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Retirement and Deferred Compensation Plans | 12 Months Ended
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Dec. 31, 2021
Retirement and Deferred Compensation Plans [Abstract] |
Retirement and Deferred Compensation Plans | 17. Retirement and Deferred Compensation Plans Defined Benefit Pension and Other Postretirement Benefit Plans We maintain U.S. defined benefit pension plans in which certain U.S. employees and agents are participants, and a U.K. plan we retained after the sale of the Lincoln UK business. Our defined benefit pension plans are closed to new entrants and existing participants do not accrue any additional benefits. We comply with the minimum funding requirements in both the U.S. and the U.K. In accordance with such practice, we were not required to make contributions for the years ended December 31, 2021 and 2020. We do not expect to be required to make any contributions to these pension plans in 2022. We sponsor other postretirement benefit plans that provide health care and life insurance to certain retired employees and agents. Total net periodic cost (recovery) for these plans was $(41) million, $(11) million and $8 million during 2021, 2020 and 2019, respectively, which was reported within commissions and other expenses on our Consolidated Statements of Comprehensive Income (Loss). In 2022, we expect the plans to make benefit payments of approximately $110 million. Information (in millions) with respect to these plans was as follows: As of or For the Years Ended December 31, 2021 2020 2021 2020 Other Postretirement Pension Plans Benefit Plans Fair value of plan assets$ 1,667 $ 1,670 $ 67 $ 66 Projected benefit obligation 1,595 1,698 79 79 Funded status $ 72 $ (28)$ (12)$ (13) Amounts Recognized on the Consolidated Balance Sheets Other assets$ 182 $ 88 $ - $ - Other liabilities (110) (116) (12) (13) Net amount recognized$ 72 $ (28)$ (12)$ (13) Weighted-Average Assumptions Benefit obligations: Weighted-average discount rate 2.76% 2.58% 3.10% 2.96% Net periodic benefit cost: Weighted-average discount rate 2.61% 3.12% 2.96% 3.50% Expected return on plan assets 6.13% 6.10% 6.50% 6.50% The weighted average discount rate was determined based on a corporate yield curve as of December 31, 2021, and projected benefit obligation cash flows. The expected return on plan assets was determined based on historical and expected future returns of the various asset categories, using the plans’ target plan allocation. We reevaluate these assumptions each plan year. The following summarizes our fair value measurements of our benefit plans’ assets (in millions) on a recurring basis by asset category: As of December 31, 2021 2020 Fixed maturity securities: Corporate bonds$ 452 $ 320 U.S. government bonds 228 246 Foreign government bonds 191 138 State and municipal bonds 28 29 Limited partnerships and common and preferred stock 527 671 Bulk annuity insurance policy 150 178 Cash and invested cash 91 88 Other investments 67 66 Total $ 1,734 $ 1,736 Defined Contribution Plans We sponsor tax-qualified defined contribution plans for eligible employees and agents. We administer these plans in accordance with the plan documents and various limitations under section 401(a) of the Internal Revenue Code of 1986. For the years ended December 31, 2021, 2020 and 2019, expenses for these plans were $107 million, $100 million and $104 million, respectively. Deferred Compensation Plans We sponsor non-qualified, unfunded, deferred compensation plans for certain current and former employees, agents and non-employee directors. The results of certain notional investment options within some of the plans are hedged by total return swaps. Our expenses increase or decrease in direct proportion to the change in market value of the participants’ investment options. Participants of certain plans are able to select our stock as a notional investment option; however, it is not hedged by the total return swaps and is a primary source of expense volatility related to these plans. For the years ended December 31, 2021, 2020 and 2019, expenses for these plans were $32 million, $35 million and $28 million, respectively. For further discussion of total return swaps related to our deferred compensation plans, see Note 5. Information (in millions) with respect to these plans was as follows: As of December 31, 2021 2020 Total liabilities (1)$ 841 $ 743 Investments dedicated to fund liabilities (2) 254 229 (1)Reported in other liabilities on our Consolidated Balance Sheets.(2)Reported in other assets on our Consolidated Balance Sheets.

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