Aflac incorporated (AFL)
CashFlow / TTM
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10Dec'09Sep'09Jun'09Mar'09
Cash flows from operating activities:
Net earnings

2,942

3,304

3,048

3,115

3,131

2,920

4,978

4,849

4,729

4,604

2,772

2,685

2,520

2,659

2,638

2,576

2,601

2,533

2,506

2,645

2,882

2,951

2,923

2,919

2,998

3,158

3,064

3,379

2,973

2,866

2,823

2,542

2,333

1,937

1,820

1,774

2,081

2,328

2,159

1,832

1,564

1,497

0

0

0

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

52

32

64

71

34

55

86

100

183

91

31

3

-116

-42

-90

-199

-38

-147

-93

30

37

7

-19

13

40

8

25

97

-21

199

2,010

974

453

-25

-2,191

-1,581

-1,304

-1,078

-897

-704

-384

-406

0

0

0

Capitalization of deferred policy acquisition costs

1,420

1,452

1,479

1,500

1,512

1,504

1,473

1,491

1,482

1,468

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization of deferred policy acquisition costs

1,275

1,282

1,280

1,277

1,271

1,245

1,216

1,172

1,152

1,132

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Increase in deferred policy acquisition costs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

249

-

242

227

228

225

220

270

330

404

481

551

602

643

666

612

547

505

356

367

376

327

395

376

340

358

0

0

0

Increase in policy liabilities

2,004

2,104

2,181

2,016

2,239

2,343

2,574

2,910

2,796

2,890

3,139

3,003

3,078

3,331

3,157

3,464

3,608

3,524

3,636

3,696

3,471

3,614

3,827

4,411

5,384

6,806

8,287

10,085

11,477

12,005

13,514

11,427

9,379

7,402

4,244

3,897

3,720

3,448

3,263

3,071

2,964

3,019

0

0

0

Change in income tax liabilities

-407

-244

-59

-24

511

64

-1,525

-1,788

-1,642

-1,240

595

411

545

-93

-358

-302

-247

-36

350

336

287

123

301

304

480

993

749

1,213

925

712

591

460

398

266

197

-133

56

137

33

103

-119

139

0

0

0

Gain (Loss) on Investments

-669

-135

-501

-294

-225

-430

-61

-86

-145

-151

178

-16

-184

-14

-278

-228

123

106

169

299

274

215

92

98

197

399

207

471

-148

-349

-399

-768

-1,018

-1,552

-1,625

-1,534

-955

-422

-600

-955

-1,246

-1,212

0

0

0

Other, net

-314

-358

-210

-457

-489

-571

-446

-132

-94

-150

-515

-505

-280

-340

-596

-619

-1,019

-955

-569

-400

-294

-309

-1,207

-728

-35

-401

727

153

-286

138

-156

-98

-103

-165

115

-58

256

97

-310

13

-401

-246

0

0

0

Net cash provided (used) by operating activities

5,325

5,455

5,618

5,564

6,320

6,014

6,191

5,770

5,609

6,128

6,463

6,298

6,413

5,987

6,126

6,527

6,647

6,776

6,743

6,521

6,395

6,550

7,965

7,981

8,330

10,547

10,660

13,405

15,228

14,952

14,807

13,709

12,231

10,842

9,606

8,344

7,878

6,989

6,627

6,310

5,790

6,161

0

0

0

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

5,250

5,284

5,024

6,124

7,705

7,888

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Equity securities

500

650

630

367

425

429

516

961

904

902

932

457

505

350

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Fixed maturity securities sold

-

-

-

-

-

-

-

-

-

-

-

-

6,276

-

2,373

2,489

3,006

3,224

4,234

4,052

3,985

4,178

2,050

9,266

9,767

9,631

11,363

8,304

7,700

7,385

12,883

13,600

13,720

14,385

7,965

3,436

2,903

2,724

2,374

2,140

1,935

4,798

0

0

0

Fixed maturity securities matured or called

-

-

-

-

-

-

-

-

-

-

-

-

892

-

1,201

1,226

1,474

1,132

983

1,189

845

1,001

1,581

1,342

1,787

2,907

2,392

2,916

2,596

1,959

413

333

319

170

0

0

0

-

-

1,039

1,039

1,976

0

0

0

Perpetual securities sold

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,599

1,849

1,361

1,181

690

230

344

707

700

1,193

1,075

649

595

0

0

0

Perpetual securities matured or called

-

-

-

-

-

-

-

-

-

-

-

-

-

-

487

533

526

647

597

551

359

203

-3

-161

-15

256

257

417

269

376

316

315

378

0

0

0

0

-

-

-

-

-

-

-

-

Held-to-maturity fixed maturity securities

467

622

1,227

995

1,775

1,670

1,378

1,779

2,034

2,212

2,167

1,974

1,350

1,399

1,034

1,082

958

766

697

4,136

4,110

8,475

9,352

5,688

5,954

6,515

5,899

6,387

6,334

1,859

1,597

1,461

1,137

728

0

0

0

-

-

-

-

-

-

-

-

Commercial mortgage and other loans

1,729

1,814

1,632

1,466

1,283

936

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other investments - loan receivables proceeds

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Costs of investments acquired:
Fixed maturities matured or called

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

0

0

0

Available for sale fixed maturity securities

6,203

6,934

7,149

6,640

7,659

9,086

10,885

11,003

10,116

9,867

12,846

12,725

12,705

10,890

7,459

7,330

6,976

6,507

5,938

6,982

7,823

10,978

14,989

21,307

24,404

22,967

23,655

24,928

21,668

19,533

14,846

6,835

6,503

8,392

9,641

10,159

10,264

9,943

8,750

7,562

6,499

7,521

0

0

0

Equity securities

202

347

423

388

425

440

393

501

455

446

602

566

872

1,079

1,255

1,145

818

454

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Commercial mortgage and other loans

5,519

4,401

3,332

3,677

3,745

4,848

5,349

4,328

3,764

2,115

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other investments, net

572

653

960

855

731

414

175

269

217

206

-536

-114

89

98

844

363

186

70

-3,935

-100

-122

-272

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Held to maturity fixed maturities acquired

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6,756

2,101

8,761

11,577

16,550

23,317

23,929

23,359

18,995

12,195

4,852

2,477

2,010

2,162

2,903

3,637

4,167

0

0

0

Settlement of derivatives, net

-7

9

87

219

243

241

522

623

578

621

191

-554

-935

-1,252

-1,326

-745

-137

2,119

2,511

2,590

2,299

636

495

308

1,093

1,624

1,496

1,562

851

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Cash received (pledged or returned) as collateral, net

-1,110

-926

-79

2,267

3,254

-348

-1,481

-3,034

-3,719

205

339

20

-427

416

337

915

2,083

1,391

6,035

1,160

37

3,217

-8,057

-2,750

-4,430

-1,037

5,919

-1,314

-14

-5,439

-5,732

146

52

-647

-704

299

265

312

0

17

-375

1,214

0

0

0

Other, net

163

123

-3

-228

-195

-176

-178

-47

79

68

78

85

-60

76

111

92

305

86

11

-119

-111

-30

545

110

47

35

-1,185

-459

-541

-520

176

13

73

62

41

46

49

28

49

36

9

72

0

0

0

Net cash provided (used) by investing activities

-3,596

-3,171

-3,356

-4,866

-4,674

-3,582

-5,716

-4,357

-4,103

-5,431

-4,104

-3,943

-3,895

-3,855

-3,452

-3,760

-4,306

-4,897

-4,180

-4,213

-4,196

-4,241

-7,714

-8,875

-10,129

-11,091

-11,974

-14,704

-15,601

-16,952

-15,549

-13,853

-13,252

-10,829

-10,131

-9,290

-7,476

-7,432

-6,669

-6,344

-6,120

-5,476

0

0

0

Cash flows from financing activities:
Purchases of treasury stock

1,586

1,627

1,535

1,547

1,495

1,301

1,221

1,139

1,037

1,351

1,253

1,221

1,420

1,422

1,456

1,481

1,317

1,315

1,593

1,536

1,399

1,210

1,204

1,048

1,078

813

412

395

264

118

53

96

134

308

384

338

300

121

11

13

13

10

0

0

0

Proceeds from borrowings

1,160

615

1,288

1,288

1,018

1,020

516

516

518

1,040

522

1,510

1,510

986

988

0

9

998

1,748

1,748

1,739

750

0

0

700

700

750

1,457

757

1,506

1,452

1,369

1,369

620

0

0

0

-

-

-

-

-

-

-

-

Principal payments under debt obligations

0

-

-

-

0

-

-

-

-

1,161

1,038

1,265

1,264

610

0

0

0

-

-

-

-

-

-

-

-

-

-

-

340

341

340

800

462

462

457

450

451

451

472

14

560

560

0

0

0

Dividends paid to shareholders

771

771

777

786

793

793

765

729

690

661

657

656

657

658

659

658

658

656

657

658

656

654

649

644

639

635

630

622

614

603

593

588

565

552

544

533

539

535

526

524

524

524

0

0

0

Change in investment-type contracts, net

7

-1

-14

-74

-51

-31

-21

21

24

35

81

100

132

159

160

191

217

256

300

377

801

1,253

1,818

2,432

2,192

1,790

1,500

1,237

1,294

1,457

1,356

1,059

906

733

592

503

454

419

389

386

363

364

0

0

0

Treasury stock reissued

46

49

60

72

56

58

46

28

36

33

32

44

50

46

45

35

30

36

36

32

30

33

54

70

85

88

72

60

46

32

27

11

15

26

24

35

54

45

50

49

20

17

0

0

0

Other, net

21

22

-4

-9

-14

-19

-19

-14

-6

0

-84

-81

-80

-120

-42

-45

-284

-234

-213

-213

27

16

-3

1

0

6

18

11

9

12

11

9

7

7

25

28

47

56

40

44

30

7

0

0

0

Net cash provided (used) by financing activities

-1,473

-1,713

-1,532

-1,606

-1,829

-1,616

-1,965

-1,822

-1,662

-2,065

-2,397

-1,569

-1,729

-1,619

-1,196

-2,381

-3,275

-2,187

-1,651

-1,435

207

-147

-319

811

1,260

1,136

1,297

1,746

888

1,945

1,860

964

1,136

64

-120

-7

13

161

619

489

721

699

0

0

0

Effect of exchange rate changes on cash and cash equivalents

0

-12

57

80

-5

30

-8

-8

31

0

-305

-222

-33

-4

272

211

20

0

-58

-22

-37

-47

-15

-53

-63

-90

-219

-189

-129

-153

5

19

7

51

73

60

62

80

53

40

24

-2

0

0

0

Net change in cash and cash equivalents

0

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash and Cash Equivalents, Period Increase (Decrease)

-

-

-

-

-

846

-1,498

-417

-125

-1,368

-343

564

756

509

1,750

597

-914

-308

854

851

2,369

2,115

-83

-136

-602

502

-236

258

386

-208

1,123

839

122

128

-572

-893

477

-202

630

495

415

1,382

0

0

0

Supplemental disclosures of cash flow information:
Income taxes paid

1,388

1,384

1,121

1,128

600

998

914

1,231

1,118

780

625

875

805

1,526

1,594

1,413

1,258

996

1,000

1,070

1,234

1,416

1,493

1,232

1,158

754

699

595

727

788

900

956

950

828

781

945

848

1,017

1,003

855

840

627

0

0

0

Interest paid

193

190

189

184

181

181

176

183

185

196

200

213

204

211

203

210

243

236

258

247

237

241

242

228

218

210

198

198

177

178

195

175

196

164

136

145

127

125

116

98

65

61

0

0

0

Noncash interest

30

37

38

42

42

41

47

46

50

44

54

46

60

57

58

53

29

53

46

67

82

76

76

84

84

82

89

84

98

83

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

Impairment losses and loan loss reserves included in realized investment losses

-

-

-

-

-

81

27

30

34

37

41

57

81

85

82

195

162

154

143

6

34

31

165

175

147

199

399

486

829

977

1,444

1,514

1,699

1,901

1,504

1,350

822

459

429

784

1,169

1,361

0

0

0

Lease obligations

144

132

83

2

11

11

15

19

11

12

6

2

2

1

6

7

7

6

0

0

0

-

-

-

-

-

-

-

2

4

5

7

6

6

6

3

4

3

0

0

0

-

-

-

-

Treasury stock issued for:
Associate stock bonus

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

Shareholder dividend reinvestment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

Share-based compensation grants

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

0

0

0

Associate stock bonus
Treasury stock issued

14

15

12

10

8

7

14

18

28

29

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Shareholder dividend reinvestment
Treasury stock issued

29

30

21

14

8

8

15

21

30

29

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Share-based compensation grants
Treasury stock issued

6

5

5

5

4

2

2

2

2

1

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-