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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AFLAC Inc | NYSE:AFL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.7913 | -0.95% | 82.9387 | 83.86 | 83.11 | 83.43 | 1,839,029 | 23:54:54 |
Aflac Incorporated 401(k) Savings
and Profit Sharing Plan
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(Full title of the plan)
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Aflac Incorporated
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(Name of issuer of the securities held pursuant to the plan)
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1932 Wynnton Road
Columbus, Georgia 31999
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(Address of the plan and address of issuer’s principal executive offices)
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Page
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/s/ KPMG LLP
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We have served as the Plan's auditor since 1993.
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Atlanta, Georgia
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June 15, 2018
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2017
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2016
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Assets:
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Investments, at fair value (Note 5)
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$
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468,018,216
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$
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371,779,611
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Notes receivable from participants
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14,512,218
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13,085,481
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Cash
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153,039
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33,121
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Accrued employer contribution
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3,166,987
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417,854
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Accrued participant contribution
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865,569
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838,890
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Total assets
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486,716,029
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386,154,957
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Liabilities:
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Excess participant contributions payable
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975
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0
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Total liabilities
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975
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0
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Net assets available for plan benefits
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$
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486,715,054
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$
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386,154,957
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2017
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2016
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Contributions and transfers:
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Participant withholdings
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$
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26,118,275
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$
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24,141,350
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Participant transfers from other plans
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2,285,321
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1,476,075
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Employer contributions
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14,203,638
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10,701,164
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Total contributions and transfers
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42,607,234
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36,318,589
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Dividend income
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17,812,339
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11,195,558
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Interest income
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752,506
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658,338
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Net appreciation (depreciation) in fair value of investments
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64,190,660
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23,931,393
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Distributions to participants
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(24,739,428
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)
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(19,765,102
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)
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Administrative fees
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(63,214
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)
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(71,721
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)
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Increase (decrease) in net assets
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100,560,097
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52,267,055
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Net assets available for plan benefits:
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Beginning of year
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386,154,957
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333,887,902
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End of year
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$
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486,715,054
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$
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386,154,957
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(a)
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General
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(b)
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Contributions and Transfers
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(c)
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Participant Accounts
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(d)
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Vesting and Forfeited Accounts
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Years of Service
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Vested Percentage
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Less than 1
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0%
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1
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20%
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2
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40%
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3
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60%
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4
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80%
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5 or more
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100%
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(e)
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Distributions
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(f)
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Notes Receivable From Participants
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a.
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50% of the participant's vested benefit (as defined by the Plan document); or
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b.
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$50,000, reduced by the amount, if any, of the highest balance of all outstanding loans to the participant during the one-year period ending on the day prior to the day on which the loan is made.
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(g)
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Transactions With Parties-in-Interest
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2017
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2016
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T. Rowe Price Blue Chip Growth Fund
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$
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31,118,694
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$
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21,742,948
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T. Rowe Price Balanced Fund
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61,199,317
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51,924,106
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T. Rowe Price Equity Income Fund
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27,045,246
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24,108,697
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T. Rowe Price Mid-Cap Growth Fund
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22,222,973
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17,074,095
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T. Rowe Price Mid-Cap Value Fund
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5,976,801
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5,818,296
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T. Rowe Price Retirement 2005 Fund
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50,718
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113,879
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T. Rowe Price Retirement 2010 Fund
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624,483
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738,323
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T. Rowe Price Retirement 2015 Fund
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3,579,878
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2,927,614
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T. Rowe Price Retirement 2020 Fund
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8,603,991
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7,159,775
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T. Rowe Price Retirement 2025 Fund
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12,712,001
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9,483,938
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T. Rowe Price Retirement 2030 Fund
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13,462,710
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8,968,728
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T. Rowe Price Retirement 2035 Fund
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12,521,860
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8,349,851
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T. Rowe Price Retirement 2040 Fund
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13,362,966
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8,640,018
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T. Rowe Price Retirement 2045 Fund
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11,576,109
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6,973,251
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T. Rowe Price Retirement 2050 Fund
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9,773,784
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6,300,991
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T. Rowe Price Retirement 2055 Fund
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4,129,795
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2,494,027
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T. Rowe Price Retirement 2060 Fund
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363,591
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80,435
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T. Rowe Price Stable Value Common Trust Fund
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20,181,306
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19,969,616
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T. Rowe Price U.S. Treasury Money Fund
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2,984
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14,800
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T. Rowe Price U.S. Treasury Money Market Trust
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3,699,448
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3,142,027
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Aflac Incorporated common stock
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124,923,610
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101,126,372
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Notes receivable from participants
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14,512,218
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13,085,481
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(a)
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Basis of Presentation
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(b)
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Use of Estimates
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(c)
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Investment Valuation and Income Recognition
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(d)
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Notes Receivable from Participants
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(e)
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Excess Contributions Payable
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(f)
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Distributions
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(g)
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Expenses
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(h)
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New Accounting Pronouncements
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1.
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Mutual funds.
Valued at daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily NAV and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
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2.
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Common stock.
Valued at the closing price reported on the active market on which the individual securities are traded.
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3.
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Common/collective trusts.
These trusts consist of a stable value fund that is composed primarily of fully benefit-responsive investment contracts and a money market fund which invests substantially all of its assets in short-term U.S. Treasury obligations and repurchase agreements collateralized by U.S. Treasury obligations. These trusts are valued at the NAV as provided by the Plan’s trustee. The NAV is calculated by its issuer utilizing quoted market prices, most recent bid prices in the principal market in which the securities are normally traded, pricing services and dealer quotes. Net asset values are reported by the funds and are supported by the unit prices of actual purchases and sale transactions occurring as of or close to the financial statement date. The fair value of the underlying Investment Contracts held by the trust are valued using a discounted cash flow model, which considers (i) recent fee bids as determined by recognized dealers, (ii) discount rate, and (iii) the duration of the underlying portfolio securities. Net asset value is a readily determinable fair value and is the basis for current transactions.
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2017
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||||||||||||||
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Level 1
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Level 2
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Level 3
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Total
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||||||||
Assets, at fair value:
|
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Cash
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$
|
153,039
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|
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$
|
—
|
|
|
$
|
—
|
|
|
$
|
153,039
|
|
Investments:
|
|
|
|
|
|
|
|
|
||||||||
Mutual funds
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319,213,852
|
|
|
—
|
|
|
—
|
|
|
319,213,852
|
|
||||
Aflac Incorporated common stock
|
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124,923,610
|
|
|
—
|
|
|
—
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|
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124,923,610
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|
||||
Common/collective trusts
(1)
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—
|
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23,880,754
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—
|
|
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23,880,754
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||||
Total assets at fair value
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$
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444,290,501
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|
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$
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23,880,754
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$
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—
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|
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$
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468,171,255
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|
|
|
2016
|
||||||||||||||
|
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Level 1
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Level 2
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Level 3
|
|
Total
|
||||||||
Assets, at fair value:
|
|
|
|
|
|
|
|
|
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Cash
|
|
$
|
33,121
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|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33,121
|
|
Investments:
|
|
|
|
|
|
|
|
|
||||||||
Mutual funds
|
|
247,541,596
|
|
|
—
|
|
|
—
|
|
|
247,541,596
|
|
||||
Aflac Incorporated common stock
|
|
101,126,372
|
|
|
—
|
|
|
—
|
|
|
101,126,372
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|
||||
Common/collective trusts
(1)
|
|
—
|
|
|
23,111,643
|
|
|
—
|
|
|
23,111,643
|
|
||||
Total assets at fair value
|
|
$
|
348,701,089
|
|
|
$
|
23,111,643
|
|
|
$
|
—
|
|
|
$
|
371,812,732
|
|
|
|
2017
|
|
2016
|
||||
Net assets available for plan benefits per the financial statements
|
|
$
|
486,715,054
|
|
|
$
|
386,154,957
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Amounts allocated to withdrawing participants
|
|
(121,335
|
)
|
|
(46,398
|
)
|
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Deemed distributions
|
|
(53,519
|
)
|
|
(66,210
|
)
|
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Net assets available for plan benefits per the Form 5500
|
|
$
|
486,540,200
|
|
|
$
|
386,042,349
|
|
|
|
2017
|
|
2016
|
||||
Net increase in net assets available for plan benefits per the financial statements
|
|
$
|
100,560,097
|
|
|
$
|
52,267,055
|
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Prior year adjustment from contract value to fair value for fully benefit-
responsive investment contracts
|
|
0
|
|
|
(14,994
|
)
|
||
Changes in participant withdrawals not yet distributed
|
|
(74,937
|
)
|
|
47,543
|
|
||
Changes in deemed distributions
|
|
12,691
|
|
|
(7,865
|
)
|
||
Net increase in net assets per the Form 5500
|
|
$
|
100,497,851
|
|
|
$
|
52,291,739
|
|
Identity of Issue and Description of Investment
|
|
Shares/Units
|
|
|
Current Value
|
|
|
|
|
|
|
|
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Mutual Funds
|
|
|
|
|
|
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Vanguard Inflation-Protected Securities Fund, Admiral
|
|
60,794
|
|
|
1,556,324
|
|
|
|
Vanguard Total Bond Market Index Fund, Institutional
|
|
263,056
|
|
|
2,827,854
|
|
|
|
American Funds Europacific Growth Fund, R6
|
|
290,901
|
|
|
16,331,157
|
|
|
|
T. Rowe Price Blue Chip Growth Fund*
|
|
323,110
|
|
|
31,118,694
|
|
|
|
T. Rowe Price Balanced Fund*
|
|
2,515,385
|
|
|
61,199,317
|
|
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T. Rowe Price Equity Income Fund*
|
|
811,195
|
|
|
27,045,246
|
|
|
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T. Rowe Price Mid-Cap Growth Fund*
|
|
255,378
|
|
|
22,222,973
|
|
|
|
T. Rowe Price Mid-Cap Value Fund*
|
|
196,605
|
|
|
5,976,801
|
|
|
|
T. Rowe Price Retirement 2005 Fund*
|
|
3,716
|
|
|
50,718
|
|
|
|
T. Rowe Price Retirement 2010 Fund*
|
|
34,162
|
|
|
624,483
|
|
|
|
T. Rowe Price Retirement 2015 Fund*
|
|
238,977
|
|
|
3,579,878
|
|
|
|
T. Rowe Price Retirement 2020 Fund*
|
|
381,721
|
|
|
8,603,991
|
|
|
|
T. Rowe Price Retirement 2025 Fund*
|
|
722,683
|
|
|
12,712,001
|
|
|
|
T. Rowe Price Retirement 2030 Fund*
|
|
519,395
|
|
|
13,462,710
|
|
|
|
T. Rowe Price Retirement 2035 Fund*
|
|
660,088
|
|
|
12,521,860
|
|
|
|
T. Rowe Price Retirement 2040 Fund*
|
|
490,564
|
|
|
13,362,966
|
|
|
|
T. Rowe Price Retirement 2045 Fund*
|
|
626,752
|
|
|
11,576,109
|
|
|
|
T. Rowe Price Retirement 2050 Fund*
|
|
629,754
|
|
|
9,773,784
|
|
|
|
T. Rowe Price Retirement 2055 Fund*
|
|
265,070
|
|
|
4,129,795
|
|
|
|
T. Rowe Price Retirement 2060 Fund*
|
|
30,148
|
|
|
363,591
|
|
|
|
T. Rowe Price U.S. Treasury Money Fund*
|
|
2,984
|
|
|
2,984
|
|
|
|
Vanguard Extended Market Index Fund, Institutional
|
|
55,286
|
|
|
4,685,448
|
|
|
|
Vanguard Institutional Index Fund, Institutional
|
|
158,519
|
|
|
38,593,150
|
|
|
|
Vanguard Total International Stock Index, Investor
|
|
191,687
|
|
|
3,496,366
|
|
|
|
Glenmede Smallcap Equity Institutional
|
|
179,795
|
|
|
5,676,135
|
|
|
|
Met West Total Return Bond Plan
|
|
769,643
|
|
|
7,719,517
|
|
|
|
Total Mutual Funds
|
|
|
|
319,213,852
|
|
|
||
|
|
|
|
|
|
|||
Common/Collective Trusts
|
|
|
|
|
|
|||
T. Rowe Price Stable Value Common Trust Fund*
|
|
20,181,306
|
|
|
20,181,306
|
|
|
|
T. Rowe Price U.S. Treasury Money Market Trust*
|
|
3,699,448
|
|
|
3,699,448
|
|
|
|
Total Common/Collective Trusts
|
|
|
|
23,880,754
|
|
|
||
|
|
|
|
|
|
|||
Aflac Incorporated common stock*
|
|
1,423,144
|
|
|
124,923,610
|
|
|
|
Participant loans*** (2,061 loans outstanding with zero cost, interest rates from 5.25% to 10.25% and maturity dates of less than one year to 10 years)*
|
|
|
|
14,458,699
|
|
**
|
||
Total
|
|
|
|
$
|
482,476,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aflac Incorporated 401(k) Savings and
|
|
|
||
|
|
|
|
|
|
|
|
Profit Sharing Plan
|
|
|
||
|
|
|
|
|
|
|
||||||
Date:
|
|
June 15, 2018
|
|
|
|
|
|
By:
|
|
/s/
Matthew Owenby
|
||
|
|
|
|
|
|
|
|
|
|
Matthew Owenby
|
||
|
|
|
|
|
|
|
|
|
|
Senior Vice President, Chief Human Resources Officer
|
|
|
|
|
|
|
-
|
|
Consent of Independent Registered Public Accounting Firm
|
1 Year AFLAC Chart |
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