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Shares and Stockholders' Equity | 9 Months Ended
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Sep. 30, 2022
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, |
| 2022 |  | 2021 |  | 2022 |  | 2021 |
Common Stock |  |  |  |  |  |  |  |
Balance as of beginning-of-period | 170,224,116 |  | 189,089,948 |  | 177,193,515 |  | 192,329,691 |
Stock compensation/issued for benefit plans | 10,052 |  | 61,099 |  | 686,473 |  | 943,925 |
Retirement/cancellation of shares | (1,019,675 | ) | (3,061,825 | ) | (8,665,495 | ) | (7,184,394 | )
Balance as of end-of-period | 169,214,493 |  | 186,089,222 |  | 169,214,493 |  | 186,089,222 |
Common Stock as of End-of-Period |  |  |  |  |  |  |  |
Basic basis | 169,214,493 |  | 186,089,222 |  | 169,214,493 |  | 186,089,222 |
Diluted basis | 170,658,861 |  | 188,103,623 |  | 170,658,861 |  | 188,103,623 |
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, |
| 2022 |  | 2021 |  | 2022 |  | 2021 |
Weighted-average shares, as used in basic calculation | 169,706,526 |  | 187,276,859 |  | 171,647,108 |  | 189,665,059 |
Shares to cover non-vested stock | 779,215 |  | 1,451,686 |  | 1,011,546 |  | 1,239,640 |
Average stock options outstanding during the period | 380,706 |  | 1,847,513 |  | 1,236,484 |  | 1,604,627 |
Assumed acquisition of shares with assumed |  |  |  |  |  |  |  |
proceeds and benefits from exercising stock |  |  |  |  |  |  |  |
options (at average market price for the period) | (280,067 | ) | (1,444,711 | ) | (978,538 | ) | (1,224,255 | )
Shares repurchasable from measured but |  |  |  |  |  |  |  |
unrecognized stock option expense | - |  | (40,280 | ) | (28,008 | ) | (26,570 | )
Average deferred compensation shares | 508,980 |  | - |  | 507,487 |  | - |
Weighted-average shares, as used in diluted calculation(1) | 171,095,360 |  | 189,091,067 |  | 173,396,079 |  | 191,258,501 |
(1)Due to reporting a net loss for the three and nine months ended September 30, 2022, basic shares were used in the diluted earnings per share (“EPS”) calculation for those periods as the use of diluted shares would have resulted in a lower loss per share. 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 EPS calculation. The mark-to-market adjustment of these deferred units excluded from our diluted EPS calculation was $1 million and $8 million for the three and nine months ended September 30, 2022, respectively. AOCI The following summarizes the components and changes in AOCI (in millions):
| For the Nine |
| Months Ended |
| September 30, |
| 2022 |  | 2021 |
Unrealized Gain (Loss) on Fixed Maturity AFS Securities and Certain Other |  |  |  |  |  |
Investments |  |  |  |  |  |
Balance as of beginning-of-year | $ | 6,777 |  | $ | 9,611 |
Unrealized holding gains (losses) arising during the period |  | (27,065 | ) |  | (4,244 | )
Change in foreign currency exchange rate adjustment |  | (620 | ) |  | (123 | )
Change in DAC, VOBA, DSI, future contract benefits and other contract holder funds |  | 7,625 |  |  | 1,359 |
Income tax benefit (expense) |  | 4,281 |  |  | 640 |
Less: |  |  |  |  |  |
Reclassification adjustment for gains (losses) included in net income (loss) |  | (9 | ) |  | (4 | )
Associated amortization of DAC, VOBA, DSI and DFEL |  | (10 | ) |  | (18 | )
Income tax benefit (expense) |  | 4 |  |  | 5 |
Balance as of end-of-period | $ | (8,987 | ) | $ | 7,260 |
Unrealized Gain (Loss) on Derivative Instruments |  |  |  |  |  |
Balance as of beginning-of-year | $ | (103 | ) | $ | (402 | )
Unrealized holding gains (losses) arising during the period |  | 301 |  |  | 229 |
Change in foreign currency exchange rate adjustment |  | 623 |  |  | 129 |
Change in DAC, VOBA, DSI and DFEL |  | 34 |  |  | - |
Income tax benefit (expense) |  | (201 | ) |  | (76 | )
Less: |  |  |  |  |  |
Reclassification adjustment for gains (losses) included in net income (loss) |  | 67 |  |  | 16 |
Associated amortization of DAC, VOBA, DSI and DFEL |  | (3 | ) |  | (1 | )
Income tax benefit (expense) |  | (13 | ) |  | (3 | )
Balance as of end-of-period | $ | 603 |  | $ | (132 | )
Foreign Currency Translation Adjustment |  |  |  |  |  |
Balance as of beginning-of-year | $ | (14 | ) | $ | (12 | )
Foreign currency translation adjustment arising during the period |  | (32 | ) |  | (2 | )
Income tax benefit (expense) |  | (1 | ) |  | - |
Balance as of end-of-period | $ | (47 | ) | $ | (14 | )
Funded Status of Employee Benefit Plans |  |  |  |  |  |
Balance as of beginning-of-year | $ | (219 | ) | $ | (266 | )
Adjustment arising during the period |  | 22 |  |  | 1 |
Balance as of end-of-period | $ | (197 | ) | $ | (265 | )
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, |  |
| 2022 |  |  | 2021 |  |
Unrealized Gain (Loss) on Fixed Maturity AFS |  |  |  |  |  |  |  |
Securities and Certain Other Investments |  |  |  |  |  |  |  |
Gross reclassification | $ | (9 | ) |  | $ | (4 | ) | Realized gain (loss)
Associated amortization of DAC, |  |  |  |  |  |  |  |
VOBA, DSI and DFEL |  | (10 | ) |  |  | (18 | ) | Realized gain (loss)
Reclassification before income |  |  |  |  |  |  |  |
tax benefit (expense) |  | (19 | ) |  |  | (22 | ) | Income (loss) before taxes
Income tax benefit (expense) |  | 4 |  |  |  | 5 |  | Federal income tax expense (benefit)
Reclassification, net of income tax | $ | (15 | ) |  | $ | (17 | ) | Net income (loss)
Unrealized Gain (Loss) on Derivative Instruments |  |  |  |  |  |  |  |
Gross reclassifications: |  |  |  |  |  |  |  |
Interest rate contracts | $ | 1 |  |  | $ | 2 |  | Net investment income
Interest rate contracts |  | (11 | ) |  |  | (18 | ) | Interest and debt expense
Foreign currency contracts |  | 48 |  |  |  | 34 |  | Net investment income
Foreign currency contracts |  | 29 |  |  |  | (2 | ) | Realized gain (loss)
Total gross reclassifications |  | 67 |  |  |  | 16 |  |
Associated amortization of DAC, |  |  |  |  |  |  |  | Commissions and other
VOBA, DSI and DFEL |  | (3 | ) |  |  | (1 | ) | expenses
Reclassifications before income |  |  |  |  |  |  |  |
tax benefit (expense) |  | 64 |  |  |  | 15 |  | Income (loss) before taxes
Income tax benefit (expense) |  | (13 | ) |  |  | (3 | ) | Federal income tax expense (benefit)
Reclassifications, net of income tax | $ | 51 |  |  | $ | 12 |  | 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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