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Quarterly Results of Operations (Tables) | 12 Months Ended
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Dec. 31, 2022
Quarterly Results of Operations [Abstract] |
Quarterly Results Of Operations | LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except share data)
| As Restated |
| As of |  | As of |  | As of |
| March 31, |  | June 30, | September 30,
| 2021 |  | 2021 |  | 2021 |
ASSETS |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturity available-for-sale securities, at fair value |  |  |  |  |  |  |  |  |
(amortized cost: $105,866, $106,668 and $107,459 at March 31, 2021, |  |  |  |  |  |  |  |  |
June 30, 2021 and September 30, 2021, respectively; allowance for credit |  |  |  |  |  |  |  |  |
losses: $14, $9 and $17 at March 31, 2021, June 30, 2021 and |  |  |  |  |  |  |  |  |
September 30, 2021, respectively) | $ | 117,313 |  | $ | 122,215 |  | $ | 122,085 |
Trading securities |  | 4,344 |  |  | 4,211 |  |  | 4,170 |
Equity securities |  | 144 |  |  | 195 |  |  | 264 |
Mortgage loans on real estate, net of allowance for credit losses |  |  |  |  |  |  |  |  |
(portion at fair value: $874, $818 and $792 at March 31, 2021, June 30, |  |  |  |  |  |  |  |  |
2021 and September 30, 2021) |  | 17,255 |  |  | 17,586 |  |  | 17,730 |
Policy loans |  | 2,502 |  |  | 2,410 |  |  | 2,379 |
Derivative investments |  | 3,482 |  |  | 4,730 |  |  | 5,075 |
Other investments |  | 3,547 |  |  | 3,948 |  |  | 4,066 |
Total investments |  | 148,587 |  |  | 155,295 |  |  | 155,769 |
Cash and invested cash |  | 1,350 |  |  | 2,389 |  |  | 2,614 |
Deferred acquisition costs and value of business acquired |  | 7,665 |  |  | 6,261 |  |  | 5,966 |
Accrued investment income |  | 1,301 |  |  | 1,254 |  |  | 1,297 |
Reinsurance recoverables, net of allowance for credit losses |  | 16,289 |  |  | 15,981 |  |  | 15,729 |
Goodwill |  | 1,778 |  |  | 1,778 |  |  | 1,778 |
Other assets |  | 18,264 |  |  | 18,125 |  |  | 18,076 |
Separate account assets |  | 171,339 |  |  | 178,795 |  |  | 175,667 |
Total assets | $ | 366,573 |  | $ | 379,878 |  | $ | 376,896 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Future contract benefits | $ | 39,592 |  | $ | 40,251 |  | $ | 40,641 |
Other contract holder funds |  | 107,002 |  |  | 108,778 |  |  | 109,300 |
Short-term debt |  | 300 |  |  | 300 |  |  | 300 |
Long-term debt |  | 6,294 |  |  | 6,334 |  |  | 6,323 |
Payables for collateral on investments |  | 7,597 |  |  | 8,199 |  |  | 8,379 |
Other liabilities |  | 14,862 |  |  | 15,479 |  |  | 15,121 |
Separate account liabilities |  | 171,339 |  |  | 178,795 |  |  | 175,667 |
Total liabilities |  | 346,986 |  |  | 358,136 |  |  | 355,731 |
Contingencies and Commitments (See Note 13) |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |
Preferred stock – 10,000,000 shares authorized |  | - |  |  | - |  |  | - |
Common stock – 800,000,000 shares authorized; |  |  |  |  |  |  |  |  |
191,149,192, 189,089,948 and 186,089,222 shares issued and outstanding |  |  |  |  |  |  |  |  |
as of March 31, 2021, June 30, 2021 and September 30, 2021, respectively |  | 5,057 |  |  | 5,021 |  |  | 4,956 |
Retained earnings |  | 8,769 |  |  | 9,242 |  |  | 9,360 |
Accumulated other comprehensive income (loss) |  | 5,761 |  |  | 7,479 |  |  | 6,849 |
Total stockholders’ equity |  | 19,587 |  |  | 21,742 |  |  | 21,165 |
Total liabilities and stockholders’ equity | $ | 366,573 |  | $ | 379,878 |  | $ | 376,896 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except share data)
| As Restated |
| As of |  | As of |  | As of |
| March 31, |  | June 30, | September 30,
| 2022 |  | 2022 |  | 2022 |
ASSETS |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturity available-for-sale securities, at fair value |  |  |  |  |  |  |  |  |
(amortized cost: $107,587, $109,592 and $111,058 at March 31, 2022, |  |  |  |  |  |  |  |  |
June 30, 2022 and September 30, 2022, respectively; allowance for credit |  |  |  |  |  |  |  |  |
losses: $20, $12 and $18 at March 31, 2022, June 30, 2022 and |  |  |  |  |  |  |  |  |
September 30, 2022, respectively) | $ | 110,663 |  | $ | 103,317 |  | $ | 97,572 |
Trading securities |  | 4,364 |  |  | 3,803 |  |  | 3,580 |
Equity securities |  | 399 |  |  | 411 |  |  | 427 |
Mortgage loans on real estate, net of allowance for credit losses |  |  |  |  |  |  |  |  |
(portion at fair value: $537, $528 and $495 at March 31, 2022, June 30, |  |  |  |  |  |  |  |  |
2022 and September 30, 2022) |  | 17,892 |  |  | 17,922 |  |  | 18,066 |
Policy loans |  | 2,339 |  |  | 2,368 |  |  | 2,347 |
Derivative investments |  | 4,573 |  |  | 3,167 |  |  | 3,455 |
Other investments |  | 4,122 |  |  | 4,078 |  |  | 3,813 |
Total investments |  | 144,352 |  |  | 135,066 |  |  | 129,260 |
Cash and invested cash |  | 1,960 |  |  | 1,567 |  |  | 1,472 |
Deferred acquisition costs and value of business acquired |  | 8,811 |  |  | 11,872 |  |  | 13,684 |
Accrued investment income |  | 1,247 |  |  | 1,226 |  |  | 1,283 |
Reinsurance recoverables, net of allowance for credit losses |  | 20,044 |  |  | 19,909 |  |  | 20,045 |
Goodwill |  | 1,778 |  |  | 1,778 |  |  | 1,144 |
Other assets |  | 18,467 |  |  | 18,137 |  |  | 19,991 |
Separate account assets |  | 168,879 |  |  | 145,791 |  |  | 137,295 |
Total assets | $ | 365,538 |  | $ | 335,346 |  | $ | 324,174 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Future contract benefits | $ | 39,776 |  | $ | 39,309 |  | $ | 41,716 |
Other contract holder funds |  | 112,913 |  |  | 115,145 |  |  | 118,201 |
Short-term debt |  | - |  |  | - |  |  | 500 |
Long-term debt |  | 6,561 |  |  | 6,498 |  |  | 5,959 |
Payables for collateral on investments |  | 8,927 |  |  | 7,524 |  |  | 6,865 |
Other liabilities |  | 13,298 |  |  | 11,425 |  |  | 10,970 |
Separate account liabilities |  | 168,879 |  |  | 145,791 |  |  | 137,295 |
Total liabilities |  | 350,354 |  |  | 325,692 |  |  | 321,506 |
Contingencies and Commitments (See Note 13) |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |
Preferred stock – 10,000,000 shares authorized |  | - |  |  | - |  |  | - |
Common stock – 800,000,000 shares authorized; |  |  |  |  |  |  |  |  |
171,890,974, 170,224,116 and 169,214,493 shares issued and outstanding |  |  |  |  |  |  |  |  |
as of March 31, 2022, June 30, 2022 and September 30, 2022, respectively |  | 4,586 |  |  | 4,546 |  |  | 4,534 |
Retained earnings |  | 9,346 |  |  | 9,445 |  |  | 6,762 |
Accumulated other comprehensive income (loss) |  | 1,252 |  |  | (4,337 | ) |  | (8,628 | )
Total stockholders’ equity |  | 15,184 |  |  | 9,654 |  |  | 2,668 |
Total liabilities and stockholders’ equity | $ | 365,538 |  | $ | 335,346 |  | $ | 324,174 |
‎ LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| As Restated |
| For the Three Months Ended |
| March 31, |  | June 30, | September 30, | December 31, |
| 2021 |  | 2021 |  | 2021 |  | 2021 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,400 |  | $ | 1,404 |  | $ | 1,394 |  | $ | 1,419 |
Fee income |  | 1,597 |  |  | 1,673 |  |  | 2,000 |  |  | 1,635 |
Net investment income |  | 1,509 |  |  | 1,583 |  |  | 1,575 |  |  | 1,444 |
Realized gain (loss) |  | (180 | ) |  | 1 |  |  | 79 |  |  | 514 |
Amortization of deferred gain on business sold through |  |  |  |  |  |  |  |  |  |  |  |
reinsurance |  | 9 |  |  | 9 |  |  | 9 |  |  | 11 |
Other revenues |  | 198 |  |  | 192 |  |  | 181 |  |  | 206 |
Total revenues |  | 4,533 |  |  | 4,862 |  |  | 5,238 |  |  | 5,229 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest credited |  | 743 |  |  | 745 |  |  | 748 |  |  | 696 |
Benefits |  | 2,227 |  |  | 1,930 |  |  | 2,121 |  |  | 2,251 |
Commissions and other expenses |  | 1,231 |  |  | 1,325 |  |  | 1,908 |  |  | 1,330 |
Interest and debt expense |  | 65 |  |  | 65 |  |  | 73 |  |  | 67 |
Spark program expense |  | 13 |  |  | 21 |  |  | 22 |  |  | 31 |
Total expenses |  | 4,279 |  |  | 4,086 |  |  | 4,872 |  |  | 4,375 |
Income (loss) before taxes |  | 254 |  |  | 776 |  |  | 366 |  |  | 854 |
Federal income tax expense (benefit) |  | 35 |  |  | 131 |  |  | 50 |  |  | 146 |
Net income (loss) |  | 219 |  |  | 645 |  |  | 316 |  |  | 708 |
Other comprehensive income (loss), net of tax |  | (3,170 | ) |  | 1,718 |  |  | (630 | ) |  | (408 | )
Comprehensive income (loss) | $ | (2,951 | ) | $ | 2,363 |  | $ | (314 | ) | $ | 300 |
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.14 |  | $ | 3.40 |  | $ | 1.69 |  | $ | 3.92 |
Diluted | $ | 1.13 |  | $ | 3.36 |  | $ | 1.67 |  | $ | 3.86 |
Cash Dividends Declared Per Common Share | $ | 0.42 |  | $ | 0.42 |  | $ | 0.42 |  | $ | 0.45 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| As Restated |
| For the Three Months Ended |
| March 31, |  | June 30, | September 30, | December 31, |
| 2022 |  | 2022 |  | 2022 |  | 2022 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,477 |  | $ | 1,498 |  | $ | 1,548 |  | $ | 1,564 |
Fee income |  | 1,568 |  |  | 1,506 |  |  | 1,527 |  |  | 1,453 |
Net investment income |  | 1,411 |  |  | 1,398 |  |  | 1,295 |  |  | 1,411 |
Realized gain (loss) |  | 25 |  |  | 515 |  |  | 212 |  |  | (407 | )
Amortization of deferred gain on business sold through |  |  |  |  |  |  |  |  |  |  |  |
reinsurance |  | 11 |  |  | 11 |  |  | 10 |  |  | 10 |
Other revenues |  | 182 |  |  | 160 |  |  | 189 |  |  | 191 |
Total revenues |  | 4,674 |  |  | 5,088 |  |  | 4,781 |  |  | 4,222 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest credited |  | 697 |  |  | 706 |  |  | 722 |  |  | 745 |
Benefits |  | 2,568 |  |  | 2,890 |  |  | 5,103 |  |  | 1,985 |
Commissions and other expenses |  | 1,235 |  |  | 1,123 |  |  | 1,355 |  |  | 1,382 |
Interest and debt expense |  | 66 |  |  | 68 |  |  | 71 |  |  | 78 |
Spark program expense |  | 31 |  |  | 44 |  |  | 44 |  |  | 48 |
Impairment of intangibles |  | - |  |  | - |  |  | 634 |  |  | - |
Total expenses |  | 4,597 |  |  | 4,831 |  |  | 7,929 |  |  | 4,238 |
Income (loss) before taxes |  | 77 |  |  | 257 |  |  | (3,148 | ) |  | (16 | )
Federal income tax expense (benefit) |  | (15 | ) |  | 29 |  |  | (565 | ) |  | (37 | )
Net income (loss) |  | 92 |  |  | 228 |  |  | (2,583 | ) |  | 21 |
Other comprehensive income (loss), net of tax |  | (5,189 | ) |  | (5,589 | ) |  | (4,291 | ) |  | 960 |
Comprehensive income (loss) | $ | (5,097 | ) | $ | (5,361 | ) | $ | (6,874 | ) | $ | 981 |
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 0.53 |  | $ | 1.34 |  | $ | (15.22 | ) | $ | 0.12 |
Diluted | $ | 0.52 |  | $ | 1.28 |  | $ | (15.23 | ) | $ | 0.09 |
Cash Dividends Declared Per Common Share | $ | 0.45 |  | $ | 0.45 |  | $ | 0.45 |  | $ | 0.45 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited, in millions)
| As Restated |
| For the Three Months Ended |
| March 31, |  | June 30, | September 30,
| 2021 |  | 2021 |  | 2021 |
Common Stock |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period | $ | 5,082 |  | $ | 5,057 |  | $ | 5,021 |
Stock compensation/issued for benefit plans |  | 25 |  |  | 23 |  |  | 16 |
Retirement of common stock/cancellation of shares |  | (50 | ) |  | (59 | ) |  | (81 | )
Balance as of end-of-period |  | 5,057 |  |  | 5,021 |  |  | 4,956 |
Retained Earnings |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 8,686 |  |  | 8,769 |  |  | 9,242 |
Net income (loss) |  | 219 |  |  | 645 |  |  | 316 |
Retirement of common stock |  | (55 | ) |  | (91 | ) |  | (119 | )
Common stock dividends declared |  | (81 | ) |  | (81 | ) |  | (79 | )
Balance as of end-of-period |  | 8,769 |  |  | 9,242 |  |  | 9,360 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 8,931 |  |  | 5,761 |  |  | 7,479 |
Other comprehensive income (loss), net of tax |  | (3,170 | ) |  | 1,718 |  |  | (630 | )
Balance as of end-of-period |  | 5,761 |  |  | 7,479 |  |  | 6,849 |
Total stockholders’ equity as of end-of-period | $ | 19,587 |  | $ | 21,742 |  | $ | 21,165 |
| As Restated |
| For the Three Months Ended |
| March 31, |  | June 30, | September 30,
| 2022 |  | 2022 |  | 2022 |
Common Stock |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period | $ | 4,735 |  | $ | 4,586 |  | $ | 4,546 |
Stock compensation/issued for benefit plans |  | 6 |  |  | 9 |  |  | 15 |
Retirement of common stock/cancellation of shares |  | (155 | ) |  | (49 | ) |  | (27 | )
Balance as of end-of-period |  | 4,586 |  |  | 4,546 |  |  | 4,534 |
Retained Earnings |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 9,578 |  |  | 9,346 |  |  | 9,445 |
Net income (loss) |  | 92 |  |  | 228 |  |  | (2,583 | )
Retirement of common stock |  | (245 | ) |  | (51 | ) |  | (23 | )
Common stock dividends declared |  | (79 | ) |  | (78 | ) |  | (77 | )
Balance as of end-of-period |  | 9,346 |  |  | 9,445 |  |  | 6,762 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 6,441 |  |  | 1,252 |  |  | (4,337 | )
Other comprehensive income (loss), net of tax |  | (5,189 | ) |  | (5,589 | ) |  | (4,291 | )
Balance as of end-of-period |  | 1,252 |  |  | (4,337 | ) |  | (8,628 | )
Total stockholders’ equity as of end-of-period | $ | 15,184 |  | $ | 9,654 |  | $ | 2,668 |
‎ LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)
| As Restated |
| For the |  | For the |  | For the |
| Three Months |  | Six Months |  | Nine Months |
| Ended |  | Ended |  | Ended |
| March 31, |  | June 30, |  | September 30, |
| 2021 |  | 2021 |  | 2021 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 219 |  | $ | 864 |  | $ | 1,180 |
Adjustments to reconcile net income (loss) to net cash provided by |  |  |  |  |  |  |  |  |
(used in) operating activities: |  |  |  |  |  |  |  |  |
Realized (gain) loss |  | 180 |  |  | 179 |  |  | 100 |
Sales and maturities (purchases) of trading securities, net |  | 118 |  |  | 230 |  |  | 239 |
Amortization of deferred gain on business sold through reinsurance |  | (9 | ) |  | (17 | ) |  | (27 | )
Change in: |  |  |  |  |  |  |  |  |
Deferred acquisition costs, value of business acquired, deferred sales |  |  |  |  |  |  |  |  |
inducements and deferred front-end loads deferrals and interest, net |  |  |  |  |  |  |  |  |
of amortization |  | 54 |  |  | 112 |  |  | 346 |
Premiums and fees receivable |  | (161 | ) |  | (97 | ) |  | (98 | )
Accrued investment income |  | (41 | ) |  | (10 | ) |  | (34 | )
Insurance liabilities and reinsurance-related balances |  | (762 | ) |  | (1,431 | ) |  | (1,779 | )
Accrued expenses |  | (40 | ) |  | 42 |  |  | 246 |
Federal income tax accruals |  | 35 |  |  | 166 |  |  | 215 |
Other |  | (216 | ) |  | (251 | ) |  | (263 | )
Net cash provided by (used in) operating activities |  | (623 | ) |  | (213 | ) |  | 125 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities and equity securities |  | (3,854 | ) |  | (8,324 | ) |  | (11,917 | )
Sales of available-for-sale securities and equity securities |  | 571 |  |  | 1,269 |  |  | 1,452 |
Maturities of available-for-sale securities |  | 1,913 |  |  | 4,700 |  |  | 7,055 |
Purchases of alternative investments |  | (163 | ) |  | (361 | ) |  | (506 | )
Sales and repayments of alternative investments |  | 54 |  |  | 128 |  |  | 258 |
Issuance of mortgage loans on real estate |  | (887 | ) |  | (1,632 | ) |  | (2,210 | )
Repayment and maturities of mortgage loans on real estate |  | 403 |  |  | 851 |  |  | 1,274 |
Repayment (issuance) of policy loans, net |  | (76 | ) |  | 16 |  |  | 48 |
Net change in collateral on investments, derivatives and related settlements |  | 1,341 |  |  | 1,888 |  |  | 2,312 |
Other |  | (33 | ) |  | (71 | ) |  | (219 | )
Net cash provided by (used in) investing activities |  | (731 | ) |  | (1,536 | ) |  | (2,453 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Payment related to modification or early extinguishment of debt |  | - |  |  | - |  |  | (8 | )
Proceeds from certain financing arrangements |  | - |  |  | 50 |  |  | 50 |
Deposits of fixed account values, including the fixed portion of variable |  | 3,140 |  |  | 6,378 |  |  | 9,152 |
Withdrawals of fixed account values, including the fixed portion of variable |  | (1,773 | ) |  | (3,276 | ) |  | (4,961 | )
Transfers from (to) separate accounts, net |  | (130 | ) |  | (255 | ) |  | (254 | )
Common stock issued for benefit plans |  | 7 |  |  | 12 |  |  | 14 |
Repurchase of common stock |  | (105 | ) |  | (255 | ) |  | (455 | )
Dividends paid to common stockholders |  | (80 | ) |  | (161 | ) |  | (241 | )
Other |  | (63 | ) |  | (63 | ) |  | (63 | )
Net cash provided by (used in) financing activities |  | 996 |  |  | 2,430 |  |  | 3,234 |
Net increase (decrease) in cash, invested cash and restricted cash |  | (358 | ) |  | 681 |  |  | 906 |
Cash, invested cash and restricted cash as of beginning-of-year |  | 1,708 |  |  | 1,708 |  |  | 1,708 |
Cash, invested cash and restricted cash as of end-of-period | $ | 1,350 |  | $ | 2,389 |  | $ | 2,614 |
‎ LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)
| As Restated |
| For the |  | For the |  | For the |
| Three Months |  | Six Months |  | Nine Months |
| Ended |  | Ended |  | Ended |
| March 31, |  | June 30, |  | September 30, |
| 2022 |  | 2022 |  | 2022 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 92 |  |  | 319 |  | $ | (2,264 | )
Adjustments to reconcile net income (loss) to net cash provided by |  |  |  |  |  |  |  |  |
(used in) operating activities: |  |  |  |  |  |  |  |  |
Realized (gain) loss |  | (25 | ) |  | (540 | ) |  | (752 | )
Sales and maturities (purchases) of trading securities, net |  | (187 | ) |  | 117 |  |  | 163 |
Amortization of deferred gain on business sold through reinsurance |  | (11 | ) |  | (22 | ) |  | (31 | )
Impairment of intangibles |  | - |  |  | - |  |  | 634 |
Change in: |  |  |  |  |  |  |  |  |
Deferred acquisition costs, value of business acquired, deferred sales |  |  |  |  |  |  |  |  |
inducements and deferred front-end loads deferrals and interest, net |  |  |  |  |  |  |  |  |
of amortization |  | 31 |  |  | - |  |  | 74 |
Premiums and fees receivable |  | (91 | ) |  | (76 | ) |  | (3 | )
Accrued investment income |  | (35 | ) |  | (40 | ) |  | (80 | )
Insurance liabilities and reinsurance-related balances |  | 1,275 |  |  | 3,116 |  |  | 6,166 |
Accrued expenses |  | (262 | ) |  | (371 | ) |  | (402 | )
Federal income tax accruals |  | 39 |  |  | 69 |  |  | (498 | )
Other |  | (74 | ) |  | 135 |  |  | 383 |
Net cash provided by (used in) operating activities |  | 752 |  |  | 2,707 |  |  | 3,390 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities and equity securities |  | (3,934 | ) |  | (8,204 | ) |  | (12,008 | )
Sales of available-for-sale securities and equity securities |  | 105 |  |  | 308 |  |  | 1,196 |
Maturities of available-for-sale securities |  | 1,604 |  |  | 3,231 |  |  | 4,333 |
Purchases of alternative investments |  | (161 | ) |  | (329 | ) |  | (484 | )
Sales and repayments of alternative investments |  | 131 |  |  | 183 |  |  | 383 |
Issuance of mortgage loans on real estate |  | (539 | ) |  | (1,366 | ) |  | (1,924 | )
Repayment and maturities of mortgage loans on real estate |  | 717 |  |  | 1,428 |  |  | 1,872 |
Repayment (issuance) of policy loans, net |  | 25 |  |  | (5 | ) |  | 17 |
Net change in collateral on investments, derivatives and related settlements |  | 16 |  |  | (1,893 | ) |  | (3,155 | )
Other |  | (104 | ) |  | (101 | ) |  | (93 | )
Net cash provided by (used in) investing activities |  | (2,140 | ) |  | (6,748 | ) |  | (9,863 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Payment of long-term debt, including current maturities |  | (300 | ) |  | (300 | ) |  | (300 | )
Issuance of long-term debt, net of issuance costs |  | 297 |  |  | 297 |  |  | 296 |
Payment related to sale-leaseback transactions |  | (4 | ) |  | (47 | ) |  | (52 | )
Proceeds from certain financing arrangements |  | - |  |  | 53 |  |  | 53 |
Deposits of fixed account values, including the fixed portion of variable |  | 3,046 |  |  | 6,900 |  |  | 11,062 |
Withdrawals of fixed account values, including the fixed portion of variable |  | (1,884 | ) |  | (3,352 | ) |  | (4,997 | )
Transfers from (to) separate accounts, net |  | 70 |  |  | 116 |  |  | 71 |
Common stock issued for benefit plans |  | (10 | ) |  | (14 | ) |  | (15 | )
Repurchase of common stock |  | (400 | ) |  | (500 | ) |  | (550 | )
Dividends paid to common stockholders |  | (79 | ) |  | (157 | ) |  | (234 | )
Other |  | - |  |  | - |  |  | (1 | )
Net cash provided by (used in) financing activities |  | 736 |  |  | 2,996 |  |  | 5,333 |
Net increase (decrease) in cash, invested cash and restricted cash |  | (652 | ) |  | (1,045 | ) |  | (1,140 | )
Cash, invested cash and restricted cash as of beginning-of-year |  | 2,612 |  |  | 2,612 |  |  | 2,612 |
Cash, invested cash and restricted cash as of end-of-period | $ | 1,960 |  | $ | 1,567 |  | $ | 1,472 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except share data)
| As of March 31, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
ASSETS |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturity available-for-sale securities, at fair value |  |  |  |  |  |  |  |  |
(amortized cost: 2021 - $105,866; allowance for credit losses: 2021 - $14) | $ | 117,313 |  | $ | - |  | $ | 117,313 |
Trading securities |  | 4,365 |  |  | (21 | ) |  | 4,344 |
Equity securities |  | 123 |  |  | 21 |  |  | 144 |
Mortgage loans on real estate, net of allowance for credit losses |  |  |  |  |  |  |  |  |
(portion at fair value: 2021 - $874) |  | 17,255 |  |  | - |  |  | 17,255 |
Policy loans |  | 2,502 |  |  | - |  |  | 2,502 |
Derivative investments |  | 3,453 |  |  | 29 |  |  | 3,482 |
Other investments |  | 3,548 |  |  | (1 | ) |  | 3,547 |
Total investments |  | 148,559 |  |  | 28 |  |  | 148,587 |
Cash and invested cash |  | 1,350 |  |  | - |  |  | 1,350 |
Deferred acquisition costs and value of business acquired |  | 7,665 |  |  | - |  |  | 7,665 |
Accrued investment income |  | 1,301 |  |  | - |  |  | 1,301 |
Reinsurance recoverables, net of allowance for credit losses |  | 16,289 |  |  | - |  |  | 16,289 |
Goodwill |  | 1,778 |  |  | - |  |  | 1,778 |
Other assets |  | 18,479 |  |  | (215 | ) |  | 18,264 |
Separate account assets |  | 171,339 |  |  | - |  |  | 171,339 |
Total assets | $ | 366,760 |  | $ | (187 | ) | $ | 366,573 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Future contract benefits | $ | 39,591 |  | $ | 1 |  | $ | 39,592 |
Other contract holder funds |  | 107,002 |  |  | - |  |  | 107,002 |
Short-term debt |  | 300 |  |  | - |  |  | 300 |
Long-term debt |  | 6,294 |  |  | - |  |  | 6,294 |
Payables for collateral on investments |  | 7,597 |  |  | - |  |  | 7,597 |
Other liabilities |  | 15,044 |  |  | (182 | ) |  | 14,862 |
Separate account liabilities |  | 171,339 |  |  | - |  |  | 171,339 |
Total liabilities |  | 347,167 |  |  | (181 | ) |  | 346,986 |
Contingencies and Commitments (See Note 13) |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |
Preferred stock – 10,000,000 shares authorized |  | - |  |  | - |  |  | - |
Common stock – 800,000,000 shares authorized; |  |  |  |  |  |  |  |  |
191,149,192 shares issued and outstanding as of March 31, 2021 |  | 5,057 |  |  | - |  |  | 5,057 |
Retained earnings |  | 8,775 |  |  | (6 | ) |  | 8,769 |
Accumulated other comprehensive income (loss) |  | 5,761 |  |  | - |  |  | 5,761 |
Total stockholders’ equity |  | 19,593 |  |  | (6 | ) |  | 19,587 |
Total liabilities and stockholders’ equity | $ | 366,760 |  | $ | (187 | ) | $ | 366,573 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except share data)
| As of June 30, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
ASSETS |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturity available-for-sale securities, at fair value |  |  |  |  |  |  |  |  |
(amortized cost: 2021 - $106,668; allowance for credit losses: 2021 - $9) | $ | 122,215 |  | $ | - |  | $ | 122,215 |
Trading securities |  | 4,232 |  |  | (21 | ) |  | 4,211 |
Equity securities |  | 174 |  |  | 21 |  |  | 195 |
Mortgage loans on real estate, net of allowance for credit losses |  |  |  |  |  |  |  |  |
(portion at fair value: 2021 - $818) |  | 17,586 |  |  | - |  |  | 17,586 |
Policy loans |  | 2,410 |  |  | - |  |  | 2,410 |
Derivative investments |  | 4,548 |  |  | 182 |  |  | 4,730 |
Other investments |  | 3,950 |  |  | (2 | ) |  | 3,948 |
Total investments |  | 155,115 |  |  | 180 |  |  | 155,295 |
Cash and invested cash |  | 2,389 |  |  | - |  |  | 2,389 |
Deferred acquisition costs and value of business acquired |  | 6,261 |  |  | - |  |  | 6,261 |
Accrued investment income |  | 1,254 |  |  | - |  |  | 1,254 |
Reinsurance recoverables, net of allowance for credit losses |  | 15,981 |  |  | - |  |  | 15,981 |
Goodwill |  | 1,778 |  |  | - |  |  | 1,778 |
Other assets |  | 18,575 |  |  | (450 | ) |  | 18,125 |
Separate account assets |  | 178,795 |  |  | - |  |  | 178,795 |
Total assets | $ | 380,148 |  | $ | (270 | ) | $ | 379,878 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Future contract benefits | $ | 40,250 |  | $ | 1 |  | $ | 40,251 |
Other contract holder funds |  | 108,778 |  |  | - |  |  | 108,778 |
Short-term debt |  | 300 |  |  | - |  |  | 300 |
Long-term debt |  | 6,334 |  |  | - |  |  | 6,334 |
Payables for collateral on investments |  | 8,199 |  |  | - |  |  | 8,199 |
Other liabilities |  | 15,747 |  |  | (268 | ) |  | 15,479 |
Separate account liabilities |  | 178,795 |  |  | - |  |  | 178,795 |
Total liabilities |  | 358,403 |  |  | (267 | ) |  | 358,136 |
Contingencies and Commitments (See Note 13) |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |
Preferred stock – 10,000,000 shares authorized |  | - |  |  | - |  |  | - |
Common stock – 800,000,000 shares authorized; |  |  |  |  |  |  |  |  |
189,089,948 shares issued and outstanding as of June 30, 2021 |  | 5,021 |  |  | - |  |  | 5,021 |
Retained earnings |  | 9,245 |  |  | (3 | ) |  | 9,242 |
Accumulated other comprehensive income (loss) |  | 7,479 |  |  | - |  |  | 7,479 |
Total stockholders’ equity |  | 21,745 |  |  | (3 | ) |  | 21,742 |
Total liabilities and stockholders’ equity | $ | 380,148 |  | $ | (270 | ) | $ | 379,878 |
‎ LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except share data)
| As of September 30, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
ASSETS |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturity available-for-sale securities, at fair value |  |  |  |  |  |  |  |  |
(amortized cost: 2021 - $107,459; allowance for credit losses: 2021 - $17) | $ | 122,085 |  | $ | - |  | $ | 122,085 |
Trading securities |  | 4,191 |  |  | (21 | ) |  | 4,170 |
Equity securities |  | 243 |  |  | 21 |  |  | 264 |
Mortgage loans on real estate, net of allowance for credit losses |  |  |  |  |  |  |  |  |
(portion at fair value: 2021 - $792) |  | 17,730 |  |  | - |  |  | 17,730 |
Policy loans |  | 2,379 |  |  | - |  |  | 2,379 |
Derivative investments |  | 4,828 |  |  | 247 |  |  | 5,075 |
Other investments |  | 4,069 |  |  | (3 | ) |  | 4,066 |
Total investments |  | 155,525 |  |  | 244 |  |  | 155,769 |
Cash and invested cash |  | 2,614 |  |  | - |  |  | 2,614 |
Deferred acquisition costs and value of business acquired |  | 5,965 |  |  | 1 |  |  | 5,966 |
Accrued investment income |  | 1,297 |  |  | - |  |  | 1,297 |
Reinsurance recoverables, net of allowance for credit losses |  | 15,729 |  |  | - |  |  | 15,729 |
Goodwill |  | 1,778 |  |  | - |  |  | 1,778 |
Other assets |  | 18,477 |  |  | (401 | ) |  | 18,076 |
Separate account assets |  | 175,667 |  |  | - |  |  | 175,667 |
Total assets | $ | 377,052 |  | $ | (156 | ) | $ | 376,896 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Future contract benefits | $ | 40,641 |  | $ | - |  | $ | 40,641 |
Other contract holder funds |  | 109,297 |  |  | 3 |  |  | 109,300 |
Short-term debt |  | 300 |  |  | - |  |  | 300 |
Long-term debt |  | 6,323 |  |  | - |  |  | 6,323 |
Payables for collateral on investments |  | 8,379 |  |  | - |  |  | 8,379 |
Other liabilities |  | 15,275 |  |  | (154 | ) |  | 15,121 |
Separate account liabilities |  | 175,667 |  |  | - |  |  | 175,667 |
Total liabilities |  | 355,882 |  |  | (151 | ) |  | 355,731 |
Contingencies and Commitments (See Note 13) |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |
Preferred stock – 10,000,000 shares authorized |  | - |  |  | - |  |  | - |
Common stock – 800,000,000 shares authorized; |  |  |  |  |  |  |  |  |
186,089,222 shares issued and outstanding as of September 30, 2021 |  | 4,956 |  |  | - |  |  | 4,956 |
Retained earnings |  | 9,365 |  |  | (5 | ) |  | 9,360 |
Accumulated other comprehensive income (loss) |  | 6,849 |  |  | - |  |  | 6,849 |
Total stockholders’ equity |  | 21,170 |  |  | (5 | ) |  | 21,165 |
Total liabilities and stockholders’ equity | $ | 377,052 |  | $ | (156 | ) | $ | 376,896 |
‎ LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except share data)
| As of March 31, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
ASSETS |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturity available-for-sale securities, at fair value |  |  |  |  |  |  |  |  |
(amortized cost: 2022 - $107,587; allowance for credit losses: 2022 - $20) | $ | 110,695 |  | $ | (32 | ) | $ | 110,663 |
Trading securities |  | 4,385 |  |  | (21 | ) |  | 4,364 |
Equity securities |  | 346 |  |  | 53 |  |  | 399 |
Mortgage loans on real estate, net of allowance for credit losses |  |  |  |  |  |  |  |  |
(portion at fair value: 2022 - $537) |  | 17,892 |  |  | - |  |  | 17,892 |
Policy loans |  | 2,339 |  |  | - |  |  | 2,339 |
Derivative investments |  | 4,840 |  |  | (267 | ) |  | 4,573 |
Other investments |  | 4,127 |  |  | (5 | ) |  | 4,122 |
Total investments |  | 144,624 |  |  | (272 | ) |  | 144,352 |
Cash and invested cash |  | 1,960 |  |  | - |  |  | 1,960 |
Deferred acquisition costs and value of business acquired |  | 8,810 |  |  | 1 |  |  | 8,811 |
Accrued investment income |  | 1,247 |  |  | - |  |  | 1,247 |
Reinsurance recoverables, net of allowance for credit losses |  | 20,044 |  |  | - |  |  | 20,044 |
Goodwill |  | 1,778 |  |  | - |  |  | 1,778 |
Other assets |  | 18,587 |  |  | (120 | ) |  | 18,467 |
Separate account assets |  | 168,879 |  |  | - |  |  | 168,879 |
Total assets | $ | 365,929 |  | $ | (391 | ) | $ | 365,538 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Future contract benefits | $ | 39,773 |  | $ | 3 |  | $ | 39,776 |
Other contract holder funds |  | 112,901 |  |  | 12 |  |  | 112,913 |
Long-term debt |  | 6,561 |  |  | - |  |  | 6,561 |
Payables for collateral on investments |  | 8,927 |  |  | - |  |  | 8,927 |
Other liabilities |  | 14,176 |  |  | (878 | ) |  | 13,298 |
Separate account liabilities |  | 168,879 |  |  | - |  |  | 168,879 |
Total liabilities |  | 351,217 |  |  | (863 | ) |  | 350,354 |
Contingencies and Commitments (See Note 13) |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |
Preferred stock – 10,000,000 shares authorized |  | - |  |  | - |  |  | - |
Common stock – 800,000,000 shares authorized; |  |  |  |  |  |  |  |  |
171,890,974 shares issued and outstanding as of March 31, 2022 |  | 4,586 |  |  | - |  |  | 4,586 |
Retained earnings |  | 8,876 |  |  | 470 |  |  | 9,346 |
Accumulated other comprehensive income (loss) |  | 1,250 |  |  | 2 |  |  | 1,252 |
Total stockholders’ equity |  | 14,712 |  |  | 472 |  |  | 15,184 |
Total liabilities and stockholders’ equity | $ | 365,929 |  | $ | (391 | ) | $ | 365,538 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except share data)
| As of June 30, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
ASSETS |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturity available-for-sale securities, at fair value |  |  |  |  |  |  |  |  |
(amortized cost: 2022 - $109,592; allowance for credit losses: 2022 - $12) | $ | 103,365 |  | $ | (48 | ) | $ | 103,317 |
Trading securities |  | 3,822 |  |  | (19 | ) |  | 3,803 |
Equity securities |  | 344 |  |  | 67 |  |  | 411 |
Mortgage loans on real estate, net of allowance for credit losses |  |  |  |  |  |  |  |  |
(portion at fair value: 2022 - $528) |  | 17,922 |  |  | - |  |  | 17,922 |
Policy loans |  | 2,368 |  |  | - |  |  | 2,368 |
Derivative investments |  | 3,370 |  |  | (203 | ) |  | 3,167 |
Other investments |  | 4,054 |  |  | 24 |  |  | 4,078 |
Total investments |  | 135,245 |  |  | (179 | ) |  | 135,066 |
Cash and invested cash |  | 1,567 |  |  | - |  |  | 1,567 |
Deferred acquisition costs and value of business acquired |  | 11,872 |  |  | - |  |  | 11,872 |
Accrued investment income |  | 1,226 |  |  | - |  |  | 1,226 |
Reinsurance recoverables, net of allowance for credit losses |  | 19,909 |  |  | - |  |  | 19,909 |
Goodwill |  | 1,778 |  |  | - |  |  | 1,778 |
Other assets |  | 18,381 |  |  | (244 | ) |  | 18,137 |
Separate account assets |  | 145,791 |  |  | - |  |  | 145,791 |
Total assets | $ | 335,769 |  | $ | (423 | ) | $ | 335,346 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Future contract benefits | $ | 39,306 |  | $ | 3 |  | $ | 39,309 |
Other contract holder funds |  | 115,127 |  |  | 18 |  |  | 115,145 |
Long-term debt |  | 6,498 |  |  | - |  |  | 6,498 |
Payables for collateral on investments |  | 7,524 |  |  | - |  |  | 7,524 |
Other liabilities |  | 12,335 |  |  | (910 | ) |  | 11,425 |
Separate account liabilities |  | 145,791 |  |  | - |  |  | 145,791 |
Total liabilities |  | 326,581 |  |  | (889 | ) |  | 325,692 |
Contingencies and Commitments (See Note 13) |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |
Preferred stock – 10,000,000 shares authorized |  | - |  |  | - |  |  | - |
Common stock – 800,000,000 shares authorized; |  |  |  |  |  |  |  |  |
170,224,116 shares issued and outstanding as of June 30, 2022 |  | 4,546 |  |  | - |  |  | 4,546 |
Retained earnings |  | 8,985 |  |  | 460 |  |  | 9,445 |
Accumulated other comprehensive income (loss) |  | (4,343 | ) |  | 6 |  |  | (4,337 | )
Total stockholders’ equity |  | 9,188 |  |  | 466 |  |  | 9,654 |
Total liabilities and stockholders’ equity | $ | 335,769 |  | $ | (423 | ) | $ | 335,346 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited, in millions, except share data)
| As of September 30, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
ASSETS |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Fixed maturity available-for-sale securities, at fair value |  |  |  |  |  |  |  |  |
(amortized cost: 2022 - $111,058; allowance for credit losses: 2022 - $18) | $ | 97,572 |  | $ | - |  | $ | 97,572 |
Trading securities |  | 3,580 |  |  | - |  |  | 3,580 |
Equity securities |  | 427 |  |  | - |  |  | 427 |
Mortgage loans on real estate, net of allowance for credit losses |  |  |  |  |  |  |  |  |
(portion at fair value: 2022 - $495) |  | 18,066 |  |  | - |  |  | 18,066 |
Policy loans |  | 2,347 |  |  | - |  |  | 2,347 |
Derivative investments |  | 3,681 |  |  | (226 | ) |  | 3,455 |
Other investments |  | 3,820 |  |  | (7 | ) |  | 3,813 |
Total investments |  | 129,493 |  |  | (233 | ) |  | 129,260 |
Cash and invested cash |  | 1,472 |  |  | - |  |  | 1,472 |
Deferred acquisition costs and value of business acquired |  | 13,676 |  |  | 8 |  |  | 13,684 |
Accrued investment income |  | 1,283 |  |  | - |  |  | 1,283 |
Reinsurance recoverables, net of allowance for credit losses |  | 20,045 |  |  | - |  |  | 20,045 |
Goodwill |  | 1,144 |  |  | - |  |  | 1,144 |
Other assets |  | 20,275 |  |  | (284 | ) |  | 19,991 |
Separate account assets |  | 137,295 |  |  | - |  |  | 137,295 |
Total assets | $ | 324,683 |  | $ | (509 | ) | $ | 324,174 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |  |  |
Future contract benefits | $ | 41,716 |  | $ | - |  | $ | 41,716 |
Other contract holder funds |  | 118,174 |  |  | 27 |  |  | 118,201 |
Short-term debt |  | 500 |  |  | - |  |  | 500 |
Long-term debt |  | 5,959 |  |  | - |  |  | 5,959 |
Payables for collateral on investments |  | 6,865 |  |  | - |  |  | 6,865 |
Other liabilities |  | 11,957 |  |  | (987 | ) |  | 10,970 |
Separate account liabilities |  | 137,295 |  |  | - |  |  | 137,295 |
Total liabilities |  | 322,466 |  |  | (960 | ) |  | 321,506 |
Contingencies and Commitments (See Note 13) |  |  |  |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |  |  |  |
Preferred stock – 10,000,000 shares authorized |  | - |  |  | - |  |  | - |
Common stock – 800,000,000 shares authorized; |  |  |  |  |  |  |  |  |
169,214,493 shares issued and outstanding as of September 30, 2022 |  | 4,534 |  |  | - |  |  | 4,534 |
Retained earnings |  | 6,311 |  |  | 451 |  |  | 6,762 |
Accumulated other comprehensive income (loss) |  | (8,628 | ) |  | - |  |  | (8,628 | )
Total stockholders’ equity |  | 2,217 |  |  | 451 |  |  | 2,668 |
Total liabilities and stockholders’ equity | $ | 324,683 |  | $ | (509 | ) | $ | 324,174 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| For the Three Months Ended |
| March 31, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Revenues |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,406 |  | $ | (6 | ) | $ | 1,400 |
Fee income |  | 1,592 |  |  | 5 |  |  | 1,597 |
Net investment income |  | 1,510 |  |  | (1 | ) |  | 1,509 |
Realized gain (loss) |  | (181 | ) |  | 1 |  |  | (180 | )
Amortization of deferred gain on business sold through reinsurance |  | 9 |  |  | - |  |  | 9 |
Other revenues |  | 198 |  |  | - |  |  | 198 |
Total revenues |  | 4,534 |  |  | (1 | ) |  | 4,533 |
Expenses |  |  |  |  |  |  |  |  |
Interest credited |  | 737 |  |  | 6 |  |  | 743 |
Benefits |  | 2,226 |  |  | 1 |  |  | 2,227 |
Commissions and other expenses |  | 1,231 |  |  | - |  |  | 1,231 |
Interest and debt expense |  | 65 |  |  | - |  |  | 65 |
Spark program expense |  | 13 |  |  | - |  |  | 13 |
Total expenses |  | 4,272 |  |  | 7 |  |  | 4,279 |
Income (loss) before taxes |  | 262 |  |  | (8 | ) |  | 254 |
Federal income tax expense (benefit) |  | 37 |  |  | (2 | ) |  | 35 |
Net income (loss) |  | 225 |  |  | (6 | ) |  | 219 |
Other comprehensive income (loss), net of tax |  | (3,170 | ) |  | - |  |  | (3,170 | )
Comprehensive income (loss) | $ | (2,945 | ) | $ | (6 | ) | $ | (2,951 | )
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |
Basic | $ | 1.17 |  | $ | (0.03 | ) | $ | 1.14 |
Diluted | $ | 1.16 |  | $ | (0.03 | ) | $ | 1.13 |
Cash Dividends Declared Per Common Share | $ | 0.42 |  | $ | - |  | $ | 0.42 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| For the Three Months Ended |
| June 30, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Revenues |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,398 |  | $ | 6 |  | $ | 1,404 |
Fee income |  | 1,670 |  |  | 3 |  |  | 1,673 |
Net investment income |  | 1,584 |  |  | (1 | ) |  | 1,583 |
Realized gain (loss) |  | (2 | ) |  | 3 |  |  | 1 |
Amortization of deferred gain on business sold through reinsurance |  | 9 |  |  | - |  |  | 9 |
Other revenues |  | 192 |  |  | - |  |  | 192 |
Total revenues |  | 4,851 |  |  | 11 |  |  | 4,862 |
Expenses |  |  |  |  |  |  |  |  |
Interest credited |  | 737 |  |  | 8 |  |  | 745 |
Benefits |  | 1,930 |  |  | - |  |  | 1,930 |
Commissions and other expenses |  | 1,326 |  |  | (1 | ) |  | 1,325 |
Interest and debt expense |  | 65 |  |  | - |  |  | 65 |
Spark program expense |  | 21 |  |  | - |  |  | 21 |
Total expenses |  | 4,079 |  |  | 7 |  |  | 4,086 |
Income (loss) before taxes |  | 772 |  |  | 4 |  |  | 776 |
Federal income tax expense (benefit) |  | 130 |  |  | 1 |  |  | 131 |
Net income (loss) |  | 642 |  |  | 3 |  |  | 645 |
Other comprehensive income (loss), net of tax |  | 1,718 |  |  | - |  |  | 1,718 |
Comprehensive income (loss) | $ | 2,360 |  | $ | 3 |  | $ | 2,363 |
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |
Basic | $ | 3.38 |  | $ | 0.02 |  | $ | 3.40 |
Diluted | $ | 3.34 |  | $ | 0.02 |  | $ | 3.36 |
Cash Dividends Declared Per Common Share | $ | 0.42 |  | $ | - |  | $ | 0.42 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| For the Three Months Ended |
| September 30, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Revenues |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,394 |  | $ | - |  | $ | 1,394 |
Fee income |  | 1,996 |  |  | 4 |  |  | 2,000 |
Net investment income |  | 1,576 |  |  | (1 | ) |  | 1,575 |
Realized gain (loss) |  | 85 |  |  | (6 | ) |  | 79 |
Amortization of deferred gain on business sold through reinsurance |  | 9 |  |  | - |  |  | 9 |
Other revenues |  | 181 |  |  | - |  |  | 181 |
Total revenues |  | 5,241 |  |  | (3 | ) |  | 5,238 |
Expenses |  |  |  |  |  |  |  |  |
Interest credited |  | 750 |  |  | (2 | ) |  | 748 |
Benefits |  | 2,122 |  |  | (1 | ) |  | 2,121 |
Commissions and other expenses |  | 1,906 |  |  | 2 |  |  | 1,908 |
Interest and debt expense |  | 73 |  |  | - |  |  | 73 |
Spark program expense |  | 22 |  |  | - |  |  | 22 |
Total expenses |  | 4,873 |  |  | (1 | ) |  | 4,872 |
Income (loss) before taxes |  | 368 |  |  | (2 | ) |  | 366 |
Federal income tax expense (benefit) |  | 50 |  |  | - |  |  | 50 |
Net income (loss) |  | 318 |  |  | (2 | ) |  | 316 |
Other comprehensive income (loss), net of tax |  | (630 | ) |  | - |  |  | (630 | )
Comprehensive income (loss) | $ | (312 | ) | $ | (2 | ) | $ | (314 | )
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |
Basic | $ | 1.70 |  | $ | (0.01 | ) | $ | 1.69 |
Diluted | $ | 1.68 |  | $ | (0.01 | ) | $ | 1.67 |
Cash Dividends Declared Per Common Share | $ | 0.42 |  | $ | - |  | $ | 0.42 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| For the Three Months Ended |
| December 31, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Revenues |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,419 |  | $ | - |  | $ | 1,419 |
Fee income |  | 1,629 |  |  | 6 |  |  | 1,635 |
Net investment income |  | 1,445 |  |  | (1 | ) |  | 1,444 |
Realized gain (loss) |  | (114 | ) |  | 628 |  |  | 514 |
Amortization of deferred gain on business sold through reinsurance |  | 19 |  |  | (8 | ) |  | 11 |
Other revenues |  | 206 |  |  | - |  |  | 206 |
Total revenues |  | 4,604 |  |  | 625 |  |  | 5,229 |
Expenses |  |  |  |  |  |  |  |  |
Interest credited |  | 691 |  |  | 5 |  |  | 696 |
Benefits |  | 2,251 |  |  | - |  |  | 2,251 |
Commissions and other expenses |  | 1,328 |  |  | 2 |  |  | 1,330 |
Interest and debt expense |  | 67 |  |  | - |  |  | 67 |
Spark program expense |  | 31 |  |  | - |  |  | 31 |
Total expenses |  | 4,368 |  |  | 7 |  |  | 4,375 |
Income (loss) before taxes |  | 236 |  |  | 618 |  |  | 854 |
Federal income tax expense (benefit) |  | 16 |  |  | 130 |  |  | 146 |
Net income (loss) |  | 220 |  |  | 488 |  |  | 708 |
Other comprehensive income (loss), net of tax |  | (408 | ) |  | - |  |  | (408 | )
Comprehensive income (loss) | $ | (188 | ) | $ | 488 |  | $ | 300 |
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |
Basic | $ | 1.22 |  | $ | 2.70 |  | $ | 3.92 |
Diluted | $ | 1.20 |  | $ | 2.66 |  | $ | 3.86 |
Cash Dividends Declared Per Common Share | $ | 0.45 |  | $ | - |  | $ | 0.45 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| For the Three Months Ended |
| March 31, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Revenues |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,477 |  | $ | - |  | $ | 1,477 |
Fee income |  | 1,568 |  |  | - |  |  | 1,568 |
Net investment income |  | 1,412 |  |  | (1 | ) |  | 1,411 |
Realized gain (loss) |  | 29 |  |  | (4 | ) |  | 25 |
Amortization of deferred gain on business sold through reinsurance |  | 19 |  |  | (8 | ) |  | 11 |
Other revenues |  | 182 |  |  | - |  |  | 182 |
Total revenues |  | 4,687 |  |  | (13 | ) |  | 4,674 |
Expenses |  |  |  |  |  |  |  |  |
Interest credited |  | 697 |  |  | - |  |  | 697 |
Benefits |  | 2,565 |  |  | 3 |  |  | 2,568 |
Commissions and other expenses |  | 1,236 |  |  | (1 | ) |  | 1,235 |
Interest and debt expense |  | 66 |  |  | - |  |  | 66 |
Spark program expense |  | 31 |  |  | - |  |  | 31 |
Total expenses |  | 4,595 |  |  | 2 |  |  | 4,597 |
Income (loss) before taxes |  | 92 |  |  | (15 | ) |  | 77 |
Federal income tax expense (benefit) |  | (12 | ) |  | (3 | ) |  | (15 | )
Net income (loss) |  | 104 |  |  | (12 | ) |  | 92 |
Other comprehensive income (loss), net of tax |  | (5,191 | ) |  | 2 |  |  | (5,189 | )
Comprehensive income (loss) | $ | (5,087 | ) | $ | (10 | ) | $ | (5,097 | )
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |
Basic | $ | 0.60 |  | $ | (0.07 | ) | $ | 0.53 |
Diluted | $ | 0.58 |  | $ | (0.06 | ) | $ | 0.52 |
Cash Dividends Declared Per Common Share | $ | 0.45 |  | $ | - |  | $ | 0.45 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| For the Three Months Ended |
| June 30, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Revenues |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,498 |  | $ | - |  | $ | 1,498 |
Fee income |  | 1,506 |  |  | - |  |  | 1,506 |
Net investment income |  | 1,369 |  |  | 29 |  |  | 1,398 |
Realized gain (loss) |  | 522 |  |  | (7 | ) |  | 515 |
Amortization of deferred gain on business sold through reinsurance |  | 19 |  |  | (8 | ) |  | 11 |
Other revenues |  | 190 |  |  | (30 | ) |  | 160 |
Total revenues |  | 5,104 |  |  | (16 | ) |  | 5,088 |
Expenses |  |  |  |  |  |  |  |  |
Interest credited |  | 706 |  |  | - |  |  | 706 |
Benefits |  | 2,890 |  |  | - |  |  | 2,890 |
Commissions and other expenses |  | 1,127 |  |  | (4 | ) |  | 1,123 |
Interest and debt expense |  | 68 |  |  | - |  |  | 68 |
Spark program expense |  | 44 |  |  | - |  |  | 44 |
Total expenses |  | 4,835 |  |  | (4 | ) |  | 4,831 |
Income (loss) before taxes |  | 269 |  |  | (12 | ) |  | 257 |
Federal income tax expense (benefit) |  | 31 |  |  | (2 | ) |  | 29 |
Net income (loss) |  | 238 |  |  | (10 | ) |  | 228 |
Other comprehensive income (loss), net of tax |  | (5,593 | ) |  | 4 |  |  | (5,589 | )
Comprehensive income (loss) | $ | (5,355 | ) | $ | (6 | ) | $ | (5,361 | )
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |
Basic | $ | 1.39 |  | $ | (0.05 | ) | $ | 1.34 |
Diluted | $ | 1.34 |  | $ | (0.06 | ) | $ | 1.28 |
Cash Dividends Declared Per Common Share | $ | 0.45 |  | $ | - |  | $ | 0.45 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| For the Three Months Ended |
| September 30, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Revenues |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,548 |  | $ | - |  | $ | 1,548 |
Fee income |  | 1,527 |  |  | - |  |  | 1,527 |
Net investment income |  | 1,326 |  |  | (31 | ) |  | 1,295 |
Realized gain (loss) |  | 220 |  |  | (8 | ) |  | 212 |
Amortization of deferred gain on business sold through reinsurance |  | 18 |  |  | (8 | ) |  | 10 |
Other revenues |  | 159 |  |  | 30 |  |  | 189 |
Total revenues |  | 4,798 |  |  | (17 | ) |  | 4,781 |
Expenses |  |  |  |  |  |  |  |  |
Interest credited |  | 722 |  |  | - |  |  | 722 |
Benefits |  | 5,106 |  |  | (3 | ) |  | 5,103 |
Commissions and other expenses |  | 1,358 |  |  | (3 | ) |  | 1,355 |
Interest and debt expense |  | 71 |  |  | - |  |  | 71 |
Spark program expense |  | 44 |  |  | - |  |  | 44 |
Impairment of intangibles |  | 634 |  |  | - |  |  | 634 |
Total expenses |  | 7,935 |  |  | (6 | ) |  | 7,929 |
Income (loss) before taxes |  | (3,137 | ) |  | (11 | ) |  | (3,148 | )
Federal income tax expense (benefit) |  | (563 | ) |  | (2 | ) |  | (565 | )
Net income (loss) |  | (2,574 | ) |  | (9 | ) |  | (2,583 | )
Other comprehensive income (loss), net of tax |  | (4,285 | ) |  | (6 | ) |  | (4,291 | )
Comprehensive income (loss) | $ | (6,859 | ) | $ | (15 | ) | $ | (6,874 | )
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |
Basic | $ | (15.17 | ) | $ | (0.05 | ) | $ | (15.22 | )
Diluted | $ | (15.17 | ) | $ | (0.06 | ) | $ | (15.23 | )
Cash Dividends Declared Per Common Share | $ | 0.45 |  | $ | - |  | $ | 0.45 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, in millions, except per share data)
| For the Three Months Ended |
| December 31, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Revenues |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 1,564 |  | $ | - |  | $ | 1,564 |
Fee income |  | 1,453 |  |  | - |  |  | 1,453 |
Net investment income |  | 1,404 |  |  | 7 |  |  | 1,411 |
Realized gain (loss) |  | (435 | ) |  | 28 |  |  | (407 | )
Amortization of deferred gain on business sold through reinsurance |  | 18 |  |  | (8 | ) |  | 10 |
Other revenues |  | 191 |  |  | - |  |  | 191 |
Total revenues |  | 4,195 |  |  | 27 |  |  | 4,222 |
Expenses |  |  |  |  |  |  |  |  |
Interest credited |  | 745 |  |  | - |  |  | 745 |
Benefits |  | 1,985 |  |  | - |  |  | 1,985 |
Commissions and other expenses |  | 1,374 |  |  | 8 |  |  | 1,382 |
Interest and debt expense |  | 78 |  |  | - |  |  | 78 |
Spark program expense |  | 48 |  |  | - |  |  | 48 |
Total expenses |  | 4,230 |  |  | 8 |  |  | 4,238 |
Income (loss) before taxes |  | (35 | ) |  | 19 |  |  | (16 | )
Federal income tax expense (benefit) |  | (40 | ) |  | 3 |  |  | (37 | )
Net income (loss) |  | 5 |  |  | 16 |  |  | 21 |
Other comprehensive income (loss), net of tax |  | 960 |  |  | - |  |  | 960 |
Comprehensive income (loss) | $ | 965 |  | $ | 16 |  | $ | 981 |
Net Income (Loss) Per Common Share |  |  |  |  |  |  |  |  |
Basic | $ | 0.04 |  | $ | 0.08 |  | $ | 0.12 |
Diluted | $ | 0.01 |  | $ | 0.08 |  | $ | 0.09 |
Cash Dividends Declared Per Common Share | $ | 0.45 |  | $ | - |  | $ | 0.45 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited, in millions)
| For the Three Months Ended
| March 31, 2021
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Common Stock |  |  |  |  |  |  |  |  |
Balance as of beginning-of-year | $ | 5,082 |  | $ | - |  | $ | 5,082 |
Stock compensation/issued for benefit plans |  | 25 |  |  | - |  |  | 25 |
Retirement of common stock/cancellation of shares |  | (50 | ) |  | - |  |  | (50 | )
Balance as of end-of-period |  | 5,057 |  |  | - |  |  | 5,057 |
Retained Earnings |  |  |  |  |  |  |  |  |
Balance as of beginning-of-year |  | 8,686 |  |  | - |  |  | 8,686 |
Net income (loss) |  | 225 |  |  | (6 | ) |  | 219 |
Retirement of common stock |  | (55 | ) |  | - |  |  | (55 | )
Common stock dividends declared |  | (81 | ) |  | - |  |  | (81 | )
Balance as of end-of-period |  | 8,775 |  |  | (6 | ) |  | 8,769 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |
Balance as of beginning-of-year |  | 8,931 |  |  | - |  |  | 8,931 |
Other comprehensive income (loss), net of tax |  | (3,170 | ) |  | - |  |  | (3,170 | )
Balance as of end-of-period |  | 5,761 |  |  | - |  |  | 5,761 |
Total stockholders’ equity as of end-of-period | $ | 19,593 |  | $ | (6 | ) | $ | 19,587 |
| For the Three Months Ended |
| June 30, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Common Stock |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period | $ | 5,057 |  | $ | - |  | $ | 5,057 |
Stock compensation/issued for benefit plans |  | 23 |  |  | - |  |  | 23 |
Retirement of common stock/cancellation of shares |  | (59 | ) |  | - |  |  | (59 | )
Balance as of end-of-period |  | 5,021 |  |  | - |  |  | 5,021 |
Retained Earnings |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 8,775 |  |  | (6 | ) |  | 8,769 |
Net income (loss) |  | 642 |  |  | 3 |  |  | 645 |
Retirement of common stock |  | (91 | ) |  | - |  |  | (91 | )
Common stock dividends declared |  | (81 | ) |  | - |  |  | (81 | )
Balance as of end-of-period |  | 9,245 |  |  | (3 | ) |  | 9,242 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 5,761 |  |  | - |  |  | 5,761 |
Other comprehensive income (loss), net of tax |  | 1,718 |  |  | - |  |  | 1,718 |
Balance as of end-of-period |  | 7,479 |  |  | - |  |  | 7,479 |
Total stockholders’ equity as of end-of-period | $ | 21,745 |  | $ | (3 | ) | $ | 21,742 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited, in millions)
| For the Three Months Ended |
| September 30, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Common Stock |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period | $ | 5,021 |  | $ | - |  | $ | 5,021 |
Stock compensation/issued for benefit plans |  | 16 |  |  | - |  |  | 16 |
Retirement of common stock/cancellation of shares |  | (81 | ) |  | - |  |  | (81 | )
Balance as of end-of-period |  | 4,956 |  |  | - |  |  | 4,956 |
Retained Earnings |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 9,245 |  |  | (3 | ) |  | 9,242 |
Net income (loss) |  | 318 |  |  | (2 | ) |  | 316 |
Retirement of common stock |  | (119 | ) |  | - |  |  | (119 | )
Common stock dividends declared |  | (79 | ) |  | - |  |  | (79 | )
Balance as of end-of-period |  | 9,365 |  |  | (5 | ) |  | 9,360 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 7,479 |  |  | - |  |  | 7,479 |
Other comprehensive income (loss), net of tax |  | (630 | ) |  | - |  |  | (630 | )
Balance as of end-of-period |  | 6,849 |  |  | - |  |  | 6,849 |
Total stockholders’ equity as of end-of-period | $ | 21,170 |  | $ | (5 | ) | $ | 21,165 |
| For the Three Months Ended |
| March 31, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Common Stock |  |  |  |  |  |  |  |  |
Balance as of beginning-of-year | $ | 4,735 |  | $ | - |  | $ | 4,735 |
Stock compensation/issued for benefit plans |  | 6 |  |  | - |  |  | 6 |
Retirement of common stock/cancellation of shares |  | (155 | ) |  | - |  |  | (155 | )
Balance as of end-of-period |  | 4,586 |  |  | - |  |  | 4,586 |
Retained Earnings |  |  |  |  |  |  |  |  |
Balance as of beginning-of-year |  | 9,096 |  |  | 482 |  |  | 9,578 |
Net income (loss) |  | 104 |  |  | (12 | ) |  | 92 |
Retirement of common stock |  | (245 | ) |  | - |  |  | (245 | )
Common stock dividends declared |  | (79 | ) |  | - |  |  | (79 | )
Balance as of end-of-period |  | 8,876 |  |  | 470 |  |  | 9,346 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |
Balance as of beginning-of-year |  | 6,441 |  |  | - |  |  | 6,441 |
Other comprehensive income (loss), net of tax |  | (5,191 | ) |  | 2 |  |  | (5,189 | )
Balance as of end-of-period |  | 1,250 |  |  | 2 |  |  | 1,252 |
Total stockholders’ equity as of end-of-period | $ | 14,712 |  | $ | 472 |  | $ | 15,184 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited, in millions)
| For the Three Months Ended |
| June 30, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Common Stock |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period | $ | 4,586 |  | $ | - |  | $ | 4,586 |
Stock compensation/issued for benefit plans |  | 9 |  |  | - |  |  | 9 |
Retirement of common stock/cancellation of shares |  | (49 | ) |  | - |  |  | (49 | )
Balance as of end-of-period |  | 4,546 |  |  | - |  |  | 4,546 |
Retained Earnings |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 8,876 |  |  | 470 |  |  | 9,346 |
Net income (loss) |  | 238 |  |  | (10 | ) |  | 228 |
Retirement of common stock |  | (51 | ) |  | - |  |  | (51 | )
Common stock dividends declared |  | (78 | ) |  | - |  |  | (78 | )
Balance as of end-of-period |  | 8,985 |  |  | 460 |  |  | 9,445 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 1,250 |  |  | 2 |  |  | 1,252 |
Other comprehensive income (loss), net of tax |  | (5,593 | ) |  | 4 |  |  | (5,589 | )
Balance as of end-of-period |  | (4,343 | ) |  | 6 |  |  | (4,337 | )
Total stockholders’ equity as of end-of-period | $ | 9,188 |  | $ | 466 |  | $ | 9,654 |
| For the Three Months Ended |
| September 30, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Common Stock |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period | $ | 4,546 |  | $ | - |  | $ | 4,546 |
Stock compensation/issued for benefit plans |  | 15 |  |  | - |  |  | 15 |
Retirement of common stock/cancellation of shares |  | (27 | ) |  | - |  |  | (27 | )
Balance as of end-of-period |  | 4,534 |  |  | - |  |  | 4,534 |
Retained Earnings |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | 8,985 |  |  | 460 |  |  | 9,445 |
Net income (loss) |  | (2,574 | ) |  | (9 | ) |  | (2,583 | )
Retirement of common stock |  | (23 | ) |  | - |  |  | (23 | )
Common stock dividends declared |  | (77 | ) |  | - |  |  | (77 | )
Balance as of end-of-period |  | 6,311 |  |  | 451 |  |  | 6,762 |
Accumulated Other Comprehensive Income (Loss) |  |  |  |  |  |  |  |  |
Balance as of beginning-of-period |  | (4,343 | ) |  | 6 |  |  | (4,337 | )
Other comprehensive income (loss), net of tax |  | (4,285 | ) |  | (6 | ) |  | (4,291 | )
Balance as of end-of-period |  | (8,628 | ) |  | - |  |  | (8,628 | )
Total stockholders’ equity as of end-of-period | $ | 2,217 |  | $ | 451 |  | $ | 2,668 |
‎ LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)
| For the Three Months Ended |
| March 31, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 225 |  | $ | (6 | ) | $ | 219 |
Adjustments to reconcile net income (loss) to net cash provided by |  |  |  |  |  |  |  |  |
(used in) operating activities: |  |  |  |  |  |  |  |  |
Realized (gain) loss |  | 181 |  |  | (1 | ) |  | 180 |
Sales and maturities (purchases) of trading securities, net |  | 98 |  |  | 20 |  |  | 118 |
Amortization of deferred gain on business sold through reinsurance |  | (9 | ) |  | - |  |  | (9 | )
Change in: |  |  |  |  |  |  |  |  |
Deferred acquisition costs, value of business acquired, deferred sales |  |  |  |  |  |  |  |  |
inducements and deferred front-end loads deferrals and interest, net |  |  |  |  |  |  |  |  |
of amortization |  | 54 |  |  | - |  |  | 54 |
Premiums and fees receivable |  | (167 | ) |  | 6 |  |  | (161 | )
Accrued investment income |  | (41 | ) |  | - |  |  | (41 | )
Insurance liabilities and reinsurance-related balances |  | (764 | ) |  | 2 |  |  | (762 | )
Accrued expenses |  | (40 | ) |  | - |  |  | (40 | )
Federal income tax accruals |  | 37 |  |  | (2 | ) |  | 35 |
Other |  | (216 | ) |  | - |  |  | (216 | )
Net cash provided by (used in) operating activities |  | (642 | ) |  | 19 |  |  | (623 | )
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities and equity securities |  | (3,834 | ) |  | (20 | ) |  | (3,854 | )
Sales of available-for-sale securities and equity securities |  | 571 |  |  | - |  |  | 571 |
Maturities of available-for-sale securities |  | 1,913 |  |  | - |  |  | 1,913 |
Purchases of alternative investments |  | (163 | ) |  | - |  |  | (163 | )
Sales and repayments of alternative investments |  | 54 |  |  | - |  |  | 54 |
Issuance of mortgage loans on real estate |  | (888 | ) |  | 1 |  |  | (887 | )
Repayment and maturities of mortgage loans on real estate |  | 403 |  |  | - |  |  | 403 |
Repayment (issuance) of policy loans, net |  | (76 | ) |  | - |  |  | (76 | )
Net change in collateral on investments, derivatives and related settlements |  | 1,341 |  |  | - |  |  | 1,341 |
Other |  | (33 | ) |  | - |  |  | (33 | )
Net cash provided by (used in) investing activities |  | (712 | ) |  | (19 | ) |  | (731 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Deposits of fixed account values, including the fixed portion of variable |  | 3,136 |  |  | 4 |  |  | 3,140 |
Withdrawals of fixed account values, including the fixed portion of variable |  | (1,777 | ) |  | 4 |  |  | (1,773 | )
Transfers from (to) separate accounts, net |  | (122 | ) |  | (8 | ) |  | (130 | )
Common stock issued for benefit plans |  | 7 |  |  | - |  |  | 7 |
Repurchase of common stock |  | (105 | ) |  | - |  |  | (105 | )
Dividends paid to common stockholders |  | (80 | ) |  | - |  |  | (80 | )
Other |  | (63 | ) |  | - |  |  | (63 | )
Net cash provided by (used in) financing activities |  | 996 |  |  | - |  |  | 996 |
Net increase (decrease) in cash, invested cash and restricted cash |  | (358 | ) |  | - |  |  | (358 | )
Cash, invested cash and restricted cash as of beginning-of-year |  | 1,708 |  |  | - |  |  | 1,708 |
Cash, invested cash and restricted cash as of end-of-period | $ | 1,350 |  | $ | - |  | $ | 1,350 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)
| For the Six Months Ended |
| June 30, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 867 |  | $ | (3 | ) | $ | 864 |
Adjustments to reconcile net income (loss) to net cash provided by |  |  |  |  |  |  |  |  |
(used in) operating activities: |  |  |  |  |  |  |  |  |
Realized (gain) loss |  | 182 |  |  | (3 | ) |  | 179 |
Sales and maturities (purchases) of trading securities, net |  | 210 |  |  | 20 |  |  | 230 |
Amortization of deferred gain on business sold through reinsurance |  | (17 | ) |  | - |  |  | (17 | )
Change in: |  |  |  |  |  |  |  |  |
Deferred acquisition costs, value of business acquired, deferred sales |  |  |  |  |  |  |  |  |
inducements and deferred front-end loads deferrals and interest, net |  |  |  |  |  |  |  |  |
of amortization |  | 115 |  |  | (3 | ) |  | 112 |
Premiums and fees receivable |  | (97 | ) |  | - |  |  | (97 | )
Accrued investment income |  | (10 | ) |  | - |  |  | (10 | )
Insurance liabilities and reinsurance-related balances |  | (1,438 | ) |  | 7 |  |  | (1,431 | )
Accrued expenses |  | 42 |  |  | - |  |  | 42 |
Federal income tax accruals |  | 167 |  |  | (1 | ) |  | 166 |
Other |  | (252 | ) |  | 1 |  |  | (251 | )
Net cash provided by (used in) operating activities |  | (231 | ) |  | 18 |  |  | (213 | )
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities and equity securities |  | (8,304 | ) |  | (20 | ) |  | (8,324 | )
Sales of available-for-sale securities and equity securities |  | 1,269 |  |  | - |  |  | 1,269 |
Maturities of available-for-sale securities |  | 4,700 |  |  | - |  |  | 4,700 |
Purchases of alternative investments |  | (361 | ) |  | - |  |  | (361 | )
Sales and repayments of alternative investments |  | 128 |  |  | - |  |  | 128 |
Issuance of mortgage loans on real estate |  | (1,634 | ) |  | 2 |  |  | (1,632 | )
Repayment and maturities of mortgage loans on real estate |  | 851 |  |  | - |  |  | 851 |
Repayment (issuance) of policy loans, net |  | 16 |  |  | - |  |  | 16 |
Net change in collateral on investments, derivatives and related settlements |  | 1,888 |  |  | - |  |  | 1,888 |
Other |  | (71 | ) |  | - |  |  | (71 | )
Net cash provided by (used in) investing activities |  | (1,518 | ) |  | (18 | ) |  | (1,536 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Proceeds from certain financing arrangements |  | 50 |  |  | - |  |  | 50 |
Deposits of fixed account values, including the fixed portion of variable |  | 6,375 |  |  | 3 |  |  | 6,378 |
Withdrawals of fixed account values, including the fixed portion of variable |  | (3,299 | ) |  | 23 |  |  | (3,276 | )
Transfers from (to) separate accounts, net |  | (229 | ) |  | (26 | ) |  | (255 | )
Common stock issued for benefit plans |  | 12 |  |  | - |  |  | 12 |
Repurchase of common stock |  | (255 | ) |  | - |  |  | (255 | )
Dividends paid to common stockholders |  | (161 | ) |  | - |  |  | (161 | )
Other |  | (63 | ) |  | - |  |  | (63 | )
Net cash provided by (used in) financing activities |  | 2,430 |  |  | - |  |  | 2,430 |
Net increase (decrease) in cash, invested cash and restricted cash |  | 681 |  |  | - |  |  | 681 |
Cash, invested cash and restricted cash as of beginning-of-year |  | 1,708 |  |  | - |  |  | 1,708 |
Cash, invested cash and restricted cash as of end-of-period | $ | 2,389 |  | $ | - |  | $ | 2,389 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)
| For the Nine Months Ended |
| September 30, 2021 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 1,185 |  | $ | (5 | ) | $ | 1,180 |
Adjustments to reconcile net income (loss) to net cash provided by |  |  |  |  |  |  |  |  |
(used in) operating activities: |  |  |  |  |  |  |  |  |
Realized (gain) loss |  | 97 |  |  | 3 |  |  | 100 |
Sales and maturities (purchases) of trading securities, net |  | 219 |  |  | 20 |  |  | 239 |
Amortization of deferred gain on business sold through reinsurance |  | (27 | ) |  | - |  |  | (27 | )
Change in: |  |  |  |  |  |  |  |  |
Deferred acquisition costs, value of business acquired, deferred sales |  |  |  |  |  |  |  |  |
inducements and deferred front-end loads deferrals and interest, net |  |  |  |  |  |  |  |  |
of amortization |  | 348 |  |  | (2 | ) |  | 346 |
Premiums and fees receivable |  | (98 | ) |  | - |  |  | (98 | )
Accrued investment income |  | (34 | ) |  | - |  |  | (34 | )
Insurance liabilities and reinsurance-related balances |  | (1,779 | ) |  | - |  |  | (1,779 | )
Accrued expenses |  | 246 |  |  | - |  |  | 246 |
Federal income tax accruals |  | 216 |  |  | (1 | ) |  | 215 |
Other |  | (265 | ) |  | 2 |  |  | (263 | )
Net cash provided by (used in) operating activities |  | 108 |  |  | 17 |  |  | 125 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities and equity securities |  | (11,897 | ) |  | (20 | ) |  | (11,917 | )
Sales of available-for-sale securities and equity securities |  | 1,452 |  |  | - |  |  | 1,452 |
Maturities of available-for-sale securities |  | 7,055 |  |  | - |  |  | 7,055 |
Purchases of alternative investments |  | (506 | ) |  | - |  |  | (506 | )
Sales and repayments of alternative investments |  | 258 |  |  | - |  |  | 258 |
Issuance of mortgage loans on real estate |  | (2,213 | ) |  | 3 |  |  | (2,210 | )
Repayment and maturities of mortgage loans on real estate |  | 1,274 |  |  | - |  |  | 1,274 |
Repayment (issuance) of policy loans, net |  | 48 |  |  | - |  |  | 48 |
Net change in collateral on investments, derivatives and related settlements |  | 2,312 |  |  | - |  |  | 2,312 |
Other |  | (219 | ) |  | - |  |  | (219 | )
Net cash provided by (used in) investing activities |  | (2,436 | ) |  | (17 | ) |  | (2,453 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Payment related to modification or early extinguishment of debt |  | (8 | ) |  | - |  |  | (8 | )
Proceeds from certain financing arrangements |  | 50 |  |  | - |  |  | 50 |
Deposits of fixed account values, including the fixed portion of variable |  | 9,150 |  |  | 2 |  |  | 9,152 |
Withdrawals of fixed account values, including the fixed portion of variable |  | (4,961 | ) |  | - |  |  | (4,961 | )
Transfers from (to) separate accounts, net |  | (252 | ) |  | (2 | ) |  | (254 | )
Common stock issued for benefit plans |  | 14 |  |  | - |  |  | 14 |
Repurchase of common stock |  | (455 | ) |  | - |  |  | (455 | )
Dividends paid to common stockholders |  | (241 | ) |  | - |  |  | (241 | )
Other |  | (63 | ) |  | - |  |  | (63 | )
Net cash provided by (used in) financing activities |  | 3,234 |  |  | - |  |  | 3,234 |
Net increase (decrease) in cash, invested cash and restricted cash |  | 906 |  |  | - |  |  | 906 |
Cash, invested cash and restricted cash as of beginning-of-year |  | 1,708 |  |  | - |  |  | 1,708 |
Cash, invested cash and restricted cash as of end-of-period | $ | 2,614 |  | $ | - |  | $ | 2,614 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)
| For the Three Months Ended |
| March 31, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 104 |  | $ | (12 | ) | $ | 92 |
Adjustments to reconcile net income (loss) to net cash provided by |  |  |  |  |  |  |  |  |
(used in) operating activities: |  |  |  |  |  |  |  |  |
Realized (gain) loss |  | (29 | ) |  | 4 |  |  | (25 | )
Sales and maturities (purchases) of trading securities, net |  | (187 | ) |  | - |  |  | (187 | )
Amortization of deferred gain on business sold through reinsurance |  | (19 | ) |  | 8 |  |  | (11 | )
Change in: |  |  |  |  |  |  |  |  |
Deferred acquisition costs, value of business acquired, deferred sales |  |  |  |  |  |  |  |  |
inducements and deferred front-end loads deferrals and interest, net |  |  |  |  |  |  |  |  |
of amortization |  | 31 |  |  | - |  |  | 31 |
Premiums and fees receivable |  | (91 | ) |  | - |  |  | (91 | )
Accrued investment income |  | (35 | ) |  | - |  |  | (35 | )
Insurance liabilities and reinsurance-related balances |  | 1,271 |  |  | 4 |  |  | 1,275 |
Accrued expenses |  | (262 | ) |  | - |  |  | (262 | )
Federal income tax accruals |  | 42 |  |  | (3 | ) |  | 39 |
Other |  | (72 | ) |  | (2 | ) |  | (74 | )
Net cash provided by (used in) operating activities |  | 753 |  |  | (1 | ) |  | 752 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities and equity securities |  | (3,934 | ) |  | - |  |  | (3,934 | )
Sales of available-for-sale securities and equity securities |  | 105 |  |  | - |  |  | 105 |
Maturities of available-for-sale securities |  | 1,604 |  |  | - |  |  | 1,604 |
Purchases of alternative investments |  | (161 | ) |  | - |  |  | (161 | )
Sales and repayments of alternative investments |  | 131 |  |  | - |  |  | 131 |
Issuance of mortgage loans on real estate |  | (540 | ) |  | 1 |  |  | (539 | )
Repayment and maturities of mortgage loans on real estate |  | 717 |  |  | - |  |  | 717 |
Repayment (issuance) of policy loans, net |  | 25 |  |  | - |  |  | 25 |
Net change in collateral on investments, derivatives and related settlements |  | 16 |  |  | - |  |  | 16 |
Other |  | (104 | ) |  | - |  |  | (104 | )
Net cash provided by (used in) investing activities |  | (2,141 | ) |  | 1 |  |  | (2,140 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Payment of long-term debt, including current maturities |  | (300 | ) |  | - |  |  | (300 | )
Issuance of long-term debt, net of issuance costs |  | 297 |  |  | - |  |  | 297 |
Payment related to sale-leaseback transactions |  | (4 | ) |  | - |  |  | (4 | )
Deposits of fixed account values, including the fixed portion of variable |  | 3,048 |  |  | (2 | ) |  | 3,046 |
Withdrawals of fixed account values, including the fixed portion of variable |  | (1,830 | ) |  | (54 | ) |  | (1,884 | )
Transfers from (to) separate accounts, net |  | 14 |  |  | 56 |  |  | 70 |
Common stock issued for benefit plans |  | (10 | ) |  | - |  |  | (10 | )
Repurchase of common stock |  | (400 | ) |  | - |  |  | (400 | )
Dividends paid to common stockholders |  | (79 | ) |  | - |  |  | (79 | )
Net cash provided by (used in) financing activities |  | 736 |  |  | - |  |  | 736 |
Net increase (decrease) in cash, invested cash and restricted cash |  | (652 | ) |  | - |  |  | (652 | )
Cash, invested cash and restricted cash as of beginning-of-year |  | 2,612 |  |  | - |  |  | 2,612 |
Cash, invested cash and restricted cash as of end-of-period | $ | 1,960 |  | $ | - |  | $ | 1,960 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)
| For the Six Months Ended |
| June 30, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 341 |  | $ | (22 | ) | $ | 319 |
Adjustments to reconcile net income (loss) to net cash provided by |  |  |  |  |  |  |  |  |
(used in) operating activities: |  |  |  |  |  |  |  |  |
Realized (gain) loss |  | (551 | ) |  | 11 |  |  | (540 | )
Sales and maturities (purchases) of trading securities, net |  | 117 |  |  | - |  |  | 117 |
Amortization of deferred gain on business sold through reinsurance |  | (38 | ) |  | 16 |  |  | (22 | )
Change in: |  |  |  |  |  |  |  |  |
Deferred acquisition costs, value of business acquired, deferred sales |  |  |  |  |  |  |  |  |
inducements and deferred front-end loads deferrals and interest, net |  |  |  |  |  |  |  |  |
of amortization |  | 2 |  |  | (2 | ) |  | - |
Premiums and fees receivable |  | (76 | ) |  | - |  |  | (76 | )
Accrued investment income |  | (40 | ) |  | - |  |  | (40 | )
Insurance liabilities and reinsurance-related balances |  | 3,083 |  |  | 33 |  |  | 3,116 |
Accrued expenses |  | (371 | ) |  | - |  |  | (371 | )
Federal income tax accruals |  | 74 |  |  | (5 | ) |  | 69 |
Other |  | 167 |  |  | (32 | ) |  | 135 |
Net cash provided by (used in) operating activities |  | 2,708 |  |  | (1 | ) |  | 2,707 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities and equity securities |  | (8,204 | ) |  | - |  |  | (8,204 | )
Sales of available-for-sale securities and equity securities |  | 308 |  |  | - |  |  | 308 |
Maturities of available-for-sale securities |  | 3,231 |  |  | - |  |  | 3,231 |
Purchases of alternative investments |  | (329 | ) |  | - |  |  | (329 | )
Sales and repayments of alternative investments |  | 183 |  |  | - |  |  | 183 |
Issuance of mortgage loans on real estate |  | (1,368 | ) |  | 2 |  |  | (1,366 | )
Repayment and maturities of mortgage loans on real estate |  | 1,428 |  |  | - |  |  | 1,428 |
Repayment (issuance) of policy loans, net |  | (5 | ) |  | - |  |  | (5 | )
Net change in collateral on investments, derivatives and related settlements |  | (1,892 | ) |  | (1 | ) |  | (1,893 | )
Other |  | (101 | ) |  | - |  |  | (101 | )
Net cash provided by (used in) investing activities |  | (6,749 | ) |  | 1 |  |  | (6,748 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Payment of long-term debt, including current maturities |  | (300 | ) |  | - |  |  | (300 | )
Issuance of long-term debt, net of issuance costs |  | 297 |  |  | - |  |  | 297 |
Payment related to sale-leaseback transactions |  | (47 | ) |  | - |  |  | (47 | )
Proceeds from certain financing arrangements |  | 53 |  |  | - |  |  | 53 |
Deposits of fixed account values, including the fixed portion of variable |  | 6,900 |  |  | - |  |  | 6,900 |
Withdrawals of fixed account values, including the fixed portion of variable |  | (3,298 | ) |  | (54 | ) |  | (3,352 | )
Transfers from (to) separate accounts, net |  | 62 |  |  | 54 |  |  | 116 |
Common stock issued for benefit plans |  | (14 | ) |  | - |  |  | (14 | )
Repurchase of common stock |  | (500 | ) |  | - |  |  | (500 | )
Dividends paid to common stockholders |  | (157 | ) |  | - |  |  | (157 | )
Net cash provided by (used in) financing activities |  | 2,996 |  |  | - |  |  | 2,996 |
Net increase (decrease) in cash, invested cash and restricted cash |  | (1,045 | ) |  | - |  |  | (1,045 | )
Cash, invested cash and restricted cash as of beginning-of-year |  | 2,612 |  |  | - |  |  | 2,612 |
Cash, invested cash and restricted cash as of end-of-period | $ | 1,567 |  | $ | - |  | $ | 1,567 |
LINCOLN NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)
| For the Nine Months Ended |
| September 30, 2022 |
| As |  |  |  |  |  |
| Previously |  | Restatement |  | As |
| Reported |  | Impacts |  | Restated |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net income (loss) | $ | (2,233 | ) | $ | (31 | ) | $ | (2,264 | )
Adjustments to reconcile net income (loss) to net cash provided by |  |  |  |  |  |  |  |  |
(used in) operating activities: |  |  |  |  |  |  |  |  |
Realized (gain) loss |  | (771 | ) |  | 19 |  |  | (752 | )
Sales and maturities (purchases) of trading securities, net |  | 163 |  |  | - |  |  | 163 |
Amortization of deferred gain on business sold through reinsurance |  | (56 | ) |  | 25 |  |  | (31 | )
Impairment of intangibles |  | 634 |  |  | - |  |  | 634 |
Change in: |  |  |  |  |  |  |  |  |
Deferred acquisition costs, value of business acquired, deferred sales |  |  |  |  |  |  |  |  |
inducements and deferred front-end loads deferrals and interest, net |  |  |  |  |  |  |  |  |
of amortization |  | 80 |  |  | (6 | ) |  | 74 |
Premiums and fees receivable |  | (3 | ) |  | - |  |  | (3 | )
Accrued investment income |  | (80 | ) |  | - |  |  | (80 | )
Insurance liabilities and reinsurance-related balances |  | 6,166 |  |  | - |  |  | 6,166 |
Accrued expenses |  | (402 | ) |  | - |  |  | (402 | )
Federal income tax accruals |  | (490 | ) |  | (8 | ) |  | (498 | )
Other |  | 386 |  |  | (3 | ) |  | 383 |
Net cash provided by (used in) operating activities |  | 3,394 |  |  | (4 | ) |  | 3,390 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities and equity securities |  | (12,008 | ) |  | - |  |  | (12,008 | )
Sales of available-for-sale securities and equity securities |  | 1,196 |  |  | - |  |  | 1,196 |
Maturities of available-for-sale securities |  | 4,333 |  |  | - |  |  | 4,333 |
Purchases of alternative investments |  | (484 | ) |  | - |  |  | (484 | )
Sales and repayments of alternative investments |  | 383 |  |  | - |  |  | 383 |
Issuance of mortgage loans on real estate |  | (1,928 | ) |  | 4 |  |  | (1,924 | )
Repayment and maturities of mortgage loans on real estate |  | 1,872 |  |  | - |  |  | 1,872 |
Repayment (issuance) of policy loans, net |  | 17 |  |  | - |  |  | 17 |
Net change in collateral on investments, derivatives and related settlements |  | (3,155 | ) |  | - |  |  | (3,155 | )
Other |  | (93 | ) |  | - |  |  | (93 | )
Net cash provided by (used in) investing activities |  | (9,867 | ) |  | 4 |  |  | (9,863 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Payment of long-term debt, including current maturities |  | (300 | ) |  | - |  |  | (300 | )
Issuance of long-term debt, net of issuance costs |  | 296 |  |  | - |  |  | 296 |
Payment related to sale-leaseback transactions |  | (52 | ) |  | - |  |  | (52 | )
Proceeds from certain financing arrangements |  | 53 |  |  | - |  |  | 53 |
Deposits of fixed account values, including the fixed portion of variable |  | 11,067 |  |  | (5 | ) |  | 11,062 |
Withdrawals of fixed account values, including the fixed portion of variable |  | (4,943 | ) |  | (54 | ) |  | (4,997 | )
Transfers from (to) separate accounts, net |  | 12 |  |  | 59 |  |  | 71 |
Common stock issued for benefit plans |  | (15 | ) |  | - |  |  | (15 | )
Repurchase of common stock |  | (550 | ) |  | - |  |  | (550 | )
Dividends paid to common stockholders |  | (234 | ) |  | - |  |  | (234 | )
Other |  | (1 | ) |  | - |  |  | (1 | )
Net cash provided by (used in) financing activities |  | 5,333 |  |  | - |  |  | 5,333 |
Net increase (decrease) in cash, invested cash and restricted cash |  | (1,140 | ) |  | - |  |  | (1,140 | )
Cash, invested cash and restricted cash as of beginning-of-year |  | 2,612 |  |  | - |  |  | 2,612 |
Cash, invested cash and restricted cash as of end-of-period | $ | 1,472 |  | $ | - |  | $ | 1,472 |

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