Stock-Based Incentive Compensation Plans	12 Months Ended
Dec. 31, 2021
Stock-Based Incentive Compensation Plans [Abstract]
Stock-Based Incentive Compensation Plans	18. Stock-Based Incentive Compensation Plans We sponsor stock-based incentive compensation plans for our employees and directors and for the employees and agents of our subsidiaries that provide for the issuance of stock options, performance shares, and restricted stock units (“RSUs”), among other types of awards. We issue new shares to satisfy option exercises and vested performance shares and RSUs. Total compensation expense (in millions) by award type for our stock-based incentive compensation plans was as follows: For the Years Ended December 31, 2021 2020 2019 Stock options$ 8 $ 10 $ 8 Performance shares 18 5 17 RSUs 35 36 37 Total$ 61 $ 51 $ 62 Recognized tax benefit$ 13 $ 11 $ 13 Total unrecognized compensation expense (in millions) and expected weighted-average life (in years) by award type for our stock-based incentive compensation plans was as follows: For the Years Ended December 31, 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Expense Period Expense Period Expense Period Stock options$ 8 0.7 $ 8 0.7 $ 9 0.9 Performance shares 14 1.2 14 1.3 15 1.3 RSUs 43 1.4 37 1.2 42 1.4 Total unrecognized stock-based incentive compensation expense$ 65 $ 59 $ 66 Stock Options The option price assumptions used for our stock option awards were as follows: For the Years Ended December 31, 2021 2020 2019 Weighted-average fair value per option granted$ 17.26 $ 12.25 $ 13.23 Weighted-average assumptions: Dividend yield 3.0% 3.0% 2.8% Expected volatility 45.0% 30.1% 26.9% Risk-free interest rate (1) 0.6-1.0% 0.3-1.4% 2.1-2.5% Expected life (in years) 5.8 5.8 5.8 (1)Risk-free interest rate expressed as a range and not a weighted average. The fair value of options is determined using a Black-Scholes options valuation model with the assumptions disclosed in the table above. The dividend yield is based on the expected dividend rate during the expected life of the option. Expected volatility is based on the implied volatility of exchange-traded securities and the historical volatility of the LNC stock price. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of the options granted represents the weighted-average period of time from the grant date to the date of exercise, expiration or cancellation based upon historical behavior. Generally, stock options have a maximum contractual term of ten years and vest ratably over a three year period based solely on a service condition. Information with respect to our incentive plans involving stock options with service conditions (aggregate intrinsic value shown in millions) was as follows: Weighted- Weighted- Average AverageRemainingAggregate ExerciseContractualIntrinsic Shares Price Term Value Outstanding as of December 31, 2020 3,458,959 $ 57.64 Granted 641,517 54.69 Exercised (681,122) 44.24 Forfeited or expired (407,818) 63.63 Outstanding as of December 31, 2021 3,011,536 $ 59.23 6.44 $ 31 Vested or expected to vest as of December 31, 2021 (1) 2,784,239 $ 59.21 6.30 $ 29 Exercisable as of December 31, 2021 1,902,919 $ 59.75 5.26 $ 20 (1)Includes estimated forfeitures. The total fair value of stock options with service conditions that vested during the years ended December 31, 2021, 2020 and 2019 was $8 million, $8 million and $7 million, respectively. The total intrinsic value of such options exercised during the years ended December 31, 2021, 2020 and 2019, was $15 million, $3 million and $3 million, respectively. We award to certain agents stock options that have a maximum contractual term of five years and generally vest ratably over a two year period depending on the satisfaction of the performance conditions. Information with respect to our incentive plans involving stock options with performance conditions (aggregate intrinsic value shown in millions) was as follows: Weighted- Weighted- Average AverageRemainingAggregate ExerciseContractualIntrinsic Shares Price Term Value Outstanding as of December 31, 2020 208,650 $ 52.70 Granted 33,125 61.71 Exercised (52,518) 43.94 Forfeited or expired (22,979) 41.00 Outstanding as of December 31, 2021 166,278 $ 58.88 1.92 $ 2 Vested or expected to vest as of December 31, 2021 (1) 157,122 $ 59.75 1.81 $ 2 Exercisable as of December 31, 2021 135,759 $ 62.23 1.51 $ 1 (1) Includes estimated forfeitures. The total fair value of stock options with performance conditions that vested during the years ended December 31, 2021, 2020 and 2019, was less than $1 million, less than $1 million and $1 million, respectively. The total intrinsic value of such options exercised during the years ended December 31, 2021, 2020 and 2019, was $1 million, less than $1 million and $1 million, respectively. Performance Shares LNC performance shares vest, if at all, on the third anniversary of the grant date. Depending on the achievement level of performance measures pre-determined by the Compensation Committee for the three-year performance period, payouts could range from 0% to 200% of the target award for performance shares granted prior to 2021 and from 0% to 240% of the target award for performance shares granted in 2021. Dividend equivalents accrue with respect to unvested performance shares when and as cash dividends are paid on the Company’s common stock and vest if and to the extent that the underlying performance shares vest. Performance share information in the table below includes dividend equivalents on unvested performance share awards at target. Information with respect to our performance shares was as follows: Weighted- Average Grant-Date Shares Fair Value Outstanding as of December 31, 2020 (1) 542,708 $ 71.61 Granted 315,076 59.53 Vested (18,228) 89.88 Forfeited (81,763) 62.76 Performance adjustment (2) (127,123) 89.93 Outstanding as of December 31, 2021 (1) 630,670 $ 63.16 (1)Represents target award amounts.(2)Represents the difference between the target shares granted and the actual shares vested based upon the achievement level of performance measures. RSUs LNC RSUs generally cliff vest on the third anniversary of the grant date, based solely on a service condition. Dividend equivalents accrue with respect to unvested RSUs when and as cash dividends are paid on the Company’s common stock and vest if and when the underlying RSUs vest. RSU information in the table below includes dividend equivalents credited on unvested RSU awards. Information with respect to our RSUs was as follows: Weighted- Average Grant-Date Shares Fair Value Outstanding as of December 31, 2020 1,657,902 $ 66.62 Granted 911,193 56.91 Vested (596,467) 75.97 Forfeited (102,072) 59.88 Outstanding as of December 31, 2021 1,870,556 $ 59.78

Stock-Based Incentive Compensation Plans

12 Months Ended

Dec. 31, 2021

Stock-Based Incentive Compensation Plans [Abstract]

Stock-Based Incentive Compensation Plans

18. Stock-Based Incentive Compensation Plans We sponsor stock-based incentive compensation plans for our employees and directors and for the employees and agents of our subsidiaries that provide for the issuance of stock options, performance shares, and restricted stock units (“RSUs”), among other types of awards. We issue new shares to satisfy option exercises and vested performance shares and RSUs. Total compensation expense (in millions) by award type for our stock-based incentive compensation plans was as follows: For the Years Ended December 31, 2021 2020 2019 Stock options$ 8 $ 10 $ 8 Performance shares 18 5 17 RSUs 35 36 37 Total$ 61 $ 51 $ 62 Recognized tax benefit$ 13 $ 11 $ 13 Total unrecognized compensation expense (in millions) and expected weighted-average life (in years) by award type for our stock-based incentive compensation plans was as follows: For the Years Ended December 31, 2021 2020 2019 Weighted- Weighted- Weighted- Average Average Average Expense Period Expense Period Expense Period Stock options$ 8 0.7 $ 8 0.7 $ 9 0.9 Performance shares 14 1.2 14 1.3 15 1.3 RSUs 43 1.4 37 1.2 42 1.4 Total unrecognized stock-based incentive compensation expense$ 65 $ 59 $ 66 Stock Options The option price assumptions used for our stock option awards were as follows: For the Years Ended December 31, 2021 2020 2019 Weighted-average fair value per option granted$ 17.26 $ 12.25 $ 13.23 Weighted-average assumptions: Dividend yield 3.0% 3.0% 2.8% Expected volatility 45.0% 30.1% 26.9% Risk-free interest rate (1) 0.6-1.0% 0.3-1.4% 2.1-2.5% Expected life (in years) 5.8 5.8 5.8 (1)Risk-free interest rate expressed as a range and not a weighted average. The fair value of options is determined using a Black-Scholes options valuation model with the assumptions disclosed in the table above. The dividend yield is based on the expected dividend rate during the expected life of the option. Expected volatility is based on the implied volatility of exchange-traded securities and the historical volatility of the LNC stock price. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The expected life of the options granted represents the weighted-average period of time from the grant date to the date of exercise, expiration or cancellation based upon historical behavior. Generally, stock options have a maximum contractual term of ten years and vest ratably over a three year period based solely on a service condition. Information with respect to our incentive plans involving stock options with service conditions (aggregate intrinsic value shown in millions) was as follows: Weighted- Weighted- Average AverageRemainingAggregate ExerciseContractualIntrinsic Shares Price Term Value Outstanding as of December 31, 2020 3,458,959 $ 57.64 Granted 641,517 54.69 Exercised (681,122) 44.24 Forfeited or expired (407,818) 63.63 Outstanding as of December 31, 2021 3,011,536 $ 59.23 6.44 $ 31 Vested or expected to vest as of December 31, 2021 (1) 2,784,239 $ 59.21 6.30 $ 29 Exercisable as of December 31, 2021 1,902,919 $ 59.75 5.26 $ 20 (1)Includes estimated forfeitures. The total fair value of stock options with service conditions that vested during the years ended December 31, 2021, 2020 and 2019 was $8 million, $8 million and $7 million, respectively. The total intrinsic value of such options exercised during the years ended December 31, 2021, 2020 and 2019, was $15 million, $3 million and $3 million, respectively. We award to certain agents stock options that have a maximum contractual term of five years and generally vest ratably over a two year period depending on the satisfaction of the performance conditions. Information with respect to our incentive plans involving stock options with performance conditions (aggregate intrinsic value shown in millions) was as follows: Weighted- Weighted- Average AverageRemainingAggregate ExerciseContractualIntrinsic Shares Price Term Value Outstanding as of December 31, 2020 208,650 $ 52.70 Granted 33,125 61.71 Exercised (52,518) 43.94 Forfeited or expired (22,979) 41.00 Outstanding as of December 31, 2021 166,278 $ 58.88 1.92 $ 2 Vested or expected to vest as of December 31, 2021 (1) 157,122 $ 59.75 1.81 $ 2 Exercisable as of December 31, 2021 135,759 $ 62.23 1.51 $ 1 (1) Includes estimated forfeitures. The total fair value of stock options with performance conditions that vested during the years ended December 31, 2021, 2020 and 2019, was less than $1 million, less than $1 million and $1 million, respectively. The total intrinsic value of such options exercised during the years ended December 31, 2021, 2020 and 2019, was $1 million, less than $1 million and $1 million, respectively. Performance Shares LNC performance shares vest, if at all, on the third anniversary of the grant date. Depending on the achievement level of performance measures pre-determined by the Compensation Committee for the three-year performance period, payouts could range from 0% to 200% of the target award for performance shares granted prior to 2021 and from 0% to 240% of the target award for performance shares granted in 2021. Dividend equivalents accrue with respect to unvested performance shares when and as cash dividends are paid on the Company’s common stock and vest if and to the extent that the underlying performance shares vest. Performance share information in the table below includes dividend equivalents on unvested performance share awards at target. Information with respect to our performance shares was as follows: Weighted- Average Grant-Date Shares Fair Value Outstanding as of December 31, 2020 (1) 542,708 $ 71.61 Granted 315,076 59.53 Vested (18,228) 89.88 Forfeited (81,763) 62.76 Performance adjustment (2) (127,123) 89.93 Outstanding as of December 31, 2021 (1) 630,670 $ 63.16 (1)Represents target award amounts.(2)Represents the difference between the target shares granted and the actual shares vested based upon the achievement level of performance measures. RSUs LNC RSUs generally cliff vest on the third anniversary of the grant date, based solely on a service condition. Dividend equivalents accrue with respect to unvested RSUs when and as cash dividends are paid on the Company’s common stock and vest if and when the underlying RSUs vest. RSU information in the table below includes dividend equivalents credited on unvested RSU awards. Information with respect to our RSUs was as follows: Weighted- Average Grant-Date Shares Fair Value Outstanding as of December 31, 2020 1,657,902 $ 66.62 Granted 911,193 56.91 Vested (596,467) 75.97 Forfeited (102,072) 59.88 Outstanding as of December 31, 2021 1,870,556 $ 59.78