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10-Q Filing

LINCOLN NATIONAL CORP CIK: 59558 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0000059558-21-000017
Period End Date 20210331
Filing Date 20210506
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance lnc-20210331x10q_htm.xml
Filing Contents
Balance Sheet 86 line items
Line Item Tag Value Unit Period
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2021 - $105,866; 2020 - $104,174; allowance for credit losses: 2021 - $14; 2020 - $13) AvailableForSaleSecuritiesDebtSecurities $123.04B USD Point-in-time
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2021 - $105,866; 2020 - $104,174; allowance for credit losses: 2021 - $14; 2020 - $13) AvailableForSaleSecuritiesDebtSecurities $117.31B USD Point-in-time
Fixed maturity securities (amortized cost) AvailableForSaleDebtSecuritiesAmortizedCostBasis $105.87B USD Point-in-time
Trading securities TradingSecuritiesDebt $4.37B USD Point-in-time
Trading securities TradingSecuritiesDebt $4.50B USD Point-in-time
Fixed maturity securities (amortized cost) AvailableForSaleDebtSecuritiesAmortizedCostBasis $104.17B USD Point-in-time
Fixed maturity, ACL DebtSecuritiesAvailableForSaleAllowanceForCreditLoss $14.00M USD Point-in-time
Equity securities EquitySecuritiesFvNi $123.00M USD Point-in-time
Equity securities EquitySecuritiesFvNi $129.00M USD Point-in-time
Fixed maturity, ACL DebtSecuritiesAvailableForSaleAllowanceForCreditLoss $13.00M USD Point-in-time
Mortgage loans on real estate, fair value LoansReceivableFairValueDisclosure $832.00M USD Point-in-time
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2021 - $874; 2020 - $832) NotesReceivableNet $16.76B USD Point-in-time
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2021 - $874; 2020 - $832) NotesReceivableNet $17.25B USD Point-in-time
Mortgage loans on real estate, fair value LoansReceivableFairValueDisclosure $874.00M USD Point-in-time
Policy loans LoansInsurancePolicy $2.43B USD Point-in-time
Policy loans LoansInsurancePolicy $2.50B USD Point-in-time
Derivative investments DerivativeAssets $3.45B USD Point-in-time
Derivative investments DerivativeAssets $3.11B USD Point-in-time
Preferred stock - shares authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Other investments OtherInvestments $3.98B USD Point-in-time
Other investments OtherInvestments $3.55B USD Point-in-time
Preferred stock - shares authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Total investments Investments $148.56B USD Point-in-time
Total investments Investments $153.96B USD Point-in-time
Common stock - shares authorized (in shares) CommonStockSharesAuthorized 800.00M shares Point-in-time
Common stock - shares authorized (in shares) CommonStockSharesAuthorized 800.00M shares Point-in-time
Cash and invested cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.56B USD Point-in-time
Common stock - shares issued (in shares) CommonStockSharesIssued 191.15M shares Point-in-time
Cash and invested cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $6.20B USD Point-in-time
Cash and invested cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.71B USD Point-in-time
Common stock - shares issued (in shares) CommonStockSharesIssued 192.33M shares Point-in-time
Cash and invested cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.35B USD Point-in-time
Common stock - shares outstanding (in shares) CommonStockSharesOutstanding 191.15M shares Point-in-time
Common stock - shares outstanding (in shares) CommonStockSharesOutstanding 192.33M shares Point-in-time
Deferred acquisition costs and value of business acquired DeferredPolicyAcquisitionCostsAndValueOfBusinessAcquired $5.81B USD Point-in-time
Deferred acquisition costs and value of business acquired DeferredPolicyAcquisitionCostsAndValueOfBusinessAcquired $7.67B USD Point-in-time
Premiums and fees receivable PremiumsAndOtherReceivablesNet $486.00M USD Point-in-time
Premiums and fees receivable PremiumsAndOtherReceivablesNet $653.00M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $1.30B USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $1.26B USD Point-in-time
Reinsurance recoverables, net of allowance for credit losses ReinsuranceRecoverables $16.29B USD Point-in-time
Reinsurance recoverables, net of allowance for credit losses ReinsuranceRecoverables $16.50B USD Point-in-time
Funds withheld reinsurance assets FundsHeldUnderReinsuranceAgreementsAsset $530.00M USD Point-in-time
Funds withheld reinsurance assets FundsHeldUnderReinsuranceAgreementsAsset $528.00M USD Point-in-time
Goodwill Goodwill $1.78B USD Point-in-time
Goodwill Goodwill $1.78B USD Point-in-time
Other assets OtherAssets $15.96B USD Point-in-time
Other assets OtherAssets $17.30B USD Point-in-time
Separate account assets SeparateAccountAssets $171.34B USD Point-in-time
Separate account assets SeparateAccountAssets $167.97B USD Point-in-time
Total assets Assets $366.76B USD Point-in-time
Total assets Assets $365.95B USD Point-in-time
Future contract benefits LiabilityForFuturePolicyBenefitsAndUnpaidClaimsAndClaimsAdjustmentExpense $39.59B USD Point-in-time
Future contract benefits LiabilityForFuturePolicyBenefitsAndUnpaidClaimsAndClaimsAdjustmentExpense $40.81B USD Point-in-time
Other contract holder funds PolicyholderFunds $105.41B USD Point-in-time
Other contract holder funds PolicyholderFunds $107.00B USD Point-in-time
Short-term debt DebtCurrent $300.00M USD Point-in-time
Long-term debt LongTermDebtAndFairValueHedges $6.29B USD Point-in-time
Long-term debt LongTermDebtAndFairValueHedges $6.68B USD Point-in-time
Reinsurance related embedded derivatives ReinsuranceRelatedDerivativeLiabilities $392.00M USD Point-in-time
Reinsurance related embedded derivatives ReinsuranceRelatedDerivativeLiabilities $244.00M USD Point-in-time
Funds withheld reinsurance liabilities FundsHeldUnderReinsuranceAgreementsLiability $1.98B USD Point-in-time
Funds withheld reinsurance liabilities FundsHeldUnderReinsuranceAgreementsLiability $1.95B USD Point-in-time
Payables for collateral on investments DepositsReceivedForSecuritiesLoanedAtCarryingValue $6.22B USD Point-in-time
Payables for collateral on investments DepositsReceivedForSecuritiesLoanedAtCarryingValue $7.60B USD Point-in-time
Other liabilities OtherLiabilities $13.82B USD Point-in-time
Other liabilities OtherLiabilities $12.82B USD Point-in-time
Separate account liabilities SeparateAccountsLiability $167.97B USD Point-in-time
Separate account liabilities SeparateAccountsLiability $171.34B USD Point-in-time
Total liabilities Liabilities $347.17B USD Point-in-time
Total liabilities Liabilities $343.25B USD Point-in-time
Contingencies and Commitments (See Note 10) CommitmentsAndContingencies - USD Point-in-time
Contingencies and Commitments (See Note 10) CommitmentsAndContingencies - USD Point-in-time
Preferred stock - 10,000,000 shares authorized PreferredStockValueOutstanding - USD Point-in-time
Preferred stock - 10,000,000 shares authorized PreferredStockValueOutstanding - USD Point-in-time
Common stock 800,000,000 shares authorized; 191,149,192 and 192,329,691 shares issued and outstanding as of March 31, 2021, and December 31, 2020, respectively CommonStockValueOutstanding $5.08B USD Point-in-time
Common stock 800,000,000 shares authorized; 191,149,192 and 192,329,691 shares issued and outstanding as of March 31, 2021, and December 31, 2020, respectively CommonStockValueOutstanding $5.06B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $8.69B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $8.78B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $8.93B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $5.76B USD Point-in-time
Total stockholders' equity StockholdersEquity $19.59B USD Point-in-time
Total stockholders' equity StockholdersEquity $22.70B USD Point-in-time
Total stockholders' equity StockholdersEquity $16.57B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $365.95B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $366.76B USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Insurance premiums PremiumsEarnedNet $1.37B USD 1 Quarter
Insurance premiums PremiumsEarnedNet $1.41B USD 1 Quarter
Fee income InsuranceFees $1.54B USD 1 Quarter
Fee income InsuranceFees $1.59B USD 1 Quarter
Net investment income NetInvestmentIncome $1.38B USD 1 Quarter
Net investment income NetInvestmentIncome $1.51B USD 1 Quarter
Realized gain (loss) DebtAndEquitySecuritiesRealizedGainLoss $-24.00M USD 1 Quarter
Realized gain (loss) DebtAndEquitySecuritiesRealizedGainLoss $-181.00M USD 1 Quarter
Amortization of deferred gain on business sold through reinsurance AmortizationOfDeferredGainOnBusinessSoldThroughReinsurance $9.00M USD 1 Quarter
Amortization of deferred gain on business sold through reinsurance AmortizationOfDeferredGainOnBusinessSoldThroughReinsurance $11.00M USD 1 Quarter
Other revenues OtherIncome $198.00M USD 1 Quarter
Other revenues OtherIncome $151.00M USD 1 Quarter
Total revenues Revenues $4.53B USD 1 Quarter
Total revenues Revenues $4.42B USD 1 Quarter
Interest credited InterestCreditedToPolicyholdersAccountBalances $737.00M USD 1 Quarter
Interest credited InterestCreditedToPolicyholdersAccountBalances $725.00M USD 1 Quarter
Benefits PolicyholderBenefitsAndClaimsIncurredNet $2.23B USD 1 Quarter
Benefits PolicyholderBenefitsAndClaimsIncurredNet $2.50B USD 1 Quarter
Commissions and other expenses OtherCostAndExpenseOperating $1.23B USD 1 Quarter
Commissions and other expenses OtherCostAndExpenseOperating $1.08B USD 1 Quarter
Interest and debt expense InterestExpenseDebt $68.00M USD 1 Quarter
Interest and debt expense InterestExpenseDebt $65.00M USD 1 Quarter
Strategic digitization expense StrategicDigitizationExpense $13.00M USD 1 Quarter
Strategic digitization expense StrategicDigitizationExpense $12.00M USD 1 Quarter
Total expenses BenefitsLossesAndExpenses $4.27B USD 1 Quarter
Total expenses BenefitsLossesAndExpenses $4.39B USD 1 Quarter
Income (loss) before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $34.00M USD 1 Quarter
Income (loss) before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $262.00M USD 1 Quarter
Federal income tax expense (benefit) IncomeTaxExpenseBenefit $37.00M USD 1 Quarter
Federal income tax expense (benefit) IncomeTaxExpenseBenefit $-18.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $52.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $225.00M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-2.67B USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-3.17B USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-2.62B USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-2.94B USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.27 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.17 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.15 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.16 USD 1 Quarter
Cash Dividends Declared Per Common Share CommonStockDividendsPerShareDeclared $0.40 USD 1 Quarter
Cash Dividends Declared Per Common Share CommonStockDividendsPerShareDeclared $0.42 USD 1 Quarter
Cash Flow Statement 74 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $225.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $52.00M USD 1 Quarter
Realized (gain) loss DebtAndEquitySecuritiesRealizedGainLoss $-24.00M USD 1 Quarter
Realized (gain) loss DebtAndEquitySecuritiesRealizedGainLoss $-181.00M USD 1 Quarter
Trading securities purchases, sales and maturities, net ProceedsFromPaymentsForTradingSecurities $98.00M USD 1 Quarter
Trading securities purchases, sales and maturities, net ProceedsFromPaymentsForTradingSecurities $235.00M USD 1 Quarter
Amortization of deferred gain on business sold through reinsurance AmortizationOfDeferredGainOnBusinessSoldThroughReinsurance $9.00M USD 1 Quarter
Amortization of deferred gain on business sold through reinsurance AmortizationOfDeferredGainOnBusinessSoldThroughReinsurance $11.00M USD 1 Quarter
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization DeferredAcquisitionCostsValueOfBusinessAcquiredDeferredSalesInducementsAndDeferredFrontEndLoadsDeferralsAndInterestNetOfAmortization $-169.00M USD 1 Quarter
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization DeferredAcquisitionCostsValueOfBusinessAcquiredDeferredSalesInducementsAndDeferredFrontEndLoadsDeferralsAndInterestNetOfAmortization $54.00M USD 1 Quarter
Premiums and fees receivable IncreaseDecreaseInPremiumsReceivable $97.00M USD 1 Quarter
Premiums and fees receivable IncreaseDecreaseInPremiumsReceivable $167.00M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $37.00M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $41.00M USD 1 Quarter
Insurance liabilities and reinsurance-related balances ChangeInFundsWithheldReinsuranceLiabilityAndReinsuranceRecoverables $-736.00M USD 1 Quarter
Insurance liabilities and reinsurance-related balances ChangeInFundsWithheldReinsuranceLiabilityAndReinsuranceRecoverables $764.00M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-40.00M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-317.00M USD 1 Quarter
Federal income tax accruals IncreaseDecreaseInIncomeTaxes $-18.00M USD 1 Quarter
Federal income tax accruals IncreaseDecreaseInIncomeTaxes $37.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-57.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $216.00M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $455.00M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-642.00M USD 1 Quarter
Purchases of available-for-sale securities and equity securities PaymentsToAcquireInvestments $3.59B USD 1 Quarter
Purchases of available-for-sale securities and equity securities PaymentsToAcquireInvestments $3.83B USD 1 Quarter
Sales of available-for-sale securities and equity securities ProceedsFromSaleOfDebtSecuritiesAvailableForSaleAndEquitySecurities $395.00M USD 1 Quarter
Sales of available-for-sale securities and equity securities ProceedsFromSaleOfDebtSecuritiesAvailableForSaleAndEquitySecurities $571.00M USD 1 Quarter
Maturities of available-for-sale securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $1.91B USD 1 Quarter
Maturities of available-for-sale securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities $1.32B USD 1 Quarter
Purchases of alternative investments PaymentsToAcquireAlternativeInvestments $163.00M USD 1 Quarter
Purchases of alternative investments PaymentsToAcquireAlternativeInvestments $79.00M USD 1 Quarter
Sales and repayments of alternative investments ProceedsFromSaleAndRepaymentOfAlternativeInvestments $54.00M USD 1 Quarter
Sales and repayments of alternative investments ProceedsFromSaleAndRepaymentOfAlternativeInvestments $55.00M USD 1 Quarter
Issuance of mortgage loans on real estate IssuanceOfMortgageLoansOnRealEstate $888.00M USD 1 Quarter
Issuance of mortgage loans on real estate IssuanceOfMortgageLoansOnRealEstate $839.00M USD 1 Quarter
Repayment and maturities of mortgage loans on real estate RepaymentAndMaturitiesOfMortgageLoansOnRealEstate $227.00M USD 1 Quarter
Repayment and maturities of mortgage loans on real estate RepaymentAndMaturitiesOfMortgageLoansOnRealEstate $403.00M USD 1 Quarter
Issuance (repayment) of policy loans, net PaymentsForProceedsFromPolicyLoans $76.00M USD 1 Quarter
Issuance (repayment) of policy loans, net PaymentsForProceedsFromPolicyLoans $94.00M USD 1 Quarter
Net change in collateral on investments, derivatives and related settlements NetChangeInCollateralOnInvestmentsAndDerivatives $1.34B USD 1 Quarter
Net change in collateral on investments, derivatives and related settlements NetChangeInCollateralOnInvestmentsAndDerivatives $3.41B USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $61.00M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $33.00M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-712.00M USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $742.00M USD 1 Quarter
Payment of long-term debt, including current maturities RepaymentsOfLongTermDebt $300.00M USD 1 Quarter
Issuance of long-term debt, net of issuance costs ProceedsFromIssuanceOfLongTermDebt $499.00M USD 1 Quarter
Deposits of fixed account values, including the fixed portion of variable DepositsOfFixedAccountValuesIncludingFixedPortionOfVariable $3.14B USD 1 Quarter
Deposits of fixed account values, including the fixed portion of variable DepositsOfFixedAccountValuesIncludingFixedPortionOfVariable $3.92B USD 1 Quarter
Withdrawals of fixed account values, including the fixed portion of variable WithdrawalsOfFixedAccountValuesIncludingFixedPortionOfVariable $1.68B USD 1 Quarter
Withdrawals of fixed account values, including the fixed portion of variable WithdrawalsOfFixedAccountValuesIncludingFixedPortionOfVariable $1.78B USD 1 Quarter
Transfers to and from separate accounts, net TransfersToAndFromSeparateAccountsNet $-323.00M USD 1 Quarter
Transfers to and from separate accounts, net TransfersToAndFromSeparateAccountsNet $122.00M USD 1 Quarter
Common stock issued for benefit plans CommonStockIssuedForBenefitPlans $-7.00M USD 1 Quarter
Common stock issued for benefit plans CommonStockIssuedForBenefitPlans $9.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $105.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $225.00M USD 1 Quarter
Dividends paid to common stockholders PaymentsOfDividends $79.00M USD 1 Quarter
Dividends paid to common stockholders PaymentsOfDividends $80.00M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities - USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-63.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $2.44B USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $996.00M USD 1 Quarter
Net increase (decrease) in cash, invested cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-358.00M USD 1 Quarter
Net increase (decrease) in cash, invested cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $3.64B USD 1 Quarter
Cash, invested cash and restricted cash as of beginning-of-year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.71B USD Point-in-time
Cash, invested cash and restricted cash as of beginning-of-year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.35B USD Point-in-time
Cash, invested cash and restricted cash as of beginning-of-year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.56B USD Point-in-time
Cash, invested cash and restricted cash as of beginning-of-year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $6.20B USD Point-in-time
Cash, invested cash and restricted cash as of end-of-period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.35B USD Point-in-time
Cash, invested cash and restricted cash as of end-of-period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.56B USD Point-in-time
Cash, invested cash and restricted cash as of end-of-period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.71B USD Point-in-time
Cash, invested cash and restricted cash as of end-of-period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $6.20B USD Point-in-time
Stockholders Equity 10 line items
Line Item Tag Value Unit Period
Balance as of beginning-of-period StockholdersEquity $19.59B USD Point-in-time
Balance as of beginning-of-period StockholdersEquity $22.70B USD Point-in-time
Balance as of beginning-of-period StockholdersEquity $16.57B USD Point-in-time
Net income (loss) NetIncomeLoss $225.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $52.00M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-2.67B USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-3.17B USD 1 Quarter
Balance as of end-of-period StockholdersEquity $19.59B USD Point-in-time
Balance as of end-of-period StockholdersEquity $22.70B USD Point-in-time
Balance as of end-of-period StockholdersEquity $16.57B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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