XML 42 R31.htm IDEA: XBRL DOCUMENT
v3.23.1

SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT | 12 Months Ended
--- | ---
Dec. 31, 2022
Condensed Financial Information Of Registrant [Abstract] |
Condensed financial information of registrant | ‎ LINCOLN NATIONAL CORPORATION SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT BALANCE SHEETS (Parent Company Only) (in millions, except share data)
| As Restated |
| As of December 31, |
| 2022 |  | 2021 |
ASSETS |  |  |  |  |  |
Investments in subsidiaries (1) | $ | 9,249 |  | $ | 25,171 |
Derivative investments |  | 119 |  |  | - |
Other investments |  | 92 |  |  | 761 |
Cash and invested cash |  | 715 |  |  | 203 |
Loans and accrued interest to subsidiaries (1) |  | 2,491 |  |  | 3,194 |
Other assets |  | 101 |  |  | 159 |
Total assets | $ | 12,767 |  | $ | 29,488 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |
Liabilities |  |  |  |  |  |
Common stock dividends payable | $ | 76 |  | $ | 80 |
Derivative investments liability |  | - |  |  | 425 |
Short-term debt |  | 500 |  |  | 300 |
Long-term debt |  | 6,455 |  |  | 6,325 |
Loans from subsidiaries (1) |  | 679 |  |  | 1,247 |
Other liabilities |  | 488 |  |  | 357 |
Total liabilities |  | 8,198 |  |  | 8,734 |
Contingencies and Commitments |  |  |  |  |  |
Stockholders’ Equity |  |  |  |  |  |
Preferred stock – 10,000,000 shares authorized: |  |  |  |  |  |
Series C preferred stock – 20,000 shares authorized, issued and outstanding as of December 31, 2022 |  | 493 |  |  | - |
Series D preferred stock – 20,000 shares authorized, issued and outstanding as of December 31, 2022 |  | 493 |  |  | - |
Common stock – 800,000,000 shares authorized; 169,220,511 and 177,193,515 shares |  |  |  |  |  |
issued and outstanding as of December 31, 2022, and December 31, 2021, respectively |  | 4,544 |  |  | 4,735 |
Retained earnings |  | 6,707 |  |  | 9,578 |
Accumulated other comprehensive income (loss) |  | (7,668 | ) |  | 6,441 |
Total stockholders’ equity |  | 4,569 |  |  | 20,754 |
Total liabilities and stockholders’ equity | $ | 12,767 |  | $ | 29,488 |
(1)Eliminated in consolidation. ‎ LINCOLN NATIONAL CORPORATION SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parent Company Only) (in millions)
| As Restated |  | For the |
| For the Years Ended |  | Year Ended |
| December 31, |  | December 31, |
| 2022 |  | 2021 |  | 2020 |
Revenues |  |  |  |  |  |  |  |  |
Dividends from subsidiaries (1) | $ | 797 |  | $ | 2,060 |  | $ | 840 |
Interest from subsidiaries (1) |  | 159 |  |  | 114 |  |  | 127 |
Net investment income |  | 3 |  |  | 1 |  |  | 4 |
Total revenues |  | 959 |  |  | 2,175 |  |  | 971 |
Expenses |  |  |  |  |  |  |  |  |
Operating and administrative expenses |  | 52 |  |  | 69 |  |  | 50 |
Interest – subsidiaries (1) |  | 38 |  |  | 10 |  |  | 20 |
Interest – other |  | 266 |  |  | 263 |  |  | 275 |
Total expenses |  | 356 |  |  | 342 |  |  | 345 |
Income (loss) before federal income taxes, equity in income (loss) of subsidiaries |  | 603 |  |  | 1,833 |  |  | 626 |
Federal income tax expense (benefit) |  | (42 | ) |  | (49 | ) |  | (45 | )
Income (loss) before equity in income (loss) of subsidiaries |  | 645 |  |  | 1,882 |  |  | 671 |
Equity in income (loss) of subsidiaries |  | (2,886 | ) |  | 5 |  |  | (172 | )
Net income (loss) |  | (2,241 | ) |  | 1,887 |  |  | 499 |
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |
Unrealized investment gains (losses) |  | (14,030 | ) |  | (2,535 | ) |  | 3,192 |
Foreign currency translation adjustment |  | (20 | ) |  | (2 | ) |  | 5 |
Funded status of employee benefit plans |  | (59 | ) |  | 47 |  |  | 61 |
Total other comprehensive income (loss), net of tax |  | (14,109 | ) |  | (2,490 | ) |  | 3,258 |
Comprehensive income (loss) | $ | (16,350 | ) | $ | (603 | ) | $ | 3,757 |
(1)Eliminated in consolidation. ‎ LINCOLN NATIONAL CORPORATION SCHEDULE II – CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Continued) STATEMENTS OF CASH FLOWS (Parent Company Only) (in millions)
| For the Years Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
Net Cash Provided by (Used in) Operating Activities | $ | 608 |  | $ | 1,860 |  | $ | 726 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Capital contribution to subsidiaries (1) |  | (925 | ) |  | (65 | ) |  | (518 | )
Net change in collateral on investments, derivatives and related settlements |  | 583 |  |  | 168 |  |  | (303 | )
Other |  | (5 | ) |  | (40 | ) |  | - |
Net cash provided by (used in) investing activities |  | (347 | ) |  | 63 |  |  | (821 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Payment of long-term debt, including current maturities |  | (300 | ) |  | - |  |  | (1,096 | )
Issuance of long-term debt, net of issuance costs |  | 296 |  |  | - |  |  | 1,289 |
Payment related to modification or early extinguishment of debt |  | - |  |  | (8 | ) |  | (13 | )
Increase (decrease) in loans from subsidiaries, net (1) |  | (563 | ) |  | (188 | ) |  | 565 |
Increase (decrease) in loans to subsidiaries, net (1) |  | 708 |  |  | (234 | ) |  | (514 | )
Common stock issued for benefit plans |  | (16 | ) |  | 20 |  |  | (7 | )
Issuance of preferred stock, net of issuance costs |  | 986 |  |  | - |  |  | - |
Repurchase of common stock |  | (550 | ) |  | (1,105 | ) |  | (275 | )
Dividends paid to common stockholders |  | (310 | ) |  | (319 | ) |  | (311 | )
Other |  | - |  |  | - |  |  | (6 | )
Net cash provided by (used in) financing activities |  | 251 |  |  | (1,834 | ) |  | (368 | )
Net increase (decrease) in cash, invested cash and restricted cash |  | 512 |  |  | 89 |  |  | (463 | )
Cash, invested cash and restricted cash as of beginning-of-year |  | 203 |  |  | 114 |  |  | 577 |
Cash, invested cash and restricted cash as of end-of-year | $ | 715 |  | $ | 203 |  | $ | 114 |
(1) Eliminated in consolidation.

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration