiary

-

-

-

-

40

0

0

-

-

-

83

0

0

Settlement of derivatives, net

9

241

621

-1,252

2,119

636

1,624

0

0

-

-

-

-

Cash received (pledged or returned) as collateral, net

-926

-348

205

416

1,391

3,217

-1,037

-5,439

-647

312

1,214

-670

23

Other, net

123

-176

68

76

86

-30

35

-520

62

28

72

62

55

Net cash provided (used) by investing activities

-3,171

-3,582

-5,431

-3,855

-4,897

-4,241

-11,091

-16,952

-10,829

-7,432

-5,476

-4,283

-3,654

Cash flows from financing activities:
Purchases of treasury stock

1,627

1,301

1,351

1,422

1,315

1,210

813

118

308

121

10

1,490

606

Proceeds from borrowings

615

1,020

1,040

986

998

750

700

1,506

620

748

1,405

0

242

Principal payments under debt obligations

0

550

1,161

610

1,272

335

0

341

462

451

560

5

247

Dividends paid to shareholders

771

793

661

658

656

654

635

603

552

535

524

434

373

Change in investment-type contracts, net

-1

-31

35

159

256

1,253

1,790

1,457

733

419

364

471

210

Treasury stock reissued

49

58

33

46

36

33

88

32

26

45

17

32

47

Other, net

22

-19

0

-120

-234

16

6

12

7

56

7

43

72

Net cash provided (used) by financing activities

-1,713

-1,616

-2,065

-1,619

-2,187

-147

1,136

1,945

64

161

699

-1,383

-655

Effect of exchange rate changes on cash and cash equivalents

-12

30

0

-4

0

-47

-90

-153

51

80

-2

79

13

Cash and Cash Equivalents, Period Increase (Decrease)

559

846

-1,368

509

-308

2,115

502

-208

128

-202

1,382

-622

360

Supplemental disclosures of cash flow information:
Income taxes paid

1,384

998

780

1,526

996

1,416

754

788

828

1,017

627

765

416

Interest paid

190

181

196

211

236

241

210

178

164

125

61

27

26

Noncash interest

37

41

44

57

53

76

82

83

32

24

-

-

-

Impairment losses and loan loss reserves included in realized investment losses

31

81

37

85

154

31

199

977

1,901

459

1,361

753

23

Lease obligations

132

11

12

1

6

9

0

4

6

3

2

3

1

Treasury stock issued for:
Dividends declared

-

-

-

-

-

-

-

-

-

-

-

131

0

Associate stock bonus

-

-

-

-

-

-

-

-

-

-

-

43

38

Shareholder dividend reinvestment

-

-

-

-

-

-

-

-

-

-

-

20

19

Share-based compensation grants

-

-

-

-

-

-

-

-

-

-

-

2

2

Senior Notes due 2039 and 2040
Expense on extinguishment of debt

-

-

-

-137

-

-

-

-

-

-

-

-

-

Associate stock bonus
Treasury stock issued

15

7

29

30

-

-

-

-

-

-

-

-

-

Shareholder dividend reinvestment
Treasury stock issued

30

8

29

27

-

-

-

-

-

-

-

-

-

Share-based compensation grants
Treasury stock issued

5

2

1

4

-

-

-

-

-

-

-

-

-