Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Fidelity National Financial, Inc. | ' |
Entity Central Index Key | '0001331875 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q4 | ' |
Trading Symbol | 'FNF | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-Known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Public Float | ' | $5,145,188,402 |
Entity Common Stock, Shares Outstanding | 276,328,287 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Investments | ' | ' |
Available-for-sale Securities, Fair Value | $2,959 | $3,140 |
Preferred stock available for sale, at fair value | 151 | 217 |
Equity securities available for sale, at fair value | 136 | 138 |
Investments in unconsolidated affiliates | 357 | 392 |
Other long-term investments | 162 | 104 |
Short-term investments | 26 | 62 |
Total investments | 3,791 | 4,053 |
Cash and cash equivalents, at December 31, 2013 and 2012, includes pledged cash of $339 and $266, respectively, related to secured trust deposits | 1,969 | 1,132 |
Trade and notes receivables, net of allowance of $21 and $22 at December 31, 2013 and 2012, respectively | 482 | 479 |
Goodwill | 1,901 | 1,908 |
Prepaid expenses and other assets | 721 | 678 |
Other intangible assets, net | 619 | 651 |
Title plants | 370 | 374 |
Property and equipment, net | 645 | 628 |
Income taxes receivable | 26 | 0 |
Total assets | 10,524 | 9,903 |
Liabilities: | ' | ' |
Accounts payable and other accrued liabilities, at December 31, 2013 and 2012, includes accounts payable to related parties of $3 and $5, respectively | 1,291 | 1,308 |
Taxes Payable | 0 | 103 |
Notes payable | 1,323 | 1,344 |
Reserve for claim losses | 1,636 | 1,748 |
Secured trust deposits | 588 | 528 |
Deferred Tax Liabilities | 144 | 123 |
Total liabilities | 4,982 | 5,154 |
Equity: | ' | ' |
Common stock, Class A, $0.0001 par value; authorized, 600,000,000 shares as of December 31, 2013 and 2012; issued 292,289,166 shares and 268,541,117 shares at December 31, 2013 and 2012, respectively | 0 | 0 |
Preferred stock, $0.0001 par value; authorized, 50,000,000 shares; issued and outstanding, none | 0 | 0 |
Additional paid-in capital | ' | 4,018 |
Retained earnings (deficit) | ' | 849 |
Accumulated other comprehensive earnings | ' | 59 |
Less: treasury stock, 41,948,518 shares and 39,995,513 shares as of December 31, 2013 and 2012, respectively, at cost | ' | 658 |
Total Fidelity National Financial, Inc. shareholders' equity | 5,068 | 4,268 |
Noncontrolling interests | 474 | 481 |
Total equity | 5,542 | 4,749 |
Total liabilities and equity | 10,524 | 9,903 |
Parent Company | ' | ' |
Investments | ' | ' |
Investments in unconsolidated affiliates | 320 | 360 |
Cash and cash equivalents, at December 31, 2013 and 2012, includes pledged cash of $339 and $266, respectively, related to secured trust deposits | 1,105 | 322 |
Prepaid expenses and other assets | 20 | 4 |
Other intangible assets, net | 47 | 17 |
Income Taxes Receivable | 26 | ' |
Property and equipment, net | 7 | 9 |
Total assets | 6,794 | 6,012 |
Liabilities: | ' | ' |
Accounts payable and other accrued liabilities, at December 31, 2013 and 2012, includes accounts payable to related parties of $3 and $5, respectively | 125 | 57 |
Notes payable | 983 | 980 |
Deferred Tax Liabilities | 144 | 123 |
Total liabilities | 1,252 | 1,263 |
Equity: | ' | ' |
Common stock, Class A, $0.0001 par value; authorized, 600,000,000 shares as of December 31, 2013 and 2012; issued 292,289,166 shares and 268,541,117 shares at December 31, 2013 and 2012, respectively | 0 | 0 |
Preferred stock, $0.0001 par value; authorized, 50,000,000 shares; issued and outstanding, none | 0 | 0 |
Additional paid-in capital | 4,642 | 4,018 |
Retained earnings (deficit) | 1,096 | 849 |
Accumulated other comprehensive earnings | 37 | 59 |
Less: treasury stock, 41,948,518 shares and 39,995,513 shares as of December 31, 2013 and 2012, respectively, at cost | 707 | 658 |
Total Fidelity National Financial, Inc. shareholders' equity | 5,068 | 4,268 |
Noncontrolling interests | 474 | 481 |
Total equity | 5,542 | 4,749 |
Total liabilities and equity | $6,794 | $6,012 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pledged fixed maturity securities | $261,000,000 | $275,000,000 |
Pledged cash secured trust deposits | 339,000,000 | 266,000,000 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 21,000,000 | 22,000,000 |
Common stock, Class A, par value | $0.00 | $0.00 |
Common stock, Class A, authorized shares | 600,000,000 | 600,000,000 |
Common stock, Class A, issued shares | 292,289,166 | 268,541,117 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 50,000,000 | 50,000,000 |
Preferred stock, outstanding shares | 0 | 0 |
Treasury stock, shares | 41,948,518 | 39,995,513 |
Accounts payable to related parties | 3,000,000 | 5,000,000 |
Depreciation and amortization included in cost of sales | $72,000,000 | $27,000,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Direct title insurance premiums | $1,800 | $1,732 | $1,427 |
Agency title insurance premiums | 2,352 | 2,101 | 1,830 |
Escrow, title related and other fees | 1,737 | 1,676 | 1,393 |
Revenue Other Manufactured Products | 1,127 | 417 | 417 |
Food and Beverage Revenue | 1,408 | 908 | 908 |
Interest and investment income | 129 | 144 | 143 |
Realized gains and losses, net | 12 | 187 | 7 |
Total revenues | 8,565 | 7,165 | 4,800 |
Expenses: | ' | ' | ' |
Personnel costs | 2,134 | 1,863 | 1,568 |
Agent commissions | 1,789 | 1,600 | 1,411 |
Other operating expenses | 1,319 | 1,287 | 1,064 |
Cost of Other Manufactured Products | 947 | 350 | ' |
Food and Beverage, Cost of Sales | 1,204 | 773 | ' |
Depreciation, Depletion and Amortization | 137 | 104 | 73 |
Provision for title claim losses | 291 | 279 | 222 |
Interest expense | 93 | 74 | 57 |
Total expenses | 7,914 | 6,330 | 4,395 |
Earnings (loss) from continuing operations before income taxes and equity in (loss) earnings of unconsolidated affiliates | 651 | 835 | 405 |
Income Tax Expense (Benefit), Continuing Operations | 205 | 245 | 131 |
Earnings (loss) from continuing operations before equity in (loss) earnings of unconsolidated affiliates | 446 | 590 | 274 |
Equity in earnings (loss) of unconsolidated affiliates | -26 | 10 | 10 |
Net earnings (loss) from continuing operations | 420 | 600 | 284 |
Earnings from discontinued operations, net of tax | -1 | 12 | 95 |
Net earnings (loss) | 419 | 612 | 379 |
Net earnings (loss) attributable to noncontrolling interests | 17 | 5 | 10 |
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders | 402 | 607 | 369 |
Earnings per share, basic | ' | ' | ' |
Net earnings (loss) from continuing operations attributable to Fidelity National Financial, Inc. common shareholders | $1.75 | $2.70 | $1.25 |
Net loss from discontinued operations attributable to Fidelity National Financial, Inc. common shareholders | $0 | $0.05 | $0.43 |
Basic earnings per share attributable to FNF common shareholders | $1.75 | $2.75 | $1.68 |
Weighted average shares outstanding, basic basis | 230 | 221 | 219 |
Earnings per share, diluted | ' | ' | ' |
Net earnings (loss) from continuing operations attributable to Fidelity National Financial, Inc. common shareholders | $1.71 | $2.64 | $1.22 |
Net loss from discontinued operations attributable to Fidelity National Financial, Inc. common shareholders | $0 | $0.05 | $0.43 |
Diluted earnings per share attributable to FNF common shareholders | $1.71 | $2.69 | $1.65 |
Weighted average shares outstanding, diluted basis | 235 | 226 | 223 |
Cash dividends paid per share | $0.66 | $0.58 | $0.48 |
Amounts attributable to Fidelity National Financial, Inc., common shareholders: | ' | ' | ' |
Net earnings (loss) from continuing operations, net of tax, attributable to Fidelity National Financial, Inc. common shareholders | 403 | 595 | 274 |
Net loss from discontinued operations, net of tax, attributable to Fidelity National Financial, Inc. common shareholders | -1 | 12 | 95 |
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders | $402 | $607 | $369 |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements (Unaudited) (Parenthetical) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Depreciation and amortization included in cost of sales | $72,000,000 | $27,000,000 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net earnings (loss) | $419 | $612 | $379 |
Other comprehensive earnings (loss): | ' | ' | ' |
Unrealized gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) | -33 | 41 | 24 |
Other comprehensive earnings - unrealized loss on investments in unconsolidated affiliates | -15 | 23 | -6 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | -2 | 6 | -1 |
Reclassification adjustments for change in unrealized gains and losses included in net earnings | 4 | -13 | -27 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 24 | 8 | -10 |
Other comprehensive earnings (loss) | -22 | 65 | -20 |
Comprehensive earnings (loss) | 397 | 677 | 359 |
Net earnings (loss) attributable to noncontrolling interests | 17 | 5 | 10 |
Comprehensive earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders | $380 | $672 | $349 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Noncontrolling Interest |
In Millions, except Share data, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2010 | $3,444 | $0 | $3,745 | $110 | $13 | ($441) | $17 |
Beginning Balance, Shares at Dec. 31, 2010 | ' | 252,000,000 | ' | ' | ' | 29,000,000 | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | -8 | ' | -8 | ' | ' | 0 | ' |
Exercise of stock options, shares | 1,068,934 | 1,000,000 | ' | ' | ' | 0 | ' |
Treasury stock repurchased, value | -86 | ' | ' | ' | ' | -86 | ' |
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | 13 | ' | 13 | ' | ' | ' | ' |
Treasury stock repurchased, shares | ' | ' | ' | ' | ' | 5,000,000 | ' |
Tax benefit associated with stock based compensation | 6 | ' | 6 | ' | ' | ' | ' |
Issuance of restricted stock | ' | 2,000,000 | ' | ' | ' | 0 | ' |
Stock Issued During Period, Value, Restricted Stock Award, Gross | -27 | 0 | ' | ' | ' | -5 | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | -1 | ' | ' | ' | ' | ' | ' |
Other comprehensive earnings - unrealized gain on investments and other financial insruments | -3 | ' | ' | ' | -3 | ' | ' |
Other comprehensive earnings - unrealized loss on investments in unconsolidated affiliates | -6 | ' | ' | ' | -6 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | -1 | ' | ' | ' | -1 | ' | ' |
Other comprehensive earnings - unrealized gain on foreign currency translation and cash flow hedging | -6 | ' | ' | ' | ' | ' | ' |
Stock-based compensation cost | 27 | ' | ' | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | ' | ' | ' | ' | -10 | ' | ' |
Stock-based compensation | 10 | ' | -27 | ' | ' | ' | ' |
Contributions to noncontrolling interests | -5 | ' | ' | ' | ' | ' | 0 |
Purchase of noncontrolling interest | -106 | ' | ' | ' | ' | ' | 0 |
Cash dividends declared | -4 | ' | ' | -106 | ' | ' | ' |
Subsidiary dividends paid to noncontrolling interests | -379 | ' | ' | ' | ' | ' | -4 |
Net earnings (loss) | 379 | ' | ' | 369 | ' | ' | 10 |
Ending Balance at Dec. 31, 2011 | 3,656 | 0 | 3,799 | 373 | -7 | -532 | 23 |
Ending Balance, Shares at Dec. 31, 2011 | ' | 255,000,000 | ' | ' | ' | 34,000,000 | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | -91 | ' | -154 | ' | ' | -63 | ' |
Exercise of stock options, shares | 12,358,474 | 12,000,000 | ' | ' | ' | 3,000,000 | ' |
Adjustments to Additional Paid in Capital, Other | 11 | ' | 11 | ' | ' | ' | ' |
Treasury stock repurchased, value | -38 | ' | ' | ' | ' | -38 | ' |
Treasury stock repurchased, shares | ' | ' | ' | ' | ' | 2,000,000 | ' |
Tax benefit associated with stock based compensation | 31 | ' | 31 | ' | ' | ' | ' |
Issuance of restricted stock | ' | 1,000,000 | ' | ' | ' | 1,000,000 | ' |
Stock Issued During Period, Value, Restricted Stock Award, Gross | -25 | 0 | ' | ' | ' | -25 | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Additional Interest Issued to Parent | ' | ' | ' | ' | ' | ' | -7 |
Other comprehensive earnings - unrealized gain on investments and other financial insruments | 29 | ' | ' | ' | 29 | ' | ' |
Other comprehensive earnings - unrealized loss on investments in unconsolidated affiliates | 23 | ' | ' | ' | 23 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 6 | ' | ' | ' | 6 | ' | 5 |
Other comprehensive earnings - unrealized gain on foreign currency translation and cash flow hedging | 11 | ' | ' | ' | 0 | ' | ' |
Stock-based compensation cost | 27 | ' | ' | ' | ' | ' | ' |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -9 | ' | ' | ' | 8 | ' | -1 |
Stock-based compensation | -7 | ' | -23 | ' | ' | ' | -4 |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Issuance of Equity by Subsidiary to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | 462 |
Cash dividends declared | -131 | ' | ' | -131 | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | -462 | ' | ' | ' | ' | ' | ' |
Subsidiary dividends paid to noncontrolling interests | -12 | ' | ' | ' | ' | ' | -12 |
Net earnings (loss) | 612 | ' | ' | 607 | ' | ' | 5 |
Ending Balance at Dec. 31, 2012 | 4,749 | 0 | 4,018 | 849 | 59 | -658 | 481 |
Ending Balance, Shares at Dec. 31, 2012 | ' | 268,000,000 | ' | ' | ' | 40,000,000 | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' |
Equity offering, shares | 19,837,500 | 20,000,000 | ' | ' | ' | ' | ' |
Exercise of stock options, value | -61 | ' | -61 | ' | ' | 0 | ' |
Exercise of stock options, shares | 3,267,937 | 3,000,000 | ' | ' | ' | 0 | ' |
Adjustments to Additional Paid in Capital, Other | 511 | ' | 511 | ' | ' | ' | ' |
Treasury stock repurchased, value | -34 | ' | ' | ' | ' | -34 | ' |
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | ' | ' | 0 | ' | ' | ' | ' |
Stock Issued During Period, Shares, Other | ' | 0 | ' | ' | ' | ' | ' |
Treasury stock repurchased, shares | ' | ' | ' | ' | ' | 1,000,000 | ' |
Tax benefit associated with stock based compensation | 17 | 0 | 17 | 0 | 0 | ' | ' |
Issuance of restricted stock | ' | 1,000,000 | ' | ' | ' | 1,000,000 | ' |
Stock Issued During Period, Value, Restricted Stock Award, Gross | -15 | 0 | ' | ' | ' | -15 | ' |
Other comprehensive earnings - unrealized gain on investments and other financial insruments | -29 | ' | ' | ' | -29 | ' | ' |
Other comprehensive earnings - unrealized loss on investments in unconsolidated affiliates | -15 | ' | ' | ' | -15 | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | -2 | ' | ' | ' | -2 | ' | ' |
Other comprehensive earnings - unrealized gain on foreign currency translation and cash flow hedging | 0 | ' | ' | ' | ' | ' | ' |
Stock-based compensation cost | 35 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | 2 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | 2 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | -26 | ' | ' | ' | 24 | ' | ' |
Stock-based compensation | -35 | ' | -30 | ' | ' | ' | ' |
Stock-based compensation attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | 5 |
Contributions to noncontrolling interests | -3 | ' | -4 | ' | ' | ' | -7 |
Cash dividends declared | -155 | ' | ' | -155 | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | -14 | ' | -9 | ' | ' | ' | -23 |
Subsidiary dividends paid to noncontrolling interests | -17 | ' | ' | ' | ' | ' | -17 |
Net earnings (loss) | 419 | ' | ' | 402 | ' | ' | 17 |
Ending Balance at Dec. 31, 2013 | $5,542 | $0 | $4,642 | $1,096 | $37 | ($707) | $474 |
Ending Balance, Shares at Dec. 31, 2013 | ' | 292,000,000 | ' | ' | ' | 42,000,000 | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net earnings (loss) | $419,000,000 | $612,000,000 | $379,000,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization including discontinued operations | 209,000,000 | 132,000,000 | 76,000,000 |
Equity in earnings (loss) of unconsolidated affiliates | 26,000,000 | -10,000,000 | -10,000,000 |
Gain (loss) on sale of investment and other assets, net | -12,000,000 | 3,000,000 | -11,000,000 |
Net gain on sale of at-risk and flood insurance businesses | 0 | 0 | -139,000,000 |
Equity Method Investment, Realized Gain (Loss) on Disposal | 0 | -73,000,000 | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 0 | -48,000,000 | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain (Loss), Net | 0 | -79,000,000 | ' |
Stock-based compensation cost | 35,000,000 | 27,000,000 | 27,000,000 |
Tax benefit associated with the exercise of stock options | -17,000,000 | -31,000,000 | -6,000,000 |
Changes in assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Net (increase) decrease in pledged cash, pledged investments, and secured trust deposits | 2,000,000 | 0 | -6,000,000 |
Net decrease (increase) in trade receivables | 0 | -12,000,000 | 16,000,000 |
Net (increase) decrease in prepaid expenses and other assets | -3,000,000 | 49,000,000 | -5,000,000 |
Net (decrease) increase in accounts payable, accrued liabilities, deferred revenue and other | -1,000,000 | 63,000,000 | -66,000,000 |
Net decrease in reserve for claim losses | -112,000,000 | -159,000,000 | -295,000,000 |
Net increase in income taxes | -62,000,000 | 146,000,000 | 150,000,000 |
Net cash provided by operating activities | 484,000,000 | 620,000,000 | 110,000,000 |
Cash flows from investing activities: | ' | ' | ' |
Proceeds from sales of investment securities available for sale | 745,000,000 | 594,000,000 | 739,000,000 |
Proceeds from maturities of investment securities available for sale | 306,000,000 | 419,000,000 | 549,000,000 |
Proceeds from sale of other assets | 1,000,000 | 2,000,000 | 6,000,000 |
Additions to property and equipment | -145,000,000 | -79,000,000 | -36,000,000 |
Purchases of investment securities available for sale | -882,000,000 | -1,146,000,000 | -1,299,000,000 |
Purchases of other long-term investments | -97,000,000 | -9,000,000 | 0 |
Net proceeds from short-term investment securities | 36,000,000 | -12,000,000 | 78,000,000 |
(Contributions to) distributions from unconsolidated affiliates | -20,000,000 | -23,000,000 | -21,000,000 |
Proceeds from Equity Method Investment, Dividends or Distributions | 25,000,000 | ' | ' |
Net other Investing Activities | -4,000,000 | 3,000,000 | -4,000,000 |
Proceeds from Divestiture of Businesses | ' | 75,000,000 | 120,000,000 |
Proceeds from Sale of Equity Method Investments | 0 | 0 | 32,000,000 |
Payments to acquire business, five, net of cash acquired | ' | 64,000,000 | ' |
Proceeds from Divestiture of Businesses, Net of Cash Divested | ' | 120,000,000 | ' |
Payments to acquire business four, net of cash acquired | ' | -98,000,000 | ' |
Payments to Acquire Business Three, Net of Cash Acquired | ' | -72,000,000 | ' |
Payments to Acquire Business Two, Net of Cash Acquired | ' | -122,000,000 | ' |
Acquisitions of businesses, net of cash acquired | -25,000,000 | -26,000,000 | 0 |
Net cash provided by (used in) investing activities | -60,000,000 | -310,000,000 | 164,000,000 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | 511,000,000 | ' | ' |
Borrowings | 341,000,000 | 679,000,000 | 500,000,000 |
Debt service payments | -359,000,000 | -557,000,000 | -516,000,000 |
Payments to Noncontrolling Interests | -14,000,000 | ' | ' |
Proceeds from Noncontrolling Interests | 3,000,000 | ' | ' |
Payments of Debt Extinguishment Costs | 0 | -6,000,000 | ' |
Debt issuance costs | -16,000,000 | -8,000,000 | -8,000,000 |
Dividends paid | -153,000,000 | -128,000,000 | -105,000,000 |
Subsidiary dividends paid to noncontrolling interest shareholders | -17,000,000 | -12,000,000 | -4,000,000 |
Exercise of stock options | 61,000,000 | 91,000,000 | 8,000,000 |
Tax benefit associated with the exercise of stock options | 17,000,000 | 31,000,000 | 6,000,000 |
Purchases of treasury stock | -34,000,000 | -38,000,000 | -86,000,000 |
Net cash used in financing activities | 340,000,000 | 52,000,000 | -205,000,000 |
Net decrease in cash and cash equivalents, excluding pledged cash related to secured trust deposits | 764,000,000 | 362,000,000 | 69,000,000 |
Cash and cash equivalents, excluding pledged cash related to secured trust deposits at beginning of period | 866,000,000 | 504,000,000 | 435,000,000 |
Cash and cash equivalents, excluding pledged cash related to secured trust deposits at end of period | 1,630,000,000 | 866,000,000 | 504,000,000 |
Digital Insurance | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' |
Payments to Acquire Business Two, Net of Cash Acquired | ($98,000,000) | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||||
Basis of Financial Statements | ' | |||||||||||
Summary of Significant Accounting Policies | ||||||||||||
The following describes the significant accounting policies of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” or “FNF”) which have been followed in preparing the accompanying Consolidated Financial Statements. | ||||||||||||
Description of Business | ||||||||||||
We are a leading provider of title insurance, technology and transaction services to the real estate and mortgage industries. We are the nation’s largest title insurance company through our title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title and Alamo Title - that collectively issue more title insurance policies than any other title company in the United States. We also provide industry-leading mortgage technology solutions and transaction services, including MSP®, the leading residential mortgage servicing technology platform in the U.S., through our majority-owned subsidiaries, Black Knight Financial Services, LLC ("Black Knight") and ServiceLink Holdings, LLC ("ServiceLink"). In addition, we own majority and minority equity investment stakes in a number of entities, including American Blue Ribbon Holdings, LLC ("ABRH"), J. Alexander’s, LLC ("J. Alexander's"), Remy International, Inc. ("Remy"), Ceridian HCM, Inc., Comdata Inc. (collectively "Ceridian") and Digital Insurance, Inc. ("Digital Insurance"). | ||||||||||||
As of December 31, 2013, we have five reporting segments as follows: | ||||||||||||
FNF Core Operations | ||||||||||||
• | Fidelity National Title Group. This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title related services including collection and trust activities, trustee’s sales guarantees, recordings and reconveyances, and home warranty insurance. | |||||||||||
• | FNF Corporate and Other. The FNF corporate and other segment consists of the operations of the parent holding company, certain other unallocated corporate overhead expenses, and other smaller real estate and insurance related operations. | |||||||||||
Portfolio Investment Companies | ||||||||||||
• | Remy. This segment consists of the operations of Remy, in which we have a 51% ownership interest. Remy is a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles. | |||||||||||
Restaurant Group. The Restaurant Group segment consists of the operations of ABRH, in which we have a 55% ownership interest. ABRH is the owner and operator of the O'Charley's, Ninety Nine Restaurants, Max & Erma's, Village Inn and Bakers Square. This segment also includes J. Alexander's, which includes the Stoney River Legendary Steaks ("Stoney River") concept. | ||||||||||||
• | Portfolio Company Corporate and Other. The Portfolio Company Corporate and Other segment primarily consists of our share in the operations of certain equity investments, including Ceridian, Digital Insurance and other smaller operations which are not title related. | |||||||||||
Principles of Consolidation and Basis of Presentation | ||||||||||||
The accompanying Consolidated Financial Statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") and include our accounts as well as our wholly-owned and majority-owned subsidiaries. All intercompany profits, transactions and balances have been eliminated. Our investments in non-majority-owned partnerships and affiliates are accounted for using the equity method until such time that they become wholly or majority-owned. Earnings attributable to noncontrolling interests are recorded on the Consolidated Statements of Earnings relating to majority-owned subsidiaries with the appropriate noncontrolling interest that represents the portion of equity not related to our ownership interest recorded on the Consolidated Balance Sheets in each period. | ||||||||||||
Recent Developments | ||||||||||||
On January 31, 2014 we announced our plans to form a new tracking stock for Fidelity National Financial Ventures (“FNFV”). As a result, we have decided to begin separately reporting the results of our core operations, which includes Fidelity National Title Group, Inc. (“FNT”), and the portfolio company investments which include Remy, the Restaurant Group, Digital Insurance and other smaller operations. The portfolio company investments will comprise FNFV in the future. | ||||||||||||
Discontinued Operations | ||||||||||||
The results from two closed J. Alexander's locations and a settlement services company closed in the second quarter of 2013 are reflected in the Consolidated Statements of Earnings as discontinued operations for all periods presented. Total revenues included in discontinued operations were $8 million, $36 million, and $41 million for the years ending December 31, 2013, 2012, and 2011, respectively. Pre-tax (loss) earnings included in discontinued operations were $(1) million for the year ended December 31, 2013 and $9 million for the years ending December 31, 2012, and 2011. | ||||||||||||
On May 1, 2012, we completed the sale of an 85% interest in our remaining subsidiaries that write personal lines insurance to WT Holdings, Inc. for $120 million. Accordingly, the results of this business through the date of sale (which we refer to as our "at-risk" insurance business) for all periods presented are reflected in the Consolidated Statements of Earnings as discontinued operations. The at-risk insurance business sale resulted in a pre-tax loss of $15 million, which was recorded in the fourth quarter of 2011. Total revenues from the at-risk insurance business included in discontinued operations are $124 million, and $163 million for the years ending December 31, 2012 and 2011, respectively. Pre-tax earnings (loss) from the at-risk insurance business included in discontinued operations are $10 million and $(24) million for the years ending December 31, 2012 and 2011, respectively. | ||||||||||||
On October 31, 2011, we completed the sale of our flood insurance business to WRM America Holdings LLC (“WRM America”) for $135 million in cash and dividends, and a $75 million seller note. The seller note was paid in full during 2012. Accordingly, the results of this business through the date of sale for all periods presented are reflected in the Consolidated Statements of Earnings as discontinued operations. The flood insurance business sale resulted in a pre-tax gain of approximately $154 million ($95 million after tax), which was recorded in 2011. Total revenues from the flood business included in discontinued operations was $151 million for the year ending December 31, 2011. Pre-tax earnings from the flood business included in discontinued operations was $29 million for the year ending December 31, 2011. | ||||||||||||
Investments | ||||||||||||
Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Fixed maturity securities which may be sold prior to maturity to support our investment strategies are carried at fair value and are classified as available for sale as of the balance sheet dates. Fair values for fixed maturity securities are principally a function of current market conditions and are valued based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly. Discount or premium is recorded for the difference between the purchase price and the principal amount. The discount or premium is amortized or accreted using the interest method and is recorded as an adjustment to interest and investment income. The interest method results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. Changes in prepayment assumptions are accounted for retrospectively. | ||||||||||||
Equity securities and preferred stocks held are considered to be available for sale and carried at fair value as of the balance sheet dates. Our equity securities and certain preferred stocks are Level 1 financial assets and fair values are based on quoted prices in active markets. Other preferred stock holdings are Level 2 financial assets and are valued based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly. | ||||||||||||
Investments in unconsolidated affiliates are recorded using the equity method of accounting. | ||||||||||||
Other long-term investments consist of structured notes and various cost-method investments. The structured notes are carried at fair value as of the balance sheet dates. Fair values are based on exit prices obtained from a broker-dealer. The cost-method investments are carried at historical cost. | ||||||||||||
Short-term investments, which consist primarily of commercial paper and money market instruments, which have an original maturity of one year or less, are carried at amortized cost, which approximates fair value. | ||||||||||||
Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Unrealized gains or losses on securities which are classified as available for sale, net of applicable deferred income tax expenses (benefits), are excluded from earnings and credited or charged directly to a separate component of equity. If any unrealized losses on available for sale securities are determined to be other-than-temporary, such unrealized losses are recognized as realized losses. Unrealized losses are considered other-than-temporary if factors exist that cause us to believe that the value will not increase to a level sufficient to recover our cost basis. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include: (i) our need and intent to sell the investment prior to a period of time sufficient to allow for a recovery in value; (ii) the duration and extent to which the fair value has been less than cost; and (iii) the financial condition and prospects of the issuer. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Highly liquid instruments purchased as part of cash management with original maturities of three months or less are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate their fair value. | ||||||||||||
Fair Value of Financial Instruments | ||||||||||||
The fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. | ||||||||||||
Trade and Notes Receivables | ||||||||||||
The carrying values reported in the Consolidated Balance Sheets for trade and notes receivables approximate their fair value. | ||||||||||||
Goodwill | ||||||||||||
Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in a business combination. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. In evaluating the recoverability of goodwill, we perform an annual goodwill impairment analysis based on a review of qualitative factors to determine if events and circumstances exist which will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. | ||||||||||||
We completed annual goodwill impairment analyses in the fourth quarter of each respective year using a September 30 measurement date and as a result no goodwill impairments have been recorded. For the years ended December 31, 2013 and 2012, we determined there were no events or circumstances which indicated that the carrying value exceeded the fair value. | ||||||||||||
Other Intangible Assets | ||||||||||||
We have other intangible assets, not including goodwill, which consist primarily of customer relationships and contracts and trademarks which are generally recorded in connection with acquisitions at their fair value, and debt issuance costs relating to the issuance of our long-term notes payable. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives using an accelerated method which takes into consideration expected customer attrition rates. Contractual relationships are generally amortized over their contractual life. Trademarks are considered intangible assets with indefinite lives and are reviewed for impairment at least annually. Debt issuance costs are amortized on a straight line basis over the contractual life of the related debt instrument. | ||||||||||||
In our Remy segment, upon entering into new or extending existing contracts, we may be required to purchase certain cores and inventory from our customers at retail prices, or be obligated to provide certain agreed support. The excess of the prices paid for the cores and inventory over fair value, and the value of any agreed support, are recorded as contract intangibles and amortized as a reduction to auto parts revenue on a method to reflect the pattern of economic benefit consumed. Customer contract intangibles which are not paid to customers, are amortized and recorded in cost of auto parts revenue. | ||||||||||||
We recorded no impairment expense related to other intangible assets in 2013, 2012, or 2011. | ||||||||||||
Title Plants | ||||||||||||
Title plants are recorded at the cost incurred to construct or obtain and organize historical title information to the point it can be used to perform title searches. Costs incurred to maintain, update and operate title plants are expensed as incurred. Title plants are not amortized as they are considered to have an indefinite life if maintained. Sales of title plants are reported at the amount received net of the adjusted costs of the title plant sold. Sales of title plant copies are reported at the amount received. No cost is allocated to the sale of copies of title plants unless the carrying value of the title plant is diminished or impaired. Title plants are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. We reviewed title plants for impairment in the years ending December 31, 2013, 2012, and 2011 and identified and recorded impairment expense of $4 million, $13 million and $3 million, respectively. | ||||||||||||
Property and Equipment | ||||||||||||
Property and equipment are recorded at cost, less depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: twenty to thirty years for buildings and three to seven years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. Property and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. | ||||||||||||
Remy. Property and equipment within our Remy segment are recorded at cost, less depreciation. Major expenditures that significantly extend the useful life or enhance the usability of the property, plant or equipment are capitalized. Depreciation is calculated primarily using the straight-line method over the estimated useful lives of the related assets (fifteen to forty years for buildings and 3 to 15 years for tooling, machinery and equipment). Capital leases and leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or their estimated useful life. | ||||||||||||
Restaurant Group. Property and equipment within our Restaurant Group segment are recorded at cost, less depreciation. Depreciation is computed on the straight-line method over thirty years for buildings and improvements and three to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized over the lesser of the asset’s estimated useful life or the expected lease term, inclusive of renewal periods not to exceed twenty years. Equipment under capitalized leases is amortized on a straight-line basis to its expected residual value at the end of the lease term. All direct external costs associated with obtaining the land, building and equipment for each new restaurant, as well as construction period interest are capitalized. Direct external costs associated with obtaining the dining room and kitchen equipment, signage and other assets and equipment are also capitalized. In addition, for each new restaurant and re-branded restaurant, a portion of the internal direct costs of its real estate and construction department are also capitalized. | ||||||||||||
Reserve for Title Claim Losses | ||||||||||||
Our reserve for title claim losses includes known claims as well as losses we expect to incur, net of recoupments. Each known claim is reserved based on our review as to the estimated amount of the claim and the costs required to settle the claim. Reserves for claims which are incurred but not reported are established at the time premium revenue is recognized based on historical loss experience and also take into consideration other factors, including industry trends, claim loss history, current legal environment, geographic considerations and the type of policy written. | ||||||||||||
The reserve for claim losses also includes reserves for losses arising from the escrow title-related and other fees relating to closing and disbursement functions due to fraud or operational error. | ||||||||||||
If a loss is related to a policy issued by an independent agent, we may proceed against the independent agent pursuant to the terms of the agency agreement. In any event, we may proceed against third parties who are responsible for any loss under the title insurance policy under rights of subrogation. | ||||||||||||
Secured Trust Deposits | ||||||||||||
In the state of Illinois, a trust company is permitted to commingle and invest customers’ assets with its own assets, pending completion of real estate transactions. Accordingly, our Consolidated Balance Sheets reflect a secured trust deposit liability of $588 million and $528 million at December 31, 2013 and 2012, respectively, representing customers’ assets held by us and corresponding assets including cash and investments pledged as security for those trust balances. | ||||||||||||
Income Taxes | ||||||||||||
We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact on deferred taxes of changes in tax rates and laws, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted. | ||||||||||||
Reinsurance | ||||||||||||
In a limited number of situations, we limit our maximum loss exposure by reinsuring certain risks with other insurers. We also earn a small amount of additional income, which is reflected in our direct premiums, by assuming reinsurance for certain risks of other insurers. We cede a portion of certain policy and other liabilities under agent fidelity, excess of loss and case-by-case reinsurance agreements. Reinsurance agreements provide that in the event of a loss (including costs, attorneys’ fees and expenses) exceeding the retained amounts, the reinsurer is liable for the excess amount assumed. However, the ceding company remains primarily liable in the event the reinsurer does not meet its contractual obligations. | ||||||||||||
Core Accounting | ||||||||||||
In our Remy segment, remanufacturing is the process where failed or used components, commonly known as cores, are disassembled into subcomponents, cleaned, inspected, tested, combined with new subcomponents and reassembled into salable, finished products. With many customers, a deposit is charged for the core. Upon return of a core, we grant the customer a credit based on the core deposit value. Core deposits are excluded from auto parts revenue. We record a liability for core returns based on cores expected to be returned. This liability is recorded in Accounts payable and other accrued liabilities in the accompanying Consolidated Balance Sheets. The liability represents the difference between the core deposit value to be credited to the customer and the estimated core inventory value of the core to be returned. Revisions to these estimates are made periodically to consider current costs and customer return trends. Upon receipt of a core, we record inventory at lower of cost or fair market value. The value of a core declines over its estimated useful life (ranging from 4 to 30 years) and is devalued accordingly. Carrying value of the core inventory is evaluated by comparing current prices obtained from core brokers to carrying cost. The devaluation of core carrying value is reflected as a charge to Cost of auto parts revenue. Core inventory that is deemed to be obsolete or in excess of current and future projected demand is written down to the lower of cost or market and charged to Cost of auto parts revenue. Core inventories are classified as Prepaid expenses and other assets in the accompanying Consolidated Balance Sheets. | ||||||||||||
In our Remy segment, when we enter into arrangements to purchase certain cores held in a customer’s inventory or when the customer is not charged a deposit for the core, we have the right to receive a core from the customer in return for every exchange unit supplied to them. We classify such rights as “Core return rights” in Prepaid expenses and other assets in the accompanying Consolidated Balance Sheets. The core return rights are valued based on the underlying core inventory values. Devaluation of these rights is charged to Cost of auto parts revenue. On a periodic basis, we settle with customers for cores that have not been returned. | ||||||||||||
Research and Development | ||||||||||||
In our Remy segment, we conduct research and development programs that are expected to contribute to future earnings. Such costs are included in Other operating expenses in the Consolidated Statements of Earnings. Customer-funded research and development expenses are recorded as an offset to research and development expense in Other operating expenses. | ||||||||||||
Foreign Currency Translation | ||||||||||||
The functional currency for our foreign operations is either the U.S. Dollar or the local currency, with the exception of our Remy subsidiaries in Hungary for which the Euro is the functional currency, since substantially all of their purchases and sales are denominated in Euro. For foreign operations where the local currency is the functional currency, the translation of foreign currencies into U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate during the period. The unrealized gains and losses resulting from the translation are included in Accumulated other comprehensive earnings in the Consolidated Financial Statements and are excluded from net earnings. Gains or losses resulting from foreign currency transactions are included in Realized gains and losses, net and are insignificant in 2013, 2012, and 2011. We evaluate our foreign subsidiaries’ functional currency on an ongoing basis. | ||||||||||||
Derivative Financial Instruments | ||||||||||||
In our Remy segment, in the normal course of business, our operations are exposed to continuing fluctuations in foreign currency values, interest rates and commodity prices that can affect the cost of operating, investing and financing. Accordingly, we address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. We have historically used derivative financial instruments for the purpose of hedging currency, interest rate and commodity exposures, which exist as a part of ongoing business operations. | ||||||||||||
As a policy, we do not engage in speculative or leveraged transactions, nor do we hold or issue derivative financial instruments for trading purposes. Our objective for holding derivatives is to minimize risks using the most effective and cost-efficient methods available. Management routinely reviews the effectiveness of the use of derivative financial instruments. | ||||||||||||
We recognize all of our derivative instruments as either assets or liabilities at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated, and is effective, as a hedge and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in earnings immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of Accumulated other comprehensive earnings (loss) and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument that has been designated as a hedge, determined using the change in fair value method, is recognized in earnings immediately. The gain or loss related to derivative financial instruments that are not designated as hedges is recognized immediately in earnings. | ||||||||||||
Warranty | ||||||||||||
In our Remy segment, we provide certain warranties relating to quality and performance of our products. An allowance for the estimated future cost of product warranties and other defective product returns is based on management’s estimate of product failure rates and customer eligibility and is included in Accounts payable and other accrued liabilities in the Consolidated Balance Sheet. If these factors differ from management’s estimates, revisions to the estimated warranty liability may be required. The specific terms and conditions of the warranties vary depending upon the customer and the product sold. | ||||||||||||
Revenue Recognition | ||||||||||||
Fidelity National Title Group. Our direct title insurance premiums and escrow, title-related and other fees are recognized as revenue at the time of closing of the related transaction as the earnings process is then considered complete, whereas premium revenues from agency operations and agency commissions include an accrual based on estimates using historical information of the volume of transactions that have closed in a particular period for which premiums have not yet been reported to us. The accrual for agency premiums is necessary because of the lag between the closing of these transactions and the reporting of these policies to us by the agent. Historically, the time lag between the closing of these transactions by our agents and the reporting of these policies, or premiums, to us has been up to 15 months, with 70-80% reported within three months following closing, an additional 10-20% reported within the next three months and the remainder within seven to fifteen months. In addition to accruing these earned but unreported agency premiums, we also accrue agent commission expense, which was 76.1%, of agent premiums earned in 2013, 76.2% of agent premiums earned in 2012 and 77.1% of agent premiums earned in 2011. We also record a provision for claim losses at our average provision rate at the time we record the accrual for the premiums, which was 7.0% for 2013 and 2012 and 6.8% for 2011, and accruals for premium taxes and other expenses relating to our premium accrual. The resulting impact to pretax earnings in any period is less than 10% of the accrued premium amount. The impact of the change in the accrual for agency premiums and related expenses on our pretax earnings was a decrease of $7 million for the year ended December 31, 2013, less than $1 million for the year ended 2012 and an increase of $8 million for the year ended 2011. The amount due from our agents relating to this accrual, i.e., the agent premium less their contractual retained commission, was approximately $74 million and $90 million at December 31, 2013 and 2012, respectively, which represents agency premiums of approximately $364 million and $438 million at December 31, 2013 and 2012, respectively, and agent commissions of $290 million and $348 million at December 31, 2013 and 2012, respectively. | ||||||||||||
Revenues from home warranty insurance policies are recognized over the life of the policy, which is one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the Consolidated Balance Sheets. | ||||||||||||
Remy. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, ownership has transferred, the seller’s price to the buyer is fixed and determinable and collectability is reasonably assured. Sales are recorded upon shipment of product to customers and transfer of title and risk of loss under standard commercial terms (typically, F.O.B. shipping point). We recognize shipping and handling costs as Costs of auto parts revenue with the related amounts billed to customers as sales. Accruals for sales returns, price protection and other allowances are provided at the time of shipment based upon past experience. Adjustments to such accruals are made as new information becomes available. We accrue for rebates, price protection and other customer sales allowances in accordance with specific customer arrangements. Such rebates are recorded as a reduction of Auto parts revenue. | ||||||||||||
Restaurant Group. Restaurant revenue on the Consolidated Statements of Earnings consists of restaurant sales and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and are net of applicable state and local sales taxes and discounts. | ||||||||||||
Earnings Per Share | ||||||||||||
Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common stockholders by the sum of the weighted average number of common shares outstanding and the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be anti-dilutive. We have granted certain options, warrants, restricted stock, and convertible notes which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. | ||||||||||||
For the years ended December 31, 2013, 2012, and 2011, options to purchase 1 million shares, 4 million shares and 8 million shares, respectively, of our common stock were excluded from the computation of diluted earnings per share because they were anti-dilutive. | ||||||||||||
Transactions with Related Parties | ||||||||||||
We have historically conducted business with Fidelity National Information Services ("FIS") and its subsidiaries. | ||||||||||||
A summary of the agreements that were in effect with FIS through December 31, 2013, is as follows: | ||||||||||||
• | Technology (“IT”) and data processing services from FIS. These agreements govern IT support services provided to us by FIS, primarily consisting of infrastructure support and data center management. Subject to certain early termination provisions, the agreement expires on or about June 30, 2014 with an option to renew for one additional year. Certain subsidiaries of FIS have also provided technology consulting services to FNF during 2013. | |||||||||||
• | Administrative corporate support and cost-sharing services to FIS. | |||||||||||
A detail of net revenues and expenses between us and FIS that were included in our results of operations for the periods presented is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In millions) | ||||||||||||
Corporate services and cost-sharing revenue | $ | 7 | $ | 5 | $ | 5 | ||||||
Data processing expense | (34 | ) | (32 | ) | (36 | ) | ||||||
Net expense | $ | (27 | ) | $ | (27 | ) | $ | (31 | ) | |||
We believe the amounts we earned or were charged under each of the foregoing arrangements are fair and reasonable. The information technology infrastructure support and data center management services provided to us are priced within the range of prices that FIS offers to its unaffiliated third party customers for the same types of services. However, the amounts FNF earned or was charged under these arrangements were not negotiated at arm’s-length, and may not represent the terms that we might have obtained from an unrelated third party. The net amounts due to FIS as a result of these agreements were $3 million and $5 million as of December 31, 2013 and 2012, respectively. | ||||||||||||
As of December 31, 2013 and 2012, we owned 1,303,860 and 1,603,860 shares of FIS common stock, respectively, which were purchased pursuant to an investment agreement between us and FIS dated March 31, 2009. During the fourth quarter of 2013, we sold 300,000 shares for a realized gain of $11 million. The fair value of this investment is $70 million and $56 million as of December 31, 2013 and 2012, respectively, and is recorded in Equity securities available for sale. Changes in fair value of the FIS stock are recorded as other comprehensive earnings. | ||||||||||||
Also included in fixed maturities available for sale are FIS bonds with a fair value of $42 million and $53 million as of December 31, 2013 and 2012, respectively. | ||||||||||||
Stock-Based Compensation Plans | ||||||||||||
We account for stock-based compensation plans using the fair value method. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date, using the Black-Scholes Model, and recognized over the service period. | ||||||||||||
Management Estimates | ||||||||||||
The preparation of these Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Certain Reclassifications | ||||||||||||
Certain reclassifications have been made in the 2012 and 2011 Consolidated Financial Statements to conform to classifications used in 2013. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | ' |
Acquisitions | |
The results of operations and financial position of the entities acquired during any year are included in the Consolidated Financial Statements from and after the date of acquisition. | |
Acquisition and Merger with Lender Processing Services | |
On January 13, 2014, Remy announced that they acquired substantially all of the assets of United Starters and Alternators Industries, Inc. ("USA Industries") pursuant to the terms and conditions of the Asset Purchase Agreement, effective as of January 13, 2014. USA Industries is a leading worldwide distributor of premium quality re-manufactured and new alternators, starters, constant velocity axles and disc brake calipers for the light-duty aftermarket. Total consideration paid was $41 million. | |
On January 2, 2014, we completed the purchase of Lender Processing Services, Inc. ("LPS"). The purchase consideration paid was $37.14 per share, of which $28.10 per share was paid in cash and the remaining $9.04 was paid in FNF common shares. The purchase consideration represented an exchange ratio of 0.28742 per share of LPS common stock. Total consideration paid for LPS was $3.4 billion, which consisted of $2,535 million in cash and $836 million in FNF common stock. In order to pay the stock component of the consideration, we issued 25,920,078 shares to the former LPS shareholders. We have not completed the initial purchase price allocation due to the timing of the acquisition. We plan to have the initial purchase price allocation recognized during the first quarter of 2014 and the final purchase price allocation completed during 2014. | |
Subsequent to our announcement of the LPS acquisition, we formed a wholly-owned subsidiary, Black Knight Financial Services, Inc. (now known as Black Knight Holdings, Inc., "Black Knight"). Black Knight is the mortgage and finance industries' leading provider of integrated technology, data and analytics solutions, and transaction services. Black Knight has two operating segments, ServiceLink Holdings, LLC ("ServiceLink") and Black Knight Financial Services, LLC ("BKFS"). We retained a 65% ownership interest in each of the subsidiaries and issued the remaining 35% ownership interest to funds affiliated with Thomas H. Lee Partners, and certain related entities on January 3, 2014. Black Knight, through ServiceLink and BKFS, now owns and operates the former LPS businesses and our ServiceLink business. Fidelity National Title Group, BKFS and ServiceLink will be our core operating subsidiaries in the future. | |
Acquisition of Remy International, Inc. | |
During the third quarter of 2012, we acquired 1.5 million additional shares of Remy International, Inc. ("Remy"), increasing our ownership interest to 16.3 million shares or 51% of Remy's total outstanding common shares. As a result of this acquisition we began to consolidate the results of Remy effective August 14, 2012. We previously held a 47% ownership interest in Remy. Total consideration paid for the additional 1.5 million shares was $31 million and cash acquired upon consolidation of Remy was $95 million. Goodwill has been recorded based on the amount that the purchase price exceeded the fair value of the net assets acquired. Our 47% equity method investment prior to consolidation of $179 million was included in Investments in unconsolidated affiliates on the Consolidated Balance Sheets. A realized gain of $79 million was recognized in 2012 for the difference between our basis in our equity method investment of Remy prior to consolidation and the fair value of our investment in Remy at August 14, 2012, the date we acquired control and began to consolidate its operations. | |
Acquisition of O'Charley's Inc. and Merger with ABRH | |
On April 9, 2012, we successfully closed a tender offer for the outstanding common stock of O'Charley's Inc. ("O'Charley's"). We have consolidated the results of O'Charley's as of April 9, 2012. On May 11, 2012, we merged O'Charley's with our investment in ABRH in exchange for an increase in our ownership position in ABRH from 45% to 55%. As of December 31, 2013, there were 312 company-owned restaurants in the O'Charley's group of companies and 214 company-owned restaurants in the ABRH group of companies. Total consideration paid was $122 million in cash, net of cash acquired of $35 million. Our investment in ABRH, prior to the merger, was $37 million and was included in Investments in unconsolidated affiliates on the Consolidated Balance Sheet. Our investment in O'Charley's prior to the tender offer of $14 million was included in Equity securities available for sale on the Consolidated Balance Sheet. We have consolidated the operations of ABRH with the O'Charley's group of companies, beginning on May 11, 2012. | |
A realized gain of $66 million, which is included in Realized gains and losses on the Consolidated Statement of Earnings, was recognized in 2012 for the difference between our basis in our equity method investment of ABRH prior to consolidation and the fair value of our investment in ABRH at the date of consolidation. The fair value of our investment in ABRH was estimated using relative market based comparable information. In regards to O'Charley's, we recognized a $48 million bargain purchase gain discussed further below, and a gain of $7 million for the difference in the basis of our holdings in O'Charley's common stock prior to consolidation and the fair value of O'Charley's common stock at the date of consolidation. As a result of the final valuation, we recognized and measured the identifiable assets acquired and liabilities assumed from the O'Charley's purchase at fair value. Upon completion of the fair value process, the net assets of O'Charley's received by FNF exceeded the purchase price resulting in a bargain purchase gain of $48 million, which is included in Realized gains and losses on the Consolidated Statement of Earnings for 2012. The bargain purchase gain was due to the release of a valuation allowance on O'Charley's net deferred tax assets. O'Charley's previously had recorded a valuation allowance on the deferred tax assets, due to its history of net losses and the low probability of being able to utilize these assets. We also recorded a $11 million increase to our Additional paid-in capital during 2012, related to the fair value of the non-controlling interest portion of our ownership in O'Charley's. | |
Other Acquisitions | |
Digital Insurance, Inc. | |
On December 31, 2012, we acquired Digital Insurance, Inc. ("Digital Insurance"). Total consideration paid was $98 million in cash, net of cash acquired of $3 million. We consolidated the operations of Digital Insurance as of December 31, 2012. Digital Insurance is the nation's leading employee benefits platform specializing in health insurance distribution and benefits management for small and mid-sized businesses. | |
J. Alexander's Corporation | |
In September 2012, we successfully completed a tender offer for the outstanding common stock of J. Alexander's Corporation, which later became J. Alexander's LLC, for $14.50 per share. Total consideration paid was $72 million in cash, net of cash acquired of $7 million. We have consolidated the operations of J. Alexander's beginning September 26, 2012. J. Alexander's operates 30 J. Alexander's restaurants in 12 states. On February 25, 2013, we merged Stoney River Legendary Steaks into J. Alexander's. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The fair value hierarchy established by the accounting standards on fair value measurements includes three levels which are based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities that are recorded in the Consolidated Balance Sheets are categorized based on the inputs to the valuation techniques as follows: | ||||||||||||||||
Level 1. Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we have the ability to access. | ||||||||||||||||
Level 2. Financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. | ||||||||||||||||
Level 3. Financial assets and liabilities whose values are based on model inputs that are unobservable. | ||||||||||||||||
The following table presents our fair value hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2013 and 2012, respectively: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed-maturity securities available for sale: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 126 | $ | — | $ | 126 | ||||||||
State and political subdivisions | — | 1,075 | — | 1,075 | ||||||||||||
Corporate debt securities | — | 1,606 | — | 1,606 | ||||||||||||
Foreign government bonds | — | 43 | — | 43 | ||||||||||||
Mortgage-backed/asset-backed securities | — | 109 | — | 109 | ||||||||||||
Preferred stock available for sale | 73 | 78 | — | 151 | ||||||||||||
Equity securities available for sale | 136 | — | — | 136 | ||||||||||||
Other long-term investments | — | — | 38 | 38 | ||||||||||||
Foreign exchange contracts | — | 4 | — | 4 | ||||||||||||
Interest rate swap contracts | — | 2 | — | 2 | ||||||||||||
Total assets | $ | 209 | $ | 3,043 | $ | 38 | $ | 3,290 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
Interest rate swap contracts | — | 1 | — | 1 | ||||||||||||
Total liabilities | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In millions) | ||||||||||||||||
Fixed-maturity securities available for sale: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 139 | $ | — | $ | 139 | ||||||||
State and political subdivisions | — | 1,300 | — | 1,300 | ||||||||||||
Corporate debt securities | — | 1,499 | — | 1,499 | ||||||||||||
Foreign government bonds | — | 48 | — | 48 | ||||||||||||
Mortgage-backed/asset-backed securities | — | 154 | — | 154 | ||||||||||||
Preferred stock available for sale | 109 | 108 | — | 217 | ||||||||||||
Equity securities available for sale | 138 | — | — | 138 | ||||||||||||
Other long-term investments | — | — | 41 | 41 | ||||||||||||
Foreign exchange contracts | — | 6 | — | 6 | ||||||||||||
Commodity contracts | — | 1 | — | 1 | ||||||||||||
Total | $ | 247 | $ | 3,255 | $ | 41 | $ | 3,543 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
Interest rate swap contracts | — | 2 | — | 2 | ||||||||||||
Total liabilities | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
Our Level 2 fair value measures for fixed-maturities available for sale are provided by third-party pricing services. We utilize one firm for our taxable bond and preferred stock portfolio and another for our tax-exempt bond portfolio. These pricing services are leading global providers of financial market data, analytics and related services to financial institutions. We rely on one price for each instrument to determine the carrying amount of the assets on our balance sheet. The inputs utilized in these pricing methodologies include observable measures such as benchmark yields, reported trades, broker dealer quotes, issuer spreads, two sided markets, benchmark securities, bids, offers and reference data including market research publications. We review the pricing methodologies for all of our Level 2 securities by obtaining an understanding of the valuation models and assumptions used by the third-party as well as independently comparing the resulting prices to other publicly available measures of fair value and internally developed models. The pricing methodologies used by the relevant third party pricing services are: | ||||||||||||||||
• | U.S. government and agencies: These securities are valued based on data obtained for similar securities in active markets and from inter-dealer brokers. | |||||||||||||||
• | State and political subdivisions: These securities are valued based on data obtained for similar securities in active markets and from inter-dealer brokers. Factors considered include relevant trade information, dealer quotes and other relevant market data. | |||||||||||||||
• | Corporate debt securities: These securities are valued based on dealer quotes and related market trading activity. Factors considered include the bond's yield, its terms and conditions, or any other feature which may influence its risk and thus marketability, as well as relative credit information and relevant sector news. | |||||||||||||||
• | Foreign government bonds: These securities are valued based on a discounted cash flow model incorporating observable market inputs such as available broker quotes and yields of comparable securities. | |||||||||||||||
• | Mortgage-backed/asset-backed securities: These securities are comprised of commercial mortgage-backed securities, agency mortgage-backed securities, collaterized mortgage obligations, and asset-backed securities. They are valued based on available trade information, dealer quotes, cash flows, relevant indices and market data for similar assets in active markets. | |||||||||||||||
• | Preferred stock: Preferred stocks are valued by calculating the appropriate spread over a comparable US Treasury security. Inputs include benchmark quotes and other relevant market data. | |||||||||||||||
Our Level 2 fair value measures for our interest rate swap, foreign exchange contracts, and commodity contracts are valued using the income approach. This approach uses techniques to convert future amounts to a single present value amount based upon market expectations (including present value techniques, option-pricing and excess earnings models). | ||||||||||||||||
Our Level 3 investments consist of structured notes that were purchased in the third quarter of 2009. The structured notes had a par value of $38 million at December 31, 2013 and 2012 and a fair value of $38 million and $41 million at December 31, 2013 and 2012, respectively. The structured notes are held for general investment purposes and represent one percent of our total investment portfolio. The structured notes are classified as Other long-term investments and are measured in their entirety at fair value with changes in fair value recognized in earnings. The fair value of these instruments are the product of a proprietary valuation model utilized by the trading desk of the broker-dealer and contain assumptions relating to volatility, the level of interest rates, and the underlying value of the indexes, exchange-traded funds, and foreign currencies. We review the pricing methodologies for our Level 3 investments to ensure that they are reasonable and believe they represent an exit price as of December 31, 2013. | ||||||||||||||||
The following table presents the changes in our investments that are classified as Level 3 for the years ended December 31, 2013 and 2012 (in millions): | ||||||||||||||||
Balance, December 31, 2011 | $ | 41 | ||||||||||||||
Realized gain (loss) | — | |||||||||||||||
Balance, December 31, 2012 | 41 | |||||||||||||||
Realized loss | (3 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 38 | ||||||||||||||
The carrying amounts of short-term investments, accounts receivable and notes receivable approximate fair value due to their short-term nature. The fair value of our notes payable is included in Note J. | ||||||||||||||||
Additional information regarding the fair value of our investment portfolio is included in Note D. |
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||
Investments | ||||||||||||||||||||||||
The carrying amounts and fair values of our available for sale securities at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Carrying | Cost Basis | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Value | Gains | Losses | Value | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity investments available for sale: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 126 | $ | 121 | $ | 5 | $ | — | $ | 126 | ||||||||||||||
States and political subdivisions | 1,075 | 1,042 | 36 | (3 | ) | 1,075 | ||||||||||||||||||
Corporate debt securities | 1,606 | 1,565 | 47 | (6 | ) | 1,606 | ||||||||||||||||||
Foreign government bonds | 43 | 44 | 1 | (2 | ) | 43 | ||||||||||||||||||
Mortgage-backed/asset-backed securities | 109 | 105 | 4 | — | 109 | |||||||||||||||||||
Preferred stock available for sale | 151 | 158 | 3 | (10 | ) | 151 | ||||||||||||||||||
Equity securities available for sale | 136 | 71 | 65 | — | 136 | |||||||||||||||||||
Total | $ | 3,246 | $ | 3,106 | $ | 161 | $ | (21 | ) | $ | 3,246 | |||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Carrying | Cost Basis | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Value | Gains | Losses | Value | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity investments available for sale: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 139 | $ | 130 | $ | 9 | $ | — | $ | 139 | ||||||||||||||
States and political subdivisions | 1,300 | 1,239 | 61 | — | 1,300 | |||||||||||||||||||
Corporate debt securities | 1,499 | 1,440 | 71 | (12 | ) | 1,499 | ||||||||||||||||||
Foreign government bonds | 48 | 45 | 3 | — | 48 | |||||||||||||||||||
Mortgage-backed/asset-backed securities | 154 | 146 | 8 | — | 154 | |||||||||||||||||||
Preferred stock available for sale | 217 | 207 | 10 | — | 217 | |||||||||||||||||||
Equity securities available for sale | 138 | 103 | 40 | (5 | ) | 138 | ||||||||||||||||||
Total | $ | 3,495 | $ | 3,310 | $ | 202 | $ | (17 | ) | $ | 3,495 | |||||||||||||
The cost basis of fixed maturity securities available for sale includes an adjustment for amortized premium or discount since the date of purchase. At December 31, 2013 all of our mortgage-backed and asset-backed securities are rated AAA or better by Moody's Investors Service. The mortgage-backed and asset-backed securities are made up of $77 million of agency mortgage-backed securities, $27 million of collateralized mortgage obligations, and $5 million in asset-backed securities. | ||||||||||||||||||||||||
The change in net unrealized gains and losses on fixed maturities for the years ended December 31, 2013, 2012, and 2011 was $(58) million, $33 million, and $(10) million, respectively. | ||||||||||||||||||||||||
The following table presents certain information regarding contractual maturities of our fixed maturity securities at December 31, 2013: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Maturity | Amortized Cost | % of | Fair | % of | ||||||||||||||||||||
Total | Value | Total | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
One year or less | $ | 363 | 13 | % | $ | 368 | 12 | % | ||||||||||||||||
After one year through five years | 1,845 | 64 | 1,906 | 65 | ||||||||||||||||||||
After five years through ten years | 559 | 19 | 571 | 19 | ||||||||||||||||||||
After ten years | 5 | — | 5 | — | ||||||||||||||||||||
Mortgage-backed/asset-backed securities | 105 | 4 | 109 | 4 | ||||||||||||||||||||
$ | 2,877 | 100 | % | $ | 2,959 | 100 | % | |||||||||||||||||
Subject to call | $ | 1,572 | 55 | % | $ | 1,606 | 54 | % | ||||||||||||||||
Expected maturities may differ from contractual maturities because certain borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Included above in amounts subject to call are $1,209 million and $1,236 million in amortized cost and fair value, respectively, of fixed maturity securities with make-whole call provisions as of December 31, 2013. | ||||||||||||||||||||||||
Fixed maturity securities valued at approximately $129 million and $160 million were on deposit with various governmental authorities at December 31, 2013 and 2012, respectively, as required by law. | ||||||||||||||||||||||||
Also included in fixed maturities available for sale are FIS bonds with a fair value of $42 million and $53 million as of December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Equity securities are carried at fair value. The balance of equity securities includes an investment in FIS stock, which we purchased on October 1, 2009 pursuant to an investment agreement between us and FIS dated March 31, 2009 in connection with a merger between FIS and Metavante Technologies, Inc. As of December 31, 2013 and 2012, we owned 1,303,860 and 1,603,860 shares of FIS common stock. During the fourth quarter of 2013, we sold 300,000 shares for a realized gain of $11 million. The fair value of this investment is $70 million and $56 million as of December 31, 2013 and 2012, respectively. The change in unrealized gains (losses) on equity securities for the years ended December 31, 2013, 2012 and 2011 was a net increase (decrease) of $30 million, $12 million, and $(2) million, respectively. | ||||||||||||||||||||||||
Our investments at December 31, 2013 and 2012 included investments in banks at a cost basis of $378 million and $409 million, respectively, and a fair value of $381 million and $433 million, respectively. There were no significant investments in trusts or insurance companies at December 31, 2013 or 2012. | ||||||||||||||||||||||||
Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2013 and 2012 are as follows (in millions): | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
States and political subdivisions | $ | 123 | $ | (3 | ) | $ | — | $ | — | $ | 123 | $ | (3 | ) | ||||||||||
Corporate debt securities | 367 | (4 | ) | 39 | (2 | ) | 406 | (6 | ) | |||||||||||||||
Foreign government bonds | 17 | (1 | ) | 14 | (1 | ) | 31 | (2 | ) | |||||||||||||||
Preferred stock available for sale | 95 | (10 | ) | — | — | 95 | (10 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 602 | $ | (18 | ) | $ | 53 | $ | (3 | ) | $ | 655 | $ | (21 | ) | |||||||||
31-Dec-12 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Corporate debt securities | 96 | (5 | ) | 34 | (7 | ) | 130 | (12 | ) | |||||||||||||||
Equity securities available for sale | 31 | (3 | ) | 3 | (2 | ) | 34 | (5 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 127 | $ | (8 | ) | $ | 37 | $ | (9 | ) | $ | 164 | $ | (17 | ) | |||||||||
A substantial portion of our unrealized losses relate to preferred stock. These unrealized losses were primarily caused by market volatility. We expect to recover the entire amortized cost basis of our temporarily impaired preferred stock as we do not intend to sell these securities and we do not believe that we will be required to sell the preferred stock before recovery of the cost basis. For these reasons, we do not consider these securities other-than-temporarily impaired at December 31, 2013. It is reasonably possible that declines in fair value below cost not considered other-than-temporary in the current period could be considered to be other-than-temporary in a future period and earnings would be reduced to the extent of the impairment. | ||||||||||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, we incurred impairment charges relating to investments that were determined to be other-than-temporarily impaired, which resulted in impairment charges of $1 million, $3 million and $17 million, respectively. Impairment charges during all three years, related to fixed maturity securities primarily related to our conclusion that the credit risk of these holdings was high and the ability of the issuer to pay the full amount of the principal outstanding was unlikely. | ||||||||||||||||||||||||
As of December 31, 2013 we held no securities for which other-than-temporary impairments had been previously recognized and in 2012, we held $7 million in investments for which an other-than-temporary impairment had been previously recognized; all of the impairments related to credit losses. | ||||||||||||||||||||||||
The following table presents realized gains and losses on investments and other assets and proceeds from the sale or maturity of investments and other assets for the years ending December 31, 2013, 2012, and 2011, respectively: | ||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 10 | $ | (4 | ) | $ | 6 | $ | 887 | |||||||||||||||
Preferred stock available for sale | 7 | (2 | ) | 5 | 121 | |||||||||||||||||||
Equity securities available for sale | 15 | (1 | ) | 14 | 43 | |||||||||||||||||||
Other long-term investments | (3 | ) | — | |||||||||||||||||||||
Debt extinguishment costs | (3 | ) | — | |||||||||||||||||||||
Other assets | (7 | ) | 1 | |||||||||||||||||||||
Total | $ | 12 | $ | 1,052 | ||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 16 | $ | (5 | ) | $ | 11 | $ | 976 | |||||||||||||||
Preferred stock available for sale | — | — | — | 29 | ||||||||||||||||||||
Equity securities available for sale | 3 | — | 3 | 8 | ||||||||||||||||||||
Gain on consolidation of O'Charley's and ABRH | 73 | — | ||||||||||||||||||||||
Bargain purchase gain on O'Charley's | 48 | — | ||||||||||||||||||||||
Gain on consolidation of Remy | 79 | — | ||||||||||||||||||||||
Loss on early extinguishment of 5.25% bonds | (6 | ) | — | |||||||||||||||||||||
Other assets | (21 | ) | 2 | |||||||||||||||||||||
Total | $ | 187 | $ | 1,015 | ||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 38 | $ | (18 | ) | $ | 20 | $ | 1,251 | |||||||||||||||
Preferred stock available for sale | — | — | — | 21 | ||||||||||||||||||||
Equity securities available for sale | 2 | — | 2 | 16 | ||||||||||||||||||||
Other long-term investments | (4 | ) | 32 | |||||||||||||||||||||
Other assets | (11 | ) | 6 | |||||||||||||||||||||
Total | $ | 7 | $ | 1,326 | ||||||||||||||||||||
Interest and investment income consists of the following: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
Fixed maturity securities available for sale | 99 | 117 | 130 | |||||||||||||||||||||
Equity securities and preferred stock available for sale | 16 | 14 | 6 | |||||||||||||||||||||
Other | 13 | 13 | 6 | |||||||||||||||||||||
Total | $ | 129 | $ | 144 | $ | 143 | ||||||||||||||||||
Included in our other long-term investments are fixed-maturity structured notes purchased in the third quarter of 2009 and cost-method investments. The structured notes are carried at fair value (see Note C) and changes in the fair value of these structured notes are recorded as Realized gains and losses in the Consolidated Statements of Earnings. The carrying value of the structured notes was $38 million and $41 million as of December 31, 2013 and 2012, respectively. We recorded a loss of $3 million related to the structured notes in the year ended December 31, 2013, no gain or loss related to the structured notes in 2012, and a net loss of $4 million related to the structured notes in the 2011. | ||||||||||||||||||||||||
Investments in unconsolidated affiliates are recorded using the equity method of accounting and as of December 31, 2013 and 2012 consisted of the following (in millions): | ||||||||||||||||||||||||
Ownership at December 31, 2013 | 2013 | 2012 | ||||||||||||||||||||||
Ceridian | 32 | % | $ | 295 | $ | 351 | ||||||||||||||||||
Other | various | 62 | 41 | |||||||||||||||||||||
Total | $ | 357 | $ | 392 | ||||||||||||||||||||
During the year ended December 31, 2013, we purchased $31 million in Ceridian bonds which are included in Fixed maturity securities available for sale on the Consolidated Balance Sheets, and have a fair value of $36 million as of December 31, 2013. | ||||||||||||||||||||||||
During the years ended December 31, 2013, 2012, and 2011, we recorded an aggregate of $(26) million, $10 million, and $10 million, respectively, in equity in (losses) earnings of unconsolidated affiliates. We account for our equity in Ceridian on a three-month lag. Accordingly, our net earnings for the year ended December 31, 2013, includes our equity in Ceridian’s earnings for the period from October 1, 2012 through September 30, 2013 and our net earnings for the year ended December 31, 2012, includes our equity in Ceridian’s earnings for the period from October 1, 2011 through September 30, 2012. In addition, we record our share of the other comprehensive earnings (loss) of unconsolidated affiliates. As of December 31, 2013, included within the Consolidated Statements of Equity, we had recorded accumulated other comprehensive losses of $67 million related to our investment in Ceridian, and none related to our other investments in unconsolidated affiliates. | ||||||||||||||||||||||||
During the fourth quarter of 2013, Ceridian entered into a memorandum of understanding to resolve claims brought by a putative class of U.S. Fueling Merchants. Under the terms of the memorandum of understanding, which will need to be finalized in a definitive settlement agreement and approved by the Court, Ceridian has agreed to make a one-time cash payment of $100 million as part of a $130 million global settlement with other defendants in the lawsuit, and to provide certain prospective relief with respect to specific provisions in its merchant agreements. This settlement will provide Ceridian and affiliated companies with a broad release of claims and will limit their exposure to legal claims by merchants. We estimate our portion of the settlement to be approximately $32 million, which will be recorded by us in the first quarter of 2014 as a result of our three-month lag in accounting for the results of operations of Ceridian. | ||||||||||||||||||||||||
Summarized financial information for the periods included in our Consolidated Financial Statements for Ceridian is presented below: | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Total current assets before customer funds | $ | 1,106 | $ | 1,209 | ||||||||||||||||||||
Customer funds | 3,000 | 3,925 | ||||||||||||||||||||||
Goodwill and other intangible assets, net | 4,484 | 4,630 | ||||||||||||||||||||||
Other assets | 119 | 157 | ||||||||||||||||||||||
Total assets | $ | 8,709 | $ | 9,921 | ||||||||||||||||||||
Current liabilities before customer customer obligations | $ | 836 | $ | 995 | ||||||||||||||||||||
Customer obligations | 2,986 | 3,874 | ||||||||||||||||||||||
Long-term obligations, less current portion | 3,449 | 3,445 | ||||||||||||||||||||||
Other long-term liabilities | 496 | 488 | ||||||||||||||||||||||
Total liabilities | 7,767 | 8,802 | ||||||||||||||||||||||
Equity | 942 | 1,119 | ||||||||||||||||||||||
Total liabilities and equity | $ | 8,709 | $ | 9,921 | ||||||||||||||||||||
Period from | Period from | |||||||||||||||||||||||
October 1, 2012, | October 1, 2011, | |||||||||||||||||||||||
through | through | |||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Total revenues | $ | 1,511 | $ | 1,507 | ||||||||||||||||||||
Loss before income taxes | (88 | ) | (66 | ) | ||||||||||||||||||||
Net loss | (111 | ) | (56 | ) |
Remy_Derivative_Financial_Inst
Remy Derivative Financial Instruments and Concentration of Risk | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
Remy Derivative Financial Instruments and Concentration of Risk | |||||||||||||||||
The following risks and derivative instruments were added as part of the consolidation of Remy on August 14, 2012. | |||||||||||||||||
Foreign Currency Risk | |||||||||||||||||
Remy manufactures and sells products primarily in North America, South America, Asia, Europe and Africa. As a result, financial results could be significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets in which Remy manufactures and sells products. Remy generally tries to use natural hedges within its foreign currency activities, including the matching of revenues and costs, to minimize foreign currency risk. Where natural hedges are not in place, Remy considers managing certain aspects of its foreign currency activities through the use of foreign exchange contracts. Remy primarily utilizes forward exchange contracts with maturities generally within eighteen months to hedge against currency rate fluctuations, all of which are designated as hedges. | |||||||||||||||||
As of December 31, 2013 and 2012, Remy had the following outstanding foreign currency contracts to hedge forecasted purchases and revenues (in millions): | |||||||||||||||||
Currency denomination | |||||||||||||||||
December 31, | |||||||||||||||||
Foreign currency contract | 2013 | 2012 | |||||||||||||||
South Korean Won Forward | $ | 74 | $ | 56 | |||||||||||||
Mexican Peso Contracts | $ | 74 | $ | 67 | |||||||||||||
Brazilian Real Forward | $ | 11 | $ | 18 | |||||||||||||
Hungarian Forint Forward | € | 14 | € | 13 | |||||||||||||
British Pound Forward | £ | 4 | £ | 1 | |||||||||||||
Accumulated unrealized net gains of $2 million and $3 million were recorded in Accumulated other comprehensive earnings (loss) as of December 31, 2013 and 2012, respectively, related to these instruments. As of December 31, 2013, unrealized gains related to these instruments of $3 million are expected to be reclassified to the Consolidated Statement of Earnings within the next 12 months. Any ineffectiveness during the years ended December 31, 2013 and 2012 was immaterial. | |||||||||||||||||
Interest rate risk | |||||||||||||||||
During 2010, Remy entered into an interest rate swap agreement in respect of 50% of the outstanding principal balance of its Term B Loan under which a variable LIBOR rate with a floor of 1.750% was swapped to a fixed rate of 3.345%. Due to the significant value of the terminated swaps which were rolled into this swap, this interest rate swap is an undesignated hedge and changes in the fair value are recorded as Interest expense in the accompanying Consolidated Statement of Earnings. | |||||||||||||||||
On March 27, 2013, Remy terminated its undesignated Term B Loan interest rate swap and transferred the value into a new undesignated interest rate swap agreement of $72 million of the outstanding principal loan balance under which Remy will swap a variable LIBOR rate with a floor of 1.250% to a fixed rate of 4.050% with an effective date of December 30, 2016 and expiration date of December 31, 2019. The notional value of this interest rate swap is $72 million. Due to the significant value of the terminated swaps which were transferred into this new swap, this interest rate swap is an undesignated hedge and changes in the fair value are recorded as Interest expense in the accompanying Consolidated Statements of Earnings. | |||||||||||||||||
On March 27, 2013, Remy entered into a designated interest rate swap agreement for $72 million of the outstanding principal balance of its long term debt. Under the terms of the new interest rate swap agreement, Remy will swap a variable LIBOR rate with a floor of 1.250% to a fixed rate of 2.750% with an effective date of December 30, 2016 and expiration date of December 31, 2019. The notional value of this interest rate swap is $72 million. This interest rate swap has been designated as a cash flow hedging instrument. Accumulated unrealized net gains of $1 million, excluding the tax effect, were recorded in Accumulated other comprehensive earnings (loss) as of December 31, 2013, and there were none as of December 31, 2012. As of December 31, 2013, no gains are expected to be reclassified to the Condensed Consolidated Statement of Earnings within the next twelve months. Any ineffectiveness during the years ended December 31, 2013 and 2012 was immaterial. | |||||||||||||||||
The interest rate swaps reduce Remy's overall interest rate risk. | |||||||||||||||||
Commodity price risk | |||||||||||||||||
Remy production processes are dependent upon the supply of certain components whose raw materials are exposed to price fluctuations on the open market. The primary purpose of Remy's commodity price forward contract activity is to manage the volatility associated with forecasted purchases. Remy monitors commodity price risk exposures regularly to maximize the overall effectiveness of commodity forward contracts. The principal raw material hedged is copper. Forward contracts are used to mitigate commodity price risk associated with raw materials, generally related to purchases forecast for up to fifteen months in the future. Additionally, Remy purchases certain commodities during the normal course of business which result in physical delivery and are excluded from hedge accounting. | |||||||||||||||||
Remy had thirty-two commodity price hedge contracts outstanding at December 31, 2013, and thirty-six commodity price hedge contracts outstanding at December, 2012, with combined notional quantities of 6,368 and 6,566 metric tons of copper, respectively. These contracts mature within the next eighteen months. These contracts were designated as cash flow hedging instruments. Accumulated unrealized net losses of $1 million and less than $1 million, excluding the tax effect, were recorded in Accumulated other comprehensive earnings as of December 31, 2013 and 2012, respectively, related to these contracts. As of December 31, 2013, net unrealized losses related to these contracts of $1 million are expected to be reclassified to the accompanying Consolidated Statement of Earnings within the next 12 months. Hedging ineffectiveness during the year ended December 31, 2013 and 2012 was immaterial. | |||||||||||||||||
Accounts receivable factoring arrangements | |||||||||||||||||
Remy has entered into factoring agreements with various domestic and European financial institutions to sell their accounts receivable under nonrecourse agreements. These are treated as a sale. The transactions are accounted for as a reduction in accounts receivable as the agreements transfer effective control over and risk related to the receivables to the buyers. Remy does not service any domestic accounts after the factoring has occurred. Remy does not have any servicing assets or liabilities. Remy utilizes factoring arrangements as an integral part of financing. The cost of factoring such accounts receivable is reflected in the accompanying Consolidated Statement of Earnings as Interest expense. The cost of factoring such accounts receivable for the years ended December 31, 2013 and 2012 was $6 million and $2 million, respectively. Gross amounts factored under these facilities as of December 31, 2013 and 2012 were $241 million and $184 million, respectively. | |||||||||||||||||
Other | |||||||||||||||||
Remy's derivative positions and any related material collateral under master netting agreements are presented on a gross basis. | |||||||||||||||||
For derivatives designated as cash flow hedges, changes in the time value are excluded from the assessment of hedge effectiveness. Unrealized gains and losses associated with ineffective hedges, determined using the change in fair value method, are recognized in the accompanying Consolidated Statement of Earnings. Derivative gains and losses included in Accumulated other comprehensive earnings for effective hedges are reclassified into the accompanying Consolidated Statement of Earnings upon recognition of the hedged transaction. | |||||||||||||||||
Any derivative instrument designated initially, but no longer effective as a hedge, or initially not effective as a hedge, is recorded at fair value and the related gains and losses are recognized in the accompanying Consolidated Statement of Earnings. Remy's undesignated hedges are primarily foreign currency hedges as the entity with the derivative transaction does not bear the foreign currency risk, and Remy's interest rate swaps whose fair value at inception of the instrument due to the rollover of existing interest rate swaps resulted in ineffectiveness. All asset and liability derivatives are included in Prepaid expenses and other assets and Accounts payable and other accrued liabilities, respectively, on the Consolidated Balance Sheets. | |||||||||||||||||
The following table discloses the fair values of Remy's derivative instruments (in millions): | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity contracts | $ | — | $ | 2 | $ | 1 | $ | 2 | |||||||||
Foreign currency contracts | 4 | — | 6 | — | |||||||||||||
Interest rate swap contracts | 2 | — | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | 6 | $ | 2 | $ | 7 | $ | 2 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | 1 | $ | — | $ | 2 | |||||||||
Gains and losses on Remy's derivative instruments, which are reclassified from Accumulated other comprehensive earnings (OCI) into earnings, are included in Cost of auto parts revenue for commodity and foreign currency contracts, and Interest expense for interest rate swap contracts on the accompanying Consolidated Statements of Earnings. The following table discloses the effect of Remy's derivative instruments for the year ended December 31, 2013 (in millions): | |||||||||||||||||
Amount of (loss) gain recognized in OCI (effective portion) | Amount of (loss) gain reclassified from OCI into earnings (effective portion | Amount of gain (loss) recognized in earnings (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in earnings | ||||||||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||||||||||
Commodity contracts | $ | (6 | ) | $ | (5 | ) | $ | — | $ | — | |||||||
Foreign currency contracts | 5 | 6 | — | — | |||||||||||||
Interest rate swap contracts | 1 | — | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 1 | $ | — | $ | — | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | 1 | |||||||||
The following table discloses the effect of Remy's derivative instruments for the year ended December 31, 2012 (in millions): | |||||||||||||||||
Amount of gain recognized in OCI (effective portion) | Amount of gain reclassified from OCI into earnings (effective portion | Amount of gain (loss) recognized in earnings (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in earnings | ||||||||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
Foreign currency contracts | 6 | 1 | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | 6 | $ | 1 | $ | — | $ | — | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment | ||||||||
Property and equipment consists of the following: | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In millions) | ||||||||
Land | $ | 133 | $ | 119 | ||||
Buildings | 125 | 83 | ||||||
Leasehold improvements | 223 | 88 | ||||||
Data processing equipment | 236 | 229 | ||||||
Furniture, fixtures and equipment | 515 | 329 | ||||||
1,232 | 848 | |||||||
Accumulated depreciation and amortization | (587 | ) | (220 | ) | ||||
$ | 645 | $ | 628 | |||||
Depreciation expense on property and equipment was $117 million, $80 million, and $38 million for the years ended December 31, 2013, 2012, and 2011, respectively. |
Goodwill
Goodwill | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill [Abstract] | ' | |||||||||||||||||||||||
Goodwill | ' | |||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Goodwill consists of the following: | ||||||||||||||||||||||||
Fidelity National | FNF Corporate and Other | Remy | Restaurant Group | Portfolio Company Corporate | Total | |||||||||||||||||||
Title Group | and Other | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 1,418 | $ | 3 | $ | — | $ | — | $ | 32 | $ | 1,453 | ||||||||||||
Goodwill acquired during the year (1) | 18 | — | 246 | 119 | 75 | 458 | ||||||||||||||||||
Adjustments to prior year acquisitions | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||
Sale of assets | (2 | ) | — | — | — | — | (2 | ) | ||||||||||||||||
Balance, December 31, 2012 | $ | 1,434 | $ | 3 | $ | 246 | $ | 119 | $ | 106 | $ | 1,908 | ||||||||||||
Goodwill acquired during the year | 2 | — | — | — | 17 | 19 | ||||||||||||||||||
Adjustments to prior year acquisitions (2) | (1 | ) | — | 2 | — | (27 | ) | (26 | ) | |||||||||||||||
Balance, December 31, 2013 | $ | 1,435 | $ | 3 | $ | 248 | $ | 119 | $ | 96 | $ | 1,901 | ||||||||||||
_____________________________________ | ||||||||||||||||||||||||
(1) During 2012, we acquired a controlling interest in Remy and the Restaurant Group. We also acquired Digital Insurance in our Corporate and Other Segment. See Note B "Acquisitions". | ||||||||||||||||||||||||
(2) During 2013, we completed the final purchase price allocation for Digital Insurance, resulting in an adjustment to our purchased goodwill. |
Other_Intangible_Assets
Other Intangible Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | |||||||
Other Intangible Assets | ' | |||||||
Other Intangible Assets | ||||||||
Other intangible assets consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In millions) | ||||||||
Customer relationships and contracts | $ | 516 | $ | 481 | ||||
Trademarks and tradenames | 238 | 238 | ||||||
Other | 60 | 47 | ||||||
814 | 766 | |||||||
Accumulated amortization | (195 | ) | (115 | ) | ||||
$ | 619 | $ | 651 | |||||
Amortization expense for amortizable intangible assets, which consist primarily of customer relationships, was $73 million, $34 million, and $17 million for the years ended December 31, 2013, 2012, and 2011, respectively. Other intangible assets primarily represent non-amortizable intangible assets such as trademarks and licenses. Estimated amortization expense for the next five years for assets owned at December 31, 2013, is $66 million in 2014, $60 million in 2015, $54 million in 2016, $42 million in 2017 and $38 million in 2018. |
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ' | |||||||
Accounts Payable and Accrued Liabilities | ' | |||||||
Note I. | Accounts Payable and Other Accrued Liabilities | |||||||
Accounts payable and other accrued liabilities consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In millions) | ||||||||
Accrued benefits | $ | 239 | $ | 251 | ||||
Salaries and incentives | 242 | 246 | ||||||
Accrued rent | 29 | 45 | ||||||
Trade accounts payable | 236 | 186 | ||||||
Accrued recording fees and transfer taxes | 25 | 51 | ||||||
Accrued premium taxes | 43 | 54 | ||||||
Deferred revenue | 90 | 84 | ||||||
Other accrued liabilities | 387 | 391 | ||||||
$ | 1,291 | $ | 1,308 | |||||
Notes_Payable
Notes Payable | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Long-term Debt | ' | ||||||||
Notes Payable | |||||||||
Notes payable consists of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In millions) | |||||||||
Unsecured notes, net of discount, interest payable semi-annually at 5.50%, due September 2022 | $ | 398 | $ | 398 | |||||
Unsecured convertible notes, net of discount, interest payable semi-annually at 4.25%, due August 2018 | 285 | 282 | |||||||
Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | 300 | 300 | |||||||
Revolving Credit Facility, unsecured, unused portion of $800 at December 31, 2013, due July 2018 with interest payable monthly at LIBOR + 1.45% (1.62% at December 31, 2013) | — | — | |||||||
Remy Term B Loan, interest payable quarterly at LIBOR (floor of 1.75%) + 4.50%, due December 2016 | — | 259 | |||||||
Remy Amended and Restated Term B Loan, interest payable quarterly at LIBOR (floor of 1.25%) + 3.00% (4.25% at December 31, 2013), due March 2020 | 266 | — | |||||||
Remy Revolving Credit Facility, unused portion of $73 at December 31, 2013, due September 2018 with interest payable monthly at base rate 3.25% + base rate margin .50% (3.75% at December 31, 2013) | — | — | |||||||
Restaurant Group Term Loan, interest payable monthly at LIBOR + 3.75% (3.92% at December 31, 2013), due May 2017 | 53 | 72 | |||||||
Restaurant Group Revolving Credit Facility, unused portion of $62 at December 31, 2013, due May 2017 with interest payable monthly at base rate 3.25% + base rate margin 2.75% (6.00% at December 31, 2013) | — | — | |||||||
Other | 21 | 33 | |||||||
$ | 1,323 | $ | 1,344 | ||||||
At December 31, 2013, the estimated fair value of our long-term debt was approximately $1,555 million or $232 million higher than its carrying value. The fair value of our long-term debt at December 31, 2012 was approximately $1,504 million or $160 million higher than its estimated carrying value. The fair value of our unsecured notes payable was $1,214 million and $1,139 million as of December 31, 2013 and 2012, respectively. The fair values of our unsecured notes payable are based on established market prices for the securities on December 31, 2013 and 2012 and are considered Level 2 financial liabilities. The fair value of our Remy Term Loan was $267 million and $259 million, based on established market prices for the securities on December 31, 2013 and 2012, respectively, and is considered a Level 2 financial liability. The fair value of our Restaurant Group Term Loan was $53 million and $72 million, based on established market prices for the securities on December 31, 2013 and 2012 and is considered a Level 2 financial liability. | |||||||||
On January 2, 2014, as a result of the LPS acquisition, we acquired $600 million aggregate principal amount of 5.75% Senior Notes due 2023, initially offered by Black Knight Infoserv, LLC (formerly LPS, "Black Knight Infoserv") on October 12, 2012 (the "Black Knight Senior Notes"). The Black Knight Senior Notes were registered under the Securities Act of 1933, and as amended, carry an interest rate of 5.75% and will mature on April 15, 2023. Interest will be paid semi-annually on the 15th day of April and October beginning April 15, 2013. The Black Knight Senior Notes are senior unsecured obligations and are guaranteed by certain of our subsidiaries that were formerly subsidiaries of LPS (the "Subsidiary Guarantors"), and by us as of January 2, 2014. At any time and from time to time, prior to October 15, 2015, Black Knight Infoserv may redeem up to a maximum of 35% of the original aggregate principal amount of the Black Knight Senior Notes with the proceeds of one or more equity offerings, at a redemption price equal to 105.75% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). Prior to October 15, 2017, Black Knight Infoserv may redeem some or all of the Black Knight Senior Notes by paying a “make-whole” premium based on U.S. Treasury rates. On or after October 15, 2017, Black Knight Infoserv may redeem some or all of the Black Knight Senior Notes at the redemption prices described in the Black Knight Senior Notes indenture, plus accrued and unpaid interest. In addition, if a change of control occurs, Black Knight Infoserv is required to offer to purchase all outstanding Black Knight Senior Notes at a price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date).The Black Knight Senior Notes contain covenants that, among other things, limit Black Knight Infoserv's ability and the ability of certain of its subsidiaries (a) to incur or guarantee additional indebtedness or issue preferred stock, (b) to make certain restricted payments, including dividends or distributions on equity interests held by persons other than Black Knight Infoserv or certain subsidiaries, in excess of an amount generally equal to 50% of consolidated net income generated since July 1, 2008, (c) to create or incur certain liens, (d) to engage in sale and leaseback transactions, (e) to create restrictions that would prevent or limit the ability of certain subsidiaries to (i) pay dividends or other distributions to Black Knight Infoserv or certain other subsidiaries, (ii) repay any debt or make any loans or advances to Black Knight Infoserv or certain other subsidiaries or (iii) transfer any property or assets to Black Knight Infoserv or certain other subsidiaries, (f) to sell or dispose of assets of Black Knight Infoserv or any restricted subsidiary or enter into merger or consolidation transactions and (g) to engage in certain transactions with affiliates. As a result of our guarantee of the Black Knight Senior Notes on January 2, 2014, the notes became rated investment grade. The indenture provides that certain covenants are suspended while the Black Knight Senior Notes are rated investment grade. Currently covenants (a), (b), (c), (f) and (g) outlined above are suspended. These covenants will continue to be suspended as long as the notes are rated investment grade, as defined in the indenture. These covenants are subject to a number of exceptions, limitations and qualifications in the Black Knight Senior Notes indenture. Black Knight Infoserv has no independent assets or operations and the guarantees of the Subsidiary Guarantors are full and unconditional and joint and several. There are no significant restrictions on the ability of Black Knight Infoserv or any of the Subsidiary Guarantors to obtain funds from any of their subsidiaries. The Black Knight Senior Notes contain customary events of default, including failure of Black Knight Infoserv (i) to pay principal and interest when due and payable and breach of certain other covenants and (ii) to make an offer to purchase and pay for the Black Knight Senior Notes tendered as required by the Black Knight Senior Notes. Events of default also include cross defaults, with respect to any other debt of Black Knight Infoserv or debt of certain subsidiaries having an outstanding principal amount of $80 million or more in the aggregate for all such debt, arising from (i) failure to make a principal payment when due and such defaulted payment is not made, waived or extended within the applicable grace period or (ii) the occurrence of an event which results in such debt being due and payable prior to its scheduled maturity. Upon the occurrence of an event of default (other than a bankruptcy default with respect to Black Knight Infoserv or certain subsidiaries), the trustee or holders of at least 25% of the Black Knight Senior Notes then outstanding may accelerate the Black Knight Senior Notes by giving us appropriate notice. If, however, a bankruptcy default occurs with respect to the Black Knight Infoserv or certain subsidiaries, then the principal of and accrued interest on the Black Knight Senior Notes then outstanding will accelerate immediately without any declaration or other act on the part of the trustee or any holder. Subsequent to year end, on January 16, 2014, we issued an offer to purchase the Black Knight Senior Notes pursuant to the change of control provisions above at a purchase price of 101% of the principal amount plus accrued interest to the purchase date. The offer expired on February 18, 2014. As a result of the offer, bondholders tendered $5 million in principal of the Black Knight Senior Notes, which were subsequent purchased by us on February 24, 2014. | |||||||||
On October 24, 2013, we entered into a bridge loan commitment letter (the “Bridge Loan Commitment Letter”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Bank of America, N.A. (“Bank of America”), J.P. Morgan Securities LLC and JP Morgan Chase Bank, N.A. The Bridge Loan Commitment Letter provides for up to an $800 million short-term loan facility (the “Bridge Facility”). The proceeds of the loans under the Bridge Facility were used to fund, in part, the cash consideration for the acquisition of LPS and pay certain costs, fees and expenses in connection with the LPS merger. Pursuant to the Bridge Loan Commitment Letter, we executed a promissory note in favor of the Bridge Facility lenders on the closing date of the Merger that evidenced the terms of the Bridge Facility. The Bridge Facility matured on the second business day following the funding thereof and required scheduled amortization payments. Borrowings under the Bridge Facility bear interest at a rate equal to the highest of (i) the Bank of America prime rate, (ii) the federal fund effective rate from time to time plus 0.5% and (iii) the one month adjusted London interbank offered rate ("LIBOR") plus 1.0%. Other than as set forth in this paragraph, the terms of the Bridge Facility are be substantially the same as the terms of the Amended Term Loan Agreement discussed below. Subsequent to year end, as part of the acquisition of LPS on January 2, 2014, the Bridge Facility was funded and subsequently repaid the following day, | |||||||||
On July 11, 2013, we entered into a term loan credit agreement with Bank of America, N.A., as administrative agent (in such capacity, the “TL Administrative Agent”), the lenders party thereto and the other agents party thereto (the “Term Loan Agreement”). The Term Loan Agreement permits us to borrow up to $1.1 billion to fund the acquisition of LPS. The term loans under the Term Loan Agreement mature on the date that is five years from the funding date of the term loans under the Term Loan Agreement. Term loans under the Term Loan Agreement generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) 0.5% in excess of the federal funds rate, (b) the TL Administrative Agent’s “prime rate”, or (c) the sum of 1.0% plus one-month LIBOR) plus a margin of between 50 basis points and 100 basis points depending on the senior unsecured long-term debt ratings of FNF or (ii) LIBOR plus a margin of between 150 basis points and 200 basis points depending on the senior unsecured long-term debt ratings of FNF. Based on our current Moody’s and Standard & Poor’s senior unsecured long-term debt ratings of Baa3/BBB-, respectively, the applicable margin for term loans subject to LIBOR is 175 basis points over LIBOR. In addition, we will pay an unused commitment fee of 25 basis points on the entire term loan facility until the earlier of the termination of the term loan commitments or the funding of the term loans. Under the Term Loan Agreement, we are subject to customary affirmative, negative and financial covenants, including, among other things, limits on the creation of liens, limits on the incurrence of indebtedness, restrictions on investments, dispositions and transactions with affiliates, limitations on dividends and other restricted payments, a minimum net worth and a maximum debt to capitalization ratio. The Term Loan Agreement also includes customary events of default for facilities of this type (with customary grace periods, as applicable) and provides that, if an event of default occurs and is continuing, the interest rate on all outstanding obligations may be increased, payments of all outstanding term loans may be accelerated and/or the lenders’ commitments may be terminated. In addition, upon the occurrence of certain insolvency or bankruptcy related events of default, all amounts payable under the Term Loan Agreement shall automatically become immediately due and payable, and the lenders’ commitments will automatically terminate. Under the Term Loan Agreement the financial covenants are the same as under the Restated Credit Agreement. On October 27, 2013, we amended the Term Loan Agreement to permit us to incur the indebtedness in respect of the Bridge Facility and incorporate other technical changes to describe the structure of the LPS merger. Subsequent to year end, as part of the acquisition of LPS on January 2, 2014,the Term Loan Agreement was fully funded. | |||||||||
On June 25, 2013, we entered into an agreement to amend and restate our existing $800 million second amended and restated credit agreement (the “Existing Credit Agreement”), dated as of April 16, 2012 with Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and the other agents party thereto (the “Revolving Credit Facility”). Among other changes, the Revolving Credit Facility amends the Existing Credit Agreement to permit us to make a borrowing under the Revolving Credit Facility to finance a portion of the acquisition of LPS on a “limited conditionality” basis, incorporates other technical changes to permit us to enter into the Acquisition and extends the maturity of the Existing Credit Agreement. The lenders under the Existing Credit Agreement have agreed to extend the maturity date of their commitments under the credit facility from April 16, 2016 to July 15, 2018 under the Revolving Credit Facility. Revolving loans under the credit facility generally bear interest at a variable rate based on either (i) the base rate (which is the highest of (a) one-half of one percent in excess of the federal funds rate, (b) the Administrative Agent's “prime rate”, or (c) the sum of one percent plus one-month LIBOR) plus a margin of between 32.5 and 60 basis points depending on the senior unsecured long-term debt ratings of FNF or (ii) LIBOR plus a margin of between 132.5 and 160 basis points depending on the senior unsecured long-term debt ratings of FNF. Based on our current Moody’s and Standard & Poor’s senior unsecured long-term debt ratings of Baa3/BBB-, respectively, the applicable margin for revolving loans subject to LIBOR is 145 basis points. In addition, we will pay an unused commitment fee of between 17.5 and 40 basis points on the entire facility, also depending on our senior unsecured long-term debt ratings. Under the Revolving Credit Facility, we are subject to customary affirmative, negative and financial covenants, including, among other things, limits on the creation of liens, limits on the incurrence of indebtedness, restrictions on investments, dispositions and transactions with affiliates, limitations on dividends and other restricted payments, a minimum net worth and a maximum debt to capitalization ratio. The Revolving Credit Facility also includes customary events of default for facilities of this type (with customary grace periods, as applicable) and provides that, if an event of default occurs and is continuing, the interest rate on all outstanding obligations may be increased, payments of all outstanding loans may be accelerated and/or the lenders' commitments may be terminated. These events of default include a cross-default provision that, subject to limited exceptions, permits the lenders to declare the Revolving Credit Facility in default if: (i) (a) we fail to make any payment after the applicable grace period under any indebtedness with a principal amount (including undrawn committed amounts) in excess of 3.0% of our net worth, as defined in the Revolving Credit Facility, or (b) we fail to perform any other term under any such indebtedness, or any other event occurs, as a result of which the holders thereof may cause it to become due and payable prior to its maturity; or (ii) certain termination events occur under significant interest rate, equity or other swap contracts. In addition, upon the occurrence of certain insolvency or bankruptcy related events of default, all amounts payable under the Revolving Credit Facility shall automatically become immediately due and payable, and the lenders' commitments will automatically terminate. Under the Revolving Credit Facility the financial covenants remain essentially the same as under the Existing Credit Agreement, except that the total debt to total capitalization ratio limit of 35% will increase to 37.5% for a period of one year after the closing of the LPS acquisition and the net worth test was reset. As of December 31, 2013, there was no outstanding balance under the Revolving Credit Facility. | |||||||||
Also on October 24, 2013, we entered into amendments to amend the revolving credit facility to permit us to incur the indebtedness in respect of the Bridge Facility and incorporate other technical changes to describe the structure of the LPS merger. Subsequent to year end, as part of the acquisition of LPS on January 2, 2014, we borrowed $300 million under the Revolving Credit Facility. | |||||||||
On March 5, 2013, Remy entered into a First Amendment to its existing five year Asset-Based Revolving Credit Facility (the "Remy Credit Facility" and "Remy Credit Facility First Amendment") to extend the maturity date of the Remy Credit Facility from December 17, 2015 to September 5, 2018 and reduce the interest rate. The Remy Credit Facility now bears interest at a defined Base Rate plus 0.50%-1.00% per year or, at Remy's election, at an applicable LIBOR Rate plus 1.50%-2.00% per year and is paid monthly. The Remy Credit Facility First Amendment maintains the current maximum availability at $95 million, which may be increased, under certain circumstances, by $20 million, though the actual amount that may be borrowed is based on the amount of collateral. The Remy Credit Facility is secured by substantially all domestic accounts receivable and inventory held by Remy. Remy will incur an unused commitment fee of 0.375% on the unused amount of commitments under the Remy Credit Facility First Amendment. At December 31, 2013, the Remy Credit Facility balance was zero. Based upon the collateral supporting the Remy Credit Facility, the amount borrowed, and the outstanding letters of credit of $3 million, there was additional availability for borrowing of $73 million on December 31, 2013. The Remy Credit Facility contains various restrictive covenants, which include, among other things: (i) a maximum leverage ratio, decreasing over the term of the facility; (ii) a minimum interest coverage ratio, increasing over the term of the facility; (iii) mandatory prepayments upon certain asset sales and debt issuances; (iv) requirements for minimum liquidity; and (v) limitations on the payment of dividends in excess of a specified amount. | |||||||||
On March 5, 2013, Remy entered into a $300 million Amended and Restated Term B Loan Credit Agreement ("Term B Amendment") to refinance the existing $287 million Term B Loan, extend the maturity from December 17, 2016 to March 5, 2020, and reduce the interest rate. The Term B Amendment now bears interest at LIBOR (subject to a floor of 1.25%) plus 3% per year, with an original issue discount of approximately $1 million. The Term B Amendment also contains an option to increase the borrowing provided certain conditions are satisfied, including maintaining a maximum leverage ratio. The Term B Amendment is secured by a first priority lien on the stock of Remy's subsidiaries and substantially all domestic assets other than accounts receivable and inventory pledged to the Remy Credit Facility. Principal payments in the amount of approximately $1 million are due at the end of each calendar quarter with termination and final payment no later than March 5, 2020. The Term B Amendment also includes covenants and events of default customary for a facility of this type, including a cross-default provision under which the lenders may declare the loan in default if Remy (i) fails to make a payment when due under any debt having a principal amount greater than $5 million or (ii) breaches any other covenant in any such debt as a result of which the holders of such debt are permitted to accelerate its maturity. Remy is in compliance with all covenants as of December 31, 2013. The Term B Loan is subject to an excess cash calculation which may require the payment of additional principal on an annual basis. At December 31, 2013, the average borrowing rate, including the impact of the interest rate swaps, was 4.25%. | |||||||||
On August 28, 2012, we completed an offering of $400 million in aggregate principal amount of 5.50% notes due September 2022 (the "5.50% notes"), pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. The notes were priced at 99.513% of par to yield 5.564% annual interest. As such we recorded a discount of $2 million, which is netted against the $400 million aggregate principal amount of the 5.50% notes. The discount is amortized to September 2022 when the 5.50% notes mature. The 5.50% notes will pay interest semi-annually on the 1st of March and September, beginning March 1, 2013. We received net proceeds of $396 million, after expenses, which were used to repay the $237 million aggregate principal amount outstanding of our 5.25% unsecured notes maturing in March 2013, the $50 million outstanding on our revolving credit facility, and the remainder is being held for general corporate purposes. These notes contain customary covenants and events of default for investment grade public debt. These events of default include a cross default provision, with respect to any other debt of the Company in an aggregate amount exceeding $100 million for all such debt, arising from (i) failure to make a principal payment when due or (ii) the occurrence of an event which results in such debt being due and payable prior to its scheduled maturity. | |||||||||
On September 28, 2012, we used $242 million of the net proceeds of the issuance of the 5.50% notes to fund the repayment of the $237 million aggregate principal amount outstanding of our 5.25% unsecured notes, including less than $1 million of unpaid interest and a $5 million make-whole call penalty, as the 5.25% unsecured notes had a stated maturity of March 2013. | |||||||||
On May 31, 2012, ABRH entered into a credit agreement (the “ABRH Credit Facility”) with Wells Fargo Capital Finance, LLC as administrative agent and swing lender (the “ABRH Administrative Lender”) and the other financial institutions party thereto. The ABRH Credit Facility provides for a maximum revolving loan of $80 million with a maturity date of May 31, 2017. Additionally, the ABRH Credit Facility provides for a maximum term loan ("Restaurant Group Term Loan") of $85 million with quarterly installment repayments through December 25, 2016 and a maturity date of May 31, 2017 for the outstanding unpaid principal balance and all accrued and unpaid interest. On May 31, 2012, ABRH borrowed the entire $85 million under such term loan. Pricing for the ABRH Credit Facility is based on an applicable margin between 300 basis points to 375 basis points over LIBOR. The ABRH Credit Facility is subject to affirmative, negative and financial covenants customary for financings of this type, including, among other things, limits on ABRH's creation of liens, sales of assets, incurrence of indebtedness, restricted payments, transactions with affiliates, and certain amendments. The covenants addressing restricted payments include certain limitations on the declaration or payment of dividends by ABRH to its parent, Fidelity Newport Holdings, LLC (“FNH”), and by FNH to its members, and one such limitation restricts the amount of dividends that ABRH can pay to its parent (and that FNH can in turn pay to its members) to $5 million in the aggregate (outside of certain other permitted dividend payments) in fiscal year 2012 (with varying amounts for subsequent years). The ABRH Credit Facility includes customary events of default for facilities of this type (with customary grace periods, as applicable), which include a cross-default provision whereby an event of default will be deemed to have occurred if (i) ABRH or any of its guarantors, which consists of FNH and certain of its subsidiaries, (together, the “Loan Parties”) or any of their subsidiaries default on any agreement with a third party of $2 million or more related to their indebtedness and such default (a) occurs at the final maturity of the obligations thereunder or (b) results in a right by such third party to accelerate such Loan Party's or its subsidiary's obligations or (ii) a default or an early termination occurs with respect to certain hedge agreements to which a Loan Party or its subsidiaries is a party involving an amount of $0.75 million or more. The ABRH Credit Facility provides that, upon the occurrence of an event of default, the ABRH Administrative Lender may (i) declare the principal of, and any and all accrued and unpaid interest and fees in respect of, the loans immediately due and payable, (ii) terminate loan commitments and (iii) exercise all other rights and remedies available to the ABRH Administrative Lender or the lenders under the loan documents. As of December 31, 2013, the balance of the term loan was $53 million and there was no outstanding balance on the revolving loan. ABRH had $18 million of outstanding letters of credit and $62 million of remaining borrowing capacity under our revolving credit facility as of December 31, 2013. | |||||||||
On August 2, 2011, we completed an offering of $300 million in aggregate principal amount of 4.25% convertible senior notes due August 2018 (the "Notes") in an offering conducted in accordance with Rule 144A under the Securities Act of 1933, as amended. The Notes contain customary event-of-default provisions which, subject to certain notice and cure-period conditions, can result in the acceleration of the principal amount of, and accrued interest on, all outstanding Notes if we breach the terms of the Notes or the indenture pursuant to which the Notes were issued. The Notes are unsecured and unsubordinated obligations and (i) rank senior in right of payment to any of our existing or future unsecured indebtedness that is expressly subordinated in right of payment to the Notes; (ii) rank equal in right of payment to our existing and future unsecured indebtedness that is not so subordinated; (iii) are effectively subordinated in right of payment to any of our secured indebtedness to the extent of the value of the assets securing such indebtedness; and (iv) are structurally subordinated to all existing and future indebtedness and liabilities of our subsidiaries. Interest is payable on the principal amount of the Notes, semi-annually in arrears in cash on February 15 and August 15 of each year, commencing February 15, 2012. The Notes mature on August 15, 2018, unless earlier purchased by us or converted. The Notes were issued for cash at 100% of their principal amount. However, for financial reporting purposes, the notes were deemed to have been issued at 92.818% of par value, and as such we recorded a discount of $22 million to be amortized to August 2018, when the Notes mature. The Notes will be convertible into cash, shares of common stock, or a combination of cash and shares of common stock, at our election, based on an initial conversion rate, subject to adjustment, of 46.387 shares per $1,000 principal amount of the Notes (which represents an initial conversion price of approximately $21.56 per share), only in the following circumstances and to the following extent: (i) during any calendar quarter commencing after December 31, 2011, if, for each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter, the last reported sale price per share of our common stock on such trading day is greater than or equal to 130% of the applicable conversion price on such trading day; (ii) during the five consecutive business day period immediately following any ten consecutive trading day period (the “measurement period”) in which, for each trading day of the measurement period, the trading price per $1,000 principal amount of notes was less than 98% of the product of the last reported sale price per share of our common stock on such trading day and the applicable conversion rate on such trading day; (iii) upon the occurrence of specified corporate transactions; or (iv) at any time on and after May 15, 2018. However, in all cases, the Notes will cease to be convertible at the close of business on the second scheduled trading day immediately preceding the maturity date. It is our intent and policy to settle conversions through “net-share settlement”. Generally, under “net-share settlement,” the conversion value is settled in cash, up to the principal amount being converted, and the conversion value in excess of the principal amount is settled in shares of our common stock. As of October 1, 2013, these notes were convertible under the 130% Sale Price Condition described above. To date, no bond holders have submitted their bonds for conversion. | |||||||||
In December 2010, Remy entered into a $300 million Term B Loan (“Term B”) facility. The Term B is secured by a first priority lien on the stock of Remy's subsidiaries and substantially all Remy domestic assets other than accounts receivable and inventory pledged to the Asset-Based Revolving Credit Facility ("Remy Credit Facility"), as described below. The Term B bears an interest rate of LIBOR (subject to a floor of 1.75%) plus 4.5% per annum. The Term B matures on December 17, 2016. Principal payments in the amount of $0.8 million are due at the end of each calendar quarter with termination and final payment no later than December 17, 2016. The Term B facility is subject to an excess cash calculation which may require the payment of additional principal on an annual basis. The Term B also includes events of default customary for a facility of this type, including a cross-default provision under which the lenders may declare the loan in default if we (i) fail to make a payment when due under any debt having a principal amount greater than $5 million or (ii) breach any other covenant in any such debt as a result of which the holders of such debt are permitted to accelerate its maturity. This facility was replaced on March 5, 2013 by the Term B Amendment noted above. | |||||||||
Remy also has revolving credit facilities with four Korean banks with a total facility amount of approximately $17 million, of which $2 million is borrowed at average interest rates of 3.46% at December 31, 2013. In Hungary, there are two revolving credit facilities with two separate banks for a total facility amount of $4 million, of which nothing is borrowed at December 31, 2013. | |||||||||
On May 5, 2010, we completed an offering of $300 million in aggregate principal amount of our 6.60% notes due May 2017 (the "6.60% Notes"), pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. The 6.60% Notes were priced at 99.897% of par to yield 6.61% annual interest. We received net proceeds of $297 million, after expenses, which were used to repay outstanding borrowings under our credit agreement. Interest is payable semi-annually. These notes contain customary covenants and events of default for investment grade public debt. These events of default include a cross default provision, with respect to any other debt of the Company in an aggregate amount exceeding $100 million for all such debt, arising from (i) failure to make a principal payment when due or (ii) the occurrence of an event which results in such debt being due and payable prior to its scheduled maturity. | |||||||||
Gross principal maturities of notes payable at December 31, 2013 are as follows (in millions): | |||||||||
2014 | $ | 18 | |||||||
2015 | 13 | ||||||||
2016 | 13 | ||||||||
2017 | 332 | ||||||||
2018 | 304 | ||||||||
Thereafter | 661 | ||||||||
$ | 1,341 | ||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Expense (Benefit), Continuing Operations [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
Income tax expense (benefit) on continuing operations consists of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In millions) | ||||||||||||
Current | $ | 148 | $ | 224 | $ | (11 | ) | |||||
Deferred | 57 | 21 | 142 | |||||||||
$ | 205 | $ | 245 | $ | 131 | |||||||
Total income tax expense (benefit) was allocated as follows (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net earnings from continuing operations | $ | 205 | $ | 245 | $ | 131 | ||||||
Tax expense (benefit) attributable to discontinued operations | (2 | ) | 5 | 59 | ||||||||
Other comprehensive earnings (loss): | ||||||||||||
Unrealized gains (loss) on investments and other financial instruments | (29 | ) | 39 | 11 | ||||||||
Unrealized gain (loss) on foreign currency translation and cash flow hedging | (2 | ) | 1 | (1 | ) | |||||||
Reclassification adjustment for change in unrealized gains and losses included in net earnings | 3 | (7 | ) | (16 | ) | |||||||
Minimum pension liability adjustment | 16 | 5 | (6 | ) | ||||||||
Total income tax expense (benefit) allocated to other comprehensive earnings | (12 | ) | 38 | (12 | ) | |||||||
Additional paid-in capital, stock-based compensation | (17 | ) | (31 | ) | (6 | ) | ||||||
Total income taxes | $ | 174 | $ | 257 | $ | 172 | ||||||
A reconciliation of the federal statutory rate to our effective tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal benefit | 3 | 2.2 | 1.4 | |||||||||
Deductible dividends paid to FNF 401(k) plan | (0.2 | ) | (0.1 | ) | (0.2 | ) | ||||||
Tax exempt interest income | (1.4 | ) | (1.3 | ) | (2.7 | ) | ||||||
Release of valuation allowance | — | (0.8 | ) | — | ||||||||
Nontaxable investment gains | — | (5.3 | ) | — | ||||||||
Tax Credits | (1.4 | ) | (0.5 | ) | (0.8 | ) | ||||||
Equity Investments | (1.8 | ) | (1.0 | ) | 0.1 | |||||||
Consolidated Partnerships | (0.4 | ) | (0.2 | ) | (0.8 | ) | ||||||
Non-deductible expenses and other, net | (1.3 | ) | 1.3 | 0.4 | ||||||||
31.5 | % | 29.3 | % | 32.4 | % | |||||||
The significant components of deferred tax assets and liabilities at December 31, 2013 and 2012 consist of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In millions) | ||||||||||||
Deferred Tax Assets: | ||||||||||||
Employee benefit accruals | $ | 46 | $ | 53 | ||||||||
Other investments | 80 | 58 | ||||||||||
Net operating loss carryforwards | 89 | 106 | ||||||||||
Insurance reserve discounting | 11 | — | ||||||||||
Accrued liabilities | 30 | 30 | ||||||||||
Pension plan | — | 12 | ||||||||||
Tax credits | 62 | 66 | ||||||||||
State income taxes | 9 | 9 | ||||||||||
Other | — | 11 | ||||||||||
Total gross deferred tax asset | 327 | 345 | ||||||||||
Less: valuation allowance | 26 | 27 | ||||||||||
Total deferred tax asset | $ | 301 | $ | 318 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Title plant | $ | (83 | ) | $ | (72 | ) | ||||||
Amortization of goodwill and intangible assets | (275 | ) | (283 | ) | ||||||||
Other | (13 | ) | — | |||||||||
Investment securities | (53 | ) | (65 | ) | ||||||||
Depreciation | (14 | ) | (10 | ) | ||||||||
Insurance reserve discounting | — | (5 | ) | |||||||||
Bad debts | (6 | ) | (6 | ) | ||||||||
Pension Plan | (1 | ) | — | |||||||||
Total deferred tax liability | $ | (445 | ) | $ | (441 | ) | ||||||
Net deferred tax liability | $ | (144 | ) | $ | (123 | ) | ||||||
Our net deferred tax liability was $144 million and $123 million at December 31, 2013, and 2012, respectively. The significant changes in the deferred taxes are as follows: the deferred tax liability relating to insurance reserves decreased $16 million due primarily to a reduction in the claim reserves established for statutory and tax purposes. The deferred tax asset for Other investments increased by $22 million due to additional losses incurred by our investment in Ceridian. The deferred tax liability for investment securities decreased by $12 million due primarily to decreased unrealized investment gains. The deferred tax asset on pension plan decreased by $13 million due to minimum pension liability OCI adjustments. The deferred tax asset relating to net operating loss carryovers was reduced by $17 million due to net operating loss utilization by both FNF and Remy. | ||||||||||||
As of December 31, 2013 and 2012 we had a valuation allowance of $26 million and $27 million, respectively. | ||||||||||||
At December 31, 2013, we have net operating losses on a pretax basis of $248 million available to carryforward and offset future federal taxable income. Of the net operating losses $83 million are United States federal net operating losses arising from past acquisitions and are subject to an annual Internal Revenue Code Section 382 limitation. These losses will begin to expire in year 2025 and we fully anticipate utilizing these losses prior to expiration. Thus, no valuation allowance has been established. Of the net operating losses, $165 million relate to Remy, including $101 million of United States net operating losses and $64 million of non-United States net operating losses. These losses will begin to expire in year 2015 and we anticipate utilizing these losses prior to expiration after a valuation allowance of $7 million. | ||||||||||||
At December 31, 2013, we have $62 million of tax credits including $6 million of foreign tax credits, $40 million of general business credits from the O’Charley’s and J. Alexander’s acquisitions and $16 million of general business credits from Remy. We anticipate that these credits will be utilized prior to expiration after a valuation allowance of $3 million on the foreign tax credits, $10 million on the general business credits and $5 million on the Remy credits. | ||||||||||||
Tax benefits of $17 million, $31 million, and $6 million associated with the exercise of employee stock options and the vesting of restricted stock grants were allocated to equity for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
Income taxes have not been presented for the difference between the tax basis and the financial statement carrying amount for our investment in Remy because the reported amount of the investment can be recovered tax-free. | ||||||||||||
As of December 31, 2013 and 2012, we had approximately $15 million (including interest of $3 million) and $10 million (including interest of $2 million), respectively, of total gross unrecognized tax benefits that, if recognized, would favorably affect our income tax rate. These amounts are reported on a gross basis and do not reflect a federal tax benefit on state income taxes. We record interest and penalties related to income taxes as a component of income tax expense. | ||||||||||||
The Internal Revenue Service (“IRS”) has selected us to participate in the Compliance Assurance Program that is a real-time audit. During 2013, the IRS completed its examination of the tax year ended 2012, which resulted in no additional tax. We are currently under audit by the Internal Revenue Service for the 2013 and 2014 tax years. |
Summary_of_Reserve_for_Claim_L
Summary of Reserve for Claim Loss | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Summary of Reserve for Claim Losses [Abstract] | ' | |||||||||||
Summary of Reserve for Claim Losses | ' | |||||||||||
Summary of Reserve for Claim Losses | ||||||||||||
A summary of the reserve for claim losses follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in millions) | ||||||||||||
Beginning balance | $ | 1,748 | $ | 1,913 | $ | 2,211 | ||||||
Claim loss provision related to: | ||||||||||||
Current year | 220 | 210 | 189 | |||||||||
Prior years | 71 | 58 | 33 | |||||||||
Total title claim loss provision (1) | 291 | 268 | 222 | |||||||||
Claims paid, net of recoupments related to: | ||||||||||||
Current year | (9 | ) | (4 | ) | (10 | ) | ||||||
Prior years | (394 | ) | (429 | ) | (510 | ) | ||||||
Total title claims paid, net of recoupments | (403 | ) | (433 | ) | (520 | ) | ||||||
Ending balance of claim loss reserve for title insurance | $ | 1,636 | $ | 1,748 | $ | 1,913 | ||||||
Provision for title insurance claim losses as a percentage of title insurance premiums | 7 | % | 7 | % | 6.8 | % | ||||||
_____________________________________ | ||||||||||||
-1 | Included in the provision for title claim losses in the 2012 period is a $11 million impairment recorded on an asset previously recouped as part of a claim settlement. | |||||||||||
We continually update loss reserve estimates as new information becomes known, new loss patterns emerge, or as other contributing factors are considered and incorporated into the analysis of reserve for claim losses. Estimating future title loss payments is difficult because of the complex nature of title claims, the long periods of time over which claims are paid, significantly varying dollar amounts of individual claims and other factors. Due to the uncertainty inherent in the process and to the judgment used by management, the ultimate liability may be greater or less than our current reserves. As a result of continued volatility experienced in claim development on policy years 2005 - 2008, we believe there is an increased level of uncertainty attributable to these policy years. If actual claims loss development is worse than currently expected and is not offset by other positive factors, it is reasonably possible that we may record additional reserve strengthening in future periods. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitements and Contingencies [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Legal and Regulatory Contingencies | ||||
In the ordinary course of business, we are involved in various pending and threatened litigation matters related to our title operations, some of which include claims for punitive or exemplary damages. This customary litigation includes but is not limited to a wide variety of cases arising out of or related to title and escrow claims, for which we make provisions through our loss reserves. Additionally, like other insurance companies, our ordinary course litigation includes a number of class action and purported class action lawsuits, which make allegations related to aspects of our insurance operations. We believe that no actions, other than those discussed below, depart from customary litigation incidental to our insurance business. | ||||
Remy is a defendant from time to time in various legal proceedings arising in the ordinary course of business, including claims relating to commercial transactions, product liability, safety, health, taxes, environmental and other matters. | ||||
Our Restaurant Group companies are a defendant from time to time in various legal proceedings arising in the ordinary course of business, including claims relating to injury or wrongful death under “dram shop” laws, individual and purported class action claims alleging violation of federal and state wage and hour laws, and claims from guests or employees alleging illness, injury or other food quality, health or operational concerns. | ||||
We review lawsuits and other legal and regulatory matters (collectively “legal proceedings”) on an ongoing basis when making accrual and disclosure decisions. When assessing reasonably possible and probable outcomes, management bases its decision on its assessment of the ultimate outcome assuming all appeals have been exhausted. For legal proceedings where it has been determined that a loss is both probable and reasonably estimable, a liability based on known facts and which represents our best estimate has been recorded. None of the amounts we have currently recorded is considered to be individually or in the aggregate material to our financial condition. Actual losses may materially differ from the amounts recorded and the ultimate outcome of our pending cases is generally not yet determinable. While some of these matters could be material to our operating results or cash flows for any particular period if an unfavorable outcome results, at present we do not believe that the ultimate resolution of currently pending legal proceedings, either individually or in the aggregate, will have a material adverse effect on our financial condition, results of operations or cash flows. | ||||
Two class action complaints titled Chultem v. Ticor Title Insurance Co., Chicago Title and Trust, Co., and Fidelity National Financial, Inc. and Colella v. Chicago Title Insurance Co. and Chicago Title and Trust Co. are pending in the Illinois state court against Chicago Title Insurance Company (“Chicago”), Ticor Title Insurance Company (“Ticor”), Chicago Title and Trust Company, and Fidelity National Financial, Inc., their parent, (collectively “the Companies”). The Plaintiffs represent certified classes of all borrowers and sellers of residential real estate in Illinois who paid a premium for title insurance to Chicago and Ticor which was split with attorney agents for services which were performed in issuing the policies. The complaint alleges the Companies violated the Real Estate Settlement Procedures Act (RESPA) and by doing so violated the Illinois Title Insurance Act and the Illinois Consumer Fraud Act. The suit seeks compensatory damages in the amount of the premium split paid to the attorney agents, interest, punitive damages, a permanent injunction, attorney's fees and costs. Class certification was denied on May 26, 2009, but the plaintiffs appealed. The Court of Appeal reversed and the case was remanded to the trial court for certification and subsequent proceedings. During 2013 and continuing through February 2014, the case progressed. On February 7, 2014, the court entered an order in favor of us recognizing the U.S. Supreme Courts case Freeman v. Quicken Loans, which determined that if a person with whom fees were split performed any service then there was no RESPA violation. The Plaintiff will have an opportunity to appeal the Court's decision. We intend to vigorously defend this action. We do not believe this case will have a material adverse impact on our operations or financial condition. | ||||
From time to time we receive inquiries and requests for information from state insurance departments, attorneys general and other regulatory agencies about various matters relating to our business. Sometimes these take the form of civil investigative demands or subpoenas. We cooperate with all such inquiries and we have responded to or are currently responding to inquiries from multiple governmental agencies. Also, regulators and courts have been dealing with issues arising from foreclosures and related processes and documentation. Various governmental entities are studying the title insurance product, market, pricing, and business practices, and potential regulatory and legislative changes, which may materially affect our business and operations. From time to time, we are assessed fines for violations of regulations or other matters or enter into settlements with such authorities which may require us to pay fines or claims or take other actions. | ||||
Escrow Balances | ||||
In conducting our operations, we routinely hold customers’ assets in escrow, pending completion of real estate transactions. Certain of these amounts are maintained in segregated bank accounts and have not been included in the accompanying Consolidated Balance Sheets. We have a contingent liability relating to proper disposition of these balances for our customers, which amounted to $8.8 billion at December 31, 2013. As a result of holding these customers’ assets in escrow, we have ongoing programs for realizing economic benefits during the year through favorable borrowing and vendor arrangements with various banks. There were no investments or loans outstanding as of December 31, 2013 and 2012 related to these arrangements. | ||||
Operating Leases | ||||
Future minimum operating lease payments are as follows (in millions): | ||||
2014 | $ | 178 | ||
2015 | 150 | |||
2016 | 123 | |||
2017 | 101 | |||
2018 | 76 | |||
Thereafter | 298 | |||
Total future minimum operating lease payments | $ | 926 | ||
Rent expense incurred under operating leases during the years ended December 31, 2013, 2012 and 2011 was $196 million, $159 million, and $123 million, respectively. Rent expense in 2013, 2012, and 2011 includes abandoned lease charges related to office closures of $1 million, $2 million, and $1 million, respectively. | ||||
On June 29, 2004 we entered into an off-balance sheet financing arrangement (commonly referred to as a “synthetic lease”). The owner/lessor in this arrangement acquired land and various real property improvements associated with new construction of an office building in Jacksonville, Florida, that are part of FNF’s corporate campus and headquarters. The lessor financed the acquisition of the facilities through funding provided by third-party financial institutions. On June 27, 2011, we renewed and amended the synthetic lease for the facilities. The amended lease provides for a five year term ending June 27, 2016 and had an outstanding balance as of December 31, 2013 of $71 million. The amended lease includes guarantees by us of up to 83.0% of the outstanding lease balance, and options to purchase the facilities at the outstanding lease balance. The guarantee becomes effective if we decline to purchase the facilities at the end of the lease and also decline to renew the lease. The lessor is a third-party company and we have no affiliation or relationship with the lessor or any of its employees, directors or affiliates, and transactions with the lessor are limited to the operating lease agreements and the associated rent expense that have been included in Other operating expenses in the Consolidated Statements of Earnings. We do not believe the lessor is a variable interest entity, as defined in the FASB standard on consolidation of variable interest entities. | ||||
Restaurant Group Purchase Obligations | ||||
The Restaurant Group has unconditional purchase obligations with various vendors. These purchase obligations are primarily food and beverage obligations with fixed commitments in regards to the time period of the contract and the quantities purchased with annual price adjustments that can fluctuate. We used both historical and projected volume and pricing as of December 31, 2013 to determine the amount of the obligations. | ||||
Purchase obligations of the Restaurant Group as of December 31, 2013 are as follows (in millions): | ||||
2014 | $ | 173 | ||
2015 | 45 | |||
2016 | 23 | |||
2017 | 4 | |||
2018 | — | |||
Thereafter | — | |||
Total purchase commitments | $ | 245 | ||
Regulation_and_Equity
Regulation and Equity | 12 Months Ended |
Dec. 31, 2013 | |
Regulation and Equity [Abstract] | ' |
Regulation and Equity | ' |
Regulation and Equity | |
Our insurance subsidiaries, including title insurers, underwritten title companies and insurance agencies, are subject to extensive regulation under applicable state laws. Each of the insurance underwriters is subject to a holding company act in its state of domicile which regulates, among other matters, the ability to pay dividends and enter into transactions with affiliates. The laws of most states in which we transact business establish supervisory agencies with broad administrative powers relating to issuing and revoking licenses to transact business, regulating trade practices, licensing agents, approving policy forms, accounting practices, financial practices, establishing reserve and capital and surplus as regards policyholders (“capital and surplus”) requirements, defining suitable investments for reserves and capital and surplus and approving rate schedules. | |
Since we are governed by both state and federal governments and the applicable insurance laws and regulations are constantly subject to change, it is not possible to predict the potential effects on our insurance operations, particularly the Fidelity National Title Group segment, of any laws or regulations that may become more restrictive in the future or if new restrictive laws will be enacted. | |
Pursuant to statutory accounting requirements of the various states in which our insurers are domiciled, these insurers must defer a portion of premiums earned as an unearned premium reserve for the protection of policyholders and must maintain qualified assets in an amount equal to the statutory requirements. The level of unearned premium reserve required to be maintained at any time is determined by statutory formula based upon either the age, number of policies and dollar amount of policy liabilities underwritten, or the age and dollar amount of statutory premiums written. As of December 31, 2013, the combined statutory unearned premium reserve required and reported for our title insurers was $1,734 million. In addition to statutory unearned premium reserves, each of our insurers maintains reserves for known claims and surplus funds for policyholder protection and business operations. | |
Each of our insurance subsidiaries is regulated by the insurance regulatory authority in its respective state of domicile, as well as that of each state in which it is licensed. The insurance commissioners of their respective states of domicile are the primary regulators of our title insurance subsidiaries. Each of the insurers is subject to periodic regulatory financial examination by regulatory authorities. | |
Our insurance subsidiaries are subject to regulations that restrict their ability to pay dividends or make other distributions of cash or property to their immediate parent company without prior approval from the Department of Insurance of their respective states of domicile. As of December 31, 2013, $1,909 million of our net assets are restricted from dividend payments without prior approval from the Departments of Insurance. During 2014, our title insurers can pay or make distributions to us of approximately $308 million, without prior approval. | |
The combined statutory capital and surplus of our title insurers was approximately $1,409 million and $1,381 million as of December 31, 2013 and 2012, respectively. The combined statutory net earnings (losses) of our title insurance subsidiaries were $352 million, $281 million, and $151 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |
Statutory-basis financial statements are prepared in accordance with accounting practices prescribed or permitted by the various state insurance regulatory authorities. The National Association of Insurance Commissioners' (“NAIC”) Accounting Practices and Procedures manual (“NAIC SAP”) has been adopted as a component of prescribed or permitted practices by each of the states that regulate us. Each of our states of domicile for our title insurance underwriter subsidiaries have adopted a material prescribed accounting practice that differs from that found in NAIC SAP. Specifically, in both years the timing of amounts released from the statutory unearned premium reserve under NAIC SAP differs from the states' required practice. Statutory surplus at December 31, 2013 and 2012, respectively, was lower (higher) by approximately $205 million and $(4) million than if we had reported such amounts in accordance with NAIC SAP. | |
As a condition to continued authority to underwrite policies in the states in which our insurers conduct their business, the insurers are required to pay certain fees and file information regarding their officers, directors and financial condition. In addition, our escrow and trust business is subject to regulation by various state banking authorities. | |
Pursuant to statutory requirements of the various states in which our insurers are domiciled, such insurers must maintain certain levels of minimum capital and surplus. Required levels of minimum capital and surplus are not significant to the insurers individually or in the aggregate. Each of our insurers has complied with the minimum statutory requirements as of December 31, 2013. | |
Our underwritten title companies are also subject to certain regulation by insurance regulatory or banking authorities, primarily relating to minimum net worth. Minimum net worth requirements for each underwritten title company is less than $1 million. These companies were in compliance with their respective minimum net worth requirements at December 31, 2013. | |
There are no restrictions on our retained earnings regarding our ability to pay dividends to shareholders although there are limits on the ability of certain subsidiaries to pay dividends to us, as described above. | |
Subsequent to year end, on January 2, 2014 as part of the LPS Acquisition, 25,920,078 shares of FNF common stock as consideration for the LPS Acquisition to the former shareholders of LPS. | |
On October 24, 2013, we offered 17,250,000 shares of our common stock at an offering price of $26.75 per share, pursuant to an effective registration statement previously filed with the Securities and Exchange Commission. We granted the underwriters a 30-day option to purchase 2,587,500 additional shares at the offering price, which was subsequently exercised in full. A total of 19,837,500 shares were issued on October 30, 2013, for net proceeds of approximately $511 million. The net proceeds from this offering were used to pay a portion of the cash consideration for the LPS Acquisition on January 2, 2014. | |
On July 21, 2009, the Board of Directors approved a three-year stock repurchase program under which we could repurchase up to 15 million shares of our common stock through July 31, 2012. On January 27, 2011, our Board of Directors approved an additional 5 million shares that could have been repurchased under the program. This program expired July 31, 2012, and we repurchased a total of 16,528,512 shares for $243 million, or an average of $14.73 per share under this program. | |
On July 21, 2012, our Board of Directors approved a three-year stock repurchase program, effective August 1, 2012, under which we can repurchase up to 15 million shares of our common stock through July 31, 2015. We may make repurchases from time to time in the open market, in block purchases or in privately negotiated transactions, depending on market conditions and other factors. In the year ended December 31, 2013, we repurchased a total of 1,400,000 shares for $34 million, or an average of $24.14 per share under this program. Subsequent to year-end we did not repurchase any shares through market close on February 27, 2014. Since the original commencement of the plan adopted July 21, 2012, we have repurchased a total of 2,080,000 shares for $50 million, or an average of $23.90 per share, and there are 12,920,000 shares available to be repurchased under this program. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||||||||||||||||||||
Employee Benefit Plans | ' | |||||||||||||||||||||||||
Employee Benefit Plans | ||||||||||||||||||||||||||
Stock Purchase Plan | ||||||||||||||||||||||||||
During the three-year period ended December 31, 2013, our eligible employees could voluntarily participate in employee stock purchase plans (“ESPPs”) sponsored by us and our subsidiaries. Pursuant to the ESPPs, employees may contribute an amount between 3% and 15% of their base salary and certain commissions. We contribute varying amounts as specified in the ESPPs. | ||||||||||||||||||||||||||
We contributed $17 million, $14 million, and $13 million to the ESPPs in the years ended December 31, 2013, 2012, and 2011, respectively, in accordance with the employer’s matching contribution. | ||||||||||||||||||||||||||
401(k) Profit Sharing Plan | ||||||||||||||||||||||||||
During the three-year period ended December 31, 2013, we have offered our employees the opportunity to participate in our 401(k) profit sharing plans (the “401(k) Plans”), qualified voluntary contributory savings plans which are available to substantially all of our employees. Eligible employees may contribute up to 40% of their pretax annual compensation, up to the amount allowed pursuant to the Internal Revenue Code. There was no employer match for the year ended December 31, 2011. Beginning in 2012, we initiated an employer match on the 401(k) plan whereby we matched $0.25 on each $1.00 contributed up to the first 6% of eligible earnings contributed to the Plan. Effective April 1, 2013, we increased the employer match from $0.25 to $0.375 on each $1.00 contributed up to the first 6% of eligible earnings contributed to the Plan. The employer match for the years ended December 31, 2013 and 2012 were $17 million and $11 million that was credited to the FNF Stock Fund in the FNF 401(k) Plan. | ||||||||||||||||||||||||||
Stock Option Plans | ||||||||||||||||||||||||||
In 2005, we established the FNT 2005 Omnibus Incentive Plan (the “Omnibus Plan”) authorizing the issuance of up to 8 million shares of common stock, subject to the terms of the Omnibus Plan. On October 23, 2006, the stockholders of FNF approved an amendment to increase the number of shares available for issuance under the Omnibus Plan by 16 million shares. The increase was in part to provide capacity for options and restricted stock to be issued to replace Old FNF options and restricted stock. On May 29, 2008 and May 25, 2011, the shareholders of FNF approved an amendment to increase the number of shares for issuance under the Omnibus Plan by 11 million shares and 6 million shares, respectively. The primary purpose of the increase was to assure that we had adequate means to provide equity incentive compensation to our employees on a going-forward basis. The Omnibus Plan provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and performance shares, performance units, other cash and stock-based awards and dividend equivalents. As of December 31, 2013, there were 1,913,072 shares of restricted stock and 9,358,740 stock options outstanding under this plan. Awards granted are determined and approved by the Compensation Committee of the Board of Directors. Options vest over a 3 year period, and the exercise price for options granted equals the market price of the underlying stock on the grant date. Stock option grants of 3,712,416 shares, 769,693 shares, and 25,000 shares were made to various employees and directors in 2013, 2012, and 2011, respectively, and vest according to certain time based and operating performance criteria. | ||||||||||||||||||||||||||
Stock option transactions under the Omnibus Plan for 2011, 2012, and 2013 are as follows: | ||||||||||||||||||||||||||
Options | Weighted Average | Exercisable | ||||||||||||||||||||||||
Exercise Price | ||||||||||||||||||||||||||
Balance, December 31, 2010 | 21,826,954 | $ | 13.52 | 16,241,130 | ||||||||||||||||||||||
Granted | 25,000 | 15.62 | ||||||||||||||||||||||||
Exercised | (1,068,934 | ) | 7.31 | |||||||||||||||||||||||
Canceled | (150,999 | ) | 20.04 | |||||||||||||||||||||||
Balance, December 31, 2011 | 20,632,021 | $ | 13.79 | 18,704,618 | ||||||||||||||||||||||
Granted | 769,693 | 22.59 | ||||||||||||||||||||||||
Exercised | (12,358,474 | ) | 12.49 | |||||||||||||||||||||||
Canceled | (76,166 | ) | 22.69 | |||||||||||||||||||||||
Balance, December 31, 2012 | 8,967,074 | $ | 16.27 | 8,147,381 | ||||||||||||||||||||||
Granted | 3,712,416 | 27.9 | ||||||||||||||||||||||||
Exercised | (3,267,937 | ) | 18.28 | |||||||||||||||||||||||
Canceled | (52,813 | ) | 22.59 | |||||||||||||||||||||||
Balance, December 31, 2013 | 9,358,740 | $ | 20.15 | 5,180,504 | ||||||||||||||||||||||
Restricted stock transactions under the Omnibus Plan in 2011, 2012, and 2013 are as follows: | ||||||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||
Balance, December 31, 2010 | 2,666,901 | $ | 13.2 | |||||||||||||||||||||||
Granted | 1,645,246 | 15.62 | ||||||||||||||||||||||||
Canceled | (46,433 | ) | 14.75 | |||||||||||||||||||||||
Vested | (1,253,058 | ) | 12.51 | |||||||||||||||||||||||
Balance, December 31, 2011 | 3,012,656 | $ | 14.78 | |||||||||||||||||||||||
Granted | 1,332,222 | 22.59 | ||||||||||||||||||||||||
Canceled | (17,840 | ) | 14.78 | |||||||||||||||||||||||
Vested | (1,402,300 | ) | 14.55 | |||||||||||||||||||||||
Balance, December 31, 2012 | 2,924,738 | $ | 18.46 | |||||||||||||||||||||||
Granted | 650,728 | 27.9 | ||||||||||||||||||||||||
Canceled | (8,116 | ) | 17.44 | |||||||||||||||||||||||
Vested | (1,654,278 | ) | 17.3 | |||||||||||||||||||||||
Balance, December 31, 2013 | 1,913,072 | $ | 22.68 | |||||||||||||||||||||||
The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2013: | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||||
Average | Weighted | Average | Weighted | |||||||||||||||||||||||
Remaining | Average | Remaining | Average | |||||||||||||||||||||||
Range of | Number of | Contractual | Exercise | Intrinsic | Number of | Contractual | Exercise | Intrinsic | ||||||||||||||||||
Exercise Prices | Options | Life | Price | Value | Options | Life | Price | Value | ||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||
$0.00 — $7.09 | 1,294,704 | 2.82 | $ | 7.09 | $ | 33 | 1,294,704 | 2.82 | $ | 7.09 | $ | 33 | ||||||||||||||
$7.10 — $13.64 | 1,891,704 | 1.85 | 13.64 | 36 | 1,891,704 | 1.85 | 13.64 | 36 | ||||||||||||||||||
$13.65 — $14.06 | 696,083 | 2.51 | 14.05 | 13 | 696,083 | 2.51 | 14.05 | 13 | ||||||||||||||||||
$14.07 — $18.14 | 76,667 | 2.49 | 17.87 | 1 | 68,333 | 2.2 | 18.14 | 1 | ||||||||||||||||||
$18.15 — $20.92 | 34,793 | 2.42 | 20.83 | — | 34,793 | 2.42 | 20.83 | — | ||||||||||||||||||
$20.93 — $22.59 | 709,123 | 5.64 | 22.59 | 7 | 251,637 | 5.27 | 22.59 | 3 | ||||||||||||||||||
$22.60 — $27.90 | 4,655,666 | 5.7 | 27 | 25 | 943,250 | 0.98 | 23.44 | 8 | ||||||||||||||||||
9,358,740 | $ | 115 | 5,180,504 | $ | 94 | |||||||||||||||||||||
We account for stock-based compensation plans in accordance with the FASB standard on share-based payments, which requires that compensation cost relating to share-based payments be recognized in the consolidated financial statements based on the fair value of each award. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date and recognized over the service period. Net earnings attributable to FNF Common Shareholders reflects stock-based compensation expense amounts of $30 million for the year ended December 31, 2013 and $23 million for the year ended December 31, 2012, and 27 million for the year ended December 31, 2011, which are included in personnel costs in the reported financial results of each period. | ||||||||||||||||||||||||||
The risk free interest rates used in the calculation of compensation cost are the rates that correspond to the weighted average expected life of an option. The volatility was estimated based on the historical volatility of FNF’s stock price over a term equal to the weighted average expected life of the options. For options granted in the years ended December 31, 2013, 2012, and 2011, we used risk free interest rates of 1.1%, 0.6%, and 1.0%, respectively; volatility factors for the expected market price of the common stock of 26%, 50%, and 53%, respectively; expected dividend yields of 2.6%, 2.8%, and 3.1%, respectively; and weighted average expected lives of 4.4 years, 4.6 years, and 4.7 years, respectively. The weighted average fair value of each option granted in the years ended December 31, 2013, 2012, and 2011, were $4.67, $7.58, and $5.56, respectively. | ||||||||||||||||||||||||||
At December 31, 2013, the total unrecognized compensation cost related to non-vested stock option grants and restricted stock grants is $60 million, which is expected to be recognized in pre-tax income over a weighted average period of 1.70 years. | ||||||||||||||||||||||||||
Pension Plans | ||||||||||||||||||||||||||
In 2000, FNF merged with Chicago Title Corporation ("Chicago Title"). In connection with the merger, we assumed Chicago Title’s noncontributory defined contribution plan and noncontributory defined benefit pension plan (the “Pension Plan”). The Pension Plan covers certain Chicago Title employees. The benefits are based on years of service and the employee’s average monthly compensation in the highest 60 consecutive calendar months during the 120 months ending at retirement or termination. Effective December 31, 2000, the Pension Plan was frozen and there will be no future credit given for years of service or changes in salary. The accumulated benefit obligation is the same as the projected benefit obligation due to the pension plan being frozen as of December 31, 2000. Pursuant to the FASB standard on employers’ accounting for defined benefit pension and other post retirement plans, the measurement date is December 31. | ||||||||||||||||||||||||||
The net pension asset (liability) included in Prepaid expenses and other assets and Accounts payable and other accrued liabilities as of December 31, 2013, and 2012 was $6 million and $(23) million, respectively. The discount rate used to determine the benefit obligation as of the years ending December 31, 2013 and 2012 was 4.12% and 3.24%, respectively. As of the years ending December 31, 2013 and 2012 the projected benefit obligation was $167 million and $185 million, respectively, and the fair value of plan assets was $173 million and $162 million, respectively. The net periodic expense included in the results of operations relating to these plans was $9 million, $10 million, and $9 million for the years ending December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||||||||||||
Remy sponsors multiple defined benefit pension plans that cover a significant portion of their U.S. employees and certain U.K. and Korea employees. The plans for U.S. employees were frozen in 2006. The net pension liability for Remy included in Accounts payable and other accrued liabilities as of December 31, 2013 and 2012 was $19 million and $32 million, respectively. The discount rate used to determine the benefit obligation as of the year ending December 31, 2013 and 2012 was 4.73% and 3.85%, respectively, for the U.S. plan and 4.27% and 4.10%, respectively, for the non-U.S. plans. As of the year ending December 31, 2013 the projected benefit obligation was $79 million and the fair value of plan assets was $60 million. The net periodic expense included in the results of operations relating to these plans was $1 million for the year ending December 31, 2013. | ||||||||||||||||||||||||||
Postretirement and Other Nonqualified Employee Benefit Plans | ||||||||||||||||||||||||||
We assumed certain health care and life insurance benefits for retired Chicago Title employees in connection with the FNF merger with Chicago Title. Beginning on January 1, 2001, these benefits were offered to all employees who met specific eligibility requirements. Additionally, in connection with the acquisition of LandAmerica Financial Group's two principal title insurance underwriters, Commonwealth Land Title Insurance Company and Lawyers Title Insurance Corporation, as well as United Capital Title Insurance Company (collectively, the "LFG Underwriters"), we assumed certain of the LFG Underwriters nonqualified benefit plans, which provide various postretirement benefits to certain executives and retirees. The costs of these benefit plans are accrued during the periods the employees render service. We are both self-insured and fully insured for postretirement health care and life insurance benefit plans, and the plans are not funded. The health care plans provide for insurance benefits after retirement and are generally contributory, with contributions adjusted annually. Postretirement life insurance benefits are primarily contributory, with coverage amounts declining with increases in a retiree’s age. The aggregate benefit obligation for these plans was $20 million and $24 million at December 31, 2013 and 2012, respectively. The net costs relating to these plans were immaterial for the years ended December 31, 2013, 2012, and 2011. |
Supplementary_Cash_Flow_Inform
Supplementary Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information [Abstract] | ' | ||||||||||||
Supplementary Cash Flow Information | ' | ||||||||||||
Supplementary Cash Flow Information | |||||||||||||
The following supplemental cash flow information is provided with respect to interest and tax payments, as well as certain non-cash investing and financing activities. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Cash paid during the year: | |||||||||||||
Interest | $ | 87 | $ | 65 | $ | 52 | |||||||
Income taxes | 249 | 109 | 40 | ||||||||||
Non-cash investing and financing activities: | |||||||||||||
Liabilities assumed in connection with acquisitions: | |||||||||||||
Fair value of assets acquired | $ | 30 | $ | 1,116 | $ | — | |||||||
Less: Total purchase price | 25 | 254 | — | ||||||||||
Liabilities assumed | $ | 5 | $ | 862 | $ | — | |||||||
Financial_Instruments_with_Off
Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments With Off Balance Sheet Risk And Concentrated Risk [Abstract] | ' | ||||||||
Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk | ' | ||||||||
Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk | |||||||||
Fidelity National Title Group | |||||||||
In the normal course of business we and certain of our subsidiaries enter into off-balance sheet credit arrangements associated with certain aspects of the title insurance business and other activities. | |||||||||
We generate a significant amount of title insurance premiums in California, Texas, New York and Florida. Title insurance premiums as a percentage of the total title insurance premiums written from those four states are detailed as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
California | 15.2 | % | 17.2 | % | 15.8 | % | |||
Texas | 14.4 | % | 12.9 | % | 12.3 | % | |||
New York | 7.4 | % | 7.4 | % | 8.1 | % | |||
Florida | 7.6 | % | 6.6 | % | 6.5 | % | |||
Remy generates revenue in multiple geographic locations. Revenues are attributed to geographic locations based on the point of sale. | |||||||||
Information about our Auto parts revenue in our Remy segment by region was as follows: | |||||||||
2013 | 2012 | ||||||||
United States | 66.1 | % | 66 | % | |||||
Asia Pacific | 20.7 | % | 20 | % | |||||
Europe | 7.9 | % | 8.8 | % | |||||
Other America | 5.3 | % | 5.2 | % | |||||
Total | 100 | % | 100 | % | |||||
Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, short-term investments, and trade receivables. | |||||||||
We place cash equivalents and short-term investments with high credit quality financial institutions and, by policy, limit the amount of credit exposure with any one financial institution. Investments in commercial paper of industrial firms and financial institutions are rated investment grade by nationally recognized rating agencies. | |||||||||
Concentrations of credit risk with respect to trade receivables are limited because a large number of geographically diverse customers make up our customer base, thus spreading the trade receivables credit risk. We control credit risk through monitoring procedures. | |||||||||
Remy | |||||||||
Financial instruments at Remy, which potentially subject us to concentrations of credit risk, consist primarily of accounts receivable and cash investments. We require placement of cash in financial institutions evaluated as highly creditworthy. | |||||||||
The Remy customer base includes global light and commercial vehicle manufacturers and a large number of retailers, distributors and installers of automotive aftermarket parts. Remy's credit evaluation process and the geographical dispersion of sales transactions help to mitigate credit risk concentration. Remy conducts a significant amount of business with General Motors Corporation (“GM”), Hyundai Motor Company ("Hyundai") and three large automotive parts retailers. Auto parts revenue from these customers in the aggregate represented 48.3% and 50.1% for the year ended December 31, 2013 and 2012, respectively. GM represents Remy's largest customer and accounted for approximately 16.2% and 20.7% of Auto parts revenue for the year ended December 31, 2013 and 2012, respectively. Auto parts revenue from Hyundai accounted for approximately 10.4% of Remy's net sales for the year ended December 31, 2013. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Segments Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||||||||||
Summarized financial information concerning our reportable segments is shown in the following tables. During the fourth quarter of 2013, we determined that the Corporate and Other segment would be split in order to differentiate operations and costs related to the Fidelity National Title Group segment from those associated with our Portfolio Company Investments. As a result, we reorganized our reporting segments to reflect this change. We have also provided information regarding the elimination of transactions between our FNF Core segments and our Portfolio Company Investments. | ||||||||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2013: | ||||||||||||||||||||||||||||||||||||
Fidelity National Title Group | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | Portfolio Company Corporate | Total Portfolio Company Investments | Eliminations | Total | ||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Title premiums | $ | 4,152 | $ | — | $ | 4,152 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,152 | ||||||||||||||||||
Other revenues | 1,597 | 53 | 1,650 | — | — | 87 | 87 | — | 1,737 | |||||||||||||||||||||||||||
Auto parts revenues | — | — | — | 1,127 | — | — | 1,127 | — | 1,127 | |||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | 1,408 | — | 1,408 | — | 1,408 | |||||||||||||||||||||||||||
Revenues from external customers | 5,749 | 53 | 5,802 | 1,127 | 1,408 | 87 | 2,622 | — | 8,424 | |||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 145 | 3 | 148 | (2 | ) | (1 | ) | 3 | — | (7 | ) | 141 | ||||||||||||||||||||||||
Total revenues | 5,894 | 56 | 5,950 | 1,125 | 1,407 | 90 | 2,622 | (7 | ) | 8,565 | ||||||||||||||||||||||||||
Depreciation and amortization | 65 | 3 | 68 | 4 | 53 | 12 | 69 | — | 137 | |||||||||||||||||||||||||||
Interest expense | — | 68 | 68 | 20 | 8 | 4 | 32 | (7 | ) | 93 | ||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 821 | (145 | ) | 676 | 22 | 12 | (59 | ) | (25 | ) | — | 651 | ||||||||||||||||||||||||
Income tax expense (benefit) | 302 | (60 | ) | 242 | 5 | (4 | ) | (38 | ) | (37 | ) | — | 205 | |||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 519 | (85 | ) | 434 | 17 | 16 | (21 | ) | 12 | — | 446 | |||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 5 | (1 | ) | 4 | — | — | (30 | ) | (30 | ) | — | (26 | ) | |||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 524 | $ | (86 | ) | $ | 438 | $ | 17 | $ | 16 | $ | (51 | ) | $ | (18 | ) | $ | — | $ | 420 | |||||||||||||||
Assets | $ | 6,757 | $ | 1,265 | $ | 8,022 | $ | 1,255 | $ | 663 | $ | 699 | $ | 2,617 | $ | (115 | ) | $ | 10,524 | |||||||||||||||||
Goodwill | 1,435 | 3 | 1,438 | 248 | 119 | 96 | 463 | — | 1,901 | |||||||||||||||||||||||||||
As of and for the year ended December 31, 2012: | ||||||||||||||||||||||||||||||||||||
Fidelity National Title Group | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | Portfolio Company Corporate | Total Portfolio Company Investments | Eliminations | Total | ||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Title premiums | $ | 3,833 | $ | — | $ | 3,833 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,833 | ||||||||||||||||||
Other revenues | 1,613 | 48 | 1,661 | — | — | 15 | 15 | — | 1,676 | |||||||||||||||||||||||||||
Auto parts revenues | — | — | — | 417 | — | — | 417 | — | 417 | |||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | 908 | — | 908 | — | 908 | |||||||||||||||||||||||||||
Revenues from external customers | 5,446 | 48 | 5,494 | 417 | 908 | 15 | 1,340 | — | 6,834 | |||||||||||||||||||||||||||
Interest and investment income, including realized gains and losses | 140 | (3 | ) | 137 | 80 | 119 | (4 | ) | 195 | (1 | ) | 331 | ||||||||||||||||||||||||
Total revenues | 5,586 | 45 | 5,631 | 497 | 1,027 | 11 | 1,535 | (1 | ) | 7,165 | ||||||||||||||||||||||||||
Depreciation and amortization | 64 | 4 | 68 | 1 | 35 | — | 36 | — | 104 | |||||||||||||||||||||||||||
Interest expense | 1 | 60 | 61 | 10 | 3 | 1 | 14 | (1 | ) | 74 | ||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 776 | (107 | ) | 669 | 89 | 102 | (25 | ) | 166 | — | 835 | |||||||||||||||||||||||||
Income tax expense (benefit) | 282 | (52 | ) | 230 | 3 | 18 | (6 | ) | 15 | — | 245 | |||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 494 | (55 | ) | 439 | 86 | 84 | (19 | ) | 151 | — | 590 | |||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 5 | — | 5 | — | — | 5 | 5 | — | 10 | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 499 | $ | (55 | ) | $ | 444 | $ | 86 | $ | 84 | $ | (14 | ) | $ | 156 | $ | — | $ | 600 | ||||||||||||||||
Assets | $ | 6,929 | $ | 417 | $ | 7,346 | $ | 1,270 | $ | 689 | $ | 678 | $ | 2,637 | $ | (80 | ) | $ | 9,903 | |||||||||||||||||
Goodwill | 1,434 | 3 | 1,437 | 246 | 119 | 106 | 471 | — | 1,908 | |||||||||||||||||||||||||||
As of and for the year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||||
Fidelity National Title Group | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | Portfolio Company Corporate | Total Portfolio Company Investments | Eliminations | Total | ||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Title premiums | $ | 3,257 | $ | — | $ | 3,257 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,257 | ||||||||||||||||||
Other revenues | 1,337 | 37 | 1,374 | — | — | 19 | 19 | — | 1,393 | |||||||||||||||||||||||||||
Auto parts revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Revenues from external customers | 4,594 | 37 | 4,631 | — | — | 19 | 19 | — | 4,650 | |||||||||||||||||||||||||||
Interest and investment income, including realized gains and losses | 149 | 2 | 151 | — | — | (1 | ) | (1 | ) | — | 150 | |||||||||||||||||||||||||
Total revenues | 4,743 | 39 | 4,782 | — | — | 18 | 18 | — | 4,800 | |||||||||||||||||||||||||||
Depreciation and amortization | 70 | 3 | 73 | — | — | — | — | — | 73 | |||||||||||||||||||||||||||
Interest expense | 1 | 56 | 57 | — | — | — | — | — | 57 | |||||||||||||||||||||||||||
Earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 521 | (115 | ) | 406 | — | — | (1 | ) | (1 | ) | — | 405 | ||||||||||||||||||||||||
Income tax expense | 169 | (40 | ) | 129 | — | — | 2 | 2 | — | 131 | ||||||||||||||||||||||||||
Earnings from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 352 | (75 | ) | 277 | — | — | (3 | ) | (3 | ) | — | 274 | ||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 4 | — | 4 | — | — | 6 | 6 | — | 10 | |||||||||||||||||||||||||||
Earnings from continuing operations | $ | 356 | $ | (75 | ) | $ | 281 | $ | — | $ | — | $ | 3 | $ | 3 | $ | — | $ | 284 | |||||||||||||||||
Assets | $ | 6,540 | $ | 324 | $ | 6,864 | $ | — | $ | — | $ | 998 | $ | 998 | $ | — | $ | 7,862 | ||||||||||||||||||
Goodwill | 1,418 | 3 | 1,421 | — | — | 32 | 32 | — | 1,453 | |||||||||||||||||||||||||||
The activities of the reportable segments include the following: | ||||||||||||||||||||||||||||||||||||
FNF Core Operations | ||||||||||||||||||||||||||||||||||||
Fidelity National Title Group | ||||||||||||||||||||||||||||||||||||
This segment consists of the operations of our title insurance underwriters and related businesses. This segment provides core title insurance and escrow and other title related services including collection and trust activities, trustee’s sales guarantees, recordings and reconveyances, and home warranty insurance. | ||||||||||||||||||||||||||||||||||||
FNF Corporate and Other | ||||||||||||||||||||||||||||||||||||
The FNF Corporate and Other segment consists of the operations of the parent holding company, certain other unallocated corporate overhead expenses, other smaller real estate and insurance related operations. | ||||||||||||||||||||||||||||||||||||
Portfolio Company Investments | ||||||||||||||||||||||||||||||||||||
Remy | ||||||||||||||||||||||||||||||||||||
This segment consists of the operations of Remy, in which we have a 51% ownership interest. Remy is a leading designer, manufacturer, remanufacturer, marketer and distributor of aftermarket and original equipment electrical components for automobiles, light trucks, heavy-duty trucks and other vehicles. | ||||||||||||||||||||||||||||||||||||
Restaurant Group | ||||||||||||||||||||||||||||||||||||
The Restaurant Group segment consists of the operations of ABRH, in which we have a 55% ownership interest. ABRH is the owner and operator of the O'Charley's, Ninety Nine Restaurants, Max & Erma's, Village Inn and Bakers Square concepts. This segment also includes J. Alexander's, which includes the Stoney River Legendary Steaks concept. | ||||||||||||||||||||||||||||||||||||
Portfolio Company Corporate and Other | ||||||||||||||||||||||||||||||||||||
The Portfolio Company Corporate and Other segment primarily consists of our share in the operations of certain equity investments, including Ceridian, Digital Insurance and other smaller operations which are not title related. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists to provide guidance on the presentation of unrecognized tax benefits. ASU 2013-11 requires an entity to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward with certain limited exceptions. ASU 2013-11 is effective for annual reporting periods beginning on or after December 15, 2013 and interim periods within those annual periods with earlier adoption permitted. This guidance is effective January 1, 2014. ASU 2013-11 should be applied prospectively with retroactive application permitted. We will adopt this guidance in the first quarter of 2014 and are currently evaluating the impact on our consolidated financial statements. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
Share-based Compensation, Option and Incentive Plans Policy | ' |
Stock-Based Compensation Plans | |
We account for stock-based compensation plans using the fair value method. Using the fair value method of accounting, compensation cost is measured based on the fair value of the award at the grant date, using the Black-Scholes Model, and recognized over the service period. | |
Income Tax, Policy | ' |
Income Taxes | |
We recognize deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and expected benefits of utilizing net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The impact on deferred taxes of changes in tax rates and laws, if any, is applied to the years during which temporary differences are expected to be settled and reflected in the financial statements in the period enacted. | |
Property, Plant and Equipment, Policy | ' |
Property and Equipment | |
Property and equipment are recorded at cost, less depreciation. Depreciation is computed primarily using the straight-line method based on the estimated useful lives of the related assets: twenty to thirty years for buildings and three to seven years for furniture, fixtures and equipment. Leasehold improvements are amortized on a straight-line basis over the lesser of the term of the applicable lease or the estimated useful lives of such assets. Property and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. | |
Remy. Property and equipment within our Remy segment are recorded at cost, less depreciation. Major expenditures that significantly extend the useful life or enhance the usability of the property, plant or equipment are capitalized. Depreciation is calculated primarily using the straight-line method over the estimated useful lives of the related assets (fifteen to forty years for buildings and 3 to 15 years for tooling, machinery and equipment). Capital leases and leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or their estimated useful life. | |
Restaurant Group. Property and equipment within our Restaurant Group segment are recorded at cost, less depreciation. Depreciation is computed on the straight-line method over thirty years for buildings and improvements and three to twenty-five years for furniture, fixtures and equipment. Leasehold improvements are amortized over the lesser of the asset’s estimated useful life or the expected lease term, inclusive of renewal periods not to exceed twenty years. Equipment under capitalized leases is amortized on a straight-line basis to its expected residual value at the end of the lease term. All direct external costs associated with obtaining the land, building and equipment for each new restaurant, as well as construction period interest are capitalized. Direct external costs associated with obtaining the dining room and kitchen equipment, signage and other assets and equipment are also capitalized. In addition, for each new restaurant and re-branded restaurant, a portion of the internal direct costs of its real estate and construction department are also capitalized. | |
Title Plant Accounting Policy | ' |
Title Plants | |
Title plants are recorded at the cost incurred to construct or obtain and organize historical title information to the point it can be used to perform title searches. Costs incurred to maintain, update and operate title plants are expensed as incurred. Title plants are not amortized as they are considered to have an indefinite life if maintained. Sales of title plants are reported at the amount received net of the adjusted costs of the title plant sold. Sales of title plant copies are reported at the amount received. No cost is allocated to the sale of copies of title plants unless the carrying value of the title plant is diminished or impaired. Title plants are reviewed for impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. | |
Goodwill and Intangible Assets, Intangible Assets, Policy | ' |
Other Intangible Assets | |
We have other intangible assets, not including goodwill, which consist primarily of customer relationships and contracts and trademarks which are generally recorded in connection with acquisitions at their fair value, and debt issuance costs relating to the issuance of our long-term notes payable. Intangible assets with estimable lives are amortized over their respective estimated useful lives to their estimated residual values and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. In general, customer relationships are amortized over their estimated useful lives using an accelerated method which takes into consideration expected customer attrition rates. Contractual relationships are generally amortized over their contractual life. Trademarks are considered intangible assets with indefinite lives and are reviewed for impairment at least annually. Debt issuance costs are amortized on a straight line basis over the contractual life of the related debt instrument. | |
In our Remy segment, upon entering into new or extending existing contracts, we may be required to purchase certain cores and inventory from our customers at retail prices, or be obligated to provide certain agreed support. The excess of the prices paid for the cores and inventory over fair value, and the value of any agreed support, are recorded as contract intangibles and amortized as a reduction to auto parts revenue on a method to reflect the pattern of economic benefit consumed. Customer contract intangibles which are not paid to customers, are amortized and recorded in cost of auto parts revenue. | |
Investment, Policy | ' |
Investments | |
Fixed maturity securities are purchased to support our investment strategies, which are developed based on factors including rate of return, maturity, credit risk, duration, tax considerations and regulatory requirements. Fixed maturity securities which may be sold prior to maturity to support our investment strategies are carried at fair value and are classified as available for sale as of the balance sheet dates. Fair values for fixed maturity securities are principally a function of current market conditions and are valued based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly. Discount or premium is recorded for the difference between the purchase price and the principal amount. The discount or premium is amortized or accreted using the interest method and is recorded as an adjustment to interest and investment income. The interest method results in the recognition of a constant rate of return on the investment equal to the prevailing rate at the time of purchase or at the time of subsequent adjustments of book value. Changes in prepayment assumptions are accounted for retrospectively. | |
Equity securities and preferred stocks held are considered to be available for sale and carried at fair value as of the balance sheet dates. Our equity securities and certain preferred stocks are Level 1 financial assets and fair values are based on quoted prices in active markets. Other preferred stock holdings are Level 2 financial assets and are valued based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly. | |
Investments in unconsolidated affiliates are recorded using the equity method of accounting. | |
Other long-term investments consist of structured notes and various cost-method investments. The structured notes are carried at fair value as of the balance sheet dates. Fair values are based on exit prices obtained from a broker-dealer. The cost-method investments are carried at historical cost. | |
Short-term investments, which consist primarily of commercial paper and money market instruments, which have an original maturity of one year or less, are carried at amortized cost, which approximates fair value. | |
Realized gains and losses on the sale of investments are determined on the basis of the cost of the specific investments sold and are credited or charged to income on a trade date basis. Unrealized gains or losses on securities which are classified as available for sale, net of applicable deferred income tax expenses (benefits), are excluded from earnings and credited or charged directly to a separate component of equity. If any unrealized losses on available for sale securities are determined to be other-than-temporary, such unrealized losses are recognized as realized losses. Unrealized losses are considered other-than-temporary if factors exist that cause us to believe that the value will not increase to a level sufficient to recover our cost basis. Some factors considered in evaluating whether or not a decline in fair value is other-than-temporary include: (i) our need and intent to sell the investment prior to a period of time sufficient to allow for a recovery in value; (ii) the duration and extent to which the fair value has been less than cost; and (iii) the financial condition and prospects of the issuer. Such reviews are inherently uncertain and the value of the investment may not fully recover or may decline in future periods resulting in a realized loss. | |
Cash and Cash Equivalents, Policy | ' |
Cash and Cash Equivalents | |
Highly liquid instruments purchased as part of cash management with original maturities of three months or less are considered cash equivalents. The carrying amounts reported in the Consolidated Balance Sheets for these instruments approximate their fair value. | |
Fair Value of Financial Instruments, Policy | ' |
Fair Value of Financial Instruments | |
The fair values of financial instruments presented in the Consolidated Financial Statements are estimates of the fair values at a specific point in time using available market information and appropriate valuation methodologies. These estimates are subjective in nature and involve uncertainties and significant judgment in the interpretation of current market data. We do not necessarily intend to dispose of or liquidate such instruments prior to maturity. | |
Trade and Other Accounts Receivable, Policy | ' |
Trade and Notes Receivables | |
The carrying values reported in the Consolidated Balance Sheets for trade and notes receivables approximate their fair value. | |
Goodwill and Intangible Assets, Goodwill, Policy | ' |
Goodwill | |
Goodwill represents the excess of cost over fair value of identifiable net assets acquired and assumed in a business combination. Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment annually or more frequently if circumstances indicate potential impairment, through a comparison of fair value to the carrying amount. In evaluating the recoverability of goodwill, we perform an annual goodwill impairment analysis based on a review of qualitative factors to determine if events and circumstances exist which will lead to a determination that the fair value of a reporting unit is greater than its carrying amount, prior to performing a full fair-value assessment. | |
Liability Reserve Estimate, Policy | ' |
Reserve for Title Claim Losses | |
Our reserve for title claim losses includes known claims as well as losses we expect to incur, net of recoupments. Each known claim is reserved based on our review as to the estimated amount of the claim and the costs required to settle the claim. Reserves for claims which are incurred but not reported are established at the time premium revenue is recognized based on historical loss experience and also take into consideration other factors, including industry trends, claim loss history, current legal environment, geographic considerations and the type of policy written. | |
The reserve for claim losses also includes reserves for losses arising from the escrow title-related and other fees relating to closing and disbursement functions due to fraud or operational error. | |
If a loss is related to a policy issued by an independent agent, we may proceed against the independent agent pursuant to the terms of the agency agreement. In any event, we may proceed against third parties who are responsible for any loss under the title insurance policy under rights of subrogation. | |
Reinsurance Accounting Policy | ' |
Reinsurance | |
In a limited number of situations, we limit our maximum loss exposure by reinsuring certain risks with other insurers. We also earn a small amount of additional income, which is reflected in our direct premiums, by assuming reinsurance for certain risks of other insurers. We cede a portion of certain policy and other liabilities under agent fidelity, excess of loss and case-by-case reinsurance agreements. Reinsurance agreements provide that in the event of a loss (including costs, attorneys’ fees and expenses) exceeding the retained amounts, the reinsurer is liable for the excess amount assumed. However, the ceding company remains primarily liable in the event the reinsurer does not meet its contractual obligations. | |
Revenue Recognition, Policy | ' |
Revenue Recognition | |
Fidelity National Title Group. Our direct title insurance premiums and escrow, title-related and other fees are recognized as revenue at the time of closing of the related transaction as the earnings process is then considered complete, whereas premium revenues from agency operations and agency commissions include an accrual based on estimates using historical information of the volume of transactions that have closed in a particular period for which premiums have not yet been reported to us. The accrual for agency premiums is necessary because of the lag between the closing of these transactions and the reporting of these policies to us by the agent. Historically, the time lag between the closing of these transactions by our agents and the reporting of these policies, or premiums, to us has been up to 15 months, with 70-80% reported within three months following closing, an additional 10-20% reported within the next three months and the remainder within seven to fifteen months. In addition to accruing these earned but unreported agency premiums, we also accrue agent commission expense, which was 76.1%, of agent premiums earned in 2013, 76.2% of agent premiums earned in 2012 and 77.1% of agent premiums earned in 2011. We also record a provision for claim losses at our average provision rate at the time we record the accrual for the premiums, which was 7.0% for 2013 and 2012 and 6.8% for 2011, and accruals for premium taxes and other expenses relating to our premium accrual. The resulting impact to pretax earnings in any period is less than 10% of the accrued premium amount. The impact of the change in the accrual for agency premiums and related expenses on our pretax earnings was a decrease of $7 million for the year ended December 31, 2013, less than $1 million for the year ended 2012 and an increase of $8 million for the year ended 2011. The amount due from our agents relating to this accrual, i.e., the agent premium less their contractual retained commission, was approximately $74 million and $90 million at December 31, 2013 and 2012, respectively, which represents agency premiums of approximately $364 million and $438 million at December 31, 2013 and 2012, respectively, and agent commissions of $290 million and $348 million at December 31, 2013 and 2012, respectively. | |
Revenues from home warranty insurance policies are recognized over the life of the policy, which is one year. The unrecognized portion is recorded as deferred revenue in Accounts payable and other accrued liabilities in the Consolidated Balance Sheets. | |
Remy. Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, ownership has transferred, the seller’s price to the buyer is fixed and determinable and collectability is reasonably assured. Sales are recorded upon shipment of product to customers and transfer of title and risk of loss under standard commercial terms (typically, F.O.B. shipping point). We recognize shipping and handling costs as Costs of auto parts revenue with the related amounts billed to customers as sales. Accruals for sales returns, price protection and other allowances are provided at the time of shipment based upon past experience. Adjustments to such accruals are made as new information becomes available. We accrue for rebates, price protection and other customer sales allowances in accordance with specific customer arrangements. Such rebates are recorded as a reduction of Auto parts revenue. | |
Restaurant Group. Restaurant revenue on the Consolidated Statements of Earnings consists of restaurant sales and, to a lesser extent, franchise revenue and other revenue. Restaurant sales include food and beverage sales and are net of applicable state and local sales taxes and discounts. | |
Earnings Per Share, Policy | ' |
Earnings Per Share | |
Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during the period. In periods when earnings are positive, diluted earnings per share is calculated by dividing net earnings available to common stockholders by the sum of the weighted average number of common shares outstanding and the impact of assumed conversions of potentially dilutive securities. For periods when we recognize a net loss, diluted earnings per share is equal to basic earnings per share as the impact of assumed conversions of potentially dilutive securities is considered to be anti-dilutive. We have granted certain options, warrants, restricted stock, and convertible notes which have been treated as common share equivalents for purposes of calculating diluted earnings per share for periods in which positive earnings have been reported. | |
Foreign Currency Transactions and Translations Policy | ' |
Foreign Currency Translation | |
The functional currency for our foreign operations is either the U.S. Dollar or the local currency, with the exception of our Remy subsidiaries in Hungary for which the Euro is the functional currency, since substantially all of their purchases and sales are denominated in Euro. For foreign operations where the local currency is the functional currency, the translation of foreign currencies into U.S. Dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using a weighted average exchange rate during the period. The unrealized gains and losses resulting from the translation are included in Accumulated other comprehensive earnings in the Consolidated Financial Statements and are excluded from net earnings. Gains or losses resulting from foreign currency transactions are included in Realized gains and losses, net and are insignificant in 2013, 2012, and 2011. We evaluate our foreign subsidiaries’ functional currency on an ongoing basis. | |
Core Accounting [Policy Text Block] | ' |
Core Accounting | |
In our Remy segment, remanufacturing is the process where failed or used components, commonly known as cores, are disassembled into subcomponents, cleaned, inspected, tested, combined with new subcomponents and reassembled into salable, finished products. With many customers, a deposit is charged for the core. Upon return of a core, we grant the customer a credit based on the core deposit value. Core deposits are excluded from auto parts revenue. We record a liability for core returns based on cores expected to be returned. This liability is recorded in Accounts payable and other accrued liabilities in the accompanying Consolidated Balance Sheets. The liability represents the difference between the core deposit value to be credited to the customer and the estimated core inventory value of the core to be returned. Revisions to these estimates are made periodically to consider current costs and customer return trends. Upon receipt of a core, we record inventory at lower of cost or fair market value. The value of a core declines over its estimated useful life (ranging from 4 to 30 years) and is devalued accordingly. Carrying value of the core inventory is evaluated by comparing current prices obtained from core brokers to carrying cost. The devaluation of core carrying value is reflected as a charge to Cost of auto parts revenue. Core inventory that is deemed to be obsolete or in excess of current and future projected demand is written down to the lower of cost or market and charged to Cost of auto parts revenue. Core inventories are classified as Prepaid expenses and other assets in the accompanying Consolidated Balance Sheets. | |
In our Remy segment, when we enter into arrangements to purchase certain cores held in a customer’s inventory or when the customer is not charged a deposit for the core, we have the right to receive a core from the customer in return for every exchange unit supplied to them. We classify such rights as “Core return rights” in Prepaid expenses and other assets in the accompanying Consolidated Balance Sheets. The core return rights are valued based on the underlying core inventory values. Devaluation of these rights is charged to Cost of auto parts revenue. On a periodic basis, we settle with customers for cores that have not been returned. | |
Research and Development Expense, Policy [Policy Text Block] | ' |
Research and Development | |
In our Remy segment, we conduct research and development programs that are expected to contribute to future earnings. Such costs are included in Other operating expenses in the Consolidated Statements of Earnings. Customer-funded research and development expenses are recorded as an offset to research and development expense in Other operating expenses. | |
Derivatives, Reporting of Derivative Activity [Policy Text Block] | ' |
Derivative Financial Instruments | |
In our Remy segment, in the normal course of business, our operations are exposed to continuing fluctuations in foreign currency values, interest rates and commodity prices that can affect the cost of operating, investing and financing. Accordingly, we address a portion of these risks through a controlled program of risk management that includes the use of derivative financial instruments. We have historically used derivative financial instruments for the purpose of hedging currency, interest rate and commodity exposures, which exist as a part of ongoing business operations. | |
As a policy, we do not engage in speculative or leveraged transactions, nor do we hold or issue derivative financial instruments for trading purposes. Our objective for holding derivatives is to minimize risks using the most effective and cost-efficient methods available. Management routinely reviews the effectiveness of the use of derivative financial instruments. | |
We recognize all of our derivative instruments as either assets or liabilities at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated, and is effective, as a hedge and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, we designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in earnings immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of Accumulated other comprehensive earnings (loss) and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument that has been designated as a hedge, determined using the change in fair value method, is recognized in earnings immediately. The gain or loss related to derivative financial instruments that are not designated as hedges is recognized immediately in earnings. | |
Standard Product Warranty, Policy [Policy Text Block] | ' |
Warranty | |
In our Remy segment, we provide certain warranties relating to quality and performance of our products. An allowance for the estimated future cost of product warranties and other defective product returns is based on management’s estimate of product failure rates and customer eligibility and is included in Accounts payable and other accrued liabilities in the Consolidated Balance Sheet. If these factors differ from management’s estimates, revisions to the estimated warranty liability may be required. The specific terms and conditions of the warranties vary depending upon the customer and the product sold. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Table) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Related Party Transactions | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In millions) | ||||||||||||
Corporate services and cost-sharing revenue | $ | 7 | $ | 5 | $ | 5 | ||||||
Data processing expense | (34 | ) | (32 | ) | (36 | ) | ||||||
Net expense | $ | (27 | ) | $ | (27 | ) | $ | (31 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis | ' | |||||||||||||||
The following table presents our fair value hierarchy for those assets measured at fair value on a recurring basis as of December 31, 2013 and 2012, respectively: | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In millions) | ||||||||||||||||
Assets: | ||||||||||||||||
Fixed-maturity securities available for sale: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 126 | $ | — | $ | 126 | ||||||||
State and political subdivisions | — | 1,075 | — | 1,075 | ||||||||||||
Corporate debt securities | — | 1,606 | — | 1,606 | ||||||||||||
Foreign government bonds | — | 43 | — | 43 | ||||||||||||
Mortgage-backed/asset-backed securities | — | 109 | — | 109 | ||||||||||||
Preferred stock available for sale | 73 | 78 | — | 151 | ||||||||||||
Equity securities available for sale | 136 | — | — | 136 | ||||||||||||
Other long-term investments | — | — | 38 | 38 | ||||||||||||
Foreign exchange contracts | — | 4 | — | 4 | ||||||||||||
Interest rate swap contracts | — | 2 | — | 2 | ||||||||||||
Total assets | $ | 209 | $ | 3,043 | $ | 38 | $ | 3,290 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
Interest rate swap contracts | — | 1 | — | 1 | ||||||||||||
Total liabilities | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||
December 31, 2012 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In millions) | ||||||||||||||||
Fixed-maturity securities available for sale: | ||||||||||||||||
U.S. government and agencies | $ | — | $ | 139 | $ | — | $ | 139 | ||||||||
State and political subdivisions | — | 1,300 | — | 1,300 | ||||||||||||
Corporate debt securities | — | 1,499 | — | 1,499 | ||||||||||||
Foreign government bonds | — | 48 | — | 48 | ||||||||||||
Mortgage-backed/asset-backed securities | — | 154 | — | 154 | ||||||||||||
Preferred stock available for sale | 109 | 108 | — | 217 | ||||||||||||
Equity securities available for sale | 138 | — | — | 138 | ||||||||||||
Other long-term investments | — | — | 41 | 41 | ||||||||||||
Foreign exchange contracts | — | 6 | — | 6 | ||||||||||||
Commodity contracts | — | 1 | — | 1 | ||||||||||||
Total | $ | 247 | $ | 3,255 | $ | 41 | $ | 3,543 | ||||||||
Liabilities: | ||||||||||||||||
Commodity contracts | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
Interest rate swap contracts | — | 2 | — | 2 | ||||||||||||
Total liabilities | $ | — | $ | 4 | $ | — | $ | 4 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||
The following table presents the changes in our investments that are classified as Level 3 for the years ended December 31, 2013 and 2012 (in millions): | ||||||||||||||||
Balance, December 31, 2011 | $ | 41 | ||||||||||||||
Realized gain (loss) | — | |||||||||||||||
Balance, December 31, 2012 | 41 | |||||||||||||||
Realized loss | (3 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 38 | ||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||
Schedule of Available-for-sale Securities | ' | |||||||||||||||||||||||
The carrying amounts and fair values of our available for sale securities at December 31, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Carrying | Cost Basis | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Value | Gains | Losses | Value | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity investments available for sale: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 126 | $ | 121 | $ | 5 | $ | — | $ | 126 | ||||||||||||||
States and political subdivisions | 1,075 | 1,042 | 36 | (3 | ) | 1,075 | ||||||||||||||||||
Corporate debt securities | 1,606 | 1,565 | 47 | (6 | ) | 1,606 | ||||||||||||||||||
Foreign government bonds | 43 | 44 | 1 | (2 | ) | 43 | ||||||||||||||||||
Mortgage-backed/asset-backed securities | 109 | 105 | 4 | — | 109 | |||||||||||||||||||
Preferred stock available for sale | 151 | 158 | 3 | (10 | ) | 151 | ||||||||||||||||||
Equity securities available for sale | 136 | 71 | 65 | — | 136 | |||||||||||||||||||
Total | $ | 3,246 | $ | 3,106 | $ | 161 | $ | (21 | ) | $ | 3,246 | |||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Carrying | Cost Basis | Unrealized | Unrealized | Fair | ||||||||||||||||||||
Value | Gains | Losses | Value | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity investments available for sale: | ||||||||||||||||||||||||
U.S. government and agencies | $ | 139 | $ | 130 | $ | 9 | $ | — | $ | 139 | ||||||||||||||
States and political subdivisions | 1,300 | 1,239 | 61 | — | 1,300 | |||||||||||||||||||
Corporate debt securities | 1,499 | 1,440 | 71 | (12 | ) | 1,499 | ||||||||||||||||||
Foreign government bonds | 48 | 45 | 3 | — | 48 | |||||||||||||||||||
Mortgage-backed/asset-backed securities | 154 | 146 | 8 | — | 154 | |||||||||||||||||||
Preferred stock available for sale | 217 | 207 | 10 | — | 217 | |||||||||||||||||||
Equity securities available for sale | 138 | 103 | 40 | (5 | ) | 138 | ||||||||||||||||||
Total | $ | 3,495 | $ | 3,310 | $ | 202 | $ | (17 | ) | $ | 3,495 | |||||||||||||
Investments Classified by Contractual Maturity Date | ' | |||||||||||||||||||||||
The following table presents certain information regarding contractual maturities of our fixed maturity securities at December 31, 2013: | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Maturity | Amortized Cost | % of | Fair | % of | ||||||||||||||||||||
Total | Value | Total | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||
One year or less | $ | 363 | 13 | % | $ | 368 | 12 | % | ||||||||||||||||
After one year through five years | 1,845 | 64 | 1,906 | 65 | ||||||||||||||||||||
After five years through ten years | 559 | 19 | 571 | 19 | ||||||||||||||||||||
After ten years | 5 | — | 5 | — | ||||||||||||||||||||
Mortgage-backed/asset-backed securities | 105 | 4 | 109 | 4 | ||||||||||||||||||||
$ | 2,877 | 100 | % | $ | 2,959 | 100 | % | |||||||||||||||||
Subject to call | $ | 1,572 | 55 | % | $ | 1,606 | 54 | % | ||||||||||||||||
Schedule of Temporary Impairment Losses, Investments | ' | |||||||||||||||||||||||
Net unrealized losses on investment securities and the fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2013 and 2012 are as follows (in millions): | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
States and political subdivisions | $ | 123 | $ | (3 | ) | $ | — | $ | — | $ | 123 | $ | (3 | ) | ||||||||||
Corporate debt securities | 367 | (4 | ) | 39 | (2 | ) | 406 | (6 | ) | |||||||||||||||
Foreign government bonds | 17 | (1 | ) | 14 | (1 | ) | 31 | (2 | ) | |||||||||||||||
Preferred stock available for sale | 95 | (10 | ) | — | — | 95 | (10 | ) | ||||||||||||||||
Total temporarily impaired securities | $ | 602 | $ | (18 | ) | $ | 53 | $ | (3 | ) | $ | 655 | $ | (21 | ) | |||||||||
31-Dec-12 | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
Corporate debt securities | 96 | (5 | ) | 34 | (7 | ) | 130 | (12 | ) | |||||||||||||||
Equity securities available for sale | 31 | (3 | ) | 3 | (2 | ) | 34 | (5 | ) | |||||||||||||||
Total temporarily impaired securities | $ | 127 | $ | (8 | ) | $ | 37 | $ | (9 | ) | $ | 164 | $ | (17 | ) | |||||||||
Realized Gains and Losses and Proceeds From Sales on Investments and Other Assets | ' | |||||||||||||||||||||||
The following table presents realized gains and losses on investments and other assets and proceeds from the sale or maturity of investments and other assets for the years ending December 31, 2013, 2012, and 2011, respectively: | ||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 10 | $ | (4 | ) | $ | 6 | $ | 887 | |||||||||||||||
Preferred stock available for sale | 7 | (2 | ) | 5 | 121 | |||||||||||||||||||
Equity securities available for sale | 15 | (1 | ) | 14 | 43 | |||||||||||||||||||
Other long-term investments | (3 | ) | — | |||||||||||||||||||||
Debt extinguishment costs | (3 | ) | — | |||||||||||||||||||||
Other assets | (7 | ) | 1 | |||||||||||||||||||||
Total | $ | 12 | $ | 1,052 | ||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 16 | $ | (5 | ) | $ | 11 | $ | 976 | |||||||||||||||
Preferred stock available for sale | — | — | — | 29 | ||||||||||||||||||||
Equity securities available for sale | 3 | — | 3 | 8 | ||||||||||||||||||||
Gain on consolidation of O'Charley's and ABRH | 73 | — | ||||||||||||||||||||||
Bargain purchase gain on O'Charley's | 48 | — | ||||||||||||||||||||||
Gain on consolidation of Remy | 79 | — | ||||||||||||||||||||||
Loss on early extinguishment of 5.25% bonds | (6 | ) | — | |||||||||||||||||||||
Other assets | (21 | ) | 2 | |||||||||||||||||||||
Total | $ | 187 | $ | 1,015 | ||||||||||||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 38 | $ | (18 | ) | $ | 20 | $ | 1,251 | |||||||||||||||
Preferred stock available for sale | — | — | — | 21 | ||||||||||||||||||||
Equity securities available for sale | 2 | — | 2 | 16 | ||||||||||||||||||||
Other long-term investments | (4 | ) | 32 | |||||||||||||||||||||
Other assets | (11 | ) | 6 | |||||||||||||||||||||
Total | $ | 7 | $ | 1,326 | ||||||||||||||||||||
Investment Income | ' | |||||||||||||||||||||||
Interest and investment income consists of the following: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1 | $ | — | $ | 1 | ||||||||||||||||||
Fixed maturity securities available for sale | 99 | 117 | 130 | |||||||||||||||||||||
Equity securities and preferred stock available for sale | 16 | 14 | 6 | |||||||||||||||||||||
Other | 13 | 13 | 6 | |||||||||||||||||||||
Total | $ | 129 | $ | 144 | $ | 143 | ||||||||||||||||||
Schedule of Equity Method Investments | ' | |||||||||||||||||||||||
Investments in unconsolidated affiliates are recorded using the equity method of accounting and as of December 31, 2013 and 2012 consisted of the following (in millions): | ||||||||||||||||||||||||
Ownership at December 31, 2013 | 2013 | 2012 | ||||||||||||||||||||||
Ceridian | 32 | % | $ | 295 | $ | 351 | ||||||||||||||||||
Other | various | 62 | 41 | |||||||||||||||||||||
Total | $ | 357 | $ | 392 | ||||||||||||||||||||
Ceridian summarized financial information balance sheet | ' | |||||||||||||||||||||||
Summarized financial information for the periods included in our Consolidated Financial Statements for Ceridian is presented below: | ||||||||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Total current assets before customer funds | $ | 1,106 | $ | 1,209 | ||||||||||||||||||||
Customer funds | 3,000 | 3,925 | ||||||||||||||||||||||
Goodwill and other intangible assets, net | 4,484 | 4,630 | ||||||||||||||||||||||
Other assets | 119 | 157 | ||||||||||||||||||||||
Total assets | $ | 8,709 | $ | 9,921 | ||||||||||||||||||||
Current liabilities before customer customer obligations | $ | 836 | $ | 995 | ||||||||||||||||||||
Customer obligations | 2,986 | 3,874 | ||||||||||||||||||||||
Long-term obligations, less current portion | 3,449 | 3,445 | ||||||||||||||||||||||
Other long-term liabilities | 496 | 488 | ||||||||||||||||||||||
Total liabilities | 7,767 | 8,802 | ||||||||||||||||||||||
Equity | 942 | 1,119 | ||||||||||||||||||||||
Total liabilities and equity | $ | 8,709 | $ | 9,921 | ||||||||||||||||||||
Ceridian summarized financial information income statement | ' | |||||||||||||||||||||||
Period from | Period from | |||||||||||||||||||||||
October 1, 2012, | October 1, 2011, | |||||||||||||||||||||||
through | through | |||||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Total revenues | $ | 1,511 | $ | 1,507 | ||||||||||||||||||||
Loss before income taxes | (88 | ) | (66 | ) | ||||||||||||||||||||
Net loss | (111 | ) | (56 | ) |
Remy_Derivative_Financial_Inst1
Remy Derivative Financial Instruments and Concentration of Risk (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||
The following table discloses the fair values of Remy's derivative instruments (in millions): | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity contracts | $ | — | $ | 2 | $ | 1 | $ | 2 | |||||||||
Foreign currency contracts | 4 | — | 6 | — | |||||||||||||
Interest rate swap contracts | 2 | — | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | 6 | $ | 2 | $ | 7 | $ | 2 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | 1 | $ | — | $ | 2 | |||||||||
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | ' | ||||||||||||||||
As of December 31, 2013 and 2012, Remy had the following outstanding foreign currency contracts to hedge forecasted purchases and revenues (in millions): | |||||||||||||||||
Currency denomination | |||||||||||||||||
December 31, | |||||||||||||||||
Foreign currency contract | 2013 | 2012 | |||||||||||||||
South Korean Won Forward | $ | 74 | $ | 56 | |||||||||||||
Mexican Peso Contracts | $ | 74 | $ | 67 | |||||||||||||
Brazilian Real Forward | $ | 11 | $ | 18 | |||||||||||||
Hungarian Forint Forward | € | 14 | € | 13 | |||||||||||||
British Pound Forward | £ | 4 | £ | 1 | |||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||
The following table discloses the effect of Remy's derivative instruments for the year ended December 31, 2013 (in millions): | |||||||||||||||||
Amount of (loss) gain recognized in OCI (effective portion) | Amount of (loss) gain reclassified from OCI into earnings (effective portion | Amount of gain (loss) recognized in earnings (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in earnings | ||||||||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||||||||||
Commodity contracts | $ | (6 | ) | $ | (5 | ) | $ | — | $ | — | |||||||
Foreign currency contracts | 5 | 6 | — | — | |||||||||||||
Interest rate swap contracts | 1 | — | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | 1 | $ | — | $ | — | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | 1 | |||||||||
The following table discloses the effect of Remy's derivative instruments for the year ended December 31, 2012 (in millions): | |||||||||||||||||
Amount of gain recognized in OCI (effective portion) | Amount of gain reclassified from OCI into earnings (effective portion | Amount of gain (loss) recognized in earnings (ineffective portion and amount excluded from effectiveness testing) | Amount of gain (loss) recognized in earnings | ||||||||||||||
Derivatives designated as cash flow hedging instruments: | |||||||||||||||||
Commodity contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
Foreign currency contracts | 6 | 1 | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | 6 | $ | 1 | $ | — | $ | — | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | — | |||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property and equipment consists of the following: | ||||||||
Year Ended December 31, | ||||||||
2013 | 2012 | |||||||
(In millions) | ||||||||
Land | $ | 133 | $ | 119 | ||||
Buildings | 125 | 83 | ||||||
Leasehold improvements | 223 | 88 | ||||||
Data processing equipment | 236 | 229 | ||||||
Furniture, fixtures and equipment | 515 | 329 | ||||||
1,232 | 848 | |||||||
Accumulated depreciation and amortization | (587 | ) | (220 | ) | ||||
$ | 645 | $ | 628 | |||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Goodwill [Abstract] | ' | |||||||||||||||||||||||
Schedule of Goodwill | ' | |||||||||||||||||||||||
Goodwill consists of the following: | ||||||||||||||||||||||||
Fidelity National | FNF Corporate and Other | Remy | Restaurant Group | Portfolio Company Corporate | Total | |||||||||||||||||||
Title Group | and Other | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 1,418 | $ | 3 | $ | — | $ | — | $ | 32 | $ | 1,453 | ||||||||||||
Goodwill acquired during the year (1) | 18 | — | 246 | 119 | 75 | 458 | ||||||||||||||||||
Adjustments to prior year acquisitions | — | — | — | — | (1 | ) | (1 | ) | ||||||||||||||||
Sale of assets | (2 | ) | — | — | — | — | (2 | ) | ||||||||||||||||
Balance, December 31, 2012 | $ | 1,434 | $ | 3 | $ | 246 | $ | 119 | $ | 106 | $ | 1,908 | ||||||||||||
Goodwill acquired during the year | 2 | — | — | — | 17 | 19 | ||||||||||||||||||
Adjustments to prior year acquisitions (2) | (1 | ) | — | 2 | — | (27 | ) | (26 | ) | |||||||||||||||
Balance, December 31, 2013 | $ | 1,435 | $ | 3 | $ | 248 | $ | 119 | $ | 96 | $ | 1,901 | ||||||||||||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Intangible Assets [Abstract] | ' | |||||||
Schedule of Finite-Lived Intangible Assets by Major Class | ' | |||||||
Other intangible assets consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In millions) | ||||||||
Customer relationships and contracts | $ | 516 | $ | 481 | ||||
Trademarks and tradenames | 238 | 238 | ||||||
Other | 60 | 47 | ||||||
814 | 766 | |||||||
Accumulated amortization | (195 | ) | (115 | ) | ||||
$ | 619 | $ | 651 | |||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |||||||
Schedule of Accounts Payable and Accrued Liabilities | ' | |||||||
Accounts payable and other accrued liabilities consist of the following: | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
(In millions) | ||||||||
Accrued benefits | $ | 239 | $ | 251 | ||||
Salaries and incentives | 242 | 246 | ||||||
Accrued rent | 29 | 45 | ||||||
Trade accounts payable | 236 | 186 | ||||||
Accrued recording fees and transfer taxes | 25 | 51 | ||||||
Accrued premium taxes | 43 | 54 | ||||||
Deferred revenue | 90 | 84 | ||||||
Other accrued liabilities | 387 | 391 | ||||||
$ | 1,291 | $ | 1,308 | |||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||
Notes payable consists of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In millions) | |||||||||
Unsecured notes, net of discount, interest payable semi-annually at 5.50%, due September 2022 | $ | 398 | $ | 398 | |||||
Unsecured convertible notes, net of discount, interest payable semi-annually at 4.25%, due August 2018 | 285 | 282 | |||||||
Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | 300 | 300 | |||||||
Revolving Credit Facility, unsecured, unused portion of $800 at December 31, 2013, due July 2018 with interest payable monthly at LIBOR + 1.45% (1.62% at December 31, 2013) | — | — | |||||||
Remy Term B Loan, interest payable quarterly at LIBOR (floor of 1.75%) + 4.50%, due December 2016 | — | 259 | |||||||
Remy Amended and Restated Term B Loan, interest payable quarterly at LIBOR (floor of 1.25%) + 3.00% (4.25% at December 31, 2013), due March 2020 | 266 | — | |||||||
Remy Revolving Credit Facility, unused portion of $73 at December 31, 2013, due September 2018 with interest payable monthly at base rate 3.25% + base rate margin .50% (3.75% at December 31, 2013) | — | — | |||||||
Restaurant Group Term Loan, interest payable monthly at LIBOR + 3.75% (3.92% at December 31, 2013), due May 2017 | 53 | 72 | |||||||
Restaurant Group Revolving Credit Facility, unused portion of $62 at December 31, 2013, due May 2017 with interest payable monthly at base rate 3.25% + base rate margin 2.75% (6.00% at December 31, 2013) | — | — | |||||||
Other | 21 | 33 | |||||||
$ | 1,323 | $ | 1,344 | ||||||
Schedule of Maturities of Long-term Debt | ' | ||||||||
Gross principal maturities of notes payable at December 31, 2013 are as follows (in millions): | |||||||||
2014 | $ | 18 | |||||||
2015 | 13 | ||||||||
2016 | 13 | ||||||||
2017 | 332 | ||||||||
2018 | 304 | ||||||||
Thereafter | 661 | ||||||||
$ | 1,341 | ||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Taxes [Abstract] | ' | |||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||
Income tax expense (benefit) on continuing operations consists of the following: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(In millions) | ||||||||||||
Current | $ | 148 | $ | 224 | $ | (11 | ) | |||||
Deferred | 57 | 21 | 142 | |||||||||
$ | 205 | $ | 245 | $ | 131 | |||||||
Income tax expense (benefit) on continuing operations allocation [Table Text Block] | ' | |||||||||||
Total income tax expense (benefit) was allocated as follows (in millions): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net earnings from continuing operations | $ | 205 | $ | 245 | $ | 131 | ||||||
Tax expense (benefit) attributable to discontinued operations | (2 | ) | 5 | 59 | ||||||||
Other comprehensive earnings (loss): | ||||||||||||
Unrealized gains (loss) on investments and other financial instruments | (29 | ) | 39 | 11 | ||||||||
Unrealized gain (loss) on foreign currency translation and cash flow hedging | (2 | ) | 1 | (1 | ) | |||||||
Reclassification adjustment for change in unrealized gains and losses included in net earnings | 3 | (7 | ) | (16 | ) | |||||||
Minimum pension liability adjustment | 16 | 5 | (6 | ) | ||||||||
Total income tax expense (benefit) allocated to other comprehensive earnings | (12 | ) | 38 | (12 | ) | |||||||
Additional paid-in capital, stock-based compensation | (17 | ) | (31 | ) | (6 | ) | ||||||
Total income taxes | $ | 174 | $ | 257 | $ | 172 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||||||
A reconciliation of the federal statutory rate to our effective tax rate is as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Federal statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State income taxes, net of federal benefit | 3 | 2.2 | 1.4 | |||||||||
Deductible dividends paid to FNF 401(k) plan | (0.2 | ) | (0.1 | ) | (0.2 | ) | ||||||
Tax exempt interest income | (1.4 | ) | (1.3 | ) | (2.7 | ) | ||||||
Release of valuation allowance | — | (0.8 | ) | — | ||||||||
Nontaxable investment gains | — | (5.3 | ) | — | ||||||||
Tax Credits | (1.4 | ) | (0.5 | ) | (0.8 | ) | ||||||
Equity Investments | (1.8 | ) | (1.0 | ) | 0.1 | |||||||
Consolidated Partnerships | (0.4 | ) | (0.2 | ) | (0.8 | ) | ||||||
Non-deductible expenses and other, net | (1.3 | ) | 1.3 | 0.4 | ||||||||
31.5 | % | 29.3 | % | 32.4 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||
The significant components of deferred tax assets and liabilities at December 31, 2013 and 2012 consist of the following: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(In millions) | ||||||||||||
Deferred Tax Assets: | ||||||||||||
Employee benefit accruals | $ | 46 | $ | 53 | ||||||||
Other investments | 80 | 58 | ||||||||||
Net operating loss carryforwards | 89 | 106 | ||||||||||
Insurance reserve discounting | 11 | — | ||||||||||
Accrued liabilities | 30 | 30 | ||||||||||
Pension plan | — | 12 | ||||||||||
Tax credits | 62 | 66 | ||||||||||
State income taxes | 9 | 9 | ||||||||||
Other | — | 11 | ||||||||||
Total gross deferred tax asset | 327 | 345 | ||||||||||
Less: valuation allowance | 26 | 27 | ||||||||||
Total deferred tax asset | $ | 301 | $ | 318 | ||||||||
Deferred Tax Liabilities: | ||||||||||||
Title plant | $ | (83 | ) | $ | (72 | ) | ||||||
Amortization of goodwill and intangible assets | (275 | ) | (283 | ) | ||||||||
Other | (13 | ) | — | |||||||||
Investment securities | (53 | ) | (65 | ) | ||||||||
Depreciation | (14 | ) | (10 | ) | ||||||||
Insurance reserve discounting | — | (5 | ) | |||||||||
Bad debts | (6 | ) | (6 | ) | ||||||||
Pension Plan | (1 | ) | — | |||||||||
Total deferred tax liability | $ | (445 | ) | $ | (441 | ) | ||||||
Net deferred tax liability | $ | (144 | ) | $ | (123 | ) |
Summary_of_Reserve_for_Claim_L1
Summary of Reserve for Claim Loss (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Summary of Reserve for Claim Losses [Abstract] | ' | |||||||||||
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | ' | |||||||||||
A summary of the reserve for claim losses follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(Dollars in millions) | ||||||||||||
Beginning balance | $ | 1,748 | $ | 1,913 | $ | 2,211 | ||||||
Claim loss provision related to: | ||||||||||||
Current year | 220 | 210 | 189 | |||||||||
Prior years | 71 | 58 | 33 | |||||||||
Total title claim loss provision (1) | 291 | 268 | 222 | |||||||||
Claims paid, net of recoupments related to: | ||||||||||||
Current year | (9 | ) | (4 | ) | (10 | ) | ||||||
Prior years | (394 | ) | (429 | ) | (510 | ) | ||||||
Total title claims paid, net of recoupments | (403 | ) | (433 | ) | (520 | ) | ||||||
Ending balance of claim loss reserve for title insurance | $ | 1,636 | $ | 1,748 | $ | 1,913 | ||||||
Provision for title insurance claim losses as a percentage of title insurance premiums | 7 | % | 7 | % | 6.8 | % | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | |||
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | ' | |||
2014 | $ | 173 | ||
2015 | 45 | |||
2016 | 23 | |||
2017 | 4 | |||
2018 | — | |||
Thereafter | — | |||
Total purchase commitments | $ | 245 | ||
Operating Leases of Lessee Disclosure [Table Text Block] | ' | |||
Operating Leases | ||||
Future minimum operating lease payments are as follows (in millions): | ||||
2014 | $ | 178 | ||
2015 | 150 | |||
2016 | 123 | |||
2017 | 101 | |||
2018 | 76 | |||
Thereafter | 298 | |||
Total future minimum operating lease payments | $ | 926 | ||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||
Employee Benefit Plans [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||||||
Stock option transactions under the Omnibus Plan for 2011, 2012, and 2013 are as follows: | ||||||||||||||||||||||||||
Options | Weighted Average | Exercisable | ||||||||||||||||||||||||
Exercise Price | ||||||||||||||||||||||||||
Balance, December 31, 2010 | 21,826,954 | $ | 13.52 | 16,241,130 | ||||||||||||||||||||||
Granted | 25,000 | 15.62 | ||||||||||||||||||||||||
Exercised | (1,068,934 | ) | 7.31 | |||||||||||||||||||||||
Canceled | (150,999 | ) | 20.04 | |||||||||||||||||||||||
Balance, December 31, 2011 | 20,632,021 | $ | 13.79 | 18,704,618 | ||||||||||||||||||||||
Granted | 769,693 | 22.59 | ||||||||||||||||||||||||
Exercised | (12,358,474 | ) | 12.49 | |||||||||||||||||||||||
Canceled | (76,166 | ) | 22.69 | |||||||||||||||||||||||
Balance, December 31, 2012 | 8,967,074 | $ | 16.27 | 8,147,381 | ||||||||||||||||||||||
Granted | 3,712,416 | 27.9 | ||||||||||||||||||||||||
Exercised | (3,267,937 | ) | 18.28 | |||||||||||||||||||||||
Canceled | (52,813 | ) | 22.59 | |||||||||||||||||||||||
Balance, December 31, 2013 | 9,358,740 | $ | 20.15 | 5,180,504 | ||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | |||||||||||||||||||||||||
Restricted stock transactions under the Omnibus Plan in 2011, 2012, and 2013 are as follows: | ||||||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value | |||||||||||||||||||||||||
Balance, December 31, 2010 | 2,666,901 | $ | 13.2 | |||||||||||||||||||||||
Granted | 1,645,246 | 15.62 | ||||||||||||||||||||||||
Canceled | (46,433 | ) | 14.75 | |||||||||||||||||||||||
Vested | (1,253,058 | ) | 12.51 | |||||||||||||||||||||||
Balance, December 31, 2011 | 3,012,656 | $ | 14.78 | |||||||||||||||||||||||
Granted | 1,332,222 | 22.59 | ||||||||||||||||||||||||
Canceled | (17,840 | ) | 14.78 | |||||||||||||||||||||||
Vested | (1,402,300 | ) | 14.55 | |||||||||||||||||||||||
Balance, December 31, 2012 | 2,924,738 | $ | 18.46 | |||||||||||||||||||||||
Granted | 650,728 | 27.9 | ||||||||||||||||||||||||
Canceled | (8,116 | ) | 17.44 | |||||||||||||||||||||||
Vested | (1,654,278 | ) | 17.3 | |||||||||||||||||||||||
Balance, December 31, 2013 | 1,913,072 | $ | 22.68 | |||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||||||||||||||
The following table summarizes information related to stock options outstanding and exercisable as of December 31, 2013: | ||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||
Weighted | Weighted | |||||||||||||||||||||||||
Average | Weighted | Average | Weighted | |||||||||||||||||||||||
Remaining | Average | Remaining | Average | |||||||||||||||||||||||
Range of | Number of | Contractual | Exercise | Intrinsic | Number of | Contractual | Exercise | Intrinsic | ||||||||||||||||||
Exercise Prices | Options | Life | Price | Value | Options | Life | Price | Value | ||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||
$0.00 — $7.09 | 1,294,704 | 2.82 | $ | 7.09 | $ | 33 | 1,294,704 | 2.82 | $ | 7.09 | $ | 33 | ||||||||||||||
$7.10 — $13.64 | 1,891,704 | 1.85 | 13.64 | 36 | 1,891,704 | 1.85 | 13.64 | 36 | ||||||||||||||||||
$13.65 — $14.06 | 696,083 | 2.51 | 14.05 | 13 | 696,083 | 2.51 | 14.05 | 13 | ||||||||||||||||||
$14.07 — $18.14 | 76,667 | 2.49 | 17.87 | 1 | 68,333 | 2.2 | 18.14 | 1 | ||||||||||||||||||
$18.15 — $20.92 | 34,793 | 2.42 | 20.83 | — | 34,793 | 2.42 | 20.83 | — | ||||||||||||||||||
$20.93 — $22.59 | 709,123 | 5.64 | 22.59 | 7 | 251,637 | 5.27 | 22.59 | 3 | ||||||||||||||||||
$22.60 — $27.90 | 4,655,666 | 5.7 | 27 | 25 | 943,250 | 0.98 | 23.44 | 8 | ||||||||||||||||||
9,358,740 | $ | 115 | 5,180,504 | $ | 94 | |||||||||||||||||||||
Supplementary_Cash_Flow_Inform1
Supplementary Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplementary Cash Flow Information [Abstract] | ' | ||||||||||||
Schedule of Cash Flow, Supplemental Disclosures | ' | ||||||||||||
The following supplemental cash flow information is provided with respect to interest and tax payments, as well as certain non-cash investing and financing activities. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In millions) | |||||||||||||
Cash paid during the year: | |||||||||||||
Interest | $ | 87 | $ | 65 | $ | 52 | |||||||
Income taxes | 249 | 109 | 40 | ||||||||||
Non-cash investing and financing activities: | |||||||||||||
Liabilities assumed in connection with acquisitions: | |||||||||||||
Fair value of assets acquired | $ | 30 | $ | 1,116 | $ | — | |||||||
Less: Total purchase price | 25 | 254 | — | ||||||||||
Liabilities assumed | $ | 5 | $ | 862 | $ | — | |||||||
Financial_Instruments_with_Off1
Financial Instruments with Off-Balance Sheet Risk and Concentration Risk (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Instruments with Off-Balance Sheet Risk and Concentration of Risk [Abstract] | ' | ||||||||
Schedules of Concentration of Risk, by Risk Factor | ' | ||||||||
We generate a significant amount of title insurance premiums in California, Texas, New York and Florida. Title insurance premiums as a percentage of the total title insurance premiums written from those four states are detailed as follows: | |||||||||
2013 | 2012 | 2011 | |||||||
California | 15.2 | % | 17.2 | % | 15.8 | % | |||
Texas | 14.4 | % | 12.9 | % | 12.3 | % | |||
New York | 7.4 | % | 7.4 | % | 8.1 | % | |||
Florida | 7.6 | % | 6.6 | % | 6.5 | % | |||
Remy generates revenue in multiple geographic locations. Revenues are attributed to geographic locations based on the point of sale. | |||||||||
Information about our Auto parts revenue in our Remy segment by region was as follows: | |||||||||
2013 | 2012 | ||||||||
United States | 66.1 | % | 66 | % | |||||
Asia Pacific | 20.7 | % | 20 | % | |||||
Europe | 7.9 | % | 8.8 | % | |||||
Other America | 5.3 | % | 5.2 | % | |||||
Total | 100 | % | 100 | % |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Segments Information [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2013: | ||||||||||||||||||||||||||||||||||||
Fidelity National Title Group | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | Portfolio Company Corporate | Total Portfolio Company Investments | Eliminations | Total | ||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Title premiums | $ | 4,152 | $ | — | $ | 4,152 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,152 | ||||||||||||||||||
Other revenues | 1,597 | 53 | 1,650 | — | — | 87 | 87 | — | 1,737 | |||||||||||||||||||||||||||
Auto parts revenues | — | — | — | 1,127 | — | — | 1,127 | — | 1,127 | |||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | 1,408 | — | 1,408 | — | 1,408 | |||||||||||||||||||||||||||
Revenues from external customers | 5,749 | 53 | 5,802 | 1,127 | 1,408 | 87 | 2,622 | — | 8,424 | |||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 145 | 3 | 148 | (2 | ) | (1 | ) | 3 | — | (7 | ) | 141 | ||||||||||||||||||||||||
Total revenues | 5,894 | 56 | 5,950 | 1,125 | 1,407 | 90 | 2,622 | (7 | ) | 8,565 | ||||||||||||||||||||||||||
Depreciation and amortization | 65 | 3 | 68 | 4 | 53 | 12 | 69 | — | 137 | |||||||||||||||||||||||||||
Interest expense | — | 68 | 68 | 20 | 8 | 4 | 32 | (7 | ) | 93 | ||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 821 | (145 | ) | 676 | 22 | 12 | (59 | ) | (25 | ) | — | 651 | ||||||||||||||||||||||||
Income tax expense (benefit) | 302 | (60 | ) | 242 | 5 | (4 | ) | (38 | ) | (37 | ) | — | 205 | |||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 519 | (85 | ) | 434 | 17 | 16 | (21 | ) | 12 | — | 446 | |||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 5 | (1 | ) | 4 | — | — | (30 | ) | (30 | ) | — | (26 | ) | |||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 524 | $ | (86 | ) | $ | 438 | $ | 17 | $ | 16 | $ | (51 | ) | $ | (18 | ) | $ | — | $ | 420 | |||||||||||||||
Assets | $ | 6,757 | $ | 1,265 | $ | 8,022 | $ | 1,255 | $ | 663 | $ | 699 | $ | 2,617 | $ | (115 | ) | $ | 10,524 | |||||||||||||||||
Goodwill | 1,435 | 3 | 1,438 | 248 | 119 | 96 | 463 | — | 1,901 | |||||||||||||||||||||||||||
As of and for the year ended December 31, 2012: | ||||||||||||||||||||||||||||||||||||
Fidelity National Title Group | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | Portfolio Company Corporate | Total Portfolio Company Investments | Eliminations | Total | ||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Title premiums | $ | 3,833 | $ | — | $ | 3,833 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,833 | ||||||||||||||||||
Other revenues | 1,613 | 48 | 1,661 | — | — | 15 | 15 | — | 1,676 | |||||||||||||||||||||||||||
Auto parts revenues | — | — | — | 417 | — | — | 417 | — | 417 | |||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | 908 | — | 908 | — | 908 | |||||||||||||||||||||||||||
Revenues from external customers | 5,446 | 48 | 5,494 | 417 | 908 | 15 | 1,340 | — | 6,834 | |||||||||||||||||||||||||||
Interest and investment income, including realized gains and losses | 140 | (3 | ) | 137 | 80 | 119 | (4 | ) | 195 | (1 | ) | 331 | ||||||||||||||||||||||||
Total revenues | 5,586 | 45 | 5,631 | 497 | 1,027 | 11 | 1,535 | (1 | ) | 7,165 | ||||||||||||||||||||||||||
Depreciation and amortization | 64 | 4 | 68 | 1 | 35 | — | 36 | — | 104 | |||||||||||||||||||||||||||
Interest expense | 1 | 60 | 61 | 10 | 3 | 1 | 14 | (1 | ) | 74 | ||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 776 | (107 | ) | 669 | 89 | 102 | (25 | ) | 166 | — | 835 | |||||||||||||||||||||||||
Income tax expense (benefit) | 282 | (52 | ) | 230 | 3 | 18 | (6 | ) | 15 | — | 245 | |||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 494 | (55 | ) | 439 | 86 | 84 | (19 | ) | 151 | — | 590 | |||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 5 | — | 5 | — | — | 5 | 5 | — | 10 | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 499 | $ | (55 | ) | $ | 444 | $ | 86 | $ | 84 | $ | (14 | ) | $ | 156 | $ | — | $ | 600 | ||||||||||||||||
Assets | $ | 6,929 | $ | 417 | $ | 7,346 | $ | 1,270 | $ | 689 | $ | 678 | $ | 2,637 | $ | (80 | ) | $ | 9,903 | |||||||||||||||||
Goodwill | 1,434 | 3 | 1,437 | 246 | 119 | 106 | 471 | — | 1,908 | |||||||||||||||||||||||||||
As of and for the year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||||
Fidelity National Title Group | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | Portfolio Company Corporate | Total Portfolio Company Investments | Eliminations | Total | ||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
Title premiums | $ | 3,257 | $ | — | $ | 3,257 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,257 | ||||||||||||||||||
Other revenues | 1,337 | 37 | 1,374 | — | — | 19 | 19 | — | 1,393 | |||||||||||||||||||||||||||
Auto parts revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Revenues from external customers | 4,594 | 37 | 4,631 | — | — | 19 | 19 | — | 4,650 | |||||||||||||||||||||||||||
Interest and investment income, including realized gains and losses | 149 | 2 | 151 | — | — | (1 | ) | (1 | ) | — | 150 | |||||||||||||||||||||||||
Total revenues | 4,743 | 39 | 4,782 | — | — | 18 | 18 | — | 4,800 | |||||||||||||||||||||||||||
Depreciation and amortization | 70 | 3 | 73 | — | — | — | — | — | 73 | |||||||||||||||||||||||||||
Interest expense | 1 | 56 | 57 | — | — | — | — | — | 57 | |||||||||||||||||||||||||||
Earnings from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 521 | (115 | ) | 406 | — | — | (1 | ) | (1 | ) | — | 405 | ||||||||||||||||||||||||
Income tax expense | 169 | (40 | ) | 129 | — | — | 2 | 2 | — | 131 | ||||||||||||||||||||||||||
Earnings from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 352 | (75 | ) | 277 | — | — | (3 | ) | (3 | ) | — | 274 | ||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 4 | — | 4 | — | — | 6 | 6 | — | 10 | |||||||||||||||||||||||||||
Earnings from continuing operations | $ | 356 | $ | (75 | ) | $ | 281 | $ | — | $ | — | $ | 3 | $ | 3 | $ | — | $ | 284 | |||||||||||||||||
Assets | $ | 6,540 | $ | 324 | $ | 6,864 | $ | — | $ | — | $ | 998 | $ | 998 | $ | — | $ | 7,862 | ||||||||||||||||||
Goodwill | 1,418 | 3 | 1,421 | — | — | 32 | 32 | — | 1,453 | |||||||||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | |
Title Plant | Title Plant | Title Plant | Agent premium lag accrual | Agent premium lag accrual | Agent premium lag accrual | ABRH [Member] | Remy | Remy | ||||
New Accounting Pronouncements or Change in Accounting Principle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55.00% | 51.00% | 51.00% |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | 47.00% |
Goodwill, Impairment Loss | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Asset Impairment Charges | ' | ' | ' | 4,000,000 | 13,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' |
Deposits | 588,000,000 | 528,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agent commission split rate | ' | ' | ' | ' | ' | ' | 76.10% | 76.20% | 77.10% | ' | ' | ' |
Provision for title insurance claims on current year policies | 7.00% | 6.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in agency premium accrual | ' | ' | ' | ' | ' | ' | 7,000,000 | 1,000,000 | 8,000,000 | ' | ' | ' |
Agency premium accrual | ' | ' | ' | ' | ' | ' | 74,000,000 | 90,000,000 | ' | ' | ' | ' |
Agency title insurance premiums | 2,352,000,000 | 2,101,000,000 | 1,830,000,000 | ' | ' | ' | 364,000,000 | 438,000,000 | ' | ' | ' | ' |
Accrued agent commissions | ' | ' | ' | ' | ' | ' | 290,000,000 | 348,000,000 | ' | ' | ' | ' |
Disposal Group, Including Discontinued Operation, Revenue | 8,000,000 | 36,000,000 | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax earnings from discontinued operations included in results of operations | ($1,000,000) | $9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transactions Textuals | ' | ' | ' |
Accounts payable to related parties | $3 | $5 | ' |
FIS shares sold | 300,000 | ' | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | 11 | ' | ' |
Available-for-sale Securities, Fair Value | 2,959 | 3,140 | ' |
FIS | ' | ' | ' |
Related Party Transactions | ' | ' | ' |
Corporate services and cost-sharing (expense) revenue | 7 | 5 | 5 |
Data processing expense | -34 | -32 | -36 |
Net Expense | -27 | -27 | -31 |
Related Party Transactions Textuals | ' | ' | ' |
Fair value of investment in FIS common stock | 70 | 56 | ' |
Purchased shares of FIS stock | 1,303,860 | 1,603,860 | ' |
Corporate Bond Securities | FIS | ' | ' | ' |
Related Party Transactions Textuals | ' | ' | ' |
Available-for-sale Securities, Fair Value | $42 | $53 | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings per Share Textuals [Abstract] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1 | 4 | 8 |
Sale_of_Flood_Insurance_Busine
Sale of Flood Insurance Business and Discontinued Operations (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | $75 | $120 |
Net gain on sale of at-risk and flood insurance businesses | 0 | 0 | -139 |
Disposal Group, Including Discontinued Operation, Revenue | 8 | 36 | 41 |
Pre-tax earnings from discontinued operations included in results of operations | -1 | 9 | ' |
At-risk insurance line of business | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ' | ' | ' |
Sale of Stock, Percentage of Ownership before Transaction | 85.00% | ' | ' |
Proceeds from Divestiture of Businesses | 120 | ' | ' |
Net gain on sale of at-risk and flood insurance businesses | ' | -15 | ' |
Disposal Group, Including Discontinued Operation, Revenue | 124 | 163 | ' |
Pre-tax earnings from discontinued operations included in results of operations | 10 | -24 | ' |
Flood Line of Business | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations | ' | ' | ' |
Proceeds from Divestiture of Businesses | ' | 135 | ' |
Net gain on sale of at-risk and flood insurance businesses | ' | 154 | ' |
Disposal Group, Including Discontinued Operation, Revenue | ' | 151 | ' |
Pre-tax earnings from discontinued operations included in results of operations | ' | 29 | ' |
Notes receivable from sale of flood insurance business | ' | 75 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | $95 | ' |
Acquisitions_details
Acquisitions (details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | 11-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 26, 2012 | Aug. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | |
Remy Acquisition of USA [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | O'Charley's and ABRH [Member] | O'Charley's and ABRH [Member] | Remy | Remy | Remy | O'Charley's | Digital Insurance | ABRH [Member] | ABRH [Member] | J.Alexanders [Member] | J.Alexanders [Member] | J.Alexanders [Member] | Remy | Digital Insurance | Remy | Remy | ABRH [Member] | |||||
Business Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Share Price | ' | ' | ' | ' | $41,000,000 | $37.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | $25,000,000 | $26,000,000 | $0 | ' | $2,535,000,000 | $28.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $72,000,000 | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Acquisitions | ' | ' | ' | ' | ' | 836,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 25,920,078 | ' | ' | ' | ' | 25,920,078 | 9.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased shares in business combination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' |
Available-for-sale Securities, Equity Securities | ' | 136,000,000 | 138,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment Owned, Balance, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | 51.00% | 55.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Business Two, Net of Cash Acquired | ' | ' | 122,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,000,000 | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.00% | 45.00% |
Payments to Acquire Businesses, Gross | ' | 25,000,000 | 254,000,000 | 0 | ' | 3,400,000,000 | ' | ' | 122,000,000 | ' | 31,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Acquired from Acquisition | ' | ' | ' | ' | ' | ' | ' | -35,000,000 | ' | 0 | ' | ' | ' | -3,000,000 | ' | ' | -7,000,000 | ' | ' | ' | ' | ' | ' | ' |
Price per share purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' |
Investments in unconsolidated affiliates | ' | 357,000,000 | 392,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 179,000,000 | 14,000,000 | ' | ' | 37,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 7,000,000 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | 0 | -48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Other | ' | 511,000,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | ' | $14,000,000 | $462,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value Measurements Textuals | ' | ' |
Par Value of Structured Notes | ' | $38,000,000 |
Fair Value of Structured Notes | 38,000,000 | 41,000,000 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Total | 209,000,000 | 247,000,000 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Total | 3,043,000,000 | 3,255,000,000 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Total | 38,000,000 | 41,000,000 |
Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Total | 3,290,000,000 | 3,543,000,000 |
US Government and Agencies | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
US Government and Agencies | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 126,000,000 | 139,000,000 |
US Government and Agencies | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
US Government and Agencies | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 126,000,000 | 139,000,000 |
State and Political Subdivisions | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
State and Political Subdivisions | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 1,075,000,000 | 1,300,000,000 |
State and Political Subdivisions | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
State and Political Subdivisions | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 1,075,000,000 | 1,300,000,000 |
Corporate Debt Securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Corporate Debt Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 1,606,000,000 | 1,499,000,000 |
Corporate Debt Securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Corporate Debt Securities | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 1,606,000,000 | 1,499,000,000 |
Foreign Government Bonds | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Foreign Government Bonds | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 43,000,000 | 48,000,000 |
Foreign Government Bonds | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Foreign Government Bonds | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 43,000,000 | 48,000,000 |
Mortgage-backed/asset-backed securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Mortgage-backed/asset-backed securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 109,000,000 | 154,000,000 |
Mortgage-backed/asset-backed securities | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Mortgage-backed/asset-backed securities | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 109,000,000 | 154,000,000 |
Preferred Stock, Available for Sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 73,000,000 | 109,000,000 |
Preferred Stock, Available for Sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 78,000,000 | 108,000,000 |
Preferred Stock, Available for Sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Preferred Stock, Available for Sale | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 151,000,000 | 217,000,000 |
Equity Securities, Available for Sale | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 136,000,000 | 138,000,000 |
Equity Securities, Available for Sale | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Equity Securities, Available for Sale | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Equity Securities, Available for Sale | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 136,000,000 | 138,000,000 |
Other Long-term Investments | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Long Term Investments Fair Value | 0 | 0 |
Other Long-term Investments | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Long Term Investments Fair Value | 0 | 0 |
Other Long-term Investments | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Long Term Investments Fair Value | 38,000,000 | 41,000,000 |
Other Long-term Investments | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Long Term Investments Fair Value | 38,000,000 | 41,000,000 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Long Term Investments Fair Value | 0 | ' |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Long Term Investments Fair Value | 4,000,000 | 6,000,000 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Long Term Investments Fair Value | 0 | ' |
Foreign Exchange Contract [Member] | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Long Term Investments Fair Value | 4,000,000 | 6,000,000 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Liabilities, Fair Value Disclosure | 1,000,000 | ' |
Other Assets, Fair Value Disclosure | 2,000,000 | 2,000,000 |
Interest Rate Swap [Member] | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Other Liabilities, Fair Value Disclosure | 1,000,000 | ' |
Other Assets, Fair Value Disclosure | 2,000,000 | 2,000,000 |
Commodity Contract [Member] | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | ' |
Commodity Contract [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 2,000,000 | 2,000,000 |
Other Long Term Investments Fair Value | ' | 1,000,000 |
Commodity Contract [Member] | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 0 | ' |
Commodity Contract [Member] | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Available-for-sale Securities, Fair Value | 2,000,000 | 2,000,000 |
Other Long Term Investments Fair Value | ' | 1,000,000 |
Liabilities, Total [Member] | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Total | 0 | ' |
Liabilities, Total [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Total | 3,000,000 | 4,000,000 |
Liabilities, Total [Member] | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Total | 0 | ' |
Liabilities, Total [Member] | Estimate of Fair Value, Fair Value Disclosure | Fair Value, Measurements, Recurring | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ' | ' |
Total | $3,000,000 | $4,000,000 |
Fair_Value_Measurements_Unobse
Fair Value Measurements (Unobservable Inputs Rollforward) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ' |
Beginning Balance | $41 | $41 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ' | ' |
Net realized gain | -3 | 0 |
Ending Balance | $38 | $41 |
Investments_Available_for_Sale
Investments (Available for Sale Securities) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
US Government and Agencies | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | $126,000,000 | $139,000,000 |
Available-for-sale Securities, Amortized Cost Basis | 121,000,000 | 130,000,000 |
Unrealized Gains | 5,000,000 | 9,000,000 |
Unrealized Losses | 0 | 0 |
State and Political Subdivisions | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 1,075,000,000 | 1,300,000,000 |
Available-for-sale Securities, Amortized Cost Basis | 1,042,000,000 | 1,239,000,000 |
Unrealized Gains | 36,000,000 | 61,000,000 |
Unrealized Losses | -3,000,000 | 0 |
Corporate Debt Securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 1,606,000,000 | 1,499,000,000 |
Available-for-sale Securities, Amortized Cost Basis | 1,565,000,000 | 1,440,000,000 |
Unrealized Gains | 47,000,000 | 71,000,000 |
Unrealized Losses | -6,000,000 | -12,000,000 |
Foreign government bonds and other fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 43,000,000 | 48,000,000 |
Available-for-sale Securities, Amortized Cost Basis | 44,000,000 | 45,000,000 |
Unrealized Gains | 1,000,000 | 3,000,000 |
Unrealized Losses | -2,000,000 | 0 |
Mortgage-backed/asset-backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 109,000,000 | 154,000,000 |
Available-for-sale Securities, Amortized Cost Basis | 105,000,000 | 146,000,000 |
Unrealized Gains | 4,000,000 | 8,000,000 |
Unrealized Losses | 0 | 0 |
Preferred Stock, Available for Sale | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 151,000,000 | 217,000,000 |
Available-for-sale Securities, Amortized Cost Basis | 158,000,000 | 207,000,000 |
Unrealized Gains | 3,000,000 | 10,000,000 |
Unrealized Losses | -10,000,000 | 0 |
Equity Securities, Available for Sale | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 136,000,000 | 138,000,000 |
Available-for-sale Securities, Amortized Cost Basis | 71,000,000 | 103,000,000 |
Unrealized Gains | 65,000,000 | 40,000,000 |
Unrealized Losses | 0 | -5,000,000 |
Carrying Value | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 3,246,000,000 | 3,495,000,000 |
Cost Basis of Available for Sale Securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 3,106,000,000 | 3,310,000,000 |
Unrealized Gains on Available For Sale Securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Unrealized Gains | 161,000,000 | 202,000,000 |
Unrealized Losses on Available for Sale Securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Unrealized Losses | -21,000,000 | -17,000,000 |
Fair Value of Available For Sale Securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 3,246,000,000 | 3,495,000,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises | Mortgage-backed/asset-backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 77,000,000 | ' |
Collateralized Mortgage Obligations | Mortgage-backed/asset-backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 27,000,000 | ' |
Mortgage-backed/asset-backed securities | Mortgage-backed/asset-backed securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Fair Value | 5,000,000 | ' |
FIS | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Fair value of investment in FIS common stock | $70,000,000 | $56,000,000 |
Investments_Maturity_of_Fixed_
Investments (Maturity of Fixed Maturity Securities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | ' | ' |
One Year or Less, Amortized Cost Basis | $363 | ' |
One Year or Less, Amortized Cost Basis, Percent of Total | 13.00% | ' |
After One Through Five Years, Amortized Cost Basis | 1,845 | ' |
After One Through Five Years, Amortized Cost Basis, Percent of Total | 64.00% | ' |
After Five Through Ten Years, Amortized Cost Basis | 559 | ' |
After Five through Ten Years, Amortized Cost Basis, Percent of Total | 19.00% | ' |
After Ten Years, Amortized Cost Basis | 5 | ' |
After Ten Years, Amortized Cost Basis, Percent of Total | 0.00% | ' |
Mortgage backed Asset backed Securities, Amortized Cost Basis | 105 | ' |
Mortgage backed Asset backed Securities, Amortized Cost Basis, Percent of Total | 4.00% | ' |
Available-for-sale Securities, Amortized Cost Basis | 2,877 | ' |
Available-for-sale Securities, Amortized Cost Basis, Total Percent of Total | 100.00% | ' |
Available-for-sale Securities, Debt Maturities, Subject to Call, Amortized Cost | 1,572 | ' |
Available for Sale Securities, Debt Maturities, Subject to Call, Amortized Cost, Percent of Total | 55.00% | ' |
Available-for-sale Securities, Debt Maturities, Fair Value | ' | ' |
One Year or Less, Fair Value | 368 | ' |
One Year or Less, Fair Value, Percent of Total | 12.00% | ' |
After One Through Five Years, Fair Value | 1,906 | ' |
After One Through Five Years, Fair Value, Percent of Total | 65.00% | ' |
After Five Through Ten Years, Fair Value | 571 | ' |
After Five Through Ten Years, Fair Value, Percent of Total | 19.00% | ' |
After Ten Years, Fair Value | 5 | ' |
After Ten Years, Fair Value, Percent of Total | 0.00% | ' |
Mortgage-backed/Asset-backed Securities, Fair Value Disclosure | 109 | ' |
Mortgage-backed/Asset-backed, Fair Value, Percent of Total | 4.00% | ' |
Available-for-sale Securities, Fair Value | 2,959 | 3,140 |
Available-for-sale Securities, Fair Value, Total Percent of Total | 100.00% | ' |
Available-for-sale Securities, Debt Maturities, Subject to Call, Fair Value | 1,606 | ' |
Available-for-sale Securities, Debt Maturities, Subject to Call, Fair Value, Percent of Total | 54.00% | ' |
Fixed maturity securities with make-whole call provision | ' | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | ' | ' |
Available-for-sale Securities, Debt Maturities, Subject to Call, Amortized Cost | $1,209 | $1,236 |
Investments_Securities_in_a_Co
Investments (Securities in a Continuous Unrealized Loss Position) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $602 | $127 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -18 | -8 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 53 | 37 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -3 | -9 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 655 | 164 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -21 | -17 |
State and Political Subdivisions | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 123 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -3 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 123 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -3 | ' |
Corporate Debt Securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 367 | 96 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -4 | -5 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 39 | 34 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -2 | -7 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 406 | 130 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -6 | -12 |
Foreign government bonds and other fixed maturity securities | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 17 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -1 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -1 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 31 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -2 | ' |
Preferred Stock, Available for Sale | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 95 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | -10 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | 0 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 95 | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | -10 | ' |
Equity Securities, Available for Sale | ' | ' |
Schedule of Available-for-sale Securities | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 31 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Losses | ' | -3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | -2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 34 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Losses | ' | ($5) |
Investments_Realized_Gains_and
Investments (Realized Gains and Losses and Proceeds on Investments and Other Assets) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Fair Value of Structured Notes | $38 | $41 | ' |
Other than Temporary Impairment Losses, Investments | 1 | 3 | 17 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 11 | ' | ' |
Realized gains and losses, net | 12 | 187 | 7 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 0 | -48 | ' |
Gross Proceeds from Sale, Maturity and Call of Investments and Other Assets | 1,052 | 1,015 | 1,326 |
Net gain (loss) recorded on structured notes | ' | 3 | -4 |
Fixed Maturity Securities, Available for Sale | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Fixed Maturity Securities, Gross Realized Gains | 10 | 16 | 38 |
Fixed Maturity Securities, Gross Realized Losses | -4 | -5 | -18 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 6 | 11 | 20 |
Gross Proceeds from Sale, Maturity and Call of Investments | 887 | 976 | 1,251 |
Preferred Stock, Available for Sale | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Fixed Maturity Securities, Gross Realized Gains | 7 | 0 | ' |
Fixed Maturity Securities, Gross Realized Losses | -2 | 0 | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | 5 | 0 | ' |
Gross Proceeds from Sale, Maturity and Call of Investments | 121 | 29 | 21 |
Equity Securities, Available for Sale | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Fixed Maturity Securities, Gross Realized Gains | 15 | 3 | 2 |
Fixed Maturity Securities, Gross Realized Losses | -1 | 0 | 0 |
Available-for-sale Securities, Gross Realized Gain (Loss) | 14 | 3 | 2 |
Gross Proceeds from Sale, Maturity and Call of Investments | 43 | 8 | 16 |
Other Long-term Investments | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Realized gains and losses, net | -3 | ' | -4 |
Gross Proceeds from Sale, Maturity and Call of Investments | 0 | ' | 32 |
Other Assets [Member] | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Realized gains and losses, net | -7 | -21 | -11 |
Gross Proceeds from Sale, Maturity and Call of Investments | 1 | 2 | 6 |
Loss on early extinguishment of debt [Member] | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Realized gains and losses, net | ' | -6 | ' |
O'Charley's and ABRH [Member] | Other Assets [Member] | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Realized gains and losses, net | -3 | 73 | ' |
Remy | Other Assets [Member] | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Realized gains and losses, net | ' | 79 | ' |
Equity Securities, Available for Sale | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes | 30 | 12 | -2 |
Fixed Maturities | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes | -58 | 33 | -10 |
O'Charley's | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets | ' | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | ' | $48 | ' |
Investments_Schedule_of_Equity
Investments (Schedule of Equity Method Investments) (Details) (USD $) | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value | ' | ' | $2,959,000,000 | $3,140,000,000 |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ' | ' | ' | ' |
Investments in unconsolidated affiliates | ' | ' | 357,000,000 | 392,000,000 |
Ceridian [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | 32.00% | ' |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ' | ' | ' | ' |
Investments in unconsolidated affiliates | ' | ' | 295,000,000 | 351,000,000 |
Equity Method Investment, Summarized Financial Information | ' | ' | ' | ' |
Total current assets | 1,106,000,000 | 1,209,000,000 | ' | ' |
Goodwill and other intangible assets, net | 4,484,000,000 | 4,630,000,000 | ' | ' |
Other assets | 119,000,000 | 157,000,000 | ' | ' |
Total assets | 8,709,000,000 | 9,921,000,000 | ' | ' |
Current liabilities | 836,000,000 | 995,000,000 | ' | ' |
Long-term obligations, less current portion | 3,449,000,000 | 3,445,000,000 | ' | ' |
Other long-term liabilities | 496,000,000 | 488,000,000 | ' | ' |
Total liabilities | 7,767,000,000 | 8,802,000,000 | ' | ' |
Equity | 942,000,000 | 1,119,000,000 | ' | ' |
Total liabilities and equity | 8,709,000,000 | 9,921,000,000 | ' | ' |
Total revenues | 1,511,000,000 | 1,507,000,000 | ' | ' |
Loss before income taxes | -88,000,000 | -66,000,000 | ' | ' |
Net loss | -111,000,000 | -56,000,000 | ' | ' |
Other Equity Method Investment | ' | ' | ' | ' |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ' | ' | ' | ' |
Investments in unconsolidated affiliates | ' | ' | 62,000,000 | 41,000,000 |
Corporate Debt Securities | ' | ' | ' | ' |
Schedule of Equity Method Investments | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | ' | ' | 1,565,000,000 | 1,440,000,000 |
Equity Method Investment, Summarized Financial Information | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value | ' | ' | 1,606,000,000 | 1,499,000,000 |
Corporate Debt Securities | Ceridian [Member] | ' | ' | ' | ' |
Schedule of Equity Method Investments | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | ' | ' | 31,000,000 | ' |
Equity Method Investment, Summarized Financial Information | ' | ' | ' | ' |
Financial Instruments, Owned, Corporate Debt, at Fair Value | ' | ' | 36,000,000 | ' |
Customer Receipts [Member] | Ceridian [Member] | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information | ' | ' | ' | ' |
Total current assets | $3,000,000,000 | $3,925,000,000 | ' | ' |
Investments_Textuals_Details
Investments (Textuals) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | |
FIS | FIS | Banks, Trust and Insurance, Equities [Member] | Banks, Trust and Insurance, Equities [Member] | Ceridian and Remy | Other Equity Method Investment | Ceridian [Member] | Ceridian [Member] | Fixed Maturities | Fixed Maturities | Fixed Maturities | Equity Securities, Available for Sale | Equity Securities, Available for Sale | Equity Securities, Available for Sale | Remy | Remy | |||||
Schedule of Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | 51.00% |
Purchased shares of FIS stock | ' | ' | ' | ' | 1,303,860 | 1,603,860 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FIS shares sold | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Legal Settlements | $32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income on equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | 67,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | ' | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deposits with various governmental authorities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 129,000,000 | 160,000,000 | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss) before Taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58,000,000 | 33,000,000 | -10,000,000 | 30,000,000 | 12,000,000 | -2,000,000 | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | ' | ' | ' | ' | ' | ' | 378 | 409 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of investment in FIS common stock | ' | ' | ' | ' | 70,000,000 | 56,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Structured Notes | ' | 38,000,000 | 41,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain (loss) recorded on structured notes | ' | ' | 3,000,000 | -4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | ' | 1,000,000 | 3,000,000 | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment for which an other than temporary impairment was previously recognized | ' | 0 | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.00% | ' | ' | ' | ' | ' | ' | ' | 47.00% |
Available-for-sale Securities, Fair Value | ' | ' | ' | ' | ' | ' | 381 | 433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Realized Gain (Loss) on Disposal | ' | 0 | -73,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Equity Method Investments | ' | 0 | 0 | 32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings (loss) of unconsolidated affiliates | ' | ($26,000,000) | $10,000,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments_Investments_Intere
Investments Investments (Interest and Investment Income) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Investment Income, Reported Amounts, by Category | ' | ' | ' |
Investment Income, Net | $129 | $144 | $143 |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category | ' | ' | ' |
Investment Income, Net | 1 | 0 | 1 |
Fixed Maturities | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category | ' | ' | ' |
Investment Income, Net | 99 | 117 | 130 |
Equity Securities, Available for Sale | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category | ' | ' | ' |
Investment Income, Net | 16 | 14 | 6 |
Other Investments [Member] | ' | ' | ' |
Schedule of Investment Income, Reported Amounts, by Category | ' | ' | ' |
Investment Income, Net | $13 | $13 | $6 |
Remy_Derivative_Financial_Inst2
Remy Derivative Financial Instruments and Concentration of Risk (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 01, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
metrictons | metrictons | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Unallocated Financing Receivables [Member] | Unallocated Financing Receivables [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Korea (South), Won | Korea (South), Won | Mexico, Pesos | Mexico, Pesos | Brazil, Brazil Real | Brazil, Brazil Real | Hungary, Forint | Hungary, Forint | United Kingdom, Pounds | United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | ||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Foreign Exchange Contract [Member] | Foreign Exchange Contract [Member] | Commodity Contract [Member] | Commodity Contract [Member] | Interest Rate Swap [Member] | |||||||||||||||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $0 | $6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | $6 | ($6) | ' | $1 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 6 | 1 | -5 | ' | ' |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 7 | 4 | 6 | 0 | 1 | 2 |
Derivative Liability, Fair Value, Gross Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | 0 | 2 | 2 | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ' | ' | ' | 2 | 3 | 1 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Floor Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | 175.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.05% | ' | 334.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275.00% |
Derivative, Nonmonetary Notional Amount | 6,368 | 6,566 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 93 | 74 | 57 | ' | ' | ' | ' | 6 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans Receivable, Gross, Commercial, Trade Financing | ' | ' | ' | ' | ' | ' | ' | 241 | 184 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $72 | ' | ' | $74 | $56 | $74 | $67 | $11 | $18 | $14 | $13 | $4 | $1 | ' | ' | ' | ' | ' | ' | $72 |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property and Equipment [Abstract] | ' | ' | ' |
Land | $133 | $119 | ' |
Buildings and Improvements, Gross | 125 | 83 | ' |
Leasehold Improvements, Gross | 223 | 88 | ' |
Data processing equipment | 236 | 229 | ' |
Furniture and Fixtures, Gross | 515 | 329 | ' |
Property, Plant and Equipment, Gross | 1,232 | 848 | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | -587 | -220 | ' |
Property, Plant and Equipment, Net | 645 | 628 | ' |
Depreciation | $117 | $80 | $38 |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill | ' | ' | ' |
Goodwill | $1,901 | $1,908 | $1,453 |
Goodwill, Acquired During Period | 19 | 458 | ' |
Goodwill, Allocation Adjustment | -26 | -1 | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | -2 | ' |
Title Insurance Segment | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 1,435 | 1,434 | 1,418 |
Goodwill, Acquired During Period | 2 | 18 | ' |
Goodwill, Allocation Adjustment | -1 | 0 | ' |
Goodwill, Written off Related to Sale of Business Unit | ' | -2 | ' |
FNF Corporate and Other [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 3 | 3 | 3 |
Goodwill, Acquired During Period | ' | 0 | ' |
Restaurant group | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 119 | 119 | 0 |
Goodwill, Acquired During Period | 0 | 119 | ' |
Remy | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 248 | 246 | 0 |
Goodwill, Acquired During Period | 0 | 246 | ' |
Goodwill, Allocation Adjustment | 2 | ' | ' |
Portfolio Company Corporate and Other [Member] | ' | ' | ' |
Goodwill | ' | ' | ' |
Goodwill | 96 | 106 | 32 |
Goodwill, Acquired During Period | 17 | 75 | ' |
Goodwill, Allocation Adjustment | ($27) | ($1) | ' |
Other_Intangible_Assets_Detail
Other Intangible Assets (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Intangible Assets [Abstract] | ' | ' | ' |
Finite-Lived Customer Relationships, Gross | $516 | $481 | ' |
Finite-Lived Trademarks, Gross | 238 | 238 | ' |
Other intangible assets, gross | 60 | 47 | ' |
Finite-Lived Intangible Assets, Gross | 814 | 766 | ' |
Finite-Lived Intangible Assets, Accumulated Amortization | -195 | -115 | ' |
Intangible Assets, Net (Excluding Goodwill) | 619 | 651 | ' |
Amortization of Intangible Assets | 73 | 34 | 17 |
Future Amortization Expense, Year One | 66 | ' | ' |
Future Amortization Expense, Year Two | 60 | ' | ' |
Future Amortization Expense, Year Three | 54 | ' | ' |
Future Amortization Expense, Year Four | 42 | ' | ' |
Future Amortization Expense, Year Five | $38 | ' | ' |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities | ' | ' |
Accrued Employee Benefits | $239 | $251 |
Accrued Salaries | 242 | 246 |
Accrued Rent | 29 | 45 |
Accounts Payable, Trade | 236 | 186 |
Accrued recording fees and transfer taxes | 25 | 51 |
Accrued premium taxes | 43 | 54 |
Deferred Revenue | 90 | 84 |
Other Accrued Liabilities | 387 | 391 |
Accounts Payable and Other Accrued Liabilities | $1,291 | $1,308 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 02, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 24, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 17, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-12 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
5.75% senior notes payable, interest payable semi-annually [Member] [Member] | 5.50% unsecured notes payable, interest payable semi-annually [Member] | 5.50% unsecured notes payable, interest payable semi-annually [Member] | Convertible Debt | Convertible Debt | Convertible Debt | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 | Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 | Line of Credit | Line of Credit | Line of Credit | Notes Payable, Other Payables | Notes Payable, Other Payables | Remy | Remy | Remy | Remy | Remy | Remy | Restaurant group | Restaurant group | Restaurant group | Restaurant group | Maximum basis points over LIBOR on line of credit [Member] | Minimum basis points over LIBOR [Member] | KOREA, REPUBLIC OF | HUNGARY | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | Fair Value, Inputs, Level 2 | |||
Loans Payable [Member] | Loans Payable [Member] | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Restaurant group | Restaurant group | Remy | Remy | Remy | Remy | Restaurant group | Restaurant group | ||||||||||||||||||||||||
Line of Credit | Line of Credit | Line of Credit | Line of Credit | ||||||||||||||||||||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument par value per bond | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | 0 | 95,000,000 | 0 | ' | ' | ' | 80,000,000 | ' | ' | 17,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '375 | '300 | '.0346 | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | 1,555,000,000 | 1,504,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,214,000,000 | 1,139,000,000 | 267,000,000 | 259,000,000 | 53,000,000 | 72,000,000 |
Excess fair value over carrying value of long-term debt | 232,000,000 | 160,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 1,323,000,000 | 1,344,000,000 | ' | 398,000,000 | 398,000,000 | 285,000,000 | 282,000,000 | ' | 300,000,000 | 300,000,000 | 0 | 0 | ' | ' | 0 | 21,000,000 | 33,000,000 | ' | 259,000,000 | 266,000,000 | ' | ' | ' | 53,000,000 | 72,000,000 | 0 | 85,000,000 | ' | ' | 2,000,000 | 0 | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $62,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes_Payable_Debt_Offerings_D
Notes Payable (Debt Offerings) (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 02, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | 5-May-10 | Sep. 30, 2013 | Dec. 31, 2013 | Oct. 24, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 17, 2010 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | |
5.75% senior notes payable, interest payable semi-annually [Member] [Member] | 5.50% unsecured notes payable, interest payable semi-annually [Member] | 5.50% unsecured notes payable, interest payable semi-annually [Member] | 5.50% unsecured notes payable, interest payable semi-annually [Member] | 5.50% unsecured notes payable, interest payable semi-annually [Member] | Convertible Debt | Convertible Debt | Convertible Debt | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | Line of Credit | Line of Credit | Line of Credit | Line of Credit | Loans Payable [Member] | Loans Payable [Member] | Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 | Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 | Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 | Maximum [Member] | Maximum [Member] | Minimum [Member] | Treasury Stock | Treasury Stock | Treasury Stock | Remy | Remy | Remy | Remy | Remy | Remy | Remy | Remy | Remy | Remy | Remy | Remy | ||||
Line of Credit | Loans Payable [Member] | Line of Credit | Line of Credit | Line of Credit | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Minimum basis points over LIBOR [Member] | Maximum basis points over LIBOR on line of credit [Member] | Additional capacity under Line of Credit [Member] | Unused lines of Credit [Member] | |||||||||||||||||||||||||||||
Line of Credit | Line of Credit | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $1,323,000,000 | $1,344,000,000 | ' | ' | ' | $398,000,000 | $398,000,000 | ' | $282,000,000 | $285,000,000 | ' | $300,000,000 | $300,000,000 | ' | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | $259,000,000 | ' | ' | ' | ' | $266,000,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,000,000 |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | 0 | ' | ' | ' | 400,000,000 | ' | ' | 300,000,000 | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Amount | ' | ' | ' | 105.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 575.00% | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received as a percent of par on unsecuried notes offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price as a percent of par on offering of unsecured notes | ' | ' | ' | ' | ' | ' | ' | 99.51% | ' | ' | 92.82% | ' | ' | 99.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | 46.387 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument par value per bond | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price high as a percentage of conversion price to trigger conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price low as a percentage of conversion price to trigger conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | 5.56% | ' | ' | ' | ' | ' | 6.61% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | 1,555,000,000 | 1,504,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Common Stock | 34,000,000 | 38,000,000 | 86,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock repurchased, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 2,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Decrease, Repayments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | ' | 396,000,000 | ' | ' | ' | ' | ' | ' | 297,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,000,000 | 0 | ' | ' | ' | 0 | ' | ' | 20,000,000 | ' |
Equity offering, value | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity offering, shares | 19,837,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid | 87,000,000 | 65,000,000 | 52,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13250.00% | ' | ' | 15000.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16000.00% | ' | ' | 20000.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4000.00% | 2500.00% | 1750.00% | ' | ' | ' | ' | ' | 37.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' |
Notes_Payable_Maturities_of_Lo
Notes Payable Maturities of Long Term Debt (Details) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 |
Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 | |||||
Debt Instrument | ' | ' | ' | ' | ' |
Repayments of Long-term Debt | ' | $359 | $557 | $516 | $242 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | ' | 18 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Two | ' | 13 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Three | ' | 13 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Four | ' | 332 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal in Year Five | ' | 304 | ' | ' | ' |
Long-term Debt, Maturities, Repayments of Principal after Year Five | ' | 661 | ' | ' | ' |
Long-term Debt | ' | 1,341 | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | 237 |
Interest Paid | ' | 87 | 65 | 52 | 1 |
Payments of Debt Extinguishment Costs | ($5) | $0 | $6 | ' | ' |
Income_taxes_current_deferred_
Income taxes (current deferred income tax expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income taxes [Line Items] | ' | ' | ' |
Current Income Tax Expense (Benefit) | $148 | $224 | ($11) |
Deferred Income Tax Expense (Benefit) | 57 | 21 | 142 |
Income Tax Expense (Benefit), Continuing Operations | 205 | 245 | 131 |
Discontinued Operation, Tax Effect of Discontinued Operation | -2 | 5 | 59 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | -29 | 39 | 11 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | -2 | 1 | -1 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 3 | -7 | -16 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 16 | 5 | -6 |
Other Comprehensive Income (Loss), Tax | -12 | 38 | -12 |
Tax Benefit from Stock Options Exercised | -17 | -31 | -6 |
Income Tax Expense (Benefit), Intraperiod Tax Allocation | $174 | $257 | $172 |
Income_Taxes_Effective_tax_rat
Income Taxes (Effective tax rate reconciliation) (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% | 35.00% | ' |
Effective Income Tax Rate Reconciliation, Deductions, Dividends | -0.20% | -0.10% | -0.20% | ' |
Effective Income Tax Rate Reconciliation, Tax Exempt Income | -1.40% | -1.30% | -2.70% | ' |
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | 0.00% | -0.80% | ' | 0.00% |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 0.00% | ' | 0.00% | ' |
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent | ' | -5.30% | ' | ' |
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Percent | -1.80% | -1.00% | 0.10% | ' |
Effective Income Tax Rate Reconciliation, Tax Credit, Percent | -1.40% | -0.50% | -0.80% | ' |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes | 3.00% | 2.20% | 1.40% | ' |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | -0.40% | -0.20% | -0.80% | ' |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other | -1.30% | 1.30% | 0.40% | ' |
Effective Income Tax Rate, Continuing Operations | 31.50% | 29.30% | 32.40% | ' |
Income_Taxes_Deferred_tax_asse
Income Taxes (Deferred tax asset and liability reconciliation) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred taxes [Line Items] | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $83 | ' |
Deferred tax asset, insurance reserve discounting | 11 | -5 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 46 | 53 |
Accumulated Deferred Investment Tax Credit | 80 | 58 |
Deferred Tax Assets, Operating Loss Carryforwards | 89 | 106 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 30 | 30 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions | 0 | 12 |
Deferred Tax Assets, Tax Credit Carryforwards | 62 | 66 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 9 | 9 |
Deferred Tax Assets, Other | 0 | 11 |
Deferred Tax Assets, Gross | 327 | 345 |
Deferred Tax Assets, Valuation Allowance | 26 | 27 |
Deferred Tax Assets, Net | 301 | 318 |
Deferred tax liability, title plant | -83 | -72 |
Deferred Tax Liabilities, Goodwill and Intangible Assets, Intangible Assets | -275 | -283 |
Deferred Tax Liabilities, Other | -13 | ' |
Deferred tax liabilities, investments | -53 | -65 |
Deferred Tax Liabilities, Property, Plant and Equipment | -14 | -10 |
Deferred tax liability reserve and accruals doubtful accounts | -6 | -6 |
Deferred Tax Liabilities, Leasing Arrangements | 1 | 0 |
Deferred Income Tax Liabilities | -445 | -441 |
Deferred Tax Assets (Liabilities), Net | -144 | -123 |
Other Information Pertaining to Income Taxes | '16 | ' |
Deferred Income Taxes and Tax Credits | 62 | ' |
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 6 | ' |
Remy | ' | ' |
Deferred taxes [Line Items] | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 101 | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 165 | ' |
Deferred Tax Assets, Valuation Allowance | 7 | ' |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 64 | ' |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 16 | ' |
O'Charley's | ' | ' |
Deferred taxes [Line Items] | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | $40 | ' |
Income_taxes_Textuals_Details
Income taxes (Textuals) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency | ' | ' | ' |
Deferred Tax Assets (Liabilities), Net | ($144) | ($123) | ' |
Other Information Pertaining to Income Taxes | '16 | ' | ' |
Deferred Tax Assets, Valuation Allowance | 26 | 27 | ' |
Deferred tax asset, insurance reserve discounting | 11 | -5 | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 248 | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards | 62 | 66 | ' |
Excess Tax Benefit from Share-based Compensation, Operating Activities | 17 | 31 | 6 |
Unrecognized Tax Benefits | 15 | 10 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 3 | 2 | ' |
Deferred tax liabilities, investments | 53 | 65 | ' |
Deferred Tax Liabilities, Goodwill and Intangible Assets, Intangible Assets | 275 | 283 | ' |
change in net operating loss carryforward [Member] | ' | ' | ' |
Income Tax Contingency | ' | ' | ' |
Other Information Pertaining to Income Taxes | '22 | ' | ' |
Tax credits [Member] | ' | ' | ' |
Income Tax Contingency | ' | ' | ' |
Other Information Pertaining to Income Taxes | '12 | ' | ' |
Amortization of goodwill and intangible assets [Member] | ' | ' | ' |
Income Tax Contingency | ' | ' | ' |
Other Information Pertaining to Income Taxes | '13 | ' | ' |
Securities Investment [Member] | ' | ' | ' |
Income Tax Contingency | ' | ' | ' |
Other Information Pertaining to Income Taxes | '17 | ' | ' |
Valuation Allowance, Tax Credit Carryforward [Member] | ' | ' | ' |
Income Tax Contingency | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 3 | ' | ' |
Remy | ' | ' | ' |
Income Tax Contingency | ' | ' | ' |
Deferred Tax Assets, Tax Credit Carryforwards, General Business | 16 | ' | ' |
Deferred Tax Assets, Valuation Allowance | 7 | ' | ' |
Remy | General Business Tax Credit Carryforward [Member] | ' | ' | ' |
Income Tax Contingency | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | 10 | ' | ' |
Remy | Valuation Allowance, Other Tax Carryforward [Member] | ' | ' | ' |
Income Tax Contingency | ' | ' | ' |
Deferred Tax Assets, Valuation Allowance | $5 | ' | ' |
Summary_of_Reserve_for_Claim_L2
Summary of Reserve for Claim Loss (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense | ' | ' | ' |
Asset Impairment Charges | $11 | ' | ' |
Reserve for Losses and Loss Adjustment Expenses | 1,748 | ' | ' |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims Current Year | 220 | 210 | 189 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims, Prior Years | 71 | 58 | 33 |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | 291 | 268 | 222 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year | -9 | -4 | -10 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Prior Years | -394 | -429 | -510 |
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid | -403 | -433 | -520 |
Reserve for Losses and Loss Adjustment Expenses CLONE | 1,636 | 1,748 | ' |
Provision for title insurance claims | 7.00% | 7.00% | 6.80% |
Title Insurance Segment | ' | ' | ' |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense | ' | ' | ' |
Reserve for Losses and Loss Adjustment Expenses CLONE | $1,748 | $1,913 | $2,211 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
Synthetic Lease | ' |
Escrow Deposit | $8,800,000,000 |
Balance of Synthetic Lease | $71,000,000 |
Residual Value Guarantee on Synthetic Lease | 83.00% |
Commitments_and_Contingencies_2
Commitments and Contingencies (Operating Leases) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $196 | $159 | $123 |
Operating Leases, Future Minimum Payments Due, Current | 178 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 150 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 123 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 101 | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 76 | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 298 | ' | ' |
Operating Leases, Future Minimum Payments Due | 926 | ' | ' |
Balance of Synthetic Lease | 71 | ' | ' |
Residual Value Guarantee on Synthetic Lease | 83.00% | ' | ' |
lease abandonment charges [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Business Exit Costs | $1 | $2 | $1 |
Commitments_and_Contingencies_3
Commitments and Contingencies Commitments and Contingencies (purchase commitments) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Long-term Purchase Commitment [Line Items] | ' |
Unrecorded Unconditional Purchase Obligation, Due within One Year | $173 |
Unrecorded Unconditional Purchase Obligation, Due within Two Years | 45 |
Unrecorded Unconditional Purchase Obligation, Due within Three Years | 23 |
Unrecorded Unconditional Purchase Obligation, Due within Four Years | 4 |
Unrecorded Unconditional Purchase Obligation, Due within Five Years | 0 |
Unrecorded Unconditional Purchase Obligation, Due after Five Years | 0 |
Unrecorded Unconditional Purchase Obligation | $245 |
Regulation_Details
Regulation (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statutory insurance disclosures [Line Items] | ' | ' | ' |
Statutory accounting, unearned premium reserve | $1,734 | ' | ' |
Amount Available for Dividend Distribution with Approval from Regulatory Agencies | 1,909 | ' | ' |
Amount Available for Dividend Distribution without Prior Approval from Regulatory Agency | 308 | ' | ' |
Statutory Accounting Practices, Statutory Capital and Surplus, Balance | 1,409 | 1,381 | ' |
Statutory Accounting Practices, Statutory Net Income Amount | 352 | 281 | 151 |
State Insurance Department, Statutory to NAIC, Amount of Reconciling Item | -205 | -4 | ' |
Equity offering, shares | 19,837,500 | ' | ' |
Equity offering, value | 0 | ' | ' |
Payments for Repurchase of Common Stock | 34 | 38 | 86 |
Other Underwritten Title Insurance Companies | ' | ' | ' |
Statutory insurance disclosures [Line Items] | ' | ' | ' |
Minimum Net Worth Required for Compliance | $1 | ' | ' |
Equity_Details
Equity (Details) (USD $) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 18 Months Ended | 36 Months Ended | 12 Months Ended | 19 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 21, 2012 | Jul. 21, 2012 | Dec. 31, 2013 | Feb. 27, 2014 | 5-May-10 |
Initial offering [Member] | Over-allotment [Member] | 2012 Share repurchase program [Member] | Treasury Stock | Treasury Stock | Treasury Stock | Treasury Stock | Treasury Stock | Treasury Stock | Treasury Stock | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | |||||
2009 share repurchase plan [Member] | 2009 share repurchase plan [Member] | 2012 Share repurchase program [Member] | 2012 Share repurchase program [Member] | ||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock repurchased, shares | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 2,000,000 | 5,000,000 | ' | 16,528,512 | 1,400,000 | 2,080,000 | ' |
Payments for Repurchase of Common Stock | $34 | $38 | $86 | ' | ' | ' | ' | ' | ' | ' | ' | $243 | $34 | $50 | ' |
Treasury Stock Acquired, Average Cost Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14.73 | $24.14 | $23.90 | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 |
Equity offering, shares | 19,837,500 | ' | ' | ' | 17,250,000 | 2,587,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | $26.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity offering, value | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | ' | ' | ' | ' | ' | ' | 12,920,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 15 | 15 | ' | ' |
Common Stock, Value, Issued | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Stock_C
Employee Benefit Plans (Stock Compensation) (Details) (USD $) | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2010 | 29-May-08 | Dec. 31, 2006 | Dec. 31, 2005 | |
Share-based Compensation Arrangement by Share-based Payment Award | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $30 | $23 | ' | ' | ' | ' | ' | ' |
Employee Stock Ownership Plan (ESOP), Cash Contributions to ESOP | 17,000,000 | 14,000,000 | 13,000,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | 6,000,000 | ' | 11,000,000 | 16,000,000 | 8,000,000 |
Stock-based compensation cost | 35,000,000 | 27,000,000 | 27,000,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.10% | 0.60% | 1.00% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 26.00% | 50.00% | 53.00% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.60% | 2.80% | 3.10% | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '4 years 4 months 24 days | '4 years 7 months 6 days | '4 years 8 months 12 days | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $4.67 | $7.58 | $5.56 | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $60,000,000 | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '1 year 8 months 12 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,358,740 | 8,967,074 | 20,632,021 | ' | 21,826,954 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $20.15 | $16.27 | $13.79 | ' | $13.52 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,180,504 | 8,147,381 | 18,704,618 | ' | 16,241,130 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,712,416 | 769,693 | 25,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $27.90 | $22.59 | $15.62 | ' | ' | ' | ' | ' |
Exercise of stock options, shares | -3,267,937 | -12,358,474 | -1,068,934 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $18.28 | $12.49 | $7.31 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | -52,813 | -76,166 | -150,999 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $22.59 | $22.69 | $20.04 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,913,072 | 2,924,738 | 3,012,656 | ' | 2,666,901 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $22.68 | $18.46 | $14.78 | ' | $13.20 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 650,728 | 1,332,222 | 1,645,246 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $27.90 | $22.59 | $15.62 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | -8,116 | -17,840 | -1,253,058 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period, Weighted Average Grant Date Fair Value | $17.44 | $14.55 | $14.75 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | -1,654,278 | -1,402,300 | -46,433 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $17.30 | $14.78 | $12.51 | ' | ' | ' | ' | ' |
Employee_Beenfit_Plans_Stock_o
Employee Beenfit Plans (Stock options outstanding and exerciseable by price) (Details) (USD $) | 12 Months Ended | |||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2010 | 29-May-08 | Dec. 31, 2006 | Dec. 31, 2005 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | 6,000,000 | ' | 11,000,000 | 16,000,000 | 8,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,913,072 | 2,924,738 | 3,012,656 | ' | 2,666,901 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 9,358,740 | 8,967,074 | 20,632,021 | ' | 21,826,954 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $20.15 | $16.27 | $13.79 | ' | $13.52 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $115 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 5,180,504 | 8,147,381 | 18,704,618 | ' | 16,241,130 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 94 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,712,416 | 769,693 | 25,000 | ' | ' | ' | ' | ' |
Exercise price range one [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,294,704 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '2 years 9 months 26 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $7.09 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 33 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,294,704 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '2 years 9 months 26 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $7.09 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 33 | ' | ' | ' | ' | ' | ' | ' |
Exercise Price Range Two [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,891,704 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '1 year 10 months 6 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $13.64 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 36 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,891,704 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '1 year 10 months 6 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $13.64 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 36 | ' | ' | ' | ' | ' | ' | ' |
Exercise price range three [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 696,083 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '2 years 6 months 4 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $14.05 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 13 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 696,083 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '2 years 6 months 4 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $14.05 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 13 | ' | ' | ' | ' | ' | ' | ' |
Exercise price range four [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 76,667 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '2 years 5 months 27 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $17.87 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 1 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 68,333 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '2 years 2 months 12 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $18.14 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 1 | ' | ' | ' | ' | ' | ' | ' |
Exercise price range five [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 34,793 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '2 years 5 months 1 day | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $20.83 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 0 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 34,793 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '2 years 5 months 1 day | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $20.83 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 0 | ' | ' | ' | ' | ' | ' | ' |
Exercise price range six [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 709,123 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 7 months 21 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $22.59 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 7 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 251,637 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '5 years 3 months 7 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $22.59 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 3 | ' | ' | ' | ' | ' | ' | ' |
Exercise price range seven [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,655,666 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $27 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 25 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 943,250 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | '11 months 23 days | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $23.44 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $8 | ' | ' | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Pension
Employee Benefit Plans (Pension and other postretirement welfare plans) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Deferred Compensation Arrangement with Individual, Employer Contribution | $17 | $11 | $0 |
Postemployment Benefits Liability | 20 | 24 | ' |
Remy | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | -19 | -32 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 0 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | ' | ' |
Pension Expense | ' | 0 | ' |
Chicago Title Company | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities, Noncurrent | -6 | -23 | ' |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 167 | 185 | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.12% | 3.24% | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 173 | 162 | ' |
Pension Expense | $9 | $10 | $9 |
UNITED STATES | Remy | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.73% | 3.85% | ' |
UNITED KINGDOM | Remy | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.27% | 4.10% | ' |
Supplementary_Cash_Flow_Inform2
Supplementary Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note N. Supplementary Cash Flow Information [Abstract] | ' | ' | ' |
Interest Paid | $87 | $65 | $52 |
Income Taxes Paid, Net | 249 | 109 | 40 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 30 | 1,116 | 0 |
Payments to Acquire Businesses, Gross | 25 | 254 | 0 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 5 | 862 | 0 |
Parent Company | ' | ' | ' |
Note N. Supplementary Cash Flow Information [Abstract] | ' | ' | ' |
Interest Paid | 61 | 65 | 57 |
Income Taxes Paid, Net | $242 | $109 | $40 |
Financial_Instruments_with_Off2
Financial Instruments with Off-Balance Sheet Risk and Concentration Risk (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Concentration Risk | ' | ' | ' |
Revenue Other Manufactured Products | $1,127 | $417 | $417 |
Auto parts revenue [Member] | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Concentration Risk, Customer | '.483 | '0.501 | ' |
CALIFORNIA | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Percent of total title premiums by state | 15.22% | 17.22% | 15.81% |
TEXAS | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Percent of total title premiums by state | 14.38% | 12.94% | 12.31% |
NEW YORK | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Percent of total title premiums by state | 7.45% | 7.36% | 8.07% |
FLORIDA | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Percent of total title premiums by state | 7.61% | 6.55% | 6.51% |
UNITED STATES | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Concentration Risk, Percentage | 66.10% | 66.00% | ' |
Asia Pacific [Member] | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Concentration Risk, Percentage | 20.70% | 20.00% | ' |
Europe [Member] | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Concentration Risk, Percentage | 7.90% | 8.80% | ' |
BRAZIL | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Concentration Risk, Percentage | 5.30% | 5.20% | ' |
Geographic Concentration Risk [Member] | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Concentration Risk, Percentage | 100.00% | 100.00% | ' |
General Motors [Member] | Auto parts revenue [Member] | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Concentration Risk, Customer | '16.2 | '20.7 | ' |
Hyundai [Member] [Member] | Auto parts revenue [Member] | ' | ' | ' |
Concentration Risk | ' | ' | ' |
Concentration Risk, Customer | '10.4 | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 |
Fidelity National Title Group | Fidelity National Title Group | Fidelity National Title Group | Corporate and Other | Corporate and Other | Corporate and Other | Total Portfolio Company Investments [Member] | Total Portfolio Company Investments [Member] | Total Portfolio Company Investments [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Consolidation, Eliminations [Member] | Remy | Remy | Remy | Remy | Restaurant group | Restaurant group | Restaurant group | Restaurant group | FNF Corporate and Other [Member] | FNF Corporate and Other [Member] | FNF Corporate and Other [Member] | Total FNF Core [Member] | Total FNF Core [Member] | Total FNF Core [Member] | Remy | Remy | ABRH [Member] | ||||
Segment Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | ' | 55.00% | ' | ' | ' | ' | ' | ' | 51.00% | 51.00% | 55.00% |
Title Premiums | $4,152 | $3,833 | $3,257 | $4,152 | $3,833 | $3,257 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $4,152 | $3,833 | $3,257 | ' | ' | ' |
Other Revenue | 1,737 | 1,676 | 1,393 | 1,597 | 1,613 | 1,337 | 87 | 15 | 19 | 87 | 15 | 19 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 53 | 48 | 37 | 1,650 | 1,661 | 1,374 | ' | ' | ' |
Revenue Other Manufactured Products | 1,127 | 417 | 417 | ' | ' | ' | ' | ' | ' | 1,127 | 417 | 0 | 0 | ' | 0 | 1,127 | ' | 417 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Food and Beverage Revenue | 1,408 | 908 | 908 | ' | ' | ' | ' | ' | ' | 1,408 | 908 | 0 | 0 | ' | 0 | ' | ' | ' | ' | 1,408 | ' | 908 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales Revenue, Services, Net | 8,424 | 6,834 | 4,650 | 5,749 | 5,446 | 4,594 | 87 | 15 | 19 | 2,622 | 1,340 | 19 | 0 | ' | 0 | 1,127 | ' | 417 | ' | 1,408 | ' | 908 | ' | 53 | 48 | 37 | 5,802 | 5,494 | 4,631 | ' | ' | ' |
Total revenues | 8,565 | 7,165 | 4,800 | 5,894 | 5,586 | 4,743 | 90 | 11 | 18 | 2,622 | 1,535 | 18 | -7 | -1 | 0 | 1,125 | ' | 497 | ' | 1,407 | ' | 1,027 | ' | 56 | 45 | 39 | 5,950 | 5,631 | 4,782 | ' | ' | ' |
Interest and investment income including realized gains and losses | 141 | 331 | 150 | 145 | 140 | 149 | 3 | -4 | -1 | 0 | 195 | -1 | -7 | -1 | 0 | -2 | ' | 80 | ' | -1 | ' | 119 | ' | 3 | -3 | 2 | 148 | 137 | 151 | ' | ' | ' |
Depreciation and amortization | 137 | 104 | 73 | 65 | 64 | 70 | 12 | 0 | 0 | 69 | 36 | 0 | 0 | ' | 0 | 4 | ' | 1 | ' | 53 | ' | 35 | ' | 3 | 4 | 3 | 68 | 68 | 73 | ' | ' | ' |
Interest expense | 93 | 74 | 57 | 0 | 1 | 1 | 4 | 1 | 0 | 32 | 14 | 0 | -7 | -1 | ' | 20 | ' | 10 | ' | 8 | ' | 3 | ' | 68 | 60 | 56 | 68 | 61 | 57 | ' | ' | ' |
Earnings (loss) from continuing operations before income taxes and equity in (loss) earnings of unconsolidated affiliates | 651 | 835 | 405 | 821 | 776 | 521 | -59 | -25 | -1 | -25 | 166 | -1 | 0 | ' | 0 | 22 | ' | 89 | ' | 12 | ' | 102 | ' | -145 | -107 | -115 | 676 | 669 | 406 | ' | ' | ' |
Income Tax Expense (Benefit), Continuing Operations | 205 | 245 | 131 | 302 | 282 | 169 | -38 | -6 | 2 | -37 | 15 | 2 | ' | ' | ' | 5 | ' | 3 | ' | -4 | ' | 18 | ' | -60 | -52 | -40 | 242 | 230 | 129 | ' | ' | ' |
Earnings (loss) from continuing operations before equity in (loss) earnings of unconsolidated affiliates | 446 | 590 | 274 | 519 | 494 | 352 | -21 | -19 | -3 | 12 | 151 | -3 | 0 | ' | 0 | 17 | ' | 86 | ' | 16 | ' | 84 | ' | -85 | -55 | -75 | 434 | 439 | 277 | ' | ' | ' |
Equity in earnings (loss) of unconsolidated affiliates | -26 | 10 | 10 | 5 | 5 | 4 | -30 | 5 | 6 | -30 | 5 | 6 | 0 | ' | 0 | 0 | 0 | 0 | ' | 0 | 0 | 0 | ' | -1 | 0 | 0 | 4 | 5 | 4 | ' | ' | ' |
Net earnings (loss) from continuing operations | 420 | 600 | 284 | 524 | 499 | 356 | -51 | -14 | 3 | -18 | 156 | 3 | 0 | ' | 0 | 17 | 86 | 0 | ' | 16 | 84 | 0 | ' | -86 | -55 | -75 | 438 | 444 | 281 | ' | ' | ' |
Total assets | 10,524 | 9,903 | 7,862 | 6,757 | 6,929 | 6,540 | 699 | 678 | 998 | 2,617 | 2,637 | 998 | -115 | -80 | 0 | 1,255 | 1,270 | 0 | ' | 663 | 689 | 0 | ' | 1,265 | 417 | 324 | 8,022 | 7,346 | 6,864 | ' | ' | ' |
Goodwill | $1,901 | $1,908 | $1,453 | $1,435 | $1,434 | $1,418 | $96 | $106 | $32 | $463 | $471 | $32 | $0 | $0 | $0 | $248 | $246 | $0 | ' | $119 | $119 | $0 | ' | $3 | $3 | $3 | $1,438 | $1,437 | $1,421 | ' | ' | ' |
Parent_Company_Financials_Bala
Parent Company Financials Balance Sheet (details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Balance Sheet | ' | ' | ' | ' |
Total assets | $10,524,000,000 | $9,903,000,000 | $7,862,000,000 | ' |
Cash and Cash Equivalents, at Carrying Value | 1,969,000,000 | 1,132,000,000 | ' | ' |
Investments in unconsolidated affiliates | 357,000,000 | 392,000,000 | ' | ' |
Property, Plant and Equipment, Net | 645,000,000 | 628,000,000 | ' | ' |
Prepaid Expense and Other Assets | 721,000,000 | 678,000,000 | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 619,000,000 | 651,000,000 | ' | ' |
Total liabilities | 4,982,000,000 | 5,154,000,000 | ' | ' |
Accounts payable and other accrued liabilities | 1,291,000,000 | 1,308,000,000 | ' | ' |
Deferred Tax Liabilities | 144,000,000 | 123,000,000 | ' | ' |
Notes Payable | 1,323,000,000 | 1,344,000,000 | ' | ' |
Total Fidelity National Financial, Inc. shareholders' equity | 5,068,000,000 | 4,268,000,000 | ' | ' |
Common stock, Class A, $0.0001 par value; authorized, 600,000,000 shares as of December 31, 2013 and 2012; issued 292,289,166 shares and 268,541,117 shares at December 31, 2013 and 2012, respectively | 0 | 0 | ' | ' |
Preferred stock, $0.0001 par value; authorized, 50,000,000 shares; issued and outstanding, none | 0 | 0 | ' | ' |
Additional Paid in Capital, Common Stock | ' | 4,018,000,000 | ' | ' |
Retained Earnings (Accumulated Deficit) | ' | 849,000,000 | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | 59,000,000 | ' | ' |
Treasury Stock, Value | ' | -658,000,000 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 474,000,000 | 481,000,000 | ' | ' |
Total equity | 5,542,000,000 | 4,749,000,000 | 3,656,000,000 | 3,444,000,000 |
Total liabilities and equity | 10,524,000,000 | 9,903,000,000 | ' | ' |
Parent Company | ' | ' | ' | ' |
Balance Sheet | ' | ' | ' | ' |
Total assets | 6,794,000,000 | 6,012,000,000 | ' | ' |
Cash and Cash Equivalents, at Carrying Value | 1,105,000,000 | 322,000,000 | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 7,000,000 | ' | ' |
Investments in unconsolidated affiliates | 320,000,000 | 360,000,000 | ' | ' |
Notes, Loans and Financing Receivable, Net | 124,000,000 | 94,000,000 | ' | ' |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 5,145,000,000 | 5,199,000,000 | ' | ' |
Property, Plant and Equipment, Net | 7,000,000 | 9,000,000 | ' | ' |
Prepaid Expense and Other Assets | 20,000,000 | 4,000,000 | ' | ' |
Intangible Assets, Net (Excluding Goodwill) | 47,000,000 | 17,000,000 | ' | ' |
Income Taxes Receivable | 26,000,000 | ' | ' | ' |
Total liabilities | 1,252,000,000 | 1,263,000,000 | ' | ' |
Accounts payable and other accrued liabilities | 125,000,000 | 57,000,000 | ' | ' |
Taxes Payable, Current | 0 | 103,000,000 | ' | ' |
Deferred Tax Liabilities | 144,000,000 | 123,000,000 | ' | ' |
Notes Payable | 983,000,000 | 980,000,000 | ' | ' |
Total Fidelity National Financial, Inc. shareholders' equity | 5,068,000,000 | 4,268,000,000 | ' | ' |
Common stock, Class A, $0.0001 par value; authorized, 600,000,000 shares as of December 31, 2013 and 2012; issued 292,289,166 shares and 268,541,117 shares at December 31, 2013 and 2012, respectively | 0 | 0 | ' | ' |
Preferred stock, $0.0001 par value; authorized, 50,000,000 shares; issued and outstanding, none | 0 | 0 | ' | ' |
Additional Paid in Capital, Common Stock | 4,642,000,000 | 4,018,000,000 | ' | ' |
Retained Earnings (Accumulated Deficit) | 1,096,000,000 | 849,000,000 | 373,000,000 | 110,000,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 37,000,000 | 59,000,000 | ' | ' |
Treasury Stock, Value | -707,000,000 | -658,000,000 | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | 474,000,000 | 481,000,000 | ' | ' |
Total equity | 5,542,000,000 | 4,749,000,000 | ' | ' |
Total liabilities and equity | $6,794,000,000 | $6,012,000,000 | ' | ' |
Parent_Company_Financials_Stat
Parent Company Financials Statement of Earnings and Retained Earnings (details) (USD $) | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Other Revenue | $1,737 | $1,676 | $1,393 | ' |
Interest and investment income including realized gains and losses | 141 | 331 | 150 | ' |
Total revenues | 8,565 | 7,165 | 4,800 | ' |
Personnel costs | 2,134 | 1,863 | 1,568 | ' |
Other operating expenses | 1,319 | 1,287 | 1,064 | ' |
Interest expense | 93 | 74 | 57 | ' |
Total expenses | 7,914 | 6,330 | 4,395 | ' |
Earnings (loss) from continuing operations before income taxes and equity in (loss) earnings of unconsolidated affiliates | 651 | 835 | 405 | ' |
Income Tax Expense (Benefit), Continuing Operations | 205 | 245 | 131 | ' |
Equity in earnings (loss) of unconsolidated affiliates | -26 | 10 | 10 | ' |
Net earnings (loss) | 419 | 612 | 379 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 17 | 5 | 10 | ' |
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders | 402 | 607 | 369 | ' |
Basic earnings per share attributable to FNF common shareholders | $1.75 | $2.75 | $1.68 | ' |
Weighted average shares outstanding, basic basis | 230 | 221 | 219 | ' |
Diluted earnings per share attributable to FNF common shareholders | $1.71 | $2.69 | $1.65 | ' |
Weighted average shares outstanding, diluted basis | 235 | 226 | 223 | ' |
Retained Earnings (Accumulated Deficit) | ' | 849 | ' | ' |
Cash dividends declared | -155 | -131 | -4 | ' |
Parent Company | ' | ' | ' | ' |
Other Revenue | 3 | 5 | 3 | ' |
Interest and investment income including realized gains and losses | 15 | 2 | 1 | ' |
Total revenues | 18 | 7 | 4 | ' |
Personnel costs | 93 | 39 | 40 | ' |
Other operating expenses | 50 | 21 | 15 | ' |
Interest expense | 70 | 61 | 58 | ' |
Total expenses | 213 | 121 | 113 | ' |
Earnings (loss) from continuing operations before income taxes and equity in (loss) earnings of unconsolidated affiliates | -195 | -114 | -109 | ' |
Income Tax Expense (Benefit), Continuing Operations | -61 | -34 | -35 | ' |
Earnings Before Equity In Losses Of Unconsolidated Affiliates | -134 | -80 | -74 | ' |
Equity in earnings (loss) of unconsolidated affiliates | 553 | 692 | 453 | ' |
Net earnings (loss) | 419 | 612 | 379 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | ' | 5 | 10 | ' |
Net earnings (loss) attributable to Fidelity National Financial, Inc. common shareholders | 402 | 607 | 369 | ' |
Basic earnings per share attributable to FNF common shareholders | $1.75 | $2.75 | $1.68 | ' |
Weighted average shares outstanding, basic basis | ' | 221 | 219 | ' |
Diluted earnings per share attributable to FNF common shareholders | $1.71 | $2.69 | $1.65 | ' |
Weighted average shares outstanding, diluted basis | ' | 226 | 223 | ' |
Retained Earnings (Accumulated Deficit) | 1,096 | 849 | 373 | 110 |
Cash dividends declared | ' | ($131) | ($106) | ' |
Parent_Company_Financials_Stat1
Parent Company Financials Statement of Cash Flows (details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Net earnings (loss) | $419 | $612 | $379 | ' |
Equity in earnings (loss) of unconsolidated affiliates | 26 | -10 | -10 | ' |
Gain (Loss) on Sale of Other Assets | -12 | 3 | -11 | ' |
Stock-based compensation cost | 35 | 27 | 27 | ' |
Excess Tax Benefit from Share-based Compensation, Operating Activities | -17 | -31 | -6 | ' |
Increase Decrease in Change in Income Taxes | -62 | 146 | 150 | ' |
Increase (Decrease) in Prepaid Expense and Other Assets | -3 | 49 | -5 | ' |
Increase Decrease in Accounts Payable Accrued Liabilities Deferred Revenue and Other | -1 | 63 | -66 | ' |
Net cash provided by operating activities | 484 | 620 | 110 | ' |
Payments for (Proceeds from) Short-term Investments | -36 | 12 | -78 | ' |
Payments for (Proceeds from) Other Investing Activities | 4 | -3 | 4 | ' |
Proceeds from Sale of Equity Method Investments | 0 | 0 | 32 | ' |
Net cash provided by (used in) investing activities | 60 | 310 | -164 | ' |
Proceeds from Issuance or Sale of Equity | 511 | ' | ' | ' |
Borrowings | 341 | 679 | 500 | ' |
Repayments of Long-term Debt | 359 | 557 | 516 | ' |
Payments of Debt Issuance Costs | 16 | 8 | 8 | ' |
Payments of Dividends, Common Stock | 153 | 128 | 105 | ' |
Payments for Repurchase of Common Stock | 34 | 38 | 86 | ' |
Exercise of stock options | 61 | 91 | 8 | ' |
Tax benefit associated with the exercise of stock options | 17 | 31 | 6 | ' |
Net cash used in financing activities | 340 | 52 | -205 | ' |
Net decrease in cash and cash equivalents, excluding pledged cash related to secured trust deposits | 764 | 362 | 69 | ' |
Cash and cash equivalents excluding pledged cash related to secured trust deposits | 1,630 | 866 | 504 | 435 |
Parent Company | ' | ' | ' | ' |
Net earnings (loss) | 419 | 612 | 379 | ' |
Equity in earnings (loss) of unconsolidated affiliates | -553 | -692 | -453 | ' |
Gain (Loss) on Sale of Other Assets | 1 | 6 | 0 | ' |
Stock-based compensation cost | 30 | 23 | 27 | ' |
Excess Tax Benefit from Share-based Compensation, Operating Activities | -17 | -31 | -6 | ' |
Increase Decrease in Change in Income Taxes | -96 | 172 | 142 | ' |
Increase (Decrease) in Prepaid Expense and Other Assets | -29 | 4 | 38 | ' |
Increase Decrease in Accounts Payable Accrued Liabilities Deferred Revenue and Other | 101 | 25 | -18 | ' |
Net cash provided by operating activities | -144 | 119 | 109 | ' |
Payments for (Proceeds from) Investments | 0 | -7 | 6 | ' |
Payments to Acquire Notes Receivable | 30 | -93 | ' | ' |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | ' | ' | 0 | ' |
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | 2 | ' |
Proceeds from Sale of Equity Method Investments | ' | ' | 32 | ' |
Net cash provided by (used in) investing activities | -22 | 202 | -24 | ' |
Proceeds from Issuance or Sale of Equity | 511 | ' | ' | ' |
Borrowings | 0 | 548 | 500 | ' |
Equity offering | 0 | -6 | ' | ' |
Repayments of Long-term Debt | 7 | 494 | 516 | ' |
Payments of Debt Issuance Costs | 16 | 8 | 8 | ' |
Payments of Dividends, Common Stock | 153 | 128 | 105 | ' |
Payments for Repurchase of Common Stock | 34 | 38 | 86 | ' |
Exercise of stock options | 60 | 91 | 8 | ' |
Tax benefit associated with the exercise of stock options | 17 | 31 | 6 | ' |
Payments for (Proceeds from) Businesses and Interest in Affiliates | -571 | -294 | -65 | ' |
Net cash used in financing activities | 949 | 290 | -136 | ' |
Net decrease in cash and cash equivalents, excluding pledged cash related to secured trust deposits | -783 | 207 | ' | -3 |
Cash and cash equivalents excluding pledged cash related to secured trust deposits | 1,105 | 322 | ' | 115 |
Payments to Acquire Interest in Subsidiaries and Affiliates | ($8) | ($116) | ' | ' |
Parent_Company_Financials_Note
Parent Company Financials Notes to Financial Statements (details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
5.50% unsecured notes payable, interest payable semi-annually [Member] | 5.50% unsecured notes payable, interest payable semi-annually [Member] | Convertible Debt | Convertible Debt | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 | Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 | Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 | Line of Credit | Parent Company | Parent Company | Parent Company | ||||
Long-term Debt | $1,323,000,000 | $1,344,000,000 | ' | $398,000,000 | $398,000,000 | $285,000,000 | $282,000,000 | $300,000,000 | $300,000,000 | ' | $0 | $0 | $0 | $983,000,000 | $980,000,000 | ' |
Interest Paid | 87,000,000 | 65,000,000 | 52,000,000 | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | 61,000,000 | 65,000,000 | 57,000,000 |
Income Taxes Paid, Net | 249,000,000 | 109,000,000 | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 242,000,000 | 109,000,000 | 40,000,000 |
Proceeds from Dividends Received | $100,000,000 | $200,000,000 | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |