2024 Q1 Form 10-K Financial Statement

#000005955824000013 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $4.116B $132.0M $13.91B
YoY Change 7.92% -96.85% -25.95%
Cost Of Revenue $2.003B $6.138B
YoY Change -12.57% -51.08%
Gross Profit $2.113B $7.771B
YoY Change 38.74% 24.58%
Gross Profit Margin 51.34% 55.87%
Selling, General & Admin $2.907B
YoY Change 5.56%
% of Gross Profit 37.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $249.0M $987.0M
YoY Change 1.63% 1545.0%
% of Gross Profit 11.78% 12.7%
Operating Expenses $4.414B $1.612B $14.57B
YoY Change 3.66% -60.71% -28.95%
Operating Profit -$2.301B -$6.802B
YoY Change -15.87% -52.34%
Interest Expense -$81.00M -$81.00M -$331.0M
YoY Change -2.41% 3.85% 16.96%
% of Operating Profit
Other Income/Expense, Net -$52.00M -$153.0M
YoY Change 6.12% -8.38%
Pretax Income $1.528B -$1.613B -$1.148B
YoY Change -230.6% 4508.57% -59.16%
Income Tax $306.0M -$378.0M -$396.0M
% Of Pretax Income 20.03%
Net Earnings $1.222B -$1.246B -$835.0M
YoY Change -238.71% -20866.67% -62.51%
Net Earnings / Revenue 29.69% -943.94% -6.0%
Basic Earnings Per Share $6.98 -$4.92
Diluted Earnings Per Share $6.93 -$7.34 -$4.92
COMMON SHARES
Basic Shares Outstanding 169.7M shares 169.7M 169.6M shares
Diluted Shares Outstanding 171.8M shares 170.7M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $4.122B $3.365B $3.365B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $123.0M
YoY Change -20.13%
Goodwill $1.144B $1.144B
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $122.2B $121.8B $121.8B
YoY Change -8.59% -4.93% -4.93%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $383.4B $372.4B $372.4B
YoY Change 11.73% 11.02% 11.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $129.0M
YoY Change -15.13%
Deferred Revenue
YoY Change
Short-Term Debt $503.0M $0.00 $0.00
YoY Change
Long-Term Debt Due $503.0M $250.0M $250.0M
YoY Change 0.6% -50.0% -50.0%
Total Short-Term Liabilities $10.62B $8.355B $8.355B
YoY Change 45.42% 15.85% 13.46%
LONG-TERM LIABILITIES
Long-Term Debt $5.726B $5.699B $6.321B
YoY Change -4.15% -4.3% 4.29%
Other Long-Term Liabilities $14.63B $16.56B $15.93B
YoY Change -12.98% 41.72% 39.48%
Total Long-Term Liabilities $20.36B $22.26B $22.26B
YoY Change -10.66% 26.18% 27.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.62B $8.355B $8.355B
Total Long-Term Liabilities $20.36B $22.26B $22.26B
Total Liabilities $375.8B $365.5B $365.5B
YoY Change 11.72% 10.32% 10.32%
SHAREHOLDERS EQUITY
Retained Earnings $5.887B $4.778B
YoY Change 19.17% -23.42%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.546B $6.893B $6.893B
YoY Change
Total Liabilities & Shareholders Equity $383.4B $372.4B $372.4B
YoY Change 11.73% 11.02% 11.02%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.222B -$1.246B -$835.0M
YoY Change -238.71% -20866.67% -62.51%
Depreciation, Depletion And Amortization $249.0M $987.0M
YoY Change 1.63% 1545.0%
Cash From Operating Activities -$1.343B -$1.868B -$2.074B
YoY Change 73.51% -392.33% -151.43%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$714.0M $310.0M
YoY Change -100.0% -59.8% 545.83%
Cash From Investing Activities $1.639B -$714.0M -$3.334B
YoY Change -604.31% -59.8% -71.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $47.00M $500.0M
YoY Change 66.67%
Cash From Financing Activities $461.0M 3.418B $5.430B
YoY Change -69.71% 13.63% -34.9%
NET CHANGE
Cash From Operating Activities -$1.343B -1.868B -$2.074B
Cash From Investing Activities $1.639B -714.0M -$3.334B
Cash From Financing Activities $461.0M 3.418B $5.430B
Net Change In Cash $757.0M 836.0M $22.00M
YoY Change 78.96% -55.32% -96.99%
FREE CASH FLOW
Cash From Operating Activities -$1.343B -$1.868B -$2.074B
Capital Expenditures
Free Cash Flow
YoY Change

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<div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Accounting Estimates and Assumptions</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Garamond',serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses for the reporting period. In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change. Actual results could differ from these estimates and assumptions. Included among the material (or potentially material) reported amounts and disclosures that require use of estimates are: fair value of certain financial assets, derivatives, allowances for credit losses, goodwill and other intangibles, MRBs, future contract benefits, income taxes including the recoverability of our deferred tax assets, and the potential effects of resolving litigated matters.</span></div>
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Not Offset Against Collateral
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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DerivativeLiabilityFairValueAfterOffsetAndDeductionSubjectToMasterNettingArrangement
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CY2022Q4 lnc Excess Non Cash Collateral Received
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CY2022Q4 lnc Excess Non Cash Collateral Pledged
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DeferredPolicyAcquisitionCostsValueOfBusinessAcquiredAndDeferredSalesInducements
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CY2022Q4 lnc Deferred Policy Acquisition Costs Value Of Business Acquired And Deferred Sales Inducements
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DeferredPolicyAcquisitionCostAmortizationExpense
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DeferredPolicyAcquisitionCostAmortizationExpense
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CY2022 lnc Present Value Of Future Insurance Profits Other Amortization Expense
PresentValueOfFutureInsuranceProfitsOtherAmortizationExpense
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CY2021 lnc Present Value Of Future Insurance Profits Other Amortization Expense
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CY2023Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year One
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CY2023Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Two
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CY2023Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Three
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CY2023Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Four
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CY2023Q4 us-gaap Present Value Of Future Insurance Profits Amortization Expense Year Five
PresentValueOfFutureInsuranceProfitsAmortizationExpenseYearFive
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CY2022 lnc Deferred Sales Inducements Net Amortization Expense Other Amortization Net Of Interest
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CY2021 lnc Deferred Sales Inducements Net Amortization Expense Other Amortization Net Of Interest
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CY2023 lnc Deferred Front End Loads Amortization Expense Other Amortization Net Of Interest
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CY2022 lnc Deferred Front End Loads Amortization Expense Other Amortization Net Of Interest
DeferredFrontEndLoadsAmortizationExpenseOtherAmortizationNetOfInterest
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CY2021 lnc Deferred Front End Loads Amortization Expense Other Amortization Net Of Interest
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PolicyholderBenefitsAndClaimsIncurredNet
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DirectMarketRiskBenefitGainLoss
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DirectMarketRiskBenefitGainLoss
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CY2023 lnc Reinsurance Ceded Of Direct Policyholder Liability Remeasurement Benefit Gain Loss
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LiabilityForFuturePolicyBenefitRemeasurementGainLoss
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MaximumRetentionPerSingleInsuredLifeOnFixedAndVulInsuranceContracts
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CY2023 lnc Percent Of Mortality Risk Reinsured On Newly Issued Non Term Life Insurance Contracts
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CY2023Q4 lnc Number Of Reinsurance Recoverable Agreements
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GoodwillImpairmentLoss
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Goodwill
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CY2023 lnc Future Sales Volume And Product Mix Used To Forecast
FutureSalesVolumeAndProductMixUsedToForecast
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2023Q4 us-gaap Market Risk Benefit Asset Amount
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CY2022Q4 us-gaap Market Risk Benefit Asset Amount
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CY2023 lnc Debt Repurchase Option Repayment As Percent Of Principal
DebtRepurchaseOptionRepaymentAsPercentOfPrincipal
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CY2023 lnc Amount Paid To Retire
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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CY2023Q4 us-gaap Long Term Debt
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CY2023Q4 lnc Letters Of Credit Issued
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CY2023 lnc Non Operating Indebtedness Of Subsidiaries To Total Capitalization Maximum
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CY2023 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases Sales Issues Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchasesSalesIssuesSettlements
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CY2023 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
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CY2023Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
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CY2021Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
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CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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