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Shares and Stockholders' Equity | 9 Months Ended
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Sep. 30, 2021
Shares and Stockholders' Equity [Abstract] |
Shares and Stockholders' Equity | 12. Shares and Stockholders’ Equity Common Shares The changes in our common stock (number of shares) were as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Common Stock Balance as of beginning-of-period 189,089,948 193,247,103 192,329,691 196,668,532 Stock compensation/issued for benefit plans 61,099 7,845 943,925 396,340 Retirement/cancellation of shares (3,061,825) - (7,184,394) (3,809,924)Balance as of end-of-period 186,089,222 193,254,948 186,089,222 193,254,948 Common Stock as of End-of-Period Basic basis 186,089,222 193,254,948 186,089,222 193,254,948 Diluted basis 188,103,623 195,331,049 188,103,623 195,331,049 Our common stock is without par value. Average Shares A reconciliation of the denominator (number of shares) in the calculations of basic and diluted earnings (loss) per common share was as follows: For the Three For the Nine Months Ended Months Ended September 30, September 30, 2021 2020 2021 2020 Weighted-average shares, as used in basic calculation 187,276,859 193,250,727 189,665,059 193,849,829 Shares to cover non-vested stock 1,451,686 629,997 1,239,640 644,192 Average stock options outstanding during the period 1,847,513 689,975 1,604,627 752,922 Assumed acquisition of shares with assumed proceeds and benefits from exercising stock options (at average market price for the period) (1,444,711) (592,887) (1,224,255) (588,805)Shares repurchasable from measured but unrecognized stock option expense (40,280) (3,515) (26,570) (2,402)Average deferred compensation shares - 1,382,128 - 1,285,205 Weighted-average shares, as used in diluted calculation 189,091,067 195,356,425 191,258,501 195,940,941 In the event the average market price of LNC common stock exceeds the issue price of stock options and the options have a dilutive effect to our earnings per share (“EPS”), such options will be shown in the table above. We have participants in our deferred compensation plans who selected LNC stock as the measure for the investment return attributable to all or a portion of their deferral amounts. This obligation is settled in either cash or LNC stock pursuant to the applicable plan document. For the three and nine months ended September 30, 2020, the effect of settling obligations in LNC stock (“equity classification”) was more dilutive than the scenario of settling in cash (“liability classification”). Therefore, for our EPS calculation for these periods, we added these shares to the denominator and adjusted the numerator to present net income as if the shares had been accounted for under equity classification by removing the mark-to-market adjustment included in net income attributable to these deferred units of LNC stock. The amount of this adjustment was $5 million and $16 million for the three and nine months ended September 30, 2020, respectively. AOCI The following summarizes the components and changes in AOCI (in millions): For the Nine Months Ended September 30, 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities Balance as of beginning-of-year$ 9,611 $ 5,983 Cumulative effect from adoption of new accounting standard - 45 Unrealized holding gains (losses) arising during the period (4,244) 5,426 Change in foreign currency exchange rate adjustment (123) 21 Change in DAC, VOBA, DSI, future contract benefits and other contract holder funds 1,359 (2,403)Income tax benefit (expense) 640 (652)Less: Reclassification adjustment for gains (losses) included in net income (loss) (4) (48)Associated amortization of DAC, VOBA, DSI and DFEL (18) 42 Income tax benefit (expense) 5 1 Balance as of end-of-period$ 7,260 $ 8,425 Unrealized Other-Than-Temporary-Impairment on Fixed Maturity AFS Securities Balance as of beginning-of-year$ - $ 45 Cumulative effect from adoption of new accounting standard - (45)Balance as of end-of-period$ - $ - Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year$ (402)$ (11)Unrealized holding gains (losses) arising during the period 229 (219)Change in foreign currency exchange rate adjustment 129 (16)Change in DAC, VOBA, DSI and DFEL - (64)Income tax benefit (expense) (76) 62 Less: Reclassification adjustment for gains (losses) included in net income (loss) 16 38 Associated amortization of DAC, VOBA, DSI and DFEL (1) (8)Income tax benefit (expense) (3) (6)Balance as of end-of-period$ (132)$ (272)Foreign Currency Translation Adjustment Balance as of beginning-of-year$ (12)$ (17)Foreign currency translation adjustment arising during the period (2) (4)Balance as of end-of-period$ (14)$ (21)Funded Status of Employee Benefit Plans Balance as of beginning-of-year$ (266)$ (327)Adjustment arising during the period 1 4 Balance as of end-of-period$ (265)$ (323) The following summarizes the reclassifications out of AOCI (in millions) and the associated line item in the Consolidated Statements of Comprehensive Income (Loss): For the Nine Months Ended September 30, 2021 2020 Unrealized Gain (Loss) on Fixed Maturity AFS Securities Gross reclassification$ (4) $ (48)Realized gain (loss)Associated amortization of DAC, VOBA, DSI and DFEL (18) 42 Realized gain (loss)Reclassification before income tax benefit (expense) (22) (6)Income (loss) before taxesIncome tax benefit (expense) 5 1 Federal income tax expense (benefit)Reclassification, net of income tax$ (17) $ (5)Net income (loss) Unrealized Gain (Loss) on Derivative Instruments Gross reclassifications: Interest rate contracts$ 2 $ 2 Net investment incomeInterest rate contracts (18) (16)Interest and debt expenseForeign currency contracts 34 46 Net investment incomeForeign currency contracts (2) 6 Realized gain (loss)Total gross reclassifications 16 38 Associated amortization of DAC, VOBA, DSI and DFEL (1) (8)Commissions and other expensesReclassifications before income tax benefit (expense) 15 30 Income (loss) before taxesIncome tax benefit (expense) (3) (6)Federal income tax expense (benefit)Reclassifications, net of income tax$ 12 $ 24 Net income (loss)

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- Definition This element is used to capture the complete disclosure pertaining to an entity's stock. Disclosure of the methodology and assumptions used in the reconciliation of earnings per share, which may include the individual income and share amount effects of all securities that affect EPS, the effect that has been given to preferred dividends in arriving at income available to common stockholders in computing basic EPS, securities that could dilute basic EPS in the future that would have been antidilutive. + References No definition available. + Details
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