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10-Q Filing

LINCOLN NATIONAL CORP CIK: 59558 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0000059558-22-000022
Period End Date 20220331
Filing Date 20220505
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance lnc-20220331x10q_htm.xml
Filing Contents
Balance Sheet 85 line items
Line Item Tag Value Unit Period
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2022 - $107,622; 2021 - $105,177; allowance for credit losses: 2022 - $20; 2021 - $19) AvailableForSaleSecuritiesDebtSecurities $118.75B USD Point-in-time
Fixed maturity available-for-sale securities, at fair value (amortized cost: 2022 - $107,622; 2021 - $105,177; allowance for credit losses: 2022 - $20; 2021 - $19) AvailableForSaleSecuritiesDebtSecurities $110.69B USD Point-in-time
Trading securities TradingSecuritiesDebt $4.38B USD Point-in-time
Fixed maturity securities (amortized cost) AvailableForSaleDebtSecuritiesAmortizedCostBasis $107.62B USD Point-in-time
Fixed maturity securities (amortized cost) AvailableForSaleDebtSecuritiesAmortizedCostBasis $105.18B USD Point-in-time
Trading securities TradingSecuritiesDebt $4.48B USD Point-in-time
Fixed maturity, ACL DebtSecuritiesAvailableForSaleAllowanceForCreditLoss $20.00M USD Point-in-time
Fixed maturity, ACL DebtSecuritiesAvailableForSaleAllowanceForCreditLoss $19.00M USD Point-in-time
Equity securities EquitySecuritiesFvNi $318.00M USD Point-in-time
Equity securities EquitySecuritiesFvNi $346.00M USD Point-in-time
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2022 - $537; 2021 - $739) NotesReceivableNet $17.99B USD Point-in-time
Mortgage loans on real estate, net of allowance for credit losses (portion at fair value: 2022 - $537; 2021 - $739) NotesReceivableNet $17.89B USD Point-in-time
Mortgage loans on real estate, fair value LoansReceivableFairValueDisclosure $739.00M USD Point-in-time
Mortgage loans on real estate, fair value LoansReceivableFairValueDisclosure $537.00M USD Point-in-time
Policy loans LoansInsurancePolicy $2.36B USD Point-in-time
Policy loans LoansInsurancePolicy $2.34B USD Point-in-time
Derivative investments DerivativeAssets $5.44B USD Point-in-time
Derivative investments DerivativeAssets $4.84B USD Point-in-time
Preferred stock - shares authorized (in shares) PreferredStockSharesAuthorized 10.00M shares Point-in-time
Other investments OtherInvestments $4.29B USD Point-in-time
Other investments OtherInvestments $4.13B USD Point-in-time
Preferred stock - shares authorized (in shares) PreferredStockSharesAuthorized 10.00M shares 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
Total investments Investments $153.63B USD Point-in-time
Total investments Investments $144.62B USD Point-in-time
Common stock - shares issued (in shares) CommonStockSharesIssued 177.19M shares Point-in-time
Cash and invested cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.35B USD Point-in-time
Common stock - shares issued (in shares) CommonStockSharesIssued 171.89M shares Point-in-time
Cash and invested cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.96B USD Point-in-time
Cash and invested cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.61B USD Point-in-time
Cash and invested cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.71B USD Point-in-time
Deferred acquisition costs and value of business acquired DeferredPolicyAcquisitionCostsAndValueOfBusinessAcquired $6.08B USD Point-in-time
Deferred acquisition costs and value of business acquired DeferredPolicyAcquisitionCostsAndValueOfBusinessAcquired $8.81B USD Point-in-time
Common stock - shares outstanding (in shares) CommonStockSharesOutstanding 177.19M shares Point-in-time
Common stock - shares outstanding (in shares) CommonStockSharesOutstanding 171.89M shares Point-in-time
Premiums and fees receivable PremiumsAndOtherReceivablesNet $580.00M USD Point-in-time
Premiums and fees receivable PremiumsAndOtherReceivablesNet $671.00M USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $1.25B USD Point-in-time
Accrued investment income AccruedInvestmentIncomeReceivable $1.19B USD Point-in-time
Reinsurance recoverables, net of allowance for credit losses ReinsuranceRecoverables $20.04B USD Point-in-time
Reinsurance recoverables, net of allowance for credit losses ReinsuranceRecoverables $20.30B USD Point-in-time
Funds withheld reinsurance assets FundsHeldUnderReinsuranceAgreementsAsset $517.00M USD Point-in-time
Funds withheld reinsurance assets FundsHeldUnderReinsuranceAgreementsAsset $510.00M USD Point-in-time
Goodwill Goodwill $1.78B USD Point-in-time
Goodwill Goodwill $1.78B USD Point-in-time
Other assets OtherAssets $17.41B USD Point-in-time
Other assets OtherAssets $18.04B USD Point-in-time
Separate account assets SeparateAccountAssets $168.88B USD Point-in-time
Separate account assets SeparateAccountAssets $182.58B USD Point-in-time
Total assets Assets $365.93B USD Point-in-time
Total assets Assets $387.30B USD Point-in-time
Future contract benefits LiabilityForFuturePolicyBenefitsAndUnpaidClaimsAndClaimsAdjustmentExpense $41.03B USD Point-in-time
Future contract benefits LiabilityForFuturePolicyBenefitsAndUnpaidClaimsAndClaimsAdjustmentExpense $39.77B USD Point-in-time
Other contract holder funds PolicyholderFunds $111.70B USD Point-in-time
Other contract holder funds PolicyholderFunds $112.90B USD Point-in-time
Short-term debt DebtCurrent $300.00M USD Point-in-time
Long-term debt LongTermDebtAndFairValueHedges $6.33B USD Point-in-time
Long-term debt LongTermDebtAndFairValueHedges $6.56B USD Point-in-time
Reinsurance-related embedded derivatives ReinsuranceRelatedDerivativeLiabilities $206.00M USD Point-in-time
Funds withheld reinsurance liabilities FundsHeldUnderReinsuranceAgreementsLiability $2.12B USD Point-in-time
Funds withheld reinsurance liabilities FundsHeldUnderReinsuranceAgreementsLiability $2.16B USD Point-in-time
Payables for collateral on investments DepositsReceivedForSecuritiesLoanedAtCarryingValue $8.93B USD Point-in-time
Payables for collateral on investments DepositsReceivedForSecuritiesLoanedAtCarryingValue $8.95B USD Point-in-time
Other liabilities OtherLiabilities $12.01B USD Point-in-time
Other liabilities OtherLiabilities $13.82B USD Point-in-time
Separate account liabilities SeparateAccountsLiability $182.58B USD Point-in-time
Separate account liabilities SeparateAccountsLiability $168.88B USD Point-in-time
Total liabilities Liabilities $351.22B USD Point-in-time
Total liabilities Liabilities $367.03B 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; 171,890,974 and 177,193,515 shares issued and outstanding as of March 31, 2022, and December 31, 2021, respectively CommonStockValueOutstanding $4.74B USD Point-in-time
Common stock 800,000,000 shares authorized; 171,890,974 and 177,193,515 shares issued and outstanding as of March 31, 2022, and December 31, 2021, respectively CommonStockValueOutstanding $4.59B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $8.88B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $9.10B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $1.25B USD Point-in-time
Accumulated other comprehensive income (loss) AccumulatedOtherComprehensiveIncomeLossNetOfTax $6.44B USD Point-in-time
Total stockholders' equity StockholdersEquity $14.71B USD Point-in-time
Total stockholders' equity StockholdersEquity $20.27B USD Point-in-time
Total stockholders' equity StockholdersEquity $19.59B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $365.93B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $387.30B USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Insurance premiums PremiumsEarnedNet $1.41B USD 1 Quarter
Insurance premiums PremiumsEarnedNet $1.48B USD 1 Quarter
Fee income InsuranceFees $1.59B USD 1 Quarter
Fee income InsuranceFees $1.57B USD 1 Quarter
Net investment income NetInvestmentIncome $1.51B USD 1 Quarter
Net investment income NetInvestmentIncome $1.41B USD 1 Quarter
Realized gain (loss) DebtAndEquitySecuritiesRealizedGainLoss $29.00M 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 $19.00M USD 1 Quarter
Other revenues OtherIncome $198.00M USD 1 Quarter
Other revenues OtherIncome $182.00M USD 1 Quarter
Total revenues Revenues $4.69B USD 1 Quarter
Total revenues Revenues $4.53B USD 1 Quarter
Interest credited InterestCreditedToPolicyholdersAccountBalances $737.00M USD 1 Quarter
Interest credited InterestCreditedToPolicyholdersAccountBalances $697.00M USD 1 Quarter
Benefits PolicyholderBenefitsAndClaimsIncurredNet $2.23B USD 1 Quarter
Benefits PolicyholderBenefitsAndClaimsIncurredNet $2.56B USD 1 Quarter
Commissions and other expenses OtherCostAndExpenseOperating $1.24B USD 1 Quarter
Commissions and other expenses OtherCostAndExpenseOperating $1.23B USD 1 Quarter
Interest and debt expense InterestExpenseDebt $65.00M USD 1 Quarter
Interest and debt expense InterestExpenseDebt $66.00M USD 1 Quarter
Spark program expense StrategicDigitizationExpense $31.00M USD 1 Quarter
Spark program expense StrategicDigitizationExpense $13.00M USD 1 Quarter
Total expenses BenefitsLossesAndExpenses $4.27B USD 1 Quarter
Total expenses BenefitsLossesAndExpenses $4.59B USD 1 Quarter
Income (loss) before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $262.00M USD 1 Quarter
Income (loss) before taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $92.00M USD 1 Quarter
Federal income tax expense (benefit) IncomeTaxExpenseBenefit $-12.00M USD 1 Quarter
Federal income tax expense (benefit) IncomeTaxExpenseBenefit $37.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $104.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $225.00M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-3.17B USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-5.19B USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-5.09B USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-2.94B USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.60 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.17 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.58 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.16 USD 1 Quarter
Cash Dividends Declared Per Common Share CommonStockDividendsPerShareDeclared $0.42 USD 1 Quarter
Cash Dividends Declared Per Common Share CommonStockDividendsPerShareDeclared $0.45 USD 1 Quarter
Cash Flow Statement 75 line items
Line Item Tag Value Unit Period
Net income (loss) NetIncomeLoss $225.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $104.00M USD 1 Quarter
Realized (gain) loss DebtAndEquitySecuritiesRealizedGainLoss $29.00M USD 1 Quarter
Realized (gain) loss DebtAndEquitySecuritiesRealizedGainLoss $-181.00M USD 1 Quarter
Trading securities purchases, sales and maturities, net ProceedsFromPaymentsForTradingSecurities $-187.00M USD 1 Quarter
Trading securities purchases, sales and maturities, net ProceedsFromPaymentsForTradingSecurities $98.00M 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 $19.00M 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
Deferred acquisition costs, value of business acquired, deferred sales inducements and deferred front-end loads deferrals and interest, net of amortization DeferredAcquisitionCostsValueOfBusinessAcquiredDeferredSalesInducementsAndDeferredFrontEndLoadsDeferralsAndInterestNetOfAmortization $31.00M USD 1 Quarter
Premiums and fees receivable IncreaseDecreaseInPremiumsReceivable $167.00M USD 1 Quarter
Premiums and fees receivable IncreaseDecreaseInPremiumsReceivable $91.00M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $35.00M USD 1 Quarter
Accrued investment income IncreaseDecreaseInAccruedInvestmentIncomeReceivable $41.00M USD 1 Quarter
Insurance liabilities and reinsurance-related balances ChangeInInsuranceLiabilitiesAndReinsuranceRelatedBalance $-1.27B USD 1 Quarter
Insurance liabilities and reinsurance-related balances ChangeInInsuranceLiabilitiesAndReinsuranceRelatedBalance $764.00M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-262.00M USD 1 Quarter
Accrued expenses IncreaseDecreaseInAccruedLiabilities $-40.00M USD 1 Quarter
Federal income tax accruals IncreaseDecreaseInIncomeTaxes $42.00M USD 1 Quarter
Federal income tax accruals IncreaseDecreaseInIncomeTaxes $37.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $72.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $216.00M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-642.00M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $753.00M USD 1 Quarter
Purchases of available-for-sale securities and equity securities PaymentsToAcquireInvestments $3.83B USD 1 Quarter
Purchases of available-for-sale securities and equity securities PaymentsToAcquireInvestments $3.93B USD 1 Quarter
Sales of available-for-sale securities and equity securities ProceedsFromSaleOfDebtSecuritiesAvailableForSaleAndEquitySecurities $105.00M 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 $1.60B USD 1 Quarter
Purchases of alternative investments PaymentsToAcquireAlternativeInvestments $163.00M USD 1 Quarter
Purchases of alternative investments PaymentsToAcquireAlternativeInvestments $161.00M USD 1 Quarter
Sales and repayments of alternative investments ProceedsFromSaleAndRepaymentOfAlternativeInvestments $131.00M USD 1 Quarter
Sales and repayments of alternative investments ProceedsFromSaleAndRepaymentOfAlternativeInvestments $54.00M USD 1 Quarter
Issuance of mortgage loans on real estate IssuanceOfMortgageLoansOnRealEstate $540.00M USD 1 Quarter
Issuance of mortgage loans on real estate IssuanceOfMortgageLoansOnRealEstate $888.00M USD 1 Quarter
Repayment and maturities of mortgage loans on real estate RepaymentAndMaturitiesOfMortgageLoansOnRealEstate $717.00M USD 1 Quarter
Repayment and maturities of mortgage loans on real estate RepaymentAndMaturitiesOfMortgageLoansOnRealEstate $403.00M USD 1 Quarter
Repayment (issuance) of policy loans, net PaymentsForProceedsFromPolicyLoans $-25.00M USD 1 Quarter
Repayment (issuance) of policy loans, net PaymentsForProceedsFromPolicyLoans $76.00M USD 1 Quarter
Net change in collateral on investments, derivatives and related settlements NetChangeInCollateralOnInvestmentsDerivativesAndRelatedSettlements $1.34B USD 1 Quarter
Net change in collateral on investments, derivatives and related settlements NetChangeInCollateralOnInvestmentsDerivativesAndRelatedSettlements $16.00M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $33.00M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $104.00M 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 $-2.14B 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 $297.00M USD 1 Quarter
Payment related to sale-leaseback transactions PaymentsOfSaleLeasebackTransactions $4.00M 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 $3.05B USD 1 Quarter
Withdrawals of fixed account values, including the fixed portion of variable WithdrawalsOfFixedAccountValuesIncludingFixedPortionOfVariable $1.83B 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 $122.00M USD 1 Quarter
Transfers to and from separate accounts, net TransfersToAndFromSeparateAccountsNet $-14.00M USD 1 Quarter
Common stock issued for benefit plans CommonStockIssuedForBenefitPlans $10.00M USD 1 Quarter
Common stock issued for benefit plans CommonStockIssuedForBenefitPlans $-7.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $400.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $105.00M USD 1 Quarter
Dividends paid to common stockholders PaymentsOfDividends $80.00M USD 1 Quarter
Dividends paid to common stockholders PaymentsOfDividends $79.00M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities - USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-63.00M USD 1 Quarter
Net cash provided by (used in) financing activities NetCashProvidedByUsedInFinancingActivities $736.00M 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 $-652.00M USD 1 Quarter
Net increase (decrease) in cash, invested cash and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-358.00M USD 1 Quarter
Cash, invested cash and restricted cash as of beginning-of-year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.61B USD Point-in-time
Cash, invested cash and restricted cash as of beginning-of-year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.96B USD Point-in-time
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 end-of-period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.96B 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 $2.61B USD Point-in-time
Cash, invested cash and restricted cash as of end-of-period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.35B USD Point-in-time
Stockholders Equity 10 line items
Line Item Tag Value Unit Period
Balance StockholdersEquity $14.71B USD Point-in-time
Balance StockholdersEquity $20.27B USD Point-in-time
Balance StockholdersEquity $19.59B USD Point-in-time
Net income (loss) NetIncomeLoss $225.00M USD 1 Quarter
Net income (loss) NetIncomeLoss $104.00M USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-3.17B USD 1 Quarter
Other comprehensive income (loss), net of tax OtherComprehensiveIncomeLossNetOfTax $-5.19B USD 1 Quarter
Balance StockholdersEquity $14.71B USD Point-in-time
Balance StockholdersEquity $20.27B USD Point-in-time
Balance StockholdersEquity $19.59B USD Point-in-time

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

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