Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Document and Entity Information | ' | ' |
Common stock, Class A, issued shares | ' | 292,289,166 |
Entity Registrant Name | 'Fidelity National Financial, Inc. | ' |
Entity Central Index Key | '0001331875 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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 | $8,717,994,656 | ' |
Entity Common Stock, Shares Outstanding | 369,174,112 | ' |
Common Stock [Member] | ' | ' |
Document and Entity Information | ' | ' |
Common stock, Class A, issued shares | 0 | ' |
FNF Group Common Stock [Member] | ' | ' |
Document and Entity Information | ' | ' |
Common stock, Class A, issued shares | 277,462,875 | ' |
FNFV Group Common Stock [Member] | ' | ' |
Document and Entity Information | ' | ' |
Common stock, Class A, issued shares | 91,711,237 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Investments: | ' | ' |
Fixed maturity securities available for sale, at fair value, at March 31, 2014 and December 31, 2013 includes pledged fixed maturity securities of $341 and $261, respectively, related to secured trust deposits | $3,092 | $2,959 |
Preferred stock available for sale, at fair value | 187 | 151 |
Equity securities available for sale, at fair value | 144 | 136 |
Investments in unconsolidated affiliates | 316 | 357 |
Other long-term investments | 208 | 162 |
Short-term investments | 23 | 26 |
Total investments | 3,970 | 3,791 |
Cash and cash equivalents, at June 30, 2014 and December 31, 2013 includes $365 and $339, respectively, of pledged cash related to secured trust deposits | 1,126 | 1,969 |
Trade and notes receivables, net of allowance of $25 and $21, at June 30, 2014 and December 31, 2013, respectively | 742 | 482 |
Goodwill | 4,917 | 1,901 |
Prepaid expenses and other assets | 810 | 682 |
Capitalized software, net | 593 | 39 |
Other intangible assets, net | 1,517 | 619 |
Title plants | 395 | 370 |
Property and equipment, net | 773 | 645 |
Income taxes receivable | 0 | 26 |
Total assets | 14,843 | 10,524 |
Liabilities: | ' | ' |
Accounts payable and accrued liabilities, at December 31, 2013 includes accounts payable to related parties of $3 | 1,523 | 1,291 |
Notes payable | 3,343 | 1,323 |
Reserve for title claim losses | 1,661 | 1,636 |
Secured trust deposits | 701 | 588 |
Taxes Payable | 18 | 0 |
Deferred tax liability | 541 | 144 |
Total liabilities | 7,787 | 4,982 |
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 687 | 0 |
Equity: | ' | ' |
Common stock, Class A, $0.0001 par value; authorized 600,000,000 shares as of March 31, 2014 and December 31, 2013; issued 318,732,813 as of March 31, 2014 and 292,289,166 as of December 31, 2013 | 0 | 0 |
Preferred stock, $0.0001 par value; authorized 50,000,000 shares; issued and outstanding, none | 0 | 0 |
Additional paid-in capital | 4,807 | 4,642 |
Retained earnings | 1,089 | 1,096 |
Accumulated other comprehensive earnings | 59 | 37 |
Less: treasury stock, 41,948,518 shares as of March 31, 2014 and December 31, 2013, respectively, at cost | 0 | -707 |
Total Fidelity National Financial, Inc. shareholders' equity | 5,955 | 5,068 |
Noncontrolling interests | 414 | 474 |
Total equity | 6,369 | 5,542 |
Total liabilities and equity | $14,843 | $10,524 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Pledged fixed maturity securities | $350 | $261 |
Pledged cash secured trust deposits | 365 | 339 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 25 | 21 |
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 |
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 | 5,925 | 41,948,518 |
Accounts Payable, Related Parties | $0 | $3 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Direct title insurance premiums | $433 | $492 | $784 | $905 |
Agency title insurance premiums | 518 | 625 | 922 | 1,149 |
Escrow, title related and other fees | 716 | 489 | 1,362 | 924 |
Auto parts revenue | 300 | 284 | 602 | 568 |
Restaurant revenue | 358 | 347 | 712 | 701 |
Interest and investment income | 35 | 37 | 65 | 70 |
Realized gains and losses, net | -1 | 5 | 1 | 3 |
Total revenues | 2,359 | 2,279 | 4,448 | 4,320 |
Expenses: | ' | ' | ' | ' |
Personnel costs | 645 | 546 | 1,316 | 1,065 |
Agent commissions | 395 | 473 | 702 | 870 |
Other operating expenses | 417 | 366 | 846 | 691 |
Cost of auto parts revenue, includes $18 of depreciation and amortization for the three months ended June 30, 2014 and 2013, respectively, and $32 and $36 for the six months ended June 30, 2014 and 2013, respectively | 251 | 241 | 505 | 481 |
Cost of restuarant revenue | 303 | 295 | 603 | 597 |
Depreciation and amortization | 85 | 35 | 203 | 68 |
Provision for claim losses | 57 | 79 | 110 | 144 |
Interest expense | 38 | 21 | 74 | 44 |
Total expenses | 2,191 | 2,056 | 4,359 | 3,960 |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | 168 | 223 | 89 | 360 |
Income tax expense | 57 | 72 | 20 | 118 |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 111 | 151 | 69 | 242 |
Equity in earnings (loss) of unconsolidated affiliates | -5 | -3 | -36 | -6 |
Net earnings from continuing operations | 106 | 148 | 33 | 236 |
Net earnings from discontinued operations, net of tax | -1 | -3 | -1 | -2 |
Net earnings | 105 | 145 | 32 | 234 |
Less: Net earnings attributable to noncontrolling interests | -10 | 7 | -61 | 6 |
Net earnings attributable to Fidelity National Financial, Inc. Common Shareholders | 115 | 138 | 93 | 228 |
Earnings per share | ' | ' | ' | ' |
Net earnings from continuing operations attributable to Fidelity National Financial, Inc. common shareholders | $0.42 | $0.62 | $0.34 | $1.02 |
Net loss from discontinued operations attributable to Fidelity National Financial, Inc. common shareholders | $0 | ($0.01) | $0 | ($0.01) |
Basic earnings per share attributable to FNF common shareholders | $0.42 | $0.61 | $0.34 | $1.01 |
Net earnings from continuing operations attributable to Fidelity National Financial, Inc. common shareholders | $0.41 | $0.61 | $0.33 | $1 |
Net loss from discontinued operations attributable to Fidelity National Financial, Inc. common shareholders | $0 | ($0.01) | $0 | ($0.01) |
Diluted earnings per share attributable to FNF common shareholders | $0.41 | $0.60 | $0.33 | $0.99 |
Weighted average number of shares outstanding, basic | 275 | 225 | 275 | 225 |
Weighted average number of shares outstanding, diluted | 283 | 229 | 282 | 230 |
Cash dividends paid per share | $0.18 | $0.16 | $0.36 | $0.32 |
Income (Loss) from Continuing Operations Attributable to Parent | 116 | 141 | 94 | 231 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | ($1) | ($3) | ($1) | ($3) |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Depreciation and amortization included in cost of autoparts sales | $18 | $18 | $32 | $36 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Earnings (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Net earnings | $105 | $145 | $32 | $234 | |||
Other comprehensive earnings: | ' | ' | ' | ' | |||
Unrealized (loss) gain on investments and other financial instruments, net (excluding investments in unconsolidated affiliates) (1) | 12 | [1] | -37 | [1] | 21 | [1] | -23 |
Unrealized gain (loss) on investments in unconsolidated affiliates (2) | 5 | [2] | -3 | [2] | -1 | -11 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 6 | [3] | -6 | [3] | 3 | -9 | |
Reclassification adjustments for change in unrealized gains and losses included in net earnings (4) | -1 | [4] | -4 | [4] | -1 | [4] | -5 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | [5] | 0 | [5] | 0 | [5] | -1 |
Other comprehensive earnings | 22 | -50 | 22 | -49 | |||
Comprehensive earnings | 127 | 95 | 54 | 185 | |||
Less: Net earnings attributable to noncontrolling interests | -10 | 7 | -61 | 6 | |||
Comprehensive earnings attributable to Fidelity National Financial Inc. Common Shareholders | 137 | 88 | 115 | 179 | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 7 | -22 | 12 | -14 | |||
Unrealized gain loss on investments in unconsolidated affiliates tax | 3 | 2 | 1 | 7 | |||
Income tax (benefit) expense on unrealized gain on foreign currency translation | 4 | -4 | 2 | -6 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | ' | 2 | 1 | 3 | |||
Other Comprehensive Income (Loss), Minimum Pension Liability Net Adjustment, Tax | ' | ' | ' | ($1) | |||
[1] | Net of income tax expense (benefit) of $7 millionB and $(22) millionB for the three-month periods ended JuneB 30, 2014 and 2013, respectively, and $12 million and $(14) million for the six-month periods ended JuneB 30, 2014 and 2013, respectively. | ||||||
[2] | Net of income tax expense (benefit) of $3 million and $(2) million for the three-month periods ended JuneB 30, 2014 and 2013, respectively, and $(1) million and $(7) million for the six-month periods ended JuneB 30, 2014 and 2013, respectively. | ||||||
[3] | Net of income tax expense (benefit) of $4 million and $(4) million for the three-month periods ended JuneB 30, 2014 and 2013, respectively, and $2 million and $(6) million for the six-month periods ended JuneB 30, 2014 and 2013, respectively. | ||||||
[4] | Net of income tax expense of $2 million for the three-month period ended JuneB 30, 2013, and less than $1 million and $3 million for the six-month periods ended JuneB 30, 2014 and 2013, respectively. | ||||||
[5] | Net of income tax benefit of less than $1 million for the six-month period ended JuneB 30, 2013. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Equity (Unaudited) (USD $) | Total | Common Stock [Member] | FNF Group Common Stock [Member] | FNFV Group Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Redeemable noncontrolling interest [Member] | ||
In Millions, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Beginning Balance at Dec. 31, 2013 | ($5,542) | $0 | ' | ' | ($4,642) | ($1,096) | ($37) | ($707) | ($474) | ' | ||
Beginning Balance, Shares at Dec. 31, 2013 | ' | 292,000,000 | 0 | ' | ' | ' | ' | 42,000,000 | ' | ' | ||
Stock Repurchased and Retired During Period, Shares | ' | -277,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock Issued During Period, Shares, New Issues | 277,462,875 | ' | 277,000,000 | 92,000,000 | ' | ' | ' | ' | ' | ' | ||
Payments of Stock Issuance Costs | -2 | ' | ' | ' | -2 | ' | ' | ' | ' | ' | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | 26,000,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ||
Stock Issued During Period, Value, Acquisitions | 839 | ' | ' | ' | 839 | ' | ' | ' | ' | ' | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 687 | ' | ' | ' | ' | ' | ' | ' | ' | 687 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Exercise of stock options, Shares | ' | 1,000,000 | 0 | ' | ' | ' | ' | 0 | ' | ' | ||
Exercise of stock options | 16 | ' | ' | ' | 16 | ' | ' | 0 | ' | ' | ||
Deferred Tax Expense from Stock Options Exercised | 2 | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ||
Other comprehensive earnings b unrealized loss on investments and other financial instruments (excluding investments in unconsolidated affiliates) | 20 | ' | ' | ' | ' | ' | 20 | ' | ' | ' | ||
Other comprehensive earnings b unrealized gain on investments in unconsolidated affiliates | -1 | ' | ' | ' | ' | ' | -1 | [1] | ' | ' | ' | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 3 | ' | ' | ' | ' | ' | 3 | [2] | ' | ' | ' | |
Other Comprehensive (Income) Loss, Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ||
Other comprehensive earnings b unrealized loss on foreign currency translation | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Share-based Compensation | 25 | ' | ' | ' | 17 | ' | ' | ' | 8 | ' | ||
Dividends declared | -100 | ' | ' | ' | ' | -100 | ' | ' | ' | ' | ||
Contributions To Noncontrolling Interests | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | ' | ||
Temporary Equity, Other Changes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 687 | ||
Subsidiary dividends paid to noncontrolling interests | -10 | ' | ' | ' | ' | ' | ' | ' | -10 | ' | ||
Net Income (Loss) Attributable to Parent | 93 | ' | ' | ' | ' | 93 | ' | ' | ' | ' | ||
Less: Net earnings attributable to noncontrolling interests | 61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net earnings | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Treasury Stock, Shares, Retired | ' | -42,000,000 | ' | ' | ' | ' | ' | -42,000,000 | ' | ' | ||
Treasury Stock, Retired, Cost Method, Amount | ' | ' | ' | ' | -707 | ' | ' | -707 | ' | ' | ||
Ending Balance at Jun. 30, 2014 | -6,369 | 0 | ' | ' | -4,807 | -1,089 | -59 | 0 | -414 | ' | ||
Ending Balance, Shares at Jun. 30, 2014 | ' | ' | 277,000,000 | 92,000,000 | ' | ' | ' | 0 | ' | ' | ||
Beginning Balance at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 687 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Other comprehensive earnings b unrealized gain on investments in unconsolidated affiliates | [1] | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | [2] | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net Income (Loss) Attributable to Parent | 115 | ' | ' | ' | ' | 115 | ' | ' | ' | ' | ||
Less: Net earnings attributable to noncontrolling interests | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net earnings | 105 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Ending Balance at Jun. 30, 2014 | ($6,369) | ' | ' | ' | ' | ($1,089) | ' | ' | ' | ' | ||
[1] | Net of income tax expense (benefit) of $3 million and $(2) million for the three-month periods ended JuneB 30, 2014 and 2013, respectively, and $(1) million and $(7) million for the six-month periods ended JuneB 30, 2014 and 2013, respectively. | |||||||||||
[2] | Net of income tax expense (benefit) of $4 million and $(4) million for the three-month periods ended JuneB 30, 2014 and 2013, respectively, and $2 million and $(6) million for the six-month periods ended JuneB 30, 2014 and 2013, respectively. |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net earnings | $32 | $234 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 235 | 104 |
Equity in earnings (loss) of unconsolidated affiliates | 36 | 6 |
Gain on sales of investments and other assets, net | -1 | -4 |
Stock-based compensation cost | 25 | 16 |
Tax benefit associated with the exercise of stock options | -2 | -2 |
Changes in assets and liabilities, net of effects from acquisitions: | ' | ' |
Net (increase) decrease in pledged cash, pledged investments, and secured trust deposits | 0 | 4 |
Net decrease (increase) in trade receivables | -43 | -12 |
Net (increase) decrease in prepaid expenses and other assets | -75 | -22 |
Net decrease in accounts payable, accrued liabilities, deferred revenue and other | 248 | 45 |
Net decrease in reserve for title claim losses | -29 | -55 |
Net change in income taxes | 59 | -10 |
Net cash provided by operating activities | -11 | 214 |
Cash flows from investing activities: | ' | ' |
Proceeds from sales of investment securities available for sale | 454 | 401 |
Proceeds from calls and maturities of investment securities available for sale | 160 | 182 |
Proceeds from sale of other assets | 2 | 0 |
Additions to property and equipment | -83 | -77 |
Purchases of investment securities available for sale | -607 | -536 |
Net (purchases) proceeds from short-term investment securities | 4 | 40 |
Payments to Acquire Other Investments | -39 | -67 |
Contributions to investments in unconsolidated affiliates | 20 | -15 |
Net other investing activities | -3 | 11 |
Payments to Acquire Business Two, Net of Cash Acquired | -2,248 | ' |
Payments to Acquire Business Three, Net of Cash Acquired | -40 | ' |
Other acquisitions/disposals of businesses, net of cash acquired | 2 | 0 |
Net cash (used in) provided by investing activities | -2,378 | -61 |
Cash flows from financing activities: | ' | ' |
Borrowings | 1,509 | 304 |
Debt service payments | -584 | -305 |
Proceeds from Noncontrolling Interests | -687 | -3 |
Debt issuance costs | -2 | -10 |
Payments to Noncontrolling Interests | 0 | -14 |
Dividends paid | -99 | -73 |
Payments of Ordinary Dividends, Noncontrolling Interest | -9 | -9 |
Exercise of stock options | 16 | 18 |
Tax benefit associated with the exercise of stock options | 2 | 2 |
Purchases of treasury stock | 0 | -34 |
Net cash used in financing activities | 1,520 | -118 |
Net (decrease) increase in cash and cash equivalents, excluding pledged cash related to secured trust deposits | -869 | 35 |
Cash and cash equivalents, excluding pledged cash related to secured trust deposits at beginning of period | ' | 866 |
Cash and cash equivalents, excluding pledged cash related to secured trust deposits at end of period | 1,630 | ' |
Supplemental cash flow information: | ' | ' |
Income taxes paid | -48 | 104 |
Interest paid | $66 | $43 |
Basis_of_Financial_Statements
Basis of Financial Statements | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||
Basis of Financial Statements | ' | |||||||
Basis of Financial Statements | ||||||||
The unaudited financial information in this report includes the accounts of Fidelity National Financial, Inc. and its subsidiaries (collectively, “we,” “us,” “our,” or “FNF”) prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the instructions to Form 10-Q and Article 10 of Regulation S-X. All adjustments considered necessary for a fair presentation have been included. This report should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||
Certain reclassifications have been made in the 2013 Condensed Consolidated Financial Statements to conform to classifications used in 2014. | ||||||||
Description of Business | ||||||||
We have organized our business into two groups, FNF Core Operations and FNF Ventures, known as "FNFV". 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, Alamo Title and National Title of New York - 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 ("BKFS") and ServiceLink Holdings, LLC ("ServiceLink"). In addition, in our FNFV group, 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. and Comdata Inc. (collectively "Ceridian") and Digital Insurance, Inc. ("Digital Insurance"). | ||||||||
Recent Developments | ||||||||
On June 30, 2014, we completed the recapitalization of FNF common stock into the two previously announced tracking stocks, FNF Group common stock and FNFV Group common stock. Each share of the previously outstanding FNF Class A common stock was converted into one share of FNF Group common stock, which now trades on the New York Stock Exchange under the current trading symbol "FNF," and 0.3333 of a share of FNFV Group common stock, which now trades on the New York Stock Exchange under the trading symbol "FNFV." Both FNF and FNFV began regular trading on July 1, 2014. | ||||||||
Effective June 1, 2014, we completed an internal reorganization to contribute our subsidiary Property Insight, a company which provides information used by title insurance underwriters, title agents and closing attorneys to underwrite title insurance policies for real property sales and transfer, from our Title segment to BKFS. As a result of this transfer, our ownership percentage in BKFS increased to 67%. The results presented for the month ended June 30, 2014, reflect our now 67% ownership interest in BKFS and Thomas H. Lee partners' now 33% ownership of BKFS. | ||||||||
On January 13, 2014, Remy 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. USA Industries is a leading North American distributor of premium quality remanufactured and new alternators, starters, constant velocity axles and disc brake calipers for the light-duty aftermarket. Total consideration paid was $40 million, net of cash acquired. | ||||||||
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 FNF Class A common shares per share of LPS common stock. Total consideration paid for LPS was $3.4 billion, which consisted of $2,248 million in cash, net of cash acquired of $287 million and $839 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. See Note B for further discussion. | ||||||||
Discontinued Operations | ||||||||
The results from a small software company, which we acquired with LPS and which was sold during the second quarter of 2014, are included in the Condensed Consolidated Statements of Earnings as discontinued operations for all periods presented. Total revenues included in discontinued operations were $1 million and $2 million for the three months ended June 30, 2014 and 2013, respectively, and $2 million and $4 million for the six months ending June 30, 2014 and 2013, respectively. Pre-tax earnings included in discontinued operations are $1 million for the three months ending June 30, 2014 and there were no pre-tax earnings for the three months ended June 30, 2013. There were pre-tax earnings of $1 million for the six months ended June 30, 2013 and there were no pre-tax earnings in the six months ended June 30, 2014. 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 Condensed Consolidated Statements of Earnings as discontinued operations for all periods presented. There were no revenues included in discontinued operations during the three and six months ended June 30, 2014. Total revenues included in discontinued operations were $1 million for the three months ending June 30, 2013, and $8 million for the six months ending June 30, 2013. There was no pre-tax loss included in discontinued operations for the three and six months ending June 30, 2014. Pre-tax loss included in discontinued operations was $2 million for the three months ending June 30, 2013. | ||||||||
Transactions with Related Parties | ||||||||
As we no longer have any officers in common with Fidelity National Information Services, Inc. ("FIS"), effective January 1, 2014, we no longer consider FIS a related party. | ||||||||
Agreements with FIS | ||||||||
A summary of the agreements that were in effect with FIS through December 31, 2013 is as follows: | ||||||||
• | Information Technology (“IT”) and data processing services from FIS. This agreement governs IT support services provided to us by FIS, primarily consisting of infrastructure support and data center management. Certain subsidiaries of FIS also provided technology consulting services to FNF during 2013. | |||||||
• | Administrative aviation 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: | ||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | |||||||
(in millions) | ||||||||
Corporate services and cost-sharing revenue | $ | 2 | $ | 3 | ||||
Data processing expense | (8 | ) | (16 | ) | ||||
Net expense | $ | (6 | ) | $ | (13 | ) | ||
We believe the amounts earned by us or charged to us under each of the foregoing arrangements are fair and reasonable. The IT 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 we earned or were 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 amount due to FIS as a result of these agreements was $3 million as of December 31, 2013. | ||||||||
Included in equity securities available for sale at December 31, 2013, are 1,303,860 shares of FIS stock which were purchased during the fourth quarter of 2009 in connection with a merger between FIS and Metavante Technologies, Inc. The fair value of our investment was $70 million as of December 31, 2013. | ||||||||
Also included in fixed maturities available for sale are FIS bonds with a fair value of $42 million as of December 31, 2013. | ||||||||
Earnings Per Share | ||||||||
Basic earnings per share, as presented on the Condensed Consolidated Statement of Earnings, is computed by dividing net earnings available to common shareholders 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 shareholders by the weighted average number of common shares outstanding plus 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 antidilutive. We have granted certain options and shares of restricted stock as well as convertible debt instruments 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. | ||||||||
Options to purchase shares of our common stock that are antidilutive are excluded from the computation of diluted earnings per share. There were no antidilutive options during the three and six month periods ended June 30, 2014. There were one million shares related to antidilutive options excluded for the three and six month periods ended June 30, 2013. | ||||||||
As of the close of business on June 30, 2014, we completed the recapitalization of FNF Class A common stock into the two previously announced tracking stocks, FNF Group common stock and FNFV Group common stock. As a result of the recapitalization, there were 277,462,875 shares of FNF Group common stock and 91,711,237 shares of FNFV Group common stock outstanding as of June 30, 2014. As the recapitalization did not occur until June 30, 2014, the weighted average shares outstanding presented on the Condensed Consolidated Statements of Earnings does not include any shares of FNF Group common stock or FNFV Group common stock. Earnings per share for the three and six months ending June 30, 2014 was fully attributed to the previous class of FNF common stock, known as FNF Class A common stock. | ||||||||
Recent Accounting Pronouncements | ||||||||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU provides a new comprehensive revenue recognition model that requires companies to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. This update permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting. This update is effective for annual and interim periods beginning on or after December 15, 2016, with early application not permitted. | ||||||||
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This ASU is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015, with early adoption permitted. We plan to adopt this ASU for the annual and interim periods beginning January 1, 2015 and do not expect this update to have a material impact on our financial statements. |
Acquisitions
Acquisitions | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Acquisitions [Abstract] | ' | |||||||||||||||
Business Combination Disclosure [Text Block] | ' | |||||||||||||||
Acquisition of Lender Processing Services, Inc. | ||||||||||||||||
The results of operations and financial position of the entities acquired during any year are included in the Condensed Consolidated Financial Statements from and after the date of acquisition. | ||||||||||||||||
On January 2, 2014, we completed the purchase of 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 FNF Class A common shares per share of LPS common stock. Total consideration paid for LPS was $3.4 billion, which consisted of $2,248 million in cash, net of $287 million cash acquired and $839 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. Goodwill has been recorded based on the amount that the purchase price exceeded the fair value of the net assets acquired. | ||||||||||||||||
The initial purchase price is as follows (in millions): | ||||||||||||||||
Cash paid for LPS outstanding shares | $ | 2,535 | ||||||||||||||
Less: cash acquired from LPS | (287 | ) | ||||||||||||||
Net cash paid for LPS | 2,248 | |||||||||||||||
FNF common stock issued (25,920,078 shares) | 839 | |||||||||||||||
Total net consideration paid | $ | 3,087 | ||||||||||||||
The purchase price has been initially allocated to the LPS assets acquired and liabilities assumed based on our best estimates of their fair values as of the acquisition date. Goodwill has been recorded based on the amount that the purchase price exceeds the fair value of the net assets acquired. This estimate is preliminary and subject to adjustments as we complete our valuation process with respect to capitalized software, intangible assets, legal contingencies, taxes and goodwill, which we expect to have complete by the end of 2014. | ||||||||||||||||
The initial purchase price allocation is as follows (in millions): | ||||||||||||||||
Trade and notes receivable | $ | 184 | ||||||||||||||
Investments | 77 | |||||||||||||||
Prepaid expenses and other assets | 59 | |||||||||||||||
Property and equipment | 150 | |||||||||||||||
Capitalized software | 557 | |||||||||||||||
Intangible assets including title plants | 1,007 | |||||||||||||||
Income tax receivable | 40 | |||||||||||||||
Goodwill | 3,004 | |||||||||||||||
Total assets | 5,078 | |||||||||||||||
Notes payable | 1,091 | |||||||||||||||
Reserve for title claims | 54 | |||||||||||||||
Deferred tax liabilities | 409 | |||||||||||||||
Other liabilities assumed | 437 | |||||||||||||||
Total liabilities | 1,991 | |||||||||||||||
Net assets acquired | $ | 3,087 | ||||||||||||||
Subsequent to the LPS acquisition, we formed a wholly-owned subsidiary, 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 businesses, ServiceLink and BKFS. We retained a 65% ownership interest in each of the subsidiaries and issued the remaining 35% minority ownership interest to funds affiliated with Thomas H. Lee Partners and certain related entities on January 3, 2014. ServiceLink and BKFS now own and operate the former LPS businesses and our legacy ServiceLink business. | ||||||||||||||||
The following table summarizes the intangible assets acquired (in millions, except for useful life): | ||||||||||||||||
Fair Value as of Consolidation | Weighted Average Useful Life in Years as of Consolidation | Residual Value as of June 30, 2014 | ||||||||||||||
Amortizing intangible assets: | ||||||||||||||||
Developed technology | $ | 534 | 8 | $ | 503 | |||||||||||
Purchased technology | 23 | 3 | 19 | |||||||||||||
Trade names | 13 | 10 | 12 | |||||||||||||
Customer relationships | 911 | 10 | 829 | |||||||||||||
Non-compete agreements | 5 | 3 | 4 | |||||||||||||
Non-amortizing intangible assets: | ||||||||||||||||
Developed technology | 54 | 54 | ||||||||||||||
Title plants | 24 | 24 | ||||||||||||||
Total intangible assets and capitalized software | $ | 1,564 | $ | 1,445 | ||||||||||||
Pro-forma Financial Results | ||||||||||||||||
For comparative purposes, selected unaudited pro-forma consolidated results of operations of FNF for the three and six months ending June 30, 2014 and 2013 are presented below. Pro-forma results presented assume the consolidation of Black Knight occurred as of the beginning of the 2013 period. Amounts reflect our 65% ownership interest in BKFS and our 65% ownership interest in ServiceLink and were adjusted to exclude costs directly attributable to the acquisition of LPS including transaction costs, severance costs and costs related to our synergy bonus program associated with the acquisition (in millions). | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenues | $ | 2,359 | $ | 2,748 | $ | 4,448 | $ | 5,261 | ||||||||
Net earnings attributable to Fidelity National Financial, Inc. common shareholders | 146 | 157 | 175 | 301 | ||||||||||||
As a result of our acquisition of LPS, the following additions have been made to our significant accounting policies during the first quarter of 2014: | ||||||||||||||||
BKFS Revenue Recognition | ||||||||||||||||
Within our BKFS segment, we recognize revenues in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“ASC 605”). Recording revenues requires judgment, including determining whether an arrangement includes multiple elements, whether any of the elements are essential to the functionality of any other elements, and the allocation of the consideration based on each element's relative selling price. Customers receive certain contract elements over time and changes to the elements in an arrangement, or in our determination of the relative selling price for these elements, could materially impact the amount of earned and unearned revenue reflected in our financial statements. | ||||||||||||||||
The primary judgments relating to our revenue recognition are determining when all of the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed or determinable; and (4) collectability is reasonably assured. Judgment is also required to determine whether an arrangement involving more than one deliverable contains more than one unit of accounting and how the arrangement consideration should be measured and allocated to the separate units of accounting. | ||||||||||||||||
If the deliverables under a contract are software related, we determine the appropriate units of accounting and how the arrangement consideration should be measured and allocated to the separate units. This determination, as well as management’s ability to establish vendor specific objective evidence (“VSOE”) for the individual deliverables, can impact both the amount and the timing of revenue recognition under these agreements. The inability to establish VSOE for each contract deliverable results in having to record deferred revenues and/or applying the residual method. For arrangements where we determine VSOE for software maintenance using a stated renewal rate within the contract, we use judgment to determine whether the renewal rate represents fair value for that element as if it had been sold on a stand-alone basis. For a small percentage of revenues, we use contract accounting when the arrangement with the customer includes significant customization, modification, or production of software. For elements accounted for under contract accounting, revenue is recognized using the percentage-of-completion method since reasonably dependable estimates of revenues and contract hours applicable to various elements of a contract can be made. | ||||||||||||||||
We are often party to multiple concurrent contracts with the same customer. These situations require judgment to determine whether the individual contracts should be aggregated or evaluated separately for purposes of revenue recognition. In making this determination we consider the timing of negotiating and executing the contracts, whether the different elements of the contracts are interdependent and whether any of the payment terms of the contracts are interrelated. | ||||||||||||||||
Due to the large number, broad nature and average size of individual contracts we are a party to, the impact of judgments and assumptions that we apply in recognizing revenue for any single contract is not likely to have a material effect on our consolidated operations. However, the broader accounting policy assumptions that we apply across similar arrangements or classes of customers could significantly influence the timing and amount of revenue recognized in our result of operations. | ||||||||||||||||
Capitalized Software | ||||||||||||||||
Capitalized software includes the fair value of software acquired in business combinations, purchased software and capitalized software development costs. Purchased software is recorded at cost and amortized using the straight-line method over its estimated useful life. Software acquired in business combinations is recorded at its fair value and amortized using straight-line or accelerated methods over its estimated useful life, ranging from 5 to 10 years. In our BKFS segment we have significant internally developed software. These costs are amortized using the straight-line method over the estimated useful life. Useful lives of computer software range from 3 to 10 years. Capitalized software development costs are accounted for in accordance with either ASC Topic 985, Software, Subtopic 20, Costs of Software to Be Sold, Leased, or Marketed (“ASC 985-20”), or ASC 350, Subtopic 40, Internal-Use Software (“ASC 350-40”). For software products to be sold, leased, or otherwise marketed (ASC 985-20 software), all costs incurred to establish the technological feasibility are research and development costs, and are expensed as they are incurred. Costs incurred subsequent to establishing technological feasibility, such as programmers' salaries and related payroll costs and costs of independent contractors, are capitalized and amortized on a product by product basis commencing on the date of general release to customers. We do not capitalize any costs once the product is available for general release to customers. For internal-use computer software products (ASC 350-40 software), internal and external costs incurred during the preliminary project stage are expensed as they are incurred. Internal and external costs incurred during the application development stage are capitalized and amortized on a product by product basis commencing on the date the software is ready for its intended use. We do not capitalize any costs once the software is ready for its intended use. | ||||||||||||||||
We also assess the recorded value of computer software for impairment on a regular basis by comparing the carrying value to the estimated future cash flows to be generated by the underlying software asset. There is an inherent uncertainty in determining the expected useful life of or cash flows to be generated from computer software. We have not historically experienced material changes in these estimates but could be subject to them in the future. | ||||||||||||||||
Redeemable Non-controlling Interest | ||||||||||||||||
As discussed above, subsequent to the acquisition of LPS we issued 35% ownership interest in BKFS and ServiceLink to funds affiliated with Thomas H. Lee Partners ("THL" or "the minority interest holder"). As part of the Unit Purchase Agreement with THL, THL has an option to put their ownership interests of either or both of BKFS and ServiceLink to us if no public offering of the corresponding business has been consummated after four years from the date of FNF's purchase of LPS. The units owned by THL ("redeemable noncontrolling interests") may be settled in cash or common stock of FNF or a combination of both at our election. The redeemable noncontrolling interests will be settled at the current fair value at the time we receive notice of THL's put election as determined by the parties or by a third party appraisal under the terms of the Unit Purchase Agreement. As of June 30, 2014, we do not believe the exercise of this put right to be probable. | ||||||||||||||||
As these redeemable noncontrolling interests provide for redemption features not solely within the control of us, the issuer, we classify the redeemable noncontrolling interests outside of permanent equity in accordance with ASC 480-10, “Distinguishing Liabilities from Equity”. Redeemable noncontrolling interests held by third parties in subsidiaries owned or controlled by FNF is reported on the Condensed Consolidated Balance Sheet outside permanent equity; and the Condensed Consolidated Statement of Earnings reflects the respective redeemable noncontrolling interests in Net earnings (loss) attributable to non-controlling interests, the effect of which is removed from the net earnings attributable to Fidelity National Financial, Inc. common shareholders. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||||||||
Fair Value Measurements | ' | |||||||||||||||
Fair Value Measurements | ||||||||||||||||
The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, respectively: | ||||||||||||||||
June 30, 2014 | ||||||||||||||||
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 | — | 1,056 | — | 1,056 | ||||||||||||
Corporate debt securities | — | 1,771 | — | 1,771 | ||||||||||||
Mortgage-backed/asset-backed securities | — | 101 | — | 101 | ||||||||||||
Foreign government bonds | — | 38 | — | 38 | ||||||||||||
Preferred stock available for sale | 40 | 147 | — | 187 | ||||||||||||
Equity securities available for sale | 144 | — | — | 144 | ||||||||||||
Other long-term investments | — | — | 40 | 40 | ||||||||||||
Foreign currency contracts | — | 7 | — | 7 | ||||||||||||
Total assets | $ | 184 | $ | 3,246 | $ | 40 | $ | 3,470 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
Commodity contracts | — | 1 | — | 1 | ||||||||||||
Foreign currency contracts | — | 2 | — | 2 | ||||||||||||
Total liabilities | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In millions) | ||||||||||||||||
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 | ||||||||||||
Mortgage-backed/asset-backed securities | — | 109 | — | 109 | ||||||||||||
Foreign government bonds | — | 43 | — | 43 | ||||||||||||
Preferred stock available for sale | 73 | 78 | — | 151 | ||||||||||||
Equity securities available for sale | 136 | — | — | 136 | ||||||||||||
Other long-term investments | — | — | 38 | 38 | ||||||||||||
Foreign currency contracts | — | 4 | — | 4 | ||||||||||||
Interest rate swap contracts | — | 2 | — | 2 | ||||||||||||
Total assets | $ | 209 | $ | 3,043 | $ | 38 | $ | 3,290 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||
Commodity contracts | — | 2 | — | 2 | ||||||||||||
Total liabilities | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||
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 as follows: | ||||||||||||||||
• | 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, and any other feature which may influence its risk and thus marketability, as well as relative credit information and relevant sector news. | |||||||||||||||
• | Mortgage-backed/asset-backed securities: These securities are comprised of 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. | |||||||||||||||
• | 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. | |||||||||||||||
• | Preferred stocks: Preferred stocks are valued by calculating the appropriate spread over a comparable U.S. Treasury security. Inputs include benchmark quotes and other relevant market data. | |||||||||||||||
Our Level 2 fair value measures for our interest rate swap, foreign currency 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 2009. The structured notes had a par value of $38 million and fair value of $40 million at June 30, 2014, and a par value and a fair value of $38 million at December 31, 2013. The structured notes are held for general investment purposes and represent approximately 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 represents exit prices obtained from a broker-dealer. These exit prices 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 value of the underlying commodity indices. We reviewed the pricing methodologies for our Level 3 investments to ensure that they are reasonable and we believe they represent an exit price for the securities as of June 30, 2014. | ||||||||||||||||
The following table presents the changes in our investments that are classified as Level 3 for the period ended June 30, 2014 (in millions): | ||||||||||||||||
Balance, December 31, 2013 | $ | 38 | ||||||||||||||
Net realized gain | 2 | |||||||||||||||
Balance, June 30, 2014 | $ | 40 | ||||||||||||||
The carrying amounts of short-term investments, accounts receivable and notes receivable approximate fair value due to their short-term nature. Additional information regarding the fair value of our investment portfolio is included in Note D. |
Investments
Investments | 6 Months Ended | |||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||
Investments [Abstract] | ' | |||||||||||||||||||||||||||||||||
Investments | ' | |||||||||||||||||||||||||||||||||
Investments | ||||||||||||||||||||||||||||||||||
The carrying amounts and fair values of our available for sale securities at June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||
Carrying | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
Value | Basis | Gains | Losses | Value | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||
Fixed maturity securities available for sale: | ||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 126 | $ | 121 | $ | 5 | $ | — | $ | 126 | ||||||||||||||||||||||||
State and political subdivisions | 1,056 | 1,018 | 38 | — | 1,056 | |||||||||||||||||||||||||||||
Corporate debt securities | 1,771 | 1,720 | 54 | (3 | ) | 1,771 | ||||||||||||||||||||||||||||
Foreign government bonds | 38 | 38 | 1 | (1 | ) | 38 | ||||||||||||||||||||||||||||
Mortgage-backed/asset-backed securities | 101 | 97 | 4 | — | 101 | |||||||||||||||||||||||||||||
Preferred stock available for sale | 187 | 184 | 5 | (2 | ) | 187 | ||||||||||||||||||||||||||||
Equity securities available for sale | 144 | 71 | 73 | — | 144 | |||||||||||||||||||||||||||||
Total | $ | 3,423 | $ | 3,249 | $ | 180 | $ | (6 | ) | $ | 3,423 | |||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||
Carrying | Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
Value | Basis | Gains | Losses | Value | ||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||
Fixed maturity securities available for sale: | ||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 126 | $ | 121 | $ | 5 | $ | — | $ | 126 | ||||||||||||||||||||||||
State 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 | |||||||||||||||||||||||
The cost basis of fixed maturity securities available for sale includes an adjustment for amortized premium or discount since the date of purchase. | ||||||||||||||||||||||||||||||||||
The following table presents certain information regarding contractual maturities of our fixed maturity securities at June 30, 2014: | ||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||
Amortized | % of | Fair | % of | |||||||||||||||||||||||||||||||
Maturity | Cost | Total | Value | Total | ||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||
One year or less | $ | 346 | 12 | % | $ | 348 | 11 | % | ||||||||||||||||||||||||||
After one year through five years | 1,990 | 67 | 2,056 | 67 | ||||||||||||||||||||||||||||||
After five years through ten years | 550 | 18 | 574 | 19 | ||||||||||||||||||||||||||||||
After ten years | 11 | — | 13 | — | ||||||||||||||||||||||||||||||
Mortgage-backed/asset-backed securities | 97 | 3 | 101 | 3 | ||||||||||||||||||||||||||||||
Total | $ | 2,994 | 100 | % | $ | 3,092 | 100 | % | ||||||||||||||||||||||||||
Subject to call | $ | 1,745 | 58 | % | $ | 1,791 | 58 | % | ||||||||||||||||||||||||||
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 $1,399 million and $1,436 million in amortized cost and fair value, respectively, of fixed maturity securities with make-whole call provisions as of June 30, 2014. | ||||||||||||||||||||||||||||||||||
Included in our other long-term investments are fixed maturity structured notes purchased in 2009 and various 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 Condensed Consolidated Statements of Earnings. The carrying value of the structured notes was $40 million and $38 million as of June 30, 2014 and December 31, 2013, respectively. We recorded no gain or loss relating to the structured notes during the three month period ended June 30, 2014. We recorded a $2 million gain relating to the structured notes during the six month period ended June 30, 2014, and recorded a net loss of $1 million and $2 million in the three and six-month periods ended June 30, 2013, respectively. | ||||||||||||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013, were as follows (in millions): | ||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||
Corporate debt securities | $ | 187 | $ | (2 | ) | $ | 47 | $ | (1 | ) | $ | 234 | $ | (3 | ) | |||||||||||||||||||
Foreign government bonds | 7 | — | 11 | (1 | ) | 18 | (1 | ) | ||||||||||||||||||||||||||
Preferred stock available for sale | 44 | (1 | ) | 12 | (1 | ) | 56 | (2 | ) | |||||||||||||||||||||||||
Total temporarily impaired securities | $ | 238 | $ | (3 | ) | $ | 70 | $ | (3 | ) | $ | 308 | $ | (6 | ) | |||||||||||||||||||
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 | ) | |||||||||||||||||||
During the three and six month period ended June 30, 2014, we recorded no impairment charges relating to investments that were determined to be other-than-temporarily impaired. During the three-month period ended June 30, 2013, we recorded no impairment charges relating to investments that were determined to be other-than-temporarily impaired. During the six month period ended June 30, 2013, we recorded impairment charges on fixed maturity securities relating to investments that were determined to be other-than-temporarily impaired, which resulted in additional expense of $1 million. As of June 30, 2014, we held no fixed maturity securities for which an other-than-temporary impairment had been previously recognized. It is possible that future events may lead us to recognize potential future impairment losses related to our investment portfolio and that unanticipated future events may lead us to dispose of certain investment holdings and recognize the effects of any market movements in our condensed consolidated financial statements. | ||||||||||||||||||||||||||||||||||
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 three and six-month periods ending June 30, 2014 and 2013, respectively: | ||||||||||||||||||||||||||||||||||
Three months ended June 30, 2014 | Six months ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | |||||||||||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 1 | $ | — | $ | 1 | $ | 255 | $ | 3 | $ | — | $ | 3 | $ | 556 | ||||||||||||||||||
Preferred stock available for sale | — | (1 | ) | (1 | ) | 30 | — | (3 | ) | (3 | ) | 58 | ||||||||||||||||||||||
Other long-term investments | — | 2 | — | |||||||||||||||||||||||||||||||
Other assets | (1 | ) | (1 | ) | 2 | |||||||||||||||||||||||||||||
Total | $ | (1 | ) | $ | 285 | $ | 1 | $ | 616 | |||||||||||||||||||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | |||||||||||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | |||||||||||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 4 | $ | — | $ | 4 | $ | 221 | $ | 7 | $ | (3 | ) | $ | 4 | $ | 466 | |||||||||||||||||
Preferred stock available for sale | 6 | (2 | ) | 4 | 110 | 6 | — | (2 | ) | 4 | 110 | |||||||||||||||||||||||
Equity securities available for sale | 1 | — | 1 | 4 | 2 | — | — | 2 | 7 | |||||||||||||||||||||||||
Other long-term investments | (1 | ) | — | (2 | ) | — | ||||||||||||||||||||||||||||
Debt extinguishment costs | (3 | ) | — | (3 | ) | — | ||||||||||||||||||||||||||||
Other assets | — | — | (2 | ) | — | |||||||||||||||||||||||||||||
Total | $ | 5 | $ | 335 | $ | 3 | $ | 583 | ||||||||||||||||||||||||||
Investments in unconsolidated affiliates are recorded using the equity method of accounting. As of June 30, 2014 and December 31, 2013, investments in unconsolidated affiliates consisted of the following (dollars in millions): | ||||||||||||||||||||||||||||||||||
Current Ownership | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||
Ceridian | 32 | % | $ | 258 | $ | 295 | ||||||||||||||||||||||||||||
Other | Various | 58 | 62 | |||||||||||||||||||||||||||||||
Total | $ | 316 | $ | 357 | ||||||||||||||||||||||||||||||
During the year ended December 31, 2013, we purchased $32 million in Ceridian bonds which are included in Fixed maturity securities available for sale on the Condensed Consolidated Balance Sheets and had a fair value of $36 million as of December 31, 2013. During the three month period ended June 30, 2014, we sold $2 million of the Ceridian bonds. Our remaining investment in Ceridian bonds had a fair value of $34 million as of June 30, 2014. | ||||||||||||||||||||||||||||||||||
We have historically accounted for our equity in Ceridian on a three-month lag. However, during the first quarter of 2014, we began to account for our equity in Ceridian on a real-time basis. Accordingly, our net earnings for the three-month period ended June 30, 2014, includes our equity in Ceridian's earnings for the three-month period ended June 30, 2014. Our earnings for the three-month period ended June 30, 2013 includes our equity in Ceridian's earnings for the three-month period ended March 31, 2013. Our earnings for the six-month period ended June 30, 2014, includes our equity in Ceridian’s earnings for the three-month period ended December 31, 2013 and the six-month period ended June 30, 2014. Our net earnings for the six-month period ended June 30, 2013, includes our equity in Ceridian’s earnings for the six-month period ended March 31, 2013. During the three month periods ended June 30, 2014 and 2013, we recorded $5 million and $6 million, in equity in losses of Ceridian, respectively. During the six month periods ending June 30, 2014 and 2013, we recorded $35 million and $2 million, respectively, in equity in Ceridian's losses. There was zero equity in earnings for other unconsolidated affiliates during the three month period ending June 30, 2014, and there were $3 million in equity in earnings of other unconsolidated affiliates during the three months ending June 30, 2013. There were $1 million and $4 million in equity in losses of other unconsolidated affiliates during the six month periods ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||
Summarized financial information for Ceridian for the relevant dates and time periods included in our Condensed Consolidated Financial Statements is presented below. | ||||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||
Total current assets before customer funds | $ | 1,636 | $ | 1,097 | ||||||||||||||||||||||||||||||
Customer funds | 3,248 | 3,897 | ||||||||||||||||||||||||||||||||
Goodwill and other intangible assets, net | 4,407 | 4,452 | ||||||||||||||||||||||||||||||||
Other assets | 123 | 122 | ||||||||||||||||||||||||||||||||
Total assets | $ | 9,414 | $ | 9,568 | ||||||||||||||||||||||||||||||
Current liabilities before customer obligations | $ | 1,491 | $ | 958 | ||||||||||||||||||||||||||||||
Customer obligations | 3,222 | 3,883 | ||||||||||||||||||||||||||||||||
Long-term obligations, less current portion | 3,407 | 3,406 | ||||||||||||||||||||||||||||||||
Other long-term liabilities | 467 | 500 | ||||||||||||||||||||||||||||||||
Total liabilities | 8,587 | 8,747 | ||||||||||||||||||||||||||||||||
Equity | 827 | 821 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 9,414 | $ | 9,568 | ||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended March 31, 2013 | Nine Months Ended June 30, 2014 | Six Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||
Total revenues | $ | 355 | $ | 375 | $ | 1,104 | $ | 775 | ||||||||||||||||||||||||||
Loss before income taxes | (18 | ) | (17 | ) | (123 | ) | (32 | ) | ||||||||||||||||||||||||||
Net loss | (21 | ) | (22 | ) | (126 | ) | (38 | ) |
Remy_Derivative_Financial_Inst
Remy Derivative Financial Instruments and Concentration of Risk | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
Remy Derivative Financial Instruments and Concentration of Risk | |||||||||||||||||
The following describes financial market risks faced by, and derivative instruments held by, Remy. | |||||||||||||||||
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 June 30, 2014 and December 31, 2013, Remy had the following outstanding foreign currency contracts to hedge forecasted purchases and revenues (in millions): | |||||||||||||||||
Currency Denomination | |||||||||||||||||
Foreign currency contract | June 30, 2014 | December 31, | |||||||||||||||
2013 | |||||||||||||||||
South Korean Won Forward | $ | 74 | $ | 74 | |||||||||||||
Mexican Peso Contracts | $ | 75 | $ | 74 | |||||||||||||
Brazilian Real Forward | $ | 18 | $ | 11 | |||||||||||||
Hungarian Forint Forward | € | 11 | € | 14 | |||||||||||||
British Pound Forward | £ | 2 | £ | 4 | |||||||||||||
There were net accumulated unrealized gains of $3 million and $2 million relating to these instruments recorded in Accumulated other comprehensive earnings (loss) as of June 30, 2014 and December 31, 2013, respectively. As of June 30, 2014, gains related to these instruments of $3 million are expected to be reclassified to the Condensed Consolidated Statement of Earnings within the next 12 months. Any ineffectiveness during the three and six month period ended June 30, 2014 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 1.75% was swapped to a fixed rate of 3.35%. Due to the significant value of the terminated swaps which were transferred 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 Condensed Consolidated Statements 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 1.25% to a fixed rate of 4.05% 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 Condensed Consolidated Statements of Earnings. | |||||||||||||||||
On March 27, 2013, Remy also 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 1.25% to a fixed rate of 2.75% 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. There were no accumulated unrealized gains or losses recorded in Accumulated other comprehensive earnings (loss) as of June 30, 2014. Accumulated unrealized net gains of $1 million were recorded in Accumulated other comprehensive (loss) earnings as of December 31, 2013. As of June 30, 2014, no gains are expected to be reclassified to the Condensed Consolidated Statement of Earnings within the next twelve months. Any ineffectiveness during the three and six month periods ended June 30, 2014 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 twenty-four 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 twenty-eight commodity price hedge contracts outstanding at June 30, 2014, and thirty-two commodity price hedge contracts outstanding at December 31, 2013, with combined notional quantities of 5,252 and 6,368 metric tons of copper, respectively. These contracts mature within the next eighteen months and are designated as cash flow hedging instruments. Accumulated unrealized net losses of $1 million, excluding the tax effect, were recorded in Accumulated other comprehensive earnings as of both June 30, 2014 and December 31, 2013, respectively, related to these contracts. As of June 30, 2014, net losses related to these contracts of $1 million are expected to be reclassified to the accompanying Condensed Consolidated Statement of Earnings within the next 12 months. Hedging ineffectiveness during the three and six month periods ended June 30, 2014 was immaterial. | |||||||||||||||||
Other | |||||||||||||||||
Remy's derivative positions and any related material collateral under master netting agreements are presented in our financial statements 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 Condensed Consolidated Statement of Earnings. Derivative gains and losses included in Accumulated other comprehensive earnings for effective hedges are reclassified into the accompanying Condensed 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 Condensed Consolidated Statement of Earnings. Remy's undesignated hedges are primarily 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 accrued liabilities, respectively, on the Condensed Consolidated Balance Sheets. The following table discloses the fair values of Remy's derivative instruments (in millions): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity contracts | $ | — | $ | 1 | $ | — | $ | 2 | |||||||||
Foreign currency contracts | 7 | 2 | 4 | — | |||||||||||||
Interest rate swap contracts | — | — | 2 | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | 7 | $ | 3 | $ | 6 | $ | 2 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | 2 | $ | — | $ | 1 | |||||||||
Gains and losses on Remy's derivative instruments, which are reclassified from Accumulated other comprehensive earnings (AOCE) into earnings, are included in Cost of auto parts revenue for commodity and foreign currency contracts, and Interest expense for interest rate swap contracts in the accompanying Condensed Consolidated Statement of Earnings. | |||||||||||||||||
The following table discloses the effect of Remy's derivative instruments for the three months ended June 30, 2014 (in millions): | |||||||||||||||||
Amount of gain (loss) recognized in AOCE (effective portion) | Amount of gain (loss) reclassified from AOCE 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 | $ | 2 | $ | (1 | ) | $ | — | $ | — | ||||||||
Foreign currency contracts | 4 | 1 | — | — | |||||||||||||
Interest rate swap contracts | (1 | ) | — | — | — | ||||||||||||
Total derivatives designated as hedging instruments | $ | 5 | $ | — | $ | — | $ | — | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | (1 | ) | ||||||||
The following table discloses the effect of Remy's derivative instruments for the three months ended June 30, 2013 (in millions): | |||||||||||||||||
Amount of gain (loss) recognized in AOCE (effective portion) | Amount of gain (loss) reclassified from AOCE 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 | $ | (5 | ) | $ | (1 | ) | $ | — | $ | — | |||||||
Foreign currency contracts | (3 | ) | 2 | — | — | ||||||||||||
Interest rate swap contracts | 1 | — | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | (7 | ) | $ | 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 six months ended June 30, 2014 (in millions): | |||||||||||||||||
Amount of gain (loss) recognized in AOCE (effective portion) | Amount of gain (loss) reclassified from AOCE 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 | $ | (2 | ) | $ | (2 | ) | $ | — | $ | — | |||||||
Foreign currency contracts | 3 | 2 | — | — | |||||||||||||
Interest rate swap contracts | (1 | ) | — | — | — | ||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | (1 | ) | ||||||||
The following table discloses the effect of Remy's derivative instruments for the six months ended June 30, 2013 (in millions): | |||||||||||||||||
Amount of gain (loss) recognized in AOCE (effective portion) | Amount of gain (loss) reclassified from AOCE 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 | $ | (7 | ) | $ | (1 | ) | $ | — | $ | — | |||||||
Foreign currency contracts | (1 | ) | 3 | — | — | ||||||||||||
Interest rate swap contracts | 1 | — | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | (7 | ) | $ | 2 | $ | — | $ | — | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | 1 | |||||||||
Notes_Payable
Notes Payable | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Long-term Debt [Text Block] | ' | ||||||||
Notes Payable | |||||||||
Notes payable consists of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(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 | 288 | 285 | |||||||
Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | 300 | 300 | |||||||
Unsecured Black Knight Infoserv notes, including premium, interest payable semi-annually at 5.75%, due April 2023 | 617 | — | |||||||
Revolving Credit Facility, unsecured, unused portion of $500 at June 30, 2014, due July 2018 with interest payable monthly at LIBOR + 1.45% (1.60% at June 30, 2014) | 300 | — | |||||||
FNF Term Loan, interest payable monthly at LIBOR + 1.75% (1.90% at June 30, 2014), due January 2019 | 1,100 | — | |||||||
Remy Amended and Restated Term B Loan, interest payable quarterly at LIBOR (floor of 1.25%) + 3.00% (4.25% at June 30, 2014), due March 2020 | 266 | 266 | |||||||
Remy Revolving Credit Facility, unused portion of $80 at June 30, 2014, due September 2018 with interest payable monthly at base rate 3.25% + base rate margin .50% (3.75% at June 30, 2014) | — | — | |||||||
ABRH Term Loan, interest payable monthly at LIBOR + 3.50% (3.65% at June 30, 2014), due May 2017 | 51 | 53 | |||||||
ABRH Revolving Credit Facility, unused portion of $62 at June 30, 2014, due May 2017 with interest payable monthly at base rate 3.25% + base rate margin 2.50% (5.75% at June 30, 2014) | — | — | |||||||
Other | 23 | 21 | |||||||
$ | 3,343 | $ | 1,323 | ||||||
At June 30, 2014, the estimated fair value of our long-term debt was approximately $3,650 million or $307 million higher than its carrying value. The fair value of our long-term debt at December 31, 2013 was approximately $1,555 million or $232 million higher than its carrying value. The fair value of our unsecured notes payable was $1,907 million as of June 30, 2014. The fair values of our unsecured notes payable are based on established market prices for the securities on June 30, 2014 and are considered Level 2 financial liabilities. The fair value of our revolving credit facility was $307 million at June 30, 2014. The fair value of our revolving credit facility is based on discounted cash flows and is considered a Level 2 financial liability. The fair value of our FNF Term Loan was $1,100 million at June 30, 2014. The fair value of our FNF Term Loan is based on established market prices for the security on June 30, 2014 and is considered a Level 2 financial liability. The fair value of our Remy Term Loan was $266 million based on established market prices for the security on June 30, 2014 and is considered a Level 2 financial liability. The fair value of our Restaurant Group Term Loan was $51 million based on established market prices for the securities on June 30, 2014 and is considered a Level 2 financial liability. | |||||||||
On January 2, 2014, as a result of the LPS acquisition, FNF acquired $600 million aggregate principal amount of 5.75% Senior Notes due 2023, initially issued 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, as amended, carry an interest rate of 5.75% and will mature on April 15, 2023. Interest is payable semi-annually on the 15th day of April and October. The Black Knight Senior Notes are senior unsecured obligations and were guaranteed 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), (e), certain provisions of (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. 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 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 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 subsequently purchased by us on February 24, 2014. | |||||||||
On October 24, 2013, FNF 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 provided 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 substantially the same as the terms of the Term Loan Agreement discussed below. 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, FNF 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. 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 Revolving Credit Facility. 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 technical changes to describe the structure of the LPS merger. As part of the acquisition of LPS on January 2, 2014, the Term Loan Agreement was fully funded. | |||||||||
On June 25, 2013, FNF 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) 0.5% in excess of the federal funds rate, (b) the Administrative Agent's “prime rate”, or (c) the sum of 1.0% 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 a facility 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. Also on October 24, 2013, FNF 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. As of June 30, 2014, there was $300 million outstanding balance 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 June 30, 2014, 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 $14 million, there was additional availability for borrowing of $80 million on June 30, 2014. 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. During the three months ended June 30, 2014, Remy did not borrow or repay any amounts under this facility. During the six months ended June 30, 2014, Remy borrowed and repaid $4 million under this facility. | |||||||||
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 paid quarterly 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 June 30, 2014. The Term B Loan is subject to an excess cash calculation which may require the payment of additional principal on an annual basis. At June 30, 2014, the average borrowing rate, including the impact of the interest rate swaps, was 4.25%. | |||||||||
On August 28, 2012, FNF 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, and $50 million outstanding on our revolving credit facility, with the remainder being used 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 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 ("the ABRH Revolver") with a maturity date of May 31, 2017. Additionally, the ABRH Credit Facility provides for a maximum term loan ("ABRH 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 June 30, 2014, the balance of the term loan was $51 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 June 30, 2014. | |||||||||
On August 2, 2011, FNF 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. On March 28, 2014, $42 thousand in principal of these bonds were converted at the election of the bondholder. These bonds had a fair value of $65 thousand. The conversion was completed in the second quarter of 2014. | |||||||||
Remy has revolving credit facilities with three Korean banks with a total facility amount of approximately $13 million, of which $2 million is borrowed at average interest rates of 3.43% at June 30, 2014. In Hungary, there is one revolving credit facility with one bank for a total facility amount of $1 million, of which nothing is borrowed at June 30, 2014. Remy also has a revolving credit facility in China with one bank for a total credit facility of $10 million, of which $5 million was borrowed at an average interest rate of 4.15% at June 30, 2014. During the three and six-months ended June 30, 2014, Remy borrowed $3 million and $5 million, respectively under this facility, and did not make any repayments. | |||||||||
On May 5, 2010, FNF 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 June 30, 2014 are as follows (in millions): | |||||||||
2014 (remaining) | $ | 19 | |||||||
2015 | 123 | ||||||||
2016 | 178 | ||||||||
2017 | 552 | ||||||||
2018 | 824 | ||||||||
Thereafter | 1,645 | ||||||||
$ | 3,341 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Legal Proceedings [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 the matters 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, intellectual property 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 that allow a person to sue us based on any injury caused by an intoxicated person who was wrongfully served alcoholic beverages at one of the restaurants and claims from guests or employees alleging illness, injury or other food quality, health or operational concerns. These companies are also subject to compliance with extensive government laws and regulations related to employment practices and policies and the manufacture, preparation, and sale of food and alcohol. | ||||
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. Our accrual for legal and regulatory matters was $87 million as of June 30, 2014 and $9 million as of December 31, 2013. Of this accrual, $78 million relates to historical LPS matters. As discussed elsewhere, LPS was acquired on January 2, 2014. None of the amounts we have currently recorded are 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. | ||||
Following a review by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Office of Thrift Supervision (collectively, the “banking agencies”), LPS entered into a consent order (the “Order”) dated April 13, 2011 with the banking agencies. The banking agencies' review of LPS' services included the services provided by its default operations to mortgage servicers regulated by the banking agencies, including document execution services. The Order does not make any findings of fact or conclusions of wrongdoing, nor does LPS admit any fault or liability. Under the Order, LPS agreed to further study the issues identified in the review and to enhance its compliance, internal audit, risk management and board oversight plans with respect to those businesses. LPS also agreed to engage an independent third party to conduct a risk assessment and review of its default management businesses and the document execution services we provided to servicers from January 1, 2008 through December 31, 2010. The document execution review by the independent third party is likely to take longer than previously anticipated. LPS accrued for the additional fees and costs expected to be charged by the independent third party to complete the review. To the extent such review, once completed, requires additional remediation of mortgage documents or identifies any financial injury from the document execution services LPS provided, LPS agreed to implement an appropriate plan to address the issues. The Order contains various deadlines by which LPS has agreed to accomplish the undertakings set forth therein, including the preparation of a remediation plan following the completion of the document execution review. LPS agreed and we will continue to make periodic reports to the banking agencies on our progress with respect to each of the undertakings in the Order. The Order does not include any fine or other monetary penalty, although the banking agencies have not yet concluded their assessment of whether any civil monetary penalties may be imposed. | ||||
On December 16, 2013, LPS received notice that Merion Capital, L.P. and Merion Capital II, L.P. (together "Merion Capital") were asserting their appraisal right relative to their ownership of 5,682,276 shares of LPS stock. On January 2, 2014, the date of the acquisition of LPS, we deposited approximately 1.6 million shares of common stock and approximately $160 million in cash to the exchange fund as merger consideration for Merion Capital's LPS ownership, which Merion Capital did not accept. Under Delaware state law, holders of LPS common stock who follow applicable Delaware law procedure relating to appraisal rights are entitled, in lieu of receiving the merger consideration, to have the "fair value" of their shares determined by the Delaware Court of Chancery paid to them in cash together with a statutory rate of interest unless decided otherwise by the Delaware Court of Chancery. On February 6, 2014, Merion Capital LP and Merion Capital II, LP v. Lender Processing Services, Inc. n/k/a Black Knight InfoServ, LLC ("LPS") was filed in the Court of Chancery in Delaware. This suit involves a demand upon LPS for appraisal of their 5,682,276 shares of common stock under Delaware law. LPS filed an answer to this suit on March 3, 2014. The matter is in the initial stages and the parties are engaging in discovery. We do not believe this matter will have a material impact on our results of operations. The resolution of this matter may impact our cash flow in the future if we are required to remit the entire merger consideration in cash. We intend to vigorously defend this action. | ||||
In September 2008, Remy filed suit against Tecnomatic in the U.S. District Court, Southern District of Indiana, Indianapolis Division (Civil Action No.: 1:08-CV-1227-SEB-JMS), titled Remy, Inc. v. Tecnomatic S.p.A. for breach of contract, among other claims, with respect to a machine Tecnomatic sold to Remy to build an engine component. In March 2011, Tecnomatic filed a lawsuit in U.S. District Court, N.D. of Illinois, against Remy, its Mexican subsidiaries and two other entities alleging breach of contract and the misappropriation of trade secrets, and requested damages of $110 million. In June 2011, the Illinois Court granted Remy's motion to transfer the case to U.S. District Court, Southern District of Indiana, Indianapolis Division, and the two pending actions were consolidated. After multiple motions by the respective parties and rulings by the Court on the pleadings, certain original claims by Tecnomatic have been dismissed or narrowed. The Court has permitted Tecnomatic to amend its Complaint to add other new claims. Most recently and in response to Remy's motion to dismiss, on June 24, 2014, the Court dismissed three of Tecnomatic’s claims, but allowed other claims, including Tecnomatic’s claims for misappropriation of trade secrets and breach of contract to proceed to trial. On July 18, 2014, Remy filed its answer to Tecnomatic’s amended complaint. No trial date has been set, but it is anticipated to commence during 2015. Due to the current stage of this case, it is not possible to make a meaningful estimate of the amount or range of loss that could result from this case at this time. We intend to vigorously defend this case. | ||||
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. | ||||
Operating Leases | ||||
Future minimum operating lease payments are as follows (in millions): | ||||
2014 (remaining) | $ | 150 | ||
2015 | 174 | |||
2016 | 143 | |||
2017 | 120 | |||
2018 | 92 | |||
Thereafter | 314 | |||
Total future minimum operating lease payments | $ | 993 | ||
Dividends
Dividends | 6 Months Ended |
Jun. 30, 2014 | |
Dividends [Abstract] | ' |
Dividends | ' |
Dividends | |
On July 21, 2014, our Board of Directors declared cash dividends of $0.18 per share, payable on September 30, 2014, to FNF Group common shareholders of record as of September 16, 2014. |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||||||||||||||||||||||||
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 our FNF Core businesses from those associated with FNFV. As a result, we reorganized our reporting segments to reflect this change. On January 2, 2014, we acquired LPS. As a result we have a new segment, BKFS, which contains the technology, data and analytics operations of the former LPS company. We have combined the acquired transaction services business of LPS with our existing ServiceLink operations which reside in the Title segment. There are several intercompany corporate related arrangements between our various FNF Core businesses. The effects of these arrangements including intercompany notes and related interest and any other non-operational intercompany revenues and expenses have been eliminated in the segment presentations below. | ||||||||||||||||||||||||||||||||||||||||
As of and for the three months ended June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||
Title | BKFS | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | FNFV Corporate | Total FNFV | Eliminations | Total | |||||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Title premiums | $ | 951 | $ | — | $ | — | $ | 951 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 951 | ||||||||||||||||||||
Other revenues | 482 | 201 | 6 | 689 | — | — | 27 | 27 | — | 716 | ||||||||||||||||||||||||||||||
Auto parts revenues | — | — | — | — | 300 | — | — | 300 | — | 300 | ||||||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | — | 358 | — | 358 | — | 358 | ||||||||||||||||||||||||||||||
Revenues from external customers | 1,433 | 201 | 6 | 1,640 | 300 | 358 | 27 | 685 | — | 2,325 | ||||||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 33 | — | — | 33 | 1 | (1 | ) | 1 | 1 | — | 34 | |||||||||||||||||||||||||||||
Total revenues | 1,466 | 201 | 6 | 1,673 | 301 | 357 | 28 | 686 | — | 2,359 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 36 | 32 | — | 68 | 1 | 12 | 4 | 17 | — | 85 | ||||||||||||||||||||||||||||||
Interest expense | — | 7 | 24 | 31 | 6 | 1 | — | 7 | 38 | |||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 181 | 17 | (46 | ) | 152 | 8 | 7 | 1 | 16 | — | 168 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 51 | (3 | ) | 8 | 56 | 3 | — | (2 | ) | 1 | — | 57 | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 130 | 20 | (54 | ) | 96 | 5 | 7 | 3 | 15 | — | 111 | |||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 1 | — | 1 | 2 | — | — | (7 | ) | (7 | ) | — | (5 | ) | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 131 | $ | 20 | $ | (53 | ) | $ | 98 | $ | 5 | $ | 7 | $ | (4 | ) | $ | 8 | $ | — | $ | 106 | ||||||||||||||||||
Assets | $ | 8,357 | $ | 3,596 | $ | 149 | $ | 12,102 | $ | 1,314 | $ | 688 | $ | 772 | $ | 2,774 | $ | (33 | ) | $ | 14,843 | |||||||||||||||||||
Goodwill | 2,257 | 2,180 | 4 | 4,441 | 262 | 118 | 96 | 476 | — | 4,917 | ||||||||||||||||||||||||||||||
As of and for the three months ended June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||
Title | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | FNFV Corporate | Total FNFV | Eliminations | Total | ||||||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Title premiums | $ | 1,117 | $ | — | $ | 1,117 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,117 | ||||||||||||||||||||||
Other revenues | 451 | 17 | 468 | — | — | 21 | 21 | — | 489 | |||||||||||||||||||||||||||||||
Auto parts revenues | — | — | — | 284 | — | — | 284 | — | 284 | |||||||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | 347 | — | 347 | — | 347 | |||||||||||||||||||||||||||||||
Revenues from external customers | 1,568 | 17 | 1,585 | 284 | 347 | 21 | 652 | — | 2,237 | |||||||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 43 | 1 | 44 | (4 | ) | — | 2 | (2 | ) | — | 42 | |||||||||||||||||||||||||||||
Total revenues | 1,611 | 18 | 1,629 | 280 | 347 | 23 | 650 | — | 2,279 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 16 | 1 | 17 | 1 | 14 | 3 | 18 | — | 35 | |||||||||||||||||||||||||||||||
Interest expense | — | 16 | 16 | 3 | 2 | — | 5 | — | 21 | |||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 273 | (50 | ) | 223 | 4 | 5 | (9 | ) | — | — | 223 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 99 | (17 | ) | 82 | 1 | (1 | ) | (10 | ) | (10 | ) | — | 72 | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 174 | (33 | ) | 141 | 3 | 6 | 1 | 10 | — | 151 | ||||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 2 | — | 2 | 2 | — | (7 | ) | (5 | ) | — | (3 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 176 | $ | (33 | ) | $ | 143 | $ | 5 | $ | 6 | $ | (6 | ) | $ | 5 | $ | — | $ | 148 | ||||||||||||||||||||
Assets | $ | 6,991 | $ | 532 | 7,523 | $ | 1,230 | $ | 672 | $ | 661 | $ | 2,563 | $ | (67 | ) | $ | 10,019 | ||||||||||||||||||||||
Goodwill | 1,434 | 3 | 1,437 | 248 | 118 | 80 | 446 | — | 1,883 | |||||||||||||||||||||||||||||||
As of and for the six months ended June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||
Title | BKFS | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | FNFV Corporate | Total FNFV | Eliminations | Total | |||||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Title premiums | $ | 1,706 | $ | — | $ | — | $ | 1,706 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,706 | ||||||||||||||||||||
Other revenues | 905 | 388 | 14 | 1,307 | — | — | 55 | 55 | — | 1,362 | ||||||||||||||||||||||||||||||
Auto parts revenues | — | — | — | — | 602 | — | — | 602 | — | 602 | ||||||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | — | 712 | — | 712 | — | 712 | ||||||||||||||||||||||||||||||
Revenues from external customers | 2,611 | 388 | 14 | 3,013 | 602 | 712 | 55 | 1,369 | — | 4,382 | ||||||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 63 | — | — | 63 | 1 | (1 | ) | 3 | 3 | — | 66 | |||||||||||||||||||||||||||||
Total revenues | 2,674 | 388 | 14 | 3,076 | 603 | 711 | 58 | 1,372 | — | 4,448 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 75 | 93 | 1 | 169 | 2 | 25 | 7 | 34 | — | 203 | ||||||||||||||||||||||||||||||
Interest expense | — | 15 | 46 | 61 | 11 | 3 | (1 | ) | 13 | 74 | ||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 166 | (60 | ) | (54 | ) | 52 | 18 | 16 | 3 | 37 | — | 89 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | 61 | (14 | ) | (28 | ) | 19 | 6 | — | (5 | ) | 1 | — | 20 | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 105 | (46 | ) | (26 | ) | 33 | 12 | 16 | 8 | 36 | — | 69 | ||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 2 | — | — | 2 | — | — | (38 | ) | (38 | ) | — | (36 | ) | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 107 | $ | (46 | ) | $ | (26 | ) | $ | 35 | $ | 12 | $ | 16 | $ | (30 | ) | $ | (2 | ) | $ | — | $ | 33 | ||||||||||||||||
Assets | $ | 8,357 | $ | 3,596 | $ | 149 | $ | 12,102 | $ | 1,314 | $ | 688 | $ | 772 | $ | 2,774 | $ | (33 | ) | $ | 14,843 | |||||||||||||||||||
Goodwill | 2,257 | 2,180 | 4 | 4,441 | 262 | 118 | 96 | 476 | — | 4,917 | ||||||||||||||||||||||||||||||
As of and for the six months ended June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||
Title | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | FNFV Corporate | Total FNFV | Eliminations | Total | ||||||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Title premiums | $ | 2,054 | $ | — | $ | 2,054 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,054 | ||||||||||||||||||||||
Other revenues | 857 | 27 | 884 | — | — | 40 | 40 | — | 924 | |||||||||||||||||||||||||||||||
Auto parts revenues | — | — | — | 568 | — | — | 568 | — | 568 | |||||||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | 701 | — | 701 | — | 701 | |||||||||||||||||||||||||||||||
Revenues from external customers | 2,911 | 27 | 2,938 | 568 | 701 | 40 | 1,309 | — | 4,247 | |||||||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 75 | 1 | 76 | (3 | ) | (2 | ) | 2 | (3 | ) | — | 73 | ||||||||||||||||||||||||||||
Total revenues | 2,986 | 28 | 3,014 | 565 | 699 | 42 | 1,306 | — | 4,320 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 32 | 2 | 34 | 2 | 27 | 5 | 34 | — | 68 | |||||||||||||||||||||||||||||||
Interest expense | — | 32 | 32 | 10 | 4 | (2 | ) | 12 | — | 44 | ||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 442 | (73 | ) | 369 | 3 | 5 | (17 | ) | (9 | ) | — | 360 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | 159 | (25 | ) | 134 | 1 | (1 | ) | (16 | ) | (16 | ) | — | 118 | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 283 | (48 | ) | 235 | 2 | 6 | (1 | ) | 7 | — | 242 | |||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 3 | — | 3 | 2 | — | (11 | ) | (9 | ) | — | (6 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 286 | $ | (48 | ) | $ | 238 | $ | 4 | $ | 6 | $ | (12 | ) | $ | (2 | ) | $ | — | $ | 236 | |||||||||||||||||||
Assets | $ | 6,991 | $ | 532 | 7,523 | $ | 1,230 | $ | 672 | $ | 661 | $ | 2,563 | $ | (67 | ) | $ | 10,019 | ||||||||||||||||||||||
Goodwill | 1,434 | 3 | 1,437 | 248 | 118 | 80 | 446 | — | 1,883 | |||||||||||||||||||||||||||||||
The activities of the reportable segments include the following: | ||||||||||||||||||||||||||||||||||||||||
FNF Core Operations | ||||||||||||||||||||||||||||||||||||||||
Title | ||||||||||||||||||||||||||||||||||||||||
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. This segment also includes the transaction services business acquired from LPS, now combined with our ServiceLink business. Transaction services include other title related services used in production and management of mortgage loans, including mortgage loans that go into default. | ||||||||||||||||||||||||||||||||||||||||
BKFS | ||||||||||||||||||||||||||||||||||||||||
This segment consists of the operations of BKFS. This segment provides core technology and data and analytics services through leading software systems and information solutions that facilitate and automate many of the business processes across the life cycle of a mortgage. | ||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||
FNFV | ||||||||||||||||||||||||||||||||||||||||
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 also includes the Stoney River Legendary Steaks concept. | ||||||||||||||||||||||||||||||||||||||||
FNFV Corporate and Other | ||||||||||||||||||||||||||||||||||||||||
The FNFV 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. |
Acquisitions_Significant_Accou
Acquisitions Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Acquisitions Accounting Policies [Abstract] | ' |
Revenue Recognition, Policy [Policy Text Block] | ' |
BKFS Revenue Recognition | |
Within our BKFS segment, we recognize revenues in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“ASC 605”). Recording revenues requires judgment, including determining whether an arrangement includes multiple elements, whether any of the elements are essential to the functionality of any other elements, and the allocation of the consideration based on each element's relative selling price. Customers receive certain contract elements over time and changes to the elements in an arrangement, or in our determination of the relative selling price for these elements, could materially impact the amount of earned and unearned revenue reflected in our financial statements. | |
The primary judgments relating to our revenue recognition are determining when all of the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the seller’s price to the buyer is fixed or determinable; and (4) collectability is reasonably assured. Judgment is also required to determine whether an arrangement involving more than one deliverable contains more than one unit of accounting and how the arrangement consideration should be measured and allocated to the separate units of accounting. | |
If the deliverables under a contract are software related, we determine the appropriate units of accounting and how the arrangement consideration should be measured and allocated to the separate units. This determination, as well as management’s ability to establish vendor specific objective evidence (“VSOE”) for the individual deliverables, can impact both the amount and the timing of revenue recognition under these agreements. The inability to establish VSOE for each contract deliverable results in having to record deferred revenues and/or applying the residual method. For arrangements where we determine VSOE for software maintenance using a stated renewal rate within the contract, we use judgment to determine whether the renewal rate represents fair value for that element as if it had been sold on a stand-alone basis. For a small percentage of revenues, we use contract accounting when the arrangement with the customer includes significant customization, modification, or production of software. For elements accounted for under contract accounting, revenue is recognized using the percentage-of-completion method since reasonably dependable estimates of revenues and contract hours applicable to various elements of a contract can be made. | |
We are often party to multiple concurrent contracts with the same customer. These situations require judgment to determine whether the individual contracts should be aggregated or evaluated separately for purposes of revenue recognition. In making this determination we consider the timing of negotiating and executing the contracts, whether the different elements of the contracts are interdependent and whether any of the payment terms of the contracts are interrelated. | |
Due to the large number, broad nature and average size of individual contracts we are a party to, the impact of judgments and assumptions that we apply in recognizing revenue for any single contract is not likely to have a material effect on our consolidated operations. However, the broader accounting policy assumptions that we apply across similar arrangements or classes of customers could significantly influence the timing and amount of revenue recognized in our result of operations. | |
Internal Use Software, Policy [Policy Text Block] | ' |
Capitalized Software | |
Capitalized software includes the fair value of software acquired in business combinations, purchased software and capitalized software development costs. Purchased software is recorded at cost and amortized using the straight-line method over its estimated useful life. Software acquired in business combinations is recorded at its fair value and amortized using straight-line or accelerated methods over its estimated useful life, ranging from 5 to 10 years. In our BKFS segment we have significant internally developed software. These costs are amortized using the straight-line method over the estimated useful life. Useful lives of computer software range from 3 to 10 years. Capitalized software development costs are accounted for in accordance with either ASC Topic 985, Software, Subtopic 20, Costs of Software to Be Sold, Leased, or Marketed (“ASC 985-20”), or ASC 350, Subtopic 40, Internal-Use Software (“ASC 350-40”). For software products to be sold, leased, or otherwise marketed (ASC 985-20 software), all costs incurred to establish the technological feasibility are research and development costs, and are expensed as they are incurred. Costs incurred subsequent to establishing technological feasibility, such as programmers' salaries and related payroll costs and costs of independent contractors, are capitalized and amortized on a product by product basis commencing on the date of general release to customers. We do not capitalize any costs once the product is available for general release to customers. For internal-use computer software products (ASC 350-40 software), internal and external costs incurred during the preliminary project stage are expensed as they are incurred. Internal and external costs incurred during the application development stage are capitalized and amortized on a product by product basis commencing on the date the software is ready for its intended use. We do not capitalize any costs once the software is ready for its intended use. | |
We also assess the recorded value of computer software for impairment on a regular basis by comparing the carrying value to the estimated future cash flows to be generated by the underlying software asset. There is an inherent uncertainty in determining the expected useful life of or cash flows to be generated from computer software. We have not historically experienced material changes in these estimates but could be subject to them in the future. | |
Redeemable Noncontrolling Interest [Table Text Block] | ' |
Redeemable Non-controlling Interest | |
As discussed above, subsequent to the acquisition of LPS we issued 35% ownership interest in BKFS and ServiceLink to funds affiliated with Thomas H. Lee Partners ("THL" or "the minority interest holder"). As part of the Unit Purchase Agreement with THL, THL has an option to put their ownership interests of either or both of BKFS and ServiceLink to us if no public offering of the corresponding business has been consummated after four years from the date of FNF's purchase of LPS. The units owned by THL ("redeemable noncontrolling interests") may be settled in cash or common stock of FNF or a combination of both at our election. The redeemable noncontrolling interests will be settled at the current fair value at the time we receive notice of THL's put election as determined by the parties or by a third party appraisal under the terms of the Unit Purchase Agreement. As of June 30, 2014, we do not believe the exercise of this put right to be probable. | |
As these redeemable noncontrolling interests provide for redemption features not solely within the control of us, the issuer, we classify the redeemable noncontrolling interests outside of permanent equity in accordance with ASC 480-10, “Distinguishing Liabilities from Equity”. Redeemable noncontrolling interests held by third parties in subsidiaries owned or controlled by FNF is reported on the Condensed Consolidated Balance Sheet outside permanent equity; and the Condensed Consolidated Statement of Earnings reflects the respective redeemable noncontrolling interests in Net earnings (loss) attributable to non-controlling interests, the effect of which is removed from the net earnings attributable to Fidelity National Financial, Inc. common shareholders. |
Basis_of_Financial_Statements_
Basis of Financial Statements (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Related Party Transactions [Text Block] | ' | |||||||
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: | ||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | |||||||
(in millions) | ||||||||
Corporate services and cost-sharing revenue | $ | 2 | $ | 3 | ||||
Data processing expense | (8 | ) | (16 | ) | ||||
Net expense | $ | (6 | ) | $ | (13 | ) |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | |||||||||||||||
The initial purchase price is as follows (in millions): | ||||||||||||||||
Cash paid for LPS outstanding shares | $ | 2,535 | ||||||||||||||
Less: cash acquired from LPS | (287 | ) | ||||||||||||||
Net cash paid for LPS | 2,248 | |||||||||||||||
FNF common stock issued (25,920,078 shares) | 839 | |||||||||||||||
Total net consideration paid | $ | 3,087 | ||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||||||||||||||
The initial purchase price allocation is as follows (in millions): | ||||||||||||||||
Trade and notes receivable | $ | 184 | ||||||||||||||
Investments | 77 | |||||||||||||||
Prepaid expenses and other assets | 59 | |||||||||||||||
Property and equipment | 150 | |||||||||||||||
Capitalized software | 557 | |||||||||||||||
Intangible assets including title plants | 1,007 | |||||||||||||||
Income tax receivable | 40 | |||||||||||||||
Goodwill | 3,004 | |||||||||||||||
Total assets | 5,078 | |||||||||||||||
Notes payable | 1,091 | |||||||||||||||
Reserve for title claims | 54 | |||||||||||||||
Deferred tax liabilities | 409 | |||||||||||||||
Other liabilities assumed | 437 | |||||||||||||||
Total liabilities | 1,991 | |||||||||||||||
Net assets acquired | $ | 3,087 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | ' | |||||||||||||||
The following table summarizes the intangible assets acquired (in millions, except for useful life): | ||||||||||||||||
Fair Value as of Consolidation | Weighted Average Useful Life in Years as of Consolidation | Residual Value as of June 30, 2014 | ||||||||||||||
Amortizing intangible assets: | ||||||||||||||||
Developed technology | $ | 534 | 8 | $ | 503 | |||||||||||
Purchased technology | 23 | 3 | 19 | |||||||||||||
Trade names | 13 | 10 | 12 | |||||||||||||
Customer relationships | 911 | 10 | 829 | |||||||||||||
Non-compete agreements | 5 | 3 | 4 | |||||||||||||
Non-amortizing intangible assets: | ||||||||||||||||
Developed technology | 54 | 54 | ||||||||||||||
Title plants | 24 | 24 | ||||||||||||||
Total intangible assets and capitalized software | $ | 1,564 | $ | 1,445 | ||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||||||||||||||
For comparative purposes, selected unaudited pro-forma consolidated results of operations of FNF for the three and six months ending June 30, 2014 and 2013 are presented below. Pro-forma results presented assume the consolidation of Black Knight occurred as of the beginning of the 2013 period. Amounts reflect our 65% ownership interest in BKFS and our 65% ownership interest in ServiceLink and were adjusted to exclude costs directly attributable to the acquisition of LPS including transaction costs, severance costs and costs related to our synergy bonus program associated with the acquisition (in millions). | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Total revenues | $ | 2,359 | $ | 2,748 | $ | 4,448 | $ | 5,261 | ||||||||
Net earnings attributable to Fidelity National Financial, Inc. common shareholders | 146 | 157 | 175 | 301 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||||
December 31, 2013 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(In millions) | ||||||||||||||||
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 | ||||||||||||
Mortgage-backed/asset-backed securities | — | 109 | — | 109 | ||||||||||||
Foreign government bonds | — | 43 | — | 43 | ||||||||||||
Preferred stock available for sale | 73 | 78 | — | 151 | ||||||||||||
Equity securities available for sale | 136 | — | — | 136 | ||||||||||||
Other long-term investments | — | — | 38 | 38 | ||||||||||||
Foreign currency contracts | — | 4 | — | 4 | ||||||||||||
Interest rate swap contracts | — | 2 | — | 2 | ||||||||||||
Total assets | $ | 209 | $ | 3,043 | $ | 38 | $ | 3,290 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | 1 | $ | — | $ | 1 | ||||||||
Commodity contracts | — | 2 | — | 2 | ||||||||||||
Total liabilities | $ | — | $ | 3 | $ | — | $ | 3 | ||||||||
The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, respectively: | ||||||||||||||||
June 30, 2014 | ||||||||||||||||
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 | — | 1,056 | — | 1,056 | ||||||||||||
Corporate debt securities | — | 1,771 | — | 1,771 | ||||||||||||
Mortgage-backed/asset-backed securities | — | 101 | — | 101 | ||||||||||||
Foreign government bonds | — | 38 | — | 38 | ||||||||||||
Preferred stock available for sale | 40 | 147 | — | 187 | ||||||||||||
Equity securities available for sale | 144 | — | — | 144 | ||||||||||||
Other long-term investments | — | — | 40 | 40 | ||||||||||||
Foreign currency contracts | — | 7 | — | 7 | ||||||||||||
Total assets | $ | 184 | $ | 3,246 | $ | 40 | $ | 3,470 | ||||||||
Liabilities: | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | 2 | $ | — | $ | 2 | ||||||||
Commodity contracts | — | 1 | — | 1 | ||||||||||||
Foreign currency contracts | — | 2 | — | 2 | ||||||||||||
Total liabilities | $ | — | $ | 5 | $ | — | $ | 5 | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||
The following table presents the changes in our investments that are classified as Level 3 for the period ended June 30, 2014 (in millions): | ||||||||||||||||
Balance, December 31, 2013 | $ | 38 | ||||||||||||||
Net realized gain | 2 | |||||||||||||||
Balance, June 30, 2014 | $ | 40 | ||||||||||||||
Investments_Tables
Investments (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The carrying amounts and fair values of our available for sale securities at June 30, 2014 and December 31, 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | Carrying | Cost | Unrealized | Unrealized | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Cost | Unrealized | Unrealized | Fair | Value | Basis | Gains | Losses | Value | |||||||||||||||||||||||||||||||||||||||||||||
Value | Basis | Gains | Losses | Value | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | Fixed maturity securities available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available for sale: | U.S. government and agencies | $ | 126 | $ | 121 | $ | 5 | $ | — | $ | 126 | |||||||||||||||||||||||||||||||||||||||||||
U.S. government and agencies | $ | 126 | $ | 121 | $ | 5 | $ | — | $ | 126 | ||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 1,075 | 1,042 | 36 | (3 | ) | 1,075 | ||||||||||||||||||||||||||||||||||||||||||||||||
State and political subdivisions | 1,056 | 1,018 | 38 | — | 1,056 | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,606 | 1,565 | 47 | (6 | ) | 1,606 | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,771 | 1,720 | 54 | (3 | ) | 1,771 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | 43 | 44 | 1 | (2 | ) | 43 | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government bonds | 38 | 38 | 1 | (1 | ) | 38 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed/asset-backed securities | 109 | 105 | 4 | — | 109 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed/asset-backed securities | 101 | 97 | 4 | — | 101 | |||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock available for sale | 151 | 158 | 3 | (10 | ) | 151 | ||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock available for sale | 187 | 184 | 5 | (2 | ) | 187 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities available for sale | 136 | 71 | 65 | — | 136 | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities available for sale | 144 | 71 | 73 | — | 144 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,246 | $ | 3,106 | $ | 161 | $ | (21 | ) | $ | 3,246 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,423 | $ | 3,249 | $ | 180 | $ | (6 | ) | $ | 3,423 | |||||||||||||||||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents certain information regarding contractual maturities of our fixed maturity securities at June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | % of | Fair | % of | |||||||||||||||||||||||||||||||||||||||||||||||||||
Maturity | Cost | Total | Value | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | $ | 346 | 12 | % | $ | 348 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | 1,990 | 67 | 2,056 | 67 | ||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | 550 | 18 | 574 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | 11 | — | 13 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed/asset-backed securities | 97 | 3 | 101 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,994 | 100 | % | $ | 3,092 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Subject to call | $ | 1,745 | 58 | % | $ | 1,791 | 58 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2014 and December 31, 2013, were as follows (in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 187 | $ | (2 | ) | $ | 47 | $ | (1 | ) | $ | 234 | $ | (3 | ) | |||||||||||||||||||||||||||||||||||||||
Foreign government bonds | 7 | — | 11 | (1 | ) | 18 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock available for sale | 44 | (1 | ) | 12 | (1 | ) | 56 | (2 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total temporarily impaired securities | $ | 238 | $ | (3 | ) | $ | 70 | $ | (3 | ) | $ | 308 | $ | (6 | ) | |||||||||||||||||||||||||||||||||||||||
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 | ) | |||||||||||||||||||||||||||||||||||||||
Realized Gains and Losses and Proceeds From Sales on Investments and Other Assets [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 three and six-month periods ending June 30, 2014 and 2013, respectively: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2014 | Six months ended June 30, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 1 | $ | — | $ | 1 | $ | 255 | $ | 3 | $ | — | $ | 3 | $ | 556 | ||||||||||||||||||||||||||||||||||||||
Preferred stock available for sale | — | (1 | ) | (1 | ) | 30 | — | (3 | ) | (3 | ) | 58 | ||||||||||||||||||||||||||||||||||||||||||
Other long-term investments | — | 2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | (1 | ) | (1 | ) | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (1 | ) | $ | 285 | $ | 1 | $ | 616 | |||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2013 | Six months ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | Gross Realized Gains | Gross Realized Losses | Net Realized Gains (Losses) | Gross Proceeds from Sale/Maturity | |||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities available for sale | $ | 4 | $ | — | $ | 4 | $ | 221 | $ | 7 | $ | (3 | ) | $ | 4 | $ | 466 | |||||||||||||||||||||||||||||||||||||
Preferred stock available for sale | 6 | (2 | ) | 4 | 110 | 6 | — | (2 | ) | 4 | 110 | |||||||||||||||||||||||||||||||||||||||||||
Equity securities available for sale | 1 | — | 1 | 4 | 2 | — | — | 2 | 7 | |||||||||||||||||||||||||||||||||||||||||||||
Other long-term investments | (1 | ) | — | (2 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt extinguishment costs | (3 | ) | — | (3 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | — | — | (2 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 5 | $ | 335 | $ | 3 | $ | 583 | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in unconsolidated affiliates are recorded using the equity method of accounting. As of June 30, 2014 and December 31, 2013, investments in unconsolidated affiliates consisted of the following (dollars in millions): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current Ownership | June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ceridian | 32 | % | $ | 258 | $ | 295 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other | Various | 58 | 62 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 316 | $ | 357 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ceridian summarized financial information balance sheet [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized financial information for Ceridian for the relevant dates and time periods included in our Condensed Consolidated Financial Statements is presented below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total current assets before customer funds | $ | 1,636 | $ | 1,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer funds | 3,248 | 3,897 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets, net | 4,407 | 4,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 123 | 122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 9,414 | $ | 9,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities before customer obligations | $ | 1,491 | $ | 958 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer obligations | 3,222 | 3,883 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term obligations, less current portion | 3,407 | 3,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other long-term liabilities | 467 | 500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 8,587 | 8,747 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 827 | 821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 9,414 | $ | 9,568 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Ceridian summarized financial information income statement [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Three Months Ended March 31, 2013 | Nine Months Ended June 30, 2014 | Six Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | $ | 355 | $ | 375 | $ | 1,104 | $ | 775 | ||||||||||||||||||||||||||||||||||||||||||||||
Loss before income taxes | (18 | ) | (17 | ) | (123 | ) | (32 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | (21 | ) | (22 | ) | (126 | ) | (38 | ) |
Remy_Derivative_Financial_Inst1
Remy Derivative Financial Instruments and Concentration of Risk (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative instuments and hedging activities [Abstract] | ' | ||||||||||||||||
Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block] | ' | ||||||||||||||||
As of June 30, 2014 and December 31, 2013, Remy had the following outstanding foreign currency contracts to hedge forecasted purchases and revenues (in millions): | |||||||||||||||||
Currency Denomination | |||||||||||||||||
Foreign currency contract | June 30, 2014 | December 31, | |||||||||||||||
2013 | |||||||||||||||||
South Korean Won Forward | $ | 74 | $ | 74 | |||||||||||||
Mexican Peso Contracts | $ | 75 | $ | 74 | |||||||||||||
Brazilian Real Forward | $ | 18 | $ | 11 | |||||||||||||
Hungarian Forint Forward | € | 11 | € | 14 | |||||||||||||
British Pound Forward | £ | 2 | £ | 4 | |||||||||||||
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): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | ||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Commodity contracts | $ | — | $ | 1 | $ | — | $ | 2 | |||||||||
Foreign currency contracts | 7 | 2 | 4 | — | |||||||||||||
Interest rate swap contracts | — | — | 2 | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | 7 | $ | 3 | $ | 6 | $ | 2 | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | 2 | $ | — | $ | 1 | |||||||||
Gains and losses on Remy's derivative instruments, which are reclassified from Accumulated other comprehensive earnings (AOCE) into earnings, are included in Cost of auto parts revenue for commodity and foreign currency contracts, and Interest expense for interest rate swap contracts in the accompanying Condensed Consolidated Statement of Earnings. | |||||||||||||||||
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 three months ended June 30, 2013 (in millions): | |||||||||||||||||
Amount of gain (loss) recognized in AOCE (effective portion) | Amount of gain (loss) reclassified from AOCE 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 | $ | (5 | ) | $ | (1 | ) | $ | — | $ | — | |||||||
Foreign currency contracts | (3 | ) | 2 | — | — | ||||||||||||
Interest rate swap contracts | 1 | — | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | (7 | ) | $ | 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 six months ended June 30, 2014 (in millions): | |||||||||||||||||
Amount of gain (loss) recognized in AOCE (effective portion) | Amount of gain (loss) reclassified from AOCE 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 | $ | (2 | ) | $ | (2 | ) | $ | — | $ | — | |||||||
Foreign currency contracts | 3 | 2 | — | — | |||||||||||||
Interest rate swap contracts | (1 | ) | — | — | — | ||||||||||||
Total derivatives designated as hedging instruments | $ | — | $ | — | $ | — | $ | — | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | (1 | ) | ||||||||
The following table discloses the effect of Remy's derivative instruments for the six months ended June 30, 2013 (in millions): | |||||||||||||||||
Amount of gain (loss) recognized in AOCE (effective portion) | Amount of gain (loss) reclassified from AOCE 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 | $ | (7 | ) | $ | (1 | ) | $ | — | $ | — | |||||||
Foreign currency contracts | (1 | ) | 3 | — | — | ||||||||||||
Interest rate swap contracts | 1 | — | — | — | |||||||||||||
Total derivatives designated as hedging instruments | $ | (7 | ) | $ | 2 | $ | — | $ | — | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | 1 | |||||||||
The following table discloses the effect of Remy's derivative instruments for the three months ended June 30, 2014 (in millions): | |||||||||||||||||
Amount of gain (loss) recognized in AOCE (effective portion) | Amount of gain (loss) reclassified from AOCE 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 | $ | 2 | $ | (1 | ) | $ | — | $ | — | ||||||||
Foreign currency contracts | 4 | 1 | — | — | |||||||||||||
Interest rate swap contracts | (1 | ) | — | — | — | ||||||||||||
Total derivatives designated as hedging instruments | $ | 5 | $ | — | $ | — | $ | — | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | — | $ | (1 | ) | ||||||||
Notes_Payable_Tables
Notes Payable (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Notes Payable [Abstract] | ' | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||
Notes payable consists of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(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 | 288 | 285 | |||||||
Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 | 300 | 300 | |||||||
Unsecured Black Knight Infoserv notes, including premium, interest payable semi-annually at 5.75%, due April 2023 | 617 | — | |||||||
Revolving Credit Facility, unsecured, unused portion of $500 at June 30, 2014, due July 2018 with interest payable monthly at LIBOR + 1.45% (1.60% at June 30, 2014) | 300 | — | |||||||
FNF Term Loan, interest payable monthly at LIBOR + 1.75% (1.90% at June 30, 2014), due January 2019 | 1,100 | — | |||||||
Remy Amended and Restated Term B Loan, interest payable quarterly at LIBOR (floor of 1.25%) + 3.00% (4.25% at June 30, 2014), due March 2020 | 266 | 266 | |||||||
Remy Revolving Credit Facility, unused portion of $80 at June 30, 2014, due September 2018 with interest payable monthly at base rate 3.25% + base rate margin .50% (3.75% at June 30, 2014) | — | — | |||||||
ABRH Term Loan, interest payable monthly at LIBOR + 3.50% (3.65% at June 30, 2014), due May 2017 | 51 | 53 | |||||||
ABRH Revolving Credit Facility, unused portion of $62 at June 30, 2014, due May 2017 with interest payable monthly at base rate 3.25% + base rate margin 2.50% (5.75% at June 30, 2014) | — | — | |||||||
Other | 23 | 21 | |||||||
$ | 3,343 | $ | 1,323 | ||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||
Gross principal maturities of notes payable at June 30, 2014 are as follows (in millions): | |||||||||
2014 (remaining) | $ | 19 | |||||||
2015 | 123 | ||||||||
2016 | 178 | ||||||||
2017 | 552 | ||||||||
2018 | 824 | ||||||||
Thereafter | 1,645 | ||||||||
$ | 3,341 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and contingencies (Tables) | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Operating Leases [Abstract] | ' | |||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | |||
2014 (remaining) | $ | 150 | ||
2015 | 174 | |||
2016 | 143 | |||
2017 | 120 | |||
2018 | 92 | |||
Thereafter | 314 | |||
Total future minimum operating lease payments | $ | 993 | ||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | |||||||||||||||||||||||||||||||||||||||
Segment Information [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||
As of and for the three months ended June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||
Title | BKFS | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | FNFV Corporate | Total FNFV | Eliminations | Total | |||||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Title premiums | $ | 951 | $ | — | $ | — | $ | 951 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 951 | ||||||||||||||||||||
Other revenues | 482 | 201 | 6 | 689 | — | — | 27 | 27 | — | 716 | ||||||||||||||||||||||||||||||
Auto parts revenues | — | — | — | — | 300 | — | — | 300 | — | 300 | ||||||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | — | 358 | — | 358 | — | 358 | ||||||||||||||||||||||||||||||
Revenues from external customers | 1,433 | 201 | 6 | 1,640 | 300 | 358 | 27 | 685 | — | 2,325 | ||||||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 33 | — | — | 33 | 1 | (1 | ) | 1 | 1 | — | 34 | |||||||||||||||||||||||||||||
Total revenues | 1,466 | 201 | 6 | 1,673 | 301 | 357 | 28 | 686 | — | 2,359 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 36 | 32 | — | 68 | 1 | 12 | 4 | 17 | — | 85 | ||||||||||||||||||||||||||||||
Interest expense | — | 7 | 24 | 31 | 6 | 1 | — | 7 | 38 | |||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 181 | 17 | (46 | ) | 152 | 8 | 7 | 1 | 16 | — | 168 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 51 | (3 | ) | 8 | 56 | 3 | — | (2 | ) | 1 | — | 57 | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 130 | 20 | (54 | ) | 96 | 5 | 7 | 3 | 15 | — | 111 | |||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 1 | — | 1 | 2 | — | — | (7 | ) | (7 | ) | — | (5 | ) | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 131 | $ | 20 | $ | (53 | ) | $ | 98 | $ | 5 | $ | 7 | $ | (4 | ) | $ | 8 | $ | — | $ | 106 | ||||||||||||||||||
Assets | $ | 8,357 | $ | 3,596 | $ | 149 | $ | 12,102 | $ | 1,314 | $ | 688 | $ | 772 | $ | 2,774 | $ | (33 | ) | $ | 14,843 | |||||||||||||||||||
Goodwill | 2,257 | 2,180 | 4 | 4,441 | 262 | 118 | 96 | 476 | — | 4,917 | ||||||||||||||||||||||||||||||
As of and for the three months ended June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||
Title | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | FNFV Corporate | Total FNFV | Eliminations | Total | ||||||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Title premiums | $ | 1,117 | $ | — | $ | 1,117 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,117 | ||||||||||||||||||||||
Other revenues | 451 | 17 | 468 | — | — | 21 | 21 | — | 489 | |||||||||||||||||||||||||||||||
Auto parts revenues | — | — | — | 284 | — | — | 284 | — | 284 | |||||||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | 347 | — | 347 | — | 347 | |||||||||||||||||||||||||||||||
Revenues from external customers | 1,568 | 17 | 1,585 | 284 | 347 | 21 | 652 | — | 2,237 | |||||||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 43 | 1 | 44 | (4 | ) | — | 2 | (2 | ) | — | 42 | |||||||||||||||||||||||||||||
Total revenues | 1,611 | 18 | 1,629 | 280 | 347 | 23 | 650 | — | 2,279 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 16 | 1 | 17 | 1 | 14 | 3 | 18 | — | 35 | |||||||||||||||||||||||||||||||
Interest expense | — | 16 | 16 | 3 | 2 | — | 5 | — | 21 | |||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 273 | (50 | ) | 223 | 4 | 5 | (9 | ) | — | — | 223 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | 99 | (17 | ) | 82 | 1 | (1 | ) | (10 | ) | (10 | ) | — | 72 | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 174 | (33 | ) | 141 | 3 | 6 | 1 | 10 | — | 151 | ||||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 2 | — | 2 | 2 | — | (7 | ) | (5 | ) | — | (3 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 176 | $ | (33 | ) | $ | 143 | $ | 5 | $ | 6 | $ | (6 | ) | $ | 5 | $ | — | $ | 148 | ||||||||||||||||||||
Assets | $ | 6,991 | $ | 532 | 7,523 | $ | 1,230 | $ | 672 | $ | 661 | $ | 2,563 | $ | (67 | ) | $ | 10,019 | ||||||||||||||||||||||
Goodwill | 1,434 | 3 | 1,437 | 248 | 118 | 80 | 446 | — | 1,883 | |||||||||||||||||||||||||||||||
As of and for the six months ended June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||
Title | BKFS | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | FNFV Corporate | Total FNFV | Eliminations | Total | |||||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Title premiums | $ | 1,706 | $ | — | $ | — | $ | 1,706 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,706 | ||||||||||||||||||||
Other revenues | 905 | 388 | 14 | 1,307 | — | — | 55 | 55 | — | 1,362 | ||||||||||||||||||||||||||||||
Auto parts revenues | — | — | — | — | 602 | — | — | 602 | — | 602 | ||||||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | — | 712 | — | 712 | — | 712 | ||||||||||||||||||||||||||||||
Revenues from external customers | 2,611 | 388 | 14 | 3,013 | 602 | 712 | 55 | 1,369 | — | 4,382 | ||||||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 63 | — | — | 63 | 1 | (1 | ) | 3 | 3 | — | 66 | |||||||||||||||||||||||||||||
Total revenues | 2,674 | 388 | 14 | 3,076 | 603 | 711 | 58 | 1,372 | — | 4,448 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 75 | 93 | 1 | 169 | 2 | 25 | 7 | 34 | — | 203 | ||||||||||||||||||||||||||||||
Interest expense | — | 15 | 46 | 61 | 11 | 3 | (1 | ) | 13 | 74 | ||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 166 | (60 | ) | (54 | ) | 52 | 18 | 16 | 3 | 37 | — | 89 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | 61 | (14 | ) | (28 | ) | 19 | 6 | — | (5 | ) | 1 | — | 20 | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 105 | (46 | ) | (26 | ) | 33 | 12 | 16 | 8 | 36 | — | 69 | ||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 2 | — | — | 2 | — | — | (38 | ) | (38 | ) | — | (36 | ) | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 107 | $ | (46 | ) | $ | (26 | ) | $ | 35 | $ | 12 | $ | 16 | $ | (30 | ) | $ | (2 | ) | $ | — | $ | 33 | ||||||||||||||||
Assets | $ | 8,357 | $ | 3,596 | $ | 149 | $ | 12,102 | $ | 1,314 | $ | 688 | $ | 772 | $ | 2,774 | $ | (33 | ) | $ | 14,843 | |||||||||||||||||||
Goodwill | 2,257 | 2,180 | 4 | 4,441 | 262 | 118 | 96 | 476 | — | 4,917 | ||||||||||||||||||||||||||||||
As of and for the six months ended June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||
Title | FNF Corporate and Other | Total FNF Core | Remy | Restaurant Group | FNFV Corporate | Total FNFV | Eliminations | Total | ||||||||||||||||||||||||||||||||
and Other | ||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Title premiums | $ | 2,054 | $ | — | $ | 2,054 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,054 | ||||||||||||||||||||||
Other revenues | 857 | 27 | 884 | — | — | 40 | 40 | — | 924 | |||||||||||||||||||||||||||||||
Auto parts revenues | — | — | — | 568 | — | — | 568 | — | 568 | |||||||||||||||||||||||||||||||
Restaurant revenues | — | — | — | — | 701 | — | 701 | — | 701 | |||||||||||||||||||||||||||||||
Revenues from external customers | 2,911 | 27 | 2,938 | 568 | 701 | 40 | 1,309 | — | 4,247 | |||||||||||||||||||||||||||||||
Interest and investment income (loss), including realized gains and losses | 75 | 1 | 76 | (3 | ) | (2 | ) | 2 | (3 | ) | — | 73 | ||||||||||||||||||||||||||||
Total revenues | 2,986 | 28 | 3,014 | 565 | 699 | 42 | 1,306 | — | 4,320 | |||||||||||||||||||||||||||||||
Depreciation and amortization | 32 | 2 | 34 | 2 | 27 | 5 | 34 | — | 68 | |||||||||||||||||||||||||||||||
Interest expense | — | 32 | 32 | 10 | 4 | (2 | ) | 12 | — | 44 | ||||||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before income taxes and equity in earnings (loss) of unconsolidated affiliates | 442 | (73 | ) | 369 | 3 | 5 | (17 | ) | (9 | ) | — | 360 | ||||||||||||||||||||||||||||
Income tax expense (benefit) | 159 | (25 | ) | 134 | 1 | (1 | ) | (16 | ) | (16 | ) | — | 118 | |||||||||||||||||||||||||||
Earnings (loss) from continuing operations, before equity in earnings (loss) of unconsolidated affiliates | 283 | (48 | ) | 235 | 2 | 6 | (1 | ) | 7 | — | 242 | |||||||||||||||||||||||||||||
Equity in earnings (loss) of unconsolidated affiliates | 3 | — | 3 | 2 | — | (11 | ) | (9 | ) | — | (6 | ) | ||||||||||||||||||||||||||||
Earnings (loss) from continuing operations | $ | 286 | $ | (48 | ) | $ | 238 | $ | 4 | $ | 6 | $ | (12 | ) | $ | (2 | ) | $ | — | $ | 236 | |||||||||||||||||||
Assets | $ | 6,991 | $ | 532 | 7,523 | $ | 1,230 | $ | 672 | $ | 661 | $ | 2,563 | $ | (67 | ) | $ | 10,019 | ||||||||||||||||||||||
Goodwill | 1,434 | 3 | 1,437 | 248 | 118 | 80 | 446 | — | 1,883 | |||||||||||||||||||||||||||||||
Basis_of_Financial_Statements_1
Basis of Financial Statements (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||
Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | |
FIS [Member] | Corporate Bond Securities [Member] | LPS Acquisition [Member] | ||||||
FIS [Member] | ||||||||
Related Party Transactions | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | ' | ($2,000,000) | $0 | ' | ' | ' | $2,248,000,000 |
Stock Issued During Period, Value, Acquisitions | ' | ' | 839,000,000 | ' | ' | ' | ' | 839,000,000 |
Business Acquisition, Share Price | ' | ' | ' | ' | ' | ' | ' | $37.14 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | ' | ' | 25,920,078 |
Corporate services and cost-sharing (expense) revenue | 2,000,000 | ' | ' | 3,000,000 | ' | ' | ' | ' |
Data processing expense | -8,000,000 | ' | ' | -16,000,000 | ' | ' | ' | ' |
Net Expense | -6,000,000 | ' | ' | -13,000,000 | ' | ' | ' | ' |
Accounts Payable, Related Parties | ' | ' | 0 | ' | 3,000,000 | ' | ' | ' |
Basis of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Purchased shares of FIS stock | ' | ' | ' | ' | ' | 1,303,860 | ' | ' |
Fair value of investment in FIS common stock | ' | ' | ' | ' | ' | 70,000,000 | ' | ' |
Available-for-sale Securities, Fair Value | ' | ' | 3,092,000,000 | ' | 2,959,000,000 | ' | 42,000,000 | ' |
Proceeds from Sale of Available-for-sale Securities | ' | ' | $454,000,000 | $401,000,000 | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Recent_Developments_and_Discon
Recent Developments and Discontinued Operations (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
LPS Acquisition [Member] | PC Lender [Member] | PC Lender [Member] | PC Lender [Member] | PC Lender [Member] | Restaurant group [Member] | Restaurant group [Member] | Restaurant group [Member] | FNFV Group Common Stock [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 277,462,875 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,000,000 |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 0.3333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ($2,000,000) | $0 | ' | $2,248,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Acquired from Acquisition | ' | ' | ' | 287,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated affiliates | 316,000,000 | ' | 357,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity securities available for sale, at fair value | 144,000,000 | ' | 136,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Share Price | ' | ' | ' | $37.14 | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from discontinued operations included in results of operations | ' | ' | ' | ' | 1,000,000 | 2,000,000 | 2,000,000 | 4,000,000 | 1,000,000 | ' | 8,000,000 | ' |
Pre-tax earnings from discontinued operations included in results of operations | ' | ' | ' | ' | $1,000,000 | $0 | $0 | $1,000,000 | ' | $0 | $2,000,000 | ' |
Stock Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,711,237 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Jan. 02, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Remy Acquisition of USA [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Trade Accounts Receivable [Member] | Investments [Member] | Prepaid Expenses and Other Current Assets [Member] | Property, Plant and Equipment, Type [Domain] | Computer Software, Intangible Asset [Member] | Other Intangible Assets [Member] | Receivable [Domain] | Goodwill [Member] | Assets, Total [Member] | Net Assets, Segment [Member] | purchased technology [Member] | purchased technology [Member] | Trade Names [Member] | Trade Names [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Noncompete Agreements [Member] | Noncompete Agreements [Member] | Notes Payable, Other Payables [Member] | Reserve for title claims [Member] | Other Liabilities [Member] | Liabilities, Total [Member] | Indefinite-lived Intangible Assets [Member] | Indefinite-lived Intangible Assets [Member] | Indefinite-lived Intangible Assets [Member] | Indefinite-lived Intangible Assets [Member] | Cash [Member] | Common Stock [Member] | Cash [Member] | Black Knight Financial Services [Member] | Restaurant group [Member] | ||||
LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | Developed Technology Rights [Member] | Developed Technology Rights [Member] | Title Plant [Member] | Title Plant [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | |||||||||||||
LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | LPS Acquisition [Member] | ||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Less Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | $409,000,000 | ' | ' | $184,000,000 | $77,000,000 | $59,000,000 | $150,000,000 | $557,000,000 | $1,007,000,000 | $40,000,000 | $3,004,000,000 | $5,078,000,000 | $3,087,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $1,091,000,000 | $54,000,000 | $437,000,000 | $1,991,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets, net | 1,517,000,000 | ' | 619,000,000 | ' | ' | 1,445,000,000 | ' | ' | ' | 1,564,000,000 | 503,000,000 | 534,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000,000 | 23,000,000 | 12,000,000 | 13,000,000 | 829,000,000 | 911,000,000 | 4,000,000 | 5,000,000 | ' | ' | ' | ' | 54,000,000 | 54,000,000 | 24,000,000 | 24,000,000 | ' | ' | ' | ' | ' |
Business Acquisition, Share Price | ' | ' | ' | $40,000,000 | ' | $37.14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.00% | 55.00% |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | 3,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,535,000,000 | ' | ' | ' | ' |
Cash Acquired from Acquisition | ' | ' | ' | ' | ' | -287,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated affiliates | 316,000,000 | ' | 357,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | ' | ' | ' | ' | 2,359,000,000 | ' | 2,748,000,000 | 4,448,000,000 | 5,261,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Pro Forma Net Income (Loss) | ' | ' | ' | ' | 146,000,000 | ' | 157,000,000 | 175,000,000 | 301,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | -2,000,000 | 0 | ' | ' | ' | 2,248,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28.1 | ' | ' |
Stock Issued During Period, Value, Acquisitions | 839,000,000 | ' | ' | ' | ' | 839,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | ' | ' | ' | ' | ' | 25,920,078 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.04 | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | $3,087,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements Textuals [Abstract] | ' | ' |
Par Value of Structured Notes | $38 | $38 |
Fair Value of Structured Notes | 40 | 38 |
US Government and Agencies | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
US Government and Agencies | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 126 | 126 |
US Government and Agencies | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
US Government and Agencies | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 126 | 126 |
State and Political Subdivisions | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
State and Political Subdivisions | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 1,056 | 1,075 |
State and Political Subdivisions | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
State and Political Subdivisions | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 1,056 | 1,075 |
Corporate Debt Securities | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Corporate Debt Securities | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 1,771 | 1,606 |
Corporate Debt Securities | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Corporate Debt Securities | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 1,771 | 1,606 |
Mortgage-backed/asset-backed securities | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Mortgage-backed/asset-backed securities | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 101 | 109 |
Mortgage-backed/asset-backed securities | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Mortgage-backed/asset-backed securities | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 101 | 109 |
Foreign Government Bonds | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Foreign Government Bonds | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 38 | 43 |
Foreign Government Bonds | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Foreign Government Bonds | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 38 | 43 |
Preferred Stock, Available for Sale | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 40 | 73 |
Preferred Stock, Available for Sale | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 147 | 78 |
Preferred Stock, Available for Sale | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | ' | 0 |
Preferred Stock, Available for Sale | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 187 | 151 |
Equity Securities, Available for Sale | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 144 | 136 |
Equity Securities, Available for Sale | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Equity Securities, Available for Sale | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 0 | 0 |
Equity Securities, Available for Sale | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities, Fair Value | 144 | 136 |
Other Long-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 |
Other Long-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 |
Other Long-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 40 | 38 |
Other Long-term Investments [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 40 | 38 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | ' |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 7 | 2 |
Other Liabilities, Fair Value Disclosure | 2 | ' |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 0 | 0 |
Other Liabilities, Fair Value Disclosure | 0 | ' |
Foreign Exchange Contract [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | 7 | 2 |
Assets, Total [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 184 | 209 |
Assets, Total [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 3,246 | 3,043 |
Assets, Total [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 40 | 38 |
Assets, Total [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 3,470 | 3,290 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | 2 | 1 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Interest Rate Swap [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | 2 | 1 |
Commodity Contract [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Assets, Fair Value Disclosure | ' | 4 |
Other Liabilities, Fair Value Disclosure | 1 | 2 |
Commodity Contract [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | 0 | 0 |
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Other Liabilities, Fair Value Disclosure | ' | 2 |
Liabilities, Total [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 0 | 0 |
Liabilities, Total [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 5 | 3 |
Liabilities, Total [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | 0 | 0 |
Liabilities, Total [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total | $5 | $3 |
Fair_Value_Measurements_Unobse
Fair Value Measurements (Unobservable Inputs Rollforward) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Beginning Balance | $38 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Net realized gain | 2 |
Ending Balance | $40 |
Investments_Available_for_Sale
Investments (Available for Sale Securities) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
US Government and Agencies | US Government and Agencies | State and Political Subdivisions | State and Political Subdivisions | Corporate Debt Securities | Corporate Debt Securities | Other Debt Obligations [Member] | Other Debt Obligations [Member] | Mortgage-backed/asset-backed securities | Mortgage-backed/asset-backed securities | Preferred Stock, Available for Sale | Preferred Stock, Available for Sale | Equity Securities, Available for Sale | Equity Securities, Available for Sale | Carrying Value | Carrying Value | Cost Basis | Cost Basis | Unrealized Gains | Unrealized Gains | Unrealized Losses | Unrealized Losses | Available For Sale Securities, Fair Value | Available For Sale Securities, Fair Value | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | $0 | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Fair Value | ' | ' | 126,000,000 | 126,000,000 | 1,056,000,000 | 1,075,000,000 | 1,771,000,000 | 1,606,000,000 | 38,000,000 | 43,000,000 | 101,000,000 | 109,000,000 | 187,000,000 | 151,000,000 | 144,000,000 | 136,000,000 | 3,423,000,000 | 3,246,000,000 | ' | ' | ' | ' | ' | ' | 3,423,000,000 | 3,246,000,000 |
Available-for-sale Securities, Amortized Cost Basis | ' | ' | 121,000,000 | 121,000,000 | 1,018,000,000 | 1,042,000,000 | 1,720,000,000 | 1,565,000,000 | 38,000,000 | 44,000,000 | 97,000,000 | 105,000,000 | 184,000,000 | 158,000,000 | 71,000,000 | 71,000,000 | ' | ' | 3,249,000,000 | 3,106,000,000 | ' | ' | ' | ' | ' | ' |
Unrealized Gains | ' | ' | 5,000,000 | 5,000,000 | 38,000,000 | 36,000,000 | 54,000,000 | 47,000,000 | 1,000,000 | 1,000,000 | 4,000,000 | 4,000,000 | 5,000,000 | 3,000,000 | 73,000,000 | 65,000,000 | ' | ' | ' | ' | 180,000,000 | 161,000,000 | ' | ' | ' | ' |
Unrealized Losses | ' | ' | $0 | $0 | $0 | $3,000,000 | $3,000,000 | $6,000,000 | $1,000,000 | ($2,000,000) | $0 | $0 | $2,000,000 | $10,000,000 | $0 | $0 | ' | ' | ' | ' | ' | ' | $6,000,000 | $21,000,000 | ' | ' |
Investments_Maturity_of_Fixed_
Investments (Maturity of Fixed Maturity Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' | ' |
One Year or Less, Amortized Cost Basis | $346 | ' |
One Year or Less, Amortized Cost Basis, Percent of Total | 12.00% | ' |
After One Through Five Years, Amortized Cost Basis | 1,990 | ' |
After One Through Five Years, Amortized Cost Basis, Percent of Total | 67.00% | ' |
After Five Through Ten Years, Amortized Cost Basis | 550 | ' |
After Five through Ten Years, Amortized Cost Basis, Percent of Total | 18.00% | ' |
After Ten Years, Amortized Cost Basis | 11 | ' |
After Ten Years, Amortized Cost Basis, Percent of Total | 0.00% | ' |
Mortgage backed asset backed securities amortized cost | 97 | ' |
Mortgage-backed/Asset-backed Securities, Amortized Cost Basis, Percent of Total | 3.00% | ' |
Available-for-sale Securities, Amortized Cost Basis | 2,994 | ' |
Available-for-sale Securities, Amortized Cost Basis, Total Percent of Total | 100.00% | ' |
Available-for-sale Securities, Debt Maturities, Subject to Call, Amortized Cost | 1,745 | ' |
Available for Sale Securities, Debt Maturities, Subject to Call, Amortized Cost, Percent of Total | 58.00% | ' |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
One Year or Less, Fair Value | 348 | ' |
One Year or Less, Fair Value, Percent of Total | 11.00% | ' |
After One Through Five Years, Fair Value | 2,056 | ' |
After One Through Five Years, Fair Value, Percent of Total | 67.00% | ' |
After Five Through Ten Years, Fair Value | 574 | ' |
After Five Through Ten Years, Fair Value, Percent of Total | 19.00% | ' |
After Ten Years, Fair Value | 13 | ' |
After Ten Years, Fair Value, Percent of Total | 0.00% | ' |
Mortgage-backed/Asset-backed Securities, Fair Value Disclosure | 101 | ' |
Mortgage-backed/Asset-backed, Fair Value, Percent of Total | 3.00% | ' |
Available-for-sale Securities, Fair Value | 3,092 | 2,959 |
Available-for-sale Securities, Fair Value, Total Percent of Total | 100.00% | ' |
Available-for-sale Securities, Debt Maturities, Subject to Call, Fair Value | 1,791 | ' |
Available-for-sale Securities, Debt Maturities, Subject to Call, Fair Value, Percent of Total | 58.00% | ' |
Fixed maturity securities with make-whole call provision [Member] | ' | ' |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' | ' |
Available-for-sale Securities, Debt Maturities, Subject to Call, Amortized Cost | 1,399 | ' |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Available-for-sale Securities, Debt Maturities, Subject to Call, Fair Value | 1,436 | ' |
Ceridian [Member] | Corporate Debt Securities | ' | ' |
Available for Sale Securities, Maturity [Line Items] | ' | ' |
Financial Instruments, Owned, Corporate Debt, at Fair Value | $34 | $36 |
Investments_Securities_in_a_Co
Investments (Securities in a Continuous Unrealized Loss Position) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $238 | $602 |
Available for sale securities continuous unrealized loss position less than 12 months aggregate losses accumulated in aoci | 3 | -18 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 70 | 53 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -3 | -3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 308 | 655 |
Available for sale securities continuous unrealized loss position aggregate losses accumulated in aoci | -6 | -21 |
State and Political Subdivisions | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
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 accumulated in aoci | ' | -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 accumulated in aoci | ' | -3 |
Corporate Debt Securities | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 187 | 367 |
Available for sale securities continuous unrealized loss position less than 12 months aggregate losses accumulated in aoci | -2 | -4 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 47 | 39 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -1 | -2 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 234 | 406 |
Available for sale securities continuous unrealized loss position aggregate losses accumulated in aoci | -3 | -6 |
Other Debt Obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 7 | 17 |
Available for sale securities continuous unrealized loss position less than 12 months aggregate losses accumulated in aoci | 0 | -1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 11 | 14 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -1 | -1 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 18 | 31 |
Available for sale securities continuous unrealized loss position aggregate losses accumulated in aoci | -1 | -2 |
Preferred Stock, Available for Sale | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 44 | 95 |
Available for sale securities continuous unrealized loss position less than 12 months aggregate losses accumulated in aoci | 1 | -10 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 12 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -1 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 56 | 95 |
Available for sale securities continuous unrealized loss position aggregate losses accumulated in aoci | ($2) | ($10) |
Investments_Realized_Gains_and
Investments (Realized Gains and Losses and Proceeds on Investments and Other Assets) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Realized gains and losses and proceeds on investments and other assets [Line Items] | ' | ' | ' | ' |
Gains (Losses) on Extinguishment of Debt | ' | ($3) | ' | ($3) |
Net gain (loss) recorded on structured notes | ' | 1 | ' | 2 |
Realized gains and losses, net | -1 | 5 | 1 | 3 |
Gross Proceeds from Sale, Maturity and Call of Investments | 285 | 335 | 616 | 583 |
Fixed Maturity Securities, Available for Sale | ' | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities, Gross Realized Gains | 1 | 4 | 3 | 7 |
Fixed Maturity Securities, Gross Realized Losses | 0 | 0 | 0 | -3 |
Fixed Maturity Securities, Net Realized Gain (Loss) | 1 | 4 | 3 | 4 |
Gross Proceeds from Sale, Maturity and Call of Investments | 255 | 221 | 556 | 466 |
Preferred Stock, Available for Sale | ' | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities, Gross Realized Gains | 0 | 6 | 0 | 6 |
Fixed Maturity Securities, Gross Realized Losses | -1 | -2 | -3 | -2 |
Fixed Maturity Securities, Net Realized Gain (Loss) | -1 | 4 | -3 | 4 |
Gross Proceeds from Sale, Maturity and Call of Investments | 30 | 110 | 58 | 110 |
Equity Securities, Available for Sale | ' | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets [Line Items] | ' | ' | ' | ' |
Fixed Maturity Securities, Gross Realized Gains | ' | 1 | ' | 2 |
Fixed Maturity Securities, Gross Realized Losses | ' | 0 | ' | 0 |
Fixed Maturity Securities, Net Realized Gain (Loss) | ' | 1 | ' | 2 |
Gross Proceeds from Sale, Maturity and Call of Investments | ' | 4 | ' | 7 |
Other Long-term Investments [Member] | ' | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets [Line Items] | ' | ' | ' | ' |
Realized gains and losses, net | 0 | -1 | 2 | -2 |
Gross Proceeds from Sale, Maturity and Call of Investments | ' | 0 | 0 | 0 |
Other Assets [Member] | ' | ' | ' | ' |
Realized gains and losses and proceeds on investments and other assets [Line Items] | ' | ' | ' | ' |
Realized gains and losses, net | -1 | 0 | -1 | -2 |
Gross Proceeds from Sale, Maturity and Call of Investments | ' | $0 | $2 | $0 |
Investments_Schedule_of_Equity
Investments (Schedule of Equity Method Investments) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated affiliates | $316 | ' | ' | $316 | ' | ' | $316 | ' | $357 |
Equity Method Investment, Summarized Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings (loss) of unconsolidated affiliates | -5 | -3 | ' | -36 | ' | -6 | ' | ' | ' |
Ceridian [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 32.00% | ' | ' | 32.00% | ' | ' | 32.00% | ' | ' |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated affiliates | 258 | ' | ' | 258 | ' | ' | 258 | ' | 295 |
Equity Method Investment, Summarized Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 1,636 | ' | ' | 1,636 | ' | ' | 1,636 | ' | 1,097 |
Goodwill and other intangible assets, net | 4,407 | ' | ' | 4,407 | ' | ' | 4,407 | ' | 4,452 |
Other assets | 123 | ' | ' | 123 | ' | ' | 123 | ' | 122 |
Total assets | 9,414 | ' | ' | 9,414 | ' | ' | 9,414 | ' | 9,568 |
Current liabilities | 1,491 | ' | ' | 1,491 | ' | ' | 1,491 | ' | 958 |
Long-term obligations, less current portion | 3,407 | ' | ' | 3,407 | ' | ' | 3,407 | ' | 3,406 |
Other long-term liabilities | 467 | ' | ' | 467 | ' | ' | 467 | ' | 500 |
Total liabilities | 8,587 | ' | ' | 8,587 | ' | ' | 8,587 | ' | 8,747 |
Equity | 827 | ' | ' | 827 | ' | ' | 827 | ' | 821 |
Total liabilities and equity | 9,414 | ' | ' | 9,414 | ' | ' | 9,414 | ' | 9,568 |
Total revenues | ' | ' | 375 | ' | 355 | ' | 1,104 | 775 | ' |
Loss before income taxes | ' | ' | -17 | ' | -18 | ' | -123 | -32 | ' |
Net loss | ' | ' | -22 | ' | -21 | ' | -126 | -38 | ' |
Equity in earnings (loss) of unconsolidated affiliates | 5 | 6 | ' | 35 | ' | 2 | ' | ' | ' |
Equity Method Investee [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Financial Statement, Reported Amounts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments in unconsolidated affiliates | 58 | ' | ' | 58 | ' | ' | 58 | ' | 62 |
Equity Method Investment, Summarized Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings (loss) of unconsolidated affiliates | ' | ' | ' | 1 | ' | 4 | ' | ' | ' |
Ceridian [Member] | Customer Receipts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total current assets | 3,248 | ' | ' | 3,248 | ' | ' | 3,248 | ' | 3,897 |
Ceridian [Member] | Other Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities | $3,222 | ' | ' | $3,222 | ' | ' | $3,222 | ' | $3,883 |
Investments_Textuals_Details
Investments (Textuals) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Other than Temporary Impairment Losses, Investments | ' | $0 | ' | ' | $1,000,000 | ' |
Fair Value of Structured Notes | 40,000,000 | ' | ' | 40,000,000 | ' | 38,000,000 |
Net gain (loss) recorded on structured notes | ' | ' | 1,000,000 | ' | 2,000,000 | ' |
Investment for which an other than temporary impairment was previously recognized | ' | 0 | ' | ' | ' | ' |
Gross Proceeds from Sale, Maturity and Call of Investments | 285,000,000 | ' | 335,000,000 | 616,000,000 | 583,000,000 | ' |
Equity in earnings (loss) of unconsolidated affiliates | -5,000,000 | ' | -3,000,000 | -36,000,000 | -6,000,000 | ' |
Ceridian [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Equity in earnings (loss) of unconsolidated affiliates | 5,000,000 | ' | 6,000,000 | 35,000,000 | 2,000,000 | ' |
Other Equity Method Investment [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Equity in earnings (loss) of unconsolidated affiliates | ' | ' | 3,000,000 | ' | ' | ' |
Equity Method Investee [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Equity in earnings (loss) of unconsolidated affiliates | ' | ' | ' | 1,000,000 | 4,000,000 | ' |
Corporate Debt Securities | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 1,720,000,000 | ' | ' | 1,720,000,000 | ' | 1,565,000,000 |
Corporate Debt Securities | Ceridian [Member] | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' |
Available-for-sale Securities, Amortized Cost Basis | 32,000,000 | ' | ' | 32,000,000 | ' | ' |
Financial Instruments, Owned, Corporate Debt, at Fair Value | 34,000,000 | ' | ' | 34,000,000 | ' | 36,000,000 |
Gross Proceeds from Sale, Maturity and Call of Investments | $2,000,000 | ' | ' | ' | ' | ' |
Remy_Derivative_Financial_Inst2
Remy Derivative Financial Instruments and Concentration of Risk (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 01, 2010 | |
Commodity Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | $1,000,000 | ' | $1,000,000 | ' | ' | ' | ' | ' |
Derivative, Nonmonetary Notional Amount | 5,252 | ' | 5,252 | ' | ' | 6,368 | ' | ' |
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | 1,000,000 | ' | 1,000,000 | ' | ' | ' | ' | ' |
Foreign Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | 3,000,000 | ' | 3,000,000 | ' | ' | 2,000,000 | ' | ' |
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | ' | ' | ' | ' | 3,000,000 | ' | ' | ' |
Korea (South), Won | Foreign Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 74,000,000 | ' | 74,000,000 | ' | ' | 74,000,000 | ' | ' |
Mexico, Pesos | Foreign Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 75,000,000 | ' | 75,000,000 | ' | ' | 74,000,000 | ' | ' |
Brazil, Brazil Real | Foreign Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 18,000,000 | ' | 18,000,000 | ' | ' | 11,000,000 | ' | ' |
Hungary, Forint | Foreign Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 11,000,000 | ' | 11,000,000 | ' | ' | 14,000,000 | ' | ' |
United Kingdom, Pounds | Foreign Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 2,000,000 | ' | 2,000,000 | ' | ' | 4,000,000 | ' | ' |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | ' | ' | 72,000,000 | ' | ' | ' |
Derivative, Floor Interest Rate | ' | ' | ' | ' | 1.25% | ' | ' | 1.75% |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | 4.05% | ' | 3.35% | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 2,000,000 | ' | 2,000,000 | ' | ' | 1,000,000 | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | -1,000,000 | 1,000,000 | -1,000,000 | 1,000,000 | ' | ' | ' | ' |
Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 7,000,000 | ' | 7,000,000 | ' | ' | 6,000,000 | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 3,000,000 | ' | 3,000,000 | ' | ' | 2,000,000 | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 5,000,000 | -7,000,000 | 0 | -7,000,000 | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | 1,000,000 | 0 | 2,000,000 | ' | ' | ' | ' |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | ' | ' | ' | ' | ' | ' | ' |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | ' | 0 | ' | ' | 0 | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 1,000,000 | ' | 1,000,000 | ' | ' | 2,000,000 | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 2,000,000 | -5,000,000 | -2,000,000 | -7,000,000 | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | -1,000,000 | -1,000,000 | -2,000,000 | -1,000,000 | ' | ' | ' | ' |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | ' | ' | ' | ' | ' | ' | ' |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 7,000,000 | ' | 7,000,000 | ' | ' | 4,000,000 | ' | ' |
Derivative Liability, Fair Value, Gross Liability | 2,000,000 | ' | 2,000,000 | ' | ' | 0 | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 4,000,000 | -3,000,000 | 3,000,000 | -1,000,000 | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 1,000,000 | 2,000,000 | 2,000,000 | 3,000,000 | ' | ' | ' | ' |
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | 0 | ' | ' | ' | ' | ' | ' | ' |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Notional Amount | 72,000,000 | ' | 72,000,000 | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax | ' | ' | ' | ' | 1,000,000 | ' | ' | ' |
Derivative, Floor Interest Rate | ' | ' | ' | ' | 1.25% | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | ' | 2.75% | ' | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 0 | ' | 0 | ' | ' | 2,000,000 | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | ($1,000,000) | $1,000,000 | ($1,000,000) | $1,000,000 | ' | ' | ' | ' |
Notes_Payable_Details
Notes Payable (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | 31-May-12 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 17, 2010 | Jun. 30, 2014 | Dec. 31, 2013 |
5.50% unsecured notes payable, interest payable semi-annually [Member] | 5.50% unsecured notes payable, interest payable semi-annually [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 [Member] | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 [Member] | 5.75% senior notes payable, interest payable semi-annually [Member] [Member] | Line of Credit [Member] | Line of Credit [Member] | Loans [Member] | Loans [Member] | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Restaurant group [Member] | Restaurant group [Member] | Restaurant group [Member] | Restaurant group [Member] | Restaurant group [Member] | Remy [Member] | Remy [Member] | Remy [Member] | Remy [Member] | |||
Line of Credit [Member] | Line of Credit [Member] | Loans Payable [Member] | Loans Payable [Member] | Line of Credit [Member] | Line of Credit [Member] | Loans Payable [Member] | Loans Payable [Member] | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $3,343,000,000 | $1,323,000,000 | $398,000,000 | $398,000,000 | $288,000,000 | $285,000,000 | $300,000,000 | $300,000,000 | $617,000,000 | $300,000,000 | $0 | $1,100,000,000 | $0 | $23,000,000 | $21,000,000 | $51,000,000 | $0 | $85,000,000 | $51,000,000 | $53,000,000 | $0 | $300,000,000 | $266,000,000 | $266,000,000 |
Notes_Payable_Maturities_of_Lo
Notes Payable Maturities of Long Term Debt (Details) (USD $) | Jun. 30, 2014 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $19 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 123 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 178 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 552 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 824 |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,645 |
Long-term Debt, Gross | $3,341 |
Notes_payable_textuals_Details
Notes payable (textuals) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jan. 02, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Oct. 24, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 17, 2010 | Mar. 31, 2014 | 31-May-12 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 28, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Aug. 02, 2011 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | 5-May-10 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Remy [Member] | Restaurant group [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | 5.75% senior notes payable, interest payable semi-annually [Member] [Member] | 5.75% senior notes payable, interest payable semi-annually [Member] [Member] | 5.75% senior notes payable, interest payable semi-annually [Member] [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Loans [Member] | Loans [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [Member] | Loans Payable [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] | Unsecured notes, net of discount, interest payable semi-annually at 5.25%, due March 2013 [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Convertible Debt [Member] | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 [Member] | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 [Member] | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 [Member] | Unsecured notes, net of discount, interest payable semi-annually at 6.60%, due May 2017 [Member] | Minimum [Member] | Maximum [Member] | Additional capacity under Line of Credit [Member] | Unused lines of Credit [Member] | Maximum basis points over LIBOR on line of credit [Member] | Maximum basis points over LIBOR on line of credit [Member] | Minimum basis points over LIBOR [Member] | Minimum basis points over LIBOR [Member] | KOREA, REPUBLIC OF | HUNGARY | CHINA | ||||
Remy [Member] | Restaurant group [Member] | Remy [Member] | Remy [Member] | Remy [Member] | Restaurant group [Member] | Restaurant group [Member] | Remy [Member] | Remy [Member] | Remy [Member] | Remy [Member] | Remy [Member] | Restaurant group [Member] | Restaurant group [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Remy [Member] | Line of Credit [Member] | Remy [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | |||||||||||||||||||||||||||||||
Remy [Member] | Remy [Member] | Restaurant group [Member] | Restaurant group [Member] | Remy [Member] | Remy [Member] | Remy [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Debt, Current | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Debt, Fair Value Disclosures | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Fair Value | 3,650,000,000 | ' | 1,555,000,000 | ' | ' | 1,907,000,000 | 266,000,000 | 51,000,000 | ' | ' | ' | ' | ' | 307,000,000 | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.50% | 4000.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000,000 | ' | 800,000,000 | 95,000,000 | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 287,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | 13,000,000 | 1,000,000 | 10,000,000 |
Excess fair value over carrying value of long-term debt | 307,000,000 | ' | 232,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | 3,343,000,000 | ' | 1,323,000,000 | ' | 51,000,000 | ' | ' | ' | ' | 617,000,000 | ' | ' | 0 | 300,000,000 | ' | ' | 0 | 300,000,000 | 0 | 85,000,000 | 1,100,000,000 | 0 | ' | ' | ' | ' | 266,000,000 | 266,000,000 | ' | 51,000,000 | 53,000,000 | ' | 398,000,000 | 398,000,000 | ' | ' | ' | 288,000,000 | 285,000,000 | ' | ' | 300,000,000 | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | 5,000,000 |
Line of Credit Facility, Interest Rate Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '375 | ' | '300 | '0.0343 | ' | '0.0415 |
Letters of Credit Outstanding, Amount | ' | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Lines of Credit | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | 6.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received as a percent of par on unsecuried notes offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchase Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.0575 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price as a percent of par on offering of unsecured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99.51% | ' | ' | ' | ' | 92.82% | ' | ' | ' | 99.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Effective Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.56% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 297,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 237,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46.387 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument par value per bond | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price low as a percentage of conversion price to trigger conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price high as a percentage of conversion price to trigger conversion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | LPS Acquisition [Member] | Shares owned by Merion [Member] | Merger consideration in shares owed to Merion [Member] | Cash consideration owed to Merion [Member] | Plaintiff damage claim [Member] | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $150 | ' | ' | ' | ' | ' | ' |
Estimated Litigation Liability | 87 | 9 | 78 | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Two Years | 174 | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Three Years | 143 | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Four Years | 120 | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due in Five Years | 92 | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments, Due Thereafter | 314 | ' | ' | ' | ' | ' | ' |
Operating Leases, Future Minimum Payments Due | $993 | ' | ' | ' | ' | ' | ' |
Loss Contingency, Actions Taken by Plaintiff | ' | ' | ' | '5,682,276 shares | '1.6 | '160 | '110 |
Dividends_Details
Dividends (Details) (USD $) | 3 Months Ended |
Jun. 30, 2014 | |
Dividends [Abstract] | ' |
Common Stock, Dividends, Per Share, Declared | $0.18 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Title Premiums | $951 | $1,117 | $1,706 | $2,054 | ' |
Other Revenue | 716 | 489 | 1,362 | 924 | ' |
Restaurant revenue | 358 | 347 | 712 | 701 | ' |
Auto parts revenue | 300 | 284 | 602 | 568 | ' |
Sales Revenue, Services, Net | 2,325 | 2,237 | 4,382 | 4,247 | ' |
Interest and investment income including realized gains and losses | 34 | 42 | 66 | 73 | ' |
Total revenues | 2,359 | 2,279 | 4,448 | 4,320 | ' |
Depreciation and amortization | 85 | 35 | 203 | 68 | ' |
Interest expense | 38 | 21 | 74 | 44 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | 168 | 223 | 89 | 360 | ' |
Income tax expense | 57 | 72 | 20 | 118 | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 111 | 151 | 69 | 242 | ' |
Equity in earnings (loss) of unconsolidated affiliates | -5 | -3 | -36 | -6 | ' |
Net earnings from continuing operations | 106 | 148 | 33 | 236 | ' |
Assets | 14,843 | 10,019 | 14,843 | 10,019 | 10,524 |
Goodwill | 4,917 | 1,883 | 4,917 | 1,883 | 1,901 |
Title Insurance Product Line [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Title Premiums | 951 | 1,117 | 1,706 | 2,054 | ' |
Other Revenue | 482 | 451 | 905 | 857 | ' |
Sales Revenue, Services, Net | 1,433 | 1,568 | 2,611 | 2,911 | ' |
Interest and investment income including realized gains and losses | 33 | 43 | 63 | 75 | ' |
Total revenues | 1,466 | 1,611 | 2,674 | 2,986 | ' |
Depreciation and amortization | 36 | 16 | 75 | 32 | ' |
Interest expense | ' | ' | 0 | 0 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | 181 | 273 | 166 | 442 | ' |
Income tax expense | 51 | 99 | 61 | 159 | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 130 | 174 | 105 | 283 | ' |
Equity in earnings (loss) of unconsolidated affiliates | 1 | 2 | 2 | 3 | ' |
Net earnings from continuing operations | 131 | 176 | 107 | 286 | ' |
Assets | 8,357 | 6,991 | 8,357 | 6,991 | ' |
Goodwill | 2,257 | 1,434 | 2,257 | 1,434 | ' |
Black Knight Financial Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 67.00% | ' | 67.00% | ' | ' |
Title Premiums | ' | ' | 0 | ' | ' |
Other Revenue | 201 | ' | 388 | ' | ' |
Sales Revenue, Services, Net | 201 | ' | 388 | ' | ' |
Interest and investment income including realized gains and losses | ' | ' | 0 | ' | ' |
Total revenues | 201 | ' | 388 | ' | ' |
Depreciation and amortization | 32 | ' | 93 | ' | ' |
Interest expense | 7 | ' | 15 | ' | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | 17 | ' | -60 | ' | ' |
Income tax expense | -3 | ' | -14 | ' | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 20 | ' | -46 | ' | ' |
Equity in earnings (loss) of unconsolidated affiliates | 0 | ' | 0 | ' | ' |
Net earnings from continuing operations | 20 | ' | -46 | ' | ' |
Assets | 3,596 | ' | 3,596 | ' | ' |
Goodwill | 2,180 | ' | 2,180 | ' | ' |
Total FNF Core [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Title Premiums | 951 | 1,117 | 1,706 | 2,054 | ' |
Other Revenue | 689 | 468 | 1,307 | 884 | ' |
Sales Revenue, Services, Net | 1,640 | 1,585 | 3,013 | 2,938 | ' |
Interest and investment income including realized gains and losses | 33 | 44 | 63 | 76 | ' |
Total revenues | 1,673 | 1,629 | 3,076 | 3,014 | ' |
Depreciation and amortization | 68 | 17 | 169 | 34 | ' |
Interest expense | 31 | 16 | 61 | 32 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | 152 | 223 | 52 | 369 | ' |
Income tax expense | 56 | 82 | 19 | 134 | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 96 | 141 | 33 | 235 | ' |
Equity in earnings (loss) of unconsolidated affiliates | 2 | 2 | 2 | 3 | ' |
Net earnings from continuing operations | 98 | 143 | 35 | 238 | ' |
Assets | 12,102 | 7,523 | 12,102 | 7,523 | ' |
Goodwill | 4,441 | 1,437 | 4,441 | 1,437 | ' |
Portfolio Company Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Other Revenue | 27 | 21 | 55 | 40 | ' |
Sales Revenue, Services, Net | 27 | 21 | 55 | 40 | ' |
Interest and investment income including realized gains and losses | 1 | 2 | 3 | 2 | ' |
Total revenues | 28 | 23 | 58 | 42 | ' |
Depreciation and amortization | 4 | 3 | 7 | 5 | ' |
Interest expense | ' | 0 | -1 | -2 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | 1 | -9 | 3 | -17 | ' |
Income tax expense | -2 | -10 | -5 | -16 | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 3 | 1 | 8 | -1 | ' |
Equity in earnings (loss) of unconsolidated affiliates | -7 | -7 | -38 | -11 | ' |
Net earnings from continuing operations | -4 | -6 | -30 | -12 | ' |
Assets | 772 | 661 | 772 | 661 | ' |
Goodwill | 96 | 80 | 96 | 80 | ' |
Total Portfolio Company Investments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Other Revenue | 27 | 21 | 55 | 40 | ' |
Restaurant revenue | 358 | 347 | 712 | 701 | ' |
Auto parts revenue | 300 | 284 | 602 | 568 | ' |
Sales Revenue, Services, Net | 685 | 652 | 1,369 | 1,309 | ' |
Interest and investment income including realized gains and losses | 1 | -2 | 3 | -3 | ' |
Total revenues | 686 | 650 | 1,372 | 1,306 | ' |
Depreciation and amortization | 17 | 18 | 34 | 34 | ' |
Interest expense | 7 | 5 | 13 | 12 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | 16 | 0 | 37 | -9 | ' |
Income tax expense | 1 | -10 | 1 | -16 | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 15 | 10 | 36 | 7 | ' |
Equity in earnings (loss) of unconsolidated affiliates | -7 | -5 | -38 | -9 | ' |
Net earnings from continuing operations | 8 | 5 | -2 | -2 | ' |
Assets | 2,774 | 2,563 | 2,774 | 2,563 | ' |
Goodwill | 476 | 446 | 476 | 446 | ' |
Consolidation, Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Other Revenue | ' | ' | 0 | 0 | ' |
Restaurant revenue | ' | ' | 0 | 0 | ' |
Auto parts revenue | ' | ' | 0 | 0 | ' |
Sales Revenue, Services, Net | 0 | 0 | 0 | 0 | ' |
Interest and investment income including realized gains and losses | ' | ' | 0 | 0 | ' |
Total revenues | 0 | ' | 0 | 0 | ' |
Depreciation and amortization | ' | ' | 0 | 0 | ' |
Interest expense | ' | ' | ' | 0 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | ' | ' | 0 | 0 | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 0 | 0 | 0 | 0 | ' |
Equity in earnings (loss) of unconsolidated affiliates | ' | ' | 0 | 0 | ' |
Net earnings from continuing operations | 0 | 0 | 0 | 0 | ' |
Assets | -33 | -67 | -33 | -67 | ' |
Goodwill | ' | 0 | ' | 0 | ' |
FNF Corporate and Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Other Revenue | 6 | 17 | 14 | 27 | ' |
Sales Revenue, Services, Net | 6 | 17 | 14 | 27 | ' |
Interest and investment income including realized gains and losses | ' | 1 | 0 | 1 | ' |
Total revenues | 6 | 18 | 14 | 28 | ' |
Depreciation and amortization | ' | 1 | 1 | 2 | ' |
Interest expense | 24 | 16 | 46 | 32 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | -46 | -50 | -54 | -73 | ' |
Income tax expense | 8 | -17 | -28 | -25 | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | -54 | -33 | -26 | -48 | ' |
Equity in earnings (loss) of unconsolidated affiliates | 1 | ' | 0 | 0 | ' |
Net earnings from continuing operations | -53 | -33 | -26 | -48 | ' |
Assets | 149 | 532 | 149 | 532 | ' |
Goodwill | 4 | 3 | 4 | 3 | ' |
Remy [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 51.00% | ' | 51.00% | ' | ' |
Auto parts revenue | 300 | 284 | 602 | 568 | ' |
Sales Revenue, Services, Net | 300 | 284 | 602 | 568 | ' |
Interest and investment income including realized gains and losses | 1 | -4 | 1 | -3 | ' |
Total revenues | 301 | 280 | 603 | 565 | ' |
Depreciation and amortization | 1 | 1 | 2 | 2 | ' |
Interest expense | 6 | 3 | 11 | 10 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | 8 | 4 | 18 | 3 | ' |
Income tax expense | 3 | 1 | 6 | 1 | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 5 | 3 | 12 | 2 | ' |
Equity in earnings (loss) of unconsolidated affiliates | 0 | 2 | 0 | 2 | ' |
Net earnings from continuing operations | 5 | 5 | 12 | 4 | ' |
Assets | 1,314 | 1,230 | 1,314 | 1,230 | ' |
Goodwill | 262 | 248 | 262 | 248 | ' |
Restaurant group [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | 55.00% | ' | 55.00% | ' | ' |
Restaurant revenue | 358 | 347 | 712 | 701 | ' |
Sales Revenue, Services, Net | 358 | 347 | 712 | 701 | ' |
Interest and investment income including realized gains and losses | -1 | 0 | -1 | -2 | ' |
Total revenues | 357 | 347 | 711 | 699 | ' |
Depreciation and amortization | 12 | 14 | 25 | 27 | ' |
Interest expense | 1 | 2 | 3 | 4 | ' |
Earnings from continuing operations before income taxes and equity in earnings (loss) of unconsolidated affiliates | 7 | 5 | 16 | 5 | ' |
Income tax expense | 0 | -1 | 0 | -1 | ' |
Earnings from continuing operations before equity in earnings (loss) of unconsolidated affiliates | 7 | 6 | 16 | 6 | ' |
Equity in earnings (loss) of unconsolidated affiliates | ' | 0 | 0 | 0 | ' |
Net earnings from continuing operations | 7 | 6 | 16 | 6 | ' |
Assets | 688 | 672 | 688 | 672 | ' |
Goodwill | $118 | $118 | $118 | $118 | ' |