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Aflac Incorporated and Subsidiaries
Consolidated Balance Sheets (continued)
December 31,
(In millions, except for share and per-share amounts)
2016
2015
Liabilities and shareholders’ equity:
Liabilities:
Policy liabilities:
Future policy benefits
$ 76,106
$ 69,687
Unpaid policy claims
4,045
3,802
Unearned premiums
6,916
7,857
Other policyholders’ funds
6,659
6,285
Total policy liabilities
93,726
87,631
Income taxes
5,387
4,340
Payables for return of cash collateral on loaned securities
526
941
Notes payable
5,360
4,971
Other
(3)
4,338
2,665
Total liabilities
109,337
100,548
Commitments and contingent liabilities (Note 15)
Shareholders’ equity:
Common stock of $.10 par value. In thousands: authorized 1,900,000
shares in 2016 and 2015; issued 671,249 shares in 2016 and 669,723
shares in 2015
67
67
Additional paid-in capital
1,976
1,828
Retained earnings
25,981
24,007
Accumulated other comprehensive income (loss):
Unrealized foreign currency translation gains (losses)
(1,983)
(2,196)
Unrealized gains (losses) on investment securities
4,805
2,986
Unrealized gains (losses) on derivatives
(24)
(26)
Pension liability adjustment
(168)
(139)
Treasury stock, at average cost
(10,172)
(8,819)
Total shareholders’ equity
20,482
17,708
Total liabilities and shareholders’ equity
$ 129,819
$ 118,256
(3)
Includes $146 in 2016 and $293 in 2015 of derivatives from consolidated variable interest entities
Prior-year amounts have been adjusted for the adoption of accounting guidance on January 1, 2016 related to debt issuance costs.
See the accompanying Notes to the Consolidated Financial Statements.
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