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Shares and Stockholders' Equity | 12 Months Ended
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Dec. 31, 2021
Shares and Stockholders' Equity [Abstract] |
Shares and Stockholders' Equity | 14. Shares and Stockholders’ Equity Common Shares The changes in our common stock (number of shares) were as follows: For the Years Ended December 31, 2021 2020 2019 Common Stock Balance as of beginning-of-year 192,329,691 196,668,532 205,862,760 Stock issued for exercise of warrants - - 258,633 Stock compensation/issued for benefit plans 1,106,572 547,209 942,318 Retirement/cancellation of shares (16,242,748) (4,886,050) (10,395,179)Balance as of end-of-year 177,193,515 192,329,691 196,668,532 Common Stock as of End-of-Year Basic basis 177,193,515 192,329,691 196,668,532 Diluted basis 179,229,110 193,672,296 199,196,043 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 Years Ended December 31, 2021 2020 2019 Weighted-average shares, as used in basic calculation 187,359,884 193,610,225 200,608,737 Shares to cover exercise of outstanding warrants - - 58,765 Shares to cover non-vested stock 1,357,245 687,240 973,901 Average stock options outstanding during the year 1,844,117 746,742 1,507,049 Assumed acquisition of shares with assumed proceeds from exercising outstanding warrants - - (9,594)Assumed acquisition of shares with assumed proceeds and benefits from exercising stock options (at average market price for the year) (1,419,165) (576,582) (1,033,507)Shares repurchasable from measured but unrecognized stock option expense (43,314) (2,445) (217)Average deferred compensation shares - - - Weighted-average shares, as used in diluted calculation 189,098,767 194,465,180 202,105,134 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 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. We exclude deferred units of LNC stock that are antidilutive from our diluted earnings per share calculation. The outstanding warrants issued in 2009, each representing the right to purchase one share of our common stock, expired on July 10, 2019. ‎ AOCI The following summarizes the components and changes in AOCI (in millions): For the Years Ended December 31, 2021 2020 2019 Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments Balance as of beginning-of-year$ 9,611 $ 5,983 $ 557 Cumulative effect from adoption of new accounting standards - 45 - Unrealized holding gains (losses) arising during the year (5,304) 7,925 9,267 Change in foreign currency exchange rate adjustment (145) 180 46 Change in DAC, VOBA, DSI, future contract benefits and other contract holder funds 1,815 (3,569) (2,462)Income tax benefit (expense) 774 (970) (1,457)Less: Reclassification adjustment for gains (losses) included in net income (loss) (9) (53) (28)Associated amortization of DAC, VOBA, DSI and DFEL (24) 32 (12)Income tax benefit (expense) 7 4 8 Balance as of end-of-year$ 6,777 $ 9,611 $ 5,983 Unrealized OTTI on Fixed Maturity AFS Securities Balance as of beginning-of-year$ - $ 45 $ 33 (Increases) attributable to: Cumulative effect from adoption of new accounting standards - (45) - Gross OTTI recognized in OCI during the year - - (16)Change in DAC, VOBA, DSI and DFEL - - 1 Income tax benefit (expense) - - 3 Decreases attributable to: Changes in fair value, sales, maturities or other settlements of AFS securities - - 31 Change in DAC, VOBA, DSI and DFEL - - (1)Income tax benefit (expense) - - (6)Balance as of end-of-year$ - $ - $ 45 Unrealized Gain (Loss) on Derivative Instruments Balance as of beginning-of-year$ (402)$ (11)$ 139 Unrealized holding gains (losses) arising during the year 246 (257) (93)Change in foreign currency exchange rate adjustment 152 (174) (52)Change in DAC, VOBA, DSI and DFEL 8 (17) (4)Income tax benefit (expense) (87) 94 31 Less: Reclassification adjustment for gains (losses) included in net income (loss) 26 48 42 Associated amortization of DAC, VOBA, DSI and DFEL (1) (1) (1)Income tax benefit (expense) (5) (10) (9)Balance as of end-of-year$ (103)$ (402)$ (11)Foreign Currency Translation Adjustment Balance as of beginning-of-year$ (12)$ (17)$ (23)Foreign currency translation adjustment arising during the year (2) 5 6 Balance as of end-of-year$ (14)$ (12)$ (17)Funded Status of Employee Benefit Plans Balance as of beginning-of-year$ (266)$ (327)$ (299)Adjustment arising during the year 56 74 (20)Income tax benefit (expense) (9) (13) (8)Balance as of end-of-year$ (219)$ (266)$ (327) ‎ 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 Years Ended December 31, 2021 2020 2019 Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other Investments Gross reclassification$ (9) $ (53) $ (28)Realized gain (loss)Associated amortization of DAC, VOBA, DSI and DFEL (24) 32 (12)Realized gain (loss)Reclassification before income tax benefit (expense) (33) (21) (40)Income (loss) before taxesIncome tax benefit (expense) 7 4 8 Federal income tax expense (benefit)Reclassification, net of income tax$ (26) $ (17) $ (32)Net income (loss) Unrealized OTTI on Fixed Maturity AFS Securities Gross reclassification$ - $ - $ 4 Realized gain (loss)Change in DAC, VOBA, DSI and DFEL - - - Realized gain (loss)Reclassification before income tax benefit (expense) - - 4 Income (loss) before taxesIncome tax benefit (expense) - - (1)Federal income tax expense (benefit)Reclassification, net of income tax$ - $ - $ 3 Net income (loss) Unrealized Gain (Loss) on Derivative Instruments Gross reclassifications: Interest rate contracts$ 3 $ 2 $ 3 Net investment incomeInterest rate contracts (23) (16) (5)Interest and debt expenseForeign currency contracts 48 56 35 Net investment incomeForeign currency contracts (2) 6 9 Realized gain (loss)Total gross reclassifications 26 48 42 Associated amortization of DAC, VOBA, DSI and DFEL (1) (1) (1)Commissions and other expensesReclassifications before income tax benefit (expense) 25 47 41 Income (loss) before taxesIncome tax benefit (expense) (5) (10) (9)Federal income tax expense (benefit)Reclassifications, net of income tax$ 20 $ 37 $ 32 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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